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Railway & Industrial Section
Bankers' Convention Section
Bank & Quotation Section
Railway Earnings Section
Electric Railway Section
State and City Section
SATURDAY, JULY 15, 1922
VOL. 115.
Throuitit
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THE FINANCIAL SITUATION,
After various "calls" for Governmental intervention in the coal strikes, and after both operators and
miners have been looking with varying hopefulness
to such action as offering promise of relief to their
respective sides, President Harding has issued a letter which urges rather than peremptorily orders resumption of work. The Government, he says to the
contending parties, prefers that they settle their own
disputes, because they best understand them, and
because the Government cannot settle them. "It will
force no man to work against his own free will, it
will force no man to employ men against the free exercise of an employer's rights." Yet Government
wishes to be helpful, and therefore he makes three
proposals, based upon a fourth and major one,
namely, that the men return to work at the wage scale
which expired on March 31, this scale to be effective
until Aug. 10. The other conditions are that a commission shall be at once created, consisting of three
to be selected by the mine unions, three by the operators, and five by the President, all decisions by this
body to be accepted as final. The commission is to
determine, within 30 days if possible, a wage scale
for the men on strike, which shall stand until March
1 next, and if it cannot announce such scale by Aug.
10,"it sahall have power to direct continued work" on
the 1922 scale until the new one is ready. The com-
NO. 2977
mission is to investigate exhaustively every phase of
the coal industry, covering every cost in mining and
carrying, and Congress will be asked to authorize and
provide for the most thorough inquiry; it "shall make
recommendations looking to the establishment and
maintaining of industrial peace in the coal industry,
the elimination of waste due to intermittencY and instability, and suggest plans for dependable fuel supplies."
When two great forces do not agree, adds the President, "there must be a peaceful way to adjustment,
and such an arbitration opens the way." He "is
speaking,first of all, for the public interest, but I am
likewise mindful of the rights of both workers and
operators, and you are also an inseparable part of the
public interest."
To this, ten representatives of the mine workers
replied that they are without authority to give a definite judgment and to bind the men, but they will call
the policy and district scale committees to begin a
sitting in Washington to-day (July 15) and will give
their verdict upon the proposals as early as possible.
But, early in this month, the bituminous operators
proposed that the making of wage scale contracts in
all the scale-making districts "be referred to the
miners and operators in each scale-making district
for settlement"; that, according to suggestions of
Secretaries Hoover and Davis, a committee of six
operators and six miners take up the feasibility of
grouping the districts wherever possible; third, that
in order to have speedy resumption of work and no
needless detail in reaching agreements, a board of
arbitration be set up in each district or group of districts, which shall consider and finally decide all
points of disagreement; fourth, the President be requested to appoint such a board in each district, each
board to consist of three disinterested persons, in no
manner connected with the bituminous cod industry; fifth, that he shall appoint a board to study that
industry and make recommendations to him thereon;
sixth, that any disputed points remaining unsettled
on July 15 be referred to the boards of arbitration.
The State, said the Supreme Court in the "Kansas
cases," may fhE prices upon indispensable commodities; this was the purport and the inevitable corollary of the bourse of the majority, through Justice
McKenna, taken as the seemingly easiest treatment
of a present problem. The time was a few months
before the unforeseen war broke upon the world, yet
the minority, through Justice Lamar, protested earnestly, and pointed out the dangers inherent in any
such doctrine. The people want and _must have coal
(with many other indispensable Cominodities) and
„
222
THE CHRONICLE
the people want it at an endurable price. So,say the
many who would rush on the line of apparently least
resistance at the time, let Government take over and
operate the mines; but this is like wading out into
deep water when we are frightened in the shallows.
'Government could not furnish coal at any price
which people would pay, because Governmental op.eration, in any industrial field whatever, is taken by
labor as meaning that it has fully won its selfish
light and has only to name its terms.
Situations must be dealt with as they are, not as
they should be or might have been. "The Government prefers," says the President,"that you who are
;parties to the dispute should settle it among yourselves." Emphatically sound is this preference, and
not all interventions in the past have been either wise
or successful; yet now, as the situation is, and without waiving any of its past objection to all attempts
at intervening and centralized attempts to settle industrial disputes, the "Chronicle" thinks that good
may perhaps follow the President's plan, if the disputants will accept it, and that a really well-chosen
commission may possibly reach results of. permanent
value by studying the coal problem.
[VOL. 115.
to the higher wage scales. The burden in all these
instances is too heavy to bear any longer. The proposed commission will be useful only if it can get the
miners to recognize this fact and to see that any other
course must spell disaster in the end. We have often
taken occasion to commend President Harding for
his acts, but in this instance we think the wisest
course would be simply to direct the operators to begin producing coal again by opening their mines to
such of the miners as are willing to work at the reduction in wages which it is felt the economic welfare
of the country demands and to assure the operators
of full and adequate protection so long as this course
is pursued.
There is one more thing for Government to do, one
more duty it cannot shirk. The right of a man to refuse to work and to quit work, in any industry, is
fundamental; with some limitations which need not
now be stated, Government cannot undertake to
make men work against their will. But the equal
right of men to work, regardless of the will of other
men, stands now in bloody denial and controversy.
The right to stop work does not include the right to
prevent others from working. Mr. Gompers denounces strike-breaking as "the most despicable business in which men engage." The same union view was
taken, after posted suggestions by Mr. Lewis, in
southern Illinois;"common strike-breakers" were regarded as pirates, as enemies of mankind, and as
without even the right to a cup of water when dying.
But a strike-breaker neither seeks nor deserves any
opprobrious title. He is merely a man—a MAN,Mr.
Gompers—desiring work and willing to accept it on
the wage offered. Somebody before him has deserted
the job, dissatisfied with its conditions; the union
doctrine is that it is still "his"job and he may defend
it as one might defend a house which he owns and for
the present does not choose to occupy. The doctrine
is absurd to the verge of insanity.
Now, upon this, the right to take an abandoned
job, no less than the right to quit work, the country
must make and maintain a stand. If the mine operators cannot agree with present or striking workers
but can find others ready to mine coal, the new men
must be protected, even if the military power of the
nation has to be used. Protection to men at work is
essential to the stability of society. There may be
boards and commissions and new wage scales and
new agreements as binding as language can make
them; but none of these will avail, nor will there be a
permanent peace in coal until all men, out of unions
or in unions, realize that when they exercise the right
to quit work they must keep away from the place of
work, and that if they resort to force they will be
overwhelmingly resisted by force.
But if this commission repeats the blunders
chargeable to all previous similar commissions in the
coal trade during the last 20 years—if it attempts a
settlement merely by compromise, granting to the
miners the greater part of what they have been asking for—in particular if it commits the economic
folly, the economic crime, of continuing unchanged
the present inordinately high scale of wages, especially in the anthracite regions, the harm done to the
country will be incalculable. Ever since the day of
the Roosevelt Anthracite Commission there have
been nothing but wage increases, both in the bituminous and the anthracite fields—never a decrease.
When the United States entered the war the bituminous coal miners in the central competitive field
were working under a contract, at advanced wages,
entered into in 1916, and which was to continue unchanged until April 1 1918, while the anthracite miners likewise were operating under a contract entered
into in 1916 but running for four years, or until April
1 1920.
_Nevertheless, the miners in both instances were
granted two separate advances in the year 1917
alone,on their plea that the old wage scale was insufficient to meet the war time cost of living. With
reference to the increases in the bituminous district,
Dr. Garfield, the Fuel Administrator, in a letter to
President Wilson, after the second advance in 1917,
asserted that the effect of the two advances would
to give a total increase to miners of 50% and to
*.,v3t paid laborers of 78% over the wages of April
As if this were not enough, there were furThe country's grain crops the present year promise
increases in 1920 in both anthracite and
a good yield, according to the July report, issued on
'ages.
Bcard of the Denason that these unconscionably high Monday last by the Crop Reporting
. Winter
Washington
at
Agriculture
of
partment
continued unchanged now that
The
on
way.
condition
under
well
is
harvest
wheat
'Iwer and the cost of living has
which
contrasts
with
normal,
of
77%
was
1
Fuel
July
luced.
enters as a large
Nsts and into the cost of 81.9% a month ago, and 77.2% on July 1 1921. The
yid as concerns the price indicated yield of winter wheat this year is 569,000,,
r in this city knows 000 bushels. The actual harvest of winter wheat last
'14 per ton for his year was 587,032,000 bushels. There has been a deS
+0 18 before the cline this year since the June 1 report of 38,000,000
B to 1,
'war, and the bushels, severe damage having been occasioned by
not be
*N1 ascribed heat and drouth in Nebraska and Kansas, and loss
so much 1..
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Federal Reserve Bank of St. Louis
JULY 15 1922.]
THE CHRONICLE
223
from other causes in other winter wheat States. The .year is 10.8% larger than last year and the produccondition of spring wheat on July 1 this year is tion is estimated at 39,100,000 bushels, against 36,83.7%. This contrasts with 90.7% on June 1 and 500,000 bushels in 1921. Flax shows an increase in
80.8% on July 1 1921. The indicated yield of spring acreage of 15.1%, and the production is put at 10,wheat this year is now placed at 248,000,000 bushels, 700,000 lbs., against 8,100,000 lbs. in 1921. Hay
and the actual harvest last year was 207,861,000 promises a yield of 107,000,000 tons, against 96,800,bushels, this year's indicated yield of spring wheat 000 tons last year. In all, the 19 leading crops covbeing larger than the actual yield of seven years out ered by the report of the Department of Agriculture
of the preceding ten years. The total indicated yield this year have a total area of 341,753,000 acres. This
of both winter and spring wheat this year is now ac- contrasts with 345,140,000 acres for 1921, a decrease
cordingly 817,000,000 bushels, which contrasts With this year of 3,487,000 acres, or about 1%. The dean actual yield of 794,893,000 bushels last year and crease in the winter wheat acreage is 4,571,000 acres
833,027,000 bushels, the harvest of 1920.
and in oats 3,004,000 acres. The July Government
As to corn, the situation is not quite so satisfactory report also states that the wheat remaining on the
as it was last year, although the indications at this farms carried over from last year on July 1 this year
time point to a fairly large crop. The area planted was 31,641,000 bushels, or 4% of the 1921 crop. A
to corn this year is somewhat less than it was last year ago the estimate of carry-over of wheat was 56,year, but about the same as it was two years ago. 707,000 bushels.
This year's planting is placed at 103,234,000 acres,,
which contrasts with 108,904,000 acres in 1921 and
Final action has not been taken on the application
103,648,000 acres in 1920. Much the same situation of the German Government early,in the week
for a
exists as to condition, the percentage to normal on. moratorium with respect to its reparations payments
July 1 this year being 85.1%, which contrasts with for two and.a half years from to-day. According
to
91.1% on July 1 last year, and 84.6% at the corre- the latest Paris cable advices last evening, a paysponding date two years ago. The indicated crop ment of 30,000,000 gold marks was made during
the
this year is 2,860,000,000 bushels, at 27.7 bushels to day and 2,000,040 more will be forthcoming to-d
ay.
the acre, while a year ago the production was 3,080,- The original installment of 50,000,000 gold marks
372,000 bushels, based on a yield of 29.7 bushels to was reduced to 32,000,000 by the Reparations Comthe acre. The area planted to corn was larger this mission this week. The Hague Conference on Rusyear in most of the corn belt States, but in the South sian Affairs virtually has adjourned, although the
decreases are shown, although Iowa, the largest corn formality will not be gone through with until early
producing State, shows a decrease in acreage of 2% next week at a plenary session. Apparently little of
and Missouri a decrease of 3%. The growth west of real value was accomplished. There has been rethe Mississippi River has been very rapid, but fur- newed talk about Great Britain funding her war
ther east growth has been retarded, although the debt to the United States. Apparently plans to this
fields are well cultivated. In the Southeast the crop end have been given informal consideration. In Irehas been neglected for cotton.
land the Free State forces have adopted further miliOats will make a slightly better crop than the har- tary measures to establish order.
vest of last year, about the same as in 1919, but from
15 to 25% less than in the other years back to 1916.
The first reports that Germany had made applicaThe condition on July 1 this year was 74.4% of nor- tion for a moratorium, or was about to do so, reached
mal, which contrasts with 85.5% a month earlier, and this city, through European cable Advices, just at the
with 77.6% the July 1 condition of the 1921 crop, and close of business a week ago to-day. Over the weekthe yield is now estimated at 1,187,000,000 bushels end nothing of a
more definite character came to
this year, as against 1,060,737,000 bushels last year. hand than the semi-official report from Berlin that
As to barley and rye, the yield of the former crop is "two German
experts" had left for Paris last Saturestimated this year at 182,000,000 bushels and the day "to ask the Reparations Commission for a moralatter at 82,000,000 bushels. These figures contrast torium by which Germany would be enabled to
with 151,181,000 bushels and 57,918,000 bushels, re- spread her cash payments over a longer period." In
spectively, the production in 1921.
a London dispatch the same day it was claimed that
Bumper crops of both white and sweet potatoes, "secret reports of the gravest character had been reboth leading food crops, are promised this year. The ceived by Downing Street from Berlin," Continuing,
area planted to white potatoes is 4,228,000 acres, the dispatch said: "Prime Minister,Lloyd George
10.8% more than in 1921. All important producing is seriously alarmed at the portent of private advices
States report a larger acreage, but the increase is from English agents in Germany,And he is now conmainly in the Western and Northwestern States. ferring personally with Foreign, Mister Schanzer
The production this year is estimated at 429,000,000 of Italy regarding the measures which the Allies may
bushels. Sweet potatoes will show a production of have to take when the crash comes. .Diplomatic
cor111,000,000 bushels, according to the July 1 condi- respondence also. passing between,
Downing Street
is
tion. Another bumper crop will be tobacco, the area and the Quai s:VC411ay
on tjie. same subject. The tenin most of the important growing State being very tatively arranged conference :between. the British
much larger than last year. There is an increase in Prime Minister and Premier Poincare for the end of
area in Kentucky of 45%; in Maryland of 36%; in July will now.be held immediately if conditions warTennessee of 35%; in Virginia, Ohio and Indiana of rant.4.
about 25% each. Connecticut, Pennsylvania and .
Washington the Department of Commerce made
Wisconsin report a reduction in acreage. For the, public a reportfrom Commercial Attache Herring in
entire country the area is placed at 1,763,000 acres, Berlin.that seethed to confirm the disturbing advices
an increase of 22.9% over last year and the pro0c-,- from .other. pOurces. In part the report said: "The
tion 1,415,000,000 lbs., which contrasts with 1,075,- feeling is iiow general that Germany faces a further
000,000 lbs., the crop last year. For rice the area this fall of exchange and a further inflation, together
224
WEE CHRONICLE
with grave political complications. The consideration by the Reichstag of important legislation, including the forced loan bill and grain subsidy measures, was interrupted by the Rathenau incident and
by the consequent consideration and enactment of
stringent measures for protecting the republican regime. These measures provide the death penalty or
life imprisonment for conspiracy against the republic. Bavaria, where the anti-republican feeling is believed to be most prevalent, refuses enforcement of
these protective measures, alleging that no necessity
exists for them."
Monday afternoon, through a cable dispatch from
Paris, the names of the two German representatives
sent to ask the Reparations Commission for a moratorium became known. They were "Dr. Fischer,
Chairman of the War Debts Commission, and Herr
Schroeder, Under Secretary of the Ministry of Finance, who reached Paris during the forenoon." It
was reported from unofficial sources that they
brought a proposal "providing for the payment of all
the remaining cash installments due this year,if Germany is granted a moratorium of at least two years."
According to Paris dispatches the next morning,
the reports relative to the proposal were incorrect.
The New York "Herald" correspondent said that the
two German representatives appeared before the
Commission "and asked for leniency in the payment
of reparations." He added that "there was no concrete proposition." According to his information
also,"Germany is willing to pay the 50,000,000 gold
marks due next Saturday [to-day], but that would
mean the last of the nation's financial reserve, and its
payment would accentuate the crisis which threatened to disrupt the Government." Contrary to the
earlier reports, the Germans were said to have asked
for "a long moratorium, beginning immediately, and
the consideration of the German problem by all interested nations." A Paris dispatch to the New York
"Tribune" stated that after the German representatives had their first meeting with the Reparations
Commission it became knowa that "the French Government has decided to stand firm on the Versailles
Treaty and the London agreement, which gives her
the right to take special measures to collect indemnity from Germany in case she becomes bankrupt and
payments are defaulted."
The New York "Times" representative said that
Premier Poincare was getting ready to ask Great
Britain to forgive the French debt to her, and that in
return France would lighten Germany's burden. This
would appear to be one step in a plan for a general
forgiveness of war debts. "France will pay her debt
to the United States, but just when will depend to a
great extent on Germany." This statement was made
by Jean V. Parmentier, Director of the Ministry of
Finance in Paris, on his arrival in New York on
Tuesday. He went to Washington to discuss the war
debt of France to the United States with the International Debt Funding Commission. On Tuesday
the "Evening News" of London published an article
that was widely quoted in this country, in which it
was claimed that "arrangements for repayment to
America of the British loan in a lump sum in the near
future are in an advanced stage." The paper further
asserted that "repayment will be made by means of a
loan to be raised jointly in England and America."
Dispatches from Washington Wednesday morning
stated that "no information has come to the United
[VcL. 115.
States Government to indicate what attitude Great
Britain will assume with reference to the American
Debt Commission." It was added that "prior to his
recent departure for England, Eir Auckland Geddes,
the British Ambassador, discussed the debt situation
with Secretary Hughes, but had no communication
with Secretary Mellon, the Chairman of the Debt
Commission." In a cablegram from the Central
News of London the same morning,the assertion was
made that "Sir Auckland Geddes will return to
Washington with British Treasury experts." The
dispatch contained the following statements also:
"The latter will explain Great Britain's views as to
'debts to the Mellon Funding Commission. The Cabinet has discussed the debt situation with Ambassador Geddes, Controller of Finance Sir Basil L.Blackett and Chancellor of the ExcLequer Sir Robert
Horne." In a London cablegram last evening to "The
Sun" of this city, announcement was made that "Sir
Robert Horne, Chancellor of the Exchequer, replying to Mr. Asquith in the House of Commons to-day,
said that he fully agreed with his views regarding the
necessity of completely discharging American liability. The British floating debt has been reduced since
July of last year by four hundred and nine million
pounds, of which seventy-one were paid off since last
March, he said. Financially, he asserted, Great
Britain is in a stronger position than at any time
since the armistice."
The Paris advices continued conflicting during the
first half of the week as to what action the Reparations Commission probably would take on the application of the Germans for relief on their reparations
payments. In a cablegram from that centre to the
New York "Times" Wednesday morning it was said
that "the only step which the Reparations Commission has taken toward meeting the German demands
has been the reduction to-day [Tuesday] of the July
payment by the sum of 18,000,000 gold marks, making the total of Saturday's payment 32,000,000 gold
marks instead of 50,000,000." The correspondent explained that "the reduction represents the interest
on the Commission's reserve fund payments made by
the Luxemburg Government for coal, and payments
made by the Textile Alliance for dyestuffs delivered
up to date. All that can be said about the decision
to deduct these items from the total due at this moment is that the payments were extraordinarily opportune and will enormously help Germany to tide
over next Saturday's installment."
The definite statement came from Paris Wednesday evening, through an Associated Press dispatch,
that "Germany to-day handed the Reparations Commission here a note requesting an immediate moratorium for all the remaining payments for 1922, including that due July 15." The correspondent also
said that "Germany further requests that the moratorium be extended for the cash payments provided
for 1923 and 1924, under the schedule of May 5 1921."
He added that "a majority of the Reparations Commission members are understood to favor granting
the moratorium. But M. Dubois, the French representative and chairman, is opposed to a decision until the Allied Committee on Guarantees reports on
its investigation of Germany's finances." These
statements were confirmed to a great extent by Paris
cable advices Thursday morning. In an Associated
Press cablegram later it was claimed that "France
will insist upon a full investigation into the causes
which precipitated the crisis in Germany, that led
JULY 15 1922.]
THE CHRONICLE
to the German Government's request for a moratorium." The correspondent added that this stand on
the part of France also applies to the payment due
July 15. The further suggestion was made that "under these conditions it will be some time before action is taken on the moratorium of two and a half
years." Premier Lloyd George was reported to have
expressed the opinion to the British Parliament on
Thursday that Germany should be granted a moratorium, in order to afford her an opportunity to readjust her finances. In an Associated Press dispatch from Paris yesterday morning, it was asserted
that "the Commission demands that the balance of
32,000,000 gold marks of the payment due July 15
shall be paid." This statement was modified in
Paris cable advices last evening, which said that 30,000,000 gold marks were paid during the day and
that the other 2,000,000 would be handed over to-day.
In an Associated Press cablegram from Paris yesterday morning, Henry Morgenthau, former American Ambassador to Turkey, "announced to-day that
he was arranging to form an international corporation, to be capitalized at from $50,000,000 to $60,000,000, for the purpose of reorganizing Austria's industry and to show the world that it is possible to
prevent the bankruptcy of European States." Mr.
Morgenthau, who recently returned to Paris from Vienna, said that "he was assured of the co-operation
of the Austrian Government,and was now discussing
this project with various financiers." Outlining his
plan still further, he said: "An international bank
on a gold basis in Vienna is bound to act as a stabilizing influence throughout the Balkans. Its value lies
in the fact that it would be an outside influence exerting favorable pressure in neighboring countries.
The bank would undertake all the multiple activities
of any high class firm, but be avowedly semi-benevolent in its activities. It would develop Austria's
unlimited hydro-electric possibilities. I have reason
to believe an important express company of the
United States would undertake the development of
tourist trade. What I want to see is a model State
made of Austria by outside capital. Then it will be
apparent that the other States of Europe may be reorganized in the same manner."
The attitude of the Russians at The Hague Conference has continued so absolutely impossible from
a practical and business point of view that apparently the gathering might have broken up with the
greatest ease at most any time since it first assembled. At least the dispatches from the Dutch capital
have emphasized this idea. At one session, for instance, the Allied delegates appeared to be near the
breaking point over the ground taken by the Russians with respect to the restitution of property formerly owned by foreigners, but which was seized and
nationalized by the Bolshevists. It seems that M.
Litvinoff, head of the Soviet delegation,"read a long
list of oil and other concessions which Russia was
ready to give to foreigners." Thereupon M. Cattier
of Belgium suggested that it would be interesting if
"M. Litvinoff would explain which of the properties
listed were under foreign ownership previous to their
confiscation and what foreign properties were excluded from the list." The Russian leader was reported to have replied that "he could not say whether
the properties belonged previously to foreigners or
Russians. It was difficult for Russia to identify
225
foreign enterprises. All that could be done was to
publish a list and let foreign owners identify their
property if they could." After a long and heated discussion, Sir Philip Lloyd-Graeme, head of the British delegation, was quoted as saying [speaking
"slowly and cuttingly"], according to the Associated
Press correspondent, that "no credits, public or private,in any country of the world, will be forthcoming
unless satisfactory conditions are obtained regarding
property. It is absolutely necessary we should know
what property will be restored what you intend to
do when property is not restored, and what will be
the conditions of restitution. Until this is known it
is perfectly futile and absurd to continue. It does
not rest with Governments to settle conditions of
credit. They are settled by the people having money
to invest. If the non-Russian experts are unable to
say how much money will be available it is because
the whole position on credits depends entirely on the
reasonableness of the Russian attitude on restitution." Leonid Krassin, who was spoken of frequently
as the conciliator among the Russian delegates,"suggested, partly with the idea of saving the Conference
from collapse, and partly to contribute light on the
property issue, and acting in the role of peace-maker,
that each side omit controversial points from the discussion as far as possible. Thus the Europeans
would cease talking about absolute restitution and
the Russians would cease demanding credits." This
suggestion was said to have been agreed to "with the
understanding that classified industries would be
taken up and an effort made to establish conditions
for restoration to former owners which would be
mutually satisfactory. Some 600 concessions, divided into 20 branches, were mentioned, including
about 30 oil concessions, some for production and
others for refining."
It is timely to note in passing that a week ago today the French Parliament, "exhausted by many
days of real hard work and by many of almost useless debating, decided to adjourn for the summer vacation."
The dispatches from The Hague and London Wednesday evening made it pretty plain that the Conference would soon come to an end because of the "impossible reply of Maxim Litvinoff to the Allied proposals regarding pre-war debts, private property and
credits to help the Soviet Government feed its starving people." It was added that "the Russian in his
reply insisted•on a loan as a preliminary to any arrangement or discussion as to debts and private
property." Evidently the discussions will leave off
where they did at Genoa and where they began at
The Hague. In other words, little of a practical
value was accomplished at either gathering. At
Thursday's session of the Conference "the non-Russian Sub-Commission on Private Property of the
Conference on Russian Affairs unanimously adopted
to-day [Thursday] a resolution declaring that in the
light of the views expressed yesterday by the Russians concerning the restitution of foreigners' property in Russia it would 'serve no useful purpose to
continue the meetings with the Russian Commission.'" The dispatches stated that "this resolution
was forwarded to the Russian representatives here
and also to the full Commission of The Hague Conference. It was regarded as the first of the formal
steps for the conclusion of the Conference." The
226
THE CHRONICLE
Hague cable advices yesterday morning stated that
"like action" would be taken by the Credits Commission during the day. The Associated Press correspondent at The Hague cabled at midnight [Thursday] "that the Russian delegation issued a statement
that the Conference was definitely over. Maxim Litvinoff, head of the Soviets, said he planned to leave
for Moscow Sunday." According to an Associated
Press dispatch from The Hague last evening, it was
decided earlier in the day that "no further joint
meetings with the Russians will be held by the conferees on Russian affairs here unless the Soviet representatives make known their desire to submit new
proposals." It was added that "the non-Russian representatives will continue their meetings and they
plan to hold a plenary session to adjourn the Conference, probably next Wednesday."
As to conditions in Ireland, much has been
made in the Dublin advices of the death of
Charles Burgess in that city on July 7 "of
the effects of a wound received in the fighting just
before the surrender of the Granville Hotel in O'Connell Street on Thursday." It was stated that "refusing to surrender himself, he made a last desperate
rush, his troops firing in the face of demands to halt.
He was wounded, taken prisoner and died in a hospital." The New York "Herald" correspondent said
that Burgess, with two others, was "supposed to have
guided Eamon de Valera in much of his opposition to
the Free State treaty, and also was generally believed
to have been responsible for the split in the army."
The Chicago "Tribune" representative declared that
"he was a remarkable figure in recent Irish politics."
He added that "during his whole life he was a bitter
opponent of British rule, and an ardent supporter of
every extreme nationalist movement. He was prominent in the early days of the Sinn Fein organization,
and joined the section of volunteers that threw aside
allegiance to John Redmond. He took part in the
1916 rebellion, commanding a section of rebels fighting in the South Dublin Union buildings." The
death of Burgess was spoken of as one of two prominent events that stood out "in Ireland's efforts to get
back to normal." The other was "the round-up movement of the National froops in their efforts to put
down the revolt in the country and capture Eamon
de Valera, who is reported to be with a group in the
mountains outside Dublin." Later advices stated
that this movement continued, but that otherwise
there were no extensive military operations. There
were no particularly striking developments in the
Irish situation the latter part of the week. It became
known officially Thursday evening, however, that
"Michael Collins has been appointed commander-inchief of the Irish National Army. Collins, Richard
Mulcahy and General Owen O'Duffy will comprise a
war council in supreme charge of military operations
throughout the country. Mulcahy is also named
chief-of-staff of the army." In a London cablegram it
was stated that "the Provisienal Irish Free State
Government's decision to concentrate its energies on
downing the Republicans and establishing order
throughout the country before summoning the new
Parliament is taken to indicate that military operations on a considerable scale are impending." According to a dispatch from Cork yesterday morning,
"fighting between the advancing Irish National
Army and the rebels concentratee in the Southwest
broke out to-day [Thursday.]" The Associated Press
[Vol,. 115.
representative at Cork asserted that the city "is in
complete control of the Republicans."
The June figures of the British Board of Trade,
compared with those for May of this year, reflected
a decrease in exports of British products of L5,900,000 and in total exports of £6,140,000. Imports fell off £5,516,000. Excess of imports increased
£1,624,000. Compared with June of last year
the exports of British products increased £13,993,000; total exports £15,681,000. Imports decreased £3,884,000 and excess of imports £19,514,000.
The following statemeht gives the comparisons for
June and the first half of this year compared with
the corresponding periods of last year:
Imports
British exports
Re-exports
—Month of June— —Jan. 1 to Juln9
21.
e3
0—
1921.
1922.
1922.
g
84,298,000 88,182,481 487,514,000 571,691,493
52,145,000 38,152,238 351,758,000 368,895,027
8,720,000 7,082,764 55,657,000 49,685,689
Total exports
Excess imports
60,865,000 45,235,002 407,415,000 418,580,716
23,433,000 42,947,479 80,099,000 153,110,777
On Thursday the Bank of England announced another cut of IA of 1% in its minimum discount rate,
thus bringing it down to 3%, the lowest figure since
Jan. 29 1914, and comparing with the high record
figure of 10% established Aug. 1 1914. The 33'A
rate was in effect since June 15 last. Earlier in the
week the Bank of Italy reduced its discount rate
from 6% to 53'%. The 6% figure had been in effect
since May 111920. Aside from these changes, official discounts at leading European centres remained
at 5% in Berlin, France and Denmark;532% in Norway and Madrid; OA% in Belgium, Sweden and Holland and 33'% in Switzerland. In London the open
market discount rate was lower, being quoted at
1 13-16% for short bills, against 2@23/s% a week .
8% last
4% for three months, against 2/
ago, and 17
week. Money on call was still lower and declined
to 1%, but rallied to lIA% yesterday, in comparison
with 131% the preceding week. In Paris and
Switzerland the open market discount rates continue
at 4% and 13%, unchanged.
The Bank of England announced a further loss in
gold of £558,264, thus bringing the stock of gold on
hand to £127,900,698, as against £128,373,661 last
year and £122,879,497 in 1920. Owing to a decrease
in note circulation of £274,000, total reserve declined
only £284,000, and now stands at £22,101,000, which
compares with £18,868,096 in 1921 and £17,091,857
the year before. Sharp reductions were noted in all
the deposit items; hence the proportion of reserve to
liabilities has been advanced to 17.68% from 15.09%
last week, 18.52% the week of June 29 and 19.97%
on June 22. At this time in 1921 the reserve ratio
stood at 12.20% and in 1920 at 12.44%. In public
deposits there was a reduction of £2,311,000. Other
deposits fell £21,019,000, while loans on Government
securities were reduced £20,884,000 and loans on
other securities £2,156,000. Note circulation totals
£124,248,000, against £127,995,565 last year and
£124,237,640 in 1920. Loans amount to £73,663,000. A year ago the total was £77,612,637 and the
year before £78,622,562. As recorded in a preceding paragraph, the Bank of England Governors at
their weekly meeting on Thursday announced another cut of IA% in the Bank's discount rate to 3%
from 33/2%, the rate established on June 15 last.
This is lower than the rate of any other European
JULY 15 1922.]
THE CHRONICLE
bank at present. Little or no surprise was expressed
at the reduction, the fourth this year, which was regarded as inevitable under the superabundance of
loanable funds in London and the lack of mercantile
demand. We append a tabular statement of comparisons of the principal items of the Bank of England
return:
BANK OF ENGLAND'S COMPARATIVE STATEMENT.
1922.
1921.
1920.
1918,
1919.
July 12.
July 13.
July 14.
July 16.
July 17.
124,248,000
Cicrulation
Public d'posits
12,612,000
deposits
112,374,000
Other
Government securs. 47,104,000
73,663,000
Other securities
Reserve notes & coin 22,101,000
Coln and bullion__ A27,900,698
Proportion.of reserve
17.68%
to liabilities__ .
Bank rate
3%
127,995,565
19,664,910
134,964,309
76,003,078
77,612,637
18,868,096
128,373,661
124,237,640
17,671,411
119,622,526
59,438,583
78,622,562
17,091,837
122,879,497
78,890,650
24,914,569
112,622,742
44,690,806
82,405,961
28,257,025
88,703,675
55,368,775
38,212,040
134,797,874
55,777,632
105,527,950
29,580,097
66,498,872
12.20%
6%
12.14%
7%
20.54%
5%
17.10%
-5%
The Bank of France in its weekly statement reports a further small gain of 372,025 francs in its gold
item. This brings the Bank's gold holdings up to
5,529,572,075 franes, comparing with 5,520,736,289
francs last year and with 5,588,603,902 francs the
previous year; of these amounts 1,948,367,056 francs
were held abroad in both 1922 and 1921, and 1,978278,416 francs in 1920. Silver during the week
gained 196,000 francs, while Treasury deposits increased 24,480,000. On the other hand, bills discounted decreased 1,975,000 francs, advances were
diminished 26,206,000 francs and general deposits
fell off 146,718,000 francs. Note circulation registered a contraction of 297,199,000 francs, bringing
the total outstanding down to 36,501,518,000 francs.
This compares with 37,555,469,890 francs at this
time last year and 38,010,972,740 francs in 1920.
In 1914, just prior to the outbreak of war, the
amount was only 6,683,184,785 francs. Comparisons of the various items in this week's return with
the statement'of last week and of this year's totals
with those for corresponding dates in both 1921 and
1920 are as follows:
BANK OF FRANCE'S COMPARATIVE STATEMENT.
Changes.
Status as of
for Week.
July 13 1922. July 14 1921. July 15 1920.
Gold Holdings—
Francs,
Francs.
Francs.
Francs.
In France
Inc.
372,025 3,581,205,010 3,572,369,23:3 3,610,325,486
Abroad
No change 1,948,367,056 1,948,367,056 1,978,278,416
Total
Inc
372,025 5,529,572.075 5,520,736,289 5,588,603,902
Silver
Inc.
196,000
285,138,495
247,483,930
271,925,312
Bills discounted_.-Dec. 1,975,000 2,103,289,000
2.708,782,298 1,848.130,393
Advances
_ Dec. 26,206,000 2,291,625.000 2,214,061,131 1,952,548,951
Note circulation _Dec. 297,199,000 33,501,518,000 37,553,469,890 38,010,972,740
Treasury deposits_Inc. 24,480,000
47,238,000
168,428,223
23,436,689
General deposits..Doc. 146.718,000 2.197,409,000 2,703,191,673 3,194,301,555
The statement of the Bank of Germany, issued as
of July 7, was only slightly less spectacular than that
of the week previous. Advances and declines running into billions of marks were again recorded, including a reduction of 5,642,735,000 marks in deposits, an increase in note circulation totaling 3,524,894,000 marks, and losses of 1,118,160,000 marks in
"other assets" and of 1,122,973,000 marks in discount
and Treasury bills. Lesser declines were 323,211,000
marks in Treasury and loan association notes and
201,802,000 marks in "other liabilities." A gain of
1,000,000 marks was shown in gold, while total coin
and bullion gained 874,000 marks. Bills of exchange
and checks increased 195,034,000 marks, investments
15,335,000 marks and advances 32,263,000 marks.
As a result of the further expansion in note circulation, the volume outstanding has reached still another
new high level, namely 172,736,686,000 marks. A
year ago the total was 75,839,226,000 marks and in
1920 54,045,260,000 marks. Gold holdings aggre-
227
gate 1,004,859,000 marks. This compares with
1,091,560,000 in 1921 and 1,091,680,000 marks the
year previous.
From the Federal Reserve Bank statement, which
was issued at the close of business on Thursday, it
will be seen that there has been a material addition
to gold reserves, while both locally and nationally
the Banks report diminished portfolios. Taking
the System as a whole, gold holdings increased $15,000,000 while the total of bills held decreased $66,000,
000 to $587,617,000. Total earning assets have
shrunk $60,000,000, while the volume of Federal
Reserve notes in actual circulation was reduced
$36,000,000. In deposits a gain of $40,000,000 was
reported. The New York institution. closely paralleled this showing. Gold reserves expanded $17,000,000. Bills on hand were reduced $35,000,000
to only $120,051,000, which compared with $432,108,000 last year. Earning assets are smaller by
$7,000,000, while deposits register an expansion of
$43,000,000. A contraction in the volume of Federal
Reserve notes outstanding of $20,000,000 is shown.
As a result of these changes reserve ratios advanced
slightly to 77.3%, from 76.8% for the combined
System and from 80.7 to 80.8% for the New York
Bank.
Last Saturday's statement of New York Clearing
House banksoand trust companies was along somewhat similar lines as that of the week immediately
preceding and another sharp contraction was shown
in both loans and demand deposits. The former
was reduced $48,350,000, while the latter declined
$98,466,000, or a total of nearly $250,000,000 in
two weeks. This brings the total to $4,035,058,000,
which is exclusive of $31,607,000 in Government
deposits. On the other hand, net time deposits
were again expanded, this time $19,012,000, to,
$452,204,000. Cash in own vaults of members of
the Federal Reserve Bank showed a gain of $7,608,000, to $62,815,000 (not counted as reserve), while
member banks again expanded their reserve credits
at the Reserve Bank, this time by $8,463,000.
Reserves of State banks and trust companies in own
vaults increased $484,000, although the reserve of
these institutions kept in other depositories fell
$327,000. As a result of the addition to reserve
credits, also the contraction in deposits, another
substantial gain in surplus was shown, namely
$21,040,000, so that the total of excess reserves is now
$37,907,490. Bankers interpreted the movements of
the past two weeks as an indication of continued
calling in of loans, also that interior banks were
drawing heavily on their New York balances. The
above figures for surplus are based on 13% reserves
above legal requirements for member banks of the
Federal Reserve System, but do not include cash in
vault, amounting to $62,815,000 held by these banks
on Saturday last.
The predictions recently by some money market •
authorities that within a comparatively short time
call money in the local market would loan at less
than 3% were realized yesterday. The rate on the
Stock Exchange dropped to 23
4% and in the outside market to 2
The former was the lowest
official quotation since 1918. The supply was said
to have been well in excess of the demand, even at
that attractive figure. The time money market
228
was only nominal. Plenty of money was offered at
44%, but borrowers declined to raise their bids
above 44%. Probably a fair amount of money for
the longer periods would be taken at 4%. If the
rates for day-to-day loans do not rise above present
levels it would not be surprising to see time money
offered at 4%. Bankers say that the'return of the
July 1 interest and dividend money has been in
larger volume than was expected and that the
amount seeking investment has been surprisingly
large also. Naturally these developments have
helped the bond market materially. The opinion
had been quietly expressed in investment circles
prior to the first of the month that the bond market
had become overloaded and that some weeks at least
would be required to relieve the congestion. Former
offerings are said to have been cleared up to a considerable extent this week. The Holland loan for
150,000,000 guilders was the largest single offering
of foreign securities. The $25,000,000 New York
Central bonds were reported to have been oversubscribed about four times. Financial institutions
have been encouraged by the developments in money
and the bond markets this week to prepare for still
other pieces of financing on a rather large scale.
Withdrawals of Government funds from local depositaries were limited to $4,000,000 on Thursday,
so far as reported. With no real improvement in
the railroad and coal strikes it was too much to
expect an increase in general business.that would
result in a more active demand for funds at this
centre from industrial and commercial sources.
Dealing with specific rates for money, loans on call
covered a range of 2%@44%. Last week the range
was 4@5%. On Monday 44% was the high, with
4% the low and 44% the renewal basis. Tuesday
easier conditions prevailed and a minimum of 3%
was reported; renewals were put through at 4%,
which was the highest for the day. There was no
range on Wednesday, a flat rate of 39% being
quoted. Still easier conditions were seen on Thursday when call loans renewed at 33%, with the
minimum again at 3%, and 33i% the maximum.
On Friday a further decline took place, and the high
was 3%,the low 2%% and 3% the basis for renewals.
The figures here given are for mixed collateral and
all-industrial securities without differentiation. In
time money also there was a generally easier feeling,
and although quotations remained at the levels ruling
a week ago, offerings were in larger supply. A
moderate volume of business was transacted for the
longer maturities. Sixty and ninety days and four
months' money continues to range at 4@4%%, and
five and six months' at 431%. However, no large
individual trades were recorded.
Commercial paper rates have not been changed
from 4% for sixty and ninety days' endorsed bills
receivable and six months' names of choice character, with names not so well known at 434%, unchanged. Little, if any, increase has been noted in
the supply of high-grade names offering; consequently
trading in the aggregate attained only moderate
proportions.
Banks' and bankers' acceptances have been in
better demand and a fairly large turnover was reported, especially in the latter part of the week
following the easing in the call loan market. Both
local and out-of-town banks appeared in the market
as buyers. For call loans against bankers' accep-
[Von. 115.
THE CHRONICLE
tances the posted rate of the American Acceptance
4% from 34% last
Council has been lowered to 23
week. The Acceptance Council makes the discount
rates on prime bankers' acceptances eligible for purchase by the Federal Reserve Banks 33,% bid and
33/8% asked for bills running for 150 days and 34%
bid and 3% asked for bills running from 30 days to
120 days. Open market quotations, which are still
at the levels ruling a week ago, follow:
Prime eligible bills
SPOT DELIVERY.
90 Days.
3@3
30 Days.
3@3
60 Days.
3303
FOR DELIVERY WITHIN THIRTY DAYS.
Eligible member banks
Eligible non-member banks
Ineligible bank bills
3% bid
3% bid
33( bid
Both the Federal Reserve Bank of San Francisco
and the Federal Reserve Bank of Dallas reduced
their rediscount rates during the week; the former
reduces its rates on all classes of paper from 44 to
4%, while the latter lowers its rate from 5 to 44%
Announcement of the intention of the San Francisco
Reserve Bank to adopt the 4% rate was made on
the 7th inst., and the reduced rate was made effective
July 8. The announcement in the case of the Federal
Reserve Bank of Dallas came on the 12th inst. The
following is the schedule of rates now in effect for
the various classes of paper at the different Reserve
Banks:
DISCOUNT RATES OF THE FEDERAL RESERVE BANKS
IN EFFECT JULY 14 1922.
Federal Reserve
Bank of—
Boston
New York
Philadelphia
Cleveland
Richmond
Atlanta
Chicago
St. Louis
Minneapolis
Kansas City
Dallas
San Francisco
Discounted bills maturing
within 90 days (incl. member banks'15-day collateral
Agriculnotes) secured by—
Bankers'
Trade tural and
accepTreasury
lances , accep- live-stock
paper
lances
ollsc'ted
Othernotes and Liberty
for
maturing maturing
wise
bonds
certifisecured member within 91 to 180
and
cales of
days
90 days
and
banks
Victory
indebtnotes unsecured
edness
4
4
43-f
4%
454
434
43-1
434
5
5
434
4
4
4
4%
43
434
43-1
434
43-1
5
5
434
4
4
4
4%
43-i
434
434
434
434
5
5
43-1
4
4
4
434
4%
434.
434
434
434
5
5
434
4
4
4
434
43-i
434
434
434
43-1
5
5
43-1
4
4
4
43
43-i
43-1
434
434
43-1
5
5
434
4
Sterling exchange waited upon foreign developments this week and during much of the time trading
was dull and listless with large operators still in a
waiting mood. Price levels tended downward, at
least for a time. After a firm opening, when de1 weakness set in and there
mand sold up to 4 44%,
/. This, however, was due
425
4
to
decline
was a
part of buyers than to any
the
on
inertia
to
more
especially depressing factors. Cessation of the steady
buying by a large international banking house,
ostensibly for British account, was a feature of the
week's operations. On Wednesday prices railled
% cents, to 4 44 3-16, on announcement of
about 13
in indemnity requirements which
modification
the
that another German reparafeeling
general
led to a
tided over. The more
safely
been
had
crisis
tions
conciliatory attitude displayed by Premier Poincaire
on the French debt question was taken to indicate
a possibility of Germany being more leniently dealt
with in the matter of future reparations settlements
and created a good impression in financial circles,
leading to the belief that some sort of moratorium
would ultimately be granted. Interest for the moment appears to centre almost exclusively upon
German affairs and there seems to be a growing conviction that until a satisfactory and permanent basis .
for debt settlement has been found it is useless to
hope for a return to anything even approaching
JULY 15 1922.]
THE CHRONICLE
229
normal in international trade relations. Continued upward with gains of as much as 52 points. Spolabor difficulties both here and abroad, fresh dis- radic outbursts of activity were noted and a fairly
turbances in Ireland and the apparent breakdown substantial volume of business was put through,
of negotiations at The Hague Conference, exercised although it was said to be largely for speculative
little or no influence upon actual values—the latter account. Movements were less erratic than a week
event had evidently been largely discounted in ad- ago, but fluctuations continued frequent with quovance, and the consensus of opinion was that trade tations at times widely apart. At the extreme close
with Russia is still a thing of the far distant future.
prices sagged. off and the final range was under the
Among other influences which made for strength best for the week. A good deal of the buying was
in sterling were the announcement of the conference for short covering purposes. French and German
to be held in London during the coming week to exchange naturally came in for the largest share
discuss German finances, the fact that offerings of of attention. Marks, after establishing still another
commercial bills have as yet shown no material new low record at 0.17
for checks under the
increase, and the inauguration of what promises to pressure of heavy selling on an unresponsive market,
be a heavy influx of gold from England, said to be turned firm as a result of the decision of the Reparain preparation for the forthcoming interest payment tions Commission and recovered to 0.2434, though
on British obligations to the United States.
reacting slightly before the close. Francs broke to
Referring to the day-to-day rates, sterling exchange 7.79, then rallied and with sensational rapidity shot
on Saturday last was steady with demand at 4 44@ up to 8.31 for sight bills, a gain of 52 points, but
4447
4, cable transfers at 4 44%@4 453 and sixty subsequently lost part of the advance. Belgian
days at 4 41@4 41%; trading was dull and the tone francs, as usual, followed the course of French exof the market unsettled. On Monday, notwith- change, and after declining to 7.44, registered an
standing better foreign news and improvement in advance to 7.93. As the decline in exchange on
Continental exchange, quotations were fractionally Paris had been due largely to political considerations
lower, ranging between 4 43% and 4 44 for demand, with reference to France, it was generally conceded
4 44@4 44% for cable transfers anf 4 40%@4 413/ that the vote of confidence receiver by Premier
for sixty days. There was a further slight recession Poincare in the Chamber of Deputies, as well as
on Tuesday on light trading and demand sold off to the adoption of a more friendly attitude on the
4 42%@4 443, cable transfers to 4 43@4 44% and question of German reparations, had much to
sixty days to 4 39%@4 413. On Wednesday Lon- do with bringing about a return to higher levels.
don quotations turned strong and this in turn led Italian lire, though less affected by the current
to local buying, which brought about a rally to European political situation, moved along similar
4 433'@4 44 3-16 for demand, 4 43%@4 44 9-16 lines with a spread of 16 points, finally advancing
for cable transfers and 4 401
%@4 41 3-16 for sixty to 4.55. Austrian kronen remained heavy, touching
days. Dulness was the chief characteristic of Thurs- a new low of 0.0033. Polish marks also established
day's dealings and rates were not materially altered; a low record figure, namely 0.00175, after having been
the range for demand bills was 4 43%@4 44, for held at about 0.00225 for some weeks past. This is
cable transfers444@444% and for sixty days440%@ explained as the result of inflation and generally un4 41. On Friday a firmer tone was evident, so that favorable monetary conditions in Poland. Greek
demand advanced to 4 43/@4 441
%, cable transfers drachma, on the other hand, opened at 2.50, but re/g@4 441
4 and sixty days to 4 40Wt@4 413/
to 4 441
8; covered to 2.70. It is claimed that the Greek Govlight offerings and an improved demand were re- ernment is taking stringent measures to remedy the
sponsible for the firmness. Closing quotations were conditions which have made the recent reductions in
4 40% for sixty days, 4 43% for demand and 4 441
% the official rate for the drachma necessary. These infor cable transfers. Commercial sight bills finished clude a bill prohibiting the importation of many luxuat 4 43%,sixty days at4 411
/,ninety days at 4 39%, ries and increases in the duties imposed on others.
documents for payment (sixty days) at 4 40%, and An event of the week was the further advance in
1 . Cotton and grain Czechoslovakian currency, which in addition to the
seven-day grain bills at 4 43%
1 . Gold arrivals for the advance of a week ago, recorded a further advance
for payment closed at 4 43%
week were heavier than for some little time, and of 38 points, to 2.49, chiefly on the distinctly better
includedfinancial and economic position of the country.
Rumors early in the week that j. P. Morgan was
32,500,000 on the Cedric, $2,500,000 on the Olympic, both
preparing
to go to Germany for the purpose of
from London, and $2,500,000 on the Berengaria from Southampton,and 69 boxes on the Mauretania. About $2,500,000 arranging details incidental to extending a large
is said to be on its way on the Adriatic, the whole repre- international loan to that country were denied as
senting part of a fund being accumulated here to meet absolutely without foundation. So far as can be
October interest payment on the British Government's learned,
all reports to the contrary, nothing is at
war debt to the United States. Smaller consignments
present
being
done to launch such an undertaking.
from
Havre,
Savoie
La
the
on
gold
of
received were: 4 casks
The London check rate in Paris closed at 53.85,
$106,000 on the General W. C. Gorgas from Cristobal,
in U. S. currency, and small shipments of gold and platinum, as against 54.85 a week ago. In New York sight
the Advance with several small lots of gold and platinum bills finished at 8.18, against 7.95; cable transfers at
dust, from Colombia, the Calamares with gold bullion 8.19,
against 7.96; commercial sight bills at 8.16,
valued at $23,000 from Port Limon and a quantity of gold
against
7.93, and commercial sixty days at 8.10,
and silver coins, and the Drottningholm with one case of
gold bars from Gothenburg, the Metapan with 39 bars of against 7.87 the previous week. Closing rates for
gold and one box of gold coins from Cartagena.
Antwerp francs were 7.78 for checks and 7.79 for
cable transfers, which compared with 7.55 and 7.56
The Continental exchanges reflected improvement a week earlier. Reichsmarks finished at 0.21% for
in the European outlook and following a brief checks and 0.213/ for cable remittances, against
period of weakness at the opening of the week, 0.203
% and 0.211%. Austrian kronen closed at
the market turned strong and prices tended sharply 0.0033 for checks and 0.0038 for cables, in corn-
230
[Vol,. 115.
THE CHRONICLE
parison with 0.0043 and 0.0048 a week ago. Lire
finished the week at 4.52 for bankers' sight bills
2 and
/
and 4.533/ for cable. transfers, against 4.461
4.473/i on Friday of last week. Exchange oh Czechoslovakia, after advancing to 2.49, reacted and
closed at 2.30. against 2.11; on Bucharest at 0.60,
against 0.56; on Poland at 0.00175, against 0.00205,
and on Finland at 2.10, against 2.23. Greek exchange finished at 2.75 for checks and 2.80 for cable
transfers. Last week the close was 2.45 and 2.50.
% and 137% a week ago. Chilean
paring with 133
8, unchanged, and Peru
exchange continued at 12/
at 4 06, the same as a week ago.
Far Eastern exchange was quoted as follows:
8@583,4;Shanghai,
Hong Kong,583'@59, against 583/
-.
/@78%, against 81@811%; Yokohama, 48140:4
783
1 (unchanged);
483' (unchanged); Manila, 50@50%
%; Bombay,
Singapore, 52@523, against 52313@523
/@297A, and Calcutta,
/g@29%, against 295
293
4@303.'.
4, against 297
29%(0)297
As to the exchanges on the former neutral centres,
these were for the most part in neglect, with trading
quiet and changes not particularly significant.
Guilders followed the lead of the other Continental
rates and recovered all of last week's losses, touching
38.80, while Swiss francs movM up to 19.15. Scandinavian exchange ruled steady, at the levels previously current, and the same is true of Spanish
pesetas.
Bankers' sight on Amsterdam closed at 38.72,
against 38.68; cable transfers at 38.78,against 38.75;
commercial sight at 38.66, against 38.63, and commercial sixty days at 38.30, against 38.27 a week ago.
Swiss francs finished at 19.16 for bankers' sight bills
and 19.18 for cable transfers, in comparison with
19.08 and 19.10 last week. Copenhagen checks
closed at 21.55 and cable transfers at 21.60, against
21.58 and 21.63. Checks on Sweden finished at
25.95 and cable transfers at 26.00,.against 25.84 and
25.89, while checks on Norway closed at 16.60 and
cable transfers at 16.65, against 16.50 and 16.55 a
week earlier. Final quotations for Spanish pesetas
were 15.51 for checks and 15.56 for cable remittances,
which compares with 15.54 and 15.59 the week
previous.
The New York Clearing House banks, in their
operations with interior banking institutions, have
gained $5,267,417 net in c4sh as a result of the cur.
rency movements for the week ending July 13.
Their receipts from the interior have aggregated
$6,077,417, while the shipments have reached $810,000, as per the following table:
CURRENCY RECEIPTS AND SHIPMENTS BY NEW YORK BANKING
INSTITUTIONS.
Week ending July 13.
Noon Buying Rate for Cable Transfers in New York.
Value in United States Money.
July 8. July10. July 11. July12. Jut,/ 13. July 14.
$
3
$
EUROPE$
3
$
Austria, krone
.000047 .000045 .00004, .000043 .000040 .000C39
.0756
.0772
.C782
Belgium, franc
.0745
.0781
.0780
.00724
.007267
.007213
Bulgaria, ley
.0072
.007208 .007263
Czechoslovakia, krone__ _ _ .021039 .022878 .024122 .021561 .021222 .022928
.2156
.2151
.2157
Denmark, krone
.2158
.2151
.2152
4.4458 4.4471 4.4412 4.4387 4.9420 4.4414
England, pound
Finland, markga
.021513 .022188 .022188 .021863 .0209
.02C75
.0806
.0788
.0820
.0825
.0818
France,franc
.0780
Germany, reichsmark_ _ - _ .001813 .00194, .0O2047 .002307 .002273 .002176
.0288
.0279
.0278
.0277
0278
.0278
Greece, drachma
.3876
.3882
.3876
.3884
.3884
.3885
Holland, guilder
.000844 .00081: .000697 .000719 .000781 .000772
Hungary, krone
.0449
.0950
.0447
Italy, lire
.0453
.0453
.0440
Jugoslavia, krone
.003019 .003011 .002961 002947 .002985 .002947
.1642
.1639
.1648
.1845
Norway, krone
.1658
.1651
.000202 .000183 .000174 .000172
Poland, Polish mark
.000207 .0002
.0731
.0729
.0733
.0723
.0715
Portugal, escuda
.0708
Rumania,leu
.005629 .00555 .005625 .005669 .005869 .005816
Serbia, dinar
.011879 .011793
.012067 .012043 .011864 .0118
.1558
.1559
Spain, peseta
1559
.1558
.1556
,1560
.2585
.2584
Sweden, krona
.2584
.2588
.2597
.2588
.1915
.1915
Switzerland, franc
.1915
.1915
.1916
.1912
ASIA.8117
China, Chefoo taxi
.8175
.8083
.8092
.8108
.8183
" Hankow tael
.8058
.8017
.8117
.8025
.8042
.8125
.7754
.7743
.7716
" Shanghri taxi
.7806
.7816
.7809
.8125
.8133
.8150
.8208
.8142
Tientsin tael
.8225
.5784
.5760
.5775
.5783
.5793
" Hong Kong dollar_ .5825
.5643
.5643
.5693
" Mexican dollar.__
.5630
.5630
.5680
" Tientsin or Pelyang.5775
.5800
.5846
.5750
.5808
dollar
.5883
.5725
.5725
.5758
.5725
Yuan dollar
.5783
.5700
.2892
.2889 • .2885
India, rupee
.2891
.2890
.2883
.9784
.4776
.9771
Japan, yen......
.4773
.4793
.4772
.5058
,6033
.5058 • .5063
.5075
Singapore, dollar
'
.5088
"NORTH AMERICA.
Canada, dollar
.986833 .987167 .988203 .987773 .988056 .989361
.997871
.0080
.9980
.9080
Cuba, peso
.998125 .9980
.4840
.484219 .483125 .483281
.484831 .4840
Mexico, peso
.985781
..984844
.985489
.085489 .987261
Newfoundland, dollar.- .984531
SOUTH AMERICA- '
.8098
.8111
.8180
.8121
.8154
Argentina. Peso (gold) . .8157
.1355
.1353
.1357
•
.1350
.1350
.1350
Brazil, mitre/11s
.8177
R1119
.8176
.8176
.8153
.8145
Uruguay. neso
•
As to South American exchange the situation is still
unchanged. There is a firm undertone, though the
4 and
closing rate for checks on Argentina wasP 353
against
357
35%,
4
transfers
and
36
cable
for
a
was
exchange
trifle
Brazilian
at
easier,
week.
last
4 for cable transfers, com13% for checks and 133
Gain or Loss
to Banks.
Out of
Banks.
3810,000 Gain $5,267,417
As the Sub-Treasury was taken over by the Federal Reserve Bank on Dec. 6 1920, it is no longer
possible to show the effect of Government operations on the Clearing House institutions. The Federal Reserve Bank of New York was creditor at the
Clearing House each day as follows:
DAILY CREDIT BALANCES OF NEW YORK FEDERAL RESERVE BANK
AT CLEARING HOUSE.
Saturday,
July 8.
Monday,
July 10.
Tuesday, Wednesd'y, Thursday, Friday,
July 13. July 14.
July 11. July 12.
Aggregate
for Week.
3
$
56.400.000 66,400,000 39,200,000 53,400.000 40,000,000 64,400,000 Cr. 319,800,000
mass of checks which corns
Note.-The foregoing heavy credits reflect theofhuge
the country in the operation of
from all parts
to the New York Reserve Bank
scheme. These large credit balances
collection
per
System's
Reserve
Federal
the
operations with tht;
however,show nothing as to the results or the Reserve Bank's
the sccount, as checks
Clearing House institutions. They represent only one side of
to the bank and never
directly
presented
are
itself
Bank
Reserve
the
drawn on
go through the Clearing House.
The following table indicates the amount of bullion in the principal European banks:
Country and Monetary Unit.
$6,077,417
Banks' interior movement
FOREIGN EXCHANGE RATES CERTIFIED BY FEDERAL RESERVE
BANK TO TREASURY UNDER EMERGENCY TARIFF ACT,
JULY 8 1922 TO JULY 14 1922. INCLUSIVE.
Into
Banks.
July 14 1921,
July 13 1922.
Banks of
Gold.
Silver.
Gold.
Total.
Miser,
Total.
127,900,698 128,373,661
128,373,661
England _ 127,900,698
France _ sr _ 143,248,701 11,400,000 154,648,701 142,894,766 10,970.000 153,864,706
553,15 55,131,150
898,950 51,010,330 54,578,000
Germany - 50,111,380
Aug.-Hun- 10,944,000 2,369,000 13,313,000 10,914,0001 2,369,000 13,313,000
-- 100,916,000 25,955,000 126,871,00 99,518,000 24,882,000 124,400,000
34,516,000 3,053,000 37,569,000 33,048.000 3,000,000 36,048,000
Italy
625,000 51,121,00 50,497,000
952,000 51,449,000
Netherl'd 50,496,000
10.864,000 1.676,000 12,340,00 10,662,000 1,544,000 12,206,000
Berg..
Nat.
4,431,000 26,194,000
Swill'land 21,235,000 4,675,000 25,910.00 21,763,00
15,221,00 15,633,0011
15,221,000
15,633,000
Sweden
218,000 12,902.00 12.612.0004
12,849,000
207,0
Denmark. 12,684,000
8,183,00
8,115,000
8,115,0001
8,183,000
Norway
11
Total week 586,119,779 50,869,950636,989,729588,668,427 48,908,1501637,576,577
Prey. week 586,858,162 50,414,250637,272,412 588,727,609 48,983.1504637,710,759
a Gold holdings of the Bank of France this year are exclusive of £77,934,182
held abroad.
THE "INSTITUTIONS OF THE PRESENT."
We like to quote what President Harding says,
especially on the more informal occasions. As he
was returning to the capital the other day he stopped
over a short time at a small college in southeastern
Ohio, a school he formerly attended when it bore
another name. An honorary degree was conferred
upon him, and he made a short and "characteristic"
address. It is filled with that wholesome feeling
and sound judgment he so commonly expresses. Here
is a short statement therefrom: "Life is a very practical thing, but if you meet the problems of life in
simplicity and in patriotic devotion to your country
you need have no fear. The institutions of the present must be maintained. Men come to us and tell us
we must revolutionize the social system, but all the
insurgency has made no impression and no change."
JULY 15 1922.1
THE CHRONICLE
231
We wonder if this brief philosophy will attain a froth and frenzy about us. While the reformers rant,
full appreciation by that vast public outside and be- we work. And while we work we accomplish, and
yond this small college to which it was addressed. while we think we invent, and while we attain in theAnd do we, all, realize the deep and significant truth tangible we make possible the spiritual and the culit contains. "The institutions of the present"—are tural. But this indifference varied, it is true, by
we not maintaining them every day, each one of us, emotional excitements that change as the wind veers,.
as we proceed "about our business" in the orderly should not blind us to the solidity of the ground untasks of life; in earning "a little more than we der our feet, to the fundamentals we are, it may bespend"; in serving our neighbors in friendship as we unconsciously, maintaining in the midst of clamor
would be served; in taking a full part in the popular and cant. Should we not rejoice rather than dejudgment at the polls; and in worshipping and rev- spair? Note how quick, how magically quick, these
erencing God according to the dictates of our own "clouds that lower" vanish into thin air. To-day it is
free and personal consciences? What makes for the an ominous strike, a foreboding of political revolubody of peace in our affairs, what constitutes the tion, an onerous law—to-morrow, another "issue,"
mainstay of culture and civilization, if it be not just but while we work civilization stands!
this? And what matter place, power and wealth
"OUTLAWRY"—APPLIED TO UNIONS.
when the end comes, as the President indicates, withChairman Hooper of the Railroad Labor Board deout the consciousness of a life in itself well-spent,
whatever of fortune be the result? A writer has re- nies that the Board used the -rasping" word -outcently been caught by the phrase "a hundred years lawed" as applied to the conduct of the members of
from now." What matter then, to any of us, these the shop crafts unions who are undertaking to set at
fierce contentions of to-day, this thirst for "leader- naught the decisions of the Board. But the situation
ship," this sacrifice of all to mere accumulation, if which calls forth the implied implication of the term
in the "backward looking," if such immortality be "outlaws" to members of shop unions on strike is
granted to man, there shall not be some small voice not a complicated one. The power to render a semiof approval of self for an humble part well played?
judicial decision in a case properly in court does not
Perhaps this seems nothing to us now. But over militate against the justice thereof though there be
the backward glance of that hundred years, what no accompanying power of enforcement. The railchanges will appear! Someone has given us this roads and the unions were properly
before the Railthought regarding the journey into this hereafter, road Labor Board over the matter
of a readjustment
and it is that"I shall travel light." There will be no of wages. A decision was rendered
which the unions
weight of attainments or of possessions other than refused to accept. A strike
vote was taken and a
those embodied in "character." And if we come back strike ordered, in the very
face of this decision. A.
from this fancying to the real and living present, bow citation was ignored
by one of the chief labor leaders.
potent must be that admonition to live simply and The Railroad
Labor Board thereupon declared all of
without fear, maintaining the good we have. Above the union strikers
no longer employees of the railthis life and to every man according to his plain and roads and
therefore, under the statute, no longer havhelpful service in the ways permitted to him person- ing the right
to representation before the Board.
ally, the thousand reforms will pass but as the storms They were
declared to be "outside the law."
of summer.
The "outlaw" in the unsettled early days was one
And how true it is that "all the insurgency has who by the crimes
he committed put himself beyond
made no impression and no change." In the larger, the pale of his
fellowmen. Usually a price was put
broader sense are we not the same people working in upon his
head, a reward offered for his capture,
the same ways, under and in and by the same institu- "dead or alive."
Having forfeited the respect of his
tions? The changes that seem sometimes climacteric fellows, every
man's hand was legitimately against
—how soon are they followed by other changes, him. From
being a hunter of men he became the
found wanting in the things that are essential, mere hunted. The
essential quality of this condition was
trials and soon tried out and abandoned, while the that the man had
gone beyond the mere harming of a
substructure of individualism, of ownership of the fellow and had by his
acts become the enemy of sorewards of toil, of the initiative that creates, and of ciety. The word as now applied carries
with it in our
the opportunities which come from unified effort, more settled times none of the implicati
on of vicious
that unity which is the purpose common in all free- and atrocious crime. But, in the essential,
that, cerdom, of acquisition both material and spiritual, still tain acts when they ignore the laws
made and proremain our hope and our dependence! Are we writ- vided become acts against these laws;
that, acts may
ing the doom of progress, we who have no part in go beyond the interests of two parties
in disagreethese "mighty movements" so fraught with promise, ment and thus become inimical to the
public welfare;
so often ending in failure? By no means—we are in these essentials the term properly
adheres. And
only maintaining the "institutions of the present." this is the meaning when it is said
"the strike is
And it is not these institutions which are harming us really against the Government." For
the Railroad
in our civic and economic living—but the uses to Labor Board, however
ineffectual it may be to enwhich they are sometimes put, and the iconoclasts force its decisions,is a duly constituted agency
of the
that would break them for the untried ones.
Government, and in so far is the Government.
We need to take some interest in our own selves, to
And is it not a fact that men who elect a cessation
have a more abundant self-respect. If we listen only of work on their own determina
tion, independent of
to those who seek by the power of the ballot and the the wish and
will of employers, are not only "the unforce of law to fasten their own more insistent wills employed," but are
not longer "employees" in the
upon us, we shall soon become a race of hero-worship- sense that they can
become a party to an agreement
pers, a citizenship of abject leaning upon self-consti- over wages in a
contest where two sides are repretuted leaders. The truth is that we are indifferent sented. before the
Railroad Labor Board as a triin our daily pursuits to the political and theoretica bunal?
l
In some cases preparations for immediate
I•
232
T1TE CHRONICLE
[Vol,. 115.
commencement of the fiscal year, with its attendant
questions of financial policy and business administration. These meetings, inaugurated at the suggestion of General Dawes a year ago, have become a settled practice under the present Administration. It
is to be hoped that they will never be abandoned.
The President opened the meeting with an address
in which he reviewed the financial operations of the
Government for the past fiscal year and laid down
certain principles to which he proposed to adhere
for the current fiscal year 1923 and the coming fiscal
year 1924. He showed that the estimated expenditures—estimates prepared by the spending departments—at the beginning of the fiscal year 1922 were
$4,554,000,000, whereas at the close of that year the
figure stood at $3,795,000,000, a reduction of $759,000,000. During that interim General Dawes had
been operating. Instead of a deficit there was an excess of receipts over expenditures of $313,000,000.
For the current fiscal year the President gave the
best available estimate of receipts at $3,074,000,000
and the estimated expenditures at $3,771,000,000,
leaving an estimated excess of expenditures over receipts at $697,000,000. The President stated that
there was an offset of $272,000,000 to this sum, it being the general balance in the Treasury at the close
of 1922 and applicable to 1923 expenditures. This
reduces the apparent deficit for 1923 to $425,000,000.
It will be the job of General Lord, the new Director
of the Budget, to attempt to hold the actual expenditures within the receipts and to eliminate the apparent deficit. This will prove a much more difficult
undertaking than the reduction made by General
Dawes last year. The estimated expenditures for
the current fiscal year were made after the Bureau
of the Budget had been in operation a year, and they
are based primarily upon appropriations made for
the first time under the budget system under the combined pressure for economy and retrenchment by
both the President and Congress, whereas the estimated expenditures at the beginning of the last fiscal year were made before the system of centralized
control had gotten under way.
A further difficulty must be confronted in the attempt to eliminate this prospective deficit. Congress will no doubt make additional appropriations
for the fiscal year 1923. There will be deficiency and
supplemental appropriations. It is not possible to
avoid these in Governmental operations on the scale
carried on by the United States. Pending claims
against the Government, including .those against the
Shipping Board, amount to about $1,300,000,000.
Some of these, no doubt, will be settled during the
year, but the estimated expenditures above given do
not include items of this character. There are also
other projects before Congress which may be adopted
and for which expenditures may have to be made
during 1923. One of these is the soldiers' bonus bill.
Much of the money spent by the Government is not
subject to administrative control. The largest item
of this character is the one billion dollar annual interest on the public debt. Large sums are also paid
THE THIRD SEMI-ANNUAL GOVERNMENTAL out under specific grants of funds by Congress, and
BUSINESS MEETING.
there is no choice on the part of the executive but to
the items of State aid for good
We cannot refrain from commenting upon the pay it. There are
education, Civil and Spanishvocational
and
progress made in the business conduct of the Federal roads
allotments to disabled solpensions,
war
American
Government. On July 11 President Harding met in
whole, the total funds
the
On
like.
the
and
diers
business conference all of the officers of the Governthe fiscal year 1923
for
expenditure
for
available
to
administer the exment charged With authority
are not more
control
executive
to
subject
are
which
The
occasion was the
penditure of public funds.
payment of wages due are being made. In others a
time is set within which the men must return to
work, if they would retain their jobs, a return, which
would naturally reinstate the union employees as
parties in the represenation before the Board. It is
further announced in some cases that rights of seniority are forfeited and that re-employment will be
as in the case of new men,if at all. This is in accord
with the proposition that this strike has put the men
outside the pale of the law. And if it is true that employers have refused to obey the findings of the Railroad Labor Board and should equally be declared
"outlaws," it would not alter the condition and appellation with reference to union strikers, rather
would confirm the use of the term as a proper one.
But there is a difference.
Whatever may be the minor question at issue, the
major one is transportation. Place, if you will, employers and employees in opposition before the
Board. Say, if that be your opinion, that the employers have refused to obey decisions of the Board.
The difference is this --that while,if such be the case,
the employers have refused to obey decisions, they
have not withheld thereby the exercise of their full
power in providing the people with full and adequate
transportation. They have not refused to run the
roads. •They have not by such refusal made themselves the enemies of society and business. But have
not the shop unions done this very thing when by
exerting their full power by strike they have prevented, as far as they are concerned, the running of
the roads? The public good depends upon continuous transportation. Its prevention by either employers or employees is contrary thereto. If,in an admissible case of refusal to obey, employers still maintain the interests of the public by running the roads
and the unions do not and refuse to work, is it not
plain that "outlawry" as defined applies to one and
not the other?
The use of the word serves to bring into stronger
relief the principle that laws made and provided are
in the interests of the people and that rebellion
against law puts the rebels outside the law, and
-against the interests and welfare of society. The
right of individual cessation from work by the independent worker does not enter into the contention.
Nor is even the decision of a shop committee to cease
from work at stake. The crux of the matter is that
an organization not incorporated acting upon, and
through, and by, its members, prevents, or attempts
to prevent, continuance of transportation and thus
deprives its members of status before the Board, and
by its own acts renders itself outside the pale of public sympathy and support. And if there ensue, we
hope this will not be the case, depredations upon
railroad property and violent interference with other
men who would work, then the fitness of the term
"outlawry" will not only be enhanced, but the welfare of society will be further broken, and it is not
unlikely that the word will come into common usage
as defining the effect of all strikes.
JULY 15 1922.]
THE CHRONICLE
than $1,750,000,000. Whatever savings may be effected in the expenditures for 1923 must be made out
of this sum.
The President stated that during the fiscal year
1922 deficiency and supplemental estimates were
submitted to Congress in the sum of $661,251,409. He
mentioned this as a warninglor 1923, and said that
he would countenance no laxity on the part of responsible officials with regard to such estimates.
After reviewing 1922 and laying down instructions
for 1923, the President turned to 1924. He gave the
estimated receipts for the fiscal year 1924 as $3,198,000,000. And right here the President enunciated a
principle and a determination with reference to the
preparation of the budget for 1924. He said:
"We must all keep constantly in mind that the
probable receipts for 1924 will not permit as liberal
appropriations as for 1923. In that connection, I
may say frankly to you that I will not send to Congress estimates exceeding the probable receipts of
the -Government, and I must warn you that unless
you use your pruning knives, the Executive will be
compelled to cut deeply the estimates presented."
In other words, the total for the budget is already
fixed by the total prospective revenues. This is a
new doctrine in the Government the beneficial effect
of which cannot be overestimated. So far as the
President can control the finances of the Government
we will pay as we go. If Congress espouses the same
doctrine there will at least be no increase in taxes in
the near future.
General Lord followed the President with an able
business address in which he analyzed in detail the
financial situation facing the Government during
the next two years. He pleaded with the administrative officers to bend every effort toward the strictest
economy in the expenditure of public funds.
At this meeting the annual report for 1922 of the
Director of the Budget was submitted to the President along with reports from the co-ordinating agencies. This report is very enlightening. It tells the
story of the first year's operation of the Bureau of
the Budget and how each step in the organization of
the Bureau was taken. A large part of the report is
devoted to a statement of the principles and methods
now being applied to the administration of the Government's business.
THE COST OF STRIKES.
Starting with the remark that from one and a
quarter to one and a half millions of railway wage
earners are now on strike, the "Herald" editorially
ventures some estimate of the current waste involved. Taking the average daily earning of these
men at $5 to $6, their lost wages may run from six
to seven and a half millions per working day, or over
two billions a year. There is necessarily an indirect
or "spreading" and "expanding" loss, which might
be likened to the widening circles that follow dropping a stone into smooth water. All men and movements, all causes and effects, are so bound together
that the immediate and near-by consequences of incidents are liable to be less important than other
consequences later in time and distant in place.
The secondary and consequential loss to the whole
country, the "Herald" thinks, may equal now and in
course of time may surpass the direct primary loss
of earnings by the strikers; but even if it does not
surpass that, the two together range between 12 and
233
15 millions a day. "This is an industrial loss a
financial cost, an economic wastage, that no war on
the face of the earth ever reached,ever approximated,
until virtually the whole world went into the recent
war which wrecked the economic stability and all
but paralyzed the industrial powers of the Old
World."
We have unhappily got so blunted to huge figures
that their significance does not impress us, unless
possibly when the cost of living challenges us and
the tax collectors send us their unwelcome blanks;
but it may give some impression of the burden of this
estimated rate of two billions a year wasted by this
present strike to recall that the total debt of the country at the end of the Civil War was under two and
a half billions. So if this estimated rate of waste
continued for a year (which we may imagine, for
illustrative purposes) it would. not come far short
of the burden upon us at that date.
Some statisticians have sought to draw a useful
moral by trying to reckon what the World War has
cost the world. The debts incurred, the sums expended upon war materials, the wage and subsistence of men diverted from production to destroying
one another—all these positive factors of waste
might be estimated, and to the total might be added
a guess at the value of property destroyed in the
countries which had to furnish the battlefields and
another guess at the worth of human lives in terms
of money; but all this would be as hopeless of accuracy as would an effort to compute the total energy
expended upon this globe by the sun before the appearance of man. To try to compute all the wastes
by strikes is also an impossibility, though on a less
colossal scale. The wage loss is immediately upon
the men who rush into idleness. The quantity of
money existing is not diminished. But production
falls off, and consumption increases, per attacks
upon property, the perishing of foods in transit, and
all the multiform ways in which men—and women,
too—reverse their natural conduct and give the rein
to mad passions. In the last 30 years, not to go farther back, there has been no considerable time when
there was not some strike of larger or lesser size
"on," and all the truce intervals would not, if gathered together, amount to a long term of years. In
the entire term, furthermore, there have been very
few cases where the workers left their jobs and refrained from some form of attempted interference
between the late employer and those who sought to
take the vacated places. It is moderation in statement to say that the strike, as it has been used, has
been not merely a denial of and an attack upon the
rights and welfare of non-unionized workers, but a
series of acts of warfare—it might perhaps be classed
as guerilla warfare—upon society.
It is vain to deny that human nature is selfish, and
that there has been a conflict between the past labor
which had created capital and the present labor
which had to earn subsistence; therefore, it is vain to
deny that labor both had the right and lay under the
duty of organizing. But in the effort to maintain individual rights it began, almost at the very beginning
of its collective bargaining, to deny those rights. It
should have laid stress upon helping workers in
trouble, it should have stimulated ambition by the
offer of opportunity and reward, it should have
spurred along the lazy and indifferent by pointing
them to better examples and bidding them kick if
they were not willing to sink. On the contrary, in
234
TIM CHRONICLE
misuse of a really good motto that the injury of one
is the concern of all, it has leveled downward instead of upward, hampering the competent and earnest worker by tying him to the drone. Mr. Gompers's private copy of the Declaration of 1776 supposably includes the right of every human being to
use his powers of body and mind for his own betterment—that is, a man has the right to work; where
did Mr. Gompers, or any other labor dictator, find
authority for denying the right of every man to work
all he can, as hard as he can, and as intelligently
and effectively as he can, without consent of other
men, whether on strike or not on strike?
Yet the dogma that in a strike all rights except the
self-asserted rights of strikers are automatically suspended has run, like a dark stream of wrong and
trouble, through the long history of industrial warfares; this is a variant of the saying that in war the
laws are silent, in the grasp of a major force.
Blinded by holding before its eyes the dogma that
there is an irrepressible conflict between capital and
labor, unionism has gone as madly counter to fundamental economic laws as if it had sought to suspend
the law of gravity. This it has done, chiefly, by assuming that human consumption and wants are limited, that the field for labor is consequently limited
also, and that when one worker is busy some other is
kept idle. Stated otherwise, the union fallacy has
been, and still is, that employment is the end to be
sought and that it stands upon relative scarcity and
not upon relative abundance of commodities, or,
again stated otherwise, that workers must guard
against working too efficiently and producing too
much. Under this delusion, unionism has naturally
struggled to increase the number of dollars in its
wage instead of their purchasing power, which is the
one real standard and the only value in the wagedollar. The larger truth is that when men become
able to subsist upon the fruits of fewer hours and to
have more time for recreation and culture, this will
be because, partly by more employment of machinery and partly by greater heartiness and efficiency in
the human labor still needed, the purchasing power
of labor has increased. This is another way of saying that human betterment lies through abundance,
not scarcity. The ancient law that men must work
will never be repealed, but it will lighten its severity
by a better Compliance with it; men will ease their
work-burdens and raise the "standard of living" by
a wiser and heartier obedience to that same law.
It all comes to this: that employers have been
learning faster than employees, learning that both
are really partners in a joint aim of production, that
an enlightened selfishness considers both parties and
realizes that one cannot truly thrive alone. Even
the violence which has more and more dominated
unionism will cure itself through the natural law of
reaction. The rank and file will learn that they
have been allowing their comfortable leaders to exploit them and that they have been tricked into surrender of their freedom. The lesson will come home
to them when the increasing warfare upon both statutory and divine laws has failed, as it must fail.
Then unionized workers will see that they have been
obstructing themselves,and that prosperity comes by
agreements, not by quarrels. Then the natural "partners" will get together. The dearly-learned lesson
will never be forgotten and will ultimately be
wcrth its cost, as the price of industrial peace and
liberty.
(Vol,. 115.
THE NEW ROLE OF THE PRESIDENT—A SUGGESTIVE PARALLEL.
The new role which the President seems to be preparing to assume, or which, he might shy, is forced
upon him, cannot fail to attract public attention.
From the day of his election Mr. Harding has announced his purpose to abstain from any attempt to
interfere with Congress, not to say from any attempt to control it. Perhaps he was moved to emphasize a difference with what was charged as the
common attitude of his predecessor. Be that as it
may, his proposed policy was not debated and met
with general acceptance. It argued a comparatively
peaceful administration.
As election day approaches and important legislation halts through inconclusive debate, there are
igns of a change. To-day the President's ardent support of the subsidy bill in the face of the formal announcement of the Congressional leaders who came
to the White House to tell him that such a bill is impossible; and his declared opposition to any bonus
legislation except it be based upon an adequate provision for the necessary funds, recently faced with
the solemn procession led by Mr. McCumber "with
the bonus bill in one hand and his courage in the
other," whether eventually he signs or vetoes the bill,
point to a change in the Presidential policy now
plainly challenged. The President's recent action in
some important appointments, strongly disapproved,
and his implied attitude toward Civil Service requirements, all point in the same direction. He evidently finds it expedient under pressure of one kind
and another to assume responsibilities which have
been thought undesirable for one so heavily burdened, and which under the Constitution were assigned elsewhere. What this means as a Presidential policy or task, if it be assumed, is of sufficient
importance to be considered.
Happily, it is not a matter of theory, for there is
important historical testimony, and that from the
older form of government on which so much of our
own is based, namely that of Great Britain, with its
Premier and the House of Commons.
Sir Robert Peel, the great Prime Minister of the
early Victorian era,faced the question in his long administration in which the modern epoch was inaugurated, and stated the difficulties of the old way of
centring power and heaping up details of Government in one leader. He described himself justly as
"the Minister of the Country," and he strove to meet
the responsibility. It was in essentials much like
that of the President of the United States in both his
relation to the country and his required duties. This
is what he said of it:
"A Prime Minister who is the senior partner in
every department as well as president of the whole,
who deals with all the business of government, who
inspires and vibrates through every part, is almost,
if not quite, an impossibility. The most that can be
hoped for is that as chairman and, on most occasions,
the spokesman of that board of directors which is
called the Cabinet, he has the initiative and the guidance of large courses of public policy, but does not,
unless specially invoked, interfere departmentally.
"I defy him to perform properly the duties of his
office—to read all that ought to be read, including
the whole foreign correspondence; to see all whom he
ought to see; to superintend the grant of honors and
the disposal of patronage; to write to every person
JULY 15 1922.]
THE CHRONICLE
who chooses to write to him; to be prepared for every
debate, including the most trumpery concerns, to do
all these indispensable things and also to lead the
House of Commons.
"It is impossible for me not to feel that the duties
are incompatible and above all human strength. The
worst of it is that the really important duties to the
country—those outside of the House of Commons—
are apt to be neglected.
"I never mean to solve the difficulty by going to the
House of Lords. But it must be solved in one way or
another. The failure of the mind is the usual way,
as we know from sad experience."
He speaks of "the odious power which patronage
confers," and himself exercised it so rarely as,in view
of present conditions in Great Britain,makes his Primacy to seem like "a chapter dropped from the annals of Utopia."
Such was the pressure upon the Prime Minister in
those days that Peel could say after he had finally
left office: "I pique myself on never having proposed anything that I have not carried." And again:
"I would not accept any alteration of any of those
bills. This was thought very obstinate and presumptuous, but the fact is people like a certain degree of
obstinacy and presumption in a Minister. They
abuse him for dictation and arrogance, but they like
to be governed."
His views as to the position, it will be seen, were
not those of a disappointed man. ills term of office
was one of the very longest in modern English history, and his name remains one of the greatest. At
the last, to save the country, as he thought, he broke
with his party. He had the courage to change his
opinion on the greatest question of the day; on both
occasions reaching a decision most beneficial to the
country though reversing himself. He secured the repeal of the Roman Catholic disabilities, and he abolished Protection. He gave his fellow countrymen
"abundant and untaxed food, the sweeter, because it
is no longer leavened by a sense of injustice."
All this he accomplished while bearing the burdens
and striving to meet the innumerable tasks which
custom and tradition had laid upon him. He was
bitterly charged with betraying his party, and "gave
to English public life a shock from which to this day
it has scarcely recovered." It led to Disraeli's saying in 1867,"Pass the bill first; and then turn out the
Ministry."
So strong is established custom and precedent that
an experienced politician, Lord Rosebery, says that
to the ordinary apprehension the Prime Minister is a
dictator whose power finds its only limits in the
House of Commons. As long as he can weather that
stormful and deceptive ocean he is elsewhere supreme. But in fact he is practically Chairman of all
Executive Committees of the Privy Council. His
power is mainly personal, the power of individual influence. That influence he has to exert in many directions before he can have his way. To the popular
eye he represents universal power; he is spoken of as
if he had only to lay down his views of policy and to
adhere to them. But that is very far from being the
case. He has to convince his colleagues as well as
his Cabinet; some he may have to humor, some even
to cajole; a harassing, laborious and ungracious
task. He has to blend their public utterances, to fuse
all, as well as may be, into the policy of the Government. Without the external support of his Cabinet
he is disarmed. The resignation of a colleague, however relatively insignificant, is a storm signal.
235
Whether the system of Cabinet government be an
efficient one or not is not now the question. In a
country with so much of democracy about it as Great
Britain,to the inquiring foreigner it seems extraordinary. It is a feature of that Anglo-Saxon inheritance which has lived through long centuries and has
passed in varied form over to us.
There is always much to be learned whenever occasion arises seeming to demand marked modifications. The power of Public Opinion and of the Press
lies behind it and that has proved adequate and eventually sufficient. So powerful indeed that from that
earlier period Sheridan's great words have come
down to us. "Give," he said,"give to Ministers a corrupt House of Commons, give them a pliant and servile House of Lords, give them the keys of the Treasury and the patronage of the Crown, and give me the
liberty of the Press, and with this mighty engine I
will overthrow the fabric of corruption, and establish upon its ruins the rights and privileges of the
people."
The American people to-day are deeply concerned
with the many and great evils which have followed
the war, and are restless over the ineffectiveness and
endless delays of the Government. The Press never
was so great, so powerful, or freer than it is to-day.
When the President, responsive to this situation,
feels moved to new measures, or driven to load himself with new duties and the responsibility of imperative decisions, it is well both for him and the people
to have in mind the peril of such added burdens and
unaccustomed action, and rather to seek the desired
end by the enlightenment of the public and the moral
strength begotten of invincible patience.
THE MERCANTILE FAILURES FOR JUNE AND
THE HALF YEAR.
Insolvencies in June,as in May,show some further
reductions, both in number and in the amount of liabilities, in contrast with the extremely heavy totals
of the earlier months this year, and under normal
conditions some decrease as the year advances may
be expected as to both features of this important
phase of the economic situation, but compared with
the corresponding months of the preceding years,
even with June 1921, when commercial failures were
unusually numerous, there is still a considerable increase.
The June failures this year in mercantile lines, as
distinguished from the insolvencies of banking and
other fiduciary institutions, which in the tabulations
of R. G. Dun & Co., the mercantile agency, are reported separately (and our statements of insolvencies are based on the statistics compiled by this
firm), number 1,740, and the amount involved is P8,242,450. These figures contrast with 1,320 similar
defaults in June 1921, when the liabilities were $34,639,375. In June 1915, the first year following the
declaration of war in Europe, there were a few more
commercial failures reported (1,754) than in June
this year, but with that exception the figures given
for this year are much the largest for that month of
any year. As previously noted, the exceptional conditions existing in 1915 caused many insolvencies,
and while there was some diminution as to the number as that year advanced, defaults continued very
heavy well into the following year. As to liabilities,
the report for June 1915, $18,313,118 contrasts with
$34,639,375 in June this year.
236
THE CHRONICLE
[VOL. 115.
The report of It. G.Dun & Co., which also separates final three months of 1921 there were 6,145 insolventhe insolvencies into the leading classes of trades, cies reported, with total defaulted indebtedness of
shows that in June this year there were 409 defaults $194,030,880, but that period may very properly be
in manufacturing lines, with liabilities of $11,575,- considered part and parcel of the period of liquida842; 1,259 defaults in trading lines, with a total de- tion, which has now been in progress for a year or
faulted indebtedness of $20,837,492, and 72 in other more.
mercantile lines, mainly agents and brokers, as disAll sections of the country report an increase in
tinguished from the two leading classifications, with the number of insolvencies for the second quarter of
debts aggregating $5,829,116. These figures contrast 1922, as contrasted with 1921, and in most sections
with the following for June 1921: Manufacturing, there is likewise a considerable increase as to the
321, with an indebtedness of $14,997,408; trading, amount of defaulted indebtedness this year. In the
917, with liabilities of $13,475,783, and the third division classified as Central Eastern, embracing
classification, 82, with a defaulted indebtedness of the States of Ohio, west to the Mississippi River and
$6,166,184. In the manufacturing division there is a north of the Ohio River, the number and liabilities
considerable gain in June of this year as to number are considerably higher this year. Ohio and Illinois
of insolvencies among the milling and bakery lines; report many more failures than in the second quarter
some further increase in clothing manufacturing and of 1921, and in Wisconsin, the number this year is
similar lines, although the increase here is not so more than doubled, although the figures are relamarked as it has been in the earlier months of this tively small contrasted with those of the two other
year, and a considerable increase as to number in the States just mentioned. The increase in this section
large miscellaneous manufacturing division. As to is mainly in manufacturing lines, but a considerable
lumber, for June, a decrease in number and the gain also appears among traders. Most sections
amount of defaulted indebtedness appears in the show some increase in the second quarter this year
comparison with June of last year. Among traders, as to the amount of indebtedness reported. There is,
the increase this year over June 1921 is largely in the however, a noteworthy reduction in the indebtedness
clothing class. There is a slight gain as to insolven- reported by the Central Western States this year,
cies among general stores and groceries, and most of from $30,850,533 in the second quarter of 1921 to
the other trading lines show a small increase over $10,458,159 in the corresponding period of 1922. This
the corresponding month of 1921.
section embraces seven States west of the Mississippi
As in the earlier months this year, the number of River and north of Missouri and Kansas, the last
defaults of exceptional size have been unusually two mentioned States being included. The reduction
heavy. A division of the June report shows that this is in large measure due to much smaller liabilities
year $16,166,970 of the total liabilities of $38,242,450 reported this year in Missouri, or rather to the unfor that month were embraced in insolvencies where usually large amount tabulated for that State in the
the defaulted indebtedness in each case amounted to second quarter of 1921, and was occasioned by a sin$100,000 or more. There were 61 such defaults in gle large failure in the class of agents and brokers,
June, and the average for each default was $265,000 apparently for $15,000,000 or $20,000,000, during
of liabilities. Owing mainly to the exceptional num- that period a year ago. There is, likewise, a large reber of these large failures, liabilities have been very duction in the amount of liabilities reported for Nehigh during each month since November last, braska this year as compared with 1921, the figures
amounting in December to $87,502,000, and exceed- for the second quarter for that State in 1922 amounting $70,000,000 each month for the first four months ing to $1,777,906, as contrasted with $5,096,127 for
fo 1922.
the corresponding time a year ago. Smaller defaulted
The figures for the second quarter of 1922, and for indebtedness is reported this year in Kansas and
the six months by geographical divisions are now North and South Dakota, all agricultural States, almade available. For the second quarter of this year though the number of defaults in all of these States
there were 5,867 mercantile failures reported, with is slightly larger this year. In the South a number
assets of $96,691,906, and liabilities of $155,703,973. of the States report a smaller aggregate of indebtedThese figures contrast with 4,163 defaults in the sec- ness this year, and in one or two instances in the
ond quarter of 1921, with assets of $86,017,791, and South the number of defaults for the second quarter
a defaulted indebtedness of $130,273,614. In no sec- of this year is slightly under that of the correspondond quarter since the compilation of these figures ing period of last year. In the New England and
was first undertaken, and they cover now consider- Middle Atlantic States there is a considerable inably more than half a century, not even in the second crease, both as to number, as well as to defaulted inquarter of 1915, is this year's figures exceeded, al- debtedness during the second quarter this year, as
though as to number the insolvencies in the second contrasted with the corresponding period a year ago,
quarter of 1915 nearly approach those of this year, a notable exception being Pennsylvania, in which
5,524 in the second quarter of 1915, contrasting with State a smaller number of failures appear this year
5,867 defaults in the second quarter of this year. as compared with last year; also smaller liabilities.
With the exception of these two years, 1915 and 1922,
Banking defaults, according to the report of R. G.
the failures in the second quarter of 1921, 4,163 in Dun & Co., number this year for the second quarter
number, are the highest. In the second quarter of 58, and the amount of indebtedness is $14,825,348.
1893, just preceding the panic of that year, mercan- During the first three months of this year the banktile defaults numbered 3,199, with an indebtedness ing failures were 94 in number and the defaulted inof $121,541,239.
debtedness $27,073,782, and in the second quarter of
During the first quarter of this year there were 1921 the number was 78, and the amount of liabili7,517 commercial failures reported, with liabilities ties $24,849,241. This year, during the second quarof $218,012,365, and in no preceding period of three ter, there were 27 bank failures, with defaulted inmonths of the country's history have these figures debtedness of $6,906,438 in the seven Central Westbeen exceeded, except as to the number, for in the ern States comprising the section west of the Missis-
JULY 15 1922.]
THE CHRONICLE
sippi River, and north of Missouri and Kansas, including both of the latter. There were eight banking
defaults, with liabilities of $2,577,000 reported for
the four States immediately west of the above mentioned group. In the Central Southern States, which
includes with the five Southern States west of the
Atlantic Coast group, Texas, Oklahoma and Arkansas, there were 11 banking defaults in the second
quarter of this year, with liabilities of $1,504,638,
while in the South Atlantic States six similar insolvencies occurred, with defaulted indebtedness of
$2,772,389. The other six banking failures were scattered and all for very moderate sums.
In Canada there were 805 commercial defaults for
$13,751;060 in the second quarter of this year. These
figures contrast with 1,094 similar defaults in the
first three months of 1922, with liabilities of $18,672,901, but only 467 insolvencies in the second quarter
of 1921 for $10,924,885 of defaulted indebtedness.
THE RAILWAY SHOPMEN STRIKE—APPLYING BOYCOTT METHODS.
The railway craftsmen's strike, which was called
to begin July 1 and at first seemed likely to expire
of inanition, has in this, its second week, developed
unexpected increase of strength and apparently assumed serious if not alarming proportions. Many
local trains have been canceled for the present. Several courts have granted injunctions for protection
of railway property, and six State Executives have
issued calls to State troops. On Tuesday the President promulgated a formal proclamation, setting
forth that men who accept employment under the
terms of the decision of the Labor Board "have the
same indisputable right to work that others have to
decline to work," and calling upon all public anthotities and all good citizens to "uphold the laws, preserve the public peace, and facilitate those operations
in safety which are essential to life and liberty and
the security of property and our common public welfare." Government is thus taking its position, baring its arm preparatory to exercising whatever power
the exigency may demand. Particularly, the mails
must and will be moved, this being one exclusive and
established Federal function. The roads, on their
part, are planning and preparing for a long siege,
should that prove unavoidable. A survey of the large
number of motor trucks in possession of the Government has been ordered,in the thought that those may
be used for mails carrying, and even mail service per
the air may possibly be pushed into increased use.
It is undeniable that there have already been delays
and impairment in both freight and passenger traffic, and the lines of the controversy are drawing
tighter, a fact not to be too much deplored, if thereby
the country gets the permanent settlement which has
so long been deferred by weakly yielding.
One of the most menacing features was the position
of the four main and "big" unions (not directly affected by the action of the minor craftsmen) that
none of their members would aid the roads by incidentally doing any work normally belonging to the
strikers, and, next, that they would not work if
troops were on the ground, not even to run trains unless those were delivered to them outside the troop
lines. This feeling is a remnant of the old union
hatred of injunctions, guards and troops, but in the
shops in Bloomington, Ill., on Wednesday, the brotherhoods rescinded the refusal.
237
No yielding disposition has been shown by the
strikers, and it is clear that the influence of the Federation of Labor upon railway workers has been bad.
Twelve national unions affiliated with the metal
trades departments of the Federation have declared
that they will quit work in any shop to which comes
repair work on locomotives or cars from roads that
have a strike of shop craftsmen. Their statement says
that the American Locomotive Works is especially
aimed at by this decision and that though the main
brotherhoods have refused to help it is expected that
locomotive repairs will soon be at a standstill. A letter to the Metal Trades Councils quotes a wire directing the heads of internationals affiliated with the
metal trades to "notify their unions at all points
where American Locomotive shops are located to give
notice to local managements that repairs will not be
done on locomotives coming from struck roads."
Nine out of ten locomotives need some kind of repair.
after each trip, adds the head of this Trades Department, "and 15,000 out of the 70,000 locomotives in
operation in the country need general repairs every.
month; at this rate it will not be long before transportation is tied up throughout the country."
This man's figuring may or may not be quite accurate, but the nature of the action proposed is unmistakable. It means applying to transportation the.
method of the boycott, primary at first but leading.
to the secondary. Locomotives from "struck" roads.
must not be repaired, and necessarily any shop which‘
attempts repairing them for their owners will next
be itself put on the "unfair list" and punished by the.
secondary ukase. In other words, the idea is that
although the striking craftsmen are not immediately
essential to operation, their labor will soon become
so needed for it, and as the purpose is to follow and
halt repair work wherever it may be taken, organized
labor will at last bring the transportation of the
country to a stand. This general tie-up, as some still
remember, was openly threatened by the Big Four,in
Washington near the end of 1916; and now—let us
not deceive ourselves about it—it is threatened,
again.
Mr. Jewell, who in the first week expressed readiness to receive peace proposals from anybody in authority, now says the way is to get the shop craftsmen and the executives together, and after having
once refused to attend any conference, he has made
through Mr. Hooper an offer to have a peace talk
and has named four "concessions" which would satisfy him: first, that the roads agree to abandon the
outside contracting; second, that they revise working rules as to overtime and holiday work; third,.
that they assure him a rehearing on wages before the
Labor Board;fourth, that they agree to establish the
adjustment boards provided for in the Act. The first
and most insuperable obstacle here is that the men
are in rebellion against the Board,the Act, and therefore the Government itself. A member of the adjustment committee of the roads says "there is only
one way to settle this strike, as far as the roads are
concerned, and that is for the shop crafts to recall
their strike order and go back to the jobs that remain
open." This means that men in revolt should cease
coercive efforts befcire they attempt to discuss terms,
and that the issue now really lies between the strikers and the Government, that is, the country. A letter signed by Messrs. Felton, Loree and Bush, chair- men of the conference committees on railroad matters, takes this view. They do not speak with author-
238
ity, but do not believe a meeting between companies
-and strikers can be arranged, because the strike is in
refusal to accept the results of arbitration of the Labor Board. The issue, they say,is not one for consid.eration by roads and strikers, "except through the
further orderly processes before the U. S. Labor
Board as contemplated by the Transportation Act."
'This conclusion, they also say, is confirmed by the
published statements that the strikers are willing to
return "only on condition that they be relieved from
acceptance of the mature decision of the Board." On
the other hand, there is no reason to doubt quick response by the carriers to any further call by the
Board, and a prompt cancellation of the strike order
"would permit resumption of former methods of conference and consideration of any matters the men
might wish to submit."
The crux of the matter is that the men cheerfully
respect the action of the Labor Board so long as it
pleases them and rebel when it does not. What we
have now is the natural result of the many past
shrinkings from present inconvenience, and the weak
readiness to accept anything which would keep
trains moving. The country has been retreating,
against all warnings that retreat makes more retreat, and that the avoided grapple must be met,
some day. That deferred "day" appears to be close
at hand, if not already here.
RAILROAD GROSS AND NET EARNINGS FOR
THE MONTH OF MAY.
Considering the conditions prevailing during the
month, our compilation of the gross and net earnings
of United States railroads for May makes an encouraging showing. Compared with the corresponding
month last year, there is improvement in both the
gross earnings and the net earnings—not much more
than nominal in the gross, but very substantial in the
net. It is the increase in the gross, even though it i's
very slight, that attracts particular attention, for it
has occurred in face of some signal drawbacks which
have operated in noteworthy degree to cut down the
freight tonnage and consequently the freight revenues.
We have reference more particularly to the coal miners' strike in both the bituminous and the anthracite
regions, which involves all the mines in the country
except those operated with non-union labor. As a
result of this strike, it appears from figures just published by the Association of Railway Executives,
coal loadings fell off 47.4% as compared with May
last year. That, of course, means a tremendous loss
in one of the largest items of tonnage.
There was, however, an increase in the loading of
all other commodities other than coal of 16.8%. And
this last, of course, reflects the revival of activity in
business in comparison with the extreme trade stagnation of a year ago. .In the grand aggregate of
freight cars loaded with all commodities (including
coal) there was an increase of approximately 332%
over the number in May 1921, and it is to this, and
possibly a slightly larger passenger traffic, that the
slight gain in gross earnings for the month disclosed
by our compilations must be attributed. It is worth
noting that though the total of the freight loadings
ran a little heavier the present year than last year, the
-aggregate of the transportation service rendered, as
measured by the number of tons moved one mile—
that is, the number of tons of freight multiplied by
[VoL. 115.
THE CHRONICLE
the distance carried—was a trifle smaller, there being
a decrease of 0.8% compared with the same month
last year.
As far as concerns railroad rates, in their bearing on
gross receipts, the horizontal reduction in freight rates
of 10%, just recently announced by the Inter-State
Commerce Commission, did not become effective
until July 1, but on the other hand there has been
in force since Jan. 1 1922 a reduction of 163/2% in
the case of rates for grain, grain products and hay in
Western territory, which has had the effect of reducing the gross revenues of the roads in the territory
affected. And as presumably reflecting the influence of that circumstance; it is significant that the
group of roads in the Southwest, where the reduction
in grain rates would be apt to count most, make poorer
comparisons than those of any other group,that group
actually showing a lower total of the gross than in the
preceding year.
The gain in the gross earnings for all the roads in
the figures as tabulated by us is only $4,069,751, or
but 0.9%. But there was at the same time a contraction in expenses of $23,995,177, and this, with the
small increase in the gross, brought about an augmentation in the net in amount of $28,064,928, or roughly
43%. In other words, the total of the net, under this
improvement, for May 1922 stands at $92,931,565,
as against $64,866,637 in May 1921, as will be seen
from the following:
1922.
Inc. (-I-) or Dec.(—)
1921.
Month of ay (199 roads)—
234,931
234,051
+880 0.38%
Miles of road
0.92%
earnings
+$4,069,751
$447,299,150
$443,229,399
Gross
354,367,585 378,362,762 —23,995,177 6.34%
Operating expenses
Netearnings
$92,931,565
364,866,637
+$28,064,928 43.27%
Thus the improvement in the net is seen to be due
mainly to the saving in expenses and this saving in
turn must be attributed in no small degree to greater
efficiency of operations. The Railroad Labor Board,
as is known, has lately prescribed lower wage schedules for the shop craft employees in the service of the
roads, and for men in the maintenance of way departments, as well as for clerks and other classes of
employees, and it is out of these wage reductions that
the strike troubles with which the carriers are now
contending have arisen. But these lower wage scales
did not go into effect until July 1, and hence have no
bearing on the results for the month of May,which we
are now discussing. As far as this back month is
concerned, the only decrease in wages has been the
general cut of 12% in the pay of railroad employees,
which has been in effect since July 1 of last year,
whereas in July 1920 alone the Railroad Labor Board
had awarded these same employees a 20% increase
in their compensation—this last having been in addition,too,to a long antecedent series of wage increases.
It was incumbent, therefore, upoii the managers to
practice the utmost economy in other directions.
That a large measure of success attended their efforts
in that respect is evident from the reduction in expenses revealed by our tabulations. More rigid
discipline among employees is now being enforced,
and of course also the carriers have improved the
personnel of the force by retaining only those of
proved efficiency and by getting rid of the indolent
and all slackers. Doubtless, also, repairs and renewals and maintenance outlays are still being restricted to absolute necessities.
In considering the 1922 decrease in the expenses,
it should be borne in mind that it follows very striking curtailment in the expense accounts a year ago.
In May last year our compilation showed $13,214,331
JULY 15 1922.]
TH I
CHRONICLE
decrease in gross, with $58,054,141 reduction in expenses, thus giving a gain of $44,839,810 in the net
earnings. The loss in the gross at that time was only
2.89%, which of course failed to reflect either the
great falling off in traffic or the extent and magnitude of the depression in trade under which the country was then laboring, the reason being that railroad
rates, both passenger and freight, had been advanced
and the added revenue from the higher rates served
to that extent to offset the loss in earnings resulting
from the Shrinkage in the volume of traffic. On the
other hand, the saving in expenses was attained in
face of higher wage scales, the Railroad Labor Board
having the previous summer awarded a 20% increase
to the employees, as already noted, at the same time
that the Inter-State Commerce Commission granted
the carriers authority to put into effect higher rate
schedules for passengers and freight. Had business
and traffic remained normal, the higher rate schedules would, according to the computations made at
the time, have added $125,000,000 a month to the
gross revenues, and the higher wage schedules would
have added $50,000,000 a month to the payroll of
the carriers, as has been frequently pointed out in
these monthly reviews.
On the other hand, in any attempt to appraise correctly the big reduction in expenses effected in both
1922 and 1921, the fact should not be overlooked that,
as a result of the antecedent prodigious increases in
the expenses, net'earnings in. 1920 had been reduced
to very low levels. In May 1920 our compilation of
earnings was a very unfavorable one by reason of the
great augmentation in operating expenses disclosed,
and as a matter of fact these high operating costs had
been a feature of the returns for many previous years,
too. Railroad operating conditions in May 1920
had been such as to render out of the question any
other than an unfavorable result. The so-called
"outlaw" strike, which had served so seriously to interfere with railroad operations in April, continued
with greatly aggravated consequences in May. The
congestion of traffic and tying up of freight, and the
embargoes thereby imposed on traffic movements,
with the shortage of cars, eventually produced a situation so desperate that on May 20, on the recommendation of the railway executives themselves, the
Inter-State Commerce Commission exercised the
emergency powers granted to it under the new
Transportation Act and arranged for the distribution
of cars without regard to ownership. In these circumstances, railroad operations not only were difficult, but costly, and accordingly it was no surprise
to find that although gross earnings increased $38,629,073 over the amount for May of the previous year, the augmentation in expenses reached
no less than $61,001,464, leaving a loss in net of
$22,372,391.
As a matter of fact, however, as already stated, the
1920 decrease in net was merely one of a series of
losses in net that had been continuing through successive years. As indicating how expenses had been
mounting up, it is only necessary to note than in
May 1919, though gross earnings --increased as compared with 1918 in amount of $35,132,305, the augmentation in expenses reached $69,091,093, leaving
a diminution in the net in amount of $33,958,788.
Similarly for May 1918 our compilations registered
$31,773,655 increase in gross, but $14,459,024 decrease in net, owing to an increase of $46,232,679 in
expenses. For the three years combined, therefore,
239
the loss in net for this single month was $70,790,203,
in face of an increase in gross earnings of $105,535,033. Expenses in the three years for this month increased $176,325,236. Even prior to 1918 rising
expenses were a feature of the returns, though not,
of course, to anywhere near the extent which subsequently developed. In the following we show the
May comparisons for each year back to 1906. We
give the results just as registered by our own tables
each year, though in 1908 and prior. years a portion
of the railroad mileage of the country was unrepresented in the totals, owing to the refusal at that time
of some of the roads to furnish monthly figures for
publication.
Gross Earnings.
Year.
Year
Given.
Year
Increase or
Preceding. Decrease.
Net Earnings.
Year
Given.
Year
Increase or
Preceding. Decrease.
May.
$
$
1906 -- 115,304,506 105,787,062 +9,517,444 34,414,213 30,946,848 +3,467,365
1907 __ _ 144,267,760 121,074,984 +23,192,776 43,765,836 37,319,290 +6,446,546
1908 -_- 133,680,555 172,218,497 —38,537,942 38,076,927 50,922,678-12,845,751
1909
196,826,686 170,600,041 +26,226,645 64,690,920 49,789,800 +14,901,120
1910
230,033,384 198,049,990 +31,983,394 70,084,170 64,857,343 +5,226,827
1911
226,442.818 231,066,896 —4,624,078 69,173,574 70,868,645 —1,695,071
1912
232,229,364 226,184,666 +6,044,698 66,035,597 68,488,263 —2,452,666
1913
263,496,033 232,879,970 +30,616,063 73,672,313 66,499,916 +7,172,397
1914
39,427,102 265,435,022 —26,007,920 57,628,765 73,385,635 —15,756,870
1915
44,692,738 243,367,953 +1,324,785 71,958,563 57,339,166 +4,619,397
1916
308,029,096 244,580,685 +63,448,411 105,598,255 71,791,320 +33,806.935
1917
53,825,032308,132,969 +45,692,063 109,307,435 105,782,717 +3,524.718
1918 _- 74,237,097 342,463,442 +31,773,655 91,995,194 106,454,218-14,459,024
1919
413,190,468 378,058,163 +35,132,305 58,293,249 92,252,037 —33,958.786
1920 __ - 387,330,487 348,701,414 +38,629,073 28,684,058 51,056,449-22,372,391
1921
444,028,885 457,243,216 —13,214,331 64,882,813 20,043,003 +44,839,810
, . 0443,229,399 +4,069,751 92,931,565 64,866,637 +28,064,928
Note—Includes for May, 96 roads in 1906, 92 in 1907; in 1908 the returns were
based on 153,310 miles of road; in 1909, 220,514; in 1910, 229,345; in 1911, 236,230.
In 1912, 235,410; In 1913, 239,445; in 1914, 246,070; in 1915, 247,747; in 1916, 248,:
006;in 1917, 248,312; in 1918, 230,355; in 1919, 233,931; in 1920, 213,206; in 1921,
235,333; in 1922, 234.931.
