The full text on this page is automatically extracted from the file linked above and may contain errors and inconsistencies.
.
1
w
inarirj
I
uitimntiHi
JANUARY
VOL. 114
7 1922
rant
DANA COMPANY.
Published every Saturday raorninK by WTI.UAM B.
PresJ
dent. Jacob Selbert Jr.; VIce-Presidont. Aniold O. Dana; Business Manager. William
D. RIgga; Secretary, Herbert D. Seibert. Address of all, Office of the Company.
NO. 2950
SINCE JANUARY
CLEARINGS FOR DECEMBER,
»
Drccmber.
—
THoclne
1,
AND
FOR
WEEK ENDING DECEMBER
31.
Week ending December 31.
Months.
Clear inns at
Inc. OT
1920.
1921.
New York
PhiladelphiaPittsburgh
-.
Baltimore
Buffalo
Albany
Washington
.
Rochester
Scran ton
SjTacuse
Reading
Wilmington
Wllkes-Barre
Wheeling
Harrlsburg
Trenton
York
Erie...
694,000.000
309,000.000
158.825.215
20,800,000
86.309.102
38.357.489
21.336.802
15.805.168
H.2H9.:i07
10.544,129
12.434.627
26.589.805
20.079.372
17.194.509
5.607.478
8.592.368
842 .690.5,50
410 .884.811
187 .993. S32
20 ,176.033
78 ,601.473
51 562.230
23 ,850.939
19, 445.308
11, 607.666
13, 211.666
12. 315.388
23, 986,692
7. 006.986
4, 632.200
4, 637. .530
Greensburg
5. .500.000
4.300.300
Chester
Altoona
Franklin
4,4.52.286
Beaver County, Pa..
Lanci' ster
Norrlstown
Montclalr
Oranges
Hagerslown
Bethlehem
Huntington
Lebanon
Camden
Jamestown
6
Niagara Falls
Total Middle
Milwaukee
-
Indianapolis.
Columbus..
Toledo
Peoria
Grand Pvaplds
Dayton..
EvansviUe
—
til
Wayne
Youngstown Akron
Le.'clngton
Rockford
Canton
-
Blooralngton
Qulncy
Springfield, Ohio
Decatur
South Bend
Jackson
Mansfield
Danville
Lansing
4,007.718
1,463.062
1,643.015
2,549,898
9,902.002
3,063.490
2,300,000
4,571,413
2,300.000
23.822.407
7.471,500
2.407,303
33,314,607
4,378.164
4,300,000
4, ,9.50.875
2, 1.59.495
2, 601.921
3 445.502
10. 840.503
478.813
2, 634.682
3, 700.000
2 81 1. .546
3,
19 .618.573
n 184.742
2 895.577
26 .226.613
4 7,56.333
5 506,502
8,796,914
12,733.319
29.663.000
5.735.336
8.000,000
13.801.155
5.236.107
5.300.000
5.027.981
4.729.927
7.090 314
6.0.33 618
^
4.983.273
3.C57.999
8.719.620
19.913.352
52.007.000
5.208.078
10,361.917
19.610.116
5.513.370
6 838.091
5 434.435
6.483.337
3.666.625
7.792.000
5.833.614
3.002.046
2.782.744
Portland
Tacoraa
Oakland
Sacramento
Ban Diego
Fa.udcna
Fresno
Stockton
Boise.San Jose
Yakima
Reno
Ogden
Long Beach
Bakcrsf leld
Berkeley
Riverside
:
113 .132.938
62 .388.440
64 .242.-584
41 .975..533
97 ,799.000
44 .203.849
— 40!l
3..563. 401
3,857,719,5.58
—23.5
—31.0
— 10.4
+ 42.2
+ 13.5
+ 38.2
1
+ 13.7
85 320.244 —26.9
89 161.095 —27.9
47: 943.013 —12.5
.543,092.166
H 0.2
15.207.0.56
22. .5.57.6 18
26.6.57.900
—0.5
—4.3
284.417.588
128.348,444
161,701,122
226,6.57,271
8.4.56.923
—32.1
—2.9
249,179.300
53,846,498
92.064.797
5.918.145
+
10.7
68,6.53.714
3.8.'J9.721
—24.8
—38.5
34.466.133
90,830.528
171,000.0
59,579,974
164,334,736
25,538,866
14,393,898
6.994,879
14.642.1.59
16..346.691
+ 36.4
— 15.3
+ 6.4
5.800.242 —23.5
13.280.935
2.345.041
1 .332.933
4.1 88. 802'
3.878.175
2.394.637
1,754.182
3 252,6.55
345,438
37.
Included In total; comparison Incompleto.
rf
42,4.52,548
23.-)
35,911,895
26.940.501
-23.4
20,7.57,825
in
tot al
+ 10.3
3 6,54,027
1 430,673
2 100,133
1, 300.000
1 114.400
1 089.291
858,944
1,018.521
2,063.877
l.OOO.OOO
795.100
1.308,753
752,067
4.7
4.8
—32.2
—11.7
—5.0
—0.2
2,497,856.
1,757,711
2.100,000
—32.2
2,000,000
1,720,249
'osVibb^ooo
""28V,396
+"l'3".i
"'"5"5"o',944
"'4"o'7',i96
4,016,107
1.215,800
3,545, ,539
1,415,260
—14.1
765,385
1,264,347
—39.5
—19.1 6,579,408,843
5 ,052,343,912
+ 13.2
4,043,517,262 5,000,566,305
422.464,105
47,549,654
63.284.124
92,383,000
22.363.522
13,872,000
11,479,300
9,676.359
530,439.947
57.490.506
120.231.980
76.667.0.54
2,824,305.
4,620,000|
2,947,738
3,505,183
1,599,835
1 ,648,680
3,017.295
'""987.586
547.737
—
47.4
+ 20.5
25.360.732
13.500,000
12.355.900
10.900.907
3,469.031
—11.8
—17.2
—7.1
—11.2
—18.8
4,543,1.58
1.7
3.626.117
3,986.094
2,208.513
1,613.074
4,300.000
7,374,000
1.200.000
4,443.000
01,100.000
1.520,000
02.418.184
948.971
891.860
S83.505
732.250
1,217,078
—20.6
—17.3
+
—18.7
—12.0
—27.6
+ 5.3
—29.8
-39.7
—11.5
1,7,47,099
— 13.6
3,597.993
1,025,298
1,106.751
1,639,352
917.015
1,400,000
—32.8
—7.4
—19.4
—40.0
—20.3
—13.0
—
1"5".8
614.931.498
65.550.985
121.526.373
86.000.000
29.114.713
15.454.000
14.370.900
12.000.489
4.937.688
6,423.417
4.232.768
4,725,313
2,508,073
2,010.027
4.500.000
8,925,000
3,000,000
2,285,455
4,018,601
1,506,251
1,685.137
1,735,202
1,421,130
1,600,000
481,952,250'
57,881,802
93,599,273
64,033,494
28,531,967
13,952,000
9,-500.000
9.432,218
5,916,596
5,401,419
4,026,056
3,881,758
1,927,225
1,369,81'.)
3,797,497
4,347,000
2,497,353
1,900,000
1,609,969
1,100,301
1,210,406
1,605,500
973,4.54
1.050.000
-88.8
200,000
65,000
896,133,030
+ 2.9
1,021,476,430
806,909,308
123.300.000
76.065.000
24.943,018
—12.3
—17.2
4,1.52,417
03, 200,000
4.712.074
3.000.000
153,665,369
56,033,000
37,235,682
12,327,901
20.302,620
30,036,922
3,909,945
8,566,344
6,093,347
116,133,292
— 1.8
124.100.000
84.667.000
25.485.937
8.839.000
12.423.406
24.846.824
2,231,572
9,290,263
+ 0.8
+ 11.8
2.2
130.724.824
277.206.368
293.913.000
93.898.882
10.995.085
8.8214.198
45.022.028
133.604.030
+ 23.7
—
— 18.3
15.2
2,389,926
3,384,540
1,574,600
3.849.305
4,484,900
163. .595.4.36
67.098.1.50
—+11.3
^-H.H
— 26.3
— 18.1
4.5
'2.7V0',8«1
+ 57.6
666,303
'i.iYa'.zoo
—42.4
—21.4
—27.8
14 ,170.314 —27.4
8 .0I0..561 —25.1
98 831.124 —20.7
37 762.194 —20.7
—9.5
49 ,815,825
149.816
133,765
—22.8
022.147.680
1,315,000
078,216
267.583
0320 0)0
—80
698.954.
437.697
74 124.264
22, 770.026
57,615,833,412
+ 5.4
— 17.1
—21.5
892.346.395 —25.9
1.906.796.902 —20.4
261.081.872 —38.2
6.59.860.797
5.52.613.822
324. .345. 255
1.54.929.-338
1.50.987.8.32
34.637.801
1
7. .567.447
26.921.441
25.120.381
28.149,719
21,689,481
—42.7
—21.4
—22.2
— 14.4
9, .500,000
+
—9
16,000.000 —22.4
—3.1
25.641.099
3.116.837 —31.9
8.5,53.905
2.,5.57.2 19
"
'a'l","4"o'o,66b
1,128,250
(1560,000
8.6
—+1.19
+ 7.3
+ 6.6
:ii,4:r4.ooo
36.646,706
8,081,930
15.432,384
24,134.996
4.287.930
7.1.88.397
3.478.983
1.998.545
801.310
2.629.954
1.504,200
2,762,0.'!7
1,757.990
4,238,407
6.602.600
—8.57
'2,000.666
1,K)0,000
—«4.9
—
— 33.6
19.4
1.799.974
700,000
—20.0
744,985
980.268
304.945
'2,'776,888
-2'.6
2V29"8',276
"i.M'r'.ooe
68D.660
— 5.6
2,262', 1.57
'
1
.'l76'267
—32.0
"
'
+ 4U.9
—4.3
—4.3
-0.2
267,410.120
340.686.460
-17.9
813,219.706
—4.8 17,706.9«3.880 20.564,620,814
312,049,880
• incompleto.
a KHtlmntod on basis of last officially roportJd week. 6 Noi
Clearines by TeleKrnph on pntco 36.
Novonibcr result CHtimatod.
ciearlnK House dscoiillnuo'l fiirrjlshlni,' clearings returns Oct. 31
1,734,600,476'
ClearinKS continued on paKe
+ 18.2
—
— 11.3
19.5
—9.3
— 16.2
—
ded
5.177.986
2.570.263
3,748.352
2.000.000
3,725,618
1.291.246
3,994,274.000
2,072,639,437
+ 14.2
—2.7:
.391.694
+ 31.0
4,211,196.0)0
1,511,603,148
661.686.278
1,518,415.904
161 J«t8,400
—54.7
Inclii
3.975..572
4 700,000
3 ,197,410
4 ,185,171
2 ,400,000
4 ,523,092
— 19.0
—
—
14.288.574
9.904.021
13 .506,900
3 ,909.531
572.000
8io.ooa
775.000
+ 7.2
— 14.2
—28.5
—15.0
—23.3
—10.2
24.015. .574
4.000.00C'
1,300,000
1,150.000
822,797
347,015
1,220,510
1.3
664.1.50.108
—31.4
+
5.8
80.812.044
102 ,,576,910
36 ,314,222
4 400.000
15 724.683
+ 9.0
—
—20.0
—42.3
—5.8
380.189.000
145.712.932
19.003.140
48.030.625
27.896.783
1.485.821
—10.1
—15.8
—76.6
—14.9
99 072.122
53 233.635
32. 838.765
31, 947.723
35 ,091.193
130. 818,577
8.122.064,917 —18.4
151. 805. .545
+ 14.0
—
19.3
8"22'.65i
6,629.000.00')
518,4.50.346
$
—20.1 5.737 .014.003 4.347.516.231
—19.7 489 .596.5.53 414.386.907
—17.4 142 .6.56.950 124.659.1.57
715,7-34
44,516,473,764
—2.3
—9.6
50.763.5.59
88.748.113 —21.6
%
1918.
""l,"2"o"7",356
—7.6
— 17.9
1919.
—9.3
+ 15.7
—21.3
—0.4
16,.4 16. .560
S
3,377 ,239, .532 4,225 083,510
3.50.000.000
432 .332.659
al36.ooo.ono
164 405.712
84.567.000
77 .572.-527
28.003.661
34 .714.-584
a3,60n.000
4 .000.000
14,927,018
14 .103.271
7,024,311
9 83n.255
4,044,201
4 .7.56.642
2,887.098
3 766.810
2.099.929
2 .338.512
2.055.483
2 538. .539
2.108.512
2 684.-599
3,976,044
4 085.989
4,610.521
No
3,273.857
3 435,804
1,189,892
1 179.2.53
1,415,500
2 088.119
01,520.000
1 703.098
666,700
702.300
1,078,000
100.000
0882,000
801.908
Dec.
604,356
1,200.000
748.869
909,908
375,000
290,311
4,578,661.700
1
1,660,232,643
91 0.59,064
80 324.319
99 495,626
—7.2
.183.770
.909.195
3 .000.000
9 .004.678
17 .382.182
4 483.388
IB 706.578
2 081.672
2 100,000
022,708
10 .293.247
6 .006.535
78 .343.754
29 .957,518
45 .108.117
22 577.700
4 755.388
lielllngham
224, .374
—15.1
—22.8
—44,1
—35.4
—30.4
—33.2
—29.3
—31.1
—21.3
—27.6
+ 18.5
2 026.4.57
15 123.869
21 .587.461
Santa Rosa
]2.'!
846.998
397.140
1920.
—9.1
58 .313.241
54 .877. .545
27 .9.53.036
072.677
3 798,278
— 19.3
136
267
97
S7
Inc. or
1921.
—23.1
—14,2
—44.0
613 500.000
407 624.000
142 ,149,762
45 ,878.513
69 .572.268
130 244.025
13 042.008
Eugene
Santa Barbara*
Modesto -•
Total Pacific
111 124.,547
95 .201.095
178 .501.814
68 .788.960
66 ,866.496
71 737.517
58 .12r.169
7.125.465
7,188.909
1.978.210
724.144
642.172
77.-), 265
3.644.900
3.882.022
2,9!, 1. 244
Spokane
Salt Lake Ctty-
—5.6
—39 .7
71 .722.888
+ 92.3
7.7I8..300
.lealtlc
— 14.2
—+ 3.7
7.4
—23.1
— 16.6
108 622.114
243 665.233
584 917.000
2.073. .5.56
4.300.000
1.108.243
910.000
505.329
WesU
+ 10.11
92 206.238
188 .351.262
327 .072 000
17 6.53.0.52
6.300.0t)0
San Francisco.
Los Angeles
—26.7
30 .119.761
45 ,986.911
75 ,382.831
Gary
Total Middle
211,751,418.004 288,801,560,524
—59.6
Flint
Albany
Paducah
Hamilton
Aurora
+ 0.9
—36.1
—43.0
—22.6
—27.4
6.2.59,677 —16.4
6.378.721 —16.6
6.948.517 -21.3
1.312.2.54
New
—2.3
—5.2
—56.2
—20.0
—17.8
—34.8
—6.7
—18.5
—4.3
—10.7
—16.9
—21.7
—17.6
—24.1
—32.5
—9.4
—50.1
—25.9
—23.7
—16.0
—21.2
—20.2
—8.0
—17.4
— 16.5
—
2.528.334
3.986.568
Lorain
Adrian
— 12.1
—20.0
—18.5
194,331,219.663 243,135.013,364
20.445,000.000 25.094.696.6.54
7.507,302,491
8.982.S87.399
3,745,:i37,2.5S
4.896.046.381
1,811.485.206
2.293.015.699
223, .584 .283
249,344.568
876.405.706
837.109.844
453.315.966
594.398.278
241.511.865
267.995.988
201.131.513
254.623.897
126.960.765
154.410.276
114.027.762
174.803.372
136,894,949
148.981.702
229,827.317
281,992.700
197.118.683
205.922.436
183.446.701
205.416.418
66,859.863
80.472.866
109,205,977
139.4.53.902
ei.' 38.971
75,101.591
48.076.221
63.379.600
53.191.492
78.788.384
49,960,458
55.124.037
17.392.760
42.483.761
23.8.52,647
32.179.180
32,690.760
42.0.54.221
131.125.175
156.086,031
34.188.435
43.405.100
23.228.823
29,071,239
43.421.238
47,181,878
(•44
32.261
39.066,276
156. 343. 832
109,985,297
86.058.151
75.707.582
30.983.622
40.241,372
253,466.639
295.042.097
48.296.471
34.925,038
48.8.59.671
53,116,873
—
3,518.265
111
Ann Arbor
O wensboro
Dec.
2,601.481,638 —14.5 25.974 692,0.57 32.669 233.535 —20.5
—20.5
297,112.2.55 —26.5
2.800 ,971.276
3, ,596 794.020
,574,1.52,024 —37.4
4.666 .900.000
6,007 387,037 —32.5
454.961.245
+ 2.3 4.699 ,482.451 6,104 323.103 —23.1
1.445 267,585
134.745.797 —10.3
1.736 327.000 —16.8
14.4
785 3.50.000
71.989.000
941 938.000 —16.6
66.638. .500 —11.1
6601.408.100
751 010.400' —12.1
^5.0
63.668..500 —25.0
591 .363.867
788 .589.665
16,6.52.261,
19.084.233 —40.3
191 250.996
281 528.229 —32.1
—1.7
—17.4
26.482.941
291 .362.242
26.048.607
352 898.673
—6.9
16.841.5.39
18.086.581
210 .625.250
249 491.107 —15.6
21.232.810
216 ,797. ,580
21.911. 884
+6
261 887.296 —17.2
—1.7
124 .002.050
9,667,223
11,6.34.88
146 814.949 —15.5
7.3.59.000
Lima
Jacksonville,
11, 640.675
2,224,666,807
240.404.613
359.609,358
465.878.008
120.978.262
74.990.000
59,246,800
48,700.000
Chicago --
Springlield,
776.681
21,958,112,115 24,954,695,941
Cincinnati
Cleveland
Detroit
Fort
19, 103.337
18, 357.262
6,
1920.
%
s
,475.589,539 20.S80 .934.077
904.0n0.000 2.165 .986.685
Blnghamton
Frederick
1921.
THE CHEONICLE
THE FINANCIAL SITUATION.
death of Senator Penrose has started speculation not only as to its possible influence on Pennsylvania party politics but as to the succession to
the chairniauship of the Senate's Finance Commit''Hertee, and the W'ashiiiglon representative of the
ald" sees ominous consequences in the opportunity
'I'he
be seized by the agricultural bloc, which
is said to aim "at the triumph of the wheat interests
of the Missouri Valley and the cotton-growers of
the South over the Wall Street financier, the manuthat
may
facturer and the small business man in industrial
A half-dozen measures
sections of the country."
are mentioned as having been already "put through
under the agricultural goad," and another four are
awaiting, prominent among them the freight rate
reductions which everybody desires. The hysterical
cry that the lowering of income surtaxes would
"shift the burden from the rich to the shoulders of
the poor" (this cry also having been raised against
a sales tax)
is
especially attributed to the agricul-
tural bloc, which
constitutional
is
also said strongly to favor the
amendment suggested by
the Presi-
within the reach of
taxation. It is in the power of a bi-partisan group
of 22 Senators, ptirsues this correspondent, "to hold
up the (Jovernment just as the Piatt-Tammany combination held up New York in the old days."
Only 8 of these 22 Senators (Democrats, of course)
are from the South. The immediate menace seen is
dent for bringing
all securities
may advance Mr. McCumber
North Dakota to be head of the Senate Committee and make Mr. La Follette of Wisconsin eligible
for membersJiip on the conference committee that
has to discuss differences with the House on financial and like weighty subjects. The bloc, according
to the "Herald's" summary of opinion in Washington, does not conceal its intention to "run" the
Government, and the correspondent submits figures
to show that the five most prominent bloc States
contributed to revenue in the last year only a little
over 17."j millions, while Massachusetts contributed
almost 2.")!) millions, and, with the other four most
prominent industrial States, over 2,543 millions;
that the seniority rule
of
the bloc States furnished less than 31/2% of public
revenue, against over 51% by the five industrial
States.
That
a
Congressman
oldest in years, or in service, or has been longest on a certain committee, is
of course no sound reason why he should succeed
is
vacant chairmanship; promotion as well as
monibersliii) ought to go by fitness, and the "seniority" rule is only a bad habit of democracy which
de
[Vol. 114.
having the same "class" trouble spread. We have
allowed the cry that "Wall Street" is an octopus;
that has grown into an under-current of jealousy
between East and West, and everywhere between
the Haves and Have Nots. As for the farmer, his
in the circle is assured. He
has had to endure being the butt of newspaper jests,
but that should not anger him, for he is everybody's
position as "end
man"
needs no proof,
farmer
does not
since he who does not care for the
friend,
and everybody
is his; this
care for himself.
Yet the farmer may or jjpay not be in such special
trouble as to need a special pull of relief by all the
rest of the country; complaint is easy and general,
requiring no genius, and he should not be hasty to
assume that he has more than his fair share of the
world's troubles. But suppose he has? A national
conference to talk his case over is set for the 23rd,
and there can be no objection to this, provided it
follows the example of the late unemployment talk
and avoids an outcry to Government, for that means
that all the rest of the people must accept an extra
turn of the universal squeeze, in order that he may
have some pressure taken off. If he cannot respond
to the suggestion that he be too proud and independent to adopt the tactics of more closely unionized
"labor," let him take note of the immovable severity
of economic law.
If he crowds the railroads overmuch, or if he manages to boost the unit prices of
his own products, or if in any other manner he elbows others that he may get more room, the elbowing will react upon himself the unions are still trying not to admit this, though they are gradually
compelled to see it, and cannot our farmer rise to
a higher level of practical sense than these too-long
indulged fretful children?
It is wise to guard against any premature and undue alarm, but also wise to face the thing at its
potential worst. Putting it thus, the thing is sectionalism, and we should recognize it as probably
the most subtle and serious dispersive factor in our
;
political structure.
It is really the crucial test of
democracy. Can we pass the test? To assume that
we cannot and shall not seems to doubt the plan of
Providence and thus to be inadmissible. But we
need to make a New Y'ear resolution and to summon to its keeping all the seriousness and strength
—
—
American character that we will put down all
and talk and thought of sectionalism and "class"
and will stand together for justice, righteousness
and progress.
in
act
to a
mocracy must abolish. It is true that the relative
influence of the States— and this may be said also
of their niimorical weight— is not as it ought
to be
Congress, partly because of the equal representamore because the scum inclines to rise to the top of the political boiling
pot
and the substance to stay at or near the bottom.
It
in
tion in the Senate, but
is
true, further, that
tional feeling
from which
bloc
is
it
we are not exempt from secand that this gets into our taxation,
ought
to be
scrupulously barred.
a manifestation of a disease.
A
The meeting
Supreme Council at
Cannes, in Southern France, the first session of
which was held yesterday, was the event to which
of the Allied
special attention
was given
in Allied and other European capitals throughout the week. A preliminary gathering of prominent financiers and business
men from England, France, Italy and Belgium, was
held in Paris a week ago yesterday. The New York
"Times" correspondent said that "the British memorandum on the principles to be followed if Europe is
to be reorganized were discussed, and,
on the whole,
approved." Commenting further on that gathering,
One is neither he said
"To-day's [last Friday] meeting has then
better nor worse than another.
The disease is a to be taken as simply a
preliminary meeting of a
combination of selfishness and short-sightedness,
series of three, of which the second will
be at Cannes
and now that we, the American people,
have encour- and the third probably in
London or Brussels.*'
aged the labor unions by many
years of tame and Continuing he
outlined
the
British
memorandum in
»>ln).l submission
we face the just punishment of part as
follows
"About what
:
:
the contents of the
THE CHKONICLE
Jan. 7 1922.]
memorandum
unusual
amount of discretion. They may, however, be summarized as follows The memorandum sets out that
all economic welfare depends on three things: (1)
good communications, (2) respect for law and its
just enforcement, (3) easy establishment of commercial relations by means of stable currencies.*'
British
are
there
is
an
:
By way
program the correspondent observed "with the first and second of these
of analysis of the
not directly concerned. Their settlement is more a matter for the
Supreme Council or for the general conference
which will be summoned later." He also asserted
that "the matter immediately before this conference
is how it may be possible to reconstruct Russian
communications. In the British memorandum the
suggestion is made that a consortium be formed
which will group the resources of each country and
hold them available for the work of reconstruction
when the two conditions have been established of
the enforcement of law in Russia and the formation
of a new general currency. In this consortium it is
hoped that France and England will take equal
shares and ultimately, of course, equal profits."
The Paris correspondent of the New York "Herald" cabled an outline of a much more elaborate
program which he said was "adopted in principle"
at the Paris gathering a week ago yesterday. According to his understanding, the scheme embraces
"1. The promotion of a vast
the following points
international consortium, under Government auspices, of private, commercial, financial and industrial interests of each country for making possible
the exchange of commodities between producing and
semi-pauper Countries. 2. There will be the principle of equal participation in this consortium by
every country so wishing, regardless of its exchange
position or financial strength, provided it agrees
to respect private property enterprises and to establish laws to that effect, this being particularly
directed against Russia and Germany. 3. The right
to be reserved to the United States to come in on an
equal participation basis if it so desires, and also to
Japan and other non-European countries. 4. The
individual commercial interests of these countries
having subscribed to the full extent of their participation in this gigantic international combine, orders are to be taken from consuming countries and
allotted by countries according to their participation, payment to be made to the syndicate either in
securities or commodities, which, in turn, are to be
allotted according to the extent of participation.
5. It was suggested that the capital be one billion
pounds sterling." He added that "a significant
point in the deliberations was the evident anxiety
of the participants for American co-operation with
the implied suggestion that if American interests
refuse to profit by the opportunity America possibly may be shut off from participation in the European reconstruction trade."
Following a meeting at the Quai d'Orsay the next
morning, a semi-official statement was issued, in
which it was set forth that "the actual resolution
passed in agreement was in outline as follows: 'That
it should be recommended to the Supreme Council
three conditions this conference
is
:
that an international industrial corporation should
be formed and that Gfreat Britain, France, Germany
and the United States [if the United States so desires] should take equal shares in the capital of the
corporation, and that other Allied nations and such
3
may
be arranged should also participate,
in amounts to be agreed on by the Franco-British
organizing committee.' " The New York "Times"
correspondent added that "during to-day's [last
Saturday] discussion the question of the kind of
money in which the capital of the corporation should
be subscribed was again discussed, but tbe decision
had to be adjourned and a small committee was appointed to consider in what money or moneys subscriptions should be made. The British naturally
wished the subscription to be made in sterling, but
some other countries represented to-day declared
that, in view of the possibility of the early improvement in their depreciated currencies, subscription
in sterling would entail certain hardship. To meet
this objection the British delegates suggested a
modified plan which would enable subscribers to use
either sterling or francs for subscription.
In the
end the matter was referred to a sub-committee for
consideration and decision before the date of the
meeting at Cannes." The correspondent added that
"except for this difficulty the plan is now ready to
be submitted to the Governments, but it will not be
published until it is in their hands. In addition to
the details given yesterday it can be added that the
capital which the promoters believe will be required
will be £20,000,000. With this they wiU be prepared
to set to work on the reorganization of the railroads
and harbors of Eastern Europe in a way to provide
facilities for private enterprise to follow them with
the assurance that, at least, the essential conditions
of economic and commercial life will be provided.
Further, the corporation will undertake to advise
private enterprises as to conditions in various countries in which it is proposed to undertake operations
and if necessary assist them. The basis of all these
suggested operations is the clause in the joint memorandum which will be presented at Cannes that
these operations can be conducted only in countries
'which guarantee the rights of private property and
will enforce justice.' The next step is then for the
Governments to obtain from Russia the promise and
fulfillment of such condition. Without that promneutrals as
ise
and the guarantee
of its fulfillment it will ad-
mittedly be impossible for the corporation to set to
work, and the whole present proposal will naturally
fall to
the ground."
On Monday
Laming Worthington-Evans, the
British Secretary of War, is said to have "outlined
to George Harvey, American Ambassador to Great
Sir
David Lloyd George, the British Prime Minister for an economic rejuvenation
of Europe, and the results of the meetings in Paris
by bankers and business men of the Allied countries."
The Associated Press correspondent said
that he was "informed from a trustworthy source
Britain, the plan of
Laming made
clear that Great Britain
regarded participation by the United States as one
that Sir
it
consortium proposed in Paris
was to succeed. Mr. Harvey is understood to have
replied that the United States would not make
known its position until the plan was formally
of the essentials if the
brought up before the Supreme Court." Ambassador Harvey had a long conference with Myron T,
Herrick, American Ambassador to France, "in
which the economic conference and other questions
coming up before the conference were considered."
Premier Briand of France "and his energetic colleague, Louis Loucheur, Minister for the Devastated
[Vol. 114.
THE CHEONICLE
Regions, left Paris Tuesday evening for Cannes to
have a two days' conversation witli Lloyd George
before the regular meeting of the Supreme Council
begins on Friday." In an interview shortly before
leaving the l»remier asserted that "the key to the
whole European situation is France's safety. Let
there first of all be a compact or alliance between
(Jreat Britain and France— a compact which Ave ofSuch
fered and asked for, but have not obtained.
a compact would be the platform on w^hich the reIt
construction of Europe could best be based.
would also be best proof that our naval building program is not, and never can be, directed against our
English friends. To such a compact other alliances,
embracing our other allies, might be attached, perhaps in the form of the Pacific compact. But a
Franco-British compact must be tlie kernel basis
of tliem all."
In an Associated Press dispatch from Paris the
following morning it was asserted that ''Premier
determined to limit the agenda of the coming Supreme Council meeting at Cannes to two questions
reparations and the economic restoration of
Central Europe, it was indicated in authoritative
(pinrtors to-day.
It is understood he is in favor of
subseciucntly calling an economic conference, at
wliich perhaps Russia and Germany may be represented." The correspondent added that "it is known
that the French delegation agrees in principle to
Briand
is
—
Germany's making four payments of 12.5,000,000
gold marks eacli on the l.")th of -January, February,
March and
April, altliough Premier
Briand has inwas decided with Prime
Minister Lloyd George during the recent conversations in London, inasmuch as Belgium and Italy
were not represented there. It was semi-officially
sisted that nothing binding
stated today, however, that he consented to a delay
German payments, except for 500,000,000 gold marks, as well as to other measures intended to relieve Germany, such as fixing the price of
reparations coal at the lowest limit of French and
British current nuirket figures.
Should Belgium
concur, and advices from Brussels are to the effect
that she will, notliing further in the way of cash
of the 1922
payments
in 1922 will be demanded from Germany
than the half-billion gold marks.
Although Ger-
many's ability
pay the .~)00,000.000 gold marks is
generally accepted in French circles, Germany
still
is officially on record as being
unable to pay more
than one-third of this amount."
to
Rpports came from Berlin to the effect
that the
<;ermans expected the French to display quite
a different attitude.
The correspondent there of the
New York "Tribune" cabled Wednesday morning
"that France will prevent Germany
gaining
any
real roncessions
from the Cannes conference is an
opinion that is steadily gaining strength
here, and
Berlin political circles, which a few
davs ago appeared optimistic regarding an impending
radical
turn in the Entente's reparations
policy, now are
c^vinring an increasing pessimism
as the conference
draws near."
sideration at the opening session of the Allied Su-
preme Council."
Announcement was made yesterday morning that
at the private conferences Thursday "it was decided
that the first general meeting would take place toat the scheduled time of 11 o'clock
Club and that the subject of discus-
morrow [Friday]
in the
Marine
sion w^ould be the general economic situation of Eu-
The New York "Times" correspondent added that "the meaning of this decision is that Lloyd
George has once more succeeded in getting his way
and the general economic situation is to take precerope."
dence of the concrete question of reparations at this
meeting." He also said that "from the point of view
of the number of representatives, nations and interconference surpasses any ever held since
the Peace Conference of 1919." Commenting upon
the probable trend of the opening session, the
"Times" representative said: "The great question
ests, this
which everyone is asking to-night is whether the
United States Ambassador George Harvey will tomorrow take part in the discussion of the economic
situation of this continent. He has let it be known
that it is only on that point that he will take part in
any discussion, and that on reparations pure and
simple as they have been considered in the past he
will follow the prescribed attitude of non-participation of his Government. But how far will he come
into tomorrow's discussion? That is what everyone is anxious to know, and on this subject the Ambassador remains dumb."
The New Y^'ork "Tribune" gave the situation a
somewhat sensational aspect by cabling the following
"The Allies have learned through the medium
of a message to Premier Lloyd George from Sir
Auckland Geddes, British Ambassador to Washington, as w'ell as through the interchange of notes between France and America, that Secretary Hoover
is almost alone in the American Cabinet in his wish
for active American collaboration, and that while
Mr. Hoover is supported by the financial world,
American public opinion is dead against the sacrifices that such a course would make necessary." He
added that "this news has created a certain amount
of mental havoc here. Premier Lloyd George, facing a general election in England, cannot consent to
big sacrifices for England without having American
collaboration. Premier Briand, on the other hand,
is pledged to make no sacrifices of French interests,
and cannot face the French Parliament unless he returns to Paris with material guaranties. It is even
rumored here that M. Briand is ready to discuss
resignation and President Millerand has gone so far
:
as to approach Count Steeg, Governor-General of
Algeria, regarding his acceptance of the Premier-
with M. Poincare holding the joint portfolio
of Finance and Reparations."
Premier Briand convened the Allied Supreme
Council at 11:20 o'clock yesterday morning.
The
meeting was held in the grand salon of the Cannes
ship,
Yacht Club. Premier Lloyd George, in his address,
in which he was said to have used
"plainer language
Premiers Lloyd George and Briand
renewed their than had been heard at any
preceding meeting of the
conversations" at Cannes on Wednesdav.
Premier Council," "warned the Allied Powers
that they
Bonomi of Italy arrived there during
the day
The
could not look to any others but themselves to work
following .lay they were
continued, with repi-esenta- out
the economic rehabilitation of Europe. He aptives of Italy and Belgium
participating.
It was pealed to the Allies to set
aside prejudices and work
stated m cable advices from
Cannes that these "ath- together to
this
end." He declared that "the AUies
onngs were held "with the intention
of putting the had reached
a
point
where they must act decisively
reparations and other problems
into shape for con- and
broadly if the economic structure of Europe
^^
THE CHRONICLE
Jan. 7 1022.]
be saved." He said "the present meeting of
the Supreme Council was the most important which
had been held since the armistice, and that the public opinion of the world required the Allies to take
was
to
wider responsibilities for the revival of Europe."
Advices from London last evening stated that Lloyd
George's economic restoration plan was adopted
"in principle" by the Council, and that it had been
decided "to summon a five-Power conference to be
held in March in Italy." It was added that Russia
and Germany have been invited to participate.
Pending the reconvening of the Dail Eireann on
last Tuesday the principal definite development in
Ireland relative to the peace treaty was the adoption of resolutions by various County Councils in
favor of it. In a cablegram Monday morning the
Dublin correspondent of the New York "Times"
said that "the first day of the new year was signalized throughout Southern Ireland by a whole-hearted outburst of enthusiasm in favor of ratification
Almost all the public
of the Anglo- Irish treaty.
boards have recorded their demands for acceptance."
The opinion was expressed then that the
treaty would be adopted by a majority of 12.
Last Tuesday the Dail came together after the
holiday recess of twelve days. The Associated Press
correspondent in Dublin asserted that "the animosity between the two factions seemed far more
sharply drawn than before the adjournment for the
and was the outstanding feature of the
morning session." He added that "the Dail had
before it once more an order of the day calling for
consideration of both Arthur Griffith's ratification
motion and Eamon de Valera's alternative proposals.
It was not generally thought the debate
would run many days longer, many members anticipating a vote by Thursday night or Friday." De
Valera and Michael Collins were the principal
speakers. The former was quoted as having asserted that "the fight for a republic would be continued whether the treaty were ratified or not." Colholidays,
made frequent attempts
In reply to cries of "Chair!" "Chair!" and "Order!" "Order!" Collins shouted: "I don't care whether I'm
in order or not! I'm speaking for the Irish people,
and, rightly or wrongly, they have accepted this
lins
to get the floor.
treaty."
Eamon
de Valera, at Wednesday's session of the
Dail Eireann, submitted an alternate peace plan in
the form of an amendment to the treaty signed in
London on Dec. 6. He issued also a manifesto, in
which he denounced the compact and urged the people to resist it. In part he said
"I stand as a symbol for the republic. Neither publicly nor privately
have I changed from that position. It would be a
matter for impeachment if I did. I defy anyone to
prove that I have departed one letter from the republic as established." De Valera's plan contains
no oath of allegiance, but recognizes the King. Arthur Griffith bitterly opposed the De Valera plan.
Two short sessions were held during the day,
"without making further progress in consideration
:
of the Anglo-Irish
treaty,"
and adjournment was
taken until yesterday morning. A Dublin dispatch
Thursday evening stated that "it will then meet in
private session to hear the report of the unofficial
committee which is trying to find a basis upon
which an agreement might be reached." Commenting upon the two plans, the Dublin correspondent
of the Philadelphia "Public
Ledger" said that "close
students of the treaty which the Irish plenipotentiaries brought back for the Irish Legislature to
sanction can see only one big difference between
De Valera's plan and that agreed to in Downing
Street. That difference is that it in reality gives the
Irish people less than the original document and in
no way mitigates allegiance to an English King."
During the recess between the two sessions on
Thursday, A. B. Kay, Dublin correspondent of the
London "Times," was "kidnapped by armed men
and hustled away to Cork." The New York "Times"
representative cabled that "the kidnapping was generally believed to be the result of anger at articles
he had written about the sentiment in Cork favoring
the ratification of the peace agreement." Word was
received in Dublin Thursday evening that Kay had
been released. He returned there yesterday. According to Dublin cable advices yesterday morning,
the split between the two factions in the Dail "suddenly made paramount the necessity for compromise, and a joint committee of nine members of the
Dail has been appointed to find a common basis for
agreement."
At yesterday's session, which apparently was no
less stormy than those that had gone before, De Valera presented his resignation as President of the
Irish Republic, and also that of his Cabinet. According to one dispatch from Dublin last evening,
he withdrew the former "upon the condition that a
vote be taken on the peace treaty to-morrow" [toThe Associated Press said that, according to
day]
a Central News dispatch received in London from
Dublin, the Dail Eireann had decided to take such
a vote to-day.
.
In London a week ago yesterday Walter Lyman
Brown, in behalf of the American Relief Administration, and Leonid Krassin, for the Russian Soviet
Government, signed the agreement negotiated in
London a week before, "whereby Soviet Russia will
turn over to the American Relief Administration
110,000,000 worth of gold for the purchase of grain
in the United States for famine relief in the Volga
region." The following are the principal features
of the agreement, as given by the Associated Press
"It calls for the expendcorrespondent at Moscow
iture of 110,000,000 in America within ninety days.
The purchases of food and grain are to be made
monthly at the rate of not less than one-third of the
total amount, and the first order must be given
within five days of the signing of the agreement.
Pending the shipment of the gold from Moscow to
Stockholm, where it is to be delivered to a representative of the Relief Administration, the Soviet Government must first open an irrevocable account to
the amount of |3,500,000 in a London branch of an
:
stated further
in the agreement that the gold available for the purpose stipulated was in the possession of the Russian
American bank as a guarantee.
Treasury in 1914.
It
is
The Soviet has guaranteed, in
principle, the use of the |10,0()0,000 for seed grain,
which, under the 90-day clause, will be made available for spring sowing in the Volga district. The
Soviet recognizes tlie agreement as constituting a
service of the American Relief Administration,
without charge or profit, the purpose being to secure
the maximum of food relief for Russia."
In an address before the AU-Rnssian Congress
that was in session in Moscow last week, War Min-
THE CHEONICLE
6
Trotzky "warned the world to keep hands off
Soviet Russia." Outlining the position of the Sov"We don't want war, but if in the
iet, he asserted
spring our enemies make a new attempt to grab
territory, let them bear in mind that the Russian
army will not be the army of 1918 or 1919, but of
1922, that in attempting to contract Soviet Russia
they are more likely to achieve its expansion." Conister
:
"I ask you, can any foreign statesman, any foreign journalist, any foreign reader,
think this congress, where there are present delegates from the stricken Volga provinces, would sanction any policy save one that will heal Russia's territinuing, he said
:
The
wounds, instead of tearing them open?"
New York "Times" correspondent in Moscow said
ble
that "the speaker went further. He declared the
Russian offer to recognize the debts of the Czarist
Government w^as based not on fear nor on changed
opinions, but simply and solely on a desire for peace.
He added that the Soviet Government was willing
even to discuss the question of private debts, if only
the rest of the world would agree to sit dawn and
talk the matter over quietly instead of trying to
stab Russia with the daggers of her smaller neighbors."
The correspondent expressed the opinion
that "as a speaker Trotzky is first class. As an
orator he is superior to Lenin, not only in his vivid
magnetism, but in his slower delivery, whose every
word tells to the farthest end of the building. He
uses a picturesque and telling imagery and has the
gift of dramatic contrast."
A dispatch was received in Riga from Moscow
that just before its adjournment Nikolai Lenin was
re-elected "head of the Russian Soviet Government
as a result of the unanimous action of the ninth
All-Russian Soviet Congress." It was added that
"his retention in office was brought about by the
unanimous re-election by the newly created executive body of the Congress of M. Kalinin as President
of the Executive Committee, which in turn unanimously reappointed Lenin as President of the Council of People's Commisars.
M. Tsurupoff, former
Minister of Food, and M. Rykoff, former head of the
Economic Council, were appointed Vice-Presidents.
Premier Lenin is expected to reappoint Minister of
War Trotzky and the heads of other Soviet Commissariats."
Dispatches from Riga and other centres Wednesday morning stated that military preparations were
under way "along the frontier between Russia and
Finland."
The condition
of the people in the famine-stricken
was pictured as appalling in an
Associated Press cablegram from Moscow Thursday
evening. The correspondent said in part: "Russia
has begun the year 1922 with eight months of unspeakable horror before her and the terrible dread
that next summer's crop may only slightly relieve
the gnawing famine. American relief workers, who
originally cautiously placed the number of probable
deaths in the famine area this winter at 2,000,000,
now say that 5,000,000 is a low estimate. Many say
that 10,000,000, or even more, may be swallowed up
by the famine. This is possible particularly since
the shortage of horses, oxen and camels makes ^t
impossible to reach the more remote sections, and
since it is predicted that the typhus epidemic probably will be the worst that Russia has ever suffered.
sections of Russia
The Americans are feeding nearly
1,000,000 chil-
dren,
[Vol. 114.
and the British and various other organizanourishment for at least 100,Their work is being done under the most dan-
tions are furnishing
000.
gerous conditions."
No
one, either in
Europe or
was familiar with the
in this country,
situation,
was
who
inclined to
minimize the importance of the difficulties of the
Banca Italiana di Sconto. Through its formal petition for a moratorium it became known that its
liabilities were placed at 4,000,000,000 lire.
The
petition set forth that "the
moratorium would
en-
able the institution to tide over the present financial crisis, and that it anticipated a complete restor-
ation of credit." The petition attributed the embarassment of the bank to "the general European
economic breakdown," rather than to conditions in
Announcement was made in a cablegram from Rome a week ago this morning that the
bank was "continuing all operations except payItaly alone.
ments, which, it is stated, will be resumed as soon
as the tribunal limits the amounts which may be
withdrawn daily." The Associated Press correspondent cabled that "there was a tone of confidence
in financial circles, and so far as could be gleaned
from expressions of bankers, the trouble was regarded as altogether confined to the one institution."
It became known here on Sunday that the day
before, "at the instance of the Ministers of Industry
and the Treasury, the King signed a decree postponing until Jan. 4 the December settlement, which
was to have occurred to-day on all the Italian
Bourses." The Associated Press correspondent cabled that "heads of various industrial enterprises
conferred with the Cabinet to-day [last Saturday],
discussing Governmental aid for continuance of the
industries which have been dependent on the Banca
Italiana di Sconto.
The wages problem of thousands of employees was considered. It is generally
expected that State aid will be forthcoming in order
to permit the affected industries to continue." He
also said that "the position of the Banca Italiana
di Sconto is attributed to the industrial situation, as
it has enormous holdings in shipyards at Genoa, Trieste and Fiume, and the steel works, mines and public utilities.
The bank's foreign obligations total
lire,
and its deposit accounts 1,000,3,000,000,000
000,000, while its assets consist of treasury and
other bonds valued at about 2,000,000,000 lire, foreign credits of 1,700,000, with other lesser items.
In its last statement, issued for October, the bank
reported a favorable balance of 500,000,000 lire."
Minister of Finance Soleri gave an interview, in
which he said in part
"There is no need for alarm.
This financial crisis is completely isolated and there
is no danger of its going any further.
It has reached
condition
improve.
its crest.
The
will
There have
been no repercussions in any other financial institution, all others finding themselves in a very strong
position and able to meet any emergency. We still
remain firm in our estimate that Italy's deficit for
the present fiscal year will be reduced to 3,000,000,000 lire, the present flurry having given no cause for
us to change that figure. We look for further reductions in our military and naval budgets, through
the results of the Washington Conference, but do
not know as yet whether that will be possible. Our
national debt has been unified, as we are not setting
aside a separate war debt account, but are meeting
the whole.
We have estimated our share of the
:
THE CHKONICLE
Jan. 7 1022.]
German indemnity
at a low figure in order to be
are receiving some coal from
on the safe side. We
Though our fortlie Germans, wliicli helps a bit.
eign trade shows an unfavorable balance, this is
more than offset by other income which remains unFor instance, emigrant remittances yield us
seen.
more than 4,000,000,000 lire annually. Then there
are the tourists and other channels by which .money
is brought into the country, thus offsetting the unfavorable trade figures. Thus we are not in a bad
way
in that respect."
The advices received here by international bankers during the first two or three days after the failure indicated that it was more serious than represented in the foregoing statement.
This information
Substantial increases were shown in the deposit items
in public deposits and £68,872,000 in
—£1,061,000
Tenporary loans to the Government
were larger by £31,790,000, while loans on other securities increased £36,855,000. Threadneedle Street's
stock of gold on hand aggregates £128,439,940. Last
year the total was £128,285,060 and in 1920 £91,280,521.
Reserve totals £21,194,000, which compares
with £15,165,800 in 1921 and £19,382,891 the year
other deposits.
before.
£125,694,000, as against
£131,569,260 last year and £90,347,630 in 1920, while
loans amount to £120,019,000, in comparison with
£84,729,122 and £96,282,226 one and two years ago,
respectively.
The Bank's minimum discount rate
continues unchanged at 5%. Clearings through the
London banks for the week totaled £732,292,000,
which compares with £877,193,000 in the same week
of last year.
We append herewith a tabular statement of comparisons of tlie principal items of the
was substantiated by later press advices direct from
Kome. The following information was given in a
cablegram made public here Thursday morning:
"The court dealing with the application of the
Banca Italiana di Sconto for a moratorium to-day Bank
[Wednesday] appointed four commissioners to assume the duties of the Board of Management. The
exchanges in Kome, Turin, Milan, Florence, Naples
and Genoa are still closed owing to the failure of
the Ministers and brokers to come to an agreement.
The Government had ordered a report on the monthly bank clearings for to-day [Wednesday], but this
was delayed by the attitude of the exchange agents,
who asked the Government for some assurance concerning the Banca di Sconto shares. The removal
of the directors of the Banca di Sconto and the sequestration of their property is a temporary measure and may be modified later." Yesterday morn-
(Circulation
of
is
England returns:
BANK OF ENGLAND'S COMPARATIVE STATEMENT.
1922.
Jan. 4.
1921.
Jan. 5.
1920.
Jan. 7.
1919.
Jan. 8.
./an. 9.
£
£
£
£
£
1918.
125,694.000 131,569,260 90,347,630 70,141,020 45,703,130
17,118.000 16,719,245 21,463,041 28,163,856 37,898.589
Other deposits
174,903,000 151,987,508 137,296,057 140.187,612 123,633,523
Governm't securities 68,751,000 89.760,831 60.941,000 71,877,244 56,868.170
Other securities
120,019.000 84,729,122 96,282,220 85,493,318 90.061.200
Reserve notes & coin 2 1 194 ,000 15,165,800 19,382,891 28.829,527 31,825.536
Coin iind bullion-.. 128,439,940 128,285,060 91,280,521 80,520,547 59,078.866
Proportion of reserve
Circulation
Public deposits
,
to liabilities
11.04%
8.83%
5%
7%
BantE rate
The Bank
of
12H%
6%
19.71%
8
5%
France continues to report small gains
in its gold item, the increase this
francs.
17.12%
The Bank's
week being 87,950
gold holdings are thus brought
ing the situation was further outlined as follows:
"The work of making a clearance of the Bourse
transactions for last month, amounting to 15,000,000 lire, resulted to-day [Thursday] in the clearance
of 8,000,000 lire. At Genoa the Bourse remains at a
standstill.
The newly appointed commissioners of
the Banca di Sconto are taking a serious view of the
liability of the former administrators of the bank.
Generally the court order of the seizure of the property of the administrators is viewed with alarm.
The decision of the court, according to the Ticcolo,'
'is the first intimation that the condition of the
bank may be most serious.' "
tered as follows:
European centres
continue to be quoted at 5% in London, Berlin and
Belgium; 5}/2% in Paris, Denmark and Sweden;
6% in Rome, Norway and Madrid; ^-Yz% in Holland
and 4% in Switzerland. In London open market
discounts were easier and sixty-day bills declined to
33^%, against 4%, and ninety days to S}/^%, as
against 3^% a week earlier.
Money on call in
London was likewise materially lower, having been
only 6,683,184,784 francs. Comparisons of the
various items in this week's return with the statement of last week and corresponding dates in both
Official discount rates at leading
reduced to 2^4%, in comparison with 33^2% Ja^st week.
The open market discount rates in Paris remain at
and in Switzerland at 5%, the same as here-
4H%
tofore.
comparing with 5,500,646,861 francs at this time last year and with 5,579,159,128 francs the year before; of these amounts
1,948,367,056 francs were held abroad in both 1922
and 1921 and 1,978,278,416 francs in 1920. During
the week, increases in the various items were regis-
up
to 5,524,315,850 francs,
132,000 francs; bills discounted, 344,993,000 francs; advances, 44,977,000
Treasfrancs; general deposits, 163,160,000 francs.
ury deposits, on the other hand, fell off 7,228,000
francs.
An expansion of nearly a billion francs,
934,374,000 francs, to be exact, occurred in note
circulation, increasing the total outstanding to 37,401,830,000 francs. This contrasts with 38,589,593,950 francs on the corresponding date last year
and with 38,009,907,190 francs in 1920. In 1914,
just prior to the outbreak of war, the amount was
1921 and 1920 are as follows:
BANK OF FRANCE'S COMPARATIVE STATEMENT.
-Status a$ of1921.
yan. » 1920.
/an.
yan. 6 1922.
^iiil Francs.
~^^\ Francs.
Francs.
Fran cs.
^
87.950" '3!.575,948,794~ 3.552,279,804 3,600,88 0,711
Inc.
1.948,367,056 1,948,367,056 "1.978.278.416
No change
Changes
H
—
oldings
Gold
in Franco..-
Abroad
for Week.
'
.Inc.
Total
-Inc.
Sliver
mils discounted.. .Inc.
A
further small gain in gold of £5,581
Bank
was shown by
England in its weekly statement, while
total reserve, owing to a cut in note circulation of
£826,000, expanded £831,000. As against this,
however, other items showed the heavy strain'of the
year-end payments aTid the i)roportion of res(!rve to
liabilities declined to 11.04%, as against 16.01% last
week. In the corresponding week of 1921 the ratio
stood at 8.83%; and in the year preceding \2}4%.
the
of
Silver,
-Inc.
Advances
Note circulation. .Inc.
Treanury deposits .Dec
General
(l(;posll8_ .Inc.
The
F(Hleral
87.950 5,524.315,850 5,500.646,861 5,579,159,128
204.639.666
266,240.128
270,897.495
132.000
344,993,000 2.850,821,298 3,344,708,959 1,617.100.484
44,977,000 2,-383,322,000 2,222,002,983 1,555,832,329
934,374,000 37.401,830.000 38,589,593,9,50 38,009,907.190
83.3,'-(8.330
38,308.068
18,786,000
7,228.000
163,160.000 2.880,353,000 3,577,970.012 3.125,«44.698
Reserve Bank
stiitenuuit, issued late
on Thursday afternoon, showed that gold reserves
had again increased while rediscounts were still
For the system the gain in gold amountdecreasing.
ed to S6,000,000.
Bills discounttMl H(>cured
ernment obligations
fell
off
$10,000,000,
by Govin
"all
>
THE CHRONICLE
8
other" there was a contraction of $57,000,000, but
in purchased bills there was an increase of $12,000,The result was a decrease in the total of the
000.
bill holdings of $55,000,000 to $1,239,432,000. This
compares with $2,842,108,000 in the same week of
1921. Total earning assets decreased $65,000,000
while deposits increased a like amount. A falling
off of $38,000,000 in Federal Reserve notes in actual
As this was offset by the
circulation was shown.
increase
in
deposit
liabilities,
the
proportion
reserve remained unchanged at 71.1%.
In
of
the local
and that this should be regarded as a favorable stock
market development. Conservative observers, on
the other hand, are likely to suggest that the plethora
of money is largety the result of continued dulness in
a decided^ unfavorable stock market factor, inasmuch as more business
and larger earnings are earnestly desired. The easy
monej^ market probably will help to give stability to
general business, and that this
bond
tion in
new
$663,072,000 this Aveek, against $663,329,000 last
week. The Bank's reserve was lowered slightly,
tliat is, from 80.8% to 79.3%.
as against
The
pressure incidental to year-end settlements
is
High money
the investment market for securities.
at this time would bring about a rather sharp reac-
there was a gain in gold of only $1,000,000.
On the other hand, the total of the bill holdings
was reduced $3,000,000. Federal Reserve notes in
actual circulation remained almost stationary, being
Bank
[Vol. 114.
prices
and make the placing
of further
issues difficult.
As
to
money
rates in detail, a
noted and loans on
much
was
easier tone
ranged between 3 ^©5)^2%
week. On Tuesday (Mon43^@6%
day was a holiday, New Year's Day), 5}/2% was the
high and renewal rate and 5% the low. Wednes'day
a minimum quotation of 4% was recorded, but
renewals continued to be negotiated at 0^2%, and
The range on Thursday was
this was the high.
and
renewal
basis.
Friday there was
5% the
4@5%,
a decline to 33^%, the lowest since July 1921, while
renewals were made at 4 3^%, which was also the
maximum figure for the day. This, of course, was
due largely to the return of year-end dividend and
interest disbursements to the banks.
The above
figures apply to both mixed collateral and allcall
last
reflected in Saturday's New York Clearing
House bank statement by an expansion in loans
of $53,002,000, but net demand deposits also showed
a gain, namely, in amount of $34,916,000. Total
loans and discounts, &c., are now $4,508,417,000,
and demand deposits $3,904,937,000. The latter is
exclusive of $87,582,000 of Government deposits.
Net time deposits also increased, and stand at
$233,257,000, or $14,963,000 more than the previous industrial loans alike. For fixed-date maturities the
week. Cash in own vaults of members of the undertone was also easier, and the range yesterday
Federal Reserve Bank was reduced $5,995,000. to (Friday) was reduced to 4^@5%, for all periods
$73,276,000 (not counted as reserve). In reserves from sixty days to six months, which compares with
•was
in
a
own
vaults of State banks and trust companies
decline of $398,000 was shown.
Reserves of State
institutions kept in other depositories
Member bank
Bank dechned
fell
$419,000.
with the Federal Reserve
$5,407,000; hence surplus was again
brought down, this time $11,217,470, leaving a total
of excess reserves on hand of $17,166,220, as compared with $28,383,690 the previous week. The
.iibove figures for surplus arc based on reserves above
legal requirements of 13% for member banks of the
Federal Reserve System, but not including cash in
vault to the amount of $73,276,000 held by these
banks on Saturdav last.
resei-ves
Both call and time money have been quotably and
actually lower this week.
In fact, quotations for
both kinds of money were lower yesterday than for a
long time.
Call loans renewed at
offered at
3^%.
5% for all
collateral
were said
dropped to
This
43^% and
rapidly
Time money continued to be
some loans on mixed
to have been arranged at 4^^%.
dates, but
the loAvest (quotation for time loans since
Sept. 4 1917. Tho
quotation for call loans was
the lowest since July 28 1921.
Durhig the latter
is
3^%
luilf of
the week
it
was reported that every afternoon
some
millions of dollars were left unloaned on the
iStock Exchange
Although until recently the general
trend of the slock market was upward, it is stated
.
that brokers' loans at this centre are not much larger
than they were in the middle of last summer, when
the estimated low point of $500,000,000 was reached.
In some circles it is thought that the total now is
perhaps between $100,000,000 and $150,000,000 in
The notable ease of the money
narket now may be construed in two ways. Speculative iaterests are likely to suggest that the
release
the previous quotation of 5@53i%. Time funds
were in larger supply and a fair volume of business
wa^ transacted.
Mercantile paper rates were also lowered and sixty
and ninety days' endorsed bills receivable and six
months' names of choice character are now quoted
at
4c%@5%,
with names not so well
against
^}4%,
The bulk
5@5}i%
known
at
5@
and 534@'53/^% a week ago.
however, is being done at
5%. A good demand was noted, local as well as
out-of-town institutions being in the market for
round amounts.
Banks' and bankers' acceptances came in for more
attention than for quite some time, owing ^o the
easing in the call market, and New York as well as
country banks were buyers
Quotations were marked
down
of 1% for prime eligible bills and brokers are
now predicting an appreciable broadening in transactions in the near future.
For call loans against
bankers' acceptances the posted rate of the American
Acceptance Council has been reduced from 4}/> to
4%. The Acceptance^ Council makes the discount
rates on prime bankers' acceptances eligible for
purchase bj^ the Federal Reserve Bank 4 3^% bid
and 43^8% asked for bills running for 120 days;
of the business,
.
M
4M@43/^% for ninety days; 43^@4i^% for sixty
days and 43^@4i^% for thirty days. Open market
quotations are as follows:
SPOT DELrVERY.
Prime
eligible bills
90 Davs.
60 Days.
30 Daya
4K@4
4H®4
4H@4
FOR DELIVERY WITHIN THIRTY DAYS.
Elifflole
member banks
non-member
Ineligible bank bills
Kllglble
b.inks
4}^ bid
4 J^bld
4^ bid
excess of that figure.
of large
amount
sums
money in other directions makes the
available for their p\u-poses niaterially larger.
of
There have been no changes this week in Federal
Reserve Bank rates. The following is the schedule
of rates now
effect for the various classes of paper
at the different Reserve. Banks:
m
—
THE
•Ian. 7 11)22.]
CIIKONK^LIO
DIRCOtmT KATEB OF TlIK PRDRRAL IlESERVK BANKS
IN
Kin'I'X !T
macounttd
U'llhtn 90
JANUAIIY
maturing
bills
)lncl. mem15-d(iu collateral
ilai/s
—
ber bottts'
nuttsi secured bu
acceptances
Federal Krserte
Bank
Treasury
notes and
of-
Boflton
-
Lihtrlv
bonds
Othervise
secured
number
ami
banks
disc'ted
for
cerli/lcMc
and
vf iiutebledness
Vlctoru
notes
unsecured
4J4
4 'A
4«
4'A
6
5
6
4'A
4yj
c
5
5
5
414
5
5
5
5
5
6
5
6H
5'A
6
5«
.
Now York
Plillftdelphla
Clcvelftiid
4H
Richmond
6
5
.
Atlanta
5
5
6
5li
6
4«
r'
Agricul-
flankers'
Trade
tural
and
accep- live stock
tances
paper
mat urlny maturing
vHlhin
91 to 180
days
90 days
4!4
iVi
4'A
4\i
4>A
4'A
4H
5
5
a
5
5
f)
20H^4
211^ for cable transfers and 4 18@4 19
for sixty days; tlu; volume of transactions was still
small.
Increas(!d weakness d(!V(!lop(!d on Wednesday
and losses of nearly 2 cents took place; the range for
4
1922.
demand was 4 18K(f/)4 20%, for
4 183^@4 20% and for sixty days
no
cable
4
transfers
16M@4 18%;
was given beyond
the fact tiiat the inquiry except at concessions was
very light. Dulness predominated on Thursday and
the undertone was only barely steady with a further
specific reason for the easing
17^4 19%
for demand, 4 17%@4 19%
and
4
ir)@4 17% for sixty days.
6
6
6
5'A
5«
5>lJ
6H
Friday's market was inactive but a trifle firmer; the
5
5
5
5
6
5
trend was fractionally higher and demand ranged at
4 19@4 2i)}4, cable transfers at 4 \^}4%^ 20% and
Little, if any, increase in activity has been noted in sixty days at 4 17@4 18%. Closing quotations were
sterling exchange this week, and the market is still 4 17% for sixty days, 4 19% for demand and 4 20%
dull and featureless with the volume of business light for cable transfers. Commercial sight bills finished at
and changes in rates unimportant. Observance of 4 18%, sixty days at 4 14%, ninety days at 4 13%,
the New Year holidays, of course, tended to restrict documents for payment (sixty days) at 4 14% and
With the seven-day grain bills at 4 18%. Cotton and grain
operations in the early part of the week.
resumption of business on Tuesday, however, dealers for payment closed at 4 18%. The week's gold
Chioai^o
St.
I-ouls
Minneapolis
Kansas City
Dallas
San Francisco
5
C
5
5
decline to 4
5H
6
6H
for cable transfers
were comparatively light, including only
$781 ,300 French gold on the La Touraine from France and
$1,72.5,000 on the Red Star SS. Finland from Antwerp.
Of this gold $300,000 was from India and the remainder
Enghsh gold. Smaller miscellaneous amounts from South
generally appeared to be just as indisposed to re-enter
the market as was the case in the week preceding.
The
arrivals
seems to be growing that as important
developments in international affairs are likely to
transpire at almost any moment, it is safest to adopt a
policy of extreme caution with regard to new or extensive business commitments; hence trading is being
kept down to actual commercial requirements.
Speculators were said to have taken only a small
part in the week's transactions. Almost from the
feeling
America and elsewhere were received as follows: $19G,00O
in gold coin on the Zuhe from South American ports; 44packages, 8 bars and various smaU consignments of gold andl
platinum on the Allianca from Colombia; $20,000 on the
Constantinople from Greece and 25 bars of silver and a
number of small shipments of currency and silver on the
Siboney from Mexico. Gold to a considerable amount is
expected on the Baltic due here shortly.
London sent lower quotations, and this, as
usual, had a depressing effect on price levels here;
consequently, demand rates declined from 4 21J''8 to
start,
Dulness was also the outstanding feature of dealings in the Continental exchanges, although movements differed somewhat from those in the sterling
market in that a good deal of irregularity prevailed.
Following firmness in the initial transactions, prices
broke quite sharply with the renewal of business
4 17; although at no time could the market be
regarded as seriously unsettled. On the contrary,
the undertone was quite steady the greater part of
the time. Acccording to some authorities, a factor
which had a good deal to do with the sagging tendency
above noted was the dearth of buyers except at concessions.
One explanation of the intense dulness and
the easier trend was that they reflected the elimina-
heavy short
tion of the recent
and a sharp
falling off in
New Year holidays and losses of approximately 10 to 18 points were recorded in French and
Belgian francs and Italian lire. In the former the
extremes for the week were 8.15 to 7.93% for checks
and the latter 7.75 to 7.55. Lire fluctuated between
after the
interest, freer offerings
demand because
of the fact
4.38 and 4.20% and closed at 4.31.
Marks also
displayed a sagging tendency, but lost only about
points, with the low 00.50.
Greek drachma
that end-of-the-j^ear requirements had been practically completed.
In the final dealings a more cheer4
4%
prevailed and there was a recovery to
ful feeling
opened around 4,22 for checks, broke to 4.15, then
recovered and finished at 4.32. Changes in values
of Central European currencies were less pronounced
and quoted rates were on the whole well maintained.
Trading was exceptionally light and the fluctuations
above noted were to a considerable extent a reflection of movements abroad.
However, it should be
noted that speculative operations first on one side
of the market and then on the other added not a
little to the general unsettlement in price levels.
Completion of the year-end settlements, and continued indisposition of bankers to re-enter the market
until some decision has been reached on the more
important of the international issues now pending,
s(;rved to accentuate the inactivity, though the close
was steady and some of the losses were recovered.
News from Paris that at a conference of
Allied financiers it liad been decided to adopt a co-
20K-
Attention is centering increasingly on the forthcoming Economic (jonfcrencc to be held at Cannes,
France. Private advices from that point to the
effect that an agreement had been reached on an important plan to stabilize the leading p]uropean exchanges was well received, but had no immediate
effect on mark(!t levels, and the same is true of the
announcement that Senator Owen has dc; vised a new
'scheme for the solution of the foreign incUsbtcdness
problem and the restoration of normal economic
world conditions.
R(!ferring
to
the
change on Saturday
day-to-day
last
I'ates,
was a shade
sterling
ex-
easier
and
demand
declined fractionally to 4 20^^4 21 3/^,
cable transfers to 4 2l}/g(fjj,4: 215/^ and sixty days to
4 18->8^/^4 193/^; trading was very dull.
Monday
was a holiday (New Year's Day). On Tuesday
some
operative scluime for the cconoTiiic reconstruction of
Russia and Central 10uroj)e was likewise well received.
The question of exchange rates, however, has not
was noted and the receipt of lower
quotations from London resulted in forcing prices
down
irregularity
in
this
market to
4
20^4
21
for
demand,
'
as yet been decided.
_
.
:
THE CHRONICLE
10
The
:
official
London check
rate
on Paris closed at
Sight bills here on
52.30, against 52.44 last week.
the French centre finished at 8.023/^, against 8.08;
cable transfers 8.033^, against 8.09; commercial sight
8.00M, against 8.06, and commercial sixty days
l.MYz, against 8.00 last week. Closing rates on
Antwerp francs were 7.68H for checks and 7.69^ for
cable transfers, in comparison with 7.73 and 7.74 a
week ago. Rcichsmarks finished at 0.51^ for checks
and 0.52^ for cable remittances. Last week the close
was 0.53^ and 0.54^. Austrian kronen, which
bills
were almost stationary for a
and closed at 0.02% for checks
transfers, against 0.03)^ and
For lire the close was 4.31
time turned weak
and
0.03^/^ for cable
0.04
week ago.
a
bankers'
for
sight
comand 4.32 for cable transfers,
pares with 4.35;^@4.36K the week preceding.
Exchange on Czecho-Slovakia finished at 1.63,
which
bills
against 1.47; on Bucharest at 0.81, against 0.75;
on Poland at 0.0360, against 0.0350, and on
Finland at 1.85, against 1.95 a week ago. Greek
exchange closed the week at 4.32 for checks and 4.37
A
for cable remittances.
week ago the
close
was
4.15 and 4.20.
Movements
in the
exchanges on the former neutral
new
and trading was
Here also the trend was
of minimum proportions.
and Swiss currencies
Dutch
although
downward; and
and the Scandinavian exchanges held their own well
and opening quotations were strong and higher,
later losses were sustained which carried values down
centres were devoid of
feature
to well below the closing levels of last week. Spanish
pesetas ruled firm, but later on reacted shghtly as a
more
the demand.
result of rather
tion in
liberal offerings
and a diminu-
Bankers' sight on Amsterdam finished at 36.63,
against 36.92; cable transfers, 36.68, against 36.97;
commercial sight bills 36.58 against 36.82; and com-
mercial sixtx days 36.22 against 36.46 last week.
Swiss francs closed at 19.30 for bankers' sight bills
[Vol. 114.
of the Treasurj' the buying rate for cable transfers
give
on the different countries of the world.
just
past.
The
week
Federal
the
for
below, the record
Reserve Bank does not proclaim the rates until the
morning of the following day, and therefore the latest
figures it is possible to include in our table are those
We
Thursday noon, announced on Friday:
CABLE BtJYING RATES FIXED BY FEDERAL RESERVE BANK,
DEC. 30 1921 TO JAN. S 1922, INCLUSIVE.
for
Rate for Cable Transfers in New York.
Value in UnUed States Money.
Noon Buying
Country and Monetary Unit
Dec. 30. Dec. 31.
EUROPE—
Austria, krone
Belgium, franc
Bulgaria, lev
Czecho-Slovakla, krone
Denmark, krone. .England, pound
Finland, markka
France, franc
Germany, relchsmark
Greece drachma
aolland, florin or guilder..
Hungary, krone
.
Italy, lira
Jugoslavia, krone
Norway, krone
Poland, Polish mark
Portugal, escuda
Rumania, leu
Serbia, dinar
Spain, peseta
Sweden, krona
Switzerland, franc
Jan. 2.
$
$
.000397 .000389
.0773
.0767
.007192 .007142
.014491 .01475
.2012
.1997
L2123
.20S1
.019243 .019157
.0813
.0804
.005396 .OO.MSO
.0419
.0418
.3698
.3691
.001619 .001645
.0438
.0433
.003841 .003788
.1607
.1605
.000329 .000334
.0791
.0768
.007160 .00814
.01538
.01545
.1498
.1497
.2522
.2517
.1954
.1950
I
HOLI-
DAY
Jan. 3.
Jan. i.
Jan. 5
3
S
$
.000381 .000389 .000353
.0765
.0764
.0759
.007058 .007192 .00715
.015481 .016013 .0160
.2002
.1994
.1988
4.2089
4.2030
L1865
.019271 .0193
.018914
.0803
.0802
.0796
.005298 .005176 .005028
.0422
.0424
.0429
.3684
.3677
.3652
.001634 .001722 .001645
.0426
.0428
.0427
.003766 .003703 .003588
.1582
.1562
.1547
.000332 .000338 .000338
.0782
.0778
.0782
.00801
.00778
.00758
.01509
.01489
.01468
.1495
.1493
.1485
.2497
.2491
.2465
.1942
.1940
.1930
ASIA—
China H. K. Dollar
Shanghai, tael
China, Mexican Dollar.
India, rupee
Japan, yen
Java, florin or guilder
Singapore, dollar
.5459
.7489
.5408
.2792
.4791
.3660
.4800
.5452
.7471
.5433
.2796
.4792
.3677
.4767
.5456
.7438
.5450
.2793
.4792
.3628
.4817
.5524
.7416
.5473
.2795
.4785
.3618
.4800
.5490
.7399
Canada, dollar
Cuba, peso
.946563
.996045
.483438
.945208
.952031
.995838
.4835
.949792
.952656
.996877
.4830
.950208
.955469
.998126
.953333
.947734
.997919
.4840
.944375
.7562
.1262
.7199
.7568
.1265
.7204
.7579
.1264
.7188
.7561
.1268
.7204
.7530
.1258
.7127
NORTH AMERICA—
Mexico, peso
Newfoupdland, dotar
SOUTH AMERrOA—
Argentina, peso (gold)
Brazil, cillrels
Uruguay, peso
.5-150
.2779
.4786
.470"0
.48302.5
The JS'ew York Clearing House banks, in their
operations with interior banking institutions, have
gained |4,731,988 net in cash as a result of the currency movements for the week ending January 5.
Their receipts from the interior have aggregated
15,388,088, while the shipments have reached |656,100, as per the following table
CURRENCY RECEIPTS AND SHIPMENTS BY NEW YORK BANKING
INSTITUTIONS.
Week
endinff Jan. 5.
Out of
Banks.
Into
Banks.
Banks' Interior movement
Gain
to
5656,100 Gain
$5,388,088
or Loss
Banks.
S4,731,
and 19.35 for cable transfers, against 19.48 and 19.53
As the Sub-Treasury was taken over by the Fed(Copenhagen checks finished at
the week before.
eral Reserve Bank on Dec. 6, 1920, it is no longer
19.90 and cable transfers at 19.95, against 20.02 and
possible to show the effect of Government operaChecks on Sweden closed at 24.75 and tions on the Clearing House institutions. The Fed20.07.
cable remittances at 24.80, against 25.15 and 25.20, eral Reserve Bank of New York was creditor at the
while checks on Norway finished at 15.55 and cable Clearing House each day as follows:
transfers at 15.60, against 16.05 and 16.10 the week DAILY CREDIT BALANCES OF NEW YORK FEDERAL RESERVE BANK
Spanish pesetas closed at 14.89 for checks
and 14.94 for cable transfers. This compares with
14.91 and 14.96 a week earlier.
With regard to South American quotations the
undertone has remained firm, with rates practically
AT CLEARING HOUSE.
before.
ihe same as a week ago.
tina closed at
changed).
and 12J^
33^ and
The check
rate on Argencable transfers 33}/^ (un-
For Brazil the close was 12% for checks
for cable transfers (unchanged).
Chilean
exchange recovered to 10%, but reacted to 10^^,
the same as the previous week.
Peru, however
remained at 3 55, the rate quoted a week ago.
Far Eastern exchange was as follows: Hong Kong
56@56i^, against 55@55%; Shanghai, 70%@77'
against
1^%@11;
Yokohama,
48%@49
(un-
changed); Manila, 48%@49, against 473^(^47%;
Singapore, 49@49K (unchanged); Bombay, 28%@
29, against 28H@29; and
Calcutta, 29(^29 W,
against 283^@28%.
Pursuant to the requirements of Section 403 of the
Emergency Tariff Act of May 27 1921, the Federal
"^.eserve Bank is now certifying daily to the Secretary
Saturday,
Dec. 31.
Monday,
Jan. 2.
Tuesday,
Jan. 3.
Wednesd'v,
Jan. 4.
Thursday,
Jan. 5.
Friday,
Jan. 6.
Aggregate
for
Wetk.
s
s
s
s
s
Holiday 65,200,000 73.200,000 58,300,000 57,900,000 Cr.S254,600,00
—
Note. The foregoing heavy credits reflect the huge mass of checks which come
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
KO through the Clearing House.
to the
The following table indicates the amount of bul:
lion in the principal European banks
Jan. 5 1922.
Jan. 6 1921.
Banks ofGold.
England .
France a
Germany
Aus.-Hun
Spain
Italy
Netherl'ds.
Nat. BolgSwltz'land.
Sweden
Denmark .
Norway _.
Silver.
Total.
Gold.
£
£
Stiver.
I
Total.
£
128,439,940
.-.128 .439.940 128 ,285,060
...128 ,285,060
143,037,9.52 11,160 ,000154 ,197.952 142 091,192 10,640 000!l52 ,731,192
49,684.850'
551 ,2.50, 50 ,236,100 54 577,650!
292 ,800 54 ,870,450
10.944.000
2.369 ,000 13 .313.000 10 944,000
2,369 000 13 ,313,000
100.462.000l 25,078 ,0001125 ,540,000 98 .246,000 23,343 000 121 ,589,000
33.895.000
2,970 ,000 36 .865.000 32 768.000i 2.999 000 35 ,767,000
50,497,000!
687 ,000
,184.0001 53 012.000]
1,766 000 64 ,778,000
10,663.0001
1,616 oooi
,279,000 10 060,000
1,013 000 11 ,673,000
21,925.000| 4,600 ,000
,525,000 21 716.000
4,863 0001 26 ,579,000
15,265.000
,205,000 15 671,000
15 ,671,000
12,685,000,
217,000
,902,000 12 644.000
145,000, 12 ,789,000
8,115.000
,115,000
8 115,000
8 ,115,000
Total week 585,613,742 49,248,250034,861,992 588,729,902 47,430,800636,160,702
Prev. week 585,466.693 49,301,650 634.768,343 588.682.592; 47. 56-', ''00 6.36,250,892
a Gold holdings of the Bank of Prance this year are exclusive of £77,934.682
d abroad.
1
!
THE CHEONICLE
Jan. 7 1922.]
RENEWED EFFORT THROUGH CON CENTRATION—THE DUTY TO GET BUSY.
year" serves
"business" well, in that, by an established custom,
it compels concentration upon condition and outlook.
It is a time of invoices, settlements, budgets
and estimates. What has been done during the
year, what may be done during the next? Future
enterprise must have knowledge of present condition. Conduct must be based on budget. True, the
well-managed industry knows approximately its
But there are always hangcondition each day.
overs, and contingencies, that if allowed to continue
So that the
indefinitely become unmanageable.
But
a point in time, the "turn of
tlie
whole world of trade has accustomed itself to make
its general estimates upon the calendar year, though
owing to the particular demands of a given enterprise its own fiscal year may be more important to
This infinitesimal pause serves as a universal
it.
clearing house the past is measured and appraised,
the future is probed and planned.
—
One
assurance of courageous ability to enter an inviting
market? Consider our principal industries. They
They are manned by the
are amply capitalized.
They
highest acknowledged ability in the world.
house vast laboratories for invention and improvement they employ the best experts to be had in any
country. If these enterprises have not courage born
of inherent confidence in their own abilities, we
shall never see revival. And the owner of a small
business is in the same boat. Vainly waiting for
somebody or something to come along to turn the
tide his way is a bid to bankruptcy.
We find, then, the admonition of this introspection to every business man is "Get Busy"! And if
only the farmer, wage-worker, business man and
merchant would heed this inner knowledge procured
by adjustments, invoices and budgets, how greatly
"production'! could be increased. Caution is a re;
sult of confidence.
In
fact, it
and away from fear.
The game of life, like
It is far
over-masters
it.
every game we play, has many unknown quantities.
But when we know our own strength and ability we
we are privileged to draw from may proceed warily, yet consciously forward, to the
a new year with its attending busi- end to be won. Politicians, and even some econom-
of the lessons
advent of
ness circumstances is that concentration upon the
task is hand is a requisite to success. Every man's
enterprise is in the midst of forces that he cannot
himself fully control, that Government is powerless
to hold or handle, forces that are inherent in the
"nature of things." The business man must have
vision without being an erratic dreamer. His chief
asset is common sense applied to energy. He cannot
bluff or bull his way through. Once in a while it
v.'ins
but then it begets a recklessness that leads
this
—
to disaster.
What
the
unknowing often
call "cold-
very often only absorpness' in the business man
tion.
This so-called "year" accents intensive application to the task in hand. Examination induces
knowledge, knowledge gives strength all the future
that invites to enlargement, direction and profit, begins in the Now and progress has decreed that
this turn of the year shall engage the attention
is
—
—
of all.
11
are constantly warning us as a people against
This is well enough in a way. But
"isolation."
what can give a people power in the world, and especially true power of example, but our own practical and demonstrated accomplishment? So that in
a time when more or less idle "resolutions" are
made, the one resolve to band every primal energy
upon our private and personal affairs precedes all
concerted development.
The old poetic preachment of Dr. Holland "the
ists,
—
—
State needs men" has lost none of its significance.
The self-confidence that builds cities and makes
fruitful continents is in the man, a free-man willing
to work and to plan, and adventure for his plan.
We read of levity covering despair, and gambling
feeding hope, in foreign countries suffering from
war.
The turn
of the year
seems as nothing to them
grown weak in themselves, and know
hearts the Government is powerless to aid
since they have
in their
We
proceed from this thought to its corollary. them. Many will tell us the reaction is natural.
This renewed and intensified application not only And it may be. But where is there relief if it be
relates itself to the demands of business, but to not in themselves?
Little by little the futility of
self-study by the business man himself. And it is such a life will come has come to sundry peoples,
especially important that we dwell upon this at the for what is reported is true of only a portion of any
present time. We speak of a growing confidence in people and with the revival of confidence will come
the revival of business. What of the inner confi- courage and relief. But in the United States there
dence that inspires individual initiative and en- is no such secret cause. If we do not forge ahead as
larged operation? Are we in danger of weakening a people by our more intense application as individthis through a mental habit of depending upon out- uals then we delude ourselves willfully and wanside aid and factitious advantages? Has the farmer tonly.
come to look with longing eyes upon legislation, the
Amid our unending "investigations'' one is now
worker come to wait upon the ordering of organiza- proceeding looking into retail charges and profits.
tions, the merchant come to feel that domestic trade If there are profiteers (and let each buyer answer
depends upon protection and the growth of foreign for himself) they are probably elated at thr showing
sales, has the banker accustomed himself to become of the books at the close of the year. But they have
a cog in the wheel of a credit system the turning of not learned the first principle of successful business
which is controlled by a Federal Reserve Board conduct. Not only is it the honesty in a square deal,
somewhere in Washington? These are by no means but it is the confidence born of a constant momenidle questions and they relate to the individual.
tum in an immediate business. Profit is not a
General confidence is builded upon this individ- chameleon, changing with every new condition.
nal confidence. Men must have courage to "carry Grasping all in to-day is only beating the air in toon" or we shall never witness a revival. We have morrow. Prices, wages, profits, control themselves,
been "mooning around" too much. Arthur Kiddy by tlieir compulsory interaction, and he is wise who
writes from London: "We notice in you a growing meets with open mind his own judgment of conditendency to turn to South America." If true, is it tions, conditioned upon the appeal of the times.
not a natural result of European conditions, an Tlie merchant, therefore, who deliberately turns to
—
—
THE CHEONICLE
12
a fixed policy of lower prices and of reasonable
profits in his own line aligns himself with princiIn doing this, he afple, progress and prosperity.
fords an example of the power of concentration to
control or at least to guide effort. Will the year
bring each of ns fruit or failure? It depends, as it
has always depended, very
much upon
RAILROAD EFFICIENCY: PAST
AND
ourselves.
PRESENT.
In the current issue of the "Atlantic Monthly" Mr.
Julius Kruttschnitt of the Southern Pacific road discusses railroad efficiency, a subject of vital and universal importance. He begins, as he could not avoid
beginning, with a re-statement of the summary
results of
Governmental control.
Notwithstanding
the distinct statutory pledge of return of the properties in substantially unimpaired condition, and the
added assurances given by President Wilson that the
security owners could feel certain that their interests
would be as well looked after as by the directors of
the roads and that operation "would be carried on
with as little disturbance of the present operating
organizations and personnel as possible," it is on
record that very great disturbance was caused and
1
of
[Vol. 114.
roads in 1916, which include not only cost of labor
every description, but cost of materials, fuel,
depreciation, loss and damage to freight, injuries
to persons, insurance and the rest. After the return
of the roads to their owners, they were made to
perform the greatest transportation task in their
history. They moved more freight and passengers,
loaded their cars more heavily, and moved larger
That it cost too much to do this was
train-loads.
due, as shown, almost entirely to causes beyond the
managers' control."
more which is
printed
before
have
been
does not
not reproduced)
That some
of these statements (and
matter, against the fact that their significance is not
even yet fully appreciated by the public. That these
unfavorable results come from causes not under the
managements' control is a fact so distasteful to the
unions that they have over and over declared that
the trouble does not lie with wages. They do not
quite dare to claim that the money has been paid out
in
extravagant dividends (although even this has been
since stockholders are living witnesses to
contrary
and the position of railway credit offers
the
testimony which can neither be disputed nor softened;
but the trouble, the unions say, is inefficient and
Their "experts" give a few
wasteful operation.
hinted)
the properties were returned after "a loss of $2,280,000 for every day of Governmental control and with
figures
the proper relation of expenses to revenue completely
destroyed."
All promises, says Mr. Kruttschnitt,
"were completely ignored; the percentage of expenses
of the Illinois Central addressed a letter to the
to
which are general and obviously guesses, and
upon these build other guesses. To turn for a moment
from Mr. Kruttschnitt's article. President Markham
men
on that road, about two weeks ago, appealing to
70.48% to 93.47%; them seriously to consider these many loose charges,
and ballast was skimped to the aind either call public attention to them, if well-
earnings was raised from
renewal of rails, ties,
danger point; and the equipment, scattered all over
the United States, had been given scant attention and
was in the worst condition ever known." !^
^
The details of this retrogression are given at some
length, but some of them have already been in print
and they may be condensed here. In 1905 the average
freight rate began falling, and continued so till it
reached, in 1916 and 1917, the lowest level in seventeen years; per contra, ^wholesale prices and railway
wages began rising about 1900 and in May of 1920
reached a height never before dreamed of; the InterState Commerce Commission afforded only a slight
relief by rate advances in 1914-17, and at the
taking-over, at the end of 1917, rates were 1% less
and wholesale prices 120% greater than in 1900.
In July of 1920 came the Labor Board's wage advance
of an average of 21%, retroactive to the previous
May, putting wages on a level 240% above that of
1900; wholesale prices were also 240% higher than at
that date, but freight rates were only 30% higher.
In 1920 the operating revenues of the Class 1 roads
were $1,026,098,147 greater than in 1919; but against
this agreeable increase must be set an increase of
$1,419,754,474 in operating costs, taxes, and jointi
income was $303,056,327
1919.
Moreover, prices fixed
facility rents, so that the net
1920 than in
less in
by the Government directly or by market
conditions (in either case beyond the roads' control)
covered 97.5*cents out of every dollar of operating
either
costs.
A
<
few extracts from the
article
must be
copied at this stage:
"Labor costs have risen, since the Government took
charge in 1910 under the Adamson law, from $1,468 573,000 to $3,698,216,000, the total amount paid to
labor in 1920 being very nearly sixty times the $61,928,626 of net income yielded by the operation of the
roads.
The increase in labor alone, from 1916
to 1920, was $2,230,000,000— nearly equal to the
$2,357,000,000 of total operating expenses of all Class
.
.
.
founded, or repudiate the slanderers who are posing
as labor leaders, if the charges are untrue. Mr. W.
Jett Lauck retorted that "if railroad earnings had
not been improperly diverted but had been used for
betterments or as a basis of credit, or if the roads were
now properly financed and coordinated, great wastes
would be eliminated, enormous economies could be
effected and savings ultimately made in operating
costs of at least two billions annually, or approximately 40%." In reply to an open letter to him by
President Johnston of the International Association
of Machinists (another purvej^or of unspecified and
unsupported charges) Mr. Markham replied by showing how his critic mishandles even his own figures.
This man takes from the recent testimony of Mr
Plumb (himself not the most trustworthy authority)
before a Congressional committee, figures which he
says show, in case of 24 roads, an average valuation
of $32,717 per mile of track; then he takes the 265,000
miles of line in all the roads, and
plication makes the total value of
by simple multithem all $8,610,-
000,000, which is $10,290,000,000 less
tentative valuation by the Inter-State
Commission
than the
Commerce
1920 for the rate-making purpose
indicated in the law. Is this a conclusive showing of
over-valuation?
Hardly. For "track" and "line"
are different things, and some roads have in the former
several times the length of the latter.
The critic
has taken an average value-figure per track mile on
24 roads and has applied this to the line mile (instead
of the track mile) of the whole number, notwithstanding there are approximately, says Mr. Markham,
405,000 miles of track, against 265,000 miles of line;
he thus reaches a total $4,640,000,000 less than by a
correct use of his own assumption.
Let us now return to Mr. Kruttschnitt, who takes
up this union charge of inefficiency, as particularly
voiced by Mr. Lauck, the unions' "consulting exin
THE CIIKONICLE
.Ian. 7 1922.]
In April last ho told the T^abor
port."
the roivds mifj;ht save an os(iniai(>d 5783-2
Board that
nnllions by
which bettor loootnotive firing
a
figured at 50 millions and "modernizing locomotives"
at 2723-2 nullions; he said the total might be brought
to a billion by a number of other savings, and that
"by other possible e(!ononiies, such as consolidating
into a few large systems, changes in methods of
financing, and the like," it would be possible to
save another billion. So here we seem to reach, by
an analysis which does not analyze and a specification
which neither specifies nor proves, that "two billions"
which could be saved, without lowering wag(;s (or
possibly, raising them a bit more) if the managements
were only efficient.
Now, says Mr. Kruttschnitt, Mr. Lauck would
save 48% on the locomotive fuel bill of 673 millions
But if proved fuel-saving devices (such as
in 1920.
the brick arch and the superheater) these two being
now, respectively, on 66% and 54% of locomotives
in use, were applied to all locomotives, and if a better
cooperation of officers and employees as to this
matter could save say 6% of fuel, the resulting round
figure of 26% possible saving on the 1920 fuel bill
would be $174,980,000, instead of the guessed
list
of ocoiioniios, in
$322,500,000; as for "consolidations," the Railroad
Administration worked that plan, yet effected a
Furthermore:
loss of 833 millions a year.
total operating expenses and taxes of Class
Ex1 roads for 1920 amounted to $6,048,000,000.
cluding pay of general officers, the Governmentcontrolled wages, the reduction of which Mr. Lauck
does not suggest, cost $3,651,000,000; taxes cost
"The
$279,000,000; depreciation, fixed by the Commission's
regulations, $152,500,000. The total for these three
items, $4,082,500,000, leaves only $1,965,500,000,
out of which two billions are to be saved. That is,
all operating expenses would have to disappear, even
salaries of general officers, on whom Mr. Lauck places
the entire burden of saving the two billions."
So much for the smoke screen of pretended managerial inefficiency behind which the imions seek to
hide the burden of wages.
The Railroad Administration, says Mr. Kruttowners the unpopular task of
seeking before the public an increase of revenue to
meet the increase of expense, although in equity this
obligation lay upon those who had created the
necessity;" and now, if it is urged that the railroad
shareholders should share some of the farmers'
burdens and forego some of their profit, for the
common good, it should be remembered that, "for
the first six months of 1921 they earned no dividends,
and, moreover, had to provide 100 millions from outside sources, to pay interest on their bonds, in order
schnitt, "left to the
tions
13
and remain.
Therefore nobody should despair
of regaining the railroad efficiency of the
also of increasing
the binding
hand
it.
What
is
required
is
pa.'^t
and
to take off
and give natural
have a demand for
of iriterference
laws their opportunity.
We
lower rates, and those are necessary, but not less
necessary are the; (conditions which niak(! them possible.
Never before in railroad history, says Mr.
Kruttschnitt, has the pressure for advanced methods
been so great as now, and never before have managers
responded more heartily.
He quotes Mr. W. M.
Acworth, an English economist and studtsnt, who
said it Vias always been his opinion that in actual
economy of operation the roads of this country are
the first in the world; "in number of tons per car and
cars per train, in the fullest utilization of locomotives,
and in obtaining the greatest measure of result for
each unit of expenditure, they are not equaled by
the railways of any other nation."
And when the
late Franklin K. Lane, then a member of the InterState Commerce Commission, returned in 1910 from
the International Railway Congress in Berne, he
said that "the conference established beyond question, I think, the supremacy of the American railroad
from the standpoint of efficiency."
Railway managers are eager to respond to the
demand for still more efficiency, but a needed
response from the people is lacking, although
due and coming; when that is given the managers
will be able to carry out their foresight and intentions.
GOV. MILLER'S MESSAGE.
The portion of this document which comes first
in position and in public interest relates to the
finances.
The State's receipts in the last fiscal
year were |17,584,168 beyond the estimate; but instead of following the custom of keeping the squander close to or a little past receipts, the State's af-
were held so well in hand that the actual expenses and adjustments for the year were $7,283,314
below the estimate and $8,726,724 under the appropriations in force at the beginning of the year.
Holding the expenditures so well within both estimate and appropriation resulted in a surplus of
$24,867,482 in excess of the estimate made one year
ago, and after the schedules of estimated income
and outgo are made up the estimated surplus at the
end of next June is $22,390,202. The estimated resources for this fiscal year are a little over 97 millions, in which the largest items are 331/2 millions
from corporations, 16 millions from inheritances,
and 151/4 millions from incomes; putting with the
fairs
total the surplus just mentioned, the estimated re-
from a direct property tax are
to escape receiverships; in case of the shareholders,
ceipts other than
these losses are irretrievable, for, unlike the public,
they are not allowed to offset them by high returns
$110,460,202, and Gov. Miller says that if the appropriations can be kept within approximately 125 millions there will be need only of a direct tax of a lit-
in
times of great prosjoerity."
Yet Mr. Kruttschnitt's article is on the whole
encouraging rather than the contrary, because of the
fact (which he ratluir implies than emphasizes) that
th(! people are gradually awakening to a serious study
of the subject;
ings
we have
and permitted
quences;
we
tried neglect, misundcirstand-
ill-usage,
and we have the conse-
are also beginning to assign the effects
to the cause.
The slowness
of this
movement
in
depth and
permanence, for sudden emotions burn themselves
uot while gradual changes build their own foundapublic opinion
is
the best warrant of
its
over 12 millions for debt service, thus relieving
real estate of the direct call for 221/2 millions for
Accumidating imnecessary surteachers' salaries.
plus is unjust to taxpayers, he says, and using existtle
ing surplus to tide over lean times is sound policy.
The requests as compiled total $115,01 9,665, which
Is $56,624,627 less than one year ago, and not in-
cluding $4,621,545 of requirements that had to be
met. The result foreshadowed can he attained without impairing the efficiency of any activity of the
State, "providing no now or unusual expenditures
THE CHRONICLE
14
be undertaken," and under normal conditions the
present revenue sources, with the direct tax for debt
service, "will be adequate to meet the expenses of
the Government, and the normal increase in such
revenue will adequately provide for the inevitable
expansion." The comparison of requests made,
adds Gov. Miller, "is the best evidence of the new
spirit which pervades the public administration,
demonstrates that notwithstanding the drastic reductions made last year the actual needs of the
State were amply provided for."
"A new spirit" in public administration? It is
surely overdue, and let us hope it has at last begun.
We may take with this report the story from Washington that a virtual saving of 476 millions (a 26%
reduction) was made in the first haK of 1921 by the
Federal Government and that the Treasury budget
has also been cut 9% in the House. Yet we should
keep in mind the menace of the bonus, in both nation and State. There is no distinct mention of that
in the message, but nobody can be surprised to learn
that the constitutional amendment permitting issues of bonds for this purpose has been already introduced, and Gov. Miller is quoted as favoring putting the subject up to the people in this manner,
although not sure that the American Legion "is particularly keen" for so doing.
Economy and business-like methods are urged
throughout the message. Prominent recommendations are: saving in the cost of public printing by
ending the monopolistic practice of putting all departmental work under a single contract, thus virtually shutting out competition; creating a central
purchasing bureau and a committee to prescribe
standards the sale of idle property a constitutional amendment allowing consolidating the present
constitutional offices of State Engineer and the
Public Works Department, including some others
whose work is related to these; an inquiry into the
excessive cost of local government; equal participation of both sexes in party management; compulsory use of voting machines in cities of the first and
second classes; a more equitable taxation. He
hopes the commission which is now revising the
charter of the city will be able to report to the present Legislature, which he will then call into special
and
;
;
session.
The
State's institutions
—hospitals,
pris-
asylums for defectives, and the establishing of
courts under the new constitutional
amendment— receive attention. Paternalism is deplored, yet the just remark is added that while the
State should do nothing to impair the primary obligation of parents to support and rear their children, "the State is concerned with, and self-preservation requires, taking all legitimate measures to
promote the physical, mental and moral welfare of
children."
No stream can rise above its source.
An imperfect or depraved adult is a continual public injury, and the people are only the children
ons,
children's
grown up.
If
we
are to be a nation,
we must
con-
serve our chief asset, the child.
An
excellent
and practical document
is this,
and
one which increases regret at the announcement
that Gov. Miller does not intend to stand for re-election he seems needed all the more now that this city
is so delivered over to Tammany for four years to
come. Progress towards genuine, good government,
in nation and State, is slow; yet a taste of it should
raise a keen desire for more and there is much gain
in having made even a start towards it.
;
CHurcjettt
[Vol. 114.
gxuents
and discussions
TO HOLD ECONOMIC CONFERENCE IN
MARCH- -CANNES MEETING OF ALLIED SUPREME COUNCIL.
ALLIES
At the opening session yesterday (.Jan. 6) of the meeting
Supreme Council in Cannes, France, it was
decided to invite the United States to take part in an
international economic conference to be held at Genoa in
March. According to the Associated Press the Supreme
of the Allied
Council approved unanimously the calling of an international
economic conference, to be participated in by Germany
and Russia. The Associated Press advices yesterday also
stated:
Gearge Harvey, American Ambassador to Great Britain, who is to act
as official observer for the United States at the conference, told the correspondents Just before he entered the council chamber that he had no
intention of speaking at the first session and had no program to place
before the Allies, as had been rumored.
Prime Minister Lloyd George has decided there can be no question at
this time of a formal alliance between France and Great Britain, it is said
on good authority, but has held out the prospect of a sufficient guarantee
to aid France if she is again attacked, as in 1914, under certain conditions.
These are, it is stated, that France co-operate with Great Britain in the
economic restoration of Europe and consent to modifications in the reparation payments by Germany on the basis of the suggestions made in the
recent London conferences of a half billion gold marks in cash and a biliion
gold marks in kind, instead of two billion marks in cash.
On the 3d inst., referring to the Cannes Conference, the
Associated Press in cablegrams from Paris said in part:
Premier Briand is determined to limit the agenda of the coming Supreme
Council meeting at Cannes to two questions, reparations and the economic
restoration of Central Europe, it was indicated in authoritative quarters
to-day.
It is understood he is in favor of subsequently calling an economic
conference, at which perhaps Russia and Germany may be represented.
The Premier, beading the French delegation to the council meeting,
with Minister of )./iberated Regions Loucheur, M. Laroche, of the French
Foreign Office, and several experts, left for Cannes at 5.35 o'clock this
afternoon.
The French delegation feels that all other subsidiary matters should be
shelved, believing that if both of the above questions are settled satisfactorily the conference will be a success indeed.
It is known that the French delegation agrees in principle to Germany's
making four payments of 125,000,000 gold marks each on Jan. 15, Feb. 15,
March 15, and April 15, although Premier Briand has insisted that nothing
binding was decided with Prime Minister Lloyd George dui-ing the recent
conversations in London, inasmuch as Belgium and Italy were not represented there.
It was semi-officially stated to-day, however, that M. Briand consented
to a delay of the 1922 German payments, except for 500,000,000 gold
marks, as well as to other measures intended to relieve Germany, such as
fixing the price of reparations coal at the lowest limit of French and British
current market figures.
Should Belgium concur, and advices from Brussels are to the effect that
she will, nothing further in the way of cash payments in 1922 will be demanded from Germany than the half bUlion gold marks. Although
Germany's ability to pay the 500,000,000 gold marks is generally accepted
in French circles, Germany still is officially on record as being unable to
pay more than one-third of this amount.
Dr. Walter Rathenau. the German financial expert, was in Paris to-day
but it is expected that he will leave for Cannes to-morrow. It is said he
desires to place information before the conference concerning the possibility
of Germany meeting four payments of 125,000,000 gold marks in the first
four months of the year.
On
the 5th inst., in its reference to the conversations at
to the formal opening of the Conference, the
Associated Press said:
Cannes previous
In addition to a continuation of the private talks between Aristide
Briand, the French Premier, and Mr. Lloyd George, M. Briand had a long
conversation to-tlay with the Marquis Delia Torretta, the Italian Minister
of Foreign Affairs, and also saw Premier Theunys. of Belgium, and Baron
Hayaslii, of .Japan.
The only official announcement after these talks was
that the conversations were proceeding satisfactorily.
To-day's developments seemed to confirm the impression that the Allies
are agreed upon the principle of an economic conference, though still debating the details.
Reparations were discussed by the experts to-day. the Belgians stoutly
opposing any modification in the schedule of payments that likely would
compromise their priority on the 2,500.000.000 gold marks due by Germany. The French delegation is backing the Belgians on this point. But
it is inclined to make concessions to the British viewpoint to the extent
of reducing the ca.sh jiayments to 500,000,000 gold marks annually and the
rest of the reparations in kind.
The British go farther than tiiis and desire to reduce the deliveries in
kind so that the total both in cash and in kind can be reduced about 25%
from the Paris agreement, or 1,500,000.000 gold marks.
This week's meeting at Cannes was preceded by an economic conference at Paris on Dec. 30, attended by representatives from various European countries, at which, the
Havas Agency r€>portod, it was decided to form an international association with a view to re-establishing the international credit of Europe.
Further details regarding this will
be given in these columns another week.
GOVERNMENT AND BANKERS
TO CO-OPERATE IN
PROMOTION OF FOREIGN LOANS.
following from Washington appeared in the New York
last night:
An arrangement for co-operation between the Government and American
bankers to promote American banking and industry in Em-ope and in South
American countries was completed to-day. The understanding was reached
between Secretary of Commerce Hoover and Thomas B. McAdams, of the
The
"Evening Sun"
American Bankers' Association.
.
.
THE CHRONICLE
•Ian. 7 1922.]
Under tlio plan aRoiits of tho Dopartinont of Commorco will invostlgato
•ondltlons In count rios askint? for Utnun to carry on puhlic or privato i)roShould conditions bo favoral)lo, tlio American attaclio will so report
Jecte.
Hoforo the loan is made, however, the
to tho Commerce Departnuuit.
applicant will be obliKed to promise to purchase materials in this country,
A commercial
Uius benefiting both bankej-s and manufacturinK plants.
:ittacho win bo on tho ground to observe fulfillment of the contract.
Milton E. Ailes, President of tho Riggs National Bank of Washington, is
the liaison officer for tho bankers.
OFFERING OF $40,000,000 DUTCH EAST INDIES 6%
GOLD BONDS BY GUARANTY COMPANY.
A syndicate headed by the Guaranty Company of New
•
week (Jan. 4) an issue
of $40,000,000 Dutch East Indies 25- Year External 6%
Gold Bonds. These bonds are authorized by the Government of the Dutch East Indies under a law passed Dec. 30
1921, by the Netherlands Parliament, and approved by the
Crown. The Guaranty Company announced on Jan. 5
for the syndicate that subscription books for the Dutch East
Indies 6% External Bonds closed at 2 p. m. that day.
The bonds are to be dated Jan. 1 1922 and mature Jan. 1
They are not redeemable during the first ten years,
1947.
York
offered
on Wednesday
of this
but thereafter they are redeemable as a whole at the option
of the Government or in part for sinking fund purposes
only at par and accrued interest, such redemption to be by
and at the yearly rate of one-fifteenth of the amount
Interest is payable
of bonds outstanding Jan. 1 1932.
Jan. 1 and July 1, and principal and interest are payable in
lot
United States gold coin of the present standard of weight
and fineness, or its equivalent, at the main office of the
Guaranty Trust Co. of New York, without deduction for
any taxes, present or future, of the Netherlands or the Dutch
East Indies. The bonds are to be direct obligations of the
Government of the Dutch East Indies, which is an integral
part of the Kingdom of the Netherlands under the sovereignty of the Crown, and its most important colom'al posand interest, to
session.
The bonds are offered at 94
the
earUest
redemption
yield about 6.75% to
date, Jan. 1
The
1932, and to yield about 6.45% if held to maturity.
syndicate offering the bonds is composed of the Guaranty
Company of New York, Harris, Forbes & Co., Lee, Higginson & Co., the Bankers Trust Co., New York, Kidder, Peabody & Co., the Union Trust Co. of Pittsburgh, the Continental & Commercial Trust & Savings Bank of Chicago,
the Illinois Trust & Savings Bank, Chicago, and the Union
Trust Co. of Cleveland. The official circular saj^s:
The executive and much of the legislative Dower of the colony is vested
in a Governor-General and Council appointed by the Government of the
Netherlands. Budget and other fiscal matters are originated by the colony,
subject to the control and approval of the Government of the Netherlands
H
Resources and Commerce.
lation (largely native) of about 47,000.000 and a land area of about 7.')0,000
square miles. The great natural resources of the colony have for centuries
given it prominence in the world's commerce, and after more than three
hundred years under Dutch control it is to-day one of the richest of all
The principal products include tin, iron, coal, gold,
colonial posses-sions.
petroleum and a large variety of agricultural commodities, among them
coffee, rubber, copra, tea, sugar and tobacco.
These natural resources have enabled the maintenance of a substantial
excess of exiwrts over imports.
For the six years 1915 to 1920, inclusive,
the Dutch Kast Indies had a larger favorable balance of trade than any
country In the world, excepting the United States. Trade with the United
States has developed remarkably, total exports and Imports having Increased
/rem $9,370,000 for the fiscal year ending Jan. 30 1913 to $202,810,000
for the fiscal year ending June 30 1921.
Currency and Exchange.
The unit of currency Is tho guilder, or florin, with parity of 40.2 cents.
Its present quotation of approximately 37 cents represents a discount of
only 8%, reflecting its position as one of the soundest currencies in the
world
Total Interest and amortization charges on all debt, both funded and
floating, as appear by tho 1922 budget aggregate less than 10% of the 1921
total revenues (partly estimated).
These revenues, including tho gross
Government-owned
monopolies
and
Industries,
totaled
$2fi7 .000,000.
For the period of 1 1 6 years from tho fwtablishmcnt of tho Colonial f Jo vernDMint In 1798 to the outbr<%'ik of the war In 1914 tho aggregate ordinary
revenues exceeded expenditures Cordlnary and capital aggregated). I'Yom
190ft to 1913 tho ordinary budgttt, exeluHlve of recjilpts from loans and
capital expenditures, rc^flected in each yciar a favorabhi balance-, the surplus
fer the period aggregating about $34,000,000.
In the more recent budgirls,
duo prindpally Ut capital and other «;xtraor<llnary tixpf-ndlluns, there have
been substantial deficits. Thf! flf)ating debt, amounts to $222,00r).0f)0.
but without allowance for any reduction by $40,000,000 taxes levied but
not yet collected and by any application of loan proctoeds.
Oovernment-Oii
nerl f'roiii-rly
the 1922 budget.
mMihI
The Dutch Government's
bill
authorizing the negotiation
United States, to be used
in behalf of tho Dutch East Indies, was passed unanimously
by tho First Chamber of Parliament at Tho Hague on
Dec. 29. The Second Chamber of Parliament on Deo. 23
On Dec. 24 the
passed the bill by a vote of 57 to 18.
"Journal of Commerce" said:
of a loan of $100,000,000
The Second Chamber
in the
of the Holland Parliament has passed a
izing a dollar loan in tho United States for the Dutch and
a maximum of $100,000,000.
This information was received by cable at noon yesterday
bill
author-
East Indies t«
by the Netherlands Chamber of Commerce in New York.
Neil Van Akcn, Editor of "Holland and Her Colonies," a monthly magazine published under the auspices of the Chamber, said last night that the
loan probably would be floated in three or four sections of from $25,000,000
It also was his impression that the bonds would sell for
to $40,000,000.
about $99, with a par value of $100, paying 6H
A similar arrangement
was consummated in connection with the recent Danish loan.
%
We
of
also quote the following from the
Dec. 30:
•
New York "Times"
Efforts by bankers here to get the Dutch East Indies loan have been
unsuccessful.
Two bids of banking groups, one headed by Hallgarten &
Co. and the other by the Guaranty Company, were rejected yesterday,
according to cable advices received in the financial district.
New bids are
to be received next week and several additional banking groups are expected
to make proposals.
The authorized issue is $100,000,000, but the Holland
Government desires to sell only $40,000,000 of the bonds now. The Government has made the stipulation that the coupon shall not exceed 6
•
M%
On Dee.
31 Associated Press advices from The Hague said:
The Dutch Government has assigned the first installment of $40,000,000
of the $100,000,000 loan recently authorized by both Houses of Parliament
to the Guaranty Trust Co. of New York, it was announced to-day.
The
conditions of this part of the loan are such that the actual average interest
to be paid will work out at less than 7%, the announcement said.
OFFERING OF BLOCK OF U. S. OF COLOMBIA {SOUTH
AMERICA) BONDS OF 1913~P AYMENT OF
$25,000,000 TO COLOMBIA.
6%
A block of United States of Colombia (South America)
external Sterling loan of 1913 was offered this week by
Cowen & Co., dealers in investment securities at 67 Exchange
The issue is offered at prices to yield 9.75%
Place, this city.
to 11.75%, depending on the rate of Sterling exchange.
These bonds are dated June 16 1913, and ai-e due March 1
Of the
Interest is payable March 1 and September 1
1947.
total amount issued (£1,226,392) there has been retired by
sinking fund £146,952 leaving outstanding £1,079,440.
.
The bonds are in denominations
The official circular says:
of £20,
£100 and £500.
These bonds, in addition to bsing a direct obligation of the United States
of Colombia, are furtner secured by a direct hypothecation of
of the
customs revenues of the Republic.
In 1919, the
of customs revenues upon which these bonds are a first
charge, approximated double the amount necessary to pay the interest and
In this connection, it should be noted that the
sinking fimd of the i.«sua.
1920 foreign trade of Colombia was over 25% greater than that of 1919.
A sinking fund of i;i5,000 per annum, operating each March and September, retires bonds of tliis issue by call at par or by purchasa in tho open
market up to par.
Per Cavita Debt.
7%
.Although Colombia is the fourth largest country in South America, with
an area of over 440,000 square miles and a population of about 6,000,000.
her debt compared with nMghboring nations presents a remarkable contrast:
External Debt
Per Capita
Internal Debt
Per Capita
Brazil
$20.60
48.00
57.40
$4.44
4.21
5.23
2.22
Chile
Argentina
Colombia
3.22
Monetary Unit.
Colombia's monetary unit, tho Peso. Is today selling at 97.3c. gold.
normal value; oven the pai)er Pe.so Is .selling within 10% of gold parity.
Its
United Stales Treasury Grant.
States of jVmerIca has recently authorized the payment to
(Jolombla of $25,000,000 to bu paid in annu.il Instalments of $5,000,000, In
settlement of (Jolombla's I'anama (!anal rights. This sura Is tKiual to about
f.ve-sevenths of (y'olomnja's total extornjil and internal debt, and as far as
wn know, rc^pnwints tho first In.-tanco in recent history under which one
nation will have rixielved from another a sum sufficient to Ikiiildato the
To \ni concrete, Colombia will
greater part of Its national Indc^btixliusis.
receive $25,000,000 as against a total national debt of .iboiit $.'12,617,000.
We understand Colombia jiropgses to use the mom^y it will receive from
the Unlt,e<l Slatr« for tho conHtriietlon of railroadf aii<l slmlhir public projects.
The natural nwnirces of tho country are unllmlti'd. .irid Colombia's
known resources In oil. c<ial, i-m iralds. golil, co|)per and dIIut nilniruls, with
a(le<piale transportation facllllliis, will bo mad' available to tho world.
Amerlc^in and MrltLsh Intorosts aro spjndlng mlllionN In tho dovolopmont o»
The United
Revenues.
from
For the five years 1917-1921, partly estimated for the last year, the net
income from Government properties and monopolies averaged $46,000,000
annually or more than 1 Mutinies all interest and amortization charges In
7%
The islands, the more important of which include ,7ava, Sumatra, Celebes,
Madura, Dutch Borneo and Dutch New Guinea, have an estimated popu-
iBcome
15
and
I Mil.
Total funded debt, exclusive of this loan, approximates $212,000,000. as
compared with Oovemment^owned property of an estimated value of not
Icsa than $27/5.000.000.
These properties, from which the (Jovirninent
has realized substantial profits ov(^r a period of many years, Inelurle tramways and railroads fapproximately 2.r>r,() miles), telephone and tflegr.ipb
ystems, tin mines, coii\ mines and harbor developments. The (;overtiment also controls great naturallresources of value difficult to estimate.
Colombian
oil fli^lds.
./AMES Sl'EYEK SA YS FEDHRAL SYSTEM IS NEEDED
IN CUBA REPAYMENTS ACCOUNT OF
CREDITS ADVANCED BY
U.
S.
statement regiirdiiig (yiiba, made on Jan. 5, after his
return from a .sliort lioliday tri|) to tliat country, James
Sp(!yer, of Ki)«-yiT <V, Co., ol).Mcrv<«H tliat "(-uba i.s paHsing
[n a
THE CHRONICLE
16
through a period of financial and economic depression" and
states that "it is very much to be desired that during this
temporary crisis we pursue a consistently firm but generous
"One thing the counpolicy toward the Island Republic."
try' needs says Mr. Speyer, "is either an auxiliary of our
Federal Reserve system, or a Federal Reserve Bank of its
own similar to our system." Mr. Speyer also refers to the
repayment by Cuba made on account of credits advanced by
The following is Mr.
the United States during the war.
Speyer's statement:
Cuba is passing through a period of financial and economic depression.
The public treasury, as well as many banks and mercantile concerns, find it
This crisis is principally due to two
difficult to meet their obligations.
First, to the vers' great extravagance and wastefulness with which
causes.
public affairs have been managed during the last few years, before ("resident
Zayas took office. This seems to be one of the curious conseciuences of the
war, which almost every country has experienced to a certain degree
Second, the effect of this improvidence is aggravated by the low price of
Bugar (the island's principal product), following a period of extraordinarily
high prices during the war, for which enormous speculation and gambling,
not only by Cubans, is responsible.
Cuba always has been, and still is, an Island much favored by fertile
soil, splendid climate and topography, and with abundant population
It is, therefore, only a question of time when the little republic will return
This will depend largely on proper economy in
to its normal condition.
public affairs, as neither the gross nor the net revenues have been, or are.
what they should be under proper management. But we must not forget
that the Cubans have not yet been taught to save, and have only had selfgovernment for a little while. It takes more than one generation to
create and maintain efficient self-government, especially under the conditions prevailing there.
It is a remarkable fact that
Cuba has no paper money, and no bank
notes except our own, and that she has not resorted to the printing presses
and inflation to ease conditions. One thing the country needs is either an
auxiliary of our Federal Reserve System, or a Federal Reserve Hank of its
own similar to our system. If the latter should be established, it must be
very strictly safcguiirded, and certainly supervised, by men who are independent of political or local influences.
Cuba entered the war against Germany at the same time that we did.
and received from our Government a credit of .$15,000,000. Of this, I am
told, it only took $10,000,000, and they have just repaid an installment
of $62.5,000, foi interest and sinking fund, which 1 think is quite a unique
thing in comparison with our other foreign debtors.
It is very much to be desired that during this temporary crisis we pur.sue
a consistently firm but generous policy towards the Island Republic, not
only in their interests, but in our own, because Cuba is a very good cus
tomor for our manufactured goods. Furthermore, whatever policy we
pursue towards Cuba will have far-reaching consequences in our political
and business relations with all Central and South American countries.
I found President Zayas a man who seemed animated by the best intentions.
He also seemed to realize that what his country needs most just now
is not so much a large foreign loan, but that the remedies for the present
"hard times" rest largely wth her government and her citizens.
MODIFIED MORATORIUM IN ITALY— SUSPENSION
OF BANC A I TALI AN A DI SCON TO.
Last week
(p.
2768) reference was
made
in these
columns
payments by the Banea ItaUana
Rome,
Italy,
Sconto at
on Dec. 29.
to the suspension of
di
According to the Associated Press the suspension of pay-
ments followed an announcement by the Government of a
modified moratorium permitting the withholding of payments by certain corporations. Press dispatches Dee. 29
stated that the moratorium granted the bank under the
court's action was effective for one year.
A Central News
cablegram from Rome, Doc. 29, published by "Financial
America,"
The
said:
Banca Italiana di Sconto caused somewhat of a panic
hero today. The Uourse su.sponded business. A syndicate of banks had
raised 180,000.000 lire to reestablish the Banca Italiana di Sconto but the
Commerciale Crodito refused to participate.
According to the "Epoca"
an agreement has been reached with the current creditors of the closed bank.
closing of the
The "Evening Post"
of this city, in its issue of Dec. 30,
printed tlie following dispatch from Rome of the same date
by the Associated Press:
The Uauca Italiana di Sconto, the doors of which were closed yesterday,
has been granted a moratorium by court action.
The incident had the effect yesterday of lowering lire exchange, which
went from 22.00 to the dollar in the morning to 2.3. .50 in the afternoon.
Tlio inoratoriimi granted to lli<' l)aiik under the court's action is
effective
The court ai)polnted C^ommendatoro Tommaso de Angelis,
for one yciu-.
Rome, who a director of the Banca di Napoli, as referee.
Meanwiiilo the Banca Italiana di Sconto is continuing all
operations
except payments, wlilch, it is stated. wiU be resumed a-s soon as the
tribunal
limits the amounts which may bo withdrawn daily.
The Italian Government yesterday announced a modified moratorium
permitting sus|)oiision by certain corporations of payment of
obligations
through court decree. Polliwing the announcement the Banca Italiana
di
Sconto closed its doors.
It was stat^'d.that the Government
action was
aken to .isslst the institution, which i.s one of the largest of its kind
in Italy
Tliere was a tone of confidence in financial circles to-day,
and so far iis
could be gleaned from exi)r<>sslon.s of bankers, the trouble was
regarded as
altogether confined to the one institution.
The bankers pointed to the fact
that the suspension of the Banca di Sconto had not produced
the slightest
of
!.<
alarm regarding the financial situation of the Banca Italiana di Sconto
(which is not at all critical if panic is avoided) the board of directors of the
Banca Italiana di Sconto decided to take advantage of the decree of mora^
torium granted, and which is applicable only in those cases where the
,
upon any other financial institutions, th.-it the public was
not at all
and was disposed to bo patient In the belief that the affairs
of the
Banca di Sconto would soon be adjusted.
The "Post" also printed the following dispatch by
e.xcited.
the
Associated Press from London, dated Dec. 30:
William Marconi, who is a director of the Banca Italiana
di Sconto
(o-ilay
that information to the following effect had
morning:
•Owing
to the definite refiusal
put forwarg by the Bank
night by other banks of the
proposal
of Italy to inter^-pno against the
unji4tinable
Ia.st
liabilities,
as in this case."
Embassy, in a statement issued- to-day regarding suspension
of payments by the Banca Italiana di Sconto, emphasized that no general,
but only a partial, moratorium had been granted and that the bank's
trouble was due to causes not at all affecting other Italian banks, which
The
Italian
are functioning regularly.
On Dee. 31, the Italian Ambassador at Washington
Senator Rieci, was reported as stating that the moratorium
declared in Italy "is not a question of a general moratorium
of the Italian banks, but simply of a transitory crisis affecting
only the Banca di Sconto." The press dispatches reported
him as adding:
Official information which I have just received from the Italian Government puts me in the position of emphatically affirming that the crisis of
the Banca Italiana di Sconto is duo to causes which do not affect in the
the solid ty of other Italian banks, which continue normally their
regular operations.
In fact, the temporary closing of the doors of the
Banca Italiana di Sconto has not caused any panic or any incident and
was met by the public in Italy with the greatest calm and confidence
throughout the country. The history of the present crisis may be summarized as follows;
The Italian Council of Ministers on Dec. 28 issued a decree, in view of
the difficult situation of the Banca Italiana di Sconto, calling again intw>
force, with certain modifications and additions, the provisions of the Code
of Commerce regarding the postponement of payments on the part of stock
companies, limited. The Banca Italiana di Sconto, being a stock company,
limited, availed itself of the facility granted by this decree and requested
a postponement of its payments.
lea.st
In
its
advices from
Rome, Dee.
30, the Associated Press,
stated:
—
The total liabilities of the Banca Italiana di Sconto whicli closed Ite
doors Thursday and to-day was granted a moratorium of one year in which
to endeavor to straighten out its financial tangles
will reach four billion lire.
Tliis fact became know n to-day by the publication of the petition of the
banic for a moratorium.
The petition added that the moratorium would
enable lie in.stitution to tide over the present financial crisis, and that the
bank antiripated a complete re-establishment of its credit. The petition
attributed the situation of the bank to the general European economic
—
break-down.
The history of the bank was outlined in the petition for a moratorium.
Before 1915 it had a capital of 15,000,000 lire. Then, by leaps and bounds,
the capital increased curing the v;ar and in 1919 it had reached .315,000,000
lire.
The bank's holdings were augmented principally through prosperous
times of the war and the activities of the Ansaldo Co., which manufactured
great quantities of munitions.
Minister of Industry Belotti. in a statement in the Senate to-day concerning the bank, said the public could maintain confidence that it would be
able to meet its engagements, while with regard to the other great banks
the people could be reassured as to their safety.
The mini.ster added that the people both at home and abroad must be
shown that although recent events might have had an effect on the economic situation in Italy they could not fatally hurt it.
Premier Bonomi, in a similar statement, said the situation now was
clearly defined and that there was no danger of a general crisis which would
affect all the credit institutions.
He added that the government, with full
knowledge of the facts of the situation, could announce the solidity of
Italian credit, and say, also, that every measure had been adopted to meet
possible pressure by depositors on other banks.
On Dec. 31, the King, at the instance of the Ministers of
Industry and the Treasury, issued a decree postponing until
Jan. 4 the December settlement which was to have occurred
on all the Italian Bourses on the 31st. Press cablegrams
from London, .Jan. 4, stated that the stock brokers had asked
the Italiao Government for a further postponement of the
December settlement to January 31, according to a Rome
dispatch to the "Times." The London cablegrams further
said:
There are said to be 1 50,000 .shares of the Banca Italiana di Sconto falling
due December 31 and the loss will be very large if they are sold on January
4, to which date the settlement was originally postponed.
,
In stating on Jan. 3 that the Cabinet Ministers wore continuing conferences with the banking heads in an effort to
overcome the Stock Exchange deadlock Rome press advices
added:
All exchanges are closed and operations suspended.
There is a reluctance to operate on the part of some because of the confused conditions rosullingfrom the recent transfer of securities of the Banca Italiana di Sconto.
The tendency is to await Government action before the monthly clearing can
be effected.
A royal decree was issued this evening outlining the organization of receivers which will undertake to conduct the affairs of this bank.
There is
stili considerable doubt as to the date for the reopening of the Italian exchanges, which is only now delayed by the crisis in the affairs of the bank
named.
Under date of the 4th inst. press ad^nces from Rome said:
The court dealing with the application of the Banca Italiana di Sconto for
a moratorium today appointed four commissioners to assume the duties of
the board of management.
The court also directed that possession should
be taken of the real and personal property of the members of the board.
The exchanges
in Rome, Turin, Milan, Florence, Naples and Genoa are
closed oiiving to the failure of the ministers and the brokers to come to an
agreement. The Government had ordered a report on the monthly bank
clearings for today, but this was delayed by the attitude of the exchange
agents, who asked the Government for some assurance concerning the Banca
di Sconto shares.
still
The conference between the ministers, bankers and brokers will continue.
The exchange situation is intensified because of the large amount of the
said
reached him' this^
exceed the
a.ssets
I
effect
[Vol. 114.
Sconto stock transferred during recent days through the smaller agencies,
which are now called upon for the total amount of their transacts before the
liquidation on the Bourse can proceed or the relations between the
Bourse and the Banca di Sconto re-established
It is said that .some of the
di
.
Jan. 7
THE CIIRONTCLE
1{)22.]
luliinr criHllt houses would bo ombarrassed If forcod to produce Inimodlate
liquid assets for Mio Hconto transfer, so that Ooverninent aid Is awaited.
In Uoino advices Jan. 5 the Associated Press had the
lowing to say:
fol-
At (Jenoa thii Bourse remains at a standstill. In Milan the work toward
reopening the Bourse continues but business to-day was at the lowest since
the financial troubles began. There can now be little activity In the market
before Saturday, to-morrow being a holiday on account of the Feast of the
Epiphany.
In Triest the monthly liquidation on the Stock Exchange took place
under normal conditions. In order to avoid a recurrence of the Banca
dl Sconto crisis the Stock Exchange authorities appealed to the patriotism
of the local banks and consequently the settlements were made calmly,
the banks having produced without great difficulty the .sums necessary
There was only a small amount of Di Sconto
to cover their commitments.
paper on the market.
ITALIAN SHIPPING FIRM SEEKS MORATORIUM.
Press advices from Rome yesterday (Jan. G) stated:
The executive council of the Societa Anonima Lloyd Mediterraneo, says
a dispatch to the London "Times" from Milan, has made an flpplicalion
with the purpose of availing itself of the moratorium decree issued by the
Government Dec. 28 in connection with the Banca Italiana di Sconto.
The Mediterraneo company is a shipping concern, founded in 1918. It
was capitalized at 100,000,000 lire, but afterwards conducted a private
loan of 85,000,000 lire. The executive committee Includes Max Bondi and
Arturo Luzzatto, former members of the famous lima metallurgical firm,
who recently were "denounced to the courts and have not been admitted as
members of Parliament on account of the alleged bad administration of
the Ilva concern."
SUSPENSION OF ITALIAN DISCOUNT & TRUST CO.
The Italian Discount & Trust Co., located at 399 Broadway, the New York agent of the Banca Italiana di Sconto of
whose suspension was announced last week,
closed its doors Thursdaj' morning (Dec. 29) and was placed
This step
in the hands of the State Banking Department.
was tajfen to stop a run on the bank of about two hours' duration which had followed the receipt of news from Rome that
the Banca Italiana di Sconto had closed its doors earlier on the
same day. Shortly after noon a notice was posted in front
of the bank announcing that State Superintendent of Banks,
George V. McLaughlin, had taken possession of the institu-
Rome,
Italy,
According to the New York "Journal of Commerce,"
December 30, transfer of funds from other banks in the
downtown district reheved the situation up to noon, when
the number of expectant depositors increased to such an
extent that a hurried meeting of the Board of Directors was
tion.
of
which the State authorities took the situation in
following statement was given out by Mr.
McLaughlin:
"The Superintendent of .Banks of the State of New York announces that
called after
charge.
The
after a conference with the representative of the directors of the Italian
Discount & Trust Co. it was considered for the best interest of the depositors
that the Banking Department take over the affairs of the Italian Di.scount
Trust Co. in view of the cable advice that the Banca Italiana di Sconto,
*
located in Kome, Italy, had closed its doors.
"The foreign bank is the owner of a considerable amount of the outstanding stock of the Italian Discount & Trust Co.. operating under the
York State banking laws, and is a!so the foreign correspondent of the Italian
Discount & Trust Co. of
York City. At the time of the last examination the liabilities of the Italian Discount & Trust Co. amounted to approxi-
17
W. Wagner, floor member; Ern<!st Tietgens, C. A. Johnson
and Frank W. Donaldson and was admitted to the Stock
Exchange April 13 1910. The firm has branches, it is said,
in 39 cities, including Akron, 0.; Brooklyn, N. Y.; Buffalo,
N. Y.; Chicago, 111.; Cincinnati and (Ueveland, O.; Detroit,
Mich.; Kansas City, Mo.; Lima, O.; Milwaukee, Wis.;
Minneapolis, Minn.; Omaha, Neb.; Pittsburgh, Pa.; St.
Louis, Mo.; Sioux City, la.; Syracuse, N. Y.; Toledo, O.,
and Utica, N. Y. The assignment, it is said, was made to
Clarence C. Taylor of New York and Chester Legg of
Chicago. Mr. Taylor is quoted as saying that he would
make a statement on affairs of the firm later. The following
notice, it is said, was issued by the New York Stock Exchange:
The Committee on Business Conduct Instituted an examination of the
affairs of E. W. Wagner & Co., rt!cently, as a result of which examination
the members of the firm were summoned before the Committee on Business
Conduct. This was followed by the assignment of the firm. Th3 causes
leading up to the assignment will bo fully considered by the Governing
Committee upon the presentation of the matter to that body.
"Financial America," in its issue of Friday. December 30, states that in addition to being members of the
New York Stock and Cotton Exchanges, the fmn had memberships in the Chicago Board of Trade, the Chicago Stock
Exchange, the Cleveland Stock Exchange and the Winnipeg
Grain Exchange. The suspension of the firm was announced
on the Chicago Stock Exchange, it is said, at 1.30, December 30.
It was further stated in "Financial America" that
following the filing of the bankruptcy petition against the
firm. Federal Judge Hand appointed John S. Sheppard,
Jr., receiver for the concern under a bond of .$200,000.
RECEIVER APPOINTED FOR ARCHER, HARVEY &
BALTIMORE.
CO.,
Court at Baltimore, on
December 22, appointed George Cator as receiver for the
banking and brokerage firm of Archer, Harvey & Co., of
Baltimore, on a complaint filed by O. Howard Harvey,
through his attorney, Henrj- W. Williams, against his partner, C. Graham Archer, according to the Baltimore "Sun,"
of December 23.
Mr. Cator, it is said, gave bond in the sum
of $10,000.
Liabihties of the firm are alleged to be $68,498
in excess of assets, while $150,000 of the holdings were said
to be worthless.
An answer on behalf of the defendant filed
through the law firm of Marbury, Gosnell & Williams, admitted insolvency, it is stated. The firm was organized
March 1, 1899, it is said. Mr. Harvey also asked in addition to the receivership that the firm be dissolved.
Judge Heuisler,
in the Circuit
&
BOLIVIAN BONDS OFFERED BY JOHN NUVEEN &
John Nuveen & Co., of Chicago, last week offered
New
New
mately $11,000,000."
The Italian Discount & Trust Co. has a capital of .$1,000,-,
000, with .surplus and undivided profits of $7.50,000 and gross
deposits, it is said, of approximately $12,000,000.
Emanuel
Gerli is President.
The Guaranty Trust Co. of this city
formerly had an interest in the stock of the company, but
sold that interest to the Banca Italiana di Sconto last spring
(as reported by us in our issue of May 14 1921) at a premium.
Referring to the closing of the Italian Discount & Trust Co.
W. C. Potter, President of the Guaranty Tru.st Co. of New
York, made the following statement:
Due to the fact that the (Juaranty Trust Co. had a former Interest in the
stock of the Italian D'scount & Trust Co., purchased at the time of its
organization, two officers of the Guaranty Tru.st Co. have occupied positions upon its board of dirf«tors.
In April last the Guaranty Trust Co.
sold its entire holding in the stock of the Italian Discount & Trust Co. to
the Banca Italiana DI Sconto at a premium above the cost and since then
has had no interest in Its business. The Italian Discount & Trust Co. has
no lndebtedne^s,s to the Guaranty Trust C;!o. On tha contrary, the Guaranty
Trust C-o. carries a credit balance from that institution. The Banca Italiana Di Sconto has a moderate loan with the fJuaranty Trust Co., entirely
secured by Liberty bonds. The closing of the doors of the Italian Dscount & Trust Co. was dui! to the failure of the Banca Italiana Di Hconto
to pay its lira claims.
The Harlem branch
IK
E.
at 2242 First
W.
of the Italian
Discount
&
Trust Co.
Avenue.
WAdNER
Annf)uncement
STOCK BROKERS, OF THIS CITY,
SUSPEND.
was mad<' froni the rostrum of the New
^.
CO.
York Stock Exchange
shortly before 2 o'chjck on Friday,
Dec. 30, of the failure of E. W. Wagner
Co. of this city,
with its main nffic(\ at 33 New Street and one of its branehes
at 36 Court Street, Brooklyn. According to the "W.ill
Street Journal" of Dec. 30, the firm was composed of Emil
&
CO.
for
6%
disposal $1,000,000 Republic of Bolivia external loan
They mature
serial gold bonds (dollar), dated June 1 1920.
semi-annually from December 1 1922 to June 1 1935, and were
offered at prices ranging from 82.24 to 97.74 and accrued
In their offering
interest, to yield from 8.20% to 8.40%.
the firm stated that "the first half of this issue having been
offered and oversold several weeks ago, we offer the remaining bonds for immediate delivery."
An offering of Republic
of Bolivia 6% external serial gold loan by Hemphill, Noyes
& Co., and Stone & Webster, Inc., Avas refen-ed to in these
columns November 12, page 2032. It was stated at that
time that of the original issue of .$2,253,000 the amount outstanding was $2,030,000. The bonds in the latest offering
are in coupon form in denominations of .$1,000, and are registerable as to principal. Interest is payable June 1 and Dec. 1
and principal and interest are payable in United States gold
coin of th(; present standard of weight and fineness, at the
office of the New York Trust (\)mpany. New York City,
without deduction for any Bolivian taxes, present or future,
and payabl(! in times of war as w<-ll as of ])eace, without regard
The bonds art; redecnriable
at par prior (o maturity on any interest payment date upon
six months' notice.
The N(^w York Trust- (\)nii)any of N(^w
(^o.
York is truslc^e. 'I'he anTU)uneenieu( of .John Nuveen
to the nationality of the holdcu-.
iS.;
also said:
Th(5se bonds ar'- a fidl and direct obligalion of the K(>i>ul)lic of Bolivia, the
third larg(!Kt South American (.'oiintry, and in addition are an absolute first
lien on fifteen different customs duti<!s and intern.il revenues which are
annually almost doulile the amount re<iuir(«l for payini'Ut of |)rln<-li)al and
Interest in any one ycvir.
tifjWl
The financl.il n^cord of tlie Bolivian Ooverinnont has boon excellent. ''She
has n(!ver had a single default In meeting her foreign obligations. Tills Is
nil
h.-is floateil in the United States, her other foreign loans
having l)een floaterl in Krance. This Issun is for the piirpos<> of constructing
Hanitatioti Worlds in L.i, I'az, the ('a|)it.il, and ( Vx^habaiuba, th(( .second
largest city, whic^li work Is being (lon<i by Ameri(\-in contrnetors |with
American materials, and In at proient over 95% comploto<l.
the third loan she
.
THE CHRONICLE
18
OFFERING OF CENTRAL IOWA JOINT STOCK LAND
BANK BONDS.
Co., Inc., and William R. Compton Co.
issue of $890,000 Central Iowa Joint
offered
an
this week
Bank
Stock Land
5 3^% bonds at 103 >g and interest, to
maturity and 53-^% thereafter.
optional
jrield about
to
Federal Farm Loan Act, are
under
the
The bonds, issued
Nov. 1 1951. They are
mature
and
1921
dated Nov. 1
on any interest date
interest
accrued
and
redeemable at par
Halsey, Stuart
&
These banks operate under Federal charter and Government superThe issuance of their bonds and the collateral pledged as security
have been approved by the Federal Farm Loan Board, a bureau of the
Treasury Department of the United States Government.
vision.
OFFERING OF FLETCHER JOINT STOCK LAND
May
any office of Halsey, Stuart & Co.,
exempt
from all Federal, State, municiThe bonds are
Inc.
The
pal and local taxation excepting inheritance taxes.
Joint
Iowa
Central
(the
loan territory of the bank of issue
Stock Land Bank) is Iowa and Minnesota. It is pointed
out that the bonds are a legal investment for all fiduciary
and trust funds under the jurisdiction of the Federal Government and acceptable as security for postal sa^^ngs and
other deposits of Governmental funds, and the banks may
be designated by the Secretary of the Treasury as financial
agents df the Government and depositaries of public funds.
bank
of issue or through
OFFERING OF MONTANA JOINT STOCK LAND BANK
BONDS.
An issue of .151,000,000 53^% bonds of the Montana Joint
Stock Land Bank, of Helena, Avas offered this week by
Hornblower & Weeks, of New York, Boston and Chicago,
and Tripp & Andrews, of New York and Hartford. The
price at which the bonds were offered is 103]^ and interest,
to yield over 5% to optional maturity and 53^% thereafter.
The bonds, dated Nov. 1 1921 and due Nov. 1 1951, are not
redeemable before Nov. 1 1931. They are in coupon form,
fully registerable and interchangeable, and are in denomination of $1,000.
Principal and interest (May 1 and Nov. 1)
are payable at the bank of issue or tlrrough any of the
offices of the banking houses making the offering.
In their
official circular the latter state:
By Act
of Congress these bonds are declared instrumentalities of the
of the United States and are prepared and engraved by the
Government
Treasury Department.
By a decision of the Supremo Court of the United States, rendered
Feb. 28 1921, the constitutionality of this Act and the tax-exemption
features of these bonds were fully sustained.
Securily.
Obligations of the issuing bank, and collaterally secured by
«ithor first farm mortgages or United States Government bonds or certificates of indebtedness. Bank shareholders' liability is double the amount
of their stock.
These banks operate under Federal charter and Government supervision.
The Issuance of their bonds and the collateral pledged as their security
have been approved by the Federal Farm Loan Board, a bureau of the
Treasury Department of the United States Government.
—
I'rincipal and Interest of these bonds are exempt from Federal. State,
municipal and local taxation, except inheritance taxes. This exemption
includes all Federal income taxes and personal property taxes in every
State In the United States.
A legal investment for all fiduciary and trust funds under the Jiirisdiction
of the Federal Government and acceptable as security for postal savings
and other deposits of Governmental funds, and the banks may be designated by the Secretary of the Treasury as financial agents of the Government and depositaries of public funds.
OFFERING OF DALLAS JOINT STOCK LAND BANK
BONDS.
A new .$2,000,000 issue of Dallas (Te.xas) Joint Stock
U\m\ Bank 53^% bonds, dated Nov. 1 1921 and due Nov. 1
1951 were off(<red last week by Halsey, Stuart «& Co., Inc.,
of New York, and William R. Compton Co. of New York!
The bonds, wiiich are issued under the Federal Farm Loan
Act, arc offcnnl at 103 and interest, to yield about 5.11%
to optional malurily and 514% thereafter.
The bank of
issue is the Dallas Joint Slock Land Bank of Dallas, and
the loan territory is Texas and Oklahoma. The bonds are
,
redeemable at par and accrued iiUore.st on any interest date
after ten years from date of issue.
They are in coupon form
and are fully regist«>rable and intercliang<>able. They are
in denomination of $1.(K)().
Principal and interest (May 1
and Xov. 1) are payable at the bank of issue or through any
office of the und(>rsigned.
Tlie bonds are exempt from all
Federal, State, municipal and local taxation, excepting only
The
inheritance taxes.
official circular also states:
By Act
of Congress these bonds are declared instrumentalities
of the
Government of the United States and are prepared and engraved
by the
Department
By a decision of the Supreme Court of the United
rendered Feb. 28 1921, the constitutionality of this
Act and the
tax-exemption features of these bonds were fully sustained.
Obligations of the Issuing bank are collalerallv
secured by either first
farm mortgage or United StaUw Government bonds or
certificates of indebtedness. Bank shareholders- liability Is double the
Tn>a.-»iiry
BANK
BONDS OVER-SUBSCRIBED.
5%
They are coupon bonds,
after ten years from date of issue.
and are in denomiinterchangeable
fully registerable and
1
semi-annually,
payable
Interest
is
nation of .51,000.
the
at
payable
interest
are
principal
and
and Nov. 1, and
[Vol. 114.
Under date of Jan. 4 we have received the foUowdng advices
from the Fletcher Sa\ings & Trust Co. of Indianapolis:
We are pleased to advise that a new offering of $750,000 Fletcher Joint
Stock Land Bank 5% Farm Loan bonds has been heavily over-subscribed.
retail price of 101 H is the highest commanded by any of the Joint
Stock Land Bank bonds lately.
We sold an issue of a milUon and a half of 5Ms at 101 14 in October and
another issue of $750,000 5s at par in November, making a total of
$3,000,000 distributed.
The
to in these columns
The previous offerings were referred
Nov. 12 and Dec. 3.
ADVANCES APPROVED BY WAR FINANCE CORPORATION JAN.
3
AND
4.
The War Finance Corporation announced on
$2,671,000, for
ows:
$21,000
26,000
17,000
40,000
112,000
90,000
547,000
52,000
296,000
16,000
in
in
in
in
in
in
in
in
in
in
-Jan.
5 that
approved 107 advances, aggregating
agricultural and live stock purposes, as fol-
on Jan. 3 and 4 1922
California,
Colorado,
Florida,
Georgia,
Idaho,
Illinois,
Iowa,
Kansas,
Minnesota
Missouri,
it
141.000
235,000
50,000
334.000
46,000
140,000
414,000
29.000
20,000
45,000
in Montana.
in Nebraska,
in North Carolina,
in North Dakota,
in
Oklahoma,
in South Carolina,
in South Dakota,
in Tennessee,
in Texas,
In Wisconsin.
ADVANCES APPROVED BY WAR FINANCE CORPORATION FROM DEC. 22 TO DEC. 31.
The War Finance Corporation announced that from
Dec. 22 to Dec. 23, inclusive, it approved 142 advances,
aggregating $5,089,000, for agricultural and live stock purposes as follows:
$25,000
167,000
25,000
325,000
185,000
7,000
239,000
in Georgia,
65,000
730,000
122,000
320,000
411,000
635,000
102,000
10,000
105,000
in Idaho,
in Illinois,
in
Iowa,
in Kansas,
in Louisiana,
in Minnesota,
1,009,000 in Missouri,
225,000 in Montana,
382,000 in Nebraska,
in North Carolina,
in North Dakota,
in Oklahoma.
in South Carolina,
in South Dakota,
in Texas,
in Virginia,
in Wisconsin,
in Wyoming.
On
Dee. 29 the Corporation announced that on Dec. 27
it approved 117 advances, aggregating $3,699.000 for agricultural and live stock purposes, as follows:
and 28 1921
$50,000
424,000
202,000
675,000
22,000
286,000
306,000
115,000
155,000
335,000
in
Arkansas
in CaUfornia
in Georgia
in Iowa
in Idaho
in
in
Kansas
Minnesota
in Missouri
in
Montana
in
Nebraska
284,000
61,000
37,000
66,000
268,000
158,000
48,000
102,000
105,000
in North Dakota
in Oklahoma
in Oregon
in South CaroUna
in South Dakota
in Texas
in Washington
in Wisconsin
in Wyoming
From Dec. 29
to Dec. 31, inclusive, the Corporation approved 255 advances, aggregating $9,359,000, for agricultural and live stock purposes, as follows:
$500,000
4,000
340,000
45,000
97.000
40,000
710,000
30.000
1,062,000
202,000
325,000
302,000
845,000
555.000
in
in
in
in
in
in
in
Arizona,
California,
Colorado,
Florida,
Georgia,
Idaho.
Illinois,
in
Indiana,
in
in
in
in
in
In
Iowa,
Kansas,
Louisiana,
782,000
670,000
175,000
588,000
195,000
107,000
123,000
249,000
in
North Carolina,
in North Dakota,
in Ohio,
in Oklahoma,
in Oregon,
in South Carolina,
561 ,000 in South Dakota,
241,000 in Texas,
325,000 in Texas (on livestock
ia
New Mexico and Texas)
Minnesota,
Missouri.
in Nebraska,
in New Mexico,
286,000 in Wisconsin.
Montana,
During tlie week ended Dec. 23 1921 the War Finance
Corporation approved 347 advances, aggregating $12,006,000, for agricultural and live stock purijoses; during the week
ended Dec. 31 1921 the Corporation approved a total of
372 advances, aggregating $13,058,000, for agricultural and
live stock purposes.
ALVIN W. KRECH ON BEARING OF
MENTS ON DESTINIES OF
1921
1922.
DEVELOP-
.
Statics,
amount
of their
Hope that "the destinies of 1922 will be happily shaped by
the strenuous and courageous efforts of the past year" is
expressed by Alvin W. Krech, President of the Equitable
Trust Company of New York,
advent of the New Year, says:
who
in a
message with the
,
THE CHKONICLE
Jan. 7 1922.]
us
.
Tho biislm>ss yoar, 1021, will not bo fondly romomborod by those amonp;
who ht'lUno that tlio ooiintry'H economic hoalHi is niflnctoil primarily In
1921 cannot
numluir and tho hIzo of <llvi<loiids and oxtra dlvidiMuls.
boast of rocord carnlnss and cai)aclty productions, but it can claim tho distinction of having b(H>n the first jiost-war year to face the serioiLsness of the
It has bo(>ii an ausl-en^ year, a yoar of
situation and to start the uphill job.
thouKhlful i)lanninK, a year tliat chastened wisely. True it is that tlie
individual business man is first of all concerned with his own affairs and is
Inclined lo consider his own balance sheet .as infinitely more Important than
the Federal Kiserve Hank statement, but after all Individual prosperity
can only be the emanation of a general healtliy state of affairs. And 1921
a year of deflation (and deflation, to quote Professor (iustav C:!assel, means
not only a reduction of expenses, it moans al.so a corresponding reduction of
incomes) has done much towards bringing back a healthy state of affairs.
Tho business community was perhap.* obli,ged to observe a rather disagreeable diet, but the banker, who is asked lo diagnose tho caS3, may now confidently point out quite a number of highly satisfying symptoms.
As a body politic we are splendidly alive: The President's message,
Director Dawes's report and Secretary Hughes's "thunderbolt" are splendid
affirmations of our aptness to moot serious emergencies in the most direct
and matter-of-fact manner. We have tho men and wo have the natiu-al
resources, and we must even admit that on closing of subscriptions days, we
were lately quite under the impression that the country's savings ha\e not
Incias yet been entirely depleted by an unhappy system of taxation.
dentall3- one may also recall that the ratio of reserves of our Federal Reserve
Bank is about 73%.
The international situation is rich in fair promises. Secretary Hughes
launched in Washington a bold "peace offensive" which .should win for the
world the inestimable trophy of international economic understanding.
Last year we recorded a few shy attempts at real world pacification, and
today we could cite a hundred instances reflecting the world's fervent desire
for peace.
There is perhaps no more significant gesture than Marshal
Foch's chivalrous proposal that the defeated nations be aided so that they
may be re-established commercially.
Victory does not rest after the laurels
have been plucked, and it is our imperative duty, from self interest if not
from any other reason, not to abandon those who need our co-operation.
I confidently hope that the destinies of 1922 will be happily shaped by the
strenuous and coxu-ageous efforts of the past year.
tlu)
NATIONAL AGRICULTURAL CONFERENCE CALLED
AT INSTANCE OF PRESIDENT HARDING— CRITICISM OF FARMERS' NATIONAL COUNCIL.
In aecordance with President Harding's request that he
a National Conference "to consider the agricultural
problems of the American people," Secretary of Agriculture
Wallace on Jan. 4 called a National Agricultural Conference
to meet in Washington Jan. 23.
President Harding is expected to open the conference, to which will be invited not
only representatives of agricultural interests, but also those
associated with agriculture in the transporting, marketing
and distributing of farm products. In addition, it is expected there will also be in attendance men who will generally
be accepted as representing the pubUc. President Harding's
request that such a conference be called was contained in a
letter addressed to Secretary Wallace under date of Dec. 30,
and made public Dec. 31. The President states therein that
"we are aU weU aware of the severe agricultural depression
which exists throughout the land," and adds that he is
"eon%'ineed that a conference may be made a Yt'vy helpful
agency in suggesting practical ways of improvement." His
19
will immodlafcely Issue Invitations, so that both tho country and tho Governhave the benefit of the earliest possible suggestions which will
ment
may
como from such a mooting.
On
Very truly yours,
WARBEN
G.
HARDING.
Dec. 30, in commtsnting on President Harding's
letter,
Secretary WallatHi said:
I am glad to receive Instructions from the President to call a conference
to consider our agricultural problems, and shall sot about It at once.
I
cannot now announce tho date nor the names of those who will be askej to
tako part, but hope to do so very soon. Tho President's letter sets forth
most admirably the reasons why such a conference should bo held and
I am in complete accord
leaves nothing further to be said on that subject.
with this conception of the matters the conference should consider and the
character of the representation, and shall try to carry out his wishes in
dotaU.
disi)at('h from Washington Dec. 31
"Times" tho Farmers' National Council
According to a special
to the
New York
organization) in a statement issued at its headquarters there belitt'od the conference proposed by the
In quoting tno Council's statement thr; "Time.s"
President.
(a radical
said:
The conference "of farming
interests plus the interests related thereto,
interests which have exploited agriculture, will doubtless be the
same sort of a bluff and a fraud as the President's conference on unemployment and the I'resident's conference to limit the limitation of armaments,"
it was said.
There was plenty of legislation before the last se.ssion of Congress to relieve
agriculture, said the statement, "but the big financial and monopoly interThe Norris bill, creating the Farm Products Export Corests killed it.
poration, would liave helped farmers wonderfully, but the President saw
fit to kill that bill, and the revived War Finance Corporation, as a substiJ. P.tute, has been of little help to farmers, but a great boon to bankers.
Morgan opposed Government loans to the live stock interests and the President killed this plan also. Senator La FoUette has recently shown that
spokesmen for the National Grange and the American Farm Bureau
Federation are hand-in-glove with the predatory interests, whic'a rob and
exploit farmers.
Farming in America will continue the worst paid occupation since the
that
is,
enormous national debts of the world are paid
promptly by heavy taxation of concentrated wealth and the nations of
the world devote their attention to feeding and clothing their peoples
in.stead of to land and concession grabbing.
slaves were freed unless the
off
call
letter follows:
THE WHITE HOUSE.
Washington. December ',iO 1921.
Dear Mr. Secretary In harmony with over conversation of a few days
ago, I am WTitlng to ask you to call a national conference to consider the
agricultural problems of the American people.
We ars all well aware of the
severe agricultural depression which exists throughout the land and the extraordinary conditions which brought about the present situation.
No one.
will pretend that the present conditions could ha'^e been avoided, but none
of us is willing to agree that there ought not to be some corrective and constructive steps taken to remedy tho severe hardships under which so important a portion of our productive citizenship is struggling.
I
am convinced that a conference may be made a very helpful agency in suggesting
practical ways of improvement, particularly if brought into co-ordination
with the helpful investigation which has been begun by the Congressional
committee committed to a related work.
My
—
Such a conference might divide
Itself into
two
AGRICULTURAL INQUIRY.
A report presented to the Senate on December 14 by the
Joint Commission of Agricultural Inquiry, recommends
among other things the legalization of Co-operative Marketing combinations, the lowering of freight rates on agricultural products and the establishment of agricultural attaches
in European capitals.
The report, which it is understood,
is to be followed by three others states that measured in terms
of purchasing power the farmer's doUar in 1920 was worth
89 cents and that in May, 1921 it was worth 77 cents. During the past twelve months, it is stated, it has been worthless
,
than in any preceding twelve months in 30 years. No
legislation is recommended by the Commission,
which has asked for authority until April 15 next to file the
specific
The Commission is comother reports on its investigation.
posed of both Senators and members of the House, with
Representative Anderson, Republican, of Minnesota, as
chairman. As we noted in these (columns August 6 1921
(page 579) the Senate on Aug. 1 adopted a resolution extending until the first Monday in January the time within
which the Commission might file its report. The resolution
creating the commission (given in our issue of June 11 1921,
])age 2480) called for the submission of a report by tlte Commission to (congress within ninety days. The following are
the thirteen recommendations in the report submitted to the
Senate on Dec. 14:
One
part to give
consideration to our present-day difficultias. which, though temporary, are
serious and need effective attention; the other part, a survey of the future
in an effort to determine upon general policies, having in view the maintenance of production, the greatest pos.sible use and at the .same time tho
conservation of our agricultural resources and the more complete co-ordination of our agricultural, manufacturing and general business interests.
It seems rea.sonably certain that as the world comes out of the present
period of disorganization this country m.iy find itself confronting new
conditions which may very dxrctciXy influener' both our agrleuUural and
industrial life.
We should anticipat<! such changes and endeavor to prepare
for them.
It is unthinkable that with our vast areas, our inii)riralleled
endowment of agricultural rc.sourc<!S, our f(;rtility of soil, our v;ist home
market, and the great ability and r(^sou^cefuln<rss of our farmers, we should
accept tho status of a distinctly inrlustrial nation.
Our destiny st-ems to
require that we should be a well-rounded nation, with a high devi^lopment
of both industry and agriculture, supporting ones another and r'rosix'rlng
together.
It must be, and I feel sure it Is, the national wish and purpose
to maintain our agricultur,; at the hlghi«t possiblr- efflelc^ncy.
It Is unquestioned that a conf<Tonce will bring us It) a clear'T understanding of the problems bcsfore us.
