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Bank & Quotation Section
Railway Earnings Section
INCLUDING
Railway & Industrial Section
Bankers' Convention Section
SATURDAY, JANUARY 6 1923
VOL. 116.
ghe Thronutt.
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THE FINANCIAL SITUATION.
For the second time President Harding has halted
—and, it is to be hoped, has killed—a brazen raid
upon the Treasury, this one being the bill of Senator
Bursum of New Mexico for further pension increases
"to certain soldiers, sailors and marines of the Civil
War," a proposition which bears out the fears expressed by the "Chronicle" that even the enactment
of the wildest bonus scheme yet offered would not
kill the pension leech. If this bill, says Mr. Harding,
were limited to its provisions for surviving participants in the Civil and the Mexican wars and also the
War of 1812, it would still be unjustifiable; but its
effect, as he points out, would virtually be an invitation to come up and help one's self.
The most particular objection found is the "loose
provisions for pensioning widows." The present law
makes the widow of a Civil War veteran eligible to
a pension if she married him prior to June 27 1905,
marriage within 40 years after that war thus constituting a pensionable "widowhood"; this Bursum
grab would stretch the 40 years another decade, and
would provide that after that extended term any
marriage or cohabiting for two years before the veteran's death shall entitle the widow to $50 a month
during her life. On the score of reason and justice,
most people would say that the only widows who are
entitled to public aid are those who married the soldier before or during his war service, and that one
who may marry him afterwards (possibly with some
thought of a pension to be had thereby) has no claim.
Upon this Mr. Harding says:
"In view of the fact that this same bill makes provision for pensions for widows of the veterans of the
War of 1812, the possible burden of this sweeping pro-
Electric Railway Section
State and City Section
NO. 3002
vision seems worthy of serious consideration. Frankly, I do not recognize any public obligation to pension women who now, nearly 60 years after the Civil
War, become the wives of veterans of that war."
The very youngest participant in the War of 1812,
if still surviving, would be, say, 128 years old; what
is the moral status of pension desert for a "widow"
who may have married him and an expected pension,
after old age had impaired him in all respects?
The estimated present annual cost of the Bursum
largess, says the President, would be about 108 millions, and he ventures the prediction that if this were
established as a precedent the pension outlay by 1950
would exceed 50 billions. The present compensation,
he adds, to widows of the late war is $24 a month,and
"it would be indefensible to insist upon that limitation for actual war widows if we are to pay $600 a
year to widows who marry veterans 60 years after
the Civil War." Such a scheme, he further remarks,
is an outright bestowal,"with a heedlessness for the
Government's financial problems which is a discouragement to every effort to reduce expenditures and
thereby relieve the burdens of Federal taxation."
It is said that the veto "came as a distinct shock to
Senator Bursum." The Bursum scheme ought to
seem incredible and unthinkable. The fact, therefore, that it succeeded in getting through the two
Houses ought to be a shock to the common sense and
the sense of justice in the country. The veto will be
of incalculable benefit if it happily sets an impassable barrier to further bonus and pension raids.
The commercial mortality in December was heavy;
it has been heavy throughout the entire year, in fact
throughout the past two years, but the December
statement shows some signs of a let-up from the large
totals of the preceding months back to November
1920. It is true that both in number and in the
amount of liabilities, the December defaults were
larger than those of November, but the increase in
December is not so great as it was a year ago, or as it
has been in preceding years, and some gain as the
year comes to a close is quite usual. The number of
commercial failures in the United States last month
was 1,814 and the amount of liabilities involved $52,069,021. These figures contrast with 1,737 defaults
in November for $40,265,297, and with 2,444 failures
in December 1921, when the aggregate defaulted indebtedness was $87,502,382. An unusual number
of large failures still characterizes the December return, and in fact is accountable for the large sum
involved, as it has been for more than a year. The
increase in the number of commercial defaults in December last as compared with the preceding month,is
2
THE CHRONICLE
less than 5%;in 1921 the gain in December over November was nearly 23%. This was an exceptional increase, while the gain last month was only nominal
and it is to be hoped, and is expected, that a decided
improvement in this feature of the trade situation is
in store for the current year.
Failures in manufacturing lines were slightly less
numerous in December than they were in the preceding month, while among traders there was some increase in the number of defaults,likewise an increase
in the number of defaults in the third class, which
includes agents and brokers. Our statement of coma
mercial failures is based upon the records compiled
by R. G. Dun & Co., and in these records only the defaults among strictly mercantile concerns are considered, the defaults in the tanking division being reported separately. There were in December last 449
mercantile defaults classed as engaged in manufacturing pursuits, with an aggregate of defaulted indebtedness of $20,690,820. These figures contrast
with 531 defaults of manufacturing concerns in December 1921 having a defaulted indebtedness of $38,786,254. Among traders there were 1,301 failures
last month, with liabilities of $20,004,976, whereas in
December 1921 the number of defaults in the trading
class was 1,795 and the amount of defaulted indebtedness in that department of trade $34,882,504. Trading failures are naturally more numerous than those
in the other departments of business, as the trading
class is very much larger than the manufacturing,
but usually the losses involved in the manufacturing
division exceed those of the other divisions because
of the more extensive interests. The defaults of the
past two years have been alp.ost continuously relatively, as well as actually, more numerous in the
trading class than in manufacturing, and it may be
said that the extensive liquidation which has marked
that trying period was largely due to over-extension
in the trading division, rather than in the manufacturing lines.
In the third class, in which the records of R. G.
Dun & Co. are separated, which includes agents and
brokers, the defaults wcre heavier last month than in
November, but very much fewer in number than they
were in December 1921. Last month there were 64
such defaults reported, with liabilities of $11,373,225
and in December 1921 the number of failures in the
same class was 118, with a defaulted indebtedness of
$13,833,624. The average amount of liabilities in
this third class was very much greater last month
than a year ago, but this was caused by a few failures
of unusual size during the month just closed. Considering all mercantile failures there were in December last 70 mercantile defaults, each having liabilities of more than $100,000, the aggregate of such indebtedness being $29,486,167. This leaves for the
other 1,744 defaults recorded in that month an aggregate of defaulted indebtedness of $22,582,860, an average for each of these defaults of about $13,000. In
November there were only 58 mercantile defaults
where the liabilities in each instance exceeded $100,000, and the average defaulted indebtedness of the
remaining defaults was about $12,600. Last month
3.9% of all mercantile defaults that occurred in the
United States during that month reported 57% of
the aggregate of defaulted indebtedness, while in November 3.3% of the total number of defaults involved
only 47.4% of the amount of iudebtedness therein
involved.
[voL. 116.
The outstanding event of the week has been
the breaking up of the Conference of Allied
Premiers held at Paris. The conference convened in Paris last Tuesday, Jan.2. From the outset
the dispatches from that centre gave little ground for
hope that an agreement would be reached on the reparations question. In fact, the same impression had
existed for some little time before the representatives
of the different Governments came together. As the
days passed it became increasingly evident that the
British and French were absolutely deadlocked. According to the cable advices the Italians and Belgians
held back their plans in the hope of having them
serve as a compromise between those of the British
and French delegations. Those two groups made
known their respective plans at the first session on
Tuesday. They practically agreed only on the single
point that a reduction in the amount of indemnities
to be exacted from the Germans should be made. The
French insisted on being given authority to advance
into the Ruhr district in the event of the Germans
not meeting their terms. The British were absolutely opposed to this proposal. And there the two
groups stood and fell, with the Italians and the Belgians unable to accomplish anything as mediators.
The actual breaking up of the Paris conference occurred shortly before 7 o'clock Thursday evening. A
member of the British delegation was quoted as saying soon thereafter that "we are going home to-morrow morning. France goes ahead without us." The
Paris and London dispatches yesterday morning indicated that the French and British Governments
might decide upon their future action during the day.
Apparently they did not. So far as indicated in the
cable dispatches, proceedings at the Near East Conference in Lausanne continued essentially inconclusive.
The Conference convened "promptly at 2 o'clock"
Tuesday afternoon. The British and French
delegations each presented their respective plans
for settling the reparations question at the
first session. The Associated Press correspondent in the French capital cabled that "Prime
Minister Bonar Law and Premier Poincare appeared to be arther apart in the opening session of the reparations conference to-day than they
were at the end of the London meeting in December."
The British plan fixes "the primary obligation of
Germany in the form of 50,000,000,000 gold mark 32year bonds, bearing no interest for four years,4% for
the next four years, and 5% thereafter." The plan
also provides for "a moratorium of four years, except for certain deliveries of goods,and thereafter the
payment of 2,000,000,000 gold marks yearly for four
years, 2,500,000,000 yearly for the following two
years, and 3,500,000,000 gold marks after ten years,
or such smaller sum, not less than 2,500,000,000
marks, as might be fixed by an impartial tribunal."
The Associated Press representative said that "various modifying conditions of payment make the
total reparations vary in amount from 30,000,000,000
to 50,000,000,000 gold marks, as the German Government may elect from time to time to redeem the bonds
as the country's prosperity may enable it to do." He
added that "Marquis Della Toretta later presented
the Italian scheme, which has been revised since its
first publication and is now described as approaching the French view more closely than it does the
British. The Belgian delegates adopted the role of
JAN.6 1923.]
T H 114 CHRONICLE
listeners only at the first meeting." The dispatch
said also that "after hearing the three plans outlined
the Conference delegates decided to issue them for
publication and adjourned until to-morrow [Wednesday] afternoon at 3 o'clock. They took tea together."
It was pointed out in an Associated Press dispatch
from Paris Wednesday morning that "the British
and French are alike in fixing German reparations
at a total of 50,000,000,000 gold marks, and similar
also in setting up a comprehensive financial control
of Germany. They are in direct opposition on the
question of penalties, France being for taking socalled productive guarantees in the Rhineland and
the Ruhr, while Great Britain would occupy German
territories beyond the present zone only upon some
future default and with the unanimous consent of the
Allies." The early dispatches and during the day
Wednesday indicated that little or no progress had
been made in harmonizing the features of the French
and English plans, over which there were the greatest differences of opinion. The Conference adjourned Wednesday evening until 3 o'clock the next
afternoon,"thus avoiding the immediate break which
had been expected in many quarters," according to
the Associated Press correspondent. It developed
that Premier Poincare, earlier in the day, had been
instructed by the French Council of Ministers "to
move in the Premiers' conference on reparations that
the French plan be adopted as the minimum acceptable'to France." The Associated Press representative said also that "the Cabinet Council decided that
if the meeting did not accept that plan Premier Poincare was directed to ask the Conference to register
formally lack of agreement among the Allies." The
Premier subsequently spent two hours in explaining
the French position to the Conference. In fact, it
was stated that little was done except to listen to this
presentation. The situation was not so tense, however, that the serving of tea at 5.30 Wednesday afternoon was dispens d with. The Paris cable advices
stated that "Mr. Bonar Law, at the session resumed
after tea, replied for Great Britain and the impression gathered from his opening remarks was that he
desired to avoid a rupture of the Conference and was
disposed to be conciliatory." It was also stated that
"Germany's representatives in Paris are frankly
pleased with the British proposals, but expressed little hope that the British plan,even in its main points,
would be accepted by France. They expressed the
fear that France was determined to take independent
action unless the French plan were accepted by the
Allies."
Commenting upon the situation, the Paris correspondent of the New York "Times" said that "both
from the Quai d'Orsay and Hotel Crillon late this
evening reports were issued summarizing the events
of the day. They indicate that neither the British nor
the French are prepared to yield an inch in their demands and the Conference is expected to break up
Friday." The New York "Tribune" representative
cabled that,"with the final collapse of the Paris reparations conference apparently only a matter of
hours, France to-night was maturing its plans for
sending its armies into the Ruhr. Following open
admissions at to-day's Premiers' sessions that the
viewpoints of France and Britain were irreconcilable, President Millerand called Marshal Foch into
3
conference. A meeting of the National War Council
will be announced shortly. Seeing no chance of Allied co-operation in the productive guaranty plan advanced by Premier Poincare yesterday, France is
turning to the only alternative it believes is left to
make Germany pay—military occupation of the
Ruhr Basin."
The collapse which had been expected occurred
shortly before 7 o'clock Thursday evening. Premier
Poincare had taken up the greater part of the time at
the sessions that day with the reading of "what
amounted to a virtual ultimatum to the British to
say yes or no to the French reparations proposition
or else discontinue the Conference, according to a
British delegate." The latter was quoted as saying
that he and his associates "were astounded by the
tone adopted by M. Poincare in his remarks during
the session, which was held in secret, as are all the
present series of meetings." The informant was further quoted as saying that "the French Premier
spoke in a sharp, peremptory manner as he delivered
his statement." Adjournment was taken at 4.30
o'clock Thursday afternoon for an hour. The Paris
advices stated that "just before the time for the second session at 5.30 p. m., the Italian delegation deposited fresh propositions in a final attempt to save
the Conference from a breakdown." It was added
that the Italians had been waiting at their hotel for
a reply to a telegram sent to Premier Mussolini in
which definite instructions were requested. The Associated Press correspondent said that "the reply
instructed the Italian delegation to reject the British
reparations plan." He added that "the British delegates, aware of the substance of the inquiry that had
been sent to Premier Mussolini, averred that if the
Italians opposed the British plan the British delegation would leave Paris." After the Conference broke
up a member of the British delegation was quoted as
saying, as already related, that "it is • an amicable
rupture. We are going home to-morrow. France
goes ahead without us."
The Paris and London cable dispatches yesterday
morning indicated that both the French and British
Governments might decide during the day upon their
future action on the situation growing out of the
breaking up of the Conference, The New York "Herald" correspondent cabled that "the exact time and
manner of France's operations in- the Ruhr will be
determined after conferences to-morrow [yesterday]
with the Belgians and the Italians and after a full
meeting of the French Cabinet." The representative
of the New York "Tribune" in the same centre said
that "no definite move can be taken until Monday at
the earliest. Poincare has decided he wishes another
default decision rendered against Germany by the
Reparations Commission before taking action." According to a London cablegram Premier Bonar Law
called a meeting of his Cabinet immediately upon his
return from Paris" to consider the status of the various organizations under the Versailles treaty, such
as the Reparations Commission, the Inter-Allied
Rhineland Commission, the Military Control Commission and the Committee on Guaranties." The Berlin representative of the New York "Tribune" sent
word that "with the news from Paris of the break-up
of the Premiers' conference the mark to-day [Thursday] took a sensational downward plunge of 1,000
points, being quoted at the close of the Bourse at
4
THE CHRONICLE
8,225 to the dollar." Other cablegrams from the
same centre yesterday morning indicated the prevalence of what was termed "cautious pessimism," and
of a "slight hope" that the United States Government
might intervene in the European situation in a decisive way. The telegraphic advices from Washington
yesterday morning were conflicting. A special representative of the New York "Herald" who is known
to be particularly close to high Administration officials, said that, while they would not express an opinion on the break-up of the Paris Conference for publication, "there is semi-official authority to justify
the statement, however, that despite the failure of the
most recent reparations move this Government does
not regard the door as having been finally closed
against a peaceful solution of the problem."
The late Paris cable advices last evening did not
disclose that decisive action had been taken either by
the French or British Governments. It was stated
in an Associated Press dispatch from the French capital that "French officials to-day declared simply
that they were unable to give any indication as to
how or when France would act. It is pointed out
that any action France will take will be under the
provisions of the Treaty of Versailles, rather than
under the French reparations plan presented to the
Conference, which is regarded as null, since it was
proposed on the basis of co-operation by all the Allies." The correspondent added that "the Government, it is understood, will await action by the Reparations Commission on Germany's default in coal
deliveries, at least, and possibly will defer
any action until the next reparations payment in cash is due on January 15." He
further stated that "meanwhile France, Italy and
Belgium will agree on a line of action through exchanges of views." According to the Washington
correspondent of "The Sun," official announcement
was made at the State Department that "anxious to
use its good offices in bringing about a settlement of
the reparations situation, the United States Government is at this time waiting for some reply from the
Allies to the informal suggestions of Secretary of
State Hughes for the formation of an international
cemmittee of experts to determine Germany's ability
to pay." The correspondent explained that "this announcement was made in order to let the Allied Governments know that while the United States will not
meddle, unasked in the European situation, it will be
most glad to do everything it can to help bring about
an agreement if only the Allies will indicate their desire to have the United States act."
As to the Near East Conference at Lausanne, one
of the most novel developments was "the receipt of a
note from Ismet Pasha to Lord Curzon, proposing a
plebiscite in Mosul to determine whether the inhabitants wished to remain under the Government of Irak
or to be ruled from Angora." The head of the Turkish delegation asserted in his note that "the world
will not view favorably the English claim to Mosul
by right of conquest and challenges Lord Curzon to
submit that issue to the opinion of the world." The
note also contained the following formal proposal:
"That the British Government agree to leave free and
absolved from all occupation the inhabitants of Irak,
to whom it has promised liberation, and that these
populations be permitted to vote in complete independence on the destiny of their country. The result
of such a plebiscite will leave no doubt, and it will be
[VOL. 116.
seen that these populations will pronounce against
all protectorates or mandates and will show their
desire to unite themselves with Turkey." The New
York "Herald" representative at the Lausanne gathering, cabling at the same time, presented a rather
discouraging picture. He said that "the continuance
or rupture of the Lausanne Conference—peace or
war—will be decided at Angora in the next few days,
when Hassan Bey lays before the National Assembly
Lord Curzon's final declaration of Great Britain's
determination that Turkey cannot have Mosul. It is
the fixed belief that the Angora leaders will insist on
fulfillment of the National Pact by which the disputed oil territory becomes Turkish, and Constantinople once more has been plunged into the atmosphere of a crisis resembling the days preceding the
Mudania Conference."
A report was received in Constantinople from Angora Tuesday that "the Turkish National Assembly
has decided unanimously to uphold the National
Pact." It was explained further that "the National
Pact, which Mustapha Kemal Pasha has repeatedly
declared should be fulfilled, provides, among other
things, that the Mosul district of Mesopotamia shall
be Turkish territory, It is this district, containing
some of the richest oil wells in the world, that is one
of the chief bones of contention between the Turkish
and British delegates, the latter claiming it as a part
of the Kingdom of Irak, a British mandatory State.
Another article of the pact calls for a plebiscite to
determine the juridical status of Western Thrace.
This plebiscite was one of the first demands made by
the Turks after their arrival in Lausanne. The pact
declares for abolition of the capitulations, and guarantees the rights of the minority populations in Turkey 'on the same basis as is established in other countries by conventions hitherto concluded between the
Powers of the Entente, their adversaries and certain
of their associates.' The Straits of the Dardanelles
and the Bosporus would be open 'to world commerce
and international communication,' under the terms
of the pact."
Still another development was the issuance by
American Ambassador Child of a communique to the
press in which he said that the Americans insisted
that the Turks grant the Americans a "national
home." In the communique he also said: "The
American delegation, though not negotiating a peace
treaty nor submitting definite plans for adjustments
to which the United States Government cannot become a signatory, has stated to the Conference its
full approval of the demand of Lord Curzon and the
other Allied statesmen for any practicable plan for
a national Armenian home and for the acceptance of
such a plan. The American delegation has sought
and obtained the views of those who represent the
movement in the United States for a national Armenian home, and who may be considered representative experts upon the subject, and has laid these
views before the Conference to-day. In addition to
this and on behalf of the Armenians and Americans
interested, we have given assurance that the case for
a national Armenian home shall be put before the
Conference and have a hearing. We have contributed and will continue to contribute to the insistence
that Turkey shall give consideration to any practicable, concrete plan which may be put forward."
JAN.6 1923.]
THE CHRONICLE
5
The Near East Conference was not in session on tral Power has been rejected by
Premier Poincare;"
either Snnday or New Year's Day. The New York The Associated Press correspondent
in.Hambnrg-ca- "Times" correspondent there said that the Confer- bled that "the Chancellor's Irevelati
on::was the firstence reopened on Tuesday,"with the Turks fully pre- official admission that the German
Government had
dicting a rupture over the Mosul question." He add- recently undertaken serious
steps to placate French
ed that "according to the Turkish spokesman, the war apprehensions, and incident
ally to•dispose of the.
breaking off of the negotiations here would not nec- recurrent French accusati
ons -that Germany was
essarily be followed by war between Great Britain arming for a new war."
The correspondent also gave
and Turkey, but there would be anti-British insurrec- the following outline of
the proposals: "The.Gertions in the Mosul district too powerful for the Brit- man New Year's
non-war compact-was proposed to
ish to put down." He also cabled that "as for the France through the
medium of an unnamed Power,
Conference proceedings to-day, they were rather probably either Switzerl
and or Holland. It prolackadaisical. On the other hand, Lord Curzon was vided for a solemn pledge
by .all the Powers inter.absent in Paris, whence he returned to-night, while ested in the
Rhine that none of them should wage .
the Turks were awaiting new instructions from An- war on
the others for a generation without the active ;
gora. That the Turks wish to delay all real discus- authorization of
their people, as expressed through a sion until after the Paris reparations negotiations popular referen
dum in all the countries involved.
have shown whether there will be a break in Anglo- The German
Government stipulated that a world
French unity is obvious." Ismet Pasha was quoted Power which was
not interested in. the Rhine should •
as saying on Wednesday that "nothing serious would be guardian or
trustee of this pledge.1 Such an obli- ,
be done by the Turks before Hassan Bey returned to gation, Chancell
or Cuno stated, would commit each
Lausanne." It was explained that "Ismet sent him nation which was a
party to the compact to a peace.
home ten days ago to try to induce the National As- policy, and would
afford the most secure guarantee
sembly to take a more conciliatory attitude."
conceivable."
The New York "Times"correspondent,in commentThe German Foreign Minister, Baron von Rosening Thursday morning on the results of the Confer- berg, made
a statement on Wednesday in which he
ence up to that time said: "The sole result of the six said that "Germa
ny could not interpose the slightest
weeks' conference has been the tentative Straits objections if Great
Britain or the United States
agreement, which the Turks have made contingent should supplement or guarant
ee her proposed antiupon gaining satisfaction on other issues. On Mosul war compact
by special promises or pledges to
and the capitulations there is a deadlock. The Eng- France,and that
it was with this contingency in view.
lish refuse to give the territory to the Turks, and the that Germany named
Great Britain asa member of
Turks refuse to make any treaty unless they get Mo- the agreement and America
as the custodian or trussul. In the discussions of the capitulations the Al- tee of it." This was the
first official disclosure of the
lies insist upon a special regime for foreigners, while identity of the nations
upon whom Germany had
the Turks say that any law good enough for the Turks called to act in this propose
d agreement.
is good enough for anyone else who wishes to live in
Turkey. The pity of the situation here is that the
For some time there has been a controversy beAllies could make a peace treaty with Ismet, the man tweenthe German and French
Governments as to the
who, after all, led the Turks to victory, but the ex- quantity of nitrates that German
y should deliver to
treme Nationalism of the Turkish Assembly prevents France. The latter demande 300,000
d
tons. In reply
his making concessions necessary to meet the Allies the German Governm
ent issued a statement"denying
on middle ground."
that the French were entitled to demand nitrates unIn a cablegram yesterday morning the same corre- der the Wiesbaden agreeme
nt, contending that Gerspondent said that "the fate of the Lausanne Confer- many was only obliged to supply
nitrates so far as
ence depends largely on whether the British and was compatible with
her own requirements." It was
French remain united here after the split at Paris. set forth in the stateme
nt also that "the Germans'
The Turks are counting largely on benefiting by the own producti
on of nitrates is so far from sufficient
Allied differences over the German policy, but it to meet the
demands of home agriculture that the
would appear that they are overplaying the game." Governm
ent has been compelled to release part of its
He added that "the Paris split is having effect here.
foreign currency to make up the deficiency abroad."
Yesterday [Wednesday] and to-day, encouraged by It was
explained in a Berlin dispatch that "the Govthe Allied differences at Paris, the Turks withdrew
ernment's statement was issued because of the agitaalmost all the economic concessions they had made tion
in the French Press to construe the German reso far in the six weeks' conference here, so that
the jection as a treaty default. It argues that it is imfull meeting of the Economic Commission to-morrow
possible for Germany to assume obligations for de[Friday] will have a sorry program. Further eviliveries of nitrogen after April 1923, so far as delivdence that the Turk is stiffening was given this afterery is based on the London plans embodying demands
noon when in a discussion of the Greek patriarch is- for
the non-devastated area, the German Government
sue the Turks came out flatly with a demand that the having
already asked in its note of Nov. 14 that depatriarch quit Constantinople, whereas for two weeks
liveries of goods in 1923 be confined to such as applied
they had been considering under what conditions the wholly
to reconstruction purposes." The dispatch
patriarchate might remain in Turkey."
added that "after further detailing Germany's needs,
the note contends that, in any case, the French deInasmuch as the matter had been kept altogether mands
are five times as great as the actual requirefrom the public much surprise was occasioned by the ments,
if the devastated district is taken in proporannouncement, in the course of a speech by Chancel- tion with
all France and the computaion is based on
lor Cuno before the Hamburg Bourse on Dec. 31 that the
French use of nitrogen last year. It asserts that
"a Franco-German non-war compact proposed by the decision
whether the French demands under the
Germany to France through the mediation of a neu- Wiesbaden
agreement are legitimate must rest with
[VOL. 116.
THE CHRONICLE
6
0 francs; advances,
the court which made that agreement, and adds that francs; bills discounted, 42,950,00
deposits, 43,543,000
'only if Germany refuses to adhere to such decision 26,056,000 francs; Treasury
francs; and general deposits, 184,661,000 francs.
can default in the treaty be spoken of,"
Note circulation recorded the enormous expansion of
over one billion francs in a single week-1,067,308,000
Official discount rates at leading European centres
francs, to be exact—bringing the total outstanding
continue to be quoted at 10% in Berlin; 532% in
up to 37,426,594,000 francs. •This compares with
4
Madrid;5% in France, Denmark and Norway;41 %
37,421,829,805 francs last year at this time and with
in Belgium and Sweden; 4% in Holland; 33% in
3,950 francs in 1921. Just prior to the outSwitzerland and 3% in London. Open market dis- 38,589,59
to break of war in 1914 the amount was only 6,683,184,count rates in London were easier and declined
francs. Comparisons of the various items in
2X@2 5-16% for short and long bills, as against 785
return with the statement of last week and
'
2
2Y @)2 9-16% last week. Call money at the British this week's
ding dates in both 1922 and 1921 are as
centre was likewise lowered, and finished at 13.%, correspon
comparing with 13'% a week earlier. At Paris and follows:
BANK OF FRANCE'S COMPARATIVE STATEMENT.
and
Switzerland the open market discounts were
Status as of
Changts
2%,the same as heretofore.
Jon.6 1921
Jan. 5 1922.
Jan. 4 1923.
for Week.
The Bank of England in its statement for the
week ending Jan. 4 showed a gain in gold holdings
of £50,183, but an increase of £874,000 in total
reserve, due to a decrease in note circulation of
£824,000, while heavy increases in the deposit item
aided in bringing about a drop in the proportion of
reserve to liabilities to 13.87%, as against 15.77%
last week and 17.02% in the week of Dec. 21. Last
year the ratio stood at 11% and in 1921 at 8%%.
No uneasiness was shown over the smaller reserve
ratio, it being taken to reflect merely the heavy yearend settlements and certain to be corrected with the
return of funds into normal channels in the course
of a week or so. Public deposits were reduced
£407,000, but"other" deposits increased £24,958,000.
Loans on Government securities increased £7,690,000,
and on other securities £16,046,000. The gold
stock now stands at £127,493,190, as against L128,439,940 in 1922 and £128,285,000 the year before.
Total reserve aggregates £21,887,000, which compares with £21,195,490 last year and £15,165,800 in
1921. Circulation is £124,053,000. A year ago it
was £125,694,450 and in 1922 £131,569,260, while
loans amount to £94,203,000, in comparison with
£120,020,236 and £84,729,122 one and two years
ago, respectively. Clearings through the London
banks for the week were £791,662,000, which contrasts with £459,566,000 last week and £732,292,000
a year earlier. There has been no change in the
Bank's official discount rate, which remains at 3%.
•We append herewith comparisons of the principal
items of the Bank of England return for a series
of years:
BANK OF ENGLAND'S COMPARATIVE STATEMENT.
1919.
1921.
1920.
1922.
1923.
Jan. 7.
Jan. 5.
Jan. 8.
Jan. 4.
Jan. 3.
124,053.000
Circulation
12,916,000
Public deposits
143.859,000
Other deposits
59,658,000
Govt. securities
94.203,000
Other securities
Reserve notes & coin 21,887.000
Coin and bullion...127,493,190
Proportion of reserve
13,87%
to liabilities
3%
Bank rate
125,694,450
17,118,299
174.903,628
68,751,987
120,020,230
21,195,490
128,439,940
131,509.260
113.719,245
154,987,508
89,760.831
84,729,122
15,165,800
128,285,060
90,347,630
21,463,641
137,296.057
60,941.000
96,282,226
19,382,891
91,280,521
70,141,020
28.163.856
140,187,612
71,877,244
85.493,318
28,829,527
80,520,547
11%
5%
811%
7%
121i%
6%
17%
5%
The Bank of France continues to report small
gains in its gold item, the increase this week being
150,950 francs. The Bank's gold holdings, therefore, now aggregate 5,534,980,150 francs, comparing with 5,524,315,894 francs on the corresponding
date last year and with 5,500,646,860 francs the year
before; of these amounts, 1,864,367,050 francs were
held abroad in 1923 and 1,948,367,056 francs in both
1922 and 1921. During the week, increases were
registered in all the various items, viz.: Silver, 194,000
Francs.
Franca.
Francs.
Franca.
Gold Holdings—
150,950 3,670,613,100 3,675,948,837 3,552,279,804
Inc.
In France
No change 1,804.367,060 1,948,367,050 1,948,367,056
Abroad
150,950
Inc.
Total
194,000
Inc.
Silver
-Inc. 42,950,000
Bills discounted._
Inc. 26,056,000
Advances
Note circulation Inc.1067,308,000
Treasury deposita_Inc. 43,543,000
General deposits_ _Inc. 184,661,000
5,534,980,150
289,658,000
2,443,935,000
2,186,738,000
37,426,594,000
64,025,000
2,473,646,000
5,524,315,894
279,896,900
2,850,821,089
2,285,894,980
37,421,829,805
18,786,449
2,880,352,111
5,500,646,860
266,240,128
3,344,708,959
2,222,602,983
38,589,593,950
83,358,330
3,577,976,012
The statement of the Imperial Bank of Germany,
as of Dec. 23, was featured by another enormous
addition to note circulation, namely 166,707,769,000
marks, which carried the grand total of notes past
the trillion mark, up to 1,136,328,515,000 marks.
This showing is the more striking when it is recalled
that the week's addition of notes is well in excess of
the Bank's total circulation a little over a year ago,
and that it compares with less than 2,000,000 marks
of notes in circulation just before the outbreak of the
World War. Other highly sensational changes were
an expansion of 63,469,175,000 marks in Treasury
and loan association notes, an increase in bills of
exchange and checks of 41,561,039,000 marks and a
gain of 142,829,104,000 marks in discount and Treasury bills. In deposits also there was a huge expansion, namely 100,140,517,000 marks. Advances
increased 942,628,000 marks, "other assets," 23,580,563,000 marks, "other liabilities" 5,464,218,000
marks, and notes of other banks 317,000 marks.
Total coin and bullion gained 1,501,000 marks. A
small loss in gold was reported, 1,000 marks, and a
decline of 71,822,000 marks in investments. Gold
holdings are reported as 1,004,846,000 marks.
An analysis of the Federal Reserve Bank statement, issued at the close of business on Thursday,
revealed a further slight lowering in reserve ratios,
accompanied by some further increase in the bill
holdings. Gold reserves for the country as a whole
gained about $9,000,000, but the New York bank in
its operations with the other Reserve banks parted
with $43,800,000. Rediscounts on Government secured paper expanded $34,000,000, but were reduced
$37,000,000 in "all other," with some $9,000,000
increase in purchased bills, and the net result was an
addition to bill holdings of $6,600,000. Locally
the gain in discounting of Government paper was
even larger, and total bill holdings expanded more
than $46,700,000, to $237,380,000. Deposits showed
a heavy gain, but the amount of Federal Reserve
notes in circulation was reduced $53,000,000. The
New York Bank earning assets and deposits both
increased heavily, while Reserve notes in circulation
were reduced $1,600,000. Member banks' reserve
JAN.6 1923.]
THE CHRONICLE
account again increased, $81,000,000, to $1,842,749,000 nationally, and $34,000,000, to $741,929,000,
at the local bank. In consequence of these changes,
the reserve ratio for the banks as a group fell 0.8%,
to 71.3%, while at New York there was a loss of 5%,
to 75.0%. Bankers regarded the statement as showing that activity is being transferred from country
regions to the cities.
Preparations to meet the huge end-of-the-year disbursements brought about another sensational expansion in both loans and deposits, as shown in last
Saturday's statement of New York Clearing House
banks. In loans and discounts there was an increase
of no less than $140,452,000, while net demand deposits expanded $174,096,000 to $4,042,719,000.
This total is exclusive of Government deposits to the
amount of $181,890,000, a contraction in the latter
item of $54,485,000 for the week. Time deposits
remained about stationary, losing only $521,000 to
$415,835,000. Other lesser changes included a decline in cash of members of the Federal Reserve Bank
in own vaults of $8,517,000 to $58,942,000 (not
counted as reserve); reductions of $189,000 and $218,000 in the reserves of State banks and trust companies
in own vaults and other depositories, respectively,
while the reserve of • member banks in the Reserve
Bank registered a gain of $29,075,000. As a result
notwithstanding the addition to deposits, surplus increased $6,054,060, which brought the total of excess reserves up to $24,943,130, as compared with
$18,889,070 the week before. The figures here given
for surplus are on the basis of 13% reserves above
legal requirements for member banks of the Federal
Reserve System, but not including cash in vault to
the amount of $68,942,000 held by these banks on
Saturday last.
7
there were a few more men in public life of his ability,
sound ideas and steadiness of purpose there would be
no occasion to be apprehensive over the activities
of the rittlicals. Our money market appeared to be
in no way affected by the practical certainty of the
failure of the Paris Conference of Premiers, even before it started. The effect even on foreign exchange
was not pronounced. So far there has been a prettY
general tendency in this country, outside of international banking circles, to disregard European
affairs. The time is coming, even if it is not close
at hand, when they must be carefully considered by
every thinking person in this country, as well as
abroad.
• • .„, •
Dealing with specific rates for money, call loans
this week ranged between 332 and 53'%. A week
ago the range was 4@6%. Monday was a
holiday (New Year's Day). Tuesday the high was
the low 5% and renewals at 532%. On
5
Wednesday there was a drop to 332%, while the
renewal basis was 5%, which was the maximum
figure. Increased ease developed on Thursday and
call funds ruled at 4%; the low was again 33/2% and
the high 4%. On Friday rates stiffened up at the
close to 5%, but renewals were negotiated at the
lowest figure in quite some time, namely 3%%,
and this was the minimum for the day. Funds were
in fairly liberal supply. The figures here given apply
to mixed collateral and all-industrial loans without
differentiation. For fixed date maturities the situation was quiet with quotations unchanged up to
Friday (yesterday) when the range was lowered to
4M@4%% for all periods from sixty days to six
months, as against 4%@5% last week. Offerings
were freer, but the demand was not large, so that
trading was of moderate proportions.
Mercantile paper rates were not changed from
4M@,44% for sixty and ninety days' endorsed bills
3
receivable and six months' names of choice character,
while names less well known continue to require
4%@,5%. A good inquiry was noted with dealings
well diversified. Country banks, however, were the
principal buyers.
Banks' and bankers' acceptances ruled at rates
previously current, with the undertone steady. A
moderate degree of activity was noted, but transactionsin the aggregate were not particularly important.
Both local and out-of-town institutions were in the
market. For call loans against bankers' acceptances,
the posted rate of the American Acceptance Council
is now down to 332%, against OA% last week. The
Acceptance • Council makes the discount rates on
prime bankers' acceptances eligible for purchase by
the Federal Reserve banks 4M% bid and 4% asked,
for bills running 30, 60 and 90 days; 43j% bid and
4% asked for bills running for 120 days, and 432%
bid and 43.i% asked for bills running 150 days.
Open market quotations were as follows:
Ease developed in the local money market surprisingly soon after the extraordinarily large interest
and dividend disbursements on 'Jan. 2. That the
4
renewal rate for call loans should drop to 33 % and
that it should be possible to borrow day-to-day funds
naturally attracted special attention
as low as 3
generally favorable comment. The upand caused
turn to 5% yesterday afternoon was attributed to
withdrawals by the Government. The recession in
time money from 5% to 432% for all maturities was
regarded in ultra-conservative financial circles as
even more important and significant. Full advantage was taken of the money market conditions
by investment houses. Many new issues—some
good-sized—were offered, and in each instance a
quick resale was reported. Apparently the advance
investment buying in December was not as large as
usual, although the disbursements at the beginning
of the New Year were substantially larger than on the
corresponding date a year previous. Naturally there
has been more money seeking investment this week.
The Federal Government withdrew $70,000,000 from
SPOT DELIVERY.
local depositaries. That its finances are not in a
30 Days:
90 Days.
60 Days.
pressing state was shown by the announcement of Prime eligible bills
4h(44
43. 4,
Secretary Mellon that, upon presentation, the TreasFOR DELIVERY WITHIN THIRTY DAYS.
ury would redeem about $850,000,000 Victory notes Eligible member banks
43i bid
4I‘i bid
that do not mature until May 20 next, and that it was Eligible non-member banks
waiting to take up $225,000,000 more that were
called for redemption on Dec. 15, but which have
There have been no changes this week in Federal
not been presented. The people of the United Reserve Bank rates. The following is the schedule
States and this Nation are to be congratulated on the of rates now in effect for the various classes of paper
fact that Mr. Mellon is directing the finances. If at the different Reserve Banks:
8
THE CHRONICLE
DISCOUNT RATES OF THE FEDERAL RESERVE BANKS
IN EFFECT JANUARY 5 1923.
Federal Reserve
Bank of—
Boston
New York
Philadelphia
Cleveland
Richmond
Atlanta
Chicago
St. Louts
Minneapolis
Kansas City
Dallas
San Francisco
Discounted bills maturing
within 90 days ((ncl. member banks' 15
-day collateral
notes) sawed by—
AgriculBankers
weepTrdde turai and
Treasury
lances
1155- stout
a4CeP
notes and U. S.
Other- discounted lances
paper
mattg Ing maturing
certilibonds
wise
,
for
calm of
and
secured member
within 91 to 150
indebtVictory
and
banks
90 days
days
&Inas
notes unsecured
4
4
44
44
44
434
434
434
434
434
454
4
4
4
434
4%
434
4%
434
434
434
434
434
4
4
4
4%
434
434
434
434
434
434
434
434
4
4
4
434
434
434
434
4)4
454
434
434
434
4
4
4
434
434
434
434
434
454
434
434
434
4
4
4
434
434
414
414
44
434
434
41 4
.
434
4
The sterling exchange market this week was influenced, sentimentally at least, by developments
in the reparations wrangle and rates showed some
irregularity, accompanied by a slight drop in the
latter part of the week. With the resumption of
business on Tuesday,following the New Year holiday,
announcement of Bonar Law's plan of modified
reparations requirements and partial debt cancellation produced a good effect and sterling advanced
from 4 633 to 4 651 on a general buying movement
4
here. Moreover, London sent materially higher
cable rates and several of the larger banking concerns came into the market as buyers, so that the
volume of business transacted for a time assumed
sizable proportions. On Thursday, however, news
of the failure of the British and French Premiers
to arrive at a working agreement and the consequent
collapse of the Paris Conference had a decidedly
dampening influence. While quotations were not
as sharply affected as in the case of the Continental
currencies, there were nevertheless losses of about
1 cent, to 4 64. Concurrently with this, dealers
promptly withdrew from the market and trading
lapsed into dulness.
Bankers, as a rule, were reluctant to express any
definite opinion as to the outcome of the present
situation. There seems, however, to be a more or
less general belief that after the necessary preliminary
skirmishes for position have been indulged in, France
will feel the necessity of either consenting to the
British proposal or else submitting an alternative
plan which will prove acceptable to the other Allies.
.There seems to be little doubt in the minds of all
concerned that sterling prices will be maintained
despite European political troubles, but it is frankly
conceded that serious disagreement between France
and England would undoubtedly lead to very grave
international complications, hence speculative and
other interests are again adopting a policy of extreme
caution in the matter of entering upon new commitments. Nevertheless, few if any seemed to regard
the present reparations deadlock as final. That local
interests were not unduly alarmed was illustrated by
the fact that after the first shock, prices commenced
to rally and the close was fairly steady. The
arrival on Thursday of the British Financial Delegation, with Stanley Baldwin, Chancellor of the
Exchequer and other dignitaries to discuss debt
adjustment aroused considerable interest, but failed
to exercise any effect on actual market values.
Referring to the day-to-day rates, sterling exchange on Saturday last was a trifle firmer and
demand bills advanced fractionally, to 4 633@,
4 63 13-16, cable transfers to 4 635@4 64 1-16 and
sixty days to 4 613g@4 6111-16; trading, however,
[Vol,. 116.
was practically at a standstill. Monday was a
holiday (New Year's Day). On Tuesday an improved tone was noticeable, so that quotations moved
up to 4 63%@4 64% for demand, 4 63%@4 653'g
for cable transfers and 4 613@4 62% for sixty
days; good buying incidental to better foreign news,
also an accumulation of orders over the holiday,
was said to be responsible for the firmness. On
Wednesday, although the volume of business showed
a falling off, price levels made a further slight gain,
with demand at 4 64%@4 651 cable transfers at
4,
4 65®4 653/ and sixty days at 4 62%@4 633'.
Irregularity developed on Thursday and announcement of the breaking up of the Paris reparations discussions brought an easier tendency and the range
was lower, at 4 6431®4 65 for demand, 4 643/2@
4 653jfor cable transfers and 4 62%®4 623/i for sixty
days. On Friday the market was quiet, but fairly
steady, and demand bills were quoted at 4 64@4 65,
cable transfers at 4 643@4 651 and sixty days at
4
4 61%@4 62 8 Closing quotations were 4 623 for
4
.
sixty days, 4 64% for demand and 4 651g for cable
/
transfers. Commercial sight bills finished at 4 64%,
sixty days at 4 61 8, ninety days at 4 613/2, documents for payment (sixty days) at 4 623, and sevenday grain bills at 4 63%. Cotton and grain for payment closed at 4 64%.
Gold arrivals were somewhat larger, comprising
$2,725,000 on the Berengaria, $550,000 on the Adriatic, both from England, and $475,000 on the Finland, also from England, and $395,000 on the Rochambeau from Havre. Four bags of gold were
received on the Asia from Marseilles. Approxim4tely
$1,175,000 is on its way on the Lapland. The SS. Alvaradofrom Ecuador brought gold dust and platinum to
the amount of $41,620, to various consignees.
Movements in Continental exchange were marked
by irregularity and weakness and after a brief period
of strength, accompanied by substantial gains in
the early part of the week, price levels responded to
news of the collapse of negotiations between the Allied Premiers at Paris by losses of from 15 to 55
points. The effect of the unfavorable reparations
developments was most pronounced in the case of.
French francs, which broke to 6.90, a loss of 55 points.
Belgian currency moved similarly. Reichsmarks,
after opening at 0.0142, fell off to 0.0115. Lire suffered in sympathy with the rest of the list; checks declining from 5.23 to 5.04, but recovering to 5.083i.
Austrian exchange continues virtually stationary,
while changes in Greek and the Mid-European currencies were lacking in importance. Exchange quotations were in the main a reflection of fluctuations
in London. In the local market trading, which had
shown a fair degree of activity in the initial dealings,
relapsed into dulness, and operators resumed their
former attitude of "watchful waiting" pending a decision in the important issues now at stake. Attention centred almost wholly on the reparations question, which overshadowed all else, and reports that
an agreement for neutralization of the Turkish
Straits, as a result of private negotiations between
delegates to the Near East peace conference at Lausanne, is believed to be at hand, passed almost unnoticed. Rumors that a large loan to Italy was
shortly to be placed in the United States have been officially denied by the Italian Embassy.
London check rate in Paris closed at 66.90, as
against 63.83 last week. In New York sight bills
JAN.6 1923.]
THE CHRONICLE
9
on the French centre closed at 7.061 ,against 7.253/2; the buying rate for cable tranfers on the different
A
cable transfers at 7.07M, against 7.26; commercial countries of the world. We give below the record for
sight at 7.043', against 7.23
and commercial sixty the week just past:
CERTIFIED BY FEDERAL RESERVE
days at 7.013/2, against 7.203v a week earlier. Ant- FOREIGN EXCHANGE RATES UNDER TARIFF ACT OF 1922,
BANK TO TREASURY
DEC. 30 1922 TO JAN. 5 1923, INCLUSIVE.
finished at 6.53 for checks and 6.54 for
werp francs
cable transfers. A week ago the close was 6.65
Noon Buying Rate for Cable Transfers in New York.
Value in United States Money.
and 6.663/2. Final quotations for Berlin marks Country and Monetary (loll.
Dec. 30. Jan. 1. Jan. 2. Jan. 3. Jan. 4. Jan..
were 0.0119 for both checks and cable transfers, EUROPE$
$
$
$
$
$
Austria,
000014
.000014 .000014 .000014 .000014
which compares with 0.0134 last week. Austrian Belgium,krone
franc.
.0674
.0681
.0664
.0666
.9647
B igaria, lev
.0070
.007071 .007071 .007071 .007071
kronen finished at 0.000143' (unchanged). Lire Czechoslovakia, krone_ .030994
2
.030925 .03062 .02939 .029135
Denmark. krone
.2061
.2059
.2048
.2052
.2047
closed at 5.083. for bankers' sight bills and 5.093' England, pound sterling 4.6385
4.6480 4.6522 4.6481 4.6433
Finland, Markka
.024963
.025033 .0251
.0250
.0247
67
for cable remittances. This compares with 5.033'2 France, franc
.0734
.0741
.0725
.0700
.0716
Germany,reichsmark
.000138
.000139 .000134 .000124 .000118
and 5.043 in the preceding week. Exchange on Greece, drachma
.011814
.012233 .01235 .012625 .0120 8
Holland,
.3959
.3950
.3947
.3966
.3963
Czechoslovakia finished at 2.93, against 3.14; on Hungary,guilder
krone
.000413
.000409 .060411 .000411 .0004 7
.0517
.0509
.0513
.0514
.0506
Bucharest at 0.58, against 0.59;on Poland at 0.00055, Italy, lirekrone
Norway,
.1905
.1888
.1880
.1889
.1888
Poland, mark
.000056
.000056 .000057 .000057 .000056
against 0.00056, and on Finland at 2.50, against 2.58 Portugal, escuda
.0467
.0465
.0460
.0466
.0462
Rumania, lets
.005775
.005811 .005906 .005869 .005772
Serbia, dinar
last week. Greek exchange closed at 1.12 for checks Spain, peseta
.01075
.010864
.1570
.1572
.1576
.1573
.1574
and 1.17 for cable transfers, in comparison with 1.15 Sweden,krona
.2685
.2695
.2702
.2703
.2698
Switzerland.franc
.1894
.1893
HOLT- .1894
.1893
.1895
Yugoslavia,krone
002681 DAY
.002717 •.01075 *.010775 *.010745
and 1.20 a week ago.
ASIA
II
The neutral exchanges, formerly so-called, were
affected only to a minor extent by the fluctuations
at other Continental centres. Trading was dull and
restricted throughout, but quotations were maintained with the undertone firm. Guilders opened
at 39.43, then advanced to 39.66, subsequently
losing part of the gain. Norwegian exchange, after
an advance to 19.12, receded to 18.84, then finished
at 18.88. The firmness was the result of the announcement that the United States would abide by
the award in favor of the Norwegian Government of
$14,000,000 by the Court of Arbitration and that the
claim would shortly be paid. A demand for guilders
was noted incidental to payments of American
subscriptions to the new Dutch internal loan.
Bankers' sight on Amsterdam finished at 39.51,
against 39.56; cable transfers at 39.60, against 39.65;
commercial sight at 39.46, against 39.51, and commercial sixty days at 39.16, against 39.20 a week ago.
Closing rates for Swiss francs were 18.93 for bankers'
sight bills and 18.95 for cable transfers, in comparison
with 18.93 and 18.95 last week. Copenhagen checks
closed at 20.43 and cable transfers at 20.47, against
20.56 and 20.60. Checks on Sweden finished at
26.86 and cable transfers at 26.90, against 26.96 and
27.00, while checks on Norway closed at 18.88 and
cable transfers at 18.92, against 18.87 and 18.90 the
week before. Spanish pesetas, after early weakness
and a decline to 15.67, recovered and finished at
15.72 for checks and 15.73 for cable transfers (unchanged).
With regard to South American quotations very
little change has been noted. The Argentine check
rate was slightly easier at 37.62 and cable transfers
at 37.67, against 37.70 and 37.80; while Brazilian exchange receded and finished at 11.60 for checks and
11.65 for cable transfers, as compared with 11.95
and 12.00 the previous week. Chilean exchange was
easier at 12.80,against 139.,but Peru remainslat4.19.
Far Eastern exchange closed as follows: Hong
Kong,53%@54, against 52%@53;Shanghai, 723/2@
4
723 ,against 72@723. Yokohama,4
i;
83@493' (unchanged); Manila, 50@,503. (unchanged); Singapore,
% (unchanged); Bombay, 313'@31%,
543/2@54
'against 31®313, and Calcutta, 313@)31%, against
3114@,31m.
Pursuant to the requirements of Section 522 of the
Tariff Act of 1922, the F.ederal Reserve Bank is
now certifying daily to the Secretary of the Treasury
China, Chefoo tael
.7342
.7383
.7350
.7333
" Hankow tael
.7333
.7375
.7342
.7325
" Shanghai tadl
.7081
.7141
.7090
.7073
" Tientsin tadl
.7392
.7425
.7400
.7375
" Hongkong dollar
.5275
.5290
.5277
.5345
" Mexican dollar-----5178
.5171
.5210
.5181
" Tientsin or Pelyang
dollar
.5342
.5333
.5363
.5342
" Yuan dollar
.5213
.5204
.5267
.5225
India. rupee
.3111
.3111
.3132
.3127
Japan, yen
.4893
.4895
.4894
.4896
Singapore (S. S.) dollar
.5325
.5329
.5392
.5333
NORTH AMERICA
Canada,dollar
.987083
.988865 .990586 .9911417
Cuba. peso
.999375
.999625 .9993751.00
Mexico, peso
.484063
.486406 .485417 .485833
Newfoundland. dollar
.985469
.987227 .988789 .988125
SOUTH AMERICA
Argentina, peso (gold)
.8545
.8553
.8564
.8568
Brazil, mIlreis
.1163
.1167
.1153
.1149
Chile, peso (Paper)
.1293
.1289
.1281
.1273
Uruguay, peso
.8507
.8501
.8507
.8519
•Quotations are for 1 dinar, which Is equivalent to 4 kronen.
.7383
.7375
.7164
.7433
.5354
.5208
.5375
.5279
.3117
.4892
.5392
.9933 3
.9995
.4854 9
.99125
.8501
.1141
.1294
.8500
The New York Clearing House banks in their
operations with interior banking institutions, have
gained $3,608,539 net in cash as a result of the currency movements for the week ending Jan. 4.
Their receipts from the interior have aggregated
$4,167,539, while the shipments have reached $559,000, as per the following table:
CURRENCY RECEIPT'S AND SHIPMENTS BY NEW YORK BANKING
INSTITUTIONS.
Week ending Jan. 4.
Banks'Interior movement
Into
Banks.
Out Of
Banks.
54,167.5391
I
Gain or Loss
to Banks.
$$59,000 Gain 13.603.539
As the Sub-Treasury was taken over by the Federal Reserve Bank on Dec. 6 1920, it is no longer
possible to show the effect of Government operations on the Clearing House institutions. The Federal Reserve Bank of New York was creditor at the
Clearing House each day as follows:
DAILY CREDIT BALANCES OF NEW YORK FEDERAL RESERVE BANK
AT CLEARING HOUSE.
Sa•urday,
Dec. 30.
Monday,
Jan. 1.
Tuesday, Wednesd'y, Thursday. Friday,
Jan. 2.
Jan. 3.
Jan. 4.I Jan. 5.
Aggregate
for Week.
$
$
$
78.000,000 Holiday 88.000,000 55,000,000 70,000,000G8.000.000 C*. 359,900,005
Note.
-The foregoing heavy credits retlec the huge mass of cheeks which come
to the New York Reserve Bank from all parts of the country in the operation of
the Federal Reserve System's par collection scheme. These large credit balances.
however, show nothing as to the results of the Reserve Bank's operations with the
Clearing house institutions. They represent only one side of the account, as checks
drawn on the Reserve Bank itself are presented directly to the bank and never
go through the Clearing HOUffe.
The following table indicates the amount of bullion in the principal European banks:
Jan. 4 1923.
Baits of
Gold.
Silver.
Jan. 5 1922
Total.
Gold.
Siker.
T.171.
England _ _ 127,493,100
128,439,940
127,493,190 128,439.940
France a_ _ 145,824,524 11,560,000 157,384,524 143,037,952 11,160.000154.197,952
Germany _ 50,110,680 7.189,400 57,300,08 49,684,850
551,250 50,236.100
Aus-Run. 10.944,600 2.369,000 13,313,
10,944,005 2.369,000 13.313,000
Spain
160.967,006 25,898,000126,860.000 100,462,000 25.078,000125,540.000
Italy
35.053,000 3,029,000 38,082,000 33,895.000 2,970,0001 36,865,000
Netherl'nd 48,483.000
50,497,060
687.0001 51,184,000
49,23.0
Nat. Belli_ 10,757,000 2372,000 12.929,000 10,663,00
1.616.0001 12,279,000
Switzerrnd 21.742,000 4.065,00, 25,807,000 21,925,000 4,600.0001 26,525,000
Sweden_
15,265,000
15,220,006
_
15,220,06 15,265.000 _ _
Denmark _ 12,682,060
252,000 12,934,000 12,685.000
217.0001 12,902.000
Norway __ 8383,000
8,115,000
8,183.
I 8,115,000
Total week 587,459,394 57,2113,400644,742.79 585,613,742 49.248.2501834.861.992
Prey. week 588.067,223 57,440.300 645.447.523T585,466.693 49.301.650631.768,343
a Gold holdings of the Dank of France this year are exclusive of £74,574,682
held Owned.
10
THE CHRONICLE
THE GOVERNMENT SALARY CLASSIFICATION BILL—DANGEROUS INNOVATIONS PROPOSED.
The Committee on Appropriations of the United
States Senate has had under consideration for several months the bill (H. R. 8928) classifying all of
the civilian positions in the Federal service, and fixing salary grades therefor. It is understood that
there is a prospect of an early report from this Committee and possible action by the Senate at this session of Congress.
The bill passed the House on Dec. 15 1921 during
the second session of the present Congress. When
it came over to the Senate there was a rather heated
controversy as to whether the bill should be referred
to the Committee on Appropriations or to the Committee on the Civil Service, and the Senate finally decided that the bill should first go to the Committee
on the Civil Service for a report on the substantive
and administrative features, and then to the Committee on Appropriations for a report on the salary
schedules themselves. On Feb.3 1922 the Committee
on the Civil Service, after having materially amended
the bill as it passed the House, made a favorable report. The bill was then referred to the Committee
on Appropriations, where it has been ever since. It
seems that the Committee on Appropriations, on account of the way in which the bill had been drafted,
found it impossible to consider the salary schedules
apart from the substance of the bill itself. Opposition apparently developed in this Committee to the
bill as a whole, and the general impression prevailed
that the bill had been to all intents and purposes
buried in the files of the Committee.
Recent agitation, however, has caused a sharp revival of interest on the part of Congress in the fate
of this bill, the general opinion being at this time that
some such bill is absolutely necessary to the effective
operation of the Federal Budget. This question of uniformity of pay for the same work, and that of promotions and deserved increases in salary, has been at a
standstill since the adoption of the budget system,
and much injustice has been done to the rank and
file of Government employees who are told year by
year by their superior administrative officials and
by Congressmen that nothing can be done until a reclassification bill is passed.
The particular bill.under consideration is open to
several serious objections. In the first place it vests
in the Civil Service Commission the sole authority
finally to determine the grades and compensation of
every civilian employee of the Federal Government,
including the authority to determine promotions, demotions and dismissals. Heads of departments are
therefore deprived of this control over the employees
under their jurisdiction. From the standpoint of
the employees this may seem to be a greater protection by giving them a certain security of position
from which they cannot be dislodged, except upon the
approval of a centralized agency not connected with
any department or establishment. But from an administrative standpoint the scheme has nothing to
commend it. No business organization could survive
under such an arrangement. The authority of an
administrative official to employ, to discharge, to
promote, or to demote,is one of the most vital instruments of effective management.
Closely related to this feature are certain provisions of the bill relating to the employment of skilled,
[VoL. 116.
specialized and common labor. These require that
the employees shall be compensated acording to the
"prevailing practice" in private employment through
agreements in each instance to be arrived at by collective bargaining. In other words, a department
head desiring to employ a number of plasterers
would, under the specific language of the bill, be required to bargain with a representative of the plasterers and reach an agreement with him as to their
compensation. This agreement having been made,
must be approved by the Bureau of the Budget. The
effect of this provision would be to compel the laborers of all classes now employed by the Government to
organize, and all new employments of labor would
have to be made from the ranks of organized labor.
In no other way could the Government deal with a
labor representative. In order to have a representative for the particular class employed, there must be
an organization and the selection of a spokesman.
The natural outcome of the operation of this provision would be that the Government could fix the
compensation for the laborers employed by it only
through agreements arrived at after bargaining with
representatives of the American Federation of Labor.
So far as we know,this is the first time in the history
of our Government that this principle has been seriously proposed in national legislation, and nothing
too strong can be said in condemnation of it.
With reference to the compensation provided in
the bill for the clerical and other subordinate positions, it appears to be fairly liberal. The rates range
from a minimum of $1,080 for beginners to about $3,600. This is greatly in excess of the present rates of
pay, and the new rates would go a long way towards
enabling the bulk of Government employees to meet
adequately modern economic conditions. But when
it comes to the higher administrative positions, positions of, greater responsibility, requiring long professional training, technical skill and executive ability, the rates of pay provided in the bill appear in
many respects lower than the existing rates. If this
bill should become a law, the highest salary which
any civilian employee of the Government could receive would be $7,200 per annum, and he could not
receive that unless he were the responsible head of an
important bureau of the Government. If his services
were purely professional, such as law, medicine, or
scientific, the highest salary he could receive (not being the head of a bureau) would be $6,000 per annum.
It is provided, however, that in those cases where exiting salaries are higher than the maximum grades
in the bill, and are fixed by legislative enactment,
they shall not be reduced to the clasifications in the
bill.
The number of these positions, the salaries of
which are specifically fixed by law, is relatively
small. This leaves the salaries of a large body of the
high administrative officials subject to reduction to
the minimum of $6,000 as the entrance salary, and
$7,200 as the maximum possible to be received in any
case. The theory of the bill with reference to these
key positions is again at variance with the common
experience of administrative practice in private business enterprise where it is recognized that the best
results are obtained through paying much largei
salaries to a few men of exceptional ability in positions of great responsibility than is paid to the rank
and file of routine employees. The passage of this
bill, as regards the salary rates, cannot but have a
deadening effect upon the higher officials of the Gov-
0
JAN.6 1923.]
T1
-1111 CHRONICLE
ernment. It would make it more difficult than ever
for the Government to secure a competent administrative personnel. Many of these officials, now, and
for many years past, have held their positions at
great personal sacrifices—some in the hope that the
Government would recognize the necessity of paying
salaries in some way commensurate with those paid
in private employment.
In view of the serious defects of the bill as pointed
out above,it is to be hoped that it will be entirely rewritten in the particulars indicated by the Committee on Appropriations before it is returned to the
floor of the United.States Senate.
11
of New York than of most other States in this matter
of constitutional changing and the need of requiring
on the referendum at least a majority of a full vote
instead of merely a majority "of those voting
thereon."
The recommendation to restore the direct primary
is also bad. So is the advice for new powers for the
present local administration in matters pertaining
to "the port," a subject which belongs quite as much
to the country as to the city or the State. Instead of
new statutory safeguards of women in industry, on
the plea of equalizing, the latter might better be
found in removing some of the present interventions
for the supposed protection of the male. The proposal to ask a lightening of the Volstead law, as a
wish on the part of the State, is legal and in form entirely proper; it will be deemed timely and well, or
the reverse, according as one favors that law and
deems it enforceable, or the contrary. A State bonus
to ex-service men must be classed among the bad recommendations, while that for raising the limit on our
State income tax to $5,000 is of the same character.
If we are to have a State income tax there ought to be
no personal exemption whatever. Even the Federal
income tax would lose its burdensome character if
applied to the whole body of the country's income,
instead of to only a small portion of it, for then the
rate would be so small as not to make the tax onerous.
All that is said for economy and a more businesslike handling of State Government, as itself a "business," deserves approval, but that will be a question
of performance. We had performance under the late
Administration; whether we get it, or only complimentary approval and an empty promise will now depend upon whether Mr. Smith is the real Executive
or obeys the malign power which has given him a second term and now intends and expects to control his
hand, being in that eventindifferent about his tongue.
Personally, he is a man of exceptional probity, of no
little independence, and of no mean ability. He is
entitled to the benefit of all doubts, and has the best
wishes of all thinking men in the trial of his independence, for much more than his own personal future is involved.
GOVERNOR SMITH'S BEGINNING.
Governor Smith's inaugural remarks in his new
term and his message, of considerable length and delivered verbally, are a mingling of good and bad.
Probably the worst of the latter is his advocacy of
abolishing the two commissions, the Public Service
and the Transit, and transferring their powers to the
municipalities, also public ownership and operation
of all public utilities by cities, as per the party platform. It is unhappily true that the slime of politics
pursued as a personal. plunder by politicians is
everywhere and upon everything and that there is no
marked purity in Albany or Buffalo any more than
in this city. It is true that the phrase "local self-government" sounds well and is the only proper aim,
theoretically; true also, as Governor Smith points
out, that this city built its own sewers and public
buildings (although some very unpleasant history of
a half-century ago is bound in with the latter) and
that it built the latest water works. But when we
are asked to apply that sound theory of self-government to this overgrown city of to-day we encounter
some prodigious if not insurmountable difficulties.
The people of this city "ought"to be equal to self-protection and self-government, and they "ought" to
take the consequences of their incapacity; but those
consequences would lie universally, and the unhappy
truth is that we cannot afford to take the risks of
turning the first city of the Western world more completely over to Tammany. Further, public ownership and operation of utilities has already given a
demonstration against itself by ample experience.
The recommendation on constitutional changing is THE VETO OF THE BURSUM PENSION BILL.
President Harding, by his veto of the Bursum Penutterly bad. The Constitution,says Governor Smith,
"should be kept as close as possible to the rank and sion Bill (S.3275) on Wednesday last, has again prefile of the people," and he adds:
vented a distribution of a great bounty from the public Treasury for political purposes. His veto mes"They made that law, and the limitation that permits only the Legislature to initiate amendments is sage, as indicated in our article on The Financial
inadequate. The present system amounts to a refer- Situation, on earlier pages, is a worthy companion to
endum. Under safeguards such as will properly reg- his recent veto of the Soldiers' Bonus bill. As with
ister a popular demand, there should be an amend- that bill, the President was compelled to take a stand
ment to the State Constitution that will permit the against that occupied by the
majority of the members
people themselves to initiate as well as pass upon of his own party in
the House and in the Senate, and
amendments to the fundamental law."
to withstand the political pressure of perhaps the
Nothing could easily be more wrong than this. most powerful and highly organized body of men in
Constitutional changing should be made at once a the country.
slower, a more difficult, and therefore a more
In our issue of Sept. 16 1922 we discussed the prothoughtful matter,instead of being brought "as close visions of this bill and the disastrous effect its pasas possible" to the emotional whimsies of the people. sage would have upon national finance. It will be
To add the initiative to the present very bad form of remembered that the bill passed the Senate on Sept.
referendum would be to copy one of the worst defects 8 1922 with practically no explanation and
no discusin some of the wilder State Constitutions. On the sion, at a time when a :arge number of bills were becontrary, and without taking space to quote' from ing passed by the Senate under the unanimous conthose articles, we must refer the reader to two arti- sent rule. The objection of one Senator, either Demcles in the "Chronicle"in October of 1921 [pages 1512 ocrat or Republican, could have prevented the pasand 1629] in which were shown the worse condition sage of the bill. The bill as it left the Senate was ad
.
12
THE CHRONICLE
[Vol,. 116.
enough, but when it reached the House it was amend- Outside of Europe the whole world has shaken itself free from the great
after-war slump. The economic wounds of Asia, Africa, Latin America
ed to make more liberal allowances. The Senate ac- and Australia from the war were more the sympathetic reaction from slump
combatant states than direct injury. Their production and
cepted the House amendments and the bill finally in therecovered to levels above pre-war. The enforced isolationcommerce
have
of many
areas in Latin America and Asia during the war has strengthened their
passed on Dec. 23, just in time, as Senator Bursum
economic fibre by increased variety of production and has contributed
announced, to be a Christmas present from the Na- vitally to their effective recovery.
In Europe, England,
tion to the veterans. The bill provided $72 per month steady progress in together with the old neutral nations, are making
production and diminishing unemployment. Their
for each veteran of the Civil War,and $50 per month trade and commerce are improving;their governmental finances are growing
stronger; their currencies that are not already on a gold basis are steadily
for each widow of a veteran of the Civil War.
approaching par; and their exchanges are more stable. The combatant
The veto message is short and vigorous. At the states on the Continent are slower in recovery. Even these nations, including Russia, have shown progress all along the line in commercial,
outset the President raises the objection that the bill industrial and agricultural fields although the harvests suffered in some
Italy, Belgium, The Baltic
would set a precedent which would cause an outlay spots. Some of these nations such asshow increasing political andStates.
Poland. Czechoslovakia and Hungary
social
from the national Treasury of over $50,000,000,000 stability and improvement in their Government finances. In Germany
and some minor states in southeastern Europe, governmental finance
during the next half century. The immediate effect and political difficulties threaten to overwhelm the commercial and indusalready made.
of the bill would mean an annual outlay of $108,000,- trial recuperationmaintenance of armies on a greater than
The continued
pre-war basis
in the old Allied states maintains political uncertainty,lowers productivity.
000 a year. The President said:
and retards the balancing of budgets with consequent cessation of direct
"The Act makes no pretence of new consideration or indirect inflation. Disarmament and the constructive settlement of
German reparations and the
for the needy or dependent, no new generosity for the Europe are the outstanding economic relations of states in southeastern
problems of Europe, and their adjustment
veteran wards of the Nation. It is an outright be- to some degree will affect the progress of the rest of the world. The more
general realization during the past year of the growing menace of these
stowal upon the Government's pension roll, with a situations and the fundamentals that underlie their solution is in itself
heedlessness for the Government's financial problem some step toward progress. Their solution would mark the end ofthe most
which is a discouragement to every effort to reduce acutely destructive forces in the economic life of the world which still survive the war.
expenditure and thereby relieve the Federal burdens Economic forecast can not amount to more than a review of tendencies
and a hazard in the future. The odds are favorable for 1923; the world
of taxation."
begins the year with greater economic strength than a year ago; production
Speaking more particularly, the President made and trade are upon a larger and more substantial basis, with the single
exception of the sore spot in Central Europe. The healing force of
• an attack upon the provisions for pensions to widows and commerce has gained substantial ascendency over destructive business
political
and social forces. There is ample reason why there should be continued
of Civil War veterans which cannot be met. It is es- progress during the next twelve months.
mated that about 275,000 women would, be eligible
each to a pension of $50 a month as long as they lived
if the bill became a law. Any marriage or cohabita- NATIONAL INDUSTRIAL CONFERENCE BOARD REPORTS INCREASED INDUSTRIAL ACTIVITY
tion for two years prior to a veteran's death would
AND INCREASED WAGES.
put the woman in question upon this pension roll.
The results of a survey of industrial activity and wage
The President calls attention to the fact that widows
changes, made by the National Industrial Conference Board,
of World War veterans, "those who shared in the were indicated on Dec. 31, when substantial increases in
shock and sorrows of the conflict," receive only $24 hourly and weekly wage earnings in virtually all classes of
per month,and yet this bill would pay $50 per month labor during the period from July to October of this year
to any woman living with a veteran of the Civil War were shown, and a new high point in industrial activity was
for two years or more immediately prior to his death. reported. In its survey of wage changes covering 400,000
wage earners in 23 industries, the Board indicates that in
The public interest demands that Congress sustain only two industries, lumber and rubber, was there a decrease
the veto of the President on this bill.
in hourly wages during the period. There was a decline in
pult/cations of Vastness Acttuttg
SECRETARY OF COMMERCE HOOVER IN REVIEW OF
WORLD CONDITIONS FORCASTS CONTINUED
PROGRESS.
Herbert Hoover, Secretary of Commerce, in a review of
world conditions, made public Jan. 1 while stating that
"economic forecast cannot amount to more than a review
of tendencies and a hazard in the future," finds "the odds
are favorable for 1923," and ventures the opinion that
'there is ample reason why there should be continued progress during the next twelve months." Secretary Hoover's
summary of the world's economic situation and prospects,
based upon the special investigation of the Department's
representatives in each foreign country, follows:
In the large view of the world has made distinct economic progress during
the past year and the conditions are very favorable to continued progress
during 1923. There are in exception three of four states in Europe which
give continued anxiety, but these exceptions should not obscure the profound forces of progress elsewhere over the whole world. In the main,
even in these areas of uncertainty, the difficulties are to a large degree fiscal and political rather than commercial and industrial.
During the year the world generally has gained in social stability. Bolshevism has greatly diminished and even in Russia has been replaced by a
mixture of socialism and individualism; at least active war has ceased for
the first time since 1914; famine and distress have diminished to much less
numbers this winter than at any time since the great war began; production has increased greatly during the past year; unemployment is less in
world totals than at any time since the armistice; international commerce
is increasing; the world is now pretty generally purchasing its commodities
by the normal exchange of services and goods, a fact which in itself marks
an enormous step in recovery from the strained movements of credit and
gold which followed the war.
In our country unemployment has ceased to be a problem and we are,
indeed, upon an economic level of comparatively great comfort in every
direction except for the lag of recovery in some branches of agriculture.
Even in this field there has been a distinct improvement in prices in the past
twelve months and its troubles are mostly due to over production in some
lines. Our manufacturing industries are engaged well up to the available
labor; industrial production has enormously increased over last year; real
wages and savings are at a high level. Our transportation and housing
show great gains in construction, though we are yet behind in these equipments. Both our exports and our imports are again increasing after the
great depression and are to-day far above pre-war levels.
weekly earnings only in two other industries, automobile
manufacturing and book and Job printing, but this was reported as slight. The Board says:.
The average hourly earnings of all wage earners covered in this investigation were $0.238 in July 1914. In July 1922 they had risen to $0.484, in
August to $0.486, in September to $0.495. In September 1922, therefore,
the average hourly earnings of all the wage earners covered were 108% higher
than in July 1914.
The average hourly earnings of women show a far greater rise than for
men above 1914 levels in September 1922, being 127% above the pre-war figure. Skilled and unskilled classes of labor show practically the same increase
in hourly earnings relative to 1914, though from July to September 1922 the
hourly earnings of skilled labor increased slightly more than those of unskilled.
The average weekly earnings of all wage earners, which were $12 27 in
July 1914 had risen to $23 09 in July 1922, to $23 31 in August and to
$23 88 in September. In the latter month they were 95% above the July
1914. The average weekly earnings of unskilled labor appear to have increased more since 1914 and during July. August and September of 1922, than
those of skilled labor. Average weekly earnings of unskilled labor in July
1922 were 87% above 1914 and in September 1922 95% above pre-war levels, while those of skilled labor in July 1922 were 86% above 1914 and in
September 1922 had risen to 92% above the July 1914 level.
Employment in identical plants in the 23 industries covered in July 1922
was 16% above the July 1914 level. In August 1922 it was 18% and in
September 23% above the pre-war figure, showing the steady improvement in
employment conditions during the last summer.
The actual hours worked per week per wage earners also increased from
47.7 in July to 48.2 in September, although this figure is still below that for
July 1914. Plant hours and the nominal working week also improved steadily during July, August and September of this year, though these also were
still considerably below the pre-war lqvels.
Taking into account the changes in the cost of living since 1914 and during July, August and September 1922 this investigation shows that the "real"
hourly earnings of all wage earners were 30% higher in July 1922 than in
July 1914; 33% higher in August 1922 and 34% higher in September 1922.
"Real" weekly earnings were 21% higher in July 1922, 23% higher in August 1922 and 25% higher in September 1922 than in July 1914.
As to the Board's review of industrial activity, we quote
the following from the New York "Tribune":
A new high point in industrial activity in the United States is noted in a
survey of the industrial situation issued yesterday by the National Industrial
Conference Board. On the basis of production studies in the principal and
basic industries it was found that the index figure for November 1922 business surpassed the previous high points of June 1918; October 1919, and
March 1921 by a considerable-margin.
The index figure for November 1922 is 134.3, as compared with 124.8 for
the preceding month. The previous high mark was in October 1919, when
the curve for industrial activity reached, 127, In June 1918 the figure was
123.9 and in March 1921 123.4.
JAN.6 1923.]
THE CHRONICLE
Important increases were reported for November in the production of pig
iron and steel ingots and in the consumption of cotton. Although maintaining an unusually high level, unfilled steel tonnage, car loadings and building
contracts showed decreases.
Much Buikling Activity.
This difference in the movement of important commodities may be due to
season fluctuation, or, it is thought, it may indicate an actual falling off in
the total volume of general business.
Building activity continued at an unprecedented level, although the November figures were slightly under those for October. Steel, cotton and wool
showed the largest individual gains during the month, ranging from 11.2%
for wool to 12.7 for cotton.
The upward price and wage movement was more pronounced in November
than in the preceding two months. The announcement states:
"Wholesale prices made very considerable gains in November as compared
with October. During the latter part of November a hesitancy on the part of
.
buyers developed and a slight reaction occurred in some commodities—for example, in cotton, hides, leather; pig iron and coal. Retail prices, which have
been gradually moving upward, increased during November and early December at a somewhat faster rate.
"Harvests in most of the staple agricultural products have been large, but
farmers have been unable to realize as high prices as they had expected.
Prices, except for cotton and tobacco, are relatively low. On the whole,
prices of agricultural products are considerably below those of other commodities based on their relation before the war. The shortage of cars his
made it difficult for the farmers to ship and realize on the crops which he
already has in hand.
"Many industries are seriously handicapped by labor shortage. The effect
of this condition on wage levels is definitely indicated by the wage figure
developed by the National Industrial Conference Board. Whereas the average
weekly earnings of all factory workers as of the beginning of 1922 were
$22 27, in July 1922 they were $23 09, and in September 1922 they had increased to 828 88, or 6% in comparison with the beginning of the year. Average hourly earnings of all factory workers at the beginning of the year were
$0.482; in July 1922 they were $0.484, and in September 1922 they had advanced to $0.495. Man-hours of work for an identical group of establishments
increased between July and September from 18,008,654 to 18,838,226, an
increase of 4.6%.
A ROSEATE VIEW OF BUILDING OPERATIONS, PRESENT AND PROSPECTIVE.
Based upon a survey which it has just completed, the Copper & Brass Research Association estimates the total building construction for the year 1923 at $6,000,000,000. The potential market for copper in building construction in this
country next year (including sheet copper for roofing, leaders and gutters, etc., as well as the copper content of the
brass used in plumbing pipe, hardware and lighitng fixtures)
is estimated at approximately 780,000,000 pounds. In 1922,
statistics for 11 months of which are now available, the total
expenditure for building constrUction is placed at $4,910,000,000 by the Association. In addition, there were projected
(but not built) other buildings of a total estimated cost of
$2,480,000,000. The report of the Association proceeds as
follows:
In other words, in 1922 there was developed an actual building program of
$7,390,000,000. Of this huge amount a little less than $5,000,000,000 has
actually been constructed and the remainder is carried over into 1923.
In estimating the amount of building construction in 1923, the carry-over
from 1922 has been reduced to $1,240,000,000, because experience indicates
that in making preliminary estimates the cost is usually placed on the safe
side, and allowance is also necessary for the percentage of such projects as
have been indefinitely postponed or will not come up in 1923.
Taking the known accumulated shortage as a basis, after deducting work
completed during 1922, and adding the normal increment of building for the
year 1923, the actual building requirements of the nation are estimated at
$7,830,000,000. Tho details of the 1923 estimates as well as the expenditures
for the same classes in 1922, follow:
1923
1922
Estimates.
Expenditures.
Apartment houses
$1,253,000,000
$950,000,000
Churches
530,000,000
205,000,000
Dwellings
940,000,000
680,000,000
Hospitals
595,000,000
230,000,000
Hotels
851,000,000
640,000,000
Industrial buildings
827,000,000
655,000,000
Office buildings
804,000,000
645,000,000
Public buildings
828,000,000
260,000,000
Public garages
162,000,000
125,000,000
Schools
1,540,000,000
610,000,000
13
This sum, it is estimated, will be divided geographically about as follows:
$455,000,000
New England States
New York State, Southwesbern Connecticut, Northern New Jer1,395,000,000
sey, Northern Pennsylvania
Eastern Pennsylvania, Maryland, Delaware, District of Colum825,000,000
bia, Virginia, North and South Carolina
Western Pennsylvania, West Virginia, Ohio, Kentucky, Tennessee
755,000,000
Illinois, Indiana, Iowa, Missouri, Wisconsin, Michigan, Minnesota
1,600,000,000
Eastern Montana, North and South Dakota, Eastern Nebraska,
Eastern Kansas
250,000,000
Pacific Coast States, Gulf States and Arkansas, Oklahoma,
Idaho, Wyoming, Nevada, Utah, Colorado, Arizona, New
Mexico
720,000,000
THE ACTIVITY OF THE AUTOMOBILE INDUSTRY
IN 1922.
The following facts and figures regarding the great activity of the automobile industry in 1922, as prepared "for show
numbers of newspapers," have been given out this week by
Alfred Reeves, General Manager of the National Automobile
Chamber of Commerce. They are full of interest to every
one.
Production—
2,527,000
Cars and trucks
2,287,000
Cars
240,000
Trucks
2,205,000
Previous record motor vehicle production (1920)
1,800,000
Number of new cars needed for replacements in 1923
Production of closed care
85%
Total wholesale value of cars and trucks_
$1,558,567,000
Total wholesale value of cars
$1,874,487,000
Total wholesale value of trucks
$184,080,000
Estimated average retail price of car 1921
$900
Estimated average retail price of car 1922
$770
Reduction in average retail price of car
14%
Estimated average retail price of truck 1921
$1,826
Estimated average retail price of truck 1922
$1,050
Reduction in average retail price of truck
21%
Tire production
36,340,000
Number of persons employed in motor vehicle and allied lines
2,431,400
Registration—
Motor vehicles registered in U. S. (approx.)
11,500,000
Motor cars
10,250,000
Motor trucks
1,250,000
Increase in U. S. registration over last year
7%
World registration of motor vehicles
12,750,000
Per cent of world registration owned by U. S. A
81%
Motor vehicle registration on farms
8,600,000
Motor cars
3,300,000
Motor trucks
200,000
Motor cars serving suburban communities
780,000
Passengers carried annually by motor car
7,500,000,000
Automobile's Relation to Other Business—
Number of carloads of automobile freight shipped by railroad
400,000
Per cent of rubber supply used by automobile industry
83%
Per cent of plate glass supply used by automobile industry
30%
Per cent of aluminum supply used by automobile industry
20%
Per cent of iron and steel supply used by automobile industry
4%
Number of doctors using motor cars
110,000
Number of motor cars owned by corporations
600,000
Gasoline consumption (U. S.) 1922 (gals.)
5,800,000,000
Average monthly surplus of gasoline (gals.)
784,261,000
Gasoline consumption (U. S.) 1921 (gals.)
4,506,706,000
Per cent of cars used more or less for business
90%
Per cent of total car mileage used entirely for business
60%
Motor Btld and Motor Truck Facts—
Number of cities using bus lines
108
Number of motor buses in use
40,000
Number of schools using motor buses
12,000
Number of street railways using motor buses
56
Number of railroads using motor vehicles on short lines
40
Number of motor express lines in U. S.
1,500
Farm products hauled by motor transport annually (tons)
134,400,000
Freight hauled annually by motor trucks—tons
1,430,000,000
Exports—
Value of motor vehicles and parts exported (including engines and tires)
$123,742,000
Number of motor cars exported
66,000
Number of motor trucks exported
10.000
Value of motor cars exported
$52,125,000
Value of motor trucks exported
$8,381,000
Motor Vehicle Retail Business in U. 5.—
Passenger car dealers
38,000
Motor truck dealers
25,000
Public garages
48,000
Service stations and repair shops
63,000
Supply stores
63,700
Total
$7,830,000,000
$5,000,000,000
To complete such a vast amount of building during the
year 1923 presupposes that the entire shortage plus the normal increment for
the year will be
carried out in 1923 and that we shall enter 1924 with a clean
building slate.
It is believed by the Association, however, that neither the
financial nor material and labor resources of the country are in a position to
carry this entire
program to conclusion in 12 months' time.
AUTOMOBILE PRODUCTION WELL MAINTAINED IN
The Association's reports indicate that there still exists over the
major part
'NOVEMBER.
of the country a housing shortage of considerable proportions,
despite the
huge construction of 1922.
Reports received by the Department of Commerce through
There is, of course, no definite data to go on in estimating how
far the the Bureau of the Census, in co-operation with the National
present resources of the country and the labor and materials situation
will enable it to go in the 1923 building program, but careful consideration
Automobile Chamber of Commerce,show only a slight decline
of the
various factors involved leads to the estimate of $6,000,000,000 as the
amount in the November output of cars and trucks compared with
completed in 1923.
which can be
the preceding month. A year ago November production
Of this amount some $3,030,000,000 will be devoted to housing,
about
$2,025,000,000 to office, business and industrial buildings, and the
remainder showed a marked drop compared with October. The Novem$2,675,000,000, to churches, hospitals and schools.
ber production this year totals 214;631 passenger cars and
The estimated expenditures for building construction in 1923 for the
entire 21,223 trucks, or more than double
country are as follows:
the output in the corresponding month of last year. The following table gives the
Apartment houses
$960,000,000 Industrial buildings
$634,000,000
Churches
406,000,000 Office buildings
618,000,000 total production for each of the last five months, with corre720.000,000 Public buildings
Dwellings
252,000,000
Hospitals
458,000.000 Public garages
.124,000,000 sponding figures for the same months of last year. With a
Hotels
682,000,000 Schools
1,160,000,000 few exceptions,
the Census Bureau says, the reports each
Total
88,000,000,000 month are from identical firms and include approximately
14
THE CHRONICLE
[Vot. 116.
-.
90 passenger-car tind 801ebck manufacturers. A few slight
revisions of figures previously reported have been received
for the months back to July 1922.
WoUld continue to, make railroad securities unpopular with investors and prevent the roads from securing sufficient new money to keep the transportation
machine up to the requirements of the country. Both shippers and travelers
should realize that what they really need is good transportation at a reasonable rate rather than inferior service at a cheaper rate.
AUTOMOBILE AND TRUCE PRODUCTION.
Industrially Europe has made good progress during 1922, but politically
(Number of Machines)
the situation is still troublesome. Labor has been better employed through—Passenger cars.
—Trucks.— out Western Europe and the rise in sterling exchange has encouraged the hope
1922.
1921.
1921. that a like improvement may be found with respect
.1922.
to other countries, but
224,770
165,574
10,766 the hope will not be realized to any appreciable extent so long as the repara21,739
July
August
248,484
24,394
167,705
13,080 tions question remains unsettled, national budgets are so far out of balance,
September
187,964
19,130
144,669
13,648 currency inflation continues, and unrealizable hopes are indulged in with reOctober
216,467
21,434
134,734
12,813 spect to the adjustment of the inter-Allied debts.
November
106,042,
214,631
21,223
10,010
At home we are confronted with some tendencies which only good sense and
intelligent understanding of economics on the part of the public will render
harmless. We seem also inclined to consent to a sort of constitutional moraJOHN MOODY'S REVIEW OF 1922 • AND FORECAST torium, while we experiment with all kinds of public control through regulation and even through operation of those functions formerly entrusted entirely
FOR 1923.
to private enterprise. We find in operation certain well organized forces in
The key to the American business and financial outlook our country that resent the application of such control over their own activifor 1923, states John Moody in his Annual Review and Fore- ties while insisting that the affairs of others shall be thoroughly and well
cast, issued Jan. 4, is closely tied to pending developments in regulated. Added to this is the unfortunate disposition to create in our House
of Congress "blocs" committed to introduce and pass, if possible, legislation
Europe. Should the reparations problem reach an early set- favoring their particular constituency in contrast to the fundamental principle
tlement in 1923, the reaction on America would be far-reach- of legislation in which the welfare of the whole country becomes the primary
obligation of every lawmaker.
ing and profound. Mr. Moody points out that a reduction in continue until the people of this The adverse effect of these experiments will
country come to realize that the Government
the reparations total to a reasonable basis would add great cannot correct all existing faults and that laws cannot be depended upon to
rectify the errors of extravagance and waste nor to overcome the immutable
strength to French credit and at once tend to start all Europe
law of supply and demand.
on the road to stability. The loose talk regarding the immiI have an abiding faith, however, that although there may be disturbances
nence of a "crash" in Germany is analyzed, and the state- for a time, in the end good judgment will prevail and the people will realize
that we cannot as a nation disregard the fundamental guaranties of our conment made that 99% of the German "crash" has already
stitution without paying for that folly a price entirely
taken place; that the repudiation of the mark as a medium any temporary advantage that might accrue to any single out of keeping with
class of our citizens.
of exchange and standard of value is (essentially) already
accomplished. He argues that there is no conceivable way
in which Germany can ever restore any important value to
the paper mark, and that all German internal Government
'debt has already been practically wiped out. Germany thus
stands to-day with the smallest internal debt (in real value)
of any European nation.
Mr. Moody foresees a probable settlement of the reparations and German financial problem during 1923, and expresses the belief that such an event will immediately have
a most favorable effect upon American business, particularly
in enlarging the market for our agricultural products. The
Impoverishment of the .American farmer indicates that the
present'business revival is not altogether healthy. In the
fall of 1922 the average purchasing power of the agricultural
population was only 64% of what it was in 1913, while that
of union labor averages from 90% to 130% in 1913. "Obviously," states Mr. Moody,. "prosperity. must become more
evenly distributed if we are to have confidence in a healthy
expansion of business during and after 1923."
Mr. Moody expects relatively low interest rates to prevail
during 1923 and general ease in the money market, with only
slight seasonal changes. Prices of high-grade bonds should
be maintained, with probably a further slow upward movement. On the other hand, quotations of taxable issues cannot be expected to return to the high prices of a dozen years
ago, even under the most favorable conditions. So long as
relatively high Federal taxation prevails, rises in fixed income-bearing securities will necessarily be limited, he thinks.
F. H. RAWSON OF CHICAGO FINDS UNDERLYING
CONDITIONS PROMISING.
In a Jan. 1 statement on current economic conditions,
Frederick H. Rawson, president of the Union Trust Co. of
Chicago has the following to say in part:
The year 1922 closes with much to be thankful for, and conservative optimism is more warranted to-day than at any time since the armistice. While
the return to prosperity has not been as rapid as hoped for, it must nevertheless, be a source of great satisfaction to everyone when comparing our condition with that of other countries. In contrast with the situation in Europe,
we are enjoying relatively great prosperity and our outlook is far better than
Iliat of any other nation. There is nothing amiss with our situation that hard
w ark, thrift, and sound thinking will not correct. . . .
Generally speaking, the year 1022 has not proved a big year from the standpoint of profits, but underlying conditions are promising and point to relatively satisfactory business during the first half of 1923. Beyond that time,
conservatism should be used in making commitments until further light is
available upon the adjustment of the foreign situation, the tendency of our
own Congress to enact experimental legislation, and the early crop prospects.
It is a fine evidence of the soundness of business conditions that we were
able so speedily to overcome the prostrating influence of two long and disastrous strikes occurring in the very heart of the year. The coal strike unfortunately terminated in a truce and the test of strength between operator and
miner will probably begin again in the early spring. Since the settlement of
the railroad strike the railroads have been making rapid strides in repairing
equipment and functioning to cipacity. The railroad situation is still a most
serious problem. The roads are Confronted on the one hand by the clamor of
labor for higher wagmand on theother hand by a large group of shippers demanding lower rates. The Inter-State Commerce Commission in the exercise
of its rate regulating function yielded to pressure on all sides and as soon as a
little cream appeared on the railroad pitcher skimmed It off by reducing
rates before the roads were,able to secure appreciable•redu,ctiens in wages and
material costs, with the result that in no six months period since the EschCummins Act went into effeet have'the Class A roads earned anywhere near
the percentage allowed by:law.1-It is hoped that the 0Ommiksion will not be
further influenced by Rublic,cliunpr for Jewel., rates,•theireanction, of which.
JAMES B. FORGAN'S SURVEY OF 1922.
In a summary of the year 1922, James B. Forgan, Chairman of the board of directors of the First National Bank of
Chicago and the First Trust & Savings Bank, while observing that the year 1922 showed little change from 1921, states
that "the year 1922, however, has shown considerable progress in that the liquidation which had been begun was continued and in many ways brought about a restoration of
normal conditions within the country. Thus, for example,
the currency situation is a satisfactory one, and there is
no longer any danger of a catastrophe overwhelming our
banking and industrial structure. The natural resources
and recuperative powers of this country are still so great that
to some extent it prospers independently of conditions in the
rest of the world." Mr.Forgan also says in part:
Nevertheless, in spite of improvement in our own country, conditions
would be by far better if outside of our boundaries matters were being
adjusted satisfactorily. The condition of Europe has prevented a proper
disposal of the surplus of many of our crops and has dis.arranged the customary method of financing our agricultural industry. The foreign buyer
Is no longer able to purchase for future needs as he did before the war, with
the result that more of our crop than formerly must be carried by the producer for a considerable period of time. Various attempts are being made
to solve this financial problem, as well as the one of warehousing the crops
until they can be sold. Some progress has been made and undoubtedly
time will solve many of the difficulties of the farming community and restore fully its purchasing power.
To this situation, which results from factors over which we have little or
no control, there were added during the year disturbances entirely due to
domestic conditions. The country is still suffer ing from the results of serious railroad and coal strikes. It is to be hoped that the commissions appointed by the Federal Government for the purpose of investigating underlying conditions of these fundamental industries will come forward with
some concrete proposals which in the future may spare the country such
serious industrial unrest as has prevailed this last year.
Likewise, our whole immigration problem, which is intimately connected with the labor problem, must be carefully considered. There is
some ground for believing that if immigration continues to be restricted,
there may come about in time a shift in the location of some of our principal manufactures. Thus the textile industry has been located in the
past mainly in the northeastern part of the country. This has been due
partly to an abundance of water power, but still more to the supply of
cheap labor corning from Europe and settling in the neighborhood of
New York and Boston. If this supply is interrupted, it may prove cheaper
to locate textile factories near the source of the raw material, thus saving
transportation charges. Since in the South less fuel is required by the
laborer and food is cheaper, it may well be that labor costs in the Southern
cotton mills will be much lower than those prevailing in the New England
district. A similar situation may be found to prevail in some other industries. These considerations are noted hero not because they are necessarily
favorable or unfavorable to our development, but as being among important
ultimate results arising from our present immigration policy. Such questions need careful and impartial investigation. On the one hand,adequate
care must be taken that undesirable elements be prevented from entering
the country, and, on the other hand, immigration to this coultry should
be made easy and attractive for those who are willing to work and capable
of adding to the productive power of the nation in case investigation
should prove that the present labor supply of the country is inadequate.
Most crops have been large. Cotton, however, proved to be an exception, and provided Europe is in a position to buy a sufficiently large
amount of this important crop, the price of raw cotton is likely to be
high.
......... .
•
As just noted, cotton prices may be high provided European consumption
Is normal. But Europe is less able than ever before to arrange for the
necessary financing for the purchase of the cotton which it undoubtedly
needs to keep its textile mills occupied to their full extent, and this
European situation affects not merely the cotton farmer but also others,
either directly or indirectly. On the whole, the European situation is
more serious than It was even a year ago. The question of the German
reparations and the inter-Allied debts is as far from settlement as ever.
Theta has been endless discussion, but no concrete proposals have been
,3.]
JAN..6 1.92
THE CHRONICLE,
15
brought iorward satisfactory to all parties. Public sentiment all over
the world Is still unwilling to consider dispassionately these questions
which are really economic rather than political. The prejudices and
passions aroused by tho war still prevail to a large extent, and they make
difficult in this country a reasonable discussion of what to do about the
debts due us from our allies and prevent, notably in Europe, any rational
consideration of proposals to revise the financial and economic clauses
of the Treaty of Versailles. Little improvement in Europe can be expected
until there is a change in public opinion, and until there is, there can be
little hope of a restoration of complete prosperity in the world and in
our own country.
A phase of this attitude of mind, which has given concern to many
students of economics, Is our position in respect to the tariff. It is believed
by many that the recent tariff legislation is unwise as it will prevent the
importation of goods from Europe into this country. This is felt to be all
the more serious because, if we insist that Europe repay in full the large
sums which it borrowed during the war, it can do so only by means of
selling us goods. If we are successful in preventing European countries
from selling us goods, It will not only make it almost impossible for them
. to repay their debts but will also make it difficult for them to purchase
goods from us. In other words, our recent tariff legislation, in the opinion
of many practical and theoretical economists, places new obstacles in the
path of European recovery and thus at the same time hinders a restoration
of our foreign commerce. According to this view, we have passed the
stage of industrial development where It is necessary for us to protect our
industries by excessive import duties.
We have probably progressed upon the road of recovery as far as we
can by our own unaided efforts. Further improvement depends upon
developments which are not entirely within our control, but the Government of our country can accomplish much if it will use its best efforts to
induce other countries to enter into discussions with frakness and goodwill in order to discover ways and means which will bring real peace and
prosperity to the world. The motives of our country, however, will be
questioned if we ourselves pass legislation which to foreign countries at
least seems designed to prevent their recovery.
WEEKLY RETURN OF THE MEMBER BANKS OF THE
FEDERAL RESERVE SYSTEM.
A further increase by $47,000,000 in loans and discounts,
as against a reduction of $12,000,000 in investments, accompanied by an increase of $19,000,000 in borrowings from the
.Federal Reserve banks, is shown in the Federal Reserve
Board's weekly statement of condition on Dec. 27 of 782
member banks in leading cities. It should be noted that the
figures of these member banks are always a week behind
those of the Federal Reserve banks themselves. As against
increases of $60,000,000 in loans secured by corporate obligations and of $3,000,000 in loans secured by Government
obligations, other loans and discounts show a reduction for
the week of $16,000,000. Investments in Government
securities declined about $13,000,000, while other invest,.
meats show a nominal increase. Member banks in New
York City report an increase of $42,000,000 in loans secured
by corporate obligations, as against reductions of $13,000,000
in all other loans and of $5,000,000 in investments.
For the past year the loans and investments of the reporting banks increased by about $1,370,000,000. Of this total
only about $110,000,000 represents the increase in loans,
while about $1,260,000,000 constitutes the increase in
investments, largely in U. S. securities. Of the total loans
and investments, the share of loans and discounts was
about 70% about the end of 1922, compared with 76% a
year before, while the share of investments stood at 30%,
(Current plods and gits.cussions
compared with 24% at the close of 1921. During the same
period borrowings of the reporting banks from the Reserve
WEEKLY RETURNS OF FEDERAL RESERVE BANKS. banks declined by $327,000,000, or from 4.7 to 2.3% of the
Net reduction of $53,100,000 in Federal Reserve note banks' total loans and investments. Member banks in
circulation and an increase of $14,100,000 in cash reserves, New York City report for the past' year a decrease of about
accompanied by an increase of $124,500,000 in deposit $50,000,000 in accommodation at the local Reserve Bank,
liabilities, are shown in the Federal Reserve Board's weekly and a decrease from 2.8 to 1.6%in the ratio of accommodation.
bank statement issued as at close of business on Jan.3 1923, Further comment regarding the changes shown by these
and which deals with the results for the twelve Federal member banks is as follows:
Reserve banks combined. In consequence of these changes
As against a reduction of $40,000,000 in Government deposits, net
the reserve ratio shows a decline from 72.1 to 71.3% for demand deposits of the reporting institutions show an increase for the
week of 569,000.000 and time deposits an increase of $21,000.000. Corret
the week.
sponding changes for the year include increases of about 21,081,000,000 in noThe statement introduces a new item "non-reserve cash," demand deposits, of $710,000,000 in time deposits and of $214,000,000 in
which is composed of national bank notes, Federal Reserve Government deposits. For the member banks in New York City increases
$186,000.000 in net demand deposits, of $228,000,000 in
bank notes, unassorted currency and nickels and cents for the year of of $143,000,000 in Government deposits are noted.
time deposits and
formerly included in "uncollected items," and subsidiary
Reserve balances of the reporting banks show an increase of $9,000,000
for the week and of 5127,000.000 for the year, while cash in vault went up
silver formerly included in "legal tender notes, silver,
during the week and 519,000.000 during the year.•
During the week the Treasury redeemed the remaining $14,000.000
On a subsequent page—that is, on page 55—we give
cover for out$12,000,000 of Pittman certificates, held as
in this latest weekly return of
standing Federal Reserve bank notes. Two Federal Reserve the figures in full contained
following
on Federal Reserve bank notes in the member banks of the Reserve System. In the
banks still show a liability
is furnished a sumniary of the changes in the principal items
circulation, which are secured by U. S. bonds. Other
a
Treasury certificates increased by $7,600,000, while total as compared with a week and year ago: or Decrease (—)
Increase (+)
increase of
earning assets of the Reserve banks show an
Since
Dec. 28 1921.
Dec. 271922.
$5,300,000. After noting these facts the Federal Reserve
+547,000,000 +5109,000,000
Loans and discounts—total
Board proceeds as follows:
U.S. Govt. obligations
+3.000.000 —222,000,000
Secured by
Gold reserves of the System increased by over $9,000,000. Chicago
Secured by stocks and bonds
reports an increase of $15,300,000, St. Louis an increase of about $15,All other
000,000 and Boston an increase of $14,000,000. Smaller increases in gold
reserves totaling $25,300,000 are shown for the Richmond, Philadelphia. Investments, total
San Francisco, Minneapolis and Kansas City banks. The largest decrease
U.8. bonds
In gold reserves for the week, amounting to $43,000,000. Is shown for the
Victory notes
New York Bank, while smaller decreases totaling $16,600,000 are reported
U. S. Treasury notes
by the three remaining Reserve banks.
Treasury certificates
Holdings of paper secured by Government obligations show an increase
for the week from $316,500,000 to $351,500,000. Of the total held on
Other stocks and bonds
Jan. 3, 5195.600,000, or 55.6%, were secured by U. S. bonds. 81.500,000, Reserve balances with F. R. banks
or 0.5%, by Victory notes, $125.500,000, or 35.7%, by Treasury notes
with $206.- Cash in vault
and $28,900,000, or 8.2%. by Treasury certificates. compared
900.000, $2,300,000, $98.400,000 and $8,900,000 reported the week before. Government deposits
After closing their books on Dec. 30 and paying the Net demand deposits
Time deposits
accrued 6% dividend the Reserve banks paid to the Govern- Total accommodation at F. R. banks
+609.000.000
+60,000,000
—16,000,000 —278,000,000
—12,000,000 +1,263,000,000
+535,000,000
—2,000,000 —148.000.000
+677,000,000
—7,000,000
+15.000.000
—4,000,000
+184,000,000
+1,000,000
+127,000.000
+9.000,000
+19,000.000
+14,000,000
+214,000,000
—40.000,000
+69,000,000 +1,081.000,000
+710,000.000
+21,000,000
—327,000,000
+19,000,000
ment a total of $10,851,000 of franchise taxes and increased
their surplus account by about $3,000,000 to $218,400,000,
PREMIERS' CONFERENCE
or to slightly over 100% of the banks'total subscribed capital. TERMINATION OF ALLIED
IN LONDON—NO AGREEMENT ON GERMAN
weeks
The statement in full, in comparison with preceding
REPARATIONS—BONAR LAW ON GOLD
with the corresponding date last year will be found on subseDEPOSITS.
quent pages, namely, pages 54 and 55. A summary of
Once again the Allied Premiers have been unsuccessful in
changes in the principal assets and liabilities of the Reserve
their efforts to reach agreement on the question of German
banks on Jan. 3 1923, as compared with a week and a year
reparations. Like its predecessors, the conference which
ago, follows:
Increase (+) Or Decrease (—) opened at Paris on Jan. 2, dissolved on the 4th inst., with
Since
the British delegation in disagreement with the representaJan. 4 1922.
Jan. 3 1922.
Total reserves
0 000 tives of France for adjusting the disputed reparations ques+514,100,000 +5153,10 .
+174.200,000
Gold reserves
+9,000,000
Total earning assets
+5,300,000 —131.500,000 tion. This week's Paris conference represented a renewal
Discounted bills, total
—2,200,000 —484,900,000
adjournSecured by U.S. Govt. obligations_ _ _
+35.000.000 —126,000.000 of the discussions held in London from Dec.9 to 11,
Other bills discounted
—37,200,000 —358,900,000 ment having been taken on the latter date until Jan. 2, when
bills
+128.300.000
+8,900,000
United States securities, total
+225,400.000 it was arranged (as we indicated in our issue of Dec. 16,
—1,300,000
Bonds and notes
+133.800,000
+3,100.000
Pittman certificates
—12,000.000 —113,000,000 page 2632) that the Premiers would take up the discussions
Other Treasury certificates
+204,800,000
+7.800,000
deposits
Total
+195,800,000 anew at Paris. With the coming together in ParisTon the
+124,500,000
Members' reserve deposits
+211,400,000 1st inst. of the Prime Minister of France, Great Britain
+81,500.000
Government deposits
—61,700,000
—1,200,000
Other deposits
+45,900,000 and Belgium, together with Marquis Della Torretta, repre+44,200,000
+5,700,000
Federal Reserve notes in circulation_ _ _ _ _ —53,100,000
F.R. Bank notes in circulation,net liability —7,700,000
—80,900,000 senting the Italian Premier, it was stated that the conference
16
THE CHRONICLE
[VoL. 116.
which was to begin on the succeeding day was regarded "as
As to a statement made by the British Prime Minister,
the final effort of the Allies to reach a collective settlement Bonar Law, we quote the following Associated Press cableof the reparations question." The Associated Press Paris gram from Paris Jan. 2:
You can get certain amounts of money by taking immediate possession
cablegrams which stated this said:
There was a sober and even anxious spirit in Allied circles to-night, in
face of the probability that, if the conference fails, separate and direct
action by France will follow.
/v The meeting is a continuation of last month's Premiers' conference in
London, which was called to examine whether any practical results could
come from a general economic congress in Brussels. The main questions
to be decided are, first, whether a moratorium can be granted to Germany.
and, second, upon what terms.
France and Great Britain are sharply divided in policy. The French
insist upon seizing the productive resources of Germany on the left bank
of the Rhine and in the Ruhr Valley as guarantees that when the moratorium terminates Germany will resume her reparations payments. President Milierand in replying to the New Year good wishes of the diplomatic
corps to-day made it clear that France stands uopn her conception of
justice and her rights under the Treaty of Versailles.
"Complete peace can be established," he declared, "only on the basis
of the treaties and through respect for the rights acquired and the obligations incurred."
The British Government thoroughly disapproves stern methods or penalties and desires to work out a plan under which Germany will be allowed a
moratorium of at least two years, this time to be employed in so reorganizing
her resources that she may successfully shoulder her debts.
Any settlement likely to be successful depends, in Mr. Bonar Law's
view, on some form of international loan for Germany and, together with
his associates on the British delegation, he has received with approval the
suggestion of the American Secretary of State that an international commission determine the amount of reparations to be expected.
The conviction held by Premier Poincare of France is that a change in
heart on the part of Germany is required above all other considerations.
He believes Germany's plans for the future are based upon a policy of
resistance to the execution of the Versailles Treaty, and any effort to help
her as regards as useless until the Berlin Government decides in earnest to
fulfull its obllgations.
Extension of the present partial moratorium, which expires on Jan. 15.
and the raising of cash for Germany in the international market will,
in the French view, be nullified by the continued German opposition to
payment of her debts, so that action such as France now contemplates
will be eventually forced upon the Allies.
The Belgian and Italian Governments appear now to lean more toward
the French view than toward the British, but with some disposition to
seek middle ground.
The Italian delegation has a plan which it will present to the Council
after Poincare and Bonar Law have explained the French and British
viewpoints. This conciliatory program calls for guarantees to satisfy
France, but without penalties, so as to meet the British objection, relying
upon such action by Germany as would have the result of making the
guarantees productive without the use of force.
The Belgian Premier, M. Theunis, who worked strenuously in London
last August to bring Lloyd George and Poincare together, also seeks to
harmonize the French and British propgrams, which, it is understood,
he thinks could be done if the German Government would unreservedly
affirm its willingness to fulfull the reparations clauses of the Treaty to
the full extent of the nation's resources.
Both the Belgian and Italian views thus rely upon Germany to surrender economically, trusting that the Allies will lay down for her terms
that she can meet.
The French Cabinet meets to-morrow morning under the chairmanship
of President Millerand to decide finally the French Government's policy.
With the opening of the Conference on the 2nd,the French,
British and Italian proposals were,laid before the Premiers.
Summarizing these the cablegrams (Associated Press) said:
of Germany, but you cannot take over Germany and re-establish her
financial stability," declared Mr. Boner Law, the British Prime Minister
to-night in the first direct statement he has made on reparations since he
became head of the Government.
"The Allies have reached a point where they must choose between these
two methods," he continued. "They cannot have both. This is not a
political question; it is a business question. You can get certain amounts
from Germany if you take possession of her, but you cannot take them and
re-establish German credit.
"I wish to say that it is certain there is, on the part of the British Government, an earnest desire to act in accord with the Allies. I am convinced
that this also is the desire of the French Government. A real danger is
that differences in the public opinion of the countries will be so strong as
to make it difficult, if not impossible, to reach an agreement.
"Large sums are only available through loans. The amount of indemnity
must be fixed not by partisans but by impartial business minded People.
No one is fond of paying debts if it can be avoided. This is equally true
of any nation, and Germany is no exception.
"Having fixed reasonable conditions if Germany does not then take
necessary steps forthwith to carry them out the necessary steps must be
taken to force her to comply.
"If we do not need reparations to the same extent as other nations we
need them certainly to a greater extent than others outside of our islands
seem to believe. The question is getting the largest amount Germany is
able to pay. If this were all there was to it there should not be difficulty
in an agreement.
"It is stated constantly in the French press that there can be no question
about the payment of the French debt until Germany pays her indemnity.
This sounds natural, but let us look at it logically. We have made our
budget position strong by making our taxpayers poor. We are suffering
from this fact. Our unemployment is a scourge as great as that of any of
the other Allied countries. We run serious risks of ruin unless there is
a very big improvement in our position. We are in a far worse position as
regards the people of our country than the other allies, whose position is
less strong than ours financially.
"It is often said that we have a selfish interest in the restoration of
Germany, because we do so much foreign trade. It is my firm conviction
that, from a purely selfish point of view, if an earthquake were to come
along and swallow Germany up we would gain, not lose, since Germany is
our trade rival."
A copyright cablegram to the New York "Times" Jan. 2,
referring to the British and French proposals and the remarks
of Bonar Law, said in part:
While both agreed that German reparations should be reduced to a total
of 50,000,000,000 gold marks, there is otherwise between the British and
French plans a complete difference, and it is between them that the Allies
will have to choose. They cannot be fitted into each other and they cannot both be acted upon. Mr.Bonar Law,speaking to the British and American newspaper men this evening after the Premiers' meeting, made that
perfectly clear.
"A moratorium is necessary," he said,"and ifit is to be effective it must be
so arranged that the demands made during the moratorium period are not so
great as to prevent the recovery of German credit. The plan which the
British Government has submitted to-day seeks to establish the best way of
dealing with the situation in a business way and obtain the biggest possible return.
"If we cannot in that way get what we need, then we must take possession. But we cannot hope to obtain during the period of moratorium the
amounts which would satisfy our demands and at the same time enable
Germany to recover her credit. The Allies must choose between the two
methods. They cannot have both.
sacri-
Belgium, it was stated on the 2d, was prepared to
The British and French are alike in fixing German reparations at a total
of 50,000,000,000 gold mark, and similar also in setting up a comprehen- fice one of its most sacred prerogatives, won on the field of
sive financial control of Germany. They are in direct opposition on the battle during the war, in an attempt to save the situation,
question of penallties, France being for taking so-called productive guaratees in the Rhineland and the Ruhr, while Great Britain would occupy effect a settlement of the reparation question and bring the
German territories beyond the present zone only upon some future default conference to a successful conclusion. Henri Jaspar, the
and with the unanimous consent of the Allies.
Belgian Foreign Minister, was quoted to this effect in the
France desires to pay the European interallied debts with Class C reparation bonds, while England insists upon the partial payment of debts Associated Press cablegrams, these adding:
Jaspar declared that the seven to eight billion marks left in Belgian
due her, with the immediate taking of gold deposited by France and Italy
in London for security for war advances. This gold includes 1.864.000.000 occupied territory by the Germans after the'armistice doubtless would play
a great role in the conference. Belgium .he said, was prepared to make confrancs, or about one-third the gold reserve of the Bank of France.
The Italian plan, which is essentially the same as that offered at the cessions to Germany by coming to terms for the redemption of these paper
London conference by Premier Mussolini.follows in general terms the French marks at the rate of two-fifths of their gold value.
"This conference cannot, must not, end in failure," said M. Jaspar this
Idea, but relies upon persuading Germany to provide the guarantees reevening. "Belgium will take the lead in the way of making concessions
quested without the menace of force.
Premier Theunis and Foreign Minister Jaspar of Belgium brought the and do her utmost to settle finally, once and for all time, this reparations
plan of the Belgian Government, which they did not submit. They did question. If we fail here it will not be our fault."
The Belgian Government, when King Albert re-entered the kingdom in
not intend to submit it to-day, but were reserving it as a basis of compromise, should there be an opportunity to do so later. They appeared doubt- November 1918, undertook to redeem all the paper marks left in Belgium
ful to-night of being able to do anything effective. Their spirit, however, by the Germans at the rate of 1 franc 25 centimes.
After the avalanche of plans placed before the conference to
-day the Belis to try, and the respect in which both Belgian statesmen are held is such
gians refrained from making known their attitude, but should the Council
that they may be listened to attentively.
reach a deadlock during the week It is understood the Belgians will accept
In another item in this issue we give in detail both the the redemption of this currency at the rate of exchange obtaining when the
British and French proposals. The former called for a armistice was signed. It is asserted that the only condition Belgium will
exact from Germany is that the German Government acknowledge without
four-year moratorium and the latter for a two-year mora- restriction its liability to pay 50,000.000,000 gold marks as reparations.
torium.
On the 3d inst. the cablegrams from Paris brought the
Regarding the Conference on the 2nd and indicating that news that "M. Poincare's plain refusal even to accept the
disagreement seemed imminent, the Associated Press ad- British plan as material for discussion together with the
vices from Paris said: '
French plan has virtually brought the Conference to an
The Prime Ministers of France, Great Britain and Belgium and Marquis end, in the view of the British
British representatives.
Della Torretta for Italy emerged this afternoon in a gloomy mood from
the first short session of the Premiers' Council, called to solve the repara- They frankly admit that the Confereme is being prolonged
tions complex. They were well nigh hopeless of agreement, and members to-morrow, or Friday at the latest, in order to preserve the
of their delegations talked of the conference breaking up in two days.
Franco-British accord as long as possible because of the
The meeting of the Premiers to-day was a continuation of the postponed
London Conference; it has borne little fruit thus far. Premier Donal' Law delicate negotiations at Lausanne. The same accounts said
The Conference, in the judgment of both French and British delegates,
remarked that owing to public opinion in France and Great Britain an agreement would be most difficult, if not impossible. M.de Lastyrie,the French will probably end to-morrow without an agreement,thus breaking up unity
Finance Minister, who was with Premir Poincare in the meeting, said among the Allied Governments, upon which the policies of all the principal
Western Powers are based.
extending his arms:
There is much dismay and anxiety over the situation. The tone of the
"England and France are as far apart as that.
The Belgium and Italian delegates expressed dismay at the unyielding Conference has been cordial enough, but the British and French views are
Positions taken up by Premiers Bonar Law and Poincare.
irreconcilable as they stand now.
SAN.61923.]
THE CHRONICLE
We likewise quote the following from the Associated Press
cablegrams from Paris Jan. 3:
Premier Poincare in his criticism of the British plan to-day argued that it
would restore Germany the hegemony in Europe she had lest through the
war and would leave France with a post-war burden,including pensions and
other charges and her debt to the United States, totalling 673,000,000,000
gold marks, while the British war burden was reduced to 45,000,000.000
marks. Thus Great Britain's war debt would be only 62% of France's.
Under these conditions France would owe 14,000,000,000 gold marks
to the United States and the French pensions and reconstruction of the
devastated regions would amount to 59,000,000,000 marks. In addition
to the 11,000,000,000 marks she would fail to receive as reparations, her
total war burden would thus be 73,000,000,000 gold marks.
Great Britain, on the contrary, would have to pay her debt to the
United States of 15,500,000,000 gold marks and 30,000,000.000 for pensions.
thus accounting for her total war burden of 45,500.000,000 marks.
France, to obtain cancellation of her debt to Great Britain, would
have to abandon 30,000,000,000 marks in Class C reparations bonds,
1,000,000,000 gold marks deposited in the Bank of England and the
2,000,000,000
-marks war debt due from Belgium, besides sacrificing
on the Class A and Class B bonds.
He gave the value of the reparations to be expected under the British
plan as 27,000,000,000 gold marks, of which France's share would be
only 10,400,000,000 marks.
The Belgian Premier spoke in the conference with deep emotion, which
is quite unusual in this business man.
"Under no circumstances will Belgium renounce the right which she
won by her heroic stand during the war and by the Allies' unanimous
consent after the armistice," said M. Theunis.
All eyes were turned upon Mr. Boner Law. Amid a dramatic silence
the British Premier arose and said in a matter-of-fact way, which contrasted sharply with the Belgian Premier's impassioned tones: "Very
well, we yield. But we are under the impression that Belgium was prepared to make concessions."
"Belgium has reached the limit of her concessions. Perhaps Germany
might be called upon to make some effort," M. Theunis replied, and for
a moment the atmosphere of the conference was rather heavily charged.
But Marquis Della Torretta relieved the tension by sugegsting that tea
be served.
Premier Poincare. in relating to the Reparations Conference yesterday
what had taken place in Washington respecting Chancellor Cuno's proposed
peace agreement, said that Secretary Hughes did not seem to make clear
in his conversation with Ambassador Jusserand the possibility of an AngloAmerican guarantee for France. Such a guarantee, Mr. Poincare said,
even though it was duly ratified by the American Senate and assured
France of defensive military co-operation within a fixed period, would
not be suf icient to relieve her of all uneasiness.
American officials in Paris are following the conference closely and are
keeping in constant touch with the foreign offices and other official sources.
Some British observers think that the American Government had in a
general way an unofficial knowledge of the British plan before it was
presented. But American officials in Paris say they knew nothing of it
previously.
Germany's representatives in Paris are awaiting word from the Allied
Premiers before presenting the new German proposals for a reparations
settlement, no reply having yet been rceeived to the request of the German
Ambassador here that Dr. Karl Bergmann, the German spokesman, be
heard by the conference. Dr. Bergmann said this forenoon that a definite
refusal to hear him would result first in his consulting his Government
before he could put the proposals in writing.
It was said in German circles that if the conference broke up before the
Premiers replied to the German request the proposals probably would not
be presented at all.
The German officials were frankly pleased with the British proposals,
but expressed little hope that the British plan, even in its main points,
would be accepted by France.
A high German official, commenting on Prime Minister Boner Law's
words in his statement last night, when he asserted that if an earthquake
were to swallow Germany Great Britain would gain, not lose, since Germany was Great Britain's trade rival, had this to say:
"If Germany disappeared thus, even if it were an economic earthquake,
I am afraid those countries on the edges of Germany might be engulfed
with her."
Incidentally, it may be noted, Bonar Law in addressing
the Conference on the 3d inst. referred to the application
by Great Britain of the gold deposits of France and Italy
to the reduction of inter-Allied debts, and we quote in part
a copyright cablegram to the New York "Times" regarding
the conversations at the Conference on the 3d:
1113oth from the Quai d'Orsay and Hotel Crillon late this evening reports
were issued summarizing the events of the day. They indicate that neither
the British nor the French are prepared to yield an inch in their demands
and the conference is expected to break up Friday.
The attitude of Premier Boner Law is especially puzzling to the French.
He seems to regard quite calmly the possibility of returning to England and
leaving it to the French to do as they please in enforcing their guarantees.
AtIthe same time he does not seem to consider such action as amounting
to a rupture of friendly relations. Both In the conference and in conversation with Premier Poincare he has maintained an attitude of warm respect
and cordiality, but he appears to regard the issues between them with the
same coldness of reason as he regards the chessmen in his favorite game.
French Begin to Worry.
ThelFrench are beginning to be worried about what will come after
the date when their policy of selzhig guarantees will begin to
Jan. 15,
operate. They know that they cannot renounce their plan, but the coolness
with which the Scotch-Canadian Premier regards the outlook fills them
with an uneasiness it is difficult to conceal. If they take their liberty will
England take hors? That is the real issue as it presents itself to their minds.
'To-night the Belgians are busy trying to work out some plan for a short
M
term arrangement which would provide for the seizure of French guarantees
while the British plan is more closely considered, but hopes for such a
compromise, even if it is ever proposed, are regarded as small.
The French began the day with a Cabinet meeting at which Premier
Poincare obtained unanimous support for his intention to present th the
conference two proposals which in the text communicated to the press read
very much like ultimatums.
The first of those was that he should demand of the conference that it
take the French and not the British plan as a basis of discussion. This
was equivalent to asking the British to throw over their plan from the
very outset, and to the French Minister it somehow seemed the possible
thing to expect.
17
The second of M. Poincare's demands was that the British should admit
before any discussion took place the essential principle of the French plan,
that any moratorium should be accompanied by seizure of productive guarantees.
Thrashing Out Both Plans.
But when the conference met at 3 o'clock neither of these demands was
conceded, and a four and a half hours' discussion took place in which the
British plan bulked as largely as the French. No decision was reached and
the conference will go on to-morrow on the same lines as to-day--thrashing out in constructive criticism both the intentions and effect of the two
plans submitted yesterday.
Between the two Governments there has seldom been such fair and frank
discussion, and this much must be said for it that it was conducted throughout in a friendly spirit and with mutual recognition that the thesis defended
by each side was at least honest in intention and the result of resaoned conviction.
M. Poincare began the debate with a long criticism of the British plan.
To the French, he said, it had come as a disappointment. It diminished
the French claims and it entailed revision of the Treaty of Versailles, to
which the French could not consent.
He,however, appreciated the spirit of the note because it was sincere and
it put the conference in the presence of realities. After the experience of
many conferences which ended in unsatisfactory makeshifts, that was in
itself a benefit, for it was perhaps best to see at the outset if the essential
views of the different countries concerned were kerconcilable, and in this
case, as they were presented in the two plans, they admittedly were so.
The French Premier had three main points of criticism to make.
The first was that the British plan was an abrogation of the terms of the
Treaty of Versailles. If it were adopted it would have to be submitted for
ratification to the Parliaments of all the countries which signed the treaty.
The second criticism was the simple statement that France could not accept the granting of a moratorium to Germany without guarantees. France
herself had limited the guarantees which she had proposed to take so as to
meetthe British objections, but she could not go futrher on the road of concessions.
Thirdly, the British plan was too lenient in the maximum figure imposed.
Germany had by gross inflation achieved a position where she had no internal debt, and the British proposal made the German foreign debt so small
that it would scarcely be a burden.
For these reasons France did not feel that it was•possible to take the
British note as a basis for discussion.
Neutral Commission Objected to.
To his arguments which were set forth in a typewritten statement, he
added a more detailed criticism of the British plan in which particular
objection was taken to superseding the Reparatiein Commission by a neutral
body with a German chairman, and to the proposal that the reparations in
kind be reduced during the moratorium period.
He made special criticism of the British proposals for cancellation of the
Allied debts and of that particular proposal which provides for the appropriation by England of the gold deposits made by France and Italy during
the war. In describing the possibility which to his mind would result
from adoption of the British plan he argued that Germany could within a
single year raise a sufficient loan to wipe out the entire debt at its present
value. If nothing were done during the next four years to control and
reorganize German finance and to secure payment, nothing would be
obtained at the end of those four years.
Belgium Rejects British Plan.
Premier Theunis, of Belgium, followed M. Poincare with the intimation
that he also could not accept the British plans. The Germans could always
do more than they pretended, he said. He saw little hope, however, of
reconciling the British and French points of view as expressed in the docufrequently
ments submitted and began the conciliatory efforts such as have
characterized his role at Allied conferences by suggesting that both plans
made for the conditions of the
should be scrapped and new proposals
moratorium.
M.
Mr. Bonar Law began his reply by recording his satisfaction that
Poincare, like himself, wanted to set down the vital differences in their
fact. If he believed
conceptions. He said the real difference was one of
French
that he could get the money out of Germany by applying the
Plan, he said he would support it. But he did not believe that that was
the best way to set about obtaining any big payments. He promised to
submit to-morrow a detailed reply to M.Poincare's criticism of the British
Plan and also a detailed criticism of the French plan by the British delegation.
Taking up the points which had been made by Premier Theunis, he said
that the British had no intention to take away the small amount still
owing to Belgium and would agree, if the Belgians insisted, that their
priority should stand. At the same time he wished to point out that all
the Allies were making sacrifices and Belgium had already received a larger
Proportion of her claims than any one else was likely to get.
Doubts Treaty Would Be Violated.
Turning then to M.Poincare's criticism, he said England appreciated the
fact that the French had modified their proposals for taking guarantees to
the extent they had done. He could not admit that the British plan was in
any way a violation of the treaty, although he was prepared to take legal
opinion on the point. All the British proposed came within the scope of
Annex 2, Part 8 of the treaty, which had already been used in such appointments as the Guarantees Committee. The French proposals were in
his opinion quite as much an infringement of the treaty.
The four years' moratorium which the British proposed was reduceable to
two under certain conditions, and the British scheme provided for the
fullest possible penalties if Germany failed to carry out the steps which the
Financial Control Commission declared necessary.
He attached no importande to points of detail, such as the fact that the
Chairman of the Commission should be German. The only reason why he
should be German was that he would be in constant relation with the German
Government, and his nationality would not cause the Commission to be regarded with hostility by the German people. When the question arose as to
carrying out the measures proposed by the Commission the German member
would have no vote.
Dealing with the question of the inter-Allied debts, the British Premier
said he could not understand the objection of the French and Italians to
the application by Great Britain of the gold deposits of France and Italy to
reduction of these debts. The gold deposits themselves did not exist.
They were sent to the United States years ago in payment of war materials
and supplies. Italy's debt to England was £500,000,000 sterling. All she
was asked to pay was £75,000,000 in German bonds.
England had enormous debts to America, and even if she got all that her
European allies owed her and the maximum she could collect from Germany, this would not meet her liabilities.
Turning again to the essential difference between the British and French
Plans he said it would be beet not to patch up an unworkable plan, but he
would not object to a temporary arrangement if it were practicable.
18
THE CHRONICLE
The first difference between the French and British was as to the amount
of reparations which could be obtained. The second difference was as to
the way in which they could be obtained. In the British view,the only way
of getting large sums was by the re-establishment of German credit. It was
on that basis, therefore,,that they must test the French plan or any other
plan. They must see what results they were going to obtain.
Fatal to German Credit.
He had studied the French plan and would say frankly that he thought
it made the recovery' of German credit impossible. The control system
which the French proposed to set up in Germany would have the power
of veto and would become the taxing authority of the country. It would
become practically the Government of Germany. Every financial authority
whom he had been able to consult had declared restoration of German
credit impossible unless there was fixation of German liabilities.
The French plan left all bonds out of consideration. The British, on
the other hand, had fixed for the first and second series of bonds a sum
which was midway between the maximum and minimum fixed by the
French budget reporter as the present value of claims on Germany. The
choice for the Allies to make was between these two courses—whether
they should try and get a small amount now, and so destroy the whole
chance of getting a big sum later, or whether they should wait a little
and get more.
The action which the French proposed to take by assuming general
control of the Ruhr was a danger to German credit, for the reason that
the Ruhr was the jugular vein of German industry and control was bound
to have injurious effect.
The British experts who had examined the French proposals had found
that during the first year cf the proposed moratorium the Allies would
take from Germany in cash and kind between £70,000,000 and £80,000,000.
In their opinion the fact that a large part of this amount was to be taken
in kind was as dangerous as if it were taken in cash, and would be quite
as harmful to any attempt by the German Government to stabilize the
mark. The French proposed, in addition, to retain the proceeds of their
guarantees in the hands of the RepArat;on Commislon. But that would
make it impossible for Germany to restore her credit or raise a loan.
The alternative, therefore, was very obvious: Did they wish to try
to get something now, or try to get more later?
Marquis Della Torretta announced that he would lay his Government's
observations before the Conference to-morrow.
Anent the decision on the 4th inst. to "amicably" dissolve
the Conference, the following is quoted from the Associated
Press advices indicating that the German proposals had not
been presented at the Conference:
Dr. Karl Bergmann WAR given no opportunity to present the German
Government's plan. He held himself in readiness during the last two days
In case he received a call from the conference to appear before it, but the
Allies were too deeply absorbed by their own differences to think ofsummoning further trouble with a new German plan.
As to what Germany proposed we take the following from
the "Wall Street Journal" of the 2d :
Details of the German financial plan, which may be credited to Chancellor
Ouno, the business man head of the German Republic. are as follows:
Germany asked that the loan of 20.000,000.000 gold marks be raised by
an international consortium of bankers, similar to that created some time
ago for China, principally in outside neutral countries, meaning primarily
the United States. Germany would attempt to raise some of the money
by an internal loan, and proposes that half of the sum so raised be kept in
Germany.
From the 20,000,000,C00 5% interest would be taken each year for four
years to meet the charges on the loan, and 1% each year for amortization.
This loan would be followed in 1927, by a 5.606,000.000 gold marks loan,
and four years later in 1931 by another 5,000,000,000 loan, both of these
sums to be devoted to reparations under the same conditions of the first
and larger loan.
If it is impossible to raise as much as 20,600.000,000 gold marks the sum
that is raised would be devoted to reparations under the same plan.
Germany also asks that the French and whatever other Allied troops are
occupying Dusseldcrf. Ruhrort and Duisburg—outside the zone of occupation defined in the Versailles treaty and which the Berlin Government
declares are being occupied without any right—be withdrawn immediately.
From the Associated Press cablegrams we also quote the
following statement by Prime Minister Bonar Law on the
4th inst. explaining why France and Great Britain had
reached a point where it was impossible to agree on reparations:
The conference is over. M. Poincare this afternoon stated, what was
obvious to both of us, that in the London Conference we had felt that
this difference between the two countries was so great as to make it almost
Impossible to come to an agreement.
He then put the ground of the difficulty as he understood it clearly
before the conference. M. Poincare said there was a ditch between us;
that not only the views of the French delegation but the views of the
French people made a bridge impassable.
The principle which he put as constituting that ditch was this simple
question: "Is there to be a moratorium with guarantees or without
guarantees?"
Our view all through, clearly stated, has been that there are two methods
of dealing with this question. One is to seize from your debtor whatever
is within your reach, and the other is consider in anything you seize,
whether or not it will prevent recovery of German credit.
I therfore put it to M.Poincare that the real ground of difference between
us was not merely a question of particular guarantees, but whether the
amounts which Germany is required to give this year and the following
years are or are not of an extect so great as to make the question of revived
German credit impossible.
The French proposals would take either in cash or deliveries of merchandise during the first year of the moratorium about 80.000,000 pounds
sterling (1,520,000,000 marks gold). If this immense sum were exacted
during the moratorium Germany would have to pay her nationals in
paper marks, making stabilization impossible.
M. Poincare and I came to the conclusion that as there was a vital
difference of opinion between us it was obvious that nothing could be
gained by long discussions and arguments and that an agreement was
Impossible.
Other details of the day's developments were furnished
as follows in Paris Associated Press cablegrams of Jan. 4:
The British will make special efforts to continue their work under the
Entente in all fields of European politics excepting German reparations,
Mr. Bonar Law's conception appears to be that France may try a free hand
[Vol,. 116.
with Germany for a few months, until she becomes convinced that her plans
will not fulfill expectations, and that then she will turn again toward
England.
Mr. Bonar Law deeply regrets the outcome of the conference. He said
to-night it was apparent at the recent London meeting that the breach dividing the French and British reparation views was too wide to admit of a
compromise, but this did not prevent him from coming to Paris in the hope
of finding some last minute solution of the problem.
There are various indications of sadness on the part of the Premiers and
Ambassadors over the dissolution of the alliance which carried their countries through the war and up to this time in dealing with what have been
found to be unsolvable problems of peace. Allusions were made privately
to the contrast between this situation and the great, whole-hearted enthusiasm during the war.
Premier Mussolini turned the scale decisively against the British plan.
The Italian delegates had reserved their final declaration until to-day,
and this morning it appeared that they were inclined to support Mr. Bonar
Law's proposal with slight modifications. A telegram received from Rome
just before the conference opened instructed them to vote for the French
plan as against the British, in case they should find it useless to push their
own plan. This strengtehned France and Belgium,and Great Britain stood
alone.
M.Poincare is not elated to-night over his success; he is described as in
sober mood, conscious of great anxieties and difficulties ahead. He will
proceed warily and will report to the French Parliament on its reassembling
next Thursday. In the meantime the Reparations Commission will meet
on Tuesday to pass upon coal deliveries and also upon Germany's request
for a moratorium.
Sir John Bradbury is expected to be present, as the breaking up of the
conference does not mean withdrawal of the British delegate from the
Reparations Commission. The Versailles Treaty specifies that no member
of the Commission may withdraw without giving a year's notice.
The French will await the action of the Commission before putting their
plan into execution. M. Poincare, in applying the plan in the absence of
British support, may. it is said in semi-official circles, find it necessary to
support the customs officers and guards by a small military force in the
Ruhr. He will still insist, however, that these soldiers will be so limited
that such action could not possibly be interpreted as military occupation,
properly speaking.
The British are fearful of the results that would follow the application of
Premier Poincare's guarantee in the Ruhr and the Rhineland. The same
British officials profess to doubt that France will actually carry out its
threat of independent action, although the only definite alternative which
has been suggested is reference of the whole problem to the League of
Nations. The Italians are reported to have considered suggesting such a
course to-day, but it is generally believed that thero would be only a slight
chance of such a solution.
The British delegates are returning to London to-morrow morning after
a formal farewell to the French and other delegations. Mr. Bonar Law will
preside at a Cabinet council soon after his arrival in London. The British
are eager to know the reaction in the United States over the conference and
how their plan was received. They asked the American Embassy here to
supply them with press comment from the United States, if any was available. They are speculating to-night as to whether the United States will
intervene with some suggestion or plan,now that France and Great Britain
have failed to agree.
Intimations have reached the British that Secretary of State Hughes might
make some further announcement if the conference broke up and the
officials are wondering if these intimations have any foundation in fact.
American officials have received no indication of this from Washington.
The following is taken from the New York "Times" Paris.
cablegram Jan. 4 (copyright):
In good faith and esteem England and France decided to-day to go their
separate roads, as far as German reparations are concerned,after the British
plan had been definitely rejected by Italy and Belgium.
It would be too much to say that the Entente was broken. As a union of
policy it broke at the Conference table of 1919. But to-day marked the end
ofthe long pretense that the interests and policies Ofthe two countries toward
Germany could remain the same. For Letter or worse it has been long
inevitable and that it came to-day without passion, without shouting or discord, but quietly spoken by Mr. Bonar Law and quietly agreed to by M.
Poincare was, perhaps, the best way that it could have come.
The actual words with which the long partnership was dissolved were,
spoken at 6:30'this evening after a three hours' meeting at which a last
attempt had been made not so much to bridge the gulf which separated the
two countries as to explain their opposing positions.
There had been a half-hour interval in which the two Premiers and their
colleagues drafted their final speeches. Mr. Baonar Law went to his hotel
and ordered that everything be packed up ready for his departure to-morrow
morning. Then he returned to the Quai d'Orsay and read this statement:
"His majesty's Government, after having given most earnest consideration to the French proposals, are definitely of the opinion that these proposals if carried into effect would not only fail in obtaining the desired results, but are Ilkley to have a grave and even disastrous effect upon the situation of Europe. In these circumstances the British Government cannot
take part in them or accept the responsibility of them.
"His Majesty's Government at the same time desires to assure the Governmnet of the Republic that while they regrest extremely that there should
be an irreconcilable difference ofopinion on a subject so serious,the feeling of
friendship on the part not only of the British Government, but also of the
British people toward the Government and people of France remains unchanged."
To this declaration Premier Poincare read the following reply:
"The French Government for their part have examined very attentively
and carefully the British proposals, and the longer they have studied them
the more they have felt obliged to recognize that the proposals would involve, together with a considerable reduction of the debt owing to France,
an overthrow of the Treaty of Versailles and that It is impossible for them
to accept such a solution.
"The Government of the Republic deeply regret their inability to agree
with Great Britain on these serious questions,.but they thank the British
Government for their friendly statements, and can assure them that, in
spite of this difference of opinion, the sentiment of the French Government
and nation toward England will remain unchangingly cordial."
Every one present and perhaps most of all the two Premiers, who were
closely associated during the war,felt gravely the responsibility of what they
had done,but for more than three weeks they had known that it was almost
inevitable, and there is no doubt that when Mr. Boner Law came to Paris
he knew that these words would have to bespoken. So much he let fall Wit
statement made to the press after the meeting.
In London, he said, they had felt that the difference between the desires
and policies of the two countries was too great to permit of any agreement
being reached. That had not, however, prevented both countries from
doing their utmost to reach an agreement.
JAN.6 1923.]
THE CHRONICLE
19
All that has been done, therefore, since the London conversations, since the war. There was much laughter among the participants and
up of
has simply been leading up to this evening's dramatic conclusions. Three an apparent utter absence of strain or resentment for the breaking
days ago, when the British proposals were presented to the French, Mr. the reparations conference.
Two minutes before the train left Mr. Bonar Law stepped into his priBonar Law stated that he saw no other way than that either his or the
French plan should be accepted. There could be no compromise. The vate car and stood at the window, with M.Poincare below on the platform.
Allies would have to choose one or the other. They have chosen by the The two Premiers, smiling at each other, exchanged a word now and then
majority of France, Belgium and Italy against England to follow the until the train drew out, when Mr. Bonar Law waved his hand and bowed
and M.Poincare lifted his hat and called out "Bon voyage."
French plan.
It was understood that Prime Minister Bonar Law would preside at a
In the division three debtor countries have lined up against their
creditor. That may be only incidental to the situation, but it is none the meeting of the British Cabinet in London to-morrow. British officials said
England would probably await events, now that France had resumed her
less not,without significance.
At to-day's meeting almost all attention was given to the careful liberty of Action.
definition of the point of view of each country and of the exact reasons
for their separation. M. Poincare placed the issue clearly before the
conference. Between England and France, he said, the difference was BRITISH PLAN FOR SETTLEMENT OF REPARATIONS
QUESTION.
one involving principle, and, that being so, there was nothing to be gained
and much might be lost by futile compromises. To this statement Mr.
Elsewhere in this issue we give an account of the Allied
Bonar Law agreed with a characteristic nod of his head.
Continuing, M. Poincare said that not only the views of the French Premiers' Conference which opened at Paris on the 2nd inst.,
Parliament but of the French people made it impossible for him to cross
indicating the proposals which came before the Conference.
the ditch which separated him from the English. The only chance of
agreement was that the English should find a way from one side to the The British proposals for the settlement of the reparations
other.
question, which were presented by the British delegation
He defined the grounds of difference with a question: "Was there to
opposition at the session on the
be a moratorium with pledges or without pledges?" France, and he was on the 2nd, but met with
was happy to add, Belgium and Italy, were of the opinion that pledges 3rd inst., were given in detail as follows in a copyright
Must be taken. Only the British were opposed, and he asked Mr. Bonar cablegram from Paris on the 2nd inst, to the New York
Law to make one more attempt to accept the desire of the majority that
summary and explanation of the
the condition of pledges as defined in the French plan should be attached "Times" together with a
plan:
to the moratorium.
Mr. Bonar Law, speaking slowly, answered that under no circumstances
The German obligations under the peace treaty are fixed by the plan at:
could he accept the French proposal that a moratorium should be accomNothing for four years (apart from certain deliveries in kind, for which
panied by pledges of the kind proposed. Further, he could not accept credit is to be given against future payments).
the distinction which M. Poincare had made between the British and
Two billions gold marks(£100,000,000) per annum for the next four years.
French points of view. It was not, he said, a'question of pledges which
Two and one-hall billion gold marks (r125,000.000) per annum for the folwas the real difference lp principle between the British and French dele- lowing two years.
gations, but whether the steps to be taken would or would not prevent
(
After ten years 3,500,000.000 £166,000,000) or such small sums—notless
the recovery of German credit.
than 2.500.000,000—as may be fixed by an impartial tribunal.
The British view was that there were two ways of dealing with the
If the supervising authority provided for below decides unanimously that
question. One was to seize whatever was within reach and the other the state of German finances before the end of the initial period of four years
was to see if what was seized would prevent the recovery of German credit. is such that cash paymentsfor reparations can be made it will have the power
He therefore put it to the conference that the real ground of difference to antedate the commencement of the annual payments of 2,000,000,000
was not merely one of particular pledges, but whether the amounts which by such a period not exceeding two years as it may see fit and to make such
Germany was to surrender under these pledges during the next two years adjustments in respect of future payment as it may deem to be equitable
were not so great as to make the recovery of German credit impossible.
so as to secure that the total liability shall not be increased.
British examination of the French proposals had shown that the amount of
Obligations are to take the form of 5% bonds redeemable at call by the
£80,000,000 sterling would be collected from Germany and that it did not German Government—at the outset easy terms, gradually rising to par at
matter whether that amount was in cash or kind, the result would be the the end of thirty-two years.
same—it would completely prevent the recovery of German credit and thereThe bonds.are to be divided into two series. Series One representing a fixed
fore prevent the collection of those large sums from Germany which the payment (rising to 2.500,000,000 per annum), and Series Two representing
a war of wanton aggression had a right to expect. That additional payments over and above 2,500,000,000 per annum from the
Allies as victors in
being so, he could not give his adherence to the French proposals, and to his eleventh year onward.
great regret he felt compelled to retire from the Conference.
No Sinking Fund. Provided.
Whatever action may be taken, it is stated to be the British intention to
There is no sinking fund, but redemption, more especially in the earlier
stand aside, at least until such time as the success or failure of the French
plan has been demonstrated. They will not interfere in any way either to years, is permitted upon such liberal terms that the saving in annual interest
try to modify French action or to control German reaction unless serious on the bonds redeemed will, if German credit is re-established, be sufficient
trouble should seem imminent.
to covet both the interest and sinking fund on German loans raised in the
The British intend to preserve an attitude of strict neutrality between the market for redemption purposes.
French and Germans. There will be no separate negotiation with Germany
This arrangement gives Germany a strong inducement to raise such loans
nor any formation of reparation plans outside the French plan until that has as soon as possible, since she will thereby convert a perpetual into a tereither succeeded or failed. But this attitude of neutrality will not, ofcourse. minable obligation without increase of the annual charge and also substitute
be strictly preserved should America show any desire to find another settle- a normal foreign to private bondholders for her present obligations to
ment. British interest in reparations is far too large, as Mr. Bonar Law has foreign Governments.
clearly indicated,for Great Britain to remain long aloof, and her lack ofconThe bonds provided for in the scheme are not intended either to be
fidence in the French method is all the more likely to incline her to support issued to the public or placed on the market. They are to serve merely as
some other scheme.
accounting machinery. The"mobilization" of the German reparation debt
by loans
In announcing the position of Italy on the reparations pro- is to be effectedapplied toraised by Germany from the public, the proceeds
redemption of the original bonds.
which would be
posal Marquis Della Torretta on Jan. 4 said:
In order to give Germany a real chance of restoring the budget equilibThe Italian delegation sincerely regrets to see that the efforts it made to rium and stabilzing the mark it is absolutely essential she should have comreach an accord among the Allies on such a grave question [reparations] have plete freedom from payments la foreign currencies during the initial period
not been crowned with success. The Italian delegation has interpreted the and that deliveries in kind (except in so far as the receiving countries may be
thought of its own Government in the conviction that the disagreement willing to pay cash for them) should be reduced to the minimum.
among the Allies has not influenced the cordial sentiments of friendship so
It will, however, be necessary that deliveries on reparations account of.
long existing and expresses the hope that eventually even on this present coke to France, coal to Italy and possibly of dye stuffs, should be continued
question there will be reconsideration and agreement.
though upon a reduced scale, even during this initial period. The precise
provevent of
quantities can only be settled by negotiations
An Associated Press cablegram from Paris yesterday ing successful it is highly probable, however,in theGermanythe planherself
would
that
(Jan. 5) said:
seek to increase her deliveries in kind in the early years of the maximum in
It was denied to-day in British circles that any member of the British view of the liberal terms on which the value is applied to cancellation of her
delegation had said Great Britain would make a formal protest in the debt.
event France wont into the Ruhr. But there was no definite indication
This plan would be offered to Germany on condition that she undertakes:
given that the British Government would not make such formal protest.
1. To stabilize the mark in accordance with the recommendations conIt was stated authoritatively that Great Britain expects France to hold any- tained in the majority report of the foreign experts consulted by the Gerthing she may seize in Germany as trustee for all the Allies. This is in man Govesment in November last, and restore the budget equilibrium within
accordance with expressions in a recent speech by M. Poincare, and a limits of time to be prescribed say [six months for stabilization and two
British spokesman said to-day he had seen nothing since to change the years for budget reform].
situation in this respect.
2. To accept such financial supervision as may be deemed by the Milled
Powers to be necessary to see to the punctual carrying out of these reforms.
The same cablegram also said:
Although divided by the German reparations issue, upon which Great [See Schedule BI.
3. To submit in the event of her failing to satisfy the supervising authority
Britain and France split at yesterday's Allied Conference, Premier Poinobligations as
care, and Prime Minister Bonar Law met to-day for discussion of other that condition (1) is being observed, or failing to discharge her
now revised, to any measures which the Allied Powers, upon report of such
questions on friendly terms.
necesThe French Premier called upon the British Prime Minister early this, failure from the supervising authority, may unanimously decide to be
military
afternoon and the two wore together for a half hour discussing the Near sary, includimg forcible seizure of German revenues and assets and
occupation.
Eastern situation and fields of action other than reparations in which France occupation of German territories outside the existing zone of
and Great Britain may co-operate. The conversation was described as
The Interallied Debt.
most friendly. It was indicated in British circles that the French and
The following proposals are put forward for dealing with the interallied
British delegates would continue to work together at Lausanne.
debts upon the understanding that the above reparations plan is accepted
. The two Prime Ministers had another twenty minutes' talk on the rail- and all proposals for taking pledges and the application of penalties (otherway station platform just before the midday train left with the British wise than as provided for in the above plan) are abandoned:
delegation for London on board. Mr. Boner Law asked M. Poincare to
First—The gold deposits now held by Great Britain as security for interkeep him informed each day of every move and the French Premier promised debts are to be applied toward the reduction of these debts.
so. Mr. Bonar Law told his French colleague he hoped with
he would do
Second—The first series of German bonds to be received by France in
all his heart that the Entente would not only continue, but be fortified.
respect of the Belgian war debt, and 1.500,000.000 of the first series of bonds
When the British Prime Minister made some allusions to what had taken to be received by Italy in respect of her share of reparations, are to be transplace at the Allied conference, M. Poincare remarked that French opinion ferred to Great Britain.
was entirely wrapped up in the idea of guarantees. In response Mr. Bonar
Third—The balance of net debts owing as between the European Allies
Law explained again that British opinion was opposed to any measures in repsect of advances for the purpose of carrying on the war is to be entirely
which it thought would disturb the economic life of Europe.
written off.lau counter claims being abandoned,on condition that the debtors
Finance Minister do Lasteyrie and other members of the French Cabinet transfer their interests in the second series (contingent) bonds to a pool for
were with their chief at the station and the leave taking was commented distribution to those powers which are indebted to the United States of
upon as probably the most cordial between British and French statesmen America in proportion to their respective American debts.
20
THE CHRONICLE
The governing principles of the plan are:
1. To fix the minimum German liability, which is within recent estimates
which have been made by financial experts of German capacity to pay,and a
supplementary liability which is prima facie not unduly onerous, but which
be reduced by an impartial tribunal if it should prove in the event to be
exclusively.
2. To substitute for the present fixed obligations of the European Allies to
Great Britain an arrangement under which all except a small percentage
(which would be accepted in the form of transfer of German obligations)
would be remitted, but under which the contingent German payments in
excess of the fixed minimum would be available for discharging European
debts to America generally.
3. To give attractive terms to Germany for early redemption ofthe annual
payments by anticipation.
50,000,000.000 Mark Bond Issue.
The primary obligation of Germany is put into the form of an issue of
50,000,000.000 gold mark thirty-two year bonds bearing no interest for four
years, 4%. for the next four years and 5% thereafter. No provision is
proposed for a sinking fund, but the bonds can be redeemed on terms which
If German credit recovers will enable laterest and a sinking fund on loans
required for redemption to be met out of the resultant saving on interest on
the bonds.
Germany thus has a double inducement to borrow from the public to redeem the original bonds.
(a) She frees herselffrom the direct liability to the Allied Governments.
(b) She substitutes without additional cost a terminal for a perpetual
liability.
The merits claimed for the plan are that its adoption will make the restoration of German credit possible and lead to the recovery of very substantial
sums for reparations, while persistence in a policy of attempting to enforce
impossible claims will end in the destruction of creance altogether.
The present value of the primary obligation under the plan cannot be precisely estimated owing to the redemption options.
If the adoption of the plan led to rapid revival of German credit and Germany were able by raising loans to pay off the whole of the fixed annuity
in the first few years, the present value might not be more, and might possibly even less, than 30,000,000.000.
But if this happened the Allies would have actually received this 30,000,000,000 and Germany would undoubtedly be in a position to pay for
the service of the second series of bonds when they fall to be created ten years
hence, and redeem that series also very rapidly. In that event this second
series would be worth at least their present value on a 63j% table-7.4
billions—so that on this supposition the whole indemnity would have been
collected in twelve or fifteen years (mainly in the first ten) and the present
value of over 307.000.000.000 realized.
On the worst assumption that no German loans become possible either
now or in the future and-that the second series of bonds has to be canceled
altogether and Germany merely pays interest on the first series as a Perpetual annuity beginning four years hence at 2,000,000,000 and rising four
years later 2,500,000,000 the present value of on a 5% table is 39,500.000,000.
The burden on Germany (which will be reduced if she raises redemption
loans on favorable terms) covers all financial liabilities under the treaty.
Existing Bonds to Be Cancelled.
The text of the proposals reads:
1. The existing German bonds, Series A,B and 0,are to be cancelled and
the schedule of payments of annuities is to be reduced to the amounts required year by year to provide interest payable on the new bonds to be issued
under Paragraph 2.
2. Germany is to issue to the Reparation Commission new bonds to be
divided into two series:
(a) First series of bonds is to amount to 50,000,000,000 gold marks to
be issued forthwith repayable at par on Dec.311954. and bearing interest at
the rate of 5% per annum payable half yearly; interest to be suspended in
its entirety for the first four years (until Jan. 1 1927). and to the extent of
1% per annum for the next four years (until Jan. 1 1931)•
(b) The second series of bonds is to amount to 31,000,000,000 gold marks
(being the amount of deferred interest ma the bonds of the first series compounded at 5% to April 1 1933), or such lesser amount (if any) the arbitral tribunal provided for in Paragraph 3 may determine to be issued on
April 1 1933. repayable at par on Mar.311965. and bearing interest at 5%
per annum, payable half yearly.
If at any time before Jan. 1 1927 the supervising authority provided for
in Paragraph 11 decides unanimously that the condition of German finances
Is such that cash payments for reparation can be required. Germany is to pay
In cash such sums as this authority may prescribe in each calendar years 1925
and 1926, not exceeding 2,000,000,000 gold marks in either year.
Payments to go for Cancellation.
Any such payments are to be applied to.cancellation of the first series of
bonds at redemption price or otherwise in reduction of the aggregate liability
under the proceeding paragraph as the supervising authority may direct.
Third—If before April 1 1933, Germany proves to the satisfaction of the
arbitral tribunal that the payments required to meet interest upon the second
series of bonds exceed her capacity,her obligation to issue such bonds is to be
cancelled in whole or in part as the tribunal may decide.
The arbitral tribunal is to be appointed upon application by the German
Government to be made not later than Oct. 1 1932, and consist of one person
nominated by the Reparation Commission, one nominated by the German
Government and a third by agreement between the other two, or in default
of agreement, by the President of the United States of America.
Fourth—The bonds issued and to be issued under Paragraph 2 are to be •
accepted by the Allied Governments in commutation of all financial liabilities of the German Government remaining undischarged on Dec. 31 1922,
under the treaty of Versailles to the powers which have ratified the treaty.
including all liabilities under agreements with particular powers in commutation of treaty obligations, but excluding Treasury bills issued to Belgium in
respect of the last five installments of cash payments due in 1922.
Germany is to pay at maturity the bills issued to Belgium in respect of the
first two of these five installment ,those issued in respect of the remaining
three installments to be cancelled and the amounts thereof recredited to Belgium.
As to Payments in Kind.
The treaty obligations to make deliveries on coal, dyestuffs, &c., are to
continue subject to the various conditions in regard to quantities and prices
laid down in the treaty. Such deliveries (in so far as they may exceed the
new annual maximum to be agreed upon) are to be paid for by the receptive receiving powers in cash unless otherwise agreed between Germany
and the powers concerned. All deliveries within the new annual maxima or
which may be made subject to such special agreement are to be paid for by
the receiving powers by a set-off against the interest receivable upon bonds
held by it or (until such interest payments have begun or in so far as that
may be sufficient) by surrender at the redemption price of bonds for cancellation.
[vol.. 116.
Fifth—Germany is to have the right to redeem bonds of the first series as
on any interest date after June 30 1923, at the price shown in Schedule "A."
As soon as. but not before the first series of bonds has been redeemed, Germany is to have the right to redeem the bonds of the second series as on any
interest date at a discount of . 1%,for each unexpired half year.
8
/
Redemption of both series at more favorable rates is to be permissible by
agreement between Germany and the respective powers interested subject to
the approval of the Reparation Commission.
The bonds are to be negotiable as between the Governments of the powers
to which they are issued and as between these Governments and the Reparation Commission, but not otherwise except with the specific sanction of the
Reparation Commission. Redemption is to be effected by direct agreement
between the German Government and the respective bondholders. In default of agreement the redemption money may be paid to the Reparation
Commission, who will call up bonds for redemption in the Spa agreement
percentages.
It is explained that these bonds should in no case be placed on the market, "mobilization" of the German debt being effected exclusively by the
floatation of German loans to effect redemption of the original bonds. An
exception is introduced to provide for the contingency of the United States
Government agreeing to accept the bonds in payment of debts owing to the
United States.•
Bonds to Be Distributed.
Sixth—Eighty per cent of the bonds of the first series is to be distributed
forthwith to the powers entitled to reparation in the Spa agreement percentages. The remaining 20% is to be retained by the Reparation Commission as a reserve for,adjustment of accounts between the powers and for
payment of miscellaneous treaty charges as provided below.
Seventh—Belgium is to discharge her existing debit in respect of her priority adjusted in accordance with Paragraph 4 by surrender to the Reparation Commission of the reserve of bonds of the first series to the face value of
an equal amount of debit plus 26%% par, Belgium to waive her claims to
priority payment over other powers in so far as they have not already been
met.
Eighth—The United States (subject to the consent of that Power), Great
Britain and France are to receive out of the bonds of the first series retained
as a reserve by the Reparation Commission amounts to the face value equal
to their respective credits arising out of the last paragraph of Article 232 of
the treaty—the Serbian war debt.
Ninth—All other outstanding debts and credits as between the Powers entitled to reparations and the Reparation Commission are to be cleared as on
Jan. 1 1923, by the transfer of bonds of the first series at the redemption
price. Debits are to be adjusted by transfer from the debtor Powers to the
Reparations Commission of reserve and credits and by transfer from the
reserve to the creditor Power.
Tenth—Asfrom Jan. 1 1923 the cost ofthe armies of occupation and clearing office and other miscellaneous charges up to such amount per annum as
the Reparation Commission may approve, except in so far as they can be
metfrom cash accruing to the Reparation Commission reserve in respect of
Interest on bonds in that reserve, are to be discharged by the transfer of
bonds at the redemption price from the Reparation Commission reserve to
the powers entitled to payments. Any bonds remaining on the reserve
when its liabilities have been liquidated are to be distributed to the various
powers entitled to reparations in the Spa agreement percentage.
What Germany Must Do.
Eleventh—Germany is to agree:
1. To stabilize the mark in accordance with the recommendations contained in the majority report of the foreign experts consulted by the German
Government in November last, and to restore the budget equilibrium with
limits of time to be prescribed (say six monthsfor stabilization and two years
for budget reform).
2. To accept such financial supervision as may be deemed by the Allied
Powers to be necessary to see to the punctual carrying out of these reforms
(see Schedule B).
3. To submit in the event of her failing to satisfy the supervising authority that Condition 1 is being observed, or failing to discharge her obligations as now revised, to any measure which the Allied Powers upon report
ofsuch failure from the supervising authority may unanimously decide to be
necessary. Such measures may include forcible seizure of German revenue
and assets and the taking over of German fiscal machinery and military
occupation of German territories outside the treaty occupation area.
Twelth—All loans raised by Germany in the national market of any power
which is a holder of any bonds are to be applied to the redemption of bonds
held by that power unless and except to such extent as the government of
that power may otherwise agree.
In order to facilitate the provision of funds for restoration of the devested regions of France, Great Britain is to agree that 50% of any German loans raised on the British market before Jan. 1 1927. which would
otherwise be applied to the redemption of bonds held by Great Britain. shall
be applied to the redemption of bonds held by France.
European Inter-Allied Debts.
Thirteenth—The deposits of gold which are held by Great Britain as
security for loans made to France and Italy for the purpose of carrying on
the war are to be applied forthwith toward the repayment of these loans.
The French share of the German bonds applicable to the repayment of
the Belgium war debt are to be transferred to Great Britain and accepted by
her as satisfaction of an equal amount of the French debt to Great Britain.
One and a half billion of the first series of German bonds are to be transferred by Great Britain to Italy and accepted by Great Britain in discharge
of an amount of the Italian debt to Great Britain equal to the face value
of these bonds.
The balance of the French and Italian war debts to Great Britain are
to be written off. All counterclaims by France and Italy being at the same
time abandoned.
The Italian debt to France is to be written off.
Great Britain and France are to transfer to the Reparation Commission as
trustee the net war debts owing them by Serbia, Rumania, Greece and Portugal to be dealt with as provided below.
On April 1 1933, the bonds of the second series are to be distributed as
follows: Great Britain, France and Italy are to have the aggregate of the
Spa agreement percentages of these powers; Belgium, Japan and any other
powers which may not accept these arrangements are to have their respective Spa agreement percentages.
The aggregate share assigned to the above-mentioned group of powers is to
be divided in proportion to the respective debts of these powers to the United
States in respect of war advances as on April 1 1922.
Powers other than Great Britain, France and Italy which are indebted to
America are to have the option of coming into the above arrangement and
having their debts to the European Allies written off or of discharging their
European inter-allied debts and retaining their Spa agreement percentages of
the second series bonds. Portugal, who is indebted only to Great Britain,
is to have the option of ceding her interest in the second series bonds to be
dealt with apart as a joint share and having her debt cancelled or of dis
JAN.6 1923.]'
THE CHRONICLE
21
charging her debt and retaining her Spa agreement percentage of the second loans, and that these securities could
be controlled by the Committee on
series bonds.
Guarantees.
Any payments made in respect of uncancelled European interallied indebtGerman Finance Reorgansiation.
edness are to be invested by the Reparations Commission in German bonds.
For the reorganization of German finance the French plan makes the folsuch bonds to be retained by the Reparations Commission until April, 1933. lowing suggestion:
and then to be distributed among the group of powers first mentioned above
First—That the German Government should submit a plan for stabilizaIn the same proportions as the second series German bords.
tion ofthe mark to the Reparation Commission,which should not necessitate
Fourteen—The powers to which remission of debts is to be granted by any intervention on the money
market other than would be necessary to
Great Britain under Paragraph 13 are to agree to support any proposals made maintain the value of the mark
abroad at the rate quoted at the time
by Great Britain for mitigating the liabilities of ex-enemy powers other than the plan enters into operation
and until the internal value of the mark
Germany under the treaties of Saint Germain, Trianon and Neuilly.
reaches the same level as the external value.
Second—Immediate measures should be taken to balance the German
Interest Dates and Prices.
budget and maintain this balance progressively until Germany shall have
Schedule A ofthe.British plan fixes the interest dates and prices of thefirst paid her
reparations debt.
series bonds beginning Dec. 31 1923, at 50 and rising by three points yearly
Third—Cessation of discounting of Treasury bonds by the Reichsbank
till 1927. after which the rise is by one point half
-yearly to 76, and thence- from the beginning of the application of the stabilization plan.
forth by half point per half
-year to par at maturity.
Fourth—Reinforcement of measures to prevent the exportation of
The scale allows redemption on an 8% basis at the start, gradually capital and
the accumulation of foreign moneys within Germany.
falling to a 5% basis at the end of the thrity-two-year period. The schedule
For the control of these measures by the Committee on Guarantees
is also so arranged as to enable Germany, if her credit is re-established the
French Government suggests that a complete plan of legislative and
to provide interest and sinking fund on loans raised for redemption out of
administrative measures should be established by the German Government
the saving effected on the interest of cancelled bonds and to give special in accord
with the Reparation Commission; that,to the Guarantees ComInducement for redemption in the earliest years.
mittee should be given facilities to obtain all information on the financial
position of the Reich and German States, and it should have the right
Supervision of German Finance.
to prohibit any expenditure which it thinks inopportune and to prescribe
Of Schedule"B"relating to supervision of German finance the document
any increase of taxation, while also controlling the Reichsbank to the
says:
extent necessary to assure the execution of the reform plan approved by
It will be necessary to establish machinery for the effective supervision of the
Reparation Commission. Any failure by Germany to conform to
German financial legislation and administration on behalf of the Allies, at the
arrangement with the Reparation Commission would be regarded as
any rateuntil the time when the new arrangements have come into full
voluntary failure, giving the right to penalties by the Allies. The Comoperation and Germany is regularly discharging her reparations obligations. mittee
on Guarantees should sit at Berlin.
It is proposed that a Foreign Finance Council should be set up with its
The Associated Press account follows:
seatin Berlin.
The French plan presented by Premier Poincare reviews the results
The council will consist of persons appointed by Great Britain, France,
Belgium and Italy, with two other members of American and neutral Euro- of the war and declares at the outset that reparations as provided for
pean nationality respectively. The German Finance Minister will be ex- by the Treaty of Versailles is not only an indispensable condition to the
officio chairman (without a vote except in case of an equality of votes) and restoration of French finances, but the only logical means to the restoration
will be required by law to act on the council's advice in regard to all matters of the economic situation in Europe.
The plan says that Prance is ready to agree that the "C" Bonds of the
affecting: Paragraph 1. currency legislation; Paragraph 2. budget fiscal
legislation and public expenditure; Paragraph 3, general treasury adminis- reparations be cancelled in consideration for the cancellation of equal
tration, and. Paragraph 4. financial prohibitions control of foreign remit- sums of the European inter-Allied war debts, provided that that method
of payment is approved by the Allies. This is equivalent to reducing the
tances, ,Src.
This, of course, means a considerable measure of interference with Ger- total reparations to fifty billion gold marks in case Great Britain is disman democratic independence in matters offinance, but such interference is posed to cancel the "C" Bonds accepted in paynuint of the debts due her.
Strict measures to prevent the exodus of capital, assure the balancing
the inevitable concomitant ofany method of effective supervision or control.
Association of the Finance Minister with the Council seems to be the only of the budget, stoppage of the issue of paper currency, organization and
method by which foreign interference can be squared with democratic supervision of German finance by the Allies and prohibition of the discounting of Treasury bonds by the Reichsbank are provided for in this
machinery.
plan.
The plan insists that a moratorium can only be .partial and demands
As regards the powers of the Council. the main object to be aimed at is to
leave the Germany Administration as far as possible in German hands and that the expenses of the occupation of the Rhineland must be paid and
avoid responsibility for initiative in regard to details in the 'natter of legis- that deliveries in kind must continue. It proposes that an Allied Commission with full authority from the German Government
lation.
be sent to the
It is desirable to give the Council very wide powers, but also wide discre- Valley of the Ruhr to collect the tax on coal production in that region.
and that the tax on German exports shall be
than as to the manner in which and the extent to which they are to be used.
collected by the Allies in
It is not practicable to lay down beforehand any rigid rules in regard to foreign money.
The mission to collect the coal tax and taxes on exports,
such matters as further degree of expansion of a note issue which can be
as well as
permitted or a further increase which may be allowed to take place in the import duties in the Rhineland would be presided over by a Frenchman.
floating debt—still less to insist on raising loans—the possibility of which though the plan provides that seizure.of the guarantees should be made
by the Allies in common. Premier Poll:teat e estimates
depends on finding lenders.
the proceeds from
Whatever form oflocal control may be decided upon,it should be responsi- the different guarantees as follows:
Lumber deliveries. 40,000,600 gold marks; coil deliveries, 360,000,000
ble and independent, that is not subject to the Reparation Commission in
marks; nitrate deliveries. 60,000,000 marks; tax on exports, 400,000,000
Paris.
It will be necessary to provide that the German Foreign Finance Coundl marks; ccal tax, 120.000,600 marks; divers other collections, 20,600.000
should sit without the German Finance Minister whenever occasion requires marks: total 1,000,000,000 marks.
As penalties for refusal to accept these conditions for a two years' morathe exorcise ofexecutive powers at present possessed by the Reparation Comtorium, the plan provides for the military occupation of the districts of
mission by the existing Committee of Guarantees.
If the Reparation Commission is retained at all it should be as a purely Essen and Bochum and all the rest of the Valley of the Ruhr, as may be
decided upon by Marshal Foch,and the establishment
judicial body, with such changes of constitution as may appear desirable.
of a customs frontier
The special powers of the foreign Finance Council should expire on Dec. around all the territory occupied.
In addition to these penalties the document recalls
311928, but the allied Governments should have the power by unanimous
the right of Fiallal
decision to renew them for a further period or periods if they deem such and the other Allies to continue the occupation of the Rhineland until,
.
the clauses of the Treaty of Versailles are carried out.
renewal necessary.
After the expiration of its special powers the Council will cease to sit
In printing the above, the "Times" said:
under the Chairmanship of the Gorman Finance Minister, but will continue
The Class0 bonds mentioned in the French reparation plan are part of a
to exercise the powers which have been transferred to it from the Reparation series provided for under the London
ultimatum to Germany issued by the
Commission and the Committee of Guarantees.
Allies on May 5 1921, when the total of German reparations was fixed at
132,000,000,000 gold marks. It was provided that Germany create three
classes of reparations bonds, based on Paragraph 12 of Annex 2 of Part VIII,
the
DETAILS OF FRENCH PLAN FOR SOLUTION OF THE ofThe Treaty of Versailles.
first class of bonds, or Class A,for 12,000.000,000 gold marks, were
REPARATIONS PROBLEM.
to be delivered by July 1 1921.
Both the Associated Press cablegrams from Paris Jan. 2 The Class B bonds, for 38,000,000,000 gold marks, were to be delivered
Nov. 1 1921.
and a copyright cablegram to the New York "Tunes" that byThe Class C bonds, for
82,000.000,000
date gave detailed information regarding the plan submit- delivered by Nov. 1 1921, but to be issued gold marks, were likewise to be
by the Reparations Commission
ted by Premier Poineare to the Allied Premiers' Conference "as and when it is satisfied that the payments which Germany undertakes
to make in pursuance of this agreement are sufficient
to provide for the
in Paris looking to the adjustment of the reparations ques- payment of interest
and sinking funds on such bonds."
tion. The "Times'" copyright cablegram is quoted hereAll the bonds were to bear interest at 5% per annum.
The Allied document provided that subject to the provisions of the Treaty
with:
of Versailles the bonds should be secured by the whole assets and revenues of
The reparation plan which was handed in to
the Premiers' Conference the German Empire and the German States. It was further provided:
to-day begins with a statement of French sufferings through the war and
"The service of the bonds of Series A,B and C shall be a first, second and
emphasizes the belief that payment of reparations in an indispensable
con- third charge respectively" on the assets and revenues supervised by the
dition for the restoration of French finance and the sole logical preparation
Committee of Guarantees, notably the proceeds of German maritime and
for the economic reconstruction of Europe.
land customs and duties, on the proceeds of the levy of 25% on the value!of
It declares that the French aim is to seek a solution ofthe reparations probGerman exports, and on the proceeds of such direct or indirect taxes as
lem in conjunction with the allied debt and obtain the adoption of a precise might
be proposed by the German Government and accepted by the Compolicy with regard to stabilization of the mark with reorganization of German
mittee of Guarantees in addition to or in substitution for the funds prefinance and the immediate seizure of guarantees which the French Governviously specified.
ment thinks indispensable for assurance of payment after the moratorium
The French proposal apparently is to scale down the direct demands on
period and to prevent further evasion by Germany.
Germany to 50,000,000,000 gold marks, as represented by the Class A and
Dealing with the German demand for a reduction of the reparations debt Class
B bonds, which have preferential position in connection with Gerand its fixation within budgetary possibilities, the note continues that this
many's assets, and make available for the interallled debts the Class 0
demand is inadmissable in view of the bad faith shown in the last four years
bonds,which have been questioned in some quarters as a somewhat uncertain
by Germany in relation to her budget. No reduction of the German debt third
lien.
can be envisaged by the French Government unless certain allies admit the
For France this would mean a scaling down of Germany's obligations,
possibility of a relation or rearrangement of their claim on Germany by a
since the French apparently propose to renounce claims on the Class C
modification of percentages and the attribution of priority to the devastated
bonds.
regions.
Repetition is made of France's proposal to annul her share of G bonds
as REJECTION BY FRANCE OF FRANCO-GERMAN NONa method of settlement of tnterallied debts. For payment of A and B bonds
WAR COMPACT.
by Germany the French Government advocates that the allied Governments
should in every way favor the emission of foreign loans by Germany. It
According to a statement attributed to Wilhelm Cuno,
argues that Germany has sufficient real securities whereon to float limited the German Chancellor,
before the Hamburg Bourse on
go
22
THE CHRONICLE
Dec. 31, a Franco-German non-war compact proposed by
Germany to France through the mediation of a neutral
power has been rejected by Premier Poineare. The Associated Press cablegramsfrom Hamburg,in stating this, add:
[VOL. 116.
answer the purpose better, much less that any political conference would accomplish a result which Premiers find it
Impossible to reach. But I do believe that a small group.
given proper freedom of action, would be able soon to devise
a proper plan." Secretary Hughes also spoke at length regarding the conference a year ago on Limitation of Armament, and we quote as follows the account of his speech as
given in the New Haven dispatches to the New York
"Times":
The Chancellor's revelation was the first official admission that the
German Government had recently undertaken serious steps to placate
French war apprehensions, and incidentally to dispose of the recurrent
French accusations that Germany was arming for a new war.
The German New Year's non-war compact was proposed to France
through the medium of an unnamed power, probably either Switzerland
or Holland. It provided for a solemn pledge by all the Powers interested
"The economic conditions in Europe give us the greatest concern. They
In the Rhine that none of them should wage war on the others for a generation without the active authorization of their people, as expressed through have long received the earnest consideration of the Administration. It is
idle to say that we are not interested in these problems, for we are deeply
a popular referendum in all the countries involved.
The German Government stipulated that a world power which was not interested from an economic standpoint, as our credits and markets are
interested in the Rhine should be guardian or trustee of this pledge. Such involved, and from a humanitarian standpoint, as the heart of the American
an obligation, Chancellor Cuno stated, would commit each nation which people goes out to those who are in distress.
"We cannot dispose of these problems by calling them European. for they
was a party to the compact to a peace policy, and would afford the most
secure guarantee conceivable.
are world problems and we cannot escape the injurious consequences of a
"To my regret." said the Chancellor, "France has seen fit to reject our failure to settle them. They are, however, European problems in the sense
proposal."
that they cannot be solved without the consent of European Governments.
We cannot consent for them. The key to the settlement is in their hands,
The major part of the Chancellor's speech was devoted to a discussion o
reparations and their effect on the national and international situation. He not in ours.
"The crux of the European situation lies in the settlement of reparations.
gave the barest outlines of the new German proposals, declaring that the
Government had decided to name a definite sum which it believed it would There will be no adjustment of other needs, however pressing, until a defipay offthrough the aid of a system of domestic and foreign loans. nite and accepted basis for the discharge of reparations claims has been
be able to
He expressed strong approval of the sentiments voiced by the American fixed. It is futile to attempt to erect any economic structure in Europe
Secretary of State at New Haven and believed that Mr. Hughes's views until the foundation is laid.
closely tallied with those entertained by the Germe's.
No Obstruction from America.
"How can the United States help in this matter? We are not seeking repOF GERMAN NON-WAR arations. We are indeed asking for the reimbursement of the costs of our
FRANCE DECLARES OBJECT
army of occupation; and, with good reason, for we have maintained our
PACT WAS TO OBTAIN EVACUATION OF RUHR.
Europe at the request of the Allies and of Germany and under an
According to Associated Press cablegrams from Paris, army in that its cost with like army costs should be a first charge upon the
agreement
to Ambas- amounts paid by Germany. Others have been paid and we have not
Jam. 4, Premier Poincare has sent a cable message
sador Jusserand in Washington asking him to see Secretary been paid.
"But we are not seeking general reparations. We are bearing our own
of State Hughes in connection with the statement made to burden and through our loans a large part of Europe's burden in addition.
the Associated Press yesterday by Baron von Rosenberg, No demands of ours stand in the way of a proper settlement of the reparathe German Foreign Minister, on the German truce proposal, tion question. hold the obligations of European Governments and there
"Of course we
which Premier Poincare contends, showed that the principal has been much discussion abroad and here with respect to them. There
object of the non-war compact proposed by Germany was has been a persistent attempt over since the armistice to link up the debts
or with projects of cancellation.
to obtain the evacuation of the Rhineland without the owing to our Government with reparations manner under the former Adin a determined
in This attempt was resisted present Administration.
payment of reparations. The Baron's statement is given
ministration and under the
"The matter is plain enough from our standpoint. The capacity of Geranother issue of this paper in which we refer to the informal
all affected by any indebtedness of any of the Allies
inquiry to France made by Secretary Hughes anent the pact. many to pay is not at
to us. That indebtedness does not diminish Germany's capacity, and its
The Paris cablegram of the 4th inst. also says:
removal would not increase her capacity.
Premier Poincare's message asked Ambassador Jusserand, in taking up
"For example, if France had been able to finance her part in the war
make the following without borrowing at all from us, that is, by taxation and internal loans, the
the Rosenberg statement with Secretary Hughes, to
observations:
problem of what Germany could pay would be exactly the same. MoreFirst. That the object Germany had in view in making the proposition over, so far as the debtors to the United States are concerned, they have
was manifestly, "as admitted by Baron von Rosenberg," to get the French unsettled credit balances, and their condition and capacity to pay cannot be
to evacuate the left bank of the Rhine before the Germans had fulfilled properly determined until the amount that can be realized on these credits
their reparations obligations.
for reparations has been determined.
Second. That it is absurd to pretend that before entering the League of
Congress Power as to Debts.
Nations Germany is not subject to all the clauses of the Treaty of Versailles
that bear Germany's signature, and that she is free to-day to attack France.
"The Administration must also consider the difficulty arising from the
Third. That the proposition for non-aggression against France, Italy and fact that the question of these obligations which we hold, and what shall be
Great Britain would leave Germany entirely free to attack the smaller done with them, Is not a question within the province of the Executive.
allies of France, notably Poland and Czechoslovakia, and even neutrals Not only may Congress deal with private property of this sort, but it has
such as Denmark, to recover possession of territory inhabited by Danes dealt with it. It has created a commission, and instead of giving that
quite
and Poles, and to begin again to prepare her hegemony over Europe.
commission board powers such as the Administration proposed, which
"We know very well right now," says the Premier's cable message, "that apart from cancellation might permit a sound discretion to be exercised in
the day Germany will want to make war it will be on the smaller nations accordance with the facts elicited, Congress has placed definite restrictions
that she will throw herself. Her plan of non-aggression would leave her upon the power of the commission in providing for the refunding of these
free to do so and would prohibit us from going to their help."
debts.
as
"But what is our attitude toward the question of reparations, standing
question, and as one which cannot be settled unless the
SECRETARY HUGHES'S SUGGESTION THAT COMMIS- it does as a distinct
European Governments concerned are able to agree.
for the
SION OF FINANCIERS WORK OUT REPARATIONS
"We have no desire to see Germany relieved of her responsibility
injuries due to her
SOLUTION—REVIEW OF ARMS PARLEY.
war,or of her just obligations to make reparation for the
not the slightest desire that Franco shall lose any part
aggression. There is
The readiness of the United States to aid in any practical of her just claims. On the other hand, we do not wish to see a prostrate
the solution of European problems was made clear by Germany.
way in
German Recuperation Sought.
Secretary of State Charles E. Hughes, in an address at New
"There can be no economic recuperation in Europe unless Germany reHaven on Dec. 29 when he discussed "Some Aspects of Our cuperates. There will be no permanent peace unless economic satisfaction
Foreign Policy" before the American Historical Association, are enjoyed. There must be hope, and industry must have promise of
be prosperity. We should view with disfavor measures
Secretary Hughes declared that "the economic conditions in reward,if there into
instead of producing reparations would threaten disaster.
us the greatest concern," and he not only as- which of our own prople have suggested that the United States should asEurope give
"Some
sufficient answer
There
serted that "there can be no economic recuperation in Europe sume the role of arbiter.not been is one to assume the roleto this suggestion,
of arbiter. There
asked
have
Germany recuperates," but added "there will be no and that is that wearbitrament unless it were invited, and it would be an
unless
no such
satisfactions are enjoyed." could be
permanent peace unless ecouomic
extraordinary and unprecedented thing for us to ask for such an invitation.
"I do not think that we should endeavor to take such a burden of responReferring to the fact that"some of our own people have sugenough to bear without drawing to ourselves all
have
States should assume the role of ar- sibility. We which quite result from disappointed hopes and a settlement
gested that the United
would
the ill-feeling
biter," Secretary Hughes observed that "there Is one suffi- which was viewed as forced upon nations by this country, which at the same
to this suggestion and that is that we have not time is demanding the payment of its debts.
cient answer
been asked to assume the role of arbiter." He declared that
"there ought to be a way for statesmen to agree upon what
Germany can pay" and further said that if statesmen cannot
agree "then there should be called to their aid those who can
point the way to a solution." "Why should they not," he
said, "invite men of the highest authority in finance in their
respective countries—men of such prestige, experience and
honor that their agreement upon the amount to be paid and
upon a financial plan for working out the payments would be
accepted throughout the world as the most authoritative expression obtainable." "I have no doubt," said Secretary
be willing to
Hughes, "that distinguished Americans would
such a commission." Secretary Hughes further
serve in
general conference would
said: "I do not believe that any
Opposes Force in Reparations.
"But the situation does call for a settlement upon its merits. The first
condition of a satisfactory settlement is that the question should be taken
opinion, the
out of politics. Statesmen have their difficulties, their public
exigencies which they must face. It is devoutly to be hoped that they will
among themselves and that the coming meeting at Paris
effect a settlement
will find a solution. But if it odes not, what should be done?
at'The alternative of forcible measures to obtain reparations is not an
tractive one. No one can foretell the extent of the serious consequences
political results. I
which might ensue from such a course. Apart from
believe that the opinion of experts Is that such measures will not produce
reparation payments,but might tend to destroy the basis of those payments,
which must be found in economic recuperation.
"If, however, statesmen cannot agree and such an alternative is faced,
ecnwhat can be done? Is there not another way out? The fundamental
as an
dition is that in this critical moment the merits of the question,
economic one, must alone be regarded. Sentiment, however natural,
must be disregarded; mutual recriminations are of no avail; reviews of the
TAN, 61923.]
•
THE QHRONIpLE
inaccurate, promise nothing; assertions of blame
past, whether accurate or
other, come to nought.
the one hand and excuses on the
on
Financial Commission Suggested.
Germany can
to be a way for statesmen to agree upon what
"There ought
her that is the limit of
no matter what claims may be made against
pay,for
to determine that limit, and to prosatisfaction. There ought to be a way
immediate results can be obtained and the
vide a financial plan by which
on has been laid for their
European nations can feel that the foundati
prosperity to which
and earnest endeavors to bring about the utmost
mutual
them.
the industry of their people entitles
of public opinion make their
"If statesmen cannot agree and exgencies
their aid those who can point
course difficult, then there should be called to
the way to a solution.
authority in finance in
"Why should they not invite men cf the highest
experience and honor that
their respective countries—men of such prestige,
a financial plan for
their agreement upon the amount to be paid, and upon
ut the world as the
working out the payments, would be accepted througho
nts need not bine'.
most authoritative expression obtainable? Governme
but they can at
themselves in advance to accept the recommendations,
free the men who
least make possible such an inquiry with their approval and
any responsibility
,
may represent their country in such a commi sion from
instructions.
to Foreign Offices and from any duty to obey political
•
23
been
"For ourselves, we had no problem of this sort. Our army had
and in training
reduced. From approximately four million Men in the field
down
in the American army at the time of the armistice, we had brought
of the
our regular establishment to lees than 160,000 men at the time
conference.
at onCe
"But, while this subject was presented to the conference, it
armament.
became apparent that Europe was not ready to limit land
has opI need not dwell on the causes for the feeling of insecurity that
sion.
pressed the victors and filled the new European States with apprehen
objects of
Although this reduction of armament was one of the declared
lay close to the hopes of peoples,
the new international organization, and
apparently •
still, after prolonged consideration, the League of Nations has
direction
come to the conclusion that nothing can be accomplished in this
not
until the Governments primarily concerned agree and that they are
Americans Would Help.
difficult and pressing
"In other word', they may invite an answer to this
ances offreedom as
question from men ofsuch standing and in such circumst
e. I have no
will insure a reply prompted only by knowledge and conscienc such a comservo in
doubt that distinguished Americans would be willing to
mission.
which such a
If Governments saw fit to reject the recommendation upon
have the advantage
body agreed,they would be free to do so,but they would
Peoples would
of impartial advice and of an enlightened public opinion.
and counterbe informed, the question wousd be rescued from assertion
assertion and the problem put upon its way to solution.
purpose
"I do not believe that any general conference would answer the
sh a result
better. much less that any political conference would accompli
a small
which Premiers find it impossible to reach. But I do believe that
devise a proper
group given proper freedom of action, would be able soom to
such an
plan. It would be time enough to consider forcible measures after
opportunity had been exhausted.
Friendly Aid From Experts.
would not be
"Such a body would not only be expert but friendly. It
no duty
bound by special official obligations; it would have no animus and
an absence of
but to find and state the truth. In a situation which requires
way may soon
technicality and immunity from interference.I hope that the
essentially an
be found for a frank discussion and determination of what is
yet ready to agree."
Afisunderstandings Removed.
Speaking of the results of the conference. Secretary Hughes said:
im"The most important results are these which are unwritten and
will and
ponderable; those that relate to sentiment and purpose, to good
..)etter understanding. When there is friendship and confidence, treaties
a.
and hatred
to maintain peace are of least impertance, and where suspicion
mechanism
dominate the thought of peoples it may be wise to interpose the
is lacking.
of conciliation, but the best assurance of peace
present
"If you would measure the work of the conference, contrast the
held and
opinion as to peace in the East with the view that was widely
which
constantly expressed before the conference was called. The mists,
many called war clouds,have been dispelled. Confidence has been restored.
and friendship engendered. Quite
fears allayed and a new feeling of respect
efforts cf the conapart from specific engagements, it was worth all the
relations with
ference to produce a new state of mind with respect to our
the Far East.
to maintain this attitude
"It will be the part of wisdom for our peoples
-suggestion has an
and to frown upon those who seek to change it. Auto
natiens intent
important place in national as well as in individual life, and
on peace will find the ways cf peace.
the United States
"When the conference was called Great Britain and
Our navy had
were pursuing different policies as to naval construction.
without attemptadopted the policy ofconstructing new capital ship tonnage
a policy of
ing to modernize the older tonnage. Great Britain had adoptedpolicy into
this
modernizing her older capital ships and she began to put
effect during the war.
ships bulges have
"The result is that in a considerable number of British
-loading arrangebeen fitted, elevation of turret guns increased and turret
reconstruction
ments modified to conform to increased elevation. By the
It is recognized
clauses of the treaty this sytem is only partially stormed.
be made in the
that it is entirely legitimate to allow suitable provision to
older ships for defense against submarine and air warfare.
within its terms.
"Since the signing of the treaty, and keeping strictly
her older ships to
Great Britain has continued her policy of modernizing
hand, it must be
meet the dangers of air and torpedo attack. On the other
West Virginia class
remembered with the completion of the two ships of the
guns, and also
we shall have three post-Jutland ships with eight 16-inch
14-inch guns.
the Tennessee and California of 32,300 tons with twelve
economic problem.
purpose in this
"The United States has the most friendly and disinterested
is idle to make sugmatter and wishes to aid in any practical way. But it
that they cannot
gestions which arouses false hopes and are so impracticalbe
ofopportunity
bear fruit. On the other hand,therelies open a broad avenue
are willing to take advan- which were completed in 1921.
if those whose voluntary action is indispensable
helpfulness cannot
tage of it. And once this is done the avenues of America
Favors an Efficient Navy.
fail to open hopefully."
complaint seems
said, in part:
"So far as the United States is concerned the ground of appropriations
Discussing the Washington conference, Mr. Hughes
that probably there to be, not of the treaty standard, but of the fact that the
"I may perhaps assuage your curiosity by saying
and fairness more which thus far been allowed are not deemed by our experts to permit the
never was an international gathering in which candor
where intrigue had personnel needed to maintain adequately the treaty standard and do not
fully dominated the intercourse of great Powers and
their day in court and provide for the modorization work on older ships to protect against air and
less play. When diarists and letter writers have
I am sure, which submarine attack, that is, work which may be done under the provisions of
every bit of paper is scrutinized, there will be nothing,
ion of the spirit which the treaty by the United States as well as by other Powers. Personally. I
will derogate from the present general appreciat
and to furnish unas- am strongly in favor of maintaining an efficient navy up to the treaty standanimated that earnest endeavor to remove distrust
ard.
of international goodwill."
sailable proofs
auxiliary
previous movements for disarma"The original American proposal conteniplated a limitation of
Mr. Hughes gave an outline of some
as to capcombatant craft in a ratio similar to that recognized by the treaty
ment, and continued:
ness of the victory over the ital ships. It was proposed that the tonnage of auxiliary surface combatant
"At the end of the great war, the complete
terrible cost of craft, including light cruisers, flotilla leaders and destroyers, should be as
and the realization by the Allies of the
Central Powers
d the problems through the follows: For the United States, 450,000 tens;• for the British Empire,
that victory apparently had at once simplifie
hope for a solution because of the 450,000 tons; for Japan, 270,000 tons. Unfortunately, this limitation was
removal of earlier menaces and given
ished peoples for a lasting peace. not secured. I shall not review the reason for this, but I may say that the
deep longings of suffering and improver
the United States to give their failure is not attributable to us. The American position is just the same as It
It has been the keen desire of the people of
to alliances, but they have was at the confercce, and we should welcome the opportunity to make the
to this end. They have been opposed
help
ion wherever they believed there agreement upon this subject that we then proposed.
no desire to withhold their co-operat
under an agreement as to lim"While the three great naval powers are not
was a sound basis for it.
with international problems, a itation upon the total tonnage of auxiliary combatant craft, it ought to he
"The conference method of dealing
to the
would, preclude a wasteful and
made cogent appeal
possible to arrange a modus vivendi which
method which the President strongly favored,
specific application of this unnecessary competition."
practical judgment of our people, and the
regarding China. saying:
t for the limitation of
Mr. Hughes also spoke of the new treaties
method to the endeavor to secure an agreemen
Recently we have had
tion."
"The open door policy is not limited to China.
armament received the most earnest considera
It voices, whenever and wheroccasion to apply it to mandated territories.
Tension Over Pacific Allayed.
principal of fair treatment and
ever there may be occasion, the American
discrimination. The more specific
alliance, saying:
freedom from unjust and injurious
Mr. Hughes spoke of the Anglo-Japanese
nce of the alliance had statement in the Chinese Treaty of what this policy connotes cannot fail
"In this country the prospect of the continua
t had originally been prompted, to be of great value as a precedent in dealing with similar questions elsecaused no little uneasiness. The agreemen
and Germany,
and it had been continued, because of the attitude of Russia
where.
The American
continues to enjoy the same sup"The Washington conference, if its work
but there was no longer fear of danger from those quarters.
opportunity, and if there wore to port in public sentiment which was so emphatically expressed at the time,
policy in the Far East was one of equal
, there
and the continuance offriendbe co-operation in the recognition and application of this principle
will not only afford a better assurance of peace
the agreement.
method of effective nternational
seemed to be no exigency requiring the continuance of
ly relations, but will serve to illustrate the
Why
of American institutions."
The question was pressed, and there was no satisfactory answer—
co-operation which fully accords with the genius
under existing conditions should there be such an alliance?'
international
"Meanwhile, as Mr. Balfour has expressed it, 'a state of
e
tension' had arisen in the Pacific area. It was quite impossibl to point
FRENCH VIEW OF SECRETARY HUGHES'S
to any definite issue which warranted the forebodings in which prophets
SUGGESTIONS.
e inter-makers who seek to aggravat
of evil indulged. Those mischief
national difficulties and to make still heavier the burdens of distrust,
ng to a Paris cablegram (copyright) to the New
Accordi
whose rumor factories are more provocative than armament. were busy
incomYork "Times" Dec. 30, "only garbled and utterly Hughes
Inciting suspicion and ill feeling both hero and in the East.
that it was
"It became manifest that it was an opportune time; indeed
reports" of the speech of Secretary of State
plete
necessary to have a frank discussion and to endeavor to clear away the
issue), reached Paris that
ion of the fact that the hour had (which we give elsewhere in this
clouds. There was instant appreciat
have been formed.
only to discuss limitation of arms but to do oven a better thing morning, and on them hasty judgments
struck not
seeking to remove causes of misunderstanding. The combination of The cablegram continues in part:
in
outstanding feature of the American proposal.
during the day but
the two objects was the
In political circles almost nothing was to be heard
criticism was too often
General Army Cut Impossible.
criticism of the American suggestions and that
has
not been till this evening, which
the hope of accomplishment centred expressed with Irritation. It has
here has been able
"While, with respect to armament,
copies of the London papers, that any one
, it was deemed best not to exclude the discussion of brought
State.
in the naval situation
judgment of the statement of the Secretary ofcorrect
have looked with deep concern upon the maintenance to form a proper
taken through diplomatic means to
land armament. We
peoples already impoverished by the and unless some steps are
foreign
of
establishments by
authorities and throtagh them the press
of large military
desired this intolerable burden could be , In the minds of the
te reports gave. grave
great war and have earnestly
countries the first impressions which the incomple
lightened.
24
THE CHRONICLE
[VOL. 116.
mischief may be done instead of the good which
was the obvious intention
of the speech.
BERLIN NEWSPAPERS AGREE WITH HUGHES—
It must therefore be with the understanding that
it is based on imperfect
SAY SPEECH PUTS EUROPE ON RESTRICTED
knowledge that such criticism of Mr. Hughes's
speech as appears here
to-night must be read.
PROBATION.
Mr.Hughes's proposals are based on the possibili
ty of the failure of the
The reception in Germany of the suggestion of
conference to be held here next week, and that
Secretary
fact alone has not been of State
brought out in the French press. The "Temps
Hughes that a financial commission be invited ot
" therefore,as one example,
seems to assume that the Secretary of State
is proposing an alternative undertake the solution of the reparation questi
on is indicated
to the French policy in the present crisis,
and is taking indirectly a hand in the following Associ
ated Press cablegram from Berlin
In the conference.
Jan. 2:
There are three points in the speech, writes
the "Temps," which it is
necessary to take into consideration. The
The newspapers to-day give unstinte
Secretary of State has declared
d approval to the interpretation of
that he does not wish France to lose any
part of her just claims, but at Secretary Hughes's speech in New Haven on reparations and lay stress on
the same time he does not wish to see a prostrat
the international significance attachin
g to
e Germany.
"Let us thank Mr. Hughes for respecti
"The American statement puts Europe his utterances.
ng the rights of France," the
on restricted probation," says
"Temps" goes on, "and let us tell him that
the prostration of Germany the "Boersen Courier," which expresses the belief that unless the Entente
Is also far from one of our wishes. If
statesmen are able to get together they will
we are tired of procrastinations
be forced to make a declaration
and if we are asking for guarantees, it is
simply because we wish to put of bankruptcy, whereupon the Urited States will settle the issue on a purely
an end to French disillusions and German
economic basis.
crises—those two results of
the methods which have been followed
"European statesmen, therefore," says the
up to now.
"Courier," "have a choice
"Mr. Hughes suggests—although
no official proposals have been made between demonstrating their ability to arrive at a tangible solution or
being
to this effect—to hand the reparations
humbled in the dust by America."
problem over to an international
expert committee, which would impose
Mr. Hughes's suggestion that authoritative
no obligations of acceptance in
experts be called in to deal
advance upon any Government. The Secretar
with the situation appeals to the "Tageblatt,"
which declares that Gery of State thinks the discussion would thus be simplified because
many would accept such a verdict, especially as
the prospects are that repuit would ease up from political
table American opinion would be represented
influence.
on such a jury.
"Will France also turn a deaf ear to this
"This proposal calls for two brief observations.
speech ?"
First of all, the reparations debt results from treaties and accords
organ of the industrialists. It describes the America asks the "Zeit," the
n Secretary's address
concluded between Governments. And it is not the custom
for a nation to abandon rights which as far transcending mere theory, and especially in view of the suggestion
it holds from treaties and internat
of Mr. Hughes that eminent American authorit
ional accords
ies would be willing to take
to arbitrators who represent private interests in order to submit them places on the Commission of Appraisal.
. The Government of the
United States would certainly not consent
to any abdication of this kind
If it had to safeguard the rights of its
country.
"Further, nothing can prevent the reparati
ons problem from being a SECRETARY OF STATE HUGH
ES ON INFORMAL INpolitical problem. When the matter
affects the credit of several great
QUIRY OF FRANCE RELATIVE TO FRANC
nations, when its repercussions touch millions
of sufferers and tens of
Omillions of taxpayers, it cannot be withdra
GERMAN NON-WAR PACT.
wn from political influences
because it itself reacts on the politics of
the whole world."
In another item in this issue reference is made to
III Turning then to Mr. Hughes's statement about the
relations between
the statereparations and Inter-Allied debts, the
ment by Chancellor Cuno of Germany on Dec.
Is"It seems to us that the American "Temps" says:
31 that PreSecretary of State has forgotten a mier Poincare of France had
rejected a Franco-German nondecisive argument. Let us remind
him of it: The Allied nations which
were ruined cannot pay their debts to
pact, which is said to have been proposed by
the United States as long as they war
Germany
have not been paid by Germany.
to France through the mediation of a neutral Power.
"Deprived of this essential fact, which
While
would have obliged the American Premier Poincare is report
ed as saying that the proposal
Secretary of State to change his conclusi
ons, Mr. Hughes's reasonings
come down to this: France and her Allies
reached Paris through Secretary of State Hughes
ought to submit to a reduction
at Washof their claim on Germany to within the limits
fixed by the International ington,a statement issued by the State Depart
ment at WashCommittee of Bankers. But the Government
of the United States will ington on the 2d inst.
not in its turn accept any reduction of its
indicates that this Govenment madeclaim on an Allied country.
"This thesis is so far from being equitabl
e that Mr. Hughes, who is a only "informal inquiry of the French Government" in the
lawyer, obviously does not consider it as final.
Why,then, does he seem matter. The State Department's announ
to accept it? Without doubt, it is because
cement is conhe is compelled to do so by tained in the followi
ng press dispatch from Washington Jan.2
electoral necessity."