The results for the separate roads in a general way
are a duplicate of the general totals, but there is
more than the customary irregularity as between the
different roads and systems and the different sections
of the country, due to the fact that while the coalcarrying roads suffered a heavy reduction in their
coal traffic, where they serve (as the most of them do
serve) mines operated with union labor, on the other
hand the roads tributary to the non-union mines enjoyed in most instances considerable accession of
traffic, the demand for coal having enormously increased with the shutting down of the unionized mines
and output having correspondingly expanded. For
example, the Norfolk & Western reports $2,381,083
increase in its gross revenue and no less than $2,534,315 increase in net. The distinctive feature nearly
everywhere is the lower operating cost, sometimes in
ratio alone, but in many other instances in absolute
amount also. In the anthracite regions, where no
coal at all was mined, the carriers of course sustained
very heavy reductions in gross earnings, but the losses
were in part at least offset by heavy reductions in
expenses, and in some instances were entirely overcome by such reductions. The Pennsylvania Railroad is the largest coal-carrying system in the country, but it is also a very large carrier of other classes
of traffic. On the lines directly operated the Pennsylvania is able to show $904,469 addition to gross
and $3,919,930 addition to net. For the entire Pennsylvania System the result is $1,391,717 addition to
gross and $4,591,760 addition to net. The New York
Central, on its part, shows $96,379 decrease in gross
and $939,952 decrease in net. This is for the New
York Central itself. Including the various auxiliary
and controlled roads, like the Michigan Central, the
Big Four. &c., we get a gain of $375,334 in gross and
a gain also of $943,671 in net. In the following we
show all changes for the separate roads for amounts
in excess of $100,000, whether increases or decreases,
and in both gross and net:
240
PRINCIPAL CHANGES IN GROSS EARNINGS IN MAY.
Decrease.
Increases
$2,391,083 Delaw Lack & Western__ $1,778,558
Norfolk & Western
1,ehigh
Valley
1,739,475
.781
2,031
Louisville & Nashville
Chicago & North Western 1,393,005 Philadelphia & Reading_ 1,674,487
1,478,488
Chicago Milw & St Paul_ 1,189,842 grie (3)
1,139,014 Delaware & Hudson_ _ _ _ 1,199,259
Baltimore & Ohio
1,062,879 Duluth Missabe & North 1,018,283
Illinois Central
946,293
1,010,215 Atch Top & S Fe (3)_ _
Atlantic Coast Line
765,085
999,898 Central RR of New Jersei
NYNH& Hartford_ _ _
758,993
904,460 Chic R I & Pacific (2)...._
Pennsylvania RR (2)..a_
577,429
854,82R Bessemer & Lake Erie_ _ _
Michigan Central
548,171
837,005 Toledo & Ohio Central
St Louis San Francisco(3)
497,542
730.419 Internat & Grt North_ _ _
Southern Railway
493,840
559.332 Southern Pacific (8)_ _ _ _
Elgin Joliet & Eastern380,590
520,222 Chesapeake & Ohio
Seaboard Air Line
351,766
454,328 Texas Sr Pacific
Cleve Cinc Chic & St L.._
318,616
445,408 Chicago & Alton
Minn St Paul & S S M.._
Y Ontario & Western..
318,591
375,018
Great Northern
299,495
341,889 Buffalo Roch & Pittsb
Northern Pacific
283,140
320,106 Hocking Valley
N Y Chicago & St Louis_
310,896 Kanawha & Michigan__
264,157
Maine Central
227.384
310,857 Western Maryland
Pere Marquette
203,078
287.053 Monongahela Railway
Bangor & Aroostook_ _ _ _
Montour Railway
195,706
Om
Mints
&
380,078
Chic St Paul
179,265
270,868 Duluth & Iron Range_ _ _
'Cinc New Or!& Tex Pac
176,705
267,725 Wheeling & Lake Erie.._ _
Boston & Maine
163,679
251,318 Denver & Salt Lake
Detroit Grd Haven & Mil
238,580 Missouri Kan & Tex (2)_
154,985
•N Y Phila & Norfolk_ _ _ _
152,732
237,840 Kansas City Southern..
Detroit Toledo & Ironton
135,099
230,863 Chicago & East Illinois
Nashv Chatt & St Louis_
133,305
228,818 Chicago Burl & Quincy
Union RR ofPenn
119,123
Long Island
194,217 Pittsburgh & Lake Erie
117,025
Alabama Great Southern
198,314 Port Reading
116,750
'Toledo St Louis & West..
161.284 Chicago Junction
114,242
Richm Fred & Potomac_
150,812 Galveston Wharf
110.991
Florida East Coast
147.765 Lehigh & New England..
106,782
Newburgh & South Shore
123,798 Minneapolis & St Louis
105,327
Monongahela Connecting
117,847 Lehigh Sr Hudson River.,
103,882
Norfolk Southern
113,415 Buffalo & Susquehanna_
Los Angeles & Salt Lake_
101,987
114,367 Mobile & Ohio
Union Pacific (3)
108,333
New York Central b.. _
96,379
Representing 51 roads
Representing 46 roads
in our compilation_ _$18,388,305
In our compilation_ _322,092,143
Note.-All the figures in the above are on the basis of the returns filed
with the Inter-State Commerce Commission. Where, however, these
returns do not show the total for any system, we have combined the separate
roads so as to make the results conform as nearly as possible to those
given in the statements furnished by the companies themselves.
a This is the result for the Pennsylvania RR. (including the former
Pennsylvania Company and the Pittsburgh Cincinnati Chicago & St. Louis
combined) the Pennsylvania RR. reporting $138,912 decrease and the
Pittsburgh Cincinnati Chicago & St. Louis $1,043,381 increase. For the
entire Pennsylvania System, including all roads owned and controlled, the
result is an increase in gross of $1,391,717.
b These figures cover merely the operations of the New York Central
itself. Including the various auxiliary and controlled roads, like the
Michigan Central, the "Big Four." &c.. the whole going to form the
New York Central System, the result is a gain of $375,334.
PRINCIPAL CHANGES IN NET EARNINGS IN MAY.
Increases.
Pennsylvania RR.(2)..a.. $3,919,930
'Chicago & North Western 3.261,934
Louisville & Nashville_ _ _ 2,987.640
Norfolk & Western
2,534,315
Southern Pacific (8)_ _ _ _ 1,904,814
Cleve Cinc Chic & St L_ 1,677,810
NYNH& Hartford.,_.. 1,560.447
Atlantic Coast Line
1,546,380
Illinois Central
1,376,502
Baltimore & Ohio
1,159.442
Michigan Central
1,093,375
Chicago Milw & St Paul_
998,326
Chicago Burl & Quincy
945,135
'Great Northern
847,291
Southern Railway
819,602
Boston & Maine
799,671
Missoual Kan & Tex (2)_
799,448
Seaboard Air Line
665,678
'Chic St Paul Minn & Om
640,213
Northern Pacific
599,335
Elgin Joliet & Eastern_ _ _
495,786
491,542
Maine Central
389,561
Florida East Coast
378,706
Minn St Paul & S S M
375,299
Pere Marquette
363,842
Long Island
358.054
N Y Chicago & St Louis_
323,521
'Central of Georgia
305,006
Washy Chatt & St Louis..
280,604
Bangor & Aroostook_ _
274,864
Union RR ofPenn
268,433
St Louis San Francisco(3)
268,433
Central Vermont
259,854
NY Phila & Norfolk_ _ _ _
258,957
Alabama Great Southern
249,148
Wabash Railway
245,289
Det Grand Hay & Milw_
243,895
Minneapolis & St Louis
232,768
Chicago R I & Pacific(2)
202,207
Chic Indianap Sr Louisv_
187,415
Toledo St Louis & West_
171,902
Rich Fred & Potomac_ _ _
Increases.
Chicago & East Illinois.... $162,167
Hocking Valley
159,250
Atlanta Birm & Atlantic..
145,885
Yazoo & Miss Valley
137,077
Midland Valley
130,851
Cinc Ind & Western.....,..126,881
Cinc New On & Tex Pac
122,202
Indiana Harbor Belt_ _ _ _
119,515
Gulf Mobile & Northern_
117,470
Texas & Pacific
116,439
West Jersey & Seashore_
111,085
Georgia Railway
110,330
Norfolk Southern
108,236
Representin5 67 roads
in our compilation- _ -338,429,742
Decrease.
Atch Top & Santa Pe (3) $3,152,593
New York Central_ b_
939,952
Duluth Missabe & North
807,703
Delaware & Hudson.._ _ _
781.617
Erie (3)
763,993
Union Pacific (3)
728,385
Delaware Lack:& West..
682,099
Central RR of New Jersey
472,163
Toledo Sr Ohio Central.._
364.886
Pittsburgh & Lake Erie__
312,003
Chicago & Alton
302,204
Bessemer & Lake Erie__ _
296,328
Philadelphia & Reading..
248,036
Chesapeake & Ohio
228,935
Kanawha & Michigan.._ _
202,241
Buffalo Roch & Pittsburg
171,359
Lehigh Valley
166.881
Atlantic & St Lawrence_ _
113.336
Wheeling & Lake Erie_ _ _
111,986
Galveston Wharf
104,688
Duluth & Iron Range
103,692
Representing 27 roads
In our compilation_ _$11,055,170
a This is the result for the Pennsylvania RR. (including the former
Pennsylvania Company and the Pittsburgh Cincinnati Chicago & St. Louis
combined) the Pennsylvania RR. reporting $2.364,106 increase and the
Pittsburgh Cincinnati Chicago & St. Louis $1,555,824 increase. For the
entire Pennsylvania System, including all roads owned and controlled,
the result is an increase in net of $4,591.760.
b These figures merely cover the operations of the New York Central
itself. Including the various auxiliary and controlled roads, like the
Michigan Central, the "Big Four," &c., the result is a gain of $943,671.
When the roads are arranged in groups or geographical divisions, according to their location, the
irregularity in the character of the exhibits just referred to is again in evidence. Thus the Eastern and
Middle group, comprising the Systems with the heaviest coal traffic, shows a decrease in gross and so does
the Southwestern geographical division, in which are
located many of the Western grain-carrying systems,
where the reduction in grain rates has been a circumstance affecting gross earnings adversely. Aside
from these, the only other group showing diminished
gross is that composed of the roads in the States bordering on the Pacific Coast. All the other groups re-
[VOL. 115.
THE CHRONICLE
port larger or smaller gains in the gross. In the net,
the Eastern and Middle group and the Southwestern
are again the ones recording losses. All the rest are
able to show very substantial gains in the net, not
excluding the Pacific Coast group. Our summary by
groups is as follows:
SUMMARY BY GROUPS.
1922.
Section or Group.
$
May21,223,085
Group 1 (9 roads), New England
Group 2(36 roads), East & Middle__ 124,109,159
48,308,539
Group 3(31 roads), Middle West
69,353,093
Groups 4 & 5 (34 roads), Southern
Groups 6 & 7 (28 roads), Northwestern 90.445,470
Groups 8 & 9 (49 roads), Southwestern 68,848,185
25,011,619
Group 10(12 roads), Pacific Coast
8.73
6.67
4.47
12.98
4.88
3.57
1.79
1922.
1922.
7,332
30,744
19.183
39,075
66,855
54,924
16,818
1021.
7,106
30,623
18,882
39,217
66,310
54,886
16,727
Net Earnings
Inc.(+) or Dec.(-)
1921.
3
817,526 +3,213,989 393.14
-292,100 1.32
22,C96,734
6,472,270 +5,202,130 80.37
8,009,377 +11,339,210 141.55
7,864.287 +8,803,312 111.92
14,763,946 -1,296,442 8.78
4,842,497 +1,094,829 22.61
•
Mileage
Total
19,519.048 +1,704,037
132,978,130 -8,868,971
46.241,198 +2,067,341
61,386,805 +7.966,288
86,237,436 +4,208,034
71,400,159 -2,551,974
25,466,623 -455,004
447,299,150 443,229,399 +4,069,751 0.92
Total(199 roads)
Section or Group.
MayGroup 1
Group 2
Group 3
Groups 4 & 5
Groups 6 & 7
Groups8 & 9
Group 10
Gross Earnings
1921. Inc.(1-)or Dec.(-)
4,031,515
21,804,634
11,674,400
19,348,587
16,667,599
13,467,504
5,937,326
234,931 234,051 92,931,565 64,866,637 +28,064,928 43.27
NOTE.-Group I. Includes all of the New England States.
Group II. includes all of New York and Pennsylvania except that portion west
of Pittsburgh and Buffalo, also all of New Jersey, Delaware and Maryland, and
the extreme northern portion of West Virginia.
• Group III. Includes all of Ohio and Indiana, all of Michigan except the northern
peninsula, and that portion of New York and Pennsylvania west of Buffalo and
Pittsburgh.
Groups IV. and V. combined include the Southern States south of the Ohio and
east of the Mississippi River.
Groups VI. and VII. combined include the northern peninsula of Michigan, all of
Minnesota, Wisconsin, Iowa and Illinois, all of South Dakota and North Dakota
and Missouri north of St. Louis and Kansas City, also all of Montana, Wyoming
and Nebraska, together with Colorado north of a line parallel to the State line
passing througli Denver.
Groups VIII. and IX. combined include all of Kansas, Oklahoma, Arkansas and
Indian Territory, Missouri south of St. Louis and Kansas City, Colorado south
of Denver, the whole of Texas and the bulk of Louisiana, and that portion of New
Nip xlco north of a line running from the northwest corner of the State through
Santa Fe and east of a line running from Santa Fe to El Paso.
Group X'. includes all of Washington, Oregon, Idaho, California, Nevada, Utah
and Arizona. and the western part of New Mexico.
With reference to the part played by the Movements of the leading staples in affecting revenues,
Western roads had the •advantage of a larger
grain movement and also a larger live stock movement, while Southern roads had to contend with a
smaller cotton movement, albeit the cotton movement is not of very large dimensions at this time of the
year. For the four weeks ending May 27 the receipts of wheat at the Western primary markets were
25,731,000 bushels in 1922 against only 20,492,000
bushels in the corresponding weeks of 1921; the receipts of corn, 21,709,000 bushels, against 16,863,000,
and the receipts of oats 17,098,000 bushels, against
11,961,000. Adding barley and rye, the receipts of
the five cereals combined are found to have aggregated 70,015,000 bushels in the four weeks of the present year, against only 53,369,000 bushels in the four
weeks of last year. The details of the Western grain
movement in our usual form are shown in the table
we now present:
WESTERN GRAIN RECEIPTS.
Oats.
Wheat.
Corn,
Flour.
Four Weeks
(bush.)
(bush.)
(bbls.)
(bush.)
27.
May
cad.
Chicago740,000 8,369,000 8,424,000 6,139,000
1922
695,000 1,757,000 8,548,000 5,097,000
1921
Milwaukee92,000 2,296,000 2,010,000
125,000
1922
761,000
590,000
568,000
128,000
1921
St. Louis2,146,000
2,103,000
2,309,000
310,000
1922
329,000 2,512,000 2,084,000 2,218,000
1921
Toledo525,000
170,000
250,000
1922
190,000
395,000
257,000
1921
Detroit148,000
114,000
117,000
1922
197,000
94,000
102,000
1921
Peoria75,000 1,598,000 1,400,000
157,000
1922
737,000
36,000 1,044,000
155,000
1921
Duluth869,000
831,000
2,572,000
1922
300,000
289,000
1,515,000
1921
Minneapolis993,000 1,772,000
4,837,000
1922
408,000
483,000
5,553,000
1921
Kansas City4,854,000 1,577,000
245,000
1922
238,000
6,197,000
808,000
1921
Omaha dt Indianapolis2,256,000 3,531,000 1,916,000
1922
1,995,000 2,797,000 1,546,000
1921
Total1922
1921
Barley.
(bush.)
Rye.
(bush.)
512,000
609,000
561,000
89,000
776,000
662,000
229,000
361,000
46,000
35,000
125,000
12,000
11,000
21,000
31,000
9,000
91,000
297,000 1,789,000
119,000
925,000
830,000
625,000
271,000
444,000
50,000
1,332,000 25,731,000 21,709,000 17,098,000 2,482,000 2,995,000
1,307,000 20,492,000 16,863,000 11,961,000 2,131,000 1,922,000
THE CHRONICLE
JULY 15 1922.]
Wheal.
Jan. 1 to
Flour.
(bush.)
May 27- (bbis.)
Chicago1922
4,588.000 13,896,000
1921
7,469,000
4,260,000
Milwaukee442,000
515,000
1922
1,452,000
1921
626,000
St. Louis1922
1,800,000 10,269,000
1921
1,623,000 15,584,000
Toledo1,088,000
1922
1921
1,049,000
Detroit696,000
1922
665.000
1921
Peoria628,000
1,167,000
1922
334,000
1,013,000
1921
Duluth8,204,000
1922
8,530,000
1921
Minneapolis31,387.000
1922
36,617,000
1921
Kansas CM/24,329,000
1922
1,000,000 34,161,000
1921
Omaha & Indianapolis7,320,000
192
8,705,000
1921
Total1922
1921
Corn.
(bush.)
Oats.
(bush.)
Barley.
(bush.)
Rye.
(bush.)
86,039,000 27,809,000 3,231,000 1,393,000
62,674,000 24,788,000 3,508,000 1,287,000
12,136,000 8,638.000 3,647,000 1,008.000
8,787,000 3,728,000 3,184,000 1,693,000
14,061,000 10,676,000
13,071,000 11,188,000
293.000
239,000
197,000
101,000
2,002,000 1,314,000
1,309,000 1,502,000
6,000
90,000
149,000
336,000
45,000
351,000
788,000
1,340,000
610,000 1,319,000
11,175,000 5,550,000
7,132,000 3,471,000
6,617,000 1,681,000
1,328,000 2,844,000
635,000 5,679,000
774,000 4,208,00
8,885,000 8,921,000 3,708,000 1,353,000
5,225,000 5,835,000 3,524,000 2,109,000
8,653,000 2,729.000
7,251,000 1,874,000
3,000
50,000
23,724,000 7,703,000
17,275,000 7,478,000
9,765,000
8,070,000 98,259,000 174,932,000 75,839.000 11,672,000 10,052,000
7,523,000 114,596,000 124,662.000 64,317,000 11,615,000
In the matter of the Western live stock movement,
the receipts at Chicago for the month of May this
year comprised 23,402 carloads, against 19,850 in
May of last year, and the receipts at Omaha were
9,874 cars, against 8,000, but at Kansas City the deliveries were only 9,054 cars, against 9,946.
Allusion has already been made to the contraction
in the Southern cotton movement. The shipments
overland in May 1922 were 139,348 bales, as against
224,354 bales in May 1921, 184,436 bales in 1920,
211,817 bales in May 1919 and 285,394 bales in May
1918, while the receipts at the Southern outports
aggregated only 469,102 bales, against 598,415 bales
in May 1921, but comparing with 211,563 bales in
May 1920. The complete details of the port receipts
are shown in the following:
RECEIPTS OF COTTON AT SOUTHERN PORTS IN MAY AND FROM
JANUARY 1 TO MAY 31 1922, 1921 AND 1920.
Since Jan. 1.
May.
Ports.
1922.
Galveston
Texas City, &e
New Orleans
Mobile
Pensacola, Jo
Savannah
Brunswick
Charleston
Wilmington
Norfolk
Newport News, ate
Total
1921.
154,165 284,338
17,480 24,378
109,768 136,350
16,557 9,959
1,537 4,275
68,761 81,111
1,700
32,198 16,789
9,456 10,527
27,177 30,574
119
1920.
31,830
9,687
75,297
5,502
2,934
39,369
3,200
29,628
877
10,142
97
1920.
1921.
--766,036 1.103.835 825,737
209,093 200,826 199,580
449,546 572,631 656,461
83,281
38,685
64,738
12,938
14,262
8,075
294,401 245,364 425,566
64,627
3,221
10,897
40,556 262,623
88,822
47,097
32,149
31,914
113,517 126,261 123,576
2,673
925
1922.
469,102 598,415 211.563 2.037.039 2.378.718 2,704,159
COURSE OF ELECTRIC RAILWAY EARNINGS
IN 1921.
Our annual compilation of the gross and net earnings of the electric railways of the United States reflects the change which has occurred in the underlying conditions affecting these public utilities, marking a return to a healthier state of affairs during
1921, the year covered by our tabulations. In reviewing the results for the previous year we pointed
out that the expansion in gross revenues then shown
had followed in no small measure from fare increases
and consequently could not be accepted as indicative
of growth in traffic alone. In 1921, however, the situation was totally changed. Fares, instead of being
raised, were lowered, and instead of the industrial
activity which had characterized the years during
and immediately succeeding the war the electric railways during the greater part of 1921 had to contend
with a period of acute industrial depression which to
no small extent cut into their revenues. It is a gratifying and a significant fact that notwithstanding the
drawbacks referred to, gross revenues further
slightly increased, speaking of the roads collectively.
The really conspicuous feature of the year's results, however, is to be found in the tremendous im-
241
provement in the net earnings. While gross earnings
show only a very moderate improvement, the net
earnings register a very striking gain, indicating that
huge savings were effected in operating expenses.
And that is what we should expect to find. Not only
was the cost of nearly all materials entering into the
operation of street railways materially reduced, but
the price of labor, one of the largest of the expense
items, also tended downward. Labor costs, which
during the previous four or five years had been steadily swelling, owing to exorbitant wage demands,
which in the state of the labor market then prevailing had to be granted, were during 1921 substantially
cut down through wage reductions. With fares being
reduced on all sides and the cost of living also being
reduced, wages likewise had to come down this the
carmen seemed to realize and wage cuts were not at
tended by hostile efforts at resistance such as.are
now being witnessed on the part of the steam railroad workers.
Much has been said from time to time of the competition from motor vehicles-not only the bus, but
the pleasure car as well. Many stringent regulations
have been passed governing the operation of the socalled jitney and the bus and where bus-line operators are subjected to the same treatment as the car
lines-in the matter of franchise, paving, etc., taxes
and schedules regulating routes and class of service
-they generally find it difficult to produce satisfactory results. Regarding the increased use of the
pleasure car, against which several companies have
undertaken vigorous publicity campaigns, it remains
to be proved that this is likely to encroach to any
great extent on the short haul traffic of the electric
railways, though it may serve to diminish somewhat
the holiday and interurban excursion traffic during
the summer months. But more important than any
of these circumstances, whatever their potency, is
the fact that labor costs, fuel costs and operating
costs generally, have all been modified greatly for
the better, and that as a consequence the outlook for
the electric railways is brighter now than for a long
time past.
Under ordinary circumstances, expansion in revenues is the rule with the electric railways. In fact,
as these railways serve mainly local needs, growth
with them is more persistent and more undeviating
than in any other of the country's activities. Apparent exceptions to the rule obtained from a retrospective glance over the past are readily explained, as
noted in previous annual reviews. For example, in
1914 and again in 1915, the upward course of earnings was interfered with by the fact that these electric railways had suddenly become subject to the new
form of competition, already referred to, in the appearance of the jitneys. Even the effect of the jitney,
however (treating the entire body of electric railways as a whole,irrespective of the conditions in particular localities and on particular roads), went no
further than to hold in check the steady growth
which previous experience had shown could be confidently counted upon. Following the standstill in
revenues in 1914 and 1915, the upward trend in
gross revenues was resumed, and in 1919 and 1920,
aided to no small extent by fare increases, assumed
extremely large proportions. In 1921, on the other
hand, lower fares were a factor in holding down
the amount of the gain in gross. Contrariwise, owing to the reduction in operating costs, the showing
as regards the net compares most favorably with the
242
results of the years preceding. In 1917 and 1918 the
upward course of net was reversed because of the tremendous augmentation in expenses, but in 1919 this
unfavorable trend was corrected and a good recovery
in net recorded. In 1920 a further though smaller
gain was registered in net, while now for 1921 the improvement is very pronounced.
In our present compilation we have complete comparative figures for 315 electric roads and the total
gross earnings of these roads in 1921 was $920,007,552, as against $909,746,893 in 1920,recording, therefore, an increase of $10,260,659, or 1.13%. The net
earnings for the same roads aggregated $212,228,069
for 1921, as against $182,011,679, showing, therefore,
a gain of no less than $30,216,390, or 16.60%. In
other words, a gain of $10,260,659 in gross was attended by a reduction in expenses of almost 20 million dollars—in exact figures of $19,955,731. These
figures refer only to the general totals. In the case
of the separate roads the improvement in net is not
so striking, for altogether out of the 315 roads included in our detailed statement at the end of this
article 159 roads are found to have sustained a decrease in gross, while 141 have suffered a falling off in net. In the previous year, however, with
328 roads reporting, 34 showed a decrease in gross
while no less than 168 reported a reduction in net.
With reference to our detailed statement, it is
proper to say that as in the case of preceding annual
reviews, we have sought to procure comparative returns from all the street and electric railways in the
country. The success attending our efforts may be
judged from the tables themselves. Manifestly, any
compilation dealing with electric railways is made
up in considerable part of street railways, since the
latter are now practically all operated with electricity as motive power. The tables, however, include
many other electric roads, for electric lines connecting various suburbs are now quite common and there
are also numerous electric interurban roads of large
magnitude.
We may repeat what we have said in previous
yearly reviews, that the task of obtaining these figures for the twelve months of the calendar year is
not altogether easy. Where monthly returns are furnished, it is, of course, not difficult to make up the
figures. But the number of electric railways supplying monthly returns is still exceedingly meagre—
notwithstanding that with the increase in the capital
invested in these properties the policy of secrecy in
their affairs, which formerly prevailed so widely, has
in large measure given way to more enlightened
methods.
Besides the roads which have furnished returns of
both gross and net earnings, eight other roads have
favored us with comparative figures of gross alone.
Adding these on, the number of roads is increased to
323 and the total of the gross raised to $929,545,906
in 1921 and $919,436,440 in 1920. The increase in
this case is $10,109,466, or 1.10%.
ROADS REPORTING GROSS ONLY.
Roads—
1921.
1920.
Increase.
Decrease,
Gross earnings by roads making
$
ieturns of both grass and net
$
16
8
920,007,552
909,716,893
roads)
(315
40,170,402 29,909,743
x834,950 1,108,427
City Railway Co
273,177
79,774
Fishkill Electric Ry
73,881
5,893
81,823
81,235
Joliet & Eastern Traction
588
739,481
806,623
Montgomery Light & Trac Co_ _ _
67,142
New Jersey & Pennsylvania Trac
129,725
123,339
Co (Princeton Div)
6,386
Northern States Power Co (Fargo
150,322
139,406
Moorhead Division)
10,916
168,596
San Francisco-Oakland Tom Ry_ 6,872,597 6,704,001
649,682
652,635
Washington & Old Dominion Ry_
2,953
929,545,906 919,436,440 40,362,781 30,253,315
Total (323 roads)
10,109,466
Net increase
x Gross affected by strike July 6 to'Oct. 12 1921.
[VoL. 115.
THE CHRONICLE
While the eight roads in the foregoing have furnished only exhibits of the gross,it seems safe enough
in their case to arrive at an approximation of the net
by taking expenses for the two years at the same ratios to gross earnings as are found in the case of roads
which have furnished reports of both gross and net
—76.93% in 1921 and 79.99% in 1920. We make the
computation, of course, only in the case of the total
of the whole eight roads. Obviously, it would not be
safe to apply such an arbitrary rule as regards any
particular road. Adopting that method, we are able
to combine the two classes of roads and get complete
results as to both gross and net, as is done in the following:
Net
Increase.
1921.
1920.
Increase.
$
$
$
315 roads 920,007,552 909,746,893 10,260,659 212,228,069 182,011,679 30,216,390
261,620
8 roads 9,538,354 9,689,517 :151,193 *2,200,498 *1,938,878
Calendar -1921.
Year—
Gross
1920.
323 roads 929,545,906 919,436,440 10,109,466 214,428,567 183,950,557 30,478,010
* For these roads the net is merely an approximation; no figures having been furnished by the companies. x Decrease.
It will thus be seen that the aggregate of the net on
the foregoing basis for the whole 323 roads reaches
$214,428,567 in 1921, against $183,950,557 in 1920, an
increase of $30,478,010, or 16.57%.
The totals given all relate, as already stated, to
roads which have favored us with statements for the
calendar year, or whose figures we have been able to
make up for that period of twelve months. In order
to carry the investigation a step further, we have
thought it best, as in previous years, to furnish an
indication of what the totals would amount to if we
took into account the roads whose figures are available for other periods, and particularly for the fiscal
year ending June 30. However, the number of roads
reporting for periods other than the calendar year is
steadily diminishing, and in the present compilation
'we have only eight roads falling in that category. In
the summary we now furnish we start with the total
gross and net for the calendar years 1921 and 1920,
as given above, and then add the earnings of all the
roads for which we have returns for the twelve
months ending June 30. The two combined make a
very comprehensive aggregate, as follows:
Gross
—Net
1920.
1921.
1921.
1920.
$
For cal. yrs. as above (323 roads)_929,545,906 919,436,440 214,428,567 183,950,557
For years end. June 30(8 roads)_ 24,801,898 21,241,528 5,837,919 5,733,021
Grand total(331 roads)
Increase
954,317,804 940,680,968 220,266,186 189.683,578
(1.45%) 13,666,836 (16.12%) 30,582,908
The total of the gross earnings (comprising 331
roads) for 1921 is $954,347,804 and for 1920, $940,680,968, an increase of $13,666,836, or 1.45%. Net
earnings total $220,266,486, against $189,683,578, an
increase of $30,582,908, or 16.12%.
To guard against misleading the reader, we wish
to reiterate what we have said in previous annual reviews of the earnings of these electric railways,
namely that this is not an attempt to indicate the
aggregate of the gross and net earnings of all the
street and electric railway undertakings in the
United States. It is simply making use of all the
figures that have been placed at our disposal, or
which are available. Large though the totals in our
final summary are, they fall considerably short of
recording the entire earnings of electric railways in
the United States. It is true that the minor roads
not represented would not swell the amount to any
great extent, but it happens that a few large companies are also missing, because no comparative data
concerning their income could be obtained. Among
these may be mentioned the Denver Tramway System, the Union Railway, Gas & Electric Co., the
JULY 15 1922.]
THE CHRONICLE
United Electric Rys. (Providence), the Michigan
RR., the Des Moines City By., the Monongahela Valley Traction Co., the Shore Line Electric Ry. (Connecticut), the Jacksonville Traction Co., the Birmingham By.,Light & Power Co., the Memphis Street
By., and the Cleveland Southwestern & Columbus
By. Even with these roads and numerous minor
ones missing, our total of the gross for 1921, it will
be observed, aggregates close to 1,000 million dollars ($954,347,804), while the total of the net exceeds
$220,000,000.
Of course, many of the electric railways furnish
electricity for lighting and power purposes, and the
earnings from that source form part of their total income. On the other hand, in a number of cases the
earnings from lighting and other sources have been
separated from the street railway income, and the
latter alone is included in our tables. This is true,for
instance, of the Public Service Corporation of New
Jersey, where we take simply the result of the railway properties alone; it is also true of the Philadelphia Company (of Pittsburgh), the Northern States
Power Co., the Wisconsin Traction, Light, Heat &
Power Co., and some others.
We have been making up these annual compilations for 17 years now, and to show how constant
and general the increase has been from year to year
and how the totals have been growing in magnitude,
we furnish the following summary of comparative
totals of the gross and net for each of the years back
to 1905:
Period1905 compared with 1904
" 1905
1906
" 1906
1907 "
" 1907
190,9
"
" 1908
1909
"
" 1909
1910 "
..
1911
" 1910
..
" 1911
1912
..
" 1912
1913
..
1914
" 1913
..
1915
"
1914
..
" 1915
1916
..
"
1917
1916
..
" 1917
1918
..
" 1918
1919
..
" 1919
1920
..
1921
" 1920
GROSS EARNINGS.
Current
Previous
Per
Year.
Year.
Increase.
Cent.
$306,067,145 5281,608,936 324.458,209 8.68
300,587.453 269,595.551 30,971,902 11.49
306,266,315 280,139,044 26,127,271 9.33
351.402,164 348,137,240
3,284,924 0.94
374,305.027 345.006.370 29,298,657 7.49
435,461,232 405:010,045 30,451.187 7.51
455,746,306 428,631,259 27,115.047 6.33
486.225,094 457,146.070 29,079,024 6.36
529,997,522 500.252.430 29,745.092 5.94
553,095,464 548,296,520
4,798,944 0.87
567,901.652 569,471,260 *1,569,608 0.28
626,840.449 574,382,899 52,457,550 9.13
670,309.709 618,529,309 51,780,400 8.37
696,066,585 649,550,990 46,515,595 7.16
783,514,781 663,572,571 119,942,210 18.08
913,996.914 807,164,985 136,831.929 16.95
954,347,804 940,680,968 13,666,836 1.45
243
Period1905 compared with 1904
1908
" 1905
1907
"
" 1906
19
90
09
8
"
" 1907
.'
"
1908
.,
1910
" 1909
..
1911
" 1910
1912
.•
1911
..
..
3
1914
:: 119912
13
..
1915
..
1916
.:' 1199114
5
.,
1917
" 1916
1918
" 1917
..
1918
..
11992190
" 1919
..
1921
" 1920
•Decrease.
"
"
NET EARNINGS.
Current
Previous
Per
Year.
Year.
Increase.
Cent.
3130,884,923 3118,221,741 512,663,182 10.71
126,580,195 114,024,076 12,556,119 11.01
126,002,304 121,050.703
4,951,601 4.09
142,262,417 141,144,213
1,118,204 0.79
160,394.765 140,647.906 19,746,859 14.03
178,037,379 167,100,351 10,937,028
186,001,439 175.527,542 10,473.897 6.54
5.96
194,309,873 179,915,760 14,394,113
204,422,429 193,393,045 11,029.384 8.00
5.70
211,020.088 212,146,403 *1,126,315 0.53
214,319,303 217,440,533 *3,121,230 1.43
234,402,450 215,917,573 18.484,877
221,090,740 228,585,929 *7,496,189 8.66
3.28
178,226,716 212,570.930 *34,344,214 16.16
185,077,301 168,770,930 16,306,371 9.66
192.360.849 186.244,269
6.112.580 3.28
220,266,486 189,683,578 30,582,908 16.12
It is interesting to note that while in the first year
our final total showed aggregate gross of only $306,067,145, the aggregate for 1921, as already pointed
out, just falls short of reaching one billion dollars,
the exact figures being $954,347,804. In the net
there
has not been an equal degree of growth.
Unprecedentedly high operating costs affected the results
adversely in 1917, 1918,1919 and 1920. In 1921,
with
expenses contracting again, the total of the net once
more bounded upward and reaches for that year
$220,266,486. Of course, to some extent our exhibit
is more comprehensive now. In the main, however
,
the increase is due to growth of traffic and revenue
s
in the interval, although the expansion in gross
revenues in 1919 and 1920 followed in no small measure
from fare increases, which increases in very many
instances had to be given up again in 1921. It will
be observed that each and every one of the 17 years,
except 1915, shows some increase in gross earnings,
and even 1908-the year following the panic-prove
d
no exception, though the increase then was
relatively
small, and that the total of the gain in gross for
the
whole 17 years, taking the aggregate of the
increases
of the separate years, amounts to $654,935,169.
The
growth in net, on the other hand, has been
retarded
in many of the years by reason of high
operating
costs.
The following is the detailed statement already
referred to for the last two calendar years, which
shows
separately the comparative figures for each road
contributing returns of gross and net in the two years:
ELECTRIC RAILWAY GROSS AND NET EARNINGS
FOR CALENDAR YEARS.
GROSS.
ROADS.
•
1921.
1920.
Albany Southern Railroad Co-a
$837,579
$672,313
American Railways Co-a
18,829,888 18,836,225
Androscoggin & Kennebec Rya
1,284,675 1,157,530
Arkansas Valley Ry., Lt. & Power Co_a
1,755,526 1,865,743
Arkansas Valley Interurban Railway_a
547,375
512,212
Atlanta Northern Railway_a
255,009
255,715
Atlantic Coast Electric Railway_a
515,368
677,206
Atlantic City & Shore Railroad Co-b
972,484
1,083,226
Atlantic Shore Railway (Kennebunk, Me.)_b
223,383
224,651
Atlantic & Suburban Railway_a
139,602
154,355
Auburn & Syracuse Electric Railway_b
692,600
636,472
Augusta-Aiken Railway & Electric Corp_a
1,108,890 1,251.154
Aurora Elgin & Chicago RR_a
3,106,885 3,064,803
Aurora Plainfield & Joliet Railway_a
157,247
148,404
Austin Street Railway_b
348.936
375,649
Bamberger Electric Rli _a
763,628
680,813
Bangor Railway & Electric Co-a
1,420,471 1,262,779
Baton Rouge Electric Co_a
471,187
557,191
Benton Harbor-St. Joe Railway & Lt. Co-a
685,957
753,298
Berkshire Street Railway_a
1,098.355 1,050,545
Biddeford & Saco Railroad_b
109,518
123,806
Binghamton (N. Y.) Railway Co_b
977,286
987,130
Boston Elevated Railway_b
33,277,025 34,031,634
Boston & Worcester Street Railway_b
935,840
1,004,967
Bristol & Plainville Tramway Co.(Ry.only)_b
203,712
152,103
Brooklyn City RR-a
11,423,537 9,962,253
Brooklyn Rapid TransitBrooklyn Heights Railroad Co-a
76,013
71,774
Brooklyn Queens County & Suburban RR_a
2,342,162 1,697,881
Coney Island & Brooklyn Railroad-a
2,791.267 2,345,971
Coney Island & Gravesend Railway-a
126,942
150,947
Nassau Electric Railroad Co_a
4,780,278 5,506,210
New York Consolidated Railroad-a
22,339,485 20,416,092
South Brooklyn Railway Co-a
931.382
1,005,900
Buffalo & Lake Erie Traction Co-a
1,997,162 2,321,480
Buffalo & Williamsville Electric By Co-a
49,723
51,429
Burlington Traction Co
194,943
191,947
California Street Cable-a
546,073
547,054
Capital Traction (Washington)_a
5,501,200 5,466,518
Carolina Power & Light Co_a
1,681,523 1,598,558
Central California Traction Co-a
669,419
653,671
Chambersburg Greencastle & Waynesb. St. Ry_b__
_ -31079
326,170
, 6
Chambersburg & Gettysburg Electric Ry_b
59,067
53,015
Charleston Consolidated Ry.& Lt.(Ry.only) a
886,307
754,773
Charleston (W. Va.) Interurban Railroad-a
913,086
894,296
Charlottesville & Albemarle Ry-b
198,229
236,557
Chautauqua Traction
182,133
188,932
Chicago & Interurban Co_b
Traction Cob
449.883
410.377
Chicago Lake Shore & South Bend
924,810
Railway-a
808,751
iChicago North Shore & Milwaukee
Railroad_a
4,507.361 4,193,669
NET.
Increase.
334,734
127,145
706
161,838
110,742
1,268
14,753
42.082
26,713
_ _________
-157.692
86.004
67,341
47,810
14,288
9.844
69,127
1,461.284
644.281
445,296
24,005
--------___
1,923,393
74,518
1,706
981
34,682
82,965
38,328
6,799
313,692
Decrease.
1921.
1920.
3165,290
5163,478
6,337 c4,631.607 c4,176,593
263,550
147,814
110,217
599,085
608.632
35,163
117,575
189,186
46,581
44,665
107,643
34,773
349,120
262,230
21,404
24,861
f10,459
f11,368
56,128
109,093
113.629
142,264
338,532
430,279
139,688
155,677
8,843
23,149
37,004
113,002
86.396
82,815
87,677
198,582
543,258
462,002
197,660
157,678
143,596
171,972
187.781 def.32.306
26,009
6,755
285.036
262,818
754,609 10,433,968 8,262,512
206,181
100,643
51,609
33,677
6,666
1,787,192 def.434,974
4,239
725,932
324,318
2,996
15,748
15,374
6,052
131,534
18,790
39,506
116,059
7,248
501,373
687,622
43,603
840,013
4,929,571
350,071
47,760
8,084
28,703
97,759
1,706,940
451,313
109,490
78,011
8,189
def.79,591
255,083
117,395
def.25,738
def.1,845
def.13,887
852.733
19,045
def.168,303
def.28,459
6,129
def.492,557
2,085.862
223,052
112,419
10.998
33,968
113,019
1,622,729
446,207
110.995
62,232
19.537
29,348
296,948
87.475
def.15,610
62,139
52,305
823.207
Increase.
Decrease.
31,812
455,014
115,736
1,916
72,870
86,890
26,606
9,547
71,611
3,457
909
4,536
91,747
15,989
13,855
110-,668
81,256
39,982
-----_28,376
220,0
19,254
22,218
2,171,456
105,538
______
27,011
2,222,166
_ ___
-669,676
716,081
37,474
1,332,570
2,843,709
127,019
84,211
5,106
15,779
11.797
64,659
2,914
5,261
15,26(
1,501
11,341
108,93f
41,86/
29,920
29.526
10,121
63,984
66,192
.
[VOL. 115.
THE CHRONICLE
244
NET.
GROSS.
ROADS.
1921.
1920.
Increase.
Decrease.
1921.
I
1920.
Increase.
Decrease.
$15,029
$365,340
$350,311
$1,499
$1,244.850
Chicago South Bend & Northern Indiana Ry_b --- $1,249 349 55,327,385
13,827.583 12,026.992 $1,800,591
5,016.348
60,343,733
45,420
Chicago Surface Lines-a
183,267
228,687
108.522
1,108,618 1,000,096
19,7154
Chicago & West Towns Railway_a
229,582
209,828
$1,199
602.979
601,780
11,577
Choctaw Pr. & Lt. Co. (inc. Pitts. County Ry.)
54,854
43,277
4,526
176,449
180,975
42,894
Cincin. Lawrenceburg & Aurora El. St. Ry_b
11,508
54,402
3,863
139,580
135,717
298.092
Cincinnati Milford & Blanchester RR_ b
2,314,169 2,016,077
92,869
8,885,632 8,978,501
44,002
Cincinnati Traction Co_a
246,303
290,305
53,431
950.648 1,004.079
16,561
Citizens' Traction Co_a
25,269
8,708
14,635
121.011
106,376
36,658
104,780
Cleveland & Chagrin Fails Railway_a
68,122
26,906
360,654
333,748
34,552
def24,862
Cleveland & Eastern Traction Co-a
9,690
1,271
151,776
153,047
26,806
Cleveland & Erie Railway_ b
def6,610 def33.416
33,825
196,701
162,876
8,73*
172,632
Cleveland Painesville & Ashtabula Railroad_a
163.893
42,274
743,300
701,026
1,869,860
2,316,307
Cleveland Painesville & Eastern Railroad_a
4.186.167
225.361
17,607,719 17,382,358
7,713
70,490
Cleveland Railway Company_ b
77
€2.'
6,02
237,738
243,767
57,458
def76,426
Clinton Street Railway-a
defIi',9
21,061
145,029
166,090
74,316
98,901
Coal Belt Electric Railway_a
581
24
•
16,932
548,487
531,555
94,133
377,614
Colorado Springs & Interurban Railway_ a
307,955 def471, 47
1,341,569 1,649.524
81,200
214,549
Columbia Railway, Gas & Electric Co_a
Cr.295,7,9
20,698
1,069,422 1.048,724
426,866
582,363
Columbus Delaware & Marion Electric Co
1,009,229
259,945
1,807,298 1.547,353
8,190
15,301
Columbus (Ga.) Electric Co_a
7,111
3,023
64,331
61,308
554,456
Columbus Marion & Bucyrus Railway_a
2,610,284 2,055,828
248,921
10,129
Columbus (Ohio) Railway, Power & Light Co_a__ _ 6,977,041 6,728,120
571,867
581,996
31,523
1,659,852 1,691,375
Conestoga Traction Co_a
2,170,858 def53,590 2,224,448
14,619,210 13,089,317 1,529,893
31,353
Connecticut Company_ a
32,090
737
34,505
98,752
64,247
Street
Railway_a
Post
Painted
2,300
&
Corning
12,791
15,091
67
110,669
110,736
91,101
Cortland County Traction Co_a
971,174
1,062,275
191,102
3,305,110 3,114,008
276,643
Cumberland County Power & Light Co_a
319,989
596,632
515,899
3,716,291 3,200,392
35,813
Dallas Railway Co
17,632 def18,181
39,618
132,003
171,621
8,656
Danbury & Bethel Street Railway_b
90,611
99,267
26,161
417,674
391,513
60,774
Dayton & Troy Electric Railway_ b
3,900,289 3,961,063
5,657,160
28,986,228
23,329.068
9,748
Detroit United Railway Co_ b
def7,988
1,760
26,281
139 223
112,942
18,809
Dover Somersworth & Rochester Street Railway _a
40.609
59,418
7,105
-244,339
237,234
89,621
Du Bois Electric Traction Co-a
212,210
301,831
874,977 - 122,098
997,075
48,452
Dubuque Electric Co..a
359,987
311,535
141.047
1,804,840 1,945,887
Duluth Superior Traction.- b
2,864,161 1,131,627 1,732.534
1,877,011
13,195,276
11,318,265
b
233,091
Eastern Massachusetts Street Railway_
434,231
667,322
359,109
2,299,129 1,940.020
36,768
Eastern Pennsylvania Railways Co
609,566
572,798
51,086
1,670,328 1,619,242
205,350
Eastern Texas Electric Co_a
840,873 1,046,223
550,620
_
3,818,302 4,368,922
174,102
East St. Louis & Suburban Co_a
def315,164
def141,062
1,218,345 1,032,915 - 185,430
3,124
Eighth Avenue Railroad _a
130,439
133,563
69.019
571,970
502.951
93,710
Elmira Water, Light & Railroad (Ry. Dept. only)_ b_
604,459
698,169
358,776
2,290,405 1,931,629
21,005
El Paso Electric Co_a
220,248
199,243
106,008
925,066
819,058
11,464
Empire State Railroad Corporation-a
2,461
13,925
4,033
135,728
131,695
7.958
Erie County Traction Corporation-a
44,635
52,593
17,395
234,425
251,820
6,099
•
Evanston Railway_ a
118,293
112,194
13,504
462,798
449,294
21,534
Evansville & Ohio Valley Railway Co_a
54,980
33,446
108,403
374,025
265,622
Evansville Suburban & Newburgh Railway_a
22,024
71,630
93,654
25,560
209,515
235,075
85,829
Fairmount Park Transit Co_a
1,494,207 1,408,378
215,821
833
Federal Light & Traction Co. and subsidiary cos-a_ _ 4,822,242 4,606,421
23,165
23,998
51,900
542,019
490,119
Fitchburg & Leominster Street Rallway_a
1,389
300,793
302,182
11,243
1,059,148 1,070,391
19,347
Fort Smith Light & Traction Co_a
20,919
1,572
15,811
98,984
83,173
9,428
Fort Wayne & Decatur Traction Co-a
20,136
23,395
10,708
397,090
373,695
15,768
Fort Wayne Van Wert & Lima Traction_a
30,955
23,572
15,187
124,290
100,718
Fostoria & Fremont liailway_a
4,686
232
7,261
4,918
186,017
193,278
Frankford Tacony & Holmesburg Ry_a
106,987
c54,937 defc52,050
104,603
299,262
403,865
184
Fresno Traction Co_a
8,244
27,540
8,060
114,481
86,944
207,525
Galesburg & Kewanee Elcc ric Railway_ b
1,126,505
129,086
918,980
3,679,867 3,808,953
Galveston-Houston Electr.c Co_a
8,452
6,460
14,912
13,303
117,254
130,557
42,760
Gary & Valparaiso 11,11road_a
195,925
153,165
123,400
878,588
755,188
10,123
Gary Street Railway 0irporatior..1
26,261
16,138
22,414
126,794
104,380
Geneva Seneca Falls & Auburn Isailroad, Inc_a_ _-734,475
3,952,868
4,687.343
Georgia Railway & Powm Co.(combined companies)a 14,080,904 13,051,997 1,028,907
62,742
5,079
67,821
36,285
471,143
507,428
Gulfport & Mississippi Coast Traction_a
150,778
337,929
488,707
40,439
1,844,732 1.804,293
Grand Rapids Railway Co_a
143,781
448,046
591,827
174,964
1,415,138 1,240.174
11,814
ePotomac Public Service Co_b
38,439
26,625
10.202
83,412
78,210
186,935
Hanover & McSherrytown Street Railway-a
520,928
333,993
142,891
1,664,274 1,807,165
Harrisburg Railways Co_a
40,359
def24,160
16,199
183,028
264.954
447,982
Hartford & Springfield Street Railway_a
9,854
67,231
77,085
11,217
373,384
384,601
Helena Light & Bailway Co_a
1,178
1,592
2,770
4,464
48,002
43,538
Henderson Traction Co_ b
10.342
191,754
202,096
8,517
1,093,533
1,085,016
1,429
Holyoke Street Railway_b
4,949
3,520
2,738
27,315
30,053
Hudson River & Eastern Traction_a
168,414
203,450
35,036
385,114
1,107,350 1,492,464
Hudson Valley Railway Co_ b
71.653
583,773
655,426
111,426
1,987,321 1,875,895
Illinois Northern Utilities Co_a
691.151
6,512,279 5,821,128
22,600,895 21,317,730 1,283,165
Illinois Traction System-a
35,649
172,771
137,122
76,665
765.652
688,987
Indianapolis & Cincinnati Traction Co_ b
16,394
88,529
104,923
24,486
286,444
310,930
Indianapolis & Louisville Traction Ry_a
42.349
790,582
832,931
134,609
5,233,327 5,367,936
Indianapolis Street Railway_a
54,772
416,744
471,516
29,976
1.058,940 1,088,916
Indiana Railways & Light Co_b
80,423
532,003
612,426
85,726
2.382,341 2,968.067
Indiana Service Corporation_a
40,547
def2,108
def42,655
38,111
615,610
577.499
Inland Empire Railroad_a
264,288
17,315,414 17,051,126
45,291
54,292,868 54,247,577
58,140
Interboro Rapid Transit Co.(New York)-a
1,657,207
1,599,067
822,714
10.900.982 11,723.696
22,182
International Railway (Buffalo, N. Y.)_a
18,801
40,983
9.906
248.236
238,330
33,248
Interstate Consolidated Street Railway Co_a
100,844
67,596
178,091
909.657
731,566
Interurban Railway Co_a
107,014
842,799
949,813
228,465
3,227.045 2,998.580
Iowa Railway & Light Co-a
6,515
175,660
182,175
79,251
670,167
590,916
8,899
Iowa Southern Utilities Co_a
19,420
10,521
54,348
299,666
245,318
Ithaca Traction Corporation_a
45,570
20,128
65,698
9,815
228,382
238,197
Co-a
Light
&
39,048
Jackson Railway
68,616
29,568
15,841
401,699
417,540
2,838
Jamestown Street Railway_b
283,791
280,953
32,477
1,253,777 1,221,300
8,964
Johnstown Traction Co-a
def7,780
def16,744
37,887
273,808
311,695
77,576
Jersey Central Traction Co-a
229,425
151,849
101,141
882,486
781,345
17,693
Joplin & Pittsburgh Railway Co-a
246,592
228,899
17,188
945,457
928,269
2,439
Kanawha Traction & Electric Co-a
327,004
324,565
28,729
Railway_a_ _ _ 1,186,707 1,157,978
,057
27
Kansas City Clay County & St Joseph
119,054
91,997
2,438
467.231
469,719
Kansas City Kaw Valley & Western itailway_a
156,028
42,099
198.127
97,235
b._
_
cos.)
controlled
500,343
(and
597,578
Co.
Utilities
Kansas Electric
83,383
4,535
87,918
17,009
356,842
373,851
19,912
Keokuk Electric Co_a
96,126
76,214
3.664
260,003
263,667
Key West Electric Co_a
23,162
71,223
48,061
13,075
224,647
237,722
71,166
Kingston Consolidated Railroad_ b
34,259
105,425
52,972
_
412.111
359,139
327.130
Lake Charles Railway, Light & Water Works Co-a _
798,607
471,477
722,196
2,564,157 3,236,353
Lake Shore Electric Railway (entire system)-a
16,182
81,070
97,252
8,246
204.976
213,222
Laurel Light & Railway Co
315,869
839,082
1,154,951
33,871
4,514,686 4,480,815
8,022
Lehigh Valley Transit Co-a
11,459
3,437
13,359
72.422
59.063
5,515
Lewisburg Milton & Watsontown Passenger Ry-a_
18,378
23,893
52.855
188,655
135,800
75,223
Lewistown & Reedsville Electric Railway- b
211,303
286,526
39,021
1,157,659 1,196,680
10,744
Lincoln Traction Co_ b
16,800
27,544
49.441
327,879
377,320
304,833
Long Island Electric Railway_a
2,924,114 2,619,281
10,241,011 9,135,151 1,105,860
278,459
917,320
Los Angeles Railway Corporation_ b
1,195,779
322,995
4,469,502 4,146,507
7,469
9.979
Louisville Railway Co_ b
2,510
13,769
91,977
78,208
24,771
184,602
Lowell & Fitchburg Street Railway-a
159,831
1,671
905.090
906,761
29,204
87,997
Macon Railway & Light Co-a
117,201
8,406
404.862
413,268
53,276
729,532
Madison (Wisconsin) Railways-a
782,808
57,278
7,516
Manchester Traction, Light & Power Co.and sub.cos. 2,429.865 2,372.587
27.558
20,042
4,632
281,698
286,330
43,079
455
Manhattan Bridge Three-Cent Line_a
43,534
105,762
233,788
339,550
301.199
Manhattan & Queens Traction Corp-a
1,783,784 2,084,983
106,887
83,426
9,435,061 9,328,174
g Market Street Railway-a
78,801
162,227
51,728
38,247
Massachusetts Northeastern Street Railway Co-a_ _ _ 1,021,738 1,073,466
131,836
93,589
44,696
326,823
282.127
36,408
Mesaba Railway Co_a
166,249
202,657
4,594
1.350,318 1,345,724
873,715
4,275.443
Middlesex & Boston Street Railway-a
600,803 5.149,158
18,463,532 19,064,335
7,535
8,417
Milwaukee Electric Railway & Light Co-a
882
26,783
164,669
771
137.886
46,556
Milford Attleboro & Woonsocket Street Railway- b_ _
47,327
7,468
362,748
Railway-a
355,280
5,893
Street
&
Uxbridge
21,162
Milford
27,055
10,959
79,770
68,811
10,918
188,410
Millville Traction Co_ a
177,492
47,627
629.286
581,659
22,206
29,738
Milwaukee Northern Railway_a
51,944
19,162
144.229
163,391
118,700
200,843
Missouri & Kansas Interurban Railway_b
82,143
153,584
967,757 1,121,341
4,556
def3,006
Mobile Light & Railroad Co_ a
def7,562
14,180
105,934
120,114
2,209
1,642
Monmouth County Electric Co_ a
def567
2,541
,
36493
33,952
21.235
86,552
Montoursville Passenger Railway (Ry. Dept. only)_a
107,787
12,984
537,981
550,965
185,343
695,877
Morris County Traction Co_a
881,220
182,643
3,857,852 3,675.209
4.632
42.671
Nashville Railway & Light Co-a
38.039
12.912
331,038
318,126
New Bedford & Onset Street Rallway_b
4,043,320 2,425,833 1,617,487
Co
14,811,553 12,627,374 2,184.179
109,696
404,384
New Orleans Railway & Light
514.080
214,930
7,551
18,814
Newport News & Hampton Ry., Gas & Elec. Co-a_ _ 2,550,268 2.765,198
26,365
805
127,054
126,249
7,091
Newport & Providence Rallway-a
def63,994 def71,085
68,737
Traction_a
528,835
597,572
Island
Long
&
def228,991
52,681
York
def281,672
New
105,277
1,296,151 1,190,874
699,599
87 def699,512
New York & Queens County Railway-a
837,224
9,526,850 8,689,626
101,851
12,858
114,709
New York Railways_a Railway-a
66.405
494,443
560,848
89.304
1,552,983 1,463,679
New York & Stamford
237,853
10,692.262 10.454.409
New York State Railways-a
JULY 15 1922.]
THE CHRONICLE
GROSS.
ROADS.
1921.
1920.
245
NET.
Increase.
Decrease.
1921.
1920.
Increase.
Decrease.
New York Westchester & Boston Railway
_a
$1,170,239
$912,265
Niagara Gorge Railway_b
$257,974
$32,850 $def87,734
$120,584
165,115
236,523
Ninth Avenue Railroad (New York
$71,408
9,605
CIty)-a
80,673
548,827
418,731
Northampton Street Rallway_b
$71.068
130,096
def219,935 def150,725
331,028
344.038
69,210
Northampton Easton & Washing
13,010
ton Traction_a
67,159
37,529
29,630
90,057
85,649
North Carolina Public Service Co_a
4,408
8,944
12,851
n1.165.787 n1,063,969
3,907
Northern Cambria Railway
101,818
339,913
319,405
20,508
85,450
82,128
Northern Massachusetts Street
3,322
12,527
y_b
20,712
235,866
266,254
8,185
Northern Ohio Traction & LightRailwa
30,388
14,516
16,863
8,533,797 10,923,630
2,347
Northern Texas Electric Co_a Co_a
2,389,833
2,047,845 2,392,982
3,538,729 3,951,650
345,137
Northwestern Pennsylvania Ry.(combined
412,921
1,137,1
1,299,2
earns.)-a79
62
446,651
162,083
443,702
Oakwood Street Railway_ a
2,949
89,904
74,736
15,168
221,179
260,093
Ocean Electric Railway (Long Island)_a
38,914
def24,652
5,990
276,485
30,642
255,955
20,530
.1 Ohio Electric ffallway_a
103,983
41,957
62,026
1,364,625 1,354,498
Ohio River Electric Railway & Power Co_ b
10,127
86,540
222,336
107,015
135,796
128,591
Oklahoma Railway Co_ a
21,576
795
17,967
2,114,571 2,041,483
17,172
Omaha & Council Bluffs Street Railway_a
73,088
665,940
524,341
4.615.589 4,807,529
141,599
Omaha & Lincoln Railway & Light Co-a
191,940
695,685
777,877
182,192
204,674
82,192
Orange County Traction Co_a
22,482
35,887
50,215
251,762
14,328
257,258
Oregon Electric Railway_ b
5,496
42,689
24,567
1,293,506 1,414,438
18,122
Ottumwa Wailway & Light Co-a
120,932
25,682 def166,606
605,447
192,288
583,886
21,561
Owensboro City Railroad
141,931
122,658
85,728
19,273
106,910
Pacific Electric Railway_a
21,182
11,265
12,732
17,096,117 15,346,346 1,749,771
1,467
Paducah Electric Co_ a
63,192,423 62,714,412
529,886
483,570
478,011
46,316
Peekskill Lighting & Railroad (Ry. Dept. only)_a
134,519
89,053
136,328
91,410
1,809
Peninsular Railway-a
2,357
3,950
344.302
1,131
354,417
2,819
Pennsylvania-New Jersey Railway_a
10,115 defc38,350 defc23,
241,883
121
283,662
15,229
Pennsylvania & Ohio Railway
41,779
9,284
141,537
def786
115.918
10,070
25,619
Petaluma & Santa Rosa Railroad_b
2,785
547,034
def21,944
456.653
24,729
90,381
1 Philadelphia & Easton Electric Railway-a
134,387
166,783
118,859
170,991
15,528
Philadelphia Company-Pittsburgh Railways Co-a-- 21,369,
4,208
2,371
715 21,137,223
1,729
642
232,492
Beaver Valley Traction Co_a
3,763,212 2,520,923 1,242,2
548,750
604,865
89
Pittsburgh & Beaver Street Railway_a
56,115
68,029
103,805
113,918
109,099
45,889
Seventeenth Street Incline Plane Co-a
5,294
15,996
48,133
38,823
49,060
22,827
Philadelphia Rapid Transit Co_a
927
def9,777 def18,780
44.420,605 38,807.354 5,613,251
9,003
Philadelphia & West Chester Traction Cob
11,677,451 10.205,175 1,472,2
879,176
879,647
76
Philadelphia & Western Railway_a
471
277,128
812.240
281,079
801,162
11,078
---379-51
(The) Pine Bluff Co (Railway Department only)_a
279,398
267,098
160,097
173,431
12,300
Pittsburgh Harmony Bu,ler & Newcastle Railway_b_
13,334
26,814
41.189
1.153,477 1,289,519
p
14,375.
Pittsburgh Mars & Butley Railway_b
136,042
311.788
399,400
412.497
465,988
87,612
Plattsburgh Traction Co_b
53.491
66,876
111,674
39,320
33,123
6,197
Port Jervis Traction Co_a
44,798.
def852
3,498
26,384
18,619
7,765
Portland (Ore) Railway, Light & Power Co_a
4,350'
def7,632 def10,522
9,922,241 9,564.615
2,890
357,626
Poughkeepsie & Wappinger Falls Railway_a
2,929.916 2,813,074
276,418
116,842
263,423
12,995
Public Serviee Ry(N J), incl Public Service Rft_a
44.292
12,514
26,371,389 26,909.783
31,778
Putnam & Westchester Traction_a
538,394
5,055,900 4,224.735
12,394
831,165
11,200
1.194
Reading Transit & Light Co_a
1,111
2,244
3,007,465 3,040,725
Republic Railway & Light Co_a
1,133
33.260
664,028
599,025
7,321,680 8,420,387
65,003
Richmond Light & Railroad Co_a
1,098,707
1,930,310 1,863,993
66,317
734,793
661,465
Rochester Loekport & Buffalo Railway_a
73,328
111,592
def47.6
38
159,230
557,582
572,464
Rochester & Manitou Rallroad_a
14,882
98,847
95.112
3,735
41,031
33,013
Rochester & Syracuse Railroad Co,Inca
8,018
8,102
1.835
6,267
1,079.640 1,176,535
Rome Railway & Light Co_a
96.895
6218,27
6268,31
8
8
274,467
50,040
291,621 .
Rutland Railway, Light & Power Co_a
17,154
74,817
78,155
559,145
589,641
3,338
Sacramento Northern Rallroad_a
30,496
156,653
132,899
23.754
1,583,506 1,674,104
St Joseph Railway, Light, Heat & Power Co_a
90,598
660,031
6138,445
2,243.924 2,481.764
78,414
Salem & Pennsgrove Traction Co_a
237.840
303,066
222,512
80,554
86.392
Salt Lake & Utah Railroad_a
140,953
54,561
def34,676 den2,392
753,754
876.948
22,284
San Francisco Napa & Calistoga Railway_a
123,194
166,952
255,296
395,156
350,874
88,344
San Francisco-Sacramento Railroad_a
44,282
129,031
127.728
1,169,684 1,309,622
1,303
San Jose Railroads_a
139,938
148,268
253,946
410,772
401.587
105,678
9,185
Schenectady Railway Company_a
653,706
674,483
1,706,778 1,905,313
20,777
Schuylkill Traction Co_a
198,535
114.862
181,274
581,828
425.207
. 66.412
156,621
Seattle & Railier Valley Railway Co_a
139.832
82,059
509,705
57,773 477,393
32.312
Second Avenue(New York City)_a
96,310
60,952
986,664
35,358
867.229
119,435
Shamokin & Mount Carmel Transit Co_a
def91.835 def129,674
304,317
37.839
197,339
106,978
Shawnee-Tecumseh Traction Cob
70.671
60,011
71,767
10.660
84,714
Shreveport Railways Co_b
12,947
27,907
28,682
640,502
652,840
775
Sioux City Service Cob
12,338
73,265
146,487
1,539,490 1.468,690
73,222
70,800
Southern Michigan Rallway_b
295,321
180,113
292,476
334,349
115,208
Southern New York Power & Railway Corporation_a
41,873
98,517
122.773
516,004
526,215
24,256
Spokane & Eastern Railway & Power Co_a
10,211
121,834
83,828
1,101,909 1,180,106
38,006
Springfield Street Railway Cob
78,197
126,280
113,294
3,438,317 3.819,351
12,986
Springfield & Xenia Railway Co_a
381,034
480.913
678,797
112,528
133,694
197,884
Stark Electric Railroad_b
21,166
4,423
6,978
508,840
627,353
2,555
Steubenville East Liverpool & Beaver Valley Trac_a_
118,513
114.504
146,655
928,575
949,171
32.151
Stockton Electric Rallroad_a
20,596
def17,378
15.902
346.596
320,457
26,139
33,280
Syracuse Northern Electric Railway, Inc
642,151
628,054
131,779
14,097
128.547
3,232
Syracuse & Subarban Railroad_a
8,771
14,719
91.746
161,462
Tampa Electric Company_a
5,948
69,716
def17,447
1,715.904 1,473,630
2,389
19.836
242,274
I Terre Haute Indianapolis & Eastern
Trac. Co_a
688.379
558,695
5,291,328 5.444,836
129,684
Texas Electric Railway_a
153,508
888,732 1.327,012
2,889,838 3,460,184
438,280
Third Avenue(New York)
570,346
1,163,646 1,447.112
Sustem-a
13,883,428 12,438.585 1,444.843
283.466
Trenton Bristol & Philade
Street Railway_b
1,972,151 1,529,724
442,427
106,159
124,785
Trenton & Mercer Countylphia
18,626
Tractio
n Co_a
33.415
19,822
__1,545.566 1,401,863
13.593
Troy & New England Railway Co-a
143.703
174.362
151,505
22,857
39,442
4,967
Tuscaloosa Railway & Utilities Co-a
34,475
def6,8255,117
def11,942
398,552
372,111
Twin City Rapil Transit
26.441
(Minneapolis)_b
116,743
118,723
1,980
13,921,314 13,070.738
Union Street
850,576
_b
2,930,779 3,275,904
345,125
Union TractioRdlway
1,605,999 1,732,966
n Co.
126,967
nia)_ a
394,840
429,384
34,544
Union Traction Co. (Oslifor
85,787
93.267
7,480
of In liana-a
12,443
8,602
3,841
Union Traction Co. (Tennes
3,710.606 4,095,755
385,149
see)_ a
938,664
4,148
934,516
United Light & Railways Co.
157.765
173.616
15,851
36,563
32,182
4,381
United Railways & Electric (subsidiary cos.)-a---- 11,374,816 11,956,517
581,701
Co_a
3,372,074 3,275,252
96,822
United Railways Co. of St. Louisa
16,332.865 17.313,599
980,734
3,840,782 4,143,336
302,554
19,658,551 20.267,730
United Traction Compan
609,179 62.889,635 63,555,587
y (Albany)_b
665,952
1,199,783 3,253,973
Utah Light & Traction Co-a
2,054,190 dt1,579,887
104,767
1,684,654
Valley Railways-a
2,048.980 2,069,483
20,503
453,688
580,200
126,512
501,891
489,763
Vicksburg Light & Traction Co-a
12,128
48,376
59,274
10,898
290,967
2,836
293,803
Vincennes Traction Co
89,714
82,889
6,825
81,446
2,223
83,669
Virginia Rail way & Power Cob
29,228
25,721
3,507
10,173.335 9,993,576
Wall till Transit Co-b
179,759
3,105,672 2,913,506
192,166
11,881
77,796
89,677
Warren & Jamestown Street Rallway_b
8,534
12,557
165,839
4,023
183,340
Washington Baltimore & Annapolis Electric 113r-a
17,501
22,476
40,547
18,071
- .f -420,206
Washington Ry. & Elec Co.(combined properties)-a 2,512,540 2,092,334
651,878
506,932 - 144,946
11,811,777 11.087,858
723,919
Washington Water Power Company-a
63,152,367 62,372,061
780,306 --173,661
4,778.555 4,601,894
Waterloo Cedar Falls & Northern Railway
2,462,970 2,299,737
163,233
--857,457 1,071,367
Waterville Fairficli & Oakland Rallwav-a _a
213,910
33,039
76,239
--136,892
4-3,200
136,399
West Chester Kennett & Wilmington Elec. Ry.a
493
def5,52
def25,6
9
12
20,083
80,518
62,257
West Chest.r Street R tilwi y Company_b
18,261
def9,66
5
def2,31
---7f,580
5
245.446
229,502
Westchester Street Rallroau-a
15,944
63,801
65,283
1,482
239,039
231,339
Western New York & Pennsyl
7,700
vania 'fraction-a
def21,509 def49,049
27,540
560,548
m558,851
Western Ohio Rallway-a
1,697 mdef24,294
57,595
81,889
1.105,488 1,158,808
Westmoreland County Railway Cob
53,320
239,686
191,226
48.460
78,176 -----66,427
West Penn Railways Co_a
11,749
24,732
29,689
4,957
14,189,777 13,607,950
58-1,827
Wilkes-Barre & Hazleton RR.(and affil. cos.)-b
3,962,227 3,368,345
593,882
754,334
895,180
140,846
Wilkes-Barre Railways Co-a
313,881
231,364
82,517
258,857
2,559,809 2,300,952
Wilm. & Phila. Trac. Co.
(incl.
So.
Pa.
99,220
Trac.
Co.)_b 3,683,562 3,212,369
100,096
876
471,193
Winona Interurban Railway_a
1,582,277
829,945
752,332
322,570
310,309
Wisconsin Gas & Electric Co_a
19,261
19,933
36,135
16,202
3,166,247 3,385,425 -------Wisconsin Public Service Co_a
219,178
742,250
497,321
244,929
252.441
1,476,130 1,223,689
Wisconsin Railway, Light & Power Co-a
476,922
246,407
230,515
696,140
55,417
751,557
Wiscon,in Trac Light, Heat
Power Co.(Ry..onlY)
261,874
167,835
94,039
245,224
217,255
Worcester Cons.o'lidated Street&Railway
27,969
71,644
Co-b
23,127
94,771
4,406,451 4,360,357
46.094
hYork Railways Co_ a
828,200
493,297
334,903
1,720,417 1,879,123
41,294
Youngstown & Ohio River Railroad_a
436,292
30,366
466,658
639,497
555,806
83,691
1c138,782
13,274
k152,056
Total (315 roads)
920,007,552 909,746,893 40,170,402 29,909,743
Increase
212,228,069 182,011,679 39,804,251 9,587,861
10.260,659
Per cent of Increase
30,216.390
(1.13%)
(16.60%)
a After deducting taxes. b
Before
deducti
deducti
ng
deprecia
ng
taxes.
After
c
tion.
d After deducting operating expenses, taxes, interest on
Parr shoals bonds and dividen
ds on Parr Shoals pref. stock. e Formerly the Hagerstown
& Frederick Ry. f After deducting fixed charges
ings for 1920
. g Earnand 3
Nov. 30 1921 and months of 1921 cover operations of United Railroads of San Francisco, predecessor of the Market Street Ry. h For years ending
1920.
operating separately since i Includes the Chicago & Milwaukee Electric Ry., Milwaukee City Lines. j Covers only lines owned; lines formerly leased,
August 1921.
deducting rentals. 1 Figttres in 1921 compiled from company
receiver's report from Aug. 1 to Dec. 31.k After
's report from Jan. 1 to July 31 and the
m Figures include operations of Olean Bradford
& Salamanca RR. for last three months of 1921. n For
years ending March 31
1922 and 1921.
246
THE CHRONICLE
citxreut goods and ptszussions
WEEKLY RETURN OF FEDERAL RESERVE BANKS.
Total accessions of $15,200,000 of gold and of $7,900,000
of other cash reserves, accompanied by a reduction of $36,200,000 in Federal Reserve note circulation and an increase
of $40,200,000 in deposits, are shown in the Federal Reserve
Board's weekly bank statement issued as at close of business
on July 12 1922, and which deals with the results for the
twelve Federal Reserve Banks combined. Discounted bills
held by the Reserve banks decreased by $68,900,000, acceptances purchased in open market increased by $2,600,000,
and United States securities by $6,300,000. Government
deposits fell off $15,800,000, while members' reserve deposits
increased by $56,200,000. The reserve ratio shows a rise
for the week from 76.8 to 77.3%. After noting these facts,
the Federal Reserve Board proceeds as follows:
[vol.. 115.
of the reporting banks increased by $672,000,000 and
those of member banks in New York City by $153,000,000.
Mainly in connection with the large currency demands of
the member banks, their accommodation at the Federal
reserve banks show an increase for the week from $165,000,000 to $206,000,000, or from 1.1 to 1.4% of their aggregate loans and investments. For the New York City banks
an increase from $53,000,000 to $77,000,000 in total accommodation and from 1 to 1.5% in the ratio of accommodation
is shown. Reserve balances of the reporting banks declined
about $39,000,000, while cash in vault increased by $18,e
000,000. Member banks in New York City report a decreas
$4,of
increase
an
against
as
,
of $84,000,000 in reserves
000,000 in cash. On a subsequent page —that is, on page
latest
285—we give the figures in full contained in this
System.
weekly return of the member banks of the Reserve
changes in
In the following is furnished a summary of the
a
year ago:
and
week
a
with
ed
compar
as
the principal items
(—)
Increase (+) or Decrease
Deposits of imported gold, as well as shifting of gold through the gold
Since
settlement fund account, for a combined increase of $40,200,000 in the gold
June 28 1922. July 6 1921.
reserves of the Now York, Chicago, Boston, San Francisco, Cleveland,
—$981,000,000
,000
+$55,000
Richmond and Minneapolis banks. The largest increase, viz., by $16,900,- Loans and discounts—total nt obligations_ +1,000,000 —361,000,000
Secured by U. S. Governme
000, is shown for the New York bank, Chicago with an increase of $12,300,+86,000.000 +546,000,000
Secured by stocks and bonds
000 and Boston with an increase of $6,100,000 following next in order.
—32,000,000 —1,166.000,000
00,
viz.,
310,600,0
reserves,
in
gold
other
All
decrease
Philadelphia reports the largest
—5,000,000 +1,025,000,000
Investments—total
followed by St. Louis, with a decrease for the week of $9,600,000.
+6,000,000 +404,000.000
U. S. bonds
Holdings of paper secured by Government obligations declined from
—3,000,000 —134,000,000
Victory notes
$185,400,000 to $157,600,000. Of the total held, $103,800,000 or 65.9%,
—1,000,000 +440,000,000
U. S. Treasury notes
were secured by Liberty and other U. S. bonds, $5,400,000 or 3.4%, by
+65,000,000
—13,000,000
es
certificat
00,
and
Treasury
notes,
$15,900,0
Treasury
by
or
20.6%,
00,
Victory notes, $32,500,0
+6,000,000 +250,000,000
Other stocks and bonds
or 10.1%,by Treasury certificates, compared with $128,300,000,$6,300,000.
—39,000,000 +149,000,000
Reserve balances with F.11. banks
833,600,000 and $17,200,000 reported the week before.
—45,000,000
+18,000,000
Cash in vault
ng
—2,000,000 —204,000,000
Government deposits
The statement in full, in comparison with the precedi
—36,000,000 +1,058,000,000
Net demand deposits
weeks and with the corresponding date last year will be Time
+90,000,000 +550,000.000
deposits
A
285.
and
284
+41,000,000 —1,044,000,000
found on subsequent pages, namely pages
Total accommodation at F. R. banks
summary of changes in the principal asset and liability items
of the Reserve banks as compared With a week and a year
GERMANY'S PAYMENT OF JULY REPARATIONS
ago follows:
Increase (-I-) or Decrease (—)
INSTALLMENT—TWO-YEAR MORATORIUM AND
Since
1921.
13
RESUMPTION OF FOREIGN LOANS NEGOTIAJuly 5 1922. July
+$23,100,000 +$509,400,000
TIONS SOUGHT.
Total reserves
+15,200,000 +543,100,000
Gold reserves
of Germany have loomed up con,000
000
affairs
l
—855,200
—60,CO3,
The financia
Total earning assets
—68,900,000 —1,274,000,000
Discountpl bills, total
week. On the 8th inst. it was
present
the
sly
spicuou
—27,800,000 —461,200,000
Secured by U.S. Gov't obligations
y (we quote from Associated
officiall
semiknown
—41,100,000 —812,800,000 made
Other bills discounted
that two German experts
,000
Berlin)
00
+132,500
from
+2,600,0
ams
Purchased bills
Press cablegr
+6,300,000 +286,200,000
United States securities, total
to ask the Allied Reparations
Paris
to
way
their
on
were
—7,800,000 +172,300,000
Bonds and notes
which Germany would
141,900,000 Commission for a moratorium by
Pittman certificates
000 +255,800,000
es
+14,100,
certificat
Other Treasury
to spread her cash payments over a longer
enabled
be
+40,200,000 +230,900,000
Total deposits
period. It was further stated in these accounts:
+56,200,000
Members'reserve deposits
—15,800,000
Government deposits
—200,000
Other deposits
—36,200,000
Federal Reserve notes in circulation
—800,000
F. R. bank notes in circulation, net liability_
+219,900,000
+9,900,000
+1,100,000
—445,700,000
—63,200,000
to meet the July installment of
The 50,000,000 gold marks required
been gathered in the ReichsGermany's reparations payments already had
headlong plunge.
present
its
bank before the mark entered upon that they prefer not to contemplate
Official quarters frankly admit
is obliged to go into the open market
just what will happen in case Germany
equivalents for the next payment, with
for the purpose of acquiring gold
taken bY the Austrian crown.
that
as
the mark heading for the same road
WEEKLY RETURN OF THE MEMBER BANKS OF THE
The following day (July 9) the Associated Press reported
FEDERAL RESERVE SYSTEM.
following from Berlin:
the
lly may
Aggregate increases of $86,000,000 in loans secured by
The German Government has started an action which incidenta
,000
the payment of 50,000,000 gold
ons
of
against
$31,000
reducti
corporate obligations, as
result in absolving Germany from meeting
Chairman
Dr.
sending
In
Fischer,
15,
July
on
Allies
by the
in other, largely commercial, loans and of $5,000,000 in marks required
the German War Debt Commission, and Herr Schroeder, Under Secreinvestments, are shown in the Federal Reserve Board's of
of Finance,to Paris to confer with the Reparations ComMinistry
the
of
tary
payments.
weekly statement of conditions on July 5 of 796 member mission on the question ofreadjustidngathe presentyschedule of,gold
temporar expedient with the prime
this move is considere
be
Although
noted
figures
should
that
It
the
cities.
leading
in
banks
financial circles
purpose of influencing the deliberations at Paris, official
of these member banks are always a week behind those for would welcome this revision as indicating a general solution of the present
Germany
declared
r Wirth has
the Reserve Banks themselves. Changes in investments schedule of gold payments, which Chancello
to carry out, particularly since the recent collapse of Gerposition
no
in
000
in
United
bonds,
$6,000,
is
States
of
include an increase
man exchange.
technically in a
as against decreases of $4,000,000 in Victory and Treasury
Officially it was stated to-day that the Reichsbank was
marks next week, but that their release
notes and of $13,000,000 in Treasury certificates, also an position to deliver 50,000,000 gold
n, whose officials bebank vaults would "badly expose" the institutio
steadying the mark
increase of $6,000,000 in corporate and other securities. from
that this available gold fund should be devoted to
lieve
an
report
increase of $69,- at home and abroad.
Member banks in Now York City
at the inSchroeder
Herr
and
The mission undertaken by Dr. Fischer
000,000 in loans on corporate securities, as against a decrease
g
the Government will be carried out in the hope of sustainin the
of
stigation
only
loans,
ial
changes
commerc
nominal
the revision of the dates
of $14,000,000 in
Reichsbank's position. The mission will consider
for an exact moratorium
in Government securities and a decrease of $4,000,000 in for future gold payments. Any formal requestParts
and the accommodatthe nature of the pourparlcrs at
corporate securities. Total loans and investments, in con- will depend uponthe
on.
Commissi
ons
Reparati
of
attitude
ing
an
,
show
changes
increase of $50,present mission to Paris is a direct
sequence of the above
While official circles decline to say if the
in Berlin, banking officers believe that
000,000 and a slightly larger increase in New York City.
outcome of the conferences going on
few weeks has
which has marked these deliberations in the last
As against reductions of $2,000,000 in Government the progress materiall
to encouraging the German Government in its dey
ed
contribut
other
a
in
demand deposits,
on at a time when marks are
deposits and of $36,000,000
cisions to approach the Reparations Commissi
further increase of $90,000,000 in time deposits is noted. selling for less than five for one cent.
has now become fundamentally
"The question, 'can Germany pay?'
In New York City owing partly to large withdrawals of
t official who believes that the situation has
prominen
one
said
acute,"
deposit balances by out-of-town banks and the considerable simmered to a question of adopting practical, lucid financial policies
alike.
withdrawals of cash before the July 4 holiday demand de- which affect the Allies and Germany
confessed herself to be bankReports from New York that Germany has
posits declined by $121,000,000. Time deposits show an
official financial circles to be "Irresponsible and
in
declared
were
rupt
increase for the week of $90,000,000 of which 2,000,000 ridiculous."
we are bankrupt: such a verdict must
represents the increase in New York City. Since January
"It is not for us Germans to say
in the Ministry of Finance
from our creditors," one leading official
1 of the present year time deposits of the reporting banks come
.
observed
have gone up about $460,000,000, one-half of the increase
A three hours' conference was had at Paris on July 10
being shown for the New York City banks. During the
the two representatives of the German Government
between
same period net demand (other than Government) deposits
JULY 15 19221
THE CHRONICLE
and President Du Bois of the Allied Reparations Commission, when,it is stated, it was made known that the financial
situation of Germany had reached such a desperate state
that cash payments of the indemnity would soon become
impossible. The Paris advices (Associated Press) of that
day said:
.2)
They indicated that Germany had enough money for the July 15 payment,
but since the drop in the mark they were unable to see hope of further
payments beyond that.
It is explained that the Germans do not seem to know just what was
wanted, but among the tentative proposals they had with them was one
calling for payment of the remaining cash installment this year by means
of a loan, provided a moratorium of at least two years was granted. Without a moratorium a loan could not be raised, the Germans explained.
The memters of the Reparations Commission, they have indicated, feel
that the immediate reason for the present financial situation in Germany is
the failure of Germany to put an end to the wholesale printing of paper
marks and the widespread exportation of capital from the country.
In reparations circles, however, the opinion seems daily to be gaining
ground that the fundamental reason for the German financial chaos lies
in the total of reparations required, 132,000,000,000 gold marks, which is
regarded in many quarters as impossibly high.
It is further being made clear that no adjustment of the total indemnity to
what would be regarded as a reasonable figure can be made with the consent
of France until there is a definite settlement of the whole question of the
Inter-Allied debts which would either result in cancellation or very indefinite
postponement of payments. It is explained in French quarters that France
cannot possibly pay her debt to the United States under the present conditions.
France,it is declared, would probably agree to a material reduction of the
German indemnity if there should be such a readjustment of the interAllied obligation,and the opinion was expressed that sooner or later this idea
must be laid before the American Government.
Roland W. Boyden, the American representative with the Reparations
Commission, will return to the United States on the liner France next
Saturday, unless he is instructed to remain during the present crisis, and
will go to Washington to explain the whole situation to Secretary of State
Hughes before returning to Paris.
24/
The Commission this afternoon took under consideration Germany's
request for a moratorium of two and a half years on cash reparations
payments, which was contained in the German note. It is understood that
the Commission tentatively determined to insist upon the payment
of the
32,000,000 gold marks due on Saturday.
The committee on guarantees, on whose report depends the question of
a
moratorium, will furnish details on the financial situation in Germany. In
reparations circles, however, the feeling is becoming stronger that some
relief in the form of a moratorium on cash payments will be granted
Ger,
many, a majority of the members of the commission seeming to favor
mat
a step.
In the note, the text of which was published to-night, Germany points
out
that in May,1921, the rate of 60 marks to the dollar formed the basis
of NI-,
fillment of reparations payment, while on July 6 last the mark had
declined
to 500 to the dollar. In order to effect the payment of 720,000,00 gold
0
marks during this year the sum of 80,000,000
,000 paper marks would be
necessary with the mark at its present value.
"If under the circumstances," the note continues, "Germany would
be
further obliged to buy foreign currencies
to an extent similar to the amount
demanded at present,the depreciation in
the value ofthe mark would progress
rapidly and lead to the complete dissolution
of the financial, economic and
social life of Germany. For this reason
Germany under present conditions
is unable to continue cash payments.
"With regard to the great seriousness of
the situation the German Government will only be able to restore social
and financial conditions if it obtains
the assistance of the Reparaticns
Commission. There is no doubt on the
part of the German Government that in
order to re-establish the rate of
exchange for the mark measures must be
taken immediately, the effect of
which will be felt beyond this year. Germany,
therefore, considers it indispensable that she be freed of cash payments
also during the years 1923 and
1924."
The note further points out that the
situation can only be remedied if Germany is relieved of all other cash payments arising
out of the Treaty of Versailles in so far as they have to be paid in foreign
currencies. It is declared
that Germany will henceforth be unable to meet
the cash payments required
of her from time to time by the Allied clearing
offices for the payment of
private debts contracted by her nationals with
the nationals of the Allies.
The note concludes: "The recent developme
nt in the rate of exchange of
the mark, which began with the adjournment
of the negotiatins of the
loan committee, necessitates a speedy provisional settlement,
the relief payments expected from a foreign loan not having been realized.
"In consideration of the above, the German Governmen would
t
be gladif
the commission would take its decision as to the demand for a respite with all
possible speed. The German Government trusts that such decision will
favor the resumption of the loan negotiations."
While the formal request from Germany for a moratorium
did not come until the 12th inst. the Reparations Commission on the 11th inst. decided to lessen the financial strain
to the extent of reducing to 32,000,000 gold marks the monthThe Reparations Commission's concessions of the 13th
ly installment of 50,000,000 gold marks due
to-day (July 15). inst. are announce
d as follows in Associated Press cablegrams:
We also quote the following from Associate
d Press cableThe Reparations Commission to-day notified the German Government,
grams July 11:
In reply to the demand for a moratorium for reparations payments, that
Credit to the amount of 18,000,000 gold
marks was given Germany on
her reparations account for deliveries
of dyestuffs made during the last
few months to the Textile Alliance of
America for all the Allies, and also for
deliveries of coal which had been made to
Luxemburg at the request of the
Allied Governments.
These credits were due Germany for some time,
and the officials thought
that this time was opportune to allow
them,in view of the German difficulties.
The members of the Reparations Commissio
n spent all day discussing the
German crisis. Dr. Fischer and Herr Schroeder
conferred with the members this morning, and had another
talk with M. Dubois, President of the
Commission, in the course of which the German
representat
ives reiterated
their country's inability to meet
cash payments after July.
On July 12, when the German representatives formally
applied for a moratorium of two and a half years, the Reparations Commission took the request under advisement, and,it
was understood, tentatively decided to insist on
the payment
of the 32,000,000 gold marks installment
due to-day. On
the 13th inst. the Commission notified the German Government that a definite answer to the demand
for a moratorium
would be deferred until the report
of the Committee on
Guarantees was available. The Commissi
on at the same
time insisted that the 32,000,0
00 gold mark installment due
to-day be met. In the
German note to the Reparations
Commission on the 12th inst.,it was stated
that "the recent
development in the rate of exchange of
the mark, which
began with the adjournment of the
negotiations of the Loan
Committee, necessitates a speedy provision settlemen the
t,
al
relief payments expected from a foreign
loan not having
been realized." The Paris Associated
Press cablegrams
July 12 give the details of Germany's demands follows:
as
Germany served notice on the Allied
Powers through the Reparations
Commission to-day that she could no longer
meet cash obligations of any
sort, whether growing out of the
Versailles Treaty stipulation, undertaken
by acceptance of the London
ultimatum of May 5 1921, or arranged by
the schedule of payments drawn
up by the Reparations Commission on
March 21 1922.
Tho depreciation of the mark on
foreign exchanges is given as the reason
for the impossibility of
Germany to pay and for her request that she be
relieved of cash engagements, including
the payment of 32,000,000 gold
marks on Saturday July 15, as
well as all subsequent payments in 1922,
1923 and 1924.
The reason for the request for delay on
the July payment is that Germany
is buying wheat to last
until the October harvest. Wheat from the United
States for this purpose is now on the sea,
it is explained, and if the July
payments were made there would not be enough
foreign money in the
Treasury to meet the wheat bill, it is claimed,
so that the German mark
would be further depreciated by new purchases
of foreign currency or bills.
The German note submitted to the Reparation Commissio makes
no
s
n
mention of Germany's intention regarding
cash payments after 1924, but
asks that the negotiations for a
foreign loan, interrupted at Paris last
month,which Germany blames for the
continued fall of the mark,be resumed
at the earliest possible date, or
a
financial,
economic and social catastrophe
in Germany is likely
to develop.
The Reparations Commission will
decide to-morrow whether Germany
must meet the July 15 payment, but
will make no ruling as to a further
moratorium until it receives the report of the Committee
on Guarantees,
now in Berlin.
it would give a definite answer only when it has in hand the full report
of the Committee on Guarantees which went to Berlin a short time ago
to supervise reforms to which the German Government gave its assent.
The Commission demands that the balance of the 32,000,000 gold marks
of the payment due July 15 shall be paid.
In its letter to the German Government the Commission says it does
not consider payment of reparations the only cause for depreciation in the
value of the mark. It adds that stability of the mark can be re-established
only if the financial reforms it has demanded for a long time be put into
force immediately and that it is information from the Committee on
Guarantees regarding application of those reforms that the Commission
requires before answering definitely the demand ofthe German Government.
The Commission hopes to be able to make a definite decision before
July 15.
Premier Poincare and President Dubois, who
are in constant communication, had a long conference this morning.
It is understood in
official circles that the Premier impressed
upon M. Dubois the importance
of the question now before the Commission—that
it was not merely one of
granting a moratorium but of considering
measures that must be taken to
prevent the recurrence in future of a similar situation.
The French hold that, even with
the best will in the world, it is impossible to hold the German
Government absolutely blameless for the
present financial crisis in Germany
and the depreciation of the mark.
Considerable interest is manifested here in the investigation by the
Committee on Guarantees into the German Government's prompt and
regular payments of the interest coupons
on its internal loan, to what the
French believe to be the detriment
of the payment of reparations. France
will insist upon the prerogative
of the Allies under the Treaty of Versailles,
which specifies that reparations
claims shall be a first lien on German
resources.
According to the press cablegrams from Paris last night
(July 14), the Committee on Guarantees of the Reparations
Commission will return to Paris from Berlin to-morrow
(Sunday), and a special meeting of the Commission has been
called for Monday to receive the committee's report on the
financial situation in Germany and on the extent to which
the German Government has put into effect the financial
reforms demanded by the Commission. The New York
"Evening Sun" last night printed the following from Paris:
The German Embassy to-day announced
that 30,000,000 gold marks or
the July
reparations installment will be paid to-day.
It is presumed that the
other 2,000,000 marks will be given to the Allies
to-morrow, when the full
32,000,000 marks payment is due.
Most of to-day's payment
is to be made in dollars, the Enbassy statement
said.
The answer of the
Reparations Commission to the German note requesting annulment of the
July installment and a moratorium for two years
was that Germany should
pay the July installment and the future would be
*considered later.
REDUCTION BY BANKERS HERE OF GERMAN CREDITS
—REPORTS OF VISIT OF J. P. MORGAN
TO GERMANY.
Reports to the effect that the bankers here having German
credits have been reducing their loans were current this week,
and the following bearing thereon, and denying reports that
J. P. Morgan contemplates a visit to Germany in connection
with loan negotiations, is taken from the "Journal of Commerce" of July 11:
248
THE CHRONICLE
American banking institutions which have trade relations with Germany
have put their houses in order in anticipation of a crash, which is regarded
now as a practical certainor and which will come two months earlier than
was thought probable at the conclusion of the Paris meeting of the financial
sub-committee of the Allied Reparations Commission.
Daily conferences of the directorates of all local banks which might be
involved in a collapse of Germany have bzen drawing in on the amount of
credit extensions until the $50,000,000 current credit estimated to have
been extended represents a decline of about 25% from the level which obtained when the bankers filed their report to the Commission in Paris.
Dollar balances held by American banks in Germany are estimated at
about $50,000,000, and concern is felt on the part ofsome of the institutions
involved. While there have been almost daily meetings of bankers, so far
as can be learned there has been no concerted action taken here. The
policy has been to withdraw as far as is possible and await developments
with as strong a front as can be mustered.
Banks Are Apprehensive.
Wall Street is making no effort to hide its keen interest and apprehension
in the situation in Central Europe at the present time and speculation is
widespread as to what the immediate future holds out. It developed here
yesterday that certain banks are still granting limited credits to Germany,
but this number is considerably in the minority.
With all the tenseness in the local situation there is an undercurrent of
optimism here based on the belief that the German business man's common
sense will prevent the recurrence of a condition similar to that in Russia at
the present time. The outbreak, which private advices to bankers indicate
is brewing, is expected to be on the order of a social revolution, and because
of this bankers feel that ramifications may well make protracted that
country's recovery.
No one in the financial district is willing to venture a prediction as to the
outcome of immediate developments, but with regard to the more distant
future there is a well defined sentiment that the country will right itself
and again become a paying customer in the world's markets. The keen
interest on the part of the public in the Gorman situation was indicated,
bankers pointed out, in the numerous inquiries received from customers
and traders as to the banks' views on the matter. On the other hand, tho
steady buying on the part of some of the German mark continues to be a
source of wonder. This continued buying is generally regarded as pure
speculation and little significance is attached to the demand.
Deny Morgan Action.
A rumor circulated in the financial district during the day to the effect
that J. P. Morgan would visit'Germany in connection with an international
loan to that country met with a prompt and emphatic denial at the offices
ofthefirm. It was pointed out that any suggestion that Mr.Morgan would
personally delve into the German situation at this time was "absurd."
Mr.Morgan is now in Scotland hunting grouse and playing golf, according
to members of the firm. At the Morgan offices it was further said that no
advices had been received relative to a meeting of the sub-committee of
bankers and that none was expected to be held until the termination of the
ninety-day period sot by the bankers at their adjournment in Paris.
Discussions among bankers relative to the developments in Germany
indicate the feeling that both Germany and France are playing their hands
to the limit. It is not expected that Germany will give an inch in the political duel now being waged. What the financial leaders are counting on
is that a crash in Germany would create such a acute situation as materSally to alter France's views on the whole subject of reparations.
ANXIETY IN SWISS FINANCIAL CIRCLES ACCOUNT
OF MONEYS OWED BY GERMAN HOUSES.
Press reports from Geneva July 10 stated:
German marks were freely offered on the Swiss exchange market to-day
for 95 centimes per 100 and there were few takers.
Anxiety was expressed in Swiss financial circles concerning large sums
of money owed to Swiss banks by German houses. Large amounts of German paper money are coming into Switzerland and are being invested in
Swiss securities for German account.
WILD SPECULATION IN UPPER SILESIAN TRADE.
The New York "Evening Post" of .July 10 printed the
following Associated Press advices from Kreuzburg under
date of June 24:
A wild mania of speculation, recalling the days of the California gold
fever, has appeared in connection with the partition of Upper Silesia.
The danger of losing certain established trade connections through such a
stampede, however, is preventing some German traders from entering
new combinations, the purpose of which is the promotion of common
interest on either side of the boundary. There is a tendency among German
firms to remove to the German side of the border. These migrators
continue to retain their premises on the Poland side of the line pending
developments. It seems likely that the Upper Silesia trade centre, which
hitherto has been Breslau, will be shifted to Cracow.
A considerable movement is noticeable also In the ranks of labor, many
German workingmen crossing the line to the Fatherland.
COMPARATIVE FIGURES OF CONDITION OF
CANADIAN BANKS.
In the following we compare the condition of the Canadian
banks under the May 1922 statement with the return for
April:
ASSETS.
May 31 1922. Apri1291922.
Gold and subsidiary coin—
60,140,900
60,485,710
In Canada
14,875,264
14,888,276
Elsewhere
75,016,164
Total
75,373,986
166,401,582
Dominion notes
151,234,364
Deposited with Minister of Finance for se6,534,020
curity of note circulation
6,534,020
60,052,533
Deposit of central gold reserves
55,252,533
118,806,929
Due from banks
182,471,328
Loans and discounts
1,479,362,434 1,509.401,032
342,988,795
Bonds, securities, &c
313,490,564
102,005,932
Call ard short loans in Canada
101.239,898
176,169,482
Call and short loans elsewhere than in Canada 186,546,931
Other assets
109,470,572• 106,447,845
2.660,976,628 2,663,824,314
LIABILITIES.
Total
authorized
subscribed
paid up
fund
M. PARMENTIER OF FRANCE HERE TO DISCUSS
REFUNDING OF ALLIED DEBT.
Jean V. Pannentier, French Treasury expert, arrived in
Capital
Capital
Capital
Reserve
New York on the 11th inst. to discuss the refunding of the
Allied War Debt. M. Pannentier left immediately for
Washington, to confer with the World War Foreign Debt
Commission. With his arrival in New York, he said:
I am sent by the French Government to discuss refunding of the Allied
-debt with the Debt Refunding Commission appointed by your President.
I bring with me facts of what France is able to do, and I hope that the
Debt Refunding Commission will submit facts as to what the United
States is able to do. It will be very hard for France to pay unless she is
Paid by Germany and other countries. I do not contemplate asking for
a loan of any kind. I am merely here to discuss plans of action.
Circulation
Government deposits
Demand deposits
Time deposits
Due to banks
Bills payable
Other liabilities
GERMAN MARK DROP AFFECTS AUSTRIAN NOTE
BANK PLAN.
[Vol,. 115.
187,175,000
124,413,600
124,116,539
130,175,000
187,175,000
124,324.600
124,073.279
130,175,000
164,724,476
155,652,145
145,753,018
96.412,308
781,895,942
861.619,731
1,218,195,262
1,197.789,747
55,326,536
45,964,805
6,421,566
6,134,074
19,239.223
23,807,166
Total, not including capital or reserve fund_2,387,379,976 2,391,556.023
Note.—Owing to the omission of the cents in the official reports, the
footings in the above do not exactly agree with the total given.
SHIPMENTS OF GOLD FROM GREAT BRITAIN TO
J. P. MORGAN & CO.—SAID TO BE FOR
INTEREST PAYMENT ON WAR DEBTS.
Shipments of British gold to the United States, said to be
Under date of July 8 from Vienna, a special cable dispatch (copyright by the Public Ledger Co.) was published for the purpose of meeting the interest on Great Britain's
in the New York "Evening Post" of the 10th inst. as follows: war debt to the United States, have been among the financial
The catastrophe of the German mark has had a far-reaching influence developments of the week. The New York "Times" of
on the fate of both Austrian and Hungarian kronen. The dollar exchange
July 13 said:
again rose 15% and prices in Vienna are rising rapidly.
The British Government has sent sufficient gold to the United States to
The instability of exchange is adversely influencing the nicely started
interest on the British debt to the American Government,
scheme for the foundation of a new note bank and the flotation of an meet the fall
by Sir Robert Horne at £1,500,000.
internal loan for the purpose of stopping the note printing press and result- which is placed
J. P. Morgan & Co., as fiscal agents for that Government, yesterday
ant deterioration of the krone. For reasons outside the power of the
received by the steamship Olympic a shipment of $2,500,000 in gold, the
Austrian Government to remedy, the whole scheme seems endangered.
of similar size received by them within the last two *weeks,
Finance Minister Segur at last night's sitting of the National Assembly in third shipment
of imports for the account of the British Government
Vienna said the Austrian plan was really proposed to gain a short breathing and bringing the total
additional $2,500,000 is coming on the Adriatic, acspace in which serious reconstruction could start to encourage the outside to $7,500,000. An
reports, and it is presumed in the financial district that
world to invest in Austria and to obtain credits. Exchange fluctuation cording to cabled
the account of the
this sum also is consigned to J. P. Morgan & Co. for
now has spoiled the work already started.
Government, although the bankers have received no formal notiBritish
The proposed new bank of issue as referred to in these fication of it.
columns June 17, page 2662, and July 8f page 127.
No formal instructions have been received by the bankers as to the diswill be used in
pond of the gold. It is the belief, however, that the gold
discharging the interest obligations of the British Government to the
1.
Sept.
United States due
WIENER BANK VEREIN TO INCREASE CAPITAL
On the 9th inst. in reporting the receipt by the firm of a
STOCK.
shipment of $2,500,000 in gold on the steamship Berengaria
The foreign statistical department of Moody's Investors from the British Government, to be deposited in this country
said:
Service has received the following information:
to the account of Great Britain, the "Times"
The Wiener Bankverein at a meeting held June 27 1922 authorized an
The gold is the first shipped by the British Government to the United
stock
by
by
capital
K2,500.000,000
its
changing
years.
in
the par value States in one and one-half
.increase
of the ordinary shares from K400 to K1,000. The principal purpose of this
A copyright cablegram to the New York "Times" from
.change is to facilitate payment of dividends which have heretofore appeared
July 7, stated:
low
relatively
the
London,
par value of the shares.
,extraordinarily high as a result of
JULY 15 1922.]
THE CHRONICLE
The "Morning Post" says very interesting movements were disclosed
yesterday, both in the weekly bank return and in the figures
of the currency
note department. In the latter, holdings of gold which
for so long stood
at £28,500,000 have been reduced by £500,000, a correspond
ing total of
Bank of England notes, however, being placed in return. The total of
gold held by the Bank of England is shown in the weekly return also to
have fallen by about half a million pounds, so that from these
two sources
it is clear that a million pounds has been withdrawn
for some destination.
"Nothing definite is known on the matter," says the paper, "but the
market had no hesitation yesterday In coming to the conclusion that a
million in gold had already been shipped or was about to be shipped to the
United States in connection with the commencement, later in the year, of
payment of interest on our debt to the United States Government."
MINISTER DE LA IlUERTA RETURNS TO MEXICO—
DEVELOPMENTS IN,DEBT AND OIL CONFERENCE—PROPOSED BANK OF ISSUE.
Senor Adolfo de la Huerta, Finance Minister of Mexico,
who had been in this city since May 30, and whose primary
mission had been to confer on the adjustment of the Mexican Government's external debt, left for Mexico City on the
12th inst. In a statement issued by Minister de la Huerta
just before his departure this week he said:
249
On the 7th inst., in referring to his previous announcement, Minister de la Huerta, as we reported last week (page
128) stated that the plans respecting the proposed Bank of
Issue called for the subscription by the Mexican Government
of 51% of the total capital and the remaining 49% by American and European financial institutions. On July 6 an Associated Press dispatch from Mexico City said:
Approval of the agreement reached between Finance Minister
de la
Huerta and the international bankers in New York concerning
payment of
Mexico's foreign debt is being withheld by President Obregon until
the
Minister returns from New York and Congress accepts the terms.
An official statement given out at the National Palace to-day says:
"The Chief Executive, after studying all the points of the agreement
for
payment of the external debt, agreed to by the international committee
and Senor de la Huerta,and after considering such at two Cabinet meetings,
Is prepared to say that the project in general conceived
is
In a mutual and
ample spirit of equity, and that Senor
de la Huerta's labors must receive
due credit from the Mexican people.
The Chief Executive, however, considers
that the agreement cannot be
made effective while the sanction of Congress
is lacking, and accordingly
approval is withheld until Senor de la Huerta
returns, who will give ample
verbal information of all phases of
the agreement."
The signing of the agreement on the covering of the
Mexican
Government's external debt was noted in our issue of
To-morrow evening or the next morning I will return to my country
after concluding the mission which brought me to New York and which the June 17, page 2663.
Mexican Government conferred upon me. I am grateful for the courtesies
shown me by the members of the Internatoinal Committee of Bankers, the
FREEDOM OF PRESS RECOGNIZED IN MEXICO
Committee of Oil Executives and the other people I have met. I am
.
taking with me all the data of the negotiations that according to my judgAssociated Press correspondence from Mexico City
June
25
ment have been favorably solved, and firmly believe that upon fully ex- appeared
as follows in the "Journal of Commerce" of July
plaining to the President of Mexico, General Alvaro Obregon, the form in
which his instructions have been carried out by me he will give his approval 11:
Freedom of the press in Mexico is as near a
to all the agreements entered into with the creditors of my country.
reality now as has been
I earnestly request you to extend in my name my cordial greetings to the recorded during the past half-century, according to competent observers.
great American people, among whom I have lived so contented when Contrasted with the censorship days of Huerta and Carranza, editors
and
representing my country when I acted as Consul in this city a few years ago. correspondents are enjoying al nost unprecedented liberty, and
President
Besides reaching agreement with the International Com- Obregon on several occasions has emphasized that newspapers and other
publications are free to go as far as they like.
mittee of Bankers on Mexico, Minister de la Huerta also conThe newspapers,"Omega" and "Las Noticias," the
former a weekly and
ferred with representatives of five large oil companies on the latter a daily, lead the opposition to the Administration,
and the
matters affecting their interests in Mexico. As we made vindictiveness which they display in almost every issue would not have been
tolerated for more than one day during the Carranza regime, for
instance.
known last week (page 128), these conferences were con- The more substantial newspaper
of the capital spare no Ink now in telling
cluded on the 7th Inst.; these conferences resulted "in the the reading public wherein they think the Obregon regime Is at fault,
and
preparation and exchange of memoranda embodying the even rank misquotations of conversations with the Chief Executive are
allowed to pass with only a mild protest.
more important general principles relative to further exForeign correspondents are told that there is no cable or
mail censorship,
ploration and exploitation work in Mexico." Advices to this and if there is, it is so adroitly done that it has not yet been detected.
President Obregon in one respect offers sharp contract
to his predecessor,
effect were contained in the statement of W. C. Teagle, President Carranza.
The present executive
much more approachable
President of the Standard Oil Company of New Jersey, and has none of the aloofness of the formerIs First
Chief. He receives
which we printed last week. These conferences were brought newspaper men regularly every fortnight, and local reporters, many of
whom have been with him on campaign, feel no
hesitation In calling Chaunder way on June 20. E. L. Doheny, President of the Pan- pultepec Castle
by telephone to converse with
President. The newsAmerican Petroleum & Transport Co. and Chairman of the paper interviews are extremely informal affairs,the
the President sitting at a
little
table
in
the
centre of a circle of reporters and correspondents. ReBoard of Directors of the Mexican Petroleum Co., and
a freshments are served and quite frequently the President
relaxes and tells
member of the committee of
lively stories.
oil executives who conferred
with Minister de la Huerta, stated on June 21:
The present conferences consist of an endeavor on the
part of oil executives to have the Mexican Government adopt a plan which will give
security
to the companies in relation to the land which they are going
to develop,
as well as to give the Government its share of the
benefits of the results of
this development.
The companies represented at these conferences intend to act
as a unit in
exploration work, providing guaranties can be obtained,
but are not seeking
any special favors or concessions. We are planning to furnish the money
to
find the prize which Mexico may have under her soil, but
before such work
is undertaken we must know all the facts entering into the
case.
The lawyers representing the Mexican officials and
the companies conferred to-day, planning a basis of procedure, and It seems
the earnest desire
on the part of both sides to arrive at a mutually satisfactor
y plan. The
American lawyers have some guarantees which they
insist must be eonsidered before giving their approval, and the Mexican
representatives seem
favorably disposed to grant those guarantees.
What we are seeking to obtain is a workable, businesslik proposition
e
under which we will know just what we are confronted
with before we go
ahead with any new work. We want to know what burdens, if any, we
will have in the way of regulatory laws, taxation. &c., before we start
spending money in the search for new oil areas in Mexico. With suitable
a
agreement arrived at, both sides will have a mutual understanding what
of
is
before them.
Another of the developments growing out of Minister de la
Huerta's visit are plans for the creation of a central bank of
issue for Mexico similar to the Federal Reserve Banking system of the United States. A statement bearing on this was
made public on July 5 by Minitser de la Huerta, as follows:
I have not expected that the agreement reached with the bankers for
JAPAN'S APPROVAL OF TREATIES GROWIN
G OUT OF
CONFERENCE ON LIMITATION OF ARMAMENT.
Approval by the Japanese Privy Council of all the treaties
adopted early this year at the Washington Conference
on
Limitation of Armament was announced on July in cable1
grams (Associated Press)from Tokio,
which stated that there
only remained the placing of the Prince Regent's signature
to the ratifications to complete action by Japan. The FourPower Pacific Treaty was unanimously approved by the
Privy Council on June 24, while the Five-Power Naval
Treaty was approved by the Council on June 29. On June 24
press advices from Tokio said:
Viscount Ito, Privy Councillor, on whose motion
the Four-Power Pacific
Treaty was approved yesterday, declared that
the downfall of Russia and
Germany had deprived the Anglo-Japanese Alliance
of its reason for existence.
Diplomatic relations had undergone such a change, he said,
that it might
have become very difficult to maintain that alliance
without sacrificing to
some extent American-Japanese understanding.
The Privy Council, while disapprovi
ng of some of apan's diplomatic
maneuvre.s at Washington, recommended
to the Prince Regent full indorsetion of the Four-Power Treaty in the spirit of internation
al good-will born
at the Washington Conference.