I Wf)uld llkr> you to bring Into the
conference not only tht ablest representatives of agricultural produ<;Hon,
which .shall represent our great country In the broadest i)ossil)lr- way, but
I think much good would come If you will Include In the eonference those
who are engaged In Industry most intimately a.s.soclated with agricultur •.
It will clarify our views If we may have i)resent repr(!sentatlv('S of tlu^ more
important Interests which are clo.sely related to and dei>endent on agriculture, I trust these n^prescntatlvcs will be Invited.
I must leAve the mako-up of the confiTcince to your more intlmat
knowledge of those who may confer most h -Ipfully but 1 will be glad If you
parts:
RECOMMENDATIONS OF JOINT COMMISSION OF
•
1
That the
Fetlcral
Government affirmatively legaUze the co-operative
combination of farmers for the purpose of marketing, grading, sorting,
l)roces.sing or distributing their
products.
requirements for credit corresponding to his turnover
and ha,ving maturity of from six months to three jears, which will enable
payment to be made from the proceeds of the farm, bo met l)y an adoption
of the present banking system of the country, which will (-nabli iti to furnish
(•r(^dit of thi.'-- charcter.
It is expect -d that a concrete! pro])o.sal to carry
out this recommi^ndation will be mad in Part 2 of this report.
.i. That
there should be a warehousing .ssytt^m which will provide a
uniform liability on the part of the warehou.somen and in whi(-li tho moral
and fiii.incial hazards .arc fully Insured. To this (Mid the commission sugg'-sts the extension of the existing Kederal warehouse law and th(! pa.ssage
by the sc^veral atate,>.- of uniform laws regulating the liability of warohou.sem(m and thi s:>rvlces nMidared by them.
i. Th(^ commission believes that an immediate reduction of frolght rates
on farm prodiu-ts is absolutely neeersary to a nmewal of normal agricultural
2.
That the farmer
s
•
op'Talion.'-- and pros|)erUy and recommends prompt action by the railroads
and constituted publii; authority to that end.
That ther; should be an exl:insion of tho statistical divisions of the
l)e|)artm Tit of Agriculture, particularly along tho lines of procurement of
,').
llvest/oek statistics.
0.
in
That provision should be made by
th;)
( 'ongross for agricultural attaches
principal forilgn countries produiring ;ui<l consuming agricultural
products.
trade associations and by State and Federal
practical grades of agricultural
products .-md standards of contalniTs for the .same.
8. That ade<iuate KodcT.il appropriation should bo in.ide for tho i)romotlon of bett(T book and record kix^ping of the i:ost i>f prodii(!llon of farm
7.
Tho development by
sanction of
more accurate, uniform and
THE CHEONICLE
20
products on the basis of the farm plant unit, as a basis for the development
methods of farm manaRement.
practical
9. Provision for an extended and co-ordinated program of a
and scientific investigation through State and national departments of
agriculture and through agricultural colleges and universities directed
toward reducting the hazards of climate and weather conditions and of
plant and animal diseases and insect pests.
of
more
efficient
handling
10. More adequate wholesale terminal facilities, particularly for
perishables at primary markets and a more thorough organization of the
agencies and facilities of distribution of the large consuming centres of the
country.
at
11. The development of better roads to local markets, joint facilities
terminals connecting rail, water and motor transport systems and more
adequate facilities at shipping points with a view to reducing the cost of
marketing and distribution.
12. That greater effort bo directed to the improvement of community life.
13. The renewal of conditions of confidence, and industrial as well as
agricultural prosperity is depending upon a readjustment of prices for commodities to the end that prices received for commodities will represent a
fair division of the economic rewards of industry, risk, management, and
investment of capital. These conditions can not be brought about by legislative formulas but must be the result for the most part of the interplay of
economic forces. The Government and the States which their respective
spheres should do by legislative and administrative action what it may be
possible to do, based upon sound principles to facilitate this readjustment.
GOVERNOR HARDING OF FEDERAL RESERVE BOARD
ORDERS SUSPENSION OF BUILDING CONTRACTS.
All coustruetion
work on Federal Reserve Bank
buildings
for which contracts have not yet been let has been ordered
suspended by W. P. G. Harding, Governor of the Federal
Reserve Board, pending action by Congress on the proposal
now before that body which would make the construction
This proof buildings subject to the consent of Congress.
posal is in the form of an amendment (offered by Senator
Harris of Georgia) to the pending bill making provision for
an additional member of the Federal Reserve Board the
new member to be a representative of agricultural interGovernor Harding in his letter to the Chairman of
ests.
the Federal Reserve banks directing that "no new contracts
for the construction of a building be entered into until there
has been opportunity of ascertaining the disposition of Congress toward the amendment," was quoted as follows in
yesterday's New York "Commercial":
—
The Federal Keeorve Hoard has never assumed that it has authority to
enter into any contnict for the erection of any kind of building.
The
directors of Federal Reserve banks are. however, empowered under the
provisions of Section 4 of the Federal Reserve Act "to make contracts to
exercise all powers specifically granted by the provisions of tliis Act, and
such incidental powers as shall be necessary to carry on the business of
banking witl.iii the limitations prescrilied by this Act."
The Board has always taken the view that the law authorizes directors
of Fcdtsral Rc.'.st'rvo banks to provide their banks and branches with sucli
buildings and oquii)mcnt as may be necessary for the proper conduct of
their business.
There is nothing in the Federal Reserve Act that requires
the spccTic approval of building contracts by the Federal Reserve Board,
but under its power of general supervision paragraph J, section 11, the
Board has acquired all Federal Reserve banks to submit for its consideration
all options for the purclase of real estate, all plans and specifications for
buildings and vaults and has advised the banks that they should not enter
into any contracts involving investments of this kind until the Board has
had an opportunity to make any suggestions or offer any objections, as it
might spoin
In
some
pro])er.
buildings of Federal Reserve banks and branches have
and in others contracts have been let which must necessarily
be carried out. Although the amounts involved in the erection of Federal
ca.ses
l)cen <'oniplet«l
Reserve Bank buildings represent investments of the banks' own funds
and not the expenditure of public moneys, the Board feels, nevertheless,
that no attempt should be made by any Federal Reserve Bank to anticipate
any action by (Congress wliich may tend to restrict or modify its present
authority and you .ire re(|uested to advise your directors at once that the
Board advisi s that no new contracts for the construction of a building be
entered into by them until there has been opportunity of axscertaining the
disposition of Congress tow.-vrd the amendment above quoted.
Gov(>rnor Harding has also addressed a letter to the Chairof th(> Banking and Currency Committees of the House
and Senal(! wilh r<'ference to the construction work completed and proposed by the Federal Reserve Banks.
Reharding his advices on this point press dispatches from
men
VVa.sliiiigton state:
lUiildiiigs of the Reserve Banks of Riclmiond, DaUas and
Kansas City
had been complet<Kl. he said, while work on an annex to the Atlanta bank
was Jwing carried on and the new building at Boston was nearly completed.
Now buildings in ("hirago and San Francisco were nearly finished and eontracts had been let for buildings in Now York and Cleveland,
which could
not bo canceled. l'hiladeli)hia and Minneapolis were building new
banks,
he added, but no contracts had been let so far for the building at St.
Louis!
As to projo<-t8 for which no contracts had been signed and
would now
IJO held up, he stated that the Reserve Banii
of Cleveland, planned to erect
a branch building at (Cincinnati, Richmond intended to
build a branch
bank at Baltimore, Atlanta was to remodel a building at Nashville
and
erect one in New Orleans, and one in Jacksonville.
Chicago planned to
build
Detroit. St. U>uis to build in Little Rock and Louisville,
Kansas
City was to build in Denver and Oklahoma City, and
San Francisco planned
a building in Salt l^»ko City.
m
The
•'Coninit-rcia!"
also
reports
Governor Harding as
saying:
Since tho Sub-Tr(vusurie-s were abolished, the Federal
Reserve banks
have iHHii exorcising the funct ions formerly perfornied
by the
and these functions have l>een extended wherever present Sub-Treasuries
facilities admit
to the hrauche.K.
In v lew of the large amounts of actual ca.sh and
securities
held by all Voderal Rsoer^e Banks and branches,
it is very important that
they be provuUxl with proper vault facilities.
Several of the FederU
Reserve Banks are very anxious to let contracts and
proceed with work of
construction of buiklings, whicJi are urgently
needed, but the board is not
[Vol. 114.
anything should be done to defeat the intent of Congress. As
be taken on the pending amendment at an early date, it is not
thought that any serious inconvenience will result from awaiting an expression of the will of Congress.
willing that
a vote will
new
building to be erected by the
Federal Reserve Bank of New York, the Baltimore "Sun" in
special ad\dces from Washington Dec. 29 had the following
With
reference to the
to saj^:
The New York Federal Reserve Bank has a problem to take care of
3.000 employes on its operating force," said Governor W. P. G. Harding,
of the Federal Reserve Board, in commenting today on John Skelton
"The city of New York has very strict
Williams' charges of extravagance.
comment on
sanitary laws ^the bank cannot conduct a sweatshop.
the charge of extravagance is to quote Mark Twain, that it is "greatly
exaggerated."
"Instead of the figure quoted on the cost of the New York Federal
Reserve Bank Building $25,000,000, which is the outside estimate on a
I'lexible contract
my guess is that it may not cost much more than
•$15,000,000, not including the cost of the real estate, but including the
equipment. Of course, that's only a guess, but building costs have come
—
My
—
—
down.
Their Otcn Affair, he Says.
"But suppose the Merchants' National Bank, of Baltimore, for instance,
should find it has outgrown its building and that the directors and stockholders should decide to put up a new building at a cost of $3,000,000 or
Whose affair is it but theirs?
.54,000,000.
"Federal Reserve banks are not in the strict sense of the word Government
banks, but are only quasi-Government institutions, in that they are under
the general supervision of the Federal Reserve Board and have on their
boards of directors three men representing the public, who are appointed
by the Federal Reserve Board.
PRESIDENT HARDING'S DISAPPROVAL OF EFFORTS
OF AGRICULTURAL BLOC TO SECURE FARMERS
REPRESENTATIVE ON FEDERAL RESERVE
BOARD.
President Harding is reported to have indicated his disapproval of the bill calling for the inclusion on the Federal
Reserve Board of a representative of agricultural interests.
Information to this effect it is stated was imparted to members of the so-called Senate agricultural bloc, the New York
"Commercial" of yesterday having the following to say regarding a conference which the President had with these
Senate members on Jan. 5
The I^resident summoned Senators Kenyon, of Iowa: Capper, of Kansas,
and Kellogg, of Minnesota, to the White House to acquaint them with his
views on the bill which is pending before the Senate and is scheduled for a
final vote on Jan. 17. and which has strong support fpom the Senators from
the agi'icultural bloc.
President Harding gave assurance to the Senators that he favored giving
agriculture representation on the Federal Reserve Board, but that he believed it would be contrary to public policy to write in the law a provision
making it mandatory that any particular group or element should always be
represented on the board.
The bill, as pending before the Senate, is not so objectionable to the President as is an amendment presented by Senator Smith, of South Carolina,
which definitely requires the President to appoint as a member of the
Federal Reserve Board "a person experiencod in and whose business and
occupation is farming." The bill reported from the committee merely provides that the President hereafter, in selecting the five appointive members
of the Board, "shall have due regard to a fair representation of the different
agricultural, commercial, industrial and geographical divisions of the
country." The bill as originally introduced by Senator Kellogg, was
shelved by tho conservative members of the Banking and Currency Committee, headed by Senator McLean of Connecticut, the Chairm n.
Most of the members of the agricultural bloc intend to support the Smith
amendment, wliich includes a provision that a representative of agriculture
nmst be named the first time that tho term of any member of the Board
expires or a vacancy is therwise created.
Inasmuch as the term of W. P.
G Harding expires next August, this would mean that the President would
be required to appoint a farmer as the successor 'to Governor Harding.
The bloc is seeking the scalp of Governor Hfirding. He has incurred the
bitter hostility of tho bloc, members of which contend that he has not been
liberal enough in the extension of credits to farmers.
Nowhere is tliis hostility more pronoimced than among the Southern Democratic members of the
bloc, who charge that Governor Harding has been particularly unsympathetic towards the Southern cotton growers, although his home is in Birmingliam, Ala.
The President is not worrying so much about the retention of Governor
Harding at the head of tho National banking system as he is about the apparent attempt of the agricultural bloc to compel him to appoint a representative of their own interests on the Federal Reserve Board.
In his con ferences with Senators Kenyon, Capper and Kellogg today, ho reminded
them that he has long been committed to the principle of appointing agricultural representatives on all important governmental boards and agencies
What he objects to, he indicated, is class legislation aimed to tie his hands
and leave him no discretion in making the appointment to fill the next
vacancy on the Federal Reserve Board. The Senators gained the impression that he preferred to have an entirely free hand in the matter but that
he would ha^e no objection to general legislation empowering him to
appoint an additional member of the Board without naming the class from
which the appointee should be selected.
The banking interests of the country have become thoroughly aroused
o\er the bloc's proposal, whic!i they regard as at! unwarranted effort to
inject politics into the Federal Reserve system.
They are reported to be
organizing a determined opposition to the passage of the bill, as it is sponserod by the bloc.
Tlio Senators who attended the White House conference were very reticent when they returned to the Senate.
They made no secret of the fact
that they were not pleased over the development.
It was quite apparent
that they were determined to proceed wilh their original plan and an open
test of stHMigth between the bloc and the Administration forces appeared to
be unavoidable. The growing power of the bloc is raising such ob.stacles in
tl;o way of party control that some Republican leaders welcomed the prospect of a ".show-down."
If the bloc wins in the Senate, it is understood that the Administration
forces will make a bitter fight to side-track the measure or modify it in the
.
^
House.
:
THE CHRONICLE
Jan. 7 1922.]
NET EARNINGS OF FEDERAL RESERVE BANK OF
NEW YORK FOR 1921 $2(i,()0(),()()() COMPARED
000 IN 1«)2().
WITH $.1:^
F{MU>raI Kc^scrvd
Bank
New
\'ork in a stati'iriont
reports net earnings for
of
nuwlo public yf^stcrday (Jan. ())
1921 of i|20.()9;5,S32, equivalent to 3.7% on its working fund
The
of eapital and deposits and 97.3% on capital alone.
net earnings of the Bank for the calendar year 1920 wc^re
$53,520,007, or over 200% on the capital of .126,372,050.
The Bank states that the decline in earnings and the nnluced
payment to the Oovernnient in 1921, as compared with
that in 1920 "reflects the smaller volume of loans which it
was called upon to make and the lower discount rates
The amount paid by
prevailing in the last half of 1921.
franchise
tax
this
year
was
$20,702,440, v/hile
the Bank in
statement
issued by the
The
for 1920 it was $39,318,511.
Bank
follows:
on Dec. 31 the Federal Reserve Bank of New
to the United States Treasury in lieu of taxes .S20,702,'139 94,
representing its earnings during 1921, less expenses and the deductions
provided for by law. The corresponding figure for 1920 was $39, 318. .510 65.
The decline in the amount of the earnings and the payment to the Government in 1921 as compared with that made at the close of 1920 reflects
the smaller ^-olume of loans which the Reserve Rank v/as calked upon to
make and the lower discount rates prevailing in the last half of 1921.
The steady decrease in the volume of loans appears in tlie following month
by month comparison of gross earnings:
At the
close of business
York paid
1921—
1921—
January
February
$5,317,399
4,741,842
4,688,136
3.710,413
3,530,772
- 2,645,978
2,347.787
March
AprU
54 August
$2,082,748
1,674,967
1,448.072
1.193.765
1,323.052
87 September
91 October
48
92
29
58
54
35 November
89 December
55
June
Total
July
74
$34,704,938 69
The earnings of the Federal Reserve Bank arise almost entirely from
the credit-making and note issuing powers granted by the Government.
The member banks are required by lav*" to furnish it with working funds in
the form of capital and deposits. The average capital diu'ing 1921 was
$26,812,000 and the average deposits were .$674,325,700. The net earnings
for 1921 were $26,093,832, equivalent to 3.7% on this working fund of
The disposition of
capital and deposits and 97.3% on the capital alone.
May
these net earnings
was as
follows:
21
By
uiiaiiimouH vote the five great naval Powers of the world, represented
the Naval Committee of the armament conference, adopted late this
yfternoou a declaration against the use of suhinarijies as coramerce dein
stroyers.
,()()(),
'JMu>
;
:
The spokesmen
Ilaly
for the
agreed furtiier
tiiat
United States, Great Britain, Japan, France and
"to the end that the prohibition of the use of
suhniaiinps as commerce destroyers siiall be universally accepted as a part
of the law of nations they now accept that prohibtiion as henceforth binding as between themselves and they invited all other nations to adhere
tliereto."
This outcome of
tlie long controversy over submarines was signalized
the afloptoin of the first Root re.solution, restating the principles
of international law regarding the rights of merchantmen in time of war.
Tills proposal was divided into two parts and renumbered.
The first
stated tliat a merchant ship must not be attacked without warning, that
also by
it
must be searched and
its
crew placed
in .safety before it could
be sunk,
reiterated the pre-war principle that a submarine is not exempt from these
rules applying to other fighting craft.
The second part invited all other
Powers to subscribe to this statement of international law.
The original second Hoot resolution, declaring against submarines destroying commorcs, then became No. 3, and was so adopted.
The third
Root resolution, which would declare persons violating the law as to submarines to be guilty of piracy went over till to-morrow.
Becau.se of the divergence of views the committee did not adopt any
definition of a merchant ship
that it, determined under what condition!
an armed merchantman would become an auxiliary cruiser. As the matter
stand.s each nation remains free to decide for itself what class of ships
shall or shall not be immune from attack as being commerce ships in time
—
of war.'
The following
The
fifteenth
is
meeting
the
communique
of the
issued on the 5th inst.
of Armament waj
o'clock in the Pan American
Committee on Limitation
held this afternoon, Jan. 5 1922, at 3 :30
Building.
The following resolutions presented by Mr. Root, Chairman of the subcommittee for drafting resolutions regarding submarines, were after discussion unanimously adopted
I.
signatory powers, desiring to make more effective the miles, adopted
by civilized nations for the protection of the lives of neutrals and noncombatants at sea in time of war, declare that among those rules the following
are to be deemed an established part of international law:
merchant vessel must be ordered to submit to visit and search to
(1)
determine its character before it can be seized.
The
A
A merchant vessel must not be attacked unless it refuses to submit to
visit and search after warning or to proceed as directed after seizure.
A merchant vessel must not be destroyed unless the crew and passengers
have been
first placed in safety.
(2) Belligerent submarii es are not under any circumstances exempt from
the universal rules above stated and if a submarine cannot capture a merchant vessel in conformity with these rules, the existing law of nations rerequires it to desist from attack and from seizure and to permit the merchant
vessel to proceed unmolested.
1921.
Dividends at
on paid-in capital stock... $1,608, 721 16
Additions to surplus
3,781,671 10
Payment to U. S. Go\-t. as franchise tax
20.702.439 94
6%
1920.
$1,477,096 58
12,332,523 11
39.318.510 65
II.
The signatory powers
invite all other civilized powers to express their
assent to the foregoing statement of established law so that there may be a
clear public understanding throughout the world of the standards of conduct by which the public opinion of the world is to ijass Judgment upon
future belligerents.
III.
RE-ELECriON OF PAUL M. WARBURG AS MEMBER
OF ADVISORY COUNCIL OF FEDERAL RESERVE
BOARD.
Paul M. Warburg was this v.'eek re-elected a member of
the Advisory Council of the Federal Reserve Board.
He
was elected last year to serve for one year as a member of
the Council
and his re-election
composed of one
Council i.s
Reserve V)ank.
for a similar period.
is
menib'-n-
The
from each Federal
THE ROOT RESOLUTIONS STRENGTHENING EXISTING LAWS GOVERNING SUBMARINE WARFARE.
Following the declination of France to limit her submarine tonnage to 90,000 tons, made known to the Conference
on Limitation of Armaments at the joint session on Dec. 28
of the Committee on Limitation of Armament and the Sub-
committee on Naval Limitation, ex-Senator Elihu Hoot submittal to the Conference at its afternoon session that day
resolutions intended to strengthen the existing laws with
regard to .submarine warfare. At that session A. J. Bal-
"warm sympathy both with the substance of the resolutions and their
form." R(!nator Schanzer of Italy also expres.sed his "keenest .sympathy" with the Root proposals, but deferred detailed consideration pending distribution of the resolution
for .study by the committee members. Minister Sarraut for
the French group and Air. Ilanihara for the Japanese took
four, in behalf of Great Britain expressed his
the .same view.
On Jan. 3 France, through her delegates at Washington,
agreed in principle to the prorm.sal to i»rohibit the use of
submarines against merchant ves.sels, but reserved final approval pending a di.scu.ssion of the exact language of the
declaration.
BriMsJi acceptance bad i)reviouHly been given,
and although neither the; Italians nor the Japane.st; had receJvwl final instructions on the 3rd, th(!re were indications
that neither country would iriter[)().se .serious objection If
the proiKisal received the full ai)proval of France.
Approval by the five Powers of the i)roposals of tlie
United Slates for restricting attacks t»y sul)niarines was
finally announce*! on tin; Hth inst., a <'onimunique Issued
on that day giving the resolutions as finally apr>''oved. As
to the action at that day's session, the
in a
Washingl;on dispatch Jan.
5.
said:
New York
"Times,"
The
signatory powers recognize the practical impossibility of using submarines as commerce destroyers without violating, as they were violated in
the recent war of 1914-1918, the requirements, universally accepted by
civilized nations for the protection of the lives of neutrals and noncombatants, and to the end that the prohibition of the use of submarines as commerce destroyers shall be universally accepted as a part of the law of nations
they now accept that prohibition as henceforth binding as between themselves and they invite all other nations to adhere thereto.
The committee then adjourned
until Jan.
6
1922, at 11 a.m.
According to the Associated Press advices last night, consideration of submarine questions was concluded yesterday
by the five Powers naval committee with adoption of the
declaring submarine commanders
final Root resolution
who, with or without orders from their Government, violate
the existing international law on submarine warfare, to be
guilty of piracy.
The Root resolutions, as originally presented, and the remarks incident thereto on Dec. 29 are indicated in the com-
munique covering the afternoon session, from which
quote as follows:
we
The seventh joint meeting of the Committee on Lunitation of Armament and the Sub-Committee on Naval Limitation was held this afternoon,
Dec. 28, at 3 :30 o'clock.
The Chairman, Mr. Hughes, said that the meeting was ready to proceed
with the resolution [this resolution is contained in the communique of
the sixth joint session bearing on the .submarine is.sue, which we gave in
our issue of last Saturday, pages 2775-2777] as amended by Lord Lee as
follows
No ship of war other than a capital ship or aircraft carrier hereafter
built shall exceed a total tonnage displacement of 10,009 t»ns, and no
gun shall be carried by any such ship otlier than a capital ship with a calibre in excess of eight inches.
Vice-Admintl Acton of
Italy.
very well understand the spirit which underlies and the aim toward
wliich the American proposjil tciuls.
A tonnage limit for ships other than
capital ships must be fixed and the conditions of armament must be defined.
We can from now on accept the calibre of 8 inches. As regards the
tonnage of auxiliary craft, we have telegraphed to our C.overnment and
We
are awaiting instructions.
Secretary Hughes.
said that with the committee's pennission the discussion
He underof this resolution would be postponed until the next meeting.
stood tlie present state of mind of the committee to bo that there wan no
objection so far as the calibre of the guns wils concerned, but that certain
The Chairman
observations, but no decided objections. ha<l been made concerning tonnage.
Definitive discussion of that matter would therefore be postponed
and the comniitlee would tlien necessarily come to the Huhject of aircraft
carriers.
Hefore leaving the ([ucstion of the submnrine, however, he suggested that the committee retur;i to the considenition of the appropriate
ai:tion to be exprcHsed by tlie Powers concerned hh regards tho illegal use
of
Hiitjtnarines.
it had been
proposed dealing with the preserit rulew of
and with respect to the improvement and
fie said he would ask Mr. Root t«) bring the
committee.
As the commltt.ee was aware,
suggested thnt a resolution be
law obligjitory on subinarineg
innendmerit of exiHtIng lawg.
matter to the attentioti of the
Root's Resolutions.
Mr. Root then read the resolutions as follows:
^
,
j
+^
tbe rules adopted
The signatory Powers, desiring to make more effective
and nonneutrals
of
lives
the
of
protection
by civili^d nations for the
those rules the folcombaUnts at sea in time of war, declare that among
international law:
of
part
established
an
deemed
to
be
are
lowing
ordered to stop for visit and search to
1. A merchant vessel must be
determine its character before it can be captured.
stop for visit
A merchant vessel must not be attacked unless it refuse to
.
and search after warning.
passenA merchant vessel must not be destroyed unless the crews and
gers have been first placed in safety.
any circumstances exempt from
2. Belligerent submarines are not under
cannot capture a mersubmarine
and
if
a
stated,
above
rules
universal
the
law of nations
existing
the
rules,
these
with
conformity
chant vessel in
and to permit the merrequires it to desist from attack and from capture
chant vessel to proceed unmolested.
Powers
The signatory Powers invite the adherence of all the civilized
there may
that
end
tlie
law
to
established
of
statement
to tlie foregoing
standards of
be a clear public understanding throughout the world of the
judgment
conduct by which the public opinion of the world is to pass
upon future belligerents.
The signatory Powers recognize the practical impossibility of Tising submarines a-s commerce destroyers without violating the requirements unithe
versally accepted by civilized nations for the protection of the lives of
such
neutrals and non-combatants and, to the end that the prohibition of
deuse shall be universally accepted as a part of the law of nations, they
clare their assent to such prohibition and invite all other nations to adhere thereto.
hu3. The signatory Powers, desiring to insure the enforcement of the
mane rules declared by them with respect to the prohibition of the use of submarines in warfare, further declare that any person in the service of any
thus
of the Powers adopting these rules who shall violate any of the rules
adopted, whether or not such person is under orders of a Governmental superior, shall be deemed to have violated the laws of war, and shall be
liable for trial and punishment as if for an act of piracy, and may be
brought to trial before the civil or military authorities of any such Powers within the jurisdiction of which he may be found.
Secretary Hughes.
The Chairman said that Mr. Root's resolution would be put in form for
Any action upon them could be deferred until they
distribution at once.
They seemed, however, simple
had been considered by the delegations.
and direct arguments in support of a thesis which had been ably stated.
He thought, therefore, it might be the desire of the committee to discuss
their general purpose on the spot, leaving their precise language to a later
time.
Arthur J. Balfour of Great Britain.
Mr. Balfour said he was sure the Chairman was well advised in suggesting that Mr. Root's proposals should be circulated in order that each delegation might examine not only the .spirit which animated them, but the
words in which that spirit had been expressed. So far as he himself was
concerned, however, having listened to Mr. Root's admirable exposition, he
wished to e.xpress not only on his own behalf, but he thought also on behalf of his colleagues, his warm sympathy, both with the substance of the
resolutions and their form.
Senator Schanzer of Italy.
name
of
Minister Sarraut of France.
rise
comment upon
the resolutions which have been read than
homage, to the high and noble spirit of which they are the expression.
I especially desire to profit by the opportunity which is offered me
to express the feelings of deep sympathy and admiration for Mr. Root
which animates the French delegation. We were not surprised at hearing
the feeling terms in which he denounced the piractical acts committed
during the war and against which we were the first to protest.
In view of these obser^^ations it seems to us wise to wait until the
documents have been distributed and until we have been able to examine them
I
less
to
to render
with
all
the attention that they deserve.
Vice-Minister Hanihara of Japan.
Hanihara said that he would be glad to have tlie opportunity to
examine the text of Mr. Root's resolution. It was hardly necessary for him
to add anything in regard to the sympathy and hearty
accord which the
Japanese delegation felt with the aim and spirit of Mr. Root's
Mr.
resolution.
The Root proposals occupied
the attention of the Naval
CoiiiiiiiKoc on Doc.
29,
which debated tlie resolutions
throufihout the day before arriving at its decision to turn
Article I of the resolutions over to a committee with instructions to draft its lanKuajre without modifications
of
the pi-iuciples stated in the orisinal proposal.
From the
Associated Press accounts from AVashington, Dec. 29, we
talu' the followintr roKanlins the debate during
the day:
Reiterating tliat he spoke only for himself, Mr. Balfour
said he believed
'a formal and authoritative statement that submarines
had no license to
break Uie rules by which other ships of war were
bound could do nothing
out good."
Admiral de Bon, of the French group, said he shared
wholly Mr Balfour's views and that the French delegation
gave "in principle our general
adhc.sion" to the statement that submarines
"should of necessity be bound
Uy the rules of international law."
"But as this law in of a very soccial nature,"
Admiral de Bon said "it
seems to us that the most practical sohition
would be to refer the 'consideration of the text submitted by Mr.
Root to a committee of jurists
"^ "' "* *° "^ °^'"'''" *" '^^""^ '° "'^ wording to be
adopted'""
The Japanese delegation was in accord "with
the substance of Article I"
Root resolutions, Mr. Hanihara said, but
he added he believed
oeiie^ea tne
the
of the
question should be rofrrn>d to
e.xperts for drafting
"Not that we have any particular point in mind on which we have obit sure that it
servations to offer," he said, "but merely in order to make
leaves nothing to be desired as to its precise wording."
Mr. Hanihara suggested that the experts might be instructed
"not to
touch the substance of it."
Replying to Senator Schanzer's inquiry, Mr. Root said it was obvious
since it proposed a
Article 2 could not be consistent with Article 1,
change in international law.
"Article 1," he said, "is a statement of existing law; Article 2, 11
adopted, would constitute a change from existing law and, therefore, it is
impossible to say it is not inconsistent."
As to Senator Schanzer's suggestion that merchant ships be defined in
the proposed five-Power declaration, Mr. Root said:
"Nothing is more clearly or better understood than the subject we call
merchant ship. The merchant ship, its treatment, its rights, its proteetion and its immunities are at the base of the law of nations."
He added that definitions of merchant ships would "only serve to weaken
and confuse" the proposed declaration. He had hoped yesterday, Mr. Root
continued, that the delegations would seek expert legal opinion on his proposals overnight and that "we would have had here to-day the results of
that inquiry."
"I would like to say," he continued, "that I am entitled to know whether
any delegation questions this statement of existing international law. You
Does
are all in favor of the principle of the resolution if it is correct.
If it does, you
this, or does it not, state the law of nations as it exists?
What, then, hinders its adoption?"
are all in favor of it.
Mr. Root briefly rehearsed the rejection by the Assembly of the League
Nations of the proposal of the advisory committee of jurists assembled
by the Council of the League that "a conference for the advancement of
international law" be created.
"The door was closed," he said; "where do we stand? Is this not to
be a world regulated by law?"
The speaker said there was no adequate law to govern submarines, airHis resolution, he said,
craft or poison gases and "somebody must move."
proposed to restate "the rules of war that have been trampled under foot,
flouted and disregarded."
that can afford to go back
"Is there a delegation here," he continued^
to its own people and say to them, 'upon the proposal being presented to us
we referred it to a committee "of lawyers and adjourned' ?
"I am not going to be buried under a committee of lawyers myself, and
Either we speak clearly and inthese rules cannot be buried under them.
telligibly the voice of humanity which has sent us here, and to which we
must report, or that voice will speak for itself, and, speaking without us,
will be our condemnation."
Mr. Root said he opposed reference to the resolution "to a committee of
lawyers or to any other committee."
"I ask for a vote upon it here," he .said.
Sir John Salmond, for New Zealand, also opposed reference to a legal
committee, but warned against haste.
He pointed out that, "read literally," paragraph three of Article 1 would mean that even a merchant ship
which refused to stop when signaled by a submarine could not be attacked
until her passengers and crew had been placed in safety.
He also said
that Article 2 had not disclosed its relation as a proposed eventual substitute for Article 1 until Mr. Root had explained its purpose.
of
The following are
the two communiques of Dec. 29, relaand action bearing on the Root reso-
tive to the discussiou.s
the Italian delegation I cannot but express my keenest
sympathy for Mr. Root's proposal.
Italy, being the birthplace of law, I
cannot but regard with the greatest pleasure everything which can contribute to the improvement of international law.
We are not in a position
to-day to consider the details of the proposed resolutions, but when they
are diirtributed we shall be glad to do so with the greatest interest, with
the hope that this conference will bring forth the establishment of provisions dealing with the use of submarines which may safeguard the requirements of right and of civilization.
In the
[Vol. 114.
THE CHRONICLE
22
lutions
:
The eighth joint meeting of the Committee on the Limitation of Armament and the Sub-Committee on Naval Limitation was held this morning,
Dec. 29 1921, at 11 o'clock, in the Pan American Building.
The Chairman (Mr. Hughes) opened the meeting by saying that if there
were no objections the committee would take up the resolutions proposed
and read yesterday by Mr. Root relative to the action of submarines in warfare.
It seemed best to take the articles up separately.
The first article
related to rules deemed an established part of international law.
It summarized in a clear, concise manner the existing rules governing the action
of belligerent ships of war in relation to merchant craft and stated the unequivocal position that belligerent submarines were not exempt from these
rules.
He
then invited discussion.
ilfr. Balfour of Great Britain.
Mr. Balfour said that, as he understood the question which Mr. Hughes
had put, it referred to the first of Mr. Root's propositions, which as Mr.
Hughes had said, proposed to be a statement in clear and explicit language
of the existing rules of war and the application to submarines.
So far as
he personally was concerned, he agreed that such a statement should be
made.
He was not lawyer enough to say whether the existing rules were
coiTectly summarized, and on this he would have to consult his own legal
advisers.
Provided, however, that the resolution did really embody the
existing rules of war he thought it most desirable that these rules should
be reaffirmed in their relation to submarine warfare.
Perhaps on this matter he ought only to speak for himself.
He personally held the view that a formal and autlioritative statement that submarines had no license to break the rules by which other ships of war were
boxind could do nothing but good.
Admiral de Bon of France.
share wholly the views e-vpressed by Mr. Balfour.
The French delegation has repeatedly had occasion to condemn the practices followed by the
German submarines during the last war.
We are then thoroughly imbued with the high humanitarian motives
which have dictated the resolutions presented toy Mr. Root, to which we
give in principle our generous adhesion.
But we have no jurist in our
delegation and we recognize that certain of these resolutions have a bearing
on the complicated rules of international law.
We can then hardly do otherwise than to subscribe to the .spirit of these
resolutions and to repeat that the submarine should of necessity be bound
by the rules of international law. But as this law is of a very special nature, it seems to us that the most practical solution would be to refer the
consideration of the text submitted by Mr. Root to a committee of jurists,
which would advise us as to its opinion in regard to the wording to beadopted.
I
Senator Schanzer of Italy.
entirely associate myself with Mr. Balfour's
and Admiral de Bon's regave yesterday our full adhesion to the aim to which Mr.
Root's proposal tends, but we also think that the question of formulating
rules for the use of submarines in war is, above all, a legal question, which
ought to be examined by a competent committee of jurists.
We have forwarded the text of Mr. Root's proposal to our Government
and are awaiting eventual remarks from the same.
At any rate, it might be useful even now to point out a few questions to
I
marks.
We
:
.Jan. 7 IDL'li.l
:
:
THE CHRONICLE
which the proposal might give rifie in order to contribute to the future
discussion.
the first resoluIt seeniH to me difficult, in the first pluce, to Heparutc
for
tion from the seconil. wiiicli definitely prohibits the use of submarines
The first resolution, on the contrary,
tl>e destruction of merchant craft.
admits in determined cases tlie destruction of merchant craft after certain
I should wish therefore to know in what
provisions have been observed.
tlie second resolution tallies with the first.
In the second place, I believe that it might be useful to give a clear definition of merchant craft in order to make them recognizable and to cstabattacking a ship
lisli plainly in which cases a submarine shall abstain from
and in which cases, on the contrary, attack is to be permitted, as, for example, in the case of a merchantman regularly armed or of a privateer.
have not made these remarks in any spirit of opposition, as we have
I
decided to collaborate to the best of our ability in order to attain the aim
which the American delegation has in view. My reason for speaking was to
give Mr. Root the opportunity for such explanation as might throw light on
way
the terms in which his proposals are formulated.
>Str Robert Borden of Canada.
Borden said that in offering a few observations in regard to
the proposals presented he was without the advantage of having heard Mr.
Further, his views were purely
Root's explanations on the previous day.
personal and must not be regarded as binding on any other member of the
delegation to which he belonged.
As he understood the proposals, Mr. Root had set forth existing rules
which had been, or should have been, the general practice in the past to
In setting forth Article 1
govern the action of nations in time of war.
Mr. Root had placed the rules of submarines on a much higher plane than
had been the case with the nations with whom we had been at war for a
He had no
They had only violated those rules.
period of four years.
doubt that the statement of the rules in Article 1 was correct and should
have been followed by belligerent vessels.
In Article 2 the
Mr. Root's proposal, however, went much further.
signatory Powers were asked to deal with the possibiltiy of using submarines as commerce destroyers without violating the requirements universally accepted by civilized nations for the protection of the lives of neutrals and non-combatants, and to the end that the prohibition of such uses
shall be universally accepted as a part of the law of nations they were
asked to declare their assent to such prohibition and to invite all other
nations to adhere thereto.
As he understood this article it was intended
Mr.
to mark a notable and most desirable advance on the existing rules.
Root had first stated the existing practice and had then suggested this
advance.
He thought it would be wise and indeed essential in the interests of humanity that this proposal should be accepted.
The exact wording, however, must be considered, and he did not disagree with the suggestion for examination by an expert body provided
this should not prevent action by this conference.
In Article 3 Mr. Root had gone rather further.
He had laid down the
principle that any person in the service of any of the Powers adopting
these rules who should violate any of the rules thus adopted, whether or
not such person was under orders of a governmental superior, should be
deemed to have violated the laws of war and should be liable to trial and
punished as if for an act of piracy, etc.
Having regard to some experiences of his own country in the late war, and especially to one occasion
when twenty Canadian nurses had been drowned as the result of the torpedoing of a hospital ship and the subsequent sinking of the ship's boats,
he could say that the feeling of his country was strongly in favor of the
proposal that any person guilty of such conduct, whether under the orders
of his Government or not, should be treated as a pirate and brought to
trial and punished as such.
Sir Robert
In
23
Senator Schanzer's remarks.
My
—
.
First
As to the agreement of Article 1 of the resolutions now before
the committee with the second article relative to the prohibition of making
use of submarines as commerce destroyers, which he deems inconsistent
with Article 1
Article 1 is a statement of existing law ; Article 2, if adopted, would constitute a change from the existing law, and, therefore, it is impossible to
say that it is not inconsistent.
If it were not inconsistent, there would be
no change. Article 2 could not be consistent with Article 1 and still make
a change.
Senator Schanzer also suggests that the resolution be completed, including a definition of "a merchant ship.' Throughout all the long hi.story of
international law no term has been better understood than the term "a
merchant ship." It could not be made clearer by the addition of definitions, which would only serve to weaken and confuse it.
The merchant
ship, its treatment, its rights, its protection, and its immunities are at the
base of the law of nations.
Nothing is more clearly or better understood
than the subject we call the merchant ship.
Now, with regard to the proposal to refer this matter to a committee of
lawyers, far be it. from me to say anything derogatory to the members of
the profession of which I have been an humble member for more years than
I care to remember.
They are the .salt of the earth ; they are the noblest
work of God they are superior in intellect and authority to all other people whatsoever.
But both this conference and my own life are approaching
their termination.
I do not wish these resolutions to be in the hands of a
commission even of lawyers after we adjourn.
I supposed when we adjourned yesterday and after what had been said
concerning the opportunity for critical examination, that the different delegations would call in their own experts and ask their advice with regard to
this resolution, which is now the only one before the committee.
had
I
supposed that the experts in international law brought here for the purpose
of advising, would have been asked whether this was a correct slatemcnt
of the rules and that we would have here to-day the result of that ln(|ulry.
I would like to say that I am entitled to know whether
any delegation
questions this statement of existiiig international law.
You are all in favor of the principle of the resolution if it is correct.
Does this or docs It
not state the law of nations as it exists? If it does, you are all in favor of
it.
What then hinders its adoption?
Senator .Schanzer, In describing the action of submarines with regard to
merchant vessels, repeated on his own behalf the very words of this resolution.
The very word»— ipslssimis verbi»— of this resolution maj be found
respect for the learning, experience
and
ability of the various delegates around tliia tiible forbids me to doubt that
every one here is perfectly familiar with the rules and usages as stated in
This <Ioes not purport to be a codification of
the first clause of Article I.
the laws of nations as regards merchant vessels or to contain all of the
It says that the following are to be deemed among the existing
The time has come to reaffirm thera
rules of international law.
1. A merchant vessel must be ordered to stop for visit and search to determine its character before it can be captured.
Do we not all know that is true? It is a long established principle.
2. A merchant vessel must not be attacked unless it refuses to stop for
rules.
visit
3.
and search after warning.
merchant vessel must not be destroyed unless the crew and passen-
A
gers have first been placed in safety.
Is there any question whatever as to the correctness of these statements?
Turning to one of the British legal advisers, Mr. Root asked
"Mr. Malkin, is there any doubt about that?"
Mr. Malkin replied that in principle there was no doubt at all.
"As Mr. Lodge remarks to me," continued Mr. Root, "this is only eleThe object of the resolution is to form something which will
mentary.
It was made perfectly simple
crystallize the public opinion of the world.
on purpose.
of vital importance, on which I challenge dethe lawyers in the world should get together they could not
The public opinion of the world
decide the question more conclusively.
says that the submarine is not under any circumstances exempt from the
This
rules above stated, and, if so, they cannot capture merchant vessels.
That is a negation of the assertion of Geris of the greatest import;ince.
many in the war that if a submarine could not capture a merchant vessel
in accord with established rules the rules must fail and the submarine was
"Then follows a principle
nial.
If
all
make the capture. Tlie public opinion of the civilized world
has denied this and has rendered its judgment in the action that won the
war.
It was the revolt of humanity against the position of Germany that
entitled to
Germany's
led to
defeat.
"Is that not a true rendering of the opinion of the civilized world which
we seek to express? My friends and colleagues, this is a real life we are
This is no perfunctory business for a committee of lawdealing with here.
yers.
It is a statement of action and of undisputed principles universally
known and not open to discus.sion, put in such a form that it may crystallize the public opinion of the world, and that there may be no doubt in any
future war whether the kind of action that sent down the Lusitania is legitimate war or piracy.
"This conference was called for what? For the limitation of armament.
But limitation is not the end, only the means. It is the belief of the world
that this conference was convened to promote the peace of the world
to
relieve mankind of the horrors and the losses and the intolerable burdens of
war.
"We cannot justify ourselves in separating without some declaration
that will give voice to the humane opinion of the world upon this subject,
which was the most vital, the most heartfelt, the most stirring to the conscience and to the feeling of the people of all our countries of anything
that occurred during the late war. I feel to the depth of my heart that the
man who was responsible for sinking the Lusitania committed an act of
piracy.
I know that all my countrymen with whom I have had intercourse
feel the same, and I .should be ashamed to go on with this conference without some declaration, some pronouncement, which will give voice to the
feeling and furnish an opportunity for the crystallization of the opinion of
mankind in the establishment of a rule which will make it plain to all the
world that no man can commit such an act again witliout being stigmatized as a pirate.
—
Recommendations
Mr. Banihara of Japan.
The Japanese delegation is in entire accord with the substance of Article
1 of the proposed resolution.
As regards the suggestion whether it is not
advisable to refer the matter to a committee of experts for drafting, I am
ratiier inclined to follow it, not that we have any particular point in mind
on which we have observations to offer, but merely in order to make it
sure that it leaves nothing to be desired as to its precise wording.
We
may instruct the committee to examine it in this sense and not to touch
the substance of it.
Mr. Root.
Senator Schanzer has asked some questions to which I shall reply.
:
of Juriits at
The Hague.
"There are two ways in which this question- that Germany raised about
the riglit of submarines to disobey the rules of international law
what
they said in the way of destroying a merchant vessel can be settled. With
the whole dominion of the air unregulated by international law, with the
score of difficult questions staring us in the face (such as blockade, contraband and other questions in the field of law), there was a recommendation
made by the Committee of Jurists which assembled at The Hague last
year, 1920, upon the invitation of the Council of the League of Nations,
to devise and report a plan for an international court of justice.
"The Commission met at The Hague, and after some months of labor,
they recommended a plan which, with some modifications, was adopted
by the Council and by the Assembly of the League of Nations, under which
judges of the new court have been appointed and under which that court
is about to convene next month, January, 1922.
The commission of jurists selected by the Council of the League of Nations for its advisers went
beyond the strict limit of its authority, and so much impressed were they
all with the necessity for a restatement of the rules of the law of nations
as a result of the war (what happened during the war and the consequences
of the war) that they made a recommendation upon it.
"There were present a representative of Great Britain, a most able and
learned judge of the highest court, and representatives for France (a very
distinguished representative), of Belgium, of Japan, of Holland, of Norway, of Spain, of Brazil, and one from the United States of America.
They were all there in their individual capacities, but coming from nine
different countries and selected by the Ooucil of the League of Nations,
and invited there to be their advisers. ,\11 of these gentlemen unanimously
agreed upon this resolution
—
—
" 'The Advisory Committee of Jurists, assoniblod at The Hague to draft a
plan for a permanent court of international juslico, convinced that tho security of States and tho well-being of peoples urgently require the extension
of tho empire of law and tho development of all international agencies for th»
administration of justice, rocommonds
/.
;
" 'That a now conference of the nation.s la continuation of tho first two
conferences at The Hague, bo held as soon <a.s practicable for tho following
puri)oscs:
" '1 To restate tho established rules of International law, especially and
In the first Instance, In tho fhuds affoctod by the events of the recent war.
,
.
" '2. To formulate and agree upon tho amendments and additions. If any.
to the rules of International law shown to bo nece.ssary or useful by the
events of tho war, and the ehangos In t!ie c;on<litlonH of Intornalloiial lllo and
Inliircour.so which liavi; followed tho war.
" ".i. To endeavor to reconcile divergent views and secure general agreement upon the rules which have b(!en In dispute hereto fore.
" '1. To conKider the subjects not now adequately rcgul;iled by International law, but, as to which th<! interests of International Justice reiiuire the
rules of law shall bo declured and accepted.
"" 'That
//.
the Institute of International I.,aw, tho American Institute
International l^aw, tho Union .Jundjiiuo liiteriial lonale. the Fiiternallona
Law A.ssoclntlon and the Iberian Institute of <;onipara(lve Law bo Invited t
prepare with such (!onf<;renc:e or collaboration Inter s<>.so as they may deerii
useful, proJe(-t,s for the work of the conference to be .subiultled beforehiiiid to
the several (•ovenitnents .uid laid before tho conference for Us consklcral Ion
and Nucli action as It may find suitable.
34
" -That the conference be
International Law.
named
III.
the Conference for the
Advancement
of
stated intervals and continue the work left
the Council of the League
"That recommendation was communicated to
and then referred to the
Council
the
by
modified
iomewhat
of Nations, was
Assembly was rejected.
the
by
and
Nations,
ILsembly of the League of
The door was
closed.
Warns
"Where do we stand? Is
under foot
shall give oppori;unity to them to trample
leave matters in that
and
vessels
mechants
to
relating
the laws of nations
law upon the subject
most dangerous of conditions without any settled
in a most clear and
But if, after formulating it at this table, we declare
merchant vessels with crew.
solemn manner that submarines must not sink
war
" -That this conference be followed by further successive conferences at
unfinished.
of Delay in Action.
way
in that
;
we
and passengers on board,
I
hope and pray
to the world.
we may adopt
and send
it
it oiit
v
j
.i
be made,
and
The people of the United States desire this declaration to
speaking
clearly
this conference
that the world may hear the voice of
submarines for the destruction of
against the continuance of the use of the
and innocent lives, those of women, children and non,
,
.
,
i..
x
merchant vessels
not to be a world regulated by law?
proposition
What are our disarmaments worth if we give our assent to the
unconstrained inand
unregulated
the
moment,
the
of
impulse
that the
that there shall be no law t
stincts of brute force, shall rule the world and
move.
It there is to be a law. Bomebody must
There is no
"There is no adequate law now with regard to submarines.
poisonous gases,
regarding
now
law
no
There
is
aircraft.
regarding
law no
closed, and here
and somebody must move. The door to a conference is
we are met in a solemn conference of the five greatest Powers upon the
armaments and charged to do something toward the peace
this
limitation of
the world.
This resolution proposes to re-state the rules of war that
This resolution
liave been trampled under foot, flouted and disregarded.
proposes that we as-sert again the domination of those humane rules for the
protection of human life, and that we discredit and condemn the attempt
of
Tliis resolution proposes to tell what we really believe,
characterize as it ought to be char.icterized the attempt to overturn the rules impressed by humanity upon the conduct of its Governments.
"Is there a delegation here that can afford to go back to its own people
"Upon the proposal being presented to us we referred it
and say to them
to overturn them.
that
[Vol. 114.
THE CHKONICLE
we
:
These resoIt will not down.
to a committee of lawyers and adjourned'?
I am not going
lutions speak with a voice that will continue insistently.
to be buried under a committee of lawyers myself, and these rules cannot
be buiicd under them. Either we speak clearly and intelligently the voice
of humanity which hjis sent us here and to which we must report, or that
voice will speak for itself and speaking without us will be our condemnation.
"Mr. Chairman, I am opposed to the reference of this resolution to a
committee of lawyers or to any other committee. I ask for a vote upon it
here.
If the delegation of any country represented here has any error to
point out in it I am ready to correct it, but I ask for a vote upon it, in
furtherance of the principle to which every one of .my colleagues aroUnd
combatants.
Senator Underwood.
few minutes to express my hearty concurrence in the
I hope this
statement of my colleague, Mr. Root, in regard to this inatter.
controlling the unlawful use of submarines, with such amend-
want
I
to take a
resolution
ments as may be necessary, may be p.assed before this conference adjourns.
this table the dividing of the ways aa
I believe we have now reached at
Are we to proclaim that we are still
to what the conference .stands for.
is past, or that the civilized nations
that
war
the
of
body
dead
the
tied to
new ideals of peace that we
of the world desire to attain and accomplish
here for a
intend to put war behind and peace ahead? If we are only met
temporary armistice, if we are only temporarily tired of war, with our
few years till
Trea.suries exhausted— if we agree to fly the white flag for a
we grow strong for war again, let us adjourn now and let the horrors of
the next war teach statesmen the lesson which is necessary, that civilizapeace.
If we are
tion may progress again toward the ideal of permanent
only met here to save dollars or francs or shillings for a few years we had
;
better adjourn.
country has never particularly prided itself on military expenditures.
gone for many years at times without much armament, because
have
We
we did not fear our neighbors, and because we could say in our hearts that
we wanted to be at peace with the world. If we are herely only to save
dollars or other coins, the great heart of the people of the world wiU be
Unless we can plant the flag of civilization on
grievously disappointed.
then wfe will have
unless this conference move forward
a higher point
My
—
—
made a
failure.
As for me, I should like to see in the future the great empire of Japan
leading the Far East as a nation of commerce and leader of high ideals,
I should like to see a great
rather than as a nation of great armaments.
Italy assured of the safety of the seas that carry the fuel necessary to her
I should like to see France secure in her territorial integnational life
rity ; I should like to see the day come when she may feel that her safety
is assured for all tine, and that she has no longer a need for a great army.
I .should like to see the day come when Great Britain need no longer fear
any danger of attack on the food supply of her people; that commercial
ships may safely enter her ports and bring the supplies necessary to her
;
the table has given his adherence."
After the foregoing had been interpreted, Mr. Root said
Mr. Chairman, I omitted, in answering Senator Schanzer's very discriminating question regarding the relations between Articles 1 and 2 to say
that of course, if the second article were adopted by all the world it
would supersede Article 1. This, however, would be a long, slow process,
and during the interval the law as it slands must apply until an agreement
is reached,
.\rticle 1 alBo explains in authorized form the existing law,
and can be brought forward when the public asks what changes are proposed.
In proposing a change, it is necessary to make clear what the law
now is. It is very important to link this authoritative statement in Article
1 with the new principle proposed in Article 2.
Bir John Salmond of New Zealand.
While not doubting the substantial accuracy of the resolutions proposed
by Mr. Root and while I am of opinion With him that it is unnecessary to
appoint a committee of jurists to determine the law as regards merchant
ships in war or the capture
tlie resolutions
Hiey stand
fects.
Although reference to
there should be opportunity
m
of private property at sea, at the same time
are not free from ambiguities and formal desuch a legal committee is unnecessary, I think
given for verbal amendments.
For example:
Paragraph S of Rule 1, that a merchant vessel must not be destroyed unthe crew and paseengers have been first placed in safety.
Is this intended to give absolut* immunity to the merchant ship from attack
unless
the crew and passengers are first placed in safety even although
the ship
has refused to stop on being warned?
Read literally this would be the
less
effect of the rule.
Secondly, the relation between resolutions 1 and 2 does not
appear in
the text and a verbal explanation by Mr. Root was necessary
to ex-plain it.
While, therefore, I am in absolute agreement with the
substance of Mr
Roofs resolutions and support his refusal to put off the matter
by reference to a committee of lawyers, I think there is no
haste which could
justify our not being given opportunity for the
amendment
examination and formal
of the resolutionn.
Senator Lodge.
Mr. Ohainnan, I would not ask to take up the time
of the conference if
I could attend the meeting this afternoon.
I hope we may have a reasonably speedy decision in this matter and I do not
like to have a decision
reached without having ex-pre8,sed my feeling in regard
to it
I have a
great respect for experts, but there are some of us
here at this table who
have given attention to international law for some
time, and among the
delegates here tliere are several capable of putting
these resolutions in
proper form.
I
believe the firet thing to aim at is
simplicity of statement.
The
rules laid down by Mr. Root, especially
in Article 1, are elementary
Anyone wlK. has read a textbook of international law
knows them. I shall not
atti-mpt U) add to tf.e powerful argument
presented bv Mr. Root who
though I say It in his presence, is one of the
greatest international lawyers
now living. .\s far «.s his arguments go, I will
follow a ""tone
historic Jjntisn
British
example and say "ditto to Mr. Burke."
What I should like to see done by the conference is
to decide on a policy
-for there is a question of policy. We can easily take
care of amendments
suggested by Mr Salmond.
We are here to settle a policy and mu't do
o
This policy has been presented and will
not down. The world to-day
wants
an une<,uivocal declaration against Oie sinking
of the Lusitania
I take the
Uisitaiua as an example summing up the
horrors of Uie submarine
""iuniie as u
it
was used in the war with Germany.
I know the opinion of my countr}-.
The feeling aroused here as well ^«
n Great BriU.in was intense. I wa^ a
declaration showing the reprTsent^
t.ve opinion in this matter and
preventing, so far aa we can,
he use of
HUbmnrines for the destruction of commerce
and against innocent non com
^tants. women and children.
We can at lea.st erect a standard
the Constitution of the United Stntes
was adopted by the Constituttonll
'"^""°°*'
Convention in 1787. George Washington wrote
to a friend"We have erected a sUindar.i to which the wise and
good can repair.
repair
The rest is in the hands of God."
I
think we can erect a standard here
to which the civilized worid ran
repair ,n the matter of submarines.
I believe the world will
rally to U
-- f-' *o ^each this decision? "^e^hU
''7 '"^'--«Jive tho l'' of uncertainly "
open-open to the type of man commanding
It; submarine
the
which sank the Lusitania-open to people who
wish to wag!
X
Ik
national
life.
These are the ideals toward which the conference should move rather than
toward the ideals of horror and extended power of war. It we reject this
resolution, we shall be saying to the peoples of the world that we are declaring only a temporary armistice and that we are going back to war.
But if we are willing to take this one step no matter how small to make
the seas safe for the peaceful ships of commerce, to that ex-tent we will
and the world will never be
liave removed one of the great causes of war
free from war until the causes of war are removed.
I feel it repI, therefore, heartily support the proposal of my colleague.
resents great principles underlying the desire of the people of the world
that lasting peace that shall banish war from the world forfor peace
—
—
—
—
ever.
May
I
discussion
Senator Schanzer of Italy.
be allowed to remark that a misunderstanding has arisen in this
which
it
is
necessary to eliminate.
have been made here to-day by eminent
orators it might seem as though there were opposition to the fundamental
principles upon which Mr. Root's proposals are based.
Now, each one of us has respon.sibilities toward the public opinion of the
entire world, and we cannot even for one instant allow that it should be
thought that we are opposed to any measure tending to render war less inhumane.
It was the Italian delegation which proposed the abolition of
poisonous gas, and was it not only yesterday that we declared our most
implicit and unconditional sympathy for Mr. Root's proposals? Can there
be any who might suppose, even for one instant, that we do not share the
sentiments of horror for the methods of war which brought about the
From some
of the speeches that
criminal sinking of the Lu.sitania?
It is surel.y not the Italian delegation that one could reproach for any
hesitation in supporting anything which can make us progress toward a
higher civilization.
No country is more interested than Italy in putting
an end to the abuses of submarine warfare. It is therefore not the principle itself whicli we have contested.
I had only wished to submit a few
That
remarks on the wording of the text Which has been put before us.
my observations were not useless is shown by the explanations which Mr.
Root has been kind enough to give me and for which I thank him. I had
asked to know in what way Resolution 2 was to be understood in respect
to Resolution 1.
In fact, the .system contemplated in the first and second resolutions cannot co-exist at the same time.
Resolution 1 declares an existing law regarding .submarine warfare, While admits, in certain cases and subject to
certain observances, even of the destruction of merchant ships.
Resolution
2 condemns in the most absolute way the use of submarines for the destruction of merchant
siiips.
Mr. Root has now explained that Resolution 2 represents a new and subsequent phase to which we must tend.
I
think that ought to be more
clearly expressed in the wording of the resolution.
The Italian delegation does not insist on the proposal of submitting the
^v1^ole discussion of the question to the study of a committee of jurists.
If
it is deemed preferable to continue to discuss it in this same committee we
have no difficulty in agreeing. As I have already said, what we would ask
is that pending also tlie arrival of our Government's instructions, we examine tlie various sides of this proposal with the attention which the subject requires, and only because we h.ive the keen desire that the new regulations of international law which will come forth from this conference
should he fully satisfactory to all those who believe that the world can
and must make further progress on the path of civilization.
The meeting then .adjourned until the .ifteriioon at 3 :.30 p. m.
Afternoon Session.
The ninth joint meeting of the Committee on the Limitation of Armament and the Sub-Committee on Naval Limitation was held this afternoon,
Dec. 29 1921, at 3:30 o'clock.
The Chairman (Mr. Hughes) said that the committee had before
first resolution in regard to submarines.
it
the
:
flaid
—
make a few remarks following Sir John
He was in full aRroenient witli this
inoniiiig.
that he wished to
leumiks of this
suggesliiui, and he had no idea
Stthuoiul's
of
asking adoption
without
the
critical
Mr.
examination, wliioh carried with it the result of such examination.
Uoot holieved that the resolutions should (?o Ihroufili the process someSir
times described hy parliamcntaiians as "perfection hy amendment."
in a few
embodied
which,
suggestion
valuable
made
had
a
Salmond
John
words, could result in the imi)rovement and clarification of the resolutions.
which he hoped
It was this kind of thing which ought to he done and
would be done. Whether it was done here by members of the committee,
speaking upon advice and experience of the experts, or by a drafting comThe great question was wliethmittee of experts was of little consequence.
In any case the
er the committee would make such a declaration as this.
process of destructive and constmctive criticism should be gone through.
Mr. lialfour of Great Britain-.
that,
as he understood Mr. Root's proposal, it was, in
Mr. Balfour said
British parliamentary language, to proceed to the second reading of the
This phraseology, he unresolutions and then to send them to committee.
derstood, was not used in this country, and he did not know how far it
was employed in the Parliaments of the other States represented at this
Nevertheless, it clearly expressed what Mr. Root proposed
conference.
that is to say, to put on record the agreement to the principle of the reso-
and then to proceed to discuss them in detail.
was an admirable method and was, he believed, the only way to esSo far as the second readcape from mixing up principles with details.
ing aspect was concerned, he believed that the underlying principle had
Only the formal vote remained to be
already been informally approved.
His own view, after listening to the powerful, persuasive and
registered.
impassioned speech of Mr. Root, was that the important words of the resolutions were the following, at the bottom of the first page
"To the end that there may be a clear public understanding throughout
the world of the standards of conduct by which the public opinion of the
world is to pass judgment upon future belligerents."
That was the central core of the doctrine which Mr. Root had formulated.
He valued these words partly because they removed a misconception
The
and partly because they included a positive constructive proposal.
misconception was that we were occupied in an attempt to formulate the
If this were the case, not only would it De
full code of maritime law.
necessary to weigh and scrutinize every word and every clause, but also to
insure that nothing was omitted which ought to be included.
That, Mr. Balfour said, no doubt, would be a very useful task, but was
not what the committee had been invited by Mr. Root to do. The positive
and constructive side of Mr. Root's proposal was to secure a clear understanding of the standards of conduct which the public opinion of the world
would apply to future belligerents. That was the object of the document,
He thought that this end could
that was what it set out to accomplish.
best be achieved by transferring the words he had quoted from Paragraph
2 of Section I to the preamble, which would then read as follows
"The sigrnatory Powers desiring to make more effective the rules adopted
by civilized nations for the protection of the lives of neutrals and non-combatants at sea in time of war invite the adherence of all other civilized
Powers to the following statement of established law to the end that there
lution
It
may be
a clear public understanding throughout the world of the standards
by which the public opinion of the world is to pass judgment
upon future belligerents."
This was a mere matter of arrangement, but he thought it would help
the world to see the great object which Mr. Root's draft was intended to
accomplish.
The
He therefore welcomed the procedure now proposed.
principles underlying this document had the warm approval of the British
Empire delegation. This delegation would have preferred that the document itself should be rendered unnecessary by the abolition of submarines.
Since they had not been able to carry out this policy, however, Mr.
Root's resolution provided them with an alternative. If they could not hold
their first line of defense, they had at least a second line to fall back on,
for in Mr. Root's document the abuse of submarines had been luisparingly
dealt with.
Every one must recognize that when a weapon had been misused in the
past it could be misused in the future, and would be much more effective
if so misused.
No professions of morality or declarations of law could be
relied upon to supply a sure protection against this abuse.
While all must
regretfully admit this, he would like to associate himself with what Mr.
Root had said yesterday about the immense advantage of embodying the
plain dictates of humanity in explicit terms.
It was not sufficient for
them to be buried in works on international law or lost in departmental
correspondence. They must be proclaimed in the most public manner. He
agreed with Mr. Root that, if so stated, they could not and would not be
without effect on the conduct of mankind.
To suppose that submarines
would never again be abused in spite of all our professions would no doubt
be sanguine. But he believed that the adoption of these resolutions would
be a great step toward the education of the world, and might do much to
mitigate the horrors of war and its needless cruelties. Holding these views,
he could only congratulate Mr. Root and promise his best support in the
objects which he sought to attain.
of conduct
M. Sarraut
M.
;
THE CHEONICLE
,)an. 7 1922.]
Mr. Root
:
of France.
that already, on two occasions, the French delegation
had joined with all its heart in the high spirit of humanity which had in.spired Mr. Root's ffesolution.
It congratulaU;d itself also on having heard
the discussion which occurred this morning and which allowed all to
ST'asp his thought more fully, especially after the admirable comments
which he had been good enough to make in his splendid speech. If there
were still people who doubted the necessity to condemn the unmentionable
abuses committed against humanity during the last war (and no one there
present doubted it) their uncertainty would have been carried away by the
convincing elofiuence of their eminent colleague.
Once more, M. .Sarraut continued, he brought the full and complete adhesion of the French delegation to the sentiment expressed in the first
motion of Mr. Root, the principles of which the French delegation accepted formally.
.Sarraut said
The French delegation did not want to stop with this adhesion to principle, but wanted to see the resolution go into
force by virtue of a definitive text which would combine all the assents of
the Powers represented
in the committee.
Certain modifications had been proposed.
He was perfectly convinced that Mr. (toot, whose modesty
equaled his great ability,
would make no objection to the suggested amendments to his text.
As a matter of procedure, and in order to reach prompt results,
it would
be wise if each of those who had made observations
regarding the text of
Mr. Root's resolution or had suggested modifications
of details, would take
the trouble to prepare and communicate the drafts
which they proposed.
These drafts could just as well be discussed and the
commitf/>e would arrive
in the end at a general text which would
combine, he hoped, the unanimity of their acceptances and would then
be clothed with an authority auch
%&
—
— and
that if ever
the peoples
war should again occur,
all his hope repelled this Idea
would be bound by an agreement tho moral source of which
would be borne
in
uiion
llieir
consciences.
Mr. lialfour :ippeared to apprehend that certain countries might, in spite
of everytliing, yield to the temptation to misuse the weiipons remaining in
For his part he believed that these peoples would reflect
their hands.
If the committee had any doubt
deeply before violating sucli obligations.
of this, if it could suppose that decisions such as those wliich were to be
taken there would not be carried out, debate would not be worth while, and
But Mr. Balfour himthe committee would have but to leave this table.
self had not entertained this pessimistic conclusion since he had stated
that a resolution invested with the moral force of this decision would
One must not deduce from
impress itself on the attention of the world.
tlie abuses committed by Germany the idea that inevitably others would
commit the same abuses.
It was just bec"ause the conscience
of all present had revolted against
was because their consciences refused to accept the idea
it was because they were incapable of acting likewise that their alliance
became spontaneously so strong against all those who had committed them.
He firmly believed in the influence that these joint decisions might exerThe time must come, as he had already stated, when
cise over tiie world.
they must call upon the other nations to ratify their conclusions by approBut it was prebation, thus giving them a universal and definite value.
cisely for that reason and with that object that the text which would be
the outcome of their deliberations, strengthened by their unanimous approval. Should, after mature consideration, take on an emphatic and authoritative form which would impose itself upon the consent of the whole
these abuses
civilized
;
it
world.
Secretary Hughes.
The Chairman (Mr. Hughes) then asked whether it was desired to conThe suggestion had been made this
tinue the discussion of the resolution.
resolution be adopted in principle, with reference to a sub-committee for
the purpose of considering verbal suggestions which should be in conformBefore that, however, there should be an
ity with its obvious purijose.
opportunity for destructive or constructive comments that might be of use
to the sub-committee.
M. Sarraut said that if he understood the proceedings suggested, it had
now come to what in French parliamentary language was called "taking
the matter under advisement" ; that was to say, keeping the resolution before the committee but referring for further consideration to a sub-committee.
The Chairman s-aid that that was his understanding of the proposal.
Senator Schanzer said that the Italian delegation declared that it agreed
in principle with the first resolution proposed by Mr. Root.
The Chairman then said that the question before the committee was confined to the first resolution, declaratory of the principles of international
law as it now exists. He asked to be permitted to add a single word, upon
the adoption of this resolution in principle, subject to such verbal changes
This resolution repas might be thought best by the Drafting Oommittea
resented, the Chairman thought, a most emphatic condemnation of the abhorrent practices which had been indulged in during the late war.
It
would seem, indeed, extraordinary it this conference, unmindful of these
abhorrent practices which shocked the world and contributed more than
anything else to the defeat of the Imperial German Government, should
pass them unnoticed, and Should deal only in a technical spirit with the
matters connected with submarines.
There was another reason which made the declaration opportune and
necessary.
The committee had had a long discussion in regurd to the
question of submarines, particularly as to the inadvfsability of their continued use, their numbers, and as to the practicability of their limitation.
The conmiittee had been vmable to reach an agreement on this question.
That was a fact confronting them. Such a declaration as the one proposed
in the first resolution would go to the whole world as an indication that,
while the committee could not agree on such limitation, there was no disagreement on the question that submarines should never be used contrary
to the principles of law governing war.The adoption of the resolution might, furthermore, avoid misunderstanding on the part of those who were looking to the conference with great
hope.
It certainly could not be considered as a vain declaration after the
e.xperiences witli submarines which the Powers there represented had had
and the feelings engendered by those experiences, to declare in the most
concise terms, that such a declaration would be of the greatest value.
He
believed that the rules of international law should be observed.
He hoped that when the resolution was referred to the drawing committee it would not be overlaid with lawyers' niceties.
There was, he knew,
nothing which anyone could write which could not be improved by lawyers, but when it came to the expression of vague fears, to which lawyers
so like to give expression, he hoped that .such verbal criticisms would receive scant attention.
Anything genuine and direct which carried the real
point the world would understand
such as the resolution proposed by
Mr. Root.
—
Another important point was that the Powers, should a difference arise
between them, would have to remember that the weapons which they possessed were not to be used as in the past without reference to the laws of
God and man. This would greatly detract from the vulue of a submarine
fleet, for when nations counted their weapons they counted not only their
number but the manner in which they could be used. Such a declaration
would help the universal endeavors of diplomatistw, charged with the conduct of affairs to settle difficulties without strife, and he hoped that the
resolution would be agreed to with tho understanding that if it could be
improved, it should be, but that the principle was recognized and adopted
iiK sound in substance.
Unless there was objection, therefore, he would put the first resolution
in this form, i. e. that agreement was required in substance, with reference to a drafting committee (to consist of a member designated by each
delegation) to consider the form of expression and euch verbal changes as
might be deemed advisable.
Fir.tt
The Cliairman,
Rcxolution AdoptoJ.
announcing the assent of the American delegation
amended by Mr. Balfour, put the question to the
other delegations, to which each assented in turn.
The (;hainrian (lierefore announced the unaninioufl adoption of the resohitlon and stated that he had a.sked Mr. Root to represent the American
delegation on the proposed committee, and requested that the other delegations should api>oiiit their representatives so that the matter could be
referred to that coinniittee for consideration of forms of expression.
The Cliairman then said that the second resolution would i)e considered
in the form presented as follows:
after
to the first resolution, as
//.
"The signatory Powers recognize the practical Impossibility of using
sulmiarines as commerce destroyers without violating tlie requirements uni-
l"«s o
nations for the protection of the
that the Pjoh.b.t.on of such
neutrafs and non-combatanU, and to the end
the law of nations they deuse .hall be universally accepted as a part of
all other nations to adinvite
and
prohibition
such
to
clare their assent
,,
here thereto."
,
^
„ ,„_
law.
change tne
As Mr. Koot had explained, this was a proposition to
been
had
which
law
The fin.l resolution attempted to state the law, the
which nevertheless
i^ored and which had been trampled under foot but
law.
inteniational
as
had been and still was regarded
practical imposThis re.solution fundamentally recognized, however, the
without \nolating the
sibility of using submarines as commerce destroyers
for the protection ot
requirement.^ universally accepted by civilized nations
to mean that.
resolution
the
assumed
He
neutrals and non-combatants.
at least in
while the rules of war were as stated in the first resolution—
that
aubstance— and while it was the sense of the Powers there represented
civilized world should
the
understood,
clearly
and
to
adhered
Should
be
they
be asked to outlaw the submarine ax a weapon against commerce.
in
The point had been made that morning that there might be a question
that
regard to the assent of the Powers here represented to the prohibition,
the last words of the resolution, which provided that the
verily accepted by
civilized
.
relation to
in
is
Powers here represented were to invite all other nations to adhere.
receive the aslie supposed that this meant that the prohibition would
in the
sent of the Powers here represented, if they adopted this resolution
hope that it would be made a part of international law upon the adherence of all the other Powers not that it would become binding upon the
Powers here represented if it did not become a part of international law,
and if others by their refusal to assent prevented it from becoming a
—
general principle.
He assumed that the intention of the resolution was not that these
Powers should try to make international law for themselves, which, of
course, they could not do, but that they should use their influence to
obtain the adherence of nations to a new rule of law outlawing the sub-
marine as a destroyer
of
commerce.
Mr. Root.
Mr. Koot said the Chairman had correctely stated the sense of the
It was to the end that the prohibition of
closing words of the resolution.
Two things
the use of the submarines should be universally accepted.
were done in the resolution. First, a declaration was made, than an asserIf a single nation were to lead with such a propo.sal, it might have
tion.
no effect. It required universal assent to establish a law of nations.
There was a difference between the second and the first resolutions. The
first was a declaration of existing law and created nothing, merely certiThe second resolution called for an act which did
fying to what existed.
not take effect until assent had been received.
Mr. lialjour of Great Britain.
He
Mr. Balfour said he would like to make a suggestion to Mr. Root.
understood Mr. Koot's view to be that the Powers represented on this
committee were only endeavoring to initiate a great reform of international
law, by declaring their own view and pledging themselves to induce other
He desired to ask whether he could not
nations if possible to support it.
go a little further. Why should not the five nations represented here agree
between themselves to act on the rule which Mr. Root proposed?
This suggestion was not inconsistent with Mr. Root's plan. On the conNothing could be better as an example
trary it would greatly promote it.
than that the five States, instead of merely adopting a resolution, which
would be inoperative till generally adopted should adopt immediately the
jirinciples which they desired eventually to see embodied in international
law.
He did not wi.sh to dogmatize on the subject, but he wished to put
the proposal before Mr. Root for his consideration.
Mr. Root.
ilr.
tice ot
The United States had the pracThe Constitution could be amended by
Root said that he would illustrate:
amending
the Constitution.
of Congress and the assent of three-quarters of the States.
voted, another, then another, then another
there votes were of
no consequence whatever unless and until the necessary number had been
received could they become effective.
The committee could not make a
rule of international law
all that they could do was to propose a law, and
a
proposal
—
One State
;
proposing it they might add to it their assent, which did not become a
law until the necessary number of assents had been received to make it a
rule of law.
He said that a great mass of nations agreeing might make
international law, but Uie general rule was tliat international law requires
in
universal acceptance.
He observed, speaking for himself
the other members of the American
and without opportunity to consult
delegation, or without intending to
speak for them, that it would be entirely satisfactory as far as he was
concerned to have such an addition to this second prohibition as Mr. Balfour had suggested.
It was an addition providing for the five Powers
who were here and who would be bound by such a prohibition as between
each other, and he observed that he was quite sure that every
Power at
the conference intended to shape its conduct in accordance with
the rule
proposed.
Such an intention would make for security, good understanding,
etc.
Mr. Root said he did not suppose that such a course
would in any decree chiinge the conduct of any Power here, but an assurance
of an intention as to that conduct would be of great value in
settling this disturbed
and distracted world.
Mr. Balfour had asked a question as to policy. Mr.
Root did not want to
take up their time about that, but it was a very
common thing in the
cgislation of all their countries to deal with
objectionable practices by
broad prohibitions, because broad and simple
prohibitions could be enforced, while complicated prohibitions filled
with many items were exoee.hngly difficult to enforce.
But he supposed a very broad prohibition
neccssjiry in order to make a simple rule
which would prevent people from
doing things in an objectionable way.
In this case if they tried to make the
prohibitions in detail it would be
impo.^ible to enforce them.
It was impossible to have a
glass of wine at
dinner because it was necessary to have
broad prohibition to prevent a
lot
of poor fellows from getting
drunk on bad whiskey
°' "'* «""•= character as the proposal made
"
by the
nrm^!",
•"°"<''-V.
nnt si delegation,
which had not received favor; that is to
say the nro
"," ^"^•"'"'"- -t'> » broad prohibition based
faci
tliat though submarines
may have a useful purpose, nevertheless the nainf.^I
rr
u^
ZltlVr
Se
""«•'' '•' P"^ ""« «> «erious. and so
tjurois
that they justified
T'r!; !!'''
the establishment of a broad and
simple prohibition oi
ZtTJ"
f
le"
[Vol. 114.
THE CHKONICLE
136
You"
//
'T
""'"'"^"^ '° """' *'"' -bmarin'es
r; u
you
submarines.
It substiposes and banned only the injurious purposes of
the rule which they
tuted a general prohibition for a detail prohibition,
wishad just recognized in their action upon the first resolution, and the
dom of which did not rest upon theory. It rested in their memory of the
most painful events of recent times.
When the German submarines began torpedoing innocent merchant ships
and when they stopped them for the purpose of visit and search and had
begun to place bombs in the hulls and blow up vessels, indignant protests
The German answer was that it was impossible to comply
were made.
with the rules that had been made to govern the actions of surface ships.
There was an agreement upon that. Germany declared it to be impossible
and it was impossible.
The submarines could not successfully carry on warfare against merchant
ships and summon them in tlie ordinary way to stop for visit and search.
And when a vessel had been stopped for visit and search, the submarine
could not put its crew and passengers in safety because the work was done
while the submarine itself was in a danger from which it could escape
only by swift submersion.
The submarine could not take a great boat-load of passengers and crew
The distressinto its interior, where air had to be furnished artificially.
ing circumstances of the crew and passengers of merchant ships deemed the
Gei-many's assertion that
prey of submarines and left to die were obvious.
it was impo-ssible for the submarine to war on merchant ships in accordance with these rules was well founded, and for one, the Government of
But they said
the United States assented to it, agreed to it, admitted it.
the consequence was not that the rule failed, but that such warfare must
There was no fact more firmly established than that all the temptaend.
tions that beset a belligerent to gain its point at whatever cost would
stand between the subramines and conformity with civilized procedure.
The only way to secure the safety of innocent passengers and crews, nonthe only way
to secure
combatants, neutrals, women, children, etc.
their safety was to say that no belligerent should attack a merchant ship
through an instrumentality which cannot achieve the attack without vioIt created a simple and enforceable rule in the place of
lating the rule.
the complicated and detailed rules which were required by the weakness
—
of
human
nature.
Mr. Root said that it was an enforceable rule because a rule that could
He repeated again with regard to what he
be understood by the people.
had said before regarding the first resolution, that he granted that conHe granted that
tracts between nations would not enforce themselves.
the rules made by diplomatists, conferences and foreign offices might not
be enforced, but he also asserted that when a rule is based upon the principles of humanity and when the public of all free countries had got hold
of it, understood it, and adopted it as a guide in the conduct of belligerent
operations, the public opinion of all civilized countries would furnish sufficient support of the rule
^because the condemnation of the public of the
world brings with it condign punishment for any nation that offends, a.
punishment that no nation dares to face.
—
Secretary Hughes.
The Chairman
committee.
The
there were distinct propositions before the
broadly stated, was an attempt to amend and improve existing international law in the sense that submarines should not be
used at all as destroyers of commerce.
There might be some difficulty in
determining definitely when international law had actually been amended,
but he believed that some means could probably be found of establishing
a criterion, as, for example, by stating that the agreement should be effective on the adherence of the Powers named.
The other proposal, which had been made by Mr. Balfour and accepted by
Mr. Root, was that, regardless of the outcome of the first proposal, the
five Powers represented on the committee should bind themselves, as
among themselves, not to use the submarine for the destruction of commerce.
Quite apart from any attempt the committee might desire to
make to change international law, such a proposition was entirely within
the competency of the Powers here represented.
So far as the American delegates were concerned, there was no doubt as
to the approval of the policy.
It was really a practical application of
existing rules, as it was only in exceptional cases that submarines could
operate successfully against commerce and the existence of the exceptional
cases constituted an invitation and temptation to violations of the law.
On this point was hoped agreement could be reached. The two propositions, while distinct, could be set forth in one declaration or in separate
declarations.
The Chairman desired to know whether such discussion
should take place then or be postponed until the following day.
that
said
first,
Mr. Balfour of Great Britain.
Mr. Balfour said that the Chairman had pointed out that the discussion
had brought two propositions before us: First, the change in international
law proposed in Article II of Mr. Root's resolution, and, second, the addition which he himself had suggested in that resolution whereby the
Powers represented on this committee would bind themselves immediately
to
accept and act upon the new policy as between themselves.
He thought
it would assist the consideration of this
question if he were to give the
exact words in which his own proposal should be formulated.
He would
amend the last part of Article II so as to read as follows:
"They declare their assent to such prohibition and they agree to be
bound forthwith thereby as between themselves, and they invite all other
nations to adhere to the present agreement."
The sub-committee for drafting a resolution regarding submarines was
made up
as follows
United States
British
— Mr.
Empire
—
Sir
Auckland Geddes.
de Bon and Mr. Kammerer.
— Vice-Admiral
— Signer
France
Italy
Root.
—
Ricci.
Japan Mr. Hanihara.
The meeting then adjourned until 11 o'clock a. m.
Dec. 30 1921.
The subsequent communiques will be given another week.
ALLEGED COMMUNICATIONS BETWEEN FRANCE
AND JAPAN LOOKING TO JAPANESE
PROTECTORATE OVER SIBERIA.
Copies of alleged communications between the French
and Japanese Governments purporting to provide for the
establishment of a Japanese protectorate over Siberia, were
given out on Jan. 1 by the special delegation of the Far
Eastern Republic in attendance at the Washington Conference on Limitation of Armaments. Prompt denial of any
such agreement came from Minister Sarraut, head of the
French delegation, and Adnural Baron Kato, head of the
—
Jan. 7 1922.]
THE CHRONICLE
(lolopation, was quoted as characforizins tho
Tlio Fronoli
allogod ufji-DuniouL as "absolutely false."
(lologatiou on .Ian. 2 gave out tho following translation of a
letter addressed by M. Sarraut to Secretary of State Huglied
Jap!iiu>so
in tne matt(<r:
Washington, Jan. 2 1922.
M.
le
President
— Tho papers of this inornitiK roproduoo the text of some
alleged official documents by the so-callod delegation of the so-called Chita
Government, documents said to emanate from French official authorities
and representing official conversations and agroomonts between Franco
and other Governments for the realization of a determined policy in Siberia.
It is my duty to inform you that those documents are gross fabrications,
and that since the moment when tho Allied Governments carried on a
policy of military intervention in Siberia with the co-operation of the
United States, directed only against Germany and not at all with tho aim
of intervention in internal politics of the Russian people, no agreement
has been either concluded or negotiated by Prance with any Government
regarding the statutes (status?! or the destiny of Siberia.
At this time, when it appears to me necessary to expressly deny this false
news, I consider it my duty to point out to you that the illegal and malicious
action exeitiised by representatives of the pseudo Republic of Chita, having
no mandate and no moral authority, with tho aim of creating suspicions
between the Powers represented at the Washington conference, seems to
be directly contrary to the aims of the peace sought. Believe me, &c.,
SARRAUT.
In repiy to tne above, Secretary Hugnes said:
My dear Mr. Sarraut — I have the honor to acknowledge
Did France carry on negotiations with Japan regarding the transport-
2.
ing of Wrangel's
the receipt of
to Admiral Baron Kato's statement the
Associated Press dispatches from Washington, Jan. 3, said:
In referring
Existence of any such understanding between France and Japan was
described as "news" to the State Department to-day by department officials,
who made positive statements that no documents or reports on such documents as made public by the Chita delegation Sunday were in the departfiles.
Admiral Baron Kato, the senior Japanese delegate, in discussing the
alleged treaty made public late to-day, said that such an agreement was
impossible, for the Japanese Cabinet, of which he himself was a member,
had never given authority to the Japenose military representative in
Siberia to sign any such agreement.
He characterized as "absolutely false"
the alleged agreement given out by the Chita delegation Sunday.
In reply to a request to define Japan's present position with reference to
Siberia, Baron Kato said:
"As soon as we can get a guaranty that the Bolshevik troops will in no
way invade Korea or Manchuria, we will be ready to withdraw. If my
Government believes that it is necessary to receive a guaranty assuring
the protection of the Japanese people in Siberia, we will also ask for that.
You must remember that these negotiations (at Dairen) with the Chita
Government are still going on. I never heard of there being any question
of compensation.
Our occupation of the Province of Saghalin, which
Includes the northern part of the island bearing that name, is, of course, on
a different basis from our occupation of the Vladivostok region because it
resulted from a different set of circumstances."
Touching upon the recent occupation of the city of Habarovsk, Baron
Kato said that while the troops of occupation emerged from the territory
of the Vladivostok Government, where Japanese troops are located, Japan
had scrupulously observed a policy of non-interference in the domestic
affairs of Siberia.
Reverting to the documents made public Sunday by the Chita delegation
concerning France and Japan in Siberia, Baron Kato said that in 1921 the
same sort of rumors had emanated from Paris, presumably from representatives of Russian interests.
At that time the Japanese had adopted the
attitude of laughing at it all becatise, he declared, it was propaganda.
"If anything of the nature of the things mentioned in the Chita document were true." he added, "I certainly would have known it, because I
have been a member of the Japanese Cabinet for the last seven years. I
wish to take the positive attitude of denying it.
I have not yet made
any denial to Secretary Hughes."
to th(!
I<'ar
ICasl for the imrjioso of fighting the
On tlie 3rd inst. tho Washington delegation from the Far
Kasteru R(*pul)lic also gave out copies of an alleged treaty
between tho Japanese army in Siberia and Russian officers
(connected with Ataman Semenoff, the Anti-Bolshevik leader.
This wo refer to further in another item. The documents
made public by the Far Eastern delegation on the 1st inst.
were published as follows in the New York "Times" of the
2nd
inst.:
The documents given out today deal
w
th nogoi nations which soom to have
been carried on in part between the French and Japanese directly, in partv
through a Russian officer namad Tirbach. .said to bo a former aide de camp
of Admiral Kolchak, represented as the "trusted delegate" of the Franch
Government. In thi first of the documoncs. the French Foreign Ministry is
represented as saying that the British Consul at Shanghai "will aid 'lirbach
in evpry possible
manner."
has been pointed out that while information as to different movements
of the Wrangol troops toward Siberia has not yet been received, a shipload
of Denikin *s soldiers, who have been in Mesopotamia under British supervision, arrived at Vladivostok some weeks ago and are now participating in the
fight against the Far Eastern Republic.
Terms of Alleged Treaty.
The
negotiations are said to have issued in what is describ 'd as a "treaty
conclud d betwf en the French, Japanese and Russian delegates," on March
Tirbach presumably was the Russian delegate in question, and
12 last.
apparently tht treaty was signed at Tokio. The test as given out is as
follows:
The Japane.se Imperial Government is ready to aid the Russian? in everything, but only in the event that the Russian delegates wixl accept as a
whole the conditions put forth by the Japanese Imperial Government.
These conditions are as follows:
1 . In case of the liberation of the Siberian frritory from the Bolsheviki,
Japan recaives complete dom:nat.on (predomination) In Siberia.
The Russian administrative Government will be under Japanese super-
2.
vision.
Russian authorities will be under Japanese suoervi.sion.
4. Russian military forces as well as militia will be under Japanese supervision.
3.
5. All concessions belong to the Japanese.
In case any other State
should wish to receive concessions the right to give concessions and the making of terms is a privilege of the Japanese Government.
6. The Manchurian Railroad will again be transferred to the Russian
authorities, but on condition that the management win be under the supervision of Japan.
The Japanese Government receives a preferential
right to buy the entire line-in case the Russians should wish to sell It.
(In
spite of the fact that-ln accordance with the contract a sale is only to be
permitted after twenty-seven years apparently an explanatory note.)
7. In places which are of strategic Importance to the Japanese, the Japanese Imperial Government has the right to maintain sufficient military
forces, the number of which are to be determined by the Japanese Government. In case the above-mentioned clauses are accepted, the Japanese
Imperial Government agrees to give the following aid:
a. To evacuate the former Wrangel army to the east, to arm it and to
equip it with everything necessary for military operations.
b.. To furnish the army with money and military materials after the military operations begin.
c. To support all organizations of former officers, soldiers and Cossacks
who are fighting the Bolsheviki, and to see to it that these organizations
should have freedom of organization.
d. After the liberation takes place the Japanese authorities agree to do
everything that Is necessary for urgent transportation of new organizations
—
and administrations.
It was Impossible to reach the Far Eastern delegates tonight,
Press advices from Washington Jan. .3
also announced the issuance by the French Ministry of Foreign Affairs of a formal denial of the alleged Franco-Japanese
understanding regarding the occupation of Siberia. These
advices said:
Documents purporting to show that Franco and Japan had entered into
such an agreement were made public in Washington last Saturday by a
delegation from the Far Eastern Republic.
,
In its denial the French Ministry of Foreign Affairs quoted the letter to
Secretary of .State Hughes from M. Sarraut, head of the French delegation
in Wa.shington. and declared:
"The documents produced have been forged out of whole cloth."
On the 3d inst. the F'ar Eastern representatives gave out
the following comment on Minister Sarraut's denial:
The special delegation of the Far ICastom Republic is tho official delegation of the Oovemment of the Far Ea.stern Republic, which w;is elected by
tho National Constituent Assenbly, and pos.sesses tho proper credentials and
mandates.
The Far Eastern Republic Is not a "pseudo republic," but a n-public with
a territory of over 1,000.000 square miles .and a population of 2,000,000,
and with a democratic constitution, acquired after a three-year struggle
with foreign aggrejjsors.
The people of tho K;ir Eafltern Republic havt! been suffdring for s ncral
years because of tho intrigues of the Japanese .and those who are supporting
them. The roprcscntativ(!s of the people of the K;ir K;i.storn Itepiiblic believe In the authenticity of the documents published In the newspapers of
.Jan. 2.
Tho
delegation of the Far Eastern Republic expected no formal declar.iwhich do not prove anything, but assurances, based on facts, that
France was not Involved In tho aggressive actions of Japan In the Ku.sslan
Fax East.
They expected from the representatives of France dU-ect replies to tho
tions,
following:
Did France give aid to tho Japanese agent. Ataman Semenoff?
so
it is
not
known whether
this purports to present the verbatim text of the treaty or
only a protocol of its contents. It was also impossible to learn what part
Tirbach, who figures in the document as the chief organizer of the antiBolshevist Russian forces, has actually played in recent politics of the Far
East.
The Associated
1.
tro<)])s
Russian pooiiie?
Did Franco aid in tho transportation to Valdivo.stok of a part of these
;i.
troops which iiro being used to reinforce tlie batiks which are now murdering the population of tho Far Kast?
4. Was the French (Consul in Vladivostok in coaslant co-operation with
the .Semenovltos and Merkulovitos'i'
It
your letter of Jan. 2 in which you refer to the text of alleged official documents said to have passed between the French and Japanese Governments
and given to the press by representatives of the so-called Chita Government
of Eastern Siberia.
I am gratified to learn that the French Government formally denies
that it has come to any agreement or carried on any negotiations concerning the status of Siberia and am glad to accept your statement that the
documents in question are not authentic.
I am, my dear M. Sarraut, very sincerely yours,
CHARLES E. HUGHES.
ment's
27
Text of Documents as Given Out.
The documents as given out, in chronological order,
No. 1. Telegram From the Frencn Ministry of Foreign
—
are as follows:
Affairs to the French
Representatioei, in Tokio.
Vec. 28, 1920.
Negotiations with the Russian delegates have been completed. Major
You
I-a Salle Is going to Japan and is carrying -instructions with hira.
must immediately seek connection with the Japanese Government, in order
that the plan already known to you should not be unexpected for the
Japanese.
Tf
Inform us immediately as to how the Japanese receive our proposal.
any difficulties should arise, Inform us, so that wo can begin negotiations
at once with tho representative here.
Tha Rii.sslan dologat). Mr. Tirbach,
Wo have
Is also go'ng to Shanghai, where he will direct tho organization.
already received a reply from the British CJonsul that ho will aid Tirbach
In every possible manner, until negotiations with the Japanese Government
will not receive a satisfactory ffisult.
Should Tirbach arrlvo before La Salle, try to enter Into relations with him
as well.
According to our information, Japan is still in closa relations with
Homenoff, so that If the situation Is not to the contrary you must now
In any event, ovorything must
partially inform him regarding our plan.
bo done very hastily, as tho evacuation of Crimea is .ilinost completed.
MINISTRY OF FOKEIGN AFI''AIRS.
From
Japanese Uititani l-Zi-fsfora (apparently in Paris) to the
Ministry of Foreign Affairs. Tokio.
Jan. 6 1921
Wo have arrived at a satisfactory agreement with tho French regarding
tho evacuation of Wrangi^l. Tho French cannot Hupi)ort the army any
longer, tha situation Is very difficult and tho French wish to ulllizo It to
thoir beniiflt.
In our opinion, the plan propos(!d by tho French is .acceptable, but only In case tho French will support us by all m<vins In the Siberian
No.
2.
the
qufistlon.
The French
projoct will bo transmitted today In cipher.
(Signed)
JAPANKSK MILITARY MISSION.
THE CHKONICLE
28
No. 3.— A
Pnitocjil
Delegate.^
in Paris at the general Conference of Japanese
French Military Mission (Commission'!)
January 14, 1921.
Drawn up
and of
the
In view of the fact that the French
Government
is still
bound by obliga-
Russian probtions with WranBels army, and in view of the fact that the
Jem still very much concerns the French Government, that Government
the pr. posal
feels greatly obliKod to the .Japanese Imperial Government for
made by the delegates present.
The French Government is always ready
to support the interests of Japan
the Siberian situation.
concerning
and
porposal
In reply to the Japanese proposal, our (French) reply to your
project of occupaIs as follows: The French Government cannot accept the
Allied
tion of Siberia as this question is subject to the competency of all the
powers. The first consideration of the French Government is that the
the
relations between America and France should not be injured because of
particularly in the question
present difficult condition. The French Government is in absolute agreement with the second project (temporary occupation of Siberian territory)
and accepts it on the following conditions:
on the
1. There shoixld bo no occupationary or annexational Intentions
part of Japan.
Government
2. The l>'ronch Government demands that the Japanese
should u.se all means in aiding those parties who would come out openly or
secretly against the Bolsheviki and Social-Revolutionists.
3. The French Government wishes that the Japanese Government should
transport to Sibcri.-in territory, WrangeKs army which now has been evacuated to Constantinople, the Prinkipo Islands, Serbia and Dalmatia, and
that this army should be supplied with all necessities.
In our opinion the Japanese Government has the means to furnish the
The expenses of transportation will be
ships necessary for this purpose.
paid by this Government.
The French Government desires that the Japanese authorities receive well
who is coming to Siberia, and who is a former aide-de-camp of
Tirbach,
Admiral Kolchak and is our trusted delegate. He may be very useful to us
by his information.
4. In case the Japanese Government received favorably this proposal,
the French Government is ready to support the project that the Japanese
Government should receive in Siberia freedom of action, and that the former
Wrangel army under the leadership of Semenoff and other Russian officers
should liberate the territory occupied by the Bolshe%iki.
After this liberation is accomplished, the Japanese Government may
manage affairs in .such manner that the liberated territory while being under
a Japanese protectorate, but with Ru.ssian Government, would fall absoThe French Government is ready to
lutely under Japanese influence.
make the necessary representation to the British Government in this matter.
so that this question would not find it unaware.
5. The French Government wishes in case this project is carried out as
a whole that in ^he (luestion of concessions, ne.xt to the Japanese interests,
would be observed first in order the interests of the French, and hopes that
this will be positively supported by the Japanese.
Ho.
Resolution of a Secret Conference
4.
Which Took Place in Tokio.
Jan. 18 1921.
considers the French plan worthy
of deep consideration and considers itself under obligations to the French
Government for the aid promised it in the Siberian problem.
In our opinion, clauses that are desirable (to the PYench) are acceptable.
The Japanese Imperial Government, however, wishes to place itself in such
a position as \voul<l secure it on all sides. The Japanese Imperial Government will organize a delegation for the studying of the propositions and
for the preparation of a decision.
The Government has already issued an
order that all those concerned should be fully informed of the situation.
We already ha^'e connection with Tirbach and our representative will aid
them in everything. The general project will be prepared by us.
However, the Japanese Imperial Government is compelled to state the
The Imperial Japanese Government
following:
The Japanese Government is unable to make greater sacrifices for the
sake of Silwria than it has up to the present. When Tircbah's organization
Is successfully created, we are ready to accept a protectorate over the Far
Eastern Republic, especially in view of the fact that the Japanese Imperial
Government cannot tolerate that the Chita Government of the Far Eastern
Republic, which is permeated with Bolshevist ideas, should have a firm
ground for further development.
Upon accepting the plan of the French Government as a whole the
Japanese Imperial Government relies on the favorable support of the
French (iovernment in the entire Siberian problem.
Ho.
6.
— IThe treaty, text of which was quoted above.)
No.
6.
From
the Foreign Office in Paris.
Transmitted by telegraph to Tokio on the 2d of September,
delivered to
tl'c
11)21, to
be
Minister of Foreign Affiars.
K.Trcllciiiy
RcrerrInK t<> your last orientation we have the honor to submit the following rtiply The aims of the Washington conference are not quite clear to the
French Government. We are therefore unable to expre-ss our frank oiiinion
with regard to the conference.
We take into consideration the interests of
Japan to the same extent as we have done it before, especially when our
Governnienl Ls <;onvinccd that with regard to all the (iiicstions which will be
discussed in Washington the French Govermnent will have to rely on Japan
only.
;
Our agreement with Japan on the Siberian question
forces us to be very
can-ful, for our decisions ;iro in conflict with the policy of America, which
is now playing an important part in the East.
America's intention to
secure for-ilself n place in .Soviet Russia has been frustrated by our policy.
The Americans are therefore pushing the Eastern question so as to gain
supremacy In the East.
must resist such efforts by all means, and the
French (iovernment hopis to have the help of the Japanese Government
In that.
Wo
The Japanese plan
to create a free republic in the East under the proof Japan is comprehensible to lus, and the French Government
will give its sui)port to that plan by all moans, especially
as we believe that
the Japam-se (iovernment will take into consideration our interests
in the
[Vol. 114.
influenced by this crisis. The chaos will be extended to Siberia, andlin
this respect we need the help of .lapan.
Because of these considerations we consider the evacuation as premature.
Japan must also participate in the restoration of Russia. We are ready for
Well-disciplined and equipped armies are
the downfall and restoration.
now stationed in Hungary and Jugo-Slavia who are ready to invade the
country at any moment to restore order and to give their assistance to the
When that has been done our aims shall be acold monarchist regime.
complisiied: Russia will be free, and our common interests easQy realized.
The French Go\'ornment hopes that at this moment when the fate of
new Russia is being decided, Japan will not put any obstacles and the
French Government will readily defend the interests of Japan in every
respect.
MINISTRY OF FOREIGN AFFAIRS.
(Signed)
From the Japanese Ministry of Foreign Affairs, Tokio, Sept.
Handed to the Fi-ench representative for further transmission.
No.
7.
7 1921.
Your Excellency
The Japanese Imperial Government considers itself under great obligations to the French Government and it is no less interested in regulating
the important problem wiiich has been put forward by the French Government.
The Japanese Government notes with gratification its solidarity with
the point of view expressed by you and which may be put forth at the
Washington conference. Nevertheless, the Imperial Government is compelled to declare that under no circumstances will it renounce the principle
It (the Japanese
wiiich is being carried out in the Siberian problem.
Government) is very pleased that the French Government intends to defend
our point of view by all means.
It would be very desirable that this question should be finally settled prior
to the conference.
Our policy in the new repubhc will be a real policy
which will not tolerate any foreign interference. It is too early to speak
of evacuation, as everything depends on what will take place within the
There are indications that the end is
nearest future in Soviet Russia.
near, and if this should become evident the Imperial Government is ready
to come to the aid of restoration, especially that in such event, in connection
with the new situation, we will have to change our policy.
Your representative will be informed regarding the Dairen conference.
For the purpose of establishing mutual interests the Imperial Government
is drilling
to send a delegation.
The French Government may always figure on the support of the Imperial Government in all questions in which there are mutual interests.
(Signed)
No.
MINISTRY OF FOREIGN AFFAIRS.
Radio Message Sent by General Tachibana, Commander in Chief of the
Japanese ExpeditUmary Forces in Siberia, to the War Ministry in
Tokio, on Oct. 2 1921
8.
Vladivostok, Oct. 2.
received the following orientation from the French Consul:
"The transport Archduke Franz Ferdinand arrived in Vladivostok with
865 men who were previously interned in Mesopotamia and who are mostly
officers.
The officers and soldiers came to Mesopotamia from the Deniken Army through Persia and India and were placed there in a concentraThrough Iniziatic (sic), which is
tion camp by the British authorities.
under French T\i\a, they were sent to Vladivostok with a definite purpose.
Within a short time five more ships will bring part of Wrangel's army from
I
Crimea."
In reply to my question, what will happen to these people? the Counsel
gave the following reply:
"The French Government wishes to carry out its plan in agreement with
the Japanese Goverimient, and the Japanese Government has already been
informed regarding this plan."
I request that reinforcements be sent to me 'n accordance with the above.
If this question affects our Siberian policy, i ask for a complete orientation.
TACHIBANA.
In giving out the docimisnts the Far Eastern delegation made the following statement:
"The spjcial delegation of the Par Eastern Republic, in making public the
attached documents, copies of which are in their posseesion, have no intention of causing any ill feeling between the different nations.
The events of the last four years in the Russian Far East, ths streams of
blood and tears shed by the Russian population, the horribl? atrocities resulting from the Japanese intervention, compel the representatives of the
Russian people in the Far East to be. on guard for any information which
might shed light on the plans of their enemies as well as their friends.
"The happenings in the Russian Far East in the recent paSt as well as in
the present bear out in many details the statsments contained in these documents.
"The recent arrival of a part of the remnants of the Wrangel and Denikln
troops in Vladivostok, the f?,ct that thesv troops are at the present time together with the Semenof troops and Kappel bandits, armed and organized by
the Japanese for attack on th3 population and the troops of the Far Eastern
Republie^all this confirms the information contained in these documents.
"Wj, the representatives of the people of the Russian Far East, ask the
representatives of the Goverimients concerned wh< ther this is true.
The
s'iff,Tiiig people of the Russian Far East must know the entire truth regardless of
how
bitter
it
is."
ALLEGED TREATY BETWEEN JAPAN AND RUSSIA
ANENT
SIBERIA.
On Jan. 3 the delegation to the Washington Conference
from the Far Eastern Republic, made public copies of an
alleged treaty between the Japanese military command in
Siberia and Russian officers connected with Ataman Semen-
the anti-Bolshevik leader, for the agreement on the part
to support with arms and money an offensive
against the army.
This alleged treaty as given out by the
Far Eastern delegation follows:
off,
Japan
teH-'forshlp
of
Chinese Eastern Railway, Manchuria and our Interests in concessions.
AVe
consider ni<ccssary, therefore, to be well informed of all the details
of the
Dairen eonf(>rence. so as to come to A\'ashingtoii sufficiently
prepared.
It
would he advisable to send such a delegation which would be
capable of
working out all the details.
With HKard to this we would advise you to consult oiu- representative.
Japans plan to evacuate Siberia our Government regards as
premature
and dangerous, and urges it to take into consideration that the
communistic
regime
Russia is reaching Its end. A complete collapse can be
expected
at any time.
There is no need of sending our troops against the Bolsheviki
or of taking
any other steps. The chaos, the general situation, our attitude
of expectation and the terrible famine hare mined Russia.
The East wUl also be
June 8 1921 the Fortress of Vladivostok.
We. the undersigne(J: on one side, acting Commander in Chief of all the
armed forces and the campaign Ataman of all the Cossacks troops of the
Russian eastern borderland, commander of the Grodekovo group of forces,
Lieut. Gen. Saveliev and Chief of Staff of the Grodekovo group of forces.
Major-General of the General Staff Sobolov. and on tho other side, the
representatives of the diplomatic mission with the staff of the Eleventh
Division of the Japanese Imperial forces. Captain Arimoto and Lieutenant
Higuchi, on the strength of authority given to us by the Commander in Chief
of all the armed forces and of the campaign Ataman of all the Cossacks
forces of the Russian eastern borderland, and the Chief of Staff of the
m
TREATY.
,
.
.
THE CHRONICLE
Jan. 7 1922.]
29
Japanese oxpoclltionary forces In Siberia concluded this treaty regarding
In the meantime the Japanese are not interfering la Siberian political
the followiiiK:
affairs."
forcos entrusted to mo are to make an offensive against tho peoarmy of thd Far ICastorn Republic. The offensive is
carried out In accordance with tli<i foliowliifj plan:
(u) Tlio first tirodelcovo miliUiry unit moves in tlie direction of tho Ijalco
Hanka Auiiiclio, whore it joins witli tho units of tho second nortlicni
(Khabarovsk) military unit.
Tho second northern ( Kahbarovsk) military unit starts out simul(?j)
taneously with tho first unit iu the direction of Anuchino-Iman, -where it
Joins tho units of tiio first xroup.
(c) Tlie individual units of the third Vladivostok group aro transferred by
sea to the bays St. Oiga Totiiikha and march in tho direction of Auchino,
where they join the units of the first and second groups.
(rf)
Small partisan detochments of tho Ussuri Cossackk are reorganized
and are used for clearing the rear of tljo army from the Reds as it advances.
(e) The date of the active offensive is appointed by agreement witli tho
Japanese command, not later than July 1 1921.
(/) In accordance with the degree of success of the offensive and as the
military units unite in the district of Anuchino-Iman the offensive movement against Khabarovsk is to be started.
(g) Partisan units of Major General Sichev, by order of the Chief of Staff
of the Commander in Cluef, must cross the Chinese frontier and enter the
district of Blagoveshchensk, coinciding with the time of the occupation of
Tho antl-Chita forces, which have lately taken Khabarovsk, started their
offensive from the vicinity of Vladivostok, moving out from territory
occupied by tho Jai)anese. Tho Admiral was askod If tho action, or rather
inaction, of tho Japanese trooi)s in permitting this movement was due to a
reluctance to intefore in Siberian politics.
Ho said that it was.
"Suppose," tho inipiirer continued, "the cami)algn had gone the other
way, suppose the (^liita troops had won, and had chased their enemies back
into the Japanese area, would tho Japanese have halted the pursuit on
account of ryluctance to interfere in Siberian politics 'i""
"That deals with an imaginary situation," said the Admiral, "as to
widcli I don't care to go into speculation."
In response to questions from a Japanese corresj>ondont. Admiral Kato
said Japan was withdrawing from tho Vladivostok district "as soon as wo
got guarantees that Bolshevist troops wll not menace Manchuria and
Korea. As to the guarantee of Japanese life and property In Siberia, it
depends on the feeling of the Japanese Government, which may or may not
decide that such a guarantee from tho Far Eastern Republic is necessray.
"These answers, however, apply only to the evacuation of tho Maritime
Province. The Sakhalin question is different."
Tho
1
ple's rovolutionary
In its issue of the 5th inst. the "Times" in a Washington
dispatch said:
Admiral Baron Ivato of tho Japanese delegation explained this aftemnon
Iman.
in a prepared statement that Japan had supported General Semenoff in
Siiieria in 1918, but tliat this aid had ceased after tho danger from a coalition
The
units of Lieutenant-General Baron tin gem- Sternberg are to be
utilized for disorganizing the rear of the Reds and acting In small partial
units in accordance with the previously arranged plan within the districts:
(ft)
of liolshevilci with tiorman and Austro-Iiungarian prisoners of war h.ad
passed away. What Admiral Kato called material support consisting, it
was said, of clothing, munitions and cash was gi\en to the Semenoff
troops under the Ministry of Count Tera.uchi, I)ut it was said that under
the present Caljinet, foi'med by the late I'remier Hara and continued since
liis death under i'remier Takahashi, no aid or support of any sort has been
given to Semenoff.
Text of Kato's Slatemenl.
Misovaya-Selenga-Petrovsky Zavad.
2. As the Russian forces advance and occupy Iman and Khabarovsk,
units of Japanese expeditionary forces without taking an active part In the
struggle with the Bolsheviki temporarily occupy tho regions freed from tho
Reds, giving aid to the expeditionary detachments in their struggle with the
—
,
Bolshevist partisan movement.
3. Upon the liberation of the Maritime district, the .Tapanese forces immediately evacuate from the places temporarily occupied by them to the
Cities of Nikolsk-Ussiuiisk and Vladivostok, and do not advance beyond
thirty versts line (as foreseen in the Russo-Japanese treaty of x\pri) 29 1920)
4. At the time of the begmning of the offensive of the Russian forces,
the Japanese command gives them material aid amoimting to five hundred
thousand (500,000) yen and gives for the disposal by the Russian command
the following ai-ms and munitions: Thirty-two hundred rifles of various
types, 3i50.000 cartridges to match the rifles, 24 machine guns of various
Admiral Kato's statement reads:
"I told you yesterday that a former .Japanese Cabinet had given support
to Semenoff iu Siberia.
I should like now to tell you something moi'e about
t'nat matter so tliat tiiere will be clear understanding of the case.
About
the time the Allied contingents were dispatched to Siberia in 1918 there
had developed an anomalous situation in Siberia, owing to the conjunction
effected by German and Austro-Hungarian prisoners of war with Bolshevist
forces, the former assuming practical command.
"In order to check the Bolshevist influence from permeating the Far
East, it was thought to ije as urgent as it was expedient to utilize Russian
forces under a Russian command.
General Semenoff was reported in those
days to intend waging war against Bolshevists, and Japan decided to give
hun material support in his attempt. In coming to that decision Japan
was by no means actuated by any aggressive designs, but was only following
the line of policy adopted by some of the Allied Powers, notably Great
Britain and Franco, to entrust to Russian forces the task of resisting the
Bolshevist menace.
"Subsequently, the Teutonic influence was swept away and the general
situation in Siberia was transformed.
The German menace ceased and
the factional feuds in Siberia began to attain a purely domestic character.
Semenoff, Koltchak and leaders of the social revolutionaxies were in tvu-n
types, 24 cases of cartridges to match them, six field and two moimtain
three-inch cannon, and 75 cases of shells for them.
The number of arms
and munitions may be increased in case of necessity.
5. The Japanese command temporarily undertakes to supply the Russian forces with all necesisary food and fodder and adopts measures to transport equipment and clothing frona Tsinso and the railroad zone of the Chinese Eastern Railroad to Grodekovo.
6. After the occupation of Khaberovsk, the Japanese command enters
a plea with the Japanese Imperial Government that th3 arrest be removed
from the moneys deposited by Lieut. -Gen. Ataman Semenoff in the Yokahama Specie Bank and that these moneys be transferred to the Russian
command.
7. The Japanese command aids in transporting Russian troops by sea to
the northern coast and arms Russian ships which are guarding the coast, as
at loggerheads.
"In such circimistances the Japanese Government decided to discontinue
its support of Semenoff entirely and to observe strict neutrality in the
Siberian situation.
Japan has since given no assistance whatever to General
Semenoff, either when he was driven away from Trans-Baikal in the Summer
of 1921, or at any other time.
"However, it must be made clear that in the circumstances existing,
which I have outlined, the giving of aid to Semenoff seemed at that time a
wise act, and was entirely consonant with the Allied purpose, though subsequent developments transformed the situation."
fully as pos.sible.
The Japanese command
8.
own
at the time of the occupation of Iman, at its
wUl land troops for the protection of the Japanese fishing
the bays of St. Vladimir, Tetiukha, Ternoyo and the Impera-
discretion,
schooners in
toosky port.
Until permanent order is established in the Far East, the Japanese
takes upon itself the guarding of the port and of the fortress of
Vladivostok and maintains a control of the lines of the Ussuri and the
9.
command
Chinese Eastern Ruilroad.
10. After the occupation of Khaborocsk and the clearing of the country
from the Communist Government of the Far Eastern Republic, the Commander-in-(^hief of all the armed forces and the Campaign Ataman of all
the Cossack forces of the Russia Eastern borderland, Lieut. Gen. Ataman
Semenoff, temporarily, until the convocation of the territorial people's
assembly, assumes the full power of civil authority on the territory of the
Admiral Kato, when he made tills statement, had not seen the latest
documents given out by the Chita representatives. In commenting on the
publication of other documents dealing with the affair last June, ho said
that the Government had taken no such action and that no military officers
had authority to make .such agreements.
The same paper also stated:
The delegation from the Par Eastern Republic to-day gave out another
series of five documents, tending to show that the Japanese military authorities in Vladivostok had given support to the various Russian groups concerned in the attack on the Far Eastern Republic last June and had attempted to organize the Semenoff, Kappel and Merlailoff groups into a
This plan failed, according to
single Government headed by Semenoff.
the Far Eastern delegates' statement, because it was impossible to bring
aJbout a complete agreement between the Kappel and Semenoff armies, and
because the Merkuloff party in Vladivostok refused to turn over its power
Far East.
11.
Kamchatka, Amur
After the clearing of the Maritime, Saghalien,
and Zabaikal provinces, and the overthrow of the
nile of the
Far Eastern
Republic, elections take place immediately for the territorial People's
Assembly for the purpo.se of establishing a democratic rule in tho Far East.
12. When a stable governmental authority is established in the Far East,
Japanese subjects shall receive preferential rights for obtaining hunting,
fishing and forestry concessions in the Maritime, Saghalien and Kamchatl<a
provinces, and for the development of the mining resources and gold mines
In the Maritime and Amur provinces.
13. Paragraph 12 of this treaty, in case of necessity, may be reconsidered
and .supplemented.
14. The above treaty goes into effect from the day of its signing by both
sides.
to Semenoff.
Chita Documents Given Out.
to-day, of which, according to tho Chita
delegates, either the originals or photostatic copies arc in the archives of
tho P'onngn Minister at Chita, represent a Japanese Colonel Goml, commanding gendarmerie in Vladivostok, as the principal agent in making
agreeuKmts with Semenoff and tho other Russians. The statement attributed to Semenoff in Document 3, speaking of tho organization of a "white"
government to act against the Commimists and Japanese a statement
appended to a protocol of alleged agreements between Semenoff and the
.Japanese is descrilied Iiy the f ;iiita delegates to a desire to mislead Siberians
as to the real character of Somonoff's support.
Tho last of these documents. No. 5, purports to be a message from the
Japanese Minister of War to tho Chi<^f of the General Staff of tho expeditionary forces in Vladivostok, on Sept. 20 last, instructing him to use
forc(! if tho Far KastiTn Repul)lic should try to stiizo Vladivostok.
Tho Ru.ssian Government nKintioned in the last sentence Is apr)ar(5ntly
tho Merkuloff tiovcirnmcint in Vladivostok, alluded to above as tho Provi.sioiial (iovernm(!nt.
A British spokiisman said to-day that tho British had never raised any
question as to Japanese occupation of Siberian territory, and th.it under
tho terms of tho AngIo-Japan<ise treaty, th<! I'.ritsili Govermnent :icc(^ptcd
the word of .Japan as to its ^^asons for retaining its font's In HilxM-ia.
The dociunents given out
—
[Seal of the Staff of tho Grodekovo Military Unit]
Acting Commander
In-Chlef of all tho armed forces and Acting Campaign Ataman of all tho
Cos.sack Forces of the Russian eastern borderland, Commander of tho
Grodekovo Military Unit.
(Signed)
LIEUT. GEN. S.WELIEV.
Chief of Staff of the Grodekovo Military Unit, Major General of the
—
—
General Staff.
(Signed)
In quoting Admiral
Baron Kato, head
dol(!gation, following the issuance of the
York "Times"
SOBOLEV.
of the .Japanese
above, the
Now
of .Jan. 4 .saidj
The .Japanese Government was not supporting any Ru.sRian faction, he
added, remarking that ho did not know wliere the Ru.ssian (iencr.als in
Eastern Siberia got tho money to maintain consid<!rabln armies, and that
there had ijeon some mystification in Japan over this v('ry point.
In this connection it may be apposite to fpioto from a news article In
The Now York "Times" of Dec. 18, in which it was said, on tho authorhy
of a highly placed .lapanosf; official (not Admiral Kato) that:
"Certainly two or three years ago. It Is admitted. Japan did stii)pr)rt
Semi^noff.
She did .so bec^-iuse she regarded her ttTritory as tlireatetn^d by
Bolshevism, and thought, that H(^m<^noff cf)uid i)erhaps establisli a (lovernment which would hold off the Re<l advance. But lime showed the world
a good deal about Semenoff. Now tho .fapane.so say ho is so v/r.U known
that no Government, no matter how evil Its intcnitions in Sit)eria, cf)Uid
be foolish cnoiight to support him."
"Japan has decided to withdraw from Siberia," said Admiral Kato,
'after w hich all of those matters will bo details of Siberian domestic politics.
—
PETROLEUM MATTERS— R/WUCTIOM IN PRICE OF
PENNSYLVANIA CRUDE.
Pa., on Jan.
from
$4 to %'.i .'>().
reduced
from
reduced
%2 40 a
At the same time (k)rning crude was
Somerset
barrel to $2 1.5; C;aboll onido from -12 61 U) $2 36;
The
.Joseph Seep
Agency
of Pitlshiirgh,
tlie price of I'eniisylvania cnid(> oil
I
'.i
THE CHKONICLE
30
from $2 65 to %2 40; Somerset $2 40 to $2 15, and
Ragland from $1 25 to SI 15.
While from a long range of view the situation is thought
by many to promise well for higher prices for oil products,
standard
it is generally conceded that the present drop of a
recent
to
chiefly
is
due
crude
article like Peimsylvania
Mexico
from
chiefly
oil
of
crude
imports
exceedingly heavy
and to the extraordinary development in the new Mexia
One authority has ventured the
field in central Texas.
suggestion that this change in price was in the nature of a
readjustment to bring Pennsylvania crude into alignment
with Midcontincnt prices, but that seems going unnecessarily far for an explanation.
The daily average gross crude oil production in the United
States for the week ended Dec. 31 1921 is estimated by the
American Petroleum Institute at 1,407,750 barrels (the
weekly record to date), contrastiYig with 1,380,4.50 barrels
for the week ended Dec. 24 1921 and 1,209,335 barrels for
The latest return, it should
the week ended Jan. 1 1921.
be noted, shows 215,800 barrels from central Texas as against
light
134,215 for the first week of the late year. Similarly, the
country's total production of crude oil in November, as
reported by the U. S. Geological Survey, averaged 1,259,333
barrels daily (including 285,767 from Texas), compared with
1,149,065 in October, of which 244,387 came from Texas.
The imports of crude oil for the eleven months ended
Nov. 30 1921 aggregated 111,500,000 barrels, as against
93,300,000 for the same period of 1920 and only 48,500,000
barrels in 1919.
An
exchange journal states the case in a nutshell as follows:
Latest statistics show this country is producing oil at rate of 1 ,380,000
Mexico is producing 600,000 barrels a
barrels a day, a record amount.
day, also a record. This is a total of almost 2,000,000 barrels oil a day,
and it is too much under present conditions. Consumption of crude is
1,550.000 barrels daily.
The course of the market appears for the time being to
depend largely on the question of the permanence of the
Mexican output, respecting which so much has been written
(see "Chronicle" of Dec. 24, p. 2681; Oct. 29, p. 1841).
That this is beheved to be the fact by those most closely
interested is indicated by the agreement reported this week
as reached by the Mexican Seaboard, Mexican Petroleum
and Mexican Gulf companies, limiting drilling in the Toteco
pool and also the output therefrom to a reported 400,000
barrels daily.
The new
prices of crude oil contrast as follows:
Table Showing the Price of the Principal Grades of Crude Oil.
Present Jan. 1
Low Jan. 1 Jan. 1 Jan. 1 Jan. 1 Jan. 1
Price.
1922.
1921.
1921.
1920.
1919.
1918.
1917.
Pennsylvania... $3 60 $4 00 $2 25 $6 10 $5 00 $4 00 $3 75 $2 95
Corning
•.2 15
2 40
120
4 25
3 50
2 85
2 80
2 30
Cabell...
2 36
2 61
111
4 46
3 42
2 77
2 70
2 10
Somerset, light. 2 40
2 65
1 00
4 50
3 25
2 60
2 55
2 05
Ragland
115
125
60
2 60
175
2 32
120
95
North Lima
2 48
2 48
158
3 73
2 98
2 38
2 08
163
Illinois
.2 27 2 27 127 3 77 3 02 2 42 2 12 167
Mid-Continent . 2 00
2 00
1 00
3 50
2 75
2 25
2 00
1 69
Healdton
130
130
50
2 75
2 00
45
120
80
Gulf Coast
1 25
1 25
80
2 50
1 50
1 80
1 00
98
Canada
2 88
2 88
2 63
4 13
3 38
2 78
2 58
2 08
A
reduction of 2 cents per gallon in the retail price of
was announced yesterday in Louisiana and Arkansas
by the Standard Oil Co. of Louisiana.
The Standard Oil Co. of New .Tersey is now quoting bunker oil at $1 40
gasoline
New York, as against $1 60 a week ago, while offerings
30 have been reported.
The Texas Co. also reduced its prices yesterday in Arkansas and Louisiana
two cents for gasoline and one cent for kerosene, &c.
per barrel,
as low as
In a statement
made with
the advent of the new year,
& Co., refers to the seeming
slackness to protect "private property, and in some respects
even personal liberty, both of which are essential to our
continued progress, prosperity
and happiness." Incidentally he notes that "the owners of the railways, have
not, as yet, had a 'square deal,' and it is well for every
James Spoyer,
of
Jamos Speyer
American
citizen to realize that this persistent hostility to
railroad property is only another phase of the attacks
on
i^roperty
and
if
rights,
is
not checked,
contrary to our traditional
cause serious disturbance
may
to business enterprises generally."
of
—
—
business enterprises generally.
Profiteering, viz.: for individuals to make exorbitant profits or get undue
advantages at the expense of their country during the war, has been justly
condemned, but what shall we say of these who, now that the war is over,
trj' to get personal profit or undue advantages for certain classes at the
expenses of others of our own common country? Although there is no
danger that such efforts will prevail in the long run, they may disturb
business and economic conditions, frighten capital and make labor dissatisfied and distrustful, thereby causing unnecessary hardship and suffering.
However, American conunon sense and sense of fair play will surely prevail
in the end.
In our dealings with foreign nations, and this applies also to the debt
they owe us, it is well to remember what President Harding said a little
while ago: "America first," but "America first" does not mean "America
selfish."
Whether there will be an international economic conference or
not, we as the great creditor nation of the world, will soon have an opportunity to put this maxim to the test.
In the meantime we may feel certain
that the great majority of Americans know that, while it is natural that
each individual or class should think of his or its own individual interests
first and try to further them, no one, whether he belongs to capital or labor
will benefit in the long run by too selfish and narrow a policy toward his
fellow-men.
JAMES SPEYER.
,
f.a.s.
HOSTILITY TO RAILROADS.
policy,
the fact that what the business world has been suffering from is not so
much due to the destruction of the war as to the consequences of the peace.
As Maynard Keynes and other calm and courageous observers stated
two or three years ago, the Versailles Treaty ignored existing economic
Cutting up Central
relations between the different sections of Europe.
Europe into a number of small and independent States (not to mention
the divisions in Russia and the dismemberment of Turkey) and entrusting
them with self-government to which they were neither trained nor
accustomed have brought a great deal of unnecessary suffering to millions of people, and unnecessarily disturbed economic and financial conditions.
If we bear in mind that. In addition to this, there have been
imposed on the vanquished nations such huge reparations or indemnities,
that there is little chance of their ever being paid in full, one realizes the
cause of the continued unsettlement which is evidenced by depreciated
ciurencies.
How seriously the decreased purchasing power of foreign
countries, expressed in the low price of their currencies, has affected our
own export trade, is somewhat indicated by the fact that for the eleven
months ending November, 1921, our exports aggregated $4,191,000,000.
against $7,508,000,000 during the corresponding 1920 months.
It is also to be borne in mind that those countries that pay wages of
workmen in depreciated currencies, can manufacture much cheaper than
we can; therefore, they are in a position to undersell us, if not at home,
then certainly in outside markets, and no tariff wall that we may choose
to erect around our own country will protect us from that competition.
In Great Britain, where the results of depreciated currencies are felt more
acutely than here, the Government has for some time bene trying to find
remedies, and using its influence, to change the conditions which bring
about this undesirable state of affairs. With our cooperation some progress
may reasonably be looked for in this direction.
As regards the United States, we s'lould remember that our total exports
are but 8% to 10% of our total production, so that we might have a fairly
good business in spite of the cu-tailment of e'tports. But, while tliis unsatisfactory international situation continues, it becomes specially important that we do everything to encourage capital at home so that employment
may be obtainable for those who wish to work. In this connection, one
should not overlook the fact that, as a consequence of the war, it would
seem that we have grown a little "slack" in protecting private property
and, in some respects, even personal lil^erty, both of which are essential
The rights of private
to our continued progress, prosperity and happiness.
property have been disregarded in more than one instance. Even now.
while the Transportation Act of 1920 has not as yet had a fair trial, attempts
are being made to repeal certain sections of the Act, which would be most
detrimental to the owners of the properties and make it difficult for the
country to obtain the in^estment of capital in raUroad improvements and
extensions so urgently needed by our people. The enactment of the
.?500,000,900 Railroad Funding Bill has already been too long delayed, to
the detriment of the country as well as the owners.
As was to be expected, prices of railroad bonds have advanced considerably during the last six months; this is largely due to easier money markets,
and has taken place in spite of the fact that one of the important clauses
of tlie Esch-Cummins Law, providing for 5)4% return on invested capital
in railroads, has not been made operative.
Notwitlistanding this, some
railroad rates have already bsen reduced, while the employees resist at the
same time a corresponding lowering of wages. The owners of the railways
have not, as yet. had a "square deal," and it is well for every American
citizen to realize that this persistent hostility to railroad property is only
another phase of the attacks on private property rights, is contrary to our
traditional policy and, if not checked, may cause serious disturbance to
.SI
JAMES SPEYER URGES CHECKING OF PERSISTENT
private
[Vol. 114.
Mr. Speyer's statement, which appears
Commerce" of Jan. 3, follows.
in the "Journal
As the year 1921 draws to a close, every American has
more reason than
ever to feci proud of his country when one considers
the wise leadership
taken by our Oovernment in caUlng the Disarmament
Conference, and the
results It promises to accomplish.
K It Is also encouraging to see that during 1921. and especiaUy during
the
latter haJf, considerable progress
has been made towards recognition of
TRANSPORTATION ACT HEARINGS CLOSE WITH
STRONG STATEMENTS BY MEMBERS OF
INTER-STATE COMMERCE COMMISSION.
The hearings on the Capper Bill, which would expunge
the rate-making provisions of the Transportation Act of
1920, were brought to a close before the Inter-State Commerce Committee of the United States Senate on Jan. 5.
The final witnesses who spoke warmly in defense of the
Act as it now stands were: Former Representative John J.
Esch of Wisconsin, one of the framers of the law and at
present a member of the Commission; J. B. Campbell of
Spokane, W^ash., member of the Commission, but who
appeared as a private citizen, and Hem-y C. Hall, former
member of the Commission, whose nomination for reappointment is pending in the Senate.
The Washington bureau of the New York "Commercial"
quotes these witnesses, and incidentally the members of
the Senate
as follows:
Committee
Rate Provisions Essential.
in their
comments on the testimony,
—Commissioner
Esch declared there was as
much need to-day for the rate-making provisions of the law as there was
when the law was passed. He stressed the point that these provisions
were written into the law at a time when
it was widely recognized that stabilization of railroad credit was most essential if the transportation system
was to be rehabilitated. Senator Cummins declared that If those provisions
i
.lAiV.
THE CHRONICLE
7 1922.]
had not been passed half tho railroads of the country would now be in the
hands of tho rocoiviirs.
"It would bo tho Ki'a-vest mistake to tamper in any way with this Act
"Tho
until It has had a fair trial," asserted Oomniissionor C^ampboU.
Transportation Act of 1920 is the most progrosslvo plcco of legislation
ever enacted."
Gross exaggerations of what had actually happened under the enforcement of tho Transportation Act was charRod by Mr. Hall. The complaints
against tho rato-nialting provisions and the provisions relating to revision
of intra-State rates hold to be discriminatory against inter-State commerce
are based on flimsy things, he asserted.
Railroad rates and faros would have had to have been substantially increased at the end of Federal control, even had there been no Transportation
Act, Mr. Hall said, in reply to repeated assertions of opponents of the law
that tho high freight and passenger rates resulted from enactment of the
so-called "guaranty clause," directing the Commission to prescribe rates
that would yield as nearly as may be 5 M or 6% not railway operating income on the valuation of $18,900,000,000.
The great amount of detailed work done by
Valuation by Commission.
the Commission in handling the increased rate case of 1920, and in arriving
He met
at the valuation of $18,900,000,000, was outlined by Mr. Hall.
the charges that the Commission had guessed the valuation at $18,900,000,000 and had made it practically the same amount as the property investment account of the railroads by saying that the work of gathering the data
on which the valuation was based would have required the time of one man
Every possible bit of information tending to establish value
for four years.
of railroad property was used by the Commission in fixing the valuation, he
The work done by the Bureau of Valuation since 1913 was utilized
said.
to the fullest extent, he said.
"I have seen suggestions that the Commission substantially accepted the
property investment account of the carriers," said Mr. Hall. "That is
not the fact."
Senator Pomerene declared recent statements about the valuation of the
Commission being excessive were made to mislead the public, and Mr. Hall,
pointing out that the valuation was a billion dollars less than the property
investment account of the carriers, declared such statements were not
dependable.
The Federal Commission in no way exceeded
State Rights Not Violated.
its powers, nor did it overthrow State Commission control of rates in administering the law with respect to intra-State rates, Mr. Hall declared.
The same results could have been obtained under decisions by the United
Every
States Supreme Court in the so-called Shreveport cases, he said.
order made was backed up by substantial proof of discrimination against
—
—
inter-State commerce.
Commissioner Campbell declared either the ShipRail and Water Rales.
ping Board or the Inter-State Commerce Commission should be given
complete control over rail and water rates in order that rail and water
—
transportation could be properly developed through co-ordination of those
With divided authority, such as exists to-day, he indicated,
no substantial progress could be made. He said he believed the country
would back up overwhelmingly the proposition of giving the Inter-State
Commerce Commission complete control over the waterways.
fac'Iities.
The committee, it is stated, will be called together by
the Chairman, Senator Cummins, to consider what action
should be taken on the Capper Bill. No action, it is said,
is likely to be taken in the near future, as the committee
is expected to wait for a while to see whether the Supreme
Court will not dispose of the Intra-State rate cases pending
before it, in which the question of the jurisdiction of the
issue.
State Commissions over intra-State rates is
See also the remarks of the Chairman of the Chicago Rock
Island & Pacific Ry. regarding the Transportation Act in the
m
Investment News Department on a subsequent page.
RAILROAD SITUATION REVIEWED BY T. DE WITT
CUYLER— REASSURING AS TO INTEREST PAYMENT BUT NOT YET AS TO NORMAL
DIVIDENDS.
Commenting on the raihoad situation in 1921 and the outlook for 1922 Thomas De Witt Cuyler, Chairman, Association
of Railway Executives, is quoted in the "Philadelphia News
Bureau"
of
Dec. 31, as follows:
—
Retrenchment.
Hardly had the backbone of traffic congestion been
broken, in October, 1920, before the general rate of business activity began
So rapid was this decline that in
to diminish and railroad traffic to decline.
.January and February of 1921 the rai Iroads could not even earn their operating expenses, and it became obvious that tho great task before management
in 1921 was to reduce the operating expenses of the railroads, and to restore
their earning power, at least sufficiently to keep them out of bankruptcy.
This effort ran along two lines first, to increase tho productivity of
employees, by getting rid of the national agreements and other burdensome
rules and working conditions, and tho second consisted in a rcdixcXum of
basic wages.
The relief which was actually secured came in just the reverse order.
A reduction In basic wages, amounting to approximately
12%. became effective on the 1st of .luly, but it was late in 1921 before thi;
railroads began to rocieve any relief from burdensome rules and working
conditions.
Earnings.
Between the reduction In wages, effective .July 1 1921 and a
very severe cutting of maintenance expenditunss, tho railroafls will |)robal)ly
make for 1921 a net operating income between $,'">.50, 000,000 and $000,000,000. This will me.an that interest on funded and unfunded debt can be met
but that normal dividends will not bo earned.
Further Material Reductions in Transporlalion Rates Depend on Wage Cuts.
With tho more or less rapid and unriqual fail In commodity prices, the
relation of freight rates to commodity values bocam(! of increasing iniijortance as tho year 1921 progressed, and led to widespread demands for reductions In rates.
In m<!Oting this situation, the railroads, of course, hafl no
wartime profits to fall back upon. Thtsy were at the same tlinn oi)erji.tlng
under costs, nine-tcntha of which had been set by CJovornmontal authority,
directly or indlrexrtly, and thoy had no ability to make rapid changes to mo<5t
changing economic conditions.
It has been and Is, however, tho earnest intention of tho railway executives to got railway transportation and railway rates as rapidly im possible
back Into a normal relation to the Industry and agriculture of tho country.
They can do this, however, only step by step.
Some misunderstanding In tho public mind may have been occasioned by
tho inability of the railroads to translate their wage reduction of July Ist Int
—
—
,
31
It must be remembered, however, that when the Incroaao
rate roductions.
in rates was made in 1920 it was expc^cted to give the railroads a fair chance
•it a
return, on tlie basis of a flow of traffic such as the railroads experl(uiced at the end of 1019 and for tho greater i)art of 1920.
With the enormous decline in busine.ss activity, the rat(« (atablisliod by tho Interstate
Conini(M-co (Commission did not produce the return contomr)lated, and many
railroads would not have been able to earn even their fixed charges during
1921 had it not b(!on for the wage reduction of July 1st.
Under these circumstances, it was, of course, impossible for the railroads
to make general rate reductions i)rodlcated upon tliis wage reduction.
As,
however, their situation improv(!d, during the second part of 1921, the
railway executives attempted to find a method whereby the desire of the
country for lower rates could be gradually met. Thoy feel that they have
found this method in the action adopted at their meeting of Oct. 14, when
they decided to reque.st another reduction in basic wages, and undertook
to turn over to the public in the shape of reduced rates the full benefit of this
This policy recognizes that the cause of high rates is high operatreduction.
ing expense, and that the chief item in excessive operating expense is
excessive labor cost.
Of tho threatened railroad strike in October, little need be said. The
reaction of public oi>inion to this threat was one of the most hopeful indications that this country is going to work its way back to normal conditions in
accordance with fundamental American principles.
0%
Importance uf Allowing the Railroads to Get on Their Feet Financially.
chief danger in the present situation is that the great body of our
people may overlook for the moment the importance to them of allowing the
railroads to get back on their feet financially.
Yet this in itself would make
a very substantial contribution toward resumption of normal business.
The railroads are the country's largest single industry: they consume'about
a third ctf the normal product of the coal and steel industries: and are large
The
consiuners in many other lines.
There is a substantial deferred maintenance carried over from the period
of Federal control, and probably as much deferred maintenance accrued
during the present year. In addition, by causes outside of the control of
railway management, the railroads have practically been in a condition of
arrested development now for some years past.
Without in the least denying the desirability and ultimate necess'ty of substantial reductions in
railroad rates, it is sincerely to be hoped that shippers will not demand, and
that the Interstate Commerce Commission will not require, from the railroads rate reductions so great as to make it impossible for the railroads to
restore their earning power during the coming year, and to assume their
normal place as the greatest single consumer of the products of other industries.
Replying with other railroad officials to a questionnaire
sent out by the "New York Evening Post" (see that journal's
special financial supplement of Dec. 31), Mr. Cuyler further says:
Wages A Transportation Rates. I believe that substantial reduction in
wages and in rates is necessary as a basis for the reestablishment of prosperity, and that it will accordingly be effected.
Wages should be reduced
in accordance with local conditions in the various territories served, and
—
rates should be reduced as much as they safely can without jeopardizing the
public service the railroads must render, not only at the moment, but be
prepared to render in the future.
—The Railroad Labor
Board should be continued, with
There should be greater coordination
with the Interstate Commerce Comm'ssion, and it would be highly desirable
It is obviously
if the powers of the board should be largely mediatory.
desirable that the managements and employees should not be islaced vis-avis the Railroad Labor Board in the relatioasliip of continuous litigants.
Laws should be so framed as to induce the parties to endeavor to agree
instead of placing a possible premium at all times on disagreements.
Curtailment of Maintenance, Etc.
Every railroad is bending its utmost
Labor Board, Etc.
some modification
in its constitution.
—
energies to reduce operating costs.
Unfortunately, the greatest reductions
so far made have been effected by reducing working forces, largely in the
maintenance departments. Prices of materials are coming down and railroads are seeking to realize economies in method and administration. So
large a percentage, however, of the expenditures of the companies is controlled in one way or another by eith jr the Railroad Labor Board or other
Governmental agencies, that the range within which a railroad manager has
liberty to reduce his costs is extremely narrow.
The drastic cut in maintenance expenses wliich railroads have been forced
to make especially during the past year has undoubtedly produced deterioration in the physical condition of some of the properties, but the roads as a
whole in my judgment are in better physical condition as compared to the
date on which the Government relinquished control.
Reports show that during the first ten months of 1921 expenditures on
maintenance of way and structures and equipment were $1,708,9.54,236, as
against $2,182,219,391 for the corresponding period of last year, a reduction for the period of $473,265,155, all of which must be made up at some
future time.
Financing in 1922. The amount of refunding necessary during the
coming year is easily ascertainable. Tho amount of now financing which
can bo done will be measured by the extent to which railroads may be able
to sell securities upon an interest basis which their expectations of traffk;
and expense will lead them to believe they can earn over a period of years.
Railroad development in the United States has come virtually to a standstill, and tho estimate that at least one billion dollars ($1,000,000,000) a year
ought to be spent on the development of tho American railroad plant is, I
—
should say, conservative.
TR.\NtirORTATION ACT CONFERPJNOE— SENATOR LA
FOLLHTTE CHARGES "SPECIAL INTERESTS" WITH
SECRET MEETING—DENIALS.
Senator La Follette, in tlie Senate on Doc. 22, and in a
Htaloinent siven out on Dec. 27, made the assertion that
at a secret meeting held in WasliinRton on Dec. 9 high offl<ials of the railroads and the coal, steel and Inniher IntorcstH had attempted to enlist sup{)ort from lending fanning
interests in opposition to the Western agitation for the reSection W-a of the TranHi)()r(ation Act of 1020 and
for the restoration of State control over Intra-State rates
should cease.
The Senator claimed to be reliably informed that an
agreementwas reached to re-wpltetheOapperblll 80 that only
])eal of
THE CHKONICLE
32
the clause directing tlie Commission to mal^e rates to produce as nearly as may be a return of 5% to 6% should be
repealed and the remainder of the rate-making section, directing the Commission to try to allow the railroads adequate revenues and to prescribe the percentage of return
after March 1, should be left intact, as well as the provisions under which the Commission has power to prevent
State discrimination against inter-State commerce.
Senator Capper, on the other hand, asserted that if any
attempts were made to re-write the bill Congress would
hear from the farmers of Kansas. In his statement Senator
La Follette gave a report of the conference, which he called
"a conspiracy to betray not only the farmers but the consuming and producing millions of the nation." This report
follows in part:
Tlie great special interests represented at this conference were successful
in obtaining the consent of certain of the farm representatives to such an
agreement.
Tliis conference was participated in by the special committee representing the Railway Executives, of which Sir. Atterbury, of the Pennsylvania
It was held at the Racquet Club in Washington on
RR., was chairman.
Dec. 9 1921.
There had been a previous conference in New York on Sept. 21, of which
Mr. J. R. Howard was made Chairman. Those present at the Racquet Club
meeting were Mr. W. W. Atterbury, of the Pennsylvania RR.
Howard
Elliott, of the Northern Pacific
W. J. Harahan, of the Chesapeake &
Ohio W. R. Storey, of the Atchison R. S. Binkerd, who is assistant to
the Chairman of the Association of Railway Executives, New York.
The iron and steel industries were represented by J. A. Campbell, of the
YouMgstown Sheet & Tube Co. of Youngstown, Ohio, and C. E. Bement,
of Lansing, Mich., representing the Novo Engine Co.
Railway .supply organizations were represented by A. B. Johnson, President of the Railway Business Association, of Philadelphia, Pa., and Frank
;
;
;
;
W. Noxon, .Secretary of the same association.
Lumber interests were represented by Charles Hill, of the Southern Pine
& .Sales Corporation, of New York A. B. Hammond, of the Hammond Lumber Co., of San Francisco, Calif.
J. H. Browne, of the Pacific Coast Lum;
;
ber Co. of New York City.
Construction companies were represented by R. C. Marshall, Munsey
Building, Washington, D. C, and E. T. Trigg, of Philadelphia, Pa.
The National Industrial Traffic League was represented by W. H. Chandler, Boston, Mass., and J. H. Beck, Chicago, IlL
The National Association of Manufacturers was represented by J. A.
Emery, of Washington, D. C.
The agricultural interests were reipresented by J. R. Howard, Gray Silver
H. C. McKenzie, of New York
Ralph Snyder, of Kansas, and 0. E.
Bradfute, of Chicago.
They were all of the American Farm Bureau Federation, the last three named being members of the legislative
committee.
The agricultural interests were also represented by V. I. Drummond,
President of the International Farm Congress, and T. C. Atkeson,
of the
Nation.ll Grange.
Mr. Atterbury stated that the railroads desired the help of
the interests
represented in .securing further wage reductions, and in opposing
the amendments pending in Congress proposing repeal of Section
1.5-a.
After a considerable discussion the agricultural
representatives, not being disposed to oppose the amendments absolutely,
adjournment was taken
tor lunch, with tlie understanding that
representatives of the carriers and
of the .agricultural interests would talk the
matter out.
After lunch Mr. Howard reported that the
agricultural representatives
were prepared to agree that Section 1.5-a should
not be amended, except
for the removal of the proviso in paragraph
3, relating to the percentage
of reUim for bvo years following March
1 1920, which expires by statutory
"i.uiui/
limitation in March next.
;
It
peal
;
was
left
with a committee composed of Mr. Emery,
Mr. Atkeson and
"'^ '""''" ''"' °"^ °^ ''^
^^P-^"^
"^
ofL;L"i5^'^
-
^
A denial that there was anything "secret or unholy"
about
the Washington conference was
made at Cleveland
n. ll.,vvard. President of the
tion, who said
.TaiiKvs
Early in the conference an attempt
was
appose the Capper bill, which repealed
by
Farm Bureau Federa-
made
to get an agreement to
guaranty clause oftl^Cutn"
'^-^^'^"lished the powers
the%tates in inter-SuTe
m lu''" i;" r'"^ "P^'^''e"t''tives objected of
to this, standing firm for
the ronnni
^^^-nteeA
the
1
Zu7
returns and
the integrity of Stale cor^mVs'
Matters pertaining to reduced
labor and other operating
costs were dis
cussed as well a. the Railway Labor
Board, but no attemnt tn
''"
agreement wx. made.
This conference grew out of
,
^°™^^ conference
held at New York, .Sept 21
• "
-
^rr:L-rr^-^:z^jL2£:^
oration
W
has always advocated
rz
VT^
!i
1!!
-r-^. --
^
iil^^J-ow^J^lit^iilTopSin^"""
^-
"^•^
Drtunmon.l, of Kan.sas City,
Chairman of the Board
of Governors of the International
Farm Congress, who a^
ended the conference on Dec. 0,
has also declared, accordg t.. a press despatch date<l at Washington,
Jan. 4, that
the .so.ssion was not a secret
one, and (hat the
agricu tura
opresentaHves -held out uncon.promisingiy
for ,plTli
".' guaranty clause in
the Transportation Act.
Mr Drum
umnd .s also quotcnl as saying that
the Railway Executives
agreed not to oppose the repeal
of the so-calied
^ZTntv
Haiise^but Ju.t What this
means does not
I.
apperrarall
p.
1730.1
'
^-
^^'^' ^°^- 29.
p.
2154; Oct 22,
[Vol. 114.
WILLIAM CARNEGIE EWEN DEPRECATES SACRIFICE OF NEW YORK CITY TRACTION BONDS.
The recent declaration by Mayor Hylan that the present
surface lines and elevated roads should be scrapped and
replaced by buses and additional subways, has caused a.
wave of selling among small holders of underlying traction
bonds of the City of New York, and many of them, according to William Carnegie Ewen, specialist in these bonds,
have literally thrown their securities over'board for what
they would bring.
"Leaving out of consideration
all politics, all
thought of
what may be done with these roads in the future, the fact
must not be overlooked that these investors in all parts
of the country put up their good dollars for traction bonda
when New York City was striving with might and main to
—
—
get sufficient transportation facilities to handle her popu-
Ewen. "Their money built what wa&
then an up-to-date system. In my opinion, it is fundamentally wrong to frighten the people who own these securities
with talk of 'scrapping the surface and elevated lines,' without, at the same time, telling the simple truth, and that is
that these bonds, in the main, are first mortgages on real
estate, rights-of-way and rolling stock, worth intrinsically
more than the face value of the mortgage, and that they
must be given consideration in any reorganization which
takes place in the future." Mr. Ewen then proceeds as follation," declared Mr.
lows
:
These old bonds, practically all of them issued twenty to twenty-five
years ago, and held, in the main, by people far past middle age, are being?
hawked about Wall Street now at twenty to forty cents on the dollar for
those in default, and at fifty cents on the dollar for those on which interest
is being paid.
There are between 70 and 75 of these issues, including those
They are mostly "next to
of the street railway, subway and surface lines.
the rail" issues
that is, first lien or underlying mortgages and their
proceeds enabled the city to have what was considered then, a first-class
system.
It is a crying shame that many people who are, in a measure^
ignorant of financial affairs, should be led astray by thoughtless statements that the lines will be scrapped.
As a matter of fact it is a physical impossibility for the city to put
sufficient buses on the streets of New York to handle the traffic.
Experts
have clearly demonstrated that. It has been repeatedly said, and accepted!
as a fact in some quartei's, that the street railway lines cannot compete
with the subways. Let me give an illustration which proves that the contrary is true.
It is true not only of one line, but of many in the city.
The illu.stration is the Lexington Avenue route of the New York Railway
System.
Receiver Hedges, by authority of Judge Mayer, in the United!
States District Court, operates cars on this line over a route that extends
from South Ferry up Broadway to Twenty-third Street, across Lexington
Avenue and north to Harlem River. In July 1918 the Interborough opened
its Lexington Avenue extensioT from Forty-second Street north.
What has been tlie fate of the Lexington Avenue surface line in the face
of this subway competition ?
Is it now so useless, with so few passengers
taking advantage of its facilities day by day that it should be scrapped?
The financial reports of the line show that in the t^velve months ended
June 30 1918 it carried over 25,419,493 revenue-paying passengers. In the
twelve months ended June 30 1921 it carried 31,775,391 revenue passengers.
Under active competition it has gained over 6,000,000 revenue passengers in those three j'ears.
Buses could hardly have handled the increase,,
leaving out of consideration the total traffic.
The situation in the central part of Brooklyn forms another example of
what an era of chaos the people of that borough would face if the elevated*
and surface lines were scrapped.
Do not forget, in passing, that experts
say it would require at least five years, should construction be started today, to build sufficient subways to take the place of our elevated and surface lines.
When the Brooklyn Rapid Transit Company made its contract
with New York City, tliere were thrown in the old elevated lines for it to
operate in conjunction with the new city subway lines allotted to the B.
R. T. interests.
A large part of these elevated lines form integral parts of
several important r.apid transit routes operated with no direct subway competition from Manhattan.
It is unthinkable that these lines are to bescrapped, serving as they do, hundreds of thousands of people every .day in
the year, and giving them in return a "jitney" which
may or may not
—
—
run.
The aniumnced intention of the Transit Commission to proceed with a
fair valuation of these properties should
act as a deterrent to any holder of
the "next to the rail" bonds of these companies, who has
in mind sacrificing them for what they will bring.
The Transit Commission (now engaged in digging into the ancestry of the underlying
properties and the
manner in which they have been handled) or any other fair-minded body
which examines the properties, in my opinion, cannot
fail to recognize the
validity of these bonds, tlie circumstances
under which they were sold, the
class of investors who now hold them
and the fact that they were purchased in good faith as an investment, but
to aid the city in getting adequate transportation facilities.
The New York Railway System, in tlie last year,
handled over 177,000,000 revenue-paying passengers and issued about 4,000,000 transfers.
Just
how that number of men, women and cliildren could
be crowded into motor
buses in a year's time would be a perplexing
problem, leaving out of consideration the fact that all of the automobile
factories in the United States
could hardly turn out sufficient vehicles
in the next year to provide accommodations for them all. The normal and
natural increase of population
of New York each year presents a
complex transportation problem, the
problem of getting the people of New York from
tlieir homes to their work
and back again
At present it taxes to the utmost
the three modes of
transportation-the subways, the elevated
and the street car lines-to
handle the rush-hour crowds. Th.-it the
situation is to be made more com-
^^ "^^ l^^ve is quite
^° ,°^
blvnn^f helir'T'"^ H-Vlan
has ^u'''
but to glance at the figures in the report
^^°'
«
of tZ
Pn
r
the Public Service Commission of the
First District, submitted to the
;""' .'" ''''- ^' '''''''' ^"^t ^°- ^-POrtant to New
^nsn" t
'^
"^
'' *^° ''"°'=^* °^ *•>« ^"^^ ^"<*
he \vould s r
t
S?
^^'^'
^^"^'"^
THE CHRONICLE
;)AN. 7 1D22.]
Imvo repeatfdly told lioldcrs of the bonds of the street niilwny and
who Imvc come to ine in their distress for advice about tlieir
securities, that tliey are bound to receive consideration in any financial
1
«lfViited lines,
would like to
I
the comiianies which may tal<e place.
those wlio have allowed themselves to become
ahirmed because of the wild and loose assertions that these lines are to t)e
scrapped.
In my opinion, the street railway and elevated lines will continue to accommodate tlieir daily quota of passengers during the lifetime
of any present holder in tlie bonds.
reorKaiii/ation
repeat
that
of
message to
ITEMS ABOUT BANKS, TRUST COMPANIES, &c.
No bank or trust company stocks were sold at auction or at
Extensive tables reporting
the Stock Exchange this week.
bid and asked quotations, deposits, surplus &c., of banks and
trust companies in all important cities in the United States
are published monthly in the "Bank and Quotation" Section,
the January, 1922 issue of which accomj)anies today's
"Chronicle." Bid and asked quotations for all New York
City bank and trust company stocks are also published
weekly in another department of
today on page 52.
this
paper and
will
be found
William Pierson Hamilton retired on Dec. 31 from membership in the firm of J. P. Morgan & Qo. because of his desire to withdraw from active business.
Mr. Hamilton also
retires from Drexel & Co., Philadelphia; Morgan, Grenfell
& Co., London, and Morgan, Harjes & Co., Paris. Mr.
Hamilton is a great grandson of Alexander Hamilton and a
brother-in-law of Mr. J. P. Morgan. He had been a member of the
Morgan
firm since 1897.
been with the Manhattan Trust Co.
director of a number of corporations.
He had previously
Mr. Hamilton is a
33
Liberty Loan 4}4% bonds and .1^50,000 in
United Kingdom of Great Britain and Ireland 53^% bonds.
holds $1,325,000 City of New York
'i^h(> company also
(jov(!riiment
corporate stock of various maturities and coupon rates.
The holdings of railroad securities number 30 different- issues,
while the list of industrial bonds includes the issues of
The trust company carries also
7 leading corporations.
8,400 shares of stock of the Federal Reserve Bank of New
York at its par value of $420,000.