This criticism by the "Temps" of Mr. Hughes' pronoun
s
cement may be which we take from the New York "Tribune":
taken as at least semi-official. But of his plans
and intentions nothing
The State Department announced to-day the German
is officialy known at the Quai d'Orsay, and
proposal for an
at the meeting of the Allied agreement under which Fiance, Great Britain,
Italy and Germany should
Premiers, which begins here on Tuesday, no account
will be taken of all "solemnly agree among themselves and promise
the Government of the
all that he has said, because there will be no America
n representative United States" not to resort to war for the period
of one generation without
present and because the Prime Ministers will be dealing
with a matter the authority of a plebiscite had not been transmit
ted to the French Governwhich must be settled by Jan. 15 and not at some
remote date suitable ment formally by Secretary Hughes, as an
informal inquiry showed it
to the convenience ofInternational financiers.
was not acceptable to France. The Department
issued this statement:
"The German Ambassador, on behalf of his
submitted to the Secretary of State a proposal to theGovernment, recently
effect that the Powers
in the Rhine—to wit,
LONDON "TIMES" ON SECRETARY HUGHES'S SUG- Interested'solemnly agree amongFrance, Great Britain, Italy and Germany
—should
themselves and promise the Government
of the United States that they will not resort to
GESTION—REPARATIONS AND INTER-ALLIED
war against each other
for a period of one generation without being
authorized to do so by a
plebiscite of their own people.'
DEBT.
French Opposed to Proposal.
The New York "Times" in London advices Dec. 30
"It
re- ments was deemed inadvisable to transmit the proposal to the Governnamed unless it appeared that it would be
ported the London "Times" of tha tdate as saying:
by the French Government. On making informal favorably considered
Government the Secretary of State was informed inquiry of the French
Mr. Hughes's speech yesterday makes it clear that
that that Government
President Harding's could not view the proposal with favor,
efforts are directed solely toward the appointment of a
as such an arrange
commission of finan- not be made under the provisions of the French constitution." ment could
cial experts to determine Germany's capacity to pay. The
policy of President Harding's Administration appears to be that German
The announcement is the first word State Departm
reparations must
ent officials have
permitted to escape them in any way on the German
be considered as a question apart from inter-allied debts, that
it is first of
proposal. They
necessary to determine the amount Germany can
all
pay,and that he would would add no comment to-day on the announcement.
Disclosure by the Department that German
be willing that American representatives should sit upon a body
y would have made the
having this United
strictly limited objective.
States guardian or trustee of the peace pact
Intimation of the plan which sought to bring America is the first official
It is understood in Washington that Great Britain, Italy,
n influence to bear
Belgium and
Germany would favorably regard American intervention
On the European problem. There was nothing to
under these conindicate whether the
Washington Administration would have refused
ditions. The assent of France is alone necessary for
to accept such responsibility
the adoption of this
has the French Government found it desirable
sound and sensible proposal. No one can deny the need
to enter into the pact.
for such an inquiry.
The President's suggestion to Congress is eminently practical
Think America Deeply Interested.
.
In some quarters there was a disposition to
It is also a welcome and gratifying gesture to Mr. Baldwhi'
believe the action of Secretary
s mission. Hughes
in sounding out French opinion informally
The Congressional resolution lays down a minimum rate of
Interest of 4 %
evidenced the Washington Government was deeply interested in the
and a maximum period of twenty-five years for amortization.
proposal.
These terms
The full text of the German plan was not
are not elastic enough. They make no adequate allowanc for
given out here and officials
e
differences would
not say to what extent the Washington
In the credit of the debtors, and they are out of touch in more
Government would have
respects than been
committed had it been accepted in Paris.
one with the realties of the debt situation.
Chancellor Cuno, in his Hamburg speech,
The French mission which went to Washington carder
in the year conwhich first disclosed
the
fessed, it will be remembered,that it could not fund on
peace offer, indicated the Power acting as trustee
those terms. Morethe depositary of the premises of the signator would be no more than
over, as Mr. boar Law pointed out in his admirable speech
y Governments, and
on the reparapresumably would not be required to take any
tions question in the House of Commons, the difference between
steps for enforcement
British agreeme
of the
nt.
and Continental finance Is broadly that the national finances in
this counReticence of American officials on the plan up
try are in a strong position but the finances of individuals
to this time presuma
are weak. The has
bly
been due to the peculiar situation in which
strength of the national finances has been achieved at the
expense of the itself
the Government found
in dealing with a proposal which required
finances of individuals by unprecedentedly heavy taxation.
On the Contieven passive participation
by this Government in the tangled affairs of
nent. on the other hand, the finances of individuals are strong,
Europe.
while those
of the exchequers are weak.
An Associated Press cablegram from Paris
It is false to assume that the British taxpayer can shoulder still
Jan. 2 states:
further
Premier Poincare to-day furnished the reparati
sacrifices. But In consideration of a complete settlement of
ons conference with further
intergovern- information concerning the non
-aggression proposal referred
mental debts the British Government is prepared to adopt .very
to in the recent
generous speech of Chancellor Wilhelm Cuno
of Germany. M. Poincare
policy inregard to interallied debts. It is no part of the United States
said that
policy the proposal originated with the
German Ambassador at Washing
to cancel the debts.
ton and
that it reached Fans through Secretary
Therefore, to the extent that we might cancel debts owing by
Hughes and Ambassador Jusserand
our Allies on Dec. 18.
to us, we should Increase the capacity of those countries to repay their debts
The French Premier asserted that he
to America, since we have the same set of debtors. This is an aspect of
Informed M. Jusserand that the
proposed pact was no doubt a manoeuvre
by the German Government on
the subject of interallied indebtedness which is probably not thoroughly
the eve of the Paris conference. He said
appreciated on the other side of the Atlantic. But undoubtedly
that the proposal was renewed on
any can- Dec. 21 and that in replying this
time he pointed out that Article
cellation on our part would tend to produce a gain to America as
X of the
well as Versailles Treaty contained a formal
non-aggression provision which
to our Mlles.
was
binding to France.
JAN.6 1923.1
THE CHRONICLE
25
The President's letter of yesterday perhaps might be regarded by many
as sufficient justification for me withdrawing this amendment, Of course.1
desire to speak with the usmost respect with reference to the letter, and I
only mention it at all to enable me to state my position.
As I understand the President's letter, it is not his purpose to act in this
matter until there is an indication upon the part of the nations of Europe
We also quote the following Associated Press cablegram that they desire that action shall be taken. His letter pretty plainly
states that proposition. That is a disagreement upon a fundamental
from Berlin Jan. 3:
proposition. It is not a mere matter of form; it is a matter of difference
Germany could not interpose the slightest objection if Great Britain or the
which goes to the very heart of this entire movement.
United States should supplement or guarantee her proposed anti-war comIf we are to wait until the nations of Europe get together and send word
pact by special promises or pledges to France, and it was with this con- that
they have agreed to disarm, there will be very little occasion for calling
tingency in view that Germany named Great Britain as a member of the
any conference at all: but I do not believe that in the present condition of
agreement and America as the custodian or trustee of it.
affairs that is likely to happen until much worse conditions happen in this
This statement was made by the German Foreign Minister, Baron von
country than now obtain. I speak, therefore, with the utmost respect for
Rosenberg, to the Associated Press to-day in a discussion of the German
the Chief Magistrate when I say that is a matter of disagreement upon a
truce proposal and Premier Poincare's explanation of France's rejection of it.
fundamental proposition underlying this entire proposition. I do not
"Neither through the Power (the United States) which transmitted our
proposal, nor through other channels did we receive back a query from the believe that we can wait longer upon Europe.
there is no occasion for this conference,
French Government with respect to our alleged purpose in limiting this If Now,as I said in the beginning, if
the situation is not one which calls for a conference, if the situation is
pact to a generation," Baron von Rosenberg said.
not one which calls for treatment, there is no reason in the world why this
"Any suggestion by the French Government proposing a longer term
hand, if the situation is such that
would naturally have had our approval and consent. The mere adoption amendment should prevail. On the other
we must deal with it, then I am a firm believer in the proposition that the
of the somewhat elastic conception implied in the word 'generation' had for
power of public opinion ought to operate upon this situation.
its primary purpose the provoking of a discussion over the period to be
agreed upon. A generation does not indicate a sharply defined stretch of
Besides witnessing the withdrawal of the Borah proposal,
years and only possesses significance as indicating at least thirty years; the day's developments also brought the suggestion from
In other words, it was a restriction in respect to a minimum but did not
Secretary of State Hughes, that the reparations question
define a maximum.
"The Federal Government was desirous of relieving the Rhineland of its might be solved through a financial commission. This sugfifteen years of Allied occupation, and therefore desired to vouchsafe France gestion is
referred to elsewhere in this issue. A press dissecurity and assurances for a period which would run considerably longer
patch from Washington, the same day, appearing in the
than the prescribed term of occupation.
""I`he material and physical prerequisites for a war of revenge, which "Journal of Commerce" said in part:
Poincare once more suggests as an established fact, are wholly lacking in
It was pointed out clearly that the proposal for a non-political commission
Germany, as is also the psychic attitude essential thereto among the pre- would be an alternate suggestion,to be advanced only in event the statesmen
ponderance of the mass cf the German people, unless France is determined fail to agree. In event this suggestion should be found acceptable to the
to create a war of her own accord."
Allied nations it was stated that President Harding would nominate the
A change in Germany's constitution, as well as that of France, would be American representatives who would sit upon the commission, provided the
necessitated if the German pt•oposal were accepted, he pointed out, yet, if other nations gave their sanction to inviting the United States to participate.
i
the question of guaranteeing peace were at stake, the legislative bodies in There is no intention, whatever, of the President inviting the European
Germany certainly would not be opposed to such a constitutional amend- powers to assemble in this country for the purpose of discussing the ecoment.
nomic situation. because he thinks that the question of international debts
"This much is certain." Baron von Rosenberg continued,"that,according would be rasied and an issue, unwelcome because of the existing Congressto Poincare's advices to the conference of Premiers, the French News ional limitation, created at the parley.
Agency report yesterday declaring that the German proposal was neither
President Harding did not seek to disguise his approval of the failure of
transmitted to France nor rejected by France, was false. Poincare himself the Borah amendment to receive favorable consideration. The President
he received the proposal, and rejected it.
affirms that
takes the view that the statements made'by the Senators opposed to the
"His accompanying defamations and aspersions charging that every rider were wholly justified in characterizing the proposal as unsound and
German action is a clumsy maneuver, a trap and a dangerous hypocrisy, inclined to embarrass the Administration at this stage of the conversations
are obviously intended to cloak the fact that our proposal was not met with with other nations.
objective consideration and that the opposition to it cannot be logically
Mr.Harding feels that it is perfectly futile to expect a concord of European
defended by him."
powers to grown out of an amendment, proposed hastily, to a pending piece
of legislation, holding a larger view of the international situation should be
WITHDRAWAL BY SENATOR BORAH OF PROPOSAL taken. conference of
The
the President with the correspondents at the White
FOR WORLD ECONOMIC CONFERENCE.
House to
-day did not bring forth even a meager recital of the steps that have
been taken by this Government to be helpful in the European situation. It
The proposal of Senator Borah to have President Harding
was held irtconsistent to recount what had been done, for the reason that it
call a world economic conference, which the Senator offered might disclose facts harmful to the present
negotiations.
amendment to the Naval Appropriation Bill,
(and which
as an
The Administration spokesman contented himself with saying that this
Government had not been unmindful of the importance of the EOM=situwas referred to at length in our issue of Saturday, last week,
tion in its relation to the United States and that
page 2846) was withdrawn on Dec. 29, after extended debate ministration had tried to exert its influence to it wasfair to assume the Adbring the various Allied nain which it was indicated by Senators Watson, McCormick tions to a unified agreement on reparations. However, it was stated that
and Lodge that the United States was holding conversations such basic questions could not be settled until the nations were committed to
a plan and that the United States could not force them to make such a comwith a view to sounding European nations in the matter. mittal against their will.
Senator Lodge in his statement with regard thereto said:
Cool to German Chamber Idea.
I think a great deal of complexity has been made out of a very simple subWhile the President believes that the move of the United States and the
ject. I understand that our Government in the usual way, through its German Chamber of Commerce to attack the
reparations question by havAmbassadors and Ministers abroad, has been making inquiries, holding ing a commission of business men determine
what Germany can pay is inwhat are technically called conversations, informal conversations, with spired by commendable motives, Mr.
Harding is known to think that the
a view to ascertaining on the part of this Government whether there was Allied Governments will accepts the dictum
of no conference to which they
anything it could properly do to improve financial conditions in Europe.
are not a direct party. Furthermore, the President believes that it would
Senator McCormick made the statement in the Senate at be perfectly useless for the nations to enter into a conference to arrive at a
the same time that: "I know that conversations have been settlement of the reparations question unless the participating nations agree
be bound by the decision
reached.
carried on to the end that a conference may be held in Brus- toTo call a parley merely to that isthe amount of the German reparations
assess
sels and that the suggestion may be made to this Govern- would be to play into Germany'hands, according to the White House view.
The practicability of the suggestion made by the German Chamber of Comment that it may sit at Brussels."
been seriously questioned
circles.
Senator Watson had the following to.say in part regarding merce has seems probably that the in high official Government will mark
Thus it
United States
the conversations carried on by the President:
time until after the Premiers' Conference, hoping that this policy will give
The letter of the President read to us on the:28th inst. contained this birth to the long awaited agreement and thus make unnecessary any suggestioni on the part of this Government. However, in event of failure, it
clause:
Such inquiry would have revealed the futility of any conference called was made clear that the United States will mot stand back, but will actively
until it is understood that such a conference would be welcomed by the seek to have the issue clarified by the deliberations of a non-political,
nations concerned within the limits of discussion which the express will
sceintific commission.
of Congress compels this Government to Impose.)11
It was evident to him that Germany wanted to be able to equivocate on
the penalties likely to be enforced against her in case of default. France,
he said, declined to walk into such a trap, and he subsequently requested
Ambassador Jusserand to inform Secretary Hughes of the true meaning of
the proposal. ,
The Senator from Idaho has construed that to mean that the Secretary
of State or our administration should take no action whatever in the matter
until European countries shall have requested them to do so. I submit,and
especially in the light of what I know to be going on, that that is not the
correct interpretation of the clause. What does it say:
Until such a conference would be welcomed by the nations concerned.
In other words, until feelers should be put out, as we ordinarily express it,
for the purpose of finding out whether or not such a conference would be
welcomed by those people: and I go so far as to say that that has been done,
and that the things that have been undertaken may, if successfully continued, go so far as to result in the holding of a conference in the future.
Mr. Watson—I state my views and my opinion from what I know concerning the situation. I am not here to say that the President has started
out to call a conference, such a conference as the Senator from Idaho proposes in his amendment. I am here to say, however, that for the last two
or three months feelers have been put out for the purpose of ascertaining
the situation and just how far we could go, how far we might be asked to go,
and how far other nations would be willing to go in the adjustment of the
situation. I do not know to what length that process has gone; I have
never said a word to the Secretary of State about it, nor has he to me. I
draw my own conclusions from some things that I know.
Senator Borah, during the course of the debate on his proposal on the 29th, when he finally decided to withdraw the
amendment, said in part:
SUBSCRIPTIONS TO 80,000,000 DUTCH GUILDER LOAN
BEING RECEIVED BY ZIMMERMANN & FORSHAY.
The New York "Times" Jan. 4 stated that Zimmermann &
Forshay announced that they would receive subscriptions to
the new Dutch loan consisting of 80,000,000 guilders of 6%
50-year bonds, not redeemable before 1928. They are issued
in denominations of 1,000 and 50 guilders at the official subscription price of 97%.
A NEW DUTCH SILVER COIN PUT OUT TO REDEEM
SILVER NOTES.
The New York "Times" of Dec. 31 is authority for the following:
The Dutch newspapers state that a new silver florin is to be issued in
Holland, with a lower alloy than the florin now in circulation. It is added
that 2.200.000 of such florins and 16,000,000 half florins have been minted
for the Dutch East Indies.
Commenting on the decision for the new coin, the statement is made that
the resultant increase of silver florins will make possible the withdrawal of
a large amount of silver notes previously in circulation.
26
THE CHRONICLE
ITALIAN EMBASSY DENIES REPORTS THAT LOAN IS
SOUGHT IN UNITED STATES.
Regarding reports which were in circulation a .week ago
to the effect that the Italian Government was seeking a loan
of $200,000,000 in the United States, the Italian Embassy
this week authorized the following statement:
Liabilities.
Capital stock held by—
United States Government
National Farm Loan Associations
Borrowers through agents
Individual subscribers
[VOL. 116.
$4,264,880 00
31,711.562 50
123.385 00
4,890 00
Total capital stock
$36,104,717 50
Reserve (from earnings)
2,532.500 00
Surplus (from earnings)
300.000 00
Farm Loan bonds authorized and issued
641,208,375 00
2,501,20806
Reports have lately appeared in the American press concerning alleged Accrued interest on Farm Loan bonds (not matured)
U. S. Government deposits
arrangements for Italian loans in the United States. Certain business Notes payable
2,450.000 00
meddlers having credited themselves with authority conferred on them for Due borrowers on uncompleted loans
345,707 19
financial matters by the Italian Government or by interests close to the Amortization installments paid in advance
865,150
Italian Government, the Italian Embassy emphatically warns against any Matured interest on Farm Loan bonds (coupons not presented)
2,374,082 35
such persons or their statements which are entirely unwarranted and devoid Reserved for dividends unpaid
72,997 22
Other liabilities
of any authority in the matter.
746,717 99
Undivided profits
4,855,630 33
Total liabilities
$694,357,095 74
Federal Land
NEW ISSUE OF $75,000,000 FEDERAL LAND BANK ment by savingsBank bonds have been officially held eligible for investbanks in the following States: Alabama, Arkansas, Colorado, Delaware, Florida, Georgia, Idaho, Indiana, Kentucky. Louisiana,
BONDS.
•
Maine, Maryland, Massachusetts, Mississippi, Missouri, Nebraska, New
An offering for public subscription by a country-wide Hampshire, New Jersey, North Carolina, Ohio, Oklahoma, Oregon, Pennsylvania, Rhode Island. South Carolina, South Dakota, Tennessee. Texas,
group, composed of the twelve Federal Land Banks, invest- Utah. Vermont, Virginia, Washington, West Virginia, Wisconsin and
Wyoming.
ment houses, institutions and
upwards of 1,000 dealers, of a
new issue of $75,000,000 10
-20-Year Federal Land Bank
43.% bonds was announced on Jan. 4. The bonds were
3
offered at 101% and interest, to yield 44% to the redemption date (1933) and 43% thereafter to redemption or
maturity. The banking houses heading the group offering
the bonds consist of Alex. Brown & Sons, of Baltimore;
Harris, Forbes & Co., Brown Brothers & Co., Lee, Higginson
& Co., The National City Co. and the Guaranty Co. of
New York. The subscription books were closed on the day
of the offering, the bonds, it was stated, having been disposed • of. The bonds are dated Jan. 1 1923, are due
Jan. 1 1943, and are not redeemable before Jan. 1 1933.
Interest is payable Jan. 1 and July 1 at any Federal Land
Rank or Federal Reserve Bank. Principal is payable at the
bank of issue. The bonds, coupon and registered (interchangeable) are issued in denominations of $10,000, $5,000,
$1,000, $500, $100 and $40. The following is taken from
the official circular:
The Supreme Court of the United States has held:(a) That these banks
were legally created as part of the banking system of the United States; and
(b) that the bonds Issued by the banks are Instrumentalities of the United
States Government and are exempt from Federal. State, municipal and
local taxation.
Issuing Banks.— The twelve Federal Land Banks were organized by the
United States Government with an original $9,000,000 capital stock which
has since increased through the operation of the system to over $36,000,000.
Security.—These bonds, in addition to being obligations of the Federal
Land Banks, all twelve of which are primarily liable for interest and ultimately liable for the principal on each bond, are secured by collateral consisting of an equal amount of United States Government bonds, or snort
gages on farm lands which must be: (a) First mortgages, to an amount
not exceeding 50% of the value of the land and 20% of the value of the
permanent improvements as appraised by United States appraisers: (b)
limited to 510,000 on any one mortgage:(c) guaranteed by the local National
Farm Loan Association of which the borrower is a member and stockholder: the stock of these associations carries a double liability: (d) reduced
each year by payment of part of the mortgage debt.
Values.—The conservatism of appraisals made for the Federal Land
Banks is indicated by the fact that, during the year ended Nov. 30 1922,
4.714 farms against which the Banks had made loans totaling less than
$15,000,000, were sold for approximately $40,000.000.
Operation.— In five years of active operation the twelve Federal Land
Banks have been built up until on Nov. 30 1922 their capital was 836,104,717: reserve. 82.532,500;surplus and undivided profits, $5,155,630: and
total assets. $694,357,096. All twelve Banks are on a dividend-paying
basis and every bank shows a surplus earned from its operations.
Acceptatile by Treasury.— These bonds are acceptable by the United States
Treasury as security for Government deposits including Postal Savings
funds.
Legal for Trust Funds.—The Federal Farm Loan Act provides that the
bonds shall be lawful investments for all fiduciary and trust funds under
the jurisdiction of the United States Government. They are eligible under
the laws of many of the States for investment of all public and private
funds and have been officially held eligible for investment bisavings banks
In 35 States (listed on the back of this circular).
The United States Goverrment, as of Jan. 1 1923. owned approximately
83,000,000 of the capital stock of the Federal Land Banks. The Farm
Loan Associations, during the year 1922,acquired approximately $8.500.000
of Federal Land Bank stock, 25% of the proceeds of which was used to
retire stock owned by the Government. as required by the Farm Loan Act.
The United States Treasury has purchased and now holds over $112.000.000
Federal Land Bank bonds. The Banks themselves are under the direction
and control of the Federal Farm Loan Board, a bureau of the Treasury
Department of the United States Government.
The most recent previous offering of Federal Land Bank
bonds was in September and was likewise for an issue of
$75,000,000; it was referred to in these columns Sept. 30,
page 1483. Other offerings during 1922 were noted in our
issues of Feb. 11, page 568, and May 13, page 2072.
OFFERING OF$1,000,000 AGRICULTURAL JOINT STOCK
LAND BANK BONDS.
Brooke, Stokes & Co., of Philadelphia, Washington and
Baltimore, offered on Jan. 2 at 102 and interest, to yield
about 4.68% to the callable date and 5% thereafter; $1,000,000 5% farm loan bonds of the Agricultural Joint Stock
Land Bank of Charleston, W. Va. The bonds in denomination of $1,000, are dated Nov. 1 1922, are due Nov. 1 1952,
and are callable at par on Nov. 1 1932 or any interest date
thereafter. Interest is payable May and Nov. 1 at the
Bankers Trust Co., New York City, and at the Agricultural
Joint Stock Land Bank, Charleston, W. Va. The bank is
authorized to operate in Ohio and West Virginia. The
active officers and majority of directors, it is said, are indentical with that of the Virginian Joint Stook Land Bank.
The following is taken from the official announcement of the
offering:
These bonds are the obligation of the Agricultural Joint Stock Land
Bank and are secured by deposit with the Farm Loan Registrar (representing the U. S. Treasury Department, through the Farm Loan Board)
of farm loan mortgages or U. S. Government securities, at least equaling
the amount of bonds outstanding. Each of the deposited farm loan
mortgages must be for less than one-half the appraised value of land and
improvements on which it is secured. The bonds are also protected by
the equity of the paid-in capital stock of the Bank,carrying double liability
and the accumulated surplus and reserves.
The Bank states that its loans will be largely confined in the State of
Ohio to the territory immediately south of Columbus and west to the
Indiana line, a district where the average selling price of land ranges from
$250 to $300 per acre, but on which the Bank rarely loans as much as
$100 per acre.
In the State of West Virginia, loans are made in very few counties, the
principal field being in the limestone blue grass section of the State where
land has sold for many years at $200 per acre and to-day cannot be purchased at that price. Loans are placed at an average of about $40 per
acre upon such land in this State.
These bonds are issued under the Federal Farm Loan Act and it is stated
on their face that they "shall be deemed and held to be instrumentalities
of the Government of the United States, and as such they and the income
derived therefrom shall be exempt from Federal. State, municipal and local
taxation." They are legal investments for all fiduciary and trust funds
under the jurisdiction of the Federal Government, and are acceptable at
par for Postal Savings and other deposits of Government funds.
OFFERING OF SOUTHERN MINNESOTA JOINT STOCK
LAND BANK BONDS.
5
At 103 and accrued interest, to net about 44% to the optional date and 5% thereafter, Dillon, Read & Co. and the
Northern Trust Co. of Chicago offered on Jan. 3 $5,000,000
Southern Minnesota Joint Stock Land Bank 5% Farm.Loan
bonds. The bonds are dated Nov. 1 1922, become due
Nov. 1 1952, and are redeemable as a whole or in part by lot
on Nov. 1 1932 or any interest date thereafter at 100 and
The following is the consolidated statement of condition interest. Principal and interest (May 1
and Nov. 1) are
of the twelve Federal Land Banks at the close of business payable at the Southern Minnesota Joint Stock
Land Bank,
Nov. 30 1922 (as officially reported by the Federal Farm Redwood Falls, Minn.; and at the offices of
Dillon, Read &
Board):
Loan
Co., New York City, and the Northern Trust Co., Chicago,
Assets.
Net mortgage loans
$622,329,815 31 Ill. The bonds, coupon and fully registered bonds and inAccrued Interest on mortgage loans (not matured)
10,908,470 16
49,346,120 48 terchangeable, are in denominations of 31,000 and $10,000.
U. S. Government bonds and securities
Accrued interest on bonds and securities (not matured)__ 320,982 53
1,697,780 00 The bonds .are issued under the Federal Farm Loan Act
Farm Loan bonds on hand (unsold)
6.06346
Accrued interest on Farm Loan bonds on hand (not matured)
are exempt from Federal, State, municipal and local
166:709 48 and
Other accrued interest (uncollected)
383.386 75 taxation. A letter from William H. Gold, President of the
Notes receivable, acceptances, &c
banks
5,712,844 61
Cash on hand and in
142,550 41 Southern Minnesota Joint Stock Land Bank, under date of
Accounts receivable
1,177.216 49
Installments matured (in process of collection)
573,460 97 Jan. 2 1923, to Dillon, Read & Co. and the Northern Trust
Banking houses
172,546 75 Co. of Chicago, says in part:
Furniture and fixtures
1,419,148 34
assets
Other
Total astets
1694.357,095 74
These bonds are secured by deposit with the Registrar of the Sixth Federal Farm Loan District of an equal face amount of first mortgages on farm
JAN.6 1923.]
THE CHRONICLE
lands at not exceeding 50% of the values as appraised by Federal Government appraisers, and-or by deposit of United States Government bonds or
certificates of indebtedness.
All these farm mortgages are made on the Government amortization
Plan, which requires a payment on the principal of not less than 1% per
annum, thus assuring a constantly increasing equity behind the bonds.
The paid-in capital stock of$1.050,000 and the reserve fund of$220,403 75
as of Dec. 30 1922, provide additional protection. The capital stock carries with it double stockholders' liability, as do national bank stocks.
The intrinsic soundness of the whole situation is apparent from the following figures, derived from the 1920 Census:
Total value offarm property in Minnesota and South Dakota
$6,611,290,330
on Jan. 1 1920
817,027,042
Value of crops derived from this property in 1919
94,682,705
dairy products derived from this property in 1919—
Value of
•
The Southern Minnesota Joint Stock Land Bank of Redwood Falls,
Minn., was chartered under the Farm Loan Act on June 25 1919. The
original capital Stock was subscribed at par by members of the firms of the
Gold-Cooper Securities Co.of Redwood Falls, Minn.,and the Gold Brothers
Security Company of Big Stone City. So. Dak. Since the original subscription, stock has been sold to the investing public at substantial premiums. There Is $1.050,000 stock outstanding, ori which dividends at the
rate of 8% per annum are being paid. .
.
Although the bank is authorized to make loans throughout Minnesota
and South Dakota, two of the country's great agricultural States, its policy
now (as heretofore) is to confine its business to southern Minnesota and
eastern South Dakota.
The following figures assembled from the United States Census of 1920
are significant:
The 53 Minnesota counties in which the bank operates constitute 64.63%
of the total farm lands in the State in area and yet they represent 78.79%
of the farm land values of the State. The average value per acre in the 53
counties was $152 76, as compared with $76 16 per acre for the balance of
the State.
The bank's South Dakota territory of 28 counties is only 35.43% of the
farm acreage in the State, but it comprises 66.49% of the farm land values
of the State. The average value per acre in the bank's territory was
$153 20, against $42 19 for the balance.
These counties, all lying in the celebrated corn belt, are the section in
Which the bank's senior officers have lived and have done business for forty
Statement of Condition of the Southern Minnesota Joint Stock Land Bank
as of Dec. 30 1922.
(Revised to give effect to the sale of the present issue of bonds.)
Assets—
First mortgage farm loans
$11,075,850 00
Accrued interest on loans
176,891 17
Farm Loan bonds on hand
25,000 00
U. S. bonds andcertificates of indebtedness owned
4,905,932 90
Building, furniture and fixtures
44,425 29
Interest accrued on U. S. Government securities
24,971 23
Accounts receivable
7,196 03
Cash and due from banks
816.924 07
$17,077,190 69
Liabilities—
Capital stock
Undivided profits and reserve
Amortization payments on principal of loans
Deferred loans—Due borrowers
Coupons due—Unpaid
Interest accrued on bonds
Farm Loan bonds outstanding
$1,050,000 00
220.403 76
94.950 88
24,115 24
6,512 50
131.208 32
15,550,000 00
$17,077,190 69
In accordance with your recent request, Mr. W. A. Streator, Vice-President of the National Citizens' Bank of Mankato. Minn., who has been a
banker and farm loan man in this territory for twenty years, has been elected
a director of the Southern Minnesota Joint Stock Land Bank. He is reviewing all loans for you and will keep you informed regarding the bank's
affairs.
The bonds are offered for delivery about Jan. 15. A previous offering of $5,000,000 bonds of the Southern Minnesota Joint Stock Land Bank was noted in our issue of Nov.4,
page 1994.
ORGANIZATION OF NEW YORK AND NEW JERSEY
JOINT STOCK LAND BANK OF NEWARK, N. J.
The issuance of a charter for the New York and New
Jersey Joint Stock Land Bank of Newark, N. J., which
will operate in New York and New Jersey, was announced
in the Hudson "Observer" of Dec. 18. The officers of the
new organization will be in the Essex Building, 31 Clinton
St., Newark, according to the "Observer", which says:
The Joint Stock Land Bank has been organized under the provisions of
the Federal Farm Loan Act for the purpose of extending much needed
long term credit to farmers on first mortgages on farm land. It is the
purpose of the New York and New Jersey Joint Stock Land Bank to provide
this credit to the agricultural interests of New York and New Jersey.
At the organization meeting recently held, Joseph S. Frelinghuysen,
United States Senator and President of the State Department of Agriculture,
was elected President; Henry W. Jeffers, member of the New Jersey State
Board of Agriculture and President Walker-Gordon Farms, Vice-President;
Harrisen P. Lindabury, counselor at law and director Federal Trust Co.
and Commercial Casualty Co., Newark, temporary Secretary & Treasurer.
Associated with the officers as directors are Professor Alva Agee, Secretary
Now Jersey State Board of Agriculture, Frank C. Ferguson. President
Union Trust Co., Jersey City. and Collector of Internal Revenue for the
Sixth District, and Dr. Frank App, Secretary & Treasurer New Jersey
Federation of County Boards of Agriculture.
OFFERING OF BONDS OF FIRST JOINT STOCK LAND
BANK OF CHEYENNE, WYO.
Barr Brother & Co. of this city, announced yesterday
(Jan. 5) an offering of $1,000,000 5% Farm Loan bonds of
the First Joint Stock Land Bank of Cheyenne, Wyo., at
10234 and accrued interest, to yield about 4.68% to the
27
optional maturity and 5% thereafter. The bonds are dated
Dec. 1 1922, and are due Dec. 1 1952 and are callable at
par on Dec. 1 1932, or any interest date thereafter. They
are coupon bonds, in denomination of $1,000, and are fully
registerable and interchangeable. Principal and interest
(June 1 and Dec. 1) are payable at the First Joint Stock
Land Bank of Cheyenne, or at the Chase National Bank of
New York City. In our issue of Saturday last (page 2850)
we referred to an offering of $500,000 5% Farm Loan bonds
of the First Joint Stock Land Bank of Cheyenne by Harold
G. Wise & Co. of Houston, Texas, and we understand that
this is part of the same issue offered by Barr Brothers & Co.
SENATE COMMITTEE TENTATIVELY APPROVES CAPPER FARM CREDITS BILL—VIEWS OF SECRETARY OF THE TREASURY MELLON.
In submitting his views on the pending legislation to provide additional credits for agricultural and live stock industries, Secretary of the Treasury Mellon advocates a measure
on the lines of the Capper bill, along with the extension of
the life of the War Finance Corporation until Mar. 31 1924.
This, according to Secretary Mellon, "would adapt our present banking system to the needs of agriculture, and include
the best features of the various plans upon which there Is
virtual agreement." Secretary Mellon's views were presented in testimony at the closing of the hearings on Dec. 30
of the Senate Committee on Banking and Currency on farm
credits legislation, and in a letter which he addressed to
Senator McLean, Chairman of the Committee, under date of
Dec. 29. As to the Lenroot-Anderson bill (which was referred to in our issue of Dec. 23, page 2742 in our item on the
hearings of the committee on farmers' credit bills) Secretary
Mellon admits it "contains many good features, not the least
of which is the provision for aggregating agricultural and
live stock paper in such shape as to give an acceptable basis
for credit," but he indicates his objection to it because "It depends so much upon the large initial contribution from the
Treasury and the grant of full tax exemption to the new securities." Another objectionable feature of the AndersonLenroot bill which Secretary Mellon cites is the fact that "it
would place the Government to a large extent in the commercial banking business, for it contemplates what amounts to
a system of Government banks, capitalized with public funds,
and supervised by Government officials." At the same session of the committee at which Secretary Mellon presented
his views (Dec. 30), support, it is stated, was given the Anderson-Lenroot bill by Secretaries Wallace and Hoover, also
appearing before the committee behind closed doors. A press
dispatch from Washington that day, published in the New
York "Herald," said:
Mr. Wallace was understood to have urged the Andersan-Lenroot
bill on the ground that it was more nearly adequate to the needs of the
farmer than the Capper bill.
Hoover Stresses Need of Aid.
Mr. Hoover's testimony was said to have related more generally to
the need of agricultural credit than to details of how it is to be extended.
The Anderson-Lenroot measure would set up farm credits departments
In the existing Federal land banks with an authorized Government furnished
capitalization of $60,000.000 for the twelve banks.
With the views of the three Cabinet members before it the Committee
prepared to draft legislation which will harmonize the widely conflicting
opinions held by its members and by members of Congress generally as
to the form of aid to be extended farmers and livestock growers. The
Committee will meet Tuesday to begin its admittedly difficult task of
drafting a compromise bill. Chairman McLean hopes to have a bill
ready for Senate consideration by the end of next week.
The Capper bill drafted with the assistance of Director Meyer of the
War Finance Corporation and presented with the Indorsement cf the
American National Live Stock Association, provides for organization
under supervision of the Comptroller of the Currency of private rural
credit and rediscount corporations with a minimum capitalization of
$250,000. It would extend the period during which agricultural paper
shall be eligible for rediscount from six months to nine months,and provide
for acceptance by Federal Reserve banks of paper of co-operative associations of agriculturalists for rediscount as agricultural paper.
In stating that the Capper bill had been tentatively approved by the Senate Committee on the 3rd inst., a Washington dispatch to the New York "Commercial" had the following to say:
Tentative approval was given by the Senate Committee on Banking
and Currency to-day to the major portion of the Capper rural credits
bill. The Committee read the bill, section by section, making a few
minor modifications, but in the main accepting the provisions as originally
drafted by Eugene Meyer Jr., Managing Director of the War Finance
Corporation. The Committee hopes to complete action on this bill
to-morrow.
One modification which was given tentative approval related to the
provision which increases from $10,000 to $25,000 maximum loans which
can be made by the present Federal Land banks. It was proposed that
a stipulation shall be added prohibiting the granting of loans in excess of
$10,000 when sufficient funds are not available to meet the demands for
loans of less than that amount. Members of the Farm Loan Board have
stated that originally they at first opposed any increase in the maximum
28
THE CHRONICLE
because of a lack of funds to take care of the smaller loans, but that at
the present time there are ample funds available for all demands.
The sections of the bill authorizing the formation of privately financed
agricultural credit corporations under the supervision of the Comptroller
of the Currency met with the general approval.
The Committee also was in general accord with provisions of the bill
amending the Federal Reserve Act by increasing from six to nine months
the maximum maturities of agricultural paper eligible for rediscount at
Federal Reserve banks and with other sections amending this Act.
OA The program of the Committee is to complete consideration of the
Capper bill without any relation to other pending measures, inasmuch
as this measure stands by itself and is not in conflict with the Lenroot
bill or other bills before the Committee. After concluding consideration
of the Capper bill the Committee will take up the Lenroot bill which,
according to present prospects, also will be approved and the two measures
reported as one bill or else submitted to the Senate simultaneously.
p Members of the Committee stated that they hoped to submit a complete report to the Senate either on Saturday or at the latest by Monday.
Senator Ladd, Republican, of North Dakota, introduced to-day a bill
creating the American Stabilizing Corporation, with a capital of $100.000,000 subscribed by the Government. It would have authority to
buy surplus grain, sugar, cotton, wool and other farm products at prices
to be announced at the beginning of a marketing season. The corporation
would sell these products whenever the market price was in excess of
the price paid.
We also quote the following later (Jan. 4) Associated Press
dispatches from Washington:
A partial program of farm credits legislation was agreed on to-day by
the Senate Banking Committee, which decided to report the Capper bill
substantially as drawn and then proceed with consideration of the LenrootAnderson bill in addition.
skThe Committee's action clarifies the farm credits program by insuring
that it will Include two bills instead of a Committee composite measure.
Chairman McLean of the Banking Committee does not plan to call up
either bill in the Senate until next week, when both are to be ready.
The Committee vote on the bill of Senator Capper, Republican, et
Kansas, Chairman of the Senate farm bloc, was unanimous, but there was
said to be some disagreement on features of the Lenroot-Anderson measure.
The Capper bill provides for organization of farmers and livestock growers'
co-operative credit organizations. It also amends the Federal Reserve Act
by extending the maturity of negotiable livestock paper to nine months
and reduces the capital of national banks in small communities, a provision
designed to induce more banks to enter the Federal system. The bill Increases from $10,000 to $25.000 the individual loan limit of Federal land
banks.
Government aid in furnishing farm credits is contained in the LenrootAnderson bill, which has the endorsement of Secretary Wallace and other
Government officials. It would provide for Federal financing of individual
loan departments under the existing land bank system.
WI
Below we give Secretary Mellon's letter to Chairman McLean, endorsing the Capper bill, with certain modifications:
OFFICE OF THE SECRETARY OF THE TREASURY.
Washington. D. C., Dec. 29 1922.
Dear Mr. Chairman:
Ireceived your letter of Dec.23,in which you ask my opinion as to 8.4103.
the latest edition of the bill, introductd by Senator Lenroot in the Senate
and by Congressman Anderson in the House of Representatives, to provide
additional "credit facilities for the agricultural and live stock industries
of the United States." This bill would set up "farm credits departments"
in the existing Federal Farm Land banks, into each of which it is proposed
that the U. S. Government should pay a capital of $5,000,000, or $60,000,000 for the twelve banks taken together. I understand from your letter
that this amount might be increased to $10,000,000 for each Federal Land
bank, or $120,000,000 in the aggregate. With this initial working capital
the bill proposes that these farm credits departments would act as rediscount
agencies for agricultural paper from banks, credit associations, livestock
loan companies and similar institutions, and that the Federal Land banks
would obtain such additional funds as may be needed for the purpose by
Issuing tax-exempt collateral trust bonds for sale in the investment markets,
and indirectly by rediscounts with the Federal Reserve banks. The operations of the farm credits departments would be placed under the supervision
of the Federal Farm Loan Board.
The bill contains many good features, not the least of which is the provision for aggregating agricultural and livestock paper in such shape as to
give an acceptable basis for credit, but it depends so much upon the large
Initial contribution from the Treasury and the grant of full tax exemption
to the new securities, both of which seem to me objectionable. that I have
taken occasion to survey the whole field of the present discussion in order
to see what might be done to harmonize the various plans which have been
presented and combine their best features in one sound and workable
measure. Needless to say, I am entirely in sympathy with the efforts
which are being made to provide better credit facilities for the agricultural
and livestock industries, and believe that one of the first conditions ofsound
recovery in the country as a whole is the restoration of the purchasing power
of the farmer, the impairment of which had so much to do with the depression in business from which we are emerging. There has already been a
considerable recovery, with substantial advances in most staple agricultural products, but prices are still somewhat out of gear and there must be
further readjustments and better facilities for distribution and marketing
before the farmer's position can be fully restored. The trouble lies partly
In the derangement of markets and dislocation of prices, and recovery
depends on many factors, of which credit is only one. At the same time,
however, there is need for improved credit facilities, and particularly for a
better organization of credits that will make available the necessary capital
and credit for the use of the agricultural and livestock industries. I should
say that this could best bo accomplished through the adoption of some such
measure as the Capper bill (S.4063), with its provisions for increased rediscount facilities at the Federal Reserve banks and for the organization
of rural credit corporations and rediscount corporations on a businesslike
basis, coupled with provision for a further extension of the life of the War
Finance Corporation for a limited period, say until March 311924.in order
to take care of any emergency conditions which may remain, and also give
opportunity for the establishment of the new agencies on a practical working basis. A measure of this character could he drafted without much
difficulty along the lines of the Capper bill, and it would, I believe, provide
a practicable and comprehensive plan of agricultural credits, embodying the
best features of the Anderson-Lenroot bill and at the same time avoiding
the objections that may properly be raised against that bill in its present
form.
Bill as it now stands may
$.4. The objectional features of the Anderson-Lenroot
be_summarized, I should say, under three heads. ln the first place, it
[VOL. 116.
would place the Government to a large extent in the commercial banking
business,for it contemplates whatamounts to a system ofgovernment banks,
capitalized with public funds and supervised by government officials.
As at present organized the Federal Land banks are conducting solely a
farm mortgage business. To enable these land banks to undertake the
business of rediscounting agricultural paper for country banks, loan companies, and credit associations, new officers and new personnel would
have to be supplied. Since the Government would contribute the capital,
it would also have to supply the management. This involves serious difficulties. Government operation of necessity means centralization and
standardization. It requires rigid rules and policies, ill adapted 'to a
country as large and as varied in its economic structure as the United States.
The Federal Land banks now can operate upon uniform rules, in so far as
their present farm mortgage business is concerned, for the farm mortgage
business lends itself'to standardization. The handling of current farm
credits, however, requires promptness, flexibility, and adaption to local
needs, and these essentials Government banking could not, in my opinion,
supply,—certainly not without grave administrative difficulties.
The second objection is that the Bill would make heavy drafts upon the
Treasury for the capital of the Farm Credits Departments, and that would
mean either more Government borrowing or higher taxes on all the people
in order to supply thefunds. Either would be unfortunate,for the Government's borrowing are already heavy enough, and existing taxes are too high
for the good of agriculture, business and industry. The Government's
contribution, however, would be insufficient to handle more than a fraction of the agricultural rediscounts of the country, and the Bill accordingly
contemplates the sale of collateral trust bonds to secure any necessary
additional funds. These securities would be entitled, under the terms of
the Bill, to full exemption frcm all Federal, State and local taxation,
and from these arises the third serious objection to the Bill. Tax-exempt
securities afford perhaps the most outstanding avenue of escape from the
Income surtaxes imposed by Congress,and their continued issuance is repjudicing the revenues and at the same time having a most unwholesome
effect on the development of business and industry. An amendment to the
Constitution of the United States restricting further issues of tax-exempt
securities is already pending in Congress. and I repeat here the hope expressed in my Annual Report that this amendment will have early consideration and soon be submitted to the States for their approval. Public
opinion is crystallizing more and more against tax-exemption, which are
defeating our system of taxation and threatening the public revenues,
and it would come with particularly bad grace, it seems to me,for the Federal Government to authorize the creation of a large volume of new taxexempt securities at the very time of proposing to the States a Constitutional amendment directed against such issues in the future.
I may say in this connection that I have been following with much
interest the reports of the hearings before your Committee, and am impressed with the wide diversity of opinion among the witnesses upon the
Anderson-Lenroot bill in its present form. The representatives of the
American National Live Stock Association testified that the livestock
industry did not want Government funds or tax-exemption privileges,
and that the bill would not meet the needs of the industry. The representative of a large number of the co-operative marketing associations
in the United States, while recommending enactment of part of the bill,
merely to provide a reserve agency in case of need, stated that the associations which he represented believed that their main financial resource
should and would be the Federal Reserve System. The representative
of the Farm Loan Board, while not opposing the bill, stated in effect
that the Farm Loan Board was not equipped to administer it, and suggested that it be transferred to-the Federal Reserve Board. The representative of the Federal Reserve Board recommended that it be placed
under the Farm Loan Board. The representative of one of the national
farm organizations asked that neither of these boards have charge of its
administration, but that a new and independent board be created for
the purpose.
In view of this diversity of opinion, and of the substantial objections
to the bill pointed out, I believe that the most helpful course that can be
pursued now is to adopt a substitute measure along the lines of the Capper
bill, with the suggested extension of the life of the War Finance Corporation
until March 31 1924. This would adapt our present banking system to
the needs of agriculture, and include the best features of the various plans,
upon which there is virtual agreement. It would admit to discount at
the Federal Reserve banks agricultural paper with a maturity up to nine
months, secured by commodities in process of orderly marketing or by
livestock which is being fattened for market. To this there can be no
substantial objection. It is safe, and the testimony before your Committee shows that it will be helpful. Nor is there any disagreement as
to the wisdom of Federal incorporation and supervision of livestock and
agricultural loan companies, which is also a feature of the AndersonLenroot bill. Representatives of the great cattle breeding industry have
testified, moreover, that such a provision is essential to the proper conduct
of their business. These proposals embodied in the bill introduced by
Senator Capper, have met with general support and are in my opinion
sound and constructive, and I hope that this bill with such changes of
detail as may seem necessary, will commend itself to the favorable consideration of your Committee.
I am convinced that in the long run our present banking system, modified and liberalized on these lines, will servo the needs of agriculture far
better than any rival system built upon Government capital and under
Government control. A rural credits program like that embodied in
substance in the Capper bill, would draw capital and credit from available
sources for use where needed by the agricultural and livestock industries,
and would accomplish this on a business basis, without depending on
Government money or tax exemptions. At the same time it would enlarge
the facilities of the Federal Reserve System, to provide further for agricultural discounts and I hope so as to encourage larger membership among
eligible banks in the agricultural districts, and would extend up to $25,000
the limit on loans by Federal Land banks. Altogether, it presents a comprehensive plan of permanent relief on practical lines. To meet any
emergency situation that may remain and bridge the gap until the now
facilities can be organized, it is by far the best course, in my Judgment,
to mako use of the War Finance Corporation, which is a temporary organization and will expire with the emergency. This Corporation is already
In existence, and it has sufficient funds at its command, with a trained
personnel able to make those funds effective to the extent that they are
needed. Its operations have been conducted, it is generally agreed, to
the satisfaction of the agricultural interests, and its extension for a limited
period, coupled with the enactment of the Capper bill, would give to the
farmer full assurance that credit will be available for his needs on a sound
basis during the period required for the practical working out of the enlarged
facilities of the Federal Reserve System and for the organization of the
more permanent credit agencies provided by the Capper bill.
Cordially yours,
(Signed) A. W. MELLON,
Secretary of the Treasury.
JAN.6 1923.]
THE CHRONICLE
29
ADVANCES APPROVED BY WAR FIN
ANCE CORPORATION ACCOUNT OF AGRICULTURAL
AND LIVE
STOCK PURPOSES.
The War Finance Corporation announce
d on Jan. 3 that
from Dec. 16 to Dec. 31 1922, incl
usive, it approved 27
advances, aggregating $1,472,000,
to financial institutions
for agricultural and live stock purposes
.
it would still be without ampl
e Justification. The Commissioner of Pensions estimates its additional
cost to the Treasury to be about $108,000,0
00
annually, and I venture the
prediction that with such a precedent estab
lished that ultimate pension
outlay in the half century before us will excee
fifty billions of dollars.
d
The act makes no prete
nse of new consideration for the need
pendent, no new generosity
y or defor the veteran wards of the nation. It
is an
outright bestowal upon
the Government's pension rolls, with
a heedlessness for the Government's
financial problems which is a discourage
ment to
every effort to reduce expen
diture and thereby relieve the Feder burd
al
ens of
taxation.
REPAYMENTS RECEIVED BY
The more particular objec
tion to this act, however, lies in its loose
WAR FINANCE
provision for pensioning wido
ws. The existing law makes the wido
CORPORATION.
w of a Civil
War veteran elegible to
a pension if she marries him prior
From Dec. 16 to Dec. 31, incl
to June 27 1905.
In other words, marri
usive, the repayments gives
age within forty years of the end
of the Civil War
received by the War Finance Corp
a veter
wido
oration totaled $5,109,547, with extends an's marri w a good title to a pension. The act returned herethe
age period specifically to June 27 1915
as follows:
, and provides
that after that date any
marriage or cohabitation for two years
On export advances and on loans
prior to a
veterans' death shall make
made under war powers
the widow the beneficiary of a pensi
$267,037 month
On agricultural and live
on at $50 per
stock advances:
for the remainder of her
life.
From banking and finan
In view of the fact that
cing institutions
$3.223,972
this same bill makes provision for pensions
From live stock loan
widows of the veterans
for
companies
of the War of 1812, the possible burden
1,535,120
From co-operative mark
of the sweeping provision seems
eting associations
worthy of serious consideration. Fran
83.418
kly, I do not
recognize any public
obligation to pension women who now,
4,842.510 years after
nearly sixty
the Civil War,became
the wives of veterans of that war.
Total
The Government has so
may defenders to whom generous treatmen
$5.109,547 due that
t is
Congress will find it neces
The repayments received by the Corp
oration from Jan. gations when making provision for sary to consider all phases of our obli1 1922Jo Dec. 31 1922, inclusiv
any one group.
The compensation paid
e, on account of all loans
to the widows of World War veter
ans, those who
tota
shared the shock and sorr
3181,430,894.
ow of the conflict, amounts to
$24 per month. It
would be indefensible to
insist on that limitation upon actua
we are to pay $8.00 per
l war widows,if
year to widows who marr veter
ESIDENT HARDING SIGNS BILL LIM
y
ans sixty years
after the Civil War.
ITING
NATIONAL BANK REPORTS TO THREE
A YEAR.
President Hardfng on Dec. 28 signed
the bill (referred to
in our issue of Dec. 16, page 2638)redu
cing the number of
reports which are required per yearfro
m national banks from
five to three. The measure gives the
Comptroller of the
Currency authority to call for "special
reports from any
particular association whenever in his
judgment the same
are necessary in order to afford a full
and complete knowledge of its condition."
TREASURY DEPARTMENT TO RED
EEM ALL VIpTORY
NOTES IN ADVANCE OF MATURI
TY MAY
20.
Retirement of all outstanding Victory
notes in advance of
their maturity date, May 20, was
made possible on Jan. 3 by
the Treasury, which announce
d that it would redeem the
notes upon presentation whether
or not they had been called
for redemption. The press disp
atches from Washington, that
date, state:
WARREN G. HARDING.
S • CRETARY OF THE
INTERIOR FALL TO RETIRE
MARCH 4.
The second member of
the President's Cabinet to retire
since the Harding Admi
nistration came into office is
Albert
Bacon Fall, Secretary
of the Interior. Reports
that had
been current in Washingt
on for several months to
the effect
at Secretary Fall was plan
ning to resign culminated in
the
announcement from the Whi
te House on Jan. 2 that the
Secretary would retire from
the Cabinet on Mar. 4
to private
life. With this announ
cement it was emphasiz
ed that Secretary Fall entered the
Cabinet at a great financia
l sacrifice
and that he leaves in orde
r to devote his time to busi
ness affairs in the Southwest.
So anxious was Pres
ident Harding
to retain his old friend
in Government service,
it was said,
that he offered him one
of the vacancies on the
Supreme
Court of the United Stat
es, but this offer was
declined. With
regard to the contempl
ated action of Secretar
y Fall, dispatches of Jan. 2 to the
New York "Times" said
:
Although Mr. Fall is leavi
ng
The Treasury announcement will
permit redemption ofabout
$850,000,000
of notes which have not been calle
d, it was said. In addition
toe Treasury
is waiting to pay $225.000,0
00 to holders of notes which were calle
the Cabinet with no chan
d for retire- with the
ment Dec. 15 and have not been
ge in his friendship
President, it is known that
turned in.
for several months he
Although no official statement was
fied with many acts of
has been dissatismade on the subject, to-ni
the Harding Administra
Treasury announcement was regar
gnt's been one of the
tion and Congress Havi
ded as indicating that its prog
irreconcilable's in the Sena
ng
ram of Cabinet, he had
refinancing and taking care of the earli
te before his appointm
ent to the
est maturing of the war-time
little sympathy with the
was progressing satisfactorily.
loans tation of Arma
The Treasury, it is shown by
ment. He made no publi Washington Conference on Limithe announce- was outs
ment, is able to handle such of the
c criticism, but to his frien
poken in his condemna
Victory notes as are offered
ds he
tion of the conference
ment in addition to meeting the
for retire- ail its sessi
, and during virtually
call to pay for the 1918 issue
ons he remained away
of war savings Rivers,
from Washington at
stamps which matured Jan. 1.
New Mex.
his home in Three
It was said to-night that abou
t $500.000,000
of the war savings stamps were
outstanding on the maturity
first day's redemptions aggregated
date. The
about $100,000,000. Since
most of the JAMES
stamps are turned In through post
offices, officials expected
SPEYER ON IMPORT
there would be
some delay before all were passed
ANCE OF RAILROAD
on to the Treasury for final
redemption
and destruction.
CREDIT,
James Speyer, in a stat
ement issu
ed on Jan. 2 with reference to the numerous
PRESIDENT HARDING VETOES
bills which have been intr
BURSUM PENSION Congress
oduced in
affecting the railroad
BILL.
industry, observes that "the
fact that so many are
President Harding on Jan. 3 vetoed
'tinkering' so soon with the Esch
the Bursum bill, in- mins Act, with
-Cumcreasing the pensions of veterans of the
out
Civil and Mexican possibly result in sufficient knowledge or experience, may
War from $50 to $72 a month and
disturbing confidence in
their widows' pensions and hurting
railroad securities
from $30 to $50, besides increasing
the amounts to nurses can easily railroad credit generally." He notes that "one
who saw active service in the Civil
prove the fallacy of
the claims that greater interWar and providing for ference by
Indian War veterans and their wido
Government authorities
ws. President Harding system
with the transportation
would be a benefit to
in voicing his disapproval of the
measure pointed out that
it consistent educational camp anyone," and he adds that a
was estimated that the bill would
aign carried on in a spir
add about $108,000,000 fairness
it of
annually to the Treasury expenses,
"would soon make it
and that it would involve Cong
unprofitable for members of
ress or others to intr
an ultimate pension outlay in the next
oduce bills such as those now
half
pend50 billions of dollars. The President also century exceeding ing." Mr. Speyer's reminder to
"those who so loudly talk of
disapproved of the our moral
provision in the bill extending from 190
duty towards foreign
5 to 1915 the marriage also has
nations that every American
duties towards his own
period within which widows might be
fellow citizens, regardless
eligible for a pension class or
of
party," is not only time
under the Act, stating that he did not
ly, but contains an ocean of
"rec
obligation to pension women who now ognize any public common sense. Mr. Speyer's stat
, nearly sixty years
ement follows:
When the Esch-Cum
after the Civil War,became the wives of
mins Bill
veterans of that war." able step in advance on the roadbecame a law in 1920, it marked a considerHe also referred to the compensation ($2
towa
the
4 a month) paid to intergoal which it is so necessary to rds strengthening Railroad Credit,—
attain for the farming
the widows of World War veterans
, and stated that "it was,ests and for the development and general prosperity of ourand business
however, realized then
country. It
would be indefensible to insist on that
that this being to a large
measure,it would, after
limi
extent a compromise
a fair trial, requi
war widows if we are to pay $600 a year tation upon actual
Condi
to widows who marry execu tions since its enactment have re modifications and improvements.
not been normal. The
tives maintain,
veterans sixty years after the Civil
roads,
War." The following run-down condition, were returned by the Government after War-use, the
the President's veto message:
in a
especially their rolling stock
ials were extra
. Costs oflabor and mate
ordin
To the Senate: I am returning herew
ith Senate bill 3275.
ing pensions to certian soldiers,
"an act grantsailors and marines of
the Civil War," &c..
without my approval.
If the act were limited to
its provisions in behalf of the
ticipants In the Mexican
surviving parand Civil Wars and widows of
the War of 1812.
rary high and economic
rope, made difficult
conditions, expecially in
Euthe
Experience, however, regular flow of trade and exports from our
country.
has already demonstrated
that the provisions of
original Act, vesting
the
the control of rates in the
Inter-State Commerce Commission. while empoweri
ng another body. the Labo
public has no deciding
r Board (in which the
voice) to regulate wages, can,
work satisfactorily to
in the long run, not
anybody. The President,
in his last message, has
30
THE CHRONICLE
[Vol... 116.
in the service of the
led by the successive promotion of employees already
it is surprising that, although the law
by new employees of Junior
suggested certain amendments, but
134 bank, thereby leaving vacancies to be filled
there are now before Congress not less than
at a rate of compensation suitable for beginners.
has scarcely had a fair trial,
or another of the railroad industry. grade
important bills affecting one phase
by men who understand the
introduced
Even if some of the bills were
desire to serve their country as a whole, RESOLUTION CALLING FOR APPOINTMENT OF SILsubject and are actuated by a sincere
ced by
ON
think that many of these measures were introdu genone is inclined to
VER COMMISSION WITH VIEW TO RESUMPTI
in its effect on
either have neglected to consider the matter
men who
interests or their special localOF SILVER MONETARY SYSTEMS.
serve special
eral conditions, or are trying to
to profit by existing dissatisfaction in their
ities, or who are even trying
A resolution introduced by Senator Nicholson of Coloclass
ze and over-capitalize dissatisfaction and
Mines
district and to capitali
votes.
rado on Dec. 27 (and referred to the Committee on
prejudice into personal popularity and
ent of a
numerous bills will become
probably true that few, if any, of these
and Mining, calls for the appointment by the Presid
It Is
are "tinkering" so soon with the Esch" of nine members which would "use its
laws, but the fact that so many
dge of experience, may possibly "silver commission
Cummins Act, without sufficient knowle
hurting railroad influence toward the resumption of the use of silver in the
ing confidence in railroad securities and
result in disturb
that this should occur at a time when
various monetary systems of nations which have abandoned
credit generally. It is regrettable
sums not only for postponed improvements
the carriers should raise large
and the commission being further called
for new branch lines, &c. All this work, or lessened its use,"
and new rolling stock, but also
the Amerupon to "lend its influence toward the adoption of any step
employment to thousands, cannot be done unless
which will give
nce in the securities of our transportation
ican investor has full confide
may tend to stabilize the value of silver in the world'S
when European inventors were able to that
system. The time has gone by
is the text of the resolution:
for the development of our country and market." The following
provide a large part of the money
is a large and imWhereas, The production of silver in the United States
its railroads.
that greater interference by portant industry, affecting the welfare of important communities and of a
easily prove the fallacy of the claims
One can
rtation system, would be a bene- large number of citizens; and
Government authorities with the transpo
favored silver as an
that
Whereas, The United States has throughout its history
g and mining interests could easily be shown
fit to anyone. The farmin
transpor- important element of its monetary system and now views with anxiety the re•
ing for their products are not due to high
the lower prices prevail
world to lessen the use of
caused by diminished consumption and purchas
cent tendency of many influential nations of the
tation costs but are largely
coinage for subsidiary and fracsilver as money, in some cases by ceasing its
power of Europe.
ing
ored to get some of the real tional denominations, in other cases by diminishing the silver contents of
A special Railroad Bureau has lately endeav
could be done to counteract the activ- coins of the same nominal value; and
facts before our public, but much more
a serious and far-reaching
professional agitators. The board of
Whereas, Such tendencies, if unchecked, will have
indiities of well meaning reformers or
should keep in closer touch effect upon the monetary customs of the world and will directly and
rs and officers of each railroad company
directo
; and
of its property and with the ship- rectly injure one of the world's greatest industries—that of mining
with its own security holders and owners
ation of many
the investig
legitimate needs and aspiraWhereas, The subject is a complex one, requiring
pers, explaining what it is doing to meet the
;
at the same tline showing why abstruse and difficult problems and their consider4tion by many nations
tions of particular sections and classes,
do more harm now, therefore, be it
would
lar measures will not solve the problems but
particu
ntatives concurring), That
Resolved by the Senate (the House of Represe
than good.
a life insurance policy or who has the President of the United States appoint a commission of nine, to be known
Every American man or woman who has
ning
than three shall be members of
e directly concerned in maintai
as a "silver commission," of whom not more
a deposit in a savings bank, is likewis
of thousands of workmen the United States Senate and not more than three shall be members of the
credit and so are also those hundreds
railroad
system or in the factories that make United States House of Representatives; that such commission be authorized
who are employed on the transportation
or
supplies. A consistent educa- to communicate with such nations as may be feasible, either individually
railroad engines and cars or rails and other
,
; that such commission
g these millions and carried on in a spirit of fairness
a joint conference to be arranged for that purpose
In
tional campaign reachin
in the various
for members of Congress or others to in- shall use its influence toward the resumption of the use of silver
would soon make it unprofitable
due course it will monetary systems of nations which have abandoned or lessened its use and
bills such as many of those now pending. In
troduce
may tend
legislation for the protection of those shall also lend its influence toward the adoption of any step that
also make it easier to enact further
ion,
d securities, and will induce others to stabilize the value of silver in the world's market; that the commiss
that have already invested in railroa
.
advisable, shall redeem
in our country
e, thereby helping the prosperity of everyone
after such investigation and conferences as it may
to invest likewis
phase of the larger problem port to the President its recommendations and finding; that no compensation
After all, the railroad problem is only one
ed nation. How best to har- shall be allowed to any member of such commission, as such, but the actual
which now confronts every highly develop
"Labor" and how far the State, necessary expenses of the commission shall be borne by the United States.
monize the relations between "Capital" and
ns ofeither. "Capital"and "Labor"
assuch,should interfere with thefunctio
under obligation to the other and to
each has its rights, but each is also
TO CONFER IN
ly important at this time, when the AMERICAN AND CANADIAN BANKERS
the country as a whole. It is especial
of Europe are upon us, that
MONTREAL FEB. 5.
eyes of the old as well as of the new nations
an example how to solve
we, the greatest democracy of all, should furnish
ence
remind some of those, who so
American and Canadian bankers will meet in confer
this problem. It may be appropriate to
ng
other
, that every Ameritalk of our moral duty towards foreign nations
in Montreal, Feb. 5, to discuss business, banki and
loudly
zens, regardless of class or
n interest to the Dominion and
can also has duties towards his own fellow-citi
offair play of the Ameri- economic questions of commo
party. My own faith in the common sense and love
when prop- the United States. This announcement was made on Jan. 4
so strong that I do not doubt that public opinion,
can people is
ns in the true American spirit and
American Bankers Association, which has appointed
erly informed, will solve these questio
-Government the other by the
task of self
confer with a similar
in a way which will encourage in their
a Committee on Canadian Relations to
free nations of the world.
by the Cana-
ted
Committee on American Relations appoin
ation. The call for the conference is the'
dian Bankers Associ
July (and reoutcome of action initiated at Montreal last
our issue of July 29, page 509) by the Adminisferred to in
rs Association,
trative Committee of the American Banke
met there as guests of the Canadian Association. The
which
en Canadian and
contacts established at that time betwe
g that
American bankers, it is stated, developed the feelin
r of problems affecting the two countries
there were a numbe
an effective part.
In the solution of which bankers could take
felt also that there was opportunity to promote
It was
31 the Federal Reserve Bank
At the close of business on Dec.
mutual understanding among the business public of
ry in lieu offranchise tax for the year 1922, greater
to the United States Treasu
ints. David R. Forgan,
paid
represented its earnings during the year,less both countries of each other's viewpo
which
the sum of $1,862,509 29,
ons provided for by law. The corresponding figures President of the National City Bank of Chicago, is Chairman
expenses and deducti
94 and tor 1920 $39,318.510 65. In addition to
ttee. The other members are Frank
for 1921 was $20,702,439
the sum of $1,604,549 37 of the American commi
payments in lieu of franchise tax for 1922,
the
surplus. This represented an increment to W. Blair, President, Union Trust Co., Detroit, Mich.; B. C.
of
was paid to the Treasury out
se taxes in 1920 and 1921, and was in accord- McDougal, President, Marine Trust Co., Buffalo, N. Y.; W.
amounts paid in lieu offranchi
ts.
modified ruling govering the calculation of such paymen
ance with a
President, Old National Bank, Spokane, Wash.;
t made to the Treasury on Dec. 31 last, was $3,- D. Vincent,
Thus the total paymen
Daniel G. Wing, President, First National Bank, Boston,
8 66.
467,05
for the last three years declined from $60.The gross income of the bank
Mass.
,000 in 1921, and $11,341,000 in 1922. The
525.000 in 1920 to $34,705
ment In
The Canadian committee is headed by Sir Frederick Wilamount of earnings and the payment to the Govern
decline in the
was owing to the smaller
liams-Taylor, President of the Canadian Bankers Association
compared with those made in former years,
1922, as
Que.
Reserve Bank was called upon to make and the
volume of loans which the
and General Manager, the Bank of Montreal, Montreal,
prevailing during the year.
lower discount rates
ng the supply of The members of the committee are as follows: C. E. Neill,
conducting the business of the bank, includi
The cost of
$8,168,000 in 1921 to $6.777,000 in 192,2. General Manager, The Royal Bank of Canada, Montreal;
currency, was reduced from
onding reduction in the volume of work
was not, however, a corresp
General Manager, The Molsens Bank, Montreal;
There
largest departments of the bank, such for ex- E. C. Pratt,
In a number of the
done.
and the H. A. Richardson, General Manager, The Bank of Nova Scog the collection of checks, notes and drafts,
ample, as those handlin
volume of work increased. Also, as in the latter tia, Toronto; Sir John Aird, General Manager, The Canacustody of securities, the
portion of the expense of handling
the bank assumed the major
to; C. A. Bogert, General
half of 1921,
and notes, formerly reimbursed by the dian Bank of Commerce, Toron
Government certificates, bonds
er, The Dominion Bank, Toronto.
Manag
Treasury Department.
ts and other
OF NEW
NET EARNINGS OF FEDERAL RESERVE BANK
COMYORK LESS THAN 2 MILLION IN 1922 AS
D WITH 39 MILLION IN 1920
PARE
are reNet earings of $1,862,509 for the year just ended
the Federal Reserve Bank of New York, as comported by
8,511 in 1920,
pared with $20,702,440 for 1921 and $39,31
gross earnings for 1922 at $11,341,000 compare with
while
Bank
$60,525,000 in 1920 and $34,705,000 in 1921. The
yesterday
indicates this in the following statement issued
(Jan. 5).
of New York,
the departments handling the discoun
The volume of work in
dewas less, but the expense of operating these
earning assets of the bank
years has been only a small percentage
both now and in former
partments
main saving of the year in
ng costs of the bank. The
of the total operati
bank was the result of modified administraexpense of operating the
the
during the period of the
on experience not available
tive methods, based
bank to operate with a reduced
growth, which permitted the
bank's rapid
instances vacancies through
of the year. In many
were filstaff through most
and in other instances such vacancies
resignations were not filled,
AMERICAN BANKERS ASSOCIATION TO MOVE HEAD
TERS FROM HANOVER BANK BUILDING
QUAR
TO FORTY-SECOND STREET.
American Bankers Association will remove its headThe
y Savings Bank
quarters to the 18th floor of the new Bower
THE CHRONICLE
JAN.61923.]
31
Complete and exact details for the week covered by the
Building, 110 East 42nd Street, on May 1. In announcing
this the present week, the Association said:
foregoing will appear in our issue of next week. We cannot
In view of the pending proposal for removal of the Association's offices
furnish them to-day, inasmuch as the week ends on Saturday
from New York to Washington, D. C., which is under consideration by a apedal committee of 25, a flexible contract has been arranged providing for a and the Saturday figures will not be available until noon
ten-year lease subject to cancellation by the Association at the expiration of
the first year in the event removal to Washington should be determined upon to-day, while we go to press late Friday night. Accordingly
by that time.
in the above the last day of the week has in all cases had
Action in making a new lease at this time was rendered necessary by the
fact that the lease on the present headquarters in the Hanover Bank Building, to be estimated.
5 Nassau Street, expires May 1. It was, therefore, not possible to hold the
In the elaborate detailed statement, however, which we
matter open for final decision in regard to the Washington removal plan, nor
was sufficient space available at the present address for the expanded needs present further below, we are able to give final and complete
of the Association.
The new space, which occupies the entire top floor of the Bowery Savings results for the week previous-the week ending Dec. 30. For
Bank Building, is particularly advantageous for the purpose of the Associa- that week the increase is 23.4%, the 1922 aggregate of the
tion. The present quarters have seriously cramped needed expansion of faditties for the working headquarters staff, but under the new arrangements clearings being $7,174,980,540 and the 1921 aggregate
ample room, with light and air from all sides, will be afforded and make pos- $5,816,125,279. Outside of this city the increase is 26.9%,
sible a more efficient handling of the rapidly growing activities of the organization concentrated at the national head office. Provision for additional the bank exchanges at this centre having recorded a gain
space if needed later, should it be decided to remain in New York, is also covof only 20.8%. We group the cities now according to the
ered in the arrangements.
This location is also particularly suitable for the central office of a na- Federal Reserve districts in which they are located, and
tional organization such as the American Bankers Association, being as it is
at the focus of transportation and hotel facilities in New York City. It is al- again the noteworthy feature of the return is that every
most opposite the Grand Central Terminal and is surrounded by great hotels, one of these Federal Reserve districts records an increase
such as the Commodore, where the recent annual convention of the Association was held, the Biltmore, the Belmont and others; while the Pennsylvania as compared with the corresponding week last year. The
terminal and also the other leading hotels are within convenient distance. Boston Reserve District shows a gain of 34.3%; the New
New York's subway system also has its main focus at this point.
The new headquarters, furthermore, will also be near the heart of the new York Reserve District (including this city) of 20.9%, and
uptown banking district that has been created in this section during the last the Philadelphia Reserve District of 31.4%. The Clevefew years through the location of many banks here and the establishment of
land Reserve District records 15.5% inprovement; the Richbranches by several of the large downtown institutions.
mond Reserve District 30.6%, and the Atlanta Reserve
COURSE OF BANK CLEARINGS.
District 31.7%. In the Chicago Reserve District the inBank clearings show an increase over last year, but the crease is 31.8%; in the St. Louis Reserve District 40.1%,
ratio of increase is small
-due to a decrease at this centre. and in the Minneapolis Reserve District 25.3%. In the
Preliminary figures compiled by us, based upon telegraphic Kansas City Reserve District the clearings total is larger
adviees from the chief cities of the country, indicate that by 20.0%; in the Dallas Reserve District by 33.1%, and in
for the week ending Saturday, Jan. 6, aggregate bank clear- the San Francisco Reserve District by 13.6%.
ings for all the cities in the United States from which it is
In the following we furnish a summary by Federal Reserve
possible to obtain weekly returns will show an augmentation districts:.
SUMMARY OF BANK CLEARINGS.
of 2.2% as compared with the corresponding week last
year. The total stands at ,553,108,376, against ,366,Inc.or
Week ending Dec. 30.
1922.
1921.
Dec.
1920.
1919.
298,791 for the same week in 1922. Our comparative
$
$
Federal Reserve Districts.
$
%
$
summary for the week is as follows:
357,704,682 266,304,197 +34.3 350,348,306 456,193,286
9 cities
(1st) Boston
Clearings-Returns by Telegraph.
Week ending Jan. 6.
1923.
1922.
Per
Cent.
53,859.000.000
529,564,749
424,000.000
345,000,000
114,387,214
a
126,400,000
127,003,775
101,077,681
80,198,936
58,613,638
54,253,800,000
400,136,932
348,000.000
248,000,000
105,893,956
a
110,800,000
*130,300.000
61.353,000
57,866,329
35,501,384
-9.3
+32.3
+21.8
+39.1
+8.0
a
+14.1
-2.5
+647
+38.6
+59.4
Ten cities,4 days
Other cities, 4 days
35,763,223,993
1,079,262,708
85,751,651.601
941,387,432
+0.4
+14.6
Total all cities, 4 days
All cities, 1 day
$6,842,486,701
1,710,621,675
36,693,039,033
1,873,259,758
+2.2
+2.2
88,553.108.376
a No longer report clearings. • Es Imated.
$8,368,298,791
+2.2
Now York
Chicago
Philadelphia
Boston
Kansas City
St. Louis
San Francisco
Pittsburgh
Detroit
Baltimore
New Orleans
'
•
Total all cities for week
New York
9 " 4,138,434,337 3,422,362,664 +20.9 4,281,734,048 5,797,605,469
485,307,988 369,432,209 +31.4 453,174,916 507,047,138
Philadelphia ____ 9 9"
314,056,723 271,983,428 +15.5 374,590,949 367,221,901
Cleveland
152,497,496 116,752,089 +30.6 142,234,013 191,861,182
Richmond
6 "
161,707,707 122,818,839 +31.7 145,904,603 222,460,651
Atlanta
12 ''
766,253,632 581,459,82.8 +31.8 678,899,751 795,149,813
Chicago
19 "
65,729,2.33 46,923,072 +40.1 48,645,725 65,313,631
7 ''
81. Louis
114,230,447 91,134,657 +25.3 112,318,333 85,615,473
Minneapolis._
7 "
219,536,464 182,995,407 +20.0 238,626,542 357,353,397
(10th) KE10111111 City_ _11 ..
5 "
60,996,093 45,839,572 +33.1 49,583,793 76,136,626
(11th) Dallas
338,525,738 298,119,317 +13.6 296,872,868 329,883,582
14 "
(12th) San Francisco
7,174,980,540 5,816,125,279 +23.4 7,172,923,847 9,251,839,360
Grand total
117 cities
3,095,177,867 2,438,885,747 +26.9 2,947,840,337 3,514,825,357
Outside New York City
(2nd)
(3rd)
(4th)
5th)
6th)
7th)
(8th)
(9th)
28 cities 277.143.611
lanada
293.995.841
-5_7
339 461.338
394 PA1 TA
We now add our detailed statement, showing last week's
figures for each city separately, for the four years; also the
clearings for the month of December 1922 and 1921 and for
the full twelve months of the calendar years 1922 and 1921.
CLEARINGS FOR DECEMBER,SINCE JAN. 1, AND FOR WEEK ENDING DECEMBER 30.
December.
-
Cirartner at----------
1922.
1921.
Twelve Months.
lacer
Dec.
1922.
1921,
8
5
$
%
8
First Federal Rose rye District- Boston
-Bangor
Me.
3,843,845
4,607,700 -16.6
40,568,659
41.855,269
Portland
•14,000,000
11,809,218 +18.6
160,476,686
140,608,794
-Boston
Mass.
1,555.000,000 1,342.000,000 +15,9 18,453,000,006 14,328,413,721
Fall River
10,300,990
7,500,4433 +37.3
95,125,702
79,470,642
Holyoke
4,022,819
3,051,581 +31.8
42,309,243
43,632,988
Lowell
5,138,246
5,128,180 +0.2
59,153,472
56,819,399
a
Lynn
a
a
a
a
New Bedford
7,158.845
6,986,501 +2.5
79,991,080
47.033,903
Springfield
22,210,544
17,384,981 +27.8
232,505,380
210,452,607
Worcester
*2,800,000
15,658.621 +2.0
181,399,764
180,817,988
Cona.-1iartfOrd-- -46,794.764
40,665,947 +15.1
490,131,148
455,975,030
21.959,471
New Raven
21,419,206 +2.5
291,355,626
274,849.673
7,550,300
WaterbutY
7,763,900 -2.8
87,494,900
81,291,500
*55,000,000
R. I.-Providence48,810,300 +17.5
580,722,300 . 533,785,800
1,769,186,002 1,530,786,576 +15.6 18,794,233,958 16,501.807,314
Total (13 cit1es)
Seco-ci Federal Re serve District -New York-21,124,892
18,884,620 +11.9
238,831,875
N. Y.- -Albany
218,783,279
4,464,400
Bing`mmton
4,300,300 +7.4
52,889,078
47,999,221
138,393.4363
158,825,215 +18.6 2,010,651,043 1,811,485,206
BuftaIo
2,637,954
2,151,539 +22.6
Elmira
29,241.690
25,441,244
5,029,200
4,378,164 +14.9
Jamestown
56,118,315
48.298,470
18,898,843.691 18,475,589,539 +2.3 217,900,388,118 194,331,219,663
New York
*5,600,000
55,330,253
4,465,208 +25.4
Niagar.5 Falls
50.024,885
44.375,886
38,357,489 +15.7
Rochee or
491,705,769
453,315.987
18,328,781
15,805,168 +16.0
218,598,131
Syra•use
201,131,156
10.993.328
9,837,460 +14.1
Conti.-Stamford _
132,385,598
122,924,113
2,925,973
2,579,114 +13.4
N. J.-vlontelair_.- 23,087,947
23.507.936
85,918,262 Not included In total
Newark
k802,438,193 Not included in
5,186,390
4,571,413 +13.5
Orang • i
51,962,263
44,421,237
To:al (12 cities). __ 19,207,904,156 18,739,545,229
Week ending December 30.
Inc.or
Dec.
1922.
1921.
meet
Dec.
1020.
%
8
8
%
8
-3.1
1,405,032
+14.1
c
+14.8 330,000,000
+19.7
1,832,483
-3.0
a
+4.1
1,139,433
a
a
+8.0
1,298,419
+10.5
4,368,357
+0.4
02,800.000
+7.5
9,857,779
+6.0
5,003,179
+7.6
+8.8a
797,647
c
245.000,000
1,298,003
a
899,126
a
1,107,982
2,907,943
2,744,881
7,660,758
3,889,857
+13.9
266,304,197 +34.3
357,704,682
a
+76.1
c
+34.7
+41.4
a
+26.7
a
+17.2
+50.2
+2.0
+28.7
+28..
a
933,694
c
324,143,789
1,324,247
a
923,981
a
1,205,278
4,058,353
3,751894
9,222,065
4,785,005
a
350,348,306
1919.
II
886,166
c
421.549,172
3,206,119
a
637.658
a
2,169.126
5,878,127
4,711,281
11.403.643
5,951,994
a
456,193,286
+8.3
4,297,806
3,763,335 +14.2
4,400,000
4,0011,000
+10.2
702,300
1,114,400
666,700
666.700 +7.
+11.0 e37,706,458
28,003,681 +34.6
34,714,584
38.314,222
+14.9
470,318 Not included in total
+18.2
765,385 +19.5
d914,569
1,264,347
+12.1 4,079,802,6733,377,239,532 +20.8 4,225,083,510 5,737,b14,..,03
+10.6
+8.5
8,649,811
7,024,311 +23.1
9,830,255
13.506.900
+8.7
2,887,098 +19.
3.447,830
3,766,810
4,700,000
+7.7
d2,517,673
2,090,852
1,666,514 +51.1
555.944
-1.8
381,619
281,390
346,128 +10.3
total
+
.17.0
+2.5221.259.188.078 197,378,550,377 +12.1 4,138,434,337 3,422,362,664 +20.9 4,281,734,048 5,797.605,469
[VoL. 116.
TUE CHRONICLE
CLEARINGS (Continued).
Twelve Months.
December.
Week ending December 30.
Clearings at
1922.
1921.
Inc.or
Dec.
1922.
1921.
Inc.or
Dec.
$
$
$
3
%
%
Third Federal Res erre District- - Philadelphi a
.-Altoona
Pa
49,960,558 +12.6
5,308,260
4,C67,718 +34.7
56,257,331
Bethlehem
235,612,755
148.261.469 +58.9
18,992,599
23,822,407 -20.3
Chester
53,191,492 +2.9
5,883,693
4,452.286 +32.2
54,730,121
Harrisburg
197,115,683 +2.1
20,079,372 -9.4
201,210,296
18,200,340
Lancaster
131,125,175 +10.1
9,942,003 +2.0
12,010,172
144,366,794
Lebanon
30,983,622 -15.4
2,407,303 -10.6
26,204,214
2,153,023
Norristown
34,890,495 +15.1
3,063,490 +23.7
40,165.654
3,790,062
Philadelphia
2,171.000,000 1,904,000,000 +32 3 22,490,000,000 20,445,229,473 +10.0
Reading
129.163,674 +11.3
143,787,808
13,666,609 • 11,299,307 +20.9
Scranton
241,511,815 -3.0
21,336,802 +3.4
234,316,827
22.064,672
Wilkes-Barre
12.434,627 +15.2
136.894,949 +7.4
14,318,272
147,075.707
York
66,859,863 +1.5
5,607,478 +6.8
67,854,865
5,988,941
N.J.-Camden
a
a
a
a
a
a
Trenton
183,436,701 +13.4
17.194,509 +18.6
208,043,847
20.384,359
a
-Wilmington
Del.
a
a
a
a
a
Total(13 citles)
1922.
1921.
Inc.or
Dec.
1920.
$
$
%
$
1919.
$
1,050.768
3,859,820
c
882.000 +19.1
4,016,107 +3.9
c
c
801,908
3,545,539
c
858,944
2,540,628
1,757,71
2,100,000
2,000,000
+32.3 432,332,659
+23.1
2,338,572
+18.1
4,758,642
+17.8
2.684,599
-12.1
1,179,253
489,596,553
3,197,410
3,909,531
2,400,000
1,430,673
350,000,000
2,585,797
e4,774,945
e2,554,921
1,045,552
350,000.000
2,099.920
4,044,201
2,168,512
1,189.892
+44.5
c
3,895.557
a
3,273,857 +19.0
a
a
3,435,804
a
3,654,027
a
+9.7
485,307,988
369,432,209 +31.4
453,174.916
507,047,138
326,285,000 -7.0
29,663,000 -18.9
303,599,000
24,055,000
177,118,844 +4.9
13.688.442 +44.7
185,734,328
19,805.501
246,404,613 +16.1 3,002,696,354 2,800,971,276 +7.2
286,105,824
359,609.358 +21.4 4,648,443,230 4,666,948,126 -0.4
436,447,165
660,408,100 +10.7
731,173.700
59,246,800 +8.9
64,535,500
a
aa
a
a
29,057.518 +14.3
2,991,244 -13.3
347235,938
2,592,860
43,203.848 -6.8
3,518,265 -4.0
40,268,510
3,376,893
16,918,319 -3.1
1,108,243 +29.7
16,394,416
1,437,263
64,242,584 +1.8
4,983,273 +20.4
65,379,087
.6,000,000
9
a
a
9
a
a
a
a
a
a
a
a
12,733,319 +37.2
188,369,061 +1.2
190,631,435
17,470,025
32,600,761 +1.3
2,549,899 +24.3
33,122,920
3.168.537
a
a
9
a
a
a
17,337,138 +0.3
1,463,062 +5.8
17,390,848
1,547,733
667,206,895 .694,000,000 -3.9 6,864,842,764 6,808,206,145 +0.8
71,722,888 +22.1
5,735,336 +46.5
87,579,184
8.403,771
223.827,117 +2.6
20,589,845 -9.7
229.627,472
18,602,358
e4,563,000
3,641,856
59,202,898
88.002,683
13,113.600
a
+2.7
+50.6
+24.5
+39.1
+14.2
a
7,374,000
3,597,993
57,490,506
120,231,980
12,355.900
a
8,925,000
4,018,601
65,550,985
121,526,373
14,370,900
a
748,869
1,150,000
c
a
c
a
a
4,500.000
2,307,965,249 2,035,195,016 +13.4 23,923,962,705 21,803,514,840
Fourth Federal Re serve District -ClevelandOhio-Akron
Canton
Cincinnati
Cleveland
Columbus
Dayton
Hamilton
Lima
Lorain
Mansfield
Springfield
Toledo
Youngstown
-Beaver CountyPa.
Erie
Franklin
Pittsburgh
Ky.-Lexington
VV. Va.-Wheeling.... _
Total (15 elties)
1,560,755,325 1,458,284,699
Fifth Federal Rese rve District- Richmond
W. Va.-Huntington.
8,665,124
7,471,500
Va.-Newport News_
a
a
Norfolk
34,194,775
40,707,026
Richmond
230.104,179
208.985,030
-Asheville
g. C.
a
a
.Raleigh
6,861,633
11.208,710
a
Wilmington
a
.
-Charleston_ _
3. C.
10,572,148
9,375,137
Columbia
8,904,946
11,439,078
dd.-Baltimore
309,876,504
398,592,687
Frederick
1,643,015
1,760,917
Hagerstown
2,849,767
2,303,139
-WashingtonD. C.
86,309,102
91,550,331
Total(10 citles)--- -
806,252,956
827,540.438
+2.0
-2.0
a
+5.5
+10.1
a
+44.7
a
-6.3
+8.8
+10.6
-14.8
+1.4
+11.9
598,674
678,216 -11.7
c
a
a
3,475,419
c
c
a
a
a
a
.2,154.906 +61.3
a
137,464,777
3,993,816
314,056,723
a
a
a
4,300,000
a
164,405,712
a
142,656,950
136,000,000
+1.1
3,976.044
+0.4
4,085,989
4,523,092
271,983,428 +15.5
374,590,949
367.221,901
1,787,257
1,215,800 +47.0
1,415,260
e7,301,015
46,176,167
5,941,606 +22.9
35,167,425 +31.3
6,612.207
39,530,748
+16.0
a
+19.0
+10.1
a
+63.3
a
-11.3
+28.5
+28.6
+7.2
+23.7
+6.1
84.745,800
a
378,724,140
2,303,690,341
a
95,719,124
a
118,654,406
110,450,926
4,141,820,192
20,320,745
32,712,294
980,491,621
86,508,000
a
359,033,009
2,091,674,217
a
66,167,871
a
126,609,427
101,534,211
3,745,337,258
23,850,647
32,264,783
876,405,707
17,312,781
14,927,018 +16.0
14,103,271
677,121,822 +19.1
8,267,329,589
7,509,385,130 +10.1
152,497,496
116,752,089 +30.6
142,234,013
191,861,193
+11.0
+41.4
+8.7
+300
+4.7
+15.7
+23.0
a
+23.1
+17.8
+55.3
+11.9
+13.0
+6.1
+20.3
+52.4
+25.5
281,579,000
142,737,597
898,067,590
2,191,186,831
94,691,236
40,543,291
65,072,523
a
514,437,052
114,148,072
1,124,592,825
91,394,244
72,374,452
44,238.306
42.140,553
18,166,114
2,210,181,869
269,037,000
149,401,416
845,509,812
2,108,957,591
101,318,893
39,359,041
63,519,418
a
487,697,668
118,325,378
899,335,312
83,758,004
68,215,190
37,067,366
33,752,598
16,506,417
2,450,555,843
+4.7
-4.5
+6.2
+3.9
-6.5
+3.0
+2.4
a
+5.5
-3.5
+25.0
+9.0
+0.1
+19.3
+24.9
+10.1
-8.1
5,262.057
2,713,039
16,663,697
e45,627,000
1,707,046
+23.3
+31.0
+19.8
+30.0
-13.8
6,000,000
2.485,748
15,684,965
40,278,879
1.755,045
6.605,370
3,060,398
22,574,832
71,838,973
4,812.761
1,245,834
a
10,548.744
928,209 +34.2
a
a
8.418,194 +25.3
.1,800.000
a
10.513,367
*2,200,000
a
10.160.138
e24,303,000
1,726.704
15,647,292 +55.3
1,643,088 +5.1
15,790,335
2,000,000
16.473,642
2,200,000
659,797
583,407 +13.1
491,362
494,136
278,968
50,971,821
252,759 +10.4
38,016.521 +34.1
243,552
48.861,330
592,909
81,441,492
679,602,557 +21.8
7,945,461,555
7,727,317,347
+2.8
161,707,707
122,818,839 +31.7
145,904,603
222,460,651
d153,366
693,482
111.978.930
'
5,157,703
149,816 +2.4
320.000 +116.7
02,383,000 +21.2
133,765
375,000
76,667,054
200,000
347,015
86,000,000
+8.3
4,543,158
6,423,417
1.480,803
2,066,132
1,315,000 +12.6
1,648,680 +25.3
1,200,000
1,613,074
1,300,000
2,010,027
16,032,000
2,085,163
13,872,000 +15.6
1,217,078 +71.3
13,500,000
1,400,000
15,454,000
1,600,000
28,634,558
22,363,522 +28.0
25.360,732
29,114,713
Sixth Federal Rese rve District- Atlanta
26,634,000 .24,000,000
Penn.-Chattanooga _
12,152,393
17,188,645
Knoxville
75,197,303
81.739,960
Nashville
192,362,325
226,708,948
Ia.-Atlanta
8,979,930
8,577,636
Augusta
3,601,028
4,166,842
Columbus
6.444,185
5.238,332
Macon
a
a
Savannah
41,267,116
50.813,638
ria.-Jacksonville
10,823,304
12,750,656
Tampa
89,644,783
121.570,550
att.-Birmingham
7.814.495
8.746.963
Mobile
6,379,452
7.206,736
Montgomery
3,713,796
3,501,463
.11ss.-Jackson
3,081.947
2,562,645
Meridian
1,555,323
2,369,670
Vicksburg
194,924.959
245,423.972
-New Orleans_ _ _
A.
Total (16 cities)
+7.0 16,449,119,186 16,128,206,725
4,443,000
2,418,184
47,549,654
63,284.124
11,479,300
a
1,905,552
78.014.724
8,927.473
61,132,163
+3.5
3,000,000
3,500,000
57,658,625 +35.3
77,572,527
102,576,910
1,841,615
4,266,123
2.070,366
13.910.585
35,102,123
1,980,172
.
15,724,683'
Seventh Federal R eserve Distric t-Chicago10.233,248 +12.7
11,536,895
910,001 -5.8
857,422
tich.-A drlan
30,119,761 +18.9
35,824,523
39
3,321;11
2,528,234 +31.4
Ann Arbor
413,578,844 +24.6 5,389,251,503 4,648,490,380 +15.9
515.421.247
Detroit
74,941,907 +1.7
76,178,622
6,300,000 +18.5
7.462,860
Flint
291,514,444 +7.9
314,626,264
26,482,941 +1.5
26,874.563
Grand Rapids
62,388.440 +7.2
66,857,149
6,211,974
5,023.618 +23.4
Jackson
97,796.544 -4.0
93,893,360
9,533.434
7,359,544 +29.5
Lan.ing
92,206.238 +9.5
101,017,089
9,917,327
8,796,914 +12.7
nd.-Fort Wayne_ _ _
57,483,401 +129.9
132,175,000
15,233.352
4,300,000 +254.3
Gary
785.350,000 +16.0
910,881,000
74,981,000 +19.4
89,520,000
Indianapolis
96,804,205 +13.1
109,491,683
10,855,563
7,090.314 +53.1
South Bend
10,294,652 Not Included in total
Terre Haute
144.070,246
120,978,262 +19.1 1,569,987,895 1,445,267,846 +8.6
Vis.-Milwaukee.......
33.792.796 -4.8
32,173,212
2,754,444
2,542.799 +8.3
Oshkosh
93,844,934 +8.8
9,110,876
102,089.566
8.015,533 +13.7
Madison
105,697.475 +2.3
108,153,795
9,391.646
7,594.010 +23.7
Dwa-Cedar Rapids.
533,336,560 Not Included In total
44,999,230 Not Included In total
Davenport
459,177,930 +6.8
41,812,109
41.152.365 +1.6
490.365,390
Des Moines
30,186,580 +5.2
31,766,662
2,889.235
2,455,089 +17.7
Cltv
Iowa
27,320,208 -2.3
2,432,900
2,285,232 +6.5
26,700,598
Mason city
284,871,895 +2.1
22.544.298
18.904.588 +19.2
290.854.113
Sioux City
69,770,097 -2.2
68,205,756
5,182,740 +2.0
*900.000
Waterloo
45,108,115 +10.5
4,397,357
3,563,401 +23.4
49,841,704
I1.-Aurora
68,788,060 -3.0
5,236,107 +19.0
66,744,892
6,229,322
Bloomington
2.560,757,829 2,224,666,807 +15.1 28,036,204,344 25,974,692,057 +7.9
Chicago
a
a
a
a
a
a
Danville
58,129.169 +0.2
58,245,449
5,086,812
4,729,927 +7.5
Decatur
190,650,996 +7.1
16,052,261 +22.3
204.123,875
19,637.290
Peoria
95,562,813 +5.8
101.080,277
11,408,869
8,000,000 +42.6
Rockford
124,002.050 -6.6
9,757,485
9.667.223 +0.9
115,864,944
Springfield
1,258,394
572,471,000
a
864,889
3,816,247
1,710,118
1,904.768
948,971
422.464,105
a
732.250
2,824,305
1.520,000
1,599.835
+9.2
766.253,632
581,459,828 +31.8
678,889,751
795,149,813
+21.1
+13.9
a
5,142.016
3,505,183 +46.7
3,986,094
4,725,313
Total (27 cities).... 3,552,936,716 3,038,387,854 +16.9 38,594,135,560 35,354,192,489
Eighth Federal Re serve District -St. Louis9,016,273
11,226,692
pl.-Evansville
505,329
584,761
New Albany
a
a
fo.-St. Louis
a
a
Springfield
115,585,802
135,580,375
-Louisville
y.
3,986.569
3,495,721
Owensboro
7,718,300
7.397,693
Paducah
85,520,887
117,505,738
enn.-Memphls
39,816,458
56.187,032
rk.-Little Berk...
1,312,254
1,473,448
linols--JacksonvIlle_
5,300,000
.900,000
Quincy
Total (9 eitles)
339,837.335
4,763,810
1.803,047
1,392,019 +29.5
1,643,093
2,754,280
8,702.437
7,471,367 +16.5
7,014,617
11,230,604
4,542,505
*900,000
3,591.560 +26.5
882,510 +2.0
4,547,753
1,084,602
0,323,000
+32.6
+35.5
a
+18.1
+35.1
+12.5
+19.1
1,752,664
1,506,251
1,025,298
530,430,947 014,981,496
a
a
1,421.130
917,015
4,937,688
3,469,031
2,285,455
1,747,090
2,508,073
2,208,513
+24.5
+16.3
a
a
+17.3
-12.3
-4.2
+37.3
+41.1
+12.3
+0.9
118,735,000
6,840,775
a
a
1,336,370,702
23,860,814
86,428,750
984.068,708
499,708,913
16,586,572
67,407,373
98.029,000
6,006.530
a
a
1,199,298,211
22,993,465
78,393,734
819,009,454
459,412,342
17,653,042
65,438,802
+11.4
+3.8
+10.2
+20.2
+8.8
-6.0
+3.0
27,629,831
552,529
19,666.730 +40.5
391,694 +41.1
21,692,556
299,311
15,882,016
1,220,510
20,765.203
10,396.904
267,583
.900,000
14,759.322 +40.7
7,440.700 +39.7
267,583 +28.1
891.860 +09
13,426.605
7,233.500
909,908
1,106,751
30,564,375
10,413,683
822,797
1,685,137
268,761,872 +26.4
3,140,007,607
2,766,234,570 +13.5
65,729,233
46,923,072 +40.1
48,645,725
65,313,831
a
a
a
a
a
a
JAN.6 1923.]
THE CHRONICLE
33
CLEARINGS (Concluded)
December.
Twelve Months.
Clearings at
1922.
Inc.or
Dec.
1921.
$
$
%
Ninth Federal Res erve District -Minneapoll s34,901,439
Nlinn.-Duluth..
26,525,423 +31.6
Minneapolis
338,467,625
284,673,015 +18.9
•1,800,000
Rochester
1,662.158
+8.3
St. Paul
122,420.788
142,561,212 -14.1
N. 53.
-Fargo
9,070,266
8,508.425 +6.6
Grand Forks
4,552,000
5,596,000 -18.7
Minot
1,624,013
1,166,731 +39.2
-Aberdeen
S. D.
5,969,149
5,746,683 +3.9
Sioux Falls
12,364,046
9,750,229 +26.8
-Billings
Mont.
2,787,338
2,659,102 +11.2
Great Falls
4,149,950
4,059,309
+2.2
Helena
17,414,786
18,657,870 -2.3
Lewistown
*2,000,000
1,616,093 +23.8
Total (13 cities).
557,521,400
1922.
1921.
$
$
%
320,577,907
3,369,928,782
21,467,258
1,599,711,134
98,823,500
52,200,000
15,351,794
63,794,321
136,602,027
30,344,029
42,974,637
168,686,911
17,410,360
334,987,342
3,355,654,989
21,553.997
1,662,501,656
102,431,095
63,889,262
14,632,537
63,704,876
115,737.719
38.271.751
55,806.848
163,848,372
23,916.658
5,937.872.700
6,016,937,102
24,870,877 -22.1
29,004,354 -2.5
1 74,144,975 +15.3
1,903,158,686
+4.1
215.767.252 +3.4
a
a
a
a
143,935,182 -0.3
556.080,929 -3.6
53,860,820 +22.9
7,537.160,601 -9.6
a
a
a
a
a
a
a
a
1,214.391,012 -9.0
a
a
53,841.091
1,551,636.801
40,394,514
50,096,140
1,527,547,230
41,480,801
982,454,886 +17.4 12,761,339.871 13,471,497,959
513,182,250
+8.6
Eleventh Federal Reserve Distr let-Dallas
6,383,684
-Austin
Texas
6.973,784
Beaumont
a
a
150,038,504
Dallas
116,330,216
22,110,715
El Paso
18,800.000
53,735,837
52,963.757
Fort Worth
35,029,650
32,198,395
Galveston
112,576,166
Houston
106,022,688
2,204,983
1,676,717
Port Arthur
2,637,417
Texarkana
2,080,713
10,866,030
10,137,220
Waco
8,929,867
Wichita Falls
7,697,827
19,711,580
La.
17.277,043
-Shreveport
1921.
Inc.or
Dec.
1920.
$
-1.3
19,385,003
28,265.767
200,821,198
1,981,529,345
223,087,214
a
a
143,491,433
536,121,305
66,213,000
6,811,486,974
a
a
a
a
1,105,066.226
a
1922.
-4.3
+0.4
-0.4
-3.8
-3.5
-18.3
+4.9
+0.1
+18.0
-20.7
-23.0
+3.0
-27.2
Tenth Federal Res erve District -Kansas Cit y- •
Neb.-Fremont
1,838,083
1,679,019 +9.5
Hastings
2,218,431
2.037,275 +8.9
Lincoln
17,415,151
13,987,089 +24.5
Omaha
178,928,028
148,329,623 +22.3
Kan.
-Kansas City
23,210,712
17,226,829 +34.7
Lawrence
a
a
a
Pittsburgh
a
a
a
Topeka
13,549,084
11,772.843 +15.1
Wichita
43,188,629
43,974,659 -10.8
Mo.-Joplin
7,133,000
4,836,104 +47.5
Kansas City
610,049.276
562.070,069 +8.5
St. Joseph
a
a
a
Okla.
-Lawton
a
a
a
McAlester
a
a
a
Muskogee
a
a
a
Oklahoma City
106.004,118
90,858,295 +16.7
a
Tulsa
a
a
4,837892 Not included in total
Colo.
-Boulder
4.837,892
Colorado Spring5-.
4.813,157 +0.5
141,295.618
Denver
79,962,238 +70.7
3,505,808
2,907,686 +20.6
Pueblo
Total (13 cities).- 1,153,173,830
Week ending December 30.
Inc. or
Dec.
$
%
$
1919.
•
$
e5,126,445
69,430,418
3,747,922 +36.8
49,421,000 +40.5
8,438,218
63,000,000
6,921,607
48,700,781
32,888,668
1,798,258
31,83.5,777 +3.3
1,400,594 +28.4
34,812.885
1,987.281
22,183,608
2,773,263
1,400,000
1,597,563
932,354
1.187,612
+2.3
1,747,595
2,251,039
114,230,447
91,134,657 +25.3
112.318,333
85,615,473
333,408
405,762
3,380,543
36,557,665
262,298 +27.1
393,430 +3.1
2,299,797 +47.0
27,289,420 +34.0
500.000
404,928
4,000.000
33.198,761
668,568
723,12.5
4,709,041
58,396,135
2,826.093
e8,411,000
2,165,249 +30.5
7,838,136 +7.3
2,925,731
8,182,296
3,406,937
13.475,872
126,500,230
a
109,613,215 +15.4
a
a
145,837,318
a
241,830,103
a
a
20,989,201
a
a
a
16,907,469 +24.1
a
a
a
21,055.563
a
a
10,933,602
a
+7.5
+1.6
-2.6
650,000
18,536,937
1656,648
650,000 +44.5
15,094.116 +22.8
482.277 +36.2
300,000
21,540,692
681,253
800,000
21,728,357
681,657
-5.3
219,536,464
182,995,407 +20.0
238,626,542
357,353,397
-8.5
a
+29.5
+17.6
+1.5
+8.8
+6.2
+31.5
+26.8
+7.2
+16.0
+14.1
80,003,677
a
1,419,062.304
241,249,264
577,294,10(
368,282,23(
1,243,611,708
21,294,089
25,861,015
133,174,976
94,787.131
225,783,778
4,430,404,273
4,309,391,924
a
1,658,144,334
526,755,000
a
70,631,111
c
15,863,946
1,600,507,595
71,333,000
671,653,915
a
a
a
1,511,348,283 +9.7
518,456,000 +1.6
a
a
68,653,714
+2.9
c
c
14,394,311 +10.2
1,528,445,024 +4.7
e0,439,000 -21.1
661.686,278 +1.5
a
a
51.294,804
238,657,196
250,496,441
5,152,311,000
38,415,444
680,053,882
200,271,022
30,598,014
323,673,518
156.988.313
7,274,000,000
117,315,976
48,275.720
25,604,390
125,315,000
59,040,379
226,657,300
181,639,876
4,211,189,000
35,911,884
543,092,161
161,701,121
24,241,933
284.417,587
138,665,592
6,629,000,000
92,064,797
42,452,548
21,516,807
249,179,300
3,386,418
1,275,926
1,431,399 -10.9
1,500,000
2,000,000
37,627,303
22,686,655 +65.9
24,592,853
42,835,545
10.772.871
7,622,516
a
10,401.000
8,330,885
a
11,458,774
8,432,166
a
18,923,877
8,277,204
a
+3.6
-8.5
a
3,697,477
2,989,633 +23.7
3,600,000
4,100.000
60,996,093
45,839,572 +33.1
49,583,793
76,136,626
29.955,516
a
a
1,128,250
25,485,937 +17.5
a
a
a
a
1,128,250 -11.8
24,943,018
a
a
1,400,000
37,235,682
a
a
1.799,974
26,607,253
24,846,824
+7.1
25,641,099
30,036,92'2
14,823,000
a
a
12,423,406 +19.3
a
a
a
a
16,000.030
a
'
a
20,302,620
a
a
4,155,800
5,398,237
106,550,000
3,384,540 +22.8
2,719,891 +98.5
84,667,000 +25.9
3,849,305
2,775,888
76.065,000
4,238,407
2,296,270
56,033,000
11,008,000
3,548,712
9,290,263 +18.5
2,389,926 +48.5
8,553,905
2,557,219
8,566,344
1,757,990
e5,188,191
a
125,700,000
1,863,146
760,125
4,152,417 +24.9
a
a
124,100,000 + 1.3
1,400,000 +33.1
556,363 +36.6
9,712,974
a
123,300,000
2,000,000
589,560
6,093,347
' a
153,665,369
2,262,157
+2.8
-13.1
+5.3
+37.9
+22.4
+7.0
+25.2
+23.9
+26.2
+13.0
+13.2
+9.7
+27.4
+13.7
+19.0
-49.7
838,916 +33.1
5,040,300 +11.2 .
3,386,418
73,463.056
+8.9
a
a
1,301,332,809 +9.0
260.721,121 -7.5
612,142,408 -5.7
383,317,456 -3.9
1,200,770,776
+3.6
20,065,693 +6.1
26,120.944 -1.0
126,827.120 +4.2
107,078,853 -11.5
196,551.688 +14.9
._ _
424,824,433
Total (11
372,158.360 +14.2
cities)Twelfth Federal R eserve Distric t
-San Franc lace
a
Wash.
a
-Bellingham
a
146,787,363
Seattle
142,149,786 +3.3
48,915,000
Spokane
45,878,513
+6.6
a
Tacoma
a
.a
5,963,228
Yakima
6,909,195 -13.7
c
-Boise
Idaho
c
c
-Eugene
Ore.
1,545,847
1,072.677 +44.1
136,966,387
Portland
130,244,025 +5.2
7,839,000
Utah-Ogden
9,004,678 -12.9
Balt Lake City
77,476,686
69.572,268 +11.4
Nev,-Reno
a
a
a
-Phoenix
7,848.630 Not included In total
Ariz.
allf.-Bakersfield
4,249,076
4,483,388 -5.2
26,246,344
Fresno
21,587,402 +21.6
28,924,838
Long Beach
17,275,888 +67.4
Los Angeles
516,301,000
407,624,000 +26.7
3,687,107
Modesto
3,252,655 +13.4
66,677,129
Oakland
54,877,545 +21.5
19,683,731
Pasadena
15,123,869 +30.2
3,084,177
Riverside
2,081.672 +48.2
30,929,455
Sacramento
27,953,036 +10.6
14,943,832
San Diego
12,026,477 +24.3
San Francisco
659.200.000
613,500,000 +7.4
San Jose
10.420.276
9,183,770 +13.5
4,771,016
Santa Barbara
3,798,278 +25.6
2,617,412
Santa Rosa
1.345,438 +94.5
Stockton
11,123,000
22,577,700 •-50.7
1,116,930
5,040,300
d 1,972,100
1,574,500
1,828,351,904 1,621,522,320 +12.8 14,181,000,932 17,294,192,895
-18.0 338,525.738 298,119,317
-3rand total(174 cities) 34,336.249,744 31,917,003,441
+7.6 375,684,056,014 346,261,228,672 +8.5 7.174,980.5405,816,125.279
)utside New York._ 15,437.406.053 13.441,413.902 +14.8 157,783.669.898151.930.009.009
+3.9 3.095.177.667 2 438 885.747
Total(22 cities). _ _ _
+25.3
4,484,900
5,592,500
+13.6
296.872,86S
329,880,582
+23.4 7,172,923,847 9,251,839,360
-1-26.92 817.840.337 3.514.825.357
CANADIAN CLEARINGS FOR DECEMBER, SINCE JAN. 1, AND FOR WEEK ENDING DECEMBER
29.
December.
Twelre Months..
Clearings al
1922.
CanadianMontreal
Toronto
Winnipeg
Vancouver
Ottawa
Quebec
Halifax
Hamilton
Calgary
St. John
Victoria
London
Edmonton
Regina
Brandon
Lethbridge
Saskatoon
Moose Jaw
Brantford
Fort William
New Westminster__ _ _
Medicine Hat
Peterborough
Sherbrooke
Kitchener
Windsor
Prince Albert
Moncton
Kingston
$
469,607,960
484,231,755
269,908,255
60,503,528
35,832,468
25,140,722
14,935,552
24.632,620
28,352,433
12,492,167
0,003.294
13,038,661
19,982,004
20,645,280
3.240.032
3,184,105
7,739.374
6,580,384
4,756,064
4,195,388
2,130,660
1,695,849
3,450,256
3,485,369
4,746,357
13,663,654
1,729,922
4,788,628
2,907,746
Total(28 eities)
1921.
$
532,331,302
464,721,741
269,626,797
58,571,898
36,441,913
24,348,195
15,126,916
24,904,809
26,791,758
12.539,363
10,677,540
14,634,090
23,662,906
19,229,503
3,499,289
3,179,240
9.119,521
7.064,998
5,006,172
4,036,532
2,583,023
1,898,946
3,645,293
3,742.203
4,563,587
13.610.688
1,729,826
4,255,525
3,767.219
Inc. or
Dec.
or
,0
-11.8
+4.2
+0.1
+3.3
-1.7
+3.3
-1.3
-1.1
+5.8
-0.4
-15.7
-10.9
-15.6
+7.4
-7.4
+0-2
-15.1
-6.9
-5.0
+3.9
-17.3
-10.7
-5.3
-6.9
+4.0
+0.4
+0.0
+12.5
-22.8
1922.
8
5.093,942.672
4,974,947,873
2.563,938,704
683,064,537
370,775,449
284,484,623
160,112,237
283,272,009
263,240,201
142.488,125
105,773,654
147,787,996
234,211,250
180.949,431
32,992,338
31,069,140
87.892.573
64,035,266
54,505,032
41,147,691
27,367,208
17,767,358
37.100,117
43,259,748
52,490,715
170,789.802
17,974,160
48,237,865
34,679,436
•
1921.
Inc. ot
Dec.
8
,
%
5,720,258.253 - -10.9
1
5,105,893,766 -2.6
2,682.441,103 -4.4
708,205,932 -3.6
404,237,674 -8.3
302,491,488 -6.0
181,802,598 -11.9
297,932,727 -4.9
335.465.202 -21.5
147,301,169 -3.3
122,416,239 -13.6
161,956,960 -8.7
260,888,619 -10.2
203,659,641 -11.2
39,282,713 -16.0
35,350,739 -12.1
100,553,190 -12.6
74.739,761 -14.3
62,235,591 -12.4
43,619.961 -5.7
30,737,565 -11.0
21,848,524 -19.0
44,195,516 -16.1
53.641,710 -19.4
51,159,584
+2.6
162,268,354 +5.3
Not includedi n total
56,262,833 -14.3
933,872,694
+2.4
Week ending December 28.
1922.
1921.
Inc.or
Dec.
1920.
1919.
S
8
$
8
%
80.217,741 101,171,632 -20.7 107.648,577 122,130,601
'88.522,653
86,885,442 +1.9
82.769,146
84.211,630
44,436,710
42,894,274
00,694,810
+3.6
44,170.822
11,801,702
11,577,396 +1.9
16,777,284
12,425.144
6,291,475
6,080,117
7,569,697
+3.5
9,394.614
5,234,986
4,805,736
6,569,346
5,117,255
+8.9
2,514,323
2,778,623 -9.5
3,328,563
3,957,919
5,267,871
4,901,673 +7.5
.5,871,282
5,894,305
4,8.55,175
4.729,490 +2.7
7,217,951
7,370,296
2,861,662
2,411,769 +18.7
2,707.817
2,995,117
1,875,111
2.029.499
2.256.798 -16.9
2,115,302
2,874,107
2,833,836
2,793,106
+1.4
2,938,653
3.906,823
3,763,391
+3.8
4,893,531
5,181,156
3,704,712
4,234,168 -12.5
4,300,606
3,847.216
609.802 ,
663,820 -8.1
723,896
777,074
524,208
526.823 -0.5
729,442
729,955
*1,500.000
1,709.463 +12.2
1,989,311
1,962,977
1,286,607
1,573,836
1,188.399
1,654,965
+8.3
1,021,994
930,428 +9.8
1,149,124
1,025.710
882,124
952,996
757,985 +16.4
873,500
475,030
588,689
555,244 -14.4
525,206
346,074
435,729
363,789 -4.9
465,831
754,973
867,863
736,396
+2.5
765,701
729.594
1,072,567
828,371 -11.9
970,664
965.858
957,926
941,415
840,392 +14.9
2,469,527
3,082,866
1,933,747
2,299,820 +7.4
340,171
388,593
345,620 -1.6
484,999
872,598
797,285
+2.1
854,946
601,825
735,346 -18.2 Not included In total
,
277.143,611 293,925,841 -5.7 330.48L338 324.861.775
1.554.876.485 1.608,580,967 -3.3 16.232,163,050 17,444,720.106
-6.9
a No longer repor clearings or on y give debits against individual accounts, with no
comparative figures for previous years.
b Report no clearings, but give comparative figures of debits: we apply to last year's clear
ngs
C Do not respond o requests fort gures. d Week ending Dec. 27. a Week ending Dec. 28. the same ratio of decrease (or increase), shown by the debits.
1 Week ending Dec.29. 9 Ten months. k Since Mar. 15. * Estim'd.
THE CHRONICLE
34
[VoL. 116.
time National Bank Examiner assigned to the New York DisBANKS, TRUST COMPANIES, ETC. trict, has been appointed a Vice-President of the Harriman
ITEMS ABOUT
Jan. 1 1923.
A New York Stock Exchange membership was reported National Bank of New York City, effective
being stated
posted for transfer this week, the consideration
as $95,000. The last previous sale was at $93,000.
The Harriman National Bank on Jan. 4 declared a semiannual dividend of 5% and an extra dividend of 5% on Its
of $1,000,000, payable Jan. 5 to stockholders of
William E. Ford has been appointed credit manager of the capital stock
record Jan. 4. The initial dividend of the Harriman NaNew York Trust Co.
tional Bank was 100%, declared in January 1917, since
which time the institution has paid a regular dividend at the
The U. S. Mortgage & Trust Co., of this city, announces rate of 10% per annum, with extra dividends each half year,
the opening of its new and enlarged banking rooms and safe beginning with 3% in January 1921 and increasing to 5%
deposit and storage vaults at this branch, 125th Street at extra thereafter.
8th Avenue. This office now constitutes a complete banking
unit through which the company's service is made available
The condensed statement of condition of the Guaranty
to residdnts and business houses in the section adjacent.
Co. of New York as of Dec. 30, issued Jan. 3, shows
deposit and storage plant has been completely re- Trust
The safe
space and a deposits of $491,868,772 96, as compared with $466,217,734 39
modeled and enlarged, affording much added
the time of the last published statement, issued Nov. 15.
number of new conveniences. A fully equipped women's de- at
profits are $17,920,065 89, as coma woman representative, has been Surplus and undivided
partment, in charge of
pared with $17,654,620 14 on Nov. 15, and total resources are
Installed. This office was opened by the company in 1907,
$605,630,637 30, an increase of more than $30,000,000 over
since which time it has handled a constantly increasing volNov. 15. The Guaranty Trust Co. made a distribution to its
ume of business. Of late years the demands for additional
employees on Jan. 4 under its regular profit-sharing plan,
space became so insistent that the company decided on plans
amounting to more than 4% of their yearly earnings.
calling for thorough-going changes. Eugene W. Dutton, As-sistant Treasurer, will be in charge of this office.
The merger of the Industial Bank of New York, located at
Fourth Avenue and 27th Street, Manhattan, into the ManuThe death on Dec. 28 of Windham Baring, Managing Di- facturers Trust Co., became effective on Dec. 19, when the
rector of Baring Bros. & Co., Ltd., and Director of the Buenos proposal (referred to in our issue of Dec. 9, page 2544) was
Aires Great Southern Railway Co., was reported in cable- ratified by the respective stockholders. This consolidation
gives the Manufacturers Trust Co. resources of more than
grams from London. Mr. Baring was born in 1880.
$70,000,000 and eight offices in Manhattan, Brooklyn and
Queens. These offices are located as follows: In Manhattan,
Committee of the United Hospi- 139 Broadway, at Cedar St.; 481 Eighth Ave., corner 34th
The Bankers and Brokers
tal Fund announced on Dec. 30 that the subscriptions re- St.; 385 Fourth Ave., corner 27th. St.; in Brooklyn, 774
ceived by it so far amount to over $60,000. James Speyer is Broadway, corner Sumner Ave.,; 84 Broadway, corner Berry
Chairman, and Walter E. Frew Treasurer of the committee, St.; 225 Havemeyer St., near Broadway; 710 Grand St., near
which is composed of 110 well-known bankers and brokers, Bushwick Ave., and in Queens, 1696 Myrtle Ave., corner Cywho are members of one or more boards of trustees of hospi- press Ave., Ridgewood.
tals of Greater New York.
The respective stockholders of the United States Bank, the
Security Trust Co. and the Fidelity Trust Co., of Hartford,
The statement of condition of the Bank of the Manhattan
Dec. 21 approved a proposed amalgamation of the
Co. of this city as of Jan. 2 1923 shows total resources of Conn., on
three institutions under the title of the United States Secur$278,788,167. Deposits are given as $240,272,202. In addinew institution will have a capital of
tion to its capital of $10,000,000 and surplus of like amount, ity Trust o. The
$1,000,000 in shares of $100 par value, and surplus and undithe bank has undivided profits of $2,712,895. Stephen Baker
Atwood Collins, the present chief
Is President and Raymond E. Jones First Vice-President of vided profits of $800,000.
executive of the Security Trust Co., will be Chairman of the
the institution_
board of the new bank; Major Frank L. Wilcox, President
of the Fidelity Trust Co., will be Vice-Chairman of the board,
The Coal & Iron National Bank of New York has paid a and John 0. Enders, President of the United States Bank,
bonus of 5% on all salaries during the past year. The bank President of the new institution. The consolidation will go
also declared a regular quarterly dividend of 3%, this being into effect Feb. 10.
its 66th.
On Dec. 21 E. C. Johnson, for the past six years a VicePresident of the First National Bank, of Hartford, Conn.,
Oliver W. Birckhead, for many years on the staff of the
(Continued an Page 48.)
•Comptroller of Currency at Washington, D. C., and for some
PRICES IN 1922 AT THE NEW YORK STOCK EXCHANGE.
The tables on the following pages show the lowest and highest prices at the New York Stock Exchange
•
of Railroad, Industrial and Miscellaneous bonds and stocks, and also of Government and State securities,
for each month of the past year. The tables are all compiled from actual sales. Under a resolution of the
'Governing Committee of the Stock Exchange, prices of all interest-paying bonds since Jan. 1 1909 have
been on a new basis. The buyer now pays accrued interest in addition to the stated price or quotation.
Previous to 1909 the quotations were "flat"—that is, the price included all accrued interest. Income
bonds and bondE upon which interest is in default are still dealt in "flat."
COURSE OF PRICES OF RAILROAD AND MISCELLANEOUS BONDS.
I9'22
November December
August September October
July
June
April
March
may
January February
High Low High Low High Low High Low NW Low High
Low High Low High Low High Low High Low High Low High Low
63 67 621s
71
.3
81 71 8 7012 80 68 73 6612 68 6712 7012 7014 7014 7014 72 67 9114 87% 893 8812 66
1nn Arbor 1st g 4s_ _July 1995 5814 63 6018 81
9012
4
4
9312 8714
s
8
itch Top & S F—Gen g,4s 1995 85 90 8714 883 87 8812 8712 895, 88 8912 8814 917 905, 9514 9214 933 91 9212 --------85, 8578 85 88
7
8714 ----------------88 8814 88 88 ----------------90
RecIste,ed
_1995 --------8714
8
801s 8238
$3 8414 837 86 8334 85 8018 82% 803 81
s
7912 8114 78 837 823 84 81 83
4
s
Adiustment g, 43July 1995 7712 8034 7912 81
_ 813s 88
._ _
July 1995 ------------------------------------------------8112 8712. Registered
g6
8324 84 2 iii -.-24 VI lit: so% 831i i6it, 8234 8114 1312
,
£
i
4 14
12
li 114
2 81
July 1995
Stamped
84 821 85 84 8818 8138 88 8! 8138 81 827k
4
50-year convert. gold 48_1955 76 8012 7814 79 7814 8034 793 83 807s 823 81 8112 817
8
„,
4
- 4 OBONDS
JAN.6 1923.]
THE CHRONICLE
35
19lb2—Contiroued.
January
February
BONDS
March
April
May
June
July
August
September
October I November December
Low High Low High Low High Low High Low High Low High Low High Low High Low
High Low High Low Nigh Low High
—
.litch Top & Santa Fe (cones.)
East Okla Div, 1st 8. 4s_ _1928 914 9218 0212 0212 933 933 93 93
4
4
9312 94
033 93% 9414 94 4 95 95
3
9514 9514 94% 9114 9612 9612 9512 973
,
4
Rocky Mtn Div 1st 43 A_ _1965 78 81, ---- ---- 8012 813 82 8314 81% 83
2
4
803 85
8
823 8312 823 85 4 835 8512 81 18 83
4
4
8
,
81
81
82 82%
1958 793 86
Short Line 1st 45 A
4
82 86
82 843 85 85
4
84 867 8412 8518 8712 88
8
8612 90
SS
8912 84% 88% 84 85
84 8512
Cal-Aria 1st & ref 450_1962 8618 8812 88
91
88% 91% 91
9212 907 923 91% 92
8
4
923 93
4
933 94% 907 9214 90 9212 88% 92% 92 923
4
8
/
1
4
4
S Fe Pres&Phen.Ist g Is..1942 ---- --99 99
99 99
9814 _ _
10012 101
Au Coast L 1st g 4s_ _July 1952 85
8914 ii- 8612 89
87- 8712 90
8714 89 -552 161- -552 93 -5654
2
90% 92
87
9112 -854 18 2 55i2 16-11930 1043 107 104%10612 10412 107 1053 1064 1044 10612 10512 10712 1063 108 10718
10-year 75
4
4
/
1
/
1
4
10818 107% 108 10514 108 105 106, 106 10712
8
General unified 45.6s
1964 8312 88% 85 8812 8618 87 4 8612 88, 8612 88
,
4
8714 8812 87 2 89
,
8812 90% 905 913 8714 9112 8712 8812 871g 8012
8
4
Ala Mid, 1st, gu. a. 5s _1928 -___ ____
98% 99
9912 9912 100 100
100%1003 9918 100
8
_
Bruns & W. 1st gu, g. 4s_1938 86 86 -87i8 - sg
ii88% 88% 88% 88%
-611 - 2i -91- IF 91
4 61
91
Char & Say. 1st U. 7s...1936 ____2 __ __
2
1[571
212:W12
L &N collet 8, 4s_ __Oct 1952 751 797 -7'7Tg - 1- 78'2 813 80 "gi- 8124
-7 4
i
4
82'2 -561 82
2
82 843 -552 Ig 2 8
803 837 -56- Ii1- -554 1i2
1- 854 84
4
s
Say Fl & W, 1st 8,6s_1934
11084 1084
/
1
/
1
10312 10312
1st 51, Is
_
1934 --- --652 1672
loo 100
Balt & 0
-Prior lien, g,3%is'2.5 8834 93 -561 2 66- -612 - -3- 9012 94 -56- 16 2 -652 - 1- -61- - 4 -654 9512 -541 16- 923
62 2
64 2
36422
4 - 2 9312 9514 93 94
1;0Gold, 4s
July 1948 7618 7912 7612 7812 7714 763 7918 83
80% 83
4
797 82
81
8512 843 8818 86 88
4
81
8514 80 84
Registered
783, 8212
5
81
81
80 81
84 84
20-year convertible 43.65_1933 74
_
80 8014
7712 7514 80
767 8012 80 84
8
8114 83
81
831 8114 86 0 I73- 84% 87% 811g 8614 -7924
4 2
Refund & gen 5s A
7912 81%
1995 77
79
7718 79
78 82
8112 83
85 87
83 87
8618 89
8812 93
8814 9112 8512 9012 8312 8612 8218 86
10-year 6s
1929 9412 975g 955 99
5
96
99
9814 100
99%100
9812 100
/ 997 101 10013 102 10115 102
1
4
995 102 100 101% 98%101
8
Pitts Jet & M D 1st 8, 33.s'25 87 90
8722 8812 7% 77
73
75
1
3112 90
9112 94
911 9214 91
/
4
9112 913 93
4
92 93% 935 935 93 9312 91
8
8
PLE& WVaSys,ref,g,4s1041 723 7614
93
/ 90% 927
1
4
4
5
77 8214 79 803 77 794 78 83
4
8112 85
81
7714 81
7818 33
85
S W Div, 1st g, 3Hs
77 79
1925 86 89
8612 8914 3712 898 8914 92
8912 9118 907 93
9012 93
91
927 93% 92 934 90% 9212 9115 9315
94
8
s
CO Reorg 1st con, 8, 4%65'30 ---- ---/
1
903 90%
4
_
Clev Lor &W con, 1st g SsI933 92 92
955 955
8
8
_
66
9718 16- 98 - -65 - 4
4 691-65‘ _
Ohio My RR-Ist g, 5s 1936 ---- ---6K9.555 98 93 98
98 98
96
965
8
-_-- 99 99
9714 9714
Gen, gold 55
1937 ---- - _ - - -56- 16 9118 913 93 9512 963 963
8
8
4
97l __--55- 61"
-97'2
Tol Cin 1st & ref. 4s A 195' 628 66
,
6314 65
6412 68
6612 70
/
4
671 69
6618 -652 ii" 70
6714 70% -6514 6812 55i26714
73
Buff It Sc P. gen, g,Is
1937 ---- ---- 9818100
9824 100 10014 10012 10018 10014 ;0fif4 10024 6714
6o 4 -6-i
102 102 4 103 103 10014 101 101 101 10014 102
,
Consol 4 S6's
1957 8914 9012 89 9018 877 90
883 933 9014 91
4
8
9014 91 4 9118 9418 923 96
,
4
9312 95% 93 9612 905 9312 91
8
Aliegh & West 1st 8, au, 4s '98 ---- ---93 4
,
8218 8218
3312 8312
Roch & Pitpb 1st. g. 65_1922
100,
1
4
3-_-_-_-_ i661 166 2
1.
4 - 3Canada Sou cons gu A 55_1962 '65- 16 -6,- 4 953- 9434 100 2 16,54 166 4 -652166 4
41
4
962 96
993 9612 985 97 983 98 100 -552 162- 55- 162 -652 - 7 -674 8
4
- .66
;
6612
Cnanclian Northern s f 75_1940 6812 11012 10914 11012 109 111 10914
115 :11112 11412 1101811314112 11318 11212 1133 11314 115 112%11312 1093 /13 -674 99
2
25-year slobs f 6 Hs ft_ _ _ _1946 10712 11012 108 1097 10812
4
8
11018 109 114 1111 11218 110 11212 110 112 11012 113 1124 1143 10912 1137 110 11212 111 1131s
Canadian Pac(deb4%stock)___ 78
4
5
1103 1127
4
8
78
/ 7718 79
1
4
77 7818 774 81 1 78 804 77
79 1 7712 80
795 8212 8112 8214 7814 83% 7814 81
8
Caro Clinch & 0 1st 5s_ _ _1938 83 8412 8312 8412 8312 8612
79 80
8.5
9118 88 94
88 93
8918 92
893 913 90% 92
4
4
Cent of Ga-Ist, 14, Ss
89 9112 90 94
9012 92
1945
---- 9512 97 971+ 98
9812 983 101 10213 100 10112102 102
4
_- 101 102
Consol. gold. 5a
102 102
1945 895 9312 92 94
8
84 9714 95 98
9714 9912 96% 9812 9618 9814 971210012 100 101
9612 100
96 97% 961 98
Registered
/
4
1945
9018 9018
10-year 6s
1929 91
97
95 97
9612 993 -1)812 166- -0§is 166- -55" 116- -654 166 4 10024 101 106
4 3 - 4
3" 1611- -59 4 1612- 991811)111 -651
2
Chatt Div pur money,g. 4s '51
2166i
3
7912 7913
7814 81%
Mac & Nor Div. 1st g, 5s_1946
93 66- 6622 6612
-66E2 16 2
Mid Ga & Atl Div Is
31947
95 95
95l295'2
Mobile Div 1st, g, Is
1946
-554 1 2 -55.32 97 100- 166'
g3CenIllt& B of Ga-Col g 5s 1937 8812 90
8812 8812 894 9112
94 9412 917g 917 93 94
953 9618 97% 97% -64 4
8
Central of NJ-Con a. 55_1987 1037 106 105,
44 611 16 4
2
38
4 10612 10512 107 105- 1 - 3 10614 1093 1061
-10 8
8
/
410812 10814 10914 110 110 10918 110 108 11012 108 1083
Registered
July 1987
8 -4 1057 108
105 107 1053 1053 10518 10512
4
4
107 108 10812 109
N Y& L Br, gen, g. 4s_ 1941
106 106
91
91
Ches &0-Fund & imp 5s_1929 -61)i2 6i- 554 - 7 -554 66- 941. 9524 9818' 98
6i 2
9422 98
95 9712 -6/ 97 -6614 98
9422 166 "55- Ist cons, g, 5s
66- -564 Vi"
1939 9712 1015 9412 9812 93% 99% 987 101 100 102 1003 102 10112
8
8
4
103 1023 10312 102%10314 100 102 100 10112 10012
4
Registered
1939 10112
_ 100 100
Gen, gold, 4565
1992 827 853 823 84
8
4
s
835 86
8
813 8812 8612 8818 8612 - 4 871s 89 -5512 - 1- -8514
4
881
66 2
-iiRs 16 -543* 165 -58- - 3
Cony 43,6s
12
;
1930 8212 8512 825 84
66i
8312 8612 844 90
/
1
8714 895 87 8812 8712 90
8
88% 92
8814 91% 8712 90
Cony secured Is
86% 883 88 89%
1946 8414 8612 843 8612 85% 883 8814 9212 9114 9418 9114 94
4
4
4
93 96
9518 9812 9512 98
9512 100
nig Sandy 1st 4s
9012 9614 92 9514
1944
815 8118 82 84
8
/
1
4
86
8612 8514 85% 81% 81% 81
Coal Riv Ry 1st gu 4s_ _ _ _1915 ---- --- _ ---- --_ 77 -if86
78 82
8112 8122
86 8714 8712 8712
Craig Valley, 1st, a, Is. _1940 ---- ---_
83 8415 83 83
88's 88'3
Potts Creek Branch 1st 45 '46 71
71 -751 - -14 73 4
_
7/
79 76It .9c A Div, 1st con g, 4s.._ 1989 8214 8214 82% 827 82 - 7822
8
8314 8312 8318 8318 -8318 1i 2 -55- 14
3-- 841 8418 -551 16- 82 82 -Ai - 8118
2
2d con g, 4s
1989 ---- -755 79
8
76i2
79% 80
80 80
Chic & Atl RR-Ref g 35. _ _ 1949 5218 .59 - - . 8 - .-3- 5512 .58
7712 7712
.54 5 4
5712 615 -5' 4 8 7 61- -552 60
/
5822 61
51 67
5012 563 523 57 -Ai- 164 52 5314
8
RanttaY,Ist lien, g 35'65_1950 3712 40
4
33812 4
018 40 4612 453 507 4624 603 4722 603 4712 51
4
4
2
11
33 52
32 3712 30 33 2 2514 31
Chic Bur &0
23 2612
,
-Ill Div 356s1949 7714 8112 79 798 7818 81
8012 85
8118 8318 8115 831s 8218 8412 8218 85
S4 8512 80% 8214 80
Registered
817 80% 83
8
7714 77'4 78
78
Illinois Division 4s
1919 -871 16 -55- 89
.2
8818 90
883 9112 -giEg - 1. 893 92
4
66 2
4
9018 92 2 -5612 93
-19113 87 16- 883 ii"
8834 Nebraska Exten, 45
*
1927 93 9612 95 9.512 95 95
95 96 2 957 96
,
961g 9618 9618 0613 96% 96% 93
96
96
97
96 96
General 4s
96% 977
8
I95S 861g 8912 8614 88
8612 8712 8612 91
88 891 87% 91
9024 93
9 ls 9214 88
92
1st Sc ref 5s
85% 8812 87 90
1971. --- ---- 97 9712 963 9712 96% 9914 9814 9914 9328 10012 100 1013g 90 92
s
100 1015 100% 10212 90%102
8
99 100% 983 10112
Chic & East III Ss
8
1937
86
86
7914 80
Trust certificates
103- 1 - 1043 105
(li
4
------Stamped
---81
843 ____ ____
4
---__-Ss trust certificates
____
1955 3312 3312
-_-_-_-_
Chi & E 111-Ist cons,g, 6s_1934 --------102 103 10218 105
10412 105 10418106 1034 10612
1053 169 2 10712
4 - -1ioo- 5077- 105¼ 105i
Ss (new co)
2
16E4
1951 68
7218 7014 7
24 7418 7812 7712 8112 80 84
7912 83
781s 81
8214 85
83% 8614 8118 85
763 8212 79% 817
Chi & IndCoalRy,Ist,55_1936 ---- ---- -2
8
6212 63
Chic Gt %Vest-1st 4s
1959 59 61 :6061: -56- 11 4 61
- 1
6412 - 8 - 1 -561 - 3- -561 11
665 62 2
2 61 4
2
-- 57' 6222 -554 164 -56- 1
gi- 43I if- 5014 - 1Chi Ind & Lou-Ref,g,6s1947 101 103
g6 2
105 107 106 106% 104 105 1051 10618 105 106 107 107
/
1
4
/
4
_ 10718 10312 1063 1073 1067g 106%
4
Refunding, gold, Is
4
1947 8713 91
66- - 12 9114 93
61
93 95
9512 9612 95 9612 9612 9812 9714 98% 98 98
9914 997 963 963 971g 98
Refunding, 45, Series c_1949 75 8112 ____ ____
81
4
4
77 77
1st and general Ss
1966 79 80
79 80 -. 52 1i- 83 83'2 82 8314 -56i4 Ii
7
531. 8822 82's 1g1- -8112 82
2"
7- __ 14 _ 12
Ind & Louis 4s
2
8112 8311
1956 75 7518 -_-_ ____
78 78
Chic Ind &Sou-50-yr 45_ _1956 __-_ -_ 81% 8312 - Ai79 79
_
16 2 -551 112
,8
8518 8518 87 87
6s
35 86 -5 2 147g 84'l 8514
4/
1966 ---- -___ ____ ____
- 574
10022 9018 102 10012 1025
9
8s
--------Chic 1.5 & East-ilst 4565_1969 ---- ---97 98% 97 97 4
8
3
,
8922 90, 6024 90% 90% 911 91 18 -------8
Chi Mil & St P-Gen 4s. _ _ _ 1989 7112 75 --- ---- 723
_
727312
4 77 -r7A 7814 51 78
2
74
7518 75
764 7614 80
773 7912 7214 79
Gen,g, 3%65, Ser B_ _May 1989 6412 66
70 - 3ii4
64 65
3 66
6515 69
6612 693 667 67 68 687 6912 697
4
8
8
General 456s Series C
8
647 663* 64
6
7
0% 611-2
1989 79 84
81
8012 85
83
841 8812 85 86% 84 85
/
4
/ 841g 855 8512 8818 8612 90
1
4
8
Gen & ref Ser A 4 565
8312 883 81% 84% 783 84%
4
4
2014 5412 5812 5412 59
5712 5934 53% 68
64 6712 603 6514 62 6512 655 69% 6514 693 63 633 59% 65% 54 63
4
8
Gen ref cony Ser B 55_ _2014 6218 041g 62 65
4
4
64% 6612 653 753 7312 76
4
4
73% 7512 7312 7512 7412 80
7412 783 73 7818 68 75% 6418 674
Convertible 4Y65
4
3
96 7 9
6705,44 72
1932 60 63
60 65
6312 6512 643 73
4
70
7218 6614 70% 68 7012 701g 77
9s
704 76
6718 7312 6512 71
68
19 5 69% 75
6912 751 7214 74
/
4
737 813 79 81
8
4
78 8012 79 8212 82
25-year deb 45
827 8,53 82 8418 79 83% 751
87
8
4
1934 54 5814 5422 603 5812 60
8
/ 60 67 637 6512 613 6418 6012 64
1
4
8
4
633 69 644 6718 60, 66
Ch & Mo RI, Dlr,Is
3
59% 6414 5312 60%
5
1926 92
94
92 9312
97 9718 9718 9713 89 945
CM &Puget S 1st gen 45_1949 6313 67 64 6612 951g 96
963 97
97 97
977 977 971 9712
8
/
4
8
6514 71
6912 77% 723 77
71
ii" 7414 7612 724 7712 6912 73
7312 73 Mil Sc No 1st ext 4%65
67% 70 4 623 68
4
1934 ---- ---- ---- _ ___ 8412 8412
,
____ 100 100
Consol 4%65
9212 925 91
92% 90 92 4
8
3
1934 -85 85
- g
3457
C
Chic & N W ext 4s
-_-_-_-_ -561 9412 90 90, 9214 9214 907g 91
2
8
1926 9214 - 55" - 6- -652 9414 95 9518 95 96
1/i1- 4
6
9312 9312 96 96
93 0612 98 98
Registered
96 96
953 97 8 -66- - 34
66 4
1886-1926 -___
,
934 934
/
1
G neral, gold, 3%65
31 77
4
9 4 9512
e 2
75
1987 72 - -- -ii- - 1- 7418 75
61
7413 757 -7:5;8 7512 7521 76
76 Vi- 78 7918 7722 General 45
i6- 751
7414 7812
1987 831 843 8218 8312 83 85
4
84 853 85 864 8514 87 4 863 89
/
1
4
,
4
8712 90
Stamped 4s
87 91
SO% 89
83 85
4
843 86
1987 83 8313 8112 8112 8214 833 8412 8412 831 84
4
,
8212 8,512 8614 87
General Is stamped_ _ _._1957 99%105
88 88
87 8712 8312 871 843 85
:
4
85 85
8
Sinking fund 6s.._ _1879-1929 102 1023 10012 101 101 103 1023 105 104 1047 104 105 105 10512 105%1063 10612 110 105 108 10214 10418 10314 105
8
4 103 103 10114 10114 103 103
103 103 ---Registered
105 105
103 103
1879-1929 ---- --__
5
Sinking fund Is.. _1879-1929 __-- -- ____ __ _ _ 101 1017
6612 - 1- -5i=2 98 "5'718 66 2
"2
66- -654 - 1- 661
Registered
66 2
4
-------- 9713101
1879-1929
98'z -68- -65E2 - 3"
6i 2
---- -Sinking fund deb Ss_1933
9518 95% 100 100
96 9618 -oils - 7- -5- 2
671
-51 164 "66- 166 2 156- 100. 100 10014
2- 1Registered
101% 101 4 16612 166 2 16254 166 4 66- 116- -3.
1
81933
9812 9312
10-year 7s
1930 105 10618 105 2 1067 106 10712 10618 1083 10618 10914 10512
,
4
8
I5-year secured 6%65
107% 106- 108 107 10924 1091811012 1661 116 ioi- 1164 107E2
2 - 1i
- 11936
,
Des Pines Val 1st 4565_ A947 106 108 106 107 106 109 8 10612 109 10812 110 10912 1103 110 1103 110 4 11212 11114 11211 110 112% 1063 111 10812 116 4
4
,
111
4
14
St Paul E Gcl Tr 1st 4%65.1947
9314 93 4
,
---- -- -- --_----- -552 162 -55- 93
3Frem Elk Sc Mo V 1st 65_ _1933
90'4 9024 -515 9118
8
i6ii4 10734
MLS&W ext&imp s f 03,1929 --._
---- 110% 1103
4
111
98% 9818
-5612 16 2 ---Ashland Div, 1st, g. 65 1925 _--- -_ _ _
1_
9912 10018
---Mil Spar & N W 1st gu 43 1947 8512 -- - ___
10112 1011 --87 -661 863 8514 4
66- 87 87 -8712 16- 88 16 -551 16- -8918
St L Peo & N W 1st 55._ _1948 95 95
2
-91- Vg" -8812 91% 8914 8914 8712 - 28711
10214 1023 9812 99
4
99%102 10018 101 102 102 101 103 103 104% 10514 10514 103
Chic It I & Pac gen 4s
1088 79 8312 814 83
1043* 10112 10112 101 10112
8112 8312 82 83
82 84
80 8 833 82.2 85
3
Registered
4
843 86% 84% 873 81
4
8
85
1988 78 78
81
831 8114 823
4
80 80
813 81%
4
82 82
Ref gold 4s
83.2 8312 8412 8412 8 38 1009841448 989 2 7414 891
912 885 : 2 71122 9893 98
2
8
:
1934 752 793 - 2 - 3- 773 80
9
:
2 0 80
983
4 761 71 4
:2
4
84 -8023 8112 803 83
7812 83 "ii
4
R I Ark & L 435s
8214 8614 84
37%
1934 7614 70.2 77
78
7718 80
7914 825 81 82% 7918 81
5
80 82
Burl C It & Nor 1st 5s 193
81% 85
81% 853 8014 8412 78
4
8112 7912 81
963 963 0612 9712 97% 175 97 98
4
4
8
9712 99
9812 9934 9912 100
99 100
Choc 0 & G Cons Ss.._ .1952
89 89
90 917
_9314 9314 95.2 98
98 98
97 97
Keokuk & Des 7.1 1st 5s.1923 72 81
Keokuk
7918 80
/ 82 83
1
4
891, 851g 91
66- 88% 90
90 91% 914 9412 93 9414 92 931 91
St P & K C Sli List 4565_194 76
:
92 -6
7914 7618 78
7714 79
8112 84
783 85
4
301. 8134 8012 8212 811g 85
81.2 86
Chic St PM & 0,cons 65..1930 105 10714 10412 105
81% 85
79 83
79 4 82
3
8
Cons 6s, reduced to 3193O 87 0012 90 90 105 10612 1655 10612 106 10714 1061+107 10714 108 108 10812 10314 109 10614 109 10512 106 10514 1074
9112 92
Debenture 55
1930 9114 93
9112 94
4 6 3
66
97 98
Chic T 11 & So'east 1st 5sA960 7334 Me 76 803 92 9412 9412 9612 9314 95 -531- - 11 -6"4" - -- -65i-2 97
973*
9618
-_-_-_-_ -56- - 7
66 2
4 7918 7918 82 86.2 83 86
793 82
4
78.2 80% 79¼ 8312 8312 843 8218 84
Chic Union Station 45.6s_ .. 1963 8711 91
4
81
8314 79 83
90 93
91
9218 9114 9212 9012 92%
90 92, 913 941s 92 9314 90 93
/
1
4
4
2
63.6s
89% 90
196311118114 112 1131811218115 112 11434 1123 11434 90 92
3 8918 92
4
11214 114 11312 11512 1163 117 115 11612 11112 11412 111% 1133 113%11512
4
Chic & W I gen g 65_._Dec 1932 103 104 1033 104 104
4
4
10414 10 /
41
4
105 105 105 105
Consol SO-year 4s__ _ _ 1952 6812 7412 70 7218 70 104.2 10412 10112
105 105 105 105
73.2 '77't 7314 7514
74
73 4
71 743 7712 763 79
4
74
7 74
77.2
IS-year 5 f 7%61;
1935 99%102 10012 1002 10012 102 1013 1027 102 1025
75
s 101%10212 102 10212 10214 10212 10214 1023 10214 10212 72 75
4
8
Cin Ham Sc D 2d g 45- 5
4
100 10212 10012 1021
9:
1937 ---87 8718
9012 91
90 90
91
91
Day & Mich lst con 4%65_1931 ---_ ---- 85 8714 854 8912
___ _
9014 9014
9114 9114 915 91%
8
9314 9314
Clev On C & St L gen 4s._1993 76% 7912 781s 78
8815 8818 901s 9018
77 80.2 79l 83 '7612 82
7
8018 8134 81
823 813 - 14 8212 85
4 84
4
79 83
20-year deb 4112
7712 80
817*
1931 85 87
8414 87
8615 90
5919 01
87,2 887, 8812 891: 8927 9012 90 9218 913 923 90% 9211 8912 9214 7918
4
4
902a 92
THE CHRONICLE
36
[VOL. 116.
1922—Continued.
July
November December
May
June
August • September
Oaober
January February
March
April
Low High Low High Low High Low High Low High Low High Low High Low High Low High Low High Lovv High Low High
—
•
Clev Chi Chic & St L (Concl.)—
7
8
99 10058 9914 1005 10012 10118 1023 1023 9912 102 ---------97 3 10
1993
4
4
92 93
014
9812 9812 9712 99
96 96
Gen 5s, set B
4
9914 1007 9914 10012 9914 10012 100 1023 101 10214 101 10314 1003 10214 100 10112 10058 102
4
8
98 100
8
Ref & impt 6s set A_ _ 1929 95 975 96 98
2
1941 ------------------------100 100, --------------------------------103 10318 --------101 103 _
65
A 514
4 6
_
18 --------8612 16 2
89 897
8
2 gold 4s
1939 74 8 12
843 8612
2
i2 8
1Cairo Div 1st
77
/ 775 7734 80
1
4
8
8212 8214 8212 --------82 82
8
/
4
78 7814 7738 7912 7912 811 7812 785 81
77 2 79
,
Cin W & M Div 1st 4 43_1991 76 77
8
83 844 8314 8338 8918 7918 797 8014 80 813
/
1
s
4
/
4
/
1
St L Div 1st col tr g 4s_ A990 7712 784 ____ ____ 791 8012 79 82.2 80 8214 8012 823 815 83
4
83 83 --------8514 8514 -------- --------81
813 813
8
8
81
8
_- 833 84
W WVal Div, 1st g 4s__ _1940 ___ __-- ___ - ---- ---- ---_—
8918 8918 8912 8912 --------83 9112 —
8412 865 -- 8 --------83 83
8 865
Cin I St L & C 1st 4s..1936 ----------------8412 Aug1936
Registered
---90129012
------- ----963 16 4 98 s 4
- ---- - --- ---.17 4;612 _:__ :___
-31
12
____ ____
Cin S & CI cons lst 5s_ _1928 --------------------------------86129
_ -- -- -- -- ---- ---- - --- ---_ _
_ _
__ •
/
4
/1
ci CC & I gen cons 6s__1934 104 104 ----------------10518 1.151 1054 10518 _ _
2 8i §of2 -- -78j icr - 318 8
i 8151 -2
8i
i61. -7118 i r,1 -73 78
2
7614 80
78, 80
2
7113 74
8
ii- -,- 12 773Peo & East 1st cons 4s_ _1940 705 73
i
4
35 367 3412 3812 3418 39
8
4
311 33
/
4
25 35
32 3512 2613 327
313 39
27 32
8
Income 4s
1990 227 2414 2314 25
2512 29
s
967 9813 99 99
8
94 987 95
/
1
4
96 97
97
8
93 9512 95 9514 94 96
93 94
Clev Short L-1st Cis_ 1961 90 9412 92 93 92 94
1044 1051 1043 1057 10314 10514 102 104 102%105
/
1
/
4
8
. _ __
8
1972
Clev Un Term 53is
9318 935 9214 933 9112 9314 913 9212
8
93 4
3
4
4
9012 9113 903 92
9114 923 92 9314 92 9312 9313 ___- 9312 94
8
4
Col & Southern 1st g 43_1929 8418 93
8812 91
8
87 9013 8514 88
891 92
/
4
/
4
8414 884 87 89
/
4
/
1
/ 871 8814 861 8712 865 90
1
4
4
Refunding & eht 4743 1935 81, 85
/ 833 86
1
4
861 873
8
/
4
4
--------10513 10612 --------10312 10414 104 10414 1033 104
8
1961--:— 100 10112 10112 10112 1015 105 ___- _-- 103 103
F W & D City 53s
8
8412 8512 85 8812 85 87
/
4
8312 8612 823 853
/ 841 85
1
4
8178 84
8234 - 8 84 85
875
763 7912 78 82
4
Cuba RR 1st 50-year 5s 4-1952 77 78
4
4
/
4
/
4
8
1001
/
410214 1017 103 102 10312 102 104 10214 104 10212 1061 104 10612 1061 10714 10612 10712 103 107 10314 105
1936 100 10212
7348
8
/ 7918 7918 7618 763 7612 78
1
4
___ ---- ---- 807 80
79 7912 ____
763 78
4
4
8014 81
7613 80
8
/
4
2000 78 781 777 78
D L & W-Mor & E 31,43
4
4
- /
1
4
4
8
9918 9912 993 9912 9913 9912 9934 10312 983 993 100 1004 --------1004 10014 10012 10012 993 993 997 997
1923 9812 99
NY L & W eonstr 5s
/
4
___ 9918 991 9414 10018 99 9912 ________
/
1
4
4
/
1
/ 984 984 99 ____ ____
1
4
/
1
98 9814 --------983 9913 98
Term & improv't 43_1923 97 98
____7412 7412 _
_ ----- ------------78 78
_ _
2000 ----------7414 7414
War RR 1st ref gu3%s
90 9314 9114 93
/
1
4
867 911 8718 8913 8712 - 4
8
/
4
8
89191
9112 89 - 12 89 9014 895 91
4
/
1
4
1943 85 903 87 883 8318 8913 88 4
Del & Hud 1st ref 4s
957 98
8
95 99
/
1
4
8
8
94 , 99
95
951 9712 95 9712 9512 9812 9713 987 9814 1037 98 101
/
4
91
9212 91
4
1935 893 93
Convertible 5s
_
. __ ____ ____ ____
/
1
4
4
8
4
4
4
1912 973 973 995 993 99 993
434s
/
1
/
1
4
,
- 10112 1023 1004 10312 1004 102 100 8 102 15012 1ei13
,
1937 ----------------------------------------993. 103's __-5.3is
;
12
11 109 10714 1087 107 109 108 11112 11012 111 109 11112 110 11318 103 110 109 11012 109 112
2
4
/
1
4
8
8
1930 1073 10812
10-year 7s
8114 8114 80 80
__-----------82 84
81 ____
81
80 81
78 783 79 80
4
8
8
334s_ __ _1946 765 783 78 78
Alb & Suq cony
4
793 77 783 7612 785 7212 764 72 753
4
812
8
/
1
8
/
1
4
73 744 74 793 765 8112 7812 82
8
76 4 7813 7 3 -3
8
Den & R G-1st cons g 4s 1936 73 77
/
4
/
4
8114 831 82 83 811 8312 811 83 8012 8212 7812 7912 78 78
/
4
7814 831s 82 84
7612 77
/ 78 81
1
4
1936 7612 79
Consol gold 4S4s
80 8212 8112 8414 8212 84 83 8412
8018 82
4
80 823 80 82
82 83
804 85
/
1
7813 81
78 81
/ 79
1
4
1928 74
Improvement gold 5s
46 523 46 51
4
8
4514 48
/ 463 49
1
4
44 4712 4512 5212 48
4513 49
4558 5012
4614 50
51
1955 4212 47 43 47
1st & refunding 5s
4
45 485 453 47
8
4318 45
/
1
___ 42 434 4318 44
4058 4214 46
41
44
42 43
42 44
47 42 431
Trust Co stfg of deposit__
8
85 8812 835 8612 8314 8314
87 89
8612 89
87 87
2Rio Cr June 1st gu 4 5s 1934 --------------8011 86 --------88 8812 8814 89
14 773 7512 7812
4
7912 8012 7814 8012 79
8012 7912 80
78
7438 79
7714 7913 783 8014 773 79
4
7418 76
4
4
1939 733 76
Rio Gr West 1st g 4s
66
7012 63 6612 6512 6712 65 6618
8
8
6612 993 66 687 6612 69 67 71
4
1949 8218 6512 6214 84 625 68 6613 70
M & col tr g 4s Ser A
BONDS
--- _
i5T2 - 12 i6
_ -- -"
1995 --------------------------------6774 _ _ _ _
Gold 4s
66
91-391
93
8i8 §i -- . iiis --12 giE8 - - 4 8918 9112 iiis - 18 Wiry If;7812
14
87 895s Sa
4
12
D.22012Terni Tun 222, 2_196t
4
/ 993 100 --------100 100 --------99 9934
1
4
8
8
8
8
993 100 190 ---- -- 9812 9812 985 985 985s 99
4
—
Du!Missabe & Nor Gen 5s..1941 957 957 96
2
9712 9712 9712 9814 9838 9812 10012 102 100 10218 914 1 7 9914 10
973 1114114 97 97
4
Dul & Iron Range 1st 5s...1937 ----------------0514 98
825 825 823 827 7712 7712 79 79
8
8
8
8
8
/
4
4
8214 833 823 823 811 817 8212 83
1937 85 87 ----------------86 86
4
4
Dul So Shore & Ad l g 5s
99 100 100 100 100 100
99 99 100 100
4
i312 9612 96 9714 98 993 99 99
Elgin Jol & East, 1st g 5s.._1941 95 95
101
/
1
4
s
02 8
/
1
8
4
4
,
1930 100 8 10218 102 10214 1033 107 1033 10414 10414 10518 10414 1055 1044 106 1057 108 105 10712 105 10612 109293412 199134 10134
Erie 1st con gold 7s
s83 o 87 87
7
837
66 4
/
1
4
8
6i8
_ _ _ _ _ _ _ _ iiiiii - 2- 983 98 ------------------------998 9958 --------9914 - 1
. ____ _
.
6
i
1923 i1iii4 - - 12 _ _ _
3d est gold 4Yis
9112 92
4th eat gold 5s
-12
l -_ 11521-2 112 iiiiii2 16i ----------------1021410314
_ _
_ _
- —
_
_ _
N Y L E & W—fund 7s_ 1930.
532 5712
4
2 6
62
/
1
4
/ 63 67
1
4
6L
644 55i4 -- . 67 69
E 654 -- 4 55 - 12 Li - 1
61- 5
65
.
1996 LiT4 16 LLi2 - 5i LLT2 Erie 1st con g prior 4s
Registered
Ef 4234 15
5812 Li u 4212 ii 45E8 57
56 5512 0
431s 4634 iti - 12 5oi2 -.12 Li - 2 8514 /
1
4
4
6
6
1st cons gen lien g 4s__1996 3914 423 40 45
834 8314 8114 833
/
1
8
/
4
8
___ 8814 897 897 891 88 88
_ __-_
8
8114 8114 8112 87
4
8712 887 ___
87 89
Penn coil trust g 4s.._ _1951 79 80
:
4118 49
4034 441
5018 5312 47 52
-54 52 .55
51
481 5212 4914 --12 51
/
4
41
52
371 41
/
4
35 40
/
1
4
4
50-year cong 4s Ser A__1953 34, 38
41
481 52
/
4
4912 403 43
3
/
1
4
/ 524 543 497 53
1
4
4
/
4
4
4814 523 4912 511 5114 53
411 51
/
4
363 41
4
/
4
do
do Ser B_ _1953 32 361 35 40
34
5012 41
4912 55
523 57
4
59
4438
56
544 57
/
1
44 54
483 5712 49 56
4
40 44
36 43
4
Gen cony 4s Ser D___.1953 343 39
965 9812 9214 973 933 96
8
4
/
4
/
4
4
93 904 971 9814 971 99
91
91
021 94
/
4
/
1
4
87 9112 89 94
Chic & Erie 1st gold 53_1982 80 8612 86 87
--- Clev & Mahon Val g 5s__1938 9012 9053 -------------------------------------- 9414 9414 - - Sii2 - 9
6 iiiz tio1,
65
5 ii iii2 - .12
Li thi 6. f
;
4
4 , 5 93 95
___
I, ,
4
Erie &Jersey 1st s f 6s_ _ _1955 7812 8314 803 86Is
8812 9212 87 90
/
1
4
4
3
4
/
1
92 934 923 973 943 9718 9114 96
93
91
97
79 8514 85 861 8612 95
/
1
4
/ 9434 1
4
8
/
4
Genesee Rh RR 1st 8(681957 793 80
Long Dock con g 6s
.
-11NYLE&WCoal6s _ 1922 ------------------------100 1(( =
55 - . L5i4 •ii
66
1 fi 55 6i Li
e
66 ' i2 iiii 6 2 Li 624 60 7014 ii -iii ------------------------52 - - 12 531 16 --,---- 47 14
2 63
NYSusq&W1strefg53_1937
481,
/ 56
4
52
52 52
50 50
2d g 43.6s
1937 ----------------4414 50
50
5512 50 5112 48 5118
5412 57
53 55
54
58 5913 54
4512 60
42 45
44 56
General gold 5s
1940 3812 40
Terminal 1st g 5
.
.
----------------------------------------9412 - -12 ii 13 ------------------------95 95 _ _
- 64
Midland NJ 1st est 5s _ _ _1940
7_2 617 63 2 72 1 .
74 8 78
.
,
i
. 74
S
72 72 _ 70_ 71__2 _6_6__ 7_0 _ _ 6_ 8_ 12.
72 73
711 73
/
4
73
60 62
60 60
Wilk & East 1st gu 4 53_1940 55 55
89 9112 8712 90
8812 91
/
1
/
4
/
4
4
853 8618 8612 8712 8614 8612 8814 903 891 9114 884 901 9012 91
8
Florida East Coast 1st 435s 1959 8012 85
8312 84
Fonda Johns & Cloy 41,32_1952 ___- -_ - - - - --- --- --- ---,
83 862 833 83,
/
1
4
8
8
8
- 823 823 833 84
4
3
4
8
8
4
4
4
833 833 823 823 803 803 -- - 4
Si 85
85
i§ i0 / 797
1
4
Ft W & Rio Cr 1st g 4s
1928 79 - 8 i8 88 86
8618 86 87
86
/ 89
1
4
/
4
/
4
8
8
8312 8738 83 8712 85 877 8714 893 85 8814 871 871 88 -- -12 8914 90
Calves Hous & Hen 1st 53_1938 88 88
8
g
11212 1133 11218 11312 113 1147 11114 1133 11018 112 111 113
4
/
1
8
/
1
/
1
/
4
Grand Trunks 175
1940 1083 11012 10878 1101 10814 1104 108 1144 112 1144 1123 11312
4
,
/
4
4
/
1
/
4
/
4
15-years f 6s
1936 100 10312 101 1021 10114 104 10112 1041 1034 105 10214 1033 10214 104 10312 10414 1021 106 102 104 2 10212 10312 10234 10411
/
4
/
1
4
/
1
4
4
/
1
/
1
8
/
4
/
4
Cr Nor gen 7s
1936 1071 10914 ___ 1081 107 109 107 10914 1085 110 1084 1094 109 111 110 112 11012 1133 110 112 1091 11112 10012111
/
4
8914 9412 891 9012 8914 91
4
/
4
/
4
4
4
9014 91, 903 9214 901 9314 89 941 943 96
91
873 8912 88
4
1st refund 44s Ser A
1961 88 8912 8812 89
8
/
4
4
/
4
/
4
984 10012 9914 101 1001 1021 10112 104 10212 106 10014 1041 10058 1015 1003 103
/
1
4
4
5is
1952 --------9612 9718 953 963 9414 100
/
1
4
---------------------------------------------93 9812 93 93
91
StP Minn&Man cons 43_1933 ----------------91
___
___ ____ ,_ _ 10714 f6j
111
3
;
09 1218 111
1st cons g 6s
1933 105'8105's --------10614108 109'2109'2 --------111 11
9612 -98- 9712 9811
99
/
1
4
4
8
/ 9673 967 963 963 984 9912 9814 10014 9914 9912 98 1
4
4
95 95
9412 953 9514 95
'2
Reduced to gold 4.Sis_1933 9314 95
1933 ----------------95 95 -------------------------------Registered
4 i6i,
I
- SLa so14 55i /
4
911 9118 911 9118 9114 9114 92 9212 --------9058 93
/
4
91
91
8914 8914 89 89
Mont Ext 1st gold 4s_ _ _ _1937 88 88
/
4
/
1
4
1
4
/ / 891 89 -------------------------------- 89 89
1
4
894 921 89 89
/
1
/
4
E Ry M No Div 1st g 43_ _ _1948 88 88 --------89 89
1937 109181091s --------------------------------112 112 111 11212 113 113 --------112 1412 ---- ---Mont C 1st gu g 6s
9912 1003 ____ __-- 10014 10014 __.;_ ____ 10018 10018 101 101
4
1937 --------99 99 _
1st guar gold 5s
Will & S F 1st g 5s
Green Bay & West etts A _
1.218 103 ii
4
114 -- 33 1214 li iiTy 13I2 ii 1i,
12
7
2
16
87 113
8
4 6 - 12 41. 128 11 -12 7 1(1
3Debenture certificates B__-- 612 14 ii2 1
83 8614 82 84
80 86
8() 80
/
1
___ 7814 7814 7612 7912 764 80
7712 79 _ __
73 73
G&Sh I 1st rf&ter 5s g Feb 1952 72 75
/ 8412 86
1
4
841 883 84 85
/
4
4
8818 90
4
5
851s 87 8 873 89
/ 8612 85 86
1
8414 8712 i54 /
1
8 8374
,
Hock'g Val 1st con 4 4363_1999 8112 833 825 - 8 834 85
8
s
_ _ 8512 8512 853 853 8312 8313 ____ ___,
_ ____ ____ ____ ____ 8012 8012 ____ ____ ____
78 78 -_-1948 78 78
Col & H V eat 4 4s
_ 8312 8312
-------------- ----------------83 - - _
83
1955 ----------------702 -i612
Col & Tol 1st ext 4s
9312 ii 111,
iii2 2
--------933
4
Lii8 IA, 922 94
93 se
3 --------92
4
--------893
4
Houston Belt & Ter 1st 53_1937
/ 8212 85
1
4
85 8812 8212 8614 8012 83
8212 854 8412 86
/
1
82 84
80 4 8614 8214 86
,
78 81
771 79
/
4
79
Hudson & Manhattan 5s1957 75
/
4
4
4
583 617
4
8
4
603 647 635 663 693 673 5812 623 561 61
4
8
4
57 6612 62 6412 6112 64
5712 61
1
8
1957 4712 543 59 59
Adjustment 5s
9618 973
4
/ 9818 100
1
4
9412 953 9512 9512 9312 96 -___ ____ 9812 98
8
4
/ 925 9412 9412 96
1
4
92 92
1932 92 93
N Y &J 5s
9314 96
/
1
4
Illinois Central-1st g 4s_ _1951 ___- --_ 8318 8318 88 89 --------95 95 ----------------96
___ 8212 8212 - - _
1:
_-_ 827 827 8412 85 ____
------7638 805s --__
7812 -------- 7914 7914
1951 7812 Isegold 334s
, 81
84 85 8 8i 8 - 14 8414 ,
86";
/ 87
1
4
81
8318 811 832 83 84
80 .82
/
1
4
/
1
/ 824 -8514 82 853 8512 8618 854 1
4
/
4
1952 8012 95
Collateral trust g 4s
9114 8512 805 854 8612 853 881,
/
1
8
/
1
4
8
864 9112 89 9114 89
/
1
/
4
85 8814 861 88
/
1
4
1955 8218 8612 8418 8512 8418 8612 8618 89
1.2 refunding 4s
795 7 , ---- 8
4
8 98
/ 795 803 80 80
1
4
SO 81
,
--------7558 76 8 7712 7812 7812 78
7814 78 78
Purchased lines 33is__ 1952 -------7713,
/ 8014 8413 80 - -- 8012 82
1
4
82 84
/
1
813
/
4
4
2
9
793 841 805 8213 791 8112 811 834 83 84
4
/
4
14 7712 7914 7855 81
1953 7818 0
Colltr9LN0&T
8
8
/
4
4
8
/
4
4
99 102 100 1023 100 1011 10014 1017 10158102 101 14 1033 1001 1023 100 101 1005 1021,
4
9814 9912 983 100
15-year secured 5y5s__1934 9634 100
4
1103 111 113 11112 11258110 11214 1083 110 10914 1117
4
/
4
,
/
1
4
4
4
15-year secured 634s.......1936 993 1093 107 109 104 10814 108 111 109 111 110 1101 110 87
9212 9212 87 87
86
9212 93
/ 85
4
86 _
4
Cairo Bridge gold 45_ _ 1950 --------814 813 ------------------------8458 841 ------------ ---- -------- 747 744
iy• - 7i'
/
1
_
9_
8
Litchfield div 122 g 3s._ _1951 --------6358 635 6712 6712 ----------------8918 691/4
77
79-1 7 8 77
/ 70
4
78 78
4
7518 7518 763 79 --------804 81
3
4
3
Lou's div&term'l g 330_1953 --------73 4 73 4 748 7434 --------77 77
8
71 ____ ____ 683 7012 --------6812 681
69
/ 69 69
1
4
4
14 673 67
4
-- 673 67
66 66 ---- ---- -=,
1951 66 66
Omaha Div 1st g 3s
4 6714
/
4
/ 7212 _
1
4
.
8
/
1
4
1951 63 633 -------------571 -- ------------------------------ -7612 761
St L div &term g 3s
" i6
3 is3 ----------------80 8
8
12 feis 794 71iI2
s 763
4
12 ii ___ ____i8 18
ii
Gold 37s
1951 --- --_- l2 851,
851 8512 ____ ____ 8618 8614 i,- 8 14
/
4
15
-58 55
83 8312
i
4
12
ii g23 81 iiii4 West'n Lines 1st g 4s _ _ _ _ 1951 ----------------82 4
Belle & Caron 1st 6s..._1923 ------------------------993 9934 -------- --------10058 10018 ---- --._ 10018 10018 10018 10018 -.- - ------ --_ 10512 10512 9914 1044 jai iiiii4 iiis 15
/
1
/
1
--------------------------------------------------92125212 1024 ____
;
5
2 121i18
665
1 2
i2 110612
Ch St L & NO gold 5s__ _1951 --------94
98 993 96
4
/
943 -- -1 99 100
4 974
/
4
985 911 9718 95 17
8
9312 96
9412 97
9414 97
8
9313 945 9318 95
Joint 1st ref A 5s
1963 9014 94
8
8
82 82 _--- ---- ---- ---- ---- ---- ---- ---- 817 817 82 8214 ------Memphis div 1st g 4s_ _ 1951 ------------------------7933 80
8613 8612
S L So 1st gu g 4s
1931
,
88 88 ______ 89 li9 --------8458 - ; 88i6 ii8
ii
3
7;5
Si ifiW8 - -12 ----------------85 85
Ind Ill & la 1st gold 4s
1950 S0 Ii i
_ _ _
____ ____
997 997 98 99
8
_
06 06 ---- --8
Ind Union gen & ref 5s A_ _1965 ----------------92 92 --------9514 ii, ._
/
4
/
4
4
2
4
9712 99 9913 943 943 Rio foi 10014 loos mco4 fooi4 loots 10ni2 los 1003 961 961 ---- -97
/
1
4
7 98
98
Int'n'l & Gt No
-1st g 7s.1922
4614 - 2
501
554 511 55
/
1
525 51
8
8
/
4
4612 53
52
54
4
es
1952---_ -- ____ ____ __-- ---- ---- ---- ---- —_ 50, 553 51
97
10012 --------- 96
/
4
r 1st 6s
1951 ____ ____ ____ ____ ____ ---- ---- --__ ____ ____ _--- ---- 97 9712 9713 9718 97 971 97
6314 644 6418 69
/
1
6614 6814 6612 681 0 672 6112 651
_ 63 63
/
4
_ _ _
-5s trust certificates
-- --85 86
82 82
89
8412 8412 - - - - 8613,
8314
- "iiis
James F & Clear 1st 4s_iii4 -55r2 ii- ::__
68 6912
72
011 70
703
8
7
/ 6812 70
1
4
701 713 6814 70
/
4
4
/
1
4
Kan City South 1st g 3s_ _ _1950 63 65
63 - 4 64 6612 65 67 67 6914 68 -/ 6431
4
9132 87138 8914
8713 89
/ 89 93
1
4
88
911 9413 897 94
8
/
4
4
871s 883 8412 88
Ref and improv 5s_Apri11953 84 85
/ 84 8512 83 8812 8614 89
1
4
82 84,8
83
/
1
4
84 86
/ 82 86
1
4
/ 81
1
4
823 864 82 84
/ 82 83
1
4
8
4
/
1
8112 83
Kansas City Term Is 4s___ _1960 79 811 773 8212 7938 8018 805 84
4
/ /
1
4
4
/ 94 96
1
4
941 95
/
4
/
4
/ 94
1
4
944 94 99
/
1
4
/
1
4
9518 96
4
903 9112 913 9214 913 9214 911 92
8
/ 8912 91
1
4
Lake E & W 1st gold 5s_1937 85 9014 89 89
85 8714
8
/
4
,
/ 861 eels 8el, 893 83 86
1
4
/
4
4
791 84 863 86 8612 8514 8514 851 8518 87 s 87
/
4
,2d gold 5s
1941 77 79
7738 7812 78
_ ____ ____ _,,, .„. . ___
r
^ Northern Ohio 1st gu 4531945 68 685 68 13978 ----------------723 78 _--_ ---- 7318 7318 ..,__ ____ _ _
/
1
4
8
/
4
'2
/
4
4
1563 Cli --,- ,- -_- 92 -933- -,,, ..7 4
_ 9212 9412 908 9413 933 951 ---- ,-- Ws 941 95 -96
___
_
Leh V(NY) 1st iltz g 414s._ _1940 ____
8012 - 811 2
84
1
4
8
811 823 825 84
/
4
4
7912 - / 80 81
8 83
833 85
4
817 81
84
80 90
8
7/
94
Leh V (Pa) gen con g 43—.2003 773 - -- -7714 -- -1 783 80
4 81
92'4 00 94
9314 90
90
92
90 9314 9212 9314 90
89 90
9012 92
/
1
4
r.General cm:1s°'4)33
2003 85 8812 8712 9018 87 9218 89 91
'
4
/
4102 1913 1013 ---- ---- ---, --- 10212 10212 ------102 1021 102 103 4
/
1
/
1
4
/
4
Leh V Ter RY 1st gu g Ss _1941 981 100
9912 100 100 100 100 1004 1011
/1
4
4103's 102 104 103 105 103 10412 102 10312 10358 10518
/
1
4
4
Lehigh Vail RR coil tr 6s1928 100%10234 101 10214 1011s 1021t 1011 103 10258103 102 10314 1023
Leh V Coal Co 1st au a 5s_ _ 1933 0514 0714 9719 984 9833 9858 9938 9958 ----------------100 100 --------102 102 10012 10012 ____ ___ 1001s 100ls
ii g514
ii -ii __,_
__
JAN.6 1923.]
THE CHRONICLE
37
1922—Continued.
BONDS
January
February
March
April
May
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
Leh & N Y-1st gu g 4s_ _ __1945 ____ __ __
---- 8314 8314
85 85
86 86
---Long 151 1st con g 5s.July 1931 98 98
951 96 _-__
957 97 4 9812 98'2
8
9812 9912 100 100 ---,
98 98
9788 9712
1st con g 4s
July 1931 ____ ____
894 66Gen g 4s
1938 77 7812 7814 7812 7888 8112 8202 83
83'2 8388 81
82 -554 IA 85 88¼
8413 84'2
-56Gold 4s
1932
_
8212 8212
81
81
Unified gold 45
1949
_
7314 74
74
7614 7614 7814 78 4
7.5
,
-- 79 - 1- 8113 8112 -55- 82
168
82 82
80 81
Deb gold 5s
1934 ____ ____ 88 8814 88 90
9112 9112 923 924 9213 94
4
95 95
9
013 93
83 8 84
7
20-year deben 58
193 76
7
78
753 77 4 734 80
4
,
8012 8412 80 82
78 81
84
81
84 8512 8414 874 84
8213 8314
80 85
Ferry 455s
1922
993 99
4
/
1
4
Guar ref g 4s
1949 ..7 - 751; 7312 7438 igs 77
7534 W12 7814 79
-7814 164 7914 - - -8134 - -§ars
45
8
a-543 - 7- -7912 - 1162
16 s
NYB&MBcong 58
1935 ____ ____
9812 6612
------N Y & Ro Bch 1st g 5s
1927
---977 - 8 -5- 4 - 4
- 6 991) 6*
-55- 16NShBch 1st gu 5s__Oct 1931 -iiii -- ---2 894
-52i29212
96
96
-51312
95 1iLouisiana & Ark 1st 5s
1927 78 80 81! 8712 -WC 8
893 90 -138is - 6 8812 94
66- 89'2 90
- 6
923 94 -9213 94
4
9112 93
92 93
Louisiana & N IV 5s
1935
7214 747 744 77 4 74
4
3
763 7412 7712
Lou & Nash—Gold 5s
8
1937 -5'7- 97
9813 I81- -997g - 72
668
ioi- 1E 2 loi- 102
1100 100
Unified gold 4s
101 1013
4
1940 8712 91
8914 9012 8912 913 90i 92
90 913 90 917 9114 16- 923 94
/
1
4
8
4
3
9314 89 903
4
924 94
89
Registered
4
1940 ____ ___:
---- 8814 8814 904 9012
Coll trust 5s
931
1 -561 - 1- -5154 - - __-- —
2 664
6678
98 983 9714 10113 55i2 9813 -5S—
4
is
-55- 93
10-year 78
eirz 101"
1930 i( 612 119 10614 108 1063 1083 107 1083 107 10814 107 108 10718
)
4
4
8
10812 107 109 10712 109 108%110 10614 108¼ 107 109
555s A
2003
1
/
4
4
/
1
4
8
,
7
1023 10512 10212 105 10313 105
4
4
Louis Cln & Lex g 4558_1931 10118 103 2 101 102 1003 102% 1011 104 10212 103 103%1057 105 4 107 5 106 1073
/
1
4
9414 9418 933 933
4
4
9713 9712 97 4 9712 953 953 95% 98
,
4
4
983 983
4
4
9612 98
97 98
N 0 & M Ist g 6s
9714 97 4
3
1930
_ 102
/
1
41024 103- 1664
103410314
1053 1057
8
8
/34
NOM2dg 65
---1930
89'2 80'2
2
2
161)is 1- 101 101
6618
-55- 161
- -Puducah & Mem Div 4s 1946 80 80
---81
81
9112 9113 86 86
St Louis Div 2d gold 3s_ _1980 58
8
61-12 604 6112 62 6612 65'4 8
- -7 - i 61 B
61% 5912 603 -Es5- 62
61 67 -6088
-515- - 85
Atl Knox & Cin Div g 48_1955
/
4
85 853 84 87
,
,
/
1
4
798 83 8 811 82 2 8214 86
4
8518 8512 8612 8712 864 88
863
g
84 86
84% 86
8612 Wig 85 88
/
1
4
Atl Knox & No 1st g So.
.1946 ____ _--9914 9614
98 4 98 4
3
3
.-_Hend'son Rae 1st 8 f 68_1931
103 166- ioi- 161_-__
Kentucky Central g 4s 1987
7988 82 -ilia 113- 82'2 821! 83 83
4
8314 8314 84- 1684 84
_Lex & East 1st guar 5s _1965 ii 66 95 95
953 97
4
97 100
9814 9913 99 99
98 984 9912 9913
4
/
1
9912 99% -oirs foti 974 99 4
3
L&N&Mob&51 1st g 4558_1945
9212 934 - 944 944 95 97 -5/ Ii" 97 97
L&N-Sou Mon Joint 4s 1952 -7.
-- ---- -iajz 79
4
---- -- 98 99
7912
16
77 - - -7814 16- 8012 804 go 11 8014 8212 813 8313 83% 8612 813 831s 793 823 80 804
18
4
4
4
4
N Fl & Shef 1st gu g 5s 1937 ____ ____
10012 101
9712 9713
---Npt&CinD gen gu g 45581945 ____ - __ _
8688 -WE; -55- 16'---- ---S & N Ala con gu g 55
1936 :_
-6714166 98 98 96 102 1014 1- -3- loi- 1- 11- ioi- 166- ---- ---61 4
6 2
100- 1661622
- 1- 1914
Gen cons gu 5s
1963
9513 9512 97 97
97 97
97 4 991 9714 0814 97 97 ---- ---- 9714 1004 -97¼ 166 9614 9638 98 991
,
/
4
/
1
4
Loft-Tett Bridge Co gu g 45_1945 r - Wrg 7814 793 784 79
4
77
4
814 8214 811 813 797 8312 824 8412 834 85
/
1
/ 8012 82
1
4
/
4
4
8
8112 8312 7912 8014 79 83
M nito S W Coloniz g 55_ _1934 90,
a 2 9012 91
9214 91 95, 934 95
2
9414 96
9412 97
96 9712 9612 97
97 99
96-2 97
96 9712 97 98
Manila RR—Sou Lines 43_1936
_
59 643
4
64 64
6014 70
6712 6713 67 70
65 6912
70 70
Minn & St L 1st gold 7s _1927 101 101
___- - -1614 1023 10312
4
ioi" 1611st cons gold 5s
1934 6988 707 6912 75
7312 78
8
79 8213 79 83
751/4 82
76 80 4 -55" 81 -r7913 83 ,
.Ws 83 75's 79 75 76
, 1st & refund gold 4s....1949 31
3612 3234 40
414 50.3 45 50
37 3 42
,
/
1
4
44 47
/ 4412 47
1
4
45149
43 46
394 44
36 40 4 36 40
3
' Ref & ext 5s, Series A _1962 30 3212 31
40 50
40
/ 3812 40
1
4
45 50
44 4 4812 45 4612 46 48 2 44 47
3
3913 45
,
3412 4112 35 37
Des M & Ft 01st gu g 43-1935 37 39
4213 45
43
36
45 564 553 62
4
5514 60
574 60
57 2 5712 55
,
5712 53 5712 44 53 2 434 43
/
1
4
,
Iowa Central 1st gold 58_1938 7012 7312 69 71
77
71
7714 82
80 8312 764 82
/
1
7812 80
794 81, 803 85
8
4
793 8214 77 79
/ 704 75
1
4
2
11
* Refunding gold 43
1951 32 34
33 394 37 41
41
503 46, 49
2
8
433 4712 441g 4514 424 4714 4212 4434 38 44
4
35 40
35 1 3812
M St P & S S M cons 4s_ _1938 8588 89
8612 877 8714 89
873 9012 8712 90
4
s
8912 9112 90 9114 86
8614 883 8814 90
4
/ 90 2 8612 8814 863 911
1
4
,
4
/
4
1st consol 5s
1938 9712 100
/
4
9614 981 9712 100
99 10014 993 10014 9912 105
4
9914 102 101.2 1013 10114 101% 99 99
4
9712 100
98 4 10012
10 year con 655s
1931 100, 1023 10114 102 101 1023 10114 103 102 102 100
4
2
4
/
1
4
/
1
410213 1013 1034 10314 105 104 107 101 105 10241033 103 • 106
4
4
1st Chic Terms f 45
1941
8812 8812 893 893
4
4
93 93
9213 9212 9212 9212
M S S M & AD 1st 4s
1926 9:114 - ,
91 g
-551 97
2
97 9712
96% 97 9512 9712 978 98
---- -1 8f4
1
7
12
Minn Union 6s
1922
99 4 99 4
3
3
---- ------Mississippi Central 1st 5s....1949
-551 4 814
85 8814
/
1
4
------Mo Kan & E 55
83 83
77 79
Mo Kan & Tex-1st 4s.__ _1990 7
/
1
4
7613 74 77 4 76 7713 77l 83's -80:2 - - 3 767 80's -7 5- 84
,
1217
8312 84
81's 837
-iiis,8012
2d gold 4s
June 1990 48%
5014 56
5812 584 60 4 67 663 6814 6412 6412
3
4
Trust Co ctf of deposit_ _ 4812 513 5014 5714 58 5913 604 68
4
6714 6714 64 6512 66 66
7713 - s 71
iff
71 1st & refund mtge 4s_ __2004 73 744 75 78
651 164
2
78 78 4 8614 86 4
/
1
,
,
.--- 883 883 89 90
4
4
Trust Co ctfs of deposit_ _ _ 7212 75
73 4 75
7
---General a f 455s
1936 5214 54
523 61
4
61 61
Trust Co ctfs of deposit___ 5214 54
53 53
61 61
67 68
64 87
77 77
68
74
66 69
6812 687
Secured notes 53 extd tr rcts 58, 6012 59 684 69 70
4
3
7412 76
76 76
8812 883 83 93
Dal 84 Wa 1st 1111 g 53_ _ _ _1940 80 8012
4
---- 7812 7812
83 84
901s 904
Kan C & Pac 1st g 4s_ _ _ _1990 7012 7188
---777 - 8
777Mo K & Okla 1st gu 58..1942 7814 81 -iorg 81
---81 811a
88's 88's
9113 91.3 9188 91¼ 94 Iirs Ws If ---8314 8314
Mo K & 0certfs:Ist 5s__1942
_
85 4 85
3
/ 874 8712
1
4
Sher Shrev & So 1st gY g' ---- - -5'
1 43
344 3418 42 42
Tex & Okla 1st gu g 5s..1943
25 25 -551- 15 2
3413 1612
1-2
-34- 34 Mo Kan & Texas 4s
-33r8131
;
1
1944 3512 6914 3913 3912 4618 49
5512 5534
certificates
383 39
4
---- 5434 543
4
St Louis Div 4s
--_2001 27 2912
---58 58 -;11 4
M K & T of Texas 5s
_-__ ---1942 77 79
8413 841z
7988 82
911 9114 974 97
/
4
/ 85 85
1
4
certificates
---79 79
90 90
Mo Kan & Texas (new)
-ss-74=p7-tti
5s A
1962 763 79
4
77 8012 8014 8212 8212 85
823 8412 81 84
4
82 85
85 87
831g 86, 82 843 823 84%
4s B
/ 851s 89
1
4
1962 62 6514 64 68
4
2
4
67 687 6812 707 6838 7012 67 69 67
4
4
7012 6912 7214 71
65 C
75
691g 72
674 6912
1932 89 93
6714 70
90 934 93 9478 9412 14712 9514 963
/
1
4
/
1
4
5s (AdD
97 9912 9614 973 95 97
954 974
1967 433 454 44 5012 4912 513 514 5934 55 5834 934 9513 93 9614 96 98
4
4
/
1
4
/
1
4
8 5412 5713 5614 5818 58 64
Missouri Pacific(new co)
/ 6112 6512 60 6414 57 624 [581z 601
1
4
/
1
4
s
1st & refund 5s
'1 1'S
1965 8412 894 86, 89
2
8614 90
853 89
4
8712 8814 8712 88 88 88 4 8713
3
1st & refund 5s
9312 9112 9312 8812 9212 84 8712 8812 88
1923 9712 981 9812 9913 9914 100
4
994 100 100 10014 100 100
997 100
4
1st & refund 53
14 93 94
1926 9012 97
94 97
953 97
4
96 100
954 9614 96
4
97 -96l3 973 97'a 98ls -97T4 - - -58 - 12 -551 97
6s
1949 _
6178
4 91
2
984 997 99 102 1004 1027 1003 10312 9941021 -9
8
/
1
4
General 4s
4
4
1975 593 6214 60 6312 621g 6314 521- 684 6312 67
4
4 98 100
98 99
3
/ 6214 6412 6313 663 6614 694 65 69 2 63 6714 61 65
1
4
4
Mo Pac 3d 78 ext at 4%....1938 764 77
/
1
4
,
7914 7914
61 64
---- 80 82
83 83
8312 8313 854 8512 83 83
Cent Br Un Pac 1st g 4s-1948
814 814
/ /
1
1
74 74
747 747 7414 7414
4
8
_
Pac RR of Mo lot ext g 4s.1938 -8412 84.3 8312 Ws; 834 86
774 777 7614 754
8
/ 71
1
41
70
/
1
85 8612
-i§i2
2d extended gold 58._ _1938
8712 89
86 87
911s 92
96 9713 -55- 11St L I 111 & So—Gold 5s._1931 944 9612 9414 9712 664 98 98
97
/
1
4100
95 96
61- 9614 984 9714 993 -55E8 98- -51 Vi 98 98
/
1
8
98 99
registered _
/ 99 997 98 9912 98 99
1
4
4
__
9814 9814
97% 99
---_
97 9713
Unit 8c ref gold 4s_ _1929 784 ---- -514 83. 83 8512 8512 89
8314
8512 8 -12 -5613 17 8 867 8834 8713
8
-3
8
River & Gulf Div 13t 43'33 7 4 7712 753 78
9012 -5514 I212 80'g 893 -83', 16 8 "iii 18 4
2 1
-3-il
4
7712 81
5
80 833 811 8312 8012 82
4
/
4
8112 84
Verdigris V I & IV 1st g 5s'26
833 87 2 864 88
4
834 8713 8213 86
,
907 907 93 93
s
/ 8312 85 y
1
4
s
Mobile & Ohio new g 68._1937 155- 10-- 10114 1014 1021g 10212 103.3 16319612 9613 9714 98
214
- 2 651 166 - I03- 1037 10434 105
4
8
1st extension g 68_ _July 1927 ____ wit
1043 105
4
KIK 166
16i- 56512 10312
;
-977 9818 99 100
g
General gold 4s
1938 674
101 101
- 812 -ifli 72 7314 73 76 ---- .--- 721 75 -7514 75l 7714
_-_Montgom Div 1st g 5s -1947
77'4 7813 7812
8611 863 8812 8812 883 8912
8
-22:
____
St Louis Division 5s_ _ I927 874 8788 88 894
983 8612 97 97
9518 957
4
4
914 914
/ /
1
1
923 12 4 94
4
St L & Cairo guar 4s_ _1931 81 88
,
95
98 9812 9414 95 4 9412 - 4
3
84 85 -fa
61186 87
7 90
884 91
Nash Ch & St L 1st con 58_1928 97 994 98 9914 98
91
91
90 4 913 864 904 863 87
3
4
4
8638 8812
9912103¼ 100 10012 100- 1061- 101 101
/ 99
1
4
2
Jasper Bch 1st gold 65
100 10112 1003 10114 1003 1007 993 100
8
4
4
4
-1923
100 100
4
993 100g
10014 10014 10014 10014
Nat Rys Mrs prior lien 45581957 211
-ilia 26294 42 38 45
29
3912 392 30 30
Guaranteed general 4s_ _1977 --30 30
31
29 /7131
3
,
- - 29 2 2913
Nat of Mex prior lle g 45581926 28
2512 3113 -ilia 1i30
-55is 3172
1st consul gold 4s
25 25
1951
2112 213 213 211
4
8
/
4
NO & No'eastern455s SerA1952 8014
79 80
84
8013 164 834 86 -528 - - 811
-His IA
79 81
4 813
4
New Orleans Term-1st 43_1953
84
84 863; -8:1F8 16
.5111- -7()rs 823 8014 8112
2 74
7012 7 2 70 74
/
1
4
73 77
7712 76 2 80
76
2,
,
78 80
NO Tex & Met 1st Ser A 68
7718 80
78 8112 784 82
7412 80
19 '5 9513 9812 9814 9912 98 99
75 79
/
1
4
99 101
3 78
99-2 100 9912 100% 993
Non cum Inc Ser A 5s._ A935 6212 65
4 1034 100 10034 10012 101 100 101 100 10012 75 4 100
6212 66
1004
65 6914 67 72 69
/
1
4
3
8
71
7014 7214 7012 72
Y Central RR deb 6s_ _ _1935 98
717 784 7614 8012 754 78
4
75 7712 763 79
1005
9813 993 9912 10 113 10112 101 2 10112 10312 1023 104
4
s
,
8
6s registered
8
14 1037 108 1064 10812 10114 1078 1017 1067 103 10612
1935 -------8
4
8
10312 1054
10212 10212 ---- -10 year coil trust 78
1930 18
- 10508 166 1.0. 3 COT 106- 1614 105 161 105
- ; 53
0
Consol 4s. Series A
4
4
0
- 2
1998 79 804 783 7912 7812 80 4 80 81 2 8214 844 8214 10534 1043 1053 105 1 8
,
,
83 4
Ref & impt 455s Ser A_ _ _2013 8514 88
3
85 864 8214 8812 81
843 80 834 "giis "if "4
4
8512 864 8512 83 85 8812 8512 9012 8514 8612 834 86
/
1
4
/
1
Ref & !mot 53
85 90
4
2013
8614 894 853 83 8
4
,
9414 9615 95 9612 9334 951 9413 963 8714 993 8312 92
4
/
4
NY Central-3558
4 963 9914 973 9918 954 9914 9512 9712 863 884
4
4
1997 7412 78
-- 7514 - .12 - 512 77
7614 78
70
9614 97 4
7
767 773 7618 78
8
4
Registered
7712
4
7812 817 76 7912 764 7812 t.7614 78
1997 75 75
8
7512 76
76 7612 75 764 7614 7614 77 803 78:4 83
Debenture gold 4s
7712
1934 84 8912 8614 8712 864 883 87 91
75 75
--7412 7412
/
1
8812 904 873 9018 90 92
4
4
30 year debenture 4s
/ 893 - -7- -9012 13
1
4
4 91 4
.1942 83 8512 8614 863 8514 86
.- 8912 914 8914 9012 -55- IA;
1
4
87 8912 89 89
/
1
4
8634 89
Lake Shore coil g 3558_1998 6914 73
88 88
8914 91
9014 91
90 90
71
714 76
73
88 89
714 744 73 75
7214 74
Registered
73 4 75% 7514 79
7
1998
/ 77 777 73 4 77
1
4
7
8
7212 75
72 175 1
/
1
4
7374 73 8
Mich Cent coil g 3555...1998
7
_
704 704
- 73- - - -12 -73.12 7414 7312 7512 78 -80 - -7918
4
714 72k! - ii4 -7
74
Registered
1998 7412 7412
-114 77 784 77 1f 4
II 4 -764 1
-1172 72
---- 723 7412
Battle Creek & Sturgis 38 '89 60 60
4
76 76
62 iti
78 3,78
---- ---- 60 60
Beech Creek 1st gu 4s_ _ _1936 843 8812
4
88 88
------exist aug 3555 Fe13 51
Bch Cr
.
-5i3 114 -5- 4 - -18
1 61 4
---- -1-- ---60 60
Cart & Ad Ist gu 4s
1981
---76
76
-8312 92
-12
Lake Shore & M S g 35581997 77
7604 77'2 77 77 4
81
81
- 1- i§is 8011 7814 WI; 79 80 - 83 83
668
,
Registered
1997
7512 8114 -ff IF
.
16- 77's - - - i 74 78
793 7114
79¼
77 77
74% 79it
79
Debenture gold 4s_
1918 893
79
4
803 8014
4
- -5514 - 7 92 13 - 021s 9512 94% 944s
7114
628
-14
933 9412 94
4
1931 8812 92
25 year gold 4s
95
9318 96
94 953 924 911; Oils 944 g112 9512
/
1
4
9014 91
901 9318 914 9312 9112 9214 9138 93
/
4
Moh 8c Mal 1st gu g 4s_ _1991 8212 8
9212 93
/ 934 944
1
4
9134 937 91
212
4
92% gys 94 s
3
-- Mahon Coal RR 1st 58_ _1934 ____ _ _
8512 8512
—
k
----977 17 i
-7
___
Michigan Central 5s_ _
i$55- 10288
9988 99¼
•
—4s
_1931-8214 -- -14 83 83
1940
-5544 10 - -554 9988
82 6
_iii2
Jack L & S gold 35511 1951 - - - --- 893 93
3
64
7 3
91
91
1st gold 355s
1952 763
811 811
/ /
4
78 4
711
78 164 -5514 - 1181 3
8104 8113 -511 - -1-3- -(;(14 813 81
20 year debenture 4s._1929 863 89
4
4 8 4
4
81
8012 8012 "io" - 1114
8812 9012 9012 913 8812 91
4
91
N Y & Harlem g 355s
2000
9212 923 9312
4
__
9012 9112 91
9112
9112 91
78 8 78%
,
803 81
4
80 80
-
1612
62
-ia-
THE CHRONICLE
38
[Vol,. 116.
-Continue .
I922
BONDS
Norember December
October
August September
July
June
May
April
March
February
January
Low High
Low High Low High Low High Low High Low High Low High Low High Low High Low High Low High Low High
New York Central(Cmcluded)__ 99 99
_
NY & North 1st g 5s_ __ _1928
8512 8512 85 85
4
8114 Si', 83 8353 8312 8413 8331 833 --------8338 8312 --------84 83
4
1
/
NY & Put 1st con iu g 4s1993 7712 7712 _
4
1
/
8
8
4
1
/ 997 997 99 998 -----------------------------------------------4
1
/
4
4
1
/ 9912 993 99 99
4
4
4
1
/
Rome Wat & Oga an 5s_1922 99 993 993 99
--- ---- 4793883 83
S3 ----------------783
Rutland 1st cons ; 4319_1941 78
7513 75 2
73% 737 7312 - - 3 70 7312 6912 72
6
7 8
,
Og & L Ch 1st i g 4s_1948 66 6612 ----------------68 7112 ---------------8
8
673 673 70 72
RutI'd Can 1st g
St Lawr & Adis 1st
- --_ ____ ____ .___ ____ _-_- -- - 1996
2d gold 6s
Pitts & L E-2d g
._
___ ___
Pitts McK & Y 1st 011 68_1932
------ --- 1922 9914 9912 ----------------9912 9912 Utica & B River 4s
64
64
64
i5
6 621- ---12 ili2 - -12 66i8 - 8 84
158 6i 63 - - iiiit - -. gait :8
6- 85
ilii -82
so
.i 81
s
4
Shore 1st 4s In.__ _2361 7812 8212
West
4
84
4
8112 8112 7912 8338
7712 7814 783 80
80 8012 79 8018 8012 8212 8218 8212 823 833 81
8
2361 7638 771., 7812 80
Registered
-771278
NY C Lines equip
89 4
921s 9012 9171 9012 92 -91- 92 -88i4 - 3
6 14 6 89
SI 8613 16 8884 -- -Is 86 - 6 8.