In advices from Tokio June 29 the Associated Press stated:
Viscount Ito, reporting for the Council's Investigating Committee
, said
the Committee found the ratio
of ships apportioned to Japan disadvantageous to the Empire, and requested
the Government to use greater care
the payment of our debt would be ratified by the President of the Republic in
the future. The Committee
of the Privy Council, however, found that
before my return to Mexico City. Although this agreement had been held the
Japanese delegates at Washington were not at fault in failing
to make
within the instructions which after my departure from Mexico I received better
terms and from a spirit of respect for the Washington Conference
from General Obregon, the general plan for financial reorganization of my in its
desire
country contains other features which complete the agreement. Further- ratification to maintain the world's peace the Committee recommended
without amendment.
more, this same agreement implies the fixing of export duties on petroleum,
Announcing that the State Department at Washington
Which must be confirmed by the President himself.
There is also pending the arrangement of a Government bank of issue, had received official notification that the Japanese Privy
which must be determined on the basis that I will submit to the considera- Council
had approved the Nine-Power Treaty concerning
tion of General Obregon,and in which plan an important part will be played
China and the Chinese customs tariff treaty, the New York
by funds to be furnished in the major portion by the
European bankers,
the rest being subscribed by the capitalists of this country.
"Times" under date of July 3 in advicesfrom its Washington
These and other financial aspects I must submit to the judgment of bureau
added:
President Obregon, and probably the Cabinet of Ministers, before preThe State Department's notificatio came
in a cable from Charles B.
senting them to the Congress of the Union for definite legislation. But
n
I Warrant, the American
can say to you that the arrangement as it is to-day has
Ambassador at Tokio. He said that the assent of
not met with any the Privy Council
had been given on July 1. All the other treaties negoserious objection from the Government of Mexico, and I
firmly believe tiated at the Washingto Conference
the finances of the country will be developed within
n
had been approved by the Privy
the general plan Council so that its
work is now complete with reference to the agreements
originated by the President.
us
entered into by Japan with the United States and other nations in accordance
250
THE CHRONICLE
armaments
with the effort of this Government to reduce and limit naval
and preserve the peace of the Far East and the Pacific.
must be
party
a
is
Japan
which
Ratification of the Washington treaties to
assented to by the Prince Regent of Japan, but the recommendation of the
looked
Privy Council is regarded as assuring his assent. His signature is
the recupon largely as a formality as the Japanese ruler invariably follows
ommendations of the Privy Council.
Gratification is expressed here over the course of Japan in ratifying these
WashingImportant agreements. So far the only nations participating in the
the United
ton Conference which have giv en ratification to all the treaties are
necessary
the
steps
States and China. The British Government is taking
of the
to procure ratification and is expected to act next. France and Italy,
have not
Conference,
Washington
the
in
participating
five principal Powers
yet acted on the treaties to which they were parties. But no apprehension
is felt here concerning the course they will adopt.
Nothing has appeared to indicate that any of the nations will decline to
there is an
ratify and there has not been the slightest official intimation that
press
intention on the part of any of them to make amendments, although
reports have it that France was likely to insist upon reservations, particularly to the naval treaty.
RATIFICATION BY JAPAN OF YAP TREATY.
The Privy Council of Japan and the Prince Regent
ratified on June 21 the treaty fixing the status of the Island
of Yap. It is designated as the "treaty between the United
States and Japan with regard to the rights of the two
Governments and their respective nationals in the former
German Islands in the Pacific Ocean lying north of the
Equator, in particular the Island of Yap." This treaty was
signed at the State Department at Washington on Feb. 11
last, and on March 1 was ratified by the U. S. Senate.
Reference to it appeared in our issue of March 4, page 906.
[VOL. 115.
The Earl of Selborne briefly expressed approval of the remarks of the
First Lord of the Admiralty, and echoed the regrets which Lord Lee had
voiced concerning the policy France pursued at Washington on the submarine question, and the proceedings ended.
The same advices had the following to say on July 7 when
the treaties passed the House of Commons:
In moving the reading Mr. Amery [Parliamentary Secretary of the Admiralty) said the Government considered that the United States had fully
carried its undertakings into effect; that France, Italy and Japan were preparing to ratify the treaties, and that Canada already had done so.
Therefore, continued the Secretary, he did not think Great Britain could
claim to be acting greatly in advance of her co-signatories. "But whether
that is the case or not," he continned,"we ought not to show any hesitation
In making it quite clear that the Parliament of this country is fully behind
the statesmen who signed the Washington treaties."
Former Premier Asquith praised the treaties which had been negotiated
regarding
at Washington and said it was time similar agreements were made
armies, as such agreements were quite as essential as the naval agreements
for the permanent peace of the world.
Captain Walter Elliot, Coalition-Unionist member for Lancashire, asked
ot
whether there would be any system of inspection with regard to limitation
was not a signanaval armaments. He declared that as Spain,for example,
for building ships,
tory,it would be possible for dockyards to be opened there
stipulated in the
say,for South American republics, far larger than those
treaty.
RATIFICATION IN CANADA OF TREATIES GROWING
OUT OF CONFERENCE ON LIMITATION OF
ARMAMENT.
The Canadian House of Commons on June 19 unanimously
approved the treaties growing out of the Washington Conference on Limitation of Armament. The ratification of
these treaties by the United States Senate was reported in
our issue of April 1, pages 1360 and 1361.
JAPAN'S PROPOSED ARMY REDUCTION.
A cut in the army program of Japan was indicated in the FRENCH CHAMBER ADJOURNS WITHOUT ACTING
ON TREATIES ADOPTED AT CONFERENCE ON
newspaper accounts (Associated Press) from Tokio July 5
LIMITATION OF ARMAMENT.
which we quote herewith:
In line with Premier Kato's initial pledge of military retrenchment and
French
Chamber of Deputies adjourned for the
The
administrative economy, sharp cuts in the army program were announced
on July 8 without disposing of the treaties
vacation
summer
off
lopped
which
yesterday, a day after the approval of a naval schedule
a
of
for
the
out
n
Conference on Limitation of Armament.
providing
plans
growing
Reorganizatio
plans.
former
from
13,395 tons
reduction of the army by 56,000 enlisted men, a cut of more than 20%. It was stated on June 19 that it was understood that Premier
were proposed by the War Office and approved by the Cabinet.
had decided to press Parliament for immediate
Decreases in the number of companies, squadrons and batteries in an Poincare
army composed of the same number of divisions as formerly, but list,ing ratification of the treaties. On June 22 it was announced
217,000 mln in place of its present strength of 273,000, will effect a saving, that Lacour de Grandmaison has been elected by the
it is estimated of 259.000,000 yen in 12 years and 23,000,000 yen annually
Naval Commission of the Chamber to submit to the Comthereafter.
Heavy artillery corps will be increased slightly, as will railway, telegraph mission recommendations upon the ratification of the
and aviation sections. Infantry will be supplied with a larger number
Washington Conference naval treaty. It was then recalled
of machine guns, with a resultant expenditure of 23,000,000 yen over a
M. de Grandmaison had on two occasions during
that
period.
13-year
debates expressed disapproval of the limitations placed upon
JAPAN TO ABANDON PORT ARTHUR AS NAVAL French naval development by the treaty and its annexes.
BASE—DENIAL OF EVASION OF NAVAL TREATY.
On June 25 in indicating that action by France on the
The Associated Press reported the following from Tokio treaties was likely to be delayed until the fall, the Associated
•
July 3:
Press in Paris cablegrams stated:
The Admiralty to-day issued a formal statement flatly denying recent
reports that Japan was evading the Washington naval treaty by increasing construction of auxiliary vessels. The statement, which outlined the
tentative auxiliary program, also announced that Port Arthur, taken from
the Russians in the Russo-Japanese War, would be abondoned as a naval
port.
Japan's auxiliary naval program, according to the Admiralty, while still
uncompleted,will probably call for the construction of four cruisers of 10,000
tons each and four of 7,000 tons each,twenty.four first-class destroyers with
an aggregate tonnage of 33,000 and twenty-four submarines with an aggregate tonnage of 28,166.
This, says the official statement, represents a reduction of 13,935 gross
tonnage, or one cruiser, thirteen destroyers and twenty-four submarines less
than the original program for ships to be completed in 1927.
Obsolete ships will be scrapped as new ones of the same typo are completed. The new plans involve a greater total cost than the old program,
owing to increased expenses in material and labor.
ACTION IN GREAT BRITAIN ON TREATIES RESULTING FROM CONFERENCE ON LIMITATION OF
ARMAMENT.
of the treaties resulting from the
reading
The second
Washington conference on Limitation of Armament was
moved in the British House of Commons on July 7. The
treaties passed the House of Lords in June. The pacts
thus acted upon are those for the limitation of naval armament and protection of neutrals and non-combatants at
sea and to prevent the use of noxious gases and chemicals
in war. In reporting the action by the House of Lords the
Associated Press advices from London June 20 said:
virtually without debate, Lord Lee
The bill has passed the second reading
speech, in the course of which he comhaving explained its object in a brief
British Government was displaying.
mented on the spirit and trust the
than any other power was dependent on
Great Britain, he declared, more
effect, without waiting for ratitreaties
the
giving
was
sea security, yet she
fication by the other powers.
mutual
trust and confidence the
without
"We are doing this because
break down and the world would
Washington agreements would inevitably
suspicion and naval competition," he conbe thrown back into a welter of
Government ought to proceed with
tinued. "It has been suggested the
and stopping building operations, but they
more caution in scrapping ships
nation should go back on its
civilized
any
consfder it unthinkable that
naval power, Great Britain ought
agreements, and that, as the geatest
way."
to set an example and lead the
the French Chamber
The Washington naval treaty will not come before
opinion of Lacour de Grandmaison, newly
of Deputies until October, in the
of the Chamber. He said
elected "reporter" of the Naval Commission
months would begin before July 14,
to-day that the summer recess of three
the
order of the day to permit
on
and that there was too much business
consideration of the Washington agreements.
M. de Grandmaison's view is that the treaty will require thorough
examination from a technical viewpoint before the Naval Commission can
properly report its recommendations to the Chamber.
"Personally," he said,"I favor reductions in armaments as the means to
less expenses. I would like to see capital ships abolished. France has
stopped work on five cruisers of the Normandie type. However, I am the
reporter on submarines and gases; there will be another appointed for
capital ships. Whether the two reporters shall make a joint or separate
report is not yet determined.
"France does net need a big navy except to protect sea communications
that
for her troops to and from the colonies, but it must be remembered
Germany was not a signer of the Washington treaty; also that the treaty is
vague. It failed,for instance, to define what,in time of war,is a merchant
ship."
OFFERING IN U. S. AND HOLLAND OF KINGDOM
.
OF NETHERLANDS(HOLLAND)BONDS.
and
States
United
the
Holland
in
offering
us
A simultaneo
of the second half of the 300,000,000 guilder Kingdom of the
Netherlands 50-year 6% sinking fund bonds, was made on
July 12. The earlier issue of 150,000,000 guilders was offered
simultaneously in this country and abroad at the end of last
February, announcement with regard thereto having appeared
in our issue of March 4, page 898, of that issue; 75,000,000
guilders were offered here, and a like amount abroad. Of
the 150,000,000 guilders put on the market this week, 50,000,000 guilders represented the offering in the United
States, while 100,000,000 guilders were floated in Amsterdam. The Holland syndicate of bankers is headed by the
Nederlandsche Handel-Maatschappij and includes the Rotterdamsche Bankvereeniging, the Amsterdamsche Bank,
the Amsterdam Branch of the Banque de Paris et des Pays
Bas, De Twentsche Bank, Lippmann, Rosenthal & Co.,
R. Mees & Zoonen, Nederlandsch-Indische Handelsbank
and Pierson & Co., while Dillon, Read & Co. are head of
JULY 15 1922.1
THE CHRONICLE
251
the country-wide syndicate offering the bonds in the United of exchange of the day, in U. S. dollars, or at the option of the holder
milreis.
States. The books here were closed yesterday (July 14), an In The
loan is secured on the general revenues of the State of San Paulo
oversubscription being announced. The present issue, which cover the total payments on account of all indebtedness, external
designated Series B, is dated July 1 1922 and will become and internal, approximately seven times.
No default has ever occurred on any obligation of the State of San Paulo.
due March 1 1972. The issue is callable on and after
These bonds are exempt from all present and future San Paulo and
March 1 1932, at par as a whole only, except for the Brazilian taxes when held by non-residents of Brazil.
The monetary unit in Brazil is the milreis. The gold milreis equals
sinking fund. A sinking fund is provided beginning
cents U. S. currency. The ordinary currency of Brazil is the paper
March 1 1933 to retire the entire issue by call by lot of 54.62
mike's which has a nominal par value of 32.44 cents, and is subject to
one-fortieth annually at par and interest. Interest is fluctuations. The amount outstanding to-day is about 1,700,000,000
payable March 1 and September 1, and principal and milreis.
As to the credit of the State of San Paulo, we quote the
interest are payable at the head office. of Nederlandsche
Bank in Amsterdam in guilders and in New York through following from the circular:
The credit of the State of San Paulo ranks high. External loans have
the office of Dillon, Read & Co., as fiscal agents for been placed in the United States,
England, France, Holland and Germany.
the loan in the United States, in dollars at the current The outstanding external debt of the State at the beginning of 1921 was
$48,800,000, including $20,320,000 issued in connection
rate of exchange prevailing at the time of payment. The approximately
with the acquisition of railways. The internal debt of the State is approxibonds are free of all present and future taxes of the King- mately 417,360,000 milreis, equal to $62,605,000. At the present rate of
dom of the Netherlands; they are in coupon form in denom- exchange, the total debt requirements, including interest and amortization,
amount to approximately $4,500,000, or about 14% of the total State
ination of 2,500 guilders (at par of exchange $1,005.) The revenues
of about $32,500,000 (1920).
price at which the bonds are offered by the Dillon, Read
Total debt per capita $24.00.
Syndicate is $960 per bond (interest at the rate of 6% will
The firm also states:
The bonds at their present price yield a direct income of about 6 %•
be charged on this price from July 25 to date of delivery.) to
which
yield about 6.10% to maturity, and 6.20% if called in 1932. figure.should increase to over 14% as exchange approaches its normal
The official announcement says:
(These yields are based upon exchange at 39 cents per guilder. With ORGANIZATION OF FIRST-TRUST JOINT STOCK LAND
exchange returning to par of 40.2 cents within six months and remaining at
BANK OF DALLAS, TEXAS.
that figure, the yield to earliest date of redemption (1932) will be about
6.65%, and to maturity, about 6.30%.)
Some additional information has become available regardInterim receipts of Dillon, Read & Co., exchangeable for ing the newly formed First-Trust Joint Stock Land Bank of
definitive bonds when ready, will be delivered on or about Dallas, Tex., to which we referred in our issue of Saturday
July 25 1922, with coupons attached for interest, from that last, page 133. Its capital is $250,000, and surplus $25,000.
date to September 1 1922. The text of the definite bonds It will cover the States of Texas and Oklahoma and will
will be in both English and Dutch. The Syndicate states: begin business sometime in August. The officers of the
The Amsterdam market, where prices heretofore have ruled above those
prevailing here, will be available for these Interim receipts upon comple- institution are the same as the officers of the First-Trust
tion of arrangements for exchange in Amsterdam for temporary bonds of Joint Stock Land Bank of Chicago, with the addition of
like denomination listed on the Amsterdam Stock Exchange.
0. K. Dickinson as Vice-President and Resident Manager in
According to the prospectus the following statements Texas. The following are the officers of the First-Trust
have been approved by L. J. A. Trip, Esq., the Treasurer- Joint Stock Land Bank of Chicago, which is affiliated with
General of the Kingdom of the Netherlands:
the First National Bank and First Trust & Savings Bank of
These bonds are the direct obligation of the Kingdom of the Netherlands, and together with 150,000,000 guilders bonds sold in the United Chicago:
Jas. B. Forgan, Chairman of Board; M. A. Traylor, President; F. 0.
States and Holland in February, 1922 are authorized by Act of Parliament approved February 17 1922. Holland has been for centuries one Wetmore, Vice-President; L. K. Boysen, Vice-President and Manager;
of the foremost financial and commercial powers of the world, and for J. P. Oleson, Treasurer; B. C. Hardenbrook, Secretary; E. E. Brown,
generations one of the most important markets for United States and other Attorney; W. L. Cohrs, Assistant Treasurer; E. A. Stake, Assistant Secreforeign securities. Amsterdam, the leading city, to-day, occupies a posi- tary.
tion of the greatest international importance as a banking and commercial
Mr. Boysen will be Vice-President and Chicago Manager
centre.
of the Dallas institution. Reference to the First-Trust Joint
The total funded debt of Holland at the close of the year 1921 was 2,435,600,000 guilders, all issued and sold in Holland. This is at the rate Stock Land Bank of Chicago, appeared in our issues of
of less than $140 per capita, at par of exchange, compared with approxi- March 4, page 899, and June 3, page 2418.
mately $195 per capita in the United States and approximately $650 per
capita in Great Britain. Holland's funded debt issue before the War
carries coupons at rates of 2%%, 3% and 334% per annum. Prior to $500,000 OFFERING OF BONDS OF FIRST JOINT STOCK
the initial issue of these 50-year 6% bonds, all funded debt issued since
LAND BANK OF MINNEAPOLIS.
1914 has carried coupons at rates of 5% or under.
On July 12 Ames, Emerich & Co. announced an offering of
The monetary unit of Holland is the guilder (florin), with a value at par
of exchange of 40.2 cents in the United States.
$500,000 5% bonds of the First Joint Stock Land Bank of
Before the War the currencies of all nations on a "Gold Basis" remained
practically at par and any material variations which occurred were auto- Minneapolis. The bonds, issued under the direction and
matically rectified by the shipment of gold. During the War, and immedi- control of the Federal Farm Loan Board, are dated May 1
ately subsequently thereto, other factors incident to the War restricting
such shipments of gold controlled the course of Exchange and, in the case 1922, are due May 1 1952, and are redeemable at par and
of Holland, caused the guilder to fluctuate between a premium of approx- interest at any time after May 1 1932. Principal and intimately 30% and a discount relatively as great. As conditions are becom- erest (May 1 and Nov. 1) are payable at the bank of issue or
ing more normal the guilder is gradually approaching its parity of 40.2
cents to the dollar, and is at present selling at a discount of only about 3%• in New York City. The bonds, coupon and registered,
The Bank of the Netherlands (Holland's only Bank of issue) had a gold interchangeable, are in $1,000 denomination. They are
reserve against Its circulation of over 62% as of June 99 1922, compared offered at 103
and accrued interest, yielding'about 4.62%
with a reserve of 52% in July 1914. To-day the guilder commands a premto
the
optional
date and 5% thereafter. The bonds are
in
over
5%
ium of
London.
Associated with Dillon, Read & Co. in the syndicate are: acceptable by the United States Treasury as security for
special deposits of public moneys; legal investment for all
fiduciary and trust funds under jurisdiction of the United
States Government, and of many of the States. They are
exempt from Federal, State, municipal and local taxation,
this exemption having been confirmed by the United States
Supreme Court in its decision of Feb. 28 1921. Earlier
references to offerings of bonds of the First Joint Stock Land
Bank of Minneapolis appeared in these cloumns Oct. 1 1921,
Application will be made in due course to list the bonds on page 1410; Feb. 18 1922, page 681; April 8, page 1477, and
the New York Stock Exchange.
May 20, page 2190.
Lee, Higginson & Co., Blair & Co., Inc., White, Weld & Co., Central
Union Trust Co. of New York; The American Exchange National Bank,
Brown Brothers & Co., Halsey, Stuart & Co.. Inc., Ladenburg, Thalmann
& Co., The First National Bank of Boston; Old Colony Trust Co., Boston;
Girard National Bank, Philadelphia; Cassatt & Co., Philadelphia; Commercial Trust Co., Philadephia; Mellon National Bank, Pittsburgh; Union
Trust Co., Cleveland; Continental & Commercial Trust & Savings Bank,
Chicago; First Trust & Savings Bank, Chicago; Illinois Trust & Savings
Bank, Chicago; Anglo & London Paris National Bank, San Francisco, and
the Bank of Italy, San Francisco.
OFFERING OF SAN PAULO (BRAZIL) BONDS.
Joseph Walker & Sons and associates offered this week
(July 11) at 155 milreis to the dollar, a block of State of
San Paulo, Brazil, 25-year non-callable 7% milreis loan,
in the form of Guaranty Trust Co. certificates. The loan,
due Jan. 1 1946, is issued under State Law No. 1759 of
Oct. 14 1920, and No. 3331 of March 23 1921. The authorized and issued amount of the loan is 150,000,000 paper
milreis. The bonds are in denominations of 1,000 and 5,000
milreis. The official circular says:
Deposit certificates of the Guaranty Trust Co. of New York bearing
Interest warrants until maturity will be issued. The interest warrants will
be payable in New York at the office of the Guaranty Trust Co. at the rate
LOANS AGGREGATING $363,538,728 ADVANCED BY
WAR FINANCE CORPORATION SINCE
JAN. 1921—REPAYMENTS.
According to a statement issued by the War Finance Corporation on July 11 loans aggregating $363,538,728 have
been authorized by it since the resumption of its operations
in January 1921—$53,324,255 to assist in financing exports
and $310,214,473 for agricultural and live stock purposes.
When the Corporation resumed operations last year the
loans outstanding totaled $111,139,436. The repayments
since January 1921 on account of all loans amount to $158,956,291, leaving outstanding on June 30 1922 $237,057,727.
252
THE. CHRONICLE
[VOL. 115.
Since the first of the present year to June 30 1922 the re- APPROVAL BY WAR FINANCE CORPORATION
OF
payments have amounted to $96,318,363. The following is
ADVANCE TO TEXAS FARM BUREAU
the statement issued on July 11 by Eugene Meyer Jr., ManCOTTON ASSOCIATION.
aging Director of the Corporation:
The War Finance Corporation, it was announced on July
The War Finance Corporation received during the month of June re10, has tentatively approved the application of the Texas
payments totaling $18,223,074, as follows:
On loans made under the war powers
$7.722,945 Farm Bureau Cotton Association for advances of not to
On export advances:
exceed $9,000,000 for the purpose of financing the orderly
From exporters
$536,707
From banking institutions
marketing of cotton. It is expected that only a portion of
512,723
From co-operative marketing associations
153,347
the amount approved will be advanced by the Corporation
1,202,777
and that the banks in the interested districts will do a conOn agricultural and live stock advances:
•
From banking and financing institutions
$6,513,282
siderable part of the financing for the association. The
From live stock loan companies
1,717,649
following regarding the Bureau appeared in the "Wall Street
From co-operative marketing associations
1,066,421
9,297,352 Journal" of July 5:
President John T. Orr of the Texas Farm Bureau Cotton Growers Association, has practically concluded arrangements with the War Finance
Corporation for a loan of $12,000.000 to finance in part, the Texas cotton
crop. Last season the association's sales totaled $8,777,779. Price
obtained averaged 18.21 cents a pound for middling cotton up to May 1,
since when the price has been 20.32 cents. A premium of $3 50 a bale was
obtained over the price for cotton not marketed under the jurisdiction of
the association. It handled 93,472 bales.
"Though given a credit of $10,000,000 by the War Finance Corporation,
Total
$96,318,363
we found it necessary to use but $2,000,000," Mr. Orr said. "We obtained
Stated differently,
$4,000,000 from Texas banks, first at 7% and later at 5 and 6%.
$51,861,412 was repaid by banking and financing institutions;
"Advances on cotton to members totaled approximately 90%, less their
5,549,552 by live stock loan companies;
previous credits; handling the crop and other charges will be deducted from
12,115,508 by co-operative marketing associations;
the remaining 10%. Results show the value of co-operative marketing."
11,915,892 by exporters;
14,664,729 by railroads and public utilities; and
211,270 on cattle loans made under the war powers.
COTTON GROWERS' EXCHANGE MAY CONTROL
When the War Finance Corporation resumed operations in January 1921,
2,500,000 BALES.
the loans outstanding totaled $111,139,436. Since that time, the Corporation has authorized loans aggregating $363,538,728-$53,324,255 to
The following Chattanooga advices
assist in financing exports and $310,214,473 for agricultural and live stock
purposes. Of the total amount, $284,874,582 ($38,604,051 for export "Wall Street Journal" of July 5:
American Cotton Growers' Exchange will this fall enter the market
purposes and $246,270,531 for agricultural and live stock purposes) had
with approximately 2,500,000 bales of cotton under control of its members,
been actually advanced up to and including June 30 1922.
Of the loans approved, $289,201,485 represents advances authorized to if there is a normal crop. Should there be a repetition of last year's short
banking and financing institutions, including live stock loan companies, crop, the exchange will handle over 1,500,000 bales. Associations which
compose the exchange are functioning in Oklahoma, Texas, Mississippi,
$64,654,634 to co-operative marketing associations, and $9,682,609 to
Arizona, Alabama, Georgia, the Carolinas, and Arkansas.
exporters.
At a meeting of the trustees of the exchange, the following summary
Of the sums actually advanced, $204,756,659 represents loans to banking
from reports of State associations:
and financing institutions, $54,122,821 to live stock loan companies, $18,- was prepared
StateMembers.
Bales.
222,117 to co-operative marketing associations, and $7,772,985 to exporters.
Oklahoma
36,000
425,000
Less than 30% of the amounts which the Corporation agreed to lend to coTexas
19,100
552,000
operative marketing associations was actually used, because the greater
215,000
5,900
part of the funds needed by the associations was furnished by the banks in Arkansas
27,000
400,000
the interested districts. According to the statements made by the associa- North Carolina
Carolina
South
9,187
423,000
tions and by the local banks, the loans authorized by the Corporation were
13,000
268,000
vital factors in creating confidence and in obtaining local banking support Georgia
6,000
100,000
Alabama
during the past season.
1,000
50,000
Arizona
The repayments received since January 1921 on account of all loans
based
on
normal
expected
yield
for
bales
acreage
planted.
on
Figures
amount to $158,956,291, distributed as follows:
Carl Williams, President of the Exchange, states:
On loans made under the war powers
$42,531,559
"These organizations make long term contracts with the grower, covering
On export loans approved prior to the resumption of operations 35,635,543
all his crop, with a penalty for non-delivery. They have adopted the
On export loans approved subsequent to the resumption of opprinciple of the internal pool, whereby every grower receives the same
erations
33,133,580 price for the same quantity and quality. They employ experts in marOn agricultural and live stock loans under the Agricultural
keting who work for the farmer instead of against him.
Credits Act of Aug. 24 1921
47,655,609
"The four State associations now active are handling more than $50,000,The loans actually outstanding on June 30 1922 total
$237,057,727 000 worth of cotton this season, on the approved principles of city business.
Recently the War Finance Corporation has tentatively approved adThey have eliminated waste, inefficiency, and speculation at country
vances to co-operative marketing associations totaling $56,500,000 to markets.
assist in financing the orderly marketing of cotton, wheat and tobacco
"The real purpose behind these organizations is an improvement in
during the coming season. These advances are not included in the above the standard of living of the cotton south. More money to the grower of
figures. It is expected that only a portion of the sums approved will be cotton means glass windows in the houses, more conveniences in the
actually advanced by the Corporation and that, as was the case during home, more and better tools, clothes and schools."
the past season, the banks in the interested districts will do the major
part of the financing for the associations. Furthermore, the large Eastern
NAST & CO., CHICAGO, FAIL.
financial centres are showing a decided interest this year in the financing
of the co-operative marketing associations and there may be considerable
of
Nast & Co., 135 So. La Salle Street, Chicago,
failure
The
advances from these centres in addition to the advances provided by the
members of the Chicago and New York Stock Exchanges,
local banks.
Total
$18,223,074
From Jan. 1 1922 to June 30 1922, inclusive, the repayments received by
the Corporation on account of all loans totaled $96,318,363, as follows:
On loans made under the war powers
$14,875,999
On export advances '
34,407,468
On agricultural and live stock advances
47,034,896
appeared in the
ADVANCES BY WAR FINANCE CORPORATION FOR
AGRICULTURAL AND LIVE STOCK PURPOSES
SINCE JULY 1.
The War Finance Corporation announced on July 10
that from July 3 to July 8, inclusive, it approved 27 advances, aggregating
44,000, for agricultural and livestock purposes as follows:
$294,000 in Colorado
$61,000 in Georgia
14,000 in Idaho
20,000 in Minnesota
59,000 in Nebraska
136,000 in Nevada
51,000 in North Dakota
60,000 in New Mexico
15,000 in South Dakota
15,000 in South Carolina
13,000 in Wyoming
27,000 in New Mexico on livestock in Arizona and New Mexico
79,000 in Texas on live stock in New Mexico and Texas
APPROVAL BY WAR FINANCE CORPORATION OF
ADVANCES TO ASSIST IN MARKETING OF
COTTON.
The War Finance Corporation announced on July 12 that
it had tentatively approved the following applications for
advances to assist in the orderly marketing of cotton:
Arkansas Farmers' Union Cotton Growers' Association
Alabama Farm Bureau Cotton Association
South Carolina Cotton Growers' Co-operative Association
North Carolina Cotton Growers' Co-operative Association
$1,000,000
3,000,000
10,000,000
10,000,000
The Corporation stated that it is expected that only a
portion of the amounts authorized will be advanced by the
Corporation, and that the banks in the interested districts
will do the major part of the financing for these associations.
was announced from the rostrum of the New York Stock
Exchange on July 14. The Chicago Title & Trust Co.,it was
said, had been appointed receiver for the failed firm and the
Chicago Stock Exchange had suspended the company and
its members from trading for five days pending an investigation of its affairs. The firm, it is understood, was also a
member of the Chicago Board of Trade.
FURTHER DEVELOPMENTS IN FAILURE OF E. M.
FULLER & CO.
The Grand Jury's investigation of the affairs of E. M.
Fuller & Co. of this city, who failed on June 27 with liabilities
estimated at $5,000,000, was begun on Wednesday (July 12).
Evidence of illegal practices, it was said, was presented by
Assistant District Attorney Benjamin F. Schreiber. On
July 10 District Attorney Banton subpoenaed the books of
the failed firm, according to the New York "Herald" of
July 11, "thus opening a court fight that will probably be
carried to the Supreme Court of the United States and be of
the utmost importance in future bucketshop proceedings."
The subpoena, it was said, was served on the receiver for
the firm, Samuel Strasburger. On July 11, according to
the "Herald" of the following day, District Attorney Banton
was temporarily restrained by Judge Knox in the Federal
District Court from seizing the firm's books and Mr. Strasburger was also temporarily enjoined from releasing the
books to the District Attorney. At the same time, it is
understood, Hays, St. John & Moore, the attorneys for
JULY 15 1922.1
THE CHRONICLE
253
E. M. Fuller & Co., served upon Mr. Banton an order
to show cause why he should not be permanently restrained
from inspecting the records, which was returnable before
Judge Knox.on July 12, but which, it is understood, was put
over until July 26. When he found that he could not immediately obtain the books, Mr. Banton, according to the New
York "Times" of July 12, said:
Two weeks ago it was reported that the Missouri Supreme
Court had granted a temporary writ in quo warrant° proceedings instituted by State Attorney-General Barrett
against the First National Bank of St. Louis to prevent it
from operating branches. The writ was made returnable in
ten days. In stating that the bank had flied a motion to
transfer the hearing, a Jefferson City dispatch published in
the "Globe-Democrat" of June 30 said:
I am going to determine once and for all whether a defiant challenge such
as was thrown out in the Fuller case to the officer entrusted with the enforcement of the criminal law can be maintained.
Nowhere has it been held yet that the receiver for a bankrupt cannot have
his books unless he stipulates that the District Attorney cannot have them
for the.purpose of investigating an alleged crime.
Attorneys representing the First National Bank of St. Louis filed a motion in the Supreme Court to-day to transfer a quo warranto proceeding instituted this week by Attorney-General Barrett to prevent the First National
from opening any additional branch banks in St. Louis or elsewhere to the
Federal Court in St. Louis for adjudication. Suggestions filed by the attorneys
for the bank contend that the test of a National bank to own and operate a
branch bank is purely a Federal question, since these institutions are wholly
under the jurisdiction of the Federal Government The Attorney-General was
allowed time to file suggestions in opposition to the motion, but this will
probably not be done for several weeks.
The suit filed here in Missouri against the First National Bank of
St. Louis
has attracted considerable attention in Washington and it is expected
that
there will be a ruling from the Comptroller of the Currency bearing
upon the
subject within the next few days. The Attorney-Genera
l contends that National banks have no authority under the State or Federal
laws to open and•
operate branch banks. The First National of St. Louis has opened
one branch"
bank in that city and it is charged in the petition that
it intends' to open
other branch banks unless interfered with by the
courts.
On July 14, acording to the New York "Evening Post"
of that date, Edward M. Fuller and William F. McGee, the
members of the failed firm, were indicted on charges of
"bucketing" stock orders. Thirteen indictments charging
each of the partners with "bucketing" were filed, it was
said. We last referred to the affairs of the company in our
issue of July 8, page 135.
THE E. D. DIER & CO. FAILURE.
E. D. Dier, head of the tailed brokerage firm of E. D. Dier
& Co., which closed its doors in January of this year, surrendered himself to District Attorney Banton on July 7.
He was indicted by the Grand Jury on June 30 in sixteen
counts or alleged larceny and "bucketing." Mr. Dier was
taken before Justice McAvoy, in the Supreme Court, who
released him in $35,000 bail. Harry J. Lawrence, Jr.,
Mr. Dier's partner in the firm of E. D. Dier & Co., who
was indicted at the same time, gave himself up on July 5
and was released in $15,000 bail. We referred to the failure
of the company in our issue of Jan. 21, pages 246-247.
Under the quo warrant° proceedings, it is stated the First
National is not restrained from continuing operation of
the
branch bank already opened, but it will not be permitted to
open additional branch banks until litigation now before
court has been terminated. In an address in St. Louis the
23, at the annual convention of the Illinois Bankers' June
ciation, Representative L. T. McFadden. Chairman ofAssothe
House Banking and Currency Committee stated that he did
not "believe there is anything in the National bank law that
says a National bank shall do business at a particular location in that place, nor do I believe that there is any limitation upon the number of offices or banking houses which it
may have . . . so long as these additional places are controlled and operated by the same board of directors and their
successors and I believe that is in conformity with the law."
WILLIAM H. KEMP, INC., NEW YORK, FAIL.
Representative McFadden is reported in the "Globe-DemoAn involuntary petition in bankruptcy was filed in the crat" as
saying:
United States District Court on June 8 against the stock
brokerage firm of William H. Kemp., Inc., 20 Broad Street,
this city, according to the New York "Times" of June 9.
The firm, it was said, was incorporated under New York
State laws as a brokerage house and was not a member of
any stock exchange.
Of course, with always the provision that such additional banking houses
or offices will not materially affect the earning capacity or solvency of the
bank, for if it did they would come under the regulatory powers of the Comptroller of Currency, and I have no doubt that under such circumstances they
would be prohibited.
I have no doubt also that the question of population of a town or city also
would be taken into consideration in this connection. I would also think that
the banking business and probable competition in these localities would
also
have to be given consideration and it would also have to be provided that stir"
ficient capital was invested to warrant the establishment of additional offices
or banking quarters.
CAR UKIN & FREED, NEW YORK, BANKRUPT.
An involuntary petition in bankruptcy was filed in the
The following regarding Representative McFadden's reFederal District Court on June 6 against Carukin & Freed,
Inc., investment brokers, with offices at 14 East 44th Street, marks is also taken from the same paper:
this city. The assets and liabilities of the firm were not
Regulated by Comptroller.
These additional offices or banking houses would be kept very closely under
stated.
NATIONAL BANKS AND BRANCH BANKING—COMPTROLLER OF CURRENCY'S VIEWS—ACTION
IN MISSOURI.
Announcement that Comptroller of the Currency Crissinger was understood to have virtually decided on a policy
toward the question of the right of National banks to establish
branches was made in press dispatches from Washington
,
June 29, which stated:
He is said to take the view that "additional offices"
might be established
by National banks under proper circumstances, but that "branches"
might
not be maintained.
Belief was expressed at the Treasury that the Comptroller
would
issue
a
formal ruling covering the question in general, but that
applications of National banks for the privilege of opening additional offices would
be handled
on the merits of each individual case.
Mr. Crissinger was represented as holding to the view that the
National
Banking Act gives his office the right to permit the establishment
of additional offices by National banks where due consideration is given the
question
of competition and the condition of the applying bank, but that a "branch"
bank operating with separate offices and capital cannot be operated by
a
National bank.
Considerable agitation has recently developed anent
the
question of the establishilient of National bank branches. In
a discussion in the House of Representatives of the bill providing for the continuance of National bank charters for 99
years, Representative Wing° declared on June 29 that there
Is a "movement on foot to destroy State banking systems in
the United States and to turn the National banking system
Into a branch bank system and to give charters in perpetuity." His comments were referred to at length in our issue
of July 8, pages 133 and 134. Early in May it was announced
by President F. 0. Watts that the First National Bank of St.
Louis planned to open offices at various centres within the
city. The St. Louis "Globe-Democrat" of May 16 in reporting this said:
Several months ago Watts ordered the bank's attorneys to make a special
study of the Federal law with reference to this point, and they rendered an
opinion that the law permits a National bank to establish additional places
of business within the city within which it is located. This opinion was submitted to the Comptroller of Currency, D. R. Crissinger, who has concurred
in this view. It is, therefore, with full knowledge of the Comptroller that the
First National Bank will act.
the regulatory and discretionary powers of the bureau of Comptroller of the
Currency, in the opinion of the speaker, and the Comptroller would only permit the establishment in instances where he could be assured of their meeting
competition and business necessities of the community. This, he declared,
would be exercising neither more nor less of the well recognized discretionary
powers of the Bureau in passing on applications for organizations of new National banks.
In opening his remarks on this phase of banking, Congressman McFadden
recalled that for the past several years there has been introduced and pending
bills providing different methods for the establishing in this country of a
system of branch banking. At different times, he said, the House Committee
on Banking and Currency had considered the different proposals, seeking to
give this right in a limited manner to the National banks.
Regulated by States.
"Usually," he asserted, "these bills have provided that National
banks be
permitted to have branches in States where State laws permitted
the State.
banks and trust companies to have branches. It has not been possible,
how-,
ever, up to the present time to get a bill in any form whatsoever
through
Congress that would authorize National banks to have branches.
"Because of this fact many States have permitted State banks
companies to have branches, and because of the fact that a way and truit•
was devised,
through a ruling of the Comptroller of Currency that a National
bank might.
purchase the control of a State institution with branches and
continue to operate these branches, the demand has persisted that National
banks be given
the right to have branches in a limited manner, and to-day in
certain parts of
the country, and I understand, particularly here in St.
Louis, the subject is a
pretty lively one. Opinions have been written and many
national bankers
convinced, or nearly convinced, of their right under a
present interpretation
of the law to have one or more banking offices or places
of doing business
within the city limits in which the parent bank is located."
Cites Legal Verdicts.
Congressman McFadden declared that as he understood the
law the supervision of National banks is wholly vested in the Bureau of
the Comptroller of
Currency. He cited several legal verdicts to support his opinion.
"During the past few years several States, particularly
California, Ohio
and Virginia, have authorized the establishment of branch
banks,
the States have not been very particular as to how many branchesand some of
were established, and were not particular as to confining them to the
city in which the
parent bank was located.
"After all is said and done, these so-called branches are
simply additional
places for doing business, and as the country
grows and as the public requires
additional banking facilities, these institutions respond
to the public demand.
I cite this simply to show that the
demands of the public are constantly
changing and these demands must be met and they must
be met by the National banks, if National banks are to continue
to occupy the important
place in the banking world that they do now. Competition
will see to it that
it is the survvial of the fittest.
254
THE CHRONICLE
"A national bank is chartered to do business in a certain place. I don't believe there is anything in the National Bank Act that says that a National
bank shall do business at a particular location in that place, nor do I believe
that there is any limitation upon the number of offices or banking houses
which it may have in which to do business in any city or place, so long as
these additional places are controlled and operated by the same board of directors and 'their successors, and I believe that is in conformity with the law.
Precedents Already Established.
"My understanding is that precedents have been established already where
National banks have established additional banking places, not only in their
own city but in a different city, and that they have been in operation under
the National Bank Act for 40 or 50 years and their right up to this time has
mover been questioned.
"It would seem that there is a clear distinction between the branch bank
and an additional place of doing business for the bank in the city where it is
„authorized to do business. The law authorizes the doing of business in a ceritain place, and I don't believe that the law means that business must be done
in one banking office or one banking house in that place, but a duly chartered
:bank, I believe, is authorized to do business in as many such banking houses
or offices in that place as may be necessary or required to carry on the business for which it was incorporated. The authorization in the law gives the
,bank the right to do all the banking business that may be intrusted to it, and
the powers secured to it by is charter materially gives the power to furnish
-sufficient offices and facilities in which to properly conducts banking business in the place designated by its charter.
Reserve Board Ruling.
"In chartering National banks, the Comptroller of the Currency has always
'taken into consideration the conditions of fair competition and business necessity, and the same rule, I should think, would apply in each instance in
the establishment of additional offices. In support of this theory I am advised that the Federal Reserve Board has gone on record in saying that where
State bank members of the Federal Reserve System of the State claim the
right to establish additional offices or banking houses in the various parts of
the State, in order that they may compete with the non-member State banks
that have such banking places or offices in addition to the original office or
banking house, these additional offices or places are not branch banks within
the meaning of 'branch banking,' but that they are merely places to do particular operations of the bank; that they are additional offices or banking
• houses in the same town of the bank for the purpose of carrying out the objects and purposes of the bank as incorporated."
Congressman McFadden declared that he understood the Board has held a
• member bank does not need to make application for the approval of the Federal Reserve Board for the establishment of these places, but the matter of
establishment of such offices or additional banking places is within the discretion and implied powers of the directors of the bank. He asserted that he
believes this ruling is within the meaning and purpose of the National Bank
Act.
"It would seem to me, then, that if National banks in States where State
banks are permitted to operate branch offices, agencies or additional banking
• houses see fit to establish additional offices or banking houses for the purpose of carrying on business for which they are authorized within the limits
of the city in which the banks are located, if they have further complied with
all requirements by notifying the Comptroller of the Currency that they propose to open such places, that they are within their rights, and that under a
strict interpretation of the law The Comptroller of the Currency under his discretionary and regulatory powers is then bound to acquiesce in the establishment of such additional facilities.
"The interpretations of the present law in the manner heretofore indicated
and the establishment of these additional agencies or banking houses under
this interpretation will mean, I believe, that if additional legislation is necessary or desirable that it will come about through this discussion and the establishment of these additional offices.
[VOL. 115.
Called Contrary to Rulings.
The contention that National banks have the inherent right to establish
branches, he said, is contrary to the rulings of every Comptroller down to
Crissinger. Attorney-General Wickersham, in 1911, rendered an opinion that
National banks by Conthe power to establish branches was withheld from
in the
gress, he said. A similar opinion was given in 1910 by a solicitor
Treasury Department.
of
foundpower
"There is evidence that Congress intended to withhold the
has the power to opering branches in the provision that where a State bank
bank, it may conate branches and ha.s branches on converting to a National
to open additional
tinue the branches, but it does not have the authority
circumstances for
ones," declared Jeffries. "Provision is made under such
of the capital and cirthe division between the parent bank and its branches
culation.
National
"There is evidence that Congress did not contemplate giving
especially authorized cerbanks power to establish branches in the fact that it
at
Exposition
tain banks to have branches on the grounds of the Columbian
Missouri to have a
Chicago. It also passed a bill to permit any bank in
1904.
branch on the grounds of the World's Fair here in
of National banks
"There is a bill now before Congress to permit branches
the State
wherever the State laws permit branches. In Missouri, of course,
branches."
laws do not permit State banks to maintain
banks in obtainJeffries outlined the several courses open to the outlying
Crissinger, he said, may
ing a definite decision on the question. Comptroller
proceedings.
be asked to test the question out by legal
Proceedings Suggested.
has the power to call on the
The State Finance Commissioner, he declared,
'oppose the violation of National
Attorney-General of Missouri to bring suit to
Quo warranto proceedlaws and to protect the State banking institutions.
to maintain a branch, might
ings questioning the right of a National bank
to apply for an injuncis
course
also be instituted, he declared, while another
courts.
tion and thus bring the question before the Federal
establish branches
Jeffries declared that if National banks are permitted to
not have proper superviunder the present regulations, the branches would
Louis must have at least
sion. The law provides that a National bank in St.
ten branches the
$200,000 capital, he pointed out, while if such a bank had
rules do not proeffect would be ten banks of $20,000 capital, as the present
and newly established
vide for the division of capital between the parent bank
branches.
The Wisconsin Bankers' Association, at its annual convention in Milwaukee, June 18, adopted a resolution protesting
against branch banking. Incidentally, Andrew Jay Frame,
Chairman of the Board of the Waukesha National Bank of
Waukesha, Wis., has voiced anew his VieNN'S in the matter.
Pointing out that for years he led a spirited fight against
• brancl4 banking, the "Wall Street Journal" of July 3 said:
In reply to a request for his opinion regarding recent agitation for a ruling
to permit National banks to operate branches, he writes as follows:
"As I have known every Comptroller of Currency up to date, I must respectfully differ from the attorneys for the First National Bank of St. Louis
—at least as far as the intent of the National Banking Law is concerned.
This matter has been thrashed out several times. Numerous attempts have
been made to get permission from the Comptroller to open branches but up to
the time of John Skelton Williams, without success. A few banks did open
branches about 50 years ago, but this practice was so severely criticised that
Comptrollers have since declined to issues charters to banks with branches.
"Comptroller of the Currency consented to the purchase by the First Wisconsin National Bank of Milwaukee of one of the city banks which had retained two branches under the old law. This contemplated purchase became
known, with the result that at the last meeting of Wisconsin Bankers' Association resolutions were unanimously adopted condemning branch banking as
a menace. The outlying banks of the city got pretty well worked up on the
subject, and the First Wisconsin National Bank did not buy the bank with
branches.
"To my mind, branch banking is a calamity to any city or nation, In
Canada, Toronto and Montreal dominate the progress of Canada and skim the
cream from practically every pursuit and leave the skimmed milk for the nation at large. Is it any wonder that Canada, with as many square miles as
the United States, barring Alaska, is dead compared to or progress? Shall
we maintain our wonderful prosperity, or be engulfed in the arms of the octopus?"
On May 27 it was stated in the St. Louis "Globe-Democrat" that determined opposition to the establishment of
branch banks by the large downtown national banks had
been agreed upon by the Associated Bankers, an organization
including officers of about thirty of the outlying banks of the
city, according to an announcement by Victor T. Moberly,
President of the Associated Bankers. The "Globe-Democrat" said:
BILL PASSED BY HOUSE LIMITING NATIONAL BANK
REPORTS TO THREE A. YEAR.
The House on June 3 passed a bill reducing from five to
three the number of reports required to be made by National
banks in any one year. The bill was introduced by Representative McFadden, who on March 13 submitted the following
Curreport on it from the House Committee on Banking and
rency:
whom was referred the bill
The Committee on Banking and Currency, to
440, Section 5211, Act June 3 1864, hav(H. R. 8996) to amend paragraph
it back to the IIouse with the recommendaing considered the same, report
tion that the bill do pass without amendment.
Comptroller of the Currency, as
The bill as reported has the approval of the
in his last annual report to the
evidenced by his statement thereon, contained
Congress, reading as follows:
Statutes, to provide that
"Amending Section 5211, United States Revised
shall make to the Comptroller of the Curevery national banking association
during each year. With not less than three
rency not less than three reports
, and with authority to rereports of condition and semi-annual examinations
than two examinations if conditions warquire additional reports and more
required reports of conspecifically
of
rant, it is the opinion that the number
dition should be reduced from five to three."
provide that the Comptroller of the CurIt therefore appears desirable to
calls upon national banking assorency shall make not less than three specific
year, instead of not less
ciations for reports of condition during the calendar
than five, as at present.
be made
Prior to 1869 the law required that a report of condition should
Monday of January, April, July and Octoby every National bank on the first
require not less than five reports annuber. In 1869 the law was amended to
the Comptroller of the Currency.
ally, on such date as should be specified by
these returns requires practically 60
publishing
The work of collating and
of the reports called for
days, and under the last Administration the number
continuous
was increased to six, making the work of abstracting practically
of the Currency was concerned and
in so far as the office of the Comptroller
of the
employees
the
upon
and
officers
involved an unusual amount of labor
banks.
to these reports of condition from the banks, the law requires
In
to make at least two
the Comptroller of the Currency, through his examiners,
examinations annually of every National bank, and also requires the banks to
A report of
dividends.
and
the
earnings
of
make at least semi-annual reports
made semi-annually
earnings is required when dividends are declared whether
or moret
frequently.Ihe belief of your committee that, with the two compulsory
thfore,
is,ere
dividends when
examinations annually, and with the reports of earnings and
declared, the reduction from five to three in the number of required reports
of the Government and the banks,
of condition on call would be in the interest
would not in any wise lessen
from both clerical and expense standpoints, and
the
Comptroller of the Currency.
the banks by
the proper supervision over
in the number of rereduction
proposed
the
with
Unusual conditions, even
be met by the Comptroller under the
quired reports on call, could readily
thereof, reading;
terms of this bill, as provided in the concluded sentence
reports from any
"The Comptroller shall also have power to call for special
are necessary in
the
same
judgment
his
particular association whenever in
conditions."
its
of
knowledge
complete
order to a full and
The following is the bill as passed by the House:
of Representatives of the United
Be it enacted by the Senate and Home
That paragraph 440 of Section 5211
States of America in Congress assembled,
be amended to read as follows:
1877,
of the Act of June 3 1864, as amended
"440. Every association shall make to the Comptroller of the Currency
to the form which may
not less than three reports during each year, according
oath of affirmation of the president or
be prescribed by him, verified by the
cashier of such association, and attested by the signature of at least three of
the directors. Each such report shall exhibit in detail and under appropriate
firm of Jeffries & Corum, attorneys for some of heads the resources and liabilities of the association at the close of business
law
the
of
Jeffries
Samuel
be transmitted to the Comptroller
one of the law firms retained by the organization, on any past day by him specified, and shall
the outlying banks, and
of the banks he represents in regard to branch within five days after the receipt of a request or requisition therefor from
yesterday outlined the position
to establish branches, he asserted, him, and in the same form in which it is made to the Comptroller shall be
If National banks are permitted
banks.
larger State banks would give up their State char- published in a newspaper published in the place where suelt association is
the result would be that the
established, or if there Is no newspaper in the place,'then in the one published
ters and become National banks.
JULY 15 1922.]
THE CHRONICLE
nearest thereto in the same county at the expense of the association, and such
proof of publication shall be furnished as may be required by the Comptroller.
The Comptroller shall also have power to call for special reports from any
particular association whenever in his judgment the same are necessary in order to a full and complete knowledge of its condition."
SENATE PASSES BILL TO ENABLE SMALL STATE INSTITUTIONS TO ENTER FEDERAL RESERVE
SYSTEM.
The Senate on July 8 passed a bill amending the Federal
Reserve Act so as to permit the entrance to the Federal Reesrve System of State banks with at least 60% of the amount
sufficient to enable them to enter the National system. In
explanation of the bill on July 8, Senator Harris of Georgia,
Its author, said:
There are a large number of small banks whose capital is less than is required by law to become members of the Federal Reserve System. This
amendment to the Act will permit banks having 60% of the required capital
stock to become members of the System provided they increase annually their
capital stock amounting to 20% of its net earnings until it meets the present
requirement as to capital stock. This will give the small banks in the agricultural sections the benefits to be derived from the Federal Reserve System
and will help the System. It will also encourage the smaller banks to increase their capital stock and be in a position to better accommodate their
customers. It will help greatly the small-town banks and greatly benefit
the merchants, farmers and others dependent upon these banks to finance
them.
Senator Harris stated that the bill was recommended by
the Federal Reserve Board and by the Governors of the Federal Reserve banks. On June 30 in the Senate Senator Harris said that the bill was originally introduced at the request
of bankers and business men in Georgia. He added:
Among others, the president of one of the banks located at Elberton, one of
the best banks in my State, with a capital of $75,000, wrote me in favor of
the measure. Under the law, that bank is not entitled to come into the Federal Reserve System. A city having the population of Elberton must have a
capital of $100,000. The requirement as to capital under the law ranges
from $25,000 up to $100,000 and above, depending upon the population of the
city in which it is located. Instead of the bill reported by the Senator from
Pennsylvania, which I introduced, being an effort to drive the State banks
into the Federal Reserve System, it is an effort to help the State banks and
give them an advantage over the National banks. That is the intention of the
Senator King, who objected to the bill and stated that he
would vote against it, said:
I regard the bill as objectionable for two reasons; first, because it rather
tends to encourage the formation of very small banks with limited and
wholly inadequate capital; and secondly, the effect will be ultimately to
drive State banks out of existence, not by any physical force or physical
power, but because of the moral pressure which will be brought to drive
them into the Federal Reserve System.
I seem to stand alone in my views, although I know many entertain the
same apprehensions as those which I have so imperfectly expressed. I believe it is unwise legislation, but I did not feel justified in opposing the consideration of the bill.
The following is the bill as passed by the Senate:
Be it enacted, etc., That paragraph 9 of Section 9 of the Federal Reserve
Act as amended is amended to read as follows:
"No applying bank shall be admitted to membership in a Federal Reserve
bank unless (a) it possesses a paid-up, unimpaired capital sufficient to entitle it to become a national banking association in the place where it is situated under the provisions of the National Bank Act, or (b) it possesses a
paid-up, unimpaired capital of at least 60% of the amount sufficient to enttile
It to become a national banking association in the place where it is situated
under the provisions of the National Bank Act, and, under penalty of loss of
membership, complies with rules and regulations which the Federal Reserve
Board shall prescribe fixing the time within which and the methods by which
the unimpaired capital of such bank shall be increased out of net income to
equal the capital which would have been required if such bank had been admitted to membership under the provisions of sub-division (a) of this paragraph: Provided, That every such rule or regulation shall require the applying bank to set aside annually not less than 20% of its net income of the
preceding year as a fund exclusively applicable to such capital increase."
According to data prepared by the Federal Reserve Board
at the request of Senatordlarris, the number of non-member
banks which on the basis of capital requirements will become
eligible for membership if the bill is enacted totals 4,203.
The figures prepared by Secretary Hoxton also show that
5,829 non-member banks are not eligible for membership under the present capital requirements and will not become
eligible if the bill is enacted.
Secretary Hoxton's letter and the data compiled by him
were inserted as follows in the "Congressional Record" at the
Instance of Senator Harris:
255
and the total number of all banks (exclusive of mutual savings banks, which
have no capital stock, and of private banks, neither of which are eligible for
membership in the Federal Reserve System) In each State.
Very truly yours,
WM. W. HOXTON, Secretary.
NUMBER OF MEMBER BANKS, ALSO OF NON-MEMBER STATE BANKS.
LOAN AND TRUST COMPANIES, AND STOCK SAVINGS BANK IN
EACH STATE.
State.
Maine
New Hampshire
Vermont
Massachusetts_
Rhode Island_
Connecticut_ _ _
New Yolk
New Jersey_ _
Pennsylvania_ _
Delaware
Malyland
Wash'n, D. C.
Virginia
West Virginia_
North Carolina
South Carollna
Georgia
Florida
Alabama
Mississippi _ _ _
Louisiana
Texas
Arkansas
Kentucky
Tennessee
Ohio
Indiana
Illinois
Michigan
Wisconsin
Minnesota_
Iowa
Missouri
North Dakota_
South Dakota_
Nebraska
Kansas
Montana..
Wyoming
Colorado
New Mexico_ _
Oklahoma
Washington_ _
Oregon
California
Idaho
Utah_
Nevada
Arizona
Non- on-member banks which, on the
Non- mem- basis of capital requirements,
will become eligible for memberState mem- ber
bank ber banks ship VS. 3531 is enacted.
and banks not eli
Total
trust eligible °Ole
num- Na- corn- on which
ber of Mad Pan, Present will
In cities of populatton of—
banks banks. mem- capital not bein
rebers
6,001 3,001 3,000
Come Total.
State.*
to
Over
Or d
to
e- eligib
50,00050,000 6.000 less.
menSs. under
8.3531
118
81
88
273
33
136
839
376
1,476
53
268
47
511
34
641
460
723
272
35
35
26
1,582
488
602
570
1,008
911
1,893
683
991
1,527
1,703
1,669
854
700
1,184
1,379
413
154
396
126
981
28
731
216
129
a
81
58
49
182
17
64
505
220
861
18
esa
15
174
123
87
81
95
56
107
31
38
557
83
134
98
375
252
494
117
153
341
354
131
180
134
186
267
143
47
143
50
359
96
96
309
83
28
11
21
42
•s
26
--ai
61
3
7
5
37
96 207
45
80
56 419
4
15
6
75
1
10
136
9 191
1
191
18 213
70 293
97
12
18 136
3 154
14 130
192 434
35 163
11: 192
15 174
84 40
22 51
80 1,03
1591 20
36 361
30 338
104 721
38 427
5 123
18 194
21 414
8 309
59 109
4
44
3
86
7
51
20 156
54 101
33
69
46 315
46
42
36
23
4
441
17
11
18
4
25
2
2
66
1
76
18
99
19
265
82
77
28
45
109
38
182
132
38
191
101
89
168
26
271
567
280
751
329
182
235
527
5
44
111
16
309
92
4
4
2
3
6
2
1
2
5
7
2
74
2
21
3
86
7
83
66
188
79
52
58
51
217
75
227
92
42
30
115
172
170
251
244
322
217
172
328
268
97
15
53
2
137
54
46
2
24
12
1
8
2
4
5
2
64
3
4
3
2
"TS
3
4
2
4
1
1
3
1
3
2
5
1
1
3
3
4
3
3
5
a
2
10
2
2
13
2
4
2
7
3
7
1
1
1
--io
10
10
2
14
2
2
. 5
6
3
4
83
179
76
50
52
47
206
68
2198521
108
182
165
249226
306
216
172
317
244
96
14
49
131
53
45
21
2
Total
29,41 8.150 1,595 9.6401 5,829 4,203 123 119 131
•Exclusive of mutual savings and private banks.
Note.—Figures of member banks and of non-member banks eligible for membership
on the basis of capital requirements are as of June 30 1921, while those for other
banks are as of the latest date for which figures are available.
SENATOR HEFLIN'S RESOLUTION SEEKING INFORMATION REGARDING CIRCULATION OF SPEECH
CRITICISING HIS STAND—REPLY OF RESERVE BOARD AND BANKS.
In answer to the resolution of Senator Heflin seeking information regarding the distribution of a speech made by
Senator Glass in defense of the Federal Reserve system, the
Federal Reserve Board in a letter to the Senate on July 8,
signd by Governor Harding, assumed "responsibility for commending this speech to the Federal Reserve banks for circulation." Under Senator Heflin's resolution, adopted June 30,
the Federal Reserve Board and all the Federal Reserve
banks except that in Atlanta, were asked for information regarding the speech, which, besides defending the Reserve system, criticised the position of Senator Heflin on the deflation
policy of the Board. In an earlier resolution (adopted by the
Senate on June 8 and given in our issue of June 17, page
2671) similar information had been sought from the Federal
Reserve Bank of Atlanta. The response of the latter, made
In a letter forwarded to the Senate on June 17, M. B. Wellborn, Governor of the Atlanta bank, disclaimed any political
motives in circulating the speech, which, it was stated, was
sent to the banks, corporations, business men and other persons receiving the Atlanta bank's monthly review of business
conditions. Governor Wellborn said:
Federal Reserve Board, Washington, June 17 1922.
Hon. William J. Harris, United States Senate, Washington, D. C.
My dear Senator:—With further reference to the request contained in your
letter of June 6, I beg to say that we have obtained the data regarding nonWe distributed the speech for its value as bearing upon an important ecomember banks in each State which, on the basis of capital requirements, will nomic question of the day. Such distribution was to all States in our district
become eligible for membership in the Federal Reserve System should Senate and did not specialize on the State of Alabama. We were actuated by no poBill 3531 become a law, and a statement giving this information is inclosed litical motives, nor did we send the documents to these correspondents in their
herewith.
capacity as voters.
It will be noted that the table shows the number of such non-member banks
We regard Senator Glass's address as being public property inasmuch as it
classified according to cities of population of over 50,000, or 6,001 to 50,000; was delivered on the floor of the United States Senate and printed in the
of 3,001 to 6,000, and 3,000 and less. This grouping corresponds to the pres- "Congressional Record."
ent provisions of the National Bank Act. In addition, figures are shown repRegarding the response of the Atlanta bank, the press disresenting the number of National banks, the number of State bank and trust
company members, the number of non-member State banks and trust com- patches from Washington June 17 said:
panies which are eligible on the basis of present capital requirements, the
The Federal Reserve Board, the letter stated, had no knowledge of the cirnumber of non-member banks which are not eligible under present capital re- culation of Senator Glass's speech,
but the letter of the Atlanta bank accomquirements, and which will not become eligible if Senate Bill 3531 is enacted, panying the speech was approved by the bank's executive committee.
256
THE CHRONICLE
The expense of circulating the speech in Alabama by the Atlanta bank was
given as $27 13, and the speech went to 856 correspondents in Alabama. The
Atlanta bank had printed 6,500 copies of the speech at a cost of $108 69.
President Wellborn's letter was sent after Senator Heflin had made charges
In the Senate that the motives were improper, and that the Atlanta bank was
attempting a backfire because of his attacks upon the Federal Reserve Board.
The Senate resolution of June 30, requesting information
from the Board and the Reserve banks other than the Federal Reserve Bank of Atlanta, follows:
Whereas, It has been charged upon the floor of the Senate that each and
every one of the regional Federal Reserve banks of the United States has had
printed and distributed at its own expense a speech delivered in the Senate by
Senator Glass, of Virginia, in which the position of Senator Heflin on the deflation policy of the Federal Reserve Board was assailed and critizised ; therefore, be it
Resolved, That the Federal Reserve Board is hereby requested to call on all
said Federal Reserve banks, except the Federal Reserve Bank of Atlanta,
which has already reported to the Senate, to furnish to the Senate in writing
all information in their possession, respectively, called for in the following
questions:
(1) At whose instance was the speech in question of Senator Glass sent out?
(2) At whose expense was said speech printed and distributed? (3) How was
the fund provided, and how many copies of said speech were sent out, and how
much money was expended in printing and distributing said speech? (4)
Did any member of the Federal Reserve Board suggest the printing or distribution of the said speech? (5) Was any letter sent out with said speech?
If so, attach a copy of your report.
Along with Governor Harding's letter to the Senate on the
8th inst., replying to the above resolution were submitted letters from the Federal Reserve banks of Philadelphia, Richmond and St. Louis. Replies of the Federal Reserve banks
of Kansas City, Chicago and Cleveland were submitted to the
Senate on the 10th inst. Governor Harding stated in his reply that "neither the Board nor the Federal Reserve banks
regarded the speech as being an attack upon any Senator
and were not interested in it from that point of view. This
speech was and is regarded by the Board as a fair presentation of facts. It was commended to the banks for circulation
because it was an answer made in the Senate Chamber to
charges which had been made on the floor of the Senate."
The following is Governor Harding's reply:
July 8 1922.
Sir:—The Federal Reserve Board transmits herewith letters from the Federal Reserve banks of Philadelphia, Richmond and St. Louis, in reply to Senate Resolution 308. Replies from the other banks will be forwarded as soon
as received.
In transmitting this correspondence the Board trusts that it may, without
impropriety, avail itself of the opportunity to invite the attention of the Senate to certain matters whicia have a direct bearing upon the subject of the inquiry.
The corporate powers of the Federal Reserve banks are defined in Section 4
of the Federal Reserve Act, which provides, inter alia, that "Every Federal
Reserve bank shall be conducted under the supervision and control of a board
of .directors" and that such directors "shall perform the duties usually appertaining to the office of directors of banking associations and all such duties
as are prescribed by law."
The banking business is one which rests peculiarly upon the foundation of
.confidence. While true in the case of any bank, this is particularly true with
respect to a Federal Reserve bank, which is the sole custodian of the legal reserve of its member banks and the instrumentality through which is issued
the country's fiduciary currency. Anything which tends to undermine public
confidence in a bank, and in a Reserve bank particularly, impairs its ability
to perform its functions, and unless counteracted, may defeat entirely the pur• poses of its organization. Therefore, those charged with the administration
of a bank have the right and are impressed with the duty of using all legitimate means, when necessary, to protect its good name and to prevent any impairment of public confidence.
Criticisms of policy cannot be objected to and have always been welcomed
by the Federal Reserve Board, which has never imputed ot itself infallibility
of judgment. The Board has been charged with the administration of a new
and untried law and has from the beginning been confronted with a series of
difficult and unprecedented situations. When criticism is based upon the
solid foundation of fact and understanding of the Federal Reserve Act and of
banking principles, it is useful; it is helpful to those charged with the duties
of administration. To the Federal Reserve Board it has appeared, however,
that for the past two years much that has been said under the guise of criticism of policy has not been intended to help, but to discredit the management
of the Federal Reserve System through attacks upon the integrity and purpose of members of the Federal Reserve Board and of officers and directors of
Federal Reserve banks.
These attacks have been so repeatedly made and have had such publicity as
to justify the suspicion that they are part of a concerted movement against
the Federal Reserve System. The patience and forbearance with which members of the Federal Reserve Board and officers and directors of Federal Reserve banks have borne these repeated attacks, many of them personally abusive, have been cited as an Admission of the truth of charges made and have
tended to raise in the minds of some who endorse the principles of the Federal
Reserve Act but who had no means of informing themselves as to facts, a
question as to whether there may not have been some foundation for the
charge that members of the Federal Reserve Board and officers and directors
of Federal Reserve banks have been incapable and corrupt.
Beginning last summer, insinuations and charges which had been made on
the outside, were repeated and amplified on the floor of the Senate of the
United States, not merely once or twice, but at frequent intervals up to the
present time. This circumstance has caused a great amount of correspondence
with persons asking for information, and Board members, as well as officers
and directors of Federal Reserve banks, have had occasion frequently to consider whether there were any means which might appropriately be employed
to inform the public as to the operation of the Federal Reserve banks and the
character of their management.
RepSecting the constitutional prerogatives of the members of the Senate,
care has been taken to make no criticism of any member thereof in any reply
to letters of inquiry. This circumstance also has been construed as an admission of the truth of charges so frequently made on the floor of the Senate,
some of which would have been resented as libelous but for the constitutional
immunity above referred to.
[VOL. 115.
Many quotations could be made from statements which have been printed in
the "Congressional Record" during the past twelve months which are misleading and untrue, but their insertion would unduly extend this communication.
The Board has seen nothing to indicate that those who made these statements
have ever corrected them.
Last January the junior Senator from Virginia, who was Chairman of the
Banking and Currency Committee of the House of Representatives which reported the bill creating the Federal Reserve System and who was afterwards
Secretary of the Treasury and ex-officio Chairman of the Federal Reserve
Board, made a speech on the floor of the Senate, in which he discussed at
length the operation of the Federal Reserve banks and the attitude of the
Federal Reserve Board during the recent period of economic reaction and
financial stress. The speech was delivered during parts of two days. A brief
report of it appeared in the daily papers and requests followed for complete
copies of the speech. Officers of Federal Reserve banks, who for several
months had felt themselves obliged to maintain silence while their motives
and integrity were being assailed, deemed it not improper to avail themselves
of the opportunity then presented to give to their correspondents and to others
in their respective communities who had evinced an interest or who were supposed to be interested in the economic questions dealt with, information
which would enable them to draw their own conclusions.
The speech was a public document. Having been delivered on the floor of
the Senate and having been published in the "Congressional Record," the Federal Reserve Board felt that there could be no impropriety in the distribution
of copies by the Federal Reserve banks. The speech dealt so comprehensively
with charges and statements which had been made in the same place and
printed in the same publication that the Board believed it should be given
wide publicity. Having been informed that copies might be obtained from
the Public Printer if ordered promptly, it was decided that the Governor
should send to each Federal Reserve bank the following telegram:
"January 18 1922.
"Think Senator Glass's great speech defending Federal Reserve System
printing office will
Government
circulated.
promptly
should be widely and
print special copies of it Friday. 20th, and additional orders should be given
to-morrow. Printing office estimates cost of copies at from five to seven
cents each. Please wire promptly how many copies your bank wishes.
"HARDING."
(Note: This estimate of cost was too high. In view of the great demand
for the speech and the large number of copies printed, the cost per copy to
each Federal Reserve bank was approximately 1F4, cents.)
The Federal Reserve Board assumes responsibility for commending this
speech to the Federal Reserve banks for circulation. Neither the Board nor
the Federal Reserve banks regarded the speech as being an attack upon any
Senator and were not interested in it from that point of view. This speech
was and is regarded by the Board as a fair presentation of facts. It was commended to the banks for circulation because it was an answer made in the
Senate Chamber to charges which had been made on the floor of the Senate.
It is a clear exposition of the policies, functions and operations of the Federal
Reserve System during a critical period and is an important contribution to
current economic discussion.
Respectfully,
(Signed)W. P. G. HARDING, Governor.
The President of the Senate.
FEDERAL RESERVE BOARD ON BUSINESS CONDITIONS IN JUNE—COAL PRODUCTION AND
EMPLOYMENT CONDITIONS.
The outstanding features of the economic development during June were, according to the Federal Reserve Board, the
continued and noteworthy increase in the physical volume of
production and a continuance of the advance in prices noted
for the month of May, the wholesale price index number of
the United States Bureau of Labor Statistics showing an increase of five points for that month. Prices in Great Britain
also show an increase, says the Board,the index number compiled by the Federal Reserve Board for international comparison advancing four points, as compared with an increase
of nine points in the similarly constructed number for the
United States. In its review of general business and financial conditions throughout the several Federal Reserve districts during the month just ended, the Board also says:
An increase of production is noted in highly finished lines of manufacture
as well as in basic industries. The advance has been especially marked in
iron and steel, and industries which are large consumers of iron and steel
products, such as automobiles, foundries, machine shops, etc. May copper
production was 266% of that of May 1921 and showed a very large advance
over the preceding month. Zinc output also increased, while stocks were less
than half those at the close of May 1921. Building activity has continued
practically unabated. The value of contracts let during May was $323,000,000, which was about 60% larger than for May 1921. This was substantially
the same as the April figure.
Decided improvement in tanning and moderate improvement in the output
of boots and shoes are noted. Wholesale groceries and hardware show a very
pronounced advance over April, and compare favorably with the sales of a
year ago. In dry goods and shoes a seasonal recession is reported, but the
business in most districts does not vary greatly from that of last year. The
retail trade for the first time in many months is in excess of that of a year
ago. This, however, is not uniformly true, as in approximately half the districts trade was less than in May 1921.
Although the production of anthracite coal has been reduced practically to
nothing, the production of bituminous coal at non-union mines has increased
somewhat, at the same time that the petroleum output for the month has
shown an advance as compared with April.
General employment conditions have taken a very decided turn for the better. In some lines a scarcity of labor is now reported, as for example, in the
steel and building trades. Demand for agricultural labor also continues upward. While unemployment still exists, especially in those industries such
as coal and textiles, where labor troubles prevail, figures furnished by the
United States Employment Service and by various State Departments of Labor show marked reductions in numbers out of work.
Most staple crops have shown improvement during the past month and the
approach of midsummer finds the farming community as a whole anticipating
fully average yields. In some parts of the country unfavorable weather has
delayed or impaired prospects, but the general situation is favorable. Car
loadings on lines of railways serving agricultural districts show a very material advance even though the new crop has not begun to move in quantity.
4110
JULY 15 1922.]
THE CHRONICLE
Railways which have suffered most severely in business are those which are
largely dependent on coal to make up the bulk of their traffic.
Of fundamental interest has been the continued downward tendency of discount and money rates. In the New York market the charge for call funds
has been as low as 2%%. Rates for commercial paper have also tended distinctly downward. During the month the Federal Reserve banks of New York
and Boston reduced the discount rate to 4%. The Bank of England has also
reduced its rate to 31
/
2%. Federal Reserve bank portfolios show little change,
although indicating a declining tendency, whlie member bank loans have
shown but moderate alteration. The outcome of the International Bankers'
Conference at Paris was unfavorable to the movement of exchange toward
higher levels and limited recessions have occurred in nearly all of the European currencies. Foreign loans have continued to be placed in this market in
considerable quantities. The latest export trade figures show a small shrinkage in the volume of exports, while imports have increased materially.
Regarding the figures of coal production the Board says:
257
REDUCTION IN REDISCOUNT RATE OF FEDERAL
RESERVE BANKS OF SAN FRANCISCO AND
DALLAS.
Announcement was made on July 7 that,effective the following day, the Federal Reserve Bank of San Francisco
would reduce its rediscount rate from 43/b to 4%. A like
reduction was made by the Federal Reserve Banks of New
York and Boston last month, reference thereto having been
made in our issue of June 24, page 2778. On the 13th inst.
it was announced that the Federal Reserve Bank of Dallas
had reduced.its rediscount rate on paper from 5 to 4M%-
Bituminous coal production in May amounted to about 20,287,000 tons,
as compared with 15,780,000 tons in April and 33,330,000 tons in May STATE INSTITUTIONS ADMITTED TO FEDERAL
1921. The weekly output has shown a steady increase since April 22, except
RESERVE SYSTEM.
for the week ending June 3, which included a holiday. Most of the gain in
The following institutions were admitted to the Federal
production is reported by non-union fields, as operations in strongly organized
districts are still prevented by the strike. District No. 3 (Philadelphia) re- Reserve System in the week ending July 7 1922:
ports that production is increasing in many non-union fields which suffered
Total
from strikes during April and May. Production increased in the coal fields
District No.6—
Resources.
Surplus.
Capital.
of District No. 6 (Atlanta) during May and was maintained at a substantially Farmers Bank of Crawford,Crawford,
higher lever than in May 1921. Heavy purchases were made in that district
Georgia
$544,317
$50,000
$100,000
by Western railroads. Most bituminous mines in District No. 7 (Chicago) Bank of Locust Grove, Locust Grove,
No.
10
States
of
District
several
are still closed. Conditions vary in the
Georgia
129,722
25,000
5,000
(Kansas City) from almost total inactivity in Missouri and Wyoming to about
65% of capacity operations in Colorado. Reports from all districts indicate
that stocks have been considerably depleted, but that prices are steady since INSTITUTIONS AUTHORIZED BY FEDERAL RESERVE
the agreement of the operators as to fair spot prices at the mines.
BOARD TO EXERCISE TRUST POWERS.
No anthracite coal has been mined since the commencement of the strike,
but small quantities continue to be dredged from the rivers each week. These
The Federal Reserve Board has granted permission to
dredgings amounted to 26,000 tons in April and 36,000 tons in May in com- the
following institutions to exercise trust powers:
parison with an actual mine production of 7,497,000 tons in May 1921. DisThe Merchants' National Bank, Aurora, Ill.
trict No. 3 (Philadelphia) states that stagnation still prevails in the retail
The
Second National Bank, Freeport, Ill.
market for domestic sizes of anthracite, but that buckwheat is in greater deThe Burns National Bank, Durango, Colo.
mand at higher prices.
Production of beehive coke declined from 528,000 tons in April to 432,000
tons in May, whereas by-product coke output increased from 2,227,000 tons
in April to 2,537,000 tons in May. As a result of the shortage of beehive TREASURY SURPLUS OF $314,000,000 IN YEAR JUST
ENDED.—DEFICIT FOR COMING YEAR.
coke, many steel manufacturers are replying chiefly upon by-product ovens,
and the stocks of by-product coke have been much reduced.
Elsewhere we refer to President Harding's admonitions
As to employment conditions, the Board says:
Current testimony as to the increased opportunities for employment and
the limited number of persons seeking positions is even more unanimous and
emphatic than it has been during the immediately preceding months. The
United States Employment Service announced an increase of 3.2% in numbers
employed at the end of May as compared with April for the 1,428 firms covered by its survey. The decreases were confined to a limited group of workers and were relatively unimportant. In District No. 1 (Boston) the metal
working industry and the building trades have been active, but the strike in
the cotton textile mills of the district still continues, although some mills
have reopened and report an increasing number of employees. Employment
agencies in District No. 2 (New York) state that there is a shortage of unskilled labor, while according to the New York State Department of Labor,
the numbers employed in industrial establishments in the State are about
equal to the totals for March 1921. As compared with April, moreover, most
of the larger cities report increases in numbers at work in May. An advance
in average weekly earnings in New York factories is a significant indication
both of the increasing scale of operations in some establishments and also of
increased rates of pay in certain lines in which labor shortages have developed. In District No. 3 (Philadelphia) the Pennsylvania State Department
of Labor announces that 104,055 persons were unemployed on June 15 in the
six cities of Altoona, Harrisburg, Johnstown, Philadelphia, Scranton and
Williamsport, the lowest figure since Dec. 30 1920, and a decrease of 25.3%
from the estimates of May 15. In District No. 5 (Richmond) it is said that
reports from various sections of the district show that.common labor is becoming scarce in some localities and that there have been a few scattered advances in wages. The building trades, road work and other public improvements have given employment to large numbers of unskilled laborers. Such
unemployment as still exists is largely due to strikes in the coal mining regions of West Virginia.
District No. 6 (Atlanta) notes increased employment in the cities and also
increases in output both in coal mining and in the iron and steel industries in
Alabama. District No. 7 (Chicago) emphasizes the need for workers in the
steel mills and the existing shortages in lumber camps and saw mills. Foundries and machine shops are likewise reported to be in need of men. Construction work and the automobile industry have been leading factors in the
demand for labor. The special survey of employment conditions made by the
Federal Reserve Bank of Chicago shows a gain of 4.4% of numbers employed
by 198 firms having 117,047 persons on their pay rolls at the end of May.
Employment conditions in District No. 9 (Minneapolis) are said to have undergone a noticeable change during the last 30 days because all labor wanting
work is now able to find it and employers for the-first time in two years are
not able quickly to find needed help. In fact, there are shortages of skilled
laborers in the building trades, of skilled miners in the copper regions, and of
experienced farm help. District No. 10 (Kansas City) reports that there is
greater industrial activity in the district than for several months past, although a delay of about two weeks in beginning the wheat harvest left considerable numbers unemployed in the interior cities. The increase in building
and construction work and renewed activity in the lead and zinc mining regions have been very favorable factors. In District No. 11 (Dallas) idle workers have been absorbed in part by the harvesting demand, although recently
there has been a reduction in building activity which has added to numbers
unemployed. It is reported from District No. 12 (San Francisco) that unemployment during May was confined almost entirely to unskilled labor which
was, however, being rapidly absorbed. Salmon fishing and canning began in
May and offered employment to large numbers of men. Reports from identical establishments in the principal lumbering sections of Oregon, Washington and Idaho shows that 77,400 men were on the pay roll June 1, as compared with 54,000 men on June 1 1921, an increase of 43%. All lumber
camps and mills in Oregon, Washington and Idaho are reported to be employing over 100,000 men. Employment in the mines and in the petroleum industry of California was below normal during May, but was increasing, while
in Arizona, Idaho, Nevada and Utah there was an increasing demand from the
mines and for agricultural work. Coal miners on strike in Utah have found
employment in considerable numbers in the copper mining regions. According to the United States Employment Service employment in manufacturing
industries in the cities advanced fractionally in Portland and Seattle, but was
somewhat less in Los Angeles and San Francisco.
this week to the administrative heads of the Government
on the subject of restricting Federal expenditures. While
it was announced on July 3 that the Treasury was able to
show a surplus of nearly $314,000,000 on the operations
for the year ended June 30 1922, a possible budget deficit
of $485,000,000 is estimated for the fiscal year 1923. According to the Treasury Department's statement of the
3d inst., a reduction of $1,014,000,000 in the public debt
was effected during the late fiscal year. The total ordinary
receipts of the Government for the fiscal year 1922 as shown
by the daily Treasury statement for June 30 1922, amounted
to $4,109,104,151. The total expenditures chargeable
against ordinary receipts amounted to $3,795,302,500,
with the result that the Government showed a surplus for
the fiscal year 1922 amounting to $313,801,651. The
Treasury Department's announcement in the matter also
•
said:
When the budget was submitted last December the estimates indicated
a deficit for 1922 amounting to $24,468,703, and the better showing which
has been made results from a combination of several factors. Aggregate
receipts for the year were about $140,000,000 greater than originally
estimated. Customs receipts proved to be larger than for any previous
fiscal year in the history of the Government,and amounted to $356,443,387,
as compared with the estimate of $275,000,000. Internal revenue receipts
amounted to $3,213,253,256,or almost exactly the estimated $3,214,500,000
Miscellaneous revenues, including Panama Canal tolls, amounted to
$539.407,507, as compared with an estimated $478,953,663, the difference
being due chiefly to increased realization on property and securities and
the sale of about $44,000,000 of Federal Land Bank bonds owned by the
Government. Total expenditures on the other hand were almost $200,000,000 less than the estimates given last December in the budget, due
largely to decreased expenditures on account of the railroads and to uenxpectedly large realization upon railroad obligations held by the Government
Including particularly equipment trust notes.
The total gross debt of the United States on June 30 1922, on the basis
of daily Treasury statements, amounted to $22,963,381,708, as compared
with $23,877,450,553 on June 30 1921, a reduction during the fiscal year
1922 of $1,014,068,844. This reduction in the debt was accomplished,
first, in the amount of $422,694,600, through retirements on account of
the sinking fund and other public debt expenditures chargeable to ordinary
receipts; second, in the amount of $277,527,593, through the reduction
In the net balance in the general fund of the Treasury on June 30 1922,
as compared with June 30 1921; and third, in the amount of $313,801,651,
on account of the above-described surplus of ordinary receipts over total
expenditures chargeable against ordinary receipts.
The preliminary statement of the public debt on June 30 1922 also
reflects the results of the refunding operations which the Treasury has been
carrying on during the past year or more.
The outstanding Victory notes on June 30 1922, had been reduced to
$1,991,183,400, as compared with $3,913,933,350 on June 30 1921, while
outstanding Treasury notes by June 30 1922, had increased to $2,246,596.350, as compared with $311,191,600 on June 30 1921.
Treasury certificates of indebtedness were reduced during the year to
$1,828,787,500, as compared with $2,699,572,950 on June 30 1921. As
appears from this preliminary statement, however, there remains almost
$4,500,000,000 of debt maturing within the fiscal year 1923, most of which
will have to be refunded during the year. This total is made up of the
following items:
% Victory notes, $1,991,183,400; Treasury certificates, $1,828,787,500; War Savings securities, series of 1918, maturing
Jan. 1 1923, in the amount of about $625,000,000.
Under-Secretary of the Treasury S. P. Gilbert, in a
statement issued on June 30 regarding the balancing of the
258
PH 114 CHRONICLE
budget for the closing fiscal year, reported that expenditures for the year would be less than $3,900,000,000, or
$500,000,000 less than was estimated as necessary by the
spending departments at the outset of the year, and that
there would be a small surplus of receipts; adding:
That this has been accomplished in the face of the unfavorable prospects
that confronted us at the beginning of the year is due to the unremitting
efforts of the Government departments and establishments under the firm
leadership of the President to reduce current expenditures to the utmost
limits consistent with proper administration.
Mr. Gilbert announced that the prospects for the fiscal
year 1923 were "not so .good," with a budget deficit estimated as high as $485,000,000. The press dispatches from
Washington reporting this said:
As to the coming year the Under-Secretary pointed to the possibility
of a deficit greater than already estimated, for, he contended, appropriations for the next year had not yet been passed by Congress. He maintained that the Government "owes it to itself and the rest of the world to
keep its finances clean and balance its budget for 1923 as in the three
previous years,and the only way to accomplish this is to reduce expenditures
already estimated and avoid new avenues of expenditure to such an extent
as may be necessary to wipe out the indicated deficit."
In discussing the handling of the public debt during 1922, Mr. Gilbert
declared that with the approach of the end of the year the total gross
debt of the United States was about $22,950,000,000, a total reduction of
over $3,600,000,000 since its peak on Aug.311919. This was accomplished,
he explained, by the application of the $1,000,000,000 balance in the
general fund made possible by lessened expenditures and outstanding
maturities; application of about $200,000,000 of repayments by foreign
Governments; receipt of funds from salvage and other assets remaining
over from the war aggregating about $1,400,000,000, and the application
to debt retirement of about $1,000,000,000 of surplus tax receipts during
the fiscal years, 1920, 1921 and 1922.
For the future, he asserted, liquidation of the public debt will have to
be accomplished chiefly from surplus revenue receipts, and particularly
through sinking fund and other accounts as the Treasury balance has been
reduced to as low a figure as consistent with proper conduct of Government business. Enough has been accomplished, Mr. Gilbert stated, to
assure the success of the Treasury's plans for refunding the $7,500,000,000
short-dated debt, consisting of Victory notes maturing in May 1923,
Treasury certificates of indebtedness, and War Savings certificates.
[VOL. 115.
Division of Finance under the Third Assistant PostmasterGeneral., Mr. Buffington came to Washington from Elizabethville, Pa., in 1898 and was employed as an emergency
clerk in the War Department. He was transferred to the
Pension Bureau June 30 1901 and to the office of the Third
Assistant Postmaster-General in August 1906. He was made
Assistant Superintendent of the Division of Finance Nov. 16
1912 and Superintendent of the Division of Finance June 1
1913. Paul Freeman succeeds Mr. Buffington as Superintendent of the Division of Finance. Eugene R. White, who
has been chief clerk to the Second Assistant Postmaster-General for four years, has been promoted to the position of Special Assistant Superintendent, in charge of railway mail pay
matters. He is succeeded by Chase C. Gove, a former railway mail clerk, who entered the Post Office Department in
the Division of Railway Mail June 27 1907.
JUDGE VAN FLEET SWORN IN AS MEMBER OF FEDERAL TRADE COMMISSION.
Judge Vernon W. Van Fleet, formerly judge for a period
of eight years of the Superior Court of South Bend,Ind., was
sworn in on June 30 for a term of seven years as a member
of the Federal Trade Commission, and has entered upon the
discharge of his duties. Judge Van Fleet since March 1921
had been special assistant to the Attorney-General, giving his
attention particularly to reorganization work. His nomination as a member of the Federal Trade Commission was sent
to the Senate by President Harding on June 5. The Senate
confirmed the nomination on June 26. Mr. Van Fleet takes
the place of John Garland Pollard, whose term expired Sept.
25 1921.
J. P. YODER RESIGNS AS SECRETARY OF THE FEDERAL TRADE COMMISSION.
CUSTOM RECEIPTS HIGHEST IN 133 YEARS.
J. P. Yoder has resigned as Secretary of the Federal Trade
Generally improved business conditions in the country Commission, effective June 28. In tendering his resignation
are reflected in increased customs receipts, the highest
Mr. Yoder stated as the reason therefor his desire to return
during the last fiscal year for 133 years, according to a
the newspaper business.
to
statement issued on July 5 by Assistant Secretary of the
Treasury Elmer Dover. Mr. Dover said:
Customs receipts for the fiscal year just ended amount to $356,443,387, ADJOURNMENT OF HOUSE OF REPRESENTATIVES.
which is an increase of $48,418,285 over last year. The highest previous
The House of Representatives adjourned on June 30 until
year in the history of the customs, covering 133 years, was in 1910, when
receipts amounted to $333,683,459, so that the receipts for this year are Aug. 15; the Senate continues in session most of its attennearly $23,000,000 in excess of the largest previous year.
tion being devoted to the completion of work on the tariff
This result may be taken as an indication and result of a general improvement in business. For several years our importations were at the bill.
lowest ebb, but the revival of business in this country has produced a
corresponding increase in importations. While this is undoubtedly the
principal cause, some credit is due to the reorganized customs service
which is now at its highest standard.
ILLINOIS BANKERS OPPOSED TO GOVERNMENT OFFERINGS OF 41/% TREASURY SAVING
CERTIFICATES.
A resolution opposing the offering by the Government of
4Y2% United States Treasury Savings Certificates was
adopted by the Illinois Bankers' Association at its annual
meeting in St. Louis on June 23, according to the St. Louis
"Globe-Democrat," which gives the resolution as follows:
The banks of our State, having sold vast amounts of Government securities
to the people of Illinois, are now somewhat surprised to find the Government
actively competing with banks for savings deposits through the offer of 4%%
United States Treasury saving certificates. As conservative banking could
never permit the banks to compete against this high rate of interest on savings now being offered by the Government, the effect of the Government's
publicity campaign will doubtless be to draw considerable sums of money out
of the banks, and this would not only seem to be a very great injustice to the
banks, but would appear to be against the best interests of communities of our
State, because such money as is drawn from our banks and invested with the
Government is withdrawn from the community where it should rightfully remain. We respectfully call the matter to the attention of Representatives in
Congress and to the Honorable Secretary of the Treasury, and trust that this
participation of the Government in banking will be curtailed.
Similar opposition has been expressed by the Kansas State
Bankers' Association, it is learned from "Financial America"
of June 26, which said:
Declaring that more than $1,000,000 was taken out of Kansas during the
month of February through the sale of Treasury and Postal Savings certificates, and that this practice of the Federal Government is detrimental to the
agricultural interests of Kansas, the Kansas State Bankers' Association has
sent out a request to the banks of the State to join in appealing to the Federal Government to stop the sale of these certificates.
PRESIDENT HARDING URGES UTMOST ECONOMY ON
PART OF GOVERNMENT HEADS—MENACE OF
STATE AND MUNICIPAL EXPENDITURES.
The urgency for "the utmost economy" in Government
expenditures was impressed upon the heads of the
various branches of the Government by President
Harding on July 11, when they were called together
for the semi-annual business .meeting. The participants
in the meeting included Brigadier-General H. M. Lord,
who, as we indicated last week (page 135), has succeeded Charles G. Dawes as Director of the Budget; Secretary of State Hughes, Secretary of the Treasury Mellon, Secretary of War Weeks, Secretary of Agriculture Wallace,
Postmaster-General Work, Secretary of Labor Davis, heads
of bureaus, assistant secretaries and other Government officials. "The prospective net deficit of $425,000,000 for the current fiscal year" was referred to by the President as "a challenge to us all." "I say frankly to you," he said, "that I will
not send to Congress estimates exceeding the probable receipts of the Government, and I must warn you that unless
you use your pruning knives, the Executive will be compelled
to cut deeply the estimates presented." The receipts for the
year, the President said, were estimated at .$3,074,000,000,
and expenditures at $3,771,000,000, leaving an apparent excess of expenditure amounting to $697,000,000, reduced, however, by the general balance of $272,000,000 in the Treasury
on June 30. The President included in his remarks a reference to the fact that "after the Civil War the deficiency habit
became so strong that Congress enacted an 'anti-deficiency
act' with which," he said, "you are all familiar, and with
which the Executive expects a whole-hearted compliance."
Following a speech by Brigadier-General Lord, President
Harding stated that "there is not a menace in America equal
to the mounting State, county and municipal expenditures."
The President's remarks at.the outset of the meeting follow:
It is with sentiments of especial satisfaction that I come before you to-day
KERLIN RESIGNS AS DIRECTOR OF
POSTAL SAVINGS SYSTEM.
Director of the Postal Savings System,
Kerlin,
Malcolm
recently tendered his resignation, effective June 30 1922.
The position is the highest salaried civil service post in the
Post Office Department, carrying a salary of $4,800 a year. to address the second annual meeting of executives constituting the business
Mr. Kerlin, who is a Democrat, was succeeded July 1 by Wil- establishment of the Government. It is a satisfaction, because I am priviliam E. Buffington, a Republican, Superintendent of the leged to acknowledge your very great accomplishments in behalf of better adMALCOLM
JULY 15 1922.]
THE CHRONICLE
ministration and of Governmental economies which have been effected within
the year by reason of this new step toward better business organization in the
Government.
To-day's is the third meeting of the representatives of the Government's
routine organization, and the second annual meeting. At this first milestone
we pause to examine to what extent our early expectations have been realized.
I think that due examination must show that we have been on the right track,
and we may proceed with renewed assurance along the highways of Governmental economy and efficiency.
•The report of the Director of the Bureau of Budget for the fiscal year ending June 30 1922 is a record of real achievement, of which you may all be
proud, for without your intelligent and hearty co-operation this gratifying result would not have been possible. Last August it was estimated, on information furnished by those speaking for the spending agencies of the Government,
that withdrawals from the Treasury for the fiscal year just terminated would
be $4,554,000,000. The last Treasury estimate shows this figure was reduced to $3,795,000,000, a reduction of $759,000,000.
The best estimate of receipts for the current fiscal year is $3,074,000,000,
while estimated expenditures are placed at $3,771,000,000, an apparent excess of expenditures amounting to $697,000,000. But the past year's experience has demonstrated that we need not be unduly concerned over such prospecive deficits when we have the benefit of the budget organization and of
your co-operation.
Last year, in the annual report of the budget, a deficit of $24,000,000 was
forecast; instead, we closed that fiscal year with a surplus of receipts over expenditures amounting to $313,000,000—this despite the Government's receipts
in that year fell off $1,515,000,000. That is, the Government reduced by $1,515,000,000 the amount which it collected from the people and yet, because
it was able to prune its expenditures by $1,743,000,000, it produced an actual surplus.
That is certainly a gratifying accomplishment which ought to inspire every
one of you to continued and greater efforts in the coming year. There is an
offset due to last year's operations of $272,000,000, which represents the general balance in the Treasury at the close of the fiscal year 1922.
The prospective net deficit of $425,000,000 for the current fiscal year is a
challenge to us all. We must here resolve that through our efforts expenses
will be kept within income. There must be the utmost economy. There have
been established those business principles and procedures which are capable
of bringing further economy during the current year, and I look to the Government's executives for still closer scrutiny of their activities and attendant
expenditures.
If in your jurisdictions you find activities and expenditures that can be
properly curtailed, or eliminated, I admonish you to do it; if the laws do not
leave it within your power to do this, submit it to the President for recommendation of Congressional action. The business head of the Government does
not and cannot contemplate or expect that expenditures this year will exceed
income. If they do, it will be regarded as most unfortunate; and therefore I
bespeak your fullest co-operation.
The work of the co-ordinating boards has emphasized the great need to consider the Government's business as a whole rather than as an uncorrelated organization of loose parts. Every one of you needs to realize that your services
belong to the Government as a whole, and not to the subordinate part of it to
which you happen to be attached. We need broader vision to get this full
picture, and the co-ordinating boards have been helping us toward it. They
have been developing a real esprit which was formerly almost completely
lacking. Of this, General Lord, the new Director of the Budget, will tell you
in more detail.
During the fiscal year just closed, deficiency and supplemental estimates
amounting to $661,251,409 were submitted to Congress. Many were unavoidable, because of war-time conditions; but as the war recedes we should have
constantly less occasion for deficiency estimates. Congress chafes under these
conditions, and executive policy cannot countenance abuses in this direction.
After the Civil War the deficiency habit became so strong that Congress
enacted an "anti-deficiency act" with which you are all familiar, and with
which the Executive expects a whole-hearted compliance. I cannot overstate
the importance of this policy, and responsible officials will be held strictly to
account for its observance.
In one Government department a portion of each appropriation is set aside
at the beginning of the year as a "general reserve" against which no obligations can be set up except by the specific authority of the department's head.
The department is then restricted to the balance remaining, the reserve being
drawn upon only for unforeseen contingencies. I earnestly recommend this
procedure to all of you.
The total estimated appropriations for 1923, including supplementals, were
$3,911,448,000, including the postal service; while total appropriations
amount to $3,747,035,000, a reduction of $164,413,000 from the estimates,
exclusive of about $60,000,000 not estimated for in the budget. The difference is relatively small considering that estimates for the fiscal year just
closed were nearly $1,000,000,000 more than the appropriations. It is hoped
that with more experience estimates and appropriations may be brought still
closer together.
The alternative budget submitted under this act has brought together for
the first time in one bill all the appropriated funds of each department, so
that it is no longer necessary to search a number of bills in order to learn the
appropriation for a department.
The Comptroller-General has issued a classification of objects of expenditures which became effective July 1, and this is the first step toward a uniform accounting system, so urgently needed.
The preparation of estimates for the fiscal year 1924 is the next immediate
duty. For that year, estimated receipts are $3,198,000,000, or approximately
$600,000,000 less than the appropriations for the current year plus authorizations for expenditure not included in the appropriations.
We must all keep constantly in mind that the probable receipts for 1924
will not permit as liberal appropriations as for 1923. In that connection I
may say frankly to you that I will not send to Congress estimates exceeding
the probable receipts of the Government, and I must warn you that unless you
use your pruning knives the Executive will be compelled to cut'deeply the
estimates presented.
Our country is one of the few in the world which is now paying its way as
It goes, and I must regard with disfavor any tendency to interfere with this
condition or to increase taxes.
As heretofore, the Director of the Bureau of the Budget will have the full
support of the Executive, and I bespeak for him your cheerful and wholehearted support. The blazing of the path of economy is not an easy task.
Expenditure is too often applauded, where earnest watchfulness for economy
goes unnoticed, except for complaint. But there is a great compensation for
the service done. It lies in the consciousness of doing the thing necessary to
make Government more stable, to make burdens less difficult to bear, and to
make our Government an example to others, and an example to the citizenship
which it is meant to serve.
I cannot refrain from speaking a personal word. I know how deeply you
all regret the going of that charming and fascinating personality as represented in General Dawes, who led us in the institution of the budget system.
259
As you know, the Executive gave him all the support possible. I think I can
say to you that you have a most able successor in General Lord and I want
you to know the Executive promises to give the same cordial support to him
as was given to General Dawes. I arrogate to myself the privilege and pleasure of presenting your new chief, General Lord.
In concluding the meeting, President Harding said:
Permit me while you are standing to thank General Lord and you for your
pledge of support and to thank the heads of Cabinet and independent departments for their presence and interest in our project. In a way it may sound
prosaic and sometimes a little wearying to be talking about economy. But
you are engaged in the most important work that can be pursued for your
Government. No less than a score of citizens of foreign Governments have
said to me,"We are watching your work of reducing your expenditures in order to apply the system in our countries."
But more important than this is the effect it is having in setting an example to the States and municipalities. There is not a menace in America equal
to the mounting State, county and municipal expenditures, undertaken without sense of financial responsibility. This practice leaves us in a state of no
one knowing whither we are going in expenditures.
It is a great work, men and women, and I congratulate you on the work
done so far, and bid you go on to greater achievements under the leadership of
General Lord.
DIRECTOR OF BUDGET LORD ON NEED OF ECONOMY
IN GOVERNMENT EXPENDITURES.
Brigadier-General Lord, the new Director of the Budget,
in addressing on July 11 the representatives of the Business
Organization of the Government stated that:
During this current fiscal year all proposed expenditures must be given the
closest scrutiny, and no wasteful, extravagant or unnecessary expenditures
should be allowed to pass unchallenged; and further, no obligations should be
incurred in this fiscal year that can be postponed without serious detriment
to the public service. Competition in saving, where billions are involved, is
a splendid substitute for competition in expenditures.
He also said:
Of greater value, however, than any particular saving in dollars and cents
is the installation of a policy of economy in Government business, and the
acceptance of this policy by the executive bureaus. The entire personnel of
the Government must learn, if it has not already taken the lesson to heart,
that economy is the approved policy and that extravagance of any sort is dangerous business.
We will never reach the high standard of Governmental efficiency for which
we aim until we learn to think habitually and involuntarily in terms of the
United States rather than in terms of departments, bureaus and divisions.
PRESIDENT HARDING LOOKS TO AMERICAN
LEGION FOR WORKING OUT OF COUNTRY'S
DESTINY FOR NEXT FIFTY YEARS.
Declaring that the American Legion is "charged with a
greater responsibility now than you were charged with on
the battlefront in France," President Harding stated that
in their hands is lodged "the destiny of the next half century
of the United States." The President's remarks to this
effect were addressed to the Ohio posts of the Legion at
Marion, Ohio, on the 5th inst., during the city's celebration
of the one hundredth anniversary of its founding. We
quote his address herewith:
You have rather taken me off my feet. I only came as a spectator, hoping that my presence would convey to you my very cordial greetings. I am
not going to complain about it. There is no complaint in my heart. I feel
that I have come univited, because somehow or other you don't invite the
President to all the features of your program, and I just trailed in with your
Commander in Chief because I wanted to have the pleasure of looking into
your faces. I have been compensated thrice over by sitting here and listening to the spendid address just delivered by Gen. McQuiggs.
So long as the American Legion is consecrated to the preservation of the
Constitution and the maintenance of law and order in this Republic the
United States of America is everlastingly secure. Another thing the General said I must elaborate on for just a sentence and then I shall have done.
He said your program was one of the future. Have you ever stopped to
think, young men, of the wonderful part the Grand Army of the Republic
has played in fifty years of American progress? The veterans of the Civil
War,once they organized, entered into the social, the political, the business.
the moral life of this great Republic.
There was n3t anything that happened for fifty years that did not have
the sanction of the conscience ofthe Grand Army ofthe Republic. So,men,
you are charged with a greater responsibility now than you were charged
with on the battlefront in France, because in your hands is the destiny of
the next half century of the United States of America, and I have no hesitancy in saying to you I think it is in good hands, because if you will serve
with conscience and your capacity, and with the same devotion and consecration with which you defended the flag in Franco, I know this will be a
constructive and forward contribution to the good and the welfare of our
United States of America.
I am happy to greet you. I like, as a Marionite. to see that the visiting
members of the Legion have come to join us in our centennial. It gives me
the opportunity to speak to the Legion of Ohio, and to give you my greetings
in an official capacity and to show you the best that can come to men who
have offered all on the altar of their country.
PRESIDENT HARDING ON "THE ESSENTIALS TO
SUCCESS."
In an editorial in a special edition of his paper, "The
Marion Daily Star," published on the 5th inst., incidental
to the Centennial Celebration of the city, President Harding
described as the chief essentials of the success of pioneer
settlers "honesty, simplicity, industry, capacity and determination." The editorial follows:
While Marion is celebrating the centennial of the city's founding it is
fine to rejoice in the coming together again, to find happiness in the exchange of sentiments born of home coming. to recall the pride in things
260
THE CHRONICLE
[VOL. 115.
America made up of those who are educated at our less conspicuous and less
largely attended universities.
Perhaps I ought to explain why I feel that way. Personality is the greatest quality in life, and in the institutions where the student bodies form
seven to eight to ten thousand there is little opportunity for the students to be
Impressed by the personality of those responsible for their training. Ever
since civilization began there have been institutions of learning available to
those who are fortunate in material possessions of life, but in our morderni
America we have added everywhere throughout the land like institutions
which are avilable to the rank and file of the youth of America.
Service is the greatest thing in the human calendar, and the better we
equip ourselves the better we serve, because in the expansion of the mind
comes the better understanding of how best to serve. Let me tell you,
young men and women, no matter what your fortunes in life the greatest
compensation that will come to you to-morrow or next year or the closing
year of your life will be the consciousness that you have somehow been of
service, either to your friends, your State or your common country. That
Is the greatest thing that can happen.
In a larger sense modern invention has put in touch with all the world,
and here in America has come to us a very unusual responsibility. Whether
It has the design of the infinite, whether it has the hand of destiny pointing
the way, somehow in this republic we have made more of freedom and we
have made more of opportunity and we have contributed more to the human
IN
PARTY
FOR
HARMONY
APPEALS
PRESIDENT
advancement in a century and a half than all the people of the world in all
the stary of the world.
ADDRESS TO REPUBLICAN GLEE CLUB.
After the upheaval of the world war we found ourselves more powerful,
An appeal to Republicans for the spirit of party harmony and because of this responsibility it it is up to us Americans to stabilize ourwas made by President Harding in addressing extemporan- selves and get on the right track again. get on its feet again. We cannot
:s our responsibility to help the world
eously at Columbus, Ohio, on the 6th inst., the Republican doIt
that unless we look first to see that our own house in America is in order.
Glee Club. The President is reported in the "Ohio State
I think the highest duty of America to-day is to call the attention of all
its citizenship to the heritage of 1922. Here we have the utmost offreedom
Journal" as saying:
and fullness of opportunity and can only have security in the maintenance
"The Glee Club has a soul, an organization soul, else it could not have
of the Constitution, the just enforcement of the laws created thereunder.
lived in harmony so long," he said. "I wish I could bring into our party
I want you men and women to be prepared to play your part.
this very day the spirit that has animated the Glee Club. This Club is
It has been forty years since I received the degree of bachelor ofscience,
devoted to music and.to party and to men put forward by the party. The
and if I knew as much and felt as confident as I did then I would fear none
to
attract
trouble in public life and in our party is that the bosses want
of the problems of life. Life is a very practical thing, but if you meet the
all the attention to themselves instead of singing to the party. I don't
problems of life in simplicity and in patriotic devotion to your country you
want to be a solist, but somebody has to do the directing or there won't
need have no fear.
be much singing. That's why I'm a partisan.
The institutions of the present must be maintained. Men come to us and
"We would be a lot more efficient if all who wear the badge were Repub- tell us we must revolutionize the social system, but all the insurgency of the
licans at heart."
last 6,000 years has made no impression and no change. I like to think you
The President also in his speech, made mention of the are preparing for service in good conscience.
There came to the executive office not long since an acknowledgment of
"inheritances" of the present administration, saying it was
assistance America has given to the great republic of Russia and the
the bequest of a world in upheaval, a world torn by passions, the
prediction that the famine has to continue into another year. You will
"when some nations spent to bankruptcy and our own to wonder what the explanation is.
The explanation of impending famine for another year lies in the fact that
madness," a great struggle for selfperservation. He said
under the present system of Russia men have no inspiration to plant and
according to the p per quoted:
more than they need for their own use and protection. We have in
Out of this upheaval and saturnalia of expense must come adjustment harvest
America the best system evei devised by man.
and everybody wants adjustment for others but not for himself. SomeIf I may return to the original thought, the greatest compensation that
times the problems seems alnrost unsolvable. But I have tried with patiheart and soul is the thought that in your life you have somehow,
ence, sympathy and consloe-ation to bring about understanding. Men comes ta been of service to your fellows and your common country.
somewhere
must understand each other.
America has played a great part in bringing the world back to order.
Your country has succeeded in bringing nations together, in brining to MOVEMENT TO REDUCE SECOND CLASS POSTAGE
them a sense of the righteousness of getting away from war by common,
RATES.
voluntary consent to limit armaments and live in peace. This example
reduction in second class postage
a
for
providing
in
help
bringing
that spirit of brotherhood to men in this country.
ought to
A bill
Our Government cannot be dominated by any force or group. There rates (which were originally imposed as war taxes) was inmust be no domination except the will of the American people as expressed
on June 9 by RepIn laws. And despite the storm clouds and apparent menaces, the great troduced in the House of Representatives
undercurrent of American life is in one forward direction which nothing resentative M. Clyde Kelly (Republican) of Pennsylvania.
will stop. The administration that went into power in March last year
27 the House Post Office Committee voted to postIs going to make its contribution to American progress, our party is making On June
pone consideration of the bill until the December session. In
Its contribution and this Glee Club will be making its contribution.
accomplished and, above all else, appraise the qualities of men and measures which made us what we are to-day. The latter is essential to the
prepardness for greater progress in the future.
Sturdy men pioneered the way to early settlement, and sturdy women,
too. They blazed the way of development in Ohio and sent many of their
sons and daughters to the peaceful conquest of the greater West, the Misissippi and Missouri valleys. Resolute and able men made secure the
social order here, and simple and courageous men blended determination
with genius and made the industrial beginning. They had tittle of wealth,
but they wrought wealth out of opportunity. Only a few knew their struggles,their sacrifices; but honesty,simplicity,indus`,ry, capacity and determination are known to have been the chief essentials of their success. These
make for success anywhere and are avilabla to all who aspire.
Let Marion preserve every good lesson of the yesterdays, and resolve to
go on, adding to the stride In industry and commerce, and determine that
every enlargement in material growth shall reflect larger progress in the
finer attainments which make a community worth while. The fit counterpart to the city of material success is the city of happy homes, ample education, fortunate and profitable employment, worship of God facilitated, a
civic conscience and a community soul.
WARREN G. HARDING.
voting to postpone action on the measure, the committee dePRESIDENT HARDING ON RESPONSIBILITY OF
AMERICANS TO STABILIZE THEMSELVES.
Describing service as "the greatest thing in the human
calendar," President Harding in accepting the degree of
Doctor of Laws from the Muskingum College at New Concord, Ohio, on the 7th inst., asserted that "the better we
we equip ourselves the better we serve, because in the expansion of the mind comes the better understanding of how best
to serve." "The very unusual responsibility," which has
come to America was reverted to by the President during the
course of his speech and he stated that "because of this
responsibility it is up to us Americans to stabilize ourselves
and get on the right track again." The President in arguing that "the institutions of the present must be maintained,"
added that "men come to us and tell us e mustrevolutionize
the social system, but all the insurgency of the last 6,000
years has made no impression and no change." The President held that "the highest duty of America to-day is to
call the attention of all its citizenship to the heritage of 1922.