As noted an these colunuis last week (page 2787) the
stockholders of the Corn Exchange Bank of this city, at a
special uieeting Dec. 23, ratified the plans to increase the
capital of the institution from $7,500,000 to $8,250,000. The
following is the official notice i.si^ued to the stockholders
on Nov. 30, notifying them of the meeting and giving details regarding the proposed stock issue:
To the Stockholder/! of the Corn Exchange Bank of Neiv York:
Pursuing our policy tliat the gruarantee to our depositors in the shape
of capital should keep pace with the enlargement of our business, we now
propose an increase of our present capital of $7,r)00,000 to $8,250,000 for
your approval at a special meeting of the stockholderB of this bank to be
held on Dec. 23 1921.
Tliis increase of 7,.500 shares will be offered to stockholders of record at
3 o'clock, Jan. 11 1922, at $100 per share, the subscription privilege being at the rate of 10% of their holdings at that time. Subscriptions to tJie
increase of stock to be deposited with the bank and to be paid for on or
before the close of busine-^s Feb. 3 1922, for which temporary receipts will
All subscriphe issued, exchangeable for stock certificates Feb. 7 1922.
tions shall be based on the agreement that fractional parts of shares shall
The officers of the bank will assist the connot be entitled to dividends.
solidation of fractional into full shares, so far as they may be able to do
so.
New stock not subscribed and paid for by Feb. 3 1922 shall revert
to the bank for such disposition as the Board of Directors may deem for
The warrants for subscription will be sent
the best interests of the bank.
to the shareholders if the increase is authorized.
The five-year proxy, signed by you, now filed with the bank, will be
used to vote in favor of the proposed increase.
E. FREW,
WILLIAM A. NASH, Chairman.
President.
'
A new financial institution, namely the Atlas Bank, is
being organized in this city with a capital and surplus of
$300,000; it will be located at 39 Cooper Square, corner of
Third Avenue and Sixth Street. The stock (par $100) is
being disposed of at S150 per share. The incorporators
include: Henry C. Zaro, Samuel E. Klein, Leo D. Greenfield,
S. W. Moskowitz, E. J. Wile, Frank I. Hecht, Jona J.
Goldstein, Maxmilian Mosson, Wm. H. Brudi, A. Deutseh
and Morton Frederick. The new bank is expected to commence operations Feb. 1.
The Bank of America of this city announced on Jan. 3 the
following appointments: M. R. Coffman, Manager Business
Development; E. R. Gafford, Manager of the Business
Development Department for Brooklyn, and W. Woolford,
Manager Publicity and Service Department. Two employees, namely Irving L. Griffin, a paying teller, and
Charles K. Gedney, in charge of the bank's stockrooms, were
presented with gold watches the same day by Edward C.
Delafield, President of the Bank of America, in recognition
of their long services with the bank.
Mr. Griffin has
served the bank twenty-five years and Mr. Gedney has been
with it for thirty years.
•
The Guaranty Trust Co.
issues its
At a meeting this v/eck of the Executive Committee of
the Board of Trustees of the Central Union Trust Co. of
New York, V. W. Miller was appointed Assistant Secretary.
The United States Trust Co.
of condition as of Jan. 1 1922,
bearing upon
of New York, in its statement
shows .some interesting figures
investment holdings.
The
st;itement in
unique in that it sets forth in detail all of the varied
assortment of security issues held for investment by the
institution with the present book value as compared with
the ])ar value.
The trust company reports total r(!soun!(!S
of !$70.718,442, with cash in its vault and in banks of $U),871,140, collateral loans of .S:}! ,:50S,97."), Unitr;d Slates
Treasury .'{-Year Not(!8 of .S-I,()00,W().
Meal <'stat(» holdings
of ."51 ,(K)0,000, stockTand bond investments of .fll 1 ,082,470,
bonds and mortgagees of .'$.'>,14."),J4.'{, jind bill.s 7)urehas(ed of
$(>,7(i7,:{09.
A surplus of $V2 ,()()() ,()()() is shown with undivided y)rofil8 of .1.'i,.72l ,207.
The company's deposits at,
the l)eginning of th<! year amounted to 8/>2,048,.')(K).
Among
the slock and bond investments of the trust company, as
its
itself IS
set forth in
thelstaUsmont are
$l,r,()(),(U)() in
UnilfKl States
condensed statement
as of Dec. 31 showing deposits of $470,916,979, as compared
with $425,857,4.52 shown in its last published statement of
Nov. 15. It also shows an undi-vided profits account of
The
$2.2.55,398, as compared with $1,.552,791 on Nov. 15.
new statement reports no borrowings from the Federal
Reserve Bank on Dec. 31, as compared with rediscounts of
$17,925,000 on Nov. 15. The total resources of the company
are $578,309,758.
•
located in its new
banking rooms in the Postal Life Building, at 5th Avenue
and 43rd Street. The bank had previously been located at
507 Fifth Avenue, between 42nd and 43rd Streets. Its plans
to move to the new quarters were referred to in our issue
of Nov. 5 last, page 1955. The bank announces the following new departments a woman's department, equipped for
The Columbia Bank of
this city is
now
:
handling accounts of women a thrift department, to accouunodate those who wish to save regularly; safe deposit
;
vaults of the most substantial
The' Chinese Merchants' Bank, Ltd., of Hongkong, announces the opening of a New York agency in the Woolworth
Building, L. N. Lau, agent.
The bank's head office is in
Hongkong. It has branches in Canton, Saigon and Shanghai.
It is stated that it is the first Chinese bank in New
York City. It was chartered under the Banking Laws of
the British Crown Colony of Hongkong.
WALTER
modern
construction.
Theodore Gardner Smith, Senior Vice-President of the
Central Union Trust Co. of this city, writing on "The
Triumph of Good-Will" in the latest number of "Central
Union Topics," the monthly pubhcation of the Central
Union Club, stresses the change that is taking place in the
spirit of the world and declares that the voice of a new generation has spoken.
Mr. Smith says:
There can be no assured peace among men except as good-will prevails.
lived long enough on this earth to have learned the
les.son of the past, with its tragedy of anger, of hates and foar.s. of greed,
prejudice, envy, malice and distrust; but it does look as though we were
at the beginning of better things.
If there has at last dawned on man a
realization of what he can achieve through good-will, that will which applies
the Golden Kule of doing to others that which we would have them do to us,
then the day may not bo far distant when history will draw a red line under
man's tragic past, the line that closes the account of war and marks the
opening of the account of peace.
Mankind may not have
City Biiiik of
'i'he .N'alional
Xew York announces
the
fol-
and lOuroiK-nn ofl'lcial staff:
(Jeorge K. Weeks, who has been the European r<>preseutative of th(> Njilioiial Cily Coniixmy and a vice-itresident of
lowing elections
that instil ution,
in its Knglisli
luis
l)een
elected a
of the
charge of the Brus-
vicc-presi<l(>nt
who has been
branch of the bank, has also been elected
in
i)ank; Paul (Jrosjean,
sels
been manager
a
vice-presl-
Tarla
retained
In-ancb of he I'^aniiers Loan & Trust Co., has been
in thai <aiiacity by the National City Bank and will man-
dcnl.
I'aul
\<\
I'^alzer,
I
age
its
I'aris branch.
who
lias
of
tlie
THE CHKONICLE
34
Richard L. Morris has resigned as vice-president of the
Bankers Trust Company of this city, where he has been connected with the securities department for three years, to
become a jiartner in the firm of F. B. Keech & Co. For seven
years previous to his connection with the Bankers Trust
Company, Mr. Morris was a partner in the firm of Keau,
Taylor &
Co.. investment bankers.
[Vol. 114.
The following comes from
Company
the Fidelity Trust
of
Philadelphia
^
^,
^
thrift is more often urged than practiced and when the
more
enthusiastic
sometimes
is
purposes
civic
and
charitable
appeal for
than the response, it may be well to recall one of the "Cheerful Rules" in
the little "Enchiridion" of the great founder of our Commonwealth, where
At a time when
he says
"Frugality
The first is
is good, If Liberality be joyn'd with it
the last bestowing them to the
leaving off superfluous Expences
The first without the last begins CovetBenefit of others that need.
ousness; the last without the first begin Prodigality: Both together
make an excellent Temper. Happy the Place where ever that is
found."— WiZiiam Perm in "Some Fruits oj Solitude" (1693).
With our hopes for a better realization of all the cheerful rules of life
;
At a meeting of the Trustee of the East River Savings
Bank of this city on .Jan. 3, Darwin R. James, Jr., heretofore
Vice-President was elected President to succeed Henry T.
Frederick G. Fischer, Vice-President of W. R.
Grace «fc Co., was elected Second Vice-President and D. W.
Whitmore, First Vice-President. Mr. James was formerly
President of the Pyrene Manufacturing Co. and the American
Chicle Co., and is a director of the Nassau National Bank of
Brooklyn and a Trustee of the Title Guarantee and Trust Co.
Yours sincerely,
during the coming year.
WILLIAM
Nichols.
of this city.
P.
GEST,
President.
At a meeting of the directors of the Fidelity Trust Company of Philadelphia, Pa., on Dec. 23, Charles Brinkman,
heretofore Auditor, was elected Assistant to the Vice-President and Edgar E. Daniell was elected Auditor to fill the
vacancy caused by Mr. Brinkman's promotion.
•
The statement
& Trust Co.
United States Mortgage
December 31 1921, shows total
of condition of the
of this city, as of
Deposits are given as $56,514,052.
Besides its capital of $3,000,000 and surplus of like amount,
the company has undivided profits of $1,001,467.
assets of .?68,437,167.
Koma
Among
Bulletin for December is ready for disthe various articles on current events in
Italy are some interesting facts regarding the progress of
Banco
tribution.
di
Italian aviation.
The Fulton Trust Company
of this city, in its quarterly
circular, "Investments," dated Dec. 19, stated:
In the event that the New Year will bring with it lower rates for
money the investment opportunities would appear to be in the first-class
bonds of the longer maturities available now at prices to yield from 5
to
6%.
The
circular
shows the advance
in these
bonds since the
issue of the bank's previous circular on Sept. 20 1921.
According to the New York "Journal of Commerce" of
Dec. 30, the Mariner's Harbor National Bank, at Mariner's
Harbor, Staten Island, N. Y., which was closed in August
last (reference to which appeared in these columns in our
issue of Sept. 3), was reopened on Dee. 30.
A statement issued by Frank A. Borden, one of the principal stockholders,
reported that the reopening was brought about through an
arrangement with the bank's depositors under the terms of
which they are to receive 60% of their deposits on demand
the remaining 40% to stand in the bank's possession until
such time as the money can be earned in the regular course
of business.
At a meeting
board of directors of the People's
National Bank of Boston, Mass., on Jan. 3, Perry D. Keating, formerly of the First National Bank of Boston, was
of the
elected Assistant Cashier.
At a special meeting of the directors of the Metropolitan
Savings Bank of Baltimore, Md., on Dec. 22, Adam Deupert
was elected President of that institution to succeed the
late C. C. Shriver, whose death was announced in our issue
Mr. Deupert was until recently Clerk of the
of Nov. 12.
Pleas and has been a director of the bank
Common
Court of
for
many
years.
At a meeting of the stockholders of the Citizens' National
Bank of Cincinnati on Dec. 8, the name of the bank was
changed to "The Citizens' National Bank & Trust Company of Cincinnati." This change has been approved by the
Comptroller of the Currency, and is accordinglj' now in
effect.
The Peoples Savings & Trust Company of Pittsburgh
one of that city's largest financial institutions announces
the appointment of Norman B. Ward as manager of its
Bond Department, who assumed his duties Jan. 3. Mr.
Ward is a Columbia University graduate, and has had a
wide business experience. He was formerly in the Pittsburgh office of Lee Higginson & Company, and later manager of the Bond Department of the McGill group of banks
with main offices in Sharon, Pa., resigning the latter position to come with the Pittsburgh institution.
—
John Bindley, President of the Duquesne National Bank,
Pittsburgh, Pa., died on Dec. 16. Mr. Bindley was 75 years
old.
He was one of the organizers of the Pittsburgh Steel
Company, and became Vice-President
1906.
Later, he succeeded Wallace H.
of the Steel Company, and held that
ber, 1920, when he became Chairman of
of that concern In
Rowe
as President
position until Octo-
the Board, and held
that position at the time of his death.
He was a VicePresident of the Dollar Savings Bank, was President of
the Neely Nut & Bolt Company, and Director of the Monessen Coal & Coke Company, the Pittsburgh Steel Products
Company and
Robert Clement, President of the Clement National Bank
of Rutland, Vt., died in New York City on Dec. 25.
Mr.
Clement was 35 years of age. Before becoming President
last June he had been Vice-President of the Clement National Bank.
He was also a director of the State Trust
Company of Rutland, the Herald and Globe Association.
Woodstock Hotel Company, Bristol Railroad Company, and
the Ti(()iul(>rof;a Railroad Company.
Mr. Clement was a
son of former Governor Pcrcival W. Clement of Vermont.
He servetl as First Lieutenant of the United States Army
during the late war.
Samuel Krausc, President of the Fu:st National Bank
Brlhlehem, Pa., died on Dee. 29. He was 73 years old.
Mr. Krause was President of the J. S. Ivrause Hardware
Co. and a director of half a dozen other Bethlehem institutions.
He was also a inombor of the BollUehem Bridge ComJ.
of
mission, Avhich
in
is
building the $3,000,000 Hill-to-Hill Bridge
Bethlehem.
A. Ernest Margerison,
to the fact that
he
owing
to pressure of business
and
new interests, has resigned
Oxford Bank of Frankford (Philadel-
Is
taking on
as President of the
phia), and Bernard E. Effing, Cashier since the bank's
organization, has been elected to succeed Mr. Margerison;
W. E. Zander, Assistant Cashier, has been advanced to the
office of Cashier: Mr. Margerison remains as
Chairman of
the Board.
the Pittsburgh Ice Company. He served as
President of the Pittsburgh Chamber of Commerce from
1896 to 1902.
At a special meeting of the directors of the Detroit Trust
Co., of Detroit, Michigan, on Dec. 20, Harold R. Crusoe and
Raymond H. Berry were appointed Assistant Secretaries of
the trust company and James I. Burridge was appointed
Manager of the Real Estate Department to fill the vacancy
caused by the death of David T. Lorimer. Mr. Crusoe has
been with the Detroit Trust for ten years having served during this time in the Receivership Department.
Mr. Berry
was recently connected Avith the estate tax division of the
United States Internal Revenue service as chief estate tax
officer of the Detroit Michigan, covering the state of Michigan.
He was also formerly associated with the Home
Savings Bank, and also served as Assistant Cashier of the
Du Pont
National
Bank
of
Washington, D. C.
ridge has been connected with the trust
eighteen years.
company
Mr. Burfor the last
An all day session of the Clearing House Committee and
leading Banking interests of Chicago on Jan. 2, culminated
in the late afternoon in unanimous approval for the absorption
of the Fort Dearborn National Bank and the Fort Dearborn
Trust & Savings Bank by the Continental & Commercial
National Bank and the Continental & Commercial Trust
& Savings Bank, respectively.
This decision averted a potential crisis in the affairs of the
Fort Dearborn banks. The deposits of the latter have been
Jan. 7
11)22.]
THE OHEONICLE
gimrnntood by thd ContiTKmtal and Commoorial Banks and
tho('l«ariiit;- ll()iis«{>iiaTaii((H)d UioCoiiliiKintal &(-()inin(^rcial
Manks to the extent of .f2,.^)()(),(K)(). To this is adde(i an
additional guaranty by tli(> direc^tors of <ho Fort Doarbi^rn
35
stockholders of both institutions will receive from $130 to
.$140 ])er share for tlieir hohlings when the liquidation has
been finished.
Re-organization of tho Englewood State Bank of Chicago,
banks.
smallest of the five (/hicago banking institutions domithe
In a cloarinfir house statement issued tln-ouK'h James B.
nated
by the Tilden interests, was accomplished on Thursday
Forgan, Chairman, it was said that tli(» difficudtics of the
night,
January 5, and the bank opened for business under the
Fort D(>arborn banks were due to the ov(!r-exten(hid eontitle of the First Englewood State Bank, accordirg to a press
dition of Edward Tilden & Co., and some recently made
dispatch
from Chicago printed in the New York "Evening
An examinaloans and investments whieh proved to be bad.
January 6. The new bank it is said will have a
Post"
of
tion of the Chicago Clearing House examiner disclosed that
capital
of
.$200,000, a surplus of $.50,000 and a special fund of
the capital of both the Fort Dearborn banks had been
The disi)atch further states that the Tildens have
.$.50,000.
The Tilden interests were by far the
seriously impaired.
from the l)ank and have been replaced by other
withdrawn
heaviest stockholders in the Fort D(>arborn banks and t,he
interests.
financial
The
operations of this firm precipitated the difficulties.
present estimate is that the stockholders of the Fort Dearborn
According to a special press dispatch from Chicago to the
banks will receive from .1130 to .|140 per share for their New York "Times" on Thursday Jan. 5, .John Soffel, Presiholdings when the liquidation has been finished.
dent of the Maywood State Bank of Maywood, a Chicago
There was spirited bidding between the First National suburb, was shot and killed on that day in daylight robbery
Bank, represented by James B. Forgan, and the Continental which netted the bandits $12,000. Chief of Police Sweeney
& Commercial Banks, represented by George M. Reynolds. of Maywood and Arthur Benson, a bank messenger, were
The latter won with a payment of approximately $1,250,000 injured, it is said. Mr. Soffel met his death, while driving
In a statement issued to the
for the assets and good wiU.
in a small automobile from his bank to the offices of the
press, Mr. Reynolds said:
American Can Co. with the money for the payrolls of the
Dearborn National Banlc and in the Fort Dearborn
Savings Bank have been guaranteed by the Continental & C:;ommercial National Bank and the Continental & Commercial Trust & Savings
Bank, respectively, and checks drawn against accounts of the Fort Dearljorn
National Bank will be honored by the Continental & Commercial National
Bank and the deposits, including savings accounts, in the Fort Dearborn
Trust & Savings Bank will be placed to the credit of depositors on the books
The business
of the Continental & Commercial Trust & Savings Bank.
carried on by the Fort Dearborn National Bank and the Fort Dearborn
Trust & Savings Bank will hereafter be conducted by the Continental &
Commercial National Bank and the Continental & Commercial Trust &
Savings Bank, respectively at their offices,, 208 South La Salle Street."
All deposits in the Fort
Trust
&
This culmination came after five o'clock on Jan. 2, and it
was, therefore, necessary to move the entire Fort Dearborn
National Bank and the Trust & Savings Bank over to the
Continental & Commercial Building, so that business could
be resumed at the usual time in the morning. All of this
was successfully accomplished and the officers and employees
of the Fort Dearborn banks went to work in their new
quarters on Tuesday morning.
It has not yet been determined what the new organization
will be.
The Fort Dearborn banks had approximately 500
employees. The deposits of the two banks, including more
than 7 million dollars in savings, totaled nearly $60,000,000.
With this accession to its business, the total deposits of the
Continental & Commercial Banks are more than 400 milUon
dollars, and its statement will show total resources of 500
million dollars.
James B. Forgan, Chairman of the Chicago Clearing House
in confirming the announcement of the taking
over of the Fort Dearborn banks' business also issued a
Committee,
statement. It reads, in part, as follows:
Owing to the over-extended condition of Edward Tilden & Co., and some
recently made loans and investments which proved to be bad and entailed
heavy losses, it was found on examination of the two Fort Dearborn banks
by the Chicago Clearing House examiner that the capital of both banks had
been impaired.
It was realized that under these circumstances it was necessary to take
such action as would protect the depositors in the Fort Dearborn National
Bank and the Fort Dearborn Trust and Savings Bank, who, of course, have
a prior claim to the entire assets of the two banks.
The officers and Directors of the Fort Dearborn National Bank and the
Fort Dearborn Trust and Savings Bank entered into negotiations, as a
result of which the members of the Chicago Clearing House Association
agreed to furnish guarantees to the extent of $2,500,000 satisfactory to the
Continental and Commercial National Bank and the Continental and Commercial Trust and Savings Bank to protect them against loss.
Checks drawn against funds on deposit with the Fort Dearborn National
Bank will be honored by the Continental and Commercial National Bank,
and deposits in the Fort Dearborn National Bank will be credited on the
books of the Continental and Commercial National Bank, while accounts In
the Fort Dearborn Trust and Savings Bank will bo taken care of by the
Continental and Commercial Trust and Savings Bank.
The Chicago Clearing House Committee a.'-sures the depositors of bo( h the
Fort Dearborn National Bank and the Fort Dearborn Trust and Savings
Bank that their interests have J)con fully protected, and that owing to the
arrangement, entered Into by the (;hicago Clearing House Association with
the Continental and Commercial National Bank and the C'ontlnental and
Commercial Trust and Savings Bank, they will suffer no loss.
Inasmuch as Edward Tilden & Co. Is interested as minority stockholder
In the Drovers' National Bank and tho Drovers' Trust and Savings Bank,
the Clearing House Committee h.as had made a ."pecial examination of these
institutions for the purpose of a.sccrtaining their c/)ndllion.
The result of these examinations Is such as to warrant the rx)mmltteo In
saying that In Its opinion these banks are absolutely solvent and entitled to
the full confidence of their cu.stomcrs and the public In general.
The Fort Dearborn National Bank was founded in IS87
and had a capital of ."§5,000,000 witli Kiiri)ius and iindividfid
profits of more than .S3,000,000.
The Fort Dearborn Trust
& Savings Bank was esta})Iish((l in 1011 and had a cai)ifal
of $."jOO,000 and surplus and undivid(!(l profits of more than
$512,0(K). Ah stated above tbe present estimate is that tho
He was accompanied by Mr. Sweeney and Mr.
company.
Benson.
A
Its
The dispatch goes on
away stood a
to say:
mud-bespattered car without license plates.
curtains were closely drawn, and passers-by were unable to see that
block
big,
contained five men. As the small car started from the bank the big
car started with a roar and fell in behind.
Sweeney first became aware of its presence when he was half a block from
He heard it and moved over to the curb to give
the can company's office.
it room, but when it was alongside two revolvers and a sa wed-off shotgun
fired a fusillade of shots into the side of the little car.
Sweeney stopped his car and reached for his revolver, but before he could
get it two men had jumped from the large machine and were shooting at
him. Shot after shot tore through the side curtains and the windshield
of his car.
One struck Soffel in the mouth and another cut off two fingers,
it
burying itself under his eye and killing him instantly. As he fell forward
a third bullet struck him in the nose.
In the meantime one robber had run to the side of the car, jerked open
the door and stuck a shot-gun into Benson's stomach. As Benson started
to obey an order to hand over tlje money the bandit jumped on the running
board, reached over the body of Soffel and hauled out the two bags.
Then he jumped into his own car, followed by the second man. Less
than three minutes had elapsed.
According to press dispatches from St. Louis under date
of Jan. 6, appearing in the
York daily papers of that
date, the Night
Day Bank of St. Louis did not open for
New
&
business on that day. .J. G. Hughes, the State Bank Commissioner, is reported as saying that his examiners had been
auditing the books of the institution for several days and
had found an apparent discrepancy of more than $100,000.
It was also stated in the dispatches that A. O. Meininger,
the Cashier of the institution,' had not appeared at the
bank since Wednesday. The bank has a capital of $150,000
and deposits
of over .$3,000,000.
«
John B. Strauch, President of the More-Jones Brass &
Metal Co., has been elected a director of the National Bank
of Commerce in St. Louis.
He takes the place of Harry
Mr. Strauch has
Elliot, whose death recently occurred.
been active in the commercial Ufe of St. Louis for many years,
is a member of the outstanding civic and commercial organizations and his coming to the directorate of the National
Bank of Commerce will add to the already strong representation of St. Louis and Mississippi Valley interests contained
thereon.
John G. Lonsdale, l^esident of the National Bank of Commerce in St. Louis, states that the year which has just closed
was one of commendable progress for the bank despite
general conditions.
He says the bank has just added another
to
its
dividend,
placing its stock now on an <S%basis,
1%
savings accounts show well over a million iiKjniase,
and that the bank now has 16,000 as compared with 14,000
commercial accounts in 1920.
that
its
According to a special press dispatch from Montgomery,
December 24, which appeared in the Nashville
Ala., dated
"Banner" of the same date, the Merchants Bank of Montgomery did not open for business on December 23, and a
notice postod on the door of the institution announced that
H. H. Montgomery, the State Superintendent of Manks, had
taken over its affairs by r(!Solut,ion of the Board of Directors.
The dispatch furtlusr statcid that State examiners would begin a minut.e examination of the affairs of the bank immediately aft(!r the holidays upon the completion of whi(!h Mr.
Montgomery
said he
would be able
to
make known
its
con-
THE CHRONICLE
36
The Moreliants Bank, according
dition.
to the dispatch,
was organized about two years ago absorbing the SuIHvan
Bank & Trust Co. of Montgomery. It had a capital of
$100,000, with surplus of .'52.5,000 and according to its last
financial statement (October 17) showed total deposits of
$.500,070.
*
Under the name
fonn«r bond house
of the Morris Brothers Corporation, the
of Morris Bros., Inc., of Portland, Ore.,
reopened for business at the old quarters, Morris Bldg., 309311 Stark Street, on Nov. 28. An official announcement
regard inf^ the reorganization said:
In the reorganiziition of this iu.stitution more than 800 former patrons
their interests and become liolders of preferred stock, and the
appreciation of them all is expressed in soliciting the patronage of other
investors.
In taking over the assets, we have acquired a great list of highly desirable
Government and Municipal bonds, which will be immediately available for
purchase by individual investors, at prices to yield unusual returns in this
have pooled
day of increasing values.
On Dec. 30 the Portland "Oregonian" said:
The new Moiris Brothers Corporation, composed of the majority of the
stockholdcrii of tJio banlo-upt Morris Brothers bond house, has made
in full to Judge Earl C. Bronaugh, trustee, and the creditors
are in full possession of the business, according to a statement i.ssued
by .John h. Etheridge, Manager and director of the new concern.
Mr. Etheridgo has also announced that during the month of January the
preferred creditors will be paid 25% of the principal of their claims with
a .3% dividend.
The Morris Brothers Corporation opened its doors for business Nov. 28.
It had o'oligat<xl itself to pay S677,960 6.5 over a period of three months.
One note of $100,000 was to be paid in 30 days, another of $200,000 in 60
days and a third of .SSVT.OeO 65 in 90 days. All of these notes, according
to both Jud.Te Bronaugh and Etheridge. were paid in less than the time
required for the payment of the first note.
Since the time the organization started business $106,000 worth of bonds
have been purcliasod from Judge Bronaugh. These, together with $20,711 65, have been added to the assets of the concern.
According to Judge Bronaugh, the final date for filing claims against the
estate endtxl last Tuesday.
pajinent
now
The suspension of Morris Bros.. Inc., occurred on
her 27, 1920.
The annual
financial statement of the
Canada, which covers the
fiscal
year to
16.79%
Decem
Union Bank
November 30
of
1921,
Total
assets ai-e over $1,52,000,000 as against §169,000,000 last
year.
Percentage of quick assets to total liabilities to the
public is 53.70%; the amount carried forward to profit and
loss is §.541,680, Ixiing .$400,000 greater than last year.
Total deposits are more than .|;116. 000.000 and total commercial loans $62,000,000.
indicattis earnings at the rate of
for the year.
W. A. Black
has been appointed a director of The Royal
to succeed .Justice T. S. Rogers who resigned following his appointment to the bench. Mr. Black
is a member of the firm of Pickford & Black, Ltd. steamship
Bank
of
Canada
[Vol. 114.
January, 1922, at 3^%, being at the rate of 14% per annum
upon the Paid-up Capital Stock of the bank, and which is to
be payable on and after the 1st of February. 1922, to shareThe anholders of record as of the 16th of January, 1922.
will
be
held
at the
nual general meeting of the shareholders
Head Office of the Bank in Toronto, on February 22, at 12
o'clock, noon.
»
We published in our advertising pages last week (December 31) the second annual report of the British Oversees
Bank, Ltd. (head office London), covering the fiscal year
ended October 31 1921, and presented to the shareholders
The stateat their annual general meeting on December 16.
after
allowing
period,
for rement shows net profits for the
bad
and
doubtful
debts,
bate of interest and providing for all
income tax and other taxation for the year, of £102,525,
which, when added to £35,200 the balance to profit and loss
(after deducting income and corporation profits taxes)
brought forward from the preceding year, made together
From this amount £30,000 was deducted to pay
£137,-526.
an interim dividend on the "A" ordinary shares at the rate of
6% per annum for the half year ending April 30 1921, together with income tax thereon, lea^ang the sum of $107,526
This sum the Governing Council
available for distribution.
of the bank recommended be distributed as foUows: £30,000
to pay the 2nd half-year's interim dividend on the "A"
ordinary shares at the rate of 6% per annum together with
income tax; $10,000 to reserve fund against shareholding
interests in foreign banks and £10,000 to reduction of premises account, leaving a balance of £57,^26 (not subject to
taxation) to be carried forward to next year's profit and loss
account. The Right Hon. Viscount Churchill, G. C. V. O.
is Governor of the British Overseas Bank, Ltd., and Angus
McPhail and F. H. Hope Simpson, Managers.
W'ith reference to the proposed absorption of the Merchants' Bank of Canada by the Bank of Montreal, reported
in these columns in our issue of Dec. 24, special general
meetings of the shareholders of the respective institutions
have been called that of the Merchants' Bank of Canada
for Feb. 8 and that of the Bank of Montreal for Feb. 15
—
approve the agreement entered into by the two instituby the Bank of Montreal
of the undertaking, assets and rights of the Merchants'
Bank of Canada. The shareholders of the Bank of Montreal
at their meeting will in addition be asked to increase the
capital of the Bank of Montreal by the number of shares
not exceeding 60,000 which may be payable to the Merchants' Bank of Canada under the agreement.
to
tions providing for the purchase
—
,
agents of Hahfa.x.
That the Canadian Bank of Commerce (head office Toronto) was able to increase its profits despite the past year's
business depression is evidenced in the annual report of the
ended November 30 1921,
which wag received recently through the New York Agency
institution for the fiscal year
of the institution.
Total resources at the close of the twelve
Baron Takayasu Mitsui, President of the Mitswi Bank,
died at Toldo on .Jan. 5. He w^as 73 vears of age.
—
Clearings by Telegraph. The subjoined table, covering
clearings for the current week, usually appears on the first
page of each issue, but on account of the length of the other
tables is crowded out once a month.
The figures are received
months are given at $428,139,918, of which $184,670,155 are
quick as.s(>ts showing the satisfactory liquid position
the institution.
The ratio of total quick assetsto
pul)lic deposits hns increased from 45.5% in 1920 to
46.7%
for 1921.
,\ notable improvement has also occurred in the
quality of the investments.
Whereas the total of these re-
by telegraph from other leading
Clearings
—Returns by Telegraph.
Week ending Jan.
10,000,000
of
of
a eorresjionding contraction of other classes
of .st-curities.
Net profits for the 12 months, after providing
for all l)ad and doubtful debts, the report shows,
were $3,11<),137, wliicti, when added to .$1,783,979, the balance
to
credit of luofit and loss brought forward from the
preceding
year, made S4,9(K),1 16 available for distribution.
This sum
u-i til
was api)ropriated as
rate of
12%
follows: $1,800,000 for dividends at the
per annum; $150,000 to pay a bonus of
1%;
$325,000 to cover Dominion and IVovincial Government
taxes and tax on bank-note circulation; .$500,000
written off
bank i^remises and $178,371 transferred to pension
fund
lea\ing a balance of $1,946,745 to be carried forward
to ne.xt
year's i>rofit and loss account.
The bank has a paid-up
capital of $15,000,000 with a rest of like
amount. The annual m.M^tiug of the sharelioldcns will hv held
on January 10.
Sir B. E. Walker is lYosident and .John
Aird, General
ger.
Mana-
-j-IiiL.^l^^^ard_B!ink of^anadaJh_eadoffice Toronto) has
de<-larpd a dividend foT[the ourreit
quarter[en"dmi'tKe
Slst'of
fer
1921.
$4,253,800,000
400.130.932
348.000.000
248.000.000
41.353.000
57,860,329
35,501,384
84,874.037.304
591,726.625
463.772.827
346.101,916
161,746.297
157,888,407
152.000.000
175.475.511
89,500.000
92.598.871
55.514.696
.
$5,845,328,601
934,387,432
$7,160,362,514
1,145,968,471
—18.4
5 days.a..
S6, 779,716, 033
$8,306,330,985
1,399,984,761
—18.4
1.694,929,008
88,474,645,041
$9,706,315,746
7.
New York. a
Chlcaco.a
Philadplpliia. a
Bo.ston.a
_.
Kansas City. a
St. Louis*. a
..
*130,.300.0OO
.
.
Baltimore a
Orleans. a...-
.
New
all cities,
cities, 1 day
all Pities for
_
.
Eleven cities, 5 days.a.
Other cities. 5 days.a
Total
893. 9.56
110,800.000
.
Pittsburgh* a
Detroit a
All
10.'"..
*1 13, .500.000
San Fninclsco-a
Total
Cent.
1922.
of
main iinu^licaliy unchanged at $40,000,000, the holdings
Dominion and Provincial securities show an increase
cities.
week. a
— 12 7
—
24.8
— 29
4
—34.6
— 2S.1
—
—27.1
— 25.7
8
— 53
5
— 37
37
—32.2
1
— 18 5
+ 21.1
— 12.7
Partly estimated, a Covers only 4 days in 1922 (on account ol Monday hoU"
day), asulnst 5 days in 1921.
The full details of the week covered by the above will be given next Saturday.
We cannot furnish them to-day, clearinKS being
made up by the clearing houses
at noon on Saturday, and hence In the above the last day of the week has to be In
all cases estimated, as we go to press Friday night.
*
Our usual monthly detailed statement of transactionson
New York Stock Exchange is appended. The results
for the twelve months of 1921 and 1920 are given below:
the
Description.
Number of shares
(Par value
Railroad bonds
Uulled States Government bonds.
State, foreign, &c., bonds
Bank stocks
Stock
(
Total par value.
12 Mos., 1921.
Par Value.
12 Mos.. 1920.
Par Value.
172,712.716
$12,846,841,571
1,042,962,400
1,957,238,150
324,163,700
226,640.396'
$19,753,754,926
827,151,500
2,860,954,500
288,500,700
22,400
$16,171,205,821
$23,730,384,025
—
—
.
.
6
1
91
2
.
.
1
THE OlIKONICLE
.Ian. 7 H)22.1
37
BANK CLEARINGS—CONTINUED FROM PAGE
Twelve Months.
ntecmtier.
—
1.
Week endtno December 31
Ctfarlngs at
Inc. or
1021.
Boston
Providence
nartJonl.
1.342.000.000
1,541.005.8.55
4«.8io.:<on
55.407.800
47.054,015
25.,507. 905
21.877.040
13.777.712
19.218,785
40.005.007
21.410.200
New Haven
1921.
1920.
Sprinsflold
Portlrtnd
17,38t.0f)l
Worcester
Fall Rlvor
New Bedford
Lowell
15,0.58.021
1920.
1,432,841,372
533,785,800
4.55,975,029
274,849,674
18.816.778.696
210,4.52,007
265.430.0.59
101.489.197
234.986.546
119.427.181
101.461.094
6S.003.313
096,799.000
,531,0.38,823
326„577,296
Dec.
—23.9
—23.4
— 14.2
— 15.8
—30.7
—7.2
—23.1
—33.4
—2.7
7. .500. 403
7.3')5.799
0.9SH.,501
5. 128. ISO
0.912.312
4.800.014
140.548,794
180.617.348
79.470.042
74,033,903
56,819,398
Holyoke
3, 05 1.,581
4. .530. 873
43,6.32.988
53.732.0,53
— 16.5
— 18.8
Bansjor
4.007.009
7.703.000
9,637.400
4.707.S02
45.313.701
48.538.088
102.427.100
70.958,513
—6.3
—20.6
—82.7
11,S09.216
Watcrbury.
Stamford
7.7.30.200
81. 388. .500
11,742.805
122,9^4,113
Lynn
Total New England
Kansas City
Minneapolis
Omaha
St.
Paul
Denver
St.
Joseph
1.54) 424,035
502
284
140
142
79
41.
Des Moines
070 869
073 014
329,023
.501,212
962,238
915,445
41 152.365
18, 904..588
Sioux City
Wichita
Duluth
-
43 974,659
26 .525,423
13, 987,089
U, 772,843
7, 594,010
8, 508,425
9, 750,229
18 057,870
4 813.157
2 937,686
5 132,740
5, 740,683
2 6-59,102
1 679,019
Lincoln
Topeka
Cedar Rapids
Fargo
Sioux Falls
Helena
Colorado Springs
Pueblo
Waterloo
Aberdeen
Billings
Fremont
1
Joplin
4 833,104
5, 595,000
2 455,089
Grand Forks
Iowa City
Lawrence
449,9071
1 616,092'
17 700,0 0,
2 542,799i
1
Lewlston
Kansas City, Kana
Oskosh
Minot
1
,166,731|
1 ,800.000i
Rochester
Great Falls
4 0.59,309i
Pittsburg. Kans
Springfield.
2 478,185|
6 ,700,000
2 .2 5,231
Mo
Mason City
Total other West. .
Louts
New Orleans
1,547,81 ,936
585,800.000
194,924.959
St.
Loul3\'ilIe
111. .585.802
Houston
106.022.688
32,198.395
208.985,060
192,362,325
Galveston
Richmond
Atlanta
Memphis
85..520.8S7
Fort Worth
52.963,757
20,518.295
75.197.353
Savannah
Nashville
Norfolk
_
Birmingham
Augusta
Little Rock
201
101
49
39
.34.194.775
Austin
Wilmington.
N.C
Ga
Columbus,
EJPaso.
3,601,028
IS, 800, 000
Jackson
Tnlaa
3,534,908
27, ,509, 131
Muskogee
10,815,107
116,330,216
2,080,713
1,^00,000
10,823,304
6, .379, 452
6,861,633
17,277,043
10,137,220
1,.540,000
7,697,827
910,000
Dalles
Toxarkana
Newport News
Tampa
Montgomery
Raleigh
Shreveport
Waco
Port Arthur
Wichita Falls
Lawt^jn
McAlf.ster
1,64 9.22-.
Mnridlan
2,3-50,000
Total Southern ...
Total
,1
5.8.50.483
5.889.262
3.185,611
5.903.103
5.916.657
2.390,280
5.792,796
1,632,537
1,692,239
5,806,849
9,339,211
1,727,-580
7,9-55,775
—23-2
—10.0
—21.6
—6.1
—14.9
—26.5
—10.1
—16.1
2,015.867.988
651.052.175
248.518,784
118.795.941
124.577.566
43.786,299
232,491.031
229.141.896
82.612.259
65.640,233
27.755.067
88.223.622
39.5 7.404
82.268.467
+ 3.5
—19.3
—26.1
—14.8
—13.6
+9:o
10.830.3.54 —41.4
—15.7
47.212.689
53.758.768 —23.2
— 25.0
31.791.562
—22.1
—39.3
—2.6
—20.2
—14.6
—24.5
13.391. .886
10.287.311
12.486.540
113.835.138
19,615,361
11,132,109
6,350,361
5,654,057
+ 9-8
—20.2
New York.
—66.9
—
—
-24.1
——1.3
46.7
17.2
20,292,.570
140,3.52.750
2,738. .570
48-7
3.400.464
10,968,000
—2.6
6,-542,935
5,620,870
+ 22.1
17,.538,760
11,6.55,722
—13.1
1,686,404
14,003,474
1,375,422
3.116.080
2,610,287
—47.0
—9.96
—1.5
— v71
—45.0
— 3.>
14,42.5.365,^09 16,773,160,667
I
205.702
6 ,167,87
196 551,688
127 ,827,120
19 ,898,905
106 .760,153
15 .039,138
23 ,3' ,230
1
33
,539.9-53
286 .469.930
17.4
174 180.439
150 .794,214 —30.0
149 040,028 —31.3
178 .970.141 —35.3
98 ,340.188 —83.3
62 ,382.894 —18-8
52 079.069 —20.3
106 .868.616 —42.3
92 ,483.832 —31.6
44.8
68 ,875.652
30 746.046 —37.4
43 ,866.500 —.36.1
93 265.048 —37.2
85 425.000 —25.2
15.0
36 .315.220
23 046.515 —22.1
—
—
31 .432.258
15,126,910
24,904.800
19. 9.50.867
31. 774. 4211
—24.1
—21.6
4
—.34.8
I..
.58,.57I,898
i.imnt/)n
.'Ugary
26,791.7.58
.John..
ondon
1 1
6. .330
14.1»<l.393
14.634.090
15.127.876
11. .565. 350
"Ill
10.677. .540
23.0)2. 906
19. 229. .562
'.....
3.490,289
3.179.240
..
I"I
..
liruiKlon
I.«thbrldge
1.
12. .53!;. .363
vi'ioria
_
403.4>'3.4I7
71.674.711
Saekatfwn
Moose Jaw
Brantfoid.
Port William
New WestmlnfltcT
I
]
I
'/.'.
Medicine Hat
Pot(;rlx)rough
.Shcirt)iooke
II
Kitchener
WlndPor
Prince Albert
I
Total Canada.
b Not Included
I
22.4.56.010
4.150.418
4.465.827
10.730.512
4.0-3'!. .532
5.023,220
3.118.277
2.776.803
4.410.908
2,583.023
l,89S,!H6
3.645.293
3.742.203
4,563„587
13,610,688
—3.1
—7.6
—
— 14.3
— 15.6
—28.8
— 15.0
1
1.
—26.8
7.394.518 —32.3
9.6.54,142
4.2.55,.525
I
103.654
7.061.008
5.000.172
II
Moncton
Kingston
H.I 10. .52
2f;.
— 11.4
5.6.30. .309
5,193.175
15.022.727
2.222.765
3,886.152
— 19.0
— 17.1
— 31.6
-17.6
—.33.6
— 12.1
— 14.4
"
+V.5
19 ,550,718
33 837,110
95 746,057
34 639,653
110 720,7.54
47 ,649,396
5.104,803.760
2.682. 44 1. 103
708.205.932
404.237.074
302.491.488
181,802.598
27.940 070.770
8.294 027.136
3.315 319.238
1,290 .498.398
1,504 .251.520
409 ,843,066
3,045 ,520,224
3,256 ,765,739
1,191 104.425
992 888.032
481 114,604
1,179 501,244
526 234,163
990 962,579
205 420,013
602, 978,065
625, 635,097
410 316,650
227 842,426
128 ,871,991
173 725,822
1.037 ,717,950
360 907.756
170 171.760
84 349.049
75 779.546
20 982.231
58 198.135
55 406.088
346 074.091
.36, 107.458
669, 690.614
241 241.938
1.868 685.312
38 363.379
47, 425.492
125 269.623
98 833.667
80 041.899
251 133.509
164 918.143
20 927.985
228. 479,.587
11, 464.9.54
38, 143.800
14 178.012
7,109,189,038
5,410.214.802
3,015,704,299
807,001,614
515,006,228
—29.2
—24.9
—33.4
—7.1
—20.3
—6.5
—31.4
—35-3
—26-3
—38-3
—51.2
—28.3
—31.8
—9.3
—51.7
—23.6
—22.1
—39.6
—44.4
—35.0
—13.8
+ 17.1
—41.1
—2.2
—41.1
—28.7
—21.4
+ 1.4
—45.4
—33-1
—30.4
—34.5
1,911,004,714
Id total: eompikriaon Incomplete.
-16 2
2',b"9b3-52
t
iDclU
—21.1
—24.8
—10.3
—17.8
,34.812.885 —27.3
21, .540,692 —29.9
8,673.098 —10.0
ded
In
+ 93I7
—
15.5
681,2.53
—29.2
800,000
681,657
1,084.602,
18.6
1,7.52,664
1,035.992
5,040.300!
1.400.000
932.354
—26.1
—
—
—89.7
1,597,563
1,187,612
7.014.017
+ 6.5
4..547.7.53
—21.0
8,182,296
4.2
8,4.38.218
262.298
.500.000
4I6.OI3I
404,928
275,801 ,71d
119,200 ,000
353,253,375
3,292,445
3,814,267
1,974,884
1,903,001
1,322,654
8.50,882
730,537
tot al
300.000
63.000.000
33.108.701
4.000.000
2.925.731
1.643.093
1,987,281
6,212, ,544
3,4,30,016
—20.3
'
"1,7471.59.5
-38,016 ,521
19,666 ,730
21,723 ,717
8,330 ,885
35,167 ,425
35,102 .123
14,759 .322
10,401 .000
3,679 .919
13,910 .585
5,941 .606
15,647 .292
1,980 .172
7,440 ,700
8,418 ,194
4,266 ,123
i2,000 .000
al,4on .000
2,070 .366
16,997 .469
3,827 ,073
1,431,399
—
—5.5
—
—26.0
42.5
—15.3
—29.5
45.9
47.6
479, 171, .586
241,830,103
48,700,781
58,396,135
22,183.608
21.728,357
15,724,919
11,230,604
9,323,000
13,475,872
6,921,607
4,709,041
3,406,937
2,754,280
2.773.263
2V2'51,039
668.588
723,125
416,197,976
105,710,752
42,951,187
49,177,746
15.414,498
15.797.219
14.161,733
8,841,369
7,562,423
7,229,427
12,267,636
3,165,084
2.637.423
2,107,981
2.890,543
2,229,305
513,122
699,556
1,207,868
1,228,573
1,245,573
462,571
505,389
—19.7
—15-0
1.500,000
2,200,000
3,066,398
10,933,802
6,315,609
2,000,000
" '2
,'3'o'o',6oo
491.362
10.646.725
3,464,618
24,592,853
+69.9
—
-36.0
—7,8
494,136
9,268,284
4,805,955
42,835,545
6,510,419
2,622,272
21,000,000
2,989,633
3,600,000
-17.0
4,100,000
2,400,000
426.571.054
487,880,242
-12.6
667,816,022
607,340,796
41.4
600,000
45.4
—31.0
—21.8
—22.5
—17.4
—53.3
—31.8
+ 31.2
—22.5
— 1.9
—%19.5
—5.7
— 11.0
-19.4
—21.5
6.266.569.664 7,418,329,305 —15.6 9,560,875,589 7.398,269,090
2,890,330.132 3,193,245,795
—9.5
107.048. ,577
—6.0
101,171 .632
80,885 .442
42,894 .274
II ,,577 .396
1, 398. .339
47,397, .5.55
115,403.076
—5.1
—25.4
94. .584. 910
21.0
-18.1
,50.039.788
04.046. .SO I
— 16.7
3,,500,000
835,099
06,300,000
2,218,287
22.686,655
231.070.209
27,808,580
+ 12
+ 2.9
—19-9
—23.9
—33.3
—27.3
692,909
3.763, 391
4.234, 168
21.297.687
44.295.510
1.755.045
7,233.500
10,513,367
6,000,000
3,000.000
2.000.000
2.485.748
21,055,563
4,600,009
+ 9.9
—8.5
—23.0
-11.3
—10-1
—0.9
+3.8
-n.9
,36,435,.337
15,790,3.55
— 1.2
—11.1
—12.9
81,441.493
15.882.016
27.029.968
8.277.204
61,132,163
71,838,973
30,564,375
18,923,877
12,048,778
22,574,832
8,927,437
16,473,642
4,812,761
10,413,683
10,160,138
6,605,370
359,086,978
157,881,920
59,208,530
22,027,001
14,890,768
7,161,366
49,268,694
52,385,723
19,666,740
11,241,413
7,537,255
13,978,657
10,630,033
9,981,513
3,041,275
5.696,746
5.114.315
5,165,098
2,800,000
1,547,040
2,701,234
7,292,840
2,200,000
243,552
-21.8
76,113.949
48.072.027
8,432,166
39,530,748
40,278,879
13,426,605
11,458,774
4,779,044
15,684,965
6,612,207
463.297,2.58
170,229.0.38
252,759
2H4..S63..302
4
—11.4
48,861,330 —22.2
—9.3
21,692,556
—8.4
23,705,781
134,.541,499
""530,962
2,8.33 8,36
.30.735.015
17..385. 127.-546
10,000.842
a650.0OO
482.277
882,510
-15.7
2.30.735,015
* 10 month<<.
11,403,643
5,951,994
5,078,127
3,400,000
4.711,281
3,206,119
2,169,126
637,058
1,000,000
880,166
3".3'sr>.4i8
— 16.0
161.950.000
122.416.244
50,232.333
—14.fi
13,4,55,700
367,276, .5,58
145.837.318
-18.9
176.671.887
192.157.969
145.707.140
.53.641.710
5 1. 159. .583
102.268.-354
—27.0
—2.1
—8.1
—2.8
—5.5
369,120,204
18,,578,.300
——8.9
— 17.0
—28.9
—22.7
438.073.277 —23.4
143. .301. 189
100.523.291
74.739.701
62.310.178
43.619.961
2.500.000
3.751.894
1,324.247
1.205.278
923.981
1,100.000
933.694
S
421..549, 173
—
3Y-3
—31-3
2.55.078.403
3.'<0.733.960
35.3.50.739
— 19.3
—28.3
— 19,2
4.0.58.3.53
No
S
—24.4
—22.3
—91.7
285,582,061
109,613,215
49.421.000
27.289.420
25,205.427
15.094.110
7.026.088
7.471.367
3..501..560
7.838.136
3,747,922
2,209.797
2.165.249
1.392.019
1,400,594
6,080 .117
4,805 ,736
2,778 ,023
4,901 673
4,729 490
2,411 769
.304.651. .362
297.0.32.727
,335,465,202
203.659.040
39.282.713
1,666.514
5.769.863
%
%
324.143.789
11.237.400
9,222.005
4.785.005
1918.
—25.2
—35.9
—41.7
—15.3
—35.4
—41.3
--12.
-9.3
— 15.6
—23.4
— 12.5
— 16.2
-16.9
61.600.500
171.282.078
23.970.238
18.000,880
+ 20.8
20.2.50.382.8.54
— 14.2
—6.3
33.872.094
3,767.219
1,602,981,017
5.720.2.58.173
7.660. 7.5S
3.889.857
2.907.943
2.020.487
2.744.881
1.296.003
1.107.982
899.126
al.039.000
797.647
1919.
—23.9
-31.2
iilfax
.501.4-33.633
S
245.000.000
8.722.000
242 791.314 —12.5
38 .662,133 —12.6
14.1 143.862,131.814 208,310.244,837
47.220.858
591,760.394
464.721.741
269.626,797
Dee.
1920.
—
-27.6
.32..5R5..5.53
.5.32. 331..302
,36.8
—30.
—28.3
^43.4
—22.8
—28.5
—39.2
-25.2
24,.348,195
I
68,
0.56.391
—658
—
— 11.8
34.932.525.642
36,441,913
Itl-.'.',
114 145,7.50
468
—12.4
—35.1
—16.4
451.445.258.201
bee
l.'liriO'it.on
506,413
39 3-59,040
258 ,141.661
36 609.342
365 ,322.422
161 .534,792
1,301 ,332,809
25 120,943
25, 894,804
142.427
206.419
338.415
424.350
644.477
318.768
830
641 749.310
503 ..551.309
719 .765.924
52.514.514.514
'''riwa
__
V'nn(«uvw
->'
16,
036,801,
647.039
%
W'l rinlpcg
I
.54,
21.597
11.015
4.012
3.014
1.870
1.980
-12.9,.338. 19 '..351.477
13.1
2,697, .596,713
—9.8
—7.3
—33.2
—27.8
—22-8
—25.2
'
383 317.399
2,091 674.217
2,108 ,957,592
819 009,454
612 ,142,408
235 092,649
845 ,509,813
359 033.009
899 327,311
101 ,318,892
461 ,115,045
487 ,697,669
247 853,328
126 ,609,428
83 758,004
149 ,837,427
1,214 ,391,011
212, 709.094
170, 171.760
73, 463,055
—17.0
+ 182.5
— 2.9
+ 13.1
Canada
.Montreal
Toronto
'
19,771 942.400
6,235 100.009
2,210 181,839
1.199 .208.221
1,200 770.776
+ 1-1
32,89 (,0.55,348 37,7,54,094,744
all
outside
2,34 .649,1
5,935,182
5,697,473
2,431,095
5,737,728
5,848,371
),096.138
1.4S0.801
1,770,097
5,285.354
5.022.172
4.870,877
5.717.007
771.541
3 500.364
21 076.968
3 169.380
1 496.618
2 329.457
8 974.397
4 .833.513
8 105.121
2 920.799
1,-538,615
Macon
Columbia
1.144.9.55
1
3,021,645
3,148,133
28,099,129
3,124,315
83,005,487
Oklahoma
169.525
1.602.629
1.177.931
4.871.805
i. 080. 029
4.9S7.342
2 .526.203
2,.500.000
Knoxvllle
i.
321.174
5, 730,837
1 948.384
2 252,834
6 317,000
6 635,600
1,.5.55,323
Mobile
670.918
J.501.6.55
6,
Vlcks'iurg
Charleston
)
6 .537.035
Beaumont
Chattanooga
J.654.0S0
.575,035
89,644.783
9.100.000
39.816,458
41,267,116
2,400,000
10,572,148
7.814.495
12.152,393
90,858,294
16,758,523
8,350.000
6,973.784
4.514.680
Jacksonville
MOO..500
854.578
286.010
338.843
21, 087.708
47 314,280
46 800,019
17 341,450
12, 957,149
9, 047,984
9 510,137
11 121,699
10 230.098
4 164.840
4, 061.453
7">0,000
Hastings
',0t'*.-95
1,772 .372.267
744 511.932
3.56 855.863
ISO 182.112
Inc. or
1921.
2,2.50,
798
82,709,140
60,094,810
10,777,284
7,,5f'9.697
6,5ri9.310
3.328..5(i.t
+4
9
-29.2
—,30.9
-19.6
—20.8
— 16
5
5.871.282
-10 5
7,217,9,
-34
2,707,817
2.793,106
2.029.409
4.8r3,53I
4. 300. 600
-10,9
4
+ 1.4
+ II.2
-19.8
— 1.5
0('3. 820
723.891)
—2.3
823
1,709, 463
729.442
-27.7
1.980.31 1
1.573.830
-11.8
.520,
1,188. 399
24.5
-19.0
1.149.124
930. 428
-20.4
9,52,996
7.57 985
-5.0
688,689
5.55. 244
-16.5
435,729
363 V89
15.1
807,8f;3
736 396
-22.7
828 371
1, 072, .507
-12.2
9.57.920
840 392
-25 4
3.082.806
2.299 820
-1
1.
388.593
.345 620
+ 7.2
797.285
854. 946
735 346|Not Included In total
293,926,84 1
1
.330.478.338
—11.1
3,826,841.680 3,060,762,869
122.130.601
84.211.030
44.170.822
12.425.144
9.394.614
99,3,32.264
73.040.366
48.948.302
10..3,52,478
6,645,705
5.117.2,55
3,9.57.919
4,06,5,682
4,1.35,647
5,894.305
7.370.296
2.995.117
2,038.653
4,003,304
0,706,880
2,487,467
2.710,164
1,700,000
3,711,022
3,444,046
780,000
777,870
,725,000
1,990,673
1,200,199
774,266
408,524
2.1I6.,302
5,181,1,56
3,847,210
777,074
729,956
1,902,977
1.654,905
7 10
873. .500
1. 02.'..
525,206
405.83
705.701
970.004
941.416
1
2.50,116
908,8.30
810.743
,528.038
1.9.33.747
1,054.905
484,099
345,035
324.761,774
284,170,0.55
THE CHKONICLE
38
THE ENGLISH GOLD AND SILVER MARKETS.
We reprint the following from the weekly circular
Samuel Montagu & Co. of London, written under date
Dee. 22 1921:
The Bank
of
£126,613,460,
of gold came
into the market, of which a sensible proportion was taken for India and the
remainder for New York. The price yesterday, 97s 7d was the lowest
The following amounts of gold are reported as
fixed since Oct. 6 1919
having arrived in New York: $900,000 from London and $200,000 from
France. The Indian monthly balance of trade continues to remain adverse;
the balance of imports over exports in November last being reported as
922 lacs of rupees as compared with 865 lacs of rupees for the preceding
as compared with £126,613,385
its
A
week.
last
note issue
fair
is
amount
,
month.
The stock in Shanghai on the 17th inst. consisted of about 27,300,000
ounces in sycee, .$23,500,000, and 570 silver bars, as compared with 27,900,000 ounces in sycee, $24,500,000, and 1,520 silver bars on the 10th inst.
The Shanghai exchange is quoted at 3s. 7d. the tael.
of
GOLD.
of England gold reserve against
Quotations
tendency and prices have sagged away.
Dec 7
Nov. 3017348
and bullion in India
and bullion out of India
Gold coin and bullion in India
Gold coin and bullion out of India
Securities (Indian Government)
Securities (British Government)
No coinage of rupees
Dec. 15
7842
17236
7729
17103
7597
2432
2433
2432
6440
634
6440
634
6440
634
was reported during the week ending 15th
PRICES IN
aar uoia
oz. sia.
ro Months.
35'^d.
35 Hd
35 74d.
35>^d.
357/^d
35Hd.
3()Hd
35^d
35!4d
35'4d
MVhA.
per oz. Fine.
98s. lOd.
98s
Id.
8d.
7d.
9d.
11. 8d.
97s.
97s.
97s.
97s.
35416d.
35.729d.
The silver quotations to-day for cash and forward delivery are respectively
the same as and i^d. above those fixed a week ago.
Average
The daily closing quotations for securities, &c., at London,
as reported by cable, have been as follows the past week:
Thur<,.
Wed.
Fri.
London,
Sat.
Mon.
Tues.
Week ending Jan.
Dec. 31.
6.
Silver, per oz
d.
Gold, per fine ounce...
INDIAN CURRENCY RETURNS
Silver coin
Silver coin
Bar Sil
Cash.
SS^/gd
ENGLISH FINANCIAL MARKETS— PER CABLE.
continuation of Duying orders on a considerable scale from the Indian
bazaars for shipment this week imparted a measure of strength to the market and prices rose until 36 ^'ad and35?4id for cash and two months' delivery
were touched on Saturday. The upward movement was assisted by a
Less energy
temporary withholding of Continental and other supplies
in the Indian inquiry rather than freer selling brought about an easier
—
—
December 16
December 17
December 19
December 20
December 21
December 22
SILVER.
A
In Lacs of Rupees
Notes in circulation
[Vol. 114.
98s.
Consols, 2 H per cents
49
British. 5 per cents
91K
British. 4
per cents
83"^
French Rentes (In Paris).. fr. 54.70
French War Loan (in Paris) fr. 80.20
H
The
price of silver in
N. Y., per
Domestic
Silver in
Jan. 3.
2.
New York on
Jan. i.
Jan.
3iH
34M
983. 4d.
97s. lid.
48K
91M
91M
83
54.20
80.20
54.5
80.20
97s.9d.
48J^
91'A
83
54.25
80.20
Jan. 6.
5.
34K
49J^
83
the same day has been:
oz. (eta.):
99%
64H
Foreign
inst.
Jan.
Holiday 34 H
Holiday 978. 9d.
Holiday 49 H
Holiday 91^
Holiday 83 H
Holiday 54.45
Holiday 80.20
35H
Holiday 99 J^
Holida.v 04 H
99H
99H
64%
995^
64.H
65
AT THE NEW YORK STOCK EXCHANGE.
1921
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 bonds upon which interest is in default are still dealt in "flat."
The
tables on the following pages
—
COURSE OF PRICES OF RAILROAD AND MISCELLANEOUS BONDS.
1921.
BONDS
January
FebTtmry
March
April
May
June
July
AugiLtt
September
October
November December
Low High Low High IMW High Low High Low High Low High Low High Low High Low High Low High Low High Low High
RAILROAD
Ann Arbor
1995
1st g 4s
Atchison Topeka & Santa Fe^
General 4s
1995
Registered
1995
Adjustment g 4s
1995
50
501:
5II4
52
5118
fills
511s
5234
515g
5218
5118
SlSg
S3
65
53
54I2
5238
541?
52
54
54
68I4
58
6OI2
7558
79I4
77I4
77I8
7812
7678
7734
76l2
76
76
7738
75ls
7734
73ig
7558
7538
79
7634
7Sl2
775g
79
7758
79I2
86
8412
86I2
75
75
75
7578
78
'7'o'l2
67I4
69I4
69I4
6978
7OI2
68
69l2
6958
7313
7358
73I2
7734
77I4
66
73I2
73I2
79
79
6734
72I2
72I2
7138
79I2
68
68
76
70
70
70
76
68I2
78
73
80
82
78
76
82
81
8312
7834
8I34
81
89
93
84
68
85
72
8434
92
91
92
67 14
7034
893j
73I4
90
71
82
84
69
875s
85
6858
7338
80
83
68
86I2
85
84
85
87
8378
7012
75I2
7.';is
7358
7734
7812
78
74I4
79I8 "7734
"8"o'l2
"77'
79"
86
"S2'U
81
763, 7778
10314 IOOI4 IC2I2
78
7578 76S8
75
77
76
09
76
76
69 Is 73
69
7138
6712 70
72 12
1995 ()93j 73
1955 68M 71
Registered._
_I955
Conv 4s issue of 1910.. _ 1960 81
84
81
East Okla Div 1st g 4s .1928 8418 85
83
1955 05
Rocky Mt div 1st 4s
65
70
Short Line 1st 4s gold.. 1958 73U 76l| 75
Cal-Ariz 1st
ref 4 'ijS .1952 77I2 841s 79
S Fe Pres Phe 1st g 5s. 1942
88
1952 '7634 81"
Atl Coast L 1st g 4s
77
1930 101 IC3I2 u;2i4
10-year secured 7s
1964 7212 78
General unified 4,4s
77>2
1954
Registered
Ala Mid 1st guar g 5s. ..1928 91
9i
1st gu g 4s. 1938 7812 79
Brunsw
1952 68I2 /3
L & N collat gold 4s
6918
19.^4
Sav Fla & VV 1st g 5s
Stamped
50 year conv gold 4s
A.
&
76
67I2
76
6958 '6S'
C8I2
6858
68 ij 71
6858 72
88
79
9934 10234
7434 76
7478
99
74
7634
101
75
7'7"r2
& O— Pr
lien
g 3Hs.l925
"7934
84'
'sil's
72I2
1935
1948 67
7038 6712 69
1948
Registered
1933 6738 7178 68I4 70
Convert 44s
67I2 70
Refund
gen 5s scr A.. 1995 69
72
1995
Registered
93I2
..1929
90
10-year temp 5s
8938 91
1922
Pittsb .lunc 1st g 6s
OS-Is 811?
Pitts Jet &
I> Ist g 3Hs -25
Va Syl ref g 4s. 1941 O2I2 66 "e-ii'a "6"6'i^
Div Ist gold 3 Us.. 1925 7334 79
S
7612 78"4
1925 75
Registered
7.'i
91I4
Clev Lor &
con Ist g 5s. '33 90
Ohio River KR Ist g 5s.. 1935 88
88 "8712 "871a
1937
General gold 5s
84
84
Pitts Clev &Tol Ist g 5s. 1922
TolCin lst&red4sSer A.'59 52I4 55I2 53
551 .
1937
9II2 93
Buff R
P gen g 5s
'79r2
1957
Consol 41, s
SX' 85
85
Allegh
West Ist g gu 4s. 98
&
M
W
W
&
&
Roch &Plttsbcons Ist 6s. '22
1952 ki
Can Sou con gu A 5s
Canadian North debs f 7s. 1940 997g
25-year deb s f h',is g .1946
Canadian Pac debcn 4'{, stock
Caro Clinch & Ohio Ist 5s. 1938 75
1945 95
Cent of Ga— Ist g 5s
9913
67
8"3l2 "86l'2
4s..
PLE&W
76
65
66
8818
75I4
62^8
Registered
.
.
1987
Am Dock & ImpCoext6s.l936
Reglsteretl
1936
...
N Y & L Ur gen g 4s
1941
Ches & O— Fund & Imp 5s. 1929
99
9712
991;
68V
69
68^8
90
79
cons gold 5s
1939 9
General gold 4Hs
1992 73I4
Convertible 4 Hs
1930 731s
Conv secured 5s
1945 82
Big Sandy Ist 4s
..1944
Conl RIv Ry 1st gu 4s. ..1945 65
s
Option
1
sale.
84
65
66
75I2
7.5I2
8(i38
8684
96»4
52
9134
93'.t
7712
7434
73I4
95
86I2
8818
8312
851;
89
85
96S4
53I2
9134
"6"4V,
7838
"5"4'"
.5234
91
79I2
87
1013..
74
89
87
87
83I2
100
7234
89
8212
87
6712
"8'2i2 "sOi's
9712
ens 95
90
99
96
78
85
65
75
75
8II4
7II4
71 14
71I2
71i8
73I4
?4
72I4
75
72
86
8412
8712
72
7084
SOlj
86
84
8412
711?
7Clj
8412 8734
70I4
7JI2
71I4
75I2
721'
77I2
7Sl2
80
81
84
81
84
8-^ Is
72
771s
82I4
73I2 76
771? 82
86I2
83
87ls
921'>
99h 99
92 12
77
761s
8234
6638
67
6058 69
67I4
881s
91
7634
6312
7738
7634
6578 "6i34
79I4 7658
86I4
86I4
95I4
95I4
S3
55
69I2
8712 -8878
601s
'6"3l2
78I4
63
665s
6434
68
69
'b'658
70
6434
7II4
74
"79l'4
'7"9"i4
79"
69
66
72l2
7258
7358
733s 7SI4
¥914 "87I4 ¥8"34 "ssi'i "9214
71
7178
6884
7134
66
6884 ,7112
7OI4 73
91
8912 9158
7978
63
78
66
S3
81
6512
8II2
8612
8fil2
85
85
5278
56
so'
74
72
'8734 '86"
7978
"so" 'so'
SSig
021»
80 '79is "s'osg '783g "so"' 'so" "8412 83ij 8578
10378 1027s 10412 102
104
104U 107 10313 106
76I4 77
8OI2 88I4 8434 8512
79
78
79
88I4
93
801;
71
"85"
80
80
6978
68I4
6934
71I4
91
14
74
94
84
67
81%
83I2
6fil8
70
83I3
8284
84U
77
77
95l'>
951?
7618 7812
9538 9538
8SI2 9II2
7018
713j
71I4
80
7.558
7834
6914
7238
71
7OI2
7358
7738
9358
79
80
7314
7812
76 14
80
14
74
92U 94
9713 97I:
8353 84l2
665g 69
8234 84
7738
97I4
941? 9658
"
85"
69
84
83
"89
76I4
86
72I4
7.578
SSU
8512
8734
9OI4
9OI4
99
62
97
86
99
S878
83
92I4 92I4
.53I3
.5613
.':484
.57
54
89I3
SOis
9II2
9158
79
79
8978
81 14
82
82
5678
9I5s
8212
551s
65I4
"
86"
"86
6.5I2
9838
95
71
71
99I2 99I2
84
83l2
6'7"
;oi2
7134
76
7414
9478
7913
9134
6412
"6"6»4
8712 89
7II2
82I4 "8212
66I3 6858
76i->s
677g
68
89
68I4
661?
68I2
95
8OI2
si"
69
95
89
65
8OI4
76
9918 99I4
995s lOOU 9934 9934 9978 9978
86I4 83.5s 853j 8II3 ¥3'84 84i2 86l£ "8512 "8778 8534 88
8684 89
8884 96
92
9418
102 IO4I3 IO3I4 IO5I4 IO313IO5
10212 100 IOII3 !00l4 101 12 I0C13I03
10834 11 OI2
1043s 112
561; 9813 981s 99I2 9914 10234 10058 1033s 103 IO9I4 107
109
78
7818
73I4 71
76I4 76
7OI2 75I4 73I2 73iz 74
74
68
71
78
8212 85l2
78
86
85I4 89
911. 90
9334 94S4 96
91
90
snvi 8914 93
941
9258 101
'iiu 81
83.18 841;
8434 821s 861s
84
sr^u 87U 8.534 865, 87
90
8884 9OI4
94I4 93I4 98
94I4 98
88
8618 89
8512 8734 8478 90
91
95
91
88
92
69
6918 6938 691. 6912
68
68
7084 707g
87
-. 8334 8334
871s
mi
83
83
81
94I4
81
9758
78I4
781;
7.il2
9778
94
94
95
94
93
99
99I2 99 12
9!.i2
"8018
.
Ist
77
78
"8"4i4
6684 7OI2
"82" "8ii4
6512 '6312
7734 7612
83
"SOSJ
72-\
77I8
72I2
70
8612
87
7512 '7578 "7'834 76
100 10214 101
104
1C2
74I2 741s 7?l2 7612 76
67
.
97I2
6712
99'4
"8812
951s
69
'82"
79I2 79I2
66I2 6838
10134 i66i'4i"o"ii2 101
1945 84
Consol gold 5s
89
91
lO-yr temp secured 5s., 1929 87
Chat Div pur money g 4s 1951
Mid Ga & Atl Div 5s
.1947 __,_ .
Mobile Div Ist g 5s
1946
Ccn RR & B of Ga— Col g 5s '37 '83" "8*4"
Central of N J— Gen g 5s. 1987 !>4 100
8478
8378
7212
72
7058
~
Registered
Gold
68
791s
8358
70
8612
7312
&W
Bait
70
821;
7978
9134
75
797g
92Ir
7634
73I4
751;
80
8234
"78" "78"
8OI2 8OI2
100
99I2
99I2
81
9134
741s
74I2
8112
03
9IS4
8334
S27g
76I4
74
76
76
74I4
8234
81
78
85
67
67
79
943g '94"
96"
8084 803j
95I2 flOis
8O34
9638
85
98
84
"96"
"9"75s
97
9513 95I2 100
IOOI4 10034
SO'i 81 ig
921?
87
7II4 75I3
7II2 75
8212
79
81
82
881s rn:
721,
7212
80
80
81 14
9058
91 '4
76
75
79
75I4
803g 8334
81
ij
78
79
801? 8384
70
70
82
85
85
911?
75I2
9378
92I4
78
781s
8238
70is
8OI4
841:
70is
76
78
82
86I2 9"o"
89
1031" 102 IO4I2
99I4 100
100
1031s IO3I8
861.
935s
79I2
807g
9278
7834
90
96
8Cij
84I4
7934
8312
85
87
8478
90
94
9558
825s
8212
8334
97I2
8434
75
75
86
8678
'
—
.
.
1
"
1
.
THE CHRONICLE
Jan. 7 1922.]
39
1021--C.'oiiliiiiicd.
BONDS
Jnnuary
Februarii
Ifigh
Low High Low
&
Chesapeake
Ohio
August
March
April
JUTU
September
May
JutU
October
Noveviber December
Low High Low High Low High Low High Low High Low High Low High Low High Low High Low High
{roncliidid)
1940
Cralft Valley 1st A 5s
Potts Creek Br 1st 4s .1945
A DIv 1st con g 4s. . 1989
1989
2d con ftold 4s
Spr Val 1st g 5s 1941
Greenbr Ry 1st fiu g 4s. 1940
R&
73
76I2
73
701a 7278
_--. -.-J
726r 7234 72
70
;o
Warm
•TiH "731*
46
44
Chic & Alt RR— Ref g 3s_1949 45
Railway 1st lien g 3Hs.l950 3638 397s 36
1950
Registered
Chic Burlington & Qu'ncy—
Illinois Division 3K'S.-.1949
1949
Registered
1949
Illinois Division 4s
Nebraska Extension 4s.. 1927
37I2
37I2
7OI4
7634
71
68
M & Tr Co ctfs dep..
Regis U S M & T ctfs ...
S
45I2
357,
41
3078
437g
46
35
4(;i«
4534
4778
4634
3812
37
.?7U
39
38
53I2
4134
5034
34
4712
37I2
46
35
417g
321?
4412
34
37
5378
41I2
7218
7OI4
72
72I2
7134
72
6934
72I2
69I4
6912
71I2
75I2
72
74I2
74
75I2
73
70ij
76
77I2
77I2
7812
801,
817,
9034
7834
83
81
82!^,
91
PO"'s
9)1.1
93I"
78
801-1
86
93
84
88
94
.801?
8234
91
801s
87
90
84 14
92
28
27
35I2
80.-'s
79.1,
81
7734
80
79I4
88
8934
8Pii
7OI2
31
S9ii
8.S38
891;;
87
883i
797s
88is
89l2
86I2
7434
87"8
87.'8
841901 >
70
77
SO
78
80
30
281
3C
28.18
28
28
271."
30
•26
26
9C58
905,
SO's
8112
847,
8II2
8"ll2
80
71514
33
32
93
28
28
84
84
70
9012
86I2
SOI2
83
9OI4
497,
953g
1925
1934
25-year debenture 4s
1934
Registered
1921
C L Sup Div 5s
1926
Ch Mo Riv Div 5s
1921
C Pac West 1st 5s
C
Puget S 1st gen 4s. 1949
Mil
Nor 1st ext 4'iis 1934
1934
Cons ext 4Hs
1921
Wis
Minn Div 5s
4s
901.1
70
52
95
&Gd
&
GB&NW
&
&
9734
98
99I4
99I4
6834
64
84I4
&
G Consol 5s 1952
1923
M 1st 5s
StF&KCSh List 4^8- 1941
Chic St P M & O cong 6s. 1930
Chf>c Okl
Sc
75I3
77
60
6s reduced to
3^8
&
&W
63
VV& M
DIv 1st g4s
St L DIv lot coll tr g 4s
Registered
Sp & Col DIv 1st g 4s
Val DIv 1st g 4s
CIn I St L
Ist 4s
CIn S& CI cons 1st g 5s
CCf: & In gen con g6s
Ind HI «c
1st prer4s
Peor 8c East Ist cons 4s
WW
65
98I4
67I4
9878
9834
87I4
8834
85
85
8512 85I2
84lo 8412
6512 67
7534
75
97
97
9858 9858
G9l8
8738
99I8
9158
99 14
99.38
89
9038
10134 104
4«
Clevc Short
I- Ist gu 4'-jS
Colo & Southern 1st g 4s
Refunding & cxt 4 vS
W D City Ist g 6s
871s
8738
89
88
50
5II2
9434
96
85
89
99l2
.
74
74
Improve't 4s
—
Ist lien c<i 15 yr g4Hs. ..1922
Ist refunding 4s
.
.. 1943
20-year convertible 5».
6OI2
49lg
9II1
5234
93I8
76I3
47I2
.
..
79
98
89lj
9812
8912
64
66'i8
9138
891?,
9812
73I8
7538
74
74
741.1
.....
6334
_
_ _
7378
95' "93% 94" "92"
9012
102
70
70
89
le.
"8"4'
87
87
28
79
87
79
90
90
90
51 13
53I4
51
54
93Ss
951?
£8
GSig 102
90
35
3.534
102
1031s IO4I4
IO2I4 IO2I4 lOaig
6858 685s S2I3 82I3
98
92
90I3
9012
5OI4
.
.
79
4OI4
5212
.ICI3
92
931
767s
7812
93
70
66
66
53
96
70
66
66
71
71
7138
713,
717,
76
7678
78
78
66I4
5734
65
69
6(i
683r
5938
.19-18
59I2
7034
59I3
7.358
73
59
58
6013
6334
6234
60 12
70
741s
6II4
5£i8
67I3
64I3
64I4
7338
57
75
61
671o
673,
755,
597g
60
6412
59I2
76I4
76I4
79
79
993s
9938
8734
88
6334
75
58
"6"9r,
O'lj
72I2
OSi"
59
102
63
103
87I2
731-
71
73I3
72I4
68
711)
7II4
721,
79I3
7958
7034
76
71
71
'om's
Oig
71
5234
69
71
7212
6234
102
90
721.1
7612
76I4
75
77
76
66
83
53I2 62
7634 781;
53I3 58I4
6OI3 6512
78
8358
63
78
5534
6.= Is
62I4
76
7558
5912
59I4
67I3
59I8
53lg
59
75
56
63
69
69
80
66Tg
60
73
54
62I2
62
6458'
89
SnU
891,1
78
701"
64lo
6418
Olio
701-
58
64
68
6634
74
771,,
641,
741s
56
59I2
56I3
8978
90
90
90
6018
62
6038
65
SSii"
91
90
89
911"
781?
S95s
67
64
637s
67
79
92I3 94
64
6"7"
63I2 7058
8958
89
9938
913,
933^
9134
r,3
93
92
65I4
_
6212 6412
__
76
_
71 12
93'58
8918
"88"
88
64I4
93
671 1
71
71I2
73I2
82
746s
77
77
96l8
95I2 9734
66
66
67I4
66I4
0714
67
677,
74
7'.1i3
761,
761"
78
7534
7412
78
731-'
76
74
77I4
72I2
82K
82I3
'91^
'9312
94
96
_ _
74
"9"2" '9113 "9212
89
961s
961s
9014
9OI4
88I5
9078
90
89
9OI2
76I''
93
100
70
84
70
.
74
92I4
801s
8II2
82I2
8512
985s 1005g
IOII2IO2
100
90
897g 897x
93
95
91ia 93
94
93
95
95
99I4 1031; 100 IOII4 ICOI3IO2
ICO34 IO4I4 102
1C358 1027, 10534 10234 104 !•> 104 10834 105 IO7I2
IO6I4 IO8I4
961.1 99I4 9758 99I2 9712 98?4 983j IO2I4
9934 104
101 Is 104
103 IO4I4 IC37g 109
lC2is 10218
74
87
70
IO2I2 102l'> iocu 10CI4
9318
93I8
90
73I2
67
67
65
851;.
6938
851?
72
73
90
6934 7134
67I4 67ii
6718 6838
6634 69I2
6534
99
75
88
67
761?
75lg
75I8
99I4
7878
87
99
68
90
70
66I2 6758
651.,
67if
8618
100
7234 7234
66
78
72
81
89
ei
.
66
67
_
69
71
75I2
77I2
8512
7Ci2
69
68
6918
66
67I4
6512
6578
69'
64
661?
6558
6834
6.5I2
68
86
64
86
66
86
65
6738
86
6434
6'9"
7912
62I4
8O34
66I4
631s
9934 iCO
101
83
79
82
6512
6£l2 6738
82
66
6258 643,
99341003,
63
99
643i
ICCis
6II2
9734
82I4
83
66
83
66
8034
83
----
59
95
73
60
68
78
96
73
681?
66
79
77
78
77
88I4
74I4
8934
74I4
87
89I4
86 Is 88 ii
74
7434
65
70
66
66
70
671s
70
68I4 6834
75
67
69
7434 78
8212 83I4
8OI2 91 12
.
.
67
72
67
74
81
82
85'i8
8OI3
6.534
69
76
76«4 757g
73
64
73
05
6558
605,
64
64
77
73
7588
755,
9834
9834
"8568 '8558
54
22
615,
59
26
21
.
83
83
82i«
741,
79»4
84
81
72
7513
73
- -
-
-
-
61
24
69ia
20
61
22
59
6OI2
67
19
2f:ii
181,
81 14
83 12 S4l|
82
80
8OI4
8318
871?
727s
901,
743«
91
91
7358 75
94I4
94
745g 821?
73I2 73I2
78I4
81
6834
707r
7OI2
725,
72.58
79
745g
78
68
711-
7034
91
73 14
73
91
80
76I4
92
9534
80
96
86
63
8?
60
8078
90
68
7Cl2
69
671.1
691s
67
67
66I4
68
65
ICl
69«4
24I2
81
14
6.578
72
68I2
75I2
6634
671$
ICl
823)
6214
66 13
8234
657s
091-
847,
6218
6638
6534
751a
851,
70
78
6834
67I2
67
69
1834
21
21
69
69
971;
62I4
071,
97
7714
82
75
99
04l2 71
65
98
90
95
90
88
84
92
{:4ii
751,
68
67
22
601,
7831
685, 69I4
69I3 70
8.)l3
84
86
78
991,
701?
99I1
72 14
71
76 14
71
78
78
62
64i£
661a
645,
76
221;
885,
I9I2
2(»
8«i2
90'4
9 1 1,
86
86I2
86I3 92
785,
79I1
9!)ip
9!:5g
j).|.i,
82
791
86
9914 IO2I2 100
041a
73
68
7OI2
62I4
68'2
031s
68
66
69
66
6714
64
07
68
68
671a
67»4
67
6712
flni4
675,
673i
683j
6S»4
flS'4
681;
6812
73
eSIa
06l2
0.55,
9fil4
97
07«4
fl7la
»8
98Ir 981,
707,
0612
69
671a
g3>4
68
03l«
.
77
81
.
01
93I4
04 14
041a
0412
96i2
m'i
97
97I2
973,
9712
07.1,
9734
78
«0l2
743,
817,
80
74 12
70 13
7014
80
80
78
80I2
7f»»4
78
7(l»4
.
m
06
06
981,
78I4
981,
80">,
81
80
83
83
10|5, 101
1031? I03»4 105
695, 68l8 70li
88
85I4
761;
99
72ir
931s
64 »s
98
60
93I2
IS5g
OS'z
70i2
7734
60
9(il2
»51h
82
75I4
76
73 14 76
9834 99
8012
72
76
77
72
74
9.V, 97
97
79I2
72
100' IOOI4 lOOU
100
00
79I4
8OI3 801;
83
24
85
837,
8434
80
97I2
78i«
7(il2
73
70
77I4
877,
78
83
79
94
78
82
74
68I2
76
84
7134
S3
85
73I2
811?
«2l2
91
725g 7258
1031, 1031,
10214
1
_
/>97g
13
89
89
88
97I4 1023. 100
79I2 79I2
7934
90
74
lOSl's 103"is
70
9934 '99«4 "0934
83I4
88I2
88
81
90
80
lOMg
77
9934
67
SO
7II3
80
81
81
83.'',
847,
72I2 7638
761, 79I2
JO3I2 1031s I04ig
73
76l2
7/)l2
18
847g
60
70
69
'88I2 '91" 'roi"? "o's
771, 771,
75
76
6SI0
62 Is 6OI2 661; 67
6634 66
6O34 68I4 695,
6534
851,
91
81
"9"0""
8534
67
7!i
76 14
80
IOII3 1013., ICII4IOI3,
83
81
6834
83ig
77/1,
6!)
663,
"6'5'"
77I8
77-ls
871?
7278
80
80
73
93
8OI2
.
7OI2
6618
lOPsIOlVi IOOI4 10114 lonj 10113
62I4
69
5712 60
5812 60
59
6O34 60
97I2 9678 100
94
9734 9378 96
94
96
96
74lg 741, 75
75
75
75
66
6.118
'03'
76
87
83
10314 IO5I2
lOlM lOUa 10134 1021" 1021')
101
61
101
67
68
98I4
6914
6938
68
98I4
72I2
67
75
7OI2
92
8512
6934
82
97
91
8712
7II2
65
66I2 68I2 6334 605g 63
6434
102 102
10034 1C218 lOOlv, ion?
SPs 8118
8312 84
83
84
81
81
6512 6.=l2
64
66
101
lOl
IOII2 icn?
62I2 S97g 6034 69I4 6OI4
53
101
661s
^
9934
_
."11
87
63I2
5734
7138
HOI? HZ
1935 805, 84
«:),4
78
83
81
83
loou 10234 101
1930 I02i»If:4
IO3I2IOO
1017, lO.'H'. IOOI4 103
1946 71
713, 73
69311 7II3 695g
73
731? 73
73
73
1921
1001,1001,
1936 H3l8 6»
63
64
62la 637, 63U 645, 64' Vfc'lz 6214
C>>nsol gold 4',s
67l2
1936 6r,l3 72
68
fi(»l4
flOli
07
07
681
68
68I3
Improvement gold 5s
1928 6714 71
fJ8-',
68
6814 705, 70l| 72
70
70
First «c refunding 5s
1955 43
4OI2
4f)lz
46
437, 4.VI, 44
4«'i 12H tr.Hi 44
Trust CO certlfs of deposit. 40
48
42
44
4018 4412 4334 44
•U'l 45
371a
.
lOycar secured 7s
Alb & Su»<| conv 3';is
Renss Ac Saratoga Ist 7s
Den 8c R G 1st cons g 4s
84"
'8734
87
70
67I2 6958
5Ci8 5918
7234 75I2
5Sl2 63
68I2
64
64I4 69
72I4 7434
5812 6258
6"358
75I2
IOII2 IOII2IO2I4 102
2000 677a 7OI2 69
1923 .... _ . .
66
1923
01
W
Option
88
913,
8678
1
34
99
'
78
67
IO4I2 10034 IO4I4
99I8 9938 99
997g
99I4
1929
1935
.
Delaw Lack Ac Western —
Mor 8c E Ist gu 3!^*
N Yl,«c Construe 5s
«
"8'7'l.i
8738
65
102
1961
1921
Interim ctfs for 1st 6s 1921
Cuba RK Ist 50 year 5s g 1952
Ist & refund 7 4h ser A
1936
fie
Del wir.:8c lluitson
68I4
'87'
9II4
341
83
101
1940
1940
1936
1928
1934
1940
1940
1990
W
Term &
6734
9834
_
747g
7434
773j
96' '92" "94"
99I2 99I2 99
99
1991
1990
1990
&C
Income
2078
28
265r 28
87
28
2.SI1
87' 89'
87
89 '8412
67I2 681s
66I2 68l'» 66I4 68I1
S9I2 61
7313 751?, "7234 "7538
631'
S7is 60
59
645,
64
62
69
631- 681-; 63
65
72I2 77
7378
72
57I2 61
5518 585s
5712 57I2
97I2 98
'91" "91"
6734 68'is
8112 SH'
'9il'2
&
&
Ft
64
6512 6678
Ham&
CIn
7.S
1
761.1
8c
1930
Debenture 5s
1930
Chic T H
1960
S'cast Ist Ss
Chic
1 gen gold 6s
1932
Consol 50-year 4s
1952
15-year s f 7i/:;s..
1935
Cin
D2d g4!^s
1937
Day Mich 1st con 4 >^8. 1931
C C St L gen gold 4s 1993
20-ycar debenture 4 i^s 1931
1993
General 5s Series B
Ref & imp 6s Scries A... 1929
Cairo DIv Ist gold 4s
1939
C
75
84I4
69
68
68
75I2 78
Dcs
. .
Cons
7OI2
6978
66
CR&No
CR IF&N Wgug5s...I921
Keok
7834
68
68
88I2 89
76
7II2
"7534
6018
7£i2 7834
6078 6834
W
W
&
&
90'
"8"il':
8712 90
7634
& North Western-
1886-1926
Extension 4s
1886-1926
Registered
1987
General gold 3Hs
1987
Registered
1987
General 4s
1987
Stamped
1987
Registered
General 5s stamped... 1987
1879-1929
Sinking fund 6s
1879-1929
Registered .
Sinking fund 5s.
1879-1929
1921
Debenture 5s... ._
1933
Sinking fund deb 5s
1933
Registered
1930
10-year secured 7s
1936
15-year secured 6Hs
1936
Registered
St Paul
Trunk 414s 1947
1933
Frem Elk Mo V 1st 6s
Man
1st gu 3i^sl941
Milw S L 1st gu 3 Hs. . . 1941
L S West Ext s f 5$ 1929
1921
1st gold 6s
Ashland Div 1st g 6s 1925
Michigan Div 1st g 6s 1924
Mil Spar
N 1st gu 4s 1947
St L Peo
N 1st gu 5s 1948
ChicR I Pac gen g 4s... 1988
Registered
1988
Refunding gold 4s
1934
1934
Registered .
R I Ark &L4H8rec
1934
Burl
1934
gold 5s
H
14
70
68I1
76
8O34
4312
7934
50
7968
76
8O34
451,
3Sl2
81
801?
77I2
74
34
8OI3
83
76 ig 761,
80
4378
82•^s
82
80 '8
SO
71
45
37
1)
'/8
80
35
81
82
80
71
74I2
7134
437g
—
—
Chicago
66
.1966
general 5s
&
&
&
M&
&
&
63
821,1
Ind & Louisv 1st gu 4s.. 1956
Chic Ind & Sou 50-yr 4s 1956 7118 7118
Chic L S & East 1st 4Hs.l969
Chic Milw & St Paul
71I2
1989 67
Gen g 4s Ser A
1989 60
Gen g 3Hs Ser B
60
1989 75I2 7934
General 4Hs Ser C
2014 60
Gen & ref Ser A4Hs
65
Gen ref conv Ser B 5s.. 2014 68I2 72I2
1932 6712 72
Convertible 4Hs
Permanent
67
«2
3812
C & Ind Coal 5s ctfs dep..
Chic & E III (new Co) gen 5s '51
52I4
Chic Gt West— 1st 50-yr 4s 1959 5014 64
50
Chic Ind & Lou— Ref g 6s. 1947 9612 98
9612 67
1947 8II2 8II2 81
Refunding gold 5s
81
Refunding 4s Series C 1947
&
67
82
701a 7314
7934
Guar Tr Co ctfs of dep.. 78
Regis Guar Tr ctfs
1st
"74% 7438
69
69
72
7612
45
7Si|
1958 77
82
82
General 4s
3578
3U- 3178
Chic & E Ill-Ref & imot g 4s '55 33
29
34
2812
32
Trust Co ctfs of deposit.
3I7s
1934 £412 94I2 95
9518 93
1st cons gold 6s
U
74
72I4
981?
8 134
81
84 14
87
8.178
98la
981?
09
103
"oo>
'6713
.
ion.
741 2 80
9934 102I2
76
74
07
SO
99
996,
90
901,
076g 9768
821
871: 86
874
88
01
H734 8.1 12 92
105l| 102
I05I2 I091»
108
.... 745, 76l2 7.1»4 78
82
I04i| 105
7014 73
99
76
>
•
9SI3
7913
-
85
100
1
_
64"
63'
'661:
mif
671a
0712
r,ni:
n«i3
70
71
4512
08
72
oiiij
405,
371a
/171,
44
44
7234
47s,
47I4
3712
431,
fl«'4
67
70
o's
72
717,
43'7
-l.'i
36
43
7
If-,
70
44
4118
69 ig 7>.l2 715, 7^1,
73
7812 76«4 79
6"0l4
731
72I4
4.1-.,
781!.
74
6OI3
46>4
43
44
441,
1
78I4
43I2 4«t2
72
44I4
45
THE CHKONICLE
40
[Vol. 114.
£921— Continue*!.
November December
Octohcr
September
August
Low High Low High iMW High Low High
Low High Low High tow High Low High Low High Low High
1
1
JanuaTij
i:cm:s
FebrunT-j
Low High Low
HWi
May
ApHl
ilarch
July
Juiie
—
De.ner f: Kio C;rnnclc (Concl)
Mci C,r June 1st rtu ft 5s. 19S9
1940
Rio Gr Sou Cunr 4s
1139
Rio C;.- Vvcst Isc g 4s
73
.
M
iicoHtrS4sSerA..1949
ftTnck 1st lien
l:)C'; »•<
4s.
ft
64
74
"6234 "64" '6212
5078 5II2 5012
73
75
"6"4""
"64" "6312
"63"
52I4
7218
7434
5178 54
River Tunnel
t>ct I'crmTijnn 1st 4!<iS.1961
Oi;l Mlss«l)c- & Norftcn 5s. .1941
(Jul ."c lion Rjnfte 1st 5s. _. 1937
Otil ':. Shcre & Atl ft 5s. . .1937
) lV>.-. .In;,'i.i: & Kust 1st ft 5s J941
lsrcxtcniled gold 7s -1930
Er.i
N >' & Lfie 3d cxt ft 4 iS-I923
1930
l:."! c.\t fjoid 5s
r.rI•^ 5st ioij ft prior 4s.. 1996
.1996
ui ,.r rcicd
Ist ccmiiol fton lien g 4sl996
Dt-troi.'.
76
"875a
7734
'Hh
7612
"88 is
83
—
"9914
7612
Pcmi
coll trust
4s... 1951
ft
Ser A 1953
i;erB..1953
conv 4s Ser D-.1953
50-:.r <;Onv ft 4s
di>
t;o
Gen
.
& brie 1st ftold 5s. 1982
Erie & Jersey 1st s f 6s 1955
(scnevi'e River KR 1st s f 6s'57
<;iiic
_
Dock cons ftold 6s 1935
l>&ImptCo. Istcxtd5s.l943
N V Susq & W 1st ref ft 3s '37
l.onft
"42"
s'S'a
72I2 7278
303.1
"88's
"9'9i4
"99"
91
9II4
31)34
37I8 397s
42
4578
7634 8II2
8412 88
721;
37I2
37
"4"2"l3
75
40
39
41
45
77I2 80^8
82
84
98
98
76
60
76
60
"3958
"36"
36
"76" "76"
58l2 6OI4
Second ftold 4,'is
General ftold 5s
1937
1940
Te.-minal 1st ftold Ss..l943 'Sil2 "8"ri2
Vvilk
East 1st ftu ft 5s. .1942 53
53
Ev & T K 1st ften ft 5s
1942
1921 94
1st cons gold Os
04
~~~~ — -—
Sull Co Branch ist ft 5s.l<y30
7OI4
Flo East Coast ls<:4!.is
1959 75
I'orr St U D Co 1st g4>4s
1941
Ric Gr 1st ft 49. ..1928
Ft VV
GalvHour. &Hcnd 1st 5s.. 1933
Gr Trk of Can a f 7s
1910 ioi" l"o"2"38
1936
I5-^T deb ft s f 6s
Gr Nor N Pac joint 4s
1921 9578 99
KeftisteroiJ
1921 95I2 90=4
General 7s Series A.
1936
1st
ref 4 lis Ser A
1961 80
8212
196!
Rci'lstcred
&
St Paul Minn & Manitoba—
Consol mortftafte 4s.. 1933 8134 83I4
'm
Yyi';
40
50
GO
52
62
75I2 76I4
101
7612
75I2 78
92I2
!>2i2
"o'^'i^
'is"
86I2
89
95
91
95
53
77
5138 54I4
72I2
721?
73
7358
30
38
37I2
401.1 '351":
77
77
41
44
77
7678
7713
78U
¥8"li
"5's""
64
61
01
40
40
53
88
52
88
96I4
— -—
77
"37%
"3'9'34
961s
691? 71
69I2 09I2
75ii 70I2
66
63
77I2
77lf
7OI2
76l2
82
83
82
"57"
"5"7'"
ft
3,'iiS..
46
4.':7s
457s
50
47
50
50
52
98%
99I4
9812
9934
75
7712
71% 71%
76
7S
ib'l'l2
"9934
72I2 72I3
10112
9fi7g
82
80
79I4
9012 9034
7834 79%
sesg
8OI2
77
78
8334
OQ
90^2 ICl
77I4 8OI4
8234
84
Ref&Imp5s
Reftistered
Kansas C Term Ist 4s
Lake E &
1st ftold Ss
W
2d
ftold 5s
.
Norlh O;>lo
I^h
\'
1st ftu
(N V) Ist
ftu
ft
ft
5s
1951 87
87
1951
1951
1963 7918 80
1951 67I4 73
1931
1950 731a 7014
1965
1922 88i8 90
1959 7612 7612
1950 54
501
1950 73
751s
1950
1960 "foij "74""
1937 79
82
1941 65
65
.1945
4^^8.1940
Reftistered
1-ch V (Pa) ften
1940
coo ft 48... 2003
Gen consol 4 js.
2003
1-ch V Ter Rv Ist ftu ft 5s
1941
Lehlfth Vail UR coll tr 6s. 1928
Registered
1928
I.eh V Coal Co Ist ftu ftSs. .1933
First int reduced to 4s.. 1933
I-eh & N Y
Ist ftu ft 4s
1945
Lonft Isl Ist con ft 5s
I93I
is! cons ftold 48
I93I
Gen [^old 4s..
I93S
lerrv ftold 41^1!
1922
Unified ftold 48
1949
—
nel'>;;oId 5s-
84I4
temp deb
89
87
79I2 79I2
99% 101
79I4
79
7134
-
Pad
s
lsift6s
& Mem
82
7I4
73
"
101
8
101
573
7234
67% 67%
8312
.
6%
70I2
-_
99
"4114
"74' '7'5"
37I2 40
42
79
79
82
'4'3'34
'41%
•<7
93
101
37
'7'""%
383.1
6%
6712 69I2
'77"
55
4758
77%
?8'%
35
35
40
4OI4
4284
37% 44
82% SS
81% ao
83
8212 SOI2 82
82
81
77
8031;
61%
55
42
;i'.'
37% 40
"3"9'i''
41% 41
81
47'ri
06
37
'76I2
"37!"3
39
44
821.-.
39%
88
88
gr,
82
.SOi?
83% 87%
83% 83%
"55"
'bb'
"541':; "i'6'14
40
"6"3""
"5213
78
743.
'l¥
ilh &1
"go"
56
6134
39% 40
•.".;
"
"6212
'5"s""
78
78
70:2
'lY
"so"'
G7.-S
67
1C234](;51.; 1025^1
96% 95
6
65
6I2
"53%
"60
52
58
7£% Sl% 78
84
'80"
''!<:.'
88
SS
103% 104
111
71
95!;! ICOI4
'J53j
83I4
83I4
84
7OI2
7II2
68
68
1041.1
SOI2
8514
82
85%
6l£
7
65
"8314 'Sih
102%
l().-)34
80%
8212
851a
86
1
05!.-
78
38
108
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100%
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78
86
82
85
70
70
110
82I4
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88
100%lC3l2 10212 1021. 1C3 103
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92
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81% 85% 86% 89
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89
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83
81
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7238
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69
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6718
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72
7284 77
77
78%
72% 75
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87
:.. 1930 99
74
72=4
7812
77
79
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81
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76% 74% 7634
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60
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84
70
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80
72
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91
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90
90
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95
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76% 77%
85
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71
71
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8912 8912 8934 90% 91% 92%
104 105 10484 106 10584 109
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74
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84% 84% 801." 87%
75
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81
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73
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81)
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06
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69% 65
80% 85% 83% 86%
81%
90
104
Div 4s..
1946
St. Louis Div 2d ftold 3s. 1980 "52" "svr 52% 6412
St Louis Div Ist 6s .
99I4 IOO
1<12I
100 IOOI4
Atl Knox & Cin Div R 4s. 1955 7034 73I2 6912 7168
Option f.ili'.
89
83I4 "82i"i
90
8II4 8238 "so"
90
65
68
6OI4 61
65I3 6OI2 '65"
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79
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60
76
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83% SO
70
77% 78
70% 70% 76
86
78
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"78"
93
73
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68I4 68I4
78
76
7812 8312
7138 71%
9612 9"oia
8512 85l2
"75"
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IO312IO3I2
8512
91
88
99
73
75I2
7612
7113 7Il2
91
7II2
7612
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lOnij 103
84
71
1934
1931
0934
7334
6934
"9313 "93I2 "9334 '<m\ "9234
&
NOScM
8512
8OI4
"88i"2 "8¥i2
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5s
& Lex ft4Hs
7112
74I2 7512
89
6834 76
7Si2 83
VU&MHcon
Louis Cin
70
84I4
I9j7 "60" 6312
Guar ref ftold •Is. .
1949 6O34 003,1
.
N.
ft 5s... 1935
N Y Ro Hch 1 St ft 5s 1927
N Sh ilch 1st con ftu 5s. . 1932
Enulsiam^ & Ark 1st 5s
1927 7)313 64"
Eoulsv & Nashv— Gold 5s. 1937 91
91
I'nifled ftold 4s
1940 8O34 SHi,
Registered
1940
Coll trust ftold 5s
1931 "96" "92""
lO-yeur secured 7s
I.Il930 102l2l04l2
1st & rcfundlnft 5'.,$
2003
20-yenr
8434
9OI2
6I2
84
95% 95%
93% 93%
72
&
Joint 1st ref ser A5s
IMcniphis Div l!^t ft 4s ..
St 1. So 1st ftu ft 4s
Ind HI & la 1st ftold 4s...
Ind Union ften & ref 5s A
Internet &c;t Nor 1st 7s
James F & Clear 1st 4s
Kan City South Ist ft 3s.
997s 10178
81 13 S4l2
IOOI4 10112 IOOI4 1021?
101
88I2 8684 8SI4
8712 88
79I4
IOU4IOII4
82
".n
8234 8234
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8 1 34 82
75I2
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1951
!
Reftistered
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8218
75
O.";
92
81
92
81
76
93
9C
101
'9s" 160" fo'o'u
"96' "o'o" 96
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'5'7"
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54,
5573 54'- 61 's 56
95
100
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93"4
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077s
1'o'l
99.58
QQ AH
89I4
92
77
"oo"
99 94
99 74
O&
Gold 3i,s
"6"7"l2
47I4
99 30
99 40
Collateral trust ftold 4s. 1952 711s 74
7034 7212
1955 7518 77I2 74I2 7012
1st refunding 4s...
Purchased lines 3V.S... 1952 •6934 6934 6912 0931
1953 6SI2 721; 69l2 71i,i
Coil tr C E N
T
I5-ye;ir tonp S^s secur.1934 89^8 92 12 8978 92 li
1936
15-year seiured 6J^s
1936
Reftlsterc-d
Criro liridfte ftold 4s .. 1950 73I4 73I4
Mtchfield Div 1st ft 3s 1951
1953 «4l2 6712 66
I.ou Uiv & Term ft 3 .,s
68
1951
Omaha Div 1st ft 3s
St Eouis Div
Term ft 3s 1951
Gold 3',s..
1951
Ueslern Lines 1st ft 4s.. 1951 fiia 7112 7II2 7II2
Belle & Carond Ist 6s
1923
ChSt E&NOftoldSs..
"55"
46
9978
98^8 9K38
87
90
97
98l.t
&
1st
77li
52
83I4
80% 78
94% 94% 95
8334
95
44
52
82 Is
IO2I2IO2I2 100
10
10% lOl"
73% 73% 77
61% 64%
5838 65
70
921?
4078
"
84
77
77
90
39% 37
'6278 "o's"
801?
77
95
30
8Clj
37
&
&
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39
733s 74
40
3?
78% 77
9714 9878
97I4 98
&
'4'4'l4
56
98
M
54'2 57
4112
9734
84
531s 58I4
80%
77
97
1933
l-jt consol ftold 6s... 1933 IOII2IO2
10112 IOII2 99I2IO2
88I4 90
Reduced to ftold 4;4s.l933 8712 92
S7I4 88I2
1933
Reftistered
Mont Ext 1st gold 4s.. 1937 81 S2I4 81 14 82
8II2 82I4
1937
Reflslered
80
80
Ky NoDiv Ist ft 4s_. 1948
76
75
Minncap I'nion 1st ft 6s 1922
99I2 "99" "9"9'"
99
Mont C Ist Cii ft 6s
1937 '96l'2 9012 103 103 IO2I2IO2I2
94I4
1st ftuar ftold 6s
1937 90
V. ill
S F 1st ftold 5$ 1938 90
90
Gr Bay
West deb ctfs A
65
65
70
70
Debenture ctfs B..
7I2
8
712
71s
734
57s
Sh
I
1st
ref
Ga
ter 5s ft 1952 6934 6934 6834 6884
73I4 7612 7278 741;
Hock \al 1st con ft4'2S...1999 69 70
<;<)! St lol Istext43. .. 1955
1937 76
Hous llelt Ter 1st 5s
84
Illinois Central lstg4s.. 1951
82
831s 8318 82
1951
Reftistered
. .
1951 71
1st ftold 3'js
7"l
"881s
75
97I4
ke-'istered
8OI2
S's'l?
4*10 4514
821a 8212
10212 lOO" 162 1's ico"
82
7812
7812
3412 39
43I4
37
"5"7"l2
"5S7s
7812
77
39I2
43I2
97
99
66
6134 6378 62
63
63
1017s 101
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39
37
6£l2 5812
6212 6212
77
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5812
40
"68i'2 '70'i4
64
"3912 "4Yr2 '4iis '4418 '39!"4 '4212 '411"! "4418 "41 i;
3612 37I2
3812 41
767s 7834
'66%
5OI2 54I2
861s
52I2
751?
"6'8'34
57I2
S0l£
78I4 7SI4
91 14 9II4
~~~~ — — — ~~~~
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75
"fi'd"
6112 5234
99
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81
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&
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91
"96"
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81
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80
goij
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7434
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1995
1995
. -
is
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73
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77
79
82
—
—
Jan.
——
.
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11
.
.
21
.
r
THE CHKONICLE
7 1922.]
1921
41
Coiilirurd
1
UONDS
Jiinuiinj
J Ugh
Ltiw
March
Imw II loll
Vihrnani
how
lliiih
April
Loir
Ijii
10
IHiih
Low
70
83
70
85
80
70
86
\
iiinii
Knox
Atl
Hund'son Udiic
Ist s f As «! 'Ji
Clentral (> 4s .1<)87
K 1st SO-.vr 5s fill . 1965
1st ft 4 js.'45
N MOl>
N-Sou Mon joint 4s_1952
Lfx
L&
L&
&
&M
N Fl & Slicf 1st gu g5s-.1937
Npt & Cin (ion fiu U 4 '^s '45
Pcnsaioln & Atl Ist 6s .192!
W
8
3s
87i|
8I3j
filiis
7()i2
6538
713.1
90
90
1
711.,
85
86
«l's
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8512
.
"82"
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.
99
99
.
991s
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941
S2I<
(;57s
(is
65»4
68
6()Vs
H'i^"
84
83
87
83
701s
80
8.-.I2
87
81
81
65-38
66
.
9934
101
100
71--.«
6412 66.%
(>6
7()i,s
80
65
"85
"si
993s
66I2
68
83
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71
8'ii,
66
67
821,
82I4
68I2
69
.
67"s
72l>
76
71
40
44
4OI2
4-i
48
40
70
40
42
45
40
45
45
711'.
6912
4178
707s
44
40
41
7813 8412
90
91
79I4
81
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.
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75
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69
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39
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72
70
76
981,
697g
301s
3OI2
401;
73
34
76
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35
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45
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41
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40
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7538
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80
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90
90
80-5s
92I-.
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9OI2
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8II2 81-38 86
80
92
97
925k 93
99I4 IOOI1 IOOI4 104
421..
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397,
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65
70
68
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87
771s
90I2
89
89
90
7,8-54
60
56
6884
5734
39
36
36
38I3
37I2
3612 37I2
55
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.
39
39
69
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6878
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6OI2
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56I4
36
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37I2 41
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35
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.
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91
75I4
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6034
58
60
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64
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35
35
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58
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36
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61
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58
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57
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.:.:
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57
67
GO'S
69
6018
65
62
58
56
-.
-
32
-
55
St Louis Division 5s
7Si2
80
7714
7Sl2
9212
9J
9OI2
90I4
87
85i8
5312
86
S9
83
5534
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54I4
74
79
72I2
75I8
5Cl2
72i>i
79
_
'58"
75
.
10-year coll trust 7s
67I3
74in
72I2
591?
1997
1934
1942
.1998
1998
1998
Lake Shore coll gSl^s
Registered
C;en t coll g 3 Hs
Registered.
9914
861
703,
6834
9Gl> 100
69
90
57I2 60
62
771.'
941-
77
76
99
99
23I2
25
21
755s
SOSg
82
53
7334
7534
371b
72
70-34
74I2
511'
4Slj
51
261,
28i,s
27
48
57
56
5-5I2
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25-year debenture 4s..
1931!
N YOinnect 1st gu4|XsA.1953
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885s
5'1l2
2834 2834
16l8
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76
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71
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L r:h 1 >t gu g 4s 1948
guar
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...»
1
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..
80
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Rutland
St l.nwr& Adir Ist g5s 199f
lltica fie III Hiv gu g4s
I92i
Pitts & 1. IC 2d g5N Jan 1921
SO
6SI2
1940
Istgold3^s
...1952 66
debenture 4s.. 1929 77
1st 4s
51
2678
32
85I4
6634
645s
27
1991
1931
20 -year
Canlstgug4s
715g 75I4
74I2 74I2
45
5112
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75
1
90
99
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gug4s.
m
24
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199fl
60
Battle Creek & Stur 5s 1989
Beei h Creek 1st gu 4s
1936
Registered
1936
Bch Crex Ist gu g3</^s Feb'51
<;arthagc & Ad Ist 48
1981
Lake Sh & S g 3 ^^ s
1997 68
7114
Registered . . . ... 1997
Debenture gold 4s.. I92H 83
86
Registered 4s
1 928
L
25-ycar gold 4s
1931 8OI2 85
Registered
1931
Michigan Central Ss
85
(jyiig
7/58
57I2 62
631s
89.18
8912 92^8 89
903] 903,
88
88
10119
1930 101
10312 ioi' 10312 100
72I2 6912 72I2 67
1998 67
701?
76'8 79
2013 7Gi8 81
78
82
Consol Scries A 4s
Ref &impt4'isA
N Y Central & Hudson RiverGold mortgage 3Hs
1997 67l2
Registered
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30-year debenture 4b
84
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9(1
.
7453
fUh 94
.
Orleans Term 1st 4s.. 1953 6 134
N O Tex & Mex St Ser A 6s 1925
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...
1935
99
85
85
I
.
9413
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80
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._
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1
94
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Jasper Brch 1st 0old 6s 1922^ 98
Nat RysMex pr lien 4;is.. 1957] 23
Guaranteed general 4s..l977|
'_
October coupon on
1914couponon
]_
_
Natof Mexprlien g4!^s
1926| 27
1951 _ ..
1st onsol gold 4s
19I4couponoff
17
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NO&
87
97
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.
.
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36
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W
Verf'igris VI
192(1
5s
Mohile-'fe Ohio naw g 6s... 1927
1927
2st extension ^ 6s
General gold 4s
1938
Mcntgom Div 1st g 5s... 1947
t Option sale.
72
93
9II2 9112
39
40
43
68
68
39
58
St I,ouls Iron !Mt & South
Gen con ry & 'd g 5s
1931 S3l2 9OI2 8512 88I4
tnif fie ref gc)!a 4s
1929 7OI4 73I3 7.112 72
7II2 6712 70
Riv & Gulf Div 1st g 4s 1933 67
_
70
-
A
Istextg4s.l938 78I4 781
2d extended i?old 5s
1938
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71.-.«
75
7634 7834
627s 65I2
^01, 9312
411' 47
PacRRofM
West Shore
841,
B
Cumulative ad Ss
RutI'
89
90
84 14
72 Is
68-34
697s
421i
41
441,
68lg 70
40
41
4II2
90
_
Missouri Pacific (newco)
1st & refund 5s Ser A...1965 79
1st & ref 5s Ser B
1923 8'>38
• 1st & refund 5s Ser C... 1926
86
General 4s
1975 53I2
Missouri Pacific
3d 7s est at 4%
193S 72N
Og &
8S3/I
8-!i:
.
831,
903,
35
67.^s
41 13
77
781s 80
.... _...| 87
M
Ist
84 14
.
.
83I4
83
70%
42
40
25
3C
1st & refund mtge 4s... 2004 5012 55
54
54
Trust Co ctfs of deposit. .
1936 305s 31
General s f 4''s
33
33
Trust Co ctfs of deposit. .
2001
St Lou div 1st ref g 4s
Trust Co ctfs of deooslt
40
2-year 5'^y. notes extd tr rects 40
Trust Co ctfs of deposit.
1940 61I' 57
Dal & VVa 1st gu g 5s
Kan C & Pac 1st g4s .. 1990
1942
&
Mo K E 1st gu g 5s
Trust Co ctfs of deposit . .
69
1942 65
Mo K & Ok 1st gu 5s
Trust Co ctfs of deposit
K & T of T 1st Cu « 5s 1942
Tru"t Co ctfs of deposit
30
Sher Shrev & So 1st gu g5s'43 30
Tex & Okla 1st gu g 5s 1943
Mo Kan & Tex Ry (new co)
Moh &Mal
88-3i
993s IOC's
Trust Co ctfs of deposit
.
1990 36
2d gold 4s
Trust Co ctfs of deposit .
39
Mich
88I2
Svij
.
MoKan&Tex— Istg4s...l990
&
73I2
-
.
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40-ytar 4s series
73I2
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.
9034
101
1«
.
81
66
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&
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8C1|
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ft
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&
&
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H7h 87
soil
.-
5s.,. 1936
Gen cons fiu SO-j r 5s . 196 i
Lou Jiff BdfSe Sii ft 4s. 1945
Colonlz H 5s 1934
Munitn S
Manila KR Sou lines 4s 1936
1st gold 7s. ..1927
Minn
1934
1st cons gold 5s
1949
refund gold 4s
1st
1962
1st
ref 5s Series A
Des
Ft D 1st gu g 4s. '35
.1938
Iowa Cent 1st gold 5s
1951
Refunding gold 4s
St P
S S I\I con gold 4s stpd
1938
payment of Int guar
1938
1st cons 5s
1931
lO-yrcoll tr g 6'.s
Atl 1st gold 4s stpd
SS
payment of int guar. 1926
1949
Mississippi Cent 1st 5s
&
87
7II4
-
S&N Alacon gu
'
72
72
'
It
100
1
Kentuiky
New
N
.Septemlirr]
Aiigusf
OrtolicT
rvcmhcr liexemhtr
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Jiiljl
Low
//I'/li
& Nashv (Cnnclmkd) —
& No Ist A 5s 1946
Loulsv
R
June
M(Vi
Illijh
85I4
99
99
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84
78
81
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78
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80
82
H3-34
7C34
821.
41
413,
42
781
79
1
1
1
U
8312
THE CHKONICLE
42
[Vol. 114.
1921— Continued.
September
October
August
November December
Jvly
June
May
ApHl
March
FebTvary
JanuaTij
Low High Low High Low High Low High
Low High Low Htgh Low High how High Low High Low High Low High Low High
BONDS
NYN H &
1
Ha. t ford (C<mcl)—
Registered
4OI2 4012
'47
"54
4212
45
1954
4(;l4
4014
Non-conv debenture SJ^s
Non-conv debenture 3Hs
SO
Non-oonv debenture 4s. 1955 44
49I2
Non-conv debenture 4s. 1956 46
Convertible deben 3K'S-'956 40ls 45
194S G5l2 7278
Convert deben 6s.
41
4278
'4"7'
'il'
39I2 42
6512 68
37
42
40
40
44I2
35I2
4OI2
65I2
60
43
35
38
i
40
38
37I2
35I2
40
42
3934
4218
36
59
3934
3934
37
41
4II2
"41"
4138
39
4212 43I2
4218 4234
35.14 3612
62
6414
59
62
59
6II4
6058
6058
31
31
30
30
40
36
1948
Registered
34I2 35I8
37
37
32
3834 41
39I2 4012
35
3812
58
36I4
Cons Ry non-convdeb4;. 1954
38
&
35
52
37
6112
"36"
41
41
Y
"4"8""
RR
&
&W
&
1932 96
96
1938
Convertible 4 Hs
10-year convertible 6s. 1929 10334 105I2 102
1941 7612 80
78
joint 4s
Poca C:
Col Con
1st gu ft 5s.. 1922
75
'
ScioN&Elstgu ft 4s. -1989
7SI4
North Pacific— Prior 4s. .1997 "7.534 "79
.1997
Registered
54
General lien ftold 3s. Jan 2047 54I2 66
&
&T
54I4
Jan 2047
Registered
Ref & Imp 4Ks scr A 2047 "77I2
Ref & impt 6s. Series B.2047
1996
St Paul-Dul Div ft 4s
N P-Gt Nor jt conv 6'iS '36
St P & No Pac ften ft Cs.l923 9858
1
10434 100
103
78I4 7612 77
77
7734
5534
64I4
8II2
9234
9234
90
90
Wash Cent Ry
Nor P Ter Co 1st
75
75
7358
7612
53I2 56
53I2 56
6412
56I4
6234
79
73
781?
75
75
7538
9638
88
88
9612
97
76I4
76I4
8118
9638 9658
9858 9858
99I2 100
99I2 99I2
&
RR
26I4
32
61
61
47I4
54
44
IO6I2 105
74I2 70
6Ks
36
65
37
40
6II2
5718
S2I2
62I4
s'l"
40
32
40
33
31
331?
58
68
52
61
61
49
3158 35
3218
6112 6'4'l4
5838 59
45
4812
105
70
6712 69
'84'
S.'^l.i
1936
1942
Gu 3Hs coll tr reft ctfs-. 1937
1941
Gu 3'.'.<jcoll trctfs B
Gu 3!^strctfsSerC 1942
Gu g 3'<is tr ctfs Ser D 1944
Guar gold 15-25-year 4s. 1931
40-yr gu tr ctfs 4s Ser E. 1952
Clev
Mar 1st gu 4}2S 19.35
&
Clev & Pitts ftu ft4Hs A. 1942
1950
Series D 3' s
GrR&Iexlstguft4>iS.1941
Tol W V & O 1st gu 4WsA '31
1942
Series C 4s
P C C & StL ftu g4MsSerA'40
.
B guar
68
1942
8OI4 8378
"67*
¥7"
8412 8558
85
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H
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9358
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82
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81 14
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6II4
6618
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73I8
60
96
866g
39
607g
7378
98
8558
3934
64
95
1st ftu ft 5s 192S
Roanoke Ist Ss.. 1926
Scab &
Southern Pacific Co
4a ft Cent Pac coll.Auft 1949 70
8378
79
7212
75I2
80
63la 6312
GaCar & Nor
8378
72I2
75I2
77
"s'e""
81
"6178
4734 4OI2
.
72
6778
"7412 'iih
8II2 83
955g 9553
"67"'
84
..
78I4
6234
8I34
84
99«4
SS12 8812
82
85I4
IO3I2 1064i
88I2 88I2
82
85I4
85
8fil2 8718 "89'
"9'4l2
9238 94
7858 8138 SII4 89
85
8734
93lg 97I2
8778 8912 89
99
10314 10512 IC5I4 IO7I4 105 107
69
7812 781s
7114 7II4
80
63
St l.ouls & San Fran (Hcory Co)
63I2 6058 6 134 59
Prior lien 4s Series A
1950 61
7II2
7134 74
Prior lien 5s Series B
1950 731a 76
8512 88I2 85
Prior lien 6s Scries C...1928 8458 90
Registered
1928
"
64"
1955 "64U 6'6"34 'eii'a "66
Cum adj Series A 6s
6II4 47
1960 48
4878 445s
Income Series A 6s
Registered
...1960
St L & San Fr Gen g 6s. 1931 951a 97 Is 9712 9712 97
8834
1931 87
<;cneral ftold Ss.
88
St I. & S F RR So
D ft 5s '47 77 77
Mcon ft 6s.. 1928 95 96 96 96 93I2
K C Ft
K C Ft S & M Ry ref ft 48. 1936 63 67i8 0418 67 6312
78
KC & M R & B 1st ftu ft 58 '29 82»4 8234 "66"
"6"7'i2
64I2
69
St Louis Southw— 1st ft 4s. 1989 66
68
2d ft 4s Inc bd ctfs.. Nov 1889 58
55
"64'
6II2
Consol ftold 4s
1932 6234 65 "6212
unlf Ss
1952 6278 6634 64
6534 62
1st terml
1943 58
63 1« 6218 63
()3
S A &
1st ftuar ft 4s
68I2 58I4
67
1950 6OI3 69
Seaboard Air Lino ft 48
.5378 65
1950 S2l2 57
Stamped
527a
AdjustmentSs
Oct 1949 36l8 39I2 33I2 36
32
43
37«4 4934 .36
1959 40
Rerundlnft4s
5II2
51
55
47
1945
46
1st & cons 6s scries A
65
Atl-Blr 30-yr lBtft48.May '33 66
5978
1st land grant ext ft 58. 1930
Consol gold 58..
1943 75
Gn & Ala lstcons5s Oct 1945 80
75
80
101 10258 1026g 107
10112 10112
8212 8212
-..:
9934
82I4
8312 8312
Caro Cent 1st cons ft 4s. 1949
Fla Cent & Pen Ist ext 6s '23
80
78
8878 8878
80
40I2
60
79I2
8412
87
70
7458
IO4I2 105
IO5I2 IO5I2
70
7234 6712 7038
81
&W
1929
1929
1934
1934
Cent Pac 1st ref ftu ft 4s. 1949
Mtft ftu ft 3,^8...Auft 1929
Thro St L Ist gu ft 48. . 1954
« OptloDsalc.
45
32I2
79 18 79 Is
RR &
June
5512
29
70
60
72
1945
Series D 4s guar
Series E 3 HiS guar ftu 1949
cons 4s ftuar 1957 "so"
Series
cons 4s ftu
1960
Series
Series I cons 4Hs ftu 1963
cons
Series J
4Ks ftu 1964 84l»
..1970 813s
Gen 5s Series A
1932
ChStL&PconsftSs
Phlla Rait
lstft4s 1943
Can Co gen 4s '44
I) N J
Pere Marc|— 1st Scr A 5s.. 1956 82
1956 66
1st Series B 4s..
Philippine Ry 1st 30-yr sf4s '37 3,'il2
L E 1st ft 5s. 1940 81'4
Pitts Shen
Reading Co ften gold 4s .1997 78I4
1997
Registered .
Jersey Central coll ft 4s. 1951 86
1947
St Jos&Gr Isl lstft4s
Convertible 4s
Registered
Convertible Ss
Registered..
"70"
36 14
32
62
6778
ft
S&
105
71
4058
43
40
79 18
76l2
"99"
ennsylvania Co gu 4^8-1921 '98%
1921
Registered
Series
105
73
6134
41I4
42i8
75I4
SS34 88I2 85U 8034 8412
77% 7958 7534 7834 76
85I2 8Sl-> 8334 86
84
90
10334 100
103 100 10314 IOOI2
IOOI4
...1930
"99" "9"9'l2 "96" "9"9"l2 "94r2 "96I4
9478
1936 '9934 l"odl4
Registered
Alleg Val gen gu ft4s
9612
4134
3934
35I4
637g
3612
10178 10178 IO2I4 IO2I4 106
106
lOHi IOII2
IOII2IOII2
10212 IO2I2
8OI4 77I4 79l2 "79r2 "85" 8434 87
781; 77
7812 7812 79I2 81
8358
68
1948
1960 88I4 92I2 8718
1965 78I4 8^^6 7014
88
1968 SGig 92
1930 IO3I4IO5I2 IO2I2
Registered
15-year secured
"73"
39
38
101
9II2
75I4
1st ft 4s. 1948
1933 1C6
ft 6s
ref 4s. 1961 7OI4
Oregon-Wash 1st
Pacific Coast Co 1st ft 5s. 1946
Paduc3h&lllslstsf4i,s.l955 76l2
Penn
1st 4s real est ft. 1923
1943 "si"
Consol ftold 4s
.1948 81
Consol gold 4s
Stamford Sbonds
Consol 4Vis
General 4Hs_.
General 5s
10-year secured 7s
7034
75I2 7612
7434 7634
76I4
7434
9612 9634
99I2
99
39ig
41
36
1
10312
10014 10178 101
77I4 74I8 77
76
Registered certificates '23
St Paul & Duluth 1st 5s. 1931
1968
1st consol gold 4s
AP
40
34I2
10138
&
10-20-ycar conv 4s
38
4018
'48I2 '5"d"
&
&W
39I2
36
35
R & Pt Ches
&
&
3478
39
3812 3812
3838 3838
3958 3958
1
35
32
"42"
36
63
6"7'
63I4 63I4
64
68I2 68I2
66
68
69
1st 4s '54 69
B N Air IJne 1st 4s. . 1955 "52"
"44" "44" "40"
"52"
".51' "52% 'sou '5"o'i4 "4612 "4"7"l2 '3914 "3'4'78
1961
'bi'
'bi'
Cent N li 1st guar 4s
70i8 7018
con ft 5s.. 1937
Housaton
.33 12 37
36
35
40
37.1J
N Y W'chcs B 1st 43 vS. 1946 35I8 43 38 4212 35 39I2 3434 37 35
26I4
27
27 "56"
30
30
30
30
Providence Sec deb 4s. . .1957
"58"
"61"
59I2
S7i2
59
56
"s"9"'
57
5812 62lf
63
64
66
1st ft 4s. June 1992 60
N Y Ont
54
S7I2 49I2 49I2 64
51
1955
General 4s
39
4212 4258
4278 45I2 3958 44
Sll2 40
46
ref A 5s. 1961 45I2 54i« SII2 5478 46
Norfolk Sou 1st
73I2 73I2
73
73
Norfolk
South 1st ft 5s.. 1941
10138
103 103 10034 10034
West gen ft 6s 1931 102 1045s 10178 1C3
Norfolk
ext ft 6s. . . 1934
Improvem't
10034 10034
101
lOISg 101 Ss
101
New River 1st ftold 6s. .1932
"76" 'I'i' 7378 7512 74I4 7934 7618
Ry 1st con ft 4s. 1996 "76r4 so" 70 7814 "75i'8 "7'7"l2 74I2 78
Nor
75I2
75I4 79I2 80
74I2
75
76
75
76
7814
1944 747s 77I2 7512 7618 74
gen ft 4s
Dlv 1st
75I2 7Sl2
8018 sols
75
1932 75
75
77
10-25-year conv 4s
Harlen
35
64I2
6578
641?
.52"
6,57s
6712
061s
"5"4"l2
1434
2.5I2
33I2
39
47
9978 10078
93
9312 "94"
100 102
6912 7634
69-14
60
60 U
7"6'"
lOOi.s
9.5"
lOMi
73I2
76
871s
871s
73
77
65
73
68
67
7.5I"
67I4
70ll
7058
69I4
73I2
7JI1
717g
S3
58
50
55
,52
64I4
ini2
3OI2
4434
5834
4834
537g
I3I2
1534
1434
32
31
346s
38
39
3834 45
5834
0318
69
6212 6212
"90' '98"
95
95
953s 95
84
84
8518 851s
'78i"4
76
77
8OI2
"s'd"
78
70I4 7OI4
6838
683s
"84"
"s'i"
85
85
87l2 8734
8758 88
68I4
78I4
701s
67I4
7734
6934
79I8
6658 6878
78
7018 7278
8CI2 83
66I2 66I2
7134
8II2
72I2
76
68I4 73
771; 8OI4
68I2 68I2
74
79
8412
83
7418
847s
7334
S41;
SOis
8SI4
78
86
80
88
95I2
88
89
86
8912
86
89
88
89
90
94
92
93I4
9II4
92.14
92I4
95
95
97I2
7278
77I2
7214
731;
78ii
72I4
77I2
6718
74
70i8
72I4
745s
741s
77
75
771?
77I2
82I2
81
8234
78
79
7OI4
80
80
86I2
6978
72
73I4
74I4
84
77
85
69
8168
72
821;
681;
6CI4
7134
82
67I2
7334
79I4
72I4
7234
7,S34
71I2
78I4
6934
7612
82
71
77
74
2
J
.
2' "
21
J
1
THE CHRONICLE
Jan. 7 1922.]
43
1921— Continued.
BONDS
January
Low
Southern Pacific (Concludtd)-Gal H & San Ant 1st 5s-1931
1931 90
2d guar exten 5s
Gila V G & N 1st gu g 5s_ 1924
1933
HE&WTlstg5s
1933
1st gu g 5s redeem
1937
gu
5s
int
1st
C
g
&
Tex
H
1921
Gen
84"
1937
SP Coast Istgu g4s
1943
Tex & N O cons g 5s
1955 75
gu
4s_
ref
1st
So Pac RR
San Fran Term 1st 4s ..1950 69
Southern— 1st cons g 5s. 1994 85
1994
Registered
Dcvel & gen 4s, Ser A. -.1956
1956
Registered
Mobile & O coll tr g 4s_ _ 1938
1996
McmDiv 1st g 5s
1951
St- 1 niv 1st g 4s
&
&
Char A L 1st A 4i^s '44
1st 30-year 5s Ser B.._1944
1948
Danv 1st g 4s
Atl
1948
1949
1930
1956
1938
1st gold 5s
reorg lien g 5s
Cons
E Ten
90
SSlo
83l'>
7812
7612
7()
70
8934
8934
92I2
92I2
88
95
88
95
92I2 92I2
92I2 9213
80
"gs"
83
88
863g
88
91
"89I4 ¥01
89'
"pi" "8812 '897, "§9"
94
94
"9012 '9'2"
"9'l'l2
78
78
7.''.l2
7678
75
765s
74I5
7658
7318
7434
74I4
78
7.534
7OI2
83'4
72
85
7OI4
70
82
721;)
68
6878
70
73
8334
783s
7334
8458
82
8412
SOlg
82
8II2
73
8512
5858 6112
68
6012
57
587g
57
5878
56l2
5818
55
56l2
6684
58
57
5838
59
6934
6712
59I4
58
5878
5818
601r
601s
593s
61
59I2
86
83
83
60
83
58
80
5012
8234
801.'
8212
81 14
6718
6178
8312
6718
90
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Atl
March
FcbTuary
llUjh Loio
..
.... ....
86
11
8'4
60
69li
6Q84
83I4
83I4
83
4812 61
16
17
38'2 40
HOI2
• ••««
.-•«•
,... ....
....
THE CHRONICLE
44
[Vol. 114.
192B— CojitinMcd.
1
Augmt
April
May
July
June
March
January
Februar;/
Low High Lmo High Low High Low High Low High Low High Low Hlgl Low High
DONTJS
Milw EI Ry
&
Lt (Cmdvilca)—
Mont Tram It & rcf A 5s.. 1941 671- 71
New Orl Ky ik. I,t ticn 4), s. 1935
_19(i6
N Y Mimic I'.y 1st .\ 5s
New York Rys 1st & ref 4s 1942 20 25"
Trust Co certifs of deposit.
1712 2112
Adjustment income Ss .1942
NY
Trust Co certifi of deposit
State Rys lstcons4i{.sl962
aig
6
5
4Cl2 6318
.3
Portland Ky 1st & rcf 5s. .19.^0
Portl Ky, L & P conv 5s. 1942 "56"
7212
72I2
50
SO
"22'
TZ
"is"
1712
20
20
6
4
16
5I4
49%
5
5II2
73%
72
"2"2""
19
&
7':sserA...1946
ref
.
6I2
57s
4
48
50
"75"
"""*
— ._—
..._
"2"0"l2
22
2CI4
4I2
SII2
so"
.
"2(7
5
5
.
1st
"20"
"2"!
20
22
3
5
5I2
£3
"7'5"'
747a
3
68
Un Rys Inv— 3s
67
68
"3(5"
'36
;
72I4
74%
"i8i2 '22
1712 19
5%
-i
52I2
5434
69
7j^
72
74
4I4
4I4
53.1
53
"69"
— --— »-_
Portland Geu E!ec 1st 5s.. 1935
" "
1937
.
St Jos Ry, L, H&P5r.
St Paul CCablecons5s_._1937
43I2 47I2 43
I960 4034 47
Third Ave 1st ref 4s
33I2 28
Adjuscment income Ss.. 1960 25
.32
29
8 ij 79
79
Third Ave RR 1st Cold 5s. .1937 75
79
9 Us
Tri-Clty Ry & I.t Jst s f 5s. 1923 88% OO'i 9178 93
68
~ ~~~~ ---Undcrftr'd of London 4 Ks. 1938
....
"20"
19I4
.5
5I2
4%
53I2
S3I4
"7"di2
"2"ri2
19I.
61;
5
57
'67% "69"
&
GAS & ELECTRIC LIGHT
COMPANIKS
Bklyn Ellison Inc Sen 5s A. 1949
19.<0
General 6s, Series B
193U
General 7s, Series C
1940
General 7s, Series D
76
70
50
33'ls
33
O8I3 6912
49I2 5012
'32"
74I2
4734
74 12
47
45I4
48
47
337s
30
?V
32I2
78
SO's
781s
C-I4
93
92
79
93
'
67
47
47
70
47
3034
3Jl2
OC.34
"3"4"3j
29
3678
351.1
32
32
34% 30
34% 30
3034
32
32
64
32I2
6712
3078
SO's
63I2
3512
65
60
C3I2
()0l2
80
7812
79I2
78
79I2
7S34 79I4
88I2 89
77
74
77
75% 76% 76
Bklyn Un Gas Co 1st cfi 5s. 1945 71
Cine <;as & El 1st & ref 5s 1956
8334 8334 83I4 83I4
81
Columbia Gas & £1 Ut 5s.. 1927 "82i"2 "86I2 8534 89I2 8412 85
8il2
85
85
85
86
48ii
3312
44
25
Detroit City Gas Co g5s_.1923
Detroit Edison Co 1st 5s. 1933
1940
1st & ref 5s Series A
1st & ref 6s Ker B July 1940
DuquesneLt 1st &coll 6s Ser A
Havana Elec Ry cons g 5s.. 1952
.
Hudson County Gas 1st 5s.l949
Kansas <;ity (Mo) Gas 5s_. 1922
Kings Co EI Lt&Pft5s...l937
1997
Purchase money 6s
1925
0>nvertibie deh 6s
Ed E 111 Bkn 1 it con g4s. 1939
Lac Gas L ref & ext 1st 5s. .1934
NY
&
&
"
'21.
"21"
75
'2'7'i2
75
75
71%
7934
"21"
19% 27% 22
18% 20
5
5%
£14
4%
9
658
"27"
26
81
5
57
6
73«
53
52
55
52
70=4
7034
73I4
73:4
80
65u
8J
67
681-.
68
4I2
7%
2
71% 73
December
Low Higl Low High
§3"
"83%
82% 84
35
.37%
34
35
22% 27% 24
27%
1934 27
23% 27
5% 7% 5% 678
4I4
7%
453
60
6%
56
6434
8358
83% 77% 82
73
98
80
80
104
100
64
82
104
7t,l2
76
321.S
771.'
92
831s
8318
£0
50
52%
34!,
3OI2
343.1
76I4
77
90
9II2
8834
31
36
36 14
05
667s
79
80
89I4
88
95I2 9812
77I2
77I2
83
82
70
65I4
67
SO
Sl
92
92%
O2I2
621'>
67
67
52%
66%
65I4
67
51
65
'9334 "95"
61
78
30
29
69
64
65I2
64
78
87
80
89
8O34
80%
8712
89 Is
89
95I2
95I0
U8I2
9j
9S3j
97
78
9334
102
8.;!2
77
81
85
S3l2 8312
syij 8412 'sih "8514
S414 85%
77
8418
84
85
83
80I2
80I4
81
84
79
98%
99% 98%
68I4
65
82
811;
92I4
92
101
.00
i
69I4 78
74% 78
48
5034
50
50
4934
30%
30'4
29I4
29
34I4
2834
33
68
75
79
84
85% 87
93% 93% 94% 94
90
69
29I4
6778
8412
10238 10184
00% 105 102
84% 83
8.334
84"
85
75
61
68%
31
28% 28% 27
28
28% 27% 28
27
27
31
31
2834
28I4
61
8II4 81%
81
81
5434 60
56
55% 60
38% 37% 47% 44% 47
Si% 82^8 82
86
88
88%
9334 95
95
9534 9534 96%
54
341 1
67
.47
97
87
85
84
67
70
5078 5434
33
3934
"s'rr
85
ICO%
103% iOJ% 1075s
103% 104 108
85
89
8.57ji
88
88
so'
"sf
86
87
8:;%
8634
51%
9078 92%
9958 10078
101% 106
10478 108%
8;
92
90
90% 92%
88% 90
90I4
89
9034
75
97% 97%
102
98I4 lOOis
9918 100
99I4
102%
IOOI4 IO2I4
99
100% 10012 102
101% 103
102
87%
77% 82
8712
8SI2
88l->
S!/34
9012
7CI4
66
93
94
88I2
891?
8212
8912 8912
8838
8'8"%
87%
8.10
80
81
791:
S834
SO's
89
89
90lir
90
711s
977g
9834
8V
87"
88
91
88
98
10"0"
"81%
72I4
7418
S8I4
SOI4
8734
7612
88% 86
74%
90
90
79
87
8-34 SS's
77% 79I2
8GI4 90
90-",
90
91%
91
741s
73I2
73I2
72
75
94
75
75
S4l2
94%
89
90
75
90
"8"r%
98 14 9SI4 "98"
"g's'ss
"97r2
"99"l2
73
79
74I2
80
:
73
81
75
8II2
76% 76%
733g
74
81
75
75
73% 75
8112
SII4
"8"2"
"83" "8^34 'iix^ "82"
"8il2
"8'4"ri 'si"
6CI2 67l2 67
66
07
08
6811 67 14 69
86I2 86I2
8CI2 8612
8II4
'8"2"
"8ii'2
Gas & Elot--Cal G & E
Corp unifying 8c ref 5s. 1937 8278 8412 83
78
77
Pacific c; & E (icn & ref 5s 1942 77
"9734
"9"7"34
8734
8914
7734
80
87% 91
"97'
"9"7""
101 14 102
IOII4 10114
7312
8O34
76
76
"s'sia
"84"
68
69
8912 90
O7I2
86I4
83l2
75ia
79 14
74
7612
76
75
8434
7734
6738
10284 fo's""
103% 104^
75
77
86
86
'94f3 "94%
9:n"4 "9934
95
81
106% 104%
993j 101
ICO
96
11)0
96
81%
1077s 109
100
100
78
7S% 78% 78% 78%. 78% 78% 82 82
85
8OI4 84
92
70% 80
84
85
87% 91
"s's"
85"
69
8II4
"84"
101% 103%
89% 89%
89
9II4 91
90% 90
91% 90% 9334
81
89
85
93%
83% 84%. 84% 89
88% 92
94 IOOI4 991s 10034
SI
94
93
95% 95
90% 9"j%100% 100 101%
71% 71% 72% 72% 72
75
75% 80
95
:::
l:;t4s ._19:i7
79
87
1C2
-
73
73
8718
88
887s
81
tO's
75
71I.S
.
6818 73
8014 8CI4
6
Us.
.1941
ref
Edison 1st
"83"'
1948 'si's
Y Gas El It II P 5s
Pur money coll tr g4s...l949 6434 C7l8
Ed El III 1st cons U 5s.. .1995
Milwaukee <;asLt
74
46
29
1925
Re>!istered
'20'
75% 75%
75
Higl
55I8 551s
9(;
1932
Columbus Cas 1st C 5s
Cons <;. E L & P (Bait) 5s. .1921
Consolidated Gas conr 7s. 1925 99
H
High Low
8212 8212
•
Pitts iss..I926 65
United Rys St 1, 1st C 4s. ..1934 50
St Louis Tran ftu Imp 5s. 1924
United RRs San Frs f 4s..l927 "32"
26
Union Trust (N Y) ctf dep. .
Equitable Tr (N Y) inter ctf. 26I2
Pow 1st 5s. .1934 6II2
Virtiinia Ry
N
Loir
November
October
Sepic/riOer
1
08%
"91"
71
lO'JM 10678
89"
695g
'9"o"%
71%
80% 90
8934
715s
81
91^8
75
81
105% 10G12
90% 93%
75
78%
81% 81%
Pacific
8334
.
Pacif
Pow& It 1st & ref 5s. 1930
&
G&
& C—
Paterson
Pas
E 5s 1949
1st 6s. .1943
Peoples Gas
1947
Refunding gold 5s
& C Istgu g5s__1937
Consum G Ch 1st gu g 5s 1936
1922
Phlla C;o conv deb 5s g
Stand Gas & El conv s f 6s. 1926
Syracuse Lt & Pow s f 5s.. 1954
Trenton Gas & Elec 1st 5s 1949
1932
Union El L & P 1st g 5s.
<:h
G
7334
84
84
631s 67
79
75
887s 8878
69I4 70
L
Refunding 5s
88
93
91I2 93
82 12 8334
83% 85
84% 80
/i>i2 78%
7ul2 78
8.5I2
86 14
77
78
7434
77% 78
7434
7434
79
83
8912
73I2
72
7612 7612
8912
70
74
74
9134
93I4
71
83
8334
6838 68I2
72
75
76
701s
7212
7178
731
92l3
8312
93% 93% 95
831?,
76
81
81
037g
95I2
82
87
73
79
73
79
85
79
87
Si
75I4
80% 8B%
72
73I2 "7313
75
79
79
9434
8412
97I2
96I4 97%
84% 84%
841;
"7"4"is
SO
"
78I4 7814
"77'
"78"
81
"7"9'"
8"o"34
"78I4
83
lOlSg
92
93
74
78
80% 84% 84% 86%
87% 87% 84% 90
871-' 87%
79% 79%
"9'!)"78
'99%
9934 997g
98
99%
86I4 88
9334
VAU 94I4 92
80% 83
9634
98I4
96
95
77I4 78
83
83
83% 83%
1933
8"o"34
83
IOO
89
97
79
"
"
United luelGaslstsf6s.-19.>6 "76'
1944
Utah Power &Lt 1st 5s
Westchester Light gold 5s 1950
87% 88% 88
94% 93I4 9434
90% 88
7.1
8J% 91
87% 90
83% SiSg 83
83I4
78% 8.1% 8OI4 823j
87% 87%
89
"8"l""
"7884
"8"o'"
77
77
"7684
"7"9l2
81
80
85
80
85
7634
79% "78"
8"0"3s
79%
835s
63
79
"
'82'
"s's'ss
87
88% 93
83%
8934
88
965g
8912
MISCELLANEOUS BONDS
.\dams Express coll tr g 4$. 1948
Alaska Gold M deb 6s A. ..1925
10 year conv 6s Ser B...1926
Am Wat Wks & El coll 5s.. 1934
Armour & Co 1st r c 4Ks. 1939
_
Atlantic l'ruitconvdeb7s A '34
Atlantic Refin deb 6Hs... 1931
Booth Fisheries deb s f 6s_ 1926
Bradcn Cuppcoll tr s f 6s__1931
56ls
60
15
16
1734
I9I1
60ls 63li
I8I2 1934
I7I2
83
73
99I2
993.1
79
81
6434 6SI2
9834 9978
Great Falls Pow
1st s f 58..1940
59
57I2
62
581s
62
69
62 14
60
62%
6O34
16
17
I4I2
17
I5I2
11
14
12% 12%
I212
10
11
101;
10
161s
lUs
12%
15
14
14
15
lOU
IOI4
"§2"
"82""
"so"
78I4
80
7834
67
66
65
99I4
80
58
9934
99I4
9534
"s's"
"si"
6S'2
"si"
70
"8.5
1st 4s
<;ranbvCon M S&P Ist6s.l928
Conv dcben 8s
..1925
62% 57
16
17
15
"71'
74I2
67I4
71
70
69I2
7378
68
.S7/78
47
"s'li.i
71%
71
721s 75
IO4I1 108
"8178 80
8II2 8034 82.2
1043j IO2I2 104
IO2I4 1033j
92
9334 92
96
9434
68I4
72I2
731;
73I4
70
IO4I2IO5
82
79
8134
80
84
80
80
40
9914
NY
.
N
7U78 "76"
75I4
Corps
&
f
8s
'8"2"3J
-cr:i
3210
8134
79"
"s'o'ij!
"79l'3 "8112
-- -
"
"82"
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761;
fi7i,
76
65
68
88
87%
9178
91
"88
76l2
"7'878 '76l'2
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"7'9"
~~
~ ~
—_
- _
80
82
83
79
Wu; Paw
78
80
80
6718
'^714
"8212
40
79% 82
81%
35
27
37
IOXI2 iOO
"8"2"34
7934
70
70
77
78
7978
81
86
89I4
9678 97I2
93I2
967s
9234
99
9838
99 's
83 14
Sr.ij
S3
75I2
76I4
74%
8534
7512
06
68
67
87
88I4
91
86I2
92
S9
88
911;
91 12
S7l2
92
77
8712
78I4
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78
68
83
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SO
"77"
80
841s
"7()l2
86% 87
7834 7834
7OI4 7OI2
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8OI2
—
82I4
9234
"7"9"l2
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"
87
'ss"
0218
62
59
59
64 14
63
91%
"90"
687s
92I2
"7"9"78
60'2
7812
80
79
lOM
.570
1941 "so"
8O34
"g'o'il
871
ssi'j '90
8734
851
85
1
SC,12
'm\
8718
84"
"7(")"
83I4
82
83%
25
401, 23
;o:%io3i4 102
67%
'io'
88
3834
106
90
80
8 184 89%
76
76
so
82% 83% 84% 91
'siu
82
7934
7934
78
80
87
87
90
92
"75"
90
30
30%
77I4
83
"so'
"78%
82
74
89
82
78
94
88I4
"s'l'
"8"4"i';
S9I4
91
"8"7"i8
91
91
9184
94
81
83
92
83
84
84%
79
81
8884
93
90% 93
81
90
—
"
94
64
"8i34
94% 88
'87%
"77%
SI
79
87
12
69
86
69
21
103%
Sa*
88
30%
10.538
81% 81%
-
6618
64
6S
64
6512
88
S:;i4
82
82
9234
96
90I2
94I4
97
86I2
94I2
lOCl;, 10078 100
101
S614 S7l2
82
94
80% 82
93
90
97
S37g "92"%
88'
'92'%
82% 84
88
88
953j 100
S.'5%
103%
88% 93
82
97
97
S5I4
83%
73% 74%
96
93%
97% 99Vi 99%
92
92% 94
7284
94I4
8334
9514
"9614
90
99
"9"8"%
85
70%
95%
101
94
8838 90
9884 100
90
92
9412
98%
100
101
-
98
9884
9934 102
92% 94I4
102
102
94
88
'87r8 "S934 "8412
90
85% 85
100% 101%
65% 68
90%
103
'94%
93I4
104%
67
P(;%
1033j
69
93%
105
85%' 87
69
9284
104
84
"g"6'34
9.v% 9834 97
IOOI2 101=4 10112 102% 102
86
86
87
87
88
71
70
76I4
"8"8'3i
83
"82%
78
"s's'
82
"ss"
IS534
7712 79I2
'so'
79 14 83
"8"7"l2
SSI4
8134
100
8S34
8334
72
83
94% 945s 101% 97%
103% 10484 10734 105
84
85
87
87
988410114 100
99
103% I0_'%103% 103
8934 90
88
90
570
85
78
11
884
671-
72% 76
100
82
611..
67% 74% 74
"6"8"i"i
194'i
19;J3
IOI4
IOI4
92%
9034 92% '92' lie"
9.-)l2
93
97% 9£
9834
97% 94
96%
83I4 Slij 85
8r.34 87%
8684 90
90
73
74
74
77% 7034 80
80
80%
70
71
69% 71 14 69% 73% 73
73
86% 8714 88% 93
89% 9234 92% 95I4
!.2i2
91
E2'2 93
94% 9.>%
95
9434 9012 92% 9OI4 92
93%
10314 IOU4IO3
101
10212 101 12 104
83
"8"5'34
"s'o""
92I2
loi' l"o'l"78 i6iiai'o'2" ici
8734 91 12
95 14 991s 'iih "o'o'i'i "95" "g'o'ii
10012 10078 IC01410178
"84" "84"'
83I4
40
1017s .01% 103
69%
.
"
1st 30-vr 5s 1939
1st Ss... 1946
Wii.son Si Co Ists 163
10-yuar couv s f 6.-i
)i)Mon ealo.
84"
983j
—
We:t :'ena Powor
s
"slia
-.
1-t 30-v.;.r 7i...
8'4
'8"6""
98"8
.
W.v.h
'si is
"se"
1931
Kef Corp 1st 8 "31
PriwidentLoancf N Y4'-sl921 . .
Pub S.r C ir N J gen 50-yr 5s '.59 5734
Sierra 8c S F Pov^-er 1st .^s.. 1949
Sln-'nlr Cons Oil conv7l sl925
Stand Oil of Calif deb 7sJon '31
TennessceC:yp 1st conv 6s. 1925 "90"
Tide W.itorOil 6i,.s
1931
Union Tank Car eqaip 7s. 1930
Pro'lu
33
89I4
Ontario Trancjmlssion 58-.I945
Pnn-Am Pet 8c T 1st lien 7s 1930
Pier, c Oil
52
10C% 100
8234
"6814
Inst for Irr Wks &c
3212
82';; 80
Int !Mcrc Marine Istsf <>8..1941 78
Invinclble'Oilsf 8s
1931
1931
Marland Oil s f Ks Sor A
with warrL'nt attach.
do
Mexican Petrol of Del Hs .. 1936 "82"
"S7% "S3'
.Mtintana Power 1: t & ref s f 5s.\
7cil2
Morris &t:o 1st sf4> s
1939 7il2 76
62
6410
65
Dock 50 year gold 4s.. 1951
87I4
Niagara Falls Power 1st 5s. 19.?2 8i;i; 87
91I2
91
Refunding &geii 6s. Jan 1932 91
86I2
Niag lock 8c f)nt Pow 1st 5s '34 88
76
7834
77% SO
"7"2""
82
80
767g
55
"s'e""
1952
4>.js..l943 "2734 31I2
.Sf.Ues Power 5s A. 1941
1941
l;t 8c rcl 6s Scries B
Ontario Power
F 1st 5b. .1943
6914
10
94I4
8934 941-. 93
77
78% 78% 79
'71"
"6934
"76i'4 '7'l"7s
7038 7134
7.34 7534 75I4 80%. 79% 84
"7"2"li
8478
81
74 12 7478 74
73% 77% 77% 80% 80% 85
7478 7384 75I2 74
76
84% 86X3
lC.i%
.07%110is
I0'%111 1043j 109
109 10512 108
:08%111% llO'slHU 1I2%116
.04
78
8034 83% 8234 84I4 841 1 90
79% 8 134 77
80% 8
80
87
90
101*4 10234 101
102% IO5I4 104 i;;7 ;o5 10914 10634 108% 107% 112 11014 11258
104
9334 95 1; 90
9634 9984 98% 9934
94% S3I4 94 14 92-'''? 94% 9.I4 96% 957s 97
75I4 7034 72
7678 70
73
681) 713, 7034 7612 75
7934 79% 87
83% 857g
"so"
79I2
8OI2
80
80
99% 100
Hatkcnsatk Water 4s
North
66%
6II4
75
63
si" 8)34 82"
1952
"67
"69"
r2 "71
<;onsol 5s.
1955
7s
Buildings 58 gu tax excml960 6778 75I2 72
Cerro tie Pasco Cop con v8s 1931
Chid n Stat Istgu A 4 hs. 1963 "7si'2 "S27s "8012
Istctfs 6', s Scries C ...1963 io:.i2i06% 103
Chile Copper conv 7s
1923 92 12 96
933j
75
Coll trust 68 conv Ser A. 1932 66
72
1932
Registered
Computing Tab Recsf 6s.l94l 80" '81 '2 8OI2
Hush Terminal
1934
5778
9812 100
8884 93
993s 100
91% 99
83% 88% 87% 89
765g
86
100%
107
92%
101
104%
90
91%
9284
IOJI2
103%
93% 9734
84% 89
1
2
1
1
1
THE CHRONICLE
Jan. 7 1922.]
"1
45
1021— Concluded.
BONDS
Iliiih
Low
MANIJF'G AND INDUSTRIAL
Am AiirChem 1st conv 5s-.t928 88
1941
1st rcf s f 7Hs
981.1
90
1941
1924 8712
Convertible dcben 5s
1931 70
Cotton Oil deb 5s
1947 73
5s.
Ref
Scr
A
Am Smclte
Amcr Sugar Rcf ining 68_ . 1937
1944 117
Tobacco 40-y r 6s
1951
4s
"7413
7-6s.I939
Writing Paper s f
.1936
7!4s
conv
g.