,
8 88 .:4. 8114 8412 65 4 85f2 - 6
NY Chic & St L 1st i 4s _ _ A937 8 12 8414 85
4
8712. 89
4
/
8612 87
4
1
/
72 86 8712 871g 8712 873 891 8712 93)
8438 8512 84 86
82 8312 8212 85
1931 80 83
25 year debert 4s_
5938 91
8718 8972 87 8913
88 9212 94 94
89 92
4
1
/
88 89
89 89
85 8714 87 89
NY Connecting 1st I 43-65_1953 8112 8412 85 85
4
5114 55
50 5112 43 51
453 48
50 52
4
523 50 52
--------51
4414 54
42 45
-NYNH&Hnonco I 334s_1954 3814 391. 3918 45
_ 6318 63% 63 6314 --------841260
59% 60
____ ____
513
Non-convertible 4s
___ 5214 5214 50 5312 50 51
4 5312 ____
47 17 5312
_
Non-convertible 344s_ _1947 ---------------- -------- ----------------5314 - _- 513 58
5713 58.3 56 58
50 5412 49 5112
554 1
/
11
/ 58
4
1
/ 554
3 601s 57 59
5714 59
4
477 51
493 51
48
3
Non-convertible d b4s 1955 4012 45
56 5613 50 56
49 53
5713 60
58
5612 60
4
4
58 593 564 .593 56
49 60
4714 4714 5113 48 51
Non-cony debent re 43_1956 41
45 50
50 51
5114 5114 54
4
/
4512 48
5112 511 51
53
4
1
/
4
1
/
3
42 45
32 4412 42 5213 5114 5318 51
Convertible debe 33-6s-1956 373 42
6713 75
1
/
1
/
804 854 82 8512 78 8312 7012 80
4
1
/ 7914 82
80 8412 7712 82
8
67 697 69 85
Convertible debe 6s_ _ _1948 57 6714 67 71
65 registered
Cons Ry 43
1954 ---------------- ---- ---- 50
4s
4s
64 _ ___ ____
66 64 ___ ____ --__ 50 ____ ---_ _-__ _
Consol Ry non-co
521,52 ----------50 50 --------50 50 --------49 51
1
Non-cony deben 48._ 1954 -------- 44 1i8 --------45 5514 51
4718 3712 43
4
52 53
50 523 50 537 50 52
5213 58 5012 55
1957 l. 412 4034 46
4413 5014 4613 57
43
Debenture
4
4
4
1
4
/
/ /
781g 784 79 79 ____ ___ 814 8118 811 811 793 8214 78 78
7913 7913 7713 80
75 79
7514 76
71
Harlem R Pt Ches Is 49_1954 71
75 _-__ -.- 75 76
75 69 69 --------73 73
70 70
4
1
/
B & N Y Air Line I st 4s 1955 59 59 --------65 65
4 63
593 - - - -59 tig
65
8 65
4
1
/ 654 6812 67 68 64 4
1
/ 65 65
68
4
1
1
/
593 6752 653
564 56 60
4
1
/
5712 60
Cent New Eng 1st Cu 49_1961. 51
627-934
New England RR
68 8
4.
- 81 - .7 4112 5212 -4644 16
51
di 544 5612 84Z4 - 14 84 17
d6 85 di% 8412 3- 15- 41 ii 1946 55 -- 7 58 16'4 -7
6
3 81
NYWest&B 1st ser I 4
5012 5012 __ ____ 5212 5213
56 56
47 544
__ 45 45
26 ---- ---- __
Providence Secur sileb 43_1.957 26
194
Wor & C E Ry 4(43
ii 65 8 :7 7114
76-2
id ii /6 7512. 16 ii --. 7313 7214 74
-34 Hit 7
4
733 77
4
1
/
7138 77
NY & Ont & W-lst a 4s 1992 69 7053 69 7013 69l 73
6912 7113 68 6812 66 69 65 68
4
1
/ 70
4
1
/
68 70 68
_ 673 673 65.2 673 66 7012 6813 70 68 69
8
8
8
1955 _ _
General 4s
8
8
667 70 6518 697 60 667 6014 641s
67 69 68 71
65 68
67 69
2
g6 58 593 59 68
65 70
.
1961 513 Norf Sou 1st & ref A 53
1
4
/ /
941 944 9114 9412 94.3 9413 894 8918
95
4
1
/
4
1
/
Norfolk & South 1st C 5s-1941 79 83 ----------------8813 8878 88 8812 --------9512 9513 95 104 1084 1084 1043 1043 10812 10813 10812
1
/
1
/
4
4
10812
3
4
1
4
1
/ /
1931 106 106 105 105 106 106 10613 1077 ------------------------104
Norf & West gen g 6s
1934 106 DA
____ ____ ___ ____ ____ ____ ____ _____ ____ ____ ____ 10914 10911 --------107107
& ext g 6s
Improve
108 los ----------------10638109
1932 ---- ----10414 1043
41043 10514
4
New River 1st g 6s
1 91 14
2 89
88
,
87.2 9112 9112 9412 92 9352 9112 94 2 8712 234
i9
4
1
/ 81 4
8
Nor & W Ry 1st co s g 43_1996 847 8918 864 8712 84 8738 85 - 1- -§ii:ig 4
1
/ 8613 88
4
4
/
88 90 8813 90 891.4 911 87 9013 853 87
87 88
86 86
84 84
4
1944 8312 86
853 86
4
1
/ 8412 86
Div 1st I & gen g 4s
- ---- ---- -----_ _ ____
____ 92-3 100 105 106 ----------------10012 10012 ---Convertible 41is
7
-;
- - -13
- -58
4 - 12 117 124 1174 1i3 11213 lio 111 146
4
/
10-year convert 6s_ _ _ .1929 10314 1064 10412 106 10512
19381___- 107%10714 110 10712 101 14 109 109 1141 1133 111
- '1
10-25 year 4s
1948
-88128812
10-20 year 4s
, i
8
813
4 i
2 6712 684 I6i - 4 861 Iil4s f
if% 8/1 gi ii 194I W I414 }1
T 81
4
& : 8112 85 863 8i4 - 12 563 --;8Poca C & C Join
4
/
0114 9114 894 894 861 86.3 87 87
91
__ 88 8913 91
___ 86.2 8613 87 87 ___
4
Scio V & NE 1st g 1 $i 45_1989 8314 853 8513 8534 ____
4
4
1
/ 8938 9114 86 8912 8418 873 8514 87
4
1
/
4
- - 3
3 85
84 85
843 - / 85 88 86 89 8687 - 87 9012 88 90
4
1
Nor Pee-Prior lien 1 43_1997 8414 87
1997 84 84 -------- -------------------- ----------------------------8812 90 ----------------84 84
Registered
s 62
60 63 •
4 (33
6312 65
l!
i4 63
6
8 6312
6
3
4 62
2 6
General lien g 3s_ _Jan 2047 604 623
58
591
4
/
4
/
_Jan 2047 --------6013 6012 ------------------------62 62 --------------------------------58 8818 8714 591
Registered
8 3
, 6 84 8614
oo
Es 1
% 9
8712
8612
4
9014 87 8812
2047 8i
88 8612 8
Ref & ompt 41-is A
4
1
4
1
/ /
8
4
1
/
4
4
/
4
1
/
3109 105 10612 1053 109 1081 1094 10812 11053 1073 1097 106 108 108 10914
4
1
/
1
/
Ref & impt 6s Seri i B_ _ _2047 105 110 106 107.2 106 108 10412 1064 1053
3
1
/
98 10053 ____ ____ 9614 983 971g 994
1
/
4
1
/ 964 100
2047 ---- --------------------------------------------9638 97
5$
7914 7914
-8411 8412
St Paul-Dul Div g
_ _ _ _ -_ _
- 6
-- i 1654 10 -12
-2
1936 15L.i4 fib" 195,-4 16i 4 1054 1073 151 16i 1054 1067 i El5T2 10
4
1
/
- 3N P-Gt it cony 632s
1
/
1923 ____ --__ 100, 10014 10013 101 101 101 1001310012 10014 10012 --- ____ ____ ____ 1004 1004 1001816o% I00% 10012 loo 100
4
St P & No Pac g 6s
St Paul & Duluth
concol gold 4s
let
Wash Cent Ry 1st
-- - -- -- 3
1933 ----------------107 10814 ----------------10838 1Cif; 71 - Nor P Ter Co 1st g 65
/il g4. §O -813- 61 81%
g6 , - 8
1
4 Ai.2 - -73 (.
3
8
8012 815a gi - .- gir4 - ; '
8
2 12
3
7714 so
Oregon-Wash 1st & ref 4s 1961 77
83 8314 8112 8313 79 83
1
/
904 9014 83 83
8012 82
78 7871 78 81
Pacific Coast Co 1st 1 5s_ _ _1946 75 78 --------7614 78
4
/
2
- 93 93 --------92. 9212 0113 011 _ __
Paducah & III 1st sf
.
4
81
3
70 4 7912 74 7712 72 753 6612 7384 i152 IA
4
1
/ 76 -4
/
4
1
/ 791 82
8214 82
Paris-Lyons Mid RR 6s..1958 ---------------- -------- 83 85
92
8
4 --------993 9938 ---- ---- 994 99, 9912 9911 ---- ___
4
8
8
_1 3
4
8
Penn RR 1st 4s real 1st g_1923 963 9712 9814 99 983 98% 983 983 987 988 983 983
8
1943 8712 89 ----------------897 897 89 9113 --------8838 92 00 90 --------92 92 --------95 -95
Con g 4s
4 90 0113 9013 9313
4
/
4
5
1
/
4
87-2 89
1
/
854 8812 89 90 9012 91-3 903 904 9114 93 8 92 933 911 934 90 9332 964 100
1948 854 90
Con g 4s
4
1
/ 9612 98
4
1
/
4
1
/ 9913 1011$ 99 101,
1
/
4
8
943 9714 954 9813 953 084 9814 10014 98 100
1960 9212 9513 9413 9613 9414 96
Consol 4 1-is
8
4
1
/
1
/
9212 944 9013 937 89 9212 9034 92
9114 94
9213 95
4
1965 853 89
4
4
1
/ 8814 9112 8912 913 9012 92
863 873 8713 88
4
4
General 416s
99 1011 100 1017
4
/
3
210313 993 102
3
,
9913 101 10014 102 2 10112 10313 100,
1968 9313 9734 9514 9612 95 9712 97 10012 9813 100
General 5s
109 111
1930 10512 10812 10512 107 10614 10912 10614 109 10712 10912 108 110 108 110 109 11112 109 11314 109 11014 10812 110 109 111
-year 7s
10
4
109 11112
/
4
/
4
10912 10818 110 10914 112 1093 1111 10914 1111
1
/
8
4
15-year secured 6.44s_ _ _ _1936 10338 1064 10512 10612 10513107 1064 1083 1083 110 108
91
9112 94 ------------------------91
4
/
4
Al1eg Val gen g go 4s_ _ _1942 86 861 --------8614 873 87 87 --------88.2 8812 90 90
-DelitisitRBgelst g
-84. 8413
1937
Penn Co gu
8
-12
._738 s --------8012 1 81% 81% 85 -di 8412 - -412 84.2 14 ---- ---- ____ __
--Gu 33.6s coil tr cti's 13_1941 - - - - - - - - - - - -4- - - - - - - - - 81342 ____ ____
Gu g 31-6s Cr ctfa se
3 3
----------------84 8413 T321- 1-12 -- - - --.
Gu g 355s tr ctfs ser D_ _ _1944 ---------------- -- -- ---- -------- ----------------82 82
4
89 933 92 9234 _
2
4
3
91 (2
2 9 12 91
18
8
7
4 8912 --------8913 212
1931
8 14
Guar g 15--year 49
.
88 8913 86 8813 813- 87
3
1952 82 82 80 81 --------8314 8314 8334 83 4 85 8612 87 8814 9112 9112 87 87
Guar 43 Series E
Cin L & N 1st con
8414 8414
85 85
-87 87
Erie & P gen Cu g 3
4 64 4
661. - -3- 9314 9314
66
61
8ii:C4 6if4 - -12 6g4 - 14 9214 9214 95 95
.
91
Gr K & lex 1st Cu g 4 Sis _ _l941 -------------------------------- 91 --- 813;4 - Pitts Y & Ash 1st On 5s 1927
4 14 8
_ ____ ____ ____ ____ 541 - -7 :____ ____ ____ _
64
------------------------9238 63
Tol WV&Olst gu 455 s A-1931 -------------------------------------98_
di91 ----------------951 9513 6518 Series B
1933 ---- ---- ---- ---- ---- ---- ---- ---- ---- ---- ---- ---- ---- ---- 6i2 - 12
s
8
867 S87
1942
Series C 4s
654 9414 96
6-.5 - -368q 4 67 4
66 iii4 6'g
. 64; 68 66 8
3 6
61
64
. 9 4
pcc&str. Cu g 41sSa.- A_ _1940 86i2 - - --------023 -- 3- Oi - - -_-_-_-_ -_-_:_ 68 - -3- 6514 - -3
9713 9712 9514 963 934 96
1
/
8
95 9514 9512 98
2
4
- ____ 9314 95
4
1942 883 8812 --------923 923 9234 9312
Series B guar_
Series C guar.
Series D guar_
Series E 331s gu
Series F cons 4s
Series G cons 45
Series H cons 4s
8912 893
Series Icons 43-4 guar I9(-3
_
___ f.2 -14
. 62" 55r4 V3 ---- ------------------------------------9414 0414 --_____
_ ____
1964 ____
Series-1
9914 101 --------08 - ii
- 9 4
99 101 100 101
95 99
4
4
9412 98
963 973 96 97
95
93 93 .2
93
General 5s Serie 4 A_ I970 90 - - - 918 ChicStL&P 1st co g 5s_1932
i oil: 9
i148
6178 -§iii - 2
4 66166 ----------------9138 - - 6648 - 86i8 91
Phila Bait & W 1st C 4s_ _1943 _____ ii - -- ----------------9113 92
Sunbury & Lew Is
9313 932
UNIRR&Can Co g en 4s.1944
66% 68 - -3 -68; - 2
2 6j1
4
67 9 oii4 1- -4- 98 1o112 664 60 4
2 iii 2 i - -ti
9g 651' - ,
01 68 - 8 9d12 64T8 1956 iii2 - 61
6
6
g5T4 - . 4 561 -Pere Marq-Ist Ser 5s
8212 85
79 8312 78 81
4
/
811 85
4
/
82
811 81
80 82
81
1
/
4
1
/
77 80 804 '82
1956 76
774 75 764 7512 78
1
/
1st Ser B 43
4
/
2
527 45 .511 45 50
53
52 5312 51
51
55
45 48
45 5214 5012 59
55 56.2 51
414 4412 43 45
PhilippineRylst 30-y i s f 4sI937
- - 9813 9813 - 4
053 100
- -Pittb Shen & L E 1st g 5s_ _1940 _
2 fig116
1
/ 13414
4 81 4
81
i
8 4
4
1
/ 85f3 -. 3- gii4 - 12 T353- - 3- §ii3 - -13 gi4 - - - - gii - 4
i35i3 - 7- §:Ii4 81 3
1k; ii;i1 15
82 85
1991 go - - 12 82 83
5
8
Reading Co gen g 43
4
_ _ 82 82 ----------------8312 8313 83 843 ----------------83 83
__
__
___ ____
1997 ____
Registered
8712 89
14 8713 90
85
8714 8812 87- - -1
4
/
87
412 8614 8513 87
4
1
84
1
/
8511 -83- -- / 8414 8613 864 8887
8413 85
8112 Jersey Central coll g 4s_1951 ------------------------------------------------973 97 102 102 100 100 --------100 100 -------4
1
/
•
1952
Rich Ter Ry 58_
76
4
3 77
73 753
4
4 714 75 76 71 76 77 78
8
s 677
s 7
2
68
8
1987
g 657
St Jos & Gist 1st g 4 i
8
4
7514 6912 7312 69 2 713
734 743 74 767 71
1
,
714 74
4
4
71
68 70
4
69
703 743 72 743 7012 72
70
1950 68
.A
-4s Sc,
St L 8c San Fr
8814 9112 863 00
8412 87
4
82 88
2
2
8452 8812 8612 8814 8412 877 851g 8734 8533 89
Prior lien Series B is__ _ _1950 82 8412 8134 8352 827 85
9912 10114 100 4 10212 100 102
4
982 100
,
2
995 10038 9913100-3*
98 100
9612 10012 98 99
9514 9612 9612 99
_19251 9432 98
Prior lien Series C
1
/
9413 9712 9213 95
4
1
/ 9113 9412
_ 9212 9712 93 9412 9414 954 95 98
_
_ _ ___.
_- --_
-- ---- ---1942 ---5343
2
1
/
844 8338 86
7754 8213 7314 7913 7414 7712
4
1
/ 7818 81, 81
82
74
7712 7712 -7912 764 - -34 7913 --- 7612 79
82
1955 71 --- 72 -Cum adjust Ser A rs
4
/
1
/
4
8
743 7914 643 7012 5912 664 58 621
68 7112 7212 79
4
1
/ 7034 66 69
4
/
6412 711 67
65
61
1960 544 5613 544 63
Ser:es A _6
Income
1021210212 1034 10318 10312 10312 ----------------104 104 --------10114 10414 10312 10312 1031210312
St L & San Fran -Getre 6s_ _1931 103 103 10114 102 4 953 97
8
912
4
1
/
8
97 9812 9714 98 2 9712 9911 98 9912 90 90 -------- 99 9913 97 973 98% 9
,
1931 95 9613 9618 973
53
Gen g
St L & S F RR cons
1947
So West Div g 5s.
4
8
2 - 38 -- 3
16i4 10212 foi 16178 16212 iiii 104 1667. 103 1681 1664 10312 16134 1661 51318 10ii4 16338 1661 103
- - -12
K C Ft S & 51 con g 6s_ _ _ 1925 1oi 102 102 102 10138 7813 761 80
78
4
7914
4
793 8312 81
773 80
8414 79 82
7812 82
4
/
7
4
1
/
4
1
/ 78 80 8 7838 79
4
7412 76% 753
4
1936 723 76
K G Ft &MRy ref g 4s
-_
__ 92 92 --------------------------------95 95-_-- ---4
1
/
4
KC114-MR&B-Ist g 1 95a.1929 8814 8814 883 88
79
775g - 99
774 4
/
80
6 78 7952 78 7934 791 8071 791g 8012 77- 8
7612 787 78
8
78
76
94s.1989 7412 7712 743 78 ____-71
71
St Louis Southw-ls :
411
7
69
71
70 70 69 72
7013 72
71
64 6712 665g 68 69
4
1
/ 70
6512 6614
4
1
/
3 6412 66
65
4
1
/
78
77
2d g 4s inc bd ctfs_ .Nov 1989 6812 663 71
4
1
/ 755g 79
4
1
/ 7813 8013 75 78
4
1
/
4
4
7413 7214 7413 74
4
1
/ 7414 773g 733 753 73 7713 77 82
77
4
1
/
73
1932
Gonsol gold 4s
8
3
8012 8212 80 4 8312 784 8312 7814 807 77 7912 7812 82 .
7812 81
79 82
79 84
1
/
4
7412 71, 754 7412 80
1952 71
3
4
/
1st term & unit 5s
4
763 811 78 797 7313 7812 74 764 741 75 4
4
/
8
75 77
4
4
/
74 7913 7513 79
751 773
7212 77
8
4
713 705 73
1943 70
SA &AP 1st gu g 4s_
4
1
/ 5912 6018 ___ ____ ____ _ __ - --_ ---- 5123 5312
5713 57
4
1
. /
50 541 52 63 .53 5912 5814 611/ 64 64
1950 54 60
Seaboard Airline g 4
1950
T -Registered
i
8. o
i"i68 r- ii, -gi iis 551.
Ri. i
i 66
Ri. -i
Rai, is3. kR. anin
gii, Ant. 481. A41. :91. iil. Ri li
Stamped
_
Rai.
JAN.6 1923.]
THE CHRONICLE
39
1922— 'ontinued.
BONDS
.
Seaboard Airline (Concluded)—
1940
. Adlustment 5s
Refunding 4.1
1959
1st & con 6s Series A
1945
At1-1lir-30-yr1stg4sMay1933
January I February
March
May
April
June
July
August September
October
Norember 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
1312
31%
41
5913
17
35
45
5912
16
31%
43
5913
21
3814
5212
6212
1818
35
464
62
2112
3814
513*
6312
21
3884
5014
70
30
463*
6314
7512
21%
3812
56
72
28
4414
6114
8
745
24
41
5612
6713
27
/
1
4
43
60
69
25
4112
5814
6718
2812
46
64
6718
2712
44
6312
67
/
1
4
32
4838
733
4
70
26
4213
65
70
/
1
4
2912
4614
70%
70
/
1
4
2514
42
/
1
4
6518
70
29
45
70
70
20
361
/
4
5418
6614
26
4318
67
6612
2112
39
575g
6812
2312
41
6034
68
Fla Cent & Pen extd 6s_ _1923 56 61 ____ ____ ___ ____ ____ ___ ____ ____ ____ ____ ____ ____ ___ ____ _.___ ____ 9912 9912 99 99 99 99
1st land gr ext gold 58_1933 -------- ---------------- 89 89
_
__
_ _
Consol gold 55
1943
13
12
4 S
i
___
8918 86T4 16
-14 221 . - 55 16 --------91 - - 9114 -61
4 83
4
61
-14 55i2 If
Gs & Ala 1st cons 5s Oct 1945 72 72
71
71 --------75 75
--- 76% 76% 773 773
4
4 8318 --------8414 85 _ _ _ _ _ _ _ _ _ _ _ _ ....• _ _
4
. Ga car & No 1st go g 5s_1929 8513 85% 86 86
84 8814 89 91 ----90 90
8712 8712 --------90 90
. Seab Sc Roanoke 1st 5s_ _1926 873 873 ------------------------95 95 ---- -___ 911 9158 ------------------------9414
4
4
/
4
__
64% 6212 - 2
95,
So Pac Co—Coll 4s
1949 78 81
79 82 80 83
87858 80
82 9412 .
-,„92 843 863 8312 853g
2
873 893 85
4
12 90
1
4
853
4
14
8
4
Convertible 4s
1929 86 893 8734 89 8814 905 9038 9112 903 9212 9014 913 9112 923 9214 9414 915 94
4
8
4
4
4
8
913 9313 9038 923 907g
s
8
Convertible 5s
1934 9512 97
4
9512 963 9512 9714 96 10112 10112 1033 100 10318 102 104 104 1045 1035 105 104 105 10012 104 10018 923*
8
8
8
10112
. Con Pac 1st ref gu g 45_1949 8114 8512 8214 8312 83 8412 8414 8734 8512 887 8614 89
8
8812 917 8914 91
8
8914 91
86
90
8272 88
8534 3712
Mort gu g 3!Ss_ _Aug 1929 8612 8712 86 878 8714 8818 8814 883 8914 8912 89 904 ____
4
/
1
__ 91% 923* 9212 93
9112 93
9112 921 91
2
92
"
ThroughStLIst- g 481954 7814 8012 79 8013 8018 8012 83 8714 8112 863* 8214 85
AU
/
1
4
85 _4
86
8312 8612 82 8418 81
823 86
84
815 83
8
G H & S A & P 1st 5s_ _1931 9414 98
96 98
96
963 96% 9714 97'8 9712 9718 9712 --------9812 983 --------9818 9818 9818 9818 981s 99%
4
4
2d guar °sten 5s
1931 92 92
92 93 --------968 98
94 9514
94% 943* 953 953 --_- -- - _ 94% 973 9518 951,
4
4
4
Gila VG&N 1st au g 5s_ _1924 97 97 ----------------9712 9712 98 9812 --------98 - 98
991g 9918 ____ _-__ ___- --_- ____ ____ 98% 99%
H E & W T 1st g 5s
'
-&NW1stgug5s
1941 --------8634----------------91
96
NoofCalguargold5s _ 1938
1
13121oo loo
_
_
Ore & Cal 1st go g 5s
97 9812 97 9812 973 _1927 9514 98
4 99
9814 - , 9812 1111117- 9912 101 100 1003- 100
99 8
- 8
- - 4
96
fof loo 7 - 9952 1- -12
foo 2
92
99% 10018
-
90 91
------------ 9934 ---3 9614 9614 ----------------945 Tex & N 0consol 5s
1943 ----------------9284
4
99 '- 2 915; --------948 - - itiE2 - 16472
5- 52
So Pac RR 1st ref gu 48-1955 835 8612 8418 84% 8412 8612 865 8934 8534 88
8
8714 883 8812 90% 9014 92-2 90 92
4
87 9012 85 88% 855* 18
San Fran Term 1st 48-1950 80 82
7912 8114 80 82
8
803 8418 82 873 813 8312 8214 84
4
4
83.2 8512 83% 86
803 85
4
80 84
82 0312
8912 91
90 95
Southern—Ist cons g 58-1994 87% 91
4
9312 963 95 9612 94 958 95 9814 97181003* 9712 10014 9618 997 9434 9712 96
g
9784
6s A
1956 --------9414 9514 943 963 9618 10014 99 100
98 100
__
4
993 1025 10214 10312 102 105 1015 103% 100 10212 10012 10112
4
8
3
Devel 8t gen 4. Series A1956 61, 6312 61
4
6213 62 6412 6414 68
/
1
6612 68
4
66 6714 663 694 6914 72 68% 723* 673* 71328 64 683 6613 6878
—
4
Mob &0G3111 Tr g 4s__1938 6614 6912 6812 7014 708 73
7312 7514 7414 7514 75 75
7314 75
747 763 783* 783* 77% 783 7512 7714 77 80
8
4
8
1996 89 89
9112 9112 90 9112 92 94
Mom Div 1st g 416-5s
95 95
9314 94
95 97 ____
_ 96% 9813 96 963* 97 97 1 95 973*
/
4
St L Div 1st gold 4s
1951 73 7512 743 7712 7514 7612 7618 771 7814 805 79 81
4
8
82 83
824 - _- 78 823 79 8112 7914 8312 80 82
83
4
----------------9412 9412 --------------97 97 --------98 98 10112 10112
_
1943
Ala Gt Sou A 5s
_-_----- ---8 12 87 8812 873 89
4
Atl &Char ALA 4"5.;s
1944
90 9018 96 9614 91
93% 9112 9 13 --------94 94 -,,--93
87 87
9212
3
4
/ 91
1
4
93
95 9612 9612 100
1st 30-yr Series II 58_1944 91 9612 9312 96
96 9712 9714 99
9818 998 995 100 100 101
8
98 1003 98 99
4
975* 9912
76 76
Atl & Danv 1st g 4s
1945 72 7518 75 75
765 77 --------79 79
7714 7714 78 78
8
803 8212 80 80 ____
4
_ _ 77% 775
8
2d 4s
1945 ------------------------60 60 - _ _ - _ __ - 66 6618 --------67 67
_
713* 713* _ _ _- -- - 70% - -58
72
4
Atian & Yad 1st all a 48_1949 72 78% 753 7534 -------- 80 82 --------7612 763* --------7913 7912 82 82
8012 --------7813 8012 66
96 963 963 9712 --------9714 9714 -4
4
ET Va & Ga div'l 5s
4
1930 933 953* 95 96
_ 10014 10014
955 967 963 973 9718 9% 98 9818 9814 9814 99 9912 9912 9912 9818 9958' 9718 8
1956 93 9312 941 95
4
8
8
Con 1st g 5s
99 97 99
_ ____
8
___ 93% 9412 95 95
94 9812 9512 953
E Ten rer lien g 5s
1938 948 947 __ _
4
961210014 935 935
8
8
62 --- 60 63
80 62 62 63 63 61% 615 _
8
Georgia Midland 1st 35_ _1946 58 58
_
987 988 9914 9914 ---------- -------1001210012 --------1004 1005 ----------------10012 161 10512 WI, ____ ____
Knox & Ohio 1st g 68
1925
4
12 741 743* --------------------------------75 77 _
51ob&Birm Mtge gold 4s_1945 --------75 75 ---- ---- 7312
-963 9684
4
-------------------------------------------------------------9566
____ ____7 2 is% _ _ _
_ _
_ ,
6(3 -------- 9714 9934 9614 9712 ____ ____ 1oo ioi5512 1934 55E2 1.`
1
so car & Ga ist extd 5-6s1929 0-134 1534 ?1.- 1.2 I,
6612 57f4 166 9958 995;
Va Mid --Series E 58
---- _-__ 97 9713 9714 9714 --------9714 9714
1926 ---- ---100 100
9712 9713
Series F 58
1931
4,
96
9713
Va Mid gen 5s
1
4
1911 -- - - ---- - _ -- __ _ _ 5812 953 6 .14 657 98 98
8
98 993* _ __ _ _ _ _ _ 941 - / _
/ i9
4
0 92 --------9113 93
9512 9512 53i2 6612 ----------------94 94 -------- 94 94
Va&Southwest 1st gu 5s-2303 ---------------- 9
-81
8112 82
83
82 82
80 82
1st consol 50-year 5s_ _1958 ----------------7614 80
84 857 85% 89% 82 8212 80 82% 8012 807
8
8
4978 9784
4
WO&W 1st cy gtd 4s_ _ _ _1924 ------------------------9411 9412 9514 951
------------------- --------8214 8214 'iii Spokane Internat 1st g 58_1955 ------------ 7712 7712
._
99
Tee Ass of St List g4 M s _ _1939
ua9212 2 9213 ____ ___ 9211 93
434 % 372 --------93 95 iiii2 "9412 5518 1318 5ii,
/
4
96 96
9818 99
96 96
1-1944 88% 94% 9414 9412 951 96
con g 5s
99 9914 9518 912 99 997 99 10014 9818 9814 99 9912
1897
7612 8012 771 80
Gen ref s f gold 4s
79 8312 8012 8213 80 81
/
4
1953 7612 79
8112 8212 8112 8312 79 80
8012 92
79 8012 78 82
8
StL M lidge Ter gtd g 58_1930 ------------932 9313 9314 9314 943 943* ____ ____ 975 973* ------------------------9713 9712 963* 963*
8
s 66 91
93% 02 96
Texas & Pacific 1st g 5s___ _2000 8112 9114
/
4
/
4
92 • 961 9218 951 923 943 94% 9812 98 10014 96 99
4
4
91
9613 93 9712
2d g Income 54
La Div II L 1st g 5s
._ 90 90 ----------------------99 - / 20 -4
2; 15 _ _ _ _
1931 7012 793 85 89
93
1
4
9
9
88 ------------------------8612 90 ------------------------8912 - ----77 77 --------88 - WMW&NW 1st gu 5s____ _1930 ---- 8912
Tol & Ohio Cen t—Ist g 58-1935 91
4
95 953 95 95 --------97 97
0418 9418 94 9
97 99
92 100 --------9684 814 - - -----------------------928 92 ------------------------9584
0 90
Western Div 1st g 5s
7
1935 9
9514 953 95 4 9314 9314 55 4
3
96
1935 81% 85
____
s
12 _ _
_ ____
___
Gen gold 5:
8 85
8
2 812
9
___.
1990 7512 7712 _ _
_ -------- 80 83
Kan & M 1st go g 48
i6 83 803 803 ____
4
4
___ 80% 8112 --------8218 .2 '
4 7684
8218 78'1 - /12 753 - 1977 91 911 55 i'f1.2 93 9314 9314 95
9518 9512 9534 9614 97 /
4
2t1 20-year 5s
97
07 97 --------9614 9614 96 9614 96% 96'8
86 88
Tol StL & w —Pr L g 3S58-1925 84 90
9212 9218 9014 91
873 91
8
90 91
91
9212 ____
_ _ 93 94
94 94
94 94
56 60
59 62 62 7013 6712 69% 6614 70
1950
Fifty-year gold 4s
663 72
4
70 713 70 - - 74 78
711
4
72 76
70 748 7212 75
24
273
Coll trust 4s ctfs of den
42812 313
4
_ _
_
_ _ __ _ _ _ _ _ _ _ _
,
Tor 1i & li Ist g 4s
July 1946 77 2 7912 _ _
_ ;23 15
8
- 8i1- - - -14 85is . 4 82
i6" 6:134 - - -14 ;5f4 ---14 _ _ _
. 86
8
6
_ _ _ 'S2i',4 - -5i
52
Ulster & Del 1st eon a 5s___19211 --------89 92
90
99
92 --- 9112 9112 9113 9112 ____
.
6612 55 - - . 90 __ 94 9412 96
96
95 98
9512 96
1st refunding g 4s
1952 ---- -65 65
6214 6214 _
r
--.----------- _
65% 658 6614 -- / --------662 661
4
61
6
4
4
Union Par Rit tit id gt g 48_1947 8 12 92
2i14 - - - 93% 9634 9412 951 9314 95% 893 94
903 92
- 943
4
92
90 - 2 91
4
4
911 - - 90% / 93
4
92
1947 - - - 8924,
Registerel
4
893 ----------------90 90
_
------------ -----------923
4
90% 90% 901 90 90
1,282 91 92 9113 9134 9312 95 935 943* 91 923 95 96 95 9534 9514 9512 85 97 9258 9558 9424 9514
20-year colvertible 48-1927 59
95
9412
700s 8112 8714 84 84% 8412 8712 8512 8912 8412 8712 8512 8718 87 90
1st & refu Wing 4s
8812 100 8814 90
8418 8812 841 86
/
4
844 86%
/
1
192' 102 1031X 102 103 102%1033 102 105 103 104 10318 10412 103
10-year semred 6s
4
/
1
4105 10412 10612 104 1055 10314 106 103 105 103121045*
8
Ore RR & Nov con g 48_1946 8314 87'8 841* 868 8514 867k 8712 8712 8734 8734 8712 89
87% 8912 8918 90
8913 9318 87 8912 863 88
4
871s 88
9712 98
Ore Sh lot cons g 5s
1946 96%100
97%103 100 101 101 10212 1013 103 1033 10512 10414 106 10414 10512 10212105 1011 10314 1021 10312
414
4
/
4
4
1946 ------9712 983 983 100
5s (gu4r)
8
995 103 1005 10312 10112 104 1033 10514 105 108 1043 106 102 10412 10214 1033 102%10312
8
8
4
4
4
.'
iww. 8612 .014 8818 8912 88% 91% 89% 9213 91% 921 9014 91% 91%
Guar refund g 4s
/
4
9118 92% 9114 9214
4
93
9214 9518 913 9413 913 93
4
1922 98 10014 99 99 --------997 997 -,,•7 __.
6s
„ ---- --„ ---- „„ ---- .--- ---- „„ ---- „„„-- ---- „„
8
-„
98 ..._ ____ __— -- 99% - 914 9914 9914
Utah & No Gold 58-1926 96'8 9618 98
9
100%1003 10014 10014 ---- ---- --__ -- _ _
8
1st extended 4s
Vandalla consol g 4s
1957
Consol 48 Series II
Vera crux& P 1st gu g 4 visum i6 -2112 563 -4 21 iii2 - -2 34 - -4” :121-2 -- 14 52j4 - - 58i2 - --------372 - ---------------- 2712 - --13
3- 7 3
4
'1
i1
3112
i iii2
.
32
Virginia 1st 50-yr Ser A 55_1962 8814 9112 90 9113 91
94
9314 95% 95 97
95 96
96
97 100
95 96
995 96 9712 933* 97
/
1
4
.8
958 99
1939 933* 9712 943 9614 95 97
Wabash 1st g 5s
4
965 973 97 98
8
4
9712 100
97 9818 98 WO
9914 100 100 101
958 9812 96% 9812
1939 8112 87
84 87
8512 8712 87 8813 86 8812 85 8612 868 90
2d gold 5s
903* 93 92 9212 9012 9312 86
90
8712 90
ig
1st
74 74
-- 7514 751k
1941
--Omaha Div 1st g 310
_ - _ _.-- _-__ __-- _-- ---- __
82
fo- 55T2 - - - 6818 6912
5'5 76
ei iii4 -Tol&Chic Div 1st g 4s _ _ _1941 69 --- --------7614 -7614 Mg -7972 7412 7413 7712 80 7934 7934 78.2 7812 68 68 773* -775
7612,
79 81
Wash Term 1st gu 319s_ __ _1945 725* 76 --------75 76% 79 80
81 81 ____
___ 8012 8012 8212 8212 8212 84 --------793 8012 ____ ____
1st guar 40-yr 4s
1945 --------85,
85 ------------------------80 80 ----------------89 89
8812 8812 8413 84 --- %
—
6112 627 62% 6714 6413 663 62 643* 6312 66
West Maryland 1st g 4s
1952 5812 61% 5912 63
8
65 69
6512 69
/
1
4
8
6512 67
62 67
64
6112 -West N Y & Penn 1st it 58-1937 ----------------95 98 9812 9813 9614 9712 97% 98 98 100
991 995 9812 100 100 1005 99 10012 9912 100
8
Gen g 4s
7212 7212 733 75
1943 --------73 74
8
78 8018 777 778 78 78
7912 8012 80 80
79 79
8
79 8112 78 78
844 8512 8413 88
/
1
86 8813 87 8812 86-2 88
/
1
4
Western Pacific 1st 58 A-1946 85 87
4
85 8718 86 873 8612 877 82 86
81 85
793* 82
6s II
1946 .7., - - ---r - ---- ---_ ____
_
9712 9912 9712 99
/
1
4
/ 97 983 9712 977 9131 99
1
4
8
98 98
/
4
8
9314 967 93 947
g
2
93
9318
Wheel & L Erie--Ist g 58-1926 9212 - -18 9318 - - --------9312 - -- 965* 965 --------97 97 101%101% 9812 99
96%
8
963 964 99 99
4
/
1
9618 981;
-------------------- ---- ------------------------ 93 93 Wheeling Div 1st tt 5s
1928 9114 9114
---- ---- 953 953 94 94
3
8
Exten & Imp g 58
19311 --------------------------------893
.7
.
.
4 112
___,__ __,_ ____ 5.4Es - 5- -, - _-_- -- - -_-- _--- ---- ii 8 ,
A-1966 5.3 555315158627 62 687 673 693 66 6914 667 - 8
Refunding
8
4
4
6812 6814 - 8 683 72 65 - - / 5914 727
8
68
1
4
65% 61 621
/
4
wn & 1, E ER 434s See 4._ _1949 62 64
1st con a
62% 6313 6312 70
6218 76
72 74
71
75 763 75 77
74
4
7212
66
74
6712 73
6712 68
773* 78 78 --------791 80
Winston-Salem S II-1st 4s 1960 77
80 80
7914 80
8112 8112 ____ ____ ____
___ 84 84
8012 801;
7912 83
7712 7412 7612 7512 77% 76.3 8112 7913 82
76
Wiscon Cent 1st gen g 481949
—
79% 803 801 761-8
8112 4
4
8213 / 82
4
84 82 84
8014 8014 8038 821
/
4
1936 7518 80
77 80
7712 7812 77 80
Sup &Dui div 1st 4s
7912 81
79
79% 833 83 84
793 7812 80
4
4
82 8212 79% 8014 7913 8011
STREET RAILWAY BONDS.
1941 75 75 ----------------8132 8113
Brooklyn City 5s
ai.8 ---3;
66
Brooklyn Ran min 11 5.- 1945
Certificates of deposit
1st „fond vanv g 4s____2002
1921
-year secured 7s
3
Certificates of deposit__
Stamped
Bklyn City 1st con 58_1916-41
Bklyn Un El 1st g 4-58_1950
Stamped guaranteed_1950
Kings Co Elev 1st g 4s...1949
Stamped guaranteed_1949
_
Nassau Elec guar g 481951
Chicago Railways 1st 58_ _1927
31
31
3512
58
5812
54
75
75
7512
64
66
27
67
39158 38 45
37
35
4612
3312 3612 38 4112 4514
31
3812 38 4012 44 44 ____
635 6112 7412 7112 78% 7884
8
6114 7412 7212 7812 79
64
74
6014 5713 7212 69
7418
75 ----------------81 12
797g 8312 8234
85
783
4
791 7912 83
/
4
793 8312 83
8
65
75 75 --------6614
664 68 68
/
1
68
71
715*
353 4712 41
4
27
4
293 36
71
70 7912 76 81
7914
63 260
60
60
_,__ 60
85 3 813
,
4
8512 831y
8114 783*
8112 84
8612 85
86
843
4
6614 71%
713* 71,
2
51
464
/
1
85
8214
645* 5i 6i 6ti - 2 ;2
663
5614 603 5812 60
4
58
60
5712 60
57 58
56
88
81
85
82 841 8214
/
4
87
8082 8412 8212 85
82
8 8 7612 8012 7812 803 79
37
4
84
_
863* 82 85
----8334
86
821 85
8218 85
848
74 -------7214 7212 74
713 's
4
72
-58 _ __ 7312
5114 50
5i14 -511
/
4
5112 5012
8482 8012 8312 7918 8114 7812
81
62
57
85
8
843
813
4
;0
64
59
85
8512
8114
6(i14
64
647
8
9512
9434
8114
56
5012
61
8712
84
823
8
o'i34
8
617
61
933
4
9112
8812
53
5114
53
87
8514
82
60
5,518
571;
92
91
87
9014
9014
80
78
56
82
/
1
4
8812
89
793
4
7913
57
8118
93 85 8818 8118
03
8712 88
8112
793 753 7912 74
4
4
82 --------71
65
8212 65
59
82% 783 8214 7612
4
85
84
74
75
6314
80
81
82
75
70
5912
4
7.53
85
841;
81
74
6114
78
152 -- -12
63
6012 633
4
601 63
/
4
9112 96
893 9418
4
8612 91
4
815* 8.f
Dot United 1st cons g 4358.1932 6312 6513 643 6712 73 8314 7858 85
8112 8312 823 - - 828 8512 8418 8534 85 8612 8514 86
4 84
1912 4112 15i2 13 21
4
14
20
Inter-Metrop coil 4348____1956 934 153 15
1118 1518 1112 124 1214 16
15
16
1113 1612 10
13
4
7
/ 133 10% 17
1
4
8
912 1412 103 183 13 1812 1114 15
4
Certificates of deposit
1114 123 113* 16
4
15
16
12
183 1012 137
4
._..
.
r
--• • . . ... ..
82 85
34
812 10
9
/ 111;
1
4
[VOL. 116.
THE CHRONICLE
40
1922—Continued.
oaober November December
August September
July
June
May
April
March
January February
High
Low High Low High Low High Low High Low High Low High Low
Low High Low High Low High Low High Low High
71;18 70% 7514
4
/
711 771s 71
4
8
6912 753 66 6912 6634 703 6834 7414 71 74
5914 70%
58 64
6212 65
4
7012 7614 703 75
Interboro R T 1st & ref 55_1966 54 65
8
725 78
6812 74
1966
5s certificates
7614 80 4 72% 7612
,
578 82 -1912 108 7818 82
.7
7653 V6 ", 7614 79
3
65, w 1
97 983 9512 9812 93 4 9614
4
4
9313 9412 9312 9612 9512 9714 963 98
1932
6512
75
62 6818 61
4
66% 7212 6714 743 6612 70
6614 68
6 661s 68
69 70 6912 7
8
583 64
4
8
Manhat Ry(NY)con g 4s._ 1990 5712 617 613 65
5
8
675 67 8
5712 624 61% 6514 5814 64
Stamped tax exempt
60 If55 55
57 57
2013 48 8 483 50 50
3
8
8114 8114
2d 45
4 8 1-901 - 64
80 80 _
7412 7412
_
90 92
Manila Elec 1st & coil 5s 1953 6412 6412
89 92
8
-7
8712 8912 -8912 92 -55- II i 8712 8912 87 8 -12 84 894 -554 16- 89 91
3
83 4 81% 87
Market St Ry 1st cons 55 1924 81
8
3
93 4 9414 9212 9412 92 953 94% 9518
4
3
9314 9418 523 63 4 93% 9412
4
1
/
93 9714 94 95
4
/
911 93
1924
65
Metropolitan Street Ry—
72 7612 7018 7312 69 7012
78
72 7818 76
6714 71
64 67
62 65 64 67 6512 67
1418 15
Sway & 7th Av 1st con g 55'43 50 5612 5512 60
19% 20
20 20
23 23
23 23
20 20
8
207 21
8
207 25
23 23
1711 20
Col & 9th Av tat gu g 55_1993
55% 57%
5412 55
50 55
,
48 4812 4314 43 4 _
42 50
Lex Av St P F Ist gu g 55_1993 39 40
92 9812 913 9812
4
98 98
9714
7712 7712 8714
_ __
Milw Elec Ry & Lt cons 55_1926
8911 8912 8918 8912
8614 1686 86
2
-7914 8412 84'2 85 -55i2 I51- -55- 16- 8712 8812 80 80
Refunding 8c ext 4%s__ _1931
92 93% "itit- 91
92 93
4
4
1
/ 9612 9612 85 97
7412 7412 853 85
88 89 4
,
General & refunding 55_1951
51
8712 8812 86 8812 8812 8812 -iii2 9214 -56i4 - 12 90 93 83 8912 30 31
84 iifs 85 8612 86 88
4
1
/
Mont Tram 1st & ref A 5s_1941 83 85
3
40 4412 37 3912 3718 4014 3712 41 • 37% 3812 34% 37% 30 s 3512 29 33 4
8
5
28 32 8 33 3714 35 403
,
New York Rys 1st & ref 45_1942 2512 28
301s 35
3612 3814 3414 38
4
37 383 3614 38
3712 40
7
38 8 44
4
4
313 343 333 40
4
24 2814 2718 32
Certificates of deposit
,
812 103
4 6% 10
514 8 4 4% 618
718 118
8 918 11
812 13
15
7
5%
,
4 812 4
4 512 9 2 618 812 712 10 8 9
Adjustment income 5_1942 512 63
812 4
4
1
/ 83
8
8: 970
718 10% 7 1012 9657 4 125% 7
912 912 14
4 5 4 712 7
73
,
434 5
4
1
/ 5
Certificates of deposit_ _ _
7212 6918 72% 64 7014 6412 69
71
8
657 70
6578 72 8 6612 68
,
6112 6712 6512 67 6412 67 6612 72
NY State Rys 1st cons 43451962
93 9414 92 94%
95 97% 9312 95
95 9612
9612 9712 95 97
,
North Ohio Trac 8c Lt 65_ _ 1947
2
91 9112 9012 91, 87 9014 88 87 4
8612 87
84 873 87 88
4
8358 86
8314 85
314 87
Portland Ry 1st & ref Ss_ _ _1930 81 81
87 8812 8518 8912 84 85 8
86 87
8612 89
84 853 8738 90
4
8312 85
82 85
106 1071
,
Portl Ry, L & P cony 55_1942 7812 84
10312 105 103 10414 103 10712 106 10812 107 108 106 108
10312 10512 105 108
1946 102 104 10312 10412
90% 9312
734s
--8812 88%
_
__ __
---Portland Gen Elec 1st 55_ _1935
- - 71 - - - 75'2 7513
6
7
-- - 1937 ____ _ _ _ ---St Jos Ry, L, H & P Se_
-564 164
87l 8712
_
-55i2 WI;
1937
- 664
St Paul City Cable 5s
66- -55" - 3- -8314
4
1
/
84 90 4 89 ,
59% 6212
Public Serv NJ gen 5s_ _ _ _1959
4
4
,
4
4
3
623 6512 633 643 63% 64 8 66 693 64 673 60% 6712
. 86
5418 6912 55 58
%
Third Avenue 1st ref 45_1960 5618 611s -598 62 -Li- 15j2 -5412 - - - 64 67s 58 6112 59 62 2 6212 68
65 6814 60% 64
,
4
1
/
8
921s 96
Adjustment income 55_ _ 1960 4412 5312 53 5714 4912 54% 5012 625 60 62
98
95
95 95
93 94
96 96
95 96
92 92
661937 88 893 8414 92
4
9812 9912 9784 1st 55
9912 100
4
983 983 9812 100
4
Toledo Trac Lt & Pow 6s_ _ 1925
100 100 100 100 100 100 100 100
4
3
98 9914 98 100 4 100 1003 997 10014 loo- 166- 100 166 100 100
8
88 88
Tr -City Ry & Light 1st 55_1923 96 98
7435
Underground of Lon 43f5_1938 73 73
-744 - -7112 i64
64 64
9418 8418 601s 601s - - - - - - 1948 60 60
Income 6s
4
3 86 883 871 88
6
6
6
8 4
84% 8612 -554 - - 1- -564 - - 12 89 91 -SO - 88 *
87
8312 88 -9012 78 8312 8134 85
65 65
Un Rys Inv-55 Pitts issue.I926 75 79
4
633 67% 6414 6914 62% 66
4
/
61 611
8
593 607 60 603
4
5618 58
8
United Rys St L 1st g 45_ _ A934 5112 5312 55 56
4
57 58
_
St Louis Tran gu impt 5s1924
4 548 551k
8614 88 8 84% 863
,
3
4
7914 8014 79 7914 797 8012 783 8212 83 4 8612
Virginia Ry & Pow 1st 5s_ _ 1934 72 7518 74 74
BONDS
-
4
83 843
GAS & ELECTRIC LIGHT COS
83 84
8l..2 8712 83 86
4
4
4
7212 745s 74 80 79 823 7912 823 80.s 823 8012 82
7212 73
4 9514 97 3
7
1934 70 74
Amer Water Works 5s
5
94%1001s 96 9834 94 8 98% 94% 974
90 9312 9212 9458 94 94% 93% 9518 9312 9518 9412 96 10214 10412 103%105 103 105 100 4 103 10112 10614
Brooklyn Edison gen 5s__ _1949 897 91
3
10614 107
I930 100 1018 1005810112 10014 102.2 9912 102% 10112 10312 10114 102 10112 102.2 105 106 10518 1
General 6s, Series B
0633 10512 107 106 10614
106 107%
4
General 7s, Series C_ _ _ _1930 102 106 10412 106 104 10514 105 106 10514 1073 106 10712 106%10912 10712 10814 1073 109 1065 109 107 108% 107 10914
8
s
4
4
9514 96
4
1940 10613 1088 1063 1073 106%108 1063 10712 10612 108 1043 108
4
7s, Series D
General
95 97
3
9814 9912 97 4 99
9512 96% 97 99
97
96
96
88 93 93 96% 94%
88 89
BklynUn Gas Co 1st c g 55_1945 8712 91
4
3 102 105 102 1033 100121021* 10112 103
4
8
4
10114,1023 101 1017 101 1033 101%103 4
1942
Can Gen Elec 65
95 9712 97 98
9612 99
8
4
9614 9812 963 9814 975 9814 96%101
4
6/3
9358 94l 941 -67/4 - - 9512 96
4
9358 -Cincinnati G & E 1st ref Ss 1956 92 92
9714 9912 973 9914
9812 101
9812 9812 98 9812 97 100
1951
4
Cinc Gas & Elec 535
4
8 943 963 95 9712 911s 97
4
s
4 9514 94% 963 95 963 9312 96.2 9518 985 94% 963 94 957 9514 97
6S1i
5
-2
61 90
8
Columbia Gas & El 1st 5s_ _1927 8814 - - -554 - . -564 - - - 0214 - 2 923
8
4
95 97 9412 9612 953 9612
9418 96
4
3
88 895
8
8
88 897 5912 6114 90 4 92 91% 93 923 95
Stamped
3
88 4 93 88 90
_
Commonwealth Power 6s_ _ 1947
_
g
1121 2 1138 125 Hi- 121;2
6
- 4
1-7- -3
1925 105- 165 2 itoiis 168 i ioi- 11 3- 1085811812 iiL- 1184
cony 75
-2
Congo' Gas
-51 1121- -92- 1i2
88 89
1936
Consumers Power 5s
1 91
841841 - 4 -51 89 -55- 91 -90 2 - -14 87 89
99% 10012
1951 _
Denver G & E 55
8
100 100
, 997 100
5 10014
4
66i
2
661,
4
4 1i91.
963 963- -991 - -- -55- - - -55i2 - 7 993 10014 10014 100 8 9718 10038 97 4 101 2 97 99
4
99 100
4
Detroit City Gas Co g 55_ _ 1923 ____ _ __ _
3
10112
4
4
98 983 98 993
9712 99
1
/
99 99% 98 99
1
14
4
1
/
Detroit Edison Co 1st 55...i933 94 9514 -55- - - 954 99
7
96 9814 92 s 9714 94% 9512
9714 100
95 99
95% 9612 9314 9512 93 95
91 9212 92 9414 94 97
1st & refund 5s, ser A__ _1940 8914 92
4
101 1023 102 104%
3
4
8
4
/
4
10338 101 1023 1011 1035 1023 106 104 10612 100 4 10514 101 103 4 102 10412
1st & refund 65, set B._1940 9912 10112 9912 101 100%10312 100 10312 10118
,
8
10212 1033 103 10412 104% 106 102 10412
4
4
4
4
Duquesne Light 1st 6s A_ _1949 100 1023 10112 103 101 1023 10158107 1023 104 102.2 10312
4
4
4
3 1063 107.2 1063 1073 106% 1073
4
4
,
105 107 105 107 s 106 107 1053 10712 10614 1073 10714 108 4 9212 95.2 92 9512 92% 94
1936 ____ ____ ____ _ _ _ _
734s
98 98% 98% 98% 94% 9712
9814 98% 98 983 98 98%
4
Empire Gas & Fuel 7%s _ _ _1937 ____ ____ ____ ____
94% 9418 94% 94%
95 95
92 92
4
983 100
Equitable Gas Light Ss__ _1932 9412
39858 100 100 100 116- -55- 164 98 100 8812 90%
9733 98
91
97 98
97 97
8
5 195 -61 - -- 2
Great Falls Power 1st 5s._1940
4
4
9112 92 91% 923 89 913
4
1
/
85 92
84 95
90 92
86 87 88 8918 84 90
8512 87
14
Havana Elec Ry cons g 5s_ _1952 77 87
8212 84
,
85 87 85 88 4 84 86
81 81
79 83 8 % 86 2
82 87
,
5
1954
Havana E H L & P 5s
93. 93%
87 90 -55- 89
87
1949 8512 86 86
4
Hudson Co Gas 5s
-9913 991 98 98
4
-9/1 913 9614 9614 96'3 98 -90Es figs;
.4
- 1937
Kings Co EL & Pg 5s
3
19912 111 10818 108 4 108.8 11012 10912 16612
- -12
4
ioij2 16572 106 166 10712 110 111 1113 109.2 11112 109%11112 Herz ffti- .
1
1997 io5i2 165 2
Purchase money 65
93%101 104 10514
87 87
1925 98 98 101 101
Convertible deb 6s
887 89
-agia
-56- 164
918 9312
Ed El III Bkn 1st cog 45_1939 8118 8118 82 0714 82 8312 8818 8818 "ii- 8314
14 9112 9318
9112 95
6112 93
s
8912 93
9314 -91" 9234 -56- 92 92 95
91
85 88 847 90
92% 9314
Lac Gas L ref 1st g Ss__ __ _1934 87% 90
9318 9112 93
8
7
4
91
923 91.2 9212 92 93 92 8 927 94 9414 9318 993 95% 9714 96% 99
92% 91
Milwaukee Gas Lt 1st 45_ _1927 8712 8712 89 8912 89 91
4
8
97 99 4 987 99% 97
,
4
96 963 96% 99
94% 96
94 95
9512 97
Montana Pow 1st & ref 55_1943 93 96% 9412 96
92% 9313
9214 9214
90 90
90 90
90 90
Newark Cons Gas cons 5s g_'48
711114 11012 1123 jog- iff 2 108 11012 10912 11112
4
8
3 - 3107 4 1164 109 11014 10812109% 108.2 1107
4 - 1Edison 6%46.. _ _ _1941 i954 16i- .11003- 16(C 2
New York
9658 987 98 100
s
N Y Gas Et Lt H & Pow Co
%
4 98 9912 99 9954 9934 1011 98 9912 80 4 8214 81% 8318
8
s
3
3
1st coil trust gold 5s_ __ _1948 925 94 4 9312 9512 95% 97 98 9714 97% 9914 973 993 82 83
5
4
1
/
7958 83 8 84 8514 82 83 4
5
8
4
1
/
8312 81% 83 805 8212
77 79.2 7812 83 81
8
1015 1015
5
Purch money coil tr g 45_1949 76 80
0112 10112
10012 10012
98 8 987 100% 101 8
7
,
8
,
7
Ed El III 1st cons g 5s_ _ _ 1995 --------971 98
1- -55 2166 98 8 9973
1
99 10012 00 101 100i2 1614 166- 1614 10214 10512 10258104
99 100
51/2 9712 9813 95 4 100
3
1
/
Falls Pow 1st 55_ _ 1932 94 964 9658 97.2
Niagara
3
03 4 104.2 104 105 104 105
4 103 104
s
8
Refunding & gen 6s_ _.i932 10012 1013 101 10212 10158102 102 1027 10212 10414 102121033
5
8
983 983 9714 9912 98 98
9412 94% 953 953 94% 94%
4
4
94 94
91
3
92 4 9114 9212
Nlag Lock & Ont P 1st Ss_ _1954 95 95
91%
6412
2
8918 93
93 -9035 92 -561 1184 -51- - - -9312 95 100 9414 100 10112 995 10112
91
4
4
1941 8818 893 88 8912 89 90
10312
Nor States Power 5s A
99 100 100 1013 1003 loos 100 10112 100 101 10035 10212 101 101
4
4
4
93% 943
8
1941 98 99.z 983 9912
1st & ref 6s series B
9414 9612 9212 9612 9212 95
91% 93 4
3
90 92 91% 92
4
1952 ____ ____
953 9534 94 96
Edison 69
98
4
1
/
97
No Amer
12
95% 9818 97 99
114 4
5i 624
1943 90 92 -- -- -994 - 3- -58- IV 96'8 9684 96 9612 95% 9718
93 933 91 9212 91% 92
4
Ontario Power 55
8653 9112
1945 79 79 ---- --__
Ontario Trans 5s
9412 9518 95 10012
Pacific Gas & Elec—Cal G & E
95 97% 97 9812 9512 98
*
94 95
4
3 94 953 957 965 97 97
4
92%
3
4
923 91
91
Corp unifying & ref 5s_ _1937 93 93 4 9358 95 8715 8918 933 95 4 91 9214 8912 92
3
9014 9112 90% 941s 93 4 94% 9112 9412 9118 9234 9112 9212
8812 92
4
4
93% 95
84 E gen & ref 5s_ 1942 87 883 863 89
Pacific G
8912 9012 90 9414 94 9512
94
91 9214 89 91
4
4
1
4
1
/ / 8812 883 8812 9018 91
107 107 10514 106
Pacific Pow & Lt 1st & ref 55'30 87 87
,
105 105 105 109 4 108 110 109 109% 89% 93
10314 104 10412
4103 10314
1
/
102
9112 93
People's Gas & C—lst 6s...1943 10114 10114 101 101
93 96% 93 95%
96
g
90 92 -097 104 9018 9114 91
4
1947 85 8712 85 873 85 88 87 91
Refunding g 5s
99 99
- -- 97% 9718
95 95
-92- 1212
Ch Gas L& C 1st gu g55_1937 89 9113
.--- 99 99 ---- ---61 ii- 92 92
Consum Gas Ch 1st gu g 55'36 ---- ---- --- -------------55- 95
_
Ind Nat Gas & Oil Ss_ __ _1936 ---- ---- ---- --- ---6
7 2
-iiis ** - 14
1
/
99 100
- 1
-55- 101 - ioi 166- 9814 166 2 98% 100
Mut Fuel Gas 1st gu gSs_1947 ---- ---- ---- -9612 98
1 2
16
1944 -------------ig
- Philadelphia Co 6s
_
2
;
7
-55% 61 -5ii2 167 -9784 98
if
-in- - - 85 85
8614 884
11994292 9973
55
8614 8614
5
5
85 4 85 4 85 85.2 86% 86.2
-------- 85 86
196 97 "WI Ii2 "55- 104 98 9884 99% 99%
Sierra & S F Power 55
4
1
/
4
943 95
3
9312 9312 9412 945 95 4 97
4
9212 94
93 93
94 94
,
9412 94 8
Stand Gas & El cony 5 f 65_1926 94 9612
9112 9112
85 85
86 86
_
Syracuse Lt Co 1st g Ss_ _ _ _ 1951 86 86
8512 8512
-- - -14 8
4
--_- ---- ---- ---1071 109 105 1073 10414 ( 1- 105l 107
Syracuse Lt & Pow s f 5s..1954
s
10412 105'g 104 1073 10614 166- 8
97 975 9314 97.2 9414 9414
1941
9614 98
Toledo Ed 75
-9114 - -5 92l 9414
61;
90% 90% 92 93
93 93
4
893 9212
Union Elec L & P 1st g 5s_ _ 1932 ---- ---- ---- - -- 8712 3
66 8914 9012 .0 4 9414 -56- Ili -ilia99
4
1
/ 97% 98
4
9812 993 9712 98
Union Elec L & P ref 55_ _.1933 ------------ - -12 9412 96
4
9214 9478 957 9612 96 983 9612 97.2 96% 98
8
2 65
90 91
8712 88
United Fuel Gas 1st s f 65_1936 931497
9012 9214
-ilia III, 8811 91
14 -- -2
3
9 11944
Utah Light & Trac 55
-1672
Si- 91 - 3- -156- - 1- -90- I1 4 -99
664
-8914 9113 -ears 9211
4
913 91
4
9114 9114 91
Utah Pow & Lt-1st Ss_ _ _ _1944 -55;2 "gia- iii2 iiii91
91
--_8
98 9812 9712 9818 967 97%
- --- ---- ---1957
97 9714
Utica Gas & Elec 5s
10014 10014
_-__
s
9812 99
4
1
/ 98 9818 973 98
99 99
Westchester Light gold 541_1950 ---- ---- --- ---Wash Water P 1st 30-yr 55_1939 ---- ---- ---- ---95 9618
,
MANUF. AND INDUSTRIAL
1
/ 9712 100 4 9735 9912 9712 99% 95 90
4
/
4
99 101 100 1003 10014 103 100 1031 9914 1004
9612 99
94 98
97 99
973 99
4
1936
Ajax Rubber 8s
9712 9712 100
4
66 94 983 9012 964 9412 9614 95 9612 95
9812 92 101%103
4 102%10412 102 104
4
4
Am Ag Chem 1st cony 55._ _1928 8112
1
/
10158 105 10212 1047 1(124 103% 103 10412 1033 1043 104 1053
8
4
7812 8012
1941 100 102 10018 1013 100 102
8012 88
,
1st ref s f 7%5
4 8812 8912 89 92 4 90% 9154 8812 90
1
/
8812 90
8512 88
87 93
4
83 843 84 88
83
1931 81
10812 10812
Am Cotton Oil deb 55
107 107
1021z 1O14 104
1936
- 3Am Dock & Imp 6s
- 3s - -298 100 4 100 161- jooi' 161 2 101 166 4 103 16i4 102 10418 101's 11:6 4 1O1'
99
,
4
48
,
, 83 8414
1937 9718 98 8 97'1 - -12 973
4
4
American Sugar 6s
8478 871s 85 8612 8414 863 83 863 8258 85 s 8814 901
85 88
,
85 88
8
80 823 81 8 85
82
4
/
8
4
Am Writing Paper f 7-65_1939 807 8414 81
4
012 923 89 913 88 9054
9
4
8814 905 89 9112 9014 92
,
89 92
8614 58'4 87 8 94
30 36
1939 8612 8814 8718 89
4
/
Armour & Co 1st 45i8
3614 4012 38% 39% 35 38% 32 371 3514 30
8
34 4812 40% 47
36 485
8
307 40
8
267 31
Atlantic Fruit cony 7s A...1934 2312 30
10414
8
10238 104 10312 10614 10612 1073 10512 110 10478 1057 10418
4
103 101 101
Atlas Powder cony 7%5 g 1936 103 10412 103 104
4
s
101 101 4 10114 102 100 1015 10212 10212 1013 10312 1O2I 10314 ioi- 10312 j<s 8618
,
mug
Baldwin Loc Wks 1st s f 55_1940 9918 10018 100 100 100 101 _
85 85
88 88
8
7714 82 80 8114 827 8278
—
6686% 89
1952 89 8418 82 82
1st 4s
Bush Terminal
91% 9412 8712 02
,3
,
87 83 -ill VA 90 92 4 89 904 9012 917 -555 95
90% 94
87 89
4
1
/
1955 8214 86
Consol 55
92 96
91
92% 04% 90 93
90 92
883 90 89 9212 89 91
3
98% 99
8
4
9718 983 9714 99% 9814 99
Buildings 5s, tax exempt 1960 8614 897 88334 8912 88% 90
7
9714 9812 97 98% 97% 98 8
97
97 99
%
96 98
4
,
Central Leather 20-yr g 55_1925 9314 9618 94 8 953 9514 78
3
1
/
84 9112 89 89 4 88 891s
79 854 8314 84
85 88
78 835 84 88
1
4
78
76
76
Central Foundry 1st 6s_1931
5
1003 101
99 101 8 98 9911 98 9912 -155 4 166.1i
,
4
1
/
Azu Baraquy 73-f5'37 _ -Compania
95 98% 95 97% 9514 98
s 6/2
6F4 -557 - 3- 9618 97% 9712 100
-OW - 66792 2
- 1- -9158 94 -oafs - 2 -954
99% 99%
_
Computing-Tab-Rec 65_ 1941 9114 93 7394
1
/ ,
99 99 4
99 99
95 98
99 99
99% 101%
- Corn Prod Ref'g s f g 5s_ ...1931
94
- 1
s
---- 10114 101 4 joiis 1614
4
4
2
4
1
/
VA 9814 997 98 100 -55 4 9934 993 1013
4
6
1934 -56- 1b - 9712 9812
4 - 12 9212
95 9612
1st 25-year s f 55
96 97
---1942
Crown Cork & Seal 65
JAN.6 1923.1
'ME CHRONICLE
41
1922—Continued.
BONDS
January February
March
April
May
June
July
Low High Low High Low High Low High Low High Low
High Low High
August September
October
November December
Low High Low High Low High Low
High Low High
Cuba Cane Sugar 7s
1930 60 7614 701 79
8
7712 87
834 8638 8234 86
84 8612 8518 90
88 / 91
73
8512 90
tts (stamped)
1930 5412 7312 7212 77
84 8 88
1
76 89
84 8612 Ws PS
/ 83
1
4
82 90
8312 88
8514 91
89 95
Cuban-Am Sugar 1st coil Ss '31 10112 1033 103 105 104 10512 10412 87
88 98
87 93
4
85 894
105 8 10412106 1043 10714 10514 10714 1053 107
3
4
12
Dery 75
4
10612 108 10712 108 1063 10714 8812 93
1943
4
1068107
,
/
1
4
DiamondMatch at deb 71is'36 10ii4 116 2 ioi- 161
11- iOr ffii
2
"
Distillers' SC cony 1st g Ss 1927 34 4612 32 3612 35 50 jai- gi- iaii4 foiiii 156- foil; la/ iris:4 iiiii2 fo8 2 ioi 118 - ifii4 161 4 106
-7
"
12
- 14014 5312 41 46
0712
43 48
4412 46
45 46
El du Pont Powder,
14s 1936
46 6312 54 6014 49
55
8712 8712 88 90
45 4 .50
3
l -60- 4
-8
du Pont de Neilson" 7M8--1931 lo31 10 .- jai:, nig - jai 1 3 jai- 10 _ 10314 1074 10612 108 107 10
48
8 -. 3
18g9ii2:09789:414
8 107 10814
East Cuba Sugar ?As
1937 _
1074 10812 1100071-4 11-00-08122- 1151
:008-829171i;
1941 55i RI- j51- 16i- jai's
Fisk Rubber 1st Ss
2
166 4 104i2 16i4 ifi- iiiiii Taira 1Ji- iCW4
- .1- 3Framerican Ind & Dev 71s '42 --------------19894341 199971
4
1
0 2
4
-99 993 99 10214 9818 1004 9614 983 95 11( jai- iiii2 Mira Lin- 16412 1c644
4
10412 107
4
Francisco Sugar 7Ms
993 9112 97
4
1942 ____ ____
9214 9612 8912 9412 8542
- -_- _ - _ _ ____ ___- 10018 10112 9912 101
9914 10014 97 10114 NI 14g18 10114 1031 1.6174
General Baking 1st 6s
.
1936 ____ ____ -58- 00
004 100
ii- -------0112
107: 9113
81 102
1l
General Elec deb g 3Ms_ _1942 703 7512 7412 78
4
1106:18
534 793
4
-iii- - 1- -7 6- If- -i6is Debenture Ss
ii 2 7
1952 95 9814 9712 100
864
974 993 974
4
99 10112 9912 10214 994 102 10112 1023 8012 804 794 82
-4
20-year 6s
1940 103 10614 103 106 104 106 105 100
4 10012 1023 997 10212 -551 1021- -iiis "i614
8
4 --3 108 1043 10612 10414 106 2 10512 107 8 1067 109
4
3
Gen Refractors 6s
,
,
8
1952 _
105 10318 10218 106 105 105 1001210134
2 105 106
Goodrich Tire 6;is
9712 9713 9718 9914 9812100
1947 ------------------------97 99
----------------------- 9 7 10212 100 104 10041
973
Gray & Davis 78
7
1932
98
03 100 4 10212 10012 1013 100 8 98 8
3
4
Goodyear Tire & R s f 8s 1941 iiar4 El'
10114
iiii2 ill' iiii2 111 iiii4 ifti3; iiii4 116 2 iiii4
;
2
7
s
Ill" iii- 116 2 iii- ici- 17112 11 222
1
1931 9734 99 3 973 99
(
1
7
1_71_ 7 1:14 17:: 1r112 1%8
4
2
:
2
973 100
4
8
9914 1033 102
4
4
Hackensack Water 4s
7
1952 6912 69 2 ____ _ __ _ 76 76 ---------- 10314 101 102 8 101 10212 99 1014 983 1003 9714 100
,
9612 993 8112
4 98 - 02
------------------------------ 79 4 79 4
Hershey Chocolate 65
194
3
1942
Holland-American 65
1947 ---- ---- ---- ---- ---- -------- ----- -- Ns ill- -ii- 12 2
Int Agile Corp 1st Ss
i
7
16 2
1932 724 75
66
139 4 5 i1; 84 2 9 78 9612 804
74 75
74 7611 7524 801 7812 8212 7812 8012 -ii- - -1 -ii- - - -iii4 - 1- -i - - 14 98112 8 9 .8438 98
6
1
Inter Cement Ss
79 803 80 8114 80 82
4
1926 102
79 8214 7518 78
/ 75
1
4
yy
Int Mer Marine new 1st.1 6s'41 89 102 10412 10412 100 100 108 108 109 11412 110 114 108 110 108 109 _ _ _ 21 _ _
9ii4 44 IN 12214 12 4 1(
3
4
3 8 16,31
12 1
96 9912 943 98
Internet Paper cony Ss A_ _1947 86 .9214 9112 933 9312 9534 9514 99
.
4
96 9712 9212 97
92
8714 '
8312 86
8312 843 8414
4
Refunding Ss B _________
85 4 8712 86
3
871 8612 9014 89 903 8814 9018 86 88
/
4
___ ____ ____ ____ 834 853 83 88'2 854 88
4
8014 894
4
7 87
8
83 4 87
3
Juigens 6s
85 867 85 87
8
iiii ____ ____ ____ ____
8612 90
8814 9012 87 8918 86 8784
' 86 884
____
Kayser 7s
___ 9012 90 8 81
,
1942 ____ __ ____
91
81
83
7812 83
7712 8012 74 773 75
__ ____
__ l551 1112 - 102 105 1024 1041 103 105 10412
4
2
Kelly-Springfield Tire 8s--1931 101% 1043
105 10414 1054 105 10612 10312 10618 1042218412
4 10214 1034 10318 107 106 10912 1073 109
061*
Kinney 7,Sis
4
1075 1081 1974 1987 1071 19732 10714 10814
8 99 0 3 07 8 97
7
1936
,
8
4 10
9
8 99 10712 100 1044 10112 11 78 106
98 08
00 4 .1)
8 : 79724:
0
524
Liggett & Myers Tob temp 78'44 112 11514 --------------------3 11 -------------------97
14
118
2 11
4 11 3 11314 115 114 1163 11612 120 117121
do
544
1951 9218 9412 93 95
20 11612 11818 1171 118
93 9612 9514 97 95 9712
63
Lorillard (P) temp'y 78— -1944 112 11512
8
/
1
11412 11512 11312 116 11312 11434 113 11412 9512 9813 963 99 99410012 9912 100
8
do
11213 114 11373 1151 11514 11612 11638119'., 967 100
5s
1951 9218 9412 9218 94
11622 11814 115 4 11614 11,1198
93 4 95 95 9512 9418 9612 941 9684
3
95718 92 91 16
81
/
4
Manati Sugar 7;is
/
4
95 991 97 1004 96 100
1942 ----------------------90 101
-100 1004 100 1004 971s 1001 973
Mer & Nug Is
1942
4 99
9814 993 OS 9914 9612 9812 964 98
rt )
ia8 Sp Mz
l
Morris & Co 1st s r4ms_ _1939 ii- h
g5 .i5 - -5T8 /i5 2
-1
/
4
-4
3
9687
Nat Enam & St 1st 20-yr- 1929 9212 9212 -55; - ---94 - -1- "fi" 17 - "fir 17 2 "fii2 164 "fi- - ""i67 - 1- -ii
7
1Ss
if
----2 664
"
14 943 95 97
-3,- 86 97 8
4
4
96 96 --------961 964 --------9613 11 4 :ti_i_i_a li1_ .. 97 907 97 9907:24
97
Nat Starch 20-yr deb 5s..1930 ____ ____ __
4
_
__
9714
NY Air Brake 1st cony 6s-1928 98 1004
-97- - -1- -97- - - - - -5514 100 - 13351- 10
99 4
94
9
- -12
NY Dock 50-year g 4s
8 - -2- 1001 iiiin - - 95 95 8 1013 95
14
2
1981 76 77
754 78
4
,
- -37712 7812 774 7912 774 7912 79 80 ifii2 f...1 14 16612 1017 " 102 2 -50i2 101 8 ifi- 161i4 fiiiii
N Y Steam 6s
1947
78 80
783 81
4
82 82
80 4 82
,
/ 9 12 9 3 95 98
1 74 7 4 7628 77
4 6
8
Packard Motor Car Ss
1931 -55- 101 -55- 16
- 2
0
-. -iiir Ciii- ifii2 10 1- IOW 16f 4 ifii4
6Porto Rico Am Tobac 85.-1931 100
-- 2
6
2154 iinT4 1154 iiiii4 1654 iiii- 117 2 i6ii4
10312 10312 10312 99 100 100 10012 10018 - 3flif 4 10714 108 1083 10712
3Punta Alegre Sugar 7s_ _ _1937
10218 10212 104 10312 103 8 10312 104 10341 7
4
.
,
04 103 1043 104
---- --- ---- - --_
4
Remington Arms 6s
1937 ---- ------------ ---- ---- ____ ____ _ - - - ___- ____ _ __ _
----_ 10712 111 106 110 10412 109 102 104
------------------------9
9312 , 10612 1- i
Robbins & Myers 78
108
814
1942 ---- ---- ---- ------- --- 9312 9512 93 99
4 9
5
9312 97
/ 9812 9911 98 0 11
4
---- ---- --_ _--- ---- ---- ---- ---34 9 2
gs ,
%
Saks & Co Is
1942
St Jos Stock Yards 43.6s_ _ _ 1930 ---- ---- _-__ -- -__ ---- _-__ ____ ____ ____ ____ ____ -oii2 46— -55i,
IOC ifi 16i 4 ioiT4 loll; 2004
"
3South Porto Rico Sugar 7s 1941
1013 98121013
2
co
4
ii- -fiE2 I6 2 -664 1614 -56i2 , Standard Milting 1st 5s _1930 iira Ili" -6i" VA -fii2 -7- 6i" -6- f!! 166 4 iobi4 16i- ifii4 ifi _ N
i
- 390 9713 953 964 96
4
'4 10114 -6ii fo 1- "
97
Sugar Estates 7s
9612 97
6
96 97
• 2 - 2 sigi4 niii
9612 97
1942
9612 97 97
"
98
983 100
4
97 9914 96 97
Tobacco Products 7s
1931
97 4
fii2 COO- 9811101S 167 fa- 161 fOi- 16
Union Bag & P 1st s f 5s_ _ _ 1930 -851 _ " 1 16- "
2
'
. fa"
2 8812 --------8984100
54
a
6s
18 101 10414 10414 104 8 9612 1043 1037 1037 lair] 1g- 16- " icksi jai- iiii- ifi- fOi- 1961 1 8
: i4
074 9
9 :4 0
i 2 i
7
1942
4
4
3
8
Union Tank Car equip 7 _1930 ioi2
9612 99
8_
9612 9712 9714 98 "ii7i4 166 "
4 10384 jai,iiii i
- .- fii2 fOi - -6'74 1- -- -ii,
61
7
United Drug Ss
ifi
7
4
- 14
1941 104 106 14 107 105 107 2 ifikt 1033 10212 104 1023 10313 10214 1033 10312 10414 10312 104 103 1044 10313 19i12 -03
4
United Steamship 65
106 109 10712 112 10914 11112 110 111
2 04 4 1 14 104
1937
-1103 113 11038 113 110
8
----------------------United Stores 65
4
1943 :_:: :::: -- _-----95 951 9112 9514 92 9412 9212 11224 111 112.2 1113 11284
,
---- -95
U S Hofman 8s
393 93 91 924
4'
1932
_ _ -ii- US Realty & Imp deb g 54.1924 -oi" "fig'
99 4 10018
3
-1- -1,
-tiii, - - ----93 4 10(i- it55- CO0 2 Thor, 161 2 HO fOci ifii4 162 2
; . -7
3
10412 105 103 1043 100 100 2
65
8 95 5 95 97
U S Rubber 5-year 7s
7
4 103 10314
943 9612 95
1923 10012 1013 10012
3
3
963 9812 161i4 C6i- 100 11074
4
9712 98
4
9713
1014 10013 102 1004 10 4 1017 1023 10214 103 10213 97
1st & ref 5. series A
4
4
8
4
1947 86 88
4 102 1 102 4 1023 10214 10212 102 1021 9834 993 9813 10012
,
,
4
8614 87
/ 86 8712 8714 894 89 90
1
4
, 102 102 _--- --__
10-year secured 7.5411- --- 1930 10412 106
8812 90
8914 91
90 91
89 91
7 10312 105 1034 1053 10518 109
6
87 893 87 90
Va-Car Chem 1st 15-yr 5s_ _1923
4
.
4
4
4
93 9514 95 9514 95 97 * 973 99 107 1093 107 1082 1073 109 107 10912 1067 11012 107 108 4 107 10912 87 89
8
Cony deben s f 687
,
4
98 10112 9914 100 98 4 1001* 1004 10014
1073
4
1924 9312 9313
3
98 1004 10018 10012 10014 1003 1004 10812
92 94
93 4 98 4 9612 99 95 9912 9914 100
7s
3
,
4
10012
1947
9912 100 100 100 100 1001 10014 10018
12-year temp s f 7348
too 1001, 100 2:
9878 9912 98 99
971 10058
: 4
9
1932 -55- (W - -551 93 - -5i984 997 9838 98 * 973 98 3 96
2
7
4
7
Vertines Sugar 7s
9812 9412 9714 95 97
- X --, - 4 9814 105 8 1044 10:53 1043 1051*
Siffl 614 66t3
1942
4
8
; 105 105 8 10518 105 8 1047 105
__
7
1
8
Warner Sugar 7s
__
--__
-1941 ---' --Western Electric 1st Ss_ — 1922 -95_
-99T2 10(1 4 i60 8 10 -1- ifiis
- 1,7 -- 2
3
100- 992 100 - 961,100
4
16T2 Ili - 11127 1 , 1 162;4 16 2 10
4 - 1 907 2 : 9
6;
6674 10012 too loos loots
Westinghouse E & M
9
:34 10 4
92
:4
,
Wilson & Co 1st s f 687s- - -1931 105 1074 10512 10614 10514 10712 106 10712 10612 108 106 10012 tools 10952 lows 100 s 99 100 1 100 1001* 100 100
,
997 9978
8
1941 93 9514
10712 1063 10813 107 8 109 1074 1083
4
5
9412 96
4
10-year cony s f 6s
,
95
,
.
9513 IGO
4
9618 99 9712 99; 9914 1021 101 1023 107 4 108 1064 1073 1063 10712
1928 8414 8714 84 873 85 96 4 9512 100
4 991 102
4
4
730
99 1093, 997 10112
90
8612 924 9112 95 8 904 94
8
7
1931
917 93 * 923 9612 953
8
3
4
4
41
1
Winchester Arms 7M s
,
171
10112 105 102 105 805 10713 Imitt 10112 95 991 9318 971* 9214 984
1941 --- - --- ------1 9 3
-------- 10312 106 ----110 80431 107 10213 101 10112
---------------102 10312
1023 104 10212 104 10012 10234 100 15414
4
OILS
3 102
4
Atlantic Ref Ss
1937
Deb 634s
1931 10314 10418 10384
100 100 8 100 10012 984 10018 100 10012 974
,
Barnsdall Corp 8% A
105 1027s 104' ifiT2 105
997 97 4 99
8
3
99 991
1931
11
, 10314 104 100 104 10318 103'.
1
4
,
1053 10712 104 108 103 107 102 4 108 2
2
1931
103 104 16442 166 166- 156 997
Humble 011 ktis
107 108 105 1071 10212 10418
8 16513 -99 iii"
1932
102 1033
4
Invincible Oil Ss
1931 8484 94 ioo 16612 994 1004 10512 106 - 105 10612 10112 10514 1014 102.
164 16-Marland Oils f 83 ser A
98 9912
-56- - 2 -9513 £81sigs;" - 9824 97 98
_
fi
943 97
4
98 10214 9838110
(with warrants)
1931 90 95
iicr
- _
99 9918 9834 99
Ss plain
/ 994 106 105 11112 112 126
1
4
118 126 11812 120 1.29 122 11112 124
96 994 99 9918 9834 9938
,
7141; plain
110 114 10814 113
9918 106 105 11112 101 106 101 104
3 94 4 963 10212
3
Mexican Petrol of Del Ss_ _ _ 1936
_ 111 1201 108 1181 110 110 3 111 10412 10312 10418 101 105 10213 103
7Pan-Am Pet & T 1st lien 7s 1930 99 161 4
ffi 10124 104
111 11112124
9412 9822 9512 9712 97 98 10311105k, 105 107¼ 107 108 104 1073 101 102 1053 10712 10512 103
4
Pierce 011 8s
8
12 lOS 107; 10514
9712 100
1931
9912 101 8 101 103 10012 102, 0438100
- -1
,
4
/
1
4
101 102 101 10312 102 1021; 102 h097
Prod & Ref Ss (with waents) 31 100 10014 98 10018 9512 100
98 4 100
3
9914 10218 99 102
.
1037
993 1013 99 100 100 102
4
9314
4
4
3
Sinclair Cons 011 cony
9612 100
101 1084 1063 11218 112 115 10812 9914 94 8 100 9612 99
94 9838 95 99
s '25 98 10218 99410
4
11412 10812 1101, 112 123 116 1201;
7s
2 1014 104 1033 1053 104
117 120 117 123
8
1937
4
1063 1037 105 104 104 8 103121047 109181
4
3
,
Sinclair Crude 011
8
06', 1027 1107 l027 103 -8
984 10038 99 1014 973 994 9814
8
_ _1925
8
4
993 98 100 1034 102 109 1021
4
Standard Oil Cal 10-yr 7s_.1931
/
1
4
/ 997 1007 100- 101 2
4
9912 993 09 993
8
4.
8
-1- -18
983 991 984 0912 9818
3
Tidewater Oil 10-yr 6348_1931 105f4 167 2 10514 116 158i2 1- 1 106 107 10412 107 4 98 994 983 99
.
12
66 4
7 9838 974 100113
10412 10618
19613 10514 1064 105 106 105 994
100 103 8 101 10214 1003 10212
,
4
,
4
1061 10414 Inn 10314 1081
10112 103 1013 103 1013 103'4 103
.
4
4
4
1044 10314 104 103 104 10218 1041
MINING
2 10212 10314 10212 10314
Alaska gold deb 6s A
1925
9
10
Cony deb 68, Series B_ _ _1926
9
1114 94 1213 9
11
9
9
9
9
6
Am Smelt & Refg Lot A 58_194
9
712 87 107
9
12 8
8
8 9
912 9
10
9
812 9
914 914 6
512 7
9
8712 8912
6
6
Braden Cop M coil trust 68.193 7 861:: 89
6
6
714 714 812 9
8
74 713 9
1 93 053 95 963 8812 897 8912, 921 9112 9312 9112 933 9114 94
Ms 7
4
8
Cerro de Pasco Cop cony 831931
93 4 96
; 9514 96 2 953 991 9812
3
9412 953 9338 95' 91
4
,
4
934 913 93 s
9912 9712 934 967 10018 9312 994 991
8
3
11214 114 110 11212 111 115
8
Chile Copper cony 7s
11.314 1151
10014 99 100
1923
4
963 9938
8
/
1
4
Coll trust & cony 68_ _ _1932 99 102 10012 103 100 1017 10112 1031 1143 124'2 11612 123 11712 121)12 11912 123 12112 129 119 12512 98 99
8
102 10712 10438 10712 1015 108
11712 124 1234
Granby Con 51, S & P 1st 681928 84 8812 85 873 843 864 857
8
10412 106 105 111 105 11118 10512 1113 110 137
8
4
8 913 90 92
893 914 9014
i
4
87 87
Cony deben 85
921 951; 9112 963 934 951 9312 9714 95 1133
/
4
87 88
4
2
1925
____ 90 90 --------88 93
963
8
Magma Copper 78
86 87
136
87 94
_ 90 99
9218 93',
90 98
1932
97 102
98 10112 93 9912 98 103
Tennessee Copper 1st
97 99
99 100 -01- 98
65..1925
9214 97
"
fi- 16US Sm,R &M cony 613_ _ _
_ 113 117 4 10912 114 2 1114 113
1926
3
-5/ i4 2
,
197 974 97 1023 993 1034 ifi" 166- -fi" 261- 16 kW"
COi loots 102
99 100
4
4
9
812 9912
10014 10312 10012 102 101 1024 101 10212.
COAL,IRON & STEEL BOND
.......100 101 100 102
S
Beth Steel 1st ext a 1 Ss _ _ 1926
94 8 9614 95 973 943
,
1st & refund 5s Series A_ 1942 9518 96
8
9314 9918 973 9013 933 9912
4 100
8912 9312 92 93 4 90
4
8
Purchase money 5s
98 9913 91,10038 9313105', 984
,
93 93
1936 86 8812
9814 94 9714 9112 9512 94 102
4
8
8
88 89
6s
94 971 93'8 071 95 9318 90 993 983 993
/
1
4
8712 90 9018 9412 9112 94
/
4
1948
991 92 9612
89 92
89 9213 913 93
/
1
4
Brier Hill Steel 53is
4
93.4 91
-- - - - - - 1942
93 9412 91
924 934
95
984 99 4 98 99
/
1
,
9818 93 4 903 1011 1004 1011 99
Cah C M Co ist gu g 6s_ _ _1922
3
8
:
---- ___ ___- ---- ---- ---- ---,
1033 931. 991 9818 99
8
--_ ---. __._ 1545 fjj_ ____ ____
Col Fuel & I Co gen s g 58.1943
_ .
____ ____ 91 1001 94 974
8S2Col Indus 1st toll tr Ss gu_ 1934 82 - 4 83 85 -54i2 85 -55T8
Ili - - 1 - 6 4 61
72
902 90 91
3714 72
Consol Coal Md 40-yr Ss__ _ 1950 71
9
7114 73 8 7412 7838 77 79 - -56- 11 4 -66- - 92
9178 9212 89- 91
7
/
1
4
7512 78
773 79 2 77 81
4
86! 89
Donner Steel 78
,
II
86 88
82
1942
7814 803 75 79
8714 89
4
8712 88 8 87 88
762s
7
8734 90
19 92
Elk Horn Coal 6s
913 92'; 90 923 8614 9014 874 78
8
1925
4
88 8
3
.10214 102'4
98 9312 18 984 94 931 931
Illinois Steel deb 4341. ..1940
/
1
;
4 953 8878 92 89 92
-- - - -- -- 5
4
4
/
1
8934 88 92 -65" li -.gi4 ii1- ---- __ __ 964 9612 97 974
Indiana Steel 1st Ss
111
4
88
1952
- 91
92
9713 1023
90 91
4
90 92
98 9914 98 10014 9914
Lackaw Steel list cony 58_1923 861, 00
501 93
4
12 92 931 -511 lila -00/
4
101
993 100
3
Iiili 9012 92
3
9912 1004 100 10112 1C04101.3 11)14
14
9812 09
1st cons 55, Series A_ _ _1950 93 4 99
4
981 993 9814 993 993 100
8
102, 100
1
4
4
4
9912 10114 100 102
9918 100
994 10912 8912 93 100 1018 99 104
827 86
3
Midvale St & Ord cony s f Sa 36 82 85
84
7 1004 997 100
8
89
88 927 88 901 8812, 91
8
8
83 85 4 843 871, 8312 86
997 100
8
,
/
4
8
883 911 9212 91' 8911 94
National Tube 1st Ss
4
:
86 87
1952 94
8612 90
8914 921 88 9114 88 93
8912 911 8912 914
/ 967 96 98
1
4
4
/
4
8
/
1
4
383 911 83 8 0) 83 4 03
Otis Steel its
4
,
97 99
,
7,
1941
9814 100
3
984 997 9914 100
133 90 8
1
993 10112 9913101
9612 99
8
73.is
".1004 101 106 10112 9914 101, 88 90
963 99
4
98 103 10114 103 120_ .
1947
19014 101 4
_ - ,
10_2_11.. 100 101
9912 1013 190 19124 190 1011
, 0813 0
Pleasant Valley Coal Ss_ _.1928
---- -_-6
/ 9
4 3 10012 9814 9914
93 9518
Pocahontas Cons Coll lit 58'S?
--------92 94 4 92 94
"WC liT89 90 -61
3
91 -fiis IfRepublic Iron & Ste I 518_1940
86i2 -863-4 ___ _ ____ -147- I114 8724
90 934 9 7 9512
28
Rogers-Brown Is
92'.= =- - - : - : - - - :
: : - : : - : : - 923k 947a
90 9418 -58- 11- 9312 97
:
._
1942
9412 9512 9234 95
•
924 9 / 95- 93
51
4
971. 100
97 97* 93'. 07
9132 94 4
A
3
, 95 043 AS - -1 -94 -061- -91- -93
.
'"' 9438 9613 0314 04
93 931s
97., 37,2 - i.- -iii4
8
--
iaEi,
fa-
[Pm,. 116.
THE CHRONICLE
42
1922-COnel MIed.
November December
October
August September
July
June
May
April
March
January February
High Bow High Low High Low High
Low High Low High Low High Low High Low High Low High Low High Low Htgh Low
8214 831 2 85 85
8514 8712 86 88
84 84
82 82
81
7
8212 87 8 81
82 86
8112 83
4
803 81
78
St L I Mtn & P 5s stmpd_1955 78
97 9934 97 00t4
99 102
97 99
9812 9934 9712 9912 9718 9912 9812 99
98 100
93 97
Sharon Steel Hoop 1st 5s_ 1941 96 9912 9314 97
8
4
14 10012 102
4
9912 10212 10112 105 1003 1047 1003 103
8
8
8
9814 993 953 995g 961,, 101.7 10012 102 10018 10112 10018 101
Steel & Tube 75, Series C_ _1951 97 100
4
9984 993
8
8
9912 100 100 1005 10018 1003 100 100
0712 99
_
_ 9818 100
08 08
1951 97 99
& kit gen 5s
Tenn C, I
4
4
8
--104 1.023 1031 10318 10412 10214 10412 10118 10314 10134 1024 10210 1033
101 103
U S Steel Corp s f g 5s_Apr 1963 9912 10114 100 101 100 102 101 10414
102 10112 10112
4
0
8
Apr 1963 993 093 9914 993 100 100 --------101 10212 --------10112 10112 --------103 10312 102
Registered
4
653 653 -------------------4
65
-1953 .
Victor Fuel 1st s f 5s
9512
8
8
9212 9231 93 93 ____ _ . 9318 9412 935 955 93 -4
90 983 92 92
8918 02
4
873 90
4
893 90
Va Zr, Coal & Coke 1st g 5s_1949 87 89
4
8
985 100
985 997 96 9914 95 9812 933 98
-- 8
9712 9912 98 101
1935 97 9912 9714 9812 9614 98 --------9712 103
Wickwire Spencer 7s
BONDS
iiii
•
TELEGRAPH & TELEPHONE
80 83
80
81
80 80
4
80 803 80 80
80
7858 80
8
767 74
75
75 7512 75 7512 75 78
Adams Express coil tr g 43_1948 75 76
7 9214 9314 903 925 9012 017 91
9214
8
8
4
8
917
8 91
4
8
4
Am Tel & Tel coil trust 43_1929 8614 8912 873 8812 877 0012 9014 913 9018 918 91314 913 86 8711 913 93
8
4
8634 9012 88 9212 88 883 807 86 8 86
.
4
883
8
8
4
853 8612 865 8558 863
84
4
1936 8014 823 8212 8212 8012 84
Convertible 4s
4
4 10312 100 1023 10112 1027
0
4
8
99 1025 993 103 100 10212 100 102 1011 10112 101 104 101 10414 1003
99
9612
4
20-year convertible 414s_1933 953 98
4
4
s
4
993 1007 97 993 96 9734 97 983
8
96 9918 96 077 97 4 0918 98%100
0
95 9712 955 9712 967g 99
1946 9112 96
30-year coil trust 55
8
11414 190 1145 11814 1133 0 4 18 8 14812
191
8
8
4
8
7-year convertible 6s_ __ _ 1925 108 112 110 11212 11112 11612 114 11658 114 1155 1135811512 1133 1155 1147 120 10712 109 10712 10812108 8 1 71 1047 1 718
10712 10812 10712 10878 10714 10812 10758 10912 107 109
Bell Telep of Pa 7s Series A 1945 108 109 10712 109 10714 10818
99 10014 99 100
9912 100
9912 10010
8
995 100
4
993 100
4
0
985 993 9914 100
4
983 99
93 99
Central Dist Tel lot 5s_ _ _ _ 1943 9712 9758 98 98
9912 9978 _
0
997 100 --------100 100 100 100
8
995 100
99 9912 99 99
Chicago Telephone 1st 5s_1923 --------98 98
i81ii- - -2
73 78
74 77
7618 78
7412 76
4
723 76
72 74
8
733 7414
Commercial Cable 1st g 4s_2397 --------72 7314 7210 7414 7212 75
4
0218 9414 913 93
9312 96
9334 96
9134 94
9234 91
9312 9414 93 94
9118 94
90 93
86 90
Cumberland T & T 1st 58_1937 8812 90
8
4
8
12 97 9734 9714 99
'8
4 98 987 9818 9978 003 998 99 9912 99 9912 9912 997 99 100
08 983
4
4
Mich State Telco 1st 20-yr 5s'24 943 973 97 97
97 10097 2 94 2 98 9914
,
9654 0218 98
8
: 93
0
1952 ----------------------------------------9758 975 971g 9778 975 9914 9912 100
New Eng Tel 8c Tel 5s
9414
8
4
0312 9512 9412 953 953 97
4
18 9412
4
923 943 931s 95
4
903 9212 9112 93
N Y Tel 1st & gen s f 414s _1939 8814 9113 8912 91
4
8
8
,
103 106 105 106 104 103 10414 108 10612 1087 106 108 1013 107 1043 105 4 105 108
8
4
30-year debenture 65- - - - 1949 1013 10312 10214 1033 1033 10412
4
4
4
102 105 10410 10512 1033 105 10312 10512 10514 107 10558 10814 104 10612 1033 105 10413 107
1941 1017 10312 10214 103
8
Refunding 6s
4
0
10614 108 1.07% 108 1073 108 107 10778 107 1073 10714 108
8
8
4
4
Northwest Bell 7s Series A-1941 107 1083 10612 10812 10612 1073 1057 10712 10614 107 1057 107
9612 9912 961z 9712 9712 98
4
94 9714 963 9814 9718 9912 987s 100
98
9312 96
96
9312 9518 94 95
8
1937 917 95
Pacific Tel & Tel 1st 5s
4
923 9112 9114 9314 9058 9212
96
8
913t
4
1952 ----------------------------------------9112 9412 913 927 9214 993 97 9914 95 9712 94 9512 91
5s
8
95 002
4
8
8
9318 917 935 9712 98
7
0
9318 9512 913 9512 93 9 96
1941 93 9512 931g 95
Southern Bell 1st 5s
8
8
97 98
9312 1005 943 96
8
98 100 1005 101
8
9918 9958 975 99
95 9758 9812 100
9214 9414 94 96
4
West Union coil Cr curr 53_1938 903 95
9414 903 9118 91
4
92
4
0
4
8
9458 903 9212 913 935 93 933 9314 9458 91
91
4
893 93
9212 93
95
4
8
Fund & real est 414s 9-1950 8812 933 923
8
8
4 1097 109 1117
,
1916 100t. tons 11)71, 11)8 1071, 109 1071, 1091. 109 11012 10918 110 10918 11012 11013 114 111 11312 108 112 1083
15-vear 644% Cold
COURSE OF PRICES OF GOVERNMENT SECURITIES FOR THE YEAR 1922.
[Compiled from sales made at the New York Stock Exchange.]
REGISTERED BONDS.
COUPON BONDS.
Liberty Loan.
Victory Treasury
4312,
2d 42, 2d 431s, 3c1 410,4th 4318, 4313,
lot 314s, 1st 43, lot 414/, *414s,
1927-42. 1927-42. 1928. 1933-38. 1922-23 1947-62.
1932-47. 1932-47. 1932-47. 1932-47.
Jan.
Opening 95.00
98.60
111gh___
Low.... 94.84
95.30
closing_
Feb.
Opening 95.26
97.46
High___
95.10
Low ___
Closing. 97.08
March
opening 97.08
98.40
High___
96.52
_
Low
_Closing- 98.30
April
Opening 98.34
High.. _ 100.06
98.28
99.40
Closing_
May
Opening 99.48
Iligh___ 100.06
99.08
Low ___
Closing_ 100.00
June
Opening 100.00
High___ 100.30
Low.... 99.62
Closing_ 100.08
July
Opening 100.08
High___ 101.16
Low..... 100.06
Closing_ 101.06
Aug.
Opening 100.16
High__. 101.26
Low _ _ 100.06
Closing. 100.86
Sept.
Opening 100.78
High..- 101.68
Low _ _ 100.66
Closing. 100.66
Oct.
Opening 100.70
High__ 101.60
Low... 100.42
Closing_ 100.52
Nov.
Opening 100.58
High___ 101.38
Low ___ 100.02
Closing.. 100.08
Dec.
Opening 100.14
111gh._ _ 101.04
Low ___ 100.14
. 11)1.1)0
Closin,
96.40
98.80
96.40
96.00
97.06
98.30
96.18
96.40
06.82
99.10
96.82
96.09
4s,
1925.
Panama
Canal
3m,
1961.
2s,
1930.
Consultdated
22,
1930.
____
____
104
1041.1
104
1041.1
___
___-___
_______
10211
1021,1
10214"
102Y1
____
_
____
__._
10431
10531
10441
10531
____
____
____
____
10345
10301
10344
10331
10331
10314"
4
,
1031
10331
------------10531
100.26
------------10531
100.98
------------10531
100.20
____ ___
_
100.82105X
4s.
1925.
106
105
105
105
Panama Phillp'ne
Canal Islands
Is,
42,
1061. 1914-34.
.
10311
10331
10331
10331
94.40
97.84
95.80
95.86
96.58
98.16
95.80
95.88
97.50
98.20
96.74
97.10
97.20
98.20
96.86
96.18
100.04
100.30
100.02
100.26
97.16
98.00
97.00
98.00
96.16
97.60
95.92
97.24
100.24
100.32
100.00
100.26
_
----
--
----
-- - -
____
____
__
_
79
79
79
79
- ---
----
06.40
97.30
96.04
97.20
96.34
97.50
96.02
97.20
98.60
98.60
98.00
96.90
96.24
97.00
95.88
96.82
96.06
97.08
95.72
96.90
97.04
99.10
97.04
98.90
97.34
98.80
97.02
98.54
99.00
99.20
98.50
98.50
97.00
98.74
96.86
98.74
97.00
98.80
96.90
98.70
98.00
99.60
97.98
99.56
97.30
99.30
97.28
98.90
99.70
99.70
99.04
99.34
98.88
100.08
98.66
99.64
09.60
100.10
99.50
100.00
08.42
99.66
98.66
99.40
98.66
99.84
98.56
99.50
99.56
100.06
99.32
99.76
99.00
100.00
98.82
99.82
100.82
100.90
99.74
100.62
99.69
99.96
99.56
100.00
99.62
100.04
99.62
100.00
100.16
100.16
100.04
100.10
99.40
99.90
99.26
100.00
99.58
100.00
99.42
99.98
99.80
100.00
99.72
100.00
99.84
100.06
99.70
100.04
60
100.
100.82
100.42
100.64
99.86
100.20
99.80
100.04
99.96
100.36
99.88
100.22
100.00
101.50
100.00
101.50
99.86
100.06
99 80
100.06
99.98
100.14
99.90
100.06
90.98
100.23
99.04
100.08
--100.20 100.62
100.30 100.76
-99.92 100.46
100.00 100.48_
100.24
101.68
100.00
100.04
100.24
101.78
100.16
101.40
101.50
102.00
100.88
101.00
99.96
100.80
99.96
100.50
100.04
101.50
100.20
100.56
100.08
101.98
100.06
100.52
-100.18 100.46
101.811 100.90
100.42_100.22
101.24 100.88
101.18
101.28
100.00
100.56
101.36
101.50
100.44
100.44
102.00
102.00
101.00
101.50
101.40
100.52
100.10
100.20
100.52
100.66
100.04
100.04
100.50
100.70
100.20
100.20
3
4
92.
---____
____
____
_
____
101.30 100.86
____
---_
____
_
101.50 100.9693
----------------------------9231
100.30 100.42
__ _
93
____
___--__
____
100.32 100.68
100.40
100.80
98.84
100.00
100.44
100.92
100.00
99.98
100.68
100.68
100.68
100.68
100.18
100.28
99.80
99.80
100.16
100.72
99.74
99.70
100.26
100.44
99.72
99.84
100.34
101.00
99.16
99.94
100.70
100.78
100.20
100.48
99.90
100.00
98.00
98.00
100.02
100.24
97.96
98.44
100.60
101.00
100.50
100.50
99.24
100.08
97.86
97.86
99.74
100.14
07.96
98.31
99.82
100.14
98.36
98.80
100.04
100.38
98.b6
98.54
100.48
100.46
100.14
100.75
1-0.02
100.14
98.90
99.82
98.60
98.90
98.10
98.06
98.40
99.40
98.04
98.82
190.0
100.50
100.00
100.00
98.32
98.90
97.40
97.60
98.26
99.30
97.62
97.84
98.72
99.26
98.26
98.04
98.58
99.94
97.44
98.08
100.36
100.44
100.24
100.26
99.84
100.06
99.16
99.42
____
___
-___
97.96
98.66
97.90
94.54
98.40
98.93
98.38
94.9%
98.14
98.95
98.14
94.94
100.24
100.50
100.24
100.34
99.42
100.03
99.42
99.94
10245
10334
10214
1034.4
0870
1,9.20
94.70
988)
98 30
99.20
98.30
99.08
100.00
100.00
99.00
99 00
• First Liber y Loan second converted
98.46
98.54
98.04
98.29
----------------102
----------------102
- 102Low.
102
____
_
____
_
____
____
____
____
____
-
____
____
----
----
----
---_
____
___
10214
_---
10214
10214
____
----
---
----
93
93
93
93
__
____
____
__
9314
9331
0314
9314
____
____
. _
-
----------
-- _
under the terms of the fourth loan.)
COURSE OF PRICES OF RAILROAD AND MISCELLANEOUS STOCKS FOR THE YEAR 1922.
19'22.
STOCKS
RAILROADS
100
Ann Arbor
100
Preferred
Atchison Topeka & S Fe_ 100
100
Preferred
Atlanta Birmingham & At1_100
100
Atlantic Coast Line
100
Baltimore & Ohio
100
Preferred
August September
November Decemlur
October
July
June
May
April
March
January February
Low High Low High Low High Low High Low High Low High
Low High Low High Low High Low High Low High Low High
15
15
15
15 24
20 23
17
2114 2114 15
15
18
8
197 1612 1612 14
16
32 39
42
40 5912 41
3
4678 31.
8
4712 3818 4614 387 427 43 52
4212 5012 44
4
9914 10218 10012 105 1021210812 102 1073 9812 10412 993 102%
4
0910112
9714 100
9718 102
8
8912 0214
8
4
8
4
4
873 913 90 915 8918 913 893 9112 9112 9512 9118 9514 92 9312 897 93
8 2
4 13
4 3
33
8 218 318 13
37
0 3
4 212 112 23
53
3
2
512 278 45
8
10514 101 10512 104 11112 10814 119 116 1247 11712 12434 10538119 11014 11514
95 103 100
0
0
s
8 385 525 407 4418
563 6014 53 59
0
48 567
8
4
4912 451g 5112 4512 593 483 5838
41
4
57 623 6712 59
63 6614 65 66
64
82 65
61
4
5712 6112 6018 613 60 62
1834 1414 1813
1412 2514 13
8
2338 28'4 24% 2612 223 27
8
1058 834. 1238 938 1918 1712 2434 2134 2812 225 29
100 6
Brooklyn Rapid Transit
1118 16
1218 143
21
4
4
4
4
8
,
24 4 2018 247 203 243 20 223 1914 2212 12
8
1812 163 2318 19
8 8
538 914 752 97
Certificates of deposit
6214 65 6012 6012
7212 74
66 66
66 72
63 63 64 68
59 68
_ 5114. 5114 53 60
Buffalo Rochester & Pitts__100 50 53 __.....! _
100 _
Preferred
85 85 ____ ___ 8114 8114 ---------------------------------------- 110 115
82 85
Buffalo & Susq v t c extd_ _100 _- ___ 731 78
Preferred v t c extd
* No Par value.
10
1018
277 3018
8
4
913 100
0
845 8818
34 112
83 9938
3312 353
8
4
5212 543
10
2912
9514
851g
1
8712
33 s
7
53
10
30
9314
8/14
112
;II)
8
387
8
557
10
32
96
8512
1
8812
4
363
0
515
8
207
5114
9818
8
883
8
27
95
42
577g
JAN.6 1923.]
THE CHRONICLE
43
1922—Continued.
January February
March
May
April
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
100 --------------------------------52 52_
'nada Southern
__
53 53
5112 5113 5312 5312 53 56, 52 54
4
100 11918 12512 12212 14012 134 138, 136%145 138 14312 13:17 1397 13814 14314
median'Pacific
4
8 - 8
3
140 151% 142 15014 14212 149 13812 1464
tntral of New Jersey
100 189 190 186 192 184 184 184 185 134 188 184 186 185 197 190 195 19314 2093 20212 245 209 230 1394 145'3.,
4
215 235
100 54 573 555 6033 5812 6318 6218 6614 64 6912 6214 683 6612
xesapeake & Ohio
4
8
7314 7114 79 I 7014 773 72
77
6412 758 65 714
Rights 7
8
7
8
3
4 1
Preferred
100 _
_
5 1011 16:433 Wit 162
10412 1047 10412 105
4
-13
100 13
2ica go & Alton
4 5
23
64 914 712 123
4 914 113
7
48 4
8 214 1214 3
9 4 113
3
518 218 43
2
213 134 28
100 318 618
Preferred
4
3 818 1413 1414 193 15 208 1512 2014 17
194 4
197
8 43
84 413 5
4
33
4 412 31g 33
lleaft0 & Ills RR (new)_ 100 1212 1412 1214 17
163 25% 228 367 3212 397 343 3712 3313 3733 35 433 34 41
8
3
4
36 4112 24
38
26
313
4
Preferred
100 32
3412 3118 3612 3612 447 425 59
4
543 59
5012 5518 5018 5614 55 6413 5618 6214 58 6314 51
604 54 5812
xicago Great Western__ _ _ IGO 58 63
4 58 718 6% 812 738 95
8 8 10 4 734 97
3
8
914 7 4 9 8 418 77
,
4 7
,
3 43
4
533 33
4 5
Preferred
100 1412 1613 15
183 1612 2033 1914 2312 20 2412 1914 23
4
20 2213 167 2314 1112 1913 12
153
3 8
123
4 7 1014
hicago Mitw & St Paul
100 1714 1912 18
2478 2112 2418 2318 293 2414 2914 24 277 26 293 2912 3633 303 3514 2614
4
4
8
3333 215 3014 20 25%
Preferred
100 29 33
3014 388 358 3812 3738 47
4114 457 38 4313 414 4738 464 55
47 5514 4214 52
8
8
3314 4638 312 887
hicago & North West- - - —100 59 6518 6214 6914 67
7214 703 768 7314 7633 7114 764 7412 791. 767 92
8
884 9518 8712 933 7812
841g
Preferred
100 100 103 10;4 1093 10912 11114 108 11212 109 113 1127 11514 114 115 114 125 121 125 122 124 120 9012 76 12312
4
8
124 112
hicago Rock Island & Pac-100 304 3234 31
4233 334 418 4014 4814 4214 467 3812 4518 4214 4534 4312 463 4212 50
4
387 453 31 ' 41 3 3058 3373
a
4
,
75 preferred
,
100 8314 8858 854 94
4
943 98
9218 9813 9333 9713 9618 98
9313 93 97
91
97 105
96 101
9214 9914 91
9712
6.7: preferred
100 7014 7414 713 8014 7814 80
4
79 838 8014 84
78 84 8 7912 83
,
83 8612 8618 95
89 93
8233 9(P8 8014 8813
sic St Paul Minn & Om _100 51
54
52 56
62 6812 6314 6512 65 6933 663 81
553 63 6112 65
4
81
4
90
8112 87
72 8218 70
75
Preferred
100
83 84
84 9013 89 9813 963 987 96
4
9814 97 103
8
97 99 106 107 100 106 101 10213 0912 102%
C C & St Louis
100 54 56
54 57
/ 563 6513 62 66
1
4
4
6412 70
67 74
73 78
77 7934 77 8012 78 80
7812 7812 76
76
Preferred
100 723 7712 77 8214 8118 89
4
87 90
8712 89
8712 92
91
9713 9614 100 I 94 9912 97 10012 ---- ---- ____ _ _ __
love & Pitts guar
50
6512 (1512 _
_ _
_
_
_
.
7112
Aorado & Southern
um as 40 38 4512 4418 1612 ar3 03 :174 - - _:43 -401 _i _ 133- i . - _ 4712 71 13 a 1612 ilia 4712 ai 45
61
-13
-3
52
1612
4
s
First preferred
100 55 5613 5712 588 5814 6018 603 6112 61 623 6118 623 61 6112 613 623 6114 64
4
4
4
4
4
62 627 613 613 59 59
4
8
4
Second preferred
100 49
49
50 54
54 54
56
57 ----------------55 55
53 59158 59
% 58 59 --------56 56
elaware & Hudson
100 1063 11018 10713 113 11014 11813 117 12212 1012 126
8
11914 123 12012 127 125 1305 1284 14113 129 1383 115 132 11212
4
8
elaware Lack & Western
50 1113 1193 108 116 11312 1163 1144 1164 115 12912 1213 1283 126 1303 12914 13413 13012 137 13214 143 12714 137 124 12312
4
4
4
4
4
13514
etroit Mack
100
etroit United Ry
100
5712 6633 63 63 ----------------66 66
__
66 68
6812 6812 -451.1 7614 --,„
_- ____ _ -uluth South Shore & Atl_100 23
8 233 3
8 434 4
34 27
6
413
414 5
4 414 53
4
4
433 3
33
4 2 3 333 27 --,
8 3
4 23
4 3
Preferred
100 33
412 43
8 512 6
818 1012 87 1014 814 10 --------8
8
8
7
8
3
47
3 6 4 412 614 413 47
2
ric
100 7
103
4 812 1114 10
12
4
1112 143 1233 183 133 1718 1518 8
8
164 183 14
4
175g 137 163
8
8 918 1413 933 11
First preferred
100 1118 16
123 1812 153 1914 183 25
8
4
208 273 21
4
2514 223 263 25 2812 23 2714 2014 2533 12
3
4
214 133 154
4
Second preferred
100 74 16
84 1113 1012 127 124 167 1413 2014 15
8
18
183 187 183 2013 154 184 1613 1913 117 163 1018 113
4
8
8
4
rent Northern, preferred_100 7014 74
7212 7633 7113 8033 713 7613 7312 7833 7412 813 763 8414 8214 953 88% 9512 88 4 957 7814 9212 73
3
4
8
3
84
Iron Ore Properties
.00 313 3278 313 3612 344 37
8
8
36
455 3814 417 38 4214 3833 4033 393 427 387 417 3312 4014 2818 354 293 3112
8
8
ulf Mobile & Nor stk ctfs-160 5
6
512 10
13 4 117
0
8 93 173 1412 19
4
4
14
19
16
1814 144 1612 1513 17
1412 163 14
4
17
1313
12
Preferred
100 18
31
1734 183 23
23 277 27 397 35 40
3612 383 3814 41
4
38 4112 41
47
42 47
42 47
417 45
linois Central
100 9712 10213 9713 103 100 103 101%109% 103 1073 1034 10714 105 109 107%113 110 1153 1113
4
4
4 11514 105 1127 106%11312
RR Securities Series A
61
61 --------61 . 61
67 67 ____
__- 674 697 70
8
703 6913 72
8
71
72
6% Preferred, Series A_ _100 ____ ____ ____ ____ ____ ____ __-- ---- --- - - 104
4 109 1083 11112 11058 1137 111 11512 11312 116 1114115 - 1.1213 11418
8
- 4
IIlinois Central rights
Leased Line stock
71
71 ------------------------------------------------75 75
ii iti13 i5 8 76 .iit - 14 ii - - .
,
i
fi
7
6
1 aterboro Consol v t c
. 1
2 8 214 3
,
/ 2
1
4
/ 33
1
4
3% 134 218 114 113 114 133 114 15
8 5
2
3 23
8
14 112 114 113
18
4
Preferred
100 313 9
613 93
8 614 93
4 7 124 414 813 314 5
314
312
3
3
4 4
3
4 118
3
8
2
4
iterborough Rapid Transit__ ____ ____ ____ ____ ____ ____ ____ ____ _ _ _ - ---- -_-- _ _ - - 2814 3 4 314 54 2813 412
2912 2814 3214
3013 23 30
18 253 173 2012
4
4
it & Great North Ry w i_ _100 ____ ____ ____
__ ____
__ ____
- ----- ---- 2312 243 23 2413 23 24% 22 2413 1614 24
8
21 8 2413
twa Central
100 --------6 _6
6 _- 4 7 --83
9 -11
10
10 -- 133
4 918 918 912 913 613 9
4
412 414 6
44 414
.ansas City Southern
100 2218 237 2218 27
8
24 263 253 3014 26 283 2318 273 2458 263 244. 273 23 26
8
8
4
4
8
4
303 2438 17 217 1818 20
8
8
Preferred
100 523 554 5334 5433 54 5714 544 5913 57 59
4
5514 57% 56
53
544 583 5612 58
5658 59
4
5214 5618 524 5
91
.eokuk 8c Des Moines
4
100 ------------------------613 9
714 714 812 9% 5
5
____ __ _ ake Erie & Western
100 12
14
10
137 13
18
16 204 1614 28
27 397 293 3418 31
8
4
33 3713 3113 36
38
30 3218 323 3712
4
Preferred
100 284 293 264 31
4
27 343 3114 39
8
33 453 4418 6214 62 67
4
73
66
73 763 7158 76
4
7014 7213 75 75
ehigh Valley
50 5658 6033 5713 6112 5812 61
8
5913 658 604 673 6114 663 6258 66 2 64
4
703 653 72
6613 7112
8
,
8
g
I-ouisville & Nashville
100 108 1154 112 1143 113 11614 11514 12112 117 1193 117 122 121 13613 131 139 134 14014 137 144% 604 687 6158 707
8
4
124 137 130 135
ranhattan Ry guar stock-100 35 4912 41
54
4918 3518 43
40
4913 557 45
8
503 445 4712 4418 58
4
52 56
513 5512 46
8
5413 37 5212
Equitable ctfs
--- ____
__ ____
__ ____
_ ____
_ _ ____
-- ____
-_ 44 4613 4412 551 5118 5513 51
45 53
55
38 5114
forket Street Rs
,
100 318 _3% 313 _7% 63 -- - 8 - 4 103
1014 713 -4
8
7% 6
613 -74 6
812 7
84 6
84 6
814 9
11
Preferred
100 17
1812 18 3413 27 4613 31
5014 35 39
32
3558 32 34
33 38
40 4 41
3
354 41 13 33 4512 40 41
Prior preferred
100 33 41
3912 60 .5312 6214 571 6512 604 643 58 6413 537 6113 57 651 623 69
4
.
4
66
70
657 76
6614 703
4
Second preferred
100 55
73 14
4
8
11
25
18 32
203 2812 21
4
15 2114 17 233 2018 2814 18 2534 18 2914 22
24
26
Ilchigan Central
100 ---- ------- - ---- -------- 148 148 148 157 160 165 215 215 --------225 227 235
245 230 240 238 330
linneap & St Louis(new)_100 5
6
5
4
912 713 118 93 1414 113 1418 612 1314 10 4 123
4
3
4 84 1214 812 1018 712 93
4 578 8
533 758
linneap St Paul & S S M 100 63 6512 6519 713 6013 70
4
5913 6213 597 603 55 59
71
64
69
57 64
4
75 65 75 4 63 63 4 58 65
3
3
Preferred
a
100 897 90 ----------------82 82 --------80 80
32
81
83 87
8513 9412 84 89
8114 87
80 85
Leased line cestifictaes_100 ---- -------------------- 6358 6312 --------63 63
--- . _ ___
_ 6612 63
6713 6713 65 65
Is lissouri Kansas & Texas _100
(8 138
8 43
4 414 614 614 1212 103 14
1012 133 1114 1214 12 13
-313 124 137 1012 131 8
012 1514
/
4
11
Preferred
100 112 23
512 7
4 2
5
712 9
1113 1414 1112 1213 1213 1213 1312 141
2__
to Kan & Texas (new)
100 712 813 84 1133 1114 1313 133 184 17
191 1614 187 17 1813 175 193 173 19 --------37 8
8
3
4
4412 144 10
Preferred
100 2413 2618 244 3418 32 348 34 43% 384 43
3558 4114 383 4158 4013 48 4 43 48
3
4
425 555 --------37 413
8
8
In Kan & Tex partic war
8
First assessment paid
------------------------162
Preferred
------------------------1614 2012 21
2814
STOCKS
•
Third Assessment paid ------------------------------------------------------304 -1
1i2 ii
i 3 -14 5 1. - 14 3,7 2 ii
Preferred new
------------------------------------------------------------43 48
,-42i3 ----3738 _ --- - - 3414 3614
Pleferted
2814 2814 3058 32
35 38 --------31 - 35
itlissouri Pacific tr cat
10. 16
17% 16
23% 21
2312 2214 2514 22% 244 1913 23% 21
2314 2218 2438 2012 23% 19 3 22
,
15% 19% 1512 177
3
Preferred tr ctfs
4312 467 4414 5413 52 553 54 593 547 5812 5018 5833 5314 57
100
8
3 553 6013 40
3
478 6134 56 63
56
4113 45
forris 8t Essex
50
767 767 7812 7813 __ __
8
__ ____
_ _ ___
8
__ ____ __ __ _ __
_ _ ___ _
_
7912 7913 7712 79
bit Rys of Mex, 1st prof.
l00 ----------------7
1112 10% _1213 _- 4 128 -1513 --------13 _16
153
04
1018 1 3 10
19
62 68
10
614 73i
Second preferred
100 3
513 334 4
3
618 5
,
63
8 54 714 4 8 7
412 513 43
8 5
312 54 318 44 23
8 358 25
8 312
iew On Tex bc Mex v t c
100 548 61
5714 633 61 6514 63 69 654 6933 63 70
8
65 69
66 3 733 70 827 7612 83
4
78 85 4 8112 87%
,
8
3
Class A--49 4914 ------ tIew York Central
100 723 7534 7334 7813 8 4 83 8612 9233 38 9214 88 967 94 983 9614 100% 933 100
4
773
7
8
4
4
943310133 894 997 9214 97
8
;
3
3 Y Chicago & St Louls
100 3118 5678 55 667 613 66
8
4
63 63 673 82
7313 77
7113 79
78
8214 90
91
85 9112 80 8814 8012 86 '
First preferred
100 72
72
7313 80 --------80 80
7713 80
9613 --------96 10018 99 99
91
99 102
98 98
94 94
Second preferred
100 613 62
4
6213 72% 68 69
6714 75
7 83 91
733 85
79 8412 7914 83
4
83 93 89 93
8412 89% 86 87
Jew York & Harlem
50
-------------------------------------------- -------143
Jew York Lack & Western_100
__ ____
__
_ _
_
_
_ _ __
_ _ __
_ ____
_ _ ____
___ ____
_
16i994 9914
1 Jew York New Hay & Hartf 100 -1213 - 1614 15% 187 i8 8 11 8 26 -2
1
.3
-3-618 714 -65- 26,2 4
63 29 - -14 303 32
33
287 - - -38 28% 327 2014 30% 2014 227
8 33
8
3'
0ew York Ontario & West_100 193 2214 2013 227 2113
4
8
2412 24 3012 2612 288 233 273 2512 2714 26 283 24 277 2358 2614 1912 2418 18% 2034
8
8
tiewp News & 'lamp Ry, prof__
0orfolk & Southern
100 83 113 1112 1312 13 2034 18 3 2012 17
4
4
,
1912 174 2212 184 2112 18 20
-- : i' 14 1i
1.i. 162
12
1-1312 1612
Jorfolk & Western
100 9614 10012 997 1017 9914 103 3 10234 108 1054 1083 1043 10814 10712 1147 11212 1197 1163 1254 1173 124% 1113 12114 ii 16
s
,
4
8
8
4
4
4
10313 113 4
3
Preferred
100 72
75
7212 73
73 7312 7313 76
76
76
7313 75
78
78
77
787 7912 7912 78 82
7613 80
7412 79 t;orthern Pacific
100 744 7818 763 813 7414 8212 743 7814 7412 7818 7312 77 4 7413 7913
8
8
4
,
7733 9033 84
8933 8214 8955 734 86
.
73 7834
ennsyivania
50 334 3458 3333 354 35 40
3 43
13 404 423 42 478 45 4 473 4614 4914 473 493 4518 483
39
4012 42
8
8
3
4
4
8 458 47 '
'coda & Eastern
100 104 1112 1112 12
1214 193 15
8
17
1218 1512 16
24
241 21
22
/
4
263 19 23
8
19 213 1213 1713 1213 1512.
4
?ere Marquette v t r
100 19 21
1912 274 2514 30
2858 3114 293 348 2814 34
4
313 343 334 4033 343 394 2918 387 2812 3513 3138 377
4
Prior preferred v t r
100 63 65
654 698 69 71
71
4
763 74 78
75 7818 767 78
7712 82
8
79 803 7612 7913 7313 78
4
734 76
Preferred v t r
IGO 5010 5534 55 60
588 63 63 6812 6714 6914 6614 6913 67 71
6812 7433 7113 7413 69 7412 6312 70
[las Cin Chic & St L
64% 69
100
?Ms Ft Way & Ch preferred100
156%13 1 ---- _- - ____ ____ -- - - 4
6
...— --__ ___
.li" Ill --------128 1064
Eltts & West Virginia
__
100 23
2514 23% 26% 25 3
288 351. 33 368 341 4 3914 364 414 383 4138 3512 404 3612 3912 3213 3812 32 3512
0
4
Preferred
100 76
78.2 76
78 4 7812 80
,
7933 9012 88 90
8713 8913 888 90
9014 9012 91
92
91
94
Reading Company
90 95
89 9012
50 7l' 75
714 764 721 7614 74 808 76 827 7114 77
8
73
77
7414 8038 7512 83
First preferred
7612 874 733 83% 7514 8112
4
50 4414 484 445* 47
43 443 44 4612 4414 57
4
4914 54
5138 53
52 5312 52 55
Second preferred
52 5418 4914 5212 50 5412
50 45 513 48 501 457 48
4612 4813 46 5913 50 5413 0 4 5312 52 54
/
1
4
Rutland RR, preferred
5212 54% 52 55
3
50 5213 504 .54
100 -------------------------25 4112 38% 494 4014 534 -------- 45 5218 33
.
_
_
St Lou & S F stk cts
452 40 4014 25 3114 2718 3214
10 2058 22%
8 3018 27
293 2813 3133 2812 313 2518 2934 27 303 287 323 27
8
4
8
8
Preferred Series A
2533 3112 2014 2713 2014 23%
31
100 367 39
8
36
50
4812 514 49 .52
4812 52
4614 494 4912 52
454 56
48 5114 343 49
St Louis Southwest
3612 423
4
100 203 2214 2113 2914 2612 297 283 3214 2814 323 2518 30% 2712 307 52 56
8
4
8
30 36
283 3438 29 3612 2812 367 2814 313
8
Preferred
8
4
100 3234 3514 3334 4178 40 4413 4214 483 46 50
8
41
4978 4434 483 473 523 4514 5113 47 577 5314 5933 5418 588
4
4
Seaboard Air Line
3
100 2
/ 312 28 47
1
4
4
534 533 10
6
812 613 813 633 78 612 818 6
Preferred
714 614 714 43
4 613 5
612
100 44 512 53
3 9% 638 1058 93 1434 10
4
1234 914 123 103
4
918
8
Southern Pacific Co
3
3 718 1012 8
100 784 827 803 867 8312 8712 8613 915* 8812 9334 8618 9078 89 4 1318 113 137 10% 1214 9 8 113
8
4
9214 903 958 924 9512 917 9614 878 933 85 4 904
4
Southern Railway
4
3
IOU 1714 19
1713 2112 20 2318 225 253 223 2512 2112 2518 2334 26
s
4
24% 283 2414 2713 237 2718 2114 2513 227 2512
8
Preferred
8
100 46 5012 4812 543 52 543
3
8 5334 593 56 5813 5314 567 543 587 573 643 603 64% 603 71
3
8
4
4
8
8
3
Texas & Pacific
6018 6614 63 2 66
,
100 245g 283 2714 33
4
31
3014 3418 32 36
353 24
3312 2712 31
293 3412 2714 3213 2513 304 183 2733 1912 228
4
Third Avenue
4
100 14 207 1812 2312 1814 212* 1934 2533 2112 2558 20 24
*
2034 2314 2178 245* 2012 2438 18
2212 1318 20
Toi St L & Wes tr roe
14 4 174
3
100 13
163 17
4
Trust recta Ser B _____ _ ____ ____ ____ 1813 1812 awn Hi4 -213- -i if: 3i14 iii4 - -- -:4Z1 . ii7-. 16" :::: "::: -6i" -ii" "iii-3 -211- "6:2" -- -iii- "6 - il
4
.
' 8 '8i6i2
Pref trust recta Series 11____ _ _
-i14
___ 33 3812 333 413 39% 46
44 43 45 5034 4712 5713
4
4
531. 583 56 62
4
54 5712 52 5812
Preferred t r receipts._ 100 23 30
30 3112
__
__
--- ---- -Twin City Rap Translt_100 34 391 34 40
----394418
___- - - -44- --- -47 2 - -- -555613 -5212 54 - -497 ---- -57- - - 3 -56- - - -5713 '6i g
5012
, 533
4
- - -8 60
02162
- , • -- - 3
Preferred
100 --------73 73
i3 611
8414 8414 83 38 ----------------85 88
Union Pacific
100 125 1303 12813 135 13012
8
13514 13312 14014 13518 14212 134 140 139 1443 14112 153 1463 1543- 144 1524 1364 1473
4
4- 4
- 3 13414 111
Preferred
100 7114 7418 73
14
7438 7212 733 723 764 738 758 75
8
4
7614 7412 76
7513 80
753 797k 7513 783 743 778 737 757
4
100 712 914 8
4
3
United Rye Invest
8
3
103 10
4
124 113 197 15
8
3
1713 1114 1533 12
1313 13
1612 1312 16
1158 1434 11
15
1012 1258
Preferred
100 2014 243 223 293 27 333 293 3612
8
4
8
4
30 335* 2514 32
27 2813 284 3312 3013 3314 2512 33
25 31
Wabash
2512 274
100 6
6% 613 3
93 1114 10 • 143 103 133 12
74 104
8
4
4
1314 1218 137 11
13
10
8
123
8 814 103
4 814 95*
Preferred A
100 19 207 194 25
3
234 315* 3014 343 29% 3412 2734 3212 3014 338 3134 3512 3018 3412 2812 323 2212 3033 2255 254
4
Preferred B
100 1214 1314 127 16
8
154 207 20 22
8
193 24
3
2038 22
/ 22 23
1
4
2212 248 20 23
19
22
174 19
1613 18
I.
No par value.
[Vol,. 116.
THE CHRONICLE
44
1922-Continued.
November' December
January I February I March I April I
May I June I
July
I AUgU91 I Septemberl October
Low High,Low High Low High Low High Lou' HiglvLOW Highi Low High,Low High tLow High iLow High Low High,Loug High
STOCKS
West Maryland
2nd preferred
West Pacific
Preferred
Wheel & Lake Erie
Preferred
'Wisconsin Central
EXPRESS
Adams
American
United States
Wells Fargo
100
100
100
100
100
100
100
814
13
1334
513
4
64
914
25
9 I
141
165
8
54
714
1358
2814
814
1434
1434
5158
6
1212
26
10
17
1858
53
774
113
3018
914
1614
1734
5112
712
15
274
1012/
184
2012
58
934
21
3314
91
4
177
193
5512
87
1918
288
12
21
247
6112
128
24
3112
1018
1812
204
6018
1058
21
28
12121
21
2212
6312
14
23
315
8
1012
1818
1812
5712
1214
2212
2714
1312
24
23
62
1612
293
8
3114
1114 1214 1118 1714 1314 1678 1358
5714
21 2
20
1512
H
?174, 11 2 6 a
4
51(935131 64111 601142 6332 63: 6%7
3
13 1458 1312 1534 12 1518 912
24 238 2412 2812 20 2814 18
273 31
4
28 3314 29 33
2714
10h 13
1558 1012 15
1
677 5434 20 , 22 0 42
2 18 2014 67 5234 284
32
1418 1612
17%
81 10
/
4
134 8 11
2312 1212 2114 1478 1712
2558 28
32 27 31
•
10 48 56
52 66 62 69 64 68 63% 6712 6112 65 6112 6434 65 7934 76 8214 7634 83
6534 818 66 6938
8
10 128 13812 1273 13918 132 138 13812 14312 13512 14012 126 1373 128 1344 13634 144 137 145 11012 182 135 1523 13518 142
4
4
4
10
638 688 5
57
8 6% 6% 6% 61s 6% 6% 614 614 672 712 714 8
74 64 7
7% 7% 7% 714 7
10 68 4 8314 804. 85 7812 81
7812 803 76 79 7518 78 75 79 7812 82 79 82 8214 983 8812 9412 88 92
,
4
4
COAL & MINING
Alaska Gold Mines
10
3
3
14
12
3
8
12
3
8
3
4
3
8
12
58
12
3
8
5
8
4
12
7
8
12
12
3
4
32
14
12
Alaska Juneau Gold Mine
10
178 114 168 1
1% 1
114
112 138 2
8
8
7
a
14 1,
112 I
8
3
7
8
5
8 114 1
2 114 1% 1
American Zia.; Ld & Sml_ _ _ 25 1218 1458 1278 137 1234 16 2 14% 1978 17% \
16% 204 13 1814 15 16%
,
20% 16 20% 17 1812 17 1812 17 21
397 3612 37 37 40% 39 44% 434 4814 42 48 434 463 46 4858 45% 57 5218 56 48 54% 48 52
Preferred
25 36
4
Anacaonda Copper
50 47 5012 474 49 4814 52% 5034 5412 513 57 50 533 501 5414 5234 534 507 583 47 533 45 52% 4712 51%
8
4
8
4
4
4
125
12 112 1
24
72
Batopilas Mining
20
1
138
12
1% 1
7
8
11
3
8
7
s 114
3
4
7
8
8
8
12
14
Burns Brothers
10 11312 11914 115 124 124 130 126 134 1313 138 128 13912 12812 1377 132 13778 13212 1383 131 13814 12812 142 , 14312 147
8
4
4
2
14
Preferred
10 112 1121 94 95 9412 991 9812 98 2 95 981 9518 9814
0
9618 9734 99 10014 100 102 101 10332 10214 10512
/
4
,
Prior prof
114 115 114 114
10
_
714
New Class B
46h 53 -4514 114; 4114 48
28% 32% 30 38% 371s 4212 39 42 39 474 4114 50 42 47% 44 5114 45% 50
Butte Copper & Zinc
8
5 538 6% 5 8 6
4
514 612 6
3
63 7% 6% 7% 6% 7% 63 878 75 1018
4
758 612 815 634 814 61
.Butte & Superior Min
10 20% 2812 23% 2814 25% 2712 2612 318 283 333 26 3234 2712 31% 28% 31% 2912 334 3014 3514 26 3358 28 3314
4
4
Callahan Zinc Lead...,
512 64 514 63
8% 814 10% 7% 934 63 8% 7 10
4
8
4 8
4 514 714 834 7 4 74 11% 7% 1114 7 8 88
3
Claumet & Arizona
10 58 6012 5812 60 58 6012 5734 6214 58 6434 61 6612 60 613 5912 634 5914 633 53h 6212 50h 56
54 5712
4
8
9% 9% 6h 612 61 73
Carson Hill Gold
13% 1334 15% 1212 163 123 1514 1334 1514 12 12
10 1014
11
11
11
8
4
/
4
4
Cerro de Pasco Copper
• 323 353 32% 34 4 34 367 3514 37% 33 40% 3412 4012 3514 3814 37h 41% -3484 4114 354 4114 354 40 4114 4638
4
4
,
- Chile Copper
23% 2914 263 28%
25 1518 1814 15% 174 1612 1812 1718 1934 18% 2518 19 23% 20% 2318 2158 2314 23 265 2338 27
8
8
2214 27
Chino Copper
2312 28%
s 2614 283 25% 27
26 2938 2714 2912 274 323 28 33% 28h 3012 28% 31 2 2812 3158 2434 31
4
,
4
3134 36% 29 3414 2412 3014 2412 2712
Colorado Fuel & Iron
100 24 2934 2514 2712 2514 3134 30 3358 307 37 2812 35 8 29 32 2912 33
8
,
105 105
Preferred
100
_
10178 102 108 106
2
De Beers Con Min
2314 2214 -- 2
167 18 18 237 2012 22% -564 241 20 8 21% . /i4 -5'5;8 153 2184 /412 21
11
24i• 1512 161s 16% 19
8
35
;
Dome Mines Ltd (The)
10 1812 23 22 25 24 2858 25 2734 27 29% 2714 304 28 30% 2978 39% 35 39% 3634 4438 3934 4612 4034 4414
.Elk Horn Coal Corp
16 213 1614 2212 19 2238 204 23 20 21% 1814 23% 1918 2212 18 2114 1712 2414 1812 2414
50 1414 1612 14% 18
4
3714 3714 39 39 3812 41
Preferred
SO
39 39
15
10 12
Fed Mining & Smelt
9 12
13 1514 1412 1558 11
100 9 10
9
9
10 12
if- 1112 13
934 14
12 1612 -ii- Preferred
50 5912 433 57 4
4
100 38 41
38 4038 3712 41
4
38h 464 4112 5334 45 52 49 5134 51 563 5412 6234 51 61
,
. Gramby Cons M S &P
100 2612 3034 2712 281s 2612 297 26 273 251 35 2758 3414 29 31
2958 32% 2914 323 254 31% 22 27 23 27
8
4
/
4
4
Rights
3
8
3
4
4
2484 28
Greene Cananea Copper_ 100 26 2814 263 273 281s 28% 2634 32 -55i4 345 29 141- -564
2
-2
-3058 3314 -55i4 333 28'2 3112 22 25
*
7012 73 7014 73
714 82 80 80%
Homestake Mining
100 55 59% 60 6134 60 6912 69 75
70 71
69 71
7070 73 69 71
Inspiration Con Copper.... 10 38 41
,
4018 423 384 42% 3234 40 4 31 38 3212 371g
373 3914 3814 423 3918 4258 3912 443 394 45 39% 42
4
4
/
1
81
4
Island Creek Coal
_ 110 111
-58i8 - 3- -55- - 31 4
4 I/8
Kennecott Copper
• 2512 2978 2678 29 275 31
3g4
8
2914 32s -3112 3958 -554 3958 -551.4 3714 -3514 38 -55" - - -5i F8
Miami Copper
5 261 27% 2534 274 263 2812 2712 2978 28 313 27h 311s 2814 30 29 3014 2718 30 4 27 29 25 2712 2634 2778
/
4
4
,
/
1
4
8
Magma Copper
3212 353 33 4 3412 2718 3412 2
17 116914
321's47
*
,
4
McIntyre For Mines
_ 16% 18 2 1612 19%
,
5
1612 26
1818 203 1738 19%
_
4
Nevada Cons Copper
1/4 1312 16% 1318 1518
s 1414 1512 1312 1478 1334 1558 1434 18% 164 19
Ifs; 1812 17% 15 1618 1918
Ontario Silver Mining
6,
2
100 412 512 4% 512 54 9% 73 878 712 91 7
7
712 6
78
4 812 7%
8
/
4
87
s 7
5712 6114 55 59
5612 6118
Pittsburgh Coal (Pa)
100 58% 63 4 5914 623 59% 62% 59Ig 65% 61 6478 61 68 63 6912 6412 7012
,
4
5711 7 2
6
,
Preferred
100 92% 93 9018 92 9012 95 92 93 931s 9512 951 98 95% 98% 9131 100 97 1082151 99%10012 97 99 2 9: 2 10 14
:
3 6
0
0
/
4
1712 193 1914 41
Pond Creek Coal
10 1412 15
8
4
1414 163 15 19
4
167 2314 19 2214 2014 2434 20% 22% 204 225 18% 2214 1858 21
8
33 3512 3338 35% 33 344
Rand Mines Ltd
• 191 22
1912 2214 20 2312 24 28% 2312 28% 25 2912 273 2912 2912 3312
8
1318 15
Ray Consolid Copper
10 1418 15% 1312 14 2 1334 155 1434 17
:
8 131 1612
8
16
,
16% 164 165 317 3 % 13 15% 124 14
16 19
15% 19
1
. Seneca Copp Corp
• 163 2314 1078 1712 1178 144 1212 1412 12% 1458 1112 144 1112 1312 1118 1214 1812 la: 6 1012 72 10
0
4
7
812
Shattuck Ariz Copper
10 8
9
914 612 9
7
7
814
7% 84 712 9
912 104 814 1018
814 9% 818 1112 9% 12
Tenn Copper & Chem
9 10 4 838 912 9 10%
• 93 10% 10 1114 104 115 11
,
4
8
1212 1118 12% 1018 12% 1018 1114 9% 1118
954 11
Utah Copper
10 60% 6512 60% 6312 6218 653 63 68 6312 6914 62 69 63 684 64 6938 6458 7112 6114 683 59 6814 61 65%
4
4
Va Iron Coal & Coke
55 57
53 5912 55 5914 53% 5912
100 78 9412 50 83 43 4612 45 53 50 5934 47 56
48 51
55 57
Preferred
82 82 81 8312 8114 85 81 82
100
69 7218 71 7212 6912 72 71% 79 80 80
VARIOUS
Advance Rumely
15 1912 1112 1412 1212 1478
100 108 1158 1118 1434 131 1812 1612 1934 161 195* 1714 2014 1718 19
17 22
18 23
/
4
4
Preferred
431s 49 448 4612
100 3118 3512 36 3834 3878 49 4634 50 4612 4834 48 501 4812 4934 4812 6018 54 58 50 56
Air Reduction Inc
• 451s 54 50 56 49 5714 5312 5634 53 55 5158 5714 53 57
53 6234 56 6112
534 5838 56 6018 57 66
so 1312 17
14% 163 14h 17% 16 4 184 1612 1812 1414 18% 912 18
Ajax Rubber inc
8
1838
7_7_ 1014 141 8
1258 1112, _13_14. 8 10153 10014 1112 135
11
8
,
4
4
All American Cables
100 107 107 110 112 110 110 10812112 112 116 112 11214 --------1128 115 116 117% 11812 1193 11678 120 99 125
Alliance Realty
____ __ _
100 _
Allied Chem & Dye
4
8034
111 4
4
8
• 55% 595 5712 5914 5612 a 6358 69% 6512 72% 8818 72 574 747 71% 87 -i5F3 - -3- 733 8612 6814 793 7012 3
Preferred
100 101 105 10212 1037 103 10914 106 106 1074 1098 103 110 108h 1094 107%112 11114 11512 98 115.t 109 114 11014 113
/
1
Allis-Chalmers Mfg
5312 5934 4112 5838 38 45 423 4518
100 3734 45 4312 4612 43% 4758 46 52 4712 50% 464 5012 4814 56
5234 59
4
Preferred
4
96 97
100 8612 92 901 927 91 94 9212100 9758 9914 9412 98 98 9812 9812 100 1003 104 94 103 94 96
Amalgam Sug 1st preferred.100 66 66
__
_58,4 _ _97_ 74 74 ____ ____
3 _2
_
69 69
6934 71
388;
Amer Agric Chemical
3712 41 4 -5, " - 1 -iii4 -- -56- -- -3 3.
21
loo 29% 343 -33- "3d - -55" , -7- 3814 418 3734 401 -5AI ii3834 42
4
, 5 31 2
f1 8
4
7
e
i
Preferred
68 7214 61h 6914 60 85 584 62
100 56 .5912 57 5812 57% 70% 6612 6812 64 68% 644 68 63 6412 6312 71
American Bank Note
150 58 . 64 6214 65 6412 70 72 7712 70 71
67 70 67 67 68 7412 72 73 66 8014 7514 9012 77 91
5512 5512
Preferred
50 52 5212 518 5212 53 54 52 5318 52 52 52 521s 51 51
52 524 52 53 525* 5458 54 55
43
American Beet Sugar
100 313 3714 34% 37 37 41 40 4212 38 4712 4112 49 44 4712 45% 49 43 4812 37 46 35 404 37
4
73% 733
Preferred
8
100 61 6412 - 6712 7014 694 72 70 72 ____ ____ 753
80 80 77 77 78 8012 77 80
--4
4
8
338 45
American Bosch Magneto____* 314 408, 3312 39%, 37 2 47 44 49 43 4814 3812 77-35% -4112 351z 427g 3812 45 343 437 33 40
4634
,
70 75
Amer Brake Shoe & Fdry____• 51 623 5714 607 57 6112 58 63% 59 6214 5812 63 6018 6518 644 7918 76 8811 75 83% 68 76
4'
8I
4
Preferred
100 9814 100 11013 1024 101%10312 102% 10414 105 10738 108 103 10712 108 10818 10814 110 112 11111 113 110 111 1073 110
4
4
8
8
.American Gan
100 324 3818 365* 41381 3934 48 4812 5314 4558 4918: 4414 5134 4612 6118 5658 6171 563 638 573 761s 6734 7812 698 7412
8
4
Preferred
8
100 934 9734, 0512 100 110012 10178 102 1074 10418 103 1103 103 1054 103 109 11041083 110 1087 11112 10 112 110 1137
. American Car & Foundry-100 141 147'3'14412 152 149 156% 154 161 10812 16812 15718 16) 16134 17212 168 169 18214 193 17914 201 175 183 180 189
4
Preferred
g
2
2 1112
120 7 2 1112; 712 912; 834 1212 17 1334 111121101211197 12112 12 12 121 122 125 121 125 1217 121 1223 1264 123 123
4
2
2
0
9
818 12
4
1614 2
,
712 57 8%
8
858 91, 63
8 958 5
8 10
American Chicle
11
; ;. 4;4 3_
_ 1 _.
_ 4_ 3914
100
Preferred
912 1112 2912 2912 23 28_ 11-. 311 ...
_
4
4
/2
American Cotton Oil
100 -----------------------372212 19% 2312 2318 2714
1914
2
4
0
12 N -i7 8 -- -1- -ii I01- 253 2714 2614 2812 253 30 223 27% 1514 2412 -164 -1 16 3 2 .
Preferred
100 41 44 1 4214 4512 49% 56 54 57 2 50 61 1 534 6012 53 54 5218 5512 5312 58 50
,
5711 64 57 68 53 812
64 7
. American Druggists Synd_ _ _10 412 612 54 618 518 6/ 53
1
4
4 51
71
4
5
558 612 54 64 514 6
American Hide & Leather 100 12 14121 1358 1558 1458 16
14 175* 1412 168* 1312 15% 1312 1434 1334 1434 1258 148 108 143* 10% 1234 1018 11
4
6034 6614
8
Preferred
100 58 6312! 61 60 673 7178 6734 7212 658 73 67 728 68 7188 6914 7412 678 743 681 74'2 6512 71
8
4
American Ice
100 78 92 1 92 10112 9718 11412 103 111 101 112 103 110 104 11212 10812 11814 107 122 106 11512 9912 113. 1031s 11112
Preferred
100 72 754, 7412 8214 79 8112 7914 82 80 9212 8512 9012 88 9012 9018 9514 91 947 89 9114 8512 90 87 8812
a
American International_100 3818 42
4014 4512 42 4514 4234 48 423 4958 4018 5018 4118 44% 33 4212 3312 387 284 3814 2518 3212 244 303
4
4
s
11
12
1118 1134
1212 1314 122 133 12 13
Amer La France Fire Eng-10 94 10
9 1018 93 1112 II
/
1
4
4
1212 11% 1312 12 1312 12% 14
2 8 93
9
34 59 011 48 5914 9
1
7% prof
100
4034 3
9012 ------------------9512 10134 100 1013 9512 164 9 12 973 4312 8312
45 2 3
8
American Linseed
100 29% 324 31 341s 3012 35% 3212 3614 3
92922
35%334 3712 345 3914 34 4212 28 3714 291g 325*
Preferred
100 56 5912 56 59 5412 59 5514 59 5378 60 I 53 60% 54 58 52 583 55
American Locomotive
0 3 4 15
64
91 10
4
948
/
1
100 102 10812 105 11114 1074 11178 110 117% 11112 117% 108581163* 111 12118 1712 123% 12012 1274 123 1213 12114 12118 129 122
Preferred
100 112 115 11314 11514 11514 118 115 117 116 1163 11812 117 117 1174,116 120 11812 12118
4
American Machine S
American Malt & Grain
Stamped 2d preferred
•
13 13
-5212 1E64 163American Metal ctfs
•
If 4438 4658 44 1134 7 11212 4414 4918 468 5314
10912 4 108 11234 11014 11512
100
Ica 1O8' 10834
:
Preferred
112 714 .
American Radiator
25'82 86 82 89% 8318 9014 8512 9912 93 10314 9414 100
9314 103 4 103 1207g 11614 12434 115 129 1 19 119 1121_2 120
,
Preferred
100 100
25 33 43
614 712 --6m
-9-20:ni7:224
.. American Safety Razor
4
3
4 3 4 412 414 812 74 85
3 8% 73
73
a 5% 7
4
Amer Ship & Commerce
• 512 .978 812 12% 1214 153 14 1812 I61z 2414 173 2414 18% 2112 15% 1934 1618 2234
4
100 100 44 10137 -------100 8712 89 87 884 8912 90 , 91 93 9218 93 92 93% 93 93
193' 237i 683471 271'SI
6
9514 97 97 97
Am Smel Sec Pre Ast
Preferred. Series B
10112 10112
5 48 4434 475* 47 54% 53 5912 54% 6712 57% Ms 58% 62% oci
581
653 5512 6458 119738 10 4; :1 397
4
American Smelt & Ref
100 43
459 24 5937% 1 48 :
: 40093 48 5 3, 1.52 - !
4, 1 ;59
Preferred
100 884 9112 8812 91
9014 9812 97 9812 9614 9
2
4
9 9884 988 967 9918 9714 10212 100 10312 997k99% 10412
100 10912 114 11814 138 12234 13712 130 134% 132 1364 130 138% 133 1363* 136h 146 1437 159 138 149%
American Snuff
96 100%
100
Preferred new
95% 95% 9418 9418
- -Ant Steel Foundries
33 1-3 3034 335 31 33 31 37% 3612 401g 37 2 391 35 3812 3512 39 373 4212 4112 4614 4112 4574 414 455 36
8 '
4
94 93% 98% 9812 100
Preferred
100 94 9612 91
9818 100 9812 100 99% 100 994 103 104 10612 10418 108% 10412 10512 103 105
g
American Sugar Refining 800 54% 684 644 69 4 6818 743 71
8
3
4
7674 723 79% 7418 8114 7814 82% 8014 857 774 8514 7514 82 654 77 737 804
4
Preferred
100 84 9434 90 100 9718 9934 98 101 101 106 10434 107 10514 107 107 112 1091. 11012 10514 110 1055 10814 10614 108
8
100 28 353 2314 29% 2718 35% 3218 361z 32 47 34% 4514 37 4012 3612 4034 354 463* 33 41
4
Am Sumatra Tobacco
,
,
2434 3412 26 2 30 4
100 52h 71
Preferred
5214 6014 60 85 6212 65 60 70 63 68 6014 63 6212 6934 67 70 6258 6514 5712 6018 5712 59
3
8 1
18
Rghts
14
......................i
8
61 671 -55- 114 60 62's isis" 16'Am Telegraph & Cable__ _100 55- l - 54 541 54 70 -6014 64 603 62 -55i4 164 -5.
1- 7 59 563 61
4
1213 1223
4
(9)------------------------- z,,,
Hi 1215;
100 11412 11812 11712 120 119 12412 120 12418 i iiii 1194 1233* 1201* 12214 118 12814 1203*12734 121
Amer Telep & Teleg
,&Is 12114
5
37
8
21
Rights
214 3 8 3h 4% 37 124514
7
100 1294 13538 133 14212 132h 139% 137 14214 1365 14512 1374 144 140F8 11612 1474 1667 156 1692 1521 167 1468 15812 181iz 157
American Tobacco
/
4
8
100 9612 100% 99 1013* 100 10214 100% 101 2 100% 103 1005 103 101% 105 103 10413 10458 10712 106 108% 105 108 102 105
Preferred new
8
,
100 126 1313 1294 13814 130 135 134 138 1344 14212 13512 14114 13814 145 143 164 15112 1653 151 1634 146 1563 149 15412
4
4
Common B
/
1
4
4
8
712 812 8 1212 1112 14
. Am Water Wks & El v t c 100 6
1112 1312 1234 15112 15 17% 15 1914 1814 26 21% 2812 27 3314 2714 2812
8
100 67 7614 75 76
783 80 80 84 80 80 80 86 86 88 85 4 897 8858 937 874 913 855 90 8512 893
4
1st preferred v t c
4
,
100 174 223 213 2312 22% 3112 2834 32% 295 327 3012 39 3712 43 3912 43 39 5412 4712 5514 4712 54 471 51
4
Partic preferred •t c
4
8
92 92
10C 94 95 89 93
92 92
92 92
Am Wholesale Corp pref
88 9018 87 8712 88 88
92 92
-- -
I
-65- -55-
•No par value.
JAN.6 1923.]
THE CHRONICLE
45
1922 Conti' ued
March 1 April
June
August September October
May
January February
July
November December
STOCKS
Low High Low High Low High Low High Low High Low High Low High Low High Low High Low High Low High Low High
-— —— —
/
4
ISO 781 841 8012 874 8518 903 8784 953 89% 948 863 947 88 4 9212 903 963 951s 105
/
1
3
American Woolen
8
41
8
9633 10338
4
2 9911 9273 978
100 10212 105 10312 10812 105 10814 104 10612 106 1067a 10613 109 10712 10834 108 10812 10812 11012 1093.111 110 1103 1091211114
Preferred
4
100 2212 29% 23% 2712 2412 28 28 3718 33 3512 29 35 29 32 29 3314 308 5514 2934 35 26 34 25 29
Am Writing Paper, pref
10 --------15 15 ----------------------------------------1612 1612
Art Metal Construction
____ ____ 1518 153 1512 1613
4
---------------------------------------------------10834 10134 _ _ _ _ _ . _ _ - _ _ _ _ _ _ _ _ _
Preferred
- 114 3
212 112 134 112
10
112 13
% 1% 1
112 2% 112
Assets Realization
138 2
138 - 1% 1
114
fa I
547 5914 57 62 5814 637s 60 684 6418 7078
Associated Dry Goods
100 43 5434 5178 5614 5212 5712 54 5712 537 5712 50 .56
52% 55
/
1
100 75 7673 75 7814 78 81
8012 832 8012 8212 78 82 801 82 81 82 83 8433 83 86 82% 844 83 848
1st preferred
/
1
7 80 7912 8312 83 86 80 8314 82 8312 8414 8512 8412 91
100 76 77
2d preferred
88 9112 8778 894 8712 90
763 78 77
4
/
1
100 99 1024 9912 10414 10234 10712 107 11814 119 1351 11012 1287 110 116 10912 119 11512 122 11512 1284 Ill 119 11312 12078
/
1
Associated Oil
.
• 214 312 2% 37
Atlantic Fruit
412 212 27s 2
4 21
24 112 2
8 3
Vs 3 8 52 312 43
23
,
/
1
4 13 23
4
4 138 212 11
____
Atl Gro certifs ofdeposit__ _ ---_ _
___ ___
1% 2
/ 13
1
4
4 214 134 2% 1% 2% 11
13
4314 3412 - - s go 417
Atl Gulf & WI S S Lns----/00 243 31% 25 4 2812 2312 3114 30 3438 34 39% 28% 3312 2718 33 21 32 22 2514 1914 25 4
8
,
Preferred
100 19 23
161± 21
1712 23 18 221 173 208 15 18
4
/
4
163 2212 2112 243 2312 3114 2514 3014 24 2712 2114 24
4
Atlantic Petroleum
25 21 2214 2212 2314
---- Atlantic Refining
.
1013 975 1020 980 990 RIO 445" iii ilia 1595 ii.i 1000 iiii5 i000 Ha iii- itii iaiii iii51i75 iLiL iiio jib& riii liki
Preferred
100 113 11512 11512 117 11412 116 114 11512 114 11538 115% 11872 11612 1171 115 1171 117 118 1173 118 118 119 119 11912
4
____ ____ 127 140 130 130 135 135 140 14712 1458 164 152 1601s 155 155
Atlas Powder
100
6% preferred____ __ _ 82 82 --------82 87% 90 9012 947 947 904 94 87 87
/
1
Atlas Tack Corp
1814 2212 1714 20
17% 1712 1612 1712 16% 1712 17 2014 15% 18
• 16 16
14 211s 1814 22
133 14
4
15 1712
• 914 17
Austin Nichols & Co
1312 19% 2014 28 2414 27% 2414 32 2512 331k 253 2912 2638 3212 297 4038 3038 3712 2638 33 30% 3412
s
4
Preferred
8334 87 844 87 8612 89
100 68 80 75 78 77 85 82 85 84 894 843 90 85 85
8312 8512 85 91
/
1
57
Auto Sales Corp
41
412 2
50 31
312 3
334 238 314
4 338 43
4
4
31
7
4% 43
8 33
51
4 334 3
312 3
Preferred
1012 1012 --------12 12
50 14 15
1112 1538 12 13% 12 14
13 1514 1418 1512 14 1512 12 1412 12 14
Baldwin Locomotive
100 93% 9812 9434 10938 104 11214 11018 11938 11312 120 108%12014 11238 12238 119 12912 128%14018 129 14238 1153 13414 116 14038
4
Preferred
100 104 10612 106 108 108 109 108 112 10912 113 1111 11412 11334 114 114 11412 11312 1151 115 118 11614 118 11112 11618
/
4
/
4
Barnet Leather
• 40 45 4414 471s 40 45 4212 52 49 5434 53 57 55 60 60 62 60 6738 57 64 45 54 43 45
Preferred
- 93 2 9618 96 96 --------971 971 96 96
,
100 8912 90 90 90 89 96 89 8914 —
434
Barnsdall Corp A
_ __ 2018 4012 3712 5614 42i4 1 - 3312 4812 2514 36% 2738 35 33 4414 2912 4014 26 33 28 - 2
25 1938 2018 ___
/
1
4
331
B
2118 3114 2912 39 3114 28 2812 378 24 3034 23 274 26 31
24
21 2714 17 23 8 1738 22
/
1
25 194 20% 2014 /
1
7
Bayuk Bros
*
7
-- ---- 33 3512 35 50 43 45 4612 50 52 558 50 50 55 62 4812 57 8 45 53
Preferred
100
Beech Nut Packing
3
644 ii 8
20 ------------------------------------------------ 30 - 4
8 _
_ ii4 _ -414 goh oth 4'0 "gioi
_ 31 3iiz - _5i2Preferred
too ottot --------101i_. __.
Bethlehem Steel Corp
ii
um 51 57668 708 6814 -ii iiis - 6434 -ii ii • - - ii 7
6
77 8
7812 io - - 7- ii - - - iiit - - 8812 7112
74
6
ii
g
t
Common Class B
3
73 80 4 761s 8214 7238 7834 75 797 76 4 80 69 4 793 694 7812 591 718 5914 65
100 5513 614 61 66 623 75
/
1
,
4
3
94 100 90 99 948 98 96 105 100 104 9618 10114 944 100 94 4 9734
Preferred
100 9112 92% 9112 93 90% 9314 927 101
/
1
3
Preferred, new
___ ___
___ ___ _ ... -_ zr
_ _ ----- ----- ---- ---_ ____
__ ---94 100 94% 96
__ 98% 101
-14 1121411638 113 11412 113 1147 111 1 - 111
-8% preferred
--100 104- 100 1063 10812 106% 113 11112 113 11184 1
--16
4 -- s
/
4
Booth Fisheries
oh 77 6 71 612 8% 7 914 rh toh oh 1038 7 11312 107 11212 1081 11178
• 438 tog oh oh oh 71
812 4
7
44 5
3
let preferred
____ ___—___ ____ ____ ___ ____ ____ 453 4534 48 48 --------------------- _ 30 30
_ __
4
100
1034 14
12 1414 10%11
914 13
British Empire Steel Ltd--100 8% 93
4
934 83 9
10% 13% 123 15
4
9
11 14
9
I% 9
9
1st preferred B
100 5814 67 60 64 58 63 65 7634 72 76 69 76
73 733 727 75 74 75 74 754 6714 74 69 70
8
/
1
4
2d preferred
191 2118 20 2914 26 3612 30 3614 30 31
106 2118 2434 22% 23
30 37 3312 39 31
3814 26 3118 2414 2614
103 10018 103 104%10814 1053 110 105 108 107 110 1093812438 11512 122 11612 124 115 123 1103 1173
8
100 100 108 103
Brooklyn Edison Inc
4
4
__ _ _Rights-- % 234 218 3 ---_ ---- -- _ ---- ---- --- ---- --- -----100 70 74 70 7114 "74- 97I, 931210344 100 11214 10744 119 159 112" 110 12212 115 11112 11614 122 114 12412 111 ill
Brooklyn Union Gas
Rights
---- --- ---- ---- ---- ---- ---- --238 47 5234 49 .54% 5118 50
Brown Shoe
63 59 64% 5914 6234 55 627 58 61%
lte 42 4312 4212 4614 44 50%
8
/
4
8
100904 91
91 9114 90% 927 89 911 91 9218 9112 93 94% 9712 97 9838 9712 99 95 99 983s 9934
3
Preferred
1
4
Bruns Term & Ry See
284 218 4/ 3% 4% 4 47/1 1 12 538
318
too 238 212 23 9218 89 9214 908 971 963g 9738 9384 96% 278 3% 3 94 212 3% 2 21 2 212 134 2%
Bush Term Bldg pref
934 9334 94
/
1
94 1001 968 100 97%101% 97 9011
100 8714 91% 91
/
4
4
26 2914 22 2712 18 2412 1914 2212 1918 2112 1812 2112 15 2012 1712 183i
2612 31
Butterick
4
100 2812 3112 3012 333 30% 34
101 1314 1214 1518 1214 1414 10 143 103 1318 1018 1118 1018 1138 812 1238 7
Caddo Cent 011 & Ref
4
4
• 1014 12
1012 12
8% 63 614
4
8
4
Calif Pack Corp (th)
4
6914 751 72% 7612 7512 807 773 80 7412 7812 763 79 79 8312 8012 8612 82% 8512 79 8412 8C 8314
• 68 71
k
527 58% 5412 6314 58 717 5614 65 5618 6634 6114 6612 50 4 657 46 59 4 55 70 4
Calif Petrol vot cts
100 43% 487k 48 5438 4912 54
3
3
,
Preferred
921 9714 90 93 93 95
/
4
,
100 83 87 85 4 8814 88 92 92 9812 95 9714 96 9812 9314 961 90 94 95 98
6
Case (J I) Plow
414 612 4 4 58 5
9% 6
,
714 6
Ms 312 3
• 312 4
7% 4 4 63
3
4 4
53
4 3
4
3
4
__,
,_
Case (.I I) Thresh Mach... _ _100 -------------------- 44
_ ----------------------- 41
,
37 4312 35 39 30 34
29% 3014
Preferred
4
694 2 68 7212 68 --2 76 85 83 88 --------8311 87 8614 9314 913 92 --------78 8712 73 80
4
Central Leather
4
4
8
4
100 29 2 33% 317 333 3314 38% 3612 40% 36 41% 353 41% 3738 42 373 4218 393 44% 37 4214 3218 3914 297 3474
3
7334 6812 748 70 7418 097 7414 70 4 79 4 7618 823 75 8038 68I2 77$8 65% 71
71
Preferred
8
3
3
100 6338 6738 651 6734 6712 74
4
3412 40% 50 50
46 507g 4314 4912 40% 4712 39 48 44 44
Certain Teed Products
34 38 38 4784 41 458 45 51
• 35 37
1st preferred
8
-100 85 85 89% 893 ----------------------- -- ----- - , ,
r ---- 9314 9314 4
634 68 77 62 --- 568 633 58% 643 iiia - - -ai2 lila -60f4 i6i;
7
Chandler Motor Car
* 4734 6214 578 '4234 7014 7638 72 7914 7114 - 4
85
6434 6734 65 4 69 66% 713 6812 76
4
74 89% 79 8714 75 8434 79% 667
,
4
Chicago Pneumatic Tcol-100 60 62 613 69 63 6912 663 71
Cluett Peabody & Co
52 6013 51 58% 5212 57 54 59% 53 59 5418 59 554 68 60 671 62 68 61 66 63 7014
/
1
/
1
4
100 43 54
91 9114 9212 9212 94 95 96 4 100 9912 99% 1004 100% 103 103 101 102
Preferred
,
/
1
100 85 9112 9018 91
9914 100 102 10311
Coca Cola v t c
4
8
• 41 453 4384 4614 43 5014 483 583 55% 7214 60 717 6818 74% 69 4 7412 6514 7312 713 823 71% 81
,
4
4
4
7484 793
4
. _
Preferred
.
100
1 8214 8938 86 893 8314 8812 86is - - - 92 16 34 103 11438 1554112
Columbia Gas & Electric_ _ _100 634 69% 67 77
9 12
4
4
.
5
74% 85
- - ties 11i 9912 10711
Colum Graphophone Mfg_ _ ...• 114 27
512 418 5
3
5
414 534 41
4
114 234 2
312 412 3% 37
2
3
/ 21
1
4
231
333 2
Preferred
161 1812 1212 1638 12 1414 618 1212 834 13
/
4
714 1812 1314 2012 1618 1912 1633 21
100 68 1238 5 12
7
53 914
Com Solv Class A ____________ ---- ---- ---- ---- ---- ---- ---- ---- ---- ---- -- -- --- ---- --- - --- ---- 49 50 487 50
k
/
1
4
47 4938 431 48
4
Class B
---------------------------------------------------- 443 46% 4614 47% 35 35 30 30
---8 s 7934
fi
2 6934 764 6612 738 64 712 67% 741;
60
18
Computing-Tabulating-Rec—• 5514 70
/ 1/513 7234
1
4
2 6718 6614
/
l 70
1
4
Conley Tin Foil _____________
--2184 25% 26 - - -7 273 2 - 30 3812 33 Consolidated Cigar
4 - 12
9
3 8
0
.4
ii% 35 i03 33 4112 35is --- - 3212 40 347k 4031
;-21 - - 18 18% 26
-3
0
423
4
14 58 55 63 62 70 69 7212 71 71
Preferred
47 60 48
HO 5818 64
75 78 7814 8118 8118 8212 8112 8714 8212 84
'Rights _______________ ____ __ r ._ _ _ __ __ ---:. _ r _ ---, - - ---: - - - --,. -- ---: __
.
318 4
2% 61 ---2 __ . ____
.
Consol District, inc
1
214
12
-712 -8
12 12 -1
/ -1/4
1
4
/
71
4
.
12 -3
.2
-34
4
/
1
4
3
4
14
12
34
-13
/ /
1
4
-1
4
s ---1]
Consolidated Gas, NY
8
4
100 8513 9412 90 9814 95%11112 10812 11878 1143 1207 11414 12312 114%12578 1203s 14034 133 14534 13318 1451 12114 1411 1153 1273
4
4
When issueil _ __ _ _ ____ __ _ ---- ---- ---- ---- ---- ---- ---- ---- ---- ---- ---- ---- ---- ____ „,..-_,
r - rr. . ___ -_-_ -___ 59% 6114 57 8 62 4
„
7
3
Cons Gas, Elec Lt ic _____ Bait ----- -,,-- ---- ---- -,,,
-- -,----- 11312 1 - 118 120 ----19
_ --Consol Textile Corp
/
4
4 143s 1014 14 4 9 12
131.1 121 1414 1214 1538 123 -4
• 1212 143 12- - 933 1114 92 1138 938 --- 1038 - - -111
1112
133
4
Rights __ _ _____________
_
- - -- 18
3 8
- -Continental_____ inc
61 6212 71
"6- 12 tiOi4 ifi ii 3
E5'38
,
1i4 - - ail4 1612
leo '
664 - - 7 t E If iiiis 7 8 i
i
ii . 84 WI; 954 1- jai 1f5l4
3
0112
Preferred
100 104 103 104 --------10384 1033 ----------------109 109 -------- 115 115 110 111 1067 10714
4
100100':10012
s
Continental Gas
72 75
Continental Insurance
75 85 ii 25 66 67 67 6914 6812 6012 89 72
8118 8412 933 90 91
-- 95 iii lii - - - 91 9384
9 12
2
Continental Motors
•
Corn Products Refining_ _100 9114 10314 10114 1054 101% 10814 101 167
/
1
/
1
4
99 104 4 100 106 10178 10884 10734 12012 111%12034 114% 13434 123%132 12534 13371
,
--Preferred
100 111 11512 113 1148 11312 115 113 11614 11434 117 114 1181 115 117 1161
*120 119 11912 11812 121 120 1223 12013 122
4
Cosden & Co
357 437 4188 4512 4433 5314 4018 4912 4112 482 464 5318 468 5012 447 5038 4738 54
• 318* 364 3318 3612 3414 37
Preferred ----------------------------------------------------------95 9734 __-_ ____ 94% 9512 964 1021 9838 10112 9814
Rights
-------------------------------------------------------- -- 8
Crex,Carpet
100 --------29 34 --------344 344 513 3518 35
5 --------24 2
31
30 32 ii - - kt -ii- - - .
3
4
21:i
Crucible Steel of America_100 5714 6714 5238 6334 5338 5834 584 66% 6412 7718 6614 768
/
1
s 412 9014 9618 8188 9838 748 9018 5812 80 60 4 7331
3
Preferred
9114 95 8912 9412 90 9312 93 98 95 100 931 98 9012 95 875 92
100 80 8512 80 8212 80 8534 847j 91
/
1
4
Rights
12 _
12
Cuba Cane Sugar
81934 1433 1634 15 17¼ 15's19
• 8's 103
914 1012 97
1518 1752 1318 1658 13 15
/ / 1212 1514 13 1438 1314 1474
1
4
1
4
Preferred
100 1514 2438 2114 2938 288 4034 33 3738 32 3613 30 3834 333 4178 34% 4078 35 4012 3512 40% 3314 3738 3634 4071
4
Cuban-American Sugar
4
2
/
1
3
1712 204 1912 262 2138 237 2014 257 2278 2718 228 2672 241 28 2214 2714 2114 2414 18 24
IC 1412 21
/
4
2314 2631
Preferred
8912 9412 90 94 90 9212 897 9134 90 4 9518 94 98 97 99 9614 99 100 1023,
100 7818 8414 80 80 848 91
3
Davison Chemical•t c
* 484 6212 581 628 5234 6012 57% 65% 5514 6288 43 4912 438 4914 4714 548 471 53 2912 5012 2318 3434 2514 34
Deere & Co, preferred
100 6112 6112 61 70 71 72
71 72
7212 80 77% 7812 ____ _ _ 75% 771 731 751 7212 7312 7114 73% 7112 72
Detroit Edison
100 1003 106 10212 107 105 1087 1061±10738 10612 10878 105 1087 105 106 106 11812 11114 1174 109 11412 109 112 105%1101,
8
/
1
Rights
13
13 21
33
Diamond Match
___ __
--- _
_
100 __
-___ __ 121 121
El duPont de Nem & Co_ _ _100 -------------------------------- 115 119 120 1 47 129 150 131 14314
4
- 4
6% preferred
• ---------------- ----------------8113 82 80 8438 81 8212 8212 86 142- 11If3- iii- 11i- 147 1693 105 16234
8612 9012 85 89 8412 87 84 861;
Durham Hose Mills "B
50 ---------------- 2
0 20 25 25
20 26 ---------------- 21 21
21 21
22 22 --------19 19
Preferred
8
100 ---------------------- - 0 80 72 8112 — _ ---- -___ -_-- ____ -___ -___ ---_ --__ .--- --__ 78 78
Eastman Kodak
730 05 800 762 775 765- 765 - ____ ____ ____ __
100 600 700 650 700 669
Preferred
IGO ------------------------ 108
400_
New
5 ---------------- ------------ -7
if4' 7 1- -io- 7
54 7 2
1
fisi -------- ---_-_-_ ---_---- ---- ---- --_ _ _ 84 8814 iii4 WI]
Electric Storage Battery_ _ _100 iii fiiie i3i lig
157 is 1734 69 17314 12
4
----- ---- New
•_
42 4514 ,6312 4iti 42E2 - - -_-_ -.: -::: -iii- 1ii4 -a- -ail ---- ---- -ii- 473
4
514
Emerson Brantinilham
100 2% 312 -- 612 818 7 11
9
6
81 1113 8
878 8
9
7
9
5
512 533 6
6
8
1 Preferred
,
100 22 22 23 25
/
1
4
5 33 2714 304 2814 4112 35 4414 36 3712 3573 4114 35 40% 27 36
/
1
27 2734 25 3011
Endicott Johnston
50 7614 82 7913 82% 80% 8412 83 8712 8012 8518 7712 85
7814 85 813 8838 8234 8912 8318 883
4
9034 844
4
108% 111 110 11234 111 113 110 115 113 11434 11412 116 115 11614 8314 11812 117 9471
Preferred
100 104 109 104 10712 10712 110
116
119
Exchange Buffet
_
__ 2612 2811
_ --- _ _ 29 3112 ____
Fairbanks Co
25.
15 2012 17 2034 16 1714 15 1838 14 - - 14 183 13 -- / 12 12
_
___
_ ____ _ _ gp 20
/
1
4
1912
1
144
Famous Players-Lasky
• 7612 8112 763 83 7712 - 1 79 8 8488 7912 8718 7712 8634 8014 8334 823 994 9214 107 923 102 871 9688 89 9474
,
85 3
4
/
1
4
Preferred
100 9112 99 92 95 9212 95 94 98 93 97 9238 957 9238 957 9434103
100121073* 9814 10412 9612 9812 96 98
•
Fifth Avenue Bus. w 1
Fidelity-Phenix Fire 1nsur25 _100'*
1063
• 75 8518 82 85 847 108% 106 12712 114 122 173 119 ioi ifil iiiiig Ili
Fisher Body Corporation
4
8
175 218
100 lows 101 101 101 103 103 103 104 106 106 109 110 110 111 111 111 li212 124 118i4 lid% iiii
1.. Preferred
9312 9438 11012 112
Fisher Body Ohio, pref.-- -100 7612 8413 8134 8513 83 96
931 9738 95 0812 8313 10314 86,13 89 8644 9112 91 9712 94 9512 923 9512 957 /
4
991;
• 1133 127 121s 13
Fisk Rubber
1234 1738 163s 19% 1712 1912 147 1814 1278 16
8
117 13% 12 143* 12
*
1085 1234 Dag 133
1
• 1214 1418 1318 1514 1514 2014 1612 1833 1612 223s 2138 2678 20 2512 20 233 2118 2514 2134 14
Freeport Texas Co
4
2714 18.2 2238 1638 20 4
3
12
18
12
3
4
12
18
34
12
12 112
Gaston, Williams & Wigniore.•
Tank Car_ • 4534 5412 53 5812 55 5978 5738 63 60 67% K1 - - - 5612 - 7 --General American
6378
- iiii
--- 6222 If- iii - -iii
iii4 -iii2 721;
too .
9712 983 96 99 9612 9712 9712 102% 102 103 102
7% prof
4
4 103%
100 334 - 3 661 6418 374 6448 6012 67 5914 6678 57 68 643 73341 6314 711 5834 7012 5514 10512 100 1037 1003 5031
General Asphalt
63 4
/
4
4
4
6614 3714 5934 4112
100 90 103 9138 99 90 99
Preferred
9712 1031g 9412 104 91 105 10112 111 I 9812 107 90 106
7314 82
85 100 6812 90
ion 9933101
16el2
• No par value. x Ex. dividend.
THE CHRONICLE
46
[VOL. 116.
19291— Continued.
STOCKS
November December
August September October
July
June
May
April
March
January Febntary
Low High Low High Low High Low High Low High Low High Low High Low High Low High Low High Low High Low High
_ 102 127 ----------------124 124 129 132 142 168 266 175
•
General Baking
- 109 11212
_ 107 108 109 109 -___
----------------------------------------106 106 106
Preferred
81
7712 8112 76% --- 81 83%
78% 754 8038 77 83
683 76% 70 7612 7214 7818 74 108.r.....-100 6712 7312 67 693 65 71
4
General Cigar, Ilse
8
100 94 10214 9712 99 99 10112 9934 10014 9934 102 9914 102 101 1017 1017 103 10412 106 105 109 103 109 10312 105
(7) pref
Debenture
100 ----------------10014 10112 10112 10214 102 105 106 106 --------103 10434 10412 10412 --------107 110 10412 10412
Preferred
178 18
17312 186 1754 178 173 18112 17812 190
100 136 14414 14212 15512 152 15712 157 166 162 16614 161 168 167 18
General Electric
1012 114 10% 1178
_ 114 12
1134 12
Special w i
135 15
1312 1514 127 14
4
13 15
1312 154 134 1514 13% 14%
832 1034 1032 13% 1218 15
814 97
* 84 10
General Motors Corp
83 8512 8312 85 8212 85
7914 82% 81 8312 81 83 7912 8434 8418 86
100 69 72% 7638 73 70 80 78 81
Preferred
79 83 8012 84 81 8214 8012 85 84 86 82 9814 8112 94 8212 8474
4
Debenture Stock (6%)-100 6818 73 68% 71 673 79% 78 80
931 99
Debenture Stock (7%) 100 804 85 80 8112 7914 9312 911 941 93 95% 9312 97 9834 96 ---- ---- 984100 9312 99 95 9812 9612 9812
45 4612
55 65
100 45 55 65 75 61 75 75 78 55 5.5 --------50 5474
Oil, pref
Gilliland
3
4514 3818 41 8 381 4212
---- 3i08 Gimbel Brothers
__ _ _ _ _
____
__ ____
__ 9518 102% 9378 98 95% 9812
Preferred _ ______________ _ _ _ _ _ ____ ____ ____ _ _ _ _ __ _ _ ____ _ _ __ _ _ _ _ --_ ____
16h 13% -1518 104 14% 9% 12
93 1018
1634
4
1312 1814 13% -- _- 1414 -8
137 18
*
Glidden & Co
_ 612 712 6h 812 512 67g -------. _
.
_ _
_ _
._
_ _
.
.
Goldwyn Pictures
2
4i ii "463- 5irs 1783 3272 3612 3214 3512 28h 347
-8
8
417
ii14 554 - - ii 4 .
i
1/14 3 i4 11 584 314 3114 ; i4i2 Goodrich (B F)
8112 864 794 84 834 85
4
9514 904 88 9034 874 8934 833 87 8112 86
100 8012 87 8412 858 823 86 84 91
4
Preferred
1012 jah
16% 1912 1614 197 1618 1934 1412 19 13 1812 1112 1478 912 1312 8 11
s
• 12 19 173 19% 1612 19
Gray & Davis, Inc
• 77 10
__
18
_._ 1012_1! 91
1112 138 1112 133s 12 137 1012 1278 ._ _96 9,8 1134 10 11
2
10.2 13
3
7 4 8.2 812 145 11 13
Guantanamo Sugar
96
Preferred
3
81 4
-_-3
79%
Gulf States Steel certifs___100 447 9012 6614 7712 6712 7634 70% 864 9712 88 68h 8512 76% 86% 8018 i68 78 86 84 94% 78 91% 7034 101 9712 --------99 99 ----------------98 100 100 100 100
_ 95 95 95 96
First Preferred certifs_ _100 ----------- _
2 2
112 2'
4
2 37
14 184
112 234 2
212 13 214 112 3
s
i Its 15
4 184 234 13 2
22
12
4
8
4
Habirshaw Electric Cable__ _ _ *
7
83 873 8014 83% 82 8 8678 8114 9012 83 8612 81 85 8234 85
10C 82 82 83 9612 9434 103 97 97 85 91
Hartman Corporation
--- ---- --__ -___ __
Haskell & Bdrker Car
. 1 ig3
4
6
2 12 . 2412 i 21 2. - - ii "2712 16 2112 17 2012
8
Hendee Manufacturing____100 15 1778 i8 1812 i81 lila iii2 "2"118 2'6 "21 ii - -- 21 - . 734 8132 77 8934 7812 9134 6114 8234 65 7172
7114 7734
100 70 7712 73 7914 74 778 74 8234 7612 834 7118 85
Texas
Houston Oil of
2112 231g --------1913 214 2012 23 20 2172 194 2414 2312 2712
*
Hudson Motor Car
4
18 20 1612 194 1812 2338 2114 23 20 231g 223 2614
1412 164 164 1934 1734 2114 19 21
10 1072 1414 1234 15
Hupp Motor Car
414 8
512
34 5
9
4
4
714 1212 934 144 93 1114 74 104 6
9
4 714
93
Hydraulic Steel
• 512 618 --------5
30 32 30 44 56 60 --------------------------------40 40 36 40
100
Preferred
4
4 4 20 12 154
43
3% 414 3% 41s 314 44 41g 54 413 44 34 412 34 44 34 5
5 314 31
Indiahoma Refining
4
9
834 6
814 912 7
8 10
8
67
9
714 7
94 614 712 612 714 634 1014 9 114 8
10 5
Indian Refining
100 38 41
Preferred
____ ____ ____ ___ ____ ____ ____ ____ ____ ____ ____ ____ ____ ____ -_-- -_-_ --__ __,._ Fla iiii Zo8 ig ii3 iii
Ingersoll Rand _______________
-- --_ - - 10312 104 104 10414
-- ----- ---- - _ ------_ ____
_ ___- ..
___ ____ _ _ ____ ____ ____
Preferred _ __ _
4 618 612 54 7 4
8
-7
10
812 - 10
3
94 9 --3912 9 1138 10 1138 1134 11 4 10 1112 9
912 8
100 7% - Internal Agricul Corp
3712 2812 3312 2834 334.
8
374 4383 38 4083 394 424 38 414 37 394 37 397 3612 3912 31
100 33 377g 3512 384
Preferred
3434 344 35 4
3012 3412 304 3414 3112 3312 31
3
* 26 2912 29 314 2912 3612 34 364 3514 3834 32 36 304 34
International Cement
__ 2412 294 22 2614 234 2514
2134 2414 23 284 ---254 284 251g 273s 204 26
*
Int Combust Engine
-11414 10312 11212 9812 107 864 9812
International Harvester....100 79% 8558 81% 91% 904 9712 95 98 9534 105 9912 10612 9934 1054 1034 1154 10514 119 11814 119 11614 11812 11434 117
4
100 1053 11014 10512 10912 10634 11014 10812 11214 11112 11234 11214 115 11614 117 117 11714 119
Preferred
1614 94 1312 834 134
11
134 15
Internet Mercantile Narine.100 1314 1512 1434 16% 14% 17% 1612 24 214 2712 1714 2512 18 1934 13 18
4
4
704 76 534 713 54h 6038 494 6434 444 543 414 5314
8
100 6214 6914 6712 72% 683 733 72 8584 8084 8738 7034 86
Preferred
Internal Motor Truck
First preferred
-,
_- - -7 5412 5934 58 74
100 54 59
Second preferred
8
1812 1714 1814 1614 184 1412 1712 133 1512 1514 15
1
8
4
8
25 1114 127 1112 123 115 1612 1614 IA 1612 18 4 18 1812 1618 -International Nickel
743 83 7712 8212 79 82 81 8312 814 82 82 8414 7912 8312 70 80 6483 7214
3
3
100 60 85 62 69 4 64 4 75
Preferred
4312 49% 452 497 4814 544 4512 5334 47h 547 5338 5954 5514 61% 5534 63% 45 5834 60 5432,
100 4658 52 47 51
International Paper
100
Preferred
8
100 674 711 67 6912 59 68 ii;" ;fit, 6118 nos 885 76 i§ Vi ii 184 /8 1612 76i4 ii ii • 1612 7812 18
Preferred stamped
75 75 --------80 80
60 60 --------68 69 66 66
1(.0
International Salt
3
14 1512
1514 17%13 4 16
7 1984 1714 20
1878 1218 1518 1238 1532 14 17
• 127 154 1334 167 15
1718 19 14
Invincible Oil
4712
• 24 30 2512 35 26, 3278 2618 3483 29 3412 294 3483 3112 357 31 348 317 50 424 534 3812 4412 3934
Iron Products
94 103 100 100 ---= -- __
100
Preferrcd
4
14 -12
2
12
4 -Ds
8 1
3
34 1
114
s
7
Ea
34 152 1
52 14
2
1
112 23
14 3
Island Oil & Trans•t c____10 2
1938 211g
8
164 1914 1412 1834 16 204 104 217 1712 21
4
8
100 10 1312 113 193 1814 2113 183 214 204 2212 17 21
4
Jewel Tea
5912 65 63 6812 60 65 6514 764
100 38' 52 4812 70 6112 68 6412 70 6858 7312 67 7239 68 7018 55 68
Preferred
4
. 2
4. 8:
5_3_3_
. 4_51_2.
.
3818 _4312 . 03g _ 6 _4_072 _45" _4_1_ _4_7_4_3_8_4 _4_63_4.
4
.. 4
100 351 39 3412 37 34% 41
Jones Bros Tea
.
44
5 3 -- 5 _ 50 2 5 4
- -- - -47- _ _1 107;2 10434
9
Jones & Laughlin,Pref. w i_100 _
37 48
44 2
283 lh 24
2
434 37 5
47 634 47
57
47
512 4
10 612 712 512 7
512 4
Kansas & Gulf Co
---- ---- --- - .- 100 81 8914 89 97 93 98 93 97 105 110 _
Kayser & Co (Julius)
s
. 46 io 18 ii 184 ii 1/14 4212 Vii ____ ____ iois
34 4712 5714 •
New.
4
94 10312 103 10612 10114 103 105 105 1033 104 10212 10412 --------102 104
•
First preferred (new)
4214 4612 3914 4538 3914 4512 394 4414 4114 49
3
40 4 4678 48 5112 484 6334 4414 52 4514 51
25 3414 4312 3614 41
Kelly-Springfield Tire
81 8312. 7712 84 84 85 84 86 --------84 84 83 86 82 85 81 81
100 7112 742 76 80 ____
6% preferred
99 10212
9118 9978 10214 102 10734 100 107 99120212 9814 10012 102 10412 100 103 9883101
8% preferred
100 9012 94 9434 98 9712 95 100 04h 96 9412 10634 93 10412 98 10312 96 11512,
84 82 107 10112 111 95 10412 93 101
100 6212 65 61
Kelsey Wheel, Inc
9984 102 --------101 104 100 10412 --,..
Preferred
100 9012 94 .95 95 95 106 103 105 --------100 100 -------1 113
8 75 ---8,
612 812 512 67
3
5
Keystone Tire & Rubber ..10 1612 1812 15 1738 1512 1984 1738 2278 1934 24% 14 2213 9 1834 8 10 s 714 9
_
ls 18
Rights
189 170 18912 1iii141/1412.
100 110 174 12514 137 13258 143 137 144 137%142 133 141 13334 14434 14412 170 16412 17712 170
Kresge (S. S.)
4
- ---- ---- 1103 110%
- ---- ---11014 110 110 10614 10814 -------- 108 108 --------109 109
100 108
Preferred
_ --__ ----108 fa --------1141211412 ____
100
Kress (S. H.)& Co
82
4
7 774 85 75 --- 753 78
7614
4
3
100 4412 50 44 4912 4518 5114 50 4 58 571 8183 70 7712 7312 793- 7512 8112 89 82 8 8614 91
Lackawanna Steel
87 9112 82 85
9384
6514 82 76 8012 7712 8912 871g 9412
6412 6014 67
100 43 48 47 5112 51
Laclede Gas(St Louis)
2712 2414 2612 2514 2938.
4
* 2832 2834 27 2839 28 354 32 3434 3212 3412 28 337 28 303 26 2814 2434 27 25 235 190 21912 2154 225
Lee Rubber & Tire
200 220 205
176
Liggett & Myers Tobacco_100 158 1638 15314 184 158 165 163%171 165 1724 16734 1724 170 17634 176 200 209 220 215 215 200 2004 209 220
19112
100 100 100 150 1634 165 170 16014 170 163 170 169 169 172 176
Series B
122 122 123 11512 119
10C 108 1113 109 11212 11212 116. 112 11412 11214 115 1154 117 11718 118 11512 118 11614 122 121 4 63 52
4
Preferred
65% 573
604 5414 60
4
7
100 91 10014 9134 9939 9412 112 10812 115 107 117 8 1053 1167i 104 111 --------563 126 --------12212123 ____ _ _
Lima Locomotive Works
4 11014 2518 126
10t 93 10714 942 100 100 11014 11014 115h 1114 117 111 115 109 1103
Preferred
New
_
__
2
514 312 618 ------------------------ 3
Rights
,
i:i14
8
2334 1812 2318 173 2012 113
1514 8
4
4
2
Loews Incorporation_no par 1083 133 1083 1414 12 1612 143 1858 153 1783 142 17 144 1614 12 203 12 1383 1134 1314 1112 1383 1112 1212
.
1234 1218
no par 9 1034 10h 1132 10 1378 1283 1339 128g 1414 1218 1338 12 1212
Loft Incorporated
2
2
442 5034 42 4714 432 44 44 6073 58 677 497 6512 4614 568 5012 58l
3612 4034 392 5114
Loose Wiles Biscuit Ctfs___100 36 413 37 41
__ ____ ____ ____ ____ 101 103 102 102 104 104 104 109 10512 10512
_ _ ____
100 97 9712 98 98 99 99 ___
First preferred
____
__ ___ ___ ____ ___ 115 116
-2
3 -100 ----------------109 4110 109 4 115 110 110 ____
Second preferred
15818 165 18118 s
100 1474 151 14812 2527 14712 1534 148 1523 148 15939 151 10812 150 1644 162 178 166 180 160 176 118 118 1157 17411.
Lorillard (P)
121
81191±
100 109 110 108 113 113 115 112 11318'110 114 --------115 115 116 117 117 120 121 597
Preferred
524 5812 5312 577
8
3
-------- 54 2 5812 55 617 524
367 4912 4512 53 40 4 5
•
Mack Truck
8512 88 86% 90 --------87 8912 8812 04% 8912 9414 89 9314 91 9412.
100 ------------------------79¼ 88
First preferred
083 823 83 874 814 8711 81 8412 824 85127
------------------------73 7914 78 80 80 83 8 ------ -8
100
Second preferred
i
98
8
100 72 79 80 8112 81 8212 8334 9212 89h 93 924 98 86 105 00 107 987 105 684 1023 101 4 109 104 117
Mackay Companies
69 683 70 6878 6914
100 57 6214 8012 621 614 6414 6312 84h 6412 6612 6614 69 6512 87 67 68 6839 69
Preferred
59 60 6012 62
Macy
____ 110 11114 1104112
_
.
.
_
. : .
_
_
.
_
_ _
Preferred
32 394.
4 364
8iis
4
8
4
. 2 4
214 iii4 ii7 iaig 114 ai li 851 16 90 Ilia 5i1 9734 294 337 92 92
. 163 .
31
iL12 -- . li 164 iel2 -- 3- iii2 MaIIinson (11 ____
90
9414
4
__ ____ ___ 7514 842 8314 843 81 90 90 93 90 91
100 624 88 __-Preferred
,
493
52 4214 49 44 4712 4318 4834 45 5012 44 4834 40 4512 4012 444 40 45 46 5114
100 3014 50 42 -- 8 40 Monet' Sugar
82 84
75 82 7983 82 80 8414 80 815 79 81
8
755 80
100 ------------------------7314 76 74 74
Preferred
2
_ 53h 587 4334 56 49 517 ,
5318 54 _
5k 6412 4438 56
4414 54
3
8 69 4 54
547
•r
Manhattan Electrical Supp- • - , ..
• ..
•
4 4312
3412 3912 3512 3612 37 40 5f11 --- 414 5834 40 594 444 47
-8
i118 3212 107 383g 4178 38 41
3 - 325 53 4 414 3338 Manhattan Shirt
4
2983 3434 254 32
no par 22% 27 23 29 247 2712 254 315s 30 3738 37 4638 354 433 30 4214 3918 4112 2912 41
Marland Oil
98 1414
1512 13 1918 14 1812 13 13
11
16 1912 14 18
512 2638 16 22
3
19 4 24
no par --------714 8
Marlin Rockwell
311t.
4
4
34 2618 2983 277 3212 2978 35 3014 3614 293 3212 28 32 2812 333 28 313s 25 mg 26
8
no par 2012 327 26
Martin Parry Corp
8
42 48 46 4014 4514 5012 4812 507 48 54 48 50
4
Mathieson Alkali Works____50 22 2512 24 3314 203 3484 29 33 2718 39 3512 4412
Motors—
Maxwell
Certificates stamp assen ted 114 114 114 183
------ i 8h
First Pref. stamped assented ------------------------72 - - 17i2 li12 iii leij iii4 164
61 iii4 - 012 ,6
4
4
5812 69 iii "i44 8812 -i3 81512 iii ,5414 -.
2 4h
Maxwell Motor W Va Cl A__100
8
1212 154 138 1614
s
4
8
1334 118 2014 1814 2183 195 25 2214 257 2012 245 1818 2078 173 2014 1312 19
no par 117 1534 11
s
Class B
114h 119 119 131 126 13814 131 146 146 16814 266121.74114,
May Department Stores__ _100 101 1094 10534 1137 110 118 11612 12134 116 1227s 111 11912
.
_ 109 11184 1111211112 115 116 ____ ---- 1173
4
41173
100 107'1O8 106 106 11014 11134 11184 115 113 113
Preferred
100 10624 11514 110412612 125 128% 11934 13512 127 141 1331210412 152 17812 16412 197 176 19912 177 235 202 22812 228 822
Mexican Petroleum
s
100 7914 854 8012 85 83 84% 88 92 87 9112 90 97 9312 96 95 98 97 99 98 1027 9712 98 9814 108
Preferred
8
20 34h 19 2484 1812 227 15 20 4 15 2112 163 19
3
•
Mex Sed Oil
__ 16 3218 1818 2114 1612 2012 12 178 137 .204 143 17 4
4 1
_ _
_ _ _
__ _
-___ . ____
____
Voting trust certificates
4
1214 133 127 14
4
117 1334 11 1283 Ills 123
4 15h 1232 14
1112 131. -1414 laig - -. ii 16
4
8
8
)
11 115 13 4 117 133- 13
-38
Middle States Oil
3272 Ws 292
4
4
4
50 2612 323 29 3183 2914 3
3 33 385 3512 4514 3012 42 33 38 333 3612 303 3683 3014 354 2714 7214 664 88 s
s
Midvale Steel & Ord
7
703
7183 7638 704 75 67
8
100 63 6914 68 6912 65 67 4 6614 7212 7014 75 6883 24 694 7414 108 4 76
Montana Power
__
110 _ _ _ 107h 110 108 110% ---, _-_,.
100 1004 101 10383104 10312 10512 103 108 108 108 108 108 ____
Preferred
224
234 2013 2278 1958 23 2012 234 21% 254 211g 8
8
147 175 1672 2234 2012 2458 2014 24 214 -no par 1212 1514 12 18
Montgomery Ward
g
____ ____ 13 1414 1383 163 1514 1734 144 167 164 1939
4
Moon Motor Car
4
93 1114 1012 1214
11
10 2 1183 103 11
94
---------------------------------------------------- - 2
Mother Lode Copper
1712 22 174 25
8
23
1912 244 18 21
3() 337 2934 3234 25 32 23 277
no par 1912 26 254 29% 2714 34
Mullins Body Corp
---------------------------------------------------------476 485 450 489 ____ ____ 490 525 70 625
Nash Motors
— 108 108
---------------------------------------------------10111 10412 ___ _ _ -- —_
Preferred
00 299 302 296 304
272 -- ____ 70 275 280 28212 283 3
National Bank of Comm__ _100 --------------------------------267 26912 264 2014 17 1814 1212 17 1412 1878 125 1512 WI 135 11 13
8
8
612 1512 2114 1812 2034 164
4
3
50 10 2 134 107 1214 11
National Acme
7
15134
178 24512 2254 2624 :35 s270
100 12314 137 130 136 135 140 13334 153 143 157 14312 150 144 125 149 15912 157 178 122 126 12283126 120 123
National Biscuit
123 125 121 12412
11812 123 1224
100 11312 11912 119 120 119 121 11814 1214 11812 121
Preferred
-- 35% 38 3552 3914
...._ - - -- __
- -- --- ---- ---61 6512
New w 1
62 55 68
5412 5611 - - - - 56 -2
667
4 3918 43 4134 4712 47 -2 3912 4212 39
100
National Cloak & Suit
984 101 10118 102
4
88 88 89 90 94 94 9514 993 9214 100
88 88 88 ____
100 69 79 7312 8012 81
158
1
114 2
Preferred
214 234 178 212 14 2
34 212 374 24 3
4
• 118 12 1% 214 183 212 13 44 2% .
National Conduit & Cable_ _
-ie
2a 267. 2i3,
• No par value. 2 Ex-dividend
i.
47
THE CHRONICLE
JAN.6 1923.]
1922—Continued.