"Here," he said, "we have the utmost of freedom and fullness of opportunity and can only have security in the maintenance of the Constitution, the just enforcement of the
laws created thereunder." The President's speech follows:
I do not know when I have looked upon a more attractive picture than
this. It strengthens the heart of one in authoiity and responsibility to see
such a reflex of the citizenship of our Republic. I very much appreciate
this degree cf Muskingtun. I appreciate it first, because of the relations of
Ohio Central to your notable institution.
Nothing every happened to me in my college days that gave me so much
grief as the discontinuance of the college where my father had gone before
me. It was one of those institutions where every student knew every student, and of course every student knew every member of the faculty. Sometimes I thought we saw rather too much of them.
I like your school also because it is very close to my ideal of the American
educational institution. I have full pride, I have every reverence for the
great universities of our country. I suppose I should be as unhappy as you
if we did not have them, but if I were to choose I would rather have an
cided to direct the Joint Postal Commission to report before
Dec. 1 on the cost of handling various classes of mail. The
bill is intended to give relief to the newspapers and magazines which have made representations to Congress that the
continuation of high postal rates seriously affected the entire
publishing industry. On June 20 it was reported that the
Administration was considering the matter of decreasing the,
second class postal rates, considerable discussion having.
been given the subject, it is said, at the Cabinet meeting that
day. In stating that President Harding and Postmaster-General Work are inclined to believe that at least a part of the
increase in the second class rates made during the war
should be removed, the Associated Press dispatches from
Washington June 20 added:
the President that
The Postmaster-General is understood to have told
rates on second class mail
he would readily agree to legislation reducing
Office Department
matter if some method was evolved whereby tho Post
to the larger shipwould not sustain a deficit. The present rates as applied
of the counpublishers
or the
pers, he is said to believe, are entirely too high
of their
transportation
the
in
agencies
private
try would not be utilizing
products.
to the PostUnder proposed reduced rates said to have been suggested
have repeatedly asked deOffice Department by publishing houss which
would
be deit
declared,
was
revenues,
creases in rates, the Government's
would mean a
creased by approximately $7,000,000. Such a reduction
were said
saving of about $10,000,000 annually to the publishers, the latter
however, that in the event of reduced rates a
to have estimated, adding,
comrailroad
and
express
from
diverted
much greater volume of business
panies would not only make up any deficit sustained by the Department,
million dollars to the Government.
but would result in a profit of several
at
The Postmaster-General was represented by postal officials aslooking
He felt that the
the rate situation from a "purely business standpoint."
was
time
the
was
at
it
same
said,
but
relief,
afforded
publishers should be
mannot disposed to make any move which would reflect upon the business
agement of the Department. If assured by the publishers of sufficient busipart
of the Department, he was
ness to meet any additional expense on the
perfectly willing to go before Congress, his advisors said, and recommend
rates.
in
a reduction
Revenues on first class mail matter have increased greatly since the war
period, Department experts said, while revenues derived from second class
THE CHRONICLE
JULY 15 1922.]
261
matter have decreased, due, they suggested, to a decided reduction in the
tonnage of publications going through the mails.
Tho pre-war rate of 1917-1918 on second class postage was one cent a
pound for all distances and produced a revenue of approximately $11,000,000 annually, while the existing zone rate system is estimated to produce
approximately $34,000,000.
NEW ORLEANS FUTURES SUGAR MARKET.
The second organization to conduct transactions in sugar
future deliveries was opened in New Orleans on the 6th'
inst. New York, it is stated, is the only other such sugar
market. The following regarding the NZw Orleans market
infour
the
of
The Kelly bill would repeal the last two
is
taken from the New Orleans "Times Picayune" of the
creases in postal rates whin were made under the War Rev- 6th inst.:
isstatement
a
in
Kelly,
Representative
enue Law of 1917.
Seventeen sugar brokers and commission houses have been licensed to
sued June 9, stated that the proposed measure retains the trade in sugar futures on the floor of the Louisiana Sugar and Rice Exwhen future trading operations begin to-day, according to anpresent zone system of postal charges, but red aces the change
nouncement made yesterday. A license fee of $250 has been paid in by
1
July
effective
advance
amount of charge from the fourth
these brokers as charter members of the Sugar Futures Association. A
1921 to the second advance in rates, which became effective fee of $500 will be charged after the opening to-day.
The New Orleans exchange is the second organization in the United
July 1 1919. According to Mr. Kelly, the rates asked for States to establish trading in sugar for future delivery. New York new
pre-war
Is the only other such market.
would still give the Governrannt 175% more than the
Completion of preparations for starting operations at the exchange
rates and would not relieve the pub1.13hing industry of one was
announced yesterday afternoon. Regular telegraph equipment in
cent of tbe ether Federal taxes paid by it in common with direct connection with the New York Exchange has been installed to
replace the usual ticket'service. Only a few seconds will elapse between
otgee industries. Representative Kelly said:
were fixed in the time transactions are made in the northern market and the time they
The present postage rates on newspapers and publications
higher than the pre-war are recorded here. A suitable ring has been installed on the floor of the
the War Revenue law passed in 1917, and arc 325%
exception exchange for the trading and transactions will be posted for the information
the
with
rates. Every One of he items carried in that measure,
modified or repealed. of members as quickly as made.
of the tax on second-class mail matter, has been
of pounds of secondTrading will begin promptly at 9 a. m., it was stated. Now York
These war-time postage increases have driven millions
There is prices are expected to have a strong influence over the trading here for
class matter from the mail into private channels of distribution.
a
busines
something radically wrong when private companies can make handsome some time, but as the local operations become bigger and the
I believe there is no good becomes more firmly rooted the transactions here are expected to become
profit at rates less than those charged in postage.
reason why the publishers of newspapers and magazines should be singled a factor second to none in indicating and establishing values.
out to pay thiJ extra war tax.
source of
The newspapers and other periodicals are the very fountain
an invaluable service PRICE OF MILK FOR JULY ADVANCED ONE CENT.
first class and fourth class mail. They also perform
in freely carrying messages of the Post Office and other Departments of the
On July 1 an increase of one cent per quart in the price of
Government direct to tho people. They are really selling agents for the milk to the
consumer for the month of July was made by the
Government, but they get no commissions on their sales. It is a commonleading milk dealers of this city. A corresponding increase
sense policy to give them advantageous rates in the mail.
The fact that these high rates are charged on the advertising pages does in milk products was also made. Grade A milk, therefore,
not lessen the injustice. Advertising is not merchandise but information.
The newspapers are information highways just as essential to the business for this month is 17 cents per quart bottle, and Grade B
prosperity of this country as the highways and waterways. Not a sale 15 cents per quart bottle. It was stated that the rise in the
can be made or a pound of goods shipped without the interchange of infor- price was the result of an increase of a cent a quart in the
mation. The advertisements are chronicles of every advance in industrial
achievement. Without thorn publication of the newspapers and magazines farmers' price to the company.
would be impossible.
POSTAL RECEIPTS FOR FIRST SIX MONTHS AT FIFTY
SELECTED POST OFFICES.
According to the Post Office Department,further evidence
of improving business conditions is seen in the report of the
June postal receipts for the fifty largest cities in the United
States, just issued. The two big mail order cities, Chicago
and Philadelphia, show large increases over June 1921, Chicago, with 13.4;% increase, and Philadelphia, 10.32%.
The Department also says in its announcement of July 8:
That the people are buying more tires is shown in the report from Akron.
Ohio. Akron leads the fifty largest cities in the country with an increase of
35.85% over June of last year. Newark, N. J., is second, with 27.67% increase; Rochester, N. Y., third, with 22.87%, and Worcester, Mass.,fourth
with 22.32%.
New York's increase is 5.52%; Boston gains 13.04; St. Louis 12.68;
Cleveland, 19.68.
In June 1921 the postal receipts for the fifty largest cities amounted to
$19,751,690; for June 1922 they totaled $22,168,830, an increase of $2,417,140.
Below we give the comparative receipts at fifty selected
offices for the separate months of January to June from 1908
to 1922 inclusive:
1909
1910
1911
1912
1913
1914
1915
1916
1917
1918
1919
1920
1921
1922
January.
$7,610,716
8,074,577
9,003,422
9.620,564
10,381,311
12,386,358
12,629,218
11,586,330
12,832.656
14,581,351
16,536,265
18,591,939
19,659,265
20.006.614
20,902,996
1908
1909
1910
1911
1912
1913
1914
1915
1916
1917
1918
1919
1920
1921
1922
April.
57.637.628
8,588.150
9,050,373
9,714,930
10,204,396
11.565,746
12.456,541
12.183,885
13,285,071
13,794,662
16,927.793
19.190,936
22,441,319
20,592.611
22,098,847
1908
% of
Inc.
*1.59
6.09
11.39
6.81
7.66
19.39
1.96
*8.26
10.75
13.62
13.25
12.43
5.79
1.77
4.48
% of
Inc.
2.57
11.79
5.92
7.04
5.17
8.92
7.70
*2.19
13.40
3.49
22.71
13.39
16.94
*8.24
7.31
February.
$7,368,353
7.717,365
8,614,516
9,339,037
10,107,731
11,242,081
11.607.523
11.074,330
12,805,615
13.039.330
15,681,547
17,099,787
18,345,056
19,114,705
20,339,220
May.
$7,072,477
7,822,808
8,542,323
9,227,843
9,956,000
11,484,107
11.519,727
11,485.139
13,445,302
13,830,803
16,723,479
18,889.644
19.785.919
19,503,793
22,316,951
% of
Inc.
4.69
4.73
11.58
6.94
7.97
11.00
3.25
*4.59
10.81
1.82
19.99
9.01
7.29
4.20
6.41
% of
Inc.
4.79
10.60
9.04
7.71
7.77
14.97
.31
*.30
12.73
2.52
20.91
13.00
4.80
*1.42
14.42
March.
$8,129,667
9,323,116
10,707,251
11,175.486
11,207.839
12,833,338
13,257,072
13,223,870
14,456,741
15,424,572
18,739,059
19,222,483
23,008,821
22,719,859
24,236,775
June.
$7,019,926
7,909,797
8.686,381
8,706,743
9.342.797
10,568,013
11,319,851
11,558,367
13.112,943
13.343,710
15,981,219
17,012,316
19,789,909
19,751,690
22,168,830
% of
Inc.
*2.96
14.68
14.70
4.16
4.98
12.95
2.30
*3.95
9.38
6.69
25.81
2.56
19.64
*1.26
6.68
% of
Inc.
.94
12.58
9.67
7.10
3.67
12.27
7.11
2.06
13.45
1.76
18.90
6.46
16.29
*.19
12.24
* Decrease.
May 1922 had one more business day than May 1921. An adjustment to
bring revenues for these months on a comparable basis as to business days
makes the rate of increase 10.81% for May 1922 over May 1921.
SENATOR HARRIS'S BILL PROVIDING FOR PUBLICATION OF TENDERABLE COTTON IN WORLD AT
CERTAIN PERIODS.
A bill designed to make available statistics of tenderable
cotton on hand in the world Aug. 1, Dec. 1 and March 1,
has been introduced in the Senate by Senator Harris. In a
statement made in the Senate on June 28 regarding his
bill the Senator said:
Mr. President, a few days ago I introduced a bill (S. 3757) authorizing
the Director of the Census to collect additional statistics of cotton, showing
the number of bales on hand tenderable under the law. Since that time I
have consulted with Secretary Hoover and the experts of the Department
of Commerce in the Bureau of the Census and Bureau of Foreign and
Domestic Commerce and have prepared a bill covering all matters in line
with their suggestions. This bill has the endorsement of Secretary Hoover.
There are no accurate world statistics of cotton tenderable under the
law; in fact, we have no reliable statistics for the United States. It is
admitted that included in the amount of cotton on hand in this country
that much of it is very low-grade cotton and does not come within this
class. In order to prevent the speculators from gambling in cotton and
influencing the market to suit the speculators, it is necessary to know the
amount of cotton on hand in the world. The producer and manufacturer
of cotton wish a stable market, and they should have the actual facts.
Under this bill statistics of tenderable cotton on hand in the world will be
published Aug. 1, Dec. 1 and March 1. The last two will enable the
farmer to know how much cotton is on hand before he plants his crop, and
if there is a large surplus of cotton he will not plant so much, and thus
avoid an overproduction of cotton, which always lowers the price below
the cost of production. Our manufacturers of cotton, like our producers,
compete with the world, and they should know conditions.
gal
The boll weevil is so destructive of the cotton crop at this time that the
amount produced this year, even with last year's holdover, will not be suffident to supply the demand for next year. We must stop gambling in
cotton. The farmers are the ones that suffer most, and the best way to
accomplish this is to get accurate world statistics of cotton on hand at
different seasons of the year and keep the low grades separate from the
others.
Isa
sub
tistte
ask
that thtisil
hebill
referred
to the Committee on Conimeree as a
refe
other bill.
The bill (S. 3757) authorizing the Department of Commerce to collect
and publish additional cotton statistics and information was read twice
by its title and referred to the Committee on Commerce.
HOUSE RESOLUTION PROPOSING INVESTIGATION
INTO NEW YORK 'COTTONEXCHANGE.
A resolution calling for the appointment of five members
of the House to investigate the operation of the New York
Cotton Exchange and the transactions conducted thereon,
was introduced in the House by Representative Vinson, of
Georgia, on June 28. The resolution was referred to the
Committee on Rules. The Washington bureau of the
"Journal of Commerce" makes the following comments on
the resolution under date of June 29:
The resolution introduced by Representative Vinson, of Georgia, for a
Congressional investigation of the New York Cotton Exchange, it is now
shown, is the outgrowth of transactions on the Exchange in which one of
Mr. Vinson's constituents was a principal. Mr. Vinson said that an order
for the purchase of cotton had been placed by this Georgian and that
the latter had been displeased with the manner in which it had been handled.
262
THE CHRONICLE
[VoL. 115.
uniformity of action and equality of application. Yet, that is what will
leading to a suspicion on his part that the business methods employed were
surely happen, if the executive approval be given to the pending measure.
not above question. In response to this constituent's request, he took
It is, therefore, not too much to ask,indeed its proper to request, that the
steps to bring the matter to the attention of Congress.
be returned to the Congress with the suggestion that, before a matter of
In the regular order of procedure, the Rules Committee will consider the bill
national importance be adopted as the policy of the Congress, further
such
the
as
inasmuch
However,
hearing.
a
Vinson
telr.
matter and may grant
and more complete study of the relationship between the national requireresolution springs from the complaint of one individual and is not supported
ments and the local needs be had to the end that the comprehensive plan,
by other complaints, it Is declared that there is scarcely one chance in a
when and if approved, will harmonize with the general nation-wide situation
hundred of the action crystallizing into a real investigation.
not work in antagonism therewith. In other words, the Congress is
There is already one Federal investigation into the New York Cotton and
taking too much stock in the mere say-so of the progenitors of the so-called
Exchange under way. Representatives of the Federal Trade Commission comprehensive plan. Precipitate action is danerous.
are now at work determining the volume and nature of operations on all of
the cotton exchanges, acting under the provisions of the resolution sponsored
by Senator Dial of South Carolina.
PRESIDENT HARDING PRESENTS GOVERNMENT'S
PLAN FOR SETTLING STRIKE TO COAL
RUMANIA DECREE MAKES WHEAT TEMPORARY
CONFERENCE.
MONOPOLY.
The conference of bituminous and anthracite coal operaAccording to press advices from Bucharest, July 9, the tors and miners, which was called by President Harding to
Rumanian Government, by decree, has made wheat a tem- find a basis for negotiation of settlement of the strike, in
porary monopoly. It is added:
more than three months, resumed its sessions on
The Government holds the only right for export of the grain,and previous
contracts are canceled. The Government offers a bonus which is equivalent
50 cents per acre for new wheat sowings.
An export tax equivalent to from $1 to $3 is to be applied to beans, peas,
lentils and other products.
progress for
July 10. Miners and operators having been unable to reach
a common ground, and there being little likelihood of reaching
a settlement by compromise, the President offered a set of
proposals by which the dispute might be terminated. The
proposals were three in number and were read to the conference of miners and operators at the resumption of their sessions in the Executive Offices, four members of the President's Cabinet—Secretaries Hoover, Davis and Fall and Attorney-General Daugherty—taking part. The Government's
plan of settlement embodied the following salient features:
FRENCH WHEAT CROP SHORTAGE—LAW DECREEING
PERCENTAGE OF WHEAT IN FLOUR.
A law authorizing the French Government to ,issue a
decree permitting the use of substitutes in flour and to
compel millers to use alarger percentage of wheat sbustitutes
in making flour was adopted by the Senate on July 8. The
scale of
The immediate resumption of work by the miners at the wage
bill passed the Chamber on July 4 and becomes effective March 81 last.
The determination of permanent wage levels by commission arbitration,
when published. It enables the Government to make the
small wheat crop go further and to avoid too great importa- and Federal inquiry to make an exhaustive investigation of every phase of the
A
tions of wheat. It was stated in press advices from Paris, coal industry, with a view to a thoroughgoing reorganization.
at
July 4, that this year's wheat crop is variously estimated
By the terms of the President's proposal, the Wage Comfrom 50,000,000 to 100,000,000 bushels short of require- mission, composed of three members to be named by the
ments.
operators, three by the miners and five by the President,
NEW YORK PORT AUTHORITY BILL SIGNED.
President Harding on July 1 signed the Port of New York
bill giving Federal authority to put into effect the comprehensive plan for the development of New York Harbor in
accordance with an agreement entered into between the
States of New York and New Jersey. The passage of the
measure by Congress was referred to in the "Chronicle"
of July 1, page 27.
The port authority measure was strongly opposed by the
municipal administration of this city, and a request was
made by Mayor Hylan when the bill was passed that it be
vetoed by the President. The Mayor, replying to a request
for his views, sent a memorandum on June 30 to the President explaining why he had asked that the bill be vetoed.
Mayor Hylan previously had notified the President that he
desired to appear in person to present his objections, but the
President suggested a written memorandum owing to his
absence from Washington at the time. The memorandum,
which was prepared by Corporation Counsel O'Brien, set
forth that the Port Authority plan is unconstitutional and
void in that it attempts to regulate the foreign and interState commerce passing in, about and through the Port of
New York in violation of the commerce clause of the United
States Constitution. After setting forth that commerce is
now regulated and controlled by the agencies of the National
Government, the Treasury Department, the War Department and the Inter-State Commerce Commission it went on:
It is visionary to assume that the port authority may be permitted to
make a special and particular instance of a flatter so vitally bound up in the
very life of the republic and curtail, even to a minor degree: the authority of
federal agencies: authority which makes, as in law it must make, for uniformity and concord in national commercial regulation. Discord between
the States would be bound to raise, as it often has in the past,from any such
local regulation of commerce and would speedily lead to the abrogation of
the consent.
The brief stated that it would be a serious matter to disorganize the uniform system of foreign and inter-State
commerce by the granting of the consent of Congress to a
"sporadic and purely localized plan." Any such plan, it
stated, cannot be other than local and provincial in its
application, if not in its expressed purposes, although called
comprehensive. In conclusion it stated:
The City of New York has grown and prospered through the fostering
care given to its foreign and Inter-State commerce. It is not too much to say
that its commerce intimately affects the life of the whole nation. Any interference with the normal commercial activities of the city, which are controlled by the regular Federal agencies and statutes, will have a resultant
effect upon the whole country. Unless the rules and regulations governing
the commerce of the Port of New York are uniform with those governing the
commerce of all the other ports of the country,it is plain that confusion and
uncertainty will result, that the ordinary flow of merchandise will be obstructed, and that conflict of authority between the Inter-State Commerce
Commission and the Port of New York Authority will supervene. There
cannot be two masters in this business, which, as we have shown, requires
would endeavor to establish a temporary wage scale by Aug.
10, this scale to remain effective until March 1 1923. The
miners were asked to return to work on the scale of wages
which expired on April 1 1922, when the present strike was
started. It was provided further that, should the Commission be unable to determine upon a new temporary wage
scale by Aug. 10, the old scale would be continued until this
part of the Commission's work was completed. In discussing
the proposals outlined above, President Harding said to the
conference: "I have taken this short cut to a resumption of
operations because I believe it to be in the interest of the
public welfare. It is that simple form of adjusting disputes
which answers the call of good conscience and a just civilization. When two great forces do not agree, there must be a
peaceful way to adjustment and such an arbitration opens
the way." The President's remarks in full were as follows:
The Information has come to me that your conference Is deadlocked, or at
will require extended time to
the best, attempting to agree on plans which
work out. I have said heretofore that the Government prefer you who are
parties to the dispute should settle it among yourselves, because you best understand all the problems involved. The Government cannot settle it for you.
It will force no man to work against his free will, it will force no man to
employ men against the free exercise of an employer's rights. The Government will not be partisan, but the Government is concerned with coal production sufficient to meet the industrial and transportation requirements of
the country and to safeguard against a fuel famine when winter comes again,
and it is desired to have production resumed at once.
Your Government does desire to be helpful. With such a thought, therefore, I submit to you the following proposal:
Mine workers are to return to work on the scale of wages which expired
last March 31 and mines now idle because of strike or suspended operation to
resume activities, without interference with activities of mines now working,
the 1922 scale to be effective until Aug. 10 1922.
A coal commission to be created at once, consisting of three members selected by the mine workers, three members selected by the mine operators and
five members to be named by the President. All decisions by this committee
shall be accepted as final.
This commission to determine, if possible, within 30 days from to-day for
shall be effecthe miners on strike a temporary basic wage scale, which scale
is unable to report
tive until March 1 1923. In event that the commission
work
on the 1922
continued
to
direct
its scale by Aug. 10, it shall have power
scale until a superseding scale is ready.
The commission shall investigate exhaustively every phase of the coal industry. It shall reveal every cost of production and transportation. The
President will ask Congress to confer authority for the most thorough investigation and make appropriations necessary to do such work. The commisthe establishment and maintesion shall make recommendations looking to
nance of industrial peace in the coal industry, the elimination of waste due
for dependable fuel supply.
to intermittency and instability, and suggest plans
I have taken this short cut to a resumption of operations because I believe
is
It
that simple form of adit to be in the interest of the public welfare.
justing disputes which answers the call of good conscience and a just civilization. When two great forces do not agree, there must be a peaceful way to
adjustment and such an arbitration opens the way.
I do not expect reply without due consideration. Please take the proposal
to separate conferences. I wish you to appraise the situation, weigh your responsibilities and then answer this proposal as you wish to be appraised by
American public opinion.
I am speaking first of all for the public interest, but I am likewise mindful
of the rights of both workers and operators. You are also an inseparable part
JULY 15 1922.]
T 14 III CHRONICLE
of that public interest. With due regard for all concerned it ought to be
easy to find a way to resume activities and command the approval of the
American public.
263
lished in each scale-making district or group of districts to which board shall
be referred all points of disagreement. The findings of the majority of each
board of arbitration shall be final and binding upon both the miners and operators of the scale-making district affected.
Fourth—The President of the United States is requested to appoint a board
of arbitration in each scale-snaking district. Each board of arbitration shall
consist of three disinterested members, none of whom shall be miners or operators nor in any way connected with the bituminous coal industry.
Fifth—In accordance with the suggestion of President Harding, a board
shall be appointed by him whose duty it shall be to study the fundamental
problems of the entire bituminous coal industry and make recommendations
to the President for their solution.
Sixth—Negotiations shall proceed in all scale-making districts at once in
order that the public may be supplied with coal and any disputed points remaining unsettled by the 15th of July 1922 shall be referred to the boards of
arbitration as established by the President in ecah scale-making district.
Upon questions so submitted to arbitration, the boards of arbitration shall
report on or before the 1st of August 1922.
Seventh—The legality of this plan of settlement shall be approved by the
Attorney-General of the United States before it becomes operative. Legal
questions raised by the miners or operators under this plan shall likewise be
determined by the same authority.
Operators of the anthracite coal fields were in conference
with the President after the proposal was made. It was said
that they were of the opinion that there was no reason for
the proposed investigation and reorganization being extended
to the anthracite industry. The first offer made by John L.
Lewis, head of the miners' union, was to convene the Policy
Committee at Washington, Monday, July 17. To this the President objected, expressing the hope, it is said, that the whole
controversy might be ended and mining of coal resumed by
that day. After consultation with the other leaders of the
miners, Mr. Lewis expressed the belief that most of the members of the Policy Committee could reach Washington by
Saturday. The President then agreed to this delay when
Mr. Lewis insisted that action by the Policy Committee was
essential.
The only statement by the miners was contained in the
declaration laid before President Harding, which read as ANTHRACITE COAL OPERATORS ACCEPT PRESIDENT
HARDING'S PLAN FOR SETTLEMENT OF STRIKE..
follows:
The several representatives of the United Mine Workers of America, assemThe proposals submitted to the National Coal Conference bled in this city pursuant to your invitation of July 1, have considered the
contents of your statement of this date addressed jointly to the operators and by President Harding for settlement of the strike that has:
the mine union representatives of the anthracite and bituminous coal fields
affected by the present strike situation.
We have heretofore pointed out and again desire to emphasize that the representatives of the United Mine Workers present are without the authority to
render judgment upon your several suggestions and are in no manner authorized to bind the United Mine Workers of America with respect to your recommendations.
In consideration of this fact we have determined to assemble the Policy
Committee of the United Mine Workers, including the District Scale Committees in charge of joint negotiations in the anthracite coal fields and to
submit for the consideration of these authoritative representatives the plan as
outlined and presented by you.
This meeting will take place in Washington, Saturday, July 15, at 10 a. as.,
and as promptly thereafter as may be possible we will duly inform you of
our decision in the premises.
JOHN L. LEWIS,
T. T. FAGAN,
PHILLIP MURRAY,
VAN A. DILLNER
FRANK FARRINGTON,
C. J. GOLDEN,
JOHN HESSLER,
WILLIAM BRENNAN,
LEE HALL,
THOMAS KENNEDY.
been in effect since April 1 were accepted by the anthraitit.f.,
mine operators on July 12, when their committee etttmitted
to President Harding a formal reply. We are deeply appreciative of your effort to end the present suspension of
anthracite production and desire to co-operate with you to
the fullest extent in this endeavor," the operators said.
Stating that they were committed to arbitration and entirely
in sympathy with the principle of the method of settlement
proposed, the operators pointed out that they believed
"certain amplifications of your proposal are desirable to the
end that the settlement shall be speedily reached, shall be
permanent in character and shall be binding on both sides
of the controversy." Among the suggestions made in the
reply was that a separate commission of five should be named
to handle disputes in the anthracite industry. This was
based on the contention that problems involved in the
anthracite and bituminous disputes have little in common,
and that an endeavor to have one commission settle both
problems would inevitably mean long delay. The request
also was made that a new wage scale, effective until March
1923, should be handed down by Aug. 10, and that a perms,
nent agency be created to make adjustments thereafter,
the decisions to be binding on both miners and operators.
This, the operators hold, is the only feasible method to prevent further disputes and suspension of operations. The
committee of operators for the anthracite fields, headed by
S. D.Warriner, made public their reply to President Harding,
on July 13, as follows:
President Ogle of the National Coal Association acted as
spokesman for the operators of the bituminous coal fields.
Following the proposal by the President, there was a meeting of the operators at the Washington Hotel, and a statement was issued to the effect that the operators Oil July 3
had proposed arbitration by regions and had thought that
by doing so they were meeting the desires of the President
and Secretaries Hoover and Davis for a speedy terminatiun
of the coal strike. This announcement by Mr. Ogle was generally accepted as evidence of keen disappointment.' on the
part of the operators, it was said, because the President's
proposal called for arbitration on a national basis. But it
was not interpreted as meaning that the operators would reWashington, D. C., July 12 1922.
fuse the President's offer.
To the President, The White House.
Dear Mr. President:—On behalf of the anthracite
The statement of Chairman Ogle of the operators' group at
operators, we beg to
make the following reply to the proposal of
arbitration which you subthe bituminous conference read:
mitted to us on July
The bituminous coal operators will give the President's proposal the fullest
and most careful consideration.
The operators at the conference here had already offered a complete plan
of arbitration at the hands of the President. Operators from the bituminous
fields not now producing coal had already made every effort to co-operate
with the spirit of the President's appeal as made by him on the first day of
the conference.
We proposed that a committee of operators and miners should be charged
with the grouping of districts where possible and mutually agreeable; that a
board of arbitration be set up by the President in each district or group of
districts, and to insure a speedy resumption of work, that these boards should
report on or before Aug. 1 1922 and, furthermore, that a board be appointed
by the President to study the fundamental problems of the bituminous coal industry and to make recommendations to the President for their solution.
We felt that our proposal offered the speediest solution of the whole question.
Since our reception here by the President, we have held five meetings with
the miners' officers and have caucused many times ourselves in an earnest effort to find a way to establish a basis for conferences for the purpose of making wage and working agreements. The offer which we made and which was
summarily rejected is evidence enough that our attitude has not been inflexible and that we have not been unmindful of the fact that the welfare of the
nation demands that the mines be opened at the earliest possible date.
10:
We are deeply appreciative of your effort to end the present
suspensiom
of anthracite production, and desire to co-operate with you
to the fullest,
extent in this endeavor.
After continued conferences with the representatives of the mine workers
from March 15 to June 2, it appeared that no agreement satisfactory
to
both sides could be reached.
The operators then proposed "that the President of the United
States be
requested to appoint a Commission or Tribunal to ascertain and consider
all the facts and determine the questions concerning wages
and conditions
of employment at issue between us; said Commission or
Tribunal to find
a practical method by which prompt operation of the
mines may be resumed pending its ultimate decision, and also to seek
and recommend a
method by which future suspensions or strikes may be, so
far as possible.
avoided."
The anthracite operators further agreed that all
such matters as the
President might determine were pertinent to the
questions in controversy
concerning wages and conditions of employment
should be considered by
the Commission or Tribunal so to be appointed,
and agreed to abide by
and faithfully to carry out its decision or
award. •
We are, therefore, committed to
arbitration, and are entirely in sympathy with the principle of the method of
settlement which you have
proposed.
We believe, however, that certain
amplifications of your proposal are
A copy of the proposal made to the meeting on July 3 by desirable to the end that the settlement shall be speedily reached, shall
be permanent in character, and
shall be binding upon both sides of the
the operators was attached to Mr. Ogle's statement. It fol- controversy.
lows:
Throughout the
fruitless negotiations which have been held with the
Pursuant to the call of the President of the United States, and in order to mine
workers, the anthractie operators have had two primary objects
in
bring about a speedy termination of the strike now in progress in the bitumin- view:
ous coal fields, the operators offer the following motion and move its adopFirst, an agreement on a wage scale
which while adequate should at the
tion:
same time afford the steady employment
which the anthracite mine workers
First—That the negotiation of wage scale contracts in all of the scale-mak- have enjoyed
in the past and which only regular demand for the product
ing districts here represented be referred to the miners and operators in each can
assure. It has been the firm conviction of the anthracite operators
scale-making district for settlement.
that this is
Second—In accordance with the suggestions of Secretaries Hoover and Da- as would economically possible only by such adjustment of these wages
reduce the cost of producing anthracite, in line with adJustments
vis, this conference shall appoint a committee of six miners and six operators, which
have taken place with respect to other commodities.
which committee shall consider the practicability of grouping scale-making
Second, that
districts where possible and mutually agreeable to the miners and operators time provide any agreement reached should be durable and at the same
reasonable means of wage adjustment from time to timelto
in the districts affected to reduce the work of scale making.
meet the changing economic conditions of the country. The object sought
Third—In order that there may be a speedy resumption of work and no un- was
prevention of the periodical disturbance of the public and of industry
necessary delay in reaching agreements, a board of arbitration shall be estab- generally
by the recurring interruptions to production.
264
THE CHRONICLE
We feel confident of your desire to further these objects in a manner
fair to all concerned.
In order that this may be accomplished we respectfully make the following suggestions:
First. Because of the wide difference in the problems that confront
the anthracite and the bituminous industries, it is practically impossible
for one commission to study and decide the questions in controversy within
a reasonable period of time. Of necessity they must be studied separately
If the prompt adjudication that all interests desire is to be obtained.
The anthracite business has no problem of over-development and underemployment. It is already stabilized and has maintained full-time employment of the mine workers. Its mining conditions are entirely different
from those in the bituminous field, and it is a manufacturing as well as a
mining industry. Its product is mainly a domestic, not a manufacturing
fuel.
It has been consistently held not only by the operators but also by.the
mine workers that the anthracite industry with respect to agreements
affecting wages and working conditions is and should be absolutely autonomous.
Because of these conditions, we feel that it is necessary for a separate
commission to be designated by yourself to ,consider our problems, and
we take the liberty a suggesting that such commission should be, so far as
Possible, non-partisan,not more than one member representing the operators
and one the minors, and not less than three to be appointed by yourself
as iepresentative of the public.
Second. The anthracite operators cannot escape the conviction that
the re-establishment of the scale of wages in effect from April 1 1920 to
March 311922, even as a temporary expedient, will embarrass rather than
assist the effort to restore normal conditions.
The demand from the public for decreased prices of anthracite is Imperative. Anthracite is the only essential commodity which has not been
deflated in price, and the continuance of present prices will undoubtedly
impede the distribution of the product, which should be prompt and
uninterrupted on the resumption of mining.
We nevertheless agree to your prcposal that, pending a permanent scale,
the "mine workers are to return to work on the scaie of wages which expired
last March."
• It will be evident to you, however, that it will not be possible for the
anthracite operators to contract for the disposition of their product while
uncertain as to the costs of production. We are therefore confident that
it is necessary to the success of your plan, and in conformity with your
intent, that it shall be made mandatory upon the commission first to determine the wage scale to be effective until March 1923, and that its decision
In this regard shall be handed down on or before Aug. 10 1922.
Our agreements have always expired with the end of the coal year. March
31, and we suggest that this date be adopted for the expiration of the
. temporary wage scale.
Third. We respectfully submit that a recurrence of the present unfortunate situation will not be prevented by the establishment of only a
temporary wage scale expiring in March 1923. A renewal of the present
.,controversy at that time would be deplorable.
It is our understanding that the Commission shall be empowered and
directed not only to determine temporary wages and working conditions,
but shall also be empowered and directed to devise a method by which
periodical disturbances may be avoided, and by which wages and working
conditions may be automatically adjusted, by negotiation if possible, and
it' not by such machinery as the commission shall set up; and that its
decisions in this regard shall be binding on both parties.
We agree to abide without reservation or ,qualification by the findings
of a commission so to be appointed and empowered.
It is our belief that these suggestions are within the intent and spirit of
your general plan, and that their adoption is necessary to bring about
what you aim to achieve; namely, "the establishment and maintenance
.of industrial peace in the coal industry."
Very respectfully.
W. L. Connell
(Signed) S. D. Warriner
W. J. Richards
W. W. Inglis
g
Representin Anthracite Operators.
• UNION OFFICIALS OPPOSED TO PRESIDENT'S PLAN
FOR SETTLEMENT OF COAL STRIKE.
It became known yesterday (July 14) on the eve of the
conference of union officials in Washington, that John L.
Lewis, President of the United Mine Workers of America,
and other union officials who had been negotiating with
ihe Government since President Harding offered arbitration
• to settle the coal strike, were preparing to recommend to
their associates in the union control that the Government's
plan be rejected. Decision was made after Mr. Lewis and
the union national officials had consulted with officials connected with the Department of Labor. With regard to the
position of the union in the matter, Associated Press dispatches had the following to say:
Ever since the President's offer of arbitration was laid before the union
has been made by them to get
leaders gathered in Washington, the effort
t that the arbitration would be
definite assurances from the Governmen
applied to all the bituminous area which the union considers within its
and Pennsylvania where coal is
. scope, including parts of West Virginia
still being mined, and although Mr. Lewis and the district presidents of
the union's answer to the Presigive
to
refused
the United Mine Workers
dent's proposal until the general policy committee of the mine workers and
its entire membership of 126 could be assembled demand was made to the
President through Secretary Davis that some assurance be given that the
semi-union and non-union fields where the strike has made some progress be
included.
A second request made to the President was that working conditions under
the previous wage contracts, including the "check-off" system of collecting union dues, be not included in the arbitration.
While no announcement has been forthcoming officially, the union men
were definite to-day in asserting that the responses they had received to-day
were unsatisfactory.
The bituminous operators likewise have presented protests to the President's arbitration plan, based largely upon the continuation of wage scales
is in progress. There were intimaof 1920-22 during the period arbitration
ia
tions to-day that one group of Pennsylvan operators would flatly refuse
general indications that other bituminous
to accept the propositon and
ns..
upon
insist
modificatio
to
operators would attempt
[VOL. 115.
NON-UNION SOFT COAL OPERATORS PROTEST GOVERNMENT'S STRIKE SETTLEMENT PLAN.
Representatives of the largest producers of non-union
bituminous coal in the section around Cincinnati sent a
telegram on July 14 to President Harding protesting against
the plan he had proposed for a settlement of the present coal
strike for the following reasons:
The non-union mines have accomplished that reduction in the labor
cost of producing coal which is justified and required by present economic
conditions and have sold coal at the mines at prices consistent with the
in the cost
wages paid, thereby making possible to the public that reduction
d.
of living to which it is entitled and which should not now be surrendere
The resumption of work at the union mines at the scale of wages in effect
fields to be
March 31 1922 will necessarily cause wages in the non-union
of labor.
raised correspandingly to enable those fields to hold their supply
has taken
which
wages
of
The effect would be to disrupt the adjustment
18 months to accomplish.
present strike in
Your plan for the negotiation of the settlement of the
which is not based on
effect grants a special privilege wage to union labor
expense of the
the
at
subsidy
a
it
economic conditions and thereby grants
period of time as it
public without the public's consent for an unlimited
may be extended by strikes indefinitely.
FEDERAL TRADE COMMISSION'S REPORT TO CONGRESS ON INVESTMENT AND PROFIT IN SOFT
COAL MINING—SUSPENSION OF MONTHLY
COST BULLETINS.
transmitted to
The Federal Trade Commission on July 6
and profit taprice
cost,
nt,
investme
Congress the detailed
statements and
bles and explanatory material supporting the
nt
conclusions of its brief preliminary report on Investme
forwarded to
and Profit in Soft Coal Mining, which was
Congress at the end of May. The Commission's letter submitting this material to the two Houses of Congress is as
follows:
July 6 1922.
House of Representatives:
To the President of the Senate and the Speaker of the
material
In transmitting to-day the attached explanatory and statistical
and
supporting the preliminary report of this Commission on investment
you on
to
profit in soft coal mining, 1916-.1921, which was forwarded
Commission desires
May 31 1922 (printed as Senate Document 207), the
on of bituminous coal
to point out its current usefulness in a considerati
prices.
may be applied to
The investment per ton determined in this report
to present prices
estimated costs of production at the present time and
as to enable buyers of
wherever information thereon may be available so
that a
investment
roughly, the Profit on
coal and the public to get at,
judge the reasonableness of the price.
given price will yield, and so to
information which the Commission
In the absence of exact current
at the instance of the National
beginning in 1920 planned to get but which,
from getting, some such rough method
Coal Association, it was enjoined
must be resorted to.
price
given
a
by
yielded
of estimating the profit
shows for the various mining districts
The information now presented
average investment per ton for the mining of coil
in the United States the
mining operations and those
for a large proportion of the bituminous
with respect to the investment. This
figures are believed to be typical
the report to Congress of May 31
investment, as already pointed out in
the several districts and also, of course, with
1922, varies widely as between
within the same district. With
respect to different mining operations
shows an average for the United States
respect to this investment the report
range with respect to comparatively important
of $3 12 per ton, and a
to $8 00 or $9 00 and over per ton.
districts from less than $1 00 per ton
for specific illustration the average
Taking a few of the larger districts
the Southwest Pennsylvania
Investment is found to be $4 26 per ton in
Pennsylvania district, $3 40 per ton
district, $3 04 per ton in the Central
Virginia) district, $2 21 per ton in the Kentucky
in the Kanawah (West
the Illinois No. 3 district, $2 56 per ton in
No. 1 district, $1 94 per ton in
per ton in the Indiana No. 1 district, $1 19
the Ohio No. 8 district, $1 44
(Kansas) district, $4 79 per ton in the
-Crawford
per ton in the Cherokee
in the Utah district.
Colorado domestic district and $8 32 per ton
properly it is also necessary
In order to use this information on investment
sufficient comprehensive information regarding
to have accurate and
margins Of profit per ton.
and
prices
selling
current costs of production,
data it is equally important to recognize
In the use of such cost and profit
in the average costs of production prices and
the wide variations not only
take duo account of the
profits of different mining districts but also to
for the individual mining operaoften wide differences in costs and profits
and extent of the cost variations
tions in a particular district. The nature
in elaborate statistical detail
within each district in 1918 were set forth
reports of this Commission on the costs of production
in previously published
not the same,similar variaare
to-day
While the costs
of bituminous coal.
receive due consideration in any judgment
tions would be found and should
ess of particular prices in any locality.
as to the reasonablen
ons the following conclusion seems to be
From the foregoing considerati
intelligent criterion of prices and especially
justified: In order to have an
to fix them or establish maximum limits it is very
if any attempt is made
information should be available as to
desirable that current and adequate
and particularly as to these typical differences in cost
cost and investment
the different mining districts.
for
investment
of production and in
Respectfully,
(Signed) NELSON B. GASKILL, Chairman
VICTOR MURDOCK,
HUSTON THOMPSON,Commissioners.
Congress on the 6th inst. is a
In the material furnished to
Trade Commission's activities
Federal
the
of
history
brief
coal, of its cost reports covering
In regard to bituminous
its monthly cost bulletins for the
and
1918,
and
1917
1916,
monthly bulletins were suspended
These
1920.
first half of
n suit (the Maynard Coal Co. case)
injunctio
the
of
reason
by
Coal Association has prevented the
by which the National
Commission from requiring information from its members
An account is also given of the manon the cost of mining.
JULY 15 1922.]
THE C.EMONICLE
ner in which the National Coal Association collected information from its member operators to present to Congress in
1920 in answer to charges of profiteering, and how these cost
reports of the operators were subpoenaed by Senator Calder's
Special Committee on Reconstruction and tabulated by the
committee's experts for presentation in the committee
hearings. These tables of unrevised costs in 1919 and nine
months of 1920 are reprinted by the Commission along with
the tabulation of 1921 costs, also collected by the association
and presented by it in the general freight rate hearings before the Interstate Commerce Commission last spring. The
main body of the supporting material consists of elaborate
tables for the years 1916-1921, which show investments,
costs. sales realizations (the average prices), net margins
and approximate rates of profit not only for the United
States as a whole, but for the six great mining regions by
States and by districts in the case of 50 out of the 74 mining
districts of the country. For 1919 and 1921 the cost, sales
realization and margin data used are those derived from
National Coal Association sources as above described.
ILLINOIS
OPERATORS' ASSOCIATION ON
MINERS' RIOT.
Regarding the outbreak of coal miners in the southern
Illinois fields June 21 (referred to in our issue of June 24,
page 2784), F. C. Honnold, Secretary-Treasurer of the Illinois Coal Operators' Association, had the following to say
June 22:
COAL
The miners' riot of yesterday at the steam shovel mine of the Southern
Illinois Coal Co. may possibly centre the thought of the public on the fact
that there does exist an absolute monopoly in the mat:er of coal mine labor
in this State.
The mine in question is a so-called strip or steam shovel mine in which
the overlying earth is removed by large revolving steamshovels. The coal
thus uncovered is then loaded directly into mine cars.
Certificated miners are not in consequence required at such mines. The
operation of the steam shovels is done by members of the steam shovelers'
union. Such additional men as are required for loading the coal, where it
is handled by hand, being only common unskilled manual laborers such
as might work on the highways or in the fields, or anywhere else.
Regardless of these conditions and of the further fact that the owners
of this property have repeatedly asked the appropriate authorities for
protection of their plan and were finally compelled to provide their own
guards, the existing labor monopoly in the State. represented by the organized miners, assaulted the plant and its workmen and as a result several
men have been killed.
A shaft or slope mine—one where men have to be carried under ground
to work, requires under our State law that men so employed must have a
certificate of competency. The issue of these certificates is entirely under
the control of the United Mine Workers. As a result no shaft mine in the
State of Illinois can even start to work. If men were imported from
another State, even though they wore skilled and carried a certificate or
other evidence of having worked in mines elsewhere, they would none the
less have to submit to an examination by the Miners' Examining Board,
regarding whose qualifications the State Code reads as follows:
"No person shall be appointed such miners' examining commissioner who
has not had at least five years practical and continuous experience as a
coal miner and who has not been actually engaged in coal mining as a
miner in the State of Illinois continuously for twelve months next preceding
his appointment * * * ."
There is in consequence no chance of any member of this Board being
other than a union miner.
Illinois mines are to-day idle because Illinois miners will not agree to a
conference for the purpose of discussing a new working agreement and
scale of wages. Repeated requests have been made by the operators for
such conference. The published demands of the miners which they insist
must be granted before they will return to work would mean an increase
in the cost of coal at mines by about $1 per ton. The Illinois coal operators
believe that mine wages should be reduced to an extent that would permit
of the reduction in previous cost of coal by approximately $1 per ton.
Even such a decrease lathe rates of pay which would permit such a reduction
in the cost of coal at the mines would still enable the miners to earn in their
admittedly shorter work year, as much or more than is earned by workmen
n other industries.
In a telegram to Governor Small on June 22 the Illinois
Coal Operators' Association said:
i
Word comes to us that automobile loads of men are going from mine to
mine in Southern Illinois and notifying company men and mine bosses who
are in charge of properties but not members of the union that they must
stop work in forty-eight hours. Such men so threatened are company
men and caring for properties during the present mine shut down but
making no effort to mine coal. It seems evident that a definitely lawless
spirit still prevails even after the frightful fatalities of yesterday's manifestation at the Southern Illinois Coal Co. mine.
A similar dispatch was sent to Frank Farrington, executive head of the miners' organization in the State, this telegram also stating:
Meanwhile we are anxious to know what you as the executive head of the
miners' organization in this State can and will do to prevent the possibility
of any recurrence of such demonstration as occurred yesterday at the
mine of the Southern Illinois Coal Co. Illinois operators are shocked at
such an occurrence following 25 years of joint collective bargaining with
the miners in Illinois.
SECRETARY HOOVER'S RESPONSE TO SENATE RESOLUTION CALLING FOR REPORT ON COAL STRIKE.
On June 2 the U. S. Senate adopted a resolution, presented
by Senator Walsh of Massachusetts, calling on Secretary of
Commerce Hoover for information as to the present status
265
of the coal strike and its probable effect on prices. In his response, under date of June 5, Secretary Hoover stated that
"after the strike, mine prices rose steadily to as high as $5
and $6 in some instances, although the general range was
somewhat below these levels." As a result of the activities
of the Administration, he asserts, "the rise in prices has
halted and has even receded in some districts in various
amounts from 50 cents to $2 per ton." In answer to the question as to what action, if any, has been taken in the United
States through its Governmental agencies to terminate the
strike, Secretary Hoover says that "the Governmental agencies have no legal authority to terminate or intervene in the
strike. Quite informally, suggestions as to propositions on
which the disputants might well confer and hope for settlement have been made through the Department of Labor and
this Department or both, but thus far these suggestions have
been without result." The following is the resolution as
adopted by the Senate June 2:
Whereas, It has been reported that as a result of the strike of the bituminous coal miners the consumption of bituminous coal is exceeding the production and that the available surface reserve is being rapidly exhausted; and
Whereas, An adequate supply of bituminous coal at reasonable prices is
vital to the domestic and industrial welfare of the nation; and
Whereas, It is of utmost importance that the consuming public possess all
information possible relating to the present and probable supply and prices of
bituminous coal; and
Whereas, It has been represented that the Secretary of Commerce has been
negotiating with certain coal operators for a voluntary agreement to fix
prices during the pending emergency; therefore, be it
Resolved, That the Secretary of Commerce be, and he hereby is, directed to
obtain and report to the Senate, if not incompatible with the public interests.
as expeditiously as possible, all obtainable facts relating to-1—The present supply of mined bituminous coal.
2—The average weekly production and consumption of such coal since
April 1 1922.
3—The amount of bituminous coal estimated to be necessary for all uses
in the United States until May 1 1923.
4—The effect of such strike upon present coal prices, and the probable
effect upon such prices if a settlement of that strike is not reached before
Sept. 1 1922.
5—What action, if any, has been taken by the United States through its
Governmental agencies to terminate the strike, and
•
6—What action, if any, has been taken by the United States, to protect
the consumers of coal from paying exorbitant prices by reason of the curtailment of production.
Secretary Hoover's reply follows:
June 5 1922.
The President of the United States Senate, Washington, D. C.
Sir: I have the honor to transmit the following statement in response to
Senate Resolution 298 which reached me this morning.
I should state that there is no consequential recruiting of statistics by the
Government from original sources. The Government departments, except for
some special oocasions, are dependent upon voluntary contributions of data
from the trade and transportation associations. Upon this information the
following estimates have been compiled. For convenience the questions
enumerated in the Resolution are repeated here.
1. "The present supply of mined bituminous coal."
The latest information we have is a canvass of the situation at the opening
of the strike on April 1 by the Department of Commerce and the Geological
Survey, partly depending upon various trade associations. No funds have
been available for the repetition of this inquiry.
At April 1 the stocks of mined bituminous coal in the hands of consumers
were estimated at 63,000,000 tons. In addition thereto there was estimated
to be 4,000,000 tons on the Lake Superior and Michigan docks and about
2,500,000 either on tracks or in storage belonging to the operators. There
was also an unknown amount of coal in transit on the railways. A guess has
been made that it amounts to between 10,000,000 and 15,000,000 tons.
2. "The average weekly production and consumption of such coal since
April 1 1922."
The only statistics as to production are the daily number of cars loaded
and are furnished by the railways as follows:
Week ending.
Cars.
Estimated tons.
April 8
66,182
3,825,000
15
63,522
3,656.000
22
60,228
3,575,000
29
71,574
4,175,000
May
6
73,158
4,164,000
13
78,090
4,433,000
20
79,176
4,484.000
27
86,982
4,856,000
June 3
82,185
4,600,000
Total
661,097
87,768,000
There are no statistics of consumption. A rough estimate may be deduced
by assuming the consumption to be equal to production
based upon car loadings in other periods.
Week ending.
1919.
1920.
1921.
April 9
6,224,350
8,461,450
5,684,750
16
6,673,300
6,885,000
6,085,600
23
6,606,250
6,363,150
7,620,700
30
7,371,750
6,512,850
7,985,550
May
7
7,627,300
6,901,600
8,205,150
14
7,482,250
7,756,900
7,846,200
21
7,461,900
7,838,300
8,197,300
28
7,630,050
7,157,550
8,449,150
June
4
6,366,650
8,011,850
8,057,000
Total
60,488,800
71,707,500
65,267,550
Average
6,407,330
7,967,500
7,251,950
As there has been considerable industrial recovery from the situation of
1921 and less activity in 1920, our rough guess is that the total consumption
from April 1 to June 4 is about 65,000,000 tons. Upon this data the stocks
266
of mined bituminous coal remaining on hand, week ending June 4, should be
about 32,000,000 tons, and in addition the amount of coal in transit may
amount to 10,000,000 tons.
3. "The amount of bituminous coal estimated to be necessary for all uses
in the United States until May 1 1923."
The following tables show the estimated production of bituminous coal
based on car loadings during the previous years for this period of eleven
months and furnish a probable guide to the future:
455,221,000
From June 1 1919 to May 1 1920
472,995,000
From June 1 1920 to May 1 1921
4. "The effect of such strike upon present coal prices and the probable
effect upon such prices if a settlement of that strike is not reached before
Sept. 1 1922."
First, as to present coal prices:
Coal is sold (a) By long term contracts and (b) uncontracted coal for spot
delivery. The proportion of the present production of bituminous coal on old
contracts is variously estimated at from % to % of the production and, of
course, varies with each mine. The prices on old contracts are undisturbed by
the strike. Spot coal receives the full impact of the new demand. The prices
of spot coal prior to the strike and since vary with each district and each
mine.
Various causes connected with the general business depression; the collapse
of the export trade in coal; the competition of non-union operators endeavor.
ing to build up and maintain their organizations and production in anticipa.
tion of better prices in the event of the strike; the general pressure to give
employment during the winter appear to have caused the coal from southern
districts (those now operating) to be sold at the cost of production or even
at a loss for some months before the strike. After the strike mine prices rose
steadily to as high as $5 and $6 in some instances, although the general
range was somewhat below these levels,
Furthermore, owing to the necessity of present Production being carried
longer distances by rail to reach consumers formerly served by nearer fields,
the price levels in such localities for coal are much affected by increased
freight charges.
It was deemed necessary to use the influence of the Administration to halt
the rise of prices and if possible prevent a repetition of the Price panic of
1920, when spot mine prices rose to as high as $12 per ton. As a result of
the activities undertaken, the rise in Prices has halted and has even receded
in some districts in various amounts from 50 cents to $2 per ton. These activities of the Administration are set out under paragraph 6.
As to what the course of Prices may he, I am unable to state. I am in
hopes the actions taken may save the public from a re-occurrence of such
profiteering as developed on previous occasions,
5. "What action, if any, has been taken in the United States through its
Governmental agencies to terminate the strike?"
The Governmental agencies have no legal authority to terminate or intervene in the strike. Quite informally and repeatedly suggestions as to propositions on which the disputants might well confer and hope for settlement
have been made through the Department of Labor and this Department or
both, but thus far these suggestions have been without result.
6. "What action, if any, has been taken by the United States to protect
the consumers of coal from paying exorbitant prices by reason of curtailment
of production?"
The administrative agencies possess no authority of law to protect the consumers or no appropriations available for the conduct of informal action. As
a tender of good offices of the Governmental agencies, various conferences
have been held with consumers, dealers and operators, where it is sought to
impress upon them the necessity for prices that would be fair in the interest
of the public.
No generalizations upon profiteering are of any value to the public. In a
shortage the only effectual action must be a statement of a fair price for
dealing. Any such price must take into account the maintenance of production and, therefore, the costs of the mines the most expensive to operate.
In making such suggestions I have proposed "that the last Garfield prices
for run of mine coal should be the basis for computing sales prices, with such
adjustments as are necessary to include the wholesale selling costs, changed
conditions at the mines, and other factors that will be fair to the public and
to the operators and will maintain production of coal. Any agreement to adhere to this is a moral agreement between each individual operator and myself."
The Garfield Scales (U. S. Fuel Administration) were the result of exhaustive investigations of the Fuel Administration and the Federal Trade
Commission into working costs, profits, etc., during the war, and were generally considered as just.
The opinions of the Directors of the Bureau of Mines and the Geological
Survey have been availed of as to changes in conditions since those scales
were settled and further inquiries upon specific points have been made of the
operators and those familiar with different districts. The selling commissions
set out separately in the Garfield scales were added to the mine figures. The
maximum prices thought fair in certain districts are set out below. Some
operators of specially low cost mines have agreed to hold to lower prices.
Certain operators and certain districts have refused to accept the suggestions
made, chiefly because the Garfield Scales included contract coal, the losses on
which below the Garfield Scales they believe should be covered by equalizing;
increases ha the spot coal prices regardless of costs or profits. Numerous conferences are in progress and I hope co-operation will be secured in all districts and between all branches of the trade.
These proceedings obviously have no force in law, and furthermore, any
collective agreements or any erection of committees in the trades for enforcement might be criticized as a violation of the law even were the result to public benefit. Therefore, the entire part of the Administartion is confined to
statement of opinion of the Administration of what is fair, with the hope it
may be adhered to by each individual. The result so far has been to halt the
rise and to secure considerable reductions in certain cases.
The attached statements have been issued.
I beg to remain,
Yours faithfully,
HERBERT HOOVER.
Under date of June 2 Secretary Hoover had made the following statement regarding prices:
I believe that the whole of the coal districts in Virginia, West Virginia,
Tennessee and East Kentucky will accept the fair maximum of $3 50 per ton
for run of mine spot coal. The Alabama field accepts the lower scale, as
previously announced. The operators in the West Kentucky fields do not feel
that they can agree to a lower price than $4 25. I have not felt that I could
recommend this price to the consuming public and the matter is, therefore,
under further consideration. They feel that their costs have increased materially beyond the increases in other fields. On the other hand, my present
feeling is that they should in the general interest adhere to the maximum accepted by the majority of the operators in other fields. A discussion of the
[VOL. 115.
THE CHRONICLE
Pennsylvania fields will be taken up later in the week. We have not yet
dealt with problems west of the Mississippi River.
It should be understood that the whole object of the Administration's inter.
est in coal prices is to protect the consumer by indicating the maximum price
that would be fair for spot coal during the temporary period of the strike, and
by doing so, to protect that great group of operators who do not wish to take
advantage of the present situation.
Out of the 5,000,000 tons of weekly production of bituminous coal probably
three and a half million tons are under long term contracts to consumers at
prices stipulated in the contracts, and there can be no alteration of these contract prices which, as a rule, run considerably below prices for spot coal, as
they represent a steady business to the mines. The suggestion of a maximum
fair price relates solely to spot coal. Many coal dealers enjoy long time contracts at lower rates, and it would be only fair to the public that, in the resale of this contract coal, these dealers should give the customer the full
benefit of their lower prices; and I feel sure from my discussions with them
that the majority will do so.
In order to prevent the resale of coal for speculative purposes, it is most
desirable in the interest of the consumer, operator, and wholesaler that the
operators and dealers should insist upon knowing that purchases are on behalf
of a definite consumer.
The maximum price for spot coal is not the minimum price. It is only
a general figure that will protect the public from such occasions as the last
pinch, when spot coal in many places went to over $10 per ton. In arriving
at the figure, the Garfield Scales were taken as a basis, as these scales were
the result of close investigation during the war, and allowances have been
made for increased costs and a general average of the situation taken that
would protect the public and maintain production. The maximum price ineludes customary selling commissions which were established separately in the
Garfield Scale and the operators are recommended to use the usual wholesale
agencies, thus promoting direct movement to the consumer.
In these circumstances some minor proportion of the mines will make considerable profits; some minor proportion of them will under these circumstances earn nothing; and in some cases of low cost producing mines, the op.
erators have already notified their consumers that they will continue to supply them at lower rates than the maximum. What we are endeavoring to
prevent is a panic in prices such as took place at the last coal pinch.
Every consumer who is interested in knowing that he gets a square deal
can easily check the freight rates, can compare them with the maximum
price, can inquire from his dealer whether he is buying contract coal, and at
what rate, and can make proper allowances for retail distribution. If consumers are unwilling to take this degree of interest in negotiating for coal it
is a certainty that no one can help them. I believe the vast majority of
operators, wholesalers and retail dealers sincerely wish that this difficult occasion shall pass by without any rightful criticism of their conduct anywhere
along the line. I regret that a small minority have refused to co-operate and
are demanding higher prices. The Government has no authority in the matter, for this is purely a moral question and one of co-operation. The consumera who are not treated fairly may appeal to this Department in Washington
and their case will be inquired into.
Alabama District.
May 31 1922.
In the Alabama field the costs of coal production have been reduced since
the final Garfield Scales were determined.
After having consulted the Alabama operators and being assured of their
co-operation, I have concluded that a maximum fair price for spot coal from
the district should be 25 cents per ton below the final Garfield Scale, the
operators to absorb out of this price a reasonable selling expense.
The operators wish it clearly understood that this is the maximum fair price
and that any one may sell below it and that long contracts for coal are necessarily below these levels.
The Garfield Scale varies from $2 45 to $2 85 for the bulk of run of mine
coal from the district and, therefore, these coals will be a maximum of $2 20
to $2 60. There is some production from thin seams, and where the Garfield
Scale is higher, these will also be subject to the 25-cent reduction. The differentials of the Garfield Scale up and down for washed and prepared coals
and screenings will be taken as a fair basis.
The Alabama field is not running full capacity, due to the lack of orders,
and production can be increased 50,000 to 100,000 tons per week. Therefore,
consumers in the Southeastern States, together with those accessible to waterborne coal in the South Atlantic and Gulf seaboards, together with inland
markets as far as St. Louis and Kansas City, would be well advised to take
this opportunity of securing supplies.
Pocohantus, New River, Tug River and Winding Gulf Fields.
May 31 1922.
After having consulted the operators in the Pocohontus, New River, Tug
River and Winding Gulf Fields (smokeless coal districts of West Virginia),
and having been assured of the co-operation of 80% of the production here
represented, and having the approval of the Director of the Geological Survey
and the Acting Director of the Bureau of Mines, I have concluded that $3 50
per ton is a fair maximum price for spot run of mine coal for these fields,
the operators absorbing in these prices a reasonable selling expense. The
prices for prepared and slack coal to bear a differential up and down equal to
the Garfield Scales.
The last Garfield prices for the district,including the selling commission
for run of mine, varied from $2 50 to $3 per ton for domestic coal, with a
price of $3 85 to $4 35 per ton on export and bunker coal, which comprise a
considerable portion of the production. The costs of production in the district have increased since the Garfield Scale, and that scale included contract
coal which now sells below the maximum.
I therefore hope the above flat price will be accepted as a fair maximum.
Considerable coal has piled up at seaboard from these districts, and the
public would be well advised to secure this coal.
Harlan, Hazard and Southern Appalachian Fields.
May 31 1922.
Having consulted the operators in the Harlan and Hazard fields of Kenthe
of
and
Southern Appalachian fields
Tennessee
Kentucky, and
tucky and
having been assured of the co-operation of about 80% of the present production, and having the approval of the Director of the Geological Survey and
the Acting Director of the Bureau of Mines, I have concluded that $3 50 per
ton is a fair maximum price for spot run of mine coal for these fields, the
operators absorbing at these prices a reasonable selling expense. The price
for prepared coal and slack to bear a differential up and down equal to the
Garfield Scale.
The last Garfield prices in this district (except for some low cost and special high cost mines) ranged from about $3 to $3 25 for run of mine, including selling commission. The costs have increased some since the Garfield
Scale, and that scale included contract coal, which now sells below this maximum. I therefore hope the above flat price will be accepted as a fair maximum.
JULY 151922.]
THE CHRONICLE
267
advanced to a stage that gave promise of a settlement of the strike on
STRIKE OF RAILROAD SHOPMEN—STATIONARY
the
17 roads of the Northwestern group. Mr. Henning went so far as to assert
FIREMEN AND ENGINEMEN TO STRIKE.
that he believed it was entirely possible to settle the strike on a
national basis
The strike of railroad shopmen, brought under way on the within 48 hours. Before entering the St. Paul negotiations Mr. Henning
with Mr. Jewell, who had asserted that it was upon a national
1st inst. assumed a more serious aspect this week than was oonferred
basis
and through direct negotiations with the roads that the shopevidenced the first week; among the developments of the men'sonly
strike would be ended.
week were the issuance by President Harding of a proclamaOn the 7th inst. a statement indicating the attitude of
tion warning against interference by strikers with trans- the federated
shop crafts was issued by Mr. Jewell, this
portation and the carrying of the mails and the declination statement
disclaiming any further responsibility for conof the railway executives to meet with the striking shopmen, tinuation of the
strike and holding the railroads and the
on the ground that the issue raised "is not one for consider- Labor Board to
blame for the length of time the walkation between the carriers and the representatives of the out lasts. It said:
organized crafts on strike, except through the orderly proThose who complain because the railway shop strike
has not been settled
cesses before the United States Railroad Labor Board;" these should understand that the men have been forced out much against their
will.
pronouncements, as well as the statement by B. M. Jewell,
The strike has now been in progress one
week. Notwithstanding the
President of the Railway Employees Department of the fact that we have by every means
available to us made it known that a
conference
was desired with any responsible person authorized
American Federation of Labor, declaring that the railroads
to negotiate a settlement, or that any proposal
by any person properly authorized
"are demanding a continuance of the strike," are given would be carefully
considered, no move has been made by other parties
elsewhere under separate heads in this issue of our paper. to bring about a settlement.
The striking employees are not to
be driven back. They are asking
Mr. Jewell's statement also asserts that "the strike will only
justice and will not willingly submit to
less.
called
off and the men will not be ordered back to
not be
The responsibility for the continuanc
e of the shopmen's
work until justice has been secured." The delegating of does not rest with the Federated Shop Crafts employees. strike therefore
Chairman Hooper of the Labor Board also issued statetroops to active duty in a number of States, the curtaila
ment of train service, the placing of an embargo, on the 10th ment on the 7th inst., in which he asserted that "the only
inst., on live stock shipments out of Kansas City on the Chi- feasible way" for the shop crafts' organization to end
the
cago & Alton RR., and the announcement on July 10 by U. strike was to follow in the footsteps of the maintenance
of
S. Attorney-General Daugherty, following a conference way organization, whose officers this week appeared before
I. with President Harding, that the Federal Government, the Board and agreed to postpone their strike pending
through appointment of Deputy United States Marshals, further negotiations.
A resolution adopted by the Board on the 7th
would make sure that law and order would be preserved,
inst. is
property and life protected, transportation of the mails ported as follows in the press dispatches from Chicago: reThe Railroad Labor Board also passed a
continued, and inter-State commerce not interrupted, were
resolution to-day declaring it
to be the opinion of the Board that a carrier
has no right to require an
all among the week's strike developments. The spreading employee to
perform work regularly delegated to a craft that
is on strike,
of the strike movement was evidenced last night, (the 14th unless the employee does this work voluntarily.
A decision in this matter was one of the stipulation
inst.) when a strike call to the 8,000 stationary firemen,
s under which E. F.
Grable, head of the maintenance of way organization,
agreed to withhold
engineers and oilers employed on the railroads, was issued strike
orders, he having maintained that some carriers
were discharging
by Timothy Healy, President of the organization. The members of his union when they refused to do shopmen's work.
strike will become effective on Monday next, July 17, at
As to the developments on the 8th inst. we quote
the fol8 a. m. The text of the message to locals of the organization lowing from an Associated Press dispatch from
Chicago:
Authorization to use force in preventing any
follows:
interruption of inter-State
Commerce and the movement of the mails was
In compliance with your strike vote, which is 88.6% favoring a walkout,
received here to-night by
sanction is hereby granted to each and every member of our brotherhood on Charles F. Clyne, District Attorney, and Robert Levy, United States
Marhsal, in telegrams from Attorney-General
Daugherty.
all railroads, steam plants, roundhouses and terminals throughout the
This action by Mr. Daugherty followed an
United States to suspend work at 8 a. m. Monday, July 17 1922.
Bierd, President of the Chicago & Alton road, announcement by W. G.
that all traffic in and out
(Signed)
TIMOTHY HEALY,
of Bloomington. Ill., including the carrying
of the mails, had ceased
International President.
because of the failure of the local authorities
to provide adequate proReferring to the developments in the threatened strike tection
to the few men remaining at work in the
shops there.
In addition, the announcement was made
of maintenance of way men, Associated Press advices from
that the Missouri Kansas &
Texas RR. announced discontinuation of the
Cincinnati last night said:
operation of forty-two local
trains in four States, due to the physical
New elements in the railway strike situation developed late yesterday,
impossibility of getting locowhen unofficial reports at international headquarters of the Railway Clerks, motives in and out of roundhouses and fear of consequences that might
result if an effort was made to employ workers
Station Employees and Freight Handlers indicated
not affiliated with the union
that a strike vote was of which the striking shop
employees are members.
being taken by approximately 4,000 men of this service
on the Big Four
The Chicago Burlington & Quincy
Railroad system, and the statement last night of T. C.
RR.
to
-night
obtained a Federal
Carroll, President injunction in Chicago
restraining picketing at the Aurora shops,
of the general chairmen's association of the Maintenan
while
ce of Way Brother- earlier in the day an
injunction was issued at New Orleans restraining
hood, on leaving for Louisville, that he carried requests
from a majority of strikers from interfering with
trains on the Southern Pacific, and at Council
the general chairmen ofthe brotherhood that he call a meeting the general
of
Bluffs, Iowa, the Burlington obtained
chairmen's association at which plans could be arranged
a temporary restraining order
to call a strike of directed against striking
shopmen in Southern Iowa.
400,000 maintenance of way workers.
The Big Four RR.officials announced that sick leaves and vacations
The withdrawal by the Erie RR. of 21 suburban
had
trains
been restored to the clerks on that road, in keeping with
the announced figured among the developments
on the 9th inst.; while the
policy of the New York Central Lines.
announcement of the road stated that the railroad was actMr. Carroll of the maintenance of way brotherhood planned
to meet with
Louisville .4r Nashville officials to-day in an effort to reach an agreement
on ing to conserve fuel because of a possible shortage of coal,
the wages and working conditions of men in that group. Referring to the leaders
of the striking railroad shopmen asserted that the
meeting, he said:
"The probabilities are that a week or more will be required to work out trains had been tied up as a result of the strike.
anything acceptable. If we were to get anything of the kind it would be
In his announcement referred to above, and
issued on the
due primarily to the heroic action of the shopmen, who are now fighting the
10th inst., that the mails would be protected
battle of all railroad labor."
, AttorneyOfficials of the clerks' unions said it was very probable there will be a General Daugherty said:
strike of railway clerks on other roads entering Cincinnati "unless manageAfter investigation and upon request
of Federal judges, district attorneys
ments are willing to do business with our committee."
and United States marshals, I have in
the
few days authorized the
From the Brooklyn "Eagle" of last night we quote the appointment of a number of deputy Unitedlast
States marshals at various
places, from Chicago west and southwest,
following:
to protect property and life and
to prevent
Pressure by many of his general chairmen upon E. F. Grable, President commerce. interference with the transportation of mails and inter-State
of the United Brotherhood of Maintenance of Way Employees and Railway
This policy will be continued wherever
Shop Laborers, pushed the common labor problem to the front again. Mr.
justified and required. Law and
order must be preserved, property and
life protected, transportation of the
Grable's action in withholding strike orders after maintenance of way emmails
must not be interfered with,
ployees voted to join the walkout did not please many of the organization's
inster-state commerce must not be
interrupted.
general chairmen, who passed on ,to their chief the persistent demands of
The President is fully advised
and has the situation in hand.
the rank and file for concerted action.
The Attorney-General's announce
Grable Standing Firm.
ment, the Associated
Mr. Orable arrived in Chicago while threats to disregard his refusal to Press (Chicago dispatches) stated, came soon
after Lieut.join the walkout came from within his organization. The general chair- Gov. Fred E. Sterling, acting
head of the State of Illinois,
men, he asserted, had no authority to call a strike, and he indicated an in- had ordered
five companies of National Guardsmen to Bloomtention to remain firm in his refusal to sanction a strike.
Mr. Grable admitted that he was with difficulty holding his men in line. ington to protect the shops of the Chicago & Alton RR.
Many maintenance employees, who reluctantly remained at work when the The ordering out of the
State troops, it was added, followed
shopmen walkout occurred, July 1, since have joined the strike.
appeals from the local authorities,
who declared civil authorThe new crisis caused by threats from the maintenance men arrived as
peace moves to end the shopmen's strike had apparently slowed up ma- ity had collapsed and soldiers were needed to protect life
terially, except for conferences at St. Paul, which lent the only hopeful air and property.
From the same authority we quote the
to the situation.
following:
Hopes to End Shopmen's Strike.
Officials of the Missouri Pacific announced
the a,nnullment of sixty
The initial St. Paul conferences between P. A. Henning, Chairman of the passenger
trains, adding that trains on other divisions probably woud be
Federated Shoperafts of the• Northwestern District, and rail officials
discontinued at the same time. The Western Division embraces Nebraska
brought no definite results, but both sides admitted that negotiations had Kansas
and Western Missouri. Cancellations on the road included twelve
268
THE CHRONICLE
Mo., and Little
local passenger and mixed trains between Poplar Bluff,
Rock, Ark.
Georgetown
n
from
Norther
Great
8;
. All train service on the International
to Roundrack, Tex., was suspended.
to MemGovernor Taylor of Tennessee received appeals to send troops
Four special
phis to protect properties and employees of the Frisco lines.
concarrying
for
s
police
Memphi
agents for the Frisco were arrested by
cealed weapons while off railroad property.
Chicago Associated Press dispatches July 10 also stated:
strikers returned
Speaking of the ultimatum of many railroads that unless
B. M. Jewell, head of
to work to-day they would lose all seniority rights,
worried," and said
the striking shopmen, asserted the unions were "not
had now lost all their
that it was "talking in thin air" to say the union men
nt is reached," he
a
rights. "These rights must be restored when settleme
be predicated on such restoration
said, "and, of course, any settlement will
of rights."
11
From dispatches from Chicago (Associated Press) July
we gather the following:
FOL. 115.
would not enter into conferences with the shop-craft strikers,
the situation was unchanged from that of a week ago, the
New York "Times" in its dispatches from Chicago on the
12th inst. stating:
While no comment was forthcoming from Labor Board members to-night,
to
the executives' refusal to "give an inch" was something of a surprise
them, according to reports.
The latest word from the railway officials leaves the strike situation
joined
about as it appeared before Chairman Hooper and President Jewell
of finding some
In secret conferences started last Saturday in the hope
common ground in which the olive branch might sprout.
s seemed
Following announcement of these conferences, peace prospect
d as new clouds.
shining this morning. The executives' statement appeare
result in
would
hoped
had
he
Following the earlier conference which
the following
definite peace negotiations, Chairman Hooper had issued
statement:
Our main pur"The situation was rather fairly and frankly gone over.
of the carriers and
pose was to effect a conference between representatives
incident to the
Mr. Jewell and his associates, in regard to certain matters
strike.
any proposal to modify
"My suggestions to the conference did not involve
Labor Board,and
in any manner any decision of the United States Railroad
suggested upon the subjects
I may say that I consider such a conference as
and certainly no indimentioned by me perfectly proper, possibly helpful,
concerned."
cation of surrender on the part of anybody
n Hooper nor
Chairma
While following their secret conferences, neither
lead to peace. It had been
President Jewell had said what program might
carriers and the employees
reported that some concessions from both the
standing pat on the wage and
would be required, with the Labor Board
other decisions involved in the strike.
on guard in half
With State troops and United States deputy marshals
with the movement
a dozen States to avert violence and prevent interference
Four" railroad
of the mails or inter-State commerce, leaders of the "Big
to-night to
brotherhoods and railway executives were hurrying to Chicago
's strike.
confer to-morrow on issues growing out of the shopmen
Chicago
the
At Bloomington, Ill., where State troops have been guarding
rs, mem& Alton Ry. shops, engineers, firemen, trainmen and conducto
shops or
bers of the four big brotherhoods, voted to-day not to enter the
yards as long as troops are stationed there.
.
Union officials ordered their men to keep the mail trains running,however
refusClerks employed in the yards and at the depot walked out last night,
ing to work under protection of the troops.
announced the
fiftySeveral roads annulled trains to-day, the Wabash Ry, annoucing
On the 12th inst. the Associated Press
four trains taken off.
o:
y with following information from Chicag
The shops crafts leaders assumed a more hopeful attitude to-da
nt with the heads of the
ory
Railway executives to-night reached an agreeme
receipt of advices that, all told, eighteen railroads had made conciliat
of the
already "Big Four" brotherhoods not to require their members to do any
some
that
and
strike
the
of
nt
a
settleme
toward
expressions looking
work of striking shopmen.
the
were conferring with the system federation committees.
of
ce of representatives
union
The agreement was reached at a conferen
No settlement will be made,however,except on a national basis, the
Felton, President of the Chicago &
M.
Samuel
with
of
office
at
deal
the
s
oods
railroad
brotherh
the
headsinsisted,adhering to their original attitude that
Great Western Ry.
the six international shop uniops as a whole.
practices to which the
and the Great
He said the roads would be notified to stop the
Negotiations have progressed so far on the Northern Pacific
St.
at
ee
brotherhoods objected.
Northern that A. A. Henning, Chairman of the strikers' committ Jewell
for settlement
Authoritative reports declare that the shcpmen's program
B. M.
Paul, Minn.,came to Chicago to-day to confer with President
abolish the farming out of shop work
to
was
nt
an
include
agreeme
it
strike
the
reached,
of
was
on
and other federation officers. No definite conclusi
to overtime, perto contractors, the revision of pay schedules in respect
said.
by the Labor Board
pleased with the mission for a rehearing of the whole wage controversy
well
as
es
themselv
d
expresse
strike
shop
of
the
for in the
Leaders
number of men and the creation by the railways of boards of adjustment provided
success of the strike thus far. Detailed reports on the actual
t
Act.
sufficien
tation
Transpor
in
not
although
here,
to stop
out began to come into union headquarters
Railroad men asserted that the roads practically had all agreed
and the
numbers to make definite announcement possible.
and shop the practice of outside contracting on orders from the Labor Board be perThe reports indicate that nearly 50,000 maintenance of way men
not
according to belief also was expressed that the question of overtime would stage was
laborers went on sympathethetic strike with the shopmen,
conference
crafts.
mitted to stand in the way of a settlement when the
Charles J. MacGowan,assisstant to B. M.Jewell, head of the shop
reached.
11
July
o
railway guards and
The New York "Times" in advices from Chicag
Meanwhile outbreaks between strike sympathizers,
ng numbers and annulment of
Federal officials were reported in increasi
stated:
country.
Report Strikers' Chances Waning.
trains continued in many sections of the
ex_
13 the Associated Press
With the railroads employing more non-union men every day and
July
o
In its advices from Chicag
a
pressing confidence that they will soon have their shops operating almost
to
ss
willingne
complete
es
showing
stated:
normal, with State and Federal authoriti
showing
was announced to-night that an effort
guard the strike-breakers against annoyance, and with the courts
At the Railroad Labor Board it
nce,
settle the shopmen's strike, but not details
no reluctance to grant injunctions restraining strikers from interfere
might be made along new lines to
growing
to meet shop crafts representhe hopes of the shopmen for winning the strike are said to be daily
given. After rail executives had refused
largely were
that the executives who reyesterday, board members announced
dimmer and the situation has now resolved itself, union leaders say,
tatives
y
the individual railroads and intimated
Into a question of how far the powerful brotherhoods will go in sympath
refused to confer did not speak for
on this fact.
with the shop crafts.
now plan of settlement might be based
shopmen in the Northfurther that a
action to terminate the strike of railroad
The refusal of the signalmen to walk out at the present time had
Definite
executives of the
announced
deferred at a conference of strike leaders with
dimmed the hopes of the strikers, it is said. This refusal was
was
west
the
and St. Paul, when confidence was
to-day by D. W. Helt, President, after a series of conferences with
railroads centering in Minneapolis
within a few
basis
national
Railway Labor Board. Further conferences, during which the working expressed that the strike would be settled on a
taken
conditions and other matters protested by the signalmen are to be
days.
and the men will not be ordered back to
up, will be held shortly, it is announced.
The strike will not be called off
was eviJewell. head of the railway
"until justice has been secured," B. M.
That the clerks are not unanimously inclined toward striking
work
on of Labor, said to-night
authorized
employees' department of the American Federati
denced on the Norfolk & Western RR., where a strike had been
Less
t.
executives' ultimatum of yesterday.
to take effect to-day by E. H. Fitzgerald. International Presiden
In statement replying to the rail
.
the strike be called off and the men
than 100 of the men left their work, it was reported
The rail executives suggested that
which differences might be taken up before the United
President Harding's proclamation came on the 10th inst., return to work after
States Railroad Labor Board.
d that the reason the execuat which time Mr. Jewell issued the following statement:
Mr. Jewell, in to-night's statement, intimate
constrike
to
how
a
do
know
it.
Call
they
strike
the
to meet shop crafts officers in an effort to mediate the
refused
If any one wants to end
tives
crafts representatives. Full resuggested, was that the railway hope to destroy the employees
been
ference of railroad executives and shop
had
as
the continuation of it rests upon
organizations.
sponsibility for the present situation and
the railroads are "due to receive a
the shoulders of the railroad managements.
If such is the case, the statement said,
detail
t's
them with the
in
tion
Presiden
the
proclama
on
t
I would not like to commen
awakening, the American public should charge
sudden
are
responsibility."
until I have studied it closely, but so far as unlawful acts and violence
to-day to President Harding's
concerned I am ready to reply now.
The shop crafts representatives replied
settled through the
on of work.
About 700,000 men are involved in this suspensi
proclamation which declared that the strike must be
on the railroads and
ty of other than strikers
rized agencies, by placing the blame for the strike
Our organization called attention to the possibili
autho
s of the Labor Board.
unlawful acts. We urged our
doing things which were or which incited
asserting that carriers had violated many decision ement by Postmasterannounc
the possibilities of such conditions.
membership to protect themselves from
Other events during the day included
to transport the mails
any
used
of
be
prompt
can
investigation
The organizations welcome thorough and
General Work that 50,000 motor vehicles
ng orders to the St. Louisand taxpayers it is disappointing
service fails and the issuing of restraini
alleged illegal acts. As American citizens
rail
If
ly unncessary expense of mainthe Chicago & Eastern Illinois and the
to have to bear our part of the apparent
Francisco Ry. at Fort Smith, Ark.,
to re-enforce the arm of the
railroads at East St. Louis, Ill.
taining armed forces called in presumably
Toledo, St. Louis & Western
by Mr. Gompers will be
local city and county authority.
Mr. Jewel's statement and one
meet
The organizations have at all times stated that they are willing to
issue. .As to other incidents of the
this
in
ere
the
of
elsewh
a
nt
looking
toward
settleme
proposal
a
found
make
any one authorized to
ng from Washington Associated
es were forced as a last
present situation, into which the railroad employe
13th inst. we quote the followi
resort.
Press dispatches:
The railroads apparently do not want to keep the strike in its present
step to-day toward backing up with the
not want to become involved in our
President Harding took the first proclamation warning striking railway
limitations. Other organizations do
the Government has
ng
of
to
force
in
them
arms
compelli
by
trying
be
to
military
seem
s
affairs, but the railroad
with the transportation of inter-State coinwhich these men never did.
shopmen against interference
them to do work which our crafts do and
merce and the mails.
Jewell
shop
of
out
work,
Mr.
ting
contrac
of the President to Major-General
the
Referring to
Instructions were sent at the direction
the Eighth Army Corps area at San Antonio.
said that this was not the only issue involved in the strike, John L. Hines, commanding force
of troops to give adequate protection to
a sufficient
the wage cut and working rules also being concerned. Mr. Tex., to prepare
Texas RR. which have been attacked by
of the Missouri Kansas &
lines
the
s
to
ed
ntative
meet
expect
he
represe
that
rly at Denison, Tex.
particula
Jewell likewise said
,
sbopmen
striking
ions there went forth from the War DepartCoincident with these instruct
of "about 21 railroads operating throughout the Northwest"
receiver appointed by a United
C. C. Schaff, of St. Louis, the
a
the
g
of
to
toward
ent
lookin
ment
settlem
tions
negotia
to discuss
Kansas & Texas, the advice that he again call
States court for the Missouri
on
Texas for protecti for the railroad properties, he
strike.
on the Governor of
the
of
previous appeals to the State Executive had been
ves
inst.
that
executi
12th
railway
the
on
reported
s
advice
having
the
With
d.
unheede
ad
they
Labor
that
Railro
Board
the
of
Hooper
to Chairman
JULY 15 1922.]
THE CHRONICLE
The receiver further was promised that should his appeal bring no protection from the State authorities, "the Federal Government is ready to
afford protection and will take action, if necessary, as soon as you have
reply from the Governor."
Secretary Weeks, who carried out the President's instructions after a
conference at the White House, at which he and Mr. Harding went over an
appeal from the receiver for Federal protection, had to-night received no
reply from Mr. Schaff and because of the necessity of communicating with
Governor Neff of Texas, it was regarded probable that Mr. Schaff would
be unable to advise the Government before some time late to-morrow.
Officials,in announcing the Government's action,emphasized it was taken
because the Missouri Kansas & Texas was in the hands of a receiver appointed by a Federal court and consequently was under the supervision of
the Federal Government. No official statement was available to indicate
that the action was to be taken as a precedent determining the policy to be
followed by the Government in other cases where violence and lawlessness
arising from the strike interfere with the two essentials as enumerated by
President Harding in his proclamation—movement of the mails and maintenance of inter-state commerce.
It is understood, however, that the President personally will pass upon
other emergencies that may arise calling for the use of troops where the
question of Federal receivership is not involved.
On the 13th inst. the Now York "Times" stated:
Spread ofthe railroad shopmen's strike to include the 15,000 clerks,freight
handlers and station employees on the New York Central lines was averted
yesterday at a conference between union representatives and company
officials at which a satisfactory settlement was reached. The progress of
the strike in this district continued to be marked by conflicting statements
of the railroad managers and strike leaders. In the meantime thousands
of commuters and others were delayed by breakdowns on a number of roads.
In reporting that the metal trade unions had been ordered
not to work on repair rails in outside shops, a dispatch from
Washington on the 12th inst. in the New York "Times" said:
Members of all unions affiliated with the Metal Trades Department of
the American Federation of Labor were instructed in orders sent out to-day
from the headquarters here that no further repair work will be authorized
on locomotives coming from railroads on which strikes are in progress to
outside shops employing union labor.
The order, sent out by A. J. Berres, Secretary-Treasurer of the department, was to be effective at once. Identical copies went to the Presidents
of all internationals affiliated with the metal trades group, who were instructed to notify their locals.
The unions affected include boilermakers, electric workers, pipe-fitters,
plumbers, painters and carpenters, as well as machinists and blacksmiths.
PRESIDENT HARDING'S PROCLAMATION WARNING
RAIL STRIKERS AGAINST INTERFERENCE WITH
TRANSPORTATION AND MAILS.
The disorders incident to the strike of the railway shopmen
which developed, the current week caused the issuance on
July 11 by President Harding of a proclamation "directing
all persons to refrain from all interference with the lawful
efforts to maintain inter-State transportation and the
carrying of the United States mails." The proclamation,
it is stated, came after continued reports had reached the
Post Office Department of interference by railroad strikers
with mail trains. "The maintained operation of the railways in inter-State commerce and the transportation of
United States mails have necessitated," said the proclamation, "the employment of men who choose to accept employment under the terms of the decision, and who have the
same indisputable right to work that others have to decline
to work." The President in the proclamation added "the
peaceful settlement of controversies in accordance with law
and due respect for the established agencies of such settlement are essential to the security and well-being of our
people." The proclamation follows:
269
Done at the City of Washington this 11th day of July, in the year of our
Lord one thousand nine hundred and twenty-two and of the Independence
of the United States the one hundred and forty-seventh.
By the President:
WARREN G. HARDING.
CHARLES E. HUGHES, Secretary of State.
The proclamation,issued late at night on the 11th,followed
extended conferences during the day between the President
and his Cabinet. On the troubled industrial state of the
nation, according to the Associated Press, the proclamation
was generally interpreted as a warning to both the striking
shopmen and the railroads that the mails must move and
inter-State commerce be maintained. Such an interpretation,
it is observed, had as its basis.the proclamation of somewhat
similar nature issued by the President last August when the
mine war was in progress in the West Virginia coal fields.
B. M. JEWELL IN RESPONSE TO PRESIDENT
HARDING'S PROCLAMATION ON INTERFERENCE
WITH
TRANSPORTATION.
In reply to President Harding's proclamation of the 11th
inst. warning striking railway shopmen against interference
with thransportation and the carrying of the mails, B. M.
Jewell, President of the Railway Employees Department
of the American Federation of Labor, sent a telegram to the
President on the 12th inst. laying responsibility therefor
with the railroads. The telegram, which also was signed
by the six international presidents of the railway
shop crafts,
insists that "no interruption of cammerce or interference
of
mails was caused by direct or unlawful acts of the organized
employees" but that "such interruptions and interference
result inevitably from attempts of railroads to operate with
insufficient, incompetent and unskilled workmen." The
telegram charges 92 railroads with having violated the
Transportation Act or decisions of the Railroad Labor Borad
in
104 cases, and declares that "the Board has attempted
to
unload financial burdens of railroad managemen
t upon
employees through inadequate wages." We give the telegram herewith:
It appears from your proclamation of
July 11 that incomplete information has been furnished you concerning
the present dispute between the
railroad operators and employees.
Ninety-two railroads have violated Transportation
Act or decisions of the
Railroad Labor Board in 104 cases. These
involved not only contracting
out work in shops, but also wage decreases,
interpretations of rules and
right of employees to elect their own
representatives. When the Pennsylvania Railroad refused to comply
with the Board's rulings, Federal
Judge Page held that the Board's position on
wages or rules was only advisory. The railroads have refused ever since
passage of the Transportation
Act to establish national boards of adjustment,
described by the Labor
Board as "the central part of the machinery
to decide disputes between the
carriers and their employees."
The railroads have made all negotiations merely
formal, thus throwing
on the Board an impossible burden of arbitration.
The Board has abolished
overtime pay for Sundays and holidays, enjoyed
for thirty years even on
unorganized roads. The Board has established a rate of
pay of $800 a
year, through the Department of Labor fixed
the bare cost of living at over
$1.400 and a minimum comfort budget at over $2,300.
When the.basic wage is unjust it follows that all wages graded
upward
for skill and responsibility are likewise unjust. Organized
employees
support your declaration of May 23 1921, that the lowest wage
must be
enough for Comfort and to insure that the struggle for existence shall
not
crowd out things purely worth living for and should provide for
amusement.
recreation and savings. Employees have never violated any decision of
the
Board; but the railroads have violated decisions and employees have
refused
BY THE PRESIDENT OF THE UNITED STATES OF AMERICA. to work under wages fixed by the Labor
Board which violated provisions
of the Transportation Act.
A PROCLAMATION.
The Board has attempted to unload financial burdens of
Whereas, The United States Railroad Labor Board is an agency of the
railroad manageGovernment, created by law and charged with the duty of adjusting dis- ment upon employees through inadequate wages and this will
undermine
the
health and prosperity of the next generation. After
putes between railroad operators and employees engaged in inter-State
exhausting all other
methods the employees sought again to obtain a conference
commerce; and
and agreement
• Whereas. The United States Railroad Labor Board has recently handed with the railroad executives. Only as a last resort did they strike. We
down decisions, one affecting the wage of the shop-craft employees, the respectfully insist that no interruption of commerce or interference of mails
other declaring the contract system of shop-craft work with outside agencies was caused by direct or unlawful acts of the organized employees. Such
to be contrary to the intent of the Transportation Act, and, therefore
., interruptions and interference result inevitably from attempts of railroads
to operate with insufficient, incompetent and
that such practice must be discontinued; and
unskilled workmen.
Such interruptions and interference will continue
Whereas, The shop-craft employees have elected to discontinue their
and increase until agreework, rather than abide by the decision rendered, and certain operators ment is obtained upon just and reasonable wages between the representahave ignored the decision ordering the abandonment of the contract shop tives of the skilled employees and railroad executives, who up to date have
refused even to meet with employees'
practice; and
representatives. We stand ready to
Whereas, The maintained operation of the railways in inter-State com- co-operate wholeheartedly with any effort to bring about such an agreement.
merce and the transportation of United States mails have necessitated the
President Harding's proclamation is given elsewhere in
employment of men who choose to accept employment under the terms of
the decision, and who have the same indisputable right to work that others this issue.
have to decline to work; and
Whereas. The peaceful settlement of controversies in accordance with SAMUEL GOMPERS'S CRITICISM
OF PRESIDENT
law and due respect for the established agencies of such settlement an)
HARDING'S PROCLAMATION.
essential to the security and well-being of our people;
Anent the telegram sent to President Harding in reply
Now, Therefore, I, Warren G. Harding, President of the United States,
to
do hereby make proclamation, directing all persons to refrain from all in- his
proclamation warning against interference by striking
terference with the lawful efforts to maintain inter-State transportation and
shopmen with the train service, Samuel Gompers, President
the carrying of the United States mails.
These activities and the maintained supremacy of the law are the first of the American Federation
of Labor, issued on July 12 a
obligation of the Government and all the citizenship of our country. There- statement
in which he declared that the proclamation "is
fore, I invite the co-operation of all public authorities, State and municipal,
and the aid of all good citizens to uphold the laws and to preserve the an effort to sanctify and crown with power the Railroad LaPublic peace, and to facilitate those operations in safety which are essential bor Board." It is,
he asserted, "a denial of democratic
to life and liberty, and tho security of property
and our common public methods," and "an
effort to perpetuate the impossible."
welfare.
In witness whereof I have hereunto set my
hand and caused the seal of Mr. Gompers in his statement, according to Associated Press
the United States to be affixed.
dispatches from Washington, interpreted the President's
270
THE CHRONICLE
[VOL. 115.
reHowever, it should be added, we have no reason to doubt the prompt
reference to "all interference" with inter-State commerce as sponse
by carriers of the country to any summons by the United States
to
es
conin
meaning a denial of the right of the railroad employe
Railroad Labor Board to any further hearings that may be called
should determine upon
quit work if their quitting meant the failure of trains to move. nection with this subject in the event the Board
course.
Stating that Mr. Gompers declared the proclamation as that
"calculated to make a fetich of the Transportation. Act and B. M. JEWELL'S REPLY TO RAILWAY EXECUTIVES
of the Railroad Labor Board," the press dispatches in their
DECLARES STRIKE WILL BE CONTINUED TO
account of his statement said:
SUCCESSFUL CONCLUSION.
stateMr.
Gompers's
ce,
Referring to the injunction against interferen
necesservices"
their
withdraw
who
workers
"railroad
Answering the railway executives, whose letter Chairman
ment declared that
sarily affect "this movement of equipment."
of the U. S. Railroad Board maintaining that the
Hooper
"The President's proclamation," the statement continued, "implies that
was one for adjustment through the Railroad
in
that
and
issue
the
e
law,
strike
the workers have not proceeded in accordanc with
stopping work they have gone outside of the law. The fact is that the law Labor Board, is given elsewhere in this issue, B. M. Jewell,
specifically gives to the workers the right to cease work in the event that
President of the Railway Employees' Department of the
they cannot accept the award of the Railroad Labor Board. The findings
awards
are
They
American Federation of Labor, asserted On the 13th inst.
of the Board are not decisions which must be obeyed.
which the Board hopes both employers and employees will accept, but which that "the railroad management can, if they wish, settle
neither is bound to accept.
strike." The railroads, he declared, "for their own
"I call attention to the fact that 92 railroads in 104 cases have refused to this
ng
Labor
selfish interests do not want a settlement but are demandi
abide by awards of the Board. In not a single case has the Railroad
Board or the Federal Government coerced a railroad into acceptance of an a continuance of the strike." Mr. Jewell further declared
award. The courage and solidarity of the workers in their resistance to
strike will not be called off and the men will not
arbitrary and autocratic orders is most commendable and ought to be ap- that "the
"
plauded by every liberty-loving American. . . .
ordered back to work until justice has been secured.
be
"It is desirable that American railroads operate continuously, but not at The following is Mr. Jewell's statement of the 13th inst.:
the price of the sacrifice of manhood and of justice. . . .
Mr.
"The President's proclamation overlooks fundamentals. It is an effort
to sanctify and crown with power the Railroad Labor Board. It is a denial
of democratic methods. It is an effort to perpetuate the impossible. The
one way r,o operate the railroads in safety is to revive joint negotiations,
bring justice to the workers, and thus make possible a condition of safety
of railroad equipment."
RAILWAY EXECUTIVES DECLINE SUGGESTION TO
MEET STRIKING RAILWAY SHOPMEN.
The declination of the railway executives to meet with
B. M. Jewell, President of the Railway Employees Department of the American Federation of Labor, to discuss the
issues of the striking shopmen, was conveyed on July 12 to
B. W. Hooper, Chairman of the United States Railroad
Labor Board, by the rail executives. The proposal had been
made by Chairman Hooper following secret conferences
which he and Mr. Jewell had held since Saturday in an effort
to bring about a settlement of the controversy. In their
letter to Chairman Hooper the railway executives pointed
out that the strike had been called in defiance of the decision
and order of the Railroad Labor Board and that "the issue
thus raised is not one for consideration between the carriers
and representatives of the organized crafts on strike except
through the further orderly processes before the United
States Railroad Labor Board." The letter declared that no
conference contingent upon the abandonment of the decision
of the Board was "permissible nor tolerable, because it would
place the carriers participating therein in apparent co-operation with those on strike in seeking to find means to subvert
the decision of the Labor Board." The letter wassigned by
Samuel M. Felton, President of the Chicago Great Western
Ry., representing the Western territory; L. F. Loree, of the
Delaware & Hudson, representing the Eastern territory;
B. F. Bush, of the Missouri Pacific, representing the Southwestern territory, and Whitefoord R. Cole, of the Nashville
Chattanooga & St. Louis, representing the Southeastern
territory. Its text is as follows:
Replying to your inquiry of Messrs. Bush, Cole, Loree and Felton on
to
the occasion of your call this morning, we beg say that while we as Chairto railroad matters in the several
men of the conference committees relating
sections of.the country are without authority to speak for individual companies, we have no reason to believe that a meeting between the railroad
companies and representatives of the striking employees can be arranged
under present conditions.
This strike is a refusal to accept the results of the arbitration of the
to law, after exhaustive
United> States Railroad Labor Board pursuant
fully heard. On June 30 last
hearings in which all parties concerned were
a public hearing by citation
the Board, of which you are Chairman, called
to the proper representatives of carriers and organizations named in the
inquiry
an
initiated by the Board
Order of the Board for the purpose of
under Section 313 of the Transportation Act, 1920. Notwithstanding the
of the organizations,
tives
representa
citation,
this
to
full response by carriers
to attend and persisted in their
members of which are now on strike, refused
the
in
performance of its public
refusal to do so and thereby aid the Board
nces relating to the strike
duty in the further inquiry into the circumsta
d.
then threatene
After respectful consideration of your inquiry, the conclusion seems necessarily to follow, because of' the strike thereafter called in defiance of the
decision and order of the United States Railroad Labor Board—decision
of the Transportation Act, that
No. 1036—and the controlling provisions
ion between the carriers and
the issue thus raised is not one for considerat
on strike except through the further
representatives of the organized crafts
Railroad
Labor Board as contemStates
United
orderly processes before the
plated by the Transportation Act.
the statements which have appeared in
This conclusion is confirmed by
tives are only willing to
the public press to the effect that these representa
on the condition that they be reservice
to
abandon this strike and return
of
the
decision
Labor Board in the
mature
the
of
e
lieved from acceptanc
e for that purpose is in our judgment percase referred to. No conferenc
it would place the carriers participating
missible nor tolerable, because
with those on strike in seeking to find means
therein in apparent co-operation
Board.
Labor
the
of
to subvert the decision
recall of the strike order would permit the
On the other hand, a prompt
conference and permit the consideration
resumption of former methods of
tives of employees might desire to submit.
of any matters which representa
executives, addressed to
The letter attributed to four railway
understand the situation. Again
Hooper, must be amusing to those who
institutions of our country to wrap
we see the feeble attempt of the big
and attempt to lead some one
around themselves the Stars and Stripes
e for the situation—that the lawto believe that they are not responsibl
who are now standing for justice
abiding, God-fearing American citizens
management and directors of
and against the oppression of financial
railroads are fighting their Government.
railway shop crafts are not fighting
The American public knows that the
their Government.
the strike will not be called
Let it be said now and for all time, that
to work until justice has been
off, and the men will not be ordered back
wish, settle this strike.
secured. The railroad management can, if they
public that there is
It must be apparent to the thinking American
which, for their own
some force 'directing the policy of the railroads,
g a contindemandin
selfish interests,do not want a settlement, but are
uance of the strike.
public which
If that force is so blind to the interests of the American
comprehension as to even
it is obligated to serve, and if it is so dull of
then that
ons,
have a faint hope of crushing the employees' organizati
awakening and the
force or group of people is due to receive a sudden
American public should charge them with the responsibility.
They have done
The railroad employees have not desired a strike.
strike. Now that
everything that honorable men could do to avoid a
it shall be effective in a legal and
they have been forced into a strike,
to a successful conclusion.
proper manner and it will be continued
REDUCTION IN CANADIAN FREIGHT RATES.
rates on basic
A reduction of 73/2% in Canadian railway
by
commodities, effective Aug. 1, was ordered on June 30
for Canada. The
ioners
Commiss
Railway
of
Board
the
material,
decrease applies to forest products, building
fertilizers other
brick, cement, lime and planster, potatoes,
ores, wire rods
than chemicals, pig iron, blooms and billets,
were fixed by Parand scrap iron. Grain and flour rates
nce with
liament during the session just closed, in accorda
nt.
agreeme
Pass
Nest
Crow's
the
under
ng
the rates prevaili
s on the comThe Board's order of June 30 leaves increase
er
modities affected thereby above the basis of Septemb
and 173/2% in Eastern
1920 at 123/2% in Western Canada
Canada. The Board states:
other than
to
coal
should not apply
This reduction of 7M %, however,
but by flat
anthracite, which was not increased on a percentage basis,
it
is felt that all
,
therefore
and
described
rates hereinbefore particularly
anthractire granted by the Board by
the increases on coal other than
rates go back to those
General Order No. 308 should cease and the rate
reduction,
immediately preceding the 13th day of September 1920. This
westbound.
ports
of
lake
head
however, not to apply to coal from
The original increase in freight rates ordered by the Board,
in
effective Sept. 13 1920 was 40% in the East and 35%
these figures
brought
ns
ent
reductio
Subsequ
West.
the
West.
down Dec. 1 1921 to 25% in the East and 20% in the
From the Board's order we take the following:
Basic Commodity Reductions.
t above referred
At the hearing by the Special Committee of Parliamen National Railthe Canadian
to, both the Canadian Pacific Railway and
rates on grain from the
ways proposed that, outside of the question of the
in freight rates
Prairie Provinces to the head of the lakes, any decreases commodities,"
to what they called "basic
in Canada should be confined
of the Reports of'
and, in the reference to the subject as found on page 47
Canadian Pacific
the Special Committee, Mr. Beatty, President of the
Railway Co.. stated as follows:
in 1921 certain industries felt the depres
It was apparent, however, that
others, and it was the opinion of the railway
sion much more severely thanand
the United States, an opinion which, I
executives both in Canada
expressed by the,
think, is shared by the United States Government as before the Intertestimony of the Secretary of Commerce, Mr. Hoover,reduction
s were a
the
that
as
on,
inasmuch
Commissi
e
Commerc
State
those industries which
matter of relief they should be first extended torelief
accorded
be
would
felt that more effective
most needed it. It was
' revenues
that it would bear less heavily on the companies
es in
in this way andexclusion
commoditi
numerous
s
of
the
from
reduction
because of the
a very small part. If the matter were one
which the railway rate played
would be followed
method
of
this
the
railways,
judgment
the
on
depending
if the Railway Commission approved.
commodities on which
Mr. Beatty furnished the following list of basic
be made: Grain and grain products, forest
should
s
reduction
thought
he
lime, plaster, potatoes,
products, coal, building material, brick, cement,
later on, were added
fertilizer, ores, wire rods, and scrap iron, to which,
JULY 151922.]
THE CHRONICLE
pig iron, blooms, and billets. The same list was afterwards approved by
the Canadian National Railways.
In the Report of the Special Committee to the House above referred to,
it was stated as follows:
"basic commodities which may be afforded reductions should have the
earliest possible consideration by the Board of Railway Commissioners."
While the recommendation of the Committee is to be treated with
respect, it is not binding in law upon this Board. It is arguable that in
revising rates, the logical method to pursue is to redress antecedent necessary percentage increases by subsequent percentage decreases, thus minimizing the inequalities which the percentage increases had accentuated.
As a matter of emergency action, however, revisions may be made on basic
commodities in so far as is possible, consistently with other conditions now
existing.
At a later sitting of the Committee, both the Canadian Pacific and the
Canadian National Railway Companies suggested that, in lieu of the
coming into effect of the Crowsnest Pass Agreement, the following percentage reductions from present rates should be made upon these basic
commedities, viz.:
Grain and grain products west of Fort William_20%
Forest products
20% East, and 16.66% West
Coal, exclusive of anthracite coal and coal from Fort William.
Reductions specific.
Rates 0 to 80c. per ton—reductions 10c. per ton.
Over 80c. to $1 50 per ton—reductions 15c. per ton.
Over $1 50 per ton—reductions 20c. per ton.
Building material—
Brick, cement, lime, and plaster
Potatoes
Fertilizers (other than chemicals)
Ores
Western Lines 16.66%
Pig iron
Eastern Lines 20%
Blooms
Billets
Wire rods
Scrap iron
This proposal was not adopted by either the Committee or the House
as proposed, but, as before stated, the rates on grain and flour from the
western Provinces to the head of the lakes were reduced to the original
Crowsnest Pass basis, and the question now arises as to what percentage
of reduction the Board can reasonably grant upon these specific commodities
under the changed conditions above referred to.
At a hearing of the Special Committee on the 20th day of June instant,
Mr. Lanigan, Freight Traffic Manager for the Canadian Pacific Railway
Co.,filed a statement showing what would be the reduction in the revenues
of that company if the offer above referred to had been accepted, as follows:
Statement Filed by Mr. Lanigan, Canadian Pacific Railway.
Basic Commodities.
Grain and grain products
$5,354,139
Forest products
1,765,147
Coal, exclusive of anthracite and coal from Fort William
476,619
Potatoes
115,358
Building material—brick,lime, cement, plaster
353,415
Fertilizers (other than chemical)
18,621
Pig iron, billets, blooms, wire rods, and scrap iron
132,466
Ores
122,704
International and inter-State traffic, 10%
$8,338,469
2,220,000
Grand total
$10,558,469
This showed a total, not including reductions on international traffic,
of $8,338,469, and, of this amount,$5,354,139 was the estimated reduction
on grain. Taking this from the total reduction leaves a balance of $2,984,330 to be distributed among the other commodities. By the legislation hereinbefore referred to granting the Crowsnest Pass rates on grain
as therein provided, according to the evidence of Mr. Beatty, as recorded
on page 46 of the Reports of the Special Committee, assuming the grain
traffic of the Canadian Pacific Railway to be the same as in 1921, the
adoption of the Crowsnest rates would reduce their revenue by $7,159,537,
which taken from the sum of $8,338,469 would leave $1,178,932 still
available for reduction in rates on the above list of basic commodities,
and the Board, after very careful investigation, has concluded that this
would be represented by a reduction of 7%% on the rates now in existence
on these basic commodities less than the increases authorized by General
Order No. 308, not, however, including therein any reductions heretofore
made upon any of the said commodities upon domestic rates in Canada.
This would leave increases on these commodities above the basis of Sept.
1920 at 12%% in Western Canada and 1734% in Eastern Canada.
This reduction of 7%%, however, should not apply to coal other than
anthracite, which was not increased on a percentage basis, but by flat
rates as hereinbefore particularly described, and, therefore, it is felt that
all the increases on coal other than anthracite granted by the Board by
General Order No. 308 should cease and the rates go back to those immediately preceding the 13th day of September 1920. This reduction,
however, not to apply to coal from head of lakes ports westbound.
These reductions in the revenues of the Canadian Pacific Railway together with reductions in international rates and those hereinafter provided
for will amount to more than eleven million dollars per year, and ,considering that the net revenue for that company for the first five months of
1922 shows a falling off of $2,393,000 as compared with the same months
for 1921, the Board does not feel justified in going further in the direction
of rate reductions.
The Canadian Pacific Railway figures are given above as this company
is taken as the standard in rate discussions. An examination, however, of
the Canadian National figures, while showing some improvements over
1921, shows a deficit in operating alone for the first four months of 1922
of $6,945,000, the only bright spot in the whole situation being the Grand
Trunk, which shows a gain of $2,591,000 for the first five months of 1922
as compared with the like period of 1921.
In the Western Rate Judgment, after a very careful analysis of the rulings
of the Board in tin matter of discrimination and searching analysis of
traffic conditions, the Board found that water competition, generally
speaking, was effective in the East. It found that, in the main, the rate
structure of Eastern Canada was justified on the basis of water and rail
competition; and the following language was used:
For the reasons stated, I am of the opinion that while discrimination
exists between the rates charged east and west of Port Arthur, the discrimination is justified under the Railway Act and the decisions of the
Board already referred to. It is neither undue nor unjust.
See Section 9 of the Judgment in question.
ln the hearings before the Board in the present case,considerable attention
was devoted to the matter of water competition in its bearing upon rates
271
in Eastern Canada. Counsel for the Provinces of
Manitoba and Saskatchewan was disposed to minimize the importance of this
water competition. It is true that on account of tonnage readjustmen
ts arising out of
th II war and the incidents thereof there have been
fluctuations in the
water-borne tonnage, yet this does not detract from the
fact that from the
octvin well into the middle of the continent there is a
water highway on
which vessels are free to go and come, not tied down to
any particular
to dte, and not involving the large fixed investments which
are essential to
rail way transportation. It is also true that adjacent to
this section of
Canada are the rail lines of the United States which are equally
subject
to the effect of this water-borne traffic; and it does not
appear that any
vital change in this respect has taken place since the date of
the decision
in the Western Rate Case.