Powder
Atlas
Baldwin Loc Wks 1st s f 5s 1940 9218
Central Leather 30-yr g 5s. 192S 88
1925
RcSistered
Central Foundry 1st 8 f 6s. 1931
Corn Prod Ref gold s f Ss. . 1931
1934 90
1st 25-year s f 5s
Cuba Cane Sugar conv 7s. 1930 82l2
deposit
Certificates of
Conv deben stamped 8% 1930
Cuban-Am Sugar 1st coll 8s '31
lliiih
91
May
April
I'rbruari/
Innvnrii
Low
38
9OI2
Lnu>
Jliqh
Low
91
931
n
June
moll Low High
89I3 92
9212 96
9212
89%
91
94
97% 94
Hii/h
8978
91%
96%
Rcfiistercd
Am
&
98
10034
October
Higli
iicpUriibcr
.1 uoijr.l
Low
Low High Low
90
93
94 '4
90
97',
Nvvr/nMr
Lew
93% 93% 95
94% e&% 96% 102%
9134
90
75
65
73
73
74% 74
75
72%
74
721-'
76%
7534
7634
753,1
80
76
7934
77
793.1
79
6!;
69
69
70
6934
72I2
70%
69I4
72
69-%
97
93
96%.
995,
93
f•:>.^t.
74I2
7.5
74
75
77
78
76I4
7812
74
75
7612
74
76
73
73
67
7038
6938
71
69% 74
75
74
82
74
82
Diamond Match
deb7>2S
s f
S
Rubber
Fisk
91
93
90
90
86
8912
92
83
8434
88
90%
70
70
89I2
8912
90
83
90
84
92I2
88I4
921s
90
77
92I2
88I4
92I2
86I2
925g
90
92I2
88I2
70% 7134 70
96
96% 97
92
88%
93
87
92
90
76
79
77
76
'69I3
89.->8
8912
8212
8434
78
8912 89I2
64l2 801
891?
8534
IO2I4 IOOI4 10178
IOII4 100
72""
7OI4
71 12
79
IO2I2IO3
69
70
79
80
991.1
1952 8534 90
88
1952
1940 99I8 10134 S9l2
Rub s f 8s 1941
1931
May
10-vr debs f 8s
Int Agirc Corp Ist&coll tr 5s '32 7238 75I4 7334
Internet Cement conv 8s.. 1926
Internat Paper conv 5s Ser A'47 'so' so" "ssi'a
Kelly Springfield Tire 8s.. 1931
Myers Tob 7s. .. 1944 102 108 104
Liggett
82I4
1951 7758 85
5s
1944 103 IO6I2 10618
(P) LoriUard Co 78
83I4
1941 78
81
5s
5s
Registered
20-year deb 6s
Goodyear Tire &
&
1941
Registered
Nat Enam 8c
Nat Starch 20-year deb 5s. 1930
1952
National Tube 1st 5s
Stpg 1st 20-yr 5s'29
N Y Air Brake 1st conv 6s. 1928
1931
Packard Motor Car 8s
Porto Rico Am Tobac 8s. .1931
.
871
91.3.,
883.1
8834
82
84%
87% 86% 89
98% 985r
90
90
57
67I4
52%
67I4
88
87I4
9114
87
92
90
69
89
10134
75I2
70Ie 701;
85
88
9934 IOII4
72
901'
93%
931
54
03
i\2U
39
63
977g
99% 95
96 IOOI2 97
99% 98I4 100
IOII2IO3
103 106
10238 104
6438 66%
62% 63
74I4
6912
85I4
7OI2
88
68
85
9958 IOII2
86
99
99
71
71
99I2IOII4
71
104
105
58
64
99I4
97
99
90
66
85
90
10034 IOOI4 10134 100
102
IOOI2
96
96%
9834
90
70
66
68
88
84
8534
'sT"
Western Elec 1st 5s Dec 31 1922
7s. . . 1931
Westinghouse E
1935
Wlckwlre Spencer 7s
&M
COAL, IRON AND STEEL
1926
Steel 1st ext s f 5s
refund 5s gu ser A. 1942
Imp s f 5s '35
26-yr our mon
1932
Buff &Susq I sf 5s
Beth
1st
&
Deb
&
95
94^
9934
Col Fuel gcICogcnsf 5S..1943
Col Indus 1st coll tr 5s gu.l934
ConsolCoal Md 40-yr 5s...l950
1925
Elkhorn Coal conv 6s
Illinois Steel
A
C & N con s f 43^8 A1954
86I4
78I4
75
76i2
6234
72
86
95
98
89
89
86I2
8212
82I2
77I2
78!f
7812
63 14
74
8212
GII2
92I2 95M
73I2 78
Midvale St &
Pleasant ValleyCoal 1st 5s 1928 80
Pocahon Con Coll Istsf 5s 1957
Repub I & S sink fund 5s. .1940 85
Ord conv sf 5s
'36
StLRMt&Pac58stmpd..l955
1951
Tenn C I 8c RR gen 58
U S Steel Corp 8 f g 58. Apr
1963
Apr 1963
Registered
1953
Victor Fuel 1st s f 58
Va Ir Coal & Coke 1st g 5s. 1949
73
9134
861.J
10038 102
10176 10034 102%
97 12 100
98%
76
7112 73
71% 72
99%
98
<>934
99
S9is
70
68%
"69%
70"
881s
88
90%
SOh 99
93I8
88
90
8934
91
91
S2
90
92I2
9934
9134
90
90
86
94I2
97I4
9434
88% 88
96% 9478
97
97
100%
95I2ICOI2
100% 102% 10078
101% 10414 103%
73% 72
9512
94
94
94 14 94^8
62
52
81
8278
&
CumbT&T
&
NY
South IlellT&T l<t «f 5*1941 81
West IJn- Coll tr cur 5s. 1938 84
& real estate 4 H« gl950
5H»
gold
.
.
Mutual Un Tel cxt Ss
77I2
107%
7178
72
731.
99
73
78
9278
94
91% 94
9034
9634
90
97%
96
9538
96
91% 91% 9134
90
9034 91% 91 14
98
96% 97% 97%
97% 97% 99%
96% 96 981 97%
104
89
8734 "g'l^
104% 102% 105
113
93
112
91
11114 113
91% 93
111% 113
90% 92%
91
92% 92%
94
90
97%
87
8538
79I4
78I4 79
99I4 10113
8912 92
99
92
91% 93
8912
9234
91
88
00%
93I4
9612
91
96I4
9334
961)
9OI3
9034
95I2
99I2
921?
99I4 100
G334 95
89
93
90
79I2
7712
83
80
81
99
101
92I2
91
93
93
93
90
92
91I2
931
9334
95I2
9834
9234
8CI4
84I4
80
9Sls
S8I4
92I2
99
98
98
78
79%
9738
101 14
99
93
917g
907s
98% 96%
100%
98
98
93
99% 102%
100
93
90
SOI4
98
8934
9.<>lo
953,
98%
90
93
94
9558
96
92% 941; 93% 97% 9258 97%
9734 9768 98% 98% 981
gsi" 99% 99
99%
102% 101% 103% 102% 104% 103% 105% 104% 10534
92
93
93% 92% 93% 93% 97% 9684 100
91
93
75%
81
79
7958
79% 83% 83
71
711)
71
72
71
75
78
78
79
79
79%
81
78% 79% 78 80
8078 92
90% 90% 92
87%
80
82
88I2 8912
9312 94I2
73I3 7534
79
90
82
9II2
93% 94I4
73% 76
7434
78
77
7OI4
74%
77I4
76
78
79
80
79
80
7618
80
81
82% 83
79
8038
70
82
70
70
71
7OI4
83% 87
87I4
9334
9318
95
83
8II2
83
84% 84% 82% 82% 83
78
79
78
80
77% 79% 76% 79
68I4 7134
82I4 90
8OI2 82%
6934
87^8
707s
69
81
80
68
83
82
81% 83 14
77% 81
7OI4 70% 71
70
85%
86% 85% 87%
86%
82% 82
85
81% 83% 81
9484
COI2
9534 103
99I4 101
97% 101%
96
9534
9434
96I4
93
94% 94%
94 14
94%
93% 94
85
9414
95
94
94
85
85
72
89i«
9678
9734
97%
IOOI4
8238
70% 79
10134103% 101% 103%
99%
86
03«4
9334
78
85
791,1
78
81
80%
Hr,U.
88%
8038
7834 «21;
79
80
80% 90
85
84
81
87
91
73
80% 85
'82% 'ib'
84% 89
0914
701;
88%
80
87% 89% Sl% 90% 90%
"853, "gssg
95
94
9334
95
93
9434
9334
951"
93
98% 100
98% 98%
83
84
846g
80
835g
84% 85
73%
761,1
87
73
79% 8134 8I34 841;
70% 77
71% 731;
86% 87% 86% 89
84% 86%- 8578 89
IO3I4 10414 1037s
10334 104
86
778s
80
85
78
88
8334
7034
95
90% 93
100
9334
86
861;
87% 87%
881
80%
82
89% 90
89% 93
81
81
89%
87% 90
89% 89%
9OI4
8934
831
93% 97
91
92%
101
100% 102% 101% i03
102% 112
107
109%
105%
101
101
104% 1081 10584 107
105%. IO5I2
i06i4 fdo
16734
I'o"!)'
99% 99%
93% 93%
975g
7Sij
8238
86I4 "86I4
97
97I4
76I4
83
79
G6
95 12
104
95
8934
951-
94
irai'i f03'i2 10234
84
74
76
75
84
86
74
73
83
76
79
85
71
94
91
83%
73%
7234
94
94I4
79
75
89
74%
72
94% 94%>
8)
831;
81% 80% 83% 81
833s 8338 89
92I4 90%
89% 91% 91
94
9O84 93
93
9£5g 96i„ 90
95% 94% 97
975,
7434 77% 77
75
74% 73
79% 7983 821(1
93.%
84% 85% 82
72%
71
88I2
i62i'2 l'04'
8534
72%
82
88I2
93I2
90
8684
100
9284
9434
94
101%
8434 87
10358 106
78
75
71
97
lOOSj
80%
80
93
9434
8S34
92
100
93
9958 102
78
7418
77I1
6714
9538
97I4
86
92
78
73I2
8158
87% 92
961'>
88
90% 91%
86
9834 106% 103% 105%
9234
9934
SO34
76
72
70% 72% 71
94
8884
93
90
99
101% 100% 102% 101
90% 92% 92
93
91% 93
91
91
91
101
8I34
71
85
86I4
99
9734 102
90
95
8I34
78%
8412
98% 100%
91% 91
92%
90% 93%
101
76
69
7612
7«
87
91
88
87% 87
90
991,1
97% 99% 97S4 0934 9834
77I4
79%
79% 77% 80% 79%
97
101
104
9034 8934 90% 90
90
90% 95
9034 93
92% 941.1 92
94
94% 100
95% 95%
82% 80% 8338 83
87
82% 86% 8I7g 8478 85% 89lo 89
83% 8I34 85% 78
92%
78%' 77% 80
7734 77
78% 77
78% 74% 7738 75
78% 81% 81% 87
91
85
71
75I2
8534
95%
92
85
88
87% 92
76
7634
87%
97
75
76
95
94
95
1003s 99
102% 102
100
98%
97I2
77I2
9878
1 1
100
78
86
9434
96
OS
8OI4
8-1%
897g
92% 91% 92%
83
85^8
96
06
83
92
8S84
88
90
9-1
85%
883.1
64)2 6412
80
80i|
7914
81
80
86I2
88-%
86
88
7812
77
79
87
80
88
79
86
81
80
8 134
79% 81% 77%
91
90
92% 90
80
87
79
87
8II4
90
817g 83
83
8434
84 "s
85^4
',s
91%
96
87% 89
'1
82% 82%
89"
'90I2
88I4
96
9fi7s
06% 98
0784 100
82I2
8412
827,
8012
81
83
841,4
83ii
8118
82
81%
85
82
S3
841,
7934
83
851,
8334
81 14
8334
78%
80l|
79%
02%
89>4
98% 60% 98
91%
02
99% 99%
m"
96" 1015, 10084
927g 97
98 lOOli 100 1027g
102% IOH4 1035, 162% 1041? 164% ]'d5% IO5I4 IOHI.1 100% 108
93I1
95"
97'
9438 "9714
lOI'i lOI'i
83
81%
84
85
8II2
7934
78lt
84
82
825g
83% 84
84% 83% HTAi
81% 80% 82
82
83
85r8
827g
8K% 80%
81
K(i
85
861,
801
85
80
85
7934
8I34
80%
80%
81%
SK5,
831,
88% 88% «9
SI
82% 81
871,
8 134
1936
1941
8O34
897,
80
99
Ml
3.1
100
997g
8I34
H.SI2
8HI4
803i
80% 92
94'
91
91
91% 94%
935,
91
05r>K
SS
kW)
90
102% 102%slOS 105%
102% 102
82
107''4
rale.
—Olark, Dodge
CURRENT NOTICES
— Herbert M. Solomon Brother, 15 Dread St.. N. Y. O., announce
that Aflolph W. Baar has taken charKo of tholr Invcfitmorit dfipurtmont.
— (3haso & Falk, 59 Wall St.. N. Y. havo announnwl tho forniallon
o la partnership to succeed tho business of Newton
(;haso.
— William W. Davenport, formerly wllh I.lndley A
now
St,
()..
(}.
<Uy.. Is
with Ilondrlf-kson
&
as.s<>(late<l
Uroadway, N. Y. C.
— KolxTti K. Moody, formwiy ManaKor of Sales of ilailKarten <'o.,
has become ass<)elatc<l with McOonn*.!! Sc f'o.
,, The New York Trust V,o. has been'appolnted rejcistrar of the OanoMoore Coal Mining Oo. preferred .stock.
Go.,
fll
ft.
—
10434 10278 105% 102
IO5I4 105
111
IO9I4
99
86
94
7778
8678
72I2
885«
957g
82
75%
96%
8734
8534
79I2
805g
88I2
93I2
74^8
92I2
73
98
7312
71
91
"7334
9434
8534
9II4
8512
8734
95
9312
9538
995, 10058
95%
85% 85% 86% 86% 86% 86% 87
87
87% 87% 87
93% 91
92
93
92
9134 92% 92% 93I0 93
93% 91% 93
97
90
81
81
80
80
S3
84% 84% 8534 88%
83% 84
86
98
73I4
8fi3g
'7"3"38
51
103% 105%
8684
9434
8512
86I2
9812
100
108
40%
98% 100
7178
89
84
96
69
72I2
8868
10534
IOII4
99
87% 86%
102
98
8516
70
85
73l« 79
fiCig
1935 63
1933 80
84
1946 7712 Sar-s
30-year coll trust Ss
1946
Registered
1925 94I4 97
7-ycar convertible 68
1925
Registered
Bell Tel of Pa 1st
ref 78. .1945 ioWj 10214
1945
Registered
Cent DlstTcl 1st 30-yr 5s ,1943
Chicago Telephone 1st 5». 1923
Commercial C;ablc 1st g 4s. 2397
Ist
gen 5s 1937 7«i4 78"i
Mich StHteTelcp Ist20-yr5s '24 85
85
Tel Ist&gensf4}^»..1939 75
7!)
Registered
1939
30-ycar dcben 6s
1949 87»4 02
1941
20-y(ar ref 6s g
Nor'wcdt Bell Tel latser A7s '41 9r,i4 98
Registered
1941
S3I2
Pacific T & T 1st 5«.
1937 80
Option
87
93
82
70
Sfi's
71
100%
100'
55
86
87
80
Convertible 4s
20-ycar convert 4'Aa
•
8818
9538
7553 77I4
78
TELEGRAPH & TELEPHONE
Am Tel & Tel coll trust 48.1929
15-ycar
92I2
92I2
9238
93I4
9234
deben 4 }^8... 1940 76
.1952
Indiana Steel 1st 5s
Lackaw Steel 1st conv 5s.. 1923
1950
1st cons 5s Series
Fund
99
1083s 107
50
51
57%
101l->]05
88
Jan 1926
5s
Lehigh
9238
9738
77I8
106
54
45
83
81
100
9475 100
7Sl2 79I2
9534 loi'a
9018 94I8
93I2
90
9II4 95I4
10434 106
89%
88
60
105
99
6738
5184
62
99
9934
7OI4
98
98
63
57
98I4
70% 69%
90
50
99
74% 75
.
.
51
98
9934 9934
8OI4 82
81
8312 8II4 8134
80
86% 82
86
86%
99I2 92% 97I4 9484 97if 96
99I2 9934 97
99% 9734 9938 99%
103 IO6I2 103% 108% 104 107
108 106 108 106 10734 IO5I2 107
10R34 108
107% 108% 108
8434 8512 85% 88% 84% 88
841
8234 841.1 8312 84
84
85
85% 85% 85% 86% 80%
IO6I2 10558 107
IO718 106
1061^ 106% lOfi
10512 ins'o 1065s 1C834 103
107
108 108 1087g 108%
85I4
84
8434
84% 86
8218 82
8412 84
85% 8434 8684 86
85
87% 84
14
87% 8684
83I4 83I4
9OI4 87% 8712
88
90
88
90% 90% 91
¥312 'si'
88I2 92
93I2
92
Sharon Steel Hoop 1st 8s . 1941
So Porto Rico Sugars f 7s. 1941
85
8618
Standard Milling 1st 5s. . . 1930 85
9SI4 9538 9438
Steel & Tube gen s f 7s Ser C '5
Union Bag & Paper 1st s f 5s '30
Stamped
Union Oil of Calif 1st 5s. .. 1931 86I2 8GI2
1941
United Drug conv 8s
U S Realty & Impt deb g 5s 1924 7934 84% 84
Va-CarChem 1st 15-yr 5s..l923
May 1924
Conv deb s f 6s
1932
12-year s f 7Hs
98
89% 90% 90%
.
U S Rubber 5-year sec 7s.. 1923
1940
1st & ref 5s Series A
1930
le-year 7 'As
1926
conv
6s.
U S Sm Ref 8c Mg
70%
70
1941
1st s f 8s
99% 102
71
70% 86
82
8434
98% 9934 99 1013,, 102% 105
92% 94% 95I4 98% 963s 99%
89% 92
94I3
91% 941 93
54% 58
100
90
General Baking 1st 25-yr6sl936 90
General Elec deb g 3Hs... 1942 66% 665g 69
Debenture
93I2
91I2
'35
C conv 1st g 5s 1927
E I du Pont Powder 4 '-^s.. 1935
duPont deNem & Co 7,4s 1931
Distillers'
9334
97
9534
84
117
yfiig
Dcu-inbtr
Low ingh
1007g 10034 10034 10034 10078
Tr)
7812
.
Am
Am
IHfrh
ft
become a memlxT of
Oo. onnounco that. Edward .T.
II.
Talmano,
Jr.,
has
Iheir firm.
—
Oarrlson A; Go., I'hlliidelphla, announce that .Toseph W.' MtiHuKh
has be<;ome associated with them In^charKo of their Hlock Oopartment.
(Jllbort I*. (JoojMT lias hccome'jis.soi-liiled 'wl(hj(Krank llunuo & C'o., as
-
mannKer of
their Aiunlelpal llond Depiirlment.
(^h.irles IC. Hpl(ri?ell)(^rK
Leopold
(;o.. 7 Wal Ht.,
-
&
has b<«'ome u partner in tho flnn of James
York.
New
W. M. (loadby & Co., 74 Uroiidway.New York, announce the
ment of William 11. (ioadby from their firm.
Dunham A
Co. announcelthatSVIclor
Department.
their Investors' Service;
Do
Vllllors Is
now
in
M.
retire-
charge of
THE CHRONICLE
46
[Vol. 114.
COURSE OF PRICES OF GOVERNMENT SECURITIES FOR THE YEAR
[Compiled from sales made at the
New York
REOISTERED BONDS.
COUPON BONDS.
Panama
Victory Lib. Loan.
Libert!/ Jjoan.
is,
iHs.
4«8.
2d 4s, 2d iHe.Sd 4Hs.
3HS. ls< 4s, 1st i\in. •4Ks.
1933-38, 1922-23
1928.
1932-47. 1932-47. 1932-47. 1932-47. 1927-42. 1927-42.
1922-23
4th
Isi
Jan.
Opening
HIeh...
91.00
93.50
90.80
91.90
Low
Closing.
Feb.
Opening
High...
85.60
88.80
85.34
86.30
98.50
98.50
97.26
97.26
Low
Closing.
88.10
91.14
88.00
89.20
86.00
88.60
85.34
86.60
96.10
97.40
95.56
97.26
96,00
97,38
95,80
97.36
102 H
86.50
87.30
86.00
80.72
97.30
97.76
97.08
97.70
97.28
97,70
97.08
97.70
103 Ji
103 Ji
103 ^i
Low
Closing.
Low
Closing.
Low
July
Opening
High...
Low
Closing.
Canal
3s.
3s.
2s.
4s.
1961.
1930.
1961.
1936.
1914-34.
102 H
102
H
100
100
100
100
86.40
87.10
85.50
86.68
91.10
91.18
89.90
90.30
87.10
87.48
80.62
87.40
87.08
87.64
86.86
87.44
95.00
100.50
95.00
100.14
86.50
87.16
80.30
87.10
86.58
87.24
86.30
87.06
89.94
90.44
89.90
90.12
86.74
87.50
86.48
87.20
97.70
97.70
97.04
97.56
97.70
97.72
97,16
97.54
104
104
104
104
90.36
90.38
88.20
88.72
87. .50
87.60
88.00
86.80
87.44
100.00
100.00
97.00
97.50
87.06
87.74
86.76
87.14
87.16
87.84
86.80
87.20
90.24
91.00
90 00
90.44
87.20
87,98
86,92
87,32
97.56
98.00
97.38
97.70
97,56
98,00
97.36
97.88
104'/^
87.74
87.00
87.50
88.50
89.18
87.50
87.60
87.60
87.72
87.20
87.40
87.44
87.82
87.20
87.40
96.00
96.00
95.00
95.00
87.20
87.40
86.94
87.00
87.20
87.52
86 82
87.02
90.38
90,78
90.36
90.56
87.44
87.60
86,98
87.16
97.70
98.10
97.50
98.06
97,68
98,10
97,56
98.08
87.iJ0
87.40
87.90
86.98
87.00
87.60
88.40
86.50
87.12
94.00
97.00
94.00
95.60
86.86
88.84
86.46
86.76
87.00
87.72
86.52
86.76
90.54,
87.10
87.20
86.58
86.86
98.06
98.80
97.90
98.42
98,06
98,86
98,00
98.30
104 ^^
91.92
90.40
90.74
80.78
87.80
86.70
87.60
90.68
92,10
90,54
91.80
86,88
88,00
86,76
87,80
98.38
98.66
98.22
98.60
98,38
98,64
98 24
98.62
104H
87.76
88 08
87.58
87.90
98.60
98.90
98.64
98.92
98.64
98.90
98.56
98.94
80.80
88.14
86.26
87.70
87.00
87.74
87.00
87.60
87.20
87.98
87.12
87.82
96.38
96.38
96.00
96.19
80.66
87.50
86.80
87.50
87.80
88.98
87.42
87.50
87.64
87.00
87.40
87.70
87.80
88.10
87.34
87.94
96.10
96.10
96.00
90.00
87.60
87.88
87.52
87.62
87.68
87.98
87.34
iB7.80
91.90
92,20
91,00
91.90
87.48
88.96
87.14
88.40
87.66
89.48
87.66
89.48
87.82
90.98
87.70
90.90
95.70
96.00
94.50
94.50
87.76
90.24
87.74
90.22
87.78
90.74
87.78
90.46
91,90
94,00
91,78
93.88
87,94
90,90
87,88
90.80
98.88
99.50
98.88
99.48
98,92
99 ,.'50
98,92
99.46
88.34
92.74
88.34
92.60
90.90
94.36
90.90
93.20
90.80
95.50
90 80
93.10
97.00
98.00
95.50
97.00
90.20
93.20
90.26
92.76
90.52
93.50
90.46
92.76
93.86
95.14
93.84
95.14
90,80
93,30
90,72
93.02
99.46
99.70
99.32
99.60
99,44
99.66
99.32
99.60
92.68
90.80
92.62
96.46
93.18
97.38
93.18
97.20
93.20
97.60
93.04
97.40
96.00
98.00
95.00
98.00
92.76
97.24
92.74
97.24
92.74
97 .58
92.74
97.28
95.14
97,90
95.12
97.70
93,02
97.84
93.02
97.88
99.60
100.00
99.56
99.96
99,62
100.00
99.56
99.96
97.42
97.60
94.78
96.34
97.38
97.80
94.92
96.52
97.78
98,20
90,30
97.52
97.60
98,14
95,64
97.14
99.96
100.20
99,94
100,06
99.06
100 OS
99.94
100.08
PftlJ'ne
Islands
102H
86.10
87.00
85.44
80.60
89.10
86.00
86.76
Closing.
Canal
1925.
97.50
100.00
97.00
99.00
June
Opening
High...
4s.
2s.
87.20
87.50
86.40
86.96
May
Opening
High...
Consolidated
86.50
87.50
86.50
86.80
April
Opening
High...
1925.
85.90
88.40
85.30
86.36
March
Opening
High...
3H>.
Panama Panama
Canal
89.20
90.30
89.00
89.90
91.68
92 00
90.94
01.10
lyOW
Closing.
86.08
88.60
85.40
87.20
85.24
88,50
86.24
87.70
1921
Stock Exchange.)
103^
80 H
80 «
80 K
80>5
77
79>^
104H
104H
77
79 H
104 J^
104 Ji
104 >i
104
104 H
104
104K
104Jii
I04H
104H
104
104 H
100
100
100
104 J4
aoo
104}i
77 ii
77K
77 H
77 Ji
76
76
76
76
75
75
75
75
104 H
104M
100
100
100
100
Aug.
Opening
High...
Low
Closing.
104H
104
104
104^
Sept.
Opening
High...
Low
Closing.
Oct.
Opening
High...
Low
Closing.
Not.
Opening
High...
Low
Closing.
Dec.
Opening
High...
Closing.
97.40
98.00
95.70
97.08
97.20
97.60
96.30
96.46
93.00
95.00
Low
9(1.30
97.02
• First Liberty
97.00
100.00
96.00
99.10
Lpaa second converted (under the terms
H
H
76 M
76 i^
76 H
76 H
104H
104 H
104 H
104 H
104 H
104 K
104H
104H
104 H
lOlK
104K
104 >i
104H
79
83
104 Mi
104 H
104 2
79
83
of the fourth loan)
COURSE OF PRICES OF STATE AND CITY SECURITIES DURING THE YEAR
BONDS.
JanuaTD
February
March
June
niay
Aprtl
August
July
September
October
1921
November
December
Low High Low High Low High Low High Low High Low High Low High Low High Low High Low High Low High IMW
Higrt
New York
State
HlBhwaii Improeement.
iy,3
Canal Improvement.
41^3
His
43
--
1963
101
101
1964
1965
1962
101
10114
96
96
1945
96
96
73%
7312
7"35s
8358
82
8212
"82"
80
82
8"3""
SO
82
84
83I4
SIl2
80
8258
88
88
Barge Canal.
_..
4!.i;s
New
York city
Corporate Stock.
3 Hs. coupon
3*^8, coupon
4s, coupon
Nov. 1954
registered
...1959
coupon.-
1958 "841s "84I4
1958
1957 S4I4 84I4
1956 8312 8312
1955
1 955
"88""
.1966 "ss"
1964 88I4 88I2
-.I960 86I2 88
4s,
43,
48,
4s,
4s,
4s,
4s,
May
registered
coupon
regl.stcrcd
coupon
rcgl.stercd
4J^s, coupon
4!<s, coupon
4Ms, coupon
4!^s, coupon
"8'l"34
74
74
83
84
83"
83
7358
8278
"84I4 "82I4
8312
83
82
82
8218
821."
82
83
83I4
8II2
'83i'2 "8312
8II3
86
87
79
"7814
78I4
80
"7"8"i2
8638 867s
865g 863.1
8OI4 87I4
863s 8678
86
863.1
S5I4
87
80
80
8312
8312
S3li
8312
82I4
841.1
8212 825s
S2I4 8334
86
72I2
7938
72I2
801s
"so"
"so"
"so"
....
"so"
80
8CI2 8OI2
8II2
"sei'a "8"7V,
821s
70
82 14
S414
SIl"
S3I4
8II2
7078 77
7434 74S4
82i2 8312
77S4
8412
"S2"l2
8212 '8212
"soi'r
72
72I4
73I8
73 iR
8OI2
82
81
SOI3
82"
siij
80
81
8II2
8II2
8OI4
SO'4
80
80
_.
8£i4
85I4
85I4 "ssi^
83
8684 8534
86I4
851
8638 8684
861^
8312
4(^8, registered
coupon
coupon
4'-i8,
41-hS. registered
4^s, coupon
d'^s. coupon. . ._
4 i-'.s, registered
Sit'
93I2
77»4
91
"8838 '92I4
g4
94
"9"3'l3
87
88I2
9012 9334
8784
8734
94
94
881s
88N 95
87
87
8834
88I4
94
94
9512
92I4
94
89
95I2
1971
4H8. coupon.
4)';;s,
70
1954
1959 "8134
"9734
97I4
"9'534
99
1035-! 1045s
1967 92
9212 92I2 93I8
1967
91I4 92 12
1965
"94""
1963 'oils
91
92
1963
92S4
93I2
Nov, 1957
91
911s
M;iy 1957 92I2 9312 90»4 93
May 1957
9II3 92
89I3 91
87l2 89I4
88I2 89^8
9IS4 9212
9168 93
92
92
9238
92I2
89l2 92
9II4
89
873i 891"
8534 88=i
881
8938
8858 8912
92
92
9I84
92I2 "8912 '92
8/I2
86I4
89
921;
9134
9134
8912
917g
89
885s
92
92
85
S9l2
9058
9CI4
8912
9OI4
91
91
9OI4
9034
90l£
"92"
9034
92
93 14
9612 9812 10034 104
9058
91
91
97I4 lOUi 104
9612 97I2 9978 IO3I2
93
"9'2"78
85
'
89S4
89I2
90
9U2 90
90
923s
93
99
SO34
91
9134
92
9318
93I2 100
ijoi.
novi
9134
99
IOII2IO4I4
lOOi.s 104
COURSE OF PRICES OF RAILROAD AND MISCELLANEOUS STOCKS FOR THE YEAR
1921.
1921.
STOCKS
KAILRO.VD
January
Fcbruarv
March
April
August
."September
May
June
JiilV
October
November December
Low High Low High Low High Low High Low High Low High Low High Low High Low Hi(jh Low High Low High Low High
Par $ ptr
100
100
Preferred
100
Atchison Top
Santa Fc.. 100 "82M
Preferred
..100 75I2
Atlaiilii
100
Atlan
6
Atlantic Const Line RR
100 84
34
Bnltimoro&Ohio..100
Is
Preferred
100 5034
Bronkl.vn Rapid Tran.<!it.. .100 IOI4
Certlflcutcs of deposit
678
Uuffalo Itoch & Pittsb. .aOO
Preferred
100
Buff;iio & .Su.s V tccxtd...lOO
Preferred v t c extended.. . 100 "43"
Canada Soutlicrn
100 40
Allechcny
Ann
&
share
Western
&
mrm&
.S
per share S per share S per share S per share $ per share S per share S per share S
84
.\rl>or
1134
1234
20I2
201s
83I1
79I2
"8"4"3s
81
7958
78
7I2
861s
3758
54
1478
10
43"
40
2I4
6
8358 85
3258 35
4938 501
llSi I4I1
S
68
68
73
73
938
8
11
20I2 20^8
7712 827s
7612 7878
3
S
20
20
78
823s
7512 77
3I2
8OI2
7512
76I4
8112
80%
8534
7512
78
75I2
79
37s
4
8OI4
30»8
8312
3475
77
33
81
83
37I4
773,
3612
2I2
SOI4
423s
3158
47
51
497s
49I1
52
48
III2
7 Is
I4I2
4734
III2
1334
858
115s
678
1378
8I2
7284
7234
C5
90
65
90
93s
7
912
61s
40
40
....
891s
4178
5158
1212
8
212
S4I4
3
891.1
37
40I4
4Sl2
531.1
1038
658
13
838
lUs
25
87 14
77I2 803
2I4
84
34
50
9I2
6 Is
52
•S
per share S per share S per share
25s
88
11
11
23
24I2
8412
87
2312
841s
80
81 Is
80
2
2l8
85
87
8 Hi
8512 91
7978 88
89
94
S37s
2
91
1
8738
2
9034
3754
5618
284
S6
84I2
39I4
361s
52
5()7s
52U
5058
52I4
3434
5OI4
121s
778
684
312
11
6I2
7
Sis
4l8
47s
62
"
41
41
4"l
1'4
84
403s
46
12
12
25I2 32I4
22
II2
88
3638 40
.-
23I2
~
41
..--
3I2
share
-
11
20
83
8412
7634
2I2
412
l>er
84
8I4
'
"
"4*6'
67g
412
26
3S3s
563s
10
8I2
50
50
801"
801"
78
78
83
34
5218
6
5
738
6I2
49I2
50
65
44
65
44
.
7
1
1
THE CHRONICLE
Jan. 7 1922.]
—
^—
5
1
2
2
1
—
.
:.
47
—
.
—,
.
-
-
....I,,
1931— Continued.
STOCKS
Januaru
Low
August
Heptemher
Octoher
Julg
November December
April
June
March
May
High Low High Low High Low High Low High Low High Low High Low High Low lliah\ Low High Low High
February
HW Loio
1
% per share $ ptr share $ per share S per share S per share S per share $ pel Shan S per hare
107% 113% 111% 116
101 113
ion 11412 1191.) 11434 118 11038 11478 10818 114 111 118
190
190
_
199 199 200 202 196 196
190 209
ion 201 205
Central of New Jersey
49% 58%
59% 615g 67
56% 05% 46
too 6834 O2I4 5763 6OI2 5534 6O34 5734 63
7I8
7I4
8
V% VJ4
6I2
SI4
7
734
678
676
83.1
6% 73g 6
100
714
Alton
Chicago
9% 9%
III2 III2 11
1134
12
11
.100
3I2
I4
»4 c5%
6I4
I4
84
e7
34 65%
134
1'8
67%
E Ills ctfs of deposi t... 6 Is 634 6
Chic
I4
I4
1
eb's
6I2
4I2
6I2
c7U
€658
78
412
2
1
%
Ha
5
Preferred ctfs of deposit
C^hin kr I Tile RR (nrjn\
.
...: .-..
9'
7I4
858
712
7=8
8
838
9% 6% 8V1 7% 778 7% •8%
100
814
81s
Chicago Great Western
I7I4
18
I8I2
16%
15% 18%
I7I4
1534
1778
19
187« 1534
2078 14
100 I8I2 203a
Preferred __
2834
25% 28% 23
2334 27
2534 30% 22
23
28
29
29
26
Chicago Milw St Paul... 100 2734 31
36I4 4212 40% 46% 32
44I4 36
43
44% 3858 43% 34% 44
100 42I2 4012 41
Preferred
63I4
6OI2 68
eoig 0434 63% 69
67% 62% 69%
69
60% 66
67
Chicago North Western. 100 6512 71
99 IOOI2 99% 103
100 IO8I2IIO
106 109
100 106
98% 10078 95 101 101 102
Preferred
24I2
33% 28% 34%
2258
28
28
30%
100
2558
2778
34%
25
34%
27%
Pacific . .
2618 28^8
Chic Rock Isl
75% 73% 77
100 72
7438 6834 7334 7018 73% 73% 78
69
77% 72
72
75
7% preferred
61% 0478 61% 66
6II2 63
5634 6338 5978 62% 63
.100 6II2 64
67% 56% 67
6% preferred
56
50% 55
6OI2 6OI2 67
58
55
58
50
t5% 50
.100 62
57
60
63
Chicago St Paul
72
70
75% 72
.100
80
72
37I4
38"l2
4034
43I8
48"l2
39
37%
37%
4334
.100
35
39
43
32
40%
Clev Cin Chic
44
St LoulS-45
62%
62
63
.100
62
66
62% 6234 60
60% 61
Preferred
61
60
so
60% 60%
3878
3734 33I4 3612 34% 39I4 2978 3858 3573 3878 34
.100 27I4 33
3378 31
Colorado
30
Southern
S3
52
49% *3
51
.100 49
51
52
52
53
First preferred
50
5073 £2
51
531s 62
471''
471"
45
46
45
46
461? 43
46
47
45
43
45
100 42
44
43
Second preferred
"
99I2 102
96 100
98 102
.100 9934 102
9818 102
90 10078 961) 1C378 90% 98
Delaware
Hudson
Del Lack
..50 208 220 215 21912 205 220 202I2225I4 224I4 249 gl76 232 179% 191 ft93 200
Western
2I4
78
llg
78
58
58
1
.100
158
%
34
238
%
% 1
'8
%
1I8
II4
lis
.100
II2
434
1% 1%
Preferred
338
1
1% 2%
434
11^
1%
1% 1%
66I2 7OI2 68
Detroit United Ry
.100
72
75
70
3I4
4I4
4I2
234
438
3
Duluth S S Atlantic
.100
4
312
312
3
3
3% 4% 2% 3% 3
6l!>
6l8
5U 573 6
100
534
5% 5%
434
512
5
738
6
512
100
18
20
I5I4 11% 14% 1234 14% 12% 14%
Erie
1334 1138 13% 1134 13% 13
.100 13
1478 13
21
First preferred
_100 I9I4 217s 191s 2OI2 17
20
I712 I9I2 19% 2234 16% 21% 18% 2034 17
14% 127s 1434
Second preferred
1358 III2 I3I2 13% 1534 1178 14% 13
.100 14
1578 I3I2 I4I4 12
66I2
75I4
Great Northern preferred .100 75
73% 69% 77Vs
7712 6934 7558
73% 65% 73% 60
70% 65
7918
293j
Iron Ore Properties
2Sl2 3018 29% 32I2 2812 3OI2 28% 31% 2553 28
27
29% 27
nc par 283s 30
Green Bay VVestern
-100
7I8
9I4
8I2
Gulf Mob Nor stk tr ctf. .100 8I2 9
8
9
11%
958
8
6% 7%
9
7% 9% 7
25I2 2118 24
Preferred
22
.100 21
21
24
24
20
21% 20% 20% 20
25
24
26
Illinois Central
.100 87
883g 9OI4 8512 89
86
92
90
93
91
91% 98
91
87
90% 95
64I4
Securities Series A
62
52
6512
5512
66
66
64%
66
S5
58i8
Leased line stock
lioo 58
59% 59%
4I2
4i8
4I2
5I2
Interboro Consol v t c
4
4% 3% 4'% 3% 4%
«c par
578
568
1% 4
378
51a
I4I2 III4 14%
Preferred
1210 1534 I2I2 16
1234
-100 IOI2 16
12
6% 11%
9% 12% 10
5I4
5I4
6I2
5I2
Iowa Central
_
.
.
.100
5% 5%
4% 4%
C Ft S
tr ctfs pref
100 6614 6II2 6034 6034
6012 6OI2 61% 61%
_
Kansas City Southern
I8I2 2134 2OI2 2658 24
2734 25% 287s 21% 2734 24% 27% 2238 2678
.100 19
21
Preferred
4678 62
.100 45I2 4734 4512 48
4812 50% 60% 52
5934 48
51
49% 51%
48
Keokuk Des Moines
.100
6% 6% 6
6
13"
Lake Erie Western
I2I2
IOI2
I2I2
11
14
12^8
10% 10%
-100
I412
1258 16
11
12%
10% 13
Preferred
19
1918 2II2 20% 25
21
20
23
17% 23
.100 25I2 28
25
23
19
23
Lehigh Valley
56l2 51
54
-.50 52
5434 4918 53I4 4753 5058 49% 56% 47% 52% 4934 54i,s 49
Louisville
Nashville
97 100
.100 9734 10338 9958 IOOI2 9778 100
97% 102% 100 113% 109% 118 106% 112
3£i.,
42I2
Manhattan Ry guar stock_ .100 45I2 5810 50 67
4934
5278 39% 46
5934 56
50
36% 44% 40
Market Street Ry. ..... -100
3
7
334
3%
4% 334 473
Preferred
16
ir^ 16
-100
18% 14% 15%
Prior preferred
3334
.100
38% 45% 34% 40% '36% 3434 27
4I4
2nd preferred
414
-100
6% 8% 6
8% 5
5
Michigan Central. .
.100
70% 7934
12i8 10
Minneap St Louis (new). .100 III4 13
11
12
9
11% 10% 1434 10
13% 11% 1278
95s 12%
69I4 69
-100 7018 73
6934 7212 66
70
73% 65
63
66
67
70
67
721a
Preferred .. . ..
.100 93
85
85
83
90
8912 93
8718 8718
93
59I4
"66%
Leased linecertfs
.100 56
5658 67
57
54%
5834 5918
67
59
54% 64% 54
2I4
2I2
Missouri Kansas
Texas.. .100
278
2
214
2
238
2
234
2
2% 1% 2%
3
3
2
4I2
Preferred
21;>
434
.100
414
534
4
413
4=8
4
4
5
4
4
37s
4% 3
,
Piir
Canadian Pacific
RR
&
&
&
&
&
M &0
&
&
&
&
&
&
&
RR
>
K
&M
&
&
&
&
MinnStP&SSM
&
&
Missouri Kan
Tex Co (ne!i)
Preferred _
_
.
Missouri Pacific tr ctfs
.100 18
20^8
Preferred tr ctfs
.100 3814 413j
Morris & Essex
..50
Nashv Chatt & St Louis
ion
National Rys of Mex 1st pre flOO
7
7
4I4
Second preferred
-100
558
New Orleans Tex & Mex Tt c 100 60 76
7II4
74I2
46
60
18
3818
I9I2
4034
16
33I2
I9I4
39I2
I6I2
36
1878
3878
65
65
too
.100
. ..50
Y Lackawanna West.. .100
Y N H Hartford
.100
185«
Western... .1001 18
State Rys
Preferred
Northern Pacific
Pacific Coast Co
1st preferred
2nd preferred
.
.
Pennsylvania
Peoria & Eastern
Pere Marquette v t r
658
7712
7218
49
4I2
65
66
42
4I4
51
71
711?
47
100
.100
.100
.100
.100
.100
.100
.100
..50
107g
98
67
81
24
23I2
18%
I9I4
I6I2
I212
12
I02I2
6734
98
88
24
2134
I712
12
10478
6518
8212
66
1434
16
5I2
63
67
42
66I2
57
67
9I4
93
65
1934 1534
17381 1638
1034
10018
7OI4
47
687g
78I4
34I2
3978
32%
9
978
1918
9I2
17
60
36
7538
3978
4934
10
10
I9I2
1658
1833
1534
67
45
53
35
53I2
35I8
51
6412
34
35
&
&
.
&
19%
Southern Railway
.100
.100
.100
.100
Preferred
& Pacific
Third Avenue
Toledo St L & West
tr roc
Preferred trust recelpti _
Twin City Rapid Transit.
Preferred
Pacific
Preferred
United Uys Investment
Preferred
Wabash
A
B
Western Maryland
2d preferred
Western Pacific
Preferred .
..
& Lake Erie
Preferred
Wisconsin Central..
Wheeling
10
9%
1
€7%
111
1%
e6i4
ISg
10
193
5678
634
9%
e7
e6
1881.)
5334
4
16
684
734
7%
205
6034
7
458
100
100
578
100
8%
8%
334
5
3%
61% 72
46
49
63
67% 73
64% 70% 68
46
54% 39
61
47
60
60
56 60
5934 65
54
66
98
65
55
48
60
2II2
4134
_
13% 19%
16% 18%
35
35
59
1273
1838
2%
4%
3%
20%
13% 14%
7053
78
28
29% 27%
20
95
55
3
434
11% 13%
17% 20
11% 1334
14
7%
70
68
7%
22
98
56
7538
3134
60
60
6
7
I8I4
19%
634
""2%
358
1178
7134
31
31
1834
19
62
1%
3
1^8
9%
5
6
6%
1%
4%
9
11
10%
1134
10
11
I9I0
.50%
19U
18
19%
22'.i
5714
10 1«
13
10
28I4
7134
534
6%
6%
6
""9% "10% ""6% "933
6534 71
64% 69%
87
53
86% 80%
87
56
1%
2%
3%
7234
64
60
60
63
60
2%
6
85
658
66
90
57
62
2%
6%
734
6534
9334
88
18%
3%
2%
3%
2%
5
17% 20%
2034
60% 62
1438
18% 17
16%
1278
17% 23%
18%
2273
05
1734
I8I9
1334
8%
10
5273
66
52
40
54
42
51
61
53
38
39
37
22
J9ig
31
29 14
29
30
2OI2
29I2
235,
25l8
2318
301
soil
41
36
3934
35
40 "2
70
11
215g
2558
3578
38
39
33>i
60
2234
1834
I2I2
20
3OI2 39
2
6I4
7
12
101
26I4
2478
1
634
IOI4
7
11
97I2
6
2f)34
2II4
5OI4
2OI1
16
9I2
2278
OHi2478
10
22<8
7I4
53I2
I9I4 24
20
15l«
9I2
I9I4
I
9I2
I8I2
1
5%
10
7634
4OI4
1215,
673,
12
25
Hh
-ZVi
1.$
IOI2
8I2
70
39
77"8
20%
934
I9I2
42
in%i2ii4
t.r.h
(1734
9S4
1:^1,,
211/1
7
18
26
1934
12
2IS4
20% 22%
1OO34
7134
8333
54
40
18% 20%
55
40
56
42
19% 23%
2234
120
834
12% 13
9ig 10%
10
72% 76%
9% 12%
7434
120
80
120
78
124
23% 26% 24%
79
74
7.-)%
74
75%
7434
713|
66%
7.37g
67% 73
40
3S3i
4;;%
4234
4534
40
38%
41I-.
39% 43
42
45
25I4
2034
345g
2534
22I4
24% 26% 24% "21%
.381 >
36
3634
273.1
371
61.1
5
2%
6
6
9
10%
10%
10%
75% 81% 75
79% 75% 80
42
65% 43
11234 118
63
19
19
43
(ifl78
6334
(,r,\z
HI4
97h
1134
21%
231.';
7%
9
2031
1234
123i
IOI4
143^
9%
101 J
9% 12%
18
2678
69% 67
70
05
10
16^4
97h
1634
67
9
60
9
14lg
36
.32
32
HI4
77,
10%
I
27%
S
03
21
307r
13
834
14%
10%
14% 20
22% 29%
69% 61
11%
10%
13% 1631
10% 10%
16% 18
65%
7% 10%
16% 16
13% 17%
35
30
33
37% 28
33
h r:x-(llvl(l end Auk.
22) of 100
12%
934
15
43
IIOI4 117
62I4
65
21% 25% 17% 23
8I4
7% 9
7
20% 24% Mil 22%
7
1
17% 18%
38
44
116% 122% 111
978
11
65
1 ;>
934
ls
2334
6 II8
153.,
25
65
9%
21
7%
203g
93,
17
'i
Hi|
23
1
mh
81..
17
7%
19%
20
8
41
II4I1
678
3I4
9%
478
80%
7778
4%
6
83I4
2%
3%
3
6
78% 81%
167s
I3I4
15<4
1.378
17
JO
15% 24
22%.
27%
16
227h
16
23%
44I4
lis
38
32
30
31% 33
934
38
76
7I"4 7434 75
12234 120%1317« 124l2l287g
f)8% 74%
74
05% 67i4 67
9
83
H
10
734
7
20
22%
19% 23
1834 211.?
734
7
7% 6% 77g
7
63%
7%
6(1
17
19
K
7%
778
?;tii
20
'«
19%
22% 20% 23% 20
13
15
13% 13%
13%
1314
834
16
1734
14
934
I7I1
23%
I77h
57
6:1
2
1
10%
9
15%
193,
16%
1734
2OI4
26%
21
2-1%
8%
10
27
66
68
63
03% 60
9«,|
8% 9
7%
15
18
14% 16%
14%
884
1534
25
291-
28
23
26%
e iHt InsUililincnt paid
";, In Htock
iffLoweHt wluH cx-rlKht H (June 15) to aubHcrll) c, Hliaro fo r Blmrn, to sUjck of (i Ion Aldcn
17
123% 117
19%
7I-.
114%
14%
201,1
293,1
'24""
l(i
Hf'g
»»H
I7'x
80
74% 70% 74%
43% 42% 44%
40% 43% 42-% 46I4
69
15
13
973
Oi-
1
2734
2134
9%
44% 44%
121% 117»8l23
778
19
17
75
20%
18% 2078 18% 20% 18
5OI4 44
4078
47% 44
48% 42
23I4
27»4
21% 25% 20% 21% 22% 26
16
16%
7134
80
129
20% 23
33
37
34
39% 35% 3734
20 14 2378 21% 23% 20% 22»4
363) .'lOHi 34%
29% 33% 32
23% 26
32% 35
13% 17%
13
10
79
128
271]
16%
193,
781)
124
23
11% 12
8
16%
«'l
7334
45
2734
19
19
17
22I4
247g
1
7578
9
45
30
2578
11
1934
5fi7s
295«
1 5
2334
67%
10%
76%
9934
7434
3473
6934
281'.
40
22%
I7I1
291
9
8% 10%
96%
287g "24%
72I0
75
7058 6II4
3734
39%
20% 235« 17% 2II4 19
2178 18% 21 li
47% 57
42
49
48
43
45% 4H
20% 27% 19
24% 22
26% 21 1) 261
19"2
55
85,
183,,
7878
934
34% 37% 34% 36% 32% 34%
8
9% 1034 12
17% 20% 17% 22% 19% 2334
63I1 65%
54
59
5334 65
4073 4373 42% 59
6634
50
11
120
28
31
30
2778 34
31% 38%
26% 28% 2658 30% 19% 28% 23
27% 22
35% 38% 36% 40% 28
37% 32
3fi7„
30%
7I4
5% 6I4 6
6% 6% ."h 6% 5%
8%
21>4
22%
14%
I4I4
19%
105
24l8
71
26
5278
3812
467e
19%
44% 42% 49% 45
4753
75%
71% 71% 75
99% 99% 100% 100%
3634
4234
973
26%
71
17% 21%
66
2%
3%
70
36% 39%
45I4
lO's
1
2
8
2234
17
64
18% 21%
36% 42
38% 44
7
72%
93%
100
89
38
34
10% lUi
46
7%
62
23%
57»4
17%
4%
68
1%
36% 41% 39
5
7%
74%
100
89
1434 12
9%
4OI4
178
434
67
57
1534
205s
1
3%
69
12
76% 74
73
65%
61
68% 50
2378
757g
6O34
61
66I4
11
74% 76
693i 78%
6%
19
68
18
297s
434
15
85
134
39I4
31% 24%
18
10
10
9
9% 9%
97% 93% 9678 9434
67U 68
68
67
7953 69% 7878 7353
28
4
12%
68
34% 36
24I4
10
15
10
65
I9I4
73
72
84
4434 55
29
3
4% 4% 5% 4% 473 3% 4% 234 .378
66% 5158 53% 52
62
67% 6178 56% 61
70% 7433 71% 75% 72% 76
68% 73% 70% 74
5473 5934 52% 59%
56
60% 58% 5'4% 61% 53
3616
9I2
89I4
62»4
2434
69
2%
3%
100% 96% 100
1%
98
35I4
11
28
73I2 75
76
70
ig
65
75% 66
74%
37I4 45
40
42
46 14 41% 4234
40
30'4
59
54
109%
121%
12% 11
14%
18% 27
24
30
5134 5978 54% 58% 56% 6O34
57
108% 1107s 103 110 106 114 107% 112%
38
3934 42% 36
42
41% 32
38
3% 4% 3% 414 3% 4% 234 334
IS
14% 15
16
14
14
28
34 '36" ¥4% 30
38% 34
37%
79% 79% 80
32
75
45%
3%
60
67% 67%
26% 23% 23% 23
24% 27% 23
25%
50% 52
49% 61% 5034 55
52% 54%
4% 4%
8I4
39% 45
57%
75
60
9434
67lo
7058
32%
77
56
87
48
26
9%
34
8934
4
9%
13I4
7078
110
6434
6
95% 100% 8853 96
92% 99
97
93
65% 65% 62
6534 67% 67%
64
65
78I4
69
77
61% 7234 68%
69% 8034
1034
1878
23%
37%
12%
77% 73% 79%
35% 3078 33%
1234
31
6
57
5%
4
5%
94% 97
57
63
2
'3%
11% 1234
17% 18%
95I4
63
5
6% 7%
6% /36%
6% /35I8
1678
13% 16%
37
33% 37
7% 6% 7%
3%
4
55
16% 19%
17
4
16% 17% 15% 17
16% 19% 15%
26% 227g 24
27% 22
17%
41
35
4058 36
38% 29%
63
70% 64
70% 67
71
60%
101
104
100 103
100% 109% 98%
3053 3473 32
31% 35
34% 31%
76
80
S3l2
76% 80
79% 88
64% 68
64% 68% 67% 7634 70%
55
56% 51
53
52
59% 50
80
80
73
70
75
82
82
35
41
41
39% 45
62
47%
6334 67
67% 6t% 68
73
74
62
62
'36" 37% 34
'3534
37%
4678 38%
52
53% 51% 52% 53
58% 57%
48
55% 49%
100 104% 96 103% 10278 110% 1047s
9612 111% 102% 10834 106
11334 110%
3%
193%
55% 60
2434
3634
66%
118% 120%.
39lg
100
.100
.100 II7I2I22
lis
.100 645» 0758 66I4
9I4
.100
U%
.100 I9I2 22
2II«
.100
8''«
778
75h
100 20 1« 23lg I9I8
.100 13"! 15
13%
.100 IOI4 113»
«»1
.100 17
193,
17
2»l2 25
.100 25
.100 C8'i 70"2 67
.100
914
93s 11
.100 IOI2 19
15
.100 36
36
32
.
16% 20%
17% 20I4
186
9% 9%
2% 612%
2% el0%
3334
71.1
30
12
Tcxar.
10»?
9612
67
4134
Rights
9234
66
67
4014
IOI2
100
9
1778
1778
82I4
88I4
.100 17
Prior preferred v t r
.100 53
Preferred vtr_
.100 35
Pitts CIn Chic
St Louis. .100
Pitts Ft Wayne
Ch pref. .100
Pitts
West Virginia... .100 285,
Preferred
.100 T2»4
Reading Company
..50 81
First prcferriKl
..50 4834
Second preferred
..50 53I4
Rensiclacr & Saratoga
.100 105
St Louis
S F stk tr ctfs. 100 2U8
Preferred itcrles A
.100 31
St Louis Southwestern
.100 2."jl2
Preferred
.100 3634
Seaboard Air Ltne
.100
O's
Preferred .
.100 i\h
Southern Pacific Co
.100 «0i«
Preferred
Preferred
5158
658
&
Norfolk Southern
Norfolk & Western
Union
65
10
Second preferred
& Harlem.
&
18% 23% 16% 22% 1884 21% 17%
37% 435g 3434 42% 37% 4134 34
100
83*
458
0912
70"8
47I2
First preferred
New York
186
201
53% 57%
7% 7%
1
N YCentral
-100
N Y Chicago & St Louis... -100
N
N
&
N Y Ontario &
188
1
.
NY
per share S per share S per share S per share
111
11438 10834 114% 113 12378 118 122%
•S
30»4
/I'lillpitld.
(;.)Ul Cii. a
(.
ir.78
()l2
15% 18%
21%
13
$5 per 8h arc.
14
8%
9%
14%
17%
15
19
51%
56% 00
7% 8% 6%
14
16
247h 3OI4
22%
5934
8
12%
I5I4
24
293i
THE CHEONICLE
48
[Vol. 114.
!?5'il— Con!inMt'<l.
April
Mav
June
Jidu
August
September
March
October
Ftlyruary
November December
January
Low High Low IHahiLow JHgli Low High Low High Low High\Low IHgh\Low High Low High Low High'Low High Low High
STOCKS
I
Par S per share S per share S ptr
EXPRESS
Adams
IM
American
United States:
Wells Fargo
100 120 133
100
7
7
100 49I2 72
2fil2
35
\
|
\
sha''C
•S
per share $ per share
32I4 27I8 4138
29
12434 123 1271.1
1243.1 I32I2 120
6
6% 5I2 63b 534 61.1
6II2 5634 6531
60
6118 67
333.)
28
.?
per share S per share S per share S per share § per sltare S per share S per share
38I4 46
4634 3834 45
4434 4934 4434 5034 4734 4912 4812 5384
37
35
42
114 123
113 II8I2 11512 12212 123 131
1 2812 135
116 130
1231" 131
12734 137
5I2
51"
5-3.1
J% 578 6I4 6
<>l.l
53'
578
533
6% 61" 61"" 6I4 678
59I2
59
55
57 Is 62
61
671
52
62
55
65
62
61
65
67
6934
COAL AND MINING
Alaska Gold Mines
10
Alaska Juneau Gold Mining, 10
Amer Zinc Lead & Smelting. 25
Preferred
Anaconda Copper
Mining
Batopilas
Burns liros
Preferred
New
._
Us
Tg
11,
1
II4
78
158
Us
I'l
II2
1%
084
8i8
91-
138
SI4
25 2C<h 33
2734
58 337g 401.; 38
20
'8
% 1
100 811.) 911.1 S3
.,100 105 105 105
291s
26
28
26
40
34I4
391s
3538
7s
1
8I1
8 Is
9
8312
110
88
115
9%
281
4134
h
3.
1
881.1
1081.1
lis
134
8512
%
ll8
93g
293.1
3984
431;
%
1
87l2
93
34
90
10
28
II4
134
91.
738
231"
3484
%
'2
134
188
184
78
7
2278
3I84
8
25I2
684
25
373
3338
281.1
8
25
9
2512
41
3684
39
%
%
3<
84
89
%
I2
1%
1"
7,
II2
85
\
l2
84
101s
29
40
84=4 112
110
%
I2
7g
'2
10%
8I2
Preferred
Consolidation Coal
l)e Beers Cons Mines
Dome Mines Ltd (The)
Elk Horn Coal Corpti
100
100
no
10
187,
lOlg
50
50
17
19
I7I2
211.1
191s
39
40
39
40
39I2
jxir
Preferred
Federal Mining
Preferred
& Smelting. 100
100
100
M S & P
Granby Cons
Greene Canapea Copper
Homcstake Mining
100
100
Inspiration Consol C^»pper. .2©
Island Creek Coal
Kennecott Copper
no par
Miami Copper
Nevada Consol Copper
Ontario Silver Mining
5
5
100
100
Pittshurah Coal (Pa)
Preferred
...lOO
Pond Creek Coal
Rand Mines Ltd
u»
Ray Consolidiitcd Copper
Seneca Copper Corp
uo
100
1»
par
10
par
8I1
21
1614
181,1
123i
121,1
16l'>
8%
8
8
27I2
I'll2
1-JIo
III2
1114
14.%
?2
36
42%
4118
461,
35I4
4538
4078
5034
%
-84
I2
%
IOII2II4
II9I2 11412 12212
10812 IO8I2
109
7
23I4
25
23
ISI4
I8I4
2018
2II2
17
25I2
2;
22
22
1778
153,
97s
414
21
17% 20
16
191s
I6I2
57
627,
881
ISlj
1078
434
5712
601
86
86
1234
2II2
1334
24I4
123}
1534
141,1
8278
12^8
fiO's
301
im
,':i2
141s
23
25''s
IT 53
17
2034
14%
4978
34I4
24
50
37I4
1834
49I2 60
29% 34I2
9
12
4I2
5
I
1S34
I8I2
I8I4
1078
478
'ail's
4
47g
IOI4
414
'
13%
4
12
4I4
5
143f
41"
13
434
3-84
46
44I2
48
4618
2418
2812
25
27
24
27
25I2
10
1134
243j
978
22I2
1078
30
22
2OI3
2534
91"
"
9%
101
2434
20
231
27
22%
24-84
20
7
237s
18l8
1978
21
1434
253.
16
40
4084
6%
151"
ISI2
22
9
"si's
"i'
I6I4
1718
3784
1734
I8I2
391
7
7
27I2
2184
25
211.,
24
2178
23I4
24.3.
1718
22
I7I4
ISis
58
56
61
SOU
3612
37% 31
1084
I7I2
gis
20%
34I2
60>8
201s
24
22
12%
iHi
2378
131s
412
478
5(i%
63
5S%
6?i
86
8GI2
22
1138 14
6OI4
86I2
I4I2
2II2
1378
17
l(il2
86
88
12l8
14
I3I2
I6I3
22
23
19
11
1234
1318
1584
1334
6-'>8
6I4
Shattuck Arizona Copper
6I4
5I2
16
534
47s
5%
8I4
Tennessee Cop & Chen;. bo par 71s 9i|
8I2
87s
7
7%
Utah Copper
18 4834 591'' 4834 57I2 45S4 51
46
Virginia Iron Coal & Coke. 100 84
85
89
89
89
88
84
414
I2I4
45ls
25
4
3-84
41
497s
23
25
60
20
334
IOI2
4-34
45I8
13%
9
29I2
23%
2'! 34
578
23
20
20
50
31
231.1
8412
1634 '1612
207s 1878
4014
16
6I2
6
25I2
20-34
54-84
23-84
1634
36
21
15
20
21-84
66
32I4
3412
2034
IK-ls
201,
16%
22-84
2OI2
lOls
22'8
19
111'
48,
9I"
3I2
5218
3412
22
23
1778
1878
37I4
15
4I2
4SI4
17%
58
2953 3334
13%
41
6%
5
1784
101"
7%
5%
5578
I5I2
3434
5434
11
'33'34
6I4
22%
7i8
29I2
1184
28
3034
ll's
12%
11-84
13
131s
1678
24-84
24
2612
2512
2512
271"
261"
291"
48l2 5134
26
20%
17
191
23-83
101
101
16
16
19
17-84
22-8j
19
I
24
106
25
106
33%
24
60
15
36l2
27"
1534
161
I4ls
16
18%
2O84
18
191.4
18-8s
I6I2
19%
I7I2
I9I2
I7I2
38
38
37 12 38
8
10
25
35
.34120
29I4
2.5I2
30
22I2
2.')34
25%
29I2
53
5518
53-84
56
7I2
7I2
227s
25-84
8
21%
22
2II2
5534
58
55
2478
57I4
32
3584
33I4
36% 35 18 38%
I712
21
20% 23
20
2178
I2I2
21-8,
231"
11%
\2'l
i's
20
2184
4%
478
I5I2
378
5OI4
1434
2912
1634
2II2
16
2218
4I4
I3I2
378
4-84
'7'
"133^
43I2
3712 42I4
601s
22%
17
19
6
6478
4
1184
41"
.'^238
6II4
87
86
87
161
2184
121s
I4I2
19
12
I3I2
2OI2
15
1812
7I4
97s
6
1378
161"
67s
55I2
53
SSis
868.
86
87
78
884
19
16
57-34
7
8%
4584 537s
1084
73
331.-.
110
100
8412
34
%
9
30
B
f;iass
5I4
5I4
4I4
SI2
Butte Copper & Zinc
434
_5
478
438
&38
6
57s
133j 13.38 1534
Butte & Superior Mining. ..10 lo.-^ 143.1 I2I2 133. 1034 123i 11
5I2
5I4
7I2
Callahan Zinc I^edd
fii.
4.34
5-3.1
47g
478
6
5
521
Calumet & Arizona
10 4II2 50
49
49
43
4S
4978 53
42
Carson Hill Gold
32I2 2718 30
Cerro de Pasco Copf>cr-_no par 27
2734 2418 3038 2838 32
23
Chile Copper
III2
25
978 I2I1
9
1138 1234
9H I212 Ilia 123.
Chino Copper.
5 lO^-S 231s 213s 23I2 I9I2 2178 I9I2 25
2418 271,
3II4 2SI2 3234
Colorado Fuel & Iron
100 27
301
2934 26I4 30
28
27
I4
1
3888
3
'2
8312 9OI2
9118
%
II2
lOli
83
4
52
87
57
131s
191s
15
20
87
13
19
121
I3I4
6I4
13%
3714
87
7%
7
8
,
1
197s
211,
IOI4
978
3I2
3-84
5I4
61 12
4
57I2 6OI2
881"
87
88
56
85
141
261
13%
143,
1.378
!.'•>%
24
26-84
21
24
III4
12%
11%
I3I4
13
1734
1478
6I4
I9I2
7
1212
181s
2OI2
5.';34
5I2
7
6%
778
7
87
878|
22I2
6
7I2
2412
2778
2.5I4
28
I3I2
15%
4
58
88
4
59
91
66
93
I4I2
I9I2
I3I2
I9I2
His
718
8'2
47I8
511,'
411s
48-%
44I2
41% 50% 66%
70
70
59
70
63
75
75
2.5-88
22% 2578
12% 14
473
61
91
16%
I4I2
2284
14.%
25I4
734
20
10%;
88
14%
21
6.88
97s
43s
16
217g
16
24I2
9-88
11
5484
6OI4
58%
6638
84
86
83
88
VARIOUS
Advance Rumcly
100
100
par
50
100
108
par
108
108
100
100
100
100
50
58
100
1»9
Preferred
Air Reduction Inc
no
Ajax Rubber, Inc
All America Cables Inc
Alliance Realty
Allied Chemical & Dye.no
Preferred
Allis-Chalmcrs Mfg
Prefer.-ed
Amalgam Sugar 1st Pref
Amer Agricul Chemical
Preferred
American Bank Note
Preferred
American Beet Sugar
Preferred
Am Bosch Mugnet©
Am Drake Shoe & Fdy
Preferred
16
45
32I2
3OI4
I3I4 III2 13>2 Ids 12
I4I2 18
1S34 18
15
1818 12
13
12
15
11
14
15l2i lUg 13l8
39I8 3918 35
42Io 50
5178 49% 50
38
46
3618 38
3712 39I2 3II2 37«2
39
3684 40
35I2
40-84 50
40
3618 35
40
37
3634 3412 3812 30
341" 30-is 31
3984 38
301 2 3178 30% 387s 36
39I2 251s 371
/.8i'
2T3g 34I2 31
3784 2II4 29I4 18
243, I7I2 23I2 17
28
2c % 1S% 24% 1618 2084 I514 20%
10112 105
100 10312 io;ii2i03i2 10414 ir,5i2 10412 105% 10534 106
1C312U).")I8 104
10084 102
104 1(j3 103 101 101
1934
18
I9I2
52
50
35
S2l8
4'-l2
50
3>-3.
9338
8714
44I2 55I2
9378
2934 371
75I8 8II2
021'> 923,
5331 6.'. I,
S8
90
4fil2 50
431. 44
741s
42I4
SO's
333s 37
76
'45%
81
S7'l2
7234
771.
49
44
54
34
3584
4538
8978
3Sl2
7884
83
77
80
4618
7284
5134
.
Am
Am
10
American Linseed
Preferred
American Ix>comotlve
Preferred
American Malt & Grain. .reu
Stamped
American Radiator
Amer Safety Razor
American Shipbuilding
Amer Ship & Commerce, no
Am Smelt Sec pref A stpd
100
168
100
100
par
83,;
49
80
811?
1(!0
19
mil
SI4
9?
48
SS
8RI
8II4
621"
20
&
Am
.
&
9%
8I2
6O34
461s
8334
90
91
70I2 7278
^'l
80
9%
812
70
91
74
45 Is 5084
73
73
521
5II4
62
53
927
441" 6. I2
5034
47
631.!
'6"78
IOI4
49I4
531"
63
47I4
9I4
53
S5"2
881"
751s
6
8
41
50
67
92
56
49
92
55
Am
Art Metal Construction
Assets Realization
Associated Dry Goods
18
.10
100
100
100
100
no par
Lines. 100
180
25
2d preferred
Associated Oil.
Atlantic Fruit.
Atlan c;ulf &
I SS
Preferred
Atlantic Petroleum
Atlantic Refining..
Preferred
Atlas Tack Corporation. no
Austin Nichols & Co
no
Preferred
2I2
44
80
631..
6I2
32I4
44I2
?0l8
36
43
92
47
92
4o
45
50
59
53I4
59I2
61
44
65
46
50
60
53%
29-84
10-''
8
8-84
20
311"
883
28
72I2
83I4 901s 8.-;
104 ii 107
102
48
79
911
1041
9I2
54I2
68
611
4512
90I4
25I4
81
122
109
15
37I2
86I2
37
47-84
43
841s
32
3i)78
9OI4
34I2
87
2.SI1
6712
73-83
74I4
75
2612 3484 2S1" 37
51
60
511T 63
5OI4 5.3I2 591s 51
47I2
47
27I4 31
"27r8 '3078
65
65
2918
33S4 "3214
45
12.->i"
110
110
1(!8
82
17
19
11
1618
12
19
35I2
42
39
41
3 1 84 377s
2278
27
773
171,
56
63
3973
98I4 101
104
9
91s
79I2
8-^84
104
82
100
69
711s
13
I2I4
70
7!
68I2 70
678
5%
97a
884
95
I2I4
13
7I2
T
94
67
93
6878
9578
61
751.1
97
951"
<17.?,,
391
33
36
2975
a2l2
3I2
553.
)i)^4
59 Is
511"
1023s
9
611: 76
38>2 4412
23()
3I4
24 14 261"
5834 61
52
54
9712
8I4
41
37
ion
23g
3
2412
59I4
35
56
55
59ig
5612
47-84
471"
27I2
49I2
301
491"
.501"
27
3434
61
4-84
45I2 5378
9812
92
5484
32
53
36.84
56%
981; 100
31% 35I2
I7I2
2434
20% 24%
49
43 14 4814
5l8
lOls
6I4
13I4
12% 16
51
,59%
56
62%
'
65
66
76
71'4
83I2
73I1
68
73U
401a
381; 43I2
834 10
2878 3478
56
61
4-84
I
9
8
l.S-l,
24-84
22I4
451"
4112 521
93I"
85
104
103
(•.34
918 107s,
4SI4 53
68I4 661s
6234 66
3012 371s
34%
60
87
1G3
65
321] 36
33I2 37
4973
881" 9284
25-% 29I2
81 '4 86
351,1 27-%
S7s
S%
251s
2712
878
25I4
34'2
8I2
23
91s
36
4%
5U
49'2 47% 63
94I4 1 101.1
9234 9078 96
8S
IIOI2 108 115
IOGI2 IO6I2 107
191s 20
51s
94
53I4
40
11%
87
98
55
79
92%
102
73
83
5012
50
1053s 10734 1041.1 1081
41s
57s
7
6884
91"
32%
67
721s
423.
767s
993.1
8278
107
I2I4
6838 69
6
4
6I2
6712
36-83
70
100
S27s
30
25
65S4
85
85
801,
631,
851,
95-8i
87
24
82
I2I4
40-% 661
4412
701, 80
78
5II4 51'
IO2I2 1051s 10234
s
1"
77s
11% 11%
1234
128,
I2I2
14
68I2 6SI2
68
6S1-J
70
4
7873
3I2
4I4
•ii".
47s
4«4
7
6
7
67%
6.312
69l2 81
9612 97%
3OI2 34
2
30
3
347s
6212 631s
55I4 591;
55
56
97I2IO7I' 100 104-3i
6334
81,1
5I2
81,.
7078
431
30ls
4634
32
29
41
I7I2
181
311s
17
5I2
100 ioOO 1050 975" 9Y5 925 925
925
100 109 1101 i06l8l09U
108
I9I2 I8I2 I8I2 16
par 17
1634 16
par 10
1314
10
12
9-38
r's IOI4
100 61
70
68
70
66
66
64
96
72
97%
31
2I4
96
821
977«
3578
21
9OI4 96 14
6412 7734
94
24
Us
29I2 351
28
65
65
61
61
1247s 121
90-84
125
88
2
72I4
96
97 Is
2OI2 2318
138
II2
I's
643.
65
5812 591
57
55
57
64
99 Is
96-84
9612 101
91
7I2
4I2
I8I2
16
363.1
15-84
23-1,
1.5-%
231
1212
1100 1075 1125 820
108 106% 106% 105
20
1778
8I4
19
10
16
10
601->
63
521"
8lg
317s
3812
31
16%
900
30
12-84
835
;:8
1001
6
28%
23
15-3,
9-'i0
IO7I4 10.3-33106
17
9% "sia
581"
""8"l2
4I2
19
1/
10
925
107
15
8I2
5
26%
231
13
925
10 /-T
15
8l2
50% 53
90':
54-8.
4S4
714
78
9278
78.
57
66
13
18'-2
92
1'
32
65
55
3OI2
241
IOI2 15
852
10684 107
9
15
10
59
59
12314
9314
I2II4 124-8, 120
6I2
.51'
51;
92
23I4
2OI4
15
91
1334
977
2l8
5
850
122% 12684
94.84
68I2 78%
968i 98
2334 25
15
15
62% 64
441
607r
1
64I4
30I4
33
8-84
94
6(i% 733,
941" 97
2784
23
127
120:2 126
6
4
<)2l2
36%
5li>
21
418
678
87
14
1514-
87
90
4
538
7%
86% 88
:',
271s 301s
41 ij
3578
61"
31%
70
5
473
4II2 47U
381" 357s 3978 3818 43
29% 373, 33
78I4 77
63I4 72
.86
85% 90
74
647a 73
1061, 11434
IO5I2 109
!00 105
9934 104
10284 110
90
90
84^5 S2
771
7S
85
77
25I2 231s 2573 2518 32I2 31 84 35
271
26
18
23
92I4
92I4
801"
80180-84
78
84
81
S3
83%
95U
73
58% 697s 6SI2 641 47% 601a 521" 5612 49 Is 57
S6ls 898.1 671; 85"8 78I4 8712 7714 861"
90
89
><'''S
.^5.1
3714 501
39% 48I4 3334 41% 297« 3678 281" 34
72''
75I2 7OI2 701
65
6434 71
75
78
77
77
53
54
51
66
60>2 51
48
50
50
48
10575 108-% 107% 108% 108l4ll9»2 113% 117»8
IO5I2 10478 106
32
6212 64
93
5
18
988| 1031
98
69
638
14
14
781" 91
39
72
103
8I2
«0l4
531
29% 32%
65l2
19%
537s
601
55
63
3478
55% 62
4434
65
52
61
2II4
3018
63
18-8s
61
.57I2
63
3534
39
55I4
91"
I5I2
291?
55I2
51
47I2
2412
207s
4^h
1112
531
77
451;
111"
]Oi,s
77
38
85
1712
54-84
4I4
3312
42
51s
III2
478
497s
5II4
45-84
4I2
978
4I2
601s
381"
6914
54
991, 10334
371s 3934
85I4 90
4519
34%
26' '2"S38
33
28
911] 911.1 97
85
79
82
124 133 12.'.i"' 131li;i29% 1451, 14212 151U
110 IIO'S 1131 ll.";!; II3I2 1161;
108 111
I3I2
6I2
9-84
8
IOI2
878 11
7
2SI2
1078
68
73I2 85
68
92
901 ",8S"
281s 24I4
82
777s
1271" 11912
£5
8SI"101
4734
8978
33
76
55
48
2S3k
7>2
6l8
I2I2
13%
71;
l'o¥l;
45
573.
1038
54
38
4
4912
113s
5II4
8212
47I2 47I2
26-% SIV,
551
34
83
1213s llfi.% 12314 ii23jl'207s 1123412214 12118 1293, IIII2 1271- 1161; 1243s 117
94
90.34 93
90
93
91
89
871" 90
86
9:)7s
881s 9078 RS
II8I4 II4I2I2OI4 11034 118
Illl2l2()7s 120
I24I4 116
127-34 IIII2 12414 116
24
45
14
3"6%
61s
Ills
621
65
40I2 48I2
9I4
45
684
991" io:)i2 "9978
351.1
40
8')l2
48% '34% 3'7'78
631"
73
60
5II2 51
52
638
1178
8684 93-3s
IO7I1 IOIII4 IO4I2 lOlVi IOII2
101
77I4
7ii7a 8738
88
681s 781"
8734 9184 841s 841s 8334 85
51
74
3934 2818 3134 2Sis 3238 231" 303s
70-34 8.37«
S51j 82I4 84
831"
129
1243a 121
121-"s 129% II514 I25I2I
113
noi.i 11278 108
IIII2 108 IO9I2
24
2OI2 27I4 15
20
211s 25
22
20
2314
22% 19
157s 19
5I4
8SI4
6934
8884
3018 3318
69I2 73
72
8278
9.t3s
3tl4
9178
34I4
75
6334 65
03
69
7:;
70
347s 417s 35% 43% 411s 44-84
6818 80
78-% 77
6S-3.1
80'
10278 103
101
106
lOUs 106% 103 1121
82I2 S2!
3038 '29rs 301 '28-% 30% 2K1" -AV
29
8778 891,. 851s 91
8712 8712 85
871
88
43
287a
36 12
6512 67
4084 44I2
80
35
83
5212
4812
4134 '25-84
48%
41
80
111"
4634
88I2 92
3II4 39I4
7534 7834
42
I4
180 114
180 87
Common stock B
100 110
Water VVks & Elec v t c 100
1st preferred V t c
100
Participating pref V t c
.100
Am Wholesale Corp pref 100 901s
American Woolen
100 59
Preferred
106 95I2
Amer Writing Paper pref
100 32
new
W
73
8684 SUj
1071 1C5
107
19I2 2034 I9I2 20
Rights
American Tobacco
1st preferred
4634 4978
75I2
104l.> IOC.
25 6638 71
25
734 10
100
'
par
878 '14
100 63
66
Amer Smelting
Refining. 100 35
437s
Preferred
100 75I4 83
American Snuff
100 95 101
Preferred new
100
36' 3U2
Steel Foundries
33 1-3
Preferred
..100 85
871
Americun Sugar Refining. 100 S9".i 96
Preferred
100 100 1(171
Amer Sumatra Tobacco
100 7:!3s 82
Preferred
108 8312 no
Amer Telegraph & Cable
100 53
53
Amer Teleph
Teleg _
100 9ri34 997s
Preferred
51
5OI2
53
457,
48
46
4938
41Is 61
3938 49
3612
431s
7478 7478
74
74
to jxir 4912 5734 52I2 5834 5218 63
C6I4
no par 42
49 14 4884 483i 48
50
47
Am La France I'ire Engine
80
88
100 S334 90% 891.1 90
89
American Can
190 25
3234 28% 3II2 2534
Preferred
100 771) RS
8634 84
85
Amer Car
Foundry
100 120 1271.1 I2OI4 12434 121
Preferred
..100 110 112 113 114 11034
American Chicle
nu jxir 28'>8 29
23
28
21
American Cotton Oil
ICO 193i 23I0 2II4 2338 I9I4
Preferred
ISO 5834 G4I2: 64ii 641;
Druggists' Syndicate
10
ei"
6% 7 "(ii's
83i]
Hide & Leather...
100
8U 10
81, 11
S's
Prefcjred
...180 43
5314 40'.2 4534 423s
American Ice
100 42
45
43
62
4834
Preferred
100 57
5934 59
61'2 59%
Amer International
190 381" 4934 4234 4838 4OI2
&
80
42
44I2
9012
38I4
72-84
78-84
96I4
98%
23
2434
1
31%
6712
56
93
II2
347f
691;
60
104
1's'i
130
97
95
127% 126
6I2
6II2 65
I6I2
I9I4
21
28
23
27%
15
15
1
2
34I3 4878
70I2 761.
7512
64
98I4 IOII2
4'8
2%
4%
28I4
33%
106
14
9
6212
22-8.
14I2
10
65
20
94I4
76I4 82I2 771; 8312
101-8410412
101 10314
25
910
108
1.534
93
3178
15
61"
66-%
95
1973
855
51;
6218
9412
26
184
13634
99I2
I3II2
22 14
21
915
1C8
25
1
II2
44I4
.5012
74
75
99
2
7634
78
10734
3
35I4
30
211s 2534
25;.,,
2234 21
1000 970 1080
II3I2 11284 II3I2
12-% 14
14-88 14%
1034
10-84
9
10
65
66>2 6812 64
—
3 2
3
21
1
1
,
1
11
21 1
1
4
»
1
11
THE CHKONICLE
Jan. 7 1922.]
49
1921— Continued.
STOCKS
Aprtt
March
February
Low High Low Jltf/h Low Illoh
Jamiary
Low
Par
-.50
.-5C
.100
.100
no par
100
25
25
Autosales Corporation.
Preferred
Baldwin Locomotive
Preferred
Barnet Leather..
Preferred
ntfjli
share S P(r share $ per share
4I4
3% 3% 3
I2I1 1214
14
10
1238
8578 9278 82 14 90% 83% 027«
99I2 IOII2
100 102
97 100
$ per share S
ih
478
13
041
SI
HO^g 1021.1
29
70
80
30
Barnsdall Corp class A
2581 35
Class B
10412 IO8I4
Barnett Chem Cons ctf dep
i01l2l02l4
Preferred ctfs of deposit
no par
Bayuk Bros
100
Beech Nut Packing pref
Bethlehem Motors Corp.no par
100
Bethlehem Steel Corp
4I2
5I4
le's
59I2
647,
42I2
6438
60
25
39
6SI2
77I2
32I2
7314
6
77
30%
8I2
8478
43I4
89
96
68
68
04
74 12
7OI4
62I2
60
511,.
5'4
84
35I4
80
39I4
738
100
5OI2
*
27%
1434
24
27
29
55
6212
55I2
91
65
92
101%
10434
4I4
6I2
18
1434
68
92
60
74
74I2
37
7934
378
4%
434
17
95
95
58l2
41
72I2
42I2
5
60
3514
3812
59I4
17% 16% 19
1658
87
90
9018
89%
90
IOOI4
9OI4
99I4
4%
4%
373
97
3
93
63
38
334
Preferred
I'airbanksCo(The)
Famous riayers-La»ky..no
Preferred
Fisher !5od V Corporation no
Preferred .
.
Fisher i{o<ly Ohio preferred
Fisk Rubber
..no
Frecport Texas Co
no
.
& Wlgmore.no
Gen Am lank Car
no
General Asphalt
Preferred
General Chemical pref
5II4
7834
82
19
2173
IOI2
59I2
95I1
66
C8
57
94 14
78
35,
50
100
25
pnr
100
par
100
100
par
par
par
par
100
108
100
Gen Chcm Chem Cons ctf dep.
Preferred ctf deposit
4934
3834
17
18
1634
25% 22
39
I3I4
1878
6114
10
13%
2%
26
117s
62
54
45I2
4II4
76
7
5I4
54% .57% 53% 58
40
47% 42% 49% 36% 44% 32
72
76
76
69% 75% 70
79
4I4
6
4
4%
lor.
6
10
75
82
8312 82% 82% 72
82
37I2 35% 4218 32
37% 3234 37%
06% 72%
68% 73
76
71
80
25
25
23% 25
8534
4078
81
74
6
82
36
42%
90
40
7434
3434
867g
19%
58
5934
73
5I2
7812
3138
68ig
35
83% 77% 86
68I4
6712
5210
Preferred ...
Debenture Stock
Debet: turo Stock
Gllllland CI! pref
!•')
Pr<.-f.-rrcd
Davis. Inc
61
2234
6OI2
9
5434
1134
34
36
37
3434
4II4
54I2
80
76
76
10
40
65
81
211s
6 134
95I2
7834
41
no par
100
100
100
.
100
nop'ir
100
no pur
1071;
8312 91
2II2 2538
6 173 67
3234
28
93I2 94
29I2 31
61s
17% 21%
1734
5718
6I34
52
90
1
"T14
87 14 97I4
81 14
96
88
84
21% 26
2034
88I4
24I2
6378
2734
6778
3312
63
25
66
33
95
96
94I3
94I2
26
26
23
26
97i2
97I2
?0
30
89
II4
1
1
10%
11%
650" 690'
Nickel
3%
3%
22
97
100
52
55
5334
54is
58'
91% 93
4%
6
55% 59%
91
9134
104%10(>%
101% 101 ll 105
3.%
21
5%
418
100
100
91s
40
6338
05
40
59
7611 82
00
7!)
997g 100
640
8
8
35% 36
59% 63
9434
38
55I2
78
82
97
94
2%
94
11%
734
11%
9
1078
2333
101
88
76%
74%
46% 40% 44%
86
4
87
83
90
37.34
90
26%
25I2
27%
26.%
3334
14%
12%
14.34
11
12%
31;
24% 26% 23
9
58%
55
22
96
70
73
40
85
3
3%
3
25% 28
2%
3%
6634 74
62% 67% 64% 67
68% 7134
4OI4 37% 4434 4134 45% 42I4 60%
20% 36% 33
71
75
85
72% 73
75
79%
80
83% 88
434
4% 4% 4
5%
3
3%
3% 4 m 3
71
7634 79
73
75
63
79
78%
22% 35
26% 30% 26% 29% 28% 33
2878 32.%
62
66
62
68% 6I.14 66%
57% 68
57% 65
25
23
22
22
23
25% 32%
25
5634
6334
85
85
%
1%
63
69%
96
101
6OI1
68
6334
10134
48% 49% 33I4 33I4
67I4 86% 51% 68% 51
84
86
83% 82
85% 77
673
18% 21% 16% 22
8% 18
57I2 64% 52
24% 5334 19%
62
2OI4 26
20
20% 12%
26% 14
75
86
75
90
92
87% 88
44
24
30% 37% 3478
80
80
80
80
78% 78I4
88
9334
84
85
h
%
58% 60
63% 69% 67
101% 102
29% 22I3 29I4
100
26% 33% 27
42%
4734
52
61
S3
49
85
62-14
42
79
1134
7
e.c-ig
84
7
9
30% 17% 30% 16%
1734 12% 17% 1234
76
221"
1478
72
72
36% 30
89
43%
6734
4I4
17-14
58%
27
6478
1%
94W
I6I2
4934
10034
•4
64
66
60% 61
66
73
8 134 90% 87% 99%
7.514 82%
30
30
111
47%
101
107% 10.5% 108 107 1091 107% 112
2278 27% 26% 341s 3134 34% 32% 3834
60% 49
57% 54
81
82
79% 80
84I4
96
%
1
60%
..57%
6(534
62%
82%
8434
8
1S34
85
5%
13%
10%
68
41% 36
7%
15
67I4
SOis
8%
6%
1318
13
1518
13%
1£3,
70
80
80
10«
70
100
29
29
65
62
63% 69%
86I4 89%
1934
44% 39% 59%
40% 36
59
27I4
25
91
660
655
29%
685
680
93% 100
8-I4
17
16
4878
56%
61
63
96% 99%
88%
87
645
625
690
634% 615 615
627
104
95
39
68I2
84l2
85I4
7%
33%
8I2
361)
57
6534
9534
7%
8
9%
6%
104
.4
15%
14
38
62
40
7.51
81
82
88
84I2
87l2
83
90
87
85
85
90
90
97
201
I5I2
52
53
40I4
80
92
53i
2
40
15%
19%
4I4
50
713i 63I4 71
II2I2 104 110
635 635
105% 105%
508
10434 105
Q35
75
I3I4
16%
16%
14%
1734
14
47
I'l
2%
47% 49%
65%
43i»
5734
8334 100
95
II4
62I2
84
01
129
14
66I2
5812
83I4
62%
90
92
841
fj2i
681 1
8113
90I4
12534 I32I2 128
85
92
1381;
.
73
85
86
96
98
98
100
62
100
50% 5S% 61% 64
88
S3
88
80% 83
97
100
90
8778
55%
571;
54
83
85
85
8.3%
1.351
116
129-14
1334
15
I2I4
14%
12%
141)
10*4
14-%
70
70
711
00
63
7II4
6912
7134
67%
71
63
67%
6414
661
77i|
80l|
70
80
61
66
631;.
761
851
70%
S5I4
80
9%
"1134
10% 11%
771,
72% 74
()9
80
45
66I2
68%
75
793
71%
H.'3i
91%
35%
441
344
41
851
341,
30% 35% 42%
r'5-'i4
42%
72
85
77I1
H3
74
7SI,
75
70
79
84
26% 36 Ir 29% 3.3
62% 79% 643, 70
1313
12%
12is
151
12%
ir,3^
11%
15
10
13
28I4
14
11.%
15
143,
12%
11
13%
3234
2lil4
37
331
87I4
481;
10
10
«l3
1134
1134
60
64
70
ir."
20
78
86
734
26
9.%
63
60
82
87
6«% 65% 60
57 14
86
109% 125
69
65
70%
77
:
100
63
6O34
87
90
00
13?% 137% 131'4KJ8% 120%
57«
161
751k
98
57
98
60
100
69
ir,
11%
10%
11%
36
30
8
12
91
36
10%
67%
58 6 O'i
80
89
90
•M
121% 12734 123% 134
0.l4
10.34
9%
101
101
8.34
13% 1938 11% 14% 11% 13%
13
9
12% 10
13
16% 14% 18% 12% 15% I2I4 14
9% 12% 10% I4I4 I3I4 143
1%
1
1%
1
1%
1%
1%
1%
%
%
% II4
40
48
49% 40% 44
3978 43
41
41
"43%
6.'",%
5"638
78%
4414
54.14
74%
69% 46%
54% 5(1-% 641:
39%
114
9934117% 82 102% 86
88 100
87
77
8& 84 88
181
5fi
22
23
(>ll471)-% (is
53% 0534
7934
44% 58
50% 60
46% 61
7S
7434 80% 76
S7'4 81% 97
75
81%! 75
80
86
89I4 84
90 f 85
8,51
84% 87
79
81
75% 8C34I 82
8634
64
73
4
3% 5
3
2% 3
10
15% 24% 10% 27
22
79% 76% 81
6278 70% 69
9812 100% IOOI4 105
104% 106%
35
7834
95
92
12s
93
128
41.
24% 25
53
64% 5734 63% 55% 61% 59% 67
93% 95
9634 98 100
93% 94% 94
59% 67% 61% 69I4
95I4 94% 96
94
41I4 37% 39
40
?5
821
68
69% 81% 51
93I4
7%
58
III2
1334
234
9%
13%
1318
1578
%
%
%
3s
41
5 13,
61
97
6614
102
70
10
121,
28I4
8
9%
30% 36%
66.14
703*
95IH
94
96%
98 100 100
131%l:t7'? 13-5% 143-14
'121
30%
3:!
30%
32-14
73
79
73
76
7(i
82
12
13%
10
714
3314
8
42I4
0%
7%
3.534
71
((
307k
ii>«
19
6%
15
801
137»
2034
10'
66
1634
75I4
3li%
9's
71
691s
81
40'3
3 111
.82%
8
50%
12%
1.33,
11.%
15
l«l
12
66
6014
71,
6%
163.1I
91,
80
1334
57
fiiz
IS's
18% 24 14
13'
09%
86
47
70% 51% 67
4(1%
15%
12%
14
III4
12
10%
12
13
10% 11%
6I4
5'l4
163,
1')%
6Ih
2
6%
2"
6%
0% 10%
7I4
9I4
7I3
834
10
81
70
72
66%
6134
57
6I4
8% 11%
7I1
ll<2
427h
50.T|
9»4
8I4
42% 40%
44lt
71.
Ii4»8l001z "hV
»«
lf)7% lii)
106 low
823r,
25
93
104%
in.'.
14%
1634
531
583,
i.'jii
121::
14%
481,
5.'
46 U
541
13
4914
3H
33%
:<r;i4
30
3fi3|
33%
76
74
7t%
73
74
»:o%
15
8OI4
75
02
73»4
637;|
61
63%
61<4
04%
1.53»
)4l«
1
1312
lr,i;
75
76
934
16
80 1)
13%
SO
80
I6I4
«%
30%
21
8634 087g
1021, 105
15%
I7I1
(,314
1.':%
10%
46% 60
55»i
41
I2I1
57
5l8
9%
48
5934
AV
100 72
12%
'i'h'
15
14
U
121
".i
8
13% 14
577,
15'
I414
17%
14
17
41%
"i8%
66
65I4
KOI4
75%
8(|l
10%
\\--
III4
72*4
73% 70
82
34% 42
70
74
62% 64
I5is
84 14
17
86
0%
491
241
034
78% 89
70'4
091
09.T,
1
9%
ll)3l|
III
42
281,
663,
5634
13
10>^
ll'i,
42% 50
8Ih
7%
84
84
"7%
"714
36
23%
4034
2434
74
82
74
.14
5814
67
68
11%
I4'i
12%
80
80
1
.14
14
7%
0'%
38%
86
•I5I4
6078
ao
«0
80
80
78% 82
00
08
63.%
flO
64
141
7%
3%.
4*4
9*4
""7I1
70
(
69
68
74.%
101%
20
4-11,
13
6!l%
2.".%
29
I
13,
31
0%
38%
2';i8
28
79% 78
lill
67% 72%
57% 621
12^8
141
11%
14l|
74
80
67
74
12%
6
81
9%
7''i
39% 37% 41%
25
In
10-14
6%
"
170
14% 10
83I3
73
10%
1112
ICO'll 10
091, 1021:: nil
7I8 101;:
K.T,
111
IHl
(.(•In
3(1
46.% 41% 4H.H 45
30is
33
25%
29%
27
32
28
13%
31,1
71
67% 76%
66
66% 60
(II
on, 58
l.W
4
10.14
3
7
71
32
2%
3
7«4
35
60
SI4
1078
7
73l
S27h
1003,
11%
(•;
8
7
38% 33%
37
rii;;
71
734
2I4
7
2'4
HO
25
97
110
12
85
42
"
6234 68I4
71% 85
50% 83%
73%
1«8
7II4
76% '72' 77% 70
60% 64% 58% 54% 593)1 6OI2 65
25i«
11%
75
9% 13%
.%%
9%
10
871.1
70
18"
107
66%
"31"
':"«).%
100
91
98
1
25
50%
6i% 70%
4')
58.14
6334 69
68% 72
65% 63I4 66
72I4
65% 65
64% 63% 65I4 61
83
75
75
71
72
71% 75
25
33
75
'76% 8"4"
18-%
131
"9%
101
7'.)ii
0% 11%
170
"10
lb
r.r,
no par
100
25
100
7%
I24I4 12438
8I4
35
62
87
40
48
Ar.rlrul fiorp......
100 Ills
Preferred
100 50
rmcrnHtlrinil Cement., .no par
InlernatlonnI Harvester
100 'fl3l2
Pr.-ferrcd
100 103
1st Preferred
n\ Preferred
100% 98
19
50
54
57
6784 06% 741;
69% 65
41% 42
36
43
38
64
36
1021310212
lilt
Motor Truck
90% 91
247,
98% 98%
25
8778
.
Mercan Marine
91
51
24
10.)
JIupp Motor C;.ir
..10
Hydraulic Steel
no par
Indlahomn KeflnlnA
5
Indian Kcfltil.ig
10
Preferred
........100
Preferred
52%
57%
86
24
22
86
20
70
87I4
74
96
&
100
100
100.%
105
103
1
82
8312
4434
1
.
(C. W)
Hendce Manufacturing
Houston Oil of Tutas
lOll..
5I4
14%
i
6I2
62I4
37I4
56l2
<;uantiiiianu> Sugar
no po
12% U.% J 334
<;iilf Slates Sfcel trctfs..
100 28I3 3CI4
3o
I St preferred I r ctfs
10<li.
'12%
IIablr«hav/ I'.lcc tlahlti. .no ji'ir 12
13% 'ills
llack^-iisack vVater pref
25
'26
26
llarfmafi Corp ( The)
100 70
70
72
73
lluskell
Barker Car
no pur 5513 BOI4 57
00%
llelme
25
25
48% 63% 47% 5534 3934 50% 41% 491s 38% 451
47
50
63
60
51
50
61
54
67% 49
40
42
3834 41
36% 42% 40
40
47
37% 44
60
61
59
3%
{(>'',.).
(T/.,)
share.
33.1
80% 08% 93 '«
101
85
6II2
657g
4512
41
79I2
2II2
5812
85
20l8
56l2
3%
1
100 54
100 8OI4
100 84
100 12012
Preferred
General Electric
Rights
General Motors Corp
y
1 1
45%
50%
42U
81
81
80
83
83
80
80
so"
83
"3'5'
'27%
'3034
3934 2834
22
31
35% 34% 37% 33% 3934 37% 40% 37%
3U->
59I4
58l2
66
54
5234
61
52
57
53%
5534 64
621?
61
57%
61%
64
9i»l
4% 5% 2% 434 3% 6
3
5% 3% 4% 2%
6% 8% 4% 7
14I4 20
SI4 19
19
23
12% 22% 1034 19
42
17% 33
48
34
8%
32% 33
36% 45% 42
36
3534 42I4 2834 37% 29% 31% 31
38
351s 35
47I2 30% 42
3II4
25
27
21%
25% 30
30% 28% 30% 22% 27% 21
13%
66I2 68% 66
70%'.
68
65
70
68
60
60
66
70
53
"'9" 70
lo
lo
334
5
1
878
7
7
834
5% 6%
1
%
83
9034 86" 89% 88" 9134 90% 95
S734 86
91% 81% 87% 85% 89
90%
15I4
1234 1534 13% 19% 15% 18
16'4
19
14% 19
14
20% I8I2 20%
13%
45
4534 50
36
50
43% 45I4 34% 46
58
46
58% 42
43% 48
46%
86
82% 85
85
09 100 10034
90
95
90
62
6434
5OI2
44
83
II4
73
62% 66
2%
65I0 62I2 05
61
63
61% 63
73I2 68I4 73
68I2 761; 71
7o3g "6634 76%
104l£ 102
10378 IOII4 104
102 104
101% 10414
2878 3284 28I2 30% 2578 29I2 27% 4434 31% 44%
93
General iAUar. Inc
Dchenturo (7%) pref
98
26
18
49I4
90
90
93
69
34I2
70is
19
S9l2
77I2
88
Endicott Johnson
.'i
37% 40
60
334
9:^:12
V.
3-i4
1214
41
48I4
9018
59
8l8
37
Preferred
96% 99
52.34
I8I4
85
55
37
74
88
Electric Storage Battery
83I4
98%i
5034
5"4
65
100
100
100
100
100
100
100
Emerson Brantingham
9)»4'
4334
46li
96% 100
r sh(t
.S 1>i
2%'
10
96
48%
51%
90
sham
per
74-%
39% 52% 42
41% 5678 45
I7I4
1518
23I2
SI4
1234
50
B".-50 27
Preferred
I'tefe.red
8018
100
Mills
Eastman Kodak
Ini.'rnatlnnal
24% 26
1934
I6I2
85
65I2
10
Preferred
Jnterniit
6912
75% 65
67
64
86
1934 25
5678 63
100
Durham Hosiery
Inierti
3
57I2
27
:S
59% 59%
80
Davison Chemical v t c, _no par
108
Deere & Co preferred
Detroit Edison
100
.
27
24
70
Preferred
(II
28
2%
334
56
35
70
4I2
20
no par 52
Preferred
100 74
Consol Distributors Inc. no par
&
3834
I8I4
1334
Consolidated Cigar
C;oodrl( h
57
33
20
13% 18
34% 44
&
<;ray
51
334
1412
&
Gaston VVms
2%
41
25
2.34
41
20
92
S3
38
42
8OI2 S4
&
Diamond Match
28
2378
80
sitatc
2%
334
13%
1
37
80
26
sham $ per
I
39
51
&Ry
Preferred
28
Ys"
per Shan $ per share % per share $ pi r
3I2
4I4
234
3%
2%
III2 121
11
11% H%> 12' "12
771- 93I4 62I4 83% 69% 80% 70%
97I4
95
99
97
99 101
October
November December
Iflgh Low Hinh\Low nigh
Lfiio
8%
108
100
100
100
Preferred
Brunswick Term
Sec.. 100
Bush Terminal Bldg pref. . _ 100
100
Butterick
Caddo Central Oil Ref no par
Calif Packing Corp (The)Jto par
100
Calif Petrol vot tr ctfs
100
Preferred
no pdj
Case (J I) Plow
100
Case (J I) Thresh Mach
Central Leather
100
100
Preferred
Certain-Teed Products.. no par
100
1st Preferred
100
2d Preferred
Chandler Mot Car (The) .no par
Chicago Pneumatic Tool... 100
100
Cluett Peabody
Co
100
Preferred
no par
Coco Cola (The) vtc
Columbia Gas Electric. _ . 100
Columbia Graphoph Mfg no par
Preferred
100
Computing-Tab-Record .no par
Cuban-American Sugar
34
"73"
1
39
Brooklyn Edison Inc
Brooklyn Union Gas
Brown Shoe
&
i
5934 521
557g 52 12 55
51
63l8 54% 591
53I2 59% 53I4 61%
93I4 90
93
9OI2
89
90
993,1 IO7I2 104
1071s 10334 foe'io IO2I2 105
4I2
4I4
534
412
534
512
434
4
.100
.100
Preferred
..100
8'i preferred...
no par
Booth Fisheries
100
1st preferred
British Empire Steel Ltd. ..100
100
1st preferred ser B
100
2nd preferred
no par
100
100
Continental Candy Corp no par
Continental Insurance
25
Corn Products Refining.. ,190
100
Preferred
Cosden
Co
no par
Crcx Carpet
100
Crucible Steel ol America.. 100
Preferred _
100
Cuba Cane Sugar Corp. .no par
100
Preferred
3%
501
5334
Common Class B
Consolidated Gas N Y
Consol Textile Corp
Continental Can Inc
301
2478
434
2l,s
pi.r
n
15
2!)
August
f!eplemf>er
July
June
Mail
High Low High Low High Low High Low High
Lotr
86%
10J% 105
I
.'•'8
I6I2
57-I4
6734
26
72
30%
5734
60
I
\h.
60
74
13%
70
THE CHROKTCLE
50
[Vol. 114.
1921— Conlinned.
STOCKS
January
May
April
Afarch
February
June
August
July
September
Par $ per share S per share $ per share 3 p€r share $ per share S per share .? per share S per share $ per
4I4 6434 62
7334 47
701.1
5058 56I4 383s 54
52
Us 61
46
6438 50
60%
101 101
92
99
99
'6812 Yo'1'2 '67' e'g" 6712
71
75
7234 74I2 7212 73I2 7012 7278 7034 72I2 "68I2 72
45
45
60
60
6I2 1012
9I2 12%
10
17
7%
2134 26
19
2538 1618 22I4 1918 2II2 1478 21
International Paper
.100
100
Preferred .
Preferred stamped
..100
100
International Salt
Invincible Oil Corp
no par
Rights
Iron Products Corp. ..no par
Island Oil & Transp v t c ..10
Jewel Tea Inc
100
Preferred
100
Jones Bros Tea, Inc
100
Kansas
Kayser
& Gulf Co
& Co (Julius)
.
Preferred
Kress (S H)
_
&
Rubber.
3212 40
4 Is
43j
9I4
4
8I2 23
1413 25I2
34
3758
4
438
1114
2834
25I4
614
17
20
32
3I4
8
20%
23
31
34
4 Is
6I2
434
1134
29I2
24I4
22
32'
434
1034
28
2238 22 12
3
1
334
8I3
23
20
70
79
68
73
71
4OI4
8478
40
4934
75
7018
75
77
94
43
8714
43
27
23
18
19
I8I4
15
.no par
.
93I4
100
100
(P) Lorillard
100
Preferred
.100
Mackay Companies
100
Preferred
100
Mallinson (H R)
Co.. no par
Preferred
100
Manatl Sugar
100
Preferred
. _
.
100
100
Manhattan Beach Co
Manhattan Shirt
25
Preferred
100
Marland Oil
no par
Marlln-Rockwell Corp.. 710 par
Martin-Parry Corp
no par
Mathieson AlkaU Works. . 50
Maxwell Chalmers
no par
Maxwell Motor. .
100
Certificates of deposit
First preferred
8% 11%
26
19
62%
3812
5478
34
415s
75
70
78
52
70
70
80
8734
7OI4
62
61
79
62
88I2
14
90
17%
90
90
85
35
88
64
75
76
1134
1738 "J3I2 Y7I2
137
140
1023.1
10234
16
I8I4
40
48
141
8712
60
2%
3
834
66
4712 5434
42I2
29I2
43
25
47%
142
137
152
481.1
100
1641s 143
103
107
6912
68
57
10
57
66
67
1738
4610 58
68
92
86
93
1984
21
145 153l'>
IO5I2 IOOI2 303% IOII2IO2
797g
74 14 73I2 77I4 73
145
1934
13%
12
11
12%
381.1
3612
38
96
99
2I4
3I2
155
105
325s 3834
4434
701
841s
38I4
44% 39%
423;
46%
70
701.;
75
71
16%
I4I2
60
71
891
89
63
92%
64%
90
94
8412
7%
80
9
3
81"
6>2
79% 85
73
80
85
4'4'34
66
57% 69
91
90
94
90
9I4 10%
14
934 1758
9.% 11%
137 159
1.57
170 165 1743i 171 177
IOII2IOII2 100 100 101'2l05l2 103 105
5514
61
89I2
90
57I2
10%
130
130
75
75
70
70
40
38
43"
41
62I2
49%
29
148
145
155
54I2
23I2 28I2
147
155
98
64
101
151
:oi4
95
513.1
24I4
27I2
38
46
1
IOII4 102
88
43% 40% 43I4 41% 4878
4658 60
49
47% 5138
2638 29I4 27
2814 2734 30
I62I4 15058 152
151
150 156 1501, 164
148 160
15212 162% 1.581 164
IOII4 102
101% 103% 10538 110 108
64
7812 70
76
72
80
81 102
47
88
117s
93,
64"
8712
11
734
30
33
95
8712
I2I4
91
34
no
88
90
92
95
95
12% 14%
8I2 10%
13
9
14%
31
32I2
3418
9%
14
95
151:
13
9I4
10%
34
96
35
92
14312 15334 140
_
15034 14312 1.52% 143
101
100 102
103
100
_
149'
103
9I4
39
35
9834
~~~
lOOU
14%
10%
4134
_
141
154
151% 1,55
lOtSj lO.Tl: 108 111
Oo'i
63I2
63I2
56
65
55
63
55
13
18
15
17
16
15
66I4
5612
11
5434
12
67
65
60
60
55
60
.59
37
40
24
60
25
621"
5012
38i2
72
62
15%
62
29
21
27
26% 30
25
303j
21
22
22
2634
2()34
231" 2612
25%
2734
34
30
15
161?
13
14
66
74
62
39
19
19
23
25
22I2
24
18
1518
65% 70
65
66
65
55
69
70
55I2 66
70
60
70
56
7is
934
4l«
3I2
8
578
i'4
12
6I2
8
3l8
I4I2
I5I2
4%
6l2
7I2
15
15
5
112
10
5
3I8
7%
11
1418
15I2
Us
212
878
8
5
3078
Us
33I2 "2978
56I4 53
884
3
3
278
4I4
10
I6I2
I5I2
61s
8
17
12
458
21%
I2I2
6
I.5I2
16
14
1418
1178
234
13
78
1
15I2
63s
61s
3Y34 "29"
53I2
2%
Us
2l8
H4
7
8I2
6I4
8 Is
3I4
6
'514
312
6I2
3l8
734
4
514
3I2
114
3I4
4l8
234
90
Y3" Y5%
'31'"
"25%
5234
5412
5II2
96
96
1978
1434
I8I2
1618
18
21
2878
24%
28I2
2334
2012
24|34
2612
30
47I2 52
87I4 93
108
120
..
4I4
U4
3
5I4
8234 93I4 83I4 90
lOOli 1011" lOll'
158% 13538 156 I42I4 I55I2
I3I2
I9I2
8
1834
86
16l8
22
6
71
.57
1478
1"
127s
15
10%
1314
23
1812
25
27I2
24I2
21
24I2
24I2
21
243j
2038
22I2
643^
92
74
105
841i
24lx
45
55I4
North American new stock. 50
4I2
458
4%
6
13
15
12
12%
1216
h
h
II4
II4
412
412
4
4
6I2
25% 25
6% 6
18
5
18
14
%
1
7%
I2I4
19%
14
12
307ft
'
6
684
191"
17% 22
24
181"
23I"
58
1%
I3g
5%
7%
1%
__-_
38
2
41
8
75
79
2
8412
107s
110%
2I2
"22"
2Y14 '2234
4fll2 53I4
44
1134
10% 12%
2Y78 '2234
9%
83
8%
82
101
101
102
97I2 11934 90
'2"s'i."i
1114
"23'
48
I2I4
'26'34
93
93
49
93
43
93
1078
1834
2OI4
I9I2
17
19
14% 18
17% 20%
191s
19
18
1734
88
88
1358
20% "iV
9434
'1534
.
.
10Y38 IO3I2IIO
100 12034 113 II6I4 106 113
112
116I2 107 lU
10934 116
106 110 109
110 112
3178 sots 3214 3118 33
SI'k 2.'iia
31% 33I2 30
74
743.1
7OI2 0914 7(iis 79I4 79I4 70
70
71% 5.")i»
2I2
2I4
2I4
II4
II2
1
3
1
2
53s
2
55I2 62
44I2
60
65
53
677s 62I2 49 12 64I4 41
93
94
92
90
95
90 '8 95
89
89
8934 93
71
7018 7234 7Ilo-7S!s 70% 81
72
6734
69
76
10134 105
103 104
104 IO6I1 102 108
101
100 102
783- 89
54
78
65
55
66
78
743i 8.11.. 72
20% 25I4 20% 27I2 241.S- 323.1 3OI4 39
26
3312 29
4.';3|
57I2 51
453.1
50
55
49
54
S3
451s 50
22I2
30
33
24
32
30
301s 24% 3OI2 2278 27
66I4
6412 58
58
6SI2
6 134 58
6018
6178
56%
597s
106
1
4812
9434
19
2I2
41
8I2
78
49
93
93
18is
1334 Y4'78 "1373
III4
9%
89%
8O34
10'*
109%
70
10
11^8
'23'
80
14%
'2"6l"i
62% 65%
921
1
83
102
9.S34
.
2%
41
2%
4,5%
4.5%
12
11!"
I.5.I8
92% 89
114
105 10«l" 109
n?!' 11038 122
75
89% 86%
1.334
16%
'24'
53I4
94
"2V%
61
100
17% 19% I4I4 193s
23%
19% 22!i 23
Y5I2 '1214 '14% 'iaig
"i'334
877s
13
I.5I7
241'
581"
30%
98%
101
151"
12%
19%
64,^8
231"
16% 13
_
117
112
112
105
29
67
22
58
134
48
no"
108
26
fiiu
1
ll.i
26
4812
11834 I2II2 114
no
112
15
201?
46
59
58
33
1%
38
II8I2 11878
10934
10914111
17
25
447s 61
34
3778
13
]
24
64
2I4
34
3478
1281'
1131"
30
601) 73
1
42 14
124% 123
26
43
62
58
67
32I4
3178
33% 3358
33% 32
4058
3618
22I4
2414 '23l'2
"2"5'i2
1
15
''8
70
1
y.
3478
8!)l2 .S9I2
SI
95
767x 68I4 75I4 73I2 7''>i" 74% 77% 76% 8234, <jn
103
1031 103
102 105
108 1051.
1021s 104% 104
47I2 55
.'<0
59
02
02 14 54
52
61% 57I"
33I4 28
33% 26
31% 25I4 29
29
34% 301s
62
6134 51
6178 5t1% 61
5158 6158 6634 53
221" 16
2OI4
14
20
13
*
50
19
7I4
161"
1
3%
42
84
17
22I4
I4I2. 14
7I4
I4I2
III2
4
34
10
814 in
8
7934 86
78
83
99I4 991] 100 inn
98I4 1507s 8734 IO8I2
84
3d'
12%
36'i4
10034
434
90
53
I.Vs
7I2
I6I1
33g
178
86
"27"
2978
1338
7I2
I5I2
111
355g 31
75
5
2734
100
.
38
1
•
44%
95
R7
108
OlSj
331s
55
141'
40% 441" 4278 40
36% 37% 36% 41% 38% 413g
39
4134
'2634
26"
12%
261s
12
9I4
7I4
8I4
8
4,53,
4.534
40
.
Nova Scotia Steel & Coal.. 100 31
361] 34
38
32
39
8I2 III4
Nunnally Co (The).. .no par IOI2 127s 9% 11
9I4
9I4
Ohio Body & Blower
10
878
no par
834 11
Ohio Fuel Supply ..
48
25 47
3I4
3I2
Oklahoma P & R of Amer.. .5 3I8 4
338
334
Orpheiim f.'ircult Inc
29
2634 28
2478 2718
1 26
3434
101s
36'34
2912
III2
97s
367s
IOI2
9I8
934
9%
9%
31«
24I2
Otis F.Ievator
Preferred
Otis Steel
Preferred
Owens Buttle
Preferred
Pacific Oevel Corp
I2II2I3O 125
100 115 125 123 126
100
86
86
84
I4I4
16
13
1278 14
no par 13
1238
100 85
85
73
80
76
75
70
6458 49I2 51
43I2
25 47
4612 49
100
^
no par 1334 1934 13
16
11 Is 1378
1234
47I4
Electric...
100 46I4 481; 4678 48
46% 49
Pacific Gas &
Pacific Mall Steamship
Pacific Oil
.
...no
Pacific Telep & Teleg
Pan-Amer Petrol & Trans.
CMass !1 stock
Panhandle Prod
Ref. .710
Preferred
....
Parish & Bingham Corp.TJO
Penney (J C) pref
Penn-Scaboard Steel v tcno
5
par
100
.50
50
par
100
par
100
par
Peoples Gas l.t
100
Coke
PettlboneMuilikcn
100
1st preferred.
100
Philadelphia Co (PIttsb)
50
Phillips Jones Corp
par
no
Preferred.
100
Phillips Petroleum
Tio par
.
&
.
.
.
16
3434
4II2
15
3OI4
3Sl.t
42
42
7II2
7812
7134
7134
67
100
100
100
& Refiners Corp.. 50
50
100
171,
66
16
35%
421s
793s
7134
3%
134
30% 25
139
138
84
80
I3I2
12% 16
74
52
66
68I2
46I4
60
97
97
13% 15
14% 14%
1478
5OI4
1412
2712 3778
4OI4 45I2
7512
347s
39%
45
60lj
6634
6434
58I4
68
3I2
29
148
80
161.,
51
7478
69% 68
17I2
12l8
9
33^8
i(H»'
1434
17
39l|
40
44I2
178
2%
21I2
25I1
130
7934
9"8
28
834
9%
9
9I4
8
734
V34
8
41
17«
20
190
41
2
134
23
94
7934
12%
10
3II4
2758
14%
81?.
11%
30
91;l
65
2
9l2
1034
9
101"
50
6OI2
50%
5OI2
2612
29
265s
29
8%
10
9I2
12
10
11%
60
57
61% 61
3138
38%
0334
47
42
50
72I2
6412
667s
5OI4
3 8 Is
3734
60 ij
391 >
3534
46
34 Is 447s
10%
15l,s
16 Is
12"78
36
40
37I2 43i2
4II4
4810
47
67%
3434
3434
33
3158
34% 29
501^
50
66
90
9018
12
6%
9-%
461k
10
6134
l6"
49
56
7
68
72
'12
9'%
6 4 Is
64
34 14
47
39
7I2
70
IOI2
81:
7-%
51
561:
5012
27
9'"
3%
8
43.%
2.57g
9-''4
234
ll»4
115s
47I4
3I4
14
15%
1201- 117
1261'
197.,
90
8
734
23
1234
89% 91%
938
"29
'
9%
8
13
391"
25I4
4.')
6578
4
631)
9ii
8'4
2P«
858
68
13
503g
37% 47%
47% 44ns
601
51% 49
50
58
58
58
4OI4
54.34
47% 44% 52% 50
5734
6034 38
44=8 42
47% 45
521'
7I2
I3I1
8
10% 1.31
11% 131"
38
•
70
78
78
74 14
1234
11% 14
I3I4
15
12'"
15
90% 91
87
93
80
93
H34
94
7
Yd"
1
'27% so" "2434
8
51% 45
6
92
7%
"9'
27
2%
14'
90
85
407s
12
3
19%
977s
48
90
2
171"
92
45
88
2%
211"
54
"
134
94
3478
I2I2
iiOh
46
181"
8
10
33I2 37%
461: 4612
71
42
8%
88
11
10
3338 .36%
61
49
978
10%
201"
62
70
10
12
90
80
15
I6I2
12
87
80
5234
67
9%
161"
11
88
834
24%
9%
49
I5I4
lei"
147
22I4
14.
I3I4
34I4
32
32
34
3II4
37I2
67
73
277s
2778
7934
11
761:
23I2
24I2
267r
3534
73
25
30
31%
4012
7«)i4
88
741s
80
10
Ills
71
85
79
76
81
95I4
8278
9178
-
73
76
2738
3II2
7478
841;
8
934
8I2
1434
8534
131;
1312
30
1134
9I4
77
78%
70
834
1034
57
49%
55I4
3OI4
2834
6434
31% 30% 34% 31% 34
75% 73
76
71 105%
72
75
54
1 13.,
91
1
59% 55
643g
100
35I2
32
I3I2
853,
2OI2
9
56
-
Plcrce-Arrow Motor Car.no par 1934
Preferred
100 68
Pierce Oil Corporation
25 101.1
Preferred ....
44%
3434
39
94I0
66
60
17
&
Pittsburgh Steel pref
Pressed Steel Car
81
70
83
2634
8%
I5I2
17
....
&
37I2
70
37
52
3II4
75
20
100 102
100 106
100 25I2
100 55I4
3I4
par
Nat Enameling
Stamp.. .100 4978
Preferred
100 92
.
National Lead
100 6934
.
Preferred
100 1001
New York Air Brake
100 79I8
New '\orlt Oock
.. 100 2118
Preferred .
100 44
New ^ ork Shipbuilding 7io par
Nor Amcr Co new stock. .100 5434
.
44%
70
76
55
35I2
11
9OI2
100
Preferred
3212
'
98
1414
14
IOI2
1734
53
.
44%
98
35
96
64I4
16
38
.
79I4
1378
878
8OI4
7058 78
73
100 65l2 78
100
95
I67I4
15318 lC43s 13734
100 15012
100 94
94
88
10 612S8 I5I2 13" Y4" HI4
& Chem Consctf dcp.
10
63%
'
Preferred ctf of deposit
NationaJ Biscuit. .
Preferred
National Cloak & Suit
Preferred
Natl Conduit & Cable. 7J0
78
90
3134
96
94I2
99
I62I2 14234 1Y234 147
160 138
106% 10434 10434 10234 103 104
6512 68
63
66
02
641s
50
66
56
57
661s 55
100
20
do stamped assented
Maxwell MotCorp WVa cl A 100
50
42
2034
684
7912
22% 21% 28%
IOI2
71
91
15
61
73
Ct;rtificates of deposit
National Acme
70
88
56
1912
5
Preferred
9%
95I4
19 Is
99I4 100
17I2
21
9I2
Montgomery Ward & Co.no par
Mullins Body Corp
no par
431
I7I2
61
54
57I2
I4I4
I5I4
34
& Ordnance.. 50
121"
181s
57
90
471s
61
10
4
Preferred
Middle States Oil Corp
Rights.^. .
1034
463;,
934
27*
1"
7I2
Mexican Petroleum
ISis
34
32
49
661.)
16
6212 6212
89I2
78
.-
do stamped assented
Second preferred
100
Preferred
54I2
6712
2934 25I2 29% 24I2 29
I53I2 148 155
14012 160
987s 9878
105
7I2
_ _
10% 12%
43
16
78
31
]1.3s
22 14
78
%
29% 25
2%
41
75%
11% 15%
I3I4
%
3I4
3%
9
31
11
9%
27
1114
33I4
'84
9% 14%
'2
27
27
no
35I2
14%
"4
22% 25
27
2
2%
2
26
321?
'77"
130 1.35
14E12 130 160
IO3I2 IO3I2 9778 9934
46I4
2II2
16
9I2 III2
3234 36
117s
93I4
First preferred
100
Certificates of deposit
Stores.
73I2
73
84
89
11
35I2
103
100
do stamped assented
.
3l«
25
101
13712 14278 136
&
PubServCorpof N J
28lz
234
78
37I2
4434
Second preferred
Preferred
19
76
12% 17
161
"52'
Loft Incorporated
no par 1034 1234
Loose- Wiles Biscuit tr ctfs.lOO 31
42
Producers
2978
44I4
93
Rights
7%
26
9I2
76
&
Nat Anil
III2
29
278
4
35I4
47%
37
5812 62I4 50I2 49I2
100
4II4 41I4 40
461,1
100 40
.no par I7I2 2OI2 1938 22ls 2018
Liggett
Myers Tobacco.. 100 138ijl46 14212 153 145
Series It
100 140 140 149 150
Preferred
.
.
100 975g 105 10478 IO5I2 105
Lima Locomo Works Inc
73
100
Midvalc Steel
4%
24
110
SI4 1478
10
100 130 130
Lackawanna Steel-.
Laclede Gas (St Louis)
Lee Rubber & Tire,
May Department
34
55
9I2
4%
.100
.100
.
& Co
Loews Incorporated
55
9%
_
100
100
25
100
.100
100
100
Kelsey Wheel Inc
Preferred
December
share S per share $ per share S per share
53I4 46
S5ij 5134 58
50% 5034
92
100
103 101 101
69 '68% '7'll8 71
763g 70
73%
10
1st preferred
Kelly-Springfield Tire
6 9o preferred
8'>i preferred
Keystone Tire
Kresge (S S)
Nonember
October
Low High Low High Low High Low High Low High Low High Low High Low High Low High Low High Low High Low High
2T->s
8OI1
11-8
7S
8478
8II4 96
9934 104
64
60
6Ey-rlRh
_
24
24
7S
101
1
75
80
.
9OI4
94I4
98
65
62
fs.
J
287«
31
2612 31
45
65
74
66
78
00
83
85
I6I2
21% 21
26
Ki's
13%
67
73I2
31%
16
23i|
16
18
42I4
1518
23%
1338
207,s
80
34
55
28
42
10
6I3
491:
707^
83.1
5'4
oni"
301:
80
79
48
76
23I2
2118
5478
32%
43
iiu
9
69
82
7334
69I4
(J2
85% 80
9034
841s
S8I2
80
80
94
88
88I4
92
64
83
7OI4
6434 68
934
»178
60
69
6334 6712 03
Ex-dlvldend.
11
7278
8912
7I4
54
OS
80
81
66
741s
8712
85
85
67
'69
9I1
211s
65
77% 65
inis
05
24% 30
934
101.1
80
87
73
27%
3334
30% 34 14
12%
)4''s
13%
901"
1.534
23% 29
21
37
31
367s 28% 3.584
7% 6I4 7% 6% 7% 634 141s 10% 13^8
511: 40
451' 42% 485s 46I4 72I4 65
74
79
8I-% 83% 81
83% 83
84
54I4 63% 59I4 681" 63
6118 52
60
6834
851).
83
851s 85i,s 80% 9.5
89
93
27
25
34%
203s 21% 21
34':
68
64
65
38
.'8
35
6978
67
5978
371;
6234
35
40
60
07
—
2
9
4
1
9
11
1
49
9
2
THE CHKONICLE
Jan. 7 1922.]
51
1021 -Concluded.
STOCKS
Low
Jilyh
II Itf/i
Par $ ptr share S per share
100 105' 110% IO3I2IO8I4
50 45'>8 6112 43=8 5II2
3578
25 3438 36I4 33
PureOH(The)
8712 84I4 88
.100 82
Railway Steel Spring
105 106
Preferred
100 100 106
nopar
10
8
Rels (Robert)
100
preferred
1st
3612
100 26
371;
30
Remington Typewriter
100 80
80
First preferred
100
Second preferred
32I2
24
Replogle Steel
no par 3234 391
100 60% 731.1 63% 69
Republic Iron Steel
93I8 96
106 8!>J"> 94
Preferred
Repub Motor Truck lnc.no par 18 241; 2034 2338
Pullman Company
Puntu AlegreSugar
I
&Co
&
Royal Dutch Co
N Y shares
Certificates for
St Joseph Lead
Santa Cecilia Sugar
Savage Arms Corp
Saxon Motor Car Corp
10
no par
100
no par
& Co
Shell Transport & Trad
Sears Roebuck
Preferred
Afareh
February
Januaru
Low
$ per share S per share
IO2I2 107
98 107
39I2 46
4334 4!)
32I2 3fil4
34
31
85% S934 85I4 89
10!)
98 1041;
104
8
9
9
9
25
34
5734
G71-
93
90
93
1478
21
I7I2
21%
S7I2
III2
69% 58
58
6678
12
13
5
1134
334
I2I2
III4
3I2
121s
21s
538
100 88
100 100
17
17
4I2
99
15
41
I712
6538
7934
IOOI2
3812 4334
96
£2 4138 46I4 3812 42U
Sinclair Consol OH Corp no par 2234 255g 22I2 2514 1978 247a
4II3 49
50
52
Sloss-Sheffield Steel
I... 100 50^8 56
73I2 73I2
100
Preferred
77I4
100 80 103
73
74
South Porto Rico Sugar
95
Preferred
100
Ho' lid"
100 105 105
Standard Milling
100 75I4 78
78
Preferred
78
Standard OH of Calif.
25
25 158 16712 152 156 135 I52I4
Standard Oil of N J
10fil4 108
100
lOolg 110
10714 109
Preferred non-voting
7Pl2
8II2 7934 82
100 80
77
Steel & Tube of Am pref
97I2IO8
100 85
95
Stem Bros 7 pref
8812 93
3078 3534 301s 34
Stewart Warn Speedora.no par 27
37
Stromberg Car of
lac no par 3II2 423.1 3OI2 39% 27I4 4OI4
100 4338 593s 551s 6238 5734 80
Studebaker Corp (The)
96
Preferred
100 83
G478 877s 8778 92
8I4
734
87g 1038
878
Submarine Boat Corp
no par
9
7I4
9I8
I3I4
I2I4
738
Superior Oil
no par 12
41
3612
43
4318
Superior Steel
100
48
441s
100 97I2 97I2 9G
96
1st preferred
12
17
Temtor Cora F Pel A -.no par 21
2534 15
20
42l8
4118 44
4234
45
38
Texas Co (The)
25
&
%
Am
&
Rights
.-
Warrants
42
40
4334
4234
29% 35
12%
2%
3I2
14% 17
4%
538
00
102
76
9834
102
38
63i
8734
96I4 100
3812 4034
22% 28I4
38
4412
41,
751
98
41
233a
3Si2
73
47
75
103
111
lU
234
16
68
55
103
12
3I4
100
9I2
12
5734
I
Transcontinental Oil
nopar 7I4
43
Transue & Williams St'l. no par 39
Underwood Typewriter
100 145 150
'
738
1178
51I2 57
8712 8712
91
8I2 IOI4
123s'
45
79
6%
29I2
230
IO8I2
687s
I2I2
1534
45
4534
25I2
7II2
9538
4814
7178
&
& Fdry.lOO
100
Food Products Corp... 100
US Industrial Alcohol
Preferred
U S Realty & Improve
100
100
100
100
S Rubber
First preferred
100
50
U S Smelt Ref Mg
Preferred
50
United States Steel...
100
Preferred
100
Utah Securities v to
100
Vanadium Corporation.. no par
100
Van Raaltc 1st pref
U
&
III2
3OI4
20ls
64-38
•J2i2
4II4
1418
461s
27I4
7134
97
5134
62 12 72%
Vulcan Dctinnlng
100
&
Hellbroner
nopar
Western Union Telegraph 100
.
.
Westinghouse Air Brake
Westlnghousc El &Mfg
Weyman Uruton
Preferred
White Motor
White OH Corp
Wick wire Spencer Steel
Willys-Overland
New
Wilson
preferred
&
nopar
Preferred
Woolworth (P W)
Preferred
.
Worth Pump & Mch
Preferred A
Preferred
B
Wright Aeronautical
28%
44I2
3812
73
69I4
35
50
76
75
98
100%
6
7%
134
2%
2OI2
30% 24
215
250
162
I7II2 156
245
9678
4534
6II2
I54I2
17
6I4
I8I2
1634
3134
45
54I2
S9l2
11 14
81
81% 83
9%
3878
13
44I2
5II2
8I2
7612
57
83
38I4
75
215s
25I2
95I2
28
621s
28' '32"
140 140
8912 99
4318 45I2
93I2
98
43
4534
98
678
93I2
85
534
80
678
63s
12
4634
94I2
46I4
61
140
12% III2 12i'>
877g 94
89
125"
Hi
20 14
1534
240
255
771'
70I4
06
88
81
21
334
37s
2758
5
267s
3334
4%
5
331?
8I2
34I4
37I4
167s
2034
250
36Vi
7434
75
30
SO
38
SO
72
30
78
9912 10134 10234 110 119
77I2 7919 80
8119 8II2
84 12 81
923,,] 8S34 98l2
I53I9 150 179 '178 I92I4
1131911 134 11419
i0!:7s 109
08'9 70
85I4
8OI4, "S
85
841? 89
883. 95
24-%; 2312 25%
25
23
1
I
29
34
69%
771.1
'3'
'
2812 3-.'%! 30 Is 381*
777.0
73
7519 83%
97 103
97 10334
i
3I2
678
634
8I2
5
27
96
30
96
41
7l8
30
5%
32
.--
"
3%
I
9I4I
3%
5
26I9
9334
8I9
3OI4
9334
513
45
48
6
41
36%
4334
4212
47
2034
27!/,
33I2
251s
35% 32% 4218
3i% 26
30U
119
255
250
300
299
350
340
120
123
lcll4 145
149
135
9I2
52
601s
55I4
6II2
6OI2
72
81
85
82
89
84%
86I4
19
68
60
22I4
I8I2
1934
94
23I2
2778
8II2
62 14
93
43
33
9534 109
50
5978
19
I2I2
15
40
49
24%
15
45
20
7412
48I4
6534
99
85
90
100
54
3658
3OI3
365
150
109
851?
42
3734
40
38
107%
431.,
43
45
8I2
18
1078
137s
934
13%
934
48
84
547s
5214
4378
4934
433s
4778
35I4
46%
85
44
85
85
88
92
47
52 14
56
43I4
4OI2
6178
54I9
87
46
3578
88I4
96I4
74
971s
30I4
8I4
78
80
80
79
3278
8712
23%
3018
60
80
9I4
6l8
2034
5734
6I2
311s
39I"
76I4
2718
87
5434
SO34
50% 57
82
88
29I2
33I9
8434 92
3II9 34 19
43%
46
1
I25I9 I2II2I28IJ
53% 507s 54%
1878 161s 18
4534 571
51
55%
11412 113
507s
54% 59
46% SO','
861s .977;
32
42
38
4234
38%
4312
1538
I7I4
12
I6I2
14%
I7I2
3812
88
92
86
88
417g
56l2
4619
4II2
45I9
3878
44I2
68
66
56
6()
56
15«4
16%
I4I4
734
16
9 '4
377g
13
IOI4
341;
56%
1678
I6I4
IOI2
29I4
3778
734
1278
15
31
7
33
9
16
'
6I4
9OI4
63I2
49I4
57
97l2l0t
34
39%
39
8
44
1134
41
72% 76 14
1112
1234
84
8112 87
42 14 46
;i
12
815s
131j
I219
34
31% 33 14 32
7% 91s 7% 9
9I2
5I4
9I9
10
14
14
8
III2
I2I2
901s
925s
45% 4S%
9212 95
47I2 52I9
56I4
60
65
58'4
85
87
13
91
86
86
87
43I2 46
140
1384
'
39
42
42% 3934 4219 421; 4r,
7378 SOU 77I1 81% 80% 8434 82% 85'
IO9I4 113
110 10734 110 1087s 10934 ion7g 111
1121,s 115
IOI4
1012
IOI4
7
9
934 107s
9I2 III4
87s 10
3134 25I4 31
2812 35% 2SI4 33% 30
33% 31
35
7619 75
7919 80
79
7934 75
851
79
8SI2
84
25
3178 27I4 3OI4 267g 337s 27% 305s
287s 2II2 26
62
75
70
72
77% 6414 73
691s 7634 6834 70
7l8
6I2
57g
914
778
8
8% Olg 778 6% 73437
94
49
58
50
4478
4134
1134
841
90I4
60
74
44I4
18%
1078
68
68
42
76
83
62I2
771
4178
1518
271a
150
IO6I9 IO2I9 IO5I2
38
12I9
45ig
62
40
1478
8f;l9
92
105
481"
IOI2
95
401.1
161.:
81
4812
'
140
541.1
14
'
-
I3I2
10858
•
IO6I2 10012 107ii 1071.!
67I2 65
75
69 14 73I2
24i8 1934 231
1734 21
96i2
97
95
95
96
94I9 10
941
IO2I2 IO3I2,
2778 25
2678 26
2fi
130
100
65
391.1
99I8 107 14 103 IIII2
5034 57
467s 56
90
46ls
40
34
130
3OI9
90% 86
91
24I4
130
48
71%
81s
¥634
9% 12%
SOI4
1534
47I8
9284
10%
31
"24"
95
92
125
lUs
35
130
1234
37I4
9
8712
8=8
32
5678 643g8712 90
15%
30
2518
88
64I4
17
87
1134
405s
8OI2
1218
88
95
65I2
lS7s
8712
611.1
84
15
44I2
19
33
4034
I6I2
130
100 100 100
46l2 6019 4614 S714 56
100
934
35
125
67I4
14
43
39
109% 103
57
2OI2
2258 25
8
3Ii8
125
151a
95
9
37I2
68I2
8534
10734
5612
28
7OI4
257s
6I1
337g
6078
8634
99
52
16
42I2 5234
SOI4 68I2
9II2 10034
5834
7834
1013j
35I8
4178
86I2
34
101
37
33
11334
8I4
6
8
31
31
I2II2I2II2
IOII4IOII4
64I4 58
62
7
3II2
38
877g
30
9
40
3834 40
«r.
8712
3334
37%
35I3
81s
Mis
9%
14
I2I1
8I9
96
05
05U
101
101
391
3714 41
I4I9
91;;
13
11% 1034 1834
42
1
.
/ Full pd
—
(Charles K. Ilalloy, He<Tetary oT tho f^ommlltf-e of IlankiriK InKtItullons
an<l for thrrx; ycjirs head of tho Tax Department of itaiiliors
Trust Co.. has rfcsl(fn<!<l from the rompany to resume the Keneral prael lee
Of law as a partner In tho firm of Woodruff, Uallcy &. Cadman, with offU^w
In the Equitable BulldlnK.
announced that MontKomory Ic Co., Inc., of Philadelphia, have
changed the name of their firm, which will be known In the future as
Janney tc Co.
Oraham, ParnonH A; Co., I'hil.'kdclphla and New York, annoiinro that
Allan Hunter, Jr., and Jcjseph W. Dixon have been admitted to nienibiirshlp
It ia
—
In the firm.
— atroud & Co. announce that T.
II.
Kankin,
their organization In the
York office.
Bond fi fioodwin,
6.';
li.
H.
Thompnon and
Iwnd department of
II.
their
W.
Now
FJroadway, New York, announce the adiiils.sl()n,
(! Auchlnlow), formerly of Auchltiloss, .loost
as a general partner, of .lames
^"Patrick.
37I4
32
13
on Taxation
—
96
79I2
75I2
71''
11
CURRIiNT NOTltRS.
have Joined
¥4"
434
II
9OI4
4978
37*8
16
7
83s
32I2 3734
"94'
12
13
—
Files
17%
98
94
9912IO212
9718 I05I2 IOII4II2
108
4812 557s 48
54^8 5238
I8I4
1434 1834 16
15
49I2 49
44
49
50
175g 22% 19
19
24
64I4 72
6478 7212 65
9578 102
97
4 1 Is 48% 45% 52I2 5018
6434 74% 6834 7934 66I4
10134 10234 9934 102
101
2CI4 3278 26
33I2 31
4078 42
4138 43
41
79I2
7734 827g 7918 85
107% HOI4 10834 IIII4 1071s
978
10
11
12% 10
2812 36% 31
26
35
72
7812 76
76
78
2918 347g 207g 3II2 25%
95
To"
32% 35%
12934 13619
10434 10434
70
43 Is 46
7i8
125s
4378
7134
94 ig
"7"
403i
23I2
4]l9
74I2
4412
79
96
791s
4I4
94
9OI2
7534
97I2
5%
67I4'
87
29
93
334
54I4
99
26
7II4
334
7OI2
85
35
29% 31
95I4
614
5434
361..!
32
5
3II2
201;
49
23
44
4I4
4I4
25I4
6434
£3l2
2%
711;
95'
2I's
3612
80l>
70
1378
278
393,
66
82
23
28
67
113 119
2138 2534
2M
978
21s
27,
3
24
22% 241':
39% S8
40%
1934
75
6912 75I2 70
I37I2 132
139
134 141
140
IO7I2 IOSI2 IOKI.1 10634 107% 107
75
114
20
13
1%
37
75
18
83
I9I2
88% 80
90"
2938
243.J
58I4
70
9I2
88'
21.1
<il64
2112
13
94
II4
10%
73
9I2
86I4
897s
33I2
251
150
17%
6%
71
/3234 /33
225
150
250
175
68
95
71
95
36I4
65I4
9434
307s
3834
82%
41% 29
1% 2%
71%
273^
3573
44I8
63I4
40
93I4
75s
2l,s
39
74
6U
878
334
94
73
36
97
13
m.i
2I2
40i
30
10
IOI2
4
6634
37I2
21
777«
S2I4
IQis
278
I8I4
38
15
3578
I'l
34 12
92I2
13
2I4
11 Is
2
9
3334
92
4S8
His
^'1
9I2
357s
263.1
6I4
53ls
1234
37-%
207s
68I4
26
46
14
161s
92 12
9U
8%
613;
1'.
32I2
7OI2
6734 69
I24I2 146
132
1051s 1067s 1065s
73I2 78
70
IO7I2 I07I2 11218
23I4
21
2534
43
97
18
453f,
13
2
36
97
534
5OI4
1134
33
46
39
97
4012
12%
3634
I9I2
9OI4
45
52
11
59I4
6884
3334
43t2
93
32
96
12
397s
December
nil
69
93I4
834
914
November
62%
961
417«
2II2
95
7I2
Oetoher
Low High Low High Low High
45I4
1012
2
96
72I4
8
40
Jiigli
6218
25
35
3II4
16
16
8I2 13
8838
84
58I4
1134
2
1112
4
34 14 46
2618
107 107
100 100 100" I'oo"
27I2 337s 30
3178
8512
312
3218
68I4
a Part pd
—
4%
6312
45
38l2
32
Sci>temher
8I2 "(jr5I2
7I9
8
7
V»
7
OI4
6% 512 61s 4% 6I4 6
26I4 36% 2819 33
35I2 42
33
40
32 U 35
23
30
2578 293.1 23 12 30
2619 32
25% 31
32 12 38l2 31
27I2
385g 43
3II2
3II2
43
4334 38
4478 39
37
36
35
3078 37
321; 2712 3OI4
12
79I2 79I9 80
80
(i8l2 75
89
80
10*
897» 84
84
65
SO
80
65's 72
10834 II4I4 iio" II2I2 105
IIII2 11434 II3I4 121
100 10934 II3I2 IO8I4 II3I2 11078 11414 II312 II7I2 11234 115
113
120 1251 I22I9 13934
06
IO6I4 1
I05I4 1 051
105 106
111
112
IO8I2IOSI2 112
100 108 108
105
105
112
112
1133i
45" 6212 47
62I2 4712 'hr>l.i 3812 491
45I4 3OI2 41
42I4 3938 44 \
35I9 41 12 39
6212 47I2 61
42l2 47»8
t c. 100 43
39
76ig 7819 7334 80
7OI2 703,1 71
80
78
78
100 71
79
81
79
80
81
81
81
73
73
73
78
81
85
59I1 6018 6019 70
6614 63
65
6412 0fll8 Ollg ()0<4 62
63
,.100 01
6334 63
56
591,1
51
60
69
68
097g
6I2
7I2
7I4
7I2
9I8
7'|
ru par
»'4
914
938
8
8
8
7 Is
8
.25
100
....
Co, Inc
9538
4478
6512
102
47
1037g 102 103
35I2 3234 3434
44I2 4234 4334
8OI2 8434 81 14 85
IO9I2 IIII2
107 112
8I2 11
9
10
3218 41
32
3734
100
50 35I2 40I2
no par I4I2 17%
5
67
33
150
33
42
50 93
50 423^
50 6II2
100 I54I2
.
22lg
741s
23I2
101
Virginia-Carolina Chem...lOO '34i'2 42I2
Preferred
.100 95I2 10234
8I4
Vivaudou (V), Inc
nopar
7
First preferrc-d
I5I2
3I1
104
Preferred
Weber
978
2
10
78
104
39% 44
1734 24
86 18
148 155
144 I52I4
107l2lOS3s 1065s 10912
7734 79
78178
10734 1097;, !07 1111.1
56
36I4 42
38% 44
I6OI2 I6OI2 1521!. I52I2
100 IO4I4IO4I4
7II2
Union Bag Paper (new) _ . . 100 68 75
nopar 2OI2 2434 2034
Union OH
..*.
Union Tank Car
_.100
Preferred
100
2834
34
United Alloy Steel
no par 31
United Cigar Stores
100 148 148 160
Preferred
100 106 106
94
100 94I2 106
United Drug
1st preferred
50 4434 45I2 40
45
50
United Dyewood
100 50
United Fruit
100 IOII22O7 IOOI2
5II2
5234
5834
Un Retail Stores Corp"A"«o par
3
9514 106
al57%/170 dl64
Preferred
US
nil
dSO
95s
5II2
81 14
ugus
4178
Subscription receipts
V S Cast Iron Pipe
Preferred
5OI2
2
I7I2
634
100
49
60
10% 12
4612
697s
1278
Subscription receipts
Texas Gulf Sulphur
10
34I2 21
10 2634 3678 25
Texas Pacific Coal & Oil
.100
210 2U 207 210 210
Texas Pacific Land Trust.
Tidewater Oil
100 161 170 I65I1 I65I4
11
14
Rights
nopar
Times Sq Auto Supply
Tobacco Products Corp
100
(1
per share, $ prr share $ per share $ per share $ p'r share, $ per shiire S per share $ per share
9812 891s 95I2 90% 96
89ljl01'4 90
873)10311 99i2ll4iill0(;i2 110
3II1 27
3 1 34 2534 32
301:'
27
2434 2819
3178 26% 3334
4434 25
7-'s
21 12 27I4 23I2 2512 2514 34?8 34I3 397« 3534 4038
3II2 3634 2458 3138 25 ig 27'
77I2 87
73I2 84
80
S21-. 90ii
67
85
69
9414 8834 9912
80
85
84
103 103
98 100% 9838 1011; 100 100 100 100
105 107
106 107
61.1
6
S34 10
9
7
7
9
8
8'?
48
48
no
50
46
4514 48
56
4834 50
2311 20
24
3834 I7I8 2418 19
20
2334 20
2534 23I9 29
223i 2II2 26
62I4 49
4711 66
74
62
75
h-i
5514 601,1
5OI4
75
4734 473,1 49
60
50
75
22I4 27
34I2 18
25I2 18
2012 19
24
25
20
24% 2OI2 24I4 23
30
54I2 60% 411* 5638 44I3 513j 4312 49I4 45I2 5478 44I2 53I4 481;i 613,9 403., 5334
93I4 7978 893.1 81
S4
8II2 853.. 75 14 8278 80I2 893,, 82I2 92
7978 85
89
8I2 13%
6I2 III2
III4
14
12
14% 2178 1218 14
8
6li
914
734
2Si2
6978
96I4
6212
6434
2338
Juh/
:t()i4
23
5612
IVs
June
98% 104
48'8
3212
691
51
B
4018
2518
62l2
37s
May
April
Low High Low High Low High Low High Low High Low High Low
Tho Metropolitan Trust Co. of N. Y. h.is been appointed Transfer
Agent of the Capital stock of The ITomlor UcfliihiK & Matiufacturlng Co.,
par value.
has brK)n appointed Trusto«i for an l.ssuo of
Mtge bond.s of the Southern Pino (^o. of Oa
consisting of .'500,000 shares.
— Th(!
Ktnpire Trust fJo
SI.OO.OfK) par value 10-.vear
dated Jan
H)22. due Jan
1
-SI
.
1
1932.
—
Hoyer & Small, 208 Middle St., Portland, Mo, have proi)ar(Ml a booklet
containing quotations on ITtO Maine Becurlllos which they will mall f
Interested parties on request.
— Newton
O. Chase and Klllot H. Falk aimouuco tho formation of the
f,0 Wall St.. N. Y. Olty. to carry on the
partnership of (JImse & Kalk,
buslnoHH of Newton (J. (Jhaso.
—Arthur Uurgess and Joseph
Townsend Wh<x)ler & Co.,
have
— Cameron
Clark have iKieti adniltto<l to th«
Chestnut St., Philadelphia.
admitted to their firm as a general
lllalklo fc (Jo.
partner Paul A. II. van Daoll, member of the New York SU)ck ICxchangc.
Pell .It WhlUi, memlxTs of ho Now York Stock ICxchaiiKe, announce
that Alien lllake Kondrlck has boon adn)ltl«d to partnership In tho firm.
H.
firm of
—
I
H.
fjO.'i
THE CHRONICLE
52
[Vol. 114.
DEALINGS IN FOREIGN GOVERNMENT SECURITIES AT
EXCHANGE
67
Argentine Internal 5s, 1969..
Belgium external s f 1945... 7H
5-year notes 1925
9534
87
6
20-year sinking fund 1941. .8
8
Bergen (Norway) s f 1945
8
Berne (City) s f 1945
Bordeaux (City) 15-yr 19.?4..6
70
99
93
99»4 10068
92^8
7612
97I4
9878
85I2
83I2
9934
9218
90^4
97I4
92
lOO's
93I2
7612
96
99
9958
92l2
90I2
83"2
7II4
95I2 98
8912 9134
9684 9812
93I4 95
93I2 96
7612
74
69
72
70
96
90
97
8178
70
9638
9018
9738
9434
9434
7434
72l2
9812
93I2
9884
9534
97
80
Brazil (U S of) external 1941..
5
Registered
2-year notes 1921
5
5
5
98
.5'/i
5 'A
10-year bonds 1929
Chile (Republic) exter s f 1941 8
8
External 5-year s f 1926
8
25.year s f 1945
Chinese Govt (Imperial)
"51.
£.5
Hukuang Ry sterling
8
Chrlstlania (City) s f 1945
Copenhagen s f 1944..
5H
8758
88I2
86I2
99I2
9378
9878
9012
99
Series B of 1945
Denmark (Kingdom of)
40'8
45I8
95
73
98
7534
77
79I2
4012
9434
72I2
French Republic (Govt
63
65
8
78
97
9612
9812
81
9778
66I2
9812
9218
9834
95I2
9712
7878
973s
9012
92I2
86
89
69
7018
98
99
91I4
9718
94I2
9534
94I2
99
69
69
10178 101
9578 93I2
10138 9934
98i8
100
98I4
100
84
8212
lOlis 9812
70
10278
95
7114 75
70
72
75
78
75
78
lOUs 10512 IOOI2 IO2I4 IOII2SIO6I4 10334 10514
9434 9534 94I2 9558 9434 96I4 94
9618
10112 10078 IO2I2 99I4 10118 10038 10534
100
99 10034 IOOI4 102 102 106
IOOI4 99
IOII2 101
10478 10888
106
8358 8312 8412 8418 8712 86
91
IOOI2 99I8 IOOI2 9878 9978 99I2 105
104 IO7I4
10418 107
10534 108*4
8684
83
IO3I4 106
91
94
90
99I2
92I2
9918
89
88
86
99
91
99
99"4
42
97 14
40l8
9434
41
741
72
7384
9II4
9278
8678
90
9OI4
8558
9284
8778
9958
9934
9912
91
93
99
90
9984
Oils
9378
96
46
49
43I4
4634
9638
9934
96
97
77
7418
7584
80
79
81
79
7158 69
70
97I2 IOOI2 97
8II4
88I4
9234
9012
9934
9938
9958
94
9158
93
98
99>8
92
4112
9534
7212
48
97
75
79
79
69
81
9238 96
88I2 9012
9334
8912
9412
93I2
9358
923s
92% 95
93I2
97I2
9434
99
9384 9578
9684 100
99I2
99
9412
93I2
9334
9278
97
9434
9678
95I2
94
97I2
86
9fil2
74
9958 9934
9034 9284
95I4 99I2
44I2 4634
97I2 IOOI2
75
7834
9758
4Cl2
98
77I4
99
49
IOOI4
80
95I4 9734 96
98
9984 104
IOOI2 1031a
99 10084 99 lOUj
100 10312 99 10312
45I2 4834 46
4778 417g 46
43
467g
99I4 102
IO7I2 106 IO8I2
10034 10418 103
79I2 82
7934 8212 82
90
8558 8914
80
7834
7558
79
97I4 IOOI2
9812 10084
9858 100
80
80
79I4
8234
99
9818 10058
9518
95
97
95
99 18
95 Is
98I4 IOII2
96I4
95
99I2 101
9612
95
9934 IOII2
9418 9678
99
99I4
8434
9934 100
87I4
84
8912
9958 9978
88I4 901s
8912 9II2
9812
9984 100
8884 92
90I4 94I2
94
97^^9878
9934 99%9
8658 88I2
8884 S9OI4
9812 9918
98
99 14
79
64
67
96I4
9612
97I2
9812
98I4
9978
6912
95I2 9812
95I2 9812
95I2 99
75
7934
79
8II2
7934
9678
99I8
96
99I8
98
67
86I4
81
85
83
75I2 77
77
83
7034 74
66
74
7784
65
70
10184 IO3I2 IO3I2 IO8I4 IO5I2 IO8I2
9868 103
100 102 101 103
IO8I2
IO8I2
IOII2
10158
10334
99 103
104
10534
100 102
103
99I4 103
10234 IO4I4 10378 IO9I2 10718 IO9I2
10058 10284 10218 104
94
9458
8II4 7758 80
7784 7978 777g 8OI2 80
8312 83I4 87
79
81
7O84
97I2 99
97I2 99
98I4 10038
82I2
8334
97I8
81
71I4
9878
9878
7734
7978
76
77
77I2
69I2
761z
6434
79I4
77I2
7618
75I2
65I2
78
79
67
77
81
76
73
7484
of)
8
2S-year external s f 1945
20-year external 1941 g...7H
Gt Brit & Ire (Un KIngd of)—
5-year notes Nov 1921
5H
20-year gold I9J7
5)^
10-year conv 1929.
5H
3-year conv 1922
5H
(Kingdom
72
97I4 IOOI2
93 18 9734
97I2 IOOI4
94I2 98
9678 99
80
8412
97I2 9784
99I4 101
80
7878
s f '45.8 98I4 100
20-year external loan 6s 1942
Dominican Republic s f 1958.5 '7058 'iih
5-year series
70
of)
External debt loan of 1904.5
External debt ser A of 1914.5
External loan 1949
4H
Danish Cons Munlc of 1946 A.
Italy
1921
of)
Gold bonds 1921
Bonds 1925...