November December
October
September
August
July
June
May
April
March
January February
Low High Low High Low High Low High Low High Low High Low High Lou. High Low High Low High Low High Low High
4
8
4
012 6812 633 6712
575 5412 593 58 633 6178 6812 6
4
43 553 51
3S% 54
100 3034 3712 3212 433 3314 3712 35 43
4
Nat Enam & Stamping
4
973 105 1003 103
98 102
4
4
3
4
4
s
8812 9012 81
883 8518 893 88 4 9334 8912 9214 90 943 9312 95
100 823 91
Preferred
88 9178 90 9434 92 9638 9012 9512 9414 10312 99 11014 10212 109 103 1147 10912 119 iii 12914
100 85 9414 8814 92
National Lead
4
8
100 108 11218 111 11314 1101..113 110 113 109% 11014 1093 112 11114 11214 111 115 11414 116 1117 117 III 1143 112 115
Preferred
8
847
4
8212 7412 793 75
7312 7812 75
74 80
100 58 6212 57 6014 5938 68
6712 80
New York Air Brake
__ _
_ _ 4912 5114 45% 4934 4714 4914
____
Class A
48531 24123438 253 2938
4
4 41% 33
. __ 383 - •
New York Air Brake
_
114 11*
_
118 4
____
Rights
297
34 40 -56- 4012 34% 3938 28 3814 22 - - 8 2112 27
3514 46
3
4
100 29% 333 283 324 28 313 2938 35 4 3312 40
4
8
Dock
'New York
5212 60
46
51
46
50
4
59 643 61 6812 575 6218 59 591 5514 60
54 61
10C 5314 547 547 573 531g 55
4
Preferred
1518 13
15
14
12
15
1612 1812 1512 1612 15 15
23
194 203 17 2114 21
4
18
• 13
25
16
2012 24
'N.Y Shipbuilding
103 103 --------104 104 ----------------109 109 109 109 101 107
Niagara Falls Power. pref100__
8
8
8
4
4
9018 993 937 1003 823 967 91 1064
8
8
60 677 6318 713 69% 98
56 6038 5712 68
8
58
50 533 56
531 6014 5312 - Nor Am (new stock)
4558 47
4412 4614 4414 4514
4414 4714 4534 47
4
50 38 4138 40 4212 4138 4312 413 427 4218 4412 42 447 42 45
Preferred
4 714 1012 814 113 114 2712 2514 2818 27 2718 23 2612 2514 2718
3
4 614 818 612 7 4 638 814 7% 93
83
Rights
31
B rights
-29 3238
- - -- ---North AmericanOil_
Iilg 30 30
a- 46
4 28
553 4
i 5. - 3
2712 3112 31 -4
303 36
2514 37
4
Nova Scotia Steel 8 C0111_100 2212 287 203 2712 2112 2634 26 33
1012
9
11
8
103 117 10
12
912 914 12
10
8 8
912 113
104 12
4
no par 914 10
912 98 9% 123 1018 12
Nunnally Co
8
6
5
4 6
53
4 73
4
614 712 614 73
8 718 9
123
9
4
113 1414 10% 127
14
12
1312 1212 14
Ohio Body & Blower__ -no par 11
59 5912 5712 59 62 62
537 5218 54
50
50 50
48 4912 47 4814 4814 5012 52 53
47 48
25 47 47
Ohio Fuel Supply
214 13
4 2
4 218
2% 318 214 23
438 212 33
212 3
8 3
33
8 27
4 214 33
8 23
23
3
4 2
8 23
5 23
Okla Prod & Ref of Am
1714 0 4
1812 23
8
8
19% 187 2312 217
17
17 21
8
18 207 1918 2112 ------------------------9313 2614 2138 28 --------90 2 3
14 20
17
8
1 123 1514 13
Orpheum Circuit
4
90
9412 943 95
90 90
-- 100
Preferred
14212 15834
4
161 147 160 145 1683 144 15
134 132 s
4
14734 131 14334 129 1403 136 143 130% 13712 13
100 116 126 125
Otis Elevator
99% 103 103 --------102 10212 10312 104 102 102
8
-- 997
9714 99 -- -9618 9618 95 96
96
94
100 93 95
Preferred
8
1018 125 1012 134 918 1218 612 1038 714 914
13
143
4
4
• 938 127
8 912 11% 93 1238 12% 1612 1312 153 1112 -- 4 11
Otis Steel
40 4514
40 51
53 54
53 59 5412 55
59 6212 57 57
65
8
5538 667 61
45 45
100 4214 4214 45 45
Preferred
-•
Rights
8
4
343 37% 3618 4238 38 4238 3518 397 3512 38
8
12
3i18
38
3518 - 33 387 34 36
4
8
25 297 2914 343 31
26
25 24%
Owens Bottle
- -_ ___ ____ ____ ____ 104 104 ---- - - 10514 10514 --------1051210512 110 11014
100 -Preferred
8
1* 17
1% 214
5
1
6
712 312 - - 35
6
8
77
3
612 111* 81. 1418 912 124 612 10
8 612 9
,
87
_
• 7
Pacific Development
;
8
685 7112 70 848 8112 9118 764 8714 7514 8614 833 8812
685s 74
73% 6912 72
63 6614 6538 6938 08
100 60 66
Pacific Gas & Electric
8
147 11
1538 12
1312
1112 1438 13
19
1312 153 1112 13
1512 1312 1534 15
14
4
1114 153 1312 15
12
5 11
Pacific Mall Steamship
4
45% 604 4212 4812 43 473
4
8
8
• 4438 473 45 50
4738 5014 490 60% 6014 693 537 683o 5214 593 5212 5838 5438 5912
Pacific 011
_
4
4
453 613 58 62 ---- ---- 5614 63 --------63 66 ----------------65 67 67 681i -iii _ 9212
100 58 58
Pacific Tel & Tel
Preferred
10 21
7 ___ ____ ____ ____ -_-_ ____ -___ __ ____ ____ __-_ _-- ____ ____ __-_ ____ ____ ____ ____ ____ 1812 20
Packard
9114 92
100
Preferred
4 65-14
-7
8
65 8612 6814 7814 725 8438 7514 84;-751- - - 8tis 9112 7812 100%
4
4
8
50 488 533 5012 565 52 5812 5412 663 613 72
Pan Am Petro & Trans
8
945 78 90% 7412 953
4
7014 8012 71
4912 5958 55 6512 5918 811* 6314 7218 6612 80
4638 527
4012 52
50 44 48
Class II
5
8 812 714 84 7 1012 8
512 838 618 734 012 738 55g 738 4111 5 . 3
10
• 814 1212 8% 818 73
Panhandle Prod & Ref
624
6212 6212 61
71
71
72
70
70
69 80 ------------------------70
100 69 73 ____
Preferred
8
13
11
712 1114 95 141:
14
1212 10% 153 11
4
4
113 163 1212 5% 11
4
167 123 17
14
• 1112 16% 1512 16
Parish & Bingham
4,98 100 ----------------100 100 100 10012 100381013
100 9014 9014 ----------------9514 9812 9712 99
Penny (J C) pref
1043810438104121041,
Penn Edison, preferred
. -iI2 ai4 -1;4 314 404 23g 354
-4
2
2
i -A3 'fig -115- in ii3- Ais 12 i -612 Oi4 -2j4 612 99 92 983- 90 9512 8634 9414
-14
4
• 83 10
Penn Scab Steel v t c
85 88
8112 8714 8614 9412 9214
86
81
4
100 593 70 6812 767 74 8438 8112 88
Peoples Gas Lt 84 C
4111
8
4
4538 40 4412 373 4218 40
43
38 4018 3612 393 3714 387 3812 45
8
50 3112 3414 33 3538 3412 397 3712 40
Philadelphia Co
4318 42 42%
41
44 4514 4214 44
--------------------------------------------- 42 44
Preferred
74
7314 81
74
74 79;
83 90
83 90
75 7814 77 96
78 81
9212 90 95
• 82 1051 86 984
Phillips Jones
91
9412 97
97
8912 9014 9014 92
90 9012 90 9112 9014 91
9112 8818 9312 9212 9312 8914 90
91
100 8918 92
Preferred
3912 4714
8
8
4
4
573 4612 5914 4
8
4
038 523 4214 493 4914 553 4412 5334 403 47
• 2814 314 29 3318 33 3758 36 443 41
Phillips Petroleum
1514 1014 123 1114 137
1
4
4
8
20
4 8
134 113 133 11
1814 173 2458 1714 2278 1814 213
98
4
* 1318 1714 133 1814 1412
Pierce Arrow Car
s
4
4
8
8
8
4
353 4638 3512 423 187 385 22 3412 29 353 263 363 23% 3112 2612 33;
8
8
3738 37 49
100 293 363 277 3412 32
Preferred
4 538 73
73
8 3 8 4%
4i8 57
7% 6
93
8 91.4 1114 758. 1012 712 834 7
8% 107
4 7
93
7
25 9 12
Pierce Oil Corp
3612 434
8
35 45
4212 4812 41
5312 6112 42 .56
4412 32 483 3712 55
46 6614 39 593 52 62
4
ICO 64 71
•
Preferred
40 4912 39% 4312 4012 433 4038 4618 404 4412 39 47 4412 594
8
Piggly Wiggly Stores Class A_*
Pittsburgh Coal
96% 100
Preferred
8
93
94 975 92 95 91
97 97
96 96 -95 9712 9634 964 9612 97
85 91
100 ----------------85 86
Pittsburgh Steel pref
9612 --------65 75
74
_
Porto Rican-Amer Tobacco__
7112 8112 7612 86
4
763 8014 78 9312 92 112 108 10912 106 11612 109 115;
• ------------------------05's 73
Postum Cereal
4
100 ------------------------10512 109 1053 1088 10614 11118 10612 10814 10712 109% 109 110% 110 112% 110 112 110 111
8% Preferred
77 84
75 85
8412 9514 83 94
7514 8212 8012 87
7312 834 7614 807 75 80
4
6312 663 6518 75
100 63 66
Pressed Steel Car
8
997 105 100 10212 9814 99;
8
993 101 100 106
90 100
4
93 973 98 100% 9812100
92 93
92
91
100 9114 93
Preferred
4114 50
393 501,
38 45
4
3614 4338 365s 46
4412 51
4
4
353 473 38 50
50 2418 304 26 2914 2618 2938 27 3612
Producers 84 Refiners
441 49 49
4318 44
4434 4378 47
42
42
4112 42
4
50 39 39 --------36 3712 40 4212 433 4714 44 46
Preferred
4
901* 961;
1
4
84 915 8814 9818 9012 983 933 9712 927 100
8
NJ100 66 8012 77 8012 7812 8714 8418 9038 85 904 84 88
Public Service Corp of
_ 10412 108 105 10614 10412 10612 105 106;
Preferred
_
_
_
_ _ __ _
_ _
_
_
_
4
7
is
14
14
Rights
- - -12
-- 4
4
8
6
-- 8
1
i 1.19i8 13 7- 158 1393- 12412 134 1517 121 1223 1323.
-121 1.1.8i2 12
10512 11338 109 118% 11514 125 12112 12918 11834 125 1.1
100
Pullman Company
45 5112 5214 49% 413 477 46% 49
8
4
4
238 3812 4614 4512 5314 463 5112 483 527
38 4314 38 4
4
393 351.4 39
50 31
Punte Alegre Sugar
Rights
g
8
267 291,
8
285 3338 3038 3338 2838 327 2612 30
4
8
4
4
3
8
25 3318 3838 3314 357 2912 353 308 35 4 313 3412 293 347 263 31
• Pure 011
9712 101
_ 9712 997
9912 101
,
100 --------------------------------101 10212 ----------------961,100
8% preferred
-4
4
4
9812 16312 9912 1043 99 1043 10012 16918 106 1163 11614 12614 115 10583 108 1 18 11012 1161;
99
96
1001.2 9514 99
100 94
Railways Steel Spring
100 10814 11018 112 11418 11234 11514 106 114 110%112 109 113 110 11412 114 11414 115 115 117 120 116 leo 11638118
Preferred
8
4
171 1318 163
.
4
3
4
193 171 20 4 163 17% 18 2014 1718 183 1518 185 13
17
1414 21
4
93 14
,
• 8 2 9 ____ ____
Reis (Robert)
.
__ 6914 6914 ----------------6314 72 ----------------76 801,
6018 69 ____
_ 53 55
10C 49 49 ____ _
1st preferred
818 378 3218 363,
24 371
8
3514 397 3418 42
8
4
4
3112 373 3212 1712 3112 363 327 37
;
100 24 3218 3014 327 3134 42
Remington TypewrIter
90 94
93 102 103 105
90 91
8
773 99
72 75
75
__ 70
73 __
70
100 55 65 ---------53 73
1st preferred
72
7512 70 8014 773 803
.
4
7412 80
60 60
5612 67
56 58
_5712 60
55 60
5012 5G12 55 63
61
100 51
2d preferred
7 32
27 3614 21
35
29
4
22 26;
313 33
31 35
3812 30 38
3012 363 31
8
• 2512 335 2812 3212 287 33
Replogle Steel
___ __-- ---- ____ __-- ____ ___.
---------------------------------------------84
Rights
49
7 7414 4712 6112 4312 5212 44
7812 70 7612 6812 747 5112 100 44 5212 464 5412 4712 5 14 5212 62 62 781. 65% - Republic Iron & See
80 8512 8114 901;
4
9312 9112 9414 85 9412 803 90
91
4
89 953 9012 95
767g 7912 78 91
4
100 833 8712 74 86
Preferred
112 2
3
2
4
2
8
8
4
914 73 125 108 1412 93 1112 212 938
,
712 4 2 818 7
812 47
• 7
Republic Motor Truck
. 4 17
_15_
1714
.4 32
32_1_
. .
4
.
_
.
. .4
.
. _
.
r.
• ....... .... _ _ _ __ _ . . _ _ __ . _ _ _ _. _4_5_ 12 _46_3 _4_4_ 1_8 _50_3_ _2_ 9__ _45_ _24_1_2. 2 _2_6_ _3_0_ . _ .25_3_ 11214 116 2 _163 - -.
Reynolds Spring
Preferred
461363
1 62
It61
r3
ii - -ti 90 90 116 118
f6 ------------------------80 25 --------------------------------70 Reynolds Tobacco Co
8
8 547 604 554 633 ____ __-.
4
0
Reynolds Tobacco. Class B.._25 ------------------------437 4814 45% 4734 41414 4714 4514 46% 463 537 5212 587
__
4
4
,
8
100 ------------------------1111311212 1121z11358 112 114 113 11512 11512 11614 117 118 1167 118 4 1163 1183 ____
7% preferred
STOCKS
ni„ -614
Royal Dutch Co
4
4
4
553 603 5412 5012 52 553 5012 543
503 57
534 59
s
6114 66341 57 67
8
4
478 523 4712 545 5114 547 537 66
Cer For N Y Shares
8
157 1513 1818 17% 1918 1778 1912 1814 193
8
8
4
8
10 125 1318 1314 1414 127 133 134 147 1412 157 145 1538 1412 1518 15
St Joseph Lead
21s 214 3
414 214 3% 214 314 2
314
4 514 418 514 3% 5
8 33
15s 23
• 112 218
4 212 614 414 53
Santa Cecilia Sugar
191
8
4
153 217 18
8
4
131* 123 175 1412 22
10
1914 1212 15
8
213 18
17 2478 19
100 1118 1712 1312 1614 1314 24
Savage Arms
138 21
118 4%
4 314 5
4 338 43
3
314 514 312 438 3 4 43
4
4 I% 2% 138 37
8 314 438 3
• 214 23
Saxon Motor Car
4
8
8
7758 728 8012 723 798 7514 8134 80 947 8512 9312 824 917 77 893 7912 891
s
4
673 753 74
Sears Roebuck & Co
100 6038 647s 591 70
4
4
4
943 913 923 95 103 2 1017 105 1023810612 10612 10612 10314 106 107 112 111121111! 109 111 109 111 10612 1091
8
,
100 91
Preferred
3412 387
4
4
8
373 408 3614 3912 3518 37
Shell Transport & Trading__ a 3538 3812 36 46
0
39
4114 4112 4712 43 4 4513 4014 453 3714 413 35% 39
131
-- -- ---- ---- --Oil12%
Shell Union
9514 9612 9212 957 9234 955 90 931
---------------96 06
Preferred
100 ----------------------------------------35
4
8
,
3
Sinclair Consol 011
,
8
• 1834 215 19 23 2 2012 2512 24 348 3012 3714 30 4 3834 2912 3312 3018 337 32 2 333 314 373 3014 3438 31
. 977 101 --------98 9938 98 1001
___
.
Preferred
.
8 838 9% 88
97
10% 912 117
------- - - 10
Skelly Oil
918 1118 10
It------------------------- 12
39 40
4
0
2 39 5
32 4914 47 52
4612 5112 4214; 5138 373 45
Sloss Shoff Steel & Iron_100 35 44
4
2
', 413 3412 434 411g 4612 43
77
76 78
4
783 77
77
7712 7514 77
Preferred
77
4
73 763 7512 80
74
70
71
100 6912 75
4
753 65 69
44
7
33 43 8 41
4238 48
4812 5434 50 54
45 53
48 5412 44 51
South Porto Sugar
49 53
106 43 55
4912 5714 47 51
------ 96 96
9014 91
88 98
Preferred
92 9212 90 90
91
9414 9414
93 96
90% 91
14
89 80; 91
100 83 87
Spalding
-1
1551:163
1st pref
211
191 17
-1
2 -7
7
-8Spicer Mfg co
. __ ____ ____ 17 19 1712 21% 175-8 24 - -18- 261; -1 -208 -1-5i2 22- -1ii2 -93;-15- 91 89 93
•
3 90
90
98
89 9212 8814 91
Preferred
89 90
91
8
887 91
101 --- ---- ---- ---- ---- 84 85
4
4
Standard Milling
100 11012 114 120 12312 123 123 12412 1253 122 125 124 124 113 117 117 127 127 141 125%135 12918 135 2843 134
941* 96
947 9518 95 95
91
8
Preferred
9314 9212 933 93 96
90 095 90 91
8
963 91
100 8314 8512 88 88
87 87
Standard Oil of Calif
4
94 .973 95 11312 110 121 10314 11834 10018 11012 10438 1123 111 12112 11612 135 1091212458 11114 1211
8
4
25 913 9812 93 98
4
4
Standard 011 of N J
25 16914 183 176 18112 169 183 173 189 184 19612 17914 1983 17712 18814 177%18612 182 20012 196 25012 18312 2143 x38122021
41181€ 11512 1183 116 119,
4
4
4
4
8
Preferred non voting-___100 1133 1153 11434 11578 11413h1514 114 11514 115 1164 1143 11612 116 11714 11534 11814 1153 118 1163
___ 3912 40
- - ---- - - —__
- -Wh..n issued
-- -- -- - ---- 70 86
80
---75 -79 85
85
80 sf 817k 83 -8018 - - 18 - -79
3
73 783 68 80 8 73 8412 8312 90
Steel & Tube preferred__100 77
4
_ _ _ _ _ _ __ _ _ ____ ____ ____ ____ 4518 493 48% 52
,
4
4
5412 583 55 6114 59 63 4
5412 524 55
*
4912 5512 51
Sterling Products
4 21 4
13
- _
Rights
6i1- 6 6
981
99- 100 -oil, 961; ii- - - - 2 iOii- 1- 6- FOCI- 1- 2 i. 5- 113g14 10512 109
9
4
4
973 99- 1001- -95- - 9 - -99- 102 - 101 106
Stern Bros 7% Preferred- —100 81
5612 79
8
• 2412 2912 2612 35
4
45
4312 453 427 48% 463 514 50 5312 503 60
4
333 3814 38 423 373 4534 41
8
Stewart Warner Spec
4
5014 583 484 5718 55 71
47 595 5014 563 45% 5534 4012 5014 4212 563 5012 58
49
s
4
8
• 3514 43% 37 4418 41
Stromberg Carburetor
100 79% 9114 80 1027 9534 1145 11212 12412 11418 12434 116581317€ 1275
3
8
8
81343 12312 139 11414 130 8 11058141,4
8
813912 123 13318 1237
Studebaker Corp
100 101 106 100 105 10012 109 106 1093 109 113 11212 118 116 116 11414 116 115 11512 115 11512 116 11814 116 116
Preferred
• 312 47
4 612 63
4
4 612 43
4 83
7.
5% 45
4 43
8 63
812 614 7 6 714 612 8141 658 8% 612 5
4 6
Submarine Boat
,
514 4
514 612 63
2
7
5
714 51g 732 534 734 412 658 4
• 54 6% 518 6
s 812 67 1014 6
Superior 011
100 26
3012 34
2818 331
27 32
3112 30 30
32 3512 311* 3312 31
27 3418 3414 3912 34 38
3312 3114 35
Superior Steel
1st preferred
------------------------------— ---- ---- -- __ 90 91_ 4
10
4
3
4 214 23 --------138 2
31s 418 --------2
3% 212 33
Sweets Co of America
14
34
14
4 112
3
8 43
212
• 33
4 13
1
4 43
238 1% 212 138 2
_; 1
/
0 -- -4 312 218 27
Temtor Corn & E P A
4'
4214 46
4
4614 49% 463 524 4518 48% 4612 - 2
4334 4634 42 4612 44 4834 4612 5012 4512 503 45 47% 46
49
8
Subscription receipts
5714 61 2
583 67
8
8
49 5812 557 65
10 3812 427 42 4638 404 463 4012 4458 42 483 4414 52
4
4518 4858 4712 52
Texas Gulf Suplhur
7 23'2
2712 1812 235 19
8
o
8
4
8
10 23 2638 235 2858 247 2734 253 3058 275 317 2510 3234 241,, 2814 23 283* 2319 277k 22
8
TCYMIR Pacific Coal
-
• No par value. 2 Ex. dividend.
48
THE CHRONICLE
[VOL. 116.
1922—Con clud ed.
STOCKS
March
April
June
July
August September October
January February
May
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
Texas Land Trust
100 315 330 340 400 380 420 365 417 385 397 365 370 390 395 400 400 370 375 320 360 305 310 300 300
Tidewater Oil
4
4
100 130 134 12712 13312 1093 13112 118 133 133 13714 127 1333 120 126 12312 129% 127 1483 1318 154 1254 135 11514 12978
4
4
Timken Roller Bearing
31
2918 35
*
3312 32 3314
2812 30
-4
Tobacco Products Corp---100 611 6512 5812 641k 5714 6414 62
53 8 643 4914 57
3
4
7 - 841- -7812 107- 523 58
7
7114 65 82
4
-12 56 67
8
523 573
8
8
Preferred
4
8
100 8814 93 89, 95
3
88 9212 902 94 92 106 10414 10912 1023 1067 105 108 10613 115 10612 109% 10618 1095 108 108
New
leo ------------------------------------------------54185714
-----------------------7733 8114 767 1038 823 1912 -80- 1712 7712 13
,
Temp certifs, Class A
100 ------------------------ 4
V31 1,f1,
-4
Rights
2214 24
23 253
4
3
4
Transcontinental Oil
,
11
4 15
. 2 13
8
3 11:11.
* 958 ---1018 --'i17 - -- 4 --918 137- -i1 r4 - 6 -1313 1938 128 173 13 157 123 - - -58 13 - 12 1014 114 1138 1412
351 3814 --------3213 3212 32 334 33 35
39 421 371 40
8
3314 4112 3018 4513 40 45
Transue & Williams Steel
* 33 3418 3238 34
_ _ __ ____ ____ ____
Underwood Typewriter____100
14018 14514 138 143 136 13614
125 130 129 129 --------14213 145
Preferred
411514 ----------------10814 f6i 4 ----------------10818 109% 115 115 117 118 -__
no 10713 fio __
_
_ 1133
4591 72 2 7112 78 68 7512 66
3
,
Union Bag & Paper new
4
4
7013 67- 69-1fo
678 7138 6318 - - 55 653 6012 6612 64 6814 61 66% 593 63
2
1912 2318 1913 215s 18 208 16
Union Oil
1973 133 1738 218 1912
3
3
4
2038 25
* 1712 2038 1712 2018 1714 193 173 2212 2113 24
-------- -----------------------------------------------18
Rights
98 1 3 99 13
Union Tank Car
--1
-- - 88 iiiii
loofa 110 114 116 11i 122 iia 116
12 8 71310 18
7
4
100 96 9712 55 97
Preferred
4
3
100 103 105 102 1038 10212104 10238 10614 105 1078 10512 1063 10612 107 108 11012 108 113 110 1117 10912 1118 109 11012
37 3834 3412 38
United Alloy Steel
37 4033 3612 39
33 3612 338 35
4
4
34 4114 343 40
26 2714 2714 313 3012 35
" 25 25
United Cigar Stores
100
_ 130 130 ----------------147 159 ----------------140 140 175 175 , 175 185 120 120
Preferred
8
14
100 1043 108 10458 11012 107 19 107 10714 109 114 ----------------110 110 1107 112% 114 114 115 120% 115- 115 4
-7818 8312 777 85
7313 80
8
United Drug
7212 2 78 83
8
100 6912 7214 85 70
7712 8258
607 72 68 7214 6812 8112 7213 78
4814 517 448 4812 46 48
483 50
4
8
4
1st preferred
45 463 45 4718 455 473 48% 50
4
50 443 4614 41% 4514 43 4514 454 46
4
4
8 2 0 47 53 4 657 5
4 4914 6
4
4
United Fruit
109 1194 1293 12312 145 135 1423 14038148 13814 144 1363 142 1393 147% 147 15518 14514 1543 17 3 182 169 188; 15018 17 12.
2 6
4
9
/
4
6214 6814 6114 79% 78 871
4
Un Retail Strs Corp
504 7114 613 69
3
s
• 5014 593 43% 5614 4 13 47% 448 52
18 314
Rights38 438
8
____ _
11 4
i4-3 -- -12 iii4 - 5 Th - 3- -- — — - 167 2014 I6 1/12 iii2 1412 I:1 1414 1413 Ifis
8 16
United Paper Co
. 118
100 _
3512 2712 3538 23 3214 2413 2912
313 35
8
- 4
8
8
u S Cast Iron Hi & Fo
31
-13 33 39
4
17 277 26 3 -3- 338 3838 323 368 27 36
100 16% 21
6938 7314 59 7012 64 713
72 78
70 73
6614 73
66
70
653 72
4
6114 70
Preferred
673 71
100 50 60 4 57 64
4
,
614 73
8 45
73
4 5
61
614 9
8 33
7
612 8
2 412 814 714 10
1.1 S Food Products
4 53
53 57
4 714 3
4 572 33
5
100 5 2 1012 23
4
204 2314 1912 2212 1813 22
1912 22
1918 21
2158 2518 2213 24
LT S Hoffman Machinery
*
4318 4912 4412 517 4714 60
4
6114 7238 58 703 5912 6914
4
4912 588 551 6514 6114 673 60 67
8
(1 S Industrial Alcohol_._IC0 37 4412 4314 46
9912 100
9138 902 8912 927 92 97
963 102
8
,
90 95
9412 96
95 95
7212 100
95 9512 9738 100
3
Preferred
100 90 95
7612 8313 8114 928 8314 9018 833 8812
4
8
4
8
LT S Realty & Imp
4
3
100 56 61
58 648 588 643 613 67 64 7212 637 7114 65 72 69 78
Rights
5912 4612 - - -14 8152 -- -3 47 5458 4958 5
57 4
8 6152
5
8
- .7
6i8
4 6/
1
4
614
Li S Rubber
612
8
100 513 56% 53 587 871- - . 6i.i4 - - 12 ai2 - , Wi1 - 612 8743 68 88 - 94 99
8
4
1st preferred
100 9914 101
99 10014 10012 106 103 106 103% 10512 104 10638 105 107 10312 1063 91 1053 94%10112 9214 97
367 3912
3312 38
33 35
8
4014 4314 38 4834 3512 40
40 413 40 44
4
363 42 3812 453 40 45
4
50 3312 37
J S Smelt & Ref & Mf
4
4
4
4
473 4812 45 483 453 473 4612 4858
4
8
46% 4712 47 4738 483 49
4538 47
/
1
Preferred
4214 434 4312 468 4434 47
50 4318 44
4
8
3
8
',hilted States Steel
4
,
0 10512 1007 1063 10112 11112 993 1107 101 10818
100 82 88 843 9613 93% 9613 9518 10018 96 8 10212 963 10314 9818 10212 10
4
3
4
4
8
8
Preferred
3
100 11414 118 1133 117 11512 1177 117 120 11778 1197 119 1208 120 122 1183812134 121 123 121 1223 1193 1217 1203 122
58 59
3 58 60
4
4
--__ ____ 453 453 4514 453 --------50 50
593 60 60 63
4
4
.JS Tobacco
•
Preferred
100 ------------------------ ------------------------10712111 1151411512 --------112 112 110 110
15% 1734 1614 1912 18% 2318 174 218 15 8 1812 1513 if
8
7 4 163
3
4
Itah Securities v t c
4 9 8 143 17
7
100 97 1114 1018 1414 133 167 15
4118 3134 308
8
4
421 524 441 5114 474 533 4338 5314 39 473 31
4138 53
Panadium Corp
• 3014 377 3234 3712 354 3912 3812 45
8
Pan Raalte ________________
___- _ - ---- ___ -7.— - - -7- . - ---- ---- -.-- ---- ---- ---- --.. ---: ---- -..--. 5712 6012 587 6712 60 6518
4
95 9514 963 100 97 99
92 3 93
7
3
96 9612 931 94
93l4 92 4 1st pref
3 96 9213 96
90 92
la 92 - -12 92 92
298o 245 28% 2314 2712 2312 26
8
8
Pirginia Car Chem
100 2712 31
293 3338 324 367 33 3534 2918 353 29% 3312 2514 3214 281 3112 26
4
4
6012 73
6412 6878 6118 6834 5918 643 .59 6414
67 697 69 7858 75 82
8
6812 8112 6512 703 58 68
Preferred
100 6738 70
4
1612 16
1934 14
253 21 4 2214 16
4
B23 ---- - --- --- - ---- --- - - - -17
,
Class
---- - -- - -- -- -- -Rights
-7
1234 ii14 -14 1118 1018 1314 12% 14
, 1
11 12 1312 ii.8 14 3 iii8 - 6
1013 1238 io
13
11
rivaudou (V)
•• 6% 678 Ms 8
11
127 1113 127
8
14% 108 13
133 12
8
137 12
8
8
1438 12
17
Veber & Heilbroner
133 103 12
4
8
3
* 10 4 1134 1114 135 1214 1313 12
2
4
8
963 1053 1053 1214 110 120 11014 118 108 1133 110 11513
3
4
4
Vestern Union Telegraph-100 9012 9212 89 927 9213 9813 963 9912 9612 9938 963s 99
971 114
8
96 10012 93 99
94 1013 99 104
4
88 95
80 100
89 941 89 93
9414 96
Vestinghouse Air Brake__50 9214 933 92 100
4
8
3
4
3
6112 63% 5814 634 5818 6318 61 6518 60 4 6412 5912 63% 5712 5114 583 60 4
Vestinghouse Mee & Mfg50 4918 5112 5114 5512 5412 583 57 64
73 73
73 73
7212 74
6212 75
4
4
72 743 743 75
72
1st preferred
50 65 65 --------67 67 65 7218 72 73 69
8
4
4
8
4
3
___ 108 4 112 1087 1093 107 108% 1073 11012 10858 112 1107 1123 107 11312
7% cum pref
100---- ---- ---- -_-- ____
294 333 26 32%
8
8
4
3238 30 33
8
Vhite Eagle 011 & Refin
27 253 2912 25% 273 2514 273 25
* --------------------------------25 4712 50%
8
47 3 5112 47 50
1
4
38 4278 4113 49 4 47 50
4
Vhite Motor
48 513 473 4912 47 493 48 54
3712 40
50 358 40
4
5 3 218 47
,
4 518 8
,
,
,
• 712 1038 7 4 10
103
4 9% 1114 93 12
Vhite Oil Corp
7% 103
9
4 9 1t 7 3 9 4 738 83
4 73
4
3
18
-----------------------Vhlte Oil Rights
151
9% 1314 812 1012 10
4
8
1214
1513 167 133 16% 12
8
4
1612 13 158 14 183 1614 217 1514 19
Vickwire-Spencer Steel
5 1312 1658 14
558 712 512 618 512 7
4 84 614 8
57
93
8 53
8
Villys-Overland
25 5
98 8
412 512 513 912 713 913 78 10
3912 4 3
34
8
4412 3838 4118 38 4838 42 4714 39 4912 3513 4488 3814 473 3818 4414 3818 41
26
New preferred
24 29
106 2612 30
34 42
354 3912
4314 5012 40 47
4114 458 42 48
39 4112 40 493 43 4 473 3812 47
Filson & Co
4
8
3
8
7 313 42
• 2714 32
79 87
8812 8812 85 88
89 91
8512 90
80 87
Preferred
85 8712 84 84
73 784 78 80 80 85
72
100 66
3
3
4
Voolworth (F W)
100 137 148 14334 15278 14818 1673 160 4 1647 156 16012 15634 16314 161 177 177 194 18312 194 183 19938 1847 223 195 220
Preferred
8
100 1177 118 11714 119 11714 119 1171 118 120 120 120 121 121 121 120 121 12014 124 125 12518 125 12518 12518 1251g
2714 33%
40 8 4412 3312 4114 267 34
3
4112 53
51
5458 50 5314 4818 557 48 55
Vortb Pump & Mach •t c_100 4378 4834 45% 4713 46 53
4
7
87 89
887 9014 8614 89 861g 863 84 85
8
8612 923 9312 94
8
93 94
Preferred A
100 84 8514 --------83 88% 85 95
7 748 79
7012 73% 64 70 63 6833 6312 68
73
73
73 76
78 78
4
7013 713 74
Preferred B
66
673 70
4
100 64% 69
81 10
4
914 10 4 93 1012 9 10
3
• R
814 91a 8% 11
71, 01, RI, 9311 RI, 913 814 9
R
51. 7
Fright Aern_
• No par value. z Tx. dividend.
was elected President of the institution to succeed the late
James H. Knight. Mr. Johnson, whe is a native of Connecti-
duct
a commercial, foreign and general banking business,
cut, began his banking career in 1875, when he entered the
while the Foreman Trust & Savings Bank will occupy the
ground floor of the building and will do a trust, savings, bond
National Exchange Bank of Hartford as a young man of 19
and real estate loan business.
and rose steadily until he became President of the,institu-
was founded in 1862 As a small private bank. Thirty-five
years later (1897) it became a State institution and since
tion.
In 1916, upon the merger of the National Exchange
Bank with the First National Bank, Mr. Johnson became a
Vice-President of the enlarged institution.
Mr. Johnson is
a director of the Dime Savings Bank of Hartford, the National Exchange Bank of Lockport. Conn., the Travelers Insurance Co., and the Hartford City Gas Light Co., and a VicePresident and a director of the Glastonbury Knitting Co., of
The present banking house
that time has continued to grow until it is now one of the
Important banking organizations of Chicago, with a combined capital and surplus of $4,000,000 and deposits in excess of $50,000,000.
Oscar G. Foreman is Chairman of the
board of directors and Harold E. Foreman, President.
Glastonbury, Conn.
The Commercial National Bank of Peoria, Ill., announces
the death of John Finley, its President, which occurred in
James D. Harrison, for several years past Cashier of the
American National Bank of Danville, Va., was on Dec. 26
elected a Vice-President of the Citizens' National Bank of
Peoria, Dec. 14.
Baltimore.
The Standard Bank of Canada, Toronto, has declared a dividend for the current quarter ending Jan. 31 1923 at 3 %,
/
1
2
being at the rate of 14% per annum upon the paid-up capital
Mr. Harrison. although but 32 years of age, is
well known in banking circles in the South. He assumed his
new duties on Jan. 1.
stock of the bank, and which is to be payable on and after
the 1st of February 1923 to shareholders of record as of
The Foreman Bros. Banking Co., one of Chicago's wellknown financial institutions, announced this week that plans
have been formulated for the organization of two new insti-
Jan. 17 1923. The annual general meeting of the shareholders will be held at the head office of the bank in Toronto on
Wednesday, Feb. 28 next, at 12 o'clock noon.
tutions, namely the Foreman National Bank and the Foreman Trust & Savings Bank, to succeed and carry on the business of the present institution.
The new banks will com-
mence operations on or about May 1 and will have combined
capital, surplus and undivided profits of more than $6,000,-
THE CURB MARKET.
The Curb Market opened the new year with trading on an
extensive scale and sharp advances in prices. Profit-taking
sales, however, soon
ended the buoyancy and trading became
dull with price movements irregular. Oil shares continue to
man Bros. Banking Co. Both will occupy the building at 30 monopolize the attention. Standard Oil (Indiana) rose from
North La Salle Street, on the second floor of which are the 59% to 633 and closed to-day at 623-i. Eureka Pipe Line
offices of the present company. These offices will be given gained 10 points to 105 and Prairie Oil & Gas some 60 points
over entirely to the Foreman National Bank, which will con- to 685. Standard Oil (Ohio) advanced from 274 to 305.
The management and ownership of both institutions,
National and State, will be identical with the present Fore-
000.
JAN.6 1923.]
49
THE CHRONICLE
DEALINGS IN FOREIGN GOVERNMENT SECURITIES AT NEW YORK STOCK
EXCHANGE IN 1922.
BONDS
May
June
January
March
February
April
August September
October
July
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
Argentine (Govt) 7s
1927
99 100
99 101% 100 10212 993 1007 99%10012 100 10214 101% 10212 10012 102
8
4
997 10112 10018 100%
Argentine—Internal 58 of 1909 77 - 8412 8714 841 88
9
773 i81
4
- 80 / 85
33
83 86
7
8312 86
8212 8012 8314 8118 83
84 86
81
80 84
12
Belgium 7)4s
1945 1033 1073 10612 10812 10712 1097 10712 109% 10634 10914 10638 10912 104 1073 1033 10612 10134 10712 10012 10412 98 10312 997 10214
4
4
3
8
3
4
5-year 65
1925 9412 96
4
95%10212 101% 1043 1023 10413 102 1033 100 10212 100 10212 9914 100 4 9918 10012 95 993 943 97 8 9514 98
8
4
7
3
20-year 8 f 88
3
1941 10412 1063 10512 108 1083 10812 10714 108% 10612 107 4 10512 10814 10212 10714 10212 108% 101 105's 100 2 10412 98 104
4
99% 10114
3
4
Bergen (Norway) 8 f 88--- -1945 105 108 10518 10912 107 4 110 108 4 112 110 111 1083 112 1083 111 109 11012 109 11012 10812 110 108 10914 16812 109 2
4
3
4
,
Berne 25-year 5 f 8s
1945 106 10834 10814 11112 11014 116 111 114 112 114 10812 117 109 112 11112 11412 11218 11514 108 11314 108 110 1087 112
8
Bolivia 88
7
_
1947 ----------------------------------------101 102 100%102
9712 100
96 9958 94 977 93 95.3 92 93
Bordeaux (City of) 15-yr 6s 1934 8012 84
4
8312 863 81
843 7612 8312 78 83
8812 88
4
8
7 i35 90
8
4
7412 7912 77 783
81% 8512 842
7712 82
4
Brazil, U S of, external 85-1941 103 105 103 10 % 1037 105 4 107 108 10312 107 10212 10814 100 104
997 102 100 2 10312 99/3 103
9313 10014 9712 99
3
4
8
Central Ry 78
1952 ----------------------------------------9618 968 9512 985 90 96
8612 91
79 873 85 8712
8
4
8910 93
7%s
------------------------------------ 843 86% 85 8734 8714 90
__
4
4
---- -,,,___
8614 9412 92 97
843 88
Canada. Dominion of,51926 90 99
19523_
97% 98 4 98 100
99 101
3
98% 993 983
4
4
9818 10114 99 101
9918
99 10012 99 994 9818 1007 99
3
8
1931 943 9818 96 97 9612 99
4
978 100 9818 9914 9718 9912 9734 997 99 10114 98%100% 9812 997 9814 9934 9834 100
10-year 5%8
1929 9534 987 98 100 9814 10114 10014 1013 100 1017 95 101 10018 10114 10114 103% 10(13 10234 100%1023 100 101.2 10012 103
8
/
1
4
4
o
4
55
1952 --------------------------------100 10018 9734 98 98 9834 98% 9912 98%100 9814 993 98 994 983 100
/
1
4
2
4
Chile 7s
1942
_
- 96% 97
External s 1 88
- - - 44
2
1941 16612 16i7 ii513i2 1 3- le12i2 11 3- ioi 16i3 i6-lia icii iOi fiii iiii4 164 ioi foi iiiiii, 1- 41, ioi 10112 loi 165 10234 ton
44
4
6
-12
88
s
4
1926 9812 1013 10014 1017 101 102 1017 104 4 10214 10334 101 10314 10112 1023 1013 10212 102 10234 101.2 10212 101 1023 10134 103
4
4
4
8s
in.'. 100 102 10018 10314 102%10113 10314 10612 10412 106 103 1053 1018 10413 10212 10412 1038 10478 10214 10414 10112 105 1023 104
8
4
9784 98
Colombia 6%5
4 99
Haiti 65
1962 itii2 - 4 9618 97 9
0836 9612
5514 5312 55
Hukuang Ry sterling 5s_ _ _1951 44 4514 453 57
4
53 567 5212 57
8
a
504 5212 50 5113
/
1
a
505 54
8
5 , 5012 58
2
Christiania 5 f 88
1945 108 108 107 109 1083 11212 10912 111 10912 111% 108 1103 10834 110 109 1103 109.2 111 107% 1111. 1063 108% 1065 110
4
4
4
8
4
9212 91
Copenhagen 25-year 5)4s..-1944 8512 89 87 8 91
4
5
8912 92
9214 90 4 9312 9112 953 8912 9212 8712 91
92 9312 913 9314 91
3
8912 91
4
Cuba,Rep of, 53, ext debt_1904 8412 862 863 9
3
4
96
4
97.2 90 9612 93 963 91
4 0 89 9012 893 9012 90 9012 90 8 100
4
9812 953 963 96 100
4
4
55 ext debt A of 1914-1949 78 85
3
4
4
8
8134 1335 833 8712 87 90 4 87 893 8934 90
9114 9014 91
9014 9014 9034 92
91
4
4!A,s
f31 - - 8012 -.
1949 70
8112 84
82
78 79 2 7813 8012 773 7912 79 82
7712 77
,
8112
79
8214 90
8214 85.2 - 8134 84
4
3
Czechoslovak As
1951 ------------------------963 100 4 9714 9912 95 984 9334 9634 94 98 2 913 96
92 95
,
8412 9212 85 89
4
Danish Municipal gs ser 1.1946 10512 10712 107 10812 108 12 111 112 4 10912 112 10912 11114 10712 110 10812 1103 10813 110 107 10914 107 10812 107 10814
12
1
4
1946 105 10712 107 10812 108 112 111 113 110 112 10912 11112 108 109.2 10812 11012 10912111 107 10912 107 10812 107 1081/
88, Series B
4
Denmark 25-years f 88- - - -1945 10712 109 108 109 10818 112 11112 11212 110 1113 10914 11112 109 110.2 109 111 10912 11112 108 11034 107 10912 10812 1103
3
63
4
98 9914 9834 9918 9818 10014 9714 9912 97 9913 9718 99
1942 94 947 9014 971 967 983 9734 993 9712 9914 9712 99
8
4
/
4
s
8818 903 9034 93
903 93
Dominican Republic 5s- - -1958 8512 8812 873 89
4
5
89 9114 927 95
4
90 97.3 9512 9713 90% 97
s
94 9614 94 95
9418 953 9414 963 947 97
4
4
4
93 4 96
3
Dutch East Indies 68
9434 96.2 941 96
1947 94 943 94 95
9212 9411
9414 97
9334 96
86 90
9412 96% 9314 96
6s
9414 96
1962 -------- ____ ____ 9414 9514 9414 97
941 95% 94 9714 932 9513 9134 95
9212 94
French Republics f 8s_ _ _ _1945 9914 102 10014 10434 10312 1083 105 1073 103 10812 102 10412 99% 10378 997 10218 9952 102
4
4
98 1013 9012 9434 973 99
4
4
8
4
9518 10014 95 9938 933 973 9312 9914 923 96
20-year ester loan 73-(5194I 94 957 94 10012 9934104'! 102 19434 10014 1023 100 10318 97 101
4
4
4
Great Britain 8t Ireland—
Kingdom 20.yr gold 5t65.1937 96 99
s
9814 100 2 9914 100
,
,
997 1032 102 103 2 102%1045 10234 10512 1041810514 10678 10518101 104 101 1033 10218 1041:
8
10-year cony 5,1.48
3
1929 98 4 10112 10118106 10212 106 10512 108 10512 109 106% 110 1073 111 1077 11012 10514 10814 1063 10912 10512 1111 11012 115
8
4
8
8
4
8
8
1922 100 1003 100%105% 10214 106 10518 1077 107 109% 1063 110 1077 1105 10612 11014 100 10014 9918 10012 - 7 - - - ---- ,
3-Year cony 5%s
,
/ 7912 84. 75.3 83
1
4
--------------------- ------- 82 87
Greater Prague 7348
1952 -------------08 - 7612 72 -- /
7
57
922
- 9334 9414 94 962 94 984 94 9812 96% 9634, 9614 9612 96 963 95 68.2 93 9514 93 94
4
Italy 5-year 6!..8
1925 9212 94
,
8
s
89 90
894 917 90 9112 9018 92
93 9512 9134 95
7 9234 94
92 94
1925 864 8812 8712 90
92 9312 9234 93
Japanese .6 Loan 4%s
8914 9012 891 9112 91, 93
4
8812. 8912 881 91
s 87% 865 90
8
9212 9414 9113 9434 92 93
2d Series 4345
1925 863
4
92 93
923 955
4
4
7814 78
8
767 773 767 783 777 8714 7912 8312 7812 813 79 8013 8014 82',
742 763 743 79
g
8
1911 723 7414 7312 76
g
4
Sterling loan 4s
4
4
8612 90 8612 88 833 90
,
4
Lyons (City of) 15-year 6s-1914 8012 8412 813 85 2 843 87
4
78 8214 74 7912 77
8014 85
8
012 8 3 79 84
34
79
813 8512 843 867
4
90 8612 88 8312 87
4
3
81 85 4 7614 8312 78 8314 773 82
Marseilles(Clty nf) 15-yr 68.1914 8012 85
74 7913 77
4
785
44 4712 4112 45
37 47
4,
40 42
38 3812 3412 3914 --------33 34
3 2 3312 36
Mexican / RR 45s
1943 -------- 31
611261
4
7012 6412 6814 58 657 57 6134 66 6012 5212 5812 4814 55
54 5812 5412 5812 543
8
Mexico U S sinking fund 5s_ _
4712 50
48 53
45 55
45 4912 423 4712 3814 4538 3712 473 3414 38
8
4
45 gold del/ot 1904_ ___._1954 393 427 42 4714 43 5234 5112 62 53% 58
4
4
35
371
911,
,
, r
1952 --------------------------Montevideo Is
------------------- 9234 9414 92 4 9412 9112 9312 89 9112 90
3
3
9318 9412 93 4 ---- 95 98
7 9612 9314 953 94 961 97 991
5 9814 96 98
964 99
1977 ---------------Netherlands 68
93
4
/
4
997 l00'j
1952
100 10014 9911101
Norway 6s
4
,
194 joil 116 10914 11012 1093 112 . iii4 112 4 HO 115 10912 11114 1093 111 110 11212 111 11212 110 113 10912 111 10951 112
4
Norway sinking fund Bs
-3
1
4
1961 ------------------- 10214 105 1017 105 10018 10212 997 10114 99 10034 100 102% 99 101
8
Porto Alegre 88
97 9914 97% 981
166108 111 10912 1113s 10814 111 10814 11012 108.2 112 1071 112 107% 11014 106 10812 107 109
1941 :s 10 'Ks 16/12
Queensland Is
/
4
4
3
65
1947 -------------- -9818 100 4 10012 103 101 1033 100 102 10012 102 10114 103 100 4 105 100 104 100 1017 10114 1027
3
Rio Grande do Sul gs
1946
4 912
16614 00 10334 1031105/ 10112 104 100%103% 100 10138 99 10012 99%10212 98% 10112 9612 99 8 9714 991
/
4
1
4
1946 69111 10212 99 10014 100 103 10212 1061 103 1047 101 10412 99 1013 9812 100
g
/
4
Rio Janeiro (City) 8s
4
9918 10112 971 100
/
4
94 9734 95 971
10312 1061 102% 1047 101 10312 993 10112 98.2 10014 9912 102
/
4
8
fls
4
9714 10014 93 8 98
1,
3
9512 97
-4
San Paulo (City) 88
99 10212 1003 10314 98 102
4
---------- 10012 1033 10314 10658 103 10512 1003 10312 10012 102
1952„
4
.
9712 991
98 100
San Paulo (State) ext s 1 881936 ls 19248 10014 102i 10112 10412 104 107 10312 10534 10112 1033 100 1018 100 101 101 103
4
9714 1608
98 1021 9612 100
9214 9512 9412 98
9314 96
SP Ine (France) 7..
194” --------9012 93
902 94
874 92
89 93
857 91
85 8912 8112 87
85% 871
74
70
__
,,
Soissons 68
8
rr
1936 ----------------------------- -8112 li iii - 1 iso iiii ii ith
! i -1512 iii. -714 7714 781
969814 9912 9834 10112 101114 10212 10112 103 0112 10212 10112 104 10334 10514 10314 107 10214 10512 10314 10434 103%1043
Sweden 20-year 6s
193'
Swiss Confederations f 88_1940 11212 11512 11313 115 114%12012 116 118 11672 118 11712 119% 11814 11914 119 121 12034132 119 1213 115 117 1164 119
4
/
1
3 71
4
73
67 6912 6814 751 703 7612 71
693 7112 8912 7112 7112 74
75
Tokyo City Loan of 1912 58_
721 69% 7012 67 893 691 7212
4
70
4
4
,
4
Uruguay, Rep,external 819:11 10212 10534 10318108 105 1052 10514 1074 106 10812 1003 10812 103 1053 104% 10612 105%108 10412 107%
4
100
v....,...... -....___ _ ...
.
, ..s Ina 1081, 107%112 110 11434 112 1137 112 114 111 112 1101. 112 112 115 114 1181. 110 114 inm. mt.. 10318
.
s
1111.1121
17
COURSE OF PRICES OF STATE AND CITY SECURITIES DURING THE YEAR 1922
BONDS.
w York State-Highway Improvement.
13is
1963
1348
Canal Improvement.
134e
1964
Registered
is
w York City—
Corporate Stock.
3148, coupon
.
1142 registered
-is, coupon
ii159
Is, coupon
1958
Is, coupon
1957
is, registered
ft, coupon
1956
1345, coupon
1966
1348, coupon
1964
I he, coupon
1960
442, registered
116s, coupon
1971
1 tis, coupon
1967
110, coupon
1965
434s, coupon
1983
43413, registered
1963
4165. coupon
Nol. 1957
4448. conDon
May 1957
April
March
May
February
January
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
— --—
—
110
110
109
109
---- -- 9312 94
93 4 933
3
4
9312 104
94
94
104 104
9712 9934
98 9914
.
-----------_Io:14 — - - -- - - ---- -- -- il - 12
_
8
_ _ __ -- 1097 109% -- - ------- -___ _ ___ ___ _
109109---
___
---_
9312 95
94
9534
9312 94
86
943
4
953
4
95
863 ---9634 9634
963 96
4
96
90
-- -98
96
98
---98%
9912
____
- -- ----
.
____ _ _ ---- - - --
-
__
_ _ ____
---- ---- -___ ____-__ _ _ _
99% 9912 9912 991 10013 100 10014 99 3 10014
3 9912 --------9934 100% 100% 10018 10012 101
__ __ 12
12 99 1001g 100 10012 10014 10032
__ __ - - ----- - ---
____ . _ _ ____
9912 9912 99
991p 10013 9914
9914 9912 9912
--- ---- ----
___ _ _ _ _ _ _
- 8 9912 100
995
8
99% 987 100
997 99 99
2
---- - - --
1
9434 9434 ------------------------------ -99
2 912 -------------102 199 03 1033 1534 103 4 ------------------------102 102
09 10412
14
4 .
- 1
983 9914 100 10014 100 103 10214 10214 10112 10314 1023 1033 10314 1033 1033 1032 10212 1012 101 101 10114 1023
4
4
2
4
4
4
3
4
3
9814 9918 9918 10014 993 10114 10012 100 4 100 8 10078 100 10313 101 10113 101 10114 1004 10012 1001g 101 1001g 101
/
1
3199 4 i024 10i14 --------1071,10 -12 iOii. 16414 io5i, 10114 --------10514
103% 1011 10412 10412 10412 10514 115
.
-7
iiiiis - ,- _,..:-_/
4
10312 10412 104 10412 1041 105 105 10712 1053, 106 --------10714 1077 108 108 108 4 1087 10714 0714 105 106 1015 107'4
8
3
s
103 10412 104 10438 104% 105 105 10712 106 10634 10512012 1073 1073 1073 108 10814 10814 1073 10712 105 10512 106 10714
s
s
8
s
3
4
8
103 1043 104 10512 104 105 105 10712 105 4 1053 10534 10612 10613 10714 1073 10813 1007 10834 1067 107 1044 10534 10514 10714
8
3
/
1
s
1033 1033 4
4
i- - - - - -- 4
4
10312 10414 103%10412 1033 105 10.'121073 10ii icii - i0514 10614 10614 106% 1075 1075 108 108 106 10712 10412 104i -------4
8
8
1031, 10414 104 105 10324 1051, 10518 107% 10512 106% --------1063. 1072. 1081. 107 1073. ing ina Inn. 1114.1.1114.1.1081, 1051. 10614
Prices in other oil shares show little change. Mammoth
ENGLISH FINANCIAL MARKETS—PER CABLE.
Oil from 463/s sold up to 50 and ends the week at 491'. In
The daily closing quotations for securities, &c., at London,
the industrial list motor shares were prominent, Durant as reported
by cable, have been as follows the past week:
Motors advancing from 701 to 753. Durant Motors of
4
London,
Sat.,
Mon., Tues., Wed., Thurs., Fri.,
Indiana, after loss of a point to 193/2, rose to 22% and reacted
Week ending Jan. S.
Dec. 30. Jan. 1. Jan. 2. Jan. 3. Jan. 4. Jan. 5.
21%. Peerless Truck & Motor sold up from 77 to Silver, per oz
finally to
d Holiday Holiday 3134
3134
3234 31 9-14
3
Holiday Holiday 89s. 3d. 895. Id. 883. 108. 89s.
80, then down to 74 with the final transaction to-day at 75%. Gold. per Ana ounce
Consols, 214 per cents
Holiday Holiday
MIS
5534
5534
Fleishmann Co. corn. sold for the first time up from 31% to British, 5 per cents
Holiday Holiday
10034 . 10034
10034
32, down to 30%, and up again to 3332 The close to-day British, 434 per cents
.
Molday Holiday
95
/
95
95
58.75
59.50
58.75
was at 33. Hayes Wheel, after early loss from 384 to 37%, French Reines (in Parls)__fr_Holiday Holiday
French War Loan (In
recovered to 40. New Fiction Publishing Co. gained 3
Paris)
tr Holiday Holiday
76.60
76.70
76.60
points to 163', the close to-day being at 16. Bonds were
The price of silver in New York on the same day has been:
quiet and steady.
A complete record of Curb Market transactions for the Silver In N.Y.,Per OZ.(eta.):Holiday Holiday
Domestic
9934
9934
9934
9934
eek will be found on page 68.
Foreign
Holiday Holiday 6434
6634
6534
6434
THE CHRONICLE
50
gommercial andMiscalaneonsgeniff
,
FOREIGN TRADE OF NEW YORK-MONTHLY
STATEMENT.
Merchandise Movement at New York.
Imports.
Mona.
1921.
1922.
Customs Receipts
at New York.
Exports.
1922.
1921.
1922.
j1921.
$
$
$
$
$
100,106.930 108,651.387 106,097,239 356,457,600 19,322,717
115,222,960 103,427,293 95,484.633 237,794.460 21,620,780
March._ 135,648,795 123.996,959 131,504.59 167.836,305 24,650,403
Apr11- 113,193.073 124,926,117 117,760.933 132,460,324 20,639,380
May ___ 117,438,054 110.004,302 115.522.172 108,502,232 20,909,658
June ___ 122,369,683 100,048,763 130.550,703 107,506,532 23,181,882
Jay__ 117,118,076 104.648,783 115.488,190 112,583,284 21.433,606
August.. 123.124,817 111,371.583 112,281,501 105.218.873 24,206,605
Sept -__ 110,716,286 106.610,356 108,291,707 110,338,972 33,110,469
October *11500C 000 108,483,456 108,234,882 98,153,764 22,085,528
Novem'r *105000000 117,798,726 *107600060 96,618,132 24,148,678
Decem'r *98,000,000 113,117,989 *110750000 98,422,349 *23,988,424
$
12,265,070
14,154,349
18,615,006
26,838,089
17,221,670
16,397,034
13,443,167
18,237.808
15,203,273
15,657,373
17,678,066
/6,799,063
Total_ 1372938674 1333085714 1359466 509 1731892827 279,296,130 201,909,968
*Estimated.
Movement of gold and silver for the 12 months:
Gold Movement at New York.
Imports.
Mouth.
1922.
1921.
Silver-New York.
Exports.
1922.
Imports.
1921.
Exports.
1922.
1922.
21,126,622 31,328.278
Feb-- 24.034.770 18,439,803
March-. 31,300,604 81,335,005
April... 8,440,457 74,173,373
May--- 6,660,364 29.701,157
June --. 11,462,982 37.152,786
41.477,046 57,338.204
August - 17,242,484 78,990,710
Sept
27,359,677 60,805.467
October 19,191,637 44,137.381
lgovem'r 15,554,118 47,133.681
Decem'r *19,600,000 25,217,561
288,000
1,041,057
237,728
806,748
2,645,834
138,321
11.000
19,109
40,117
24,718
550,796
35,609
300,000
2,943,013
Total_ 243,450,761 585,753,406
5.835.037
4,881,396 19,313,447 23,861,163
124,300
234,300
100,000
200
1,124,000
55,583
2,344,016
827,421
2,816,134
887,751
2,445,822
1,842,829
1,433,533
1,109,059
2,729,856
989.794
987,232
*900,000
132,213
3,899,518
3.044,763
2,152,224
1,632,388
1,265.490
1,804.046
844,378
840,243
760,383
3,473,564
4,011,073
* Estimated.
National Banks.
-The following information regarding
national banks is from the office of the Comptroller of the
Currency, Treasury Department:
APPLICATIONS TO ORGANIZE RECEIVED.
Capital.
Dec. 27 1922
-The Security National Bank of Quanah, Texas_ ___ $50,000
Succeeds the Security State Bank of Quanah, Texas.
-First National Bank in Quanah, Texas
Dec. 27 1922
100,000
Succeeds the First Guaranty State Bank of Quanah, Texas.
Dec. 27 1922
-The Brotherhood National Bank of Spokane,
Wash
200,000
Correspondent, N. J. Bostwick, 602 Hyde Bldg., Spokane,
Wash.
-The First National Bank of Cokato, Minn
Dec. 29 1922
30,000
To succeed the Citizens' State Bank of Cokato, Minn.
-The First National Bank of Randolph, Wisc
Dec. 29 1922
25,000
Correspondent. Owen C. Jones, Randolph, Wisc.
-The First National Bank of Gracement, Okla
Dec. 30 1922
25,000
Correspondent, W. Granger, Gracernont, Okla.
CHARTERS ISSUED.
-12,285
-The Portage Park National Bank of ChiDec. 29 1922
cago, Ill
$200,000
President, Murray MacLeod; Cashier, John J. Walsh.
-The First National Bank of Marion, Wisc_ 50,000
-12.286
Dec. 30 1922
President, R. Schroeckenstein; Cashier, J. H. Driessen.
-12,287
--Furst National Bank in DeKalb,TexasDec. 30 1922
100,000
President, C. C. Crump; Cashier, E. E. Bearden.
CHANGE OF TITLE.
-The Merchants' National Bank of Santa Monica,
-6.945
Dec. 30 1922
Calif., to "The First National Bank in Santa Monica."
VOLUNTARY LIQUIDATIONS.
Capital.
-4.886
-The Merchants' National Bank of San
Dec. 27 1922
Diego, Calif
$250,000
Effective Dec. 18 1922. Liq. Agent, E. C. Aldwell, Bank of
Italy, San Francisco, Calif. Absorbed by the Bank of Italy,
San Francisco, Calif.
-10,327
-The American National Bank of Knoxville,
Dec. 29 1922
Tenn
150,000
Effective Dec. 26 1922. Lig. Agent, F. E. Haun, Knoxville,
Tenn. Absorbed by the City National Bank of Knoxville,
which, it is understood, will also assume liability for the circulating notes of the American National Bank under Sec.
5225. U. S. R. S., after the increase in its capital which is
pending.
-The Lyndenville National Bank, Lyndon-3,158
Dec. 30 1922
ville, Vt
75,000
Effective Dec. 30 1922.
APPLICATION FOR PERMISSION TO ESTABLISH AN
ADDITIONAL OFFICE.
-The People's National Bank of Charlottesville,
-2,594
Dec. 29 1922
Va., at University Corner Building, University of Virginia, Charlottesville, Va.
CERTIFICATE ISSUED AUTHORIZING ESTABLISHMENT
OF ADDITIONAL OFFICE.
-The Franklin National Bank of Washington
-10.504
Dec. 30 1922
I. C.Permit No. 51.at 1111 Connecticut Ave., N. W., Washington, D.c:
-Among other securities, the following,
Auction Sales.
not usually dealt in at the Stock Exchange, were recently sold
at auction in New York, Boston and Philadelphia:
By Messrs. Adrian H. Muller & Sons, New York:
Shares. Stocks.
100 Numa Pictures Corp.,$50 each
100 Nulma Pictures Corp., $50 each
Price.
MOO
f lot
[VoL. 116.
By Messrs. R. L. Day & Co., Boston:
Shares. Stock.
50 Lincoln Co. Trust Co
34 Bates Manufacturing Co
5 Naumkeag Steam Cotton Co_ _
% Bates Manufacturing Co
1 Androscoggin Mills
34 Lockwood Co
35 Lowell Bleachery
4 Bates Manufacturing Co
7 U.S. Worsted Co., lst pref
300 common, par $10
56 151 preferred
6-13 Lincoln Manufacturing Co
30 Bates Manufacturing Co
34 Bates Manufacturing Co
50 Milk Street Trust
Price.
234
12234
260
12234
175
63
69
121
354
06c.
3%
84
240
121
2534
Shares. Stocks.
Price.
163 Lincoln Co. Power, pref
lot $5
10 Haverhill Building Trust
25
500 Milk Street Trust
23
50 Dr.Sweets Root Beer, Inc., pref. 6
3-20 Gillette Safety Razor Co
1234
100 Olympia Theatres, corn. $10 ea. 734
25 Central Mass. Lt. & Pow.,com_ 10
33 Quincy Market Cold Storage dt •
142
Warehouse Co., corn
4 Bates Manufacturing Co
12134
Bonds.
Price.
$29,000 Needham Tire Co. 88, Feb.
1923
$10 lot
$16,000 Lincoln County Power 78,
June 1922
$425 lot
By Messrs. Wise, Hobbs & Arnold, Boston:
Shares. Stocks.
$ per oh.
IOU. S. Worsted Co., 1st pref____ 334
157
25 Wamsutta Mills
3.4 Bates Mfg. Co
121
I Ipswich Mills, common
6334
14 Worcester Cons. St. Ry., 1st pf_ 53
40 Atlantic Coast Co
234
5 Public Elec. Light Co., pref _ _ _ _ 75
40 Cense'. Cop. Mines, old stock,
5134 lot
par 55
15 Herschell Spillman Mot., pref.}
par 550
$5 on
pref.
20 do common, par $50
105-9 warrants Lawrence Gas Co_ A 9-16
18 Draper Corporation
644-34
Shares. Stocks.
$ per sh.
1 Emerson Shoe Co., 3d pref
6934
9 Merrimac Chemical Co, par $50. 9134
5 American Glue Co., pref
126
3 Cambridge Gas Light
210
2 Fisk Rubber Co., 1st pref
62
50 Liggett's Int., Ltd., pref.,par550 5134
si Flint Mills
8634
10 American Brick
244
2 °rein Desk Co., prof
10
100 Melones Mining
50c.
8 Laconia Car Co., pref
6434
12 Boston Belting Co., pref
2734
Bonds.
Per cent.
$2,000 Boston .411 Worcester RR.
44s. Aug. 1923
7734
By Messrs. Barnes & Lofland, Philadelphia:
Price.
Shares, Stocks.
225
2 Sixth National Bank
10 Girard National Bank
42134
2 Chestnut Hill Title & Trust Co.,
52
par $50
118
3 Real Estate Trust Co., pref
21 Guarantee Tr.& Safe Dep. Co...133
640
5 Philadelphia Trust Co
10 Camden Safe Deposit & Trust 110
44 Phila. W'hous'g & Cold Storage.110%
.5 Fire Assoc. of Phila., par $50......32834
25
12 Riverside Traction, pref
Shales. Stocks.
Price.
36 Riverside Traction, common__ 1534
2 Elizabeth & Trenton RR., Pref__ 36
9 Elizabeth & Trenton RR., com__ 28
4 Phila. Bourse, corn., par $50____ 1234
4 Phila. Bourse, cons., Par $50.. 124
6 Phila. Bourse, corn., par $50.._ 12h
3 Phila, Bourse, prof., Par 525
2634
1 Penna. Academy of Fine Arts,_ 25
BondsPrice.
52.000 Buffalo & Lake Erie Traction Co. 5s, 1936 (eta. of dep.)._ _ 20
DIVIDENDS.
Dividends are grouped in two separate tables. In the
first we bring together all the dividends announced the current week. Then we follow with a second table, in which
we show the dividends previously announced, but which
have not yet been paid.
The dividends announced this week are:
Name of Company.
Per
When
Cent. Payable
,
Books Clued.
Days Inclusive.
Railroads (Steam).
Atch. Topeka & Santa Fe, corn.(quar.)_ *134 Mar. 1 *Holders of rec. Jan.
134 Ian. 2
I revere ISea & Lynn (quar )__
134 Feb. 1 Holders of rec. Jan.
Pere Marquette, Pref. (guar.)
h2
Feb. 1 Holders of rec. Jan.
Prererred (acct. of accum. dly.)
134 Feb. 1 Holders of rec. Jan.
Prior preference (quar.)
*4
Feb. 20 5Holders of rec. Jan.
To.edn Sc. L.& West.,cons.& prof
26
15a
15a
154
30
Public Utilities.
1
Feb. 1 Jan. 13 to Jan. 25
Amer. Light & Traction, corn. (guar.)._
Feb. 1 Jan. 13 to Jan. 25
Common (payable in common stock). 1
14 Feb. 1 Jan. 13 to Jan. 25
Preferred (quar.)
1
Feb. 1
o dere of rec. Jan. 10
corn. (quar.)
flo'cor Hy
California-Oregon Power, pref. (quar.). 134 Jan, 25 Holders o. rec. Jan. 15a
y, Feb. 1 Ho •.ers of rec. Jan. 15
annuli P00 cc & ight, rom. (quar.)_ _
*2
Feb. 1 *Holders of rec. Jan. 13
Commonwealth-Edison (quar.)
1% far. 15 iloeler., of rec. Jan. 6
• le• ri at 11 ,111,1es Corp., pref. (quar.)
96c. Dec. 30 Holders o. roe, Be . 26a
Lancaster Co. Ry. & L., corn
14 Dec. 31 Holders of rec. Dec. 28a
Preferred (quar.)
Milwaukee Elec. Ry. 6: L., pre.. (qu.)_ *14 Jan. 31 *Holders of rec. Jan. 20
Mountain States Power, pref. (quar.)- 134 Jan. 20 Holders of rec. Des. 30a
Omaha & Council Bluffs St. Ry., pref_ _ 234 Jan. 1 Dec. 17 to Jan. 8
*SI.25 Nun% 1 *Ilo.ders of rec. Feb. 10
Pitt adeinhia to.. pref
nz Jan. 8 *Dec. 31 to Jan. 7
Philadelphia & Grays Ferry
Pub. Service Corp. of No. III., com.(qu.) *I% Feb. 1 *Holders of rec. Jan. 15
Preferred (quar.)
*I34 Feb. 1 *Hollers of rec. Jan. 15
Public Utilities Corp., pref. (quar.)---- 134 Jan. 2 Holders of refs. Dec. 15
Southern Indiana Gas & Rico., pref.(qu.) 134 Jan. 2 Holders or rec. Dee. 21
3
Jan. 2 Holders of rec. Dec. 21
Six per cent pre,erred
30c. Dec. 30 Holders of rec. Dec. 30a
United Gas At Electric Co., corn
234 Jan. 15 Holders of rec. Dec. 306
Pt eferred
50c. Jan. 25 Holders of rec. Jan. 15
York Railways, corn
6231c. Jan. 30 Holders of rec. Jan. 20
Preterred
Banks.
Harriman National
Extra
5
5
Jan. 6 Holders of rec. Jan. 4
Jan. 5 Holders of rec. Jan. 4
Trust Companies.
Mutual of Westchester Co
3
Jan. 2 Holders of roe. Dec. 30
Miscellaneous.
2
Jan. 1 Holders of rec. Dec. 20
Alabama Fuel & Iron (quar.)
2
Jan, 1 Holders of rec. Dec. 20
Extra
Feb. 15 *lie er4 of rec. Jan. 24
*51
lancers. corn. ((mar.)
e
*14 Feb. 1 *Holders ot rec. Jan. 15
American Cigar, corn. (quer.)
*2
Feb. 1 *Holders o. rec. Jan. 13
American Glue, pref. (quar.)
*Holders or rec. Dec. 29
Amer. Laundry Mach.,corn.(in com.stk) *.f50
Jan. 2 Holders of rec. Boo. 26
American Textile, Inc
$1
25c. Jan, 31 Holders o. rec. Jan. 126
Art Metal Construction, corn. (quar.)
1
Feb. 1 Holders of roc. Jan. 16
Associated Dry Goods, corn. (quar.)
I% Mar. 1 Holders of rec. Feb. 10
First preferred (quar.)
Second preserred (guar.)
134 Mar. 1 Holders ol rec. Feb. 10
Associated Simmons Hardware, pf. (qu.) 134 Jan. 1 Holders of rec. Dec. 216
134 Feb. 1 Holders of rec. Jan. 15
Atlantic Refining, pref. (quar.)
Beatrice Creamery, corn.(In corn,stock) tf76
*Holders of roe. Dec. 29
Feb. 15 *Holders of rec. Feb. 1
*4
Borden Co., common
*134 Mar. 15 *Holders of rec. Mar. 1
Preferred (guar.)
*14 June 15 *Holders of rec. June 1
Preferred (quar.)
*134 Feb. 1 *Holders of rec. Jan. 20
Brown Shoe, prei. (quar.)
Canadian Industrial Alcohol (guar.)...- 1
Jan, 15 Holders of ree. Dec. 30
Cluctt-Peabody & Co., cons. (quar.)
134 Feb. 1 Holders of rec. Jan. 20
Congoleum Co. (quar.)
*2
Jan. 15 *Holders 01 rec. Jan. 12
nT1`1 1
.
ion
Oat (quar.)
' Ian. 31
O. of rer. Jan. 16
134
Eureka Pipe Line (quar.)
3
Feb. 1 Holders of rec. Jan. 15
Exchange Buffet Corp. (quar.)
50e. Jan. 31 Holders of roc. Jan. 20a
Fajardo Sugar (quar.)
*134 Feb. 1 *Holders of rec. Jan. 6
Federal Sugar Ref., corn. (quar.)
134 Feb. 1 Holders of rec. Jan. 19a
Preferred (guar.)
134 Feb. 1 Holders of re.. Jan. 19a
Fifth Avenue Bus
16e. Feb. 15 Holders of me, Feb. 1
Fidler body Corp., corn. (quar.)
*82.50 Feb. 1 *Holders of rec. Jan. 20
Preferred Hoar.)
•154 Feb. 1 *Holders of rec. Jan. 20
General Development(quar.)
25e. Feb. 20 Holders of roc. Feb. 10a
14 Jan. 1 Dec. 24 to Dec. 31
Gray & Dudley, corn. (qear.)
Preferred (quar.)
134 Jan. 1 Dec. 24 to Dee. 31
premcstake Mining (monthly)
*50e. Jan. 25 *}folders of rm. Jan. 20
Selly-9pringheld Tire, 8% Pref.
Feb. 15 Holders of rec. Feb. 1
- 2
Feb. 15 *Holders of rec. Jan. 31
*2
h aministiqua Power (guar.)
*134 Feb. 1 *Holders of roe. Jan. 20
Wheel, pref. (quar.)
Kelsey
Jan. 15 Holders of rec. Jan. 106
2
Leasing's Incorporated (gear.)
JAN. 6 1923.]
Name of Company.
Miscellaneous (Concluded).
Miami Copper (guar.)
Morris Canal & Bkg., Consolidated
Preferred
Mullins Body Corp., pref. (guar.)
Packard Motor Car, corn. (quar.)
Phillips-Jones Corp., pref. (guar.)
Plymouth Cordage (guar.)
Regal Shoe, preferred
Philadelphia & Camden Ferry (quar.)
Salt Creek Producers (guar-)
,s
Tobacco ere cats, ,.., A (qirer.)
Turman Oil (monthly)
United Gas & Electric Engineering
U. S. Rubber. 1st 'we( (, oar )
THE CHRONICLE
Per
When
Cent. Payable.
Books Closed.
Days Inclusive.
500. Feb. 15 Holders
Feb. 6 Jan. 16
2
5
Feb. 6 Jan. 16
.2 Feb. 1 *Holders
2
Jan. 31 Holders
*1% Feb. I *Holders
13 Jan. 20 Holders
15$ Jan. 2 Dec. 21
*6
Jan. 10 *Holders
*30c. Feb. 1 *Holders
,alders
1 j Feb. 15 '
Feb. 20 *Holders
*1
Dec. 31 Holders
5
jan. 31 holders
2
of rec. Feb. la
to Feb. 5
to Feb. 5
of rec. Jan. 18
of rec. Jan. 15 ,
of rec. Jan. 20
of rec. Jan. 1
to Jan. 1
of rec. Dec. 29
of rec. Jan. 15
of ree. Jan. 31
of rec. Jan. 30
of rec. Dec. 28a
of rec. Jan. 1
Below we give the dividends announced in previous weeks
and not yet paid. This list does not include dividends
announced this week.
Name of Company.
When
Per
Cent. Payable.
Book, Closed.
Days Inclusive.
Railroads (Steam).
Alabama Great Souther, pref
Albany & Suat tieuanna (spolal)
Atch. Topeka & Santa Fe, pref
Atlantic Coast Line RR., common
Baltimore & Ohio, preferred
Canada Southern
Central RR. of N. J. (guard
Chicago Indianp.& Loulsv..common
Preferred
Chicago & North West, common
Preferred
Chic. St. P. Minn.& Omaha,common_
Preferred
Glove. Cin. Chic. & St. L., common_
Preferred (oiler.)
Cuba RR., preferred
Delaware Lackawanna & Western (qu.)
Detroit River , 11111iCI
Georgia RR.& Bkg.(guar.)
Great Northern. preferred
Illinois Central, corn. (quar.)
Preferred
Kansas City Southern, pref. (quar.)
& teal
Little Schuylkill NAV
Louisville & Nashville
Mahoning Coal BK., common
Michigan Central
Extra
New York Central RR. (guar.)
New York dr Harlem, corn. & pref
N. Y. Lackawanna & Western (guard
Norfolk & Western. adj. pref. (quar.)
Northern Central
Northern Pacific (guar.)
Northern Securities
Extra
Philadelphia & Trenton (guard
Pittsburgh & I eke Erie
Pittsburgh & West Virginia, pref.(guar.)
Reading Company, corn. (guar.)
First preferred (guar.)
Troy Union
United N.J.RR.& Canal(guar.)
33$ Feb. 16
Jan. 6
2
23$ Feb. 1
3% Jan. 10
Mar. 1
2
134 Feb. 1
Jan. 15
2
1% Jan, 10
Jan. 10
2
25$ Jan. 15
35$ Jan, 15
23$ Feb. 20
33$ Feb. 20
Jan. 20
1
14 Jan. 20
Feb. 15
3
Jan. 20
3
Jan. 15
3
Jan. 15
3
25$ Feb. 1
14 Mar. 1
Mar. 1
3
Jan. 15
1
$1.25 Jan. 15
334 Feb. 10
510 Feb. 1
Jan. 29
4
6
Jan. 29
134 Feb. 1
$2.50 Jan. 2
13j Jan. 2
El Feb. 19
Jan. 15
$2
134 Feb. 1
Jan. 10
4
Jan. 10
2
231 Jan. 10
E2.50 Feb. 1
134 Feb. 28
Feb. 8
$1
500. Jan, 11
Jan. 15
6
23$ Jan. 10
Holders of rec. Jan. 19
'Joiners of ree. Dec. 21a
Holders of rec. Dec. 29a
Holders of rec. Dec. 150
Holders of rec. Jan. 13u
Holders of rec. Dec. 29a
Holders of rec. Jan. 92
Holders of rec. Dec. 30a
Holders of rec. Dec. 30
Holders of rec. Dec. 140
Holders of rec. Dec. 14a
Holders of rec. Feb. la
Holders of rec. Feb. la
Holders of rec. Dec. 29t
Holders of rec. Dec.
,
Holders of rec. July 20a
Holders of rec. Jan. 61
Holders of rec. Jan. 8a
Jan. 1 to Jan. 14
Holders of rec. Dec. 29a
Holders of rec. Feb. 2a
Holders of rec. Feb. 2a
Holders of rec. Dec 30a
Dec. 19 to Jan. 150
Holders of rec. Jan. 152
Holders of rec. Jan. 15a
Holders of rec. Dec. 29a
Holders of rec. Dec. 29a
Dee. 30 to Jan. 24
Holders of rec. Dec. 15a
Holders of rec. Dec. 140
Holders of rec. Jan. 31a
Holders of rec. Dec. 307
Holders o. rec. Dec. 29a
Dec.'28 to Jan. 10
Dec. 28 to Jan. 10
Dec. 31 to Jan. 11
Holders of rec. Jan. 110
Holders of rec. Feb. la
Holders of rec. Jan. 16a
Holders of rec. Dec. 29a
Holders of rec. Dec. 29a
Doe. 21 to Dec. 31
Public Utilities.
All-America Cables, Inc. (guar.)
15$ Jan. 15 Holders of rec. Dec. 307
Amer. Gas & Elec., prei. (guar.)
13$ Feb. 1 Holders of rec. Jan. 15
Amer. Power & LlghL, prel
134 Jan. 2 Holders of re,. Dec. 18
American Telephone & Telegraph (guar.) 23.1 Jan. 15 Holders of reo. Dec. 20s
Quarterly
234 Apr. 16 Holders of rec. Mar.16
Quarterly
25$ fly 16 Holders of rec. June 20
Appalachian Power, Pref.(qUard (N0.1 ) 134 Jan, 15 Holders of rec. Dec. 30
Bell 'Pelee. of t. anada Omar.)
Jan. 15 Holders of rec. Dec 23
2
Boston Consol. Gas, pref
334 Feb. 1 Holders of rec. Jan. 15
Brooklyn Borough Gas, common
*2
Jan. 10 *Holders of rec. Dec. 30
Central Ills. Public Service. pref.(on.).. 134 Jan. 15 Holders of rec. Dec 30
CentralPower, prel. (guar.)
134 Jan. 16 Holders of rec. Dec. 310
15$ Jan. 15 Holders of rec. Dec. 30
Chesapeake & Potomac Telep., pf.(qu.)_
Commonwealth Power Corp., pref. (on.) 15$ Feb. 1 Holders of rec. Jan 100
Consolidated Traction of N. J
Jan, 15 Holders of rec. Dec. 30,
2
,
Detroit Edison (guar.)
Jan. 15 Holders of rec. Dec. 200
2
Dominion Pov.er & TransmiQslon, pref
35$ Jan. 15 Dec. 16 to
Dec. 31
Duquesne Light, pref. (guar.)
154 Feb. 1 Holders of rec. Jan. 1
EastBayWater(Gartland ,Cal.)pf.A (au.) 154 Jan. 15 Holders of rec. Dec. 30
Preferred class B (guar.)
15$ Jan, 15 Holders of rec. Dec. 30
Edison Elec. III. (Boston) (guar.)
3
Feb. 1 Holders or rec. Jan. 15
Electric Securities Corp.. pre.. (quar.)
134 Feb. 1 Holders of rec. Jan. 190
El Paso Electric Co.. preferred
Jan. 8 Holders of rec. Dec. 18
3
Kentucky Securities Corp., pre/ (quar.) 15$ Jan. 15 Holders of re(. Dec. 290
Laurentide Power (guar.)
15$ Jan, 15 Holders of rec. Dec. 30
Louisville Gas & Elec. of Ky., pf. (qu.). 134 Jan. 15 Holders of rec. Jan. la
Manchester Tea'.., Lt. & Pr. (guar.)
Jan. 16 Holders of rec. Jan. 2a
2
Manufacturers IA. dc lit.(P11180.)
(qu.) _ 81
Jan. 15 Holders of rec. Dec. 30u
Extra
Jan. 15 Holders of roc Dec
El
Massachusetts Ltg. Cos.6% pref.(qu.)_
15$ Jan. 15 Holders of rec. Dec. 26a
8% preferred (quar.)
2
Jan. 15 Holders of rec. Doe 264
Michigan Gas & Elec., pre/. (guard_
13$ Jan. 20 Holders of rec. Dec. 3Ia
Prior lien stock (guar.)
15$ Jan. 15 Holders of rec. Dec. 31
Monongahela Power dr Ry., pref.(guar.) 373$e Jan.
Holders of rec. Dec. 26,
,
Montreal Telegraph (guar.)
Jan. 15 Jan. 1 to Jan. 15
2
Missouri Gas & El. Serv aulor lien (qu.) 134 Jan. 15 Holders of rec. Dec. 310
Nevada-California Elec., prof
134 Jan. 30 Dec. 31 to Jan. 7
New York Telephone, pref.(guar.)
134 Jan. 15 Holders of rec. Dec. 20
Niagara Falls Power, pref. (guard
15$ Jan. 15 Holders of rec. Dec. 310
North Shore Gas, pref. (guar.)
15$ April 1 Holders of rec. Mar. 20
Preferred (guar.)
134 July 1 Holders of rec. June 20
Preferred (guar.)
134 Oct. 1 Holders of rec. Sept. 20
Northern States Power, corn. (quar.)..
Feb. 1 Holders of rec. Dec. 30
2
Preferred(guar.)
151 Jan. 20 Holders of rec. Dec. 30
Ottunrwa BY. & L.. Prof. (guar.)
134 Jan. 15 Holders of rec. Dec. 30
Pacific Gas & Electric. corn. (quar d.
134 Jan. 15 Holders of rec. Dec. 30a
Philadelphia Rapid Transit (guar.)
75c. Jan. 30 Holders of rec. Jan 15
Philadelphia & Western Ry., Prof.(qu.). (12)$0 Jan. 15 Holders of rec. Dec. 31
Public Service Co. of Quebec(guar).
134 Jan. 15 Holders of rec. Dec. 310
Puget Sound Power & Lt., corn. (au).. $1 Jan. 15 Holders of rec. Dec. 20o
154 Jan. 15 Holders of rec. Dee. 20a
Preferred(guard
134 Jan. 15 Holders of rec. Dec. 200
Prior preference (guar.)
Shawinigan Water & Power (quar.)
134 Jan. 10 Holders of rec. Dee. 22
1(4 Jan. 15 Hoiders of rec. Dee. Si
Southern '11.1111,,a 1.0*er, pref. (quar.) _ _
*134 Jan. 15 *Holders of rec. Dec. 31
Southern Wisconsin Elec., Pref. WO
*).
Texas Electric By.. corn. (guar.)
si 5,1
First and second pref. (guar.)
134 Feb. 1 Holders of rec. Jan.15a
United Light & Rye., common (guard
5$ Feb. 1 Holders of ree Jan.15.
Common (extra)
75c Jan. 15 Holders of rec. Dec. 3ua
United Gas Hunt., common (guar.). _
873$c Mar. 15 Holders of rec. Feb. 28a
Preferred (guar 1
Jan. 20 Holders of rec. Dec. 31
3
Virginia Ry.& Power, preferred
July 20 Holders of rec. Dec. 31
3
Preferred
Washington Water Pow., Spokane (au.) 154 Jan. 15 Holders of rec. Dec. 22
1
Jan. 15 Holders of rec. Dec. 22
Extra
134 Jan. 15 Holders of rec. Dec. 300
Western Power Corp.. pref. (quar.)
Western States Gas & Elec., pref. (on,). 154 Jan, 15 Holders of rec. Dec. 30
134 Jan. 15 Holders of rec. De 26a
Western Uolon etegraph (mar.)
134 Feb. 15 Holders of roe. Feb. 1
Wain Penn Co., prof. (guard
15$ Feb. 1 Holders of rec. Jan. 16
Power Co., pref. (quar.)..
West Penn
WisconsinPower & Light, pref.(guard- I•15$ Jan. 20 *Holden of rec. Dec. 31
Name of Company.
Banks.
Commonwealth
Corn Exchange (guar.)
Fire Insurance,
Continental
Fldelity-Phenix
Globe & Rutgers Fire (pay. In stock) -
51
Per
When
Cent. Payable.
5
5
$3
$3
.100
Books Closed.
Days Inclusive.
Jan. 15 Jan. 1 to Jan. 14
Feb. 1 Holders of rec. Dec. 300
Jan. 10 Holders of rec. Dec. 300
Jan. 10 Holders of rec. Dec. 30a
Miscellaneous.
Abitibi Power & Paper, corn. (quar.).__ 81
Jan. 20 Holders of rec. Jan. 100
Acme Coal Mining
2
Feb. 5 Holders of rec. Jan. 25
Air Reduction (guar.)
$1 Jan. 15 Holders of rec. Dec. 300
e ice:dry (utter.)
Jan. 16 lloi lers of rec. Dec. 28a
Allied Chemical & Dye Corp., corn.(qu.) $1
Feb. 1 Holders of rec. Jan. 152
Allis-Chalmers Mfg., Inc., pref. (quar.)_
13,4 Jan. 15 Holders of rec. Dec. 23a
Amalgamated Oil (guar.)
75e. Jan. 15 Holders of rec. Dec. 30a
Amer. Art Works,com.& pref.(guar.)._
1)$ Jan. 15
American Bank Note. common (q'tar.)
Feb. 1 ...Holders of rec. Feb. 1
.81
American Can,common (guar.)(No. I)
15$ Feb. 15 Holders of rec. Jan. 31a
AmericanCoal (quar.)
Feb. 1 "Holders of rec. Jan. 11
•51
American Ice, common (quar.)
151 Jan. 25 Holders of rec. Jan. 10a
Preferred (quar.)
154 Jan. 25 Holders of rec. Jan. 100
Amer. La France Fire Eng., corn.(quar.) 2
Feb. 15 Feb. 2 to Feb. 15
Amer. Laundry Machinery, pref. (quar.) 137' Jan. 15 Jan. 6 to Jan. 15
Amer. Rolling Mill, common (quar.)_ _ _ _
50c. Jan. 15 Holders of rec. Dec. 300
Preferred (guar.)
1% Jan. 15 Holders of rec. Dec. 30a
American Sales Book, common
Jan. 15 Holders of rec. Dec. 15
Amer.Seeding Machine,common (guar.) 1
Jan. 15 Holders of rec. Dec. 30a
Preferred (guar.)
154 Jan. 15 Holders of rec. Dec. 30a
Amer. Shipbuilding, pref. (guar.)
134 Feb. 1 Holders of rec. Jan. 15
American Shipbuilding, common (guar.) 2 . F eb. 1'23 Holders of rec. Jan. 15
Common (guar.)
2M ay 1'23 Holders of rec. Apr. 14
Common (guar.)
2A ug. 123 Holders of rec. July 14
American Steel Foundries, Coln.(quar.).
75c. Jan. 15 Holders of rec. Dee. 31a
Amer. Type Founders, corn.(quar.)..,.. 1
Jan. 15 Holders of rec. Jan. 10a
Preferred (guar.)
15$ Jan. 15 Holders of rec. Jan. 100
American Woolen,com,and pref.(guar.) 134 Jan. 15 Dec. 16 to Doe, 26
A 'lel
inert an
(interim)
23 "7
, Ian. I. ,i0,dors of coup. No. 24
Asbestos Corp. of Canada, corn.,(qu.)
1)$ Jan. 15 Holders of rec. Jan. 20
Preferred (quar.)
15$ Jan. 15 Holders of rec. Jan. 2a
Asso laced Industrials, 1st pref. (guar.). 2
Ian. 15 Hoi iers of rec. Jan. 13a
Associated Oil ((mar.)
15$ Jan. 25 Holders of res. Dec. 30a
A ttaS "rick, mei. (guar.)
bro. Li Hom (era of rec. Dec. 30a
2
All LS Powder, preferred (guar.)
13$ Feb. 1 Holders of rec. Jan. 20
ustin, Nichols & Co., pref. (quar )___
157 Feb. 1 tiunter* of rec. Jan. 15a
Babcock * Wilcox ((mar
or. 2 Holders of rec. Mar. 20
1%
Barnhart Bros& Sp1n—lst& 2d pref
15$ Feb. 1 Holders of rec. Jan. 26a
Bayuk Bros., 1st & 2d pref., (quar.).._
Jan. 15 Holders of rec. Dec. 30a
2
Jan. 15
BeachRoyalties (monthly)
2
Beacon Oil, pref. (guar.)
1 .87*$ Feb. 15 Holders of rec. Feb. 1
Beech-Nut Packing, corn.(mar.)
600. Jan, 10 Holders of rec. Dec. 30a
Beech-Nut Packing, Pref. B (guard_
1% Jan, 15 Holders of rec. Dec. 30a
British-Amer. Tobacco,ordinary
Jan. 18 Holders of coup No 93(8)
9
Jan. 18 Holders of coup No 94(8)
Ordinary (interim)
4
British Empire Steel, pref. B (quar.)...... 1% Feb. 1 Holders of rec. Jan. 130
BurnsBros., prior pre.. (guar.)
1% Feb. 1 Holders of rec. Jan. 200
Bush Terminal, common
23$ Jan, 15 Holders of rec. Jan. 815
Jan. 15 Holders of rec. Jan. 8a
3
Preferred
Canada Cement (guar.)
154 Jan. 16 Holders of rec. Dec. 31a
Jan. 15 Holders of rec. Dee. 30a
Canadian Fairbanks
-Morse, preferred...
Canadian Explosives, COM.(guar.)
154 Jan, 31 Holders of rec. Dec. 31a
Preferred (guar.)
1% Jan. 15 Holders of rec. Dec. 31.1
Feb. 15 Holders of rec. Jan. 31
Canadian Oil, corn
1
16 to Jan. 31
Inc., preferred (Oiler.)
11
4 Jan. :it Ja
Central Coal & Coke, preferred (guard- 1% Jan. 15 Holders of rec. Dec. 31a
...Ammon Mills (quar.)
Feb. 1 Dec. 8 to Dec. 14
2
,
hioago Pneumatic Tool (quar.)
Jan. 25 Holders of rec. Jan. 15a
1
Cities Service—
Common(monthly,pay.in cash scrip). *934 Feb. 1 *Holders of rec. Jan. 15
1
Common (payable in corn. stk.scrip)_ _ • yi Feb. 1 *Holders of rec. Jan. 15
Prof. and Pref. B (payable in cash)—
*34 Feb. 1 *Holders of rec. Jan. 15
Clinchtield Coal Corp.,corn.(quar.)
1% Jan. 15 Holders of rec. Jan. 8
Computing-Tabulating-Recording (qu.). $1.50 Jan. 10 Holders of rec. Dec. 22a
Jan. 15 Holders of rec. Dec.d30a
Consolidated Car-Heating (quar.)
to Jan. 20
Co ...o.ulated Royalty Oil (quar.) _____ _ _
Ian. 20 Jan Id
3
Continental Can, common (quard
75c Feb. 15 Holders of rec. Feb. 5
Continental Motors. pref. (guar.)
1% Jan. 15 Jan. 4 to Jan. 17
Corn Products Refining, common (guar.) 11$ Jan. 20 Holders of rec. Jan. 20
edn (
Jan. 20 Holders of rec. Jan. 20
3
Preferred (quar.)
114 Jan. 15 Holders of rec. Jan. 20
Dee, 30 Dec. 27 to Dec. 28
Cornell Mills (stock dividend)
e50
Cosden & Co., common (guar.)
Si Feb. 1 Holders of rec. Jan. 3a
Creamery Package Mfg.. corn.(quar.).. 500. Jan. 10 Dec. 31 to Jan. 17
1)$ Jan. 10 Dec. 31 to Jan. 17
Preferred(guar.)
Cresson Consol. Gold M.& M.(quar.)_ _ 10
fan. 10 Holders of rec. Dec. 310
4,3yi Feb. 1 'Holders of rec. Dec. 13
Cuba Company, preferred
Davis Coal & Coke
Jan. 15 Holders of rec. Dec. 30
$3
Delaware. Lack. & West. Coal (quar.).. El.25 Jan. 15 Holders of rec. Dec. 30
Detroit Motor Bus (Quiz.)
Jan. 15 *Holders of rec. Dec. 30
*2
Extra
Jan. 15 *Holders of rec. Dec. 30
*I
Dictogranti Products, pref. (quar.)
Hollers of rec. Dec. 31a
Jan.
2
Dolores Esperanza Corp. Kinard
254 Jan. 10 Dec. 31 to Jan. 9
Dome Mines, Ltd. (Quay.)
50c. Jan. 20 Holders of rec. Dec. 3011
moilnlon Coal, pref. (quar.)
13
4 Feb. 1 Ho tiers of rec. Jan. 12
Dominion Linens, Ltd., pref
3)$ Jan. 15 Holders of rec. Dec. 31
Dornie Ion Steel Corp., pref. (quar.)_ _ _
Feb. I Jan. 16 to Feb. 1
1
Dominion Textile, pref. (quar.)
134 Jan. 15 Holders of rec. Dec. 30a
du Pont(E.1.)deNem.&Co Aieb.stk.(qu
Jan. 25 Holders of rec. Jan. 100
Eagle-Pleher I.ead, preferred (guar.)._ _
134 Jan. 15 Jan. 7 to Jan. 15
Eastman Kodak, common (extra)
Mar. 1 'solders of rec. Jan. 310
Si
Equity Petroleum, pref.(guar.)
Jan. 10 *Holders of rec. Dec. 80
Famous Players-Lasky Corp., pref.(qU.) 2
Feb. 1 Holders of rec. Jan. 150
reloral Acceptance Corp., pref. (onar.)_
Ian. IS Hotders of rec. Jan. la
2
Firestone Tire & Rubber6% Pref.(gu
15$ Jan. 15 Holders of rec. Jan. 10
Seven per cent pref. (guar.)
15$ Feb. 15 Holders of rec. Feb. la
Foulds Milling, prei. (quar.)
Jan. 10 Holders of rec. Jan. la
2
General Electric, common (guar.)
Jan. 15 Holders of rec. Dec. 7a
2
Special stock
15c. Jan. 15 Holders of rec. Dec. 70
(Ita
er land Cement, preferred
Si to Jan. 15
i•tn. 15
2
Gimbel Brothers, preferred (guar.)
134 Feb. 1 Holders of rec. Jan. 150
Globe Wernicke, pref. (guard
1% Jan. 15 Holders of rec. Dec. 31a
Goodyear Tire & Rubb. of Can.34.(gti.) 15$ Jan. 10 Holders of rec. Dec. 20a
Prior preference (guar.)
15in Jan. 10 Holders of rec. Dec. 20a
ai oe 14)3 0.. 1st dr 2d pref. (guard- 31 .Ian 25 to Jan. 31
1,
34"
Hamilton Woolen
Jan, 10 Holders of rec. Dec.d30
3
Harblson-Walker Heinle., pref. (rinse.). 154 Jan. 20 Holders of rec. Jan. 100
HarrisBros., pref. (quar.)
*15$ Feb. 1 *Holders of rec. Jan. 10
Hilicrest Collieries, Conl• (guar.)
1)$ Jan. 15 Holders of roe. Dec. 300
Preferred (guar.)
1% Jan. 15 Holders of rec. Dec. 300
Hillman Coal & Coke, 1st pref.(guar).13,4 Jan. 25 Jan. 16 to Jan. 25
Second preferred (guar.)
134 Jan. 25 Jan. 16 to Jan. 25
Iti,
, rt. k (quar.)
oilers of rec. Jan. 3
1 -,
1%
Indiana Pipe Line (guar.)
$2 Feb. 15 Holders of rec. Jan. 15
internat. Harvester, corn. (guar.)
1% Jan. 15 Holders of rec. Dec. 230
(payableiinne,
ale comm( uar :: /2
m
n tol)
qo
Jan. 25 Holders of rec. Dec. 230
Internat. Mon
Conm
prof.
Holders of rec. Jan. 16a
15$ Feb.
r
Iona! Paper, preferred (quar.)
154 1,1.1. 13 Holders of rec. Jan. 8a
International Shoe, common
*75c. April 1
Jeees Bros. Tea. corn. (guar.)
Jan, 15 Holders of rec. Dec.42ea
31
Kennecott Copper Corp.(quard
750. Jan. 15 Holders of rec. Dec. 220
Kerr Lake Mines, Ltd. (guar.)
1234c. Jan. 15 Holders of rec. Jan. 20
Loew's Boston Theatres, corn. (gild
Feb. 15 Holders of rec. Feb. 1
1
Loose-Wiles Biscuit, 2d pref. (annual)... 7
Feb. 1 Holders of rec. Jan. 20a
MacAndrews & Forbes, common (guard
25$ Jan. 15 Holders of rec. Dec. 310
Common (extra)
Jan. 15 Holders of rec. Dec. 310
2
Prof.(guar.)
1)$ Jan. 15 Holders of rec. Dec. 310
MaCY (R. H.) & Co., Inc., pref.(quar.). 151 Feb. 1 H,I 'ere of rec. Jan. 130
MapleLeaf Milling, corn. (rinse.)
Jan. 18 Holders of roe. Jan. 8a
2
Preferred (quar.)
154 Jan, 18 Holders of roe. Jan. 30
Marshall Oil & Gas (guar.)
Jan. 10 Holders of rec. Dec. 30
May Department Stores. corn.(guar.)._
1% Mar. 1 Holders of roe. Feb. 15a
•
THE CHRONICLE
Name of Company.
Per
When
Cent. Payable.
Boots Closed.
Days Inclusive.
Miscellaneous (Concluded).
4
Jan. 20 Holders of rec. Dec. 2911
Mexican Petroleum, corn. (guar.)
Jan. 10 Holders of rec. Dec. 290
$2
Preferred (guar.)
Michigan Limestone Qz Chem., pf.(gu.). 1% Jan. 15 Holders of rec. Dec. 3I0
•23i Jan. 25 *Holders of rec. Jan. 15
Michigan Stamping (guar.)
Jan. 25 *Holders of rec. Jan. 15
•1
Extra
50c. Jan. 15 Holders of rec. Dec. 30
Midway Gas,common (guar.)
81.40 Jan. 15 Holders of rec. Dee. 30
Preferred (guar.)
4
tan. 15 r.olders of ne. Jan. 20
Mldwes- OIL coal.& pref.(guar.)
3710 Feb. I Holders of rec. Jan. 15
Moon Motor Car,common (guar.)
12)4c Feb. 1 Holders of rec. Jan. 15a
Common (extra)
1)/ Feb. 1 Holders of rec. Jan. 15/
Preferred (guar.)
*1 I/ Feb. 1 *Holders of rec. Jan. 20
Motor Products Corp.(guar.)
75e. Jan. 15 Holders of rec. Dec. 300
National Biscuit, new common (quar.)._
234 Jan. 15 Dec. 16 to Jan. 1
National Fuel Gas(quar.)
National Licorice, common (special)._ _ 10
Jan. 9 Holders of rec. Dec. 21
2)4 Jan. 9 Holders of rec. Jan. 3'
National Licorice, common
National Paper & Type,corn.& pf.(au.) 2
Jan. 15 Holders of rec. Dec. 30a
Jan. 15 Holders of rec. Dee. 31
New Fiction Publishing Corp., pi.(qu.). 2
Feb. 10 Holders of rec. Jan. 31
2
New Jersey Zinc (guar.)
Extra
Jan. 10 Holders of rec. Dee. 30
2
Jan. 15 Holders of rec. Dec. 13
New Orleans Cold Storage & Warehouse 5
New York Dock, preferred
234 Jan. 15 Holders of rec. Jan. Si
New York Transit
Jan. 15 Holders of rec. Dec. 6
3
New York Transportation
50c. Jan. 15 Holders of rec. Jan. 2a
Niplasing Mines(guar.)
Jan. 20 Dec. 31 to Jan. 17
3
Jan. 20 Dec. 31 to Jan. 17
Extra
3
Jan. 15 dDec. 31 to Jan. 1
Nova Scotia Steel & Coal, pref.(guar.). 2
Ohio Brass.common (guar.)
81 Jan. 15 Holders of rec. Dec. 31a
Preferred (guar.)
134 Jan. 15 Holders of roe. Dec. 31
Ohio Fuel SupPir (guar.)
21.6 Jan. 15 Holders of rec. Dec. 30a
Tan. 15 Holders of rec. Dec. 300
(2
Extra (In 4E1% Liberty bonds)
Jan, 20 Holders of rec. Dec. 261
1
Oklahoma Natural Gas
Jan. 15 Holders of rec. Dec. 300
Otis Elevator, corn. (guar.)
2
Preferred (guar.)
114 tan. 1" Holders of rec. Dec. 300
81.50 Jan. 20 Holders of rec. Dec. 15a
Pacific) 011
Pan Amer.Pet.& Transp., corn. A & B_ e20 Feb. 8 Holders of rec. Dec. 290
Jan. 20 Holders of rec. Dec. 300
Pan-Am. Petrol. Sc Trans.,cm.A&B(gu.) $2
Feb. IL Holders of rec. Feb. 5
2
Yeomans, Ltd., corn. (guar.)
1)i Feb. 1 Holders of rec. Jan. 20
Preferred (guar.)
4 fan. 15 Holders of rec. Dec. 300
2,
Pennsylvania Salt Mfg. (Qua?.)
Phila. Insulated Wire
$1.50 Feb. 1 Holders of rec. Jan. 15
50e. Feb. 1 Holders of rec. Jan. 151
Extra
Jan. 25 Holders of rec. Jan. 5a
1
Pittsburgh Coal, common
134 Jan. 25 Holders of rec. Jan. 5a
Preferred (guar.)
Jan. 20 Holders of rec. Jan. 5a
Pittsburgh Plate Glass (extra)
5
Stock dividend
630 Subj. to st'kh'rs meeting Jan. 29
0
Pitts. Term. Warehouse & Trans.(qu.). •81
Jan. 8 *Holders of rec. Dee. 31
Plymouth Cordage (stock div.)
.8100 Subj.to stkholders meet's Jan 20
Potomska Mills
Ian. 16 5/coolers of re... Dec. 1 Is
25
Prairie 011 ar Gas(guar.)
Jan, 31 Holders of roe. Dec. 301
2
Prairie Pipe Line (guar.)
'
fan. 31 Holders of rec. Dec. 27
•2
Procter & Gamble,8% pref.(quar.)---- 2
Jan. 15 Holders of rec. Dec. 23
Pullman Company (guar.)
Feb. 15 Holders of rec. Jan. 31a
2
Quaker Oats, common (guar.)
234 Jan. 15 Holders of rec. Dee. 30:
Preferred (guar.)
134 Feb. 28 Holders of rec. Feb. 1-'
Realty Associates
Jan. 16 Holders of rec. Jan. 5
3
Extra
Jan. 15 Holders of rec. Jan. 5
2
itickenbacker Motor Co.(No. 1)
Feb. 1 *Holders of rec. Dec. 30
*5
St. Joseph Lead (guar.)
250. Mar .20 Mar. 10 to Mar.20
Extra
25e. Mar.20 Mar. 10 to Mar.20
Santee Cotton Mills
Jan. 15
*5
Stock dividend
450
Securities Company
234 Jan. 15 Holders of rec. Doe. 30
Shaffer 011 & Ref., pre/.(guar.)
,
/
1) Jan. 25 Holders of rec. Dec. 30
Shell Union
common , oar.)
Jail. Ili •Oilers of re,. /eq. 2(ia
Smith (Howard )Paper Mills, corn.(qu.) 1E6 Jan. 20 Holders of rec. Jan. 100
Preferred {guar.)
Jan. 20 Holders of roe. Jan. 10a
2
Southern States Off (monthly)
Jan. 20 Holders of rec. Dec. 30.
1
Southern States 011 (payable in stock)._ s8
Jan. 20 Holders of rec. Dec. 31
Spalding(A.(1.)& Bros., corn.(guar.)_ _ $1.50 Jan. 15 Holders of rec. Jan. 6
First preferred (guar.)
13./ Mar. 1 Holders of rec. Feb. 100
Second preferred (guar.)
Mar. 1 Holders of rec. Feb. 10
2
Spanish River P. dr P. Mills, corn.(qu.). 151 Jan.
Holders of rec. Jan. 2
Preferred (guar.)
15/ lan. 15 Holders of rec. Jan. 2
Standard Underground Cable (guar.)... 3
Jan. 10 Jan. 5 to Jan. 10
Steel Co. of Canada, corn. & Prof.(au.)
134 Feb. 1 Holders of rec. Jan. 9
Stetson (J. B.) Co., corn
Jan. 15 Holders of rec. Oct. 31
•15
'
Preferred
Jan. 15 Hloiders of rec. Oct. 31
*4
Sullivan Machinery (quar.)
750. Jan. 15 Jan. 1 to Jan. 15
Superior Steel. 1st /s 21 pref. (quar.)_
2
Feb. D Holders of rec. Feb. a
Thompson (John R) Co.,com.(monthlr) 25c. Feb. 1 Holders of rec. Jan. 23a
Common fmonthiv1
25'. VIM% I trpoors of ree. Feb. 23a
Transue & Williams Steel Forg.(quar.)-- 50C. Jan. 10 Holders of rec. Dec. 3)
Truseon Steel. cornea). (guar.)
(9) Jan. 15 Holders of rec. Jail. 50
Tucketts Tobacco, pref. (qua?.)
154 Jan. 15 Holders of rec. Dec. 311
Tuckett Tobacco, cow.(guar.)
.
Jan. 15 Holders of rec. Dec.- 30
1
Turman Oil (monthly)
Jan. 211 Holders of rec. Dec. 30
1
Union Bag & Paper (guar.)
114 Jan. 15 Holders of rec. Jan. 12a
'4 fen. 1. Des'.. M to Jan. 1
Union Nertwal Gas miler.)
United Alloy Steel, corn.(quar.)
53e. Jan. 10 Holders of rec. Dec. 29i
14( Feb. 1 Holdeeh of rec. Jan. 15a
United Drug, 1st pref.(quar.)
Second preferred (guar.)
1;4 Mar, 1 Holders of rec. Feb. 15
Jan. 15 Holders of rec. Dec. 20a
2
United Fruit (guar.)
Jan. 15 Holders of rec. Dec. 20a
2
Extra
15c. Jan. 16 Holders of rec. Jan. 30
United Profit Sharing (quar.)
50c. Jan. 15 Holders of rec. Dec./30
U.S. Can,common (guar.)
1/4 Jan. 15 Holders of rec. Deo.330
Preferred(guar.)
Jan. d2 dDec. 29 to Jan. 2
5
United States Safe Deposit
U.S.Smelt.& Ref.& Min.,Prof.(au)._ 8734c Jan. 15 Holders of rec. Jan. 51
United Verde Extension Mining (qua__ 50e. Feb. I Holders of rec. Jan. 20
3J4 Jan. 1 Dec. 21 to Dec. 31
U.S.Gauge, preferred
U.S. Industrial Alcohol, pref. (guar.).- 1/./ Jan. 15 Holders of rem Dec. 300
Jan. 15 Holders of rec. Dec. 15
U.S.
TJ. Radiator, pref.(acct.accum.dim)504
4
1, vrar. 15 'folders of roe. Mar. ma
U.S. Realty er [mot. Omar )
75c. Feb. 1 Holders of rec. Jan. 15
Ventura Consolidated Oil Fields(qu.)___
Victor Talking Machine, corn.(guar.)._ *12 Jan. 15 *Holders of rec. Dec. 30
•13/ Jan. 15 *Holders of rec. Dec. 30
Preferred (guar.)
11/ Jan. 20 Holders of rec. Jan. 90
Vulcan Detinning. pref. & pref. A
•50e. Feb. 1 *Holders of rec. Jan. 20
Wahl Co., coin.(monthly)
*500. Mar. I *Holders of rec. Feb. 21
Common (monthly)
*50e. Apr. 1 *Holders of rec. Mar.22
Common (monthly)
•1/./ Apr. 1 *Holders of rec. Mar.22
Preferred (quar.)
Holders of roc. Dec. 2 ia
50..
,
Wamsutta Mills (stock dividend)
Warner (Chas.) Co. of Del., corn.(qu.) 50a. Jan. 15 Holders of rec. Dec. 31a
194 Jan. 25 Holders of rec. Dec. 310
lot & 2nd pref. (quar.)
11( Mar. 1 Holders of rec. Feb. 23a
Preferred (guar.)
Western Grocers,Ltd.(Canada),P1•01U 3- 13E Jan. 15 Jan. 1 to Jan. 5
$1 75 Jan. 31 Holders of rec. Dec. 30
Westinghouse Air Brake (guar.)
•635 Subj. to stockholders meeting.
Stock dividend
Jan. 31 Holders of rec. Dec. 29:
Westinghouse Elec. & Mfg., corn.(qu.). 81
Jan. 15 Holders of rec. Dec. 291
$1
Preferred (guar.)
1
50c. Jan. 20 Holders of rec. Dec. 31,
White Eagle 011 az Ref. (guar.)
Worlitzer(Rudolph) Co.Mar. 1 Holders of rec. Feb.19'23
2
EIghtper cent preferred (guar.)
2
June 1 Holders of roe. May 22'23
Eightper cent preferred (guar.)
Seven per cent preferred (guar.)
134 Aor. 1 Holders of rec. Mar. 22
Jan. 12 *Holders of rec. Dec. 15
*2
Wyoming Associated 011 (guar.)
•From unofficial sources. / The New York Stock Exchange has ruled that stock
will not be quoted ex-dividend on this date and not until further notice. a Transfer
books not closed for this dividend. b Less British income tax. d Correction.
e Payable In stock. /Payable in common stock. g Payable in scrip. h On
account of accumulated dividends. I Payable in Liberty or Victory Loan bonds.
J Payable In New York funds.
a Also all accrued dividends on prior oreferenee stock since Jan. 1 1922
i Payable in new Class "El" common stock.has ruled that stock will
not be quoted
.1 The New York Curb Market Association
ex-dividend on these dates and not until further notice.
received in London up to Jan. 2 will be in time to enable transferees
Transfers
to receive dividend.
(9) Dividend of 2% resAnded and a cash dividend of 134% declared instead.
[VoL. 116.
Weekly Return of New York City Clearing House
Banks and Trust Companies.
The following shows the condition of the New York City
Clearing House members for the week ending Dec. 30. The
figures for the separate banks are the averages of the daily
results. In the case of the grand totals, we also show the
actual figures of condition at the end of the week.
NEW YORK WEEKLY CLEARING HOUSE RETURNS
(Stated In rnaueanat or dollars-tear is, three ciphers (0001 omitted.)
New
Capital Profits Loans,
Week ending
Discount, Cash
in
Dec 30 1922 Nat'l, Sept.15 InvestState, Nov.15 ments. Vault.
&c.
(000 omitted.) Tr.Cos. Nov.15
Members of Fed. Res.
Bank of N Y &
Trust Co-- -- 4,000
Bk of Manharn 10,000
Mech & Met Bat 10,000
Bk of America__ 5,500
Nat City Bank. 40,000
Chem Nat Bank 4.500
500
Nat Butch & Dr
Amer Eitel: Nat 5,000
Nat Bk of Corn. 25,00
Pacific Bank... 1,00
Chat& PhenNat 10,500
Hanover Nat Bk 5,000
Corn Exchange_ 8,250
Imp /s Trad Nat 1,500
National Park.. 10,000
East River Nat_ 1,000
First National.. 10.00
Irving National 12,500
Continental Bk. 1,000
Chase National_ 20,000
500
Fifth Avenue__
400
Commonwealth.
Garfield Nat___ 1,000
Fifth National_ 1,200
Seaboard Nat.. 4,000
Coal dr Iron Nat 1,500
Bankers Tr Co_ 20.000
3.000
U S Mtge &
Guaranty Trust 25.000
Fidel-Intern Tr_ 1.500
Columbia Trust 5,0
NY Trust Co.. 10,00
Metropolitan T
2.00
5.00
Farm Loan dc T
Columbia Bank 2.00
Equitable Trust 12,00
If
with
Time Ban!
Net
Legal Demand
De- Circa.
Deposi- Deposit,. posits. latortes.
flow
Bank
Average Awes !ems
Average
11,841
12.500
17,847
4,551
50,929
16,004
214
7.846
37,778
1,701
9,310
20,529
11.553
8,927
23,757
834
47,398
11,027
92
21.787
2,430
975
1,621
1,058
6.934
1,339
25.039
4,419
17,654
1,866
8.003
17,696
3,804
15.0652.145
15,754
66,646
132,698
174,489
68.301
522,356
116.085
4.896
107.823
357,284
23.815
152,365
118.402
168,27
37.180
166.34
13,924
349.752
191.492
7,936
324,890
22,833
9,108
14,468
17.274
76.221
18,315
270,480
57.141
375,133
20.321
80,381
.
142,854
40,289
129.796
29.038
157,545
48,33
6.129-109,773 16,874
158,437 5,464 99
67,791 3,082
-*582,035 56,266 2,127
345
96,666 10,366
4,32
297
86,26
19
7,505 4,937
97
258,160 13,432
24,213
941
125,590 23,861 5,914
105,959
__
100
152.173 22,549 _ _
986
27.925
51
129,832 4,683 5.431
11,953 2,093
50
179,533 28,296 7.435
191,045 8,401 1,741
5,876
365
292,518 29.097 1.092
21,29
8,971 -111
395
13,638
31
855 249
17,037
63
1,583
73,61
820 415
12,44
*233,95 20,457
48,225 3,772
- -.382,05. 31,404
755 ---18,72
75,481 5.863
9,522
124,58
33.31. 4,15
.94,712 24,717
29,421 2,221
*201,337 12,338
822 6,727
2,723 15,695
4.898 21,25
1,759 9,08
7,664 64,55
1,314 13,351
71
633
1,56811,453
11,453
1,172 34.296
1.736 3,633
6,42 19,237
509 15,21
7,921 20,69
611 3,744
1,104 17,05
366 1,655
45 24,11
5,046 26,22
141
911
5,262 39,821
926 2.81
532 1,158
480 2,121
2,284
26
1,277 9,879
802 1,584
1.346 29.68
1,108 8,371
1,37 40.81
2,356
46
1,074 10.121
556 18,352
556 4.50
570 13,06
1,044 3,89
1,621 21,752
iverag Ape.
Total of average 279,350443,27011,562,945 65,581 520,117 c3,814,29 359,49231,634
Totals, actual c ndltion Dec. 3 4,665,500 58,942 547,37 c3,940,33 359,746 30.437
Totals, actual c ndition Dec. 234,525,097 67,459518,29:c3,766.46 360,72231,975
Totals, actuate. ndition Dec. 16 4,468,356 60,754539,79)c3,765,652 372,15 32,385
State Banks Not Members of Ferri Res've Bank
50
19,58
1,75
18,988 2,06
Greenwich Bank 1.000 2,119
2.921 2,109
44
35
5,896
877
250
Bowery Bank..
29,07 51,936
1,88
State Bank.,.. 2,500 4,684 83.630 3,57
Total of average
3,750
7,681
108,514
4,08
6,00
4,123
Totals, actuate'ndition Dec. 30 103,807 5,78
4,26
Totals, actual c ndition Dec. 23 108,463 5,91
4,56
Totals actual c /minion Dec. 16 10,3.853 5,69
Compan lea Not Memb era of Fe 4'1 Res'ye Bk.
Trust
3,691
52,045 1,46
7,500 15,066
Title ersr
L. w yG u r
924 1,536
&
6,832 25,512
it& T 4,00
51,581 54,09
51,980 54,201
51,772 53,897
50,68 53,737
34,18
15,88
924
81
11,500 21.899
77,557
2,384
5,227
50,063
1,73
Totals, actual c ndition Dec. 30
Totals, actuate'ndition Dec. 23
Totals, actual c ndition Dec. 16
77,855
78,150
76,999
2,352
2,407
2.34
5,265.343
5,201
50,401
50,384
49,65
1,888
1,737
1,723
Total of average
Or'd aggr., avg294.6lS 472.851 4,749,016 73,97 529,42 3,915,94 115,321 31,634
Comparison wit h prey. week _ _ +20,813 -1,62 +10062 +57,99 -4,05 -662
cond'n Dec. 304,852,162 67,07 556,76
Gr'd aggr.,
Comparison wl h prey. week__ +140452 -8,706+2885
Gr'd
Gr'd
Gr'd
Gr'd
Gr'd
aggr., act!cond'n
aggr., act' cond'n
cond'n
aggr.,
aggr., acticond'n
aggr., act' cond'n
Dee. 234,711,710
Dee. 16 4.652,208
Dec. 94,553,783
Dec. 24,582,896
Nov.254,573,911
75,754527,903
68,791 549,55
66,621 522,79
64,24 500,971
64,13 498.64
4,042,71 115,83 30,437
+174,096 -521-1,538
3.868,62 116,356 31,975
3,865,98'127,61!32,365
3,791,481 433,18632,159
3,858,04 134,96 32,112
3.822,61 440,57 31,971
-U. S. deposits deduc ed from net demand deposits In the general total
Note.
above were as follows: Average total Dee. 30, $2 6,786.000; actual totals. Dec. 30.
$181,890,000; Dec. 23, 8236,375,000; Dec. 16. 5136,882,000; Dec. 9, 557,029,000:
Dec. 2. 357,119,000. Bills payable, rediscounts acceptances and other liabilities.
average for the week Dec. 30, 3459,150.000; Dec. 23. $470,049,000: Dec. 16, 3501,788,000; Dec. 9, 3498.375,000; Dec. 2, 5462,929,000; actual totals, Dec. 30. 8493,859.000; Dec. 23, $448,147,000; Dec. 16, 5499,895,000; Dec. 9, 3503,707.000;
Dec. 2, $455,415,000.
•Includes deposits in foreign branches not included in total footing as follows:
National City Bank. $111,181,000: Bankers Trust Co.. $11,182,000; Guaranty Trust
Co., $81,819.000; Farmers' Loan & Trust Co.. $26,000; Equitable Trust Co.. $28,707,000. Balances carried in banks in foreign countries as reserve for such deposits
were: National City Bank, $22,654,000; Bankers Trust Co.. /1,778,000; Guaranty
Trust Co.. $7,927,000: Farmers' Loan Qz Trust Co., $25,000; Equitable Trust Co.,
$3.692,000. c Deposits In foreign branches not included.
The reserve position of the different groups of institutions
on the basis of both the averages for the week and the actual
condition at the end of the week is shown in the following two
tables:
STATEMENT OF RESERVE POSITION OF CLEARING HOUSE BANKS
AND TRUST COMPANIES.
Averages.
Reserve
Cash
Reserve
in
fa Vault. Deposttartes
Total
Reserve.
a
Reserve
Required.
Surplus
Reserve.
$
$
8
3
520,117.000 520,117,000 508,843,630 13,473,370
803.420
4.083,000 10,088,000 9,284,580
101.550
5,227,000 7,611,000 7,509.450
Total Dec. 30_ _ _ _ 8.389,000 529,427,000 537,316.000 523,437,660 14.378,340
8,167.000 519,355,000 527'2,000515,999,170 11,543,830
,
Total Dec. 23._ _ _
222,000 510.125,660 11.096.340
Total Dee. 18._ 8,053,000 513,189.000 521,
9-- 8,117,000 512.449.000:520,586,000 509,158,670 11.407.330
Total Dec.
•Not members of Federal Reserve Bank.
•This is the reserve required on net demand deposits In the ease of State banks
and trust companies, but in the case of members of the Federal Reserve Bank
Includes also amount In reserve required on net time deposits, which was as follows:
De. 30, 810,784360: Dec. 2:1, $10.914.090: Den. 16, $11,283,510; Dee. 9, S11,400.360.
Members Federal
Reserve banks_._ _
State
Trust companies....anles.__.
$
6,005.000
2,384.000
Boston Clearing House Weekly Retnrns.-In the following we furnish a summary of all the items in the Boston
Clearing House weekly statement for a series of weeks:
Actual Figures.
Cash
Reserve
in Vat.lt.
Members Federal
Reserve banks_ _
State banks
Trust companies_ _ Total Dec. 30_ _
Total Dec. 23
Total Dec.
Total Dec. 9._
53
THE CHRONICLE
JAN.6 19231
Reserve
On
Depositaries
Surplus
Reserve.
Reserve
Required.
Total
Reserve.
$
547.373,090 047,373.000 523,036,320 24,336,680
550.600
5,784.000 4,123.000 9,907,000 9,536.400
55,850
2.352,000 5,264,000 7,616,000 7,560.150
8,138,000 556,760.000 514,895,000 539,952,870
8,320.000 527.903.00'1 030.928,000 517,338.939
8.037,000 549,553,000 557,590.000 517,269,970
8,100,000 522,790,000 530,890,000 507,743,590
24,943,130
13.889.070
40,320.030
23.146,410
•Not members of Federal Reserve Bank.
b This is the reserve required on net demand deposits In the case of State banks
and trust companies, but in the case of members of the Federal Reserve Bank includes also amount of reserve required on net time deposits, which was as follows:
Dec. 30, $10,792,380; Dec. 23, 510.821.660; Dee. 16, 811.164,770; De 9, 811,327.760.
BOSTON CLEARING HOUSE MEMBERS.
Jan. 3
1922.
Dec. 20
1922.
Dec. 27
1922.
Changes from
previous week.
59.100.000 59,100.000 59.100.000
559,100,000
Capital
85,024,000 Dec. $904,000 85,928,000 85.928,000
Surplus and profits
Inc. 2,285,000 850.468.000 848.999.000
Loans, diseta & investments_ 852,753,000
Individual deposits, Incl. U.S.639,243,000 Inc. 23,492,000 615.751.000 621.236.000
132,837,000 Inc. 13,836,000 119.001.000 117,748,000
Due to banks
996,000 110,563,000 110,782.000
111,559,000 Inc.
Time deposits
14,665,000 De.. 5,105,000 19.770.000 17.819.000
United States deposits
Exchanges for Clearing House 38,625,000 Inc. 16,317,000 22,308.000 26,425.000
83,224,000 Inc. 11,079,000 72,145,000 77,050.000
Due from other banks
72.351,000 Inc. 2,383,000 69,968,000 70.339.000
Reserve In Fed. Res. Bank
.
Cash in bank and F. R. Bank 10,943,000iDet 1,581,000 12.524,000 11,729,000
Reserve excess In bank and
3.060.000
3,444,000 Inc. 1,286,000 2,158.00
Federal Reserve Bank
State Banks and Trust Companies Not in Clearing
House.
-The State Banking Department reports weekly
-The Philadelphia Clearing House
Philadelphia Banks.
figures showing the condition of State banks and trust com- return for the week ending Dec. 30, with comparative figures
parues in New York City not in the Clearing House as follows: for the two weeks preceding, is given below. Reserve
Federal Reserve System
SUMMARY OF STATE BANKS AND TRUST COMPANIES IN GREATER requirements for members of the
are 10% on demand deposits and 3% on time deposits, all
NEW YORK. NOT INCLUDED IN CLEARING HOUSE STATEMENT.
to be kept with the Federal Reserve Bank. "Cash in
(Figures Furnished by State Banking Department.)
Differences from
vaults" is not a part of legal reserve. For trust companies
previous week.
Dec. 30.
reserve
$770,480,000 1ne.$10,974,300 not members of the Federal Reserve System the
Loans and investments
265,700 required is 10% on demand deposits and includes "Reserve
4,170,100 Dec.
Gold
367.200
21,103,000 Inc.
Currency and bank notes
in vaults."
72,437,900 Inc. 3,893,900 with legal depositaries" and "Cash
Deposits with Federal Reserve Bank of New York
817,641,900 Inc. 14,748,200
Total deposits
Deposits, eliminating amounts due from reserve deWeek ending Dec. 30 1922.
positaries and from other banks and trust companies In N. Y.City exchanges and U.S. deposits 756,598,000 Inc. 19.602.900
Trust
Two Ciphers (00) emttted. Membersof
128,503.900 Inc. 4,346,100
Reserve on deposits
Total.
lr.R.System Companies
Percentage of reserve, 21%.
RESERVE.
$35,175,0 $5,000,0 $40,175,0
Capital
- Surplus and profits
-Trust Companies
State Ranks
98,983,0 14.117,0 113.103,0
868.839.700 15.48% Loans, disets & Investmls 653,833,0 42.660,0 696,493,0
•$28,921,300 17.36%
Cash in vault
5.03•/;
1,022.0 35,377.0
22,592,400
Exchanges for Clear.House 34,355,0
4.89%
Deposits in banks and trust cos_ _ _ 8.153,500
30,0 106.880.0
105.850,0
Due from banks
668.0 126,292.0
$37,074,800 22.25%
591.432,100 20.56% Bank deposits
125,624,0
Total
532.664,0 23.255.0 560.919.0
Individual deposits
566.0 21,972,0
21,40-3,0
• Includes deposits with the Federal Reserve Bank of New York, whic hfor the Time deposits
679,694.0 29,489,0 709.183.0
Total deposits
State banks and trust companies combined on Dec. 30 was $72,487,900.
16,474.0
16,474,0
U.S. deposits (not incl.).
3,295,0
3,295,0
Reeve with legal deposit's_
55,895,0
Reserve with F. R. Bank__ .55.895,0
-The Cash in vault*
1.462.0 12,942,0
11,489,0
',Banks and Trust Companies in New York City.
4,756,0 72.131.0
averages of the New York City Clearing House banks and Total reserve and cash held 67,375,0 4,208,0 59,342.0
55.134,0
Reserve required
trust companies combined with those for the State banks Excess res.& cash In vault. 12,241.0 2.011,0 14.202.0
and trust companies in Greater New York City outside of
the Clearing House are as follows:
COMBINED RESULTS OF BANKS AND TRUST COMPANIES IN
GREATER NEW YORK.
00O00bO.1bO01bObO1
8888H8888888888
000,10
$
4,566,272,800
4.615,836,300
4.640,919,500
4.634,695.500
4,649.378,900
4.628,334.800
4.699.067,600
4,650,020,500
4,623,416,200
4.573,740,400
4,569.953,000
4.561,418,100
4,592,129.500
4,542,829,600
4.545,721.000
4,594,948,100
4.733.584.900
ow.—cmoo.w000com
m.—oo.—oczo
mw.r.o.cowa.vo,
a
;
CJOUOZZZZUPPTIIT
$
5,297.744.400
5,297,309,200
5.338,205.100
5,317.017,500
5,326,359,700
5,305.281.600
5,397,918.900
5,402.995.200
5,394,373,600
5,348,725,300
5,331,639,900
5,314,685,500
5,327,903,200
5,309.488,800
4,798,475,400
5,523.709,500
5.510.4911.000
t4... Nb.2. WN
N.
WO.OWL1102.40W=t0
RagP;MArrrrItliTil
Demand
Deposits.
5COM0000O000000O000000O00
OW.00.40...4WCOOWWQW
*Total Cash
in Vaults.
Loans and
Investments.
Reserve in
Depositaries.
$
616.544.100
625.919,600
680,815.100
616.428.800
624.721.000
623,563,900
642.922.400
616,226,400
623,119,700
614.915,700
617,659,300
613.970.60(
612,086.200
609,280,700
609.293,500
618,154,201
632.127.301
•This Rem includes gold, silver, lega tenders, national bank and Federal Reserve
notes.
New York City Non-Member Banks and Trust Coinpanies.-The following are the returns to the Clearing House
by clearing non-member institutions and which are not included in the "Clearing House Returns" in the foregoing:
RETURN OF NON-MEMBER INSTITUTIONS OF NEW YORK CLEARING
HOUSE.
(8gateel 1,1 thousamir of dollars-that is, three ciphers (0001 omitted.)
CLEARING
NON-MEMBE
Week ending
Dec. 30 1922.
Net Loans
Net
a
Capfloil Profits. DO.counts. Cash
with 'email
DeLegal
in
Nat.bke8ept.1 DiosgStatebksNovltlments, Vault. Deposi posits.
&e.
tortes.
Tr.oos.Sept.1
Members of
.
'
Fed Res. Bank.
Battery Park Nat_
W.R.Grace& Co__
Total
Nall
Net
21mo Beak
De- C1 r c u.
posits. lotion.
$
1,50
5001
Average Average Aver
Average Averag Average
$
$
$
$
$
5
$
198
497
8,015
1,21. 11,441
168 1,180
1,35: 5,746
1,339 8,438
425
24
2,000
2,559 19,879
192
1,605
Not Me mbers of Fed. Res've Bank.
State Banks
2001
329 5,391
Bank of Wash.1Its.
296
732
8004 1,879 18,555 2,501 1,325
Colonial Bag. 1.0001 2,208 23,946
3,232
9,373
4,931
19,55:
8,24
198
799
1,621
24,488
799
Trust Companies lot M others of Fed. Res've Bank.
2001667 8,923
Mecia.Tr.,Bayonne
379
131
3.273
5,493
__ _ -
3,273
5,493
-- --
Total
667 8,923
37t
-5.43 52.748 3.803
Grand aggregate_ 3,20
Comparison with p reviou week _. +22 +114
Gr'd aggr. Dec. 23 3.200 5,435 52,726 3,689
Grid agar. Dec. 16 3.2001 5,435 55,494 3.797
Grid agar. Dec. 9 3,200 5,29' 56,6221 3.791
'oe 2 3.2004 5.211 58,5871 3.551
fled mar D
Total
2001
131
3,357 a37,134 12,53
-152
+172 -6
3,509
3,682
3.827
3.71.
a38.962
a37,550
a38,034,
.34201
12,601
14,93
16,35:
14.030
a U. S. deposits deducted, $332.000.
Bills payable, reilscounts, acceptances and calm liabilities, $2,011,033
Excess reserve. $28,240 decrease.
- ---
198
-I-1
197
198
__...
Dec. 23
1922.
Dee 16
1922.
340,175,0
113,056,0
700.914,0
30,575.0
100,498,0
122,199,0
553.958.0
21,626,0
697,783,0
2,965,0
3,077.0
54,619.0
13,829,0
71,525,0
58.673,0
14,369,0
540.175,0
113.056,0
691.985,0
29.219.0
99,062,0
115.688,0
555.843,0
21,689,0
693.220,0
11.985,0
3.582,0
54.827,0
13,833.0
71.742.0
58,822,0
14,467,0
•Cash in vault not counted as reserve for Federal Reserve members.
Condition of the Federal Reserve Bank of New York.
-The following shows the condition of the Federal Reserve
Bank of New York at the close of business Jan. 4 1923 in
comparison with the previous week and the corresponding
date last year:
J7s. 3 1923. Dec. 27 1922. Jan. 4 1922.
ResourcesGold and gold oertilleatee
Gold settlement fund-F.It. Board--
S
117,647,650
198.388,959
121.730,078
186,672,461
$
285,782,000
116,339,000
Total gold held by bank
Gold with Federal Reserve Agent
Gold redemption fund
316,034.609
658.892,328
9,588,020
308,402.546
709,059,023
10,919.170
402,121.000
652,910,000
15,000,000
Total gold reserves
Legal tender notes. sliver. eke
984,514,958 1,028,380,739 1.070,031,000
49,014,000
27,601,720
29,055,079
1,013,570,037 1,055,982.460 1,119,045,000
Total reserves
.Non-reserve rash
11,029,883
Bills discounted: Secured by U. S. Gov-for members-. 169.694.810 125.487,1013 153,604,000
ernment obligations
40,699.000
19,323.449
15,888,805
All other-For members
58,066,000
45,789,221
51,793.573
Bills bought In open market
237,330,189
Total bills on hand
U. S. bonds and notes
44,163,450
U. S. certificates of Indebtedness
-One-year certificates (Pittman Act)..
All other
77,205.000
190,599,777
41,493,750
0
257.369.00
2,284.000
3,000.000
72.193,000
35,400,000
60,291,000
Total earning assets
Bank premises
5% redemp. fund agst. F.R.bank notes
Uncollected items
All other resource/
307,285,527
10,760.289
149,060
154,328,185
2,174.247
355,344,000
6.648.000
1,603,000
139,478,000
1,611,000
358,748,639
10,100,582
178.108,214
2.088,301
0
1.574,145.639 1,530,680,769 1,621,729.00
Total resources
Liabilities
Capital paid in
Surplus
Deposits:
Government
Member banks
-Reserve amountAll other
28.688.450
59,799.523
28,688.450
60,197,127
27,114,000
60,197,000
241,010
741.929,357
12,284,305
979,265
707.105,576
12,251.169
16,907,000
713,943,000
16,715.000
Total deposits
754,454,673
F. R. notes in actual circulation
597,350,378
F. R. bank notes In drone's-net liability
Deferred availability Items
131,992,299
All other liabilities
1.860.314
720.330,011
599,001,354
2,450.200
113,477,363
0,530.263
747,565,000
663.073,000
20,516,000
102.342.000
2,922,000
Total liabilities
1.574,145,639 1,530,680,769 1,623,729.000
Ratio of total reserves to deposit and
F. R. note liabilities combined
75.0%
Contingent liability on Mils purchased
for foreign correspondents
12,130,376
•Not shown separately prior to January 1923.
80.0%
12,638,556
79.3%
12,047,621
CURRENT NOTICES.
-J. A. Slate has retired from the firm of Hallgarten & Co. as of January
1st, and announcement is made that he and Norris B. Henrotin, formerly
manager of the bond department of Hallgarten & Co.. are forming a new
firm for the transaction of a general banking and investment business.
-Parker, Robinson & Co. are offering a block of Louisiana & Northwest
Railroad Co. first mortgage 5% gold bonds, which are due April 1 1935
and are non-callable, yielding approximately 7.90%.
-Eldredge & Co. announce that Robert F. Hawkins has been admitted
as a partner in their firm.
54
[VOL. 116.
THE CHRONICLE
WEEKLY RETURN OF THE FEDERAL RESERVE BOARD.
Thefollowing is the return issued by the Federal Reserve Board Thursday afternoon, Jan. 4, and showing the condition
of the twelve Reserve Banks at the close of business on Wednesday. In the first table we present the results for the system
LB a whole in comparison with the figures for the seven preceding weeks and with those of the corresponding week last year.
The second table shows the resources and liabilities separately for each of the twelve banks. The Federal Reserve Agents'
Accounts (third table following) gives details regarding transactions in Federal Reserve notes between the Comptroller and
Reserve Agents and between the latter and Federal Reserve banks. The Reserve Board's comment upon the return for the latest
week appears on page 15 being the first item in our department of "Current Events and Discussions."
COMBINED RESOURCES AND LIABILITIES OF THE FEDERAL RESERVE BANKS AT THE CLOSE OP BUSINESS
JAN. 3 1923.
Jan. 3 1923 Dec. 27 1922. Dec. 20 1922. Dec. 13 1922. Dec. 6 1922. Nov. 29 1922. Nov. 22 1922. Nov. 15 1922. Jan. 4 1922.
RESOURCES.
Gold and gold certificates
Gold settlement, F. R.Board
$
272,504,000
550,126,000
Total gold held by banks
Gold with Federal Reserve agents
Gold redemption fund
Total gold reserves
Legal tender notes, sliver. &c
$
273,825,000
509,580,000
s
291,081.000
582,494,000
$
304,810,000
596,851,000
$
293,094,000
016,574,000
$
303.219,000
644,959,000
$
289.750,000
651,862,000
s
276,414,000
651,930,000
s
377,675,000
507,836,000
822,630,000 783,405,000 873.575.000 901,661,000 914,668,000 948.178,000 941.612,000 928,344,000 885,511,000
2,165,627,000 2,198,846,000 2.117,688,000 2.103,069,000 2,045.210.000 2.048.084,000 2.077.582,000 2,078,901,000 1,902,912,000
61,191,000
56.493,000
58,188,000
54,647,000
85,914,000
76,596,000
86,875,000
66,603,000
69,131,000
3,049,451,000 3,040,439,000 3,045,910.000 3,061,223,000 3.045.792,000 3,072,858,000 3,048.325,000 3,073,848,000 2,875,298.000
' 113,442,000 108,398,600 110.799,000 123,665,000 127.189.000 129,952,000 130,358,000 130,912,000 134,304,000
Total reserves
3,162,893,000 3,148,837,000 3,156,709,000 3,184,888,000 3,172,981,000 3,202,810.000 3.213,683,000 3,204.760.000 3,009,802,000
*Non-reserve cash
94,442,000
Bills discounted'
'
Secured by U.S. Govt. obligations__ 351,433,000 316,495,000 314,851,000 344,793,000 374,409,000 315,280.000 307,976,000 330.285,000 477,455,000
All other
270,162.000 313,390,000 300,707,000 314,965,000 330,536,000 334,816.000 306,215,000 322,520,000 635,111,000
Bills bought in open market
255,182.000 246,293,000 251,728,000 262,572,0110 266,827.000 259,226,000 257,405,000 260,894,000 126,865,000
882,827,000
182,315,000
876,178,000
179,192,000
867,286,000
174.958,000
922,330,000
170,020,000
971,772,000
169,413,000
909,322,000
162,336,000
371,596,000
151,731,000
913,699,000 1,239,432,000
48,675,000
171.732,000
274,239,000
39.000
Total bills on hand
U. S. bonds and notes
13. S. certificates of indebtedness:
One-year certificates (Pittman Act)All other
Municipal warrants
12,000,000
266691,000
40,000
14,000,000
242,282,000
26,000
18,500,000
118,718,000
34,000
21,500,000
120,889.000
26.000
23,500.000
118,625.000
24,000
28,500.000
114.888.000
27.000
31,500.000
122,482.000
27,000
113,000,000
69,435,000
379,000
Total earning meta
1,339,420,000 1,334,101,000 1,298,552,000 1,229,602.000 1,283.600.000 1.213,807,000 1,166.742,000 1,239.440,000 1,470,921,000
Bank premises
45,281,000
47,227,000
47,181,000 46,455,000
35,305,000
46,204,000
46,282,000
46,394,000
45,650.000
5% redemp.fund agst. F. R. bank notes
2,097,000
2,680,000
2,625,000
2,520,000
2,780,000
7,926,000
3,535,000
3,410,000
3.130.000
Uncollected items
770,070,000 757,500,000 759,392,000 709,289,000 660,119.000 599,806,000 884,519,000 821,132,000 638,462,000
All other resources
15,506.000
15,729,000
14,840,000
14,001,000
15,226,000
15,379,000
15,050,000
14.605.000 15 056,000
Total resources
5,429,709,000 5,305,411,000 5,279,299,000 5,188,643,000 5,181.253,000 5,080,905,000 5,134,163.0005.329.573,000 5,176,417,000
LIABILITIES.
Capital paid In
Surplus
Deposits—Government
Member banks—reserve account
All other
107,450.000 107,256,000 107,261.000 107,244,000 107,265,000 107.207.000 106.495.000 106.448.000 103,203,000
218,369,000 215.398,000 215,398,000 215.398,000 215,398,000 215.398.000 215.398.000 215.398.000 215,523,000
23.136,000
6,630,000
46,976,000
6.715,000
7,809,000
33.449,000
68,307,000
45,198,000
07,252,000
1,942,749,000 1,861,281,000 1,840,205,000 1,817,744,000 1,843.601,000 1,807,631,000 1,529,069.000 1,859,652,000 1,731,374,000
75,394,000
20,230.600
35,039,000
19.527,000
29,457,000
31,165.000
19,143.000
22,606,000
20,721.000
Total
2,024,773,000 1,900,255,000 1,881,959.000 1,861.110.000 1,910.104,000 1,860,223,000 1,894,988.00011,939.510.000 1,829,138,000
P.R.notes in actual circulation
2,411,058,000 2,464,121,000 2,456,711.000 2.379,185.000 2,361.222.000 2,329.814,000 2,299,391.000 2,321.219,000 2,405,316,000
F.R.bank notes in circulation—net nab.
2,947,000
12,499,000
10,632,000
19.259,000
16,497.000
20,868.000
29,313,000
26,220.000
83,830,000
Deferred availability items_
,
655,532,000 578,502,000 676,997,000 580,883,000 540.233,000 520,497.000 564,794,000 691,406.000 523,293,000
All other liabilities
9,580,000
28,326,000
28,474,000
27,772,000
16,064,000
29,247,000
26,279,000
26,898,000 26.875,000
Total liabilities
5,429,709,000 5,305,411,000 5.279,299,000 5,188,643,000 5,181,253,000 5.080.905,000 5,134,163,000 5,329.573.000 5,176,417,000
Ratio of gold reserves to deposit and
F. R. note liabilities combined
68.7%
72.1%
69.6%
70.2%
67.9%
73.3%
71.7%
73.6%
72.1%
Ratio of total reserves to deposit and
F. R. note liabilities combined
7L3%
72.1%
74.3%
75.1%
71.1%
72.3%
75.2%
76.7%
76.4%
s.
Distribution by Maturities—
1-15 days bill bought in open market.
1-15 days bills discounted
1-15 days U.S. certif. of indebtedness1-15 days municipal warrants
16
-30 days bills bought in open market_
16-30 days bills discounted
16-30 days U. S. certif. of indebtedness.
16-30 days municipal warrants
31-60 days bills bought in open market31-60 days bills discounted
31-60 days U. S. certif. of indebtedness.
31-60 days municipal warrants
31-90 days bills bought in open market.
31-90 days bills discounted
31-90 days U. B. certif. of indebtedness_
31-90 days municipal warrants
Over 90 days bills bought in open market
Over 90 days bills discounted
Over 90 days certif of indebtedness
Dver 90 days municipal warrants
Federal Reserve Notes
-Outstanding
Held by banks
3
97,524,000
443,297,000
100,385,000
26,000
45,049,000
43,826,000
68,309.000
61,399,000
6,000
37,180,000
49,550,000
66,616,000
6,000
7,120,000
29,573,000
107,238,000
1,000
$
83,210,000
436,465,000
103,595,000
14,000
50,737,000
48,609,000
$
72,811.000
419,329,000
76,670.000
s
18,000
69,056,000
63,372,000
76.000
8,000
33,083.000
50,059,000
62,670.000
65,693,000
49,405,000
500.000
26
70,654.000
66,519,000
73,985,000
462,861.000
225.000
8,000
58,344,000
54,663.000
1,720,000
26.000
78.029,000
65,992,000
34,461,000
48,794,000
62,383,000
5,207,000
31,380.000
112,350,000
8,109,000
31,511,000
113,729,000
$
$
71,874,000 60,451,000
499,882,000 445,401.000
2,258,000
3,484,000
$
$
61,797,000
418,318,000
2,471,000
66,127,000
444.241,000
1.933,000
53,195,000
58,631.000
720,000
44,747,000
56,419,000
1,007.000
42,7.4.000
50,636.000
507.000
42.040,000
62,840.000
1,086,000
45,649,000
45,942.000
76,000
83,830,000
69,028.000
1,000,000
26,000
47,247,000
48.689,000
576,000
88.869,000
73,103,000
1,720,000
24.000
47,121,000
45,218.000
76,000
92,365.000
74,105.000
4,220,000
27,000
49.383,000
42,694,000
76.000
87.143.000
77,989,000
5,720,000
24,000
52,642,000
41,492,000
8.246,000
30,619,000
135.197,000
10,681,000
28,715,000
137.835,000
18,038,000
29,955,000
135,835,000
11,127,000
28,318,000
138,114,000
3.000
12,942.000
26.244,000
145.243,000
$
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
14,000
60,693,000
133,041,000
2,810,254,000 2,835,092,000 2,818,805,000 2,775,320,000 2,730,882,000 2.718,471.000 2,694,644,000 2,699,633,000 2,786,114,000
399,196,000 370,971.000 362,094,000 398,135,000 369,660,000 388,657,000 395,253,000 373.414,000 380,798,000
In actual circulation
2,411,058,000 2,464,121,000 2.456.711,000 2,379,185,000 2,361,222,000 2,329.814.000 2,299.391,000 2,321,219.000 2,405,316,000
Amount chargeable to Fed. Res. Agent 3,683,657,000 3,679,260,000 3,666,113,000 3,640,536,000 3,606.113,000 3,609,182,000 3,583,482,000 3,561,781.000 3,631,389.000
In bands of Federal Reserve Agent
873,403,000 844,168,000 847.308,000 865.216,000 875,231,000 890,711,000 888,838,000 862,148,000 845,275,000
Issued to Federal Reserve banks
How Secured—
By gold and gold certificates
By eligible paper
3old redemption fund
Nith Federal Reserve Board
2,810,254,000 2,835,092,000 2,818,805,000 2,775.320,000 2.730,882,000 2.718,471,000 2.694,844,0002.699,633,000 2,786,114,000
353,462,000 353,657,000 316,292,000 346,292,000 346,292,000 346.317,000 376,317,000 376.367,000 349,012,000
644.627,000 636,246,000 701,117,000 672,251,000 685,872,000 670.387,000 617.062,000 620,732,000 883,202,000
130,431,000 133,090,000 137,454,000 131,365,000 131,716,000 131,560,000 128,489,0(10 126,490,000 120,962,000
1,681,734,000 1,712.099.000 1,633,942,000 1,625,412.000 1,567,202,000 1,570.207,000 1,572.776.000 1,576,038,000 1,432,938,000
Total
2,810,254,000 2,835,092.000 2,818.805,000 2,775,320.000 2,730.882.000 2,718,471,000 2,694,644,000 2.699.633,000 2,786,114,000
Eligible paper delivered to F. II, Agent_ 850,750,030
Not shown separately prior to January 1923.
836,933,000
832.130,000
887.347,000
924,788.000
867.683,000
835.535.000
878,995.000 1,195,183,000
WEEKLY STATEMENT OF RESOURCES AND LIABILITIES OF EACH OF THE 13 FEDERAL RESERVE BANKS AT CLOSE OF BUSINESS JAN. 3 1923
Two ciphers (OW onitiled•
Federcd Reserve Bank of
--
Boston.
New York.
Phila.
Cleveland Richmond Atlanta. Chicago. St. Louis. Minneap. Kan.City. Dallas. San Fran
Total.
Total gold reserves
218.105,0
Legal tender notes, silver, Oro---. 8,782.0
$
$
$
$
5
5
$
$
$
.5
$
$
117,648,0 19,601,0 13,349,0 6,861,0 5,635.0 51,088.0 2,796,0 7,514,0 2,689,0 10,114,0 19,035,0 272,504,0
198,337.0 23,005,0 65,848,0 22,090,0 18,549,0 58,636,0 28,675,0 24.541,0 30,963,0 8,779,0 37,288,0 550.126,0
—
316,035,0 42,606,0 79,197,0 23,951,0 24,184,0 109,724.0 31,471,0 32,055,0 33,652,0 18,913,0 56,323,0 822,630,0
658,892,0 180,438,0 192,314,0 63,359.0 108,568,0 411,802,0 75,492,0 46,372,0 51,655,0 19,684,0 108,523,0 2,165,627,0
9,583,0 7,565,0 6,195,0 4,872,0 2,097,0 '5,010,0 2,734,0 3,323.0 2,476,0 1,600,0 5,676,0
61,194,0
—
984,515,0 230,609.0 277,706,0 97,182,0 134,849,0 526,536,0 109,697,0 81,750,0 87.783,0 40,197,0 260,522,0 3,049,451,0
29,055,0 15,379,0 6,287,0 8,436.0 4,631,0 20.859,0 9,012,0
587,0 2,739,0 4,632.0 3,043,0 113.442,0
Total reserves
Non-reserve cash
Bills discounted: secured
U. S. Gorr obligations
Other bills discounted
Bills bought in open market
20,885,0
30,775,0
23,627,0
169.695,0 38,033,0 24,339,0 19,824.0 1,764,0 31,246,0 13,182,0 2,413,0 15,978,0 1,074.0 13.050,0
15,889,0 10,010.0 24,704,0 29,659,0 26,687,0 46,545.0 13,487,0 18,838,0 18,755,0 13,352,0 27,461,0
51,976.0 21.910,0 50.065,0
1.519.0 10.897,0 16,098,0 12,778,0
402,0 25,132.0 40,958,0
351,483,0
276,162,0
255,182.0
Total bills on hand
75.287,0
U.S. bonds and notes
6,312,0
U. S. certificates of indebtedness- 34,494,0
Municipal warrants
237,380,0 69,953,0 99,103.0 51.002,0 39,343,0 93,389,0 39,447,0 21,251,0 35,135,0 39,558.0 81.469,0
313,0 7,633,0 16.765,0 11,816,0 27,528,0 2,629.0 27,617,0
44,164,0 24.350.0 11,897.0 1,291,0
77,205,0 9,750,0 36,862,0 5,000,0 9,031,0 49,162,0 7.781,0 5,495,0 17,630,0 10,679,0 11,150,0
39,0
382,827,0
132,315,0
274,239,0
39,0
RESOURCES.
$
Gold and gold certificates
16,174.0
Gold settlement fund—F. R. B'd 33,345,0
-Total gold held by banks
49,519,0
Gold with F. R. agents
158,528,0
Gold redemption fund
10,058,0
Total earning assets
by
226,887.0 1,013,570,0 245,988,0 283,993,0 105,618,0 139,480,0 547,395,0 118,709,0 82,337,0 90,552,0 44,829,0 263,565.0 3,162,893,0
11,530,0 2,737,0 8,555,0 3.707,0 9,536,0 12,341,0 5,931,0 2,209,0 4,974,0 4,200,0 16,199,0
12,523,0
94,442,0
116.1)93.6
358.740.0 104.053.0 147.867.0 57.293.0 48.692.0 150.684.0 63.993.0 38.601.0 80.203.0 52.866.0 120.236.0 1.339.420.0
55
THE CHRONICLE
JAN.6 1923.]
RESOURCES kconctuctea)Tiro ciphers (001 omitted.
BO8t011.
$
4,434,0
Bank premises
6% redemption fund against Fed422,0
eral Reserve bank notes
72,660,0
Uncollected Items
319,0
AU other resources
Cleveland Richmond Atlanta. Chicago. St. Louts. Mfnneap. Kan.City
Phila.
New York.
3
640,0
S
10,100,0
$
1,950,0
S
2,617,0
$
7,005,0
$
943,0
3
3
911,0
8,288,0
Total.
Dallas. San Fran.
$
1,937,0
3
4.702,0
S
45.281,0
II
1,744,0
2,007,0
146.0
200.0
196,0
665,0
468,0
50,259,0 32,165,0 44,111,0 770,070,0
178,108.0 68,074.0 82,604,0 59,600,0 25.928,0 93,929.0 44,073,0 13,559,0
15,506,0
1,919.0 4,656.0
1,844,0 1,077.0
683,0 1,015,0
289.0
635,0
589,6
392.0
2,088,0
234,632,0 144,689,0 232,027,0 138,062,0 150,511.0 5,429,709,0
433,338,0 1,574,145,0 421,884,0 530,613,0 229,470,0 226,353.0 813,985,0
Total resources
LIABILITIES.
4,623,0 4.195,0 7,736,0 107,450,0
28,688,0 9,327,0 11,712.0 5,597,0 4.310,0 14,778.0 4,829,0 3,535,0 9,488.0 7,496,0 15,263,0 218,359,0
8,120,0
Capital Paid In
59,800,0 18,749,0 23,495,0 11,288.0 8,942.0 30,398,0 9,665.0 7,473,0
16,312,0
6,630,0
191,0 1,038.0
408,0
Ourplus
436,0
224.0
319,0 1,528,0
833,0
765,0
574,0
241,0
73,0
Deposits: Government
62,850.0 59,062,0 269.917,0 78,171,0 50,948,0 84,968.0 52.192.0 138.499,0 1,942,749,0
75,394.0
Member bank-reserve acc3._ 127,649,0 741,929.0 114,912,0 161,643.0
518,0 5,848,0 2,172.0 2.364,0 4,835.0 11,600,0 2,087.0 4,309.0
12.285,0 5,739,0 14,062,0
9,575.0
All other
56,219,0 96,976,0 54.470,0 143,846,0 2,024.773,0
137.297,0 754,455.0 121,225,0 176,470,0 64,210,0 65,229,0 273,617.0 80,759,0 59,539,0 70,328.0 386
595.0 244,187,0 2,411.058,0
Total deposits
242,859,0 98,499,0 126,325,0 419,333.0 93,918,0
P. R. notes In actual circulation_ 207,208,0 597,350,0 212,917,0
F. R. bank notes in circulation
.
)
0
7
0
net liability
.
03(
74,855,0 44,745,0 17,108.0 4;;(177,d 31, Z,g 38,535,0 6a.T2',1
64.319,0 131,992,0 59,408,0 75,292,0 49,460,0 20.897.0
9,580,0
944.0
1,438,0
Deferred liability items
432,0
815,0
716,0
650,0 1,004,0
416.0
785.0
258,0
1,860,0
262,0
All other liabilities
813,985,0 234,632,0 144,689,0 232,027.0 138.062,0 450.511.0 5,429,709,0
433,338,0 1,574,145,0 421,884.0 530,613.0 229,470.0 226.353,0
Total liabilities
Memoranda.
Ratio of total reserves to deposit
71.3
67.9
and F. R. note liabilities com48.2
54.1
71.1
68.0
79.0
72.8
64.9
67.7
73.6
75.0
65.9
bined, per cent
33.890.
,
1 54. 0
664 n
stain
Contingent liability on bills purnoon
1 996 0 4. n49 0 1 617 n
1 666 n
:
,o ,or, o Oman 0 ei n
chased for foreign correspondt*s
0
AT CLOSE OF BUSINESS JANUARY 3 1923.
STATEMENT OF FEDERAL RESERVE AGENTS ACCOUNTS
Boston. New York Phila.
Federal Reserve Agent al-
$
(In Thousands of Dollars)
Resources80,700
Federal Reserve notes on hand
228,115
Federal Reserve notes outstanding
Collateral security for Federal Reserve notes outstanding
15,300
Gold and gold certificates
15,228
Gold redemption fund
128,000
Board
Gold fund-Federal Reserve
69.587
Eligible paperfAmount required
5,700
(Excess amount held
Cleve. Richm'd Atlanta Chicago. St.Louis Minn. R.C1ty. Dallas. Ban F.
Total.
S
$
$
S
S
398.690 48,920 31,340 27,260 78,249
779,558 241,806 273,911 111,358 132,238
S
3
5
S
5
$
S
83,760 22,740 10.310 20,000 17,904 53,470 873,403
467,497 114.157 63,213 78,231 42.433 277.737 2,810,254
_
2.400
283,184 7,000 13,275
34,708 12,549 14,039 3,564 6,168
341,000 160,889 165,000 59,795 100.000
120,666 61,368 81,597 47,999 23.670
91,095 5.846 16,115 2,151 15,616
_
. _ 353,462
7.471
__ _
11,786 13,052
4,295 2,713 15,477 130.431
1,32C
16,158 4,212
9,500 183,046 1,681,734
395,644 59,500 32,000 47,360
55,095 38,665 16,841 26.576 22,749 79,214 644,627
2,177 206,123
782 3,360 8,551 16,561
38,161
011.1216,706.034
542,630 2,048,901 538,378 595.277 252,127 358,341 1,056,915 251,836 140,096 185,081 119,331
Total
- ------Liabilities
Net amount of Federal Reserve notes received from 308,815 1,178,248 290,726 305,251 138.618 210,487 551,257 136,897 73,523 98,291 00,337 331,207 3.683,657
2,165,627
Comptroller of the Currency
158,528 658,892 180,438 92.314 63,359 108.568 411,802 75,492 46,372 51,655 19,684 198,523 850,750
4)0llateral received from Gold
93,856 39,447 20.201 35,135 39,310 81,391
75,287 211,761 67,214 97,712 50,150 39,286
Federal Reserve Bank(Eligible Paper
6.700,034
542,630 2,048,901 538.378 595,277 252,127 358,341 1,056,915 251,836 140,096 165.081 119.331 611.121
Total
2,810,254
228.115 779,558 241,806 273,911 111,358 132,238 467.497 114,157 63,213 78.231 42.433 277,737 '399,196
:Federal Reserve notes outstanding
48,164 20,239 3,674 7,903 3.838 33.550
20.907 182.208 28.889 31.052 12,859 5,913
.
3ederal Reserve netts held by banks
I
.
Federal Reserve notes In actual circulation
•
.
WEEKLY RETURN FOR THE MEMBER BANKS OF THE FEDERAL RESERVE SYSTEM. and
resources
is the weekly statement issued by the Federal Reserve Board, giving the principal items of the
Following
are always a week behind those
liabilities of the 784 member banks,from which weekly returns are obtained. These figures
Definitions of the different items in the statement were given in the statement of Oot. 18
for the Reserve Banks themselves.
Reserve Board upon the figures for the latest
1917, published in the "Chronicle" Dec. 29 1917, page 2523. The comment of the
and Discussions" on page 15.
week appear in our Department of "Current Events
District at close of business December 27 1922.
1. Data for all reporting member banks In each Federal Reserve
Federal Reserve District.
Boston. New York PI:11(We. Cleveland. Iitchm'd
84
Three ciphers (000) omitted.
Atlanta. Chicago. SI. Louis. Affnneap. Kan. City
41
78
109
Dallas. San Fran
37
30
79
52
66
Total.
782
Number of reporting banks
Loans and discounts, Including bills
rediscounted with F. R. Bank:
Secured by U.S. Govt. obligations
Secured by stocks and bonds
All other loans and discounts
104
56
$
$
95,117
16,821
248,141 1,715,780
565,271 2.239.802
S
19,841
245.145
327,432
5
31.987
379,144
644,843
$
12,621
123,231
323,478
S
3
S
19,933
46,458
7,700
57,098 539.093 140,621
335,033 1,023,649 297,447
3
8,001
45,309
194,077
S
10,733
74,507
364,059
3
4,702
52,063
211,100
3
S
290,261
16,347
154,593 3,774,775
737,750 7,263,941
Total loans and discounts
D.S. bonds
U.S. Victory Notes
17.8. Treasury notes
V. B. Certificates of Indebtedness
Other bonds, stocks and securities
830.233 4,050,69£
100.718 592,249
8,377
110
27,570 453,094
5.134 124,526
171,120 757,335
592,418 1,055,974
63,080 175,008
1,679
537
47,385
40,745
14,976
7,098
182,679 293,444
459,380
135,367
463
7,343
3,745
54,946
399,831 1,609.20' 458,001
50.263
30,587 142,342
1,464
2.807
1,183
18,615
6,096 119,271
5,572
30,782
8,145
88,234
35.645 432,776
247,387
29,262
283
11,728
6,039
28,889
449,299
62,941
1.274
18.774
7,038
60,239
267,865
34,520
881
15,562
6,867
8,955
908,690 11,328,977
138.670 1,485,007
3,982
23,040
802,696
36.493
237,956
18.034
159,833 2.274.145
886.557 1,588,466
70,333 103,017
38,078
20,001
698,089 858,189
58,857 562,241
36.492
29,969
591,264
35,833
16,575
335,679
145,619
9,983
481,487 2,337,178 622,149
43,052
34,814 196,355
9.784
68.037
11,714
271,316 1,467,033 365.572
161,595 744,470 179,379
11,915
50,032
11,749
323,588 599,615
47,911
22,123
13.990
7.205
207,652 445.741
84,326 123,436
8,054
6,333
15,163
20
16,899
650
46
.
Total loans & disc ts & investmq8,
Incl. bills rediscM with F.R. Bk _ 1,134,885 5,986,280
85,017 639,948
Reserve balance with F. R. Bank
22,591 114,683
Cash In vault
813,832 4,904,010
Net demand deposits
237,567 764,230
`Time deposits
21,696 246,246
Government deposits
Bills payable with F. R. Bank:
10,503 101,663
Secured by U.S. Govt. obligations
All other
31118 rediscounted with F. R. Bank:
371
100
Secured by U.S. Govt. obligations
13 551
36 520
All other
17,378
237
o nsn
in
90
17
308
175
334,650 1,265,702 16,151.821
90,294 1,393,755
25,058
358,449
24,617
11,174
235,044 653,263 11,255,425
70.527 576.219 3,708,466
471,209
25,278
13,462
14,887
9,793
1,013
8,082
300
8,650
177
204,610
847
190
229
901
93 195
74
00311
270(1
107
0845
2
2.330
25
12 516
1,643
162.471
279
in
reporting banks
2. Data of reporting member banks In Federal Reserve Bank and branch cities and all other
New York City.
Three ciphers (000) omitted.
City Of Chicago.
Dec. 27. Dec. 20. Dec. 27. Dec. 20.
All F. R. Bank Cities. F. It. Branch Cities AllOtherReport.Bka.
Dec. 27.
Total.
Dec. 20. Dec. 27. Dec. 20. Dec. 27. Dec. 20. Dec.2722 Dec.2022. Dec .2821.
806
782
782
311
311
209
209
262
262
Number of reporting banks
50
6354
63
Loans and discounts Incl. bills redis3
$
$
3
3
S
5
5
5
counted with F. R. Bank:
$
$
5
5
512,520
287,157
290.261
41.255
41,433
50,193
51.010
195.709
197,818
Loans sec. by 13.8. Govt. 0141g'
37,002
37,49
85,602
85,090
3.165,431
Loans secured by Kock s & bonds.. 1,544,413 1,502.352 408,47
411,929 2,773,958 2.730,332 544,217 533,440 456,600 451,060 3,774.775 3,714,832 7,542,233
7.263,941 7,279,570
All other loans and discounts_ _ _ _ 1,949,2051,981,903 629,277 614,964 4,449,842 4,452,748 1,480,513 1,494,238 1,333,586 1,332.584
11.220,234
Total loans and discounts
3 579,220 3,549,345 1,075,246 1,063,895 7,421,618 7,378.7892,075,741 2,077,871 1,831,619 1,824,899 11.328,977 11,281,559
950,270
832,001
826,296 353,212 359,463 299,794 299.865 1,485.007 1,485,624
55,392
59,29.
U. B. bonds
497,331 494,524
170,639
24,536
23,040
3,735
4,271
6.214
5,794
14,587
notes
12,975
2,429
1,394
7,245
7,238
U. S. Victory
125,559
*810,211
802,696
63,606
62,843
625,206 •637,906 114,647 108.699
85,353
80,654
431.610 *434,016
U. B. Treasury notes
222,855
237,956 .241,86
10,883
19.022
172,246 .174,114
48,866
46,688
21,692
certificates of Indebtedness
20,911
*120,256
118,863
U. S.
429,102 429,456 2.274.145 2.272,643 2.090,025
637,603
Other bonds, stocks and securities._ 555.838 560,894 193,538 139.035 1,206,59 1.205,584 638,44
Total loans & disc*te & invest•t8 14,779,582
.tod with F. R. 13k. 5,190,107 5,166,273 1.431.0381,417,846 10,270,645 10.237,276 3,234,525 3.238,716 2,646,651 2,640,444 16,151,821 16,116,436 1,267,107
Incl. bills redisc
999,39' 1.002,192 231,065 224,821 163,300 157,584 1.393,755 1.344,597
590,913 588,054 141,011 144,546
Reserve balance with F. R. Rank
339,799
344.81
358,449
87,629
88,594
198,268
71.252
71,590
185,933
-:
35.596
8.498
vault
90.351
40.543
Cash In
10,174,437
4.402,658 4,360,530 1,008,717 1,011,973 7,787,181 7.745,415 1,034,240 1,805,519 1,634,004 1,635,262 11,255.425 11,1813,190 2,998,213
Net demand deP08116
530,110 527,549 361,276 357.860 1,792.777 1.775,833 1,138,312 1,135,547 777,377 775,780 3,708,466 3,687,160
Time deposits
257,073
511,368
471,209
38,563
34,788
358,727
71,978
77,694
400.827
33.626
235,958 260,944
30,347
Government deposits
Bills payable with F. R. Ban:
258,6513
201,691
204.81
27,535
32,845
119,754
53,103
52,011
121,053
1,950
75,475
3,015
82,060
U.S. Govt.obligations_
Seed by
2,302
647
847
520
170
127
677
All other
Bills rediscounted with F. R. Bank:
34,320
1,554
1.643
247
251
491
585
807
816
114
371
obligations
112
Seed by U.S. Govt.
146,78' 402.537
162,475
35,941
35,788
91,843
36,441
34,844
74,407
5,130
6.118
11,636
4,072
All other
Ratio of bills payable & rediscounts
with F. R. Bank to total loans
09
4.7
09
94
Or.
95
07
10
2.1
.5
in
1.7
1.0
and investments. ner cent
• Revised figures.
56
THE CHRONICLE
Vankers' Criazetit
TRANSACTIONS AT THE NEW YORK STOCK EXCHANGE
DAILY. WEEKLY AND YEARLY.
Wall Street, Friday Night, Jan. 5 1923.
Railroad and Miscellaneous Stocks.
-In Wall Street
as elsewhere a good deal of interest has centered during the
last week or more in the Premiers' Conference at Paris.
Hope was strong before and at the opening of the Conference that an agreement would be reached in favor of some
modification of the reparation demands against Germany.
Soon after the Conference opened, however, it became apparent that any agreement was doubtful and on Thursday
announcement came over the cables that the Conference
had broken up without accomplishing its object.
The stock market was generally strong during the early
part of the week and on Thursday,morning practically every
active issue was on a higher level than at the close last
week. But on the announcement mentioned above the
tone of the market changed, causing a reaction which carried
a long list of shares down from 1 to 3M points and the volume of business up to 1,338,400 shares, making it the most
active market since the middle of November. This movement was not continued to-day, however. While there
was hesitancy and irregularity during the early hours, prices
became steady or strong around noon and in many cases a
part or all of Thursday's decline has been recovered. The
bond market, moreover, has been relatively steady throughout the week, and where prices have yielded at all, the decline
is generally unimportant. The foreign exchanges have, of
course, been sensitive to over-seas development but there
has been no precipitious decline in the market therefor.
The following are sales made at the Stock Exchange this
week of shares not represented in our detailed list on the
pages which follow:
STOCKS.
Week ending Jan. 5.
Sales
for
Week.
Range for Week.
Lowest.
highest.
Range for peer 1922.
Lowest.
[Vol,. 116.
Highest.
Week ending
Jan. 5 1923.
Stocks.
Shares.
Saturday
Monday
Tuesday
Wednesday
Thursday
Friday
Total
Sates at
New York Stock
Rzehange.
569,876 $45,728,000
874,470
911,721
1,338,408
884,000
&Hiram',
le.c.,
Bonds.
Par Value.
68,571,500
81,229,500
99,072,000
68,980,000
State. Man.
and Foreign
Bonds.
U. S.
Bonds.
93 718,000 51,295,000 35,301,600
HOLIDAY
5345,000 1,888,000 5,237.000
6 569,000 2,029,500 2,820,350
7 230,500 2,004,000 3,589,150
6 202,000 1,790,000 2,851,000
4 578,475 5363.581.000 529.064.500 39,006,500 519,599,100
Week ending Jtn. 5.
1923.
1922.
Stocks
-No. shares_ _ _
4,578,475
3,564,647
Par value
3363,581,000 3297.803.800
Bonds.
Government bonds... 319,599,100 337,377,000
State, mun.,&c., bonds
9.006,500
6,236,000
RR.and misc. bonds
29.064,500 26,689,600
Total bonds
313,679.100 370.302.630
Jan. 1 to Jan. 5.
1923.
1922.
4,008,599
6317,843,000
3,564,647
3297,803,802
520,001,500
7,711,500
14,297,500
337,377,000.
6,236,000
26,689,602
842,010.500
870.302.600
DAILY TRANSACTIONS AT THE BOSTON,
PHILADELPHIA AND
BALTIMORE EXCHANGES.
Week ending
Jot. 5 1923.
Saturday
Monday
Tuesday
Wednesday
Thursday
Friday
Boston
Philadelphia
Baltimore
Shores. Bond Sales Shares. Bond Sales Shares.
Bond Sales
13,609
12,100
5,305
35,000
415
26,000
NEW YEAR'S HOLIDAY
27,517
60,800
9.046
26,300
951
36,400
33,060
90,900
6,024
83,800
2,784
31,700
27,525
48,850
8,901
65,600
1,300
29,00o
42.379
23,000
7,046
53,000
1,644
66,300
Total
144,090
235,650
36,322
263,700
7,093
189,400
Prey, week revised 111,776
198,000
46,344
296,246
4.447
184.800
•In addItion there were sales of rights: Tuesday. 19,087.
Wedneeday, 16,884,
Daily Record of U. S. BMW Prices. Dec. 30 Jan. 1 Jan. 2 Jan. 3
Jan. 4 Jan. 5
First Liberty Loan
(High 100.26
101.06 101.00 101.30 101.20
804% bonds of 1932-47._ i Low. 100.92
100.94 100.94 100.96 101.10
(First 3448)
(Close 101.00
100.94 101.00 101.26 101.16
Total sales In $1,000
.
956
522
504
473
422
Converted 4% bonds of 11115tb
units_---1932-47 (First 4s).---I Low- --98
.90
(Close
___ _
Total sales in $1,000 units. .
____
2
Converted 434% bondsfIligh 99.08
91.10 siiii siiiii 90.00
of 1932-47 (First 44(0i Low_
98.76
99.00 98.92 98.96 08.92
(Close 99.06
99.00 98.96 99.04 99.00
Total sales in $1,000 anus...
72
41
56
83
44
Second Converted 4%% f 11 I ls 99.00
bonds of 1932-47 (Firs% Low. 99.00
Second 44(s)
(Close 99.00
Total sales in $1,000 units...
10
s
Second Liberty Loan
(High 98.28
---- 9 - 6 vIii 98.34
.•
8
.
4% bonds of 1927-42_ _ __ I Low. 98.26
____
98.30 98.30 98.22
(Second 48)
(Clone 98.28
____
98.30 98.36 98.34
Total sales in $1,000 units. 1
3
3
3
Converted 43-4% bondailligh
98.54
91.iio 98.48 98.50 98.42
of 1927-42 (Second (1.0w. 98.40
98.40 98.34 98.36 98.34
4145)
(Close 98.54
98.40 98.44 98.46 98.40
Total sales in 81.000 units. .
795 HOLI- 10,31
524
562
440
Third Liberty Loan
(High 99.04 DAY
99.02 99.09 99.04 08.96
434% bonds of 1928._..‘Low. 98.92
98.00 98.88 98.96 08.90
(Third 44(s)
(Close 98.98
98.90 98.90 98.96 98.92
Total sates in $1,000 units_ .
183
562
362
623
432
Fourth Liberty Loan
'High 08.94
99.00 98.90 98.99 98.84
434% bonds of 1933-38 I Low_ 98.80
98.84 98.76 98.82 98.74
(Fourth 434*)
(Close 98.94
98.84 98.78 98.82 98.82
Total sales in $1,000 units_ _
1,091
1,009
468
705
896
Victory Liberty Loan
(High 100.38
100.32 100.30 100.26 100.28
434% notes of 1922-23„{Low. 100.34
100.26 100.24 100.24 100.24
(Victory 434s)
(Close 100.34
100.26 100.24 100.26 100.28
Total sales in 41,000 Units...
39
1,691
101
537
248
Treasury
(Mls
99.94
99.96 100.00 100.00 100.00
444s, 1947-62
(Low. 99.92
99.94 99.92 99.96 99.96
(Close 99.94
99.94 100.(1) 99.96 100.00
Total sales in $1.000 units__
128
140
533
488
316
Par. Shares
per share.
per share. $ per share per share.
Railroads
Bangor & Aroos pref..100
200 92% Jan 2 9334 Jan 5 44
Dec 46
Ches & Ohio pre_ _ _ _10C 1,000 10236 Jan 5 10234 Jan 4 100% Dec 105% Nov
C St P M &0 pref_ _ _100
100 99% Dec 30 9936 Dec 31 83
Feb 107 Sept
Illinois Central pref
400 11414 Jan 2 115 Jan 4 10414 June 116
Oct
Interboro Rap Tram (w 1) 1,600 19 Dec 30 20% Jan 2 18
Nov 3116 Aug
Int & Gt No Ry(WI) 100 600 22 Jan 2 23% Jan 3 21.76 Dec
2631 June
ManRyEqTrCo ofNY c 1,400 38% Dec 30 3934 Jan 5 38
Dec 5516 Aug
Michigan Central_ _ _100
350 Jan 4 350 Jan 4 120
Feb 330
Dec
M St P3eSSM pref_ 10(
100 85 Jan 4 85 Jan 4 70 June 94% Sept
M K & pref full paid_ 1,10C 30% Jan 5 3116 Jan 7 30
Nov 39% Dec
Nat Rys Mex 1st pref 10C
800 634 Jan4
714 Jan 2 6% Dec 19
Aug
N Y Lack & West__ _10(
IC 100 Jan 2 100. Jan 2 99%
Oct
De( 102
Pitts Ft W & Ch pf_10(
10 129 Jan 3 129 Jan 2 128
Dec 128
Dec
Tol St L& W Series B _
300 64% Jan
66 Jan r 2236 Jan 6771 Dec
Preferred Series B_ _ _ 2,300 55 Jan 3 57% Dec 3 33 Feb 5
8% Sepal
Industrial & Miscell
Am Metal temp etfs.__. 13,50C 51% Dec 30 54 Jan t 44 Sep1
5341 Dec
Am Teleg & Cable_ _10(
50 59 Dec 30 89 Dec 3C 54
Yet 70
Mar
AmWholesaleCorppf 10(
700 9314 Jan 2 95 Jan 4 86
Oel 05
Jan
Art Metal Construc'n_1(
100 16 Jan 5 16 Jan
15
Feb 16%
Am Metal tern ctf pf_10(
Aug
400 115 Jan 3115% Jan 1 107
Aug 115
Dec
Assets Realization_ _ __I(
200 1
Jan 2 1
Jan
% Dec 2% July
AtiFruitCoITCoctfordel
400 1% Dec 30 134 Jan 4
116 De 2% July
Atlas Powder
10C
1OG 155 Jan 4 155 Jan 4 120
Apr 164
Oct
Preferred
10C 90 Jan
90 Jan 1
Beech-Nut Packing__ _2( 11,401 51 Jan 2 54% Jan 4 824 Jun( 9474 Oct
487 Dec 5544 Dec
Beth Steel pref now._101) 800 95 Dec 30 96 Jan
Nov 101
Oct
Booth Fisheries 1st pf100 70( 30 1Jan 2 34 Jan 4 94
Dec 48
30
Burns Bros pref
100
30( 10436 Jan 4 10536 Dec 31 94 • Feb 10514 Aug
Coca-Cola pref
100
200 92% Jan 4 93 Jan 4 93% Dec 93% Dec
Dec
Commercial Solv A._ _ _• 600 43 Jan 4 4334 Jan 3 43
De( 50
Oct
Conley Tin Foil
• 1,600 18% Jan 5 19 Jan
1331 Nov 18%
Consol Gas w 1
•54.600 60 Jan 2 6231 Jan 1 5736 Dec 62% Dec
Dec
Rights
2,471 2 Dec 30 214 Dec 3(
I% De( 2% Dec
Continental Can w L._ _ 79,300 43% Jan 2 4614 Jan 5
Continental Motors_ _ _• 6,500 10% Dec 30 1116 Jan f 10% Der
18)6 Dec
Cosden & Co pref
50C 10016 Dec 30 101% Jan 4 95% July 10216 Sept
Deere & Co pref
10(
400 73 Jan 4 73 Jan 4 61
Note.
-The above table includes only sales of coupon
Feb 80 May
Emerson-Brant pref_100 1,000 26 Jan
28 Jan 3 23
Feb 4434 July bonds. Transactions in registered bonds were:
Exchange Buffet
• 500 26 Jan 4 27 Jan 3 26
Dec 31% Oct
64 1st 314s
100.76 to 101.501 136 414s
Fifth Ave Bus w I
•12,900 9 Jan 3 10% Dec 30 8% Dec 10% Dec
98.8000 98.80.
17 1st 4%s
98.60 to 98.90 287 4th 434s
Fisher Body Corp pf.100
100 116 Jan 5 116 Jan
98.66 to 98.90
Jar
Nov
21 2d 4341)
08.28(0 98.70 53 Victory 434s
Gen Am Tk Car7% Pf100 901 100% Jan 4 101% Jan 2 100% Jun 112
500.0000 100.013
96
105% Oct
General Baking Co_ __ _• 400 73 Jan
Foreign Exchange.
Dec 168
170 Jan 5
-Sterling exchange ruled quiet and
Nov
General Electric Spl__10 2,400 1134 Jan. 31 12 Jan 2 66
10% Oct 12 Sept
Gimbel Brothers
• 800 4034 Dec 30 4234 Jan 5 384( Oct 4514 Oct easier, though with unimportant changes. The Continental
Preferred
100 1,300 9634 Dec 30 9716 Jan 5 93% Nov 102% Oct exchanges were irregular and also tended lower,
with French
Goldwyn Pictures
•13,100 43-4 Dec 30 636 Jan 5 4% Dec 18% Oct
and German currencies conspicuous for weakness.
Guantanamo sugar, pref
100 99 Jan 599 Jan 5 95% Nov se
Nov
Hartman Corp
100 200 8316 Jan 4 8331 Jan 4 81
To-day's (Friday's) actual rates for sterling were 4 617404
Nov 103
Mar
623-4 for
Hudson Motor Car_ __ _• 5,200 2636 Jan 5 2734 Jan
2 1974 Nov 27% Dec sixty days, 4 6404 65 for checks and 4 6434104 6534 for cables. Com'
Ingersoll-Rand, pref_ 100
mercial on banks, sight, 4 6394(8
10 104 Dec 3010431 Dec 30 10316
146494; sixty days. 4 6104 62: ninety
Jones & Laug, pt, w 1_100 1,700 10736 Dec 3010731 Dec 30 10731 Nov 104% Dec days, 4 605 s04 61%, and documents for payment (sixty
/
Dec 109% Dec
days) 4 61340
Kresge(3 3) Co, pref.100
100117 Jan 3117 Jan 3 106
Jan 110% Dec 4 62%. Cotton for payment, 46331(81 46431. and grain or payment
Ligg&MyersTobSerB100
i00210 Jan 52i0 Jan
100
Jan 220 Sept 4 633404 6434.
Loose-Wiles Biscuit
To-day's (Friday's) actual rates for Paris bankers' francs
800 513-4 Jan 4 5434 Jan
36
Jan 65% Oct
wore 6.850
R H Macy
1,300 6134 Dec 30 6234 Jan 4 59
Nov 62
Dec 7.05 for long and 6.8807.08 for short. Germany bankers'
Preferred
100 6 112 Dec 3011334 Jan 4 110% Dec 11016 Dec yet quoted for long and short bills. Amsterdam bankers' marks are not
guilders werearw onnd 3d.46 669 0l werk ra.ge,
long a Lon9 n. 3 9 ; foe etortn
• 2,800 3134 Dec 30, 3231 Jan 3 27
0 0 .
Magma Conner
6
Dec 35% Sept
Moon Motors
5°39 3 at P
e
8,700 1834 Dec 30; 1931 Jan 5 13
Aug 1916 Dec 392xchani 0 for
62.60 high and 66.90
Mother Lode Coal
0,700 11
Dec 30 1136 Jan 3 9% Nov 1234 Dec low.
Nash Motors Co
The range for foreign exchange for the week follows:
3,100 70 Dec 30 110 Jan 3 70
Dec625
Dec
Preferred A
Sterling. Actual800 99 Jan 2 100 Jan 4
SixtyDays.
Checks,
Cables
Nat Bk of Commerce.100
8208 Jan 3299 Dec 30 264
Jan 304
Dec High for the week
4 534
Nat Cloak & Suit, pf_100
100102 Jan 2 102 Jan 2 69
4 6134
Jan 102
4 631i
Dec Low for the week
4 6334
NY Air Drake "A"__ _ _• 1,200 4734 Dec 30
Paris Bankers' Francs
4831 Jan 4 155.4 Nov 5031 Oct
Packard
1096,400 1031 Jan 3 1134 Jan 4 10
High for the week
7.40
Dec 21
7.45
7.46
Preferred
100 500 93 Jan 3 9334 Jan 1 91 34 Dec 93% Nov Low for the week
6.85
Dec
6.90
6.91
Phila.6% pref
50 300 43 Jan 2 433-4 Jan 5 41
Germany Bankers' Marks
Nov 4336 Nov
Pittsburgh Steel, prof 100 200 93 Jan 4 9331 Jan 3 85
Ma 97% Oct High for the week
0.0142
0614 5.
0 011
. 2
P S Corp MN J, pref_100 300106 Dec 301067-4 Jan 5 75
Oct 10634 Dec Low for the week
0.0115
Prod & Ref Corp, pref_50
Amsterdam Bankers' Guilders
1001 4734 Jan 4 4734 Jan 4 36
Mar 49 Sept
Reis (Robt) St Co
• 6001 16 Jan 5 1631 Jan ., 816 Jan 21
High for the week
39.30
Apr
39.66
39.75
Reynolds SpringCo.' 4.4001 2134 Dee 30 25 Jan 2 12
D for the
Nov 5034 June Lowomesuc
38.98
39.34
Shell Union 011
•15,6511 1231 Dec 30 13 Jan 3 12
Exchange.-Chicago,we k
par. St.
Dec 1334 Dec
15025c. per $1,000
Preferred
100 8001 92 Jan 2 9231 Jan 5 90
discount. Boston, par. San Francisco, par. Louis,
Dec
Montreal, $5 00 per 31.000.
Sinclair Cons 011, pf_100 1,3001 9831 Doc 30 99 Jan 4 974 Sept 96% Sept discount. Cincinnati, par.
102
Oct
So Porto Rico Bug, pf.100 3001 93 Jan 2 93 Jan 2 1
231 Jan 96
July Quotations for U. S. Treas. Ctfs.
Spalding, let pref_ _ _100
100105 Jan 4 105 Jan 4
of Indebtedness, &c..
Sterling Prod rights
1,000 2 Jan 2 24 Dee 30 194 Dccl 234
am.
Dec
Ia.
Tex Pas Land Trust_100
6300 Jan 3300 Jan 3 :300
Maturity.
Rate. Bid. Asked.
Ma11420
Maturity.
Dec
Rate. Bid. Asked.
Tidewater 011
100 700420 Jan 212431 Dec 30 10931 Ma 154
Oct
Timken Roller BearIng_. 7,9001 33 Dec 30, 363-4 Jan 3 2834 Septl 35
June 151924... 544% 10154 102
Oct
Mar. 161923... 474% 100
10034
Underwood Typew'r_ 100
100136 Jan 3,136 Jan 310731
Jan1l3634 Dec Sept. 15 1924- 634% 10134 10174 June 151923... 834% 995.4 100
US Red&Imp etre full pd 2,700102 Dec 301105 Jan 2 101
Dec 101
Dec Mar.15 1925.- 454% 10054 10036 Dec. 15192.5... 04% 9954
9934
Va-Carolina Chem B____
425 169-4 Jan 41 17 Dec 30 14
161928..-454% 10054 10014 Sept.16 1923-- 334% 9954 100
NovI 2531 Aug Mar.
• 1,600 61
Van Raalte
Jan 51 64 Jan 3 5731 Oct 6731 Nov
RIME tis 1926- 441%
99
994f
WestElec7%CUPL1I1 1,800 11234 Jan 2114 Jan 5.107
D 11334 Dec
West'h N & Mfg, lst pf I
400 73 Jan
74 Jan 4 6231 Sept)75
The Curb Market.
-The review of the Curb Market is:
Aug
•No par value.
given this week on page 48.
New York Stock Exchange-Stock Record, Daily, Weekly and Yearly
57
OCCUPYING FOUR PAGES
For safes during the week of stocks usually inactive, see preceding page.
-PER SHARE. NOT PER CENT.
HIGH AND LOW SALE PRICE
Saturday.
Dec. 30.
Monday,
Jan. 1.
Tuesday.
Jan. 2.
Wednesday. Thursday,
Jan. 3.
Jan. 4.
Friday,
Jan. 5.
Sales
for
the
Week.
STOCKS
NEW YORK STOCK
EXCHANGE
PER SHARE
liTrage for year 1922.
On basis of 100
-Share lots
Lowest
Highest
PER SHARE
Range for
Year 1921
Lowest
Highest
Railroads
Par $ per share $ per share $ per share $ per share
$ Per share $ per shaer $ per share S per share 5 per share S vet share Shares I
4
Ann Arbor
100 10 Jan 3 24 Aug 30
8 Mar 123 Feb
*14
18
*14
18
*14
18
*14
16
*14
20
Preferred
100 277 Jan 26 52 Aug 25
20
Apr 3214 Dee
3
34
4
500
*3212 35
34
*3213 34
333 333
4
•3213 38
7718 June 94 Dec
4
10114 10188 10118 10113 4,300 Atch Topeka & Santa Fe 100 913 Jan 3 1044Sept 14
102 1028 10134 102
102 10214
8
Do pref
100 845 Jan 3 9512 Aug 21
7512 Jan 88 Nov.
8
89
894 89
893
4 8912 893
4 897 89% 3,000
8912 903
4
712 Jan,
1 Dec
54 Apr 17
112 15
3 Jan 14
4
17
8 1%
8 1,900 Atlanta Birm & Atiantic 100
1'2 112 *1,
2 15
*14 2
8
77 Apr91 Nov
100 83 Jan 9 1247 Sept 11
8
114 11413 114 114 1
114
114 114
60 Atlantic Coast Line RR
11413 11413
10
30% Mar 42% May'
423 4318 4213 4278 42
4
425
8 42
4314 13,20 Baltimore & Ohio
334 Jan 27 6014 Aug 21
41% 423
8
,
Do pref
100 4212 Jan 11 6614 Aug 23
47 Mar 568 Noy
5812 5812 59
700
5912 595 595 *59
8
8
193
4
58 4 58%
3
4
73 Oct 4
494ec 723 MarDecD
100 50 Jan
*60
70
62
100 Buffalo Roth & Pitts
62
*60
70
*133
70
*60
65
8
100
6 Dec 147 Jan.
16
16
8,100 Brooklyn Rapid Transit
6 Jan 4 29 June 30
1614 1513
141, 153
3 145 15
8
155 1314
3
Certificates of deposit
Jan
8June 30
312 Sept 10
123 13
4
5 8 Jan 11 247
5
125 12% 1114 121 *11% 1214 4,80(1
8
1278 13
,
100 11918 Jan 6 1515 Aug 31 101 June 123 2 Nov
7
14458 14458 144 144781 14258 144131 143 144
7,400 Canadian Pacific
8
14438 144%
Central RR of NJ
100 184 Mar 31 245 Oct 23 186 Oct 209 Mar
*210 230 *215 230 *215 230 *218 230
*215 229
100 54 Jan 10 79 Aug 21
48 June 651i May
8 9,400 Chesapeake & Ohio
71
713
8 703 71
8
7114 713
3
4
4
707 72 I 715 743
4Ma7 26
100
13 Jan 24 123
4
4 Nov
*218 214 *2
214 28s1
83 Jan
4
214 214
214
258 212 2.4001 Chicago & Alton
Preferred
618 Dec 12 Apr
100
7
35
8 35
8
700
34 Jan 25 20 8May 25
312 312 *314 3341
4
4
*34 33
*314 33
2
8001 Chick East Ill RR (new)
1214 Jan 211 43 4 Aug 21
3
1312 Dec 167 Nov
28% 283
*28
2912 27
29
4
2718 27181 *28
27
Do pref
*54
58
50
314 Jan 25 6412 Aug 22
3312 Dec 37 Was
•54
57
53 4 533 5152
3
4
50 1 *5212 5313
918 May
4May 27
614 Dec
4
4 14
458 458
414
414
414 458
4% 4% 3,601) Chicago Great Western___100
33 Dec 29 103
4
Do pref
834 9%
100
7 Dec 20 2412May 29
14 June 207 May
4
9
914
9
914
9
9 13
9
918 2,000
Jan
23
23%
9,100 Chicago Milw & St Paul 100 174 Jan 9 3658 Aug 22
1714 Dec 31
2314 235
2314 22
23
8 2318 23% 22
10(1 29 Jan 10 5514 Sept 11
3413 354
294 Dec 46q Jan.
Do Pre!
343 355
4
3 345 3518 33
3
, 33
7
3414 3558 13,500
Jan
7912 81
5,500 Chicago dr North Western_100 59 Jan 9 9518 Sept 11
81
807 81
8
8018 Apr 71
804 8112 8014 803
4 40
Jan,
117 117
800
Do Prof
100 100 Jan 9 125 Aug 21
115 1163
4
95 July 110
1167 1167 117 117 *110 119
8
8
Rook
32
100 3012 Dec 19 50 Sept 14
8
3214
32
331 14,70 Chic Rk Isl & Pan
4
225 Mar 35 Sept
3214 325
8 3258 3258 324 327
7% preferred
9112 9112
100 8314 Jan 10 105 Sept 14
907 9114 1,100
8
92 92
9113 9112 91
68% Mar 89% Dec
9158
100 7014 Jan 9 95 Sept 14
83 83
6% Preierred
800
8212 83
83 83
82% 83
8212 8212
5612 June 77 Dec
72
,
200 Chic SIP Minn & Om
100 51 Jan 10 90 Sept 15
72
*711 741,
30 June 63 Jan,
11171
73
*7214 74
•7114 75
Clay Cin Chic & St Louls__100 54 Jan 4 8038Sept 11
*7213 _
80
*76
40
*7213 80
*76
32 June 5713 Dec*724 80
Do pref
93
100 723 Jan 3 10013 Oct 17
4
60 Feb 75 Dec
403 Colorado & Southern
8
*413 4314
421.
tOO 38 Jan 10 5313 Apr 24
4
.- *41
4212 42'2 -:12- 12- :11T2 12
27 Jan 467 Nov.
Do 1st pref
.
*5812 62
*5811 61
*581 62
100 53 Jan 16 66 Mar 23
Jan 59 Dee
*5412 62
49
*5813 62
1,400 Delaware & Hudson
*114 1143
4
4
3 11512 11513 115 116
100 10634 Jan 4 1414Sept 8
115 115
1143 114
90 Apr 1104 Nov127 127
,
127 12758 12714 12758 125 1271 *125 12512 1,460 Delaware Lack & Western_ 50 108 Feb 14 143 Oct 4
93 Aug 249 May
Duluth S S dr Atlantio____100
Jan
*23
4 313
23
4 31
*23
0 34 *21
, 314
25 Jan 27
8
6 Apr 25
*234 314
33 Jan 7 1013 Apr 18
100
Do pref
4% 4%
*434 5
*43
4 5
100
3 No
158 M av
58
*41
4 5
*47
5
74534
n'
111p
1113 1114 11,703 Erie
10% 111
107 1118 11
8
100
7 Jan 9 183
1014 11
4May 23
10 Dec 1514 34a7
Do 151 pref
1434 155
1618 1614 17
164 1612 8,100
16
16'4 16
100
1118 Jan 9 2812 Aug 21
1518 Dec 223 Ma,
4
3
800
113 113
4
0
Do 2d pref
11
111% 115 •1113 1213 117 111
8
8
115
8
100
718 JEW 10 2014May 23
10 Dee 157 Jan
3
4
9,900 Great Northern pref
7512 75
7512 741
, 7514 743 76
100 7014 Jan 10 95% Oct 18
744 7514
75
60 June 794 Dee
Iron Ore propertlee_Na par
31
3113 3114 311
. 3,600
30
303 30 4 307 31
4
3
8
2818 Nov 17 45 8 Apr 13
5
2588 June 3412 Nov
30%
43 Dec 1.'2 Ma"
14
300 Gulf Mob & Nor tr ctla
14
1314 1314 *13
5112
14
1312
14
1313
100
3 Jan 4
19 May 22
Feb
Do pref
100
*4158 45
100 16 Jan 5 47 Oct 19
44 44
447 447 •4414 45
*4114 45
15 Dec 26
8541 mar 10012 Nov
1,300 Illinois Central
112 1121 112 1121
,
113 113 *111 113
100 9712 Jan 3 1153
113 113
413ept 15
7 Jan
3
8 1,703 Interboro Cons Corp__No par
is Dec 28
as
14
3
s
3 Apr 8
118 Dec
14
/
1
4
14
14
14
14
5
1,
Do met
2,803
3
4
7
Jan
3
4
100
3 Dec 29 12% Apr 8
8
34
314 Dec 16
/
1
4
3
4
3
4
3
4
/
1
4
, 193 193
4
1,700 Kansas City Southern
1912 19
19
19 14 197
1824 19
19
100 17 Nov 27 804 Apr 25
1812 Feb 287 Mil,
8
*5214 51
303
Do pref
*524 54
100 5214 Nov 27 15912 Apr 26
53% 53%
5312 5313 *5212 54
45411
5
5 No,
4
10
Keokuk & Des Moinee
10
*3
10
*3
100
*3
10
*3
.5 Jan 17
*3
10
3
Nov
94J0ne 6
.
100 Lake Erie & Western
34
*3210 34
*321 34
3412
34
34
*32
100 10 Feb 2 397
*34
8June 6
10 Mar 1412 Jan,
Do pref
8
51704 77
*7014 757 *7014 77
100 2618 Feb 8 77 Sept 27
*7014 77
517014 77
1758 Aug 30 Dec
50 565 Jan 3 72 Sept 9
69
70
69
8
69'2 6818 0914 6812 6912 7,303 Lehigh Valley
4718 June 6088 Dec
69
14 70%
.