While as a consequence, naturally to be expected, from difference
of
conditions, many prairie rates have a spread over the eastern
rates, the
course of the decisions of the Board, including the present
decision, has
Wen to narrow this spread wherever possible.
The matter has been put in a succinct way in the evidence before
the
Special Committee appointed to consider railway transportati
on costs.
Counsel who appeared before the Board for the Provinces of Manitoba
and Etaskatchewan represented these Provinces, as well as
Alberta, before
tue Committee. At page 300 of his evidence, in dealing
with the difforent scales, he said:
First, there is the Eastern scale which. as I will develop
later, is held
down by maximums created by water competition, potential
and otherwise,;aid by American rail competition.
Again, at page 301, in summarizing the provisions of the Railway
Act, in
regard to discrimination, he used the following language:
The railways, when we replied that we were discriminate
d against in
respect of Eastern rates, answered, and the Board has held
it to be a good
answer. True, there is a disparity, a discriminati
on, and I propose to
give you the four or five decisions in all the rate cases
that effect, that
there is discrimination, e, disparity against us, but to
the railways have
satisfied the onus of showing that it is not unjust
or undue, because railway rates in the east are held down by water competition
and American
rail competition, something they cannot control, and
therefore that excuses
that discrimination.
The Board holds that the differences in rates as between
the Prairie
Provinces and Eastern Canada as referred to do not constitute
an unjust
discrimination or undue preference.
Conclusions.
All steam railways in Canada under the jurisdiction of
this Board shall
file tariffs, effective the first day of August next, providing
for the followreductions, viz.:
(a) On the articles, other than grain and flour, hereinbefore
referred to
as basic commodities, namely, forest products, building
material, brick,
cement, lime, and plaster, potatoes, fertilizers (other than
chemicals),
ores, pig iron, blooms, billets, wire rods, and scrap iron, a
decrease of 7%%
from the increase given by General Order No. 308 and
any other orders
affecting the said commodities issued since that date,
which will hereafter leave the increase granted by said General Order
No. 308, in Western
Canada, at 12%% and, in Eastern Canada, at 17%
%; the term "forest
products" as set out in such list to be defined as follows:
In the territory east of Port Arthur Ont., in accordance
with the list of
commodities shown in C. P. R. tariff C. R. C. No.
E-3818 as taking rate
basis "A"; in the tariffs from British Columbia
to prairie points on the
commodities taking Group A and Group B rates, as
shown in C. P: R.
tariff C. R. C. No. W-2573; and from stations
in Alberta and British
Columbia to stations in Eastern Canada, in accordance
with the Canadian
Freight Association tariff C. R. C. No. 30; also
on pulpwood west of Port
Arhut, Ont.
In cases where reductions heretofore granted
or ordered upon these
commodities have not amounted to 73, % as
above described, they shall
be reduced to that point, and, where they exceed
7%%,they will remain
as they are at present.
These reductions are made upon the same
basis in both Eastern and
Western Canada with the object of preserving
the same spread between
these territories as was provided by General Order
No.308.
(b) On coal, other than anthractie and
coal from the head of the lakes
westward, all increases provided for by General Order No. 308 to be
rescinded;
(c) On commodities moving under class and commodity rates between
points east of Montreal and points west of Port Arthur and Fort William,
the establishment of arbitraries as provided for herein;
(d) On the territory between North Bay and Sault Ste. Marie, Schedule
A rates to be applied;
(e) Mountain rates to be reduced to the basis provided for herein; and
No.
(f)T
308h
,etoinbe
creeamin
naetxecdess baggage rates, as provided for in General Order
With the above exceptions, all tariffs now in effect, either under the
provisions of General Order No.308, as amended by General Order No.350,
or as the result of voluntary action by the carriers, shall remain in force.
A comparison of Canadian and United States freight
and passenger rates is contained in the order, and we quote
the same herewith.
Comparison of Canadian and United States Freight Rates.
It is considered advisable at this stage to give a comparison of the
general rate structures of Canada at present as compared with the rate
structures of the United States as they will be on and after the 1st day of
July next, because, on account of the great similarity between railway
operations and business conditions in the two countries as well as the very
large volume of international traffic, it is well to know as nearly as possible
the exact relationships of the rate structures of both countries.
Two or three years ago, and before the general increase in rates in the
United States authorized by the Inter-State Commerce Commission under
ex parte 74, effective Aug. 26 1920, a careful comparison was made between
the general level of freight rates in Canada and the United States which
showed, having regard to all the controlling conditions, that the general
level was slightly in favor of the Canadian shipper.
Freight rates in Canada were not generally or materially increased
during the first four years of the war, but in 1918 and 1920 it was necessary, not only in Canada, but in other countries as well, to materially increase freight rates, so as to enable the privately owned railways, but not
In full measure,to meet their advancing operating costs which had increased
by leaps and bounds and in a manner entirely without precedent or parallel.
The wage increases in 1918 and 1920, coupled with the increased cost of
coal and other materials and supplies, resulted in such increases in railway
operating costs that a substantial increase in freight rates was inevitable.
Notwithstanding that the employees of the Canadian railways were
granted increases in wages equal to those in the United States and that
Increased costs and war conditions bore even more heavily upon railway
conditions in Canada than in the United States, the increase in rates as
authorized by this Board did not bear as heavily on the Canadian public
272
THE CHRONICLE
[Vol,. 115.
rates for the carriage of milk in baggage cars, all effective on the same date.
as the increase authorized in the United States by the Inter-State ComIn Canada, prior to Sept. 13 1920, the standard passenger fare east of
merce Commission, as will be clearly evidenced by the following.
McLeod, Calgary, and (Wolf Creek) Thornton, Alberta, was
These general increases, commonly known as the Forty Per Cent in- and including mile, west of these points, 4 cents per mile.
per
cents
figure.
3.45
that
under
y
apnrecia,bl
creases, although in fact they averaged
and
By General Order ofthe Board No.308,the passenger fares were increased
became effective in the United States on the 26th day of August 1020.
to a maximum of 4 cents per mile. The order did not
In Canada on the 13th day of September 1920. There has been no general by 20%, subject
increase passenger fares in British Columbia. An increase of
decrease in freight rates authorized in the United States since Aug. 26 therefore,
also allowed in parlor and sleeping car fares. and 20% in excess
1920, although there will be a general decrease of 10% effective July 1 50% was
charge, but no increase was allowed in the rates for the carriage
iii
baggage
in90
13
Sent.
effective
rates
increased
the
On
hand,
the
other
1922.
the of milk in baggage cars.
Canada, were subiect to a general decrease of 5% Jan. 1 1921. and
On Jan. 1, by the same order, the standard passenger rate east of McLeod,
further general decrease of 10% Dec. 1 1921. The situation is illustrated
and Thornton was reduced to 3.795 cents per mile, and on July
below, taking in each case for simplicity of illustration, a rate of $1 per Calgary,
the standard passenger fare reverted to 3.45 cents per mile.
11921,
100 pounds:
On Dec. 1 1921. the increase or surcharge in parlor and sleening car fares
Canada.
was reduced to 25% over those in effect prior to Sept. 13 1920.
Effect re
Effective
Effective
Comparison of rates in Canada and in the United States at present is as
Rate Prior to Sept. 13 1920. Jan. 11921, Dec. 1 1921:
'
follows:
Rate
Rate
Rate
Sept. 13 1920.
Passenger Fares.
Decreased to
Decreaeod to
Increased to
United States—
$1 95
$1 35
$141)
$100
East
3.6c. per mile
Standard
All territory
1 20
1 30
135
100
West
Canada—
Inter-Territorial Traffic.
3.45c. per mile
East of McLeod,Calgary,and Thornton_ __Standard
4c. per mile
Standard
Percentage of increase in rates within territories east and west of Port
West of above territory
Arthur applied to the east and west factors thereof respectively.
Car Fares.
Parlor
and
Sleeping
United States.
Surcharge of 50%
Effective
United States
Effective
Surcharge of 25%
Canada
Aug. 26 1920 July 1 1922
Rate
Rate
Rate Prior to
Ezress Baggage Charge.
Decrecred to
20,77„ increase
Aug. 26 1920 Increased to
United States
$1 26
20% increase
$1. 40
81 no
Eastern group
Canada..
1 21M
Western group
1 35
1 oo
Milk in Baggage Cars.
Southern and Mountain Pa20% increase
United States
19,1 1
1
12.5
100
cific growls
No increase
1
Canada
20
1-3
33
1
00
traffic
1
Inter-territorial
railways
the
1920,
9
Sept.
Futher. under this Board's General Order 308,
were prohibited from increasing rates on:
ITEMS ABOUT BANKS, TRUST COMPANIES, ETC.
Crushed stene, sand, and gravel.
have occurred
No sales of bank or trust company stocks
Minimum clam rate scale.
week.
Minimum charge per shipment.
at the Stock Exchange or at auction this
Switching. interswitching, milling-in-transit, diversion, reconsignment,
stop-overs, demurrage. weighing, &c.
The increased allowed in rates on cordwood, slabs, edgings and mill
A New York Stock Exchange membership was reported
refuse for use as fuel was limited to 10%.
Posted for transfer this week,the consideration being stated
The increase in coal rates was limited as follows:
$99,500.
at $99,000. The last previous transaction was at
In rates 0 to sn cents per ton. In cents.
. In rates sn to 150 cents per ton, 15 cents.
In rates over 150 cents per ton. 20 cents.
The Seaboard National Bank of this city has authorized
In the United States, under ex paste 74, July 29 1920, there was no
similar limitation with rec-neet to rates on crushed stone, sand. g-'vel. an increase of $1.000.000 in its surplus. by transferring that
and coal, and they were suhiect to the same percentage increases ns anthoe- amount from undivided profits. The Seaboard's capital
ized for other traffic: further, the percentage increase annlieahle in the
to $10,000,000.
group where the service is performed was made in the ch"rges for switching, and surplus now amount
transit arrangements, weighing, diversion, reconsignment, llio•terae.e,
floatage, storage (not including track storage), and transfer, while no ing & Shanghai
The New York Agent of the Hongkon
creases for those services were allowed in Canada.
Street, is in receipt of a
The coal traffic is, of course, a very large and important movement, and Ranking Corporation at 36 Wall
the following illustrations show what the limitation in Canada meant, as wire from the head office of the bank stating that an interim
compared with the percentage increase in the United States. The increases
subject to deducdividend of ,E3 per share has been declared
allowed were:
—ha U. S. Effective Aug. 26 1ne0-- tion of income tax, payable Aug. 8.
Struhern &
In Canada
Western itn-Pacific
Eastern
Effective
Chrissoveloni, of
The New York agency of the Banque
Group.
Group.
Sept. 13 1920.
Group.
of its offices
removal
the
s
announce
,
35%
Rumania
10c per ton
25%
t,
In rates0 to 80c ton
40%
Buchares
In rates over 80 to 150c.
Broadway.
115
to
40%
25%
35%
15c. per ton
ton
40%
20c. per ton
35%
25%
In rates over 150c
ers of the Atlantic
To illustrates:
At a special meeting of the stockhold
In United States
Bank of this city on July 11, the proposal to merge
National
South &
America under the name
In
Mtn.that institution with the Bank of
East..
West.
Pacific. Canada.
. The consolidation will soon go
of the latter, was approved
C.
c.
c.
c.
Atlantic National is to be
into effect. The business of the
108
100
112
90
A. rate of 80c. per ton became__
IRS
203
210
continued at its office, 257 Broadway, opposite City Hall, as
165
A rate of 150c. per ton became__
405
of America. With the
375
320
420
A rate of 300c. per ton became__
the Atlantic branch of the Bank
Under the reduction in rates in the United States to become effective exception of President Herman D. Rountze, who with
July 11922, the situation will be:
Bank of
several of his associates will become directors of the
In
In
Canada Cava/a America, the active executives of the Atlantic National will
•
Aug.
at the Atlantic office as officials of the Bank of
1 1922 1 1922 remain
Charles F.
America. These are: Edward K. Cherrill and
on
on
ViceAssistant
,
Andruss,
0
E.
Iwr
Frank
Anthra;
residents
Vice-P
to
1920
Prior
Junod,
Where Rate
Coal.
—In U. S. July 1 1922— cite.
Increase was—
and John P. Laird, John H. Brennen, Hugh M.
;
President
C.
c.
c.
c.
c.
Cashiers.
Garretson and John H. Trowbridge, Assistant
90
60
90
97
80c. per ton now becomes_ __ 101
St.,
Wall
44
at
is
office
main
169
150
165
182
whose
America,
189
__
of
becomes_
150c. per ton now
The Bank
300
320
338
365
and will
300c. per ton now becomes__ _ 378
have seven offices in New York and Brooklyn
will
Subsequent to the general increase in 1920,there have been a large number
resources of more than $125,000,000 and a capital and
et substantial reductions in Canada between various points on different have
officers of the Bank of
by
surplus of $11,000,000. The senior
commodities. lin Canada, among the more imnortant reductions made
the railways, were the grain rates from Fort William and Lake ports to the America will be: Edward C. Delafield, President; Walter M.
Atlantic seaboard and Eastern Canada: on live stock, on which a rednetion
M. Fincke, ViceBennet, First Vice-President; Clarence
of approximately 25% was made in July 1921, from the rates effective
Cherrill, Vice-President; Charles E.
September 1920, on hay in Eastern Canada, on lumber from the Pacific President; Edward K.
coast to eastern points, on wool and hidesfrom western to eastern points. &c. Curtis, Vice-President and Cashier; Thornton Gerrish,
In the United States a reduction in carload rates on grain, grain nrodncts,
ery, Vice-President;
in Vice-President; William J. Montgom
and hay In the Western and Mountain-Pacific groups became effective
of 50 cents Charles F. Junod, Vice-President; Frank E. Andruss, AssistJanuary 1922, rates on live stock in the same groups in excess
per 100 pounds were reduced 20%, but not below 50 cents, in October ant Vice-President; Clark B. Davis, Assistant Vice-Presi1921, and carload rates upon products of the farm, garden, orchard, and
nt; and
Edward W. Russell, Assistant Vice-Preside
ranch were reduced 10% in January 1922. These are the only three dent;
e to the conReferenc
Officer.
the
country,
or
entire
the
covering
made
Trust
were
Curry,
reductions
G.
k
where
Frederic
Instances
whole of any one or more rate groups, since the increases of 1920 became solidation appeared in our issue of June 17.
effective. These rates are not being further reduced in the United States
July 1 1922.
Bank of New
The statements of the Chemical National
Comparison Between Canadian and United States Passenger Fares.
Immediately prior to Aug. 26 1920, the standard passenger fare in the York as recently published show the following interesting
United States was 3 cents per mile.
$123,021,966; May 5 1922,
Commerce Commission authorized an figures for deposits: Dec. 31 1921,
On Aug. 26 1920, the Inter-State
141.
ner
of
3.6
cetits
a
standard
$144,762,
with
1922,
30
fares,
June
passenger
and
$133,150,446,
increase of 20% in all
was allowed in sleeping anti Parlor
mile. An increase or surcharge of 50%
in
crease
rates, and 20%
car fares, an increase of 20% in excess baggage
JULY 151922.]
VETE CHRONICLE
The Paris office of the Equitable Trust Company of New
York, which was established in 1910, has outgrown its original quarters and has recently found it necessary to secure
space on two additional floors in the large office building at
23 Rue de la Paix. It is pointed out that a steadily increasing number of American business firms are realizing the
desirability of dealing with an American bank abroad, employing American methods. They realize, it is said, that they
can effect a considerable saving in interest yearly by paying
foreign bills by check or replenishing balances when rates
are regarded as most favorable. Then, too, an account with
the foreign branch of a large American bank well known in
London, Paris or other prominent business and financial centres of Europe enables the American merchant to establish
a valuable local credit reference as well as secure reliable
first hand trade and credit information. In its new quarters
the•Equitable is adequately equipped to meet the growing
demands upon its services. Many American travelers are
also taking advantage of the foreign travel service bureau
maintained in the Paris office of the Equitable, and numerous foreign representatives of American firms are saving
valuable time through the use of this service.
273
President of the new bank and finally, upon the death of
Edward S. Campbell, was made its President. Upon the consolidation of the National Newark Banking Co. and the Essex County'National Bank, a few years ago (1918) to form
the National Newark & Essex Banking Co., Mr. Merritt became a Vice-President of the new organization. Mr. Adams
has lived in Newark all his life. He entered the Essex County
National Bank as a boy on July 1 1872 and rose through successive stages until he became a Vice-President of the institution. Finally, when the present organization was formed
by the union of the National Newark Banking Co. and the
Essex County National Bank, Mr. Adams became a VicePresident of the new institution.
The Fidelity Trust Company of Buffalo is conducting a series of instructive talks on the subjects of Investments, Will
Making and the Administration of Estates and General
Thrift. Lewis G. Harriman, Vice-President of the Fidelity
Trust Company, gave a talk June 8 on the subject of Investments. His next discussion of Investments will be given in
September. Will Making and the Administration of Estates
will be discussed in a series of short talks by Harley F. DrollInger, Director of the New Business Department of the Fidelity Trust Company. The series will be conducted during
the months of July and August. During the months of September and October, George B. Macphail, Assistant Secretary of the Fidelity Trust Company, will give a series of.
talks on the general subject of "Thrift." The subjects will
be announced from time to time by the Federal Telephone
and Telegraph Company, Station W. G. R., at whose broadcasting station and under whose auspices the series of talks
will be•made.
Assistant District Attorney Louis Goldstein, chief of counsel for the depositors of the defunct Union Bank of Brooklyn
in their long litigation to recover from the State losses
amounting to some $5,000,000 sustained when the bank
failed, received word on July 1 that the Appellate Division
had granted the plaintiff's motion for permission to appeal
to the Court of Appeals in the test case of Jennie Sherlock
(a depositor of the Union Bank) vs. the State of New York.
This is eonsidered an important point gained by the depositors in their legal battle, inasmuch as the Court of Appeals
will determine finally whether the State is liable for the
According to the weekly bulletin of the Comptroller of the
losses to the depositors. It is alleged that the responsibility Currency, the name of the Ocean National
Bank of Newburyfor the bank's failure in April 1910 rested with State bank- port, Mass., has been changed
to the First and Ocean Naing officials. The Brooklyn "Eagle" in its issue of July 2 tional Bank of Newburypo
rt.
quotes Frederick Stussy, Jr., Secretary of the Union Bank
Depositors' Association, as saying on the night of July 1:
The Stoughton Trust Co. of Stoughton, Mass., recently
We are determined to take the fight to the highest court. Since 1911, when
this legal battle was begun by our friend Goldstein, we have contended under
a great handicap, for no case like that had ever been placed before the court,
and it meant the making of a new law. We have always felt that the State
was liable for the misconduct of its officers in failing to protect the rights
and interests of the depositors, who depended in vain
on the State Banking
Department. The Union Bank was mismanaged and looted. That has been
proven in court. Because of the laxity of the State officials it was left in
such shape that the liquidation yielded only 20% of what was due the people
who placed their money in it and relied on the integrity
of the State officials
who should have seen to it that the bank was honestly managed.
We last referred to the affairs of the Union Bank in these
columns in our issue Dec. 18 1920.
increased its surplus account by transferring $62,500, or
half, of its capital of $125,000, to that account. Subsequently the institution issued 625 shares of new stock of the
par value of $100 per share to be sold at not less than $200
per share, of which $100 will go to capital account and
8100 to surplus account, making the capital and surplus of
the bank $125,000 and $125,000, respectively. It also
has undivided profits of $10,000. Guy A. Ham is President.
The handsome 12-story building of Harris, Forbes & Co.,
at 14 to 24 Federal Street, Boston, which has been under
At a meeting of the board of directors of the First National construction for the last ten months,
is now completed, and
Bank of Freehold, N.J., held on July 12, Clifford Hance was on July 1 the well-known investmen
t banking house opened
elected Vice-President, Elmer C. Hall appointed Cashier, for business in its new quarters.
The building is in the
and A. Rulon Applegate, Assistant Cashier. We referred Italian Renaissan
ce style of architecture, built of Indiana
to the death of Joseph T. Laird, Vice-President and Cashier, limestone, and has
entrances on both Federal and Congress
of the First National, in our issue of July 1.
Streets. The windows of the street floor are covered -with
wrought iron grills and there are massive wrought iron
Dr. Harry H. Grace, President of the Central Trust Co. lanterns
at each side of the building. The first and mezof Camden, N. J., has resigned because of ill health. He zanine
floors and the basement of the building are occupied
will continue as a member of the Board of Directors.
by Harris, Forbes & Co. The main banking room is one
of the finest in the New England States. Its floor is finished
At the weekly meeting on Monday, July 3, of the Board of in Tennessee
marble with a Belgian black marble border
Directors of the National Newark & Essex Banking Co. of and base; the
counters are of buff Tavernelle marble and
Newark, David H. Merritt and Frank B. Adams, Vice-Presi- the ceiling is beautifull
y decorated and paneled. Heavy
dents of the institution, were each presented with a large bronze grills extend along
the counters of the Banking
silver tray, suitably inscribed, in recognition of 50 years of Department and the railing
of the mezzanine floor is also of
"continuous, faithful and efficient service." The presenta- bronze. The Sales Department is on
the left of the main
tions were made by Charles L. Farrell, the President of the floor and at the rear of this
room are private offices and
National Newark & Essex Banking Co., on behalf of the di- additional desk space. On the
mezzanine floor are the
rectors. Both the recipients responded, Mr. Merritt in the executive offices, directors' rooms,
the quarters of the clerks
following "nutshell" speech:
and stenographers and the telephone exchange. The base"The main street of my native town of Great Barrington, Mass., is lined ment,
which is reached by a marble stairway from
with massive elm trees. Upon the
the
branches of the largest trees are these main banking
room, is given over to the Trust Department,
words:
"'Caesar saw fifty, we an hundred years;
safety deposit vaults for the use of the members of the
Still green, an hundred more we'll stand the sears,
firm and patrons, rest rooms for the employees, etc. The
And watch the generations as they go,
original office of Harris, Forbes & Co. was opened in Boston
Beneath our branches in their hurried flow.'
"My wish and hope is, gentlemen, that
green, in September 1886 by N. W. Harris & Co. of Chicago.
I
may
still
you,
remain
with
a hundred years more."
This first "office" consisted of desk room at 68 Devonshire
Mr. Merritt began his banking career in New Brunswick,
St. Two years later (1888) the firm moved to 70 State
N. J., where he had lived since
he was two years of age. On St.; in 1897 to 67 Milk St., and in 1907 to 35 Federal St.,
July 1 1870 he entered the old
Newark City National Bank where the company's quarters expanded to twice their
as Paying Teller and
subsequently rose to the position of original size. The company's rapid growth is shown by
Cashier. When that institution was merged
with the Na- the fact that the force connected with the Boston office
tional Newark Banking Co., Mr.
Merritt was elected a Vice- increased from 2 to 152. John R. Macomber is President
274
THE CHRONICLE
1 1911.
of the company, a position he has held since Jan.
ted
Most of the other officers and directors have been connec
Harris
The
longer.
or
years
25
for
with the company
millions
organization, with which the firm is associated, sells
States
United
the
of
parts
all
in
year
every
ies
securit
of
the
all
in
offices
has
It
es.
countri
and in many foreign
founder
leading markets of this country and Canada. Its
was Norman Wait Harris, a native of Becket, Mass.
recently
The Newton Trust Co., Newton, Mass., has
of the First
purchased the controlling interest in the stock
First National
National Bank of West Newton, Mass. The
al Bank.
a
as
Nation
ued
contin
Bank of West Newton is to be
dated with
The Newton Trust Company has recently consoli
has offices
the City Trust Company of Newton which bank
n Trust Co.
at Newton, Highlands and Waban. The Newto
Newton
is continuing these two offices as branches of the
Hill has
ut
Chestn
of
village
the
that
Trust Co. Were advised
ent
in no way been concerned in these changes. The statem
of
capital
showed
ny
Compa
Trust
n
Newto
the
of
of May 5
gs
earnin
ded
undivi
and
t
$560,900, a surplus of a like amoun
of $58,533; the deposits of the banking department institu
s
deposit
the
while
,605,
$6,654
were
tion on the same date
The
in its savings department were reported as $2,061,380.
officers
The
8,955.
$10,89
total
tion
the
of
institu
es
resourc
dson,
are Seward W. Jones, President; Frank L. Richar
od,
Executive Vice-President; Frank J. Hale, Sydney Harwo
ents;
-Presid
Vice
d,
Hatfiel
E.
s
Charle
and
George Hutchinson
Assistant
William T. Halliday, Treasurer; James B. Melcher,
George
r;
Cashie
Cahill,
M.
m
Willia
ry;
and
Secreta
rer
Treasu
Mr.
s.
Cashier
nt
Assista
White,
A. Haynes and George L.
Hatfield a newly elected Vice-President and director.
[-VOL. 115.
has become President of the First National Bank. Mr.Jones
continues as a member of the board.
The Jenkintown National Bank, Jenkintown, Pa., was
placed in voluntary liquidation at the close of business July
1. Plans for the merger of the bank and the Jenkintown
Trust Co., under the name of the Jenkintown Bank & Trust
Co., were referred to in our issue of July 1, page 38.
According to the Philadelphia "Ledger" of June 22, William Phipps, a former clerk in the Jenkintown National
Bank of Jenkintown, Pa. (now merged with the Jenkintown
Trust Co. under the title of the Jenkintown Bank & Trust
Co.), was on June 21 arraigned in the Federal Building in
Philadelphia, charged with embezzlement and misappropriation. The accused is also charged, it is said, with setting
fire to the bank to cover up his alleged embezzlement. He
waived a hearing, it was said, and was held for court in $2,500 bail. Phipps, who is but 20 years of age, according to
set fire to the
the "Ledger," is said to have confessed that he
the same time
bank in May last in order to steal $4,683 and at
cover up $1,400 in forgeries.
under date of
From a press dispatch from Scranton, Pa.,
" of July 1, it apJune 30, printed in the New York "Times
the Centre County
pears that John M. Shugert, President of
filed a voluntary
Banking Co. of Bellefonte, Pa., on that date
t Court at
Distric
l
Federa
the
in
ptcy
bankru
in
n
petitio
tion, which
institu
his
and
f
himsel
he
Scranton, asking that
bankrupt. The dispatch
d
declare
be
n,
concer
private
a
is
showed the institution
stated that Mr. Shugert's statement
es of $337,436. It
to have liabilities of $547,847 and resourc
petitioned the
also
had
t
Shuger
Mr.
that
stated
r
is furthe
petitions on four
Court to serve notice to file bankrupt copy
refused to join with
Com- of his partners, alleging that they had
According to the Boston "Herald" of July 1, Bank
nt. The bank
insolve
was
bank
the
knew
they
July him, although
missioner Joseph C. Allen on June 30 announced that on
surplus of $40,000.
and
$50,000
of
capital
a
had
pay
to
ty
15 he would petition the Supreme Court for authori
a dividend of 16 2-3% to depositors in the savings departthe First National
E. F. Olmstead, the former Cashier of
dement of the Tremont Trust Co. out of the assets of that
d in these colreporte
as
who,
,
Md.,
Bridge
Union
of
ts Bank
partment. If the petition is granted, it is said, paymen
having
defaulted to
to
ed
confess
1
July
of
in our issue
will commence on July 31 and about $1,500,000 will be dis- umns
June 30 pleaded "guilty" before
on
,
amount
wn
unkno
des
saving
an
the
tributed. A dividend of 33 1-3% was paid
John C. Rose in the United States District Court to
positors in December last, so that with the forthcoming pay- Judge
$48,747 from the bank, and was sentenced to
ling
embezz
rebeen
will
have
said,
is
it
ment approximately $4,500,000,
a half years in the Federal Prison at Atlanta,
and
four
turned to the depositors. The "Herald" further states that serve
de- according to the Baltimore "Sun" of July 1. The "Sun" fura dividend of 16 2-3% is being paid to the commercial
ed ther stated that it was said about two-thirds of the bank's
expect
it
was
positors of the defunct trust company, and
ge would fall on the depositors, as the institution had
that about $450,000 would be returned to them. The Tre- shorta
of but $25,000 and assets of $55,000.
17
capital
Feb.
on
sioner
a
the
by
Commis
mont Trust Co. was closed
our
in
1921. We last referred to its affairs in these columns
At the annual meeting of the Society for Savings of CleveIssue of Mar. 11 1922.
land, Ohio, on June 27, Howard M. Yost, heretofore Secreof Lancaster, Pa., tary, was made Treasurer, to succeed the late J. C. Hoffman.
The Agricultural Trust & Savings Bank
been
it
has
stated that the Richard T. Edison, formerly Assistant Secretary and Asbegan business on June 22. While
s
chartered as successor to the Agri- sistant Treasurer, was made Secretary, and remain Assistnew institution has been
also.
rer
Treasu
the
ng
ago
followi
ant
year
a
closed
cultural Trust Co., which
lement of funds by its then
discovery of the elleged embezz
Ground has been broken for the new 20-story bank and
following information as to
the
d
receive
Treasurer, we have
building of the Union Trust Co., Cleveland. This
office
tion:
institu
the organization of the new Co. only in so far that the depositors
building is to be erected at the northeast corner of Euclid
Trust
We succeed the Agricultural
on paid for the capital of our company, and Avenue and East Ninth Street. It will be the largest office
and creditors of the old instituti
assets in the hands of C. II. Graff, Special
above the present structures
that we purchased the remaining
oner of Banking, in possession of the building in Cleveland. Rising
Deputy for John S. Fisher, Commissi
1922.
that now surround the Euclid-Ninth corner, the Union Trust
Agricultural Trust Co. as of Mar. 13
out the affairs of the old institution in
The receiver, C. H. Graff, is closing
Building will completely revamp the appearance of this busints from the individual depositors and
the regular way. We accept assignme
The old Lennox Buildpayment, after which a deposit credit is est of Cleveland's business centres.
present them to the receiver for
Theatre Building on
Euclid
as follows:
the
st
corner,
parties
northea
the
various
at
the
for
ing
books
our
placed on
less receive one hundred cents on the doland
house, a power
$200
frame
a
,
of
s
Chester
and
depositor
Ninth
of
those
corner
All
the full amount and what the receiver the
lar, as we add the difference between
parking ground now occupying the Chester
large
to
and
of
s
wish
over
who
$200,
depositor
house,
Those
fund.
gives us, out of our surplus
on, must take 20% of their deposit in Avenue frontage, are being removed to make way for the
affiliate themselves with our instituti
receive 80% in cash. The amount paid
and
$25,
par
share,
per
$50
at
stock,
g structure. The completion of this new buildsmaller depositors of $200 and less in new bankin
over par is used toward paying the
this corner, it is stated, a truly metropolitan
all
to
give
give
to
at
stock
par
and
double
will
10,000,
ing
lull, of which there are over
class
The
.
or
second
common
creditors
lk frontages of the new building, instead
sidewa
common
aspect. The
those who are classed as
by the theft of safe keeping securities,
of long stretches of pillars, stone walls
creditors are those who suffered losses
simply
ing
consist
.
of
on other than deposit accounts
collateral loans sold out, and manipulations
the case with so many of the old style
was
their
as
s,
not
will
on
window
receive
creditors
anything
and
Under the receiver, the common
buildings, will be occupied in the new building by stores
claims.
bank
on is $300,000. None of the
The authorized capital of the new instituti
stores fronting on East Ninth, four on
d with the old institution. The and shops. Ten
officers of the new institution was connecte
President; P. F. Snyder, Treasurer and Euclid and sixteen on Chester, will occupy the sidewalk
Mowrer,
H.
J.
are:
officers
present
This will
y of the Board; Paul V. Helm, Assistfrontages between bank and building entrances.
Vice-President; J. G. Forney, Secretar
y, and Hon. Bernard J. Myers, Solicitor.
s
along
these
ng
section
three
shoppi
ant Treasurer and Assistant Secretar
ated
illumin
y
brightl
our make
d of making a break in the
We last referred to the affairs of the institution in
sides of the building. Instea
Issue of Feb. 11, page 595.
shopping district, the new building will add, we are told, to
Euclid-East Ninth corner as a shopand the value of the entire
Frederic H. Strawbridge, heretofore Vice-President
g will extend for 145 feet on Euclid,
buildin
The
centre.
managers of the Savings Fund ping
a member of the board of
381 feet on Chester. Beyond the main
and
Ninth,
on
feet
256
Presiacting
has been elected
Society of Germantown, Pa.,
story service building, separated from
ston E. Jones, who building will be a fivedent. Mr. Strawbridge succeeds Living
JULY 15 1922.]
THE CHRONICLE
the main building by an alley, but bridged over the upper
four stories. This will extend for 116 feet further on Chester Avenue. The total floor space will be over a million
square feet. About 700,000 square feet of this space will be
available for office purposes, and about 300,000 square feet
will be occupied by the Union Trust Co., which will fill the
first four floors and part of the fifth. It is estimated that
the building, when completed and fully occupied, will have
a population of about 6,000 people, and will be visited by
fully 50,000 daily. 18,000 tons of steel will go into its construction. 3,000 windows will supply light to the building.
The shape and location of the building, with three full sides
opening upon streets and two immense light wells in the centre, will insure a maximum of daylight for every one of the
1,455 office rooms which will constitute the 15 upper stories.
The following additional particulars are furnished:
The first floor—the floor on the Euclid level—will house the main banking looms of the Union Trust Co.—two handsome, spacious corridors lined
with marble pillars and covered at a height of five stories by a transparent
roof. Some idea of the immense size of the banking quarters set aside for the
public may be gained from the fact that they will house 96 tellers' cages. There
will be three entrances to the main banking rooms—a three-door entrance on
Euclid, a three-door entrance on Ninth, and one entrance on Chester. The
Euclid bank entrance will lead directly to the savings lobby, which will be the
shorter arm of the greater L-shaped banking room. This savings room
will be composed of an immense corridor 50 feet wide, flanked by marble pillars 40 feet high. It will be 130 feet in length. On one side of the
room extending beyond the pillars, will be the savings tellers' cages-28 in
all.'
On the other side of the room, in a corresponding location, will be the
desks of the officers of the department. Behind these desks will be private
conference rooms for the officers' use. The commercial banking room—the
longer arm of the L—will extend along the Chester Avenue side for a distance
of 215 feet. This likewise will be flanked by pillars 40 feet high. It will
contain 66 commercial tellers' cages. The officers of this department will
have their desks in the centre of the room. These rooms will be done in white
marble and mahogany. At the intersection of these two rooms there will
be
a rotunda 50 feet across and 75 feet high, surmounted by a
glass dome. Each
of the banking rooms will be surmounted by an arched, transparen
t roof,
which will rise in a curve above the rooms to a height
of about five stories,
beginning at the top of the 40-foot pillars. Thus
floors two, three and part
of four will look out upon both banking lobbies
as from a balcony, a railing
upon each floor surrounding the open well in
the centre. The mezzanine,
third, fourth and part of the fifth floors will
be given over to various departments of the Union Trust Company. Offices of
the executive officers of the
bank will be located on the mezzanine floor. The
directors' room will occupy the central part of the fourth floor. It will
be two stories in height and
will measure 30 x 55 feet. Besides being used
for regular Union Trust directors' meetings, this room will be available for directors'
and committee meetings of Cleveland businesses and corporations. Above
the fifth floor all space
will be given over to office purposes. There will be 97 office
units on each
floor, each one of which may be broken up into smaller units if desired. Each
floor will contain 43,000 square feet of rentable area.
An interesting feature of this new structure is the fact that in spite of
its
immense size it will have no sub-basement. The heat
and power plant and
other appurtenances ordinarily placed in a sub-basem
ent will be housed instead in the service building immediately adjoining
the main building on
Chester Avenue. This service building will also contain
the Union Trust
cafeteria, employees' recreation rooms, and other
employees' service departments. The outside appearance of this
new building will be handsome in the
extreme, as all three sides facing the street
will be finished in white stone
with limestone columns extending
three stories high on the Euclid side and
pilasters of the same height on Ninth
and
Chester.
Provision has been made
so that in case Cleveland builds
a Euclid Avenue subway, a subway entrance
to the building may be easily
constructed.
The building is scheduled to be
completed, ready for occupancy Nov. 15 1923.
The Buckeye National Bank of
Findlay, Ohio, was placed
in voluntary liquidation on
June 30. The proposed consolidation of this bank and the Commerc
ial Bank & Savings Co.,
under the name of the Buckeye
-Commercial Savings Bank,
was noted in these columns June 10,
page 2547.
According to a special press dispatch
from Richmond, Ind.,
on June 30 to the Indianapolis "News,"
Edgar F. Hiatt, until
recently President of the Dickinson
Trust Co. of Richmond,
was indicted by the Wayne County Grand
Jury on June 27
for alleged embezzlement, making overdraf
ts and perjury.
On the afternoon of Thursday, June 29,
Hiatt presented
himself, it is said, at the office of
the Sheriff of Wayne
County and furnished bonds to the
amount of $15,000. The
Dickinson Trust Co., it is understood,
was closed recently,
following an examination of its books
under the direction of
Charles W. Camp, the State Bank Examiner,
but was later
re-opened.
The name of the First National Bank of White Hall,
Ill.,
has been changed, effective June 30, to the Peoples-First National Bank of White Hall.
275
board; R. L. Redheffer, formerly Vice-President
of the
Security & Second Security Banks, is President; Ralph
S.
Davis is the Cashier. Reference to the new institut
ion was
made in our issue of June 10, page 2533.
The Douglass National Bank of Chicago, Ill.,
opened for
business on July 1 at 3201 State Street, temporary
quarters.
The new bank has a capital of $200,000 and a surplus
of $10,000. The institution will later move to its own new
building,
to be erected at 36th Place and State Street. The
Douglass
National Bank is the only national institution in the
United
States, it is stated, where all the officers and stockhol
ders
are colored men and women. The stock, par
$100, was disposed of at $130 per share. The officers of the
new bank
are: President, Anthony Overton; Vice-Presid
ent, R. R.
Jackson.
On June 29 a union was effected of the
Payday National
Bank of Minneapolis with the Marquet
te Trust Co. of that
city, an institution formed recently
by a consolidation of the
Exchange State Bank with the State Institut
ion for Savings.
The name of the Payday National Bank
has been changed to
the Marquette National Bank, and it
has acquired a half
Interest in the site and building of the
Marquette Trust Co.
at 517 Marquette Avenue, where it has
now opened for business. In addition to the commercial banking
business of the
former Payday National Bank, the Marquet
te National Bank
has taken over the commercial banking
business of the Marquette Trust Co. Together the institutions
have total resources in excess of $3,000,000. Ralph W.
Manuel is President of both institutions. S. Al. Strand, formerl
y President
of the Payday National Bank, is Chairman of
the Board of
Directors of the Marquette National Bank. The
Payday National Bank was opened for business on Nov. 4
1920. The
Marquette National Bank has a capital of $200,000;
while
the Marquette Trust Co. has a capital of $400,000
. The following are officers of both the bank and trust
company:
William F. Kunze, Edmund S. Jones and John G.
Schuknecht,
Vice-Presidents; Mortimer J. Higgins, Cashier.
William F.
Kunze is Vice-President and Trust Officer of
the trust company. The merger of the Exchange State Bank
with the
State Institution for Savings took place April 15 1922.
An application to convert the Farmers
State Bank of
Chickaska, Okla, into the Farmers National Bank
of Chickaska, has been approved by the Comptroller
of the Currency.
The charter was issued June 30. The
Farmers National has
a capital of $100,000. It has deposits
of $555,635 and total
resources of $667,789. J. W. Wilson is Cashier of
the Institution.
According to a press dispatch from Mound Bayou, Miss.,
under date of June 30, appearing in the Memphis "Appeal"
of July 1, the Mound Bayou State Bank, a small institution,
with capital of $10,000, was closed on June 29 by E. F. Anderson, Chairman of the State Board of Bank Examiners.
It was also stated in the dispatch that following the closing
of the bank, its Cashier, D. A. Carr, was arrested and placed
in jail in Cleveland, Miss., in default of $5,000 bail for "alleged misappropriation of funds in connection with the closing of the bank."
W. H. Slaughter, who has been prominently identified
for many years past with the banking interests of Richmo
nd,
Va., has been selected Vice-President of the Richmo
nd
Trust Co., in charge of its Broad Street branch, and will
assume his duties July 24.
Adolph Katz, prominent New Orleans bank and business
man, died June 30 at Winetka, Ill., following an illness
of
fifteen months. He was 57 years old. Mr. Katz was
identified with cotton and planting interests throughout the
State of Illinois. He was President of the New Orleans
National Bank when it was consolidated with the Hibernia
Bank & Trust Co., and after the merger Mr. Katz became
Vice-President, Vice-Chairman of the Board and director
of the Hibernia Bank, and Vice-President and director of the
Hibernia Securities Co. He was also Vice-President and director of the A. Baldwin Company and a director of the
Guyamel Fruit Co.
The Amalgamated Trust & Savings Bank of Chicago, Ill.,
opened for business on July 1 at 371 West Jackson Boulevard. The institution, which was organized by the Amalgamated Clothing Workers of America, has a capital of $200,000 and a surplus of 8100,000. 0. W. Thompson, formerly
The Hibernia Bank & Trust Co. of New Orleans on July
President of the N. K. Fairbank Co., is Chairman of the 1 disbursed to
its stockholders the regular quarterly dividend
276
[VoL. 115.
THE CHRONICLE
of 6% on its $2,000,000 capital. This is at the rate of 24%
annually, which is the rate that the institution has been paying on its capital stock for the past several years. At the
same time the bank paid to its employees the regular quarterly dividend of 3% on salaries.
Charles F. Dalton, formerly President of the Exchange
Bank of Peoria, Ariz., which closed its doors on ]lleb. 27 last,
was arraigned on June 27 before Judge Stanford in the Superior Court at Phoenix to answer an indictment charging
him with the alleged embezzlement of $2,121 of the bank's
funds, according to a dispatch from Phoenix on that date to
the Los Angeles "Times." Dalton, it is understood, was released by Judge Stanford under a bond of $5,000.
Bank of Montreal, for the alleged making of a false return
of the bank to the Dominion Government, was dismissed
on June 21, according to a press dispatch from Montreal
of that date appearing in "Financial America" of this city
of June 22. On May 22, according to a press dispatch of
that date from Montreal, appearing in the New York "Journal of Commerce" of May 23, the charges against D. C.
Macarow, the former General Manager of the Merchants'
Bank of Canada, of having "falsely and wilfully made a deceptive return to the Federal Government on the bank's
standing," were dismissed by Judge Cusson. Later information regarding thelstatus of the cases against the former
bank officials is contained in a press dispatch from Ottawa
on Thursday of this week (July 13), printed in "Financial
America," of the same date, which stated that the Canadian
Department of Justice on that date announced that it had
been decided to submit the case of Sir. H.Montagu Allan to a
grand jury and further reported that this procedure had been
taken in the case of D. C. Macarow, acquitted on the preliminary hearing; that a true bill had been found against
him and that his trial was now pending. We last referred
to the affairs of the defunct Merchants' Bank of Canada,
n these columns in our issue of March 25.
According to special press dispatches from Woodland, Cal.,
to the San Francisco "Chronicle" under date of June 28 and
29, Floyd Tuttle, until recently Assistant Cashier of the Bank
of Yolo at Woodland, had surrendered himself and was in
jail following his confession that he had embezzled $41,000
of the bank's funds during the past nine years. Depositors,
it is said, will not be affected by the thefts, nor will the institution, the loss being covered by bonding companies. TutParis
tle, it is said, told the bank authorities that he had found a
E. B. McInerney has been appointed Manager of the
way to falsify the totals shown on adding machines so that agency of the Royal Bank of Canada of Montreal, Canada.
he could abstract sums of money from the bank and have his For the past 10 months he has been Manager of the St.
operations completely covered up.
John's, Newfoundland, branch of the bank, having gone
At a meeting of the Board of Directors of the First National Bank and the First Federal Trust Co. of San Francisco, Cal., on June 21, Howard Spreckels, son of Rudolph
Spreckels, President of the First National Bank, was elected
a director to fill a vacancy in the board.
there from the New York agency, where he was third agent.
Prior to going to New York he was Assistant Manager of
the Montreal branch for about a year and a half, having come
here from the Toronto branch, where he was Assistant Manager.
COURSE OF BANK CLEARINGS.
Bank clearings continue to show a very atisfactory increase
as compared with the corresponding week last year. Preliminary figures compiled by us, based upon telegraphic
advices from the chief cities of the country, indicate that for
the week ending Saturday,July 15, aggregate bank clearings
possifor all the cities in the United States from which it is
of 20.3%
increase
an
show
will
returns
weekly
obtain
to
ble
stands at
over the corresponding week last year. The total
$7,264,264,875, against $6,037,794,458 for the same week in
in which
1921. This is the seventeenth successive week
ent as conour weekly aggregates have shown an improvem
trasted with last year. Our comparative summary for the
week is as follows:
The annual report of the Home Bank of Canada (head
office Toronto) for the fiscal year ending May 31 1922, presented to the shareholders at their annual meeting on June
27, shows satisfactory results despite the business depression
which has prevailed during the period. Net profits for the
12 months, after deducting charges of management, interest
due depositors, payment of all municipal taxes, etc., were
$275,112. To this amount was added $134,867, the balance to
credit of profit and loss brought forward from the preceding
year, and $147, representing premium on capital stock, making $410,127. This amount was appropriated as follows:
$137,184 to pay four quarterly dividends at the rate of 7%
per annum; $6,690 to take care of Dominion Government inClearings—Returns by Telegraph.
come tax; $18,346 to pay Dominion Government tax on note
Week ending July 15.
circulation; $22,821 set aside for Provincial Governments
York
New
taxes and $100,000 transferred to contingent account,leaving Chicago
Philadelphia
a balance of $125,085 to be carried forward to next year's Boston
Kansas CitY
profit and loss account. Total assets of the bank are given St.
Louis
as $30,021,490. Total deposits are shown at $24,827,000. Of San Francisco
Pittsburgh
these $15,840,918 are interest-bearing deposits. During the Detroit
Baltimore
year three new branches were opened—in Toronto, London New Orleans
were
offices
H.
J.
closed.
Daly
small
two
hile
and Ottawa—w
Ten cities,5 days
Other cities, 5 days
is President and J. Cooper Mason, General Manager.
The annual report of the Sterling Bank of Canada (head
office Toronto) for the fiscal year ending April 29 1922 was
submitted to the shareholders at their annual meeting held
on May 16. Notwithstanding the industrial depression which
prevailed during the whole of the period covered by the report, it shows an increase in earnings over those of the previous year of about $5,000. The earnings reached $260,694.
When to this sum was added $37,564, the balance to credit of
profit and loss brought forward from the preceding year,
$298,258 was found to be available for distribution. This
amount was disposed of as follows: $98,618 to pay dividends
at the rate of 8% per annum; $130,000 placed to credit of
contingent fund and $31,606 to cover Government taxes, leaving a balance of $38,034 to be carried forward to next year's
profit and loss account. Total assets are given in the report
9
as $23,444,227, of which $15,660,44 are liquid assets, or
the public ($17,353,097)
from
deposits
of
90%
over
slightly
to the public. The paidand 72% of the bank's total liability
up capital of the bank is $1,232,900 and its reserve fund
$500,000. G. T. Somers is President of the Sterling Bank of
Canada and A. H. Walker, General Manager.
Total all cities,5 days
All cities, 1 day
.r.f..1 nii cities for week
1922.
1921.
Per
Cent.
$3,513,000,000
466,666,794
376,000,000
270,000,000
113.110,640
a
126,200,000
.121,000,000
91,291,000
60,375,463
42,583,106
$2,767,800,000 '+26.9
421,562,484 +10.6
+9.6
343,000,000
236,940,826 +13.9
127,485,306 —11.3
a
a
107,500,000 +17.3
105,000,000 +15.0
79,271,816 +15.2
—3.8
62,697,868
+8.9
39,093,214
$5,180,227,003
873,327,060
$4,290,360,514
741,134,868
+20.7
+17.8
$6,053,554,063
1,210,710,812
$5,031,495,382
1,006.299,076
+20.3
+20.3
57.254.284.875
58.037 704.458
-1-20.3
*Estimated. a Refuses to furnish c eat logs,
Complete and exact details for the week covered by the
foregoing will appear in our issue of next week. We cannot
furnish them to-day, inasmuch as the week ends on Saturday
noon
and the Saturday figures will not be available until
ly
According
night.
Friday
late
press
to
go
we
while
to-day,
has in all cases had
in the above the last day of the week
to be estimated.
however, which we
In the elaborate detailed statement,
present further below, we are able to give final and complete
results for the week previous—the week ending July 8. For
that week the increase is 25.7%, the 1922 aggregate of the
clearings being $6,862,409,621 and the 1921 aggregate
85,460,253,289. Outside of this city, however, the increase
is only 17.4%, the bank exchange at this centre having
recorded a gain of 32.1 %. We group the cities now according
to the Federal Reserve districts in which they are located,
and the noteworthy feature of the return on this occasion is
that the totals for every one of these Federal Reserve districts
record an increase as compared with the corresponding week
last year. In the New York Reserve District (including
this city) the increase is 31.8%; in the Philadelphia Reserve
PresiMontagu
Allan,
H.
former
Sir
against
• The case
District 14.4%, and in the Boston Reserve District 21.1%.
the
now
in
Canada,
of
merged
Bank
dent of the Merchants'
JULY 15 1922.]
THE CHRONICLE
The Cleveland Reserve District shows a gain of 16.9%;
the Atlanta Reserve District 18.6%, and the Chicago
Reserve District 24.3%. The St. Louis Reserve District
records an increase of 18.3%; the Minneapolis Reserve
District 10.8%, and the Dallas Reserve District 32.5%.
In both the Richmond Reserve District and the Kansas
City Reserve District the increase is small, being only
1.0% in the former and 2.8% in the latter. The San
Francisco Reserve District enjoys a gain of 22.4%.
In the following we furnish a summary by Federal Reserve
districts:
SUMMARY OF BANK CLEARINGS.
Week ending July 8.
1922.
1921.
Inc.or
Dec.
1920.
1919.
Federal Reserve Districts
8%;
(1st) Boston
10 cities 319,468,377 263,820,279 +21.1 349,517,054 392,243,341
(2nd) New York
9 " 4,136,380,070 3,137,529,396 +31.8 3,886,305,147 4,873,904,529
(3rd) Philadelphia
9 "
411,049,793 359,307,260 +14.4 433,177,462 452,502,938
(4th) Cleveland
288,786,731 246,992,683 +16.9 347,733,506 327,777,235
8 6.
(5th) Richmond
6 "
136,935,448 135,562,359 +1.0 176,862,360 162,116,547
(6th) Atlanta
12 "
132,701,417 111,854,944 +18.6 168,823,512 165,365,049
(7th) Chicago
19 "
694,270,543 558,366,533 +24.3 739,518,506 870,746,842
(8th) St. Louis
47,072,715 39,781,149 +18.3 55,818,270 51,062,901
7 "
(9tjo) Minneapolis_ _ _ _ 7 "
107,661,330 97,135,211 +10.8 119,107,645 75,609,970
(101b) Kansas City_ _ _ _11 "
208,763,648 203,045,994 +2.8 292,544,324 307,446,680
(111h) Dallas _
47,677,711 35,992,179 +32.5 57,700,199 52,788,132
5 "
(12th) San Francisco-- _15 "
331,641,838 270,865,282 +22.4 308,174,378 312,931,813
277
Week ending July 8
:
Clearings at1922.
Seventh Feder
Mich.-Adrian _ _
Ann Arbor__ _ _
Detroit
Grand Rapids_
Lansing
Ind.-Ft. Wayne
Indianapolis__ _
South Bend_ _ _
Wis.-Milwaukee
Ia.--CedarRapids
Des Moines_ _ _
Sioux City_ _ _ _
Waterloo
Ill.-Bloomington
Chicago
Danville
Decatur
Peoria
Rockford
Springfield
1921.
Inc. or
Dec.
1920.
1919.
$
$
%
$
$
al Reserve D istrict-Chi cago196,736
150,000 +31.2
275,630
81,643
876,979
554,685 +58.1
544,331
428,048
93,322,337
68,548,449 +38.1
93,960,211
68,000,000
5.342,780
4,725,235 +13.1
5,321,887
5,963,078
2,522,000
1,500,000 +68.1
1,804,286
1,159,226
3,010,481
1,662,221 +81.1
1,778,455
2,150,582
18,335,000
11,837,000 +23.6
17,202,000
17,783,000
2,399,628
1,300,000 +84.5
1,440,000
1,200,000
30,642,884
25,645,624 +19.5
30,000,000
34,332,724
2,387,962
2,260,505 +5.6
2,519.888
2,594,124
11,876,324
7,883,554 +50.6
10.251.486
11,262,278
5,549,909
5,308,239 +4.6
9,457,154
12,050,000
1,447,000
1,297,047 +11.6
1,910,960
2,001,869
1,161,349
1,004,325 +15.6
1,669,617
1,730,277
505,145,125 413,282,369 +22.3 550,023,070 699,115,299
a
a
a
a
a
1,386,655
1,271,835 +9.0
1,655,731
1,380,165
4,012,312
3,124,729 +28.4
5,068,046
5,063,673
2,176,770
1,877,358 +15.9
2,100,000
2,000,000
2,178,312
2,133,358 +2.1
2,505,751
2,449,856
Total(19 cities) 694,270,543 558,366,5
Eighth Feclera 1 Reserve Ohs trict-St. 33 +24.3 739,518,506 870,748,842
Lo uisInd.-Evansville_
4,466,842
4,866,721 -8.2
5,426,743
4,531,838
Mo.-St. Louis_ _
a
a
a
a
a
Ky.-Louisville__
23,953,880
19,516,769 +22.7
22,150,226
16,811,075
Owensboro_ _ _ _
397,277
316,115
+25.7
569,745
681,585
Tenn.- Memphis
13,332,233
10,108,450 +31.9
16,632,398
19,160,963
Ark.-LittleRock
3,260,677
3,576,631 -8.8
9,242,121
7,414,702
Ill.-Jacksonville
321,025
286,010 +12.2
613,528
742,777
Quincy
• Grand total
118 cities 6,862,409,621 5,460,253,289 +25.7 6,935,282,363 8,044,497,977
1,340,781
1,110,453 +20.7
1,183,509
1,716,961
Outside New York City
2,791,711,089 2,378,580,993 +17.4 3,114,611,537 3,222,413,067
Total(7cities) _
47,072,715
39,781,149 +18.3
55,818,270
51.062,901
Ninth Federal Reserve Dis t.-Minneap oilsCanada
28 cities 316,674,637 337,709,359 -62 412,159,822 339,638,973
Niinn.-Duluth_ •
e5,537,408
5,636,569 -1.8
7,133,409
5,786,583
M
Innen
polls_
_
60,650,10
7
55,965,800 +8.4
We now add our detailed statement, showing last week's
68,582,185
40,879,165
St. Paul
35,033,351
29,166,446 +20.1
37,139,205
20,876,031
N. Dak.-Fargo
figures for each city separately, for the four years:
1,822,862
1,872,372 -2.6
2.173,529
3,525,592
S. D.-Aberdeent
1,258,513
1,216,186 +3.5
1,449.147
1,375,206
Mont.-Billings
519,539
620.398 -16.3
1,036,184
1,380,199
Week ending July 8.
Helena
2,839,550
2,657,440
+6.9
Clearings at1,593,986
1,787,194
Inc. or
Total(7 cities)
107,661,3
30
97,135,21
1
+10.8
119,107,6
1922.
45
1921.
75,609,970
Dec.
1920.
Tenth Federal Reserve Dia t.-Kansan City1919.
Nebr.-Fremont
e383,251
539,459 -29.0
690,580
775,660
Hastings
538,471
556,800 -3.3
First Federal Reserve Dist rict-Boston
829,151
723,048
Lincoln
4,238,116
3,532,951 +20.0
Maine-Bangor__
4,680,676
866,800
5,398,533
842,886
+2.8
Omaha
965,963
960,548
35,694,370
32,304,183 +10.5
Portland
45,945,729
3,817,911
53,552,874
2,400,000 +60.3
2,500,000
2,700,000 Kansas-Topeka •
e3,196,642
2,707,024 +18.1
Mass.-Boston _ _ 281,000,000 235,595,024 +18.7
3.577,999
3,168,269
Wichita
315,706,969 358,435,201
e9,846,090
10,608,161 +20.1
Fall Rivet _ _
12,938,109
2,050,235
12,895,452
1,241,995 +65.1
2,160,023
2,487,093 Mo.-Kan.sasCit
115,081,202 116,221,014 -1.0 192,701,530 200,424,1
Holyoke
a
a
09
a
St.
a
a
Joseph_
_
a
a
Lowell
a
a
1,027,924
a
1,027,873 +0.01
1,289,000
1,000,000 Okla.-Muskogee
a
a
Lynn
a
a
a
a
a
a
a
Oklahoma City, e17,825,712
a
19,773,747
New Bedford
-7.2
11,456,428
1,317,897
1,152,283 +14.4
9,516,110
1,884,454
Tulsa
1,551,815
•
a
a
Springfield _ _
a
5,035,420
a
a
3,741,182 +34.6
4,765,958 • 4,674,869 Colo.-Col. Spgs•.
1,074,530
894,349 -9.9
Worcester
3,754,555
965,995
1,178,611
2,986,933 +25.7
Denver
4,134,763
3,969,188
•
20,040,716
15,041,760
Conn.-Hartford.
+33.2
10,500,248
17,788.076
18,774,367
9,656,799 +8.7
9,977,123
9,789,572
Pueblo
•
f844,518
866,546 -2.5
New Haven.. _ _
1,167,051
7,067,387
5,175,304 +36.6
739,617
6,462,110
6,342,416
R.I.-Providence
a
a
a
Total(11 cities 1 208.763,648 203,045,9
a
a
94 +2.8 292,544,324 307,446,680
Eleventh
Fed 6 ral Reserve District-Da IlasTotal(10cities) 319,468,377 263,820,279 +21.1
349,517,054 392,243,341 Texas-Austin - .
1,337,349
1,000,000 +33.7
1,200,000
3009,000
Dallas
•
26,658,000
17,226,665 +54.8
Second Federa I Reserve Dia trict-New York29,778,561
26,172,140
Fort Worth.._ . el0,015,182
9,632,494
N. Y.-Albany __
+5.1
6,271,644
17,803,772
3,976,663 +57.7
13,832,888
5,670,473
5,421,805
Galveston_
_
.
5,203,852
Binghamton__ _
5,433,020 -4.2
f1,353,000
5,102,828
1,082,774 +25.0
6,836,541
1,349,000
1,272,700
Houston
a
a
Buffalo
a
e36,399,271
a
31,040,998 +6.9
a
43,027,535
30,377,904 La.-Shreveport .
4,463,328
2,800,000 +59.4
Elmira
891,715 Not incl. in total.
3,815,038
3,146,563
Jamestown.._
e1,096,238
1,011,607 +8.4
Total
(5 cities).
47,677,711
35,992,17 +32.5
New York_ _
4,070,698,532 3,081,672,296 +32.1 3,820,870,826 4,822,084,910
57,700,199
52,788,132
Twelfth Fede r at Reserve 13 istrict-San9 Franci
Rochester
11,849,394
sco8,487,141 +39.6
9,876,758
9,621,304 Wash.-Seattle_ .
27,914,738
Syracuse
24,113,39
5,549,340
+15.9
3
4,117,208 +33.7
31,877,01
45,031,99
8
4
5,207,800
4,679,402
Spokane
a
Conn.-Stamford
a
d2,730,974
a
2,683,564 +1.8
a
a
Tacoma
N. J.-Montclair
a
a
431,674
a
427,147 +0.9
a
a
502,755
446,501
Yakima
1,233,111
1,080,220 +13.9
1,101,619
1,465,175
Ole -Portland -.
28,285,059
Total(9 eities)_ 4,136,380,070 3,137,529,396 +31.8 3,886,305,
22,876,410 +23.6
31,716,052
36.313,854
147 4,873,904,529 Utah-Salt L. C.
12,672,830
10,525,450 +20.1
14,789,213
18,285,233
Nevada
-Reno _ a
Third Federal Reserve Dist rict-Philad elphia
• a
a
a
a
Ariz.-Phoenix _
Penna.-Altoona.
a
a
1,030,296
876,606 +17.5
a
a
a
1,031,925
970,126 Calif.-Fresno_ _.
e3,251,923
Bethlehem ____
3,066,556
3,101,818
3,575,095
3,312,499 -7.4
+4.9
3,327,254
3,796,799
Long Beach_ _ .
Chester
5,036,687
a
3,493,611
a
+41.2
2,700,798
1,739,488
a
a
a
Los Angeles .
Lancaster
93,791,000
2,356,951
70,103,000 +33.8
64.946,000
1,941,694 +21.4
46,317,000
2,478,993
2,432,755
Oakland
.
Philadelphia _ _ 389,000,000 337,985,157 +15.1
11,805,074
9,109,242 +29.6
7,700,053
9,898,158
410,178,169 435,567,354
Pasadena
Reading
.
3,840,732
3,016,578
2,861,966 +34.2
1,717,587
1,502,771
2,520,516 +19.7
3,047,053
2,499,992
Sacramento _ _. e6,077,320
Scranton
e4,399,981
5,380,526 +13.0
5,977,556
4,645,213
5,219,025 -15.7
3,837,110
4,901,972
San Diego__ _.
Wilkes-Barre_ _
3,338,868
e3.146,297
2,728,194 +22.4
3,146,329
2,500,000
2,551,488 +23.3
2,273,812
3,287,536
San Francisco. 128,800,0
York
1,497,805
00 108,700,000 +18.5 128,400,000 137.956,697
2,039,554 -26.6
1,465,555
1,386,530
San Jose
N.J.-Trenton _ _
.
2,537,828
3,535,329
2,314,421
1,630,087 +55.7
1,816,600
2,860,741 +23.6
3,536,521
2,988,198
Santa Barbara.
Del.-Wilm'gton.
933,868
a
797,007
755,865 +23.5
a
a
a
a
Stockton __ .
d2,089,800
7,115.600
4,405,500 -52.6
2,099,396
Total(9 cities) _ 411,049,793 359,307,280
+14.4 433,177,462 452,502,938
Total(15 cities) 331,641,838 270,865,2
82 +22.4 308,174,378 312,931.813
Grand total (11 3
Fourth Feder al Reserve D istrict-Clev eland
Cities)
Obio-Akron_ _ _ _
• 6.862.409.621 5,460,253,289 +25.7 6.935.282.363 8.044,497.977
Canton
3,589,585
3,524,72 +1.8
5,413,282
4,096,231
Outside New Yor t 2.791.711.
Cincinnati _ _ _
53,985,533
089 2.378,580,993 +17.413.114,611,537 3,222,413,067
45,173,273 +19.5
59,109,340
56,924,955
Cleveland
f91,598,077
77,581,420 +18.1 119,415,575 106,600,032
TVeek endmg July 6.
Columbus
12,983,600
Clearings at-12,769,700 +1.7
12,785,800
14,305,900
Dayton
a
a
a
a
a
Inc. or
Lima
770,268
897,711 -14.2
927,011
1,162,721
1922.
1921.
Dec.
1920.
1919.
Mansfield
Springfield_ -- _
a
a
Canadaa
a
a
$
$
$
%
$
Toledo
a
a
VIontreal
a
a
a
117,828,32
97,860,36
-16.9
0
8
140,183,884 132,210,587
Youngstown _ _
e1,081,755
3,719,484
roronto
+9.7
5,441,458
7,152,166
103,098,189 100,036,591 +3.1 113.571,789
86,816,57
6
Penna.-Erie_ - _ _
a
a
Winnipeg
a
a
a
39,048,511
38,530,305 +1.3
48,169,622
38,240,880
os, Greensburg _ Vancouver
14,126,113
14,971,791 -5.6
19,702,151
13,644,830
1 Pittsburgh__ _ _ b116,800,000 100,000,000 +16.8 139,754,750 132,718,395
3ttawa
7,910,831
8,488,333 -6.8
12,009,162
8,806,749
4,977,913
3,328,339 + 19.7
W.Va.-Wheeling
411ebee
4,886,290
4,816,835
*6,000,000
6,651,664 -9.8
9.994,554
7,532.361
Halifax
3,959,679
3.858.634 +2.6
7,931,493
6,597,048
Total(8 cities) _ 288,786,731 246,992,683 +16.9 347,733,506 327,777,235
Dalgary
5,244,506
6,455,618 -18.8
8,803,780
6,806,516
Hamilton
6,356,737
6,098,057 +4.2
9.105.441
6,829,751
Fifth Federal Reserve Dist rIct-Richm ondIt. John
3,014,008
2,905,728 +3.7
4.390,959
2,908,640
W.Va.-Hunt'n_
1,544,494 +10.4
1,705,684
Victoria
1,773,414
2,513.168
2,485,214 +1.1
3,190,360
3,436,649
Virginia-Norfolk
e7,265,574
7,003,905 +3.7
London
10,215,807
9,107,061
3,472,255
+0.5
3,453,771
4,695,348
4,043,157
Richmond _ _ _ _
32,443,825 +18.5
38,431,006
Edmonton
48,195,256
51,094,821
_____
4,168,307
4,650,761 -10.4
6,088,453
4,284,251
S.C.-Charleston
2,837,836 -7.3
d2,630,067
4,200,000
4,000,000 Regina
3,768,857
4,181,822
-9.9
5,252,902
4,292,182
Md.-Baltimore _
74,897,685 -8.0
68,901,861
84,414,685 Brandon
98,266,470
654,695
750,700 -12.8
949,181
689,774
D.LC.-Wash'g'n
16,834,614
18,001,256
+6.9
16,211,413
13,500,000 qaskatoon
1,881.947 -35.0
1,222,312
2,675,487
2,160,315
Moose Jaw
1,453,011
1,572,439 -7.6
2,150,529
1,694,352
Total(6 cities)- 136,935,448 135,562,359 +1.0 176,882,360 162,116,547 Lethbridge
535,039
667,989 -19.9
781,334
781,699
Brantford
1,228,614
1,391;586 -11.7
1,814,273
1,296,140
Sixth Federal Reserve 131st rict-Atlant aFort William_
761,663
836,519 -8.9
965,057
822,110
Tenn.-Cha tt'gaNew
e4,880,653
4,073,281 +19.8
5,121,882
7,693,593
Westmins-ter
589,848
642,489 -8.2
811,075 •
570,762
Knoxville
Medicine Hat __
2,851,828
2,602,820 +9.6
2,791,158
3,070,033
398,741
525,214 -24.1
448,815
174,881
Nashville
15,280,916
14,860,924 Peterborough_ _ :
12,349,126 +23.7
19,078,387
_
888,809
1.270.257
1,066,099
-16.6
915,650
Ga.-Atlanta
31,591,281
_
54,641,485 iherbrooke
48,551,034
30,505,010 +13.4
934,237
1,058,440 -11.7
1,788,245
948,720
Augusta
1,644,000
1,795,190 -8.4
4,131,238 Kitchener
2,996,047
1,117,581
1,449,984
1,042,036 +10.1
964,302
Macon
1,358,922 • *1,300,000 +4.5
2,000,000 Windsor
*2,600,000
3,952,177
3,626.657
3,311,119 +19.4
1,870,099
Savannah
Prince Albert
aa
a
a
408.671 Not included In total
Fla.-Jacksonv_ _
8,304,291
7,346,783 Moncton
07,012 +7.7
10,041,745
7,7
'
1,308,705
1,308,705 +0.0
Ala.-Birming'm
18,552.411
12,154,644 Kingston
15,140,233 +22.5
18,998,112
1,057,646
1,057,405
+0.0
Mobile
1,632,309
2,012.704
1,417,739 +15.1
2,378,336
Miss -Jackson _ _
Total
948,000
492,706
700,000 +35.1
Canada_ 316,674,637 337,709,359 -6.2 412,159,822 339,638.972
710,062
Vicksburg
290,719
404,057
275,016 +5.7
426,136
a No longer report clearings or
La.-NewOrleans
42,388,093
59,407,468 no compar
33,989,454 +24.7
only give debits a entrist individual accounts, with
52,276,727
alive figures for previous years. b Report no clearings, but give comparative
Total(12 cities) 132,701,417 111,854,944
figures of debits; we apply to last year's
clearings the same ratio of decrease
+18.6 168,823,512 165,365,049 (or increase)
as shown by the
4 Week ended July 5. e Week debits. c Do not respond to requests for figures.
ending July 6. 8 Week ending July 7. * Estimated.
[VOL. 115.
THE CHRONICLE
278
the Acts mentioned a part of the public debt. The amount of such obligations to-day
$32,039,351 50.
PUBLIC DEBT OF UNITED STATES—COMPLETED was
$679,432 in Federal Reserve notes, 11,030,273 in Federal Reserve Bank notes, and
RETURN SHOWING NET DEBT AS OF
$15,540,014 in national bank notes are in the Treasury in process of redemption.
and are charges against the deposits for the respective 5% redemption funds.
APRIL 30 1922.
The statement of the public debt and Treasury cash
holdings of the United States as officially issued April 30
GOVERNMENT REVENUE AND EXPENDITURES.
1922, delayed in publication, has now been received, and
the courtesy of the Secretary of the Treasury we
as interest attaches to the details of available cash and the areThrough
enabled to place before our readers to-day the details of
gross and net debt on that date, we append a summary
Government receipts and disbursements for Juno 1922 and
thereof, making comparison with the same date in 1921:
1921, and the twelve months of the fiscal years 1921-22
CASH AVAILABLE TO PAY MATURING OBLIGATIONS.
April 30 1922. April 30 1921. and 1920-21.
Mos. 1922.* 12 Mos. 1921.*
Balance end month by daily statement, &c
Add or Deduct—Excess or deficiency of receipts over
or under disbursements on belated Items
Deduct outstanding obligations:
Treasury warrants
Matured Interest obligations
Disbursing officers' checks
Discount accrued on War Savings Certificates....
Total
372,345,330
--4,363,159
432,133,282
--10,959,186
367,982,171
421,174,096
2,115,160
83,950,001
93,331,336
121,464,473
7,666,657
100,629,702
79,697,689
97,752,977
304,060,970
285,747,025
+63.921,201 +135,427,071
Balance, deficit (—) or surplus (+)
INTEREST-BEARING DEBT OUTSTANDING.
Interest April 30 1922. April 30 1921.
Payable.
Title of LoanQ.-J. 599,724,050
599,724,050
2s, Consols of 1930
118.489,900
Q.-F. 118,489,900
ds, Loan of 1925
48,954,180
0.-F.
48,954,180
2s of 1916-36
25,947,400
25,947,400
Q.-F.
2s of 1918-38
50,000,000
50,000,000
Q.-M.
3s of 1961
28,894,500
Q.-J.
28,894,500
3s, Conversion bonds of 1946-47
J.4. 1,660,915,000 2,547,589,000
Certificates of indebtedness
83,000,000 5272,229,450
Certificates of Indebtedness under Pittman Act_ _J.-J.
J.-J. 1,410,022,150 1,410,074,350
3;is, First Liberty Lean, 1932-47
23,145,950
13,177,600
J.-D.
4s, First Liberty Loan, converted
515,587,400
J.-D. 525,203.550
4 Us, First Liberty Loan,converted
50
03,492,1
3,492,15
.
.J.
-D
__
4345, First Liberty Loan, second converted_
96,554,300
57,752.400
45, Second Liberty Loan, 1927-42
00
3,221,962,0
50
3,253,769,0
converted
Loan,
Liberty
Second
434s,
M.-8. 3,531,907,800 3,644,442,800
4345, Third Liberty Loan of 1928
A.-0, 6,346,605,500 6,359,024,500
43.1s, Fourth Liberty Loan of 1933.38
612,884,900
J.-D. 280,738,750
3q8, Victory Liberty Loan of 1922-23
J.-D. 2,317,464,450 a3,396,296,400
434s, Victory Liberty Loan of 1922-23
712,502,033
655,736,405
Mat.
Stamps
Thrift
and
Savings
War
4s,
11,718,240
11,830,440
J.-J.
2345, Postal Savings bonds
J.-D. 1,921.105,250
534s to 534s, Treasury notes
Aggregate of interest-bearing debt
Bearing no interest
Matured, interest ceased
_ 22,954,730,525 23,759,514,103
228,971,270
227,259,651
5,539,240
8,774,690
Total debt
Deduct Treasury surplus or add Treasury deficit
c23 ,190,764,866 23,994,024,613
+63,921,201 +135,427,071
d23,126,843,665 23,858,597,542
Net debt
a Does not include partial payments received amounting to $14,455.
of interest.
rates
various
bear
S Of these totals $32,854,450
C The total gross debt April 30 1922 on the basis of daily Treasurey statements
was $23,190,201,356 30, and the net amount of public debt redemption and receipts
in transit, &c., was $563,509 83.
d No deduction is made on account of obligations of foreign governments or
other Investments.
NOTE.—Issues of Soldiers'& Sailors' Civic Relief bonds not included in the above
total issue to April 30 1922 was $195,500, of which $144,400 has been retired.
TREASURY CASH AND CURRENT LIABILITIES.
The cash holdings of the Government as the items stood
June 30 1922 are set out in the following. The figures are
taken entirely from the daily statement of the United States
Treasury for June 30 1922.
CURRENT ASSETS AND LIABILITIES.
GOLD.
Assets—
Gold cola.
Gold bullion
306,957,872 39 Gold certifs. outstanding 695,000,489 00
2,849,924,844 32 Gold Fund, Federal Reserve Board (Act of
Dec. 23 1913, as
amended June 21 '17)2,108,886,91143
Gold reserve
152,979,025 63
Gold in general fund
200,016,290 65
Total
3,156,882,716 71
3,156,882,710 71
Total
and $1.510.543 of Treasury
Note.—Reserved against $346.681,016 of U. S. notes
are also secured by silver dollars
1890
01
notes
Treasury
.
outstanding
1800
notes of
in the Treasury,
SILVER DOLLARS.
Liabilitte3
Assets—
2 00 Silver ctfs. outstanding_ 304,066,593 00
313,406,18
dollars
Silver
1,510,543 00
Treas. notes 011890 out.
7,829,346 00
Silver dollars in gen'i Id_
June 1922.
Receipts—
38,861,826
Customs
Internal revenue:
Income& profits tax_ 295,527,942
79,416,746
Miscellaneous
57,887,660
Miscellaneous revenue_
1,241,637
Panama Canal tolls,&c.
472,935,811
Total ordinary
June 1921.
12
24,722,632
356,443,387
308,564,391'
564,920,472 2,068,128,193 3,206,016,157
115,617,136 1,115,125,004 1,390,380,823
707,660,817
527,660,414
43,970,278
12,280,742
11,747,092
786,634
750,017,152 4,109,104,150 5,624,932,960
Public Debt—
311,191,600,
325,330,450 311,191,600 1,935,404,750
Treasury notes
3,905,090,000 8,486,964,950
Certfs.of indebtedness_ 949,000,000 1,310,184,000
Liberty bonds and Vicx14,943
x1,300
x14,455
tory notes
26.587,421
69,368,775
1,481,272
Treas.savings securities 12,059,051
178,880,
112,200
Postal Savings bonds
Deposits for retirement
of national bank notes
and Federal Reserve
notes (Acts of July 14
40,090,415107, 83,228
7,682,545
4,680,455
1890 & Dec. 23 1913;
8,864,998,323
1,291,069,956 1,630,524,962 6,017,157,653
Total
14 10,126,261,803 14,489,931,283Grand total receipts_ 1,764,005,767 2,380,542,1
Expenditures.
Ordinary—
Checks & warrants paid
328,308,144 2,343,750,447 3,981,158,390,
(less bal. repaid,&c.) 197,111,487
999,144,731
991,000,759
Int. on public debt paid 114,718,581 139,486,455
Panama Canal: Checks
rebalances
paid (less
16,461,409
3,025,421
425,394
234,043
paid,&c.)
Purchase of obligations
73,896,697
717,834
_
_
_
717,834
Gov'ts_
of foreign
Purchase of Fed. Farm
16,650,000,
Loan bonds:Principal
131,321
Accrued interest_ _ _ _
Invest. of trust funds:
20,325,153
24,599,341
1,434,477
_
fund.
1,969,353
ins.
life
Govt.
Civil service retire8,000,000
9,283,139
y40,512
ment fund
Dist.of Col.teachers'
159,988
230,959
18,966
retirement fund_ _ _
89'
314,770,264 469,613,958 3,372,607,900 5,115,927,6
Total ordinary
Public Debt—
Public debt expenditures
chargeable against or311,982,650
dinary receipts
Total expend.(public
debt & ord.) chargeable against ordinary receipts (see
351,752,914
note)
74,057,650
422,694,600
422,281,500'
543,671,608 3,795.302,500 5,538,209,180'
Other bonds, int.-bear.
27 8,722,284,970.
retired _1,422,243,005 1,521,677,902 6,501,280,0
notes &
Nat. bank notes Sc Fed.
Reserve bank notes
retired (Acts of July
37,16(1,701
107,251,870
10,080,450
7,301,200
14 1890& Dec.23'13)
1,605,816,002 7,031,226,497 9,182,027,171
Total public debt__ _1,466,526,855
2.075,429,960 10,403,834,397 14,297,954,860.
Grand total expends.1,781,297,119
reaching the Treasury in July are included.
.Receipts and expenditures for June
x Counter entry (deduct).
y Excess ot credits.
figures for receipts and expenditures
Note.—This analysis is on the same basis as the of the Treasury for the fiscal year
Secretary
submitted in the annual report of the 1923. The public debt expenditures chargeyear
1921, and the Budget for the fiscal
include expenditures on account of (1) Sinking fund.
able against ordinary receipts taxes, (3) retirements from Federal Reserve bank
(2) receipts for Federal estate from repayments by foreign Governments, and (5)
franchise taxes, (4) retirements
us receipts.
retirements from gifts, forfeitures, and other miscellaneo
PRELIMINARY DEBT STATEMENT OF U. S. JUNE 30
1922.
the
The preliminary statement of the public debt ofbasis
United States for June 30 1922, as made up on the
of the daily Treasury statements, is as follows:
Total
313,406,482 00
313,406,482 00
Bonds:
5599,724,050 00
GENERAL FUND.
Consols of 1930
118,489,900 00
Liabilities—
$
Loan of 1925
A8303-48,954,180 00
Panama's of 1916-1936
checks
522,72166
outstancrg
65
Treas.
0
200,016,29
Gold (see above)
25,947,400 00
1918-1938
of
Govt.
Panama's
officers:
7,829,348 00 Depos. of
Silver dollars (see above)
50,000,000 00
Panama's 01 1961
Post Office Depart't_ _
12,844,756 08
4,145.964 00
28,891,500 00
United States notes
Bonds
Conversion
of
trustees,
PosBoard
50
2,559,643
Federal Reserve notes_ _
11,830,440 00
tal Savings System
Postal Savings bonds
3883,810,470 00
Federal Reserve bank
—5% reserve
7,047,173 05
1,030,273 00
notes
$1,951,843,750 00
Loan
Liberty
deposits
82
Other
63
76,239
First
15,774,366
50 00
National bank notes...—
3,310,596,5
Loan
Comptroller of the
Second Liberty
17,747.951 55
3,473,787,500 00
Subsidiary silver coin__
Currency, agent for
Third Liberty Loan
3,622,575 18
6,345,383,700 00
Minor coin
creditors of insolFourth Liberty Loan
44,188,769 85
15,081,611,500 00
Sliver bullion
vent banks
1,833,569 10
(unsorted
Unclassified
Postmasters, clerks of
12,610,859 41
315,965,451,970 00
currency, &c.)
courts, disbursing
Total bonds
Deposits in Federal Reofficers, &c
28,352,340 19 Notes:
55,963,920 00
1,991,183,400 00
serve banks
Deposits for:
Victory Liberty Loan 4:i
Depos. In special deposiTreasury notes—
Redemption of F. R.
00 00
taries account of sales
3311,191,6
notes(5% fund,gold) 179,138,539 55
Series A-1924
390,706,100 00
of ctfs, of indebtedness 146,492,000 00
Redemption of F. R.
Series 13-1924
601,599,500 00
Depos. In foreign depos.:
55
(5%
notes
Id.)
bank
86
Series A-1925
7,445,646
721,815
S.
U.
325,329,450 00
To credit Treas.
B-1925
of
nat.
Redemp.
Series
bank
To credit of other Gov617,769,700 00
notes (5% fund)._
Series A-1923
29,802,349 95
575,077 03
2,246,596,350 00
ernment offleers_ _ _
Retirement of add'i
! banks:
Depos. in nat.
eireulat'g notes, Act
Treasury Certificates:
9,311,154 33
500 00
To credit Treas. U. S.
31,315,350,
May 30 1908
31,080 00
Tax
To credit of other Gov409,431.000 00
Exchanges of currenLoan
15,980,074 69
ernment officers___
74,000,000 00
cy, coin, &c
3,938,129 52
Pittman Act
Deposit in Philipp.treas.
1.828,787,50000
4,547,976 72
To credit Treas. U.S
619,371,842 15
__
_
_
receipts)
cash
(net
Securities
Savings
271,032,545
War
redemption
(net
Net balance
272,105,512 63 Treasury Savings securities
58,947,043 03
value of certificates outstanding
678,318,885 18
Total
513,138,058 40
543,138,058 46
Total
and agencies to-day was
$22,710,338,105 18
Note.—The amount to the credit of disbursing officers
debt
-bearing
interest
Total
for which obligations of foreign Governments are
25,250,880 26
$641.925.133 45. Book credits
Debt on which interest has ceased
to $33,236,629 05.
227,792,722 87
debt
held by the United States amount
and Dec. 23 1913, deposits of lawful money for the Non-Interest-bearing
Under the Acts of July 14 1890 bank and Federal Reserve Bank notes are paid
422,963.381,708 31
'
retirement of outstanding national receipts, and these obligations are made under
Total gross debt
us
Into the Treasury as miscellaneo
Total
JULY 15 1922.]
THE CHRONICLE
TREASURY MONEY HOLDINGS.-The following compilation made up from the daily Government statements,
shows the money holdings of the Treasury at the beginning of
business on the first of April, May June and July 1922:
Holdings in
Sub-Treasuries.
April 1 1922. May 11922. June 1 1922. July 1 1922.
$
$
$
$
Net gold coin and bullion_
Net silver coin and bullion
Net United States notes_ _
Net national bank notesNet Fed. Reserve notes__
Net Fed. Res. bank notes..
Net subsidiary silver
Minor coin,&a
380.894,273
47,047,869
5,358,478
19,188,672
2,180,607
958,925
17,929.695
7,630,957
Total cash in Sub-Treas.
Less gold reserve fund_ _ _ _
480,985,478
152,979,026
358,676,102
48.952,392
4,099,669
19,139.460
2,155,891
987.795
17,934,198
8,930,245
364,483,500
50,164,824
3,607,761
18,274.380
2,248,415
1,202,444
17,793,559
10,432,428
352,995,316
52,018,116
4,145,964
15,774,387
2,559,643
1,030,273
17,747,952
16,233,435
Open hearth
Bessemer
All other_
Total
June 1922.
Gross Tens.
2,143,708
487,851
2,918
2,634,477
June 1921. 6 Months 1922. 6 Months
1921.
Gross Tons.
Gross Tons.
Gross Tons.
808,286
10,931,161
6,918,884
193,644
2,560,491
2,073,973
1,476
7,734
13,998
1,003,406
13,499,386
9,006,855
LAKE SUPERIOR IRON ORE SHIPMENTS.-The
shipments of iron ore from Lake Superior ports during June
1922 aggregated 6,629,711 tons, as against 3,600,989 tons
for the same month last year and 9,233,566 tons in June
1920. The movement for the season to July 1 totals 8,351,177 tons, an increase of 1,979,950 tons over the corresponding period last year.
Below we compare shipments from the different ports for
June 1922,'21 and'20and for therespective seasons to July
1:
Total
Season to July 1
1922.
1921.
1920.
804,594 210,804 1,942,809
394,544
52,944
928,403
1,199,448 526,937 2,312,869
2,354,595 1,716,230 4,445,496
2,253,863 2,908,299 4,216,685
1,344,133 956,013 2,594,243
6,629,711 3,600,9899,233,566 8,351,177 6,371,227 16,440,505
FOREIGN TRADE OF NEW YORK-MONTHLY
STATEMENT.
Merchandise Movement at New York.
Month.
Imports.
1921-22.
Customs Receipts
at New York.
Exports.
1920-21.
1921-22.
1920-21.
1921-22.
1920-21.
$
$
$
$
July
104,648,783 323,427,245 112,583,284 200,319,861 13,443,187 21,468,214
August
111,371.583 265.399,334 105,218,873 160,316,294 18,237,808 18,392,047
September 106,610,356 184,623,524 110,338.972
174,781,03 15,203,273 16,140,524
October... 108,483,458 179,929,909 98,153,76 267.317.6
72 15.657,373 16,845,472
November 117,798,726 172.054,642 96,618,134
2289,529,108 17,078,066 15,335,704
December_ 113,117,959 126,251,896 98,422,349
345,414,1
65
16,799,083 12,190,679
January _ _ 100,106,930 108,651,387 108,097,239
356,457,600 19,322,717 12,265,070
February. 115,222,960 103.427.293
237,794,4
60
21,620,780
March
135,648,795 123.996,959131,504,549 167,836,305 24,650,403 14,154,349
April
113,193,073 124,926,117117,760.933 132,460,324 20,639,380 18,615,006
26,838,089
May
117,438,054 110,004,302115.522,172 108,502,231 20,909,65
8 17,221,670
Total... 1243640705 182269280811877049002440728
850203,561,688189,466.824
TRADE AND TRAFFIC MOVEMENT.
UNFILLED ORDERS OF STEEL CORPORATION.
The United States Steel Corporation on Monday, July 10
1922, issued its regular monthly statement showing unfilled
orders on the books of the subsidiary corporations as of
June 30 1922 to the amount of 5,635,531 tons. This is an
increase of 381,303 tons over the unfilled orders
on hand
May 31 last, and compares with 5,117,868 tons
on hand
at the close of June 1921: In the following we give
comparisons with previous months:
STEEL PRODUCTION IN JUNE.-According to a
statement prepared by the American Iron & Steel Institute,
the production of steel in June 1922 by thirty companies,
which in 1921 made 87.50% of the steel ingot production in
that year, amounted to 2,634,477 tons. This contrasts
with 1,003,406 tons during the same month last year.
The output, by processes, was as follows:
June
Port1922.
1921.
1920.
Escanaba_ _ _ _tons. 586,656 138,756 1,147,136
Marquette
324,419
38,959 553,367
Ashland
902,759 309,398 1,299,820
Superior
1,632,911 873,674 2,256,250
Duluth
2,017,801 1,681,411 2,528,448
Two Harbors
1,165,165 558,791 1,448,547
Tounnercial =Miscellaneous4.eulf
460,875,752 468,207,309 462,505,066
152,979,020 152,979,026 152,979,026
Cash balance in Sub-Tress. *328,006,450 *307,896,726 *315,228,
283 *309,526,040
Dep. in spec. depositories:
Acct. certs. of indebt_ _ 197,375,000 221,646.000 151,590,0
00 146,492,000
Dep.in Fed. Land banks.
750,000
Dep.In Fed. Res. banks _ 107,424,698
81.870,230
62,874,384
55,983,925
Dep.in national banks:
To credit Treas. U. S__
8,802,102
8,760,550
8,624,226
9.311,154
To credit disb. officers_
17.089,345 '17,458.232
16,704,447
15,980,075
Cash in Philippine Island
5,851,407
5,631,721
5,351,622
4,547,977
Deposits in Foreign Depts.
1,475,508
1,403,548
1,373,322
1,296,892
Net cash in Treasury
and in banks
668,024,510 645,417,007 561,746,2
Deduct current liabilities_ 294,622,722 273,071,677 272,349,484 543,138,058
20 271,032,546
Available cash balance_ 571 401 7R5 572.545.150 259.396.8
64 272.105.512
*Includes June 1, $40,312,021 silver bullion and $3,536,23 minor
8
coins, &c.,
cot included in statement "Stock of Money."
Tons.
Tons.
June 30 1922._ _ 5,635,531 June 30 1918_ TOM.
May31 1922___ 5,254,228 May 81 1918.... 8,918,866 June 30 1914_ 4.032.857
Apr. 30 1922__ - 5,096,917 4pr.80 1918- 8.337.623 May 31 1914-__ 3,998,160
Mar.31 1922___ 4,494.148 Mar.31 1918_ 8.741,882 Apr. 30 1914-__ 4,277,068
Feb.28 1922___ 4,141.069 Feb. 28 1918___ 9,056,404 Mar.31 1914- 4,653.825
Jan. 31 1922___ 4.241.678 Jan. 31 1918_ 9,288,453 Feb. 28 1914___ 5,026,440
Dec.31 1921___ 4,268,414 Dec.31 1917... 9,477,853 Jan. 31 1914... 4,613,680
Nov.30 1921_ 4,250,542 Nov.30 1917- 9,381,718 Dec.31 1913___ 4_282,108
Oct. 31 1921___ 4,286,829 Oct. 31 1917___ 8,897.106 Nov.30 1913___ 4,396,347
9,009,675 Oct. 31 1913_ 4,513,767
Sept.30 1921___ 4,560.670 Sept.30 1917_ 9,833,477
Sept.30 1913___ 5,003,785
Aug.31 1921___ 4,531,928 Aug.31 1917___10
July 31 1921___ 4,830,324 July 31 1917._10,,407,049 Aug.31 1913_ _ _ 5,223.468
June 30 1921_ 5,117,868 June 30 1917___11,844,164 July 31 1913___ 5,399,356
May 31 1921___ 5,482.487 May 31 1917.__11 383,287 June 30 1913._ 5,807.317
Apr. 30 1921... 5,845.224 Apr. 30 1917.-12,,886,591 May 31 1913___ 6,324,322
Mar.31 1921... 8,284,765 Mar.31 1917...A1 183,083 Apr. 30 1913___ 8,978,762
Feb. 28 1921_ 6,933,867 Feb. 28 1917___11,711,644 Mar.31 1913... 7,468,956
Jan, 31 1921..__ 7,573,164 Jan. 31 1917___11,576,697 Feb. 28 1913_ 7,656,714
,474,054 Jan. 31 1913___ 7,827,368
Dec.31 1920___ 8,148,122 Dec.31 1916-11,547,286
Nov.30 1920._ 9,021,481 Nov.30 1918-__11,058.542 Dec.31 1912_ 7,932,164
Oct. 31 1920_ 9,836,852 Oct. 31 1918_10.015,260 Nov.30 1912_ 7,852,883
Sept.30 1920__ _10,374.804 Sept.30 1910___ 9,522,584 Oct. 31 1912___ 7,594,381
Aug.31 1920___10,805,038 Aug.31 1916_ 9,660,357 Sept.30 1912___ 6,551,507
July 30 1920-11,118,468 July 31 1918___ 9,593,592 Aug.31 1912_ 6,163,375
June 30 1920-10,978,817 June 80 1916-__ 9,640,458 July 31 1912_ 5,957,073
May 31 1920._ _10,940,486 May 31 1916___ 9,937,798 June 30 1912_ 5,807,349
Apr. 30 1920._ _10,359.747 Apr. 30 1916_ 0.829.551 May 31 1912___ 5,750.986
Mar.30 1920_ 9.892,075 Mar.31 1916___ 9,331,001 Apr. 30 1912___ 5,664,885
Mar.31 1912_ 5,304,841
Feb. 28 1920___ 9,502,081 Feb. 29 1916_ 8,588,968
Feb. 29 1912_ 5,454.201
Jan. 31 1920_ 9,285,441 Jan. 311916..
Dec.31 1919___ 8,265,366 Dec.311915.. . 7,922,767 Jan. 31 1912___ 5,379,721
Nov.30 1919_ 7.128,330 Nov.30 1915___. 7,806.220 Dec.31 1911___ 5,084,765
7.189,489 Nov.30 1911___ 4,141,958
Oct. 31 1919___ 6,472,668 Oct. 311915..
. 6,165,452 Oct. 31 1911_ 3,694,327
Sept.30 1919_ 6,284,638 Sept.30
1915___
5,317,618
Sept.30 1911_ 3,611.315
Aug.31 1919_ 6,109,103 Aug.
1915___ 4,908,455 Aug.31 1911___ 3,695,985
July 31 1919-__ 5,578.681 July 31
31
4.928,540 July 31 1911_ 3,584,088
June 30 1919_ 4,892,855 June 30 1915...
May 31 1919- 4.282,310 May 31 1915_ 4,878,196 June 30 1911_ 3,361.087
1915___ 4,264,598 May 31 1911_ 3,113,154
Apr.30 1919... 4.800.685 Apr. 30 1915_
Apr. 30 1911___ 3,218,700
Mar.31 1919- 5,430,572 Mar.31 1915_ 4,162,244
4,255,749
Feb. 28 1919-__ 6,010,787 Feb. 28 1915_ 4,345,371 Mar.31 1911_ 3.447,301
Jan. 31 1919_ 6,684,288 Jan. 31 1915___ 4,248,571 Feb. 28 1911_ 3,460.543
Dec.31 1918-__ 7,379,152 Dec.31 1914_ 3,838,643 Jan. 31 1911___ 3,110,919
Nov.30 1918-__ 8.124,683 Nov.30 1914_ 3,324,592 Dec.31 1910_ 2,674.750
Oct. 31 1918- 8,353,298 Oct. 31 1914_ 3,461.097 Nov.30 1910_ 2,760,413
Sept.30 1918_ 8,297,905 Sept.30 1914_ 3.787,667 Oct. 31 1910_ 2,871.949
Aug.31 1918_ 8,759,042 Aug.31 1914... 4,213,331 Sept.30 1910_ 3,148.106
July 81 1918-- 8.883,801 July 31 1914... 4.158.589 Aug.31 1910_ 3,537,128
July 31 1910... 3.970.931
279
Movement of gold and silver for the 11 months.
Gold Movement at New York.
Month.
Imports.
1921-22. I 1920-21.
July__
August _
September
October-November
December_
January __
February _
March__
April
May
Silver-New York.
Exports.
1921-22.
$
$
$
57.338,204 10,945,005 2,943,013
78.990,70 12,454,509
60.805.467 34.228,556
200
44,137,381 114,561,653 1,124,000
47,133,681 54,248,571
25,517,561 53,324,215
55,583
21,126,622 31,328,278
286,000
24,034,770 18.439,803 1,041,057
31,300,604 81,335,005
287,728
8.440.457 74.173.373
806,748
6,660,364 29,701,157 2,645,834
Total_ _ _ 405,485,811514,740,125
9.140,163
Imports.
Exports.
1920-21.
1921-22.
1921-22.
$
246,3 I
4,212,285
274,0031
130,000
53.00(
350.043
124,300
234,300
100,000
3
1,060.799
4,830.670
1,773,797
3,270,065
2.055,487
1,241,925
2,344,016
827,421
2,816,134
887,751
2,445,322
622.262
1,071.362
3,109,125
1,110.636
1,308,259
503.885
132,213
3,899.518
3,044,763
2,152,224
1,632,368
5,724,231 23,553,887 18,586,615
Baltimore Stock Exchange.-Record of transactions at
Baltimore Stock Exchange, July 8 to July 14, both inclusive, compiled from official sales lists:
Stocks-
Friday
Sales
Last Week's Range for
Sale.
of Prices.
Week.
Far. Price. Low. High. Shares.
Alabama Co
100
2d preferred
100
Arundel Sand & Gravel_100
Preferred
100
Atlan Coast L(Conn).A00
Benesch (I)
Celestine Oil
1
C & P Tel of Bait pref_ _25
Commercial Credit
25
Preferred
25
Preferred B
25
Consol Gas E L & Pow_100
7% preferred
100
8% preferred
100
Consolidation Coal_ _ _ _100
Cosden & Co pref
5
Houston 011 pref tr ctfs_100
Mfrs Finance 2d pref_ _25
Mt V-Wood M pf v t r 100
Norfolk Ry & Light_ _ _100
Pennsyl Wat dr Power_ _100
Pittsburgh 011 pref
10
United Ry dr Elec
50
Wash B dr Annap
50
Preferred
58
BondsAlabama Cons C & I 5s'33
Alabama Co gen 68.._1938
Alabama Mid 1st 58_ _1928
AtCL(Conn)ctis5-2048'25
Bait Electric 58
1947
Consol GEL & P43481935
734s
1945
78
1931
63Ser A
1949
Consol Coal ref 55....1950
Convertible 60
1923
Small bonds
1923
Cosden & Co 6s
Davidson Sulphur 6s_ _1927
Elkhorn Coal Corp 68_1925
Fair & Clarks Trac 58_1938
Fairmont Coal 58
1931
Fla Cent dr Penin ext 68'23
Macon Dub & Say 58_1947
Md Electric Ry 1st 58_1931
Monon V Tress 7s_ _ _ _1923
No Bait Trac 58
1942
Pennsy W & P 58
1940
Seaboard Air Line 48_ _1950
United Ry & E 4s_ _ _ _1949
Income 48
1949
Funding 55
1936
68 (w 1)
1949
Va Mid 5th series 58_ _1926
Wash B & A 5s
1941
No par value.
70
75
65
87
38% 38%
90
91 .
105 105
3434 3434
.50 .50
105 105%
65
55
25% 25%
27
27
10534 107%
102 103
114 114%
85% 86%
4% 4%
92
92
2734 27%
49% 50
21% 2134
105 105
1% 1%
1551 16
16% 17%
32% 32%
105
60
23
5
35
20
200
356
224
40
25
59
253
156
125
100
29
45
40
75
125
300
505
140
241
8.5
86
90
90
9934 9934
96
96
9454 94%
89% 89%
108% 108%
105 105%
1004 100 100%
87% 88%
100% 100 100%
1004 1004
106
106 106
96% 97
9754 974
90
90
93
93
9851 98%
54)4 5834
93
93
93
95% 984
97% 97%
97
97
56% 56%
73% 73% 74
55%
55
55
76% 774
994 100
100
98
97
8154
81
3,000
10,000
3,000
500
1,000
14,000
1,000
5,500
84,000
18.000
5,000
500
28,000
14,000
5,000
1,000
4,000
2,000
24.000
6,000
21,000
1,000
4,000
2,000
32,000
7,000
9,000
58,000
1,600
27,000
34%
.50
105
55
2534
10534
103
85%
92
134
Range since Jan. 1.
Low.
High.
30
Apr
36
Mar
26
Jan
86
Mar
80% Jan
Mar
25
Jan
.35
105 June
Mar
49
Jan
25
25% Jan
Jan
9.1
July
102
Jan
105
Jan
80
4% Jan
Feb
78
23 May
44
Jan
Jan
20
92% Jan
1% Jan
9
Jan
14% Jan
29
Jan
70 June
67
July
44 June
93% May
July
105
35% June
.74
May
107 June
July
65
Apr
28
Apr
28
110
May
103
July
11634 June
87
May
4% Apr
July
92
27% June
55% Apr
21)4 July
108 June
1% May
18
May
19
Apr
3434 Apr
83
80
99)4
96
88
85%
106
101%
100
86
9634
100%
98%
96%
86
May
90
July
99)4 July
96 June
95 June
90 May
109% Apr
106
May
100% July
89% June
100% June
100% June
107 June
104
Feb
98% May
91
Jan
Apr
94
98% May
5834 July
94
Apr
99
May
98
Apr
99
May
56% July
754 June
58% May
78 May
101
June
98)4 Apr
84 May
9434
87
94
96%
384
86
95
97%
92
5634
66%
46
66
9834
94
78%
Mar
Mar
July
June
Jan
Jan
Jan
Jan
July
Feb
Jan
July
Mar
Jan
Mar
Jan
Jan
Feb
Feb
Jan
Jan
July
Jan
July
Jan
Jan
Mar
Apr
Jan
Mar
New York City Realty and Surety Companies.
AU prices dollars per share.
Bid
Alliance R'Ity 90
Amer Surety_ 73
Bond & M O. 254
City Investing60
Preferred _ 87
Ask
95
77
260
63
92
Lawyers Mtge
Mtge Bond__
Nat Surety__
N Y Title &
Mortgage__
Bid
167
105
212
158
Ask Realty Assoc
(Brooklyn)_
174
110 U 5 Casualty.
216 USTitle Guar
West & Bronx
Title& M
162
Bid
140
160
105
Ask
150
175
190
_
Companies.
New York City Banks and Trust
share.
Banks—N.Y. Bid
America *_ _ _ _ 210
Amer Exch__ 277
210
Atlantic
Battery Park_ 125
430
BowerY•
Broadway Con 140
Bronx Boro*.
Bronx Nat _ _ 1E6
Bryant Park• 145
Butch dr Drov 130
Cent Mercan_ 195
317
Chase
Chat & Phen_ 267
Chelsea Exch* 68
Chemical_ _ _ _ 505
Coal dr Iron_ _ 190
Colonial _ _ _ 300
Columbia*__ _ 190
Commerce _ - - 264
Com'nwealth* 215
Continental_ _ 130
Corn Exch _ 415
Cosmop'tan*_ 75
East River_ _ _ 170
Fifth Avenue* 010
160
Fifth
1100
First
230
Garfield
180
Gotham
Greenwich *_ _ 250
610
Hanover
[VOL. 115.
THE CHRONICLE
Z80
All prices dollars per
Bid
Banks
Ask
214 Harriman_ _ _ _ 385
283 Imp & Traci_ _ 540
220 Industrial.- _ _ 130
130 Irving Nat of
209
NY
450
150 Manhattan *.. 253
— - Mech & Met_ 400
500
160 Mutual*
155 Nat American 150
135 National City 328
205 New Neth*_ _ 125
322 New York _ _ 550
300
272 Pacific•
435
78 Park
280
515 Public
200 Seaboard_ _ _ _ 285
- - -- Standard *_ _ _ 230
280
205 State*
266 Tradesmen's * 200
225 23d Ward*._ _ 250
145 United States* 160
420 Wash'n H'ts * 325
420
85 Yorkville *
Brooklyn
Coney Island*
First
240 Mechanics' *_
185 Montauk *
265 Nassau
620 People's
170
155
250
100
125
230
160
Ask
Trust Co.'s Bid
New York
American _ _ _ _
Bankers Trust 369 373
Central Union 377 382
213 Columbia._ _ _ 323 323
258 Commercial.. 100 115
295 305
410 Empire
Equitable Tr_ 295 300
160 Farm L & Tr_ 440 445
333 Fidelity Inter. 205 210
240 250
135 Fulton
560 Guaranty Tr. 227 230
170 180
Hudson
445 Law Tit & Tr 160
290 Metropolitan_ 280 iio
292 Mutual (West
chest,er) _ _ _ 115 130
260
290 N Y Life Ins
& Trust _ -- 648
270 N Y Trust _ _ _ 354 358
170 Title Cu dr Tr 393 398
320
---- U S Mtg & Tr 310
...- United States 1055
Ask
395
560
150
165
260
115
Brooklyn
Brooklyn Tr_
Kings County
Manufacturer
People's
420
700
230
325
210
•Banks marked with (*) are State banks. 1 New stock. x Ex-dividend y Ex-rights
Auction Sales.—Among other securities, the following,
not usually dealt in at the Stock Exchange, were recently sold
at auction in New York, Boston and Philadelphia:
By Messrs. Adrian H. Muller & Sons, New York:
Price.
Price. Shares. Stocks.
Shares. Stocks.
50 Nat'l Liberty Ins. Co__ 4170 per sh.
45 Keokuk & Des Moines Ry., pt.
Per Cent.
Bonds.
$30 per sh.
$2 lot $20,000 Pacific Tel. & Tel. Ref. 55,
500 Victoria Chief Copper Co
1952, Series "A" Temp. Ctfs_ __.923'
$9,000 lot
290 Sasqua Hills, Inc
By Messrs. R. L. Day & Co., Boston:
$ per sh.
$ per sh. Shares. Stocks.
Shares, Stocks.
50
50 State Street Exchange
5 Naumkeag Steam Cotton Co..228
Corp.,
pf. 9O J.
Die
&
Tap
Greenfield
5
150
Co
2 Hill Mfg.
94J,
5 W.L. Douglas Shoe, pref
102A
10 Lancaster Mills, pref
95A 20 Converse Rubber Shoe, pref_90-90%
2 Merrimac Mfg. Co
95A
20 Electric Bond & Share, pref
1605
1 Pacific Mills
107
1 Boston Wharf
105
1 Arlington Mils
60 Montpelier & Barre Light &
229
7 Naumkeag Steam Cotton
43
Power, pref
3 Connecticut Mills, 1st pref.
55
10 N. E. Inv. & Security, Dref
70
ctf. deposit
100
2 Hood Rubber, pref
A Waltham Bleach.& Dye Wks.58 A
104%
20 Arlington Mills
65
1 Chatham Rd
93A
17
5 Griffin Wheel, pref
100 Eastern Mass. St. Ry
1 Eastern Mass.St. Ry.adj.stk _ 30
Per cent.
Bonds.
2 Mass. Elec. Cos., pref. ctf. of
dep.for com.stk.only,par$25 4'% $2,000 Florida Soft Phosphate &
$20
Lime 6s, 1929
5 Amer. Pneumatic Service, 1st
45A 200 eh. Fla. Soft Ph.& Lime Co .. _} lot
pref., par $50
By Messrs. Wise, Hobbs & Arnold, Boston:
$ per sh.
$ per sh. Shares. Stocks.
Shares. Stocks.
94
1 American Mfg
112
5 Danvers National Bank
16
147% 40 Manhassett Mfg., pref
8 Farr Alpaca Co
Mfg.
10
18c
95
common
Merrimac
$10
par
Worsted,
300 U. S.
94
18A-19 20 W.L. Douglas Shoe, pref
4 Eastern Mass. St. Ry
128
3 Fall River Electric Co
Per cent.
Bonds.
5 Merrimac Chemical, par $50_ _ 873.
5 Electric Bond & Share, pref. 953 $10 Eastern Mass. St. Ry. ref. 5s,1
$7.25
1948, scrip
5 Rights Falls River Gas Works_ 8A
$2 East.Mass.St.Ry.adj.stk.scrip_ J lot
100
5 Hood Rubber, pref
By Messrs. Barnes & Lofland, Philadelphia:
Price,
Shares. Stocks.
45 A. H. Geuting Co. 88, pref,. __ 83A
25 Nor. Liberties Gas, par $25_ _ _ 353
1901i
10 Market St. Title & Trust
61h
10 American Bank & Trust
37
$10..
par
Am.,
No.
of
Co.
Insur.
54
52531
Bank
8 Central National
10 Drovers & Merchants National 70
Bank, par $50
A Franklin National Bank_ _ _ _281
45
23 State Bank of Phila., par $50.287A
5 Bank of North America
513
12 Land Title & Trust
61
10 Metropolitan Trust
2 Manayunk Trust Co., par $25_ 80
1 Real Estate Trust Co., pref_ _.107
358
1 Commercial Trust Co.
195
10 Jenkintown Trust Co
5 American Academy of Music_ _675
4931
50 Welsbach Co
Shares. Stocks.
Price,
10 Phila. Life Insurance, par $10_ 10
15 2d & 3d Sta. Passenger Ry_ _ _ _200
20 Union Transfer Co
1931
100 Phila. dr Grays Ferry Pass. Ry_ 64
50 Germantown Passenger Ry_ _
84%
2 Citizens Passenger Ry
220
4 Giant Portland Cement Co
2
Bonds.
Per cent.
$100 St. Louis-San Francisco Ry.
6s, 1950
65
1,000 francs Paris & Orleans RR.
68, 1956
72
$2,000 Atlantic City& Shore RR.5s
29
1945 •
$5,000 American Ry.8s, 1925
6531
$1,000 Hotel Traymore of Atlantic
City 6s, 1927
9931
$500 Consumers Brewing Co. 4s $5 lot
National Banks.—The following information regarding
national banks is from the office of the Comptroller of the
Currency, Treasury Department:
APPLICATIONS TO ORGANIZE RECEIVED.
Caat.
Minn
$25,000
July 5—The First National Bank of Triumph,
Minn.
Triumph,
Alexander
G.
J.
ent:
Correspond
Succeeds the Commercial State hank of Triumph, Minn.
Lumpkin, Ga
25,000
July 5—The National Bank of Lumpkin,
Correspondent: E. L. Harvey, Lumpkin, Ga.
Tenn
50,000
July 7—The City National Bank of Rockwood,
Correspondent: John A. East, Rockwood, Tenn.
APPLICATION TO ORGANIZE APPROVED.
Cranford, N. J
100,000
July 7—The First National Bank of
Correspondent: Clinton C. Staples, Cranford, N. J.