Bonds 1931
Cuba (Republic
NEW YORK STOCK
May
June
April
July
September
August
Oaober
November December
March
Febmaru
January
Low High Low High Low High Low High Low High Low High Low High Low High Low High Low High Low High Low Hith
BONDS
Canada (Dominion
IN
9758 IOII4
9758
8318
99
9918
8714
8934
9958
8678
9878
84
99I2
86I2
89
95I2
8734
9458
99%
99
8918
95I4
8458
88I4
9434
96I4
9978
86I2
9134
9778
9958
8912
9518
86
90
9978
85I2
8684 90I4
9718 9784
83
100
95
93I4
100
10134
9634
94I2
9158
99I2 180«4
9334 95»»
90
99
9512
9634
9934
9418
95I4
9914
lOOU
90
8512
8838
94I2
81
82
8178
85
81
8178
8II2
87
8578
8678
86
87
87
8884
87I4
8912
87I4
9012
9012
91lj
91
92
9012
96U
7538
75I8
8II2
8II2
6212
8434
8058
8O34
6II4
83
83
82
82
64
8358
8338
6712
8312
8338
85
87i8
88
84
8258
85I4
8412
84l2
68I2
86I2
87I4
87I4
74I2
84
78
8312
83
84
8534
8684
707g
8712
8712
86I4
87
6934 73
8434 87
8478 8658
6914 7212
8312 85
8312 85
8312
8312
66
80
80
8518
85I4
70I2
8212
8434
8458
69I4
7878
7878
85
85
69I2
84I4
8438
6734
7812
8512
85I4
75
75
8178
817s
63I4
73I2
42I2
4II2
46I4
55
4384
4658
44
4612
47
3II2
9934 IOOI4
94
9684
3034
86
94
8778
99%
997g
of)
A
6H
1925
Japanese Govt (Imperial)
Sterling loan 1925
£.4!^
Second series 1925
£.4H
Sterling loan 1931
£.4
Lyons (City) 15-year 1934
6
Marseilles (City) 15-yr 1934...
56
7612
7612
Mexico (U S of)—
External loan of 1899 g..£.5
do large
Gold debt of 1904-1954
Norway (King
40
4
29
of) ext s f '40.8
Paris (City) 5-year 1921
Queensland (State)ext s
Rio de Janeiro 25-yr s
San Paulo (State) ext
6
f
99
95I4
8212
64
65
74
77
77
743.1
80
80
4834
44
46
44I4
49I4
36
33I2
9612 IOOI4
9534 97I2
30
lOO's
9658
85I4
85
84
78
42
9738
9758
'39. _6
Swiss Confederation s f '40.8 102
Tokyo (City) loan of 1912. _£.5 43
IO414 10134 10284 102
5112 54I2 54
50
97I2
8II4
10438 103
57I2
58
95
98
9414
8238 8818 8212
IO2I2
10434
10434 IO2I2
6212
57
Uruguay (Repub)
Zurich (City)
s f
exter 1946.8
1945...
8
94
98
97
9418
9414
96
9568
97I2
9612
99
9638
32I2 35
IOOI2 104
99I4 100
— £— the usage of the
£ In case of bonds of foreign Governments issued In pounds sterling, indicated thus
pound sterling, and the above quotatlona are on that basis, s Option sale.
New York
City
Banks and Trust Companies.
All prices dollars per share.
Banks— A' Y
A«it
Amerloa*
Amer Exch..
185
180
245
225
Atlantic
Battery Park. 135
430
Bowery*
Broadway Gen 120
SO
Bronx Bur
150
Bronx N4t.
Bryant Park*
Butch A Drov
Cent Meroao.
Chase
Obat & Pben.
Chelsea Exch*
Obemlcal
Coal A Iron..
146
130
175
282
260
80
515
208
Colonial*
360
Columbia*
150
245
Commerce
Com'nwealth* 215
130
Corn Exch*.. 366
MO
Cosmop'tan*.
East River... 170
Fifth Avenue* 925
Filth
160
First
930
Qarfield
215
Gotham
185
240
<3reenwloh* .
Hanover
810
Harrlman
380
Imp A Trad. 610
Oontluental..
160
'ilnduBtrlal*..
*
N Y
250
iVs"'
450
140
90
SM
Banks
Irving
Nat
194
Manhattan *. 215
Mech A Met. 345
51
Mutual*
Nat American 1.55
320
Nat City
166
New Neth*..
New York...
140
190
Park
440
300
400
PubUo
2.30
160
287
270
Pacific*
120
255
230
245
State*
•
Tradesmen's
200
23d Ward*... 190
Union Exoh.. 195
United States* 165
Wash H'ts*.. 326
Yorkvllle*... 420
Seaboard
St;ind,ird*
6 30'
216
252
225
145
An
Trust, Co.'s Bit
New York
American
Bankers Trust 317
Central Union 355
Columbia
300
Commercial.. 105
Empire
300
Equitable Tr. 27(J
Farm L A Tr. 415
Fidelity Inter 200
240
Fulton.
Guaranty Tr. 205
of
198
220
352
0"
16
328
135
410
236
265
260
260
170
Tit A Tr 115
Lincoln Trust 155
Mercantile Tr 260
Metropolitan. 255
Law
Brooklyn
945
225
166
260
Green point
175
185
100
96
Homestead .-
80
190
Mechanics'*..
90
260
825
Montauk*
120"
166
280
265
125
310
282
270
420
Bond
A
M
O.
Olty Investing
Preferrprt
'95"'
I
6858 4834 58
52
66
52I2
5278 46
52
50
4II2 39I4 4178
4234 34
IO7I4 IO4I2 IIOI2 108 110
is
10234 10238 108
107
9818 9734 10284 99S4
98
98 IO3I2 IOOI4
93I2 9234 97I4 943g
11134
108 Sll4
109
58>4 63I4 63
60
IOII2
9934 9912 104
107
105 IO8I2 107
IO8I2
IO2I2
103
97
II5I2
68
104
IO8I2
to consider $5 as the equivalent of one
on The New York Stock Exchange.
volume of transactions in share properties on the
New York Stock Exchange each month of the calendar years
1921 and 1920 is indicated in the following:
Sales of Stocks
1921.
No. Shares.
(*) are State
banks.
(New stock,
1920.
08"
and Surety Companies.
of
Total
Atk Realty
AH
Lawyers Mtg''
Mtge Bond..
130
94
Nat Surety..
187
193
120
160
90
N Y
too
Month
Bia
125
87
Title
A
Mortgage..
The Curb Market.
140
150
1
Par Values.
No. Shares.
Par Values.
i Ex-dlvldend. ;/Ex-righti,
January
February
March
City Realty
Atk
70
66
226
76
86»4
877g
99% 102
Stock Exchange
206
160
All prices dollars per share.
Amer Surety.
69
35
703g
83
83
week at 93^. Internat. Petroleum lost almost two points
to la]/i and sold finally at 153^.
Maraoaibo Oil from 22
receded to 18)^, sold back to 203^ to-day and closed at 20^.
Merritt Oil was down a point to 834. Salt Creek Producers
Simms
lost two points and was traded in to-day at 13.
Petroleum moved down from 12J^ to 10^ and up to 11 M?
Skelly Oil weakened from 53^ to
closing to-day at 10 J^.
4^ and advanced to-day to 53^, the close being at 55^.
ChiActivity in industrials was confined to a few issues.
cago Nipple was active and rose from 234 to 3J^, the final
Durant Motors gained
transaction to-day being at 3^.
over a point to 2638. ""'ith the close to-day at 253^. Glen
Alden Coal dropped from 44 to 42, and ends the week at
42 3^. Libby, McNeil & Libby eased off from 534 to 4^,
then sold up to 6. A good business was reported in bonds.
A complete record of Curb Market transactions for the
week will be found on page 69.
Month
Alllan R'lty..
35
10284 106
9934 100
33
86
8712
71
91
91
170
Banks marked with
New York
84
84
86
— The
Brooklyn
220
196
160
216'
260
210
110
...
Brooklyn Tr. 406
Kings County 670
Manufacturer 210
People's
300
125
Nassau
North Side*..
sm" People's
275"'
600
305
Title Gu A Tr 275
U 8 Mtg A Tr 260
United States 945
Chester
N Y Life Ins
A Trust...
N Y Trust...
372
100
260
3Y0"
135
Mutual (West
175
First
323
Hudson
205
Coney Island* 145
Asked
67
4834
4612
4384 355s
IO314 107
104
9978 100
99I8
9734
9718 99I4 97I2 9884 9684
96
95
99
88I2
8734 90
8518 84I4 8684 8534 88
IO5I2 108
10484 IO4I4 106
106 108 lOeij
5714 5978 6OI2 66
65
60
65
58
9812 9834 9812 lOOU 977g
9784 98 IOOI2 9934 10078 100 103
10112
99%
83
60
81
81
39
101
9758
61
70
5012
34
321s 37I4 32I2 41
99I8 IOII4 100
105 100
97I4 9818 98
99I2 99
'41.7
f 1946.8
s f '46.8
Sweden(Kingd of)20-yr
8278
Assool BM
(Brooklyn).] 113
a Casualty. 145
D
US
Tltl Guar
West A Bronx'
80
TItleAMGl
146
156
—^General weakness was noticeable in
tho>peniug of Curb Market trading in the new year, though
later there was decided improvement.
Business was not
large.
Cities Sor\'ieo issues were conspicuously weak, the
com. dropping from 198
to 168, with the close to-day at 169.
Carib Syndicate eased off from 4 >^ to 35^, the final transaction for the week being at 3M- Imperial Oil of Dc-l.
declined from 9^^ to 8>g, recovered to 9^^ and ends the
first
quarter
of April
May
June
16,144.876
10,169.671
16,321,131
31,327,513,750
795,420.453
1,178.823.470
19.880.166
21.865,303
29,008,749
$1,781,060,200
1.929,409,800
2,585,053,325
42,635,678
$3,301,757,673
70,754,218
$6,295,623,326
15.529.709
17,236.995
18.264,671
$1,044,593,548
1.218.686.698
1,369,519,461
28,447,239
16,642,242
9,354,267
$2,534,782,100
1,434,029,960
815,179,150
54,443,748
$4,785,991,200
51,031,375
$3,632,799,707
Six months
93,667,053
$6,934,557,380 125,197,966 $11,081,514,526
Month
9,288.054
11,117,035
12,924.080
$731,206,604
877.306.068
1.003.466,032
33.329.169
32,611,977,704
Total second quarter..
of July
August
September
Total third quarter...
Nine months
Month
of October
November
December
Total fourth quarter..
Twelve months
126,996,222
12,541,922
13,728,598
15,296,356
$1,103,006,150
1,172,753,800
1,321.942.900
41,566,876i 83.597,702,850
$9,546,535,084 166.764,842 $14,679,217,376
13,129,731
15,438,686
17,148.077
$932,571,717
1.115.338,400
1.252.396.370
13.667.289 $1,183,064,100
22,069.391
1.882.017,500
2,009,355,950
24,138,8731
45.716.494
3.300.306.487
59,875.553
3,065.081,600
172,712.716 J12.846.841.571 226,640.395 $19,753,754,925
.
THE CHRONICLE
Jan. 7 1922.]
By
e^ommtvcinlnneiWilscMvLntoxxs'^fmi^
—
Currency, Treasury Department:]
APPLICATIONS TO ORGANIZE RECEIVED.
500,000
Evansville. Ind
Correspondent, C. B. Enlow, Evansville, Ind.
The First National Bank of Winchester, Ohio
25,000
Correspondent, C. A. Shaw, Winchester, Ohio.
First National Bank of Binger, Okla
Corre.spondent, C. G. Kern, Binerer, Okla.
Succeeds First State Bank of Binper, Okla.
The First National Bank of Ne^vfield. N. J
Corre-spondent. Edward B. Brandriff. Newfield. N. J.
The
Dec. 31
—
Dec.
National Bank of Windham, N. Y
—TheCorrespondent.
Han-y Miller, Windham.
25,000
25,000
APPLICATIONS TO ORGANIZE APPROVED.
The First National Bank of Park Ridge, N. J
Correspondent, J. VanDyke Hyde, Park Ridge, N. J.
First National Bank in Kenefic, Okla.-,
Correspondent, W. L. Guthrie, Kenefic, Okla.
Succeeds Kenefic State Bank.
McClain Coimty National Bank of Purcell, Okla..
— TheConversion
of McClain County State Banlv of Purcell.
Correspondent, John H. Perry, Purcell, Okla.
First National Bank of Brinkman, Okla
Conversion of the First State Bank of Brinlonan.
Correspondent, West Holland. Brinkman, Okla.
The American National Bank of Pr.vor Creek, Okla
Conversion of the American State Bank of Pryor Creek.
Correspondent, American State Bank of Pryor Creek.
The
Dec. 30
—
25,000
30,000
25,000
25,000
50,000
First
—
Corre.spondcnt. J. Robt. Wyly, Tahiequah, Okla.
The Weil.stou National Bank. Wellston, Okla
Conversion of Wellston State Bank.
Correspondent, Wellston State Bank.
The First National Bank of Sand Springs, Okla
Conversion of Guaranty State Bank, Sand Springs.
Correspondent. Guaranty State Bank. Sand Springs.
The <narks National Bank of Aline, Okla
Conversion of Aline State Bank, Aline, Okla.
Correspondent, Aline State Bank.
25,000
50,000
25,000
The Hominy National Bank, Hominy, Okla
Conversion of Citizens State Bank, Hominy, Okla.
Corre-spondent Citizens State Bank of Hominj'.
The First National Bank of Leedey, Okla
Conversion of Cotton Exchange Bank of Leedey.
25,000
,
25,000
Correspondent, C. R. Flint, Cashier Cotton Exchange
Bank.
Follett National Bank, FoUett, Texas
Conversion of First State Bank of Follett.
Correspondent, A. W. Kincado, Follett, Texas.
The
25,000
CHARTERS ISSUED.
Dec. 28
The Coos Bay National Bank of Marshfield, Ore.
— 12077
President, Ralph F. Williams; Cashier, Reidar Bugge.
$50,000
Succeeds the Scandinavian- American Bank of Marshfield.
The Wellston National Bank, Wellston, Okla...
—12078
V. Ward.
President, Roy Ward: Cashier,
Bee. 30
25,000
Be.ssie
Conversion of the Wellston State Bank.
12079 The First National Bank of Sand .Springs, Okla.President, O. L. Stewart; Ca.shier. H. E. Stewart.
Conversion of the Guaranty State Bank, Sand Springs.
12080 The First National Bank of Ixiudon, Tenn
President. C. P. TaliafeiTo: Cashier, Sam Wilson.
12081 The Helena National Bank, Helena, Okla
President, E. D. Immell; Ca.shier, E. R. Stoalabarger.
Conversion of Helena State Bank, Helena, Okla.
12082 The American National Bank of Stillwater, Okla.
President, W. M. Stark; Cashier, L. B. Stark.
Succeeds the Stillwater State Bank, Stillwater, Okla.,
and the State Bankof Commerce of Stillwater. Okla.
50,000
50,000
25,000
50,000
Jan.
1
O. Elk Lick, Pa.)
Until close of business
Until close of business
Dec. 30 1941.
6112 The First National Bank of El Campo, Tex.
Until close of business
1942.
CORPORATE EXISTENCE RE-EXTENDED.
2611
2612
2749
2617
2621
The Fourth National Bank
Until close of
of Grand Rapids, Mich.
buKlness Dec. 28 1941.
I'eopUw
National
The
Bank of Lawrenceburgh, Ind. Until close of
business Dec. 29 1941.
The First National Bank of Houlton, Maine. Until close of business
Dec. 30 1941.
The State National Bank of Austin, Texas. Until close of business
Jan. 2 1942.
The Oltumwa National Bank, Ottumwa, Iowa. Until the close of
business Jan. 2 1942.
—
Auction Sales. Among other securities, the following,
not UHually denll in at (he Slork ExrAftrifir,, were rocfnitly sold
at auction in
York, Boston and lMiiladeli)hia:
New
By
Messrs. Adrian
&
Mullor
II.
Sons,
Now
York:
Shara. Ktw.kf.
!<lnckii.
Price. Rhnren.
Price.
100 Cripple Rlv. Ilyflraiillc Mln-l
Sir;, per sli
1 .000 nicharrl Toxnjt Oil
ln« fio. 1022
IS Havanrmh A Atlanta, prcf.,
100 Cripplf! HIv. Ifyflraullc Mln-lS3<}
8100 Wirh
$,3 pnr Hh.
Intf, «.> rach
lot 2,000 Siirlriiim Ifydraullc, nomnioii,
3M B<rtlf»n HfVf'n Oil. tl each. .
»I0 fiii-.h...
SM lot
700GallHt«o Co
r.o f;ijvis f ;aHkct Corp.. $io ca.116 lot
$.1 nor Hh.
j
,00f) ISax'latl
By
<;onp<T
'
R5c. per
Hli
&
Messrs. Wi.se, Ilobbs
Khnrc.i.
W
T4
....
By
Shnret.
Messrs.
Htocki.
II.
L.
7
separate tables.
In the
the dividends announced the curThen we follow with a second table, in which
rent week.
we show the dividends previously announced, but which
have not j'^et been paid.
The di\adends announced this week are:
we
bring together
Name
all
of Company.
Railroads (Steam).
Atch. Topeka & Santa Fe, com. (quar.).
Per
When
Cent.
Payable.
*1'A
Mar.
Boohs Closed.
1
Street and Electric Railways.
Feb.
Carolina Power & Light, common (quar.)
Green & CoatesSta. Pass. Ry, Phlla. (qu.) *$1.30 Jan.
Milwaukee Elec. Ry. & Llsht, pref.(qu.) *1 !^ Jan.
*1»4 Jan.
Ottumwa Ry. & Light, pref. (quar.)
Philadelphia Co., common (quar.)
*75c. J.an.
Phila. & Grays Ferry Pass. Ry., Phlla.. *S2
Jan.
*6
Virginia Ry. & Power, preferred
Feb.
Feb.
West Penn Power, preferred (quar.)
*5
5
Harriman National
Extra
5
Miscellaneous.
Allis-Chalmers Mfg., common (quar.)..
Amcrican Ciaar, common (quar.)
American Light & Traction, com. (quar.)
*1
*2
Common (pwyable in common stock) ._
Preferred (quar.)
American Royalties Corp., pref. (quar.).
/I
1}4
1
2
Art Metal Construction (quar.)
25c.
IM
Atlantic Refining, preferred (quar.)
Baragua Sugar, preferred
Borden Co., common
British-.^merican Tobacco, ord. (final)..
SVi
*4
8
Ordinary (interim)
4
Brown Shoe,
Days
Holdere
Inclusive.
of rec. Jan. 31
Holders of rec. Jan. IS
*HoIder8 of rec Dec 23
Holders of rec. Jan. 20
Holders of rec. Dec. 31
Holders of rec Jan. 16
Jiin.
I
to
Jan.
8
Holders of rec. Jan. 10
Holders of rec Jan. 16
J.in.
14
Jan.
Jan.
6
6
Holders
of rec. Dec. 31
Holders of rec. Jan. S
Holders of rec. Jan.
5
Holders
Holders
Feb.
Feb.
Feb.
Feb.
Feb.
Jan.
Jan.
Feb.
Jan.
Feb.
Jan.
Jan.
Feb.
Feb.
Jan.
Feb.
Feb.
Jan.
Jan.
Feb.
Jan.
Feb.
Feb.
Feb.
of rec. Jan. 24
of rec Jan. 14
Jan. 26
Jan. 14
to
Jan. 14
Jan. 26
to
Jan. 14
to
Jan. 26
Holders of rec, Dec. 30a
Holders of rec. Jan. 13a
Holders of rec Jan. 16
Holders of rec Jan.
5
^Holders of rec Feb.
1
*Ho!ders of rec. ,Ian.
Holders of rec. Jan.
Holders of rec. Jan.
*2
Commonwealth-Edison (quar.)
Holders of rec. Jan.
(quar.).
du Pont Chemical, com. & pref.
Holders ol rec Jan.
*25c
Eagle-Pichcr Lead, preferred (quar.)
Jan.
6
to
Jan.
I'A
East Bay Water, Class A. pref. (quai .) .
Holders of rec Dec.
iH
*3
Edison Elec. III. of Boston (quar.)
Holders of rec. Jan.
Electrical Utilities, preferred (quar.)
Holders of rec Jan.
IH
Eureka Pipe Line (quae.)
Holders of roc. Jan.
2
Fajardo Sugar (quar.)
Holders of rec. Jan.
*S1.25
Fall River Gas Works (quar.)
Holders of rec Jan.
3
Federal Acceptance, pref. (quar.)
Holders of rec. Jan.
Jan.
2
Federal Sugar Refining, com. (quar.)..
Holders of rec Jan.
IVt Feb.
Holders of rec Jan.
Preferred (quar.)
Feb.
Hi
General Motors, 6% pref. (quar.)
Holders of rec. Jan.
IH Feb.
Holders of rec Jan.
Debenture 6% stock (quar.)
IH Feb.
Holders of rec. Jan.
Debenture 7% stock (quar.)
15€ Feb.
Globe-Wernicke Co., pref. (quar.)
Jan.
Holders of rec. D2C
I'A
Halle Brcs., 1st & 2d pref. (quar.)
Jan.
Jan. 25
to
lii Jan.
Hamilton Woolen
Holders of rec. Dec
Jan.
3
Homcstake Mining (monthly)
Holders of rec Jan.
*25c Jan.
Ingersoll-Rand Co. (quar.)
1 Holder." of rec. Jan.
*2}^ Jan.
Holders of rec. Feb.
Kelly-Sprlngfield Tire, pref. (quar.)
Feb.
2
Kelsey Wheel, pref. (quar.)
Holders of rec. Jan.
IH Feb.
Mason Tire & Rubber, preferred (quar.) vlH Jan. 20 Holders of rec Dec
Mexican .Seaboard Oil
Jan. 16 Holders of rec. Jan.
*S1
Mexican Seaboard Oil
Holders of rec. Jan.
M.ar.
*S1
Miami Copper (quar.)
Holders of rec Feb.
50c Feb.
Holders of rec. Jan.
Midwest Refining (quar.)
Feb.
»S1
Moon Motor Car, pref. (quar.)
IH Jan.
Holders of rec. Dec
Mountain States Power, pref. (quar.).. *\'A Jan.
Dec. 21 to J .an.
Northwestern Elec, orig. pref. (quar). *U< Jan.
Dec. 21 to Jan.
Seven per cent preferred (quar.)
*1J* Jan.
Holders of rec Jan.
Nova Scotia .Steel & Coal, pref. (quar). *2
Jan.
Holders of rec Jan.
Publlc .Service of Nor. nia., com. (quar.) *15i Feb.
Holders of rec. Jan.
Prafcrred (quar.)
»1M Feb.
Holders of rec Jan.
Shell Transport & Trading
Jan.
83HC.
SlmnmnsCo.. preferred (quar.)
Holders of rec. Jan.
*\H Fc'b.
Jan.
Southern Indiana Gas &. Elec, 0% pref.
3
Seven per cent. pref. (quar.)
\K .Fan.
*5
Spring Valley Water (quar.)
Dec.
Dec 16 to Jan.
Holders of rec. .Tan.
Swift International
*S1.20 Feb.
rioldcrs of roc Jan.
Tobacco Produ(a3 Corp., com. (quar.).
Feb.
1!.<S
Holders of rec. Jan.
Triiscon Steel, com. (quar.)
IH Jan.
Holders of rec. Jan.
United States Mining (quar.)
15c Jan.
IIoldcTs of rec. Dec.
U. S. Can. com. (quar.)
50c Jan.
Holders of roc. Dec
Preferred (quar.)
1% .fan.
Holders of roc Jan.
I'nited States Rubber, Ist pref. (quar.).
2
Jan.
Jivn.
to
Jan.
1
WcHtrrn firocers. Ltd. (Canada), pl. (qu.)
IJi Jan.
Holders o^ rec. Dec.
(Vcatern States Gas A Elec, prcf. (quar.)
1% Jan.
*1M
preferred (quar.)
Centrpl Oil & Gas Stove, pref. (quar.)..
Cleveland-Cliffs Iron
2
35c.
20
24
15o
13
25
16
31a
16
7
16
20
16
1
20a
20a
14
14
14
31
31
31
20
14
1
20
31a
10
10
la
16
31
2
2
7
14
14
13
15
2
21
31
5c
9
30
30
16a
5
31
Below wo give the divi<londs announced in previous weeks
and not yet paid. This list docs not iiu ludc dividends
announced this week.
Name
of
Company.
Books Ctond.
Pet
When
Ctnt.
Payable.
3H
Feb. 17
7
Jan.
Fob.
1
Davs
Ivrtusive.
KnIlrondR (Stoam.)
% per ah.
SlockH.
10 AllfintloCoitst
10
I
UoHiori Wov. Ifooedc Rub., com.lOO!.f
•>
l',osl/)ri
Wharf
WMO f'amhrlflBf!
_
FJoc. Rtso. war.
W,</,
.<\%-r,'/i
/loml.t.
8
Day &
$1,000
/'rtrr.
IToct.or.fe
Gamble
7fl,
1023.. 101
10 HosU)riU<iv. How*. Hub. .corn lOOt^
3 navfThlll C.nn l.lKht. $60 each
75KI
e-IO<;iMfttcH;ifc.t,y Ilazor
17-17 J<
r> I'lymouth CorrlaKO, nx-'llv.
ITHH
6 Sallllr f)ll A Oa«. $1 each
7S
4 Weymouth MRht * Power
Hfi
|
'
!
I
'>
1
flO
.loan
It. 1,0
Ucarori
Miil/)iir,
Choo/dato,
com
Idt
$10cach.
7 American Folt, prof..
5-10 C.imbrldKc Klee, Ught
ffood Tltiliber. preferred
2/>
r,
Wammitta
Mlllg
KiiM|iiehaniiii
(spi><-liil)
lOOc
lot
prcf.,
2
S2H
OH
»;<H
123
2
'I'opoka A .Santa Fo, preferred
Ailanric Coa-tt l.ln(. RR., coniiiion
•2<A
common
2H
Al<:li.
ChlfiiKo
A
.Vorth Wtslorn,
I'rclMrefl
nelawaro Lackawanna
A
West. (quar.).
'.
flreat Norlhern (()uiir.)_
..
___.
KaiiHun city Hoiiihern, pref. (quar.)
lAiMtth Valley, eoiiirnon (quar.)
....
Preferred (quar.)
LIMIeHehiiylklll Nav.,
Mahf)nlnK Coal Hit
MlehlKat)
New
RR. A Coal
common. ..-.-. ..
f'erilial
York Centiiil RR. (quar.)
A WeHlern, ndj. pref. (qaar.)..
Norfolk
3
'•i
IH
Iiir.
HI
211,
K(b.
Jan. III
Jan. HI
Keh. 20
3Mj
I'eli.
3Vi
..
Chl(^ HI I'nul Minn. A Omaha, com
Preferred
fleve. (;inc. Chic. A Ht. I.,, prnf. (qu.)..
l';)ctrB
<fprr-ih.
/
fJreat Hoiitliein, pr(rfeired
A
Altiatiy
Ji
Co., Boston:
%pfriih.\ iVAirM.
Rtnrkf.
271
a Joan H. I,c Miitotir, prnf
3 Merchants National Bank
100 Flr.H National Hank
300-300K
Alabama
Arnold, Boston:
Share*.
Slock.i.
tpcrnh.
2 NaumkeaK Strom CotU>n
210
10 Manorript MIIIb
110
10 U. H, WorHl.«|. Idt prcf
10 Sharp Maniifaftiirlne, common. 109 jj
20 HCTwhcll-HDiiiman MoUjr, «^m.,
»«) rjuh
'36
now grouped in two
Dividends are
first
|
1
5fl,
I
|
)
$35 lot
Percent.
6
DIVIDENDS.
1
I
Sec. 56K
,
Until close of business
(P.
$ per 3h.
136
105J<
21
.
CORPORATE EXISTENCE EXTENDED.
•078 The City National Bank of Forney, Texas.
Dec. 27 1941.
6106 The First National Bank df Salisbury, Pa.
Until close of busire.'-s Dec. 27 1941.
8108 The First National Bank of Weatherly, Pa.
Dec. 29 1941.
6097 The First National Bank of Chinook, Mont.
1,500 Amor. Pipe & Conslr.
16 Underwriters Soo., pref
Bonds.
$623.93 American Ry. 6s$5,000 Buffalo & L. E. Trac.
Commonwealth
Liberty National Bank of Tahlequah, Okla
—TheConversion
State Bank of Tahlequah.
of the
Dec. 30
UK
Shares.
S/ock.i,
15 W. Phlla. PiissenBer Ry
5 Phlla. (Citizens Pass. Ry
10 I'eople's N:it. Fire Ins
Banks.
APPLICATIONS TO CONVERT APPROVED.
Dec. 29
6H
,57,5
10 Franklin National Hank
4 Ptioonlx Tnist, $.50 each
5,5
9 Provident Mfo <fe Tnist
400
36 Nat. State Bunk of Camden. 235
100 Camden Fire Ins., $.5 each..
40 Phlla. Life Ins., SIO each
10
103 Ji
8 Citizens Passenger Ry
25,000
APPLICATIONS TO CONVERT RECEIVED.
Dec. 28
Lofland, Philadelphia
$ ver sh.
25.000
First
.30
&
$100,000
The National City Bank of
—
Messrs. Barnes
Capital.
Amea-ican National Bank of Santa Rosa, Calif
— TheCorrespondent,
Joseph G. Morrow, Santa Rosa.
Dec. 30
53
Shares.
Riocks.
8 Phlliidclphla Bourse
National Banks. The following information regarding
national banks is from the office of the Comptroller of the
Dec. 28
.
1
20
l«
Jan. 21)
SI. 50 Jan. 211
$2.50 Jan. 20
Jan. ii;
3
IH Feb. 1
I
.Ian
Jan,
$1.25 Jan.
$1.25 Jan.
87'.!ic
3H
$0
4
IH
•1
Kol).
Fob.
Jan.
IVI).
in
7
V
II
10
1
lIolrleiN ol tee.
Jan. 20
Dec. 24a
ITiildi^n) of
lIoUlerN ol
lloidcic ol
Iloldi t.'i of
IlolMrrn of
roc
Dec 30a
MolderH
rec.
Ilolrlrr.1 of
roc
rie Dw. 23a
inc. DiKi. 30a
ree Dec. 22a
ree Dee. 22a
la
Mold' Ik ol ree I'cb.
la
lliilili.rH of lec. Feb.
iil
of rec
llolderH of rec
lliililerH
1
fotflrrpi of lee.
Iloldi'f!!
of
Iliililern
of rec.
riic.
Ilolilerii of ree.
IlolderN of ree
Dec. 17
to
lloldern of rec
IliildorH of ree.
Ilolip IK of ree.
1
1
)e.i'
3
1
to
Fob. J8 •Iloldors ol roc.
Dec 80a
Jan.
Jan.
Jan.
Den.
Dee.
Dec.
Den.
Jan.
Jan.
Jan.
Dm-.
Jan.
Jan.
7
7
On
3 la
31a
170
17a
in
Iflo
lOa
80a
25
31
THE CHEONICLE
54
A^atne of
Companv.
Railroads )Steain( Concluded.
Northero Central-.Northern Pacific (quar.)
-Northern Securities
•Extra
Pere Marquette, prior preferred (quar.)
Philadelphia & Trenton (quar.)
& West
Pittsburgh
Va.. pref. (quar.)...
Reading Company, common (quar.)
Second preferred (quar.)
Troy Union RR
United N. J. RR. A Canal Cos. (quar.).
Per
When
Cent.
Payable.
Books Closed.
Days
Feb.
Feb.
$1
50c. Jan.
Jan.
6
2H Jan.
Name
Incltatte.
Holders of rec.
Holdeis of rec.
to
Doc. 28
to
Dec. 28
Holders of rec.
to
Dec. 31
•Holders of rec.
Holders of rec.
Holders of rec.
Holders of rec.
to
Dec. 21
Jan.
15il Feb.
Jan.
4
Jan.
6
l>i Feb.
2H Jan.
$2
*lh
Jan.
Jan.
Jan.
Jan.
Feb.
Jan.
10
10
14a
11
Internal, Telep.
1
17a
Dec. 30a
Dec. 30a
Dec. 31
m
2
3
IM
2
37 He
62 He
IH
filH
York Rys.,
62Hc
—
I'A
IK
IH
Equltable.lextra
1
Jan.
Jan.
1
1
Jan.
Holders
Holders
Dec. 21
Holders
Holders
HoIdPis
Holders
Holders
Holders
Holders
Holders
Holders
of rec.
of rec.
to
of rec.
of rec.
of rec,
of rec,
of rec
of rec
of rec
of rec
of rec.
Jan.
Jan.
Jan.
Jan.
Dec.
Jan.
Jan.
Dec.
Dec.
Dec.
Dec.
Jan.
Jan.
Jan.
Jan.
Jan. 10
Holders
of rec.
Dec. 23a
to
to
to
Miscellaneous.
SI
Air Reduction (quar.)
All-America Cables (quar.)
IK
2
Alliance Realty (quar.)
Extra
H
81
.4JIIed Chemical & Dye Corp., com, (qu.)
Allls-Chalmers Mfg., pref. (quar.)
IK
*75c.
.Amalgamated Oil (quar.)
American Art Works, com. & pref. (qu.)
IH
American Coal (quar.)
*S1
Amer. Gas & Elec, pref. (quar.)
IH
*2
American Glue, preferred (quar.)-..
American Ice, common (quar.)
IK
(quar.)
Am. La France Fire Eng.,Inc.,com.(qu.)
Amer. Laundry Machinery, pref. (quar.)
American Rolling Mill, common (quar.).
Preferred (quar.)
Amer. Seeding Mach., com. (quar,)
Preferred (quar.)
j
Amer. Shipbuilding, com, (quar.)
Common
Preferred
(e.ttra)
(quar.)
American Steel Foundries, com. (quar.)
American Tel. & Tel. (quar.)
Amer. Type Founders, common (quar.)
Prelerred (quar.)
Amer. Woolen, com. & pref. (quar.)..
Anglo-.\merlcan OH, Ltd
Asbestos Corp. of Canada, common (qu.)
Preferied (quar.) AsBoctated Dry Goods, common (quar.)First preferred (quar.)
Second preferred (quar.)
Associated Industrials Corp., lstpf.(qu.)
Associated Oil (quar.)
Atlantic Acceptance Corp. of Mass., pf..
Barnhart Bros. & Splndlor
First and second preferred (quar.)
Bayuk Bros., Inc.. lst& 2d pf. (quar.)..
Beech Nut Packing, Pref. B (quar.)
Btll Telephone of Canada (quai.)
British Empire Steel, 1st pf. Ser. B.(qu.)
Bush Terminal, common
Extra (payable in common stock)
Preferred
Ltd., com. (quar.)
Canadian Fairbanks Morse, preferred
Casey-Hedges Co., common
Central Bond & Mtge.. pref. (quar.)
Central Coal & Coke, common (quar.)..
I'rcferred
(quar.)
Illinois
Public Service, pf. (qu.).
Chicago Pneumatic Tool (quar.)
Cities Service
Common
Common
Pref.
&
IK
2
IK
B
(m'thly) (pay. in scrip)
(qu,)
(extra)
El. Cos., pref. (qu.)
Coniputlng-Tabulatlng-Recording (qu.).
Congolcum Co., common (quar.)
Continental Motors Corp., pref. (quar.).
Corn Products Refg., com. (quar.)
Common
Pieferrcd
& Co com (no par value)
Common (par value $5) (quar.)
Coeden
.
,
.
Creamery Package Mfg., com,
Dominion Steel Corp., pref.
Dominion Textile, preferred
du Pont dc Nemours & Co.
Debenture stock (quar.)
Famous Playcrs-Lasky Corp., prof, (qu.)
Firestone Tire & Rubber, 6% prof, (qu.)
Sevdb per cent pref. (quar.)
Foul<ls Milling, preferred (quar.)
General Electric (quar.)
Extra (payable In stock)
Giant Portland Cement, preferred
Harbison-Walker Refrao., pref. (quar.).
Harris Bros., pref. (quar.)...
Hlllcrest Collieries, common (quar.)
l^efcrrcd (quar.)
Hurley Machine, com. (quar.)
Imperial Oil Corp.. com. (monthly)
Preferred (quar.)
Indiana
Illinois Coal Corp., pref
&
15
15
15
15
15
15
1
1
1
14
16
14
13
16
16
15
15
$1.50
SI
$1
IK
1
*1H
6c
6c
1
2
91.25
2
2
1
25c.
3H
IH
IK
IH
•IH
•IK
•2
2
IH
IK
2
2
e2
4
IH
•IK
IH
IK
•60c
1
2
SH
Jan.
Jan. 1
Jan. 25
Jan. 10
Holders
Holders
Dec. 29
Feb. 1
Jan. 15
Jan. 15
Holders
Holders
Holders
Holders
Holdesr
1
Feb.
Feb,
Feb.
Jan.
Jan.
Jan.
Jan.
Jan.
Jan.
Jan.
Jan.
Jan.
Jan.
Feb.
Feb.
Jan.
Jan.
Jan.
Jan.
Jan.
Jan.
Jan.
Jan.
Jan,
Jan,
Jan.
Jan.
Jan.
Feb.
Jan.
1
1
1
16
16
16
16
10
15
15
20
20
14
1
I
Jan.
Jan.
Jan.
Jan.
Jan.
to
Holders
Holders
Holders
Holders
Holders
Holders
Holders
Holders
Holders
Holders
Holders
of
of
of
of
16
21a
16
16
15
10
20
15
I
16
25
1
1
1
1
15
15
10
14
14
16
.
15
,>„
Dec.
Dec.
Dec.
Dec.
31a
31a
31o
31a
Jan. 31
Jan. 31
Jan. 31
3a
of rec. Jan.
of rec. Dec. 20a
of rec. Jan. lOo
of rec. Jan. lOa
Dec. 29
of coup. No. 22
to
rec. Jan.
la
rec. Jan.
la
rec. Jan. 14
rec. Feb.
4
rec. Feb.
4
of rec. Jan. 14a
..-xk.
of rec. Dec. 31a
of
of
of
of
of
to
Jan.
I
of lec. Jan. 26a
of rec. Dec. 31a
of rec. Jan.
la
of rec. Dec. 31a
of rec. Jan. 14
of rec. Jan.
6
of rec. Jan.
6
of rec. Jan.
6
of rec. Dec. 31a
of rec. Dec. 31a
of rec. Feb.
la
of rec. Jan. 25a
of rec. Dec. 31a
of rec. Dec. 31a
of rec. Dec. 31
of rec. Jan. 14a
Holders
Holders
of
of
Holders
Holders
Holders
Holders
Holders
Holders
of
of
of
of
of
of
rec.
rec.
rec.
rec.
roc.
rec.
rec.
rec.
rec.
to
1
Holders of rec.
Holders of rec.
Holders of rec.
Holders of rec.
Holders of reo.
Holders
Holdeis
Holders
Holders
Holders
Dec. 16
Jan. 15
Holders
Jan.
to
to
to
Holders of
Jan.
rec.
rec.
rec.
rec.
10 •Jan.
I
to
10 Jan.
1
to
10 Jan.
1
to
10 Holders of rec.
10 Holders of rec.
31 Holders of rec.
19 Jan. 13
to
Jan.
Feb.
Feb.
Feb.
Feb.
Jan.
Feb,
Jan.
Jan.
Jan.
Jan.
Jan.
Feb.
J.in
23
16
16
of
of
of
of
of
of
of
of
7
Holders
Holders
Holders
Holders
Jan. 15
Jan. 15
Jan. 15
Holders
Holders
Holdeis
Holders
Dec. 16
HQlders
Holders
Holders
Holders
Holders
Holders
I
1
*0'A
51
75c
28a
rec. Dec. 31a
rec. Dec. 31a
9
rec. Jan.
9
rec. Jan.
rec. Jan. 16
rec. Dec. 24a
rec. Dec. 31
rec. Dee. 31a
Feb. 1
to
*Jan. 13
Holders of rec. Jan. 16
Jan. 20
of
rec.
Holders
Holders of rec. Jan. 10a
Holders of rec. Jan. lOo
Holder? of rec. Feb. la
Holdeis
Holders
Holders
Holders
Holders
Holders
•Holders
Holders
1
1
15
15
15
25
IK
IH
IK
IH
•500
•$1
duI'ont(i:.I.)de Nem. Powd., com.(qu.)
Preferred (ouar.)
Elgin National Watch (quar.)
25
25
Feb.
Jan.
Jan.
Jan.
Jan.
3
(quar.).
(quar.)
(quar.)
1
2H
IH
62Hc
12H0
Cresson Gold Mining & MlUlng (quar.).
Extra
Crucible Steel, common (quar.)
Dam.iscus lir.ake Beam (quar.)
Delaw. Lack. & Western Coal (quar,)..
Detroit Edison (quar.)
Dictograph Products Corp., pref. (quar.)
Dodge Manuiactuiing, com. (qtiar.)
Dome Minos, ltd. (quar.)
Donilnhm I'ower & Transmission, pref..
1
15
15
15
16
15
15
(qu .)
(extra).Prelerred (quar.)
1
Jan.
Jan.
Jan.
Jan.
Jan.
Feb.
V2H
IK
Common
15
1
50c.
(extra)
(quar.)
16
14
3H
Commonw'th Gas &
1
16
Jan.
Preferred
.
17
Feb.
2
*1K
*2H
VH
prel.
Common
IH
4
(monthly, payable In scrlp).
(payable In scrip)
*Olhi
Commonwealth Finance Corp., cm,
16
14
17
*1H Mar.
•IK Mar.
*3
Canada Cement,
Central
Jan.
Jan.
Jan.
Jan.
Feb.
Jan.
Jan.
Jan.
Feb.
Feb.
Feb.
Jan.
IH Jan.
25c Feb.
IK Jan.
Jan.
2
IK Jan.
IK Jan.
IH Jan.
IK Feb.
2K Feb.
IK Feb.
75c. Jan.
2K Jan.
Jan.
I
IK Jan.
IK Jan.
210
Jan.
IH Jan.
IK Jan.
*1
Feb.
2
1
19a
15
3a
31a
31a
Holders of rec Dec. 31a
Holders of rec Dec. 31
$2.50 Jan.
Jan.
20
Preferred
15
15
16
Jan.
Jan.
Jan.
Feb.
Jan.
Jan.
Jan.
Jan.
Jan.
Jan,
Jan.
Feb.
Feb.
Feb.
Jan.
Trust Companies.
Fire Insurance.
Continental.Fldellty-Phentx
-..
Kayser
(Julius)
& Teleg.
& Co.,
(quar.)
and second preferred (quar.)
Kerr Lake Mines (quar.)
Laurentlde Power (quar.)
LIbby-Owens Sheet Glass, common
First
Lima Locomotive,
Per
When
Cent.
Payable.
$2
IH
IH
Feb.
Jan.
Jan.
Feb.
Jan.
Jan.
IK
Feb.
IK
/2
3
Books Closed.
Days
15
16
25
1
16
15
1
12Hc. Jan. 16
1
Jan. 16
10
Feb. 1
50c. Jan.
IK
preferred (quar.)
Inclusive.
24
24a
24a
Holders
Holders
Holders
Holders
Holders
Holders
rec. Jan.
reo. Dec.
reo. Dec.
rec. Jan.
rec. Jan.
of rec. Dec,
31a
Holders
Holders
Holders
Holders
Holders
of
of
of
of
of
rec. Jan.
rec. Jan.
rec. Dec.
rec. Dec.
rec. Jan.
26a
3a
31a
310
160
Holders
Holders
Holders
Holders
Holders
Holders
Holders
Holders
Holders
Holders
Holders
of
of
of
of
of
of
of
of
of
of
of
of
of
of
of
of
of
of
of
of
of
of
of
of
of
of
of
rec.
rec.
rec.
rec.
rec.
rec.
rec.
rec.
rec.
rec.
rec.
rec.
rec.
rec.
rec.
rec.
rec.
rec.
rec.
rec.
rec.
rec.
rec.
rec.
rec.
rec.
rec.
rec.
rec.
of
of
of
of
of
of
of
of
of
of
of
reo. Dec. 31
rec. Dec. 31a
rec. Dec. 31a
rec. Dec. 31a
rec. Jan. Sin
rec. .\pr. 29n
rec. Dec. 31a
rec. Dec. 31a
rec. Dec. 31a
rec. Dec. 31
rec. Dec. 20a
of
of
of
of
of
16a
9
Loose-Wiles Biscuit,
IH
Washington Water Power, Spokane (qu.)
West Penn Power, 7% pref. (quar.)
West Penn Tr. & Water Pow., pref. (qu.)
Preferred (acct. accumulated dlvs.)
preferred (quar.)
of Companv.
Miscellaneous, (.Concluded.)
Indiana Pipe Line (quar.)
International Harvester, com. (quar,).Common (payable In common stock)
Intemat. Mercantile Marine, pref
International Paper, preferred (quar.)..
Dec. 31a
Dec. 30a
.A
Street and Electric Railways.
Gin. Newport & Cov. L. & Tr., oom.(qu)
Preferred (quar.)
Consolidated Traction of N. J
Duqucsne Light, 7% pref. (quar.)
-.
El Paso Electric Co., preferred
Kentucky Securities Corp., pref. (quar.)
Manchester Tr., L. & Power (quar.)
Monongahela Power & Ry., pref. (quar.)
Philadelphia* Western, pref. (quar.)...
Puget Sound Power & Light, pref. (qu.)
[Vol. 114.
of
of
of
of
of
rec.
rec.
rec.
rec.
rec.
to
to
of rec.
Jan.
Jan.
Jan.
Dec.
15
15
15
31
Dec. 31
Dec. 31
3a
Jan.
Dec. 23a
Dee. 31a
Jan.
Jan.
Jan,
Jan,
Jan.
Jan.
Jan.
Jan.
Jan.
IS
3a
3a
3a
3a
3a
20
20
20
Dec. 31a
Dec, 31a
Jan. 14
Jan. 19
Dec. 31
Dec. 31a
Dec. 31a
Dec. 24
Dec. 31a
Dec. 31
Jan. 31
Jan.
3
Holders of rec. Jan. 10
•Holders of rec. Jan. 20
Holders of rec. Jan. 20
Holders of rec. Jan. 20
Holders of rec. Jan. 16a
Holders of rec. Jan.
la
Holders of rec. Feb. la
Holders of rec. Jan.
la
Holders of rec. Dec. 8a
Holders of rec. Dec. 8a
De<-. 31
Jan. 16
20 Holders of reo. Jan. 10a
1 Holders of rec. Jan. 12
16 Holders of rec. Dec. 31a
to
16 Holders of rec. Dec.
7 •Holders of rec. Dec.
15 Holdi>r8 of rec. Dee.
15 Holders of rec. Dec.
16 Holders of rec. Jan.
31a
28
30
30
10a
Second preferred (quar.)
Gas & Elec. of Ky., pf (quar.)
Lyall (P.) Construction Co. (quar.)
MacAndrews & Forbes Co., com. (quar.)
Louisville
.
Preferred (quar.)
Mfrs. Light & Heat, Pittsburgh (quar.)
Maple Leaf Milling, common (quar.)
Preferred (quar .)
Massachusetts Lighting Cos., 6% pf.(qu)
Eight per cent pref. (quar.)
Mexican Petroleum, com. (quar.)
Mexican Telegraph
.
Michigan Limestone & Chexa., pf. (qu.)Mldway Gas. common (quar.)
Preferred (quar .)
IK
IK
Feb.
Jan.
Jan.
2H Jan.
IH Jan.
Jan.
$1
3
Jan.
IK Jan.
IH Jan.
2
Jan.
Jan.
3
•2H Jan,
IK Jan.
50c. Jan.
SI .40 Jan.
*4c. Jan.
*3H Feb.
Midwest Oil, com. and pref. (quar.) ..
Mobile Electric Co., preferred
Preferred (account accum. dividends). *h2
•2
Montreal Telegraph (quar.)
National Biscuit, com. (quar.)
National Fuel Gas (quar .)
National Licorice, common
National Paper & Type. com.&pf.(qu,).
New Jersey Zinc (quar.)
New York
Dock, common
Transit (quar.)
N. Y, Transportation (quar.)
Niagara Falls Power,
pref. (quar.)
Nlpisslng Mines (quar.)
Extra
Northern States Power,
common
Preferred (quar .)
Ohio Brass, preferred (quar.)
Ohio Fuel Supply (quar .)
Extra (payable in Victory
4K%
bds.)
(quar.) ..
Ontario Steel Products pref.
Preferred (guar.)
Otis Elevator, common (quar.)..
Preferred (quar.)
Pacific
Gas &
Common
Electric,
(payable in
com.
(quar.)
stock)
common
Pacific on
Pacific Telep. & Teleg.. pref. (quar.)-..
Pan-Amer. Petrol. & Transp., com.(qu.)
Common B (quar.).
Penmans. Ltd., com. (quar.)
Preferred (quar.)
Pennsylvania Salt Manufacttiring
Peoples Gas Lght & Coke
Philadelphia & Camden Ferry (quar.)
Phllllps-Jones Co., preferred (quar.)
Pick lAlbert) & Co., common quar.)--Plttsburgh Coal, common (quar.)
Preferred (quar.)
—
Plymouth Cordage (quar.)
Prairie Oil& Gas (quar.)
Extra
Prairie Pipe Line (quar.)
Procter & Gamble, pref. (quar.)
Public Service Co. of Quebec (quar.)
Pullman Co. (quar.)
Quaker Oats, pref. (quar.)
Realty Associates
Extra
Rochester Silver Co
-'.
Royal Dutch Co
Salt Creek Producers (quar.)
^
Securities Co
Shaffer Oil
Refining, pref. (quar.)
&
Shawinigan Water
Shawmut
Mills,
& Power
common
Smith (How.) Pap.
Preferred
.Mills,
(quar .)
(quar.)
Ltd., com.(qu)
(quar .)
Southern Canada Power, pref. (quar.)..
Spanish Riv. Pulp &Pap.Mllls,cm.(qu.)
Preferred
(quar.)
Standard Underground Cable (quar.)..Extra
Extra (payable in stock)
common
Canada, common
Stearns (F. B.) Co.,
Steel Co. of
(quar.)..(quar.)..
Preferred
Stetson (John B.) Co., common.Preferred .Sullivan Machinery (quar.)
Superior Steel, 1st & 2d pref. (quar.)..
Swift International
Transue & A\aillams Steel Forg. (quar.).
Trinidad Electric Co.. Ltd. (quar.)
(quar.)
Tuckett Tobacco,
Preferred
common
(quar.)
(quar.)
Union Natural Gas Corp. (uuar.)
United Drug, first ptrferred (quar.)...
United Fruit (quar .)
United Gas & Electr.c Co., preferred-.
United Gas Improvement, com. (quar.).
Preferred
(quar .)--
United Royalties (monthly)
Extra
United Verde Extension Mining (quar.).
U.
S. Industrial Alcohol, pref. (quar.).-
U. S. Smelt., Refg. & MInlnfi, pref. (qu.)
Ventura Consolidated Oil Helds (quar.)
-Extra -Victor Talking Machine, com. (quar.).Preferred (quar .)
Virginia Iron. Coal & Coke, common...
W.irner (Chas.) Co., 1st & 3d pref. (qu.)
Weber &
IIollbron>'r. pref, (quar.)
Western Power Corp.. i)ref erred (quar.).
Western Union Telegraph (quar.)
Wtstlnghouse Air Brake (quar.)
Westlnghouse Elec. & Mfg.. com. (quar.)
Pri-rcrred
IK
2H
2H
2
•2
2H
2H
Preferred
New York
(quar.)
White Eagle OI1& Refining (quar.)
Wlnchestcr-Hayden. Inc., pief. (quar.).
Worthlngton Pump & Mach., com. (qu.)
1
15
10
14
14
14
18
18
16
1
16
10
12 Holders
15 Holders
14 Holders
14 Holders
16 •Holders
25 Holders
25 •Holders
16 •Holders
:4 Holders
16 Holders
7 Holders of
14 Holders of
Feb.
Jan.
Jan.
Jan.
Jan.
Jan,
Feb.
Feb.
Jan.
lOi
Holders
16 Holders
16 Holders
$4
Jan. 14 HoldifS
•50c Jan. 15 •Holders
IK Jan. 16 Holders
1
15c. Jan. 20 Jan.
1
15c. Jan. 20 Jan.
•4
Feb.
1 Holders
•IK Jan. 20 Holders
IH Jan, 15 Holders
62HC Jan. 14 Holders
Jan. 14 Holders
i2
IK Feb. 15 Holders
IK May 15 Holders
2
Jan. 16 Holders
IH Jan. 16 Holders
IK Jan. 10 Holders
Jan. 16 Holders
/2
81.50 Jan. 20 Holders
IH Jan. 16 Jan. 1
Jan. 10 Holders
3
.Ian. 10 Holders
3
2
Feb. 15 Holders
Feb. 1
40c Feb. 1
Jan. 25
Jan. 25
•3
Jan. 20
3
Jan. 31
4
Jan. 31
Jan. 31
3
2
Jan. 14
IK Jan. 15
•2
Feb. 15
IH Feb. 28
Jan. 16
3
Jan. 16
2
•2HC Jan. 21
•15
Jan. 18
30c. Jan. 31
2 'A Jan. 14
•IK Jan. 25
IK Jan. 10
IK
IH
Ian.
18
Jan.
Jan.
IH Jan.
IK Jan.
IK Jan.
•3
Jan.
•3
Jan.
•e20
Jan.
81
Jan.
IK Feb.
IK Feb.
•15
Jan.
•4
Jan.
75c. Jan.
2
Feb.
81.20 Feb.
50c. Jan.
1
Jan.
Jan.
1
IK Jan.
2H Jan.
20
20
1
2
2
15
16
16
10
10
Holders
Jan. 31
Dec. 31
Dec.
Dec.
Dec.
Dec.
31a
31
26
31a
to
Jan. 16
170
170
rec. Dec.
rec. Dec.
rec. Feb.
rec. Jan.
rec. Dec.
rec. Jan.
rec. Jan.
of rec. Jan.
4
21
31a
3
20
20
Jan. 31
Jan. 26
to
Holders of rec. Jan. 13a
Holders of rec. Jan 13a
.
Holders
Holders
Holders
Holdeis
Holders
Holders
•Holders
Holders
Holders
Holders
Holders
Holders
Holders
•Holders
Holders
Holders
Holders
Haiders
Holders
Holders
Holders
Holders
Holders
25 •Holders
20 Holders
Holders
1
Holders
1
16
16
16
15
Dec. 310
Deo. 31a
Dec. 31a
Jan.
3a
Jan. 3a
Dec. 24
Dec. 24
Dec. 170
Dec. 31
Dec. 31a
Dec. 31
Dec. 31
Dec. 31
Jan. 31
Jan. 31
Feb, 6a
Jan. 6a
Dec. 19
Dec. 31
Dec. 31a
to
Jan. 17
to
Jan. 17
of rec. Dec. 31
of
of
of
Holders
of
IH Feb. 1
81.25 Jan. 14 Holders of
IK Jan. 17 Holders of
•4
Jan. 10 Holders of
•IK
Jan. 19a
Jan.
la
Dec. 31
Holders
Holders
Jan.
2
Holders
Holders
Holders
Jan.
1
Holders
Holders
Holders
Holders
Holders
Holders
Holders
Holders
Holders
Holders
Holders
Holders
21
15
10
14
14
14
87Hc Feb
of
of
of
of
of
of
of
of
of
of
of
rec. ,Ian.
rec. Dec.
rec. Dec.
rec. Dec.
rec. Dec.
rec. Dec.
rec. Jan.
rec. Feb.
rec. Jan.
rec. Jan.
rec. Jan.
of
of
of
of
of
of
of
of
of
of
of
of
of
of
of
of
of
of
rec.
rec.
rec.
rec.
rec.
rec.
rec.
rec.
rec.
rec.
rec.
rec.
rec.
rec.
rec.
rec.
rec.
rec.
2
31a
31a
31a
24a
31a
31
10
5
5
5
Jan. I6o
Dec. 310
Dec. 31
Dec. 27a
Dec. 6o
Jan. lOo
Jan. lOo
Dec. 31a
Dec. 310
Deo. 310
Jan.
4
4
Jan.
Jan. 14
Dec. 310
Jan. 10
Jan. 10
Jan.
1
Jan.
1
Jan. 16
to
of rec. Feb.
of reo. Jan.
of rec.' Jan.
Jan.
to
of rec. Dec.
of rec. Dec.
of rec. Dec.
of rec. Jan.
of rec. Dec.
1
210
50
10
310
310
31a
160
1
20a
Jan. 14
of
rec.
Dec.
310
,Tan.
15
2H
of rec. Dec. 31a
500. Jan. 14
01 rec. Feb. 28a
87 He Mar. 15
5
of
rec. Jan.
Jan. 27
3
of rec. Jan.
5
Jan. 27
1
of rec. Jan.
go
25c Feb. 1
of rec, Dec. 310
IK Ian. 16
Jan.
Holders
of
rec.
6
•87 He Jan. 14
50c Feb. 1 Holders of rec. Jan. 14
50c Feb. 1 Holders of rec. Jan. 14
Jan. 5
to
1
Jan. 15 Jan.
10
IK Jan. 15 Jan. 1 to Jan. 5
Jan. 25 Holders of rec. Dec. 270
3
IK Jan. 26 Holders of rec. Dec. 310
IK Mar 1 Holders of rec. Feb. 16a
IH Jan. 16 Holders of rec. Dec. 31a
IK Jan. 16 Holdeis of rec. Dec. 24a
81.75 Jan. 31 Iiolders 01 re-c. Dec. 31o
Jan. 31 Holders of rec. Dec. 310
2
Jan. 16 Holders of rec. Dec. 310
2
50c. Jan. 10 Holders of rec. Dec. 310
PlK Jan. 25 Holders of rec. Jan. 25
Jan. 16 Holders of rec. Jan. 60
1
2
,
,
,
unofficial sources,
t The New York Stock Exchange has ruled that stock
not be quoted ex-dlvldend on this date and not until fuither notice, a Transfer
<f Correction.
dividend.
6 Less British Income tax.
this
lor
closed
books not
ft On acg Payable In scrip,
/ Payable in common stock,
( Payable in stock.
count of accumulated dividends, i Payable in Liberty or Victory Loan bonds.
•
From
will
* Payable in piefeired stock.
payable quarterly on Jan. 25, April 25, July 26 and Oct, 25 to
holders of record of date on which each dividend Is payable.
J Payable in
p Declared
N. Y. funds.
7%
.
.
THE CHKONICLE
.Ian. 7 1022.]
—
—
Weft ending
Jan. 6 1922.
-
Total
$35,086,000
935.904
789,240
835,428
559,600
81,918,000
67.900,300
44,828,000
3,564.647 $297,803,800
$26,689,600
Week ending Jan 6
7.707.000
7.270.000
8.873.000
8,709,000
$8,236,000 $37,377,000
1 to
1922.
1921.
1922.
1.424.000
1.686.000
1,474,000
987.000
Jan.
.
Ezchunge.
$4,809,000
HOLIDAY
68,071, .500
—
4.301.360
3.564,647
No. aharee-..
- . $297,803,800 $342,179,750
Par value
BOSTON CLEARING HOUSE MEMBERS.
s
$665,000
$3,250.3,')0
444,475
Sales at
NetD York Stock
Bank
u
Bonds.
Bonds.
Bonds.
Par Value.
4.777.800
6,603,950
5,992,500
6,065,000
-
Friday
Stocks
Mun.
State,
and Foreign
Shares.
Tuesday
Wednesday
Thuraday
Railroad,
Stocks.
55
Boston Clearing House Banks. We give below a summary showing the totals for all the items in the Boston
Clearing House weekly statement for a series of weeks;
Transactions at the New York Stock Exchanp© daily,
weekly and yearly. Brought forward from page 59.
Saturday
.
Jan. 6.
1921.
1
3.564.647
$297,803,800
4,301.360
$342,179,750
$37,377,000
6,236,000
26.689,600
453,424,450
3,876.000
20.915.000
Dec. 31
Changes from
1921.
previous week.
$
$
2.140,000 Dec.
Circulation
Loans, disc'ts & Investments. 519,578,000 Dec.
Individual deposits. Incl. U.S. 391,704,000 Inc.
Time deposits
United States deposits
Exchanges for Clearing House
Due from other banks
Reserve In Fed. Res. Bank...
Cash In bank and F. R. Bank
Reserve excess In bank and
Federal Reserve Bank
1.000
4. 567,000
3.535.000
1,032,000
Dec.
475.000
Dec. 2,050,000
Inc.
628.000
Inc.
2.712.000
Dec.
626.000
Inc.
309,000
92.529.000
22,042,000
13,180,000
17,335,000
54,906,000
42,113,000
9,851,000
Inc.
235,000 Dec.
794,000
Dec. 24
1921.
Dec. 17
1921.
$
$
2,141,000
2.630 000
524,145,000 .529.473,000
388,169,000 402,207,000
90,897,000 93,158 000
23.117,000 23,210,000
15,230,000 11,207,000
16,707,000 18,778,000
52,194,000 55,374,000
42,739,000 53,090,000
9,542,000
8,524.000
1,029,000
812.000
shares, par
Bonds.
Government bonda
State, mun.,
RR. and
Ac, bonds
mlac. bo«d8..
Total bonds
$53,424,450
3.876,000
20,915,000
$37,377,000
6.236.000
26.689.600
$78,215,450
S70.302,600
$78,215,450
$70,302,600
—
members
(.Stated
Week ending
Bond Sales
Shares.
Jan. 6 1922.
Saturday
23,889
$32,300
22,505
17,143
17,706
14,907
119.800
89.650
67.500
19.000
Friday
Bond
Shares
Sales
$118,900
2,990
$21,000
6.787
6.372
8.385
3,005
684,500
140.500
826,050
39,700
752
300
$44,800
40.500
36.100
53.000
1,370
891
29,290 $1,809,650
$195,400
6,303
CLEARING
HOUSE
MEMBERS.
City
—Following
Non-Member Banks and Trust Comis the I'eport made to the Clearing House
non-member institutions which are not included
House Returns" in the next column:
BETURN OF NON-MEMBER INSTITUTIONS OF NEW YORK CLEARING
by
clearing
in the "Clearing
HOUSE.
(Stated in thousands of doUars
CLEARING CapUal.
NON-MEMRKHfl
Net
— that
is, three etptiers
Profits.
DU-
Nat.bks.Sept.e
Week ending
SUtebksNovlS
ments,
VauU. Deposi-
Dec. 31 1921.
Tr. COB
200
500
200
YorkvlUe Bank...
Total
State
in
NaVl
Bank
Net
Demand Time
De-
De-
Circu-
posits.
posits.
lation.
tories.
Average Average Average Average Average Average
$
$
$
$
$
$
%
187
1,157
7,972
182
1.481 10,863
196
813 10,392
396
1,578
10,621
453
19
1.094
4.874
456
2,485
1,211
681
838 17,796
1,502
8,783
9,378
$
1,500
W.R. Grace* Co.
with
Legal
&c.
Sept.6
Net
Reserve
Cash
Mutual Bank
omitted.)
Loans,
counls.
Invest-
Members of
Fed'l Res. Dank.
Battery Park Nat.
[000
4,227 43,925
2,400
29,861
4,693
1.283
11,224
196
Banks
Not Mtmbers of the
Federal Reserve Bank
Bank
of
Wash
Hts.
Bank
Colonial
Total...
100
436
218
2,102
1.408
3,440
17,284
30
1,716
3.841
16,282
489
600
700
2.153 20,123
2,591
1,624
20,724
30
Trust Companies
Not Members of the
Federal Restrte Bank
Mcch Tr. Bayonne
Total
200
573
8,953
355
171
3,427
5,438
200
573
8,G53
365
171
3,427
5,438
6.954 73.001
4,229
6,488 354,012
—51
197
16,692
+ 91
—
16,601
16,408
16.577
16.593
197
197
198
199
Grand aggregate..
3.300
Comparison previo us week
Gr'd agST. Deo. 24
Gr'd a(?(?r. Dec. 17
Gr'd agsrr. Dec. 10
Gr'd a«gr. Dec. 3
,
— 111
6,954 73.112
6,954 74.142
6,963 73.182
6.983 73.599
3.300
3.300
3,300
3.300
—
+60
4,069
4.313
4,358
4,147
6,539
6,679
6,682
6,567
a54,209
a.56,941
a56,028
a56,177
—that
is, three
ciphers 1000] omitted.)
196
1
Net
Reserve
Loans,
i
Cash
Capital. Profits. Discount,
Invest-
Nafl,
Sept. 6
(.000 omitted)
Week endlngState, Nov. 15
Dec. 31 1921. jTr.cos.. Nov. 16
in
ments,
Vault.
toith
Net
Legal
Demand
Deposi- Deposits,
Bank
De-
Circu-
posits.
lation.
;
tories.
<fee.
Time
1
1
Members of
1
1
Fed. Res. Banki
$
$
7,333
2.000
Manhattan Co. 5,000 17,520
Mech & Metals. 10,000' 17,555
Bank of America 5,500 5,855
National City.. 40,000 65,745
4,500 15,191
Chemical Nat'l.
1,144
1,000
Atlantic Nafl..
249
500
Nat Butch & Dr
7,951
Amer Exch Nat 5,000
25,000
35,485
Bk
Nat
of Com.
1,000
1,727
Pacific Bank...
Chath & Phenlx 7,000 8,682
Hanover Nat'l. 3,000 21,296
Corn Exchange. 7,500 9,758
Im- & Trad Nat 1,500 8,746
National Park.. 10,000 23,692
769
1,000
East River Nat.
1,000!
4,841
Second Nat Bk.
38,6.50
10,000
First Nafl Bank
Irving Nat Bank 12,5001 11,550
l,000i
843
Continental Bk.
Chase Nat Bank g20,000g21,060
500:
2,339
Fifth Avenue..
400
896
Commonwealth.
1,652
1,000
Garfield Nat Bk
809
1.000!
Fifth Nat Bank.
4,981
Seaboard Nat'l.
3,000j
1,500
1,451
Coal & Iron Nat
Bk
New York
in thousands of dollars
Sales
4.741
HOLI DAY
$328,250
96,150
Total
Bond
Shares
Monday
Tuesday
Wednesday
Thursday
panies.
for the
NEW YORK WEEKLY CLEARING HOUSE RETURNS.
Baltimore
Philadelphia
New York City Clearing House
week ending Dee. 31. The figures for the
shows the condition of the
In the
separate banks are the average of the daily results.
case of totals, actual figures at end of the week are also given:
DAILY TRANSACTIONS AT THE BOSTON, PHILADELPHIA AND
BALTIMORE EXCHANGES.
Boston
Statement of New York City Clearing House Banks
and Trust Companies. The following detailed statement
of
1
N Y.NBA
Union Exch Nat l,000l 1,589
1,5001
2,773
Brooklyn Trust.
Bankers Trust. 20.000 20,408
U S Mtge & Tr. 3.000! 4,324
Guaranty Trust 25,000; 16,552
1,5001
1,689
Fldel-Int Tr Co
Columbia Tr Co 5,000 7,777
2,107
1,500
Peoples Tr Co. New York Tr Co 10,000 16,996
2.000
1,236
Lincoln Tr Co..
3,418
Metropol'n Tr.
2.000!
Nassau N, Bkin 1,000; 1,516
Farmers L & Tr 6,000' 12,641
Columbia Bank. 2,000] 1,743
Equitable Tr Co 12,000, 16,502
Average Average Average
$
$
$
37,886
613
3,932
117,641
2,432 15,790
164,239
9,357 19,397
1,863
50,212
6,360
462,181
7,470 58.900
1,585 14.217
109.619
358
1,949
15.764
102
5.392
606
92.556
1,565 12.501
1,465 34.437
301,908
1,748
21,519
3,287
7,174 15,885
126,431
1,298 15,316
108.722
7,475 23,295
167,689
767
3,555
34,688
160,894
1,303 17,028
369 1,499
15,151
989 2,747
22,395
741 24,426
311,198
8,197 25,805
187,337
143
1,006
7.471
7,094 34,614
304,756
905
2,627
19,078
535
1,145
8,457
457 2,438
15,798
317
1,895
13,881
1,101
5,902
50,651
735
1,689
17,203
701
2,524
16,839
843 3,920
33,784
1,147 31,144
255,496
6,379
790
o2,964
1,372 39,722
355,698
2,461
378
18,662
9,522
1,246
73,123
3,586
1,378
37,844
16,758
582
146,403
2,952
643
21,131
466 3,020
28,53S
1,290
455
14,702
579 12,950
122,114
3,014
717
23,594
1,840 20,206
139,859
Average {Average Avge.
S
$
$
27,376
1,038 1.066
100,541 12,473 ---148,29.3;
2,083
993
48,636
944 -_-_
•499,290; 28,617 1,195
1,690
350
100,935;
541
240
14,472;
j
65
4,139,
295
1,540 4. 886
7,316 -,--
82,970
258,342;
23,2611
219
16,369 4,616
110,431
100
96,82i;
158,632
16.712
_.__
61
35
2,359 5.430
1,618
60
629
83
3,335 7,416
3,581 2,513
26,728,
129.771
13,605
18,562!
198,195;
185,704:
100
6,061
288, I81! 11,542
19,446
8,789[
15,287i
---1.097
----
45
505
797
909
338
397
247
68
415
395
3,407
*243,937 10,018
49,766
1,350
•384.037; 16,298
788
17,969,
2,178
71,523]
----
13,653
42,780
12,628
17,869:
29,152;
36,6731
125,940;
20,156'
22,416!
12,755'
•103,963
24.502
•173,754
1,235
1,074
732
681
211
17.403
795
6,370
SO
1
1
273,900 449,064 4,291,358 79,195 511,696 c3,756,562 177,992 33,298
Avge. Dec. 31
Totals, actual co ndltlon [Dec. 31 4,335,968
Totals, actual co ndltlon [Dec. 24 4,283,551
Totals, actual co ndltlon Dec. 17 4.298.686
73,276 516,246 c3,808,468 184,485 33,289
79,271521,653 c3, 771.707 169.790 33,282
76,512 534,123 c3.796.980 169.457 33,269
1
a U. S. depoflltB defluct«d. $571,000.
Bills payable, rediscounts, acceptances and other
Excess reserve, $29,410 decrease.
liabilities,
State Banks. Not Members oj F. R. Bk..
Greenwich Bank
2,00ti
l.OOOl
17.599
$1,405,000.
Bowery Bank..
State Bank
—
Philadelphia Banks. The Philadelphia Clearing House
Btatemcnt for the week ending Deo. 31 with comparative
figures for the two weeks preceding is as follows.
Ilcservo
requirements for members of the Federal Reserve system
are 10% on demand deposits and 3% on time deposits, all
to be kept with the Federal Reserve Bank.
"Cash in
vaults" is not a part of legal reserve. Vor trust companies
not mcmlxrs of the Federal Reserve system the res(!rve
required is 10% on demand deposits and includes "Reserve
with legal depositaries" and "(^'ash in vaults."
Tno
Ciphers (00) omitted. Mtmhnsofx
Trust
F.R.System\ Companies]
dlHc'tH A luvisiim'lo
F;xohanK(« for OlcAr. House
I'Oaii.i.
3,354
1.911
18,344
60
5,334
28.894 47.387
52,372} 47.437
2,829
1,774
642
320
7.179
102,060
6,825
4,005
Totals, actual co ndltlon Dec. 31
ToialH. actual ooiulltlon Dec. 24
Totals, actual co ndltlon Doc. 17
102,758
101,540
101,110
6,784
6,989
6,787
3,907
4,344
3,842
52,868' 47,555
52,520 47,283
51,358 47,137
Trust Cos. Not Members of F. R. Bk.:
Guar A Tr 6,000 13,566
40,262
Lawyers Tlt&Tr 4,000 6,053
23,858
l,.35fl
3,240
1,693
.30,509
829
Avge. Doc. 31
Avge. Dec. 31
.
3,760
Title
.
843
374
16,270
1,217
19,619
70,120
2,185
4,833
45.779J
Totals, actual co ndltlon Doc. 31
Totals, actual co ndltlon Dec. 24
Totals, actual co ndltlon jDoc. 17
09,091
70,324
09,874
2,045
2,238
2,164
4,916
4,H98
4,849
45,601
1,217
46,794
45,267
1,221
-
10,000
__--
1,228
Gr'd aggr, avge. 287.060 476.803 4,463,544 88,205 520,534 3.864,713 220,640 33.208
—0,132+8,360 + 46
r;oiiipurlson, previous w eok
—3,455 —4,373 + 3.448
Gr'd aggr., act.lcond'n Doc. 31 4,608,417 82,106 626,060 3,004,9.37 233,267 33,280
+7
Comparison, pre vlouH wjook
+ 53,002 —6.393 —6,826 + 34,910 + 14909
37.976.0
107,984.0
Gr'd anKT., acfl cond'n Dec. 24 4,4,15,415 88.498 630,896
Gr'd UKKT.. acfl coiid'n Doc. 17 4,469,070 85.163 512.814
fir'd aK«r., acflcond'n Dec. 10 4,395,034 81,191 503,523
GrVI aggr., acfl ooiid'ii Die, 3 4,434,231 80.279 515,415
dcpoHlta.
Individual deposit*
TImp depoBltx
$4,500.0' $.•57,975.0
!II,.V1«.0
.jlC.li.lO.O
33.57.1.0
.•J
dnpo«l(j)
HcMrve
'..'.'..",
reaulrc<l
teg.
* Cash
A
cnsb In vault
In vaults
1.202,0
l.'1.4««.0
425.0
(»2.6»i7,0
18,0
05, 4>* 1,0
405..'159.0
284.0
1
U. H. deponlts (riot Incf.)!
Reserve wth loRal deposlfs
Reserve with »•. R. Uank
Cash In vault*
Total rBHorve and caab held
Total.
$33,475.0
Duo Irom banks
Bank
Excess
5,525
78,942
_^^
i
Capital
Burplun and proflt«
Total
2,500
818
4,351
Dee. 17.
Week ending Dec. 31 1021.
Dee. 24.
2501
13.845,0
584,086.0
18.7.38,0
375,(1
1
19,397.0
004.0H2.0
14. 139.0
2.201.0,
47.767.0
I2.I8I.0
884,0
3,175.0
2.804.0
371.0
37,975.0
107,981.0
036.544,0
(139.51 1.0
26.:)5.(.0
31.627,0
20.260.01
B2,095,0|
92.;^9K.0
87.220.0;
106,705,0! 103. 099
105 S 17.0
48-1.097.0 479 459.0! 490,782.0
14.220.0
ll.OKS.O
14.326,0
"i.wY.o
48,728.0
1
.220.0
59. 948,0
I08.(J05.0
629.2.'t2.0
48.728.0
12.104.0
63.123.0
50,571.0
12.552.0
600.883.0
16.863.0
2.168,0
47.601.0
610.717.0
H.UIi.O
2.698.0
4H. 066.0
12.7.10.0
12.418.0
02.601.0
60.I2K.0
12.373.0
03.1 12.0
not counted as reserve for Federal Reserve members.
6l..'iS5.0
11.727,0
3,870,021 218,204 33.282
3,893,006217,822 33,209
3,795,292 222,426 33,244
3,824,928 232, 870!33, 221
H. fInpoHllH dcdiictcd from not demand dcpoHlts In the general total
above witc as followH: Average for wci'k \>w. 31. $91,012,000; actiiiil (oIiiIh Dec. 31.
$87,582,000: Dec. 21. $99,109,000; Dec 17, $99,189,000; Dec 10. $10,558,000;
Note.
-U.
Hoc. 3, $10,455,000.
ItlllH |»nvril)l<?, rcillHCourilH, afirplaiiciH and other lliibllllles,
average for tlic week iJoc 31. $127,055,000; actual totalH Dec. 31. $128,643,000:
Dec 24, $110,103,000; Dec. 17, $103,335,000; Dec. 10, $134,792,000; Deo. 3
$444,107,000.
• Includes depoHlts In foreign branclicH not Incliided In total fooling as follows:
National (;ity Hank. $92,223,000; ItankerH Trust < 'o., $11,580,000; Guaranty Trust
$9,030,000; lOqultablo Trust Co.,
<'-(>.. $90,418,000; FarmerH'
TruHt Co
l.oiin <V
Ilalnnrei nirrled In hatikN In foreign countries aw reserve for suoh
$25,622,000,
$1,170,000;
rlepoHlts were: National Cllv Hank. $28. 1.1.000; llaiikirn' Trust Co
Guaranty Trust Co $12,507,000; I'liriiiiTH' Loan .V Truiit(Ni,, 52.2:10.000; i;<jnllna Ah of
bln Trust (;o,. $2,471,000.
c Deposits In foreign hraiielii'H not liieliided.
Nov. 22 1021.
.
1
.
.
THE CHKONICLE
56
[Vol. 114.
COMBINED RESULTS OF BANKS AND TRUST COMPANIES IN
GREATER NEW YORK.
STATEMENT OF KESERVE POSITION OF CLEARING HOUSE BANKS
AND TRUST COMPANIES.
Averages.
Cash
Reserve
in Vault.
Members Federal
Reserve banks
State banks*
Trust companies
Total
Total
Total
Total
Dec.
Dec.
Dec.
Dec.
31...
24...
17...
10...
Reserve
In
Depositaries
Surplus
Reserve
Required.
Total
Reserve.
Reserve.
%
?•
$
511,696,000 511,696,000 493,092.820
4,005.000 10,830,000
8,825.000
9.426.960
2,185.000
4.833,000
7,018,000
6,866,850
9,010,000
9.171,000
8.838,000
8,854.000
520.534,000
517,086.000
520,763.000
495.868,000
18.003.180
1,403.040
151,150
19,557,370
15.740.680
19,511,850
1.377,000
529,544,000 509,986,630
526.257.000 510,516,320
529,601,0001510,089, l.'iO
504,722,000l503, 345,000
—
Week ended
Oct. 29...
Nov. 5
Nov. 12
Nov. 19
Nov. 26...
Dec.
Dec.
Dec.
Dec.
Dec.
3
10. .-1
17...
24
31
Loans and
Demand
Investments
Deposits.
$
5,006 016,400
5,038 381,100
5.028 647,300
5.045 .584,600
5.035 166,100
5,077 382.800
5,054 812,500
5,082 494,800
5,129 620.700
5,106 037,500
4,416 118,300
4,430 ,338,100
4,378 259, .500
4,427 302.300
4,412 077,700
4,476 178.000
4,432 387,300
4,490 114,200
4,488 903,800
4,479 ,192,900
This item Includes gold,
Reserve notes.
*
*Total Cash
in Vaults.
Reserve to
Depositafiti,
101,912,000
99,678,300
103,411,200
106,167.800
104,005.900
104,664,200
106,038.300
109.700.300
114.718,800
1,10207.300
583,285,400
593,207,100
587,367,200
600,951,500
590,461.500
595.033,000
578,899.700
608,686,200
601,032.500
607,052,600
S
$
sliver, legal tenders, national
bank notes and Federal
Actual Figures.
Cash
Reserve
in Vault.
b
Reserve
in
Depositaries
Total
Surplus
Reserve
Required.
Reserve.
Reserve.
Members Federal
Reserve banks
State banks*
Trust companies
6,784,000
2.045,000
516,246,000 516.246,000 500,375,390
3,907,000 10.691,000
9,516,240
4.916.000
6,961,000
6,840,150
15.870,610
1,174,760
120,850
Dec. 31
Dec. 24
Dec. 17
Dec. 10
8.829,000
9.227,000
8.951,000
8,884.000
525,069,000'533,898,000
530.895,000540, 122,000
542.814,000 551,755,000
503,523,000,512,407.000
17,166,220
28,383,690
37,039,400
10.283,010
Total
Total
Total
Total
516,731.780
511,738,310
514.725,600
502, 123,<.)90
Not members
of Federal Reserve Bank.
the reserve required on net demand deposits In the case of State bank8
and trust companies, but In the case of member of the Federal Reserve banks Includes also amount of reserve required on net time deposits, which was as followsDec. 31, $5,339,760; Dee. 24, $5,094,900: Doc. 17, $5,155,230; Dec. 10, $5,297,730.
b This Is the reserve required on net demand deposits In the case of State banke
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 us follows:
Dec. 31, $5,534,550; Dec. 24, $5,093,700; Dec. 17, $5,083,710; Dec. 10, $5,224,380.
•
e This
Is
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 1922, in
comparison with the previous week and the corresponding
—
date last year:
Resources—
Gold and gold certlfloatea
Gold settlement fund— F. R. Board
Gold with foreign agencies
Total gold held by bank..
Gold with Federal Reserve Agent
Gold redemption fund
Total gold reserves..
Legal tender notes, silver. &c
Total reserves
Bills discounted: Secured by U. S. Government obligations— for members...
and Trust Companies Not
in Clearing
House. The State Banking Department reports weekly
figures showing the condition of State banks and trust companies in New York City not in the Clearing House as follows:
SUMMARY OF STATE BANKS AND TRUST COMPANIES IN GREATER
NEW YORK, NOT INCLUDED IN CLEARING HOUSE STATEMENT.
—
Dec. 31.
Loans and Investments
$640,493,500
Gold
4,826.700
Currency and bank notes.17,175,600
Deposits with Federal Reserve Bank of New York..
55,894,200
Total deposits...
667,988.300
Deposits, eliminating amounts due from reserve depositaries, and from other banks and trust companies in N. Y. Citj', exchanges and U. S. deposits 624,479.900
Reserve on depos ts
108,520,900
Percentage of reserve, 20.3%
RESERVE.
Total
—
Ranks
State
Caahlnvault
Deposits In banks and trust cos
other— For members.
boughtln open market
bills on hand
U.S. bonds and notes
U. S. certificates of Indebtedness
Total
Total earning assets
5%
redemp. fund agst.F.K. bank notes
Liabilities
1,603,.360
139,478.273
1,6 10.685
...1,623,729,238
—
---
27,113,850
60,197,127
Reserved for Government Franchise Tax
141,86 3,051
141.8R3.051
71,194,205
71.194.205
.47,3 12,656
260.369.913
9,271.700
433,962,000
433,962,000
439,305,000
439,305,000
102,903 00
976,170,000
1,257,000
36.400,000
55,533,500
59,276.000
395.000
.
361,575,113 1,037,098,000
4,092,000
6.810.428
2,774,000
1,646,960
141,188,000
119,412,808
1.723.000
3,641.090
1,607,200,840 1.774.535,000
=z=== =^=— 27,113,850
59.318.368
20,608,010
26,376,000
56.415,000
Deposits:
10,217,000
16,906.572
18,297,560
695,943,000
713.942.651
684,240,622
11,763.000
16,715.53 5
13,554.002
Another
717,923,000
747,564,758
716,092,184
Total deposits
839,625,000
663.072.917
663,329,116
F. R. notes in actual circulation
36,831,000
20.516,200
21.391,200
F. R. bank notes in clrcui'n-net liability
90,857,000
102,342,212
94,208.853
Items
Deferred availability
6,508.000
2,922,173
5,139,2.58
All other liabilities
1.623,729,238 1,607,200.840 1.774,.535,000
Total liabilities
Ratio of total reserves to deposit
39.0%
79.3%
80.8%
F. R. note liabilities combined
Ratio of total reserves to F. R. notes
In circulation alter setting aside 35%
^ ^^
42.2%
129.3%
130.2%
against deposit liabilities
Government
Member banks— Reserve account
Dec.
3,578,900
2,423,600
Inc,
Trjist
—
Companies
13.74%
*$26,844,900
7,550,500
16.45%
04.63%
$51,051,600
23,073,900
00.21%
$34,395,400
21.08%
$74,125,500
19.95%
• Includes deposits with the Federal Reserve Bank of New York, which for the
State banks and trust companies combined on Dec. 31 were $55,894,200.
Banks and Trust Companies in New York
—
City.
The
City Clearing House banks and
trust companies combined with those for the State banks
and trust companies in Greater New York City outside of
the Clearing House, are as follows:
New York
—
and===—
Contingent
averages of the
35.400.000
6 0,290,500
355.343. .537
6.647,921
Bank premises
Capital paid In
Surplus
2,169,400
5,192,700
2,284.400
All others
Dec. $2,128,200
Dec.
162.500
Inc.
24,000
Dec.
257.368,6.37
One-year certificates (Plttman Act...
Differences from
previous iveek.
Inc.
45.099,281
45.699.281
58,085,703
Bills
Uncollected Items
All other resources.
Total resources
(Figures Furnished by State Banking Department.)
153,6 03,652
1.53.60.3.652
All
State Banks
Jan. 4 1922. Dec. 28 1921. Jan. 7 1921.
$
$
$
285,781,928
289,925,587
I.«,794,000
116,339.152
141,463,367
27,623,000
1,211,000
__-^^^^^_;^_^
402,121.081
431.388.955
162,628,000
652,010,278
623,110.378
238,868,000
39.000,0 00
15,000^00
15^)00,000
1,070. d:Ji. 359 1,069.499.333'
440,496.000
49 .014,100
147,164,0 00
44,6 1 5,106
1,119,045,459 1,114,114,440
587,660,000
liability
on
blils
purchased
12,047,621
for forelcn correspondents
,„„.,-»
6,081.662
12,036,203
—
In conformity with the practice of the Federal Reserve Board at WaehlngNote.
ton. method of computing ratios of reserves to liabilities was changed beginning wltb
Instead of computing reserves on the basis of net deposits—
arch 1 8
the return for
that is. Including In the total of deposits "deferred availability Items" but deducting
the new methot' is to disregard both amounts and figure tilt
"uncollected Items"
percentages entirely on the gross aiLount oT the deposits. For last year, boweveri
the computations arc on the old basis; that is. reserve percentages are calculated on
basis of net deposits and Federal Reserve notes In circulation.
M
.
—
—
Following is the weekly statement issued by the Federal Reserve Board on Jan. 5.
the system as a whole are given in the following table, and in addition we present the results for seven preceding weeks, togotiicr with those of corresponding weeks of last year.
The second table shows the resources and liabilities separately for each of the twelve banks.
The Federal Reserve Agents' Accounts (third table following) gives details regarding
transactions in Federal Reserve notes between. the Comptroller and Reserve Agents and between the latter and Federal
Reserve^ hanks,
in conirneniing upon the return for the latest week the Federal Reserve Board says:
liquidation
'Continued
of discounted paper accompanied by a .substantial
Government obliRations. .W.31 „^)00,000, or 69.4%, were secured by Liberty
return flow of Federal Reserve notes and other currcnc.v, also a further
and other U. S. bonds, .S,58,200,000. or 12.2%, by Victory notes, $2:^,400,000
moderale nain of Bold, are indicated in the Federal Reserve Board's weelcly or 4.9%, by Treasury notes, and $64.400. 000. or 13.5%. by Treasury
consolidated baiilc statc^mont, issued as at close of business on .Ian. 4 1922.
certificates, compared with .$34.5.400.000, $66,<00,000. $26,000,000 and
Reduction in Federal Reserve note circulation is more than offset by the $49,100,000 reported the week before.
„
incrcji.se in deposit liabilities with the consequence that the reserve "ratio
Government deposits are showrn $.3 ,.300,000 less than the week before.
continues unchanKed at 71.1%.
reserve deposits increased by $65,400,000 and other deposits, composed
Federal Reserve bauk liolriinRs of bills .secured by United States Governlargely of non-members' clearing accounts and casliiers' checks show an
ment oblifjalioiis were $9,700,000 less than Ihe week before, reductions in increase of $2,500,000.
paper secured by II. H. bonds. Victory notes and Treasury notes being
Federal Reserve note circulation shows a reduction of $38,200,000, not^
offset iu part by a substantial lncrca.se in paper secm-ed by Treasury certifiwithstanding the fact that the New York bank reports only a nominal deOther di.scounts on hand show a decrease for the week of .S,')7,'500,000, crease in note circulation, while the Chicago bank reports an increase of
cates.
The Federal Reserve Banks.
The
figure's for
,
while holdings of accoplances purcliased in open ni.arkct, largely t)y the
New York Reserve bank, Increa.sed by $1 2,(iOO,000. U. S. bonds and
notes, owing in part to the redemption of Victory notes by the Government,
I'ittman certificates on deposit with tlie
.show a decrease of SIO.SOO.OOO.
Treasury to secure Federal Reserve bank note circulation decUiicd $6,500,000. while other Treasury certificates, Iragely held under repurdiase agreements by the New "^ork and C;hicago batiks, .show an increase of about .$7,Municipal warrants held by the Philadelphia, Minneapolis and
000,000.
Kansas City banks show an in(•re,^se from $.3;M,000 to $.379,000. Total
earning assets as the result of the changes indicated were .$64,900,000 less
than the total reported the week before and on .Ian. 4 stood at $1,470,900,000 companid with $3,1:^0,000,000 shown about a year ago.
Of the total holdings of $477,500,000 of bills secured by United States
,
,
over $3,000,000. In addition the Reserve banks report a decrease of $700,000 in their aggregate net liabilities on Federal Reserve bank notes in
Gold reserves show a record high tot.al of $2,875,300,000, an increase"of
$5,700,000 for the week and of $795,000,000 since .Ian. 7 of last year.
Other reserve cash shows a gain for the week of $11,900,000, this gain
representing apparentlv silver certificates and greenbacks in small denominations returned to the Reserve banks after the holidays.
"J
After closing their books on Dec. 31 and paying the accrued semi-annual
total
of
Government
.559,974,000
a
to
the
Reserve
banks
paid
the
dividend,
offranchi.se taxes and increased their .surplus to $215,523,000, which constitutes 101.5% of the banks' total subscribed capital, reported at the beginning of the year.
Combined Resources and Liabilities op the Federal Reserve Banks at the Close of Business Jan. 4 1922
.Ian.
4
1922
Dec. 28 1921
Dec. 21 1921
Dee. 14 1921.
Dec. 7 1921. Nov. 30 1921.|JVot. 23 1921 Nov. 10 1921. Jan. 7
RESOURCES.
Gold and gold certificates
Gold settlement, F. R. Board
Gold with foreign agencies
Total gold held by banks
Gold with Federal Reserve agents
Gold redemption fund
Total gold reserve
377,675,000
607.836,000
380.911,000
534,099,000
380.268,000
559,621,000
430..560.000
504.744.000
484.048.000
457.502,000
S
488.917.000
465,236.000
$
485,108,000
425,833,000
473.760.000
424,014.000
192K
250,135,000
405.644,000
3,300,000
659,079,000
885,511,000
915.010,000
939,889,000' 935,304,000
941,250.000 954.153,000 910.941,000! 897.774.000
1,902.912,000 1,846,369,000 1,833, lOsioOO 1,813;422;000 1.787;724!oOO 1,779,605'.000 1,81 1,316,000, 1,810,060.000; 1.264,762,000
86,.875,000
108,221,000
97,997,000
120,447,000, 122,053,000! 115,639.000: 112.972.000: 116.067,000] 156,441,000
2,875,298,000 2.869.600.000
2. 870. 99.1,000
2.869.173.000 2.851.027.000 2.849.397.000 2.835.229,000 2,823,901,000 2,080.282,000
———
—
Jan. 7
THE CHRONICLE
li)22.]
Jan. 4 1922. Dec. 28 1921. Dec. 21 1921
Dec. 14 1921
S
122,006.000
122,000,000
134,504.000
Lesal tender notea, silver, 4o.
132.413,000
57
Nov. 30 1921.
Dee. 7 1921.
S
139.606,000
Nm.
Nm.
23 1921.
16 1921. Jan. 7 1931
S
139,745,000
142,999,000
145..567.000
196, 566,009
3.009,802,000 2,992,200.000 2,993,060,000 3,001,580,000 2,990,633,000 2,989,142,000 2,978.228,000 2,969,468,000 2,276,848,000
To tH rosor ves
BlUa discounted:
477,456,000 487,193,000
503,770,000
4,59,630,000
4.57,618.000
476,300,000 467.103,000
431.891.000 l.I04,.S.^6,000
obligations...
Secured by U. B. Govt,
720,933.000
713,041.000
035,111,000
692,640.000
093,203,000
705.941.000 738,007.000 7«rt, 128.000, 1..502,8I3,000
All other
120,865.000
126,525.000
114,240,000
99,735,000
81,784,000
72,96-1,000
69,397,000
68,330,000
234,7.59.000
8111a bougbt In open market
I
1,239.432.000 1,294,073,000 1,351,228,000 1,252,508.000 1,2.52.443,000 1,2.55,255.000 1,274. 667.(M)0 1,206.349.000 2,842,108,000
Total bills on hand
48.675,000
51,084,000
43,575,000
34,731,000
32,253,000
69.472.000
32,480,000
32.127.000
26,121,000
^O. S. bonds and notes
V. 9. certificates of Indebtedness:
113.000.000
119,500,000
119,500.000
119,500.000
124.500.000
126,000,000
131,000,000
132.500.000
259,375,000
One-year certificates (PIttman Act)..
69.435,000
41,127,000
62,472,000
66,710,000
43,168,000
46,291.000
37,834,000
61.202,000
2,410,00«
-AII other
379,000
334,000
227.000
334,000
273,000
67,000
22
000
Municipal warrants
1,470.921,000 1,535,851,000 1,563,273.000 1.482,620.000 1,455,069.000 1,459,860.000 1,475.887.000 1,482,238.000 3,130,014.000
33.38-1,000
35.203.000
34,879,000
33,241,000
35,015,000
34,336.000
32.949.000
17,.^5'),000
32,571.000
7,926,000
7,880,000
7.889,000
7.854.000
7,941,000
7.896,000
7,903.000
7.813.000
12,389,000
638,462.000
512,122.000 534,872,000 544.393.000 687.243,000
559,766,000 592,172,000 629.790,000
744,111,000
14,103,000
19,920,000
19,334,000
20,209,000
19,476,000
20,578.000
18,732.000
18.497,000
5,687,000
Total earning assets
Bank premises
6% redemp. fund agst. F. H. bank notes
Uncollected Items
411 other resources
5,176.417,000 5,151,306,000 5,211,184,000 5,176,430.000 5,018,538,000 5,044,396,000 5,058,092,000 5,197,830,000 6.186,408,000
Total resources...
LIABILITIES.
Seserved
for
103,089,000
103,104,000
103,107.000
103,130,000
103.210.000
103,203,000
103,186.000
103.166.000
99,808,000
213.824,000
213,824.000 213.824.000 213.824.000
213.824.000
202,036.000
215,523.000
213.824,000 213,824,000
55,1 19.000
55, ,560, 000
55,982,000
50,080,000
55, 13 ,000
416.000
54.643,000
57,444.000
52.337,000
45,913.000
25 ,592^ 000
54,875,000
69.407,000
32,1.55,000
68.307.000
33.103.000
71.634,000
1,731,374,000 1,600,018.000 1,703,601,000 1.645,610.000 1,640,445,000 1,670.362,000 1,670.717,000 1,674.004.000 1,795,343,000
25,501,000
26.655.000
26.274,000
25.625,000
27,743.000
30. ,549.000
25,847,000
29,457,000
26,872,000
-
Capital paid In
Surplus.-
Govt, franchise tax
1
— Government
Member banks— reserve account.
•Deposits
All other
.. 1.829.138,000 1.764.524,000 1.784.750.000 1.742.760.000 1,718,283,000 1.742.830.000 1.728,497,000 1.737,716.000 1,846,782.000
Total...
.. 2,405,316,000 2,443.497,000 2,447,560.000 2,393,777,000 2,373,355,000 2.366.000.000 2,389,916.000 2,398.224.000 3,270,023,000
F. R. notes In actual circulation..
77,014,000
75.802.000
82.747.000
78,309,000
74.705,000
213,552,000
74.786.000
83,880.0001
84.,548, 000
F. R. bank notes In circulation net llab
532,556,000
523,293,000
458,960.000 497.205.000 562.974,000 451,953.000 462.795.000 468,110.000 691,324.000
Deferred availability Items
25,454.000
24,856,000
25,949,000
25,582.000
24,6.33,000
21,651,000
15,648,000
24.147.000
25,323,000
AU other llabllltlleB
—
5,176,417.0001 5.151,306,000 5,211,184,000 5,176,438,000 5,018,538.000 5,044,396,000 5,058,092.000 5,197,830.000 6.186,408,000
Total liabilities
Batio of gold reserves to deposit and
69.3%
69.4%
67.8%
69.3%
40.6%
67.9%
68.2%
68.8%
68.3%
F. R. note liabilities combined
Batto of total reserves to deposit and
70.7%
73.1%
72.7%
72.6%
44.5%
71.1%
72.3%
71.1%
71.8%
F. R. note liabilities combined
aatlo of total reserves to F. R. notes Id
circulation
35%
aside
setting
after
98.5%
97.2%
69.629,000
654.126.000
5,719.000
211.000
31.520.000
111.915,000
2,500,000
26.000
58.306,000
708,301,000
13.687,000
34,000
24,743,000
116.090,000
2,500,000
182,000
26,062.000
161.202,000
10,753,000
23.000
5,114.000
131,936,000
28,163,000
95,000
15,000
61,644,000
126,869,000
against deposit liabilities
—
DittTtbutlon by Malurttiet
1-15 days bills bought In open market
1-15 days bills discounted
1-15 days U. S certtf. of Indebtedness.
Municipal warranta
16-30 days bills bought In open market.
16-30 days bills discounted
16-30 days US. certlf. of Indebtedness.
Municipal warrants
81-60 days bllla bought In open market.
81-60 days bills discounted
81-60 days U S. certlf. of Indebtedness.
firlunloipal warrants
61-90 days t)iiiM D ought In open market.
81-90 days bills dl8<,-ounted
61-90 days U. S. certlf. of Indebtedness.
MunlcliraJ warrants
Over 90 days bills b ought In open market
Over 90 days bills discounted
Over 90 day f cfirtlf of Indebtedness..
Municipal warranta
—
19,.529,0OO
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
96.8%
99.9%
100.7%
100.6%
$
78,082,000
735,869.000
12.092,000
65.469,000
696,923.000
29,490,000
45,982.000
691,830,000
37,500.000
$
34,582.000
699,318.000
38,409.000
14.815.000
123,154,000
1,500.000
32.000
13.252,000
138,785,000
11,526.000
133,324,000
4,000,000
10.092,000
143,720,000
20,105,000
10.368.000
152.974.000
20,100.000
54,075^660
238,822,006
4,000,000
14,0.34,000
15,332,000
161,582,000
5,400.000
108,000
7,187,000
120,187,000
6,587,000
59,000
31.000
57.864.000
116,181,000
16,935.000
171.417.000
10.600,000
10.000
9,895.000
122,039.000
4,650.000
57,000
16,000
58,023.000
114,566,000
12.820.000
188,202,000
8,900.000
13,384.000
194,373,000
10,345,000
449,929,000
7,013,000
6.215.000
4.618,000
6.708,000
124.915.000
4,900,000
25, '066^ 666
320,198,000
30,177,000
54.631,000
119,333,000
73,000
51,710,000
120,919,000
65.912,000
214,376,000
'l'8,43y,006
127.721.000
2.020,000
211.000
25.718.000
171.131.000
10.749,000
28.000
4.279,000
129,361,000
24.073.000
95,000
15.000
60.631.000
111,693,000
167,762,000
2,500
194,000
5.401.000
106,217,000
11,869,000
47,000
10.000
58,777,000
140,851,000
99.3%
49.8%
98.5%
40,270,000
693,0.57.000
9,878.000
S
79,109,000
37.797,000
674.047.000 1,532,488,000
6,219,000
27,498,000
125.5.50.000
76,5"0<>^»66
.
Federal Reterve Notei
—
2,786,114,000 2,796.540,000 2,772,812,000 2,726,175.000 2,691,689,000 2.698.675,000 2,704.639.000 2,716.943.000 3,678,024,000
318,334,000
408.001,000
332.398,000
332,665.000 314.723,000 318.719.000
380,798,000
353,043,0001 325.252.000
--
Outstanding
field by banks
-
2,405,316,000 2,443.497,000 2,447,560,000 2.393,777,000 2,373,355,000 2.366,006.000 2,389,916,000 2,398,224,000 3,270,023,000
la actual circulation
to Fed. Res. agent 3,631,389,000 3,650,375,000,3,624.622.000,3,571,335.000 3,553,391,000 3.558.811.000 3,579,491,000 3,570,549,000 4,364,698,000
845,160.0001 861,702,000
858.136,000 874,852,000 853.606.000
686,674.000
851,810,000
845,275,0001 853,835.000
bands of Federal Reserve Agent
Amount chargeable
/la
2,786,114,000 2,796,540,000 2.772.812,000 2.726.176,000|2,C91,689.000 2,698,676.000 2,704,639,000 2,716,943.000 3,678,024,000
Issued to Federal Reserve banks
—
Bom
Secured
gold and gold certlflcatea
By
266.926.000
349,013.000 349.012.000 450,063.000 450.102.000 450,163,000 4.50.163.000 4.50,103,000
349,012.000
903,965.000
939.704.000 912,753.000
919.070,000 893.323.000 900,883,000 2,413,262,000
883.202,000 950.171.000
116.301.000
112,051,000
106,477,000
123.471.000
121.502.000
112,822.000
122,509.000
115.832,000
120,902,000
891,359,000
1,432,938,000 1,381,524.000 1,360,025,000| 1,247,068,000 1,224.911,000 1,207,940,000 1,248,331,000 1,237,328,000
By eligible paper
Gold redemption fund
Wltb Federal Reserve Board
2,786,114.000.2,790,540,000 2,772.812.000 2.720,176,000 2.691,689,000 2.698,676,000 2.701.' 39,0
ToUl
Eligible paper delivered to F.
R. Agnnt. 1,195,183,000
1,246, .507, 000 1,302.674,00011,201.743,000 1,200,601,000 1.207,798,000 1,230,018,000 1,217.412,000 2,773,460,000
WEEKLY STATEMENT OF RESOURCES AND LIABILITIES OF EACH OF THE
Twn
eivhtit (00)
omUUd.
Federal Reterve Bank of
—
Botton.
New
York
PhUa.
Cleveland Richmond
2, .501.0
7, ,377,0
31,797,0
8,290.0
19,096.0 11.219,0
43,977.0 327,700,0
6,587,0 10,722,0
27,078,0
66,918.0
2,930.0
34,298,0
28,763,0
2,562,0
885,511,0
15.673.0 52,519.0
11.736,0 221,.303,0 1,902,912,0
86,875.0
6,380,0
2,254.0
68,660,0 449,041.0
5.694,0 15,216,0
90.920.0
59.674,0
,52,805,0
17,9.52,0
6.52.910.0,152.584.0 175,2.50.0
7,168,0
5,978,0
15.000,01
37.053.0
5,799,0
Total gold rceerves
Legal tender notes, silver,
241,618.0 1,070.031.0 218.230.0
49.014,01
0.820,0
15.489.0
St.
S
Total
%
S
18,295,0
34,224,0
377,075,0
507,836.0
10.8.55,0
58,005,0
918,0
65,623.0
6.900,0
29,663,0 280,208,0 2,875,298,0
3,314,0l 134,504,0
6,363,0
72,523.0
36,028,0 283,682,0 3,009,802,0
257,107,0 1,119,045,01225,0.56.0 242,537,0
67,511,0
74.254,0 464,857,0 107,781,0
69,523,0
44,138,0
68,687,0
5,370,0
38,451,0
51,051,0
3.408,0
24,453,0 61,191.0
66,903.0 127.930,0
4,091,0
7,593,0
7,225,0
41,088,0
118,195,0
5,488,0
92,910,0
04,447,0 196,720,0
10,314.0
9,359,0
8,040.0
285,0
3,760,0
by
20,200,0
31,873,0
13,295.0
1.53.604.0
bills on hand
bonds and noteH
rrniricatw of Indebtedness:
05,428.0
2,078,0
267.369,0
One-yc-ar ctlR. (Plttmsii Act).
All olhiT
8,4.50,0
35,400,0
00,887.0
Total
1,247,0
45.699.0|
.58.066.0
Total cnmtng assets
Bank prcmlsos
6% rsdrmptlon fund axnlnnt FtdS'al Hfnerve bank notes
.
62,977,0
19,004.0
15,464,0
1,088,0
Municipal warrants
Uncollentfrt il*-m»
All other resources
San Fran.
$
3,270,0
23,808,0
402,121,0
8.
S.
Dallas
21.982,0
89.237,0
53.984.0
168.361,0
19,273.0
Ac
Louis Minneap.' Kan. CUy
i
5.177,0
13,919,0
Total gold hrld by banks...
Gold with F. R. agents
Gold redemption fund
U.
V.
4 1922.
t
2,673,0
15.279,0
12,295,0
40,510,0
s
I
Chicago
S
1,952,0
57,722,0
:
FEDERAL RESERVE BANKS AT CLOSE OF BUSINESS JAN.
Atlanta
285.782.0
110.339,0
S
Total reserves
Secured
discounted
U. H. Govt, obligations
All other
Bills bought In open market
12
I
7.225.0
Gold and gold certificate!)
Gold settlement fund— F. R. B'd 46,759,0
Bills
2,716,943,000 3,678.024,000
10,000,0
150,0
140,0
77,203,0
4,752,0
365,344.0 110, .574.0 132,008,0
0,648,0
3,958,0
498.0
422.0
65,213,0
91.0
1,003,0
139,478.0
1,011,0
700,0
63,132,0
160,0
639.0
00,001.0
132,0
1.233,0
20,299.0
39,051,0
219,0
48.913,0
116,0
8,678,0
38,879.0
18,015.0
477.4.50.0
.52,070,0
15.0
18,248,0
035,111.0
120,866,0
47. .572.0
2,0.30.0
88.939.0 1,230,432,0
48,675,0
3,.563,0
6,669,0
212,0
4,4.50.0
89,0
1.50,0
113,000.0
09,435,0
379,0
97.903.0 113.326.0 226 176,0
2,646.0
1,037.0
7.010,0
08,116,0
610,0
63,009,0
703,0
85.072.0
4,390.0
62,102,0 100.429,0 1,470,921,0
36,203,0
809,0
3,108,0
188.0
48.0H7.0
288,0
623,0
39,072.0
390,0
277,0
16,491,0
920,0
889.0
42,012.0
166,0
28.602.0
8,604,0
1.0
670.0
27 ,.300.0
201,0
12,667,0
6,430,0
1,066,0
80,132,0
213,0
101.0
5,320,0
09,0
183.0
1,900,0
7,880,0
47.0
304,0
88.022,0
0,118,0
3.704.01
7,926,0
038,402,0
14,103.0
404,788,0 1,623,729,0 390,110.0 439,236,0 216.622.0 216,748,0 779,063,0 217,103,0 130,049,0 205,078.0 122,848,0 429.054.0 5,170,417.0
Total rsMurnes
I'lABtUTiea.
Capital paid In
Bur plus
7,930,0
16,483,0
"
B<-a.rvp<l for Oovt.'fVanVhlie'taxl
Deposits:
Oovprnmnnt
M'unbpr b nk— rcMrve
acc't..
All other
Total deposits
F. R. noioH In artual circulation
W. R. bank notPH In clrculsilon
net lUhlllty
Deferrwl avnilnhillty Items
All other llablllllos
Total
llabllltlflH.
18,0
4.687,0
114.904.0
1,039.0
120.030.0
200.426.0
6,591,0
51.937.0
708,0
5,429.0
,030,0
43,0
2,099,0
52,281,0
430,0
27,114,0
00,197,0
8,730,0
17,945.0
123.0
34.0
10,91)6,0
5.707.0
713,943,0,100,049,0
)0,710,0|
1,108,0
1 1
4,189,0 14,308.0
9,114,0 29,025,0
49,0
39,0
7.299.0 11,400,0
47,976,0 234,789,0
356.0
2,875,0
747.666.0,106,984,0 134.638,0 54,816,0 66,030,0 249,004,0
663,073.01196,860,0 212.472.0 105,793,0 120,193,0 412,361,0
6,975,0
63,184,0
380,0
5,772,0
5I.74H,0
803,0
3,400,0
35,433,0
512.0
7,975.0
18,873.0
725.0
7.512.0
02.031.0
4,113,0
103 203,0
215 623,0
410,0
08 307.0
2.1.0
3,509,0
7,408,0
23,0
2.742,0
05.320,0
837.0
2,39.5,0
4.0i;/i,0
41,440,0
442,0
07,450,0
048.0
7.376,0
15,190,0
6.0
6,730
2,421,0
41.200,0 120.320.0
201.0'
8,866,0
08,905,0
94,222,0
44.283,0
50.074,0
72.729.0
08,577,0
43,072,0 129,922,0 1,829, 138.0
35,220,0 239,434.0 2,405, 310.0
3,920,0
35,227,0
808,0
4.200.0
13,308.0
10,405,0
38,734,0
807,0
27,777,0
1,590,0
4.004,0
9,388,0
1.118.01
4.005,0
9,040,0
25,0
4,203,0
7,394,0
2,080,0'
4,766.0
32,090,0'
1,163,0
,731 .374,0
29 467,0
83.880,0
623,293,0
15,048,0
...'404,788,0 1,623,729.0 390.110,0 4.39.235.0 216,522.0 216,748,0 779.053,0 217, 103,0 130,649,0 206,678,0 122,848,0 420,964,0 6,176,417.0
THE CHRONICLE
58
LIABILITIES {Concluded)—
Two
aplters (00) omitted.
Boston
Netc York
PMla.
$
$
S
Memoranda.
Cleveland Richmond
12,048,0
2,336,0
S
$
Louts Minneap. Kan. City
St.
$
—
S
42.0
42.2
70.3
66.1
59.0
51.3
45.5
76.8
2,560,0
1.152,0
3,808,0
1,504,0
864,0
1,536,0
832.0
1.472.0
Nea
York PMla.
Rlchm'd Atlanta
Cleve.
Chicago
S
$
3
322.910 48.400 34.900 25.119 73.251
821.685 223,051 238.188 116.453 126,645
296.925
34.986 12.195
321,000!l40,389
168.775 70,467|
63.001 14.970|
145,000
52.047
13,381
-
$
1,568,0
Boston.
— Federal Reserve Board
$
69.9
—
Eligible paper! Amount required
; E.xcess amount held
Total
2,624,0
(in Thousands of Dollars)
$
Resources
98.340
Federal Reserve notes on hand
220,408
Federal Reserve notes outstandlni?
Collateral security for Federal Reserve notes outstanding:
certificates
5,600
gold
and
Gold
17,761
Gold redemption fund
Gold fund
San Fran.
$
STATEMENT OF FEDERAL RESERVE AGENTS' ACCOUNTS AT CLOSE OF BUSINESS JAN.
Federal Reserve Agent at
Dallas
74.1
79.3
80.1
..-
bined, per cent
Contingent liability on bills purchased for fcrelgn correspond'ts
Chicaoo
S
$
Ratio of total reserves to deposit
and F. R. note liabilities com-
Attanta
[Vol. 114.
18.375
11.875
145.000
2,758
34.295
62,938
54.122
79.400
12,360
2,400
2.577
39.000
82,668
11,467
S
%
139.040 26.060
455.755 113.863
S
9.390
59,918
5,960
4,858
66,100
46,945
13,147
13,052
1,045
2,200
43.621
3,228
15.055
312.645
128.055
68,560
32.304,
4 1922
Minn. K. CUV.
St. L.
71.1
Dallas. San Ft
Total.
s
8,000
75,160
S
20,125 39,740
845,275
39,181 295.807 2.786.114
1.403
27,360
6.701
349.012
2.801 13.648
120.962
2,234 207,715 1,432.938
46.397
24.186
S
27,445 74.444
19,668 13,891
883.202
311.981
552.537 2.029.281 509,472,565.398,270,385 338,008 1,119,110 266,933 132,454 182,506 118,155 645,245 6,729,484
Total
lAaMlUles—
Net amount of Federal Reserve notes received from
318,748 1,144,595 271,451 '273,088 141.572 199,896
652.910 152.584 175.250 37.053 43.977
168.361
231.776, 85.437,117.060 91.760 94.135
..I 65.428J
Comptroller of the Curroucy.
Collateral received from I Gold
Federal Reserve Bank/EllBlble paper
594.795 139.923
327.700 66.918
196.615 60.092
69,308
16.297
46,849
83,160
28,763
70,583
59.306 335.547 3.631.389
11.736 221.363 1.902.912
47.113 88.335 1.195,183
552,537|2,029.281 509,472 565,398,270,385 338,008 1,119.110 266,933 132,454 182,5061118,155 645,245 6,729.484
- - _il*,... ._455,755 113.863 59,918 75.16o| 39,181 295,807 2,786,114
220,4081 821,685 223,051 238,188 116,453 j26,645
19,983' 168.612 26.185^ 25,716 10,660
6,452
19,641
3,244
3,955 56.373
6.583;
380,798
Total.
Federal Reserve notes outstanding
Federal Reserve notes held by banks.
683,073' 196.866 212.472 105.793 120.193
200.425'
Federal Reserve notes In actual circulation.
94,222
68.577' 35,226 239,434
56,674
2,405^16
—
Member Banks of the Federal Reserve System. Following is the weekly statement issued by the Federal Reserve
Board giving the principal items of the resources and liabilities of the Member Banks. Definitions of the different items
In the statement were given in the statement of Dec. 14 1917, published in the "Chronicle" Dec. 29 1917, page 2523.
STATEMENT SHOWING PRINCIPAL RESOURCE AND LIABILITY ITEMS OF REPORTING MEMBER BANKS IN FEDERAL RESERVE
BANK AND BRANCH CITIES AND ALL OTHER REPORTING BANKS AS AT CLOSE OF BUSINESS DEC. 28 1921.
Net liquidation of about .§60,000,000 of loans and discounts and a re- of $83,000,000 of Trea.sury notes Issued during the simamer of the year just
past.
Total loans and investments of all reporting institutions show a
duction of 814,000,000 in investments, accompanied by commensurate
reduction of $83,000,000 for the week and of .$1,970,000,000 for the year.
reductions iu deposits and borrowings from the Federal reserve banks, are
Corre-sponding changes for the New York City banks include reductions of
indicated in tlie Federal Reserve Board's weeltly consolidated statement o
$28,000,000 for the week and of $869,000,000 for the year.
condition on December 28 of 806 member banks in leading cities.
During the week reporting member banks reduced their accommodation
As agfiinst a nominal increase in loans secured by corporate stocks and at the Federal reserve banks from $743,000,000 to $698,000,000, or from
5 to 4.7% of their total loans and investments.
Since December 31 1920,
bonds, loans secured by United States Government obligations sliow a
there has been a decline in these borrowings of about $1,400,000,000, or
decline for the week of .SI. 000. 000, and all other loans and discounts, comfrom
to
industrial
decrease
of
12.5
of
the
banks'
total
loans
and
commercial
and
loans,
.?f)6,000.000.
4.7%
a
investments. Member
prising largely
As compared" with December 31 1920 figures, a reduction of almost .S400,- banks in Ncav York City report for the past vear a decrease in accommoda000.000 in loans secured by Government obligations, as against a slight tion at the local reserve bank from $766,000,000 to $131,000,000, or from
13.6 to 2.8% of the banks' aggregate loans and investments.
reduction in loans secured by corporate obligations, is shown. CorrespondGovernment balances with the reporting member banks are shown
ing changes for member banks in New York City include a reduction for the
Net demand deposits declined by
year of $233,000,000 in loans secured by (jovernmeut obligations, as .$35,000,000 less than the week before.
$74,000,000, while time deposits show a gain of .$31,000,000. Correspondagainst an increase of $21 ,000,000 in loans secured by corporate obligations.
Investments of the reporting institutions in United Slates bonds, mainly ing changes for the year include a slight decrease in Government depo<s-its,
Liberty bonds, show a further increase of .$4,000,000 for the week. As a reduction of $768,000,000 in other demand deposits (net) and a gain of
compared with the close of last year, an increase of almost $40,000,000 in $146,000,000 in time deposits. For the member banks in New York City,
reductions for the year of $34,000,000 in Governm n t deposits and of $288,the United States bond holdings of the reporting institutions is shown.
Holdings of Victory notes show a decline of $2,000,000 for the week and of 000,000 in other demand deposits, as against a s ght increase in time deyear.
Holdings
of
Treasury
notes
increased
for
the
slightly
posits, are noted.
338,000.000
Reserve balances of the reporting institutions with the Federal reserve
during the weelc. while Treasury certificate holdings show a decrease of
$17,000,000 for the week, and of .$41). 000. 000 for the year. Total United banks, in keeping with the reduction in demand deposits and borrowings
from the reserve banks, show a decrease of $41 ,000,000 for the week, and of
States securities held by the reporting member banlcs about the close of 1921
were $1,470,000,000, compared with $1,391,000,000 at the close of 1920. $91,000,000 for the year. Cash in vault declined about $1 ,000.000 for the
Member baiUis in New York City report an increase for the year of S52.- week and $15,000 000 for the year. Corresponding changes for the member
000.000 In their holdings of U. S. bonds, as against reductions of .?8. 000, 000 banks in New York City comprise reductions since the close of 1920 of
in Victory notes and of $20,000,000 in Trea.sury certificates, besides holdings
$23,000,000 in reserve balances and of $4,000,000 in cash on hand.
I.
Data for all reporting member bunks In each Federal Reserve District at close of business DEC. 28 1921. Three ciphers (OOOl omltrci.^
—
Federal Reserve District.
Loans
ot reporting banks
and discounts. Including bills re
York PMladei. Cleveland
40
110
58
and discounts
Total loans and discounts
S
S
$
30.433 199.233
208.705 1.408,286
570.223 2,462,747
51,519
199,543
326,617
809.361 4,070,266
44.903 363.991
2.743
88,474
4.446
87,7.88
9.891
122,531
140.135 730,257
C. S. bonds
U. 3. Victory notes
U. 8. Treasury notes
C. S. certiricatea of Indebtedness..
Other bonds, stocks and securities.
Total loans, dlsc'ts & Investments, Incl.
bills rodlscountod with F. R. Bank
1,011.569
Reserve balance with F. R. Bank
75.603
Cash In vault
24,729
Not demand deposits
577,679
47,623
12,228
5,034
10,741
162,447
,463,307
627,680
111.430
731,989!4,679..857
Tlmedeposlts
Government deposits
payable with Federal
Secured by U. S. Govt,
All otber
Bills redLscounted with F.
Secured by U. S. Govt,
All other
Bills
180.480
19.239
473,236
99,691
8.358
115,003
S
50,418
332,046
617,177
obligations
450.575
815,752 1,412,520
59,086
81.268
18,939
33,695
612,797 7.54.192
45,648 418,645
26,290
27,336
573,007
27,333
R. Bank:
4.109
33,880
2,058
60,769
9,357
13,334
York
CUv
Cilu.
2.374
4.473
4,505
49.861
32,136;
16,668i
296,832,
126.6911
7. 7801
19,775
27
22.943
2,645
56,477
1 .-262
of Chicago.
banks
68
\
Dec. 28.
51
Loans and discounts, Incl. bills redlacountod with F. R. Bank:
s
$
Loans sec. by U. S. Govt, obllg'ns 179.626' 178.756|
LOiins secured by stocks & bonds. 1.244.203 1.253,676
All other loans and discounts
2,173,3012.107,832.
50.242
331.646
680.291
I
Total loans and discounts
U. B. bonds
U. 8. Victory notes
D. 8. Treasury notes
.
U. 3. certificates of Indebtedness
Other bonds. HtockH and securities..
cut,
35
Son Fran.'
Dallas.
80
$
18.879
124.982
302,789
S
11.712
31.926
216,278
$
16.513
66.532
371,186
378.920 1.597.690
78.894
29.483
l,12l|
25.583
8.257
25,554
'V.998
33.5711 380,098
446,650
26,945
1,973
259.916
14,760
405
4,54.531
470,
1.449
4.708
21,479
445,093 2,116,076
28,544 170.578
10.373'
58.383
213.528 1.246.541
140,463 655,772
32.124
6,9141
549,548
41,118
8.078
24.642
180
10.249
3,802
2.496
28.188
8.889
769!
31.5501
All F. R.
Dec. 21
61
4.002
32.773
3,960
69,S50;
300.497,
150.427
6.653
&
dlsc'ts
Invcst'ts.
Incl. bills r<Kllsc'ted with F. R. Bk. 4, 746.42.5'4, 774.1591,
Reserve balance with F. R. Bank..
Cash In vault
Net demand deposlta
I
Time deposits
j
deposits
payable with F. R. Bank:
Sec'd by U. 8. Govt. obUgatlong
Bills
602.797
102.481
4, 216,994 4, 248,744
301,517 284,008
93,423 100,168
582.4321
97,2081
287,414
121,635
35.387
863.050
313.413
25,000
76, -266
Bank and branch
Bank CUies
Dec. 28.
277
Dec. 21.
277
51
Total
806
64!
302.717
17.387
7.069
172.473
76.678
7,264
33.000
4.070
824
4.011
49,115
545.5511
39,0661
13.720,
371,784^
106,560
5,790
S
$
6.27'2
38,102
200,8971
245,2711
34,1001
1,187
722
3,290
9,444
i
s
512,520
24.507i
147,2301 3,165,481
757,9971 7,542,233
929,734'll,220,234
101.231!
950.270
15,1981
170,639
9,495
125,559
17,344
222,855
177,426 2,090,025
294.014 1.250,428 14,779,582
21.215
73,426 1,267,107
339,799
10,479
26.236
192.069 601.878 10,174,437
664.718
2,998,231
58,995
257,073
12.342
5.650
331
182
6.348
1.027
12.235
J. 431
3,185
736
11.000
408
258,656
2,302
63
8,703
2,004
20,474
34,326
402,93i
cities
and
all
28.015
other reporting banks.
F. R. Branch CUies. Other Selected CUies
Dec. 2S.
212
Dec. 21.
212
Dec. 2S.
Sis
317
Total.
Dec. 21. Dec. 28'21. \Dec. 2V21. Dec. 31'20
319]
806
Si
.981.163 1,984,665 1,811,9531,817,574 11,220,234 11,289,346
946,303
050,270
224.462 223,416 220,957! 220,489
172,678
19,687
38,905
170,639
20,104
39.421
125.091
14,409
16,808
125,559
13,231
16.086
240.009
22.630
222,855
25.6831
34,161,
31.452
2,089,107
352.850
588,782:
352,043,
2,090,025
580,733
303,704 9,463,879 0.534,4042,873.317 2,878.7362.442,386 2.449.304 14.770.682
127.176
939,238
080.091 184.635 188,804 143,234 138.820 1.267.107
79.095
80.391
339.799
62,7771
34.676
196,132
64.572
198.126
870,759 7,208,658 7.272,716 1.540.617 1,564.0231,416,162 1.420,594 10,174,437
311.833 1,404,860 1,381,146 921.464 918,086 671.889 067.6861 2,998,213
26,117
22,661
257.073
29.605
43.849
195,078
39.334
222.536
91.830
109.915
2,50
180
1.724
1.870
3,071
37.725
45,775
44,082
2,389
47,882
2.8
3.3
3.9
4.1
Bills redlscounted with F. R. Bank:
Sfcc'd by U. 8. Gov't obllRatlons.
All other
Ratio of bills payable & rediscounts
with F. R. Bank to total loans
and Investments, per cent
2,515
180
148,786
180
22,422
219.896
168.105
180
21.658
238,737
42.619
67.351
68.834
896
945
1,227
7.890
88.636
4.956
93,928
5.8
5.8
910.690
209.079
271.599
a
14,862,534 16.750.488
1,307,715 1.357,669
354.535
341.294
10.248.233 10,941,847
2,966,918 2,852,267
262.264
291.602
m
I
All other
821
808
S
S
$
S
$
$
S
516,350
908,908
86.128
67.266
67.173
512.520
51.632
85.093
360.161
363.049
3.175.906
467.972
418.770
3,165,109
420.138
3.165.481
324.300 2.280.639 2.276,999 460.072
a
697 .'267 4.786,318 4,847,0591 ,429.998, 1.430.565 1.325.917 1.330.263 7.542.233 7,607,887
597.1303, 630.2641 062.07911 ,073,199 7,427.118 7.487.107
315.821 312.652
22.334
22,393
604.851
602.399
80.352
79,606
11.027
12,008
111.631
113.669
83.140
82.511
3.311
3,266
95.064
95.052
116.234 1 16.004
16.720
19,713
168.773
179.985
653.742 553.222 171.943 173.126 1.166.442 1.156.282
i
Oovomment
Mtnncap. Kan.
37
S
S
66.270
16.470
51.29r 451.127
311.1591.080.293
61.219,
In Federal Reserve
681
&
Louis.
ml
obligations
Dec. 2S.\ Dec. 21.
Total loans
St.
112
Resorvo Bank:
New
of reporting
Chicago.
43
3
20,294
105,711
324,570
Three ciphers (000) omUtei.
Number
Atlanta
82
999,641
114,031
15,283
2,601
14,322
266.642
Data of reporting member hnnks
2.
Richm'd.
85
I
discounted with F. R. bank:
Loans sec. by U. S. Govt, obligations..
Loans secured by stocks and bonds...
All other loans
New
Boston.
Number
629.410
278.972
992,
258,656
2,302
2,117
6.061
3,817
100,986
34,326
402,937
33,374
428.358
248,860
1.213,742
6.0
4.7
6.0
12.6
42,033
i«l
6,948
89.113
-I.
V*
'
a Comparative fl«nr«s not ATailable.
4.1
4.5
6.7
—
H
H
1
1
THE OHKONICLE
Jan. 7 1922.]
59
—
flattlijers'
(^iizcttt.
Friday Night, Jan. 6 1922.
Railroad and Miscellaneous Stocks.— The stock market has l)(\i,Miii the new year with increased activity and
general weakness. Nearly 1,000,000 shares were included
in Tuesday's operations and the decline then recorded has,
This movement has not been
in many cases, been added to.
in a few speculative issues,
except
however,
a drastic one,
Wall
State and Railroad Bonds. No sales of State bonds
been reported at the Board this week. The general
bond market has steadily increased in activity and strength,
and in several cases now high records have been recorded.
Tlie latter applies particularly to investment issues, but of a
list of 20 well known railroad bonds 14 are higher than last
week and 3 are unchanged. Evidently the proverbial
"January investment demand" is beginning to be felt.
liavo
Street,
Mexican Petroleum, American Locomotive and
Baldwin Locomotive, which dropped 7, 614 and 4% points
including
—
United States Bonds. Sales of Government bonds at
the Board are limited to the various Liberty Loan issues
some of which, as noted above, have established new high
records.
respectively.
tendency of the security markets, including
foreign exchange, was also a characteristic of the wheat
and cotroii luarl'cets and is not readily explainable. The
money market has remained easy with call loan rates at or
near 4% and there seems every prospect that this condition
Tliis general
Dailv Record of Liberty Loan Prices. Dec. 31 Jan.
3%%
(First
bonds
100
51
800: 51
Amer Brate S & F.no par
American Chlcle_.no P'7r
American Radiator... 25
100
Amer Sumatra. pref.lOO,
Amer Waaler Wks & Elec
6%
7%
Ann Arbor
Anaconda
1.200
100
preferred
preferred
100;
200 67
100
lOo!
rights
2.220
j
Asset.s Realization
10
M
17
10
1-16
200;
1
139 975
3001114%
Atlantic Refining
100
Preferred
100
Austin. Xichols. .no par;
Auto Sales
50
Preferred
50
Bamct Leather, pref.lOO
Bamsdall Corp. CI B_25
244|
200;
9Jf
zy2
300 14
150 90
300 \9'4
500|
8'A
600 58 >4
British Empire Steel
l8t preferred
2d preferred
1.200i
2\H
Brooklyn Union Gaa.lOO
400
Brown Shoe Co
10
100
101
Buff Roch & Pittsb..l00
Burns Bros. "B." w
6.200
H
40 K
Bush Term Bldg, prellOO
2001
87^
100 2.00O
Calumet & Arizona
10 2.300
Carson Ilill Gold
1
1.900
Ca.«c (J I) Thr M, pf. 100
300;
300'
Chlrago & A iton
1 00
Clueit. Peabody & ColOO
900
Preferred
10
100
De Beers Cont yi.no pnr 200;
29i.<;
1
Butterick
Eastman Kodak
71
50
30}^
Jan 4! 191X
Jan 41 67K
Jan 3 10
Jan 6
Jan 5
1
Jan
1020
Jan
115
Jan
Jan
a%
Jan
15
Jan
90
Jan
20H
Jan
8H
Jan
59 H
Jan 3; 22 '4
Jan 3; 72}^
Dcc31i 40}i
Jan 4, .50
Jan 4. ^2H
Jan 3 88
Jan 4 31 <4
Dec
59
11
Jiin
69 ?f Jan
Jan
Jan
Jan
44
85
15% Dec
10'615
Jan
800:
2yg .ran
lOOi
Emerson-Branting'm.lOO
Gen Am Tank Car.no par
300 49
Gray &. Davis
no par
900 12
Habirshaw El Cab.no par 1.40O 1
Ilartraan Corp
100 82
100
HoriK'Stake Mining.. 100
lOO; 55
Indian Refining
_10
400 ey,
Internat Cement, .tjo pat'
800; 26 yi
Internal Nickel, pref. 100 1,100 60
Kelly-Spring 6% pref.lOO
200 71H
Kayser, Julius, & Co. 100
300: 85
Keisey Wheel
100'
100! fi2H
Kresge fS S) Co
3,200^110
Lima I-ocomollve...lOOi
1.900' 91
Dec
Jan
Dec
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
.Ian
Pn-ferred
31|
Cla«)
Clase
Htp
12
70J.J
200,
200' 48
.100
no par, 2.200 12
First preferred
Mex-pfte preferred.
Mo Kan & Tex w
.
100'
lOO'
im
5 47}-^
3:
31
300! 83
_
N
1
UK
PAR
Prrferrcd
A
no par
Rcf
prof. 50
WA
200
200 39
no par]
400; 2\4
„„ par
100
9
pref
100 1 .400 91
Hhnttuck Arizona
H'4
lOJ 2.4fX)
So Porto Rico Sugar. 1 00 3.100 42
sen, It, v.,
f
..
.,.„«___
prcf.
.
Jan
Jan
Jan
Jan
7Jf Jan
5.100 25 H
no par] 3,800 I»M
Y HhlpbulldlnK.no par- 100 13
Norfol k Sou them ... 1 00
400 8Ji
Ohio Body A Blow no par,
800 1 1 H
Ontario Silver...
100 1.000
'^A
(>Uh Klevalor
iOO
.000
1;
Otl.i .Steel preferred.. 100
100 'i2>4
Pacific Mails 8
...6
fiOO
Panhandle
pfd 100'
200 72 K
ParlHh <t Ulnu
no par 1.750 IIH
Peoria A l.;i8t.<Tn
IfJO
800 U>4
PhllllpB .fonca
no par 1,445 90
M
85
16
6615
4
31
3
31
3:
3;
6
5
4
3|
•S
3;
Jan 56 ,•;
Jan 50 M
Jan 56 «
6'A Nov 29
665^ Jan 91
Jsn 1145i
95
64 Ji Nov 91H
6
3
3
J.in
Jan
Jan
Jan
5
8H
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
48
Sept 20
Sept 665^
6J
Dec
Feb
Dec
Dec
1
July
3K
Jan
May
Nov
Jan
Dec
10
Apr 15
J.nn
70
Jan 86
June 35
Dec
8'4
4,
55
22
3|;
51
51
Jan
Nov
Mar 12M Feb
14:
4|l
Dec
Dec
Dee
8
820
June 1125
100 J^ July llSVii
8H Jan 13 ',f
2M Sept 5Vi
4}
.Tan
Dec
46 M
43 J^
42
4
Jan
Dec
Dec 9
Dec 585-g Dec
Dee 23 5^ Dec
Jan 76)^. Nov
Feb 46 -K Nov
31; 33
4 49 H Dec 72 K M,-vr
Dec
3J 31H Dec 33 Ji
Dec 90
Nov
fil 87M
14 Vi Jan 33 5i Dee
3||
Dec
Dec 31 iiyj Jan 60
Dec 15 IX Nov
Jan 6; H
Dec 85% Feb
Jan 6,1 63
Jan
Jan
Jan
Jan
Nov 8%
4
Jan 31 36 '4 June G2'A
Apr 86
.Ian
3
Juno 21
Dec 31
Nov 690
Jan 6:596
.Ian
6,
Jan
Jan
Jan
Jan
Feb
May
70
May
Mar
June
4! 68
3i 35
.3,130
1
Oct
« Mar
72 5i Jan
85
Jan
62 >< Jan
,Ian
f
07 H Dec 31
3|107K Jan 5
3I 97 H Jan
3
3I
5
4
Dec
Jan
Jan
Jan
Dec
Jan
Jan
Jan
Jan
Dee
1
80
85
Mari 69
Jan 177
Jan
Dec
May
Jan
Nov
May
High
07.02]
{
Low
I
Close
97.00
97.02
4
97.22
97.00
97.08
off
bonds off High
1932-47 (First 4%s)
In
{
Low
I
Close
$1,000 units
Second Converted
bonds of 1932-47
Second 4%s)
Dec
98% Apr
Jan
June
36% Dec
Aug 45% May
Sept 22
Dec
27
21 J< Jan
3:
13
25K Jan
5:
11% Aug
18
bonds
of 1927-42
(Second 4s)
Total sales In $1,000 units
\4
51
14
Jan
Jan
Jan
3,,
8r,y3
.Inn
5
n
Dec
31;
24
13
Jun
3|
9*4 Dee 31
3
31
12H Jan
3
6
4yj Jan
6
Jan
3 42 K Jan
31 12
Jan
5 73
Jan
3 13 i< Jan
4
Jan
W'-i
3
3
5 105>lJ Dec
31 91
Jan
Deo
.50
41115
3, HI
.Inn
3.
27
Jan
4|
4!
4
84
41%
5
16 >i
4 I'M
Dec
Deo
Jan
Jan
1927-42 (Second 4%8)
Total sales
3!
Jan
•..\ov/>,
Dr-c 31,
12
Dec
Dee
Jan
Jan
65
69
Jnn
Jan
61
In
4%%
bonds
[High
Low
1928
of
(Third 4%a)
Total sales in $1,000 units
Close
Fourth Liberty Loan
fHIgh
4%%
Low
bonds of 1933-38
(Fourth 4%8)
otal sales In $1,000 units
Blose
Victory Liberty Loan
notes of 1922-23
(High
4%%
(Victory
\
Low
I
Close
4%s)
Total sales In $1,000 units
notes of 1922-23
3%%
(Victory
452
724!
97.60
97.44
97.52
441
97.26
97.06
97.14
667
100 08
100.02
100.08
1.594
100.08
100.02
100.08
143
97. .58
$1,000 units
Third Liberty Loan
3%s)
Total sales In $1,000 units
97.14'
160
96.40
96.36
96.40
11
96.60
96.00
96.18
96.40
96.20
96.30
837
97.46
97.26
97.44
1,970
96.00
96.70
96.80
894
97.18
97.30
11,25
97.22
96.50
96.72
1.878
100.08 100.0(1
100.02 100.02
100.04 100.04
2,946
2.098
100.06 100.08
100.04 100.02
100.04 100.00
445
6
97.30
97.10
97.22
73
96.82
96.40
96.6fl
9
2a
96.70
96.88
96.60
96.84
96.40:
96.581
788
6O7
97.701
97. 9o
97.50
97.60
1.649
97.18
90.96
97.60
97.80
1,942
97.40
97. Oo
97.32
1,664
2.7I0
100.08 100. lo
100.02 100.0(i
100.08 loo.a'8
2,56',
3,509
lOO.OS 100.0:
8
100.04 100.0
lOO.OS 100.0"
97.16!
22'^
510
732
7
Note.
—The
])onds.
above table includes only sales of coupon
Transactions in registered bonds were:
94.20 to 94.301 84 3d 4%s
1014th4%s
96.00
96.00 to 96.90 279 Victory 4%a
96.40
5 Victory 3% s
95.90 to 90.541
17 1st 3!;;s
list
.11 1st
>4s
4K8
5 2d 48
31 2d 4%s
Quotations for Short-Term U.
Int.
Rate.
Maturity.
Govt. Obligations.
S.
Int.
Asked.
Bid.
5%%
5%%
5%
4K%
Feb. 16 1022
Mar. 15 1922
Mar. 15 1922
Mar. 15 1922
April 1 1922
97.22 to 97.54
96.60 to 97.14
09.84 to 99.94
99.88
Maturity.
100%
100% June
1005-f?
lOOS/fe
lOO'/if
100%
100
IS 1922.
Aug. 1 1922100 5^5 Sept. 15 1922.
100>^ Sept. 15 1922lOOMe June 15 1924.
Sept. 15 1924.
Asked.
Rate.
Bid.
5%%
5%%
5%%
4%%
5%%
100%, lOO'Mi
100%
100%
100%
102% 102%
100
5%7o 101%
1
I
lOO'j's lOO'Vfj
102Vl«
Nov
The Curb Market.— TAe
Jan
review of the Curb Market
is
given this week on page 52.
—
Foreign
Exchange. Sterling exchange continues to
volume of business light. Price vari.nwere unimportant, though the trend was slightly down.
rule dull with the
tions
15%
Dec
June
12
Jan
Jan
regular at times.
Dec
Dec
To-day'.s (Friday's) actual rates for sterling exchange were 4 17®4 1S%
days, 4 19654 20% for checks and 4
20^i for cables,
(.'omrnerclal on banks, .sight 4
19H. sixty days 4 13%(?!)3 15H,
ninety days 4
14^^, and documents for pa.vinont (sixty day.s)
(Cotton for pajaneut 4
4 143^
15?^.
19'A and grain for payment 4 18% ©4 19 H.
To-day's (Friday's) actual rates for Paris bankers' francs wore 7.91®
German l)ank(^sl•' marks are not
7.07 for long and 7. 97 (0)8. 0.3 for short.
Am.stcrdam bankers' guildors were
yet quotcfO for long and short bills.
:j«.Mf'/,:«5.24 for long and .'{(i.,')0(ar«;.00 for short.
Exchange at I'aris on Loudou 52.30; weeks range, 52.30 high and 52.05
low.
Tlio range for foreign exchange for the week follows:
13
8%
7%
3%
87
39%
Oct! 94
Dec; 9%
Dee. 26 Ji
July: 28%
Dc'C .33
Sept[ 13%
Nov. 11%
Aug! 6
Aug:i48
Dec' 85
Aug 17%
Aug 78%
68
9% June: 15%
8
Nov 12
37% Apr 105%
8
Jnn
Feb
May
Dec
May
May
Jan
J)tn
Dec
Apr
Jan
Dec
37% Apr 90% Dee
Novl 40
85
4%
26
88
81
4
20
31
3
2
32%
I>ee
Apr 26% Sept
Jan
Nov; 1 04
Juno
Jan
9% Dec
Oedl03
Jan
July!
r
[Close
bonds of
HOLlD.4Y
97.00,
2
97.14
96.98
3%
70
«%
19
'•,
96.34
96.34
98.34
3
96.64
96.44
96.54
477
97.10
97.10
97.10
45% Dec
35
5
31
Low
428
97.00
97.00
95. .50
June'
June!
10
Aug; 119
Dec
Oct'
19
Aug
June 48
Jan
Jun
Dec
D(-e
D(!e
1
26%
12% Aug 20 y, Mar
119
Dee 31 100
.Ian
J» n
fl
4
Jan
Jan
45
10.-)
6
4
4
31
.Ian
.Ian
Jan
Jan
3
6,
3%
Aug:
High
465
96.40
96.40
96.40
95.84
95.60
95.68
95.50,
38
8
26% Jan 3' 22%
20% Dec31;j 17%
Jan
Jan
.lun
3i
5K Dec 31
39
22
9
93
Jan
Jan
Jan
Jan
Jan
%
4'
4%%
Converted
[
\
95.14
96.94
96.60
90.86
155
96.94
96.82
96.94
20
96.20
96.10
96.20
(First
5 Jan.
95.10
94.86
95.00
1
97.14
96.52
96.94
59
Total sales In $1 ,000 units
4%
4 Jan.
Nov
Aug 102
Dec
87% Aug lOOK Dee
93%
95.04
94.84
94.84
313
.)1
4%%
3 Jan.
Dec
64
33 K Dec 31
35J^ Dec 31
Jan
Jan
Jan
Jan
Jan
Jnii
M
3
3
100 HI
300 26
,',
r,
31
200 114
100
'"f'TAnopa^i
•'•"
400
3H
-r'""/^""'
"'"Dhur.
.10
31 .flOO 'AH<A
.
-rK^'"?
Third
Avenue
ino 2.000
Tide Water on.. I'"'iofj
400 130
United Cigar 8t pref" loo
noo \MU
United Drug Ist prof, 60
200 45
Union 'Inrik f;ar pfM 100
400 103
Weber A 1 1 el br'r. no par
11 Ji
WesthHcKA.M lirtpf fiOJ 800
1001 65
Wilson A ( ,0 pref
00|
lOOl 69
5.
Dec
100
1
4.
Jan
Jan
,00'
I
4%%
Jan
3
.Ian
2Vi Dec
.5]
Dec 31 39^ Oct 59 K
51
4I
13
Jan
9H Jan 16
y- Nov 13%
\'A Jan 4
Jan 86
82
Jan Z BO
55
Jan 3 49K Mar' 61
3
7J.f .Ian
6H Dec 15%
June 29
275^ Jan 3 21
60
Dec 85
Jan
6
65
4I174
6H Dec 311
30..V)0'
1
I'refcrred w 1
Mullln.s l;ody
Pfo<luc<Ts
llajKl
Ines
5
Jan
Jan
Jan
Highest.
95.00
94.32
95.00
1,552
In 11 .000 units
Total sales
'
a.t'd 100'
A
B
Kobt Reia Co
H<'ar» Hoobuck
H
3;
H
K
Ctf.s of clop
59
5j
4i
100
lOOlOl^i Jan
Loose Wlifs B. )8t pf. 100
200 07
Jan
Manhattan Shirt
25
600 33).^ Dec 31
Market .St Ry pr pf..lOO
400 35
Dec 31
Is'artln Parry
no pat 1 .700 20
Jan 4
MathlHon Alkali
50 6,600: 2iy, Dec 31
Maxwell Motors
Lowest.
Highest.
300 57
50;
.American Snuff
Lowest.
Jan 4| 57
Jan 61 51 J^
Jan 4i 52!^
Jan 5t 11}^
600 11
Jan 5 85
lOO] 85
600.109}^ Jan 3; 1 1 1
Dec 31 68}^
2,100| 68
American Bani Note. 50
bonds
Second Liberty Loan
\
Week.
Preferred
Range fnr Ytar 1921
Range /or Week.
4%
1932-47 (First 4s)
The following are sales made at the Stock Exchange this
week of shares not represented in our detailed b'st on the
pages which follow:
Sales
for
Low
3% 8)
Converted
:
High
(Close
Converted
Total sales
STOCKS.
f
of 1932-47. ..j
Total sales In $1,000 units
will continue.
Week ending Jan. 6.
Loan
First Liberty
2 Jan.
.May
.'t
Hei>t 17 r,
July 106%
July 47
f)cd 104
,N'ov
''.
13%
Oct
Feb
Feb
36%
3
31
1)2
I
6.1
5
66
8%
Jun
May 89%
Oct
89%
The Continental exchanges
For volume of business on Now York, Boston, Philadelphia and Boston exchanges, see page 55.
but rather
ir-
19%@4
for sixty
18%@4
12%@4
®4
18%@4
—
StrrHnii, Actual
for the week
Sijrty
High
Low
I'or l.he
week
I'aris lUinUvrs'
Francs
—
Iho week
for the week
Cirmanu Hankers'
for llio week.
Low for r ho week
farks
Domestic nxchniiKcdiscount.
IJostoii.
$1,000 premium.
'«
00.64".«
OO.-IH^,
OO.-IO".
30.95
30.46
.37.00
(<0.54
Arnalcrtlam Hankrrs' Guilders
MIgli for the week.
Low for the week
par.
—
-
30.49
30.05
Clilcago, par.
St.
I.ouIh,
Han Kronclsro, par.
(Mnclnnntl. par.
S.IO
7.94',
7931^
High
.--
H
4 21
4 I7V'j
8.1,''.
-7.«5j,'j
—
Cables.
4 1"
8 07
lllgli for
Low
Checks.
4 21%
Days.
4 19V«
4 15
Fell
Nov
Avere also quiet
15f'/i2:)<-.
30.51
per
<51
,000
Montreal, .?59.0825 per
60
New
York Stock
Exchange—Stock
Record, Daily,
OCCUPYING THREE PAGES
Weekly and Yearly
For sales durlni; the week of stocks usually Inactive, see precedlmj page
Biaa AND LOW SALB PKICB—PBK SBARB, NOT PBR CBNT.
Beuurdny
Dec. 31.
Moniav
Tiifsdav
Jan. 2.
Jan.
3.
Jan.
J ptr
*34
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81
8312
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34
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458
6l8
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S(W8
prices;
2958
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102
6I2
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445s
4358
sales on this day.
SO-'s
4
87
79
•72I2
3313
•91s
295s
7284
4OI2
9I2
111
861.S
no
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113
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35
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30 14
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56
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103l->
[in
113
4I2
6I4
4434'
87
1684
3|
87
I
458
Lotcest
>
Railroads
Par
Atoh Topeka * Santa Fe..l00
Kantre forPreeiom$
Year 1920
Bighttt
Do
100
Atlanta Blrm A Atlantic ..100
Atlantic Coast Line RR..100
Baltimore 4 Otilo
...100
Do pref
100
Brooklyn Rapid Transit.. 100
Ex-rights.
§
77
3038
47
RR
pref
4I4
638
4358
861"
59
35I4
67I2
351s
331
Do
American Safety Razor
Am Ship 4 Comm
oref
Jan 25
Nov 29
66i2May 9
3
30
12
28
30
OisMay 9
207»May 9
Jan
4612 Jan
71
Jan
110
Jan
35 Sspt
31
77
6712
5I8
1
14
28
24
22
23
28
2
16 Mar 11
3312 Mar 11
Dec 22
284
46 June 21
64i8June2I
39 June 20
68 July 16
64 June 24
12 Nov 29
16 Mar 11
8858June 21
eiUJune 14
32i4June 23
1584
Mar
11
60 Apr 29
Jan 19
35
23
Oct 17
70 Mar 11
80<4June 20
<!6i2June 24
3818 Aug 26
1918 Mar 11
2778June 23
19i2June 23
28 June 24
Oct 13
2i8
3 Dec
67i2June
1788June
42 June
16 ig Jan
28
21
20
21
6
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June 21
62i4July 18
111
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17 Aug 27|
6h Dec 29
6
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1258 Mar 12
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18
15
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75
11
60
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46
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Feb
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4314 Deo
847t Deo
26lj Dec
67 U Deo
Deo
61
Deo
79
3284 Deo
Sg
76
Oct
46ig
2184
Dec
Deo
Deo
Deo
721(4
111
IO684 July
14
I6i8
Apr 26
eois
Jan 11
688
Deo 7
Dec 16
16
6258 Dec 15
83I2 Dec 30
7314 Nov 26
6388May 6
1188 Apr 18
96
62i< Jan 31
42
80
74
137
93
110
116
Jan 29
Dec 30
10
14
Jan 7
Jan 20
47I4
Dec
Dec
90
Dec
14
12
12
6
36
37
63
30i8
8*4
2914
fi4is
Ool
Not
Oct
Oot
Mai
Got
Not
Jiui
Ool
Oot
Oot
Oet
Got
Sept
Oet
S«pt
Not
Dee
Deo
0«c
Deo
6 Ex-rlghts (June 16)
Got
Oot
Ool
42^ API
48*8
72
88*4
2*8
3
Mai
Jaa
Jaa
MW
Mai
62*8 Bept
921 2 NOT
6378 JaD
Jan
Jaa
98ia Jaa
92
99
103««
API
Jan
Jaa
6II4 Jan
Jan
101
93
I28<(i
147*8
116»8
64*4
Dec
Deo
86
1618
Dec
Feb 176
301^
Deo
Deo 122
Aug 63i|
Feb
88
Deo 120«i
1418
Deo
Dec 96
Aug 9958
Deo IO9I4
96>» June
6i8
758
Not
8&i8
3378
48I4
Dec
Dec
20<8
88I4 Feb ll8ig
Feb
3314
18
Feb
6618
60
Dec 47
14
37U June 43
Feb 129>«
110
608
8I4
6II4
Oot
Fek
67'j Oot
Feb, 103
Mar, 81
I5I4
Got
Got
Got
37t4 8«ol
60
37
6484
8>7g
88I4
Nov
70
Dec
26lj J:iD 3'
lOij Dec 30
311? Dec 3
4
11
73'4
May
May
61
24
96
Not
06
16
377g
Got
21
Mayi
lij
Jao
Feb:
63
80 14 June}
37i2May 9
Dec 21
Dec 14
Not
M*t Oot
16
21
Ool
Oo»
Got
Oet
38I4 July,
gij Dec]
Feb
84I4 June
66*4 June
Jan 28
41<4 Jan 12
NOT
40
6618
11218
Aug
23i4SePu30
88
001
001
2714
52tj
24l|
Feb
23*4
Feb 19
eig
1768
May
May
94
Oct
97>4
Aug
9
7
68l2Se|)l 6
23i< Jan 12
1047»
30lt 0<J«
22*4 Sept
91*8 Not
417g Mat
June
81s
1358
8lg
July
Deo
Feb
Deo
Deo
40
14ij Jan 13
6O84
Dm
June
663
eij
I6I4
Ool
O0»
Bepi
89
Ool
38ii Oot
64
Ooi
48
Oo«
108
280«s Sepi
Ool
8
12»4 Oo»
21«s Sepl
Aug
185
3
Got
Mm
Jan
Mm
?.I»8
6i.
July
8314
Not
84*4
Feb
Deo
Deo
Feb
3138
Jan 12
10
9112
120
41
Deo
Feb
64
64
Dec
167)
7914
3412
66
Deo
June
Deo;
6712
201t
100
2284May 9
36»4
Get
Oo«
141]
3388
44^2
40
78
Ij Oct 31
34 Aug 16
83 June 23
28I4 Aug 24
pofj
Jan 17
16i4May 9
7»8
Deo
Deo
Deo
Deo
Deo 29
Dec 30
Dec 29
Dec 16
I4
j
Mai
July
11
20'i Feb
641s Feb
I5I4
26
Mat
13 14
6
3078May 9
7OI2 Jiin 10
lligMay 9
igijMay 9
23
par
60
10
17
Dec 134
Jao
Feb
70«8 No?