4011 Louisville & Nashville
135 135
135 135
•134 136
133 133 *13313 135
100 108 Jan 9 1447 Oct 17
97 Apr 118 July
•46
49
*47
50% *47
515
8
400 Manhattan Ry guar
*47
50
100 35 Jan 6 53 Aug 30
47% 4753
32 Dee 684 Jan.
400 Market Street RY
94
3
100
318 Jan 28 11 Mar 14
9
9
97
*9
2,Dec
8
912 91
*9
912 912
7 May
42
41
411,
42
41
703
Do pref
•40
100 17 Jan 9 5014 Apr 11
40
41 New Year's *4018 42
12 Aug 181 MaY
,
6912 2,600
Do prior prof
69
63 4 691t 69
3
69
6913 7013 09
100 35 Jan 3 76 Nov 9
703
27 4 4u2 45 4 3442.
4 A g
4 M3.,
4
27
*25
28
500
Do 2d pref
27
*25
100
243 26
4
Holiday.
2614 2612 *25
55 Jan 9 32 Apr 10
8
61
. 612
618 61s
800 alinneap k St L (new)
6
612 612 *8% O'z
10
5 Jan 6 1413 Apr 29
6
5% Dec
I 43 MU4
300 Minn SIP & 89 Marie
3
62
62
*61
63
6014 6014 61
*6011 63
1760
100 33 June 29 75 Oct 19
Stock
e
•
747: o o
81
63 A u
8 De
3
400 Missouri Kansas & Toxas 100
12
*105 11
8
105 105 4110 *11
3
11
11
5111
3 Jan 16 1558 Dec 26
8
1
Dec
318 Nov
1418 13,200 Mo Kan & Texas(new)
14% 14 4 Exchange
1458 14 3 1418 144 1418 1413 14
5
3
713 Jan 11
19 4 Aug 25
3
Do pref (new)
3
38
39
2,300
3812 39
3914 3914 3914 394 335 39
244 Jan 27 55 0.:t 28
/
1
4
223 Dec 263 Dee
4
8
16
1613 164 1612 16% 1612 1618 161
5,000 Missouri Pacific trust ctfs_190 154 Nov 22 2514 Apr 18
16
1614 Closed.
16 Mar 2314 Ma'
Do pref trust et&
8 43
437
8 3,300
433 437
4
8
4312 4414 4313 4358 4212 435
100 40 Nov 2
63,
Sept12
334 Mar 4918 N,9
315 3,500 Nat Rys of Max 2d pref
33
3
8
278 27
3
3
3
3
*27
8
100
258 Nov 22
714May 27
65 Feu
8
234 Dec
*84
874 8614 89
87
873
4,300 New On Tex & Mex v t c,...100 54/8 Jan it
85
85
85
85
8758 Dec 14
46 June 7713 Feb
9414 9412
8
9414 9512 9414 951 19,700 New York Central
9418 9514 945 95
100 723 Jan 4 10112 Oct 17
4
64% June 76 Dec
*81
82
811, 8113
814 8112 82
82
700 NY Chicago & St Louls
83
*80
100 514 Jan 5 9112 Oct 16
39 June 6158 Sept
82
*82
81
81
82 82
81
500
Do 2d prof
86
764 78
100 613 Jan 5 93 Sept 11
4
54 June 2 :22 Sept
12 Nov 03
8
207 2114
3
214 2058 211
2012 2113 13,300 N Y N II & Hartford
21
2158 21
100
1212 Jan 5 38 Anil 23
Jan
1912 2014
20% 203
4 1,100 N Y Ontario & Weatern
20% 2012 *20% 2012 2014 201
100 1813 Dec 27 3013 Apr 6
16 Mar 2314 Sept
*12
*13
15
*13
14
Norfolk Southern
*13
15
*13
15
16
100
858 Jan 3 2212June 6
84 Sept 134 May8
112 1123
,
11214 1123 11214 1123 1107 1127 111 11214 3,000 Norfolk & Western
4
100 9614 Jan 9 12518Sept 9
s
885 June 1047 Feb
,
100
Do pre/
7613 761 *75
73
•75
78
.75
80
.75
80
100 72 Jan a 82 Oct 6
4
62 June 743 Dec.
7414 75
8
8 744 75's 743 753
4 5.600 Northern Pacific
75
7514 747 753
100 73 Dec 29 9058 Aug 24
614 June 88 Jan
464 *465 463
8
4 463 47
4
4412 4673 11,700 Pennsylvania
4612 463
465
8
50 334 Jan 3 493 Oct 26
4
324 June 413* Jan
15
133 13% 13
4
200 Peoria & Eastern
•1312 15
•14
13
4113
15
100 10 Jan 14 263 Aug 23
8
8
Nov
3
3
36% 363
4
3712 367 385 14,100 Pere Marquette
363 3714 363 3712 37
4
100 19 Jan 10 40% Aug21
158 Mar2 % M 1"
%
13 j;
2
a
74
7412 *7434 75
Do prior pref
*72
73
724 75
75
75
1,500
100 63 Jan 17 82 Aug 21
50 Apr 85% Dec
*68
69
69
70
1,100
Do prat
70
69
70
70
70
70
10
5018 Jan 6 743 Aug 23
4
4
Jan 060 Dee
35
k 7,800 Pittsburgh & West Va
3313 35
4
364 3513 357
347 3512 353 3658 35
3
Jan
100 23 Jan 27 415 Aug 8
8
23 Oct32
*8713 91
*90
94
Do pref
*8713 94
*4712 94
*874 91
100 76 Jan 13 95 Nov 1
Dec
s
7918 797
7812 7912, 7812 7914 78
7958 7712 795 14,933 Reading
50 7118 Jan 3 8718 Oct 25
60 4 J une 880
70 M ar
3
914 Jan
7
*53
54
5318 53%, *5314 54
52
53
*53
53
500
Do 151 pref
50 43 Mar 27 57 May 31
361, June 55
Feb
*53
*53
54 I 5358 54
53
53
800
Do 2d pref
55
517 53
8
.50 45 Jan 27 3912May 31
384 Aug
576 Jan
4
*30
35
33
3314 31
900 Rutland RR prat
35
*31
35
35 12 3512
100 1713 Feb 6 5314June 1
211, 213
8! 2112 2213 22
2118 217
22'3 21% 2212 6,203 St Louis-San Fran tr ctfs__100 234 Dec 19 325 Aug 21
4
1918 Mar 25% Aug:
1,200
Do prof A trust ctfs
8
*2812 34
374 3812 3212 325
8 3818 3911 347 39
8
100 34 Nov 22 56 Aug 21
277 June 3912 Nov
8
3012 30
30
3012 1,300 St Louis Southwestern____100 20% Jan 3 367 Nov 3
30
3014 3014 30
3012 30
8
1912 June 804 May
5512 55%
57
*5614 70
56
53
564 561 57
3,100
,
Do Prof
100 323 Jan 10 597 Nov 3
Jan
8
28 June 41
513 51,
400 Seaboard Air Line
*514 6
514 513 *5% 534
52 59
,
100
2% Jan 4 10 Apr 15
714 May
218 Oct
*83
9
958
958 912
9
9
9
918
900
Do prof
4 914
100
418 Jan 13 144 Apr 15
3 Dec 124 May
89
4 8812 8912 8812 8918 8812 83
893
8
8914 893
12,600 Southern Pacific Cu
Jan
100 7818 Jan 10 9614 Oct 16
674 June 101
243 2514
4
2514 257
8 2558 26% 25
2534 243 255k 19,600 Southern ItallwaY
4
100 1714 Jan 10 285 Aug 21
8
3
1758 June 347 Inn
*653 66%
4
Do pref
653 66581 652 66
4
6512 6618 6514 657
8 4,800
100 46 Jac 10 71 Oct 17
Jan,
42 June 60
20% 21
213
s, 2114 214 203 211- 21
21
4
217
8 4,500 Texas & Pacific(
100 143 Nov 27 36 Apr 21
4
1618 Jan 2758 Dee
153 15%
8
500 Third Avenue
(pp
1612 10121 1613 1612 16
16
*15
157
8
1318 Nov 27 2558 Apr 25
1212 Aug 2088 Mar
*57
60
59
500 Twin City Rapid Transit_ _100 34 Jan 12 624Sept 15
59
*5712 593 ' 59
4
59
*19
00
3118 Dee 5512 AM
138 138%
4
4 9,200 Union Pacific
4
8
138 1388 1373 1385 13712 1383 133 1383
100 125 Jan 10 1543
4Sept 11 111 June 131% Nov743 75
4
751s 7518
7514 754 751 7512 75
1.50
Do prat
,
,
757
1120 7114 Jan 7 80 Aug 30
6214 July 74ig Dec
113 1178
4
113 12
4
12
137
8 13
1112 2,909 United Railways Invest...100
*1113 12
6 Aug 124 Mar
712 Jan 6 197 April
8
27
273
4
2,503
273 28
4
Do prof
*2714 28
3
28
29
2912 31
100 2014 Jan 9 3613 Apr 11
17 Aug 20 Mar83
4 83
4
9
918
9
2,60 Wabash
918
9
918
9% 9%
100
6 Jan 30 143
9 Ma,
sMay 26
63 Dec
8
2414 243
2412 25
24
2458 24
Do pref A
25
2414 21% 6,400
100 19 Jan 21 353 Dec 2
4
18 Mar 2413 MaY
*16% 1814
*10
1812 *1612 17
200
Do pref B
17
17
1712 1712
8
100 1214 Jan 31 247 Aug 21
8
12% Mar 157 Nov'
1114 111
107 11
8
11 ,113
8
11
1158 11
1114 3,300 Western Maryland (neta) 100
814 Jan 30 174 Aug 30
83 Dec 114 May
3
24
24
*23
24
•23
600
24
2214 23
23
2314
Do 26 prof
100 13 Jan 17 28% Dec 7
1414 Dec 21 May
155 155
8
3,490 Western Pacific
16
16
16% 17
17
17
lOhs 17
100 133 Jan 3
8
247 Apr 24
8
4
13 Dee 807 Ma,
5412 5,5
1.000
*55
57
Do pref
5712 58
58
56% 58
*56
100 3112 Mar 2 647 Sept 13
5112 Dec 7013 Jan.
8
012 012
94 914 *94 913
918 9
%
94 914 1,400 Wheeling & Lake Erie Ry_100
114 Mar.
6 Feb 2 1612June 7
6 Dec
14
1612 171
16
900
174 16
Do pref
16
1618 163 *153 171
4
4
100
914 Jan 4 2954.1une 7
1212 Dec 194 May'
28
*25
*25
27
*25
27
*25
Wisconsin Central
26
5125
27
100 23 Jan 10 3314 Mar 13
23 Oct3712 May
*6812 70
1318 133
8
*4514 48
5813 5812
8
123 13
14
14
114
*118
7912 80
*111 11212
4412 4518
*9414 97
317 317
8
587 584
8
.76
80
*344 55 4
3
3712 3712
*7312 80
4112 423
4
68
68
6812 6914
1212 13
5113
14
*45
49
*45
47
.5813 5812 58
58
1253 13
123 135
4
8
*14
3
3
*14
3
8
*1
114 4,113 114
79
80
783 7914
8
1103 1117
4
3•111 11113
4514 437
8 47
4712
*9414 97
*94% 97
31% 317
3113 317
5913 6018 *60
6014
*76
80 •76
80
*5414 53
*5414 .553
334 383
4 39
39
*mg 80
*75
80
4113 4112
395 42
8
Industrial & Miscellaneous
900 Adams Express
70
70
693 70.
4
100 48 Jan 12 83 Oct 6
800 Advance Runlet,
14
1314 1314 *13
100 10% Jan 19 23 Aug 18
Do pref
*46
49
100 315 Jan 12 3012 Aug 18
8
500 Air Reduction, Ino----No Par 4512 Jan 3 63 Oct 7
*58
181
. 581 .58's
,
124 13% 13
50
943111Y 24 183 Apr 25
4
I31s 7,700 Ajax Rubber, Inc
14
1
900 Alaska Gold Minos
10
13 Dec 28
7
8May 10
14
1
200 Alaska Juneau Gold Mtn__ 10
114
114 114
*118
3 Jun 24
8
2 May 17
78
765 781 15,200 Allied Chem & Dye_-NO Par 555 Jan 3 913
8
793
48e01 5
800
Do pref
100 101 Jan 3 1151313ept 19
111 1113 111 111
4
8,400 Al1is-Chalmers Mfg
463 4758 4812 481
4
100 3758 Jan 4 5934 Sept 7
Do pr t
*96
97
100 8612 Jan 5 104 Sept 21
*95
97
4 1,800 Amer Agricultural Chem 100 2714 Nov 27 427
3112 323
3013 317
8June 1
100 56 Jan 16 7214Sept 11
*1913 62
61
6112
800
Do pref
100 American Bank Note
80
80
*77
60 18 Jan 3 91 Dec 13
80
Am Bank Note Pre
*5413 553 *5413 55%
50 31 July 12 5512 Dec 13
4
39
39
650 American Beet Sugar
100 31% Jan 8 49 June 9
*38
40
DO prof
100 61 Jan 11 8012 Oct 17
*7312 80
*734 79
41
49 Apr 11
42
404 4014 2.600 Amer Bosch Magneto No par 3114 Jan 31
4
264 Jan 531 Dec
3
104 Dec 19 4 Jan
314 Dec 52is Feb
30 June 50 Dec
154 Dec 3912 Ise
4 Dec
112 Feb
12 Oc
Fen
34 Aug594 Dec
83 June 1033 DOG
4
2814 Aur 393 Dee
4
674 At.g 90 Dee
264 Aug 6518 Jan.
Jan
51 Aug 90
4612 Jan 564 Dee
434 Jan 6011 Dal
Feb
344 OfI 51
4
545 Dee 747 Jan
2914 Ails 564 Me
• Bid and asked prices: no sales on this day. 2 Ex-rights.
Less than 100 shares. a Ex-dIvidend and rights. I Ex-dividend. o Ex-rights (June 15) to subscribe.
OM tor shares.steak of Glen Alden Coal Co. at $3 per share and ex-dividend 100% in Stock (Aug. 22)
New York Stock Record-Continued-Page 2
58
For sales during the week of storks o.tiallv Inactive, see second page
preceding
HIGH AND LOW SALE PRICES
-PER SHARE, NOT PER CENT.
Sasurday,
Dec. 30.
Monday.
Jan. 1.
Tuesday,
Jan. 2.
Wednesday. Thursday, 1 Friday,
Jan. 3.
Jan. 4. ' Jan. 0.
Sates
for
'he
Week.
STOCKS
NEW YORK STOCK
EXCHANGE
PER SF/ASS'
1 'no ,for year 1922.
i
On basis of 100
-share tots
PER SHARE
Range for
Year 1921
Lowest
Lovett
Highest
Highest
-$ Per share $ Per share S Per share l$ Per share Shares Indus. & MIscell. (Con.) Par
5 per share
$ per share $ per share $ per shoe
.703 75
4
52
50
*7113 7214! 724 7214
100 Am Brake Shoe de F___No gar 51 Jan 4 88Ig Sept 12
42
Jan 563 De4
8
*10812 110 *10812 110
1093 1093 510812 1093
4
4
Do pref
200
4
100 9814 Jan 18 113 Get 113
883 Jan 100 Dei
4
7312 74% 737 763
8
4 7612 793
81 78% 8314 104,800 American Can
100 3214 Jan 5 110 Sept 1
/
4
2312 June 351 Del
•110 1113 11114 1113 1113 1113 1117 11214
4
8
4
4'
8
Do pref
800
100 9314 Jan 3 113% Dec 13
763 June 97 De(
4
182 184
184 185
185 186 1.'1813 185
4
1.300 American Car &Foundry_100 141 Jan 10 201
Oct 10 11514 June 1511 De(
/
4
*121 14 125 *1213 125 *121 125 .1214 125
Do prat
100 11512 Jan 6 12618 Nov 6 108 May 11612 De(
67
8 67
8
63
4 714 *71 7% *718 718 1,200 American Chicle------No par
/
4
5 Nov 14 14 May 5
61 Nov 29
/
4
Jai
18
1914 19
20
19
203
4! 19
19
5.600 American Cotton 011
100 14% Nov 22 3012May 31
157 June 248 Not
8
4
374 33 1 373 38
4
383 *38
38
4
40
Do pref
1,.500
100 3312 Nov 27 61 May 31
API
3512 July 67
14
*6
618
618 6
614 6
/
1
4
638 612 2.300 Amer Druggists Syndicate_10
41 Jan 13
/
4
714 5,l4 15
4 June
8114 Jar
14011 142 .137 141 *138 141 *138 142
900 American Express
100 126 June 23 162 Oct 13 114 July 137 Dec
1112 11 12 113 1212 1214 1214 *1214 123
4
8 1.100 American Hide dr Leather_100
1018 Dec 18 17% Apr 13
Apr 16 Dec
8
6613 67
6714 69
67
67
*6613 6712 1,300
Do prof
100 68 Jan 3 743 Sept 13
404 Feb 6238 Dee
/
1
105 10514 105 105
10512 10513 10512 10.512 1.100 American Ice
100 78 Jan 12 122 Sept 8
Jan 8312 Dec
42
8712 8712 *8612 8712 *8612 871, *8612 87
100
Do pref
100 72 Jan 13 9514
Jan 734 No*
/
1
57
263 273
3 2614 2612 26
2613 26
2712 5,500 Amer International Corp_ 100 21% Dec 23 505 Aug 4
sJune 2
214 Aug 53% Mal'
117 117
8
12
11 12 11 12 1112 111,1 1112 1112 1,100 American La France F E__10
91a Jan 16 14 July 26
77 Aug
3
115 Apt
30
3214 3214 3212 32
32
*3013 32
2,000 American Linseed
100 28 Nov 23 4212 Oct 14
1714 Aug 6212 Jan
*54
553
4 54
54
5313 531 *53
/
4
55
Do prof
400
100 48 Nov 25 6412 Oct 16
39% Aug 93
Jan
127 1283 12613 12912 12614 1297 1261* 128
8
81
14,400 American Locomotive
100 102 Jan 5 1363 Oct 14
731 June 110 Dec
/
4
*11912 121 *11912 121
11912 11912 *11912 120
Do pref
100
100 112 Jan 12 12214 Dec 7
0814 June 115 Doc
76
7812 80
8112 83
85
8338 84
3,600 American Radiator
25 82 Jan 30 129 Oct ii
714
663 Jan 91 Nov
8
72
8
7
67
8
712
714
7
7
61
8 74 3,900 American Safety Razor
35 Jan 31
25
87 Oct 23
2
313 Aug 10
20
2014
2038 2138 .2012 21
Jan
208 2138 203 213
4
8 8,390 Ant Ship & Comm
No par
513 Jan 3 2414May 31
414 Aug
553 5638
4
Jan
14
56
567
3 557 57% 5618 573
8
55% 563 10,220 Amer Smelting & Refining_ 100 435* Jan 6 6712May
3
19
293 Aug 4714 Dee
2
9812 9812
93 4 994 987 933 99
3
8
99
7
99% 9933
500
Do pref
100 8618 Jan 4 10413 Oct 23
6314
•101 102
•101 103 *101 103 .10014 103 *10014 103
Am Smelt Seeur prat ser A..100 87 Feb 8 10138 Nov 9, 03 Aug 90 Doe
*14213 145
Jan 88 Dec
*14212 149 *14212 14313 14212 14212 *140 14313
200 American Snuff
100 10913 Jan 3 159 Sept 5
95
Jan 1143 Doc
3714 375
4
3712 375
37% 37
37
3714 368 37
6,600 Am Steel Fdry tern ctfs_33 1-3 30% Jan 26 4618 Sept ii
18 Aug 35 Dee
*103 105
*103 105 *103 105 *103 10413 *103 101
Do prof tern ctfs
100 91 Feb 8 I0814 Oct 16
78 Aug 954 Dee
797 79%
79
797
7812 793
4 784 8014 797p 797g 5.500 American Sugar Retining_100 541 Jan 4
/
4
857 Aug 21
8
173 Oct 96
8
*107 110
Jan
10812 10812 1083 1093 1081 10813 10814 10814
4
,
4
Do pref
500
100 84 Jan 3 112 Aug 18
671 Oct 1074 Jan
/
4
2812 2812
2812 29 1 2314 29
*27
2838 *28
30
1,200 Amor Sumatra Tobacco._ 100 2314 Feb 14 47 May 29
2812 Dec 88 Mar
5912
*55
*5514 5913 *5514 5912 *5.5% 5912 *553 5912
!
8
Do prof
100 5214 Feb 18 71
Ian 16
4
643 Nov 914 Feb
1227 12318
8
12314 1237 , 1233 1233 1231, 1237 12378 124
4
8
8
9,300 Amor Telephone & Teleg 100 11413 Jan 4 13338May 23
953 Jan 11912 Nov
4
154 154
154 156 1 151 155
152 1541 15312 15113 5,500 American Tobacco
/
4
100 12918 Jan 5 16913Sept I 11111 June 1363 Dee
*10313 104
4
1033 1033 104 104
4
104 104
10312 101
Do prof (new)
590
100 9613 Jan 3 1083 '/el 23
8
86 Aug 9912 Doc
15118 15114
1518 1521 15014 15118 1507 15214 151 15214 3,910
8
3
Do common Class B
100 126 Jan 3 1653
48ept 5 110
Jan 13112 Dec
2814
*28
2814 2814 *2714 28
*2714 2814 *2718 2814
500 Am Wat Wks & El v t .3...100
6 Jan 7 3314 Nov 3.
4 Sept
48514 8914 8538 85 8 853 853
613 Oct
*854. 87
4
4 851 8714
/
4
Do 1s1 pref(7%) v t c_100 67 Jan 4 937
309
88ept 13148 Sept 663 Dee
.47
49
3
4812 4912 50
50 18 *491 50
,
*491 50
/
4
903
Do partic pf(6%) v t a 100 1714 Jan 4 554 Oct 51
81, Sept 20 Deo
9512
95
95
98 1 95
973
9514 9712 98
9612 9.100 Amer Woolen
100 7814 Jan 10 III Oct 19
57 Feb 8312 Dee
*109 110
1103 11038 1 1113 1113 •110 112
4
4
1111 111 18
/
4
Do pref
400
100 994 Oct 111 11114 Dec 13
93
Feb 10412 Dec
27
27
27
27
27
27
27% 273
4 2714 2814
900 Amer Writing Paper prof.
_100 221 Feb 18 5514 lent 25
/
4
2012 Aug 3912 Jan
*154 1612
/
1
*1512 1612 1612 17
1714 173
3 1713 1713 1,109 Amer Zinc, Lead dr Sinelt„..25
1218 Jan 3 21 Sept 20
63 Sept 143* Doc
4
*48
51
*48
52 I *51
52
*51
52
51
51
Do pref
100
25 30 Jan 18 57 Sept 40
22, Aug 407 Dec
3
4838 5014
2
49 8 503
3
8 495* 507
8 4914 50 4 491 50
3
/
4
18,100 Anaconda Copper Mining_50 45 Nov 27 57 Mat 3,
3134 Aug
6512
, 503 Deo
65
3
6412 65141 6414 64% 633 6118 6214 53
8
5.000 Associated Dry Goods._ 100 43 Jan 5 707 Dec 15
8
24
Jaa 5013 Dee
*8413 86
83
83
*82
84
*80
83
*82
84
Do let prof
200
100 75 Jan 6 86 Oct 5
558 Jan 703 Doe
4
.83
88
8
*83
88
*86
88
*85
89 .88
89
Do 20 pref
100 713 Jan 17 9112 Oct 8
45
Jan 78 Dec
11712 11712
122 12414 12014 123
124 125
1233 1273
8
4 3,800 Associated 011
100 99 Jan 31 13512May 3
01 Sept 10712 Mar
*13
4 2
2
2
17
8 2
17
8
17
21 214 1,100 Atlantic Fruit
/
4
No par
11 Dec 19
/
4
513 Apr 17
114 Oct
9
2118 2112
Jan
22
2212 2212 2212 223 225g 2212 2212
8
800 Atl Gulf & W I S S Line__100 1938 Dec 27 4314May 29
18 June 76
153 15 4
Jan
3
.16
*163 18
18
8
1614 1612 1613 167
8
Do pref
800
100 15 Dec 27 31 14May 29
DA June 441 Jan
117 119
/
4
119 120
121 121
12213 12218 123 1293
8 3,600 Atlantic Refining
100 t 117 Dec 30 1575 Oet 10 a820 June a1125 May
*11912 120
*11912 1194 *119 1193 11912 1193 *11912 1193
4
4
Do prof
100 113 Jan 9 11912 Dec 29 1033 July 11313 Nov
8
1512 1512 New Year's 153 164 171* 19
1834 1914 183 193
4
8 6,900 Atlas Tack
No par
1313 Feb 28 221 M10 1
/
4
12% Dec 20 Apr
333 3418
4
34
35
333 3418 33
4
34
323, 33
4,800 Austin Nichols & Co_ -No par
914 Jan 5 403 Sept 20
818 June 134 Jan
8
*8812 8912 Holiday.
89
89
*87
9012 .87
9018 .88
9018
Do pref
100
100 68 Jan 9 91 Sept 12
5038 Aug 70
*2
3
Jan
112 4
*11
4
4
*2
4
Auto Sales Corp
50
2 Nov 14
7 Mar 17
213 Sept
*113 12
514 Dee
4
Stock
•114 13
*12
15
*113 15
4
*1131 15
Do pref
50 10Is July 27 1513 Mar 16
10 Apr
15
138 1393
8
Jan
13714 139% 13614 1395* 13512 1403 1353 13814 102.000 Baldwin Locomotive Wks
8
4
100 934 Jan 13 14513883t 13
/
1
0214 June 100112 Dee
*112 115 Exchange *112 117 *113 117
1163 1163 .112 117
4
4
Do pref
100
100 104 Jan 13 118 Oct 19
95 June 1105 Dec
*42
45
*42
48 .42
50
_ . *40
5()
Barnet Leather
No par 40 Jan 19 673
8Sept 11
29
Jan 41 Aug
*9513 100
Closed.
*97 100
*9412 100
.9412 10(1
*42*9412 100
Do pref
100 89 Apr 12 9712Sept 13
70
Jan 86 Dee
31
33
3212 34141 337 3413 33
8
34
3214 34
11,500 Barnsdall Corp. Class A____25 193 Jan 16 564 Apr 28
8
20 Dec 27 May
20
20
20
2114 22
22
.183 21
4
*13
21
600
Do Class 1)
2'5 17 Nov 17 39 Apr 27
14% June 35
22
22.
.
.12
3
2
Jan
513
•i2
13
38
12
3*
500' Batopllas Mlning
20
14Dec 14
138 Mar 23
12 Aug
55
.52
1
Jan
51
58
54
515* .53
.55
54
54
600 Bayuk Bros
No par 33 Apr 28 65 Sept 22
27 June 29 June
613 61%
8
61
613
4 623 634 63 63
4
62
63
3,600 Bethlehem Steel Corp
100 51 Jan 10 79 May 12
3913 June 621 May
61% 6234
/
4
6218 6414 6312 6512 6318 6538 63
6438 52,500
Do Class B common
100 551 Jan 3 8214May IS
/
4
411 June 65 May
/
4
95
95
9612 9612 *95
973 *94
4
98
*94
973
4
400
Do pref
100 9078 Mar 7 106 Nov 25
87 June 934 Jan
10912 10912
*108 110 *109 11012 .10914 1093 *109 1093
4
8
Do cum cony 8% pref_100 104 Jan 4 1163
8June 14
00 June 112 Sept
.47
5
5
5
5
53
538
4 6
53
4 64, 3,400 Booth Fisheries
No par
4 Nov 22 1013 Aug 3n
3 Aug
74 Doe
/
1
9
9
*9
94 *83
/
1
4 9
/
1
4
94 918 *9
/
1
200 British Empire Steel
4
93
100
813 Jan 9 15 Sept 15
814 Dec
73
.71
9 Dec
.70
72
*70
75
*70
72
*701* 73
Do 1st pref
100 58 Mar 2 763 Apr IS
55 Dec 585* Dec
•26
2712
*2412 28
*25
28
26
26
.257 2612
8
100
Do 20 pref
100 1918 Mar 17 39 Sept 14
22 Dec 233 Dee
11318 11334
8
11412 11412 1137 114
1133 114
4
11312 1133
1,500 Brooklyn Edison, One
100 100 Jan 3 1245* Aug 30
88 Jan 101 Dee
*112 114
113 11312 1107 110% •111 113
112 112
600 Brooklyn Union Gas
100 70 Jan 31 12412 Nov 2
51
Jan 7612 Nov
.51
6
*58
61
*57
61
.57
61
*57
61
Brown Shoe Inc
100 42 Ian 16 8438 Sept 11
33 Feb 463 Nov
.113 25
3
•1 12 212 .1% 2
*13
4 2
*14 2
Brunswick Term dr RY Sec 100
112June 22
8June 6
53
213 Aug
14312 14412
514 Jan
14314 14412 143% 1438 14113 14213 142 142
1,400 Burns Bros
100 113,2 Jan 10 147 Dec 7
4212 43
8114 Jan 12213 Dee
43
43
42
42
3918 4013 393 405
4
5,000
Do new Class B corn
283 Jan 10 53 (kt I) 311 Dec
8
/
4
*__
75
4
•963 100
4
*963 100
4
*963 100
4
*963 100
4
- Bush Term Bldga, pref ___ _100 8714 Jan 3 101 12 Nov 6 3873 Dec 333 Dec
4
9 8 10
5
90 Nov
9% 1012 103 107
93 10
4
8
8 1012 101 24,400 Butte Copper & Zinc v t o___5
8
514 Mar 1
1018 Dec 12
314 Aug
•173 18
614 Dec
18
19
1912 2014 2012 2t4 2012 21
3.800 Butterick
100 15 Nov 27 84 Fob 3
3 Dec
1412 Jan 33 4
3111 3112
32
32
321 33
/
4
3218 3212 *3112 323
3 2.900 Butte dr Superior Mining.,., l0 2038 Jan 4 354 Oct 5
1014 June 22 Dee
*73
8 712
64 73
8
713 714 *714 712
714 74 1,100 Caddo Central 011&Ref No par
73 Aug 1938 AP,
64 Dec 2D
1512 Apr 15
83
83
823 8314' 8212 83
4
8212 8213 *8214 73
1.300 Califonda Packing
No purl 68 Jan 11 8112 Sept 12
5338 July 74 Nov
6612 6814
663 6912 6614 703
4
7018 7314 705* 735* 145,800 California I etroleum
1001 431 Jan 10 717 Jan 5
/
4
25
8
Jan 505 Dec
*
8
947 95
943 943
4
955* 08
96% 974 973 9812 2,700
4
lOOl 83 Jan 3 9812 Apr 17
Do pref
6813 Jan 88 Dee
912 10
10
103
8 1014 105* 104 108 103 103 45,400 Callahan Zinc-Lead
8
4
10
514 Feb 14 1138May 27
384 Aug
74 Jan
/
1
*56
.55
60 1 *55
5713
60
*57
601 *07
/
4
6013
Calumet Arizona Mlning
10 5013 Nov 14 6612June 1
411 Jan 60 Dec
/
4
.612 713' *7
*612 712
712
712 713 *73
8 8
100 Carson 11111 Gold
1
614 Dec 16
163 Mar 29
8
11
Dec 154 Nov
/
1
3
3
3
3 I •258 35s 'Vs 3
3
3
300 Case (J I) Plow
No par
3 Mar 8
912June 6
3 Nov
104 Apr
*73
75
713 72 i 71
4
71
693 70 4 70
4
3
70
900 Case (J I) Thresh M,pf ctf 100 68 Feb 21
9314 Aug 23
63 Dec 853 Feb
8
317 323
g
3
323 333
8 32% 34% 3212 3418 334 337 10,000 Central Leather
4
/
1
100 293 Jan 10 441Sept 13
3
/
4
2213 Aug 4314 Jan
883 683
4
6812 6812 68
70% 69
4
7014 69
693
8 3.300
Do prof
100 633 Jan 6 823
8
4Sept 14
5718 Aug 96
44
Jan
45
454 44
4 4413 4538 43
4514
/
1
453
45
16,900 Cerro de Pasco Copper_No par 324 Jan 4 4618 Dee 18
23 Mar 391 Dec
/
4
*41
46
46 1 *41
*41
47
*42
*41
47
46
Certaln-Teed Prod.__No par 34 Feb 14 5318June
22 Aug 44
6612 67
Jan
6713 68
6714 703
8 6918 707
6738 705* 29,500 Chandler Motor Car_ ..No par 473 Jan 5 7914 Apr 7
6
3814 Oct 86 Apr
8
833 833
835* 837 *8312 8412 85
4
86
4
*84
86
SOO Chicago Pneumatic fool_100 60 Jan 14 803,Sept 9
47 Aug 7014 Jan
2712 27%
273 283
4
8 27% 2812 277 28% 2773 2818 27,100 Chile Copper
8
/
25 1518 Jan 5 2914 Nov 9
9 Mar 167 Dec
26
2
263
4
26% 2714 26% 277
27
27
5
261 2713 8.800 Chino Copper
8
5 2214 Nov 27 3313.1tine 1
1913 Mar 291 Dec
70
/
4
7014
69 6912 6818 6912 6614 68
654 68
4,800 Cluett, Peabody & Co___100 43 Jan II 7014 Dee 30
3614 June 6212 Jan
7713 7931
7818 8012 787 803 28,100 Coca Cola
81
79
7858 80
8
No par 41 Jan 5 823 Oct 14
19 Feb 4312 Dec
267 2713
8
27
2714 27
27
2714 274 27
2713 2,400 Colorado Fuel & Iron
100 24 Jau 10 37 May 18
22 July 323 May
10438 1061 4
106 10712 10618 10638 10612 10812 10612 1074 14.300 Columbia Gas & Electric..,100
643 Jan 4 1147
4
85eDt 14
52 June 673 Dee
2
218
4
218 214
218 214
218 214
213 214 8,700 Columbia Graphophene No par
1 14 Jan 26
534June 5
77
23 Aug
8
8
4
123 Jan
84 84 *83
8 87
8% 87
9
9% 1,200
Do pref
5 Feb 9 21 Juno 3
81 Dec 9214 Feb
70
/
4
k 693 7014 6912 693 1.800 Computing-Tab-RocordNo 100
70
7018 701 997 997
/
4
4
par 5514 Jan 3 793 Apr 26
4
38% June 58% Dee
38
395*
38
38
3814 303
3 38
383
8 371, 3338 2,900 Consolidated Cigar____No Par 183 Feb 10 423 Oct 5
8
4
.81
1312 Dec 594 Jan
848
.81
8418 *81
83
*81
*81
83
83
Do pref
100 47 Feb 27 8714 Nov 10
63 Dec 80 Feb
*3
8
12
12
as
*14
*s
,
"3
Consol DIstributors,Inc No par
22
*3
8
12
14 Feb 17
214 Mar 16
121 122
12 Sept 10 Mar
120 1217 12012 12112 12014 123
3
12 3 12412 11,300 Consolidated Gas (N Y)_100
04
3
1118 1114
7712 Jan 95 Nov
1118 115* 1118 11% 113 1214 117 1214 39,200 Consolidated Textlle___No par 8512 Jan 30 145 4Sept 15
8
8
9 July 25 15% 1ru 20
11114 11514
122 Aug 21
Jan
115 117
11614 11714 11634 1204 1187 122
26,600 Continental Can, Inc
100 453 Jan 4 11514 Dec 15
4
Jan
96
*91
343 Aug 66
8
*91
96
*91
96
*91
*91
95
95
Continental Insurance
25
4
13233 13312
583 Aug 73 Dec
8
12714 129
1273 12814 12512 1281 126 12714 18,160 Corn Products Reflning___100 66 Jan 20 933 Aug 22
/
4
914 Jan 4 1345 Oct 21
12012 12012
59 June 9914 Dec
11912 11912 119 11914 •
118% 11912
1184 119
800
Do pref
100 111 Jan 10 122% Nov 14
5338 .54
96 June 112 Dec
535* 5412 C523 5318 5034 527
8
8 5118 5178 70,400 Cosden & CO
No par
5
7012 7114
2213 Aug 43 Apr
70
7112 7012 7314 7012 7312 70% 725* 33,701 Crucible Steel of America_100 315* Jan 10 .54 Dec 30
523 Feb 27 983
4
8Sept 5
8812
*88
49 Aug 1074 Jan
/
1
8814 884 8812 8812 90
90
*901 93
.
Do prof
509
100 80 Jan 17 100 Sept 6
Jan
77 Juno 91
3
*13 4 14
1312 1312 135* 14
133 1418 1312 133
4
2,600 Cuba Cane Sugar
No par
818 Jan 11
19% mar 15
3912 40
55* Oct 26 Feb
3918 398 383 3912 3918 40
4
393 3938 5,100
4
Do Prof
100
/
1
25 4 25%
681 Dec 134 Feb
3
/
4
258 26
2513 254 2518 2513 7,700 Cuban-American Sugar,..,.,.10 154 Jan 3 Ws July 27
255* 26
1412 Jan 3 28 Aug 4
107 Oct 3354 Feb
8
'101 10112
101 10112 .101 10112 101 101 .101 10112
200
Do peel
Oct 95 Feb
08
32
32
3212 327
8 327 335* 333 3418 3314 34% 6,200 Davison Chemical v t c_No 100 7818 Jan 17 10212 Dec 13
8
par
2318 Nov 25 6538 Apr 0
*2414 2412
23 Mar 592 Nov
24% 245* *24% 25
8
243 2438 24% 245
1,500 De Beers Cons Mines_No par
1512 Jan 3 283
Jan
13% June 21
8May 2
107 1073
4
10758 10738 10712 10712 10734 108 *10712 109
400 Detroit EdLson
100 1003 Jan 11 11813 Aug 30
8
Oct
934 Nov 100
/
1
4312 4313 *435 44
.4214 4314
44
4438 4313 44
1,300 Dome Mines, Ltd
10 1812
1014 Jan 21% Apr
89a 90
893 9014 903 93
4
8
925* 9412 9318 9413 10,000 Eastman Kodak Co___ _No gar 70 Jan 4 4612 Nov 6
July 3 9012 Dec 28 ---- ---- ---1 112 11312 112 1154 11412 116
1093 112
0115,114
13,200 El du Pout de Nein &Co_100 105 Dec 29 1693
4 Nov 10
.85
86
86
*86
86
87
*85
86
86,01 8618
401) 6% cumul preferred. _ _100 80 Juno 12 0(11•Ront 8 ---- ---- ---- ---•Sid and asked prices; no ealea on this day, 11 Ex-diy. and rignr.a. • Aeseeinnea: Dal& z Ex-rights 2
Ex-900% stk. div. g Par value $10 per share.
$ per /here g per share
•70
14 75
*10812 1093
73
73%
.10914 1113
4
.1823 184
4
123 123
*71 712
/
4
1714 18
36
36
*57
3 612
138 14012
*1014 11 14
65 65
105 105
*8712 90
2614 27
113 113
4
4
30
30
53
5313
1273 12814
•11913 1213
4
115 115
New York Stock Record-Continued-Page 3
59
For sale, during the week of stocks usually inactive, see third page preceding.
-PER SHARE, NOT PER CENT.
111011 AND LOW SALE PRICE
83Zuraoti. I Monday,
Dec. 30.
Jan. 1.
Tuesday. 'Wednesday. Thursday,
J2n. 3.
J2n. 2.
J7n. 4.
Friday,
Jan. 5,
Sales
for
the
Week.
STOCKS
NEW YORK STOCK
EXCHANGE
PER SHARE
Ring, for ye2r 1922.
On basis of 100
-share lots
Lowest
Highest
PER SHARE
Rang,for
Year 1921
Lowest
Hightail
$ ner share $ per share 3 per sh2re $ per share $ Per oh-ire 5 Per shire Shares Indus.& Mace11.(Con.) Par $ per 'Mare 5 per share $ per share $ per lbws
4
57
58
561* 57
7,900 Electric Storage BatteryNo par 40123une 17 .583 Dec 4
573 573
8
4
5518 553
4 5513 56
50 1414 Jan 25 2412 Dee 1 16600 Elk Horn Coal Corp
204 203 *1914 2014 20
4
*1912 203
8
187 1914
8
20
212 Dec
9 a May
7
300 Einerson-Brantingharn
100
25 Jan 4 1118Jime 5
8
*6
7
*612 7
7
7
*7
812
*64 7
50 7614 Jan 10 947 Dec 30
8
52
Jan 81 Dee
92
9114 9014 927
9414 947
8
8 893 9214 9014 927 50,700 Endicott-Johnson
4
8
Do pref
87 Jan 16812 Dee
117 117
10 104 Jan 5 109 Dec 8
117 118 *117 12013 *117 119
60
*117 11714
445 July 8212 Apr
8
913 93
4
75Is Jan 10 107 Sept 5
914 9218 91
9118 9258
4
1 9012 913 13,30 Famous Players-Lasky_No pa
923
Do preferred (8%)_ __ _10
8Sept 5
741 July 97 Dec
4
914 Jan 28 1073
98
98
98
9814 98 9814 9814 984 1,030
*9714 98
4
518 June 133 Dee
913 918
200 Federal Mining & Smelting 100
9 Jan 3 1612May 17
*93 1012
8
1013 *94 1013
94 1012 *9
Do pref
21 Sept 4313 Dee
473 48
4
100 37l*Marl4 6234 Sep 20
1,900
*473 48
4
473 4312 4912 497
4
8 4918 491
75 June 90 Jan
202 2054 20114 205
1,600 Fisher Body Corp
No par
75 Jan 5 218 Dec 22
20912 2093
4
204 204
204 204
57 Sept 84 Deo
975 977 *975 98
8
900 Fisher Body Ohio, pref _ _100 7612 Jan 5 10314June 14
8
*112 116
8
9714 98
*9714 971
1314 135
9,300 Fisk Rubber
83 Aug 193 May
4
3
13
No P27 105 Nov 27 1912 Apr 25
8
133
8
8 1313 137
5
313 8 1378 138 133
5
912 Aug 2013 Jan
2013 2114 2013 2053 195 201
No par
1913 203
1214 Jan 24 2714 Oct 14
4
8
8
, 194 203 10.600 Freeport Texas Co
No pa
4534 Jan 14 80 Oct 23
397 Oct 5911 Dee
8
667 68
8
*66
1,500 Gen Am Tank Car
63
6712 6712 68 68
66
68
485 493
8
4814 497
100 3714 Nov 21 75 4July 20
394 Aug 783 MaY
8
4
8 43
.3
495
8 4613 4958 47
483 43,600 General Asphalt
8
Do pref
80700
100 69 Nov 22 111 July 20
77 Aug 11713 May
80
80
80
81
78
78
80
8012 78
*82
4
64 Jan 70 2 Dec
3
8212
100 65 Mar 3 843 Dec 9
8213 8212 8212 824 815 83
8314 2,100 General Cigar, Inc
8
83
Debenture pref
8018 Apr 954 Dee
*10412 108
10
100 94 Jan 41 109 Oct 25
10412 10112 *103 105 0.103 105 *103 105
4
18212 18212
182 1323 18112 1823 182 183
100 136 Jan 9, 190 Dee 19 1094 Aug 1433 Dee'
4
1821 18514 2,600 General Electric
4'
1434 1478
93 Aug 1814 Jan
8
67,800 General Motors Corp__No par
814 Jan 5 1514July 15
143 15
4
1434 15 I 147 1513 1434 15
8
June 75 Dec
•84
Do pref
63
86
109
100 69 Jan 24 88 Sept 2
*8313 8512 *8312 8412 *831 84,
,
2 8412 8412
8418 8414
80 Aug 7312 Dee
4
8412 8112 8412 8112 84
8412 8114 8414 1,0001 Do Deb stock (8%)...._100 873 Mar 6 964 Oct 13
69 Aug 85 Dee.
900, Do Deb stock (7%)_100 794 Mar 8 100 Sept 1
9714 9714 9714 974 97
9713
9 3 97
64
9712 *97
1018 1018
600 Glidden Co
No par
•104 1014 *1018 1014 1014 12
*1118 12
93 Nov 18 1814June 2
4
No par 2812 Nov 25 447
2853 June 441a Jan.
3512 357
8May 31
8
3512 4,039. Goodrich Co (B F)
3312 3618 3512 363
8 34
353
4 35
8212 June 86 Dec
100 7913 Nov 13 91 Apr 22
*83
8412
100' Do pref
854
*84
*834 8512 84
84
*84
85
2412 244
15 Aug 3413 Nov
900 Granby Cons M.Sm & Pow100 22 Nov 14 35 May 24
24
24
2512 26
*2512 2612 2514 2514
4
No par
1214 1214
8 Nov 13 197
913 Jan 163 Mar
133
8 6,600 Gray & Davis Inc
.3May 31
123 1314 123 1314 123 1312 13
8
4
4
200 Greene Cananea Copper 100 22 Nov 1 3153May 29
19 July 294 Dee
*2612 28
28
*2812 28
2714 2714 274 2714 *26
3
509 Guantanamo Sugar_ _ _ _No par
10
512 Dec 187 Jan
9 8 10
5
10
7 Feb 16 1453 Mar 15
•10
1013 10
10
*97 10
s
1353
8
2513 Juo e 507 Dec
N nv
s
80
8
801
7913 813
4 7912 8314 8012 8312 8012 823 13.890. Gulf States Steel tr ctfs__-100 447 Jan 9 944 Oct 9
400, Harbishaw Elee Cab No par 15 4 Jon 2
112
0
112
3 a 12
37 Mar 18
8
*114
114
02 *13
8
112 *114
13
8 •114
900, Hendee Manufacturing_ _ _100
*19
283 Sept 18
4
13 June 25111 Apr
19 1
21
1914 20
1913 193 193
8
8 19
*19
100, Homestake Mining
4912 Mar 81 May
100 55 Jan 14 82 Nov 15
*7912 80
797 797 *7912 80
8
*794 80
8
*7912 80
9,300; Houston 011 of Texas
4
100 6114 Nov 27 913 Oct 9
697 71'Z
8
4012 Aug 88 May
70
7112 70
73
7014 7314 7118 72
2412 2512
8
1012 June HA May
2518 254 7,2001 Hupp Motor Car Corp__ _ 10 107 Jan 6 2513 Dee 11
243 25
4
25
26
247 25
3
413 41
312 Feb 9 1418Iune 3
9001 Hydraulic Steel
No par
8 Dec 20 4 Jan.
3
54 513
*45 ____
8
5
5
5 14 514
5
12
4
2 June
718 Jan
137 143
8
4 1,400, Indlahoma Refining
123
4
1212 15
13
13
51314 15
314 Jan 27 153 Deo 11
10
*614 61
5 Jan 20 115
390, Indian Refining
8June 7
612 812
612 Dec 151 Jan
4
*813 712 *83
4 74
134 67
s
20 31 Nov 27 45 June 1
3518 35'2
29 Mar 4214 Dee
53
3512 357
8 354 363
4 353 3653 3513 3512 6,2001 Inspiration Cons Copper
4
300, Internet Agricul Corp__100
53 Dee 14 113
8
5
9 I
4May 4
8 Aug13 4 Jan
*853 8
•64 7
*7
8
714 714 *7
Jaw
703, Do pref
100 234 Nov 27 434 Mar 11
327
8
31
31 Dec57
31
8
8
314 33
313 313
4
4 315 325 *32
2,700 International Cement_No par 20 Jan 23 383
38
38
4May 8
21 June 29 Nov
*333 3412
4
3412 3512 38
3714 38
37
No par 2013June 30 3012Sept 20
4,303 Inter Combus Eng
4
*233 24
4
237 24
8
2414 26
244 2514 243 25
8
3,400 Internet Harvester (new)_ _100 793 Jan 3 1157 Aug 14
8
89
90
671 Aug 101 Feb.
8
;
*8812 91
88
89
90
90
8812 90
400
Do pref (new)
100 10512 Feb 14 119 Sept 18
an
9914 June
*110 11612
*110 116
116 116
116 11614 116 116
814 Dec 27 2712May 3
8 3,900 lot Mercantile Marine__100
912 978
8
74 Aug 174 Jan
97 10
8
97 103
3
8 1014 1014 103 107
Do pre
100 4153 Dec 28 87.8VIay 3
7,800
45
47
3
36 Aug 873 Dee
4
43 4 4412
3
8
I 4312 44
434 433
4 435 45
1514 1512 14,100 International Nickel (The) 25 1114 Jan 9 5412Sept 12
1112 Aug 17 May
135 137
8
3
14
15
1514 16
1512 16
Preferred
100 60 Jan 4 85 Jan 20
1,800
7012 71
60 Dec 85 MAY
8814 8814
693 70
4
693 7012 70
4
70
100 4313 Mar 8 837 Oct 18
5314 8,500 International Paper
8
384 Aug 733
517 524
8
4
*52
5213 5214 54
513 5414 52
4
Do stamped pref
100 59 Mar 9 8012Sept 11
7518 1,000
74
67 Aug 7538 Nov
733 75
4
78
76
*74
7513 *75
*73
50 1218July 24 2014 Apr 17
4
1514 153 10,800 Invincible Oil Corp
513 Aug 28 Jan
1412 143
4
144 1514 15
153
8 154 153
2213 Sept 40 Jan
45
463* 3,100 Iron Products Corp_ _ _ _No par 24 Jan 19 5318 Oct 18
45
45
*443 48
4
4512 47
453 483
4
14
2
8
14
14
14
3
8
38
38 2,300 Island Oil& Trzuisp v t e
10
3 Jan 25
434 Jan
4 Nov 18
2 Sept
14
38
1,800 Jewel Tea, Inc
100 10 Jan 4 221251ay 2
*1913 20
2012 207
20
20
20
4
Jan 124 Deo
3
20
203
8 20
Do pref
500
100 3812 Jan 4 783 Dee 18
77
*74
8
74
74 New Year's 7812 7712 *74
77
*74
77
812 Jan 4834 Nov
10
3412 Feb 11 577
503 514 3,500 Jones Bros Tea, Inc
4
3Sept 21
5114 52
1412 Jan 384 Dec
5218 53
*52
5212 52
53
8 9,100 Kansas & Gulf
10
112 Dec 26
213 25
74 Jan 3
218 21
4
17
8 23
8
413 Oct
113 13 Holiday.
4
112 13
9 Nov
4134 42
2,500, Kayser (J) Co, (flew) No par
34 May 1 485 Aug 3
81 43
43
415 421
8
8
42
4212
43 437
I
1st preferred (new)...No par
94 May 1 10612June 9
Stock
*100 105 1•102 105 .102 105 *105 107
*98 105
474 4312 35,200 Kelly-Springfield Tire
2
3414 Jan 4 533
4
485 49
8
473 4912 475 4918 483 483
4
8
13 Aug iiiiiii
4MaY 5 ii- T
800; Temporary 8% pref
100 9012 Jan 4 1073
10212 10212 Exchange 1023 1023 1023 1023 10412 1011 105 105
4
4
4
4
4May 9
7014 May 94 Jan
*8312 89
100
6% preferred
8413
87
7112 Jan 3 86 June 5
*82
*82
8118 8418 8113 *83
70 May 80 June
10914 10914 1,100 Kelsey Wheel,Inc
100 81 Feb 9 11512 Dec 19
109 109
Closed.
110 11014 110 11012 110 110
35 Mar 89 Nov
8
4
No par 2512 Jan 4 395
3614 367
363 37181 384 374 364 373
4
3 383 363 17.9001 Kennecott Copper
Dec
8May 31
113 Mar
912 978 14,400 Keystone Tire & Rubber__ 10
912 101
8
9
912
912 97
43 Nov 13 243
4
8May 4
8 8 914
7
84 Jan 17 g May
7
100 Kresge (5 8) Co
100 109 Oct 4 18913 Nov 10 130 Jan 177 Dee
*175 18314
4
18314 18314
*181 18314 *17.5 18314 *1813 182
Lackawanna Steel
*75
77
100 44 Feb 27 85 Oct 18
32 June 584 Jan
500, Laclede Gas (St Louls)_ _ _100 43 Jan 13 9413 Aug 28
8314 84
85
85
;82- 161 iii" iti" iii" 16
40 Jan 574 May
27
2813 2812 29
294 4,0001 Lee Rubber & Tire_ _ _ _No par 2414 Nov 28 3518 Mar 16
2933
2818 293
8' 28
29
174 Jan 30 Deo
219 219 ! 2187 219
3
2184 2187 210 219
8
700; Liggett & Myers Tobacco_100 153 Feb 18 235 Oct 18 13814 Jan 164 Dec
.218 275
100
Do pref
*11718 b183g
4
4
100 108 Jan 10 12312,Nov 8
•11718 1183 11714 11714 *11713 1183 *11718 11814
97 8 Jan 110 Nov
5
5812 593
60
613 23,700 Lima LocoWkstempctfsNo Par 52 Nov 25 1177
59
59
3 5812 613
4 594 62
3
8May 25
•
112
*112
____ *112
____ *112
____ *112
____
Preferred
____
100 93 Jan 30 12513 A119 30 974 Aug 100'4100'4
19
1913 195
8 193 193
8
191
4 191
: 194 1913 197 --8 7,55(5 Loew's Incorporated___No par
105 Jan 28 233 Sept 18
8
4
10 June 2112 Mar
1113 111
*1113 12 t *113 12 1 *115s 12 I 1153 113
4
400 Lott Incorporated
4
No Par
9 Jan 9 14I4May 3
7 4 Aug 123 Jan
3
4
•165 188 4186 168 ;4
.165 187
300 Lorillard(P)
*165 168
1643 185
4
100 1474 Jan 6 180 Sept 8 138 Feb 16418 Feb
*113 122
•110 120 *110 120 I 117 117 *117 121
100
Preferred
100 104 Feb 4 121 Oct 28 100
Jan 111 Dee
•105I4 108
*101 10512 10514 10.514 10513 10.512 *103 10512
300 Mackay Companies
100 72 Jan 5 117 Del. 18
5912 Jan 72 Deo
*68
893
8
6918 8918 '69
'
1
693 *69
8
693
8 8914 6914
200
Do pref
100 57 Jan 13 70 Nov 6
55 June 62 Dee
567 577
8
5818 5913 5814 60 1 804 6314 6114 643 29,200 Mack Trucks, Inc
8
No par 2512 Jan 13 617 Sept 11
8
2512 Oct 42 MaY
92
92
9212 923
*9211 93
4 93
Do 1st prat
93 1 933 93 8 1,000
7
4
100 68 Feb 10 944 Dec 13
Jan'
6313 Oct 78
84
*82
*83
84
84
84 12 85
85
85
85
1,700
Do 2d pref
100 54 Jan 6 8784Sept 19
Oct 6411 Apr
54
391
38
384 40
38
383
4 3712 333
4 3718 377 26,600 Mallinson(H R)& Co_ _No par 154 Jan 16 40 Aug 28
8
10
Jan 18 Sent
*4612 48
*47
49
*47
4812 46
48 1 *45
700 Manati Sugar
46
100 3014 Jan 3 52 Mar 13
21
Oct 894 Feb.
*70
83
*79
83
*79
83 , *79
83
*77
83
Preferred
100 7314 Apr 3 8414 Sept 13
92 Jan 93 Jan
50
50
5218 5213 5118 5212 527 53
8
*5212 53,8 2,400 Manhattan EleeSupplyNopar 41 Mar 13 093 Apr 24
4
4612 4878
465 47
8
463 4714 465* 47781 471, 477 10,000' Manhattan Shirt
4
8
25 32 Mar 8 58 4 Oct 25
4
3
18 June 3133 Dec
2918 293
4
29
3053 2813 2914 285 2912 2818 29 I 18,100 Niarland 011
8
NO par 225 Jan 6 463
3
8June 19
1213 Aug 807 NOV
8
*1014 12
10
10
*912 11
10
12 I
300 Marlin-Rockwell
1012; *10
No par
512 Mar 4 283 Mar 27
8
5 Oct194 Jar.
2813 2812
293 31
4
3078 31
30
30 I 2978 2978 1,700 Martin-Parry Corp
No par 2014 Jan 4 3614June 3
13 Sept22 Dee
48
48
497 513
8
4 50
52
.51
5012. 3,500 Mathleson Alkali Works__ 50 22 Jan 11 54 Nov 4
521 .50
1112 Aug 24 Nov
504 503
4
5014 5113 50
503
4 5014 54121 517 533 10,100 Maxwell Mot Class A
3
4
100 4114 Nov28 743
4MaY 17
38 June 454 Dee
1533 1534 1512 16
15 3 1512
3
153 173
4
1714. 19,400 Maxwell Mot Class B__No par
41 16
11 Feb 15 257
3
8June 8
8 June 153 Dec
68
6814
6818 69
58
68
68
6813 675 8812 5,500 May Department Stores 100 8512 Dee 16 179 Dec 12
8
8512 Jan 114 Dee
1713 18
18
18
1773 18
8
8 1,800 McIntyre Por Mines
3 1 4 177 183
104 Jan 10 215 Mar 23
8
*280 294
290 293 ,*275 290 *280 290 *275 290
300 Mexican Petroleum
100 1063 Jan 10 332 Dec 21 - 1- Aug l.811 -iiii
.;
4
14 2
•100 106
__;*100 106 *100 106 *100 106
Preferred
loo 7914 Jan 12 108 Deo 28 ____ ---- ---- ---164 174
-liE3 183
8 18
183
3 165 177
8
8 165 17
11.600 Mexican Seaboard 011__No par
8
_15 Oct 7 3412July 13
1512 183
4
17
175
8. 17
1718 153 165
.1
8 157 157
Voting trust ctfs
3
8 5,700
12 Oct 5 3218July 13
2714 2714
271g1 2718 273
27
4 2713 28
273 2712 2,000 Miami Copper
8
nCl
21 -je .
5 25 Nov 15 313
11* u
4
31
- - -Jin 8May
1114 117
8
115 12
3
115 12
8
115 12
8
4
114 113 26,300 Middle States Oil Corp.__ 10 11 Nov 1.5 16 Apr 17
10 July16's NOV
28
2812
274 29
283 2912 28
4
2912 2814 287 25,000 Midvale Steel & Ordnance_ 50 2818 Dec 28 4514Ivlay 17
8
June 331* an
22 J
68
68
*87
69
*577 68
8
5,100 Montana Power
88
683 *6713 69
4
100 63 Jan 4 763
43 Aug 643 Dec
8
3Sept 1
8
224 221
215 2218 215 22
8
8
22
2212 2218 227 18,200 MontWard & Collis Corp
8
10 12 Feb 11 25 4 Aug 11
125 Dec 25 Ma,
3
3
*2212 24
*23
24
24
24
*2212 23
440 Mullins Body
*20
25
8
No par
1714 Dec 4 34 Mar 31
173 July 287 Jan
4
1113 1118
1114 1114
1114 12
114 1112 1112 12
1,200 National Acme
50
912 Nov 14 2114 Apr 25
1018 Dec 30 Jan
367 38
8
3812 387
2 3814 3878 38
383 27,600 National Biscuit
4
12
Jan 128 Dec
• 2 38
100 367 Dec 30 270 Deo 2 102
8
*115 122
*116 122 *115 122 *115 122 *119 122
Do pref
100 11312 Jan 4 126 Oct 20 105 Aug 120 . Jan
63
*83
624 627 *5712 63
2
400 National Cloak & Sult
61
81
624 63
5
100 26 Jan 17 667
15 Sept 35 3 Jan
8Se06 13
•1
112
14
114 *114
112
500 Nat Conduit & Cable_ _No rar
112
112
112 112
Jan
5 Sept
8
1 Dee 18
418 Apr 13
683 6712
4
8
4
6712 6734 663 6712 863 6758 7,700 Nat Enam'g OtStanairg
663 68
4
100 303 Jan 11 6313 Oct 21
26 Aug 1355 Feb
4
128 1283 127 12712 126 126
127 128
•
4
12612 12612 1,400 National Lead
873 July 87 Dee
4
100 85 Jan 12 12914 Dee 11
11214 11214 11214 11338 11312 114
*112 11312
Do pref
600
1135 1133
3
8
100 108 Jan 10 117 Oct 5 100 June 108 May
154. 16
157 1614 107 1612 16
8
8
3,900 Nevada Consol Copper_ _ _ _ 5 134 Nov 15 1918June 1
5
1618 15 3 16
13
9 Mar 15 Dec
2653 2658 27
3
3
25 4 273
2712 28
28
1,500 N Y Air Brake (new)__No par 2412 Nev 27 415
2833 28
8Sept 20
2212 224 *225 2314 *225 231, 225 225
22
22
8
400 New York Dock
8
3
8
100 20 Nov 25 46 June 9 -'2195- 1C31 -iii. 8. 1;
.50
*49
51
65 .50
65
c47I2 4712
100
*50
Do pref
65
100 48 Nov 25 68I2June 8
45 Jan 5712 May
*12
13
12
12
*12
1412 *12
1413 *12
100 N Y Shipbuilding
14
No par
117 Dec 28 25 Feb 28
3
13 Dec 33 Feb
103 10718 104 107/4 10314 10612 1023 108
1047 10814
3
17,800 North American Co
4
50 4418 Jan 4 10314 Dec 30
3214 Aug 48 Dee
45
4512 45
45
4514
45
447 45
8
45
2.100
Do prof
45
8
317 Aug 4112 Nov
50 38 Jan 7 4714 Aug 29
*2812 _ _ _
*2812
Riglats
18 Dec
Is Dec
313 Jan 13 29 Oct 19
;21 --- -iii1 2t31- -2iTs ii- *28
2
*26
4
2812
4
300 Nova Scotia Steel & Coal_100 20 4 Feb 28 40 Sept 14
29
2018 Nov 39 Mar
3
*913 17
11
•10
*94 1012 *912 1012
100 Nunnally Co (The),._.,..No par
919 94
812 Mar 127 Jan
8 July 14 123 Mar 30
4
s
.614 7
612 714
712 814 *712 8
712 712 1,000 Ohio Body & Blow____No par
5 Nov 15 1414 Apr 17
7 Nov 115 D4
14
s
50
17
8 2
17
8 2
13
4 13
4
178 2
6,800 Oklahoma Prod &Refof Am 5
173 2
4 Jan.
438June 2
15 May
4
13 Dec 19
4
*54 64 *5 2 61.1
,
Ontario Silver Mining____100
*5 4 614
,
*514 84 *514 614
93 Mar 25
8
412 Jan 8
34 Aug
6 May
187 19
8
1878 19
*1834 19
19
1914 1712 1812 2.500 Orpheum Circuit, Inc
1
4
14 Dec 30 Apr
8
1 123 Jan 6 28 Oct 5
*15114 155 *151 155 *150 155
•150 155
300 Otis Elevator
152 15212
4
87 Aug 148 MAY
100 116 Jan 4 1883 Oct 9
8
8 14
8
8
8
818
77
8 812
812 812 4,389 Otis Steel
8 Nov 18 Jan
No par
6 Nov 29 1812 Apr 11
365 3714 38
8
*3712 38
38
2,700 Owens Bottle
39
373 3814 38
4
24 4 Nov 54 s Jan
1
1
3Sept 26
25 247 Jan 27 423
8
12
3
4
58
12
12
3
8
12
38
34 13,800 Pacific Development
1
4 Dec 10 4 J99
12 Dec 28 1418 Apr 27
823 8313 813 823
8
4
844 85
8 83
5,300 Pacific Gas & Electric
8353 8214 83
4814 Jan 88 DecDee
100 60 Jan 30 9118Sept 15
•Bld and asked price.; no ealee on this day.
Last than 100 Shared. a Ex-dividend and rights. e Ex-dividend. •• Ex-rights.
-5iin" "Es; May
may
277,
-15- i
e
iiiity
--
New York Stock Record-concluded-Page 4
60
For sales during the neek of :stocks osuaii. Inactive, see fourth page preceding.
HIGH AND LOW SALE PRICE
-PER SHARE, NOT PER CENT.
Saturday,
Dee. 30.
Monday. I Tuesday. 1 Wednesday. Thursday,
Jan. 1.
Jan. 2.
Jan. 3.
Jan. 4.
Friday,
Jan. 5.
Sales
Is'
the
Week.
STOCKS
NEW YORK STOCK
EXCHANGE
PER SHARP
Range fo - yelr 1922.
On oasis of 100-share loa
PER SHARE
Range for
Year 1921
Highest
Lowell
Lowest
Highest
Per share S Per share $ Per shire Shares Indus. &Miceli.(Con.) Par $ per share $ per share $ per share 3 Per *hare
*12
14
*114 14
*1114 14
Pacific Mall SS
*1112 14
5 11 Jan 18 19 June 3
/ Jan
1
4
8 Aug 17
483 4712 463, 4812 485 48
4
8
/ 473 48
1
4
8
/ 53,000 Mollie 011
1
4
4213 Nov 23 tI91
/
4May 4
13
2713 Mar 50: Deo
Dc
897 9114 8712 89
8
/ 841 8934 8514 88
1
4
/
4
89.100 Pan-Am Pet & Trans
50 4g7 .lan 11 10 ,1 Dec 7
.
3
/
4
381 Aug 793 Feb
/
4
83
8414 8112 833
4 784 833, 804 825 92.700
/
1
Do Class B
8
50 4012 Feb 8 9534 Dec 7
4
3413 Aug 713 Jan
47
*414 5
4
/
1
4
*4
45
8 5
43
4
1,000 Panhandle Prod Se Ref_No par
3 Dec 28 1213 Jan 4
6 Aug
14
1453 133 14
4
13
13
131 1 1314 2,800 Parish di Bingham
No par
74 Nov I i 17 Apr 12
/
1
1511 Apr
9 June
/
1
4
213 27
8
23
4 2
/
1
4
3 3 33 12.800 Penn-Seaboard St'l v t c No par
5
27
3 312
4
238 Dec 28 133
Jan
65 June 17
3
8May 24
9314 9414 62
/ 93
1
4
91
925
8 9113 92
5.300 People's G. L & C (Chic)_ 100 5954 Jan 4 99 Sept 15
3353 Jan 844 Dec
4114 4111 4114 413
4 414 43
42
44
10,700 Philadelphia Co (PIttsb)_. 50 311 Jan 4 453
/
4
/ Jan
1
4
2812 Aug 35
8Sept 21
*76
80
*78
80
.76
Phillip-Jones Corp
794
/
1
78
794 .
No par 7314 Oct 30 10518 Jan 3
371 Apr 10518 Dee
/
4
4713 483
8 473 497
4
8 48
501
4 4734 495 .38,100 Phillips Petroleum
3
No par 2814 Jan 11 ' 5914June 7
16 June 3414 Dec
13
133
4 1312 143
8 134 143
8 14
1418 8,800 Pierce-Arrow St Car_ _No par
8 July 24 244 Apr 25
/
1
94 Aug 4214 May
/
1
32
3213 32
3412 33
3412 34
Do pref
344 6,100
100 184July 24 49 Apr 15
/
1
Oct 88 Mar
21
418 41
/
4
4
41
/
4
41 418
/
4
418 413 3,130 Pierce 011 Corporation
25
3 Dec 28 12 Jan 12
/
1
4
/
4
514 Aug 141 Nov
40 40
4038 4118 42
4213 4213 1,800
Do pref
43
100 32 Sept 27 71 Jan 3
3012 Aug 78 Jan
665 5712 555 57
8
8
56
58
55
/ 5612 9,300 Pigg WIgg Stor Inc -A"No par 39 Nov 21 5918 Dec 28
1
4
80
8014 803 604 603 803 0591 5914 3.000 Pittsburgh Coal of Pa
/3
/
4
8
4
100 55 Nov 18 7238 Sept 15 - - Jul; - - - 1-52
68 H6
0
*91
98 '
59912 100
9912 9 / .
Do pref
100
91 9713 9912
4
100 901 Feb 31 10012Sept 13
/
4
82 Jan 93 Dee
/
1
4
3814 3953 3818 39
39
3913 39
4018 17,900 Pond Creek Coal
10 1414 Feb 21 41 Dee 29
1218 Mar 1812 May
11412 1143 114
4
-slum Cereal
4
4
11414 1153 1153 *112 115
1,20 P0
8
No par 655 Apr 19 120 Oct 18
•110 111
1101 11018 111 11113 .111
/
4
100 1054 Apr 29 11218 Oct 16
/
1
80
8112 78
8()
75
)r erlledar
78
7413 - 2 7.000 Precjed gtee C
100 63 Jan 12 9514 Sept 13
771-it
48 Aug
May9704
4
*98 100
1
1)8 100
*97 100
Do pref
100
993 993
4
100 91 Feb 16 106 Sept 12
83 June 1
Jan
51
504 5114 493 504 48
485 501 98,500 Producers & Refiners Corp_ 50 2418 Jan 10 51 Sept 12
8
/
4
4
/
1
205 Oct 3413 D
3
9212 943
/
4
4 9413 9614 941 96
943 9514 10,100 Public Service Corp of N J_100 66 Jan 7 100 Nov 20
4
54
Jan
4
13014 131
1297 1303 1307 1335 131 13 13212 19,009 Pullman Company
8
41
3
8
/
4
100 1001 Jan 6 1393
48ept 12
8918 Aug 11414 Nov
4712 473
47381 47
4 47
477
8 46
4612 2.900 Punta Alegre Sugar
50 294July 14 5314June 9
243 Oct 511 Jan
4
/
4
291 297
/
4
8 2914 297
8 2913 293 17,400 Pure 011 (The)
8, 2918 297
8
25 261 Nov 27 383, Jan 3
/
4
2112 Aug 403* Dee
99
/ 994 99
1
4
/ 99
1
4
/ 99
1
4
/
1
/ 99
1
4
/ .993 100 I
1
4
4
8% preferred
700
100 94 July 20 1023 Apr 25
4
11412 11413 1143 11913 *115 118 *115 118
4
1,9001 Railway Steel Spring
100 94 Jan 10 12814 Sept 13
67 July -961- Dee
2
*337 343
34
8
4 34
34
*33
*33
200 Rand Mines Ltd
333
4
0 Par 1913 Jan 26 3812Sept 7
19 Apr 264 Sol
7t
145 144 145 147
3
8 143 15
1412 143
/
1
4
8
4 5,089, Ray Consolidated Copper. 10 124 Nov 16 19 May 31
11 Mar 16 May
34 .34
34
34
3413 354 3518 38
/
1
3,3001 Remington Typewriter v t 0100 24 Jan 6 42 Mar 14
1718 June 383 May
4
100 105
101 105 *101 103
1st preferred v t 0
103
100 55 Jan 12 105 Dec 8
4714 Nov 80 Jan
*78
80
*80
80
803
8 80
80
25 preferred
80
400
100 5012 Feb 23 803 Dec 6
4
475 Nov 75 May
4
2314 24
2614 2814 264 2813 45,700 Replogle Steel
234 26
/
1
No par 21 Nov 27 3812May 18
;
18 June 392 Jan
48
8
4
/
4
5214 503 5238 495 511 .51)
5114 20,800 Republic Iron & Steel
100 4312 Nov 27 7812May 29
4118 June 73
/ Jan
1
4
•9013 91 • : 88
91
91
•90 4 91
3
200
Do pref
861
100 74 Feb 24 903
4MaY 31
7514 Oct 984 Max
Republic Motor Truck_No par
11 Nov 14
:
143 une 2
0
6 Dec 244 Jan
/
1
____477 481;
4
4814 4713 4814 473 19- 11:555 Reynolds(R J) Tob Cl B
.7 74 19- 48
1
25 43 Mar 27 633 Nov 21
4
•
118
._ 116
1161
/
4
11812
116
23
7% preferred
100 1114 Apr 11 1183 Oct 19 ---4
_5212 523
4
5214 527
.5218 525
3 501 521 511 52
,
/
4
/
4
3
18.300 Royal Dutch Co(N Y shares). 473 Jan 21 8133
3
8May 3
4013 Oct -897 Mt
t11
1 1813 19
18
185
/ 1853 183 183
1
4
8 18
4
4 1813 184 2.400 StJoseph Lead
/
1
10 12 Jan 9 204Sept 25
/
1
4
1013 Aug 144 Dee
/
1
*214 2
/
1
4
*214 212 *214 2
/
1
4
212 212
238 23
8
200 San Cecilia Sugar v t o_No par
113 Jan 10
614 Mar 21
114 Oct
5 Feb
/
1
4
*1813 20
*18 4 20
3
1812 1813 *1813 19
*181 19 1
4
100 Savage Arms Corp
100 10 Aug 28 24% Apr 1
8
/ Oct 23
1
4
/ Jan
1
4
*11 11
/
4
/
4
Saxon Motor Car Corp_No par
1 18 Feb 23
514June 2
2 18 Oct
834 Apr
86
88
-g812 ii- -8- - - - -884 87
5
97
/ 87
1
4
90 1 20.500 Sears. Roebuck & Co
100 593* Feb 1 947 Aug 14
5414 Dec 983 Jan
8
4
'107'4 112
•10714 112 *107 112 *107 112 *107 112
Preferred
100 91 Jan 5 112 Aug 22
85 Nov 104 June
7
/ 78
1
4
7
818
81 814
/
4
8
8
8 14
818 818 1,700 Seneca Copper
No par
6 Oct 13 234 Jan 3
128 Mar 251 Nov
/
4
93
84 818 *8
/
1
*8
813
8
814
83
4 83
4 1,500 Shattuck Arizona Copper_ 10
812 Nov 2 12 June 2
93 Dec
4
/ Jan
1
4
*384 394
38 4 3534 *374 383
3
/
1
4 3814 3814 38
3818
800 Shell Transp & Ttading_ .£2 3412 Dec 6 4813May 3
307 Oct 49 May
8
34
35
3
343 354 345 3514 334 353
4
/
1
/
1
8 337 341 73,400 Sinclair Cons 011 Corp_No Par 184 Jan 10 383
8
/
4
4June 9
161 Aug .i2,33s_ May
/
4
912 978
958 10
9
/ 1014 10
1
4
9
/ 1018
1
4
Skelly Oil Co
104 20.300
/
1
8 8 Nov 23 111 Oct 4
5
10
/
4
39 4 39 4
1
*41
3
42
42
43
4213 43
•41
44
1,100 Sloss-Sheffleld Steel & Iron 100 3413 Mar 7 5412May 13 - 1- June
998
*
64
73
*84
73
*84
•64
73
73
*80
Do pref
67
100 66 Mar 21 80 Aug 29
6814 June 75 .
77
41
41
42
42
*40
*40
43
43
•40
43
200 So Porto Rico Sugar
100 33 Nov 17 574 Mar 3 .
2_6_ Oct 103
Jan
20
/ 211 New Year's 203 22
1
4
/
4
8
204 2112 20
/
1
211 20
/
4
21
21.500 Spicer Mfg Co
No par
15 Nov 27 24 June 5
*89
90
93
93
90
90
•
88
94
*88
Preferred
94
200
100 84 Apr 28 96 Sept 16
Holiday.
88
86
87
87 .88
88
409 Standard Milling
87
/ 8713 *7514 8714
1
4
---4
100 843 Dec 27 141 Sept 159
ue
9 Aug 119 Dee
119 8 12113
3
12113 1234 121 1227 1214 12313 0601 511 28,800 Standard Oil of Cal
/
1
8
/
4
3
25 913 Jan 10 135 Oct 4
4
673
4J n
9812 Dec
392 411
8
/
4
412 425
4
Stock
8 411 423
/
4
/
4
4 414 424 12,700 Standard Oil of N J
4 411 423
25 3811 Dec 28 2504 Oct 10 124% June 19214 Dec
/
1
118 118
11714 1177 1174 11714 1184 11713 1163 11712 2.800
8
/
1
4
Do pref non voting_ _ 100 1133* Jan 7 121) Nov IS 10518 Jan 11413 Dee
8.514 854 Exchange
85
85
89
/ 924 92
1
4
8518 90
/
1
95 4 15,500 Steel & Tube of Am pref 100 68 Mar 10 90 May 25
3
66 Sept 8514 Dee
6214 625
3
611 615
/
4
3 61
81
614 6114 807 6113 3,700 Sterling Products
8
No 1 w 4518May 4 633 Dec 5
par
4
*109 110
10912 10913 *11212 113
Closed.
113 113
11413 115 I
800 Stern Bros pref(8%)
81 Jan 3 103 Jan 5
81
Oct 119 Aug
74 4 79
3
7914 81
8 811 847
/
4
783 845
4
8 80
/ 82121 12,8001 Stewart-Warn Sp Corp_No par 2413 Jan 5 79 Dec 30
1
4
21 June 37
Jan
634 884
/
1
8813 69
65
684 *84
/ 673
1
4
/
1
8 65
66 1 3,700 Stroraberg Carburetor_No Par 3,514 Jan 5 71 Dec 27
254 Aug 46 Apr
11512 117
11714 119
1161 118
/
4
115 1184 1153 1184 205.20(1 Studebaker Corp (The)_ _100 7918 Jan 5 1414 Dec 27
/
1
4
4
.
4238 Jan 9314 Apr
*110 118
*110 118 *110 116
112 112 *113 116
800
Do pref
100 100 Feb 17 11014 Nov 2
83 Jan 1033 Dee
4
7
7t4
7
7 14
7
78
3
74 714
/
1
74 74 2.8001 Submarine Boat
No par
3 Oct 1038 Jan
8 Nov 23
/
1
4
3 Jan 31
/
1
4
5
513
5
58
3
514 51p
51 53
/
4
8
512 812 3,700 Superior 011
par
4 No v 27 1014June 7
No 1poo
33 Aug 131 Jan
4
*2914 30
2914 29
*2914 30
/ 30
1
4
30
29. 30 I
1
900, Superior Steel
26 June 48 Jan
28 Jan 3 3913 Apr 7
14 2
2
2
2
2
218 214
214 2 8 9,600' Sweets Co of America
5
10
15 Nov 25
8
5 Mar 14 -_-ifs;
*14
3'
8
14 Oct 21
I Temtor C& F P, CI A_ _No par
2 Dec
514 Feb 1
Jan
10
107
s
-111Es - 7 -joie --1 -013 - - -1- 113 1213 24,800 Tenn Copp de C tr ctfs_No par
11 g
11 2
4 12 2
4
83 Nov IS 124May 19
3
8 Aug 11 Dec
/
1
4
4812 49
48 3 49
5
4814 49
4813 49
4814 4812 35.700i Texas Company (The)___ 25 42 Mar 27 5214 Oct 10
29 June 48 Deo
60
611
/
4
8014 814 6014 61
/ 60
1
4
591 614 59
/
4
14.800' Texas Gulf Sulphur
10 381 Jan 4 674 Nov 8 :335 Dec .
8
/
4
7:8_ Dec
21
2112
2111 2253 22
225; 2112 2214 2112 215 13,900 Texas Pacific Coal & 011_ 10 1813 Nov 22 323
8
4June 3
104 Aug _3_78_
57 3 57 8
3
5
57
5818 .561 5712 541 587
,
/
4
8 545* 55
/ 31,000 Tobacco Pioducts Corp_100
1
4
Nov 17 8414June 28
83 3 84
3
84
843
8 833 8418 83
8
841 83
/
4
831 12,700
/
4
Do CIA (since July 15) 1001 787 Aug 2 8913Sept 13
8
*10314 1067
,
107 1093 .104 1083 *105 109 *106 10814
4
4
Do pref
500
764 June 91
/
1
100 88 Mar 2 115 Sept 8
Jan
13
/ 14
1
4
133 141 13
4
/
4
/ 1418 13
1
4
713 mar 3 20,8May 22
/ 14
1
4
134 1412 17,900 Transcontinental 011_No par
/
1
6 Aug 13 Apr
*324 35
/
1
*33
35
*33
343 *33
4
35
3318 334
200 Transue & Williams St_No par 32 Nov 21 4518 Apr 4
28 June 444 Apr
/
1
8612 8813
67 67
86
67
664 664 *86
/
1
/
1
700 Union Bag & Paper Corp_ _100 55 Mar 25 78 Sept 12
68
57 Sept 75 Jan
/
1
4
t8
*4
3
3
4
14
/ Dec 30 25 June 3
1
4
18
/ 8,400 Union 011
1
4
13
1518 Aug 25 May
*1
/
4
No par
/
1
4
85 85
8513 8512 8512 8513 85
85
*80
,
847
8 1,300 Union Tank Car
4
100 85 Dec 30 1343 Dec 18
871 Sent 107 Mar
*108 110
10812 110
1087 1087 109 1097 110 110
8
3
/
1
4
8
200
Preferred
92 Oct 104 Nov
100 102 Feb 9 113 Sept 8
34 34
33 4 333
3
4 34
34
*33
34
3318 334
400 United Alloy Steel
19 June 34
No Par 25 Jan 11 4114May 13
Jan
7912 7913
81
81
81
81
81
8114 *80
81
1,100 United Drug
100 60 Mar 3 85 Oct 5
46 Sept 106
/
1
4
Jan
47% 473
8
*4678 4734 47 4 473
3
4 4714 373* 4713 47
1st preferred
/
1
4
50 41 18 Feb 18 517 Oct 5
500
8
365 July 47 Feb
8
154 4 155
3
155 155
154 4 15514 1554 155 4 15514 15514 1,100 United Fruit
3
100 1193 Jan 4 162 0 t 18 39584131471;1 Augju n :idian
4
c
3
e 09 m
61 J
1813 1612 17
17
.
19
4
200 United Paperboard Co _100 14is Nov 10 3 / A ug 2
0
94
6 ja 3 2 1
743 75
i5T4 78
-7(
-1 58 7813 751 783
/
4
8 785. 783 51.900 United Retail Storm_ _ No par 4312 Feb 28 8713 Oet 27
4
8
283; 293
293 29 4 293 325* 30
8
3
3
323
4 305* 32
11,000 115 Cast Iron Pipe & Fdy.100
711 713
/
4
4
724 7214 72
723 *71
4
73
Do pref
72
100 50 Jan 11 78 Aug 29
*71
800
38 Aug 5713 Nov
*81
: 718
53
*6 4 74 *83
3
8
/
1
4 74 *63
/
1
100
U S Express
5 Feb 1
4 74 . 4 73
53 June
8 Aug 14
3
7
Jan
414 438
45
4
/ 5
1
4
5
5
5
5
4
/ 1,000 U S Food Products Corp_ _100
1
4
23 Feb 8 1018 Jan 3
4
84 Sent 2714 Jan
/
1
20
21
21
211 2114 213* 203 21
/
4
USHoffmanMachCorp No par 181 Nov 14 257
4
20 4 213
3
8May 27
/
4
5,400
68
68 4
2
887 88
8
/ 664 673
1
4
/
1
4 883 8712 661 58
3
/
4
.
/ 17,100 U S Industrial Alcohol __ _100 37 Jan 6 72 8 Oct 16 - 1- 1
4
7
994 Nov140;
ci
*9613 100
98
99
98
98
*97 100
*97 100
Do pref
100 7212 Dec 29 102 Oct 18
700
84 July 102 Mar
87
/ 8812
1
4
89
9212 91
92 4 93
3
9518 93
/ 953 25,800 US Realty & IMprovement 100 56 Jan 3 027 Oct 10
1
4
8
8
4113 Mar 8313 Dee
55
/ 5613
1
4
55 8 560
3
55 4 57 3 553 574 5514 5714 34,100 United States Rubber
3
3
8
100 46 Nov 25 6712 Apr 17
4013 Aug 795k Apr
99 99
99
99 8 99
5
9913 99
/ 99 4 9914 10014 2,800
1
4
3
100 91 Sept 14 107 July 11
Do 1st pref
74 Aug 1037 Jan
8
39
*37
*37
/ 3813 39
1
4
40
3918 3918 39
39
50 33 Feb 27 483 Oct 4
1,000 US Smelting. Ref dt M
4
26 Apr
47
/ 4713
1
4
*473 481 481 484 *473 48
4
/
4
/
4
4
*46
50 4214 Feb 9 49 Aug 16
463
300
Do pref
4
37 Aug 34481ane°
D
J
106 1075 10818 1073 1083 1083 1063 10812 236.600 United States Steel Corp..100 82 Jan 6 11113 Oct 16
3
106% 107 4
3
8
3
4
4
7014 June 861 May
/
4
/
4
12173 1211
12113 122
12112 12112 122 12213 12114 12214 3,860
100 11343 Feb 3 123 Sept 19 105 June 115 Dec
Do pref
6414 8514
643; 6513 85
6613 85
8814 65
86
10 59 Nov 27 7112SePt 5
7,200 Utah Copper
4113 Aug 68 Dee
/
1
4
*167 17
8
1713 1714 17
1718 163 1714 •17
4
1713 1,100 Utah Securities v 15
100
9 Jan 18 2318 Sept 20
/
1
4
7 Aug 1238 Max
34 4 3513 35
3
3413 354
38
3818 3918 363 3818 26,800 Vanadium Corp
4
NO par 304 Jan 10 53 4 Aug 30
3
2518 June 41
Jan
*95
98
*95
98
*95
98
*95
98
*95
98
100 92 Jan 17 100 Oct 7
Van Raalte 1st prof
72 Mar 88 Dee
/
1
4
24
24
/ 24
1
4
/ 24
24
1
4
/ 254 25
1
4
/ 23
1 5 4 24
4
/
1
2514 1,800 Virginia-Carolina Chem
l00 2314 Nov 23 367 Mar 13
8
2034 July 4212 Jan
62
82
63
/ 8312 6313 84
1
4
*82
8414 6214 63
100 58 July 28 83 Oct 18
Do pref
1,400
574 July 1023 Jan
4
•53
/ 55
1
4
54
54
*54
5.5
55
55
•54
57
100 43 Mar 27 9413 Jan 18
350 Virginia Iron, C & C
59 Aug 95
Jan
*80
85
*80
85 •80
85
*80
85
•79
Preferred
85
100 68 Mar 13 86 Oct 31
15 4 15 4
3
15 8 16
5
16
2
1614 157 163* 15
8
/ 11314 16,500 Vivaudou (V)
1
4
No Par
618 Jan 8 16 Des 29
5 Mar - - 1- May
/
1
4
94
1212 13
*1214 1234
*123 13
4
12
/ 12
1
4
/ *1234 13
1
4
8
1.800 Weber & Heilbroner_ _No par 105 Oct 19 17 Apr 24
813 Jan 1312 Oct
91
9113 *8713 91
91
*88
*88
907
8 91
92
100 6614 Jan 4 984 Oct 18
700 Wells Fargo Express
4913 Jan 72 Jan
:
11112 1111
1113 11213 11113 112 *111 112 *111 112
4
900 Western Union Telegraph_100 89 Feb 8 12114 Aug 29
78 Aug 94 Apr
11113 11113 110 110 *109 10912 *109 110
108 4 1114
3
4,500 Westinghouse Air Brake_ _ _ 50 80 Mar 16 114 Dec 19
8
811 Sept 987 Jan
/
4
5913 8018
3
60
8014 59 4 8014 59 3 6014 60
3
613* 3.000 Westinghouse Eleo di Mfg_ 50 491 Jan 4 6518 Aug 22
/
4
38 Aug 5213 Dee
/
1
4
1
263 2713 2614 28
4
: /
281 264
/ 2613 2853 284 2613 3.400 White Eagle 011
1
4
No par
814 Oct 25 34 Dec 22 - ---49
49
48 4 49
3
49
/ 513
1
4
48
/ 50
1
4
4 5012 511 13.100 White Motor
/
4
50 354 Jan 8 54 Sept 12
2914 June -i-i- May
3
/ 358
1
4
3
/ 3
1
4
2
3
/ 33;
1
4
/
1
4
3
/ 34
1
4
3
/ 3
1
4
/ 8,400 White 011 Corporation_No par
1
4
215 Dec 27 12 May 5
7 July 1753 Jan
11
10 4 11
113
3
8 1118 1118 11
*1014 10 4
3
1118 2,900 Wickwire Spencer Steel
5
811 Nov 15 211
/
4May 12
4
84 Nov 183 Dec
/
1
634 6
87
8 7
7
/
1
4
712
7
/ 74
1
4
3
7
53 814 40,400 Willys-Overland (The).__ 25
412 Feb 17 10 May 29
4 NOv 1013 Mal
/
1
4
4458 4713 464 484 15,400
42
/
1
/
1
42
/
1
4
4212 424 4314 45
/
1
Preferred (new)._ _100 24 Feb 17 491
Do
23 Aug 42 May
:July 19
364 3713 37
3613
/
1
37
37
371 3614 37
/
4
38
1,900 Wilson & Co.Inc, v t o_No Par 2714 Jan 4 50
/
1
4Sept 15
2713 Nov 47
Jan
*88
87 87
*88
89
87 87
89
*87
88
100 66 Jan 10 91 Sept 7
Preferred
200
65
Oct 89 Feb
/
1
4
21812 220
220 220
21714 2207 221 2244 4,000 Woolworth Co(F W)
3
219 219 4
8
/
1
100 137 Jan 8 223 Nov 20 105 Aug 1393 Dec
4
/
1
4
3218 33
/
1
/ 32
1
4
3312 344 34
32
34 3 •34
5
35
3.000 Worthington P & M v 4 e._100 26% Nov 28 5574June 2
30 Aug 554 May
/
1
4
100 83 Mar 31 95 Apr 24
Do pre! A
7018 Au
85 Dee
68
-872 68
-_ -- 68
ft_8812
4
100 63 Nov 27 89 Oct 4
Do pref B
300
54 Aug 70 Nov
iii
2
*813 9
*813 9
•1313 9
*813 9
Wright Aeronautical__ _No var
6 Jan 27 11 Aug 22
61 June
/
4
934 Nov
per share
*113 13
4
48
481
/
4
91
92
83
/ 847
1
4
3
*4
47
8
133 1413
4
212 25
8
93
93
41
41
*793 80
4
467 47
3
134
13
*31
3213
4
4
39
39
5613 57
60
80
*9913 100
3914 40
*11213 11513
.
108 11012
811 8113
/
4
*98 100
4912 5018
91
9114
130 1304
/
1
48
4818
2758 2918
99
/ 9978
1
4
*114 117
*332 3413
4
1414 141
:
•____ 104
*100 105
78
80
24
244
48
49
*9012 9112
S Per share $ per sh-re
49.,
• mei and asked prices; no sales on this day.
Less than 100 shares f Ex-rtehra n Ex-dividend and rights.
Range since merger (July 15) with United Retail Stores Corp. b Ex-d1v. of 25% in common stock.
Ex-dividend. e Reduced to basis of $25 par.
New York Stock Exchange-Bond Record, Friday, Weekly and Yearly
61
interest"-except for Income qua fief IllIcIt^ors44
Jan. 1 1909 the Exchange method of quoting bonds was changed and prices are noto-"and
BONDS
N. Y. STOCK EXCHANGE
Week curling Jan 6
Priem
Friday
Jan 5
Week's
Range or
Last Sale
Ask Low
Bid
U. S. Government.
First Liberty Loan
ii) 101.16 Sale 100.92
334% of 1932-1947
J
98 9, Sale 9s 90
Cony 4% of 1932-1947
D 91.94 Sale 98 76
Cony 44% of 1932-1947
of 1932-1947_ _ JD 99.00 99 70 99.00
2d cony 434%
Second Liberty Loan
MN 98.40 Sale 98 22
4% of 1927-1942
MN 98.42 Sale 98.34
Cony 44% of 1927-1942
Third Liberty Loan
Ms 98.96 Sale 98.86
441% of 1923
Fourth Liberty Loan
AO 98 82 Sale 98.74
434% of 1033-1938
Victory Liberty Loan
in 100.24 Sale 100 24
411% Notes of 1922-1923
99.96 Sale 99.92
Treasury 4148 1047-1952
10112
28 consoi registered
51930 Q J
10314
/11930 @ 2 ____
Ss contsol coupon
10212
registered
1925 Q F
de
1033
8
1925 @ F ____
118 coupon
100
Panama Canal 10-30-yr 2/8...k1936 @ F
0312 --__ 9312
Panama Canal Sc gold
1961 @ M
94
79
Registered
1961 Q M 92
211
zol
Range
Year
1922
High No Low
99.44 10. 95.76 10080
98.60 3353 95.32 101.50
I
101.98
98.962162198.74
I
99.00 4169 95.86 10156
1
I
100 38 2616, 100 02 101.00
100 00 1603 98.50 100.14
Ape221---- 10214 103%
Mar'22 --- • 1031€ 141314
Dec'22 ---- 10212 105
10212 1054
Jtay'21
: 4 9312
-1 123 Dec'22
79
794
Feb'22
Foreign Government.
114 99 102%
101
100 Sale 1004
82
8 77 8714
3
82 Sale 86 4
163 118 10912
101 Sale 10012 102
98% 18, 9112 104%
9718 Sale 97
10112 218 98 1085
8
1007y Sale 994
109
17 105 112
10812 Sale 108
Di% 27 108 115
111 Sale 111
128 92 10112
94
9312 dale 92
773
4
19 74% 90
7712 78
71124
99
151 9112 108
988 Sale 984
87
112 79
9,17
s
86 Sale 8514
4
9712 Sale 983
4
974 93 8412 963
997 1,5 98
2
4,
99%
998 100
11
943 09°4
41 1
997 dale 912 100
23 95% 1034
/
1
1013 Sale 10112 102
4
9912 365 97% 10612
9914 Sale 9914
ae
1,04 47 100% 106
52INN 811,3 Sale 1024
1,F A
Chile (Republic) ext at 88_219
94
1926'A 0 11,238 Sale 10112 10238 202 9812 10.418
External 5
-year s f 88
96% 157,
1942 M N 9.14 Sale 9614
78
/
1
.
3 311(5)94 116'121
1946M N 310318 dale 1024 1031/
6
1
25
-year s f 8s
68
30 41
52
Chinese (Hukuang Ry) 56 of 1911 .1 D 5114 Sale 51
14 to 32 11212
1119
4
1945,A 0 108 Bale 1073
Christiania (City) a f 88
9$12
943 309 95
4
Colombia (Republic) 6335_1927,A 0 93 Sale 923
91 1 67 8612 954
-year s f 5413_ _1944'J .1 91 Sale 90
Copenhagen 25
9512 9612 955e
9612 ---- 8412 103
1944 M
Cuba Sc
96
8212
8212 15 77
Ester debtor 58 1914 Sec A_1949 F A 894 93
1949 F A 8112 8212 8112
External loan 4348
8112 la 7412 100 3
9 1
9
88
85314
Csechoslovak (Repub of) 88.-1951 AO 8812 Sale 86
1075
8 109
1 10512 114 1
Danish Con Municipal 88"A"1946 FA _
8
11 105 113
1946 FA s1575 Sale 1084 109
Series B
110
77 107 11212
8
1945 A0 10v7 Sale 10814
Denmark external a f 8s
9812 150, 0014 10014
1942 JJ 9814 Sale 97%
20
-year 65
-1
Dominican Rep Cons Adm at 513'58 F A 9514 ___ 9412 Dec'22 10 8112 9712
85 9312
85s
1942 M S 8512 Sale 85
544s
97
94 1 161 91
9312 Sale 93
Dutch East Indies ext as__ _ _1947 J J
236 934 1053
9011 9714
94
10
-year 68
1962 M S 93 Sale 93
9812 403
4
French Republic 25-yr ext £1945 MS 973 Sale 9758
8
/
1
91 1044
20
-year external loan 748_1941 .ID 934 Salo 935
5111
Great Brit & Ireland (UK of)
1034 "1 317 96 106%
10412
4
gold bond 534a_ _..1937 FA 1033 Sale
20
-year
11414 1234 983 118
4
10
-year cony 534s...... _1929 F A 11414 Salo 113
.
75
60 68
9114
Greater Prague 745
1942 M N 7412 Sale 7430
96121 201 96
96%
961 dale 904
/
4
Haiti (Republic) 68
4
95 933
9412' A 9212 9814
A 94
I
Italy(Kingdom of) Ser A 644sig_g_
_ 'C
gak uo 865 9512
8
Japanese Govt
-g loan 4348_1925 F A 9312 94 934
93tz 57 883 95 4
3
8
8
Second series 434e
1925 J J 9314 9312 927
8
82 I 201 725 8312
1931.1 J I 6114 Sale 804
Sterling loan 48
7911 104 74
/
4
90
N 774 Sale 7712
Lyons (City of) la-year Oe...1934 M
79
46
Marseilles (City of) 15-yr 68_1934 M N 78 Sale 78
146 474 7012
54
74
9
0
Mexico-Extern loan g 58 of 1899 Q 2 2 5312 Sale 52
37
46 3412 62
2 3.1€ 363 36
4
Gold debt 4s of 1904
9112 40 89
9412
9114 Sale 90%
Montevideo 711
9834 246 9214 9912
9 97% Sale 97%
Netherlands a f 65
a l1
112 I 59 1073 115
4
'A 0 11112 Sale 111
Norway externals f 817
1940
6s
l952IA 0 99 Sale 9872
Porto Alegre (City of) 85_ _1961 J D 93 100 984
9912 14 19719214
3 057 115
1
9912' 188
Queensland (State) ext s 1 78194l'A 0 108 109 10812 109
4 199% 667 98 I 04748
10212 Salo 1013
0258 3 93:19014
16 99
I05
05
25
-year (is
4
84
44
A
Rio Grande Do But8s19 A F O 983 Sale 981
4
/
1
54 94 10512
97
86.._1946 A 0 963 sate 964
Rio do Janeiro 25
-year a f
4
97
89
1947 A 0 963 Sale 964
9914 21 96
San Paulo (City) s f 88
1952 M S 98% 993 9712
106%
9912 9812
99
9912 3 9312 106
Ban Paulo (State) ext s f 86._1936 2
98
8J12 Sale 8518
8714 102 81
Seine (France) ext 7s
74
4
7012 162 70
Serbs, Croats & Slovenes 88 1942 IM N 6.43 Sale I 69
6
9 21 .
7712 Sale 7712
841
/
4
5
3
7
814 „ 76
Salmons (City) 68
1936 at N
105 Sale 10412 105
Sweden 20-year Os
111
2
3
.7J
Swiss Conferee° 20-yr s f 8s_ _1939.1 D 11813 Sale 11814 118% 51 19 2 197
1940
72
72% 713
4
7212
Tokyo CIO 5s loan of 1912
,
IM
3 g8212 1084
13 02
8
107
76
Uruguay Republic ext lias___ _1946 F A 106 10634 104
11112 Sale 11114
11212
9 106 115
Zurich (City of) a f ils
1945 A 0
Argentine (Govt) 78
1927 F A
Argentine Treasury Sc of 1909.-- M
Belgium 25-yr ext s f 734s g- -1945 J
6
-year 6% notes
Jan 1925.1 J
20
-year s f Ss
1941
Bergen (Norway) a f 85
1945 M N
1945 M N
Berne (City of) s f Sc
Bolivia (Republic of) 871
1947 M N
Bordeaux (City of) I5-yr 68_ _1934 M N
D
41 .! ra
B sil, U S external 81/
19952, D
78
1952 A 0
7348
Canada (Dominion of) g 55_1926 A 0
do
do
do
58_ _1931'A o
1929 F A
10
-year 634s
State and City Securities,
/ 1001
1
4
4. 98 10312
N Y City-434s Corp stock_ _1960 M S 100 101 100
4
8
43113 Corporate stock
1027
8 20 9712 104
1964 M S 10214 1025 1024
8
434e Corporate stock
1966 A 0 10214 1025 10034
5 99 105
_
10034
/
4
4348 Corporate stook
1971 J D 10712 108 1074 1078 .0 10312 1091
434s Corporate stock__July 1967 2 .1 107 10712 10714 1074
1 10312 10 %
8
44.48 Corporate stock
10718 28 103 10812
1965.1 D 107 10712 10718
4245 Corporate stock
1963 M S 107 10712 10712 10714 41 103 11212
e
1% Corporate stock
10014 22 9318 1004
1959 M N • 997 10014 997
3 93% 101
4
4% Corporate stock
997
1958 M N 993 10014 998
2 9312 100 s
993 10014 1005
4
4% Corporate stock
8 10,
5
/
1
4
1957 M N
/
4
4% Corporate Stock reg
1956 MN 991 993 987 Dee12 --- 94 100%
Oct'22 __-- 103% 108
New 448
1957 M N 107 Sale 100
8
44% Corporate atock:
8 15 1034 108
1957 M N 1065 Sale 10812 1087
1 82 934
84% Corporate stock_ _1954 M N 904 9112 903
4
9034
-48
York State
1023 Nov'22 -- 10218 102%
4
Now
1901 M S
102 June'22 -- 102 102
Canal Improvement 45._ _1961 J .1
10912 110
Highway Improv't 44s
109% A pe22
1963 M S
Highway Improv't 434s
44
10412 Apr'22 ---- 10412 10
1965 M S
Railroad.
,
6512 12 5814 80
*1995
J 641 6612 64
Ann Arbor let g as
/
4
9012 205 85 954
/
1
-Hen g 48_1995 A0 891 Sale 8914
AG% Top & S Fe
881 86 Dec'22
/
4
0500 AO 87
857 9212
8
RegIsterea
77% 86
*1995 Nov 8212 Sale 804
Adjustment gold 48
/
1
831 13 784 8612
/
4
k1995 Nov 8312 83 824
Stamped
8112
88
1955 in
8212
9 78
Cony gold 45
10012
2 911 107%
/
4
1960 in 111111 10212 100%
issue of 1910
Cony 45
953
2 911 974
/
4
1928 111
953
948 9514
East Okla Div 1st g 48
1985 J
823
4
7 78 854
8114 -r-- 8118
Rocky Mtn Div 1st 4s
86
9 79% 90
86
Trans
-Con Short L let 45...1958 .1.1 85 86
914
91%
3 804 902
-Arts 1st & ref 4348"A"1962 MS 9112 92
Cal
no price Friday; latest bid and asked. aDue Jan. doue April
asa
Rigs
101 30 2877 94 84 103 12
2 95 70 101.68
99.90
91.10 296 96 04 10178
99.00 II, 9682 10200
Wows
Pike
Friday
Jan 5
BONDS
N. Y.EiTOCK EXCHANGE
Week ending Jan 5
Reap,,?
Last Sale
As( Low
a4•1
.02:i
83 II
Range
Year
1922
Mph No,Low
Blab
93
63 85
89
atl Coast Line lot gold 4s_k1952 51 IS 8878 Sale 88
1061 107 107
/
4
2 10412 1083
4
107
10
-year secured 78
0
893 68
4
8
7 8312 918€
885
09 t8
General unified 4348
,
_1927
688
9912 10J 101) Noy'22
983 100 5
8
3
Ala Mid 1st guar gold 58._
8/5
8
91
9114
Oct'22 .- -- 88
Bruns & W let gu gold 48_193
8614
4
8212 168 77
LA N coll gold 45
al951 MN 82 Sale 813
/
4
941 117 8814 96
Salt & Ohio prior 334s
h19t .1 J 94 Sale 93 2
19 Q
9412
Registrd * 9112 944 9412 Noc'22 ----' 91
7912
8112 152 7618 881s
*1946 A 0 80 9.11,
-year gold 45
tat 50
I 75
84
781
/
4
7'
.7 *_ __ 79
Regtsterecl
k1.94t
8114 81•2 81
8112 42 74 874
10-year cony 4345
93
48 77
85
933
9 "S
Refund at gen 58 Serles A_ _19 7: J D 1.415 dale 81
1929 J J 101)3 Sale 994 10 78 153 9412 102
Temporary 10-year 68
94
/
1
4
2 87
9158
8
3348_1925 57 N 91 14 -- 9 5
P June & 86 Div lot g
7718
773
4 65 723 85
4
1941 MN 7712 Sate
PLEAW Va Sys ref 49
4
6
92 I 122 86
9/
41
4
Southw Div 161 gold 330_1926 J .1 913 Sale 913
9812 98 Noy'22 -HI 92
/
1
4
9914
Cloy Lor & W con let g 58_1933 4 0 96
8
9714 Dec'22 ----pi 96% 99
Ohio River RR 1st g 55_ _ _1938 J D 907 99
9.12 deka 04 --II.90 98
1937 A 0 9i7 96
General gold 55
4
673
8 13 827 73
8
Tol & Cin Div let ref 48 A_.1959 J J 6 % 663 ,.7
1003 Dec'22
4
985 103
8
Buffalo St & P gen gold 5s_ _193: 51 S 10118 91 Sale 911
/
4
92 I 47 8812 9612
Consol 43.48
7
Alleg & West let g 4s gu_ _ _1996 A N
9 5 "O 6318 8914 8312 Dec'22 ---- 8218 834
9013 Ja11'25 -- 9011 9.158
96% --Clearf & Mab let gu g 5o..1903 7
10.114 At. '22 ---- 9930 1004
/
1
4
/
1
Roch & Pitts Con 1st g 68_1922 J D ____
7
,01
Canada Sou cons gu A 5s__ _1962 A 0
Canadian North deb s f 7e__ _1940 J D
25
-year a f deb 830
1
Canadian Pac Sty deb 45 stock., . j
19 . 2
D
Car Clinch & Ohio let 3-yr 58 1936
Central of Ga 1st gold 5s___p1945 F A
Consol gold 55
10-year temp smut65_June 1949 1 D
1925 51 N
Chatt Div par money g 43_1951
Mac & Nor Div let g 55_1941 J J
Mid Ga & Atl Div 55
Cent RR & B of Ga coil g 58_1947 J N
37
1 9 M .1
Central of N J gen gold 5s_ 11/87 .1 J
Registered
h1987 Q J
N VA Long Br gen g 48_1941 MS
Ches & Ohlo fund & impt 5s....1929
J
let Consol gold 58
1939 M N
Registered
1939 61 N
992 M s
General gold 4,349
1992 M S
Registered
29
-year convertible 434s_ _1930 F A
36
-year cony secured 5s
1946 A 0
Big Sandy let 4s
Coal River Sty let gu 4s
944 1
1945 .9 D
Craig Valley let g 58
Potts Creek Branch let 49_1946 j .1
1949 J .11
R & A Div lst con g 4s
_1989 J .7
2d consol gold 48
1989 J
Greenbrier Sty 1st go g 4s._1940 M N
Warm Springs V 1st g 5s...1941 M
Chic & Alton RE)ref g 38_ I949 A 0
Railway 1st lien 3348
1950 J
Chic Burl & Q-III Div 348_1949 .7
Illinois Division 4s
Nebraska Extension 4s_ _ _1949 M N
1927
Registered
1927 M N
General 4s
1958 M
1st & ref Is
1971 F A
Chic & E 111tst consol gold 68
C& E III RR (new co) gen 53_1954 A D
1931 MN
Chicago Great West 1st 4s
1959 M S
Chic Ind & Loulsy-Ref 68_11347 .1 J
Refunding gold 5s
Refunding 48 Series C
.1
J
19
9
47
General 55 A
1966 M N
General 65 B
Ind & Louisville 1st gu 48
9 6j
13
9814 99
98%
99 1 27 93 102
_
11314 113% 11_12 114
66 10812 115
1115 1138 . ,118
8
11214 31 1 ,712 1148€
85
7
80 4 2.-,., n
,
794 13 1,11 794
941
/
4
92 Sate 9114
.,,
92 ' 33 83
10012 ___. 102 Dec'22 --.-_-1 19512 103
/
4
9714 973 9714
8
4
93 i w , 895 1011
100 S kat 993
4
10012 6_ ' 94 10112
1
8158
b1
76
81
934 ____ 965 SepS1 ---!' 93 96
8
t'12
741
/
4
9318 ---. 9512 June'22 ---- 95 9512
9-3 964 0 t7 Noy'11 ---A, 8812. %
4
8
97
10714 108 107
1,8
6 10372 110
/
1
4
102 JO lug Sept'22 ---- 105 110
91
91 July'22 ---- 91
96
965 Dec'22 ---,,,- I 9012 98
95
4
100% 10112 101
10112
36 , 9411 1031
2
9914 10 4 100 Dec'22 ----'100 100
/ 91
1
4
86
c624 804
864 211 92
_ - 86 NO2'21 -;,,, -21
- -L7g1- 53411 8104
4
8912 1?. 824 924
dale
81
9
33
8 % Dec512 -4 9 8414 89
94
6
9 23 - . 7 2 964
1
6
4
2
8
93 _8_4_1-.
5
84
8 7 June 221---- 79
83 8
8
8878 874
887
2
79
7712 84
79 June'22 ---- 71
7814 615 61 18 Dec'22 ---- 81
4
84
/
1
4
75% 7912 7712 Dec 22 ---- 755 8012
827 ____ 69
/
Apt 21 -- _ _ _ --923 __-- 804 Dec 21 ---- . ---4
_
__
5212 Sale 62
524
: 51
55
67
29% Sale 23 4
3
2 /14 36_ 234 52
15
8114 8314 82
8312
6 774 86
n
89
914 92
92 1 '
87 9
3
9634 9714 9714 Dec 22 ----I 93 98
- -I 90 t.Ra'19 ---4
90 1 13 -gisi sir
li * 1 e 80
tai7'; 618 0918 1011s 56 96% 1024
Sil
10518 107 1054 Dec'22
102 '1091
2
80 Sale 794
801 115 68
/
4
88
52% 80 4912 6412
5112 Sale 51.18
107 13,73 106% Dec.22
4
101 115
9712
971 984 974
/
4
874 99
%
8212 84 I 86 Sep, 22 ----I 75
86
834 4), 79
/
1
4
8112 83% 813
884
9712 Id 97 102 s
9712 6atu I 97
5
72
78
774 Oet 22 ---- 75
/
1
79
Chic Ind dr Sou 50-year 45_1956 J .1 8412 8612 844 Dec'221----1 8 % 87
4
9112
91% Sepe22
87
Chic L S & East let 44s____1969
D 87% 98
73 Sale 72%
73 I 66 6612 80
Ch M & St P gen g 49 Ser A _e1989 J
30 6084 7112
General gold 3448 Ser B 81989 J .1
90
General 4348 Series C_ _ _411989 .7 J
02
842,
783 69
8
6
858841363
60 4.
;: 0
f 81
4
59t
/
1
4
Gen & ref Series A 4348.__a2014 A 0 6si66
80
i763%I 160
70
Gen ref cony Ser B 5s
a2014 F A
77
Convertible 434e
1932.1 D
87
g $4
45
1925 J D 64sl05 08,:?79 Sale 7858
3
/
1
4
584 16
1 5312 69
25
-year debenture 4e
1934.1 .1 5 .7 Sale 55
977
8
964 .114 964
91312 ,t 89
Chic & alo Rly Div 58
1928 J
3
68
614 77
CM & Puget Sd 1st gu 48_1949
.7 60 Sale , 6,4
1,6
6614 0 Dec6
22
8412 92%
Mtlw & Nor let ext 440_1934 .1 D 8712 943, 9
10214 92 D'22
ec
85 9212
Cons extended 4048
1934.1 D 90
98
, 9914
Chle & N'west Ext 4s__ _1886-1926 F A
944 Dec 22 ---- 9314 9511
Registered
1886-1926 F A 9513 7514 7614 7.
6 72
81
/
1
4
77 I
General gold 3345
1987 M N
• 73
75
7318 Dec'22
734 7314
Registered
86 I " 8214 91
General 4s
P19 7
1 87
9
N 86 8612 85%
F
Stamped 48
1987 NI N 5112 --- 06 Nov'12I 11 8118 11.0
9% 8
9
41(14
8
105 I
General 59 stamp
stamped
1987 M N 105 1051
1014
2 102 105
Sinking fund Os
1879-1929 A 0 10318 103% 103%
s
luul4 _-_- 1017 A or. ---- 101 1017
1
22
Registered
1879-1929 A 0
981,104
Sinking fund 55
1879-1929 A 0 9858.... 985$ Dec'22
100 Aug 22--U 9515 100
Registered
1879-1929 A 0
Deem ____ 19605 110101%12
Sinking fund deb 58
1933 al N 100 __-- 100
9812 Mey'22--ii 9812 1001
/
4
Registered
1933 M N
KIEV Sale 10812 109 I
10
-year secured 75 g
10914 1103 1093
4
4
1107
s 26 106 115
15-year secured 645 g
119336)) i D
9 M S
4
Dos Plaines Veils)gu 4445 1047 M 8 914 ---- sae Sept'12 ---- 9314 931
.
Oct'22
10530 11112
Frem Elk tic Mo V 1st 68_1933 A 0 10718 ---_ 111
____ 70 agae21t---Man GRAN W lat 348_1941
J
6618 Aug'211---86
Milw & S L 1st gu 348
1941 J J 75
4
985* 10812
Milw 15 & West imp g 55_1929 F A 993 ____ 992 Oct'22
100% ---- 10112 Noy'22.---- 10112 10112
Ashland Div 1st g 85
1925 M S
,
4
's
c57
o
,
/ 9
1 3
44
1574 -9-38 15 7 De5 22 --- 11 10114
0 7 _7 _ 00
0
Mich Div let gold Os__.1924.7
Mil Spar & N W 1st gu 4s_ _1947 M S
/
1
4
St L Peo & N W 1st gu 5s-1948 J J 102 -___ 10112 Dec'22 ---- 98 10512
/
4
82 1 22
Chic RI& P-Railway gen 48 1988 J .7 811 Sale 814
80 Dec'22 ---- 7
78
9
844
87'8
1988.1 .7 7930 130
Registered
8312 29_ 7512 8712
8
7
82 8 Sate 828
Refunding gold 4s
1934 A 0
81
8014 Sale 8014
1, 7814 864
RI Ark & Louis let 4349_1934 M
9812 Dec'22 ---- 90 VAN
Burl C R & Nor lat 5s___ _1934 A 0
984
Choc Okla & Gulf cons 5a 1952 M N 973 ____ 981s Oct'22 ---- 89
64 4
91e
12
2
6 76
91112
9 2,
51 8 2 83
72 961
Keok & Des Moines 1st 58_1923 A 0 90 . 91
StPaul&KCShL lst 4491941 F A
___ 10412 1094
Chic Ett P M &0cons Os
1930.1 D 10612 10714 10512 Dec'22
92
Dens n
Cobe Os
to 348_1930 J D 8938 .__- 92 Sept'221---- 87
9 15
.4
:
5 Sa__l_e_ 95 may62 ,____ 9114 98
6
reduced5s
1930 M S 9
43
North Wisconsin 1st 65___ _1930 .1 .1 10 8 ---- 118 Nov•16
Superior Short L 1st 5s g e1930 86 S
7314 88 2
81
2 -- - ---1793
4
794 81
Chic T H & So East lst 53_ _1960 J
91% 42: 8712 944
Chic Un Eita'n 1st gu 434s A 1963 J .1 91 Sale 91
11412 115 114
1144
9 11112 117%
1st Ser C 48(Ws)
103 105
Chic & West Ind gen g 85
41933 .1 M 105 ---- 105 Dec'22
1962 Q j
7572 79 gm 79
/
4
75 Sale 741
/
1
4
Consol 50
-year 45
1952.1 J
2
/
1
4
10912 1023 10112 Dec'22 ---- 997 102
15-year el 74417
9112 Nov'221---- 85 9112
/ 91
1
4
Cin H & 0928 gold 434s
1937.1 S 88
9
1193375 M .1
„88 Mar'171---C Find & Ft W Ist gu 48 g_1923 MN
8813 95
Day & Mich 1st cons 4348_1931 .1 .7 OP/ --- 904 Dec'22
onus May. oDu OWN. 17Due July.
,
/Due Aug. oDue Oct. z/Due Nov.
'Due Dec. irOptkon sale.
62
BONDS
N Y.STOCK EXCHANGE
Week ending Jan 5
New York Bond Record-Continued-Page 2
1'4
Price
Fritter
Jan 5
Bid
Week's
Range or
Last Bale
Ask Low
nes I
aP
aI'
I
Range
Year
1922
High No. Low High
BONDS
N.Y.STOCK EXCHANGE,
Week ending Jan 5
Cl-
Price
Friday
Jan 5
Bid
Week's
Range or
&1St Sale
Ask Low
31
Range
Year
1922
High NO Low
High
Cleve Cln Ch & St L gen 4s__1993 J D 803 Sale 803
4
2 7612 8414 Illinois Central (Concluded)
8
803
4
-year deb 4955
20
1931 J J
9112 92
2 85
91 s
,
015
8
• nnnha Div let gold 3s____1951 F A 683 7014 6813 Dec'22
923
4
66
71
4
General 55 Series B
1993 J D 98 8 1001s 10018 Dec'22
,
8614 102
St Louis Div & Term R 33_1951 J .1
,
63
/ 7612
1
4
6972 Nov'22
Ref & impt 68 Series A__ _1929 J J 102 Sale 10114
50 95 10314
102
Gold 3y4s
1051 J .1
764 80
/
1
84 Dec'22
Cairo Div let gold 48
1939 3J 8512 83
8612 Dec'22
Snringf Div 1st g 3 hi
7984 92
19513
7812 7812
7718
_ 7812 July'22
Cin W & M Div 1st g 4s
1991 J
7918 82 80 Dec'22
8212
76
Nestern Lines 1st g 4s
1951 F A 83
82
8614
86
83 Nov'22
St L Div 1st coil tr g 4s_199(1 M N
7714 8012 SO
3 7712 8418
813
8
Registered
1951 F A
92 Nov'10
Spr & Col Div lst g 45
19411 M S 8.:14 _
851 Aug'22
:
8512 3512
Salley & Car 1st 68
1923 J D
75534 ii561;
111018 Oct'22
W W Val Div lot g48
1941) J J 8212 _--- 813 Nov'22
8
81
8514
..2arb & Shaw 1st gold 4s
1932M
9212 9212
8718 9412 9212 Sept'22
C I St L & C 1st g 48
k1931 Q F
8734 Dec'22
9112
83
C.hfr St LA N 0 gold 5s1951 J D 10018 10314 10118
2 98 104
/ /
1
4
10118
1
4
Registered
k1931 Q F
8612 9012
9013 Oct'22
Registered
1951 .1 I)
58 Atne21
Cin S & CI COUR ist g 594._ _1928 J
99 Aug'22
9819
94 99
Gold 3%s
1951 .1 D 7318 _ _ 653 Dee'21
4
CCC&I gen cons g fts__1939 1 J 10614 Sale 10518 May'22
104 11)7
Joint 1st ref 5s Series A.1963 J D 117 8 Sale 97
,
975
8 12 9012 100
Ind B & W 1st pref 45
19411 A 0 8612 88 8 90 Jun.'22 - _ - 00
,
93
Memph Div let g 4s
1951 J D
7834 R214
8214 Nov'22
Peoria & East let cons 48_ _1040 A 0 7414 75
2, 70
753
4
753
4
/ 84
1
4
St Louis Sou 1st gu g 4s
8
1931 M S 868
8612 8613
1612 Oct'22
Income 45
1990 Apr. 275 2818 27
8
5 22
'
2812
/ 391
1
4
/ tnd III & Iowa 1st g 4s
4
1950 J J 8578
_ 8858 Dec'22
84
/ 885
1
4
a
Cleve Shor Line 1st gu 490.1911 A 0 965 97
5 90 99
8
/ 9612
973
1
4
4
lot & Great Nor 1st g ext 7.__1922 M N
9618 Nov'22
9118 10112
Cleve Union Term 5955
1972 A 0 105 Sale 10412 105
57 10012 107
Adlust(ie
19523 .1 4713 5;5: 46
487 "iTh 4612 a512
8
Colorado & South let g 413_1929 F A
9212 Sale 9218
5 84)4 94
9212
lames Frank & Clear 1st Is_ _1959 J D 86
8712 86 Dec'22 _
8))12 99
Refunding & erten 490_1935 M N
11 81: 92
2
8614 871 863
4
87
/
4
Kansas City Sou let gold 35_1950 A 0 685 Sale 6812
4
15 63
69
72
Ft W & DenC 1st g 592s 1961 J D 10 14 111414 1033 Dec'22
8
10118 1051
/
4
Ref & Impt 55
Apr 19503 J 8 38 Sale 8811(
,
45 84
89
9412
4
Cuba RR 1st 50
-year Is g
31 77
1952 J J 843 Sale 83 8
8312
,
85
Kansas City Term 1st 45____1960 .1 J 823g Sale 825
8
835
4 23 79
/ 883
1
4
2
let ref 792s
1931 J D 104 106 1043 Dec'22
4
100 10712 Lake Erie& West 1st g 58____1937 3 .1 94
!14
96
95
3 85
99
D L & W-M & E 1st gu 395s 2000 J D
3 7918 8112
777
8
78
26 gold 5s
1941 J J 86 Sale 85
5 77
85
87
/
1
4
N Y Lack & Western 513_1923 F A 993
9812 10378
4
- 9918 Dec'22
North Ohio 1st guar g 55_1945 A 0 751 8318 7381 July'22
/
4
68
78
Terminal& improve't 4s_1923 M N 9918 9914 9118 Dec'22
97
99
/ Leh Val NY lot gu g 4;48_1940 J J
1
4
95
97
3 905 97
8
Warren 1st ref gu g 3Sis
2000 F A
7412 ---- 7412 Nov'22
Registered
7414 73
J 92
1940
80 July'21
Delaware & HudsonLehigh Val (Pa) cons g 45_2003 M N
804 802 80
4
8112 13 771 -55lat & ref 4s
1943 M N 80 Sale 8712
893
4 51 8312 94
General cons 41
,48
013 901
2003 M N 91
4
/
4
27 85 96
92
2
30
-year cony 53
71 9914 103
4
1935 A 0 977 Sale 963
98
/ Leh !Term Sty 1st gu g 5s
1
4
10314 Dec'22
194) A 0 101
9818 10314
1937 M N 10 t salt 10112
1023
8 21 99 10312
Rem wed
113 Mar'12
1941 A 0
10-year secured 75
107 11318
1931 J D 11018 11113 109 Dec'22
Leh Val RR 10-yr coil 6s_n1928 M S
105 105
10618 17 16612 NEI;
Alb & Sum cony 3145
80 Dec'22
1941 A 0 7912 82
765 84
8
Leh Val Coal Co 1st gu g 5s 11)33 .1 J 100
100
1 905 102
100
3
Reuss -I' Saratoga 20-yr 68 -1941 MN 10918 - Registered
105
1933 J J
OeV13
,
Den Sr R Gr-1st cons g 45 193‘ j
/
4
7612 38 72 -g2-1761 Sale 7.5
OR
9
let int reduced to 4s_ ._
8318 03'21
1933 .1 .1
8014 78 Dec'22
Coneole gold 4925
79
76' 84
2
1931 3 J
Leh & N Y 1st euar g Id 4s 1945 M S 80
86 Aug'22
831 86
Improvement gold 5s
88
1928 J D 87 Sale 84
12
7412 85
Long Told 151 cons gold 55__h1931 Q J 98
973 Dec '22
4
9512 100
547 Sale 4912
8
5213
let & refunding 58
57 1227 42
1955 F A
1st consol gold 4s
h1931 Q
/
4
891 110
8914 _ _ _ _ 811 June'22
/
4
4 4014 481
Trust Co certifs of deposit........
48
5212
/
4
General gold 43
84
:
1938 .1 D 851 88
47 77
85
Rio Or June 1st gu 58
-331- -8512 8314 Dec'22
4
1939
E1
8012 89
Gold 45
1932 J D 81
81 Nov'22
_
81
84 4
9144
Rio Or Sou 1st gold 4s1940 3 J
1018 ---. 1012 Dec'22 ---- 1012 1012
Unified gold 45
81
3 7314 82
81
1949 M S 8012 83
1018 Feb'22
Guaranteed
1218 10i4 1081
1940 J J
Debenture gold 5a
4 737 981
94
1934 J I) 8713 95
94
8 : 871
63
:
7612 7 , 76
. 8
8
Rio Or West let gold 49
1939 J J
78
/
1
4
2 733 8,1,
4 _6
20
-year p m deb 5
.
12
85
1937 M N 8312 85 83
6512 32 6218 11
Mtge & colt trust 48 A_ _1949 A 0 6612 67 65
Guar refunding gold 45.
1949 M S 81
51 92 945
8
82 807
83
7
6
99 8
4
/
4
Det & Mack-let lien g 48
70 Sept'22
1995 .1 D 7.•1 80
78
74
N YB&
9618 Sept'22
3
B 1st con g 58_1935 A 0 95 8 _
7018 0,1'22
Gold 45
78
1995 .1 D 63
07
701
/
4
NY&RB lst gold 5s1927 M S 96 _
96 Dec'22
Det Riv Tun 4920
,
19111 MN 9014 Sale 897
s
903
4 32 82
93
Nor Sh 13 151 con g gu 5s_a1932 Q
93
9412 95 Nov'22
85:8 9612
0 13 76
7
9
2
98
Dui Missabe & Nor gen 5s
/
1
4
8
194I J J 965 ---- 99 Dec'22
952 100
8
Louisiana & Ark 1st g 55
94
9218 Dee:22
78
1927 M S 82
9812
Oul& Iron Range 1st 58
1937 A 0 991,, 100 10012 Dec'99 ---- 9514 /0218
Loulalana & N W 5s
1
1935* 0 ---- 773 77
71
4
Registered
:
1937 A 0 ____ 9812 1051 Mar'08 -- -Louisville & Nashville
-Dui Sou Shore & AU g 58
80
79 Dec'22
1937 J J 75
7712 87
Gold 5s
101 Nov'22
1937 M N 103 _
9813 10212
/
1
Elgin Joliet & East 1st g 55 1941 M N 994 la) 100
100
1 95 100
/
1
4
Unified gold 49
_9_1_1 Sale 9012
! _9112 47 874 95
1940 J
/
1
Erie 1st consold gold 75 ext 1930 11 S 11,312 14:04 10312
1033
4 31 100 3 108
3
Registered
9018 June'22
1910,3 .1
8814 901s
N Y & Erie lst ext g 45
87 July'22 ---- 805 87
1947 MN
8
Collateral trust gold 5s
9818 __ 101
Dec'22
1931 M N
9512 995
8
Srd ext gold 4928
991 Dec'22
/
4
1943M S
/
1
10
-year secured 75__
4
1 104 8 110
013 22
1083
4
%
1930 M N 1084 Sale 1083
5
4
ith ext gold 55
9112 Nov'22
1930 A 0
let ref 5928
9012 051
/
4
/
4
2003 A 0 10414 Sale 1041 10412 57 101 10778
Sth art gold 40
995 Noy'15 -19283 D
4
L Cin & Les gold 495e
12 8612 983
MN 97 ____ 9714
975
4
1931
4
• YLE&W Ist 78 ext_1930 M S
10312 1033
4
6 10218 10313
N 0 A M 1st gold 6s
3
4
102 3 1057
5
_1930
J 10114 1047 1053 July'22
8
57% 37 5313 71
Erie let cons 848 prior
1991 j
36
26 gold es
Dec'22
9812 101
1930 3 J 9t12 ____ 101
Registered
57 Mar'22 1996 J J
57
57
8378 88
Paducah & Mem Div 4e
86 July'22
80
1946 F A
9112
4312
445 210 3914 58
1st comsat gen lien g 4a 1991 3 J
s
St Louis Div 2d gold 3s
8
/
4
58
6718
1980 M S 6013 617 611 Dec'22
Registered
1996 J J
61 Aug'22 ---- 51
61
At Knoxy & CM Div 48....1955 M N
8514 8638 85 Dec'22
79 88
/
1
4
Penn eon trust gold 48_1951 F A - 3 85
83
812
91
83
6 79
AU Knox & Nor 1st g 5s
/
4
---- 991 May'22
1946 J D
983 991
4
/
4
50
-year cony 45 Ser A_,..,1953 A 0 4312 Sale 4214
4514 60 3414 57
Render Bdge 1st f 68.__1931 51 S
104 July'22
103 104
443 4214
48
4
do Series B
43 32
1953 A 0 44
55
Kentucky Central gold L9 1987 J J 888 9414 89 D'22
827 8 12 9
: 9
Dec'22
79 tt se
,
Gen cony 48 Series D
1953 A 0 45 Sale 4218
46
38 393 59
4
9914
Lex at Est let 50-yr Is gu_1965 A 0 988
7 93 100
Chin & Erie 1st gold 55
4
97
17 80
1982 M N 96 Sale 053
99
L&N &M &MIstg 4958_1945,M S E6
99
9814 Dee',2
9213 99
/
1
4
Cleve & Mahon Vail g 5e 1938 J J 9318
9212 Dec'22
gels 9212
L & N South joint M 4s
19521. J 791 80
/
4
1
8014 15 74
8618
/ 80
1
4
Sale 874
E'rie & Jersey 1st 51 6e
88
87
1955 J J 8812
8 114
82
9
/
4
.,
8
Registered
95 Feb'05
; 981
1
1i1952 Q J
Genessee River tote f 65
1957 J J
4
N Fla & S lst qu g 58
971r Nov'22
t703* 975
1937F A
.5712 ioii;
Long Dock comet g 6s
8
0812 Nov'22
1935 A 0 1045 110
10812 IOU
9312 Aug'22
N & C Beige gen gu 495)1_1945 J J 89
89 934
/
1
Dock & Impt 1st ext 58._ ._1943 J J
9218 Dec'22 ---- 921 924
/
1
99
S & N Ala cons RI/ g 55_1936 F A 101 103
4 96 10212
/
4
9914
N Y & Green L gu g 5s_1946 122 N 84
- 8612 Nov'22 -88
86
,
81137i 0814 Dec'22
Gen cons guar 50-yr 5s 1903 A 0 99 100
95 10012
/
1
4
NYSusq&Wlstrefse,..._1937J J 53
57
5314
5314
72
I, 54
Lou & Jeff lodge Co gu g 4s_1945 M S 8014
821 Dec'22
/
4
77
85
2d gold 495s
48 4814 Dec'22
1937 F A 45
2 117
47 56
Manitoba Colonization 55
5 901 99
97
D 9612
1934
/
4
46
General gold 5a
45
1940 F A 45
45 ----, 381 60
/
4
681 67 Dec'22 _-_- 59
8
Manila RR (Southern LInes)_1939 MN 67
70
Terminal 1st gold 5s
1943 MN 8418 90 8418 Dec'22
8312 90
_ 77 Marl°
Mex Internal 1st cons g 4s...1977,54 S
94
Mid of N J let ext 58
1940 A 0
95 Nov'22 ----1 93 95
IVIinn & St Louis 1st 75
105 364e 36754 JDuneec:2222 __-_ 101 104
7 7,s0
18127 J D
Wilk & East 1st gu g 5s__1942 J D 59
613 57 Dec'22----' 63
4
73
1st consol gold 55
1934 M N
69's 83
Evans dr T H 1st gen g 58._1942 A 0
88
Apr'211----1
_
36
38
Set de refunding gold 4s
1949 M S 37
10 31
39
5012
Mt Vernon let gold 65
1923 A 0
---- 6913 Apr'21
Ref & ext 50-yr Is Ser A
3 30 50
367
8
1962 Q F 3614
Sul Co Branch 1st g 5s
_-_- 6912 Apr'21,---,
1930 A 0
4538 43
Des M & Ft D let gu 4s_1935 J J 42
1 36 62
43
Florida E Coast 1st 492s
4
1959 J D S712 883 887
8
887
8'
1, -iEji2 9113
75
7112
1 70
7112
Iowa Central lot gold 5s._ _1938 J D 71
85
Fort St U D co ist g 4945
4
1991 J J 773 ---- 66
Apr'21
Refunding gold 45
37
38
38
3 32 50
3812
1951 M
/
1
4
Ft Worth & Rio Grist g 4e 1928 J .1 83
/ 85
1
4
833* Nov'22
863
4
8 / 89_1_ 888
81
0
8
4
2 85
4
MStP&SSMcong4sIntgul938 J
0114 24 85 3 9112
9 4
8
5
Galv bus & Rend 1st 55._ _1933 A 0 8512 8612 8512 Dec'22 ---- 83 90
let cons 5s
1 9614 106
1938
Grand Trunk of Can deb 7s 1940 A 0 11318 Sale 110
113181 18 10812 115
10
-year coil trust 695s
60 10013 107
106
1931 MS 10214 Sale 10418
15-years f69
1936M S 105 Sale 103
45 100 108
/ 105
1
4
1st Chicago Term f 4s
1941 MN 9234 ____ 9212 Dec'22 881a 93
Great Nor Gen 7s ger A
4
19363 J 1103 Sale 11014
1197 161 10718 1133
8
4
MSSM &A Istg4sintgu.1926 J J 9638 ____ 9718 Dec'22
9414 98
/
45
let & ref 41 Series A
1961 .1 .1 903 92
4
903
4
08%4 Ao '224
781 3
• 82 8812
93 I 33 88
Mississippi Central 1st 5e
2
1949 J J 8838 92 6 13 Nii.012
/
1
4
26
Registered
1961 J
8214 Oct 21
85 73
Mo Kan & Tex-ist gold 45_1990 3D 8014 Sale
8512
.
5 0
/
1
4
1952 J J 16258 Sale 1023
8
1023
4 50 6612166.
2d gold 48
48 8814
313
01990 FA
St Paul M & Man 4s
923 9512 93 Nov'22 ---8
06097s
7012
Trust Co corttfs of deposit_ -943.
4812 774
/
1
904
1st cense' g 6g
108 111 1073 Dec'22:----, 10518 111
1933 3 3
933 J
4
Nov'22- 73 90
1st & refunding 4s
2004 5i-S
Registered
19331.1 J 107 111
99 Sept' 01 -6 68
Trust Co certifs of deposit__ _
8 20'----1
92
Reduced to gold 4 As_1933 J J 1.9 _
j j ----:- 8911 Jun8912
9314 i00'4
- -17613-- 4:
- 98
0'22
52 6412
Gen sinking fund 495e
14
1936
Registered
1933 j
97
97
9814 97 Aug'22 ----I 95
/
1
4
Trust Co certlfs of deposit___
697
8
- - 69
6954
5214 77
Mont ext 1st gold 4s
4
1937 J D 903 92
9114
91141
6 88
9212
5% secured notes "ext"
7912
Oct'22
- 83
5813 93
Registered
1937 J D
80 Mar'21:----1
9412 8314 Dec '22 ••••-- 7814 947
5T 93
M K & Okla 1st guar 58_1942 8
Pacific ext guar 48
1940 J J 841- ---- 85 Dec'22
2
Sher Sh & So 1st gu g 5s_ _1942 J O 3514 ---- 42 Aug'22
85 85
3413 42
E Minn Nor Div 1st q 48_1948 A 0
331 Dec'22
/
4
88
Texas & Okla 1st gu g 55_1943 M S
898
4
7
/ 3812
1
4
Mont e lst gu g 65
114 ____ 13
1937 j
164 may06 ._.
4110918 1141 Mo K AT Re
141
4
/
4
-Pr Ills Ser A__1962 J J 82 Sale 0212
835 118 7 / 88
8
/
1
4
6
1
4
Registered_
1937 J J
- 6714 62 62
40
-year 45 Series II
1912 .3 J 6714 Sale 604
75
1st guar gold 58
1 99 103
:
1937 J J 101 1021 101
101
-year 65 Series C
10
1932 j
80 89
9912
Will & F lot gold 58._ _1938 .1 D 101 193 looki
0913 10214
98%
4 58%14
6
9
2 445 43
Cum adjust 5s Series A,_ _1967• j 5952 laTle 4 99
/ 66
1
4
Green Bay & W Deb We "A"___. Feb 60
7D
7018 Apr'22
Missouri Pacific (reorg Co)
i21 12
2 66
Debenture ctfe "B"
8612 Sale 86
Feb 11
1212
1965 FA
/
1
4
863
1st & refunding 5s Ber A
4 18 84
7: 71073314
11
9313
7 72 861
Gulf & S I 1st ref & t g 5s__61952 J .1 823 8512 8318
/
4
4
8312
1926 FA 9612 9712 9612
1st & refunding 5s Sec C
9612
6 9512 100
Hocking Val 1st cons g 490_1999 J
853
4 18 8112 90
85 8512 85
/
1
4
6s, Series D
1949 P A 98 Sale 98
987 138 98 10312
8
Registered
1999 3
7313 June'18
6212 Sale 6218
General 45
6314 86 593 694
1975 M
4
/
1
Col & H V lst ext g 4s
1948 A 0 825s 88
8312 Nov'22 ---- 78 -85 1
3 Missouri Pacific
Col & Tol 1st ext 45
7812 83
1955 F A 82 853 82 Dec'22
4
82_4:1
i
8 8
1938 MN _9 18 ___ _.: ___ . . _ 10 5 Nov'22
9
;
3d 78 extended at 4%
7638 85
/
1
4
Houston Belt & Term 1st 58_1937 J J 9112 92
91 Dec'22 ---- 893 ,,
705 JDe'2
8 D we 2
8
1948 3D 707 74
uee 124
Cent Br U P 1st g 48
4 9
:
,
,
6
705 775
8
8
Hud & Manhat 5sser A
88.2
1957 F A 843 Sale 8414
4
841/4 87 75
5
Pac RR of Mo 1st ext g 48_1938 P A 86 8 8813 86 Nov'22
83 89
633 225 8212 973
8
Adjust Income 58
1957 A 0 633 Sale 61
8
64
0 4
47
2d extended gold te
1938 3,
90 100
1
N Y & Jersey let 55
1932 F A
9714 99 9718
A0
9718
St L Ir M & S gen con g 58_1931
94 9418 997
8
Illinois Central let gold 4e
9312 96
1951 J
96 Sept'22 ---- 8318 96
Gen con stamp RU g 5s 1931 *0
Registered
1951 J J
834 Sept'21
/
1
Unified & ref gold 4s_ ,,.,1929 3.3 89 Sale 8713
9713
9738
3
884 29 -57
84
.
let gold 3925
1a51 J J 84 8412 8013 Dec'22
0
6
1933 MN 8534 Sa
m
% 884 829 212 61 7538 8812
Riv & G Div lst g 4s
9
0
75 2
Registered
1951 J J
80
Oct'22
Verdi VI at W 1st g Ls___ _1926 MS
80 80
907 98
3
Extended let gold 392e
1951 A 0 7818 --__ 8013 Oct'21
._ --- Mobile at Ohio new gold 65__ _1927 3D 10112 ---- 104
5 1001 105
104
/
4
Registered
1951 A 0 78
82
9712 103
51927 Q J 10012 101 101 Nov'22
1st ext gold 6s
1st gold 3s sterling
1951 M B Gels 7512 50 July'09 -- -General gold 48
1938 MS
947 Nov'22
7 1s
67 8 7813
5
Collateral trust gold 48.._1952 M
847 853 847
8
8
8612 12 8012 95
s
Montgomery Div 1st g 5s 1947 FA
9414 98 9212 Nov'22
8612 97
Registered
1962 A 0
9712
1927 J o 95
St Louis Div 5s
875 9612
8
24 Dec'22
0
let refundtng 48
1955 M N 881 883 9538 eeP8 119 --/
4
4 8
8
V 4 82 821g 9112
8
soars 4s
1931 J J 8 3 1900012 90
8 81
St L & Cairo
4
9914
93
8
Purchased lines 334e
1952 J .1 80
80 Dec'22
7658 81
1928 A0
Nashv Chan & St L let 5s
97 1025
8
100
22
L N 0& Texas gold 48._ 1953 MN 813* 8212 8158
813
4
3 7818 8438
Jasper Branch 1st g 6s
1923 J J
/
1
4
100 100
1003 July'22
4
Registered
1953 M N
82 Aug'22 --„ 8224 182
96
03
52 Nat Rye of Mex pr lien 4956_1957 33
4 2118 45
26
26
-year secured 545
1934 J J i5
15
102'81013 10212 454
i
Guaranteed general 41)
1977 A0
2912 33
2912 Feb'22
15
-year secured 6955 ii
11014 12 992 113
1936 J J 110 111 110
4
Nat of Mex prior lien 495s
28
1926 J J
3412
3413 Dec'22
Cairo Bridge geld 4
1950 J D 86
87
8
87
3 8134 93
1st consol 48
1951 A0
2112 33 3
2414
5
2414
Litchfield Div 1st gold 3e 1951 3 J 7114 73
73 Dec'22 ---- 6358 747
s NO&NEIstref&Imp4)58A'52 .1 „I 80 8311 81 Dec '22
4
79
883
4
Louis Div & Term g 3529_1953 J J 77
'
,
79
/ 797
1
4
8
797
2
5 737 811 New Orleans Term let 4s
8
7712 77
/
4
78
1953 33 77
7012 8112
• No mice walday; latest bid and asked this week. a Due Jan, 8 Due Feb.
•Due June. 8 Due July. a Due Sept. o Due Oct. a Option aide.
63
New York Bond Record—Continued—Page 3
1:1
,
3
Pries
Friclas
Jan 5
BONDS
N. Y. STOCK EXCHANGE
Week ending Jan 5
B14
Week's
Rang. or
Lan Salo
Ask Low
Range
Year
1922
BONDS
N. Y.STOCK EXCHANGE
Week ending Jan 5
4e.
High No Low 111oll
Price
Pridas
Jan 5
Week's
Range or
Law Sale
Ask Low
819
.12
Z'
Range
Year
1922
High No. Low High
N 0 Texas & Mexico let 68_1925 J D 10014 Sale 10018 10012 17 9512 10112 Pennsylvania Co (Concluded)
10 62 8012
79
CI Or Mar let gu g 435s____1936 MN 95 ____ 95 Dec'22
95 95
Non-cum income 55 A____1935 A 0 79 Sale, 79
Ci & P gen gu 4358 See A__1942 J J 9734
. 91 Nov'21
N Y Cent RR cony deb 6s-1935 M N 10514 Sale 1044 10512 224 98 10812
8212 Sale 82%
Series B
9834 104 Dee!
1942 A 0 96
827
8
8 67 78, 867
1998 F A
Consol 45 Series A
Int reduced to 335s_1942 A 0 804 ---- 964 Feb*12
1
883
8 34 8514 92
2013 A 0 884 Sale 8814
Ref & impt 435s **A"
984 636 93 4 99%
Belles C 31
84 901a Dee'12
1948 MN 81
-ft
3
2013 A 0 984 Sale 9712
Ref & lnopt 58
Series D 335s
1954 F A 744
Jan`21
- - 67
N Y Central & Hudson River—
Erie & Pitts gu g 335e B
1940 J J 844 88 844 Dec'22
7734 31 744 8314
84 if
19973 3 77 Sale 7614
Mortgage 335s
78
Series C
775 78 Dec'22
8
702 7712
1940 J 3 8918 871: 734 May*19
Registered
32 84 93
Or It & 1 ex lot gu g 4359_1941 J .1 9024 93 9314 Dec'22
9112 91
11191%
86 .
Debenture gold 48
5 91
3
1
Pitts Y & Ash lit cons 58 1927 MN 99 __
8912 Nov'22
6613 894
98 98
98 June'22
Registered
1934 M N
83 9112
-£7012 -Ws 88 Dec'22
TM W V & 0 gu435s A
1931 J J 941a 9614 958 Nov'22
:
92% 9518
1942
30
-year debenture 4s
7 9814 93% Dec'22
k
9 6914 79%
derie.s B 4355
1933 J J 93
9315 97
734
12
Lake Shore ooll gold 3359.J998 F A 7312 7412 7312
2 70 7478
8
715 73 72
847a
Series C 41
47
1
72
8
1942 51 S 8686 Nov'2
978
7
84
Registered
8878 86 1
11)98 F A
714 813
Sale
75 Dec'22
4
,
P C C & St L gu 9358 A1990 A 0
79
Mich Cent colt gold 3350_1998 F A 75
8812 98
Series 11 435e guar
1942 A 0 94% 9614 93% Nov'22
Registered
72 78
8858 98
1998 F A 7,3 79 78 Dec'22
60 July•22
95 Nov'22
Series C 4359 guar
60 82
1942 MN 9978
Battle Cr & Stur lst gu 3s 199 .1 D c)(114
894 9534
844 914
8484 91%
1945 M N 894
8213 Dec'22
s97 9114 8.35 Dec'22
Series D 43 guar
8
Beech Creek let gu g 4s_193
3
Series E 33 guar gol&,,.1949 F A 1-618 ___ 91 A,15'22
50
Registered
8912 91
764 July*21
1936 3 3 8712
134 Marle
Series F guar 45 gold
1953 3 D 8914 --- 8713 Nov'22
2d guar gold 5s
84 931k
1936 3 3 944
1957 M N 8314
8714 Nov'22
Beech Cr Ext 1st g 335s61951 A 0 7334
Series G 4s guar
_ 60 July'22
85 874
1
-did- -id8112 90
Series I cons guar 41-45_1963 F A 6334 ___- 934 Dec'22
2912 964
Cart & Ad In ell g 43
9018 823 8112 Dec'22
4
1981 3 D
-141 90 10114
General 5$ Series A
1970 J D
ss
KaA&GR lstgug 55_19353 3
00
952 _9
99 100%
7712 78 7712
91
C St L & P let cons g 5s
74 193 A 0 99%3 _9 _ 19212 Mav"22
Lake Shore gold 3358
1997 J I) 954- - Dec'22
714 80%
5 8812 93
9212
9112
Ploila Balt & W 1st g 4.3
1948 M N 8834
1973Registrd
D 81 ____ 7114 Dec'22
%
38 8014 96
_
96
MOS June'2;
13 N 3 RR & Can gen 4,3_1944 M S 33,1
Debenture gold 48
1928 M S 9912 95 9412
40 884 95 4 Pere Marquette 1st Ser A .5s 1956 J J 97% Sale 97
20
10112
3
93
98
s
25
-year gold 48
1931 M N 9212 93 923
2 81
83
10 75 85
8512 July'21
1st Series B 4s
19563 .1 81
RegIstered
1931 M N
821i 85'2 Philippine Ry 1st 313-yr a f 48 1937 J J 4618 48 463
2
4635 15 4118 89
Mob & Mal 1st gu g 4s
1991 MS 841s ____ 854 Nov'22
9934 Dec'22
90 10212 Pitts Sh & L E lst g Se
9584 No
1940A 0 99% ---- 99 NOV'2,
Mahon C'I RR let 59
1934 3 J 9818 _
k
987
00 Oct'22
100 100
lot consol gold 58
1943 J .1 98
Michigan Central 58
1931 M
ii 80 -8724
98% Nov'19
Reading Co gm n gold 45
1997 J J
Registered
1931 Q M
_ _, - f2 9874 D ov 17
6
3
51
. 14
8788 ____ 9012 Oct'22
/
8
4
82 -$ 6
1997 J J _8538 -83 4 8 / Nee 2/ .--- 82 84 4
34
Registered
48
864 ____ 744 SePt'20
8112 90
Jersey Central coll g 4s
1951 A 0 8512 8612 87 Dec'22 .Registered
19:S
St Jos de Grand 131 1st g 48_ _1947 J J 741z 77 74 Dec'22 _--- 1367a 78
J L & S lst gold 3355—_1951 MS 79 82 6618 Mar'20
1 f(13- -0112 St Louis & San Fran (reorg Co)—
82
817, 82
4
1st gold 34533
1952 MN 81
9184 914
703 184 68 76%
4
9112 15 88% 94
Prior lien Ser A 48
1950 3 J 70% Sale 704
20
-year debenture 4s
1929 A 0 91
3
82
857
8 36 82 911:
Prior lien Ser B tet
1950 3 J 8534 Sale 85
NJ June RR guar let 4s1986 F A 82_,82
7824 81
7724
92%
1942 J 3 9214 Sale 92%
9 9112 98
NY & Harlem g 335s
53533
2000 M N 994 __J nu Nov'22
_ _I 99
Oct'22
23 9458 10213
99 99
Prior lien Ser C 68
1928 3 J 10) 13, ie 994 100
N Y & Northern lit g 58 1927 A 0
774 854
7 121 71
I 85 Dec '2'
/
4
Cure adjust Ser A 05
61955 A 0 764 774 7612
883
s
77
N Y & Pu let cons gu g 431_1998 A 0 821
8012 864 8122 8epr2
78 8512
Income Serles A 63
61960 Oct 5918 Sale 59
60 308 64 7914
Rutland lit con g 435s_1941 j
1 68 7513 St Louis & San Fran gen 6s 1931 J J 10313 --- 103 Dec'22
69%
5 ----Og & L Chem lst gu 4s 3_1998 J J 6924 71 69%
10212 10414
75 • 72 Dee22
67% 734
98% Dec'22 -- 95 994
General gold 5s
10313 J 981a
Rut-Canada 1st gu g 45_1949 J J 89
82
8
674 Oet'20
St L & SF RR CODS g 48_199C J
8912 96
St Lawr & Adir lst g 531.-1906 J J 927 95% 96 SePt'22
Southw Div let g 58..
1941 A 0 8715 ____ 90 web•22 -- "W 90
2d gold 68
1996 A 0 964 ____ 103 Nov'16
97 99
KC Ft S & M cons g 6s_ _1928 M N 102% 10312 103 Dec'22
Mite & /, Erie 2d g 92_ __.a1928 A 0 9412 ____ 99 Nov'22
101 us
105 110%
__ 105 Dec'22
794 20 723, 844
K C Ft 13 & 51 Ry ref g 413...1936 A 0 79 8.) 79
Pitts Mel{ & Y let gu 65_1932 3 J 10112
_
KC&MR&Blstgu5s 1929 A 0 944 95 5624 Sept'22
8814 95
2d guaranteed 65
1939 J .1 9914 __ 9514 June'20
j
22 7813 87
827
781
St L S W 1st g 4ebond etfs_ 198'9 MN 77% 78 777
93 7234 SA
West Shore let 48 guar...._..230l J J 823 83 82%
8 705 84
8
2d g 4s Income bond ctfe_p19811 3 J 69 73% 7312 Dec'22
6412 74
81
23813 J 79 8112 80
Registered
785
4 31 68% 8278
991 Fab'19
:
Consol gold 45
—_
1931 1 D 7718 78 7784
NYCLineeeqtr5a.1920-22 MN
6712 Junel
8 12 18 71 84
let terminal & unifying 58..105'2 J J 82 Sale 8114
Equip trust 4M-1920-192 J .1 3 - 4 33614 9014
39
5 82'4 92
751
4 21 70 814
9014
8 A & A Pae3 1st gu g 4,1
1943.5 J 7512 Sale 75
YClilc&8tLletg4s...._.l937 A 0
8812 Dec'22
8512 911
4 Seaboard Air Line g 48
%
1950 A 0 53 58 53 Dee'22
50 73%
%
Registered
1937 A 0 864
3 80 8 4
867
545 5312
534
88 86%
2 48 62
93
Gold 48 stamped
1954 A 0 54
Debenture 49
1931 M N
8814
8 8112 94
s
4
Adjustment 58
253 313 1332 3312
o194l F A 2412 Sale 223
88
X Y Connect let gu 435s A.._1953 F A 88 887
%
4
42
Refunding 48
731 814 483
8
1959 A 0 41 Sale 393
NYNH& Hanford—
57 597 Nov'22
8
82 Sale 58%
45 63
/
1
4
7384
1st & corn 68Scries A
6212 200 41
Non-cony deben 48
1947 M 8 51
4612
4734 10 44 58
3
AM & Birm 30-yr let g 4.2_8194 MS 67 31 4 884 Dec'22
bv12 7512
1933 M S
Non-cony deben 3353
1947 M S 47 52 4/
384 5512
44 47
Dec'22
7314 Dec'22
Caro Cent lst con g 433_ ,,,j949 3 3
63 7112
Non-cony deben 3355
1954 A 0
2 404 00
50
Fla Cent & Pen lstext6sl923 J J
98 9912
9_
9 Dec'22
Non-cony deben 44
1955 3 J 48 50 50
31 41 60
4912 Sale 49
50
let land grant ext g 5s_1930 J J 685s .--- V4 Aug'52
89 9312
Non-cony deben 4s
1956 M N 4334 8338 49
5 37s 5412
8
53
91', _ _
914 Nov'22
924 9114
Consol gold 5.2
Cony debenture 335s
1943
1956J J 73 sale 70
7314 140 57 8512
8012 8314 85 Oct'22
_.
Ga & Ala Sty lit con bei___ol945 1
71 85
Cony debenture Os
1948 J J
50
334 Nov'22
50 5
4
Ga Car & No let gu g 5s
Cons ity nou-oonv as
1929 J
84 914
14 Sevt'22
1930 F A 50 __ _ 60 July'18
'7.7- 95 9
52
904 Dec'22
Seaboard & Roan 1st 58_1926 J J va
Non-cony deben 48
1955 .1 J
84% 93
4
Non-cony deben 48
1956 J 3 50 3112 49 Dec'22 12 381k 5612 Southern Pacific Co—
40 4112 4012
41
84l Sale 8312
8412 68 78 902
31
57
4% debentures
Gold 4s (Cent Pao coll)___11949 J D
1957 M N 784 8:12 711
Dec '22
71 8214
20
101 85 9.324
-year cony 45
Harlem R-Pr Chee lit 43_1954 M N 57 _
g1929 M S
75 ,3ci'22
3224
0 4 18 138
2
10148
92 19212 1913
59 76
2 9512 105
B & N Y Air Line 1st 4s1955 F A 50
20
-year cony 5s
513 6812
4
g
87
9
7
7
10 814 91%
Cent New Eng let gu 43
Cent Pac let ref gu g 413_ _19 9 j D 89 Sale 8858 Dec
1961 J J 8318 6214 59 Dec'22
1944 F A 9 %
3
85 80 xlec'21
93
Mort guar gold 31-50_11929 J D
3 gg
Howiatonle Ry cons g 5s 1937 MN
.
1 12 8141 Dec'22
14 93
Through St L lit gu 45. _1954 A 0
Naugatuck RR let 4,5
1054 M N 684 ---- 87 J1117 14
7814 8714
i3
---- 83 Au'
91, Dec' 2
4
° 8
Y Prov & Boston 4s.
9414 991
4
1942 A 0 7
GH&SAM&PIst5s 1931 MN 934 5014 65 33 1612
9412 95 I 95% icoe'2
2d exten 53 guar
N Y Wehes.913 let Sec I 43-533'46 J J 4914 318 4834
92 9
8
4
4
89 95 932 July'22 ---- 9331 933
Gila V G & N 1st gu g 5E1_19 4 3 N
97 9912
1945 J
3
1921 M j
New England cons 53
75
79 70 Sept'17
Houe E & W T 1st g 5e
Cense]49
1945 J
94 9412
1933 M N 9424 9812 94% MaY7.99
-91) 66
997 ---- 86 Mar'21
8
let guar 58 red
Providence Secur deb 413.-1967 MN 3712 52 52 flept'22
933
4
H & T C let g 58 Int gu
33
. 4
Providence Term let 43_1956 M S 75 ___ 88% Feb'18
n3 M j
193 3 N 973 ---- 9 4 Apr`22
6218
0g
May'22
60- - A & N W 1st gu g 58
W & Con East let 415s
22
:
l 0
1943 J J
19413 J 9934 10, 13,See 2
26% 98
99
7..,333 Sale 684
7024 10 57 79
10 96 10312
YO& Wref late 9s__91992 M
No of Cal gee. g .5e
594 Nov'2u
_
Ore & Cal 1st guar g 53
37 9514 101
Registered 25.000 only-01992 M 8
1927 J.1
11 A 0
9
65
70%
:
8 65 701
12 July'22
6
So Pac of Cal—Gu g 5s
General is
1955J D
:
1937 M X i1.0i _.l0218
1001 1084
66
22 50 71
7
Norfolk Sou let & ref A 5s1981 F A 66 Sale 6424
So Pac Coast let gu 4e g
8812 924
1937 J J 91 93 5 90 8 Dec'22
s
$
7914 95
89 9614
Tex & N 0 eon gold 53
Norfolk dr Sou let gold 5s
1941 MN 90% 94 31.32 Dec'22
1943 J J 90 93141 915 Nov'22
- 10812 Dec'22.-- --I 104 1094
8334 137 83% 92
874 Sale 8714
So Pat RR lit ref 4o
Non & West gen gold 69_1931 MN 10812
4
107 1'ey'22
107 10914
8
3 80 86 a
7
San Frau Term! lit 9
Improvement 05 extg
1939 F A 10814
83
50A 0 823 834 8285
55j 3
33_
19
9
109 Dec'22
4
-I 1042 109
6818 86 874 100
New River let gold
1932 A 0 1094 Southern—let cons g 58
%
1994 J J 977 Sale 9714
934 87 847 91 2
8
,
N W Ry 1st cono g 4s___1996 A 0 9118 92 91
RegIstered
88 4 90
1
74
4
Oct'20_
127 6114 72 s
3
Registered
Develop & gen 4s Ser A-1994 3 0 688 Sale 8812
1996 A 0 81
69
958 A 3
:1
D 1 11
05
7
88
3 -8312 ;9°.9_1'8
776
;
Dly'l let lien & gen g 48-1949 J J 874 92 8612
Temporary 635e
4s._1 38 M O 16 3s: Sale 1968_ De:0 '- 118 9414 105
19 8 A s 0 3 67878 01
95
_ 108
108
1 92131
Mob & Ohio coil tr g
1936' M S 102
10-25 year cony 4358
664 80
4 1137
8 23 10814 22424
111% 1121: 1122
Mom Div lst g 4359-5s
3 89 9812
10
-year cony fle
1920 M 8
967
5
1996 3 J
88
11 134 89%
4 713 8
St Loulm thy let g 4s
Pocah C & C joint 41941 J D 8714 88 88
9
Selo V & N E letgug4s.1989 MN 88 8812 87 Dec '22
812 91
9
Ala Gt Sou 1st cons A 58 1951 3 D 915s 8°79 2 Nov'22
2
8
2
83 9173
14
943.1 3 29314 9
6412 9_
8
Northern Pacific prior Ileu railAB & Char! A L 1st A 4353_1944 J J 914 93
87 94
,
87
155 84 9118
way & laud grant 548
91 101
let 30
1997 Q J 8834 Sale 8614
99 Dec'22
-year Sa Ser II.__1949 J J
84 Dec'22 ----I 84 89
72 8212
1097
Registered
Atl & Drew Ist g 431
19483 J 64
6112
.01 8
6214 28 00 65
7771 4 72 7 51 e .22
, 8 725 Dofe22
1
1
8
General lien gold 38
a2047
8648
60 72 8
5914 Dec'22 ----I 58 62
Registered
Atl & Yad 1st g guar 481
a2041 Q• F
7534 82
94 3 3 77
194A 0 9831
10714 Sale 1083
4 1093 410 10584 116%
8
9
4
9% ,00 0 22
Ref & impt de ser B
8
814914 D71;22
9354 10014
E T Va & Ga Div g 5s
2047 33
1930 3 J
90
9012
5 ge 93
Ref & imp 4359 SerA
93 994
2047 33 90 91
Cone 1st gold 58
1956 MN
96 9614 100
53
5e
9358 9514
E Tenn reorg lien g 5s
Nov'22
2047 3.5 99% 1004 994 100
1938 PA
7914 2412
8412 May'22
St Paul-Duluth Div g 4s 1996 JO 84% 86
58 63
Ga Midland let 89
103% July'22 -- 103% 109
N P-at Nor joint 61-48
9878 1014
,
1:20..337:1
Knoxv &Ohio let g Be
i
!.2 pl
1936 33
100
100
St P & N P gen gold Os__ 1923 FA
loo 1031
101/
Mob & Mr prior lions 50_1945 J J
100 Dec'22
Registered certificates 1923 QA
74 No : 2
2:A u 2
575
18880 1800864
022z 5
8
Mortgage gold 4.3
;1
- 512
1945 J .1
100 June'22
99ls 74 N7
6718 0 22
St Paul & Duluth let 5s
88
78
0 2
1931 Q F 9858
Web & 'leek let R 58
1948 MN
_
844 Dec'22
let conedl gold 4s
4 94 101
24
So Car & Ga let ext 530_1929 MN
1968 3D 8
Wash Cent let gold 4s.....1948 QM 7718 90 .84 May'22
Virginia Mid Ser E 51 ___1926 M 8
97 100
_ 109¼ June'22
Nor Pac Term Co let g 6s
1933 J J 109%
107 10 %
8
82
9 8 9_1 - 99
9995 _9_
74
9
Oct'22
General 69
9513 9 %
9
74 77 8812
Oregon-Wash let & ref 4s
90 97
1981 33 81 siie 8112
Va & So'w'n it gu 5e_._ ._2933 3 N 03
6
100 M J
7912
7912
Pacific Coast Co let g 531
D
let cons 50
1946 3D 78 83
75 8378
Dec'22
803 -8314 9
4 --- 80475Dec'222
74 894
-year 58
Paducah dr Ills let ef 4358._ _1955 33 911s 92 9118 Nov'22 -- 90 .
9412 974
W 0 & W 1st CY gu 45
93
.
2
5
2
19 9 F D 954 ---- 9 4 Aug'22
95 A A
7314 96 664 0
Paris-Lyons-Med RR 68
rita 921
4
1958 P A 72 Sale 72
_0_
Spokane Internet 1st g 5s
1955 J J
Pennsylvania RR let g 48
9
2
8 DDr22
1
94
192 MN 9914 Sale , 9934 Dec'22
968 99 2 Term ARM of -t 6.. 1st g 43531_1939 A 0 8512
4 _ _3
e ee 2
'2
92 97%
95 Dec'22
Cons& gold 4s
lit cons gold 53
1943 MN 9214 _
3118 10314 994 Dec'22
88 8 100
3
8 2 9
27 8514 984
7
0114 90
5
9012
Consol gold 4.
1948 MN vo
961/4
332 2 12 764 834
81
88
Geio refunds f g 43
16 921281 _
434 97%
98
Comp:314348
1960 FA 97 9818 97
03
St L M Bridge Ter gu g 58_19453 3 0
993 F A3
0A
4
9278 247 89 90
1905 3D 9212 Sale 9218
General 432e
13 874 1004
940514
Texas & Pa- It gold 58,__2000 3 13 9512
431
4
1968 3D 1013 Sale 10118 10124 63 931
General Si
2d gold Income Sc
Dec'22
40 50
11118 56 105 11°3131142
1930 * 0 110% Sale 110
-year Bemired 75
LA Div 11 L 1st R 8
8918 92 90 Oct'22
10
794 934
1
/
3
4
1936 P A 111 Sale 110% 11114 198 1035 11214
-year secured 6355
W Min W & N W lst gu ISse2 351 3 ar 76% 1-6
2 8012 90
15
804 Dec'22
7 M 3
_ 193 F A
90
1 88 94
90
Alleg Val gm n guar g 48__.. _1942 MS 88 91
Tol & Ohio Cent let gu 5e
91 100
97
193 J J 97 _9_7 97
87 87
87 May'22
Ildgelst gu 45 9_1936 FA 914
90 95%
DR RR &
22
Western Div let g 56
1931 A 0
: ::
140 2 ne
1
66 4 9676 96 6 Sept
883 65
8188 90 8
Panney[yenta Co—
General gold Se
844 Nov'22
818 8411
4
Kan & M let go g 4s
,4
Guar 335e coil trust reg A.1937 MS 8112
754 83
199 9t 3 0 781g 7 18 7924 Dec'2
5A
1
_ 8214 Oct'22
B_1941 P A 80% _
7', 85
24 20
Guar 33.58 coil trust Sir
91 994
-year 5.1
7512 83
1942 J O 8112 85 83 July'22
. 154 uo i 21
.
84 94
4N :
Tol St L & W Dr lien g 3358_1923 3 j 9313 _ 1_911_ 9 ,nv:22
Guar 335e trust etfs C
E
92
1944 J O 51
823 834 Nov'72
4
82 84,
1 56 78
1
74
50-year gold 48
Guar 335e trust ens D
A 0 7218 Sale 734
_ 92 Nov'22
845 933
8
4
1931 * 0 9212
Coll trust 4s g Sec A
Guar 15
-25-year gold 4s
F A
89 9012
3124
87
24
id_ 3158 v,b.22
-year guar 4e ens Sir E 1952 M N 87 80 87
Trust co ens
40
19957
1.
_ 19
3
1942 51 el 85 4 ____ 88% May'22
8224 Dec 22,_-- 7732 881
Bois 88% Tor Ham & Buff of depont 81946 I-13 -"4
if
Cin Leb & Nor gu 413 g
let g 4s
It37
4
;3
S0112
1=
I
en price Feiday; latest bid anti asked this week. aDue Jan. bDue Feb. ODUe Jane. hDue July. kDue Aug. oDue Oct. pDue Nov. (Due Dec. *Option sale
)
64
New York Bond Record-Continued-Page 4
Price
Friday
Jan 5
BONDS
N.Y.STOCK EXCHANGE
Week ending Jan 5
7310
Meer dr Del 1st cone g 68_-__1928 J
let refunding g 4.3
1952 AO
Union Pacific let g 43
1947 J J
Registered
1947 J J
20
-year cone is
1927
let & refunding 48
02008 MS
10-year perm secured Ss _1928 J J
Ore RR & Nay con g 4s_1946 J D
Ore Short Line
let consol g 58
1946 J J
Guar con 58
1946 .3.3
Guar refund 4s
1929 J D
Utah & Nor gold Is
1926 J J
let extended 48
1933 J J
Vandalla cons g 48 Sec A
1955 FA
Consol 4s Series 14
1957 MN
Vera Cruz & P let gu 41.03_1934 J J
Virginian let Is Series A__ 1962 MN
Wabash let gold Is
1939 MN
2d gold 55
1939 FA
let lien 50-yr g term 4e_
1954 ii
Det & Ch Ext let g 5s_
1941 J J
Dee Moines 1 iv let g 4s__ _1939 ▪ J
Om Div lut g 3Sis
1941 * 0
Tol & Ch Div g 4e
1941 MS
Wash Term let gu 35is
1941 FA
let 40
-year guar 48
194: FA
West iaryla d 1st g 4s
1952 * 0
), est N Y & Pa 1st g 5s
1937 '.3
Gen gold 45
_1943 * 0
Western Par let Ser A 5.3____1946 MS
Wheeling & L E let u 5),
1926 AC
Wheeling Div let gold 51L.1929 J J
Exten & Impt gold 5s
1930 FA
Refunding 4Sis Series A__ _1966 tI S
RR let consol 48
1949 MS
Winston-Salem S B let 45
196l J J
Wle Cent 50-yr let gen 4s..._.194e J J
Sup & Dui div & term let 48 '31 MN
Street Railway
Week'.
Range or
Last Sale
Ask Low
9512 - - - - 96
663
4
64
7.5
92 Sale 9134
90
9518 Sale 9434
85
863 8512
4
105 Sale 1033
4
58
88
59
Range
Year
1922
High No. Low
BONDS
N. Y STOCK EXCHANGE
Week ending Jan 5
High
Dec'22
89
98
Oct'22
70
65
93
164 86
063
4
Dec'22
9234
88
953
8 86 89
97
53 8112 100
88
105
86 102 106
Dec'22
8314 9312
10314 - -- 103
10312
10314 104 163
105
92 Sale 92
9234
9913 10012 99% Nov'22
9112
_ 8613 Feb 22
8512 8712 511
Apr 22
8-13 -- 8514 Nov'22
2714 _
_ 3212 Dee'22
973 Sale 97
4
073
4
9,I8 187 98
8
983
8
8912 92 8912
9214
683
4
_ _ 71
Oel'22
05 Dec'22
95% ILO
7.14 79
7.13 Nov'21
6513 67
66
66
7714
775 Dec'.2
8
7:1
79
834 Nov'22
84 __
6414 Sale 6312
6412
983
8
100
7-4
79
78 Dec'22
83 Sale 8112
83
98 Sale 973
4
98
9,7 953 94 Dec'22
8
8
8
9218 973s 945 Setit'22
6112 637 6218 Dec'22
s
64 6412 64
65)8
805 81 14 8012 Dee22
8
804 817 8112
82
8
8012 80% 8014
8012
10 9612 106
15 97 1110
12 8612 9518
9618 1003
8
__
H312 6012
___ 71414 813
-- 854 86
4714
26
81 sg14 100
46 937 MI
8
13 3112 9313
1713 714
_ _ 91
9(114
74
7012
9 633 72
8
(19
81
1 723 84
8
_ 8413 89
22 WI 69
6 95 10112
7212 8112
85 7938 8812
4 9.12 1017
8
194 9713
89
94%
8
727
52
14 82
763
4
84
77
3 7413 8613
4 7514 844
,
Brooklyn Rapid Tran g
56
5713 56
_1941 A 0 55
5 31
67
52
Trust certificates
547 5114 Dec'22
8
64
31
let refund cone gold 4s____2002 J .1 543 563 54
2
54
4
6 3512 644
3,-7r 7% secured notes_ _ 11521 J J 89 Sale 87
89
37 58
96
867 Sale 86
8
Certificates of deposit
88
1.9 51.12 95
Certfs of deposit
8214
83
8t
27 54
- - 82
92
Brooklyn City RR 55
stamped_- - 1 11 8618 8912 90 Dec'22
194 .91
75
58% 59
Skin Qu Co& Sub con gtd 53_1941 SIN
58
58
,
51. 6 42
let 5s
7913 Nov'92
3 91
.9,
1941 1 J
702 71.13
Bklyn Un El 1st g
81 24 8212 82
8212
6 75
F
9014
8112 83
Stamped guar 4-5s
83
8212
12 7513 93
1956 F A
75
Kings County E let g 48..1949 F A
76 Dec'22
77
81
64
723 76
8
Stamped guar 48
76
75,
2
6 66
194(1 F A
82
5812 Sale 59,3
Nassau Elec guar gold 48_1951
5912
5 27
J
65
Ghicago Rye 1st Is
7914 7912 773
4
7914 41 67
1927 F A
85
847
8
Oann Ry dr L let & ref g 4SO 1951 J J
_ 81 NO9'22
75
82
8473
Stamped guar 4.
84 Dec'22
5e
J
loll
703 81
4
Denver Cons Trarny 53
9,13 June 20
1933 A 0
Dot United let cons g 43'8...1932 I J 8212 85
82
8:
12
6322 8611
71
85
Ft Smith Lt dr Tr let g 58.._ _1936 M
5
Jan'20
1.13 1013 10
Interboro Metrop coil 41e.1956 A 0
10
3 81! 21
Certificates of deposit
913 1012 93
4
10
25 73 183
4
4
7012 Sate 7012
Interboro Rap Tran let Sc.
7213 128 54
..1968 J J
7812
212 Sale 7214
10
-year 65
7318 58 723 8312
4
03 Sale i.23
7e
8
944 11J 9312 957
1932 _
3
61
Manhat By(N Y)cons g 4s 199(1
62
61
613
8 91 5712 7212
Stamped tax exempt
673 l‘lay'22
s
11)90 A 0
5713 693
8
60 6312 Oct'22
2d 45
2013 J D 5.1
4 3 63 3
4
,
Manila Elec fly & Lt e f 5a_ _ 1953 M S 8114 827 67 Dec'2
2
6112 84
92 Sale 917
Market St By 1st cone 53
8
9213 37 81
1924 M S
9212
5
-year 6% note.;
8
9518 17, 903 97
19241A 0 95 Sale 943
4
Metropolitan Street Ity1
B'way & 7th Av let e g 5e_19431.1 D 6812 70
6812
6812
78
, 50
2
J3, 2412 14
8
Col & 9th Av let gu g 58.1992 M S
14
3 1418 25
.
Lex Av & P F 1st gu g 58_ _1993 M S ---- 48 I 577 Oct'22 ----I 39
8
57 8
7
Milw Elec fly dr Lt cons g 58_1926 F A
99 - _1 Si) Dec'22
• 914 99
Refunding & exten 4 tis_„1931 jJ 904 9113 8,
13
89
o 7914 90
8, 4 Sale 881a
3
Montreal Tram let & ref 5s_ _1941 J
8914 27 83
9238
New On By & Lt gen 4¼s..1935 J J 8012
50 Feb'21
N Y Munic By let a f Is A.1966 J J
31
33
3114 Dec'22 ---- 2512 4412
N Y Rys Ist R E & ref 43
1942 J .1
31
Certificates of deposit
31 14 31
3112
5 24
44
30
8 Sale , 412
-year adj Inc Is
8
a1942 A 0
29 5
15
6 Sale I 434
Certificates of deposit
614 222
4
1312
6, 6712 6 14
12
NY State Rye let cons 4)48_1962 M 6712
5 6112 73
14
94
Nor Ohio Trac & Light es _1947 M S 94 Sale 9334
5 92 9712
83
Portland fly let & ref 5e...1930 M N 864 90
86
9112
4 81
84% 843 833
Portland By Lt & P let ref 58 1942 F A
4
8612 Li : 7811 IsIl
4
8
109
let & refund 714s Ser A_ _ _19.16 MN 1. 63 10612 109
1 102 10822
95
Portland Gen Elec let 53__1935 J .1 93
931 Dee'22
8842 90 s
3
4
Pub Serv Corp of NJ gen 53_1959 A 0 843 8514 85
8514 23 73
9014
8
4
8
62
Third Ave 1st ref 4s
1960
J 6 7 613 597
24 5618 693
8
8
597 2
8 31 4412 683
Adjincome 5s
al9)I0 A 0 593 5934 5634
4
9.,
1.218 NOV.2.1 ----I 88
Third Ave Ity let g 5s
1937 .1 .1 95
9813
9318 9812 9818
985
8 10 0322 100
Tol Trac, L & P 6s
1925 F A
Tri City Ry & Lt 1st s f 5s__ _1923 A 0 i 00 loul4 100
100
2 96 1003
4
8..)7 9614 83 Dec'22 ----I 73
8
Undergr of London 4 Sis--..-1933 J J
88
53 __
7438 Nov'22 -- 1 60
Income 65
1948 .1 J
3
743
8714 873 8714
89
United Rye Inc be Pitts le3ue 1926 M N
4
91
57 7.5
64
United Rye St L 1st g 45___ .1934.3 J 01
63
63
1 8112 6914
66 I 63 Dec'72 7
St Louis Transit gu
_1924 A 0 12
-- 06
63
2
Va By Pow let & ref 5s
19341 J 847 8512 8538 Dec'22 --- 72
8612
Gas and Electric Light
1934 A 0
Am Wat Wks & Elec 53
Bklyn Edison Inc gen 53 A 1949 .1 J
General 68 series B
1930 J J
General 78 series C
1930 J J
General ls series D
1940 J D
Bklyn Us Gas let cons g 5&.1945 M N
1932 M N
78
_1947 M N
1st lien & ref 6 Series A
1942 F A
Canada Gen Mee Code
ancin Gas& Elec let & ref Is 1956 A 0
byi% Sec li due Jan 1 __ -1961 A 0
Columbia G & E let 55
1927.3 J
Stamped
1927J J
1932'J J
Columbus Gas let gold Is
Commonwealth Power (is___ _1947 M N
Consumers Power lien & unifying I
Is Sella/ C interim centre_ _1952 M N
Deny Gas& EL 1st & ref sr g 53'51 MN
Detroit City Gas gold 58._ 19231.1 J
Detroit Edison let coil tr 5s_1933,J J
k1940 M S
ist dr ref 5s ser A
11940,M S
1st & ref (93 series B
Duquesne Lt 1st dr coll 6s___1949 .4
1936 J J
Debeniure 75.4s
_1937 M N
Empire Gas & Fuel 7
Gas& El of Berg Co cone g Is .1949 .1 D
Great Fa113 Power 1st el 58-.19401 M N
8334 84
8414
8438
5 70
88
973 Sale 97%
4
973
4 11 8978 10018
103 Sale 10:3
8
16313
3 100 10412
10618 Sale 106
10618
2 102 10712
10"4 Sale 108
10812 15 10612 10914
.07 10, 96
9612 13 8712 9912
11414 136 110 120
11 12 112 11312
1044 Sale 10414
10478 18 10218 1043
4
1.3 10313 10134 103
20 100 10512
975 99
8
9718
9714
4, 92 101
9 14 9.1,9814
0812 211 97 101
9614 97 2 963s
97
54; 8814 9712
96
97
97
9538
07
88
9 ,12 Dec'22 ____, 9112 9312
9112 93
8734 Sale 8734
88%
6 87% 93
1
873 88
4
9213
92
4 92
9212
8838
89
89
90
6, 8414 9113
997
2
9978
U 93 10038
-- 100
997
8
100
12 93 10112
96 Sale 95
96
24 8914 99
104 Sale 10312 104
81 9912 19612
10334
10414, 31 100 1053
4
1 33 Sale
4
10714 Sale 107
1074 18 1043 1084
4
3
937 Sale 933
8
94% 170 9113 984
Feb'13
9214
_ _
-- 100
997
2
9913 100
9978
2 1 9412 100
I
7:4 3
1
Price
Friday
Jan 5
Bid
Week's
Range or
Last Sate
Ask Low
17
3
High No Low 1110
Havana Elec consol g 5s__ _1052 P A
8734 9912 89
901-2 13 7714 924
Havana E Ry I.& P gen 55 A.'54 54 S 82, Sale 8154
8814
8212 18 79
2
Hudson Co Gas 1st g 5s_
1949
927
N
8
9312 11 8512 93
Kings County Lighting 5s__ _1954 J J 81
81
81
90
81
DWI:2
6Si s
99 1004
9913 994 Dec'22
1054.3, 99
Kings Co El L & P g 5s
9112 9934
1937 A0 974 - 9.9 .Nos.'22
Purchase money Os
10612 11112
1997 A0 111 Sale 11134 1114
Convertible deb 65
98 107
8
192:1 MS 1923
. 1054 A Dr'22
Ed El III Bkn let con g 48_1939 .1 J 573 897 87 Dec'22
8118 90
8
8
Lac Gas L of St L ref & ext 5s 1934 * 0 9: 13 Sale 9214
951e
9312 13 86
Metr Ed lst&ref g 6s Scr B_ _ _1952 FA 9813 100
5 9712 9912
99
993
8
8712 9414
Milwaukee Gas L let 45
93 0412 93
1927 MN
93,
4
9819 Sale 9814
Montana Power 1st Is A __ 1943 J J
997
8
983
3 19 93
N Y Edison 1st & ref 6;is A_194I A0 1113 Sam 111
4
69 1053 1123
4
4
112
NYGEL&Pg 59
3 92% 1014
9914 9912 983
1948 J
4
0914
Purchase money g 45
624 834 8214 Dec'22
8514
76
19411 FA
Ed Riot
10013 014
4
1st cons g 5s__.1999 J J 1023 ---- 1014 Dec'z2
1 45
NYOEIL&PIstg43
9412 94 3
1930 FA 9512 164 941z Nov'22
,
44 94 1013
Niagara Falls Power 1st 58..1932 '.3 190 Sale, 997
8
100
4
8
Ref & gen 68
111012 105
A0 1043 Sale. 10412 10434
965
8
Niag Lock & 0 Pow 1st 58_01932 7.4 N
95
9912
Dec'22
_1 9
5.1
9'212 93 9218
Nor States Power 25-yr Is A.1041 * 0
50 8812 95
93
15 98 103
1st & ref 25-year 6s Ser B_ _ 1942 AO 10138 Sale 10112 102
96
1
No Amer Edison 65
9414 79 90
9612
MS 9412 Sale 94
96-q3 9614 96
1 90
Ontario Power N F 1st 5s_
96
99
1943 FA
Ontario Transmission 5s
79
943 Dec'22
4
933
1945 MN 9212 94
4
Pacific G & E Co-Cal G & E
975 984 9712
Corp unifying & ref 5s
9712 11 93
9812
1937 MN
93 Sale 9112
9311 59 87
97
Pacific GA El gen & ref 55_..1942 .1 J
94 Sale 92
Pac Pow & Lt 1st dr ref 20-yr 55'30 FA
67 8734 9512
94
Pat & Passaic GA Elconsg 5s 1949 MS 53 - - - - 8312 Noy'17
1 i(7117,110
10712
Peop Gas & C let cons g 6s 1943 * 0 107 16712 10718
20 85
92
Refunding gold 58
9613
1947 MS 92 Sale 92
4
9514
1 M) 99
Ch G L & Coke let gu a 58_1937 .3.3 953 - - - 9514
5% 98
Con Coot Ch let gu g 58_1936 J J 9
92 Dec'22 -- 92 99
944 9538 i,4 18 Dec'22
7812 95
Mu Fuel Gas 1st cu g 58_1947 M N
Philadelphia Co 65A
10038 71 96% 10213
1944 FA 10014 Sale 994
9914
9213 10114
9912 Dec'22
Stand Gas & El cony 5 f 6s
1926 J D 9314 100
44
944
Dec'22 ---- 85
---- 93
Syracuse Lighting let g 58_1951 3D
85% 94
22
1.14ht & l'ower Co col tr s f 55'54 J J 8512 ---- 9313 Dec47 10412 109
107
Poled() Edison 78
8
S 10614 10611 106,
1941
Fronton a, El 1st g 55
---- 73 June 21 ---1949 MS
9152 12 - - T1- jiff
9112
9 8
(
Union Elec Lt & P let g 53_1932 M S caq 98
992
8 14 9314 994
United Fuel Gas 1st s f 63_1936 j j 9712 Sale 9712
11 8711 8913
8712
8712
A 43 8712 83
Utah Light & Traction 5s_ __ _1944
Utah Power & Lt let 55
9214 13 8712 9413
9112 Sale 9112
1944 F A
95 Mar 20
Utica Flee I.& Pow let s f 55_1954 J J
1 4
0
84 -614
914
924
Utica Gas & Elec ref 53
1957 .1 J
9812 - - 9944
98 Dec'22 • ___ 95
Wash Wat Power s 1 Is
2 9814 100Is
9714
Westches I.tg g Is stmod gtc1_193
9714
13 9718 99
.1
9
1950
13 89
9514
8
1)3
West Penn Power Ser A 55_1946 M 8 93 Sale 923
let 40-year (is Series C. _1958 J D 10.34 Sale 1014 10112 10 9918 106
1 10213 106
104
1st series D 78
c1946 F A 10312 10412 104
6
HanufacturIng & Industrial
9614 97
4
9618 11 953 10314
96
Ajax Rubber 82
Ain Agric Chem let Is__ ___1936 j D luu 10112 9912 100,
2 13 8112 10013
1 28 A O
4
let ret s f 7Sieg91 F A 111318 Sale 1023
4
10314 80 100 1051
1
793 5014 793
4
4
8014 20 7812 93
Am Cot 011 debenture 5s____1 4 MN
193
11147 10812
8
8
km Dock & !mot gu 65
1057 Dec'22
8
1936 J .1 1063 9713 1047
z
American Sugar Refining 68..1937
J 1034 Sale 10312 104
13 867 88
8414 Sale 84
s
Am Writ Papers I 7-6s
85
115 8612 94
',amour & Co let real est 43-4s 19391 D
90
9 9 j j 8..) Sale 8812
3
3..14 2818 Dec 22
2312 5012
4tlantic Fruit cony deb 78 A.1934 J D 31
991s 10312
Baldw Loco Works let be_
103
1940 M N 10218 10313 103
9212 6712 Oct'21
Booth Fisheries deb s 16s_ _ 1926 A 0 90
"fic4 "Wrs
Bush Terminal 1st 4s
8612 Dec'22
1952 A 0 8638 8912 9712
89
8214 94
Consol 5s
984
19561 J
21 8614 954
93
Building 5s guar tax ex.,.,._ 1960 A 0 9118 9214 91
5 9713 99
9712
9712
Camaguey Sag 1st fi f g 7s _ _1942 A 0 9712 t8
4 94
9412 514 9412
9612
9412
Canada SS Linea let coil sf78 1942 M N
8812 Sale 88 Dec 22
76
9213
,6441 Foundry lets I 6s
26 9514 9912
983 9,4 9812
4
99
Cent Leather 20
-year g 5s
19 5 A
9 11
3
2
Companla Azucarera Baranua
101.12 Sale 100
10012 94 98 103
let sr I5
-year g 75-6s
13 89 100
98
,7'.omptit Mg-Tab-Rea
.3 1 98 Sale 9712
.1
6s..
994 -- 190 Dec 22
95 100
CornProdRefgsfgls
96 1013
101 ---- 10113 Dec'22
4
let 25
-year s f 5s
Crown Cork & Seal Co of 13alt111
-993341 1 1V151N
N
14 9212 9812
9318 £6
94
95
more let s f 20-yr g 6s
1943 F A
8 00
8613 87
91
8612
873
8
Cuba Cane Sugar cony 7s_ ..1030 1 J
9213 70 8312 95
Cony deben stamped 8% _ _1930 J J 92 Sale 9118
Deny Corp D G 1st s 1 20-yr
1
7 9712 10112
9812
7e
4
932 M S 9812 Sale 98
9 1 AI t1
1,73 Sale 07
8
1073
Cuban en) Sugar 1st coil fis 1
d
4 21 101 13 108
4
111713 25 1063 11012
Diamond Match s f deb 7%3_1936 M N 10718 Sale 07
12 32
6312
49
50
Distill Sec Con cony let g 5s_1927 A 0 494 54
55 90 Dec'22
87% 98
E I du Pont Powder 4 Sis„. _1938 J D 81
10.3 103%10812
du Pont de Nemours & Co 716s'31 M N 10818 Sale 0713 10878
9314 100 8
8 10
,
2
971
4
East Cuba Sag 15-yr f g 75481937 M S 9612. 90,
10714 8a1e 064 1011 IL
997 11.1612
8
Flsk Rubber 1st If 81
8512 103
4
913
Framerie
& Dev 20-yr 7Y-0'42 JJ 90 Sale 903
2
194 1 M S
4
4
1023 " 9914 1033
4
Francisco Sugar 1,,1425_yr 6
193 JI D 10218 1023 02
946 A N
2
73 8
_ _ 111112 Oct'22 ---- 9:112 1004
1141118
Omura! Baking
8
763 78
7618 Dec'22
Gen Electric deb g 35.45
- 7034 82
A
1942 F
4
4
10218 47 96 103
Debenture 53
1952 M S 1013 Sale 913
8
10528 139 1027 109
20
-year deb 6s
Feb 1940 F A 1ua Sale 115
997 Sale 9813 100
8
97 100
Gen Refr 1st s f g 6s Ser A-_1952 F A
4
2
10134 87 977 104
Goodrich Co 814e
1947.3 J 1013 Sale 0114
45 11014 117
Goodyear Tire dr Rub lets 1 82 '41 M N 116 Sale 1412 116
9934 Sale 99
9J7
2 8,1 9612 19314
10-year s f deb g 8s
Gray & Davis let cony 3;
1931 F A
7 9512 100
98
99
9812
10i1
gold 7s
9814 Sale 973
4
Hershey Choc let sf g 6s
9812 . 15612 983
1,
4
Holland-American Line 03_ --1 99422 EIN 8914 sale, 8712 • 8838 25 843 9414
8
119437 MP NA
96 NOY*22
Ingersoll Rand let gold 5s
1935 J J
75 Sale 743
72l 82
4
7712
lot Agile Corp let 20-yr 58_1932 M N
111
Internet Cement imnv 8s_ ___ 1926 ID 103 110 109
19 102 1183
4
12
Inter Mercan Marine 5 f 613_1941 A0 9, saw 90
9014 02 887 9912
8
8
International Paper .5e
8812 23 86
1947 J J 863 Sale 8713
0012
883 Sale
8
1st & ref Is B
1947 J J
8
Jurgen)) Works tie
0
8
1947ii 80 Sale 8
8 3
8 13 411 831' 99212
4 4 2 74 4
8
108
Kayser & Co 7s
3 102 108
1
0178 1 10
107
1942 P A 1..6 10,1 10514
8
Kelly-SprIngfield Tire 8.3
1931 MN 108 Sale 10712 108
904 12 Nis 101
1936 J o 1,914 9913 99
Kinney Co 7348
11618 1164 1157
Liggett & Myers Telma 78_ _1944 A0
8
11818 17, 112 120
4
5s
1951 A )43 Sole 873
,
9818 411 914 100 3
,
Lorillard Co (P) 78
19
19-14 A0 115 117 2 1157
1
8
7
3451 162
191164 383 19924s 100014
,7
97 Sale, 96
Sc
1951 A
4
Menet!Sugar 7t4s
_1942 * 0 973 Sale I 97
Merchants & Mfrs Exch 7s__1942 J D
Morris & Co 1st e t 43.4s
9878
9714 411 98 99313
8 33 16 78
9
19311 J .1 id12 -ifai 87
14
Mortgage Bond 40
1966 40
_83
55
.1932 A 0 92 ___ 92
92 I 17 ---- ---.
Nat Enam & Stampg let 58_1929 ▪ D
95
1)5
-year deb Is.,..1930 J J
Nat Starch 20
1 2 1 -2 01
97 10212
N Y Air Brake let cony 611_1928 MN 1(1;i -0-- 19514 SeP01 4
1F 232
07 4 ,77 97
773 7,7 8 7718
8213
74
1951 F A
N Y Dock 50-yr 1st g 4s
78
8
NY Steam let 25-yr 65 Ser A.1917 MN
973
4' 19 903 98
10712 21 95 10814
Packard Motor Car 10-yr 8s 1931 * 0 107% 1 712 107
99 1043
1931 M
Porto Rican Am Tob Sc
103 104 Nov'22
1073 SaI: 94
00 4
---- 6,,I 110714
1937 J
4
Punta Alegre Sugar 78
108 I 86 1014 1113
Remington Arms 8e
1937 MN
-year s t
Robbins & Myers 1st 25
98
95121 e't1 9311 9012
61 8
19.52 ID 977 983 98
gold coupon 7s
8
9
4
1942 MS 101 Salo 10012 101 . 12 98 1033
4
Saks Co 78
8514 ____ 85 8 Dec'22 ----1 8614 8614
St Joseph Stk Yds 1st g 41.65_1930 J
7
.5.10 price Fricay: latest bid and asked. aDue Jan. flDue April. cDue Mar. eDue May. gDua June. hDue July. kthle Aug. oDue Oct.(Due Dec. sOption sale.
Range
Year
1922
JAN.6 1923.]
65
THE CHRONICLE
Quotations for Sundry Securities
New York Bond Record-Concluded-Page 5
All bond prices are "and Interest" except where marked "L"
-Per Ct. Basis.
t.
Standard Oil Stocks Par Bid. Ad. RR. Equipments
Range
.1.,
Price
Week's
BONDS
Anglo-American Oil new £1 *1914 1912 Allan Coast Line 65 & 6Iis 5.65 5.05
Year
1
Range or
Friday
I
N.Y.STOCK EXCHANGE.
Baltimore & Ohio 4Ifs& 6s. 5.60 5.00
127 129
Atlantic Refining new
Last Baia
int6
..80..
Jo 5
1922
Week ending Jau 5
Buff Koch & Pitts 4$ & 4I4s 5.10 4.50
100 120 122
Preferred
5.35 5.10
Equipment65
100 118 123
Bta
Ask Low
High No. Low High Borne Scrytnser Co
93 Canadian Pacific 4Ms & Os_ 5.35 5.10
91
Buckeye Pipe Line Co__ _ 50 3
1003
4 18 94 103
South Porto Rico Sugar 7s___1941 J D 100 10014 100
6.10 5.50
Chesebrough Mfg new 100 205 215 Caro ClInchfield & Ohio 58
19231 .1 91 -- . 112 July'04
South Yuba Water 65
5.65 5.20
100 110 114 Central of Georgia 434s
Preferred new
5 96 lea
4
972
s
1930 M N 971s 97es 073
Standard Milling let 56
5.60 5.25.
100 158 160 Central-RR of N 168
Continental Oil
98
12 97
97
1942 M S 9612 9712 9612
Sugar Estates (Orlenti) 75
46 Chesapeake& Ohio Os& 13Mis 6.70 5.10
50 344
Crescent Pipe Line Co
14
97 108
1931 J CI 10312 10412 10334 Dec'22 __
a f 75
Tobacco Products
6.30 5.00
Equipment Is
Cumberland Pipe Line_ 100 163 167
4
47
Union Bag & Paper let 50...._1930 3 J --- -- - 1043 June'22 ____ 8812 10 s
6.50 6.00
92 Chicago & Alton Os
88
New stock
4
4 65 9614 101
973
1942 al N 9711 Sale 0735
68
Eureka Pipe line Co _.100 104 106 Chicago Burl & Quincy Os,.,. 5.60 5.25
4
10312 15 1013 105
1930 F A 10328 104 103%
Union Tank Car equip 7s
60 Chicago & Eastern III 554s_ 6.10 5.50 .
Galena Signal 011 cOm_ _100 59
1123
4 20 104 113
1941 .1 D 11212 Sale 11214
United Drug conv 811
.
100 108 110 Chicago Ind & Loulsv 4Iis- 5 60 540 •
Preferred old
United SS Co Ltd (The) Copen100 105 107 Chicago St Louis & NO 58_ 5.36 5.00
Preferred new
4
hagen int rcts 15-yr at 65,1937 M N ____ 9112 9112 Dec'22 --__ 893 9512 Illinois Pipe Line
5.20 4.75
90
167 169 Chicago & N W 4145
United Stores Realty Corp 20
-Yr
05
98
.
5 66 5.
Equipment 6s & 8 Me-5
°°
Indiana Pipe Line Co_ _ _1 0
8 100
4
49 993 103
8
1942 A 0 997 Sale 993
at deb gold 65
a
International Petrol (no par) •217 221s Chic RI & Par 454s, 5s,(55_ 5.70 5.10
2 98 105
10312
1932 J j 1034 Sale 1034
U S Hoffman Mach 85
s
0
Colorado & So:thern 5s, 6s. 5.75 5.25
o 4
le r:1.. 58 6
.12.50 *27
National Transit Co,
17 92 100
s 100
997
s
US Realty & I cony deb g 50_1924 .1 j 997 100
5.60 6.20 •
York Transit Co_ 100 135 137 Delaware & Hudson Os
102 Nov'22 ____ 10012 10412 New
-year sec 71_ _1923 .1 D -----US Rubber 5
6.01 5.50
Northern Pipe Line Co 100 197 12109
4
88% 189 86 92
1st & ref Is series A
1947 1 3 881 883 88
5.55 5.25
.76
new
2 10914
7 104 11012 Ohio 011
-year 754e
10
1930 F A_ 1083
70 ilreat Northera 68
29 Gocking Valley 434s. 5 & 613 646 6e
26
Co
10104 26 93 10112 Penn Mex Fuel
Va-Caro Chem 1st 16-yr 56_1923 J D 10014 1004 10014
Illinois Central 4547), 58 & 68 5.60 6.10 05 225
011 & Gas new_120 '15 230
Prairie
Cony deb 66
5.30 3.05'
81924 A 0 10014 10.,12 10014 Dec'22 _-__ 92 102
Equipment 7s & 655sPrairie Pipe Line new _100 1 9 112
974 48 944 997
75
1947 .1 0 9712 Sale '65$
•
.