D.
APPLICATION TO CONVERT RECEIVE
Mo
25,000
July 5—The First National Bank of Clayton,
Conversion of The Farmers & Commercial Savings Bank
of Clayton.
Correspondent: Farmers & Commercial Savings Bank,
Clayton, Mo.
CHARTERS ISSUED.
National Bank of St. George, So. Caro_ _ 50,000
July 3-12233—The First Bank of St. George, So. Caro.
Conversion of The
President, R. L. Klauber; Cashier, C. D. Dukes, ,
American National Bank of Bellingham Wash_100 000
July 5-12234—The The Northwestern State Bank of Bellingham.
Conversion of
B. T. Drake.
President, I. J. Adair: Cashier, Corpus
Christi, Texas_ _ _.100,000
National Bank of
July 8-12235—state
of Corpus Christi, Tex.
Bank
State
Conversion of The First
Geo. J. Merriman.
President, Vincent Bluntzer; Cashier,
CHANGE OF TITLE.
July 5-2360—The Lebanon National Bank. Lebanon, Ohio, to
"Lebanon National Bank & Trust Company."
VOLUNTARY LIQUIDATION.
July 5-279—The First National Bank of Newburyport, Mass_ _ -.150,000
Effective June 29 1922. Liquidating committee: Board of
Directors, First National Bank, Newburyport, Mass.
Absorbed by The Ocean National Bank of Newburyport,
Mass. No. 1011, which latter association has changed its
title to "First and Ocean National Bank of Newburyport."
Liability for circulation will not be assumed under Section
5223, U. S. R. S.
CONSOLIDATION.
he Farmers and Producers National Bank of
3-5028—T
July
100.000
Sisterville, W Va
75,000
and 6548—The Peoples National Bank of Sisterville, W. Va
Consolidated under the Act of Nov. 7 1918, under the
charter of the first-named association, and under the
corporate title of "The Union National Bank of Sister157,000
ville" (5028) with capital stock of
DIVIDENDS.
Dividends are grouped in two separate tables.. In the
first we bring together all the dividends announced the current week. Then we follow with a second table, in which
we show the dividends previously announced, but which
have not yet been paid.
The dividends announced this week are:
Name of Company.
When
Per
Cent. Payable.
Books Closed.
Days Inclusive.
Railroads (Steam).
Aug. 15 Holders of rec. July
3
Cuba RR., preferred
3 F eb 15'23 Holders of rec. July
Preferred
1 *Holders of rec. July
Aug.
*1
pi.
Hunt. dr Broad Top Mt.RR.& Coal,
$1.50 Aug. 1 July 15 to July
MineHill& Schuylkill Haven
1
Holders of rec. July
Aug.
331
Louis
&
a
St.
Nashville Chattanoog
20a
20a
15
31
22
Street and Electric Railways.
Brazilian Trac., Light dr Pow.,ordinary.
ConnecticutRy.& Ltg., corn. &. pi.(qu.)
Eastern Mass. St. Ry., 1st pref. Series A
Sinking rund stock
Georgia Ry.& Electric, pref.(quar.). _ _ _
Public Service Investment, corn. (guar.)
Preferred (guar.)
31
31
25
25
10
15
15
1
*131
*3
*3
131
51
131
Sept. 1 Holders of tee. July
Aug. 15 *Holders of rec. July
Aug. 1 *Holders of rec. July
Aug. 1 *Holders ot rec. July
July 20 Holders of rec. July
Aug. 1 Holders of rec. July
Aug. 1 Holders of rec. July
Banks.
Harriman National
Extra
5
5
July
July
Trust Companies.
Mutual of Westchester Co.(guar.)
3
July 15 Holders of rec. July 14
Fire Insurance Cos.
Home Insurance
7 Holders of rec. July
7 Holders of rec. July
8a
6a
1231 On dem Holders of rec. June 30
Miscellaneous.
50c. July 15 Holders of rec. July 8
Acme Wire, common
*1
Aug. 15 *Holders of rec. July 24
Allis-Chalmers Mfg.,corn.(guar.)
pref
331 July 15 July 1 to July 16
Corp.,
American Bronze
131 July 29 Holders of rec. July 15a
Amer. Dist. Teleg. of N. J. (quar.)....
*31.50 July 14 *Holders of rec. July 13
American Railway Express (guar.)
*131 Aug. 15 *Holders of rec. Aug. 1
American Soda Fountain (guar.)
*131 Oct. 2 *Holders of rec. Sept. 1
Amer. Sugar Refg., pref. (quar.) (qu.)
pref.
131 Aug. 15 Holders of rec. Aug. 1
Elec.,
&
-Works
Amer. Water
231 Aug. 2 Holders of rec. July 7
Amoskeag Mfg., corn. (quar.)
131 Aug. 2 Holders of rec. July 7
Preferred (guar.)
July 15 Holders of rec. July 12a
3
Atlantic Safe Deposit
Aug. 1 Holders of rec. July 15
(qu.) 2
Bang Service Stations, Inc., pf.
Aug. 1
*2
(guar.)
Mfg.
Barnard
Aug. 1 Holders oi rec. July 15
2
(quar.).
pref.
Co.,
Batchelder & Snyder
_ _ _ 1 1-12 Aug. 1 Holders of reo. July 15
Boston Consolidated Gas, preferred_
*1 *4 Aug. 1 *Holders of rec. July 22
(guar.)
pref.
Co.
Brill (J. G.)
Sept. 15 Holders of rec. Aug. 21
$2
Buckeye Pipe Line (guar.)
Aug. 15 Holders of rec. Aug. 1
*$2
Class A (guar.)
Burns Bros.,
Aug. 15 Holders of rec. Aug. 1
*50e.
(extra)
corn.'
ClassA
Common,
15 Holders of rec. Aug. 1
Aug.
*50c.
Common, Class B (guar.)
15 *Holders of rec. July 31
Aug.
es25
stock)..
(in
Machine
Adding
Burroughs
*131
15 *Holders of rec. Aug. 31
Sept.
(quar.).
Cantor nia Packing Corporation
*131 July 15 *Holders of rec. June 30
Central Power, pref.(guar.)
Aug. 1
*2
(guar.)
Mills
Charlton
131 Aug. 1 Holders of rec. July 18a
Chic. Wilm.& Franklin Coal, pi ef. (qu.) 2
July 15 July 12 to July 14
Collins Company (guar.)
Aug. 1 *IIolders of rec. July 20
.1
4
(monthly)
Columbia Petroleum
131 July 25 Holders of rec. July 15a
Consolidated Ice, Pittsburgh, pf. (qu.)_
131 Aug. 1 Holders of rec. July 20
Consolidated Utilities, pref. (guar.)._
__
131 Aug. 1 Holders of rec. July 20
Dallas Power & Light, pref. (quar.)_ _
3
Aug. 1 Holders of rec. July 15
Edison Elec. Ill. of Boston (guar.)
2
July 15 Holders of rec. July 14a
Share,
(guar.)
common
dr
Electric Bond
131 Aug. 1 Holders of rec. July 17a
Preferred (gust.)
131 Aug. 1 Holders of rec. July 21a
Federal Sugar Refg., corn. (qear.)
131 Aug. 1 Holders of rec. July 21a
Preferred (guar.)
*15
July 20 *Holders of rec. July 15
Ford Motor of Canada
*131 Aug. 1 *Holders of rec. July 22
General Cigar, common (guar.)
*131
Sept. 1 *Holders of rec. Aug. 24
Preferred (guar.)
*154 Oct. 2 tHoldets of rec. Sept.25
Debenture preferred (quar.)
(guar.)
1 Holders of rec. Aug. 1
*53
Sept.
Razor
Gillette Safety
e*5
Dec. 1 Holders of rec. Nov. 1
Stock dividend
25
Hillman Coal& Coke, 1st pref.(quar.).. Hi July 25 July 15 to July
131 July 25 July 15 to July 25
Second preferred (guar.)
*131 Aug. 1 *Holders of rec. July 15
Idaho Power, preferred (guar.)
July 22
Internat. Combustion Engineering (qu.) *50e. July 31 *Holdere of rec. July
20
131 Aug. 1 Holders of rec.
International Nickel, pref. (guar.)
Interstate Pub. Serv. pr. lien stk. (qu.). *131 July 15 *Holders of rec. Juno 30
31
July
roe.
of
(guar.)
Power
*2
Aug. 15 *Holdere
Kaministigula
Aug. 15 Holders of rec. Aug. 1
Kelly-Springfield Tire, pref. (quar.)__ _ _ 2
15a
July
rec.
of
(guar.)
131
1st
pref.
15
Holders
Furnace,
July
Magee
2
July 15 Holders of rec. July 15a
Second preferred (guar.)
Aug. 5 *fielders of roe. Aug. 1
*2
Marine 011 (guar.)
MasFachusette Gas Cos., corn. (quar,).. *131 Aug. 1 *Holders of rec. July 15
Aug. 2 *Holders of rec. July 15
*$1
Midwest Refining (guar.)
Missouri Gas & Elec.Serv. pr.lien (qu.). *131 July 15 *Holders of rec. June 30
pref
Banking,
*5
Aug. 1 •July 16 to July 31
Morris Canal dr
*2
Aug. 1 *July 16 to July 31
Consolidated stock
*2
Corp.,
pref.
(quar.)
Aug. 5 *Holders of rec. July 22
Body
Mullins
*214 Sept. 15 *Holders of rec. Sept. 1
Mutual 011 (guar.)
•131 Oct. 14 *Holders of rec. Sept. 30
National Biscuit, corn.(guar.)
Preferred (guar.)
*131 Aug. 31 *Holders of rec. Aug. 17
15
N. Y.& Honduras Rosario Mining (qu.) 231 July 25 Holders of rec. July 30a
(guar.)
common
Brass,
July 15 Holders of rec. June 15
Ohio
$1
July
rec.
of
10e. Aug. 1 Holders
Penn Traffic
131 Sept. 1 Holders of rec. Aug. 15
Pittsburgh Steel, pref. (quar.)
July 18a
131 July 31 *Holders of rec.
Plant(Thos. G.) Co., 1st pref. (guar.)_ _
19
$2.065 Aug. 1 Holders of rec. July 20
Royal Dutch Co
rec. July
o.
*Holders
131
1
Aug.
Russell Motor Car,corn
*
20
July
rec.
of
*Holders
Preferred (guar.)
*131 Aug. 1
of rec. July 20
St. Lawrence Flour Mills, com.(quar.) _ *131 Aug. 1 *Holders of rec. July 20
*131 Aug. 1 *Holders
Prefer red (guar.)
of rec. July 20
*Holders
*231 Aug. 1
Salt Creek Consol. 011 (guar.)
rec. July 15
Salt Creek Producers Association (qu.) *300• kug. 1 *Holders of
rec. July 15
of
*Holders
1
Refg.,
_
_
pref.
Aug.
Sugar
(quar.)..
*1
Savannah
rec. July 17
or
*Holders
July 19
*3
Scotten Dillon Co. (quar.)
July 19 *Holders of rec. July 17
*3
Extra
July 17
1.5514 July 25 Holders of rec.
Shell Transport & Trading
rec. July 15
131 k.ug. 1 Holders of rec. Aug. 15
Simmons Company, pref. (guar.)
of
*Holders
31
Aug.
pref.
Oil,
(guar.)
*2
Consol.
Sinclair
,1 9R
ree.T.11.
*1 5.4' 3.nt 1 STTOMPT4 of
Standard 011 (Ohio). pref. (attar.)- -
JULY 15 1922.]
THE CHRONICLE
Per
When
Cent. Payable.
Name of Company.
Books Closed.
Lays Inclusive.
Miscellaneous (Concluded)
Name of Company.
281
When
Payable.
Books Closed.
Days Inclusive.
Miscellaneous (Continued)
Associated Dry Goods, corn.(quar.).
.
Aug. 1 Holders of rec. July lb
First preferred (emu.)
Sept. 1 Holders of rec. Aug. 12
Second preferred (quar.)
Sept. 1 Holders of rec. Aug. 12
Associated Industrials, first pref.
(quar.)
July 15 Holders of rec. July 140
Associated Oil (quar.)
July 25 Holders of rec. June 30a
Atlantic Refilling, preferred
Aug. 1 Holders of rec. July 15
Atlas Brick, Ltd., preferred (quar.)-- - (quar.)_ _ -July 15 Holders of rec. June 30
Atlas Powder, preferred (guar.)
Aug. 1 Holders of rec. July 200
Austin, Nichols & Co., prof.
Aug. 1 Holders of rec. July 150
Baragua Sugar, preferred (quar.)
July 15 Holders of rec. July 5
Barnhart Brothers & Spindler
First and second preferred (guar.)_ _
134 Aug. 1 Holders of rec. July 26a
Bayuk Bros., 1st & 2nd
pref. (quar.)
2
July 15 Holders of rec. June 30a
Beach Royalties (monthly)
2
July 15 Holders of rec. June 29
Below we give the dividends announced in previous weeks Beech-N
ut Packing, pref. B (quar.)_
__ _
July
15 Holders of rec. July la
134
Bell
Telepho
ne of Canada (guar.)
and not yet paid. This list does not include dividends Borden
July 15 Holders of rec. June 300
2
Co., common
*I
Aug. 15 *Holders of rec. Aug. 1
announced this week.
Preferred (guar.)
*134 Sept. 15 *Holders of rec. Sept. 1
Brandram-Hendersan, Ltd.. common.
.. 1 a Dec. 1 Holders of rec. Nov. la
British Empire Steel, pref.
B (quara_
Per
14 Aug. 1 Holders of rec. July 15
When
Brown Shoe, preferred (quar.)
Books Closed.
Name of Company.
134 Aug. 1 Holders of rec. July 20a
Cent. Payable.
Burns Bros., prior pref.
Days Inclusive.
1% Aug. 1 Holders of rec. July 20a
Bush Terminal, common(quar.)
Railroads (Steam).
234 July 15 Holders of rec. July la
Preferred
Alabama Great Southern, preferred.-..
33.4 Aug. 17 Holders of rec. July 13
3
July 15 Holders of rec. July la •
California-Oregon Power, pref.
Atch. Top. & Santa Fe, coin. (quar.)- _ _
(quar.)-134 July 25 Holders of rec. July 15a
134 Sept. I Holders of rec. July 28a Canada Cement, common (quar.)
Preferred _
13-4 July 15 Holders of rec. June 30a
23-4 Aug. 1 Holders of rec. June 300 Canada Tea, Ltd., preferre
d (quara_ _ _ _
Baltimore & Ohio, preferred
2
July 20 Holders of rec. July 10a
Sept. 1 Holders of rec. July 15a Canadian Converters',
2
common
Buffalo & Susquehanna, corn.(quara_ _ _
134 Aug. 15 Holders of roe. July 31
14 Sept.30 Sept. 16 to Oct. 1
Canadian Explosives, common (quar.)
Canada Southern
(quar.)
114 July 30 Holders of rec. June 30a
Aug.
Holders
1
of rec. June 30a
134
Preferred (quar.)
Central RR. of New Jersey (guar.)
134 July 15 Holders of rec. June 30a
Aug. 15 Holders of rec. Aug. d3d
2
Canadian Fairbanks-Morse,
Ltd., pref_ _
Special
3
July 15 holders of rec. June 300
July 15 Holders of rec. July 5a Cartier, Inc., pref.
2
(quar.)
Chicago & North Western, common_
234 July 15 Holders of rec. June 15o
134 July 31 Holders of rec. July 150
Casey-Hedges Co., common
Preferred
Mara - 33.4 July 15 Holders of rec. June 15a
236 Aug. 15 Holders of rec. Aug. la
Cedar Rapids Mfg.& Power (quar.).
Chic.St. Paul Minn.& Omaha,corn_ _ _ ....
% Aug. 15 Holders of rec. July 31
234 Aug. 21 Holders of rec. Aug. la Central Coal dr Coke,
common (quar.)
Preferred
334 Aug. 21 Holders of rec. Aug. la
134 July 15 Holders of rec. June 300
Preferred (quar.)
Cleve. Cin. Chic.& St. Louis. pref.(qu.) 13.4 July 20 Holders of rec. June 30a
13.4 July 15 Holders of rec. June 300
Central Foundry, 18t pref. (quar.)
Delaware Lack. & Western (quar.)
2
3
July
July 20 Holders of rec. July 8a Cent. Illinois Pub.
Serv., pf. (quara_ _ - *134 July 15 Holders of rec. June 30
Detroit River Tunnel
3
July 15 Holders of rec. July 8a Central Power,
15 *Holders of rec. June 30
preferred (quar.)
Georgia Railroad & Banking (quax.)_ _
July 15 July 1 to July 14
3
July
13.4
15 Holders of rec. June 300
Chesape
ake
& Potom. Tel., 1st pf. (qu.) 134
Great Northern, preferred
July 15 Holders of rec. June 30
33.4 Aug. 1 Holders of rec June 30a
Chicago Pneumatic Tool (quar.)
Kansas City Southern, pref. (quar.)_._. 1
1
July 15 Holders of rec. June 30a Cities ServiceJuly 25 Holders of rec. July 15a
Little Schuylkill Nay., RR.& Coal
$1.25 July 15 June 17 to July 16
Common (monthly payable in scrip)_
Louisville & Nashville
_
334 Aug. 10 Holders of rec. July 17a
Common (payable in corn, stock scrip) pcoi Aug. 1 *Holders of rec. July 15
Mahoning Coal RR.,common
solv. Aug. 1 *Holders of rec. July 15
$5
Aug. 1 holders of rec. July 15a
Prof.
& pref.
Michigan Central
4
Aug. I *Holders of rec. July
July 29 Holders of rec. June 30a Cleveland-CliffsB (mthly. payle in scrip)
Iron
New York Central RR
50c. July 25 July 15 to July 15
13, Aug. 1 Holders of rec. June 30a
Columbi
a
25
Gas
&
Electric
(quar.)
New York Chicago & St. Louis,
1% Aug. 15 Holders of rec. July 31a
Common
wealth
First preferred (quar.)
2
11.4 Sept.30 Holders of rec. Sept. 190 Commonwealth-Edison (quar.)
Aug. I Holders of rec. July 15
Finance
First preferred (guar.)
Corp.,
Corn..
_
_
_
flO
I% Dec 30 Holders of rec. Dec. 19n
July 15 Holders of rec. June 30
Preferred
Second preferred (quar.)
134 Sept.30 Holders of rec. Sept. 19a
Commonw'th Gas & Elec., prof. (quar.) 3% July 15 Holders of rec. June 30
Second preferred (quar.)
$1.50 July 15 Iloiders of rec. July la
134 Dec. 30 Holders of rec. Dec. 190 Congoleum
Co., common (quar.)
Norfolk & Western,common (quara_ _ _ _
$1
July 15 Holders of rec. June 300
134 Sept.19 Holders of rec. Aug. 31a Consolidation Coal
Adjustment preferred (quar.)
1
1% July 31 Holders of rec. July 150
Aug. 19 Holders of rec. July 31a Continental Motors(quar.)
Northern Central
Corp., pref. (quar.) 1% July 15 July
$2
July 15 Holders of rec. Jane 30a
9 to July 16
Corn Products Refg., corn. (quar.)
Northern Pacific (quar.)
_ _ _ _ $1
July 20 Holders of rec. July 30
134 Aug 1 Holders of rec. June 30a
Common (extra)
Pennsylvania (quar.)
50c Aug. 31 Holders of rec. Aug.
36 July 20 Holders of rec. July 3a
Preferred (quar.)
la
Pere Marquette, preferred (quar.)
134 Aug. I Holders of rec. July 15a
1% July 15 Holders of rec. July 3a
Cosden & Co.,
Preferred (acc't accum. dividends)... hl
Aug. 1 Holders of rec. July 15a Cuba Compan common (guar.)
623.4c Aug. 1 Holders of rec. July 30
y, preferred
Prior preference (quar.)
*336 Aug. 1 *Holder
134 Aug. 1 Holders of rec. July 15a
s of rec. June 30
Damascus Brake Beam (quar.)
Pittsburgh & Lake Erie
$2.50 Aug. 1 Holders of rec. July 150 Delaw.
2
July 20 July 14 to July 19
Lack. & Western Coal (quar.)
Pittsb. & West Virginia, pref. (quar.)_ _
$1.25 July 15 Holders of rec. July la
134 Aug. 31 Holders
Aug. la
Detroit Edison (quar)
Preferred (guar.)
*13.4 Nov.29 *Holder of rec.
2
July 15 Holders of rec. June 200
s of rec. Nov. la
Detroit Motor Bus (guar.)
Reading Company,common (quar.)._._ $1
*20c. July 15 *May 24 to May 31
Aug. 10 Holders of rec. July 18a
Extra
First preferred (guar.)
50c. Sept. 14 Holders of rec Aug. 29a
*10c. July 15 *May 24 to May
Diamond Match (quar.)
31
2
Sept.15 Holders of rec. Aug. 31a
Dome Mines, Ltd.
Street and Electric Railways.
Mar./
50c. July 20 Holders
Dominion Coal, Ltd..
Bangor Hy.& Electric,corn.(quar.)
preferred (guar.). 134 Aug. 1 Holders of rec. June 30
ai Aug. 1 Holders of rec. July 15
of rec. July 12
Dominion Linens, Ltd., preferred
Brazilian Trac., Lt. & Pow.. corn. (qu.) 1
Sept. 1 Holders of rec. July 31
334 July 15 Holders of rec. June 300
Dominion Power & Transmission,
Carolina Power & Light, corn. (quar.)_ _
pref_ _
• la Aug. 1 Holders of rec. July 15
334 July la June 16 to June 29
Dominion Steel Corp.. pref. (quar.)
Clue. Newp.& Coy. L.& Tr.,corn.(qu.) 134 July
_
_
_
_
15 July 1 to July 16
134 Aug. 1 July 16 to Aug. 1
Dominion Textile, pref. (quar.)
Preferred (quar.)
13-i July 15 July 1 to July 16
134 July 15 Holders of rec. June 30
du Pont(E. I.) de Nom.& Co.
Consolidated Traction Of New Jersey..
2
July 15 Holders of rec. June 30a
Debenture stock (quar.)
DUQUeSne Light, pref. (quar.)
134 Aug. 1 Holders of rec. July 1
13-4 July 25 Holders of rec. July 10a
Eagle-Picher Lead, pref. (quar.)
Kentucky Securities Corp.. pref.(quar.)_
134 July 15 Holders of rec. June 30a East
136 July 15 July 6 to July 16
Manchester Tr.. Lt. & Power (quar.)_
Bay Water, Class A
2
July 15 Holders of rce. July la
(quar.)
$1.50 July 15 Holders of rec. June 30a
Class B (guar.)
Milwaukee Elec. Hy.& Lt., prof.(qu.)_ _
134 July 31 Holders of rec. July 20a Edison
$1.25
July 15 Holders of rec. June 30a
Montreal Lt., Ht.& Pow. Cons. (qu.)....
Elec.
Ill. of Brockton (quar.)
Aug. 15 Holders of rec. July 31
234 Aug. 1 Holders of rec. July 17a
OttumwaRailway & Light, pref. (quar.) 134
Eisenlohr (Otto) & Bros.,Inc-com. _ _ _ _
134 July 15 Holders of rec. June
(qu.) 154 Aug. 15 Holders of rec. Aug.
30
Philadelphia Co., corn. (quar.)
Electrica
l
1
Securiti
es, prof. (quar.)
75e. July 31 Holders of rec. July la
194 Aug. I Holders of rec. July 210
Electrical Utilities, pref. (quar.)
Philadelphia Rapid Transit(guar.)
$1.501
134 July 15 Holders of rec. July 8
Philadelphia & Western, pref.(quar.)..... 6234c July 31 Holders of rec. July 15a Elgin National Watch (quar.)
July 15 Holders of rec. June 30a
*2
Aug. 1 *Holders of lee. July 20
Eureka
Puget Sound Power & Light, corn
1
July 15 Holders of rec. June 26a ExchangPipe Line (quar.)
2
Aug. 1 Holders of rec. July 17
Preferred (quar.)
134 July 15 Holders of rec. June 26a Fajardo e Buffet Corp. (guar.)
50c. July 31 Holders of rec. July 20a
Prior preference (quar.)
Sugar
(quar.)
134 July 15 Holders of rec. June 26a
.
i'4 Aug. 1 *Holders of rec. July 20
Fall River Gas Works
Railway & Light Securities, corn.& pref_
3
Aug. 1 Holders of rec. July 15
3 Aug. I Holders of rec. July 150
Famous Players-Lasky (quar.)
Washington Water Pow., Spokane (qu.)
Corp., pf.
July 15 Holders of rec. June 23
2
Aug. 1 Holders
July 15a
Firestone Tire & Rubber,
West Penn Power Co.. pref. (quara_ _ _ _
6% pref. (qu.) 136 July 15 Holders of rec.
134 Aug. 1 Holders of rec. July 15
West Penn Rys., pref. (quar.)
of rec. July la
Seven per cent preferre
134 Sept. 15 Holders of rec. Sept. 1
134 Aug. 15 Holders of rec. Aug. 1
Fisher Body Corporation, d (quar.)
West Penn Trac. & W.P., pref. (quar.)
corn.(quar.)_ _
134 Aug. 15 Holders of rec. Aug. 1
234 Aug. I Holders of rec. July 21a
Preferred (account accum. dividends). 103.4r
Preferred (guar.)
Aug. 15 Holders
rec. Aug. 1
194 Aug. 1 Holders of rec. July 21a
York (Pa.) Rys., corn. (quar.)
Fort Worth Power
50c. July 15 Holders of
of rec. July 5a Franklin (H. H.) a-. Light, pref. (guar.) In Aug. I Holders of rec. July 15
Preferred (quar.)
Mfg., pref. (quar.)_ _ _
623.4c July 31 Holders of rec. July
1% Aug. 1 July 21 to July 31
21a Gardener Electric
Light, common
$4
July 15 Holders of rec. June 30
General Development
Banks.
(quar.)
25c. Aug. 21 ilolders of rec. Aug. 10a
Commonwealth
General Electric (quar.)
5
July 15 July 6 to July 16
2
July 15 Holders of rec. June 70
Corn Exchange (quar.)
5
Aug. 1 Holders of rec. July 31a General Motors Corp., pref. (quar.)-136 Aug. 1 Holders of rec. July 30
Six per cent debenture
stock (quar.)- 134 Aug. 1 Holders of rec. July 3a
Miscellaneous.
Seven per cent debenture
stock Mara
14 Aug. 1 Holders of rec. July 30
Acme rea, 1st & 2d pref. (quar.)
Glcbc-Wernicke Co., pref.(quar.)
134 Sept. 1 Holders of rec. Aug.
134 July 15 Holders of rec. June 30a
12a finite Bros. Co., 1st
Air Reduction (guar.)
31
July 15 Holders of rec. June 30a
pref.(guar.)
134 July 31 July 25 to July 31
Harbiso
Alliance Realty (quar.)
2
July 18 Holders of rec. July Sc Harris n-Walker Refrac.. pref. Mara
134 July 20 Holders of rec. July 10a
Allied Chem. & Dye Corp., coin.(quar.) $1
Brothers, preferre
Aug. 1
*13( Aug. 1 *Holders of rec. July 11
Hart,Schaffner & Marx, d (quar.)
Allis-Chalmers Mfg. Co., pref. (quar.)... 134 July 15 Holders of rec. July 17
Inc.,com.(qu.)- *1
Holders of rec. June 24a
Aug. 31 *Holders of rec. Aug. 18
fillIcrest Collieries,
Amalgamated Oil (quar.)
75e. July 15 July 1
1 ki July 15 Holders of rec. June 300
to
July 16
Preferred (guar.)common (quar.)
Amer. Art Works,corn. & pref.(quar.)
13-4 July 15 Holders of rec. June 30
July
15 Holders of rec. June 30a
13.4
Hollinge
American Bank Note, common (quar.)._ $1
r
Cons. Gold Mines
Aug. 15 Holders of rec. Julyd26a
*1
July 15 *Holders of rec. June 30
liomestake Mining (monthl
American Cigar, common (quar.)
134 Aug. 1
y)
25c. July 25 Holders of rec. July 20
American Gas & Elec., pref. (quar.)._.. 134 Aug. 1 Holders of rec. July 15a Hupp Motor Car, common
Holders of rec. July 12
236 Aug. 1 Holders of rec. July 150
Illinois Northern Utilities (quar.)
American Glue, preferred (quar.)
2
Aug. I Holders of rec. July
, pref. (quar.)_
134 Aug. 1 Holders of rec. July 15
American Ice, common (guar.)
134 July 25 Holders of rec. July 15a Indiana Pipe Line
Aug. 15 Holders of rec. July 18
$2
7a
Ingersol
Preferred (quar.)
l-Rand
Co.,common (quar.)
134 July 25 Holders of rec. July
July 31 holders of rec. July 7a
234
7a
Internat. Harvester,
Amer. La France Fire Eng., corn.(quar.) 234 Aug. 15
common (guar.)Holders of rec. Aug. la
13-4 July 15 Holders of rec. June 24a
Common (Payable in common
Amer. Laundry Machinery, pref.(quar.) 14 July 15 July
6 to July 15
July 2' Holders of rec. June 24a
Internat. Mercantile Marine, stock)._ /2
American Light & Trac., cons. (quar.)_ _
1
Aug. 1 July 15 to July 27
3
pref
Aug. 1 Holders of rec. July 14
International Paper, pref.
Common (payable in common stock). _
1
Aug. 1 July 15 to July 27
(quar.)
July 15 Holders of rec. July 7a
134
Internat
.
Preferred (quar.)
Telepho
ne aa Teleg. (quar.)
Aug. 1 July 15 to July 27
July
15 Holders of rec. June 30
134
American mfg.. pref. (quar.)
Kelsey
Wheel. preferred (quar.)
134 Oct. 1 Sept. 17 to Oct. 1
134 Aug. 1 Holders of rec. July 21a
Kerr Lake Mines (quar.)
Preferred (quar.)
134 Dec. 31 Dec. 17 to Dec.
1234c. July 15 Holders of rec. July la
30
Kress
American Radiator.common (quar.)-__ - $1
(S.
H.)
Co., common (quar.)
Sept.30 Holders of rec. Sept. 15a
Aug. 1 Holders of rec. July 20a
$1
Preferred (quar.)
Laurentide Power
134 Aug. 15 Holders of rec. Aug. la
(guar.)
134 July 15 Holders of rec. June 30a
American Rolling Mill, corn.(quar.)... 50c. July
Lehigh Coal & Navigat
15 Holders of rec. June 30
ion (guar.)
2
Aug.
31 Holders of rec. July 31a
Preferred (quar.)
Lima,
Locomotive Works, pref
134 July 15 Holders of rec. June 30
2 1-3 Sept. 1 Holders of rec. Aug. 16a
Loose-Wiles Biscuit,
Amer. Seeding Machine, corn. (quara _ _
1% July 15 Holders of rec. June
2d pref.(quar.)
1% Aug. I Holders of rec. July 18a
30a Louisville Gas &
Preferred (quar.)
El. of Ky., pref.(quar.) 134 July 15 Holders of
134 July 15 Holders of rec. June 30a
rec. July la
American Shipbuilding, common (guar.)
2
Aug. 1 Holders of rec. July 15a Lowell Elec. Light Corp.(quar.)
234 Aug. 1 Holders of rec. July 15
MacAndrews & Forbes, corn,
Common (quar.)
2
Nov. 1 Holders of rec. Oct. 15
(quar.)--Holders
July
15
of
rec.
234
June 30a
Common (quar.)
Preferre
d (quar.)
2 F eb. 1'23 Holders of rec. Jan.15'2
134 July 15 Holders of rec. June 30a
Common Mara
2 May 123 Holders of rec. Apr.14 3 Mfrs. Light & Heat, Pittsb. (quar.)July 15 Holders of rec. June 30a
--- $I
Common (quar.)
2 A ug. 123 Holders of rec. July .23 Maple Leaf Milling, corn. (guar.)
July 18 July 4 to July 17
2
1423
Preferred (quar.)
Preferred (quar.)
134 Aug. 1 Holders of rec. June 30a
13.4 July 18 July 4 to July 17
Marian(' Oil(No. 1)
Amer. Steel Foundries, corn. (quar.)
75e. July 15 Holders of rec. July la
Sept. 30 Holders of rec. Aug. 310
$1
Mason
Tire
American Telegraph & Cable (quara_ _ _
&
Rubber, pref. (quar.)_ _ _ _
134 Sept. 1 Holders of rec. Aug. 31a
194 July 25 Holders of rec. June 30a
Massachusetts Lighting Cos.,
American Telep. & Teleg. (guar.)
234 July 15 Holders of rec. June 20a
pref. (WI.) 134 July 15 Holders of rec. June 26
Eight per cent preferre
American Type Founders, coin. (quara_
1
July 15 Holders of rec. July 10a
d (quar.)
July 15 Holders of rec. June 26
2
May
Department Stores, corn. (quar.).. 2
Preferred (quar.)
134 July 15 Holders of rec. July 10a
Sept. 1 Holders of rec. Aug. 150
Common (quar.)
Amer. Woolen, corn. and pref. (quar.)
134 July 15 June 16 to June 27
Dec. 1 Holders of rec. Nov. 15a
2
Preferre
d
Anglo-American Oil, Ltd
(quar.)
45e. July 15 Holders of coup. No. 23
134 Oct. 2 Holders of rec. Sept. 15a
Mexican Seaboard 011
Art Metal Construction (quar.)
25e. July 31 Holders of rec. July 14a
.50c. July 20 *Holders of rec. July 10
Miami Copper (guar.)
Asbestos Corp. of Canada, corn. (quar.) 13.4 July 15 Holders of rec.
50c. Aug. 15 Holders of rec. Aug. la
July la Michigan Gas &
Preferred (quar.)
Electric, pref. (quar.)- 134 July 20 Holders of rec. June 30a
134 July 15 Holders of rec. July la
Prior lien stock (quar.)
1% July 15 Holders of rec. June 30a
Southern Wisconsin Elec., corn. (quar.)_
Preferred (quar.)
Sterling Products, Inc. (quar.)
Stover airg. & Engine, pref. (quar.)
Texas Power & Light. pret. (guar.)_ _ _ _
Union 011 of California (quar.)
Extra
Union Tank Car, coin. & pref. (quar.)
United Drug, 1st pref. (quar.)
United States Glass
Wilcox Oil& Gas(quar.)
Extra
Woolworth (F. W.) Co., corn. (quar.)
*2
*13
*75c.
*1%
13
2
1
13
873.4c
1
*10c.
*5c.
*2
134
134
July 25 *Holders of rec. June 30
July 15 *Holders of rec. June 30
Aug. 1 *Holders of rec. July 18
Aug. 1 *Holders of rec. July 22
Aug. 1 Holders of rec. July 17
July 28 Holders of rec. July 10a
July 28 Holders of rec. July 10a
Sept. 1 Holders of rec. Aug. 5
Aug. 1 Holders of rec. July 15
July 29 Holders of rec. July 22
Aug. 1 *Holders of rec. July 15
Aug. 1 *Holders of rec. July 15
Sept. 1 *Holders of rec. Aug. 10
Name of Company.
[VOL. 115.
THE CHRONICLE
282
When
Per
Cent. Payable.
Books Closed.
Days Inclusive.
Weekly Return of New York City Clearing House
Banks and Trust Companies.
Tho following shows the condition of the New York City
Clearing House members for the week ending July 8. The
figures for the separate banks are the averages of the daily
results. In the case of the grand totals, we also show the
actual figures of condition at the end of the week.
Miscellaneous (Concluded)
July 15 Holders of rec. June 30a
Michigan Limestone & Chem., pt.(qu.)_
July 15 Holders of rec. June 30
Si
Middle West Utilities, preferred
50c. July 15 Holders of rec. June 30a
Midway Gas, common (quar.)
July 15 Holders of rec. June 30a
$1.40
Preferred (quar.)
40c. July 15 Holders of rec. June 30a
Midwest Oil, corn. and pref. ((mar.).
15 Holders of rec. June 19a
July
$1
Mining
Mohawk
Moon Motor Car, corn. (qu.) (No. 1)- - 25c. Aug. 1 Holders of rec. July 15
Aug. 15 Holders of rec. July 31
2
NEW YORK WEEKLY CLEARING HOUSE RETURNS.
Montreal Light, Heat & Power (quar.)_ _
July 15 Holders of rec; June 30a
2
Montreal Telegraph (guar.)
(Slated in thousands of dollars-that is, three ciphers [0001 omitted.)
Aug. 1 Holders of rec. July 20
$6
Nash Motors, common
1% Aug. 1 Holders of rec. July 20
Preferred (quar.)
1 Net
1% July 15 Holders of rec. June 30a
Reserve
National Biscuit, corn. (quar.)
Capital.1 Profits. Loans,
1% Sept. 30 Holders of rec. Sept. ga
Time Bank
Net
with
Discount, Cash
Nat. Enameling & Stpg., pref. (quar.)
Week ending
of tee. Dec. 9a
30
Holders
1%
Dec.
De- Circw
Legal Demand
in
Preferred (quar.)
July 8 1922 Nat'l, May 5 InvestJune
3()
of
rec.
15
Holders
July
35
2
Vault. Deposi- Deposits. posits. famenu,
National Fuel Gas (quar.)
Mar.10
State,
July 15 Holders of rec. June 30a
lion.
tortes.
dtc.
National Paper & Type, corn. & pt. (qu.) 2
Mar.10
(000 omitted.) Tr.cos,
Aug. 10 Holders of rec. July 31a
2
New Jersey Zinc (quar.)
23,5 July 15 Holders of rec. July 5a
Average Average Argo
Average
Average
Average
Bank.
New York Dock, preferred
Res.
'd.
Fe
of
Members
July 15 Holders of rec. June 20
4
$
$
$
$
New York Transit
$
$
$
50c. July 15 IIolders of rec. July la
28,364 1,373 1,972
596 3,839
39,060
New York Transportation
7,683
rec. June 30a Bk of NY, NBA 2,000
15,096
115,590
18,561
2,214
129,549
Niagara Falls Power, preferred (quar.)_ $1.75 July 15 Holders of to
17,396
5,000
Bk of Manhaen
July 17
3
July 20 July 1
991
148,621 2,987
19,201
Nip1ssing Mines((mar.)
Mech& Met Nat 10,000 17,308 153,968 7,335
2
Aug. I Holders of rec. June 30
55,277 1,856
57,291 1,282 7,653
Northern States Power, corn. (quar.)_
Bank of America 5,500 5,755
July 20 Holders of rec. June 30
1,808
42,018
*533,933
59,274
7,236
Preferred (guar.)
467,063
51,139
2
July 15 Holders of rec. June 30a Nat City Bank.. 40,000 15,936 125,530 1,169 13,545
314
98,930 18,489
Nova Scotia Steel & Coal, pref.(quar.)_ _
11.1 July 15 Holders of rec. June 30a Chemical Nat.. _ 4,500 1,093
965
14,901
271 2,017
16,742
Ohio Brass, preferred (quar.)
235 July 15 Holders of rec. June 300 Atlantic Nat__ _ 1,000
5
298
3,698
533
111
4,946
Ohio Fuel Supply, corn. (quar.)
212
500
July 15 Holders of rec. June 30a Nat Butch dr Dr
93,849 10,151 4,969
1,197 12,669
Common (extra payable in L.L. bds.)_ i2
Amer Exch Nat 5,000 7,495 107,930 1,110 38,529
July 15 Holders of rec. June 30a
2
__
30,700
290,008
Otis Elevator, common (guar.)
358,382
36,208
Nat Bk of Comm 25,000
1 35 July 15 Holders of rec. June 30a
431
22,883
Preferred (quar.)
21,705 1,085 3,260
1,000 1,745
131 July 15 Holders of rec. June 30a Pacific Bank__ _
127,969 20,331 5,717
Pacific Gas & Electric, corn. (quar.)
9,969 151,764 5,396 17,738
$1.50 July 20 Holders of rec. June 20a Chat&Phen Nat 10,500 g20,000 118,933
100
____
106,848
13,859
463
Pacific 011
135 July 15 Holders of rec. June 30a Hanover Nat.. _ g5,000 10,339 166,514 6,738 21,955
154,401 19,878
Pacific Telep. & Teleg., pref. (guar.)._ _
75o. Sept. 30 Ho:dere of tee. Sept. a Corn Exchange_ 8,2 0 8,640
Si
658
28,311
3,710
512
Peerless Truck & Motor (quar.)
35,887
1,500
75e. Dec. 31 Holders of reo. Deo. la Imp & Trod Nat
134,899 3,278 5,464
668 17,704
Peerless Truck dr Motor (guar.)
National Park_ _ 10,000 23,141 166,487
2
Aug. 15 Holders of rec. Aug. 5
50
10,677 1,366
Penmans Co., Ltd., corn. (guar.)
337 1,604
12,146
816
1,000
Nat_
River
East
135 Aug. 1 Holders of rec. July 21
195,309 54,205 7,478
418 27,001
Preferred (quar.)
43,928 308,714
235 July 15 Holders of rec. June 30a First National.._ 10,000 11,224 190,509 4,392 25,007
187,673 7,976 2,527
Pennsylvania Salt & Mfg. (quar.)
12,500
134 July 17 Holders of rec. July 3a Irving National 1,000
35
5,938
857
129
Peoples Gas Lt. & Coke (quar.)
6,912
325
_
_
Aug. 1 Holders of rec. July 20a Continental_ _
25,525 1,100
306,488
42,811
6,190
Phillips-Jones Corp., pref. (quar.)__
National_ 20,000 21,840 331,326
y, July 25 Holders of rec. July 7a Chase
20,851
705 2,875
Pittsburgh Coal, corn. (quar.)
20,540
2,425
500
Avenue._
Fifth
134 July 25 Holders of rec. July 70 Commonwealth 400 869 8,208 493 1,467
8,600
Preferred (guar.)
398
39
14,114
254 July 20 Holders of rec. July la
Plymouth Cordage (quar.)
416 1,900
14,879
Nat...... 1,000 1,579
246
658
$1.25 Aug. 1 Holders of rec. Julle120a Garfield
13,708
1,811
295
Postum Cereal, common (quar.)
15,732
939
1,200
National_
69
2
Aug. 1 Holders of rec. Julyd20a Fifth
1,742
71,284
9,440
1,071
Preferred (guar.)
74,703
Nat_ _ 4,000 6,478
415
3
690
July 31 Holders of rec. June 30a Seaboard
12,241
707 1,638
Prairie 011& Gas (guar.)
15,218
Iron Nat 1,500 1,352
2
July 31 Holders of rec. June 30a Coal dr Tr Co_ 20,000 22,413 293,182
18,465
*271,047
34,623
875
Extra
3
July 31 Holders of rec. June 30a Bankers
48,108 7,103 _ _ _ _
723 6,072
Prairie Pipe Line (quar.)
56,796
& Tr_ 3,000 1,158
July 31 Holders of rec. June 30a U S Mtge Tr Co 25,000 17,400 361,073 1,220 42,342 *107,753 28,946 _-_ _
2
Extra
Guaranty
Aug. 15 July 16 to Aug. 15
5
732
18,272
2,452
394
Procter dr Gamble, common (guar.) _ _ _ _
1,500
18,927
1,808
Tr_
Fidelity-Int
Aug. 15 July 16 to Aug. 15
75,553 7,085
868 10,211
Common (payable in corn. stock)_ _ f4
82,986
Trust 5,000 7,809
July 15 Holders of rec. Juned24a Columbia Trust 10,000 16,980 162,956
2
16,566
136,112
18.019
637
Eight per cent preferred (quar.)
York
New
Aug. I *Holders of rec. July 15
360
21,751
421
20,418
Pub. Serv. Co. of No. Iii., corn. (qu.)
Lincoln Trust_ _ 2,000 1,300
'154 July 15 'Holders of rec. June 30
30,526 2,905
186 4,232'
Public Service Co. of Nor. III., pref.(qu
35,706
Metropolitan Tr 2,000 3,711
131 July 15 Holders of rec. June 30a
25,411
*104,353
14,261
491
14,184
5,000
Public Service Co. of Quebec (guar.)._
135,914
&Tr
La
July 15 Holders of rec. July in Farmers Bank 2,000 1,773
2
27,506 1,386
Quaker Oats, common (guar.)
480 3,612
26,030
13,6 Aug. 31 Holders of rec. Aug. in Columbia Trust 12,000 15,851 207,050 1,402 28,862 *240,623 25,473 __-Preferred (quar.)
Equitable
July 15 Holders of rec. July 5
3
-Realty Associates
-----33,997
*e100 Aug. 10 *Holders of rec. July 15
Reo Motor Car (stock dividend)
Tot. of averages_ 275,350434,062 4,521,676 60,536 538,269 c3,951,576 395,414
to July 15
254 July 15 July 1
Securities Company
-----------34,021
131 July 25 Holders of rec. June 30
399,004
81
560,253c3,930,7
Shaffer Oil& Refining. pre!.(
62,815
84,506,931
July
(Mari
ndition
Totals, actual co
154 Aug. 1 Holders of rec. July 150 Totals, actual co ndition July 1 4,556,166 55.207551,790c4,028,335 382,140 34,416
Sierra Pacific Elec., pref. (quar.)
Sinclair Cons. 011 Corp., corn. (quar.)_ _ 50c. Aug. 15 Holders of rec. July 150 Totals, actual Co ndition June 24 4,661,067 60,353547,902 c4,180,591 282,034 34,628
; July 20 Holders of rec. July 10a
,
Smith(Howard)Pap.M ills,Ltd.,com.(qu.) 13
State Banks Not Me sobers of Fed'I Res've Bank.
50
2
July 20 Holders of rec. July 10a
18,246
Preferred (quar.)
18,105 1,431 1,802
Greenwich Bank 1,000 2,033
3,550 1,318 _ _
134 July 15 Itolders of rec. June 30a
552
159
Southern Canada Power, pref. (quar.)
5.314
844
250
Bowery Bank.._
1
July 2 Holders of rec. July I
49,238
27,534
2,051
3,124
Southern States Oil (monthly)
79,057
_ _ _ 2,500 4,586
2
July 25 Holders of rec. June 30a State Bank_
Southern Wisconsin Elec., corn. (guar.) _
July 15 Holders of rec. June 30a
49,330 50,606
4,403
Preferred (quer.)
Tot. of averages_ 3,750 7,465 102,476 5,014
8a
July
of
15
Holders
rec.
1%
July
Mills,
Paper
------dr
Pulp
com.(qu)
Span. Riv.
1% July 15 Holders of rec. July 8a
47,977 51,391
Preferred (quar.)
July 8 102,319 5,183 3,920
ndition
co
actual
Totals,
50c. July 20 Holders of rec. June 30a
49,533
51,547
•
4,028
5,093
Stearns (F. P.) Co.(quar.)
1
103,360
July
Totals, actual co ndltion
Aug. I Holders of rec. July 8
50,625 48,744 __ _
Steel Co. of Canada, corn. & pref. (qu.)
co ndition June 24 102,360 5,366 3,946
Sept. 1 Holders of rec. Aug. 15a Totals, actual
2
Res'y e Dank.
'I
Stern Brothers, preferred (guar.)
Fed
of
Members
Not
les
Compan
Trust
July 15 *Holders of rec. July 1
*10
37,524 1,125
Stetson (John B.), common
53,054 1,610 4,047
Title Guar & Tr 7,500 13,234
July 15 *Holders of rec. July 1
*4
716 __ _ _
17,190
884 1,841
Preferred
26,008
Lawyers Ti & Tr 4,000 6,163
75c. July 15 July 1 to July 15
Sullivan Machinery (quar.)
----la
Aug.
of
Aug.
15
Holders
_
_
2
_
1,841
rec.
(quar.)
51,714
pref.
2d
&
1st
5,888
Steel,
Superior
79,062 2,491
Total of averages 11,500 19,398
90e. Aug. 15 Holders of rec. July 15a
Swift International
56,300 1,805
Tobacco Products Corp.. corn. (quar.)_ _ $1.50 Aug. 15 Holders of rec. July 3a Totals, actual co ndition July 8
80,293 2,498 6,106
5a
July
July
15
of
rec.
*Holders
53,642 1,519
Trascon Steel, corn. (quar.)
78,367 2,104 6,325
Totals, actual co ndition July 1
1
July 15 Holders of rec. June 30
54,299 1,503
6,230
2,066
Tuckett Tobacco, common (quar.)
79,496
June
24
ndition
co
actual
Totals,
131 July 15 Holders of rec. June 30
Preferred (quar.)
1
July 20 Holders of rec. June 30a
Turman 011 (monthly)
ace:290,600460,926 4,703,214 68,044 548,562 4,055,620447,861 33,997
aggr.,
Gr'd
2
July 20 holders of 'cc. June 30a
Extra
wit h prey. week _ -3,331 +870-20,941 -100,876+76623 -587
235 Oct. 1 Holders of rec. Sept. 2a Comparison
Underwood Typewriter, corn. (quar.)_ _ _
Oct. 1 Holders of rec. Sept. 2a
Preferred (guar.)
cond'n July 84,689,543 70.496 570,270 4,035,058452,204 34,021
ace!
eggs'.,
Gr'd
254 July 15 Holders of rec. June 30
wit h prev. week.... -48,350 +8,092 +8,136 -98,466 +19012 -395
Union Natural Gas Corp. (quar.)
131 Oct. 1 Holders of rec. Sept. 15a Comparison
United Dyewood, pref. (quar.)
15c. July 28 Holders of rec. July 8a
acel cond'n July 1 4,737,893 62,404562,143 4,133,524 433,19234,416
United Eastern Mining
2
July 15 Holders of rec. June 20a Gr'd aggr.,
United Fruit(quar.)
cond'n June 24 4,842,923 67,785558,138 4,285,515 332,281 34,628
235 July 15 Holders of rec. June 30a Gr'd aggr•.
cond'n June 174,803,745 65,975636.850 4,373,515 319,928 34,687
United Gas dr Elec. Co., prof
cell
aggr..
50c. July 15 Holders of rec. June 30a Gr'd
(quar.)_
corn.
Improvement,
Gas
United
cond'n Juno 10 4,778,052 69,299,589,595 4,250,362 359,63534,598
50e Sept .15 Holders of rec. Aug. 31a Gr'd aggr•. Gel condo
Preferred (quar.)
June 3 4,741,030 68,6111577,286 4,200,533 330,657 34,508
acei
Gr'd
aggra
July 25 Holders of rec. June 10a
2
United Royalties (monthly)
100
Holders of rec. June 10a
totals
Bonus (payable in stock)
Note.-U. S. deposits deducted from net demand deposits In the generalJuly 8,
1
5a
of
Aug.
Holders
July
25c.
rec.
United Verde Extension Mining (quar.)above were as follows: Average for week July 8, $23,972,000: actual totals
to
July 14
50c. July 15 July 1
$57,946,000;
17,
Juno
24,
June
$40,302,000;
1,
$35,122,000;
July
U. S. Can. common (quar.)
$31,607,000:
July 15 July 1
to
July 14
$79,302,000. Bills payable, rediscounts, acceptances and other liabilities
Preferred (quar.)
July 15 holders of rec. June 30a June 10, the week July 8, $364,208,000; actual totals July 8, 3384,231,000; July 1,
U. S. Industrial Alcohol, pref. (quar.)_ _
average for
15 *Holders of rec. June 22
July
%
*I
corn.
Finishing,
(guar.)
S.
U.
$336,508,000; June 24, 3360,813,000; June 17, $317,286,000; June 10, $310,580,000.
Sept.30 *Holders of rec. Sept. 1
*31
footing as follows:
U. S. Radiator. corn. (guar.)
* Includes deposits in torten branches not included in total
Guaranty Trust
*1% Sept.30 *Holders of rec. Sept. 1
Preferred (quar.)
National City Bank, $99,158,000; Bankers Trust Co., $12,201,000;
31
15a
July
of
Trust Co.,
Holders
July
Equitable
2
rec.
$120,000;
Co.,
Trust
&
lst
Loan
pref. ((mar.)
U.S. Rubber,
Co., $98,323,000; Farmers'
Balances carried in banks in foreign countries as reserve for such
U. S. Smelt., Ref. & Min., pref. (quar.) 87 35c July 15 Holders of rec. July 6
$25,621,000.
50c. Aug. 1 Holders of rec. July 19
Bankers Trust Co., $500,000;
$28,274,000;
City
Bank,
National
Ventura Cons. 011 Fields (quar.)
were:
deposit
50c. Aug. 1 Holders of rec. July 19
Co., $120,000; Equitable
Extra
Guaranty Trust Co., $22,462,000; Farmers' Loan & Trust
July 15 July 1 to July 5
branches not incl. g As of June 7.
Victor Talking Machine, corn. (quar.)_ _ 10
Trust Co., 33,359,000. c Deposits In foreign
ill July 15 July 1 to July 5
Preferred ((quar.)
50c. Aug. 1 Holders of rec. July 22a
Wahl Co., common (monthly)
The reserve position of the different groups of institutions
50c. Sept. 1 Holders of rec. Aug. 23a
Common (monthly)
50c. Oct. 1 Holders of rec. Sept. 22a on the basis of both the averages for the week and the actual
(monthly)
Common
1
Oct.
22a
Holders
Sept.
of rec.
151
Preferred (quar.)
at the end of the week is shown in the following two
25c. July 17 Holders of rec. June 30a condition
Warner (Chas.) Co., corn. (quar.)
July
27
30a
of
Holders
June
131
rec.
_
_
(quar.)_
tables:
First and second preferred
Western Power Corporation, pref. (qu.) 13-5 July 15 Holders of rec. June 30a
CLEARING HOUSE BANKS
STATEMENT OF RESERVE POSITION OF
131 July 15 Holders o re June 30
Western States Gas & Elec., pref. (qu.)AND TRUST COMPANIES.
131 July 15 Holders of rec. June 24a
Western Union Telegraph (quar.)
July 31 Holders of rec. June 30a
$I
Westinghouse Air Brake (guar.)
July 31 Holders of rec. June 300
Westinghouse Elec. & Mfg., corn. (qu.)_ $1
Averages.
July 15 Holders of rec. June 30a
$1
Preferred (quar.)
July 15 Holders of rec. July 54
Worthington Pump & Mach'y.com.(q11.) $1
a
Reserve
I
Aug.
Cash
*Holders
of
*50c.
25
July
rec.
Wrigley(Wm.)Co.,corn.(monthly)_
Reserve
Surplus
Total
in
*50c. Sept. 1 *Holders of rec. Aug. 25
Reserve
Common (monthly)
Required.
Revrve.
Reserve.
Depostlaries
1
Oct.
25
of
*50c.
*Holders
in
Sept.
Vault.
rec.
(monthly)
Common
1
Nov.
*Holders
25
of
*50c.
Oct.
rec.
Common (monthly)
$
15
$
*50c. Dec. 1 'Holders of rec. Nov. 25
Members Federal
Common (monthly)
538,269,000 538,269,000 525,567,300 12,701,700
*50c. Jan. 1 *Holders of rec. Dec. 25
Reserve banks..
Common (monthly)
8,879,400
539,600
9,419,000
1
20a
Sept.
Holders of rec. Aug.
2
5,014,000 4,405,000
Wurlitzer (Rudolph) Co.,8% pf.(qu.)._
State banks*
174,900
2,494,000 5,888,000 8,382,000 8,207,100
Trust companies_ _ _ _
-stock
Stock
has
Exchange
York
ruled
that
New
The
t
sources.
• From unofficial
and not until further notice. a Transfer
7,508,000 518,562,000 556,070,000 542,653,800 13,116,200
Total July 8_ _
will not be quoted ex-dividend on this date
Less British income tax. d Correction.
7,427,000 569,503,000 576,030.000 553,595,830 23,331,170
Total July 1........
books not closed for this dividend. b
582,741,000 574,998,600 7,744,400
Total Juno 24........ 7,421,000 575,320,000
h On
in common stock. g Payable in scrip
e Payable in stock. !Payable
00 592,434,000 599,849,000 572,604,100 27,244,900
17......_7.415,0
June
Total
or
Liberty
Victory
in
Loan bonds.
Payable
account of accumulated dividends.
k Payable in Canadian funds.
* Not members of Federal Reserve Bank.
I Payable in New York funds.
demand deposits in the case of State banks
a This Is the reserve required on net members of the Federal Reserve Bank Inper cent of this in cash and the balance in 6% dividend
T One and one-quarter
trust companies, but in the case of
Feb. 15 1923, Aug. 15 1923 and
on
each
3%
and
of
installments
time deposits, which was as follows:
warrants in three
cludes also amount in reserve reauired on net
21, $8,341,200; June 17, $8,358,900.
Feb 15 1924.
July 8. 311,862,420; July 1, $9,622,470; June
each.
cents
75
of
dividends
quarterly
Made up of two
$
3,110
•
.1uLy 15 1922.]
THE CHRONICLE
Actual Figures.
Cash
Reserve
Reserve
in
in Vault. Depositaries
Sur plus
Reserve.
Reserve
Required.
Boston Clearing House Weekly Returns.-In the following we furnish a summary of all the items in the Boston
Clearing House weekly statement for a series of weeks:
BOSTON CLEARING HOUSE MEMBERS.
Members Federal
Reserve banks_
State banks*
Trust companies_
Total
Total
Total
Total
Total
Reserve.
283
560,253,000 560,253,000 522,971,650 37,281,350
467,110
5,183,000 3,920,000 9,103,000 8,635,860
159,000
2,498,000 6,103,000 8,604,000 8,415,000
--*---- ----7,681,000 570,279,000 577,960,000 540,052,510 37,907,490
7,197,000 562,143,000 569,340,000 552,472,510 16,867,490
7,432,000 558,138,000 565,570,000 569,195,200 3,625,200
7,391,000 636,850,000 644.241.000 580,309,940 63,931.060
July 8_ _ _ _
July 1_ _ _
June 24_ _ _ _
June 17_ _
• Not members of Federal Reserve Bank.
b This is the reserve required on net demand deposits in the case of State banks
and trust companies, but in the case of members of the Federal Reserve Bank includes also amount of reserve required on net time deposits, which was as follows:
July 8,511,970,120; July 1, $11,164,200;June 21, 38,461,020: June 17, $8,097,600.
July 12
1922.
Changes from
previous week.
Capital
59,520,000
Surplus and profits
84,656,000 Dec.
Loans, disets & investments_ 821,255,000 Inc.
Individual deposits,incl. U.S.(103,020,000 Dec.
Due to banks
125,228,000 Inc.
Timedepostts
109,521,000 Inc.
United States deposits
9,430,000 Dec.
Exchanges for Clearing House 22,611,000 Dec.
Due from other banks
70,918,000 Inc.
Reserve In Fed. Res. Bank __ _ 72,410,000 Dec.
Cash in bank and F. R. Bank 10,133,000 Inc.
Reserve excess in bank and
Federal Reserve Bank
4,978,000 Dec.
July 5
1922.
June 23
1922.
$
59,520,000 59,520.000'
503,000 85,159,000 86,330,000
2,788,000 818,467,000 811,440,000
3,515,000 606,535,000 596.304,000
3,054,000 122,174,000 113,602,000
501,000 109,020,000 109,183,000
1,041,000 10,471,000 11,245,000
6,867,000 29,178,000 20,405,000
1,584,000 69,334,000 65,374,000
540,000 72,950,000 69,168,000
840,000 9,291,000 9,278,000
State Banks and Trust Companies Not in Clearing
1,025,000 6.003,000 2,839,000'
House.-The State Banking Department reports weekly
figures showing the condition of State banks and trust comPhiladelphia Banks.-The Philadelphia Clearing House
panies in New York City not in the Clearing House as follows: return
for the week ending July 8, with comparative figures
SUMMARY OF STATE BANKS AND TRUST COMPANIES IN GREATER for the two weeks preceding, is given below.
Reserve
NEW YORK, NOT INCLUDED IN CLEARING HOUSE STATEMENT.
requirements for members of the Federal Reserve System
(Figures Furnished by ,State Banking Department.)
are
10%
on
demand
deposits
and
3%
on
time
deposits, all
Differences from
to be kept with the Federal Reserve Bank. "Cash in
previous week.
July 8.
$754,143,300 Inc.390,618,400 vaults" is not a
Loans and investments
part
of
legal
reserve.
For
trust
companies,
5,173,700 Inc.
44,800
Gold
18,919,200 Inc. 2,792,100 not members of the Federal Reserve System the reserve
Currency and bank notes
66,848,200 Inc. 10,214,400 required is 10% on demand deposits
Deposits with Federal Reserve Bank of New York_ _
and
includes
"Reserve'
803,959,500 Inc.103,258,400
Total deposits
with legal depositaries" and "Cash in vaults."
Deposits, eliminating amounts duo from reserve depositaries and from other banks and trust companies in N. Y. City exchanges and U.S. deposits 752,127,500 Inc. 92,407,500
Week ending July 8 1922.
127,450,700 Inc. 17,556,900
Reserve on deposits
Percentage of reserve, 20.6%.
Two Ciphers (00) omitted. Membersof
RESERVE.
Trust
F.R.System Companies
Total.
Stale Banks-- -Trust Companies
*326,473,800 16.60%
Cash in vault
$64,767,300 14.10%
Capital
535,175,0 54,500,0 339,075,0
Deposits in banks and trust cos_ _ _ _ 8,025.500 05.03%
28,184,100 06.10% Surplus and profits
96,143,0
14,083,0 110,226,0
Loans, disc'ts As investm'ts
$31,199,300 21.63%
Total
$92,951,400 20.20% Exchanges for Clear.House 620,999,0 37,512,0 653,511,0
26,784,0
680,0 27,464,0
Due
from
banks
96,449,0
23,0 96,472,0
* Includes deposits with the Federal Reserve Bank of New York. which for the Bank
deposits
116,607,0
402,0 117,006,0
State banks and trust companies combined on July 8 were $66,848,200.
Individual deposits
512,044,0 24,273.0 536,317,0
Time deposits
15,902,0
509,0 16,411,0
Total deposits
644,553,0 25,184,0 669.737,0
Banks and Trust Companies in New York City.-The U.S.deposits (not incl.)_
6,174,0
6,174,0
Res've with legal deposit's_
4,177,0
4,177,0
averages of the New York City Clearing House banks and Reserve
with F. R.Bank.. 55,003,0
55,003,0
trust companies combined with those for the State banks Cash in vault*
8,950,0
1,047,0
9,997,0
Total reserve and cash held
63,953,0
5,224,0 69,177,0
and trust companies in Greater New York City outside of Reserve
required
53,133,0
3,620,0 56,753,0
Excess res.& cash in vault_
the Clearing House, are as follows:
10.850,0
1,604,0
12.454,0
• Cash in vaults not counted as reserve for Federal Reserve
COMBINED RESULTS OF BANKS AND TRUST COMPANIES IN
GREATER NEW YORK.
Week endedMar. 18
Mar. 25
April 1
April 8
April 15
April 22
April 29
May 6
May 13
May 20
May 27
June 3
June 10
June 17
June 24
July 1
July 8
* This item includes
Reserve notes.
Loans and
investments.
Demand
Deposits.
*Total Cash
in Vaults.
Reserve in
Depositaries.
3
4,997.034.100
5.021,059.300
5,039,161.200
5,087.991,900
5,086.819.300
5,141,226,100
5,180,822,800
5.209,013,000
5,233.359,300
5,297,769,50(1
5,334.400,700
5,372,704,700
5,408,101,600
5,372,704,700
5,491,415,000
5,370,259,900
5.457,357,300
$
4,482,227,300
4,445,139,800
4,464,631,200
4,555,297,200
4.577.182,300
4,619,860,900
4,657,698,400
4,694,822,600
4.738,487,800
4,807,891,800
4,827,593,600
4.853,005,100
4,852,544,100
4,853,005,100
4,980,544,500
4,816,507,000
4.808.047,500
$
90,428,300
90,739.300
91,467.800
91,810.600
94,189.300
91,853,200
92,431,500
91,100,100
132,818,400
91,723,900
91,161,400
91,486.700
93,253,000
91,486,700
90,155,600
88,730,000
92,436,900
624,862.400
588,300,100
589,734,700
608.504,800
612,177,500
623,404,900
611,583,000
621,974,300
642,139.100
648,307,500
638.697,600
646.059.900
660,162,300
646,059,900
663,100,900
657,840,800
651,619,800
s
gold, silver, legal tenders, national bank notes and Federal
New York City Non-Member Banks and Trust Cornpanies.-The following are the returns to the Clearing House
by clearing non-member institutions and which are not included in the "Clearing House Returns" in the foregoing:
RETURN OF NON-MEMBER INSTITUTIONS OF NEW YORK CLEARING
HOUSE.
(Stated in thousands of dollars-that is, three ciphers (000) omitted.)
I Net i Loans,
Capital, Profits I pis.
CLEARING
Rescrot
Net
i counts, Cash
NON -MEMBERS
with Demand
Nat. bks.1%fay 5, Investin
Legal
DeState
bkslk.lar101
ending
merits,
Week
Vault, 'Deposi- posits.
July 8 1922. Tr. cos. June 30 ctc.
tortes.
----1
:Average Average Averato Average
Members of
5
$
I
5
Fed'! Res. Bank.
$
$
S
149 1,110
Battery Park Nat_ 1,500 1,2211 9,577
7,376
500 1,1951 9,700
22
487
W R Grace & Co's_
1,555
8481 18,637
200
575 1,539
Yorkville Bank
9,243
Total----------
2,200
3,255 37,914
746
3,186
State Banks Not Me mbers of Fed. Res've Bank
351 4,621
200
636
Bank of W3.911. Ilts
278
SOO 1,647 17,109 2,170 1,436
Colonial Bank_ ---
Nat'l
Net
Bank
Time
DC. Circuposits. lation.
Averap, Average
$
s
199
296
7,134
10,178
--
18,174 17,603
4,728
18,144
110
1,714
22,872
110
Trust Companies Not Me mbers of Fed. Res've Bank
606 9,495
354
Mech.'Fr.,Bayonne
200
235
3,908
5,602
3,908
5,602
Total
Total
1,000
200
1998)
21,730
,
6051 9,495
2,806
354
3,400 5,8701 69,139 3,905
Grand aggregate
-99
Comparison with previous week..) +641
Gr'd aggr. July 1 3,400 5,8891 68,498 4,005
Gr'd aggr. June 24 3,600 6,702, 79,160 4,04(1
Gr'd aggr. June 17 3,600 6,656, 78,558 4,030
Ord aggr. June 1(). 3,600: 6,6561 71,856 4,116
235
199
4,868
6,783
6,681
6,653
199
199
199
199
a44,54C
a55,741
a56,212
a56,576
23,077
23.057
22,572
22,699
June 24
1922.
539,675,0
108,832,0
058,614,0
33,605,0
90,255,0
115,544,0
534,002,0
16,359,0
665,905.0
6,835,0
3,402,0
52,436,0
9,774,0
65,612,0
56,315,0
9,297.0
$39,675,0.
108,575.0
656,079,0'
26,642,0
88,317,0.
115,251,0.
520,967,0,
16,546,0 652,764,0 ,
7,660,0
2,986,0
52,503,0
10,010,0
65,499,0
55,214,0
10,285,0
members.
Condition of the Federal Reserve Bank of New York.
-The following shows the condition of the Federal Reserve
Bank of Now York at the close of business July 12,1922,in
comparison with the previous week and the corresponding
date last year:
July 12 1922.
Resources
-$
Gold and gold certificates
207,668.840
Gold settlement fund-F. R. Board...88
,733,671
Total gold held by bank
Gold with Federal Reserve Agent
Gold redemption fund
296,402,512
803,771,498
7,880,354
July 5 1922. July 13 1921.
207,976,801
70,207,126
266,216,000
35,332,000
278,183,931
803,946,098
9,065,817
301,548,000,
508,950,000
20,000,000
Total gold reserves
Legal tender notes, silver, &c
1,108,054,365 1,091,195,847
31,536,116
27,189,016
Total reserves
1,139,590,482
1,118,379,863
Bills discounted: Secured by U.
S. Government obligations--for members...
58,506,275
68,295,109
For other F. It. banks
All other-For members
40,200,043
15,181,835
For other F. R. Banks
Bills bought in open market
46,363,299
46,923,963
Total bills on hand
120,051,410
155,419,117
U. S. bonds and notes
51,955,750
58,573,750
U. S. certificates of indebtednessOne-year certificates (Pittman
19,500,000
19,500,000
Act)..
Allother
127,769,000
94,605,000
Total earning assets
319,276,160 326,097,867
Bank premises
8,749,395
8,744,629
5% redemp,fund asst.
F.R. bank notes899,060
899,060
Uncollected items
141,071,518 119,444,351
All other resources
3,130,189
2,701,663
Total resources
1,612,716,805 1,576,267,435
LiabilitiesCapital paid in
Surplus
Reserved for Government Franchise
Tax
Deposits:
Government
Member banks-Reserve account.-All other
830,498,000
74,101,000
904,599,000
149,462,000'
24,760,000
244,453,000
5,725,000
7,708,000
432,108,000
2,722,000
52,776,000
17,741,000
505,347,000
5,376,000
1,870,000
130,259,000
2,999,000?
1,550,445,000
-
27,571,900
60,197,127
27,571,900
60,197,127
26,872,000
59,318,000
5,306,305
771,550,118
10,637,238
9,520,533
724,200,095
10,435,476
276,000
650,310,000
11,515,000
744,156,110
642,354,426
16,387,200
81,619,168
3,951,203
662,101,000
654,260,000
28,326,000
98,693,000
20.875,000
Total deposits
787,493,661
F. It. notes in actual circulation
622,754,058
F. R. bank notes in circul'u-net
15,935,200
liability
Deferred availability items
94,635,454
All other liabilities
4,129,401
Total liabilities
1,612,716,805
Ratio of total reserves to
deposit and
F. It. note liabilities combined
Contingent liability on bills
for foreign correspondent purchased
s
5,135 1194,954 23,320
+267
+408 -243
a U. S. deposits deducted, $126,000.
Bills payable, rediscounts, acceptances and other liabilities, 5340,000.
Excess reserve, $140,620 Increase.
199
July 1
1922.
1,576,267,435 1,550,495,000
80.8%
80.7%
68.7%
9,021,039
12,739,384
40,176,129
CURRENT NOTICES.
-.Isidore Newman & Son, New Orleans, announce
that the business
heretofore conducted by them was
incorporated July 1 1922 and will becontinued under the name of Newman, Saunders
& Co., Inc. The officers
of the company are: J.
K. Newman, President; Paul II. Saunders and L.
Carroll Root, Vice-Presidents; II.
L. Falk, Secretary: liarrie Hardie.,
Treasurer, and T. G. Stockhausen, Manager
Bond Department.
-The Koppell Industrial Car & Equipment
Co. has just received am
order from the Manila Railways for
30 30-ton capacity cane cars.
[vol.. 115.
THE CHRONICLE
284
WEEKLY RETURN OF THE FEDERAL RESERVE BOARD.
the condition
The following is the return issued by the Federal Reserve Board Friday afternoon July 14, and showing
the system
for
results
the
present
we
table
first
the
In
day.
of the twelve Reserve Banks at the close of business the previous
week last year.
corresponding
the
of
those
with
and
weeks
preceding
the
figures
for
seven
the
with
comparison
as a whole in
Federal Reserve Agents'
The second table shows the resources and liabilities separately for each of the twelve banks. The
between the Comptroller and
notes
Reserve
Federal
in
transactions
regarding
gives
details
following)
table
(third
Accounts
upon the return for the latest
Reserve Agents and between the latter and Federal Reserve banks. The Reserve Board's comment
Discussions."
and
Events
"Current
of
item
our
in
department
first
the
being
246
page
on
week appears
1922.
COMBINED RESOURCES AND LIABILITIES OF THE FEDERAL RESERVE RANKS AT THE CLOSE OF BUSINESS JULY 12
May 24 1922 July 13 1921.
July 12 1922. July 5 1922. June 28 1922. June 21 1922. June 14 1922. June 7 1922. May 311922.
8
317,832,000
514,590,000
RESOURCES.
Gold and gold certificates
Gold settlement, F. R. Board
317.040,000
518,679,000
316,937,000
532,351,000
318,614,000
531,290.000
316,435,000
504.707,000
323.745,000
502.204,006
326.412,000
482,937,000
324,740,000
486,689.000
352,341,000
402,248,000
809.349.000 754,589,000
832,422,000 835,719,000 849,288,000 849.904,000 821,142,000 825,949,000 811.429.000 2.141.120.00o 1,623,321,000
. 2,161,560,000 2,123,816,000 2.123,373,000 2,121,680.000 2.142.118.000 2,128,242,000 2,140.891,000
57.220.000 114,834,000
55.301,000
55,881,000
48,376.000
44,534.000
48,207.000
41,851,000
61,142,000
3.007.689,000 2,492,744,000
3,035,833,000 3,020,677,000 3,020,868.000 3,019,960.000 3,007.794.000 3.010,072,000 3,007,621.000
122.876,000 127,564,00(1 154,850.000
121,207,000 113,252,000 127,498,000 127,715,000 128,684,000 123.994,000
3,135.253,000 2,647,594,000
3,157,040,000 3,133,929,000 3,148,360,000 3,147,675.000 3.136,478.000 3.134,066,001) 3,130,497,000
Total gold Bela by banks
Gold with Federal Reserve agents
Cold redemption fund
Total gold reserves
Legal tender notes, silver. Oec
Total reserves
Bills discounted:
Secured by U. S. Govt. obligations__
All other
Bills bought in open market
Total bills on band
U. B. bonds and notes
U. S. certificates of Indebtedness:
One-year certificates (Pittman Act)...
All other
Municipal warrants
157,555,000
272,387,060
157,675,000
185,390,000
313,482,000
155,065,000
189,909,000
279.192,000
154,060,000
140,713.000
280,855,000
121,467,000
140.639.000
272,978.000
123,975,000
148,949,000
271,305,000
136,183,000
171.106,000
300,384.000
118,182,000
181,071,000 618,784,000
306.169.000 1,085,196,000
25,135,000
105.364,0 0
587,617,000
208,424,000
653,937,000
210,237,000
623,161,000
224,638,000
543,035 000
227,374,000
537,592,000
238,308,000
556,437,000
243,775,000
589,672.000
244,648,000
592.604.000 1,729,115,000
36,098,000
240.990.000
74,000,000
274,349,000
4,000
74,000,000
260,271,000
74,000,000
257,969,000
74.000,000
254,160,000
75.500.000
315.875,000
77,000.000
297,101,000
77,000,000
281,771.000
78.500,000
276,721.000
215,875,000
18,534,000
1,193,091,000 1.188,815.000 1,999,622,000
1,144,394,000 1,204,445,000 1.179,768,000 1,098,569.000 L.167,275,000 1.174,313,000
Total earning assets
25,519,000
40.050.000
40,672,000
40,994,000
41,074.000
41,368,000
41,568.600
41,985,000 .41,642,000
Bank premises
10,033,000
7.805.000
7.580.0(10
7,518.000
7.639,000
7,565.000
7,587.000
7,496,000
7,551,000
6% redemp. fund agst. F. R. bank notes
454,938.000 501.733.0011 590,894,000
525.893,000
580.959.000
624.732.000
511,571,000
514,72.5,000
611,733,000
Uncollected items
14,698,000
20.303,000
20.490.000
20.684,000
15.672.000
20.829.000
15,988,000
16,169,000
16,206,000
All other resources
4,847,268,000 4,894,359,000 5,288,360,000
1,978,872,000 4,918,443.000 4,904,848,000 4.891,808,000 4,998,027,000 4.903,468,000
Total resources
LIABILITIES.
Capital paid in
Surplus
Reserved for Govt. franchise tax
Deposits—Government
Member banks—reserve account
All other
102,090,000
105,078,000 105.079.000 104,879,000 104,859.000 104,729,000 104.895.000 213,824,000
215,398,000 215.398.000 215.398.000 215,398,000 215,398.000 215,398.000
2.290.000
2,238.000
2,207,060
2,231,000
2,231,000
2,281,000
10,942,000
60.406.000
54,205.000
39,574.000
10.383,000
73,273.000
43,780,000
20,837,1)00
36,677,000
1,822.742.000 1,655,303,000
1,875,229,000 1,818,996,000 1,865,199,000 1,812,010,000 1.821.450.000 1,823.961,000 1.782.004.000
27,746,000
34.028,000
33,854,000
33,455,000
32.006,000,
34,313,000
30,297,000
28,871,000
29,029,000
1.917,176,000 1,693,991,000
1,924,937,000 1,884,702,000 1,939,276,000 1,854,399.000 1.929,036,000 1,896.990,000 1.870.153,000 2,128.230,000 2,603,833,000
Total
2.141,184,000
2,158,122,000 2,194,323,000 2,124,422,000 2.126,304,000 2,122.610,000 2,141,531,000
F. R. notes in actual circulation
71,7(12,000 130,556,000
71.812,000
70.553.000
68.000.000
87,689,000
67,259.000
67,380,000
68,146,000
F.R.bank notes in circulation—net liab.
435.114.000 483,901,000
486,360,000 430,161,000 430,314,000 500.049.000 535.464.000 450.497,000 423,217.000
Deferred availability items
60,165,000
19,754,000
19,798,000
20.174,000
20.409,000
20.659.000
20,820.000
21,451,000
20,498,000
All other liabilities
4,903,468,000 4,847,268.000 4.894,359,000 5,288,360.000
4,998,027,000
4,891,808.000
4,904,848,000
4,978,872,000
4,918,443,000
Total liabilities
Ratio of gold reserves to deposit and
58.0%
74.5%
74.3%
74.9%
72.4%
75.9%
74.3%
74.4%
74.0%
F. R. note liabilities combined
Ratio of total reserves to deposit and
61.6%
77.5%
78.0%
77.6%
77.4%
79.1%
77.5%
76.8%
77.3%
F. R. note liabilities combined
Distribution by Maturities1-15 days bills bought In open market_
1-15 days bills discounted
1-15 days U. S. certif. of indebtedness_
18-30 days bills bought In open market_
16-30 days bills discounted
16-30 days U. S. certif. of indebtedness_
31-60 days bills bought in open market_
31-60 days bills discounted
31-60 days U. 8. certif of indebtedness_
31-60 days municipal warrants
61-90 days bills bought In open market_
61-90 days bills discounted
61-90 days U. B. certif. of indebtedness.
61-90 days municipal warrants
Over 90 days bills bought In open market
Over 90 days bills discounted
Over 90 days certif. of indebtedness
105,224,000
215,398,000
105,217,000
215,398,000
$
58,775,000
224,711,000
10,645,000
37,783,000
39,243,000
24,235,000
34,562,000
59,959,000
3,900,000
1,000
20,220,000
57,801,000
52,792,000
3,000
6,335,000
48,228,000
256.777,000
$
60.992,000
289,805,000
5,813,000
29,628,000
39.585,000
22,930.000
34,629,000
64,650,000
14,027.000
$
59,415,000
263.576,000
4,106,000
27,845,000
38,675,000
1,500.000
43,064,000
01,811.000
26,292,000
31,868.000
221,015,000
33,700,000
27,022,000
39,608.000
500,000
40,548,000
61,529,000
20,329.000
27,454.000
210.195.000
69,308.000
29.269,000
48,370.000
1,000,000
36.852,000
81.953.000
31,717,000
39,608,000
216,767.000
70,973,000
27,267,000
48,248,000
7.144.000
40,176,000
61.953.000
34,199.000
47,714.000
253,849,000
74,249.000
20,122,0(10
47,831,000
500,000
28,565,000
72.833,000
4.679.000
40,518.000
262.472.000
1.483,000
22,130.0(10
49.036.000
68.382,000
23.100,000
79,159.000
2,500,000
17,225,000
984,521,000
10,063,000
3,243,000
160,140,000
4.700,000
2,827,000
265,996,000
28,002,000
16,580,000
53,983,000
42,057,000
15.158,000
50,208,000
40,873,000
15.415,000
46,375,000
37,652,000
25.564.000
44,112.000
3,900,000
24.347,000
43,204,000
3,900.000
19.106.000
45,929,000
35,160,000
14.762.000
46.654.000
35.959,000
1,830,000
215,803,000
44,376,000
7,236,000
50,848.000
249,144,000
8,580,000
54,831,000
259,198.000
6,814,000
53,041.000
229,979,000
5,036,000
50.987,000
285,452.000
4.785,000
50,082,000
257,885,000
4,675.000
51,048,000
244,183,00(1
4,854.000
49,919.000
246,917,000
10,000
77,520,000
147,268,000
Federal Reserve Notes—
Outstanding
Held by banks
2,589,509,000 2,561,837,000 2,537,485,000 2.522,750,000 2,518.799.000 2,526,949,000 2,511,810,000 2,509,652.000 3,000,507,000
431,387,000 367,514,000 413,063,000 395,448,000 396,189.000 385,418,000 370,628,000 381.422,000 396,674,000
2,158,122.000 2.194,323,000 2,124,422,000 2,126,304,000 2,122,610,000 2,141,531,000 2,141,184,000 2,128,230.000 2,603,833,000
In actual circulation
3,284,031,000 3.279.696,000 3,294.971,000 3,300,574,000 3,309.981,000 3,785,977,000
Amount chargeable to Fed. Res. Agent 3,341,921,000 3,301,379,000 3,294,062,000 701,281,000 760.897.000 768.022,000 788,764.000 800,329,000 785,470,000
752,412.000 739,542.000 756,577,000
In hands of Federal Reserve Agent
3,000,507,000
2,589,509,000 2,501,837.000 2.537.485,000 2,522,750,000 2.518,799,000 2,526,949,000 2,511,810,00(1 2,509,652,000
Issued to Federal Reserve banks
344,992,000
416,122,000 110,122,000 416,123,000 416,122,000 416,122.000 409,863,000 407,413.000 406,213,000 1,377,186,000
427,949,000 438,021,000 414,112,000 401,070,000 376,681.000 398.707.000 370.919.00)) 388.532.000
119,094,000
130,876.000
131,428,000
128,804,000
134.187,000
121,983.000
126,010,000 124,985.000 127,309,000
1,159,235,000
1,619,428,000 1.582,709,000 1,579,941,000 1,583.595,000 1,591.829.000 1,589,575,000 1,602,050.000 1,604.231,000
2,509.052,000 3,000,507,000
2,589,509,000 2,561,837,000 2,537,485,000 2,522,750,000 2,518,799.000 2.526,949,000 2,511,810.000
How Secured—
ay gold and gold certificates
By eligible paper
Gold redemption fund
With Federal Reserve Board
Total
Eligible paper delivered to F. R. Agent-
576,633,000 635,631,000
606,648,000
YRCES AND LIABILITIES op leACH n
529,749,000
525,071,000
540,254,000
566,077,000
Chicago. St. Louis Minneap. Kars.eity.
Cleveland Richmond Atlanta. —
---_______
3
$
$
$
i
S
$
i
$
$
RESOURCES.
24,314,0 4,324,0 7,211,0 2,550,0
5,621,0
207,669,0
5,472,6
3,318,0
13,378,0
13,874,0
2016, and gold certificates
28,661,0
26,733,0
6,033,0
150,055,0
22,846,0
88,734,0 44,149,0 43.891,0 34,231,0
Oold settlement fund—F. R. wd 36,093,0
—
10,357,0 35,872,0 29,283,0
49,967,0 296,403.0 49,621,0 57,269,0 37,549,0 28,467,0 174,369,0 80,030,0 20.675,0 53,456,0
Total gold held by banks
366,844,0
140,089,0 803,771,0 159,382,0 172,612,0 57,749,0 99,730,0
Gold with F. R. agents
6,223,0 1,844,0 2,070,0 1,994,0
1,398,0
7,880,0
2,874,0
3,879.0
6,712,0
3,193,0
Dold redemption fund
---- 196,768,0 1,108.054.0 211,677.0 233.074,0 99,177,0 129,595,0 547,436,0 72,231,0 67.617,0 84.733,0
Total gold reserves
536,0 4,708,0
31,536,0 7.533,0 9,472,0 6,686,0 6,243,0 20,676,0 13,540,0
8,960,0
Legal tender notes, silver. &a—
-568,112,0 85,771,0 68,153,0 89,441,0
135,838,0
105,863,0
219.210.0
242,546,0
205,728,0
1.139.590.0
Total reserves
Bills discounted: Secured by
58,506,0 29,628,0 15,339,0 12,864,0 2,031,0 13,815,0 5,722,0 1,625,0 1.613,0
8,201,0
U. S. Govt. obligations
15,182,0 9,859,0 19,318,0 26,369,0 26,761,0 39,362,0 11,211,0 23,514,0 16,937,0
15,505,0
All other
746,0 19,568,0 13,856.0
46.363,0 19,711,0 16,988,0
496,0
Bills bought in open market—. 22,171,0
72,745,0 30,789,0 25,139,0 18,550,0
29,538,0
39,729,0
120,051,0
45,877,0
59,198.0 51,645,0
Total bills on hand
241,0 7,182,0 11,453,0 4,738,0 28,454,0
51,955,0 23,581,0 26,893,0 1,233,0
4,567,0
U. S. bonds and notes
indebtedness
U. S. certificates of
19,500,0 5,500,0 5,500,0 3,560,0 6,699,0 8.667,0 3,571.0 4,000,0 4,321,0
5,450,0
One-year ctfs. (Pittman Act). 35,929,0
2,031,0 .17,991,0 10,715,0 4,339,0 12,993,0
127,769,0 5,410,0 43,945,0
All other
4,0
gunicipal warrants
91.823.0 319.276.0 93.689.0 127.983.0 44.522.0 38.509.0 106.585.0 56.528.0 38220.0 4)4.318.0
........... .....g.1 nee amsaat•
Two ciphers (00) mined.
Federal Reserve Bank of—
Boston.
New York.
Phila.
575,987.000 1,676,862,00
THE 12 FEDERAL RESERVE BANKS AT CLOSE OF BUSINESS JULY 12 1923
Dallas, San Fran.
$
$
10,309,0 19,792,0
6,089,0 27,075,0
Mal.
$
317,832,0
514,590,0
16,398,0 46,867,0 832,422,0
19,545,0 198,877,0 2,161,500,0
41,851,0
994,0 2,990,0
36,937,0 248,534,0 3,035,833,0
6,080,0 5,231,0 121,207,0
43,023,0 253,705,0 3,157,040,0
1,028.0 7,183,0
31,562,0 38,807,0
2,512,0 15,264,0
157,555,0
272,387,0
157,075,0
35,102,0 59,254,0
2,816,0 45,310,0
587,617,0
208,421,0
1,900,6 5,332,0
1,705,0 11,462,0
74,000,0
274,349,0
4,0
41.583.0 191.318 n 1 144 304 0
JULY 15 1922.]
THE CHRONICLE
RESOURCES (Concluded)Two ciphers (00) omitted.
Boston.
New York.
Bank premises
5,249,0
5% redemption fund against Federal Reserve bank notes
422 0
Uncollected items
63,210,0
All other resources
657,0
Total resources
LIABILITIES.
Capital paid in
Surplus
Deposits: Government
Member bank-reserve acc't
All other
CleveIan° Richmond Atlanta
Phila.
8,750,0
285
601,0
$
5,587,0
2,571,0
Chicago St. Louis Mituseap Kan. City Dallas San Fran
Total.
-i.------- ----;
$
s
$
s
$
$
$
1,499,0 7,580,0
917,0 4,976,0 2,093,0 1,226,6
936,0
41,985,0
899.0
539,0
188,6
700.0
468,0
715,0 2,023,0
916,0
146,0
256,0
279,0
7,551.0
141,071,0 50,123,0 55,409,0 49,017,0 23,154,0 74,727,0 32,556,0 16,131,0 40,319,0 22,713,0 43,303,0 611,733,0
3,130,0
298,0
634,0 1,159,0
117,0
714,0
729,0 1,841,0 5,032,0
505,0 1,353,0
16,109,0
-367,089,6 1,012,716.0 364.957,0 433,223,0 202,459,0 199.585,0 758,433,0 178,319,6 125,030,0 200,699,0 111,399,0 424,963,0 4,978,872.0
7,080,0
16,483,0
426,0
122,403,0
399,0
27,572,0 9,003,0 11,603,0 5,592,0 4,280,0 14,619,0 4,769,0 3,571,0 4,623,0 4,194.0 7,418,0 105,224,0
60,197,0 17,945,0 22,509,0 11,030,0 9,114,0 29,025,0 9,388,0 7,468,0 9,646,0 7,394,0 15,199,0 215,398,0
5,306,0 1,703,0 1,197,6
664,0 2,001,0
368,0 1,726,0
860,6 1,792,0 1,275,0 3,459,0
20,837,0
771,550,0 106,053,0 143,122,0 57,336,0 47,963,0 272,456,0 58,964,0 44,355,0 77,169,0 46,038,0 127,820,0 1,875,229,0
10,637,0 1,344,0 1,015,0
248,0
476,0 1,971,0
197,0 11,143,0
545,0
434,0
462,0
28,871,0
--Total deposits
123,228,0 787,493,0 109,100,0 145,334,0 58,248,0 50,500,0 274,795,0 61,235,0 45,677,0 79,395,0 47,510,0 142,422,0 1,924,937,0
F. R. notes in actual circulation 164,875,0 622,754,0 180,087,0 201,269,0 80,970,0 113,478,0 373,185,0 67,717,0
49,927,0 58,958,0 25,963,0 218,939,0 2,158,122,0
F. R. bank notes in circulationnet liability
5,182,0
15,935,0 5,138,0 4,977,0 2,758,0 4,848.0 7,746,0 3,343,0 3,071,0 8,549,0 2,689,0 3,144,0
67,380,0
Deferred availability Items
48,071,0
94,636,0 42,329,0 46,012,0 42,732,0 16,240,0 54,911,0 31,036.0 13,942,0 38,478,0 21,952,C 35,991,0 486,360,0
All other liabilities
1,270,0
4,129,0 1,355,0 1,519,0 1,129,0 1,125,0 4,122,0
831,0 1.374,0 1,050.0 1,697,C 1,850,0
21,451,0
Total liabilities
367,089,6 1,612,716,0 364,957,0 433,223,0 202,459,6 199,585,6 758,433,0 178,319,0 125,030,0 200,699,0 111,399,0 424,913,0 4,978,872,0
. Memoranda.
Ratio of total reserves to deposit
and P. R. note liabilities combined, per cent
76.0
71.4
70.0
80.8
75.8
82.8
87.7
66.5
71.3
77.3
70.2
64.6
58.6
Contingent liability on bills purchased for foreign correspond'ts 1,932,0
9,621,0 2,118,0 2,171,0 1,297,0
953,0 3,150,0 1,244.0
715.0 1.271.0
26,378,6
688.0 1.218,0
STATEMENT OF FEDERAL RESERVE AGENTS ACCOUNTS AT CLOSE 01? BUSINESS
JULY 12 1922.
Federal Reserve Agent at-
Boston. New York
ResourcesS
(In Thousands of Dollars)
81,650
Federal Reserve notes on hand
181,526
Federal Reserve notes outstanding
Unilateral security for Federal Reserve notes outstanding
5,300
Gold and gold certificates
11,789
Gold redemption fund
123,000
Gold fund-Federal Reserve Board
Eligible paper}Amount required
41,437
Excess amount held
4,440
Cleve. Richm'd Atlanta Chicago.
St. L. Minn. K .City. Dallas.I San Fr.
Total.
277,650 34,920 33,620 31,470 70,994
871,708 209,130 216,749 88,538 119,155
3
$
$
$
S
88,900 27,250 9,695 16,800 21,333I 58.130
752,412
409,399 83,634 53,171 70,493 29,036 256,910 2,589,509
363,184
13,275
2,400
39,587 10,993 14,337 2,954 2,330
401,000 148,389 145,000 54,795 95,000
67,997 49,748 44,137 30,789 19,425
50,105 3,030 6,093 8,502 9,954
11,210 13,052
7,701
416,122
15,200 4,020 1,623 3,096 1,844 18,237 126,010
351,644 44,800 15,000 50,360 10,000 180,440
1,619,428
42,555 23,004 23,498 17,037 9,491 58,233 427,949
30,190 7,163 1,386 1,480 25,518
763 148,684
Total
449,142 2,071,351 456,210 473,211 217,648 319,258
LiabilitiesNat amount of Federal Reserve notes received from
Comptroller of the Currency
263,176 1,149,418 244,050 250,369 120,008 190,149
Oollateral received from Gold
140,089 803,771 159,382 172,612 57,749 99,730
Federal Reserve Bank JEligible paper
45,877 118,162 52,778 50,230 39,291 29,379
937,888 201.681 117,423 159,266 104,923 572,713 6,080,114
Total
449,142 2,071,351 456,210 473,211 217,048 319,258
Federal Reserve notes outstanding
Federal Reserve notes held by banks
Federal Reserve notes In actual circulation
181,526
16,651
871,768 209,130 216,749 88,538 119,155
249.0141 29,043 15,480 7,568 5,677
164,875
622,754 180,087 201,269 80,970 113,478
498,299 110.884 62,866 87,293 50,369 315,040
366,844 60,030 29,675 53,456 19,545 198,677 3,341,921
72,745 30,767 24,882 18,517 35,009 58,996 2,161,560
576,633
937,888201,68) 117,423 159,266 104,923,572,71 6,080,114
3
409,399 83,634 53,171 70.493 29,036 256,910
36,214 15,917 3,244 11,535 3,073, 37,971 2,589,609
431,387
373.185 67,717 49,927 58,958 25,963 218,9392,158,122
WEEKLY RETURN FOR THE 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 796 Member Banks,from which weekly returns are obtained. These figures are always a
week behind those
for the Reserve Banks themselves. Definitions of the different items in the statement were given in the
statement of Dec.
14 1917, published in the "Chronicle" Dec. 29 1917, page 2523. The comment of the Reserve Board upon the
figures for the
'latest week appear in our Department of "Current Events and Discussions" on page 246.
1. Data for all reporting member banks in each Federal Reserve District at close of business July 5 1922. Three ciphers(000) omitted.
Federal Reserve District.
Boston. New York Philadel. Cleveland) R(chm'4.1 Atlanta. Chicago. St. Louis. Minneap. Kan. City
-,
Number of reporting banks
84
79
4
42
107
56
109
37
78
35
Loans and discounts. including bills rediscounted with F. R. bank:
8
$
S
1
$
$
$
$
$
3
3
Loans see. by U.S. Govt. obligations.
12,144
30,858
7,940 46 356
17,943
16,621
90,192
10,456
10,299
15,904
Loans secured by stocks and bonds
224,33911,714,935 219,294 331,408 118,240 59,154 476,726 123,055
31,746 64,467
All other loans and discounts
556,23812,214.817 317,321 629.727) 294.726 283,418 1,017,303 269,752 191,916 349,775
----Total loans and discounts
797,19814,019,944 554,558 991,993 425,110 350,5121,540.385 408,711 233,961 424,698
U.S. bonds_
57,059
88,1291 524,160 54,463 146,187
27,646 118.891
25,479 53,010
28,552
U. S. Victory notes
771
9,652
1,6491
7,449
1,517
708
3,396
2,032
1,383
235
U.S. Treasury notes
28,150
4,212
19,663
19,7561 343,925
1,722
59,738
12,916
10,456
8,157
U.S. certificates of Indebtedness
9,453
3,597
126,602
10,820
7,784
28,301
8,9001
9,928
9,503
9.444
Other bonds, stocks and securities
170,347 837,422 185,236 282,340 54,232
33,133 466,584
58,573
23,461
81,149
Total loans, disets & Investments, incl.
bills rediscounted with F. R. Bang
1,085.97915,801,705 832,189 1,459,640 544,981 421,5052,157,295 540,344 300,796 560,508
Reserve balance with F. R. Bank
99,895 34,296
89,0801 663,417 69,604
33.766 200,430
45,147
21,894
40,441
Cash in vault
13,736
15,172 28,278
18,1161 94,471
9,794
56,170
11,969
5,903
7,820
Net demand deposits
802,06714,999,952 675,705 840,633 329,278 250,953 1,421,580 320,758 190,343 436,586
Time deposits
146,329
50,684 493,406
233,2521 749,856
149,967 680,179 163,037
77,282 115,138
Government deposits
3,629
11,830
11,2081 41,452
8,527
3,755
14,057
4,889
4,288
4,610
Bills payable with Federal Reserve Bank:
Secured by U. S. Govt. obligations_
3,127
11,699
8,949
1,605 55,145
145
5.059
3,925
522
148
All other
I
Bills rediscounted with F. R. Bank:
Secured by U. S. Govt. obligations
55
102
506
225
89i
31
102
All other
190731 32.909
11,222
6,035
8.669
3,628
6.872
2.060
1.823
2.608
Dallas. San Fran.
, 52
68
Total.
.
796
43
3
$
4,704
23,121
286,538
42.746 144,968 3,551,078
186,574 689,189 7,000,756
234,624 857,278 10,838,372
34.736 111,577 1,269,883
567
37,386
8.0271
6,87
18,789
634,356
6,043
17,7.7
248,102
8,163 169,790 2.310,430
290,399 1,183,188 15,238,529
22,287
80,412 1,400,669
9,725
25,104, 296,258
206,69
613,126 11,087,684
65,54. 545,887 3,470,561
3,159
10,024
121,428
298
4,240
184
94,862
184
16
3.477
63
11.788
1,182
110.164
3. Data of reporting member banks in Federal Reserve Bank and branch cities and all other reporting
banks.
City of Chicago. All F. R. Bank Cities. F. R. Branch Cities. AllOtherReport.13ks
New York City.
Total.
July 5. June 28. July 5. June 28. July 5. June 28. July 5. June 28. July 5. June
28.
5
July
'22.June2
8'22July 6 '21.
--'Number of reporting banks
273
50
50
274
66
67
210
211
313
314
79;
816
799
Loans and discounts. Incl. bills rediscounted with F. R. Bank:
$
$
s
$
$
$
a
$
$
$
s
$
$
Loans sec. by U. S. Govt. oblig'ns
183,632
40,592
36,179
190,542
79,590
79,691
58,018
50,321
44,888
44.510 286,53:
285.373 647,021
Loans secured by stocks & bonds_ 1,540,776 1,471,921 352,293 360,484 2,628,079 2,552.291 485,972
482,469 437,027 430,487 3.551,078 3,465,247 3,005,334
All other loans and discounts
1,936,949 1,951,414 647,069 647,924 4,382,253 4.395,8451,359,30: 1,369,9751,259,195 1,266,681
7,000,756 7,032,501 8,166,713
Total loans and discounts
3,557,416 3,502,925 1,035,541 1,049,000 7,193,964 7,138,678 1,903,298 1.902,765 1,741,110 1,741,07810.83
8,372 10,783,121 11,819,068
'U. S. bonds
51,465
731,541
729,226 276,137 274,414 262,205 260,637 1,269.883
463,315 462,357 50,657
1,264,277
865,580
U. S. Victory notes
2,861
24,998
3,379
7,990
26,232
6,55
8,079
8,192
37,386
6,102
5,834
40,526
171,507
U. S. Treasury notes
41,649
41,204
433,069
331,726J 332,145
434,818
65,523 66,395
534,356
33,763
35,764
534,97..
94,310
U. S. certificates of indebtedness_ 120.3961 120,668
16,241
15,895
185,260
189,653
43.30,
248,102
20,095
51,048
19,482
260,796
183,023
Other bonds, stocks and securities_ _ 643,1541 647,033 186,714 181,261 1,283,152 1,280,684 617,331
611,224 409,947 412,839 2,310,430 2,304,747 2,060,239
Total loans & disc'ts & invest'ts,----Incl. bills rediscled with F. R. Bk.5,124,086 5,073,118 1,332.872 1,342,995 9,851,984 9,799,289 2,912,203
2,914,038 2,474,342 2,475,114 15,238,529 15,188,441 15,193.727
Reserve balance with F. R. Bank
616.1941 699,823 140,248 123,664 1,026,872 1,079,950 216,541 209,138 157,256 151,202 1,400,669 1,440,290 1,251,237
"Cash in vault
28,236
31,287
76,012
162,421
79,866
150,906
59,805
296,258
278,457
54,869
72,682
341,414
74,032
4,502,73914,623,804 970,643 959,519 7,763,630 7,842,533 1,753,532
Net demand deposits
1,739,109 1,570,522 1,542,235 11,087,684 11,123,877 10,029,836
Time deposits
547,0521 465,108 322,481 324,492 1,715,143 1,624,905 1,008,556 1,006,773
3,470,561
3,380,434 2,920,580
748,096
746,862
-Government deposits
9,746
9,854
87,887
38,695 38,095
89,161
23,458
121,428
123,674
24,357
325,468
10,150
10,083
Bills payable with F. R. Bank:
Sec'd by U.S. Govt. obligations_ _
4,240
2,910
70,02
so,iiol 48,720
67,238
15,914
94,862
15,503
355,074
96,534
13,793
8,924
All other
184
184
204
204
1,505
Bills rediscounted with F. R. Bank:
Eleo'd by U.S. Govt. obligations.._
353
499
919
745
16
1,183
157
87,729
967
99
65
All other
3,069
4,824
26,782
3,506
74,686
35,917
16,44
10,452
110,104
66,868
805,457
19,033
20,499
'Ratio of bills payable & rediscounts
With F. R. Bank to total loans
.
and investments.,per eent
1.
1.0
1.5
0.4
0.7
1.1
1.1
1.4
0.9
1.1
1.1
1.4
8.2
Three ciphers (000) Milled.
[Vol,. 115.
THE CHRONICLE
286
DAILY TRANSACTIONS AT THE BOSTON, PHILADELPHIA AND
BALTIMORE EXCHANGES.
- =kers' 05a.ettk..
s
Boston
Philadelphia
Baltimore
ending
Week
Shares. Bond Sales, Shares. Bond Sales Shares. Bond Sales
July 14 1922.
Wall Street, Friday Night July 14 1922.
is
surnot
-It
Stocks.
635' $59,600
$16,300
4,441
$20,1001
7,349
Railroad and Miscellaneous
• Saturday
1,0371
27,600
113,350
6,705
54,050,
10,338
Monday
2541
84,000
86,300
prising, in view of all the uncertainty which is connected with Tuesday
4,680
77,3001
1,3271
107,900
52,300
9,273
26,600i
6,300
the
interand
strike
European
Wednesday
railway
the coal strike, the
6821
52,200
103,700
5.378
36,8001
8,857
Thursday
754
59,000
30,700
2,575
33,000:
11,102
national situation, that the stock market should have been Friday
4,689 $390,200
53,576 $247,850' 33,052 $402,650
irregular throughout the week. On Monday the tendency
Total
of prices was downward, not only in shares but in the various Daily Record ofLiberty Loan Prices.I July 8 July 10 July 11 July 12 July 13 July 14
French and Belgian bond issues. The latter movement, it
(High 100.30 100.36 100.36 100.50 100.54 100.94
First Liberty Loan
was said after a general recovery on Wednesday, was due
3%% bonds of 1932-47_ _{ Low_ 100.24 100.24 100.24 100.36 100.46 100.52
(Close 100.24 100.26 100.34 100.46 100.54 100.76
3
rather
than
34s)
real
selling
(First
liquida512
506
209
chiefly to speculative short
244
808
107
Total sales in $1,000 units ___
100.70
no
is
there
doubt
that
be
sentiment
100.36 100.10
may
(High
of
that
bonds
4%
Converted
However
tion.
100.50
100.00
100.36
Low_
4s)____{
1932-47 (First
100.70
[Close 100.36 100.10
has changed as the general outlook has materially improved
2
2
3
_
Total sales in $1,000
100.96
100.48
100.48
100.36
with each passing day. To this end President Harding's
100.32
100.36
High
units_Converted 43.4% bonds
of 1932-47 (First 4%s){Low_ 100.24 100.22 100.26 100.34 100.36 100.44
proclamation was an important factor. It appeals to the
(Close 100.30 100.32 100.34 100.48 100.46 100.80
196
147
208
209
114
88
Total sales in $1,000 units_ _ _
reason and good sense of every citizen of whatever politi102.00
101.20
101.00
(High
434%
Converted
Second
as
those
well
directly
as
addressed,
life,
in
walk
or
102.00
101.00
party
100.88
Low_
cal
bonds of 1932-47 (First{
102.00
101.00
101.00
(Close
Second 434s)
2
and is, therefore, quite in contrast with many state papers
2
26
Total sales in $1,000 units..
(High 100.10 99.96 100.00 99.98 100.00 100.18
Second Liberty Loan
of the past.
99.96 99.96 99.98 100.00 100.06
100.10
Low_
_{
_
_
of
4%
1927-42_
bonds
Other news of the week, having a salutory effect, were
(Close 100.10 99.96 100.00 99.98 100.00 100.06
(Second 4s)
4
1
5
4
2
reports showing that orders received in June by the U. S.
Total sales in $1,000 units_ ___
100.18 100.12 100.14 100.16 100.22 100.60.
434%
Converted
bonds
fillet
Steel Corporation, amounting to approximately 1,400,000
100.14
100.20
100.10
100.06
100.06
100.18
of 1927-42 (Second {Low_
Close 100.10 100.06 100.12 100.12 100.22 100.60
43fs)
tons, were in excess of the capacity of that organization and
722 2,036
742
762
331
471
Total sales in $1,000 units.. _ _
that recovery in the steel trade is more rapid than had been third
100.18 100.18 100.16 100.18 100.22 100.50
Loan
Liberty
(H1813
expected,-that car loadings of general merchandise continues
Low_ 100.12 100.12 100.10 100.12 100.10 100.20
434% bonds of 1928
[Close 100.18 100.14 100.14 100.11 100.22 100.46
(Third 43.1s)
to be largely in excess of previous records-and a further
761 1,746
517
789
590
472
Total sales in $1,000 units__ _
decline in money market rates, at home and abroad. As Fourth
Liberty Loan
(High 100.36 100.30 100.34 100.42 100.48 101.00
100.48
100.40
100.34
100.24
100.24
100.22
434% bonds of 1933-38_ _{Low_
results of the more hopeful feeling the security markets
Close 100.26 100.24 100.34 100.34 100.48 100.00
(Fourth 434
close to-day, not only with the early decline fully recovered
1,546 1,041 3,411 1,142 1,007 1,742
Total sales in $1,000
__
Liberty Loan
(High 100.52 100.52 100.52 100.50 100.52 100.54
but, in many cases, with a substantial net gain during the Victory notes'of
434%
1922-23 (Low_ 100.50 100.50 100.50 100.50 100.60 100.50,
week. To illustrate, Liberty Loan 4th 43s, which sold on
(Victory 434s)
(Close 100.52 100.50 100.50 100.50 100.50 100.52
387
400
470
173
547
97
Total sales in $1,000 units _ _
Monday at $100 24, have moved up day by day and closed
at 101, the highest price ever recorded for them.
Note.-The above table includes only sales of coupon'
The following are sales made at the Stock Exchange this bonds. Transactions in registered bonds were:
100.00 to 100.34
week of shares not represented in our detailed list on the 48 1st334s
100.10 to 100.56 193 3d 434s
100.14 to 100.66
100.04 to 100.36 116 4th 434s
35 1st4%s
pages which follow:
100.30 to 100.50'
99.70 to 100.06 189 Victory 434s
4 2d 4s
148 2d 494s
Range since Jan. 1.
Range for Week.
Sales
for
Week.
STOCKS.
Week ending July 14.
Lowest.
I
Highest.
Lowest.
Highest.