6«8
I6I4
24
4678
30
Aug
Sept
47
21
0«
o«t
0«t
10983
12
12
Dec 7
Dec 2
Dec 15
Dec 14
8984
118
Dec
Dec
Aug
Aug
Deo
Dec
91*
6I2
Not
JSD
12U Sepl
82
64
Nov 9
Nov 28
1678
37
Apr 14
63
83
Amer Smelting 4 Refining. 100
Do
Jaa26
1478
10
12378
1758 Aug 25
47i8June 21
97
32
100;
No
Nov
7
46ii Jan 26
10 Mar 11
100
100
pref.-
Jan 3
Jan 26
Der
15 Dec
86i!Mar
lis Dec
3I4 Dec
I8I2 Feb
-..100
pref
11'
434
Corp -.100
Amer
American La Prance F E.. 10
100
American Linseed
Do
Mar
10
10
Dec 14
1518 Deo 22
10 Dec 14
60 June 14
2558jHnp 24
International
American Locomotive
2258
6884
Nov 29
Apr 14 110i2Nov28
693 Aug 25 249 May 18
412 Jan 3
158Mar24
pref-
pref
ll
91
90
100
Amor Bosch Magneto.. A^o par
100
American Can
100
Do pref
American Car 4 Foundry. 100
100
Do pref
100
American Cotton Oil
100
Do pref
Amer Druggists Syndicate. 10
100
American Express
American Hide 4 Leather. 100
100
Do pref
100
American Ice
Do
17i
Mar 12
66t2June 21
32 June 21
60 Feb 3
27
Jan 8
900 Alaska Gold Mines
2.600 Alaska Juneau Gold Mln'g 10
No par
15,200 Allied Chem 4 Dye
100
1,800
Do pref
100
7,800 AlUs-Chalmers Mfg
,500
100
Do pref
3,700 Amer Agricultural Chem.. 100
700
100
Do pref
100
8,400 American Beet Sugar
Do
r82 Deo
275g Feb,
40ig June
July
358
1041!
491^
Nov 29
95
42
9088
41.5
428sMay 9
2912
6018
49
Jan 4
Feb
May,
Deo
76
72
6638
Dec 23
Dee 23
Apr 14!
I7I4
7lj
14'
June 18
14
In<^ustrlal & Miscellaneous
500 Adams Express
100
500 Advance Rumely
100
400
100
Do pref
No
Dee
6I4
t per share S per $har*
19
Nov 29
111
101
Chicago Great Western
1,100 Air Reduction, Ino
6,400 AJax Rubber Inc
Mar
Mar
6
Dec 29
3i2Sept iO
June 20
46 June 20
I312 Dec 29
3ii2 Dec 29
Certificates of deposit.
Do
Dec 15
Apr 271
1
Dec
94
88
Biohm
Lowut
i per share
77i8June24'
7612 Jan 3!
Drel
Less than 100 shares, a Ex-dlvldend and rights.
•bare lor share, to stock of Glen Alden Coal Co. at S6 per share and ex-dlvldend 100% In stock Aug. 22).
t
f per share
100
Do pref
1558
100
Chicago Mliw A St Paul -.100
18
Do pref
3138
100
Chicago <Sc North Western. 100
6318
Do pref
102
...100
315gl
Chic Rock Isl & Pao
100
8412
800
7% preferred
lOO
2.500
71
6% preferred
100
800 Cle V CIn Chic 4 St Loals. . 100
55
Do prof
74
...100
400 Colorado * Southern
39
100
59
Do Is t pref
100
100
Do 2d pref
50
100
900 ^Delaware 4 Hudson
108
100
5,200 Delaware Lack 4 Western. 50
114
200 Duluth S S 4 Atlantic
4
.100
100
5
Do pref
.100
lOig 15.400 Erie
.100
1484
6,200
Do Ist pref
100
4,600
10
Do 2d vref
100
10.200 Great Northern pref
72
100
3,200
3158
Iron Ore properties. iVo par
300
6
Gulf Mob 4 Nor tr ctfa
100
400
Do pref
100
700 Illinois Central
98
100
lis
2,700 Interboro Cons Corp.. Wo par
1,000
4
Do pref_
..100
22I2
4,700 Kansas City Southern
100
800
54
Do pref
100
200 Lake Erie 4 Western
12
100
28I4
100
Do pref
100
5812 16,100 Lehigh Valley.
60
600 Louisville 4 Nashville
1081s
100
35 14
2,300 Manhattan Ry guar
100
5I4
1,4.50 MInneap * St L (neto)
100
67
1,200 Minn St P 4 8 8 Marie.. .100
200
95
Do pref
-.100
79,000 Missouri Kansas 4 Texas. 100
5s
14,480
2
Do pref
100
17
6,900 Missouri Pacific trust otfa.lOO
4438
6,400
Do pref trust ctfs
100
3i8
400 Nat Rys of Mex 2d pref... 100
57
New on Tex 4 Mex v 1 0..IOO
7334
3,800 New York Central
100
5234
900 N Y Chicago 4 St Louis... 100
72
100
First preferred
100
120
62
Second preferred
100
I3I2 10,800 N Y N H 4 Hartford
100
2OI2
200 N Y Ontario* Western
100
900 Norfolk 4 Western
967s
100
7534 12,400 Northern Pacific
100
3334 16,550 Pennsylvania
50
20
5.900 Pere Marquette v t
100
64
300
Do prior pref v t
100
51
500
Do pref V t
100
2458
2.500 Pittsburgh 4 West Va
100
79
300
100
Do pref
72I4 15,300 Reading
60
45
300
60
Do 1st pref
47
1,000
60
Do 2d pref
21
3,600 8t Louis-San Fran tr ctfs. .100
37
300
Preferred A trust ctfs
100
2I84
1,200 St Louis Southwestern
100
33
2,000
100
Do pref
300 Seaboard Air Line
31s
100
434
600
100
Do pref
7834 21,100 Southern Pacific Co
100
18i«
7,700 Southern Railway
100
467,
5,800
100
Do pref--2534
14.100 Texas 4 Pacific100
37
Twin City Rapid Transit.. 100
12534
7,300 Union Pacific
100
721^
1,200
100
Do pref-7I2
600 United Railways Inveat.-.IOO
400
203s
100
Do pref
67g
1,800 Wabash
100
2038
2,400
100
Do pref A
14
100
100
Do prefB
838
1,100 Western Maryland (»e«))..100
15
400
100
Do 2d pref
16
3,300 Western Pacific
100
5I84
500
100
Do pref684
1,300 Wheeling 4 Lake Erie Ry.lOO
14
300
100
Do pref
27
-..100
200| Wisconsin Central
*^
103
EXCHANGE
6,000 Canadian Pacific
100
3.800 Chesapeake 4 Ohio
100
1„500 Chic A East III
(new)
11918 11958
5434 5514
II9I2 11984
55I2
55
I4I2
2I4
•3
•55
738
6
I
3312
11
H
500
2,600
400
1438
16
2l8
600
3312
•2812 30
•281.1
30
5784
5668 57 !»
67
10938
»108
10934
1093s
3618 37
3578 36
6534
10,100
54
718
578
71s
6I2
34I2
84
I4I2
I5I4
•12
13
678
•5
34ig
*52l2
33I2
723j
5234
I
6
83
3484
52I2
I4I2
72
56
4
23
23I4
62I4
52I2
84
3313
1
4
23I8
S2I4
34%
2.100
1334
841;
16
97I2
97
•83
78
78
3334
I
1558
34
84
1334
39U
•39
39
39
•56
56
58
58
•49
49
54
49
107 14 IO7S4' 10684 107
11734
II7I2 II8I4 117
3I2
•2I2
3
3
•384
•334
5
6
1084
1038
10
lO's
I5I4
IOI2
86
33I2
102
101
3II2 32lj
1017s'
9338
92
86
11938 11934
5538
55
34
34
323s
7II2
7118
5612
•70
•5
6
11958 12058
55I8 5512
14
14
34
92I2
8558
1
I's
6
PBR SHARB
Ranrje for year 1921
of lOO-share lot*
On bans
Week.
Sharet
I per share
92I4
9212
4,40n
1 ,.500
8534 86
S per share
.<iha>e
9134
855s
1
»5
5.
PBR SHARE
STOCKS
NEW YORK STOCK
I
$ per share
t vet share $ Vf shnri
913^ 93
9258 93I2
84
84
855s 8.558
I20I4 1207s
6538 55'4
I4I2
1458
Jan.
4.
for
the
Friday
Jan. 6.
Thursday
Wednesday
SaUl
107
Apt
Fo*
Jan
Mai
Jaa
Mai
Jan
Jan
Mai
Jaa
Jaa
Jan
Ap>
Jan
API
Ma»
177g JtiiM
30ta
72
10014
Jao
JlA
Jaa
to subsorlboi
21
1
1
1
1
1
1
New York Stock Record—Continued— Page
BALM PMICB—PBH SBARI, NOT PBK CBNT.
Dec. 31.
Jan. 2.
Tufsdau
Jan. 3.
t VtT thare
*86l2 88
I per share
S Ver share
Mondati
Satwdau
55
85
3258
95
67
54I2
,"ti34
85
34
84
S5ls
32S.S
3478
114'.s II5I1
132'4
120%
96l2 9612
12812
126
78%
2fi
12«4
I3I2
36
36
50
49Is
451s
1218
•35
•75
•73
76
78
21"
5512
•8934
104
•6%
100
48%
83
6«2
57s
61s
303i)
31%
301,
65
64
34^4
33I4
3II4
6518
3412
5034
49%
4812
•60
63
43%
25
66
66%
2»4
10'4
58^8
23
60
1
91
<
Q
ij
o
n
m
«
1418
47
104
96I4
8
,
16%
14%
14%
16
Si's
52*4
I8I4
I6I2
7754
19
•105
9%
69 '»
81»4
30>t
•82
•28
25
66
8%
234
IOI4
55I4
59%
*20
24
59I2
'A
A
I
a
5912
IOI2
11
69I4
1012
69l8
44I4
1034
691s
69
69I4
44I2
46
84
83
6I2
2978
6418
3234
48I4
58
307s
2934
3034
64 Is
34
64
64
49I2
58
15%
2634
4118
2434
27
26I4
64% 65%
2% 27g
56% 58%
23
21
90%
9014
1418
14
47 Is
4534
4fiii
46
14
85I2
65l2
86I2
64I4
8512
8%
9l8
16%
15%
1514
Ifi's
.14%
50
52%
157s
52I4
834
I6I4
l.Wt
102%
75%
787s
96
90
9
39
104
33
7
77
117,
1334
127s
I4I2
11%
13%
12
7612
III2
13%
I3I4
I2l8
I3I4
Ig
Is
I4
Ig
ig
6234
97I2
57%
627g
9812
61
6534
99I2 103
94
137
9I2
7II4
69I2
68
96
s
60%
97
68
67I2
93
7OI2
6912
6912
7034
703-'
82
8212
3634
87
82
8234
82
82
27
27
26I2
2612
26
26
9
45
77
9l<
451;
9%
45%
47I2
77
76 14
771:-
17
16
71
Hi
35I4
III2
3%
397g
4012
38 12
40
38
1134
3I2
3834
•7I2
9
351.
HII2
34I4
8012
35
82
106
1434
1334
65
0534
62I2
2634
29
73
2%
•11
•3»
363|
66
6214
27
73
72 12
57
69
1134
73
24%
2434
2I4
2%
10
3812
361s
10%
40
37l|
96
•39
35I2
•4(1
48
29
in.s
•IO7I4 109
13
137,
9I3
39
no
r.'jii'.
no
361
7I:
634
7I4
431,
34 14
a;
267,
9OI2
2512
36l2
9012
17%
15%
167,
44 12
•44
45I4
•92
45
•46
27%
•IfiO
•107
13
9I4
30
•106
•160
•in«
4OI4
48
28
104
109
I3I1
9l2
39
UO
III
27%
•I6ri
•10,'
1
t^^>^
III
Hid and asked prices; no sales on tbto
d*y.
|
7%
3576
81
106
I47g
51
71
14
1.334
24
54
ihl
1134
4914
697g
soij
697g
131,
H's
25
•22
2%
2I4
2%
10%
1034
38
•36
7
.36%
93
40
3634
7
684
36%
.35I4
•91
93
25»4
I6I2
26%
26% 26%
I7I4
I6I2
45
44
47I4
9
•
134
3634
634
351,
1234
152
3834
131'
10
•3812
•36
•89
150
37
110
•103
.•!9'4
160
•107
9%
n
30
•99
•149
•102
3%
7%
3'»-i4
27I2
103
109
13
731
III4
7118
107g
•3I2
38I4
70I2
•89
48
28
17
26
2I4
26%
77I2
•15
66%
10'
3812
37I4
6%
I5I2
47
44
367,
171^
•l.V,
2%
II
46
70
54
24
25
2%
1034
83^
4534
7634
251:
71
I27g
25
261
9 Is
64
70ii
I3I2
2I2
82
30
7I7g
101
lUr
96
27I1
49 1«
29
68I2
6434
51
I4I4
92
63%
62
71
7g
58%
91
26I2
717g
1
I3I4
*1«
56
81-8
65
7OI2
80
80
121s
137s
.34
11%
1434
8,600
1134
8OI2
56
I fl."
44
45%
263,
•158
1081? •107
160
9I4
-tr.'H
48
^7'2
)64
lOS
12%
127g
37
1714
•42
27%
123i
9
9
•32
36
no
99
I50Ih
1 10
14714 M7I4
I
Columbia Graphophone
Do
200
nr,
no
1
L«aa tbao 100 sbarea.
1
No
pref
Computing-Tab-Record No
ConsoUdated Cigar
No
Do
pref
Consol Distributors, Inc
par
100
par
par
100
No par
Consolidated Gas (N Y)..100
Consolidated Textile ..No par
Continental Can, Inc
100
Do pref
100
Corn Products Reflnlng
100
pref
100
Cosden 4 Co
No par
Crucible Steel of America. 100
Do pref
100
Cuba Cane Sugar
No par
Do pref
100
Cuban-A merlcan Sugar
10
Davison Chemical v t c.no par
Dome Mines. Ltd
10
Elk Horn Coal Corp
50
Endlcott-Johason
50
Do pref
100
76% 32,600 Famous
3.5-'4
>4
Ifi'/I
•
047g
27I2
100
Callahan ZL- c-Lead
10
Central Leaibor
100
Do pref
100
Cerro de Pasco Copper.iVo par
Chandler Motor Car
No par
Chicago Pneumatic Tool.. 100
Chile Copper
25
ChlnoCopper
6
Coca Cola
No par
Colorado Fuel 4 Iron
100
Columbia Gas 4 Electric. .100
pref
95I2
12
39I2
26I2
I3I2
22, .500
IO5I2
26I2
106
Do
75I4
82
9%
500
900
I37I2 I38I4
8I2
87s
72I2 721"
7034 72
83l-> 8312
35I4 35%
3%
W
95I2
13
387g
117,
25I2
110
I3I2
19,500
5,800
33
75's
Ills
IHz
267,
I.WI2
I3I2
1314
2«34
2ftl2
9%
•103
106
106
27 Ig
73
•68
60
38I4
•7lz
3534
8OI2
9%
49l2
7OI4
13
7'4
•36
•100
7I2
11
3I2
I2I4
43%
*2H'i
Hlz
75%
Ills
3I2
.507,
63i
•I5S
106
16
72I2
2OI2
8
10
53
42%
•92
76
87,
74
82
36
3%
17I2
8I4
82
27
27
34I2
lll«
2812
27I2
I37I2 I38I4
71
51%
I9I2
16
76I2
93
74
9%
50%
18
77
100
100
Amer Writing Paper pref.. 100
Amer Zinc, Lead & Smelt. 25
25
Do pref
Anaconda Copper Mining. 60
Associated Dry Goods
100
100
Do 1st preferred
Do 2d preferred
100
Associated OH
100
Atlantic Fruit
No par
I 8S Une...l00
Atl GulJ 4
100
Do pref
Atlantic Petroleum
25
Baldwin Locomotive Wks.lOO
100
Do pref
Bethlehem Steel Corp
100
Do Class B common. .100
pref
Do
100
Do cum conv 8% pref. 100
Booth Fisheries
No par
Brooklyn Edison, Inc
100
Burns Bros
100
Butte Copper 4 Zinc v t c. 5
Butte 4 Superior Mining.. 10
Do
33% ¥o,600
6712
69
96
70
13834
93%
16.000
2,300
19,000
100
100
100
3,300
7,800
1,200
100
31,100
112
75I4
137%
834
14
47I2
IOOI2
76I4
75
77
10
72
3%
7934
92
68
94
94
3%
•34
75
I4OI4
8112 85
35I2 36%
•16
74
33
0034
157g
•104
77
IHh
\?'«
7
8.700
17.600
2.100
1S,G00
16%
77I2
95I2
12
39I2
"iV.406
20,300
16.300
9%
77I2
6.100
6.800
2.740
4.300
24,000
Olg
I7I1
IOI4
I712
I6I2
5234
19
17
800
6434
85I4
834
80
78I4
2«
84
801s
77I4
801s
76%
•90
8512
77I4
38
7912
1712
777«
III2
5734
121,
66
105
7534
93I2
3-
92I4
110
32I4
6334
12
3812
81
78%
1134
521,
76I4
7678
95
834
5734
1834
I6l2
107
75I2
•93
4.5%
73
50 14
187s
167s
7734
46
99
34I8
9I8
4fi34
14 14
937s
113
8I4
I5I4
141?
85
H'^i
10412
92
'109
32
34
3278
04it
47I2
IOOI2
89
IOOI2
9334
46l«
•103
%
*%
9I2
471
9
60
1334
91
5734
58
9OI2
..500
Woolen
pref
1.100
7.300
6.100
4.700
1.700 Caddo Central OII4Ref No Par
1.000 California Packing
No par
100
12.000 California Petroleum
13..i00
2%
60
h
99
25
67
2OI2 23
14
IO9I4 112
42I2
21
9034
'4
27I4
83
10
57I1
2812
35I2
10
234
9I4
8234
*9
57
65I2
2I2
2734
34 14
26%
64%
58
15%
27
26
'466
1
63
I5I4
4234
6OI4
493.
26I4
4II2
241s
6478
2I2
41
20
58
48%
58
lS7g
25
10
327g
33I4
1334
82
•7I2
49%
25
93.!
30%
63% 64
30
343s
42I4
9
S5l2
5S4
534
63
15»4
I5I4
29
7717,
6
534
33I2
4734
534
45%
82l2 84
46
S4
578
2734
I7is
69
44
84
64
\
95
117
21
90
671-.
CD
117
14I4
9
O
H
IOOI2 IOOI2
II6I4 11734
15.600
91
6
IOOI2 IOOI2
91I2
I12I2
T3312 3634
67I4
64
8512
567s
5I4
1378
47
•102% 100
0
563«
300
200
538
7634
71
7OI4
82I4
3618
IOOI2
11734
5%
88.2OOI
=104is IO6I2
90
34
95%
20%
78I4
M
5I2
700
900
104
52
8934
1041^8 loVig
534
17.200!
5I2
7034
09
102
140
10
51
307s
21 14
o
65»4
IO4I4
5234
5734
1.200
22
23
93I2
104
21
5I2
78
14*4
29%
21
21
961s
104
5234
5614
2I2
100
2078
5018
I8I2
o
z
<
H
O
X
93W
104
23
22
27,200;
2,000i
75
78
102
5%
I6I2
o
2134
96
5%
I6I2
79
2934
21
2I2
3034
600
20% 22
10% 1034
18%
!•
71
25
65
116
16
12%
6434
4378
2I2
2I4
,000
1
39
43I4
73
99
78
9812 105
,
IO4I2
18%
12
•102
•68
•101
•139
75
52% 52%
55% 5612
8778 91
CD
•77
13%
76
75
73
78
I6l2
9612
9l2
39I2
8II2
7812
39
•80
4134
93
•109
IO5I4
78i8
•93I2
•7
26%
I6I4
2734
IOOI2 IOOI2
97I4
•IIOI2 113
37
37%
6578 67
•S5l2 89
8'4
64
I5I4
1618
28I4
25
•100
4812
43I2
70
S9
1151s 11834
5I2
578
2034 22
5^
22
85
91
14
47
48
SI2
578
•%
491s
44I2
IO3I4 104
11
•57
13
9812 105
6934
47I2
3484
10
13
43
1034
5734
•1912
36
3334
477s
69I4
45I2
2I2
I3I2
39is
441s
III2
I5I2
100
491.1
70
27I4
43I8
24
4078
llSg
64I2
341?
48»4
•58I4
•23
44
70
•84
25
23
»37
48l2
6
100
100
Do proJ (neic)
Do com mon Class B ... 1 00
600
3, 800
25
407s
50's
4534
104
97I2
1261s I26I2
7812 79I4
97l'>
Do
I3I2
5413
577s
91
IO6I2
1291g
Amer
3078
207s
231
52%
Indus. St MIscell. (Con.) Par
Am Smelt Socur prelser A. 100
89
32 14 "5,906 Am Steel Fdry tem otfs.SS 1-3
500'
..100
9(j
Pref torn otfn
5938 77.200 American Sugar Re(lalag..l00
100
Do pref
88
3.100
34I4
100
10.400 Amer Sumatra Tobacco
115% 17,300 Amer Telephouc 4 Teleg-.lOO
I3OI4
100
5,100 American Tobacco..-
200
1234
9334
3334
115
On
Shares
22,000,
1234
105
87%
Player8-La3ky../^o par
Do preferred (8%)
100
400 Federal Mining 4 Smelting 100
400
Do prof
..100
400 FIsber Body Corp
No par
800 Flaber Body Ohio, pref
100
7,700 Flsk Rubber
25
2.300 Freeport Texas Co
No par
400 GadtOB,
W, Inc. ..No par
128,200 General Asphalt
lo6
2,600
Do pref
100
500 General Cigar, .no
100
J 00
Debenture pref
100
3,600 General Electric
100
204,301) General Motors Corp...iVo par
500
Do pref...L
100
2,.500
Do Deb stock (6%). ..100
Do Deb stock (7%). ..100
1 ,400
4,5.50 Goodrich Co (B F)
No Par
700
Do pref
100
400 Granby Cons
Sm 4 Pow 100
SOO Greene Cananea Copper.. 100
8.100 Guantanamo Sugar
No par
5.700 Gulf States Steel tr otfs.-.lOO
5. SOO Haskell 4 Barker Cat. .No par
500 Hendee Manufacturing
100
13,600 HouHlon Oil of Texas
100
6.600 Hupp Motor Car Corp
10
1,100
W4
M
,
lodlahoma Refining
6
7,100 Inspiration Cons Coppei.. 20
500 Intcrnat Agrlcul Corp
100
1
,300
,300
Do pref..
100
3,900 Internal Harvester (new). .100
365
Do pref (neui)
lOO
2,800 Int Mercantile Marina
100
23,700
Do prof
100
3,100 Inturnat Motor Truck. .Wo pvr
I,.500
1)0
Istpref
100
.500
Do 2d pref
100
I7,.500 loiematlooal
Nickel (l'he)2e
19,300 Lnternatlouul Paper
100
405
I>o HtaiiiiKiU prof
100
.53,000 Invlnolblo OH Corp
60
.540 Iron l'ro<l lints Corp
No par
15,300 Island c;ll dc Transp v t c. 10
2.700 Jewel Tea, Ino
1(K>
400
Do prof
100
3.600 JonoH llroa Toa, Ino
ICK)
7.
KanHiiH* (liilf
10
59.600 Kully-HprliigfloldTIro
26
1
Biykeit
t per share
Jan 1
63
18 Aug 24
78 Aug 27
47% Oct
19
Aug
12
634S.|)t
1
Aug 22
Aug 26
Jan 26
6534 Jan 6
46
Jan 6
91 Sept 27
I84 Oct 1
18 June 17
24
17
1(K)
Do
2d ornforred
GOO L<ohllara(P)
100
»Ex-rWiii«.
Do
nrnf
I(K)
..100
100
a Bi-dlvldond and rtght«.
Jan 27
Mar
1
II912N0V 21
13634 Doc 5
99i3l)ec
5
13M2O0C 5
8312 Dec 14
IO4I2 Dec 13
3912 Jan 20
14% Dec 15
407, Doo 16
60% Dec 28
eoij
7634
78
Dec 21
Dec 30
Dec 6
107i2Mar 23
9
Jan
76
Jan 3
44I2 Jan
Aug24
6I4
10i4June20
22
734 Aug 22
53% July 28
1938
Deo 13
Dec 16
Apr 19
74
Nov 22
3I4
Jan 6
25
6812 Jan
4
Aug 26
22% Aug 24
57% Aug 24
334
23
Mar
47
Aug 25
10
38I4 Oct 7
Mar 9
191* Mar 30
9
Feb 24
19
22 July 29
62 June 20
2% Aug
24
Dec 29
8'-:
2384 June 21
Dec
12
53 Dec 13
ijSept 17
1312
7712 Jan
6
Aug 26
34% Aug 16
8212 Aug 25
1284
June 20
June 15
69
96
2212
Aug 22
Aug 25
49
77 June 27
6% Oct 3
131s
Dec 22
vn% Oct 14
Mar 23
23
10% Jan 3
Jan 24
Jan 6
Jan 5
16
8J
18
22
60
9
8
62»s
3i
34
11
18
611,
241,
91
Jan 17
26 Feb 14
681' Feb 28
33I4 Fr!) 25
69% Nov 25
2l84Apr 21
2534May 6
811,
161,
11
7
I9%Majr
2OI2 Jan
6% Jan
78»8May
117i»May
6
17
13
5
6
Ig
77
64
Oct
1
Aug .'5
Aug 25
Jan 8
80% Apr 25
109ijAug22
938 Aug 24
63 June 21
60 Aug 22
69 Aug 20
26%June 24
62l2June 23
16 Aug 16
10 July 21
5I2 Doo 27
25 June 21
eOizJune 20
13 June 20
401t Aug 25
10i2June21
2 Juno 30
29% Mar
6 Aug
31
12
31
Doc 24
81
IO6I2
8212
1.334
I6I4
Jan 11
76
Dec 6
Dec 19
Dec 20
73I2
85
Deo
2
82
Nov
28
86
1334
67
6784
II
Jan
32 Juno
Jan
40
17 It Jan
I38>4 Jan
97% Jan
10 Juno
3
8I4
7«4
30
23
.'I
14
26
-'7
Fob
Jnn 6
4
3
77,
IDlli
111
Par value »I00.
Mar
I27I4
I
>nO
104*4
108>,
61%
164*4
1117,
2114
Nov
Jan
Jan
Jao
Jan
Mar
Apr
Jao
41% Jan
40*4
44I4
67
66
80
897,
98
13
89*4
Jan
Jan
Jan
Jao
Jao
Jan
Aug
Aus
Mat
Apr
Apr
J^
Apt
Jan
Api
Apr
Jao
Apr
Jan
Apr
Sept
Jao
Jao
Jan
Jao
Jao
Apr
Mat
May
Mar
Jao
Jao
Jao
Dec
Deo
Jao
Jan
Jao
Mai
Jan
86% Jao
84
Apr
Jao
Jan
Jan
38% Jao
867,
102*4
661,
Doo
116
Jao
61% Jao
1117, Jao
Apt
170
Jao
84
71
20*4
91*4
797,
Apr
Jao
Mar
Jan
47% July
611,
Jao
Deo
7I4
July
I>oo
21*4
Jao
Sept
46% Jao
30
Nov 207
90
Deo
1907,
141,
Doc
36
28
70
9% Nov
•t
.
160
Feb 28
May
D«o
13
28
1
761,
Jao
26% Deo 162% Jao
Deo too
Jan
76
33% Apr
14% Deo
Doo
481,
Jan
5»4
Doo
91*4 Jao
46
Aug
35
67% Oot
387, Jao
15% Dno
:flilMar2H
I2<4 Jan 10
41!
Jnn 31
100
Jan
Jan
20% Jan
102*4
Deo
11% Deo
Deo
69% Doo
Doo
19
271, Doo
1
l>oo 17
Nov
76
Dec IO514
Dec 107
Dec 43%
Deo 2781,
Dec 100
Deo
69%
Dec
857,
Dec «606
Dec
40
647,
57liMiiy 17
30 Di'i 7
110
1761,
June
381,
l77«Muy 2
5Hii .Inn
Jan
Jao
20% Aug
937,
46I4
Nov
68
8
9
.Inn
7534
126
Deo
Dec
Deo
Nov
44
281,
Junll
iVn Ho"
Jan
JSB
June
Jan
Jac
Jan
Jag
Jan
Apr
67% Jan
74% Jan
661,
92*4
10% Deo
6
91
61%
211,
691,
661,
Dec
Dec
Deo
Deo
Deo
Nov
100
Jan 20
Nov
1661,
1061,
Jan
Mai
Mar
11% Deo
20% Aui
Deo
84% Jao
61% Deo 78% July
12% Deo 46% Apt
66% Deo 116% Sept
9I4 Deo
23% Apr
6% Aug
9% Apt
617, Apr
28 Deo
9% Deo 27 Apr
4 I4 Deo
88% Apr
88 Nov 142% Apr
Jan 18
19
S
•1
Jan
26
Dec 6
647) May
Deo
Dec
Dec
68% Deo
Deo
69
Deo
37
Deo
70
Deo
16
Dec
16
4031 Nov 9
3H3i I)it27
IM
•)
641,
16
434 Jon
I2I1 l>eo
3
7
94l«.luiic23
130
100
26
40
210
Dec 48
361,
12% Dec
11, Dec
191,
Dec
321,
43
711, Doo
791,
Dec 75%
61
7884 Deo
84^
181, Deo 172
1234 Doo
42
8
16
May
9734
10
641, Apr 26
17 May 2
73«4May 17
7.5% Nov 14
22
Aug 25
Aug 25
9I4
Jan 11
Jan 7
Feb
283
13% Dec
28
Dec 147
47
Dec 104
84
Dec 96
40
Dec 91%
66
Deo 161,
6
217, Dec
44*4
Deo 1347g
78
6
Jan 29
17% Jan 11
42
76
Mar
May
7% Jan
42I4 Doc
25lj Oct 14
6318 Oct 17
16
25
1634May 2
7% Aug 24
36 Aug 26
I
211,
26% Apr 25
110
11
64
16% Jan 8
507,
99i4June20
Oct
70
44% Jan 11
86 Dec 14
34I2N0V25
2912 Dec 15
IOOI3
lll2Aug24
38% Aug 24
67 Aug 25
6l2 Aug 6
81
97
70% Dec 7
9512 Dec 8
14334 Deo 3
67% Aug 22
61
63
4384 Apr 29
IO7I2 Jars 11
Jan
39I2
16
97*4
112
Dtc
"
^l*^
Deo 21
Deo 20
Dec 21
10084
99I4
90
84
Aug 3
Aug 24
70
10 Mar 26
95 Nov 26
217g Jan 7
66
Jan 29
Nov
Nov
May
10
43I2
884
9'2
7I4
163,
6
17
Sf i)i 30
76 June 28
57 Sept 5
21
Deo
3012 Dec
8OI4 Dec
2414 Dec
69% Dec
Dec 30
Feb
Nov
63
4
60
80
11334
106<4
100*4
Dec 1481, Apr
Dec 1021, Jan
Dec 96% Mar
47
487, Dec 1021, Jan
Aug IO2I4 Feb
90
99>4 Dec 114
Jan
284 Deo
16
Jan
Dec 06*4 Apr
82
Dec 129
76
Apr
334 Dec
111, Jaa
Deo 29i« Jan
8
9% Dec 28% Jao
66% Dec 861, Jan
Jan
16% Nov 46
Dec 12
Apr 30
3234 May
6734 Dec
1234 Jan
6214 Feb
oS'g Dtc
5914 Jan
Mai
82
7014 Jan II
1678 Dec 15
291 2 Dec 15
•4312
60
93>a
142% Apr
78
Jan 8
4314 Jan 19
96
Jan 12
97
21
.
7i2
7484 July 22
eigJune 18
44% July
Dec
82% Deo
977, Deo
05
Dec
92% May
104% Deo
86% May
100% Dec
6512 Dec
881: Dec
2812 Deo
684 Dec
2518 Dec
Deo
30
Deo
18
497, Dec
Dec
38
Dec
84
0% Dec
71Jj Dec
Dec
42
79«»
50% Dec 20
Dec 16
3612
Nov
26
88
Dec 14
Dec 14
Apr 29
Deo 20
Dec 13
Deo 14
62
87
200
pref
IO7I4
7
25% Doc 20
25
24 100% Doc 28
27 il05 Dec 2
62i2May 6
24
41i2June23
66 May 6
93I4 Jan 11
June
13
87
go June 24 112 S<!!)i 29
7l2 Doc 12
3 Aug 20
88 Jan 3 101 Dec 28
I22I2
81 14 Jan 8
Dec 22
1634June
10 Aug
62i4June
95 June
39i2June
32 Ij Aug 24
70 14 May 31
8%
96
88
Higkett
% per ihare % per ikari
2
61
Dec 83 Mat
2
12
Jan 19
95I4
llli2June21
86 .Vim 27
110 Jan 3
67 Feb 21
03 Feb 21
227$
3134
Dec
Doc
Deo
88
35
071* Oct 18
281 2 Dec 12
9534 Jan 3
20»2
Zjowesi
S per ihare
WO
8.100 Knnnncott C'opper
No par
26.000 KoyHiono Tiro 4 Rubber.. 10
7,100 Lack.'iwiiiinu HUiel
1(K)
roil Ijm:1i<I.i( ;iiH (Ht Louis)
100
2.000 !.«) UiibtHir 4 Tire
No par
100 Liggett 4 Myers Tobiwioo.KK)
100
Do prof
100
<;.(;oi)
l/0«"w'(i In'torit'iruUid
No par
z.niiii Loft Incorporatrrt
No var
300 Looso-Wllo, Ml!ioult tr ctfa.lOO
Maaoe for Pretiomi
Year 1820
baait of lO()-ikari loti
22l2S(|)i 9
2 Sept 26
4
Jan 6
8I2 J"
4
14l2 Ju
3
6
41j in-
Temporary
PBB BHARB
Range for year 1921.
Lotoeat
105
29%
20%
2II2
94%
57I2
paite.
PBK SBARB
STOCKS
YORK STOCK
EXCHANGE
103
78% 80
31 Is
2212
221s
981s
103
128
3134
95I4
NEW
10334 104
7934
121s
75
73
*
1
104
2078
221s
118
47I8
7812
89
120
12812
120
29%
lOO'a IOOI2
215s
1301s 131
97% 97-%
31»4
91
106
106
*6l8
6
5I4
3378
1147s
22
25
•897g
117
86
234
531
5734
5634
IHij
JOT
the
Week
i ptr share
3218 3234
95I4
9534
57I4
6OI2
867g 8734
331s 34I4
11478 115%
12918 13178
97 12 9734
2I4
104
•52%
80
327s
95I4
5834
2I4
9812
97««
104
8412
32I4
5.
S let short
2I4
2'
305s
•95
54 Is
*102
•23
70
78
105
101
105
•20
25
2
1
4S34
44I2
45I6
•75
•73
•101
8 1 7s
104
•102
•2314 25
104
•231'
Jan.
88
32I4
O'l'l
115'8
12818 I2SI4
•95I2 97
1281s I28I4
SOI2 821s
•U)2
85
33
95
lUh
$ p(7 share
FHdav
Jan. 6.
ThuTsdau
Jan. 4.
•881s 100
132I4
34I8
337g
•03>2
Wednesday
BaUt
61
2
For aales during the weuk ofatocks usually laactlve, sec second preceding
BWB AND LOW
1
1
2
Old itook.
Deo
Doc
20% Dor
97
Doo
Jao
Jao
Apr
Jan
Juo
Juo
Jao
110% Jao
115l|
IH3*4
Ex-Olvldond.
62
New York Stock Record—Conciuded—Page
3
For sales during the week of stocks usually Inactive, see third preceding pane
HIGH AND LOW SALE PRICB—PBR SHARE, NOT PER CENT.
Saturday
Dec. 31.
Monday
|
Tuesda
NEW
PER SHARK
STOCKS
YORK STOCK
On
EXCHANQB
/
KMshare
basis of
Lowest
Jan. 2.
Jan.
3.
$ ^er share
7-/^
shim
PER SHARE
Range for year 1921.
Itanae for Previou*
Year 1920
loti
Highest
Lome St
atghut
I
% pf.T shari
*71
75
*57
BO
30
32>s
1
$
•7114
•57
110
11258 II4I2
2712 27"2
135r
is-ig
2738
645g
101
27
f)4
101
I3I4
OI4
IOI4
114
26
70
1
1
36%
3678
92I2
»88
86
*105
14%
3OI2
»53
44I2
39
*22
934
234
30=4
3034
SOI"
44ls
3834
45
39
20
8
9I2
25 lo
53^18
48'.:
12
912
934
63I4
3278
33!>8
I3I2
13%
31
32
71
72
63
637r
93I7
U
I5I4
I5I4
05I2
6512
*90l'>
<
Q
M
92I2I
29I2
30
67
07
o
m
97
*107
Do
Do
234
1378
*13l2
•24
69
28
69
1%
II2
27
70
II2
80
*84l2
38ii
22111
23
23
2%
234
131-
8's
63
125%
115
900
300
26
30f)
70
400
800
4f)0
Nat
II2
1%
33% 34
85
*107i2 108'2
I43j
14% 14%,
02
6212 *56
2978 29%'
30
*60
5612
54
109
39
64ii
•113
•24
70
•88
G3
87
44%
*5
1251-
91
34
I3I2
91«
•10
35I4
91
3478
44%
38%
*25
,700
,099
04
IO2I2 *100
14
14%
44%
10
2SI2
14
12
100
100
Miami Copper
5
Middle States Oil Corp... 10
Midvale Steel * Ordn.ince. 50
Montana Power
100
Do prcl
100
MontWard*CoIIlsCorp No par
National Acme
50
National mscult
100
Do pref
100
National Cloak 4 atilt
100
Do pre!
100
Nat Conduit * Cable.. ATo par
pref
Me.xlean Petroleum
4418
•38I4
221"
"
9
!;7s
100
100
pre!.
ManatI Siisjar
100
MarLind Oil
no par
May Department Storo8..100
108
14%
•37%
30
•51
44%
38%
85
108
1
14%
01%
30
54
4534
3834
•22
24
•lOSs
11
2%
2%
I2I2
9I2
1234
12%
12%
10
9%
9%
27
20
20
25%
2334
7
*0
7
*6l2
7%
2%
9I2
8'8
0414
45
47%
491s
447s
12
52I.I
443,
49'8
03
40
51%'
45
40I2
45
1212
121-
*10l2
623,
44I2
49I4
631.1
64
46%
4434
4934
4434
*10l2
5134
En.-ira'B <t
Stamp'g..l00
Do pref
8,800
100 National Lead
93
9%
2%
978
.
64
4534
51
4534
Do
,400
100
100
100
pref
100 Nevada Consol Copper
5
3.300 New York Air Brake
100
600 New York Dock
100
900
Do prel
100
100 North American Co
59
8,700
Do pref50
1,700 Nova Scotia Steel & Coal.. 100
300 Nunnally Co. (The)
No par
900 Oklahoma Prod (kRef of Am 5
7,500 Orpheum Circuit, Inc
1
3,200 Otis Steel
No par
2,200 Owens Bottle
25
Development
000 Pad flc Gas 4 Electric
700 Pacific OIL.
77,000 Pau-Am Pet & Trana
1,900
Pacific
S per share
59% Jan 3
56 June
50
7
Oct
4
18
89% Feb 14
Nov 12
1
Dec 19
109 Dec 19
84% Aug 25
167% Jan 11
2'
12% Aug 10
65% Jan
Mar
95
1584
Jan
45
11
28
20
Mar 31
17
9
Jan 26
46
12%
10%
42..500
121-
I
3S'2
99I2I
134May31
Dec 2
1478
I5I4
25
27
6134
861;
7
8RI'
1934
Jan
68
Dec 20
46%
27% Mar 12
38% Aug 25
34% Aug 17
Aug 27
i
5OI2
51
1278
131s
21s
2
I
Ills
238
11%
631-!
653s
22
23
39
•3834
211s
3Gi2
•71
97
182
2I2
37
72
9812
O
I
4's
634
G3j
46
26
62
•88
IOI4
•32I2
•701;
10
4034
27
63I4
90
H-l
o
M
o
o
H
nil
3
71
2534
72
72
181;
10
39
•80
I
j
I
I23I2 124
5II2 62I4
•638
I
I
I8I4
25S4
•17
51
N
(
<
102
4 '8
I
I
183
10
I
I
21%
1141s II4I2
•731s 80
2478 247g
35I2 37
82I2 83%
•100
a
m
O
•
1
51
67g
IOI4
40
92
I
OII2
01
12
54
5478
•IOOI2 101
I
36
30
•4338 453g
831- 84"4
115
115
03I4 04
10%
III4
3138
287g
3178
69
7OI4
•86I«
6I2
•68I2
•9OI2
•91
497g
39
lOls
1518
5%
27
•2812
29
87
6I2
69
92
95
5OI2
39I2
1078
15%
5»4
2714
29
I39I2 13934
•114
45
•82
•65
8
• Bid
45I4
88
68
SI;
and asked
I
I
I
I
P4 M
I
I
prices;
no sale on
this
day.
{
Less than 100 shares.
,
Ex-rights,
o Ex-dlv. and rights,
x Ex-dlvldend.
e
23
JanU
16
i
8
7
27»
54% Jan
1
I
51
26
9
Dec 13
Jan 19
111
8
50% Dec
79% Feb
16
17
7134 Jan
."2
13% Dec 6
Jan 17i
17
6438 Dec 27
35% Jan
34I4 Dec
11
19!
-i2i4May 2
88 Mar 28
14% Nov 29
Jan 7
78
66
93
Dee 12
Dec 30
16%May
6
Mar
Mav
31
3
15
21
24% Jan 25
5|
2
18
1
25% Nov
May
49
3
17
9
2 838 May
66
75
77% Jan
22% Apr
Nov
28>4 Sept
417g Jan
Mar
5»4
Apr
104% Feb
113>4
Nov
22*4
Jan
Mar
Apr
Jan
Apr
Nov
Jan
Jao
24% Dec
94
Deo
30
93% July
55% Deo 121*4 Jao
Dec 10634 Jan
84
55>4 Jao
16% Deo
49% Deo 123% May
Dec
17% Apr
2% Deo 25% June
Dec 83% Apr
9
2% Deo 21% Jao
Apt
85% Deo 243
14% Oct
23% Nov
33% Dec 90% Jan
Deo 48*4 Jao
20
Deo
43
82% Jao
Dec
84% Apr
1
30,
9834 Jan
Jan
Jbd
Jao
Jan
Jao
6% Deo 36% Apr
Oct
Aug
45
30% Dec
42% Jao
26% Deo 44% July
16
Deo
82% Jan
Deo 108% Jao
69
Dec 23% Jan
9
Jao
72
Dec
98
61% Feb
72% Sept
Dec 91% Jao
83
12
Dec 27% Jao
10
Jan 13
0978May
141s Doc
5% Feb
23% Jan
6»4 Apr
Apr
Deo 88
52
95% Deo 124
Deo 120
40
2978 Deo
50%
73
Deo 108%
92% May 107
II
13
Mar
9614
Apr
13
Deo
Deo
Dec
Dec
90% Deo
38'4May 11
39% Jan 12
7.314
80
Nov 89% Jian
Nov 102% Jao
72
24
34% Dec 13
70% May 19
1 1 1% Nov 17
109
16
Jao
JSD
Jao
102% JaD
118
27
.Tan
51% Jan
40% Dec
991- Dec
Mar
Mar
40
40
125
Deo
12
Jan
*42% Deo 66
Jao
10'4 Deo
78
41% May
01% Jan
Deo 41% Deo
35
69% Deo 116% Apr
64% Deo 111«4 Apr
Jan 24
90
104
Jan
Jao
Jan
Jan
Jao
Jan
100% Jan
63% Dec 93%
Dec 110
Nov 17%
Deo 117%
10% Deo
48%
36% Dec 61
8i
Nov 22
Nov
I
27I2
Jan
Jan
Apr
100
8
66
Mar 29
4
1
2434
46
88
30% Apr 23
I
<
w
7
Jan 26
1278
Do Class B
50
8,100 Panhundlo Prod &. Uef..no par
9I4
400 Peiin-Seaboard St'l v t c iVo par
9%
IOI4
9
9%
678Jnne 20
91s
97s
5,700 People's G L <fe C (Chic).. 100
6O34 6134
6II4
62
593j
lOO
61
6 134
33% Jan 3
32
6,700
Philadelphia
i\u 32I4
31%
Co
32 14 32I2
(Plttsb)..
32
50
321s
26% Aug 26
30
30
3,000 Phillips Petroleum
2934 31
No par 16 June 17
33
30
3078
30
I3I2
9,000 Plerce-Arrow
9I4 Aug 26
13% 14
1318
Car
No par
13% 133i
13% 13%
31
3il4
31
7,700
Do pref
100
30
29% 307g 30
30
Oct 5
21
3,200
Pierce
III4
11110%
Oil
Corporation
1178
11
25
1034
11%
10%
514 Aug 22
1 ,900
Do pref
0934 6934
70
71
70
7012 *70
73
100
22
Aug
30%
64
•62
4.800 PlttaburKh Coal of Pa
63 14
02
61% 01% 611- 62
100
62 July 18
93I2
100
•92
931- *92
93%
Do pref
93
93
93
.100
82% .l.in 8
*14U" 1512
500 Pond Creek Coal
I4I2
15
15
14%
10
14% 14%
12% Mar 15
64
1,.500
O3I2 64
Pressed
•63
Steel
04
0512
0434
Car
100
641s
48 Aug 25
!»2l4
9II2 9134
9II4 9II4
Do pref
92 14 92 14
700
92
100
83 June 22
251-" 271
7,67k Producers & Refiners Corp. 50
26
2534 27I2
30
25% 26%
20% Oct 11
*06
67
O9I4
200 Public Service Corp of
•00
07
72
67
J. 100
54
Jan 15
6.500 Pullman Company
10534 IO7I2 100
IWi
100
105% 10734 10.5% 106
8913 Aug24
331
37,500 Punta AloKre Sugar
31
3312
31
3378
321
32
34%
50
243i Oct 14
35I2 38%
35% 36I4
25
35% 30% 35I4 35% 25,600 Pure on (The)
21% Aug 25
94I2 96
4,900 Railway Steel Spring
9934
95
95
100
97%
95% 96
67 July 28
*107
•107
Do pref
*107
*107
100
98 Apr 21
5,400 Ray Con.solldated Copper. 10
14% T.5"
14% "14%
14%
14% '14%
11 Mar 12
25I2 2ii->! •2334 25
24
400 RemlngtonTypewrlter vtc 100
•231? 25
24
17i3June20
25I2 26I2'
2334 26
27
2,900 Replogle Steel
26% 273j •25
No par 15 June 21
5OI2 51%
5234
13,700
R.'publlc
Iron
5034 52l2i
&.
52
5134
Steel
54%
100
41i8June 23
•83
75I4 Oct 20
600
Do pref
85
*83
85
86
88
80
86
100
7I2
7I4
77g
4,300 Republic Motor Truck. ATo par
7'4
7% 8I2'
8
5 Dec 1
49I2
501.1
49% 5034'
10% Oct 17
48% 50% 49% 501.1 13,200 Royal Dutch Co (N Y shares)
I2I4
I3I4
131?; * 123.1
400 St Joseph Lead
•1234 13% •1234 13%
10
10% Aua 20
2l8
2
•134
900 San Cecilia Sugar v t o.No par
2
2
2
1%
1% Oct 17
1%
I3I2
111?
1214
1134
1.300 Savacie Arms Corp
100
10% 13
1214 12%]
878 Oct 6
2I2
2% 2%
2%
2% Oct 18
2% 2%
2% 2% 1,500 Saxon Motor Car Corp.jVo par
61 14 64
0434
61
54 14 Dec 6
6134 63%
100
62% 63I4 39,120 Sears, Roebuck <& Co
22 12
22
22
2134
6,500 Seneca Copper
23I4I
No par. 13»4Marll
21% 22I4 21
37I2 3812
3778 38
3078 Oct
37% 37% 37I4 37% 2,200 Shell Transp & Trading... £2
I9I4
1S% :'l%! 19% 20
191.1
1934 84,800 Sinclair Cons Oil Corp.iVo par
16% Aug 25
19%
36I4 3014'
35
1,300
Slos.^-Shef
field
32i8June29
35
•36
Steel
.t
Iron
100
37
37
38
G9l2 7OI4
7OI4 71
700
Do prof..
68i4.fune29
...100
70
72
70
72
f;3i2 S8I2
92I4 95I4
6734June 24
93
251
95
92% 93% 23,400 Standard oH of Gal
1731- I69I1 175% 171
71
179
171
J
25] 124%June 13
172% 12,400 Standard Oil Of
•11334 11412 114% 1141- 114
Do
pref
non
votlni;
3.179,
100
105% Jan 3
114% 114 114%
300' Steel & Tube of Am pref. .100
78
06 -^1) II 23
78
77% 771s •72
78
77
77
•24
24^8 25
900 Stewart-Warn Sp C^orp.A'^o par
25% 24% 25
21 June
24% 24I4
3612 3734
36% 39
25% Aug 24
351.1
36% 36
37% 3,400 .StrombergCarburetor..Aro par
843
803.1
S2I4
Corp
8II4
154,200,
Studebaker
(The)...
100
42% Jan 3
80%
82% 79%
7934
•100 103 *101
103 •100
Do pref
100
Jan 5
83
102
•ion
102
414I8
33<
No par
3
Oct 17
4% 434 •4%
4% 4,000 Submarine Boat
3%
5ij
6
6%
.5%
S
--.No par
3'4 Aug 101
5'4
5% 5,100 Superior Oil
tr
par
10
10%
9%:
Copp
*
C
cUa.No
Aug28|
3,800 Tenn
6%
97s
934
9% 10
10
4278 43%
43% 457s
•4234
25
29 June21i
42% 44
43% 99.10o' Texas Company (The)
24
1534 Aug 241
26% 241.1 25
23% 25I4
2334 24% 21,400 Texas Pacific Coal A Oil.. 10
6 134 03%
01% 62%
45 Mar 22
02
6234
5,900 Tobacco Products Corp. ..100
61% 62%
88I4 88'4 •88% 90
100
76%June28'
200
Do pref
8834 88S4 •88% 92
10%'
11
10
par
10
Transcontinental
Oil.
Aug 25
IOI4
35,800
...Vo
6
93.1
103j
9%
32I2 3434 •32
33
33
100 Transue <fe Williams St.Afo par
28 June 25
34% •32
33%
7OI2 70169
09
57 Sept lO
(U)0 Union Bag A Paper Corp.. 100
71% 71% •69% 72
I7I2
171- IS%
18%
No par 15% Aug 25
17% 18%
18
18% 10.700 Union OH
25I1
25
251- 25% •25
25% 25%
No par 19 June 8
700 United Alloy Steel
20
7OI2 72
6912 70
lOf)
46 .Se:ii. 13
71
United Drug
71
1 ,200
71
71
12034 123% 11934 121%' 120% I23I4
.100 z9534Juno 20
4.800 United Fruit
121% I22I4
5OI4 511.
5034 52I4
5OI4
par
40% Aug 22
51%
17.300 United Retail Store3..iVo
50% 52
•16
17
•10
17
1734
400 U S Cast Iron Pipe & Fdy.lOO
11% Jan 3
17
17
17
•51
•51
55
34% •51
•51
Do pref
100
38 Aug 25
54
54
•6%
•6%
0%
100
6% •6% 6% *6% 6%
6%June20
U S Kxprep.?
919% 10%
8%Sept23
9%
9% 934
9% 934 6,400 U S Food Products Corp.. 100
38% 40
37
Alcohol
38% 37I4 381
Industrial
lOo'
3514
13.000
Nov 30
S
U
37
38
•801- 92
•87
•86
92
84 July 29
100
•88
Do pref
92
92
56
01
56% 58
7.200 U 8 Realty .t ImprovemontlOO
41% Mar 11
57% 58
50% 57
52
54%
52% 53%' 52
lOol
20,9001 United States Rubber
^0% Aug 27
53%
52 Is 53
99I4 9934
100 100
99% 100
74 Aug 27
991- 99%
Do Ist pref
lOOl
800,
3534' •331- 37
•32
3534 30
300 U S Smelting. Ref AM... 50
26 Apr 1
•33% 37
44% •44
•433s 4538 •43
•43
45
Do prel
37 Aug
50l
44%
6'6',906 United States Steel Corp.. 100
82% S4I4 82% 83% 82% 8334 82
70'4June 23
83
II4I4 114% 114% 115%
pref
11434 11434
1,700,
Do
100
105
June 21
115
115
61% 03%
01% 0234
13,200, Utah Copper
10
00% 02%
41% Aug 25
01% 02
10% 11
10% 10%
10% 11%
3.900 Utah Securities v t c
100
7
Aug 5
10% 10%
30% 3134 30% 31
No par 25i8June21
30% 3234
10.200, Vanadium Corp
3034 31%
28
28% 27% 27%' 28
28% 28% 28% 2.100 VIrBlnla-Carollna Chem...l00i 2034 July 30
673.
70
70
08
67»4July30
08% 68% •08
i.oool
Do prof
100
70
85
85
80
86
86
100
59 Aug 17
86
400, Virginia Ir.m. C 4 C
80% 86%
0% 6%'
6% 678
1,315'
(V)
VIvadou
No par]
6% Mar 11
6% 6%
6%
6%
*08
69% 06% 68
09
O9I4
68I4 68I4
700, Wells Farso Express
lOo!
49% Jan 4
•90
92
901- 92%
90% 90%
1,300 Western Union Telegraph. 100
76 Aug 10
91
91
•93
•91
96
91
95
M%s,-|.i 8
WeBtinghouse Air Brake
95
•91
50
94
"5',.566'
49 14 5934
49% 4934' 50
Elec
A
Mfg.
Westlnghoane
.50%
50
38% Aug 22
49% 50
38% 40
37% 38%
3534 37%
29l4Juue23
50
3o% 36% 15,200 White Motor
9I4
9I4
934
10%
9I4
9
934
91- 10.9.50 White Oil Corporation. Wo par
7 July 16
141-1
14
14
15%
14% 15%
900 Wickwire Spencer Steel
6
8% Nov 17
14% 151.1
5I4'
5%
5%
5%
5I4
(The)
25
U'S
11.300 Willys-Overland
5%
4% Nov 28
5%
2034 2734
27% 271;
27
27
1.100
100
23 Aug 26
Do pref (neu!)
26% 26%
28
28% 27 14 27% 28
8
1.200 Wilson A Co, Inc. V t c.No par
27% Nov 14
27% 27%
139
140
139
141% I.37I4 1401- 137 137
100 105 Aug 25
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89
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46
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3178 Aug 31
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2434
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90
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2
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93
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25
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2
120
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20% Feb
May
25
30
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9
18
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15 '^':u 13
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26 Aug
89 June
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10
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70
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21
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1
Nov'21
70l2 Nov'21
69
.
91
6158
73»4
43
Hnle
100
92
70
Jfiii'l2
Dec'21
0018 Hale
80i«
^-.viofpot hid and asked.
7034
D(«'2l'
033,
03
O
Xov'2l "'7,
OOU Dcc'2|l
007h
0034
851,
1;
1207,
75I2
7078'
1007* Nov'20i
0538 Dec '2 1
8938
8S34
sou
07''«
68.. 1938
32.
OII4
Aii;''18'
Halo
05
J
831
X43,i
7434 Rule
78I4 Hale
J
7518
7034
9.513
73
O
"2
W
4 N
4 N
I
6
10434
!;o
1
8t
87 12 Dec '21
S.534
•
1
80
80
03
88l«
0.53i
O
68
67 ij
79
88
65
91
10.388
J
8OI2
8212
79I2
01
901;!
70 12
60
92
78
82
111
J
15
2
79
70
02
C
!.<;
I
Apr'lil
10378
100
f
4
loO
Mii\'18
Doc'21
75
77
M
1088 J
4e
Registered
1988 J
Refunding gold 4b
1934 A O
R I Ark 4 LoulB Ist 4HS.. 1934 M 3
Burl C R 4 N iBt 59
1934 A O
731.
67U
N
W
Mil Spar
St L Too
Obic R I 4
50
75
7778
M
N
K
N
O
O
O
O
MIIB 4 S L 1st gu 3M8...1941 J
Mil L S 4 WeBt Imp g 5b. . 1929 V
Afihland DIv iBt g 63...1926,M
Mich DIv lat gold 69... 1924'
84
0212
Sail;
8234
Nov'21
76
1,
Oct'20 .
D6C"20|.
13
1987.
1879-1929 A
1870-1929 A
38:0-1029 A
1879-1929 A
1033 M
1933 fW
1930 J
15-y.-;v df'i red 6
P g
1936 ft'
Dea Pialnes Val iBt gu 4>iB "47 Ri!
Frem Elk 4 Mo V let 6s- 1933 A
Wan G B A N
1st 3^3.1941 J
931
-
104
1987i"'l
General .58 stamped
Sinking fund 6b
Registered
Sinking fund 6b
Registered-.
ainlslDt? fund deb 58
Reelst^red
10-year secured 78 g
106
94
101
..1987,M
4o
Ni'
I/itt
72U Nov'21
73
O4I2
795s
50
014
83
80
8OI2
25-year debenture is.
1934
Chic & Mo Riv DIv 8s ...1926JJ
APugetPd Ist gu 4s.. 1949'
Farso 4 Sou aasum g 6s...l924| J
Ist ext 4V58...1934'
Coao extended 4Hb..- 1034!^
Chic & N'weat Ex 49..-1883-'20 F
Registered
1886-1926 F A
General gold 3X8
1987iM N
Registered
i>l987iQ i
.
101
103
87
75
07
80
o2014
1932
4^8
Convertible
86U 104
8478!
.0;
Sale
OOI4 Sale
959
947
947
946
956
958
969
989
98B
989
8334
IO4I4
10312
8218
9OI2
.1
681.1
90
34
99
80
MN
—
37I2
lOOls
936 J
951
C&E 111 RR (new CO)
%\U
I
347g
1930
1937
lat consol gold 69
9334
87'4
10334
8712
.
14'
S
J
Shi; ni*
Gennral gold Si
igay
Pitts Clev A Tol IstVei
102T0l4Olndlv Ist ref48A 1989
Buffalo R 4 P g.,n g 8s...
iflSr
'"")987
UOU80I 4Hn
All 4 West iBt g 4b goIIIInWH
«
A
Clear 4 Mah Ist gu g 6*.. .1048 J
87.'54
04
IO4I4 104 14
85
MN
MN
J
Plft» frr. 1.. r «( 1P99
& Tr Co cts of dep
8 Mtg
General conBol Ist 68
1
I
N
N
«1928,Q J
1022'
m
9834
8;:i9512
23 10-4I2 IO412
72 t7l2 104
15 873,. 104
.
M
Q—
U
ftangc
iflail
Low
M
82I2
104.«8
1921.
M
82U 99
10,
.
92I4 Dec'21
93^8 Dec'21
0212
103
103
MN
*1948A
4b
104
Sale
Sile
98I2I
Dce'21
Dec'21
Year
Lait
M
Qeneralis
787g Sale
a^B.
6fl
Am
59
4334
0638 IIOI2
99I2 10834
9734 10234
9'
10312
8I34 97 U
II4I2
Oil
35;
205|
2l'J
109
04
74
40
29
Wut'l
Hanye or
H
1046
10-yr terop eecur 6fl Juno.. 1920
Chatt DIv pur mon«y 3 46.1951
871.1
Mac 4 Nor Dly Ist g 69. .1046
87ii
Mid Oa 4 Atl DIv 8b
1947
871,,
Mobile DIv Ist g 6b
1046
SO34 891
Cent RR A B of Ga coll g 58.1937 m N
10411
of
J
Cent
1 987
N J gen gold 5s
*102l2
Registered
41987 Q
104.'>8
Doch 4 Imp gu 6b
1921 ,r
N Y 4 Long Br gen g 4s.. .1941
82.5s
01
Sale
Chesa i O fund 4 Impt es....l929 J
9778
[W
N
Ist consol gold 69
1939
00
Registered
1939 (W N
S "83"l2 Sale
General gold 4Hb
1992
Registered
...1992
83 Sale
20-year convertible 4H8..1930
84'>.'4 SflO
30-year conv secured 5b
1946
73 15 78
Big Sandy 1st 48
1944
72 U
Coal River Ry Ist gu 48. ..1945
81S8
Craig Valley Ist g 5b
1940
68
76
Potts Creek Br Ist 4o
1946
7812 7938
R 4 A DIv lat COC B 4b.. .1089
76
2d consoieo'f! <g
198S
N 73.-18
Greenbrier Ry let gu g 46.1940
Warm Springe V Ist « 59.. 1941 nn s 8258
5412 Sale
Chic 4 Alton RRrff gas
1940
30 Sale
Railway 1st lien 3Xb
1060
7OI2 Sale
Chic B\ul &
111 DIv 3M8.1949
8058
Illinois DIv 48
1949
"94"
93
Nebraaka ExteasloB 48. ...1927 (» N
Registered
.1927 m N '861'
86I2'
General 48
s
1958
Ohio 4 E III ref 4 Imp 4s g..l965 J J
---I
85I4
soil! 121fij
87
103
107
90
07=8
9078
8638
66I2
103
83
Sale
Sale
Sale
Sale
55 Sale
4OI2 Sale
1083.: Sale
10634 Sale
1011s Sale
lOOSg .-.ale
94 Sale
11412 Sale
07 Sale
103 Sale
107 Sale
101
101
10!
IOII3
e7u! 592
0312I
8738'
IOOI4
9634
9634
93U S08
7.58
865,;
40
108
10834
9034
7734
85I2 10812
95I2 IO8I2
95I2 IOOI2
70Bg 87
10134
00
10
04'^;
1
105
72
70
8 f
194i
let 30-yr 58.38
Ist gold 6a...2'l94G
Couaol sold
83
16
IOOI4
•I
40it 49
943j K'Sij
34
701
97
25
25
92
109
47
28
124
87U Sale
8O34
73I4
8318
5334
87
106
97I2 Sale
0512
S9I4 .*aie
985..,
IOOI4 Salp IOOI4
O2I2 93»4 O3I2
J
98
9434
9538
1005s
987s
100i»
44I2
105
107
85
lOfi
8334
(I99S Nov
,o.,r 61
•' '"".'•« «old 6b
*
108
83
7717812
1934 A
1934 A
1926 J
««*««-Sn* "J"
''<'«'»««
Unt>h
IO6I4
77I2 Hale
lit gold ei
Y» ^'» f"
106
95I2
1061
IO6I2
No»
*^«- -------- J»5r
^^,',?^'
Brfuiid
iM) fin Beriee A _. 1998;.
Temporary
r.V
94I2
10412
5812
*
n-fSlS.'
uesisierea
L.'.s
104
105V
66I2 78
95ij 10634
2i,
86
0l9M
i^iSS^- "*>"'*
OT
78
1057s
IO7I2 Sail!
inn
!00
7OI2 83
79I2
76
85
82
gu KOlfl Si
i(rtgugold48..1938 J
Ctorlei* Buy letgold 7b. .1936 J
A"'"
79
Dec '21
77
100
Sale
102lj 10458
July'2
1061s Sale
W S
M S
»19r,a M H
M
N
1030
1«M'J n
1928 M N
L iBt gold 4s
lO-ye«r eecured 7b-.^
•y F 4
.S:llr
lOGl:;
A O
A O
M
Atl Cosnt
„„,,»«
Bait
4owo prior
97I8
1 035g
047s
10478
Cal-Arlil«t4ref4XB"A"I9«2
Fe Free 4 Pb 1« g 88.. 1942
unified
l8t
95
Sale
Sale
Sale
Sale
Sale
Sale
Sale
Sale
Sale
Sale
Oct'21
68I4
.
1988 J
1960 J
Zest OklR Ulv Int R 48
1928
aooky Mtn DIt Ist 48
1908 J
Trans Con Short L let «e. 1968 J
Mid
BrunB*
100.0^
100
100
581 4 5012
8558 Sale
»19P5
1996
1995
»Jflft6
Stamped
OODTgold4e
Oonv 4«tBijeof 1810
Ala
95.60 100 20
June'21
MN
MN
4H%
3H%
Oen
12707
10008 2057 95.80
10012 June'2(j
IO4I4 10434 I0412 Deo'21
MN
MN
MN
Atch
100 10
Oa
Price
Halo
03
94
Halo KISl..
IOOI2
10778 Halo IO7I2
108
o3.'i); Sale
83
8358
03
0258 Dcc'2
80 1« "«K>s 8058
SOSg
033,1 Sale
933,,
05
701,1
7034 Dec'21
b iP,ia
di
t
Stamped
1964
4JiS O-corpte stfjok
1908 A
4Hs Coporat* stock
.1971
4H8 Corporate ctock July 1967 J
VAB Corporate stock
1965 J
4Hs Corporate otock
1963 M
4% Corporate stock
1959
4% Corporate etorti
1968
4% Corporate Btock
1967
4% Corporate Btock reg...l966
New A^B
1967
Corporate Btook...l967 W
Corporate stock. .. 1354 M
w y Bute— 4e
1901 M
Canal improvement 4b
19H1 J
O'anal Improveznant 4a
1960 J
Highway Improy't 4HB..1963M
Highway ImproVt 4Ji*--1966 M
Virginia funded debt 2-88...1991 J
6e deferred Urown Broestfe...!
Ann
100.00
100.02
7127 88.00 08 24
DaiU of 35 to
City— AH f Corp 8tock.l960
4^8
JO 10
lOO's
F
.
Sale
lOO.OS Sule
100 .08 Sale
lOO's 101'
A
F A
F A
F A
4J<e-292r)iF A
Gove— ^
Central of
07.91)
MN
M
90 94
^.'>-.\ear s
Car Clinch 4 Ohio
63
Friday
Inn.
Bid
03
100
1962
7R-.1910
Canadian North deb
97. IS
M
Argentina Intirns! Ce of 1609...
Belglum 35-rr ext s t 7H a 8-1946 i
Jan 1926 J
5-year 0% notes
,..-..1941 F
90-rear g f 8b.
1945
ttergen (Norway) g f 8a
1945
nerne (City of) » 1 Si
aordeaux (City of) 15 yr 68.1934
Braiil U 3 extern Sb
1941 J
3ana(la (Dominloc of) » 18... 1924 A
53. ..1931 l-A
do
do
lO-ye&r 03^g..
1929 F
cm;ie (Republllc) est gf 8s.. 1041 r
Ertemal 5-year s f 8s
1926 A
25-yeBr s f 8e
1946
Chlnew (Hukuang By) 58 of 1911 J
Obrlstianla (C.ty) a f 8s
1946 A
:k)penhagen 26 yr a f 6H8...1944 J
Coba— External debt 69 of 1904. IK
Exter dt of 6b 1814 ser A.1949 F
External loan iHe
1949iF
80.00 OO.SO
!3 85.24 07 08
I7S| 86 40 08 00
2 J 04.00 100 50
97r76 Sale
I'
{
eiidlDg .Ian.
Biai
45 85.34 97 60
00 82
06.80 34)8 88 30 07.80
r
1901
95 84
97.10
97 30
:i2:ir>
91i.:^0
F
QM
BONDS
Week
111
1
income and defaulted bondB.
Y BTOCK KXCHANOU!
96 .6f) Sale
06. SO Sale
i
Q
Q
Q
IWl
Reglitered
1)7.22 Sale 96.52
98.00 100 00 98 82
A O 07.28
4J»% Note*
— exeept for
Cnnada Sou oodb gu A as
ovai
J D
J r>
Intfirest"
2
Weekly and Yearly
Friday,
"and
Hiiniic
EiOh No. Low
All Low
7(i Silln
Victory UbertF Loat
tn«««
La$k Bait
!»7.10Sal<-
4H%
iBOacese
Yciir
1921.
!!.').
011983 19*7
3«
W*tV»
J
J
.
pricet ure notB
Kangt or
J
D
a
teaii n yifiii
tiondf
Price
J I>
2d conv 4>4% of 1933 1947—
Second Liberty Los,n
4% of 1027 1943
Oonv4M% of 1927 1042
Third Llbertji Locn
.of i028
Fourth Liberty Loan—
4H.% of 1038 1C3S
Ooni'Dkari
iiJ'(itiotinQ
Lowj—
4%
Ooov
Ooiv
22
3
1
Fridny
Jan. 6
Bid
Qo«»rnm«nt.
U. 9.
rirst Liberty
1
Record
New York Stock Excliange-BOMD
—
and
UONDB
N. Y. HTOOK BXCHAWQB
Week ending
2
00
8834
83 !«
S3U
100 lOOU 100
30
77I; Halo
77
TH
MaN'
78
0S«4
OH '2 90
075g
98
07
Halo
19.
Dnc'21
'm,
02
72
oa
86I4
i02ii
'8o'7« "aii
78
OOU 80
834
12
9 7»H
ADuo Aug. oDuo Oct. pDuo Nov. jDuo Don.
77
«
96
81
Option
90
geio
solo.
New York BOND Record— Continued— Page
64
Y.
5|
BONDS
STOCK BXOHAHQB
Week endtuR
Osl Lack
& Westem
.Tun.
fi
1080 j u
in-;ear eecurea 79
1040 a O
Alb & Susq oonv 3Ha
Rensa ii Saratoaa 20'yre*.ie41 m n
Oeo A B Or let ccnl b 4i_.1036 j j
1038 j j
Consol goia «He
1028 j jj
Improveroent goM 6b
1006 k A
iBt db refunding fiii
Trust Co oertllB of dcEWSlt.. j'
1030
Bio Or Juno Istgufia
'b
1040 j j
Rio Or Sou Ist gold 4a
Guaranteed..
..1040j j
RloGr West let gold 4o... 1930 J j
Mtge. & oolltruat 4« A.. 1040 a O
Oet A Maok— latltea s &8...1906 j d
1096 J D
Gold 4a
Det Rlv Tun Ter Tun 4;4a..l06l m n
Ool Ml8eai:>« & Nor gen Sa...l041 j j
1037 a O
Dal A Iron H&nse iBt fis
1037 a o
Registered
A
Shore
Atl
60
1937 j j
Oai Sou
g
CIgIn JoUet *. EsBt lot e 0a..l94l m n
Brie 1st consul gold 78 est ..1030
S
ISrle 1st ezt g 4b
1047 m n
1043 m B
Sid ezt gold 4 Ha
4tbextgo!dee
1930 a O
Stb ezt gold 4s...
...1928 j d
N Y L E 4 1« 7s ezt ..1930
S
1096 j j
Brie 1st cons g 4b [trior
EeglBtered
1898 j j
lat oonsol gen lien g 4b.. 1996 ji j
Registered
1996 j j
Fenn ooll trust gold 48.. 1961 f a
60-7ear oonv 4b Ser A
1963 a O
1963 & o
do Serlea B
1963 a o
Gen oonv 4b Serlea D
OHIO A Erie let gold 6b
1982 m N
Oleve A. Mabon Vail g eB..1988 j j
—
m
NY*
W
M
& Jersey
1966
1967
1036
Cong Dook ooneol g Os
Ooal A RB lat our go 0a...l922
Dock A Impt 1st ezt 6b
1943
1946
N Y 4 Greer L gu g 6b
let e f Os
Qeneesee River let e f Oa
Orle
N YSusuA
j
j
j
j
a
O
104C
1942
Sv i. Ir.d let ooni gu a Oc
1020
CvansATH iBt gen s 6a...l942
Mt Vernon lat gold Os... 1023
Sol Co Branch lat
1080
riorlOa B Coast let «M8
1969
Co lat g 4KB.. .1941
Vort St
irt Wortb A Bio Or 1st g 4B..192g
1933
jalv Houe A Hend let 6b
Qiand Trunk of Can deb 7a. .1940
18-year a f 6i
1936
Great Nor Gen 7b ger A
103P
letAref ilMeBerleeA
1001
Registered
1085
dt Paul
1033
4 Mao 4b
in coDSoI B Oa
1033
1038
u glstered
gold
educed to
4HB...1033
1933
Roelstered
1937
Mont ezt let sold 4a
Registered
1037
Paolflo ext guar 4b il
1040
E Minn Nor DIv let b 4«..1948
Minn Union let g ae
1922
Mont O Ist go g Oe
1037
BeglBtered
1937
let roar gold Oa
1037
WUI 4 S F lat gold 0B...ie38
Wllk
A Eaet let gu g 8b
107 '4 109
7634
10214
73ii Sae
7634 77
73'2 75
4354 Sale
BH
j
J
UD
M
(jteen
Bay 4
j
73I4
12
j
j
J
j
j
J
93»4
"85" "87
75I4
100%
82ls
80
10218
41
8712
78
92
IOOI4 IO9I2
68% 78
27
75I2
62
661j
70
1
(,714
78%
4434
101
4012
501j
431s
1
5;
75
77
Nov'21
6II4
Apr'll
1434
Dec
21
77
65
Ocf21
67
6212
May '21
50
50
84
621?
82I4
8214
9533
6412
92I2
9312 DCC*21
IO6I2 Mar'118
87%
Dec'2l
95
Dec'21
85
80
08
Jbd'20
Dec'21
92
Nov'21
30
AUM
78ii
3534
Dec'21
35
3634
86%
63
195
21
361
29
52
66
36
39
86 12
Jau'17
83
34
87
55
55
39I4
47»4
39
7812
40I4
35I2
387s
8212 Aub'21
72
Nov' 19
8II2
8212
47" 'do'
88
Sale
92% -.
105
-.
"9315
'iVt
8O34
8GI4
99
105
d
56
6I2
70
81
j
j
Sale
7II4
86
j
J
>
2
Sale
87% 05
J
J
77la
66I4
76I3
J
A
8018
MN
J
MN
MN
82%
74I4
78is
Mar '21
Mar-20
6ept'21
8OI2
Sale
79
Dec 21
8n
80
J Illy '09
95%
Sept' 19
82I4
7634
82%
J
J
A
J
J
J
A
A
D
8
D
D
D
D
D
D
7.S18
10C.3S
106%
77
6338
7134
78
74
76
64
66
70
80% Nov' 16
79% 85
7414
96%
92
94
May'2'.
76>4
98'4
73
Mar"19
72%
6594
9018 Sale
7611
90
76
65
80
76
Snlo
Sale
Sept '21
Dec'21
92% Oct 21
80
Dec'21
63
64%
78
Oot'OU
84
85
85
77
70
6.'i
this
week,
"75"
'75' '.so"
76%
88% 93
flt%
72
65;
64
101
102
36
1!
"85%
69%
8II4
79
64
66
87%
79
06
81% 86%
SO
so
67% 77%
72% 86%
00% 93
87
Due Jan.
'
'ii
Jiilv'21
Aim'2l
Mar'12
82
65
-33'
Oof21
85
02
113
65»4
78% 91%
07% 76
76% Deo'21
a
58%
65'4
5 "96% 103
I
6
Due
Feb.
32%
S
J
v142
MN
MS
j"'j
A
'6
MN
F A
A
O
M
S
MN
942 J O
943 M S
M
M
A
A
A
8
D
A
J
O
O
J
J
MN
M S
of Mex prior lien 4H8...1928
1961
let consol 4s
N'ElBt ref impt 4H8A '62
1963
New Orleans Term Ist 48
Tez Mexico l8t 6e
1926
Nat
D
\
ReKlalflred-
Debentiire gold 4s
ReKl3t«red
80-year deb 4a
Lake Shore ooll g 3 Hs
Registered.
73%
33
34
85
94%
74% Sale
i-48% Sale
48% Sale
36 Sale
73 Sale
73 Sale
52% Sale
s52l8 Sale
36
July,
J
J
M
81
07
91
041.
80% 95%
64% 77
98% 98l|
67% 76
32% 46
4«
47
76
44
32
87
7538
07
87
99% 104
33
39
08
1
20
1
"64
'88%
703g
94%
70%
73
30
28
76l<
11
49% 75
48% 74%
86
55
3068
54
33
63»4
17
37
28
61
1
123
78%
6434
9054
79%
55
58
76«4
6278
784(
734
65%
90% 93%
41% 47
45
84% 85%' 84%
97% 9734 97%
76% 86%
86% 08%.
91
5934
'
61%
80
78
734
68
78%' 7i
70
68
83
51%
37%
34
25
May' J'
63%
88%
43%
94
Sl»4
60^ 03
67
'
"78>i
;
75% 83
70% 19U
...;
..-'
'
80%
94
9t
83
1
!102
"so^s Sale
7538
;
90
100%
"84"
*69 16634
79%
80%
i
90%
"76% Sale
00
i
100%
10134
10434
76%
87%
to
90" '91%
7714
7634
;
84»4
04% 78
27
734 Sale
94% Sale
00
27
78%
88
80%
52%
62%
7034 Sale
S6%
100
37
74
73
54
54
63%
90%
43%
7538
9<M«
90»4
100
70
83
80
481s
69
J
I
35%
86
J
"75" '82i>
.iO% 61
8912 82
.,
6f\
78
32
68
101%
34% 51%
78% Sale
78% 79
10%
40
93%
86
98
I'lC
A
D
J
100
.1^1
202
77I4
Sale
Sale
100
7534
61
91
60
73
92
85%
50
58%
60%
79% Dec'2.
70%
70%
Sale
Sale
Sale
89%
4934
82%
S
1930
1998 F A
2013 A O
o Due Sept.
38
100
73%
iih
77% 80
70%
96%
81% S3
97 Sale
100
23
22
27 34
81
97
99
.
21%
25%
27%
293t
18
19%
"72"
72%
96% Sale
11
28
19
84
1
72%
95%
63% 64%' 63%
I
9834 Sale
98
{
Sale :i05%
79% Sale 7834
853s 86% 8678
100
73
MN
MN
84
J
83
71
(->6%
83
71
73
71
87%
52
69%
Det:'2
71
Nov'21
71
Dec'2 1'
June'2l
"II
104
65%
•
64
71
62
81% 86
70% 76%
May'lO
Juno'2i
83% Dec'21
69%
83% 83%
69
59
81
80
83%
73%
72
66
69
67
ifeb'20
8434
85%
7f.% July'2i
84»4
75IJ
6194
50
June'20
64
67
49
60
"78%
8434'
69%
Sale"
62%
Nov'21
8338
Sale
70
76%
74%
751 z Sale
...|(
86%
89%
7734 Sale
Due
90
89%
9I»4
Sale
77%
Oct.
7734
26
73% Nov'21
..
8978
9
7734
»72%
MN
N
M
Due
July'.
68
coll gold 8He..I998
Reslstered1998
Battle Cr A Stur Ist gu 88.1989
1980
Beech Creek lat gu g 4b
Begl9t«red
1980
gold
1930
3d guar
6h
Beech Cr Ext Ist g 3Hs.ei961
1981
Cart 4 Ad Ist gu g 4b
Oouv 4 Oswe lat gu g 6b.. 1942
Ka A A G R let KU g 68.. 1935
1997
Lake Shore gold 3H8
1997
Registered
1928
Debenture gold 4e
1931
36-year gold 48
19«I iW
BeglBtered
C
1991
Mob 4 Mai 1st gu g 48
a
70
73
73
5834 Sale
o
1997
1934
1934
1942 J
1998
1998
94%
96%
O
86%
D€0'.il
10134
Dec 2
94I4
85
Sale"
81
Mich Cent
Due June,
Sale
J
Rel 4 Impt 4^9 "A"
new York Cent A Hud River
MortgaM 3Hb
1997
,
73%
Z6
85% 86% 86%
S5% 96% S.6
101
Sole 100%
S
4
NO 4
J
D
4
NO
Non-cum Income 6a A
1936 A O
N Y Cent RR oonv deb Oa... 1936 M N
10-year ooll tr 78
Consol 4a Series A...
33%
77*«
78
Dec'21
34
32%
39
87
83
7558
78%
S3
39
83
00
15
Nov'21
33I4
77l»
63% 80
71
32
86
84
99 July'2u
102% 98% Nov'21
72%
<2%
68
'
74
FeD'05
91% Oct '21
Nov'21
87
94% Jan '2
95% Dec'21
Dec'21
77
Mar'li
77
Nov'lO
76
Sale"
63
64
74
95
25
98lj
57% 79
84% Nov'21
39
M
10
Bept'L'l
93
74
78
66
91
80% Dec'21
73% "74'
31
1
80% '98%
87% 88%
46% Dcc'21
80
lO-yr ooll 88..aie38
5B»4
9034
100
80%
"m
71%
70
82% Nov'21
58% Dec'21
8134 Deo '21
79%
94%
96%
86% 91
82% 83*4
Ool:il
Feb' 20
too
59
101
100
70
Cura adjust 5s Serlea A
Missouri Pacific (reorg Co)
Ist A refunding 69 Ser A.. 1006 F
let 4 refunding 6b Ser B.oI923 F
Ist 4 refunding 6b Ser C..1920 F
1976
General 48...
1046
MIsaourl Pao 40 year 48
1038
3d 7e extended at 4%
1948 J
Cent Br U P l8t g 4a
Pao B of Mo 1st ext g 4b. ..1938IF
1938
2d extended gold 6b
4 S gen oon g 6e.l931
Bt L Ir
Gen con stamp gu g 68.. 1931
1929
Unified 4 rof gold 48
1929 J
BeglBtered
1933
Blv4G Dlv lstg4e
1926
letg 5e
Verdi V I 4
1927 i
Mob A Ohio new gold Os
let ext gold 6s
...*I927 Q
1938
General gold 4«
Montgomery Dlv let g 68.1947 F
Dlv
.1927
6e
8t Louie
1931
St L 4 Cairo guar g 4s
Naabv Chatt A St List 6e...l928
1923
Jasper Branch let g Oa
Nat Rys of Mex pr lien 4tis.I967
Guaranteed general 4s
1977
94" "94"
SOU
8OI4
lOlisSale
61
*
Dec'21
85
77
Sale
60
64% 76
Nor'17
79%
85
99
68
88%
64% 70
Dec'21
8II4
78
76S4
Nov- 10
!I3
771;
83%
100
70%
64
76
10
M
4 Tof T istgug 6b..
Sher Sh4So istguges
Texas A '^kla let gu g 58..
Mo K & T .?v— p 5s Ser A..
40-year 4s Series B
0-year fis Serle-s C
102
91
72
MN
B
107
106%
92% Dec'21
Sale
81%
94% 100
93% US
Trust Co cortfs of dapoal'
Gen sinking fund 4^9
930
Trust Co oertfs of deposl'
Bt Louis Dlv 1st ref 4e... 2001
6% secured notes "ext".. 916
Dftll A Waco Ist gu g 6b... 940
Kan City A Pao let g 4s
990
Mo K A E letgu g6s
042
K A Okia let guar 68
942
M
95%
106%
90%
Sale
86%
—
Mo
99% Nov'Jl.
96% Deo'21
87%
88%
81% Oct 21
91% Det'21
9738
9138
'8334
Ool'lo
July il
Dec'21
Junc'21
73
75
Dec'jl
97% 9934 .98% Nov 21
*8134
99 14 Oct'(lt)
71% 77
7134
7134
83
83% Deo'2i
78 Safe
76
78
71% 73 72
72%
95
JCM >.
87
87 July'Jl
88
83
Apr' 21
75S4 July '2
86%
78
80
78
78
87%
No Low High
70
91
94
03S
Blab
1921.
83% Oct "21
93
A
M
M
85»4 99
4 IOOI4 108»4
7314 76
'60%
S
J
W
06% 81
Oof 21
77
6BI4
87%
"
60
Dec'21
87I4
80
"42
76I4
95I4 97I2
76I4
63I2 Sale
86
7IS4
6578
M
D
MN
07% 81
44
08%, Dec'21
87% Aug'21
'-'-'-.
8%
74
83
72" 72
Dcc'21
Dcc'21
61
90
70
81% 86
83% 83%
68
78%
68% 8ept'21
70
5'% 8ept'21
,S434
94I4
70
J
I
67% 70%
Dec 21
761;
76i2
J
No price Friday; lateat bid and Mked
79:13
Sale
74
90
90
55
Deo'20
9734
S
O
O
Dec'21
9(>34
'8ri2
80
80%
971 2 Sal«
108
75
99
86
80
67I2
Nov'21
83% Sept 21
Nov' 15
Oct '21
91I2
5%
86
84
72
93%
82
79
80
65
76
76
7OI2 Dec'21
86I2
86i->
76>4
85»4
99>2
9012 103»s
81"2
82%
7312 June'ib
68
D
Dec-21
Dec'21
M 8
mN
10-year coll tr 6I28.
931
Chic Terra 8 f 4.s .
941
1st g 48 lut gu'2e J
MIsBlsslppI Central 1st 6e...l949
949 j
Kan 4 Tex let gold 49. .1900
990 J
3d gold 4s
slOOO
990 F
Trust Co ctfs of deposit
1st ext gold 5s..
944
Ist 4 refunding 4e
2004
82I4 82%
81»4 89
99I2 IO312
93I4
J
F A
m
MSSM4A
89
77
Mar'21
Nov'21
13614 May'06
9314 Dec'21
90
Jau'21
6912 55
Dec'21
634
634 Dcc'21
74
72
72
82l2
76
a
p
86
80
83
80
99
66
80
88
99»4 111
95
lOO'a
9Gl2 110%
101
0434
93/8
peb
peb
93I4
9il2
6912
71% 84
24
J
D
1st cons 6s
66
146
J
68
49
Internal Ist ooue b 4s
M
40
39I2 50
462
23
J
St Louis let 78
let consol gold 6b
let 4 refunding gold 4e
Bef 4 ext 50-yT68 8er A
Des
4 Ft 1st gu 48...
Iowa Central 1st gold 6b..
Refunding gold 48
61*4
78
66
78
88
107%
J
Minn
"ss'la
fi2l4
J
IstgngOs.
87la
99
61%
J
J
Stamped guaranteed
Midland Term— 1st e f g 6b..
*78
iDec'21
Apr'21
Dec'21
88
106^4
109
IOOI2
100
IO7I4
103
88
8834
S2li Oct'21
89
Dec'21
103
Nov'21
99 Sepf20
NFla4S
J
h
Mex
71
82
DIv 48
88
6OI2
69I2
"80
Mem
D
MN
MN
MN
Gen oons gu 60-yr
La 4 Jef Bdge Co gu g
88S4
78
80
J
S
N
88
88
8014
7OI4
(J
J
N 4 C Bdge gen gu 4H8...
S 4 N Ala cons gu g 6b
Jan' 17
...
A O
S
M
M
6a.o:
Registered
40
Dcc'21
oon g gu
Hender Bdge 1st q f g Os. .
Kentucky Central gold 4s.
Lex 4 Earn IstSO-yr 6b gu.
L4N4
let g 4He.
4
41
4578
62>4
M
M
M
(ta
LAN South M Joint 4a..
72I2
35I4
34I2
'H'
J
M M
39
77
97
iW
,
St Louis Dlv 2d gold 3b...
Atl Knoxv 4 Cln Dlv 4b. _.
Atl Knoz 4 Nor let g 69...
6II2
Juno'21
Jao lb
8312 Dec'21
85
Jan 18
56
Dec'21
40
Apr'21
J
SaU
96% Den'21
105
J
Ark Ist g 6a
Naebv gen Os...
Paduoah 4
3
85% ..
76% 84
91%
84%
M
M
N
61
76l2
1st
95%
M
Unified gold 4s
Registered
Collateral trust gold 6e
10-year eeoured 7a
L Cln 4 Lei gold 4H8
O4
let gold Ob
2d gold Os
9.'^%
37
75
4
Louisville 4
Gold 5a
91" 'oo'
86% 92
97
103
52
Louisiana
861: 93
94I2 101
Dec21
4234
Nor Sb B
J
i
Q
Q
N Y B 4 M B Ist oon g 6b.
N Y A R B 1st gold 6b
93»4
76
9434 N0VI6
9Si2 Aug'lO
57I4
55%
4II4
Unified gold 4s
Debenturo gold 5b
20-year p m deb 6s
Guar refunding gold
Registered
1434
10
61>2
477«
74
74
reduced to 48
Leh 4 N Y let guar g 48
Long Isld 1st cons gold 6b..*
let consol gold 4s
b
General gold 46
Ferry gold «He
Gold 48..
48%
72% 77
Apr'21
j
gu g 6s..
let
lat Int
36
t;8
MN
•
74%
23I2
MN
VaPER
99%
691' Apr'21
6912 Apr'21
MN
Lab
4634
78
M
M
t
—
9612
10234
a O
i
8
14
82%
85% 83% Dec'21
38"s Sale
73I4 85
7818
5018 54
+81
i
7634
74I2
42I2
763-4
85
...
...
721s 73
57I2
53
88
84
j
j
j
74
106 '8
90%
jj
Beglatered.
lOU A
tBtEoldSaaterllng
1061
Oollateral trust gold 4a
1062
Registered
...1063 A
lat refunding 4b
1066
Porobased lines 8M8
1062 J
1963
K O 4 TezAS Bold 4b
Beslatered
1068
ts-year secured OHa
1984 J
15-yoar scrurcd fi'ts g
1936
1960
Cairo Bria«e gold 4b
Lltcbdeld Div lstRold8s..l061
liOulsv DIv 4 Term g 8HB.1068
1061
Omaba DIv lot gold 8s
8t Lou1bD1v4 Term g 88.. 1961
Gold 8HB..
1061
1061
aprlngf Dlv 1st g 8Ha
1061
Lines
iBt
4a
Weatem
g
1061
BeglBtered
1028
Sellev 4 Car let Oe
Oarb 4 Shaw iBt gold 48.. .1033
1061
St
L
4
gold
68...
Ohio
O
1061
BeglBtered
1061
Gold 8H8
Joint 1st ref 6b Berlaa A. 1088
1061
DIv
let
48
Mempb
g
1961
BeglBteredLouts Sou 1st RU g 48.. .1031
1060
lad ni 4 Io:va 1st R 48
lat 4 Great Nor I St g e::t 78. . 1922
iamae Prank & Clear Ist 48.. 1060
Kansas City Hou let gold 8s. . 1060
1960
BeglBtered
Apr 1060
Bef4imPt6B
KaniaaClty Term 1st 4s
1080
Lake Brie 4 West 1st g 6a
1037
30 gold 6s
1041
Hortb Ohio Ist guar g 6a. .1046
Lab Val N Y Ist gu B 4MB.. .1040
BeglBtered
1940
AShlgb Val (Pa) eons g 48. ..3008
General cons 4Hb
3003
Lab V Term Ry let gu g 6b.. .1941 A
BeglBtered
1941 A
N
Sale
7718 80
3634 Sale
35 Sale
SB's Sale
8OI2
84
j
j
73U
55
j
Debenture otfa "B"
4 8 ! let ref 4 t g ea..0lU62 j
Hooking V&. Ist cone s 4Hia..l99e j
N
2
1
4I84 Sale
86
aolf
H
'
96%
j
j
76%
95
Sale
IQOis 10238 101
d
j
J
IO8I2
70%
95
j
j
j
j
J
90%
95%
95%
j
j
90^4
SG^s
IOSI2
50
8238
8134
j
90
a O 109 Sale
a O
S lOnU Sale
Sale
j
j
87
6218
62)2
50-14
J
j
j
j
1990
Col 4
1048
V 1st ezt 8 4a
Col 4 Tol let ezt 4a
1066
Oousion )3elt 4 Term let 68.1037
Ullnolc Centit! Ist gold 4e...l961
BeglBtered
1061
1061
lit gold 8Ma
1061
Beglatered
1061
ztended iBt gold 8Ha
7478
62 12 Sale
66"2 71
c
m
Registered
-
.
Dec'21
431s
I7I2
I0>8
7384
j
W Deb otf1 "A"
44
42
d
a o
a O
a O
871^
yO-'s Sail:
A O
Leh Val Coal Co
Ranfie
Year
Lati
An Dow
Bid
Bioi
Wtct't
yridav
Jan. u
i>
Registered
87
mn
j j
mn
j
j
10218
99I4
56
1921.
Price
Si
N. Y. STOCK EXCHANGE
Weekending Jmu.
Year
S<§
BiQh No \Lom
Feb'08
Alt Low
m
WlBtref8a...l937 J j
Jd gold 4HB.
1937 F A
Genera) gold ds
...1940 p a
Termkiai lat gold Sa..l043 m N
Midof N JlBtezt6B
WttV*
Ban</» or
Lait Sail
Bid
(ConcJ.)—
Warren Ist rel gu e SM«-— aOOC p a
Delaware & Hndsoii
i»S2 j j
Iflt Hen eoulp B «Hf
10*8 m n
t«t«rel4e..1936 a O
SO->ear oonv Bn
BONDS
Range
PrUe
Friday
Jan. 6
2
8934
1
»
j
1
64»4
63»4
82
77
73%
94%
88%
85%
July'211
80
»1
82
7634
Nov'21
76»4
7»%
5934,
Option
sale.
78»«
—
2
I
—
1
—
111
New York BOND Record—Continued— Page
N
t
BONDS
STOCK EXOHANQK
.
Weok endlDS
I
<:ii>-
"
H R BB (Cos)—
T Oeot A
RR
MahOD CI
1984 J
1031
1031
1940 J
1940 J
l8t 6a
M
MIoblKan CeDiral Sa
J
S
QM
Reffiatered
4a
Beglaterea
<L«81«gOia8H«
1961
1962
latgolda^a
M
P'i l8t
8C'8
76'»
851a
72'!
74I2
ron3gug4a-1993
R W4 0oonletozt6H...tl922
4Ho
Rutland latooog
Og A L Cbam
NYC
I
(
r
Hartford—
Non-conv
Non-CODV
Non-conv
Nca-ooDv
Ncn-conv
fleben 4g
(leben 3Ha
M
M
1947
1947
deban Svja
1964 A
Qefcan 4s
1966 J
fleben 48
1960 1*1
onv debenture 3,48
1950jj
Oonv debenture 6s
1948
Oona Ry noD-conv 4b
1930
Noa-conv deSen 4a
1966
Non-conv deben 4e
1960 j
t% debenturea
1957 IH
Harlem E-Pt Cbes lot <a..l964 m
3 4 N Y A!r Line lat 48.. .1956 F
OoDt New Eni; lat gu 48-..19fllJ
HoueatoQio Ry cons g 58.-1837
NiUga^uck RR ist la
1954 M
-V Y Prov & Bc^on 4s
1942 A
NYWobe8 4BlgtSerI4HB'40 J
Tsew England cone 68
1946
Consol 4s
1946
Pfovldcac* eocur dob 4s. ..1957
Providence Term let 48.. -I960
EaallBtiJia
1948
i- O 4 Vy re! lat g 48
I
#1993
Regiaterad »6,C00 only... #1992
aeneral4a
1956
rortolk Sou l8t 4 ref A 68... 1001
Jorfolk 4 Sou Ist gold 59
1941
fori 4 We^it gen gold Os
1S31
Improvemtot 4 eit g Oa
1934
New River 1st go!d 08
1932
N4
Ry lat coaa g 48. 199«
Registered
1999
Dlv'l l8t Uec 4 gen g 4e.li»44
10-26-year conv ia
1932
10-20-year oonv 48
1932
10-25-year oonv 4^8. ..1038
10-year oonv Oe
...1929
Pccah C 4 C Joint 4a-. .1641
O O 4 T lat guar gold 8e.-1922
«9»0 V 4
E lat gu 8 48.. 19819
W4Con
W
—
N
jftburn
way
oertlfloate8._1923
8t Paul 4 Duluth lat 68.. .1931
lat oonBo' gold 48
1908
W««b Cent let gold 4b
1948
Or Pao Term Co lat g Oe...l933
•MKon-Waab Ist 4 ref 4a
1901
•aciric Coaat Co lat g 88
1040
'-fluoah 4 Ills istaf 4Ha...l966
'•nnsylvanla
lat t 4«
1923
Con»ol gold 4a
1943
CoDSOl gold 4e
"l948
HR
IHe
i^oiisol
>9<j0
Ocneral 1)<B
General ria
1 0-year scoured 78
16-year seo'ired
Vdlgen
19<J4
J
J
OHs
,{uar g 4a
'annsylvania Co
rJuar 3 Ha ooll truat reg A. 1037
Qoar 3 Ha ooll truat 8er B.1941
Uuar 3H« truat otfa C
1043
tluar 3^8 truMt otf
1944
Juar 16-26-y^ar gosd 4a.. .1931
40- year guar 4a otfHiaer E..1962
n.n L«b A Nor ,<u 4ig
1942
OI4 Mnr Istgu g«Ha... 1936
14 P g»n gu 4Hi Ser A. .1942
Serleii B
_
J942
Int reduDod to 3M|8. ' 1042
D
C 3Wa
D
rterleii
BorlBS
3Hla
•fle4 Pitta «u f
99
90
Dec'21
99 1;
79^4
10
77
Sale
7G%
77 L
23
Sale
9912 Feb'iy
6712 Juno'20
S4i2
851;
38i.t
4
41
38
58
42
4118
4112
38l2
Sale
37%
38
58
J
M
M
A
J
N
O
J
J
J
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194.S
I960
3112
30
Sale
59
60
75
Dec'21
58
53U
.5U4
80
87
83
70
80
S
02% Apr'21
83%
83%
82
Sale'
84
99
82
85
Sale
84%
•82%
eou
loe'ij Sale'
B
F A
8
r A
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72I4
72
7214
75%
7234
72%
70
84%
91
88% Dcc'^l
79
80
;
J
91
104
Nov'21
76
07
.(>iri'21
8')
Apr'20
and aaked.
88
88
01% 92
75% 76%
68
78%
65
76
85
76% 87
83
04%
74% 89
99
81
107%
94%
80
107
84
80
87
80%
78%
82
77
8SI2 Hale
80
72
72
6711
72%
OS
67
70
70% 8.5%
69% 79
88%
8S%
91
67
67
H«
Hale
78% 82%
8«pf20
Mar' 10
.Ml',
21
Onc'20
70% 77
82lt 88,
Hr,
KH%
H3% 81
82
84%
76% 88
88%
)<;r;'2
2
I
Nov'21
Nov'2l
May",!
'
'80
I
DrCai
7fl%
36
911;
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a Due Jan.
88%
76
4
»
80%l
76
42
I
1%
'
'hi'
K3% 88%
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06'
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Rnpt2l|
87':
liinOSI
l»2
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W)% JUDP'2l|
.Sale
84
84
Heot 21
-ul
I
Due Feb.
O
Oct
J
J
J
J
bond
otfs... 1989
70
92
06%
("1
80
8
77%
Atl4CharlA List A 4HS-1944
76%
Due June.
49
Sale
Sale
Sale
Sale
14
31%
41%
58
03
*921'»
J
86%
77%
D
O
94
N
90%
J
A P
Inl
gu
4W8
O
8S%
89
84%
Sale
Sale
Sale
J
O
81
88%
J
J
S
J
J
D
72
Due
J
7K!j
Jan'2I
98%;
98
95%
94
88%
June'2l'
88%!
Dec' 1
83%
80%
87%
84%
81
88%'
I
Sepf2i|
62%
66%
Dec'21
Dec'21
Siii.i'21|
87
Sale
"58'
92
93
90
59
87
Dec'21
Sept
'21
21
9.3%
13
Dec'21
Dec'21
99% Dec'21
97% Nov'21
76% Aui.''21
70
70
Nov'21
93% .Dec'21
58
94% 06%
03%
00%
98
92%
"75' 80%
Aur*21
Deo'21
Dec'21
Dec'21
Dec'2l
Ocr21
97
74
74
86 14 Mar'21
"92"
72% Nov'21
90% Dec'21
'79%
81
12
90
78%
July'20
87%
88
s«pr2i
Oct 21
106% Nov'04
90
91
25
91
S.ilo
77% Dcc'21
75%
75%
91
28
I
O2I1 Hale
102
83% 81
99% 100
90% Hale
83 14
Sale
80%
99%
103
83%
100%
90l2
9534
91)
80
711%
97
88%
Doc '21
Hepl^l
74% Uopl 21
7HI4
72% J*n'2l
20%
25% Dcc'2
25%
88%
88% Halo 8S
78%
93
81%
61%
HalH
94
9311
82% 81%
"
'(18
UU
6?
00%
iin>t
051-.;
82%
Aug 18
Feb 31
I)o<''2l
-'21
An
OK
06
72
60% Doo'21
71% Diio'2l
A
72%
74
no
Hept'^l
A
HI
86
78
JlMII>'2l
Due Nov.
«
Duo Doo.
a
43
65
Option
72
100
70% 82%
Ocf21
91
H
p
86
Mar-19
90
O
Oct.
H,-%
Mar-21
91
88
66
75% 88%
23% Dec'21
82% 84% 82% ni)c'21
Dec 21
55% 58% 58
25% '2.5" 15% Jiiii<''21
25% Dec '2
73% 77% 79 Nov'21
Di-<-'21
81% 80% 85
Doc '21
65
52%
87-%
87% Sain 86
85% 80% 78 Auk'2
89
O034 Hale
90%
83%
82% Halo 81%
I
76%
87%
58% 66%
63% t;»%
06%
93
84
89%
73% 81%
68% 80
83% 86%
87% 88
Dec'21
Nov'21i
Dec'21
90%
87% 92
77% 82%
75% 78
A
Due
88
15
89
86
90
94
84
96
60
76
III4I Id
e
10
45
72
Duo Aug.
77
921'.!
92%
73% 73
Dec'21
6OI4
9011
/t
77
76%
77%
93% Dec'21
88%
76%
64%
July,
7
88% 91
78% Sale
86% 95
87% 90
J
J
1946 F
IM48 F
lVi>
113
83%
9934 100
9!!%
J
SVil
95
66% 80%
1
82%
6534
95% 100
66
..
9534
67% Feb
73
91
^1
20
81%
86
Sale
1
8
82 IS Sep 16
86
87%
63
86%
66%
93%
66%
92%
93%
92%
92%
85%
73%
94%
..--.
87%
7134
55%
87
31
38
116
2
Nov'21
61
93
88
90
30
14%
32%
42%
69%
9334
90
75
92%
74
58
71%
53
69%
49% 67
13% 80%
3
Dec'21
85% Dec'21
80
Dcc'21
70% Dec'21 --
61%
87
86
96%
60% 73%
75%
62
2
70
Dec'21
49
31%
41%
84% 89
72% 75
88%
J
lit iru
4834
13
6134 Sale
66% Sale
l»30lj
4n vr giinr 4a
15
83
O
N
1962
IH3H rm s
1939.F A
1941
Sale
Sale
96
92
8534
19ri4|j
f;h Kit Ist grtl
1941 J
Moliifin Mtv III R «8...l<i3UiJ
Wath TnrmI
77
Sale
Sale
dale
i
J
4
Safe"
J
99
70%
70%
84%
61%
44%
02
78
98
Sale
101
91
90
J
M
M
74
58% 59
"90" 62% Nov'21
86%
84%
98%
J
67
68
56
73
54
88%
90%
M
..19341.1
55
95
90
N
N
69
73
62% 77
27
79
A
A
87%
9334 101»4
69%
78
72
86
C
73
76
69%
93% 100%
101
68%
78% Sale
87%
95%
82%
I
95
D
D
t
01
Dot 20
8734
M
','rili
95
67
se
lit nxtendcd 4a .
I
IM33tJ
Vandalliioona K 4« Her A... lWft8:F A
fVinwilH 4i Horlfi B
1967
N
Van
72
190
98
159
257
64%
55
99% Nov'21
85%
M
Ir^lnliin lit 6a series A
Wm.Kiin 1st gold 6a... ..
id gold 08
Dnhnntiiro norles n na
lit Men no yr g terra 4«
95%
71
8734
J
...I9'20lj
94%
87%
W
gold 63.
83
86
W
^fol•
82
J
J
M
Utah *
69% 317
?0
81
W
M
W
68%
HUH
71% 83
101
Aug'21
68
M
W4
Low
81«4
97% Dee" 17
80
81%
J
M
W
I
Aff.i
98% Jan'13
83%
J
B
—
!•»
A
rialo
J
J
J
Sale
s74
70
70
50
S
8
1944 J J
4
1948 J J
2d 48
1948 J J
Atl 4 Yad Ist g guar 4a--. 1949 A O
E T Va 4 Oa Dlv g 6e
1930 J J
Cons Ist gold 6b
N
-1956
E Tenn reorg lien g 6a
1938
8
Ga Midland Ist 3e
A
1946
O
Oa Pao Ry lat g Oa
1922 J J
Knoxv 4 Oblo Ist g 08
1926 J J
Mob 4 BIr prior lien g 6s.. 1945 J J
Mortgage gold 48
1946 J J
Rich 4 Dan deb 6a Btmpd.1927 A O
Rich 4 Meek 1st g 68
N
1948
80 Car 4 Ga 1st oxtd 5!^8.1929 M N
Virginia Mid Ser E 6b
8
1920
Series F 6b
. 1926 M 8
General 6a
1930 IW N
Va 4 So'w'n lat gu 6s
2003 J J
lat cona 60-year 68
1968 A O
O4
let oy gu 4b
1924 F A
Spokane Internal; 1st g 6s
1956 J J
Term Asan of St L Ist g 4 Ha. 1939 A O
1st cons gold 6s
1894-1944 F A
Gen refund 8 f g 4s
1963 J J
8t L
Bridge Tor gu g 68.1930 A O
Texas 4 Pac lat gold 68
2000 J D
2nd gold Income 8a
#2000 Mar
La Dlv B L 1st g 6s
1931 J J
MIn
N Istgu Be. 1930 F A
Tol 4 Ohio Cent 1st gu 6s. 1935 J J
Wesi,ero Dlv Ist g6s
1936 A O
General gold 68
. 1935 J D
Kan 4
lat gu B 4a
1990 A O
2d 20-year 6s
1927 J J
Tol P 4
Ist gold 4s
1917 J
J
Tol St L 4
pr lien g 8H8.1926 J J
60-year gold 4a
I960 A O
Ooll trust 48 R Ser A
1017 F A
lI'UBt 00 otfa of depoalt
Tor natu 4 Buff Ist g 4s...*1946 J D
DIsterA Del lat nnos g Be
1928 J 1)
1st refunding g 4a
1962 \ O
..
Union Pacific lat B 4o
1947 J J
R«Kl8l*rod
1947 J J
20 vnar conv 48.
1027.1 J
M
1st * rofundlng 4a
»2008
10 year porm snciirefl 6«. 1928 J J
Or« RR \ Nnv con g 48... 1946 S I)
Ore Hhon Line iMtgOs
1922 F A
lit noniol g 6a
1046 J J
Oufir refund 4a
1U'20 J O
.
Ist 30-year 6s Ser
Atl
Danv Ist g 4s
niv liig 3Kl
rnl*rhnivK4l
60
#
W
f)tn
3.^%
J
O
O
A
O
68%
N
J
MN
M
'10
03
1
J
1921.
*
77
JaD'2
99 '8 lOO's 100% Dec'21
74 Sale
7234
74
88
87% Dec'21
73% '74'!; 75
75
63% 70
65
Nov 21
MN
Det
Dea
1
68%
83%
.1
M
1
10
Sale
Sale
Sale
Sale
Hale
10318 104
95 Sale
D
M
8OI1 '«0
27
68%
82%
95%
71%
64%
A O
D
Sale
Ranee
Year
pai
Aik Low
Hiok
00 June'21
73
Jl
M
W
7M% May' 19
80
93
84
42
52% 62%
64% 60%
06% 109%
73
87%
I>pr'18
Feb' 12
Dec' 12
76%
70%
84%
75%
"9%
7|l2
82
'80"%
90%
90%
«0
74l2
F«b'20
80
88
00
90
O
1
Nov'21
H2
D
269
12
8.')%
83% Apr"iO
MM
85
51 100
Apr'21
80
82
75%
75%
87%
90%
74
80
79
72%
75%
84
88
A
73
80
3
Nov'21
82
(;MnReD4a. .1944 M 8
•re Marqiiflfte lit Ser A «a.I9M( J
J
lat Berlpii fi 4i.
.1960 1 J
aillpplne Ry hit 30- yr » t 4ii l9a7J
j'
price Friday; Litest bid
105%
107%
103%
104»4
84
84
83
Feb'20
Hi
80
K
D
MN
I
n St I. A I- Id* oon^ K 8eII"l932 K
PUIIb nnlr. A
lat g ta
1043
rity
O
O
95
•AH
jgyr, I
W
S
Dec'2l
8'Jl2
""n««?iMr 4K8..i»na r
ff.
82%
106%
70% 83%
98% 99%
73% 83
76% 79%
03% 98
IJoc'21
MN
,948 V
IB.VI
i
J
85
PoO''21
88%
88%_
83% H
2' ^Viiinis AlIIie4o K
o
^•riM n etiar
.1942 *
Horlea C «uar
..1M2
s^rjef
J
•.T
]j.^2 •A
_
86%
95
;
4^,
04
85«4
031
O.'i
Ie« l«fnB4H»..1941
*
93
86
04
.;
J
H'!rln« f) in
9314 Sale
J
I
Hr,rM|B
86%
A O
A
2
85%
«
,
78
86
86
Hale
Sale
lOOii Sale
IO412 Bale
82I2 80
90
104% 100%
77% -Oil 67% 80
79%
96%
W
MN
mN
vj
Dec'21
77
75
Sale
90
99
96% 109
98% 100%
99% 100
July'21
96%
85
SO
74
87
*
225I
106%
Dec'21
May'2l!
105% Sept 31
83
A
361
29
75% May'2l'
7711 Sale
MN
MN
MN
F A
J D
J O
A O
103!
85
I
76
82
107%
78
4'
82
Dec 21
60%
62
60% Dec'2l
105%
106%
86
87%
87% Oct'2i;
100
92
75I4
78ij
92% 96
26
Dec'2l
Dcc'21
100% 100
100
100
95
83%
80%
74
75
Apr'21
104
81
87ii Sale
95i«
1061? Safe" 106
1B40
W V*o,u4mx...l031
Safe"
80
1'
73% 86%
83%
103%
99
36
3ept'21
90
9034
IO3I2 Sale
84I4 92
73
92«4
Oct'20
75
MN
69
56
6
101% 101%
97% 102%
74
A
J
Ist terminal 4 unifying 68.1952 J
Qray'B Pt Ter 1st gu g 6a. .1947 J
8 A 4 A Pass 1st gug 4b
194S J
Seaboard Air Line g 4a.
1950 A
Gold 4s stamped
1050 A
Adjustment 58
91049 F
Refunding 4s
1069 A
lat 4 cons Os Series A
1946
At) 4 Blrm 30-yr lat b 4s.«]933
Caro Cent 1st con g 4b
1940 J
Fla Cent * Pen let extOs.. 1923 J
let land grant ext g 5s. .1930 J
Consol gold 5a
1943 B
Ga 4 Ala Ry 1st con 69. ..91946 J
Oa Car 4 No Ist gug 63.. .1929 J
Seaboard 4 Roan Ist 6b
1020 J
Southern Pacific Co
Gold 4b (Cent Poo ooU).. tl949 J
Registered
*ie49 J
20-year conv 4b
^1929
20-year conv 68
1934 J
Cent Pac ist ref gu g 4s— l949lF
1949|F
Registered
Mort guar gold 3H8---itl929 J
Througb St L Ist gu 4s. -1954 A
58-.-1931 M
2d exten esguor
-1931 J
Glla V Q 4 N Ist gu g 68_.1924 M
Houb E 4
T lat g 68
1933 IVI
Ist guar 6s red
1933 fW
1st gSslntgu
1937 J
Waco 4 N
dlv lat g 68..1930
A 4 N
Istgu g 63
1941 J
Noof Calguar g 68..
1938 A
Ore 4 Cal let guar g 6b
1927 J
So Pac of Cal—-Gu g 68
1937
80 Pao Coast 1st gu 4s g... 1937 }
Tex 4 N O con gold 68
1943 J
80 Pac RR lat ref 4b
1955 J
San Fran TermI 1st 48
1950 A
Boutbern— Ist cons g 68
1994 J
Registered.
„-1994 J
Develop 4 gen 4s Ser A... 1956 A
Mob 4 Ohio ooll tr g 4s... 1938
Mem DIv let g 4Hs-68
1996 J
8t Louis dlv 1st g 48..
1951 J
Ala Ot Sou l8t cons A 6s.. 1943 J
W
7014
81
81
106
IO512
106
1041? 106
101% Oct 21
103
I08I4 102% Dec'21
85% Sale 85%
87
83i2
J
20
49% 59
39
54%
51
Sale
J
J
J
J
1st g 48
H4TC
Oct '21
50
50
J
J
A O
A O
MN
W
26% 32
09%
90
O
43
Dec'IO
J
S
29
Scv)i'17
7412
68^4
W
J
Lait Salt
or
81% 84% 86
Dcc'21
71% ...
07% ...
66% Dec'21
J
J
J
Hang*
91%
87%
80%
A O
35
Friday
Jan.
0<d
J
J
J
OH4SAM4PlBt
38
26% Dec'21
88% Feb' 18
6312
J
'RloConnnrt, idtaii 4a ...1943
Inf. oons 6a. .1927
rol
Aug'13
34
58 '8
50
S
63
70% 80
50% Nov'20
J
M
39%
Dcc'21
66
D
61
July'14
32%
58
41
'3% 74%
5114
6218
I
='"'•** Anb
Ocfl7
31
71
'45'
45
51% 72%
July'18
3
J
M
5
100
3';i!>
6OI2
33^8 Sale
61%
36
35
3812
80
60
46
40%
34% 45
38% .50
40%
11
8
F A
A O
A O
A O
M
M
M
5II4
37
35
'21
39
Dec'21
50
60
3II2 Sale
75
55
Dec'21
Apr
06I4
70
70% 85
71% 83%
Sale
D
F A
MN
MN
J
35
39
40
78
77% 87
831s
4134
Us
66
81
83
La
J
J
J
MN
KCFt84 MRyrefg48.-1936
KC4M R4 B l8tgu6a.-1929
St
A O
M
K
99
67% 81
NoVl
85
80
80^8
8258
G9U
J
J
SO
A
N
L4
I
,5 a.
2d g 4b Income bond otfa.i)l980 J
ConBol gold 4a
1932 i
783i Sale
41
N
Ml
S5I4
84% 90
78i2
36U
J
j
70
Registered
Jersey Central ooll g 4a
1061
Atlantic City guar 4a g
1961
8t Jos 4 Grand iBl 1st g 4a.. .1047
St Louis 4 San Fran (reorg Co)
Prior lien Ser A 4b
1950
Prior lien Ser B 6a.
1950
Prior lien Ser C fla.
1928
Cum adjust Ser A 6a
ftI966
Income Series A Oa
il960
St Louis 4 Sao Fran gen 0a.-I931
General gold 5e
1931
SF RRoon8g4B— -1996
St
Southw DIv let g 88
1947
c ;?t a 4 cons g 6a---1928
Jau'09
O
J
lat oonsol gold 68
95U June"2n
39
J
08
93
May'21
1301s
37
N
70^4
50
76
De(;'21
NoVie
421s
3Ha U...1040
wlegC
•No
85U
103
87%
70%
77
97% 99%
70% 75%
65% 66%
78
Dec'21
Feb'21
S
S
MN
m 8
1948
1930
1930 F
1042
O R RR 4 B'ge lit gu 4a 2.1030
<'
60
A
ReglHtered
Oodua
651;
*81ls
1997
1997
a2047
o2047
Ref 4 Irapt C9 ser B
2047
Ref 4 Imp 4^8 aer A
2047
8t Paul-Dulutb DIv g 4a.. 1090
N P-Ot Nor Joint flHs
1936
q» P 4 N P gen gold Os
1923
'.'
78
"75'
62
74
92% 06
68
77%
77I2
S'lij
J
72% 74
May'16
99% Dec'21
3
land grant g 48
Beglat«red
aeneral Hon gold Sa
Reglatered
''
Dec'21
Paclllo prior lien ral
4
Alleg
95
77I2
113
O
O
MN
r
96%
1040
1943
1097
1007
lat g Sa
Beading Co gen gold 48
Dec'21
7712
MM
NH4
T
8eDf20
Mar'20
76
103
MN
o'o" "
4LB
8b
Pitts
87l8 Dec'21
7084 AiiK'2l
102%
guar
S2I4
74I4
June'2t
79
99
10218
2301
...2301
tr 6b. ..1920-22
Equip trust 4H8-.. 1920-1925 t
Y Ohio 4 8t li let g 4a
1937 A
Registered
1937 A
Debenture 48
1931
T Connect 1st go 4HB A. .1963 F
lat 4a
Registered
Llaeo ea
821.1
Oiiis
851-1
Y
eat Sbore
se^s
68
75
d2
5S
1941
A
MoK
9018 June'21
"00"%
99'2 100
lat gu 4b g. 1948
Rut-Canada let gu g 48.1949
Adir 1st g 6a.. .1990
Lawr
1990
ad gold 08
atloa ft BlK PJv gn g 4a.. .1922
01928
PItto * L Erlo 2d g 6a
*.
Pitta
lat gu e8..1932
1934
guaranteed
2d
Oe
t
No Low HtoM
102
1032
fle
mofi
Aik Low
93i4May'20
W$*Vt
Price
W. Y. STOCK BXCHANOK
Week ending Jan. 6
Year
1921,
or
e8i« Nov- 18
S
MN
ti
91 's
82 la
!«f
Pine Creek reg guar
93
J
J
1929 A O
30-year debenture 4a
N J Jane RR guar lat 4a. ..1936 F A
2000 M N
T 4 Harlera g 3H8
S T A Nortbero lat g fia..l923 A O
NY4
Kanot
Latt Sal*
Bit
BONDS
Range.
I'rtce
Friilau
Jan.
65
3
aalc.
UMa
66
New
BONDS
EXCHANGE
N. T. STOCK
Week ending
Jan. G
let a 4b
let B 6e
Weeh-s
Lati Sale
Ask Low
A O
1937
1943
iDnoiue 6b
..pl943
Weatern Pao Ist eer A 6b
1946
Wbeellng 4 L E Ist g 6b
1926
Wbeel DIv Ist Hold 68
1928
Bxten 4 Irapt gold 68
1930
RetucdlDK 4 Ms series A. ..1966
1949
BR iBt conool 48...
WtostoD Balem S B iBt 48... 1960
Wis Cent 60 yr Ist Ken 49
1949
Sap 4 Dul dl V <fc term 1 at 48 36
J
593.1
92
66 U
J
A O
Nov
M
36
80
P
J
84
53
F A
S
M
M
J
J
7%
63%
J
J
771,1
78
77
77
74I4
74I2
7434
741.1
75'/3
75I2
75I1
75l»
3078
3512
57I2
32
31
31
40
60
35I4
35I1
571.1
60
5!»
5812
5812
54
56
76
*57
55
Certlflcfttos ot flepoBlt
stmod..
1950
Stamped guar 4 6b
1958
Kings County E l8t B 48. .1949
Stamped guar 4e
1949
Nasaau Rleo guar gold 48.. 1961
OWoago Ryo let S9_.
.1927
Oonn By & L !at A ret g 4He 1951
Stamped guar 4H8
1961 _
Oet United 1st eons g 4HB..1932: j
Vt Bmltb Lt & Tr lat g 6B...1936
S
and * Manbat 68 eer A
1967 f a
Adjust income 8b
1967
Y & Jersey let Bs
1932
iDterboTC Metrop ooli 4HB..1960
Sale
65
66
56
76
Sale
»*««
58
Sale
7434
47I2
47I2 Sale
N
92
lO^s Sale
934
734
1
9I4 Sale
Certificates of deposit
...
ftiterboro Rap Tran let 6e..l966
5534 Sale
54
ManbatRy (N
58
57I2
57I2
4612
Sale
57I2 Sale
Certlfloates c? deposit
_|
51
14
791s
8314 Sale
43
35
25
25
534
434
AdJ Income 68
rhlra Av? Ry iBt R 68
Vrt City Ry 4 Lt 1st a
Undergr of London
Income
f
me
Ca_
al960 A
1937 J
68.. 1923 A
1933 i
1948
j
"8614
N
B
igrio j
General 7b serfea
QeD?r!il 7b serlen
C
n
T!i40 j
Un Gad
in.!()
N
O
Milwaukee Gas L
N
let,
1927iW
lat 4h
g ftp
Newark Con Gbb
1948I.I
Ist*refGH3A..1941 A
N YEdlson
93
6B...1954iM
57
76
N
Nor Statea Power 26-yir 68 A. 1941 A
Ontario Power N F lat 69... 1943 F
Ontario TranBralsslon 58
1945 N!
PuaAmer. P.&T.lst 10-yr7sl930
O
A
58
63
53
53
75I2
6618
60
18
2934
58
60
61
57lj
&?
57
r.434
72
'70'
2318
4958
82
92
21I2
I912
62
60
Feb "21
9034
8II4
55I2
441,
S8i8
96I4
67
61
75
5II2
:vi
751s
3
4612
69
56
98
21
19
Dec'21'
9012
Sept 21
Dcc'21
21
7634
5112
50
2712
3i8
23
103
Feb'17
Dec'21
58
46
1
Mar'2i
751s
9
77«
6434
8358
80
104
8II4
74I2
4034
60
25
76
47I2
8818
8818
6212
51
96 14
68
65
47
36
68
8078
5II2
.'.2l2
36
79
TOKLAPgea
GAR Co— Cn
93
93
933.1 Dec'21
89
90
9934
100
Sale
Salt"
100 Saic
IOOI2 Sale 100
77I4
77I4 Sale
81
8412
"
'98
94I2
94
86
109
100
90
1071s
98
81
89
ID
O
871.1
8II3
SS5s
8834
10412
10014
811-
Sale
89
8412
106ij Sale
92
77
93
77
93
Sale
95I2
O 4 E—
93
87
87
ConGCoof Ch
Istgu g 58. 1936'
Ind Nat Gas A OH 50 yr 6a. 1936
HMol Gub 1st gu R 69. .1947
Prslladcltibia Co conv g Bs.. 1922
Stand Oao 4 El conv a f 6b- . 1926 J
Byraouso rji?htlng lot g Be.. 1951 J
tyraouar Light 4 Power 6b. 1954 J
Trenton G A El ist n 6fl ...1949 iw
Union i:!('C Lt A P Idt R 88.. 1932
Refundliiff A nxtonnlon 6b.. 1933 hfl
Hnlted Fuel Gas lat H f 68...1K36 J
DUh Power 4 Lt lat 68
1944 F
OtlcttEIeoL4 P let gBfl
1960 J
M
M
M
8734
ll).'>
10138
83I2
SOU 86
90
yii2
8710
May'l9
88
SI
9fi78
94I4
79
73
80
80
81
76
96->8
N
J
89
87
9(il2
89
Sale
Sae
"i
J
24
77
IXSj
75
12
1
834
!
Mar'20
Nov' 19
May'21
75
ncc'21
Dec'21
71
Sale
IO3I4 Sale
j:ji2
88
24
F
93
94
A
l~i
J
8231 Sale
soil Sale
asked.
IO3I4
67>»
93
1
77
5018
78
10
1934
1034
834
11' 6II4
.
aDueJan.
78l8
82'
SO
104
Oct'21
93I2
Deo'21
8212
SOI 2
-^
75
21
-<
50
.--I
3
...
I
12
17
89l2
77
,
7(1
87'1
lot 25-yr 8
10-year oonv
8 ;
Rfaniitacturlng
t
68.. 1941
1928
6b
70
88
73
9^»4 106
67lj 67l»
80
9412
70
79
67l«
847,
86I2
••77,
J
S
D
li'
92
88I2
9OI2
89I4
90-2
N
1947i A O
1939 J
193*1
1940
J
F A
Nl N
1934
N
S Rubber 6-year sec 7b
ref 5a aerlea
192
A
J
M
9812
94
86
96
90
S
D
M
S
F A
MN
F A
MN
J D
J J
MN
A
F
A
F
O
A
O
A
D
i
MN
MN
A O
MN
J
J
M
8
V.
N
J
J
J
i
J
J
5
i
M
80
Dec'21
53
10058
IO312
Dec'21
Dec'21
1037s
10378
93
94
8434
85I4
FA
M
Coke
&
let g
A
O
N
J
N
J
D
Telepl
A
O
O
O
N
O
S
J
S
i
1963 J J
68.1949 iw
na
10312
9918
991s
78 "so" 73I2
93I2 9358 93I2
98
91
^6h
10312 .Sale
Sale
100
9218
7334
95
S:il(;
29
2
57
18
99
104
87
10178
II2I2 Sale lU3s
9158 9212 921
IIII2
112
92I4 sale
921s
92I2 9434 9212
10
17
9638
91
1
Dec 21
70
94
Dfc'21
86>;
8912
89I2
51
54I2
7|
95
21 101«s
44
130
79
90
99
6
66
84
229
Sept21
891a
7334
95
IO3I2
IIII2
9912
7433
17i
'.9I8
2 2'
50
971?
9878
71
ij
9
Nov'21
98
80
88
10334
II2I2
92I2
II2I2
92.8
921;
:
66
73
148
9212
13;
102
4'
103
13
78
7758
1
871,
89
88
Feb'21 ""& 88
9034
95 "96I4 96
87
97 18
97
Dec'21
86
'124
99 Safei 99
101
941"
100 10314 10178
lOl's
1 100
99I2
991? Sale
99
4 96
9t
921.;
95
Dec'21
'"33 85
9711 Sale
97
98
91I4
91
S812
91
1
CO
8SI2
84
Oct'21
S3l2
SOI2
86 12 Sale
105 Sale
9634 97
!l3l2
93I2
93I4
Sale
.^'iiie
94
Sale
IO0I2 Male
US Sale
91/14
951s Sale
91% Sale
S6I2 Sale
8312
100
104
92
lOlh
80
104
96
93
94
93.
99
Jaii'21
52
16
75
IO5I2
63
951s
8912
8912
Dcc'21
93I2
Dec'21
95
971;;
9912
105=4
9SI4
951s
95I4
105
90
86
92
86 12
Aut'2i
78
81«4 Apr'21
3314
7210
83
80
96
91. oct'21
93I4
80 1-
87
9,14 Sale
9712 Sale
82 12 Sale
. 8634
84 Sale
82
68
90
Si)78
Sale
Sale
78
94 12
80
99
997s dale
"87
"
Dec'21
Dec'21
94
Dcc'21
97
97I2
82
85
83
79
90
M
--^ale
sei9712
975s
8212
98
9
7'J»4
11
947g
.
26
85
,
39
25
8712
,
114
21I
4I
7,
12
11
22
53
8
Nov'21
84
Julr'21
90
92
2
78
7S
935, Dec'21
99=8
100
200
993g
99 %
2
897s
6^
Sale
|
IO6I2
71
8OI2
S6«2
1045s
921s
lOlij
8634
82
71
87 lo Sale
1929 J
7S' 82
1936 IW
95
1933 IW
92 14 f;ale
1946 J
IO9I2 *''o
1926 F
IOSI2 Sale
1946 A
Bell Teleph of Pa a f 7b A
9 ,s.i Sale
Cent DIst Tel lat 30-year 58. .1943 J
Commercial Cable lat g 48.. . 2397 Q
89
83
Cumb T A T Ist A gen 68... 1937 J
9934 95
1924 F
Mich State Teleph lat 6b
88I3
Sale
N Y Telep Ist A gen 8 f 4HB.1939 NA
1021s S'"*'
30-year deben 8 f 6b. -Feb 1949 F
Sale
102
20-vcar rcfunrtinc cold 03_.in41 A
107i-> Sale
Northwesfn Bell T let 78 A. 1941 F
"
Sale
93
1937 J
PaclflcTel A Tel lat 5a
9134 94
South Bell Tel A T let a f 6e-I941 J
81134 9U:
1938 J
West Union coll tr our 6a
8SI2 Sale
1950 IW N
Fund 4 real est g 4^8
.
11. I4
9212
35
25
73
Convertible 48
20-ycar conv 4 49
30-year temp coll tr 68
7-yoar convertible 68
19:tri
8712
84I4
IO4I2
991s
102
109
43
43
747g Sept 21
IO3I8
104
100
IOOI2
8918
7334
9434
88
3
120
2
82
3
72
54I2
IOII2
10734
74
73
8 34 87
87 Sale
102U Sale
98
101
83
90I2
6134
5OI2
103
AmTelep A TeIcoUtr4e
..
93
96
60
IO312 Sale
11034 Sale
9..I2 Sale
3
A
dl963 M N
dl903 M N
'
8:ii4
Salt-
1011:
J
58. 1967] J
—
S Steel Corp \coup
lO-eo-yearSH/rcR
Victor Fuell eta f 5e
Sale
1001
f
Pooah Con
Ropub I A 8 10 30-Fr 58 8 f..l940 A O
St L Rock Mt A P 58 6tmpd.l9.';5 J J
Tenn Coal I A RH gen 6a... 1951 J J
Colliers Ist a
8:i-i8
1032
D
J
9714
100
S3
86I4
J
J
J
m
g
lli
29
335
107
9112
90
87I4 Sale
Sale
Sale
D
M
J
MN
!
82
81
"1
104
92
J
J
«1924 A
I'i.yparB
1032
7Hb
1922 J
West Electric Ist 6e Deo
Westlngh E 4
1931
7b
Wlckwlro Bpen Steel let 78.. 1935
Coat, iron & Steal
1826 J
Beth Steel let ext 8 f 6a
1942, IW
lot Aref 5s guar A..
1936;J
A Imps f C9
20 yr p
!9.»'.^ J
Buff A Suaq Iron 8 1 6e
Debenture 69
nl926 IW
1943, F
Colo
I Co gen 8 f 68
Col Indus iBt A coll 68 gu. .!934,F
ConaCoalofMd iBt Aref 68.1950 J
1925 J
Elk Horn Coal conv 6a
1940 A
IlllnolB Sleel deb 4Hb
1952 IW
Indiana Steel 1st 6s
Lackawanna Steel lat g 68.. 1923 A
series
A
1950 M
lat cone 68
f 4Mb A..1954 J
Lehigh C A Nav
Mldvalo Steel A O conv e f 68 1936
Pleasant Val Coal Ist 8 f 6b. .1928 J
69
1.5.ye,ir fiijs
9913
5
Ogi-)
D
F A
1947 J
1930 F
M
Tolegraph
106
921- 90
100-38 Sale
100
I0311 Sale 10234
A O
Nl
DSSniclt Hiif A
conv6a..l926 F A
Va Caro Chem let 15-yr 5a..l923 J D
Iron Cc-vl A
Sale
98i'>
l0878 Sale
43 Sale
J
J
Va
74
S
J
General Baiting 1st 2S-yr 6b.. 1936
Gen Electric dob g 3 Mb
1942
Debenture Ss.
1952
20-year deb 6s
Feb 1940
Goo lyear TlroA Rublst of89'1941
10-yeai*sf debgSs
el931
Int Agrlc Corp let 20-yr 58.. 1932
Internat Cement conv 8a
1920
lutei national Paper 6b
1047
Keliy-Spriusfield Tire 8s
1931
Liggett 4 Myers Tobao 7-' ...1944
5a...
_
1951
LorlUard Co (P) 78
1944
1951
58
Nat Enam A atampR iBt 68..1929
Nat Starch 2a-year deb 5b... 1930
National Tube Ist 5h.
1952
N Y Air Brake 1st conv 6b.. 1938
Packard Motor Car 10-yr 88.1931
Porto Rican Am Tob Ss
1931
Sharon Steel Hoop Isj 8a ser A '41
Standard Milling ist 59.../.. 1930
Steel 4 Tube sen a t 7s ser 0.19S1
Union Bag & Paper 1st 68... 1930
Stamped
1930
Dnlon on Coof Cal lBt6B...1931
United Drug conv 8a
1941
U 8 Realty A I conv deb g 58.1924
U
9OI4
Salt
6110 Sale
57I4 Sale
102 balb
IW
M N
Conv deb
79
73
98 Sale
10058 Sale
E
7MS
79
95I4
Sale
A O
A
du Pont de NetnoursA Co7Hs'31
FIsk Rubber 1st a f 8s
1941
10-year
1
27,
I
IS :a
1941 f
1931 TA
Distill Sec Cor oonv iBt g 69.19271
1 du Pont Powder 4^8. ..1936
&
.-1
12
IO312
93I2 Sale
8478 Sale
Cuba Cane Sugar oonv 78
1930
Conv deben stamped 8%
Cuban Am Sugar Isi coll Se 1931
Diamond Match s f deb 7HS.1C36
let
94
85
93
A
A O
J D
Cent Foundry let s f 6.9
5931 F A
Cent Leather 20-year « 59...1925|A O
Corn Prod ReIg s f g Gs
1931 m N
U
11
87
22
and Industrial
a f
S'.l»4'
n
ipfiS a
No price Frlday:l3tc9t bid and
S7l2
83l8
8712
.
90
79*8
78I4
70
Building 53 suiir tux r\
7'.>1j
73
J
5(1
86I4
6838
U
A
90
ioi'ls
Doc'21
June'21
1934
M
631s
91
8318 Sept 21
SO Sept 11
-.131
931
19'26
1926
1931
1962
1966
'84"'
9'^l2
84)8
851:
9234
107,
1931
827g
75if
7334
82I4
7578
M
10978
J
S
8
Atluntlc Urfi! rIpMms
_.
Booth FIsherlPB deb a / 68. . .
Braden Cop
noil tr a f Q«
BUBh Terminal ist 49
I2
S
75
Klpo 5s
86
94
s
M
M
M
Wk^A
81»8
8118
79
73
86
95
Armour A Co iBtroalest 4Hb 1939
Atlantic Fruit conv deb 7e A.1934
80
79
76
85
.1948
1926
66
75
87
105I2 10678
'
94
81
6434 7812
801» 90
Dec'21
Dec'21
Mar'17
Nov'20
75
9OI4
'•'03
Dec'21
7034
75
90
100
82
73
6818 89 '2
91
79
8734
July' 17
94
92I2
93
Dec'21
89
9978
Westchester Ltd gold 8e... 1060 J
g 48
IOCI2
92
83I4
8OI2
81
93
90
Dec'21
Apr'l7
94
S7
tr
67|
21
9978
81
M
70
811s
097, Sale
9418 97 12
75
1967|J
Alaaks Gold
deb 6b A
Oonv dPh eanerteii B
•14
Dcc'2I
D
D
3
Oct '2!
Dec
71
9KI4 105
snsg
8718 !13=4
761} 9II2
101
80
88 10112
Dec '21
8'J
!»5
Adams Ex coll
101
78
60
85
N
N
63
8712
8478
8712
853s
UtloaOas4 KIeoref6s
39
'12
7734
87
88
S4I2
MN
Mn
87
I
84
9414
051.;
Sale
101
Befundlng gold Ba
19471m
ObG L4 Coke lHtgUR68.1937|J
I
8912 Aug'2l
781; May'20
85
Corp unlfylnK 4 ref 6b
1937 M N
?«olfloa4 Egen 4 rof 58...1942'
P«oPow4Ltl8t Aref20yr6s '30 F
rat 4 Pa8Balca4 EI 68
I949M
PMpOaa4 C let conag 6e..l043 A
76
1
891.1
N
O
925,
10078
951 1075s
9512 IO8I4
1
17
14
A Co
iBt 25-year 8 t 69..
16
Dec'21
Dec'21
Wllflon
A
163
97
lOOis
93
79I4 89
9534 Sale
•
2
93
100
90
A
93
85
I
95
Sale
881; Sale
N
9834
191
6
lOOis
A
M
,
94
74
Standard <^I1 of Cal 78
al931iF
Tennessee Cop Ist oonv 6B..1925
Tide Water Oil 6Hb
19SiIf
Utlon Trmli Car equip 78... 1930 F
Wash 'Wat Pow 3 f 53
1939 J
West Ponn Pow ser A 53... 1946 IVI
1st aeries COS...
1958 J
1st series D 7s
cl04Q F
13 77
22 101
54
lOOig
Sale
lOOis Sale
N
96
74I2 Dec'21
70
95
PubeervCorpofNJgen5e..l969 A O
Sinclair Con Oil conv 7isB
1925 IW N
Atlas I'owdrr conv 7I2S g
Baldw Loco 'Works Ist 5s
171j
137
78
80
102
lat
90
1
433s
Gll2
4 O Pow
Sale
li7
997, Sale
92I2 93I2
85 Sale
N
8412
37I8
2778
1
s 1
OS 34
82
60
35
558
Mexle;in Petroleum
Am Agrlc Chem 1st 6a
7I28 g
1st rets
Am Cot Oil debenture 5b
Am 8m A K Ist 30-jt 6Bfler A
Am Writ Paper a f 7-68
4838
0334
93
75
84
Doc'21
.
Nlag Lock
75I8
71 14
6712
50
34
194o|m N
6b
High No. Law Blgi
114
86 104I4II6
89I4
883, Sale
8712
Sale 11158
11214
9U^38 Sale
99
100
84I4 Sale
84
85
91I4 92
9II2
92
8214 8OI2 8OI2 Dec'21
SI
87
95
Apr'20
86I4
SO
Sale
86
93I2
92
Dec'21
901 Sale
9OI2
89
MN
1925
8 f
ta»i Sale
112
Meroan Marine a f 6b. 1941 A O
Marland OU sf Hs with war'tsl931 A O
Inter
601a
75I8 Sc|it'21
7II4 Junc'21
831,1
Conv deben 8s
Great Falls Pow let
Wtek't
Bangi er
Bid
Ask Low
113ii3ale II3I4
Computing Tab Reo B f 68..194l|j I
Granby ConsMSAP con 6s A 1928, IW N
Stamped.
...1928llVI N
Ollj
20
40
83
19.'>
Cerro de Paoco Cop 8b
Ohio Un Sta'n lat gu 4Hs A. 19631 J J
Ist Ser C axs Cotfa)
..1963 J J
Chile Copper iO yr oonv 7s..l923lin N
Co I tr A conv 6a ser A
1932 A O
N
37
5%
933.1
1948 J D
PurohaSH money g «9
1940 f A
E<l ElecIII JBtonn8g3B...in!>6'j
J
IIY4Q EIL4P iBt Cong 58..1930 F A
CooBOl
39
Friday
Jan. 6
Ss... 1936! 1*1
Montana Power let 6a A
I943|J
Morris 4 Co Ist a f 4HB-....1939 J
Y Dock 60 yr Igt g 4s
1951 F
Niagara Falla Power let 5s.. 1932 J
Ref 4 gen 6b.
al932iA
12
2Ilj
I
bM
Wnt
4038
6
IC
5I4
Sale
52 12
6912
25
35
40
4Slj
52I2
6212
4278
63^4
14
1
88I3
9612
22I2
8I4
'36
51
I
M
M
Am
'
8978
8958
8978
10084 Sale 100
101
1U2
IO3I2
10234
1071s Sale IIO6I2
1071s:
8778
8Slsl
S7's Sale
9212 !)2l2 Dec'21'
91
88I2
88"8 Sale
89
Dec'21'
88
887s 89
75
beiJi'2ll
7012
IO4I2 Pale 10312
IO4I2'
j
cons g 6s.. 1946 iw
UlnolDGaa4Eloc](it4rct63 1956 A
Oolumbla G 4 E Ist 6s
1927 J
Stamped
..1927 j
Columbufl Oua 1st gold 68. ..1932 J
OonBol Oao 6 yr oonv 7b
1925 Q
Detroit City Gas gold 68
1923 J
C«txo!t Edison iBtcoUtr 6a..l933 i
Jet Aref 68aer A
»1940
Ut 4 ref Oa series B.
tl940
Oaquesne Lt Ist 4 ool! 6a.. 1949'
Savboa Eloc oouBol g 6a
1962 F
Hudson Co Oao let g 6b
1949 fw
Cun City (Mo) Gan lat g 6b.. 1922 A
KlDgB Co El L 4 P g 68
1937IA
PurchftBe money 98
1997 A
Couvnrtlble deb 6a
..1925'w
Bd El III Bkn I»t con g 49.1939 1
Gaa L of St L Ref 4 eitt 6b '34 A
raolfic
58
Nov'21
Muy'21
10
S'llr
78^8
I
aener.'il 6s series
Bilyn
I
6
78
and Elect'/ic Light
Oklyn Edison Inn gen 68 A. .1949 J
Ciiii
56
5S--.8'
24
4534
5012
227
753
03
534
56ii
76
Onlted Rys Inv Be Pitts 18B..1926 iv«
Rya 8t L let g 4s
1934 j j
St LoulB Transit gu 6b
1924 A
»a Ry Pow lor * ref Ss
1934 j
9I2
24
55I2
Onltfcd
107
6
87
58
85
95
70
10%
253.1
83
78
65
59
Dcc'21
251'
Sale
I
80
289
761s
4812
2512
801s
103
1
5734
64l2
7812
6318
Jen'20
26
633s Sale
*80l2
\
10
P658
Doc'21
Dec'21
Deo' 11
15
40
92
88
90
51
54
MN
,
50
Sale
75S4
82
80
38
81
82
8314 Dec'21
37I2
MN
mN
« T State Ryo let cone 4H8.1962
rortland Ry let & ref Ss
1930
Portld Ry Lt * P lat ref B8..1942 f
let &rcfund7''jsSor A
1940
Portland Oen Eleo iBt 68.. 1935 I
It Paul City Cab ootis g 6s.. 1937 j
ITblrd Ave let ref 4a
1960 j
8II2
81
86 12
M
M
W
63i>4
64I2
6-year 6% notes
1924 a O
Uetropolltan Street By
Bwny 4 7th Av lat o g 3) ..1943Lt
Col & 8th Av lat su g 8s -.1993
Lex Av A P F Ist gu g 68 -.1993
UeO
8 E! (Chlo) Ist g 4b -.1938 F
M«W Elec By 4 IX ConB g 68.1926 F
Befundlng 4 esten 4HS...1931 ji
Montreal Tram Ist 4 rel 68..194I j
BTew Orl Ry 4 Lt gen 4!^s..I936 j
W Y Munlclp Ry lets' 68 A. 1966 j
M T Rt9 let B E 4 ref 48...1942'j
CertUtcateB of deposit
CO year adj Ino 68
.al942 a "6
1
23I2
2312
68I2
6738
50
81
June'2l| -.1
6158 Oct'21, -..I
23
6112
66
6312
67
47
2
14
14
75I21
75 12
60
66
66
Dec'21'
751?.
6OI4
68
7
75
63
63
65I3
9158
5II4
10
75I2
62U
Y) oonss48..I990 a
Stamped tas exempt
.1990 a
2(1 la.
2013 J D
Manila Eleo Ry A Lt a f 68.. 1963 m >:
Market St Ry lot cons 58
1S24JM S
53
De(''21
75I2 Sule
2058 27
67I2 Sale
m
66
18
6218
secured notes. ..iI921
Cortlfleates of deponlt
BUyn On EI let g 4 68
..
Sale
S
Street Railway
Bsooklrn RapM Trao g 68... 1946
1st refund oonv gold 48
2002
8 yr
86I2
Nov'21
Nov'21
9034 Mar" 17
85
90
9511
83
Ocfl7
51I4
6212
mN
'
8512
S.ile
91>2
88I4
A O
J
6712
Low High
5U2 6312
18
5934
5813
9158 Dec'2l
C6I4 Dec'21
Sale
Price
H. T. STOCK EXOHANGB
Week ending Jan. G
1921.
Bigh
4
BONDS
Ranne
Year
"S
- •=
\»i]
Kangt or
.
19'>2
2
PTtce
yridav
Jan 6
Bid
West MarFlaDfl
Weit N Y 4 Pa
Gen gold 48
BOND Record—Concluded— Page
York
87
Jan'21 ""'2
87
86I2
871
82
82
109
June'21
6412 Fob'21
89
90
9434
88I4
10134
107
9212
93
94
881106i'>
63
80
1
108
86
102
73I8
ISO
9318 Dec'21
9II2
9212
108
IO912
153
77I2
247,
9414
40 100*4
86
6412
78
86
75
9434
89
10278
IO214
10758
9234
9334
Dec'21
89
107
dDueAprll. cDueMar. eDue May. (;Due June. ADueJuIy. ?Due -Aug. oDue Oct. ?Due Dec.
s
69
74
576
128
I
!
8734
i
98
4
4
...l|
9
S6
66I4
:
:
80
8OI4
S3
7738
Option
eg
sale.
2
1
2
!
1
i
21
1
;
1
'
BOSTON STOCK EXCHANGE-Stock Record
atOB AND LOW
Saturday
MonOas
IMC. 31
Jan.
PXICB~PSR SffAKS. NOT PER CENT
BALtl
TfturtdJiy
Jan. 4.
Jan. 5.
Friday
Jan. 0.
Wednesdav
'I.
9TOOK8
BOSTON STOCK
3ai»$
for
BONOS
67
Sa« nast pas«
ItanoefOT year 1921.
1325^
76
78
»132
95
«!)5
14
20
14
14
24
*20
*J23
*123
G5
14
20
Lowest
Railroads
22) Boston A Albany
493 Boatoo Elevated—
13
86
30
81
13
6934
1214
32
58
I5I2
75
17
*1S
•79
49I2
5812
3''':,
4
1434
114"8
115U
109
109
84
84
*Vl
4
1434
12
*13ls
.20
».15
*.01
17
16
91?
45
42
45
41
163
164
163
16438
978
39I2
5I2
10
5I2
10
10
•1
•IGlo
'
1
II2
20
2/
2734
•31
*76
33
78
*3l4
334
*7
2I2
IOI2
2I2
Slg
8I2
5I4
86
62
87
63
6212
6212
2134
2178
8
9
781;
33,,
atyheit
81'
85
87
64
130
22I2
2II2
*3's
9612
963!
60
60
•II
12
37 12
l'28!4
o
26
23-s
2318
24I4
29
281?
7
8
8
8
71'
8I2
19
19
32
•34
32
o
<
3512
1412
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63
H
24
63
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312
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9
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270
10
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3
'2
2l2
.75
II'
134
•2I2
,.-,l4
50
18
55
55
1712
18
I
II2
•I
'2
•37
•75
•37
•75
77"
63,
61'
1234
.25'
•20
2'::
•2
23I2
m,
24
,
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43
'
•
30
83
•
45
46
I
•43I2
In
-
.10
•
43
45
55
06
1
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3
21;
3
V*
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3I2
.75
.76
3
»
'
3
I
l'2
Vh'
I'll
l»4
I
11
.50
'2
40
I
Bid and asked prices,
•lfH4
•
I
84
35
l»4
2
.40
II
50
9
'37'
26I4
I
2338
27
I
*14l2
60
Greenfield Tap 4 Die
25
Internat Cement Corp.ATo par
Internat Cotton Mills
50
Do pref..
100
Internat Products
No par
Do pref
100
Island Oil 4 Tranap Corp. 10
Llbby. McNeill 4 Llbb.. 10
Loew's Theatres
25
McElwaIn (W H) 1st pref. 100
Massachusetts Gas Cos
100
Do pref
100
Mergenthaler Linotype
100
Me?rtean Investment Ino.. 10
Natloaal Leather
10
New
New
Orpheum
Circuit Ino
1
JaoU
78
,Ian
7
1314 Dec 28
I6I2N0V 10
110 June 22
.25 Jan 29
30
133
.26
,99
334
May
68
Deo
Dec
Deo
891:
Nov
40
49
8epl
Oot
74l»
I3I2
26
124
lOo
750
11
Maa
133
88
76
Jaa
Jan
Sept
1.534
7
Jan 3
Jan 8
50
Nov
Mu
Oct
MM
143
26
7
Jao
76
77
7
Oot
Nov
Jan 12
Oct 27
Apr 23
34
3
Feb 23
Nov
Jan
Deo
Dec
1
1.30
75
76
7a
21
78
._
61
15
130
Feb
60
Dec 7
Feb 3
60
69
40
40
Feb 8
Jan 4
Jan 21
Jan 29
Jan 28
Feb 16
Feb 26
No*
119
82I2
43iz
2314
Doc 20
Dec 21
April
12
Deo 6
2534
130
Feb 28
63i2June 16
30
Nov 22
Nov 28
133
79
100
Jan 29
Jan 19
.75
314
6518
32
Dec
Deo
Deo
Deo
37U Sepi
Jan
86
89
86
Jan 27
Jan 10
Jan 12
60
Deo
16
27U Oe»
70
36
48
Jan
June
Deo
Jaa
61
Dec 7
Dec 13
Dec 14
3
Jan 5
5II2
Plant (Thos G) pref
Reece Button Hole
V Dervoort CI A
Root A
Slmms Magneto
Swift A Co
No
'2i'\
27I2
8
1
8l»
35I4
15
I
6
2
Jan 21
8ij Jao 3
geig Jan 3!
20
4
61s
.95
18
.15 July 25
.08i2Oct 29
Nov
17
958 Sept
6
3
July
July
JtUf
A PI
89*4
46>4
661a
14*4 Sept
Dec 31
Dec 15
Deo 5
331a
16!a
27
478 Mar 18
Jan 11
13
18 June 7
9212 Feb 23
85
Ja" 8
64 May 9
136 Nov 29
351s Apr 25
914 Jan 13
6
11234
1134
3014
171
87
14
24
40
80
8ig
24
4
lOig
o9i!
89l2
68»4
Nov
ADeo
Feb
June
67
118
16
Nov
7«8
Dec
Deo
Dtc
Dec
9
31
825$
May
9
Deo
Deo
Deo
Deo
Apr
29.
Dec
Fab
11
171
Jan 10
Mar 23
23<4
14614
JOIM
May
Oot
Jaa
Jan
96
Jao
48
80i| FeM
81a Apa
317« API
29I4
741a
el2ia Sept
lOl'-s
Jao
86
N07
6334 Not
13812 JSB
63
Jaa
13
Jal7
Nov
Nov
60
Deo
Jan 10
21
Nov
39I4 Jan 4|
2612 Dec 3
2412 Dec 27
2978 Dec27j
17
Jan 6|
17
Fob 18
221s Apr 28'
3.31 2 Deo 21
3534 Dec 27;
1818 Jan 11
34ig
ireig
6
9712
2!
Nov
101
36»8 Jan
16
Janl2i
.
26
60
65
Feb 15
5
8
21
Sept
Apr 13
Aug 12
Oct 3
July 12
Apa
Not
3SU Jau
Dec
61
22
Jaa
88
184
Nov
105"'4
Dec
Jao
38*gMay
177*
3
11
1
Jan
Jao
e^a I'-^o
85
13
16
13
Apr 1
leUJuly 18
8
11
17
18
8
Deo
Dec
Apr
Deo
Deo
Dec
Deo
Deo
10
Aug 18
9i4May
22I4
6
8
16
S->:)'
167b
Deo
32»«
16
7
2
Dec
3
SSijJuly
47 June
10 Dec
33 Sept
161a
Dec
Feb
Jan 8
Jan 7
Apr 14
May
140
Nov 25
5
Jan 3
3»8
21
287,
411;
Mar 28
9512 Jan 3
7 July 26
I412 Dec 15
378
29
13
Aug 26
351^
Jazi
Doo
Deo
Deo
32
4
Deo
Deo
Deo
Apf
Apf
Apt
Ap)
Nov
86
Dee 17
38
12
12
2I4
Nov
7
Nov
Sept 22
13i88ept28
Ap»
Jas
Deo
Deo
Sept 10
117
Ic
100*4 Sept
167
83
19
490
2
5334 Sept 27
5812 Oct ID
Nov
Nov
127s
3>s
Dec 23;
Dec 23
73
80
70
70
No?