6 75 5 15
0 0 90
100 189 190 Kanawha & Mich 4348,68
4 Solar Refining
45 90 1073
94
8
6
12-years f 714e
5.24 4.75
1937 3 .1 867 Sale 922
10d
Louisville & Nashville 58
9814 Southern Pipe Line Co
40 82
87
5.60 5.00
without warrants attached-__ J J 94 Sale 86
Equipment Beat 654s
100 173 177
South Penn Oil
Warner Sugar 7s
1941 j D 1044 .05 10312 10414 44 9912 10413 Southwest Pa Pipe Lines.100 65 168 Michiganm Equipmenti,nstpCentral51 16 __& ,. 5..60 6.. 5 4 6.10206
50 5
% 78
.,6s i 5 :
4
1
/
18
8
997 Dec'22
99 10013
98
West Electric 1st
1922 .1 2 97
Dec_
Standard Oil (California) 25 3118
t mi
1931 MN 1(.734 Sale 1071s
Westinghouse p; s 58_" s
10)3s 45 105 109
f
25 '60 115.65
New stock
4
4
59 93 1023
Wilson & Co 1st 25-yr 5 f 6s1941 A 0 1013 Sale 10012 102
3
5
_ _ 25 *821 62 4 Missouri Kansas & Texas - e 6.65 5.30
933
4 32 84 10012 Standard Oil (Indiana)
.0
5 15
-year cony a f 138
10
:
6
6 LO 52
1928 .1 0 9212 Sale 9212
46 Missouri Pacific 5s
Standard Oil (Kan) new 25 "44
4
s 34 9412 110
1027
1931 p A 10'212 1023 102
Temporary 754s
80
Equipment Os & 6545._
Standard Oil(Kentucky) 25 78
4
9 10012 10413
5.60 5.25
1941 A 0 1013 Sale IOU's 10114
Winchester Arms 734e
185 190 Mobile at Ohio 4)4s, 5s
Standard 011 (Nebraska) 100
,.
Standard Oil of New Jer_ 25• 4,14 4184 New York Central 414s, 5s_ 5.2 , 5.00
Oils
Equipment Os & 75
100 '11712 118
Preferred
4 81 9712 1044 Standard Oil of New Y'k. 25 *4814 483 N Y Ontario & Western 454s
993
1937 3 i 9012 Sale 99
Atlantic Refit deb 55
4
10212 W312, 1023
8 103
3
20 997 1072
4
Barnsdall Corp s f cony 8% A.1931 J J
new • 0 3j
5 Norfolk & Westerti 4545
.'
666 22 4561°10
Standard 011 (Ohlo)
5.30 6.05 ,
MI j y -„_ _ ___ iii14 Dec'22 --__ 101 108
Series B
100 A Al 119 Northern Pacific 78
Preferred
90
.0 971 10084
14
4
Humble Oil & Refining 554e .1932.8 j 99 Bale 9814
0.40 6.16'
28 pacific Fruit Express 78
100 24
Swan dr Finch
90 110
1931 m 11110 Nov'22
Invincible 0118s
Si PennsylvaniaEauty
R 48 & 4545- 5.10 4.75
Union Tank Car Co__100 SO
4 8434 126
Marland 011 a f 88 with war'nts '31 a 0 1 1 1 1'212 1114 1124
2.
ment65
100 108 i.8101
Preferred
10212
5 91 1a 106
.1
.9
50 5 0
5
without warrant attached_ _ A 0 100 103 102
Pitts & Lake Erie Os & 6Sia- 5..40 6 1
25 451
Vacuum 011 new
4
.7
.
4 9712 12014
5.15 4 5
0 80 5 2'
1931 v A 10212 Sale 10214 1023
7545 Ser 13
a Reading Co 4545
10 *24
oil
10 14 69 99 109
Mexican Petroleum 5 f 8s._1936 m N i.8 Sale 0,8
734 St Louis Iron Mt & Son Ss..
71
.
Other Oil Stocks
4
I, 33 1035
3 10534 15 9412 10312
Pan-Amer P & T 1st 10-yr 78-1930 V A 10228
St Louis & San Francisco 5s_ 6.50 5.10
011 (no per)
„
3
1 9412 102 s Atlantic Lobos
9612
9612
97
1931 ; D 96
Pierce Oil a 1 Se
60
.
50 •61
„
(1 Seaboard Air Line 4545& 5s_ 6 00 5.
Preferred
/3 123 Sale 123
12412 34 99 1237s
Prod & Ref s f 8s(wIth war`ntsY31
*591 ev Southern Pacific Co 434s
Gulf Oil (new)
1084 67 99 103
i
without warrants attached _. j D 19814 Sale 108
Equipment 7s
25 *33
Ref new_
7
_, 98 1107
s Humble 011 &
6.76 5.10
Sinclair Con 011 cony 7548_192h m N -------02 3 Nov'2_
25 *112 111 Southern Ry 4549. 5 & 68
3
Imperial 011
1937 in s 1014 Sale 10018
s
1013 346 98 102
15
-year 7s
3
4
7
tyt 2:
Central Os
0
9284 Magnolia Petroleum,.. 100 163 'Toledo & Ohio
4
/
4
4 82 97
983
ma Union Pacific 78
vgi
1925 A 0 983 Sale 981
Sinclair Crude Oil 5545
Merritt Oil Corporation_ 10
6.70 5.30
Sinclair Pipe Line 20-yr s f g 58
9
•
5 .17% 11713g Virginian Ry 65
Mexican Eagle Oil
4
8912 487 873 95
s
1942 A 0 89 Sale 8314
due
Tobacco Stocks
3 Mountain Producers Corp_ _
116
5
76
39 10412 1067
a1931 F A 10 4 Sale 105
Standard 011 of Cal 76
2112 2134 American Cigar common.100 73
Creek Producers
'
92
,
103 4 19 100 10 11 Salt Public Utilities
Tide Water 011 6I4e
1931 F A 11-13% Sale 103
100 89
Preferred
9413 95
,
5 s -__ 95 Dec'22 __
1931 j j
Union 011 5$
Amer Machine & Fdry...100 95 105
Gas & Elec, com_- 50
$
_.1942 p A 1021s Sale 1024 10212 iii 1011 10214 Amer
*146 150
6$
4314
50 '143 IL American Tobacco scrip__
Preferred
MAN ..9__ ... . British-Amer Tobac ord. il •1934 2014
03
s
7
Deb 135 2014
Mining
4
-Amer Tobac, bearer £1 *193 2088
313
13
7
8
6
8
512 124 Amer Light& Trac,corn _100 14, 397 Brit
71
Alaska Gold M deb Os A-1925 m s
0
100 9513
Helme(GeoW)Co.com.10 174 184 •
Preferred
6 11 8 Dec'22 _ _I 818 1071
6
1926 m s
Cony deb Os series 13
14
6 982
100 113 116
Preferred
Amer Power & Lt,com_ _100 133 133,
:
4 is 8612 96
923
1947 A 0 921 Sale 92
Am.Sm & a ist 30-yr 5s ser A
4
/
Inn
Imperial Tob or GB & Irel'd •1611 771
Preferred
9914 Sale 9914
014
Braden Cop 111 coil tr at Os_ _1931 p A
91 28 55 93 10
50 •
45
,s Int. Cig. Maclaine/7
Deb 65 2016
186 110 13813
1931 I 3 13528 Sale 13212 137
Cerro de Pasco Cop 8s
00
80
'.' Johnson Tin Foil et Met.
12
Amer Public DUI, corn_ IM
N 11412 Sale )1312
7
115 s 434 99 116
Chile Copper 10-yr cony 75_1923 pq
36
100 31
MacAndrewe At Forbes_100 126 128 Prefsrred
Coll tr & cony 65 ear A__ 1932 A 0 9643 Sale I134
4
9612 220 84 9:3
100 s99 101
Preferred
79
Blackstone ValCi&E,rom 50 *76
94
3 87
9111
9112
95
Granby Cons M El & P con 65 A '213 MN 88
31
100 29
Mengel Co
Carollna Pow Yr Lt,cora.100 83 55
fi, 92 Nov'2. ,_j 87
92
99
Stamped
1928 m N
Service Co, torn._100 1664 10 Porto Rican-Amer Tob_ _100 70 - 80 •
714
783
Cities
97 Sale 97
1925 rti N
Cony deben 136
'
*80 90
2 86 102
97
100
Scrip
Preferred
11414 116 115
no
6 10' 68 123
•1712 pal4 Schulte Ret Storee_(no par) *62 65 :
Magma Cop 10-yr eonv g 7s_ _1932 J D
Cities Service BankersShares
98
Tennessee Cop 1st cony 13s__ _1925 MN 99 100
98
5 9212 11
100 110 116
100
com
Preferred w 1
5 ghis 1035
5 Colorado Power,
101
U 13 Smelt Ref & M cony 6s_ _1926 V A 100 Sale 1.005
100
)
y ni ng (3 Leaf Tob com_100 116 120
Uouversa1 s Co
Preferred
25
29.
923
100 101 103
Preferred
Com'w11)Pow,Ry & Lt_100 220
Coal, Iron and Steel
100 65 (57
100 99 103
Preferred
8
Beth Steel let ext e f 58
9914
1926 .1 j 9884 9914 99f4
(ti 954 100 s
.912
5
_100 98
Preferred
Elec Bond & Share, pref.
let & ref 6s guar A
96 Sale 9512
974 18 g .12 1011
1942 M N
50
43
liM * F
Rubber Stocks (Cleoel (S 4100 16)
Federal 1.1ght & Trac__ _100
20-yr pm & imp s f 15s
1936 j j 93 sate 92
93
311 86 95
3 74
100 .2 7
1184 Firestone Tire & Rub,com.10 977
1
7i
Preferred
tie A
1041. V A 99 Sale 9812
997 102 98 1014 Lehigh Pow Sec_ __(no par
S
99
100
6% preferred
Brier Hill Steel 1st 554e ..._ _1042 A 0 9612 Sale 96
521 91 1001s
97
28
91 ---2612
100
7% preferred
Mississippi Riv Pow.com10
78 Aug'21 ._,j-- -- 4
Buff & Swig Irons f 5.1
1932 1 D 91,
8412 Gen'l Tire & Rub,com 100 --; 100 31
9
2- 2 --Preferred
8914 8814
5 82 924
Colo F & 1 Co gen 5 f 59
8114
1943 F A
Preferred
100
First Mtge 55, 1951_ _J&J 9414 9o14
77 Sale 77
Col Indus 1st & coil 58 gu_ _ _ _1934 p A
8212
3 71
7714
11': •
S f g deb 7s 1935_ __M&N 700 1°2 Goodyear Tire & R.com.100 3
Cons Coal of 151d let & ref 59_1950 2 0 89
93
8912 34 86
4
/
8,84 681
31
4852
(no par
& L, corn.
100
Nat Pow
Donner Steel 1st ref 20--yr sf 7s
81
67 76 100
(no par
Preoe preferred
Prlfrrred
Preferred
90
89
9812
Series AA
gi 84
90
1942 J J
8914 9014 Goody'r T&R of Can,pf_100 - J&
Inc 75 1972
Elk Horn Coal cony (is
4
4
45
1920 J 0 99 100 1023 Dec'22 _ _I 9612 1023
s
100 fi
Illinois Steel deb 454s
1940 A 0 9214 921* 92
71
7 8613 934 Northern Ohio Elec (no par 24 27 Miller Rubber
924 100 101 1011s
10
Preferred
Preferred
Indiana Steel let 55
1952 PA N 10012 10112 100
10114 124 9
614 103
ta Mohawk Rubber
17
18
95
com_10
4
.912 100
Lackawanna Steel 1st g 58_1923 A 0 993 100
6 938 1704 North States Pow,
94
100 91
Preferred
Preferred
1950 m s 90
9014 904
4
943
1st cons Is series A
2 82
9114
86 Swinehart Tire & R,com_100
Nor Texas Elec Co,com-100 82
Lehigh C & Nay s f 4 Sie A _ _1954 .1 2 100 -„, 902 June'22 _ _I 90 94
84
100 81
Preferred
Sugar Stocks
4
08
81 ' Tit 85
Midvale Steel & 0 cony a f Is_1930 M 5 8814 31912 8814
13
91
50 *11
90
1992 m N 101 10112 101
14 9428 10118 Pacific Gas & El, let pref 100 5212 5412 Caracas Sugar
10112
National Tube 1st 5,3
4.84
854
Lt .100
Puget Sound Pow &
Cent Aguirre Sugar com- 20
9912 100
•4 114
1941 F A
Otis Steel 8s
21 964 103
9912
9818
85 Central Sugar Corp.(no par)
100 82
8% preferred
1st 25-yr s f g 7Iiis Ser B_ _ _1947 F A 9312 -4410 934
9412
2 92 9614
3
1
100
100 103 105
7% preferred
Preferred
90
80
Pleasant Val Coal 181 g s f 5s.1928 J .1 83
Apr'2280 80
35
s 1941_ _M&N 10312 105 Covey SugarCOMMOD__ -100 25
Gen M
pr7em
925s Dec'22 ::"" 8714 9
Pocah Con Colliers 1st a f 58_1957 I 1 1.312 95
5
15
100 45 65
Republic Ry & Light _100 13
95
Repub 1 & S 10-30-yr Is e f _1940 It 0 944 9614 9434
90
44 Fajardo Sugar
100 87
100 41
Preferred
Rogers
-year gen
-Brown Iron Co 20
72
South Calif Edison,com,100 105 100 Federal Sugar Ref, oom_100 ea
& ref mtge gold 78
9212
1042 M N-- - - 93
1 93 100
9212
100 95 105
100 120 124
Preferred
Preferred
St L Rock Mt & P5 stmpd _1955 .1 .1 8412 8612 85 Dee' 278 88
18
19 Godchaux Sug, Inc_(no par) *15
•18
Standard Gas & El (Del) 50
Sharon Steel Eloop 1st 8s ger A1941 M 13 984 98% 0714
0013 -- ii 93 1112
85
49
100 80
50 *48
Preferred
Preferred
4
Steel & Tube gen a f 7s eer C.1951 J J 1043 Sale 10212
1047 107 97 106
s
82
i6 GreatWestern Sug new25 100 .
78
Tennessee Elec Pow (no par) *15
Tenn Coal I dr RR gen .511_ _ _1951 J 2 1.802 Sale 10014 10014
2
46
31 9612 1005
100 107 108 •
2d preferred
(no par) *44
Preferred
U 8 Steel CorplcouP
41963 MN 104 Sale 1 3
104% 183 994 10413 United Lt & Rye, cora_ _100 704 71
21Holly Sug Corp.com.(nopar) 020 65
101
at 10-60-yr 58lreg
_ ...
41903 M N ------10315
1 99 1044
78
100 63
100
let preferred
Preferred
Victor Fuel Co 151 s f Se
56 Nov'22 __
1953 J J 004 65
4
11F3
56
100 ao 100
Western Power Corp _ __ _100 3; 42 Juncos Central Sugar
9512 954 Dee-2
Vs Iron Coal & Coke let g 517_1949 IN P 93
87 915 2
87
3
100 87
Preferred
National Sugar Refining _100 106 108
98
4
Wickwire Open Steel 1st 78_1935 1 J 964 Sale 963
ii 91 10114
15
SantaCecillaSugCorp.pf.100 10
53
Short Term Securities-Pe r 4'i_l: 9
... savannah Sug, corn_(no par) *51
.
Telegraph and Telephone
102 104
100
Am Cot 0110s 1924...151&52
U
Preferred
8114 80
Adams Express coil tr g 48_ __1948 m 8 80
6 75
8014
81
i 6 101"1,-415
Amer Tel & Tel Os 1924.F&A 10(91 4 , West India Bug Fin.00m_100 40 60
4
1
/
10148 1 1
8
923
4 48 8614 94
Am Telep & Toles coil tr 48_ _1929 J .1 92 Sale 913
100 30 40
Anaconda Cop Min65'29J&J 1J. judr
fe
,
612
um ail s 8635 88
8613 Dec'22
Convertible 48
1 8013 93
78 1929 Series 13
10Pdruestrrriael&Miscellaneous
J&J
-year cony 454e
1933 111 S 103 1031s 102 Dec'22 _ _ -_ I 953 1001
20
4
Anglo-Amer 011754525 A&O 10314 10334 American Hardware_ _ __100
994 -94 9114 10014
1946 J D 99 Sale 9%84
-year temp coil Sr 5s
30
2
6
5
55 6 ,
Arm'r&Co7sJuly15'30J&J15 10515 12614 Amer Typefounders,com.100 1 2
1925 F A 17 Sale 1164
-year convertible Os
4 108 120
7
1174
Deb (Is J'ne 15'23 J&D15 100 it".
100 98 100
a
.
10812 88 107 112
Bell Teleph of Past is A _ _1945 A 0 1077 Sale 10735
.00 150 161
3
Deb Os J'ne 15'24...1&D15 100 101
tlas
Atlas Powder
3
-year 5s...1043 .1 0 993 104 100
100
2 971s 1001t
Cent Dist Tel let 30
37
Beth St 7% July 15'233,1,315 105 10514 Bliss(EW)Co,new_(no par) *35
7512 75
Commercial Cable lot g 4s._ _2397 Q 3 75
7512
2 72
78
*60 85
Canadian Pac Ele 1924 M&S2 10114 10113
Preferred
_1937 1 3 93 Sale 923
s
03
8 8812 96
Cumb T & T 1st & gen Is,.,,,
Federal Sug Ref68'24_15137N 1004 1014 Borden Company,com-100 111 113
50
„,
Keystone Telco Co 1st 55.... _ 1935 J • 1 --------0413 July'21
Hocking Valley (is 1924 M&S 1003 00 1
4 '
100 100 102
41
Preferred
4
994 993 990
8
_1924 F A
2
997 --R 934 i(10 Mich State Teleph 1st
96 98 Cellulold Company
Interboro R T 8s 1922.M&S 3
100 93 102
58.9928 102 9735 inn
New England Tel & Tel 5$ 1952 J D 91 saw 9334
preferred
Cis j
K6 Term Ry 6 '23 NI&N15 10084 101
uly 1931
s
100
4
033 Sale 0312
94
83 RR1 A 971t
1st & gen s f 4 Jis_1939 M N
N Y Telep
7 Sale 1065
100
Childs Co,common
4
4
10714 70 1013 ma?,
-year deben 5 f 138._ _Feb 1949 F A 107
30
Laclede Gas 78 Jan '29..FL 110531
I)
Preferred
4
1 5 1017 10814
107
,
s
-year refunding gold Os..1941 A 0 1063 Sale 10614
20
92
00
1® 1St
Lehigh Pow See Os'27.F&A
4
923 Hercules Powder
4
111913 Ing
A.1041 F A 1078 Sale 1(1735
108
71 )
Northweet'n Bell '1' let 75
101 103
Sloss Sheff 01 & 1 68'29 F&A 97
4
973
Preferred
1937 3 J 99 Sale 9814
994 29 917 100
Pacific Tel & Tel 1st 55
10214 10212 International Salt
Swift & Co 75 Aug 15 1931
3
100 8
9124 Sale 914
913
1952 MN
4 63 90
95
53
95
Rubber 7%s 1030_1 &A 10814 101 International Silver. pf_ _100 100
7
.1 94% 96
902,
9528 12 93
South Bell Tel AT 1st at 55_1041 1
83
Joint Stk Land Bk Bonds
Lehigh Valley Coal Sales. 50 *81
9912 Sale 973
4
9912 13 20 4 Inl
3
Union coll trout 55_ _1938 3 J
Western
Chic Jt Stk Land Bk 513_1939 991 1003 Phelps Dodge Corp
4
4
100 160 165
9,12
9112
21 8 12 9414
Fund & real estate g 450_1950 M N 1113 9312 0 12
5s 1951 opt 1931
102% 103% Royal Baking Pow,com_100:120
8 11118 11113
112
46 10...12 114
1936 F A
-year 654e g
15
53 1952 opt 1932
103 1034
100 97
Preferred
9814 - Mut Un gtd bds °et 57 .--_ 1941 MN 9128 -94 - 10112 Sept'17
1951 opt 1931,.,.,.. 10512 10612 Singer Manufacturing_ _ _100 110 112
94 Aug'22 ...... 94
04
NorthW T let Ole 445 gtd1934 .1 .1
•Per share. 0 Basis. ti Purchaser also pays accrued dividend. •New stock.
Flat Price. It Last sale. p Ex-special div,dend ot 315. a Norolral. 2Ex-dfv.
Gone In. Mae April cDue March. a Due /Ex-rights. lEx-stool div. uEx cash and stock dividends. ,Ex-100% stock
*No price Friday:latest bid and asked
mit
dividend.
June. 3Due July. kDue Aug. onus Oct. (Due Deo. a Option sale.
May. °Due
--
--
.3
gig gig
:
-. 64
41
83
so
St 12
ii oo otos
--
03
10,1:
US
5545
it 12
100 IS:
jai-
Rif-
66
BOSTON STOCK EXCHANGE-Stock Record seet7t11...
HIGH AND LOW SALE PRICE
-PER SHARE, NOT PER CENT.
Saturday.
Dec. 30.
Monday.
Jan. 1.
144 145
*8212 83
99712 98
•____ 118
102 103
1718 173
4
•22
23
30
30
45
45
40 40
57
57
*15812 - -*z2014 21
71
7112
60 60
*37
40
45 45
2114 2114
983
910014 103
•75
76
7 96
.
98
Tuesday,
Jan. 2.
Wednesday. Thursday.
Jan. 3.
Jan. 4.
145 145
145 146
148 148
82
83
82
83
8212 83
98
98
9734 98
98
9812
118 120
120 120
120 120
102 102
102 102
102 10212
1712 173
4 1712 173
4 173 173
4
4
2112 22
2212 2212 93
25
30
30
30
30
28
31
45
45
45
46
*45
4812
*40_
*40
_ __
57 gi
57
57
58
58
159 159 815812 _ _ _ 959
_
2012 21
2012 2112 21
2114
71
71
7112 *70
7012 7012
61
*593 61
4
60
61
6212
35
35
37
3812 3817 3812
43
*43
43
45
2118 2118 2118 2118 "21- 114
83
83
100 100
*98 100
75
76
75
75
75
75
82912
_
343 343
4
4
*96
97
97
97
*96
98
Friday,
Jan. 5.
Sales
for
the
Week.
Shares
148 149
180
83
84
263
9712 98
52
28
102l 104
111
1712 173e
513
23
23
60
144
60
5
69
4
275
71
21
184
6112 63
459
3812 39
472
29
2
315
"2633 21-382
82
13
326
455r2 9612
STOCKS
BOSTON STOCK
EXCHANGE
Railroads
Boston & Albany
100
Boston Elevated
100
Do pref
100
Do 1st pref
100
Do 26 pref
100
Boston dr Maine
100
Do pref
100
Do Series A 1st pref._ _100
Do Series B 1st pref_ _ _100
Do Series C lot pref
100
Do Series D 1st pref_ _100
Boston & Providence
100
East Mass Street By Co 100
Do 1st pref
100
Do pref B
100
Do adjustment
100
Maine Central
100
N I' N H St Hartford
100
Northern New Hampshire_100
Norwich & Worcester pref_100
52 Old Colony
100
50 Rutland pref
100
205 Vermont & Massaclausetts_100
PER SHARE
Range for
Year 1921
&Inge foo Year 1922
Lowest
13014 Jan 4
73 Feb 20
9414 Mar 1
116 June 22
10112 Nov 20
14 Jan 10
20 Jan 9
22 Jan 5
36 Jan 17
30 Jan 9
40 Jan 12
125 Jan 1
18 July 13
66 Aug 14
51 July I
28 July 1
27/2 Jan 30
1214 Jan 3
69 Jan 10
.58 Jan 17
57 Jan 6
15 Jan 20
78 Jan 23
Highest
152 May 22
89128ept 12
105 Sept 13
126 Sept 27
104 Nov 28
3112May 20
37 Apr 8
4412 Apr 26
62 May 20
54 May 25
7712May 1
163 July 17
2652July 31
77 July 14
60 Nov le
47 Aug 17
55 Oct 21
34e May22
95 Jul v 19
1033 Dec 22
4
9814May 23
527
2June 5
9912 Aug 10
Lowest
119 Apr
617 Jan
2
78 Jan
-- ---1314 Dec
1612 Nov
19 Aug
27 Nov
24 Nov
36 Nov
110 June
-----
Highest
133
79
100
Nov
Nov
Dec
254
30
33
47
40
58
133
Feb
Jan
Jan
Feb
Jan
Jan
Jan
_
--
-1;
16 "fie; 13
12
60
51
50
15
69
Dec
Apr
Nov
Oct
Apr
Nov
Feb
231 Jan
,
75 Feb
70
Jan
75
Jae
21
Jan
78 Der
Miscellaneous
615 Amer Pneumatic Service
25
212 Dec 29
414 Jan 27
2 Jan
53 Dec
4
Do pref
398
50 13 Feb 20 2014 Aug 10
812 Jan 153 Nor
2
2,719 Amer Telephone & Teleg_100 11452 Jan 3 12814 Aug 31
9918 Jan 11912 Nov
543 Amoskeag Mfg
No par 104 Jan 10 121 Dec 18
74
Jan 109 Dec
Do pref
30
No par 80 Nov 6 91 Aug 24
78 Feb 8414 Dec
Art Metal Construe Inc__ 10 14 Nov 15 2012May 19
12
Jan 16 Sept
_ 757 Atlas Tack Corp
No par 13 Jan 7 22 May 4
123 Dec 20 Ain
4
____
Beacon Chocolate
10
.05 Dec 12
.75 Feb
.15 Dec
4
Jan
-;:f2
---565 Boston Mex Pet Trus_ _No par .10Sept 14 .50May 21 .15 July .95 Jan
4
Century Steel of Amer Inc- 10
.05 Jan 20
.20 July 17 .0812 Oct
112 Jan
22
22
siii8 2214 - 21.- 218 2112 11 4 21
W - - 1,591 Connor (John T)
1
10 153 Jan 4 397 Dec 26
4
8
912 July 177 Dec
2
*313 4
33
4 4
*3
4
4
4
4
4
175 East Boston Land
10
3 Jan 4
6 Apr 21
3
Oct
413 Feb
9
9
.513 913 *513 913
9
9
812 812
460 Eastern Manufacturing_
5
7 Dec 6 1414 Feb 10
912 Oct 23
Jan
.8312 84
8312 84
8312 8312 8312 8312 831z 8312
245 Eastern SS Lines Inc
25 3812 Jan 4 89 Oct 26
16
Jan 42 Dee
Do pref
50 42 Jan 7 48 Sept 1
42 Nov 45 Dec
17013 1713 171'1 172
ii6- 17012
4
171 172
I7llz 172 -I:ioi Edison Electric Ilium
100 156 Mar 2 185 Sept I 14214 Oct 16512 Dee
103 11
4
107 107 *10
8
11
8
*10
11
250 Elder Corporation
No par' 2 Mar 10 13 May 17
3 Dec 4
8
3 Nov
17
Jan
8
2612 2812
2812 2812 82712 2812 281s 2818
15 Galveston-Houston Eiee.-1001
39 Aug 15
--__ -103 103
4
1034 103
4
41 103 12
4
12
1212 12
1212 2,453 Gardner Motor
No Dar
9 Nov 27 1614 Apr 6;
9 2 Sept2314 Ap
5
19 4 20
3
20
4
21
2012 203 21
21
350 Greenfield Tap & Die
25 17 Dec 23 27 Feb 271
1914 Dee 29 Nov
5312 5432
5378 54
5312 54
5352 55
No par 46 Mar 2
1,790 Hood Rubber
23
543 Dec 30
2
*34
35
35
35
35
37
36
37
36
3612
757 Internet Cement Corp_No par
3713May 13
19 July 287 Dec
a
20
•____ 22
20
•____ 22
Internal Cotton Mills
500
50 6 118 Nov 2
20 AugDoeve
0
32 Dec 4112 Feb
32 Jan 27
*7112 75
7112 7212 72
72
72
75
72
79
Do pref
140
100
74 Dec 86 Mar
85 Dec 1
*152 2
4112 2
*112 214 *2
214
International Products_No par
2 Sept 13 Jan
612 Mar 25
*612 7
*618 8
*618 8
*6
8
Do pref
100
512 Dec 4 17 Apr 1
5 Nov 32
Jan
Island Oil& Transp Corp._ 10
-__
.62 Apr 15
2 Sept
3 Jan 24
47 Mar
s
614 63
684 64 - '
Sire - 2
S3*
614 614
147 Libby. McNeill & Libby_ 10
15 Apr 24 1112June 3
2
512 Dec 13
Jan
*1012 11
•1012 103 *1012 11
1012 103
4
4 1012 103
8
25
78 Loeve's Theatres
8 July 1
814 Dec 18 June
13 Jan 16
8612 863
4
8712 8712 8612 87
8812 863
8 86
8612
523 Massachusetts Gas Cos._ 190 63 Jan 3 9012 Nov it
533 Sept 85
4
Jan
6912 7012
*6912 71
70
70
70
70
7018 7018
Do pref
118
100 62 Jan 3 74 Oct 19
5812 Oct 64 May
+172 177
*170 177 8172 177 *172 177 •172 179
Mergenthaler Linotype
100 130 Jan 3 181 Oct 13 117 Sept 136 Nov
11
11 New Year's •10
11
1012 11
10
103
4 10
1012
365 Mexican Investment Inc
10 II Dec 29 273
1312 Sept 3512 Apr
2June 26
273 27 4
4
2712 2712 2712 277
7
8 277 277
8
8 277 277
8
8
72 Mississippi River Power...,100 13 Jan 6 34 Aug 31
11 Sept 1412 Mar
*81
8212 Holiday.
8012 83
*80
8212 82
82
82
83
Do stamped pref
71
100 7212 Jan 9 8512 Oct 6
60 June 84 Apr
7
714
7
7
7
78
3
712 7 4
3
National Leather
74 74
3
3
527
10
63 Dec 21 115 Jan 21
4
2
214 Dec
914 Jan
8
.50
1
Stock
•.50
8.50
1
8.50
1
New England 011 Corp
.22 Dec 6
4 Aug
5 Jan 28
6 Aug
•117
120 120
120 122
12112 12112 12012 12012
249 New England Telephone_ _100 109 Jan 4 125 Sept 19
9512 Jan 11254 Dee
Exchange
_
Ohio Body & Blower.. No pat
53 Nov 24 14 Mar 16
4
7 July
1134 Dee
19
.1812
•185 1918 19
2
19
4
187 1£11- 1814 -161; - 1.770 Orpheura Circuit Inc
*
1 13 Jan 10 28 Oct 5
1412 Dec 3014 Apt
190 191
Closed.
190 190 2195 19512 195
19512 195 19512
88 Pacific Mills
1543 Oct 4 192 Dee 28 146
4
Jan 171 De
*21514 1613
•I514 1612 +1514 1612 1512 16
10 1212 Apr 18 16 July 17
20 Reece Button Hole
1212 Apr 14
Jan
Simms Magneto
5
.50 Nov 17
718 Apr 5
3 Dec
914 May
10714 1073
4
10714 165
- 10734 109 10814 109 jars 1- .1100 9214 Jan 3 11012Sept 12
699 Swift & Co
69 4
8812 July 1053 Jan
4
4612 4714
46
4612 46
47
47
4712 4712 4712
410 Torrington
25 e39 July 3 8112June 5
47 June 61 Feb
1012
*8
*8
1012 *8
1012 *8
1012
_
Union Twist Drill
8 Mar 29 1414 Feb 3
10 Dec 22 Jan
4
4412 443
447 503
2
2 483 503
5384 - Y,I527 United Shoe Mach Corp
4 48 4
4 4734 493
6
4
25 34 Mar 3 45 Mar 24
33 Sept 3914 Jan
92612 2712
2612 27
2612 2812 27
27
27
Do pref
2712
270
25 25 Jan 3 2712 July 15
2214 Apr 2512 Dee
28 8 293
7
4
2912 30
2912 30
29
297
2 29
293
4 5,616 Ventura Consol 011 Fields_ 5 217 Jan 27 3312Jume 2
1614 July 2412 Dec
2
38
39
3818 383
8 38
383
8 373 3814 3617 3813 9,423 Waldorf System Inc
4
10 2612 Jan 4 3) Dec 30
167 Jan 297 Dec
2
2
*43
4 5
43
4 514
4
514
4
412 2,039 Waltham Watch
514 514
100 333217:14; Nov 29 143 Apr 20
0 Dec17 Jan
}.):anb
4
811
14
1212 14
13
15
15
Do pref
153 153
4
398
4 15
100 11 Nov 29 49 Apr 25
36 Sept75
Jan
•11
11
1112 1112 1114 1114
12
12
113 113
8
4
247 Walworth Manufacturing_ 20
8 Sept17 Feb
7 13 Oct 9
28
2814
2814 283 *28
4
29
2812 28
670 Warren Bros
II
Apr 2213 Apr
50 1712 Jan 3 3554 Sept 25
934
35
34
34
*34
35
3112 3412 34
3412
Do 1st pref
63
17 Aug 3312 Dee
50
3814 Oct 9
936
39
*36
39
*36
39
*36
39
Do 26 Prof
Feb 18 443
50
4July 12
10
Oct35 4 Dec
3
*1012 11
*103 1112 •11
4
111/ •11
1112
Wickwire Spencer Steel__ 5
85 Nov 17 21 May 13
4
8 JUIY 1814 Jan
_
Wollaston Land
5 .80June 16 184 Jan 4 .35 Oe
134 Dec
Mining
8.50 .60
.60 .60
.62 .62 8.30 .75 8.50 .75
.4 Mar
.50 Jan 31
200 Adventure Consolidated,,, 25
1 Apr 15
.75 Mar
57
57
.58
59
59
59
59
59
58
25 56 Nov 11 66 May 29
58
198 Ahmeek
40 Aug63 Dee
•.20 .40
•
.20 .40 +.20 .40 8.20 .40 +.20 .40
Algomah MInIng
25
.03 Sept 25
.15 July
.50 Apr 17
.50 Apr
•22
24
*22
24
2312 2312, *22
2312 8221p 2312
25 19 Dec 15 3212 Jan 2(i
16 Apr 2412 Nov
10 Allows
3 s 38
7
7
37 4.1.1 1
8
8
33
4 37
6
418 418
4
25
112 Sept3 4 Jan
452May 23
4
2 Mac10
1,035 Arcadian Consolidated
8
712 712
712 77
2
5
*712 8
6 Nov 2 1012June 5
712 8
872 Jan
73
2 712 2,915 Arizona Commercial
10 Apr
•173 1814
4
*177 1814 1814 183 *18
2
4
10 13 Jan 5 1812Sept 11
183
3 187 187
8 Mar 14
345 Bingham Mines
8
2
Oct
289 289
290 293
295 295
25 248 Nov 14 301 Aug 25 210 Apr 280 Dee
295 29712 *290 295
190 Calumet & Hecla
6 4 63
3
4
1
5 8 Nov 20 163 Mar 29
7
11 Dec 1612 Jan
712 714
4
620 Carson 11111 Gold
712 713
714 713
712 718
8s 88
3
3
*8
9
*8
9
25
*8
8 Nov 1 1312 Feb 1
9
7 Jan 10
*8
9
10 Centennial
Jan
3612 3612
3612 373
25 3518 Deo 13 463
4 3712 3734 3612 373
4May 31
798 Copper Range Co
27 Jan 40 4 Dee
4 3612 37
3
27
8 3
27
8 3
-Daly Copper
10
212Nov 23
23
914 Jan 26
23
4 27
4 3
514 Mar
2
25
2 23
4 1,480 Davis
713 Jan
*8 4 9
3
8 4 88
3
9
7
9
83
4 9
9
9
712 Nov 28 1214 Jan 26
535 East Butte Copper Mining_ 10
7 Aug
1184 Deo
*112 172
17
2
372 Apr 15
25
17
2
1 A pr 11
13
2 15
2 *13
2 13
314 Jan
470 Franklin
4
13 Apr
2
17
2
17
2
*212 3
*212 3
25 112 Aug 18
*212 3
Hancock Consolidated
8212 3
*212 27
312 Mar 16
8
112 Sept3 Jan
12
•
.90
1
•.90
25
1
.50 Dec 19
Helvetia
990
1
214 Apr 17
1
+.80
1
*.80
1 June
27 Nov
2
10412 10714
1 8112 Jan 10 11652June 21
10512 1073 10514 10612 10112 10514 10112 1033
4
48 Jan 8812 Dec
4 1,837 Island Creek Coal
96
96
*x94
1 88 Feb 14 9712 Nov ill
97 99412 9612 *z94
Do pref
97
78
95
96
75 Jan 9012 Dec
.21
2212
25 18 Nov 1 263
*21
2212 2212 2212 2219 2212 2212 2212
4May 31
320 Isle Royale copper
1614 Jan
Dec
535
8 35 *2314 33 9314 33
5 3 Feb 6 472 Apr 17 232 Mar 2412 Sept
8
*
314 3 4
8
150 Kerr Lake
4
4
Pa 3
52
4
Ily
lly
25
1 Feb 24
•114 13
118
118
4 *112 13
13
35 Keweenaw Copper
/1
57
2May 5
.98 Sept
4 *118
2 Dee
312 312
*23
4 314
25
214 Feb 18
•27
110 Lake Capper Co
53
2 314 *3
4May 31
2 Jan
312
812 Dee
114 114
•13
25
2 13
1 Nov 2
4
13
2 13
2 *13
8 13
45 La Salle Copper
214 Apr 17
4 *Ps
13
4
114 Jan
214 Feb
132
112
13 Jan 4
2
*112 2
5
*112 2
8 2
8138
240 Mason Valley Mine
112 *13
23
4May 19
114 Jan
2 Sept
Consolidated
25
112 Dec 26
*134 2
13
4 13
*13
4 2
4
150 Mass
13
4 2
43 Apr 13
4
•13
4 2
.55 Apr
368 Jan
312 312
25
4
4
4
4
21a Dec 13
4
4
215 Mayflower-Old Colony
6 May 22
4
312 33
514 Jan
252 Aug
*212 212
23
25
4 23
*212 3
.75 July 10
4
3
3
3
3
425 Michigan
7 Apr 13
313 May
114 Aug
.58
58
25 52 Nov 15 68 June 5
*5812 60
59
581r 5912 59
95 Mohawk
60 60
4313 Jan 59 Dee
1712 1712
5 1514 Dec 4 2012June 2
*17
1712 1712 18
18
18
•1714 18
230 New Cornelia Copper
1214 Sept 1814 Dee
•
.05 .25
5
.05 Dee 27
.08 *.08
•
.05 .25 *.05 .25
New Idris Quicksilver_ _
212 Mar 23
2 Dec
.40 Nov
_ 37
*36
100 37 Jan 6 40 Feb 9
37
37
37
*36
New River Company
*36
37
*36
40 Feb 57 May
*79 _ _
81
100 73 Jan 7 85 Oct 16
81
81
40 Do pret
*85
85
81
74 Dec 95 Mar
52 5
5
52
.5 July 8
512 .6
5
512 512
9512 6
*2512 6
85 Nipisslng Mines
7 Jan 4
4 July
812 Jan
918 938
15
9 2 93
3
812 Oct 31
430 North Butte
2
914 91
, 914 917 *914 912
15 May 29
8 Mar 1414 Dec
8138
112
114 Dee 27
17
2 2
25
13
4 13
4 *13
39 Glib way Mining
2
13
4 gas 2
412 Apr 15
212 Dec
1 Aug
*18
19
19
1812 1912
19
*18
Dominion Co
25 16 Nov 27 27 Jan 25
*19
19
20
30 Old
4
2
153 Jan 253 Nor
*32
33
3112 32
*32
25 25 Nov 28 3812 Aug 23
*3212 33
33
3212 3213
27 Osceola
21 Aug 354 Dee
35 35
34
*34
25 30 Nov 15 50 May 31
34
3512 34
36
62 Quincy
3514 *34
3312 Aug 46 Deo
*3912 40
43
4312 *41
*37
41
42
43
41
25 37 Nov 28 4812May 31
41 St Mary's Mineral Land
28 Jan 45 Dee
.55 .55 •
*.55 .80
10
.50 .75 *.55 .75
.25 Mar 10
183 Shannoc
13
.75 Jan 1% Dec
4May 18
•.40 .75
.45 .45
•
.35 .50
25
.50 .50 8.45 .75
.25 Dec 19
200 South Lake
114May 18
2 Jan
.35 Nov
•17
2 2
178
2
17
2
•178 2
172
2
17
8
25
115 Superior
112 Dec 2i
412 Feb
43
4July 13
2 Sept
214 214
2
314
214 252
27
8 312
27c
312 9,413 Superior & Boston Coptior, 19
.90 Mar 31
214 Feb
1 June
2S4 Oct 19
118
114
*1
114 .1
112
UR
13
2
112 114
11 Deo 29
460 Trinity Copper Corp
4
44 Nov
312 Apr 3
14 July
5
.52 .52
.52 .52 *.47 .55 *47 .55 *.50 .60
300 Toulumne Copper
.40Nov 10
.85 Doe
.34 Aug
.92May 22
23
4 $
5
•13
4 2
3
3
*23
4 3
950 Utah-Apex Mining
23
4 3
11 Oct 20
4
1n4 Aug
4 Mar 22
3 Oct
12
152 17
2
2
5
92 2
5
2
•112 2
*15
2 2
160 Utah Consolidated
1 Feb 21
14 Nov
5 Jan
312June 5
•
.90 .99
.95 .99
.95 .95
.99
.90 .91
1
1
.80 Dec 12
890 Utah Metal & Tunnel
.95 Jan 24 Jan
212 Apr 13
*1
114
912 113 *112 112 *118
Us
112
112
21
!Victoria
.75 Nov 27
.40 May
214 Feb
212 Jan 30
114
112
*118
114
112
112 *112
114 *1
25
114
400 Winona
.25 Jan 16
.35 Jan
.80 Mar
284 Apr 15
8
8
*732 8
7
52 752 *712 8
*752 8
25
135 Wolverine
714 Nov 29 16 May 31
812 July 14 Feb
•Bid and anted prices; no sales on this day. s Ex-rights. b Ex-dividend and rights s Ex-dividend E Ex-stock dividend
a Aasesameut paid.
*23
4 3
*17
18
123 12312
111 11112
•84
85
95
18
16
16
*2 8 3
7
3
3
*3
312
314 34
1712 1812 1712 1812 18
IS
1814 19
12318 124
12312 124
12334 124
1233 12414
4
110 111
10912 110
10912 110
110 112
•84
85
85
85
85
86
88
88
95
18
*15
18
*15
18
*15
17
18
1914 19
19
1812 -20 -
JAN.6 1923.]
THE CHRONICLE
67
Baltimore Stock Exchange.
-Record of transactions at
Baltimore Stock Exchange Dec. 30 to Jan. 5, both inBoston Bond Record.
-Transactions in bonds at Boston clusive, compiled from official sales lists:
'Stock Exchange Dec. 30 to Jan. 5 1923, both inclusive:
rrtarry
Outside Stock Exchanges
Bonds-
Friday
Saks
Last Week's Range for
Sale.
of Prices.
Week.
Price. Low. High.
Atl G & W I SS Lines 5s'57 54
Chic Jet Ry &US Yds4s'40
1940 94
55
Co A zucarera Bare 7341;'37
East Mass St RR ser B55'48 77
1948
Series A 4%8
19311 101
Hood Rubber 75
International Cement 88'26
1929
Mass Gas 445
Miss River Power 5s__1951
New England Tel 5s_ _1932
1934
New River 58
Stetson Cutler 78
1942
Swift & Co 55
1044
Warren Bros 7348__ _ _1937 107%
Western Tel Is
1932 97
Range for Year 1922.
Low.
53
54% 841,500 47
81
81
1,000 74%
94
94
8,000 8934
100% 100% 5,000 100
74
77% 12,750 69
69
714 7,000 66
100% 101% 25,000 95%
101
19r In% -,Cli) 86
i
11
94% 95
28,600 88
97% 97% 6,000 93
86% 86% 1,00
84'
91
91
2.000 92
97
98
20.000 91
107% 10734 5,00097%
96% 97
19,000 90
Mar
Feb
Jan
July
Aug
Nov
Jan
June
Jan
Jan
Jan
May
Nov
Jan
Feb
Jan
High.
65
84
97
101%
76%
70
101%
114
961
4
96
99%
96%
97%
100%
118
9734
May
Rept
Aug
Aug
Aug
Aug
Sept
May
Sept
Sept
Aug
Dec
June
Oct
Sept
net
Chicago Stock Exchange.
-Record of transactions at
Chicago Stock Exchange Dec. 30 to Jan. 5, both inclusive,
compiled from official sales lists:
Stocks-
N.f1,11:1,
sates
Last Week's Range for
Sale.
Week
of Prices,
Par. Price, Low. High. Shares.
88%
105
48
78
44
99
08
0794
81.000 8734 Jan 91
45,000 102% Jan 105
3.000 46% Dec 5331
5.000 67
Jan 84%
2,000 33
Jan 523.4
116,00
93% Jan 100
11,000 9334 Jan 99
8.000 80% Feb ion
As;
Jul
Al
At
Me
0
Ju
At
Pittsburgh Stock Exchange.
-Record of transactions at
Pittsburgh Stock Exchange Dec. 30 to Jan. 5, both inclusive,
compiled from official sales lists:
Stock.-
Friday
Sales
Last Week's Range for
of Prices.
Sale.
Week.
Par. Pries. Low. High Shares.
Range for Year 1922.
Low,
High.
26
125
94
57
26
8234
55
18
60
35%
10834
20
148
13
9954
10334
9234
9934
100
96
100%
5494
77
101%
771A
100 100
8734 88
9234 0234
9934 99%
103% 1033.4
10734 10734
9031 9031
8894 89
9234
92
9954 9934
100 101
9554 96
8534 86
100% 10034
9434 95
7434 7434
5454 55
77
7734
98
98
101% 10234
77
775,l
81,000 93
6,000 8134
5,000 8534
19,020 9834
22,066 100
3,400 10134
2,000 8-534
17,000 88
2,000 87
2,000 9634
2,000 8934
5,000 86
4,000 75
7,000 95
8,000 8934
9,000 8634
12,000 46
4,500 66
500 97
32,000 9834
A Mil 7A
Jan 101
Mar 9234
Jan 9434
Dec 9934
July 107
June 10934
Jan 9334
Feb 9234
Jan 93
Feb 99311
Sept101
Jan 98
Feb 87
Jan 10034
Jan 9594
Jan 77
Jan 5934
Mar 81
Dec 10034
Apr 10334
Ton RA
Oc
Sep
Oc
De
Sep
Sep
Au
Sep
Oe
De
Oc
Set
De
De
Set
RV
Set
Sep
Ma
Set
MA
Philadelphia Stock Exchange.
-Record of transactions
at Philadelphia Stock Exchange Dec. 30 to Jan. 5, both
inclusive, compiled from official sales lists:
Stocks-
e•rway
oaks
Last Week's Range for
Sale.
of Prices.
Week,
Par Prtce, Low. High. Shares.
Amer Gas of NJ
100
Amer Railways
50
Preferred
100
Amer Stores
•
Baldwin Locomotive_ 100
Cambria Iron
50
Consol Trac of N 1_ _100
East Shore G at E8% pf.25
Electric Storage Batt'y_100
Erie Light Co
*
General Asphalt
100
Insurance of N A
10
.1 G Brill Co
100
Keystone Telephone, p1.50
Common
50
Lake Superior Corp_ _ _ _100
Lehigh Navigation
50
Lehigh Valley
50
Lehigh Val Transit, pfd_50
Midvale Steel & Ord_ _50
MInehill S & H
50
Otto Eisenlohr
100
Preferred
100
Penn Cent Light & Power •
Penn Salt Mfg
50
Pennsylvania RR
50
Phila Co
50
0% Preferred
50
Phila Electric of Pa
25
Preferred
25
Phi's. Insulated Wire
*
Phila Rapid Transit_ _ _ _ 50
Phila Traction
50
Phila & Western
50
Reading
ao
Tono-Belmont Develop_ _1
Tonopah Mining
1
Union Traction 1734 pd_50
United Cos of NJ
100
United Gas Impt
50
Preferred
50
Warwick Iron & Steel_ _ _10
West Jersey at Sea Shore.50
Wm Cramp & Sons..
..100
York Railways, pref....50
Bonds
Amer Gas de Flee 58._2007
Bell Tcl of Pa 78
1945
ConsolTrao of N. let 58'32
Elec & Peoples tr Ws 45'45
Lake Superior Corp 55.1924
Lehigh C & N cons 4348'54
General 434s
1924
Penn RR conso14348_ _1980
Peoples Pass tr etfat 45_1943
Phi's Co consol stpd 55251
Phila Electric 1st 5s_ _1966
5345
1947
68
1941
Reading gen 4s
1997
Spanish Amer Iron 88_1927
United Ry Invest 53_ _1926
Walehanh r .. 5.
,
In,"
• No par value.
1534
70
166
4034
2434
5234
27
734
634
74
8434
1C0
56
82
4334
3234
3134
3034
2
199
51
5534
834
35
51
3554
79
8034
1634
13
6434 70
183 188
137% 13734
4034 4034
48
48
2534 2534
565 5734
4
24
2434
47% 4934
46
46
49
54
2634 27
7% 734
534 634
74
75
6934 70
35
35
28
2934
52
52
84
85
100 100
55
57
82
82
4634 4734
41
41
42
4334
3114 3234
3134 32
50
5034
30
3134
64
65
8
8
7834 7831
134 17-16
2
2%
40
4034
198 199
50
5134
5534 56
834 8%
34
35
51
52
35% 38
87
86
10731 10734
8134
67
29
27
94
99
99
98
72
92
101
9934
10234 102
10534 104%
8534
10634
88
88
00
8734
10734
8154
6834
29
94
99
98
72
92
101
10234
10534
8534
10034
88
00 IL
182
2,782
564
3,247
10
63
15
60
444
70
405
100
687
3
50
3,63
1,04
2
500
250
62
227
130
697
120
3,029
20
299
2,367
1,576
169
3.383
95
400
40
330
130
580
156
2,400
135
165
110
38
52
4,600
10,00C
2,000
14.000
8,000
2,000
1,000
1,000
3,000
1,000
83.100
20,100
17,200
4,000
1,000
8,000
Ann
Range for Year 1922.
Low.
XX XXX
May
Apr
Oct
Sept
Dec
Jan
Dec
Sept
Aug
Jan
Dec
Apr
Sept
Apr
June
Dee
May
Apr
Dec
Dec
Aug
Bonds
Congo!Gas 5s
1939
44s general
1954
Consol G E L de P 4%81935
5%s ser E
1952
68 ser A
1949
7s ger C
1931
Consol Coal ref 4348_1934
Rebinding 58
1940
Fairm & Clarke Tr 58_1938
Fla Cent & Pen cons (is '23
Houston 011 div ctf Es'23-24
Md Else Ry 1st 5s_ _ _ _1931
Monon Val'Frac 58...1942
78
1923
United E L & P 4348..1929
United Ry & El 4a.__i949
_1949
Income 4s
1949
Funding 55
1936
6% notes
1927
els when issued
1949
WAnh FlAlt A. A nnnn Faa 1041
120
98
High.
Low.
Jan 44 JUDO
27
Dec 30 June
18
45
Dec 9734 Aug
Nov
Feb 43
37
Aug
Jan 26
24
60
Max
Mar 60
30e Nov 740 May
2 Sept
Max
4
105 June 11034 Dec
Mar 70% Oct
49
Jan 28
25
Ager
Am
2534 Jan 28
91
Jan 120
Ani
102
July 10834 SaPil
105
Jan 12234 SeD1
80
Jan 9834 NON
354 Sept
534 Sept
18
Ant
Nov 25
4034 Sept 4634 Oel
Dec
10954 Nov 120
35 Sept 3834 Dec
Nov 25 Sept
19
Feb 92
78
Jull
Jan 6734 Dec
41
Jan 2734 Dec
24
Jan 2634 JUIN
24
Not
Dec 110
77
Dec
Dec 54
50
Del
21634 Sept240
17
Aug 20 Mal
Jan 1734 Apt
10
Not
Jan 60
44
Sept 3634 De
31
9234 Jan 118
Sep'
Oc
9
Jan 23
NO'
14034 Dee 153
13
AP
Nov 19
29
Jan 3434 Ap
XXX
90
1234
7
17
109%
31%
5834
17
2134
23
61%
26%
4
31c
1131
200
14%
14%
125
115
36
2%
109%
5834
2834
2734
342
10
100
70
10
4
50
215
32
68
128
255
134
11
36
249
29
102
71
154
100
10
210
293
56
50
204
30
5
117
34
413
410
58
2,075
60
70
50
X
Jan
Dec
Jan
Feb
Dec
Jan
Jan
Jan
Jan
Seta
Jan
Jan
Jan
May
Feb
Jan
Jan
Dec
Dee
Jan
Jan
26
41
41
19
19
48
49
42
42
26
26
6931 69%
320 32e
2% 234
109 110
5834 59
2634
26
2734
27
10934 10134
108% 107
118 120
9734 98
5
5
25
2834
42
47%
120 125
38% 38%
30
30
9234 9.5
55
57
26% 26%
26
26
8234 83
05
55
233 233
1834 1834
16
18
54
60
3534 36
108 10834
20
2034
147 152
13
13
29
29.34
WOAONONOwWW00A0A
84
50 84%
84%
Am Wind Glass Mach_ _100 84
9% 94 6,650
Arkansas Nat Gas, com_10
734
934
-50
100
1%
334 3%
Indep Brewing, corn
60
20
Preferred
634
9% 9
Jones & Laughlin Steel, pt. 107% 107% 108%
550 107%
24% 25
25 25
190 20
Lone Star Gas
56
253 45
56%
Mfrs Light & Heat..._100 56
734 8
8
185
6%
Nat Fireproofing, emu._50
50 19% 18% 20
1,145 15
Preferred
840 13%
1 17% 16% 17%
Ohio Fuel Oil
59% 5934
25 59
465 4434
Ohio Fuel Supply
20
485 19
20%
Oklahoma Natural Gas._26 20
234 2%
150
134
Pittsburgh Brew, com_50
22e 24e 145,000 19e
Pittab dr Mt Shasta Cop-1 24c
9% 934
6
100
Pittsburgh Oil & Gas_..100
195 201
125 130
Pittsburgh Plate Glass_10 195
11% 1134
15G
8%
Salt Creek Consol 011
11
11
•
260 10
Tidal Osage 011
23% 24
2,762 12434
Union Nat Gas, new._100 24
109% 110
143 8034
West'house Air Brake_50 110
31
35 18
West PennTe*WP.rom MO 3094 30
• No par value. t News .07k.
41
.
I
High.
1118"1481tA4AIMAII8A148gSarkigain8114*1 gPgi6IgilEaaA46
mm m
;
mm xxxxmx mmtp mm mxxx m mmmTm mm
mmmm m
m m m m
It=g23RWARM=Rg222,1822$4*MR2202%"712 1°
5 Wt; 21.1NASErg001258S
.
--SlInalt%ttWIttIUMM155221M
111411923f.425 ralgE552fPOOtPla
88%
105
48
78
44
97%
97
07%
Arundel Sand & Gravel_100
Baltimore Tube
100
Preferred
100
Baltimore Else, pref.
50
Benesch (I), preferred_ _ _25
Boston Sand & Gray,pf 100
Celestine Oil
1
Cent Teresa Sug pfd_ ___10
Ches dr Pot Tel of Balt_100
Commercial Credit
25
Preferred
25
Preferred "B"
25
Consol Gas E L & Pow_100
7% preferred
100
8% preferred
100
Consolidation Coal_ _ _ _100
Cosden & Co, preferred__5
Eastern Rolling Mill
•
Equitable Trust
25
Fidelity dr Deposit
50
Finance Co of Amerie,a_.25
Finance 6c Guaranty Co_25
Houston Oil pfd tr ctts_100
Manufacturers Finance 100
2d preferred
100
1st preferred
100
Maryland Gas Co
25
Maryland Motor Ina_ _ _.5
Mercantile Trust
ao
Monon Vail Tr, pref.._ _25
Mt V-W'db'y Mills v r GOO
Preferred v t r
100
New Amster Gas Co_ _ _100
Penns Water de Pow.._100
United Ry & Elec
50
US Fidelity & Guar.__ _50
Wash Bolt & Annul_ _ _ _50
Preferred
ao
Range for Year 1922.
XX X
XX
X 0.0.0.0N4. M X X= X
10
0m04.- XXXX X eipM,oNVOO.p0MMMNNM M .v.404..mmmnt.p.-.
N . Nm.MVNMNMMMN XXt.owcom.00pomeicmr.orm A MAmm NvM
Nov
93
265 83
July 96
94
85 60 June 90
73
72
Aug
93
97% 10,278 91
Jan 110
Serf
9% Dee 124 Feb
175
9% 9%
87
311 83 May 102% May
87
4% Nov 10
245
5% 5%
Aug
5 34 May 50
31
Aug
31
50
2% Dee
9 June
3
3
87
87
50 84% Sent 92
Nov
250
% Jan
2% Feb
'X
1
50
2% Feb
3% Dec
5% 5%
446
1% Jan 12 May
2.
3% 4
....JE 10
10
Or
10
22 May
130% 131
Oct
z..t. 114% Feb 140
0
iriti 65
06 59% Feb 75% June
3,285
10% 11
5
Feb 11% Oct
Oct
,,A 85 May 112
17
112% 113
83
64%
Pet
Jan 68
4
,Z.2 55
Feb 79% .Titre
6. 60
,.0
1
7234 73
117 12034
NON
Jan 122
414 105
34
14
9
00
6
% Nov
Jar
23% 25% 1,275 25% Dee 30
Dee
Nov 104
.2 102
18,.
.
103% 106
De
,
Feb 18 Mal
16% 17%
°D‘ 10
285 25
July 30
25
2634
De*
Fel
' 81% Jan 106
,
00
,
82
82
Mal
„42 77% Jan 103
,..1
84
84
_Ix° 72
Jan 90
98
98
Del
3834 40%
545 36% Nov 3934 Dee
8,260 10% Jan 26
24% 26
Dec
80 56
Feb 84% Dec
SO
80
70 40
Nov 58% Mal
48
47
152 92
Dee 101
92% 94
Sep,
64 534
750
5% Dee 10% °el
Jan 53% ma,
45% 47
257 27
,
83% 86%
53
6 53
.Tan 88% Oc
265 82
Nol
Jan 106
102% 104
100
34 Der
734 Jun
1
1
5% 734
945
644 Dee 11% JO
254 37% Dee 45
354 38
Oc
34
(‘
2,09
9
Jan 35
De
5534 57% 4,706 23% Mar 59% De
8094 Jan 108
103% 103%
19
,
00
a
88% Jan 98% No
96% 98
,
98
DS
335 93% Mar tooli or
14% 1,100 12% Sent 2834 Jul
14
25 5934 Feb 94% Au
87
89
175 13
Jan 21% Oe
1834 19
48% 49
Jan 50
163 42
Oc
4
7434 841 60,135 24
Jan 79
De
1074 109% 1,418 91% Jan 110 Son
19% 21% 8,155 17
Apr 25
Sell
4934 51% 2,145 40
Jan 55% Au
64% 67% 32,581 43
Jan 67% De
25
8
Jon
7
7
Fe
71
325 29
72
Jan 73% Oc
165 75% Dee 80
75
7635
Oc
02% 62%
50 5334 Aug 68% De
27
28
164 19
Dec 40
At
53% 58% 4,670 52% Nov 7134 At
55 76
Jan 115
No
10
8 109
21% 22% 4,975 12% Jan 25% Ma
25
9
10%
5
Jan 12
0(
2,303 97 may 115% No
102 104
1,105 132 May 246
220 230
Fe
753 50
72% 73
Jan 80% Au
Last Week's Range for
Week.
Sale.
of Prices.
Par. Price. Low. High. Shares
V
Amer Pub Serv, pref
9334
Amer Shipbuilding. __100
Armour dr Co., pref__ -100 95
Armour Leather
15
9%
Preferred
100 87
Booth Fisheries, new
•
Preferred
100
Case (J I)
•
Central Pub Serv. pref.100 87
Chic City & C RY pt sh cm*
1
•
Preferred
4
Chicago Elev Ry, pref _100
Chicago Rys pt ctf ser 1- - - -- rz
Commonwealth Edison 100 131
Consumers Co, pref._ _100
Continental Motors_ _ _ _10 10%
Crane Co, preferred
112
„%
Cudahy Pack Co. com_100 6
6
Deere & Co, pref
100
100 120%
Diamond Match
Earl Motors Co
•
%
Eddy Paper Corp (The).-• 25
Fair (The), cum pfd..,100 10
5
u
Godchax Sugar,cora_
• 17
Goasard, il W,pref.__ _100 2
5
Great Lakes D & D_ __ _100
Hartman Corporation._100
Hart,Schaff& M,com_100
• 40
Hayes Wheel Co
10 2
Hupp Motor
5%
100
Illinois Brick
Inland Steel
100
Kuppenhelmer(B)&CO. Pi- 94
6%
Libby, McNeill & Libby. 10
Mid West Utilities, cm_100 48%
100 8634
Preferred
104
Prior lien preferred
•
Mitchell Motor Co
734
National Leather, new.,
Philipsborn's, Inc, com_5
• 3454
Pick (Albert) & Co
Pigg Wiggly St Inc "A".' 56
Pub Serv of No III, com 100 103%
Preferred
100 98
Quaker Oats Co, pref
95
10 14%
Reo Motor
Sears Roebuck com_ _ _ _100 89
Standard Gas & Elec_ 50 19
50 49
Preferred
Stewart War Speed corn 100 82%
100 108%
Swift & Company
Swift International
15 21
Thompson, J R, corn__.25 50
Union Carbide de Carbon 10 65
United Iron Works v t c_50
United Lt & Rys com._100 71%
100 76%
First preferred
20 62%
U fil Gypsum
• 28
Vesta Battery Corp
* 57
Wahl Co
Ward, Montg & Co flt--100 108%
20 22%
When issued
• 10%
Western Knitting Mills..
26 103
Wrigley Jr common
Yellow Cab Mfg Class B.10 230
Yellow Taxi Co
73
Bonds
Armour &Co 4%s____1039 88%
1930
Cons 7/3
Chic City& Con Rys M 1927
Chicago Railways 5s._1927
4s,Series “Ii"
1927
Commonw Edison 55_1943 9734
Commonwealth Flee 58.'43 97
Swift & Co 1st Fl I a 5s.1044
• No per value
Range for Year 1922.
Low.
High.
Stocks-
THE CHRONICLE
-Below is a record of the transNew York Curb Market.
actions in the New York Curb Market from Dec. 30 to
Jan. 5, both inclusive, as compiled from the official lists.
As.noted in our issue of July 2, 1921, the New York Curb
Market Association on June 27 1.921 transferred its activities
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.
'rum!'
bases
Last Veek's Range for
Sale.
Week.
of Prices.
Par. Price. Low. High. Shares.
Week ending Jon. 5.
Range for Year 1922.
[VOL. 116.
Friday
Last Week's Range Sales
Sale.
of Prices.
for
Price. Low. High. Week.
Former Standard OH
Subsidiaries
Anglo-American
_a
Buckeye Pipe Line
50
Continental 011
100
Crescent Pipe Line
50
Eureka Pipe Line
100
Galena Signal 011 corn. 100
Illinois Pipe Line
100
11 Indiana Pipe Line
50
National Translt____12.50
New York Transit-----100
rsorth a Pipe Li
___.10J
Ohio 011 (old stock)
2'
New
25
Penn-Mex Fuel 011
25
Prairie 011 & Gas
100
Prairie Pipe Line
100
South Penn 011
100
Southern Pipe Line----100
So West Pa vine Line_ _100
Standard 011 (Cal) new...25
Standard 011(Indlana)..25
Standard 011(Kan)now.25
Blair & Co receipts__ _25
4tanrl 011(1(y) new
._25
Standard 011 (Neb)____100
nfandard 011 of NY new 25
Standard Oil(Ohio)corn 100
Vacuum 011. new stock__25
194
92
15855
45
105
594
165
97
27;4
133
106%
Low.
High.
7534
Industrial & 5118cell.
685
1 650
800 670 31,500 500 Aug
Acme Coal Mining
14 Apr
330
2So 34c
10 340
Aeme Packing
17,000 200 Mar
14 Mar
100 15
2244 224
Aluminum Mfrs., cora___•
Oct 25 June
100
1535
1,200
Amalgam Leather. oom_.• 1534 15
Nov
734 Apr 18
67
American Hawaiian SS_ 10 16
1534 16
500 15
Dec 34 .1,,ne
13554 13
45 113% Feb 165 June
Amer Lt &'Frac, com__100
6
64
6235
64
10 5255 Mar 66
Amer Type Founders_ _100
Sept
24 2%
4454
500
Am Writing Paper,com-100
234 Dec
1534 may
09
59
444
1,600
Armour & Co of Del, pf 100 90
1934 193-4
200 1955 Dec
13235
Arnold, Constable & Co. •
224 Nov
100 11455 11334 1154
120 94
Feb 1174 Sept
Borden Co com
4454
19% 20
1,100 1284 Feb 2035 Dec
Brit-Amer Tob ord bear_ £1 1944
305
1935 194
51
100 1255 June 2034 Nov
Ordinary
734 8
4554
10
8
Brooklyn City RR
1,100
444 Jan
1044 Oct
•
134
13-3
134 16.600 45o
21,4 on,
Jan
Buddy-Buds,Ino
Other Oil Stocks.
10755 108
Campbell Soup pref w 1.100 108
1,000 10834 Nov 1094 Dec
Ark Natural Gas. com__10
10
Celluiold.prefermd
854
110 110%
60 95
Btly
July 111
(Bantle Lobos Oil, coin•
74
log 1034
200
Of July 16
Cent States ElCorp oom100
Mar Parnott flit ar Gas
1
Cent a ereva sog,(nm_ _10
lc
134 1%
134
600
1
Dec
5% Feu
Boston-Wyoming 011-1
1143
2434 2534
800 24% Dec 27
Century Ribbon Mills come
Deo
2%
754
234 34 2,900
Chic Nipple Mfg, Cl A..10
144 Apr
634 Jul) Cardinal Petroleum
arib Syndicate
' 255 24
10
Class• B
100
C len Co. old coin
5
Clue. Service, com____100 178
173 1804 1.055 158
454
Jan 242 May
Creole Syndicate__ ......
6
24
Preferred
100 674 88% 6734 ,
700 51
Jan 72 Jam
trotreim Corp.5
Preferred B
10
634
200
654 6%
44 Jan
64 Oct CuxhInc
17% 18%
Cities Serv. Bankers'oh_ _• 18
1,900 184 Dec 2455 Oct Darby Petroleum
33
Cleve Automobile. Com...* 3134 31
1,600 20
Jan 35 June Duquesne 011
Engineers Petrol Co._ __ _1
Preferred
89
90
100 89
65 50
Jan 84
3 e
Federal 011
420
400 45c
750
Colombian Emerald Synd_
6,000 330 Dec
1% Mar
Fenaland
• 164
1%
154
Colombian Syndicate
600
1
Dec
334 July Gilliland 011
•
3%
Colorado Power corn_ __100
86
96
50 134 Mar 27
Oct Glenrock Oil, corn__
011
10
Columbus RyP&I. corn 100 48% 4835 483-5
4
6
11 .
800 51
De
, 52
Nov
Granada 011 Corp el A..10
Com'w'lth FRy&L corn 100
7%
7% 74
100 2034 Mar 32
134
July Gulf Oil Corp of Pa w 1._
__
Sr 74
65
65
Preferred
100 65
15 624 Aug 65
Pe
, Hudson 011
1
Continental Can,new w I__ --- -- 42X 433.4 13,900 41
14e
Dec 43% Dec
755
755 8
Cox S Cash Stores
2,700
74 Dec 114 Dec Imperial 011 (Canada)coup 113
International Petroleum' 224
634 0:4
Cuban-Dominican Bug _ •
600
534 Nov
12% May
5
5
5
Curtiss Acropl & ki corn_ _,
100
7
Apr Keystone Ranger Devel 1 25c
234 Jan
•
37
37
Davies(Wm E) Co Inc.... 37
100 25
Sc." 3655 Dec Kirby Petroleum
3(
Del Lack & west Cnal__50 8235 8255 84
500 MI
Dec 110
nne Lance Creek Royaltles___1
Latin Amer 011 Develop _1 138c
•
6
6
200
Dort Motor Car com
6
Dec 20% May
Dublier Condenser & Rad •
534
4% 6
-.• 750
10 600
.
9% May Livingston Petroleum_.
254 Dec
7534 27,100 22% Jan 754 Dec Lowry 011 Corp
134
• 7535 70
Durant Motors, Inc
........ 5
tons
.
• 85e
Durant Motors of Tod_ ...le 214 19% 2235 8,650
83
4 Jan 23
Dec
Eleo Bond & Share, pf_100 97% 974 98%
125 9655 Oct 96% July Magnolia Petroleum_ --Inn 159
654
Federal 'i el A- 1 ti------5
4956
654 635 5,000
555 Mar
7.6 Aug Mammoth 011, Chum
Maracaibo 011 Emile?.
6
6%
12%
111m Inspection Mach Co.'
3
500
6
Dec
655 Dec
Marland 011
Flelschmann Co, corn____• 33
3034 3354 70.400
255
Merritt 011 Corp
400 400
Ford Motor of Canada 100
93-4
1
00 88954 Dec 402
Nov
10
Gardner Motor Co'
1244 2,800
9
Nov
5
10% Dec Mexican Eagle on
• 700
700 70c
Garland S S
1,200 56c May 990 June Mexico 011 Corp
10 90c
Midwest Texa• oit
Gillette Safety Razor....' 26i
259 285
680 169
Jan 288 • Oct
1
• 56% 56
Mountain & noir oil
5
Mew Alden Coal
634 1,100 42
Jan 6314 &WI
1
934 12
Goodyear Tire & R cow 100 11
4,300
10 17%
734 Aug 1544 May Mountain Prodtmers
Preferred
2854 3055 1,100 24
_... -13
100
Jan 40 June Mutual
46
Cl West Bug new com w 125 8044 80% 81
300 71
Oct 814 Nov New England Fuel
1,,,, 108
,
Prercr• .4
108 108
16
100 3-105
Si• • 10 - •
•,- ',Ten York oil
102 102
26c
Hanna(MO)Co, 1st pf 100
400 102
Dec 10234 Dec Noble 011 & Gas
1
40
3744 40
Pres- •-• 1
, ,
73c
Hayes Wheel
8,200 2734 Aug 41
Oct
•
24
Heyden Chemical
2
2% 1,500 ime Feb
35
4 Oct Ohio Ranger
1
Hocking Valley Prod____10
2
2
134
200
2
Dec
3% May Omar 011 k Gas
10
1454 164
Hudson Cos. pref
1P0 164
4455
1,600
hily -Penne], Oil
10
744 Feb 21
1134 113.1
Hutt & Manhat,cow _160
15c
2,700
834 Feb 1544 May Red RanX 011... .......
Preferred
43
100 46
46
455
1,200 25
Jan 45
Mar Ryan Conantldated
•
Imo Tot)of Or Brit& Ire £1
174 1733
100 10
1115
Jan 174 Dec Bait Creek eons&
_
104
Indus Fibre Corn
955 1035 7,000
Salt Creek Producers..-10 2155
Intercontinental Rubb..10
434
334 4% 3,400
2%
34 Aug 1134 Feb Sapulpa Refining
5
Keystone Solelether__ _10
1
1
355
200 50c Dec 13c Ma
Savoy Oil
,
Kuppenhelmer( )co of 10f 9454 9454 9455
255
100 90
S--,
Dee 101
genhorovl nit "4, rine
18% 18%
Lehigh Power Securities_ •
300 1534 Aug 20% Sept Simms Petroleum
• 12%
83
fle
Lehigh Valley Coal Sales 50
834
Feb 82 June Routh Petrol & Refining
75 66
6
655
15%
400
Libby-Moll & Llb, new_10
5% Dec 10 May
4rare. n11._ _
7
..50 10
10
Lacey Mfg. Class
4 „Oct 26
M.,r Texas Ranger 011
700
.5
22
400
22
CIA...
Lupton(FM)Pub A- • 22
4
Oct 28
Mar Tex-Ken Corn
5
300
30c 1,000 20e Aug 700 Aug Teton 011 & Land
55c
20 30o
Manhattan Transit
434
455 44 5,200
•
Marlin 1-ire A r..“s corn....
435 Dc'
44 15cc 3•11,1 nscc, 011
•
3
24 34
MereerIVIotors
1,300
134 Apr
534 Mar Turman 011
1
234
Voting trust certifs..
235 255 6.900
14 Nov
44 May ven,
era ro •011 Fields_ _5 294
,
11
11 • 1214 3,100
035
Mesabi Iron Co
cvnertx 011 Ar Oce
954 Sept
1334 Aug
5
400
54 0...
23,4 lily Woodly Petroleum
Moral (Phillip) Cu Ltd_10 174 17% 18
11X 1134
100 1144 Dec 1434 June Woodburn 011Corp
Motor Wheel
10
7%
300
734 7%
7
Dec 1135 Jan "Y"Oil& Cbsi
Nat Leather new
; 10c
135
154
S
200
1
Dec
34 Feb
Nat Motor Car & Vehlele.•
.58% 5535 5635
2,900 5555 Dec 5654 Dec
Min1,0 Storks.
Nat Sup Co Del
1334 1635 8.500
44 Nov
1534 Dec Alaska nett-rol metals...10
New Fiction Pub Corp....5 16
1,150 108
110% 1114
100 111
July 1124 Dee Alpha Millen Co
NY Tel 6 %F Di
800 19
2634 234
Transportation_ .
_ _10
Mar 3134 May Alvarado Mining & M111.20
N Y
5c
1
1
300 6ne Dec
No Amer Pulp & Paper-- •
34 Jan
`•
Amm•
._
_ _
230
1056 1355 6,100
13
Oselda Corp
934 Dee 1334 Dec Arizona Globe
Bo
200
6
10e
5
Dec neirher Extension
555
Dec
555 6
Patten TYPewrIter
3e
S2
3.800 8355 Feb 82
Dec TIM Ledge Conner Co.....
Peerless Truck & Motor-50 7.534 71
25o
1,800 3344 Dee 31% Nov
3531 404
s 40%
nlann (loll Inc
Phoenix Hosiery. corn..
Inc
12e
300 100
100
Nov 100% Nov 13laekhawk Mining
Preferred
10034 1004
1
2,900
980
1
14 Sept Boston-Montana Corp...25 140
1
Dec
Prima Radio Corp
214
cal
ro-m•r
100
914 956
10
854 July 1434 May
Pyrene Mfg
34 4
25,300
34
841 Apr Caledonla mining
24 Jan
Radio Corp of America....
1
% 3% 14.200
Mar Calumet & Jerome Cop__ _1
Preferred
23
354
2
3
Jan
5
Reo Motor Car
13% 1134 3,100 1244 sent 22
.5
10 11
July C ins.% Conner Co
Repeal, Inc
500 50e Mar
In • 255
255 Dec Crawl() Conner
6
154
14 9
300
Southern Coal & iron_ _ _5 36e
1
310 400 65,000 270 Dec
24 Jan Candalarla Silver
HMI Motor Car
1715 1735
1751
boo 11 July 45 June 'NO Roo Con•oll,lated_ 1 130
Swift International
Mining
15
1,100 1734 Apr 24% Sept Chief Consol
1944 21
4
Technical Products Corp._
734
1,500
7
754
5
Aug
844 Aug (lona& COI/1W Mines new..
Technicolor. Inc. w I
•
934 10
300 11
Dec 2634 Sept Congo! Nevada Utah Cop_
435
Timircn-Det Axle new w I. 104
1.1d
Nov (1011101•111/
11
700
1055 10%
11
9
Dec
Tab Prod Exports Corp...'
5,
4
435 54 3,800
, roc% Province Mines ____1 15t
Jan
1044 Fel
3
Todd Shipyards Corp _ _ _• 55
5014 Feb Coin MM^I of America__ _
53
56
380 5114 Dec
Triangle Film Corp v t e__5
114
1
80 12c
8,000
40 Nov 50e May cortes silver
United Profit Sharg. new.1
23{6
565
9
May eresum (Ion Cold SC k M.1
Mar
500
5351 .534
5
Un Retail Stores Candy..'
5
5
834 May
Dean Consolidated Corp_l 73c
4% Jan
534 6.600
Founders shares
1 12c
335 446
1,300
Divide Extension
US Distrib Corp corn. .50
135
nolores Ram:Tann
5
30
100 1254 Feb
35
Oct
3)
ES Light& Heat.com_10
70a
2841 Apr
131
Jan
134
14 30.000 750
Dryden Gold Corn
Preferred
10
144
Feb
134 Ant El Paso Consolidated
500 ger
14
15"
Universal Leaf Tob Pf--100
2c
115 115
Oct El Salvo dor Sliver Mines 1
50 10234 Nov 107
Wayne Coal
2c
5
234
1
234 24 3,100 850 Mar
335 Sept Emma Silver
West End Chemical-- .1 40e
40c 40c
1 330
Dec 870
Eureka Cromma
2,000 260
Jan
Power
Western
100
390
4255 423
20 3334 May 36
5
Aug Fortuna Con Mining
Western Knitting M1.113__•
94
1 ..
Apr
84 934
11
8
Oct Forty-nine Mining
200
Willys Corp 1st pref___100 1155
Mar 31
7
8
114
1,500
July Goldfield ConsolMlnes__10
Id pref ctfs of deP
10e
1034
8
1,400
July Goldfield peen
654 Dec 30
Winther Motors, Ci A-•
94
94 10
......
2,800
8
Dec 1144 Dec Goldfield Development
Yale & Towne Sift new w i 61
59% 61
600 4954 Dec 59
Dec Goldfield Florence
1 39c
Youngst Sheet& Tubeeom• 76% 74 -- - i'654
Dec Gold Zone Divide_
Aug 78
400 64
1 11C
Preferred
100
105 106
35
4e
1
Hard Shell Mining
Stocks-
Range for Year 1922.
Low.
High.
1754 1935 15,100 18% Jan
8755 94
Nov
1,111 583
15854 160
Jan
165 125
44
46
Jan
180 28
95 103
340 794 Jan
57
Jan
594 1,030 40
185 16856
Dec
365 154
96
98
Jan
225 84
2034 2854
Nov
1,500 24
130 136
Dec
265 3117
105% 10851
Jan
10 90
285% 30054
180 257
74
7E
Dec
900 73
17
17
Dec
400 IS
624 691
Jan
235 620
325 345
245 224
Jan
164 174
300 143
Dec
97 100
335 77
Jan
67
87
.lac
10 52
60
62
17,400 5555 Nov
62
6354 107.600
Dec
4454 4635 2,700 41
Nov
44% 46
1,500 42
Nov
126 13254 4,800 78
Apr
186 189
Jan
50 170
48
4955 24,000 4144 Nov
274 305
310 a261
Dec
4434 4745 47,000 3635 Nov
25
11034
153
49
10355
62
193
111
3155
210
127
365
7334
44%
750
345
249
110
70(4
6344
135
46
4534
131
220
57
685
48
Jun.
Nov
Dec
Dec
May
May
Apr
Nov
Apr
Nov
Nov
Oct
Dec
July
Oct
Dec
June
Nov
Dec
Nov
Oct
Dec
Dec
Dec
Oct
Oct
Nov
Dec
1,100
834 Dec
6.800
4% Dec
le Aug
1.000
8,000 570 Mar
2,600
3% Jan
3,800
755 Apr
100
14 Nov
6,300
20 Dec
1,000
14 1,000 750 Mar
154 2
Nov
1
200
17c 6,000 13e Nov
150
6535 Oct
82e 114,300
690
Mar
1654 1835 15,600
9
234 4
255 Dee
4.700
1% 27,300 83c, Feb
1
154 1%
Sept
1
700
5834 6237 43,800 4834 NOV
14c 58,000
Jan
100
70
112 115
1,001 9754 Mar
Mar
2154 224 21,000 14
250 29,000 200 Nov
220
24 Dec
234 335
1.600
be 6,500
3e
20 June
680 4.500 100 Nov
613c
95e 3,900 79c Nov
750
134 Dec
115 1%
1,800
Jan
94e 29,100 540
80c
155 168
Dee
5(15 v155
Oct
47
5045 48,800 40
1155 1355 14,100 1234 Dec
155 3% 21,400
1 . Jan
846 DX 11,200
644 Oct
Dec
9
9
955
700
700 Nov
98c 40,500
80e
100 1.00) • Sc June
1Ce
. Jan
134
11.1
1,600 71,
955 Jan
5,600
1756 18
555 Jan
124 1335 143,000
4655
43
May
1,000 40
16
16
100 It% Mar
Jan
26e
30c 119.200 13o
78c 2,000 3ce Mar
700
30 2.000
2,3 July
3e
1% 135
5,000 67n Mar
44 Jan
94 954 2,500
16,; 22.000 11e Joly
14c
34 Dec
444 454
1.000
Apr
114 1156
1,800 10
2155 2254 5.400 1234 Jan
2% Dec
6,400
24 3
315 3(4
2
Dec
600
255 255 4,100 80o Mar
1155 Nov
12% 13% 14.100
Dec
Se
5e
70 35.000
134 1634 13,600 12% Jan
is Mar
2o
2e 1,000
60c
60c
600 420 Nov
50c
59c 107,800 80e Nov
5.1,
11
11
200 10
1
950 Dec
14 21,100
J
2955 2955
100 23
25' Jan
635 6;5 15,100
1455 15
500 1255 Apr
250
25n
1,000 150 Nov
70 Aug
7e
10e 14,000
13
1234
4c
74
Apr
May
Aug
Oct
834
5%
le
1
755
5
455
254
30
1%
955
735
lc
14
754
5%
455
3•
3c
4,300
1,000
100
4,000
103,000
8,000
47,400
9,500
13.000
77.000
200
So
1,000
13e
6,000
30 11,000
.
255 7.800
14e 65,000
13c
3,000
Sc
2,000
4
6,800
14c
7,000
5
3.700
150
7,000
700
200
154 25.900
254 8,100
65c 75o
8.500
Ile 13o 10,500
135
154 3.1100
63t 70c
18,700
Sc
80
1,000
2c
So
14,000
2c
2c 33,000
330 360 06.000
2.4c 390 219.000
11c 13c
7,000
Ic
70
2,000
fie
10c 64,000
40
tic
15,000
28e 400 78,000
90 lla 28.000
30
2.000
4c
134
2c
4
5e
Ifle
4-c
2e
220
12c
12e
24
8o
lle
2e
255
29e
120
Sc
334
12c
4-34
14e
700
1
234
2c
4
5o
23c
Sc
tic
253
15c
140
134 Jan
2134
Apr
354 Dec
.1o4
10e Dee
20 Mar
40 Dec
14c Nov
10e Dec
120 Dee
••
214
40 Feb
8a
Ja
le Sept
July
190
Jan
4e
Felt
455 May
Nov
2a Feb
454 Oct
12e Dec
750
Oct
84e
Jan
2% Oct
1160 Aug
100 Aug
a20 Feb
540 Des
le Dec
la Mar
Jan
180
Oct
Sc
50 Dec
Jan
80
Jan
80
8o June
90 July
70 May
30 Dec
955 June
9 June
3% Sept
12c Mar
154 July
454 June
720
Jan
2%3 May
1941June
934 Apr
134 June
3% Apr
7154 Oct
50e Mar
1305-5 Oct.
2746 May
11
4 Jan
2634 Feb
10o
Jan
883 Dec
14 Mar
255 Nov
134 June
1533
NOv
4954 Doo
27% Mar
10
June
14% MaY
1955 Feb
134 Mat
Oct
38c
114 June
19
Oct
13% Oct
83
BMA
38 Juno
850 May
90c Mar
120 Mar
3 June
95( Dec
350
Jan
834 June
15
May
Dec
22
5 June
5
Apr
334 Nov
154 Nov
Jan
$5
23
Des
7c May
2
Apr
1
May
1434 June
134 Oct
34
June
7
July
16
June
1
Feb
38e
Jan
554
40o
8
10t
1•46
9,1
290
27c
210
5
200
300
660
334
710
180
534
6
140
54
22e
760
Mar
Apr
Jan
Apr
Dee
Aug
Jan
Dee
Dee
Jan
1)CC
Aug
Feb
A
ug
Oct
Dee
Feb
Oot
Dec
Dee
Aug
Nov
Oct
Jan
77e Dec
Jan
21e
355 Aug
6150 Dec
Aug
220
50 Aug
410 July
340 Dec
300 May
120 Apr
120 Nov
600 Sept
Apr
300
Apr
100
480 Mar
THE CHRONICLE
JAN.6 1923.]
Sales
Friday
Last Week's Range for
Week.
of Prices.
Sale.
High Shares.
Mining (Concluded) Par Prise. Low
40
40
1
8c
le
20
14e
8c
lc
2
141
5%
Bo
1
50
203
120
Sc
100
30e
29e
254
10
100
20
Dec 14e Mar
Jan 31c May
Oct
34 Max
June 400
A nr
Sept 160 June
Dee lie June
Dec 67e May
Nov 52c mar
Nov 14c Mar
Jan
351 Dec
June 175
Dec
July
6% Mar
Aug 60e Dec
Feb
2% Jun*
Jan 120 May
Dec 30o Nov
June 210
Aug
Sc
Oct
Dec 200 Mar
Aug 23c .Mar
Nov 900 Apr
Dec
5% Jan
may 19c Sept
Jan 28c Dec
Jan 16o Apr
10314
103
101%
105
100%
105%
June
Nov
Oct
July
Sept
Mar
Max
Aug
Feb
Feb
Aug
Apr
Ace
Oct
70e Oct
2c Sept
900 Nov
45e Sept
1% June
960 An.
41
4 Dec
14e
Apr
2% Sept
6
12c June
I
Mae
24
304
55c
5%
6e
1N
80
17e
8c
18o
15o
50
13(
Feb
Sont
710 r
Oct
Jan
Oct
Oct
July
Mar
June
13,000 59 rJan 90
1,000 54
Dee 67
11,000 76
Feb 99%
31.000 10214 Feb 107
38.000 100% Jan 105
8.000 93
Feb 99%
35,000 9611 Nev 100%
Apr
Sept
May
Aug
Aug
Milo
Oct
10,000
18.000
93.000
11,000
10 000
18,000
42.000
9,000
89,000
22,000
9 000
1.000
26.000
28.000
25.000
6,001)
15,000
22,00
23,000
1,00
. 2,00
1,000
30,000
85
35
2,000
10334 103% 28,000
1)9% 99% 37,000
107% 107% 2,000
103% 103% 1,000
97% 99% 12,000
101% 101% 13.000
102% 103% 41,000
106 107
6,000
101 .1021,4 21,000
100% 101% 60.000
102% 103
10 000
9631 07 162,000
0856 99% 41,000
104% 10856 2,000
104)6 105% 23.000
103% 103% 21,000
97
97% 22,100
100 101% 45,000
96% 9756 '22.000
9566 97
39.000
90% 91% 68,000
105% 10536 22,000
101 101% 24,000
99% 100
15.000
10236 103
10,000
90% 91% 135.000
97
97
1,000
106 106% 6,000
95% 96% 1C,000
105% 106
24,000
101% 10151 21.000
90% 91
88,000
894 9034 17,090
101% 102% 9,000
103
10234
101%
1044
10056
105%
lc Mar
lc Sept
Jan
20e
27c July
11
4 Jan
4615 Mar
114 Feb
517 Feb
1% Jan
2(7 Feb
35e Nov
1% Apr
251
4 Om
Do Oct
2% Mar
lc Nov
70c Feb
30 Nov
8o May
3e Nov
3c Feb
Jan
le
A nr
2c
500 Nov
18c
9
1%
1%
14%
351
76e
38e
5
100
9e
4%
7c
14e
100
86
91
9536
99%
1004
96%
102%
10131
5034
61
99
100%
100%
104%
0866
99%
98
91
87
May
Nov
Dec
Nov
Jan
Jan
Jan
Jan
Jan
Pet
May
Sept
Jan
Jan
Feb
June
Jan
Feb
Dee
Feb
100
85
Jan
Mar
20
99%
9854
102%
Dec
June
Nov
June
Feb
94
101% Nov
101% No,
10211
95
99%
10'1
9531
95
100%
102
102%
96%
95
72
89%
90
10151
94%
98%
98%
90
89
10211
92
95
95%
89%
87%
99
Jan
Feb
Nov
Dec
Dec
Feb
Jan
Jan
Jan
Nov
Jan
Jan
July
Nov
Jan
Feb
Apr
Mar
Dec
Jan
Jan
Mar
Jan
Jan
Dec
Dee
Jan
6,000 99
62,000 96%
14,000 97
20,000 101
15,000 100
18,000 1024
Feb
Feb
Jan
Jan
Dec
Jan
Jan
May
To.
,
South Calif Edison 55_1914
douthw Bell Telep 7s.1925
4tand 011 of N Y deb6360'33
7% serial gold deb__1925
7% serial gold deb_ _1926
7% serial gold deb.- 1928
_
7% serial gold deb__1929
7% serial gold deb i930
7% serial gold deb...1031
Sun Co Ts
1931
Swift & Co 7a_Aug 161931
As, when Issued____1932
ridai-Osage Oil 78____1031
United 011 Produc 88_1931
United Rys of Hay 7As'36
vacuum 011 65_
1937
Wayne Coal 65
1937
92% 93
103
10234 103
107% 107 10736
103% 1033,1 104
10434 104%
- 105% 107
107% 10756 10736
109
109 109
109 10934
10136 102
102% 102g 102%
93% 934 9334
10334 10236 103%
10036 100 10036
10634 105%
10756 10734 107%
73% 73
733-4
30,000
40.000
4,000
16,000
6,000
9,000
5,000
1.000
12.000
2.000
21.000
74,000
12,000
33 000
33 000
35 000
9,000
Foreign Government
and Municipalities
trgentine Nation 7...1923 10034 100 10034 158.000
*Berlin 4s
200 20c 7100000
200
Hexleo 45
1945 4034 3936 4134 244,000
35
11
11
5.000
55
16
5,000
16
6510
-year series B
55% 5534 5751 120 000
Nm h 716nds(Kingd)65B 72 9836 98% 9834 200.000
,0 M09911110 , w 1_1992
'
's
98
9834 7,000
Russian Govt 630_1919
45.000
Certificates
9% 10
4,000
Russian Govt.5%5_ _ _1921
10% 11
5.000
Certificates
10
10
Low.
High.
92
10034
10534
103
104
105
105
105
107%
9834
101
9254
9934
90
100
106
50
Dec
Jan
Mar
Oct
Jan
Feb
Mar
Apr
Mar
Jan
Jan
Dec
Jan
Feb
Jan
Jan
Jan
97
22e
3434
1034
14
50
94
96
Jan
Dec
Apr
Nov
Nov
July
Sept
Nov
93,1 Dec
954 Dec
Dec
9
Ma5;
100% 100%
89
9036
915( 91%
98% 97%
100% 101%
103% 103%
101% 101%
103% 103%
105 1053-6
53% 54
68% 69
100% 100%
101% 10551
102% 102%
109 110
99
994
10134 101%
106% 10736
9456 94%
92% 8214
91
91
124 124
90% 93
Dec
Jan
Aug
June
Jan
Jan
Jan
Mar
Dec
July
Jan
Mar
Dec
Jan
11,15,BEISfP
4..4v4qpig
!
xx
7636
54
84
108%
103%
96%
9734
Sc
4%
30o
75o
716
-6o
16o
2
4o
20
3
2o
le
Range for Year 1922.
VII2R228 EAM
75
54
8136
105%
103%
96%
98%
High.
ItgbraS;O=SESEENTS
z.cg.443,EszucAE.4.44,1
xx
Bond.
Allied Pack cony deb Os'39
Deb Os ctfa of dep
fis Series II w I
1939 84
Aluminum Mfrs 78-1933 106%
7s
1925 103%
Amer Cotton 01166_1924 90136
Amer G&E deb B 6e.2014 97%
Amer Lt & Trao Os. ..1925
Without warrants
10051
Am Republic Corn S.w 1'37 90%
Amer Smelt & Refln 55 1947 91%
Amer Sumatra Tob 7365'25 96 Si
Amer Tel & Tel 6s___1924 10118
,
Anaconda Cop Min 7e.1929 103%
6% notes Series A__1929 101%
Anglo-Amer Oil 7%8..1925
Armour dm Co 7% notes1930 105
Atl Gulf& W I SS L 5s 1959
Beaver Board its
1033
Beaver Products 730_1942
Bethlehem Steel 7s__ .1923
Equipment7a
1935 10236
Canadian Nat Rye 75.1935 109%
fms
1925
Canadian Pacific 135_ __1924 10136
Central Steel 85
1941 107%
Charcoal Iron of Am 851931 94%
Cities Sem 7s Ser
,
_ _1986 9214
Registered
91
7s, series B
1969 124
7s. Series Is
Column Graphophone 13irr 03
5
, Certificates of deposit_________
Cons GEL&P Balt 65 149
5516 Series E
1952 99%
7s
1931
8s
1949
Congo'Textile 8a
1941 9834
Copper Export Assn 85.'21
Ss
1925 10214
Cuban Tel let 7116...1941
Deere & Co 7%s
1931
Detroit City Gas Ss...1947 101
Detroit Edison 6s._..1932 103
DunloPT&R of Am 73_1942 98%
Gall* (Ro'mort) Co 78._1937 9851
Galena-Signal 011 7s...1930
Grand Trunk Ry 6316.1936 10536
Gulf 011 Corp 78.....1933
Gulf 011 of Pa Be
1937 97
Hood Rubber 7% meet'36 loog
Interb It T 85 J P M recta,
Certificates of deposit
Kansas City Pow & Lt fe'52 ..
661/
Kennecott Copper 75.1930 1054
Laclede Gas Light 7e.10114
Libby McNeill &Libby7s'31 100
Liggett-Winehester 70.1942
Loutsv Gas& Flee 5s_.1952 9014
Manitoba Power 78...1011 97
Morris & Co 73615____1930
Nat Acme Co 7348..-1931 9611
Nat Cloak & Suit 138._1930 10534
National Leather 88..1925 101%
1952 00%
Ohio Power is
Penn Pow At Lt 55 B..1955
1947
Phil& Elee 534e
Phillips Petrol 714s...1931
103%
Without warrnts
Public Bert Corp 75 w 11941 103
,
Bears. Roebuck & Co 7s'25 101%
Shawsheen Mills Ts._ .1931
Sheffield Farms 6%5..1942 10034
Solvay & Cie 8s
1927 105%
Sc
3,000
5c
8
8% 1,450
35e 43e
7,000
1% 1% 30,700
6
12
1236 2,500
2% 2% --3.000
320 35c 80,000
35c 33c 18,000
258 231 9,500
4c
Sc
3,000
50
Sc
4,000
z336 336
400
20
2c 11.000
6c
70 37,000
60
1,000
Sc
Sc
6,000
7c
70 lie 17,000
136 151 2,400
2,000
17c 18o
2,000
it
it
1,000
40
40
21c 26c 32,000
13c 15c
6.000
lc
2e 14,000
2% 334 9,400
172 172
10
0% 058 2,300
48c. 59c 23.300
14 1% 11,800
ix
130 13,000
22c 24o 12,900
1.000
160 16c
2c
4c 13,000
30
Sc
1.000
I6e
14.000
300 3.3e 11,000
800
3
3%
Se
9c 36 000
4,000
21c 31c
Sr
Sc
2,000
100
331 3%
4,000
450 49e
le
3,000
lc
Sic 85e
2,100
280 28c
4,000
500
156 1%
137c
78e 34,100
3% 351 6,000
13e 13c
2,000
2
2 .6 1,500
1
Sc
1.300
60
50e, 55c
3.200
11%6 2% 56,340
27% 28
900
1510 lee
5,000
3% 3%
400
10
lc
5,000
11
4 156 30,500
Sc
Sc
5.000
15t.. 20c
7.001'
100 120 15,001
106 12c
3.000
4e
40
1,000
30
3c
1,000
7E0 790
400
Lots.
""IEEMS-3n8228g
.0
10c
Harm!11 Divide
25e
3%
Heela Mining
400
Henrietta Silver
Mlning
Hilltop-Nevada
Hollinger Cons Gold Min _5 12%
Howe Sound Co_ _ _____ 1
Independence Lead Mining 34c
Iron Blossom Coin M__100 37c
1 Jerome Verde Dove'
I
Jim Butler Tonormah
1
Jumbo Extension
5
Kerr Lake
100
Knox Divide
1
Sc
Lone Star Consol
MacNamara Devel...... _
1
MacNamara Mining
1 110
Marnb Mining
5
Mason Valley Mines
McKinley-Darrach-Say 1
Morington Mining
lc
Nabob Consol M
National Tin Corp---50c 23c
Nevada Cahn%
1 150
Nevada Silver Horn
2t
New Dominion Copper__ -5
3%
New Jersey Zinc__ _100 172
N1Ple8Ing Mines_
5
5%
Ohio Copper
10 43e
Ray Hercules,Inc
1%
Rex Consolidated Mining _I
Sc
Richmond Cop M & Dev
220
Rochester Sliver Corp__
1130
Sandstorm Kendall
30
Sliver King of Arizona...
Silver Mine.9 of Amer
170
Simon Sliver Lead
1 33c
South Amer Gold & Plat.]
Spearhead
80
Standard Sliver-Lead._ _I 250
1
Stewart Mining
Superlom & Boston Corp.- _
3%
--1 490
Success Mining ......
Sutherland Divide
Teak-Hughes
850
Temiskamning
Tonopah Bel rnont MY_ _ 1
Tonopah Divide
1 770
Tonopah Extension
1
Tonopah Midway
Tonopah Mining
2
Tonopah North Star
TVolumne Copper._ _ 1 55c
United Eastern Mining__ .1
214
United Verde Extension_l 28
US Cont. Mines, new
19c
Unity Geld Mines
Victory Divide
100
lc
West End Consolidated. 5
West End Extension Mg__
60
Western Utah Conner_ .1
White Caps Extension.10c.
White Caps Mining.._ _100 12c
Wilbert Mining
1
Yerrington Congo'
30
'Yukon Gold Co
Range for Year 1922.
69
lalaav
sales
Last Week's Range for
of Prices
Sale.
Week,
Bonds (Concluded) Par. Price. Low. High. Shares.
t Odd lots. * No par vs no. 1 Dollar per 1,000 marks. a Ex-100% stock dividend. g Marks. k Correction. vi Dollars per 1.000 lire flat. I Listed on the Stock
Exchange this week, where additional transactions will be found. b Ex-special
dividend of $25. n, Ex-extra dividend of $20. o New stock. mm Ex-see-15,1 dividend
of 380 and regular dividend of 53. r Ex-160% stock dividend. s Ex-50% stock
dividend. v Ex-stock dividend of 40%. w When Issued. z Ex-dividend. y eExrights. z Ex-stock dividend.
CURRENT NOTICES.
-Russell S. Tucker. formerly Vice-President and Treasurer of Flint &
Co.. Inc., is now associated with Puritan Mortgage Corporation as Manager
of the Bond Department in the executive offices at 50 East 42d St.,
N. Y.
George F. Taylor. formerly with Harris, Forbes & Co., has become
Sales Manager of Porter. Robjent, 111 Broadway, New York.
Dorsey Tyson, of Baltimore, Md.. has assumed management of the
trading department of A. D. Converse & Co., 68 William St., N. Y. City.
Paden Semple, Jr.. for the past two years with Graham, Parsons &
Co., has joined the bond department of the Equitable Trust Co.
-Eldredge Sc Co. announce that Robert F. Hawkins has been admitted
as a partner in their firm.
- & W. Seligman & Co. announce to-day that Earle Bailie & Francis
J.
Fitz Randolph have been admitted to partnership in the firm.
-Charles W. Hill & Co., members of the New York Stock Exchange,
have admitted George F. Victor, Jr., as a general partner in their firm.
-The Equitable Trust Co. of New York, has been appointed registrar
of the Preferred stock of the Keystone Power & Light Co.
-F. B. Keech ac Co. announce the opening of a Washington office
Aug
Aug under the management of George A. Garrett
Nov
Oct
-Dreser & Escher, 115 Broadway, New York, announce that Joseph
Apr R. Hixon has become a member of their firm.
Aug
Aug
-The Seaboard National Bank has been appointed registrar of the Class
Aug
Class "B" capital stock of the Patterson Bros. Tobacco Corp.
Dee "A" and
May
Panic & Walbridge, dealers in investment securities, announce that
Sn-d
Sept William D. Yergason has been admitted to the firm as a general partner
Aug
-Harry E. Peterson is now associated with the firm of Cowen & Co., 30
Aug
Ana Broad St., New York.
Dec
Jan
Sept
New York City Banks and Trust Companies.
Apr
AU prices dollars per share.
Sept
lanks-N.Y Bid
48k
Bid 40 Trust Co.'. Bid etse
Banks
150 Jane
2'i Flarriman__ 370 380
imerica •____ 217
New York
9234 Nov
tiller Exch._ 290 296 Imp & Trad__ 605 615 American ___
.
tattery Park_ 135 145 Irving Nat of
Bank of N.Y.
40
Mar
Mowery*
N Y
242 217
440
& Tru-st Co. 455 460
1074 Sept
Mroadway Cen 130 145 I Manhattan It_ 149 153 Bankers Trust 378 . 383
101% Sept
irony Bore'. 110 ---- Mech & Met_ 405 410 Central Union 435 440
110
Sept
ronx Nat.__ 155 ____ Mutuai
1300 _ _ _ _ Columbia.... 315 323
ryant Park" 155 165 Nat American --__ 150 Commercial__ 115 125
10061 June
utch & Drov 130 138 National City 334 338 Empire
300 --.
103% Anr
en% Merean. 210 225 New Neill"... 126 135 Equitable Tr. 1 2 106
105
Mar
'base
335 340 Pacific •
300
_- Farm LA 'tr. 520 530
10711 June
bat & Pima_ 258 260 Park
435 440 Fidelity Inter 2 5 225
103
Aug
helms Exch• 101 110 Public
250 260
1480 290 Fulton
103
Sept
'hemle.al _ _ -- 57 547 Seaboard_ _ ... :t3) 340 Guaranty Tr _ 219 222
Nov
105
..oal & Iron__ 20 22) Standard •___ cl.55
190
165 Hudson
97% Dec
Alonial •____ 325 ____ States
350 375 Law Tit & 'DC 145 154
100 May
lumblas...._ 220 241 Traded:lien's• 2110 . _ .. Metropolitan_ 300 310
107 Sent
mmorce_ _ - 296 300 23d Ward'... 270 300 Mutual (West
10834 Aug
m'nwealth• 215 ___ United State' 185 ____ chester) __ _ 120 130
104% May
ontinental__ 135 145 Wasbn H'ts • 200 -N Y Ttust__ _ 347 352
97% Dec
Ions Each'., 423 432 Yorkville *
8,10 ._, _ Title (lu &
325 335
102
Au, )osmoplan*.. 91 ____
US Mtg & T 305 315
98% Dee
fast River__ _ 175 12u0
United Sta
983( Oct
MO Avenue* 1000 ---Brooklyn
93% Sept
ritth
195 _ ___ Coney island* 155 165
106% Jan
?het
1200 1225 First
320 355
Brooklyn
103
Aug
Sarfleld
240 ____ Mechanics' o. 128
138 Brooklyn Tr. 470 490
102% Sept :Wham
182 190 Montauk ".... 150 ._ _ Kings Count 750 --.
104% Sept
3reenwleh*
270 ___ Nassau
225 240 Manufacturer 260 ---.
915( Nov
.
Peopl•11..... 365 ---.
lartover - 670 ____ PoopIP 6
160
100 May
•Banks marked with 5 are State Banks /New stock z Ex-dividend. it Ex-rights.
()
107 May
100
Sept VEX 100% stock dividend.
106 Sept
Oet
102
New York City Realty and Surety Companies.
9316 Nov
Oct
45 prices dollars per ewe.
93
Sept
103
BUI Ask
Ask Realty Assoc Bid Ask
IBid
(Brooklyn). 160 165
104% May Alliance HIV 95 105 Lawyers Mtgel 158 164
123 U S Casualty. 200
86 Mtge Bond__ 117
1054 Seri Amer Surety. 83
Apr Bond & M G. 264 270 Nat Surety_ 150 156 U S Title Guar 103 fir
102
West Chester
68 N Y Title &
1063( Sept City Investing 65
Preferred _ 100 105
200 225
Title & M
Mortgage__ 170 176
10134 Sept
107% July
:New stock.
10114
9311
9354
100%
101%
104%
1024
1045(
-10534
68
Si
101
108%
108
112
994
101%
108
99%
98
L70
inuestnunt and gailiroutt gixtelligenct.
RAILROAD GROSS EARNINGS
The following table shows the gross earnings of various STEAM roads from which regular weekly or monthly returns
san be obtained. The first two columns of figures give the gross earnings for the latest week or month, and the last two
eolumns the earnings for the period from Jan. 1 to and including the latest week or month. The returns of electric railways
are brought together separately on a subsequent page.
ROADS.
Latest Gross Earnings.
Week or
Month.
Current
Year.
Jan. 1 to Latest Date.
Previous
Year.
Latest Gross Earnings.
ROADS.
Current
Year.
Previous
Year.
Week or
Month.
Current
Year.
Previous
Year.
Jan. 1 to Latest Date.
Current
Year.
Previous
Year.
$
3
3
Akron Canton & Y'n November
181,800 137,152 2,010,653 1,528,968 Mississippi Central_ November
131,370 113.949 1.369,623 1.080.674
Alabama & Vicksb_ November
289.604 306,576 2,760,129 3,124.111
V10 & Nort'l Ark ,n_ November
132,79)
6.41.5/7
American Ry Exp__ September 13019822 14794005 111862591 145410878 Missouri Kan & Tex November
2.995,789 2.810,564 28,935,079 30.939,850
Ann Arbor
2d wk Dec
96.033 103.9413 4.809,016 4.002.027
K & T Kv of're. November
Atch Topeka & S Fe November 22245314 20264795 202447769 212635439 Mo Kan & Tex Syst November 1,991,156 2.153,4112 11,5'' 105 '5.004,681
5,142.552 5,161,68949,892.258 58,521.537
Panhande & S Fe November
861,570 837,825 7,317,386 8,850.235 Missouri Pacific_ - _ - November
Gulf Colo & S Fe_ November 2.542,300 2,220,272 21.701,157 27,276.814 Columbus & Greenv November 8,884,393 9,294,69091.194,536 102019816
149,625 164,257 1.420,009 1.440,882
Atlanta firm & Al, November
3
43.516 302.014 3,625.378 2,895,431 Mete erahel t
Nove nbor
415.ste6 484,724 3,315.944 4,008,782
Atlanta & West Pt_ November
268,499 196.974 2,364,352 2,299,018 Monongahela Conn_ November
167,910 107,114 1,512,598
727.267
Atlantic City
November
261,311 215,900 4,367,727 4,379.101 Montour
November
187.718
89.404
997.342 1,319.539
Atlantic Coast Line.. November 6,162,691 5,373,775 63,746,1 60,701.315 Nashv Chatt & St L November
Baltimore & Ohio November 19845040 15901084 1424873 144271743 Nevada-Cal-Oregon 3d wk Dec 2,066,580 1,790,856 20,352,901 19,381,706
4,822
6,299
322.461
422,298
B & 0 Ch Term November
301,310 252.387 2,846,886 2,419,893 Nevada Northern.._ November
61,516
33.044
531,499
383,945
Bangor & Aroostook November
619,064 700,510 6,929,294 6,710,685 Newburgh & Sou Stt November
179,919 184,942 1.766.984 1.332,780
Bellefonte
(
1 118•,v..,••,
.
0.773
er
)19,4'.l) New Orb Great Nor_ November
6.81?
98,46'4
212,027 204,342 2,323,731 2.355,149
Belt By of Chicago_ November
612,709 469,056 5,590,547 5,059,257 NO Texas &Max November
343,915 229,955 2,634,531 2,450,586
Bessemer & L Erie November 1,662,570 880,156 13,395,146 12,831,152
Beaum S L & W November
190,059 148.140 1,867.376 1,978,752
Bingham er
IIIN .v
rfl
7 348
1
200,9;'*4914
St L Brownsv &M November
356,098 423,982 4,690 775 5.494,548
Boston & Maine_ November 7,057.448 6,786,976 73,006,493 72,032,853 New York Central November 36389112 29023063 328143397
312017193
Bklyn E D Term_ _ _ November
140,674 111,121 1,450,450 1.211,014
Ind Harbor Belt_ November
905,535 730.030 9,377,808 8,351,154
Buff Roch & Pittsb_ 3d wk Dec 483,610 316,317 16,149,463 15,253,265
All.. i :an Cent ...1 N0vernne, 7,099 1414 5,961.0/3 75.610.312 17,054.847
*
Buffalo & Susq
November
222,082 182.147 1,435,202 1.888,960
Clev C C & St I.-- November 7,596,012 6,398,387 76,791,593 73.762,984
.
Canadian Nat Rye. 3d wk Dec 2,424,964 2.634.323 117241499 123239147
ti,
Online, go th_ Nweinba
.. .
6 .3.544,656
Canadian Pacific__ _ 4th wk Dec 5,321,000 4,913,000 182585000 189065000
Pitts & Lake Erie November 3,577,555 2,045,70525,835,793 21,317,913
Caro Clinch & Ohio_ November
665.930 670,005 6,959,605 6,889,058 N Y Chic & St Louis November 3,386,177 3.055,853 35,723,635 33,184.393
Central of Georgia November 2,165,549 1.744,525 21,078,853 20,579,686 N Y Connecting_ November
250,480 253,536 2,709,719 3,081.925
Central RR of N J November 4,797,187 4,176,304 44,902,859 48,524,262 NYNH& Hartf November 10941894 0270428 112429072 109505819
Cent New England_ November
666,304 789,935 6,205.504 7,753.574 N Y Ont & Western November 1,035.892 .079.482 11,336,472 13,135.030
Central Vermont_ _ _ November
860,933 636,293 6,867,845 6,569,500 N Y Susq & West November
372.697 334.523 3,737,505, 3.931.019
Charleston & W Car November
265,776 275,890 2,953,837 3,027,508 Norfolk Southern November
785,463 749,685 7.678,470' 7.375,949
Ches & Ohio
0• 6 80i .07011.6irt.
75.099,771 78 174,0 ;
Norfolk & Western_ November 6,716,216 6,939,700 83.353.990 73,541,696
Chicago & Alton_ November ,
24,711,937 28,575,703 Northern Pacific.._ November 9,433,995 8,919,928 87.733.885 87.037,247
Chic Burl & Quincy_ November 15616'190 13603117
149855219 155327958 Northwestern Pac November
604,015 650.4061 7.421,541, 8,040,270
Chicago & East III November 2,271,849 2,252,235 22,208,348 25,078,253
1V,,,nt)er 5941.1170 52511 3 35889,175,
FIR &
61567865965
e
tlideotto
1.955,14 121176. t38 21.58; its
,
Bait Ches & Atlan November
109,767 100,8771 1.464,395 1,504,906
Chic Ind&Loulsv.._ November 1,414.719 1,226,135 14,526,700 13.952,614
Long Island
November 2,377,497 2,150.873 28.573,099 26,711,527
Chic Milw & St Paul November 14549839 11808316 142983970 135417984
Mary Del & Va.- November
88,5731 1.084,514 1.161,785
87,818
Chic & North West_ November 12853795 10860944 134109512 134196868
Tel Peor & West_ 1st wk Dec
28,302
25.5141 1.405,299 1.445,965
Chic.Peoria & St
Nuve.moce
948 365 802.665 13.017.497 11.205,947
W Jetiey & Sc tab November
180,931 177,b99 1.028,579 1,9163/58
Chic,River & Ind__ . November
PennsylvaniaSystem November 63190909 55960544 635401583 611664658
619,741
3,710.667
Ohic,R I & Pacific_ November 10756785 10475637 109198521 122228852 Peoria & Pekin lin_ November
178,756 148,082 1.679.380 1.547,509
Chic R I & Gyp. November
516.93^ 564.373 5,339,541 7.410.315 Pere Marquette..._ November 3.420.598 .313,806 35,007,603 35,655,935
Chic St P M .2: Om_ November 2,278,351 2,247.142 25,425,179 25,941,370 Perklomen
November
104.769 120.826
,
1,176,41$
Cline Ind.& W er taz November
4183,3
336.745 3,957,191 3,305,018 Phlla & Reading _ November 8.521,783 ,393,368 73:
076,125 78.099,043
Oolo & Southern.._. November 1,131.997 1.226,651 11,951,036 12,199.990 Philo & Western_ _ _ November
70,664
66,033
752,596
744,059
Ft W & Den City November
110,169 122,031
tsb & Sh twmut_ _ November
955.070 1.035.401 8,803,826 10,506.917
915.917 1,182.174
Trinity & BrazVd November
215.658 464.616 2.567,808 3,040.332 Pitts Shaw & North November
145,634
94.600 1,122,560 1.085,618
Wichita V 11-v
ovember
160,860 191.450 1.125.511 1.596,10.5 MUM & West Va._ November
253,557 247.078 2.353,136 2.591,016
Delaware & Hudson November 3.856,931
November
189,547 173,689 1.651,811 2.073,458
Port Reading
Del Lack & Western November 6,866,909 3,626,202 34,289.23541,983.269 Pullman Company_ November ,877,861 4,421,745 59,291.039 59.280,404
Deny & Rio tir Wtrt sIevember 3.101,936 7.192,455 68,112,454 79,623.440 (./.tincy Om & sO.. November
151.908 116,098 1,127,336 1,210,431
2.828,22e 30,320.175 30,216.118
Denver & Salt Laic. November
507.44C 1,407,510 2,730.4166
858,031 717.131 9.904.341 9.130.413
228.53
& Potom_ November
Detroit & Mackinac November
November
164.747 172.815 1,745,472 1,846,970 Rutland
512,920 463.084 5,302,893 5.373,759
Detroit Tel & trent_ November
775,081 701,9/1 8,242,83., 6.116.289 St Jos & Grand Isl.. November
306,217 257,337 2.900.458 3304,965
Det & Tel Shore L_ November
333,02C 315,710 3.262,852 2.686,390 St Louis San Fran November ,160,574 7.079.721 75.242,844 79,310,828
Dul & Iron Range_ November
November
354,869
139.083 168,060 1.263,427 1,618,889
93,767 6,671,911 4,876,007
Dvl Misabe & Noe Nnvember 1,1241,201 153.401 14,813,511 12,219.439 StFt Worth & It G. November
144.718
56,288 1.551,603 1 772,281
L-San F of Tex
Duluth So Sh & AU_ 2d wk Dec
84,333
71,496 4,215,280 4,270,602 St Louis Southwest.. 3d wk Dec 540,179 498,859 25,180,352 24,444,755
Duluth Winn & pd., November
168,82
180,919 1.811,53, 2.169,652
727.229 683,396 6,882,975 7.079,971
St L SW of Tex.._ November
East St Louis Conn. November
195,878 121,566 1.893,851 1.481,911
2d wk Doc 594,790 502.068 25,185,040 24,546,314
Total system_
Eastern SS Lines_ .. October
548.465 495,889 5.141.941 4,661.058 St Louli 'rran,Pr November
68,420
683,118 1.030,425
77.131
Elgin Joliet & East_ November 2,182.032 1,556,952 19,322,228 17,743,921 San Ant& Aran Pass November
514.408 535.128 5.307.190
El Paso & Sou West November
woinner
962.383 773,092 10,219,646 10,123,057
in Ant Uv 1 te &
94.! 671 1.088,564
73 341
•
Erie Railroad
November 9,71 i,73.• 8,520,387 85,303.149 45.80.1 3 Seaboard Air Line November .223,461 3,608,176 44161,595 39,143,753
Chicago,& Erie_ _ November 1,169,30' 1.023,958 10.431.64'2 10.016,176 Southern Pacific Co November 6617029 14698065 167895320
,
176749357
N„J & N Y RR_ . Novembe193.6'3 119,5/31 1,371.93c 1.567.29
Atlantic SS Lines_ November ,149.671 1,057,650 10,908.189 9.769,554
9
Florida East Coast_ November 1,005.217 960,836 12.152,657 12,337,720
285,416 193,871 2,878,000 2,508,850
Arizona Eastern_ November
Fonda Johns & Cloy November
119.826 111,525 1.279,179 1,242,062
Galv Hay & San A November 1,989.8972,089,18020.117,305 23,123,085
Ft Smith & Western November
178,640 150,798 1,527,346 1,637,259
Hous & Tex Cent_ November 1,451,496 1,571,653 13,687,440 13,067.576
Galveston Wharf__ November
167,060 188,154 1,462.445 2,471,663
Houston E & W T November
287,654 272,689 2.882,201 2,745,297
Georgia Railroad....November
499,189 400,738 4,725.349 4,839,106
L
4133112 33/.911 3,861,511 4.055,407
I m.s, We t,. NOV01110Jf
Georgia & 1.1 •ti .a _ . g
4.
12 t •
, 1 •,/3 09,
103.513 1.237.'11
Morg,La & Texa November
031,477 813.685 7.511,241 8.103,837
,
Grand Trunk Syst__ 4th wk Dec 2,743,713 2,400,034 105957048 102970745
Texas & New Or. November
790.135 742,434 7.961,837 7.926,492
All& St Lau renca November
281,31,3 237,411 2,538,44,9 2.521,401 Southern Railway 2d wk Dec 3,575,914 3,124.852 156328859 159918088
ChDetCanG T.Icl November
245,884 151,897 2,083,311 1,795.969
850,618 859,561 7,657.593 8,713,292
Ala Great South.. November
Dot G H & Mllw_ November
529,221 452,220 4,957.147 4,161,915
Cin N 0 & Tex P. November 1,701,653 1,393,571 15,067.630 15,804,0.33
Grand Trk West_ November 1,393.324 1,246,186 14,898,780 13.417.702
Georgia Sou & Fla November
384,279 381,348 4,114,955 4,122.625
Great North Ste ten November 1050341c 10674119 94.919.37'7 23.611,773
Mobile & Ohio- 3d wk Dec 413,905 331,592 17,520,863 17,730.793
Green Bay & West_ November
106,600 110,101 1,242.845 1,285,700
New Orl & Nor E_ November' 561.872 503,497 4,923,325 5.831,586
48,.”
Gull' Mobil
,
v000...•
-43 :11: 340,14? 4,108.481 3.79 332
Nortnern Ala._ _ November
116,011
81.114. 1.156 4
804.777
Gulf & Ship Island_ November
233,043 219.556 2,698,026 2,623,039 Spokane internat'l. November
138,269 122,196 1,118,763 1,203.848
Hocking V II
I 3 3 .5 1.11,
,583 12.554 313 13 77, >44 Ftp k 120-11 & So 011 November
640,580 614,4-3 6.666.178 7,215,971
Illinois Central_ _ November 16568113 13102818 158277146
Staten Island It T November
184,475 193,571 2.278,610 2,329.717
Internet & Grt Nor.. November 1,359.020 1.136.432 13,375.887 149024004 Tennessee Central November
228.850 189,527 2,292.266 2.170.237
16,447,636
Internet Ry of Ale_ November
206,950 188.121 2.329,521 2,198,165 Term 1614 A5snorSt L November
388.5:58 379,0.10 4,114,053 4,157,718
Kan City Mex & Or November
126,439 138,383 1,235.781 1,675,867
443,630 319.211 1.688.36' 3,366,672
St L Mor Illge T_ November
1
K 0 Mex &0of Tea November
178.551 211,145 1,404,659 2.934,346 Texas & Pacific
3d wk Dec 731.595 727,857
Kansas City South_ November 1,828,828 1,679.068 18,407.565 20,185,393 Tol St L & Western_ November 1.178,151 940,838 30,251,135 25,836,273
10,410,124 8,717,980
Texark,& 'Ft Sm_. November
197.97 167.231 1.934.159 9,09/
Ulster & Delaware..- November
121.917 118,864 1.536.152 1,641,941
Total system_ ___ November 1,828.828 1,679.068 18,407.564 20,185.393 (Jul nt Pacific
Novenmer 10634353 9,73'2,813 98.3.35.49 106414523
Kan Okla & Gulf__ November
283,898 189.619 2,646,373 2,120,264
St Jog & Grand 1.4 November
306,217 257.337
618 8841 3.402 320 2,900.458 3,104,965
.
Lake SUP & I. open
45.479
253898 1,015.411.
November
Coregnn Short Lint
401.355
32.456 470 13.975.014
Lake Term Ry
November
82,445
90,500
Total system.... November 18650233 17272219 175738990 185827299
961,931 1,109,901
byomil,,
Alt) 281,083 2.201.571 2,981 371
Lehigh & HU I RiVC.
-W s RR & N November 2;111.3-1 2,5.31.2 ),'
Ore
I '7 27,331,840
Lehigh & New Eng. November
612,100 416,775 4.049,604 4,497.980 Union RR (Penn) November
981,665 683,715 10,339.652 8,732,395
Lehigh Valley
November 5,602,080 6,335,863 56.924.12489,685.510 Utah
November
182,478 135.573 1,587,113 1.115,891
Los Ang & S I 1.1k
1.9 t.60-' 1.0.0,751 18,11)1.93 18.1
Shreve & Pac_ November
Vicks
345,663 348,275 3,344.315 3.805,597
Louisiana & Arkan_ November
282.697 289,952 2,989.881 3,134,552 Virginian Railroad_ November 1,452.988 1,405.979 17.519.971 16,858,411
Louisiana Ry & Nay October
398.007 360,614 2.889.782 3.342.497 Wabash Railroad
November 5,085,572 4,787,294
Louisville & Nashv_ November 10012472 9,763,106 110769621 108744004 Western Maryland_ 2d wk Dec 442,337 335,182 52,827,450 54,769,821
17,589.423 16,906,703
Lnuisv,Hend & St I. 8•,v 95,b .^
2 6 71
, 216.533 2,940..717 2.611.457 Western Pacific..... November 1,173.517 906,251 11.472,537 11,325,40
Maine Central
November 1,783.048 1,670,607 18,750,207 19,072.529 Western Ry of Ala November
291,481 199,451 2,487,852 2,329,207
November
Midland Valley
426,587 362.296 4,272.069 4.116.541 Wheel & Lake Erie_ November 1,108,303 1,164,365 12,113,076 13,832,508
Mineral Range
2d wk Dec
2,279
7,140
& N W November
300,151
155260.8 197,723 1,434,775 2.577,(806
263,273 Wicnita
Minneap & St Louis 4th wk Dec 302,169 252,628 15,540.718 14,900.522 Yazoo & Miss Valley November 2,146,562 1,978,751 17,832,570 18,988,365
Minn St P & 88 M_ November 4,579,916 3,935,114 42,902,214 39,829,798
AGGREGATE OF GROSS EARNINGS-Weekly and Monthly.
Weekly Summaries.
Current
Year.
Previous
Year.
Increase or
Decrease.
%
Monthly Summaries.
Current
Year.
Previous
Year.
Increase or
Decrease.
%
Mileage. Curr.Yr. P ev.Yr.
$
$
$
$
3d week Oct (16 roads)._ 17,512,597
+885,219 5.32 January ----235.395 234,636 393,892.529 469.195.808 -75.303.279 16.05
4th week Oct (18 roads).--- 24.891.958
+1.181.373 5.40 February --235,625 234,880 400.430.580 405.203 414
. .
1-18
let week Nov (16 roads)._ _ 17,499.048
+1.339.269 8.29 March
234.988 234.202 473,433,886 457,374,460 +16.059.426 3.51
2d week Nov (18 road.) ____ 17.766.169
234.955 234.338 416,240,237 432.106,647 -15.866.410 3.67
+1.886,024 11.87 spell
week Nov (18 roads)._ 16,860,574
4-1.707.152 11.26 May
234.931 234.051 447.299.150 443,229.399 +4,069.751 0.92
235.310 234.568 472,383,903 460.007,081 +12,376.822 2.69
4th week Nov {15 roads)._ 15,338.192
+1,334.972 9.95 June
235.082 234.556 442.736,397 462.696,986 -19,960.589 4,31
1st week Dec 17 roads)._ 15,442.132
+2,045.023 15.26 July
2d week Dec 17 roads)____ 15,477,466
235.294 235,090 472.242.561 504,154.065 -31,911.054 6.35
+554,634 3.72 August
3d week Dec (14 roadn____ 13,924,548
+902,900 6.93 September- -235.280 235.205 498.702.275 496,978,503 +1.723.772 0.83
4th week Des ( 7 roads)___ _ 8.366.882
+801.220 1.01 October _ _ _ _33'3.872 232.882 545,759,206 532,684,914 +13,074.292 2.46
•Grand Rapids & Indiana and Pitts. Gina. Obls..21: St. Louis Included In Pennsylvania RR. sLake see & Western includad In New York Oantind
ad
$
16.646,378
23.710.585
16,159,779
15.880,145
15.153.422
13.967,120
13,397,109
14,922.832
13,021,648
7.865.662
JAN.6 1923.]
THE CHRONICLE
Latest Gross Earnings by Weeks.
-In the table which
follows we sum up separately the earnings for the fourth week
of December. The table covers 7 roads and shows 1.01%
increase over the same week last year.
Fourth Week of December.
Canadian Pacific
Grand Trunk System
Canada National
Detroit(3rd Raven & Milw. _
Grand Trunk Western.
Minneapolis& St Louis
Iowa Central
Total (7 roads)
Net increase(1.01%)
1922.
1921.
I Increase. Decrease.
5,321,000 4,913,000I 400.000
$
.
2,743,713 2,400.034' 343,679
302,169
1
252,628
49,541
8,366,882 7,865,6621 801,220
801,220
Net Earnings Monthly to Latest Dates.
-The table
following shows the gross and net earnings with charges and
surplus of STEAM railroad and industrial companies
reported this week:
-Grossfrom Railway- -Net from Railway- -Net after Taw.
1921.
1922.
1922.
1421.
1921.
1922.
$
Ann ArborNovember
96.356
465,380
115,293
92,824
506,089
116,780
From Jan 1 4,620,178 4,708,883
573,511
670,422
909,033
792,281
Atch Topeka & Santa Fe
November 18,757,744 17,124,079 6,939,230 7,230,500 4,639,268 5,692,485
From Jan 1 172414,489 175572,238 45,114,822 55,799.835 30.004,671 43,099,220
Gulf Colorado & Santa Fe
November 2,542,300 2,220,272
860,003
342,598
958,801
392,915
From Jan 121.701,157 27.276,814 4,757.904 7,740,775 3,926,074 6,953,063
Panhandle Santa Fe
November
191,391
127,801
213,100
861,570
186,706
837,825
From Jan 1 7,317.388 8,850.235
720,890 2,556,578
435,198 2.329.292
Atlanta Birm & Atlantic
302,014
383,516
November
401 -68,114 -13,293 -86.287
From Jan 1 3,625,378 2.895,434 -212,055 -1,342,402 -366,948 -1,551,557
Atlanta & West Point
65,261
18,883
13.752
268,499
84,009
November
196,974
From Jan 1 2,364,352 2,299,018
311,890
174,664
448,492
304,701
Baltimore & Ohio
Ball & Ohio Ch Term
44.707
-6,690 -48,008
November
252,387
-2,517
310,310
From Jan 1 2,846,888 2,419,893
253,255 -89,523 -286,338 -510,317
Bangor & Aroostook
135,742
115,132
700,510
164,769
619,064
163,492
November
From Jan 1 6,929,294 6.710,685 1,924,416 1,271,609 1,416,061
901,327
Belt Ry of Chicago
133,032
195,887
163,431
November
229,684
469.058
612,709
From Jan 1 5,590,547 5,059,357 1,910,631 1,335,015 1,526,624 1,027,945
Bingham & Garfield
12,988 -17,021 -18.930 -21,662 -25,947
November
27,368
From Jan 1
186,942 -135,089 -242,456 -184,435 -310,430
208,696
Boston & Maine
826,064
912,529
November 7,057,448 6,788.978 1,173,709 1,060,441
From Jan 1 73,006,493 72.032,853 11,841,786 4,784,631 9,461,256 2,010,992
Central Vermont
179,027
158,937
141,013
197,288
November
860,933
636,293
From Jan 1 8,867.847 6,589.500
949,450 --274,822
754,544 --504,175
Chesapeake & Ohio Lines
735.365 1.093.978
November 6,801,070 6,602,125 1,003,679 1,333,348
From Jan 1 75,999,770 78,174,054 15,600,980 16,018,743 12,648,211 13,470,290
Chicago & Alton
November 2,575,120 2,546,952
321.513
285,636
209,521
223,404
From Jan 1 24,711,937 28,575,703 2,639,750 4,251,683 1.808.280 3,315,919
Chicago Burlington & Quincy
November 15,616,190 13.603,117 4,023,571 2,941,065 3,190,522 2,145,938
From Jan 1 149855.219 155327,958 34,000,322 37,495,979 23,934,710 28,442.299
Chicago & Eastern Illinois
298.151
374,072
253,484
187,965
November 2,271,849 2,252,235
From Jan 1 22,208,348 25,078,253 3,045,443 2,865,490 2,001,102 1,769,585
Chicago Great Western
242,576
November 2,150,586 1,955,118
196.782
167,958
114,818
From Jan 1 22,078.038 22,588,248 2,451,946 3,419,351 1,568,847 2,601,134
Chicago Indianapolis & Louisville
369,308
November 1,414,719 1,228,135
362,970
302,483
300,482
From Jan 114.528,700 13,952.614 3,491,699 2,589,185 2,787,887 1,913,637
Chicago Peoria & St Louis
177,699
5,673 -29,212
November
-5,227 -42,497
180,937
From Jan 1_ 1,928,579 1,916,058 -57,181 -301,428 -165,080 -418,205
Chicago River & Indiana
237,210
November
619,741
194,019
From Jan 1 3,710,667
1,405,785
1,129.067
Chicago Rock Island & Pacific
November 10,356.585 10,475,637 2.267,077 1,720,563 1,741,652 1.181,893
From Jan 1109198,522 122228,852 21,755,224 22,794,413 15,864,454 17,584,320
Chicago Rock Island & Gulf
584,373
November
102,124
516,938
84,281
109,533
89,482
From Jan 1 5,330,541 7,040,325
980,850 1,723,590
844,819 1,594,478
Chicago St P Minn & Omaha
November 2,278,352 2,247,142
161,452
290,317
294,730
160,297
From Jan 125,425,179 25,941,370 4,811,095 3,420,292 3,329,318 1,896,127
Cincinnati Ind & Western
November
336,745
45.991
-1,687
-8,887
418.833
27.656
From Jan 1 3,957,191 3,395,038
527,178 -450,725
347,166 -597,890
Colorado & Southern
November 1331,997 1,226,851
44,396
304,154
362,180 -15,009
From Jan 111.951,036 12,199,990 2,156,590 2,652.705 1,423,868 1.888,823
Ft Worth & Denver City
November
955,070 1,035,401
375,322
228.218
408,373
175,108
From Jan 1 8,803,826 10,506,917 2,743,185 3,857,947 2,256,272 3,288,889
Trinity & Brazos Valley
November
215,658
464,648
194,067
68,459
201,272
59,254
From Jan 1 2,567,808 3,040,332
554,645
446,354
368,683
633,542
Wichita Valley
November
169,868
194,450
65,788
101.356
106,612
54,000
From Jan 1 1,225,588 1,596,105
380,363
520.699
587,262
305,374
Denver & Rio Grande
November 3,101,988 2,828,226
170,837
262,287
348,006
142.106
From Jan 1 30.320,175 30,248,118 6,696,429 4,509,690 4,967,633 2,835,898
Denver & Salt Lake
228,532
November
307.485
42,537
55,573
65,568
33,544
From Jan 1 1,407,510 2,730,886 -51,463
2,853
96,059 -150,508
Detroit & Mackinac
164.747
172,815
November
25.416
33,796
17,630
22,796
From Jan 1 1,745,472 1,846.970
183.187
84,485
72,539
191,5713
Detroit Toledo & Ironton
704,971
775,081
November
24,478
144,605
11,581
127.977
From Jan 1 8,242,863 6.118,289 1,163,383 1,253,505 1,023,515 1,119,452
Detroit & Toledo Shore Line
615,710
333,020
149,126
November
122,126
50,843
36,836
From Jan 1 3,262,852 2,680,390 1,041,591 1,060,609 1,448,531
914,602
Duluth & Iron Range
03,767 -20,338 -151,726 -35,359 -162,141
354,869
November
From Jan 1 6,671,911 4,876,007 2,350,565
843,537 1,883,045
527,813
-Duluth MIssabe & Northern
153,404
479,837 -240,831
November 1,126,291
982,415 -341,270
From Jan 1 14,813,541 12,239,439 7,804,217 5,382,122 7.004,348 4,115,645
71
-Grossfrom Railway -Net from Railway- -Net after Taus
-1922.
1922.
1921.
1921.
1921.
1922.
•
Duluth South Shore & AtlNovember
418.752
74,483
363,081
27.761
781
41,478
From Jan 1 4,086,420 4,172,483
482,758 --71.348
111,454 --390,480
Duluth Winn dr Pacific
November
168,823
180,919
8,147 --37,946
--298 --48,295
From Jan 1 1,811,530 2,169,652
94,748 -70,000
-4,806 -184,976
East St Louis Connecting
November
195,878
121,586
40,067
99.112
91,041
37,412
From Jan 1 1,893,854 1,481,911
994,945
474,074
882,012
442,855
Elgin Joliet & Eastern
November 2,182,032 1,556,952
591,981
749.792
681,458
462,595
From Jan 119,322,228 17,743,921 7,135,865 5,115,541 6.171,037 4.143.684
Erie Railroad
November 9.714,735 8,520.387 1,097.739
890,451
715,141
685,140
From Jan 1 85.303,149 95,815,443 3,367,014 9,310,486
106,253 6.141,619
Chicago & Erie
November 1,169,303 1,023,958
325.181
124,915
51,915
290.154
From Jan 1 10,434,642 10,046,176 2,275,947
693.839 1,722,509
183,172
New Jersey & New York RR
November
123,693
119,528
15,320
15.238
12,920
12,321
From Jan 1 1.372,935 1,367,299
124,857
174,152
92,833
141,943
Georgia & Florida
November
126,065
103.513
28,525
22,291
--0,433
1.398
From Jan 1 1,237,648 1,273,992
219,139 --41,826
149,465 -128,443
Grand Trunk System
Atlantic & St Lawrence
November
281,393
237,411
41,670 -21,748
31,770 -35,215
From Jan 1. 2.538,469 2,521,404 -66,193 -451,228 -241,310 -644,809
Chicago Detroit & Canadian Or Trk Jet
November _ 245,884
151,897
144,770
5,224
-2.007
131,455
From Jan 1_ 2,083,311 1,795,989
987.432
447,092
871,285
511,301
Detroit Grand Haven & MilwNovember _ 529,223
452,220
63,034
170.885
70,106
166,910
From Jan 1_ 4,957,147 1,161,915 1,230,817
217,478 1,172,662
152,496
Grand Trunk Western
November _ 1,393,324 1,248.186
337,087
127,878
259,738
190,708
From Jan L14,898,780 13,417,702 3,238,221 1,203,745 2,468,253
602,286
Great Northern System
November _10,503,818 10,674,119 3,296,137 3,894,994 2.601,208 3,342.959
From Jan 1_94,919.372 93.641,723 22,038,964 19,084.120 14,507,565 11,264,258
Green Bay & Western
November _
106,600
110,101
8,883
24.559
17,059
-1.317
From Jan E 1,242,845 1,285,700
272,193
243,039
151.511
183,882
Gulf Mobile & Northern
November _ 434,311
340,142
114,434
71,093
77,888
49,012
From Jan 1_ 4,11,8,480 3,749,332 1,088,594
387,103
824,759
171,167
Hocking Valley
November _ 1,383,658 1,142.583
149,751
350,638
64,507
289,762
From Jan E12,558.373 13,222,248 2,883,208 2.256,786 1,909,112 1.385.091
Illinois Central
November A4,421,551 11,124,037 2,578,491 1,336.257 1,686,386
693,728
From Jan E140,444,576 130040,630 32,012,907 23.043.410 21,780,055 15.232,620
International fly in Maine
November
203.950
188,121
18,637 -12.117
8,637 -39,117
FromJanl. 2,329,524 2,498,165
243,218
120.379
73,218 -56,621
Kansas City Mexico & Orient
November _
126.436
138,363
4,144
-3,245 -12,488 -11,285
From Jan 1., 1,235,784 1,675,867 -90,262 -164,304 -179,974 -252.776
Kan City hfex & Or of Texas
November _
178,554
211,145
35,028
48,659
28.322
40.509
From Jan 1_ 1,404.659 2,034,346 -104,819 -259.711 -172,397 -327,388
Kansas City Southern
November _ 1,631,233 1,511,837
359.710
319.418
252,565
221,216
From Jan E10.473,406 18,189,365 3,874,607 4,844,141 2.788,952 30/39,865
Texarkana dr Ft Smith
November _
197,595
167,231
89,386
75,659
78,472
67,972
From Jan 1_ 1,934,159 2,026,960
807,856
750.079
690,021
667.886
Kansas Oklahoma & Gulf
November _ 283,898
189,619
84.968
25,492
16,418
75,278
From Jan 1_ 2,646,373 2,120,264
785,115 . 154,435
51,349
657,211
Lake Superior & Ishpeming
November.
45,279
25,828 2,274 -10,279
-7,760 -15,638
From Jan E 1,085,616
404,358
462,571 -114,861
400,813 -174.785
Lehigh & Hudson River
November _ 227,110
281.083
55,770
93,622
81,471
43,770
From Jan 1_ 2,201.571 2,988,371
413,578
803,139
669,475
268,177
Lehigh & New England
November _ 612,100
416,775
273.273
78,553
224,535
53,483
From Jan 1_ 4,049,604 4,497,980
730,652 1,026.215
821.848
550,369
Los Angeles& Salt Lake
November 1,954,600 1,602,751
535,921
298,972
401.820
426,506
From Jan 1_18,101,935 18,105,921 3,096.168 2,977,839 1,879.088 1$90,455
Louisville Henderson & St Louis
November _ 256,742
216,533
28,679
18,437
31,063 -18,754
From Jan 1_ 2,980,217 2,641.457
819,116
422.636
509,123
828,358
Minneapolis & St Louis
November _ 1,371,644 1,433,895
185,954
296,050
255,590
106,397
From Jan E14,281,078 15,013,276 2,339,080 1,179.214 1,581,372
419,022
Minn St Paul & S S M
November _ 4,579,915 3,935,114
548,915
896.771
676,793
597,828
From Jan 1_42,902,214 39,329,798 9,605,110 3,314,903 6,781,212
613,237
Missouri Kansas & Texas
November _ 2.995,789 2,810,564
980,473
665,982
726,115
759,178
From Jan L28,935,079 30,939,850 9,553,524 6.459,724 7,593,661 4,709.691
Mo Kan & Tex fly of Texas
November _ 1,991,156 2,153,402
360,469
416,490
453,464
329,374
From Jan 1_19,522,405 2,500,681 4,195,253 5,609,852 3,579,417 5,010,499
Missouri& North Arkansas
November _
132,794
49,327
46.007
From Jan 1_ 624,577
154,078
143,417
Missouri rattle
November _ 8,834,393 9,294,690 1,314,883 1.944,323 1,000.716 1,537,111
From Jan 1_91,191,536 102019,816 14,207.010 17,162,557 10.209,327 13.228,515
Mobile & Ohio
November _ 1,798,382 1,470,961
123,297
435,325
346,318
191,085
From Jan L16,292,463 16,584,856 3,676,240 1,821.230 2.989,392 1.138.351
Monongahela
November _ 415,825
211,025
484,724
131.446
118,945
228,525
From Jan 1_ 3,315.948 4,005,782 1,171,678 1,234,956 1,079,014 1,152,450
Monongahela Connecting
November _
167,910
107,114
20,322
171
22,270
-2,386
FromJan L 1,512,598
727.267
197.871
173,899 -10,413
,9.317
Nevada Northern
November _
61,516
33,044
1,873
8,035
29,263
21,724
From Janl_ 531,499
323,945
237,930 -24,885
166,250 -115,759
New York Central
Michigan Central
November _ 7,999,148 5,964,073 2,711,447 1,587.475 2,192,008
972,287
From Jan 1_75,609,332 67,054,847 21.798.850 15.927,608 17,265.642 12,975.145
Cincinnati Northern
November _ 393,000
32,344
153,089
295.836
52,530
134,310
From Jan 1_ 3,159,660 3,544,656
797,859
725;228
555,687
985,448
N Y Susquehanna & Western
November _ 372,697
40,759 -43,569
334,523 -22,502
14,900
From Jan 1_ 3.737,505 3.931,019
250.091 -199,618 -34,800
70,412
Northwestern Pacific
November - 604,015
104,647
650,406
108.284
56,970
61.898
From Janl- 7.421.541 8,040,270 2,202,995 2.201,282 1.678.187 1,773,856
Pere Marquette
November 3,420.598 3,313.808
542,133
738,144
758,862
595,156
FromJan E35.007.603 35.655,935 8,894,015 7,918,937 7,263,605 6.599,516
72
THE CHRONICLE
[VOL. 116.
-drossfrom Reheat,- -Net /Yam Railway-- -Na after Taxes
Electric Railway and Other Public Utility Net
1922.
1921.
1922.
1921.
1921.
1922.
$
$
$
$
$
5
Earnings.
-The following table gives the returns of
Pennsylvania RR & Co
November _59,410,370 52,584.432 9,411,266 9,806,716 7,014,120 7,640,141 ELECTRIC railway and other public utility gross
and net
From Jan L588,007,546 567865,965 103394,912 72,304,310 75,927,547 47,197,305
earnings with charges and surplus reported this week:
Toledo Peoria & Western
November _
118,525
185.047
5,977 -17.402
-5,050 -27,402
-GrossEarnings--Net Earnings
From Jan L 1,562.044 1,528,976 -17,744 -266,159 -139,251 -376,274
Current
Previous
Current
Previous
Companies,
Year.
Year.
Year.
Year.
West Jersey & Seashore
November _ 988,365
802,665
83,263 -49,383
83,203 -49,409
From Jan L13,047.297 12,205,974 2,374,681 1,433,010 1,520,479
Nov 5,755.222 4,998,041 1,345,652 2,116.719
721,033 American Tel & Tel
Jan 1 to Nov 30
59,463.547 53,123.388 24,247,447 23,043,580
Pittsburgh ShawmutNovember _
110,469
122,231
-4,360
27.005
-9,473
25,403 a Barcelona Tr L & P-_Nov 4,478.246 3.661,205 2.796,796 2,495,564
Jan 1 to Nov 30
From Jan 1_ 945,947 1,182,147 -142,922
6,766 -157.006
-4,057
42.193.291 33,880.037 25,689,625 21.463,625
Columbus El & Pow Co_Nov 188.697
Quincy Omaha & Kansas City
91.514
167.020
103,688
12 mos ending Nov 30 1,961,341 1.761,996
November _
151,908
15,411
116,998
53.221
11,487
49.290
975,08.5
948,822
From Jan 1_ 1,127,335 1,210,431
15,404 -64.358 -27,825 -105,962 Twin City Rapid
l'ransit Nov 1,133.413 1.168,652
240,995
180,552
Richmond Fred & Potomac
Jan 1 to Nov 30
November _ 858,039
246,152
717,131
170.029
208,005
a Given in pesetas.
140,708
From Jan 1_ 9,908,382 9,130,413 3,302,445 1,955,332 2,757,613 1,568,113
Gross
Net after
Fixed
Balance,
St Louis-San Francisco
Earnings.
Taxes.
Charges.
Surplus.
November 6,848,264 6,731,067 1.991,481 1,898,898 1,712,634 1,502,188
i
$
$
From Jan L72,169,161 75,694,284 18,368,850 20,540,337 14,904.707 17,128,217 a American
Water Nov '22 2,550,142
972.053
765,534
206.510
Wks & El Co
Ft Worth & Rio Grande
'21 1,691,544
677,729
506,173
171,556
139,083
11 mos ending Nov 30'22 23.404.182 8,811,106 7.224,255
168,060
November _
10,118
24,858
6,591
21,232
1.586,851
From Janl_ 1,263,427 1,618.889 -113,271 -23,560 -154,623 -63,757
'21 19,824,936 6,835.764 5,503,225 1,332,538
Baton Rouge Elea Nov '22
49,691
St Louis-Ban Fran of Texas
18.929
3.227
'21
November _
46,508
144,718
924
23,003
156,288
6,794
21,124
4,697
•368
12 mos ending Nov 30 '.22
579,435
213,390
FromJan 1_ 1,551,603 1,772,281
228,961
57,844
207,368
45,230
35,958
1665:556702
118 160
.
554.213
186,916
52.305
134.611
St Louis Southwestern
Blackstone Valley Nov '22
371.976
146.549
27.653
118.896
November 1,850,983 1.654,242
715,502
848,503
630,689
757,841
Gas & Elec
'21
346,964
137,225
27.860
From Jan 1.16.565,184 15,847,634 6,262.857 6,018.161 5,440,687 5,272,016
109.365
12 mos ending Nov 30'22 3,951,027 1,435,622
333.395 1,102.227
St Louts Transfer
'21 3,593.346 1,173,641
336,729
836,912
November _
68,420
77.431
26,087
28.935
25,198
28,166 Cape Breton Elec Nov '22
61,213
14.717
5,529
From Jan 1_ 683,108 1,030,425
143,593
469,585
138,573
463,307
Co. Ltd
'21
63,427
12.320
5,680
San Antonio Uvalde & G
12 mos ending Nov 30 '22
625.024
74.430
67.199
7,2880
69 64141
73,384
November _
71,686
-4,446 -12,361
-8,647 -15,176
'21
699,596
117.762
68,823
48 915
9. 3
. 9
9
From Jan 1_ 962,670 1,088,564
184,541
213,050
149,543
181,688 Central Miss Vail Nov '22
48,427
14.654
3.635
11.019
Seaboard Air Line
El Properties
'21
46,995
13,546
3,631
November _ 4.223,461 3,608,176
894,770
780,778
720.428
12 mos ending Nov 30 '22
629,951
542,189
148,264
43,853
104.411
From Jan 1_41,161,595 39,143,753 8,479,278 5,114,732 6,570,093 3,446,663
•
'21
519,182
132,717
44,248
88.471
Southern Pacific
Citizens' Trac Co
Oct '22
72,748
31,267
9.165
22,102
Atlantic Steamship Lines
& subsidiaries
'21
57,351
23,672
8,945
14.726
November 1,149,671 1,057,650
139,828
110,334
12 mos ending Oct 31 '22
128,359
98,370
790.591
320,507
109,997
210,509
From Jan 1_10,908,189 9,769,554 1,690,124
587,681 1,555,619
456,804
'21
791.535
281,493
107,188
174,305
Galveston Harrisb & ill A
Connecticut Power Nov '22
166.009
44,790
16,777
28,013
November _ 1,989,897 2,089,180
222,859
248,072
123.860
Co
206,755
'21
148,575
63,334
20,569
42,765
From Jan L20,117,305 23.123,085 3,141,244 3,404,391 2,501,636 2,933.482
12 mos ending Nov 30 '22 1,710.599
602.545
207,873
392,672
& Texas Central
Houston
'21 1.518,228
597,155
241,674
355.481
November _ 1,451,496 1,571,653
276,228
431.220
389,377 Consumers Power Nov '22 1,389,097
207,653
626.586
202,418
424,168
Co
-Houston E & W Texas
'21 1,240,054
557,991
.
350,271
272,689
November. 287,654
12 mos ending Nov 30'22 14,835,852 6,675,607 2.449,030 4.226,577
64,164
53,030
51,159
40,885
515,950
'21 14.105.815 5.619.647 2.342,750 3,276.897
From Janl_ 2,882.201 2,745,297
457,668
398,284
436.580
East Texas Elea
Louisiana Western
Nov '22
63,221
158.097
18.466
44,755
337,941
November _ 413,942
Co
143,796
130,152
'21
40.354
48,258
118,271
18,464
17,118
21.890
12 mos ending Nov 30 '22 1,766,146
From Jan 1_ 3,861,511 4,055,407
996,291
618,031
081,534
200.987
718,600
682,464
417.054
'21 1,676.561
579,684
219,360
Morgan's Louisiana & Tex
350.324
November _ 934,477
139,433
843,685
45,682
14,166
69,152
8: 02
6 312
7
84,207
33,807 Eastern Shore Gas Oct '22
5,864
& Elec Co
From Jan 1_ 7,511,244 8,103,837
'21
15,553
40.458
593,890
385,661
72,565 -78,164
8.840
12 mos ending Oct 31 '22
496.704
160,842
91.850
Texas & New Orleans
68,991
'21
453.568
135.632
77.826
November _ 790,135
712,434
80,447
57,806
81,267
28,329
63,111
From Jan 1_ 7,961,837 7,926,492
779,082
48.566
130,749
271,061
483,735
1,038
61,191 Edison Elec Illum Nov '22
47,528
Co of Brockton
'21
40,785
115,998
1,153
Southern Railway
39.632
12 mos ending Nov 30'22 1.368.782
493,091
10,696
November _12,176,616 11,159,256 3,407,281 2,920,748 2.871,652 2,519.757
482,395
'21 1,240,856
351,974
26,928
325141
8 6
From Jan 1_116265555 118210892 27,847,105 20,002,063 22,509,114 15,811,813
6
Elec Lt & Pow Co Nov '22
63
9 96
:058
635
Alabama Great Southern
Ab'ton & Rockl'd '21
37152
3 .'219
2
November _ 850,618
859,561
273,669
100,625
240,200
73,905
70.968
12 mos ending Nov 30 '22
374,705
7,Pli
a
From Jan 1_ 7,657,593 8.713,292 1,650,587
63.'360
5 448
992,051 1,204,670
698,262
'21
58,306
345,551
9,377
48.929
eine New On & Tex Pat
El Paso Elec Co
77,864
194,292
Nov '22
16,935
November _ 1,701,654 1,393,571
429,923
60.929
126.299
379,424
62,928
192,317
56.407
'21
17.354
From Jan L15,067,631 15,804,032 2,889,293 2,103,310 2,146,985 1.524,786
39.053
834,462
12 mos ending Nov 30'22 2,283.212
209.289
625,173
Georgia Southern & Fla,
695,987
'21 2,289.946
151,727
544,260
November _ 384,280
381,349
56,545
14,669
35,834
-2,421
39,795
106,970
Oct'22
13.942
From Jan L 4,114,958 4,122,626
25,852
651,604 -190,682
447,650 -379,2.56 Erie Lighting Co
and. subsidiaries
30,438
80.123
'21
15,638
14.799
New Orleans & Northeastern
437.380
12 mos ending Oct 31 '22 1.130.237
173.708
263,672
561,873
November 108,382
503,498
5,333
77,001 -57,569
'21 1,050,258
360,218
184.188
176,030
From Jan 1_ 4,923,320 5,831,588
356,688
382.975 -49,088 -149,786
26,072
Fall River Gas
88.821
Nov '22
50
26,022
Northern Alabama
Works Co
27.598
83,810
'21
328
27,270
145,091
November _
81,446
63,271
53,187
59,287
48,432
251,093
12 mos ending Nov 30 '22 1,002,139
2,365
249,728
From Jan L 1,286.398
809,777
472,953
138,714
428,672
98,580
'21 1,009.184
266,117
2,218
253,899
Spokane International
62.190
Galveston Houston Nov '22
282,511
39,429
22,761
138,269
122,196
November _
63,021
38,150
56,057
28,751
Elea Co
'21
57.326
278,253
35,628
21,698
From Jan 1_ 1,118,783 1,203,848
369,429
327,168
307,454
243,927
670,555
12 mos ending Nov 30 '22 3,305,202
361,340
209.215
Spokane Portland & Seattle
'21 3.738.615
951,352
424.910
71
523:681
16 3
56
680,589
November
648,493
271,581
265.958
231,520
170,942 Haverhill Gas Lt
Nov '22
49,827
13.666
From Jan L 6,666,178 7,295,971 2,391,431 2,571.559 1.557.545 1,589,134
45.620
Co
'21
10,986
830
10,156
Tennessee Central
542.451
134.346
12 mos ending Nov 30 '22
1.727
132,619
189,527 -27,729 -13,553 -22,673 -15,019
228.850
November
'21
518,074
117.690
14 618
0 5
:3 3
107 0n
12 18
: 9
From Jan 1- 2,292,266 2,170,237 -166,520 -105,065 -114,674 -147,721 Houghton County Nov '22
16,547
51,436
Term RR Assn of St Louis
El Co
'21
147:568
19 2
541: 21
57 4101
80
3
5.212
14,068
379,030
November _ 388,558
160,675
129,147
93,015
68,916
12 mos ending Nov 30 '22
55,124
92.344
From Jan 1_ 4.112,083 4,157,718 1,285,402 1,172,367
655,220
513,045
'21
89.480
567.350
64,024
25,358
St Louis Merch Bridge Term
Nov '22
Keokuk Elec Co
34,648
10,435
3,627
6,808
319,261
November _ 443.630
20,904
86,108 -25,289
'21
72,446
3,626
From Jan 1_ 3,688,366 3,368,672 1,131.307
894,977
882,246
507,744
384.'978 101.'86 8
33 48
8
8 36
12 mos ending Nov 30 '22
8
43,760
51:14
70
1
'21
373,416
86.308
Texas & Pacific43;885
178
4
42.563
Novem`er _ 3,089,532 3,076,421
520,481
015,649
439,371
804,223 Key West Elec Co Nov '22
22,223
10,561
2,610
7.951
FromJan 1.23.113,744 32,522,156 5,001,825 6,317,029 3,842.542 4,973.866
'21
22,834
4,531
248,365
86, 21
64
12 mos ending Nov 30 '22
1
Toledo St Louis & Western
30.781
'21
267,857
940.838
249,640
81,321
329,530
November _ 1,178,151
185,174
22,V4
285,530
MN
From Jan1_10,410,124 8,717,980 3,285,112 2,110,588 2,677,646 1,715,670 Lowell Elec & Ltg Nov '22
148,900
69.042
'21
110.615
Corp
40,848
Union Pacific
November .10,634,353 9.732.843 3,873,020 2,688.885 3,285,325 2,085,327
12 mos ending Nov 30'22 1,320.041
435.823
13:1U
43, 18
8
3
44
'21 1,170,502
360,259
From Jan 1_98,335,449 106414523 30,987,563 34,715,966 24,591,100 28,695,500
16.133
3 , 28
Milvraukee Ry &
Nov '22 1,782,534
531,907
Oregon Short Line
227,652
304,254
'21 . •
Li ht C
November _ 3,618.886 3,402,320 1,348,098 1,010.966 1,098,754
,242
697,842
.
12 mos ending Nov 30'22 19,187,968 5,861.247 2,422,278 3,407 657
From Jan 1_33,456.479 33,975,014 8,908,594 8,685,668 5,928,872 5,603,638
3 ,968
38
'21 18.801,165 5.145.876 2.222,052 2,923,824
Oregon-Wash RR & Nay
Miss River Power Nov '22
241.635
259,254
November _ 2,442,394 2,534.305
435,956
77,995
176,404
255,116
'21
Co
233,076
171,553
From Jan 1_25,845,127 27,331,840 1,658,658 3,053,272 -334,645 1,004,801
937: 03
3
7
01
12 mos ending Nov 30 '22 2,897,887 2,169,793 1,232 88503
21,492
0
St Joseph & G Isi6874,601
'21 2,761,581 2,025,934 1.239,852
257,337
November _ 306,217
43,412
22,863
786.082
27,221
25
Oct '22
Municipal Service
395,534
351,574
From Jan 1_ 2,900.458 3,104,965
376,437
166,458
218,181
151,641
45,579
106,061
'21
Co & subs
198.529
70,348
Western Maryland
12 mos ending Oct 31 '22 3,201,422 1,154.895
324,034
914.92
60 6 6
'82
239 918
6, 2
7
November _ 1,912,747 1,388.420
380,877
264,034
320,877
'21 2,518,018
777.070
116.575
660.494
From Jan L16.769,873 16,216,832 3,553,724 3,455,948 3,003,724 2,742,217
Northern Texas
Nov '22
256.055
242,000
86,554
62.354
Western Pacific
'21
Elec Co
270,870
34.888
97,242
309,708
72.755
906,251
124,098
November 1,173,517
239,866
14,371
12 mos ending Nov 30 '22 3,071,620 1,031,050
55,124
731..917
8 134
FromJan 1-11.472,537 11.325,401 2,435,164 1,906,221 1,541,676
928,501
'21 3,654 9 5 .1,217 67
0 :268
0
64.024
968,038
71:33
8
7
Alabama
Western Ry of
Paducah Elea Co Nov '22
8.423
199,451
291,481
99,259
November
19,603
79,865
7,215
'21
45,831
8,460
3,211
11.671
638.813
313,024
492,843
From Jan 1 2,487,852 2,321.,207
221,258
12 mos ending Nov 30 '22
101,501
557.145
193,287
91.786
Wheeling & Lake Erie
'21
95.054
526,659
136.326
41,272
1,164,365
35,161
270,990 -57,639
November 1,108,303
170,986
Lt &
242.454
29.812
101,678
71.866
635,971 2,067,776 Penn Central subs Oct'22
From Jan 1_12,113,076 13,832.508 1,783,493 3,009,489
Power &
'21
29.857
191,808
79,598
49,741
Wichita Falls & Northwestern
358,651
12 mos ending Oct 31 '22 2,397,857
995,238
636,587
40,861
197,723
155,608
74,841
November
30,012
12,625
'21 2,239,977
352.128
847,910
495,782
893,531
255,111
127,553
From Jan 1_ 1,434,775 2,577,008
722,248 Plana & Western
Nov '22
15,061
31,682
70,664
16,621
'21
13,198
Yazoo & Mississippi Valley
30,061
66,033
16.863
419,602
550,491
433,219
November _ 2,148,562 1,978,751
166,167
336,796
762.596
303,569
11 mos ending Nov 30'22
170,629
2,060,685 1,148,457
FromJan 1.17.832,570 18,988.365 2,447,781
'21
788,157
167,782
294,767
744,059
128.985.
THE CHRONICLE
JAN.6 1923.]
Gross
Earnings.
927
1 .472
/
Puget Sound Pow Nov '22
'21
870.781
& Lt
12 mos ending Nov 30 '22 10,407.905
'21 10.034.506
132,969
Savannah Else & Nov '22
139,081
'21
Power Co
12 mos ending Nov 30'22 1,605.991
'21
Nov '22
80.925
Sierra Pacific El
'21
74,098
Co
901,557
12 mos ending Nov 30 '22
'21
896,455
Nov '22
158.742
Tampa El Co
'21
135,590
12 mos ending Nov 30 '22 1,795,808
:2, 1.702,188
1
United Gas & Elec Nov 22 1.142.081
1,039,207
12 mos ending Nov 30'22 12,354.143
'21 11,412.993
United Lt & Rye
Nov '22 1,024,253
Co & subs
961,473
'21
12 mos ending Nov 30'22 11,648.359
'21 11.407.983
United Railways
Nov '22 1,370,680
& Electric
'21 1.305.093
11 mos ending Nov 30 '22 14,861.079
'21 15,039,479
Utah Power
666,741
Nov '22
& Light
594.029
'21
12 mos ending Nov 30 '22 7,630,866
'21 6,822.973
West Penn Co
Nov '22 1,822.579
& subs
'21 1,212.882
12 mos ending Nov 30 '22 16,639.664
'21 14,244,524
a Including West Penn Co.
Balance,
Surglus.
4.11,965
393.766
4,485,767
4,143.319
52,571
48,606
572,776
279,741
248.153
2.741,449
2,333,924
28,519
25,367
289,546
40.364
35.210
417,387
392.686
72,439
59,540
739,595
675,270
413.690
389,922
4,319.198
3,665.405
334,578
296,244
3.689,437
3,263,034
362,608
340,248
3,749,201
3,581,228
356.301
323.061
3,663.461
3,410,061
685,115
435,326
5.847,010
4.351.058
4,257
6,106
66,919
75.039
4,371
4,308
52,606
52,519
140.159
146,705
1.717,098
1,693.498
61,447
70,563
847,409
866,876
270,439
273.641
3.043,639
3,039,176
155,178
143,848
1,851,301
1,719.850
439,678
269,718
4.202,448
2,889.095
36,107
29.104
350.468
317,647
62.354
Total income
$3,847,246 $5,847,870 $11,204,457 $9.545,266
72.755 Oper. exp.,f. o. b. basis_ $3,217,700 $5,199,439 $7.426.397 $6,364,992
642,613
686,989 Marine freights
622,751
$648,432 $3,778.060 $2,537,662
Profit on operations
$629,546
273.530
$358,202
$ 157,553
243,216 Int. on let M. bonds, &c $770,089
2.602.100 Int. earned on curr. accts Cr.271.836 Or.252,309 Cr. 42,871
13,692
10.313
10,807
1.971.906 U. S. capital stock tax__
553,108
550.000
273,131 TJ. S. & Cuban inc. tax_
26.700
Loss on
225,680 Colones Liberty bonds_
50.000
300,284
accounts
50,000
2.842,028 Depreciation reserve_
586,000
510,000
450,000
630,000
2.396.157 Discount on bonds _ _
160.000
92.169 Acct. of previous years..
3,296
8.173
6.623
21,828
66.607 Res. for mat'l & supp
14,236
150,000
705.562 Res. for possible decline
542,052
225,000
in sugar value
234,500
245.000
245,000
201.123 Preferred dive. (7%)_ _ _
245,000
(7;4)750,000(10)1.000,000 (7) 720,620
179,213 Common diva
376.700
1,812.160 Coin. stock (stock div.)1.690,211
Balance, sur. of def__def$660,577d1$1.764,369 sr$1.414,959 def$262,018
245,437
165.607 -V. 115. p. 2693.
1,644.561
International Shoe Co., St. Louis, Mo.
1,461.963
(Summary of Business for Year ended Nov. 30.)
Chairman Jackson Johnson, Dec. 26 1922, wrote in subst:
Swift & Co., Chicago.
(Annual Report for Fiscal Year ended Nov. 4 1922.)
President Louis F. Swift, at the 38th annual meeting at
Chicago, Jan. 4 1923, said in substance:
-The time has come when we can report that the cutting down
Results.
of expenses during the past two years and the cleaining out of our inventories
have put us on a sound basis and with a profit large enough to cover
dividends.
Our earnings for the year were $13.049,217, or about 2 cents on each
dollar of sales.
Our sales this year were a little over 3650.000.000. The decline in
our sales this par compared with 1921 is due, in part, to the deduction
from this year s figures of the sales which our foreign companies made on
commission for Compania Swift Internacional. Our tonnage was practically the same as in 1921.
Prices.
-The actual average prices paid by the company for cattle,
sheep, and hogs during the last three years are shown below, the figures
for the calendar year 1922 including only 11 months' figures:
1922.
1920.
1921.
6.48
648
9.51
Cattle
9.64
13.92
8.52
Hogs
11.92
13.06
8 44
Sheep and lambs
These figures show the same average price was paid for cattle as the
year before, but the price in November and December was approximately
12% higher than 1921. Hogs show a 13% increase in value; sheep and
lambs a 40% increase.
On the whole there have been no such spectacular price movements
during 1922 as those that we have had to record during the past few years.
Increased prices of hides and other by-products have also helped our
earnings considerably.
We paid out for live animals during the fiscal year the sum of $317,000,000. This was paid in cash from day to day as the animals were
bought.
Stockholders -There are over 45,000 in all and about 16.000 of them
are employees. Our employees now own about $21,000,000 stock, and
are encouraged to buy shares on the installment plan. About 17,000
of our shareholders are women.
-Relations with our employees have been
Relations with Employees.
harmonious. Our employees are developing a greater interest in our
Assembly Plan of representation, and we believe that the inauguration
of this plan has been a really constructive step in improving relations
between management and employees. There have been no changes in
wages since November 1921.
Relations with Government.
-As for our relations with the Government,
the administration of Packers and Stock Yards Act has been constructive,
and no difficulties have arisen. If prejudiced and impractical people
should be in charge of the enforcement of this law they might have it in
their power to injure both the industry and the public. We are in hopes
the the present sound policy of administration will continue indefintely.
OPERATIONS FOR FISCAL YEARS.
12 Months
Nov.4 1922. Nov.5 1921. Oct. 30 1920. Nov. 1 1919.
endings
$
Business clone
650,000,000 800,000,000 1,1002
60.000 1.200200,000
Trading profit
(?)
12,187.708
(
?)
(7)
Loss on inventory_
20,000.000 Not reported
Balance
13,049,217 1oss7812,292
12,000.000 12,000,000
5,170,382
12,000,000
13,870,181
10,063,460
sur1,049,217df19,812,292 def.6,829.618 sur 3,806,721
BALANCE SHEET.
Nov. 4 '22. Nov. 5 '21. Oct. 30 '20. Nov. 1 '19.
Assets
Real estate, improvements, incl. branches_ 92,665,422
Stocks and bonds
42.998.171
22.051.890
Cash
Accounts receivable_ _ _ _110,903.672
Live cattle, sheep, hogs,
86,424,828
dressed beef, &c
Total Operations for Fiscal Year ended Nov. 30 1922.
$11,739,821
Net earnings
1,502,864
Provision for taxes
3,240,733
Dividends on Preferred and Common stock
$6.996.224
Net balance retained as additional working capital
During the year the company produced 38.376,117 pairs of shoes and
its sales were 8101.430,697, showing a satisfactory gain over last year.
Results, &c.
-We do not own, operate or control any retail stores and
this large volume of sales, made under open and strong competition, is
gratifying evidence of the increasing popularity of our product.
We make good leather shoes and market them by intensive, persistent
selling methods at a low margin of profit. In this way we have secured
a large volume of desirable business which has kept our factories running
steadily.
The uniform and continuous operation of our factories has reduced the
overhead cost which is reflected in the prices of cur shoes, thereby stimulating a greater demand for our product. At the same time all those
engaged in making our shoes have been steadily employed on a remunerative
basis.
The success of our company rests on its ability to sell its product in
large volume. We must continue to practice economies, both in making
and selling our product, in order that our factories may run continuously.
thus making the company's great volume of sales a real asset, not only
to stockholders, but to every man actively connected with the company.
The company does not intend to depart from these sound principles upon
which it has been conducted. We will continue to improve the quality
of our shoes, to be content with a small margin of profit and to eliminate
or reduce any item of cost which does not result in service to the consumer.
The company produces a largo part of the leather it uses, and is making
many items which are used in manufacturing its shoes. By this means.
we not only effect a saving in cost, but are able to standardize the quality
of our shoes.
-During the year we have brought into operation facAdditions, &c.
tories at the following locations: Sweet Springs and St. Clair, Mo., producing 6,600 pairs of shoes per day. Additions have been built to the
following factories, giving a total increased daily production of 13,400
pairs: Cape Girardeau, Hannibal, Herman and Marshall, Mo., Chester.
and Paducah, Ky.
Extensive properties located at Broadway and Cherokee St., St. Louis,
with floor space of 260,000 sq. ft., have been purchased and are now being
converted for the occupancy of the following departments: (1) cartons.
(2)containers,(3) sole cutting.(4) heel,(5) box toe.(6) printing,(7) trunk.•
We have contracted for, and will have in operation during 1923, a shoe
factory at Higginsville, Mo. with a daily capacity of 4,000 pairs, and
an upper fitting room at Jackson, Mo., with a daily capacity of 4,000
pairs of fitted uppers.
At the sole leather plant, St. Louis, we have erected a warehouse and
office building, and a warehouse at JeffersOn City, Mo.. thus affording
additional needed facilities for these two plants.
Construction.
-During the year we spent on new construction $1.713.083.
and charged to operations $3,105,499, representing the amount expended
for lasts, dies, patterns, the upkeep of buildings, machinery and equipment and depreciation, leaving the net book value of physical properties
at $10,506,751, an increase over the amount reported in 1921 of $615,187.
Dirfdends.-Beginning April 1 1923. quarterly dividends on the Common
stock shall be at the rate of 75 cents per share.
Production-Oullook.-In order to take care of the increased demand
for its shoes, the company must continue to expand its factory production.
Therefore, it is desirable that the company retain a large part of its
earnings in order that it may, at all times, maintain a strong fianncial
position.
Orders on lIand.-Company has on hand a volume of orders sufficient
to insure the continuous operation of its factories during the first six
months of the ensuing year.
-V. 115, p. 2800. 2692.
British-American Tobacco Co., Ltd.
(Report for Fiscal Year ended Sept. 30 1922.)
The directors at London Dec. 20 report in substance:
The following
been paid on the Ordinary shares,
96,942.769 96.119,502 89,803,862 viz., 4% on Jan.interim dividends have 31 1922:4% on June 30 1922, and
18 1922:4% on March
37.696,253 35,831,002 35,133,578 4% on Sept. 30 1922, and there is now an available balance of E4,721.106.
12.067,488 14,146,101 22.915.431 made up as follows:
121,365,893 153.503,863 149.796,213 Net profits for the year, after deducting all charges and expenses
for management, &c., and providing for income tax and
93,771.464 151,305,084 191,890.849
£4,400.784
corporation profits tas are
Deduct-Preference dividend for the year of 5%
225.000
361,843,867 450.905.553 489,539,932
£4.175,784
Balance
150,000,000 150.000.000 150,000,000 Amount brought forward per last balance sheet.
£3.171.454:
28,923,500 29.591,000 30,258,500
Less final dividend of 8% for the year ended Sept. 30 1921,
25,000,000 25,000,000
paid Jan. 18 1922, £1.281.266, and less also £310 applied
25,000,000
in payment in full for 310 Ordinary shares (distributed as
40,000,000 40,000,000
div. with other Ordinary shares per resolution of May 10
19201; Add portion of the general reserve of £1,500,000 set
33,853,100 94.604.477 145,224,206
up in 1914 to provide against possible losses arising from the
11,331.603 19,423,234 39,260,829
war not now required. (The balance of £278,000 having
10.995.672 10,734,558 11.414,497
£3,111,878
been charged off), £1,222,000; balance brought forward_
61,739.991 81,552,283 88,381,900
355,043.986
Total assets
Liabilities
150,000.000
Capital stock
28,256,000
1st M. 5% bonds
6 gold notes due 19217 gold notes due 1931_ 25,000,000
7 gold notes
5% gold notes, 1932- _-- 50,000,060
16,140,000
Notes payable
11.804,493
Accounts payable
11.054.285
General reserves
62,789,208
Surplus
355,043.986 361,843,867 450.905,553 489,539,932
Total liabilities
-v. 115, P. 1332, 1108.
Manati Sugar Company.
(Report for Fiscal Year ended Oct. 31 1922.)
5 The remarks of PresidentR. Truffin, together with the
comparative balance sheet, will be published another week.
STATISTICS FOR YEARS ENDING OCTOBER 81.
1918-19.
1919-20.
1920-21.
1921-22.
Output of raw sugar
70,422
58,008
64,188
(tons 2.240 lbs.)
53,196
2.714 cts. 4.500 cts. 9.403 cts. 5.645 cts.
Receipts per pound
Cost of produc. (per lb.) 2.270 cts. 4.001 cts. 6.232 cts. 4.035 cts.
$648.432 $3,778.060 $2.537.662
Operating profits
$629.546
INCOME ACCOUNT FOR THE YEARS ENDED OCT. 31.
1920-21.
1919-20.
1921-22.
1918-19.
400,400
374.700
507,366
Production (bags)
450,391
Sales-Centrifugal sugar,
,
C. o. b. basis
$3,604,915 $5,493.860 $10,871.611 $9,214,727
40.000
120.220
128,625
Molasses
242,331
314.010
212.626
201,914
Miscellaneous income_ _ _
Fixed
Charges.
3
142,224
145,613
1,744,318
1,808,395
24.052
23.239
283,230
Net after
Taxes.
FINANCIAL REPORTS.
Net earnings
Cash diva.(8%)
73
Total available
Deduct
-4 interim dive, on Ordinary shares
£7,287.661
2,566,556
Leaving balance of
£4,721,106
out of which the directors recommend the distribution on Jan. 10 next
of a final dividend (free of British income tax) on the Ordinary shares of
9% amounting to £1,444,153 leaving £3,276,952 to be carried forward.
The net profits above mentioned do not include the company's proportion
Of the undivided profits of the Associated Companies which such companies
have not thought fit to declare as dividends.
74
THE CHRONICLE
[Vol,. 116.
INCOME ACCOUNT YEARS ENDING SEPTEMBER 30.
1921-22.
1920-21.
1919-20.
1918-19.
Net profits after chges_x £4,400,784 £4.323,481 E4.879.177 £3.776,508
Preferred dividends(5%)
225.000
225,000
225.000
225.000
Ordinary div
(25%)54.010,709(24)3842.493(30)3745,492(30)2156,773
,
Balance, surplus
£165.075
1255.988
£908,685 £1,394.735
Previous surplus
1.890,188
1,636.463 4.400,312
3,005,578
Total
£2.055.263 £1,892,451 £5,308,997 £4,400,313
Stock dividend (text)
£310
£2,263 £3,197.096
do in SS. stock
475,438
War loss res. cred. back 1,222,000
1920. Loading of that commodity for the first 50 weeks this year totaled
2,835,437 cars. This exceeded the same period last year by 425,424 cars,
and was within 152.594 cars of the total for the same period in 1920."
Car Shortage.
-Total shortage on Dec. 23 was 99,908 cars. This was
a decrease since Dec. 15 of 5,110 cars, and the first time the shortage has
fallen below the hundred thousand mark since Sept. 15.
The demand for box cars in excess of the current supply totaled 43,697
on Dec. 23, a reduction of 5,978 in approximately a week, while the demand
for coal cars totaled 43,664. which was, however, an increase of 2,464 within
the same period. The shortage in coke cars totaled 461. 18 cars under that
on Dec. 15. A decrease of 1,200 was also reported in the shortage in stock
cars, compared with that on Dec. 15, which brought the total to 2,215.
The shortage in refrigerator cars likewise showed a decrease within a
week of 242, which reduced the total to 4,677.
With the loosening of the car shortage, there has been a steady increase
Profit & loss, surplus_ .£3,276,953 £1,890,188 £1,636,463 E4,400.313
In the number of surplus freight cars of various classes and in good repair
x After deducting in 1921-22 "all charges and expenses for management, scattered throughout the country, the total for such cars on Dec. 23 being
9.563. This was an increase of 1,886 over that on Dec. 15. Surplus box
&c.. and providing for inceme tax and corporation profits tax."
y The dividends on the Ordinary shares in 1921-22 include the 4 interim cars numbered 1.751, an increase within a week of about 500. while 2,532
distributions. viz.. Jan. 18 1922. 4%, March 31, 4%; June 30, 4%; and surplus coal cars in good repair were reported, an increase of 250 within
Sept. 30, 4%, calling for £2.566,556, also the final 9% dividend (free of the same period.
Matters Covered in "Chronicle" Dec. 30.-(a) What Canada thinks of the
British income tax) recommended payable Jan. 18 1923 (£1,444,153).
regulation of railroads in the United States, p. 2866. (b) Complete railmaldng 25%.
way statistics for 1921 covering 250,649 operated miles of line, p. 2866.
BALANCE SHEET SEPTEMBER 30.
(e) 1-9. C. C. denies reduction on pig iron rates from Southern ports,
1922.
1921.
1922.
1921.
p. 0
867. (d) Radical element threatens stability of country, says B. W
Assets£
£
Liabilities£
£
Real est. & bldg._ 5490,558
550,950 Preferred stock__ b4,500,000 4,500,000 Hooper. Chairman U. S. RR. Labor Board, p. 2867.
Plant, mach., &a_ 529,247
475,932 Ordinary stock_ _c16,046,070 16,015,645
Alabama Traction Co.
-Stock Application.
Good-will, tradeCred.& cred. bale_ 5,161,822 6,239,843
This company, formerly the North
marks, arc
200,000
200,000 Res. for bldgs.,&c. 500,000
489,738 to the Alabama P. S. Commission forAlabama Traction Co., has applied
authority to Issue stock.
Inv.In assoc. cos_ _15,266,302 15,340,583 Prem. on ord. ells_ 417,314
401,039
Other investments
4,958 Redemp. of coup's
48,446
50,545
Atchison Topeka & Santa Fe Ry.-Improvements.British Govt.sec__ 464,854
Special reserve___ 1,256,399 1,254,231
The 1923 budget for additions
Loans, associated
General reserve_ _ (see text) 1,500,000 according to Pres. W. B. Storey. and betterments totals 524,100,000,
.
This figure represents an amount in
companies,&c__ 4,695,582 5,547,886 Profit and loss beaddition to approximately $12,000,000 carried over from 1922 and proMaterials & supp- 4,849,513 6,873,065 fore deducting
vides for additions and
Debtors and debit
final dividend__ 4,721,106 3,171,454 new equipment, bridge,betterments, including such items as second track,
&c.
-V. 115. p. 2904, 2158.
bal., less reserve 1.659,489 *2,108,141
Cash
4,495.611 2,520,980
Baltimore Chesapeake & Atlantic RR.
-May Be Sold.
See Maryland Delaware & Virginia RR. below.
-V. 112, p. 1282.
Total
32,651,156 33,622,495 Total
32,651,156 33,622,495
Baltimore
& Ohio RR.
-Equipment Orders.
*Includes assets in former enemy countries. a Real estate and buildings
Orders have been placed for 5,000 hopper and gondola cars, distributed
at cost, less provision for amortizat on of leaseholds. b Preferred stock
authorized and outstanding, 4,500,000 5% Cumulative shares of £1 each. as follows: 1.500 with Pressed Steel Car Co.; 1,000 with American Car
c Ordinary stock represents 16,046 070 shares of Ll each. The total & Foundry Co.; 500 with Standard Steel Car Co.: 500 with Youngstown
Steel Car Co.; 500 with Balston Steel Cal' Co., and 1,000 with Cambria
authorized issue is £18,000,000.
-V. 115, p. 2681, 2277.
There are contingent liabilities, on shares not fully paid, £25,466, for Steel Co.
premiums payable on redemption ofshares in associated companies allocated
Off Legal List.
to employees, also in respect of guarantees given on behalf of certain
All bona issues of the Baltimore & Ohio and Chicago Milwaukee & St.
as& ciated companies, and to issue 8V Ordinary shares of El each in accord- Paul MU. are off the llst of bonds for legal
investment for savings banks
ance with the extraordinary resolution of May 10 1920. to shareholders who in New York State.
-V. 115, p. 2681, 2277.
have not lodged acceptances.
-V. 115, p. 2908, 2796.
Bangor Railway & Electric Co.
-Dividend Increased.
-
GENERAL INVESTMENT NEWS.
RAILROADS, INCLUDING ELECTRIC ROADS.
The following news in brief form touches the high points
in the railroad and electric railway world during the week
just past, together with a summary of the items of greatest
interest which were published in full detail in last week's
"Chronicle" either under "Editorial Comment" or "Current
Events and Discussions."
Boston & Maine Reopens ,
-Will resume work in shops at Keene,
Shops.
N. H., closed since July 1. 'Philadelphia News Bureau" Jan. 1, p. 3.
Bonus to Loyal Employees.-Loulsville & Nashville will give extra months'
salary to employees who did meritorious work during shop strike. "Boston
News Bureau" Jan. 1, p. 3.
Rate Changes During 1922 Reduces &sods' Revenue $500,000.000
.-Bureau
of Railway Economics based statement on data filed with I.
-S. C. Commission and reviews reductions made since August 1920. "Times" Dec.
31 _Sec. 9. p,10.
Wages of Boston Elevated Employees.
-The wages of the conductors and
motormen on the Boston Elevated System were reduced 2 cents an hour
on Jan. 1, in accordance with the agreement of last June between the
Carmen's Union and the Elevated trustees that arranged for a 4 cent
cut from 65 cents an hour, the reduction to be in two cuts, the second of
which will be on Monday. "Boston Financial News" Dec. 29, p. 3.
Car Repairs.
-Freight cars awaiting repairs on Class I railroads on
Dec.15 were 213,837,for 9.4% of the cars online, according to the American
Railway Association. This is a reduction of 12.451 cars compared with
the number in need of repair on Dec. 1, at which time there were 226,288.
or 9.9%.
The number awaiting repairs on Dec. 15 was the smallest since Feb. 15
1921.
On Dec. 15 last year 318.556, or 13.5%, were in need of repairs.
Cars in need of light repairs on Dec. 15 this year totaled 44,567, a
reduction of 5,715 since the first of the month,while those in need of heavy
repairs totaled 169,270, or a reduction of 6,736 within approximately
two weeks.
Orders for Locomotives.
-New locomotives valued at $6,600,000 were
contracted for in last week of 1922 by American Locomotive Co.
The orders closed in the last week called for the delivery of 133 engines
the largest total for any week in more than two years. The contracts call
for the delivery of 12 to the Chicago & North Western, 18 for the Union
Pacific. 8 for the Grand Trunk, 3 for the Lehigh & New England, 35
for the Canadian National Railways, 5 for the Central of New Jersey,
3 for the Cleveland Cliffs Iron Mining Co., 8 for the Narragansett Pier
RR. Co., 1 for Cosden & Co., and 2 for the Japanese Government Railway.
"Times" Jan. 4.
-The following statement is authorized
Car Loadings During Year 1922.
by the Car Service Division of the American Railway Association:
"More cars were loaded with agricultural products during the year 1922
than ever before in the history of the railroads.
"Loading of grain and grain products alone increased approximately 7%
over 1921, when such shipments were the heaviest on record. There also
was an increase in 1922 in the number of cars loaded with grain and grain
products of approximately 33% over 1920.
"For the 50 weeks this year complete reports show 2,370.625 cars loaded
with grain and grain products. This was an increase of 144,780 cars,
compared with the same period last year, and an increase of 585,634 cars
over the corresponding period in 1920.
"Cars loaded with live stock during 1922, according to incomplete reports,
increased approximately 9% over 1921 and increased approximately 5%
over 1920.
"A new record in the number of cars loaded with all commodities, except
coal, was also made in 1922, when there was an increase of more than 15%
over 1921, and nearly 3.7 over 1920. Loading of all commodities, other
0
than coal, amounted to 35.074,090 cars from Jan. 1 this year to Dec. 16.
This was an increase of 4,680,720 cars, compared with the corresponding
period last year, and an increase of 938,188 cars compared with the corresponding period in 1920.
Notwithstanding the five months' coal strike, coal roroduction in 1922
nearly equals that of last year. By the first week in Jan. it is estimated
that it will equal that for 1921. Up to Dec. 16 1922 7,093,638 cars had
been loaded with coal, compared with 7,734,627 during the corresponding
period in 1921 and 9,731,796 in 1920.
"The railroads in 1922 also moved more merchandise and miscellaneous
freight, which includes manufactured products, than ever before in history,
there having been an increase of approximately 14% in the number of cars
loaded in 1922 over 1921 and approximately 6% over 1920, when freight
'
traffic was the heaviest in the history of the railroads. Movement of merchandise and miscellaneous freight is one of the best indices to business
conditions to be found.
"Loading of merchandise and miscellaneous freight up to Dec. 16 last
totaled 26,252,434 cars. This was an increase of 3,145,601 cars over the
same period in 1921, and an increase of 1,419,012 cars in 1920.
"Tentative reports show that loading of forest products in 1922 considerably surpassed the total for last year, but was slightly below that for
A quarterly dividend of 1% has been declared on the outstanding Capital
stock, payable Feb. 1 to holders of record Jan. 10. Quarterly dividend of
X of 1% each were paid in May, August and November last.
-V. 115. ro•
1099, 72.
Baton Rouge Electric Co.
-Notes Paid:
-
Any balance of the 7% notes outstanding Jan. 1 were paid off by•the
company.
-V.113, v. 2404.
Carolina Clinchfield & Ohio Ry.-Bonds Authorized.
-
The I.-8. C. Commission on Dec. 28 authorized the company to issue
$9,500,000 1st & Consul. Mtge. Gold bonds Series A,to be sold at not less
than 91M and int. and the proceeds used in paying off loans aggregating
58,000,000 from the U. S.. and in reimbursement of the company's treasury
for expenditures for capital purposes amounting to $1.500,000. See offering of 58,000,000 of these bonds in V. 115, p. 2793, 2984.
Central New York Southern RR.
-Receiver Asked.
-
The Columbia Trust Co. New York, as trustee has instituted proceedings for the appointment of a receiver.
'
The company has applied to the I.-S. C. Commission for authority to
abandon its entire line.
-V. 115, p. 2793.
Central RR. of New Jersey.
-To Build Bridge.
-
Secretary of War Weeks has approved the application of the company
to construct a new bridge across the south end of Newark Bay, N. J.,
replacing the present bridge at that point. Construction of the bridge,
estimated at $9,000,000. has been opposed by the city of Newark, which
contended it would impede navigation and urged the construction of a
tunnel.
-V. 115, p. 2579.
Chesapeake & Ohio Ry.-Guaranty Payment.
A payment of $1,074,841 from the Government has been authorized
by the L-S. C. Commission, completing payment of all the amounts under
the Government guarantee against losses In operation for the 6 months of
1920 after return of the roads to private ownership. With the payment
certified the company will have received a total of $4,378,841.-v• 115,
p. 2904, 2683.
Chicago & Alton RR.
-Receivers'. Notes.
The I.
-S. C. Commission on Dec. 27 authorized William W. Wheelock
and William G. Bierd, Receivers, to issue, under date of Dec. 1 1922,
receivers' notes aggregating $2,000,000, maturing 18 months from the date
thereof. The report of the Commission says in substance:
The proceeds from the sale of the notes will be used in making repairs to
cars and locomotives and for renewals of rail and to the extent of $1,000,000
in part reimbursement of the receivers for payments made by them for
necessary current labor, services, supplies and material furnished the company during the 6 months' period immediately prior to the receivership:
It is proposed to sell the receivers' notes to net the receivers the par value
thereof plus accrued interest, less discount of not more than 3%,if the notes
bear interest at rate of 5% and a discount of not more than 2% if such int.
rate is 6%. The notes will be redeemable on any interest date, only at
the option of the receivers, by the payment of the principal, accrued list
thereon, and a premium of 1% of the principal if redeemed June 1 1923.
and a premium of X of 1% if redeemed Dec. 1 1923.
Jan. 1 Int. on 1st Lien 33zs Defaulted.
-The protective
committee representing the holders of the 33% 1st Lien
-Year gold bonds, due July 1 1950,F. H.Ecker, Chairman,
50
has called attention to the default in payment of interest
due Jan. 1 1923, and of the authorization of the issuance
and sale of $2,000,000 receivers' certificates. The committee requests that all holders who have not done so already
should deposit their bonds with the Farmers' Loan & Trust
Co. as depositary. (See adv. pages.)
-V.115, p. 2793,2683.
Chicago & Eastern Illinois Ry.-Bonds.-
-S. C. Commission on Dec. 22 authorized the company to pledge
The I.
and repledge not exceeding $989,000 of the prior-lien-mortgage 555%
.
bonds Series B, from time to time, until otherwise ordered, as collateral
security for any certain note or notes that may be issued, and to sell said
bonds at any time to and including June 30 1923 at a price to net not less
than 95 and int. Report of the Commission says in substance:
The applicant represents that to meet Its needs for additional equipment,
it has arranged to procure 17 all-steel 70
-foot baggage cars; 10 Mikadotype freight locomotives and 6 Pacific-type passenger locomotives at an
approximate total cost of $1,099,300.
Delivery of equipment will be made between Nov. 1 1922, and Jan. 1
1923. Payment therefore will be made upon delivery from funds in the
treasury. As of Nov. 1 1922. after meeting payments then due and providing for outstanding drafts and taxes,payable during the month of Nov.8
1922. Company estimated it would have $3,665,000 in its treasury available to pay for the equipment. It is proposed to rehabilitate, at an eat
mated cost of $1.227.812. certain equipment acquired from a predecessor
company , and to expend for other additions and betterments during 1922.
.
$1,516,67S. To complete these programs, IL is estimated that $1,027,812
will be required for the rehabilitation of equipment and $604.688 will be
THE CHRONICLE
JAN.6 1923.]
needed for the additions and betterments, which amounts, together witn
the proposed expenditure of $1,099,300 for new equipment, will make a
otal of $2,731,800, to be financed from cash in the treasury. There would
therefore, remain of the estimated balance on Nov. 1 1922, approximately,
$934,000 for other current requirements. Applicant claims this would be
an inadequate working ['and inasmuch as operating expenses for 0-t.
1922, amounted to $1,976,060. Applicant therefore proposes to reimburse its treasury to the extent of approximately 90% of the expenditures
for new equipment by the proposed IMMO of bonds. The question of whether
the proposed expenditures for rehabilitation of equipment and for additions and betterments are properly capitalized is not now passed upon.
It is stated that the bonds will be sold ultimately directly, or through
Kuhn, Loeb & Co., at not less than 95 and int.-V. 115, p. 2904, 2158.
-Authority to Issue Bonds
Chicago Great Western RR.
-The
To Acquire Bonds of Mason City de Fort Dodge RR.
I.
-S. C. Commission on Dec. 23 authorized the company to
issue $10,206,000 1st Mtge. 50-year 4% Gold . bonds and
$3,580,000 4% Preferred stock in connection with the
acquisition of the $12,000,000 1st Mtge. 4% bonds of
Mason City & Fort Dodge RR. The report of the Commis•
sion says in part:
75
but the sale was set aside by the court and that portion of the division
extending from Stillwater Jct. to Delphos was acquired by the Dayton
Company. The Dayton Company began operation on Jan, 1 1918, and
continued such operation until the appointment of the receives.
The consolidated gereral balance sheet, as of July 31 1922. showed:
capital stock,$300,000;funded debt unmatured.$386.980;current liabilities,
$509,429: unadjusted credits, $161,799; investment in road and equipment,
5706.478; current assets. $83,096; unadjusted debits. $76,764: profit and
loss debit balance, $493,222. For the period Jan. 1 1918 to July 31 1922
the result of operations were: Operating revenues, 51.181.319: operating
expenses. $1.313,016; deficit in net railway operating income. $467,692.
The applicant states that neither the $300,000 capital stock nor the $386.980
bonds have any market value and that their worth will not be affected by
the proposed abandonment.
The debts of the receiver are approximately $200.000. Taxes to the
-V. 115. p. 1729. 1320.
amount of $15,000 are due and unpaid.
-Tentative Value.
Delaware & Hudson Co.
-S. C. Commission has placed a tentative valuation of $98,728.801
The I.
on the company's property as of June 30 1916. according to information
contained in the Commission's report to the Senate in response to the
-V. 115.
Capper resolution regarding the recapture of excess earnings.
p. 2045, 1631.
The applicant operates, under lease, all the lines of railroad owned
by the Mason City company.
In Nov. 1920 the applicant notified the Mason City bondholders that,
upon the basis of accounting specified in the lease, the interest on the
Mason City bonds had not been earned, that it had advanced funds from
time to time with which to make up the deficiency, but that these advances
would no longer be continued. However, the coupons maturing Dec. 1
1920 were paid by the applicant (V. III, p. 2228), although it claimed
that the interest had not been earned, but the interest on the Mason City
bonds since that date has not been paid.
A bondholders' conunittee (Mortimer N. Buckner, Chairman, V. 111,
p. 21401 has been formed to protect the interests of the Mason City bondholders. It is the view of this committee that not only has the Mason
City defaulted in the payment of int. on its bonds, but that the applicant
Is in default under the lease, the committee's contention being that, under
proper accounting on the basis specified in the lease, net earnings of the
Mason City sufficient to pay all the interest upon the $12,000,000 of
Mason City bonds are, or ought to be, in the applicant's hands. The
committee insists, therefore, that it can, at any time, cause the Mason City
mortgage to be foreclosed or terminate the lease, or. in a suit against the
applicant for an accounting, cause a substantial sum to be credited to the
"trust fund" for the benefit of the Mason City bondholders.
The applicant denies that it is in default under the lease, and asserts
that, under the accounting provisions of the lease properly construed, no
earnings are available for the payment of interest upon the Mason City
bonds.
This controversy between the bondholders' committee and the applicant
has been the subject of extended negotiations between them, in the hope
of effecting an adjustment. In the meantime, the applicant has continued
to operate the Mason City lines under the lease.
Under date of Oct. 20 1922 the bondholders' committee and the applicant
entered into an agreement embodying an adjustment plan under which,
subject to our approval, the securities, for the issue of which authority is
herein sought, will be delivered by the applicant to the bondholders' committee in exchange for all the outstanding Mason City bonds deposited
under a certain deposit agreement, provided at least 80% of the outstanding bonds are deposited.
The applicant now owns all of the Capital stock of the Mason Qty.
and, in the event it should acquire in addition all of the outstanding Mason
City bonds, the practical effect would be to merge the Mason City with
the applicant. Indeed, if the proposed adjustment is consummated, it is
the intention of the applicant to ask our authorization of the acquisition
by it of the railways and properties of the Mason City. For digest of ad-V. 115, p.2904.
justment plan see Mason City & Fort Dodge RR. below.
2683.
-Elevation.
-Delaware Lackawanna & Western RR.
The new elevated section of the D. L. & W. RR. in New York on the
Morris and Essex divisions, which eliminates grade crossings between
Hoboken and Mount Tabor, was used Dec. 17 for the first time. The
elevation, constructed since April 1921, is 17 miles long and cost approximately $4,000.000. The improvement includes two new stations, Brick
-Sixteen grade crossings have been
Church and East Orange, N. J.
eliminated.