_....Par. Shares $ per share. $ per share. $ per share.$ per share
Mar
Feb 70
Amer Tel & Cable...100 820 57 July 14 59 July 8 54
% Jan 3 June
100 13. July 10 15 July 10
Assets Realization_ _10
July 32% July
Beech-Nut Packing Co 20 900 30 July 13 323' July 14 30
Mar 45% July
100 45% July 12 453( July 12 34
BoothFisherle,s,1st pf 100
Bklyn Union Gas rights_ 9,180 13j July 10 234 July 14 1% June 234 June
100 92 July 11 92 July 11 89 May 923 Apr
Brown Shoe, pref.__ _100
Jan
Feb 53
100 53 July 12 53 July 12 51
Canada Southern__..100
Feb 983 May
200 97 July 12 983 July 12 83
C St P M & 0,pref_ _100
13
85
July
993
June
13
Jan
100
July
200
100
pref
993
Peabody,
Cluett,
_100 400 95% July 14 96 July 12 95 June 97% June
Cosden & Co,
July
pref-& Co 100 1,200 141 July 11 1433 July 12 115 May 150
E I duPont deN
100 1,000x81 July 10 82 July 12 80 June 85 June
65
Debenture
July 7734 May
Eastman Kodak, new._• 4,300 7234 July 8 7334 July 11 70
Elec Stor Battery, new_• 5,400 44 July 8 4534 July 12 4034 June 48 June
Feb 4431 June
Emerson-Brant,pref_100 400 36 July 8 37% July 14 23
May 2034 June
25 300 17 July 10 1734 July 11 15
Fairbanks Co
July
97
14
96
14
July
99 June
June
900
pf100
9634
Car,
Tank
'Jen Am
200 106 July 14 106 July 14 106 June 106 June
3enerai Baking, pref-__*
Apr
Jan 78
100 5434 July 11 5431 July 11 45
3111iland Oil, pref___100
July
Mar 99
122 99 July 12 09 July 12 95
Llulf StatesSO,1st p1100
July 14 8334 July 14 8034 July 103
May
Hartman Corporation100 800 8034 July
11 2334 July 8 2034 June 233.4 July
2231
EIudson Motor Car_ _* 14,600 109
July 10 110 July 12 10434 June 110
July
[11 Cent, pf 6% ser A w 1 1,800
stock
secured
RR
Cent
[11
11 68 July 12 61
Feb
July
68
July
6734
300
100
eta, ser A
500 2934 July 12 2934 July 12 2934 June 303.4 June
[nterboro Rap Transit wl
600 2334 July 14 2434 July 13 2234 June 2634 June
[nter & Grt North wt.__
July
Jan 172
100 172 July 11 172 July 11100
& Myers,C1B100
,iggett
July
100 9234 July 12 9234 July 12 6234 Jan 93
dallinson & Co,pref-100
10 4634 July 12 4534 July 4634 July
July
46
1,300
dep.
ctfs
danhat El Ry
July 13 3434 July 13 30% July 3434 July
dexican Seaboard 011_ _•47,900 3034 July 13 3234 July 13 29
July 3234 July
Voting trust certifs.__ 24,200 29 July 13 8834 July 13 69
Jan 8834 July
100 8834
qat Cloak & Suit, pf _100
Mar 9431 July
200 92 July 14 92 July 14 81
cat Enam & Stpg, pf 100
Jan 9934 July
July 10 993.4 July 10 93
9934
39
_100
pref_
Elevator,
)tls
July 12 87 July 8 8694 July 8734 July
'seine Tel & Tel, pref100 400 8694 July 11 70 July 11 69
Mar
Jan 80
100 70
'anhandle P&R,pref 100
jar, 9334 mar
100 92 July 12 92 July 12 8834
'111111ps-Jones, pref. _100
3934
8
July
June
4934
July
4334
14
July
'igg Wigg Stores, Inc.... 4,500 393.4
106
Apr 11534 Mar
200 110 July 11 11034 July 14
tallway St'l Spg, pref100
June
July
8 45 July 11 44
teynolds Spring Co_ _ _• 1,600 44 July 11 1794 July 11 834 Jan 5034
Apr
21
• 100 1734 July
tobt Reis & Co
Mar
Feb 420
30 390 July 14395 July 14340
rexas Pacific Land Tr100
13
July
June
2331
10
2194
May
July
2534
2234
IS Hoffman Mach'y_ _• 3,600
Mar
200 10734 July 13 108 July 12 10734 July 110
IS Tobacco, pref- _ _100
700 109 July 101093.4 July 11 108% June 112 June
Vestern Electric, pref100
10
July
54
.01
%
10
Apr
Mar
July
%
2.000
vhite Oil riehts
*No par value.
•
YORK STOCK
TRANSACTIONS AT THE NEW AND YEARLY. EXCHANGE
DAILY, WEEKLY
Shares.
Saturday
Monday
Tuesday
Wednesday
Thursday
Friday
Total
.
Railroad,
Stocks.
Week ending
July14 1922.
Par Value.
366,720 $27,728,500
565,553 53,818,850
506,000 44,756,850
771,921 66,786,100
783,921 57,843,843
791,400 61,101,000
Bonds.
State, Mun.
and Foreign
Bonds,
U.S.
Bonds.
$3,746,000 $1,861,000 $2,843,700
5,779,500 4,522 000 3,512,400
6,699.500 3,755,000 6,034,000
6,729,000 3,642,500 3,131,400
7,505,000 2,030,500 3,634.500
8,607,000 1,627.000 6,980,000
3785,515 $312.035,143 $39,066,000 $17,438,000 $26,136,550
Sales at
New York Stock
Exchange.
Week ending July 14.
1922.
1921. •
Jan. 1 to July 14.
1922.
1921.
2,129,826
142,689,199
98,878,091
3,785.5151
Stocks-No. shares__ $312,035,143 $167,339,379 $12,700,450,389 $7,357,436,009
Par value
Bonds.
$26,136,550 $34,012,500 $1,039,394,255 $1,023,202,640
Government bonds
345,763,500
5,669,500
154,422,400
17,438,000
State, mun., &c.;bds_
16.456,000 1,135,405,900
486,562,600
RR.and misc. bonds.._ 39,066,000
$82,640,550 $56,138.000 $2,520,563,655 $16,664,187.640
Totalbonds
90.98 to 100.36
Quotations for U. S. Treas. Ctfs. of Indebtedness.Int.
Int.
Rate. Md. Asked.
Bats. sta.
Maturity.
Maturity.
Aug. 1
Sept. 15
Sept. 15
June 15
Sept. 15
Dec. 15
1922-1922....
1922-1924.1924-1922--
534%
54%
434%
554%
534%
434%
100
1009.4.
10034
102%
102%
100%
10034
10034
100
10334
l02'4
1001,fi
Mar. 15
Mar. 15
Mar. 15
June 15
Dec. 15
1925_-__ 434%
1926.......434%
1923....._ 434%
1923.- 354%
1925._ 454%
1013
101
100
100
10034
Asked.
101.
102
100
10034
100
Foreign Exchange.-The market for sterling exchange
has ruled dull and a shade easier.
for sterling exchange were 4
4034
To-day's (Friday's) actual rates
4 4134 for sixty days, 4 43% ©4 4434 for checks and 4 44%04 4434 for
cables. Commercial on banks, sight, 4 433.1 04 433-4; sixty days, 4 41@
for payment (sixty
4 4194; ninety days. 4 394@4 3994, and documents
days), 4 403404 403.-I. Cotton for payment, 44334 ©4 4334, and grain
for payment, 4 433i @4 43%.
To-day's (Friday's) actual rates for Paris bankers' francs were 8.07%0
8.11 for long and 8.1334@8.17 for short. Germany bankers' marks are.
not yet quoted for long and short bills.. Amsterdam bankers' guilders were
38.28038.33 for long and 38.64038.69 for short.
Exchange at Paris on London, 53.85 fr.; range, 53.85 fr. high and 56.65.
fr. low.
The range for foreign exchange for the week follows:
Cables.
Checks.
Sixty Days.
Sterling Actual
4 44%
4 41%
44534
High for the week
443
44234
43994
Low for the week
Paris Bankers' Francs8.32
8.31
8.23
High for the week
7.79
7.80
7.70
Low for the week
Germany Bankers' Marks0.24
0.25
High for the week
0.18
0.1734
Low for the week
Amsterdam Bankers' Guilders38.87
38.80
38.40
High for the week
38.72
38.65
38.24
Low for the week
Domestic Exchange.-Chicago, par. St. Louis, 15©25c. per $1,000,
discount. Boston, par. San Francisco. par. Montreal, 118 96 per $Looa
premium. Cincinnati. par.
The Curb Market.-For a time in the fore part of the week
Curb Market trading was active, with strength displayed
throughout the list. Later realizing unsettled prices and
several important issues were transferred to the Exchange,
causing a curtailment in business. Oil shares were again.
most prominent. Activity in Mexican Seaboard Oil was a
feature up to Thursday, when dealings were transferred to
% to 27
the Exchange. It sold down at first from 338
then up to 3438, resting finally at 333.1. Subsequent transactions were on the Exchange. Standard Oil issues were.
2
weak. Standard Oil (Indiana) dropped from 115 to 1073/
and closed to-day at 1073.'. Standard Oil (Kentucky)
4 to 93.1. Standard Oil of N. Y. lost
moved down from 967
about 16 points to 425, with the final transactions to-day at
426. Imperial Oil of Canada was off from 114 to 108, with
the closing sale to-day at 109%. Salt Creek Producers sold
down from 173.1 to 16, the latter ex-dividend. Skelly Oil
4. Else% and closed to-day at 103
sank from 123.1 to 105
where in the oil list price changes were narrow and uninteresting. In the industrial list Daniels Motor was active and
advanced from 11% to 1274, the close to-day being at the.
high figure. Moon Motor was also active and rose from 11
to 12%, the close to-day being at 12, ex-dividend. Gillette.
Safety Razor advanced from 218 to 225 and sold finally at
% to 11. Pyrene Mfg.
Carbon fell from 135
223. Internat.93%
to 814. Bonds about steady.
weakened from
A complete record of Curb Market transactions for the.
week will be found on page 206.
New York Stock Exchange-Stock Record, Daily Weekly and Yearly
287
OCCUPYING FOUR PAGES
For sales during the week of stocks usually inactive, see preceding page.
RIG!!
1017 AND LOW SALE PRICE-PER SHARE, NOT PER CENT.
Tuesday, 'Wednesday. Thursday, 1 Friday,
Monday,
July 13. 1 July 14.
July 12.
July 11.
July 10.
July 8.
----$ Per share S Per share $ per share S per share $ per share 5 per share
16
*14
*14
16
17
*14
17
*14
18
*14
18
*14
42
42 *_ _ 42 *__
*37
42
*38
42 *____ 42
*39
101 1014 101 10158 101 10114 10034 1014
101 10118 10018 101
9012 9014 9012 9014 9038
894 897s .90
8978 90
8934 90
319 334 *312 334
312 358
*312 4
1
4 34
3/
*312 334
108 10813'108 10919
*10512 10612 10612 10714 108 105 *10812 109
494 5114 4958 5034 5012 5112 5114 5234 514 525s 5153 5211
6218 6214 6234 6278 6214 6214 6234 63'2 53'2 6334 6113 6112
*64
70
68
68
70
*64
70
*64
70
*64
70
*64
2812 2453 2614 2538 2531
/
4 26
2658 274 2712 281
2634 28
2334 2334 2414 2212 2418 2034 2212 2134 2212
2318 2334 23
13912 14014 139 13912 13912 13934 13912 14012 139 13912 139 1394
*175 185 *175 155 *175 185 *181 185 *181 185 *181 185
6918 6834 695s 6812 69
6814 674 6778 63 6818 68
68
1038 1012 1034 1031
/
4 1014 1038 1034
104 101
101
/
4 1034 10
19
1812 1853 *1814 1834
1812 1512 1812 1812 19
19
19
37
37
364 3612
371s
371s
35
35
37
*353
4
31,4
3612
55
554 5534 55
5534 56
57
*55
55
5512 55
55
9
9
834 878
9
94
914
9
812 84
834 9
22
2034 2112
211
/
4 2112 2112 214 2218 22
2114 2112 21
284
2912 2814 2914 28
2512 28
2734 2814 2712 2514 28
4312 4514 4312 4434 424 4334
4434 4214 4314 4312 44
43
7514 7(114
7619 7738 7578 77
7558 7614 7612 77
1
4 77
75/
115 115 *113 115
114 114 *113 115 *113 115
*113 115
4314 4414 4314 4353 4314 4373 4314 445s 4278 4334 4214 431s
9478
94
9478 95
8
933
4
937
95
*94
9312
933
8
944 9434
8134 8134 Slls 817s
82
*81
82
*81
81
81
*8034 81
*6514 68
6534 67
66
*65
66
*65
65
6678 664 *65
76
76
74
7614 7514 7614
74
74
74
74
74
*72
96
*94
90
*94
96
9212 9212 94
*9212 95
93
*90
49
.47
48
43
49
4812 *4712 4812 *47
4834 4834 .47
62
*61
61
61
62
*61
62
*61
62
*61
62
*60
12334 12334 12113 12118
*120 12412 1243s 12433 *120 124 *120 124
12712 12812 12912 12912 12814 12814
1271? 12741 12734 129
12734 128
*434 5
*434 5
*41? 5
5
*434
434 5
*414 412
*812 9
*812 912 *812 912 *812 9
*812 9
9
*8
1638 164
1638 1678 154 1634 164 1612 1634 1738 1612 1718
2478 2312 2438
24
2518 24
2312 2412 2314 2358 2378 24
/
4
1714 171
181 1 1538 1814 1814
1814 1712 1734 *1712 18
18
5013
801s 8078 80
8012 7934 5012 8038 81
794 804 79
4018 3913 3934
404 40
39
3912 3914 3912 3914 4038 40
1712 171, *15
18
18
*15
18
*15
17
17
18
017
4018 4012 40
3912 3834 3912 3312 40
40
*3834 3912 *38
10612
107
107 *106 108
10614
106 1074 *106 108
108 108
11?
138
1$3
138
112
112
138
138
14
112 112
112
338 312
34 312
314 312
312 312
34 34
312 312
1
4 *2514 2512 25
25
25
2614 251? 2558 2518 2538 2514 25/
.5614 561i 5618 5618 5612 5612 *5512 57
5518 5612 5612 5612
*6
10
*5
10
10
*6
10
*8
*5
10
*5
10
331y 3212 3212 31
3012 3212 32
2934 30
33
3212 *32
*63
64
63
62
62
6312 6312 6312 *64
70
*64
70
641
6433 65
/
4 6514 6434 6534 6418 654 64
6412 65
6412
131 1314 131 131
12912 13214 1301? 131
13014 131
13034 13034
4612 4678 4634 471? 4712 4712 46
4612 4614 4634 4538 46
*612
712
*612
712
74 718 *7
74 *712 74 *719 8
34
*32
34
*32
33
40
32
*32
*36
*36
33
40
61
61
6114 6114 6014 6012 *60
61
61
61
61
6112
*20
23
*20
*20
23
23
23
*20
*20
23
*20
23
/
4 1112 1134
1112 1178 111
Ills
/
4 1214
1112 111
11
1134 52
6312 *62
6112 6112 *61
63
*62
6218 64
63
*62
65
12
13
*12
1114 1114 .11
12
1214 *12
12
12
13
1714 1S8 1712 1818 18
1814
18
1838 1734 1814 1714 1734
40
3938 4114 4014 4012 4034 4158 4012 4012
40
3912 40
2214 2278
5514 5578
54
5
6812 6812
9419 9638
754 7512
7914 82
30
3138
2534 2.59
1
*1912 2038
10818 10818
*76
7712
7619 7712
4378 4414
23
23
3212 33
78
.76
*6812 69
3553 3712
8912
*88
76
75
*5112 5213
*5112 5212
45
45
2813 2938
*49
5012
*29
2934
4712 4712
718 712
1114 1138
9012
90
2412 25
58
*58
2858 291s
23
.22
54
*50
4812 4812
*524 54
14034 14178
7512 7512
•12% 1312
2712 2712
1213 1318
3133 3214
23
*21
111
/
4 12
20
*19
2014 2033
6014 (3034
1312 1412
*2512 26
*28
31
1.2 2234
-2
.2r3 22-1-2
5412 55
5412 554
44 44
5
5
68
68
69
*67
9412 9534 95
9638
7412 7412 *74
76
83
*80
83
*80
2958 3014 30
3113
*2334 23/
1
4 *2512 2617
21
*19
*19
2012
10812 10534 110 11034
78
*78
*76
75
7612 7714
7534 77
4334 4418 434 44
2214 2212 *22
23
32
3212 3212 324
*76
78
*76
78
69
69
69
69
37
3773 3712 3853
*88
8912 *88
8912
7434 7514
7514 751,
5138 5138 52
52
5234 5234 5234 5234
*43
55)
*43
30
2734 2812 2873 2312
*49
51
*49
5114
29
29
294 2934
4612 461, *47
4712
712 734
714
712
121s 13
1113 1214
8958 90
.894 9014
24
243s 2414 2434
57
5719
57
57
2834 2938 2834 2914
2113 2112 2134 2212
53
5314 *50
52
4912
47
4712 *48
53
*52
54
*51
13934 14138 141 142
7518
75
75
75
*1234 1312 *1212 1312
2512
2812 *27
*27
1213 1212 1213 1212
3114 3113 32
31
*21
2234 *2114 2212
1158 1134 *1153 12
1912 1012 *1912 21
19
19
1858 19
/
4 6012
5912 5913 *591
14
14
14
14
2512 2512 2512 2512
/
4 30
2734 2734 *281
Sales 1
for 1
the I
Week. I
Shares
STOCKS
NEW YORK STOCK
EXCHANGE
PER SHARI?
Range since Jan. 11922.
On basis of 100-share lots
Lowest
Railrods1
Par $ per share
Ann Arbor
100 10 Jan 3
Preferred
6
n 3
_5988
74 Jan./a.2
213
7,590 Atch Topeka & Santa Fe_ 10
00
0
1,600
Do pref
100 843 Jan 3
500 Atlanta Birm (1. Atlantle_100
/
1
4 Jan 14
1,600 Atlantic Coast Line RR 100 83 Jan 9
63,200 Baltimore & Ohio
100 3313 Jan 27
3.000
Do prof
100 5212 Jan 11
50 Buffalo Koch & Pitts
MO 50 Jan 4
56,400 Brooklyn Rapid Transit 100
0 Jan 4
Certificates of deposit
12,400
/
4 Jan 11
o1
6,800 Canadian Pacific
100 11918 Jan 6
Central RR of N J
100 184 Mar 31
11,200 Chesapeake & Ohio
100 54 Jan 10
3,400 Chicago & Alton
100
133 Jan 24
1,400
Preferred
100
318 Jan 25
1,400 Chi() & East Ill RR (new)____
1253 Jan 26
Do pref
1,100
32 Jan 30
3,300 Chicago Great Western_ _ _100
553 Jan 11
Do prat
,900
100 1412 Jan 31
24,500 Chicago Milw & St Paul _100 1714 Jan 9
Do pref
24,000
100 29 Jan 10
3,900 Chicago & North Western_100 59 Jan 9
Do pref
200
100 100 Jan 9
25,200 Chic Rock Isl ea Pao
100 3034 Jan 11
1,200
7% preferred
100 8314 Jan 10
600
6% preferred
100 7014 Jan 9
300 Chic St P Minn & Om_100 51 Jan 10
4,200 Clev Cin Chic & St Louie_ _100 54 Jan 4
1,400
Do prof
100 7214 Jan 3
200 Colorado & Southern
100 38 Jan 10
200
Do 1st prat
100 55 Jan 16
400 Delaware dr Hudson
100 10634 Jan 4
1,000 Delaware Lack & Western_ 60 108 Feb 14
700 Duluth S S & Atiantic
2/
1
4 Jan 27
100
Do prof
100
3/
1
4 Jan 7
16,800 Erie
7 Jan 9
100
Do 1st pref
11,100
100 1115 Jan 9
3,800
Do 2d pref
74 Jan 10
100
9,500 Great Northern prat
100 7014 Jan 10,
6,500
Iron Ore prapertlea_No var 311
/
4 Jan 61
5 Jan 4
200 Gulf Mob & Nor tr ctfs___100
Do pref
1,000
100 /6 Jan 5,
1
1,000 Illinois Central
4 Jan 3
100 97/
1 Jan 10
6,800 Interboro Cons Corp_137.5 par
Do pref
3,300
100
314.1une 20
6,500 Kaneas City Southern _ _ _ _100 2213 Jan 11
Do pref
800
100 5234 Jan 5
Keokuk & Des Moines_ _ _100
5 Jan 17
100 10 Feb 2
2,300 Lake Erie & Western
Do pref
1,400
100 2618 Feb 8
/
8,500 Lehigh Valley
4 Jan 3
50 581
2,300 Louisville & Nashville_ _ _ _100 108 Jan 9
4,700 Manhattan Ry guar
100 35 Jan 6
318 jan 28
100 Market Street fly
100
Preferred
300
100 17 Jan 9
Prior preferred
100 35/
1
4 Jan 7
1,200
2d preferred
558 Jan 9
100
5 Jan 6
4,800 Minneap & St L (new)._....100
000 Minn St P & 8 S Marie_ _ _100 55 June 29
14 Jan 16
700 Missouri Kansas & Texas_100
712 Jan 11
10,100 Mo Kan & Texas (now)
2412 Jan 27
Preferred (new)
3,500
1014 Jan 30
l'art warr 1st asst paid
958 Jan 16
Preferred
-Iigs 22-1:i 11,800 Missouri Pacific) trust etle_100 16 Jan 10
-1-1 2, 231-3I -2'2
.i's -2-3-- -:
Do pref trust ctfs
6,500
100 44 Jan 10
5634 5514 56
5514 5634 56
1,000 Nat Rya of Mex 2d pref
3 Jan 28
434 434
100
434
478
434 5
1,300 New On Tex & Mex v t o 100 5474 Jan 10
3334 67
67
57
574 67
9519 9612 944 961 1 9458 9534 39,400 New York Central
100 72% Jan 4
800 N Y Chicago & St Louis_ _ _100 5118 Jan 5
75
7412 7412 75
*74
76
Second preferred
200
83
/
4 Jan 5
*SO
83
100 611
*80
83
*80
.10,500 N Y N 11 & Hartford
1
4 Jan 5
3034 3133 3053 3158 3012 31
100 12/
26
800 N Y Ontario & Wostern„..100 19% Jan 9
2614 2314 2534 2534 26
100 Norfolk Southern
19
2012 1912 1919
1912
*19
100
834 Jan 3
2,400 Norfolk & Western
1094 110/
1
4 110 11014 *10913 11014
100 9614 Jan 9
Preferred
SO
78
*76
80
*76
*75
100 72 Jan 9
774 7712 7712 7734 7534 773s 8.100 Northern Pacific
100 7334June 19
4418 29,200 Pennsylvania
434 4418 44
4414 44
50 3314 Jan 3
1,000 Peoria & Eastern
231
/
4 2334 2314 2319 *2314 2334
100 1034 Jan 14
321s 3278 3212 3278 11,200 Pere Marquette v t o
324 33
100 19 Jan 10
77
7710 772a 7753 *7612 771*
300
Do prior prof v t o
100 63 Jan 17
1,300
6914 70
Do Prof v t c
69
70
71
2'68
100 501,Jan 6
381
/
4 39
354 18,200 PitDtso
384 3914 38
West Va
100 23 Jan 27
90
prof
*88
*88
90
*88
90
100 76 Jan 13
7558 761 1
754 7614
7518 7513 5,200 Reading
/
4 Jan 3
50 711
700
52
Do 1st prof
52
52 , 53
52
52
50 43 Mar 27
300
.52
Do 26 pref
53
3234 521141 *52 5350
45 Jan 27
*43
50
100 Rutland RR. pref
*42
49
*42
49
1712 Fel) 6
2814 2914 284 2812 284 2812 7,400 St Louis-San Fran tr etre POO 2053 Jan 13
51
51
4912 50
600
*49
50
Preferred A trust ctfs_ 100 38 Feb 1
2934 3312 2834 30
2834 2912 3,400 St Lolls Southweetern
100 2033 Jan 3
47
48
45
1,500
46
*46
Do pref
46
100 3233 Jan 10
712 734
71
/
4 7,000 Seaboard Air Line
733 73
,
7
258 Jan 4
100
12/
1
4 1313 1214 124
1178 1258 15,300
Do prof
44 Jan 13
100
894 907s 90
14,300 Southern Pacific Co
9034 8934 00
100 7818 Jan 10
2434 25
2414 2478 2418 2112 14,500 Southern Railway
100 1714 Jan 10
5712 574 57
Do tzar
5734 5634 5714 16,00
100 46 Jan 10
291? 3033 2912 30
6/300 Texas & Pacific
293, 30
100 21 June 16
2134 213./ 22
22
2112 22
800 Third Avenue
100 14 Jan 5
5212 5212 5014 5014 51
51
800 Tol St L & West Series D
14 Jan 24
*48
4914 48
48
*48
49
600
Preferred Series 13
2212 Jan 20
*31
54
*52
53
5278 53
200 Twin City Rapid Transit_ _100 34 Jan 12
14138 14214 141 14112 141 14112 9,400 Union Pacific
100 125 Jan 10
*75
78
7412 75
7514 7534 2.403
Do prof
7114 Jan 7
1213 1212 12
1212 12
12
900 United Railways Inveet__ _10
74 Jan 6
0
2814 .25
*27
28
*26
28
100
Do prof
100 2014 Jan 9,
1238 13181 1234 1278 121
/
4 1234 11,900 Wabash
Jan 801
100
6
32
324 3134 3218 3112 3134 16,100
A
B
100 19 Jan 251
22 I *21
23
*21
*21
23
Do Prof
/
4 Jan 25!
100 121
111
/
4 1214 *1112 1134
1114 1112 2,600 Western Maryland (new)_100
81
/
4 Jan 30
*19
21
1912 1912 1912 1912
300
Do 2d prof
100 13 Jan 17
1834 1933 1918 1918 1834 19
2,290 Western Pacific
100 1414 Jan 30
*60
6212 59
5914 60
59
700
Do pref
100 5153 Feb 1
1414
134 1438 14
1312 1334
1,800 Wheeling & Lake Erie Ry_100
6 Feb 2
26
2612 *2512 2.534 25
8
10
00
0 wiD
00
00mporec
254
f
100
914 Jan 4
*29
30
*28
30
*28
30
Central
100 25 Jan 10
Highest
PER SHARE
Range for 102140114
gear 1921
Lowest
Highest
per sh.sri
$ per slhare
Mar
1
4 Feb
2078 Mar 6
12/
20 Apr 3214 Dec
4
Moarr 20
7713 June 94 Dee
15
01
24A
9134 Apr 22
7512 Jan
88 Nov
1
Dec
712 Jan
512 Apr 17
11114 July (1
77 Apr 91 Nov
3038 Mar 4238 May
5234Ju1y 12
47 Mar 5014 Nos
634 July 13
4912 Dec 7234 Mar
6S May 25
1
4 Jan
6 Dec 14/
29 June 30
Jan
3/
1
4 Sept 10
2470une 30
145 Apr 17 101 June 12373 Nov
Oct 209 Mar
192 Feb 17 186
69s July 13
66 June 6513 May
8/
1
4 Jan
4 Nov
1234May 26
Apr
612 Dec 12
2078May 25
394May 8
1312 Doe 1(573 No,
59 Apr 28
3312 Doc 37 Nee
1034May 27
94 Map
8/
1
4 Dec
14 June 3073 MaY
2412May 29
Jan
2934 Apr 18
17/
1
4 Dec 31
47 Apr 18
2913 Dee 41;12 Jan
Jan
78 July 7
6014 Apr 71
Jan
11514June 27
05 July 110
4814 Apr 20
2253 Mae 35 Sept
9312June 7
0834 Mar 8934 Doe
8458June 6
5813 June 77 Dec
6812May 6
50 June 63 Jan
761
/
4 July 12
1
4 Dec
32 June 57/
96 July 12
80 Feb 75 Dec
5312 Apr 24
Jan 4874 Nov
27
66 Mar 23
Jan 59 Dee
49
126 May 22
90 Apr 11012 Nov
1304 July 6 93
Aug 249 May
6 Apr 25
11
/
4 Mar
41
/
4 Jan
1012 Apr 18
7/
1
4 Jan
353 Nov
1834May 23
10 Dec 1514 May
2734May 23
1513 Des 2234 May
2014May 23
10 De 1573 Jan
82 July 271 60 June
79/
1
4 Dee
4553 Apr 131
2538 June 3414 Nov
19 May 22
434 Dec 111k Mar
40s July 7
15 Dec 28 Feb
10078 Apr 18
85/
1
4 Mar 100/
1
4 Nov
5 Apr 8
112 Des
573 Jan
1234 Apr 8
Jan
3/
1
4 Dec 16
3014 Apr 25
1812 Feb 2874 May
5912 Apr 26
11511 Jan 55 Nov
412 Nov
934June 6
612 May
3978.1une 6
10 Mar
14/
1
4 Jan
63'2 July 11
1758 Aug 30 Dee
6738May 29
471 June 6934 Deo
13612 July 6
97 Apr 118 July
55781‘111Y 3
82 Dec 584 Jan
2/
1
4 Dec
11 Mar 14
7 May
12 Aug 1812 May
5014 Apr 11
67 Mar 14
27 Aug 4514 May
414 Aug
32 Apr 10
838 May
1412 Apr 29
514 Dec 14% Mar
63 Aug 7423 Nov
7134 Feb 27
1 Dec
14 May 23
318 Nov
97J)
8 Dec
1912May 22
22% Dee 2533 Dec
435/4 Apr 28
2212 Apr 28
2814May 22'
16
2514 Apr 18
5934 Apr 17
3314 Mar 494 Nov
234 Dec
714May 27
61
/
4 Feb
70 June 23
46 June 7714 Feb
9734 July 7
6414 June 76 Dee
82 May 25
59 June 6133 Sept
85 May 25
54 June 8814 Bent
3514May 201
234 Jan
12 Nov
16 Mar 2314 dent
2912 Apr 101
2212June 6
8/
1
4 Sept 1314 May
/
4 Feb
111 July 7
8833 June 1041
62 June 7434 Dee
78 July 7
Jan
G114 June 88
8212 Mar 15
1
4 June 4114 Jan
441
/
4July 7
32/
12 Jan
8 Nov
2.478June 6
15/
1
4 Mar 2373 May
3478May 29
7818June 3, 50 Apr 8512 Dec
1
4 Dec
Jan 66/
71 July 13; 85
Jan
Oct 32
3914June 31 23
70 Mar BO Dee
904 Apr 251
82785fay 29i 6034 June 8914 Jan
57 May 311 3614 June 55 Feb
5912May 31
8813 Aug 573* Jan
5314June 1
3112 Apr 29
-4-4 Aug
191s Mar
2772 June 3012 Nov
52 Apr 22
MI Juan 504 May
3238May 22
Jan
23 June 41
5034Mar 3
24 Oct
10 Apr 15
714 MAY
1434 Apr 15
3 Dec 12l May
9333aIay 29
Jan
0712 June 101
17% June
2473 Jan
2534 Apr 26
Jan
42 Juno 00
594 Apr 24
36 Apr 21
27/
1
4 Dec
1613 Jan
1214 Aug 2033 Mar
2538 Apr 25
5518June 23
5034June 15
5612June 10
311$ Des 55lj Ape
14434July 6 111 June 13173 Nov
7678 Apr 21
6214 July 744 Doc
6 Aug
19/
1
4 Apr 11
12/
1
4 Me2
3a12 Apr 11
20 Max
17 Aug
1433\lay 23
9 May
6/
1
4 Dee
Ws Apr 17
18 Mar
2414 Mal
1258 Mar 1573 Nov
24 May 26
6
1312June
8/
1
4 Dec 1112 May
1414 Dec 21 may
24 June 6
2478 Apr 24
15 Dee 8073 May
5114 Dec 7012 Jan
6412 Apr 21
Wm May
1612June
01
/
4 Dec
12/
1
4 Dec 1913 May
2033June 7
3314 Mar 13
23
Oct 37'2 May
8 smr Mare
idai 13-1-414i;
25
Industrial & Miscellaneous
32
62
700 Adams Express
6233 6238
1
4 Dze
2814 Jan 53/
100 48 Jan 12 69 Mar 29
*17
18
803 Advance Rumeiy
1713 1812
1013 Dee
1934 Jan
100 1078 Jan 19 2014June 6
*49
494 49
300
49
Do prof
8112 Dec 5213 Feb
100 3158 Jan 12 501 2June 6
55 •
5334 55% *53
500 Air Reduction. Ine____No
30 June 53 Dec
Par 4512 Jan 3 574 Mar 28
15
5,000 Ajax Rubber the.
15
15
16
151
/
4 Dec 391
/
4 Jan
50 1318 Jan 16 1834 Apr 25
*12
58
atMay 10
/
1
4 Dec
12 1.900 Alaska Gold N10309
11
/
4 Feb
38
14 Jan 13
10
11.1
111 5,000 Alaska Juneau Gold Mina; 10
*138
112
13 Oct
1% Fob
2 May 17
38 Jan 24
6878 6914 69
691s 2,500 Allied Chem dc Dye_ ___No par 5538 Jan 3 7218May 24
34 Aug 5914 Dec
109 109 *10812 10917 1,200
Do pref
83 June 10334 Deo
100 101 Jan 3 110 June 14
52
5318 5112 5412 26,900 Allis-Chalmers Mfg
14
281
/
4 Aug
3934 Doe
July
5412
4
4
100 373 Jan
*9712 9812 9812 9512
500
Do pref
674 Aug 90 Doe
100 8613 Jan 5 100 Apr 21
.3812 3912 *3812 39
2,000 Amer Agricultural Chem_ 100 291
261
/
4 Aug 6514 Jam
/
4 Jan 3 4272June 1
6312 634 *33
600
64
Jae
Preferred
Aug 90
51
100 56 Jan 16 69 Mar 10
*65
American Bank Note_ _ _50 581, Jan 7 774 Apr 7
69
70
*66
4511 Jan 5613 Da0
Ex-rights. §, Lass than 100 sharea. a Ex-dividend and
• Did and asked prices; no sales on this lay,c
rights. a Ex-dividend. 5 Ex-rights (June 15) to subscribe
Oars for share to stock of Giou Alden Coal Co. at $5 per share and ex-dividend 100% In stock (Aug. 22).
6214 6212 *3112 6212
*1714 1812 *1712 1812
*4812 4912 4912 4912
5334
*53
5331 *53
151s
*15
1512 15
*12
88
12
12
111
114
114
114
69
6914 6813 6S7s
1094 10934 10914 10934
4973 5012 4914 50
*9512 97
*96
97
*39
3912 3812 387s
6413 6412 64
6-1
*86
(19 .
66
69
52
*17
*48
*53
1478
12
114
6858
109
5014
*964
3534
*6312
*56
611* 6112
62
181?
1514 .17
4912 493e 4934
5334 .5212 53
1511
1518 15
.12
58
12
1%
138
138
69
60
69
109 .10812 10913
5012 5033 5234
95
97
97
384 3853 3912
6412 6318 6312
69
*65
69
288
New York Stock Record-Continued-Page 2
For sales during the week of stocks usually Inactive, see second page preceding.
HIGH AND LOW SALE PRICE-PER SHARE, NOT PER CENT
Sales
for
the
Week.
STOCKS
NEW YORK STOCK
EXCHANGE
PER SHARE
Range sines Jas. 1 1923
On basis of 100-share loss
PER SHARE
Range for presious
year 1921
' Thursday. I Friday.
Saturday,
Alonday. I Tuesday, I Wednesday.
July 13.
July 12.
July 8.
July 10.
July 14.
July 11.
Lowest
Highest
Lowest
Flighssl
-1 $ persperTsh7tre
har713 Per share $ per share ;har7
371e-r-.;h7Tre Shares Indus. & Miscall.(Con.) Par I per share
$Pers$ per share $ psr share $ per share
*51
53
51
*51
55
*51
51
*51
44 Am Bank Note pref
55
55
50 52 Jan 12 54 Mar 3
4313 Jan 5012 Dee
*51
55
45
4512 4518 4514 4614 4614 445g 45
4412 4112 44
100 31% Jan 3 49 June 9
2413 Oct 51 Feb
4112 1,100 American Beet Sugar
*7412 77
*7312 80
*7312 80 *73
100 61 Jan 11 77 June 24
*7312 76
*7312 80
Do pref
80
5484 Dec 7471 Jan
4113 4118 403 41
*4012 41
*40
41
*4012 41
40 • 40,2
2918 Aug 651 May
600 Amer Bosch Magneto_No par 3114 Jan 31 49 Apr 11
*6038 61
42
Jan 5633 Dec
62 62
2,800 Am Brake Shoe & F___No par 51 Jan 4 637s Apr 22
603* 60% 6078 6212 6134 6212 62 62
108 108 *1054 108
108 108 *10.314 108,
s *10.314 10834 *106 108
100 984 Jan 18 109 June 14
200
Preferred
888 Jan 100 Dec
4912 51
5312 5114 5212 51
4938 5414 537 55
100 324 Jan 5 3534 July14
2318 June 3512 Dui
5212 5534 114,900 American Can
106 106
107 107
10712 10712 108 108
106 106
100 9314 Jan 3 107 July 14
7634 June 97 Dec
10814 109
800
Do Prof
1613 16134 *162 166 *16212 166 *16212 16512 1643 16112 164 13434
500 American Car & Foundry-100 141 Jan 10 169 Juno 5 11514 June 15114 Dee
121 121 *120 121 *12012 121 *12012 121 1 3'120 121
100 11513 Jan 6 12112June 6 108 May 11611 Dec
120 120,4
400
Do poet
11
11
*10
11
*10
11
*10
11
1112 1112 11
ar
7 Jan 27 14 May 5
611 Nov 29 Jan
No 1poo
11
300 American Chicle
264 2612 26
2612 2618 2618 2658 2658 2638 2613 2614 2614 1,400 American Cotton 011
1914 Jan 10 3012May 31
1573 June 2454 NOP
*53
59
*52
59
*52
59
*53
59 I *53
59
100 41 Jan 11 61 May 31
*53
3513 July 67 Ain
Do prof
59
613 Jan 23
412 Jan 13
4 June
*514 512
53* 533
514 514
514 514,
854 Jan
54 514
518 518 1,375 Amer Druggists Syndicate_ 10
*133 1344 133 13314 *132 13334 *132 13314 *132 13334 132 132
100 126 June 23 14312 Apr 22 114 July 137 Dec
700 American Express
1412 1438 144 *14
1312 1312 *14
15 I 14
14
1312 1312 1,500 American Elide & Leather_100 12 Jan 18 1733 Apr 13
8 Apr 16 Dec
69
69% 69
69
6834 71
7038 707sl *6912 7034 69
4012 Feb 621* Dec
100 58 Jan 3 73 May 31
Do pref
70
1,800
10412 10514 101 10512 108 11114 10914 111% 109 110
42 Jan Ms Deo
100 78 Jan 12 11412 Mar 22
10912 11112 13,700 American Ice
*86
88
86
86
88 89
89 89 I 89 894 89
57 Jan 7314 Nov
100 72 Jan 13 9212MaY 26
1,400
Do pref
90
4112 4212 4114 418 4218 4212 4314 4438 4212 4378 413* 4212 9,300 Amer International Corp...100 381s Jan 5 50isJune 2
214 Aug 53%MaY
*1314 1312 1234 13
1318 1318 *1278 1312 13
773 Aug 1133 Apr
13
123.: 13
1,700 American La France F.E._ 10
91a Jan 16 13732,fay 9
*3312 3412 3338 31
3412 35
3512 35% *3412 3512 34
174 Aug 6211 Jan
34
100 2938 Jan 10 40347une 1
1,300 American Linseed
*54
55
*54
55
55
56
*55
5612 56
56
3973 Aug 93 Jan
5512 5534
100 54 June 22 607sJune 1
903
Do prof
11212 11212 112 113
112 113
11312 11438 112 114
11253 114
7313 June 110 Dec
100 102 Jan 5 11733May 2
5,400 American Locomotive
*117 118
11712 11712 *117 11814 *11714 11814 *117 11814 *117 119
9814 June 115 Dec
100 112 Jan 12 118 Mar 13
100
Do prof
9512 9512 94
9414 94
95 .95
9512 *9412 9512 9314
66% Jan 91 Nov
3
25 82 Jan 30 1034May 19
911144 1,500 American Radiator
*618 612
6
614
534 64
6
638
6
354 Jan 31
853 Apr 6
638
3% Aug 10 Jan
5,800 American Safety Razor- 25
19
1918 1834 1938 1912 1958 1938 2038 1912 201s 2014 207 17,900 Am Ship & Comm
31s Jan 3 2414May 31
414 Aug 14 Jan
No Par
6012 6238 6014 61
80/
1
4 611
/
4 32
6212 6118 6238 6118 617
293* Aug 474 Dec
7,700 Amer Smelting - Refining_100 4353 Jan 6 6712May 19
9712 9712 *98 9812 9734 98
9712 98
634 Aug 90 Dec
98
9312 985 99
1,430
Do pref
100 fous Jan 4 99 May 23
*92
94
*93
95
*93
95
*9314 95
63 Jan 88 Dec
*93
95
*93
95
Am Smelt Secur pref see A.100 87 Feb 8 9358June 6
134 134 *134 13112 *134 13412 134 134 *133 135 *133 13412
95 Jan 114% Dec
100 1091* Jan 3 138 Feb 16
535 American Snuff
3612 3634 3634 367g 358 37
3634 373s 3634 3678 36
18 Aug 35 Dec
Jan 26 401s Apr 24
304
19,200
Am
Steel
Fdry
tom
ctfs_33
1-3
35.3
*9912 998 *9912 997 *9912 998 9912 9912 *9912 9972 *99'2 100
78 Aug 9514 Dee
100
Prof tem ctfs
100 91 Feb 8 100 Apr 24
*7834 79,2 80
8058 79
80
79
4753 Oct 96 Jan
7958 7814 79
7814 787s 5,100 American Sugar Refining 100 544 Jan 4 8114June 2
*105 106
10514 10514 *105 106 *105 106
6713 Oct 1074 Jan
10512 10512 *105 106
200
Do pref
100 84 Jan 3 107 June 2
3934 40
*39
41
*39
41
281* Dee 88 Mu
*40
41
3918 4012 3818 39
2,000 Amor Sumatra Tobacco.... 100 234 Feb 14 47 May 29
*63
66
63
63
*61
65
*6112 65
6434 Nov 9154 Feb
*62
65
*62
65
400
Preferred
100 5212 Jan 27 71 Jan 16
12012 1203
, 12012 12034 12012 12034 12038 1207 12058 1213* 12114 12112 22,300 Amer Telephone dc Teleg...100 1141* Jan 4 12413 Mar 14
9534 Jan 11913 Nov
142 14214 14118 14118 1427 14278 142 142
900 Amerloan Tobacco
100 12913 Jan 5 14512May 29 11112 June 1363* Dec
14138 14134 *141 142
*10212 103
103 103 *103 106 *103 106
86 Aug 9912 Deo
Do prof (new)
730
100 9612 Jan 8 105 July 13
1033* 105 I*103 108
*13712 13912 13812 139
139 139 *139 13912 13918 139181 139 139
Jan 18112 Deo
600
Do common Class B......100 126 Jan 8 14212May 31 110
1512 17
16
16
61j Oct
1612 17
Jan 7 1758July 7
4 Sept
*1612 17
1534 16
15
1612 2,100 Am Wat Wks & El v t c_100
*87
8814 87
87 *8734 88
48 Sept 6653 Dec
8612 8612 8712 8712 8714 8714
100 67 Jan 4 83 July 5
400
1st prof(7%) v t o
4212 43
404 4112 4012 423
8% Sept 20 Dec
4212 4212 42
Panic prof(6%) v t 43-100 1714 Jan 4 43 July 11
4234 4212 43
6,000
898 908 8834 89
89% 903* 90
92
100 784 Jan 10 958 Apr 17
57 Feb 8812 Dee
9014 9112 898 9078 12,500 Amer Woolen
*10712 109 *10712 109
108 108 *10714 108 *108 109 *108 109
100 10213 Jan 11 109 June 21
93 Feb 10413 Dec
Do prof
100
*2918 3012 *2912 3012 3012 3012 31
3112 31
31
20% Aug 391k Jan
*3012 .3112
800 Amer Writing Paper pref 100 221* Jan 13 37% Apr Lli
1734 18
*1712 177g
1712 1712 18
1812 *1712 1812 17
1,303 Aner Zinc. Lead & Smelt.. 25 124 Jan 3 203sJune 1
17
634 Sept 145* Deo
*44
447
44
44
*43
45
45
25 36 Jan 18 4814May 19
4634 443* 45
431 4318 2,100
Do pref
2278 Aug 401 Dec
52
53,2 5112 5214 52% 5234 5238 52% 523* 5318 5214 5238 11,800 Anaconda Copper Mining- 50 47 Jan 31 57 May 31
815g Aug 505* Dec
*54
5412 *55
5512 *5312 5412 54
100 48 Jan 5 574 Mar 17
54
53
54
5212 53
24 Jan 504 Dee
1,500 Associated Dry Goods
100 75 Jan 6 8312 Apr 19
*78
81
*7912 8112 *79
81
*79
81
*79
82
8112 8112
50
Do lat preferred
5554 Jan 7654 Deo
100 76 Jan 17 86 May 9
*82
84
*82
83 *82
84 *82
84
*82
84
82
Do 26 preferred
100
82
45 Jan 78 Dee
100 99 Jan 81 13512May 3
112 112 *112 115 *113 115
11434 116 *113 116
11114 11212
91 Sept 10712 Mai
800 Associated 011
No par
214 Jan 8
23* 28
212 25
25s 234
512 Apr 17
238 25*
184 Oct
9 Jan
238 23*
212 234 3,400 Atlantic Fruit
3714 373* 363* 3718 3712 383* 3814 39
3718 388 3538 3714 10,200 AU Gulf & W I SS Line.....100 2312 Mar 2 4314May 29
18 June 76 Jan
100 1812 Mar 6 3114May 29
26
26
27
2712 27
27
2718 2718 2712 2712 26
1534 June 644 Jan
26
Do Prof
600
900
100
Mar 7 1145 May 1 a820 June a1125 May
*1000 1030 *1000 1030 *1000 1030 1020 1025 *1000 1025 *1000 1025
220 Atlantic RAID1Dg
100 113 Jan 9 1187sJune 3
*117 119 *117 119 *117 119 *117 119 *117 118 *117 118
1033* July 11312 Nov
Preferred
No par 1312 Feb 28 2212May 4
1232 Dec 20 Apr
*17
1812 .17
1812 *17
1812 *17
Atlas Tack
1812 *17
1812 *17
1834
914 Jan 5 3378.1une 8
2712 2834 27
815 June 1314 Jan
2712 28
2878 2812 29
2734 288 27'8 2734 6,000.Austin Nichols dc Co__ No par
50% Aug 70 Jan
85
85 *83
100 68 Jan 9 90 June 1
87 *85
88
*85
Preferred
88 *83
89 *83
89
200
312 Jan 3
7 Mar 17
21 Sept
50
*312 412 *312 5
54 Dee
*312 412 *334 412 *334 412 *334 412
Auto Sales Corp
10 Apr 16
10 12 May 3 1512 Mar 10
Jan
*10
14
*10
14
*9
14
*1012 14
*10
13
*10
Preferred
13
6214 June 1005* Dec
11334 11534 1123* 11412 11334 11538 1153* 1163* 11414 1164 11418 11614 33,900 Baldwin Locomotive Wks_100 9312 Jan 13 12014June 1
13
11412June
104
Jan
1
95
June
100
11334 11334 114 114 *110 115 *110 115 *110 1.15
s106
Dec
*110 115
200
Do pref
29 Jan 41 Aug
ar 40 Jan 19 60 July 12
55
*5412 5712 55
p00
56
No 1
58
58 60
59
60
58
58
2.200 Barnet Leather
70
89 Apr 12 961sJune 23
Jan 80 Dec
*94 100
*94
*94 100
971 *94
9712 *94
Preferred
9712 *94
9712
20 Dec 27 May
3412 3414 3112 3412 323* 3412 3318 35
3112 33
3112 32
13,300 Barnsdall Corp, Class A_--25 1953 Jan 16 5614 Apr 28
14% June 35
25 194 Jan 9 39 Apr 27
2912 2912 295* 2958 30
Jan
3034 29
293* 29
294 *29
Class B
30
1,100
12 Jan 14
12 Aug
1
20
114
Jan
118 118
13* Mar 23
*1
114 *1
1
1
*1
114 *1
300 Batopilas Mining
114
27 June 29 June
No par 33 Apr 28 50 May 10
*4612 48 *4614 48
*47
48
*47
48
477 50
*47
50
500 Bayuk Bros
39% June 621
74
74
74% 747
,Map
*7312 74
75
75
7434 7434 *7414 75
1,300 Bethlehem Steel Corp_100 81 Jan 10 79 May 12
4112 June 05 May
7534 7634 7512 771s 7634 77
77
7734 7614 7714 76
Do Class B Common....100 5512 Jan 3 8214May 12
76,2 9,700
87 June 9314 Jan
*95
97 *95
97
*95
100 9073 Mar 7 101 Apr 15
97
947 9514 947 9514 *9412 9512
Do pref
800
11312 11312 *11212 114 *11214 114 *11218 114
90 June 112 Sept
*11312 11412 *11312 114
Do calm cony 8% pref_100 104 Jan 4 11658June 14
300
48 Jan 10
*712 g
9% Feb 10
No par
712 712
8 Aug
734 734
7% Dec
734 734
73* 8
8
838 5,300 Booth Fisheries
812 Jan 9 1414June 6
84 Dec
100
*11
*9
11
14
*11
9 Dec
1112 *11
1112 *11
1412 1012 11
200 British Empire Steel
747 *71
55 Dec 58% Dee
100 58 Mar 2 7634 Apr 15
*71
7438 *71
*72
7214 *7114 74
1st preferred
748 *71
75
100 191a Mar 17 3612May 31
22 Deo 2333 Dee
3012 *2912 3112 31
3012 30,2 *30
31
303* 303* 308 3012
2d preferred
900
88 Jan 101 Dec
100 100 Jan 3 110 May 5
108 1083* 108 108
*10714 10718 *10718 107% *10714 108
108 108
300 Brooklyn Edison. Inc
51
Jan 7612 Nov
100 70 Jan 31 119 June 9
10914 1094 109 110
10934 11034 112 112
110 110
11113 111 12 1,100 Brooklyn Union Gas
33 Feb 4633 Nov
100 42 Jan 16 5234June 1
4912 4912 495 4938 4938 5034 4934 493 *50
53
49
5014 1,800 Brown Shoe Inc
312 312 *312 434 *312 412 *312 4
533.fune 6
238 Mar 3
212 Aug
312 312 *312 4
54 Jan
300 Brunswick Term dc By Seo_100
100 11312 Jan 10 13912June 5
1313* 13212 13112 13112 13012 132 *130 131 *130 131
814 Jan 12213 Dee
130 132
2,600 Burns Bros
283* Jan 19 50 June 3
311 Deo 333* Dee
4438 4534 443* 473* 4134 4638 42
45
421s 4312 4238 43,4 25,600
New class B corn
*9334 94
*9334 96
*9334 94
*93% 96
9334 9334 *9334 94
100 Bush Term Bldgs. Pref----100 8714 Jan 8 9738May 1 z1375 Deo 90 Nov
814June 7
634 634 *678 7
*658 7
7
34 Aug
24718 1,000 Butte Copper & Zino v a. 5 514 Mar 1
614 Dee
7
634 834
100 22 June 16 34 Feb 3
2312 2312 *23
2312 23
23
1412 Jan 333* Deo
*2314 24
2212 23
*26
234
700 Butterick
2834 2914 2914 29
*28
10 203* Jan 4 3334May 18
2812 29
2934 29
101 June 22 Dee
2912 281s 2812 3,700 Butte & Superior Mining
1014 Jan 11 1518 Apr 15
1134 13
12% 13
*1134 12
1214 1318 12
12
73* Aug 193* Apo
1034 1234 5,900 Caddo Central 011&Ref No par
807 Apr 25
*7712 7812 *77
7812 *7714 79
*78
79
58% July 74 Nov
*7714 7834 7534 7634
100 California Packing____No par 88 Jan 11
6218 63
6112 6412 61% 6412 6012 62
623
, 65
100 4318 Jan 10 717sJune 2
Jan 505a Dec
6118 6234 15,500 California Petroleum
93
96
100
97
*94
*95
83 Jan 3 9812 Apr 17
97
Deo
9614 964 *94
97
Do prof
*94
8 97
814 20
6,000
10
8
514 Feb 14
113M
8ay 27
818 814
84 812
8,4
8
818
84
88
*6112 6212 *61
-naad
Le MIning.-.10 5734 Apr 5 6612June 1
*6112 63
co
62
*61
*6012 6212
7% Deo
Zirniz
jap
62
11113 Jan 60
etn A
ha
Callluagn
1 11 Jan 3 1633 Mar 29
11
11
11 Dec 151k Nov
11
11
*1014 12
*10
12
300 Carson Hill Gold
*6
par
No
3
6
612
Mar
8
912June
6
Plow
6
1014
Ape
I)
(J
3
Nov
Case
6,2
1
67
3
94
6,2 612 *67
1,500
*81
85
*80
83 *81
63 Dec 853* Feb
83
*81
83
Case (JO Thresh M,pf ctf_100 68 Feb 21 88 May 1
85 *81
*81
83
100 2932 Jan 10 4138May 31
37% 3812 3814 38% 38% 39% 3912 4038 3814 39% 3838 3912 10,500 Central Leather
2213 Aug
Jan
100 6333 Jan 6 7438May 31
70
71
7014 71
7118 7312 7318 7334 73
57% Aug 944
8
3 Jan
73
7278 73
Do pref
3,800
3612 3714 *3512 3634 3634 3634 36
23 Mar 861k Deo
3612 3312 3712 *4
38
7
3
57
212 2,000 Cerro de Pasco Copper_No Par 324 Jan 4 40'* May26
*49
51
52
*50
22 Aug 44
*48
52
Jan
*48
50
52
50
10000 Certain-Teed Prod.--No par 34 Feb 14 531sJune 7
5,6
*669838 6791
71
70
69,2 7038 70
384 Oct 86 AD
71
Chandler Motor Car_-No par 4784 Jan 5 791t Apr 6
ee
i
70
7034 70
7011
47 Aug
6914 *67 6914 *6712 6912 *68
*67,4 694 *37
Chicago Pneumatic Tool....100 60 Jan 14 71 Apr 6
6914
25 154 Jen 5 2513May 29
9 Mar
2218 22% 2134 2212 2218 2212 2218 2258 2214 23
2218 2238 18,600 Chile Copper
25%
5
Feb
21
3318June
1
1913
3018
2912
28% 2912 2834 30
Mar 7
2
106
91
7 D
jane
ee
e
30
3014 2953 3038 29% 29% 5,200 Chino Cooper
100 43 Jan 11 6012 Feb 3
384 June 624 Jan
*5412 57 *5412 5712 *55
57
*55
55
*55
56
55
56
300 Cluett, Peabody & Co
No par 41 Jan 5 7412July 5
1.9
Feb 431s
6912 72% 69
7118 7014 714 7138 7212 69% 7112 693* 7112 28.300 Coca Cola
24
100
Jan
10
367
3May
19
22 July 3234 May
31
31
31
31
*3112 313
, 3112 3134 *31
311, 30
34
2,000 Colorado Fuel & Iron
100 6434 Jan 4 9012July 14
52 Juno 6734 Des
8712 8812 8711 88,2 8712 88
8712 8914 88% 89
89
9012 16,900 Columbia Gas & Elea:Atli:L
14
Jan
26
53
4June
5
234 Aug 6122%
Par
438 438
GraDhOPhone
No
14
414 414
Columbia
458 4%
418 434
4% 5
414 434 12,100
5 Feb 9 2034June 2
100
838 Dec
Feb
1712 1712 *1614 1712 1612 1712 1712 1812 18
Do prof.
18% *18
2,900
20
3
28% June 587s Dec
6478 6518 6478 6534 *65
6612 6514 65% 1,100 Computing-Tab-Reoord No par 554 Jan 8 79 Apr 26
66
65
65% *64
Feb 10 3812June 29
1311 Dec 594 Jan
*32
37
*34
3612 *34
3612 33
3512 *34
36
300 Consolidated Cigar-No par 1851
3312 *34
27
7212June
20
47
Feb
Dec
tots
100
SeptD
8100
*71
7512 *71
7512 *71
Do prof
7512 *71
7512 *71
751* *71
75
par
214 Mar 16
14 Feb 17
Mu
.19
*12
es
*12
es
1;
12
*12
52
100 Consol Distributors. InoNe
58
*12
52
77% Jan 95 Nev
11812 120
118 119
119 1198 1193* 12112 120 1233s 12234 125% 70,900 Consolidated Gas (N Y).._100 8513 Jan 30 1257s July 14
1538
Apr
19
1254 Aug 2171 Jan
11
1114 111 11 14 11
11
113
11% 27.000 Consolidated Textile-No Par 11 June 20
115* 11
1112 11
3438 Aug 66
100 4534 Jan 4 71 June 3
Jan
12
685* 6838 *67
68
6834 6912 4,000 Continental Can. Ina
*67 6812 6818 69% *6812 6911
25 66 Jan 20 85 June 23
5853 Aug 73 Deo
8312 *80
*80
8112 *78
83
82
8112 811* *80
350 Continental Insurance
8112 *80
59 June 994 Deo
10258 103
10212 10312 10338 10514 104 1053* '1035* 104
10318 10438 14,700 Corn Products Beflning..-100 9114 Jan 4 1084 Mar 31
100 111 Jan 10 11818June 23
96 June 112 Dec
116 116 *114 117
Do pref
*114 117 *114 117 *114 117
11634 11634
200
No par 3138 Jan 10 5314June 7
2213 Aug 63/
1
4 Apr
48% 4478 4714 4414 4514 79,300 Cosden & Co
4634 4812 47
4712 49
463 48
5234Feb 27 7713May 13
49 Aug 10712 Jan
America-100
of
Steel
Crucible
75
7312 75
725 74% 723 75,4 7434 7512 741s 7534 74
16,500
77 June 91 J an
100 80 Jan 17 95 May 2
93
*90
93
*90
Do prof
93
*90
93
200
*89
93
*90
93
93
No par
813 Jan 11 1934 Mar 15
553 Oct 26 Feb
1512 1558 6,200 Cubs Cane Sugar
161s 165s 1614 1612 153 1612 155* 16
163* 163
100 1514 Jan 8 4034 Mar 15
681* Dec 131s Feb
3534 3431/ 35
Do prof
7,003
3512 3678 3514 3534 3584 3658 35% 3634 35
103* Oct 8854 Fab
234 2418 231s 233* 2278 231g 9,800 Cuban-American Sugar. _ 10 1412 Jan 3 2718June 5
24
2438 23
237s 234 24
68 Oct 95 Yob
100 7813 Jan 17 9412 Apr 18
*90
92
Preferred
91
*85
*90
91
92
*85
100
91
91
*85
91
23 Mar 5955 Nov
4512 4634 45
4512 43% 46
6,200 Davison Chemical v 8 o_no par 43 June 13 655* Apr 6
4614 47
45
45,2 4414 46
135* June 21
Jail
*2114 2112 203* 214 2034 2034 2112 2112 2112 2112 21% 2118 1,000 De Beers Cone Minee__No par 1512 Jan 3 2833May 2
931 Nov 100 001
100
11
1087
100
3
*
Jan
3
Mar
21
Edison
*105
106
*10514
Detroit
*105
103
10578
*10518 105% *105 106 *10512 106
5
•
$RI
per
snare,
Par
value
Es-dividend.
•Bid and asked prices; no sales on this day. 4 Ex-dividend and rights, .9 Assessment paid. s Es-rhIbts.
83Ls Aug
jaa
New York Stock Record-Continued-Page 3
For sales during the week of stocks usually inactive, see third page preceding.
NISH AND LOW SALE PRICE-PER SHARE. NOT PM CENT.
Saturday.
July 8.
Monday,
July 10.
Tuesday,
July 11.
Wednesday, Thursday,
July 12.
July 13.
Friday,
July 14.
Sales
far
the
Week.
STOCKS
NEW YORK STOCK
EXCHANGE
PER SHARE
Rouge since Jan. 1 1922 I
On basis of 100-share lots
289
PER SHAKE
taupe for previous
year 1921
Lowest I Higbee'
Highest
Lowest
$ Per share 8 per share 5 per share 5 per share $ per share $ per share Shares Indus.& Miscall.(Con.) Par $ per share
$ per share $ per share $ per shore
30 30 *2934 30
30 30
30
3038 304 3038 30
1,700 Dome Mines, Ltd
30
104 Jan 21% Ape
10 1812 Jan 4 3038June 24
------ Eastman Kodak
100 600 Jan 9 800 Apr 15 0596 Nov a690 Feb
Electric Stor Battery
100 125 Jan 18 17934 Apr 15 12414 Dec 12434 Dec
20 11-1-2 ;25- if- "iois 1618 'Ws 16is "io" 16 iii" 11- ---600 Elk Born Coal Corp
5
ne 14
ju
12
un
613 Jan 2534 May
50 1414 Jan 25 ale
.712 9 *712 9 *712 9 *712 9 *712 9
8
8
Emerson-Brantinghan
Dec
972 May
100
258 Jan 4
80 8058 80 8012 8112 82
8112 8158 81
8134 81
8234 10,400 Endicott-Jobnson
52 Jan 81 Dec
50 764 Jan 10 8712 Apr 19
111 111 *111 113 *111 113
*110 114 *110 113 *11034 113
100
Do pref
114 July 7
87 Jan 10612 Dec
104
100
Jan
5
8214
82 8212 8212 83
8112 824 8112
82 825s 8134 8278 9,300 Famous Players-Lasky_No par 754 Jan 10
4454 July 8214 Api
95
95 95
9512 954 9578 9538 *95
9434 9434 95
900
96
Do preferred (8%)
7454 July 97 Dec
100 9112 Jan 28
*16
*1218 1414 *121, 1412 *1212 142 *1218 13
1714 *16
Federal Mining & Smelting 100
17,4
1334 Dee
98
5
1
;
7
3
6
9
;
4
r
f
a
t
Y
n
y
9
2111477
9
3
Jan
50
5034 *5012 51 , 50% 5058 5014 50,4 1,000
50
4912 5012 *49
Do pref
21 Sept 4312 Dee
100
3712
Mar
14
115 11612 *113 11612• *115 11612 *115 11614 1,200 Fisher Body Corp ____No par 75 Jan
11712 11712 1164 117
June
12712 Apr 20
ne 90 Jan
764
5 ju
5
8712
873
874
872
4
865s
1,400
875
Fisher
8714 8714 8658
8 8758 8712 8758
Body Ohio. pref
1934 Dee
100 764 Jan 5 10314June 14
834 SAeupgt
57
154 157.2 15
1514 157s 1538 1534 1518 1538 1534 16
1514 7.500 Fisk Rubber
% May
25 11% Jan 10 1912 Apr 25
2312 2434 2318 2334 234 2414 2234 2378 2212 2314 2212 23 31,200 Freeport Texas Co.No par 124 Jan 24 26117r uMarne 163
912 Aug 204 Jan
Gaston, W & W.Inc... No Par
4 Oct
1514 Jan
Is
Jan
20
1,200 Gen Am Tank Car_No par 4584 Jan 14 6774May 8 $974 Oct 59% Dee
;5- -62.- ;Li" 1i" ztio" "62- 613 1637, ';.ii" "ef" ;.ii" 61
6812 704 6714 6978 6612 684 115,800 General Asphalt
65 6618 66 69
6514 67
100 Ws Jan 26 704 July 12
8912 Aug 78% Mar
102 10512 105 10678 *104 105
103 103
4,000
102 102 *101 102
Do pref
100 90 Jan 10 10674 July 12
77 Aug 1174 Mar
7712 *77
77
7712 7712 7712 7,900 General Cigar,Inc
77
77 773
7714 784 77
100 65 Mar 3 78s July 8 54 Jan 7031 Dee
100
Debenture prat
10112 10112 *101 10212 *101 10212 *101 103 *104 107 *104 107
.100 94 Jan 4 10214 Jan 18
8014 Apr 9513 Dec
168 171 *169 170 170 170
2,900 General Electric
168 168 168 16818 *16712 168
100 186 Jan 9 171 July 12 1094 Aug 14334 Doe
14% 1412 1438 145s 1412 144 1412 1434 1414 14% 46.900 General Motors Corp-NO Par
1418 143
814 Jan 5 151 July 5
934 Aug 1614 Jan
83 *81
83 83 *81
200
83
83
83 *81
Do pref..
83 83 *81
100 69 Jan 24 83
6
63 June 75 Dec
8112 81
82
8112 8112 81
1,300
82
Do Deb stock (6%).._ _100 6734 Mar 6 84 June
81
82
*81
8112 *81
June
60 Aug 734 Dee
9334 9334 9334 9378
800
Do Deb stock (7%).... _100 794 Mar 8 97 June 28
9334 934 9414 9414 *9334 95 *9334 95
28
69 Aug 85 Dee
16
1634 1614 164 1638 1618 1612 16% 1638 1632 1534 157s 2,100 Glidden Co
No par 135* July 1 1814June 2
3978 4038 3934 3978 3918 3918 3918 3914 2,400 Goodrich Co B
39
39% 39 39
par 3412 Jan 4 4478May 31 -263*June
88 88 *87 88
800
Do pre!
8734 8814 88 88
88 88
88 88
100 8012 Jan 7 91 Apr 22 621k Juno
June 88 Dec
2914 30
29
30
1,000 Granby Cons M.Sm & Pow100 28 Apr 3 35 May 24
2912 29$4 29
2914 *2812 3112 *28 31
15 Aug 3414 Nov
18 *1618 18
100 Gray & Davis Inc
18 *16
1712 *16
17
17
*1612 1712 *16
No par 12 Jan 3 I974May 31
912 Jan 1634 Mar
304 31
32
1,600 Greene Cananea Coprier_100 2534 Feb 27
*3114 3214 *31
32
*31
*31
32
31
31
345sMay 29
19 July 2912 Dee
1158 1214 *1112 12
600 Guantanamo Sugar__ _.No
1212 1212 1218 1212 *1214 13 *1214 13
7 Feb 16 1454Mar 15
54 Dec 1674 Jan
8238 21,100 Gulf States Steel tr etfs__.1
824 81
787s 81
7858 8034 8014 834 8212 8558 81
4474 Jan 9 9012 Jan 20
25 June 507a Dee
134 2
*14 2
909 Harbishaw Elec Cab_No p
112 113 *112 178
112 112 *112 178
374 Mar 16
Jan 20
3
4
12 Nov 13% Jan
2412
22
24
1,200 Hendee Manufacturing__ _107; 15 Jan 12 2612June 1
*20 25
23
2353 24
2258 2258 *22
23
13 June 254 Apr
7012 7012 7034 7034 1,100 Homestake Mining.
71
71
71
71
71
7012 7012 *70
100 55 Jan 14 75 Apr 11
4912 Mar 61 May
76
*75
7612 *76
74
77
75% 5,800 Houston 011 of Texas
77
7734 771 7712 74
100 70 Jan 9 85 June 3 4012 Aug 86 May
4,700 Hupp Motor Car Corp
1912 x18
19
19
1914 1878 1912 1918 191
/
4 194 1978 19
10 10% Jan 6 2114May 17
1012 June 1634 May
94 1014
1034 11
95* 1038 6,900 Hydraulic Steel
102 107e 102 1078 1014 1012
No par
34 Feb 9 14 June 2
6 Dec 2034 Jan
41
*41
418 418
*4
4/
412
1
4
Indlahoma
900
418 418
4% 48
418
Refining
554May 28
5
34 Jan 27
2 June
714 Jan
1
1,500 Indian Refining
9
9
*8
9% *812 9
*912 10
9
9
9
9
10
5 Jan 20 1154June 7
612 Dec 1514 Jan
4078 4134 4012 414 3,300 Inspiration Cons Copper__ 20 3712 Feb 11 45 June 1
41
4178 403* 4034 4034 4034 4034 41
2954 Mar 424 Dee
*9% 10
*9
10
*918 10
*918 10
300 Internal Agricul Corp___100
*9
10
91
918
732 Jan 6 1184May 4
6 Aug 185k Jan
38
38 *3812 40 *3812 40 *3812 3934 *3812 40 *38 40
100
Do pref
100 33 Jan 16 43 Mar 15
31 Dec 57
Jan
34
34
34
34
34
33
500 International Cement__No par 26 Jan 23 3884May 8
*331 3334 *33% 34
33
*32
21 June 29 Nov
2378 24
Inter
24
24
1,600
234 2378 2358 2418 231p 2312 23 23/
Combus
Eng
1
4
224 July 3 2858 Apr 11
Na P
10012 1001, 100 10012 *9934 10012 10034 10078 *100 10012 9934 9978 2,100 Internat
Du pre
Hfar
(ve
nestr
to (new).._100 7934 Jan 3 10612June 1 lifbe Aug 1661; Feb
*115
*115_ *115 ____ *115
_ *114 ____ *114
100 1054 Feb 14 117 July 6
994 June 110 Jan
1838 -11;
18 18
3
1834 184 1858 193-4 1834 1834 1858 -117
; - "4",500 Int Mercantile Marine
100 134 Jan 4 2712May 8
71a Aug 174 Jab
7258 7318 7234 731
/
4 74
7418 7412 76
7414 7514 x71
Do pref
7214 11,400
100 6214 Jan 4 8738May 3 36 Aug 6734 Dee
161 1514 1618 1634 1658 1714 17
1712 1718 1778 171
/
4 174 27,900 International Nickel (The) 25 114 Jan 9 194 Apr 24
1112
Aug 17 May
*79
31
*79
81
81
83 *79
1,000
Preferred
85
82
82 *79
85
100 60 Jan 4 85 Jan 20
60 Dec 85 May
4912 5018 *4812 49
49
52
6158 5218 51
5238 5014 5112 16,900 International Paper
100 4312 Mar 8 5414May 3 383* Aug 781s Mar
68 68 *67 69 *6814 70 *68
Do
200
70 *68
stamped pref
70
*68
70
100 59 Mar 9 71 Jan 5
Aug 753* Nov
1412 1478 1412 15
1414 1434 1412 144 1414 1434 1414 1458 8,100 Invincible Oil Corp
ao 1238 Jan 5 204 Apr 17 67512 Aug
26 Jan
34
3534 3334 3434 3412 3478 33
10,600 Iron Products Corp____No par 24 Jan 19 35s July 6
34
344 3234 3312 33
2212
Sept
40 Jai
78
78
34
78
34
34
34
78
34
78
54
78 27,500 Island Oil& Transp v t e 10
54 Apr 6
3 Jan 25
2 Sept
434 Jan
*1714 18
*17
18 *1714 18
400 Jewel Tea. Inc
18
18
18
18
17
1714
100 10 Jan 4 2212May 2
4 Jan 1212 Dee
*6612 68 *65
70 *65
Do pref
72
70
*65
70
*65
70 *65
100 3812 Jan 4 7312May 26
Jan
84
Nov
48%
*41
42
4138 4112 *41
4214 4118 411
4112 1,400 Jones Bros Tea, Inc
4112 4112 41
100 344 Feb 11 46 May 31
1412 Jan 38% Dee
438 412
44 412
411 458 16,300 Kansas & Gulf
438 412
438 434
438 458
10 4 June 16
74 Jan 3
411 Oct
9 Nov
Kayser (Julius) & Co
100 81 Jan 17 110 May 5
68 Mar 85 Dee
;41.- -a- -iii4 -4278
. -47i. -iii-ti -a1-2 -"7",&-io Kayser (J) Co,new ____No par 34 May 1 47I2May 8
43
- -iii8 -a- 7
1.2% -41. 1st preferred new____No par 94 May 1 10612June 9
*102 104 *102 104 *102 104 *102 10312 *102 104
200
103 103
4712 4978 47 4734 48% 4812 4814 49
4,400 Kelly-Springfield Tire
47
48
4712 48
25 3414 Jan
53114May
3212 Aug 5472 May
*10012 103 *101 102 *MI% 102
102 102 *102 104 *102 104
irrertged8% Pref
100 9012 Jan 4 107a4May 9
7014 May 94 Jan
100
6
T%
em
*8112 86 *8112 86 *8112 86 *8112 85.2 *82 86 *82
86
7112 Jan 3 86 June 5
70 May 80 June
*94j1
1,200
9512 9512 95
Wheel
Kelsey
9512 951, 9512 9512 9612
Inc
2 99 2 96
97
100 61 Feb 9 111 Apr 6
85
Mar 69 Nov
3514 3658 3412 3538 354 354 3512 3578 3558 3678 3534 3638 21,200 Kennecott Copper_ _..No par 2512 Jan 4 3958May
31
16 Mar 2774 Dec
154 1612 1512 154 1558 1534 1534 1614 1514 16
1518 1534 10,400 Keystone Tire & Rubber
10 1412June 17 2434May 4
Jan 1774 May
814
13614 13614 136 138
2,000
Kresge (9 S) Co
13514 13838 1381
/
4 13814 1372 13712
1351
/
4 136
100 110 Jan 10 I7234June 2 130 Jan 177 Dec
7518 7612 75
764 76
7634 • 7312 75% *7312 .7512 8,300 Lackawanna Steel
77
76
100 444 Jan 4 815sMay 16
32 June 5812 Jan
795 80
*7912 80
801
/
4 81% 1,300 Laclede Gas (St Louis) .100 43 Jan 18
81
8012 81
79
784 79
May 12
40 Jan 574 May
*29
700 Lee Rubber & Tire____No par 26% Jan 6 82
30 *2818 29
/
4 2912 2912 2878 2872
2912 2918 291
*29
35% Mar 16
1712 Jan 80 Dee
*16812 175 *16812 180 *16812 180 *16812 180 *16812 180 *168, 180
Liggett & Myers Tobaeoo-100 15314 Feb 18 17314June
6 13814 Jan 164 Dec
11712 11712 *11612 119 *116 119 *116 119 *116 120
300
Do pref
11718 11718
100 108 Jan 10 11712July 8
9754
Jan 110 Nov
10634 1071
4,000 Lima Locom Wks Inc
/
4 105 10558 104 10514 105 10638 10514 10512 106 106
100 91 Jan 3 11774May 24
64 Aug 102 Doc
*109 110% 11034 11034 10914 10914 *10914 110
109 109 *109 110
100 93 Jan 30 z117 May 2t3
87%
Aug
1004 Dee
1558 1534 15
Prwel
0 Loe
10,6
li Inerredcorporated„
1538 1412 15
380
1512 15
1514 1514 1512 15
.No Par 1114 Jan 26 1858 Apr 17
10 June 2112 Mar
*12
1212 *12
1,300 Loft Incorporated
12
12
1212 12
13
1212 *12
1213 *12
No par
9 Jan 9 1414May 3
7% Aug 1234 Jan
*44
47 *44
Loose-Wil
44
*43
45
*43
45
es
*44
*44
45
442
Biscuit tr otfs..100 86 Jan 7 5114 Apr 15
30 Aug 42 Jan
152 153
15214 15212 153 15312 153 1534 *153 154
1534 15478 '1,600 Lorillard (P)
100 1474 Jan 6 15934May 20 186 Feb 164% Feb
*105 115 *105 113 *105 115 *105 115 *195 115 *105 115
preferred
.100 109 Jan 13 115 Mar 16 100 Jan 111 Deo
*9612 100
*9712 100
5,400
Mackay
105
1024
*102
1022
10234
4
1013
9812 10114
Companies
100 72 Jan 5 105 July 12
594 Jan 72 Doo
*6512 6634 *6512 67
5.20
00
Duok Truprerf
0 ma
*6512 67 *6514 67 *6512 6612 *6512 66
.100
55 June 62 Dee
00 57 Jan 18 69 June 1
535* 5512 *52
54
54
5434 5,200
5412 553* 5319 55
*53
54
Inc
No par 254 Jan 18 573sJune 7
Oct 42 May
2512
*8612 8712 *8712 88 *8712 88 *8718 88
1001
Do
let pref
8712 8712 8778 87.8
0814 Oct 76 Jan
100 6812 Feb 27 90 June 9
79
79 *79
200
81
*78 81
78
Do 2d Prof
*78 804 78 78 *75
sJune
9
Oct 6412 Ape
837
54
100
6
Jan
54
3318 3438 3214 3312 33% 344 3434 3512 34
3514 3378 3458 36,300 MaillesoD(H R)& Co__No par 1512 Jan 16 3512 July 12
10 Jan 18 Sept
*45
46
4712 4812 *46
1,200 Manatl Sugar
48
48
4778 474 *46
48 *46
13
Mar
21
Oct
62
894 Feb
100
3
Jan
8014
75
75
*75
80 *76
79
78 *76
78 *76
78 *76
92 Jan 93 Jan
100 7314 Apr 3 80 Mar 21
473s 474 *471 50 *48 50
143
00 Manhattan Elec Supply No par 41 Mar 13 6934 Apr 24
*48 4912 *48 50
*48 50
3512 3512 *3512 37
500
*3512 37 *3512 37
Manhattan Shirt
36
36
357.8 36
- Dec
25 32 Mar 6 4218 Feb 6 Ti" June -184
4212 4312 4212 43
42/
1
4 43
4258 4014 4112 20,300 Marlund 011.
422 4334 41
1214 Aug 8074 Nov
40 XV 22% Jan 6 4638June 19
*16
19
*17
19
200 Marlin-Rockwell
*15
15
18 *15
18
15
18
*15
No par
512Mar 4 2638 Mar 27
5 Olt 194 Jan
2,100 Martin-Parry Corp
322 3212 3114 3114 *3114 3112 3114 3112 304 3112 304 31
No par 204 Jan 4 3614June 3
18 Sept 22 Dee
*4114 42
42
42
4212 43 *4114 44
4212 424 4234 424 1,100 Mathieson Alkali Works_ _50 22 Jan 11 4412June 21
1112 Aug 24 Nov
6634 6734 6634 6678 6634 67
6534 6678 6618 67
6672 667s 3,090 Maxwell Mot Class A
38 June 454 Deo
48 Mar 17 7434May 17
100
2234 2338 . 221 2338 2258 234 2212 2314 2314 234 9,200 Maxwell Mot,class B_.No par 11 Feb 15 2578June 8
2278 23
8 June 15% Dec
*114 116 *114 115 *115 116 *115 116
900 May Department Stores_100 101 Jan 3 12278May 3 054 Jan 114 Dee
11412 11514 115 116
1558 154 152 1558 1534 1531 154 153* 1512 16
1512 16% 6,400 McIntyre Por Mines
2154 Mar 23
10
Jan
4
105
160 16334 16012 164
16112 16334 16212 1662 15413 1632 152 16114 118,203 Mexican Petroleum
100 10634 Jan 10 204121une 26
8458 Aug lift; Jan
Preferred
*92
96
*92
9512 *92
96
*92
9512 *92
96
*92
96
_
100 794 Jan 12 97 June 26
2914 2912 2914 30
2914 2912 2934 293
2912
: 2931 2934 29
Feb 15 3138May 31
15% Jan 28 '13G
4
253
5
Ml
1358 1378 1358 1378 135s 1378 1334 137s 1338 134 134 In
iddil
am e C
Stoltes
per011 Corp
10 July 1613 Nov
10 1154 Jan 11 16 Apr 17
Midvale
2
3
3
5
0
1
,9
21
34 3412 33% 36
0
3512 357s 3514 3578 34
Steel & Ordnance, 50 2613 Jan 6 4514May 17
3514 3338 3478
22 June 8312 Jan
400 Montana Power71
71
6978 694 *7014 71
*7014 7114 7014 7014 *7014 7114
43 Aug 64% Dee
100 83 Jan 4 75 May 15
2214• 23
22
2214 221
/
224 2314 22% 2278 221
4 23
/
4 2214 10,900 Mont Ward &CoilleCorliNo par 12 Feb 11 2434May 22
123s Dec 28 May
Mullins
400
*2514 28 *25
27
Body
28 *26
28
2614 2614 2778 2778 27
par 1912 Jan 7 34 Mar 31
1784 July 2874 Jan
500 National Acme
1778 174 1712 174 18
1812
18% •1814 1812 *18 1812 *18
1014 Dec 80 Jan
No
1038 Jan 9 214 Apr 25
National Biscuit
1471, 14712 148 151
144 146
150 15118 146 148 *145 148
May
1
157
102 Jan 12812 Dee
100 12314 Jan 4
5
400 NaDo Prof
*123 124 *12312 124
124 124 *123 125
12358 12358 *12312 125
100 11312 Jan 4 125 July 7 105 Aug 120 Jan
*42
4312 *42
Cloak & Butt_ _
44
*42
43
*42
43
4234 4234 4218 4234
15 Sept 354 Jan
Jan 17 4412Mar 1
500 Nat Conduit & Cable..No_100 26
212 234
3
*3
314
3
234 278 *234 278 *234 3
13
Apr
44
el Sept
8 Jan
14 Jan 18
Par
52
5434 5212 5312 533s 5312 5378 544 534 54
513e 534 19.500 Nat Enam'et & Stareeeg
5534June 3
26 Aug 65 Feb
11
Jan
100
3
4
80
100 100
97 10134 101% 103
/
4 1001, 12,300 National Lead
99 101
981
1002 103
6734 July 87 Dee
100 85 Jan 12 103 July 11
*111 11112 *111 11112 11112 11214 *111 113
300
Do pref
11214 11214 *111 113
100 108 Jan 10 11314 Feb 23 100 June 108 May
17
8,500 Navada Coneol Copper
174 1614 1612 1618 1638 1612 1634 1614 1658
9 Mar 1553 Dec
3 134 Feb 16 1914June 1
300 New York Air Brake
*76
7812 7658 764 *77 7812 *77
79
76
764 *7
17
1912
6% 7
6
474 Aug 89 Feb
100 58 Jan 8 80 Apr 27
New
100
40
York
40
*36
*37
38
38
*36
Dock
3912 *37
2052 Feb 89 May
39 *37
46 June 9
39
Mar
10
100
28
Do pref
*581, 6212 *58 63
*60 63 *60
*58 63
63
*58 63
45 Jan 5712 May
100 534 Jan 17 6812June
N Y Shipbuilding
*1734 21
*174 21
21
*1734 21
*17
*1734 21
*1714 21
13 Dee 83 Feb
No par 13 Jan 3 25 Feb 28
12,600 North American Co
6412 65
67
64 6412 64
5458 6434 6634 6534 674 66
324 Aug 46 Dec
Mar 31
68
Jan
4
441
s
43
43
Do prof
4434 4,300
4258 424 4258 431
44
/
4 *4212 4314 4312 45
13
317
4 Aug 4112 Nov
July
45
ao 88 Jan 7 1012June 1
00
00 NuRviaghatie steel a cosi_ no
814 814
8% 812
812 812
834 84 2,4
878 9%
4 Dec
4 Dee
34 Jan 13
-30's 163.
31
31
4 *30
*30
*3012 31
31
31
*30
31
204 Nov 39 Ma:
383.1 Apr 12
Feb
1
4
28
20
9
9
8
812 1,430 Nunnally Co. (The)_ --No par
9
*9
91s
812 812
9
812 812
84 Mar 1272 Jan
8 July 14 1234 Mar 30
Ohio
900
814 812
Body
8/
1
4 814 *8
& Blow......No Par
9
.834 834
*8
9
8% 814
714 Nov 1154 Dee
81s July 13 1414 Apr 17
315 338
3
3
3
314
3% 31
27s 31s
24 38 27,000 Oklahoma Prod & Ref()Line 5
4 Jar
134 Mar
438June 2
24 Feb 24
400 Ontario Silver Mining
*7
8
*7
712
7
718 *7
6 May
34 Aug
712 *7
94Mar 25
7'2
7
'
2 71?
412
100
Jan
8
*1814 19
3,800 Orpheum Circuit, Ina
*18
18
1914 18
18% 18
1834 1858 1858 17
AD?
14
Dec
4
2112May
3054
1254
C
Jan
*13018 132 *130% 132 *13018 132
300 Otis Elevator
13038 132 *130 132
131 131
87 Aug 148 MAY
100 116 Jan 4 14334 Mar 30
1238 1212 1234 1234 1234 127s 124 1234 1114 121, 11
1134 2,700 Otis Steel
16 J.8 Nov
No par
934 Jan 7 1612 Apr 11
•Bid and asked prim; no sales on this day.
Less than 100 shares. a Ex-dividend and rights. s Ex-dividend. •• Ex-right.t.
290
New York Stock Record-concluded--Page 4
For sales during the week of stocks usually inactive, see fourth page preceding.
PRIt SHARI!
PER SHARE
Samoa for presto's
Range since Jan. 1 1923
Sales
STOCKS
LIIOLI AND LOW 34L3 PRICOS-PRII SHARE, NOT PER cgmr
tear 1921
On baAts of 100-share lot:
NEW YORK STOCK
for
the
Thursday,
EXCHANGE
Friday.
Zaturday, 1 Monday, I Tuesday. '
Lastest
Highest
13.
Highest
July
14.
July
Week.
12.
July
1
11.
July
July 10.
July S.
Wednesday]_
-------per
share
8
Der
Ogre
$
ver ohm
&
$
Indus.
share
share
per
3
Par
per
share!
$
(Con.)
$
Shares
MIN:mil.
share
per
per
share
Per
$
share
Per
$
S per share
35
2458 Nov 5453 Jan
800 Owens Bottle
25 2178 Jan 27 3878June 5
3512 35121 3434 3134 35
*3512 35
36
33
37
*36
4 Dec 191$ Jan
633July 13 1113 Apr 27
612 612 1,100 Pacific Development
6%
63
634 634
*612 634
634 634 *512
464 Jan 03 Deo
850 Pacific Gas & Electric
70
100 60 Jan 30 74 June 23
- 6934 6934 6953 695870
68% -6153
*68% 70
70
70
8 Aug 1714 Jan
1534 1418 15
700 Pacific Mail SS
5 11 Jan 18 19 Juno 3
1534 1514 1514 1531 1534 *15
1578 *15
*15
2712 Mar 5032 Dec
5514 578 74,300 Pacific Oil
4438 Jan 10 6938May 4
561$ 5778 5518 57
5834 5534 5712 5518 575
57
3818
Aug 7938 Feb
26
8612June
7458
4
11
Jan
73
&
4872
683
Pet
6814
4
Pan-Am
Trans
102,400
7212
50
723
4
723
7012 7238 7013 7138 71
3418 Aug 7134 Jan
6312 67
6314 6612 23,100
50 44 Jan 10 8212June 25
Do Class B
6673 6533 68
6478 6514 6412 6512 65
77
77
Aug 1312 Dec
6
4
77
Jan
Vs
1212
8
27
*712
8
*75
May
&
7
Prod
par
_no
Panhandle
Ref_
1,100
78
8
8
8
8
97s June 1512 Apr
13
*12
13
par 1112 Jan 3 17 Apr 12
100 Parish & Bingham
*12 13No
1214 1214 *12
*1214 13
*1214 13
658 June 17
Jan
838 87 13,100 Penn-Seaboard St'l v t cs No par
638 Feb 27 13331\4ay 24
, 8%
83
834 9
852 913
834 918
878 9ts
335g Jan 8438 Doe
84
86
84
6,700 People's 0 L & C (Chic)_100 5958 Jan 4 88 Apr 26
834 83
838 84
83
84
*83
83
83
2612 Aug 354 Jan
3814 *38
900 Philadelphia Co (Plttsb)__ 50 3112 Jan 4 4012May 23
40
3812 38% 3858 38
3834 3834 384 3814 *38
3712 Apr 1054 Dee
84
*80
*80
84
84
84
No par 83 Jan 28 10518 Jan 3
*80
Phillip-Jones Corp
*80
84
*80
84
*80
16 June 344 Dec
4714 63„500 Phillips Petroleum
4914 50% 4712 5014 451, 4812 45
No par 2814 Jan 11 594June 7
495 5134 494 50
94 Aug 424 May
19
19
1812 1834 1812 19
2,700 Pierce-Arrow M Car_ No par 1318 Jan 5 2458 Apr 25
1913 1918 183 18% 1834 19
363,
Oct 88 Mar
21
Apr 15
49
31312
37
36
8
37
36
Feb
364
pref
37
Do
900
27%
100
37
*3612
37
37
54 Aug 1418 Nov
12
Jan
12
23
Feb
8
8
8
8
77
6,403
7
84
25
Oil
8
Pierce
Corporation
84
838
778 8
8
8
3012 Aug 78 Jan
48
48
484 47
47
100 39 Mar 2 71 Jan 3
Do pref
47
4714 *46
500
47
*4512 4712 *44
52 July, 60 Dee
6414 63
6312 5,000 Pittsburgh Coal of Pa
100 5372 Jan 30 68 June 6
633 6414 6414 6414 6438 6518 64
61
64
8278 Jan 93 Des
97
97
*95
*95
97
*95
100
97
100 901s Feb 3 98 June 10
Do pref
9678 9673 *95
97
*95
1218 Mar 1812 May
22
2434June
2234 2134 2234 2134 2233 214 2214 2018 2112 4,300 Pond Creek Coal
10 144 Feb 2
21
2053 21
78
78
aor 655 Apr 19 86 June 3
*7712 79
No 1p0
1,800 Postum Cereal
7812 7812 7734 78
784 794 7712 78
2
11118June
29
Apr
*107
108
*107
108
10512
108
*107
10712
108
preferred
108
8%
10712
500
*107 108
Jan
- Aug 96
4-8
77
600 Pressed Steel Car
7514 7514 7314 7614 7734 7734 7734 7734 77
100 63 Jan 12 8334 Apr 22
77
77
Jan
83 June 104
*9812 100
99
*98 100
99
*984 100
*9812 100
100
100 91 Feb 16 10073May 9
Do pref
*99 100
4112
Oct 314 Dec
2033
2
June
50
4
413
4113
39
4014 40,000 Producers & Refiners Corp_ 50 244 Jan 10
408 42
4112 4235
4135 4218 39
8412 84
Jan 704 MAY
54
8412 *83
8412 84
86
844 85
8434 85
2,500 Public Service Corp of N J_100 08 Jan 7 91 May 4
*83
8918 Aug 1144 Nov
11978 120
12053 12112 120 121
11812 120
*121 12212 121 121
1,600 Pullman Company
100 10512 Jan 6 12918 Apr 24
2134 Oct 514 Jan
48
48
4812 4818 4834 4838 488 48
48
493
48
48
50 298 July 14 5314June 9
1,600 Punta Alegre Sugar
2112 Aug 401$ Des
29% 3014 2934 304 2953 3033 30
3014 2953 30
2938 30
25 294 Mar 9 3853 Jan 3
21,800 Pure 011 (The)
25
Apr
10234
27
June
*98
99
*98
99
99
*98
99
*98
98
9818 9814 98
100
98
500
8% preferred
67 July 9012 Deo
101 101 *10012 101 12 *1004 102
10019 1004 101 101
300 Railway Steel Spring
100 94 Jan 10 10434May 31
19 AP' 2634 SW
.712 -2:8-3-8 2753 2734 *2678 2814 *2673 29
;2
par 1912 Jan 26 2912June 30
278 2818 273 273
800 Rand Mines Ltd
11 Mar 18 May
1634 1673 1614 1653 1638 1612 1635 1634 164 1653 1612 1653 3,300 Ray Consolidated Copper
13% Feb 11 19 May 31
No
1718 June 3834 Map
3512 36
354 354 353 337
3538 3413 35
3414 35
36
3,300 Remington Typewriter v t 0100 24 Jan 6 42 Mar 14
474 Nov 80 Jan
72
72
*71
72
*72
74
*7213 74
*7212 74
*7212 74
100 55 Jan 12 75 June 6
1st preferred v t o
100
4734 Nov 75 May
*55
62
62
*55
*58
62
62
*55
62
*56
62
*56
100 5012 Feb 23 03 Mar 14
2d preferred
18 June 3912 Jan
3112 32
3214 32
31
3214 32
3212 32
No par 254 Jan 3 3812May 18
3114 4,000 Replogle Steel
3214 31
29
June 734 Jan
414
7812May
25
7012 72
Feb
70
7334 72
464
7012 7112 13,600 Republic Iron & Steel
100
7312 7213 7312 7012 72
754 Oct 904 Mal
91
914 *9012 92
91 12 9112 92
Do prof
924 9314 9212 9234 1,100
100 74 Feb 24 9512June 2
92
5 Dec 244 Jan
*1012 1034 *104 1034 *101.2 1034 1053 1012 10,2 104 1018 1013
412 Mar 2 1438June 2
400 Republic Motor Truck_No par
4612 4653 4611 464 4618 4512 4614 464 464 4614 46
4614 7,800 Reynolds (11, J) Tob Cl B_ _ _25 43 Mar 27 4814 Apr 241
*11334 11414 114 114 *____ 1144 11413 11413 *113 114 *113 114200
100 11118 Apr 11 11418 July 12
7% preferred
1y
..
4 1i
41 .101;-0-ct 19-757
5812 5514 5614 56
4712 Feb 1 6038MaY 3
5631 5634 5734 564 578 5638 5714 38,200 Royal Dutch Co(N Y sharoa)_
104 Aug 1418 Dso
*1434 15
15
15
10 1253 Jan 9 15781Vlay
*1434 15
15
*144 15
200 St Joseph Load
*143 15
15
• 414 412
14 Oct
512 Feb
014 Mar 21
14 Jan 10
4% 4%
4% 5
433 44 *418 412 3,100 San Cecilia Sugar v t o_No par
48 43
872 Oct 231$ Jan
100 1118 Jan 4 2478 Apr 1
13
000 Savage Arms Corp
15
*1334 1534 124 1212 *12
1318 1314 143 143.1 15
Ts Oct
634 Apr
514J00e 2
118 Fob 23
4
4
1,400 Saxon Motor Car Corp_No par
*334 4
334 38 *312 4
*31.2 334
334 334
100 6038 Jan 27 804M4y 29
544 Dec 98% Jan
7612 7712 7612 7612 77
7712 7712 7914 77
8,100 Sears, Roebuck & Co
7814 7612 77
100 91 Jan 5 1064May 23
Preferred
85 Nov 101 Juno
*10314 108
139
10314 10314 10314 1034 .103 109 *103 108 *103 108
No par 1078 Feb 20 2314 Jan 3
1273 1273 13
1314
12% 1314
121$ Mar 2,512 No
13
13
1212 13
1212 1258 3,300 Seneca Copper
738 Feb 28 12 June 2
478 Jan
12
938 Deo
*10
*1014 1012 *10
200 Shattuck Arizona Copper___10
104 *1014 104 1014 1035 *1014 1012
3078 Oct 49 Ma,
*4014 41
*4014 4114 *4014 41% *4138 4158 4118 41% *4138 4112
200 Shell Tran3P & Trading,., £2 3558 Jan 30 4812May 3
164 Aug 2838 Mal
33% 3253 3335 3153 327 z3113 3178 111,900 Sinclair Cons 011 Corp_No par 1834 Jan 10 3834June 9
3213 3312 3134 3234 32
Jan
3218 June 50
46
47
477
45
*44
45
45
48
1,300 Sloss-Sheffield Steel & Iron 100 3412 Mar 7 54127.Iay 13
4573 4434 45% 46
100 66 Mar 21 7712May 24
684 June 75 Nov
Do prof
76% 7634 •73
76
76
*72
75
75
77
*72
*75
76300
100 43 Jan 9 574 Mar 3
Jan
Oct 103
26
*49
53
*50
*50
51
53
51
51
53
51
*50
200 So Porto Rico Sugar
5212
No par 17 Apr 27 21 Juno 5
194 194 2018 *1119
*1934 2012 1934 1934 191 1 1914 19
934 1,900 Spicer Mfg Co
512 1117
100 84 Apr 28 924June 10
Preferred
*8814 91
91
*88
*8814 91
*8814 8934 8934 91
200
*8814 91
100 11012 Jan 26 12534 Apr 27 88 - -Aug fill - -Dec
116 116 *114 118 *115 118 *115 118 *115 117
100 Standard Milling
6734 June 984 Dec
25 915 Jan 10 121 May 3
103 10634 103 10514 56,500 Standard 011 of Cal
10414 10814 105 10673 105 10778 10618 109
25 1694 Jan 5 19,334June 6 1244 Juno 1924 Des
182 181
184 18412 18334 185
1834 185
18014 18212 180 18014 3,800 Standard 011 of N J
11613 11614 11613 11613 1164 11634 11612 1167s 116 11612 *
Do pref non voting-100 1131$ Jan 7 11714 JulY 14 10518 Jan 11412 Dee
04 18
16
18
714 3,400
12
66 Sept 851a Des
81
*80
82
81
.80
*80
81
82
*80
81
100 Steel & Tube of Am pref. 100 68 Mar 10 90 May 25
No par 45131\1ay 4 5512July 7 ---- - - -- -- -- -- -5412 53% 5414 .5334 54
54
5314 54
533 5334 5312 5312 4,000 Sterling Products
Oct 110 Au2
81
100 81 Jan 3 106 May 4
*97 102
*____ 100
*97 102
*97 102
*97 102
Stern Bros pref (8%)
*97 102.
21 June 37
Jan
44
4373 44
4412 4412 4312 44
444 438 4434 *4
31! 4
40
3,100 Stewart-Warn SD Corp-No par 244 Jan 5 4534May 31
8
44
254 Aug 46 Apr
*4812 49
4912 477 477g 4612 4718
48
49
*47
800 Stromberg Carburetor_No par 3514 Jan 5 59% Apr 12
3218 Jan 934 Apr
13012 133% 13314 13534 13514 13714 13434 13778 *13434 13
18
834 26,100 Studebaker Corp (The)_100 794 Jan 5 138jJuly 14
1314 134
83 Jan 10314 Dec
100 100 Feb 17 118 June 21
116 116 *116 118 *117 118
*116 1174 116 116
300 Do pref
3 Oct 1033 Jan
834June 30
No par
312 Jan 31
773 778
734 778
758
778 8
73F
814
8
78 719 4,100 Submarine Boat
3% Aug 134 Jan
5 Feb 20 1014June 7
vr:tr
No Ioo
6% 7
718
634 7
7
634 7
634 67g
634 7
5,200 Superior 011
2_ Jun
6
_2_
7
48
Apr
3912
3
Jan
Jan
26
*3212 34
*3234 3434 33
*3234 35
Steel
33
*3234 3112 *32
Superior
35
100
5 Mar 14
313June 29
3
3
10
3
3
312 *3
3
312
312 312 *34 312 1,600 Sweets Co of America
134 Feb 11
2558 Jan
54 Feb 1
2
218 *2
*2
218 *2
2
24
2
2
2
400 Temtor C & F P. el A__No par
2
658 Aug 11 Dee
934 Jan 13 1234May 19
1013 10% 1012 104 1012 1012 *10
*1033 11
11
1012 1053 1,300 Tenn Copp & C Or ctts_No -par
29 June 48 Dec
455 463 50,900 Texas Company (The)__ 25 424 Jan 10 5012May 4
46% 4714 46% 474 46% 4618 4612 4718 457 467
10 384 Jan 4 52 June 5 x3258 Dec 4218 Dec
467s 47
4614 4634 4512 4512 4613 46% 4678 47
4638 4714 3,400 Texas Gulf Sulphur
1558 Aug 307s Jan
2612 2712
2714 2814 2712 284 2753 2818 2735 28
19,200 Texas Pacific Coal & 011_ 10 23 Jan 9 3234June 3
126 126 *123 129 *12
100 1093a Mar 17 13714May 4 119 Sept 175 May
*120 130 *120 128 *124 126
3 12297'8
2614
100 Tidewater 011
4June
84
26
2
45
Mar
Mar 72 Sept
5714
78% 7914 7935 8073 79
Products
Corp
7812 79
Tobacco
8014
7834 79
812 9,300
00
18
7012 June 91
Jan
105 105 *105 105
88 Mar 2 10912June 9
10'5
100
7 )12
Do pref
106 10619 106 106 *104 106
500
6 Aug 13 AF:
74 Mar 3 2018May 22
1512 1513 1614 1534 1718 1534 1734 92,700 Transcontinental 011___No par
1434 1512 15
1513 13
28 June 4412 Apr
*3812 3934 3814 3812
*3834 40
38% 38% *3834 40
39
39
400 Transue & Williams St_No par 33 Jan 10 454 Apr 4
6213 6218 *62
64
*61
62
54
6111 62
61
700 Union Bag & Paper Corp 100 55 Mar 25 711$ Jan 5 57 Sept 75 Jan
1518 Aug 254 May
No par 174 Mar 4 25 June 3
217
21
2213 2273 2112 2218 2173 2234 2134 2212 21
2138 15,500 Unlon 011
99
99
8712 Sept 107 Mar
99
100 96 Jan 13 103 Apr 24
*9712 99
99 46
96
0
9
2'4 16
*9712 100
400 Unlon Tank Car
0
*9712 99
0
10
231
92
107 107
100 102 Feb 9 1073811ay 2
Oct 104 Nov
107 107 *106 107
Preferred
107 107
*10612 107
400
19 June 34
3814 38
4712
Jan
900 United Alloy Steel____No par 25 Jan 11 4114May 13
37
37
3712 374 3712 3712 384 3812 3812 3812 *40
3
814May
Mar
18
46
3
607
78
*754
red
75
*75
100
Sept
Jan
78
rg
108
u
e
r
74
ef
pr
7312
edD
7212
74
74
00 Uniistt
10
3
3658 July 47 Feb
50 414 Feb 18 4718Juno 9
*4612 4712 *4612 4714
*4612 47
*4612 47
47
47
4
148
Jan
Apr
4
101)
Fruit
Juno
4
1
z95
Jan
4
1193
207
14
5 14
72
United
76
14114 14134 141 142 *14112 142 *141 112 *142 142
2
500
2'
United Paperboard Co_ _ _ _100 1433 Apr 21 1958:\fay 3
Feb 28 71.11May 29 4.6-71-1 Aug 62's May
-ail 6712 66 1734 6712 68'4 -6-71-4 -611-4 -671.8 88
,(56 United Retail Stores_- No par 434
6i
114 Jan 19 May
314 3112 3278 3238 3314 3214 3212 3214 3212 4,200 U S Cast Iron Pipe & Fdy_100 164 Jan 13 3834 Mar 15
3112 322 31
88 Aug 574 Nov
100 50 Jan 11 72 Apr 15
67
861i
-' 7' -F -6.66
Do pref
*67 6812 *66
684 • 6614 6614 *3712 5814 67
200
5 Feb 1
7 July 6
Jan
7
100
*678 7
532 June
*673 7
7
7
7
7
678 7
800 U S Express
678 67
2% Feb 8 1018 Jan 3
84 Sept 274 Jan
713 733
74 714
6% 7
813
8
613 8
713 718 5,500 U S Food Products Corp100
3514 Nov 7412 May
100 37 Jan 6 5953May 27
553 5813 12,300 U S Industrial Alcohol
5612 .5612 5534 5612 5(312 54112 568 5835 5578 573
84 July 102 Mu
100 90 Jan 9 97 May 27
9214 9312 9334 9335 *93
92
*91
96
91
93
92
91
Do Prof
500
4118 Mar 8312 Dee
6812 6878 677 6773 *6712 6812
674 674 6713 68
5.200 U S Realty & Improvement100 58 Jan 3 7212May 26
4012 Aug 795 Apr
100 515 Jan 9 6712 Apr 17
61% 62
62
61
61% 62% 617 63
6112 6
4
614 63
42
1 38 13,800 UnIted States Rubber
Aug 1037s Jan
7
74
Feb
11
July
100
107
99
pref
1st
1671 109
Do
*10612 106% 10678 10673 105% 107 *107 109 *107 109 '107
10
697'1
26 Apr 3818 Dec
50 33 Feb 27 4534May 29
42
41
*40% 41 12 *40 58 4112 *40
*4058 4212 41
200 US Smelting, Ref & M
37 Aug 444 Jan
50 4214 Feb 9 4712June 23
4712 *45
*45
47
47
*4613 48
*4638 47
Do pref
*4613 49
46
200
704 June 8612 May
9834 99% 98% 99% 9914 10013 10018 1004 9912 1005$ 9935 10014 55,100 United States Steel Corp 100 82 Jan 8 10314June 5
100 1144 Jan 3 122 July 8 105 June 115 Dee
12112 1214 12034 12112 12034 12034 2,200
121% 122
1204 121
Do pref
122 122
414 Aug 0638 Des
10 6058 Jan 5 69141157 29
647
64
65
15
*6114
6412 6313 63% 6318 6312 64
64
17
614
6,000 Utah Copper
7 Aug 1238 Mu
972 Jan 18 197galay 4
167 1678
17
*15
17
17
*15
17
1634 17
400 Utah Securities v t c____._100
2518 June 41
Jan
No par 304 Jan 10 53 May 18
46
4714 443. 4634 4514 4,512 10,900 Vanadium Corp
454 444 4612 4612 47
4.5
72 Mar 8815 Deo
100 92 Jan 17 9612June 7
*94
*94
97
97
*94
97
97
97
*94
97
*94
*94
Van Raa:te 1st prof
2058 July 424 Jan
3014 3038 3038 308
5014 2,300 Virginia-Carolina Chem_100 2712 Jan 16 3672 Mar 13
8 3
40
:
*3112 3173 3014 3112 3012 31
5758 July 102% Jan
100 6512June 21 82 Apr 10
6512 6614 6512 6558 *65
67
65% 66
*67 6812 *66
Do pref
70
1,680
59 Aug 95 Jan
100 43 Mar 27 944 Jan 18
*48
50
48
48
*48
50
*48
50
*4812 50
Viirginia Iron, C & C
v
6
7212May
13
',Mar
66
100
*72
74
*72
74
74
75
74
*72
*72
Preferred
75
*72
*72
64 Jan 8 14 May 8 --5-4
1134 12
No par
4 May
12
1
13
--2
1112 1134 1158 1158 1,9
12
1214 *12
12
200
84 Jan 1312 Oct
No par 104 Jan 10 17 Apr 24
1214 124 *1234 1373 1234 13% 1234 1234 *1214 1314 1212 1234
700 Weber & Heilbroner
494 Jan 72
684 Jan 4 8578 Feb 15
*75
78
Jan
7734
*75
*7.5
77
78
*75
78
*75 78100
Wells Fargo Express
*75
78 Aug 94 Apr
98 10012 100 10312 102
99
*97
98
Union Telegraph_100 89 Feb 8 10313 July 13
98
02 102
es
0314 4,800 Western
814 Sept 9672 Jan
92
*9034 9212 *92
92
92
9212
92 Wil-2 92
300 Westinghouse Air Brake._ _ 50 80 Mar 16 100 Feb 21
10
Apr
64
Aug
3872
5212 Dee
6058 5953 6035 5912 6078 9,900 Westinghouse Elec & Mfg_ 50 4918 Jan 4
5914 5912 5853 594 581, 58% 59
No par 2514May 4 2912June 7
2714 2714 2714 2714 2735 27
2718 *27
2714 *27
1,500 White Eagle Oil
30
*27
5 Ira
e 2
ny
12 4Jua
148 513
30
.
49
ja
58 May
4912 4814 4814 48
2 I:
49
50 7n
3514
481 1 49
48
48
49
*48
1,300 White Motor
mJuly
853 914
8% 834
838 83
814 8%
918 935 6,200 White 011 Corporation_No par
*814 858
12
8May
217
Nov
812
22
Mar
16
183
16
8
163
4
4
153
7
5
16
Steel
Dec
16
16
1335
Spencer
4
153
1512
Wickwire
15
5,300
1512 15%
818
412 Feb 17 10 May 29
41$ Nov 104 May
25
812 834
838 98
813 838
23.100 Willys-Overland (The)
84 81:
433 443
23 Aug 42 May
44
4434 451, 453 4730 5,200
4312 44
Do Preferred (new)_ _100 24 Feb 17 485811lay 31
4312 4312 43
1
9
7
4
8
5
16
2
r
py
a
1%
8
2
3
74 N
5
2
0
par
crt 8
43
Jan
*42
*42
c_No
43
49773 F
43
t
v
Inc,
424
42
"
b
42
en
la
Co,
42
42
918
500 Wilson &
*4112 43
84
4
67654 Jan 10
80
100 2
*8712 90
8112 *87
*79
Preferred
85
84
90
401)
84
*79
1673
105
27
Mar
Aug
16414
6
Jan
164
137
*162
166
100
5
135
16312
:
1
3
9
y
a
M
161
162
W)
Dee
(F
Co
Woolworth
163
162
600
*160
161
*160
3012 Aug
5018 5018 ,
,7 ,
5
4
50
4812 484 4812 5012 .51
2,400 Worthington P & M v t o 100 4372 Jan 4 5578June 2
484 48% 48
94
7012 Aug 85 D30
*88
9312 9312
100 83 Mar 31 94 May 4
94
*88
94
Do prof A
200
*88
94
*88
9
May
79
54
75
*73
7412
9
744
76
Jan
644
100
Aug 70 Nov
B
*73
prof
7318
73
75
400
Do
*7334
*73% 75
912 Mar 17
8 Jan 27
64 June
812 812
812 812
008 Nay
812 812
812 812 1,300 Wright Aeronautical__ _No par
812 812
*812 853
Less than 100 shares. t Ex-rii,hts. a Ex-dividend and rights. z Ex-dividend. e Reduced to ix\ifs of 525 par.
• Bid soil Babied wiew; no twos on this day.
New York Stock Exchange-Bond Record, Friday, Weekly and Yearly
291
Jan. 1 1909 the Erchatioe method of quoting bonds was
chanced and prices are now--"and tnierext"-eicept
for income and defaulted bonds.
BONDS
N. Y. STOCK EXCHANGE
Week ending July 14
Price
Friday
July 14
Week's
Range or
Last Sale
1.
11
,
I
Range
Since
Jan. 1
,
High: No. iLow High
1
!
100.94 2386 94.84 100.94
100.70
7 ;95.70 100.70
100.96 962 98.04 100 96
102.03 28 96.82 102.00
BONDS
N. Y. STOCK EXCHANGE
Week ending July 14
.1 Y.