No»
Nov
45
Juno 15
Feb
Apr
5
600
165!2
17
Jan 8
2314 Apr 12
8
Jan 3
Dec 31
Dec 21
Dec
Feb
Jao
Mm
Jan 3
Jan 10
Jan 10
Dec 23
Feb 11
Jan 8
32
74
518
r8i4
1
6
714
8I1
18ij
10
14
23
42
July 6
19
3c
N0»
Sept 2
Apr 29
Jan 8
1778
4I2
Dec 10
Deo 13
1
I9I4
Feb 9
lis
9ljJuly27
3
Oct 21
gig Oct 25
18
Jan 10
42 Nov 23
142 14 Oct 28
Nov 23
MO
25
5,825 Ventura Congol OH Fields. 5
1.321 Waldorf Systeminc
10
1,.5.50 Waltham Watch
100
Walworth
Manufacturing. 20
125
28"? Warren Bros
.
50
130
1st pref
207
II" 50
Do 2d pref
T:,
50
25 Wlckwlre Spencer Steel
6
16
Mar
4I4
1438
6
Dbc2'»
Dec 21
Jan 6
12
Jan 21
1234 Dec 24
.15 Dec 14
I2I2
Mach Corp.. 25
Nov 21
84I4
.16
.07
pa!
pref
1191;
109
Feb 24
78I4N0VIO
s
534 Deo 10
15% Nov 30
Jan 3
74
73
ioo
10
100
25
60 Onion Twist Drill
Do
Aug
.04
148
Pacific Mills...
1,624 United Shoe
2OI2
•34'
Gorton-Pew Fisheries
'i6'\
734
20
pref
lis Torrington
*7l8
I
50
1..528
1
I
Doc. '21:
60
61
20 Dec'21
20 22
3
2'4
658
IOI2
Vs
31?
934
031
101'
I
3
2
L'U
13«
138
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2^8
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334
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31;
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54
1734
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73
38
75
6I2
123,
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/yi.'d
lymt
•22
301'
43 14
43
21;
43
431;
1
' (16
10
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3
IS
1
2*4
2%
37
•73
37
14
74
6l2
123,
Silr 24
Silc 2
61?
1234
Dcc'2l
ff'2I
24
301?
•3OI2
42I2
3II7
421?
110
43
2'.0
43I4
43
43
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co'2l
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.06
.10
3
8
2*4
•Il8
3
23i
3
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.80
3
3
3
2'>8
2
134
2
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30
35
103,
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35
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e
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I'i
too
234
3
Ih.
10
r,4
300
I'l
D
HO
45
35
101;
101; •10
Sih- 35
Oct.'^l
•
Avsenvmiot paid,
Now
New
fdrla yulcksllver
Rivor
Company
Do prof
15
1,100 Nlpliwlng Mines
1.120 North Hutte
•23
l>1
3I4
2
23
1
Lau
I
7
1
1
26
5
1
D iir!'21
La/rt Sal' 11;
26
26
20
26
25
25
6.'->0
Mason Valley Mlnellllll 6
200 Mam Consolidated
II" 25
4 5 Mayflowor-Old Colony... I 26
50 MI'hiKun
26
185 Mohawk
IIIII" 26
823 Ni!w Cornelia Copporl
6
3I'
1734
IIIIII*
pref
Royale Copperllllll"
10
100 Korr Lake
164 Kowoonaw Copper. II. Ill
10 Lakf (Copper Co
III
La Hallo Copper
i.-.o
II
l8lo
I's
54
Do
51
2
3
2
1
1
1,794 Island Creek Coalllllll'I
3
1758
10
26
10
10
Franklin
25
Hancock
100
Consolldatedll" 26
380 Helvetia
25
Iniiiuua Mining. IIIIIIIII 25
1
II4
178
"H
.
31-.
'4
Copper"
486 Copper Range Co.I.IIII"
Duly-West
I,.;70 Davis-Daly Copper
E,iiit ri;itte Copper MInlna
1.2
21?
31,
Adventure Consolidated.. 25
Ahraeek
20
Also mah Mining
..25
Allouoa
I_I
25
Arcadian Consolidated
25
Arizona Commercial
6
Bingham Mines
10
Butte-Balaklava
130 Calumet 4 Hecia
4.255 Carson Hill Gold
25 Contonnlal
Dec'21
•2
1»4
r-iTi
430
639
25
834
I3I4
934
0»4
11
230
31
834
1
35
•
,
No
No
par
par
Anglo-AmCommlCorp-TVo par
Art Metal Construe Inc.. 10
Atlas Tack Corporation No par
Beacon Chocolate
10
Blgheart Prod 4 Reflnlni;. 10
Boston MexPetTru3tees./Vo par
Century Steel of Amer lao. 10
Connor (John T)
10
East Boston Land
10
Eastern Manufacturing
5
Eastern SS Lines Inc
25
Do pref
50
Edison Electric Ilium
100
Elder Corporation
No par
Gsrdner Motor
No par
Do
62l2
23,
.74
138
•
95
95
•61
.541;.
|i
'8
'
173,
311
3
.70
65
123
8
1314;
167
•M2
•31
42I2
43I'"
'4
166
I112
ni'z
23
31(1
l'4
35
I
no
2
751
7
127,
*2W,
•2I2
1091;
111'
4
50
Teleg-.lOO
England Oil Corp
England Telephone.. 100
102
175 Ohio Body 4 Blower
No par
1,111
171
23
55
06
4
541
50
•20
•
•
621
150
52
2,125
1,822
63
358
,4'?0
547
50
131
131
211' 2134
8I4
9
3I2
•I'2
II2
61;
I2I2
23
3I4
|l'
2l2
33,
•37
75
Silc.
Last Sale
3
3I2
•Il2
511;
I7I2
•I
•I
S5
64
62
2
2
2
2
Last Sale .30
Doc'2I
82 14 84
8312 841?
*90l2 92
91
91
•221; 24
•2212 24
134
ri'
I
231?
31
1
I
1
r,s
133»
.25
2I2
I
31
35I2
15
2I4
3
3
I
9%
86I4
641;
123|
27I4
7I3
8I2
I9I2
9
634
IOI2
24
134
I3g
•'I
26
24
3
934
2I2
2I2
2l8
.75
841
9OI4
IS
3%
1.285
38I4 3858
371? 38
Last S-ilc 2
Dcc'21
11
•2
•2
II2
1
6
1234
13
13
Last Srle 03
Doc'21
2651; 268
265 275
I2I2
12
IPs 12
634
•212
2
.35
•I0«,
381?
3
•134
634
11
•17,
3I2
3^V.
11«
• la,
38
•314
3»i
1'2
III
R34
3J/,
•2I'
22
.0:
1034
934
13.
11
37I2
02
TMSt
.40
24
9014
•22I2
•Il4
61
6212
23I4
1
B5
02 12
16
617|
99
261a
14
191a
27
26
IS
Jan
Jao
Jan
Jac
Apr
Jaa
133
78
Mai
A|»
28
49
32i2 Dec
2278 Sept
I2I4 Feb
15
Dec
141* Dec
Mai
Jao
Fek
26
19
Mai
23I4
Apt
441a Jan
Deo
Deo
Deo
Deo
Dec
Fek
26
391a June
Jaa
Jaa
83
36
33
itept
Mining
90
2
3
I
238
9
Last Snle .50
.60
84 14
•I '2
•Hh
1434
23I4
2
2
3
'XI
34
I4I2
90
3'2
I9I2
31
35I2
85
•I 84
M
8
90
24
•••W)
7l8
265" 270
"2I4
2I4
27
311
2I2
2'4
.75
85I4
134
•
7I2
k
634
•2
*I'2
.2'n
I
778
131
61'
11
•178
v.;
7I2
•1234
6I2
III2
2li
•431;
23I4
9
«l2
III2
•17g
20
241,
271)
3I4
II
•
11
1
2338
261;
9
39
3
13
94I4
26
1138
I
I3I4
61
37 Ig
3
•93.J
*W»
I
26
9I'
I3I4
.03
37iz
•134
•1
I
3734
3I4
273
107,
28
681;
13
13
La<t Sale I4I2 N'ov'2ll
Last S'lle i
Dec'21
37 Is
26
23
24
3
18
12
781;
781;
I
953,
•.20
.40
24
:iH34
•3I2
13
4
21s
538
I
168
168
I
131'
62
•ISj
•2l'>
80
•50
.60
•OI2
381
•II2
80
35
•14
141;
III4
•3I4
12
301;
11
84
90
•23
4
I
181; 20
34
•.50
'/,
.50
.03
•30
12
1234
778
19
•14
•276' 271
.
109
I4I4
18
32
834'
121'
168
I
6212
8l8
j
28
64
»128
131
211; 22
IO9I2
•IOI2
3734
871;
64
62
1.31?
11
371s
25
85
111'
168
100
114
1,125
10
Dec'21
5I4
91''
4
110
5812 60
61;
62
I
60
6I2
•.20
24
•3
,
22
60
n
3!)
38
26
132
9214
"*Vs
a
I
62I4
*
13
3I8
4
961'
9134
I
2I4
5I4
9I2
86
4
1314
3I1
220
700
6378'
838
781;
3h
Last S.ih
63I4
8
13
.55
1
1
*77
50
110
30
378
"13
3t6
39
4I8
169
45
1631; 164
311;
781
834
*I4
169
a
1,750
281
86
109
39
281;
4
I4I2
39
27
8l8
IO9I2 110
11
12
1134
141
ir.5
2GI2
31
9
2II2
10
41'
10"
IOI4
1
278;
512'
62
130
02U
45
10"
91
40
I63I2 I64I2
41'
o
.52
•31.1
1958
338
101;
9
41
pref
Amer Telephone
498 Amoskeag Mfg
300
4sa
27
36
7812
234
39
Do
3,613
.05
IGij
31;
.05
16'..
Amer Oil Engrtneering
10
Amer Pneumatic Service.. 25
,250
1
11538
10S78
I9I4
*3!s
53s
g
4
I.^s^
84
3I4
9I4
50
pref
Apr
119
Biekut
Lowett
Mlscellaneoua
100
1,987
.10
4
.05
I6I2
3I2
9I2
pre!
Do
227
1914
78
7
IOI2
214
'633
60
151;
40
5
10
2
10
*31
63
62
130
10812 169
»25i2
23lg
2
10
4
16
45
41;
32
51
110
1134
I4I2
40
30
161
151;
II5I4
.01
16212 164
5I2
11
27
4h
4
110
391;
20
2I4
<
381;
28
3I4
132
130
934
27
•7
81^
3
9?4
ini;
*76
o
a
3
*1
I9I2
31
<
Q
1534
31;
10
41
45
5I4
.50,
.01
57
115
108
84
84
10 Jiine"21
La.'it S'lle
Last Sile \ZU Dec'21
Last S"Uc 13
Dec'2I
Last Site .15 Dec'21
Last Silt 4I4 Mar'21
Last Sale .20 Dsa'21
I4I2I
.25
.05
I6I4
252
I5l«
.05
.10
84
.20
*.17
2.50
57
IO8I2 109
*13i,s
17
3
31
115
14
.20
.15
nec'21
32
59
59
312
1434
12
.40
161;
.05
.10
11458 115
10834 109
84
8412
14
15
58
59
4
11
Last Sale rS
Dof.'21
49
481; 49
50
50
59
1434
.25
.05
3934
58
378
4
I4I2 I4I2
11455 11538
84
..
32
33
151;
"
se
Mar'
13I4
13
1258
Last S'He 69
Dec'21
Last Sale )8
Den'21
1634
.05
.40
•3I4
9I2
I2I4
.10
84
14
*.20
*.01
17
123.
58
"49"
IO8I2 109
"I't
•12I2
*.1G
58
*15l2
151;
85
50
59
.05
.05
.05
1238
SR
49
59
SO
59
•14
12%
Jan'21
Feb'21
.25
.75
31;
Last Sale 80
31
""335
I5I4
130
86
33
69
58
58
'68'
86
32
loo
100
100
Boston & Maine
100
Do pre!
100
Bo8ton A Providence
100
Boston Suburban Eleo.A^o par
Do pref
No var
Boat & Wore Eleo oiet.No par
Chic June Ry 4 U 8 Y
100
Do pref.
100
Maine Central
100
N Y N H 4 Hartford
100
Northern New Hampshire. 100
Norwich 4 Worcester pref. 100
Old Colony.
100
Rutland pref
100
VerraoDt A Maasachusetta.lOO
West End Street
50
Do
Dpe'21
27
121l2Doc'21
130
130
130
*81
32
MI2
14
14
L'Ut Suit
Li.tt S'Uc
Last S'Ut
Last Salt
Last Sale
3I4
*3l4
»G8
"14"
133
70
Dcc'21
SiU 94
L'iSt
124
130
•130
*81
30
77
77
7734
132
75
1311; 132
7612 7012
I3OI4 132
76I«
Kanotfor Preeiout
Year 1920
EXCHANGE
the
WerK
Sha'f
1321.1
1
.'i.-.o
.i-.O
13,230
7,350
1 .970
100
100
g
.IIII 16
.
North I.jtke
OJIbway .Mining
Old Dominion Oo
IIIIII 2S
26
25
O^cj'oin
26
Qiilticy
IIII 25
HI Mary's MInnral Land.. 26
HhHiinon
10
Hoiii.h Lnko
26
Hoolh Utah
4 8.. .11" 6
HiipiTlor
I 26
Hciijiirlor 4 Boston Oopporl 10
Trinity (Mppor Corp
6
Tuolumnn <>>ppBr
6
Utah Apox Mining
6
M
Utah ' ^loKoiidaliid
,375 Utah Metal 4 Tunnol
I.OI.'.
1
110
1,100
Ml
6
Vlrtorla
Winona
Wolvorlno
.....
Wvandotto
s B(-rlahls.
z
Ex dividend.
•
1
1
26
26
26
26
.4
Mar 29
.75
Mar
3|
5
63
Dec 15
50 Apr 7
Apr 5
24I2N0V 14
678
8ept21
Jan 3
8
Mar
Jan 6
Apr 28
Oct 8
.08M8y 25
280 Dec 16
4;)
Aug 22
.15 July
16
l!8
8
.03 Jan 6
210
11
7
Apr 6
Dec 30
3s4
10
14
1618
Jan 4
Jan 3
10
4034
ISgNovie
6i4Mar28
4I4
27
7
Au«25
ISg
Apr 2
7
ilf^'-i'
1 June
20
Mar
18
.25
48
76
I6I4
Jan 3
Jan 6
Jau 8
23gMarl4
.98
2
Su|)t2()
Jho
lU Jan
I '4 Jao
.55 Apr
4
25
22
9
11
114
4
431' Jan 3
l2i4Hnl>t 2
.40 Nov 22
40
Feb 4
258
Auk
Aug
71
Doc 30
4
8
July 14
Mar 28
.12
Nov
AUK
1
17
18
1538
Jan 3
21
33l|
Aug 10
Aug 25
28
Jan 3
Jnn 8
.78
.35
.04
2
Nov
17
Mar
4
Bnpt
1
June 23
I'^July 8
71*
1
2
3i2
2<4
26
16
Jan 18
Jan 6
Dec
Sopt 17
Dec
Dec
Feb
15
15
11
Sept 13
358 Jnn 8
31.
59
I8S4
2
67
96
8I1
Jan 8
May
Doc
Dec
Doc
May
Mar
5
15
16
17
10
7
Jnn 20
14 14 l>ec 15
.60 Jao 7
2l2 1)0'' 13
2534 Nov 22
351; I)"'c 16
Doc 9
46
Doc
15
l%Doo
I
45
2c
200
Dec
2
6I4
6I4
eij
1014
6»a
.95May 27
8SI2 Dec 13
9l)i2 Doc 10
241; Doc 16
t
15
2
Jan 17,
Jan 28
16
3I4 Jan 6
3it Jan 6
278 Nov 16
134
4nc Aug
4014 Dei
2O0 Dec
Jao 18
.12 Jan 8
2
31a
47g
714
Deo
Aug
Doc
Mar
Oot
40o
6I4
6ig
Feb
60
82
Deo
Deo
lis Deo
n» Dec
Deo
OOo Dec
1^ Doo
3I4 Deo
38
16
2ig
1»4
De<!
401a
12>4
Nov
360
21
79
7
8
Jao
Jao
Sepi
June
Jaa
73
34
Jan
API
Jaa
Jaa
Jao
Jaa
Jut
Mai
48
Feb
Doo
Deo
95
Sept
71a
26^
1)00
600
lOO
3o
Don
3
31a
Api
I2ia
21
Oot
8O0
36o Jaa
0)1
Jaa
Jaa
"I'ii
"Jio
'
36 Jnn 6
8<tJuly 6
25Junfl23
.HO
14
.48
Mar
4
36o
8
1 60
1
2»ii
Dop
Doo
Deo
421a Dfo
2o
la
87 la
Mar
.40May 4
ithnro.
Apt
Mm
Mar
Jnn
2^(( Jnn
2I4 Fob
Par value tlO por
Jaa
Jao
68
06
68
>4
1
Fob 31
Jao 18
Jao
Apt
Jao
Jao
Jao
Jao
Jaa
Jaa
0«t
I>flr
Jan
C5a
11*4
71a
Doo
AUK
.95
31a
a
IXto
1
Deo
16
201a Deo
841a Dfip
3«4
5
Apv
Mai
6
2lt
*>»
Deo
Nov 28
Don
Ont
Jan
Jan
Jaa
Ja*
Api
Jaa
Jaa
Jaa
Jaa
Job
Jaa
Jaa
17
aij
*i
Nov
1
..S.'i
16
A
!•/<.
to
10
Hi
4
14I4
Deo
Deo
Aug
260 Nov
39
76
Fat
Deo 409
Nov
401s
16ta
Dec
Dec 4853 Jao
47« Mai
Deo
83o
I>4
42
41a
16>4
107«
2
7
13
31
17
Aug
Aug
Us Nov
.34
la
1
2I4
l'>l>
77
600 Aug
2
Dee
4 If Kn>>
41i
134
4
0*4
Oct
Fek
Nov
8^ Jao
Deo
81a
Pt
2
Dno
38
8<
Oot
1 If
Jao
Jan
Jaa
Mai
THE CHRONICLE
68
[Vol. 114.
Friday
Outside Stock Exchanges
Boston Bond Record.
—Transactions in bonds at Boston
Stock Exchange Dec. 31, to Jan.
1
Frldau
Last Week's Range,
of Prices.
Sale.
Bonds
V
Price.
& S Fe adj 48. "55
& W I SS L 5s 1959
109
Atch Top
Carson Hill Gold 7a. .. 1936
General Electric 6a- -.1940
Hood Rubber 78
1 935
Intornat
Cement
K C Mem &
53
100
H
88.- -1926
Blr Inc 53- 1934
Mass Gas i'Aa
1929
4,'.<;s
1931
Mlsa River Power 5S-.1951
1932
E Telephone .5s
Pond Creek Coal 6s
1923
Swift & Co 5a
1944
United Drug 83
1941
United Klntrdom 5s
Western Tol &. Tel 5s _ _ 1932
N
S6H
SSH
93 M
90
both inclusive:
Sales
for
Wcel:.
Shares.
'^
—
Chicago Stock Exchange. Record
Chica<?() Stock Exchange De^. .31, to .Jan.
compiled from
Par.
American Radiator
100
American Shipbuilding- 100
00
1 00
I'relorred
1
ArmourACo., pref
Armour Leather
100
Beaver Board
(*)
88
73
91 '4
new
Diamond Match
ioo
Llbby. 10
Middle W»Mt UtII pref- . 100
Si'A
'.'/.'.'.'."
Orpheum
Circuit, Inc
Pick (Albert)
Co-..
1
&
(•)
PIgg Wlgg Stores Inc"A"(*)
Pub Serv of No III, cm. 100
I*referrod
1
Reo Motor
56
I'A
94
50
4H
6i,'.<;
Dec
Aug
90
Jan
96.26 Nov
98.04 Dec
97.80 Dec
98.32 Dec
98.10 Dec
100.20 Dec
Nov
88
lOS'A Nov
77K Dec
62
Jan
lOOK
Sept
100 J^
Mar
103
97 M
Dec
67
79
75
Feb
97 Ji
103!^
83 M
Jan
88;.^
Mar
80
89
95
99
92 H
74'^
79 H
Jan
Jan
Jan
Jan
94
Dec
Dec
!4-
Nov
Dec
Dec
Dec
Dec
Dec
Nov
104
Dec
104
Dec
Dec
78
July
92
Dec
SOH
of transactions at
6, both inclusive,
2H
lOJi
.....
lOJf
61
4-Jf
4H53
'53'"
82
in
8H
2H
2H
V2H
20 H
ChlcnKO City Ry Ha. . . 1927
Chic City & Con Rys 58'27
Chicago K;iilwav3 53- 1927
"B"
1027
Edl.TOn 5a. 1943
par value,
2«
11
''i
41,<.<;
44
43
110
330
225
30
25
100
55
50
84
Aug
Aug
12
July
Jan
June
Aug
94
42
Dec
71
July
Aug
38
3
Dec
Dec
103i
V)y,
Nov
Aug
5
68
Dec
3
242 K
48
H
1
May
200
100
Sept
90c
Dec
i'A Sept
S,2'A
96>lJ
22 ?4
4
44
44 Jf
Nov
1
Dec
7%
July
K
65
Jan
Dec
lOK Dec
11
91
Nov
108
Nov
Feb
94',/
86
?4
40
I6J/3
56
Dec
13
Jan
iH Dec
83
Dec
Dec
Aug 110
Dec
Nov
53 J4
June
1% Dec
Dec
IK Dec
Us Dec
Jan
9>4
Dec
Dec
10.160
10
Aug
60
26
236
245
555
25
355
68
79
82
Jan
Ans
Dec
17
June
55
Nov
28 H
33 H
81!^
85 H
149
27 >i
87
7K Aug
17><;
2..550
21
275
6.850
11,800
2.500
6.060
14H
1.805
5
8
28
28 H
07
103 H
170
172
57 >5 60 >i
4,060
85
200
7,625
1,045
15,200
July
Oct
88 a.^ July
Dec
Dec
18
2^1
27 H Jan
40 Vs June
Oct
i36H June
66 Ji Dec
12H Doc
Nov
29
Nov
72 J^ Aug
74
Mar
ay^
Oct
60
.Tan
49,000
31
1,000
10.000
1.000
OIH;
28
Oct
Jan
Mar
78M
Jan
1,000
Jan
8% Dec
2'A
2
14
21
24
May
Jan
Jan
7-K
Dec
Dee
Nov
'A
May
Jan
Jan
75
3
80
4
110
13 ?i
69 H
35J^
67
33
94
116
101
185
1.140
100
2.745
9.235
9.880
Jan
Jan
Dec
103
Sept
7)4 Dec
52
Dec
95
July
61
Jan
69
July
•21
63 H
77
H
.Ian
Jan
Jau
335
5..500
Deo
Dec
Apr
Dec
63
5H
80 ?f
Jan
Jan
Feb
Feb
June
46
3y»
680
7}i
20
2.50
114
2
Dec
Dec
Dec
15,V:C
8
wy
Nov
92
92
87
95
83
250
60
77
69 1<;
35
67
33
94
my, June
20.900
7H
'94"
8,.S00
690
285
41H
67
59
3.946
3H
170
68 Jf
905
ly,
H
20 H
101
19,800
1%
01
e
60
High.
Low.
6
4y,
54
83
143
18
60,'^ 64 5^
16'A 16 ?i
42
43
24
25
7
61
2
Range for Year 1921.
52
8«
2K
2%
12H 14
20Ji 24 «
25
32 H
li
225
200
300
IOO
2.50
143
17
24
2.023
35
125
170
7,'50
8^
80 ?i
82 Ji
21Ji
Bonds
115
95c
<iH
44
114
438
65
10
85
74
74
15
No
Feb
95!^
77 H
455i
lOOH Nov
no
1J<
51
85
95 li
When ls.su(.Hl
20
Western Knitting Mills. (•)
Wilson & Co, com
(•)
Wrlgioy Jr. com
26
Yellow Mfg
10
Yellow Taxi11.
IH
104
104
2l<
6
r>i'A
62
105
105
8iy. 82'-<
104
100
_
6
56
6K
50
100
100
Tcmtor Prod C&F"A".(*)
Thompson, J R, com _ - 25
Union Carbide A Carbon 10
United Iron Works v t c 60
Wahl Co.
(«)
Ward, MontR A Co. pf. 100
3%
235
115
93c
10
Swift A Co
Swift International
8«
I'A
235
235
03
16'A
(•)
83
I'A
Sears-Roebuck, com-" IOO
Standard Gas 4 Electric. 50
Preferre<l
_
so
stew Warn Speed, com- 100
Comnionw
S3
i%
100
lo
Stamped..
4s. Serliy
nVi
()
-
New
Co
12K
3
83
National Leather
QuaJ<er Oats
160
1.250
37
lo
Old
73
91 '4
100
10
Prior preferred
Mitchell Motor Co
Nat Carbon pref (new)
280
26
Great Lalu'S D <t D
JUartman Corporation _.
Hart Schaf & Marx com . 1 00
Holland-AmerlcanSugar. 10
&
86 H
88
74
92 'A
34 J^
100
100
100
Hupp Motor
83 H
87
(•)
Case (J I)
_.. (•)
Chl City & Con Ry pref (*)
Chicago Elev Uy pref- .100
Chic Pneumatic TooL.lOO
Chic Rya p:irt ctf Ser .
.2
Chlcaco Title & Tnist. - 100
Commonwealth Kdlson 100
Rights
_.
Continental Motors
10
Cudahy Packing com. -100
Crane & C;o pref
Earl Motors
()
Deere & Co pref
1 00
30?-^
43
36 K105)1
31 h
26
47yj
62
Dec
Dec
Apr
Dec
Doc
Dec
Mar
Jan
Mar
Feb
Dec
Dec
Jan
Jan
Jan
Jan
Dec
Jan
H Mar
15
57 Ji
106
Dec
Nov
24 5-^
May
'32;
Jan
Jan
i
45
178
Dec
Dec
60
Nov
1071-1-
73 M
Dee
4I,'<{
April
72
35
100
Nov
Mar
Nov
r Ex-dlvldena.
Pittsburgh Stock Exchange.— Record
Pittsl)iir;;h Sl,o(!k
compiled from
of transaelions at
Kxrluuige Dee. 31 to Jan. 6, both inclusive,
Am Wind GIB8B Much.. 100
Preferred
100
Am Wind Glaas Co. pf-lOO
Nat G;i3 com
Arkans.-us
Carnegie Load
Columbia
G.is
10
& Zinc
6
& Elec.lOO
Last
Week's Range
Sales
for
Sale.
Price.
of Prices.
Week.
65 H
"16"
3
64
ConRolldnted Ice pref... 60
Duqucsne OH
Fidelity
le&tru.st "160
Harb-Wiilk Refrao com 100
Indep Brewing com..
50
Preferred-.50
"25
1-one Star Gas
Mtrs' Light .t Heat
50
Marland Rcfluiux.
5
Til
Lotr.
67
84
97
97
2H
04
24
2H
"q\"
High. Shares.
eSi.J
9?^
300
91
iVi
7)4
20
40
2H
Ohio Fuel Oil
I
Ohio Fuel Supply
26
Oklahoma Natural Gas. -25
Oklahoma
&
Refln__5
50
Preferred
50
Pittsb <fc Mt Shasta Cop
1
Pittsburgh Oil & Gas
5
Pittsburgh Plate Glass, 100
Salt Creek ( 'onsol Oil
Pi-od
1<
84;.i
IIK
3
64
24
2H
300
91
IH
7«
20
48
2^
215
40
70
7,650
320
Range for Year 1921.
491.^
June
71 "J June
93
Apr
7H Sept
3
Oct
60
Feb
17
Aug
10
334
80
2.'.J
275
80
1
Oct
Jan
May
K?
3^1,
Dee
Jan
16 5i June
42
IVj
June
Jan
115
85
101
12;i
8
66
30
Jan
Jan
Feb
Dec
Feb
Dee
Oct
3% Nov
300
Mar
92
Jan
Oct
Oct
Jan
Jan
3
1 1
26
53
3^ Nov
Low.
Pric.
Bonds
Indep Brewing 6s
West Peun
R ys
5s .
-
High
15^
15H
17
17
46
19>'i
19!^
46 J^
20
2%
2%
2H
5K
m
5K
9
12,H
92
49 M
1956
1931
90
110
52
IH Aug
4H Dec
20c
June
Aug
7
113
June
7y Aug
6M June
10
170
235
e9H
66
86
Sept
June
17 M Sept
V/a June
980
100
2850 2850
92
94
49 Ji 50
Jan
12
ll'<;
1.164
10
12}^
High.
40
175
15.000
10
120
"
130
9
Low.
300
310
25c
27c
7y,
7y2
130
130
26c
Range for Year 1921.
Shares
46
com
100
West'house Air Brake- . -.50
W'house EI & Mfg com-.50
83
Sept
39 >$ Aug
83,000
41
Feb
l.OOOl
75
Jan
86
—
18
Mar
24
50
30 Jf
Mar
3.1^
4
Dec
Jan
Mar
Mar
Mar
9
40c
Sept
12
131
13J<
Nov
29 Ji
Feb
Jan
Dec
97 >$
Jan
51
Dec
75
Sept
86 K Dec
Baltimore Stock Exchange. Record of transactions at
Exchange, Dec. 31 to Jan. 6, both infrom official sales Usts:
B.altiinore Stock
elusive, compiled
Friday
We-k's Range
Last
Stocks-
Par
Arundel Corp
Baltimore Elec pref
Baltimore Tube
Sale.
Price.
28 ?f
37 M
24
50
,50
100
100
1
Cent Ter Sugar pref
Commercial Credit
Preferred
Co.sden <fe Co pref-
100
5
Houston on pf tr etfs.-lOO
Manufacturers Finance 100
Mt V-Woodb Mills V t r- 100
Preferred v t r
100
Northern Central
.50
Pennsyl M'at & POW-..IOO
Pittsburgh Oil pref..
United Ry & Elec
.50
Wash Bait & Annap
60
Preferred
50
'37
83
92
2y,
27-8
49 >x;
25 H
210
70
39
'5
•20
Feb
277
79
80
100
July
83 7^
94
4%
41
12
45
72
94
92 H
IH
93
82
99)^
9,4%
99 J^
103
1«
9
14
29
29
88
88
993-g
99!-^
93
82
99!^
82 1.5
93 5^
94
82
99 H
84 H
7«s
Cosden & Co conv s f
Davison Sulphur 6s- - - 1927
Elkhorn Coal Corp 6s-1925
Fair & Clark,^ Trac 5s. 1938
Fairmont Coal 5s
1931
Ga Cor <fe Nor Igt ,5s_,1929
Knoxvllle Traction 5s-1938
Mercantile Marine iS-_Metropoiltan Street js 1925
Norfolk St Ry 5s
1944
United Ry & E 4s
1949
Income 4s
1949
Conv7Ks
1931
Funding .5s
1936
6% notes-Wash B tt A 5s_
1941
99 H
K
)i
H
99 7^
103
106 !.f
991^
96 1<
467-1
99
96 K
94 H
87
92 Ji
84
85
89 K
94 !4
87
66 Jf
46 "^
103 5i
103 Ji
87
92 K
84
85
897^
94)^
87
67 H
46 7<
103 3i
66 Ji
98
78
98 Ji
78
"94">^
87
84
897-^
94M
6iM
98 J<;
78
'
94%
m%
-4u?
Oct
3H
July
301^
38
25
Nov
40 ^^
Oct
Jan
Jan
Dec
Dec
.95
7
48
27
88 74
97 yj
110
Nov
Nov
Jan
Dec
Dec
Dec
Dec
4«
67
Aug
41
10
July
84
44
June
18
Mar
Jan
40
62K Feb
99
100
685
77H
74
95
3
150
110
12
Sept
63'4 July
1
9
14>i
102
106
2A
H
65
600
60
34
36
25
84
72
.35
183
106
Bonds
Bait Electric etpd 5s.. 1947
City &. Subi'rban 1st 5s '22
Consolidated Gas 5s.. 1930
General 4Hs
1954
ConsGasE L& P6' o notes
Consol Gas, El & P 4>$£ '35
7s
1922
7s
I93I
10
49 H
25
4K
"94'
.lune
20
June
40 Ji Oct
Sept
Sept
Jan
84
41
12
45
12
100
72
-
High.
Mar
21
31
2.775
81
92
105
iM
H
25
50
Low.
30
28 ?i
.4S
2iH
Range for Year 1921.
.45
.45
io
25
25
Consolidation Coal,-- 100
Consol Gas, EI <fe Pow. .100
Sales
for
Week.
High. Shares.
Low.
__50
Preferred
ClestineOll.-
Jan
Nov
1
Mar
7>A Sept
12^!!
Jan
Jan
isys
July
30
Nov
Mar
Jime
Jan
87
99 H
93 k'
83
99?^
Dec
Dec
Dec
Dec
Dee
26
75
94
86
6S>4
92 Ji
72 H
93 li
100
95 'X
90 H
89
89
77
82
84
2.000
1.000
2.000
1.000
2.000
22.000
4.000
9,500
10,000
18.000
5,000
3,000
1.000
2.000
2.000
1.000
1.000
Dec
Dee
Apr
June
Jan
June
Jan
Nov
85!-i
100,'^
June
Jan
103
107
100
July
101,1^
Jan
96
87 H
92 is
86 yi
Mar
Jan
June
Nov
Dec
Dec
Dee
Dec
Nov
Nov
Dec
Dec
Nov
1. 000
12,000
34,000
8,000
2,000
6,000
ie,ooo
9,000
Oct
84 VS
60 ?i
.\ug
41
Sept
99 << Jan
60
June
91 H Jan
67 H June
.'li
90
68 7i
48!^
104 H
66
991^
78 '-i
Jan
Dec
Deo
Dec
Dec
Dec
Dec
—
Philadelphia Stock Exchange. Record of transactions
at Philadelphia Stock Exchange, Dee. 31 to Jan. 6, both
inclusive, compiled from official sales lists:
Friday
Last
Sale.
Stocks-
Par. Price.
Week.
Low.
Shares.
47
Preferred
1 00
American Stor&s
no par
100
First preferred
Cambria Iron
..50
Elec Storage Battery. ,-100
20
87
49
4
20
155
142
86
89
1,336
116.U 117
37 Ji
92
128
123,'.<;
1,986
100
37
120
58 ><
A
10
31H
Keystone Ttdephone
Lake Superior Corp
50
100
General A.sphalt.
Insurance c;o of N
Lehigh Navigation
Lehigh Valley.MInelilll & S n
Northern Central.
Pennsyl V Salt
fg
Pennsylvania. Penn CJent L & P pf.no
.50
$17 H
100
60
50
Sea Shore. 50
Sons
100
Preferred
West
.Icrsey
*
1st
4^6
18>i
17H
19
59
68
44
59
44
'48H
•23H
27,If
"Hi
34 ^-s
38 7<
61
28
4V4-3
68
57
48 5f
1%
IH
1%
284
m
40
10
9!»1
1.469
119
115
1
81
I
"71"
55
81
81
81
81
1. 000
H
108 J^ 108 7<;
71
71
62
90 H
62 5^
MH
9S>4'
37 M;
72 -M
37
557^
H
72)4
97 !i 9714
101,14 101 7<
77
77
62
47
43
66
647<i
5.700
500
1.000
7,000
9,500
2,000
28.000
1.000
6.000
2.000
13,000
2.000
June
Oct
Jan
Jan
Jan
June
Jan
32 H
Nov
Aug
-
38 H
1
1
Nov
Dec
Mar
Dec
Alar
Aug
51
Apr
Apr
Aug
June
Jan
7<;
37
177
4174
517^
3774
60
96.26
Mar
97. .50
Jan
Jan
Jan
D.^c
July
Dec
Jan
Mar
30
Jan
Jan
Oct
June
96
68 H Jn'y
Mar
Jan
Dec
Dec
Dec
Feb
Jan
Dec
Doc
Jan
IH Not
Hi Dec
July
Deo
86 H
Jan
10
72 H
747^
42
50
377^
24 ^i
28 ;i
52 )i
195^
60
97
,30
Jan
Dec
May
49
53
60
Dec
Deo
Dec
Dec
Jan
Jan
Jan
Jan
Jan
101
91 ,'-4
123
37 H
132 Ji
70
32
10
Apr
July
29
Aug
49-A Jan
27
June
35
Sept
86.67
86.47
84.40
88.20
85.60
94.50
98 .34
54
687^
68
Mar
June
1-16 July
29,
163
Juno
75 H
25'^ Apr
June
50
15
51
Dee
5
25 'A
60:V4
Jan
soy, Sept
21
49
July
40
41
156
1.056
2.667
34 ^
34
177
177
38 H 39 K
50 >i 5
2TA 28
55
6
65i
10
83
3.455
68
200
380
High.
44
87
34
92
40
Aug
27;f July
60
94.32 95.26 S59.C00
96.90 97.06
3,200
96.24 96.60 155.600
97..3S 97. 5S 42.200
96.68 97.22 70„500
99.96 100.18 1 13 950
lOO.OS iOO.OS 50,000
.
17
135
44
2.325
no
40
27
20
40
7-16
1
Low.
1.090
50 K
70
---1932-47
.--1927-42
1928
1933-38
1922 23
1922-23
4th 4Ms
Victory 4Ha
Victory 4',4's
Alt & LoK.an Viil 4'<js. .
Amer Gas A Elec 5!<,-2()07
Sinai
2007
do
1945
Bell Tclep of Pa 7s
Consol Tr.ic X J 1st 5.= 1932
Elec & Poop tr ctfs 4s- 19 15
Eqult 111 Gas Lt 5s. .-1928
Interboro Hap Tran 5s i90(i
Inu-r State Rys eoll 4s. 1013
Kevstone Telep l.>^t 53. 1935
Ixih C & X reg 4 Ws. . _ 1924
Lohigh Val eoll trust 6s '28
CJeneral consol 48
2003
7
7
68 H
57 4
48 H
73 ^ 73 H
69 H z72
33ys 34
48 H 48!.<;
36
36 H
23 H 24
27;^ 27 H
507.460
1
Union Tr.ictioii
United Cos of X J
Unltwl Gas Impt
32
7
6SH
Range for Year 1921.
850
375
20
65
7
.50
M
Tonopah Mining
122 Ji
50
50
50
.60
par
Phila Co pref (cum 6%) .50
Phlia Electric of Pa
25
Preferred
25
Phila Insul Wire
no par
Phila Rapid Transit
50
Phl!adelpliia Traction. - . 50
pref
Reading, Isl
50
Tono- Belmont Devcl
1
High
4
87
Sales
for
Week's Range
of Prices.
American Gas of N J...100
American Railways
50
3d
High.
10
135
320
Week.
Union Trust Co
2d4!is
Low.
35
600
30
10
Sales
for
of Prices.
Tidal Osage Oil
<Sfc
Frldau
Par.
pref. ..50
Week's Range
Wni Cramp
BondsU S Lib L l3t 3HS. 1932-47
official sales lists.
Stocks—
Nat Blreproofing
Preferred
6K
25
6H
Preferr('<l
rrcfcrred
Inland Steel
LIbby, McNeil
Llnd.say Light
85.84June
85.62 Jan
85..'54 Jan
88.10 Jan
85.34 Jan
95.78 Jan
75 Jf Jan
Fi Muij
Sales
Last
Week's Ranoc
.for
Sale.
Werk.
Prices.
of
Price Low.
High Shares
15
Preferred
I'isherlea
High.
Loti
Par
(CoTicl.)-
Pittsburgh Brew
official sales lists.
Stocks
Booth
Range for Year 1921.
94.64 95.36 25,250
96.44 97.12
1,200
95.94 90.68 14.100
96.24 97.60
6,150
96.24 97.24 20.200
100.18 152,850
100
885-5
8(iy«
1.000
109
109
2,000
77 ?< 77 ?4
2,000
52 y. 55
13,500
100
5,000
100
103 Ji 103 M
1.000
97 J<; 97 H 21.000
7,000
102 Jf 102 K'
1,000
80 K. 80 H
4,000
88)^ 88M;
86
3,000
Sd'A
24,000
88
89
QSy, 94
10.000
S8
1.000
98
91
92
10,000
104
104
1,000
5 000
lOOX lOOK
90
92
15,000
Ifit
Atl Oulf
High.
Low.
S Lib Loan 3Ms-1932^7
Lib L'n 4 Ka- 1932-47
2aLlbl^an4i.is 1927-t2
3(1 Lib Loan 4M8--- 1928
4th Lib I/n4K8. 1933-38
1922-23
Victory i%s
Amcr Tel &. Tel coll 4s- 1929
Conv 6s
1926
6,
Stocks
Last
Sale.
Dec
Nov
Doc
Dec
Feb
Jan
Dec
Dec
97.62 Dec
98.18 Dei98.06 Dec
100.14 Dec
100.02 Dec
Dec
Dec
Dec
55
S3
82
109
71
62 Ji
100 7i
37
37
86
102
77
Nov
Dec
Dec
Oct
Dec
Dec
!i
Oct
Dec
Dec
I
—
FrMnU
Lnxi
(Concl.) —
PennsylvanlnRR
Peoples Pass
Sate.
Price.
Par
tr clfs -ts. 194:?
Phlirt Klootrle lat 5s.
.1041
I00i<i
do
BmtiW
...
Public Service Corp 7s. 104'
ReadlnR Rcnoral 48- -.1007
Seahoiirfl Air Line (is. 1945
Spanish- A tner Iron 6s-192
United Rv.s tcoM tr ctf 4p '40
United Rv? Invest 5e.l02f)
Sales
for
nf Prices.
Week.
Low.
62 ^i
75%
Uii/h.
Shares.
\(H¥i
1.000
Last
65 Lf
93 K
Dec
10434
a^'A
94 'i'
50
82
All!!
lOOK
lOOH
Hoc
Dec
1015^
June
Oct
84 H
44 K
100
55
80}^
4
'4
1
97 ><
33
Mar
65
Apr
Nov
Nov
6, liotli inclusive, as compiled from
noted in our issue of July 2 1921, the
the official
Jan.
Friday
Last Week's Range
Sale.
of Prices.
Stocks
Par.
Price
& Mlscell.
Industrial
Acme Coal
Acme Ptickine
1%
1
10
(no par)
.^.
.
Allied Packers
Certificates
47c
5H
Amalgam Leath com.-(t)
Aluminum Mtrs com..(t)
Amer Forelcn Trading
Amer Hawaiian SS
10
Audubon Chemloal
5c
Low.
High
l'-i6
4.5c
5 '4
5H
60c
5H
oK
9
16
5c
9
16
5c
20
20
Sales
for
Boone Oil
Boston-Wyoming
Nov
Nov
Nov
Nov
12.600
13.600
100
2% Aug
200
Dec
2
6K
100
100
3,000
100
14 54
Sept
July
5c
Dec
20
Dec
H
200
1
Sept
Beo'
10
Oct
40
70c
Dec
I
1'4
1%
100
2,300
200
2.000
9.000
2.200
Preferred
..1
Brit-Am Tob ordinary. .£1
Ordinary bearer
£1
Buddy-Buds, Inc
(t)
CaUfomla Crushed Fruit. 1
Car Lighting & Power
25
Carlisle Tire
(no par)
Celluloid Co pref
100
Central Tere.sa Sue com. 10
H Tl2H
12H
12'4
lZ\i
13!^
60c
30c
60c
12
7
1
2K
80c
2>A
106
8SC
84c
2H
106
88c
169
10(1
53
168
53
198
55
10
Cities Serv Bankers" sh.it;
5
5
5
1.0 sO
Prpfpri-crl
PreferredB
'*'
Cleveland \utomohile.
Preferred
100
Coloaabi^a Emerald Sfqu
Motors
10
& West Coal...50
Denver & Rio Gr prpf 100
Duranl Motors (no par)
Durant Motors of Ind wl..
Earl Motors
Georges Clothlne Corp cl n
18H
20 H
66c
6H
(:k>ntlnental
Del Lack
. .
Preferred
Z%
17)^
20
50
65c
6
87
38c
25K
9Ji
8>i
2
15H
4H
10
100
w
Grant Motor Car
10
Griffith (D W) Inc (no par)
Heyden Ch'-m.. .(no oar)
Imp Tob of G H&Irei'd.£l
2H
25 K
GIbson-Howell Co. Com. 10'
ir>H
Olllette Salety Raior.. (t)
178
Glen Alden < 'oal..(DO pitr)
42M
C^ldwyn Plotures (no par)
Goodyear T 4 R. com . . 100
1
I
42
4J<
I'A
7
40c
40c
Motor Products. (no
60
.
par)
North Amer Pulp A Pap(t)
Packard Motor Car com. 10
Paige-Detroit
Peerle«8 Trk &.
Pyrene .Mfg
M ol Corp
Radio Corp
Amer
of
5%
60
80c
34!^
2>i
_
r>
2M
37>
RolllnR Mills (t)
Bwlft International
16
Tenn Ry, L A f'ow corn 100
Tob Prod KxporisCorp C)
Todd Shipyurdii Coro .(t)
Triangle Film Corp v t c. .6
i^nlKxi I'roilt rtii^ring..2.').
On Retail Htoren f landy . (t)
O 8 LIgbr A Heat oom.. Ill
Preferred
n B Metal Cap A Sealll I
Mhip i^urp
2y,
2
JOc
2H
IH
22
3
78c
t
Corp 1st pref.'.'lOO
Becouii preferred..
100
Willyf)
500
2.200
20.400
1,900
2%
10c
AnBlo Arner
f,||
Bur (-eye p,p^
Line'.::
'.'..50
17
85
100
f.urok.il'li,.. |,!n,.
,„,,
Galena HiKnal. com
Prefcrnd
79!/j
iiMi
40 >i
U,,,
Pipe Llne.^
100
Indiana Pipe Line.. "' gn
°"
Illlru.li
oil
20
Praire pipo Line
Houih
I'li^,
I'ltiM 'III
Houllii'rii I'lpe
Line
Htanilurrl
iiHl)
I
III
.
BUodnrrt Oil of
N
l()0
_
"
on
Allied
New
Oil
.
...
SA
I A
Mi
8c
75c
87c
i'A
1
•jc
14c
I'A
8«o
7
7
500
5(jc
8,900
10,400
300
200
I
Dec
2'A
Oct
All'/
2 '6
I
III
\% Jan
2'A Dec
8
Sept
July
10
Jan
Jan
3H May
Apr
June
i\<A
2
Apr
60
Jan
19
Dec
50c
Nov
3H Miy
28^ May
IK A[)r
'i<4
Den
4H
75(;
Jan
9
72
Feb
'-<
3-i.i
A
Refining
1
Explor
(t)
Oil Corp.. (no par)
Oil
Oil
Jan
2 1-10
Nov
Jan
(i
Mexican Panuco Oil
Mex no Oil Corp
Mountain &GuU Oil
".I
Mnt
660
Au.
Ami
Dec
2hA
26c
D'!C
r,%
Mar
0,200
IM Doo
A
Den
1
13-10
.Inn
May
.Ian
A
8%
Producers
Oil
I
I7H
19,200
2
14
71
104
100
120
211
Red Rock
A
Ryan Consol
•3
l>ec
June
June
105
195
80
83 H 84
25/
208
140
46
09
223
224
227
IKI
195
77
00
80
8»
367
35
64,000
180
7<H
m4
351
300
35
290
3c
200
88
20
.
85
Oct
July
101
181
300
320
3o
500
30
1(K>
20
10
410
3.500
2.500
3.600
Dec
31
104
101
too
45
M«.
72
10/
ir,
H
22
80
17
too
105
70
HO ,'t
290
30
250
200
20
200
Ai 320
Dec 29
July
M
II
82c
Texas Chief Oil
10
Texas R.anger
5
Tevun 1)11 & Land..
1
Tidal Osage Oil. ..(no par)
l
Vulcan Oil
5
Western States OH A O is 1
\\hit« Eagle Oil A Ret_(t)
Wilcox (Jll & Gas
5
Woodburn Oil Corp... (t)
Wl- Li'dge
Cooper Co
Aug
Doo
July
m
20i
iMi
Dec
Nov
Nov
i'A
3'A
iH
32
2c
1^<
3c
OH
"111111 .1 irl:i
Sliver..
1
Consol Arizona ...llllll.
:.iii,<il
;(»iii,i?r Mines
Copper Canyon
I
Con Gold
Crown Reserve
Cres.son
i
Zone Divide
(Jrccn Monster
Hard .Shell Mining
51c
51c
26c
24 5-^
23H 24H
2H
2H
70c
26c
m
3c
85c
7c
"22c'
200
90c
4c
220
40
2IC
6c
26c
40
10
Ic
Ic
25c
25c
80
140
3c
10c
150
120
4c
1
1
lOt
M
Hollluger
Iron
IILlOc
Divide
"260
BlotiHom
..1
I. .6
.
»\ nle
I
.
.
MiicNiiinara Mining.
VI u'liia
I
lOi
.
MiiMiii Viilliiy
<
'o
of
.I"l
5
.II
Mines. .11.
(
aiiiida
20c
40
3H
60
..
.
('fl
.'jOi
J
Hllvcr Illlls
On
27 H
5n
IH
•2'A
"7.5c"
.
Tin Corp
Neviuin Ophlr.
Nevuda
6c
I
*fioi)i>r
Marsh Mining
7c
2«
Jiiinbo EflenMlon
KiMi>
2%
4%
7%
2A
_lOo
Jerome Verde Devel
45«
I.
Rex
(.'onHoll'lali'd
MIn
R'Khnster Hllvor (Jorp.
Jan
Hllver
Hllver
1
IIIIIh
I
King Conaol
I
2
3H
3c
30c
4n
On
2n'A
5c
iA
2
llo
75n
45c
US
7
54n
400
.New Cornelia
..I
New Dniiiliiloii (;o>iper..l6
New Jersey Zinc
100
Nliilnsiiii- .viiiii-H
6
.
PItf <v Mt .Sh.isU CiopIIIl
Kav fIerciil,.M
_
_5
2H
A
"6A
20c
7n
70
30
50c
;jOn
1-
60
6J<
750
H
Jan
Marj
731
Aug
Apr
Mar
Aug
3
Iiine
IH
Sept
29o
Doc
Ic
July
42c
3c
5
Dec
200
le
H
H
201
3.000
210
4,400
60c
H
401,600
2'-^
71i
Nov
Dec
lA Feb
144
5"^
4
30
500
Jaa
Jan
10^^
1
Nov
Mar
Mar
30
Feb
%
Nov
Sept
Deo
Au
IM No\'
VA Feb
Jan
an
June
•
500
24 H
6
Jan
Feb
95c
Nov
July
July
3'-
Jul
2c
370
4c
12c
6c
ItiC
I2r
Ic
IIH
Juue
Ic
7 K)
Jan
70
Feb
Apr
.lai
!'*•«
Got
June
June
5o
Not
500
Dec
Sept
July
lOc
July
laii
5.>c
May
June
10c
Nov
4
2
Sept
Jan
2
870
15-16
5c
Mar
Dec
13c
Sopt
650
Mar
>*3c
3o
4c
Oct
June
28c
5.0(10
200
1.10
6.000
flo
10c
1 .000
10.000
43.000
1.400
60
200
7c
llo
3n
6O0
26 n
120
380
3»c
8c
\H
2U
llo
750
470
7'i
COu
400
30
2'i
124 '/i
OH
34
6H
A
300
.800
I
So
120
30
1.000
100
14.500
22,800
27.000
12.000
4.000
:'oo
1.
700
A
llo
14
260
AA
710
I
flo
3>»
80
8«
120
80
12
'lie
llo
IW
31s
.Inly
H<'pl
300
Doe
48u
14
7H
.lun
1^ Aug
^'00
40
I
.Jul.
Nov
July
I
II
490
I
no
19
22n
15c
25, .too
I. Olio
4.1100
Io
Jan
l4o
ISO
2.5o
7<i
20n
20
610
120
1)00
1.000
40
Nov
Nov
600
260
July
•h
Heb
Doe
Deo
Deo
Feb
Bept
lob
M'ly
May
Deo
Doo
Jan
.Sopl
Deo
Deo
M iiy
Den
Junn
Duo
Jan
Jan
IO..'iOO
20n
20
510
!
2A Dbo
168
27n
70
Nov
Deo
28
June
4.000
pi
lob
June
3H Aug
May
.
Mil
rf.
.iie
87e
^Oc
July
June
Aub
Hept
Feb
Mar
A Nov
630
Jiini
1
1
M
Mar
T4 Dec
Nov
Di*
Apr
Doo
Due
17
4
July
MttV
July
M
6. .'{15
.Ian
2
80
40
2.70l>
Nov
May
60
Alio
Jan
9 16
llllll-
Juno
Dec
Dec
Deo
24 May
Bept
Hept
io
2H
.000
2.400
17,000
1
Mar
34 Nov
1.000
5.000
28 Vi
>ao
Aiii;
780
«2o
d
3.000
18.000
7,000
9.000
Dec
42C
Jiiii''
60
80
Jan
May
5Mo Jan
7-32
2-ic
6e
300
Feb
2
27.000
31.000
4.200
Nov
Nov
Sept
102. '100
3H
4o
34
July
9A
Doc
Dec
1
Deo
40c
4c
2% Dec 4% Nov
4,500
10000
Ian
2H Mar
H Deo
11.^
Feb
7A Dee
13
June
70
320
Jan
Nov
30
4A
7H
2H
Got
Dec
June
Jan
18c
20c
140
J at)
101
15H Aug
lA Jun
700
June
4 Nov
6H Dec
40n
6ii June
200
600
Feb
30c
6c
S('i>
200
2,000
95,900
Jan
2
3H
July
I.OOO
1.000
1,000
H Feb
6A
13
July
150
oA
Dec
Nov
Nov U-I6
95
21.fl00
3.7.50
25,100
8.200
3,000
7.000
4ys
91e
Juue
9'4 Fch
2>A Bept
75c Sept
8.000
5,100
100
54.000
600
Oct
Jan
13
4A
2. -'00
Deo
IK
3H
230
Au<?
Dec
610 Dec
3
Aue
3.900
Jan
Oct
2'A
Sept
10
2H
Deo
V4 Deo
Oct
130
Feb
Dec
IH July
3H May
324 Mar
Dec
Aug
55c
July
6<A Sept
1
Mar
May
18
Aug
June
He
Mar
m4
Dec
7.5c
I7K
a 'A
200
On
1
Dec
VA Dec
74c
Nov
900
400
800
2H
10c
11-16
14
8
115
900
rsn
'4
V4
A
H
10
2
1.500
24.600
i'A
ITA
2
124
40c
Jan
Jan
Jan
16
24
Nov
A
v or
10
July
Senl
A
Jad
Oct
111; Sept
24c July
24 Jan
1
Dec
Sept
1
100
27.400
3.400
500
33,900
100
2.000
5.000
82.300
1.000
1.000
4.000
7,000
8.000
4.000
11.000
llo
2e
100
7c
38c
240
40
870
A
15H
600
700
Ue
Bept
S.vir
'A April
1.600
7.800
5.50
lie
90c
9
27c
3c
94c
3c
S4c
A
39.400
700
5.000
8.000
2.400
17.300
2Sc
3c
84c
3c
50c
6c
30c
20c
2'.li
24
Apr
IH
Dfo
3c
Sopt
9c Dec
89
Ic
1
Sept
Aug
Aug
,0-)0
Ic
15^
iA
A
KO^iS
8.000
1,000
67,200
1,000
140,200
1.000
1%
6,y
4'A
Dec
Dec
lA Aug
33,010
2!4
7
8.5c
lOH
1
(i.OOO
6c
2c
3'A July
July
Z'A Aug
Oct
Jan
Jan
900
5c
1%
88c
3
75c
38c
M.ar
2
660
11.100
Oct
Jan
4Ji
2y»
Z2'4
e
8.300
15,100
6A
3c
riiilrl
llncia .MInlug
2c
72c
Aug
July
Julv
lA June
800
1
S»ii
Nov
5c
5.700
10.100
2H Nov
18 »4 Apr
25 4 Apr
All:;
Sept
5
260
6.600
121, ''00
9H
12A
22c
Ooldfleld Consol Mlnes^io
f;oi;ifleld Develop
.lOc
(ioldlli'ld Kloreiii'e
.1
•Ac,
SOc
27
4.5c
V4
90c
51c
30e
I
CriiesiiM
l'',iir>'icii
2c
11>^
..1
Divide Kxiun-iion
1
Dolores Ksperanza
5
El dulvadur Sliver Mines. 1
32
8.5c
1
M A m'
1
ii;;;
8.5c
5
(
Cortoz Silver
3!^
12 'x^
5'A
5
2c
66c
Caiiuda Copper 00.1.16
'
6
14!^
95i
2c
72c
26c
Feb
Jan
1
10 Ji
1
Mollierlode Coalition.
Nov
3
3
7
6c
Nttiioiiul
M.ir
93 '4
June 393
Juno
45
June 356
12K
Mining Stocks
A
lO.'J
.hnie
oH
1.5c
44c
2.:i00
5^
6
Q'^'A 100
56c
40c
2'A
Dee
60c
Oct
OH
an
6c
5H
"lO^^
Alaska Brit f'ol Metals
1
Alvarado MIn & Mill.. .20
.Amer Tire A Tungsten.
1
Belcher Divide
ioc
Mar
259
13
34c
Molilcuii (Supper
24!l
50c
..I
Nov
July
Sept
5
ic
Mliilni;
June
A
78c
South Petrol A Refin
..
Southern States Cons Corp
Southwest Oil
1
Spencer Petrol Corp
10
Stanton Oil
5
I>ec
Oct
Dec
Jan
2
5
•Y-OilAQas.
6->g
77c
10
Oil
10J4
Ic
1
.
70c
20c
Mclniyri! I'orcuoinn ..III
McKliiley DiirruKb-fJavIIl
IB
6
VA
IH
Ic
on
.Nov
70c
9?i
9A
20c
Seaboard Oii& Gas
5
Sitnras Petroleum, (no par)
Victoria
VA
pan
Salt Creek Producers
Sapiilpa Reflnlne
Skelly Oil
1
12c
VA
4.000
Vi
1
s'A
lA
10 ""l''A
100 100
(no
IH
22
2
1
ill
Refiners
65c
10c
10
pref
Oil
Gas
8c
5
La Rose Consol MlneiJ..^
131
140
107
42
Au
June
July
July
10
1.040
10
361
.
.
Mac.Narnurat.'re.Hceiit
84 >A 85
125
125
115
115
79 H 7UJ4
40 S
2
lie
8^4
18!.<J
19c
•ZH
Cons O
6
llnw" Sound <',<>. ...
I
Iiiilepi-ndnncc Lead Mini"
60.;
9%
High.
Sept
140
90c
7
lOS
14c
2
Jan
Jan
900
2
&A
Dec
Apr
5,000
100
100
V4
ISU
5
Jan
Dec
im
IH
?H
60c
16c
.
llaniilll
Dec
Dec
5c
lie
Low.
700
400
2.900
2H
IH
20 's
10
IH Mar
7o
lOo
6
61c
Oil
Oiiiur nil ,<t cia.i
Pennok Oil
Pure
14M
"1)4
1
"rod
iln
Mutual
U
12,000
1 1 ,000
17
1
"I"III.IO
lOK
2y,
1:
10
10
iq
Dec
2>A
8H
101
Mexico
of
Meridian Petrol
Merritt Oil Corp
Nov
2
4'A
1'4
1%
Boston <fe Vloiitaua Dev..5
Brougher Divide
Butte A N Y
Caledonia Mining
li
Mar
39
80c
Lvons Petroleum
Magna
Maracalbo
Booth
M-i
11
Jan
(t)
Jan
AUJ
68 S Aug
10c Juno
1.000
Livingston Petrol
Apr
IH Dec
Dec
10c
31
275
5%
July
July
July
29c
29c
4Ji
17
100
Y.,1.100
lOo
100
Hwan A Finch
Vacuum oil ..
Other Oil Stock*
Alien
107
101
268
Ponn Mrx Fuel.
Nov
12
4
17!-^
Kerr Lake
Cui.ilHTlnnd IMiM^i.ine.'lOO
Ohio
48
Oct
48
200
1.900
7,500
4>i
75c
U^
Nov
i% Dec
June
I7,.'iOO
10<A
Feb
Dec
Feb
n. c
2A
400
l"-<i
3A
.Sept
1,100
4.300
71
160
2
5
July
Jan
Jan
3K
3
2%
Oct
Jan
Jan
4
6
7
22 H
16c
May
Jan
21
IH
50
6)i
26^4
54
Mar
Deo
400
Dec
Dec
Dec
Dec
13
\>4
500
-Aug
20
35c
100
2,000
14
IVA June
Deo
5'4 Dec
IH Deo
100
1.100
Jan
Jan
May
15^
Nov
Mar
SO-"
May
4>i
8
861^
I7>i
18 )H
Dec
i'A Aug
4>|
Tan
80
9 '4
1
56H
VA
'
f-
Contlrientm oil
4
21
300
HtAlitS
^JlU Rubber
'•'••' .MuiiclHrd Ull
hubvldlnrle*
Oct
June
June
50
HVi Dec
Jan
AUL'
Feb
Feb
Feb
Apr
29 K July
Jan
3
1
IH
Dec
30K
1
2H
31>^
12H Dec
13H Oct
200
400
6H
Dec
Dec
130
2,400
396
1.200
2.275
5,700
1.000
100
8.200
3,900
71
J.ily
TA
529
3.100
1.200
3.800
2.000
700
9-4
255
Sept
13
10'^
700
800
ZVA
'i.V<
4H
Jan
Jan
9c
iMi
9%
2'A
Sc
9c
9>-
6
102 v<;
6H
,58c
9%
90c
9c
6c
57c
84c
NoIiIcOII.VGms.
July
4
95c
4'A
(SH
4 '4
2'A
ir>\4
North American OH
Northwest Oil
Okmulgee Prod & Ref
Dec
9?^
1
Feb
Julj
lA
"'life
1
No^
TA
.l.ii\
75
40c
18
Feb
Feb
June
2
20 H Dec
50
Sept
60c AUK
300
100
6.500
1,600
.300
I
80<i
im
90c
-4
I
7.100
ion
t>
' "
2K
7
1
VA
I
O 8 Bteamsblo
Wayne Coal
'.'."".
Wem Knd Chomlr-al".
6
3 'A
40c
2
6
11,600
2'A
5flH
.
IOC
7
lOH
6
108
2
July
2'A
y'4
I
10
1. 10
iMi
5H
Jui.\
Jiini
35
100
10
.
26'-^
101
1,800
70
160
I 'Mi
4^i
4H
7H
Dec
1'2
37 H
36
2'A
VA
15i
44
50
2H
87c
Baguenay Pulp A I'ower..6
eouthern Coal A Iron
fi
Stand Com Tob CI n..(t)
Sweet* Co of Am rica..IO
V)
2
7
11?^
i
Republic Rubbsr.Iftio par)
Reynolds (H J) Tob B 26
u
4'A
7
.50
(t
7K
7
10
Preferred
Rockaway
2^
Motor
Parvnns Auto Acci^morlex
6
2
6
lOJ^
VA
1
Locomobile Co com (no par)
Mercer Motors ..(no par)
Morris (Philip) Co, Ltd 10
LIbby. McNeill 4 Libby.lO
Lincoln Motor C\iu» A .50
6H
87
50c
26 H
9% 12H
24
lOM
Rubb.lOO
20 !4
50
70c
15J-5
15?i
15?i 17
1B9
178
lO'A
6
6
2y,
Intercontinental
21K
H
13
13»4
9Sc
2>i Sofii
75c July
Got
98 li June
64c
Dee
50c
Dec
15
lOP
3H
AID
el
com
Cities Service
1
V4 Nov
Nov
Mar
MH. Mar
25c
Nov
1.909
1.400
2,025
100
100
21,000
2,851
775
Chalmers Motor ctfs
Chicago Nipple Mlg
m
Jan
56c
5n
52c
6
51c
2c
2
30
76c
14'^
6c
1% N3<
Feb
Not
5c
520
45i
250
78e
15?
Marine Oil
Mariand Oil
i%
VA
VA
6
2.100
1.000
3.200
8.000
2.100
38.000
31.800
1.100
100
10.000
760
Margay
8 '4
84c
4'A
H'A
i'A
48c
inn par)
Jan
1V»
3%
6
Oil
itiTnal Petrol
Dec
.SVs
74c
3H
6
Shares
2H
11
8%
Range for Year 1921.
.for
Week.
High.
Keystone Ranger Devel..!
Klrby Petroleum
Lance Creek Royalties
1
10c
32
I
74c
Harvey Crude
Hudson Oil
23
Beaver Board Cos cora.{t)
Bradley Fireproof Prod..l
IH
.
Jan
16H May
45c
2'A
9}i
8
4
21c
73c
30
.5
Kdmoi.Mis Oil & Refining- 1
ISlk Basin Petrol
..6
rOnL'ineers Petrol Co
1
Ertel Oil
5
Federal Oil
_
6
Fensland Oil
(no par)
GUllland Oil com
(t)
OlenrockOil
10
Granada on Corn CI A. .10
I
5
4
22c
73n
26
Imperial Oil (Del)
25
Preferred
Imperial Oil (Canada) coup
Apr
Feb
of Prices.
Low.
(no par)
Gushing Petrol Corp
lists.
2
bVi
10
OH
8
1
Carib Syiidlcalo
Continental Petrol
Cosden A Co. pref
Creole Syndicate
High.
Dee
36c
2'A
5
British- American Oil
Range for Year 1921.
Low.
48n
(t)
Oil
Brazos Oil
Week.
Shares
.10
Fob
New York Curb
As
Market Association on June 27 1921 transfeiTed its activiti(>s
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.
6—
com
Oil.
Preferred
..10
Arkansas Nat Gas. com. 10
Atlantic Lobos Oil com
Atlantic Petrol (old)
101
.lun
Amor Fuel
Doc
Don
Dec
Week's Range
Sale.
Price
95
.Tan
72
(Conct.)
High.
LOIB.
New York Curb Market. —Below is a record of the
transactions in the New York Curb Market from Dec. 31 to
.
SaUt
Friday
Other Oil Stock*
X Ex-dlvidcnd.
Week ending Jan
69
Range for Year 1921.
25,000
12.300
lOO'-i lOOU 112.500
2,500
lOOM 101 'i
1.000
90 H 96 H
2,000
80H 81
1.000
62
!4
62!.i
2,000
100
100
55
1 .000
55
75 '4 76!-i; 10.000
64
93
fi5
.1000
.
68
Week's Range
lom
1036
fti'is
'
THE CHEOmCLE
Jan. 7 1922.]
Stocks
8
V
35c
H
560
760
Hnpl
I
'ell
Apr
Dou
Apr
Aug
THE CHEOKECLE
70
Sales
for
h'rUta,
Lam
Week's
liaiige
Mlnlntt (Concl.)—
Soutli
Par.
Amcr Gold & Plat
Price.
5H
-
Stewart Mlnlntj
ic
1
Success Mining
Tcek-I fuclirs
Tintic Stan Min Co
Tonopah Hi'lmoni Uev..
Loio.
1
20
24C
2c
20c
I'A
.
Tonoimh ni\ I'lp
Tonopab Extension
Tonopab Mliniii;.
j
I
I'^i
66C
1
1
Trinity
"VA
1%
1%
3
Tuolume Copr)er
65c
1
5 'A
2c
2c
24c
2.200
3,000
2,000
6.000
1,000
2.500
8,300
100
I'A
67c
1%
400
300
I'A
3
80c
2>A
29
49c
4'A
80c
7,300
19.150
3V»
Feb
Ic
Ic
Dec
6%
10c
4c
16c
July
Awx
6c
Hi Sept
98c
.hilv
64' Sept
I'A Sopt
Mir
1 %
i;< July
Aug
35a
Jan
July
Mar
Sept
2I5-I6AUB
Dec
1->A
.
1
7-16
m
11 10
5
80c
Quotations for Sundry Securities.
bonds prices are "and Interest" cicept where marked "f.'
Standard Oil Stockt Pari Bid
Aft Joint .Stk. Land Bk Bonds
Anglo American on new. £1 •»17
17I4 C. Ic Joint
Stk L;,nd Bk 5s '39
99
Atlantic
All
High.
Low.
High. Shares.
1%
63c
Range for Year 1921.
Week
of Prices.
[Vol. 114.
\
July
Apr
Nov
Dec
M
Refining
Preferred
Borne Scrym.ier Co
100
995
100'
1
1025
115
13
100 325
Buckeye Pipe Line Co... 60 85
Chesebrougb Mlg now. ..100 180
Preferred new
loO 103
Continental oil
100
Crescent Pipi, Line Co... 60
Cumberland Pipe Line.. .100
Eureka Pipe Line Co
100
Galena Sltjnal OH com. ..100
Preferred old
100
Preferred new
100
Illinois Pipe Line
100
Indiana Pipe Line Co
50
340
86
190
107
127
124
27
120
78
40
29
130
SO
42
107
100
102»4l04
5>8S 1951 opt 1931
RR. Equlpinencs Per Ct
Atch Topeka A Santa Fe6s.
Atlantic Coast Line 68
fiai)it.\
A 634e
Baltimore A Ohio 4 Ha.
Buff Roch A Plttsb 49 A
4H8
Equipment 8b
Canadian Pacific «Ke 4 agl
Caro Cllnohfleld 4 Ohio 8b.
5.85
5.90
6.20
5.85
6.00
6.00
7
.
6.50
6.65
6.80
5.50
5.70
5.70
50 6 25
Central of Georgia 4)48
fi.50 6.00
Central RR of N J 63
6 85 5.50
104
Chesapeake 4 Ohio 6>48
11-16
6 00 5 60
V» lUH'
100 105
Equipment 58
6.10 6,70
1 .500
3)i Dec
7H Jan
3'A
1£3
107
Chicago
A
Alton
7.
1-16
Aug 1
Oct
*He'iV.l
50 6.50
05c
80C
74c
8.200
*83
85
Chic Burl 4 Quincy 6a
White Caps Mining
5.85 6.50
ICc
Sept
10c
Jan
2c
5c
2,000
5c
International
*1538
15^8
Petrol.
(no
par)
Chicago 4 Eastern III flJis.
Wllbert Mining
7 00 6.00
1
July
Ic
4J.^c May
1.000
2c
2c
National Transit Co.. .12. 50 '28
29
Chic Ind 4 Loulsv «H8
6.25 5 90
TokoD <3old Co
April
6
IH Dec New
1,600
IM
York Transit Co. ..100 140 144
Chic St Louis 4
O
00 6.75
6
68
Northern Pipe Line Co. .100
90
94
Chicago 4 N
Bonds5.90 5.60
*H3
S
Ohio
on
25*259
Co
263
Equipment 6a 4 634e
6.'90 6.70
Aetna Explosives 6s. -1941
Nov
70
2,000
6934 Nov
70}^ 70H
Mex Fuel Co
17
18
26 '17
Chicago R 1 A Pac 4148. 6s.. 6.60 6.00
Allied Pail, rnuv iieu us ow
6b
May 63 34 Dec Penn
119.000
59
63
61
Prairie Oil 4 Gas
535
545
100
Colorado
A
Southern
Certlficiites of deposit
68
7.00 6.25
Sep)
35
6iH Oct
r>0'A
52 M 50,000
51
Prairie Pipe Line
..100 226 229
Delaware 4 Hudson 68
5.90 6.70
Aluminum Mfrs 78..)92r^
96
Mar 101 y. Nov bolar
11.000
lOO'-^ 100J4
Refining
335
350
100
Erie 4^8, Ss A 6s
6.75 6.25
7e
Ifl33
99 H Oct 103
Dec Southern
i()2H 102 H 102 Oi 41.000
76
Pipe Line Co. .100
Great Northern 68
5,87 5.65
Amer Light & Trac 6s. 1925 96
97
Jan
Dec South
96
o(m 11,000 85
180
Penn
1190
Oil.
100
Hocking
Valley
50 5.90
Amcr Tel <& rel Us
IH^J 10f)'4
4^8, 68
94)4 J all 100 H Dec
99 Vh 10014 24,000
Southwest Pa Pipe Lines. 100 50
51
Illinois
in->i
Central
5.90 6.65
68..
4
68
92
Jfiii
Dee
4>i8
100%
71.000
lOOH
99J-8 10034
•9734
Standard
98
Oil
Equipment 78 A 6>ie
Amer Tobacco 7s
6.90 -T.OO
1922 101
00% )une 102 K Sept Standard Oil (California). 25 84'8 8518
101
101
5.000J
(Indiana) .. 26
Kanawha 4 Michigan 4^8.. 6.25 6.76
.American Tobacco 7s. 1923 101?^ 10\H 102 ji 15.000
9934 Mar 10214 Dec
Standard
560
Oil
670
(Kansas)...
100
Louisville
A
Nashville
5 90 5.65
Anaconda C^ou Mln 7» '2H 101
68
Jau 103!-^ Dec
lOOK 10134 107.000' 91
Standard Oil (Kentucky). 100 440 4.50
Equipment 6a A 6H8
5 87 6.60
8% notes Series A_ 1929
97 H Dec
83
Jan
35.000
96 3^ 97
Standard
160
Il70
6.00 6 65
Anglo-Amer Oil 7 Hs. - 192r
97 «4 June 104
Nov Standard OH (Nebt:iska) .100 171 1 :•".. Michigan Centra! 5b, 88
32.000
102J< 103
Oil of New Jer. 26
Minn St
Armovir&Co 7% notes. '30
SSM4Ha<tOE 6,40 6.00
OH14 Jim
103
Nov
50 000
101 H 102
II4I4
11334
Preferred
100
Equipment
6 30 5.90
Barnadall Corp 88
OijB
4 78
1931
Dee
90
July
99
5,000
983s 99
Standard OH of New Y'k.ioo 350 .354
Missouri Kansas A Texas Sb
C 75 6.00
Beaver Board Cos Ss. . 1 933
Mav 99'4 Feb Standard
70 '/a 24,000
66
69
70>A
380
390
Oil (Ohio)
100
6,50 6.00
Beth Steel 7% notes.. 1922
Mlaso'irl Pacific 68
99
Feb 10 Ui Oct
7.000
100
100
Preferred
..100 114 115
6 30 6,00
EQiipnienl B'-'is
7% notes...
1923 lOO'-i look' 100 i^i 25.000
95
June 100 '4 Nov
Swan
A
FInoh
30
40
lOO
6.40
Mobile
6.00
Equipiiicut 7S4 Ohio 4H8, 6B
193.0
60,000
04 H Sept 103 'ii Nov
100'-^
loo'-i: 100^4
Onion
Tank
96
98
Car
Co
100
fiOO
6.70
Canadian Nat Ry» 78. .1936 lor.K 105^.i 105?^^
New
York
Cent
107
SB
4H8,
Dec
9.000
'4
99Ji July
Preferred
100 103 108
6.00 6.70
Canadian Pill Rv fis. iP't 100
Equipment 68 4 78..
94
Jan 100 Ji Nov
99 '4 100 'S 64,000
Vacuum
300
OH
j305
100
7%' 6%
Central Steel 8s w I... 1941
Y Ontario 4 West 4H8...
Dec
99K 9914 10914 39,000 98 H Oct 101
Washington Oil.
30
36
10
Cities Serv deb 7s B__1966
5,87 6.65
Norfolk A Western 4Hb
90
June 135
Feb
5,000
100 V^ 100)4
Other
Oil
Stock!
Conv deb 78, Ser D_ 1966 87
5.90
Equipment
6.70
65
78
June
89
Dec
2,000
87
87
26*102 104
ImperlalOU
5.90 6.65
Col QraDbuphune 8s. 1925
Nonbem Pacific 7s
33
Dec 80
Apr
91.000
34
36
36
ISO
160
Magnolia
Petroleum
5.'0 6.70
100
Pacific Fruit Express 78
Consol ('.as N Y 78 . . 1922 lOOJi lOO'j' 101
Dec
3fi,0C0 100^ Dec 101
Merritl Oil Corp ..
..10 *^^i' 884 Pennsylvania RR4a44Hs.. 5.90to 6.50
CODBUas El LA P Balt7B'31
97
Sept 10334 Dec
5.000
103
'-^14
Mexican
6
15
Eagle
OU
Consol Text lleSs
Equipment
6.00
6.80
6fl
1941
95
Dec 100
96
Dec
130 000
98
Midwest Refining
..60*165 175 Pittsburgh A Lake Erie OH*
Copper Exp Assn 8s 1922 loo'^i: 100
5 90 6.60
98 ?4 Mar 101 J-« Aug
100 '4
7,000
Tobacco
Stocks
Reading Co 4^8..
5.87 6.60
8% notes Feb 15 1923.
98 M Mar 10434 Dec
101
101
10154 37.000
66
70
American Cigar common. 100
St Louis Iron Mt 4 Sou 8b.
7,00 6.00
8% notes Feb 16 ..1924 102K
08 H Mar lOiH Nov
10214 102«
6,000
Preferred
81
8-5
100
St
Louis
7 00 6.00
San
4
FranolRoo
8% notes Feb 15.. . 1112 104
(5e
98 H Mar I05H Nov
26 000
103 H 104
125 135
Amer
Machine
*
Fdry..l00
Seaboard
6.75 a.oo
Cuban Tel Ist 7H8...1941 ]02»4' 102n
Air
Line
4
4Hb
68
95
Oct
10314 7.S,000
103H Dec
113'2ll5i2 Southern Pacific Co 4^8
American Tobacco scrip
6,87 6.60
Cudahy Pack 7s
1923
98
June 100 ;4 Nov
7,000
100 'j lOO'.j
*1278
IS's
Britlsh-Amer
Tobao
ord..£l
Deere A Co 7^9
Equipment 78
5 85 5.65
96^ 96
1931
90
June
2,000
99 H Nov
96
Brit-AmerTobao, bearer.. £1 *12'8 1318 Southern Railway 4)4s 4 68. 6.25 5.75
Duquesne Light 7 Us. . 1936
98
Aug 105}^ Dec
103 '.J 104
6,000
13
'0
Coniey
Foil
(new)
no
par
6.15 5.75
Galr (Robert) Co is.w .'37 "96 li
Toledo
Ohio
4
Central
«b...
07
96
Dec
96'.^
5,000
14
Dec
96 5f
'A
(Geo W) Co. com.lOO 180 190
nnlon Pacino 7b
5.85 5.60
Oalenar-Stsnal Oil 78
1930 100'-^ 100 'o IQI
July 102
19.000
Nov Helme
104
100
Preferred
100
6.10 6.80
General Asphalt 8s... 1930 102'-^ 102!-$ 104
Virginian Ry 68
....
98^ Sept 106
15.000
Dec
Imperial Tob of O B 4 Ire.. 'lOU lOb
Goodrich (B F) Co7» .1926
83
Jau
110.000
99
Dec
96!-4
96Ji 97
97
90
Johnson
Tin
Foil
Met.
A
100
Grand Trunk Ry 0^8.1936 1C3
Public
UHlitlM
92
37.000
103
5i June
102
1)4H Nov
106
Gulf01)Corp7s.
Amer Gas 4 Eleo, com
SO •120 1123
1933 1023-4' 10'??^ 103
94
Mar 103 3i Dec MaoAndrews A Forbes.. lOOt^lO^
27,000
8o(
92
Preferred
100
45
Heinz (II J) Co 78
Preferred
60 •44
1930
103 -^i
94 H Jan 104)4 Npv
'1.000
103M
24
28
Mengi-1
f'o
100
Hood Rubber 7% notes '36 97'/^
Amer
Lt
4
Trao,
00m
IOC IO6I2IO7I2
97'-;.
9734 Dec
40,000
9734 Dec
97,!i
64
68
Porto
RIoan-Amer
92
Tob..
100
90
Humble Oil 4 Re; 78 1923 99 J^
Preferred
lOO
94
34.000
99 J^ 100
H June 10034 Dec
*75
b5
Scrip
Interboro R T 78. .
Amer Power 4 Lt, 00m. .100 76l2 79
1921
6 Ji Oct
S3
77 '-2 35.000
72
June
•63
68
Reynolds
82
(R J) Tobacco. 26
85
88 J P
Preferred
receipts
100
176,000
80
71
74
Oct
69 H Aug
73J^
37I2 .Amer
B common stock
Internat I'jiper 5s. Ser B '47
26 •36
7
10
Public Utll, com. ..100
2.0C0
87
87
105 107
Preferred
16
Jackson Fire Bk s f 8s, _
100
18
Preferred
1
IOC
ICI W 10 '-i 12,000
101 W
100
102
Prod Corp 8% scrip
30
34
Kenueoott Coppei 78 i930 101 H 101'; 101 H 2.5,000
Carolina Pow 4 Lt, 00m. 100
87^4
Jan
Dec Tobacco
*99 101
Laclede Gas Light 78
7% scrip
Cities Service Co, com
100 171 173
97 '^ 62.000
84 H Jan
96
96
08 a Dec
146
152
53i->
53
LibbyMcNel A I.lliby /p'iji
Weyman-Bruton
com
Co,
100
Preferred
100
991.;
13,000
9434 June 102
99 •«
99
Nov
9I2
81?
Manitoba Power 7s. 1941
Preferred
100 loU 104
Colora'!') Power, eon»
100
90'-^
7.000
89
Dec
89
snvs
OIH Nov
80
86
84
Young (J S) Co
88
Morris & Co7!-^s
100
Preferred
-100
1930 lC2y 102'.i- 102 « 26.000
96
Jan 104 y^ Dec
90
15I2
95
I4I2
Preferred
Nat Acme Co 7Ks_ .1931
100
Om'w'th Pow, Ry A Lt.lOO
98
9,000
Dec
98 H 98 '4
98 3<. Dec
98!^
.17
Nat Cloak & Suit «s. . . i»ao
Rubber Stocks (Cletel and I'r ices)
39
Preferred
100;
87
43.000
Sept
96
9914 Nov
95M 95
50
54
iCIrestone
Tire
com
National Leather 8s.. 1925
A
Rub,
10
Elec Bond 4 Share, pref.lOo! 8912 91
93 Ml Aiit:
96
95 H 9(i',i 27.000
99^4 Nov
8II2
78'2
OJj
N Y N H * Hartf 4s, }•>•>•> 69
$'2
100
6% preferred
Federal Light 4 Traodon.lOOl
47
68;-:;
67,000
Apr
69
72
Oct
74
76
74I2
72
Ohio C:it ies Gas 7s
100
Preferred
7% preferred
100,
1923
08 'A OH 'A
93
5.000
June
00 Va Dec
1115
205
13
Qen'l
Tire
Rub.
com.
14
Oregon Short Line 53.1946
A
..100
Mississippi
RiT Pow, com lOO]
"97H 96!4 9734 236.000 95% Dec 07 H Dec
85 1100
Preferred
Otih tiled MM
100
73
Preferred
100 J-72
1,1
98
os'4 98 H 248.000
98 H
Oct
'M'A Nov
10
1012
8SI2 89I4
Tire
R,
com.
Philadelphia Co 68
Goodyear
*
100
First
Mtge
68, 1061--. J4J
1944
93',;;
94?'4 182,000
93
Nov 9634 Dec
87H
25I4
2578
S f g deb 78 19,35. ..MAN
Phlla Electric 6s
Preferred
9812 100
100
1941 lOOJ^ lOOK 10014 36.000 100 d, Dec 102
Dec
63
68
Prior pref._
Phillips Petrol 7H8..-1931
100
Northern Ohio Eleo. (no par)
1
4
33.000
98
101 i-i 103
Nov 10334 Nov
45
55
Public Serv Corp 7s w 1941
Goodyear
TAR
of
Can
pf
100
9
12
Preferred
..100
97
Dec
96 Ji 97'/^ 110000
99
Dec
74
77
100'
Bears, Roebuck & Co 78 '22
Miller
Rubber
84
/>7
100
North'n
States
Pow,
com.
94
98 k: 98J-4' 13.OQ0
Mar 100 4 Nov
98 H
86
90
Preferred
91
Preferred
100 7.S7
7% ser notes .r)ot 15"23 97'^
94 ^i Mar 100 J^ Nov
97
98 >^ •23,000
95 100
Sban-sbcen Mlllo 7a
Mnbuwk Rubber
100
82
North Texas Eleo Co.comlOOl 79
1931
37,000
101 >8
101
102
975^ Oct 10334 Dee
.-^kelly Oil 7><is \v i
's
Portage
Rubber,
com
100
77
80
Preferred
lOO'
1939 lOOJJ 10014 101
85,000
as
'2 Pacinc Gas A El, iBt pref.lOO
SRI" H81p
Preferred
100
Bolvay & Cle 8s
1U27 102'-i 1021-4' 103
21,000
97
June 10434 Nov
40
29
Swlnebart Tire * R. com. 100
South Ry 8% uotea. .1922
Puget Sound Pow 4 Lt.-lOO 27
99!.^
99 H
99 H 28.000
94 M M.iy
99%
Nov
93
90
Bouthw Bell Telep 78 1925 100 Mi 100).i lOOH 57,000 02
SuCar Stocks
Preferred
100
Jan 101)4 Nov
•10
14
105
5U
103
Btand Oil of N Y deb 6 Hs '33 lOSH 106
Caracas
Sugar
m
1941
Gen
7 )48
...MAN;
31.000
106?.,
97
June 106 3-i Dec
5I«
60
434
Cent Aeulrre Sugar com.. 20 •58
19 '5 104
Republic Ry 4 Light
7% sernold deb
100
lot '2
000 10014 Jan 105 h Dec
04
22
20
par)
Sugar
Corp.
(no
7% ser told deb
Central
Preferred
100|
J9'26
4.000 100
104 !» 104 V;
104^5
Jan 105
Nov
---3
9S'2
100
7% ser cold deb ...1927
Preferred
South Calif Edlaon. oom.lOOJ 07
8.OOOI 100 »^ Jau 106^i Dec
105!4 I05'-4
.)0
70
100
7% SOI gold deb
Sugar common
100. 106':
Preferred.
1928
lO'iH 106
6.000; 100 ii Jan 107
Nov Cupev
50
•I6I1 17U
70
Preferred
100
7% serial gold dub.. 1929 10.-)H
(Del).
.SO
Standard
El
Gas
4
7,000 100 K Jaa 107"« Nov
insji 105 ;'| loeii'
46
4S
7% ser eold deb
100
Fajardo Sugar
60 •42I4 43I4
Preferred
1930 IOTA 107,'., 10 Vi
6.OOO1 100 H Aug 107'^ Dec
98 103
1'4
134
T% eer gold deb
Sugar Ref. com. .100
Tennessee Ry, L 4 P.comlOO
109 'i 17,0001 101 )i Kel. 109
1931
109
109
Dec Federal
9S
103
7"818unCo7H.
...100
Preferred
..100
Preferred.
1931
08'A 9934 21,000! H9Ji June 100
Nov
*10
15
Swin & Co 78
28
30
Inc..
(no
par)
Oodchaux
Sug
Rys,
com...
100
Dnlted
Lt
4
1926 100 'X lOH 100 H 129,000
0334 June 10 ly, Nov
52
58
78
70
72
100
Preferred
Aug 15 {<).<
100
1st preferred
101
lOlJJ 36,000
97 »4 AuM 102% Nov
101
32
Texas Co7% eqirntn 1928 101
30
Great Western Sug, com.lOO 108 118
Western Power Corp
100
101'4 38,000
101
08 H Jan \'i\li Nov
97
100
Tobacco Prod 73. Doc 15 '31
78
Preferred
100
Preferred
100
801s
99 ^s 99 3i 42,000
99Vli
9 "4 Dee 10034 Doc
*12
14
Toledo Edison Co 7s tc 1941 103,ii. 103
Cent
com
par)
Hollv
Sug
Corp.
(no
Per
Securities
Term
.Short
104
45,000
96 H Sept 10514 Nov
37
Unlleft f)i) I'mdiieers hH ':u
43
Preferred
100
Am Cot OH 6s 1924.. M4Sa 94I: 9 -.la
95
96
97
43.000
90
Dec 107 Hi Aut
60
75
United Rys of Hav 7H8 '36 lOOH 10034 1003^ 20,000
100
Juncos Central Sugar
Amer Tel A Tel 68 1924. FAA 99';«l(IOki
01
June 101 H July
92
98
Vacuum on 7«
National Sugar Refining. 100
A40 lOOUllOOSs
m.-^n
._
6% notes 1922
106
lOfi ya
106
30.000
June 107
Nov Santa
5
15
Warner Sug Ref 78.w. 1941
Sug
Corp.
'^
Cecilia
pf
100
Tob 7% no6e8'22
Amer
1007s 10 II4
96
96 li 96% 65.000
98 !4 Dec
96 H Dec
20
Western Elee conv 7s 1925 103!-«, 103?, 10354 32.000
10178 10214
Savannah Sugar, com (no par) •17
notes 1923
7%
97 -Ji Jan 104),
Jan
J
55
Wilson & Co 7iii8 w 1.1931
60
_ 100
Preferred
AnaeondaCop Mln 68'20. J4J 98.'i4' 9778
92,'-<;
93 Js
96
88,000
96 H Dec
97 ^i Dec
60
Wluch Repeat Arms 7 ><.,(• 41
99i<;
110
India
Fin,
Sug
com.lOO
West
JAJ 10058 10078
78 1929 Series B
98 .'a
99
13,000
89 >4 June lOOJi Dec
58
62
Preferred
100
Anglo-Amer OH 7H8'26 AAO 102% 103
Forelftn Government
Industrial & Miscellaneous
Arm'r 4Co 78 July 16'30 J4J 16 1015s lOUs
an<t Munli-lnnllrles
American Brass
lool 285 2,S8
Deb 69 Jne 15 '22 .JADi5 9934:10014
163
168
Hprdware
Argentine Nation 78.. 1923
American
lOOl
Deb 6s J'no 15 '23 .JAD16 99 lUO
98 "a 3<<0.000
97^ 97
97
Dec 10014 Nov
44
48
SBcrlln 4s
Typefounders,
Amer
oom.lOO|
Deb 6s J'ne 15 "24 .JAD15 99 100
jy. Nov
4% 4H (/1 5. 000
"'4
Jan
J6
84
88
SBremen 48
Preferred
100
Beth St 78 July 15 '22.J4J10| 100 lOO-is
1
5% 5H (710,000
4
Nov
15
Feb
•22
25
SDresden 4^8
(E W) Ck>, new.. no pari
7% notes July 16 23 JAJ18 1001 10012
5% 53<i (75,000
514 Nov
12
Aug Bliss
Dutch ICast Indies 6s. . 1947
55
Preferred
Canadian Pac 6s 1924. MAS2; 99'6 100'»
60 •50
94 }^
94^ 041-ii 1 '20. 000
95
97
SFrankfori 4s
Company,
com..
Sug Ref 68 1924M4N 97
97'z
100
Federal
Borden
9
9
9
1710.000
7
Dec
7
Dc(^
French Govt prem 58. . .111
100 92I2 94
Ooodrlch(B F)Co 7a'25,A40 96i2 0634
Preferred
63
C
1,000
52
Jan
7234
Dec
99 i02
SGerman Gen Elec 4>i8.
Company
Hocking Valley 68 1924. M4S 96»4 97I4
100
81^
8'-i (7 100000
8H Dec
9H Dec Celluloid
72
75
{Hamburg 4Vi8
100 100 102
Interboro R T 78 1921. .M4S
Chllds <'o com
5->4
5
SH
21,000
Nov
334
17H Jan
Jl-elp/ig 4!.js
100 100 101
Preferred
KCTermRy 6a •23-M4Nlfl 997s lOO's
5j<
5K
5,000
10
Sept
Jan
1634
75
80
'>' s July 1-131
{Munich 4s
JAJ IOII2 103
flu PoQt(E I) de NemAColOO
f>H
5.000
41i Nov
16
Jan
9Rl2 97
72
74
Phlllpi)lticGovt6H8l 941
Laclede Gas 78 Jan 1920 FAA
100
Debenture stock
105
104
20.000
95^ Oct 10534 Dec
Rio Grande do Sul 88. 1946
SlOc
30c
7934 8OS4
I^hlgh Pow Sec 68 1927. F4A
100
Tobacco Co
Havana
993-4
OOM 24,000 99 3i Dec. 101
99 H
Dec
1«
Russian Govt 6H8.
1
...lOOi
Pub Ser Corp N J 73 '22. MAS 99.'!.| lOOU
Preferred
1919
19
5 ,000
13',i,
10
Doc
23
Mar
89I4 -'3
Certificates
. 48
SI0S8 Sheff 8 4 1 6s '29..F4A
I8tg5s, lunel 1922. .JAD]
13H
32,000
14H
10
Dec
20
Aug International
".'."11921
43
.
100
Southern Ry 68 1922.. -M4S 99I8 9933
Salt
15
13V<.
22,000
10 !4 Dec
„ V'^-,
21
Mar
•89
Switzerland
92
lOO'sllOOSs
Govt 5Hb 1929
Swift* Co 7% '25..A4016
International Silver. pref.lOO
953-i
953i 0634 330,000
79 H Jan
90 H Dec
lilies 102
§ Vienna 53
06
7% notes Aug 16 1931
30c
30c 1715.000
Lehigh Valley Coal Sales. 60| 64
30c
Dec
214 May
175
MAS 101 IOII4
Texas Co 78 1923
Phelps Dodge Corp
100| 160
92
U 8 Rubber 71^8 1930--F4A io,'-> 10514
Royal Baking Fow. com. 1001 90
• Odd lots.
tNo par value. I Listed on the Stock Exchange this week where
88
91
100
Utah See Corp 6s '22.M4S18 951 96I4
Preferred
additional transactions will be found, o New stock,
91
92
Manufacturing
100
West Elec conv 7b 1026-AAO IO314I0338
Singer
to When Issued,
z Es dividend. » Ex rights. fEt stock dividend.
: Dollars per 1.000 lire
Hat '"°"=*™
JDoUars
• Per share.
Basis,
d Purchaser also pays accrued dividend. < New stock.
'
oer 1000 marks, j Marks. « Correction.
I^st sale. D Nominal, z Ex-dlvid <nd. v Ez-tlghta.
'Flat price.
United Kaslern Mining
Uolted Verde Erten...COo
U S (ontiiicni.il Mines neu
Unity Gold Mines
5
West End Consolidated. -5
I
2%
2'4^
29
49c
K
200
500
2
JUIH'
3
22
Aug
30
y
Dec
Apr
I
W
N
.
I
<">
I
''-^
I
\m%
PA
'
N
|
W2%
.,
'..;
y
9m
i
I
i
M
lom
'
.,
I
I
I
I
I
lom
I
M
1
S-*'
—
i-'a
',.,
WH
H
"
UH
M4N
M4N
—
.
.
tojcsttttjettt
aixd
1
71
gtaikoad %nUlli!Qmtt:.
RAILROAD GROSS EARNINGS
STEAM
roads from which regular weekly or monthly returns
following table shows the gross earuiugs of various
the
gross
earnings
for the latest week or month, and the last two
give
figures
of
columns
two
The
first
an be obtained.
olumns the earnings for the period from Jan. 1 to and including the latest week or month. The returns of the electric railways
\re brought together separately on a subsequent page.
The
Jan.
Latest Gross Earnings.
Roads.
Week or
Month.
Current
Year.
1 to Latest
ROADS.
Week or
Month.
Previous
Year.
Current
Year.
Previous
Year.
Latest Gross Earnings.
Dale.
*
3,305, .382
5.209.251
196J-93 470
8,i8 8"6
814124.
27.
276.
20.272
2.931.188
2,;
$
S
I
Mo K & T Ry ofTex November
330,022 3,126,155
302,980
Uabama & Vicksb. November
130.99(5 5.021,093
94, 050
iJec
'.id vck
Vnn Arlior
Uch Topeka & S Fe November 17P24 079 20340170 175572 238
Gulf Colo & S FePanhandle S Fe..
Birm & Atl.
\tl;inra & West Pt.
Novenioer
November
837,825 917.120
November
302.014 484,341
218,202
November
l<m.974
263.974
November
215,900
Atlantic Oitv
November
6,135.960
5.347.777
Atlantic Ooait Line.
Saltimore & Ohio.- Noveml>er 15901094 23280352
252,3871 287,196
B & O Chic Term November
700.510
692,589
Baneor ^t Aroostook Nove bar
September
Sellefonte Central..
3elt Ry of Chicago.
November
November
Bessemer & L Erie. .
3i;isham * Garfield' No ve b?r
November
Boston & Maine
November
3klvn E D Term
|
Roch & Pitteb. 3d wk Dec
'November
& Susq
Canadian Nat Rys.lSd wk T>ec
I!anadian Pacific
'4d wk Dec
Buff
Buffalo
:3aro
Clinch
&
Ohio. November
Central of (Jeor-'ia . , INovem er
Central
of
J.. November
N
RR
i^ent
New
England. November
November
Uentral Vermont
r!harleston &
Car
3hes
&
W November
Ohio Lines.. November
Al o
L'hicaero -t
3!hic Burl
l^hicagocV-
v
i
br
ii
|
Total svstotn
Missouri Pacific
8,541,372
5,382,544
2,299.018' 2.772.045
4.379,101' 4.421.605
60,477,064 66.054,392
Conn. Novenioer
November
Montour
Nashv Chatt & St L November
Nevada-Calif-Ore . . 3d wk Dec
15.999
497.123
880.138 1,869,474
12.986
33,306
6,777.061 7,722.791
118.772
111.121
270,516 551,186
182.1471 295,232
2.009.393 2.600.174
4.9 3,000 5.540.000
770.506
670,005
1,7 tl. 525 1.968 904,176,304 5,190,922
789.935 872,013
586.536 639,241
274.935 309,467
6,602,125 8,500,831
I-
6.13S.4';8
5,0,59.357
6,889,058' 6,826,777
20.579.686 23.138.492
48„524,262 47,027.614
7,753,574' 6.836.247
6,103,930 6,553.213
3,021,239 3,203,622
78,174.054 81.544.944
2.5^i.9.i? 2.96f;.5S9 28.575,703 27. 64 '.791
& Quincy. November 13603117 17670800 155327958 169998858
25.(178.2.-3 2S. 219.471
X-
108'50
944|14780720
177.699
3hicRI &Pac
is
287,181
November 10475637 11461100
ChlcRI& Gulf.- November 564.373 616,040
M
V O 1. vove b3r 2.21-', 142 2,9.=i5.4i3
Dhic St P
3inc Ind & Western November
336,745| 394.482
3olo & Southern
3d wk Oec 458.743 681.23.S
Ft
& Den City. November 1,035,401 '1,307.592
Trin & Brazos Val; November
464,6461 273.206
Wichita Valley
November
194.4.50
224.045
3umb Val & Martin! November
95.4661
95.970
Delaware & Hudson November 3,637.113 4.151.348
Del Lack & Western|Novem*>pr 7.192.455 S. 635. 070
Denv & Rio Grande November 2.828.226 4,077.095
Denver & Salt Lake November
307.4851 301.334
Detroit & Mackinac November
172.815 218.29
Detroit Tol & Iront. [November
681 ,052
481 .032
Det & T.il Short! L.. OcUtbfT
27(1 n.57
207. 5Ui 2 2,59.051 1.S41.3CI5
Dul & Iron Range.. November
93,767
829.516 4,876,007 10,918,541
Dul Miss.-ibe & Nor. .Vove b jr
1.53,4'U 1. .539. 948 12,239.439 19.,3U.7(i5
Dul Sou Shore & Atl .3d wk Dec
71, .521
102,738 4.342,123 5.664.388
Diilijfh Winn Ac Tac Vo'.e ber
180.919
251.58
2,169.652 2. 284. .598
East St Louis Conn, November
121,566
154.125 1.481,911 1.358.165
Eastern SS Lines
|October
495.890 490
4.661.0.58 4,232.904
Elgin Joliet & East. (November 1,5,56,952 2.698.0.58 17,743. 921I23.O25. 693
El Paso & Sou West November
773,092 1,485,268 10,123,0.57 13„579, 104
W
November
& Erie
v o\ e
N .t N V K
b r
Florida East Coast. INovember
Fonda Johns & GlovjNovember
Chicago
11289247 95.815,443 99,160,255
8, .520,-387
1,023,9.58 1,245,,584 10,046,176 11,804,481
"4. .'2
124.798 I.3'^i7.299' l,?''9.(;.8
960.836 1.071.613 12,337,720112.203,783
111,525
115,846 1,242,063 1.308.505
Ft Smith A: VScs"jri; .Ni>ieu b :r
1.5' .1.798
231.523 l.(;37.2.57 1,83:!. 495
|No\-0'i^ fx:r
Galv<'ston Wharf
188.1.54
249.359 2.471,663 1. 733 .4 68
Seorgia Railroad
INovember
.398,625
552,731 4,781,734 6.086,465
GeorKia & Florida. .Novemt»er
103.513
145,425 1,273,992 1,388.357
Grand Trunk Syst. J3d wk Dec 1,685.267 2.231.7.57
Atl & St Lawrence November
237,411
396.924 2",52L404i 2,943",48.3
ChDetCanGTJct'November
1.53,675
2.55.777 1,793,213 1.824,743
Det G II & Milw. November
454,264
.582,730 4.117,322 4,1)65,64
fJraiid Trk \>(;s[. .sove.ber 1.216.421 1.3>)6.1.54 113.521,493 15,891.718
Great .North System Novemb ;r 1(J674 119 12298 393 93, ()4 1.723 115119820
Green (inv fi We^t . Novcb'^r
,28.5.709'
110.101
.179.9;i7
117.484
Gulf Mobile & Nor. November
340,142
4.53,449 3, 749 ,.332 3.703,810
Gulf & Ship Island.. November
219„5.56
279,711 2,623.039 2,813,952
"
l|ey
m'r
N'lVI;
b T 1.1 2
1.849.7:j.) 13. 22 218 15..55 .7/1
isCentral
November 11124067 1.3.3.30130 130040639 132036726
iiai iV Gri Nor. Voven b:r
l,i3i.4.32 2.1 13 4'10 16.447.63
17.417.637
Iiilernat Hy of \lo .Novemb;;r
188,12
187. .503 2.498,165 2.499.841
Kan .'Mty Mox fc Or N'ovcmbfr
211.145
185,021 2,(134.346 1.7.54.333
K < Mex «• {) f.f Te-< Vfi", f- b -r
.5.5').'il8
1.38 3
.()75.8'-,7
7 1. '38
KanHa.4 City South. November 1 ,51 1 .837 1.761.022 18,189,365 17,951,945
Texark & Ft Sm.. INovember
107.231
255.378 2,026,960 2.069.375
Total System
November 1,679.068 2.004.866 20,185,393 20,319.709
Kansas City Term.. October
167,007
164.424 1,341 ,,335 1.327.355
K;in Oklii Ac Gulf
Si>\i-. iy-r
189. (•,!')
320.197; 2,I20.2(k1 2.488.-,"/9
Lake Sup At lKi)pom_ Nov<rmb'T
25. ^2H
12; 7181
4'll.35-;
.''.t^.^JtO
r^!«^Term Ry
November
90. .500
138,275 1.109,901 1.280.110
/h Sc Hud River November
281.083 340.644 2,986,373 2.862.237
fi.
New KnK November
4|f:
4 93..309 4,497.981) 4.306.251
'•.'..J\i
Vallev..
Nrivem'>er 6.330.327 7..563.195 69.612.616 67. 918. .567
LoM AriK Ac Salt I^ke November 1.602.751 1.876,113 18.105.921 18.747.862
Louisiana & iVrkan. November
289.9,52
435.085 3.1.34.5.52 3.894.762
iJiii.i Ky Ai N.u
\ove lYhiT
.5t.8
2<2.!n:3.615,115 3.'II8 131
-villi) & Nashv. Novemljer
9.763. 10« 11.568644 108744004 116614864
II': id A: St L Vove f.bir
2 'i..533
28l.>'36 2.641.4.57 2.895 817
' 'entral
Novemfter
.670.607 2.220,171 9. 072..529 19.463.82';
''H'l Valley
November
.362.296
.521 .751
4.116.541 4.694.461
.3d wk l)e'2. 32
9.921
266.105
(i6l.l08
t SI, Louis 4th wk Dc<: 268,987 .337.669 16.237.0.37 17,137.678
!• Ar
S S M
\'<)Vi:
b'rr 3,935
II 1.940. 355 39,829.7'I8 45,3 '3, "'19
Mifwii-ilppi Central. NovombcjT
113.949
88,232 1.080,764
972,709
Vlo .V -.t,rth Ark;in Vove/i ber
815 1.201.5.50
(|'i2 473
l.93l.;^35
Mi- .Miiri Kiin
If
.1
.
I
I
i
1
1
\
1
i
'
I
1
1
,
,
1
(I
1
.
"
1
I
1
1
1
I
,V
Tev
Nfn'*'n'ber
or utr
.
week Got
week Ort
4 th week Oct,
1st week Nov
2d week Nov
week Nov
4th week Nov
Ist we<k !)(*
2d week Deo
3d week Dee
2d
3d
M
(14
(19
( 1 7
(17
roads).
roads)
ro.>ds)
roads).
(19 road.s).
(JO ro!i<U).
(17 roads).
(17
r.>;,d'!l
r
.
Pacific
1
_
Ches&
& Nor.
Cine Leo
Grand Rap & Ind
Long Island
Mary Del & Va..
Monongahela
N Y Phila & Norf
Tol Peor & West.
W Jersey & Seash
CC&
Pitts
St
L.
Pennsylvania Syst..
Peoria & Pekin Un.
Pere Marquette
Perkiomen
Phila & Reading
PHlsb & Shawmut..
Pins Shaw 6c iNorih
Pittsb & West Va..
Port Reading
Qu
O m Ac K (^ _
& Potom.
o \-
i
_
Rich Fred
Rutland
Sc J()s&Gra.vlIsl._
St Louis San Fran. .
Ft s\ & Kio Grand
I
Current
Year.
\
|
Prevloux
Year.
«
15.823 .655
17.060 029
23.344 ,095
16.986 ,608
15.831 .129
15.12 ,«»it
18.569 39
13.215 .646
13.637 .534
18.913.662
19.908.919
26.628.203
18.530,260
19.577.819
19.107.127
24.319,651
I8.014.8K7
18.549.807
1? 081 319
17
1
Increase or
Dccreane.
H3.966
t
November
Hous Ac
Hous 10 &
W Tex.
Texas & New Orl.
Southern Railway..
Ala Great South.
Cin N O & Tex P.
CJcorgia Sou & Fla
New Orl & NorE.
Northern Ala
Spo.v.iiiC IijicT.iat
122.196
132.733
r
()I8.403
8''3.''.18
T_
193.971
1,760
189,527
379,030
229,805
2,322
253,373
3l9.2';i
706,4.57
431.9<;7
I)
Sta(«n Island R
Novfimber
Tenii Ala Ac (Jeorgia 3d wk Dec
Tennessee Central.. November
Ter Kit A.ss.i ..f Si, L Novoii.ber
L Mer
St
lUI -e
T Nove
Texas & Pacific...
Toledo St L & West
Ulster Ac Delaware.
Union Pacific.
Total system
Oregon .Short Line
Ore-
Union
Utah
,-1
.
RR
Ac
Ac
2,745,297
4,055,487
8,103,837
7,926,492
2,795,193
4,944,678
9,479,751
9,208.319
162464892 191519438
8.713,292 10,543,792
15.804,032 19,116,832
4,122,626 4,867,6,52
5,831 „588 7,066,688
809.778 1,382,664
1.413.317
1. 2 13.848
7. ''95, 971
8.397.696
2, .329,7 18 2,214,783
122,1,50
174,822
2,170.237 2,704.346
468,149| 4,l,57,7l,s
3.3';';.r,7->
4.3i)8.464
3 0';4.H47
964,709 34,512,1,59 40,712.502
November
940.838 1,077,100 8,717,980 10,831,429
November
118,913
129,.589 1,607,988 1,383,939
Nove i.b ir 9.732.813112481)851 10611 1523 120714 149
November 1.5669468 19.547152' 167721378 192654110
November 3,402.320 4,174,174 33,975,014 41.371„'122
2. ,53' 3')5'2,8<fM'):{|
683.715 1.137,002
135 ,,573
205,761
347,023
384,748
November
& Pac. November
27.331 .sio 31 5';s.(;36
8. 732, .395 9,928.075
1,115,891 1.818,3,55
3.814.177 4,2,54,466
Noveuib T
16.110,7.58
,105.979! .88S..5')7| 16.8.58.11
NoveniiKT 4.787.294'5.7I3.019 ,54.769.861 ,54. .838.932
Maryland. 3d wk Dec 327.699 438,047' 17,1.59,330 18.884,587
({
illroad
1
I
I
IM{.
November
Pacific
Ky
904,2.57,1,416,183 11,323,407 14.834,734
199.451' 226.7651 2 •(,'9.207 :>.r<r,'j.(y.w
of Ala.. Nov(;mber
November 1.164,365 1.887„585
I-ako Erie.
Uleliiir, Fill
Yazoo
j
i
Wabnsli
Western
Western
Western
Wheel
3d wk Dec
iJKAl.N'I
VIcks Shreve
V'ir«iiiiiiii
Tiber
No* en b T
(Penn)..' November
h
299.896
No veil, ber
Novel
Seattle
A:
272,689
November
337,9411 510,180
November
843,685| 944,097
November
742.434' 977,6.53
3d wk Dec 2,982,134 3,811,913
November
8.59„561 1,061,()08
November 1,393, .571 1,905„562
November
381.349 462,783
November
503,498
676,388
November
81.446
132.542
Morg La & Texas
St)ok l'or-1
1,057.6.50 1,062.175 9,769.554 6.365,941
193.871! 425.617 2,508,8.50 3,795,271
2,0,89,180 2,767,270 23,123,085 24.7,52,216
1..571,6.53 1,249.101 13, 067, .576 10.925,940
Nove.'iiber
Louisiana Western
:
A-
N
\()\ enib'T*
\V
l'l,'./'.'.3l
Miss Valley November
,'l'i.l'.3
508 16,395,543
1.,38.33,
2.,'.7/.<i'i';
:',
I
I'l.iiOi
1,978.751 2,20fi,987| 18.988,305 20.041.051
I
and Monthly.
Current
Year.
*Monlhlu Siunmuriis.
Mav
20 Ml
—5,7.50,515 23.65
5.399.241 28 96
June
Increase or
Decrease.
Yr. Prrr.
%
%
231 513 469 ,784,542 503.011 129 —33,226,587
19. 171. 075
72.348
124.1
405
,001,27.)
234 510
1,483, 3W)
-234 .832 2:<3 83914.56 ,978.940 158.462 330
- 2-20.340
219 74:<'ll1 ,279. .831 ,(81.112 844 + .30.166,987
.'235.333
1.3.214.331
234 9161444 ,()'/«, 885 157.243 210
.235.208 235 059 460 ,582,512 494.104 607 —33.582.095
—
—
—
July
.2.'{0.991
AllRUSt
flppt/cmber
.233.815
.235.155
.235.228
October
Previous
Year.
C'lirr.
January ... .232,492
February .. .'235.6,53
—3.746,690 19.11
28
18810117 20860067 162051292 166400434
1469S065! 1,8315122 176749357 18474,58.56
November
November
November
Tex Cent. November
Atlantic SS Lines.
Arizona Eastern.
Galv Ilanis & S A
March
'24
749,685'
1
April
'26.48
334,523
Southern Pacific
October
Southern Pacific Co INovember
—2,513,6,52 13 73
—
—4.912.273
—
4.162.656
13202747
168.1)69
195,84'i 1.618,8,89 1.799.392
1.5^1.288
192.012 1.77'^, ''81 1 .635.940
1,654,242 1,982.512 15.847.634 19,476,030
683,396 836,409 7,079,971 8,427,227
480.985 61 1 ,.565 23,971.577 29.776,183
77.431
117,753 1,030.425 1.263,039
San Ant & Aran Pass Novejnber
535,128 623.605 5,841,391
5,484,325
Sa.i A It Uvalde & G N'ovember
99.034 1.088..5 'i4
71 .(18'
.365,364
Seaboard Air Line. . November 3,608,176 4,277,095 39.143,753 44,705,786
—3.284.108 12.33'
— 3.9H',4'U
1
SrT^SF of Texas. Novetrb^r
November
StLS W of Tex.. November
Total System
3d wk Dec
St Louis Transfer.. November
Mileage.
%
20,007 16.4T
— 2.84S.89()il4
31
10270428 11307980 104505819
1.079. 4^211.194. .589 ,3.135.0.30; 12.015.141
St Louis Southwest.
%
—.'!.!
727,2671 2.804,6.50
201,0.33
',8.56
419,933 3,931.019 4,173,272
632.421 7.375,949 7.119,727
6,939,600 8.910,757 73,541.696 80.048.422
Novea.bjr 8,9i9,92Sll05i3,530 87.037.246 11 3984 528
Wovc^'b^r
65') 4' 16
61 6. '193 8.0 to, 270, 7.321,242
November 42043 790 58164 188 460692166 516561471
November
100.877
152,716 1,504,906 1,539,372
November
153,838
142.031 1,127,383 1,219. .532
November
894.9is|l.047.264l 8. 137. 45s 8.9.58.305
November 2.150,873 2,080,830 26,711. .527 23.865,811
November
88,573
114,941 1,161,785 1.230,690
November
484,725 519.749 4,006,782 4,053,655
November
529,990 731.581 5.776.641 7,412.857
November
118,525
179.423 1.528,976 1.931,614
November
802.665 1.054,411 12.205.974 13.046.548
November 8.682.091 11386174 89,647,693 100.586945
November 55960,543 75243486 6117646.58 673897625
November
148,0821 197.809 1,547,509 1,509.928
November 3,304,921 3,652,087 35,517,130 37,3,50.713
November
120,8261
119,220 1,176,418 1,147.824
November 7,393,366 9.835.510 78,099.043 84,826,989
October
130.845 209.724 1,059.916 1.443,598
NovCiiibsr
1.5'), 883
94.600
1.085.618 1,435,648
November
192,P37 281 .240 1.850.82-^ 2,335.878
November
173,689
136,621 2,073,488 1,680,161
Nove^ b T
116,99s
12 ..7;)0 1.21'). 43'
1 .'240,770
November
717.131
812.751 9,130,413 10,013,836
November
463.084
560.195 5,373,7,59 5,448,356
Nove ber
3'>9.19'l 3.104,9';5 3.1.58.785
2,57.337
November 6.731,067 8.518,733 75.694,284 85.430.268
2,810..5';1 '{..531 .378 3(1,93 '.8.50 36,9.36.228
.
'I') ro:,ds).
(!'• ro;i(ls)
b
I
.
AOGREQATE OF GROSS EARNINGS— Weekly
•Weekly Hummarie».
s .)ve
.
1
Atl..
Bait
—
November
Erie Railroad
her
r
,
I
1
i
i
fl
Northwe^fer Pac.
Pennsylv RR
22,586,248 21.802,409
13.952,614 14,614,604
4,821,859 3,218,488
13.5417 984 l5.5';52i».5S
134196868 152.593 647
1,916,058 2.539,450
122228852^124081 387
7,040,326 6,191,425
25.914.37.) 29.315.270
3.395,038 4,123,822
25.9S6.623 .30.572.707
10,506.917 11,850.511
3,040,232 1,963,354
1,596,105 1,644.0.58
1.256,896
811,590
41,987.304 40,531.183
9.623.440 5,108.468
30.246,118 .36.533,707
2,730,866 2,687.870
1.846.970 1,931,446
6,634.6.58 4.711.939
.
North West. Nove '",ber
3hic Peoria & St L. . November
3hic
c.
(
1069834611106713888
293 3771
218 502
El -I ^lU. .\' i.e b r 2.2 >2.23t 2.91 2.3 3
Chicago Great West November 1,955.118 2.162,164
3hic Ind & Louisv
November 1.226.135 1,464.457
Uhicago Junction
November
453,4641 375,848
ivlilw
Chic
& Si Paul Nove b^r 118'78 316|1.5656 9'3
Previous
Year.
205.490 1.319. .538' 1.514,020
2.064.144 19.381,706 22.499,784
4,368
7.871
410,826)
411,432
33.144
81.218
3 '3.914 1,511,694
184,742
216.256 1,332,780' 1,685,817
204,341
245.639 2,355,149 2,467,798
229.955 403.149 2,4.50,586 2,776,612
148.140
267. .592 1,978,752 2.092,675
423,982 699,931 5,494,548 6,986,535
27736185 34677513 296 157 330 340951185
730,030 1.060,992 8,351.154 8,879,336
7.30,608 1.084,232 8.398,781 10,948,295
5.964,073 7,533,697 67,054,847 80,993,106
6,392,38718,091.256, 73,762.9841 81,426,960
295.836
301,7621 3.544,6,56 3, .366, 282
2,045,70514,383.219 21.317.913' 32.1.36,129
837,888 1.501,864 10,001.841 12,202.481
360,174i 626,571 4,501,820 4,939,305
2,325,465 2,706,821 24,785,612 25„537,675
2,53. .538
297,235 3,081,925 1,477,756
1,79
Newburgh & Sou Sh November
New Orl Great Nor. Novamber
N O Te-tas & Mex. . November
BeaumS L& W.. November
St L Brownsv &M November
New N'ork 'entral . November
Ind Harbor Belt- November
Lake Erie & West November
Michigan Central November
Cleve C C & St L. Novemoer
Cincinnati North. November
Pitts & Lake Erie. November
Tol & Ohio Cent. November
Kanawha & Mich November
N Y Chic & St Louis November
N Y Connecting November
N Y N H & Hartf.. November
N Y Ont & We,>^tern NoveniDer
N Y Susq & West.. November
Norfolk Southern.. November
Norfolk & Western. November
2,063,188
86.561
4.231.456
12.836,937 14,623,198
166,942 1.3'!7.n72
72.148,159 79.452.786
1,211,014 1.088,432
14.467,438 23,321,141
1.888,9601 2.811.082
7.597
469.056'
107,114
89,404
MoiioiiK.inela
183117810 210809619
2,419,893
6,710.685
55.573
Current
Year.
Previous
Year.
2.1.53,402 3,140,631 25,004,681 26,992,739
6 021 768 7.479 .579 ,53.3.50 848 .50 499.557
October
>
1 to Latest Dale.
November 9,294,690 11763577 102019816 108068201
3d wk Dec 295,017 381, (J96 17,603,841 18,139,264
Mobile & Ohio
Columbus & Gr.. November
164.257
164,085 1.440,882 1,682,748
8,850,235
2,895,434
Atlanta
Current
Year.
Jan.
.
460 989,697 527.396 813 —66.407.116
504 ,599,664 5.54.718 882 -50.110,218
559 496 784 097 617.,5:f7 ,676 1*20 753, .579
234 686 534 332,833 640.255 263 -10.5922 4:{0
230
233
'..'3 1
4 in
0(i7
fl.6#
4.S'J
7.»\
2.8U
6.7B
12 59
o.oa
19.65
16.54
THE CHRONICLE
72
[Vol. 114.
—Gross from Rallwau—
The table
Net Earnings Monthly to Latest Dates.—
and
charges
mth
following shows the gross and net earnings
companies
industrial
and
sSphis of STEAM raihoad
reported this week:
Taxes
Net from Railway
1820.
1921.
1921.
1920.
1921.
1920.
$
s
s
s
*
s
& Santa Fe—
^^S^^^^^l^ f'iir^l
Atch Topelta
BaiiROrA Aroostook700,510
November .
From Jan 1 6,710,685
Bingham & GarlleW—
12.986
November .
166,942
From Jan 1
Central
Net afur
-^rois from Railway
692 485 3,796,560
a n r.e. '>oc,
3lio^:^i^ /3;of9:22o 25:166.770
'5
^^^
692.589
]R4.7f,9
211,120
6,138,468
l,27l!009
680,6.57
135,742
901,327
184„556
395,006
— 19,533
—25,947
—24,363
302,819
-310,430
224,673
165,390
153,440
308,391
1,934,327—1,101,088
—18,930
—242,456
1,,367,072
.33.306
New England
789.935
November .
From Jan 1 7,753,574
Cbieago & AltonNovember . 2,346.9,12
From Jan 1 28.575,703
Chicago Riirl & Qulncy—
November 13,603,117
- o,„ tnn
^^^
872.013
6,936,247
329,874
2,160,804
—880,729
2.966.589
27,641,791
321,513
4,251,683
1,556,000
—36,265
223,404
3,315,919
Mo Kan A Tex Ry of Texas
November . 2,1.53,402 3,140,631
From Jan 1 25,004,681 20,992,739
Missouri
220,465
Fror^^an 1134196,868 152593,647 15.776,393
Chicago Rock Islanrt & Pacific—
November .10,475.637 11.461,100 1,720,563
Fr°rn Jan 122228.852 124081.387 22,794,413
Chicago St Paul Minn A Omaha294,730
November . 2,247.142 2.9.55.413
Fiom Jan 1 25.941.370 20,315,270 3,420,292
Colorado A Soul licrn—
_„„„„„
362.180
November . 1,226,651 1,733,492
From Jan I 12,199,990 14,433.084 2,652,705
899,508
298,490
1,161,893
1 ,,360,822
8,216,661 17,584,320
893,620
3,209,478
161,452
1,896,127
188,922
1,609,068
1
Trinity
&
Brazos Valley—
464,646
November.
From Jan 1 3,040,332
304,154
1,888,823
530,693
2,029,888
30,789
—431,998
194,067
554,645
—578,107
„„^
346,006
4,509,690
1,109,749
6,895,588
170,837
2,835,898
945,196
5.386,424
104,058
—168,638
„„.,
.
& Ironton—
Detroit Toledo
November. 681,052
From Jan 1 6,634,658
Duluth Missabe
481,032
4,711,939
& Northern-
1.53.404
November.
From Jan 1 12.239.439
Duluth South Shore
&
l.,539.948
19.364.(65
508,219
5,382,122 10,239,466
—341,270
4,115,645
424.013
9,224,849
751
-390,480
—25,328
—70,034
—46,995
— 10,101
-184,976
10,753
—240,631
Atlantic—
508,486
5,416,574
Duluth Wlnnlpe.g & Pacillc—
251,586
180,919
November .
From Jan 1 2,109,652 2,284,598
27,761
—328
—71,349
260,994
—37,946
—70,000
2,524
132,739
& New York
119.528
1,367,299
15,238
174,152
14,604
34,159
12,321
141,943
10,410
6,365
231.523
1,832,495
31,591
54,794
8,802
97,305
24,572
2,7,54
1.50.798
—6,002
40,428
1,637,257
.10.674.119 12.298.393
3.894.994
--„^-
.,„
From Jan 1 93.641.723 115119,820 19,084,120
Green Bay & Western—
,.,,„,
24„5.59
117.484
110.101
November.
243.039
From Jan 1 1.285,700 1,179,907
Hocking Valley-
„.„
640,152
17,059
161,611
14,514
30,091
21,542
100,804
,o,^
289,762
San Antonio Uvalde
A
Salt
Lake—
From Jan
November
From
4,697
35,958
—47,016
—451,493
—15,176
—37,039
—281,277
—45,1,33
—426,637
181,688
1
708,937
629,951
3,446,663--1,804,922;
28,791
243,527
26,078
438,168
170,942
1,589.134
103,083
1,113,808
68,916
613,045
45,526
71,903
72,446
507,744
—4,748
—475,106
8 429
—310,470
697,482
5,603,638
1,067,483
8,961,997
—287,241
2,892,123
27,331,840 30,568,636
435,956
—98,502
3,053,272
3,084,509
255,116
1,004,801
1
J.an 1
1,888 507
16,440,<58
326,766
5,495,690
701,973
4,823,153
287,111
4,501,522
3,919,570
74,841
893,531
19,208
—218,838
12,625
722,248
-342,063
16,858,41
A
FromJanl
1
Northwestern197,723
November
2,.577,006
^210,44.3
2,449,694
1,111,983
,531,283
11,163
TILITY COS.
ELECTRIC RAILWAY AND PUBLIC U
146,8,58
—
280,777
3,347,687
27,011
768,284
4,847
317,716
10,908
591,197
31,063
509,123
41,011
454,370
18,437
422,636
20,796
384,668
Maine Central
257,503
102.027
November. 1,670,607 2,220, 1<1
From Jan 1 19,072,529 19,463,826 1,071,230—1,058,471
Minn St Paul ASS
785,917
676,793
November . 3,935,114 4,940,355
From Jan 1 39,829,798 45,313,099 3,314,903 4,727,582
—2,973
-89,320
—121,913
548,915
613,237
523,072
1,292,079
665,982
4.709,691
472,382
2,824,353
558,153
4,146,937
-86,709
21,232
—63,758 —748,231
—82,698
—705,629
1,213,274
1,010,966
8,685,668 12,297,697
2, .534,305
Wichita Falls
„,, ^-o
^411,.568
759,178
6,459,724
—
""'k^ottn^ef-l .405,979
298,972
3,534,378
30,939,850 36,936,228
—7,848
-336,665
86,108
094,977
3,964,847
RR A Nav—
Oregon- Wash
1,890,455
1
3,366,672
.,„,,-.
November . 3,402,320 4,174,174
From Jan 1 33,975,014 41.371,322
,388,467
From Jan
1
Oregon Short Line
4,301.101
MiEsoiirl ICaniMus A Texas
November . 2,S10„')64
25
218,181
3,618,058
3 946 440 2,065,327
^"i^o"vrmbc.r9.732.843 12,480 854 2,688,885 34',614,441 28,695,500 28,417,995
From,Ian 1 106414,523 120714,149 34,715,966
—
M—
6,721
—
Merch Bridge Ter—
319,261
„ 434.967
November
401.820
2,977,839
l.-romJanl 3.615.415 3,918,131
Louisville Henderson A St Louis—
281,836
216,533
November.
From Jan 1 2,641,457 2,895,817
AG
-347,578
-105,963
—193,590
24,8.56
St Louis
1.870,113
18,747,862
November. 1,602,751
From Jan 1 18,105,921
Louisiana Ry A N.1V—
272,918
November.
5,627
RR
—
Ixw Angeles
.53,220
—64,357 —302,294
—29.531
12,361
99,034
71,686
213,050 —248,827
1,088,564 1,365,364
Seaboard Air Line
_ „„_
829,447
780,778
November . 3,608,176 4,277,09,^
From Jan 1 39,143,754 44,705,786 5,114,73)^ —237,549
Spokane International
34,983
38,150
132,733
122,196
November
498,813
327,168
FromJanl 1,203,848 1,413,317
Spokane Portlanci A Seattle-200,068
265,958
803,618
048,493
November
2,148.910
From Jan 1 7,295,971 8,397,696 2,571,559
Assn of St Louis— ^^„ , ^ „
Term
89,013
129,147
468,149
379,030
November
515,237
FromJanl 4,1.57,718 4,368,464 1,172,367
November
From Jan 1
1
—
— 46,065
6.794
57,844
1
—
—9,390
St Louis-San Fran of Texas192,012
156,288
November
FromJanl 1,772,281 1,635,940
230,206
3.50.638
November . 1.142. ,583 1,849,730
594,475
From Jan 1 13,222,248 15,551,771 2.256,786 1,453,653 1,385,091
N'oMhernInternafi & Great
303,249
—20,308
333,533
16,910
November . 1,1.36.432 2.14.1,400
869,949—1,127,776
From Jan 16.447.636 17,447,637 1,291,256 —786,002
Internal'I Ry in Maine—
.„,„„— 12,117 —85,374 —39,117 —107,474
187,.503
188,121
November .
— 56,621 —725,275
120,379 —581,175
2,498,165 2,499,841
From Jan
Kansas City Mex A Orient14.203
40, .509
20,453
46,6.59
I«-'021
211,145
November .
-691,215 —327,386 -761,290
From Jan 1 2.034.346 1,754,333 —259,711
Knn C!lv Mex A Orient of Texas92
11,285
7,792
—3,245
171,138
138,363
NoverViber .
164,304 —693,222 —252,776 —777,986
1,550,048
1,675.867
Jan
From
Kansas Oklahoma A Gulf—
21,155
29,164
16,413
25,492
320,197
189.619
November.
54,349 —231,826
122,060
154,435
From Jan 1 2,120,264 2,488,209
Lake Superior & Ishpctnlng—
38,632
15,638
43,565
10,279
25.,S2S
126,718
November .
714,913
778,010 — 174,765
1,048,246 -114,801.
404..3,56
From Jan 1
I
—44,1,58
— 23,.560
3,342,9,59
9,982,520 11,264,258
139
—7
St I.ouis-San Francisco—
Ft Woith A Rio Grande195,840
168.060
November
FromJanl 1,618,889 1,799,392
—
Novembd
1,197,502
22,803
376,437
257,337
3,104,965
Ii^omJ.anl
Wharl—
2„565,1.58
61.898
1,773.856
309,190
3,158,785
November
72,869
—79,884
— 57,265
87,000
249.359
188.1.54
November .
185,869
739,212
366,583
931,929
1,733,468
2.471.663
1
From .Tan
Grand Trunk SystemAtlantic & St Lawrence— _ , „„,
26,179
-35,215
43,902
—21,748
396.924
November. 237.411
644,809—1,126,840
—928,282
From Jan 1 2.521,404 2,943,483 —451,228
Chic net Can Grand Trunk June100,188
—3,616
104,785
3,616
255.777
153,675
November .
280,146
350,466
331,166
473,828
From Jan 1 1,793,213 1,824,743
Detroit Grand Haven & Mllw
136,814
56,094
139,902
63,168
582.730
454,204
November .
—26,019 —200,074
166,247
84,596
From Jan 1 4,117,322 4,665,641
Grand Trunk Western—58,706
72, .330
—7,604
135,380
November . 1,246.424 1,300, 1o4
—112,223 1.060,242
From, Ian 1 13,521,493 15,891,748 1,052,5.53 1,450.759
Great Northern System1,851,378
Galveston
126,700
116,998
FromJanl 1,210,431 1,240,770
St Joseph A Grand Island-
p-rom Jan
124.798
1,229,608
A Western-
November .
From Jan 1
November
1,637,821- -1,028,632
363.081
November .
From Jan 1 4.172,483
November.
From, Ian 1
22,816
201,272
633,542
November 2,828,226 4,077,095
From Jan 130,246,118 36,533,707
Fort Smith
590,591
2,690,217
273,206
1,963,354
Denver & Rio Grande
Erie Railroad
New Jersey
.338,175
3,240,854
—15,394
15.104
1,511,583
108,264
2,201,282
-409,763
FromJanl 1,085,618 1,4.'?5,648 —263,434 —388,359 —288,173
Pittsburgh A West Virginia27,102
40,430 —147,855
-124,619
281,240
192,637
November
—286,933
FromJanl 1,850,822 2,335,878 -712,177 -1.38,414 —939,913
Quincv Omaha A Kansa" City—
1,438
49.289
9,315,877- -9,259,824
— 137.188
$
1,241,362- -1,974,393
6,240,400 1,387,674
2 317,271 —877,497
10,.503. 530
87,037,246 103984,528 14',470,947 10,802,102
1
616,093
6.50,406
November
From Jan 1 8,040,270 7,324,242
Pittsburgh Shawmut A Notthern
1.50,883
94,600
November
150,496
114,818
2,601,134—1,756,251
78,0.59
1920.
S
—
Northwestern Pacific
840,999
7,690,453
Taxes—
after
1921.
650.914
360.469
5,010,499—2,634,593
693. .580
453 464
5,609,852—2,067,232
A North Arkansas
From Jan
—96,353
392,1,53
—Net
Notthern Pacific
November 8,919,928
—
196,782
November . 1.955,118 2,162.164
—952,875
From Jan 1 22. .586. 248 21,802,409 3,419,351
Chicago Mllw * SI PaulNovember _11.80S,316 15.0,56,003 1,148,599 1,211,181
2,258,187
From Jan 1 135417.984 155052,058 17,601,915
Chicago A North Wet)tcrn—
589,215
774,471
November 10,860,944 14. 780.720
8,118,465
—
7,464
—18,596
14,232
11,828
201,5.50
815
November .
662,473 1,931,235 —401,024 —181,381 —450,223 -229,990
From Jan 1
Nevada Northern
8,710
1,873
18.790
8,035
81,218
33,044
November .
379,610
-115,760
-24,887
489.051
323,944 1,511,654
From Jan 1
New York Central
Lake i;rle & Western
80,191
45.254
93,996
134,073
730,008 1,084,232
November .
77,199
77,038
660,593
622,523
From Jan 1 8,398,781 10,948,295
4 047 103 2,145.939 3.315,289
17.670,800 2,941,065
„_„ „, '53,376 28,442,300 13,858,243
21
37.495,979
169998,858
11.55327,958
itor^ Jan
Chicago & Eastern Illinois
213,572
253.484
289,168
374,072
November _ 2.2.52.235 2.912,303
258,759
1,308,434 1,769,585
From Jan 1 25.078.253 28,219,471 2,865,490
Chicago Great Western
-Net from Railway
1920,
1921,
S
$
1920.
?
1921,
S
— 11,155
158,472
161,547
Jan.
Latest Gross Earnings.
Road
or Company.
Name
of
..\dironclack Po-sv
Month.
Current
Year.
Previous
Year.
$
$
447,179
397,416
2082.616
233.476
91,313
77.234
10.455
114,824
& Lt November
4.')8.SS7
November 414,101
Alabama Power Co.. October
2024,489
LI C-o.
uAirn-r I'ow
•220,533
\upalacUian Pow Co. October
.SI, .319
November
Arkansas Lt & Power
cS;
\,,^heville IT &
Atlaniic Shore
—
Co
l.t <.;o_
Ry
Oct.)ber
Hy & Elec
Nove b-r
"it rc^l ma Tr. L & V
November
Co
Baton Rouse Elec
Rnaver Vallev Tract. Kovemooi
lia itfor
79,0S8
Aunii.st
October
•
B^tgh.u«ton Lt Ht^l'j.^"vf> b r
Kl J November
n Uckstone V G & Ltd
November
mrariia.LTrL&F.
1.5,423
124,753
36til,2'>5 31t>3
<,)0
,
rtklvn
Rap Tran
Oity
RR
2 55
Sit) ,964
14556',KjO
Syst]
cRe'c)Septemr
1
Hi)
to Latest
S
*4 ,669,42-!
3,050,5U
3,922,909
24779930 •20557667
2,207,5,57
990,078
•853.040
191.311
*1, 408, 192
5 33,8Ki.i'3
506,562
607.617
2 85
305,157
i2iyyuR»
Date
Previous
Year.
4,773.846
43,010
62,705
46,508
50,389
1
Current
Year.
82'i."
.962,48f
1,09!,08(
•747,10;
188,36:
*1 ,228.721
2^,930,43;
423,631
658,57'
16 677, 051
3,302,438 2,975.9«
0ju 122306 00(
1;).)1o2
968,124 347,763 8,502,504
54,239
4,810
5,924
53,162 1,699,639
212,307
2,142,686
64,819
248,760
134,888
2„597
18,0.57
4 1 9,.589 135,547 3,554,605
1816,972 1334,403 16,647,009
762.000
38.315
97,317
630,848
63,035
63,427
7,259,37.
57,61
1,290,83
1,762,92
r
113,06
Coney Isl & Brookl ynSeptem
r
dSeptem
Graves
&
Isl
4,364,64
OoneV
NasSlu Klectric. . _|September
15,167,28
095,73
New York Consold Sepleml)er
September
583.25
South Brooklyn
November
Co.
•
Elec
1
Breton
490.69
l,6til.<'x.Cape
12 1)01
126.:f.59
Aujiust
440,06
lnn.lin:i I'r & l-l Co.
474.267
43,609
40,995
November
Cent Miss Val KlccCo October
115.7 17 •1.3.57. .561 •1.300.09
122.215
Lt
Ry
&
•2402916
t;ii:tl taiiootra
November 1176.893 1942.230 •14094814
814,53
Oities Service Co..-.
780.974
84.793
71.958
800,2?
('Ilizeiislrac& Subs October
826,300
89,148
77,387
November
673,8^
648,94-.
City Gas Co, Norfolk October
05,261
,59,420
East
Cli'vo l'aine,-*v &
104,407 *1, 01 1.403 •1,1 06, .56
70.,579
Novem'x>r
Co-1,299.2!;
Power
Colorado
1,487,635
November 167,020 127.241 28.470.063
28,303, OH
Columbus RlectricNovember 2726.494 2707,988 1,383,408 1,338,77
t!oinw Itli P Ky ^^ L't Noverat>cr
123,397
148,575:
Co.
Pow
12,856.13
Connecticut
November 1240,054 1301,770 12,804,499
•3,0(i8,3S
Consumers Powei- Co October
2iiS,638 266.039 3,2,54,501
Cuinb County V & Lt No^ ember 399,754 300.309 3,749,015 3.334,8i
Da vton Pow & Lt < -o- Novcml)er 2 163, .304 2176.S.'-)9 21.012.301 I9,e00,0i
1,753.'
nei"n>it Edison Co
November 141, .366 154,760 1,622,82)
DuUttli Sup Trac Co.
Duquesm- Lt Co subs NovemVier 1361,234 1418,061 14.63.5, .388 13.618.
cos
3..509.5(
liv;ht and i)Ower
321,213 427,476 3,105,345
410.(1.
Suburb October
420.092
E St Louis & Gji-^'S:*;''
47.274
47.843
Oclolier
Shore
K.nsfn
1.531,355 1, 474.0;
140,181
130,152
November
1,193.0
Eastern Texas ElecCo Noveuiber
115,998 109,035 1,131.201
EdisElUlofBrock-a
of
326,8
Co
315,425
Elec Lt & Pow
30,079
32,219
November
1,735,31
AbinKton & Rock a November
180,738 2,093,025
192,317
985,9
S(15.S29
El Piiso Electric Co.. October
Ml. 123 110..530
825,0
924,530
Krle l,i>thtCo&Subs. November
94,379
83,810
orlp
3,720,4
Fall River Gas
404,723 390.110 3,953,803
Cictobcr
Co
2,067,2
True
Q40.200
Lt&
1-oden.l
221.973 28fi,-0fi 1
October
3,466,8
Fort Worth I>ow & Lt
78,253 334, .583 3,396,480
flfjkln
"bu n
HeisrhLs
iRec)Septomr
Bkln Quecn.sCo&Siilb.sScplcni r
1
^
STv-Ho«s"t^^E^cCoNoven^
—
.
-
—
.
.
THE CHllONICLE
Jan. 7 1922.]
Lalesl Gross Earnings.
Name
of Itoad
or Conipuutj-
Current
Year.
Month
:i.vaiia
tiy
I'.li^c
K
)\criib r
Lt.
November
NiM' b r
LtCo November
averhill Oa.s Lt CoDiirtlulii K 'P.V l.;i (1
oughton Co EI
True 'o )<tnl)er
udson & Manhattan October
October
DevOtGas
mitiugtoii
(
om;lll<<ii Ci)
laho I'oAver
linois
(
Traction (^o.. Oct(it>er
iterbnro R T S.vstem
;eokuk Electric Co
eysloiio 'I't'leph Co
:ey We.st Electric Co
ake Shorp Kleo Ity..
ong Island Electric,
owell Elec Lt Corp.
luuhal Bdge 3c Line
&
Sal)
Sept ember
November
Novpiniier
November
t)ctober
September
November
<
)cU)l)er
Ry & Lt Co October
ebraska Power Co. OctotJer
evada-Calif Elec. _ November
;ew Eng Power Syst. October
lashville
ew Jersey Pr&Li Co ^^ ovember
evrj^'N &H Ry G.<tE November
November
ew York Dock Co
Y & Queens County
Y & Long Island-.
!ifew
Septemt)er
September
York Railways September
September
Avenue
ftEighth
September
Y & Queens County August
to Caro Pub Serv Co November
tor'n Ohio Elec Corp November
-r Nove b r
fonhw Ohio Ky
rorthern Texas Elec November
&Nlnth Avenue.
'<'
Septemt>er
cean Electric
acific
acific
Gas
&
Electric
Pow & Li Co.
aducab Electric Coeun Cent Lt & I'ow.
enn Edis & Sub Cos.
ennsylv Pr & Lt Co.
hiladelphla Co and
Natural Gas Cos..
hiladelphia Oil Co..
'hila & Western
Previous
Year.
Current
Year.
S
%
Previous
Year.
*518.074
*450,508
IS
7l)l.23S
45,620
40,493
77.171
51.421
7n.2\r,
03,445
499,292
504,099
Hi. 1)29
23.2.S2
20i),U9.'
201.1 '.14
.•^."iS
November
October
November
October
Novei.bor
August
November
November
November
'hila Rap Transit Co November
•lue Blurr Co
Aut;usi
890, 626 1347,409
9.041, 148 13, 395,986
93. 320 178.9.53
986, 066 1 649.030
733,203
0.33
67.651
744. 0,58
66,
3487, 908 3726.376 38.619. 508 34. 917,442
•785. 882
699.63!
75. 208
81.586
'oriland Gas & Coke, October
264. 276 247.931 2.868, 783 2 105.084
•ortland Ry. Lt & P. f)ctober
185
81 1,
862.267 8.215. 177 7 794 .07'-'
>uget Sound P & Lt. November
870, ,781 922,737 9,094, 603 9 ,060.527
Icad TrJc;Lt CocKSt.b Noveuibk;r
235, 2;3 235.41 (2 2,728, 944 2, 702.212
Republic Ry & Lt Co NovemlJer
607 171 742,1.56 *7,433, 634 *8 ,302.218
tichmond Lt & RR. September
533.065
69, ,240
82.315
480, 889
Juiiand Ky Lt & Ir Novell, ber
514.479
46 289
51,269
512, 64^
andusKy Ga.s&EI Co Novemb -r
85,.505
602.985
69 ,038
620, 579
ajT-e Electric Co
Noven.b -r
16 ,848
18.220
172, r)22
151.744
econd Avenue
Septem lier
95 ,004
88.063
634.687
747, .546
Co
t'er
4.018
St
Novem
.662
.301
7th
Incl J'lane
3
41.319
41
ierra Pacific Elec Co November
74 ,098
710,664
67.357
800, 874
ou'n <al Ellison I'o. OctotH-r
1458 .636 1461. n2 17.790 ,744 14 ,860,710
outh Canada Power. Novefnber
71 ,777
65,188
OcioIxT
><juthwe.-t r ^ Li <
883 ,326 94 7..592 *101 497.50 8.689 ST'i
'ampa Electric Co.. November
135 ,.590 128.997 1.557,254 1.261,736
'ennessee Power Co (Jctolier
210 .787 221.817 1.982.8t)9 2.0.30.531
'enuessee Ry, L i P. Ocu>\>eT
564 ,387 5.58.248 5,4.55.506 5,293 559
'evas Electiic Ry
November 240 .003 313,140 2.932.699 3.483.418
"ex.is Power & Li^ht. Oct o tier
465 ,020 .5.56.990 5.074.242 4, 5 57 .229
'hird Avenue System. November 11,39 .368 1060,260 13.202.891 11 ,.336,586
'win <'Mly R T Co... November 1161 ,221 1182,517 12.646.740 11.732.212
Jnited Gas & El CJorp November 1084 ,700 1018,417 11849 16.^ 11.346 157
Itaii Power & Light. October
569 .894 571. .388 6.543.433 5.3.53.450
L'tah Securities ( ;orp Nove!i;ber
729 .425 843..5')i; 8. 620. .583 *8, 4,53 ,325
Vermont Hy-KI Corp November
^irKliiia Ry & Power. November
Vinnipet' Electric Ry October
t'adkln River PrCo.. AugUHt
t'ouagstown i O Riv October
52 ,3.54
846 .1,38
4.54 ,224
92 .180
48 ,661
.52.891
477.160
899.931 9.296.909
453.101 4.5.50,2.50
69.260 •1,032.376
465.001
.520.099
9.043.082
4,285.817
•782,643
o The Brooklyn City liR. Is no longer part of the Brooklyn Rapid Transl
Jystem. the receiver of tho Brooklyn Ilefghts RR. Co. having, with thi^
kpproval of the Court, declined Ut continue payment of the rental: therefore
Inf^ Oct. 18 1919, the Brooklyn Cilv RK. has been operated bv its owners
Thf: ElgbtU Avenue and Ninth Avenue RR. companies were formcrl)
to tliH New York Railways Co., but these leases wore terminated 01
I
1919. re pectively. ^inre whir:h dates these roads have Vjeen operatec
uf.ely.
c Includes Milwaukee Light.
Ifeat and Traction Co.
d In
TOurri*:.
all
e Includes constituent or subsidiary
companiew
ngs ^ivnn In niilrels
Subsidiary cos. only, /i Includes Tennesse<
Cillway, LIsrht & P.)Wer Co.. the Nashville Railway & Light f^o.. thi
rennpsHce I'ow':r Co. and the Chattanooga Railway i I.iu'ht Co. i In
:lud(^s lx)lh subway aid r.levated lines,
j Of Ablnglon & liorkland (Ma.ss.)
Given in |)'"^<t,as. / Tli'-.f wor< ' ^le earnings from operat io" of tht^ uronerles of subsidiary comiianics.
• Earnings for twelve months,
t Started
>I>eration8 April 1 1921.
Nov
Nov 30 •21
Binghamton Lt,
& Power
12
11'
Gross
Earnings.
$
•21
90,255
•20
80,285
Dale.
I
September
lanhattan & Queens September
November
Market Street Ry.
N ivember
lerro]) Edis'm Co.
lilwaukee El Ry&Lt October
liss River Power Co November
lunic Serv ("o
to Latest
909.702 866.219 8.649.128 7.450.4,36
861.57-' 1.282.938
81.095 118,990
190,734 181.007 *2,2S8,226 *2. 282. 1.53
S.I
00. 393 10.9(19,1.5.1
1911,023 IS03.9.SJ
4191.645 4320. ,500 40 '^10,380 39,720,7.56
320,370
341.613
31,.54o
33,488
l.<'i.'.).').'^
144,404 1, 57 < .7'ii> l,.5,S.S.ii0l»
234.003
22.170
241,849
22,834
197,237 25.5.911 2,176,063 2.»0ti.699
258.0,57
30.1.54
295,258
36.306
110.615 106.983 1.063.125 1.168.500
205.629
213,194
26,982
23.337
169,290
252,696
30.537
7,100
6.276.650
774.195
23l.4'»8 264.018 2.410.1142 2.551,059
1510.376 ir)9O..570 * 18399 28? * 18435 239
233,076 245.977 2.512,452 2,486,242
19»,629 230,790 *2, 518,018 *2, 422. 741
325.208 314.598 3,164.282 3,021.094
266.983 2.54.971 2,557,990 2.32'.393
215.185 205.052 *3,178 382 *-3 057.898
503.056 533.506 *5, 409, 378 *5. 834. 482
4K>,980
441,141
45.716
55.386
163,561 230.151 2,379, 6<»4 2,531,7.58
380,996 501.816 5,101.516 5.317.960
890,876
961,988
113.405 110,690
398,183
49,233
454.679
56.704
843.598 813,816 7,219,010 6,297,190
745,755
901,6.56
95,374
105,256
283,060
404,929
45,484
40.931
7HO.I70
848. 5J3
112.930 11 3..568
1,014.154
89.730 1.126.723
1C1.158
700.149 852.222 7,858,361 10,161,183
3"; 279
433.139
41,2.54
430,41 fi
270,870 330.885 3.251,197 3,607.880
216.409
262.407
38,188
29,079
3035,040 3103,524 *375.50 563 *34209 973
267.295 247.710 2,404,879 2 159 0^0
434.779
45.831
42.482
477.769
200.719 217.969 *2.359.76« *2,24H,645
219.743 255.371 2, 181, .581 2,092,016
818.179 668.009 •9.438,791 7,668.771
No vein tier
Vo
1
If113.189 1076,693 10,413,7.50 10.282.361
710.975 766.428 6.698.8.58 5. 871. .325
12,S,938 149.112 1.247,782 1,314.011
11,73I.>»-2N li),3i'.>i./'i't
11 i2.His 1037,3.")
Gas&Kl&SubCos
NoviMiibor
reat Wo.stero I'ower Novenil)er
Sepioinber
arrlsburK Ky C)o
en
Jan.
73
lit
mos ending
901,235
728,665
70,579
101,407
•20
Nov
•21
mos ending Nov 30
•20
21
"20
Colorado Power <'o
Net
Fixed
Charges.
after
Taxes.
%
17,992
24 ,3,37
%
22.59.9,56
r27".970
1171.794
144,384
108,802
13V,996
62,992
3-,50.899
1477,393
1,011,403
2,548.097
1,1 06,.567
270,691
General Gas & Elec Nov •21 1,013,489
•20 1,076,093
239.764
& Subsid Co's
'21
11. 490, .5.59 x3, 159, 929
12 mos ending Nov 30
12
Balance,
Surplus.
357"678
372.198
12b', 3 1,5
2.0'2"6",i86
l,l'3'3',743
3,54.695
154,416
299,398
203,165
2,319,064
2,365,131
5,931
9,781
147,713
108,885
6Y7",6i3
46"6",466
528,674
64,197
61,131
781 929
710.137
333,994
59,061
47.318
912,430
909.467
175,899
'20
Havana Elec Ry, Nov 21
20
Lt & Power
11 mos ending Nov 30 21
1,142,168
1,0.37, .3.52
26.54.093
24.59,078
11,7.34,928
i;5,.547,2.33
•20 10,360,709 r5,027,.542
Nov •21
20
Transit & Land Co
1 1 mos ending Nov 30 •21
ITonolulu Rapid
77,171
70,245
8.58,908
•20
Nov
Metropolitan
Edison Co
12 mos ending
•20
Nov 30
21
•20
Nevada-CaUf Elec Nov
Corp
12 mos ending Nov 30
New Jersey Power Nov
& Light Co
12
•21
•21
•20
•21
20
•21
•20
mos ending Nov 30
•21
Nov
•21
•20
Newport News &
•20
Hampton Ry G&E
12 mos ending Nov 30 21
•20
Nov 21
•20
Nov 30 •21
North Carolina
Public Service
12 mos ending
Northwestern Ohio Nov
Railway & Power
12 mos ending Nov 30
Pacific Gas &
Electric Co
12 mos ending
Nov
Nov 30
Pennsylvania
Edison Co
12 mos ending
Nov
Nov 30
•20
•21
'20
•21
•20
•21
•20
•21
2,491 ,.531
2.217,7.55
Nov
235,273
Reading Trans &
•20
235,402
Lt Co & Sub Cos
12 mos ending Nov 30 •21 2.993,283
•21
•20
12
•21
3,011,897
46,289
51,209
564,666
561,471
69,038
85,505
700,942
•20
728,.338
'21
16,848
18,220
191,070
164,667
•21
mos ending
Nov
Nov 30
&
Nov
•21
,
& Power Co
Sandusky Gas
Electric
Co
•20
•21
20
•20
12 mos ending
Sayre Electric
Company
12 mos ending
Nov 30
Nov
Nov 30
•20
•21
•20
Vermont Hydro
Nov
Elec Corp
12 mos ending Nov 30
•21
52,3.54
•20
52,891
520,938
577,505
•21
•20
X After allowing for
ther
1.50,492
764,238
263,301
86,015
231,408
264,018
68,898
2,674,814 21,084,073
2862,668
2,766,809
215,185
123.2.58
205.052
108.449
3,178 382 1,694 3.59
3,057,898 1,619 604
55,386
16,700
45,716
14,419
21.56,120
489,279
449,739
2147,739
232,009
163„561
230,151
234,666
2.379.604
2480,661
2341,402
2,534,758
101,158
30.8.58
89.730
25.181
317.253
1.126,723
1,014.154
287 3.59
36.279
6,514
41.254
2,055
471,492
260,766
459.081
276,918
3,035,040 1,062,402
993,289
3,103,524
•21 37,550,.563 13,523,377
•20 34,209,973 11,334,481
•21
219,743
76.9.34
•20
64.351
255,371
•20
Rutland Ry Lt
19,225
23,828
298,205
255.913
3,228,169
2,662,411
13,294
14,016
7¥.60i
72.145
2S,280
28, .579
31 5,.596
309.171
13.995
13.K83
167,496
160..595
6x",.549
77",.5i9
75.594
4,329
6,087
165,065
32.231
16.863
1
1
.298
149.7.57
126,764
—
'l'783
68,933
407,123
7.985
655,279
411,3.55
5,129.299
4,788,032
581 ,9.34
8,394,078
6,646,449
2727.038
2539,435
17,860
21,702
2276.755
2279.685
11,220
6.270
2147.227
2142,169
4'l4',972
3V2",666
423.249
116.186
89",673
187"682
191.793
87,892
9 7", 7.54
99.562
49" 473
14,069
14,982
42.607
80"..3i9
9'9"625
66.576
4.790
2.52. .598
2"2".933
29".C65
231,112
13.862
21.206
9.906
I3V.435
96.864
Vo'ooi
129.607
2179.944
271,366
4.198
3.707
15,461
z1 72,043
1226,471
Income received.