-V. 115. p. 2905, 2266.
•
-Receiver's Certif.
Denver & Rio Grande Western RR.
The I.
-S. C. Commission on Dec. 28 authorized Joseph H. Young,
Receiver, to issue $5.000,000 receiver's certificates. Series No. 1. at not less
than 98 and Int. The report of the Commission says in part:
Acting under an order of the court, the receiver submitted to the special
master a budget of improvements, additions or betterments which he believed should be made within three years from Aug. 11922. to put the railroads in his charge in safe and proper condition for adequately serving the
public. Such budget showed estimated gross expenditures of$23,792.518,
which included $6,226,283 for new equipment.
On Nov. 20 1922. the special master filed a report finding among other
things, that the most important expenditures necessary were for equipment and additional shop facilities, and that 57.000.000 should be available
within the next 60 days, and 53,000.000 during the year 1923, and recommending that an order be entered authorizing the issuance of $5,000,000 of
receiver's equipment trust certificates and $5,000,000 of receiver's certifs.
On Dec. 2 1922. the court entered an order confirming and approving
the report of the special master and authorizing the receiver to negotiate
for the sale of $5,000,000 of receiver's ecialpment-trust certificates, not
included in this application, and to issue not exceeding 55 009 0006% receiver's certificates. Series No. 1, to be in the denom. of $1.000 each, or any
muitiple thereof, to be dated Dec. 1 1922, to be payable Dec. 1 1924, but
red. at any time at par and int. Certificates are to rank equally and be
equally secured upon the corpus of all the property and franchises legally
or equitably covered by and or embraced in. the 1st & Ref. Mtge. of the
,
Denver & Rio Grande RR., dated Aug. 1 1908, and, or the Adjustment
mortgage made by that company, dated May 1 1912. prior and superior
to the lien of said mortgages, but subordinate to senior and underlying
mortgages and except as to the proposed imam of receiver's equipmenttrust certificates. No receiver's certificates will be issued having any priority over, or being on a parity with, this series, either in lien or date of
maturity until all certificates of this series have been fully paid both as
to principal and interest.
The receiver proposes to use not exceeding 51.200.000 of the proceeds of
the sale of the certificates as a cash payment upon equipment to cost approximately $6,000,000 and to be procured under a proposed equipment trust,
and to spend the remainder for additions and betterments to the property
in his hands.
No arrangement have been made for the sale of the certificates other
Chicago Milwaukee & St. Paul Ry.-Off Legal List, &c. than certian assurances the receiver now has for the purchase of 52.500,000
thereof at 98 and int. Authority is sought to issue and sell the entire
See Baltimore & Ohio RR. above.
which
It is stated that the company will spend $18,000,000 during the coming 55,000.000 of certificates at not less than Orli price,cost to is the minimum
the receiver will
- fixed in the court order. On that basis the annual
year for equipment, and $12,000,000 for other supplies and material.
be approximately 7%.
V. 115, 13. 2793, 2683.
-Nov. Earnings.
Chicago Rock Island & Pacific RR.
Chairman Charles Hayden, commenting on the November earnings.
said: "Rock Island net operating revenue for November was $2.351.358
and the balance of income after payment of all fixed charges was $369.750,
which are the largest net operating revenue and balance of income shown
for the month of November since 1917.
The balance of income for the year to Nov. 30 is $2,389,237. These
figures include all the extraordinary expenses growing out of the shopmen's
strike and a reserve of $1.350,000 for deferred maintenance of equipment
resulting from the strike.
"The earnings reflect a very creditable performance on the part of the
company, when it is considered that the freight rate reductions ordered
by the I.
-S. C. Commission during the current year amount, on the volume
of traffic the road handled, to $8,475,000. Had it not been for these rate
reductions, the net for the 11 months ended
30 would have been
correspondingly greater."
1921.
1922.
November Earnings$10,873,521 $11,040,397
Operating revenues
9,204,005
8,522,163
Operating expenses
Nov.
Net operating revenue
Operating income
/con-operating income
$2,351,338 $1.856,392
1,270.313
1,811.134
81,488
45,000
Gross income
Deduction
$1.856,134 $1.351.803
1,303.858
1,236,384
Net income
Res, for maint. of equip, on account of shopmen's
strike
$619,750
Balance of income
-V. 115, p. 2476.
$369,750
$47,963
250,000
$47,963
Chicago Utilities Co.
-Bonds Sold at Auction.
Adrian 11. Muller & Sons, N. Y., auctioneers, last week sold $2,000,000
of First Mtge. 5% gold bonds, due April 1 1942, for $200 for the lot.
V. 113. p. 292.
Cumberland County Power & Light Co.
-To Acquire.
The company has applied to the Maine P. U. Commission for authority
to acquire the properties of the York County Power Co. and the Westbrook
Electric Co. The latter named companies are both controlled by the
Cumberland Co. through stock ownership.
-V. 115. P. 435, 313.
Community Traction Co.
-To Increase Capital.
The City Council of Toledo, Ohio, has authorized the company to
increase its capital by issuance of $30,000 of Preferred stock to provide
funds to purchase four motor buses and provide housing facilities.
V. 115, p. 2477.
Dayton Toledo & Chicago Ry.-Abandonment.-
-S. C. Commission Dec. 26 issued a certificate authorizing the reThe I.
ceiver to abandon, as to inter-State and foreign commerce, the line of the
company. The report of the Commission says in part:
,
The railroad Is locatee entirely within the State of Ohio, and extends
from Delphos to near Stillwater Jct., 90 miles. The company was placed
in the hands of a receiver April 29 1921. The Common Pleas Court"of
Miami County, 0., on Oct. 2 1922, entered an order in the receivership
proceeding, authorizing and directing the receiver to file this application
with the Commission to abandon the road.
The line was built as a narrow gauge from Dayton to Delphos, and was
placed in service in 1881. In 1892 it as acquired by the Cincinnati Hamilton & Dayton RR. and changed to standard gauge. It was operated as
the Delphos division of the latter road until 1917, when the Cincinnati
ton & Dayton RR. and changed to standard gauge. It was operated as
Hamilton & Dayton RR • then in receivership. was acquired by the Baltimore & Ohio RR. At that time the Delphos division was sold for junk,
Reorganization Plan Reported Near Completion.
According to reports in the financial district this week a reorganization
plan resulting from co-operative effort of the Perkins committee and
Kuhn. Loeb & Co., bankers for the Missouri Pacific RR.. is nearing completion. James H.Perkins (Pres. Farmers' Loan & Trust Co.) is Chairman
of one of the committees, representing holders of the 1st & Ref. Mtge. 5%
bonds and the Adjust. Mtge. 7% bonds, and opposed the reorganization
.
plan advanced by the Hammond committee about a year ago.
It is reported that under the new plan the Missouri Pacific proposes to
provide for the 5% bondholders by an issue of new 5% bonds, guaranteed
by the Missouri Pacific, which would be offered at 60. The reports also
state that the road would be operated jointly by the Missouri Pacific and
the Western Pacific.
Alvin W. Krech, Chairman of the Western Pacific, is reported to have
stated that representatives of the Western Pacific and the Missouri Pacific
had been carrying on conferences with a view to working out the Denver &
Rio Grande tangle, but that no conclusions had as yet been reached.
Mr. Krech is quoted as follows: "Papers have been drawn up but the
details are still to be worked out, and nothing final has been accomplished.
No discussion surrounding the position of the 5% bonds has as yet developed."
Statement by Richard Sutro, Chairman of Bondholders' Committee.
Richard Sutro, Chairman of the committee for the Refunding and Adjustment bonds, in connection with the above rumors issued the following
statement:
"The Denver & Rio Grande system is in all respects self-supporting, and,
as is now well known, originates over 80% of its traffic.
"On the other hand,from the information obtainable, the Missouri Pacific
and the Western Pacific fail to show sufficient earnings available to meet the
proposed guaranty. It must therefore be apparent that any such guar-and
anty will be met our of the earnings of the Denver system itself
that for this reason the guaranty is either wholly unnecessary or of no substantial value. Further, if this plan involved another effort to revest the
control of the Denver system in either or both of these connecting lines
thus depriving the bondholders of the equity in the road which our committee
is endeavoring to secure for them-we may reasonably expect a recurrence of
old-time conditions, which would mean that the Denver system would again
be operated primarily for the benefit of selfish outside interests and that the
Preferred stock that it is proposed to give to the Denver bondholders would
have a very doubtful value.
"There is one course to pursue and one alone in connection with any reorganization of'the Denver & Rio Grande system-and that is to reorganize
the road as a wholly independent system and solely in the Interest of its
own bondholders, so that its management may be enabled to work wholeheartedly in the interest of its own security holders, and without the necessity of also serving outside interests.
"Furthermore, it will be interesting to learn how this suggested Plan
proposes to deal with the Utah Fuel Co. stock, the title to the property or
which the Denver & Rio Grande Western claims to be the owner, free of
.the lien of the Refunding and Adjustment Mortgages and numerous other
-V. 115, p. 2684. 2266.
important unadjusted matters."
-Bonds Paid.
Des Moines & Central Iowa Elec. Co.
The $201,000 Oskaloosa Traction & Light Co. 1st Mtge. 5% bonds.
due Jan. 1 have been paid -V. 101, p. 287.
Detroit Toledo & Ironton Ry.-Profit Sharing Opposed.
Counsel for the minority stockholders has opposed the company's proposal to issue employees' profit sharing certificates in papers filed with the
S. C.Commission,calling it a method of taking the minority stockholders'
right to possible profits. Objection to plan says that Henry Ford and his
associates can claim to be employees of the road and share in the profits,
shutting out those only financially interested in the road-V. 115. 14
2684. 2579.
Gary & Southern Traction Co.
--Wages Cut.
-
The company and its employees have concluded negotiations whereby
-a reducthe latter have agreed to accept a wage scale of 60 cents an hour
-V. 115, p. 1631.
tion of 8 cents from the former scale.
76
THE CHRONICLE
[VOL. 116.
Groton & Stonington (Conn.) St. Ry.-Trolley Service.
Speyer & Co. and J. & W. Seligman & Co. have notified
members of the reorganization syndicate that they have sold
all of the International-Great Northern RR. 1st Mtge. 30
Illinois Central RR.
-Valuation Too Low.
-Addressing Year 6% Bonds and all the
Adjustment Mortgage 6% Bonds
the Kentucky Manufacturers' Association, Pres. C. H.Mark- heretofore
held by the syndicate.
-V. 115, p. 2905.
ham said that the valuation placed by the 1.-S. C. ComInterurban Railway & Terminal Co., Cincinnati.
mission on the system is too low. He said in part:
The interurban line which
The Illinois Central system was recently
The company recently established railway service between Groton and
New London. Conn.
-V. 103, p. 1032.
served with a preliminary engineering survey of its valuation, as of June 30 1915. At that line the
Commission's valuation engineers estimated the property was worth about
$371,500.000. Now that estimate was too low, as we hope to show the
Commission, but even taking that estimate as it stands and adding the
$108,000,000 put into the property between that time and the end of 1921
we would have had a valuation at the end of 1921 that totaled, close to
$480,000,000, or more than $90,000,000 in excess of the
system's capital stock and funded debt in the hands of Illinois Central
the public. A
margin of $90,000,000 on a valuation of $480,000,000 is a pretty
margin, certainly safe enough to prove that you won't find "water" insafe
the
securities of the Illinois Central system.
Illinois Central system operates about 6,200 miles of line, but when we
count up second, third and fourth tracks, side tracks, passing tracks,
yard tracks and the like we have more than 10,000 miles of track. Our
capitalization is about $387,000.000. That is, $62,400 for each mile of
line, or $38,700 for each mile of track. But capitalization covers much
more than just the right-of-way, the ballast, the ties, and the rails. On
the Illinois Central system we have 75,000 freight cars, 1,800 locomotives,
and 1,700 passenger cars. Take our freight cars at a value of $1,000
each, which is half what a new car costs to-day: it is not an unjust value
of our cars because our equipment was acquired largely in recent years and
has been kept in first-class condition. 'rake our locomotives at 830.000
each, which is nearly half what we are paying now. Take our passenger
cars at $15,000 each: we paid $34,800 each for the last steel cars we purchased. Most of our passenger cars are modern steel cars and they have
been kept in good condition.
These estimates would give us $75,000.000 worth of freight cars, $54.000.000 worth of locomotives, and about $25.500,000 worth of passenger cars.
This is a value of $154,500,000 for rolling equipment alone, nearly half of
the total capitalization of the system. When we subtract this prom the
previous capitalized value we had for a mile of track $38,700 we have left
a capitalized value of $23,250 a mile. And this does not take into consideration the cost of bridges, signals, telephone and telegraph lines, which
are so closely connected with the track, or of the buildings, land, roundhouses, shops and stations.
cinnati and New Richmond, until last March was operated between CinOhio,
to service. This announcement was will not be rehabilitated and restored
made by William E. Hasten, President
of the Cincinnati & New Richmond Ry. originally
this operation. Failure of shippers along the routeorganized to take over
to support the project
is given as the chief reason for the collapse of the plan.
The work of dismantling the old Interurban Ry. St
Terminal Co. line
already has been started. The tracks will
and stock sold or junked. Charles Leslie be torn up and all equipment
is receiver for the company.
"Electric Railway Journal."
-V. 115, p. 2159.
Kentucky Midland RR.
-Sale, &c.
Keokuk Electric Co.
-Notes Offered.-Stone & Webster,
Inc., are offering at 983 and int., $400,000 254-Year 6%
Mtge. notes. A circular shows:
Dated
See Illinois Central RR. above.
Jan. 2 1923. Due July 1 1925. Interest
payable J. & J. at
First Trust & Savings Bank, trustee, Chicago,
s
without deduction for
normal Federal income tax up to 2%. Denom.
$1,000. $500 and $100(0).
Redeemable as a whole on 30 days' notice at
prior to Jan. 1 1924: 101
Jan. 1 1924 to Doc. 31 1924: 100 Jan. 1 1925102maturity.
to
Security.
-Secured, subject to the lien of $137,000
divisional bonds by a
closed mortgage on the entire property now or hereafter
owned.
Company.
-Does entire electric lighting and power and
street railway
business in Keokuk. Iowa, and in Hamilton and
In Keokuk, and operates an interurban electric Warsaw, Ill., gas business
Hamilton and Warsaw. Population. estimated,railway between Keokuk,
20,000.
Purpose.
-To pay $388,000 1st & Ref. bonds maturing
Jan. 15 1923.
Authorized. Outstanding.
Mortgage notes, 6% (this issue)
Closed
$400,000
Keokuk Elec. Ry. & Pr. Co. 5% serial bonds
Closed
137,000
Preferred 6% Cumulative stock
$250,000
250,000
Common stock
650,000
660,000
Earnings
-12 Months ended Nov. 30 1922.
Gross earnings
Operation of Line, &c.
$384,978
Net, after operating expenses and taxes
101,867
The I.
-S. C. Commission on Dec. 23 issued (1) a certificate authorizing Interest on bonds and mortgage notes requires
30,850
the Chicago St. Louis & New Orleans RR. to construct a new line of -V. 106, p. 396.
railroad in Muhlenberg and Hopkins counties, Ky., and as incidental
Lake Erie & Western RR.
thereto and constituting part of the proposed new line, to acquire, by
-Transfer Agent.
The Guaranty Trust Co. of N. Y. has been appointed
purchase, a line of the Kentucky Midland RR.:(2) approved and authorized
transfer agent for
118,400 shares of Preferred stock and 118,400 shares of
the proposed acquisition by the Illinois Central RR. of control,
Common stock,
of the new line of railroad to be constructed by the Chicago St. by lease, par $100 each -V. 115, p. 2905.
Louis &
New Orleans RR., including as a part thereof the line to be acquired from
Maryland Delaware & Virginia RR.
-May Be Sold.
the Kentucky company. The report of the Commission says:
It is reported that the Maryland Delaware & Virginia
• "The Chicago company owns a road extending from Louisville to Fulton,
Baltimore Chesapeake & Atlantic RR., two subsidiaries of the RR. and the
Ky. 271 miles. Entire capital stock owned by the Illinois Central and RR., will shortly
Pennsylvania
be sold under foreclosure. It is also reported
the'
latter company operates the road of the former company under a Pennsylvani itself
a
will probably purchase the roads if offered that the
99-7ear lease, expiring June 30 1996.
for sale.
The Maryland company has a funded debt of $1,500,000
' a part of the proposed new construction project the Chicago comAs
5% bonds, guaranteed by the Baltimore Chesapeake & Atlantic. Interest on
pany plans to purchase and rehabilitate a line of road owned by
these has
the
Kentucky company, extending from Central City in a westerly direction been in default since the Feb. 1920 coupons fell due. 'rho Pennsylvania
bought $46,900
9 miles, of which 6.89 miles have heretofore been operated by the Kentucky due they also of these coupons. When tho following Aug. coupons fell
were defaulted and demand was made upon the
company. The Chicago company proposes to extend the line to be
Baltimore
acquired from the Kentucky company from its western terminus, in a company for payment, as guarantor, but It failed to meet its guarantee
general westerly direction through Muhlenberg and Hopkins counties, and the Pennsylvania refused to buy more coupons. No interest has been
paid since (V. 115. p. 1399).
to a point on the partially completed Dawson-Providence Branch of
the
The Baltimore Chesapeake & Atlantic has a funded debt of
Chicago company's road about 4 miles north of Dawson
$1,250.000
Springs,
a distance of 25 miles. It also plans to complete the Dawson-Pro Ky.. 1st Mtge.5% bonds, but when the Sept. 1921 coupons fell due it was unable
vidence
„Branch between the point of connection with the new line and Dawson to pay them and the Pennsylvania took them up. The March 1922 coupons
were paid by the company, but the default on the previous
"Springs, thus forming a second line from Dawson Springs to
interest payment
Central
The Chicago company proposes to pay $255,000 for the property City. has not been made good.
When the Maryland Delaware & Virginia defaulted on
to be
purchased from the Kentucky company, and it estimates that
it will be protective committee was formed consisting entirely of Maineits interest a
necessary to expend about $150,000 to reduce grades and rehabilitate
as most of the bonds were sold in that State. This committee,bondholders,
the line of railroad to be acquired.
last reports, had secured deposits of $1,047,000 of the bonds, according to
"The estimated cost of the new line from Dawson Springs to
Central derstood the Pennsylvania also holds a large block .-V. 112, and it Is unCity is $1,870,000, divided as follows: Cost of line to be
p. 1399.
$1.465,000: purchase price of the property to be bought from constructed,
Mason City & Fort Dodge RR.
-Adjustment Plan-Sale
company and rehabilitation cost of the line to be acquired. the Kentucky
Chicago Great Western.
"The Illinois company will operate the new line under the $405,000.
-The committee for the holders
lease effective to
July 1 1897."-V. 115, p. 2684, 2267.
of the 1st Mtge. 4% 50-year gold bonds,
Indiana Columbus & Eastern Traction Co.
-Order.
Judge Killlts in the Federal Court at Toledo, O., has set aside a
former
order entered Oct. 18 1921. under which the
abandon its line between Lima and Defiance.company was authorized to
Service
discontinued on Dec. 31 1922.-V. 116,p. 2477, 1532. was to have been
Mortimer N.
Buckner, Chairman, announces that it has entered
agreement with Chicago Great Western RR. for theinto an
sale of
all of the above bonds with the appurtenant coupons (see
advertising pages).
Interboroughltapid Transit Co.
-New Directors, &c.
- byAll holders of undeposited bonds may become _parties to the agreement
depositing their bonds (with June 1
!Herman A. Metz, William White Niles and Abel E. Blackmar,
designated tached) with New York Trust Co., New 1921 and subsequent coupons atby the Transit Commission to represent the public, have been elected
York, or Illinois Trust & Savings
direc- Bank, Chicago, on or before Jan. 20.
tors for terms expiring Sept. 1923, Sept. 1924 and Sept. 1925, respectively
.
Digest of Plan of Adjustment Dated Oct. 20 1922.
Bonds Ready.
The plan of adjustment between the bondholders' committee
The Bankers Trust Co. 10 Wall St., N. Y. City, is now prepared
for the
to deliver 1st & Ref. Mtge. bonds in exchange for certificates of deposit issued Mason City bonds and the Chicago Great Western RR. provides in subst.:
1. The bondholders' committee will endeavor to procure the deposit
under the plan ofreadjustment(see V. 115. p. 2580).-V. 115. p. 2901,
of
2905. all the $12,000,000 Mason City bonds, with June 1 1921 and
subsequent
coupons attached,
International-Great Northern RR.
least 80%
-Bonds Sold.
- will deliver to theand, provided atWestern allof the bonds are deposited,
Chicago Great
of the bonds and coupons
Speyer & Co. and J. & W. Seligman & Co. have sold at 97 deposited.
2. For all
and mt., to yield over 6.20%, about $13,500,000 1st Mtge. bondholders' the Mason City bonds and coupons so delivered to it by the
committee, the Chicago Great Western, in full
-Year 6% gold bonds, Series A, due July 1 1952 (see ad- for, will deliver to the bondholders' committee:
payment there30
vertising pages). The bonds are a part of a total authorized
(a) 75% of the par value of the Mason City bonds, and
75% of the
from Dec. 1
issue limited to $40,000,000, of which $?0,000,000 have been interest thereonWestern at par1920 to Dec. 1 1922. in 4% bonds of the
Chicago Great
(the coupons on
the
issued and are outstanding at the low rate of approximately Great Western to be detached up to and includingthe bonds ofdue Chicago
the coupons
March 1
Plus
$18,000 per mile, and cover property which, with about 1924):100% of the int.. from Dec. 1
(b)
1922 to March 11924, on the
bonds
$6,000,000 of net current assets, has been valued by the of she Chicago Great Western so to be delivered, in 4% bonds of
the Chicago
coupons on the bonds of the
Texas RR. Commission at approximately $45,000,000, which Great Western at par (the to
Chicago Great
Western so delivered for Wt.
be detached up to and incl. the
is more than twice the amount of First Mortgage bonds is- March 1 1924), plus
coupons due
(c) 25% of the par value of the Mason City bonds, and
sued. The bankers state:
25% of the int
1 1920 to Dec. 1 1922. In 4% Prof. stock
Fired Charges.
-The total annual fixed interest charges of the new com- thereon from Dec.par,
of the Chicago
Western at
plus
pany are $1,179,000, a reduction of more than 26% as compared with the Great 3.400 shares
(d)
of 4% Prof. stock of the Chicago Great
charges of the old company. As a result of operating policies and econo3. Unless on or before Feb. 1 1923 the bondholders' Western.
mies now being instituted by the new management, it is estimated that for
committee shall
notice to the
give
the years 1923 to 1925,inclusive, the netincome available for interest should Sp% writtenoutstanding Chicago Co. that it is prepared to deliver at least
of the
Mason City bonds with coupons
amount to at least $3,000,000 per year.
as aforesaid, the
agreement shall come to an end.
During the receivership over $5,000.000 was expended on the property
If all of the $12,000,000 of
for additions and betterments, and the new company on Dec. 1 1922 had necessary,'under the foregoing Mason City bonds are delivered, it will be
plan, for the Chicago Co. to
available a working fund of more than $4,000.000 in cash.
deliver to the
committee $10,206,000 4% bonds and $3,580.000
Issuance.
-The issuance of these bonds has been approved by the I.
4% Prof. stock.
-S. C.
Capitalization & Annual Interest Charges as
Commission and by the Texas RR. Commission.
of Aug. 31 1922.
Control.
-The St. Louis
-San Francisco Ry. has contracted to purchase
Capital
Funded
Annual Int.
the entire capital stock of the International-Great Northern RR., subject
CarrierStock.
Debt.
Charges.
Chicago Great Western
to the approval of its stockholders and of the I.
-S. C. Cojmmission.
$89,137,115 $28,663,573 $1,198,094
Mason City & Fort Dodge
Capitalization as of Dec. 1 1922.
12,000,000
480,000
1st Mtge.30
-Year6% Gold Bonds, Series A.due July 1 1952_ -020,000,000
Total
Adjust Mtge,30
-Year 6% Gold Bonds, Series A,due July 1 1952 17,000,000
$89,137,115 $40,663,573 $1,678,994
Common stock
Capitalization & Annual Interest Charges
after Proposed Adjustment.
x Including $2,750,000 bonds pledged as collateral for U. S. 7.500.000
Capital
General of Railroads 6% loan of $2,400,000. due March 11930. DirectorFunded
Annual Int.
CarrierStock.
Earnings.
Debt.
-Net income of the system for 1922 (one month estimated)
Charges,
Western
available for interest, after operating expenses, taxes and rentals, amounts Chicago Great to the
$92,717,115 $38.869,573 $1,607,234
In addition
Capital stock shown above there are
to approximately $1,390,000.
outstanding
$19,205,400 of Common stock and $13,635,752
The gross revenues of all the Southwestern railways having
of Prof. stock of Mason
materially during the present year, the International-Great decreased City, all of which is owned by the Chicago Co. If the properties of the
Northern
Is no exception, and the shrinkage in 1922 amounts to about $3,000,000 as Mason City are acquired by the Chicago Co. it is proposed to cancel this
stock.
compared with 1921. In spite of this large decrease in gross revenues,
While the proposed issues of securities will result in an
the results for 1922 show a substantial increase in net income available
increase of $3,Interest. It is not to be expected that the unfavorable conditions 113itLs for 580,000 in Pref. stock they will effect a reduction of $1,794,000 in the
actually outstanding funded debt and a saving in annual
le
which are not sectional but countrywide, will continue.
interest charges
of $71,760.
4
The holders and representatives of holders of a very substantial amount
of the deposited bonds In conference have already approved the proposed
adjustment. The 3,400 shares of Prof. stock included in the offer of the
Chicago Great Western will be applied on account of the compensation
and expenses of the committee and the balance must be provided by the
holders of certificates of deposit. In order to furnish the cash to meet the
balance of such compensation and expenses, holders of certificates of
deposit will be required to pay upon the delivery of the bonds of the Chicago
Great Western to them, at the rate of $4 for each deposited bond represented by their certificates of deposit. It is estimated that the compensation and expenses of the committee, including that of its counsel and
accountants, will approximate $87,500, of which the out-of-pocket expenses
of the committee alone amount to approximately $40.000.
The aggregate principal amount of bonds deposited up to date under
the deposit agreement is $7,812,000. The minimum amount of bonds
which the committee is required to deliver under its agreement is $9,600,000.
—V. 115, p 2905, 2267.
Mexican Railway 00.—Report.Mexican $
Operating receipts
Operating expenses
Net earnings
Other income
Total income
Interest, &c
Profit and loss deficit
—V. 115, p.2478, 183.
1922.
1921.
1st Half
1st Half
2d Half
$7,274.584 $8,567,289 $6,769,256
5.750.427
5,752,679 6,610.360
181,521,906 81.956,929 $1,018,829
£118,718
E219,372
E166,457
5,296
12,126
10.312
471,753
98,364
508,156
E229,684
116,243
581,546
E130,844
101.121
694,986
Milwaukee Electric Ry. & Light Co.—Decision.—
Judge Schinz in the U. S. Circuit Court in Milwaukee, Wis., recently
handed down a temporary restraining order enjoining the city from interference with the operation of one-man cars on three of the company's
city lines. The city claimed that one-man car operation was in violation
of the city ordinance of 1914. while the company contended it was operating
under direction of the Wisconsin RR. Commission, and that the city
had no power to interfere.—V. 115. p. 2581.
Minneapolis & St. Louis RR.—Application.--S. C. Commission for permission to
The compmy has applied to the I.
Issue $10,000,000 7% Non-Cumulative Pref. stock and $8,985.000 Supplemental Mortgage 6% bonds. The company proposes to use the new securities in refunding operations by which it will retire present outstanding debt.
According to the application the company contemplates the exchange of
not less than 25% of the present outstanding bonds for the new Preferred
stock and of not more than 75% of the bonds for the new supplemental
bonds.—V. 115. P- 2267, 1837.
Missouri Kansas & Texas ER.—/mprovements.—
A statement issued from the general offices at Dallas. Texas, says the
new company is expected to take over actual operation of the system
about Feb. 1. possibly not until March 1. The statement further says:
"The new company will be a far different road than the old company
before the receiver was appointed. Chief among the improvements are
the new freight terminal near Denison and the new locomotive shops at
Waco, which involve expenditure of $1.500.000. Construction is being
pushed. • The terminal at Denison, started last year, will cost about
$3.500,000 and is expected to be ready for use next summer. It will be
one of the largest and most modern freight terminals in the country.
"New freight depots are being built at Fort Worth, Waco and Wichita
Falls, and new freight houses have recently been completed at Dallas and
Oklahoma City. Another important addition to facilities will be the new
terminal grain elevator at Kansas City, which will have an initial capacity
of 1,000,000 bushels. It is expected to be completed by March 1.
"These improvements are part of a program prepared by the management
soon after Charles E. Schaff was elected President, for what was practically
the rebuilding of the road. Work progressed steadily throughout the
receivership under Mr. Schaff, except for interruption due to the war.
The plan has Involved an expenditure of approximately $40.000.000 for
capital purposes during the receivership.
"Large expenditures have been made generally for strengthening of the
roadway to accommodate heavier power, for new and heavier locomotives,
improvement and strengthening of cars, construction of new freight and
passenger terminals at Parsons. Oklahoma City and Muskogee. and new
division shops and roundhouse plants at Muskogee and Oklahoma City.
"During the concluding weeks of receivership and immediately following
reorganization the Missouri-Kansas
-Texas will complete what is probably
the largest improvement program undertaken by any of the southwestern
railroads in recent years, involving total expenditure on work now under
way, exclusive of new locomotives and cars, of approximately $8,000,000.
Including the now equipment, the total is approximately $15,000,000."
--V. 115, p. 2794, 2685.
Montana Ry.—Incorporated.-This company was incorporated in Montana on or about Dec. 19 last
with an authorized capital of 85,000.000 by interests connected with the
Middle States Oil Corp. Incorporators include Scott Ferris, Lawton,
Okla., William A. Allann, P. D. Saklatvala and J. Sherry O'Brien, New
York. and C. J. Haskell, Tulsa. Okla.
The new railway line would tap the new Wyoming oil field, it was explained, and would run through the Montana fields to the Kevin Dome
district.
Muskogee (Olda.) Electric Traction Co.—Fares.—
The company applied to the Oklahoma Corporation Commission for
an adjustment of street car fares in Muskogee, Okla, The 8
-cent fare
for single rides will be continued, but tickets in blocks of 5 for 35 cents
Will be sold instead of 2 tickets for 15 cents, as at present.—V. 113, p. 1156.
New York New Haven & Hartford RR.—Protests Valuation.—The company has filed a protest with the I. C.Com-S.
mission against the tentative valuation of $382,797,066 set
by the Commission for the New Haven and its leased lines
as of June 30 1915. The document covers 217 pages and
contains numerous tables covering the property of the New
Haven and its lines covered by the Commission's valuation.
The road claims that the value of the property for rate-making
purposes.
as of the valuation date, was not less than $570,031,108. or
$187,234,042
in excess of the figure found by the Commission.
The company protests against the tentative valuation and
alleges that
by reason of the form and manner of its preparation; the erroneous rules,
methods and principles employed therein; the errors, mistakes
and emLestens in its report a the facts, and in the conclusions drawn
therefrom, it
does not comply with the Valuation Act, is not the tentative valuation and
should not be approved either as the final valuation or property
or as the
basis for a final valuation.
The tenative valuation fails to show the elements constituting
ascertained and reported therein and to classify such elements. the value
the statement is made that appreciation and going concern valueAlthough
have received careful consideration," the road claims there Is no statement of the
amount of value assigned to such elements.
In particular the road protests against the method and rules
employed
by the Commission in calculating depreciation. Cost of reproduction new
as found by the Commission was $338,836,084 but the cost of
less depreciation was set at $263:759,083. In other words. reproduction
$75,077,001.
or 22.1%, was written off for depreciation.
The road contends that as a going concern there Is practically no depreciathat it is the function of maintenance to foresee, prevent when
tion and
possible, and finally to overcome depreciation, no matter from what source
it comes.
Among other things, the New Haven protests against the failure of the
Commission to include any value for New Haven's rights in perpetuity over
the New York & Harlem from Woodlawn into New York City, and in the
Grand Central Terminal. It also alleges that nothing was allowed for interest on land during construction of the railroad.
The New Haven claims, as to value as of June 30 1915 are as follows: -
77
THE CHRONICLE
JAN.6 1923.]
Cost of reproduction of the inert property, including "present
value" of land as reported, devoted to transportation pur$328,961,622
poses
5,617,996
Materials and supplies
3,895.347
Working capital
14,848.135
Cost of developing the inert property into a going concern
40.213,000
Value of rights—Woodlawn to Grand Central Terminal, incl
Value of rights in the Boston Terminal Co. on basis of use_ _
17,871,976
Total value of property and rights wholly owned and used for
carrier purposes
$411,408.076
Total value of leased property used for carrier purposes
158,623.032
Grand total
—V. 115, P. 2906. 2581
$.570.031,108
North Alabama Traction Co.—Application.—
See Alabama Traction Co. above.—V. 115, p. 2581.
Ohio River Electric Ry. & Power Co.—Bonds Sold.—
Adrian H. Muller & Sons, N. Y., auctioneers, last week sold at public
auction $11,000 1st Mtge. 5% Gold bonds, due July 1 1924. for 10%
of par.—V. 99, p. 1301.
Pere Marquette Ry.—Clears Up Back Dividend.—The
directors on Jan. 3 declared the following dividends, payable
Feb. 1, to holders of record Jan. 15, namely: (1) On 5%
Prior Preference stock, a quarterly dividend of 13i%;
(2) on 5% Preferred stock, a quarterly dividend of 1},4%,
and 2% on account of the arrears of the cumulative dividends
on said Preferred stock. This pays off all arrears on the
stock.
The company in May. Aug. and Nov. last paid dividends of 1% each on
account of arrears on the 5% Pref. stock; while in Jan. 1922 a dividend of
10% was paid.—V. 115. p. 2906.
Pittsburgh Binghamton & Eastern RR.—Bonds.—
R. L. Day & Co. Boston, auctioneers, last week sold at public auction
'
$4,000 of 1st Mtge. 5s, due 1956. for 81 for the lot.—V. 92, p. 596.
Puget Sound Power & Light Co.—Buys Washington
Coast Utilities Co.—Capital Increase.—
The company has purchased the outstanding Capital stock of the Washington Coast Utilities Co. Puget Sound is purchasing the $500,000 of
Common stock for cash and securities, while it offers its 6% Preferred
stock share for sbare in exchange for the Prof. stock of Washington Coast
Utilities, of watch approximately 5,000 shares are outstanding.
The stockholders on Jan.3 voted to increase the authorized 6% Preferred
stock by $1.000.000 to 316,000,000.—V. 115. p. 2581. 1838.
Rapid Transit in N. Y. City.—Legislation Proposed by
Governor Smith.—In his inaugural address to the New York
State Legislature Governor Smith in regard to the regulation
of public utility companies said in part:
Regulation of Public Utilities and Transit Construction.
About 30 years ago the State, through a commission named by an Act of
the Legislature, provided for the construction of subway railroads in
Nqw York City.
In 1907 that commission was abolished by the enactment of the Public
Service Commissions Law and its duties transferred to the Public Service
Commission. The new Commission exercised supervision over construction
and also regulatory powers as to character of service and certain supervision over the issuance of bonds or certificates of indebtedness of any kind.
In 1919 the Public Service Commission for what was known as the First
District, which was New York City, was radically changed by separating
regulatory powers from supervision of construction and provision was made
for a single Commissioner with regulatory powers and a single Commissioner to supervise construction.
In 1921 the two single-headed Commissions for New York were abolished
and there was created in their place a single Commission composed of three
Commissioners. This Commission, known as the Transit Commission, was
given power to propose routes and supervise new construction. In addition,
it was given certain powers of regulation among which was the right to fix
the fare, although the fixation of the fare had, prior to that time, been a
matter of contract between the City of New York and the operating companies. Power was also lodged in the State to cancel contracts between
municipalities and public utility corporations. This enabled the Transit
Commission to nullify contracts under which the city by investment of its
own funds had secured the agreement of the railroad company to a 5
-cent
fare. I need hardly tell you of the violent storm of opposition that came
practically from a united press and from the great majority of the people
wher the State divested the municipality of power over her own contracts.
Rapid transit construction is purely a municipal enterprise and a municipality is not assisted by the State in its conduct of this activity in the
slightest degree. In every other municipal activity the City of New York
has always enjoyed a free hand to work out the will of her citizens through
her own elected officials, as for example when the Legislature empowered
the City of New York to bond itself for $150,000,000 in order to provide
an adequate water supply. The State granted an extraordinary power to
the municipality in giving it the right to go outside of the city's corporate
limits and condemn property for the purposes of a water supply. The
construction of the A.shokan dam was probably the foremost piece of
engineering work in this country. This great work was carried to a successful conclusion entirely under local authority.
The City of New York. without interference by the State, built all of its
bridges, its great sewer systems and all of its public buildings. Naturally,
the people are unable to understand upon what theory the State undertakes
to supervise the construction of its subways. They are wholly within the
limits of the city. They are paid for entirely by the city and they do or
will in time belong to the city and cannot be considered as anything other
than a _purely municipal enterprise.
The Public Service Commission of the State exercises regulatory powers
over all public service corporations, except railroads within the City of
New York. In the 15 years that have passed since the organization of the
two Public Service Commissions, we have had 54 Commissioners and the
Public Service Commission has not yet succeeded in being much more than
an object of political patronage. I think that I am within the truth when
I say that the theory in itself never commanded a great amount of public
respect. It makes little difference upon what you predicate it. The people
in cities are unable to understand why the State interfered with the things
that they believe to be local to themselves.
City Control Over Public Utility Service.
In the last reorganization of the Public Service Commission in 1921. the
people of the State found that the control that they exercise over their
own public utilities through their franchise agreements was taken away from
them and vital portions of the contracts were nullified and the pewees
formerly exercised by the cities were transferred to the Public Service Commission. No defense can be made of this as it constitutes an absolute denial
of self-government and home rule in the matter of contracts in all the cities
of the State. The Public Service Commission is merely the agency of the
State for the exercise of police power. There is no reason why the State
should not select a municipality as its agent. To my mind we would get
a better result.
In a democracy the people want the kind of Government that suits the
majority and not the kind that squares with some principle that has in all
probability outgrown its usefulness.
The people are thinking more about their public affairs than they did
some years ago and the State can make no mistake by selecting the elected
officials of the cities to determine questions that have to do with the welfare
of the municipality, such as proper regulation of its public utilities.
The people of the State, in the fundamental law, have granted to cities
throughout the State exclusive power to pass upon any proposal to lay down
railroad tracks. Where this power rests all other power should rest with it to
the end that there may be no division ofresponsibility. It is obvious, therefore, that no State commission can take any action looking to the construction of additions to our subway system or railroads in other cities without the
consent of the cities. No proposal by a State commission can result in
actual construction unless that proposal receives the approval of the city.
This divided power has resulted in complete deadlock, which can be broken
only by placing the statutory powers in the municipality which already has
78
THE CHRONICLE
the constitutional powers necessaxy for authorizing construction. You
cannot give the constitutional powers inherent in the city to a State commission and, therefore, in my judgment. It is necessary to give the city the
statutory powers also. Not only do I believe that all jurisdiction over the
construction of rapid transit,railroads should be given to the local authorities, but I also believe that they should have delegated to them the State's
police power control over all public service corporations operating within
their corporate limits.
There are certain public utilities that are not within the confines of a
single city, as their operations are either between cities or State-wide. As
to these utilities the State must retain its powers of control and regulation.
It may also be that some of the cities of the State may be unwilling to
assume the obligations of regulation. We must not force it upon them, as
that would again constitute an interference with home rule. We might, in
such cases, say that should a city by resolution of its Common Council and,
In the case of the City of NewYork by its Board of Estimate and Apportionment, or after referendum to its people, petition the State to perform
'
its regulatory service for it, the State should do it through its Public Service
Commission. If a city decides to carry out its own regulation, it should be
left free to bring into existence by local ordinance the board, commission,
bureau or agency to perform this service.
For Abolishing Service Commissions.
In order to carry out this policy the present Public Service Commission
should be abolished and power given to the Governor to appoint not more
than three commissioners to regulate such utilities as will not be regulated
by the cities, either because they operate outside the corporate limits of
a city or because the city may. by proper resolution, request the State
to do it.
I recommend that in the preparation of the legislation to abolish the present Public Service Commission the power heretofore held by cities over the
terms of their franchises be returned to them, where it belongs.
I further recommend that the Transit Commission in the City of New
York be abolished and all Its powers with regard to the laying out of routes
and supervision of construction be transferred to the Board of Estimate and
Apportionment, to be exercised by this body through any agency which it
may select. Its regulatory powers should be restored to the Public Service
Commission Act, which will contain the provision that a city may be the
agent of the State for carrying out these powers unless It should, by proper
resolution, request the State to relieve it of the duty.
Directly in line with this program is the municipal ownership of public
utilities.
Public utilities have become so essential to the life of our great cities that
the cities themselves should be permitted to purchase, build, own or operate
them when a municipality determines this to be in its best interest.
As far as transit is concerned, the cities should be free to adopt any form
of conveyance found suitable to their needs, whether it be railroads or omnibuses. This is not the introduction of any new and untried principle in
government. New York City now owns railroads and owns and operates
erryboats. I am simply asking for an extension of the principle to all the
utilities and for all other cities.
-V. 115, p. 1943. 1732, 1632,
St. Joseph (Mo.) Ry., Lt. Heat & Pr. Co.
-Purchase.
-
The Missouri P. S. Commission has authorized the company to purchase
all of the property of the Savannah (Mo.) Electric Light & Power Co.
The price was reported as $40,000.-V. 112. p. 1867.
St. Louis-San Francisco Ry.-Vote on Acquisition.
-
The stockholders will vote Feb. 21 on acquiring the capital stock of the
International-Great Northern RR. It is expected that the acquisition will
be approved by the stockholders.
-V. 115, p. 2906. 2687.
San Antonio Public Service Co.
-Gas Rate.
-
The City Conunission of San Antonio, Tex., has established a rate of
67;4c. per 1,000 mi. ft. for natural gas for domestic purposes, effective Jan. 1
1923. instead of 94 c. asked by the company. Action will be appealed to
the Texas RR. Commission.
-V. 115. p. 2478, 2047.
San Joaquin Light & Power Corp.
-Expenses.
-
The California RR. Commission has authorized the company to use the
proceeds from the sale of $267,780 of bonds and $251 of stock, previously
authorized. to pay in part construction expenditures during October 1922.
-V.114, p. 1892.
Second Avenue RR.
-Bonds Sold at Auction.
-
R. L. Day & Co., Boston, auctioneers, last week sold at public auction
$16,000 of 1st Mtge. 5% Gold bonds, due 1948, for 1% of par.
-V. 114,
p. 1288.
South Carolina Gas & Electric Co.
-Buses.
-
The company has applied to the City Council of Spartansburg, S. C.,for
authority to operate buses in connection with its local railway system.
V. 115, p. 2159, 1943.
Steubenville East Liverpool & Beaver Valley Trac. Co.
Street car operations in the East Liverpool (0.) district, between Beaver.
Pa., and Steubenville, 0., will be resumed Jan. 26, following a tie-up in
effect since May 2. The street-car fare has been increased from 5 to 7
cents, with a 1-cent charge for transfers, effective about Jan. 26.-V. 115,
p. 2478.
Toledo St. Louis & Western RR.
-Initial Common Dividend-Resumes Preferred Div.-Receiver Discharged.
-
The company, it is reported, has declared an initial dividend of 4% on
the Common stock and a dividend of 4% on the 4% Non-Cumul. Pref.
stock, both payable Feb. 20 to holders of record Jan. 30.
The last payment on the Preferred stock was 1%, made Oct. 16 1911.
Control of the road was obtained in March 1922 by the Van Sweringen
interests.
According to a dispatch from Toledo, the receivership was lifted midnight Dec. 31 by an order of Federal Judge Killits entered Dec. 30. The
dispatch further states:
"Walter L. Ross, who was appointed receiver Oct. 22 1914, reported
to the court that the company is able to operate and discharge its public
duties as a common carrier of passengers and freight and is willing and
able to pay its lawful obligations. Judge Killits provides that the property
shall be subject to all lawful liens and that the road shall hold the receiver
harmless from all claims that may be filed against him as receiver. The
Court also says that Ross shall proceed with the suit against the Toledo
Terminal RR., now pending, anti that the company shall pay all expenses
incident thereto. The Court also reserves jurisdiction In any further
difficulties that may arise.
-V. 115, P. 2906.
Tr -City Railway & Light Co.
-New Ordinances.
The City Council recently adopted a new set of ordinances which provides for the adoption of the identification card system of street railway
fares, elimination of jitney bus competition and authorization for the
company to shorten its down-town loop by abandoning trackage. The
new ordinance will also result In wiping out numerous court injunctions
under which the street cars operate at the present time. The general
effect of the Council action is to give the company considerable relief
and provide for municipal instead of court control. "Electric Railway
Journal."
-V. 114. p. 2826.
Union Pacific RR.
-North Platte Branch.
An important extension built in 1921-1922 is the North Platte Branch,
progress on which was interrupted by the World War. For details see
"Engineering News
-Record." Dec. 14.-V. 114, p. 2110.
-Bonds Offered.-Harris,
It Utah Power & Light Co.
Forbes & Co.and Coffin & Burr,Inc., New York,are offering
at 91 3. and int. to yield about 5.70%, $2,156,000 1st Mtge.
5% gold bonds of 1914. Due Feb. 11944. A circular shows:
Listing.
-Previous issues listed on New York Stock Exchange, and
application will be made to list this issue.
Company.
-Operates without competition and serves with electric
light and power an extensive and steadily growing territory rich in agricultural and mineral resources in Utah and southeastern Idaho. Also
serves through its subsidiary, Western Colorado Power Co., an important
section in southwestern Colorado. Business field embraces 153 communities including many cities and towns, among them Salt Lake City
and Ogden, Utah. and many rural districts. Population estimated at
336.500. Generating plants now operated have a total installed capacity
-electric.
of 155,624 k.w., of which 137,987 k.w. Is hydro
Capitalization after This FinancingCommon stock
Preferred (7% Cum.) stock
2d Preferred (7% Cum.) stock
Debenture bonds, series A,6%,due 2022
1st Mtge. 5s, due 1944
1st Lien & Gen. Mtge. bonds 7s. 1941
do
Series of 6s due 1944
[VOL. 116.
Authorized. Outstanding.
135.000.000 T30.000,000
25,000,000
11.957,400
x3,099.000
5,000,000
100,050,000 x25.847.000
500,000
2,000,000
x A total of$7,837,000 2d Prof.stock has been issued,of which $4.738,000
has ceased to be subordinated to, and has become. Pref. stock. y Limited
only by the conservative restrictions of the indenture. z $2.500,000
additional are pledged under the $2,500,000 1st Lien & Gen. Mtge. bonds.
Company guarantees principal and interest of $13,872,000 Utah Light
8z Traction Co. bonds.
Purpose.
-Proceeds will be used to retire the 1st Lien & Gen. Mtge.
bonds, series of 7s due 1925, which are being called as of Jan. 27 1923,
to reimburse the company for expenditures heretofore made for extensions
and additions to its property and for other corporate purposes.
Earnings of Utah Power & Light Co., incl. Western Colorado Power Co.
Years ended Nov. 301922.
1921.
Gross earnings
$7,030,806 $6,822,973
Net after oper, exp., incl. maint., rentals & taxes.- 3,456,686 3,277,181
Annual int. on mortgage bonds with public (including
those now offered)
1,447.350
Balance
$2,009,336
Redemption of Bonds.
All of the outstanding 1st Lien & Gen. Mtge. 7% gold bonds, Series
"75 due 1925." have been called for redemption Jan. 27 at 101 and int.
at the Guaranty Trust Co.. 140 B'way, N. Y. City.
-V.115. p. 1533. 1430.
INDUSTRIAL AND MISCELLANEOUS.
The following brief items touch the most important developments in the industrial world during the past week, together with a summary of similar news published in full
detail in last week's "Chronicle" either under "Editorial
Comment" or "Current Events and Discussions."
Steel and Iron Production Prices, Sec.
The "Iron Age," Jan. 4, said in brief:
Prices.
-"In resnect to plates, structural shapes and bars, buyers are
finding it more difficult to get concessions from 2c., and it is understood
that the Steel Corporation is now holding for 2c., Pittsburgh, and 2.10c..
Chicago, on all three products.
Orders.
-"Substantially 200,000 tons of bars. sheets, strip steel and other
products were taken in the recent buying of an automobile company.
Another such company is negotiating for 150,000 tons for first quarter
delivery.
"Several railroads are buying lots of several thousand tons of plates,
shapes and bars for repair and other shop work. The Pennsylvania,
Reading and Norfolk & Western are in this list. A western Pennsylvania
boiler works Is in the market for 3.500 tons of plates, and for the rebuilding
of two blast furnaces at Cleveland 3,000 tons of plates are wanted.
"From 4.000 to 5,000 tons of plates will be needed for an order placed
with the Youngstown Boiler & Tank Co. by an Arkansas oll interest,
-bbl. oil tanks and a 5.000-bbl. refinery.
including 18 55.000
"New car orders include 5.000 for the Baltimore & Ohio. with 2,000 more
about settled. 4,854 for the Southern Pacific and 2.200 for the Chicago &
North Western. The Santa Fe placed 18 locomotives with the Baldwin
works.
"Fabricated steel business is still good, 19,500 tons being awarded for
20 different projects, with fresh inquiries for 8,500 tons, averaging over 700
tons each.
Production.
-"Sheet and tin plate mills are running well. The year
starts with the American Sheet & Tin Plate Co. sold for the first quarter
on sheets and for five months on tin plate. December bookings of independent producers are believed to have made a high record, such companies now having unfilled orders for about 500,000 tons,or over two months
production.
"Pig iron output in December showed another marked gain-3,086.898
tons for 31 days, or 99,577 tons a day, while Novembee, with a total of
2.849,703 tons, had a daily rate of 94,990 tons. December was the first
3.000,000-ton month since October 1920.
"Fifteen furnaces blew in and four blew out in December. The 253
furnaces active on Jan. 1 had a capacity of 101,200 tons a day against
97.135 tons a day for 242 furnaces on Dec. 1. The number of furnaces in
blast more than doubled in 1922, as only 125 were running one year ago.
"Pig iron production in 1922 was a little more than 27,000.000 tons,
Including charcoal iron, compared with 16.688.000 tons In 1921.
-about 33,500.000 tons of
"In steel output 1922 nearly duplicates 1919
ingots and not far from 24,600.000 tons of finished rolled products.
"Sales of pig iron in the Philadelphia market include 22,000 tons of basic.
making a total of about 100.000 tons of all grades sold by eastern Pennsylvania and New Jersey furnaces in the last two weeks. Buying in other
districts has not been large, as nearly all important rnelters have covered
for first quarter, but the market is firmer and asking prices generally are
higher. The new prices are not fully established, but with coke steadily
advancing the outlook is for higher pig iron.
,
"The leading export company has taken 10.000 tons of rails and 37,000
base boxes of tin plate for Japan. Exporters are looking for marked ImproVement in volume and prices in 1923. Prospects are reported bright in
Great Britain also.
"New iron and steel capacity under construction at the beginning of 1923
Is somewhat more than the meager showing of a year ago. Seventeen
open-hearth furnaces are planned for the new year, with an annual capacity
of 819.000 tons. Only two blast furnaces are now scheduled for building
this year, with annual capacity of about 330.000 tons. Last year eight
open-hearth furnaces were completed, adding about 227,500 tons a year to
steel capacity. Two blast furnaces were built, with estimated capacity of
320,000 tons of pig iron."
Coal Production. Prices. &c.
The 'United States Geological Survey Dec. 30 1922 estimated average
production as follows:
"The production of bituminous coal continued to decline in the week
ended Dec. 23. The total estimated output, including coal coked at the
mines, mine fuel and local sales, was 10,031,000 net tons. Increased traffic
difficulties and interruptions caused by the occurrence of certain church
holidays were largely responsible for the decrease.
"Preliminary reports of cars loaded during the first four days of the
present week (Dec. 25-30) indicate that production virtually ceased on
Christmas Day. It is expected that the probable output in that week will'
be between 10,500,000 and 10.700,000 net tons.
"The rapid recovery of production after the holiday and the trend of output for the last seven weeks is shown in the following statement of cars
oaded daily.
Nov. Nov. 27Nov.
Dec.
Dec.
Dec.
Dec.
13-18. 20-25. Dec. 2.
4-9. 11-16. 18-23. 25-30.
44.631 43.475 42,956 44.333 46,004 40,350
Monday
477
34,929 34,027 33,466 33,847 26,656 30,605 40,404
Tuesday
Wednesday -.33,115 31,515 30,882 33,557 32,789 29,207 38,82g
Thursday
30,589 30,818
7.322 30,682 29,970 28.365 34,506
30,061 31,946 38,529 31.014 29,694 28,939
Friday
28.172 27.320 32.681 30,617 27,525 24,644
Saturday
"The estimated cumulative production of bituminous coal during 1922
to Dec. 23 stood at 397,631,000 tons. Production during the first 301
working days of the past six years has been as follows:
530,535,00011919
399,111,000.
1917
446.650,00011921
571,530.00011920
397.631.000'
1918
543,199.00011922
it is seen that from the viewpoint of bituminous coal production
"Thus
1922 is 0.4% behind 1921. 26.8% behind 1920, 11.0% behind 1919. 30.4%
behind 1918 and 25.0% behind 1917.
"Anthracite production declined in the week ended Dec. 23, partly because of the custom of ceasing work on Christmas Eve and partly through
the occurrence of certain church holidays. The nine principal anthracite
carriers reported loading 37,782 cars, and it IS estimated that the total output, including mine fuel, local sales and dredge and washery product, was
1.976,000 net tons. In comparison with the week preceding this was a
decrease of 221,000 tons. or 10%.
JAN.6 1923.]
THE CHRONICLE
79
-Hupp Motor Car Corp. has reduced prices
Automobile Price Reduced.
"Early returns for the present week (Dec. 25 to 30)show that no anthra$1,115; sedan,
touring
.
cite was loaded on Christmas Day. Work was not resumed promptly on $35 to $110er car. New prices are2, 1923, and roadster,
p. 16.
Wall Street Journal" Jan.
were but a fraction of normal. The best $1,675.
Tuesday and loadings on that day
-House of Kuppenheimer.
Clothes Rises $I to $2 50 per Garment.
Price of
estimate possible at this time places the probable output at somewhat less
second largest manufacturer of men's clothes in country, re-price 33 lot
than 1.500.000 tons.
"Boston News Bureau"
"The cumulative output during 1922 to date totals 50,872.000 net tons, numbers, due to increased price of woolens.
or 38,934,000 less than during the corresponding period of the year before. Jan. 1, 13. 3.
-Universal Portland Cement Co. announces
Cement Price Reduced.
about 70%, or 27,254.000 net tons, would be domestic
Of this quantity
reduction of 15c. a bbl. at Chicago plant and 10c. per bbl. at Pittsburgh
sizes suitable for household use."
and Duluth plants.
Estimated United States Production in Net Tons.
-Libby-Owens Sheet Glass Co. announced
Window Glass Price Advanced.
advance in price of "C" single window glass. Increase aggregates 25c, a
1922
1921
Week. Cal. Yr. to Date
Week. Cal.Yr.to Date box. "Financial America" Jan. 1. 13• 7.
Bituminous-About 35% of employees of International
Paper Mills Advance Wages.
7.312.000 384,598,000
11,495,000 376,933.000
Dec. 9
7,063,000 391,661.000 Paper Co. at Livermore Falls, Me.. plant get increase of from 2 to 7 cents
10.666,000 387,600.000
Dec. 16
7,450,000 399,111,000 per hour. "Boston News Bureau"-Dec. 30, p. 3.
10.031.000 397,631,000
Dec. 23
Consolidated Paper Co., River Basin Paper Co. and Monroe Paper
Anthracite
86,853,000 Products Co., all of Monroe. Mich., have adopted 10% wage increase and
2,038,000
1,675.000
46,699,000
Dec. 9
88,490.000 5
-day week, affecting 3.500 employees. "Wall St. Journal" Jan. 2,.p.6.
2,197.000
1,637,000
48,896.000
Dec. 16
idow
-Agreement between National
Glass Makers Wages Increased.
89,806,000
1,316,000
1,976,000
50,872.000
Dec. 23
Glass Workers Association and National Association of Window Glass
Beehive Coke
Manufacturers provides 13% increase over September increase, effective
5,161,000
112,000
289,000
7,189,000
Dec. 9
-June 11. It includes, however, a 10% raise which became effective
5,286,000 Jan. 29
126,000
Dec. 16
298.000
7.489,000
5.403.000 Dec. 1 when price of glass was raised 10%. A clause in agreement provides
117.000
Dec. 23
280.000
7,769,000
that wages must be increased whenever price is advanced. "Times" Dec.
The "Coal Age" this week reviews market conditions as follows:
30.
"Holiday business has been surprising in its volume and coupled with the
-Diamond Cutters' Association awarded
Gem Workers Wages Increased.
usual idleness of the men and the meagre car supply have firmed up all wage increase of 10% to cutters, polishers, sawyers and other workers.
prices. "Coal Age" index of spot bituminous coal prices stood at 369 on "Times" Jan. 5.10, 3,
Jan. 2, as compared with 349 in the preceding week. This is the third
-9,000 workers shut out when contractors
Lock Out in Clothing Trade.
consecutive week in which the index number has advanced and prices have close shops declaring they cannot operate under present high wages and
rallied to the level of Oct. 18 1922. The average spot price. f.o.b. mines, low prices which employing manufacturers refuse to increase. "Times"
corresponding to this week's index is $4 47; last week it was $4 23.
Jan. 3. p. 36.
"The market ranges from comparative quiet in the Middle West to
-The strike declared at Knipe Brothers' shoe factory
Shoe Industry.
feverish activity in the North Atlantic section, although New England has (Haverhill. Mass.) was declared illegal by Judge Keating in Superior
quotations. Strangely Court. "Times" Dec. 30, p. 15.
not yet felt the urge to buy heavily at the high ruling
enough, the steam coals were the only ones to increase in price last week
Lane Shoe Co., which began operations in Lynn. Mass., two years ago,
in the Midwest, in spite of the fact that the domestic season is at its height Is moving to Lowell as result of frequent labor troubles. "Boston Financial
and retail supplies far from topheavy.
News" Dec. 30, p. 3.
"The Pittsburgh and Cincinnati markets are very firm. Smaller in-New England mills extend branches in South, due
Textile Industry.
dustries are actively seeking tonnage and iron and steel buying is improving. to hours, wages and taxes in New England section. "Times" Jan. 4, p. 28.
0
The eastern Ohio field is furnishing over 507 of its output to the railroads
A bonus of one week's pay for every year he has worked for the comand has little free coal to offer. Ohio coal is substituting for anthracite pany has been given to employees of Maine Spinning Co. at Showhegan,
Me. "Boston Financial News" Jan. 3, P. 3.
and Pocahontas, the latter being almost unobtainable.
Matters Covered in "Chronicle" Dec.30.-(a) New capital flotations during
"Softer weather has eased the tension in the Northwest. Bituminous
coal on the docks is largely under contract, but all-rail offerings are com- November and the 11 months (editorial), p. 2839 to 2842 incl. (b) Offerfortably heavy. The market is basically weak and the weather determines ings:(1) $1,000,000 57 bonds of the First Joint Stock Land Bank of Cleve0
land, 0., p. 2850; (2) 11,000,000 5% bonds of the First Joint Stock Land
the day-to-day demand.
"Light receipts, steady Industrial demand and the growing need of Bank of Dayton, O., p. 2850; (3) $500,000 5% bonds of the First Joint
screened soft coal to offset the anthracite shortage has done the trick in Stock Land Bank of Cheyenne. Wyo., p. 2850. (c) Deficit In Houston.
the East. The market is tight all around, quality coals are no longer Fible & Co. failure estimated at about $500,000. 13, 2851. (d) Public debt
quoted and mediocre grades are eagerly sought. Those who must have census to determine amount of tax-exempt securities. p. 2854. (a) SecreImmediate tonnage are fast bringing a bidders' market for the coal that tary of Treasury Mellon urges amendment to prohibit tax-exempt securities;
Is rolling.
amount now out estimated at $10,829,000,000, p. 2854.
(f) Review of business in 1922 by Dept. of Commerce, p. 2860.(g) Busi"The conditions are reflected in New England. Both coastwise and
all-rail shippers have raised their prices, but purchases are kept down by ness stronger than a year ago, but not on firm basis, p. 2861. (h) Wage
the resume in hand. The shortage of anthracite really determines the increase ends pottery strike. p. 2863. (i) Federal Fuel Distributor Spans
-screened coals move at fancy figures. and this excellent demand resigns
-makes report to President, p. 2864. (j) Federal Fuel Distributor
market: gas
Spans refuses to increase anthracite coal quota to Canada, p. 2864.(k) N.Y.
bas reduced the available supply for industrial consumption.
"Famine conditions in the anthracite market have put a heavy burden State Fuel Administration's order calling for use of coal substitutes, p. 2865.
on the retailer. Practically every dealer has had some trouble in distrib- (1) "Peddler Pool" for aid of small coal consumer starts in N. Y. City.
uting receipts, but mainly because the coal is scattered in small lots. Sub- p. 2865. (m) Governor Miller refuses use of emergency fund for coal purchases, p. 2865. (n) Chairman J. H. Hammond of Federal Fact Finding
stitute fuels are also scarce and high priced.
"Independent operators obtain large premiums for quick shipments of Commission sees possibility of another coal strike. p. 2865. (o) Excessive
family sizes. Little of this costly tonnage finds its way to the large Eastern output of coal on Government owned lands feared, p. 2865. (p) Text of
centres, however, as retailers hesitate to pass such figures along to the decision holding invalid N. Y. State tax on national bank shares, p.2867.
consumer. Steam coals are in good demand and there is no surplus tonnage.
-Stock Di Acme Cement Plaster Co., St. Louis.
Prices have rallied to the level of company quotations."
The company has declared a 100% stock dividen I, increasing the outOil Production, Prices, &c.
standing $1,000.000 Capital stock, par $100. to $2.000.000.
The American Petroleum Institute estimates daily average gross crude
-Notes Called.
Aluminum Goods Mfg. Co.
oil production in the United States for the week ended Dec. 30 as follows:
outstanding $2.766.500 10-Yr. 7 Ji% Sinking Fund gold notes
(In Barrels.)
Dec. 30 '22. Dec. 23 '22. Dec. 16 '22. Dec. 31 '21. dated of the1 1921 have been called for redemption Mar. 1 at 105 and int.
Mar.
320,250
414.350
Oklahoma
406,500
410.000
Bankers Trust
86.200 at the Union Trust Co., trustee, Pittsburgh, Pa., or at theBank.
87,300
Kansas
86,800
85,600
Chicago.
58.700 Co.of N.Y.,or Continental & Commercial Trust & Savings
59,200
North Texas
59,100
59,000
215.800 (For offering of these bonds see V. 112, p. 851.)-V. 115, p.439.
125,250
Central Texas
124,400
123,750
80.500
79,700
79,300
North Louisiana
78.350
-To
American Druggist Syndicate.
-Review of 1922
43,800
97.050
Arkansas
95.600
116,600
108.150 Change Par.116.150
118,300
Gulf Coast
123,550
115,500
Prtsident C. H. Goddard has Issued a circular to stockholders giving a
115,000
115,000
Eastern
114,000
63,850 review of the year 1922. The circular states that while definite figures can108.600
106,750
Wyoming and Montana120,350
315,000 not be given until after inventories are taken on Dec. 31, it looks now as if
480,000
p00,000
California
510.000
the earnings will be at least three times and possibly four times as great for
1.407,750 the last six months of 1922 as they were from Jan. to July, and equal to.
1.682,600
Total
1.741.200
1.691.750
the
-The American Petroleum If not greater than the net earnings of any former six months' period in
Crude Oil Production Reaches New High Record.
The circular says in part:
Institute figures show that crude oil production in the United States for history of the company. last few
of the
continues as we believe it
months, if it
"The prosperity
the week ended Dec. 30 1922 averaged 1.741,200 bbls. daily, a new high
the time when we can return to
record in the history of the industry In this country. The daily average will, indicates that we are rapidly nearing it might be advisable to make an
was 1,691.750 bbls. in the previous week and 1.407.750 bbl. in the last dividend basis. Before doing so, however,
in our constitution or articles of
week of 1921. The increase of 49,450 bbls. reported in the closing week of important change shown a steady increase in volumeincorporation.
from the beginning of
"Our sales have
1922 was due mainly to increased production in the new Smackover field in 1922. The last six months of the year will exceed S3,000000 and through
Arkansas and to increased production in the Wyoming, Montana and the efficiency of our production
department, this largely increased volume
refined oils) at
California fields. The imports of petroleum (crude and
about one-half the floor space heretofore occupied.
the principal United States ports for the week ended Dec. 30 totaled 1.- has been handled inus to rent to
which has permitted
responsible tenants on from three to five853,255 bbls., a daily average of 264,751 bbls.
year leases space which is yielding us now in rentals approximately $1.000
Crude Oil Price.
-Standard 011 Co. of Louisiana advanced Smackover
crude to 40c. and 75c, per bbl., according to gravity. Previous price was
f the capThe stockholders will vote Feb. 26 on changing the par
a cTr..
30c. per bbl., all grades. "Times" Jan. 5. p. 24.
valueo
one $50 share WILL
Joseph Seep Purchasing Agency advances Pennsylvania crude 25e. a ital stock from $10 to $50. If the change is authorized,
-V. 115. p. 1841.
bbl., to $3 25. Other grades were also advanced 25c. abbl. as follows: be exchanged for 5 shares of $10 each.
Cabell, to $2 11: Somerset to $1 90. Corning and Ragland remained
American Lace Mfg. Co.,Elyria.,0.-To Increase Capital.
unchanged at $1 75 and $1 a bbl., respectively. "Boston Financial News"
The stockholders will vote shortly on increasing the authorized capital
Dec. 30. P. 3.
stock from $750.000 to $1,000,000, par $100. If the increase is authorized
Magnolia Petroleum Co. advanced Mexican crude 20c., to $1 15 a bbl. it is
the intention to declare a 30% stock dividend, payable to holders of
"Boston Financial News" Dec. 29, P. 7.
Bunker Fuel Oil Price.
-Mexican Petroleum Co. advances price 5c. per record Dec. 26.-V. 115, p. 2908. 76.
bbl., to $1 56ji per bbl. (Including lighterage charge of Oic.). "Times"
-50% Stock Dividend.
American Laundry Machine Co.
Jan. 5, p. 24.
The directors have declared a 50% stock dividend on the Common stock,
Standard Oil Co. of N. J.. and other companies have met the Sc. advance
payable to holders of record Dec. 29. The stockholders on Dec. 29 inby Mexican Petroleum. "Financial America" Jan. 6.
from $6,000,000 to $12.000,000 and
I. Gasoline Price Reduced.
-Standard Oil Co. of California announced reduc- creased the authorized Common stockCommon stock from $100 to $25 Per
tion of 2c. per gal. effective Jan. 5 in California, Washington, Nevada, voted to change the par valuesof the
share. Compare V. 115. p. 2583, 2480.
Alaska, Oregon and Hawaii. "Wall St. Jour." Jan. 5, p. 11.
Prices, Wages and Other Trade Matters.
r" Automobile Output in November.
-Department of Commerce figures show
slight decline in November 1922 Production compared with preceding
month. November production totaled 214.631 passenger cars and 21,223
trucks. Total production for last four months of 1922 in comparison with
corresponding months Of 1921 are shown below. With a few exceptions,
the reports each month are from identical firms and include approximately
90 passenger car and 80 truck manufacturers:
-Passerger Cars- -Trucks-1921.
1922.
1922.
1921.
13,080
24,384
248,484
August
167,705
13,648
19,130
187,964
September
144,669
12,813
216,467
21,434
October
134,734
10,010
21.223
214.631
November
106,042
i ITe National Automobile Chamber of Commerce reports total production
for year 1922 of 2.527,000 cars and trucks (2.287,000 cars and 240,000
trucks). Previous record motor production was in 1920. when output
reached 2,205,000. Production of closed cars in 1922 averaged 35°! of
total output. Tire production for the year was placed at 36,340,0u0.
There were approximately 11.500.000 motor vehicles registered in the United States at the end of 1922. This is a 7% increase over registration in
1921 and is 81% of the registration for the entire world.
-Republic Rubber Corp. advanced price of pneu1. Tire Prices Advanced.
matic tires and tubes 12)4%. "Times" Jan. 4. p. 22.
in Report from Akron (0.) states that ali leading tire manufacturers, with
exception of Firestone Tire 8c Rubber Co.have announced increases in prices
.
i 0
averaging 12 y7 "Financial America" Jan. 1. p. 4.
h Automobile Price Cut.-Willys-Overland Co. announce price reductions
ranging from $70 to $370 a car on various models. See Wnlys-Overland
Co. below..."Eve.,Post3lan.15, p. 3.1111/111
-Stock Dividend.
American Light & Traction Co.
0
The directors have declared a cash dividend of 1 Ji 7 on the Preferred
stock, a cash dividend of 1% on the Common stock and a dividend at the
rate of 1 share of Cora. stock on every 100 shares of Cora. stock outstanding,
all payable to holders of record Jan. 12. Quarterly cash dividend of 1%
and stock dividends of 1 7o_each have been paid on the Corn. stock since
Feb. 1921.-V. 115,
2043, 1636.
-Guaranty
-Notes Sold.
American Rolling Mill Co.
Co. of New York, Kidder, Peabody & Co., W. E. Hutton &
Co. and Marshall Field, Glore, Ward & Co. have sold at
100 and int. $7,000,000 15
-Year Sinking Fund 6% gold
notes. (See advertising pages.)
without
Dated Jan. 1 1923. Due Jan. 1 1938. Int. payable J. & J.
deduction for normal Federal income tax up to 2%. Guaranty Trust Co.,
.
New York, trustee. Denom. $1,000 (el). Red. all or part at any time
on 30 days' notice at 106 and int. up to and incl. Jan. 1 1926: thereafter
kt 105 and int. up to and Incl. Jan, 1 1928. the premium decreasing thereafter 14 of 1% for each year or fraction thereof elapsed subsequent to Jan. 1
1928. Sinking fund, commencing April 1 1925, sufficient to retire each
year 214% of the total amount of notes issued.
Data from Letter of Pres. Geo. M. Verity, Middletown, 0., Jan. 4.
Cempany.-Consolidation in 1917 of a New Jersey corporation of same
name and Columbus Iron & Steel Co. Company is engaged in the manufacture and sale of a highly diversified line of specialty sheets-electric,
enameling, galvanized, alloy coated, annealed, pickled and black-used in
the manufacture of a wide variety of products.
Plants, located at Middletown, Columbus and Zanessdlle. O., and Ashland, Ky., consist of 4 blast furnaces having a total pig iron capacity of
80
THE CHRONICLE
[Vol.. 116.
442,800 gross tons per annum; 18 open hearth furnaces with a combined
Capitalization of New
Authorized. To lie Issued.
capacity of 731,000 gross tons per annum; 2 blooming mills and 1 bar mill First Mortgage bonds Company—
x
y$50,000,000
with a capacity for semi-finished material (billets, slabs and bars) of 334 000 7% Guaranteed
Preferred stock
$100.000,000
gross tons per annum. 45 stands of hot mills with a finished sheet and light Common
60,000,000
stock
60,000,000 60,000,000
plate capacity of about 300,000 net tons per annum,and factory buildings.
Company also owns over 30,000 acres of coal and timber lands containing
x Additional bonds may be Issued under certain restrictions. y 20-Year
large reserves of coal of high quality and has substantial interests in com,% gold bonds, series "A," guaranteed by Armour & Co. of Illinois.
panies owning limestone quarries, coke works, iron ore properties and
urpose.—Proreeds a the $60,000,000 of Pref. stock and of 450,000,000
steamships on the Great Lakes.
1st Mtge.
The plants and property at Ashland, which include ownership of the entire received 5.1i% bonds of new company, to be presently Issued, will be
by Armour & Co. of Ill. and used by it for the retirement of Its
capital stock of the Ashland Coal & Iron Railway, were acquired in Dec.
$59,968,000 outstanding 7% 10
-Year Cony, gold notes and its $3,697,200
1921 on very favorable terms and offer an excellent opportunity
outstanding 6% Serial Cony, gold debentures, for the reduction of
an increased finishing capacity that should add materially toto provide floating
its
the comdebt, and for other corporate purposes.
pany's prestige and earning power.
Earnings.—Based upon the earnings of the properties to be acquired
At present the Ashland plant is not equipped to finish the steel manu- by the
new company, the net earnings available for dividends on Its
factured in its open hearth department beyond the billet and slab form,
-year period ending OM 29 1921,
and the potential earning capacity of this property has, therefore, not yet $60,000,000 of Preferred stock for the 6
been realized. Work has been begun on suitable finishing mills at this after appropriate aajustments and after depreciation, Federal taxes at
present rates and interest on the $50.000,000 let Mtge. 534%
plant, to cost approximately $6,000,000.
bonds and
other debt of the new company, as certified by Price. Waterhouse
Purpose.—Proceeds of notes and of $7,000,000 7%,
& Co.
$2,000,000 Common stock presently to be issued will Preferred stock and average approximately 210,880.000 or more than 214 times the dividend
be used to retire or requirements on the 460,000,000 of Preferred
provide for the retirement of mortgage and other debt assumed in connec- net
stock. On this basis the
earnings year by year for the 6
-year period ending Oct. 29 1921 are as
tion with the purchase of the Ashland properties and all bank loans, except
$977000 in connection with an employees' stock purchase plan, and will follows:
$13.610,81311919
provide funds for the construction of the finishing mills at Ashland and
$16,099,655
1917
916
23,125,683 1920
additional working capital.
2,669,320
1918
22.031,759 1921 (loss)
12,253,927
Capitalization After Proposed Financing—
Authorized. Outstanding.
For the first 11 months of calendar year 1922, notwithstandin
15
-Year 6% notes (this issue)
g the
$7.000,000 47,000.000 adverse conditions previlaing during the first half of the
year, net earnings
Pre/erred stock
30,000,000 14,700,000 of these properties applicable to dividends on the
Preferred
Common stock
20,000,000 19,852.550 same basis, exceed the annual dividend requirements of stock, on the
$4,200,000 on
Note.—The company has guaranteed the principal and interest of$425.000 this issue.
Portsmouth By-Product Coke Co. First Mtge. 6% bonds.
During the recent period of depression in the industry, Armour
& Co.
Earnings Years end. Dec. 31 [Not Incl. Earnings of Ashland Properties]. of Ill, suffered severe losses, but operations during the past few months
have resulted in substantial profits, thus indicating a return towara
Net After
normal
Bal. Avail,
conditions.
Fed. Taxes.
Depreciation. for Int., dec.
Further Preferred Stock Provisions.—(a) Preferred
1913
41.350,246
$148,135
$1,201,111 voting power except four quarterly dividends are instock will have no
1915
default, or in the
1,827.818
204.933
1,622,885 event of default for one year in the purchase or redemption
1917
of 1% of the
4,360,534
474,637
3,385.897 largest aggregate amount of Preferred stock theretofore
1919
issued. (b) No
3,227,281
827.489
2,399,792 dividends shall be paid on the Common stock which will reduce
1920
net tangible
4,530,311
1.118,489
x3.411.822 assets below an amount equal to twice the par value of the
1921
Preferred stock
1,215,369
459.787, def.x2,335,054
AKer
192600000 at the time outstanding. (c) Without the consent of at least two-thirds
g2
of the outstanding Preferred stock, the company shall not (1) issue any
deducting $1,444,023 in 1926 and 42,253,844 in 1921 for
adjustment of inventory and $836,793 in 1921 for idle time expense. y Decem- additional Preferred stock prior to or on a parity with this 460,000,000
Preferred stock, provided that without such consent any of the authorized
ber estimated.
but unissued Preferred stock may be issued at any time if net tangible
A comment on the earnings says: "The company recovered quickly
as.stts are twice the
the acute industrial depression of 1921 and by April 1922 all finishing from and that proposed; par value of such Preferred stock then outstanding
mills
(2) create any mortgage on the lands, buildings,
were running at full capacity and on a profitable basis. Notwithstanding machinery, fixed
equipment and properties appurtenant thereto of the
the very difficult traffic and fuel situation which resulted from the pro- new company
longed strikes of the railroad workers and miners last summer,the company and liens, andand its subsidiaries other than purchase money mortgages
the indenture securing the bonds of the now company
was able, through the loyal efforts of its working organization
presently to be
substitution of high-priced natural gas and fuel oil for coal, to and the of the appraisedIssued, under which bonds may be issued (a) up to 65%
operate
value of such properties, or (b) up to 65% of the cost
at 100% of capacity during the entire period when the steel industry as a or fair value
of additional properties of like character thereafter acquired
whole was unable to exceed 50% to 60%. See also V. 115.
by the new company or its subsidiary companies, or (c) in exchange for
p. 2688.
and upon the pledge under said indenture of 1st Mtge. bonds of Armour
American Surety Co.—New Trustee.—
&
Richard B. Mellon, of Pittsburgh. Pa., has been elected a member of the In Co. of Ill., or to refund bonds of any other series outstanding, or (d)
exchange for 1st Mtge. bonds of any subsidiary company, provided
board of trustees.—V. 115, p. 1841.
that the lien of the mortgage securing the bonds of any subsidiary company
American Vitrified Products Co.—Bal. Sheet Oct. 31.— so received in exchange shall not exceed 65% of the appraised value of
the property covered by the mortgage securing the same and that all
Assets—
1922.
1921.
such 1st Mtge. bonds of subsidiary companies so acquired shall be pledged
Liabilities-1922:
1921.
Fixed assets, less
Preferred stock-__51,624,500 $1,709,500 under the indenture of the new company.
depreclatIon____$4,433,809 $4,491,258 Common stock__ 3,500,000 3,500,000
Listing.—The $60,000,000 Preferred stock has been listed on the Chicago
Inv. In assoc. co__ 262,590
282,426 Current liabilities_ 721,383
731,558 Stock Exchange. Application will be made to list this stock on the New
Current assets._ 2,002,279 2,138,441 Surplus
877,364 1,006,084 York Stock Exchange.
Deferred charges__
24,589
35,015
Consolidated Balance Sheet as of Aug. 26 1922. (Armour & Co. of Dol.
and Subsidiaries, incl. half interest in Societe Anonima La Blanca.]
Total
$6,723,247 $8,947,140 Total
$8,723,247 $6,947,140
Assets
—V. 114. p. 201.
Ljablldies—
Cash
$7,227.246 Notes payable
$16 455:965
5 8 8 208
:8
Notes & accts. rec
American Water Works & Electric Co.—Vice-Pres.—
25,237,304 Accounts payaole
Inventories
31,807.896 1st Mtge 20
Warren R. Voorhis has been elected a Vice-President.—V. 115,
-Year 534s_ 50,000,000
p.2796.
Marketable securities
15,495,759 7% Guar. Prof. stock__ 60 000 000
0:000
:000
&soured loans
Anaconda Copper Mining Co.—Tenders.—
3,000,000 Common stock
22,901.233 Initial surplus
The Guaranty Trust Co. will, until March 3, receive bids for the sale Investments
20,777,930
w liroperties
to it of $750.000 Series "A"6% bonds and Series "B"7% bonds.—V.
96,570.201
115, Deferred charges. incl.
p. 2908.
waamort. discount__
10,882,463
Total (each side)___ -4213,122.104
x Lands, buildings, machinery & fixed equipment—as appraised by
Anglo Amer. Corp. of South Africa., Ltd.—No
An official statement says: "Owing to the non-completion of the Div.— American Appraisal Co., at sound values, $89,026,831; half -interest in
formali- La Blanca property. $1,763,094; del very equipment, tools,
ties connected with the absorption of the Consolidated Mines
fixtures, &c.,
Co.'s South African assets, the directors are unable to declare Selection 44.244,268; franchises and leaseholds $1,536,008.
(For new officers, see Armour & Co., Illinois, below.)
In the new year a dividend for the year ending Dec. 31 1922. until early
"It is, however, their intention to recommend a dividend of ls.
Present Financing Does Not Provide for Merger of Morris
/hare as soon as the accounts are completed."—V. 115, p. 2583. 68. per
& Co.—A statement issued Dec.30gby Chase Securities Corp.
Armour & Co. of Delaware.—Guaranteed Pref. Stock says in part:
bue to the fact that for many months there has been talk of various
Sold.—The bankers named below have sold at.99 and divimergers in the packing
has
dends $60,000,000 7% Guaranteed Pref. (a. & d.) stock. the conclusion that this industry, theapublic of a appareetly Jumped to
financing Is
part
coming merger. The
Guaranteed as to principal ,dividends and sinking fund by fact is that Armour & Co. are taking measures looking toward the adjustment of their own financial structure, steps which would be desirable
Armour & Co. of Illinois (see advertising pages).
regardless of any merger that may take place. The plan
Dividends payable Q. (cumulative from Jan. 1 1923). Redeemable all broad and constructive to provide for any future financial is sufficiently
-J.
requirements
or part at any time at 110 and dive. on 60 days' notice. On or before of Armour & Co. It is not the intentiona Immediately to offer
the bonds
Feb. 1 1925 and in each year thereafter, company shall, out of its net provided for in the present plans, although they will be
earnings, after payment of full dividends on the Preferred stock, retire at a later date when necessary corporate and legal steps available for sale
have been taken
at not exceeding 110 and divs., not less than 1% of the maximum amount to bring Armour & Co. and its securities into being.
of Preferred stock theretofore issued.
Armour & Co. have agreed with the bankers to retire their debentures
Bankers Making Offering —Blair & Co., Inc.; Kidder, Peabody
and debenture notes, totaling aoout $63.700.000 The
Equitable Trust Co. of New York; E. H. Rollins & Sons; Spencer& Co.: and other purposes will be derived from the forthcoming funds for this
Trask
stock and bond
& Co.; Cassatt & Co.; Old Colony Trust Co.; Clark, Dodge & Co.: Red- Issues of the Delaware corporation, all the proceeds of which
go to Armour
mond & Co.; Dominick & Dominick; Graham Parsons & Co.; Continental & Co. of Illinois.
& Commercial Securities Co. (Chicago); William R. Compton Co.; W. A.
stockholders of the latter company are not deprived of any
The
rights
Harriman & Co., Inc.; A. G. Becker & Co.; Mercantile Securities Co. by the present financing. On the contrary, they
(San Francisco); Federal Securitirs Corp. (Chicago); Blyth, Witter & Co.; the cash derived from the sale of the Delaware not only receive all of
company's securities,
Cyrus Peirce & C. ; Cleveland Trust C.: • Anglo London Paris Co; (San but the debentures and notes of their company, which
go ahead of the
Francisco), and Manufacturers Trust Co..
notes, are to be paid off, and the future financial needs of the
(New York).
company
Data from Letter of J. Ogden Armour, Pres. of Armour & Co. of are well provided for, while due to the present financial structure of
Armour & Co. of Illinois additional financing was rendered
Illinois. Dec. 29.
extremely
difficult. All the Common stock of the Delaware corporation
Company.—Armour & Co. of Delaware was incorporated in Delaware
will be
Dec.27 1922 to acquirefrom Armour & Co.of Illinois certain of Its properties owned by Armour & Co. of Illinois, which thus retains the equities in
and assets for the purpose of facilitating the administration and financing the properties turned over to the Delaware company. Compare also
V. 115. p. 2908.
of its business. The properties and assets to be acquired consist generally
of certain packing houses and cold storage plants, the Armour Fertilizer
Armour & Co., Illinois.—Inquiry—Gua
Works and various other American subsidiaries, all the
ranty, &c.—
Senator Norris of Nebraska, has introduced a resolution
and Cuban subsidiaries, plants devoted to the manufactureSouth American
directing the
of by-products including the Armour Soap Works, andand distribution Federal Trade Commission to conduct an investigation into the details
approximately ofFthoer
sedArmr mr-hiorrc . ofgpe
of Aou our s, lsomer er.
of investments,
guaranty
Pro
1. Pref. stock see that co. above.
Properizes.—The properties to be acquired by
directly or through stock ownership, include: the new company, either - F. Edson White has been elected President of Armour & Co. of Illinois
(1) the fully equipped and Delaware,succeeding J. Ogden Armour
packing houses of the Fowler Packing Co. at Kansas City,
who has been elected Chairman
(2)
Packing Co., St. Joseph, Mo.,(3) New Y rk Butchers Messed Hammond of the boards of both companies. Philip D. Armour has been designated
Meat Co., as 1st VIce-r resident. Samuel McRoberts
N. Y. City; (4) Anglo-American Provision Co., Chicago, and
has been elected Chairman of
(5)
the Armour Packing houses at Denver, Colo. Fort Worth, Texas; also the finance committees of both companies, succeeding J. Ogden Arinow
sonville, Fla.; Indianapolis, Ind. and at Jersey City; (6) storage Jackplant
of the North American Provision Co., Chicago; (7) East.
'
Auburn
iu u p. Automobile Co.—Retires Pref. Stock.—
011 Refinery, East St. Louis, Ill., and various auxiliary St. Louis Cotton —v 115,rn2908
the soap works, glue works, sandpaper works, curled plants. including
•
hair works and
ing thof 7%
ares p'yPe:res119d2e2ntthsaereysWas redeemed by purchase in the open market
Kenie
ammonia wcrks; also (8) properties of the Armour Fertilizer
Works and 1..0 Pur
Preferred
A.
‘0
0 13 shares
its subsidiaries, including 21 manufacturing plants and 2 large ware- fringing the total cancelled stock. par $100, and subsequently cancelled
to $500,000 P meeting referred stock reanti
houses; (9) Campania Armour de Cuba, with its large distribution
plant
in Havana:(10) entire South American investments, Including the modern demption requirements up to Jan. 1 1026."
The directors last week declared the regular quarterly dividend of $1 75
packing houses at Sao Paulo and Santa Anna, Brazil, at La Plata
and a share on the Preferred stock and Si a share on the Common stock, both
Santa Cruz In Argentina; and a half interest in La Blanca Co. at
Aires, with various other properties throughout the United States. Buenos payable Jan. 1 to hoiders of record Dec. 21.—V. 114, p.310.
The investments of the new company consist of extensive
Baldwin Locomotive Works.—Equipment Order.—
interests
in properties and business situated in various parts rf the country,including
The company has received an order valued at approximately $1.000,060
numerous enterprises closely affiliated with the packing and
livestock from the Union Pacific RR. for 18 Santa Fe typo locomotives.—V.
industries.
115.
Control.—All of the Common stock of the new company will be owned p. 2908, 2584.
by Armour & Co. of Illinois, which will receive the proceeds of the 460,Barber Steamship Lines, Inc., New York.—Merger.—
000,000 of Guaranteed Preferred stock and of the 450,000,000 of 1st Mtge.
The Marcona Steamship Corp., N. Y., has been merged with the above
53.6% bonds to be presently issued by tbe new company.
company.—V. 115, p. 2908.
'
51.1
JAN.6 1923.]
THE CHRONICLE
-75% Stock Dividend, &c.
Beatrice Creamery Co.
The stockholders have (a) increased the authorized Common stock
from $4,000,000 ($3,500,000 outstanding) to $6,500,000; (b) authorized
the payment of a 75% stock dividend to Common stockholders of record
Dec. 29, and (c) changed the par value of the Common stock from $100
to $25 per share.
-V. 112, p. 747.
-Stock Increase.
Berkshire Cotton Mfg. Co.
The stockholders on Dec. 28 increased the authorized Capital stock from
$2,500,000 to $5,000,000, par $100. The new stock will be distributed as
-V. 115, p. 2382.
a 100% stock dividend.
Black & Decker Mfg. Co.
-Further Price Reductions.
Following a reduction from $39 to $28 in the price of the 4
-inch portable
electric drill on Nov. 10 1922, the company now announces further cuts
on certain popular items: 4-inch special, from $85 to $68. a cut of $17;
6
-inch electric bench grinder,from $56 to $38,a cut of$18.-V.115. p. 2162.
Borden Co.
-Dividends
-No Bank Loans.
-
The directors have declared the usual semi-annual dividend of 4% on
the Common stock, payable Feb. 15 to holders of record Feb. 1. and two
regular quarterly dividends of 14% on the Preferred stock, payable March
15 and June 15 to holders of record March 1 and June 1, respectively.
The company in 1922, it is reported, paid off all its bank loans, which
stood at $4,434,719 on Dec. 31 1921.-V. 115, p. 186.
Brown Durrell Co., Boston.
-Stock Dividend, &c.
The company has increased its authorized Capital stock from $1.000,000
(all outstanding) to $4,000,000, par $100. The new stock will be distributed
as a 300% stock dividend to holders of record Dec. 27.
Buda Co., Harvey, Ill.-Capital Increased.
-
The company has increased its authorized capital stock from $3,000,000
to $3,500,000, par $100.-V. 110, p. 2659.
(Edward G.) Budd Manufacturing Co.
-Acquisition.
The company is reported to have taken title to a 5
-story concrete factory
at the northeast corner of 25th and Stokely streets, Phila., heretofore held
by the Simmons Co., for $425.000.-V. 115. p. 2797.
-Further Data.
-Mention
Bullard Machine Tool Co.
was made in V. 115, p. 2908, of the offering at par and
int. by S. W. Straus & Co., Inc., of $1,500,000 1st Mtge.
63i% serial coupon bonds (see also advertising pages in
"Chronicle," Dec. 30).
Dated Dec. 15 1922; due serially Dec. 15 1924 to 1937. Interest payable
J. & D. at offices of S. W. Straus & Co., Inc. Callable at the option of
the company in inverse numerical order on 60 days' notice, in 1923 at
107 and int.• in 1924, 10634 and int.; the price drcreasing
1% each
year, but in no event less than 102 and int. Federal income tax paid
'
by company up to 2% and Pennsylvania 4 mill tax refunded. Free from
present Connecticut 4 mills tax.
Authorized. Outstanding.
Capitalization1st Mtge. 6349' serial gold bonds (this issue)
$1,500,000 $1,500.000
Pref. stock, 7,Curnul. (par $100)
1.000,000
885.000
666.000
Common stock (par $100)
1.000,000
-Incorporated in 1894 as successor to a business established
Company.
In 1880. From a small beginning company has grown steadily until to-day
it is one of the leading machine tool manufacturers in the country and
its product is known as the best in the line. Company manufactures
a complete line of *vertical turret lathes, boring mills and mult-au-matic
machines. In 1915 and 1916, in order to meet the incessant demand for
high-speed machines, the company developed and brought out an improved
lathe and boring mill and an entirely new machine in the Mult-au-Matic.
Company's machines are used by all of the more prominent industrial
and railroad companies in the country. Property situated in Bridgeport,
Conn., on the main line of the New York New Haven & Hartford RR..
with which it is connected by a private siding.
Earnings.
-Net earnings for the years 1916 to 1921 and the first 10
months of 1922, before interest, taxes and depreciation, have averaged
$537,370, equivalent to 534 times the greatest annual interest charge,
and more than 3.6 times the combined annual amortization and interest
pa:rments.
-To provide funds for acquisition of property now used but
Purpose.
not owned and to provide additional working capital.
Management.
-E.P. Bullard, Pres.; S. H. Bullard, V.-Pres., and A. H.
Bullard, Sec. & Treas.
Balance Sheet Oct. 31 1922 (After New Financing).
Liabilities
Assets$263,039
Current assets
$1,546,783 Current liabilities
Securities owned
31,398 Deferred payments
80,364
Land, bldgs., mach'y, &c_. 3,518,842 1st Mtge. 6345
1,500,000
Patents (less deprec.)____
1,551.000
18,570 Capital stock
Deferred charges
242,409 Surplus
1,983.398
Total
$5,357,801
-V.115. D. 2797, 2908.
Total
$5,357,801
-1922 Production (Lbs.)
Calumet & Arizona Mining Co.
4.038.0001 May
December..-- 3.582,0001 August
3,566,000
November_ _ _ _3,298,000 July
3,310,000 April
3,756,000
October
3,916,000 June
3,362,000 March
3,056,000
September__ _3.598.000
Note.
-Operations were suspended in May 19 1 and resumed early in
Feb. 1921„ in which month 2,462,000 lbs.of copper were produced.
-V.115.
P. 2584, 2162.
Cardinal Oil Co.(of Dela.)-Listed on Curb.
-
The company's 400,000 shares of stock, par $10 (total authorized), have
been listed on the New York Curb market. Trading began on Jan. 3.
The company owns over 4,000 acres in fee and holds about 16.000 acres
on lease, surrounding and controlling a salt dome on Francitas Mound in
Jackson County, Tex, The Empire Trust Co. is transfer agent.
Carpenter Steel Co.
-Capital Increase.
-
This company has increased its authorized Capital stock from $1,200,000
to $8,000,000, par $100. and now has issued 56,000,000.-V. 115, p. 2689,
1537.
Central New York Gas & Electric Co.
-Tenders.
-
The Philadelphia Trust Co., trustee, Broad and Chestnut streets, Phila.,
Pa., will until Jan. 27 receive bids for the sale to it of 1st Mtge. 5% Sinking
Fund Gold bonds, dated March 15 1911, to an amount sufficient to exhaust
$10,322 at a price not exceeding 105 and int.-V. 103. 13. 940.
81
-New Vice-President.
Continental Oil Co.
E. S. Karstedt, formerly General Manager, has been elected Vice-V. 115. p. 2797, 432.
President. succeeding H. J. Cleaver.
-Redemption of Notes.
Copper Export Association, Inc.
The company, it is understood, will call for payment in February all of
its outstanding issues of notes of which $6.000.000 are due Feb. 1924
and $12,000,000 due Feb. 1925.-V. 115. p. 992, 187.
-20% Cash Div.
(Thos. J.) Corcoran Lamp Co. of Ohio.
The company has declared a 20% cash dividend, payable at once.
V. 110, p. 1092.
-Bonds OfCrooks Terminal Warehouses, Chicago.
fered.
-The National Bank of the Republic, of Chicago, is
offering at 100 and int. $500,000 1st (Closed) Mtge. 634%
bonds. A circular shows:
Dated Dec. 15 1922. Due serially, 1924-32. Denom. $1,000, $503
and $100 (c8
). Callable on any interest date on 30 days' notice at 10e
and interest. Interest payable J. & D. at Nataional Bank of the Republi
of Chicago, trustee.
Security.
-Secured by a closed first mortgage on all the land and extensive
modern warehouses with 260,842 sq. ft. of floor space, located at 5801-story and basement brokers'
5967 W. 65th St., Chicago, and on the 7
office and warehouse building (and leasehold) also owned and operated
by H. D. Crooks, at 1104 Union Ave., Kansas City, Mo., with 100,000
sq. ft. of floor space.
Earnings.
-For the year ended Dec. 31 1921, the combined net profits
(before interest and Federal taxes) ofthe Chicago and Kansas City properties
subject to this mortgage amounted to $148,693, or more than 434 times
the maximum annual interest requirements of $32,500 on these bonds.
For the 4 years and 9 months ended Sept. 30 1922. combined annual
average net profits before interest and Federal taxes amounted to 3100,418,
or more than 3 times such maximum interest requirements.
Business.
-Business of Crooks Terminal Warehouses is that of warehousing general merchandise, rental of space for offices, lofts or other
purposes, forwarding of freight, and local deliveries in their own motor
trucks. Established in 1913. as the Chicago Storage & Transfer Co..
the business has shown a steady growth until its Chicago properties to-day
make up one of the largest warehouses in Chicago, and its combined storage
facilities in Chicago and Kansas City. Mo., are among the largest in the
United States.
Cunard Terminal Corporation.
-Files Mortgage.
A mortgage for 53.000,000. given by the Corporation to the Mew Avenue
Co., Ltd., London, Eng., was recorded Dec. 27 in the office of the Register
of Deeds of Hudson County at Jersey City. The mortgage, which is payable on Feb. 1 at 5% interest, was dated Oct. 20 1922. and was signed by
De Los W. Cooke, Pres. of the Cunard Terminal Corp., and William A.
Pon. Secretary. The mortgage covers all property purchased by the Corporation in Weehawken in 1921. See V. 111. p. 497.
Delaval Separator Co.
-Tenders.
-
The New York Trust Co., trustee, will until Jan. 22 receive bids for the
sale to it of 10-yr.8% sinidng fund gold notes due Mar. 1 1931 to an amount
sufficient to exhaust $150,000 at a price not exceeding 10434 and int.
Depew & Lancaster Light Power & Conduit Co.
The company has increased its authorized capital stock from $1,250,000 to
$3,500,000, par 5100.-V. 110,Is• 1293.
Detroit Copper & Brass Rolling Mills.
-Increase.
-
The company has increased its authorized Capital stock from $5,000,000
(all outstanding) to $6,000,000, par $10.-V. 112. p. 1028.
Elder Manufacturing Co.
-Unfilled Orders, &c.
On Dec. 9 last unfilled orders, it is stated, amounted to $1,632.000. and
Inventory amounted to but $1,357.000. Last May unfilled orders, it is
said, totaled only $124.000 and merchandise on hand 51,200,000.-V. 115.
p. 2385, 651.
Elder Steel SS. Co., Inc.
-Notes Sold at Auction.
Adrian H. Muller & Sons, N. Y., auctioneers, last week sold at public
auction $167,000 of 8% notes, due 1929, for $100 for the lot and $6,000
of the same issue for $10.-V. 115. p. 2051.
Electric Bond & Share Co.
-Stock Dividend.
The directors have declared a stock idvidend of $3,000,000, payable in
Common stock to Common stockholders. The General Electric Co. owns
all of the Common stock of the Electric Bond & Share Co. Compare
V. 115, p. 2910, 2799.
Elizabethtown Water Co. Consolidation.
-Consolidation, &c.
The stockholders of the Elizabethtown Water Co., Piscataway Water
Co.. Raritan Township Water Co. and the Watchung Water Co., the
latter three controlled by the Elizabethtown Water Co., voted Dec. 20 to
consolidate under the above name. The authorized capital stock of the
consolidated company is $4.000,000 (par $100). The New Jersey P. U.
Commission has also approved the consolidation. Under the agreement of
consolidation the stock of the new consolidated company will be issued
In exchange for the stocks of the other companies as follows: (1) Elizabethtown Water Co., 98,152 shares (par $10) outstanding, for each share will
receive 34,924-98,152 share of consolidated stock; (2) Piscataway Water
Co., 114 shares (par $100) outstanding (when surrendered with all the
stock of the Watchung Water Co.) for each share will receive 40 12-14
shares of consolidated stock. (3) Raritan Township Water Co., 124 shares
(par $100) outstanding, for each share will receive 4 2-31 shares of consolidated stock. Watchung Water Co. stock outstanding shall be surrendered by the Piscataway company. Scrip without voting power or
rights to participate in dividends shall be issued for fractional shares.
The new consolidated company will also assume all the indebtedness of
the companies consolidated.
The $500.000 1st Refunding bonds of the Elizabethtown Water Co. which
were extended at 6% to Jan. 1 1923 have been further extended at same
rate of interest to Dec. 1 1923. Farmers'Loan & Trust Co., N. Y.,trustee.
Directors are Julian H. Kean, Pres.; Hamilton F. Kean, V.-Pres.; John
Kean, Union Township, N. J.; John W. Whelan, Sec.-Treas.; George T.
Parrot, Frederic H. Levey, Edward C. Woodruff, Elizabeth, N. J.; W•
Emlen Roosevelt and George Emlen Roosevelt, New York.
English Electric Co. of Canada, Ltd.
-Defers Div.
The company, it is reported, has deferred its quarterly dividend, due
Dec. 31 1922, on the 8% Cum. Pref. stock.
-V. 114, p. 1539.
Cheboygan Light & Power Co.
-New Control.
-
Eureka Co., North East, Pa.
-Bonds Offered.
-F. E.
Warner & Co., Phila., are offering at 100 and int. $275,000
1st Mtge. Cony.8% 15-Year Sinking Fund gold bonds (see
Cluett, Peabody & Co., Inc.
-Resumes Common Div.
- advertising pages). Nov. 1 1937 Int. payable M.& N. at ChemiDated Nov. 1 1922, due
The Commonwealth Light & Power Co. has purchased the entire capital
stock of the Cheboygan Light & Power Co. The purchase price is understood to have been 5500,000.-V. 103, p. 1120.
A quarterly dividend of 1 % has been declared on the outstanding
$18,000,000 Common stock, par $100. payable Feb. 1 to holders of record
Jan. 20. A quarterly dividend of 139' was paid on the Common stock
-V.115. p.
in Feb. 1921; none since.
cal National Bank, New York, trustee, without deduction for any Federal
income tax up to 2%. Free of Penna. State tax. Red.. all or part, on 60
days' notice at 10734 and int. Denom. $1.000 and $500 (c5
).
Sinking Fund.
-Mortgage provides for an annual sinking fund of $15,000,
first payment Nov. 1 1925, to be by tender or by lot, not exceeding call price.
Commonwealth Light & Power Co.
-Acquisition.
Conversion.
-Convertible into 11 shares (par $100) 89' Cumul. 1st Pref.
See Cheboygan Light & Power Co. above.
-V. 115. p. 2271.
stock and 5 shares (par $100) of Common stock for each $1,000 of bonds,
on or before Nov. 1 1927.
Congoleum Co., Inc.
-Dividend Increased.
A quarterly dividend of$2 per share has been declared on the outstanding Data from Letter of Pres. C. R. Crouch, North East. Pa., Nov. 15.
Common stock, no par value, payable Jan. 15 to holders of record Jan. 12.
Company.-Incorp. in Pennsylvania in 1896 and has been in successful'
This compares with dividends at the rate of $4 per annum paid quarterly operation since that time. Original investment amounted to about $34,000.
on the Common stock from April 1921 to Oct. 1922, inclusive.
-V. 115. ro• from which the present assets have been built up to $977,842. The character of the business is unusually stable, the company manufacturing elec2585.
tric traction
wheels,
and
-New Stock on Board-Chairman.
Continental Can Co.
- copper drop supplies, including trolley there iscontroller parts, brass
forgings, &c., for which
a constant demand from
The new no par value Common stock has been introduced to trading on public utility companies, steel mills, street, mine and industrial railways,
the floor of the New York Stock Exchange on a "when issued" b•Lsis. manufacturers of electrical apparatus, &c.
Outlook.
Waddill Catchings has been elected Chairman of the Executive Com-Through the British-American Metals
Inc. New York.
mittee, succeeding F. A. Assman. Mr. Assman will continue as a member with whom a contract has been entered into, the company is assured of
'
Co.'
a large and increasing volume of business.
-V. 115, p. 2909.
of the executive committee and also as a director.
82
[vol.. 116.
THE CHRONICLE
Purpose.
-Proceeds will be used to liquidate bank loans and provide additional working capital.
CapitalizationAuthorized.
Issued.
1st Mtge. Convertible Sinking Fund 8s
*275.000
$275.000
1st Pref.(a.& d.) Cumul.8% stock (par $100)
None
302,000
Common stock
362.500
500.000
-Net earnings available for interest on debt for years from
Earnings.
1915 to 1921, inclusive, averaged 951.721 before Federal taxes, before allowance for depreciation, and giving effect to adjustment of officers' salaries to
the future basis. This is 2 1-3 times interest requirements on this issue
of bonds.
Eureka Pipe Line Co.
-Dividend Increased.
-
The directors have declared a quarterly dividend of3% on the outstanding
$5.000,000 capital stock, par $100, payable Feb. 1 to holders of record
Jan. 15. From Aug. 1921 to Nov. 1922 the company paid dividends at
tbe rate of 8% per annum (2% quarterly).
-V. 115, p. 442.
Eureka Smelting & Mining Co.
-New Officer.
-
George T. Wison, formerly Vice-President of the Harriman National
Bank, has been elected President.
-V. 115. p. 1638.
Federal Sugar Refining Co.
-1%% Common Dividend.
Foundation Company.
-New Director.
Frederick R. Bauer has been elected a director.
-V.115, p.2910, 2691.
General American Tank Car Corp.
-Orders,
The corporation announces that it has already booked for the year 1923
orders in the amount of $25,000,000 for both freight and tank cars.
Mathew C. Brush, acting President of the American International Corp..
has been elected a director.
-V. 115, p. 2799. 2587.
Gilbert & Barker Mfg. Co., Boston.
-Stock Div.,
The company has increased the authorized capital stock from $2,000,000
to *5,000.000, par $100. by the distribution of 30.000 additional shares
as a 150% stock dividend to holders of record Dec. 15. All of the outstanding Common stock is owned by the Standard Oil Co. of New Jersey.
Gorton-Pew Fisheries Co.-
•
Federal Judge Anderson at Boston has issued an order allowing the
request of the receivers that they be allowed to distribute 3140.623 as a
10% payment on the principal of the company's debts. The receivers say
they have $321,000 cash on hand, all of which is not required as working
capital. The total present debt is reported to amount to $1,406.251, of
which $1.381,032 is due 115 banks on notes.
-V. 115. p. 1215.
A quarterly cash dividend of 1 yi% has been declared on the outstanding
Greeley-Hudson Securities Corp.
-Notes Called.
Common stock, par $100, payable Feb. 1 to holders of record Jan. 19.
All of the outstanding 6% Secured
gold notes due May 1
This compares with 7% per annum paid on the old Common stock issued 1931 have been called for redemptionSinking Fund at 105
Feb. 1 1923
and int. at the
before the distribution (V. 115, p. 2385) of the 60% stock dividend.
- Guaranty Trust Co., trustee, N. Y. City -V. 109, p. 1991.
V. 115, p. 2910.
Greylock Mills, North Adams, Mass.
-Increase.
-
Federal Telegraph Co. of Calif.-Capital Increased.
-
The stockholders have increased the authorized Capital stock from
$700.000 (all outstanding) to $1,400.000, par $100. The Increase will be
distributed as a 100% stock div. to holders of record Dec. 27.-V. 115. P.
2911.
(Marshall) Field & Co., Chicago.
-New Officers.
-
The Guaranty Trust Co., Detroit, has been appointed receiver.
-V.115,
p. 79.
The stockholders are reported to have increased the authorized capital
stock from 92.500,000 to *3.500,000, par $10. It is stated that 50,000
shares of the new stock will be offered to stockholders at $7 50 per share.
-V.115. p. 1435.
James Simpson has been elected President succeeding John G. Shedd,
who has been elected Chairman of the Board, a new office recently created.
John McKinley has been elected Vice-President and Kersey Coates Reed,
Secretary and Treasurer.
-V. 114, P• 415.
Fifth Avenue Bus Securities Corp.
-Initial Dividend.
The directors on Jan. 3 declared a dividend of 16 cents a share, payable
Feb. 15 to holders of record Feb. 1. conditioned upon the receipt by the
company of the dividend of 50 cents a share recently declared upon the
stock of New York Transportation Co. The Bus company shares have
been issued at a ratio slightly in excess of 3.1 shares for each share of New
York Transportation Co., so that the dividend now declared represents a
distribution to the nearest cent of the entire dividend on the Transportation
company stock.
At the same meeting action was taken to authorize the issue of Bus company voting trust certificates in exchange for stock of the Transportation
company at the above-mentioned rate, viz., approximately 3.1 Bus company
shares for each Transportation company share. See also V. 115, p. 2910.
Harroun Motors Corp., Detroit.
-Receiver.
-
Honolulu Consolidated Oil Co.
-200% Stock Dividend.
The directors, contingent upon the approval of the California RR. Commission, have declared a 200% stock dividend, payable Dec. 30 1922 to
holders of record Dec. 23. The stockholders on Dec. 21 increased the
authorized capital stock from $5,000,000 ($3,135,000 outstanding) to
*15.000.000. par $1.
The directors have also declared their intention to pay bi-monthly
dividends at the rate of 3 cents a share on the increased capitalization,
beginning Jan. 15. This rate is equivalent to 54 cents a share per annum
on the old capitalization, as compared with the present rate of 48 cents a
-V. 115, p. 2163.
share per annum.
Inland Steel Co.
-Acquisition, &c.
The company, it is stated, has acquired the property of the Red Top
Steel Post Co.. adjoining its own plant at Chicago.
It is reported that negotiations for the merger wit. the Steel & Tub( Co.
of America are still under way, and that the principal difficulty is Inland's
objection to the bonded debt. forcing cash payments to holders whether
earnings warrant or not. Steel & Tube has a bonded debt of $24,551,109
with *16,842.400 7% pref. and 61.934,660 common stock outstanding.
V. 115, p. 2692. 1638.
Fleischmann Co.
-Stock Sold.
-A block of 275,000
shares of no par value Common stock has been sold at
$30 per share by W. E. Hutton & Co., W. A. Harriman &
Co.,Inc., and E. F.Hutton & Co. The stock was offered
Illinois Glass Co.
-Illinois
by the bankers, as agents, solely for the account of certain Trust & Savings Bank Alton Ill.-Bonds Offered. Chicago,
and
Lee, Higginson &
members of the Fleischmann family, which is retaining are offering, at 99 and interest, $2,500,000Co.,
6% 10
-Year
11-15ths of the outstanding Common stock. Company will Sinking Fund Gold Debentures.
derive no funds from the transaction.
Dated Jan. 11923. Due Jan. 11933. Interest payable J.& J. at Illinois
Capitalization Authorized and Outstanding (No Funded Debt).
Trust & Savings Bank, Chicago, trustee, without deduction for Federal
Common stock (no par value)
1,500,000 abs.
6% Cumulative Preferred stock
43.000,000
x Company has purchased a portion of the Pref.stock in the open market
and expects to retire 91,000,000 In 1923.
Data from Letter of Pres. Julius Fleischmann, New York,Jan.2 1923.
Company.
-Has been in successful operation for more than 50 years,
the business having been founded as a co-partnership in 1869. Principal
product has always been and is to-day yeast, of which it is the largest
manufacturer in the world. It is also by far the largest manufacturer and
distributer in the United States of distilled vinegar. Company also produces malt, of which a large part is used in its own manufacture of yeast,
vinegar and alcohol, and the balance sold to the domestic and foreign trade.
A large and profitable export business in malt is carried on. Distribution
of yeast is effected through 950 direct selling agencies throughout the United
States, Canada, Mexico, Cuba and Porto Rico.
Earnings Years Ended Dec. 31.
Sales.
x Net Inc. y Net Inc. x Net Inc.
1917
$27,520.606 *2.765,989 *2.265,418 $2,420.240
1918
32,191,378
3,393.331
2,053,631
2,969.165
1919
31.951.786
2,421,356
1,825.309
2.118.687
1920
34,275,831
3,400,377
2,889,952
2,975,330
1921
37.194.496 6.101.3534,608.456
1922 (10 months)
32,249,985
7,362,563 6,508.996
6,508,996
x After charges but before Federal and Canadian taxes.
y After deducting Federal and Canadian taxes.
z Before deducting Federal and Canadian taxes paid, but after giving
effect to taxes at 1922 rates.
Listing.
-Stock listed on the Cincinnati Stock Exchange and application will be made to list on the N. Y. Stock Exchange.
Consolidated Balance Sheet Oct. 31 1922.
[After giving effect to the change of Common stock into shares without
par value and to the redemption of the *4,000,000 10
-Year 8% Notes on
Dec. 1 1922.1
Liabilities.
Assets.
Cash
$2,618,699 Accounts payable
*1,041,114
U.S. Govt. obligations
6.929.451 Accr'd taxes, pay-roll, &c. 1,527,654
Notes & acets receivable 3,221,034 •Reserves ($11,797.698)
Inventories
Depreciation
2,840,949
8,864,807
Land. bldgs., mach., &c_ 24,204.253
Amort. of cost of pats13.862
Patents
Uncollectibie accounts
275.579
425.703
Investment securities__ - 1,481,067
Insurance
1,516.963
Insur. find-Cash, notes
Fed.& Can.taxes(1922) 932,570
Fire losses
•, & securs_ 1,516,963
28.793
Prepaid taxes, ins., &c
Accr'd Pref. div., Oct426,272
15,000
Contingent assets (see
Conting. Dab.(see contra)
48.700
contra)
3,000,000
48.700 6% Preferred stock
xCommon stockholders'
Total (each side)
equity
26,147,801
*43,562,967
x Represented by 1.500.000 shares of no par value Common stock.
No allowance has been made in the foregoing statement for good-will.
although a value of $6,000,000 was fixed for the good-will of the business
by the courts in the settlement of an estate more than 20 years ago.
-V.115
p. 2910, 2799.
Ford Motor Co., Detroit.
-Purchases Site, &c.^
Income taxes not in excess of 4%. Denom. *1,000. $500 and $100 (Cs).
Redeemable as a whole, or in part for the sinking fund, on 30 days' notice,
on any interest date before maturity, on payment of a premium of 2X%
If redeemed at the end of the first year, such premium decreasing X of 1%
each succeeding year thereafter.
-A sinking fund of $100,000 annually during first five
Sinking Fund.
years and $150.000 annually in each of the succeeding four years, will be
applied to the purchase and retirement of these debentures if available in
the market at not over the current redemption price, or to their call by lot
at such price.
Data from Letter of V.-Pres. R. H. Levis. Alton. Ill., De.-. 22 1922.
Company.
-Founded in 1873 at Alton, Ill. Has been conducted continuously by the original management. Company is one of the three largest
manufacturers of glass bottles In the world, making bottles of every description by completely automatic machines, assuring accuracy as to sizes and
capacity. Company has the exclusive right to the use of the most improved
automatic machines for the production of carboys and water bottles, ranging
in capacity from 4 gals. to 13 gals. At its own plants, together with those
of its allied companies, it manufactures corks,labels, cartons. bottling
and packing machinery corrugated fiber paper, shipping cases, chemical
glassware and other miscellaneous supplies required by users of the company's principal product. Plants at A.Iton. Chicago and Chicago Heights,
Ill.: Gas City, Ind.; Minotola and Bridgeton, N. J.
Earnings.
-Company has never failed to show a substantial profit in the
last 30 years of its operation. For the past 534 years average net earnings
before taxes have been $1.409,195; for the past 93's years average has been
91,045,462.
Purpose.
-Proceeds will be used to retire $1,000,000 outstanding debentures, to reimburse company for capital expenditures and to refund current
debt.
Balance Sheet Sept. 30 1922 (After This Financing).
AssetsLiabilities
Plant property
*12.001.415 Preferred stock
$5,045,000
Patent licenses & contr ts 2,000,000 Common stock
4.200,000
-Year debentures
Stocks ofother cos. owned
481.500 10
2,500,000
Cash
197,836 Accounts payable
499,115
Notes receivable
97,702 Accrted expenses
220,224
Accounts receivable
1,469.217 Customers' mould refund
Due from affiliated cos
655.319 account
9.820
Advances on purchases__
11,645 Reserve for depreciation- 6,256 408
Bonds owned
596,056 Miscellaneous reserves.__
18,413
Inventories
3,422.679 Surplus
2,232,647
Deferred charges
48.258 Total (each side)
$20,981.628
International Cement Corp.
-Acquisition.
-
The corporation has concluded negotiations for the purchase of the
property or the Bonner Portland Cement Co., Bonner Springs, Kan. The
plant has been in operation nearly 10 years, operating 2 kilns, and has a
present capacity of 450,000 to 500,000 bbis. per annum. The International will immediately proceed to enlarge the capacity of the plant.
-V. 115, p. 2274, 993.
Iroquois Natural Gas Co.
-Merger.
-
A certificate filed at Albany, N. Y., shows that the Niagara Gas Corp.
and the Williamsville Natural Gas Co., have been merged with the above
-V. 115, p. 2912.
company.
Jordan Marsh Co., Boston.
-Par Value Changed.
-
The company has taken title to a 69.26-acre tract in Chicago, extending
The company has changed its authorized capital stock
20,000
from the Calumet River at 125th St. to 130th St., and from the New shares of $100 par value to 100,000 shares of no par value. from
York Chicago & St. Louis RR. east on Torrence Ave. The consideration
Kirby Lumber Co.
was $256,266.
-Outlook.
A manufacturing and assembling plant will be constructed on the above
President John H. Kirby says:
very satisfactory
property. The first of the four units will cost 21,500,000 and is scheduled basis as regards both volume and "Operations are on aand if there is no
cost of manufacture,
to be completed by May 11923. This unit will be a high-grade one-story serious falling off in demand or price in
1923 we should have a substantial
building containing a floor area of nearly 16 acres. The power plant sum for distribution among our stockholders, which, of course, will be
will be in a separate building. The company's closed car bodies, formerly applied on the accumulated dividend upon the preferred. We expect a
built at Detroit, will be built at this new plant, and, besides, 500 cars good market for 1923 with prices
bettor than at present. In
good as
per day will be assembled there, which is double the car production capacity which event earnings should be at asrate of ator
a
least 91,500,000 a year. and
of the company's 39th St. & Wabash Ave. building, Chicago.
in addition we should have for distribution a like amount through the conArrangements have been practically completed for the location of a version of stumpage used in our operations and already paid for."
-V.115.
unit on the Missiisippl River. at St. Paul, which ultimately will entail p. 2693, 1329.
an expenditure of probably *10.000,000. It is understood the Ford
assembling plant in Minneapolis will be the first unit to be moved to
Laclede Steel Co.
-New Officers.
St. Paul.
W. Scott, Jr. has been elected Vice-President, succeeding W. L.
It is also reported that Henry Ford has bought 30,000 acres of timber Allen, and S. R. Tyler has been elected Secretary, succeeding H. F. Kay.
land in northern MIchigan.-V. 115. p.12799.
-V. 113. P. 1581.
JAN.6 1923.]
THE CHRONICLE
83
Landis Machine Co.(Shoe Machine Mfrs.), St. Louis. The preferred stockholders' committee has also approved
the plan. The committee in a statement say in substance:
A 2,000% stock dividend has been declared on the outstanding cap tal
stock. The authorized Capital stock was recently Increased from 350.000
to $1.000,000. The dividend, it is stated, is payable from surplus accumulated for 30 years.
The committee desires to impress upon all bondholders, creditors and
stockholders the absolute necessity of an immediate completion of the
reorganization plan in order that they may save and protect their interests
that
The
- in the property.a largecommittee believeswhichthe company's oil properties
-Hearing Postponed.
Lehigh & Wilkes-Barre Coal Co.
fully warrants the expendiprospective value
in Mexico have
The hearing on the Isaac Starr protest against the sale of company's stock ture of new money for the development thereof. The committee also
to the Reynolds Syndicate being confirmed has been postponed from Jan. 3 believes that the terminal properties owned have substantial value and that
to Jan. 24. It is understood that the postponement is in compliance with with the development of the oil properties an excellent and profitable general
-V. 115, p. 189.
a request by the Department of Justice.
oil business can be carried on by the new company.
The financial difficulties are the result of the company's having invested
---Receiver.
Liberty Motor Car Corp., Detroit.
the proceeds of the bonds and a substantial amount of earnings in the
The Security Trust Co., Detroit, has been appointed receiver by Federal construction of wooden tankers and wooden cargo vessels, and the failure
Judge Tuttle in a friendly suit brought by Parish Manufacturing Co., in to invest the money in the development of the oil properties. With the
order to preserve the assets of the company. Company has an authorized slump in the shipping business and in the oil business in 1921, large losses
Issue of $2,000,000 Common and $750,000 8% Cumulative Participataig resulted and the consequent piling up of a big floating debt. The ocean
-V. 114, p. 1771.
Preferred stock.
shipping to-day has ceased to have any value and the total investment
therein is a loss. In the meantime, due to the fact that the oil properties
Lit Brothers Corp., Phila.-Stockholders' Rights.
had not been developed, the company was without adequate revenue
The stockholders of record Dec. 26 are given the right to subscribe at to create a fund with which to meet the (S500.0001 Installment of principal
Par ($10) to $1.000.000 Common stock. Subscriptions are payable at the on the bonds due on May 1 1922. which resulted in the receivership.
the company, Philadelphia, on or before Feb. 26 1923.-V. 115.
office of
As a result of foreclosure proceedings started by the New York Trust Co.,
p. 2912.
trustee, the property was purchased at sale on Oct. 20 1922 by the bondp. 1541).
$50.000 (V.
-Bonds Sold.-Benbright & holders' committee for asset held by 115,company consists of its oil leases
Island Lighting Co.
Long
the
The most important
Co. Inc., and W. C. Langley & Co., New York, have sold and terminal properties in Mexico. These properties are owned by a
the
Mexican subsidiary
at 97H and int., to yield about 6.20%, $3,000,000 1st Ref. for past due taxes incompany, which is indebted to also Republic of Mexico
indebted to outside
the amount of $171.658. It is
Mtge. Gold Bonds Series "A"6% (see advertising pages).
creditors from whom It has purchased oil, supplies. &c., in the amount of
contemplates that a
American approximately $270.000. The reorganization plan the balance of it shall
Due Jan. 1 1923, due Jan. 1 1948. Int. payable J. & J. at
of this debt shall be paid in cash and that
Exchange National Bank, New York, trustee. Red. all or part on any percentage
represented by notes of the Mexican company.
paid in
int. date on 30 days' notice at 110 during the first 15 years and at 1% beIt is also installments the new company shall be furnished with working
proposed that
loss during each year of the following 10 years. Denom. 31.000. $500 and capital so that it can resume the business of handling oil through its Mexican
$100 (c* & r*), $1.000. $5.000. $10.000 and multiples of $10,000. Company terminal and dealing in the same, and also so that it can engage in a wellagrees to pay the normal Federal income tax to the extent of 2% and to advised drilling campaign mum these Mexican properties. Ti Is proposed
refund the Penna. and Conn. 4 mills taxes.
to expend approximately $100.000 in the drilling of three wells upon the
Issuance.
-Authorized by New York P. S. Commission.
Chljoles lease. If the drilling operations result in encountering oil, the
Data from Letter of Pres. Ellis L. Phillips, New York, Jan. 4.
present high prices obtaining for Mexican oil should result in speedily making
Company.-Incorp. Dec. 31 1910. in New York, consolidation of a the new company a prosperous concern.
which had been operating on Long Island.
number of established companies
Estimated Minimum Financial Requirements of New Company, 3750.000.
Has since absorbed various other companies, so that now company supplies Payment in cash of approximately 25% of the debt of the National
substantially entire electric light, power and gas business of the County of
Oil Co.. S. A.(Mexican company)and of National Oil Co.of Me_3125,000
Suffolk.
For the drilling of 3 wells on the Chijoles lease and wells on other
550,000
Nassau Light & Power Co. (V. 115. p. 2802. 654), the properties of
selected leases and for working capital
which are about to be acquired, does the entire electric light and power Receivers' compensation,expenses of reorganization, court exp.,&c. 75,000
business in the central and northern part of the County of Nassau. ProperDigest of Reorganization Plan, Dated Dec. 15 1922.
ties of the Long Island Lighting Co. will furnish substantially all the
-It is proposed to organize a new company, to which will
New Company.
electricity required In the electric light and power business of Long Island
up to the N. Y. City line. Territory represents an area of over 1.100 be transferred such of the assets acquired at the foreclosure sale or otherwise
sq. miles. Population. 200.000 normally and over 300,000 in summer.
as the committee deems of value.
Issued unPresent generating capacity of the company is 25,690 k.w. ,of which
der Plan.
Authorized.
11,000 k.w. was installed in 1922. For the distribution of electric energy
Capitalization of New Company$2,500.000 31.325.000
there are over 240 miles of high tension transmission lines and 1,512 miles First Lien 7% bonds
5.600.000
of distributing lines. averaging 3 wires. Total connected load is over 7% Pref. Stock (cumulative after 1925), par $10- 6.000.000
2.636.000
10.000.000
Common stock. par $10
50,000 k.w.
Main gas producing plant, located at Bay Shore, has a daily capacity Participation in Plan, Bondholders, General Creditors and Stockholders.
of 1,125.000 Cu. ft. An additional gas plant, located at Huntington, daily
plan, all bondholders, creditors and stockIn order to participate
capacity of 150.000 cu. ft. Company owns 36 miles of gas transmission holders must subscribe toin the
the First Lien 7% bonds of the new company as
mains and over 126 miles of gas distributing lines.
This Financing). follows:
Capitalization Outstanding in Hands of Public (After
(a) Bondholders must subscribe and pay an amount equal to 15% of
$3.000.000 the principal of their bonds.
1st Ref. Mtge. Gold Bonds Series "A" 6% (this issue)
1st Mtge. 5% Sinldng Fund Gold Bonds, due March 1 1936- 3,286.500
(b) General creditors must subscribe and pay an amount equal to 15%
756,000 of the principal amount of their claims.
Nassau Light & Power Co. 1st Mtge. 5s, due 1927 (closed)_
1.008.200
(c) Preferred stockholders must subscribe and pay an amount equal to
Preferred stock, 7% Cumulative
1 ,334.400 234% of the par value of their stock.
Common stock (paying 8%)
Purpose.
-To reimburse company, in part, for the acquisition of the
(d) Common stockholders must subscribe and pay an amount equal to
Properties of the Nassau Light & Power Co.
234% of the par value of their stock.
Ended Dec. 31..
Consolidated Earnings Years
Table of Exchange of Old for New Semitic.
Sept. 30 '22.
1921.
1920.
Will Receive
Outstanding.
$1.747,197 $2,150,594 $2,475.613
Gross income
xis Lien7s. Pret.Stock. Ccm.Stock.
(About).
Existing Securities1,518.382
1,359,857
1.209,621
Oper. exp., maint. & taxes
$500,000
$833,300 $5,000.000
$5.000.000
First Lien 7s
100
1,000
166.66
$957,231 Each $1,000 subsrcib.$150
$790.737
$537,576
Net income
60.000
600.000
100,000
creditors
x600,000
382,125 General
Annual interest charges on all bonds outstanding, incl. this issue
100
1,000
166.66
Each 31.000 subscrib.$150
-V. 115. p. 2801. 653.
672.262
74,695
8% Prof. Stock
y2.689,049
250
27.77
Each 81,000 subscrib. $25
-Tenders.
(David) Lupton's Sons Co.
1,479,172
410,891
Common stock
y14,791,718
The Philadelphia Trust Co.. trustee, Phila. Pa., up to Jan. 4 received
100
27.77
bids for the sale to It of about331,250 Preferredstock at prices not exceeding Each $1,000 subscrib. $25
110 and interest.
-V. 106, p. 2348.
x Ratable payments must be made by general creditors for any claims of
- less than $1,000 for which a proportionate amount of securities of the new
-Capital Increased.
Manville Co., Providence, R. I.
company will be issued.
The company has increased its authorized capital stock from $8,300,000
y All stockholders having certificates for lots of stock of less than 100
($6,000.000 Common and $2,300,000 Preferred) to $11,300,000, par shares must pay at the rate of 2 Ji% of the par value of their certificates
3100.-V. 111, p. 1088.
and will receive new securities in proportion to their payment and their stock.
in
z
distribution of the new bonds to those
-New Bond Issue, cfcc. cashTherequired is taken at 90 in each case. subscribing the amounts
Maracaibo 011 Exploration Corp.
as
-year 7%
Stockholders will vote Jan. 15 on authorizing $800,000 2
-Scrip certificates representing fractional interests in bonds and
Scrip.
debentures, convertible into stock at the rate of 31.000 bonds for every 100 stock to be issued under the plan shall be issued by the committee in such
shares of stock after July 1 1923. Upon ratification of the financing plan form, either as bearer certificates or registered, as the committee in Its
by the stockholders, the bonds will be offered to the shareholders at par.
absolute discretion may determine. Bonds will be issuable in amounts of
The following new directors have been elected: John L. Weeks, of Luke, $100 and such multiples thereof as the committee may determine.
Banks & Weeks; Ernest Stauffen, V.-Pres. of New York Trust Co.; Elbert
-The committee has decided that no
Non-Participating Security Holders.
It. Thiele, of Gliggenheim Bros.; and Thomas Megear, of Luke. Banks & securities of the new company ahall be distributed to bondholders, creditors
Weeks. Messrs. Weeks, Stauffen and Huntington Jackson will serve as and stockholders of the old company who do not subscribe to the bonds
-V.114. p.2021
the executive committee. with John L. Weeks as Chairman.
of the new company as above provided.
Requirements for Participation in the Plan.
Telephone Co.-Pref. Stock Called.
Michigan State
(1) Depositing Bondholders who desire to participate in the plan must.
All of the outstanding 34,000,000 Preferred stocic, par $100, has been
called for redemption Feb. 1 at par and divs. at the Union Trust Co., De- with respect to each bond, send to New York Trust Co. their certificate of
deposit together with $150 per each $1,000 of bonds to be deposited under
troit, Mich.
-V. 115. p. 2912, 2693.
the plan.
(2) Non-Depositing Bondlulders must send in their bonds, with May 1
-Tenders.
Montana Power Co.
The Guaranty Trust Co.. trustee, 140 Broadway, N. Y. City, will until 1922 and all subsequent coupons attached, to New York Trust Co.,together
Jan. 15 receive bids for the sale to it of 1st & Ref. Mtge. 5% Sinking Fund with $150 for each $1,000 of bonds deposited under the plan.
(3) General Creditors desiring to participate in the plan must assign their
Gold Bonds. Series "A." due July 11943, to an amount sufficient to exhaust
claims to the reorganization committee and deposit the assignment with
-V. 115, p. 2693.
3259.840 at a price not exceeding 105 and Interest.
New York Trust Co., accompanied by a payment at the rate of $15 for each
- $100 of claims so deposited.
-December Sales.
Montgomery Ward & Co., Chicago.
(4) Stockholders, both preferred and common, who desire to participate
- -192I.
1922
Dec.
Increase. I 1922-12 Mos.-1921. Increase,
$11,629,292 $7,425.126 $4,204,166 I $92,474,182 375,956,649 316517,533 In the plan, must deposit their certificates and make payment to New York
-7. 115, p. 2485. 2387, 2276,2054.
Trust Co. of $2 50 for each $100 of stock deposited.
Time for Deposits.
-All deposits must be made and all payments must be
- made on or before Feb. 11923. All payments must be made in cash or by
Nashua (N. H.) Manufacturing Co.
-Annual Report.
The report for the year ended Oct. 31 1922 shows sales of goods of checks on New York City banks.
$8,205,289, compared with $11,670,706 in the previous year, and $25,Description of New Securities.
833,410 in 1920. Loss for the year was 31.113,360, as compared with
Interest payFirst Lien 7% Bonds,
3316.512 in 1921 and a profit in 1920 of $1,210,205. Profit and lots was able J. & J.(except thatdated Jan. 11923, due Jan. 11933. in one installinterest for first year will be payable
85002,047, against 37,149.239 in the previous year.
-V.113, p. 2827.
ment on Jan. 11924). Beginning Jan. 11924, will be entitled to the benefit
of a sinking fund of Sc. per bbl. of oil produced from leases owned or conNassau Light & Power Co.
-Merger.trolled, which fund shall be applied to purchase of bonds at redemption
-V. 115, p. 2802, 654.
See Long Island Lighting Co. above.
price of 110 or less. Mortgage will also provide that 20% of the annual net
profits over preferred dividends, and an amount equal to 6% dividends on
National Cloak & Suit Co., N. Y.
-Orders-Sales.
Secured by
the common stock shall likewise be used as a sinking
1919.
1922.
1921.
1920.
Calendar Yearsfund.
5.667,132 (New York Trust Co.. trustee) all stocks and other assets of the new com6.038.269
5,512,405
No. of orders received._ 7.636.136
pany.
(est.)344.500,000 $37,481,210 $47,704,428 $39,449.986
Net sales
Preferred Stock.
-Holders will be entitled to dividends of 7% per annum
-V. 115, p. 2485. 876.
and no more. Dividends shall be non-cumulative until 1926 and, comShall have equal voting
mencing with Jan. 1926,
-The reorgani- rights with common1stock. shall be cumulative.time at 110 and dividends.
Oil Co.
-Reorganization Plan.
National
Redeemable at any
committee named below has notified the holders of Convertible at any time prior to the redemption into the common stock,
zation
20%
for share. After
of bonds, company will
the First Lien 7% gold bonds (or certificates of deposit share annual net profitsredemptionafter the deduction of an set asideequal
amount
of its
remaining
therefor) that they have adopted a plan of reorganization to 6% dividends on the common stock, to be used as a sinking fund for the
preferred stock.
par)
dated Dec. 15 1922. Depositors shall be deemed to have redemption (at-Allof outstandingthe new company, both preferred and
Voting Trust.
the stock of
assented to the plan unless they file notice of dissent with common, shall be deposited under a voting trust for a period of five years
New York Trust Co., depositary, on or before Jan. 6. The terminating Jan. 11928. -Ludwig Nissen, Chairman, Edward SandReorganization Committee.
committee has received assurances of the acceptance of the ford, Reuben Myron Cohen, Albert Freeman, C. S. Burton, D. E. Townholding about $1,500.000 of bonds. send, W.C.Mundt,J. W.Bell, and A. II. Pogson, with Robert T. Crouch,
1
plan from bondholders
84
THE CHRONICLE
Secretary. Woolworth Building, New York. and Frueauf, Robinson &
Sloan, counsel, 67 Wall St. New York.
Preferred Stockholders' Cominittee.-A. H. Posson, Chairman: P.J. Reilly,
F. Straith-Miller. E. A. Perkins. Samuel H. Wilson, Oscar Hecker, Benjamin Allen.
-V. 115, P. 1541.
New Cornelia Copper Co.
-1922 Production (in Lbs.)December _ _ __3,256.5471September___ _3,065,390I June
1,565.442
November_3,178,556 August
2.854,183 May
1,544,770
October
3,226,618 July
1,783,950 April
1.496,242
Operations were suspended in May 1921 and resumed early in Feb. 1922,
in which month 1,459,063 lbs. of copper were produced, as compared with
L682,579 lbs. of copper in March 1922.-V. 115, p. 2590, 2055.
Niagara Gas Corporation.
-Merger.
See Iroquois Natural Gas Co. above.
-V. 115, p. 1437.
North American Co:
-Statement of Earnings.
Earnings for Twelve Months Ended Nov. 30.
1921-22.
1920-21.
$53,248,855 $39.069.654
34.610,374 27,622,451
Gross earnings
Operating expenses and taxes
Net income
Other income
$18.638,481 $11,447,203
387,783
281,205
Total income
Int., charges and pref. dim, of subsidiaries
Preferred dividends
819.026,264 811,728,408
8,164,362 5,378.938
1,137.678
893.799
[VOL. 116.
Negotiations which the company has been carrying on
for additional acreage in the new Smackover oil field for several weeks
in Arkansas were
closed Jan. 3.
Pres. E. L. poheny says: "Acquisition of the additional
acreage will
give the company a total of approximately 750
acres
oil fields. This acreage was taken over from individualsin the Smackover
and partnerships,
and consists of about 5 separate parcels. One contains
what is known as
the Clark-Mallet well, which is capable of producing
20,000 bbls. of light
oil daily. All of the acreage is in what is known
as the light oil section of
the Smackover field."
Secretary Denby recently
between the Government and announced that under extended contracts
the Pan-American Co.,the drilling of offset
gas wells to prevent the draining of naval oil
reserves on naval reserve No.
1,in California "is to be proceeded with
immediately."
Pres. E. L. Doheny states: "The company
tary contract has engaged in a serious and by signing this supplemensubstantial obligation. It
amounts to an advance of possible
to
$12,000,000 and $15,000000. Toroyaltiesthethe Government of between
oil field under the terms of
the agreement, will require on our develop
part an
as much money in addition to the royalties. investment of more than twice
"By undertaking the obligations of the contract,
Pan-American Company in the position of expending therefore, we put the
000,000 and 850,000,000. This we expect to recover at least between $40.from the naval reserve
in pursuance of the terms of the contract."
-V. 115, p. 2803.
Parish & Bingham Corp.
-New
Officers.
E. J. Hulas has been elected President and General -Manager. succeeding
Mrs. Agnes D. Morse, who will continue as a director. F. H.
Ginn has
been elected a director.
Penn Central Light & Power Co.
-Bond Issue.
89.724,224 $5,455,671
The company, it is stated, has arranged for a bond
Balance Sheet as of Sept. 30.
a portion of the proceeds to be used for extensions andissue of 3244.000.
improvements.
V. 115, p. 2695.
1922.
1921.
1922,
1921.
AssetsS
Liabilities-.
$
$
$
Penn Mary Steel Co.
Prop. dr plant__184,954.680 127,249,459 Preferred stock_ 18,920,550 14,896,650
-Tenders.
The Girard Trust Co.. trustee. Phila., Pa., will until Feb. 1
Cash with trust966,981
21,089 Common stock_ 18,947,900 14,896,650
receive bids
Investments__ _ _ 8,396,562 4,994.757 Pref.stk. of subs 20,888,086 11,005,700 for the sale to it of 1st Mtge. 5% 20
-year Sinking Fund Gold bonds, due
1937. to an amount sufficient to exhaust 8148.851 at a price not
Cash
6,972,542 3.310,757 Min.stockh'd'rs'
exceeding
Notes & bills reo
105 and int.-V. 114, P. 86.
240,595
147,413int.in subs_ __ 5,117,396
Acc'tsweceivable 6,583,745 4,322,459 Fund,debt subs.109,392,200 2,111,128
Pennsylvania Coal & Coke Corp.
Materials Sr BUDD 6,332,808 4.953,351 Notes & bills rec. 1,105,100 72,016,950
-Acquisition,
1,904,774
Sundry current
The company has acquired all the property and assets of the &c._
Acc'ts payable__ 3,877,921
1,702,228
Watkins
assets
3,275,125
2,150 Sund.curr. liab_ 1,008,425
749,128 Coal Co. after negotiations extending over a period of several months.
Prepaid acols
T. II. Watkins has retired as President and director of the former
197,798
139.054 Accrued Habil__ 5,296,432 3,682,617
comOpen accounts_
1,609,459 I ,
,er-, 0. A r.,s_
2,401 pany. J. W. Searles, Vice-President, succeeds him and C. Law Watkins
Bond & note disc 6,855,478 3,172,824 Open accounts_ _
529,034 becomes Vice-President. E.B.Houser succeeds A.G.Edwards as Secretary
Premium oa inReserves
29,394,472 19,496,008 & Treasurer.
vestment secs. 3,627,546 4,880,730 Surplus
The Pennsylvania company owns in fee and has under lease
14,455,378 11,810,234
40,000 acres
in Cambria. Iflair. Indiana and Clearfield counties. Pensnylvania.
exclusive
Total
228,403,860 154,803,502 Total
228,403,860 154,803,502 of the properties of the Watkins Coal Co.
-V. 115, p. 2803. 2277.
The Nov. 30 1922 earnings statement includes earnings of the Cleveland
Pennsylvania & Michigan Realty Co.-Pref. Stock.
Electric Illuminating Co. since April, earnings of the Milwaukee Northern
Ry. since July, and earnings of the East St. Louis & Suburban Co. for the
Breed. Elliott 8: Harrison, Fletcher American Co.and Meyer-Kiser
Bank.
month of November.
-V. 115. p. 2389. 2055.
Indianapolis, are offering at par and int. $475,000 1st Prof. tax
exempt 6%
cumulative stock. Dated Dec.
Northern States Power Co.
-Announces $80,000,000 fireproof doctors' and dentists' 15 1922, to be secured by a new 9-story
buildings. Diva. payable
-M. CallDevelopment Plans.
able at 102 and div. on 30 days' notice, prior to any div. date. Q.
A new electric water and steam power construction and development
Company has been incorporated to build and own, at Indianapolis.
a
-story, fireproof building, containing approximately 150 office and
program for the cities of Minneapolis and St. Paul, involving an
9
expenditure of 880.000.000. has been announced by the Byliesby estimated tory suites, to be occupied exclusively by physicians, surgeons and laboraEngineerdentists.
ing & Management Corp. The new construction will extend over
Peoples Gas Light & Coke Co., Chicago.
of about ten years and will increase by 306,000 h. p. the electric a period
-Revaluation.
capacity of the above company, which serves 350 cities andgenerating
The company has petitioned the Illinois Supreme Court for a
towns in
Minnesota, the Dakotas, Wisconsin, Illinois and Iowa and which is one of its property and asks for the right to make up the lossesrevaluation
caused by
of the operated properties of Standard Gas & Electric Co. Work will insufficient rates from 1918 to 1920. The company claims that the former
start at once on the construction of a large steam turbine generating station P. S. Commission valued its property in 1920 at cost and not reproduction
In St. Paul. for which approximately 40 acres have been acquired on the value. The real value of the property is the cost to reproduce it at present.
Mississippi River near the High Bridge. The first generating unit
less depreciation, the company maintains. The other method
installed will be 40,000 h. p. capacity. It is planned to install 60,000to be gives the company's worth at about half of what it should beof valuation
h. p.
and is
additional capacity immediately after the first unit is completed, making fiscatory, it is claimed. The company is not petitioning for higher conrates.
-V. 115, p. 2595.
total initial capacity 100.000 h. p.
The Federal Water Power Commission has authorized the company
proceed with development of the power resources of the St. Croix to
Philadelphia & Camden Ferry Co.
-Rate Cut.
and
upper Mississippi rivers, and 106.000 h. p. of additional
The company has filed with the I. 0. Commission a new
-S.
generating capacity will be added by the construction of the hydro-electric which, effective Jan. 29 1923, will reduce the charge for 10 tariff of fares,
-trip tickets from
water powers
now contemplated.
25c.
-V. 115, p. 1541, 444.
30c.
-V. 115. p. 2913, 2695.
Surplus for common
Old Dominion Co. (Maine).
-Copper Production.
-
Smelter output in December amounted to 2,861,000 lbs. of copper,
of
which 2,180,000 lbs. was Old Dominoin and 681,000 lbs. Arizona Commercial -V. 115, p. 2591.
Phillips Petroleum Co.
-General Review of 1922.
President Frank Phillips in a report to stockholders dated
Jan. 1 1923 says in substance:
Production & Acreage.
-On Jan. 1 1922 we had 914 producing oil and gas
wells on 20,753 acres with an average daily production of 8,395 bbls. We
now have 1,160 producing wells on 25,887 acres with an average day
production of 21,014 bbls. high grade oil net. Company discovered 38
and purchased 3 new oil properties during the year, making a total of 181
oil and gas producing properties in operation at this time. In addition
we have in producing districts, or in places where conditions are favorable
Pacific Coast Steel Co.
-Capital Increase.
for the production of oil-in Kansas. Okla.,
The company has increased its authorized Capital stock from $1,000,000 the Mid-Continent field, over 225.000 acres. Texas and other dsitricts of
to 35,000,000.-V. 115. p. 1640.
Offsetting or immediately affecting 29,900 acres of this, there are 203 wells
drilling by other companies. Total producing and nos-producing acreage
Pacific Gas & Electric Co.
-Valuation-To Issue Bonds. owned a year ago was about 120,000 acres. We doubled our acreage in the
The California RR. Commission has fixed a valuation of
8109,723,695 past year. Partners' interests represent an average of 11% in the total
(against the company's claim of 3170,711.271) on the electric properties acreage.
for rate-making purposes.
Gasoline & Storage.
-On Jan. 1 1922 we owned
The company has applied to the California RR. Commission for author- were producing a daily average of 17.000 gallons. 3 gasoline plants, which
We now have 7 gasoline
ity to issue 35,490.000 Gen. & Ref. Mtge. bonds.
plants, producing an average of 75.000 gallons per day. With additions
-V. 115, p. 2803.
now being made, production will be increased to over 100,000 gallons per
Pacific Mills.-Listing, &c.
day early In 1923. We contemplate building 2 additional plants in the
The Boston Stock Exchange has authorized for the list 200,000 additional near future. Permanent insulated gasoline
shares capital stock, par $100. These shares were issued as a 100% stock at plants from 600,000 to 7,200,000 gallons. tankage has been increased
dividend to holders of record Dec. 27.
We have only about 500,000 gallons in storage, which amount will be
increased during the winter. Three hundred new insulated tank cars were
xBalancs Sheet as of Ane 30 1922.
purchased during the year. Crude oil in storage on Jan. 1 1922 was
Assets
260,534
Liabilities
bbls., against 1,425.000 bbls. Jan. 11923. We have purchased 1,260,000
Cash
87,836,535 Notes payable
$8,780,000 bbis, additional crude oil tankage, a part of which is under
Accounts receivable
construction.
5,022,015 Sundry accounts payable
27,199
Earnings.
-Net earnings for 1922 will approximate
Inventories
19,531,799 Unclaimed wages
34,437 expense and interest deductions. This is equivalent 89,000.000 after all
Sundry securities
61.650 Accrued taxes & insur___
217,079 on the 697,000 shares now issued and outstanding, as to $12 91 per share
U. S. Govt. certificates
compared with $5 98
1,005,625 Capital stock
20,000,000 per share for 1921 on 660,000 shares. Figures for both
Patent rights
years are before
15,000 Deferred credits
624 deducting reserves for depletion and depreciation. No
Fixed assets
-plant
estimate or deduc38,389,657 Plant deprec'n reserve..._ 11.588,068 tion has been made from earnings for
reserve for 1922. The opinion is
Deferred charges
12,029 Inventory reserve
2,500,000 expressed that we have increased the value of our
properties this year
Tax reserve
343,139 over expenditures and earnings through extensions
Reseve for doubtful acc'ts
333,295 of 320,000,000, which might be considered as and discoveries in excess
Total (each side)
371,874,311 Surplus
28,050,472 inasmuch as we could realize this increased sum orequivalent to earnings.
more from a reasonable
sale of same. Increases in values have been created each year since the
x This balance sheet is of June 30 1922. with the following
D paier was peprecia f0
which have been made on the books in accordance with vote ofadjustments, coinep n ion ct organized. n
the directors
-These Items set up as a reserve at the end of
passed Dec. it 1922, viz.: (1) an item of $2.500,000 entitled "Premium
on each business year, could properly be
capital stock, which appeared in the June 30 balance sheet,
has been during that period. However, thischarged against added reserves created
is not
transferred to "surplus";$4,000,000 of the inventory reserve shown
in that deoreciate in accordance with Government customary. We deplete and
sheet has likewise been transferred to surplus, leaving
regulations regardless of how it
$2,500,000 instead of $6,500,000, and plant account hasinventory reserve of affects the appearance of our yearly statement. The amount deducted
been increased by a from earnings as a reserve depends
total of 87.564.232.-V. 115, p. 2803.
largely on the amount of new work
.
com plerai._ puring he ee aan
Gen eted d uring t D ye r.
Packard Motor Car Co.
-2% Common Dividend.
appraisal of our properties showed that on a
A quarterly dividend of 2% has been declared on the outstanding
sale value of physical
Com- in excess of 8100 perproperties and current assets your stock would yield
mon stock, par $100, payable Jan. 31 to holders of record
share after
Dec. 16 last the company paid a 100% stock dividend on Jan. 15. On liabilities and making other liberal deducting outstanding bonds, current
allowances and deductions.
the Common
stock. On Oct. 31 last an extra cash dividend of 23 % was paid
Company was never in a stronger earning position, nor owned as large
on the
Common stock. in addition to a quarterly of the same amount.
-V. 1M. D. producing areas and drillable reserves. The position which we now occupy
2913.
warrants us in anticipating larger earnings in the new year than we have
-V. 115. p. 2278, 1951.
ever enjoyed.
Pan-American Petroleum
Onomea Sugar Co., Honolulu.
-Stock Dividend,
The directors last week declared a 25% stock dividend, payable &c.
Dec. 30
1922 to holders of record Dec. 27 1922. The stockholders recently increased
the authorized Capital stock from $2.000,000 (all outstanding) to $2,500,000, par $20. See also V. 115, p. 2913. 2166.
crease Capital-Acreage.
-
& Transport Co.
-To In-
The stockholders will vote Jan. 20 on increasing the total
authorized
Common stock from 8125,000,000 (consisting of $55.000,000 Common
and
870,000.000 Class"B"Common) to 8205.000.000, all of the newly
ized Common stock to be classified as Class "B" Common stock.authorAfter
the•bove increase the authorized Capital will consist of $55.000,000 Common sto k, $180,000.000 Class "B" Common stock and 82:5,000,000 Pretrred s (Kt.
Pierce Oil Corp.
-Committee Seeks Proxies.
-
A Preferred stockholders proxy committee, of which Herbert H.Lehman
is chairman, is asking for proxies to be used at a meeting of Preferred shareholders if the Virginia Supreme Court denies the application of
the stockholders as represented by Henry Clay Pierce, Henry L. Doherty
and
Alton B. Parker. The latter have appealed from the decision
Moncure in a lower court setting aside an election of directors by of Judge
Common
stockholders on Oct. 2 last. This move to get proxies is a
continuation of
the effort of the Preferred stockholders to secure control, which they
claim
JAN.6 1923.]
THE CHRONICLE
they are entitled to inasmuch as the company is in arrears four quarterly
-V. 115, P. 2591, 2486.
payments on its Preferred dividend.
-To Act on Ford Offer.
Pond Creek Coal Co.
The stockholders will vote Jan. 22 on approving the sale of the property
to the Ford Motor Co. The sale will include all the lands, appurtenances
and properties, real and personal, mineral rights, mines, &c., and any and
all property used locally on the premises of the company in connection with
Its coal mining business in Pike County, Ky., excepting, however, all accounts, claims and rights of action of any nature belonging to the company;
also excepting cash, securities, bills and accounts receivable.
-V. 115, p.
2913, 2803.
-Bonds Sold.
Pressed Steel Car Co., Pittsburgh, Pa.
A. G. Becker & Co., Halsey, Stuart & Co., Inc., and Ames,
3
Emerich & Co., New York, have sold at 94% and interest,
-Year 5% Cony, gold
yielding about 6%,% $6,000,000 10
;
bonds. (See advertising pages.)
Dated Dec. 30 1922. Due Jan. 1 1933. Interest payable J. & J. in
Chicago or New York without deduction for normal Federal income tax
not exceeding 2%. Denom. $1,000 and $500 (0). Redeemable all or
part on or after Jan. 1 1924, on any interest date upon 90 days' notice at
100 and interest. New York Trust Co., New York. trustee. Free of
Pennsylvania 4 mill tax.
Convertible.
-Convertible at any time after Jan. 1 1924, up to or at
maturity, into the Common stock in the ratio of 10 shares of stock for
each $1,000 bond.
-Application will be made to list bonds on N.Y.Stock Exchange.
Listing.
Data from Letter of Pres. F. N. Hoffstot, Pittsburgh, Dec. 29.
-Organized in New Jersey in 1899. Is one of the leading
Company.
manufacturers in the steel car business, the capacity of plants being from
15% to 20% of the estimated total production a cars in this country.
Customers are railroads and industries of the United States and foreign
countries. Business consists of the manufacture of steel freight and
passenger cars, trucks, truck frames, bolsters and other pressed steel
specialties for cars. Plants, located in the Pittsburgh district, include
185 acres of land, on which are about 57 acres of buildings eouipped with
modern machinery. Annual production capacity, 40.000 freight cars.
500 steam and street railway passenger cars and a large tonnage of steel
underframes and miscellaneous parts for cars. In addition to substantial
holdings in allied companies, company owns the Western Steel Car &
Foundry Co. at Hegewisch. Ill. one of the largest car manufacturing
and repair plants in the West with a total ground area of 143 acres, on
which are about 23 acres of buildings with an annual capacity of 18,000
•
new freight cars and 5,000 repair freight cars.
Authorized. Outstanding.
Capitalization After This Financing$6,000,000 $6,000,000
-Year 5% gold bonds (this issue)
10
12,500,000 12,500,000
7% Non-cumulative Preferred stock
50.000,000 12,500,000
Common stock
13,560,676
Surplus
-Proceeds will be used for the payment of debt and to furnish
Purpose.
capital.
additional working
-Total net earnings alone since organization in 1899 to Sept.
Earnings.
ao 1922, before depreciation, interest and Federal taxes, have been over
$51.000,000, or an average of approximately $2,151.600 per annum. Net
profits from 1916 to 1921 inclusive, after all deductions, Including interest
and Federal taxes, were as follows:
$681,906
53,634,77611921
32.751,15211919
1916
2,613,455
2,531.805 Average
2,130,307 1920
1917
3,950,78.5
1918
Balance Sheet Nov. 30 1922 (After New Financing).
Liabilities
Assas$12,500,000
Prop.& fran,less deprec-$25,987,490 Common stock
12,500.000
7% Preferred stock
Impts. Pa. Mall. Co.
6,000,000
131.991 5% Cony. bonds
leasehold
4.730.358
5,916,276 Accounts payable
Investments
312.175
794.483 Accr. salaries & wages....
Cash
145,041
3,682,391 Res. for Pref. diva
Notes & accts. roc.
1,217,074
do from sub. cos....... 6,710,441 Contingent reserves
6.103,812 Surplus and undivided
Materials
12,760,676
profits
838,440
Deferred charges
$50,165,324
Total
$50,165,324
Total
-Bills receivable, discounted, $499,316; guarantee
Contingent Liabilities.
Co., notes secured by equipment. 51,760,000.of Steel Car Equipment
V. 115. p. 1846, 877.
-Takes Over Thomas Iron Co.
Reading Iron Co.
The company has formally taken over the properties of the Thomas Iron
Co. Some months ago this purchase was forecast, when stockholders of
the Thomas Iron Co. were invited to deposit their stock with Drexel dc Co.,
Phila., subject to such disposal of the controlling interest as might be decided upon. Within the past two weeks the formal transfer of the stock
to the Reading Iron Co. was agreed upon. See Thomas Iron Co. in V. 115,
p. 191; V. 114, p. 2726.
•
-Shipments--Earnings,
Rickenbacker Motor Co.
Since Jan. 2 W22 the company shipped and built 5.000 motor cars.
Orders now in for prompt shipment in the next 90 days-the 3 dull months
of the year-greatly exceed the production schedule. The company
showed a profit for the year ended Jan. 2 1923 (its first year's business).
The directors recently declared an initial dividend of 5%, payable Feb. 1.
-V. 115. p. 2487.
The company has no bank loans.
Sagamore Manufacturing Co., Fall
Sept.30'22. Dec.31'21.
Assets2,595,579 2,471.851
estate
185.908 439,371
Inventories
Cash & debts rec.2,190,874 569.198
U. S. Govt. sec_
1,304,160
Prepaid insur
5.813
Total
4,972,361 4,797,393
-V. 115. v. 2914, 2592.
1st Mtge.614% Serial gold bonds. Dated Dec. 11922.due serially $10,000
Dec. 1 1924 to Dec. 1 1933. Interest payable J. & D. at Citizens & Southern Bank, Atlanta, Ga., trustee. Red. all or part on any int. date at
105 and int. Normal Federal income tax not in excess of 2% assumed by
company. Authorized, $250.000.
Company was formed in 1883. Manufactures the famous Red Cross
mattress and Blue Ribbon springs. and. In addition, the entire line of
Greenpoint metallic beds.
Proceeds will be used to retire current debt and to increase working capital.
Average net profits, after taxes and liberal depreciation, for the past 10
years were over $52,000 annually, or over 434 times maximum interest
charges on this issue. Earnings for3the last 5 years average over $70.000
annually,or over 6 times interest charges and, at present time, are running
considerably in excess of this figure.
-Contract.
Southern States Oil Corp.
The company reports that it has closed a contract with the Standard
011 Co. of Louisiana to take the oil from its producing leases at Smackover,
-V. 115, p. 2914. 2592.
thus insuring an immediate market for it.
-New Financing Shortly.
Springfield Body Corp. of N. J.
This corporation with a capitalization of 50,000 shares of Class A stock
and 50,000 shares of Common stock, both of no par value, has been incorP•
in New Jersey and has purchased the business and assets of the Smith
Springfield Body Corp. of Springfield, Mass. (V. 112, p. 1984).
A purchase contract has been made with the General Motors Corp.
acquiring one of their large plants in New Jersey. Negotiations are also
under way for the taking over of a large plant near Detroti, Mich. Contracts have been made for the capacity output of these plants. This
organization has been building bodies for Rolls-Royce, Minerva, Lafayette,
Mercedes, Renault, Hudson, Studebaker, Fox, Oldsmobile. Marmon, Scc.
The syndicate is being headed by Chester B.Cook & Co., of 42 Broadway,
New York City.
-Mercantile
-Bonds Offered.
Spring Valley Water Co.
Securities Co.,San Francisco;Security Trust &Savings Bank,
First Securities Co., Los Angeles; Equitable Trust Co.,
New York; First National Corp. Boston, and Union Trust
Co., Chicago, are offering at 984 and int. to yield 5.12%,
'
$22,000,000 1st Mtge.5% Gold bonds. A preliminary circular (subject to correc m r_I)sliows in substance:
Ma7 17943. Int. paya6le M.& N. at com-riat=ray 1 1923. Due- Equitable
pany's offices. Union Trust Co. of San Francisco, trustee, and
Trust Co., New York, without deduction of normal Federal income tax up
to 2%. Callable, all or part, on any interest date at 10234 during first
ten years and thereaftar at 34% less each year, but at not less than par.
In the event of the purchase of the company's operative properties by the
City of San Francisco, the bonds may be called at par provided the municipality does not desire to assume as a municipal obligation the then outstanding bonds. Denom. IRMO WI.
Issuance.
-Subject to approval by California Railroad Commission.
-Company,or its predecessor in interest, has supplied the City
Company.
of San Francisco with water for municipal and domestic purposes since
1858. It is the largest privately owned water company in the United States.
Operative properties consist of 62.199 acres of land owned in fee and riparian rights to 33,343 acres, together with water sources, lakes, reservoirs.
pipe lines and distribution mains, forming a complete water system which
plies the entire city and county of San Francisco. Population, about
ag
lialuation.-The operative properties of the company were appraised on
March 1 1920 by the California RR. Commission at $37,000,000, to which
have been added approximately $2,950,000 in improvements, extensions
and additions since that date.
Security.
-Those bonds will be upon retirement of the present outstanding
bonds on Dec. 1 1923, secured by a First Mortgage on the company's
operative properties. Sufficient portion of procem-d of this issue to be held
by trustee for retirement of former outstanding funded debt.
Purpose.-Proceeds will be used to extinguish approximately $21,000,000
of funded debt [consisting of $2,600,000 6%notes due March 1 1923, and
517.859,000 4%, bonds due Dec. 1 1923. and to provide for additions and
extensions.
-For the past six years, after providing for all operating exEarnings.
penses, depreciation and all txaes, the available earnings have been 2.1
times the annual interest requirements of $1,100.000 on the bonds to be
issued. For 1922. with December estimated, the available earnings have
been 2.47 times the interest requirements.
-An agreement has been entered
Relations with the City of San Francisco.
into with the city and county of San Francisco whereunder the company
will operate on completion the Bay Division of the Retch Hetchy project
and the city for 12 years holds an option to purchase the company's operative properties at the Railroad Commission's valuation plus additions
since that date.
-Application will be made to list bonds on the New York Stock
Listing.
-V. 115. p. 2804.
Exchange.
-Dividend Policy.
Standard Oil Co. of Indiana.
Chairman Robert W. Stewart states that the dividend on the increased
-V.115.
capitalization has not been fixed but will be governed by earnings.
p. 2914. 2487.
-Capital Increase.
Standard Oil Co. of Louisiana.
The company has increased its authorized capital stock from $30,000.000
to $75,000,000. par $100, the increase coming from accumulated surplus.
River.-Bal. Sheet. The stock of this company is owned by the Standard Oil Co. of New Jersey.
Sept.30'22. Dec.31'21. -V. 112. p. 1625.
Liabilities
-Real
Capital stock---1,800,000 1,800,000
Accts. and notes
103,847
Parable
Deprec. reserve_1.070,711 988,211
Surplus
1,997,803 2.009,182
Total
85
4,972,361 4,797.303
Santa Barbara Telephone Co.
-Bond Application.
The company has applied to the California Railroad Commission for
authority to sell $60,000 First Mtge. 5% 30
-year sinking fund gold bonds
at a price to yield not less than 8714, the proceeds to be used to reimburse
the treasury for cost of additions, betterments, &c.
-V. 114. p. 2833.
Standard Parts Co., Cleveland.
-To Liquidate.
-
Steps toward the liquidation of the company were recently taken at a
meething held by Frank A. Scott, receiver, and the creditors committee.
The company has been operating under a receivership since Sept. 1920.
At request of creditors'committee,receiver applied to Federal Court and has
been authorized to offer the plants for sale about Feb. 20 next. At present
the company is operating four plants, the Standard Welding division. the
Perfection Spring division and the Eaton Axle division, Cleveland, and a
spring plant in Pontiac, Mich.
According to the petition total claims allowed aggregate $9,754.003.
upon which liquidating dividends of 30% have been paid, thus reducing
the debt to $6,816.917, with interest from Sept. 1 1920. The receiver
reports that the company will have manufactured and sold approximately
87,500,000 of goods this year. It is stated that it is unliloi,v that there will
be anything left for either class of stock after the creditors have been paid.
115, p. 1543, 554.
Sargent & Co., New Haven, Conn.- Capital Increased.
The company recently increased its authorized capital stock from $325 000
to $6,500.000, to consist of 208,000 shares of Common stock, par $25 Ipot
-Organized.
Sulphur Export Corp., N. Y. City.
he
51001, and 13,000 shares of 7'7 Cumul. Preferred stock, par $100.
0
The Federal Trade Commission on Dec. 29 announced that the corporaincrease was intended to put definitely into capitalization the major part tion had
been organized under the Export Trade Act and had filed a stateof the surplus accumulated prior to Mar. 1 1913.-V. 115. p. 2804.
ment to that effect with the Federal Trade Commission. The purpose of
sulphur
-Retirement. the new export association is to engage in the export of crude further from
(S.) Slater & Sons (Inc.), Webster, Mass.
says:
the United States to foreign countries. The announcement
The authorized Capital stock has been reduced by the retirement of the
pur"Associations
entire issue of $1,500,000 Preferred stock, par $100. The company now pose of engaging organized under the Export Trade Act, for the sole the
in export trade are exempt from the operations of
has authorized and outstanding $3,000,000 COMMOD stock, par $100. Anti-Trust Laws, provided such
associations do not restrain export trade
85, p. 342.
or enhance or depress prices within the United States.
In 1920 a total
Smith Rubber & Tire Co., Planterville, N. 3.- was produced and of 1,517,625 long tons of sulphur valued at 530,000.000
shipped in the United States, principally by four mines.
one each in Louisiana and Nevada nad two in Texas. During the same
Trustee'8 Sale.
The company's plant at Planterville, N. J., will be sold at trustee's sale year 477,450 long tons valued at 58.991,350 were exported from this country. Next to the United States-the leading sulphur producing countries
on Jan. 9 next.
A petition in bankruptcy was filed Dec. 16 against the Smith Rubber are Italy, Japan and Chile. In 1913 the total world production of sulphur
Products Sales Corp., New Ylork City, by Frederic S. Bennett. Inc., on amounted to approximately 800.000 long tons.
The officers of the association are: Clarence A. Snider, Pres.; S. Magnus
a claim of 524,568 arising out of a guaranty of the account of the Smith
Rubber & Tire Co. The petition avers the alleged bankrupt corporation, Swenson, V.-Pres.; James T. Klibreth, Sec.; Charles W. Kemmier, Treas..
which owns the Smith Rubber & Tire Co., executed a mortgage of $50,000 all of New York.
The following are stockholders and members: Henry Whiton, Clarence
on the property of the subsidiary company to one Solomon Schwartz,
A. Snider, Eric P. Swenson, S. Magnus Swenson, Walter H. Aldridge,
-V. 115. p. 1641.
recently, while insolvent.
Wilber Judson, all of New York; the Union Sulphur Co., Freeport Texas
-Sale.
Co. and Texas Gulf Sulphur Co.
Smith-Springfield (Mass.) Body Corp.
-v. 112, p. 1984.
See Springfield Body Corp. of New Jersey below.
Southern Spring Bed Co., Atlanta, Ga.-Bonds Offered
Citizens & Southern Co., Atlanta, Ga.,is offering at 100 and int. $175,000
Susquehanna Silk Mills (N. Y.).
-Par Value Changed.
The company has changed the authorized Common stock from 5.000
shares of $100 par to 100,000 shares of no par value.
-V. 114. p. 1296.
86
THE CHRONICLE
Terminal & Town Taxi Corp., N. Y. City.
-Receiver.
-
Federal Judgn ire, on Jan. 2 annointed Kenneth M. Spence receiver
in an equity proceeding filed by the Ohmer Fare Register Co., with a claim
of $24,156. The failure is attributed to the recent strike of taxi chauffeurs,
which resulted in the Black & White Cab Co., a subsidiary operating company, discontinuing business about Nov. 17. The latter company leased.
about 400 taxicabs from the debtor corporation and is indebted to it for
rentals amounting to about $300.000.
The Terminal Corporation (incorp. In Delaware) had a contract with the
New York Central RR. and the New York New Haven & Hartford RR. for
the carrying of passengers. It WM authorized to Issue 1,500.000 shares of
7% Pref. stock. par $100, and 23,500 shares of Common stock, no par
value, but only 7.000 shares of Prof. and only 13.837 of Common have been
issued. The corporation has a lease on a garage at 310-328 West'61th St.
at an annual rental of $19,000, which does not expire until 1937, and has
received an offer to sublet for $56,100 per annum.
Liabi!Meg are not enumerated, but debts amounting to $60,000 are mentioned; assets are stated to exceed $300.000, including indemnity deposits
of 210,000 with the State Industrial Commission and the U. S. Mortgage
& Trust Co. Creditors are to file claims by March 31. Earl Barnes is
special master.
Texas Co.
-Acquires Smackover Leases.
-
The company recently acquired the Marr holdings in the light oil district
of the new Smackover. Ark.. field, giving it full interest in 700 acres and onehalf interest le 1 9 acres. The mirchase mice was said to be 21.500,000, of
which $1,000,000 is in cash and $500,000 in deferred payments.
-V.115. P.
2805.
Thomas Iron Co.
-New Officer-Acquired.
-
L. E. Thomas, President of the Reading Iron Co., has been elected a
Vice-President and director.
See Reading Iron Co. above.
-V. 115. p. 191; V. 114, P. 2726.
(John R.) Thompson Co., Chicago.
-Report.
-
Net profits in 1922 are reported at about $1,800,000, compared with
*1.291.000 earned after Federal taxes in the previous year.
-V. 115, P.
2696, 1332.
Tobacco Products Corp.
-1922 Prosperous Year.
-
Pros. James M. Dixon says the business for the year just closed has been
extremely satisfactory. Sales of the prominent brands of high grade
cigarettes having shown a steady increase throughout the year. He
states that the stockholders may he assured that the condition of the
company is the best in its history. The report for 1922, he says, will show
a large increase in surplus, the total of which is estimated at approximately
ssmoo,noo.
The directors have declared a quarterly dividend of 1 % on the outstanding Class "A" stock. payable Feb. 15 to holders of record Jan. 31.
An initial dividend of like amount was paid in Nov. last-V. 115, p. 2696.
1952.
Tonopah Belmont Development Co.
-Earnings.
Quarters EndingSept. 30'22. June 30'22. 4'ar.31 '22. Total9Mos.
Received & rec'le for ore_ $363.782
$504,083
$487.429 $1,355.294
Mining, milling and administration expenses_
306.224
346,811
368,578
1.021.613
Net earnings
$57,559
$157,272
$118,851
$333,682
Miscellaneous income_ _ _
11,243
5.755
5,079
22.077
Total net income
$68,802
2163.026
$123.930
$355.758
The net earnings for the quarter ended Sept. 30 1922 of the Belmont Surf
nlet Mines, Ltd.. of which this company owns 80%, were $45,850.
Available ResourcesNov. 30'22. Aug. 31 '22. Way 1 '22.
Due from smelter
$191,419
$234,468
$285,186
Due from others
79,780
54,902
50.068
Cash in banks
265,409
245,742
226.030
U. S. Govt. ctfs. of indebtedness_ _ _ _
100,000
100,000
100.000
Liberty bonds
50.220
50.220
50.220
$686,827
$685,332
United States Steel
Corp.-Stock for Employees.
-
The company has announced that It will give employees the privilege of
subscribing to 60.000 shares of Common stock at $107 per share. The
terms of the offering are the same as in preceding years, the employees tobe allowed to pay for the stock in monthly installments. This year's subscription price compares with $84 for 1922, $81 for 1921, $106 for 1920.
$92 for 1919 and 1918,$107 for 1917 and $85 for 1916. No Common stock
was offered for subscription in 1915. in which year the corporation discontinued its policy of offering to employees its Preferred stock. The number
of shares taken in 1921 was the largest on record, totaling 255.325.
The official statement says: "In accordance with the stock subscription
plan heretofore adopted, the finance committee has decided to offer to employees of the United States Steel Corp. and its subsidiaries the privilege.
of subscribing during the month of January 1923 for 60,000 shares of
Common stock at the price of $107 a share.
[The number of holders of Common stock on Nov. 28 1922 was 93,780,
as compared with 107.439 a year ago,]
-V, 115, p. 2805, 2696.
United Verde Extension Mining Co.
-Production.
-
Month ofDec. 1922. Nov. 1922. Oct. 1922. Sept. 1922.
Copper output (lbs.)___ 3,026,334
3,670,206
3,556,01t
3,760,234
-V. 115, p. 2697.
Utah Oil tt Refining Co.
-Capital Increase.
-
The stockholders of this company (which is controlled by the Midwest
Refining Co.) have increased the authorized Capital stock from $1,000.000.
par $1. to 87.500.000, par $5. The 50.000 shares of 87. Preferred MCA.
par $10, was to be retired Dec. 31 1922 at $11 50 per share.
Valentine & Co., N. Y.
-Capital Increase.
-
The company recently filed a certificate increasing its authorized capitar
stock from $3.000.000 to $4,500,000.-V. 114, p. 418.
Wagner Electric Mfg. Co.
-Suit Dismissed.
The suit filed Nov. 18 by a small minority interest for a receiver, was
dismissed Jan. 2 by Circuit Judge Hall, who also dissolved a temporary
restraining order prohibiting ratification of re-organization of the business:
under the laws of Delaware.
-V. 115, P. 2488, 2392.
Watchung Water Co.
-Consolidation.
-
Tide Water Oil Co.
-New President.
-
Col. George T. Slade has been elected President. succeeding Tobert
D.Benson. who has been elected Chairman of the Board.
-V.115. p. 2154.
Total
-V. 115, p. 1642, 191.
[VOL. 116.
$711,505
Two Rector Street Corp.
-Tenders.
-
The Guaranty Trust Co., trustee, 140 Broadway, N. Y. City, will until
Jan. 18 receive bids for the sale to it of 1st Mtge. 15
-year 67. Sinking Fund
Gold loan certificates, due April 11935. to an amount sufficient to exhaust
$25,387 at a price not exceeding 103 and int.-V. 110. P. 14
21.
Union Cotton Mfg. Co.
-Stock Dividend, &c.
-
The stockholders on Dec. 28 increased the authorized capital stock
from $1,200.000 to %1,8110,00e, par $100. The additional stock will be
distributed as a 50% stock dividend.
-V. 115, p. 2805.
United Bakeries Corp., Chicago.
-Increase.
-
See Elizabethtown Water Co. Consolidation above.
-V.68, p. 1228.
(J. R.) Watkins Co., Winona, Minn.
-Notes Offered.
Harris Trust & Savings Bank and Commercial Trust & Savings Bank, Chicago, and Minnesota Loan & Trust Co.,
Minneapolis, are offering, at prices to yield from 6% to
6Y%,according to maturity,$2,500,0006% Serial Notes,
/
Dated Dec. 11922. Due $250,000 annually Dec. 1 1923 to 1932. Int.
payable J. & D. at Harris Trust & Savings Bank. Chicago, trustee, or
Harris, Forbes & Co.. New York, without deduction for the normal Federal
income tax up to 2%. Denom. $1.000. 2500 and $100(0). Red. on any
int. date at par plus a premium of 3 of 1% for each year or part of year
the notes have to run before maturity.
Data from Letter of Pres. Paul Watkins, Winona, Minn., Dec. 27.
Company.
-Business established in 1868 and incorporated in 1894.
Present management has been actively identified with company more than.
20 years. Is engaged in the manufacture and distribution of mo re than 150
articles, many of daily household use, the greater part of which are manufactured in company's own plants. Principal lines handled are soaps, toilet
articles, simple household remedies, flavoring extracts, spices, automobile
tires and accessories. Company Is one of the largest buyers of vanilla
beans and spices in the U. El Principal manufacturing plants located in
Winona. New York, Memphis and Winnipeg.
U. S. &
After All
Earnings Calendar YearsNet Profits. Can'n Taxes. Deductions.
$343,097
$1,458,165
21.115.068
1917
485,000
970.242
1,455.242
1918
1.573.423
360,000
1919
1.213,423
161,791
958,607
796.816
1920
29.728
426.258
396.530
1921
85,000
685.000
600,000
1922 (2 months estimated)
Balance Sheet as of Oct. 31 1922 (After This Financing).
Liabilities
Assets
2549,711 Bank loans
Cash and cash resources$550,000
Receivables (net)
3,706,016 Other nab.. Incl. tax res.- 505.796
Inventories, less $250.000
6% serial notes
2,500,000
reserve
2,93.5,134 Preferred stock
2.500,000
Deferred charges
170,312 Common stock (150,000
Fixed assets, less deprec'n- 1.315.091 shares, no par value)__.. 2.620,467
Total
$8,676.263
Total
$8.676.263
Wayagamack Pulp & Paper Co.
-Report.
The company reports for the year ended Nov. 30 1922. operating profits
of $372,030. against a loss of $156,712 in 1921, and a deficit after depreciation, interest, &c., of $108.892 for 1922, against a deficit of $657,640 in
1.121.-V. 115. p. 1109.
-To Assue Bonds.- 1
Western States Gas & Electric Co.
A certificate of increase of capital stock from 220,000,000 to $50.000.000
The California RR.Commission has authorized the comntny to issue and
has been filed with the Secretary of State of Delaware. This company in
Oct. last was reported to have acquired control of the Shults Bread Co. of sell on or before Mar. 1, at not less than 89% and int.. 127.000 of 1st &
Ref. Mtge. 5% gold bonds due June 1 1941. and to use the proceeds to fi-V. 115, p. 1740.
New York.
-V. 115, p. 2701. 2392.
nance in part construction expenditures.
United Shoe Machinery Co.
-May Merge Sub. Cos.
-
It is stated that the company has under consideration a plan for the
merger of its subsidiary companies. The question is one largely of administrative detail and policy.
-V. 115, p. 1740.
•
United States Finishing Co.
-Capital Increase, &c.
The company has increased
its authorized Common stock from $3.000,000
to 24,000.000. par $100. The new stock will be distributed as a stock
dividend about Jan. 15 to holders of record Dec. 21.-V. 114. p. 531.
United States Glass Co.
-Change in Capital.
-
-Balance Sheet Oct. 31.West Point (Ga.) Mfg. Co.
1922.
1921.
1922.
1921.
1 Liabilities$
$
$
Assets5,000,000
Plant, equip., &c- 9,653,723 9,560,138 Capital stock
619,885
400,324 Accounts payable. 173.806
Cash
Accla receivable... 864,408 1,147,481 Notes payable.... 3,295,000
4,154,223 3,895,115 Res. for Fed. taxes 833,942
Inventories
706,977
733,729 Dem., &a., reeves 1,813,996
Securities owned
125,898 Surplus
Deferred charges4,882,472
$
5,000 000
124,354
3,360,000
833,941
1,513,437
5,030,953
15,999.216 15,862,685 Total
Total
The stockholders on Dec. 28 voted (a) to reduce the Capital stock from
15,999,216 15,862,685
23.200.000 to *1.600000. and (b) to reduce the par value of the shares -V. 114. P. 88.
from $100 to $25. The stockholders will receive two shares of new stock,
Wheeling Steel Corp.
-Offers Stock to Employees.
par $25, for each old $100 share held. Compare V. 115, p. 2280, 2058.
The company recently offered to Its employees and those of its subUnited States Lumber Co.
sidiary companies the opportunity to subscribe to 4,000 shares each of Its
-To Increase Capital.
The stockholders will vote shortly on Increasing the authorized Capital Common and Preferred A stock. The employees are able to buy both
stock from 27,000,000 (*6.000.000 outstanding) to $12,000,000, par $100. classes of stock at somewhat below the prevailing market price on the inIf the increase Is authorized it is the intention to declare a 100% stock stallment plan. No interest is charged against purchases of the Common
stock until such time as that issue is on a dividend basis, and even then,
dividend.
-V. 100. p. 1809.
interest rate cannot exceed 5%. The employee Is to receive accumulated
United States Rubber Co.
-Chairman Discusses Outlook. the
dividends on the Pref. A stock, now amounting to $5 per share annually.
-Charles B. Seger, Chairman, has issued the following and will pay only 5% Int. on deferred paymente-V. 114, p 2727.
statement:
While it is generally conceded that industry underwent a rather complete
readjustment in 1921, following the slump in the fall of 1920. I believe that
the year 1922 has also been a period of readjustment and that this readjustment has not yet been completed.
I believe that much of the business activity in 1922 was the result of
taking up the slack that was left after industry got over its first efforts to
readjust itself to changed conditions. Stocks of all kinds of goods are low
and until they are replaced to a normal size, there will still be slack to be
taken up.
Sales of mechanical rubber goods-belting, packings and such-by the
U. S. Rubber Co. have shown steady increases throughout the past year.
Factories, mines and mills had done without mechnaical rubber goods as
long as possible, and this year has been one of replacements. One thing
Is certain, however: sales of mechanical rubber goods do not show large
increases unless manufacturing industries of the country are busy.
I am optimistic about the tire business because of my belief in the automobile industry. The automobile Is a business necessity. The pleasure
vehicle is relatively a small factor. There will never be fewer automobiles
in service. I believe the number will continue to increase.
[The Central Union Trust Co. of N.Y., trustee, will until Jan. 29 receive
bids for the sale to it of 1st & Ref. Mtge. gold bonds, due 1947, Series "A,"
at not exceeding 105 and int., the total offer not to consumer more than
2690.456. and the "B" bonds at not exceeding 110 and int., the total offer
not to consume more than 2252.0001.-V. 115, P. 2391, 2375.
Whitaker Paper Co.(Cincinnati).
-Back Dividend.
-
The April 1 1922 dividend on the Preferred stock was payable Jan. 1 1923
to holders of record Dec. 20 1922.-V. 115, P. 2489, 2392.
Willys Overland Co.
-Prices Reduced-Contract,-
The company Jan. 5 announced the following reductions in prices for
various models: Willys-Knight sedan from $1,950 to $1,795; coupe 5
passenger from 21,795 to $1,695: coupe 7
-passenger from 22,105 to $1 995
. :
Overland from $875 to $860. The price of the new model coupe sedan is
21,595. No change was made in the price for touring or open cars.
Allan A. Ryan's contract to purchase the Federal Motor Co. of Indianapolis for 8110.000, on which $10,000 had been paid before he went into bankruptcy, was sold Dec. 28 to the company for $2,000. on petition of W. L.
James for the attorneys representing the trustee of the estate, before Referee
Peter B. Olney, Jr. The contract was offered for sale as a result of notification from the Federal Motor Co.calling on him to execute the remainder
of the contract by payment of the 2100,000 still due.
-V.115. p.2806.2169,
Winslow Bros. & Smith Co., Boston.
-Increase,
The company has increased the authorized capital stock from $1,500.000
to $2,500.000, par $100, by the Issuance of 10.000 additional shares as a
662-3% stock dividend. The company in 1917 paid a 200% stock dividend.
Wolff Manufacturing Corp., Chicago.
-Bonds Offered.
-Mention was made in V. 115, p. 2806, of the offering at
JAN.6 1923.]
THE CHRONICLE
87
who has been associated with Zimmerman & Forshay for the past two years,
has had considerable experience in the bond field. He served as a captain
during the recent war.
—Gerald E. McHale, formerly with Kissel, Kinnicutt & Co. and McDated Dec. 15 1922: due serially Dec. 15 1923 to 1938. Int. payable Donnell & Co., and Eli Urdang, formerly with A. B. Leach & Co., have
at offices of S. W. Straus & Co. Callable at 103 and int. Fed- formed a co-partenership to deal in investment securities under the firm
J. & D. 15
eral income tax of 2% paid by company. Denom. $100, S500 and $1.000.
Company.—Incorp. In June 1922 in Illinois to acquire the Wolff Manu- name of McHale, Urdang & Co., with offices at 40 Exchange Place, New
facturing Co.'s plant, property, good will and going business. Business York.
-established In 1855. and has successfully continued in the manufacture of
—A. S. Fedde & Co., accountants and auditors, announce the formation
Wolff quality plumbing good. for 67 years. Plant located at Chicago, is
of a partnership composed of A. S. Fedde, formerly of Fedde & Pasley.
conservatively_ valued at $3.779,984.
Purpose.—To retire encumbrances against company's plant, for the Walter E. Williams and E. J. Schmiel. The offices and telephone connecpurchase of new equipment. retirement of bank debt and providing addi- tions formerly held by Fedde & Pasley will be continued by the new firm
tional working_ capital.
Earnings.—During the last two years the corporation has been operating at 55 Liberty St., New York City.
sander the present management, and new capital to the extent of $2.000,000
& Murfitt, bond dealers, have prepared a comprehensive list of
In cash has been paid in to the company for the purpose of providing for bond-s classified to
meet the demands of the investor seeking safety of
important additions to the manufacturing facilities of the company. thereby
business available. principal, the business man seeking safe and marketable listed bonds and
-enabling them to take care of the increasing volume of
From present indications next year's sales should be approximately $8.000.- the investor seeking a large yield and appreciation.
000 to $10,000,000, and based on operations for the past ten months. should
—Joseph F. Hartley, specialist in railroad securities, 15 Broad St.. New
show a net profit of from $800,000 to $1.000.000 during the coming year.
York, prepares weekly the index numbers of fifty-two railroad Common
Balance Sheet as at Oct. 31 1922 (After New Financing).
stocks, showing their relative desirability of purchase based on current
Liabilities—
Assets—
$292.947 earnings. ten year dividend record, book value and maintenance.
Cash
$131,913 Accounts payable
94,496
Acets & notes rec., less res 949.849 Accrued expenses
—Benson Mann. Jr., F. Kimball Hagan and Russell Bement have formed
672.000
Due from affiliated cos___
155.355 Notes payable
2,000.000 a co-partnership under the name of Mann, Hagar & Bement,to conduct a
1.862.112 First Mortgage 6145
Inventories
227,846 general business in investment securities with offices located at 421 Chestnut
'Other accounts receivable.. 121.799 Reserve for contingencies_
Deferred charges, &c
319,176 Canital stock-100,000 sh.
St., Philadelphia.
'Other real estate
52,248 of no par value repro4.000.000
Inv. in stocks & bonds_
21.094 sented la3P
—Announcement is made of the dissolution of the firm of Jolesch, Al106.241
Benet. int. In Lake St. prop 411.111 Surplus
bertson & Co. and the formation of a co-partnership under the name of
Prop. & plant, leas deprec_ 3,047.874
$7.393,532 Jolesch, Miller & Co., 111 Broadway, New York. consisting of Samuel
New plant construction.-- 321,000 Total (each side)
Joiesch, Carl N. Miller, Robert B. Hollander and William B. Neergaard.
—V. 115. p. 2806. 1742.
—Robert S. Pasley and Thomas F. Conroy. formerly partners in the
(F. W.) Woolworth Co., N. Y.—December Sales.
dissolved firm of Fedde & Pasley, announce that they will continue their
increase.
1921.
1922.
$27.454,873 $24,191.407 $3.263.466 accounting practice under the firm name of Pasley & Conroy with offices
Month of December
167,308.217 147.650.105 19.658.112 at 67 Wall St., New York City.
12 months ending Dec. 31
Supreme Court Justice Gavegan signed an order Dec. 28 permitting the
—James C. Marshall has retired from the firm of Larkha. Marshall &
property of Mrs. Jennie Woolworth. widow of Frank W. Jennys, whose business will
-committee of the
be continued without change by Sylvester P.
Woolworth. to exchange 50,500 shares of the Common stock of the F. W.
Woolworth Co. with the Broadway Park Place Co. for $5,050,000 of 5%, Larkin and Harold W. Jennys under the firm name of Larkin & Jennys
owner of the Woolworth Bull l- at 30 Broad St.. New York. the same address as before.
gold bonds of the Broadway Park Place Co.,
ing. The stock is part of 65.000 shares held by Mrs. Woolworth's com—The firm of Stephens & Co., 141 Broadway, New York, has been
mittee and the bonds are part of an Issue of $7,500,000 on the Woolworth
Building property. They constitute the only lien on the property with formed to conduct a general investment business, specializing in municipal
the exception of an unpaid balance of $1,300,000 on a mortgage hell by bonds. The partners are Louis S. Lebenthal. and Winfield F. Stephens,
the Prudential Insurance Co. As security for the payment of this balance formerly with Eastman. Dillon & Co. and J. S. Bache & Co.
the Broadway Park Place Co. has deposited $1,319,500.—V. 115. P. 2915,
—Austin Agnew. Archibald F. Mac Nichol and Allen H. Seed have been
2701.
admitted as general partners to the firm of Shippee & Rawson. members.
N. Y.Stock Exchange. 111 Broadway, N. Y. O.
CURRENT NOTICES.
—Otto Bill° and Herbert C. Hinrichs announce the formation of a partnership under the firm name of Milo & Hinrichs to continue the business
—Robert D. MacMillen, who has been connected with the Albert Frank
heretofore conducted by Mr. Milo under his own name.
it Company advertising agency for the past five months, has been ap—Milan H. Goodwin, who has heretofore been associated with Cameron
pointed director of sales and service, and will have complete charge of the
servicing of accounts as well as the development of new business. Lloyd B. Blaikie & Co., members of the New York Stock Exchange, as a special
Albert Frank & Company and director of pro- partner, has become a general partner in the firm.
Myers, Vice-President of
—Bear & Co.. investment securities dealers, announce that Harold
duction and service, who for several years has been in charge of the service
department, will In the future devote his entire time to the supervision of the Brown, Frank C. Masterson and Percival J. Steindler have become partart and production departments of the agency. Mr. MacMillen. the new ners in their firm.
director of sales and service, was for twelve years bathe advertising end of
—Howard Eliery Mitchell and James H. McGean, who have been assothe newspaper business: for four years he was an executive of various sub- ciated with Robinson & Co. in the past, have been admitted to membership
sidiaries of the Union Carbide & Carbon Corporation. During part of this in that firm.
time he was sales and advertising manager of the Oxweld Acetylene Co.:
—Miller & Company, members of the New York Stock Exchange. anpart of the time he was Secretary of the Prest-O-Lite Company, Inc. He
nounce that Sydney Bentham and Samuel Wechsler have been admitted
then became Vice-President and General Manager of Murray Howe & Co.,
to partnership in the firm.
advertising agency, and when that agency was consolidated with • the
—W. J. Wellman & Co., members, New York Stock Exchange, 120
William H. Rankin Company he became sales manager and a member of
Broadway, N. Y., have opened an office in Philadelphia, at 1425 Walnut
the Rankin plan board.
St., under the management of Mr. Irvin L. Stone.
—George F. Hamilton and Phillips T. Barbour have formed a co-part—Carman G. Campbell formerly with H. F. Bachman & Co.. has benership under the name of Hamilton, Barbour & Co., with offices at 52
Broadway, N. Y. C., to transact a general brokerage business, specializ- come associated with the bond department of Fitch, Crossman & Co..
Widener Bldg., Philadelphia.
ing in municipal and government bonds. Robert A. Dahn and Edward L
—Lothrop Lee has recently become associated with Reid, McClure &
flouter', Jr., have formed the firm of Dahn & Bouton to conduct a strictly
brokerage business in general and special market municipal bonds. Their Co.. members, Philadelphia Stock Exchange, 1418 Walnut St., Philadelphia, as sales manager.
office is at 5. Nassau St., N. Y. C.
The members of the above firms were formerly of Hamilton, Barbour &
—Paisly Bros. & Co., 1421 Chestnut St., Philadelphia. announce that
Co.. which expired by limitation on Dec. 30 1922.
David McKnight and Conyers Button, Jr., have been admitted to an int—Announcement has been made that the New York Chapter. Inc.. erest In their business.
American Institute of Banking, has scheduled a course of eight consecu—Wolff & Stanley, 72 Trinity Place, announce that Mr. A. J. Anderson,
tive weekly lectures on Income Tax Procedure beginning Friday evening. who has been associated with them for over 16 years. has been admitted
January 5. The course is planned for bank employees and officials to partnership beginning Jan. 11923.
who will be called upon to handle income tax matters during the early
—Chas. D. Barney & Co. of New York and Philadelphia, announce
months of the coming year. A similar course was given by the New York that Edwin A. Fish, John W. Hanes, Jr., and Jay Cooke, 2nd.. have been
Chapter last year. Registration for the course may be made on any even- admitted as general partners in their firm.
ing between 6:30 and 9:00 p. m.at the Chapter Rooms, 15 West 37th Street.
—George F. Taylor, formerly with Harris. Forbes & Co.. has become
—Gillespie, Blagden & Rhinelander is the name of the new firm formed associated
with Porter, Robjent & Co.. as salesmanager of their New York
as successors to Gillespie, Moods & Co., which was dissolved by mutual
office.
on Dec. 31 1922. The new firm is composed of Lawrence L. Gilconsent
—The firm name of Holt & Company has been changed to Holt, Rose
lespie, Linzee Blagden, Philip K. Rhinelander, George F. Cozzens and Sidaddress,
ney S. Wormser, Henry C. Drayton is a special partner of the new firm. & Troster. No change has been made in the personnel. The
The offices of the new firm will be those previously occupied by Gillespie, 71 Broadway, New York City, also remains the same.
—Under date of Jan. 2nd, Dean, Onativia & Co., members. New York
Moods & Co. at 120 Broadway, New York City.
been
—Brown Brothers & Co. announce that Louis Curtis, Jr., of the firm. Stock Exchange, 11 Wall St., New York,state that John D. Cady has
will hereafter reside in Boston, that Ellery Sedgwick James and Lauren admitted as a member of the firm.
—H. T. Carey & Co., members, New York Stock Exchange. 66 BroadCarroll have been authorized to sign "per procuration" in New York, Philadelphia and Boston: the former residing in Boston and the latter in New York way, New York, announce that Norman Peck has been admitted to general
and that John Collins Dawson, who held the firm's power of attorney in partnership in this firm.
Philadelphia, has resigned on account of ill health.
—Untermeyer. Richardson & Moss, Inc., announce that Joseph J.
Winder Laird, George P. Bissell, Hollyday S. Meeds Jr., W. Foster, formerly of the Guaranty Company of New York, has joined their
Poyntell Johnston, Charles P. Warwick, S. D. Townsend, Philip D. Laird sales organization.
and Cecil F. Backus announce the formation of a co-partnership under the
—Keane, Higbie & Co.. Inc., with offices in New York, Detroit and Chifirm name of Laird, Bissell & Moods to conduct an investment banking cago, announce that Douglas Bruce has become associated with the firm as
business with offices in the Du Pont Building, Wilmington, Del., and manager of the corporation bond department.
120 Broadway, Now York.
—The Unites States Mortgage & Trust Co. of New:York, has been an—Charles D. Robbins & Co. have opened offices at 120 Broadway. New pointed transfer agent of the
capital ctock of San Martin Mining Co. of
deal in conservative investment securities. The new firm is com- Canada, Limited.
York. to
poased of Charles D. Robbins, Elmer E. Lancaster and Arthur J. Curley.
—Evans, Stillman & Co., members of the New York Stock Exchange,
with H. Stacy Smith as a special partner. Mr. Robbins was formerly a
announce that Neville Jay Booker, formerly an officer and director of the
partner of Sutro & Kimbley.
B. B.& R. Knight Co., has become associated with them.
—McClure, Smith & Co., Inc., announce the opening of their main office
—The Guaranty Trust Co. of New York. has been appointed transfer
at 1524 Walnut St., Philadelphia, under the management of Mr. W. L.
McClure. Outside of Philadelphia the company's business will be conduct- agent for the Common stock of the Coca-Cola International Corp.,consisting
ed by district offices or representatives located in thirteen cities throughout of 251,000 shares of stock without nominal or par value.
Pennsylvania, Maryland and New York.
—Elmer E. Tompkins, formerly with Jackson & Curtiss. and Herbert
—The Garfield National Bank of N. Y. City, announces that Benjamin A. Huff are now connected with Parsons, Todd & Co.. Inc., 44 Exchange
S. Dowd has become affiliated with its bond department. Mr. Dowd, Place., N. Y. City.
par and int. by S. W.Straus & Co. of $2,000,000 First Mtge.
6%% Serial Coupon Bonds (safeguarded under the Straus
,
Plan). A circular shows:
88
ght
THE CHRONICLE
giants.
[VOL. 116.
tent and complaint over the Immigration law restricting the
entrance of any one nationality to 3% yearly of the total
number of persons of that nationality in the United States in
1910. The New York "Herald" of Jan. 3 said: "The United
COMMERCIAL EPITOME.
States is making a false count of the immigrants. The immigration from Italy is an example of this particular error in
Friday Night, Jan.5 1923.
A significant sign of the times is that the holiday suspen- our statute. In the last fiscal year 42,000 Italians were admitted to this
sion of work at the mills and factories of the country was for law. In the country under the 3% quota provision of the
same period 53,000
shorter period than even in the best of times. The most stir from this country to their own.Italian laborers went back
a
Instead of having added
Is in the iron and steel trade, something which may be con- 42,000 laborers to its forces, the United States actually lost
sidered a good sign. It is true that scarcity of labor in- 11,000. We need labor
-men who will do the work that our
creases, that the grip of the unwise immigration law tight- own people refuse to do. In a country where the building
program for this year is estimated at six to seven billion dolens upon the industries of the country, that the exodus of ne- lars
there must be labor to dig cellars and carry hods."
groes from the South to the North and West continues, that
Limitation of looms will be the first subject taken up by
the population suffers especially in the East from a scarcity Paterson's labor conciliation conference on Jan.