FINANCIAL REPOR'rs
Financial Reports.
—An index to annual reports of steam
and miscellaneous companies which
have been published during the preceding month will be given
on the last Saturday of each month. This index will not
include reports in tho issue of the "Chronicle" in which it is
published. The latest index will be found in the issue of
Dee. 31. The next will appear in that of Jan. 28.
railroads, street railway
'
;
Pittsburgh
& West
Virginia
Ry.— West
Side Belt RR.
(Preliminary Statement for Calendar Year 1921.)
a circular dated at Pittsburgh, Pa., Dec. 29, President
H. K. FarrcU reports the following preliminary results for the
ca!«'ndaryeai- 1921, also other data, for thti Pittsburgh & West
In
Virginia liy, and
its siib.sidiary,
the
West Side
Belt
lili., all
of wliose stock, .$,1,080,000 outstanding, is owned by the
former company. He al.so writes in substance:
During tho year 1921 tho management has pir.sucd the policy of placing
'
Electric
Railway and Other Public Utility Net Earn-
Tho
following t;il)l<; gives the roturn.s of ELKCTIiKJ
•ailway and other public utility gros.s and not eaming.s with
'-hargos and surpliia roportod this wcok:
ings.
Gross liamings
Net turnings
Current
I're.Hima
Current
Previous
Year.
Year.
Year.
Year.
S
%
$
$
Har«Ji|onaTr,Lt& PLtdNov*3,661.205 •3,103,105 •2.495. .504 2,110 ,770
JM 1 U> Nov 30
•33, 880.037*28,9.30. 433*21, 463, 025*18, 717, 898
Bra/.ll Tr Lt ft P, Ltd. Novi14,.5.55,
000/12, 199.000 r«, 820,000 x5, 824,000
J.in 1 to .Vov,30
21.55.402,000/122.306,000/85,751.000164 ,.308,000
Ft Hmiili Lt 4 Tracf:
L»e'
20 to Nov 30 '21
1.068.222 1,057.134
298.415
301,071
C'/mpanies.
I
I.ouUvllli (innh Kler (tt—
l>eo I 20 to Nov .30 '21
4.880.768
.VIobllo Klcclrlr Co-I'<<- I '20 to Nov 30 "21
7.55.772
Moiini.ilti HtattH Power <Uy—
lJc<to
20
Nov 30 '21..
986,189
San I)li«o f 'ons fias A Elec Co
Oe<;
U)
Nov .30 •21.. 3.735.849
20
4.384.867
2. 227 .639
2.069,149
744,646
247,799
223.940
I
917.174
280.982
292,677
I
2.600.943
1.081,884
866.796
Utah
Hecurillfw Corp (Subsidiary Cos only)... _ Not
720 425
Dec 1 20 tx) Nov 30 '21.. 8.626,'.58.3
Western Slates (ias A Eloc
Dec 1 20 to Nov .30 '21.. 2,517,027
•
Given
In peseta*!,
z
CMven
In mllrels.
843,500
.382.773
8.1.53,325
4.106,843
43H.H1I
4,01H,0H7
2,207.1.39
865.580
824,681
Ih;' properties In the highest physical coiKlition ncci'ssar.v for
haiKlliiiK of a largo voluino of Dusiuoss. which Is expected will
he (•comoiuIc
obtain within
I
u reasonable lime
In addition to heavy repair work on equipment at Rook shops, 430
hopfxir coal car bodies were rebuilt ;it .lohiislown. Pa
by the Cambria
This
Hlcrl Ci) and 250 heavy b.id ordiT coal cars were rnp.ilrfd ouLsldo.
our
sliane
frclKht
excellent
l>lac<;s
cars and loconiollves In
(;ompen.sation for guaranty period of six mouths ended Aug. 31 1920 If
not yet adjusted.
,
PRELIM I NAnYCONSOlJ DATED STATEME.\T (noTlf RR COS.) FOR
CALENDAR YEAR 1921 (DECEMliEU ESTIMATED)
$2,614,277
operating revenues to Nov 30
Nov 30, Including liiUirost and dividends on
owned atid coinpiriisatlon for 26 mos. Fed. control. . 2.495.341
..dof 100.000
DearmbiT cstlmaK' of net liicorao loss
Total Income to Dec 31 1921
5,009,018
....-.- 3,310,822
Railway operating expon.ses to Nov. 30
391.720
Other debits to Income to Nov. 30
I{!illw;»y
OlIiiT liicorne to
s<'ciirlllcM
—
$1,274,070
Net Income _
.
Dividends paid on Preferred stock of the V. & W. V. since April 1 1017
have aggregaU^d $2,449,089
Aildillons and Heliremr.nl s Since April 1 I9I7. Both RR. Companies.
..$2,367,804
KiptunI'd for additions and bftlernienls
1 929.467
Iteal oHtalii mtges., equip trust and other obligations rollrod
H.297.271
Total
Financial Position as of Due 27 1021
C;iKh, IriniHury nertlflciKis
and Oovernrnent
wiriirltleH
on hand .$2,017,950
OiitMtundlng West Hide Belt («) Isl Mtgo. bonds. $.'177,000;
K<iulpmont cortIfIcat«w. $1.203.000
(6)
1.680.000
THE CHKONICLE
74
duced taxation, it is to be reasonably expected that 1922
improvement in financial results over this year.
Farrell add^^.
RegardiPK the comr^anv's coal subsuhary Pres. Co.
Coaj
Terminal RR &
hlYglj^^or
SU,ce April 1 1917 (he Pittsburgh
b ',ds.and
e|P?„"4fj
its ls,/M.Ke
^.I'nfif.e^^fch
8 Co crUaK^^^ company
and h-'tV^nnents .aeludmg th«,fjJ^No
l>i,l '• '^i'\„
un
time
some
for
„.o nnn aeainst
has been in operation
n the amount^
had oXtand'ing 1st Mtge. b ?ndsfund
m^^ If thi^Takefsum
$b52,^Sji, "i„f
which the company has a sinlan^-bonds of
^
>* S^o^ld lea^e a nei
^^^^^.^._
is deducted from the outstandmg
addi.'ions
The
position of this
company
f
«
"f,
^f
p,|,'
"The entire .B1«.000,000
by the Puts-
.jVg
owned
^'j;^^i:e<S;;^^;;^h^e^i^^I^f|^C^^
^//l-
& West
burgh
Virginia
Ry— Ed.| — V^
Hi, P
& Company,
Swift
Chicago.
{Annual Report for Year ended Nov. 5 1921.)
annual meeting
President Louis P. Swift at the 37th
Ijeliovo
wo
ha^'^/^r the mturo^^
are on a -i^'Mid
"
of operation and adminisljation and after
,5(53 is after deducting aU expenses
borrowed mopey.
deductirg interest on bonds and notes and other
made for deoreciation of fixed assets
No deduction for tne year has beenbeen
in maintenance of the
expended
but approximately $1,165,000 has
to ..rn
1st M. bonds and
^'^'sinma Funds.—The sinking fund provisions of the 5%
the 5-Year 7% notes have been complied with.
are:
account
surplus
through
:Surp/t/s:--Transactions for the year
--$l.a3,o29
--.--Paid-in capital surplus as at Oct. 30 1920
Earned sm^pliis as at Oct. 30 1920 S3409,192: loss adjustments. i.».3a..i.^i
$408, and not loss for year, $1..5b9,o6o
^3 Ftrt'^ 750
thi'6%yPreferied and
p7cycnlb%vidVdVkspmdeJ.—^ dividends on declared,
amount
and
year have not been
7% Prel\^ed.stocks for thrpast
[See note below.]
to §,578,535.
«800^000 000.
,S' year were a littOe over
the previous year,
from
dollars
in
rcdnclion
a
represents
this
'JF.f^ik^'^oSrT^l^sirnL^'Thc
AuSh
Clue largely
^SS^^,rti^;^^=a^^^?^>wles•i1^^|.;'l^'1^-5^^^
or hand
to the
Prices of
fall in
commodil
m
.
months that nothing short
^^S^^'^^^^S'k:^^^'r:^ ZT^:r.C continuing
show a great
Condensed Extracts from Auditor's Certificate.
part.:
Arthur Young & Co. certified public accountants. Dec. 1.5 report in
valued
Rcsuils.—T\xe inventories of product and merchandise have fc«en .5(59,of
year
the
$1
loss
for
The
net
at cost or market, whichever was lower.
m
Jan. o 1922, said in substance:
Chicao-o
will
,noi ^ „nr,„ .-^
One very favorable foatui-e is that the greater part of the 1921 decline
prices occiirred during the first half of the year, and that our operations for
the last half of the vear yielded a very fair profit, alihou^rn not sufficient
moveto offset the '^arlier losses. The fact, however, that the downward
t>een continuing
ment in the price of packing house products, which had
levels
prices
at
1914
(leaving
(ho
in
up
1921
for two years or more, slowed
and in many cases lower), augiu-s well for the coming ye.'ir.
AVe have seen the price of hogs drop from 2.ic. per lb. in 1919 to b^c. in
Any fitf1921; ereen hams from 35c. to 13c., and lard from 3.5c. to 9;;2c.
De
thur drop must, of necessity, Ixj a small one; otherwise values would
On a steady market, or on a marke,t with normal
blotted out entirely.
wiu
price movements, your company, with its present volume of business,
been
operate at a profit'and on the assumption that the low point has now look
may
believe
we
swing.
I
upward
an
reached with the possibility of
forward'confidnetly to a marked improvement for the coming year.
has also
8498 000 of
[Vol. 114.
packing-
INCOME ACCOUNT FOR FISCAL YEARS ENDING—
29
Ori
'21
Oct.
30
'20.
Nov.
'19.
1
1303,255.051
A
^^J^nXrf" -Your
direcfoi^'beiieve
it
^
Wee
paid
p<i
'18.
280.498,7.'
412
2,785,41
677,352
Res. for Fed. taxes.'
t''''l"f
loss of S20,00n,000 in inventory values $7,81.i,/yz.
000 reduced the net loss f">- 1 !ȣ, ye^^^^ ^"
Nov. 2
dividends of
,e!?rnS
,,rsri:iiaia-_-.°'-''-^'»N5S
the duty of a corporation not only
-.-'''"'
n^-^S!SL^
!f;;|?p
.^giSgjiS <iSl!5sSs
|ii5|«
J»3i
8(18
def.S$l,.569..563 def.S«59.845 s(ir.^?j«/>.49;5sur^1 996
Balance
$9,620,575 M2.493.078
$5,122,721
Tninin & 1 surplus S3 5.52.7.50
for
P:;^f;,«l2,clfs
and
7%
As '^atedaboTe 'The div dend on (he 6% Pref.
55.578.535. " ITh is rethe oast vear bave not been de ired and am^un^ to on these cumulative
Nov.
fers to the dividends usually T)aid in May and
be paid before any
P.efe?red stpcks which were deferred in 1921 but must
dividends are pt;id on Common shares.]
BALANCE SHEET OCT. 29 1921 AND OCT. 30 1920
1
^" ivnnf Rr!tm-f:ons —^yagcf^ were reduced about 12}^%
bilities,
including 5 and 10-year
in
the packing
A.i.iet.'s
f,old notes.!
Nov. 5 1921.
—
$
800,000.000
12.187.708
Trading profit.
20.000.000
Loss on inventory
CO
(V)
Sa,lcs
(?)
def.19,812,292 def.6,829,618 sur.3,^-06,721sur.l2.157,277
4 ,.533.325
Cash
Aco'ts& notes reo-ll ,9.5S 018
Inv. instks. « bds. 1 ,356.084
>'"t,"rial*suppl's 17 ,177,705
1 .017.333
/ dVi. on pu'"''ti'S-.
76,183
Un -^rred insur..
'20.
30
Oct.
Nov.
1
•19.
•18.
Nov. 2
Prrp
improve.567
branches- 96.912,769 96,1 19, .502 89.803,.'-T)2 79.247
37,696,253 35,831,002 35,1.33„578 39.298 ,452
Stocks and bonds
35.0-9 302
Treasury stock
12, (^"5 '.593
12,b6V,488 14,"lT6'",i6i 22.9b5'',4.31
Oa,sh
149,796,213 105,691 462
153,503,863
121,365,893
receivable
Acco tints
Live csitde, sheep, hogs,
-- 93,771,464 151,305,084 191,890,849 179,060,614
dressed bcof, &c
361 ,843,867 450,905,553 489.5,39,932 451,063.050
Total assets
estate',
ments, incl.
Bond
—
150 .000,000 1,50.000,000 1,50,000,000
28 ,923, .500 29, .591, 000 30.25S.50n
iTonds
25,000.000 25,000,000
gold notes duo 1921-
Capital stock--
1.50. 000.
divs.-
Notos payable
Accounts payable
General reserves
Reserve for Federal taxes
Surplus
Total liabilities..
-V. 113, p. 2088.
,>"53",1(l6
,331.603
.095.672
OW
6. .500, 000
84,575,178
Cudahy Packing Co., Chicago.
{Report for Fiscal Year ending Oct. 29 1921.)
President E. A. Cudahy, Chicago, Jan. 1, wrote in subst.:
to purcha.se and pay
Industrial Conditions.— TUe inability of Europe
all
arcomnanietl hv a diminished domestic demand for nierchandisc of
in
declining prices, from
and
business
of
down
kinds resulted "in ;i slowing
'I'lie i>rincip!.l adver.K; factor, however, for
whicli few induKlries escj'.ped.
costs did not keep pace with
us was (he fact that the decline in iinubiction like the price
of meats, doIt is true (he price oflive stock,
f-Tl'lintrnrices
labor
and the cost of fuel and
interest,
rates,
Put freight
clini-<l ireritiv
.supplies throughout the greater part of the year were disproportionotlua-
ies
"'"Tho'small margin of iirof i( on which we oi)erate. and the large quantit
of curing, make our profit and loss
of nuitit wc have to carry in (be process vanadons.
'\\orking at Ijest on a
account singularly responsive to price
r.a.tion of a cen( per lb. profit it s m.anifest that with market
of
unavoidable
and not by any means
declines of ,5<-. to 10c. a lb., our loss was
excessive under t h<< circuni.stance.s.
Year.
Chicaoo Wlwlrsnle Market Prices at Opening and at Close ofCo.'s Fiscal
Oct 30 1 920. Oct. 29 1921
Markcl PricesIsc.
2.Sc.
Dres.scd prime native steers
.
.
Dres.scd
lambs
Dressed hogs
-
5OC.
iw^
22c>
13^|c
9Hc-
19Mc.
P.M. lard-.-
true, our statement
Krtuits
very sadsfactorv one, yet when compared witb our last annual
is no(
i'
hi
many
vitaJ
respects.
A year
improvement
sfitenient it shows decided
they are
ago we were wrrving inveiilori.-s in excess of .<3().600.000.
lu the course of the year om- indebtedness was reless (han *17 200'.()00.
From a
profit
and
lo.ss
point of view,
Sl's.Ofio.OOO.
decrease sliowii in
u
our sales is mainly due to the lower prices at which
The
stock
whicJi
handled
oflive
wo
tonnage
(otal
The
--old.
(he goods wore
1921 was onlv about 7?, less (han in 1920.
Considerable progress has l>cen made in operating economies,
Oiillook
and this, 'with the benefits ne are now deriving from lower interest rates
on our greatly reduced indebtedness, as well as from cheaper lalx)r and re,
.
.
,
j
.,
467,430
V)2 81 925 089
b^nds'liuthorV^:.!
Statement
as
^r,
,
^
P- 2i.2i.
Mlxiin<r Co.
to
Properties— Balance
Sheet.)
N
^ ^:'a.
p^dingplanona.V^owingpag^^
Pronerlies.—BnUc. -""lo"^;,- J ,. 'p '„Vi
mining cenlre for <:"l'!;J'^.^"'\f';i'fr'pr, e
enual Vvomvyoyc(^wy^^^^_J\^^^^^^^
-l
m
;„ the last two vcars bas a, tamed
bo.h
fur, is! es vast r,uan(i(ies of
^o. possesses ahnost an
the component m'^•«l^.,' ^ :\'',^.,,,V! |ar4 part ^ those yielding ziiic.
rhe coi>per properties " JJ 'V,'"''V..; n nroducc in a vear 4.500.000 to 5.000.At capacity the ^''=;' "V.*^,; <
'U'l^.^po ^000 lbs. of copper, 11.000.000
'
000 tons of ore, «}<• ^^>Ws
based ores the <;ompany
"'
40.000 o^-;- ^?'2;,„i'-''y/^'nrpun
'
a
V b v 25^l'""^-^»^^„,',
07.S. Of Silver and
7
2 5 000 000 lbs. additional, with
itsM < ppe outptit b>
ordin,arily ijirrea.ses
corresr-ondina incnva.se
in
added
electrolytic
with
,00 000 000 lbs. of this metal
2,173,000 ibs. of cor>
!.Tvro"duft'^"wd'Vf"al;out'l]^m):oVo^v^^^
2.073.000 "f«-,,"f ^••Y.^j;- , j^p ^jtv of An.aconda also saves some
per'and
"^
In normal vca's the .^ "^ '.^.'^^d over 5'> 000 tons of sulphuric acid (oi
of ^^'
pbos2. .500,000 lbs.
\
(he^oncentn (ors and for converting
.
Tf
>:
]^v^s
"rock
1^
.,
\"«.
n
Vr^l^-h^-^^^^^^^^^experi^nienia^ plam
«f treble supcrphosphaU
Kavc^'been "'^de in
;«;
^^^ ^^^^ fractures, of(^i
The Vc>ns.--{i) 1 he oldest ^j^' P' "^",; productive; (2) following thesi
syslem,
'"^ fractures, also hiclily pro
called the -'Anaconda
J'?,';,';^"^!,,',
n"r'h;v%-\"^
come the "Hlne Veins,"
""".ning northeast and southwest
SH^^y^rt
east^am
ductive; an<l (3)
''%'lVrTTre .also ""ve^ral bolts of strong
also important producer.-. „„/,,n',"rtns of small fis-sures spreading out fron
Because "^ ™';,,
west veins.
times scve.-nl hundred feet across.
U at
it tim^^^^^
the minable ground i>.
minimum of abou
^ emain vein,
range t on .g^^^^^^
<mcs
-The
»«
p
._^ ^.^^^^ ^^ ,„gjj
Grade of
or
"'/<;,'
10.
1
average quabt:
to
This
3 % copper
of low prices.
'«^i"7:',[,,^'
,n
grades
^
formin;
i
'
<';'",^^;"«
t^o ore as mined
per prices and hmher
b
.flf'"^^ -^^/cApper is crushed and conc^atnated
has thus been m^'"%"
.-i.^^o
about
of
„7 JJ. refiniii" is 01.5% of the values ii
a general average
Thef.iia irccmery •]p^:j,!'f\';^Tucd for similar tonnage
•c,il^ fetal ion.
it is
Now
duced over
348,617
<^.
Y.
mining geologist,
.James F. Konro, E.M., consulting
F.
Charles
to
^Hv Dim' '>4 1921 in a statement addressed of American
committee
stockholders'
R.nnW Chairma.i ()f
brieHc^on.^
S?5 Snidwa.-, New York, savs in
.-361,843,867 450,905,-553 489,539,932 451,063,080
roS
'20.
gold notes
5% IstM,
x\naconda Copper
(
88,381,900
30
Common
7% sink. rund.5-yr.
rWt^l 5^
$1.3.50,.500.-V. Ho.
ISs'retirWirough sinking fund.
94.604,477 145,224,206 120, .577, 795
19,423,234 39,260,829 41 .2.50.995
6,717,678
11,414,497
10,734, .558
81 ..5,52,283
458 ,801
k^t^r^'rF
-v,-r-ir,^
.515.4.-t.<
11
61.'739,991
Oct.
a5. 500, 000 7.000.000
bds.b7.649,5l)0 7,921,600
17,304,613 33,460,168
26,936 317 Notes payable
1,026,342
3,852 880 Afconnts navable. 1,686, .565
306,042
268,694
Rd.Anotf- Int. accr.
398.948
23.083,,4.57 Res^voforcontinT289.268
{see above)
7.50,,000 Pret. divs. pa vablc
5,122,721
6,823 ,5.59 Surplus (see te.>ct)- 3,552,750
16.686 ,520
1,014 .151
30,648 .357
1,275 ,615
117 ,198
208.278
7fi->
{Authoritative
::::::::
40,000,000
0«.29'21
61,762,122 81,925,089
Total
due .l;.ly 15 1923.
SIO.000.000:
issued.
'''It -,V,;;-n'oe,autbori.ed?nd
,.
a /% 5- 'Cdrnoics au n."i ^
h„|T„(,R o„t.stanJing. S5..500,CI
.Obo',000
,000,000
&
intercBt..
—
S
.?
Liabilities
2,000.000
1st prof. stk. (6%) 2.019.000
6,.550..500
.509
2(1 pn r. stk, (7%). 6,550
sto'-k. . .17.249,500 17, 249. .500
.,:
30,926,000
M. 5%
goldnolcsduo'31---
"id
note disct.
(beinK amort.)..
—
gold notes
Acer. Ixmd int.
27.645,074
3,308,495
Tot, fixed assets 24 ,336,579
750.000
O.D.C.adv.invest.
12.000. COO
Real'
6%
7%
7%
—
21,157.277
9,000,000
13,870,181
10,063,460
5.170,382
2.292
12,000,000
Nov. a 21.
1st
branches
Total
Deprec. reserve
Not reported
BALANCE SHEET.
LiabilUics
20,48.5 ,040
147 .401
4,639.451 4,340 .704
m:i,chinprv, &c- -20.810,211
147,461
Farmlands&impts.
Nov. 2 191S.
100 000 000 1,200,000,000 1,200,000,000
1
ios.'!7, 81
Net earnings
Cash di vs. (8%)
Balance
1919
Nov. 1 1919.
iVo».
on. 30 1920.
S
1,963 ,106
S
Car&rcfrig.llne.. 2,047,952
Real estate, bidgs.,
OPERATIONS FOR FISCAL YEARS,
12 Months
ending
Business done
29 21. Oct. 30 20.1
Oct.
—
i:;^'^-^^?;rfordevelc.,.i^;;<in|-^
—
.
Jan. 7
THE CIIKONICLE
1!)22.|
artvanno of minitiK indicates more ore blocked ou! to-day
TUo clovclopment In
the physical coiulilionf of prodiu'lion
the niininK l)ro|)erlies, as disclosed
for 15 years to cc.nie.
bv the published balance sheet seems to mo to be, conservative and just ified
'Anaconda Smdlci .—Tho company's e;roat concentration and snultii'K
works at Anaconda are connected with Biilte, 2() miles west, by the Butte
Anaconda & Pacific RK., an eli-trified road controlled by the Anaconda Co.
Mont., lor
From Anaconda the copper anodes are shipped to (Ireat Fal's, million
ibs.
refining and niaimfactuie into wire, bars and cables up to Idh
Perth
Ainboy,
.\nv excess is sent to the Raritan n^fincry at
per month
and
a
sliuht
Anaconda
siven
at
N .1 The zinc'ores are also concentrated Fa"s for electrolytic reduction.
preliininarv roast before bcint; sent to Great
Gicut Falls. Mont., Rcductum ir^rA.s-.— The Anaconda Oo.s large vvork.s at
Great Falls Mont. \7b miles from Butte and near to the large hydroelectric installation.-, of the Montana Power Co., are new devoted to the
refining of copper and to the manufacturing of a lars^e part of ihe output
Capacity L'OO.OOO lbs. of rods and SO.OftO ol
Into wire bars and cables.
Also contains an e'ectro'ytic installation for zmc and electric
wire dailv
During the war period
furnaces "for the production of ferromanganese.
over 7.000.000 Ibs. of ferromanganese were made.
The company owns 1.150.000 acres in we.stern Montana,
Timber Lands
containing standing timber estimated at 6,000,000,000 ft. and a new sawThese supply the needs of
mill at Bonner 6 miles from Missoula. Mont.
,
its mines (75 to SO million ft. in capacity year ), &c.
^.
Coal Lands. The company owns (a) excellent coal lands at Diamondville,
western Wyoming, on the Oregon Short Line, on a tract of 4,480 acres with
two seams vai-ving from 4 ft. to 12 ft. in thickness; the Anaconda smelter
uses about 1 000 tons a dav and a large amount is sold to the railway;
coal lands.
(6) at Bear Creek, south of Billings, Mont.. 1.760 acres of steam
operated as the Washoe Coal Co., three workable seams, ranging from
5-9 ft. in thickness; capacitv of mines 1 .000 tons daily; (c) in northern Montana. 1.3 miles from Great Falls in the Sand Coulee District, a tract of 558
acres, with two mines at Lochray, and containing one seam about 9 ft.
thick; (rf) 3 miles from Lochray the Spring Creek tract (as yet partiliy developed) of 1,436 acres with a seam running from 9-12 ft.
High-grade phosphate fertilizer is
Phosphatt Rock for FeHillzers. &c.
being made from the natural rock phosphate upon a tract of 610 acres owned
by the company at the new camp near Soda Springs in southeastern Idaho.
The mines will .soon be prepared to ship on a commercial scale. The phosphate bed contains 7-8 ft. of rock averaging 32 3^-34% phosphorous pentoxide, PjOs.
Over 3 ^ million lbs. of treble superpho.sphate have been manufactured successfully in the experimental plant.
This company, owned by the Anaconda CopInternational SmfUing Co.
per Mining Co., has (1) at Tooele, Utah, 40 miles from Salt Lake City,
both copper and lead furnaces at which it treats, in addition to custom ores,
the output of the Utah Consolidated Mi ling Co.. with which it is connected
bv a cable tramway; (2) a smsl'er at Miami, Ariz., which reduces the ores
of the neighboring "irLspiration Copper Mining Co. and of the Miami Copper Co.; (.3) a controlling interest in the Walker Mining Co., with its Walker
mine, 24 miles from Portoia. on the Western Pacific RR. in eastern California.
A tunnei about 2,000 ft. long intersects the v-ein at a depth of 800
While only partially developed, the mine has disclosed about one
ft.
million tons of 4% copper ore, with values in gold and silver. A concentrator, capacity of 200 tons per day, is connected by cable tramway with
Spring Garden station on the Western Pacific RR.. 8 miles distant.
The International Lead Refining Co. owned by the
Other Pioncrties.
Anaconda Copper Mining Co., has its plant at East Chicago. Ind., and
refinesthe pig lead from the International Smelter at Tooele, Utah. Also at
East Chicago is the plant of the Anaconda Lead Products Co., controlled
by the Anaconda Copper Mining Co., which produces by an electrolytic
process 20 tons of white letd daily.
The Raritan Copper Work.s is located at Perth Amboy, N. J., and is
owned by the Anaconda Copper Mining Co. It has a capacity of 38,000,000
lbs. of copper per month.
essential
chanKO
is aiil ici|)alc(l in
The
vaUia.i ion of
,
—
31 1920 <fe SEPT. 30 1921.
[Anaconda Copper Mining Co. and Subsidiary Companies.)
D(c.
lei
—
—
South American Properties.
concentration of relativ'ely low-grade "porphyry
coppers" the company has been intere.'^ted to secure such holdings in South
America and now owns a predomiran; i'Herest in four, viz.:
Andes Copper Miiing Co.. bj, which this enterprise
(a) Policrillos Mine.
is known, has placed its dock ard warehouses adjacent to Chanarai. and
avails itself of trackage rights on 38.4 miles of the Chilean State RR. to
Pueblo Hundido. and thence has constructed its own road 50 miles to the
hi e. back in the foothills of the Andes.
mine at Potrerillos
An ore body l>nng above the tunnel level has been proved by drilling to
contain over 128.000.000 tons of ore running 1 .49 in copper. The mi>e is
alread.v developed and the ore lies in such a way that as broken it will all
drop downward to the cars, no hoisting being renuired. The townsiie is
already laid out and dwellings have been erected, but the concentrator and
smelter remain to be constructed as does the water pipe line. .37.8 miles
in length.
Allowing for losses in concentralion and smelting, there is.
roughly and safely, about 1,500,000 tons of available copper in this huge
ore body.
The
(b) The Santiago Mining Co. owns Lo Aguirre and Africana mines.
Anaconda C;o. owns all but a small fraction of the Santiago stock.
About 15 miles from Santiago. C^hile. is the Lo
(1) Lo Aguirre Mine.
Aguirre property in which dcveloijment has shown 8. 000. (100 tons of 1.98%
copper ore. The work at present is essentially that of development by drill
holes and tunnels but enough has been done to prove a promising deposit.
f2J Africana Mine.
Six miles from Lo Aguirre mire is the Africana, in
which development has .shown some 2.000.000 tons of ^'AVo copper ore.
tc) C'erro Verde.
In Peru the At aconda Co. has also a predomir.ant interest in a low-grade proix.rty called the CJerro Verde, near Arc luipa, (iO miles
northeast of the jiort of Mollei do, with which there is rail connection.
20.000.000 tons or 1 .92% copper ore have been .shown by the explorations;
further ulili^atfon remains for the future.
In ni.v otiinlon, the pre>ent valuations which have been the basis of negotiations with the American Brass Co. have been conservatively determined.
With the
succe.s.sful
—
(
—
—
—
of Price, Waterhou'-.i & Co., Accountants, Rendsred Die. 23
to Charier. F. Brooker, Chairman American Brass Co. Stock.
Report
Capital AHStiH.
The domestic properti(!s are stated at values subst,antially
below those (rsl;xblishc<l by the Bureau of Internal Keveniie lor depletion
purposes, and we understand the actual values of the South American
jjroperties arc also considfjred to be gnially in (rxcess of book value.
Depreciation is provided on a basis which appears to us to be reasonable
and ade()uato. No provision Is of <;ourse made for depniciatiou of the South
American plants, wfiieh rire not y<;t in ftpcTalion. No charge for deiiletlon
l.s made in
the annual accounts or in the accounts submitted.
Investments in Sundry Companies
Total $18,430,208.
Inspiration Consolidated (Jopper Co.
297,300 shares $10,020,.'iH8
CJreene <;anan<%'i f Jopper Co
"
.',9,600
2,2til,430
—
.
Walker MlnlnK Co
Arizona ()il(;o_
6.30,000
8,160
12,750
.
.
Anaconda & Pacific Ry
Anaconda Copper Mlnln« Co. bonds,
Bnl,te
MI.HcellaneouH
The market value
of the principal Items
book values.
In excess of the
"
B. $1,750,000 par
8er.
Is
(130. 000
"
"
794,(ifi.">
1.275,007
,fi2l .725
1
l,82t),792
In the aggrogato substantially
—
HuppticH, Adr.anci:^ <% Expenses Prepaid.
The supplies on hand are taken
at or below cost, an<l the advances and expenses prepaid appear to bo fairly
8t!llC<L
\Mnlii in Process and on Hand.
wliicM ih In fxcesH of the prexvnt
ni;,ti ly
'_]"'"'
,
'""'"''
''""'''
•'
;i'"!'"
'
""1
on
'
llir
The metals on hand
market price
are slated at cost,
lo the extent of approxl-
«3.(M)(l.riOO
''
'
'
We
'< Cash.
have not .allcini'lo I to verify the llcins
iifiid, but- our i^xaniiiiMl Ion li.is no;, ilj.^.closcd any luiillicse ileiiiM whi''li wi- Ijiiiik rcpiirir lo be brouL'lil lo
aci pi,
as
((>
Ihe ac(!omil with the
(
'opper Kx|iort Ahsium ion
i
.
'Opper sold at an
liidiMcrjiiiiiale price, lo be rix<!il iilliiu.ilcly
i. Ilic, price realized on resale
....
In cli.jraeler Ihe as.sr!l .ippcrars
siilistantlally xhc same as ci,n,Hl«iied slot k and present
market price
to DC
Is approxhiialelv
.*S2,2.',().00() l<v-s
than the book balance.
".''''P,
V'"" ''"re appears lo be exercised to bring all asccrL-ilnable
liaPililics into the
!iceoiin(,H..aiid all llabilliles, IncludiuK those for iM-deral
taxes, .ire a(le(|u;itely provldol for.
Siirnliis^
entire shut-down expin.se has been chargfid aKnlnst Income for Ihe 9 months ending Sept 30 In tht; enclosed ac<-oiinl,s.
understand Ihe final <lisp„Hii loti of Mijk expense has not yet been del(Tniliied bv
'.'.''
,.
The
We
the execiitiv.' offieers. tml for Mw presei.i purpose ,ve think the dl.sposltloii
In these accounts Is clearly the correct one.
made
'20. Sept.
.31
$
A.iscls-^
Mines,
land.",
rlKllts,
30 '21.
Drc. 31 '20.
fAaMiUlrs—
$
wa-
Capital stoc^k.
Sf.'/^.
1
30 '21
$
ir
. .
16,562,500 n6,562„500
Minority Interx75,7fifi.221
ests In sub co.t. 3,594,090
18.439.208 Sit. a, 6% tjds. 25,000,000
&c-_118.304,4'')9 119.447,391
l«l(lK.'?,,inach.&e(). 7f).()i;».7.3.'>
Inv. in sundry ro.sl.'J,f)7r).;i77
S'lippllcson hand 12,401,457
Mctalllf. tallinqs,
urcp. items.&c. 11,558,841
Mrlfp. for sale.3,980,097
32.536,183
(at cost)
3,47fi,208
._
J-ibcrty bonds..
200,103
21,192.(;iO
ncccivables
294,795,732 280,618,242
Total*
2.489,802
24,(i74.000
24, .527.700
25,8')4,825
H, 7% bda. 25,000,000
Res. for depren. 22.310,820
11,300,548 Loans¬e. pay. 8,500.000
7,17(i,47fi Aocts.&wagfts pay. 4.805,400
Int. & tax. ancr.
1,666,567
18,105,2fi7 J>ivs. unclaimed
127,322
3,045,805 Res. for unearn.
204,516
tolls, &c
2,475,570
15.7.57,.355 Surplus
84,753,462
11,2.52,4.56
Motalsin process
Cath..
S(;r.
Total
1,7.50,000
3,71.5,429
1,491,871
87,024
2,243,731
77,211,360
294,795,732 280.618,242
X Con.sists of (a) buildings and machinery at mines (Butte), $10,242,738;
reduction work and refineries, ,$43,152,060; South American properties,
$10,446,647; public utilities, .'$5,640,537; and miscellaneous, ?6, 287,238.
Compare also V. 113, p. 2822.
—
—
75
CONSOLIDATED BALANCE SHEET DEC.
hail 10 years ak'o, ahead of the sla,f?p of niinins,' then existing, and this should
I<;\ (Mitiially, however, a second el(^c(ri<;
coiiliiiiie for some ve^irs (o (onie.
hoist will be necessary to sliorlen the excessive lenudi and weifcht of cables.
I
No
.
The Mexican Eagle
(Compania Mexicana de
Oil Co., Ltd.
Petroleo
"I
Aguila,"
S.A.)
{Report for Fiscal Year ending
June 30 1921.)
Ryder, Mexico City, Dee. 1.5, wrote
Pres. Thos. J.
The profit on trading for the year ended June 30
1921 was (in Mexican gold pesos, which have a par value of
Results.
—
in sub:
sterling or 49 75 cents U. S gold)
.$81,982,300
Less -Transfer to (o) Field Redemption account, $11,279,509;
Depreciation
Reserve
account,
(6)
$4,956,964
16,236 473
Interest (net)
Cr3 ,338 129
—
24>iid
!
Net profit for the year
—
&c
Transfer to (a) Legal Reserve account, $3,379,198;
Provident Fund, $1,500,000
Less
(6)
after providing for depreciation,
To which is
$69,083,956
4.879,198
$64,204,758
added the balance brought forward from last year of 3,814,189
Balance available
$68 ,018 ,948
Deduct Div denrts
Fu-st div. of 5% paid Dec 31 1920 $425,000: and second div.
of 6% paid June 30 1921 on Preference shares, .$510,000
$935 000
First div of 57o paid Dec 31 1920, 3,888 8 ;4 and seco .d div.
of 6% paid June 30 1921 on Ordinary shares, $7,249,656.- 11,138,521
—
,
Balance unappropriated
$55 ,945 ,427
it is proposed to apply as follows:
19% paid Dec 31 1921 on Preferrence share
capital, making 30% for the year
$1,615,000
Fijal div of 19% paid Dec 31 1921 on Ordinary Share
Capital, making 30% for the year
22,957,246
Transfer to General Reserve Accotmt
39,000,000
Which
Final div. of
Carry forward to next year
$1,373,181
The profit on trading for the year shows an increase of abaut 45% over
1919-20
The stocks of crude oil and refined pro lucts on hand at June 30
1921 have, as usual, bjea valued at or under cost, which prices are under
present/-day values
Capital Outlays
During the last two years the cotipiay's capital expenditure Ifas bsen exceptionally heavy.
It, has e ;po idcd over £3.000,000 in
increasi.ig its tankage and pipe-liie capacities a id e-^te.'di.ig its refineries.
It has also, in the same period, advanced to the Ea?le Oil Transport Co.,
Ltd (which owns the tank steamers which carry the co npany's products)
and to the Anglo-Mexican Petroleum Co Ltd (which purchases for re-.sala
all the products of the compaay available for exp )rt) over £7,()00,000,
making a total of £13,000,000. in additioi to which the company's own
increased trade has necessitated increased working capital.
New Securities Towards these outlays the company has obtained from
the issues of new shares to existing shareholders ia Dccernbar 1919 and
December 1920, about £7,000,000. and abnit £3,000,000 from the .sale ia
Septembsr 1921, of notes of the Eagle Oil Transport Co,, Ltd issued in
respect of a portion of the mo.ieys provided for that company
Further Needs
Under normal co ditions the company would have provided this shortage in capital by a public issue of its securities, bit financial
co.idirioas in the world generally have bsen such that th'^ directors did uot
consider it advisable to proceed with uegotiatio is to ob ain this money,
and consequently they recomrae id to the shareholders a transfer of 30,000.000 pesos to General Reserve Account, and the paynie.it of final dividends
of 19% on each class of .share, making a total distribation of 30% for the
—
,
—
,
—
year
—
Neil- Fiscal Year
The fi.scal year in the future will close on Doc. 31.
thei-efore, bj issued, probably ab )uc
1922, a report for the
o 'ding Dec 31 1921 and the dividend in respect of that period
will b-i payable on June 30 1922
There will,
six months
May
,
—
Development Work.
Drilling operations have been energetically carried
on during the year, the total co'st of which has ooen writtcMi off against the
(irofils of the year
The company naturally developed" without delay the
fields which it own(!d in competition with other h )lder.s. althou',?h this
coni[)ul.sory exploitation has many disadvaritages
This forced p"oduction,
which h.as occasionally raised suppl.v ab)ve demand might h;iv<^ b 'on more
valuable if conserv<^d for th<^ fntiin;
Bei.ig coinpelitive fields, tho Los
Naranjos, Amatlan and Zacamixlle fi(4ds were exploited at once
In cr)ntinuaiiee of its j) olicy of kc'epi ig exploration W(41 ahead of production refjulreinenis, the directors considered that the .\niatlan-/iacamlxtk)
Field would supply he company's refiuirements after Los Naranjos had boon
I
(sxliausted
Unfortunately, in common with ev(!ry other company interest^id in that
field, tho company has m(;t with a disai)[)olntmciit, and although still
obialniiig supplies tlu'refrom. it is consid(^r( d likely that oil in any largo
(piantitles will not, b'l found there, and tenipor.iril.v the coinp.in.v's production w;is augni(!iilcd b.v lh(^ i>urcliase of crud". in order to continue the u.sual
l;irg(! re,serve of oil in .sK^el tankage
Los Naraii.ios has vl(4ded a very largo
.iitKiiiiit of oil and is still producing .iltliougli in dininishing amoiint
A new
well, esl,linal(Kl at 25,000 bbls c.ip.icity d:iily, has recently been
on the <;onipan.v's San (icwonimo property (h.iving an area of over
4,000 iK'clares, or ab lut, 10,000 acnw in oni^ blocic), which indieal,es ;i now.
and wli.it Is belU-ved to bo an ('xlcnsi ve field
Advice has just been recclv<!(i
that the comii.-iii.v's drilling oiieralioii.s on the Islhinus of 'i'oliuatil,<ipec
have b !en sucoissfiil in finding a direp oil-sand and It Is .inticipaUid that this
disc )ver.v will d<^velop into new and prodncllve areas on the oxlenslvo
holdings of the «;onip;uiy in tills n^gion
Oilier large are.is are Ivliig .iclivel.v explored which are not. Hiil)i<uM. to
conipetlilfiu, st) lh;U, h<i company should not in futiirir b'l under tho imcoNsity
of forcing prodiiclion to avoid the draining of oil by coin (Mil Itors
Frerh/dd Oil Properties
'\'Ui- eonip.iny owns (.ipart from Its Federal and
Stale coneessloiis) over 100,000 heirtares of freehold property, and liolds
ov<T 600,000 hi-cl,ir(!s of lejisehold property, upon which It Is <lrllllng or
InteiKJH In drill
Pipe I.inr It fineries. A-r
The CDiiipany'K pipe line c.ipaclty Is now e(|ual
to I5').0IH) bbls of criirle jier day, wliilsi (he daily cip.iclly of Its icfinerles
has been Increasiid to HO, 000 bbis
In .Kldllloii, the co'ii|)any has topping
Its
plant c.ipai;lly iwi^ctid or ready for erection for 511, DIM) bbls per day
sea trailsjjorl facilities .are (xpi il to lllo,-ie of lis refineries, :iiid llio conipatiy
.ivoM
milling
crude
Ions,
to
will thus in fiiliiie be .able, under norin.il C'lndll
oil. then bv laklnj; full ad v.iiil.iire of llie .iddlllonal valui' which Is obtained
by refiiiliig all Its prorlneilon, whilst i;l III having ;i valla bli- siil'flcloiit pipe lino
and tr>i)ping iil.int fai'lllllcs to deal wllli leniiiiiiary flush producllon or
excess protliictiiMi when lonnd in eoniiiel II l\ e fk^ds
Oil Dilimrles
The lol.il .inioiiiit cif oil di4lverles during (he year froni the
Tii.xpiin. f),04ri,90O bbls
\ 1/
various leniilnals was 3'I,O.S.S,0')0 bbls
Tainpico, 17,407,400 bbls
.\I In.il It Ian. 3, 631. '100 bbls
Tank Vensrls
IC.igln Oil Transport Co h fleel, of tank vohmiIh. all of
which are entirely In the, servlf^o of IIm' (toMipany, anioiiiil/t^d on .Minn 30
The fliM-t Is being liicreasi-d by further
1921 to 282.300 li'ms flead weight
brought
In
I
,
:
;
;
The
,i,
THE CHEONICLE
76
137.000 tons dead weight capacity, of which .52,600 tons should be delivered
The remainder will be delivered in 1922.
before the end of 1921
Humors
After cireful consideration it was decided that it was in the
best interesUs of the companj not to rcKard the many rumors which from
time to time have been circulated, especially In the continental press, itc.
Having regard to the vast territory in Mexico,
Outlook for Oil in Mexico
of which this cnmpanv has a large proporlion. in which geologists advise that
oil will b(! found, the directors look forward to many years of assured supAt the same lime they desire to point out
plies and of successful trading.
that, owing to the peculiar conditions prevailing in the Me.tican oil fields.
where nil Is oblained from a series of separate pools in which salt water must
Inevitably appear in each pool as its oil is exhausted, it is still possible if the
properties are wisely exploited even with the greatest foresight that from
time to time Interruptions may occur in the d.iily output of crude, but in
such cases they confidently expect that sufficient supplies will be available
The appearance of
to avoid any restriction in the refinery throughputs.
salt wat«r in any one pool is no indication of the conditions prevailing in
other separate pools
Conditions In Mexico have, in many respects, conPolitical CondUions
siderably improved during the past year, but difficulties still obtajn.
—
—
—
The
usual comparative income and surplus accounts for
four years past were published iu "Chronicle" of Dec. 24,
p. 2826.
BALANCE SHEET JUNE 30,(ALL MEXICAN GOLD PESOS).
(Stated in Mex. gold pesos, par value 24Mid. sterl. or 49 7,'jc U. 8. gold
)
—
1921.
1920.
S
.$
Assets
Real
oat., bltlKS
plant & equip. 70,426,978
Subsoil riclits &
expend- a 1. 000,000
Loose plant and
field
efiulpment
Stearnera,
Invest 't
5.l3'i.2r,9
.
3, 777, 4-10
In allied
company.
Stocks
of
&c.. 46.048,612
Uahmiies—
8..'>0n,t)00
Pf.Rhs.(parSlO).
43,236.808 Ord.sh.CparSlO). 120.827.610
Reserves
38. 290. 66.5
1,000.000 Provident fund . 3,210.770
1920.
S
8. -500.000
77.777.290
13.170.501
2,367,734
and
Creditors'
credit balance 9.028,320
2,448,807 Shareholders for
divs. declared
7.629.7.S8
23,128.024 Front and loss.. 65,945,427
2,64,'>.68n
12.117,562
5.426.165
46,090,062
oil.
&c
44.848.492
18,174,002
and cash. 71,203,708
74,816,023
stores,
Del)tors,
bul.
.
&c ...
1021.
S
debit
243.432.540 165.440.404
Total
243.4.S2.540 165.449.404
a Subsoil rights on private lands and Federal and State concessions, &c
*2!),3 17.999: e :ploration and fielil expenditures, including plant and equipment, $35,730,218, less redemption account, .$01,078,217. V. 113, p. 2826
Total
,
—
GENERAL INVESTMENT NEWS
RAILROADS, INCLUDING ELECTRIC ROADS.
—
General Railroad and Electric Railways News. The
summarizes recent raih-oad and electric railmore or less general character, full details
followinjj table
way news of a
concerning: whieh are commonly published on preceding
pages under the heading "Current Events and Discussions"
(if not in the "Editorial Department"), either in the week
the matter becomes public or shortly thereafter.
—
RR. Situation Renewed hi/ T. De Will Cuyler. See "Current Events"
above and Philadelphia "News Bureau" Dec. ,'il, p. 1.
193 Railways Show November Gain. Net operating income is .SG.'j.741 .893,
or 4% returnon valuation, compared with $50,.502, 5.52 in Nov. 1920. 28.4%
cut in operating expenses. (Bureau of Economics) " Times" Jan. 5, p. 24.
—
Erie's Fare Differentials Reduce Charges lietween Various Points $2 16 to
.51.
See below and"Tinu!s" Jan. 4. p. 25.
Erie and
Co's Insure Their Employees.
See"Times" Dec. 30, p. 21.
Erie Now Transfers Frcirjht into N. V City by Truck.
Road adopts plan
whereby inbound carload shipments are carted across river into N. Y.
City "Times" Jan 5. p 26: Jan. 6. p. 16
RR. Situation as Seen by RR. E.recutires, etc.— Opinions on the railroad
outlook are published in the " Evening Post Annual Financial and Business
Kevlew" of Dec. .Jl as follows: (a) John J. E.sch. member I.-S. C. CominisBion: (ft) W. B. Storey. Pres. Atch. Top. & Santa Fe: (c) Thomas De Witt
Cujler. Chairman Association of Railway Executives: (d) W. G. Besler,
Pree. Ceitlnil KK. of N. J.: (e) L. F. Loreo. Pres. Delaware & Hudson;
(/) S. M. Fellon, IVes. Chicago Great Western: ((/) '''arl Grav, Pres. Union
Pacific: (h) Agnew T. Dice, Pres. Phila. & Ileading; (t) N. D. Maher.
Pres. Norfolk * Western: (j)
A. Winburn. Pres. Central of Georgia
Ry.; (k) P. n. Underwood. Pres. Erie RR.
Soring to Public from Abolition of Transportation Taxes. "Ry. Age"
Dec. 31. p. 1205.
Rail Labor Fifiures Misleading.
President Markham of Illinois Central
challenges valuations by Machinists' head. "Times" Jan. 3, p. 26.
Why Prcr'^alurc Reduction of Rales Is Dangerous (Samuel O. Dunn,
Editor).— "Ry. Age" Dec. 31. p. 1305.
So'iie of Mr. Ford's Ideas May Be Sound.
to keep trains moving.
(Communications). "Uy. Age" Dec. 31, p. 1298.
Interlocking ninctors
See "Current Events" and "Times" Jan. 1. p 9
Cost of Repnirinu Foreign Freight Cars (N. 1). Ballantine. Supt. Trausporlation I)'. P. System).
"Ry. Age" Dec. 31. p. 1296, 1319 to 1321.
Propones Cir Pool System for Carriers. Commissioner Esch believes this
would cut expenses and prevent shortages. " Post" Dec. 31. l<'in. Sec. p. 4.
Higher Net Income Due to "Skimping.". Central of Geortria's purchases
In 1922 win cover half of nei-ds.
(William A. Winburn, lYes. Central of
Georgia Hy. Co.)
"Post" Dec. 31. Fin. Sec. p. 8.
Trntisportation Act Merits Fair Trial (John E. Oldham).
"Post" Dec. 31,
$5
—
D.^H
—
.
—
.
Wm.
—
—
—
— How
—
—
—
—
—
Fin.
p. 4
Pott Aiilhoritii Plans pi/trfrrr and Cheaper Delirery and Transshipment of
Goods in N. Y. City.
expenditure of taxpayers' money for proposed
system of Ixlt line-s. Autoniiti'' electric plan. "Times" Jan. 1 Sec. 2
p. 1 to 3: Jan. 3. p. 8: Jan. 4, p. 25; Jan. 5, p. 14.
A'. Y. City Hoard of E.ftimale Denies $113,000 to Transit Board forWaacs
o/93t /?«i/)/f'(/'f.s-.— "Times Jan 4, p 19: Jan. 6. p 6.
."^eo..
— No
—
"
Vnlrrmyer Wants City to Run All Transit Lines in Greater N. Y. "Times"
Dec. 31. p. 24.
Electric Rtiiluays Cain in 1921 (Robert T. Todd, President American Electric Ry. Assoc.).— 'Times" Jan. 2, p. 21.
Lending Electric Ry. Officinia Consider the Bus and "Bus Transportation"
Natural Allies and Adjuncts of Electric Roads. "Electric Railway Journal" Dec. 31. p. 1119.
German Railrood Strike Ends. Railway Deficit. "Times" Jan. 2. p. 29.
Agrermiiit on Rroigaiiization of French Railways.
Private cornpanies to
work under joint fin.incial arrangement^i witii dividends guaranteed
(M. Pc-schaud. Secretary Paris Orleans Ry.) "Ry. Ago" Dec. 31 p 1311
—
—
—
—
—
to 1311.
Protests Transfer of
/fanchuria Road Negotiations.
Russian memorandum oppo.ses the demand of China for Its acfiuisifion. "Times" Jan. 3
New
offer
fails
"Times
3:
Jan
2
Jan
5. p
f>. i)
5.
p
Idle Cars Further Increased.
The total number of freight cars idle Doc. 23
totaled 552.373. compared with .531. .'537 on Dec. 15. or an increase of
or the total Dec. 23. 404,214 were serviceable freight cars (In21.0:i6.
crejuse 32.993). while the remaining 14S.159 were in need of repairs (deSurplu.'- 1h)X cars I>ec. 23 totaled 157.695. an incre;ise of
crease 11.9,57).
19,481 since Dec. 15. while siwplus coal cars numbered i97.232. an increase
—
—
"
—
of 10.724 within the same period. The number of surplus stock cars increased 2.249.
Idle Cars on or about First of Month, on April 7 (Peak) and on Dec. 23.
In Thousands.
Dec. Nov.
Dec. 23.
Oct.
Sept. Aug. Apr 8 Jan
Good order
2.S3
404
80
172
246
321
507
198
Bad order
148
172
184
203
221
227
111
Transportation Act Hearings Close before Senate Committee La Follette
Charges.
See "Current Events" and "Times" Jan. 6. p. 26.
Mailers Corered in "Chronicle" of Dec. 31, 1921.
(a) Interlocking directors and cifficers as viewed by I. -9. Commerce Commls.sion, p. 2785
(b)
Railroad rates Commission hearings adjourned till Jan. 11
Future program, p. 2780. (c) Railroad rate huiuiry testimony of George
Shrlver, V. Pres. of B. & O. EB.. p. 2786.
—
—
—
—
—
—
M
[Vol. 114.
Alabama & Great Southern RR.
The
— Bonds Authorized. —
-S C. Commission Dec. 24 authorized the company to procure
authentication and delivery to its Treasurer of $1 .232.000 1st Consol. Mtge
5% gold bonds, to bo held in the treasiu-y until the further order of the Commission —V. 113, p. 2078. 1767.
I
—
American
Plan of Reorganization— Electric
Cities Co.
Share Co. to Assist in Reorganization and to Manage
New Company. The committee for the 5-6% Collateral
Trust bonds (.J. K. Newman, Chairman) has approved and
adopted a plan and agreement for the reorganization or readjustment of the company as outlined below.
It is explained that circumstances make it impos.sible at this time to state
even a pproximateiy what amount of each class of .securities will be is.sued
Bond
<t
—
under the plan, and even the facts as to the total authorized issues are
not available.
A
circular to the holders of the certificates of deposit of
-6%
bonds says in substance:
Companies Controlled by American Cities Co. and Status under Plan.
Birmingham Ry., Light & Pow. Co. ILittle Rock Ry. & Electric Co.
Hoiw>M,n Lighting & Power Co.
Memphis Street Ry. Co.
KnoxT lie Ry. & Light Co.
New Orleans Ry. & Light Co.
The Birmingham. Memphis and New Orleans companies are in the hands
of receivers.
The New Orleans Co. will he excluded from any future plans
of the committee, as the committee concluded a ye;ir ago that the b&st
interests of the depositors required the disposal of these properties and the
concentration of the activities of the committee on the remaining properties.
The Chase National Bank. New "Vork. held debt and stock interests In
the New Orleans Ry. & Light Co., as well as in .several of the other companies, and the committee arranged with the Chase Bank for the exchange
of the committee's Interest in the New Orleans company for the Chase
Bank's interests in the other companies, and the plan now submitted provides for the carrying out of a contract for such an exchange.
The committee also concluded that the Memphis Street Ry. property would
be materially improved if it could be operated in combination with the gas
and electric properties in Memphis owned by the Memphis Gas & Electric
Co. Mortgages on the latter are in default and are being foreclosed, and
through holders of a substantial majority of these bonds an arrangement
for such a combination has been made and accepte<l by certain of these
the
I
bondholders.
Accordingly, the plan contemplates that the
&
Memphis Gas
Electric Co. will become a part of the situation.
Providing the present plan is adopted, the National Power & Light Co..
the new company, will control companies serving an aggregate population of
approximately 757.000. The operating companies supply electric light and
power service to approximately 108,000 customers and gas service to
approximately 38,000 customers, while the electric railway passengers
carried durmg the la.st 12 months was approximately 166.000.000.
Formation of New Company and Securities To Be Issued.
Nmc Company. A new company. National Power & Light Co., has been
organized in New Jersey.
Capital Stock.
The shares of the capital stock of the new company are
of no par value and are divided into Preferred and Common stock. The
Pref. (a. & d.) stock is limited to dividends at the rate of $7 per share per
annum, cumulative from Jan. 1 1923. and, in ca.se of dissolution, to $100
per share an J dividends; redemption after three years from the dates of issue
at $110 per share and divs. upon the vot« of not less than a majority in
interest of the outstanding Common stock.
Income Registered Bonds. The new company will issue 50-Year 7% income bonds (all registered). In order that these bonds may not hamper
the future financing, it is provided that they shall be .subject to the prior
payment of the principal and Interest of all in lebtedness and contractua
—
—
—
obligations of the company now or hereafter existing.
Interest accrues on these bon Is from Jan. 1 1922.
Comp:iny is required
to pay to the trustee, as a sinking fund for the re Ir.'m'nt of bonds, not less
than 1% of the maximum amount of bonds out^auding in each cal. year.
Nosu<;li payment, however. Is required to be made unle.-is and until divs. are
declared on the Preferred stock, but before any dividend Is declared al.
acciunulated sinkuig fund pajTnents for prior years are required to be madeNew Company to Buy Memphis Gas & Electric Co. Mtge. Bonds Now Being
Foreclosed.
The new company has contracted to buy the bonds secured by the mort
now in default and being foreclo.sed on the properties of Memphis
gages
Electric Co.. provided it can so purchase not less than 85% of aich
senior issue, and, for the bonds so purchasei, it will pay 55% of the principal
amount thereof in the new company's 50- Year 7% Income bonds, 25%
thereof in the Preferred stock and 25% In the Common stock of the new
company (such stock being treated as of $100 par for the purpose of a(>plying
It reserves the right to buy on those terms bonds dethese percentages).
Its contract also covers
posited even if less than 85% of the entire issues.
the purchase for casti of notes secured by bonds l.ssued under the junior
mortgage on these properties now being foreclosed.
Sliare Co. and Isidore Newman <& Son, to Provide Money,
Electric Bond
These two companies have agreed to provide the money payable to the
Collateral Trust Bonds who have
holders of American Cities Co. 5
failed to deposit or who shall withdraw their bonds, and the money pa.vabie
to the holders of bonds in default on the Momphrs Gas & Electric Co.
properties who do not sell their bonds to the new company, as provided
above, subject in each case to their approval of the maviniiim amount bid
by the committee or the new company at the foreclosurt* sales, saiil underwriters to receive in con.sideration of such payments the securities which
would be distributed to the holders of such bonds underthe plan and by the
bondholders deposited their bonds
agreement mentioned above, had 5
with the committee and assented to the plan, and in the ca-^e of the Memphis
Gas & Electric Co. bonds had the holders thereof sold their bonds to the
new company as above provided.
Electric Bond ct Share Co. to Have Management of New Company.
For the future supervision, development, financing and engineering of the
new company and its subsidiaries, the new comi>auy will make a contract
with Electric Bond & Share Co. of N. Y. All the Common stock of the
last-named company is owned by General. Electric Co., and it supervises
the operation and devclopmeut of irtiiities operating in more than 750
Its financial connections are exceodinj^ly
municipalities in this country.
strong, and the committee believes it is equipped and qualified to deal with
the difficult problems of operation, development, public relations and
finance which confront these properties.
J. K. Newman and William M. Fiook, Pres. of present Memphis Gas &
Electric Co., have agreed to assist Electric Bond & Share Co. in supervising
the properties for a limited time for compensation which in each case has
been approved by the committee,
American Cities Co. Preferred Stockholders Offered New Company Securities.
The new company will offer to the holders of Preferred stock of American
Citins Co. the rLuht to purchase for every full 20 shares held, a block of
securities of National Power & Light Co.. coiiNtsting of (a) a 50- Year 7%
Income Bond for 8100. and (6) 7 shares of Common stock for $242 50, plus
Interest from Jan. 1 1922 on the income Bond, with the right to reduce
subscriptions pro rata in the event that the holders of more than 50% of
the preferred stock accept such offer.
Electric Bond & Share Co. and l.sidoro Newman & Son have agreed to
purchase sufficient of .said blocks at the same price so that the new company
will receive a total of S2. 000, 000 from such sales of such blocks of securities.
Compensation to Electric Bond t^- Sliare Co. Electric Bond & Share Co. is
to be paid for Its services In connection with the reorgantzation, &c., in
Common stock of National Power & Light Co.
l.sidore Newman & Son are to be paid in cash for their services to date.
Lsidore
Including the services of J. K. Newman, a-s Chairman of committee,
Newman & Son are also to receive 5,000 shares of the Common stock of the
Gas &
&
—6%
— 6%
—
new comi)any for their services.
Electric Bond & Share Co. and Isidore Newman & Son have agreed to
purch<ise. at a price which may yield them a profit, new bonds of Memphis
Gas & Electric Co. In order to carry out arrangements made by Isidore
Newman «& Son to finance the Memphis Gas & Electric Co. before that
property was Included in the present arrangements.
—
The liabilities of the committee, being for
Etpense-x of Committee. &c.
to conserve the a.sset« of the committtM, aggregate about
moneys borrowed
of the committee, Including all compensations now
$015,000.
or hereafter payable to Its members (including the cash compens<ition to
Isidore Newman & Son and J. K. Newman), amount to approximately
$200,000. Moneys for the discharge of these obligations and fur the pay-
The expenses
j
'
—
.
.
THE CIIKONICLE
Jan. 7 1922.]
company from the
of those expenses are to be provided by the new the other commitfor
000 000 of <y»sh above, »ny balance to be available
niiiiUs and obligations of the new (•onii>any.
^,
a
n
Comn)itlfe—J. K. Newman. Chairman; Lynn H. Dinkips Arhibald
Falk. Sec. 212 CaronCain " Lewis H Parsons. Percy Warner, with H. L.
i
,
i
'I'lie
.
UH
Dated Jan. 2 1922. Due May 1 1966. Int. payable J. fe J. Denom,
and %l ,000 c»&r* ,11.000 and convenient multiples. Red. as a whole
only at 105 and int. on any int. date on and after Jan. 1 1937. Guaranty
.'?5nn
Trust Co. of New York, trustee.
Application will be made to list these bonds on tlie N. Y. Stock Exchange.
Data from Letter of President H. R. Kurrie Chicago Jan. 5.
Company.- Usually known as "Monon" route, operates a direct short
line from Chicago to Indianapolis. Louisville, and to Michigan City. French
Lick Springs and Switz City, Ind. Owns 618 miles of first track and 293
miles of sidings, and has entrance from Hammond, Ind., t.o Chica.tro. over
tracks of Chicago & AVestern Indiana, in which it owns a one-fifth proprietary interest and through which it connects with all roads entering that city.
Obtains entrance to Louisville. Ky.. over the railroad bridge of the Kentucky
& Indiana Terminal Ry in which it owns a one-third proprietary interest.
Control.
Controlled jointly, through ownership of approximately 779? of
Pref. stock and 93% of Common stock, by the Louisville & Nashville RR.
and Southern Rv. These companies have pledged their stock to secure
$11,827,000 of their "Monon Collateral Joint 4%, Bonds."
Mortgage covers entire property, being secured by a first lien
Secvrily.
on 49 miles, a second lien on 509 miles, and a third lien on 64 miles. Total
prior lien bonds amount to !)«16, 172,000, and all prior mortgages are clo.sed.
Sub.iect to the Refunding Mortgage, the indenture ro-sers the leasehold
interests in its terminal facilities in Chicago, Indianapolis and Louisville,
including the Kentucky & Indiana double-tracked bridge over the Ohio
—
— 6%
—
&
Light Co.
Collateral Trust
securities shall be so
jonds shall
icquired by the committee from the Chase National Bank, then there shall
»e tran.sferred and as.<^igT>ed to the new company the following securities:
la) 20,0(K) shares Capital stock of Houston Lighting & Power Co. 1905.
Cumul. Pref. stock and (c) 16.175 shares Common
(6) 6,015 shares
rtock Little Rock Ry. & Elec. Co.. provided that if said company is in
receivership or in dis.'iolution at the time of transfer, the committee may
transfer such rights as pertain in dis.solution to said shares.
(d) 20.500 shares Capital stock of Knoxville Ry. & Light Co.
(e) Such rights as may pertain in dissolution to the 22.303 shares of the
Pref. stock and the 21.760 shares of the Common stock of Memphis Street
Ry. so acquired by the committee.
(/) Such rights as may pertain in dissolution to the 27.774 shares of Pref.
5tock and 34,954 shares of the Common stock of Birmingham Ry,, Light &
Power Co.. so acoulred by the committee.
(0) All indebtedness of and cl;ums again.st any and all of said companies
»nd American Ci'ies Co.. owned by this comnuttee or to which it is entitled.
Collateral Trust Gold Bonds of American Cities Co.
(h) All the 6
deposited with the committee stamped to show the payments thereon.
(t) All or such other assets and rights of the committee as the committee
may determine and on such terms as the committee may determine.
Light Co. in Consideration of
Securities to Be Issued by National Power
6%
—6%
&
Above Securities.
(a) 18.750 shares of the Cumulative Preferred stock.
(ft)
$4,125,000 50- Year 7% Income bonds dated Jan, 1 1922. with Central
Union Trust Co. of New York.
26.2,50 shares of its Common stock.
Its agreement to offer, on such terms and condition."! as the committee
may approve, to the holders of the Pref. stock of American Cities Co;. the
right to purcha.se for each full 20 shares of said Pref. stock held by them $100.
Income bonds of new company with 7 shares of Common stock
50- Year
for 8242 50. plus interest on the Income bond from Jan. 1 1922.
If others than the committee shall purchase .'',uch •ollateral at a price
»tbfactory t* the Chairman of the committee, the portion of such price
to which bonds dep«<ited with the committee maj- be entitled shall be
ipplicd first t© the discharge of the expen.ses and obligations of the comailtee, inclu«ling eompen,<'ation to the committee, and the remainder shall
be distributed pro rata t« the holders of the certiflcat&s of depo.sit issued by
(c)
(d)
7%
the committee.
Distribution te Holders of Certificates of Deposit for 5
6% Bonds. If
kuch collateral shall be purchased by the Committee and this plan shall be
carried through, then there shall bo distributed to the holders of the certificate.s of depe<>it:
(1 > 55% of the principal amount of the bonds represented bv each certificate of deposit in .5C-Year 7% Income bonds; (2) 25% tbereofin Cumulative
Pref. stock; and (3, 3i% thereof in Common stock of National Power & Light
Co. N-ild shares being treated as ba\ing a $100 par value for the purpose
of applying tbe«e percentage.").
iJeposltort entirfpd by virtue of the.sc provisions to fractions of .$100 in
borids or fractions of a share of I'referre.a or Common stock are to rcwive
registered smp certificates therefor, convertible with other.'! into bonds or
IYefV;rr(<l or Oiirmon stork, as the case may be. and not entitled to receive
inU^rest or diTidetxlK until so converted.
V. 113. p. 2082.
& New
Pa.-*© k.
Mexico Ry.
SouthweniA-rn
Co
— V.
American CHle«
hIxjvo.
<'i>.
— V.
Central of Georgia Ry.
113. p. 1250.
— Final
See U. S. Railroad Adrnini'.tr.-.llon lielow.
—
di-c.
107, p. 1836.
Birmingham Railway, Light & Power
8(!C
—
—
Co. — Plan. —
—
—
— Acquif^iHon,
below.
On
Ian
W
& Quincy
RR.—Iujuip.
Iron" under •Industrial Humm.iry" l)elow.
&
Eastern Illinois Ry.
J
JarUsoii, as
ri c<
Ikt
OrderH.--
— V. 113. p. 2719.
Control.—
A'eu; Co. in
f.f
,
,
,
,
A
D
1
.rr'.-l'Tai.rtKdwInW
XVII
vvill
H
T"i"T.
*^
wL'.',,;^
Iteevcs, 1 rraji
W
Winter
"'" ^^
'^^'
I
I'ltlen.
;
;
;
—
Block of Refunding Mortqnge 5s Offered.
& Co., New York, are offering at 89 and int. $1,000,000
Ref. (now 1st) Mtge. 5% Gold Bonds of 1897.
Due July 1 1947.
Int. payable J. & J. in New York.
Non-callable. Coupon and registered Bonds, interchangeable.
Central Union Trust Co.. New York,
trustee.
Li.sted on the New York Stock Fxchange.
Authorized. $15.000,000. Outstanding, $4,700,000 6s, $5,000,000 5s. $5.300 000 4s.
These bonds are .secured by a first', closed, underlying mortgage on 508
miles of road, comprising nearly the entire main line, and by a jimior lien
on 113 miles.— V. 113. p. 2818.
Kissel. Kinnicutt
&
Chicago Milwaukee
The company
Paul Ry.
St.
— Seeks Gary Road. —
has applied to the I -S C Commission for authority to
acquire (he Chicago Milwaukee & Gary Ry
which operates 97 miles of
railro?d frcm a connection with the Terre Haute Division of the St I'aul in
Kankakee County. Ill,, to Joliet, 111., and from Aurora to Rockford. 111.
V 113. p 2612. 2504.
,
—
—
& Gary
Chicago Milwaukee
Ry. Acquisition Sought.
below— V. 113, p. 1052.
Pacific Ry. Official Statement
& St
Chicago Rock Island
See Chicago Milwaukee
Paul Ry.
—
— Results for 1921 Federal& Valuation—Critical
Situation as
— Charles Hay den, Chairman of the board, in circular
to Rates.
of .Jan. 7 addressed to the stockholders, says in brief:
1.
Federal Valuation.
— After
6 years' worit the tentative valuation of
your company's properties was announ<'ed b.v the Intor-State Commorc*
Comm:,ssion in September at approximately $335,500,000, as of Juno 30
1915.
This
is
for carri<!r property only.
AddiuK non-carrier property as of June 30 1915 .$5,745,895 and excluding
(he values of lea.sed
nes. which are not controlled through the ownership
of entire capital stock. Keokuk *: Des Moines, •Peoria & Bureau Valley
and White & Black River $5,814,958, and also deducting cash and materials
on hand Juno 30 1915 .$9,022,288, wo have:
Valuation of Propcriics Owned June 30 1921.
Physical property owned directly or through stock ownership as
of June 30 1915. as fomKi bv Commission
$320, 417, 662
Additions and betterments .liiiv 1 1915 to June 30 1921
-. ,30,374,-1.58
Cash and materials Juno 30 1921
25,455.222
-_
1
.30
liabilities
Hows:
Long 'erm debt.
$388.277.,342
1921
June 30 1921, according
to
company's books, were as
.$234. ,505. 515: loans & bills [lay.. $1 1.030.000-»249.435,516
Capital stock, pref.. .$51,557,989; Com. outsi'g. $,"4.482. .523- 129.04 0.512
Total capital llab lilies
j\mount by which forogoinK
.$378,476,027
minimum
value exceeds total
$0,801,318
ea|)ital l.ab litles
Amount
of equity represented by Com. slock ($113 10 per
share)
84,283.8,38
ThlH valuation refutes for all time the suggeslion Hometimes mtide that
til K coinpuny Ik overi'apllallzed.
W(! regard the valua'lon cHtablished by
ihe f 'fiminlsNlon as being much less than the ai-tual v:iliie, and have filod
protest In the hope that the CommisKlon will subst;in( lally Incn'nie Its valua'lon hw even on this inlnlnmm b/isis, the v,iliiali')n of the rtfoperty valilO
behind our slor-ks and bonds Is much In excess of llii'lr par value.
'Phe earnings of
2. The ll'.lr iif Uiliirn (Jiidir the TransnnrliitKin Act.
your properly for the y«-ar ending .Sr-pl,. 30 1921 Were $H,M!)l).()l)0 tiliort of
,
—
«%
belni'
upon Its propiTly InvcHlment, and yi'Ur iirofiiTtv'K earningH
Her<^ b'-ller ll'an t lir^ average in the i^roup In winch ili was placed.
Not wiilisl.-iiidliig IliJH f.icl many siibslani iiil reiluctions In r;ites havo
bien ma(l(! by tlie carriers In tie c'ninlry. partly uncliT order of the ComnlKslon, anti partly voluiitar ly with llii' liie;i tluit a reduction in ratiw
would In Kome rlecrei- promote the moviwiient of Iniffle, I'tiless the effect
of these rali^ refluclloiiN I.h counterb il.ineeil bv an Inerensc In liMfflc, It In
he eoinpany'K not
reason;, blcf to jinl-i'-ip.iti^ a Niibsiiinll.il redu'iion In
reveriucii In the conilntr year, bicaiise lie reducl Ions ordered by tlio < "ommls,
,
I
''
7"^^*^''. "' participants In the reorganization, arrangfwt'ents
»,»''"''k'^'"
have
been n ade when by nil. d .Slates Mortgage A Trust (^o will piirrhaw
and sell s-rlp fori,r,r«tes f, r < hicagf, A Kastern llllnol.s
Ky (;en Mtge h"/,
I
bonds, nrercrr'-d sirek
/'
—
I
Chairman: William J Jackson. Pre.H
* < ,n Counsel: Tnink <i Nirbolsnn. V -lr<H k
"'<'^' V -I 'res
Frank K Auslln.Sec Jonathan P
•'''"'
If' l.yrj^rd,
1
V -I res
.
—
The
the |)ropcrty of lh«! old Chicago A'
|;u
turned the s.-,nic over to ihe new (^onp.my exfyp'
!<" « li diana f oal I'y
wlilrii was ikiI aecinired by the n^'irgaiii/cd
1-"" . •f'Pl'>\'<s atid operail-ig staff are l;iken ovJt by the new co
11
''•" "'" '"•* comnany are:
(iordon Abbott. VVIIIIatn II
rv , 1,1
if "li
Feller, fir ury Kvans. T
\"<|«i'"lPl< '1
Meed, Wllli;,in J
i„^i
i>
'-'»"»'. VVIlllain n MeCiird.v. fWorge \V< Iwood Murray.
..
i?i
v'i'i.i
JoliM
W ' latlnrs
II
Ji
loner, John J Pulleyn. John
.Sledman, Melvln
1
iMInnlf,
,
.
Total Juno
.
A
Chicago
(For 1920 earnings see V. 113, p. 1671.]
For the 11 months ending Nov. 30 1921 gross earnings were $13,952,614.
The ratio of operatinsc expenses to revenue was 81.44% for the 11 months,
but for Sept. it was 72,2% Oct. 68.2% and Nov. 704%
In other words,
In Dec. 1921
the "Monon" is returning to normal operating conditions.
the regular dividends on the Common stock were resumed with a semiannual declaration of 1%%. Annual dividends of 4% on the Pref. stock
have been paid continuously since 1901.
Including these bonds, there will
This Jsstie. Authorized, $40,000,000.
lie $6,261,000 outstanding in hands of public; $493,000 held by company,
of which $233,000 are pledged to secure a 1,5-year loan Govt, of $155,000.
Of the unissued bonds. $16,172,000 are reserved to retire underlying lions;
?963,00n may be issued to retire Equipment bonds, and $16,111,000 may
be issued for only 80% of the cash cost of additions, improvements and
acquisitions as defined in the indenture.
Issuance.
Issuance of these bonds has been authorized by the InterState Commerce Commission (V. 113. p. 2818).
f<
K. McCarthy,
and f'. H. \V. Park.-ird have ben elected dlrcrtors. succeeding
'
I"
Baker. E. T. Stoleslmry. Daniel VVIIIard, INibert W, de Ton si
w '1 Dice. The resignation of Mr. Itaker as Chairninn of tlie
voluntary.
Se<; also Delaware Lack.iwanna & Western RK.
.-V. li:{. p. 281H.
See"Sie«;|
—
113. p. 2816.
Central RR. of New Jersey. A'rw lHrfr.tor.'<.
Themlorf! W. Heath. A.M. Ilrirrlss. George M. Shrlver. Robert
(Chicago Burlington
River, and also the equipment owned by the company, and its equitj' in all
equipment held under equipment trusts.
Purpose.
To raise funds to pay off a loan of $1,400,000 from the War
Finance Corp. and also to reimburse the treasiu-y in part for expenditures for
additions and improvements to the property. Since 1917 these expenditures
have totaled $6,313,718.
Earnings. During the 9H-year period ended Dec. 31 1919 company
earned on the average 1 ,70 times interest requirements on its funded debt.
Settlement.
— V.
.
—
—6%
be acquired by the committee, and said
Arizona
.
—
6%
—
—
tising pages).
t»""- Securities.
c-"^"-''»c
Certain Other
Common stock of
If S7 570 shares of Pref. stock and 192.5.57 shares of
at such
>Jew Orleans Rv & Light Co. shall be acquired by the cominiltee
Apnl 22
ale they .shall'be transferred and S48.750 interest thereon from
order of Chase National Bank. Nev/ York
I9''i in cash paid to or upon the
n cons-ideraiioij of the transfer by the Chase National to the committee of
the rights of said bank as set forth in its
subject
to
he foilowiii'^ securi'les,
iontract with the committee dated July 12 1921. to wit:
5
Coll. Trust bonds represented
(1) $209 000 American Cities Co.
)y certificates of deposit issued in behalf of the committee; (2) 3,00C shares
Power
Co. 1905; (3) 1.175 shares
Lighting
&
Common stock of Houston
Elec. Co.;
Dommon stock: and 6 shares Pref. stock of Little Rock Ry. &Birmingham
4) 67 shares Pref. stock and 2C2 shares Common stock of
ky Light & Power Co.; (5) 216 shares Pref. stock and 225 shares Common
itock of Memphis Street Ry.: (6) 9 .shares of Common stock of lOioxville
Ry & Light Co.; (7) 2 notes of Memphis St. Ry. for $25,000 each, dated
luly 29 1918. and payable Oct. 27 1918; (8) notes of Morris Bros, aggre'ating $273,815. held under the terms of an agreement between Morris
Brothers and American Ciiias Co.. dated Aug. 20 1918: (9) note of American
IJities Co. for $50.0C0 dated Dec. 3 1918. which matured March 3 1919. or
,he collateral therefor; (10) The equity of American Cities Co., as such
iQuity existed on Dec. 31 1917. in $105,500 of Birmingham-Tidewater Ry.
1st Mtge. bonds and 1.000 shares of Houston Lighting & Power Co.
3o.
One- Year Debenture Gold Notes of American
1905 stock: (11) All the
:;ities Co.. which the Cha<e National Bank shall then or thereafter be au'h>rizo<l and entitled to deliver, and all rights of the committee against said
>ank. as provided by said contract with respect to said Debenture Gold
—
—
—
i
Securities to Be Transferred to National Power
If the securities pledged as collateral for the 5
Ac.
Chicago Indianapolis & Louisville Ry. Bonds Sold.
Potter & Co. and Harri.s, Forbes & ('o.,New York, have
sold It 91'^ III int., vi>Ui'ij ab )ut 6?^%, $.3,000,000
1st & Gon. Mtge. G% Gold Bonds, Series "B" (see adver-
Unless others purchase, the colla eral or parts
\)llatcral Trust bonds.
commi'tee.
hereof at a price or prices saii^n.clory to the (^hairman of the
the Chairman of the
ho whole or such part thereof ;is shall be approved by
ijierefor made
lomnilttee shall be purchased by he comnut tee. and payment
the committee, except that money
i\ith bonds and ctiupons deposited with
as it may be
price
purchase
of
said
hall be used in paying such portion
lecessary to pay in cash
National Bank for
fo Transfer New Orleans Ri/. A Light Seairities to Chase
!^otes.
— Deposits,
5%
•"/^A'iffl^i^r-M^xantVieTrust Co.. New York: Guar.antee Trust & Safe
Canal Commercial Trust & Savmgs Bank,
lew Orleans, La.
ReorKanization or Readjustment Plan.
the collateral held by the
To Sell Coltateral—Thv conimiMco shall cause satisfaciujii
of the 5—6%
rastee to be sold and the proceeds applied in
)eposit Co.. Philadelphia. Pa.;
5%
Indiana Coal Railway.
5%
bonds, James U, Mahoii. Chairman,
coininitlde for the 1st, Mtgo
in a nolice to the holders of the undeposit.ed bonds. stat<!s that it has arcommit!
<U) of the Chicago & Eastern lllinoia
ranged with the reorganization
K'U for an extension until Jan 10 1922 of Ih'- time within which 1st Mtge.
bonds deposited wilh this commit t<M rn;iy participate in the reorgaiii;!ar
tion. and will accept not later than Jan 10 additional bonds for deposit.
This p:irl of the road was not ac<|uirod by the Chicago & Eastern Illinois
Ry ill the reorganization, and is to bo sold Jan 10 It ifl stated that the
is iiiKsrosted in buying a portion of
Ciiicngo I:idianapo!is & Western
V 113. p 2818 .
the lines between West Union and Brazil, about 30 miles
•>
,
77
&
Chicago
lont.
See Kl
——
f^''»l««
nr,d
cm men
Morlgige
=„,
\'\"i!
agent
of
tho prefiTrrd and
ft
stork
Co. has been appointed traiisfor
stock —V. 113. p. 2719, 2612
'iVust
common
I
N on In one casi- nloriirtthe hjiv, grain and ifralli pr'diieiw chho, I. C. C.
(locket Nf>. 12929) will amoiint In the case of the Kock iHlanil to $,3,500,000
of which conies out of net, revenue.
It Is of tin; ill most Imporia mil that the Commlsfilon shall
not rcdiirt; the rate of return beUiw the exlHling Htandiird of (i% per annum
ft
yeiip. all
CoiiHeiiuniiilv.
anduding
y.
of
1%
Transportation Act
is
[Vol. 114.
THE CHRONICLE
78
for Capital Reaui^ement^^^^^^^
for the ''W^
J^f '^f^ '^"'^'""har-in'' us
being urBcd to reduce it^ ,,^„^f"fi?„'J
Congress
IS the danf^er ttot COT^^
Of equal import^ance
6% upon money
The Southwestern company proposes to purchase all of this outstanding
Of this amount .$1,000,000
stock and bonds, paying therefor 84,500,000.
represented by
will be paid in cash and the remaining $3,500,000 will be
the above promi.ssory notes.
„ •t„ ,„;i
j
its raildemises
By the terms of the proposed lease the Arizona company
or until
road to the El Pa.so & Southwestern RR. for the term of one year,either
ot
the expiration of 30 days after notice of termination is served by
as
the parties thereto, and assigns all contract rights and privileges, so farpay
to
proposes
The railroad company
they may lawfully be transferred
enable it to Pay the
to the Arizona company, as rental, a sum sufficient to
and to maintain its corporate organitaxes
its
interest on its Ijonded debt,
capital
Additions and bsttermeuts will be charged agamst the
zation
113, p 1250.
\
account of the Arizona company.
repeal that section
p^^ Commission.
make your pos.tton
mav
-' t^atVoS
^f e'^?hlX^'™st^TV"u m Congress
Koprcsentatives
reduction of rates
cleair to your
grea. otetacue to a fm-ther
3. Lahor 9f';''''""''';;;rJ^e
^^^^^^^^ reductions
uoaranasind,u
Labor
The
labor
^^^ reductions
is the cost of
^hich were ant cpatcd^Ji^o^
^^^^.^^ ^^^ raih-oads
the last few months
IJ
above.
mentioned
;™
all portions of
rates
for
of
unifor.-n rate
which is^iunm
f^'^^p^"approximately 40 cent.s an houi,
current rate for
poim-s on uui „ "
many
at
whereas,
niii- system:
,a tr. "^n cents an hour.
fgrT^'^v^^^
m
unsKilled labor in
^^^^^^^ ^^^'^rJ^Ult^ ^^l.^^
rules left
„
...
—
RR.
Erie
The I
.
Commission Accepts
Tariffs.
—
by the Erie RR, in
between New York and
effect Jan 1 establishing differential rates of $2
Indianapolis
$2: bstween
Ch1ra4> bek-een NCTrYork and Cincinnati and
between New York and Cleveland,
New York and St Louis $2 50,viaand
the Pennsylvania New York Central.
SlTess than the fares required
alley
Baltimore &: Ohio, Michigan Central and Lehigh \ elimination
of tho^ transthe
This reduction, added to that resulting from points
named from $2 61 to
the
portation tax, reduces the fares between
113. p 2i85, lOo-:!.
\
$5 51 below tho.'-c charged before Jan 1
Inc.—
Datn--Capitnl
Further
Pittsburgh
Erie
10. to consider and
In connection with the stockholders' meeting, Feb.
Special Gua-^teed Betterment
vote Sprn'thrquestion of increasing the
Pres^ Charles ±1 htroUo,
Stock from $2,500,000. as at present, to $7,500,000.
-S C. Commission has accepted
tariffs filed
—
^
s^^S^c^^bil^ c^l^cess
Labor Board
,^^,,,,,,„,,
^il^^
directors believe that the
Your
f- a?^''^'^,,w\i"
body whose
f^^^The '^h^ole^TranspVtation
trial: and
l^rdly^bJ°safd°tV.have had a thorough
TnTi^^^
tcTlfnlw
Bill
i-espect to the labor provisions
because
^
P'-«- ''-f.-j-^ft™fo?ce"of
(Senate
m the IJ.S. f/^^*^.^"
^ill undo
^^Ts^^le\iadv. R'Ucs.—h b;ll is Pending
it
Senator flapper of Kansas which
^^^
p^^^^
1150) introduced by
^Mrticularlv in
RR.—
&
.
^"^it^^^rU"n^l'^^ai;?tlfs?J^r^a?r2.(!o"6,tr^^^^^
capital stock which
holdersluthorized the issuance of $2,500,000 additional
wt^S'lia^eTa^' Special Guaranteed B
^rpW
ti°
tr/^P^i^u^vfnWr -aM?cr2Tif
fifiol *^u^rnT
Hente upon and
t^^1^l
^e^m^or
;cjf
made by
property
ad"ditions''?o the leased
r %;|^
tho lessee and
—
ine oim.L,i» ui
Results }or 1\>ZI.
^vo orp clnsin" a fairlv successful
Its a fa^rs^
tiiesTo advise you concerning
1^1? tvTllb°be°t ween $16 000.000
^i
§f V2rof ^the^fisra7ce*Cm ll^ftftlm^'of
"^IL'^p^rofo^ed issue of $5,000 000
of,
i^'dirnal stock to the amount
Spe^^^^^
?-i^inEa^r^gi^,t^
for proi^it. no
competition '^'""F JI^.'?.iP^\^[th
P.
witl^amucn^c^^
a much larger opportunity
^^^^^^„, regulation.
which offer equal secuuty
oiits^^o.^^^^^^^
through a constant mci ease
^^^ ^ reasonable part
time \o
through the issue from
"°i\,?itgV V:Uue of your holdings and the
company by
the lessee in
L\Tb\"tJ^r''nll"trmade^^oX^P^^^^^^^^^
^ease
co"olianoe witli ;*fJer^^s of tbe
common stock, such as
This stock is to be so ^"bfd^^aaTr in anv wfy the annual guaranteed divithe dividend on your stock ,s paid.$14o!oOO f?o°m
Xch
S^ndTundlf
""
Ry. -^'^na^ Se«Zemeni.Worth & Denver Citybelow.—
V. 113, p. 2504.
Administration
Railroad
S
See U
Franchise— Wages.
Fear
50Co.—
wnenn rCalif Trac.
Fresno
officials of the company and
Fort
)
—V
^uo, i' i
,
Bonrf.s Authorized.—
Co.—
Liffht
&
«
1
^K„c
T?ir
Ry.,i'ow.ffiJ.i|iiL^^
Pow
Columbus
^^ $5,000,000 Rf- Mtge
See offering in V. 113, p.
1 1941.
1 192T d™c Jan
tttdaffian
6%
Khali be maintained.
.
11.5.
P-
,
,
.
Co.— Insures Employees.—i.x^^.^
ot Hudson
nolnware
Delaware &
entered into a contract with
the
insured the lives of all
payrolls for more than two
y^^^ ^^ ^^ ^^^^^
^^^^^^^ ^^^^^^ of services: irreor the state of his health, and
j„ the sum of $500
The company <»mouncestl^a^ '^y'^^whtehTt
has
oy
Metropohtan Lite fn.surancc ^^o^
continuou
employees ^^^o have been
and a.aiveiy
j
and arc actually
each '^^"iP'o^'L*',^'^! '
k his age
nature of his jv^rkl^^^^^^
•
to himselt a po my
jj
without costf.^
securing for
spectivc of
^j^^,
P^^^am^n^
In case of total and mmontni^iii^
installments.
the insured employee
>mm«liatelj t^ the Denci^^
will be made
the
allowed a 50-year franintervals
^^^^ ^^ ^^
at the time of the exercise of
the City Council
2719.
years,
^^,^"^:'-;'
tacked between
has been reacneu^t
An agreement
whereby the company
•
'
^^aV^^g
tL'rt^ilwa^he V'lm^^^^^^
schedule, effective
*A°new°pay
rate (per hour)
New
Dec
WJ'
4/c.
l^ollows:^,^_
'
4Sn
|o^.
49c
^^^^
^^^ ^^
None
51c.
53c. plus $5 per mo.
•
allo|\d four cents an hour in addition
"'S^tr^lt^^s'^of ri-man-carfa^re
above schedule.— V. 107. p. 119^-
the
^f $500 will be paid to
In case of death payment
named by such employee
^^.^^ ^^ ^^ ^^_ ^^ ^^^^
^^^
Georgia Railway
& Power Co.-Power
Development.-
oyoeco^^
immediately
work will be resumed
fourtli step I'^tne p
and power house the
to
^fdro-eleo
This de
^.^^^^ .^ Georgia.
i^ifop^eiirx^ po-pn^fSs u^Si^o^r x-eLTs wfini
»^« «*^*'-P-'^^' °^
1924.
gigantic Burton storage reservoii
ah-eady maae— ine Bi^a
the Tallaluh dam anc
The developments or
Lakemon^reser^o^^
at $21,000,000
and dam, the Mathis
m„nteuMo
and
home
jg.ooO.OOO to this.
the Tallulah power Tugalo will aaa^pwa
of
Completed for mter-connec
The completion ago Plans of the compaxiy
tln-ough physical connec
A few weeks
nu.
territory
the
{ti
systems
^ ^^ ^^ high-tensioi
^
tions of all power
*tirnisn^^
mad|
been
actually
^^^^ ^^ Alabama, Ten
tiSns that have
f„^°e?Knthe'U^rl|Tl?M^^^^^^
will be available Jan-
Harold S.Vanderb It ^'^0^0.^^^^ ^^^ each has chosen to retain his
resigned from the ''"ard<>t^ Central. They had recently been asked by
directorship in the New J^o^^^^"'ij.ij ^^n^e of their directorates because of
interests by dual director-
iSlkwf'orWdXTthe°"in\°erTrk?.i^rof'^^^
ships on competing roads.
railroad connections with the Central RR.
msrauroa
Mr. Baker has also severed
^^ (Compare "Current
2786.)-V. 113, p. 2818.
fve''nt"'in"'?:hr^omW-%e\. 3K
Operations.—
Continue
To
Lake
Salt
T^PTiver
Judge Samuel W. Johnson, at Brighmum District
i?n^,^n5ihefrhig
a htaring before
Foll<)«nig
^^ ^^^^ ^n agreement to continue opera">'<^
ton, Colo., recently, a"
Hankers Trust Co New York, trustee
tlons for an iV<if V"." S^u^M to d scon tnue operations
The receiver prebondholders
the
^""f^t
for
for the last year, showing that
'^^"^'f^^^^'road
01 tn
operatons
sent«d a report of the
.^^,^^ ,,;,!, ,he (Government
its expenses bavo 'JV^"^.^Xned further time for a showing that the road
?K'm^rtopa??t,?warand. possibly, during 1922. show a substantial
RR.—
&
'
,
profit— V.
113.
P 1983
Fare Decision.
—
noniTPr
iramwd,y Co.
Denver Tramway
Denver has sustained the dedision of
The Circuit '"'l.'.rl'.r-il District Court in the rate case between the
Judge I^^« of V.'':.i};f';f"Denvcr
Under this decision the company is
^^Ht^d't'^^'re^^in'uun«»<!
Pr.^^^^^^^
Moines City
-fio City
Citv CouncH
The
*^-"""f
ting out the route.s
'
AN
8-cent fare.-V. 113. p. 1155. 847.
Ry.—Bus
Ordinance Passed.—
ordinance set^
of De.s Mohics, la., recently pas.sed an
?|„
might use if they are to continue to operate.
,,.,s(.s
s m^gm^
Inc , bus<
electnc
^^^^^^^ ^^^^^^^^
the loop district of the
^
^
•
very large extent from
Janways'op'r'ue and
2405.
business section.— V. 113, p.
Transit Situation.
Ry.
U"i'^'-»^
TJfitroit
J
UetrOlt United
administration to be
j^g ^.j
Mayor ("'•;',, .ni.nVlt/al ion of all transit facilities In addition t^
one of '""'P
of D U
i/v""3cn?Vines and the contemplated purchase
Vr' <>I^-Y«"cxu^^^^^^^
construct i<)n of
nn.nicipal activities to include bus
urban
"',,'•
R
forms of rapid transit which may be later
'•"';^^'.''\'".,.,V'^i
as^
—
'.s
andjitm^ynn
es,l^^^
1
PMe^-aU^ Rv'"o b.^lVau
eil'vated Aionorail line -^V'. 113. p. 2818, 2719
Southwestern Co.— Acqui.sition Approved.—
&
°'„"Y"j_i„,, dpc 24 (1) authorized the acquisition by the-
El Paso
* %S"
The L-S,C. Com >'s.sio^^
cotUrol of he Arizon.a
company
stocK,v^;B
JB.1
"J of its capita
by purchase
xceex^
western Co to is«.e not to t
tAVOMarsro^iu
ture 111 not more than
Mexico Ry (V. 107, p. 1836)
.,,„^oHty to the El Paso & South„„tps to ma-
1
m
wel
turn th
Thu^f^^^tJ^ ^^'e^'jii'^vSh power and
four other States as
will be abiet» step
^q^ be enab ed t
^^
States, the company
113. I
it should be needed.-V.
m
ei^t^TefSto Wn^^
Wn^^eT
central
i^esiaeut
^^-%if\f^^^l^lJ,''h''%
10 Mouthy
'"lUinois
Earnings for
Markham,
Results
to
'
""L^?
Jan. 2, says in ^.^bstance
Oct
3L--Durmg
Svstem performed
^.^^^^^
thefjrs
10,286.296,82
.qy ^jg net ton miles
a freight service^ cqunaient
1
mu.-nrs^
assivsss
m Sit s2il s'i^l
»
lu
ypas,senger miles in the
earnings
9 .526.161
business is rellectcQ in uie kiv
decrease
This
we had
isG.
For
-^ tl
which w;
a gro^Vf'\°
of 192i
months
corrcsponaii.b p
first
income of the corresponding
«« (U 074 less than the gross in our t^LP'^l'diture. «c cndca
..^
^
*"t1 ro gh drastic reductions
leavu
period,
months of
lO^iJionths'
sfoclVfortL
of 1921
'-
^
l^^Vo'iv\Vdh'dend "on
Xla'i:^'^ $1.396,5^r^'i^proveme,Us
we
lor
spent a total of *16.^S4,809
spent
in
our^r^^^
'
„i
J^jI,
of t quipnu
the repair and ma"i>enance
road«.0 on
for porinaiient
I'^r
m«
in
improvements to
Tlio tona ne V
">ainlena-u;e
^'?ir503.«47.'^'iich"4
Number
of
to
ve>^tn^^^
^^
Seb,iJow|d
t:mpto,,ees—Wc ''"''^'l
made m
bv
^
^j,,, ^e:
total of $6,614.
^^ ^^^ employees, b
g^eat decline^in bu
1
^j,,^,,^, time there
tbe
ssar> ^.v^t^^,,
e .\sarv
c.
When
it
became
which S2.^'0.( 0" outstanQinfr
,
,
^SStS'^u;.?'X;i;;!^^^c.$^^||^
Investment Co.
Ltd.. through tho AVesU>rn
.^^^^j
a net return equivai^.-^-ip11 a.
kiioN
^^^^"^^^o^^^^^^^^S^^i^^ i!:?:fpia^!^f^'^
^^^^^ ^^^^^,^ ^^ ^^ deUvered
proceeds used in part payment
directly at par or t^o be sola Y,,?,,,,tsanding stock and bonds of the Arizona
of the purchase price of all of t^^^
by the El Paso & Southof 'the .Xrizona & New Mexico Ry.
railroad
m°e
of
c^ontit'l
^e?t';rn^Ru"of
N§^ri^nac^np..ha.a
''
expenditur
^^ exceeded tl
^^^^^„ „„ i„,.estme
^^^^^_^^
.
.
n
the drastic reductions to f^J^e
48.649 "' t<^^["',"-'ees
less cut the number
h
^nd a
.
^,
33
of
^^
New
^^p outstanding stock
copper Co..
jerscj.
JS^gtir^ouS^S'^^-^'-^-^^Jjcr^r
the owners.
--
j.
compensation
—
THE
Jan. 7 1922.]
CllllONlCLE
liitlcir jjui'l of the year
'Pile iaiprovciiuinl. in iwl o.-irniiiKs (Im'iiiK tlici
been slow, and in many inslaru-ns il lias Ix^dii brought abunt only at
sacrifico of badly-ncidod niainloiian<« cxix^ndiluros
A demand for nulncod rail^^a^ rales, in l\w facci of th(' failure of
railroads as a whole to earn a iiel relurii sufficient to their needs, also
has
Minneapolis
Iho
was
—
—
Authorized. —
of these soeurititis e.xpires to-day (.Jan. 7).
—
The bankers call special attention to the fact that certificates of deposit
for the following four issues must be stamped as assenting to the plan.
Holders of such certificates .should immedi<itel.v present them to the proper
trust company, if they have nolr already done so.
bonds, (Central Union Trust
(1) Missouri Kan.sas & Texas 2d Mtge.
Co. of
York certificates.
Texas
bonds,
Missouri
Kansas
1st
Ext.
United States Mortgage
(2)
Trust Co. certificates.
East. 1st M. .5% bonds. Columbia Trust Co. certificates.
(3) Mo. Kan.
(4) Missouri Kansas & Texas Ry. of Texas 1st Mtge. .5% bonds. Empire
Trust Co. certificates.
Compare plan in V. 113, p. 2311, 210.5, 2505, 2614.
Tho I -S C. Commission Dec 28 issiu^d a certificate authorizing the
<'Oinpanv to construct an e.\ten.sion of its line of railroad in Madison and
The company owns and operates a belt line extendSt C'laif Counties, 111
It also operates from LeClair lo
1.5 nules
ing from Alton to r.iClair, 111
Formo.sa Junction, III 6 miles, over the tracks of the St Louis & Illinois
The
which are leased to the St. Louis Troy & Eastern Kit
Rett Rll
company now proposes to extend its line from LeClair to and throuarh ForV. 107, p 1003
niosc Junction lo O'Fallon, 111 approximately 14 miles
New
,
&
,
.
—
,
—
Interoceanic Railway of Mexico, Ltd. Stockholders
Protest Against Treatment Received From Mexican Government
May
expired on
Years
Still
Interurban Ry.
The company
&
Terminal Co.
the Ohio
To Alinndon Road.
—
f^ommlNsion for jxirmlHslon
to abandon Its two lines, one running from Cincinnati lo Lebanon. 33 miles,
and Iheotherfrom Cincinnati to New Klfthmond. 22 miles
V. 107. p 1 101
h;iH ixitltloned
I'
II
—
&
Kansas City Mexico
Thi' l.ondfdi coiiiinll
result r)f the
Orient RR.
Scheme
Off.
—
•
'
1» li>«
—
Kentucky Traction
'
'".',
r
rroMi .5
anfi
^""P'lny on Dec
I,
reiits to
3
2',
I
&
last
Terminal Co.
reduced
all c.ish
cents per mile
fares
on
.See
Light Co.
American Cities Co. aliove.
Little
S.M-
&
Rock Railway
American ClrUvs
&
tickets
p. 231
I
Plan.—
V. 113, p. 292.
V.
llni's
— V.Hchool
113,
Electric Co. —Plan.
C,,. alK.ve.-
suburban
All sfieclal car raKut.
commutation ratos were also red iiwd proportlonalely.
Knoxville Railway
ll,s
Kra Ilk
p
—
113, p. 71.
\r,7-\.
Memphis
Street Railway.
See American OitlcH Co. alxivo.
— V.
Boston "News Bureau"
is
—
New York
,
Philadelphia
—
&
Norfolk RR.
Plan.
113. p. 210.5.
Mexican Southern Ry.— Protest lo MvTicnnCinxrnment.
Sec Interoccanii- Ry. of Mexico above.— V. 111. p. 8»«.
— Guaranteed
&
Co., CasStock Trust Certificates Sold.
Graham, I'arsons
Co.
satt
Co., Brown Bros.
Co. and Edward B. Smith
have sold at 79.7.5 and int., yielding 5.45%, $4,000,000
Stock Trust Certificates, guaranteed as to principal and interest by endorsement by the Pennsylvania RR.
Dated June 30 1908. due Jime 1 1948. Interest payable J. & D. Denom. $1,000 (c*). Company assumes 2% Federal income tax. Fidelity
Trust Co., Phila.. trustee. Free of Penna. personal property tax. Total
&
&
&
4%
authorized issue, .$7,500,000; outstanding, $7,478,250.
Obligation.
The i>ermsylvania RR. in 1908 entered into an agreement
with the Fidelity Trust Co., Phila., to issue these certificates in exchange
for practically all of the capital stock of the Now York Philadelphia &
Norfolk RR. Subject to approval by the I.-S. C. Commission, the Pennsylvania RR. proposes to lease the property for 999 years at a rental sufficient to pay all expenses, including fixed charges, taxes and dividends at
the rate of 12% per annum on the capital stock.
Semrity^ Secured by tho unconditional endorsed guarantee of the Pennsylvania RR. and by the deposit of 49,855 shares of a total issue of .50,000
shares of the New York Philadelphia & Norfolk RR. capital stock, valued
for the purpose of the agreement at .S150 per share, the remaining shares being held by the Penn.sylvania RR. through a .subsidiary.
Property.
The road consists of 122 miles from Delmar, Del., to Capo
Charles. Va., with branches, and 36 miles of water lines between Cape
<:!harles and Norfolk, Va.. affording tho Pennsylvania system the shortest
and mast direct route from Norfolk and Old Point Comfort, Va., and
Southern connections, to Philadelpliia and New York.
Earnings and Dividends. Without taking into consideration Federal
compensation in 1918. 1919 and a portion of 1920, earnings of the company
have averaged more than 1H'A% on its capital stock for tho seven years
1914 to 1920, both inclusive.
Including the standard return which the
company actually receive<l, the average amount earned over this seven-year
Since 1905 dividends
pcTlod was in excess of 27'^% on tho capital .stock.
of not less than 10% have bi-ne paid on this stock, and since 1908, when tho
Penn.sylvanla RR. acquired control of this property, 12% has been paid
without interruption. V. 113, j). 849.
—
—
—
—
—
—
—
Norfolk Southern RR. Abandons Sub. Company.
The I -H. C Commission Dec 20 1921 granted this company, lessee.
located in Moore
I)ermi.s.slon to abandon the Carthage & Pinehurst RR
County, N. C. The Carthage & I'inetiurst was built in 1907 by A. K.
,
head of a large lumber concurn which owned valuable tracts of timber
ill \loore County
It <^xteiids from Pinehurst to C.irlhage, 12 226 miUis.
On Oct 23 1909 the railroad, franchises and other iiropcrly of the (^irthago
iV I'liK^hurst were lea.s(!d to th(; Ab(Tde<Mi it Ashcboro RR
for 5 years from
(^ct 1 1907
It has since biMiii operalc^d by the latt.T comi)any and its suca^Ksor, the Norfolk SoutlUTii RR
Th(? only dc^bt resting In whole or in
part upon the line is in the form of $37,500 1st Mtge. 6% bonds of tho
V. 113,
Carthago & Pinehurst RR which will mature on Juno 1 1922
p 2721. I0.5'l
P;igo,
—
,
The
& Salamanca
Ry.
Officers.
V
.
t^iiigley;
|)
Hoc
& Treas L
,
—
Now York
officers of this eoinp.iiiy, successor to (he Western
sylvania Traction iUt , tire ;is' follows:
Pros i), N. Mn.son:
2406
Pacific Electric Ry.
— New Officer and
VIco-ProHldent
V
I
13,
—
Penn-
— V. 113,
Director. --
p 2()H0, IKKS
Pennsylvania Rb,\\to&A.~- Official
Sc
-PrOH., J. P.
W. Osborne; Gen Mgr., H. H. Whoolor.
Statement.
and 2nd
—
riiiploy«!H and
lake nleamiro
(.Ulcers of till! Mvslciii. s;iys "On the
liresliold of 1922.
III ixIcikIIiik
perHonargreelliiKM unci good wishes lo every officer iiikI
li.ive Just p.issed
"inplove of Ihe rennsvlvaiila Uallroiid .MyHleiii
lis MTy dirnciililcs li.ive brrnighl lis
llir-iiigli an exireiriely dlfflciill year
• loser
logelher In liiiproved worliliig relallniis iiid In sluiwlrii; 111" |>iibllc
ffh-lency, courtesy
Ih.il II long Hiei) li:is becii l.iKeii In ri-storliig llie old II
iiiid ecoiioiiiv for which our railroad lias bi'cii noted
be
KiilheniU
from the
".Home Idea of Jiisl hf.w dlfficnli li h.iH been iimy
ficl thill during IIh' \eir »i' h.ive li.id lo ri'diiic mir miilnlenaiici< and
-.pir.illiig exiM-nses bv' ovi-r $1 70.00'»,(IOO. ns cc.iip.ir.Ml with Ihe prcvhiiis
vc-.ir; and even Iheii ihe net li-nome eiirned on llif properly Investment of
our rillroarl w;ih bi4ow (lie liilen-Hl ra(e piild on siivliigs liaiiU depoMlls.
"I earnoHlly hope Ihat the roiiilltloiiH under wliUh we will work togctlher
during the enmliig year may be su'-li aH lo afffird ninploymenl. (<i a much
larger number of men and perform our public Mcrvlcn to Ihe ever-lncreaNlng
I'icsldeiil
H.iminl
lli:i
Irj
III,
,\<-w
.irs
>
grivl
IriK
In
.ill
I
I
()l,llunri/.
I', lis worth
llaff. .Secretary and A.SKlslanl TrejiHiirer. died .Ian. 2.
II.!.
— The
"The New Haven
my
LoHR Island RR.
— V.
— V. 113, p. 2819.
Kraiik Karr, foriniTiv i;hlef counsel, niw boon elecUid a director
Faren Reduced.
Any
—
.Ian. 2 says:
quietly .sounding out the European holders of its
69.762.500 franc bonds to see if they will be willing to accept a 3 to 5-year
extension of the loan which matures April 1 next. It is fully expected that
a rate of interest of not less than 6% against the present rate of 4% will
have to be offered.
"No formal pi'oposition has yet been made to these holders, but the
Now Haven finance committee has been working along these lines with the
It is f(>lt that if the French
idea of obtaining an expression of sentiment.
holders agree to the extension it will not bo such a difficult matter to get
the holders of .114,118,529 par value of dollar bonds held in the United
States, a part of the same issue, to co-operate in like fashion.
"At par of exchange, .ItO.lOSO for the franc, face value of the franc bonds
There is. therefore, a slightly smaller par amoimt of franc
is $13,464,162.
bonds than of dollar bonds outstanding. With the franc at about 8 cents,
as at present, the value of the franc Ixinds is approximately 85.581.000.
Holders, however, have the option of calling for payment in pounds sterling,
which is more favorable to them than the franc exchange.
"It is felt that the French bondholders will appreciate the fact that
nothing would be gained through placing the road in an embarra.ssing
Three to five years
position by insistin.g upon cash payment at this time.
hence it is quite likely that exchange will be more in their favor. They
would also be given an attracti^'e interest rate in tho interim. Improvem.ent in New Haven's operating results and earnings is also coimted upon
to carry some weight."
V. 113, p. 2819, 2721.
Loan-.
Olean Bradford
of noKlinldi is ,uid buiidhold'Ts have annouiK'cd
U H (iovernriieni nncwing (he loan of $2..')0'),tl00
'ompaiiy. it h.-m be<!n d<-cidcd lo wllli<lr;iw (he nrewmt ri-slricled
of ;».'}, ':00,t)0(), ami siibscripllons ncclvcd In re.ipect then'for ariroiurned
V. 113. p 2720, 2*114
lei'
—
New York New Haven & Hartford RR. — European
We
,-i
5%
See American Cities Co. above.
state that in the case of the National Lines there is a far greater mileage
and a much greater destruction. He says: "To have turned the.se lines
backed in their wrecked condition would have given groimd for bitter
disputes as to damages. No matter what settlement would have been made,
satisfaction could not have been given, either to owners or to the Mexican
Government. As a consequence, we have been devoting every cent of
revenue to reconstruction, vigorously attempting to restore the railroads
Even more, in the last few months, the Govto their normal condition.
ernment has taken five million pesos out of its own funds for investment in
are now close to the day when the National Lines will
rolling stock.
be handed hack to their owners, and in such shape, as to make damage
hold<:rs of Debenture and (;paital stocks in tlie
M(!xif!o CAcapuIco U> Vera Cruz), Ltd., a IJrili.sh
undertaking imorporaled under the ('ompanles Acts of Great Uritain and
the bulk of whose DfrlMjnture stocks and c^-iplUil is held by IJritish subj(K-ts,
d6eH most indignanily "nd iinphatically protest again.st the arbitrary action
of the Mexican (jov<Tnment in retaining the railways for upwards of seven
years and in not returning them u> their rightful owners, while neither
paying over the; romiiensalion due lo the Company, as laid down by the
liallway Law of M<rxi(;o, nor even remitting tho. n<!l (•jirnings of the Coiiu
pany's llne.s, and requests the Chairman of this m<r<'ling to forward
coiiv
of this Res'ilutlon lo the I'rcsldenI of the Itepublic of M<!Xico and the
memlxjrs of the fiovernment of that country."- V. 113, p. 2t»i.'i.
—
New Orleans Railway & Light Co. Excluded from
Future Plan of American Cities Co. Committee.
29 1922.
adoptfid:
That this me»!fing of
Interoceanic Railway of
Listed.
—
,
Other speakers having eharacteriztid the action of the
Me.xican Government in the premises in emphatic terms as
robbery, &c., the following resolution was unanimously
—
bonds, due
issue of .'$1,750,000 additional 1st & Ref Mtge.
Jnlv 1 1941 (see offering in V. 113, p. 2313. 2405), has been listed on the
Montreal Stock Exchange. V. 113. p. 2014.
You may have seen in the newspapers a manifesto issued by President
Obregon in .June last, that Mexico will meet all its just obligations. I give
the Mexican Government credit for good intentions as regards the future,
but I cannot admit that they are at present dealing fairly with us.
President Obregon. in his manifesto, after lauding the country and the
Government on returning the Mexican Railway to its owners, goes on to
time the Government commandeered them.
What this will amount to it is
quite ImiKjssible for me to say, but it will probably run into large figures.
Unless the Government of Mexico makes a settlement with us within the
next five or six months, we shall once again have to ask for an extension
of the moratorium.
&
Montreal Tramways Co.
—
claims fairly simple of ascertainment and adjustment."
But what is five million pesos applied to purheasing rolling stock in an
undertaking of this magnitude?
It would be just as reasonable for a tenant to WTite to his landlord at
quarter day and say: "I am not sending you a check for the quarter's
rent, as my children have done so much damage to the nursery that I am
using the rent to carry out the necessary repairs." I am sure that no
landlord would allow that such an argument is sound.
In making these remarks I am assuming that President Obregon is looking
on our railway and its leased lines as part of the National Railways Co.
system. They are, and they are not. The National Railways Co. acted
as Alanagcrs to our lines up to the time in 1914 when the Government
took them over, Genearl Carranza being then President, but the agreement
with the National Railways Co. is a management agreement only, and is
terminable at short notice. We have no wish to break away from the
National Railways Co., but their position is different from ours in many
respects, although both they and we are deprived of our lines which were
built almost entirely with foreign capital for the development of the country,
and in reliance that such capital would receive fair and just treatment.
We sincerely hope, however, that the President will keep the promi.se
which he made in June last, when he said: "We are now close to the day
when the lines will be handed back to their owners." We shall continue
to do all we can to press our views on the Mexican Government.
Our liability for interest, rentals and other charges amoiuited at June 30
last to £1,917,000 (this including debenture interest and for guaranteed
rental on the Mexican Southern and Mexican Eastern lines, etc) and by
May 29 next there will be something like another £300,000 to add to that
figure.
Against this we have our claim upon the Mexican Government,
under the Railway Law of Mexico, for loss of earnings, amounting to a
considerably larger sum; to which is to l)e added the cost of reinstating the
lines and their equipment to the condition in which they existed at the
4%
5%
&
The
Retains Possession, Paying No
At the 34th ordinary
Rental,' Not Even Interest on Debt.
general meeting, held in London on Nov. 15 1921, W. San:
ford Poole, Esq. (the Chairman), who presided, said in partFor the last seven years we have had monotonously to recite the fact that
our railways were still in the hands of the Mexican Government, and that
no accotmts or remittances had Iseen received. On four occasions, in consequence of this state of affairs, we have been obliged to a.^k our debenture
stockholders and the o^vners of our leased lines to grant a moratorium in
respect of the payment of interest and rentals. The present moratorium
ichich after Seven
—
Missouri Kansas & Texas Ry. Deposits. J. & W.
(^o. and Ilallgarten & (^o., reorganization manag(!rs, announce tliat heavy de()osits have been made to
date of all the different Lssues of M. K. «fc T. securitit^s called
The time for tlus deposit
for under the reorganization plan.
Final Settlement with United States Government.
See under U. S. Kailroad Administration below. V. 113, p. 2818.
— Extentiion
'.-^
SeHgman &
'
Terminal RR.
Sault Ste. Marie Ry. —Bonds.
'
(he
I
Illinois
&
Paul
St.
Dillon, R( ad & Co. inlcrim recf^jits for 1()-V(^ar (i i
Coll. Trust gold
boiuls may now b(^ exchanged for definitive bonds at the iiankers Trust Co.,
(See offering of bonds in V. 113 ,p. 1156.)
11 Wall St., New York (Uty.
V. 113, p. 2721.
ros(ri(iive in the uncertainty it creat(<d
.,
j i.
Oiidoiik —In spite of these iufluenees, however, tho railroads have given
We should not bo discouraged by tho present
adeiiuate service at all times
situa ion, unfavorable as some of its aspects may be
[The •esults on the entire system, including Yazoo & Miss Valley, 1 ,.JH1
months ending Nov 30 w<'ro given in last week s Kanimiles for tho
ings bept " p 2813; and for the 10 months in our Dec. "Karmngs Section," the Illinois Central i>roi)er on page 7 and the Vaaoo road on page 13 1
U
79
We
THE CHKONICLE
80
satisfaction of the public,
selves."
and
to the ever-growing gratification of our-
Offering of $4,000,000 New York Phila. & Norfolk RR.
Guaranteed Stock Trust Certificates
Equipment Orders.
See that company above.
See "Steel & Iron" under "Industrial Summary" below. V. 113. p. 2721.
—
—
—
Pennsylvania-Ohio Power
&
Co.— Pref.
Light
Stock
W. C. Laugley
Co. are offering at par and div.
Offered.
d.)
an additional block of S750,000
Cumul. Pref. (a.
—
stock (par
&
&
8%
.1;i00).
Red. all or part on any div. date upon 30 days' written notice at 1 1 5 and
Divs payable Q -F. No Pref stock can be issued having priority
Addilional Pref stock, other than an amount equal to
over this issue
bonds or notes retired by sinking fund, can only be issued when annual
net earnings available for Pref divs. have been at least 214 times the
annual dividend requirements on the Preferred stock outstanding and to
be issued.
Data from Letter of President R. P. Stevens Dec. 2 1921.
Capitalization OiUsttnuling Upon Complclion of Present Financing
Underlying divisional ,5% br)nds (closed mortgages)
$1. 939. 010
S F. bonds 1940 (V. Ill, p 1753)
13,000,000
1st & Kef
10-Year 8% Bond Secured S. F. Notes 1930 (V. Ill, p. 1950;
x2.930.000
V. 1 13, p 2406)
--2,550.000
Preferred stock, 8% Cumulative.
Common stock
6,000,000
div.s.
M 7H%
Company has issued .$3,610,000 Gen. Mtge. bonds and
and Ket Mtge bonds, which have been pledged as collateral
X
— I'roceeds of
for expenditures
new financing
$706,800 1st
to the notes.
be used to reimburse the
made on account of additions: improvements
company
and betterments, including the balance of the cost of installation of an
additional 20,(X)0 h p generating unit in the Lowollville power house
extensions to distribution system and additional facilities required to care
Purpose
for
this
will
new business
[Vol. 114.
upon
this company's bond interest Is inevitable, even if the interest forbearance of the past three years were again extended on Jan. 1 1922 it will
not consent to withhold ts interest coupons. But even if this were done it Is
clear that the company could not discharge the remaining interest payment
after satisfying current ojierating expenses, and retaining even a minimum
i
sum
for workiuii capital.
;
Rock Island Southern RR.
—
i
—
Co. — Reorg.
—
Plan. —
Philadelphia & Easton Electric Ry. Reorganized.
See Philadelphia & Easton Tran.sit Co. below. — V. 112, p. 2643.
Philadelphia
«fe
Easton Transit
St.
Louis-San Francisco Ry.
'
Common
Bonds. Pref. Stock.
Stuck.
Authorized
$500,000 $300,000 $300,000
(Parvalue
($50)
($50)
Distributed among 1st Mtge. bondholders
of Phila. & Easton p:iec. Ky
364,400
273 300
273 .300
Each $100 bond received
40%
30%
30%
Jiemaming in treasury of reorganized CO
135,600
26,700
26,700
The bonds will bear interest at 5%, free of Penn.sylvania State tax without deduction for Federal income taxes, deductible at the source not in
Dated Aug. 1 1921, due Oct. 1 1940, but subject to redempexcess of 2%.
Int. payable A. & O. at Northern Trust
tion at par at any interest period.
Oenom. $100, .?500 and $1,000 (c*)
&. Savings Co., trustee.
The Preferred stock will be 6% (if earned, or so much thereof as may be
earned), iion-cumulaiiTe, without voting i)owcr, .subject to redemption at
any time. The Common stock will have exclusive voting power
It is
recommended the Common stock be placed in a voting trust (or five years
The proceeds wf the shares of slock and bonds in the treasury of the reorganized company, if .sold or pledged as collateral, shall be u.sed only for
improvenicnts, bettemienls, extensions of the railway, reduction of grades
elimination of curves, and purcha.se of cars and equipment.
The officers are: A. 11. Sicklcr, Pros. & Gen. Mgr.; W. S Chambers
fcec; John C. Swartley, V.-Pres.; Godfrey Schmidheiser, Treasurer.
Philadelphia Rapid Transit Co.
See Union Traction
Co
— V.
113, p. 2505.
— Reasons for Passing Jan.
Committee Formed. —
Rio Grande Southern RE.
—
'
— Union Traction Div.—
of I'liiladolphia boloAv.
1
Protective
President T. H. Marshall in notifying the holders of S-l 509 000 4'"
1st Mtge. bonds that the interest payable .Ian. 1 1922 would not "be Dud*^
submitted the following facts to justify the action of the directors in takiii''
°
such action:
Former Inttresl Payments. For many years income has been insufficient
to meet the interest upon all outstanding bonds.
Since and incl Jan
1919. company has been enabled to pay int. upon bonds' other thaii "ihose
formerly owned by Denver & Rio tirande RR. (the Old Denver comninv)
and in the hands of its receiver, and which aggregated .$1,777 000 bv the
withbokling from pres<nUation of the maturin;; <'()ui)oiis on such bonds
owned by tbe old Denver company by authority of the Court
The seini.mnual interest rejjresented by coupons so withhold beiu" $35 540 the
anuiunt which the company has hccn required to provide''on each .semiannual due date has been $5.1. ()40. and on occasions it was nocessirv to
obtain by loans moneys re(iuired even for that jnirpo.se.
Interest Loaned by lV(;.s(crii l'acijic.—T\w requirements for interest
Julu
maturing .luly 1 1(»21 were loaned by the Westorn Pacific RR Corn (the
Western Pacific Holding Co.) and have not been repaid.
Estiimncd Deficit for 1921
Cash Posilioii and Requirements
The net income deficit of the company for the ]() months of (lie
current year ending t)ct. 31 1921 (latest final figures availible)
and excluding interest either p;iiii or accrucil upon the bonds v>as S75 11''
The estimated defii'it. comimloil on ilie same basis for 11 mouths
ending Nov. 30 1921. should be aj)proxiniately
7<5 350
At the close of busines.s on Dec. 24 1921 compan.v had cash on hand' 62'41.')
Its estimated cash as of Dec. 31 1921 is approxunated at
"
But of this, there will be then duo and unpaid traffic balaiicosand 75;24i
material vouchers and obligations contracted since July 21 19'1
practically all chargeable to operating expenses, approximately. J 45.000
Leaving est. cash on hand, aft«r providing for these obligations
i^SO 241
As against interest due Jan. 1 1922 on all outstanding bonds
Or upon lionds with re.'-pcci to which inlerast has been paid during 90 181)
the past thriH^ years, as above expl.tined
"54 6 10
'_'
There is required for cun-ent worUinn fund at least
II
25000
In order to malnuiin the railroad in condition reasonably'required
for
operation, the cojiipaiiy has been obliircd to evpend consklerable
stuns
during the piist year, and it is evident that fiuther expenditures
will be roquired this year if the road is properly to perform its public duties
\Ustcni rneiiic Holding Co.— This company is advised that the
Western
Pac fic Holding (.0. now owns the stock and bonds of this coxupanv fonnerlv
held by the old Denver company, and that believing that an early
default
Interest
—
•
I
1
'
— Bonds
—
I
Authorized.
—
The 1 -S C Commission Dec 23 1921 authorized the companv to issue
$2,122,000 Prior Lien 6% Mtge bonds, series C; -said bonds. or"any part
thereof, to be pledged and repledged. from time to ti'ne, until otherwise
ordered, as collateral security for any note or notes which may b:; I.ssued
without authorization of the Commission having first been obtained.
—V. 113, p. 1888.
Steinway Ry.,
L. I. City.
.Jan. I Interest Advanced by
Committee of ichich Harold B. Thome is Chairman Second
Protective Committee Formed.
The default of the int. on Jan 1 on the SI, .500.000 6% 1st Mtge bonds
has b.-ei c.>rrec'ed. the members of the protective committee, of which
—
^
—
H. R. Thorne, C:hairman, having sub«<iil)rd the 545 000 recessary to meet
the int. due on that date. The committee made the following announcement:
" At the re<|uo.st of snme of the lijlders of hesc b r ds, th ommittee has
"lade arrangements with the depository of th" committee, ihe Metropolitan
Trust Co Now Vork, t advance to its depositors, under the terms of the
deposit agnerricnt dat«d Dec. 28 1921 the amount of ihe coupon upon
the b )n(ls due Jan I 1922, and on which default has b !eii made
Any
depositor vlth this committee ma.v imncdiai^ely avail hiTis.3lf of such
irraiigcnient up'-n request and receive adva !ce of cash for such coupon."
The ;dore K Stci/iway, of S'einway <'t Sons, 104 Kist Mth St has been
added to the committee, now compiled oi Harold B Thnrno, Chairman;
Frark C'^ene 1, William Carnegie Ewe 1, He iry
Flvit a 'd Mr .Steinway.
The fo!lo'.> ii'.; protective committee has also b'"en fora;cd and has
reonej'rd holders to deposit their bonds with Cei'tral Unlo'i "Trust Co
deposit r.v: George
Davison, Chiirman; Walter E. Frew. Ro.swell
Eldridge, with C! E. Sigler. Sec, 80 Broadway, N. Y. City, .and Larkin.
Rathbone & Perry, Counsel
V 113. p. 2819.
>
,
N
.
—
—
M. Non-Cumul.
Owners.
to
W
This company was .ncorporated July 30 1921 in Pennsylvania and succeeded to the preperty. franchises. &c.. of the Philadelphia & Ea.ston
Electric Ry. (running between Doyleston and Kaston. Pa., 35 miles.),
foreclo.sed in June 1921 (V. 112, p. 2643). and purchased by the members
of the bondholders' committee of the Philadelphia & Easton Electric Ry
1st Mtge. bonds dated Sept. 2 1907.
The bondholders' (^ommittce adopted a plan of reorganization which is
outlined in substance below.
The protective committee for the Phila. & Easton Elec. Ry. 1st Mtge
5s consisted of MMhiam Pearson, Chairman, Harrisburg, Pa.; L. B. Hillard
Wilkes-Harre. Pa.; A. V. Patterson. Philadelphia. Pa.; Henry G. Rush
Lancaster, Pa., with John E. Snyder, counsel, Lancaster, Pa. The depositary was Northern Trust & Savings Co., I^ncaster, Pa.
The outstanding 1st Mtge. bonds of the PhilSecurities of Old Company.
adelphia & Easton Kloc. Ry. amounted to .5911,000 (auth. .SI 000 000)
consisted
stock
of $3.53.800 5% non-cum. Preferred and
outstanding
The
$258,800 common, which is without value and no consideration is given to
it in the plan of reorganization.
.Axithorized Issues of New Company, Distribution and Apportionment Thereof
and Treasury Bends and Stocks under the Plan of Reorganization.
1st
— Relurnrd
A ivront dispatch from Peoria state<l 'hat after 22 months' litigation the
U.S. District Court at Peoria on Pec. 23 ordered that the road he returned
to Its owners.
The road went into receivership March 1920. It is understood that the name of the road has l>een changed to fi^lesburg & Western
UK. The property was Ixmght at fore<:losure sale in 1919 l)v W. S. Mammons, Portland, Me., representing the bondholders. See V. !0.p.l643, 872.
,
Earnings of the Properties Owned or Controlled Years Ended.
Oct 31 '21
Dec 31 '20 Dec 31 '10.
Gro.ss income
$4,392,723 $4,901,034 $3,880,888
Net inc. after oper. oxp ,taxes&maint 2,063,582
1,681,671
1,974,914
Annual int charges on funded debt-. 1,306,350
Balance available for divs & dep. res
757,232
..
The 1' U. (Commission of Ohio has authorized the issuAutliorization
ance of this Preferred stock. Compare V. 113. p. 2406.
Dw
4%
Prnfecfire Cnmmiffee for Fir';' M'op.
Bnvds.
1940.
Arthur Coppell, Chairman, of Maitland, Conpell & Co Frederick J
Lisman, of F. J. Li.sman & Co.; and Theo. G. Smith. Vice-President v^
Central
uu «
Union Trust Co.— V. 113, p. 2819.
—
&
—
Western RR. Petition Fails.
C. Commission Dec. 28 di.smissed the comrmny s application
for the proposed acquisition and operation of a line of railroad in Perry
Counl-y, Pa., on the ground that the application was not within the scope
The company soueht to acnuire and oi>erate a line
of the Commission.
of narrow-gauge railroad belonging to certain individuals and extending
from its main line at Bloomfield let. to Blain, P,a., 17 miles. The line in
question was constructed in 1802 and was operated b.v the Newport & Sherman Valley RR. (V. 112, p. 1741) up to Mar. 31 1920. when it was sold in
foreclostirc proceedings to representatives of the bondholders.
From and
after .April 20 1920 the property was operated by the company and i.s .still
so operated under a so-called license from the purchasers, one of whom is
the President nf the company.
The company desired to t.oke over and reconstruct the line as a standardF^usquehanna River
The
I.-S.
The line was in operit a part of its own s.v.stem.
prior to May 28 1920. and such operation has ,at no
time been ahaondoned. tinder the.se circumstances it is the opinion that
the propo.sed acquisition and continued operation do not fall within the
authority of the I.-S. C. Commission.— V. 77, p. 951.
g.T.uge railroad
ation
and make
by the company
Uni'^n Traction Co., Phila.
—
Se^ni- Annual Dividend.
—
following notice to stockholders, which was enclosed with the semiannual dividend checks, reads:
".\ deduction of 10 cents per share from the ctistomary $1 ,50 half-yearly
dividend is made necessary by reason of the fact that this company was
obliged to employ counsel to defend the attack of the United Businass
Men's Association upon your company's rentals before the P. S. Comtnission
of Penn.sylvania and to pro.secute this company's appeal to the Superior
f'ourt of Pennsylvania, as well as to represent this comp,any before the
Supreme Court "of Pennsylvania in the matter of appeals of the City of
Philadelphia, the P. S. Commission of Pennsylvania, the United Business
Men's Association of Phila &c.
"As the stockholders aiready know, this litigation established the fact
that the complaint made before the P. S. Commussion of Pennsylvania
against the rentals paid this company was one which the Commission could
not entertain.
"Accordingly, the complaint was di.smi.s.sed and the litieation which had
been instituted in .April 1920 has been brought to a conclusion very favorThe legal work in conneclion with this litigation
able to this company.
has occupied a period of about two years. This deduction enables payment
in full to be made of all counsel fees, court costs and exjien.ses connected
with the said litigation." V. 113, p. 2506.
The
,
—
—
—
Final
U. y!. Railroad Administva'-^'on.
The U. S. Railroad Adininistraiion announces that
Seftlrtncnts.
final settlement of
all claims growing out of the 26 months of Federal control has been made with
the following roads:
Yazoo & Mississippi Valley, $5,075,000; Ocean Steamship Co. of Savannah »2. 275.000; Cential of Georgia Ry., $1 ,000,000; Colorado & Southern $1 775.000; Ft. Worth & Denver City. $72o,000; Peoria & Pekin Union
R135 000; Union Depot Co. of Columbus, O., S'20.000; Kentwood
(ty
(Jreensburg .t South Weslcn, $17,000; San Jonquin & Eastern RR.. $10.000- Ne/. I'erce .t Idaho RR. $6,000. and the Waierville Ry.. .'53.000.
Copper Range, $130,000: Evansville & Indianapolis, $235,000: Chicago
$35,000: North Charleston Term. Co.. $20,021
Tcrre Haute & S, E
Atl n ic V- Yadkin, $r20,t)00; Yadkin, SlIo,')!)!); Loa.rd de Ky & Ind .$800.
The Railroad .Adminislration also announces that the Illinois Centra]
RR. has paid the Direct or-Ge!icra $7,750,000 as a ro.sult of the adjustmen**
V. 113, p. 2722. 2186.
of its account with the Administration.
,
—
I
Unitef^ Traction Co. of Pitt-^burph.
—
Accumulated Dies.
due July 1 1919 and Jan. 1 1920. on General Mortgage 5% bonds
on
pre.sentation
coupons
of
at Brown Brothers & Co., 59
will be paid
Wall St., N. Y. City.— V. 113, p. 2722.
Interest
—
Virpinia Ry. & Power Co. G% Slock Diridend.—
di\id! d of C, has been decl irf>d on the outslandiag 84,603
.\
shares
of ProfTred stock (pir SlOO), pii.vable in Prer-rred stoclc at p.ir, Feb 1
-A liiio distrib ition iii Preferred stock was
to hold'Ts of record Jan. 10
made on this issue in Jan. 1921. V. 13, p 2722
—
I
Washington Baltimore & Annapolis
2-Ycar
7%
Notes Called for R( deniptior
—
Electric
RR.
The entire i.ssue of 2-vear 7% Mtge. & CoUat. Trust notes, dated March 1
1921, has been called for paJ^nent March 1 at par and int. at the Fidelity
Trust Co. .Any note holder may. at his option, surrender his notes prior
to March 1 1922 and upon making such surrender will receive par and
V. 113, p. 2722.
accrued interest to the date of such presentation,
—
Grey
& Bruc^
Ry. — Bo'ds C
—
Interest.
'lied
Wellington
Fori v-eiglii (il.KOO) First Mtge. 7% bonds wore to bo paid Jan. 1 at
and LonTrunk
Ry
in
Montreal,
Can.,
int.
offices
at the
of ("irand
par an(t
don, England. There was also paid Ian. 2 out of Ihe earnings for halfThis payment was applied as follows:
year ending Dec. 31 i'3 12s. 6d.
Viz.; £3 7s. Id. in final discharge of Coupon No. 75. due Jan. 1 1908, and
account
V. 113, p. 294.
of Coupon No. 76, due July 1 1908.
10s, 5d. on
Western Pacific RR.
Co.",
1st
New
Mtge.
— Bonds
—
SoW— Equitable
York, have sold, at 100 and
Series
"B"
G%
Gold Bonds
1946 (see advertising pages).
int.,
of 1916,
Trust
$3,000,000
due March
1
—
Now
York City without (icduotioii foi- any
Interest payablo M. & S. In
Deiioni. $1,000, .$500 and
tax or taxes except the Federal income tax.
8100- c*&i-* .SI 000 and atitliorizixl nuiliipUrs thereof. Ked. on an.v int. date,
FirHt FotUiral Trust Co.,
notice.
all or part, at 'l02'<. and int. on GO days'
San Francisco, Cal', and llein-y IC. Cooper, trustee.'!.
The issuance of (lie.se hoiuls li:is licen aiil hoii/.cd by the Intor-State
Commerce Coniniiss;ioti and the Califoinia Railroad Conum.'-sion.
1st JNltge. bonds .-.re followed by .«27 ..'iOO.OOO 0% Nonstock and $-17 ,500.0(10 Common .stock, hotli clashes of which are
owned in their entirety by Wc^stcrn I'acific Kailroad Corp., which also
controls, through entire capital .>lock ownership, th(' Denver & Rio Grande
X"'// -These
I'ref.
^Purnose.— Proceeds
Equipment Trust
will be used to retire §2,700.000
Bond /ssjfc—Authorized, ,So0,000,000: Outslandincr, .$2^1 00:5 ,500 Series
"A" 5% and S3,000,0(^0 Series "B" 6"/, bonds, this issue. The 1st Mtgc. is
,
81
— "Wage reductions
the non-union fluids are continuing.
have gone tJack to the 1917
in southeastern Kentucky, operators in that field are giving evidence of an uneasy desire to
get their coal back on the im-.ikct.
"Anthr;icile iirodnction in the week before Christmas
Anlliiiiciti;.
dropped to 1,338,000 net tons, the lowest since the first week in April,
'Coal burning vveatxter
.iiid below the cornwponding weok of last y(!ar.
has, however, arrived, and although stocks in the hands of retailers are
gener;illy reported as large, the next two months are expected to record a
rcsuniTilion of anthracite demand and production at least equal to the early
fall rate."
V. S. Oe«l«glcttl Survey.
Estimates of Production, Net Tons
Anthracite Coal
nunminoits Coitl
tteehlve
Coke
Week
I.Du-cr WiKjcs.
in the
More mines
Somerset
in
field aio rei)orled to
With the wago reductions made two weeks ago
scale.
—
—
ended—
1921.-
nee. to b..
1921.
1,703,000
1920.
12. 80 .'5. 000
7,312.000
],fl(;4,000
l,9!)S.00O
12,1.50,000
7,0f.6,000
g.O.SO.OOO
I ,.!:;S.0()0
I.t-lI.OOO
7.408,000
Cul. year. .401 ,05 1. COO 513,049.000 80.8,S7,000 87,248,000
b Revised from last rejiort.
a Subject to revision,
Dec. 24 a..
any railroad trunk line. In addition, secured l)y a first lien upon the
company's extensive and valuable terminal and other railroad facilities in
San Francisco, Oakland and elsewhere, together with certain equipment
and securities, and all property hereafter acquired v/ith proceeds of this issue.
rate of
Earnings, Calendar Years.
1920.
1919.
1018.
1917.
Gross operating revenue $9.8fi8,484x$ll .07.S,410x$l.'?.6.')7,297 $15,612, 8i;^
lfi2
3,333,
3.f)13.f-06
charges
2,245,476
3,301,715
Net after exp. &
1,202,2.54
1.036.684
1,213,248
8.58,446
Interest charges
V. 113, p. 2722.
X Under Government operation.
—
^
See "V.
S.
Mississippi Valley Ry.
— Final
Railroad Administration" above.
Settlement.
— V. 108,
—
p. 2529.
INDUSTRIAL AND MISCELLANEOUS.
1921.
1920.
1,9.S.3,00«
Dec.l7-b..
Yazoo &
.
THE CllKONICLE
.Ian. 7 11)22.]
Clim
«
.
1920.
112.000
374,000
127,000
334,000
118,000
272,000
5,405,000 20,517,000
—
Drops 15 Cents a Ton in N. Y. and N. J. Reduction due
removal of transportation tax. in N. Y. City on Jan. 4 broken and egg
were $12 85 per ton, being a 20-cent reduction; .stove and nut, $13 10, also
a 2l)-cent reduction; pea, $10 75, a reduction of 30 cents; bituminous, ,18,
Retail Coal Price
to
"Sun Jan. 4, p. 27.
a 2.5-centcut,
The Lehigh Valley Coal Mines at Mahanoy
Anthracite Mines Re.siiming.
City. Pa., have resumed operations. The Phila. & Keading Coal & Iron
Co-operations will resume to-day. Orders posted by Lehigli Coal & Nav.
Co. called for resumption yesterday after a suspension since Dec. 23.
"
—
"Phila. N.B.".Ian.4. p. 3.
Wage Cut. West Virginia Pittsburgh Coal Co., Brook County, W. Va.,
has resumed operations, the men having accepted until April 1922 a wage
"Phila. N. B." Dec. 31, p. 3.
cut said to exceed 20%.
—
Oil Prices, Production, &c.
Production and Imports.
Reduction in Price of Crude Oil. Gasoline, &c.
See "Current Events" above.
—
—
General Industrial and Public Utility News. The
table summarizes recent industrial and public
utility news of a general character, such as is commonly
treated at length on preceding pages under the caption
"Current Events and Discussions" (if not in the "Editorial
—
Prices,
Wages and Other
—
Industrial Matters.
Now
following
York on Jan. 4 the price of flour, Minn, patent, fell to
Prices.
At
•157 25. against $7 50 the low price Dec. 15 and $10 50 tlio high price for 1921
Flour prices in Minneapolis were at the lowest point in six years on .Tan. 4;
Family patents quoted at .'$6 75(3>$6 80 a barrel, when sold in 98-lb. cotton
sacks in car lots. "Times" Jan. 5, p. 27.
Department"), either concurrently or as early as practicable
after the matter becomes public.
besin to
Steel & Iron, Orders, Production, Prices, &c.
Pennsylvania RR Co. on Jan 4 placed conLarge Railroad Orders
tracts for 80,000 tons of 130-lb. open-hearth rails for 1922 delivery, as
follows:
Carnegie Steel Co., 40,000 tons: Bethlehem Steel Co 18,000 tot s;
Canbria Steel, 18,000 tons, and Lackawanna Steel Co 4,000 tons. The
price of rails was reduced last Octcber frcm .'S47 to .MO per ton.
In Dec
1920 the company ordered 200,000 tons pf rails for 1921 delivery, of which
50.000 tors are said to be still on hai:d.
The order of the Bv.rlii gton (C R. & Q ) also announced on Wednesday,
amounted to $1 5. f 00,000, comprising 500 stock cars, 1,300 refrigerators,
2,500 box. 3,000 composite coal cars and 127 cars for pa.ssenger service.
The Imperial Japanese Government on Jan. 4 placed an order for 13,000
tons of steel rails with U 8 Steel Products Co.
STEEL & IROX
••Jtod Age" of Jan 5 says in substance
(1) Outlook
"The steel trade enters upon the new year in a spirit o
qualififd hopefulness.
It expects 1922 to be better than 1921.
The fact
is emphasized that the cotintry has been swept bare of steel and that consumers, ha-\ii g used up considerably more material in 1921 than the mills
shipped them, now have the nills as their sole dependence
While c;ipacity
will continue well in excess of demand, a 60% operation at some time in
the now year is not considered too much to expect
(2) Otitpvt in 1921
"Nineteen twenty-one goes down in the records as
a 38% year in steel
Ingot production probably exceeded 19.^4 million tons,
against 40,881,000 tons in 1920.
"Steel producers have ceased to predict large railroad
(3) RR Business.
buying, but as it amounted to only about 15% of the total in 1920 and less
than that percentage in 1921 they feel safe in counting on better things
in 1922
"Chicago reports give encouragement as to car orders. About 25,000
freight cars are expected to be placed in that district early in the vear,
whereas for the whole country 1921 vi<:Ided only 20.000
The Rurlington
wUl probably close for 7,300 cars this week [see above] and the Illinois
Central will take early action on 2.200
The .Seaboard Air Line, besides
buying 25 locomotives, has placed 2,000 to 2,500 cars with the Fairfield.
Ala .plant. For the Norfolk &, Western 4,000 cars are imder negotiation.
The Union Pacific has lncrea.sed its recent inquiry for 1,500 freight cars
—
.
,
.
MARKETS—
—
—
—
to 5, .500.
"Rail buying is not on the scale of a year ago
Upwards of 400,000 tons
are under contract for 1922 and the Pennsylvania order is an early prospect
bee railroad orders noted in a preceding paragraph and N. y. Central'*
—
Inquiry under "Fabricated Steel
below Kd "Chronicle" ]
(4) Current Produclum.
"After the holiday shut-downs of the larger
steel companies operations are somewhat larger, the .Steel Corporation
—
'
running
this week at somewhat more than 45%.
For independent companies the average is pr(,b bly nearer one-third
JJlast furnace production in December was 1,649,086 tons, or ,53.196
tons per day,
da,
as con pared with 1,415,481 tons in November, or 47.183 tons
per
'^'
°*"y '"^CTease was about 6,000 tons, or 13%. Furnaces
T
acti ve on Jan
1_ 1 25, against 1 20 one month previous.
(5i I'nriH —- rig Iron sales have
been very light and no inquiries of
Importance have developed
Southern pig iron has receded another 50c.
-iO, lllrmlngbara, and malleable has been marked down 50c
in the
K).?'.?
Pittsburgh disiri't,.
"Reports of pending reductions In plaU;, shape and bar prices by a
leading producer have b«en stroi gly denied.
The 1 .,50<:. basis on the.se
products i.H that which comn'o'ily prevails on contracts made to cover
definite work, but exceptions are well marked.
(6) Fabricated Steel
fabricated Kl.eel projects. Including.some large
lnvestm<!nt enterpriseji, total close to 14,0(K) tons, and the week's awards
amount to about half ;is much
"The N y Central has put out an inquiry for its first quarter ne<;ds,
upward of 6.000 tons, including ,500 Ions of billets. 3,000 Ions of bus,
pates and shapes. 7ly() tons of nall.s and staples, 600 tons of sheets. 3.000
tires and 5,000 ear axles, with other miscellaneous Items,
such as bfjiler
tuN:s. frogs and switches.
••Indu.Hlrial building is r.-irc, but 5,000 tons has been placed at Pittsburgh
—.1,000 Ions for a «w rod and wire plant of the Wheeling steel Corporation
and 2,000 tons for new SteulM;nvlllo, O works of
ft lortsmoulh, Ohio,
•He same company "
Slrt-l \4ilh OS Ehlargrd 50% Fare Leas Than Pre
War Demand. --('av»<Uy
f">'»/'0% more than In 1914, while the yrars output was less ihah
In Tni.'i'
"'
'"
'"
""'y
«f
POfthiWe
production.
fH K.
V.
3^%
in«.?!'°;,.'"'*',.*r"""'"'<^
I'Uty).
i>ost Dec. 31. Fin, Fee. p, J.
^
1
.
—"New
r
.
Coal Production, Prices, Ac.
"' ""^ '^«"" N. v., J;.n.
5, reporlMin brief:
nfu^}''^ ^i'?^'J''^
'""'•—
Produr:! Ion of hlinirdnous coal in Ihi^ calendar
lo'..
in. ''i.*
or
1
^
In
Rrnrihll,
¥h,,v
or iV;-
now
I,
'
""
'""'*•
''"''''*
'*'*'
I
""" """' '2% below
^l^rrip.- "PurchaKes of
y''"',
}^''"'rT'',/')
""^ ''"'<''"'/
nInXJ
,rJ,i
in
"
:..vf kT'^*'
pnict (rally
^"
".or/. Tin? ,''"'">«
/v
iVl/
l'
""
non existent
In
December I9H.
bituminous coal on (he
the la';l Ihrc Mceks of 1921.
""'''" "•'''" "'"' I'xi'iliy <iulti! gen. Till for
'';"• 'lii'trtrr.
Ho low. howover, ha.-, production fall.n,
,; -fn-i^^'Iv.'"''''.'.""''''
"*
ImiulrlV^
yr;.r
»<'C"rdlng to the prelimlrarv csllm.-.i..
'"^"•'*' "nnu"! production since 191
'»
^*"'- ""•P""' '>T w'fl coal In Dec.mber was but OO'/!
'">''
'
market be
from ih.. I;,rire mine capacity
'""" 'iflected by the early 1922
stipr>lled
* '"''"''* *''''^" '""'
spot nrlcex of bitumlnou.'? coal nl, the mines
"''^."1'^'"''
•"'' Pr'^vious week,
There wer.-.-ome
'.
rhan'^ »
I?,, n,,
t'cng m;,lnly along the Albnt Ir S.-n bo:>rd at,d the
d.-^r«.M.'Ji /
w^^
'''''<' »"-lc,, galnr. In the Kaslern
'" '""•''"'^
?""
mark"of «,.r. rl^ ,.M^'
H"''
o^AT^z::t ;he";rn/kT'w'^^ ';i:^,'r:r; ',;:;;, ^^*'^'""'' *''"''' '"""^•«' "^ •"'
""' ,'"'""
"" western Kenlmky conl are
noJMS,Ci'!^'7.'"'"'lr'' I*"'!
I""''"''''
'"''"^: •'" ••'•''"" «' ^'"^''•'•'l modlfi;»tlons In
rreiIrl'?tTil.
"'•'^"V'";;.''''
rreigjit
ratos ;.l
favoniblo to the western district.
on
1^7,'
•(
IS'^^}
.
f
,
.
A'f*'"
'"«lox of
''''""
.
sell
chain stores.
Candy prices were reduced Doc. 31 by Page & Shaw, Bo.ston, to mark
their 40th anniversary, 1882-1922, an average of 20% oa over 500 varieties.
"Boston News Bureau" Dec. 31, p. 4.
Further advance of 10c. in Japanese raw silks. "Pin. Am." Dec. 31, p. 7.
Electric fan prices show a reduction of from 2% to 14% on the various
types from last year's prices. "Elec. World" Dec. 31, p. 1348.
" Oil Paint
& Drug
Reporter" of
Chemical, &c.. Prices
.Tan. 2 reported:
Normal
"Last "Prev. Last
Last
Aug. 1 '14. Week." We.ek." Month. Year.
—
35 drugs and pharmaceuticals
136
40 crude botanical drugs (20 foreign, 20
domestic)
60
20 essential oils
190
25 chemicals (alkali group)
326.6
12 acids
12.6
20 coal tar dye crudes and intermediates 12.0
19 natural dyestuffs (dye bases and dye
woods)
11.0
154.2
15.3.3
79.9
259.7
446.2
14.4
29.3
79.8
261.9
450.1
14.5
28.5
460.1
14.6
28.6
15.9
15.7
16.
203.5
151
76.3
2.58.3
93.9
383.5
631.8
17.0
35.4
14.8
Wholesale cigarette prices cut for standard grades, for instance by R. J.
Reynolds Tobacco Co. on the Camel from .'$8 to $7 50 9«t 1.000; American
Tobacco Co. on Lucky Strike brand from $8 to $7 50. "Boston Finaneial
News" Dec. 31, p. 6.
Reductions of about 16% on denims announced by leading manufacturers
Boston Financial News" .Tan. 4, p 3; "Times" Jan. 6, p. 21. May foreshadow other declines "Fin. Am." Jan. 5, p 7.
Further Auto Price Cuts Announced.
By Haynes, Oldsmobile, Apperson,
Lafayette, Marmon and Stephens, also St«wart and Maxwell Motor trucks.
Twelve new makes of automobiles at show, viz.: Amba-ssador, Bournonville (equipped with a rotary motor), Durant, Earl, Goodspeed, HandleyKnight, Kelsey, Leach-Biltwell, Rickenbacker, Wills Sainte Claire, Itala
and Vauxhall; the last two are foreign makes. "Times" Jan. 1, p. 16;
'
—
Sec. 7, p. 10.
Rise in German Prices in 1921. "Times" Jan. 2, p, 2.
Arhiiraors Cut Wages of 10.000 Unskilled Workers in Independent Plants,
Nmr .?2 56 a Day. Skilled labor unchanged. Union chief .says cut on top
of 10 to 20% reduction last August is unjust; men will accept.
"Times"
—
Jan
5.
—
Building Strikes Called in Chicago against Landis Wtfe Award.
Five
unions side with carpenters. "Times" Jan. 4, p. 2; .Tan. 5, p. 13.
New York Harbor Pilots of Three Concerns Quit Work. Tugboat Owners
Refusing Old Scale.
"Sun Jan. 6, p. 2; "Times" Jan. 6, p. 1.
Uttca Knitting Mills Reduces Wages 12
"nd Increased Working Time
.Six Hours per Week "to enable Workers to Make the Same Total Wage."
—
H%
—
Am."
"Fin.
Jan. 5.
Merger of 35 or 40 Fertilizer Go's Proposed into New National Fertilizer
Corp
Preliminar.v circulars sent out by C. M'ilbur Miller, I*resident of
Davison Chemical Co. of Baltimore as Chairman of organization committee.
—
"Oil, T'aint & Drug Reporter" Dec. 26, p. 23.
Textile Alliance Out of Dt/e Role.
State Department gives over control of
rei)arations allotments to Treasury. "Oil, Paint & Dr. Rep." Dec. 26, p. 23.
Packers' Hopeful Outlook for 1922
Retrospect for 1921 (Thos. F. Wilson,
Pres. of Wilson & Co. and Institute of Am. Meat Packers). Boston "Fin,
News" Dec. 31, p. 7. Compare reports of Cudahy and Swift Co's above.
—
Court Matters, Legislation and Miscellaneous.
U. S. Supreme (.'ourt. 5 to 4. Holds that "Resale Prices as Maintained by
Beech-Nut Parking Co. Hinder Free Compdition
"Times" Jan. 4, p. 19,
f/, .S. Supreme Court Orders Re argument
Feb. 27. of Coronado Mine
Workers' Ca.se.
Violation of Sherman Anil Trust law by United Mine
Workers of America during strike in Arkansas in 1914. "Times" Jan. 4.
—
—
p.
"
.
19.
—
Holders Of Foreign Stock Taxable
@FedFRASER