18. The
of coal, that another coal strike, amazing as it sounds, is conference will be made up of an equal number of citizens,
manufacturers and silk workers, and is restricted to open
threatened this spring, and that from New England come
threats of another strike among the cotton mills of leading discussion of subjects and cannot take a vote on any question
at issue. The dominating
centres. It is also true that the financial and commodity and friendly understandi idea of the conference is frank
ng of the problems that affect the
markets have latterly been overshadowed at times by the community, labor and capital.
Fall River wire to-day: "A new strike which
German reparations question and the break-up of the conthreatens
ference at Paris in a deadlock as to measures to be adopted the New England textile industry seems likely to become not
only a fight with mills for higher pay, but a struggle between
for collecting the agreed upon sum of 50,000,000,000 gold
the two
marks. The date for the French to act in the premises, hav- ford." unions for supremacy in Fall River and New BedThe United Textile Workers of America employed
ing failed to agee with England on the matter of measures, in woolen mills of the United States want
a minimum wage
is set for Jan. 15.
of $40 a week,so the labor leaders announce. The Amoskeag
But all this has failed to give trade or prices a set-back. A Manufacturing Co. of Manchieter, N. H., now has a total
decline in francs and lire has had little or no effect, and ster- working force of close to 12,000. Hundreds of workers have
latterly returned to its mills. Cotton workers are moving to
ling to-day was higher with stocks, cotton and grain, active
get a 48
-hour week in New Hampshire, Maine and Vermont.
and rising. Germany has been buying rye rather heavily That is said to be one reason
why many New England mills
here this week. The total exports of wheat from the United are planning to build branch plants at the South,
States and Canada this week have been some 10,300,000 have the 54-hour Week or longer. Utica, N. Y., where they
bushels, an increase of 2,000,000 bushels over the previous mills, which closed between Chrsitmas and New underwear
Year's,
week and the total since last July of 267,300,000 bushels, is resumed work and higher wages are being discussed. have
Some
nearly 25,000,000 bushels larger than for the like period last 6,000 workers have been locked out here by the
clothing
season. This is eloquent testimony to the need of Europe for trade. The contractors closed 3,000 shops,
saying
American grain. The exports of corn are also large. Mean- running at a loss. They declare workers must they were
accept wage
while retail trade is good. In 1922 it was nearly 10% larger cuts or the price for the product must be increased.
than in 1921. And jobbing trade is on a very fair scale for
The coal output fell off during the holidays.
spring delivery. There is also not a little re-order business miners dropped work at Christmas and did not Hard coal
return
in winter goods. In general the industries of the United after New Years'. Bituminous production, however, until
is reStates are moving at an increasing stride.
covering rapidly. Another coal strike is threatened this
The Iron and steel trade feels the impetus given by buying spring. How long is society to be a prey to a
small fraction
by railroads and automobile and agricultural implement of its total, having no regard for the rights or
makers. Food prices in general are lower. Cotton has ad- of the great mass of the population? There the well-being
is something
vanced in spite of momentary hesitation on the news from wrong about this. Civil liberty does not
mean
Paris of the breaking up of the Premiers' conference. For liberty, degenerating into license. "The greatestunrestricted
there is growing alarm among manufacturers over the greatest number" is and must remain a cardinal good to the
principle of
dwindling supplies and fears that the next crop may not be civilized society.
adequate. Moreover, the outlook for Manchester's trade is
A farm bloc is in absolute control of the Kansas Legislabelieved to be better. It looks as though Lancashire's trade ture. If it is able to hang together throughout
with the Far East will noticeably increase during 1923. And the bloc can put through any legislation it may the session
desire or it
in this country bank clearings are rising. The failures thus can block any legislation to which it objects.
far in January have been smaller than those of a year ago,
Wheat is 5 to 15c. per bushel higher than a year ago, corn
I. e. 445 against 509 in the same week of 1922. The crops 15 to 20c. higher,oats 3 to 15c., rye 3 to 8c., lard 2c.
per pound,
have been benefited by rains and snows. The boot, shoe and flour 35c. a bbl., coffee 2c. per lb., sugar 2Y
4c., pig iron $740
rubber goods trades have been stimulated by stormy weather. a ton, steel billets $7 50, copper, lc., rubber
8%c. cotton 8c.,
East of the Alleghenies manufacturing plants have been and print cloths 2c. higher.
helped by the rising stage of streams accompanying the rains
There was a 6 to 9-inch fall of snow in different parts of
and snow storms. Soft coal prices have advanced at the New 'York City on Wednesday, the heaviest
of
East. On the Pacific Coast the lumber trade has been active but a force of 10,000 men cleared it off in the winter,
owing to big orders for railroad cars. Some of the Eastern partly with the aid of plow tanks and sweepers. record time,
To-day was
shoe factories are resuming work. Wool has been firm, with cloudy here, with temperatures 28 to 35, moderating
a fair demand. It is said that the unsold stock of domestic day advanced. The past week, however, has been one as the
of the
wool at Boston is not over 20,000,000 lbs., or about half what stormiest for years past. Where there has not
been rain
it was a year ago. The cotton goods mills are doing an ex- there has been snow.
cellent business. The automobile trade is active, with some
LARD firm; prime western, 11.85©11.95o.; refined
of the companies cutting prices, as for instance, the Overland Continent,
to
12.75c.; South America, 13o.; Brazil in kegs,
Co. As a rule building materials have been in sharp demand, 14o. Futures
advanced early in the week and then
though at this time of the year this branch of business is for time
declined
a
with hogs
usually quiet. It is stimulated now by the widespread need of large hog receipts.and grain. Also there has been a fear
of dwellings. The electrical trades are looking up. Mean- European bids were Packers sold January and May lard.
generally too low. January deliveries
while, it is true, collections might have been better than they on contracts
were 100,000
are. And the great grain belt, notwithstanding some recent board were good, however. lbs. Shipments from the seaAnd there was certainly some
advance, is not in the best shape imaginable, by any means. foreign inquiry. Stocks
are small. Now and then a rise
Besides, wheat has declined during the past week. And de- in grain has helped
lard. To-day prices advanced, ending
spite recent advances in grain, the farmer is still at a disad- generally higher for
the week.
vantage, for the prices of his products are much lower than
the prices ruling for the things which he has to buy. Never- DAILY CLOSING PRICES OF LARD FUTURES IN CHICAGO.
Sat.
Mon. Tues.
Wed. Thurs.
Fri.
theless, the country enters upon a new year in a generally January dellvery---cte-10.85
Roll- 11.10
11.27
11.10 11.15
March delivery
10.97
hopeful mood.
day. 11.25
11.42 11.25
11.25
May delivery
11.10
11.37
11.55
Wilbur W. Stewart, of Philadelphia, President of the Na11.40
11.40
tional- Association of Merchant Tailors, told the House of
PORK dull; mess, $27©$28 50; family, $30©$32; short
Representatives Immigration Committee at Washington on clear, $22 50@$27 50. Beef steady; mess,
$12©$12 50;
Wednesday that there is a shortage in this country of 30,000 packet, $13 50€414; family, $16©$18; extra India
mess,
shop workers in the tailoring industry because of restricted $30@$32; No. 1 canned roast beef, $3 25; No. 2,
$2 35;
immigration. The National Association of Merchant Tailors 6 lbs., $15; sweet pickled tongues, $55@$65
nom. per bbl.
-they are only one of many associations that want the same Cut meats dull; pickled hams, 10 to 20 lbs., %©17Vic.;
163
thing-urge greater flexibility in the country's immigration pickled bellies, 10 to 12 lbs. 15c. Butter, creamery, seclaws in order that aliens may be allowed to enter the United onds to high scoring, 44%©i3o. Cheese, flats, 21©28%c.
States to relieve the labor shortage. The whole country is Eggs, fresh-gathered first to extra, 46©53o.
suffering directly or indirectly, mostly directly, because of
COFFEE on the spot firmer; No. 7 Rio, 113'o.• No. 4
these laws, which were dictated by labor. Tyranny of labor Santos,
153'8©153.; fair to good Cucuta 16(4)16 ($3.
is as bad as any other kind of tyranny. There should be none Futures opened the
week irregular but rallied later in a
-tolerated by anybody. Naturally, there is growing discon- small market.
Well-known interests here have recently
Tommerzial
JAN.6 1923.]
THE CHRONICLE
89
been buying July and Sept. Futures are relatively cheap
as compared with actual coffee here and in Brazil. And
some regard the present statistical position as bullish, regardless of the size of the next crop and regardless, too,
whether valorization coffee is sold or not in the first half of
1923. Rio advanced 100 to 300 reis early in the week, and
Santos 175 to 300 reis. Firm offers were firm or higher.
The spot market here was firm with No. 7 Rio 10.50c., a
rise of 20 points since the close of last week. On the 3d inst.
trading was light and prices fell slightly in sympathy with
easier markets in Brazil. Offerings were fully one cent
per lb. above the parity of futures. Yet not a few incline to
the buying side here when they trade at all. To-day prices
declined but final quotations are a shade higher than a week
ago. Closing prices were as follows:
quoted 93'o. to 14c. Bogota, 193i to 2034c. Central
American, 17c.
OCEAN FREIGHTS have been in only moderate demand. Grain berth rates have been weak. They are Is
lower than a year ago to the United Kingdom and 3 to 5
cents per 100 lbs. lower to the Continent. It is said that the
British steamer Clan Ma,cbridge was closed last Saturday
the first vessel to be engaged for the 30,000 ton contract
held here for the Greek Government. She is to load spot
at Baltimore at a rate supposed to be 22 Me. Here berth
grain business has been done at 12c. to Hamburg and at 13c.
from Baltimore and Philadelphia with 11c. to Bremen
quoted. In New Orleans berth grain traffic has been good.
trade firms sold futures. About 5,000 bags of Cuban for
first half of January clearance sold at 3 13-16 to 3'Np- c•ed•
As to sugar futures, some contend that the heavy increase
in centrals grinding in Cuba, although entirely seasonal,
discourages to some extent buying for a rise. Most people
look for lower prices when the weight of the new crop begins
to be felt. United States Atlantic ports receipt for the week
were 14,999 tons, against 26,939 tons last week, 22,598 in
1922 and 20,420 in 1921; meltings, 31,431, against 33,000
last week, 26,000 in 1922 and 23,000 in 1921; total stock
12,404 tons, against 28,836 a week ago, 31,529 last year,
and 59,196 in 1921. Latterly spot raw has been more active
at easier prices. It seems that 125,000 bags of Cuban have
been sold at 3 11-16c. for prompt and early January shipment, and 3,600 tons for February and March at 3Mc.
To-day prices advanced, ending, however, 10 points lower
than a week ago.
Sugar prices closed as follows:
TOBACCO has remained in a practically unchanged position. Trade has been quiet. From Havana reports are
rather more cheerful. There is a disposition to look for
better times in this country also. For wrappers there has
occasionally been a fair inquiry and also, for that matter,
for fillers and prices have been to all appearances steady.
But the trade has not yet shaken off the 1922 lethargy.
For that is what it was much of the time. But employment
is now general in this country. The situation in this respect
is far better than it was a year ago. Wages are high. The
buying power of the country is good. In short, the prospects for the tobacco trade as for other branches of American
lousiness, are considered promising.
COPPER in good demand and firm; electrolytic, 143 c.
4
The 14%e. price has disappeared except in rare instances,
where the producer is willing to quote for second quarter
delivery. Speculative and investment buying has fallen
off, but on the other hand there is a good deal of buying
against old orders and this has helped to stabilize the price.
The strength of the London market has also helped.
TIN weaker in sympathy with a lower London market
and the failure of the German reparations' conference to
bring about a settlement. And statistics were unfavorable
to believers in higher prices. While it is true the visible
supply decreased slightly, stocks all over the world increased
as did metal afloat to England. Spot, 383c. Deliveries
in Dec. were 4,600 tons from Atlantic ports and 270 tons
from Pacific ports, making a total of 4,870 tons Stocks
on Dec. 31 totaled 1,954 tons and that landing 1,750 tons.
Tin imports for the year totaled 59,468 tons, against 24,758
tons last year. Imports from the Straits were 48,267 tons.
Lead firmer; spot, New York, 7.35'@7.40c.; spot, east St.
Louis, 7.15@7.20c. Spot tin is scarce. Zinc in good
demand and higher; spot, New York, 7.35@7.40c.; east St.
Louis, 7.05 ®7.10c. Local smelters are said to be using
more Mexican ore.
PIG IRON advanced with a better inquiry. The output
in 1922 was 27,000,000 tons. December production showed
the important increase of 240,000 tons over November.
It reached 3,086,968 tons, the highest since October 1920.
German pig iron is being imported freely. Philadelphia
received 1,000 tons last week and Boston 600. Later East,'
ern Pennsylvania and New Jersey quoted American iron at
$28 at furnace; large tonnage, $27. Chicago, in car lots,
$29; larger tonnage, $28. Basic has been quoted at $25 to
$26. Yet it was rumored that $27 to $27 50 had been paid
latterly. Recent sales of pig iron in Philadelphia comprised
22,000 tons of basic. That makes nearly 100,000 tons of all
grades sold by Pennsylvania and New Jersey furnaces within
a fortnight. The fact that coke is steadily rising makes not
a few people think that, apart from other considerations,
there is nothing for it but an advance in prices for pig iron.
As to the output, the December total of 3,086,298 tons makes
?, very different showing, of course, from that of any month
in 1922. During 1922 there was an almost uninterrupted
progress upward in the matter of production.
STEEL trade prospects look better. With the new year
the,trade in a sense is turning over a new leaf. Prices in the
main are steadier. Buyers do not have things so much
their own way, whether all the advances announced are really maintained in every case or not. Plates, shapes and bars
stand up better around the N. level than they did recently.. The U.S Steel Corp.is quoting 2e.PittsburglLand 2.10c.
i
Chicago on all three of the above products.
cent sales
of bars, sheets, stripped steel and other buying by an automobile company is said to have approximated 200,000 tons.
And another automobile concern is said to be figuring on 150,000 tons for delivery in the first three months of 1923.
Some of the railroads are buying quite freely of plates, shapes
and bars for repairs and other shopwork. And Permsy.
yania boiler concerns are buying plates. Cleveland is buymg plates to rebuild blast furnaces, &c. New car orders are
reported. A good business is being done in fabricated
steel. Sales and projected sales recently reaching nearly
30,000 tons. Sheet and tin plate mills are quite busy.
Some of them are sold ahead for the first three months on
Charters included grain from Baltimore to five ports in Denmark at 19c.
Jan. 15 canceling; lumber from two ports Gulf to Buenos Aires or Rosario
165s. February; grain from Atlantic range to west coast of Italy 4s. 3d.
May
Spot (unofficial)-- 114 May
9.6009 62 I September
-8 7208.74 January; to United Kingdom 3s. 3d. prompt; to west coast of Italy 21c.
March
9.95@Al.97IJuly
9 22©nom I December -- 8.46 ®8.48 January; oil cake from Galveston to Denmark $6 50 prompt; grain from
Atlantic range to Adriatic
in genera
SUGAR.
-Spot Cuban raws were firm early in the week at trades $1 February-March 234c. prompt; 6 mos. time charter coast; one
delivery on Atlantic-United States
3%c., with all January 3 13-16c. Foreign markets were round trip in intercoastal trade, 2,753-ton steamer. $1 50 January delivery;
firmer. Peru afloat was 17s. 9d. c.i.f. Antwerp. English 5 mos. time charter. 1,350-ton steamer, $1 25 prompt delivery; 22.000
quarters 10% grain from Atlantic range to Greece 23c. prompt; grain from
refiners bought 4,000 tons of Brazil and Peru afloat at 17s. Atlantic range to Antwerp-Hamburg range 13c. prompt: 4 mos. time charWest Indies trade
c.i.f. United Kingdom. Fifty-nine centrals were grinding ter, 1,351-ton steamer, inrange to Greece 22c.$1 20 January delivery in
Cuba; grain from Atlantic
prompt; to Antwerp-Hamin Cuba. Refined here, 7c. On Wednesday Wall St. and burg range 12c. January; to Rotterdam 12c. January.
5.53March
3 41 ®3.42 1 July
Spot(unoff1)--May
3 51 ®3.53ISeptember-.3.68 ©3.69
3.6103.62 I December
--
OILS.-Linseed quiet and lower. And it is reported that
while stocks are not burdensome they are ample to take care
of spot requirements. Spot, carloads, 87c.• tanks, 86e;
'
less than carloads, 93c. less than 5 bbls. 96c. Cocoanut
Corn,
oil, Ceylon, bbls., 9YA @9%43.; Cochin, 10
crude, refined, 100 bbls., 113%c. Olive,$1 15@$1 17. Lard,
strained, winter, 14e.; extra, 13. Cod, domestic, 58c.,
nominal; Newfoundland,61c. Spirits of turpentine, $1 53@
$1 54. Rosin, $6 15@ 00. Cottonseed oil sales to-day,
21,400 bbls., including switches. Crude, S. E., 9.75.
Prices closed as follows:
y,@io%e.
'
Spot
_c_10.75 _ _ -- I March --c_ 11.06 ®11.071June- _ _c_11.25 ®11.30
--_
January--10.82®10.86 April
11.124011.18 July
11.34011.36
February_ _10.85 ©10.97 May
i1.23@11.25 August----11.41 ©11.45
PETROLEUM.
-Bunker oil was advanced Sc. per gallon
at port of New York on the 4th inst.; new price $1 50 f. o. b.
ships plus 6Mo. lighterage charges. On the same day the
Standard Oil Co. of Louisiana announced an advance in the
price of Smackover crude oil; new prices are 75c. for 26
gravity or higher and 763. for crude less than 26 gravity.
The old price was 30c. per bbl. for all grades. Gasoline remains weak. There is a good deal of shading going on and
it is reported that with the exception of new Navy gasoline
in bulk, business can be done at le. to 1 Mc. under present
quotations. Kerosene quiet. Stocks are very large and
the outlook is not promising. New York prices: Gasoline,
cases, cargo lots, 26.750.; U. S. Navy specifications, bulk,
15.500.. export naphtha, cargo lots, 18c.; 63
-66-deg., 21e.;
66-68 deg., 22o. Kerosene, cases, cargo lots, 16 Mc.- motor
gasoline, garages (steel bbls.), 22c. ,On Dec. 30 Pennsylvania crude advanced 25c. Cabell and Somerset also were
up 25c.
Pennsylvania
$3 25
Corning
1 75
Cabell
2 11
Somerset
1 96
Somerset, light_ 2 20
Ragland
1 90
Wooster
1 90
Lima
Indiana
Princeton
Illinois
Crichton
Currie
$1 86 Mid Continent
1 78
Below 28
90
1 77
28029.9
1 00
1 77 30©32.9 _
1 10
1 25 Healdton
0 75
1 80 Matta
1 55
RUBBER in fair demand and higher on strong London
and Singapore cables. Factories are inquiring more freely.
Smoked ribbed sheets and first latex crepe spot, 29c.;
January, 29c.• February, 293.4c.; March, 29%c.; AprilX '
June, 302 0.; July-December, 31%c. In London on the
4th inst. market opened quiet with plantation standard at
14%cl. but turned active and advanced to 15d. Singapore
reports rubbers exports for the two weeks ended Dec. 30
at 1,200 tons to Great Britain, 500 tons to European Continental ports, and 7,750 to the United States.
HIDES were quiet here but frigorifico hides were firm,
and it was reported that 2,000 Swift La Plata and 3,000
Swift Montevideo cows sold at $37, the equivalent of 155-gc.
c. & f. In New York business was slow and prices seemed
weaker. Bogota, 1932c., possibly less. Later Chicago reported more activity in packer hides. Fully 100,000 branded
cows and extreme light Texas steers were sold, bringing 13c.
a pound. About 35,000 light native cows sold at 15c. To be
sure these prices show declines of a full cent per pound.
Here country hides were in rather better demand and
90
sheets and up to June on tin plates. The steel output in
1922 was nearly double that of 1919, i. e. 33,500,000 tons
of ingots and approximately 25.000,000 tons of finished
rolled products. And in addition to the home trade it may
be added that exporters have been buying rails and tin plates
for Japan. It looks as though both American and British
concerns would have a good year.
WOOL has been in much the same position as heretofore.
That is to say business has been on a moderate scale and prices
have been in the main steady., The year ended with Boston
prices firm on a steady demand from manufacturers and
mill consumption large. Foreign markets were reported
firm. On Jan. 8 Australian sales will begin at Sydney.
At Melbourne they will begin a week later. It is expected
that the selling in the Colonial markets will not be of long
duration. In other words, some think the season will be a
short one. In South American markets a rising tendency is
reported. Good 46s from Argentina are said to be quoted
at around 32c. c. & f. and 44s at 233i with 40s at 19c. in
the grease in bond. Montevideo half-blood combing is
quoted at 48@50c. c. & f. in bond in the grease, Boston;
56s at 44@46c.and 50s at 39@420. The wool manufacturing
industry increased its output 20 to 25% in 1922 over that of
1921. Receipts at Boston for the first 11 months of the
year were 21% greater, owing to the increase of 42% in
domestic receipts. Consumption of wool in mills in 10
months exceeded 25% above the same time in 1921. The
price of unwashed wool at Boston advanced very sharply
during the year, yarns about 50% and finished goods about
20%.
At Bradford the woolen market was fairly active. In
tops and yarns there was a fair business and prices were
well sustained. Piece goods situation showed no marked
change, but manufacturers were cheerful. Some sales of
Australian fine wools, including some 64-70s combing wools
were made at $1 10@$1 15 for good to choice wools; in
some cases as high as $1 20 was quoted for really good 70s
combing descriptions, wnile 60-64s were held at 95c. to $1
clean basis, top-making 64-70s at about $1@$1 05 for good
to choice wools; good Ms combing.wools, $1 05@$1 08 or
possibly $1 10 clean basis. These prices are for wool in bond.
Some business was done in X blood combing wool at about
92(4)930. for fairly good western wool and %s combing at
31@$1 05; pulled wools, $1 for best B supers and As $1 15
4g$1 20. The Boston "Commercial Bulletin" Saturday,
Jan. 6 will say:
There has been no sudden spurt in-the business in wool during the past
week, but there has been some demand for wool, and that, too, on the
part of manufacturers who are willing to pay fully recent prices for wool
In order to get what they want. The goods market is reported reasonably
slow, but very strong.
COTTON.
Friday Night, Jan. 5 1923,
THE MOVEMENT OF THE CROP,as indicated by our
telegrams from the South to-night, is given below. For the
week ending this evening the total receipts have reached
94,390 bales, against 113,035 bales last week and 136,866
bales the previous week, making the total receipts since
Aug. 1 1922 4,057,259 bales, against 3,516,438 balesforthe
same period of 1921-22, showing an increase since Aug. 1
1922 of 540,821 bales.
Receipts atGalveston
Texas City
Houston
New Orleans_ - _ _
Mobile
Pensacola
Savannah
Brunswick
Charleston
Wilmington
Norfolk
New York
Boston
Philadelphia
Sat.
7,023
4.344
3,516
816
152
227
1.511
50
Totals this week- 23.497
Mon.
Tues.
Wed.
Thurs.
Fri.
Total.
3.569 41,827
1,846 1,846
--------4,794
--------460
946
58 3,743 8,821 3,952 26.036
409 1.711
60
75
309
2,211
-_-- 2,211
__-_ 1,380 1.609
88.5
147 4,837
300
300
---169
589 1,176
469 2,555
779
102
77
262
69
42
1,726 1,254
352
605 3.937
42
------------1,272
157 2,940
--------425
---100
575
4,860
5.908
---- 18.616
7,759
3.470 27.065 22.854 11.596 94.290
The following table shows the week's total receipts, the
total since Aug. 1 1922 and stocks to-night, compared with
the last year:
Receipts to
Jan. 5.
1922-23.
1921-22.
This Since Aug This Since Aug
Week. 11922. Week. 11921.
Stock.
1923.
Galveston
41,827 1,872.687 37,674 1,632,219 371,291
Texas City
1,846
66.120
726
16,734
22,367
Houston
4,794 531.611
232,212
Port Arthur, &c...
____
2,000
10,305
New Orleans
26,036 840,482 18,446 663,057 235,609
Gulfport
4.289
Mobile
1,711
66,679
911
80,420
9,093
Pensacola
2.211
7,644
200
Jacksonville
8,923
1,835
7,579
Savannah
4,837 266.051 7.550 432,997
70,455
Brunswick
300
25.373
500
14,516
286
Charleston
2,555
61.631 1,293
47,969
65.111
Wilmington
779
71.567
762
67.411
37,201
Norfolk
3.937 199.877 5,889 225,360 108,392
N'port News, &c583
New York
42
4.257
430
7,761
74.339
Boston
2,940
17,839 1,400
16.280
7.349
Baltimore
11,283
593
38,655
2,588
407
Philadelphia
575
3.235
23,635
5,912
Totals
[Vol,. 116.
THE CHRONICLE
1922.
336,046
13.185
331,237
17,315
1,847
160,069
2,032
106,069
40.612
143.026
86,317
6,083
2,064
8,024
94,390 4.057,259 76,581 3,516.438 1,017,572 1.253,926
.
In order that comparison may be made with other years,
we give below the totals at leading ports for six seasons:
Receipts at-
1923. I
1921.
1920.
1919.
Galveston ___
Houston, &c_
New OrleansMobile
Savannah_ - _ _
Brunswick
Charleston _
Wilmington_ _
Norfolk
41,5+27
. 4,794
26, ao
,
1,711
4,837
300
2.1'55
779
3,937
37,674
726
18,446
911
7,550
500
1,293
762
5,889
61,792
10,863
33,525
2,913
9,586
50
858
431
5,058
i,6i4
2.830
2.035
77.176
28.210
46.755
9.636
32,276
4,000
4.138
4,714
9,512
527
7,602
50.619
2.367
27.944
3,858
23.469
2,000
4.207
2,122
12.270
46
2.582
All others_
1922.
1918.
60.789
8,512
40.231
2,263
19,958
4,500
4,490
648
4,83•1
7.0841
153,5261
Total this wk_
94.390
76.581 127,152 224.546 131.534
Since Aug.1_ 4.057.259 3.516,438 3,559,368 4.026,687 2,919,201 3,719.870
The exports for the week ending this even ng reach a total
of 112,522 bales, of which 33,443 were to Great Britain,
11,863 to France and 67,216 to other destinations. Below
arc the exports for the week and since Aug. 11922.
Week ending Jan. 5 1923.
Exported toExports
from-
'rem Aug. 1 1922 to Jan. 5 1923.
Exported to
-
Great
Great
Britain. France. Other. Total. Britain. France.
Other. LTotal.
Galveston__ 9,378 8,082 21,959 30,419 333,538 243,803 680,4771,257,818
Houston --- ----3,781 1.013 4,794 197,463 116,331 215,501 529,299
New Orlea
29.877 39,850 102,086 42,974 263,531 408,591
9;73
Mobile
18,944
4,46
20,107 43,696
Jacksonville
75
575
650
Pensacola
2,211
6,934
2,211
710
7,644
3,046 5,615 107.771
Savannah
2,569
3,324 50.76 161,855
Brunswick _
25
25 18,968
6,6
25,618
Charleston _
51 1,240 11,570 1,09 10,227 22,891
905
Wilmington
5,600
37,300 42,900
Norfolk
16,892 72,811
2;566 7,975 55,919
New York
100
1,267 1,367 34,878 30,851 115,707 181,436
Boston
1,260
1.758
3,018
479
167
Baltimore.......
646
Philadelphl
291
291
Los Angel
1,725
2,607
5,647
8,072
San Fran_ _
60.160 60,610
Seattle
3,187
3,157
Total__. 33,443 11,863 67.216 12,522 901,630 443,726 1,485.6472,831,003
Tot. 1921-22 31,084 16,624 117,530165,238 771,025 392,872 1,853,0063,017,803
Tot. 1920-21 22,678 15,461 99,291 137,43 966,949 359.4981.208,541 2,534,985
In addition to above exports our telegrams to-night also
give us the following amounts of cotton on shipboard, not
cleared, at the ports named.
OnShipboard, Not Cleared for
Jan. 5 at
-
Great
Other CoastGerBritain. France. many. Cont'nt. (rise.
Galveston
17.838
New Orleans
5,397
Savannah
Charleston *__ _
Mobile
1,287
Norfolk
1.900
Other ports*_
4.300
2.000
4,173
100
6,000 20.026
2,883 17.325
300
Total.
9,000 54.864
212 29.990
500
800
2.773
3;i156
1,90t
4.200
11,70(
Leaving
Stock.
316,427
205,619
69,655
65,111
5,033
106,492
145,921
Total 1923- - 30.722 6,273 11.983 44.624 9,712 103.31. 914,258
Total 1922.. 27,438 1,038 6,100 12.600 12.771 59,94 .,193,979
Total 1921.. 57.043 15,839 18,005 78,265 4,650 173,80: ,
.246,755
* Estimated.
Speculation in cotton for future delivery has been fairly
active at irregular prices, with the trend, however, in the
main downward, although at Lines there were rallies. The
downward drift was traceable partly to what was supposed
to be "income tax selling" early the week; that is, to have
profits entered up for 1923 Instead of 1922. Another disturbing factor was the reported deadlock in the conference at
Paris over the German reparations question. That caused a
decline on Thursday afternoon. Last Tuesday prices broke
quite noticeably, although there was something of a recovery
before the close. And spot business of late has at times been
rather less active. Mills have apparently been disinclined to
buy freely at rising prices. Exports, moreover, have been
light. Liverpool reported considerable liquidation, partly by
Manchester and London. Much of the time, too, its spot sales
have been small, i. e. about 4,000 bales a day. And Manchester, while it sends out cheerful reports from time to time, is
to all appearance at least having nothing like an active trade.
It also complains of the lowness of the bids for cloths. Meanwhile Wall Street, uptown interests, the West and local traders have been inclined to sell, partly because of the tradition
that the month of January usually sees quite a marked setsack in prices. Statistics have been circulated far and wide
showing that over a certain period of years there has been a
January decline of 50 to 350 points. That had a noticeable
effect of itself last Tuesday and was not without some influence on other days of the week. For the exceptions have
• been rare in which a noteworthy decline in January has not
occurred. And the technical position here had become vulnerable late in 1922. It is true there was considerable liquidation in the latter part of December, but the fact, none the
less, was that large lines of long cotton were hanging over
the market with every indication that with the turn of the
year profits in which many cases were large would be
taken. And for a time outside speculation dwindled. Stocks
and grain markets fell and also some Continental currencies,
including francs and lire. All this had more or less effect;
whether sentimental or otherwise mattered little. The point
was that a good many felt after a sharp recent rise that a
reaction was due in cotton. Also, some lay stress on the fact
that sooner or later, if there is a further rise, it is bound to
be checked by a decrease in consumption. The consumer will
go only Just so far. He can organize a buyers' strike if the
JAN.6 1923.]
THE CHRONICLE
91
Middling fair
1 23 off
1.05 on *Middling "yellow" tinged
price rises too high to suit him. The buyers' strikes of 1920 Strict good
SO on *Strict low mid."yellow" tinged.1.75 off
middling
and 1921 make that clear enough. And there has been some Good middling
55 on *Low middling "yellow" tinged-2 30 off
.
middling
31 on Good middling "yellow" stained_ .79 off
talk to the effect that foreign growths would be used rather Strict low
Strict
middling
.37 off *Strict mid."yellow" stained__ 1.53 off
than American, if the price of American cotton should go too Low middling
2 10 off
79 off 'Middling "yellow- stained
1.33 off *Good middling "blue" stained_ _1.05 off
high. It is a fact, moreover, that of late not much more than *Strict good ordinary
*Good ordinary
1 93 off *Strict middling "blue" stained_ _1.53 off
half the daily spot sales in Liverpool have been of American Gririgood mid."yellow" tinged_ .41 on *Middling "blue" stained
2 03 off
cotton. Indeed, this has been the proportion for some time Good middling "yellow- tinged .03 off •These ten grades are not deliverable
Strict middling "yellow" tinged_ .44 off upon future contracts.
past. It has certainly not escaped observation. And as to
The official quotation for middling upland cotton in the
the boll weevil, its depradations can be modified by a vigorous campaign against it and also by favorable weather. New York market each day for the past week has been:
Dec. 30
Fri.
Sat. Mon. Tues. Wed.Thurs.
That the weather may be a potent factor in the matter of the Middling to Jan. 5uplands
Hol.
Hol. 26.45 26.80 26.45 26.75
pest is amply demonstrated by cotton history. Southern disFUTURES.
-The highest, lowest and closing prices at
patches make it plain that the South will wage a more vigorous war against the weevil this year than ever before, espe- New York for the past week have been as follows:
cially east of the Mississippi River. The eastern belt seems
Saturday, Monday, Tuesday, Wed'day, Thursd'y, Friday,
to have much to learn in fighting the pest. But with the exDec. 30 Jan. 1. Jan. 2. Jan. 3. .105. 4. Jan. 5. Wee.!.
istence of cotton culture in this country seriously endangered it is reasonable to suppose that every effort will be Jan”aryRange
26.15-.60 26.45-.60 26.23-.78 26.30-.59 26.15-.78
Closing_ _ _ _
made to ward off so great an evil for the South as the diver26.25 -26.58-.60 26.33-.35 26.54-.55--sion of cotton growing to other parts of the world and a loss February
Range
of supremacy in cotton raising by the Southern States. Such
Closing_ _ _ _
26.34 -26.05 -26.41 -26.63 -- a loss is by many considered unthinkable. If the South is March
Range
26.32-.92 26.30-.74 26.42400 26.52-83 26.30406
determined to fight the weevil intelligently and effectively
Closing_
26.55-60 26.72-.74 26.48-.55 26.72-.75--it will still hold its paramount position in the raising of the April
Range
world's crop. There is, of course, every incentive to do so.
Closing__ _ _
26.57 -26.78.-26.52 -26.75 - -The great mass of the cotton planters of the South no doubt May
Range
26.37400 26.31-34 26.55410 26.62-99 26.31-/1(
will act accordingly. The acreage and fertilizing, it is alClosing_ _ _ _
26.61-.65 26.85-84 26.60-.64 26.88-89---ready stated in Alabama advices, will be much increased. June
Range
Sales of live stock to farmers are, it seems, already rather
Closing_ _ _
.
26.50 -26.67.-26.46 -26.76 -- JulyHOL/- HOLTlarge.
.
Range
DAY. DAY. 26.15-.65 26.10-.54 26.30-.75 26.34-.72 26.10-.71
But meantime supplies are dwindling, consumption is risClosing_ _ .
.
26.35-.40 26.52-.51 26.31-.35 26.63-.65--ing, and the prospects point to a carry-over at the end of the August
Range
26.25
25.83 -25.8342i
season too near the vanishing point altogether to be viewed
Closing_ __ _
25.90 -26.05 -25.52 -26.00 - -with equanimity by anybody who has the interests of the cot- September
Range
25.12-.37
25.12-.3'
ton business of the United States at heart. From present apClosing__ _ _
25.22 -25.43 -25.19 -25.35 - - pearance it will be down to the lowest total seen for years October
Range
24.38-36 24.42-.83 24.51-.97 24.54-36 2438-.9'
past, if indeed it does not reach a figure entirely unpreceClosing__ _ _
24.62 -24.81 .83 24.53-.53 24.75 - -dented within recent memory. It is pointed out that the con- NoremberRange
24.76 ----24.76sumption of American cotton in the world at the present time
Closing__
24.58 -24.75 -24.44 -24.05 - - is at the rate of 13,000,000 bales as against 12,800,000 bales December _ _
Range
24.50 -24.49 --.- -24.56 -24.49-.5
last year and 10,500,000 two years ago. Moreover, some
Closing_ __ _
24.55 -24.71 -243a -94 CI
Southern advices insist that the crop is over-estimated by the
.1 27c. 126c.
Government when it put it at 9,964,000 bales. These SouthTHE VISIBLE SUPPLY OF COTTON to-night, as made
ern statisticians declare it looks more like 9,740,000 bales.
But it matters little in the last resort which figure is right. up by cable and telegraph, is as follows. Foreign stocks, as
The vital point is that the crop has failed for two years in well as the afloat, are this week's returns, and consequently
succession and that nobody knows how it will turn out in all foreign figures are brought down to Thursday evening.
1923-24. The labor supply at the South is decreasing. Cal- But to make the total the complete figures for to-night
cium arsenate to fight the weevil is said to be scarce and (Friday), we add the item of exports from the United States,
high. And it must be persistently and intelligently applied, including in it the exports of Friday only.
Jan. 51923.
something which seems to be foreign to the habits of a con1922.
1921.
1920.
Stock at Liverpool
bales_ 878,000 1,005,000 1,034.000 835,000
siderable section of the smaller farmers or share croppers. Stock at London
4,000
1,000
6,000
11,000
Many of them have lost their crops for two years in succes- Stock at Manchester
67,000
77,000
97,000 128,000
sion and, if white, are going into the factories, and if colored,
Total Great Britain
949.000 1.083,000 1.137,000 974,000
have in not a few cases migrated to the North and West,
Stock
2,000 330,000 128,000
where high wages are promised them. It is recalled that of Stock at Hamburg
at Bremen
120,000 206,000 199,000 218,000
the 710,000 square miles in the cotton raising country of the Stock at Havre
181,000
12,000
5.000
4,000
Stock
Rotterdam
10,000 141,000 105,000
59,000
South some 600,000 square miles are infested with weevil. Stock at Barcelona
at
108.000
35,000
48,000 109,000
And it is said that the age of big cotton farms at the South Stock at Genoa
28,000
Stock at Ghent
3.000
is past. That of small farmers has succeeded, something Stock at Antwerp
31,000
30,000
2,000
which may not promise much for the most effective measures Stock at Trieste
16,000
against the weevil. Meanwhile the tendency of world trade
Total Continental stocks
459,000 771,000 515,000 390,000
is upward. Germany and Japan are the only laggards in the
Total
cotton business. And Germany is not so much so as com- India European stocks
1,408,000 1.854,000 1,652,000 1,364,000
cotton afloat for Europe... 119,000
44,000
53,000
68,000
monly supposed. It is said that buyers from Moscow have American cotton afloat for Europe 349.000 359,000
707,000
recently visited Bremen and have been examining the stock Egypt Brazil,&c.,afloat for Eur'e 110,000 85,000 480,532 87,000
54,000
Stock in Alexandria, Egypt
344,000 337,000 196,000 263,000
of American cotton there with a view of making purchases. Stock in Bombay,India
507.000 746,000 920,000 534,000
And if the Gerinan reparations question can be settled in Stock in U. S. ports
1,017,5/2 1,253,926 1,420,557 1,500,304
Stock in U. S. interior towns_ -1,355,894 1,614,007 1,743,741 1.348.496
the near future there is believed to be no reason why Ger- U. S. exports to-day
800
52,126
13,579
24,434
many's textile industry should not go ahead rapidly. And
Total visible supply
5,211,266 6,306,512 6,559,264 5,909,163
Japan has had such hard times in cotton that a turn for the
Of the above, totals of American and other descriptions are as follows:
better is believed to be not far off. In this country cotton
American
bales_ 512,000 585,000 643,000 618,000
goods have been in good demand at firm or rising prices. Liverpool stock
Manchester stock
42,000
84,000
81,000
54,000
Moreover, some reports from Manchester have been more Continental stock
413,000 664,000 450,000 325,000
cheerful. Get the reparations question settled in Europe American afloat for Europe
349,000 359,000 480,532 707,237
U. S. port stocks
1.017,572 1,253,926 1,420,557 1,500,304
and it is believed that European trade in general will bright- U. S. interior stocks
1,355,894 1,614,007 1,743.741 1,348,496
en up and that American cotton markets will feel the benefit. U. S. exports to-day
52,126
800
13,579
24,434
To-day prices advanced 20 to 40 points on a better trade,deTotal American
3 690,266 4.543,512 4,843,264 4,635.163
East Indian, Brazil,(lc.mand, higher Liverpool prices and buying by Liverpool, Wall
366,000 420,000 391.000 217,000
Street and the West. Also spot markets were higher. Fall Liverpool stock
London stock
4,000
11,000
6.000
1,000
River reports were good and no attention was paid to talk Manchester stock
25,000
44,0110
16,000
23,000
Continental
65,000
65,000
of ft possiblQ strike at Fall River and New Bedford. Man- India afloat stock
46,000 107,000
for Europe
119,000
53,000
68,000
44,000
chester was more cheerful. Stocks, sterling and grain ad- Egypt, Brazil, &c., a lout
110,000
87,000
54,000
85,000
Stock in
vanced, and this helped cotton. Finally, weak-end statistics Stock in Alexandria, Egypt
344,000 337,000 196,000 263,009
Bombay,India
507.000 746,000 920,000 534,000
were bullish and it is believed that before Jan. 15, the date
Total East India, &c
on which France is supposed to act in the matter of the Ger2,521,000 1,763,000 1,716,000 1,274,000
Total American
3,690,266 4,546,512 4,843,264 4,635,163
man reparations the whole affair will either be settled or
Total visible supply
will take 619 a less threatening kook. Prices end 7 to 25points
5,211,266 6,306,512 6,559,264 5,909,163
Middling
15.06d. 11.04d. 10.17d. 28.706.
higher for the week. Spot cotton closed at 26.75, or 15 Middling uplands,Liverpool _
uplands, New York_
26.75c.
39.25c.
18.65c.
16.75c.
Egypt, good sakel, Liverpool_ _ 19.00d. 24.50d. 22.00d. 60.00d.
points ttp from last Friday.
Peruvian, rough good,
17.254.
The New York Cotton Exchange membership of E. A. Broach fine, Liverpool Liverpool_ 12.754. 13.754. 16.004. 43.50d.
10.454.
9.25d. 25.351.
Pierce was sold on the 2nd inst. to S. B. Chapan for $28,500, Tinnevelly, good, Liverpool
14.15d. 11.45d.
9.754. 25.60d.
Continental imports for past week have been 119,000 bales.
an increase of $1,500 over the previous sale; another has just
The above figures for 1922 show a decrease from last week
sold at a little over $28,000 in Liberty 3%% bonds to Wilof 104,384 bales,a loss of 1,095,246 balesfrom 1921,a decline
liam Mitchell of Gwathmey & Co.
The following averages of the differences between grades, of 1,347,998 bales from 1920 and a decrease of 697,897 bales
as figured from the Jan. 4 quotations of the ten markets from 1919.
designated by the Secretary of Agriculture, are the differences
AT THE INTERIOR TOWNS the movement
-that is
from middling established for deliveries in the New York the receipts for the week and since Aug. 1, the shipments for
:
market on Jan. 11.
the week and the stocks to-night, and the same items for the
92
THE CHRONICLE
corresponding periods of the previous year-is set out in
detail below:
[VOL. 116.
Movement into sight in previous years:
Week-
Bales.
Since Aug. 1221,253 1921-Jan. 6
336,171 1920
-Jan. 9
250,266 1919
-Jan. 10
1921-Jan. 6
Movement to Jan. 5 1023.
Towns.
Receipts.
Week.
Season.
1920
-Jan. 9
1919
-Jan. 10
Movement to Jan. 6 1922.
Receipts.
Ship- Sior"
meals. Jon.
Week.
5. 'Week. Season.
Bales.
6,324,984
6,935,193
6.344.734
QUOTATIONS FOR MIDDLING COTTON AT OTHER
MARKETS.
Ship- Stocks
men/s. Jan.
Week.
6.
Ala.,Birming'ro
620
85: 9,556
32,989
64•
22,281
6 13,223
Eufaula
8,218
56
100 5,134
___
4,898
3,700
Montgomery
52,272
404
892 17,766
197
42,273
278 31,743
42 51,865
Selma
772 5,988
26.
36,192
705 14,453
839
Ark.. Helena
963 17,566
31,516
124
29,490
388 18,570
Little Rock
3,151 156,878 4.042 59.364 3,935 128,361 4,753 66,321
1,268 98,87) 10.149 53,183 1,116
Pine Bluff_ _ _
88,028
6311 62,450
12
Ga., Albany
6,166
__ _
3,124
7
5,824
88 4,216
Athens
31,860 1:050 27,479 3,122
1,148
74,985 2,500, 49,507
Atlanta
8,486 208.570 10,050 84,080 3,811 161,936 5,695 60,209
Augusta
6,858 190.753 7,809 72,332 4,502 230,627 6,774143,058
Columbus_
2,475 91,880 1,995 14,569 1,110
39,47. 1,720 27,872
Macon
541
33,547
854 17,296
871
25,807
345 14,148
Rome
938
32.44
680 8,108
176 26,814
504 11,775
La., Shreveport
2i I 797,000 2,400 17.700
51,913
--_
.. _ _ 49,000
Mlss.,Columbus
22,369
400
400 6,453
600
15,739
600 6,779
Ciarksdale
1,035 117,672 2.055 63.934 1,896 120,99
1,684 78,143
Greenwood..
649 101,832 5,043 59,279
.11
84,581 2,828 51,748
193
Meridian_ _ _ _
30,317
78
16
9,075
27,141
843 17,943
Natchez
425
29,824 1,363 11,447
224
27,701 1,000 13,100
Vicksburg_
204
21,618
723 9.477
297 24,181
838 13,743
53
Yazoo City
27,480
359 21,504
207 29,038
865 18,837
Mo., St. Louis.. 23,540 443,205 22,955 21,810 18,453 511,119 18,38 25,275
N.G.,Genshoro 1,408 68,09•
825 34,828
1,682
33,002
344 24,851
Raleigh
211
8,448
352
200
88
8,937
1.'
291
Okla., Altu5... 1,079
50,785 1,924 21,732 2,178 67,807 2,257 18,430
Chickasha._.. 1.000
74.874 1.500 11,342 1,088
47,052 2,234 9,457
Oklahoma... _ 1,001
71,916 2,000 21,396 1,273
48,562 1,216 23,285
S.C..Greenville 1,622
4,753 55,790 1,981 102,418 3,408 48,000
97,97
Greenwood....
297
297 10,211'
7,692
_-_ _ _ 11,611
11.304
Tenn.,Memph1: 27,95
762,472 34,273 181,17: 13,228 801,698 20.118264,594
Nashville_ __ __ _
'242
80
___ _
278
38
843
___ _
Texas, Abilene.. 1,306
971 2,212
42,428
72.782
213
333 2,309
Brenham
134
81 4,334
18,106
10,706
300
300 4,883
Austin
501
33,773
151
954
24.737
500
651 1,800
Dallas
1,435
52,212
893 52,683
768 18,320 4,912 129,543
Honey Grove
110-__ _ 11,403
. 19,701
Houston
2
38,004 2,333,819 39,419380,171 38,188 1,8 4,273 32,349 317,991
Paris
168 69,543
488
503 8,112
43,435
990 12,283
San Antonio_ 2,000
52,889 2,279 2,000
760
Fort Worth_ _ 1,098
55,804 2,819 8,841 1,161
50,558 1,084 16,944
Week ending
Jan. 5.
Closing Quotations for Middling Cotton on
Saturday, Monday, Tuesday, Wed'day. Thursd'y. Friday.
Galveston
New Orleans_
Mobile
Savannah
•
Norfolk
HOLIBaltimore
DAY
Augusta
Memphis
Houston
Little Rock_ _ _ Dallas
Fort Worth
26.45
26.50
26.00
26.67
HOLI- 26.56
DAY 27.00
26.75
26.75
26.55
26.25
25.80
25.75
26.45
26.75
26.00
26.65
26.50
27.00
26.75
26.75
26.50
26.25
25.75
25.75
26.65
26.50
26.00
26.75
26.15
26.75
26.88
26.75
26.70
26.25
25.95
26.00
26.70
6.88
26.00
26.75
26.75
27.00
27.00
26.75
26.75
26.25
25.95
25.95
NEW ORLEANS CONTRACT MARKET
Saturday,
Dec. 30.
Monday,
Jan. 1.
Tuesday, Wednesday, Thursday,
Friday.
Jan. 2.
Jan. 3.
Jan. 4.
Jan. 5
January
26.14-26.1826.45 -26.20 -26.44-26.49
March_ _
26.24-28.27 28.44-28.48 28.18-26.22 26.15-26.4)
May
28.22-26.25 28.45-26.47 26.19-26.33 26.48-26.-9
July
26.00-26.02 26.19-26.20 25.97-25.99
October
HOLIDAY HOLIDAY 24.24-24.27 24.411-24.43 24,15-24.17 26.25-26 27
24.38-24.40
December.
23.90 bid 24.05 bid 23.80 bid 24.25 -Tone
Spot
Steady
Quiet I Steady
Options...
Bard sd'y steady Barely ledy Steady
steady
WEATHER REPORTS BY TELEGRAPH.
-Reports to
us by telegraph from the South this evening indicate that
generally the weather has been mild with considerable rainfall in most sections of the cotton belt.
Rain. Rainfall,
Thermometer
Galveston, Tex
1 day 0.52 in. high 70 low 46 mean 58
Abilene
dry
high 72 low 28 mean 50
Brownsville
DMA' 41 to9.11,139 7395 non all ye 011 1155804 106.7234.904.188 115.535 1614007
dry
high 74 low 46 mean 60
Corpus Christi
dry
high 72 low 40 mean 56
The above total shows that the interior stocks have de- Dallas
dry
high 72 low 34 mean 53
Delrio
dry
low 30
creased during the week 35,978 bales and are to-night 258,113 Palestine
dry
high 68 low 36 moan 52
bales less than at the same time last year. The receipts at San Antonio
dry
high 72 low 42 mean 57
Taylor
dry
low 34
all towns have been 26,009 bales more than the same week Shreveport
2 days 0.38 in. high 64 low 34 mean 49
last year.
Mobile, Ala
4 days 2.46 in. high 64 low 37 mean 53
Selma
2 days 2.10 in. hIgh 60 low 28 mean 43
NEW YORK QUOTATIONS FOR 32 YEARS.
Savannah, Ga
3 days 1.48 in. high 68 low 36 mean 53
1923
26.75c. 1915
3 days 0.7 in. high 64 low 40
10.85c. 1899
8.05c. 1907
5.88c* Charleston, S.0
52
Charlotte, N.0
1922
18.75c. 1914
12.30c. 1906
11.85c. 1898
(?) days 1.06 in. high 60 low 30 mean 43
5.94c.
mean
1921
16.35c. 1913
7.100. 1897
13.20c. 1905
7.06c.
The following statement we have also received by tele39.25c. 1912
1920
13.30c. 1896
9.35c. 1904
8.31c.
1919
31.30c. 1911
8.90c. 1895
15.00c. 1903
5.69crn graph, showing the height of rivers at the pointsnamed
32.40c. 1910
1918
15.80c. 1902
8.31c. 1894
8.06c. at 8 a. m. of the dates given:
1917
17.90c. 1909
9.25c. 1901
10.25c. 1893
9.58c*
Jan. 5 1923. Dec. 29 1922,
1916
12.45c. 1908
11.40c. 1900
7.69c. 1892
7.56c.
Feet.
Feet.
New Orleans
Above zero of gaugeMARKET AND SALES AT NEW YORK.
3.9
4.7
Memphis
Above zero of gauge_
11.7
17.7
The total sales of cotton on the spot each day during the Nashville
Above zero of gouge11 9
12.7
Above zero of gauge..
week at New York are indicated in the following statement. Shreveport
5.5
5.5
Above zero of gauge19.0
18.6
For the convenience of the reader we also add columns which Vicksburg
RECEIPTS FROM THE PLANTATIONS.
show at a glance how the market for spot and futures closed
-The following table indicates the actual movement each week from
on same days.
the plantations. The figures do not include overland receipts nor Southern consumption; they are simply a stateSpot
Futures
SALES.
Market
Market
ment of the weekly movement from the plantations of that
Closed.
Closed.
Spot. Contr't. Total.
part of the crop which finally reaches the market through the
Saturday___
HOLIDAY
outports.
Monday --HOLIDAY
Tuesday _
Quiet 15 pts. dee__ - Steady
Wednesday_ Steady 35 pts. adv_ _ Firm
Thursday __ Quiet 35 pts. dec... _ Steady
Friday
Steady 30 pts. adv - Steady
23,900 23,900
Week
ending
Total
23,900 23,900
OVERLAND MOVEMENT FOR THE WEEK AND
SINCE AUG. 1.
-We give below a statement showing the
overland movement for the week and since Aug. 1, as made
up from telegraphic reports Friday night. The results for
the week and since Aug. 1 in the last two years are as follows:
Jan. 5ShippedVia St. Louis
Via Mounds,&c
Via Rock Island
Via Louisville
Via Virginia.points
Via other routes, &c
Receipts at Ports.
1922.
----1922-23---Since
Week. Aug. 1.
22,955 442,076
6.840 176,228
5,549
376
41,729
1,654
85,080
3,757
12.593 205,289
----192I-22---Since
Week. Aug. 1.
16,387 494,598
7,570 227.414
392
6,360
1,142
43,431
4,479 124,827
9,743 199.404
101)
1920.
Stocks at Interior Towns.
1922.
1921.
Receiptsfrom Plantations
1920.
1922. 1921. 1920.
Oct.
20_ 328.02 269.084241.843 1,188,813 1,312.899 1.147,781 445,28). 280,446
27..297.53 217,599271.682 1.280.881 1.380.236 1.217,067 391,607 285,136 335,578
340,988
NOV.
A.. .5 0;" 13111117 261.80, 1.355 853 .43R 17 1.296.12' 1311.85 294.124
,
340,920
10.. 294.2 184.60. 283,884 1,408,301 1.485.821 1.353.590346,87 214.253321.151
17.. 221,57i 170,422 214.119 1.461,0191.520,19 1,423,5473114,29 224,791
24..217.9:137,22.219,756 1,444.682 1,542,66 1,483.140 241,826 159,695 284,078
279,349
Dee.
215.43e 1137,931 231,782 L457.15611,546,811 1.543,053242,942 1 72,082
8.. 168.801 116.086 210.301 1.445,(Yi5 1,576,301 1,581.721 148,9501145.979 291.875
253,971
la_ 138 941 113,81 189.042 1.426,33 )1.593,187 I,640,145120,26(1
22_ 138,886 141,588 178,079 1,384,1301,608,383 1,888,985 94,61.6
29._ 113,03 122,03 143,23 ,391,72,1,J22„i.9 t /31,to 20,777 186,790224,898
13,
,3121136,472
Jan.
5._ 94,39 76.581127.1.52 1,355,-94 1,814,007 1,743,741 58,412
67.769136,190
1
The above statement shows: (1) That the total receipts
from the plantations since Aug. 1 1922 are 4,962,373 bales;
in 1921 were 4,013,207 bales, and in 1920 were 4,443,168
36,514
3,557
91,331 bales. (2) That although
2,830
the receipts at the outports the
625
13,092
13,487
429
9.736 248,399
4,236 209,428 past week were 94,399 bales, the actual movement
plantations was 58,412 bales, stools at interior townsfrom
13,918 298,005
Total to be deducted
hav7,495 314,246
ing decreased 35,978 bales dur ng tho week. Last year reLeaving total net overland*-34,257 657.946
32,218 781.788 ceipts from the plantations were 67,769
bales and for 1921
they were 136,193 bales.
*Including movement by rail to Canada.
ALEXANDRIA RECEIPTS AMD SHIPMENTS.
The foregoing shows the week's net overland movement
has been 34,257 bales, against 32,218 bales for the week last
Alexandria, Egypt,
year, and that for the season to date the aggregate net over1922-23.
1921-22.
1920-21.
January 3.
land exhibits a decrease from a year ago of 123,842 bales.
Total gross overland
Deduct Shipments
Ili Overland to N. Y.. Boston, tec
i. Between interior towns
Inland, dtc., from South
48,175
955,951
39.713 1,096.034
-----1922-23----- -----1921-22
Since
Since
In Sight and Spinners'
Aug. 1. Week.
Week.
Takings.
Aug. 1.
76,581 3,516,438
94,390 4,057.259
Receipts at ports to Jan. 5
657,946
34,257
32.218
781,788
Net overland to Jan. 5
Southern consumption to Jan. 5a_ 88,000 1,885,000 80,000 1,609,000
Total marketed
Interior stocks in excess
216,647 6,600,205 188,799 5,907,226
*35,978
496,769
839,903
*8.812
Came into sight during week__180,669
7,440,108
Total in sight Jan. 5
North. spinn's' takings to Jan. 5.. 59,331
1,298,656
179,987
6,403,f95
47,417 1,335,609
*Decrease during week. a These figures are consumption takings not
available.
Receipts (cantars)'Ms week
Since Aug. 1
Exports (bales)-
210,000
4,650.64
210,000
3,306 456
9000
2.233,557
Since
I Since
Since
Week. Aug. 1. Week. Aug. 1. Week.lAug. I.
To Liverpool
7,000,125,437 13,750 88,504 4,500 49.085
To Manchester, &c
I 79,8 2 ---- 65.001 5,750 42.147
To Continent and India_ 3.000,13.141 2,000 98.101 3,400 52,398
To America
1,000 122,192 15,000 100.416
900 14,453
Total exports
11,000 4 3,035 23,750 352,022 14,7,50 158,083
-A canter is 99 lbs. Egyptian ha es weigh about 750 lbs.
Note.
This statement shows that the receipts for the week ending Jan. 3
were
210,000 cantors and the foreign shipments 11,000 bales.
9
93
THE CHRONICLE
JAN.6 1923.]
-Our report received by
MANCHESTER MARKET.
cable to-night from Manchester states that the market for
both yarns and cloths is steady. Demand for home trade
and foreign markets is improving. We give prices to-day
below:
Cotton Takings.
Week and Season.
1921-22.
1922-23.
Week.
Season.
Week. I Season.
5,315,650
6,316,751
Visible supply Dec. 29
6,111,250
3,760,450
Visible supply Aug. 1
American in sight to Jan. 5____ 180.669 7,440,108 179,987 6,403,995
129,000
821,000 116.000 1,045.000
Bombay receipts to Jan. 4
3,000
72,000
112,550
4,000
Other India shipm'ts to Jan. 4.._
42,000
436.750
91,5,800
15.750
Alexandria receipts to Jan. 3___
126,000
6,000
113,000
7,0001
Other supply to Jan. 3_ *6
Total supply
Deduct
Visible supply Jan. 5
5,676,319 13,162,908 6,639,488 14.194,995
1
5,211,266 5,211,2666,306.512, 6,306,512
Bales.
SAVANNAH
-To Bremen-Dec. 30-Eupatoria, 2.347 .Jan. 2
-Coldwater, 17
To Hamburg-Dec.30-Eupatoria, 48
-Coldwater,
To Rotterdam-Dbc.30-Sundance,400_ __Jan.2
100
To Antwerp-Dec. 30-Sundance, 134
To Liverpool-Jan. 2
-Mercian, 2,569
GULFPORT-To Manchester-Jan. 3-Afoundria, 2,211
HOUSTON
-To Havre
-Dec. 30-Saucon, 3,781
To Ghent
-Dec. 30-Saucon, 513
To Antwerp-Dec. 30-Saucon, 50
To Bremen Dec. 30
-Altair, 450
NORFOLK
-To Liverpool-Dec. 30-Nortonian, 800; West Arrow. 4,875
To Bremen-Dec. 30
-Mississippi, 1,500- __Jan. 5-Altmark,
800
-Birmingham City, 1,050
SAN DIEGO-To London-Dec. 30
SAN FRANCISCO-To Japan-Dec. 28-President Pierce, 3,282
Jan. 2-Tanyo Maria, 3,437
To China-Dec. 28-President Pierce, 200... Jan. 2-Tanyo
Maru, 500
-Texan, 1,557
SAN PEDRO-To Liverpool-Dec. 29
500
134
2,56J
2,211
3,781
513
50
450
5,675
2,300
1,050
6.719
700
1.557
112.522
Total
Total takings to Jan. 5_a
465,053 7,951,642 332,976 7,888.483
Of which American
302.053 5,714,092 244,226 5,938,713
163,000 2.237,550
78.750 1,949.770
Of which other
*Embraces receipts in Europe from Brazil. Smyrna, West Indies. &c.
a This total embraces since Aug. 1 the total estimated consumption by
Southern mills
-1, 81,000 bales in 1£22-23 and 1.609,000 bales in 1921-22
,
takings not being available; and the aggregate amounts taken by Northern
and foreign spinners, 6,046,602 bales in 1922-23 and 6,979.48.3 bales in
1921-22, of which 3.829.092 baled and 4,329,713 bales American.
b Estimated.
2,364
48
LIVERPOOL.
-By cable from Liverpool we have the following statement of the week's sales, stocks, &c.,at that port:
Dec. 15.
18,000
10.000
5.000
55.000
761,000
431,000
51,000
24,000
290.000
181,000
Sales of the week
Of which American
Actual expt rt
Forwarded
Total stock
Of which American
Total imports
Of which American
Amount afloat
Of which American
Dec.22.
20,000
11,000
4,000
47,000
835,000
497,000
125,000
97,000
223,000
118,000
Jan. 5.
27,000
16.000
1 000
59,000
878,000
512,000
76,000
52.000
195.000
84,000
Dec. 29.
13.000
6,000
32.000
859,000
497,000
63.000
31.000
205,000
99.000
INDIA COTTON MOVEMENT FROM ALL PORTS.
The receipts of India cotton at Bombay and the shipments
from all India ports for the week and for the season from
The tone of the Liverpool market for spots and futures
Aug. 1, as cabled, for three years have been as follows:
each day of the past week and the daily closing prices of
spot cotton have been as follows:
1922-23.
Jan. 4.
Receipts at
Week.
19,000
Bombay
Since
Aug. 1.
Since
Week.Aug. 1.
Bombay
1922-23_ _
1921-22. _
1920-21
Other India:
1922-23
1921-22
1920-21
Since
Aug. I.
Week.
821,000 116,000 0,000,000 72.000 0,000,000
Since August 1.
For the Week.
Exports.
1920-21.
1921-22.
Great
Great Conti- Jo pa
Britain nent. China. Total. Britain.
18.000 88.000103,
1,000 10,000 99,000110,000
14,000
14,000
3000!
4,000
4,600
4,000
1,000
1,000
Total all
1922
-23._
____ 21,000 85,000106,000
1921-22._
1920-21
..""
11:S2g" 111:28
"
.
67,000
67,000
72,000
Total.
I
71,000
71,000
46,000 130,000
56,000 31^,050 5 2.500 P97.560
315,000 805,0001,135.000
2g, 0 337,000 214.000 577,000
,00
0
According to the foregoing, Bombay appears to show an
Increase compared with last year in the week's receipts of
13,000 bales. Exports from all India ports record a decrease
of 8,000 bales during the week, and since Aug. 1 show a decrease of 237,450 bales.
-Our report received by
MANCHESTER MARKET.
cable to-night from Manchester states that the market is
strongly held and sales are moderate. Cloths are quiet.
We give prices to-day below and leave those for previous
weeks of this and last year for comparison:
1921-22.
1922-23.
8X lbs. Shirt- Corn
ing., Common Mid.
Uprs
to Finest.
Tuesday. Wcone:day. Thursday.
A fair
business
doing.
Quiet.
15.35
15.15
5,000
Friday.
Quiet.
More
demand.
15.19
;
I
15.06
4,000
HOLIDAYHOLIDAY
41.000 221,500 522.500 785,000
11,000 248,000 805.0001,064,000
14,000 265,000 168,000 447,000
4,00
4,00
12,00
Sdturday. .1f°lulu',
.
.
Mid.17Prds
Japan &
China.
Continent.
Spot.
Market, I
12:15 1
P.M. 1
81j lbs. Shirt- Coro
Ines. Common Mid
to Finest.
Sales
Futures.
Market 1
opened 1
7,000 '
4,000
I
Quiet
Quiet
Quiet
Steady
6 to 7pts. 14 to 19pts. 3to 9pts. 6 to 10 Pts
advance,
decline,
advance.
decline.
Market, I
4
1
P.M. I
Steady
Steady
Steady
Firm
2 to Sots. 13 to 23pts. unch. to 34 to 12 pts
advance.
decline.
Ms. adv. advanco
Prices of futures at Liverpool for each day are given below:
Sat.
Dec. 30
to
Jan. 1.
d.
January
February
March
April
May
June
July
August
eptember _ __
October
November _ _ __
December
Mon.
Tues.
Wed.
Thurs.
Fri.
12)4 1234 12w, 4:00 1214 4:00 12i4 4:00 12h 4:11 12M 4:00
p.m. p.m p.m. m p.m.
P. m• P• m.D. m. D. m. a. m.
d.
HOLIDAY.
4
4.
4.
4
d.4. d.
a.
14.8 14.79 14.6014.5614.64 14.5 14.51 14.68
14.72 14.68 14.5014.46 14.55 14.48 4.;2 14.60
14.6 14.65 14.46 14.42 14.50 14.43 14.37 14.54
14.57 14.54 14.35 14.32 14.4014.34 14.'8 14.44
14.51 14.47 14.28 14.25 14.33 14.27 14.21 14.37
HOLI- 14.41 14.37 14.1814.15 14.22 14.17 14.11 14.27
DAY. 14.31 14.27 14.09 14.05 14.12 14.0714.0 14.17
14.06 14.01 13.8513.80 13.87 13.82 13.78 13.92
13.66 13.63 13.49,13.5013.53 13.53 13.4613.61
13.41 13.37 13.2213.21 13.2413.22 13.16 13.30
13.26 13.22 13.07 13.06 13.09,13.07 13.0013.14
13 17 13 13 12.9112.96 12.99 82.96 1 I.66 MOO
did.
BREADSTUFFS.
Friday Night, Jan. 5 1923.
Flour has sold rather more freely at lower prices. In some
cases they dropped 25e. below recent quotations. Consumers'
d. s. d.
s. d. d. d.
s. d
Nov. d.
d. e. d.
3 2014
22 16 3 4017 0 14.56 211K 18 23 17 9 418 9 12.1. supplies are decreasing, as buyers have taken hold very gin21 17 3 @188 10.88 gerly in recent weeks. So that although it is true the re10 2154
224 166 017 2 15.55 19
14.87 18M 18 2014 170 @180 10 00
17 22;4
2314 166 41117
24 21%
18 21 170 @180 11.64 ceipts have been large, the steady consumption has made
2254 164 407 1 14.8o 19
Dee.
noticeable inroads on stocks. There has been some export
• 21 169 017 9 1067
21
22 16 2 @l6 7 14.74 18
20
2114 16 0 016 5 14.30 1714 O20M 16 9 @17 9 1095 Inquiry both for wheat and rye flour. The trouble was, how17% O 20)4 166 C; 176 10.96 ever, that prices as a rule were above buyers' limits. The
15 20
20% 157 (4164 14.56
22 20%
17 3 10.87
20% 15 7 016 4 14.96 18 • 21 163
29 21
22i4 18 3 016 7 15.16 18h O 2034 16 3 017 3 11.36 American Relief Administration has been buying low grades.
Jan.
In fact, it has recently taken, it is understood, some 60,000
5 2014
22 163 @167 15.06 18M (4 20)6 16 0 0 17 011.04 barrels. It has bought, it is said, most
of the low grade flour
-As shown on a previous page, the here. Stocks here are still large; there is no disguising that
SHIPPING NEWS.
exports of cotton from the United States the past week have fact, and many of the trade say they are well supplied for
reached 112,522 bales. The shipments in detail, as made the time being. And apart from the American Relief Administration buying there is little foreign business. Kansas
up from mail and telegraphic returns, are as follows:
Bales. City trade was hurt by the break in wheat both for home and
-President Roosevelt, 6---NEW YORK
-To Bremen-Dec. 29
6 export account. Hard wheat short patent, $6 25@$6 50
To Genoa-Dec. 27
-West Lashaway, 1,251
1,251
To Cape Town-Dec. 30
-Eastern Crown, 10
10 there; long patent, $6@$6 25; straight, $5 60@$5 85; first
-Cedric, 100
To Liverpool-Dec. 29
100 clear, $4 40@$4 80; second clear, $3 10@$3 30; low grade,
-Dec. 30-Dakotian, 993; West
-To Liverpool
NEW ORLEANS
Wauna, 4,592
5,585 $3@$3 15. Soft wheat fancy patent, $6 70@$7; standard
To Manchester
-Dec.30-Dakotian, 1,599; West Wauna,2,789 4,388 patent, $6 20@$6 50; straight, $5 80@$6 10; clear, $5@$540;
To Genoa-Dec. 29-Fert, 10,201
10,201 low
grade, $3 70@$3 90. Flour from small country mills is
To Copenhagen-Dec. 29-Gorm, 100
100
To Bremen-Dec. 30-Saganche, 3,575 _ _Jan. 2
-Bur,6,983_ 10,558 quoted as follows per bbl., no jute sacks: Patent, $550@
-Canada Maru, 700
To Japan-Dec. 30
700 $5 85;
95%, $5 25@$5 65; 100%, $5 10@$5 55; meal, per 100
To Rotterdam-Dec. 30-Cliffwood, 712
712
To Antwerp-Jan. 2-Andalusier, 7,682
7,082 sacked cream, $1 70@$1 75; pearl, $1 67½@$1 70: standard,
-Jan. 4-Yucatan, 524
To Vera Cruz
524 $1 65@$1 67%. At
Toledo trade has been slow, the output
-Dec. 29-Ecigefield, 3,857---Jan. 3-GALVESTON To Havre
Egremont Castle, 4.225
8,082 exceeding the demand. Prices fell. In Toledo prices ranged
-Altair, 2,550
2.550 from $475 to $8 per bbl. In
To Bremen-Dec. 30
carload lots. This is 20e. to 30c.
To Liverpool-Dec. 30-Abercos, 7,224; City of Alton, 3.937_ 11,161
To Manchester-Dec. 30-Abercos, 2,154
2.154 lower than a week ago. Extra guards have been placed at
-City of Alton, 1,178
1,178 flour mills at Toledo owing to the work of incendiaries who
To Rotterdam Dec. 30
To Gothenburg-Dec. 30-Tasmanic. 5,275......Jan. 4-13raire6,325 have started a dozen fires in the last week, causing $1,000.holm, 1,050
-Jan.3-Egremont Castle, 1„701
1,701 000 damage.
To Ghent
100
To Christiania-Dee'. 30-Tasmanic 100
Wheat dropped 3 to 33e. on Jan. 2, with Winnipeg off
/
1
4
To Copenhagen-Dec. 30-Tasmanic, 500___Jan. 3-Gorm.
2,200 1% to 1%c. and the receipts large. The crop was moving
1.700 ----_,---,,
-----------------,
-Liberty Bell, 2.493
2,493 freely.
To Genoa-Dec. 30
The decline in corn, etc., also reacted on wheat.
-Liberty Bell,400
-Dec.30
400
To Naples
-Mexican Lady, 1,075
-Dec.30
1,075 Minneapolis advanced 11 2c. and then dropped 3c. Export
'
To Vera Cruz
/
25 trade was
-To Liverpool-Dec. 30
-Mercian, 25
BRUNSWICK
small. Cash demand was light. The quantity on
-American Press, 905
905
CHARLESTON-To Liverpool-Dec. 27
335 passage increased 2,000,000 bushels. It reached 43,616,000
-Jan.2-Sundance.335
1.. To Ghent
0 00000 0000
82s Cop
Twist.
32.0 Cop
94
THE CHRONICLE
bushels. It meant larger world's shipments than expected.
That would cut both ways, to be sure. Europe evidently
wants the wheat. Yet liberal supplies told. It looked like
a rather large increase in the American visible supply. Many
were disappointed that the outlook for rural credits to be
granted at once was not more positive. And finally the
markets acted "long." The technical position for a time was
an outstanding factor. Otherwise other things might not
have counted for so much. Later a rather better export demand was reported at the sharp decline and seaboard exports on Jan. 2 were 1,762,000 bushels. The stock of bonded
wheat in the United States decreased last week 4,527,000
bushels. But the interior receipts over the holidays proved
to be close to 4,000,000 bushels against only 910,000 last year.
Cash wheat on the 2nd inst. fell 5 to 9c. The American visible supply increasing about 2,300,000 bushels last week, the
total was raised to 37,673,000 against 49,468,000 bushels a
year ago. The increase of 2,300,000 bushels contrasts strikingly with an increase in the same week last year of only
37,000 bushels. Small wonder that it made a bad impression. The visible supply, it turned out, increased last week
In the United States 2,298,000, the result of big primary receipts. Evidently the higher prices are bringing out the
wheat. Liverpool on Tuesday fell % to %d. The increased
movement and the very cool cables noticeably contributed to
the decline. Autumn seeding has been delayed in Germany,
Yugoslavia and Hungary by heavy rains. In France winter
wheat acreage will be materially larger, according to official reports, but private reports do not say sa; quite the reverse. In the United Kingdom seeding conditions were much
better than in 1921. In Argentina rains delayed harvesting
of wheat, oats and linseed. Some damage was done by hail
in November. An average crop of wheat is expected in Africa.
The potato crop in England and Wales is 35% larger than in
1921. On Thursday 250,000 bushels were reported sold for
export, including Manitoba. Minneapolis reported some
large mills buying spring wheat and storing it in their own
elevators. That suggested a favorable opinion of the market. Germany is said to have bought considerable hard
winter wheat and a little Manitoba. Later reports showed
that the farmer credit bills are being pushed at Washington.
Liverpool was firm. In Chicago there was considerable covering. At the Southwest 250,000 bushels were taken for export. Winnipeg advanced % to 2c. early. Minneapolis reported a good milling demand, and much of its receipts is
durum. Talk of a pressure to sell Argentine wheat was ignored. It was suspected of being bearish propaganda. Chicago was irregular, with European politics unsettled after
the break-up of the Paris conference, leaving the method of
paying German reparations unsolved. To-day prices advanced and then reacted. The closing was 1% to 4e. lower
than a week ago.
DAILY CLOSING PRICES OF WHEAT IN NEW YORK.
Sat. Mon. Tues. Wed. Thurs. Fri.
No. 2 red
cts_1384 Ho!. 134h 13634 13434 135
DAILY CLOSING PRICES OF WHEAT FUTURES IN CHICAGO.
Sat. Mon. Tues. Wed. Thurs. Fri.
May delivery in elevator
cts_12234 Holt- 11834 12034 11834 11831
July delivery in elevator
11334 day. 11034 11174 11031 11134
September delivery In elevator__ - - _ 106% 10734 107
10734
[Vol.. 116.
DAILY CLOSING PRICES OF OATS IN NEW YORK.
Sat. Mon. Tues. Wed. Thurs. Fri.
No. 2 white
cts_ 56
Ho!. 55
5534 5434 5434
DAILY CLOSING PRICES OF OATS FUTURES IN CHICAGO.
Sat. Mon. Tues. Wed. Thurs. Fri.
May delivery in elevator
cts_ 4474 Holt- 43
44
434 443,
July delivery In elevator
423j day. 4031 4134 413's 42
September delivery in elevator_ __ _
4054 403
Rye broke 1%c. on Tuesday on local and Northwestern
selling, with wheat down and export demand small. Eastern
commission houses bought only moderately. Cash rye fell
2 to 3c. On the 4th inst. it was reported that there were export orders here for 70 to 80 loads at within half a cent of the
market. Germany bought 120,000 bushels. Rye to-day advanced 1%@1%c., with an active demand. There was good
buying against export business and a good deal of short covering with wheat up. Prices closed, however, 2c. lower than
last Friday.
DAILY CLOSING PRICES OF RYE FUTURES IN CHICAGO.
Sat. Mon. Tues. Wed. Thurs. Fri.
cts_ 9034 Roll- 8774 89
8734 8834
day. 83
-_-- 8354 85
May delivery In elevator
July delivery in elevator
The following are closing quotations:
GRAIN
Oats
$1 35
No. 2 white
54%
135
No.3 white
53%
Barley
89,4
Feeding
Nominal
Malting
I 01
81@83
FLOUR
Spring patents
$65O$6 75 Barley goodsWinter straights, soft
59
') 625
No. 1
$575
Hard winter straights
6 1Ol 640
Nos. 2,3 and 4 pearl- 6 50
First spring clears
Nos. 2-0 and 3-0
5 75@$5 90
Rye flour
500@Nos.4-0 and 5-0
5 50
600
Corn goods, 100 lbs.:
Oats goods
-Carload
Yellow meal
2 15
spot delivery
30234
Corn flour
2 10
Wheat
No. 2 red
No. 2 hard winter
Corn
No. 2 yellow
Rye
-No. 2
(183
The statements of the movements 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.
Flour.
Corn.
Oats.
Barley.
Rye.
bis.1961bS.Sush.60188 Sush.56 lbs. hush. 32 lbs ush481hs ,
ush.56112..
s
262
Chicago
940,000 6,173,0001 1,858,0001 174,000
169,000
Minneapolis
5,128,000
245,OO
840,000 419,000 650,000
Duluth
708,000
1,000
7,000 603,000
2.0001
Milwaukee
10,000
71,000
548,000
550,000 208,000 168,000
Toledo
85,000
46,000
110,000
1,000
Detroit
38,000
48,000
88,000
Indianapolis
38,000
502,000
84,000
102
St. Louis__
784,000
634,000
732,000
22,000
8,000
32,
Peoria
63,000
632,000
337,00
7,000
11,000
2,732,000
Kansas City_
608,'''
339,000
Omaha
626,000
617,000
348,000
249,111
271,000
St. Joseph
38,000
Total wk. '22
same wk. '21
Same wk. '20,
406,000 11,268,000 10,487,000
294,000 2,886,000 6,115,000
236,000 4,646,000 4,877,000
5,164,000
2,559,000
2,464,000
835,000 1,608,000
240,000 227,000
484,000 663,000
Since Aug.1111,899,000257,080,001,147,352,000 112,554,00021,280,000 26,034,000
1922
I 9,991,000 220,140,0001157,158,000101,349,000 14,323,00010 569 000
1921
--- --.-.
.
- .-.
_
„ --. ,
„
Total receipts of flour and grain at the seaboard ports for
the week ended Saturday Dec. 30 1922 follow:
Receipts at-
Wheat.
Flour.
Oats.
Corn.
Barley.
Rye.
Indian corn fell on Jan. 2 2 to 214c. with general liquida/
Bushels. Bushels.
Bushels. Bushels.
tion and not a little short selling. The receipts were very New York__ _ Barrels. Bushels.
265,000 1,736,000
27,000
452,000 476,000
52,000
745,000
431,000
85,000
large. A good inerease in the visible supply was generally Portland, Me.. 39,001
25,000
88,000
176,000
Philadelphia-977,000
30,000
32,000
expected. The cash demand was small. A moderate export Baltimore_ __ _
18,111
80,000
252,000
98,00
6,000
9,000
216,000
business was reported. Cash corn naturally sympathized New Orleans* 69.011
504,000
30,000
Galveston_
274,000
with the decline in futures. Cash corn on the 2nd inst. Montreal.___
221,00$
45,111
17,000
42,000
.13,000
dropped 214 to 43c. The visible supply of American corn in- 5t.John,N.B. 11,011 '171,000
26,000
103,000
17,000
86,000
26,1100
611 I e i
4,000
41,000
16,000
71,000
creased last week 1,972,600 bushels. This and the large pri- Boston
mary receipts told. The visible supply in this country is Total wk. '22 561,000 5,203,001 1,265,000 881,008 553,000 250,000
Since Jan.!'2227,036,000300,022,000145,247,000 69,223,000 17,874,00047,325,000
now up to 16,760,000 bushels following last week's increase
of close to 2,000,000 bushels. To be sure, the total supply a Same wk. '21 530,000 5,776,001 2,887,000
735,000 122,000 349,000
year ago was 23,279,000 bushels. But the interesting thing is Since Jan.1'2126,126,000290,093,000 101,679,000 46,127,00017,396.00025.097,000
* Receipts do not Include grain Passing through New Orleans for foreign ports
that the total is gaining now. But on the 2nd inst. exporters on through bills of lading.
took 400,000 bushels and on the 3rd inst. there was evidence
The exports from the several seaboard ports for the week
of a greater export inquiry, and this had a good effect; in ending Saturday, Dec. 30 1922, are shown
in the annexed
fact, prices advanced 12 to 2%c. despite signs of a free crop statement: .
/
1
movement. On the 4th inst. about 200,000 bushels were taken
for export. To-day there was some export business. A small
Exports fromWheat.
Corn.
Flour.
Oats.
Rye. Barley. Peas.
decline early was followed by a good upturn with wheat.
Bushels. Bushels. Barrels. Bushels. Bushels. Bushels. Bushels.
Receipts were large, but country offerings light. Argentine New York
2,227,809 210,394 199.235
79,979 128,492 222,778
_ __
745,000 431,000 39,000
85,000
-- _ 25,000
exports were 3,108,000 bushels. To-day prices advanced, but Portland, Me
1,069,000
Boston
8,000
88;000 17,000
reacted later, ending unchanged to lgc. lower than a week Philadelphia
1,318,000
60,000 5,000
------- -522,000 238,000 5,000
Baltimore
ago.
214,000
--DAILY CLOSING PRICES OF CORN IN NEW YORK.
Sat. Mon. Tues. Wed. Thurs. Fri.
No. 2 yellow
cts_ 9034 Ho!. 8831 9034 8934 8934
DAILY CLOSING PRICES OF CORN FUTURES IN CHICAGO.
Sat. Mon. Tues. Wed. Thurs. Fri.
May delivery In elevator
as_ 7254 Roll- 6974 7134 7054 7134
July delivery in elevator
72
day. 6974 7134 703'. 713-4
September delivery in elevator_ _
____ 7134 703713-4
Oats fell 1 to 1%c. on Jan.2 under general selling following
the drop in other grain. Shorts were about the only buyers,
and they bought but little. Receipts were large and the cash
demand small. Commission houses bought futures sparingly
even on the break. On the 3rd inst., with a better cash demand and some export inquiry, prices advanced 1 to 1%c.
The American visible supply's decrease last week of 157,000
bushels contrasted with an increase in the same week last
year of 457,000 bushels. The total is now only 32,389,000
bushels, against 67,728 a year ago. To-day prices advanced,
closing / higher for the week on July and / lower on
1
2
e.
1c.
2
May.
New Orleans
Galveston
St. John, N. B_ _ _ _
299,000
196,000
171,000
460,000 43,000
28,000 11.000
6,000 45,000 7
341)03
103,000 86,000 17,000
Total week 1923_ 6,547,809 1,434,394 310,2135
3,888.171 1,807,927273,417
Week 1921
273,979 893,402 281,773
288,122 84,000 67,379
----
-
The destination of these exports for the week and since
July 1 1922 is as below:
Exports for Week
and Since
July I to
Flour.
Week
Dec. 80
1922.
Since
July 1
1922.
Wheat.
Week
Dec. 30
1922.
Since
July 1
1922.
Corn.
Week
Dec. 30
1922.
Since
July 1
1922.
Barrels.
Bushels. Bushels. Bushels.
Bushels.
United Kingdom.. 96,685 2,906,764 2,149,534 57,284,805 407,297 18,834,828
163,045 3.371,895 4,365,275 137,262,295 989,097 34,236,008
Continent
So.& Cent. Amer.. 3,000
292,332
110,000
34,000
15,000
11,000
WestIndies
33,000
863,800
850,700
21,000
Brit.No.Am.Cols
2,000
3,700
countries_ _ 36- 46
;
Other
417,130
18,000 1,049,973
18,500
Tota1,1922
Total 1921
310,235 7,653,920 6,547,809 195,727,873 1,434,394 53,975,736
273,417 7.464.475 3,888,171 178,582.171 1.507,924 58.158.871
JAN.6 1923.]
THE CHRONICLE
The world's shipment of wheat and corn, as furnished by
Broomhall to the New York Produce Exchange for the week
ending Friday, Dec. 29, and since July 1 1922 and 1921,
are shown in the following:
95
THE DRY GOODS TRADE.
New York, Friday Night, Jan. 5 1923.
Following the holidays there has been further evidence of
a keen desire on the part of dry goods merchants to get down
Wheat.
Corn.
to regular business again, and new spring and fall lines are
1921.
1921.
1922.
1922.
Exports. I
now appearing on the wholesale counters, and goods that
Since
Since
Since
Week
Since
Week
have been sampled for months past are appearing as regular
July 1.
July 1.
Dec. 29.
July 1.
July 1.
Dee. 29.
merchandise for prompt delivery. Markets in general disBushels.
Bushels.
Bushels.
Bushels. Bushels.
Bushels.
strength of raw mate62,361,000 play a very firm undertone due to the
56,694,000
1,838
North Amer_ 11,022,000260,498.000248,174,
10,225.000
3,223,00p 2,776,
3,576,
Russ. &Dan.
markets, notably cotton, wool and silk, together with
76,948.000 rial
16,242,
728,000 45,796,
JUssenthsa___
2,992,00 75,216,
10,716,000 40,840,
Australia _
high labor costs. It is believed inevitable that much higher
120,000 3,492,000
712
India
named
3,365,000 7,440,000 prices than those prevailing a year ago will have to be
countr
0th.
goods offered for later deliv4,830,00 138,851,111 156,974,000 by woolen and worsted mills for
Total
11,870,000323,725,000306,744,0
ery, while the rising tendency of cotton seems to point to
The visible supply of grain, comprising the stocks in grangoods. Jobbers are confident that
ary at principal points of accumulation at lake and seaboard higher prices for cotton
their business is going to be very steady during the next
ports Saturday, Dec. 30, was as follows:
three or four months, as the advance business was placed so
GRAIN STOCKS.
Barley, conservatively that retailers will be obliged to make purRye,
Corn,
Oats,
1Wheat,
hush.
hush.
bush.
hush
United States-bush
344,000 chases on a liberal scale in order to keep their stocks as230,000
New York
1,258,000 1,061,000 2,429,000
Boston
42,000
1,000
3,000
1,000
stimulated
1,000 sorted. The outlook for higher price levels has
Philadelphia
516,000
68,000
900,000
396,000
59,000 interest in cotton goods. Handlers of wash fabrics are now
Baltimore
415,000 1,685,000
730,000 1,122,000
4,000
New Orleans
183,000
18,000
2,031,000 1,307,000
101,000
Galveston
1,464,000
becoming busy pressing out new lines, and it is believed that
916,000
Buffalo
427,000 1,276,000 1,510,000
4,688,000
399,000 orders for printed wash fabrics will soon begin to broaden,as
797,000
4,238,000
Afloat
5,000
312.000
96,000
1,340,000
Toledo
supplies of this line of goods have not been generally pro27,000
42,000
69,000
30,000
Detroit
241,000 vided in retail stores. There have been many goods offered
645,000
Chic tgo
2,310,000 8,780,000 9,196,000
40,000
10,000
495,000
301,000
294,000
Sioux City
246,000
167,000 of late by second hands, and full prices have been paid. Bag
781,000
142,000
248,000
Milwaukee
220,000
640,000 2,507,000
32,000
2,573,000
Duluth
6,000 manufacturers have been quite good buyers of sheetings.
146,000
21,000
206,000
868,000
St.Joseph, Mo
708,000 which rule firm. Sentiment in regard to business during the
113,000 11,821,000 1,952,000
6,497,000
Minneapolis
5,000
8,000
725,000
275,000
1,224,000
St. Louis
new year is optimistic, and merchants in general are looking
199,000
4,348,000
513.000 1,030,000
Kansas City
341,000
341,000
1,000
Peoria
forward to a satisfactory trade.
145,000
304,000
455,000
Indianapolis
14,000
123,000
1,898,000
904,000 2,118,000
Omaha
Trade in domestic cotDOMESTIC COTTON GOODS
32,000
10,000
381,000
On Canal and River
tons has been quite active during the past week, and the unTotal Dec. 30 1922-37,673,000 16,760,000 32,389,000 10,193,000 3,126,000 dertone of the market has been very firm. The strength of
Total Dec. 23 192235,375,000 14,788,000 32,546,000 9,319,000 2,820,000
offerings except at full prices, and
Total Doc. 31 1921_49,468,000 23,279,000 67,728,000 6,770,000 2,945,000 raw material has cheeked
part of buyers.
Nole.-Bonded grain not included above: Oats, New York, 217,000 bushels: there has been more interest displayed on the
Boston, 3,000: Baltimore, 39,000: Buffalo, 827.000; Buffalo, afloat. 1,701,000 Higher price levels are predicted, and merchants, in many in587,000: total, 3,400,000 bushels, against 1,032.000
Duluth, 26,000; Toledo, afloat,
before
bushels in 1921. Barley, New York. 382,000 bushels; Buffalo, 428.000; Buffalo. stances, are anxious to provide for their requirements
afloat, 1,001,000; Duluth, 53,000: total. 1,864,000 bushels, against 650,000 bushels these materialize. There has been a steady filling in busiIn 1921. Wheat, New York. 1,619,000 bushels; Boston, 126,000; Philadelphia,
while
866,000; Baltimore,993,000: Buffalo, 7,528,000: Buffalo, afloat, 20,413,000; Duluth, ness on gray cotton goods for finishing and converting,
94,000, Toledo, 133,000, Toledo, afloat, 1,989,000, Chicago, 335,000. total, 34,096,- increasing inquiries are noted for ginghams and percales,
000 bushels, against 25,378,000 bushels in 1921.
and commission houses report a better demand for some of
Canadian
329,000
138,000 the branded lines of staples in brown and colored cottons.
595,006
2,030,000
460,000
Montreal
1,866.000 In the new line of wash fabrics crepes occupy a prominent
2,329,000
Ft. William dc Pt. Arthur_18,790,000
163,000
Afloat
823,000
1,255.000 place and buyers appear to be very much interested in them.
10,012,000
Other Canadian
Considerable significance has been attached to the fact that
460,000 3,747,000
329,000 3,259,000
Total Dec. 30 1922____30.995,000
350,000 2,893,000 even at the higher prices, mills are unwilling to sell freely for
509,000 2,921,000
Total Dee. 23 1922_ _27,182,000
2,000 2,798,000 deferred delivery. Many lines of cotton goods have not been
Total Dec. 31 1921_30,183.000 1.439,000 8,126,000
Summary
brought fully up to the level of replacement costs, therefore
37,673,000 16,760,000 32,389,000 10,193,000 3,126,000
American
329,000 3,259,000 further upward revisions in a number of directions are likely
460,000 3,747,000
30,095,000
Canadian
within the near future. Sheeting's are firm and in good deTotal Dec. 30 1922_68,668,000 17,220,000 36,136,000 10,522,000 6,385,000
Total Dec. 23 1922_62,557,000 15,297,000 35,467,000 9,669,000 5,713,000 mand, with some bag manufacturers buying for delivery as
Total Dee. 31 1921_79,657,000 24,718,000 75,854,000 6,772,000 5,743,000 far ahead as May, when mills will sell that far ahead. While
WEATHER BULLETIN FOR THE WEEK ENDING export trade, owing to the high prices, is generally quiet.
well
JAN. 3.
-The general summary of the weather bulletin sales of different goods show that buyers abroad are not
issued by the Department of Agriculture, indicating the supplied and are obliged to enter the market moderately at
influence of the weather for the week ending Jan. 3, is as the best prices obtainable. Sheetings have sold for Red Sea
ports, while a miscellaneous business has been transacted for
follows:
-inch,
and South America. Print cloths, 28
Mild weather for the season continued throughout practically the whole the West Indies
country during the week ended Jan. 2, the temperature was much above 64 x 64's construction, are quoted at 8I4c., and the 27-inch,
normal in the Central and Northern Trans-Mississippi States and In the
-inch, 68x 72's, are
60's, at 7%c. Gray goods in the 39
Far Northwest. General precipitation occurred in practically all sections 64 x
east of the Mississippi River, with some heavy snowfall in the more north- quoted at 11%c. and the 39-inch, 80 x 80's, at 14%c.
eastern States. The moisture was beneficial In that area, particularly
WOOLEN GOODS: Markets for woolen goods rule firm,
In the South and some Middle Atlantic coast sections; the unprececiently
long drouth was thoroughly broken in Pennsylvania and the water supply and indications are that they will continue so, temporarily
replenished in New York.
year
Rainfall was light throughout the Plains States, and moisture was at least. In another week the first auctions of the new
needed in most parts of that region. The snow cover in the Far North- In wool will take place in Australia, and will give some line
western States was greatly reduced or had entirely disappeared at the
lower levels and the soil readily absorbed the resulting moisture which as to the probable course of values in raw material. Present
will be very beneficial.
reports indicate strong markets. Furthermore, there is very
Winter truck was benefitted in the South under the influence of the
mild weather and ample moisture while conditions were generally favorable little likelihood of any decrease in woolen mill wages for the
for winter grain. Sioisture continued deficient for ranges in much of the coming fall season, and this, together with the strength of
Far Southwest, including Southern California with the water supply
manufactured
becoming scarce in parts of Arizona and Nevada; the lower range was raw material, forecasts higher prices for the
mostly free from snow in the Rocky Mountain and Pacific States.
product. If it is necessary to advance prices for fabrics to be
The weather was generally favorable for outdoor operations west of
to be
the Mississippi River and good progress was made in plowing in the Lower used this spring, it is not to be doubted that those
Great Plains. but rain was needed for this work in portions of Western shown for fall use in men's wear lines and women's lines will
Texas. Frequent rainfall interrupted farm work considerably from the
Ohio Valley southward. Roads were mostly in fair to good condition. also carry higher quotations.
from the Great Plains States westward, except that general snow on the
FOREIGN DRY GOODS: Linen markets are firm, and
30th stopped auto travel and interfered with railway traffic In the extreme
Northern Great Plains. Unimproved roads were generally bad and in retailers after havirm done a banner holiday business, are
some places impassable in most Southeastern States as a result of the now
preparing for January and February sales. The handfrequent rains in that ares.
The week was very mild for the season throughout the winter wheat kerchief trade is reported as having taken a distinct turn
belt and generous rains fell in the eastern half, but it continued dry in for the better with stocks now held in hands able to maintain
the West. The rainfall in the Ohio Valley and Middle Atlantic Coast
states, together with the mild temperatures was beneficial for winter prices. Primary markets are very firm, and higher prices
wheat, especially in the Atlantic Coast area. Moisture continued suf- have been named on heavy linens. In some quarters the fear
ficient in the lower Missouri Valley where grains were reported in satisthan
factory condition. There was some light snow in Nebraska, but not is expressed that prices may advance more abruptly
sufficient to be of much benefit and very little precipitation occurred in will be good for the trade in general. While many construcKansas. Heavy rains or snow would greatly benefit wheat In Kansas,
are said to be
but the crop there has withstood awell the several weeks of dry weather tions are in liberal supply in first hands, they
In the eastern two-thirds of the State, where its color is still good. More of a character not exportable to the American market. At
moisture would be helpful In Oklahoma and Texas. especially in the western present importers are busily occupied in taking inventories
portion of Oklahoma.
The snow cover disappeared rapidly in the more Northwestern States and will not likely have this work completed until Jan. 15,
during the week under the influence of mild weather, but the soil was after which date higher price lists are predicted. The uplmostly in good condition to absorb the moisture which will be a substantial
benefit to that area. Much). wheat sown late in dry soil in Eastern Wash- ward tendency of primary markets convince linen factors
ington germinated satisfactorily.
that their price lists are too low. Burlaps have been fairly
Light snow cover had overspread the upper Mississippi vAlley at the
Calclose of the week, but the snow had mostly disappeared in that time in active and firm in sympathy with the strength of the
the eastern Lake region. Rains were beneficial to grains in the South cutta markets. Light weights are quoted at 725 to 7.35c.,
Atlantic and Gulf Statue, although more moisture was needed in some
and heavies at 8.95 to 9.10c.
West Gulf districts.
96
THE CHRONICLE
tate anti Tity Prinatment
[vol.. 116.
The number of municipalities emitting bonds and the
number of separate issues made during December 1922 were
290 and 373, respectively. This contrasts with 370 and 494
for November 1922 and with 751 and 552for December 1921.
The following table shows the aggregate of permanent
issues for December, as well as the twelve months, for a
series of years. The 1922 figures are subject to revision
by later advices:
MUNICIPAL BOND SALES IN DECEMBER.
The issuance of securities by States and municipalities
was a little more active in December than the preceding
month. This is evidenced by an increase of $14,063,817 in
the total of the month's disposals of long term bonds over
Month of
For the
Month 0
For the
that for November. The sales for December amounted to
Deremher.
Twelve if
Twelve Mos.
December.
1922
555 927.980 84.04)186.612 1907
5227,643,208
$55,927,980, as compared with $41,864,163 for November. 1921
313,718,505
220,466,661
1,208,768,274 1906
201,743,346
21,260,174
A year ago, December 1921, when New York City issued 1920
55,476,631
683,188,255 1905
183,080.023
8,254.593
1919
62,082,923
691,518,914 1904
250,754,946
9,935,785
$55,000,000 43's and the State of Ohio borrowed $20,000,000 1918
22,953,088
296,520,458 1903
152,846,335
13,491,797
1917
32,559,197
451,278,762 1902.
11,567,812
149,498,689
at 4%% for a soldiers' bonus, and several other States and 1916
35,779,384
457,140,955 1901
131,549,300
15,456,958
34,913,362
.498,557,993 1900
cities made immense issues, varying from $7,725,000 by the 1915
145,733,062
22,160,751
1914
29,211,479
474.074,395 1899
118,113,005
4,981,225
city of Chicago down to $3,500,000 by Jersey City, N. J.; 1913
44,635,028
403,246,518 1898
103.084,793
7,306,343
1012
27,657.909
386,551,828 1897
137,984,004
17,855,473
the grand aggregate of new bonds placed was no less than 1911
36,028,842
396,859,646 1896
10,664,287
106,496,060
1910
36,621,581
320,038,181 1895
8,545,804
114,021,633
$220,466,661.
1909
31,750,718
339,424,560 1894
13,486,374
117,170,225
28,050,299
313,797,549 1893
• Disposals by three States accounted for $10,000,000 of 1908
17,306,564
77,421,273
1892
3,297,249
83,823,515
the past month's issues. The largest was made by the
The monthly output in each of the years 1922 and 1921
State of Missouri, which on Dec. 5 aWarded $5,000,000
432% road bonds to Kuhn, Loeb & Co., Hallgarten & Co. is shown in the following table:
1922.
1921.
1922.
1921.
of New York, and the First National Co. of St. Louis, at January --_- $1-8,6-3605 587,050,550 July
393,152 429 5104,584,124
February
, 6 4 6 70 65,835,569 August
6.231,086
94,638,755
99.56, a basis of about 4.73%. The other two States to 5farch
116 960 722
51,570,797 September _ _ __ 97,4 6 575
88,656,257
April
1J .851.641
88,104,218 October
67,971,479 114,098,373
enter the market were South Dakota, which on Dec. 1 May
1t3,608 232 63,442,294 November _ .... _ 41,64 163 119.688,617
110,427,650 110,632,059 December .__. 05,927.9_0 220,466,661
awarded to the Guaranty Co. of New York, the Bankers June
Trust Co., Stacy & Braun, Ames, Emerich & Co., Wm. R. Total
81,041.186,612 1,208,768,274
386
..1 8100,730,689
Compton & Co. and Hannahs, Ballin & Lee, all of New Average per month
682,71
The total of all municipal loans put out during the calendar
York; the Wells-Dickey Co. of Minneapolis, and the Mississippi Valley Trust Co. of St. Louis, $3,000,000 434% year 1922 was $1,844,63,293, including $1,040,186,612 of
rural credit bonds at 100.91, a basis of about 4.70%, and new issues of long term bonds by the States, counties and
New Jersey, which on the 9th inst. awarded $2,000,000 minor civil divisions of the United States, $436,163,938
43I% 15
-30-year (opt.) road bonds to Dillon, Read & Co., temporary municipal loans negotiated, $283,779,743 obligaRobert Winthrop & Co., Roosevelt & Son and Barr Bros. tions of Canada,its provinces and municipalities,$35,7Z0,000
& Co. of New York, at 102.097, a basis of about 4.06% if of the Government of the Philippine Islands, $9,173,000 of
the Government of Porto Rico,$2,100,000 of the Territory of
called in 15 years and 4.13% if allowed to run 30 years.
Prominent issues by other civil divisions included the Hawaii and $37,500,000 "general fund" bonds of New York
following: Six issues by Memphis, Tenn., consisting of City. In the following table we furnish a comparison of all
$1,452,000 43 0 and $1,509,000 5s, awarded to W. A. these forms of securities put out in each of the last five years:
/
1921.
1922.
1919.
1920.
1918.
Harriman & Co., Barr Bros. & Co., Graham,Parsons & Co.,
$
$
$
of New York;the Old Colony Trust Co. and Edmunds Bros., Permanent
rns (U.S.)1,010,186,61.2 1.208.768,274 683,188,255 691,518.914 296,520,455
of Boston, and G. H. Walker & Co. of St. Louis, at 100.19, eremporary
Ins (U.S.) 436 163,938 730,596,914 577,512,948 475,833,359 438,420,581
a basis of about 4.86%; $2,250,000 434% bridge bonds of *Canadian
Allegheny County, Pa., which went to the Union Trust Co. l'ne(perm) 283 779,743 209,669,857 164,319,775 809,175,828 721,087,066
Pittsburgh, at 101.87, a basis of about 4.10%; Cleveland, Bonds U.S. 47,023,000 27,145,000 16,277,000
Possessions
11,700,000
0800,000
Ohio, School District bonds in the amount of $2,000,000, N.Y.0.pens'n
None
ors.t.tak'gs
None
51,115,500
None
None
bearing 4%%, awarded to a syndicate composed of the Gen.fd .bds.
First National Bank,Eldredge & Co., Kissel, Kinnicutt & Co. (N.Y.0.) 37,5)0,000 34,000,000, 32,500,000 28,5(81,000 27,000,000
and Richards, Parish & Lamson, of New York, at 100.66, flen.fd.bds.
None
300,000
None
300,000
300,000
a basis of about 4.43%; $2,000,000 432s of Richmond, Va., (. alt.,N1d)
Total__ _1,844.653,293 2,210,180,045 1,474,097,978 2,017,028.101 1,484,128,105
awarded to the Guaranty Co. of N. Y. the Equitable Trust
Co., Kissel, Kinnicutt & Co. and Eldredge & Co., all of -z Includes $321,497,281 temporary securities issued by New York City In 1922,
New York, at 102.242, a basis of about 4.37%; $1,500,000 625,908,209 in 1921. 5497,417,344 in 1920, $375,050,900 in 1919 and $361,050,464
in 1918.
Hartford, Conn., 4% school bonds, awarded to R. L. Day
•Includes an estimated allotment of 5650.000,000 "Victory Loan" issued during
& Co., Merrill, Oldham & Co., Corning & Co. H. C. Warner 1919 and 3650,000,000 "Victory Loan" in 1918.
a Includes temporary loan of $300,000 put out by the city of San Juan, Porto Rico,
& Co., R. S. Briggs & Co. and Remick, Hodges & Co. at deign*, the month of November.
'
100.669, a basis of about 3.94%; St. Louis County, Mo.,
Owing to the crowded condition of our columns, we are
43'% road bonds amounting to $1,000,000, which went to
Kauffman-Smith-Emert & Co., the First National Co., of obliged to omit this week the customary table showing the
St. Louis, and the Harris Trust & Savings Bank of Chicago, month's bond sales in detail. It will be given later.
at 98.81, a basis of about 4.63%.
The Philippine Islands and other Possessions of the
NEWS ITEMS.
United States during December issued new bonds in the
Iowa.—Suit Filed to Test Legality of Soldier Bonus Act.—
amount of $13,286,000. The largest portion ($13,000,000)
was issued by the Government of the Philippines to Hall- A suit has been filed in the Polk County District Court(to
garten & Co., White Weld & Co., Blair & Co. Hornblower & restrain the Executive Council from levying the bonus tax
Weeks and W. A. Harriman & Co., of New York, at 95.07 and the State Treasurer from issuing $22,000,000 soldier
'
bonus bonds as provided in the Act approved by the voters
as 43/2s, which is on a basis of about 4.79%.
In addition to these long term loans the various municipali- at the November election (V. 115, p. 2179). Senator Grout,
ties in the United States negotiated loans of a temporary who brought the action, in his petition charges that the Act
nature in the amount of $35,126,155. Included in this is in conflict with the State and Federal constitutions. The
figure are $29,050,000 short term securities issued by New sale of the bonds, which was to take place on Jan. 9 (V. 115,
York City. $3,500,000 general fund bonds, not included p. 2713), is apparently halted by the litigation. The Des
in our tabulation, were also issued by New York City during Moines 'Register" in its issue of Dee. 27 had the following
to say:
the month.
Treasurer W. J. Burbank from tho sale of the
Suit to restrain
There was a total of $21,020,784 of long term securities soldier bonus bondsStatethe Executive Council from levying the
and
bonus tax
put out by the Provinces and various municipalities of was brought in the Polk County District Court yesterday by Senator Henry
was filed
NV. Grout
Canada during December. The Province of Ontario con- Grout, the of Waterloo. The suit Guthrie & by the attorneys of Senator
firm of Parrish, Cohen,
Watters of Des Moines. ale
tributed $15,000,000 toward this total and the Ontario
Attorney Parrish said he would not ask for advancement of the case and
would not start arguments of the case before the latter part of next week.
Hydro-Electric Commission $3,000,000.
the case may not
With this
Below we furnish a comparison of all various forms of time to be delay,at the January termbe appealed to the Supreme Court in
heard
unless a special date is set by the high
court for the hearing of the appeal.
obligations sold in December during the last five years:
In view of the importance of the case, it Is
attorneys
1922.
1921.
1920.
1919.
1918.
' 5
$
$
220,466,661 55,476,631 62,082,932 22,953,088
50,574,400 46,385,000 49,834,448 32,760,100
6,985.634 26,163,988 12,312,193
5,559,533
None
500,000
None
None
2,000,000
7,500,000
3.500,000
Perm.mun.rne(U.S.) 55,927.980
•Tem.mun.rns(U.S.) 35 12 155
Canad'n rne(perm.) 210 0,704
Canad'n l'ns(temp.)
119,000
Gen.f'd bds.(N.Y.C.) 3,500,000
N. Y. C. pension &
sink, fund takings
_ 51,115,500
Bonds of U.S.Posa's 13,286,000
2,123,000
Total
262.000
None
128,979,919 333,265,195 136,287,619 127,729,564 61,272,721
• Includes $29,050,000 temporary securities issued by New York City In December
1922, $43,400,000 In December 1921. 341,967,000 In December 1920, 341,991,000 In
December 1919 and $25,771,100 in December 1913.
probable that the
will ask for a full bench hearing, which would require a special date for this
case, as the regular full bench for the January term does not meet until
April.
The filing of the suit will naturally stop all bidding for the bonds andllt
is probable that the Treasurer will cancel the sale date fixed by him. It
will be impossible for him to fix a new date for selling until he learns something about the time a decision may be expected in the case.
Ca
It is probable that the case will be beard by Judge Lester L. Thompson
in the District Court, as he is expected to assume the equity division on
Jan. 2. Judge Thompson has declared that he will require that the case
be fully argued before he makes a decision.
The petition of Senator Grout asks that the State Treasurer and the Executive Council be restrained from carrying out the provisions of the bonus
Jaw on the ground that it is void and unconstitutional. Seven grounds are
set forth by the plaintiff why the law should be declared invalid, most of
these dealing with alleged violations of the State or Federal constitutions."
JAN.6 1923.]
TAP CFPONICLE
While the test suit is being tried the Bonus Board will continue its work
of passing on applications of former soldiers. The applications were mailed
out to Legion posts yesterday and it Is believed that many applications will
be filled out and returned to the Board before the end of the week.
Gen. Harry E. Wilkins, Executive Secretary of the Board, stated yesterday that none of the applications would probably be passed upon this week.
A little of the work of copying records still remains to be done and when this
is completed General Wilkins expects to file and number the first batch of
applications before passing upon any of them. He expressed the opinion
that 50,000 of the applications may be passed upon and the warrants be
written before any of them are sent out, as it is improbable that the warrants will be sent to the soldiers until* the bonds are sold and the money is
in the treasury.
97
BOND PROPOSALS AND NEGOTIATIONS
this week have been as follows:
-BOND
ACADIA PARISH ROAD DISTRICT (P. 0. Crowley), La.
OFFERING.
-Bids will be received until 10 a. m.Jan. 23 by J. G.Medlenka.
President of the Police Jury, for the following 6% road bonds5250,000 First Ward Subroad District No. 3 bonds. Date Jan. 1 1923.
Due serially from 1924 to 1962, incl. A certified check for
$6,250 required.
225,000 Road District No.3 bonds. Date Jan. 11023. A certified check
for $5,625 required. Due serially from 1924 to 1952, inclusive.
65,000 Road District No.6 bonds. Date Jan. 1 1921. A certified check
for $1,625 required.
-Governor's Ad-Legislature Convenes.
New York State.
Interest J. & J.
-On Jan. 3 the Legislature convened in regular annual
dress.
ADKIN CREEK ROAD DISTRICT, McDowell County, W. Va.- •
session. Shortly after the session began, Governor Smith BOND OFFERING -According to the "Manufacturers Record"of Dec.23
the County Commissioners (P. 0.
addressed the body. In reading the annual message in per- (Jan. 6)for $290,000 6% road bonds.Welch) will receive bids until to-day
son, the new State Executive broke a precedent of long stand-BOND OFFERING.
-F. A. ParAKRON, Summit County, Ohio.
ing.
melee, Director of Finance, will receive bids until 12 m. Jan. 22 for the
par and interest of
The Governor in his address called attention to the neces- purchase at not less than bonds, issued underthe following coupon (with
authority of Section 3939
privilege of registration)
sity of exercising care in the expenditure of money and quoted Gen. Code.
Denom. $1,000. Due
sewer
figures furnished to him by the State Comptroller. He $1,200,000 4X% trunk on Oct.bonds. 1924 to 1947, inclusive. $50.000
1 from
yearly
pointed out that on July 1 1922 the bonded debt of the State
25.000 45.I% municipal building bonds. Denom. $1,000 and $500.
Due yearly on Oct. 1 as follows: $1.500 1924 and 1925.
was $267,008,000, that the sinldng fund to take care of this
and $1,000 1926 to 1947. inclusive.
debt on that date amounted to 1,171,115 21, and that the
315,000 5% street improvement bonds. Denom. $1,000. Due
$35,000 yearly on Oct. 1 from 1924 to 1931, inclusive.
surplus, based on budget estimates July 1 1923 would be
% sewage bonds. Denom. $1.000. Due yearly on Oct. 1
700,000
about $35,647,080 36, as against $41,261,294 18 July 1 1922.
as follows: $30,000 1924, $29.000 1925 to 1930, inclusive:
Urging that expenses be kept within the income, he mentioned
$30.000 1931, $29.000 1932 to 1938, incl.; $30,000 1939:
$29.000 1940 to 1946, incl., and $30,000 1947.
that last year the Legislature appropriated $149,363,752 67,
250,000
% viaduct bonds. Denom. $1,000. Due yearly on Oct. 1
and that for the year beginning July 1 1923 requests for $159,as follows: $10.000 1924 to 1937, inclusive, and $11,000
1938 to 1947, inclusive.
529,119 52 have been made to the Board of Estimate and
Date Feb. 1 1923. Prin. and semi-ann. int. (A. & 0.). payable at the
Control, against which there would be an estimated revenue National Park Bank, New York, in lawful money of the U. S. Certified
of amount bid for, payable to the
and surplus of only $162,002,756 79: The Governor men- check for 2% delivered to purchaser in Akron.Director of Finance required.
Purchaser to pay for legal
Bonds to
tioned that included in the proposed budget are requests for opinion. be
deficiencies of last year, and he seized
$6,149,039 44 to cover
-Sealed proposals will be received
-BOND OFFERING.
ALBANY,N. Y.
a. m.
the opportunity to condemn the practice of overdrawing by Thomas Fitzgerald, City Comptroller. until 11 bonds: Jan. 10 for all
or any part of the following two issues
opinion that the Legis- $1.560,000 school bonds. These bonds of couponfive separate issues of
appropriations, and also expressed the
comprise
lature erred in not appropriating sufficient funds in cases
bonds, issued for the construction of school buildings and the
acquisition of lands therefor. Due $39,000 yearly on Jan. 1 in
where it could be easily seen they would be necessary.
each of the years 1924 to 1963. inclusive.
The Governor emphasized his desire to have the Consti300,000 municipal building bonds issued for construction of a pollee
court and police station. Due $7,500 yearly. on Jan. 1 from
tution amended so as to allow to cities a form of government
1924 to 1933, inclusive.
a constitumore independent of the State. He also urged
These bonds will bear interest at the rate of 43.(% or at any lesser rate
by bidder. Date
1%. the rate to be
which
tional amendment for soldier bonus, and asked that legisla- Jan. 1 is a multiple of X of semi-annual interestnamed J.) are payable in
(J. &
1923.
tion be enacted exempting from taxation incomes of less than gold coin of thePrincipal and at the present standard of weight and fineness
United States
at the Bank of America in New York. Certified check for 2% of bid
$5,000 a year.
for less than par and accrued interest considered. The
No
The New York "Times" on Jan. 4 published the follow- required. will bidfurnished with the legal opinion of Gilbert V. Schenck,
purchaser
be
Corporation Counsel of Albany, and with that of Reed. Dougherty & Hoyt.
ing list of outstanding features of the message:
attorneys of New York.
Recommendation that the Legislature provide for popular initiative as
-year serial bonds was
-An issue of $10,000 4 X% 1-5
BOND SALE.
well as referendum in relation to amendments to the State Constitution.
recently awarded to the Sinking Fund Commission at par. Int. J. & D.
Ratification of amendments to the Federal Constitution by popular vote
-BONDS VOTED.
-The issue of
ALBION, Calhoun County, Mich.
instead of by vote of the Legislature.
Repeal of Miller transit legislation, abolition of the Transit Commission $50.000 city hospital bonds submitted to a vote on Dec.28-V.115,p.2710
and transfer to municipalities willing to undertake it of full control and carried by a vote of 1,082 "for" to 285 "against:" a three-fifths vote being
regulation of all local public utilities, including the right to acquire, own and required for approval. It is further reported that it is expected that all
of the bonds, which will bear 4%. will be purchased by local people,
operate transit lines and other public utility plants.
Abolition of the Public Service Commission and substitution of a new $40,000 having been already applied for.
commission composed of only three members.
ALFRED, Allegheny County, N. Y.
-BOND OFFERING.
-W. H.
State development, ownership and control of water power projects.
Adoption of a constitutional amendment awarding the fullest measure of Thomas, Village Clerk, will receive sealed bids until 7 p. m. Jan. 10 for an
initiate, formulate and issue of $10,000 5% street impt. bonds, according to reports Denom.
home rule to municipalities, including the right to
$500. Date July 1 1922. Due $1,000 yearly on July 1 from 1923 to 1932.
adopt their own charters without reference to the Legislature.
Constitutional amendment to permit the State to award a bonus to vet- incl. Int. J. & J. Cert. check for 5% of bid, payable to the Village Clerk.
required.
erans of the World War.
Reconstruction, statutory and constitutional, of the State Government
BAY CITY, Bay County, Mich.
-BOND SALE
-A block of $30,000 •
in the interest of economy and efficiency.
water bonds was recently sold to the Sinking Fund.
Constitutional amendments providing for a short ballot, with Governor,
BEDFORD, Cuyahoga County, Ohio.
-BOND SALE.
-On Dec. 21
Lieutenant Governor and Comptroller the only elective officers, with terms
the following 3 issues of 5%% bonds, aggregating $31,681 66, which were
extended from two to four years.
offered on that date V. 115, p. 2818
-were awarded to Seasongood & Mayer '
Restoration of the direct primary method of making all nominations.
of Cincinnati. for $32,074 66 (101.24) and int., a basis of about 5.26%:
Exemption from State Income tax of incomes less than $5,000.
$10.958 29 Logan Ave. special assessment leapt. bonds. Due yearly on •
Repeal of motion picture censorship laws.
Dec. 1 as follows: $1,000. 1924 and 1925: $1,500. 1926: 51.000.
Repeal of Lusk law establishing loyalty test of teachers.
1927: $1,500, 1928; $1,000, 1929; $1,500, 1930; $1,000, 1931.
Repeal of Lusk law for licensing and supervision of private schools by the
and $1,458 29,1932.
Regents.
16,582 49 Powers Road impt. bonds. Due yearly on Dec. 1 as follows:
Congress to legalize traffic in light wines
Adoption of a resolution calling on
$1.582 49. 1924: $2,000. 1925: 51.500, 1926; $2,000. 1927 and
and beer by amendments to the Volstead Act.
1928; $1.500, 1929, and $2,000, 1930, 1931 and 1932.
Continuation of the housing emergency laws.
4,140 88 Blaine Ave. water bonds. Due yearly on Dec. 1 as follows:
Organization of a Minimum Wage Commission to establish a minimum
$468 88. 1924, and $460. 1925 to 1932, inclusive.
wage for women'and minors in industries.
Date Dec. 1 1922. Int. J. & D.
Abolition of direct settlements in compensation cases.
•
Enactment of a law limiting the working hours of women and children to
BELLE VALLEY SCHOOL DISTRICT (P. 0. Belle Valley), Noble
eight hours.
County, Ohio.
-BOND SALE.
-The $75,000 5%% school building bonds
Legislation declaring that human labor is not a commodity and prohibit, which were offered for sale on Aug. 25-V. 115.
-were awarded to
bag the issuance of injunctions in labor cases without prior hearing and de- L. R. Bollinger & Co. of Cincinnati, for $78,757 p. 783
50 (105.01) and interest,
termination of facts.
a basis of about 4.93%. Date Aug. 1 1922. Due on Sept. 1 as follows:
$3,000 1924, 1926. 1928 and 1930, and $3,500 1923, 1925, 1927. 1929
Baltimore dc Ohio and Chicago Milwaukee & St. Paul RR. and 1931 to 1944. inclusive.
- BOWDLE INDEPENDENT SCHOOL DISTRICT NO. 9(P.O. Bow..
Bonds Stricken from List of Investments for Savings Banks.
Attention is drawn to the fact that the State Banking De- dle), Edmunds County, So. Dalc.-BONDS VOTED.
-At the election
held on Dee.
partment, in preparing the list of legal investments for sav- a count of 53 19-V. 115, p. 2498-the $15,000 school bonds were voted by
to 8.•
ings banks as of Jan. 1 1923, has dropped from the comBROCKTON, Plymouth County,
-LOAN OFFERING -Bids
pilation the bonds of the Baltimore & Ohio and Chicago will be received by Calvin R. Barrett, Mass.
City Treasurer, until noon Jan. 8
Milwaukee & St. Paul RR. companies. Neither of these for the purchase at discount of a temporary loan of $200,000, dated Jan. 9.
companies complies with the requirements of the original and maturing Oct. 25 1923.
be received
BUFFALO,
-BOND OFFERING.
statute of the payment of dividends at the rate of 4% until 11 a. in. N. Y.10 by Ross Graves, -Sealed bids willFinance and
of
Jan.
annually on the stock, but the bonds have remained on the Accounts,for $200,000 4% registered harborCommissioner Denom.$1,000.
lmpt. bonds.
Date
J.) payable at
list under an amendment to the Act passed at the time the of theJan. 2 1923. Prin. and semi-ann. int. (J. &at the Hanoverthe office
National
Government took over the roads which allowed all bonds Bank, Commissioner of Finance and Accounts or 1924 to 1943 incl. Cert.
N. Y. Due 810.000 yearly on Jan. 2 from
legal investments at that time to continue on the legal list check for 2% of the amount of bonds bid for, payable to the above official.
until two years after the termination of Government control. required. Legality approved by Caldwell & Raymond of New York.
month
BUFFALO, N. Y.
-BOND SALE.
-During
This period expired on Feb. 28 last, but under a ruling of $13,654 61 local work bonds were awarded to the sinking of December
fund. Date
the
the State Attorney-General the bonds were retained on the Dec. 15 1922. Due Dec. 15 1923.
CAPE MAY COUNTY (P.O. Cape May), N. J.
-BOND OFFERING.
list of legal investments for the remainder of the year 1922.
Irving Fitch, Clerk, Board of Chosen Freeholders, will receive sealed bids
See V. 115, p. 207.
until 12 m. Jan. 17 for the following 2 issues of 5% bonds:
$180,000 Grassy Sound Channel Bridge bonds. Denom. $1,000. Due
$6,000 on Dec. 15 from 1923 to 1952,inclusive.
-Legislature Crvenes.-The General Assembly
Ohio.
23,000 Beach Avenue Pavement bonds. Denom. $500. Due $1,000
convened in regular session on Jan. 2. Action was immeon Dec. 15 from 1923 to 1936. inclusive.
A cert. chock for 2% of bid. required. Legal opinion of Caldwell and
diately taken on the recommendation of retiring Governor Raymond,
Attorneys, of New York,furnished the successful bidder.
Davis that several direct State tax levies be abolished. Be--BOND
CARRICK
DISTRICT, Allegheny County, Pa.
fore evening both branches had passed a bill removing a OFFERING. SCHOOLfor the purchase of the $425,000 434% coupon
-Proposals
.15-mill levy for weak school districts and a .5'mill levy for (registerable as to principal) high and grade school bonds voted on
Nov.
by J. H.
road work, which have netted in the aggregate over $6,500,- (P. 0.7(V. 115. p. 2180) will he receivedm. Jan. 22. Koch, Secretary
1703 Hays Ave., Carrick), until 4 p.
Denom. $1,000.
Date Dec. 15 1922. Int. J. & D. 15. Due on Dec. 15 as follows: $70,000
000 annually.
In each of the years 1927, 1932, 1937. 1942 and 1947, and $75,000, 1952.
is
Cert. check for $5,000, payable to
-Legislature Convenes.
-The General As- said that these bonds are free fromCarrick School District, required. Itof
Rhode Island.
all taxes levied pursuant to the laws
sembly met in regular session on Jan. 2.
Pennsylvania. Purchaser to pay accrued interest. Legal opinion of Burg-
98
THE CHRONICLE
[vol.. 116.
win, Scully & Burgwin as to the legality of the bonds will be furnished to Detroit, in New York, or at the City Treasurer's office. Other bidders:
the purchaser.
Guaranty Co. of New York, the First National Bank of New York, and
Estabrook & Co., 100.08.
CHICAGO SANITARY DISTRICT (P. 0. Chicago), Cook County,
-BOND SALE.
111.
-The 33.000.0004% bonds, offered on Jan. 4 (V. 115, Kuhn, Loeb & Co., Blair & Co. and Hallgarten & Co.who offered a premium of $218,000 for $16.000.000 bonds.
p. 2819) were awarded to a syndicate composed of the First Trust & Savings
Award has not yet been made because of a technicality in the highest bid.
Bank, Merchants Loan & Trust Co., Continental & Commercial Trust &
TEMPORARY LOAN NEGOTIATED.
-Reports state that a temporary
Savings Bank, Illinois Trust & Savings Bank and the National City Co.,
of Chicago, on its bid of $2,942,376, equal to 98.0792-a basis of about loan of 315,000,000 to retire general city bonds was negotiated by Henry J.
all
4.22%. Denom. $1,000. Date Jan. 1 1923. Principal and semi-annual Steffens, Jr., City Comptroller. The report also states that "such a favorinterest (J. & J.) payable at the District Treasurer's office in lawful money able rate was obtained that a saving of $10,000 in interest will be effected
of the United States. Due yearly on Jan. 1 as follows: $158,000, 1925 to In comparison with the rates of the bonds to be retired during the sixty
1942. inclusive, and 3156.000, 1943 (average life about 11 years). The days the loan runs."
bonds are offered to investors at prices ranging from 99%% to 99%, to
DIXON COUNTY SCHOOL DISTRICT NO.70(P.O. Allen), Nebr.yield from 4.25% to 4.07%, according to maturity.
BOND ELECTION.
-An election will be hold on Jan. 9 to vote on the ques0
CHICAGO SOUTH PARK DISTRICT (P. 0. Chicago), Cook Coun- tion of issuing $23,600 5347 school bonds. J. R. Graham. Director.
-BOND OFFERING.
ty, 111.
-Sealed proposals will be received by J. F. Board of Education.
Nell, Secretary of the South Park Commissioners, until 12 m. Jan 17, for
DOLGEVILLE, Herkimer County, N. Y.
-At
-BONDS
the inuchase of $2,500,000 4%, serial Lake Front Extension bonds,"Fourth an election held on Dec. 20 the proposition of issuing DEFEATED.
$14,000 street impt
Issue.
Date Feb. 1 1923. Due $125,000 yearly on Feb. 1 for 20 years. bonds was defeated, the vote being 96"for" to 105
"against".
Cert. check or currency for $50,000, required.
DOUGLAS, Converse County, Wyo.-BOND
-The State of
CHICO, Butte County, Calif.
-BOND ELECTION.
-An election will Wyoming has purchased an issue of $39.500 5% SALE.
water-works refunding
bc held on Jan. 16 to vote on the question of issuing $475,000 water plant bonds.
purchase bonds.
DUBUQUE, Dubuque County Iowa.-BOND OFFERING.
-Sealed
CHICOPEE, Hampden County, Mass.
-LOAN OFFERING.
-Louis bids will be
m. Jan. 5 by John Stuber. City Clerk, for
M. Dufault, City Treasurer, will receive bids until 12 m. Jan. 8 for the $100,000 434received until 2 p.Date
70 sewer bonds.
purchase at discount of a temporary loan of $300,000. These notes mature Jan. 1 from 1939 to 1942, inclusive. Jan. 1 1923. Due $25,000 yearly on
Nov. 12 1923. They will be engraved under the supervisior of the Old opinion of Chapman, Cutler & ParkerThe city will furnish the approving
of Chicago. A certified check for
Colony Trust Co.. Boston. The Old Colony Trust Co. will guarantee the $3.000 required.
signatures and will certify that the notes are issued by virtue and in purELGIN, Chautaugua County, Kans.-BOND SALE.
suance of an order of the Board of Aldermen, the validity of which order
-The $50,083
has been approved by Storey, Thorndike. Palmer St Dodge, of Boston. 5% paving bonds registered by the State Auditor of Kansas, on Nov. 22-V
The legal papers incident to this issue will be filed with the Old Colony 115, p. 2604
-were purchased by the Brown-Crummer Co. of Wichita.
at par. Denom. $500 and $1,000. Date June 1 1922. Int. J.
Trust Co.. where they may be inspected.
-J. Due
July 1 1942.
CLIFFS1DE PARK, Bergen County, N. J.
-BOND OFFERING.
ENDICOTT, Broome County., N. Y.
John 0. Cadien, Mayor, will receive proposals until 8_p. in. Jan. 22 for the
-BOND SALE.
-The two issues
purchase at not less than par and interest of the folowing two issues of of 434% bonds, offered on Jan. 2(V. 115, p• 2929), were awarded to Parson.
coupon (with privilege of registration as to principal and interest, or Son dz Co., of New York, as follows:
principal only) bonds, to bear 43.6%,44% or 5%. no more bonds of either $35,000 sewer bonds for 101.169, a basis of about 4.36%. Dencen. $1,750
Due $1,750 yearly on Dec. 31 from 1923 to 1942, inclusive.
Issue to be awarded than will produce a premium of $1,000 over the amount
offered:
30,000 paving bondsfor 100.736,a basis of about 4.38%. Denom.$2,000.
Dye 32.000 yearly on Dec. 31 from 1923 to 1937, inclusive.
$119,000 public improvement bonds. Due yearly on Jan. 1 as follows
Date Jan. 1 1923. Principal and semi-annual interest (J. & J.) payable
37.000, 1925, 1926 and 1927; $9,000. 1928 and 1929; and $10,000,
at the Farmers National Bank, Union, in New York exchange
1930 to 1937. inclusive.
88,000 assessment bonds. Due yearly on Jan. 1 as follows: $8,000,
EVERETT, Snohomish County, Wash.
-BOND OFFERING.
-Bids
1925 to 1929. inclusive, and $12.000, 1930 to 1934. inclusive.
will be received until Jan. 18 for $350,000 reservoir bonds by the City of
Denom. 31.000. Date Jan. 1 1923. Principal and semi-annual interest
(J. & J.) payable at the Cliffside Park National Bank, in United States Everett.
FAIRFAX COUNTY (P. 0. Fairfax), Va.-BONDS OFFERED -Bids
gold coin of the present standard of weight and fineness. Certified check
on an incorporated bank or trust company, for 2% of amount of bonds were received for 3 issues of bonds of Fallschurch, Providence and Dranesbid for, payable to the Borough Collector, required. Bonds will be pre- ville Road District, aggregating $510,000 until 12 m. Jan. 5 by F. W. Richpared under supervision of the U. S. Mtge. & Trust Co., New York;legality ardson, Clerk. Board of Supervisors. A like amount of bonds was offered
approved by Reed, Dougherty & Hoyt, New York.
on Dec. 6.-V. 115, p. 2500.
COEYMANS, Albany County, N. Y.
-BOND SALE.
FISHER COUNTY COMMON SCHOOL DISTRICT NO.33, Texas.
-The First National Bank of Coeymans. was awarded an issue of $20,000 5% bridge BOND SALE.
-The 55.0005% school bonds registered by the State Compbonds at par. Denom. 31,000. Due $1,000 annually on Feb. 1. Int. troller of Texas, on Dec.8-V. 115, p. 2712
-were disposed of at 92.
annually on Feb. 1.
FLORENCE COUNTY (P. 0. Florence), So. Caro.
-BONDS OFFCOLFAX COUNTY SCHOOL DISTRICT NO. 25 (P. 0. Raton), ERED BY BANKERS.
-Keane. Higbie dr Co. of New York, are offering
New Mex.-BIDS REJEOTED.-All bids received for the 35.0006% 10-year to investors at prices to yield 4.75%. an issue of $317,000 534% coupon
school bldg. bonds offered on Dec. 29-V. 115i p. 2603
-were rejected. (with privilege of registration) funding bonds. Denom. $1,000. Date
The bonds may be sold to the contractor.
Dec. 11922. Prin. and semi-ann. int (J.
-J.), payable in N. Y. City. Due
COLORADO COUNTY ROAD DISTRICT NO. 3 (P. 0. Columbus), Dec. 1 1962.
Tex.
-BOND ELECTION.
FOREST CITY, Rutherford County, No. Caro.
-An election to vote on the question of issuing
-BOND OFFERING.
$100.000 road district bonds will be held on Jan. 27.
-Sealed proposals will be received until 2 p. m. Jan. 9 by A. C. Keeter,
Town Clerk. for 350.000 6% school bonds. Denom. $1,000. Date July
COLUMBIANA, Columbiana County, Ohio.
-BOND OFFERING.
- 1 1922. Prin. and semi-ann. hit, payable at the National Bank of ComAlfred Barrow, Village Clerk, will receive bids until 12 m. Jan. 19 for the
purchase at not less than par and interest of the following two issues of merce, N. Y. City. Due on July 1 as follows: 31,000. 1925 to 1930, incl.:
32,000. 1931 to 1952, incl. A cert. check upon an incorporated bank or
5% street improvement bonds, issued under Section 3914 Gen. Code:
of amount
trust
$21,330 96 Elm Street bonds. Denoms. $37011 and $500. Due $2,370 11 will company for 2% the opinionbid for, required. The successful bidder
of Storey, Thorndike, Palmer & Dodge
be furnished with
yearly on Nov. 15 from 1923 to 1931. inclusive.
11,559 39 Union Street bonds. Denoms. $283 93 and $500. Due Boston and Quinn, Hamuck &Harris of Rutherfordton, that the bonds
are valid and binding obligations of the Town of Forest City. The town
$1,283 93 yearly on Nov. 15 from 1923 to 1931, inclusive.
Date Nov. 15 1922. Int. semi-ann. Certified check for 17 of amount will furnish free of cost the bonds forms.
0
of bonds bid for, payable to the Village Treasurer required. Bonds to be
GENEVA SCHOOL DISTRICT (P. 0. Geneva), Ontario County,
delivered and paid for within 10 days from date of award.
N. Y.
-BONDS VOTED.
-C. W. Rice, President of the Board of EducaCOTTON VALLEY SCHOOL DISTRICT NO. 12 (P. 0. Minden), tion, informs us that at an election held on Dec. 82, an issue of $500,_000
high school building bonds was voted. The official vote, according to Mr.
Webster Parish, La.
-CORRECTION.
-The following letter from the Rice, was 1,035 "for" to 60 "against."
Marine Bank & Trust Co. of New Orleans is self-explanatory:
'Referring to the following, which appeared in your weekly 'Chronicle,'
GOLDEN CITY SCHOOL DISTRICT (P. 0. Golden City), Barton
Issue of December 23rd, under the caption,'Bond Proposals and Negotia- County, Mo.-BONDS VOTED.
-By a vote of 20 to 1 an issue of $31,000
tions." page 2819:
school bldg bonds was voted.
"
'COTTON VALLEY SCHOOL DISTRICT NO. 12 (P. 0. Minden),
-BONDS VOTED.
GONZALES, Gonzales County, Texas.
-The
Webster Parish, La.
-BOND SALE NOT COMPLETED.
-The sale of proposition to issue $25,000 funding street impt. bonds, submitted to a
the $60,000 67 school bonds to Sutherlin, Barry & Co.. Inc., of New Or- vote of the people on Dec.5-V. 115, p. 2403
-carried by.), vote of 97 to 53.
leans. at 107.26-a basis of about 5.05%
-on July 10 (V. 115, p. 458). was
GRATIOT COUNTY (P. 0. Ithaca), Mich.
-BOND OFFERING.
never completed. The bonds were re-offered on Oct. 10 and sold to the
Marine Bank dr Trust Co. and the Whitney-Central Trust Co.. both of Bids will be received until 2 p. m. Jan. 11 by Ezra R. Laycock, County
New Orleans, as stated in V. 115, p. 2402.'
Drain Commissioner, for the purchase at not less than par and interest, of
"We wish to correct your records on this matter In justice to the localfirm, 352,000 534% Drain No. 113 bonds. Denom. 31,000. Date Dec. 22
Sutherlin, Barry & Co., Inc., as this firm was never awarded the above- 1922. Prin. and semi-ann. hit, payable at the County Treasurer's office.
mentioned bonds. These bonds were originally awarded to us, and we have Due 310,000 April 11925; 514,000, April 11926. 1927 and 1928. Certified
since taken them up and paid the Parish at a price of par and a premium check for 32,600, paable to the County Drain Commissioner, required.
of $1,655 GO for the same.
-BOND SALE.
GREECE, Monroe County, N. Y.
-Myron W. Greene
"We trust that you will correct your records accordingly."
In reply to the foregoing, we desire to say that the mistake referred to of Rochester, was awarded an issue of 324,000 6% bonds. Due 32,000 on
April 1 from 1926 to 1937, inclusive.
was not of our own making, but was due to an erroneous report furnished
to us last July by one of the officials of the district.
GULFPORT, Harrison County, Miss.
-BOND ELEC 0 N- i
7 70 s hoo
5 0 . An
c
CRAIG, Burt County, Nebr.-BOND SALE.
-We are advised by R. election will be held to vote on the question of issuing $1
F. Whiting, Village Clerk, that an issue of $22,500 funding bonds recently bonds on Jan. 11.
authorized, has been sold.
HAC(KENSACK, Bergen County, N. J. BOND SALE. On Jan, 2
DAVIESS COUNTY (P. 0. Washington), Ind.
-BOND SALE.
-The Eldredge & Co. of New York were awarded the issue of 43470 coupon or
Fletcher Savings & Trust Co. of Indianapolis, has been awarded the issue registered sewer bonds on their bid of1500,880 for $490,000 bonds, equal
of 320.800 5% 0. M. Vance et al. Washington Township road bonds, to 102.22. a basis of about 4.33%. Date Jan. 1 1923. Dueyearly on
offered on Dec. 28 . 115. p.2711). for a premium of $243.36, equal to Jan. 1 as follows: 313,990, 1924 to 1959, incl.; 312,000, 1960, and $10,000.
101.17, a basis of about 4.77%. Date Dec. 1.5 1922. Due $1,040 each 6 1961 (average maturity about 19 1-3 years). The date originally proposed
months from May 15 1924 to Nov. 15 1933, incl. Other bidders were:
for the offering of the above bonds was Jan. 8 (see V. 115. p. 2820). This
Thos. D. Sheerin & Co., Indlanpolis
-$21.042 50 date, however, was later changed by the city to Jan. 2.
Bank of Investment Co., Indianapolis
21.010 00
HADDON HEIGHTS, Camden County, N. J.
First National Bank of Fort Wayne,Ind
20,953 00
-BOND SALE.
-The
Haddon Heights National Bank was awarded, at par, the
DENTON, Denton County, Tex.
-BOND ELECTION INDEFINITE- of 5% bonds that were offered on Jan. 2(V. 115, p.2712): following 2 issues
LY POSTPONED.
-The election which was scheduled to take place on $8,000 street and drainage bonds. Due yearly on Fob.
1 from 1925 to
Jan. 13-V. 115. p. 2711-to vote on the question of issuing $65,000 school
sewe, iinmcplut.si
l940r
bldg. bonds has been indefinitely postponed.
bonds. Due yearly on Feb. 1. as follows: $500, 1925
23.000
to 1954, incl., and 31.000. 1955 to 1962, inclusive.
DETROIT, Mich.
-A syndicate composed of the National City
-BIDS.
Co., Harris, Forbes & Co.. Bankers Trust Co. of New York, First National
Date Feb. 1 1923.
Co., Keane. Higbie & Co. and the Detroit Trust Co., of Detroit, was the
HADDON HEIGHTS SCHOOL DISTRICT (P.O. Haddon Heights),
highest bidder at 100.307 for the following coupon or registered bonds, Camden County, N. J.
-BOND SALE.
-The issue of 5% (registered
aggregating $20,163 000:
both)
t/UU.000 447 water supply bonds. Date June 1 1922. Due $200,000 or coupon er to theschool bonds, offered on Dec. 29-V. 115, p. 2820
0
Haddon Heights National Bank, which submitted a
was awarded
yearly on June 1 from 1931 to 1940, inclusive.
2.665.000 41 % sewer bonds. Date June 1 1922. Due yearly on June 1 bid of $300,605 80 for 3287,000, equal to 104.763, a basis of about 4.64%.
,
1
Due yearly on
as follows: 3266,000, 1928 to 1932,inclusive, and $267,000. 1933 Date Dec. 1 1922. 1936 to 1960. Dec. 1 as follows: $7,000 from 1924
and $3,000 in 1961. Other bidders were:
to 1935; 38,000 from
to 1937. inclusive.
Amt. of Bonds
1.330,000 44% street railway bonds. Date June 1 1922. Due $133,000
Name
BR! For.
Price Bid.
yearly on June 1 from 1932 to 1941, inclusive.
Outwater
3296,000
5300100 00
.
1.950,000 4% street railway bonds. Daune 1 1922. Due yearly Freeman &Wells, Jersey City
4
J
Date
& Co., Philadelphia
292,000
300,127 60
on June 1 as follows: 3500.000, 1933 to 1935, inclusive. and B.
J. van Ingen & Co., New York
297,000
300,850 00
3450.000, 1936.
R. M. Grant & Co., New York
294,000
300,235 00
5.520,000 434'7 _ public improvement bonds. Date Jan. 1 1923. Due
0
Metzler & Co., New York
294,000
300,177 77
$184.0011 yearly on Jan. 1 from 1924 to 1953, iaclusive.
297,000
300,356 10
3,230,000 4% %
water supply bonds. Date Jan. 11923. Due yearly on II, L. Allen & Co., New York
.
Union National Corp., New York
298,000
300,325 00
Jan. 1 as follows: 3107.000, 1924 to 1933. inclusive, and $108.000,
Gibbons & Co., New York
Geo. B.
294,000
300,839 00
1934 to 1953, inclusive.
1,368,000 447 lighting bonds. Date Jan. 11923. Due yearly on Jan. 1
0
HALL COUNTY (P. 0. Memphis), Tex.
-WARRANT SALE.
-We
as follows: $68,000, 1940; and 3100,000, 1941 to 1953, inclusive. are advised by J.L. Arlitt of Austin, that he recently purchased 330,0006%
2.100,000434% Belle Isle Bridge bonds. Date Jan. 1 1923. Due Paving warrants. Denom. $500. Date Sept. 11 1922. Prin. and semi$100,000 yearly on Jan. 1 from 1933 to 1953, inclusive.
-A. 15), payable at the Chase National Bank. N. Y. City.
ann. hat. (F.
Denom. $1,000. Principal and semi-annual interest payable in lawful Due on Feb. 15 as follows: $2,000, 1923; $2,500, 1924 to 1927, incl.;
money of the United States at the current official bank of the City of $3,000, 1928 and 1929; 33,500, 1930 and 1931, and n.soo. 1932 and 1933.
a
6 1923.]
JAN.
THE CHRONICLE
99
-NO ACTION TAKEN AS
MAPLETON, Monona County, Iowa.
HAVRE DE GRACE, Harford County, Md.-BOND ELECTION.
-In answer to our inquiry regardfng the $50,000 electric light plant
It is reported that an election will be held on Jan. 15 to vote on the question YET.
erection bonds recently voted 1
-1115, p. 2821-George A. Rice,Town Clerk.
bonds.
of issuing $50.000 sewer extension
says: "No action has been taken by the Council as yet, and it will be at
HEMPSTEAD INDEPENDENT SCHOOL DISTRICT (P. 0. Hemp- least two weeks before anything definite is done towards issuing bonds. I
-An issue of $10.000 presume the Council will have some bond company prepare the bonds and
-BOND SALE.
stead), Waller County, Texas.
school bonds has been disposed ofat par plus a premium of$100,equal to 101. have them approved, and will then advertise for bids."
-It is
-BOND SALE.
-BOND OFFERING.
HENDERSON COUNTY (P. 0. Athens), Tex.
MARTINEZ, Contra Costa County, Calif.
unofficially reported that an issue of $1,200,000 44% road and bridge C. E. Daley, Town Clerk, will receive sealed bids until 8 p. m. Jan. 8 for
bonds has been disposed of.
220,785 50 7% improvement bonds. Denom. $1,000, $500 and $78 55.
from
-BOND OFFER- Date Dec. 18 1922. Int. J. & J. Due $2,078 50 on July 2 to the1924 to
HERMOSA BEACH, Los Angeles County, Calif.
Town.
1933 incl. A cert. check for 10% of amount of bid, payable
ING.
-Sealed bids will be received until 8 p. m. Jan. 16 by B. F. Brown
4
Board of Trustees. for $20,000 57; required.
City Clerk and ex-official Clerk of
MAURICE INDEPENDENT SCHOOL DISTRICT (P. 0. Maurice),
municipal fire bonds. Denom. $1,000. Date Jan. 1 1923. Int. J. & .
-BOND SALE.
-The 855,000 5% coupon school
Due $1,000 yearly on Jan. 1 from 1924 to 1943, incl., payable at the City Sioux City, Iowa.
Treasurer's office. Cert. check for 5% of amount bid for, payable to the building bonds offered on Dec. 29-V. 115, p. 2821-were awarded to
City Treasurer, required. Bonds will be sold subjelt to the approval of Geo. M. Bechtel & Co. of Davenport, at a premium of $1,900, equal to
all legal proceedings by O'Melveny, Milliken, Tuller & O'Neill of Los 103.45. Date Jan. 1 1923. Due on Nov. 1 from 1925 to 1942.
Angeles. Mention of these bonds, being voted was made in V. 115, p.1761.
MEMPHIS CITY SCHOOLS (P. 0. Memphis), Shelby County,
-The Tenn.
-Sealed bids will be received by G. W.
-BOND SALE.
-NOTE OFFERING.
HILLSBORO, Highland County, Ohio.
$15.298 87 6% coupon refunding bonds offered on Dec. 30-V. 115, p. Garner, Secretary Board of Education, until 2:30 p. m. Jan. 9 for $600,000
2712
-were awarded to Breed. Elliott & Harrison of Cincinnati for revenue notes. The notes are dated as of Jan. 1 1923 and will mature ,
$15,328 87, equal to 100.196. a basis of about 5.91%. Date Sept. 1 1922. Oct. 1 1923. The interest rate will be 6% per annum. Three months'
Due yearly on Sept. 1 as follows: $3,750, 1923: $3,831 55, 1924; $4,000, interest coupon due April I 1923 and six months' interest coupon due
Oct. 1 1923. The notes will be in denomination of $10,000 each and
1925, and $3.737 32, 1926.
and interest,
-On will be payable, both as to principal Bank & Trustin lawful money of the
-BONDS VOTED.
HILLSBORO, Montgomery County, 111.
Co., or at the Chemical
- United States at the Union & Planters
Dec. 19 the issue of $25,000 refunding water bonds
-V. 115, io. 2500
National Bank, N. Y. City, at option of holder. Notes approved by
was voted. The vote was 196 "for" to 19 "against." The City Clerk John C. Thomson, N. Y. City. A certified cheek on some solvent bank
Informs us that the "Bonds will be sold at private sale to local bankers or trust company. for $5,000. payable to the Board of Education, reat par."
quired. Notice that the Board of Education was to call for bids on these
HOLLY DRAINAGE DISTRICT (P. 0. Holly), Prowers County, notes was given in V. 115, p. 2606.
Colo.
-BOND ELECTION-An election will be held on Jan. 16 to vote on
MEMPHIS INDEPENDENT SCHOOL DISTRICT (P. 0. Memphis),
the question of issuing $125,000 drainage bonds.
Hall County, Tex.
-BOND SALE.
-The $110.000 534% school bonds
-BOND SALE.
- offered on Dec. 21-V. 115. p. 2821-were purchased by Stern Bros. & Co.
HUMPHREYS COUNTY (P. 0. Belzoni), Miss.
The $100,000 6% Beat No. 3 road bonds, offered on Jan. 2-V. 115, of Kansas City, at a premium of $2,542 50, equal to 102.31. Due serially
-were awarded to the Liberty Central Bank of St. Louis at a 1 to 40 years.
P. 2713
premium of $5,075. equal to 105.07, a basis of about 5.50%. Date Dec.
MIDDLE FORK IRRIGATION DISTRICT (P. 0. Hood River),
15 1922. Due on Dec. 1 as follows: $2.000, 1923 to 1927 incl.; $4,000, Hood River County, Ore.
-BOND SALE.
-The $75,000 6% bonds
1928 to 1937 incl., and $5,000, 1938 to 1947 incl.
offered on Dec. 16-V. 115, p. 2295
-were purchased by the Ralph Schnee"
-The 25,000 loch Co. of Portland at 98.78. Denom. $1,000. Date Jan. 1 1923.
-BOND SALE.
HYSHAM, Treasure County, Mont.
6% sewer bonds offered on Dec. 26-V. 115, p. 2821-were awarded to Int. J. & J. Due serially. 1928 to 1953 inclusive.
the Bankers Trust Co. of Denver at par and accrued interest.
MIDDLETOWN SCHOOL DISTRICT (P. 0. Middletown), Butler
-The 24,000 6% County, Ohio.
-BOND OFFERING.
-P. G. Banker, Clerk of the Board
-BOND SALE.
JENERA, Hancock County, Ohio.
- of Education, will receive bids until 12 m. Feb. 1 for the purchase at not less
Sandusky St. improvement bonds offered on Dec. 26-V. 115, p. 2501
were awarded to the Farmers Bank Co. of Jenera for $4.011 50, equal than par and interest of $210,000 5% coupon high school buliding bonds.
to 100.2875, a basis of about 5.92%. Date Oct. 1 1922. Due $800 Issued under authority of Sections 7625, 7626 and 7627, Gen. Code. Denom. $1.000. Date Feb. 1 1923. Prin. and semi-ann. int. payable at the
Yearly on Oct. 1 from 1924 to 1928 inclusive.
Sept. 1 as follows:
National Park Bank of New York.
-BONDS VOTED.
-At the election $11,000 1924 to 1933 incl. and $10,000Due yearly on
KENEDY, Karnes County. Tex.
1934 to 1943 incl. Cert, check for
held on Dec. 26-V. 115, p. 2713-the $6,000 school bond issue carried.
1% of amount of bonds bid for, payable to the District Treasurer, required.
-Caldwell Bonds to be delivered and paid for within 10 days from date of award.
-BOND SALE.
LAKE COUNTY(P.O.Tiptonville), Tenn.
&Co.of Nashville have purchased $35,000 5% highway bonds at a premium Legality approved by Shaffer & Williams.
of $141 plus the cost of printing bonds and paying cost of attorney's fees.
MILES CITY, Custer County, Mont.
-BOND SALE.
-The DrakeLAKEWOOD TOWNSHIP (P. 0. Lakewood), _ Ocean County, Ballard Co. of Minniapolls, has purchased 2125,000 water and $85.000
N. J.
SALE.
-R. M. Grant & Co. of New York were awarded sewer refunding bonds. Due 1943.
-BOND
the issue of $195,0005% coupon (with privilege ofregistration as to principal
MILL VALLEY SCHOOL DISTRICT (P. 0. San Rafael), Mario
only) temporary road improvement bonds, offered on July 15-V. 115, County, Calif.
-Sealed bids will be received until
-BOND OFFERING.
P. 336-at par. Due Jan. 1 1926. subject to call for payment in the 11 a. in. Jan. 9 by Robert E. Graham, Clerk Board of Supervisors, for
order of their serial numbers by the Township Committee at its option. $19.000 5% school bonds. Denom. $1.000. Due $1.000 yearly from 1926
at any interest period subsequent to the date thereof and prior to the date to 1944, Incl. Prin. and semi-ann. int. (J. & D.), payable at the County
of maturity, upon one month's notice.
Treasurer's office. A certified check for 10%, payable to the Chairman
-The propo- Board of Supervisors, required.
LA PLATA, Macon County, Mo.-BONDS DEFEATED.
sition to issue $190.000 water and sewage bonds, submitted to a vote of the
MITCHELL COUNTY (P. 0. Colorado), Tex.
-BOND ELECTION.
people on Jan. 1-V. 115. p. 2501-failed to carry.
On Jan.27 an election will be held to vote on the question of issuing $116,000
-The $162,000 5% court house bonds.
LARAMIE, Converse County, Wyo.-BOND SALE.
-were awarded jointly
sewer bonds offered on Dec. 30-V. 115, p. 2713
MONTGOMERY COUNTY (P. 0. Dayton), Ohio.
-BOND SALE.
to Benwell, Phillips & Co. of Denver and Harris Trust & Savings Bank The $93,000 554% Dayton and Greenville Road improvement bonds
of Chicago as 5s at a premium of $1.021, equal to 100.63. Due in 20 offered on Dec. 8-V. 115, p. 2501-were awarded to A. 0. Allyn & Co.
years; optional after 10 years. The following bids were received:
of Chicago for $95.163, equal to 102.325, a basis of about 5.05%. Date
Wm. R. Compton Co., St. Louis, and Palmer Bond & Mortgage
Aug. 15 1922. Due $10.000 on Sept. 15 in each of the years 1924. 1925.
100.01 1926, 1928. 1930 and 1931. and $11,000 on Sept. 15 in 1927. 1929 and
Co., Salt Lake City
99.35 Aug. 15 1932.
International Trust Co., Denver
Bosworth, Chanute & Co.. Denver, and Taylor, Ewart & Co., Chic_ 98.89
MOUNTAIN GROVE, Wright County, Mo.-BONDS VOTED.
98.51
James N. Wright & Co.. Denver, and Stacy & Braun
-At the election held on Dec. 12(V. 115, p. 2607) the $15,000
98.37 BOND SALE.
Bankers Trust Co., Denver. and Ferris & Hardgrove, Spokane
98.20 water-works bonds were voted. Since being voted the bonds have been
Antonides & Co. and American Bank & Trust Co., Denver
98.17 sold to Little, Vardaman & Bitting, Inc., of St. Louis,
Sidlo, Simons, Fels & Co. and E. H. Rollins & Sons, Denver
98.16
Omaha Trust Co., Omaha
NACOGDOCHES, Nacogdoches County, Tex.
-BONDS VOTED.
Co., Chicago 98.04 The $225,000 5% 40
Crosby, McConnell & Co., Denver, and A. C. Allyn &
-year serial street improvement bond issue carried at
98.01 the election held. on Dec. 23-V. 115. p. 2714
John Nuveen & Co., Chicago
-by a vote of 178 to 71.
97.08
W. K. Terry & Co.. Toledo
NAMPA AND MERIDIAN IRRIGATION DISTRICT (P.O. Nampa),
100.00
Geo. W. Vallery & Co., Denver
Idaho.
-BOND SALE.
-The $36,950 refunding bonds offered on Dec.
LEAVENWORTH,Leavenworth County, Kans.-BONDS OFFERED. 26,V. 115, p. 2501-were awarded to the Idaho State Life Insurance Co..
-Bids were received by Lee Bond, Attorney, until 12 m Jan 3 for $110,000 Boise, as 6s at par and accrued interest. Denom. $500. Date Jan. 1
-J. 1917. Int. J. & J. Due Jan. 11933.
5% street impt. bonds. Denom. $500. Date Dec. 1 1922. Int. J.
Due 1 to 10 years.
NASHUA, Hillsborough County, N. H.
-TEMPORARY LOAN.
LEBANON SCHOOL DISTRICT(P.O. Lebanon),Lebanon County, The temporary loan of $200,000, offered on Jan. 3 (V. 115, p. 2930) W28
Pa.
-BOND SALE.
-Janney & Co. of Philadelphia were the successful awarded to the First National Bank of Boston, at a 4.36% discount basis.
bidders for the 2110,000 43j% coupon (registered) high school annex Date Jan. 4 1923. Due Dec. 3 1923.
bonds offered on Dec. 28-V. 115, p. 2606. Their bid was 102.02. a
NEWARK CITY DISTRICT(P.O. Newark), Licking County, Ohio.
basis of about 4.11%. Date Jan. 1 1923. Due $20,000 in 1933, $35,000
-BONDS DEFEATED.
-The proposition to issue 2750,000 high school
In 1943, and $55,000 in 1953.
bldg. bonds, which was submitted to a vote on Nov. 7-V. 115, P- 1762
-At an election was defeated.
-BONDS VOTED.
LEONARD, Fannin County, Tex.
held on Dec. 19 $10,000 water extension and $40,000 sewer bonds were
NEW YORK CITY.
-TEMPORARY LOANS-During the month of
voted.
December the city issued short-term securities in the aggregate of 229.- 050,000, consisting of special revenue bonds, revenue bills, tax notes and
-BOND OFFERING.
LIBERTY COUNTY (P. 0. Liberty), Tex.
Bids will be received by Sam It. Cain, County Judge, for $500,000 514%
corporate stock notes, as follows:
serial road bonds until Jan. 9.
Special Revenue Bonds of 1922.
Water.
Date
Date
LIBERTY SCHOOL DISTRICT (P.0. Liberty), Allegheny County,
Sold.
Amount. Rate.
Sold. Amount. Rate. Maturity.
Maturily,
Pa.
-BOND SALE.
-Redmond & Co. of Pittsburgh, were awarded on
Jan. 2 the 227,000 school bonds, offered on that date (V. 115. p. 27131 on $1,000,000 414% June 15 1923 Dec. 4 31,000,000 4% jOn or beiorelDec. 28
3,000,000 434% July 11 1923 Dec. 4
Mee. 28 19231
their bid of $27,428 (101.58) for 4548, a basis of about 4.36%. Date
150,000 414% Sept. 12 1923 Dec. 12
,
1I rfo•s M nicfp I P r ors.
Jan. 11923. Due $1,000 yearly on Jan. I from 1925 to 1951, inclusive.
1,500,000 4H% July 10 1923 Dec. 27 81,000,000 414% June 8 1923 Dee. 1
• LIDERWOOD, Richland County, No. Dalc.-BOND SALE.
-The
1,600,000 434% July 10 1923 Dec. 27
500,000 434% July 11 1923 Dec. 11
$16,000 5% 20
-year school bonds voted on Nov. I4
-V. 115, p.2821-were
1,500,000 4,
4% Aug. 10 1923 Dec. 27 3,000,000 434% July 13 1923 Dec. 13
awarded to the Minneapolis Trust Co. of Minneapolis. Denom. $1,000.
1,600,000 434% Aug. 10 1923 Dec. 27 2,000,000 434% July 20 1923 Dee. 20
Date Dec. 11922. Due Dec. 11942.
1,000,000 434% June 15 1923 Dec. 20
Revenue Bills of 1922.
500,000 434% June 8 1923 Dec. 20
LIVONIA COMMON SCHOOL DISTRICT NO. 10 (P. 0. Livonia), $1,500,000 434% June 15 1923 Dec. 29
43
4% June 21 1923 Dec. 21
Livingston County, N. Y.
-BOND SALE.
-Myron Green of Rochester
1,500,000 43.1% July 5 1923 Dec. 29 2,000,000 4% 10n or beforelDec. 28
2,000,000
was awarded an issue of $10.000 5% school bonds, offered on Dec. 28.
Mee. 28 19231
Tat Notes.
for 102.15, a basis of about 4.54%. Date Jan. 1 1923. Due $1,000
Bark/ Transit.
3500,000 4% jOn or betorelDee. 28
yearly from Jan. 1 1924 to Jan. 1 1933 inclusive.
8300,000 434% July 11 1923 Dec. 11
lDee. 28 1923f
LOMPOC,Santa Barbara County., Calif.
-An issue
-BONDS VOTED.
890,000 434%1On or betoreiDec. 28
Corporate Stock Notes.
1Dec. 28 19231
of $30,000 light and power plant bonds has been voted.
Dock Purposes.
650,000 4%%10n or beioreiDec. 28
LONE TREE SCHOOL DISTRICT NO. 6, Golden Valley County,
8200,000 434% July 11 1923 Dec. 11
1Dec. 28 19231
-Bids will be received until 7:30 p. m.
No, Dak.-BOND OFFERING.
150,000 434%1On or beforelDec. 28
10,000 414%1On or beforelDec. 28
Jan. 31 by Emily C. Davis, Clerk Board of Education (P. 0. Golva), for
IDeo. 28 19231
(,Dec. 28 19231
$20,000 funding bonds. Due in 20 years. Int. rate not to exceed 5%•
LONG TERM CORPORATE STOCK ISSUED.
-On Dec.9 the city Issued
A cert, check for $500, payable to the Board of Education, required.
purposes. Due
LUDLOW, Kenton County, Ky.-BOND OFFERING.
-Bids will be $2,518,516 03 4% corporate stock for various municipal
Nov. I 1932.
received until 8 p. m. Jan. 11 by Chas. F. White, City Clerk, for the
GENERAL FUND BONDS.
-On Dec. 18 23,500,000 3% general fund
$40.000 5% fire department and city building bonds recently voted
bonds, maturing Nov. 1 1930, were issued by the city.
V. 115, p. 2180.
NORFOLK, Madison County, Nebr.-BOND SALE -An issue of
-The Omaha
McCOOK, Redwillow County, Nebr.-BOND SALE.
$76,000 refunding bonds recently authorized by ordinance has been sold.
Trust Co. of Omaha, has purchased $50,000 5% funding bonds at par.
-The
MANCHESTER, Hillsborough County, N. H.
-BOND SALE.
_
NORTH BRADDOCK SCHOOL DISTRICT(P.O. North Braddock),
2300,000 4% school bonds offered on Dec. 18(V. 115, p.2713) were awarded Allegheny County, Pa.
-The $80,000 4H% coupon
-BOND SALE.
to 5.11. Rollins & Sons of Boston,for 98.11, a basis of about 4.23%. Date school bonds offered on Dec. 22 (V. 115, p. 2607) were awardedto the
$15,000 from 1923 to 1932, inclusive.
Dec. 1 1922. Due
Peoples Savings & Trust Co. of Pittsburgh. Date Dec. 1 1922. Due
Other bidders were:
1944. inclusive.
97.07 Harris, Forbes & Co., N.Y___ _97.45 $10,000 yearly on Dec. 1 from 1937 to
Guaranty Company, N.Y
-Bids will be
-BOND OFFERING.
NORTH CAROLINA (State of).
97.78
A. B. Leach & Co., Inc., N. Y_97.14 R. L. Day & Co., Boston
97.08 Merrill Oldham & Co., Boston _97.67 received until 12 m. Jan. 10 by B. R. Lacy, State Treasurer, for the followEdmunds Bros., Boston
ing bonds:
97.66
Eldredge & Co., N.Y
•
100
TH 14
:
CHRONICLE
[voL. 116.
$15,000,000 highway serial bonds. Date Jan. 11923.
of amount of bonds bid for, payable
1,700,000 public school building bonds. Date Jan. 1 1923.
to the
Bonds to be delivered and pahl for within 10 Village Treasurer, required.
days from date of award.
• 3,373.000 edutational and charitable institution building bonds. Date
Jan. 1 1922.
ROBERTSON COUNTY ROAD DISTRICT NO. 2(P. 0. Franklin),
Interest rate not to exceed 5%. A certified check for 2% required.
Texas.
-BONDS VOTED.
-At the election held on Dec. 28-V. 115, Ill•
2823
-the $200.000 5% bonds were voted by a count of
OELWEIN SCHOOL DISTRICT (P. 0. Oelwein), Fayette
389 to 61.
County,
Iowa.
-BOND ELECTION.
-An election will be held on Jan. 8 to vote
ROCHESTER, N. Y.
-On Jan. 2 the Traders National
on the question of issuing $200,000 school building bonds.
Bank of Rochester was -NOTE SALE.
awarded on a 4.20% discount basis the $150,000
Brown Street subway and
ORCHARD SCHOOL DISTRICT(P.O.Orchard),Antelope
County, -v. 115, p. 2930. Notes P250,000 local impt. notes offered on that date
Neb.-BOND ELECTION.
are payable 2 months from Jan. 4.
-On Jan. 13 an
on the question of issuing $60,000 53 % 30 election will be held to vote
ROCKPORT SCHOOL DISTRICT (P. 0. Rockport),
-year school building bonds.
Atchison
County, Mo.-BOND SALE.
OREGON (State of).
-Stern Bros. & Co. of Kansas City, have
-BOND OFFERING.
-We are
Hopkins, Secretary of the World War Veterans State advised by A. C. purchased $75,000 5% school bonds.
Aid Commission,
that bids will be received by that Commission until 11 a.
ROCKVILLE
m.
-BONDS VOTED.
-An
Room 312, U. S. National Bank Bldg.. Salem, for $5,000,000 Jan. 31 at of $118,000 43.4, Tolland County, Conn.
% new school building bonds were recently passed issue
gold coupon
Oregon Veterans' State Aid bonds. Series No. 3, at not
by a
unanimous vote. Due in 30 years.
interest. Denom. $1,000. Date March 1 1923. Int. to exceed 6%
A.
ROSENBERG, Fort Bend County, Tex.
for less than par will not be considered. Certified check & 0. Bids
-BOND SALE.
-Dunn &
for 23. % of Carr of Houston, have purchased
par value of bonds required. Approving opinion of Storey,
$50,000
Thorndfice, 40
-year bonds subject to being voted at ansewer and $20,000 city hall 6re
I*almer & Dodge, Boston.
Notice of the election was given in V. 115, p.election to be held on Jan. u
2823.
OYSTER BAY UNION FREE SCHOOL DISTRICT NO. 21
(P. 0.
SABINE COUNTY ROAD DISTRICT NO.10
Central Park), Nassau County, N. Y.
-BOND SALE.
(P.O.Bronson),Tex.
Merrifield of New York were awarded, at par, an issue of-Sherwood & BONDS VOTED.
-An issue of $90,000 road bonds has been voted.
school bonds offered on Jan. 2. Date Dec. 1 1922. Due $75,000 43. %
SALEM, Richardson County, Nebr.-BOND
$2,500 on Dec. 1
from 1927 to 1956 incl.
ELECTION.
-An election will be held on Jan. 9 to vote on the question
of issuing community
-20
PASADENA CITY SCHOOL DISTRICT, Los Angeles County, hall 5% 5 -year (opt.) bonds. (Amount not stated.)
Calif.
-BOND OFFERING.
-L. E. Lampton. County Clerk and ex-officio
SAN BRUNO, San Mateo County, Calif.
-BOND OFFERING.
Clerk Board of County Supervisors (P. 0. Los Angeles) will receive
sealed Nettie A. Willits, City Clerk, will receive sealed bids until 8 p. m. Jan.proposals until 11 a. m. Feb. 13 for $690,000
10
for $49,179 90 7%
% school
1,000. Date Oct. 1 1922. Prin. and semi-ann. Int.bonds. Denom. 1924 to 1933, Incl. impt. bonds. Date Dec. 14 1922. Due on July 2 from
payable at the
A certified check for 5% of bid, payable to the
County Treasury. Due each six months as follows: $12,000,
ci(Y.
Oct. 1 required.
1924 and April 1 1925, and $13,000 Oct. 1 1925 to Oct. 1 1950,
and $3,000
SAN DIEGO COUNTY (P.O.San Diego),
April 1 1951. A certified check or cashier's check for 3%
-BOND ELECTION.
bonds, payable to the Chairman Board of Supervisors, of amount of -An election will be held on Jan. 26 to voteCalif. question
on the
required. The $1,000,000 paving
of issuing
assessed valuation of the taxable property in said school
bonds.
district for the
year 1922 was $72,685,210, and the amount of bonds
SCOTT AND LESUER COUNTIES INDEPENDENT SCHOOL
and now outstanding is $1,715,000. Pasadena City previously issued
School District DISTRICT NO. 73 (P. O. New Prague), Minn.
includes an area of approximately 68.1 square miles and
-BOND SALE.
the estimated $100,000 4j% coupon school-building bonds offered on Dec. 29 -The
population of said school district is 70,000.
(V. 115,
p. 2823), were awarded to the Minnesota Loan & Trust Co. of Minneapolis
PECOS COUNTY WATER IMPROVEMENT DISTRICT
at 100•90-a basis of about 4.65%. Date Jan. 1 1923. Due on Jan.
(P. 0. as follows: $3,000,
1
Fort Stockton), Tex.
-BONDS VOTED.
1924 to 1927, inclusive: $4,000, 1928 to
-On Dec.
issue $60,000 improvement bonds carried by a vote of19 a proposition to $5,000, 1932 to 1935, inclusive: $6,000, 1936 and 1937, and1931, inclusive:
43 to 8.
$40,000, 1938.
PEMISCOT COUNTY (P. 0. Caruthersville), Mo.-BOND
SHELBYVILLE,
-BOND OFFERING.
-ProOFFER- posals will be receivedShelby County, Ind.
ING.
-Sealed bids will be received by A. A. Correll,
until 7:30 p. m. Feb. 2 by
until 2 p. m. Jan. 24 for $150,000 5% court house County Treasurer, for the purchase at not less than par of $120,000 P. E. Greenlee, City Clerk,
5% coupon hospital bonds.
bonds. Prin. and
semi-ann. int. payable at the County Treasurer's office. Date
Denom. $1,200. Date Dec. 29 1922. Int. M. & N. 15. Due $3,600 on
March May 15 and $2,400
2 1921. Due as follows: $5,000, 1923 and 1924;
on Nov. 15 in each of the years from 1924
$6,000,
incl.; $7,000, 1928 to 1931 incl.: $8,000. 1932 to 1935 incl.;1925 to 1927 Certified check for 3% of amount of bid required. Legality to 1943. Incl.
approved by
$9.000, 1936 Smith, Remster, Hornbrook
and 1937: 810.000. 1938: 811.000, 1939 and 1940,
& Smith.
and $12,000, 1941.
A certified check for $10,000, payable to the above official,
required.
SOUTH PASADENA, Los Angeles County, Calif.
-NO BIDS REPENNINGTON COUNTY (P. 0. Thief River Falls), Minn.
CEIVED.
-BOND offered -No bids were received for the $40,000 4.3i% coupon sower bonds
SALE.
-The $75,000 5% bonds offered on Dec. 22-V. 115,
on Dec. 26-V. 115, p. 2823.
-were
purchased by the Drake-Ballard Co. of Minneapolis, at par p. 2714
plus a premium
SPRINGDALE TOWNSHIP SCHOOL DISTRICT, Allegheny
of 2%, equal to 102. a basis of about 4.79%. Date
Dec. 1 1922. Due County, Pa.
-BOND OFFERING.
-H. H. Kelly, Secretary Board of
$5.000 Yearly on Dec. 1 from 1928 to 1942. inclusive.
School Directors, will receive sealed bids until 8 p. m. Feb. 1 for an issue
PITTSBURGH SCHOOL DISTRICT (P. 0. Pittsburgh),
of $20,000
% coupon school bonds. Denom. SION. Date March 1
Pa.
- 1923. Due on March 1 as follows:
BONDS AUTHORIZED.
-An issue of$3,000,000 bonds for school
55.000 in 1943 and $15,000 in 1948.
was authorized, it is stated, by the Board of Public Education structures Purchaser to pay cost of printing bonds. Certified check for $500 required.
on Jan. 2. It also stated that these bonds will be in coupon at a meeting
form, drawing
SPRINGFIELD UNION FREE SCHOOL DISTRICT NO. 2 (P. 0.
43 %. and will mature $100,000 yearly for 30 years. They will
not be Springfield), Otsego County, N. Y.
-BOND SALE.
-Henry L. Wardsold until needed.
well of New 'York, was awarded the $35,000 434% school bonds offered
PLUMMER INDEPENDENT SCHOOL DISTRICT (P. 0.
on Jan. 3(V. 115, p. 2716) for a premium of $100 65 (100.287) and accrued
Plummer),
Benewah County, Nebr.-BOND SALE.
int., a basis of about 4.48%. Date Aug. 11922. Due $1,000 yearly on
-The State Bank of Plummer,
has purchased $8,200 6% 10
Jan. 1 from 1924 to 1958, inclusive.
-20-year (opt.) funding bonds at par.
PLYMOUTH COUNTY (P. 0. Plymouth), Mass.
STARR COUNTY (P. 0. Rio Grande),.Tex.
-PURCHASE
-DE
-BIDS.
lowing is a complete list of the bids received for the $36,000 -The fol- SCRIPTION.-The purchaser of the $150,000 road bonds
-V.115,p.1359
4 % bonds was J.
recently disposed of:
L. AMU of Austin. The bonds are described as follows: Donom.
F.S. Moseley & Co., Boston_*100.59'Merrill, Oldham Co.,
Aug. 1
Int. rate
Boston_100.42 $1,000. payable 5%. DateNational 1922. Prin. and semi-ann. int.
Edmunds Bros., Boston
at the Hanover
Bank, N. Y. City. Due $6,000
-A.).
100.54 It. L. Day & Co., Boston
100.39 (F.
Estabrook & Co., Boston
yearly from 1928 to 1952, inclusive.
100.44 B.J. Van Ingen Co.,
*Successful bid. For previous reference to same see V.N. Y--100.33
115, p. 2930.
STOCKTON, San Joaquin County, Calif.
-BONDS DEFEATED.
POINT TOWNSHIP RURAL SCHOOL DISTRICT
(P.O. Mt.Eaton), It is reported that at a recent election a proposition to issue $1,300,000
Wayne County Ohio.
-BOND SALE.
-The issue of $55,000 5% flood control bonds failed to carry.
coupon school bli bonds which was offered on Dec.
STONE COUNTY (P. 0. Mountain View), Ark.
-WARRANT SALE.
was awarded to the Detroit Trust Co. of Detroit. 30-V. 115, p. 2930104.563, a basis of about 4.949'. Date Dec. 1 1922.for $57,231. equal to -We are advised by J. L. AMU of Austin, that he recently purchased
Due $2,000 on Oct. $32,000 refunding warrants. Denom. $1,000. Date Oct. 26 1922. Due
1 In eachrof the years 1923.
1931. 1935
In each of the other years from 1924 to 1942,and 1939, and $3,000 on Oct. 1 Oct. 26 1923, payable at the Battery Park National Bank, N. Y. City.
1927.
inclusive.
SUMMIT COUNTY (P. 0. Akron), Ohio.
-BOND SALE.
-On Jan. 4
PORT HURON, St. Clair County, Mich.
-During the issue of $392,000 5% road Impt. bonds offered on that date
-V. 115,
December the following 4 issues of 5% bonds, -BOND SALE.
aggregating $155,791, were p. 2824
-was awarded to the Ohio State Bank & Trust Co. of Alcron for
awarded to Nicol, Ford & Co. of Detroit, at 101.90:
$396,194 40. equal to 101.07, a basis of about 4.79%. Date Jan. 11923.
$114,000 paving bonds. Due serially Feb. 1 1923 to
Due $44,000 on Oct. 1 in each of the years 1924„ 1926. 1928, 1930 and
25,995 sewer bonds. Due serially March 1 1923 to1933.
1933.
1932, and $43,000 in 1925, 1927. 1929 and 1931. The following is a listm.
prmiu of
14,100 sidewalk bonds. Due $4,700 March 11923, 1924
and 1925.
recivd:
the bids re
e
1,696 curb bonds. Due $696 March 1 1923 and $500 March
1 1924
Name-Premium.
Name
and 1925.
The Ohio State Bank &
Pruden & Co., Toledo_ __$3,278 00
PORTLAND, Multnomah County, Ore.
Trust Co., Akron
-BONDS NOT SOLD.
$4,194 40 Stacy & Braun Co., Toledo _ 3,17530
$200,000 49' crematory bonds of 1913 offered on Jan.2 (V.115, -The Hayden, Miller & Co.,
IA. B.Leach & Co., Chicago 2,96700
p. 2715)
were not sold as all bids received were rejected.
Cleveland
3,626 001 Richards, Parish & LampW. R. Compton Co., Chic_ 3.371 001 son, Cleveland
2,238 00
PORTLAND SCHOOL DISTRICT NO. 1 (P. 0. Portland), Mult SUPERIOR TOWNSHIP SCHOOL DISTRICT (P. 0. Montpelier),
nomah County, Ore.
-ACTION ON $3,000.000 ISSUE UPHELD BY
SUPREME COURT DEFERRED.
-BOND SALE.
-The $10,000 6% refunding
-Regarding the $3.000.000 school Williams County, Ohio.
building construction bonds upheld by the State Supreme Court
bonds offered on Nov. 18 (V. 115. p. 2296) have been Fold to W.L. Slayton
19-V. 115, p. 2927-W. J. Casselarry, Assistant Clerk of Public on Dec. & Co. of Toledo. Date Oct. 1 1922. Due $1,000 yearly on Oct. 1 from
says: "Wish to advise that the directors of School District No.Schools, 1924 to 1933. inclusive.
1.
meeting held Dec. 20th, decided to defer any action in regard to the at a
SAVANNAH CLEAR CREEK RURAL SCHOOL DISTRICT
sale
of these bonds until a meeting of the board of directors
to be held June (P. 0. Savannah), Ashland County, Ohio.
-BOND OFFERING.
3 1923."
John Gibson, Clerk Board of Education, will receive bids until 12 m.
PRESCOTT JOINT SCHOOL DISTRICT NO. 1 (P. 0. Prescott), (Central Standard Time) Jan. 27 for the purchase of $65,000 53.1% bonds,
issued for the purpose of acquiring a site, construction of a fireproof school
Pierce County, Wis.-BONDS VOTED.
-At a recent election an issue of
$45,000 school bonds was voted. The bonds are described as follows: building and equipping same under Sections 7629 and 7630. Denom.
Coupon bonds in denomination of $1,000 each. Date March 1 1923. $1,000. Date Jan. 1 1923. Int. M. & S. Prin. and hit, payable at the
Interest rate 5%, payable M. & S. at the Northwestern National Bank, office of the above official. Due yearly on Sept. 1 as follows: $2,000 1924
Minneapolis. Due as follows: $2,000, 1924 to 1928, inclusive; $3,000. 1929 to 1927, incl.. and $3,000 1928 to 1946, incl. All bids to be accompanied
by a certified chock for 2% of the amount of bonds bid for, but not to
to 1933, inclusive, and $4,000, 1934 to 1938, inclusive.
exceed $1,000 on any one bid. Purchaser to pay accrued interest. Tran- •
PRINCETON, Mercer County, N. J.
-BOND SALE.
-The issue of script will be furnished successful bidder and ten days' time for examination
$50,000 435% coupon (with privilege of registration) sewer bonds offered given. Bids may be made subject to approval of same.
,
on Dec. 29 (V. 115, p. 2822) was awarded to the Princeton Bank & Trust
TALPA ROAD DISTRICT NO.3(P.O. Coleman), Coleman County,
Co. at 100.95, a basis of about 4.309'. Date Jan. 1 1923. Due
-BONDS VOTED.
-At the election held on Dec. 20-V.
$5,000 Texas.
yearly on Jan. 1 from 1924 to 1933. inclusive.
-the proposition to issue $30,000 road district bonds carried by115, p.
2503
a vote
of 159 "for" to 21 "against" the issue. L. G. Matthews, County Judge.
QUANAH, Hardeman County, Tex.
-BOND OFFERING.
-According
to the "Manufacturers Record" of Dec. 23 bids will be received by
THORP INDEPENDENT CONSOLIDATED SCHOOL DISTRICT
Ralph
McMillan, City Secretary,for $98,000 6% water bonds until to-day (Jan.6).
NO. 4 Clark County, So. Dak.-BOND OFFERING.-Dids will be reHoward E. Graves, Clerk, Board of Education until 1 p. m.
RAPID CITY, Pennington County, So. Dak.-BOND SALE.
-The calved by $10,000 school bonds not to
$140,000 funding bonds offered on Jan. 2 (V. 115, p. 2823) were
Jan. 6 for
exceed 6% int. Denom. $1,000.
to McNear, ileeter & Co., of Minneapolis, at a premulm of $400.awarded Date Jan. 1 1923. Int. J. & J. Cert. check for 10% of bid, required.
equal
100.28. Date Dec. 15 1922. Due Dec. 15 1942. (Rate of interest to The Board will furnish the blank bonds and legal opinion of Elmer L. Wilnot liams of Minneapolis.
stated.)
REDWOOD COUNTY (P. 0. Redwood Falls), Minn.
-BOND
-The Minnesota Loan & Trust Co. of Minnesota, has purchased SALE.
an Wu
of $3.825 58 0,1% road refunding bonds. Date Nov. 1 1922.
Duo 19_8
to 1942, inclusive.
RICHMOND, Contra Costa County, Calif.
-BONDS VOTED.
-At
the election held on Nov. 28-V. 115, p. 2296
-the $150.000 park and playground bonds were voted.
RICHMOND HEIGHTS (P. 0. South Euclid R. F. D.) Cuyahoga
County, Ohio.
-BOND OFFERING.
-Henry Schroeder, Village Clerk.
will receive bids until 12 m. Feb. 5 for the purchase of not less than par
and interest of $12,000 53 % coupon electric supply bonds, issued under
authority of Sections 3937 to 3947, inclusive. Denom. $1,000. Date
Jan. 1 1923. Prin. and semi-ann. Int. (A. & 0.), payable at the Village
Treasurer's office. Due $1,000 yearly on Oct. 1 from 1924 to 1935, incl.
Certified check on some bank other than the one making the bid for 10%
TRENTON, Grundy County, Mo.-BOND SALE.
-A syndicate composed of Stern Bros. & Co., Guaranty Trust Co., and Prescott & Snider,
al of Kansas City, and Kauffnaan-Smith-Emert & (Jo., Inc., of St. Louts,
have purchased $175,000 5% bonds. Denom. $1,000. Date Jan. 15
1923. Due on Jan. 15 as follows: $7,000, 1928; 88,000, 1929 to 1931, incl.;
$9,000, 1932; $10,000, 1933 to 1936, incl.; $11,000, 1937; $12,000, 1938;
$13,000, 1939: $14,000, 1940 and 1941; 515.000. 1942. and $16,000, 1943.
TULARE, Tulare County, Calif.
-BOND ELECTION.
-An election
be held on Jan. 9 to vote on the question of issuing $50,000 fire department
and city hall inapt. bonds.
UMATILLA, Lake County, Fla.
-BOND SALE.
-The $40,000 street
and $15.000 water and sewer 6% coupon bonds offered on Dec. 27(V. 115,
p. 2716) were purchased by the Hanchett Bond Co. of Chicago. at a premium of $330. oemal to 100.60. Date Jan. 1 1923. Due $10,000. 1933
and 1943; $15,000. 1948. and $20,000, 1953.
101
THE CHRONICLE
JAN.6 1923.]
URBANA AND CHAMPAIGN SANITARY DISTRICT (P. 0. Ur-BOND SALE.
-The Harris Trust
bana), Champaign County, 111.
& Savings Bank of Chicago has purchased and is now offering to investors
at prices to yield 4.30% and 4.35%. according to maturities, an issue of
0
_
...s900,000 4%7 coupon (with privilege of registration as to principal)
sewer bonds. Denom. $1,000. Date Dec. 1 1922. Prin. and semi-ann.
int. (J. & D.) payable at the Harris Trust 8z Savings Bank of Chicago.
Due yearly on Dec. 1 as follows: 810,000. 1926; $12,000. 1927; $14,000,
1928; 316.000, 1929: 318,000. 1930; $20.000. 1931; $22,000, 1932; $25.000,
1933; $28,000. 1934; 330.000, 1935; $35.000. 1936; $37,000, 1937; $40,000.
1938; 345,000, 1939, 348,000. 1940, 350.000, 1941 and 1942.
Financial Statement.
$23,189,640
Real value of taxable property, estimated
11,594,820
Assessed valuation for taxation, 1921
500.000
Total debt (this issue included)
Population (present estimate), 30,000.
-BOND SALE.
-The Police Pension Fund of Utica,
UTICA, N. Y.
according to reports, was the successful bidder at par for the $8,035 83
4%7,2 2-3 year (aver.) delinquent tax registered bonds, offered on Dec.
30-V. 115, p. 2931.
VALLEY COUNTY SCHOOL DISTRICT NO. 1 (P. 0. North Loup.),
Neb.-BOND SALE-The Peters Trust Co. of Omaha has purchased $70.000 5% school bonds. Denom. $1,000. Date Jan 1 1923. Principal
and semi-annual interest (J. & J), payable at the County Treasurer's office
in Ord. Due as follows: $2,000 1934 to 1943, inclusive; $4,000. 1944 to
1948, inclusive; and 36,000, 1949 to 1953, inclusive. These bonds were
'
voted on Dec. 12 (V. 115, p. 2824).
-BOND SALE.
VANDERBURGH COUNTY (P. 0. Evansville), Ind.
-The $8,700 4%% Philip Fuchs et al., German Township Upper Red
Bank Road bonds, offered on Dec. 26 CV'. 115, p. 2716) were awarded to
the West Side Bank of Evansville, at par and accrued interest. Date
Dec. 26 1922. Due each six months from May 15 1924 to Nov. 15 1933.
inclusive.
VAN METER CONSOLIDATED INDEPENDENT SCHOOL DISTRICT (P. 0. Van Meter), Dallas and Madison Counties, Iowa.
m. Jan. 19 by
BOND OFFERING.
-Bids will be received until 7:30
A. M. Compton, Secretary, Board of Education, for 120.000 5% bldg.
bonds. These bonds were voted at an election held on Dec. 27 by a count
of 238 to 173.
-The
-BOND SALE.
VIGO COUNTY (P. 0. Terre Haute), Ind.
3100,000 5% Wabash River bridge refunding bonds offered on Dec. 30-were awarded to the Terre Haute Trust Co. of Terre
V. 115, p..2824
Haute, at 102.025, a basis of about 4.57%. Date Jan. 1 1923. Due
$5,000 each six months from July 1 1923 to Jan. 11933, inclusive.
WAKONDA DRAINAGE AND LEVEE DISTRICT, Fulton County,
-Baker, Walsh & Co. of Chicago, have purchased
III.
-BOND SALE.
and are now offering to investors at a price to yield 5.607, an issue of $260.000 6% coupon bonds. Denom. $500 and $1,000. Date Jan. 1 1923.
Prin. and semi-ann. int.(F.& A.), payable at the Continental & Commercial
National Bank of Chicago. Due $26,000 yearly on Aug. 1 from 1928 to
1937, inclusive.
WALLOWA VALLEY IMPROVEMENT DISTRICT NO. 1 (P. 0.
-The $5,000 6% improvement bonds
Enterprise), Ore.
-BOND SALE.
-were awarded to Ben Johnson at
offered on Dec. 20-V. 115, p. 2716
Date Jan. 1 1922. Int. J. J. Due
par. Denom. $500 and $1,000.
from 1938 to 1942, inclusive.
-George B. Gib-BOND SALE.
WALTON, Delaware County, N. Y.
bons S; Co., Inc. of New York, were awarded an issue of $16.000 4.70%
highway bonds on Dec. 4, at 100.35, a basis of about 4.65%. Date Dec. 1
1922. Denom.$500. Int. J. & D. Due $1,000 yearly.
WASHINGTON SUBURBAN SANITARY DISTRICT, Md.-BOND
OFFERING.
-Sealed bids will be received until 3 p. m. Jan. 12 by T.
Howard Duckett, Chairman of the Sanitary Commission, at the Evans
Bldg., in Washington, D. C. for Series "F" and "G" of the Washington
Suburban Sanitary District tionds, issued under the authority of Chapter
122 of the Acts of the General Assembly of Maryland of 1918, each series
in the sum of 3500.000. bearing interest at the rate of 43.i %, payable
semi-annually. Date Jan. 1 1923. Due in 50 years. Redeemable after
30 years. These issues have been approved by the Public Service Commission of Maryland and carry all the exemptions as to taxes of Maryland
municipal bonds. Bids will be received upon either series separately or
for the whole million or none. A certifierj check for $5,000 for each series
bid upon must accompany the bid. The Commission reserves the right
to reject any or all bids or to accept separate bids upon either series.
-On
-BOND SALE.
WAYNE COUNTY (P. 0. Wooster), Ohio.
Jan. 3 Prudden & Co., of Toledo, bidding 102.066 and interest plus cost
of printing bonds, were awarded the $100,000 5%% I. C. H. Nos. 96 and
147 improvement bonds offered on that date (V. 115. _13. 2824). Date
Sept. 15 1922. Due yearly on Sept. 15 as follows: 511,000, 1923 to 1930,
indusive, and $12,000, 1931. Other bidders were:
Names of Other Bidders
3102,090(10
Stacy & Braun, Toledo
101,650 00
W. L. Slayton & Co., Toledo
101,591 00
Richard, Parish & Lamson, Cleveland
101,800 00
N. S. Hill & Co., Cincinnati
101,950 00
Breed, Elliott & Harrison. Cincinnati
101.670 00
Wayne County National Bank, Wooster
101.331 00
A. T. Bell & Co., Toledo
101.525 37
Lewis Rosenstell & Co., Cincinnati
-BOND OFFERINO.WHITE COUNTY (P. 0. Monticello), Ind.
Treasurer, will receive bids until 10 a. in. Jan. 15
B. B. Steely, County
for $7,000 5% John Van Kirk et al., county line highway bonds. Denom.
$350. Date Nov. 15 1922. Int. M.& N. 15. Due $350 each six months
from May 15 1924 to Nov. 15 1933, inclusive.
-BOND SALE.
-The Union
WHITEFISH, Flathead County, Mont.
Trust Co. of Spokane, has purchased $20,000 funding bonds.
INDEPENDENT SCHOOL DISTRICT (P. 0. Wil
WILLIAMSON
-BONDS VOTED.
-On Dec. 20 an issue
liamson), Lucas County, Iowa.
of $15,500 school-building bonds was voted by a count of 95 to 38 at an
election held on that day.
NEW LOANS
We specialize In
City of Philadelphia
32
3%.
4s
41 4s
/
4 8
/
1
2
5s
/s
51 4
5%.
WINONA, Logan County, Kans.-BOND SALE.
-The $34.000 5%70
water bonds registered by the State Auditor of Kansas, on Nov.9-V. 115.
-were purchase) by the Guarantee Title & Trust Co. of Wichita,
P. 2609
at a premium of $965 60, equal to 102.86.
YORK TOWNSHIP RURAL SCHOOL DISTRICT (P. 0. Nelsonville R. D. No. 3), Athens County, Ohio.
-BOND SALE.
-The $4,000
-were
6% school building bonds offered on Dec. 21-V. 115. p. 2717
awarded to Ryan, Bowman & Co. of Toledo, for $4.004 40 (100.11) and
interest, a basis of about 5.98%. Date Dec. 211022. Due $400 Yearly
on Aug. 21 from 1924 to 1933, incl. There were no other bidders.
YOUNGSTOWN, Mahoning County, Ohio.
-The
-BOND SALE.
following 3 blocks of 5% bonds, which were offered on Dec. 4-V. 115.
p. 2298
-were sold to the Sinking Fund Trustees:
$100,000 (city's portion) grade crossing elimination bonds. Date Nov. 15
1922. Due $4.000 yearly on Oct. 1 from 1924 to 1948, incl.
The purchase of $63,000 of these bonds by the Sinking Fund
Trustees was reported in V. 115, p. 2407.
24,700 Springdale District sewer outlet bonds. Date Nov. 1 1922.
Due yearly on Oct. 1 as follows: 35,000 from 1924 to 1927,
inclusive, and 34,700 in 1928.
22,131 Belle Vista et al., sidewalk bonds. Date Nov. 1 1922. Due
yearly on Oct. 1 as follows: $4,000 from 1924 to 1927, inclusive.
and $6,131 in 1928.
BOND SALE.
-We are unofficially informed that Eldredge & Co. of
New York purchased on Jan. 2 the following two issues of bonds (of the four
issues of coupon-with privilege of registration-bonds offered on that
date
-V. 115, p. 2609):
$25,000 5% parks and playgrounds bonds. Date Dec. 15 1922. Due
$5.000 yearly on Oct. 1 from 1924 to 1928, incl.
9,545 Stambaugh Ave. sewer bonds. Date Dec. 1 1922. Due yearly
on Oct. 1 as follows: 32,000, 1924 to 1927. incl.. and $1.545. 1928.
CANADA, its Provinces and Municipalities.
ALBERTA SCHOOL DISTRICT, Alberta.
-DEBENTURE SALE.
The following issues ofschool debentures were sold recently, it is reported:
$10,000 8% 10
-year Brule School District No.3537, to Blue Diamond Coal
Co.of Toronto,at par.
1,200 8% 12
-year Middle Creek School District No. 3950,to Northern
Investment Co. of Edmonton, at 102.50.
800 8% 15-year Quebec School District No. 3989, to E. F. Baker of
Comrose. at 102.55.
3,200 7% 10
-year Stoney Plain Centre School District, to Northern
Investment Co. of Edmonton, at 98.
BRANTFORD, Ont.-DEBENTURES
VOTED -The
$124,000
Lorne Bridge debentures (V. 115. p. 2932) were voted at the election held
on Jan. 1. No report has reached us concerning the other two issues.
BRANTFORD, Ont.-BOND SALE.
-It is reported that an issue of
$65.000 53 % 10 installment bonds were sold locally at par.
DRYDEN, Ont.-DEBENTURE SALE.
-It is reported that the $5.000
6% 20 equal installment debentures, offered on Dec. 5 (V. 115, p .2504)
were awarded to C. H. Burgess & Co., of Toronto, for 95.20, a basis of
about 6.62%. Date Dec. 1 1922.
LACHINE, Que.-DEBENTURE OFFERING.
-S. G. Grimston, Seerotary-Treasurer Protestant School Board, will receive sealed bids until
-year school debentures. Date Dec. 1
4j3. in. Jan. 15 for $225.000 53 % 10
1922. Payable in Montreal or Lachine.
LONDON, ONT.-BONDS DEFEATED.
-The City Clerk informs us
that at an election held on Nov. 29 1922 an issue of $300,000 bonds for a
nurses home was defeated. The vote was 3,496 "for" to 4,431 "against."
MIDDLESEX COUNTY (P. 0. London), Ont.-TEMPORARY
LOAN.
-John Stuart, County, Clerk advises us that the county has
negotiated with a local bank for a temporary loan of $119,000. The
borrowing of this money was authorized by the Council on Dec. 5(V. 115,
p 2932).
PELEE TOWNSHIP, Essex County, Ont.-DEBENTURE SALE.
The Canadian Bond Corp. of Toronto, was awarded on Dec. 26 an issue
of 57,5006% 10 annual installment debentures, offered on Dec. 14 for 99.35.
Due in 10 annual installments of principal and int. ($1.019 01 each).
-BOND SALE.
-It is reported in the "Financial
POINT GREY, B. C.
Post" of Toronto, that an issue of $30,000 6% 3
-year bonds was sold to
the British-American Bond Corp. of Vancouver, and Gairdner, Clark &
Co. of Toronto, at 99.
BIDS REJECTED.
-We learn from the same source that all bids for
$50,000 5 % 21-year bonds and $70,000 5%% 31-year bonds were rejected.
PORT CREDIT, Ont.-DEBENTURES AUTHORIZED.
-C. W. Gor
don, Clerk and Treasurer, informs us that $35,000 to $40,000 5;.5% coupou
water works debentures have been authorized. Denom.$1,000.
-George H. Ross. CommisTORONTO, Ont.-BOND OFFERING.
sioner of Finance, will receive sealed bids until Jan. 9 for 510,053,000 5%
city bonds, it is reported.
WALLACEBURG, Ont.-DEBENTURE SALE.
-R. C. Matthews
& Co., Ltd., of Toronto, were awarded an issue of $71,883 9115
-installment
6% local improvement paving debentures for 101.06, it is reported.
-DEBENTURE SALE -On Jan 3 $1.300,000 5%
WINNIPEG, Man.
coupon (with privilege of registration as to principal) debentures were
awarded to A S. Ames & Co., of Toronto, and the Old Colony Trust Co.
and Parkinson Sc Burr, both of Boston, at 96.959 (Canadian funds). Denomination $1,000. Date Jan. 2 1923. Principal and semi-annual interest
& J. 2) payable at the fiscal agency of the city in New York at the
Bank of Montreal in United States gold coin, or at the Bank of Montreal.
Toronto, Winnipeg or Montreal, in Canadian currency, at option of holder.
Due Jan. 2 1943. The money, according to the Toronto "Globe," will be
used as follows: $600,000 for schools, $300,000 for extensions to the hydroelectric system, $300,000 for local improvements, and $100,000 for waterworks.
FINANCIAL
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United States and Canadian
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BALLARD & COMPANY
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102
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