Price
Eriday
July 14
Week's
Range or
Last Bale
" I
11'
Range
Since
Jas. 1
U. S. Government.
492I
Bid
Ask Low
First Liberty LoanBid
Ask Low
High N0.1 Low Hipk•
Hoch & Pitts Con let g 68_1922 J O 100% 3)% of 1932-1947
10014 July'22 ____ 1 9978 10012
3D 100.76 Sale 100.24
Canada Sou cons gu A 6s____1962 A0 9834 10()
Cony 4% of 1932-1947
J D 100.70 Sale 100 00
9834
99
11 93
99
Canadlan North deb s f 7s___1940 J D 112% 113 11212
Cony 4(% of 1932-1947
J D 100.80 dale 100 22
113
43 10812 115
25
-years f deb 634s
2d cony 44% of 1932-1947_... J D 102.00 Sale 100.83
1946 ▪ J 11114 Sale 11012 112
84 10712 114
Canadian Pac Ry deb 4s stock__ _ J J
Second Liberty Loan7912 Sale 78
7934 450 77
81
Car Clinch & Ohio let 313-Yr
4% of 1927-1942
MN
9112 131 1 83
99.96 100.181 17 95.76 100.18
591938 J D 9012 Sale 891s
94
Central of Ga let gold 58___p1945 FA 100 - - 10113 June'22
Cony 4 yi% of 1927-1942
MN 76765 EhTe" 100.06 100.60 5064 95.32 100.60
9512 10212
Thu.5 Liberty LoanConsol gold 5s
1945• N
9612 9814 9638 Jula'22 ___ 8958 9912
10-year temp secur 6s_June 1929
431% 01 1928
M S 100.46 Sale 100.06 100.50 4875 96.74 100.50
10034 so .94 10034
10034 Sale 9938
Chatt Div pur money g 4e_1951 115 7814
Fourth Liberty Loan_ -- 7814 June'22 ____ 7413 815s
Mac
&
4%% of 1933-1938
Nor
Div
let g 5s
101.00 Sale 100.22 101.00 9889 95 86 101.00
A
1948 J J 95% ---- 9612 Mar'22 ____ 93
9612
Mid Ga & Atl Div 58
Victory Liberty Loan9512 June'22 ____ 05
1947 22 951, _ _
95,2
Cent RR & B of Ga coil g 58_1937 51 N 92%
431% Notes of 1922-1923
J D 100.52 Sale 100.50 100.54 2074 100.02 101.00
93
_ 93
10 8812 9412
Central
of N J gen gold 58_5
331% Notes of 1922-1923
J D
1987
987 .1 2 109 Sale 10878
99.93 June'22
109
3 10378 11013
99.96 100.30
2s consol registered
Registered
Q J *10634
41030 Q 1
---- 10212 Apr'22,---- 10214 1033.1
.June'22 ____ 105 107
1051
35 consol coupon
Am Dock & Irript gu 5s____1921 J J
10314 Mar'22____ 10314 10314
41930 Q J --__ Mar'22
107
_ 107 107
45 registered
N Y & Long Br tent 4e___1941 M S 91
1925
10518 Mar'221...-- 105 105
93
91
91
91
-2 91
4s coupon
Ches & Ohio fund & impt 58__1929• J
9512 90
1925 Q F *--- - 105 10318 Feb'22;..
104 10512
95
96
111 9012 98
Panama Canal 10-30-yr 25._/1936
1st
consol
gold 58
1939 M N 10134 102 10112
100 July'21I____
102
1013
9412
4
2
Panama Canal 38 g1981 Q NI ---Registered
1939 MN
83
Dec'211---100 May'22
95
__1100 100
General gold 4s
Registered
8712 Sale 871s
51
79
1961 Q rvi
Feb'221
89
67 8238 89
Foreign Government.
Registered
1992
3 MS
86%
Nov'21
Argentine (Govt) 7s
20-year convertible 4 Ae
s Sale 88
100121 336, 99 10214
1930 F A 88,
1927 F A 100 Sale 997
89
130 8213 91
Argentine Internal 5s of 1909_ __ _ 5; s 84 Sale 84
30-year cony secured 58
13 77 8714
85
1946 A0 9434 Sale 93
95
243 8414 95
Belgium 25-yr ext e f 738 g 1945 ▪ D 10558 Sale 104
Big Sandy 1st 48
240 103% 10912
107
1944 J D 83 Sale 8234
83
11 7612 83
5-year 6% notes
Coal River Ry 1st gu 4s
34 9412 10438
101
Jan 1925 J j$100 Sale 100
1945 J D 8134 88
8112 June'22 ____ 78
82
20-year 6 f Ss
Craig Valley 1st g 5s
903
248 10412 10838
1940
1941 F A l05'5 Sale 10312 106
88% June'22
8878 8878
Bergen (Norway) 8 1 88
Potts Creek Branch 1st 48_1946 J J
10834 44 105 112
1945 M N *10838 109 10834
79 June'22 ____ 71
79
Berne (City of)e' 8s
11& A Div Ist con g 48
J
J
78'2.__
1945 MN 110 111 10912 11034 61 106 114
1989
8358 June'22 ____ 8214 8338
Bellyia Republic of) Se
2d consol gold 48
248 10034 10112
101
N 10034 Sale 10058
1947
19S9 JJ 78
8012 May'22
7538 8012
Bordeaux (City of) 15-yr 68 1934 MN 8218 Sale 81
42 8012 90
Greenbrier Ry 1st gu g 4s 1940 MN
84
815s ---_ 69
Apr'21
Brazil, 13 S external 83
•
Warm
D
426
102
10214
Springs
10312
90%
MS
1st
V
g 5s_1941
Sale
103 108
1941
8034 Dec'21
Canada Moulin/on of) g 58_1926• o 9911
Chic & Alton RR ref g 3s
9912 155 96 101
19
95
40
9 A0 5914 5978 59
Sale 99
60
14 521g 61's
do
Raf/way 1st lien 3 As
do
9834 184 9434 1001s
do 5s 1931 A 0 9834 Sale 9814
J J 4812 Sale 48
48
49 3712 5078
10-year 55-58
Chic Burl & Q-Ill Div 3As_1949 J J 8334 83
186 0582 10134
101
1929 F A 10078 sale 1001s
8412
8412
1 7714 85
Chile (Republic) oat a f 8s
Illinois Division 48
9214 9234 905
J
10334 93 10018 106
1941 F A 19:3 Sale 10212
93 I 18 8712 93
External 5-year 8 f 8s
Nebraska Extension 48
1926 A 0 10214 Sale 10112 10214 174 9812 10378
19
92
49
.1
7 MN 9618 9078 96 June'22 ____1 93
9612
25-year 5 f 88
Sale
1017
103
8
Registered
10358 130 100 10612
1948 m N
7 MN
195
28
9078 Oct'19
Chinese (Hukuang Ry) 55 of 1911 J D 0 5412
General 4s
31 44
55
MS 91 Sale 91
57
54% 5434
9234 19 861 93
Christiania (City) s f Se
10912 109
Temporary 5s
10034
FA
10912 10 106 11212
Sale
1945 AG
1971
10018
101
174 9638 1017s
Copenhagen 25-year 8 f 5%8_1944 J J 91 Sale 9034
Chic & E Ill ref & imp 4s g__ _1955 J J
192 8512 9312
92
3414 Dec'21
Cuba-External debt 55 of 1904_ _ M S 9614 97
9614
U S Mtge & Tr Co ars of dep_ _
2 8412 9612
9614
3318 Jan'22
-H1-2
Exter debt of 5s 1914 ser A _ 1949 F A
8938 June'22
let
consol gold 65
1048 77
90%
10612 June'22 ____ 102 106 12
1934
External loan 4 As
_
General consol 1st 5s
1949 F A -giis 8234 81
8138
17 76 82
1937 MN
9612 June'22
9612 9612
Czechoslovak (Rep of) Ss_
1951 A 0 9514 Sale 9412
9534 303 o352 10034
S Mtge & Tr Co ctfa of Sep
10334 Jan'22
103 10334
Danish Con Municipa 18s "A"1946 F A
_
- 108
Stamped
110
84
Jan'22.,.,__ 1 81
19 10512 114
8434
Series B
8 Sale 109
1946 F A 1581Guar Tr Co ctfs of deposit ___
10912
105
Feb'22
5 105 113
10434 105
Denmark external a 188
11013 131 10712 11212
1945 A 0 109 Sale 109
& E Ill RR (nets co) gen 68_1951 MN -giis 3
L
4
8012
8134 269 68
84
20-year 88
9812
Sale
98
9872 218 9014 9978
1942 J .1
Chicago Great West let 4s___1959 MS
6014
61
38 59
6413
Dominican Rep Cons Adm a!5s'58 F A
9434 Sale 9418
95
Chic Ind &
36 8512 95
6r S-a-l-e- 106
8s_ _1947 J J 10
19
06
7,2
2
9 10
,
07
712
87
1,2 1
Dutch East Indies ext 6s
1947 J .1 9514 dale 9478
96
Refunding gold 58
550 94 97
9312 9712 97
1947 J
40-year 6s _
1962 M S 95 Sale 9414
Refunding 4s Series C
9512 786 9314 97
7512 Jan'22 ____ 75
1946 22 821s
8112
French Republic 25-yr ext 88_1945 M
10218 dale 100
8112
Ind
&
Loutsv
5
9914
713
4
10214
J
1st
J
-gu
4s
108%
Jan'22.,.,_ 75
75
1168
1956
76
20-year external loan 7 As_1941 .1
Chic Ind & Sou 50-year 4.8...._1956 a a 83%
100 .2160 94 106
D 9938 Sale 97
8314 June'22 ____ 8612 85
Great Brit & Ireland (17 K of)9114 89 June'22
Chic L S & East 1st 4 As
1989 J D 90
88
90
20-year gold bond 534s
105141 2631 96 10514
Ch
1937 F A 10334 Sale 103
& St P gen g 48 Ser A..91989 J J
70 Sale 7512
76 1 11 7112 7814
10-year cony 5Ari
1929 F A 10914 Sale 10814
General gold 39.(s Ser Be1989 J J 6712 69% 68
10978 315, 9834 110
68781 24 64
6934
8-year cony 55s
General 4 As Series C____81989
91922 F A 10914 Sale 10814
10938 354, 100 110
8512 Sale 85
8513'
7, 79
88
Italy (Kingdom of) Ser A 8301925
9012
Sale
Gen & ref Series A 4 As___a2014 A 0 6314
96%
F A
9634 351 9212 96%
le 6312
84
1
94
68
5412
Japanese Govt-£ loan 430_1925 F
9224 dale 92
Gen ref cony Ser B 5s____a2014 F A
A
74 Sale 74
9234 140i 8658 9234
745a 53 62
76
Second series 43s
9212 Sale 9134
Convertible
1925 .1 J
863
8
4
687
923
Sale
9234
8
As
4 611
684
1932
69% 106 60
73
Sterling loan 48
77 Sale 77
Permanent 4s
7712 109: 72% :
1931 2 J
68203184 Sale SO
1925
81 ' 122 6918 81
81
'
2;
Lyons (City of) 15-year 6o
8212 Sale 81
25-year debenture 4s
1934 M N
8358' 1061 8012 90
Sale 62
1934 J.
67
63
27 54
Marseilles (City of) 15-yr 68_1934 M N
8214 Sale 81
83
841 8012 90
Chic & Mo Riv Div 55
95
9438 June'22,____ 89
1926
97
Mexico-Eater loan .£ 58 01 1899
C 101 dr Puget Sd 1st gu 4s..1949
61 1 118; 54
7012
Q .1 5912 Sale 58
73% 71
74
74141 14 6312 77
Gold debt 4s of 1904
Mllw & Nor let ext 4%s_1934
1954 J 0 4612 4712 45
4712 239, 3934 62
8838 ---- 84,2 Mar'22
8412
_
8412
Netherlands s f (Ss
96%
2656,
Sale
9618
19721111 S
98
Cons extended 4.%s
94
89 9814
88%
1934
8878,
8878
7 85
Norway external I f 8s
Chic & N'west Ext 48 __1888-1926
1940A 0 11034 Sala 110
110341 071 10734 115
96
A
96 July'22' __'__ 9214 96
Porto Alegre (City of) 88._ _19611J
10012 25! 10012 105
Registered
D 10012 Sale 10014
9314 Apr'22'__
_
1885-1926 F A
Queensland (State) ext a 1 is_19411A 0 10914 Sale 10812 10912 261
9314 9314
General gold 33.4s
10578 11138
7612 July'22 ____ 72
1987 101
81
25-year Cs
Registered
19471F A 10158 Sale 101
10134 86
F _
.1 99 103
70
Dee'21
Rio Grande Do Sul 813
100
101
10012
99
Ge
e0
al
s
n
tearru„
4s 42
1948 IA 0
10034
10514
85
July'22 ____ -E14
9
953
4
1
19
863
9
8
8
7
M
N
Rio de Janeiro 25
-years f 88_ _1946 A 0 100 Sale 9912 10034 148, 9912 10512
1987 M N
8614 July'22
8112 8614
88
General 5s stamped
1947A 0 10034 Sale 9934
10012 1211,102 1048
1987
N
105
105
San Paulo (City) a f 8s
998
2
1
0
5
1013
Sale
8
101
Sinking fund 8s
1952 M S
10158 1
8 1003
00,42 10
065
68
0
S7
90
1556
0,
11 5
7
1879-1929 A 0 -119
a3
1i8
48, 0
7i
:
61 ell: 103 May'22 ____ 102 103
San Paulo (State) ext s I 84_1936
Registered
10112,
.1 J 101 Sale 101
1879-1929 A 0
10178 Apr'22 ____ 101 100
Seine (France) ext is
17s
91
328' 9014 98
Sinking fund 5s
1942 J J s 9012 Sale 8912
1879-1929 A 0 9914
9;8
8
95
95
918
8
2 9612
Sweden 20-year Hs
1021*
Sale 10134
124'
103
1939 J D
Registered
*9618 09
73
612
97
4 10
171 6
9518 951s
1879-1929
A
0
Swiss Confeder'n 213-yr s f 88_1940 J
11834 Sale 11814
119
131 1 1212 128
0:2
Sinking fund deb 5s
J
9
1933 M N
100
Tokyo City 5s loan 01 1912
100
2 6 100,4
.
M S 70% Sale 701
Registered
9812 9812
9812 May'22
1933 51 N
Uruguay Republic ext 85____1946 F A 104 Sale 103
10-year secured 7s g
10
74
112 371 0212 10 s
1930 • D 10-63-4 Sale 106
gurich (City of) s f 13s
11
07
0,4
3
8 105 109
1945 A 0 11012 Sale 11012 11134
-year secured 6 As g
15
1113
4
1,106
106 11034
11034 110,4
1936 MS
(These are prices on the basis of $5 to E)
Des Plaines Val let gu 45e 1947 MS
_ 101,2 1,
19
2
ct.:2
State and City Securities.
0
i,o
Frem Elk & Mo V let 68_1933 A0 10
- 107%
98
N Y City-4%s Corp stock .1960
1%
4 110
l05 1O7
41 98 10312
IN S 10012 10134 10078
10078
Man GB&NW lst 3As1941 J J
70
77%
Mar'21
43is Corporate stock
10212
10314
103
10 9712 10334
1964 M S
10314
Mlle; & S List gu 3 As___ _1941 J ) 777s
43,ia Corporate stock
6018 Aug'21
10212-- 103
1966
27
A
0
10312
11111w
99
1033
L
4
&
West
imp g 53_1929 FA
100
454s Corporate stock
0912 June'22
1.-9-6.1;
-68-5210712 10814 10714 May'22
1971
Ashland Div 1st g (Ss__ _1925 MS 19
10358 10834
412s Corporate stock_July 1967
00
95
78 __-- 99 Mar'21
1-1 10738 107% 10534 June'22 --. 10312 10712
Mich Div 1st gold 8e_
454 Corporate stock
kill;
1924 J J 10112 ---- 10114
1965 J D 10738 107% 10738
1078
Mil
Spar
103
&
10712
N
1
W 1st gu 4s 1947•S 8812
4128 Corporate stock
! 8514 90
- 8834 July'22
1963 M S 10738 107% 10012 June'22
St L Peo & N W lst gu 681948
103 10712
5/
95
4% Corporate stock
103
101
J
103
J
---993
4
9938 100
9934, 10 9312 9934
1959 M N
Chic R I & P-Raliway gen 48.1988 • J
4137 Corporate stock
8214
84
84
37 79
9912 July'22 -- 9334 9912
1958 M N 9938 100
Registered
81% Apr'22
° Corporate stock
4%
8214
78
1988 .1 J
1957 PA N 9938 100
9912
9912
Refunding gold as
5 9312 9912
4% Corporate stock reg_1956 M N 99
803
4
8214
AO
1934
208 7512 84
99% 95,4 Feb'22 -- 94
96
R I Ark & Louis 1st 41.4e..1934 MS 8
New 4125
9,
,
:
0
5
4
134
z
3s
9
89
88_82
134 2
8:
a_:
,
1
11-,e5 8118
13
8 9
70
614 9
89
258
1957 M N ____ 10714 10612 July'22 -- 10312 10734
Burl C R & Nor let 5s
9878
412% Corporate ritock1957 al N
1934 AO
107 10658
107381
2 10314 10712
CRIF&NW
97,
4
____
lstgu5s
A0
Feb'19
1921
34% Corporate 8tock_1954 ed N
891-2 - - 90
90
1
847
9012
8
Chic
Okla
&
9314
Gulf cons 59_ _1952 MN
9314 June'22
fir Y filtatz-48
89
1981 51 S
90 Dee'201 - Keok & Dee Moines 1st 58_1923 AG 9012
90
Canal Improvement 481961 J J
91
90
91
2 72
102 June'22 -- 102 102
St Paul & K C Sh List 4 As1941 FA
81
8238 817s
Highway Improv't 4 As
82
2
1963 M S
76
---- 10912 Apr'22 -- 10913 110
85
Chic
St
P
M & 0 cons 038
_109 10712
Highway Improv't 44a.._ _1965 M S ---5 10412 10712
• D ;
055
0
99
10712
1
1930
10412 Apr'22
10413 10412
Cons 5s reduced to 3As
922 8
87
94
734 A p
9012
Railroad.
,
r'4
2,
2
4
19313 JD
Debenture 5s
Ann Arbor 1st g 48
6814 6912 69,2
1930 MS
k1995 Q J
15 9114 961s
2 6814 80
70
North Wisconsin 1st 6s
itch Top & Ei Fe--Gen g 4s__1995 A 0 94 Sale 9314
J
19
15
8
1,4
1%;:
.._5
1
8
6
1930
469
9518
85
951s
Superior Short L 1st
Registered
88 June'22 -- 8714 8814
g. e1930 MS
1995 A 0
Chic T
& So East 1st 5s
54 -1W1-2
Adjustment gold 48
8334 -- 8312
80
k1995 Nov
1960 J O
80
8414
9 7712 8434
Chia & West Ind gen g 6s___e1932
Stamped
833
7314
4
84
2 May'22 - _1 103 10412
8314
QM 105 ---- 104
Nov
k1995
50 7812 84
84
Consol
50
-year
12
48
;0
Cony gold 48
1 76
'
1952 J J 75 Sale 73
1955 J D 84 Sale 8112
14 78 84
84
15
-year
f 7 As
Cony 48 issue 01 1910
100 10112 10014
2 8 102'o
10:3
84 :
S
:1'4
10214 17 9978 10278
1935 MS 10
972
3 9114 10178
10114
Cin
& D 2d gold 41-0
East Okla Div 1st g 4s
87 May'22
85 8912
928
9 /V1
1937 J J
H 9414 9434 9414 July'22 -- 9114 9414
2 P
196
C
Find
&
Ft
W
Rocky Mtn Div let 48
gu 48 g_1923• N
88 Mar'17
85
1965 J 2 83
8234
8234
85
2 78
Day & Mich let cons
Trans-Con Short L 1st 48_1958 J J
9
88
5 Sale
89l 9158
8618 8612 8412 June'22
95
7934 887s
Cleve Cin Ch & St L gen4As_1931 J J
Cal-Arts 1st & ref 44a"A" 1982 MI S 9234 93
81
82
48_ _1993 J O
93
36
14 8618 93
93
2(1-year
deb 4 As
All Coast Line 1st gold 4v. t1952 M S 9114 9214 9114
89%
90
89
1931
7956
11 85
.1
J
6
5
93
0:
114 1100058
20 8
93
:
9983
178
General 58 Series 13
10-year secured 78
1930 M N 10134 10714 107
100
71 ee12 99,4 July'22
81e
1993 J
s
S
8
9212 8
25 10412 103
0
800
980
108
Ref
&
trupt6s
General unified 440
Series A._ _ _1929
1
1964 J D 8712 88
8712
3 8312 8834
8712
82
Cairo
Div 1st gold 4s
Ala Mid let guar gold 5s_ _1928 M N
8638
997 _ _ -- 100 May'22
8638
1939 J J
2 7934 87
9834 11,0
Chi W & M Div 1st g
Bruns & W 1st gu fold 4s 1938 .1 J
76
891s -- 8858 May'22
8118
802 7812 June'22
411_1991 J J
86 8858
St L Div 1st coil Ira 4s___
L & N coil gold 4s
84 Sale 83
a1952 al N
MN
_1990
7712 83
80s
89 78 84
84
8pr & Col Div 1st g 4s
Balt & Ohio prior 35e
8
7
9312 94
7
3
1926 J J
June
8
'
3
21
--1940
9318
MS
94
51 8834 94
00
00
W
W
Val
Div
Registered
1st
.
g 4s
14 84
4 -_-_-_-_ -873
k1925 Q J
92 May'22
1940 J J
8088804 8
si -88
-1
2 8314 June'22
91
92
CI St L & C 1st g 48
1st 50-year gold 4s
k1948 A 0 8334 Sale 8214
01936 Q F 8838.-.- 83 June'22
8334 _262 7618 8334
Registered
Registered
86
312 "
8
_ 8612 May'22
86lz
_ 81 June'22 -k1948 Q J
1193(3 Q F
75
81
Cm
S
Cl
&
cons let g 5s_1928
10-year cony 43s
1 July'22
-6F4 -_,:-_ 95,
8278 Sale 8214
1933
8312 462 74
84
C CCA,I gen cons g 6s_ _ _ _1934 J J 10614 ____ 1051s May'22
16
9
4
Refund & gen 5s Serlea A 1995 ..1--0 S712 Sale 861s
11
9
15
23
5581a
2
22
87
77 77
88
Ind B & W 1st pret 4s
Temporary 10-year 6s
4
77012 June'22
1929 J J 10034 Sale 10014
90
,
-,_e_ 9
90
8,
12 s,
78
101
238 9412 101
Peoria & East 1st cons 4s_ 1940 AO 8
702 81
I. June & M Div 1. t g 3%8_1925 MN
9118 9278 92%
_1940
49
AO
92%
1 87
93%
Income 4s
P L E & W Va Sy8 ref 481941 NI N
82 Sale 7814
36
34 2278 3912
3512 35% 35 8
82
82 72% 8214
Cleve Short Line let gu 4;is_1
9614
Southw Div let gold 3Ars_ _1925 J J 9212 Sale 91
9312 94
93
'
4 90
97.
9212 143 86
9212
& South 1st g 4s_..1929 F
8414 9334
Clev Lor & W con 1st g 68_1933 A 0 9858 --- - 98 June'22
93
1
Sale
9312
A
---- 92
99
Refunding
&
6
eaten
Ohio River RR let g 5s_
4
891
2
A
s
2 120 8114
1935 M N
8912 Sale 1 88
1938 .1 D 98 -- -- 96% May'22
96% 98
Ft
W
&
Den
C 1st g 5128 1961 J
1
4
7/
05
General gold Is
77
118 18
16212 10513 103 June'22 __ I:; 10
1937 A
4
1 i -ji1- 98 July'22 90
9634
Cuba RR let 50-year 5s
& C div 1st ref 4s A 1959 J 0hi J 68
g
1952
J
Sale
8412
85
1
.1
85
6714
6813Tol
6812 46 62% 70
1st ref 7 As
Buffalo R & P gen g 58
104
23 100 104
19362 D 104 Sale 110212
1937 M S 10138 ____ 10014 June'22
_ 9858 10012
D L & W-Ial & E lat gu 3
Consul 4gs
7778 8112
8432....
As 2000 .1
Sale 93
80 1 7913 June'22 __
79
1957 M N 93
9334 22 8812 9334
N Y Lack & Western 58_ _ _1923 Ir D
All & West 1st g 4s gu
i 9812 1037s
100
A
100 10014 100
1998 A 0
821s
821s 821s
Terminal & improve't 413_1923
Clear & Mali 1st gu g 58_ ..1943 2 J 9434 ---- 9012 Mar'22
N
Jan'22
9012 9358
Warren let ref gu g3%a _ 2000 F
7413
A
*No price F.jday: latest bid and asked. a Due Jan.
(iDue April.e Due May.
u0 June. Anue July. kDue Aug.
()Due Oct.9758//4u79e09Nlo
i v79.
4874
:1)At4898271 -. -$0
19:
7101171
:
4134
AAApr
New York Bond Record—Continued—Page 2
292
BONDS
N. Y. STOCK EXCHANGE
Week ending July 14
at;
Pries
Frilay
July 14
'Week's
Range or
Last Sale
a
Range
3
,
8/33
Jan. 1
BONDS
N. Y. STOCK EXCHANGE
Week ending July 14
r.3
FPridiceay
July 14
Eta
Week's
Range or
Lass Sale
i3 Flange1e
,r. Jan.
----..3 L____
high
I0
7
9
580
.N:
High
Ask Low
100
1933 J J 100 10134 100
--- ---Leh Val Coal Co 1st gu g Se. 1933 J J ____ ---- 105
Oct'13
Registered
8634 -___ 831 Oct'21 -- ..gi.1_2 .. 5...
- ---9958 Apr'22 -_-- 971 9934
Delaware & Hudson—
---1933 J J
8
2
85
1st int reduc8d to 48
85
1922 1 J 90
17 8318 9112
86
9038
85
8952
9012
S
1st lien equip g 4;is
M
1945
9512 98
5 2,
97 Apr'2
1943 IN N 98 Sale 961
Lab & NY 1st gu... 4s
90 8934 99
98
1st & ref 45
931 Q
58_81
gotc
90
8914
cons
0
let
-_-22
A
Isid
June'
1935
103
8914
Long
10112 79 99
9038 ____
10118 Sale 101
80-year cony 5s
81931 Q J
831
9 77
8212
1937 111 N
lst, consol gold 4s
4, 107 11112
8212
11112
_____ 11058
53s
1938 J D 8018 ___- 993
4 9934
4s
993
D
—__
wow
2
J
al
4
Feb'2
1930
uener
82
7658
22
7s
82 June'
---- ---8034 82
10-year secured
1922 M
May'22 ---_ 8212 8212
1946 A 0
Ferry gold 4;is
Alb & Susq cony 3148
1932 ..1 D 8358 ____ 8212
7314 7814
41 MI N 1101°57348
8
7814 May'22 .._
Gold 4s
7834 10 -ii- -8177814
781 79
Renns & Saratoga 20-yr 68_19
1949 51 S 7758 80
94
3 88
4s
J
gold
J
93
d
1938
84
9012
Unifie
7612
4s
93
g
28
83
821
8234 83
Den dc R Or—lst cons
1934 J D 91
7 7534 83
83
1936 J J 8114 Sale 8012
Debenture gold 5s
8 7412 85
8134 8112
81
8114
Consol gold 480
N
M
1937
7912
18 72
58
deb
J D
79
m
p
1928
-year
7814
6212
79
20
42
611
bs
4612
7812
gold
t
4612 Sale 4534
Improvemen
1949 111 S
1955 F
June'22 ---- 9512 9512
Guar refunding gold 4s
2 4014 47
4012
1st & refunding 5s
- -- --,- 40
A 0 9558 ___ 9512
A_
_
Apr'21 -NYB&MB1stcong5s_1935 M S 97 ____ 83
5
89
87
8012
873
Trust Co certifs of deposit_
7
87
12
.
1
.
9
2.
-1939 1-15 8-7
9212 May'22 __-- -891
NY&RB 1st gold 55_ _192
5 ---- 6114 Apr'll ---Rio Gr June 1st gu bs
932 Q J 931 9612 8812
90
61 78
8852
1940 J J
1 loll;
Nor Sh B 1st con g gu 5s_a1
5 ____ 1018 Feb'22 _— -10;
Rio Or Sou 1st gold 4s
1927 M S 881 90
1st g 5s
7912
Ark
4
&
733
ana
19
Louisi
9
7
68
78
79
nteed
7818
Guara
22 19
0
71112
8
2
%
985
98
512
_1 9
_4
'22 __6
e4
,
1939 J J 6612 68
10232 Jun
2,
..
5 8218 70
103
0142 _9_3_,
Louisville & Nashv—
66
Rio Or West 1st gold 48
1937 M N ,
78
Gold 5s
Mtge.& coll trust 48 A 1949 A 0 78 __-- 78 June'22 __ -- 74
1940 J .1
8814 90,8
____
22
D
J
48
June'
9018
1995
g
4s
gold
d
lien
67
67
Unifie
—lst
2
---67 May'2
6658 74
Oat & Mack
1940 J J
1995 J D 89 Sale 87
89,
Registered
8 __ __ 9714 June'22
30 82
96789
Gold 45
1931 M N
10812 45 10612 10914
196k 111 N 9833 100
0014
Sale 108
Collateral trust gold 6s_
2 9538 10
9858
Det Riv Ter Tim 4;is
9858
1930 M N 10833
03
134 ,
834
108
13 19
7s
834 83
06
,
1
d
.1
.1
.1941
secure
5s
gen
4 Sale 10514
Nor
-year
1063
10
2 9514
9712
Dui Missabe &
9734 _--- 9712
0
A
2003
98
1037 A 0 -----10512 Mar'08
_
98 100
1st ref 550
Dal & Iron Range 1815s
134
03
..,1931 M N
12 10
925
1 108
1937 A 0 8178 84
L Cin & Lex gold 434s_. 1930.3 J 10534 ___ 10314 May'22 ...--!
Registered
831 June'22 --__ 8334 873
101
101 Sale 10
99 4
N 0 dr M 1st gold Os
Dal Sou Shore & Ati g 5s ,.,1937 J J 99 --__ 99 June'22 ---- 95
J
J
9112
1930
80
N
8478 ____ 9112 June'22 _-__I
2d gold 6s
4 10038 107
10514
Itlgin Joliet & East 1st g 58_1941 111
m s 10434 10514 105
1946 F A
651
1' 58
6458
6458
6452 65
Paducah & Mem Div 43
Erie 1st consol gold 7s ext 1930
8414 ---- 8378 June'22 ---- 8038 8372
38_1980 hi S 87
7 791 8712
8712
8634
88
1947 M N
St Louis Div 2d gold 4s
N Y & Erie 1st ext g 4s
_--- 9838 June'22 ____ 9634 9912
N
Psi
4 9914
1955
1943 m
10058 ____ 9914 May'22 ____ 983 103
All Knoxv & Cin Div
3rd ext gold 4;is
9514 June.22 ---- 9012 9514
1946 J
1930
3 tAbi !3) 8258 ---- 9434 Nov.15
10178 104 103 June'22 ---- 103 8434
•••
ilth ext gold bs
Atl Knox & Nor 1st g 581 7958
65__ _1931 M S 8318 __ __ 8318
8318
J D
1928 m
5th ext gold 45
Render Bdge 1st s I g 48_1987 J
s 10218 _- 9812 Aug'19 ._
gold
l
99 June'22 --__ 93 100
Centra
z
1930
78
ext
let
65
W
&
cky
E
M14
L
263
Y
N
6614
Kentu
66 Sale 6312
0 9834 100
A
9212 9312
985
1;11_1
____
2
65
May'2
9212
50-yr
57
____
J j
_1996 j
J .5612 ____ 57 Mar'22 ._-_ 57
Lex & East 1st
Erie 1st cons g 4s prior
8152
5 M S 9418
5 74
8012
1996
L&N&M&MIstg43411.194 J J 8014 -_-- 8014
196 3914 561
55
Registered
55 Sale 5438
_,
- • --1952
-—
!-4s
95
Feb'06
jount
M
J
96
g
South
4s19
lien
gen
p-..-- 53 39 Aug'21
1st consol
L& N
1011;
J
10012
Q
51952
____
2
May'2
1996 1 3 gg.1.
5; 151 - 101
.6
Registered
____ -79 - -I:if Registered
2 891 91 June'22 ---89
1937 F A 8852 _--_ 89
_ 89
Apr'22
49 3414 57
54
N Fla Sr S ist gu g 6s
Penn coil trust gold 4s1951 F A 53 Sale 5234
96 102
1945 J
1953 A 0 51
5372
102 ____ 10112 June'22 ----'
N & C Bdge gen gu 4;is
5358 80 32
50-year cony 4s Ser A
5214
53
A
F
9912
9512
1938
___
5s
9832 9934 9814 June'22
1953 A 0 57 Sale 56
do Series B
& N Ala cons gu g
5738 87 3434 571
1963 A 0
77 77__83_
83
... 8134
12
.
.l!
..8
95
!
_8_2_1
Gen cons gu 50-yr 5s
43 80
Gen cony 4s Series D1953 A 0 95 Sale 93
95
as1
1945
-4s
g
0
gu
Mar1
Co
77
1982 M N
Lo & Jef Bdge
Chic & Erie let gold 5s
9278 — - 9052 Jan'22 ---- 9012 901
1977 M S
4s
Nov.10 --- -.75 -- ------_
Mex Internal let cons g
Cleve & Mahon Vail g 58...1938 J J 9312 Sale
9312 13 7812 9814
le 93
1977 M S ---99 July'20 .--1 7938 97
1955 J J 9212 9234 93
Stamped guaranteed
Erie & Jersey 1st s f 68
93
D
J
10i
925
58..1
f
g
e
__ _ 104 June'22 ____ 101—
1957 J J 10612 109 109 June'22
Midland Term—lst
Genessee River 1st s f 6s
1927.3 D 104 Sale 79
12 6958 83
80
9
90
9 10
j0
1935 A 0 92 ____ 100
Minn St Louis 1st 7s
-- 1.(0
Apr'22 .17.-Long Dock consol g 85
N 80
M
50
1934
31
37
Is
47
gold
4512
4512
8 45
1922 51 N
1st consol
1949
Coal & RR 1st cur gu 6s
9332 ._..- 8312 Deo'21
4s
5013
4512 61 30
45
1943 J J 8938 _8 46
1st & refunding gold
-8. . - -gi 2 ---8
Feb'2
F
Dock & Impt 1st ext 5s
88
_
e
1962 Q F 457 59
62
1 36
571
7014
5718
Ref & ext 50-yr 5s Ser A
1946 IN N 6612 687
5712
N Y & Green L gu g 5s
; 6712 July'22 --__ 54
J
J
8312
1935
4s
70
gu
1st
12
D
79
Ft
Des M &
79 Sale 7812
5 2
N Y Susq & W 1st ref 5s_ _1937 .1 J 5218 56
52 May'2
l let gold 58_1938 .1 D 4514 Sale 4418
13 32 6038
Centra
4514
A
F
Iowa
1937
17
8
2
112
2
l
2
---.
3
4;is
26 gold
53
55
b3
M S
1951
4s
90
8
855
gold
13
8
ding
895
Refun
89
8912
1940 F A 8634 ---- 86 May'22
Genera gold Ss
1 1 89
7 9614 105
100
99
g412
MStP&SSMcong4sIntgu_'38.
1943 hi N 9018 ---_ 9412 June'22 --100 101
____- NI'9
Terminal 1st gold 5s
1938
103
10012
30
8
55
1025
4
cons
1013
0
A
Sale
8
1st
1940
1023
73
72 June'22 _..-- 53
Mid of NJ 1st ext 55
73
70
1931
812 June'22 ____ 8812 8812
-10-year con tr 6348
Apr'21
Wilk & East lot gu g bs_ _1942 J D 10512 ---- 88
1941 M N 8938 ___8
4s
97581
1 9414 9712
; 9712
---9634 975
let Chic Term s fg 4s int gu_.28 J
- - -_"..---Roans & T H 1st gen g 5s..,.,1942 A 0 --------6912 Apr'21 -.
ist
A
M&
5 May'22 ---- 8234 8814
MSS
0
A
-853
__
1923
8718
Mt Vernon 1st gold 68
8318
J .1
- - --- 6912 Apr'21 ___
1949
0
5s_
let
l
Centra
828 141 73
8312 8014
82
Mississippi
2 -61ii
4 -g-ji9114
D
; 91,4
Sul Co Branch 1st g 53.,...1930 A
J
6.1:712 917
90
45_19
gold
69 64 June'22 ____ 4838 68,4
1959 J D 7838
,,
Mo Kan & Tex—lst
Apr'21 ---- _
66
Florida E COaSt 1st4s
01990 F A 64
4812 68
4
66
4s
66
J
69
J
65
gold
1941
2d
_ _
Fort St U D Co 1st g 4;4s
8034 8234 June'22 --_- -78- - -85 8038 ---deposit
5514 May'22 ____ 3512 55$4
Trust Co ars of
8952
86 June'22 _-_ 83
Ft Worth & Rio Or 1st g 4s 1928 J J 8314 86
1944 M-N ---- ____ 8614 Apr'22 ____ 73
8614
1933 A 0 11318 114 113
let ext gold Is
11334 13 10812 1141
Galv Hous & Heed 1st 5s
2004 M S
74
84
2,4 6
58
4s
ing
84 June'22 ____ 6
refund
89
0
A
84
1st &
10312 84 400 105
Grand Trunk of Can deb 7s 1940
10314 Sale 10258
deposit_
June'22 ____ 52,4 6413
6412
Trust Co cents of
111 1 498 10718 1U
16-year s f Els1936 M S 11034 Sale 10911
5
6
1434s...193
2 ____
July'2
fund
g
64
sinkin
J
-ir
.
/2
J
7
(
Gen
38
.1.
'0318
tier
78
A19
88
4
93181
Great Nor Gen
931 Sale 9318
deposit_
44
44 June'22: __ _ _ 27
1961 J J
Trust Co eertfs of 4s
lst & ref 4;is Series A
8214 Oct'211----1 __ _ _ 2001
__ 5812 77
ref
76 June'22
80
76
1961 J J MI;
be Louis Div 1st "ext"_1916
_
10172 331 9612 10178
Registered
.10034
5 gle
___ 80 901
2
May'2
notes
9018
93
d
J
9018
J
secure
91
1952
9014
.1
5%
_Temporary 5 a
9378 __ - 91 Mar'22
1940 MN
8:4
7
2 88
8
g 5s
,8
70
783
15
7678 ____ 7112 Jan'22 -1933 J J 11018 110-14 110
Dail & Waco 1st gu 48_1990 F A
110 I 11 10518 111
St Paul M & Man 4s
83 Mar'22 ____
1933 J J
Kan City & Pac 1st g
let consol g 8s
99 Sept'20 :.--..I ____ • - - 1942 A 0 ---- --- 988751:
_ _i3_4 _36,2
....:......___
bs
g
gu
:•-•:1st
J
E
J
&
1933
Mo K
Registered
9758
'77
- -- 99'2 July'22 ____' 9314 9912
73:
guar So- _ _1942 M N
'"7June'22
1933 J J .
95
M K & Okla 1st
Reduced to gold 4;is
95 Mar'22 ____1 95
1st gu g 58..1942 M S -3018 __ .. 32 May'21 ____
1933 J J .g53
9212
Registered
M K & T of T1st gu g 5s
8 77:: 9114 July'22 ---_' 88
.
1942 J
__
2
May'2
36
So
40
D
J
1937
35
Sher Sh dc
_ -Mont ext let gold 4s
80 Mar'21 ---- I
gu g 5s 1043 M S 8334 Sale 8212
249 7634 8612
64
J
1937 J D
Texas & Okla 1st Ser A_1
Registered
,62 J J 6812 6912 6712
19
-..„.._ -_-_-_-- 83 Mar'20 --....!---7072
6812 64: 62
1 5s
1940 J
8958
Pacific ext guar 4s
Mo K & T Rv—p B
8934 June'22 -_I 88
4
893
9712
_--184 89
9612
95
Series
,
Sale
40-year 4s
E Minn Nor Div 1st g 4s/.948 A 0
- ---- 9934 May'22 ----I 9934 9934
1932.3 J 9512 Sale 5934
C
5712 509 4334 5912
8
1922 J J ii'll2 ____ 11212 11212 10 10918 1121.
567
10-year 13s Series
Minn Union 1st g Cs
J
1967 J
A
1937 „I J
Cum adjust 6s Series
Mont C 1st gu g 6s
r
21 8412 8952
geC
Co)—
-- 13614 May'013, — - 88121
6srs
8812
ic (greo
1937 J .1 ---issou
Registered
A 8634 88
iiiars 10112 10014 June'22 _-- -66 - 166171
—
100 I 171 9712 100
J
1011
ing
J
refund
1937
ir
r
be
9918
dr
gold
4
1003
guar
1st
M
10018 10212 991 Apr'22 ---23 F A 100 10018
B_a19
9012 100
Ser
25;
bs
961!
ing
D
J
refund
lot &
WIllat 8 F 1st gold bs_1938
70
701 Apr'22 __,_ 6712 7012
60
bs Ser 0_1926 F A 100
9911210912 348 98 10052
i Sale
1: 982
93
9611,2
612 1238
let & refunding
Green Bay & W Deb We "A"____ Feb
1158 11
11
1919 F A
5934 871
202
641
Feb
6312
D
,
tter
Sale
6334
"B"
9
6s,
9
7__
82
1711
8
7912
Debenture ctfs
72
1 July'2
2
1975 111 S
J J 7864%12 Sale 79%
General 4s
Si 81,2 8712
851
Gull & 8 I 1st ref c'k t g bs__81952
1945 __
761 82
2
years 4s
J
May'2
80
8
Pee40
19991J
863
s
4}is__
-air
ri
g
cons
Missou
1st
_
1
8
Val
-ng
7312
_
84
June'1
Hocki
1938, M N
7472
199911 J -guts ____ 8012 June'22
761 7414 June'22 ___ 74
. 8058
' -7c
3d 75 extended at 4%
Registered
19481.1 D 7418 ... 85 June'22 ____ 8312 8612
45
1948 A 0 81 _ _-- 7912 Mar'22
8612.
Cent Br U P 1st g
A
Col & H V 1st oxt g 4s
F
48-1938I
7719
88
9
is
2
2
4
9
g
__i5
A
18t
,
May'2
ext
F
96
Mo
1955
4
of
973
98
R
4s
ext
Pao
7 3'4
20 4
2 7910)12
93
94 93
92
Col & Tot 1st
1938 J J
71.1 J 9214 ---- 95
26 extended gold as g 58_1931 A 0 9712 Sale 97
58
,
.8 ..g.
96
55i
:
May'22 -___
Houston Belt & Term lot bs_193
July'i 4
& gen con
1951J J
M
-----102
Ir
L
St
1
Minas Central 1st gold 4e
831 Sept.2
68_1931 A 0
8818 29 757g 89
8734
1951'J J -.7
Gen con stamp gu g
. 801 May'22 ___
...7...
Registered
78 8.
1929 J J 8818 Sale 8112
143 7533 8412
84
1951 .1 J
Unified & ref gold 4s
8278 Sale
...... 84 Nov'lb __
Ist gold 3;is
_I 901 93
J -----2
Div 1st g 45...,_19331M N
Mar'2
0
93
1951,1
4
&
973
8
957
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—
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72
Oct'21 ____
MI 9
____ 84
1926
bs
g
1st
6 10112 105
W
0
.
&
1
1/
1041
I
4
1043
1951
Verdi V
.._. ____ _ _ _ _
Extended let gold 3yo
1927 J D 10434 ___ 100
--1951111 0 -----------May'22 ----I 9712 100
100
9918
& Ohio new gold 6s
Mob
80
:152i-)2
Registered
.701y.
J
Q
111927
-1 671 76
73
73
1951M 9 -75
1st ext gold 8*
y
8338 8412 8314
1st gold 35 sterling
....-' 8012 95
1938 M S 73
8612 8913
8912 Apr'22
General gold 4s
9312 99
_ 82 951 Sept.19 --Collateral trust gold 4s_1952,111 S ._
Div let g 5s._1947 F A
2 __._ 8758 9134
May'2
omery
4
913
Montg
1952'A 0 5112 Sale 88
8
100
905
Registered
106
8218
0
9112
9114
1927 J
90
81
55
—__
22
N
Div
June'
M
88
1955
Louts
8878
St
7812 July'22
7658 7812
lot refunding 48
7714 79
1931 .1 J 88
97 10358
100 June'22
83 L & Cairo guar g 4s
1952 J J 8278 Sale 8112
8412 102 7818 8312
Purchased lines 3;ia
1928 A 0 10012 102 10014 July'22 .._ I 100 10014
St L 1st 5s
&
N
M
Chatt
1953
_
10014
4s
Nashv
gold
68 Deo'20 --- L N 0& Texas
1923 J J
45
88
1 21
391 1
30385
1953 M N 10
5
Jasper Branch let g 4340_1957 J J
Registered
10134 53 664 152.3-4
072 "'Sa-l-e- 10012
.
pr lien
2912 Feb'22 — 2912 33
1934 J J 110 Sale 110
Nat Rya of Mex
11014 11 9934 111
15-year secured 5 s
1977 A 0 2858 43
32
l 4s
28
2
—__
genera
Mar'2
8
1
313
J
nteed
936
Guara
g__1
88
7_95!
4 8134
86
86
15-year secured 83.'3s
1926 J J
lien 434s
D 85 ---- 6932
25 July'22 --__ 2112 3338
Nat of Mex prior
Cairo Bridge gold 4s1950 J J
June'22 ---- 6358 6934
1951 A 0
70 ---8
44 79
83
48
8212
J
consol
951
83
3s._1
8212
1st
gold
1st
Div
J
ield
2 --- 73,
7518
4 77
Litchf
24 7012 80
80
& impt 4;0 A'52 J
J 1 7552 79 6778 June'22 -7812 7858 7718
NO & N'E 1st ref 1st 4s
J
67%
2
66
_1114
J
Louisv Div & Term g 30_1953
June'2
69
02
1953
6814
17
2
12
95
6,
4,
7134
100
Sale 100
1951 F A
New Orleans Termo lot 6s
6714 Apr'22 --__ 6338 8714
71
Omaha Div 1st gold 3s_
1925 J D 10314
71
J J 70
N 0 Tex & Mexic e bs A
1935 A 0
St Louis Div dc Term g 3s 1951 J 1 77 ---- 7618 June'22 --_- 7612 77
8
98
1057
201
8
1055
Incom
10414
1 Z Sale
05
Non-cum
Gold 3;is1951
1935 I'd N 17
77 ---- 805a Nov'16 --10514 258 105 108
cony deb 138
10434
1951 1 J 837
1 ___,._
N Y Cent RR Cr 7s
11.sliolvy.
t2 .
Hpringf Div 1st g 3;i8
1930 M S 10514 Sale8 8414
!-_-_-_: 1
85 781 8478
80
857
1951 F A
10-year coil
1998 F A 85
Western Lines lot g 4s
A
8812 109 8514 8812
Series
A
8612
1951 F
Consol 45
89:34 989531:
4
79
,
2013 A 0 8738 Sale 9412
3
Registered
-9
15(T(14
"A"
-6- - 9
9512 1172 9334 9612
13
92
Inapt
4345
—
Sale
D
mA9.2r:21.
J
95
&
1923
Ref
0
A
Cs
2013
Bailey & Car 1st
-- --!
I
hl 9 60
Ref &'mot 5s
Carb & Shaw 1st gold Is_1932 j D 101 102 10212 June'22 _-_- -96 - 0:1-2
Hud River—
7912! 44 7412 7912
78
79
1951
New York Cent &
---99 Aug'21 -- -1997 J J 7812
Chic St L & N 0 gold 55
7612
2 --„! 76
July'2
7712
D
1
J
.
7712
3345
age
76
1951
Mortg
1997 J .1
--- 6534 Deo'21 Registered
- --74-58
.
.
28 , 84
91
91
9038
Registered
1951
9512 26 9012 97
9512
1934 M N 91 Sale 6612 June.20.----'1 72
Gold 3548 7478
D 95 100
gold 4s
J
ture
3
Deben
A.196
N
Series
2
bs
___
M
82 May'2
1934
7834 82
Joint 1st ref
90
781 84
18 83
88
D
88
er
J
ered
90
1
Regist
8812
_195
.1 J
8538 ____ 80 Sept'21
1942
Memph Div lot g 4s_
3
6914
76
74
4s
S
Sale 74
1931 M
30-year deb
1 -ig- -W 88
1998 F A 731
88 ---- 88
St Louis Sou let gu g 4s
7478
7378 10 72
2
737
g 334s
_
coll
7312
Shore
Lake
let g 48
1998 F A
4 Sale 10014 July'22 ___ _
Iowa1
7412
II&
1003
j
7114
j
nI
ma
____
"
2
9
July'2
N
ered
7312
M
Regist
7412 7512
5214
let g eat 7s 1922 J .1
3;45_1098 F A
1 8012
52 Sale 5158
7412 74,2
ml
72 May'22
1952
5
Mich Cent coil gold
5
1998 F A 7214 7512 60
8412
4 8512 84,2
Adjust 68
1 60 62
84,
I
60
D
1
ered
1959
Regist
60
5814
72
4s
113 63
72
30_1989 J D
8434 88
James Frank & Clear 1st 3s 1950 A 0 7112 7134 71
Apr'22
88
Battle Cr & Slur 1st gu
gold
1936 J .3 9034 -- 761
Oct'09
4s
Kansas C1tY Sou 1st
_ 88
1950 A 0 ------7889 Sale 89
Beech Creek 1st gu g
8934 45:
1936 J .3
Registered
-66.
2
-I
6
J
601May'1
104
J
J
ered
____
Regist
Apr 1950
40' 7938 84
84
1936 J J 8132
84 Sale 83
Ref & Impt bs
60
2d guar gold 58
4s___ _1980
9238
921 13! 85
9232
330_81951 A 0
ie. j j 9218 94
Kansas City Term 1st 511----..—,
8212 90
9 Mar'22
6212
8
78
83
Beech Cr Ext 1st g
8634
3: 77
8518
8518
1981J D 8812
4s
8518
g
gu
Lake Erie & West let g
1st
J
Ad
1941 J
Cart &
78
1 68
7318
7318
90
2d gold Is
gu g 55_1935 J J 79
7934 79 June'22 --__ 7614 8012
55..1945 A 0 7318
Ka A & G R 1st 334s
8
1997.3 D
North Ohio 1st guar g _ _ _1040 J J 94 ---- 9412 July'22 10 92184-80 95,
7478 May'22,--- 747s 7912
Lake Shore gold
---21
.
July
1997 J D 7812 ____
Lob Val N Y 1st gu g 4 A s
95 1 40 8914 9512
Registered
1940 J J --17
Sale 9438
95
3S
-fi
M
2
____
8
2
--2
8
8112
1928
July'2
4s
Registered
gold
N
ture
9312 76 8812 9312
NI
9318
Deben
03
9314
9234
520
93
4_
5 85
90
1931 NI N
9514 90
9012
Lehigh Val (Pa) cons g
43
gold
N
111
25-year
2003
22 ____1 98(8 102
4
1931 M N
General cons 4;is
A 0 10134 ....-- 1013 June' ,-Registered
2
j.ItafinY:2221
2
1
1941
5
2
8
8
-1712-1-2
85'2
8358
5s
g
S
gu
113 Mar'12
4a_ _ _ _1991 - M
Leh V Term Ry 1st
1941 A 0 * 9958 ---- 10234
Mob & Mal let gu g
103 1 14 10012 10312
Registered
Oct. a Option sale.
928 . __ 10234 103
Due
o
es_s1
Sept.
Due
ea
n
July.
10-yr
Lob Va RR
8 Due Feb. 0 Due June. 11 Due
bld and asked this week. a Duo Jan.
• No price Friday; latest
Bid
& Great Net
Ask Low
High No. tow
Nigle
270.4 1821z
BONDS
H. Y. STOCK EXCHANGE
Week ending July 14
New York Bond Record--continued---Page 3
;9
293
Price
Week's
/fangs
BONDS
Price
Friday
Rance or
Week's
2 ! Range
Sines
d:.
N. Y. STOCK EXCHANGE
c t
Friday
July 14
Range or
Last Sale
Jan. 1
Since
Week ending July 14
July 14
--Last Sale
' Jan. 1
• Big
If Y Cent & 51 R RR (Coe)—
Ask Low
High No. Low High
— --Esid
Mahon C.1 RR 1st Os__ 1934
Ask
Low
9838 ---- 977 June'22
Ilk* No. Low High
96
97%
Reading Co gen gold 4s
1997
85 Sale 8418
J
Michigan Central 5s
85
1931 MS 983 ____ 9018 June'21
133 80
86
Registered
Registered
82
9812 Nov'18
Apr'22
1931 QM
--- - - - - 82
82
Jersey
Central
cull
g
4s
8514
957
1
1
99
j
A
.1
da _
O
j
88186
2 88383
4 8812 May'22
86
1940
11 8112 88
8214 8812 St Jos & Grand Isl let
g 48
1947 .1 J
7934
7514 June'22
Regiztered
7414 Sept'20
1940 .3.0
' 65% 7514
St Louis & San Fran (reorg Co)—
J L & S let gold 344,8
4 801-4 661s Mar'20
1951 MS 773Prior lien Ser A 48
7214 Sale
tat gold 3121
8114 8112 8114
8114 10 7684 S1'i
1942 MN
Prior
lien
Ser B 58
8512 Sale 8
19 8638 92
2:
88 155
1950 j
8
76
°
75
J
20-year debenture 4s_ _ 1929 AC 9178 9214 9134
131s
4
8
5_4_6
92
1 ,1,
6
8
7042
8
2
13:442 :00
7
88
4
30:
1
534s
9312 Sale 9312
1942 1 J
N J Juno RR guar let 41s
7738 ---- 7034 Apr'21
9412
1036 FA
Prior lien Ser C 6s
9914 991e 9812
778 8012 78% May'22
N Y & Harlem g 344s
9912
7858 7878
2000 MN
Cum adjust Ser A Os
01
5A
1
80
95
'I
9
2
8
0
.1
Sale
7912
2
N Y & Northern let g 554_1923 AC 9834 ____ 95 Dec'21
2
6
0
7
3
0
3
2
7
67
9
7
8014
3
42
1
54
--7
9
85
2
138
:
31
Income Series A Sts
01960 Oct
70 Sale 68%
70
N Y & Pu 1st cons gu g 4s-1993 AC 8214 ____ 8334 June 224-- 7712 84
St Louis & San Fran gen Os .1931 J .1 10358 ____ 10312
June'22
9978 June'22 -- 9912 09%
St W &0con 1st eat 53_41992 AO
General gold 58
1931 J .1 988 9912 9834 July'22 — —1 95
Rutland let eon g 444s_ __ A941 J J 8114_ 7834 Apr'22
9918
St & S F RR eons g 4s1996 J J
7278 ___, 674 km.20
70% 80
70 Apr'22*----1 6
Og & L Cham let gu 4s g-1948 .2 J
76
8
83
7112
Southw Div 1st g 531947 A 0 8818 ___ _ 1 90
7318
Feb'22 ---- 90
Rut-Canada let gu g 4s_1949
50
J
Feb'21 90
K C Ft 8 & M cons g (is_1928
102%
1033
N
4
8858
1027
____
8
8914 May'22
Lawr & Ailir 1st g 58_1996 J ./
8912 8912
108
085
1:42 17
04
78s
K C Ft S & M Ry ref g 4s 1936 A 0 793 7912 7812 102%
9612
7914
103 Nov'16
28 gold Os
1996 A
80
92
-99
9912 ____ 99,2 Apr'22
Apr'22
.14
- -661; StKC&MR&.Bletgu5s 1929 A 0 9112
Utica & Blk Riv gu g 4s
92
1922
L S W let g 48 bond otts
79
1989
Sale
MN
7912
78
97 Apr'22
Pitts & L Erie 241 g Bo_ __a1928 A 0
97
7912
97
2d g 4s income bond etfs_271989 J J 68
70
70 Ju1y'22 ---, 1 6412 70
107 110 13018 Jan'09
Putts McK & Y let gu 8s .A932
Consul gold 4s
1932 .1 1) 7514 76
75
76
30
971
2d guaranteed 68
9514 June'20 -1934 J
1st
terminal
&
unifying
58_1952
8018
8112
J
81
41
J
8110
84 Sale 83
West Shore 1st 49 guar
84
7812 84
2361 J
9 A & A Pass let gu g 45
7534 76 , 7534
1943 J J
76
765 82
8114 82
12
8
7 .1 6
8012 July'22
Renletered
70
1
2361 .1
6
8
79
4
412
Seaboard Air Line g 4e
1950 A 0 5814 ____, 5712
5712
9912 Feb'19
rif Y C Lines eq tr Os___1920-22 M
Gold
4s
stamped
5712
1950 A 0
5812 5534
6712 June'20
5534
Equip trust 4346_ _ _ 1020-1925 .1
81
Adjustment 5s
2634 Sale 26
01949 F A
4 -E3-4 -66122'
27
122
1 4138
90
N Y Chic & St L let 4s__1937 A 0 "JO- 81-e 90
30
1
Refunding 4s
1959 A 0 43 Sale 4112
8612 June'22 -- 8612 8612
4338 388 3118 46
Registeree
1937 A 0
let & cons 6s Series A
1945 M S 60 Sale 5918
7 80
8712
87 ____ 8612
6014 317 41
Debenture 45
8712
6314
1931 M N
Atl & Birm 30-yr 1st g 48_31933 M
6512 66
15 8112 90
65 June'22 ---- 5912 7512
89
90
90
N Y Connect let gu 444s A1953 F A 89
Caro Cent let con g 4s
82 63
1949 J J 67
Feb'22
NYNIE1 & Hartford—
63 63
Fla Cent & Pen 1st ext 6s 1923 J .1 9714 9912 96
6318 _
60% May'22
Jan'22
62
Non-cony deben 4s
96
96
1947 M
let land grant eat g 58_19301,J J 8858 9112 89
49
Apr'22
55
5314
June'22
45
-- 4456
Non-cony deben 34s
1947 M 9
Consol
gold
5s
883
6
4 __ 8834 June'22
1943..1 J
3814 5512
5112
Non-cony deben 34s
8
89
1954 A 0 5112 Sale 50
2
12
8
8
9's
Ga & Ala fly let con 5s___o1945'J J
7834 ____ 78 July'22
5 4012 6018
5712
5712
Non-cony deben 49
1965 J J 5614 58
881,
Ga Car & No let gu g 5s192913 J
13 41
8718 June'22
5712 Sale 56
58
60
Non-cony deben 41
8
7
4
1
9
78
1
1950 M N
Seaboard
&
3
Roan let 5s
1926iJ J 9112 95
95 May'22
5112
37% 531a
5112
Cony debenture 33s
8434 95
1056 J J 4934 51
Southern Pacific Co—
34 57
82
Cony debenture&
85
1948J J 81 _ Sale 81
Gold 4s (Cent Pac co1l)k1949 J D
8934
Sale
8812
50
9078 145 78
9412
Cons By non-cony 48
0cV17
1930 F A
20-year cony 45
92 Sale 9114
01929 M
9214 88 86
5114 __— 60 July'18
Non-cony deben 4rs
1955 .1 J
92,4
20-year cony 5s
1934.3 D 10134 102 102 July 22
53 June'22
Non-cony deben 41
3812 53
1956 J J
0512 10338
Cent
Pac
1st
ref
gu
g
90
4s
Sale
1949
90
F A
gi -5378 52
194 8114 9178
I% debentures
31
57
1957 M N
5212
Mort guar gold 334e___k1929 J D
9014 June.1
9 278
7838 ____ 784 June'22
2 ---_ 86
EIarlem R-Pt Claes let 4s 1954 Ill N
71
80
9034
Through St L let gu 4s 1954 A 0 85
8512 86 July'22 ---- 7814 8714
73
74
69 May'22
& N Y Air Line 1st 4s
70
59
1955 F A
GH&SAM
&Plet5
e
1931 MN 97 10014 9718 June'22 ---- 9414 98
6534 65
Cent New Eng lit gu 4s_196113 J 65
5114 68
65
2d exten 58 guar
1931 J .1 943
94 May'22 ---- 92
Housatonic By cons g 5s 1937 MN 853 ---- 80 Dee'21,---98
Gila V 0 & N lst gu g 5s 1924
N 9814 ____ 98 July'22 ----'97
Naugatuck RR 1st 4s
1954 M N 6918 ---- 87 July'14,---9812
Hoes E & W T 1st g 5e
9618 98
1933 M N
0412 May'22
_
83 Aufs.13
N Y Prov & Boston 4s
1942 A 0 77
94
9412
lot guar 5s red
963
1933
____
M
N
86
62
NY W'ehes& B 1st Ser I 444446 J .1 5512 Sale 5512
5913
_
33
5612
H
&
T
C
lst
g
8512
5s
int
98
gu
_
_
1937 J .1
_ _ 9334 41ar'21
New England eons .50
A pr'22
1945 J J
-9334
-933
4
A & N W lst gu g 3s
1941J .1 978 ____ 98 May'22 ---- 8634 98
Congo! 4s
1945 J 1 7414 ____ -fO"
--;
No of Cal guar g 5s
1938 A 0
Providence Scour deb 4s
101
502
Apr'22
1957 M N 5018
56
96 10312
26
002
'''
Ore
&
Cal
let
guar
g 5s
°9
334 16012
Providence Term 1st 48_1956 M S 8312 85
1927 J .1 19
- 10038
101
88% Feb'18
7S 9514 101
So Par of Cal—Gu g 5s
W & Con East let 44s__1943 J J 6412 6812 65 May'22 ---1037 M N 10178
10312 July'22
7675
65
100 12 10312
1,0
—44 6
So Pac Coast 1st gu 4s g
4434 46
N Y 0& W ref let g 4s____01992 M S 7414 7434 7312
1937 J J 8934 903-4 90 May'22
8812 9218
Tex
&
N 0 con gold 58_4_1943 J J 9412 98
Registered $5.000 only___o1992 M
9644 May'22 ___ 89
--.. 7234 5912 Noy'20 ---9614
So
Pac
RR
1st
ref
4s
90
9014
General 4s
1955
893
.1
8
J
79
905s
1955 J D 6812 69
,
69 June'22 -215 8358 92
-f
86
8:
7
San
Fran
Terml
let
4s
Norfolk Sou 1st & ref A 5s
69
1950 A 0 83
8312 8214
17 50
67
8312 24; 80
1961 F A 671s 69
70
841e
Southern—let cons g be
Norfolk & Sou 1st gold 5s._..1941 M N
1994 J .1 96 Sale 9538
88 May.22,-96
100 8718 9604
Registered
Nor! & West gen gold 6:
1994 J
088
10612 Apr.22!---- l05 s 105
---- __1 90
Apr'22 -- .1 8814 90
1931 M N 19°12
10773
Develop & gen 4e Ser A__ A956 A 0 6712 Sale 1 6714
Improvement & oat
1934 F A 10818 ---- 108
68
324 6114 68
Jan'21 -Temporary 64s
0(112 Sale 100
s 17
58
48_1
6 N
93
A,O
19
New River let gold
1932 A 0 10758
101
- 10434 Mar;22 --4; l044 10514
322 9414 10914
Mob & Ohio coil tr g
N & W Ry 1st cern, g is
9214
1996 A 0 9312 94
1 6614 7514
74
94
"' 8478 94
?dem Div let g 44s-5s
Registered
1996 .1 J 9312 9
7'
5
4
3
1
4
1998 A 0
9
7
74
5
4
June'22
Oct'20 —7
4,
St Louis div 1st g 48
Div'l 1st lien & gen g Is_1944 J .1 88
1951 J J 79
9
8
,
90
2
8934
90 ""8312 00
3 8
79
3
9
85
9
Ala
Gt
Sou
let cons A 5s 1943 J D 9634
10-25-year eons' 45
8
97
1932 J D
80 Feb'22 -- 80
1 June8'322
80
6412 97
Atl & Chart A L 1st A 444.1944 J J 8938 9112 91 June'22
10-20-year eons, els
1932 M S
9234 Apr'21 ------87
9334
1st
30
-year
7
Os
Ser
8
B__
10-25-year cony 448_1938 M S 111155_1944
_ 10912 July'22 ---- -6i1i ,16
J J 9812 98
98%
9818
191 100
3 7
8
Atl
Deny let g 4e
10-year oonv es
11012 34 10314 111
77's 7734 7638 June'22 __
1929 M S 11078 lii 110
2
78
28 4s
87
Pocah C & C joint 48.. —1941 J
90
8618 July'22 ---- 84
66
66 June'22 ---- 60
08't
66%
&
Yad
let
o C & T 1st guar gold 58_1922 J J g
guar 48
199
944
49
_ 99 Dec.211---8078 7612 June'22 ---- 7534 82
88 jjA O
jj
E T Va & Ga Div g 5e_,...1930 J J 983
Belo V & NE let gu g 4s1939 MN 8838 'JO
88
_ 9714 June'22
8
.g78
88%
4 834 -8
9334 9712
Cons 1st gold 5s
Northern Pacific prior lien rail
M
9914 98 June'22
fa% V
514
E
1
Tenn
1
reorg
way & land grant g es
lien g 58_4_1995638
1997 Q .1 89% Sale 88
9012 148
9414 June'22 -Ga Midland 1st 3s
Registered
1997 Q 1
8512 June'22 ----1 84 9
63
JA o
6158 June'22
85
012
2
Knoxv & Oh o 1st g 6e_ _1
General lien gold Is
631,1 76,
a'
,047 Q F 63 Sale 6134
24
1996
1
00
84
;5i 1
10012 May'22
9
6878 10
60 64
60
312
Mob & Bir prior lien g 58_1945 3 J 92
Registered
62 June'22;-- —1 o
a2047 Q F
755 sue '21
,4
Mortgage gold 4s
Ref & inapt Sc eer B
2047.0 J 1O77 &Ye" 10638
1945 J J 7318
7453 May'22
108 .1290
Rich
&
Ref&Imi438sSOrA
Meek
1st
g
_ 8,
bs
2047J J
66
871.'
9
9
66
9
So Car & Ga let ext 546_ 194
8534
St Paul-Duluth Div g 4s_ A996 .1
8412 May'22 --1 17
N
929
M N9
8M
61'4 196
9614 June'22
74
889
May'2
73'4
8 99
-___26
8
14
894
0°21'
2
Virginia Mid Ser E 5s3
10312 Sale 10312
N P-Gt Nor joint 65s.1936 J
1061. 1164 10312 109
1926 Si98,2
, 9714 June'22 -- -- 97
9814
General
spe p & N P gen gold 6s
58
1923 F A 10038 10034 10014 June'22 ---- 10014 101
___
9712 June'22
9512 98
Va & So'w'n let gu 58
Registered certificatee 1923 Q A
100 May'21---2
10
93
MI N
03
6!
J 97
1182 9414 9312
9312
2 80
97
- - 47,7
1st cons 50-year 5s
St Paul & Duluth 1st Os,... 193l Q F 1663
;10112 100 June'22
82 ; 81 June'22 ---- 74
83
-9912
luu
W
0
&
W let cy gu 4_1
1st conedl gold 48
86 May'22
11168 J D, 843.8 88
13
192
954
8F
A °
A 8
8234 86
951'4 96 1 9514 May'22 ---- 9412 96
Spokane Internal let g 5s
Wash Cent let gold es___ A948 Q 719 83
84 May'22 ---- 82
____
1955
.1
J
77% Niar'22
82%
85,4
771s 77's
Te1r8m
t cAoss
mi
ngoofld
Nor Pao Term Co 1st g 6s
St
6;, let g 430_1939 A 0 9212 ____ 9778 July'22 ----, 92
10878 -8
1033 J
-4
-34 1085 June'22 —4
-4 107 108%
9778
Oregon-Wash 1st & ref 4s_1961 J 3 8134 Sale 81
1084-1944 F A
9918 July 22 ___-1 8838 99,8
82 .
9634
3 , 77
82
Gen refund s f g 4s
Pacific Coast Co 1st g Os
82 June'22'---- 75
89
.1946 J D 82
81 .
8012 Sale 8012
4, 7612 83,2
82
St
L
14aducah at Ills 1st s f 44s _A955 J .1 91%
Bridge Ter gu g 5E4_1
90 Apr'22 -4
97
19
9438 May'22 .,-1 4312 94%
j 95
93
i El
50
3A
-- 90 90
Texas & Pac let gold be
Paris-Lyons-Med RR (is
7912 002 76
1958 F A 7834 Sale 76
83
9312
3
878 94
D
1000
j 9
9318 13 8712 3100
855
931
2
28 gold income 5s
Pennsylvania RR 1st g 4s
9834 June'22
1923 M N 99
50
Feb.24, --. 50
50
963
4
29
La
Div B L let g 5s
Consol gold 4s
92
1943 M N 8914 95
-9012
- 90 May'22
7918 90
9218
W Min W & NW 1st gu beg
Consol gold 4s
9212
1948 M N 9214
,I
Apr'
8222
8
_ 9
722''..-8.8
87
5„1 ,
MaAl. 755s __
_2
1000
930 F
9212
88
7
85
7% 99215183
Tol
&
Ohio
983
Consol 4)4s
Cent let gu 5s_1935
4 99
9814 July'22 ----1 92128103
1900 F A
97
Western Div 1st g Is
General 44s
9374 1171 9012 9378
1965 J D 9312 Sale 92
927 May'22 ---- 90
94%
95
General gold 58
General be
1021 1 Sale 10114
1021. 350. 9312 10212
1908 J
8758 June'22 ---- 813 8738
98%
J
57 l
22
N93
Kan & M let gu g
10-year secured 78
08%
1930 A 0 10934 Sale 10
834
80% June'22
981171882 84
10
10
8e8
" 29 10512 110
1990 A
7512 83
Id 20-year 5s
15-year secured (334e
1936 F A 10834 Sale
96 June'22 ---- 91
97
1 2
62 103% 110
95
9614
Tol
St
L
&
W
pr
8
89%
Alleg Val gen guar g 4s
1942 M S
7 Jt
- 812
92
lieu g 3As_ 9
9114 July 22 —4.4 84
ua
Ay2
ne:22
- 86
9212
8812
betyleatrur
to4
1d
8 g44Esior A
D R RR & Wge let gu 4s g_1936 F A 881 1
1050 A 0 71 Sale 70
7112 77 56
S7
7112
trust
Pennsylvania Co—
1917 F A --1514 June'21
Trust co ale of deposit
Guar 8s coil trust reg A_1937 M 5 8214 _ _ _ _ 8134
3158 Feb'22 --- -24 - -3134
5 8
8134
7
875
13
4
12 8
:
11
3
2
4
Tor Ham & Buff let 4s
8138 _ _ _ _ 8158
1 72k4 81%
Guar 34s coil trust Ser 13_1041 F A
83
8214
8214
81%
2 7712 85
k1948
Ulster & Del 1st cons g
8138 83
Guar as trust otis
1942.0C
9112
8112 20
9112
1 89
1928 J 13 9114 92
92
1st
refunding g 4s
7918 82
70
19443
Guar 349 trust etfs D
Apr'21
1952 A 0 16
,03
:3
:,4:
4
Union Pacific 1st g 4s
9112 June'22 -- -815;
Guard 15-25-year gold 4s 1931 A 0 9012 92
0 6
957
4384
8
96
57
38
4 120
1947 .1 J 963 Sale
3 8
9 - -2-66
1s
5
65
96%
Registered
_ 85 June'22 ---- 80
I4)-year guar Is Ws Set E 1962 lB N 87
9234 June'22 -ss-1 88
1947.0
1947
J .1
90
8612
20
-year
cony 48
86% May'22
1942 M N 8514 87
Sale 95
Cin Lob & Nor gu 4s g
9534 185 89
1927,3
.1
9534
8018 8078
let & refunding 4s
3g
1935 Si N 92% -- 8812 Dec'21
CI& Mar lot gu g 44e
90
87
8912
884
53 8112 8912
M S
— - 10
-year
perm
- 91 Nov'21
secured 6e__1928 J J
CM& P gen gn 44e Ser A_ _1942 J J 9514
10434 10314
105
1
102
6
105
Ore RR & Nay con g
4818 8914 89 July'22
Dee'15
1942 A 0 9514 4_ 104
&glee 13
D
8314 89
Ore Short Line Ist g 6s__1922
9614 Feb'12
1942 A 0
997 Apr'22
F A
hit reduced to 34s
- - - - - --let consol g 58
10412 10434 104
10438 57 9614
1948 M N 7814 --- 9018 Dec'12
Series C 34s
19463'
J
Temporary 58
Jan'21
1950 F A 7814 --- 67
10512 15 97 10512
Series D 38a
104613 J 105 10514 10414
Guar refund 4s
Apr'20
Zile& Pitts gu g 344s B
43
2'
1940
J 81% ---- 85
92
19293 D
Utah & Nor gold bs
13
4 Jun9e'22122
1940J J 8112-- 7914 May'19
Settee C
19261 J J 99 2_ 8. 99
8
9618
2 92914
8
let extended 4s
8834 June'22
1933'J J 91% ____ 8612 Feb'22_ 8612 86
86
91
Gr & I ex 1st gu g 446_1941 J J 9078 95
Vandalla
cons
g
Ser A
86
Pitts Y & Ash let cone 5s1927 M N 9534 - - 98 June'22
Apr 22, --- 7814 86,2
1955'F A
851
%
98
08
Consols 4s Series B
Tol W V & 0 gu 44s A1931 J J 93% _- 94 May'22
721s
19571M
Pi
85%
02% 94
14'3'211
Vera Cruz &P let gu
9212-- 82 Dee'20
4214 3512 July'22
48(a,.. 1934.0 J
Series B 44s
35
1933 J
-26 - -471;
VIrginiztn let 5e series A
96 1 32 8814 9738
954 Sale 9514
Series C 4s
1962 M N
1942 M S 8118 -- 77 Sept'21
Wabash 1st gold be
P c c & St L gu 43a A1940 A 0 9412 95% 9314 July'22
98
98121 15 9338 9812
1939 M N
9814 99
8812
2d
gold
be
89 July 22.---- 8112 89
June'22
Series B 44e guar
1939,F A
8812 89
03s95
1942 A 0 9318 ---88% 95
1st lien 50-yr g term 4s_19541
91% Apr'22
6712
6712
Series C 434s guar
5 6712 6712
3 J 6714
1042 M N 87% _
Det & Ch Ext 1st g
9614
be_
Series D 4s guar
19411.1 J 96 ---- 96 May'22 ----91
1945 M N 87% _--- 8812 Apr'22
8
,
9
4148
2 1
8
9 158
12
2
Des
Moines
Div let g 4s
89 --- 8912 June'22
74 MaY'22,---- '74
Series E 334s guar gold 1949 F A
19391.1
73
---'74
J
Om Div let g 34s
8758 93
8914 June'22
Series F guar 4s gold,... 1953 J
19411A
66
8
663
0
84
Tol de Ch Div g 4s
7-9;4,
;8
-6:
79;8
618
1 1 i_
ely
e
'
SO May'2I
90
22
;
D
uun
772 Jj
8
7°
0
9
Series GI 4s guar
1941 1 114 S 7412 80 6
1937 M N 8
Wash Terml let gu 334s
8912 Feb'22,_-__
9.9
Series I cons guar 4413_1963 F A
2-114-2
1945,F A
8112 82,4
-8
let 40-yr guar 4s
Feb'22
Sale
9612
97%
__
85
General 5s Series A
19451F
85
88 - - - 9738! 3
85
A
1970 .11 D
West marylencl let g 4s
64 I 47 5812 6714
C St L & P let cone g be
- 100 May'221_19521A 0 6312 Sale 6312
__1 98
1932 A 0 10038
9 19
08
018
West N Y & Pa 1st g 5s
Phlia Bait & W let g 4s
9018 9312 8978 June'22
193741 J 9718 - - 98 July'22 ____ 95 9812
89% 02
Oen gold 4s
1943 M N
876
8
July'22
N J RR & Can gen 4H1944 M
1943,A 0 78
8012 June'21
80
-------4 ',stern Pao let set
A 59
Pere Marquette let Ser A Os.. 1956 J J
8618 84
1948 M S
LL 7218
95
86 Sale
96
% 8
40 gg1-2
88
°18
2
"'heeling & L E let g bs
1st Series 11 4s
6-E
795
;
12 8
56
;
19281A 0 96% 97
9638 May'22
18 8112 July'22
9212 96%
1956 J J
Wheel
Div
let
gold be
PhIllippine By let 30-yr 1 4s 1927
19283 J 92 ---- 9114 Jan'22 ---- 89% 9114
57%
2 _521_ 5212
5234
J 9
8
5
9
2
4
75
5
1
18
Exten
& Impt gold bs
Pitts Sh & L E let g ba
1930 F A 93 _ _ _ - 92 June'22 ____ 89
92
100 Mar'22
1940 A 0
9534 100
Refunding 44e series A
Sat consol gold ile _ _
1966 M S 6778 Sale 66%
74
68 1
8 52
6934
1943 J J 9734 ---- 9714 Deo'17
_-_ _
rtR let coneol 4s
76 I 15 62
1949
M
Sale
8
$
747
76
•No price Friday;
latest bid and asked this week • a Due Jan. 5 Due Feb. g Due June. hDue
July. k Due Aug. oDue Oct. pDue Nov. g Due Lee. $ Option sale
-_
--
--
--
-6g::
1 0j
Ig71438
New York Bond Record—concluded—Page 4
294
BONDS
W. Y. STOCK EXCHANGE
Week ending July 14
ai
Price
Friday
July 14
Weal's
Range or
Last Sale
'I
,
Rasps
Since
Jae. 1
BONDS
N. Y. STOCK EXCHANGE
Week ending July 11
Price
F•riclay
July 14
Week's
Range or
Last Sate
Range
Since
Joe. 1
High No Low Stub
Ask Low
Bid •
High No. Low High
Ask Low
76
80
Did
7912 June'22
771, 79
1951 FA
80
N Y Dock 50-yr 1st g 4s
77
9955
8112 July'22
9 94 101
8112 83
9934 99
998
1932
J
Winston-Salem S B let 4e_1960 J J
5s
let
J
Power
7
Falls
1
82
15
Niagara
7412
1 10012 10434
81 2
Sale 80 8
103
103
8
1035
103
Wia Cent 50-yr let gen 43_ ___1949 J .1 81
al932
AO
Ref & gen fie
751/3 81
9534
7812 July'22
80
79
9534 June'22 -- 96
953 __
Sup & Dul div & term let 4s '38 IN N
Nlag Lock & 0 Pow let 5s__1954 MN
9118 53 8812 93
91 Sale 91
Street Railway
3 31
6478
Nor States Power 25-yr 5e A_1941 AO 96
62
18
61
99
90
62
3
60
9612
95
.51312
A
0
5
Brooklyn Rapid Tran g 58___194
Ontario Power N F 1st Ss,._ .i943 FA
57
8658
5714 20 3512 64
50
893 ____ 868 July'22 --- - 79
let refund cony gold 4s____2002 J J 49 Sale 8212
88
27 58
Ontario Transmission 5s_ 1945 MN 10114 Sale 10034
84
10112 94 9412 103
_
k1921 J J 83
3-yr 7% secured notes
28 5813 87
7 9412 102%
Pan-Amer P & T let 10-yr 7e 1930
83
8212
Sale
99
99
84
99
9814
___ ____
1931 J D
Certificates of deposit
83%
Pierce 011 s f 8s
16 90 11578
8012 32 54
114
79 Sale 79
1931 J D 10212 Sale 11312
Cents of deposit stamped__ _
1 75
8612
Prod & Refining s f 8s
33 73
8518
83
83
85
85 Sale 8418
_1950 F--A 8318 85
Bklyn 17n El let g 4-5e
7512 36
Pub Serv Corp of N J gen 59_1959 A 0 10514 Sale 104
211 98 106%
July'22
83
10514
S4
8318
1956 F A
Stamped guar 4-5s
75
64
Sinclair Con 011 cony 710 1925 M N 998 Sale 99
70% 735 71% June'22
9934 319 98 10012
1W
5
1937
Kings County E let g 48_1949 F A
725s
66
233 98
15-year 78
99
9934
7212 July'22
705g 73
1949 F A
1952 A 0 9834 Sale 9834
Stamped guar 4s
5114 Sinclair Crude 0115
5 27
10612 106 10514 10713
5114
5112 5114
a1931 F A 106 Sale 10512
Nassau Elec guar gold 4s 1951 1 J 517
82 67
85
5 9213 101
Standard 011 of Cal 7s
81
93
98
79 Sale 7912
10014
100
F
A
1927
5
Tel
N
5s
let
Rye
Cbicago
75
75
Tennessee Cop let cony 6s___192
10334 42 100 10334
____ 7612 June'22
1931 F A 103% Sale 10318
Conn fly & L let & ref g 45e 1951 .1 J 80%
703i 73
Tide Water 011 63's
10358 25 10134 105
e
8034 ____ 73 Apr 22
1951 3 J
1930 F A 10314 Sale 1027
Stamped guar 41-s
95
9634
Union Tank Car equip 7s
8312 56' 6312 85
4
823
June'22
4
Sale
_
963
4
823
9514
J
.1
J
1930.7
Del United let cons g 43s_ 1932
Wat Power f 58
9314
8 89
Wash
9314
58
Jan'al
____
56
9214
92%
-::-I
9312
1936 M 5
71 Smith Lt & Tr let g 5e
1946 he F3
85'
West Penn Power ser A 5s
848 260 75
104% 105 10314 July'22 -- 10318 10412
A
1957 F A 838 Sale 8312
F
Bud & Mantat be ear A
c1948
6314 175 4713 6612
let series D 75
9918 43 93 100
4
4
983
613
Sale
9914
63
9812
1957
Adjust Income be
96
1! 92
96
957g
Wilson & Co let 25-yr s f 6s__1941 A 0 9218 9212 9134
9212 91 84
1932 F A-----96
N Y & Jersey let be
1928 .1 D
9% 21
10338 47 9412 10712
10-year cony a f Os
1218 65
Sale 1112
10214
laterboro Metrop coil 4;0_1956 A
1931 F A 103 Sale
42' 734 18%
12
Temporary 71is
1114
12
11
Certificates of deposit
75%
6812 2351 54
Sale 6712
Interboro Rap Tran let 5s___1966 J J 63
4' 7614 77
Manufacturing and Industrial
77
7612 7712 77
10012 29 9914 10314
1001s 102 100
10-yr 6s
1936 J
28 9312 9412
9412
9512 20 8118 9812
04
Ajax Rubber 8s
4
943
94
95
1932
7s
1928 A 0 9518 9578 10312
49 100 105
70
52
5712
608
104
Am Agric Chem let be
Sale 6614
Sale
4
1033
A
1,fanhat fly (N Y)cone g 4s 1990 A 0 8612 ____ 67% May'22
1941F
5712 6753
93
s
f
7
ref
513
.
888 71 81
1st
____
8812
89
88
1990 A 0
Stamped tax exempt
1N
1
11
1931
5s
e
129
debentur
57
4
8612 93,2
Oil
483
May'22
93
Cot
55
---Am
9234 Sale 9214
2013 J D 60 62
26 4s
172 9712 10212
6412 80
June'22
& R 1st 30-yr 5s scr A 1917 A 0 102 Sale 10114
Sm
80
2
,
102
84
Am
78
M
S
I
&
Lti
J
58_1953
Manila Else fly
.1
92
88,4 72 81
8718 20 8078 88
878
American Sugar RefinIng 6s 1937
8658 Sale 8614
Market St fly let cons Is1924 M S 88 Sale 9234
1939 J
9034 97
9334
105,8 60 102 10978
Am Writ Paper s 7-6e
Salo 105
1924 A 0 9334 Sale
5-year 6% notes
1938 F A 105 107 100 June'22
9918 102
Powder cony 710 g
Atlas
10212
Metropolitan Street RV—
1940 M N
51 50
6714
32 101 10234
0714
17
Baldw Loco Works lot be
9875
Wway & 7th Av let 0 g 58-1943 3 D 6778 8912 6714
A 1,808317s SaleS8 e 10
88
10' 1712 25
20
76
July'22
20
Canada Gen Elec Co 6s1942 F 0
1918 20
Col & 9th Av let gu g 5a 1992 M S
1931 A
50
37 9314 99
39
4712 4314 June'22
Cent Foundry 1st s f Os
Lex Av & P F let gu g 521993 M $ 3914
0
A
1925
5a
g
-year
20
98
Leather
Apr'22
96
Cent
9714 7518 Sept'21
97
____ 95
:111w Eiec fly & Lt cons g 5e_1926 F A
1931 1111 N 9914 ____ 9934
g be
14 96 100
_ -if/;
1
:June'22
881
Corn Prod Refg
1003
Refunding & exten 430_ _1931 .1 J 86 ____
1934 M N 1013 8512 86
1 83
90
1
8634
-year s I Is
87
25
60
4
let
86
863
8712
8612
85
Montreal Tram let & ref be 1941 J J
Feb.21 _--8714 41 5412 8914
Cuba Cane Sugar cony '78_1930 .1 .1 86
3634 853s
New On fly & Lt gen 454e 1935 J J 60 --__ 50 Dee'21
4, 10112 10714
Cony deben stamped 8%.......... 10534 Sale 10534
10612
N Y alunielp Ry let a 158 A_198t3 JI J 63 --- 34
8
IN
2
1931
211coil8e
let
35
4113
6
Sugar
15; 107 11013
Am
39
4
Cuban
383
4
39
1083a
10734 Sale 1073
N Y Rye 1st R E & ref 48_1942 J J 3814
44
6 2
8 33
3812
3714 3778 3718
5312
Diamond Match e deb 7118_1936 - - 441
45
4412
46
:
of
tes
deposit
0
Certifica
919 51; 512 15
878 938 819
Distill See Cor cony let g 69_1927 A8713 90
90 June'22
611942 :‘, 0
110-year ad)Inc 5s
D 898 92
: E I du Pont Powder 414e_ _1938
132, 10318 10812
814 June'22 _--1 434 131
108
8
7
Sale 107
10714
:., Certificates of deposit _____
MN
'31
47 99% 10734
6934 23 6112 72,8
du Pont de Nemours & Co 71is
106
Sale 678
105%
N Y State Rya 1st cons 4)0_1962 M-II 6914
1941 M S 10718 Sale
957
9712
16 95
83 95 10214
Fisk Rubber 1st s 88
97
96 Sale 95
Nor Ohio Tra.c & Light 6s___1947 Al
88
-I 81
Framerie Ind & Dev 20-yr 712e '42 J J -993
87 June'22
86
Apr'22
8514
9312 97
9975
5'4
0
9
10
8
M
&
5e
rot
fly
1930
N
let
Portland
Baking let 25-year 881938 .1 D 7818 8034 7E)
20 7812 90
General
86
9 7034 7934
868
4
1
863
7912
86
1942 F A
fortiand fly Lt & P lot ref 58 1942 FA 103 10412 103
4' 102 108
10414
49 95 192
Gen Electric deb g 310
101
101 Sale 10034
1948 MN
S
M
let & refund 73.e Sec A
1952
55
8812 8212
Debenture
8812 ---- 8812 June'22
10512
10612 38 103 108
Feb 1940 F A 10512 Sale 1153
Portland Gen Elm let 58_1935 J
6434 17 6618 68
20-year deb (is
89 11014 11834
6312 04 64
116
4
11534 Sale
1980
irbird Ave let ref 48
159 4412 6234
Goodyear Tire dc Rub let f Ss '41 IN N 10134 Sale 10134
61
8 97% 10314
Sale 60
183
2
80
10
al980 A0 6014 9514 93 June'22
A
F
Ad] income Is
61931
88 06
-year f deb g 8s
10
4
7212 82
943
j
79
80
7812
1937
N
Third Ave fly let g Is.
27 96 10034
100
Int Agee Corp 1st 20-yr 58_1032 INI D
10 102 11413
110
100 10014 100
108 110 1097s
J
28
'EH City fly & Lt let, e f Is,.,...1923 AO 76 ---- 73
83_-__19
cony
Cement
73
73
8812
Jan'22
Internet
15 86
87
4
863
8612
8713
J
J
.1
J
....1933
1947
Undergr of London 43.e,.,,.
International Paper Is
8612 62 8314 87%
6018 ---- 64 June'22 _-__. 60 64,8
8614 Sale 8512
1948
Income 88
194713
5 75
8812
27 102 108 •
8614
let & ref 5s B
104
85gi
104 10414 10312
A
F
1942
United Rya Inv 15s Pitts !Salle 1926 M N 86
7s
5112 8134
Kayser & Co
10838 62 101% 10912
: 6134 June'22
1934 J J 5934 621
N 108 Sale 10734
1931
United Rye St L let g 4s
58
1 97
9814
56
58 May'22
97
Kelly-Springfield Tire 8e
9712 97
1924 A 0 567 59
St Louis Transit gu 5s
1936J D 07
3 72
8014
8014
11514 56 112 11514
Kinney Co 71'5s
8112 8014
114 115 114
.1934 J J 79
44A
Va fly Pow let & ref Is,.
78..-19
977
18 91% 9812
& Myers Tobae
8
Liggett
965
____
93
1951IF A
Gas and Electric Light
231 897 9512
6 112 116
95
114
9412
55
95
1148 1133
1944,A 0 114
8ti7n Edison Inc gen Sc A 1949 3 3 9412 Sale 10112
11' 9218 97
6 100 103,2
9534 Sale I 955
102
96
Lorillard Co (5) 78
1930 3 j 101%
1951'}'A
Genera!6e series B
971, 100%
2
10712
102
100
4
98
106
55
105%
9814'
4
1033
98
J
J
1930
1942 A 0
General 7s series C
91 9212 97
18 10612 1088
Feb'211
10813
2 __-_
'
'2
98
Manatl Sugar 75'58
9634 July
1940 J D 10712 Sale '106
1929 .1 D 9612 9714' 88
General 7s series D
-9612 11' 8712 97
94
Nat barn & Stamm; let 5s 1930 J J 91
95%
1
6
9
9512
N
M
1945
g
5s
cons
let
Gas
Un
13klyn
9814
10012 40' 9455 i669314
2 92
9934
9714 Sale 9714
Nat Starch 20-year deb 5s
1952 M N 10012 Sale
Ofneln Gas & Elec 1st & ref 52 1956 A 0 94
97 10114
41 8814 97
96
10012
9512 95
National Tube 1st Is
1927 .1 J
1928 M N 10012 101
Columbia0& E let 56
1 98 10814
96
2 44
81' 88
93'4
96
97
10
Y Air Brake 1st cony (is
1078
a a 9312 Sale I 95
1927
N
10712
10738
Stamped
881931 A 0
-year
10
Car
2
Motor
99 104 ,
10312
1(1312
75
Sept'21
--Packard
____
4
853
10312
J J
_
Columbus Gas lot gold 6s ....1932
1931 M N
Tob 33
1
125 1385 103 125
99 1 21 9312 100
Porto Rican
9834 9914 9712
1925 Q F 12214 1223-4 117 2
Consol Gas b-yr cony 7s
Hoop let 85 ear A1941 M
39 94 101%
5 93 100
Steel
100
9814'
s
99,
-1
-,_9712
Sale
100
98
Sharon
J
J
23
J D
Detroit City Gas gold 58__19
9713
3 93
907
96
9814
9612 July'22 -98,4 98
97
South Porto Rico Sugar 7s _.A941
96
Detroit Edison let coll tr 5o 1933 J .1 9734
1930 M N
101
97 102
Standard Milling let Is
9334 27 8914 97
10112 Sale 11001s
k1940 M 8 93 93,2 9234
let & ref Is ser A
9734 105
Tulle gen 8 1 7s ser C-1951;J J 101 Sale 110314
&
104
22
105
9912
10214
4
Sale
1013
10214
Steel
8
M
16
35
• k1940
1931'J D
lot & net (is series B
8812 10472
91 100 194
10434 June'22
1027 Sale 10212 103
Tobacco Products s I 7a
.1 102 ____ ,110
Duquesne Lt let & coil 6s_,,1949 3 J 106 Sale 11054
1930
56 104 112
10634 30 10434 10734
111
Union Bag & Paper 1st 58
1936 J J
Debenture 73.e
19413 D 11012 Sale 1 9512
96
88
cony
17
985
Drug
Sale
I
4
92
9812
2261
981s
983
N
United
988
4
Sale
97
M
953
1937
Empire One & Fuel 7 :El__
68_1924 J
6 7714 92
5 10012 10412
91
10238
9212 90
U S Realty dc I cony deb g
1952 F A 90
D 10238 10212 1023
Havana Elec consol g 58
908
5-year see 7e__1923
173 86
I
90
Rubber
—
89
I
8512
90
--j
-June'22
89
N
S
894
Bale
M
U
90
1949
p
Hudson Co Gas let g 5s
1947 J
1'1 9112 98
955g1
25 104 10934
1083
1st & ref 55 series A
Sale 10734
4937i A 0 95as 9734 958
Zings Co El L & P g 5o
1930 F A 10838 102
5 9512 10358
102 I
10-year 710
101,4
100%
1997 A 0 10912 11012 10912 July'22 ----'1062 11112
Purchase money Os
7 137 93 10113
Ref dc M couv 8s 1926 F A 997 Sale 9934
312
12
Smelt
1(47
4
_—___
14
y
t
is
1
8
.8
i
)7
99
8
S
).8
.21.--_-j
r
,
?
,
11
1925 M S
J D
Convertible deb (is
1 92 102
102 '
Va-Caro Chem let 15-yr Se,..1923
9912 9934 10114
()
A
7
2
4
1
Ed El 111 Bkn let con g 442_1939 3 3 84i z
2
93
199
e11
9114 9114
91141-- 1' 86
93,4
99%
9912' 199 98
90
monv deb Os
C
9878 Sale 0834
J D
Lac Gas L of St L ref & ext be 1934 A 0
3
26
9212
52
8712
92
105%!
8
p4
Sale
9012 10513
1053
105%
1927 M N
Tel
Milwaukee Gas L let 48
9
10930 114 10534 11034
-9-12 19
02
11
399
10
21'4
10012
10258 35 9912 102%
12-year f 7148
Sale
10134
D
J
N Y Edison let & ref 8 As A_1941 A 0
1941
9912 20 , 928 9934
12 Sale 98
Warner Sugar 7s
J j 10014 Sale 10014
100,8 21 99 10012
A
.1 D
8e99
949
NYGEL&Pgb
19
8312
8212 82 July'22 __II 76
82
West Electric let 155___ _Dee 1922 Tel N 10714 Sale 108%
10734 58 105 108
Purchase money g 4a
1931
Westinghouse E & M 7e
102 10012 June'22 ___110012 1015
100%
98 97 10114
101
99
10012
100
3
3
5
Ed Elee III let cons g be199 51 N
Span Steel 1st 75_1935
93
9134 9114
988 46 90
Wickwire
948
1937
No Amer Edison 6s
Coal, Iron and Steel
9912 75 9515 100
998512
%
e
1
9
a
9
s
3
1
4
i
1
9
6
9
0
J
J
Pacific GI dc E Co—Cal GA E—
1926
1 93 065s
96 -- -- 9614 July'22 Beth Steel 1st ext e f Is
9618 25 8912 984
ej
MN
2j
Corp unifying & ref be1937 M N
36
194
9214
9012
9434
9114 '
87
9034 Sale
1
let & ref 5s guar A
9112 37 86
4
9112 Sale 9014
1942 i J
Pacific G & E gen & ref 5s
yr_!_lla &imp s f 58
8734 94
9012 8912 July'22
9914
s A
206
90
983.1 130 98
F
A
983
98%
Sale
A
F
'30
&
ref
5e
1948
20-yr
Pao Pow & Lt let
11,, 10114 105
14
1
5
0
19
i8
19
i
5
0
05
0
e
1
s
.
l
,34
0
04
10
8414
0
78
____
Aug'21
s
m D
2 .1
36
!coo Gas & C let cons g Os 1943 A
92
19
2
100
6 95
Buff & Susq Iron o f be
89
165Apr'22
_-__
100
1W
Refunding gold 53
a1928
Debenture be
6 82
9114
70
J 95 __-- 95 May'22
91
M S
37 J
194
Ch 0 LA Coke let Rug 58_1
1943 JF DA
92
92
Colo F I Co gen s 58
80 ---- 92 May'22
7912
7912 17 71
7814 7812 79
gu____1934 F A
Con 0 Co of Ch let gu g 53_1936 3 i 86% ____ 7812 June'22 iiii 7812 7812
8038
64 86
Col Indus let A eon 5s
8953
4
18
3
°
8
9
8
9
8
-'
Sale
N
M
1947
Gas
g
let gu 5s
Mu Fuel
9612 102,4
9734 46 9612 9914
Coal of Md let A ref 58_1951)
Sale 9712
10
9612
9612
9712
9612
Cons
977
A
F
1944
1925 J O
Philadelphia Co Os A
9612 9514 June'22 i -_____ 9212 0612
8813 93
Elk Horn Coal cony es
91
12
91
60
9012
Sale
1926 J D 9438 92%
AO
1940
stand Gas & El cony e f 8e
410
9112 Illinois Steel deb
9112 June'22
85
73 964, 10112
D 92
101
1952 M N loo 10012 100
Syracuse Lighting let g 5e__ _1951 J
_
Indiana Steel let Is
8512 ---10 9334 100
997
100 Sale 9978
Trenton GA El let g be
2 941 5
ny
-901'
e'M
Lackawanna Steel let g 58_1923 AG 89
9273
82
901s - - -- 214 Plia
80
S
M
8013
5
Si
2
9
3
94
_19
M
Lt
&
P
Is,.
Elm
g
let
1950
Union
97 Sale 97
97
Cone 5s series A
2 9314 9834
94
let
90
42
4
:2
9
8
8
---June'2
9
78
,
8
4
8
%
8
9
1
1938 3 3
1954 .1 J
f 411s A
United Fuel Gas let s f (Ss
Nay
&
91
C
I
92%
90
83
4
904
Lehigh
24
933
9012
1944 F A
Sale
MS
Utah Power & Lt let 55
2 91
.31,7
..! ;
4314
8958 __-- 91 June22 _2
Midvale Steel & 0 cony s f Is 1936 FA
10012 24 9612 103
10012 Sale '100
1957 1 J
1041
Utica Gas & Elee ref 5a
9114
89
Otis Steel 8s
1
9114
9114
J 9114 94
Miscellaneous
5 75
79%
97
7918
7934 788
Pocah Con Colliers let s f 58_1957 J
8 90
03 Sale 9238
9238
1948 M 13 79
Adams Ex coil tr g 4si
l' 9
1212 Repub I & S 10-30-yr be f1940 AO 81
9
9
87%
912,
9
78
---.
MS
June'22
82
81
1925
1955 J
MAAR Gold M deb 6s A
87e' 6 July'22
107s
6
6
St L Rock Mt & P 58 stmpd
- 9613 99
9834 9834 July'22
1926 M S
1951 J J 98
Cony deb (le series B
10 70
81
8234
Tenn Coal I & RR gen 53
8034 81 I 8012
202 9912 10414
0
A
103
8
4
1023
1015
Sale
1934
MN
51983
Am Wet Wks & Elec be
9034 30 8612 94
II El Steel Corpleoup
.1 D 9014 Sale 90
- - - ____ 101 June'22 ---- 99 10212
51983 M
Armour & Co let real set 414s 1939
8 f 10-60-yr 5ef reg
39,2 3814
9234
40,2 120 2312 5012
7 Si'
D 39
9212 9312 92,2
92,2
AUantio Fruit cony deb 78 A_1934 J
72 10273 105
Iron Coal dc Coke let g 55-1949 MS
3 Sale 103%
1033
10412
Vs
S
M
1931
Atlantic Refg deb 65s
9914
Telegraph and Telephone
9912
58 93
A 9918 9912 9834
9134 91 8814 9134
9112 Sale I 9114
J
J
In
coil
4s__1929
Teleg
Braden Coro M coil tr a f 13s 1931 F 0 81% 8234 82%
&
Telep
1 7714 8518
827
Am
8638 85 June'22 -- 8014 802
1952 A
1936 IN S 84
Bush Terminal let 4s
Convertible 4s
9012 July'22
8214 9214
- 9534 103
1955 J 3 -6
1933 M S 10012 10114 100 June'22 118
Consol 55
20 8614 9212
92
:
1s Sale 911
20-year cony 4}is
9112 0018
9812
A 0
9734
OS%
Sale
1980
D
J
ex
1948
tr
5s
coil
tax
5e
guar
temp
Building
119
81 110 12414
30-year
11814 Sale 11712
39 108 118%
J
115
114
J
Sale
11.3
1931
1925 F A
convertible (Is
Cerro de Pasco Cop 8s
-year
112
93
92
46
9212
8712
Sale
7
9212
107
75
10834
i 3
1945 A 0 10814 Sale 108
62
Chic Ern Eita'n let gu 410 A1063 3 J 111 Sale 11312 115
Bell Teleph of Pa f 78 A
5 9718 100
100
9934 10014 100
1983
612
17
75
let Ser C 614e (ctfs)
27 119
91'8 10
106
Cent Dist Tel let 30-year Is 1943 J D 7312 74
5 72
10534 105
10512
N
M
7312
:
731
2397 Q J
92
Commercial Cable let g 4s
Odle Copper 10-yr cony 76.._1923
11 8811 9414
92
131 84
9112 Sale 918
933
933
1932 A 0 9518
1937 J J 9353 94
9534 951B
Coll tr & cony 8s ser A_
9712
9434 9914
9614 18 89
Cumb T & T let & gen 5s
J
993
991,
9914
1941'J
99
1924 F A
90
ComPuting-Tab-flee s I Be_
91
90 May'22 -___1 87
Mich State Teleph 1st 5s
9414 82; 8814 05
M N 86
N 9414 Sale 9312
9
99
Granby Cons M S & P eon (lo A '28 M N 90
95 94 June'22 -___ 87
N Y Telep let & gen f 4;0_193
105% 50; 101% 108
Sale 10438
1928
-year deben s OS__ _Feb 1949 F A 10512 Sale
102
98
Stamped
30
86
149, 1017s 105%
8
9918
100
9812
10512
N
10412
M
1925
10518
Cony deben 85
60 10513 108%
4 9412 9812
20-year refunding gold Os_ _1941 A 0
9812
107
M N 8738 88% 97%
Sale 10812
Northweat'n Bell T 1st 78 A_1941 F A 1068 Sale 9634
8812 Sale 88
89
Great Falls Pow let e I 5e _,i940
55 8818 94,4
7 91% 98
N
06%
_1947,S1
8
067
_
1937 J J
9912
95
91 89
1 91
6
23
Holland-American Line 6s_ 1941 A 0 96 Sale 96
97
Pacific Tel & Tel 1st 53
9234
8
917
9234 Sale
N
M
1952
96
93
Inter Mercan Marine s I 6s
Sale
98
46
97
59
9838
96
941G
1931 M 13 9712 Sale
8414 126
Invincible 0118s
4; 90% 100
12412 126
74 99
8'3 South Bell Tel & T let s f 6(3_1941 J J 94
9734
125
978
0
512
9
A
9
8
%5
7
1931
Marland 011 s I 8s with warts
8812 94%
Western Union coil tr cur La_1938 J J
106
42 99 10712
193(1 M N 10134 10612 104
9212 92% 92,2
N
Mexican Petroleum e f 8a
Fund & real estate g 414 e 1950
8 10612 11012
99
99
54 93
273 66
10
19
1943 J .1 9812 Sale 968
110 Sale 109,8
1936
R
year
Montana Power let be A
1586
.July'22
78
8734
86
85
J
.J939 J
Morris & Co lets 1 4 e
Dec. a Option sale.
/iDue July. kDue Aug. oDue Oct. (IDue
. aDt10 Jan, dthie Aprtl. cDue mar. oDue May. yDue June.
°No price Friday; latest bid and asked
0 r
BOSTON STOCK EXCHANGE-Stock Record se:,?err:age
HIGH AND LOW SALE PRICE-PER SHARE.
NOT PER CENT
Saturday.
Monday.
Tuesday.
Wednesday. Thursday.
Friday.
July 8.
July 10.
July 11.
July 12.
July 13.
July 14.
Sales
for
the
Week.
STOCKS
BOSTON STOCK
EXCHANGE
Range stncs Jo.. 1.
295
!Range for presto's
year 1921
Lowest
Highest
Lozesi
114g8e51
Shares
Railroads
14612 147 *146 147
145 147
145 145
330 Boston & Albany
100 11014 Jan 4, 152 May 22 119
Apr 133 Nov
82
83
82
8214 83
83
83
8314
218 Boston Elevated
100 73 Feb 20' 8453May 2
6174 Jan 79 Nov
*9912 100
100 100
100 *____ 100
35
Do peel
100 9414 Mar 1 1 104 June 14
78
Jan 100 Dee
11712 11712 116 116
116 117
46
Do 1st pref
100 116 June 22 120 June 10
102 102
----102 103
103 103
96
Do 2d prat
100 102 June 10 104 June 23
*27
2712 27
2712 *2714 28
124 Boston & Maine
274 27'2
100 14 Jan 10 3112May 20
1314 Dec 253, -Feb
*31
34
32
32
32
32
10
Do pref
100
Jan
Apr
37
9
20
8
1612 Nov
40
30
40
Jan
39
39
39
39
113
Do Series A let pref. _100 22 Jan
5 4412 Apr 26
19 Aug
58
33
Jan
53
58
56
58
58
18
Do Series B 1st pref..100 36 Jan 17 62 May 20
27 Nov 47
4914 50
Feb
*49
51
*4912
*4912
12
Do Series C let pref 100 30 Jan
9 54 May 25
21 Nov 40
70
7012 70
Jan
*69
70
70
*69
70
35
Do Series D let pref...100 40 Jan 12 7712May 1
30 Nov 58
*162
*161 155 *160 165
Jan
161 162
10 Boston & Providence
*12 13
13
Jan
*12
15
Last Sale 12 July'22 ------ Bost & Wore Elea pref_No 100 125 Jan 12 162 July 8 110 June 133
par
384 Jan 26
12 June 27
33, Feb
314 Jan
*140
*140
Last Sale 140 June'22
Chic June fly a-. U S .... _100 130
Jan 19 140 June 23 110 Feb 130 Feb
*95 -96
-9-9
*96
*95
09
99
*95
99
18
Do pref
_100 801
4 Jan 9 96 July 7
6312 June 82/
80 '78
80
1
4 Dee
80
Last Sale 80 June'22
Conn & Pass Rivers pref._ 100 71/
May 11 80 Apr 18
45
45
50 Sept 67 Feb
45
44
44
45
45
90 Maine Central
100 2711 Jan 30 48 Apr 15
3014 *3012 3034 *3058 31
4312 Fel
30 Dec
31
31
-3018 307s
140 NYNH & Hartford
100 104
SO
80 *_ _ _ 80
12 Dec 2314 Jan
Last Sale 79 June'22
Northern New Ilampshire_100 69 Jan 3 3473May 22
Jan 10 8312May 9
97
97
97
60 Apr
*971, 100
75 Feb
*92 ---97
50 Norwich & Worcester pref_10
98
0 58 Jan 17 100 June I
51 Nov
76
Jan
92
*92
93
93
93
93
93
62 Old Colony
100
57
Jan 6 9814May 23
49
49
49
48
Oct 75
48
50
Jan
20 Rutland pref
100 15 Jan 20 5278June 5
97
*9512 97
*9512 97
Apr
Last Sale 9'7--July'22
15
Jan
21
Vermont & Massacbusetts_100 78
Jan 23 98 June 1
69 Nov 78 Per
Miscellaneous
-- -Last Sale .05 Apr'22
Amer 011 Engineering
312 312 *314 312
10
.02
Feb
8
3
.05 Jan 25
.312
333 353 *312 334
358 35
.04 Aug
3
Jan
198 Amer Pneumatic Service
*17'18
25
224
Feb
18
1
1812 *18
1812 1812 1812 1818 181s
534 De;
414 Jan 27
Jan
2
355
Do pref
12012 1211,8 12014 121
13 Feb 20
12038 1211s 12034 121
1812July 1
12034 12113 121 12113 2,293 Amer Telepho
3
/
1
4
Jan
22 Nov
15
ne & Teleg_ _100 114% Jan 3 12434 Mar
112 112
11212 113
11212 11312 113 113
11213 113
113 113
14
9612 Jan 1191
221 Amoskeag Mfg
/
4 Nov
No par 104 Jan 10 117 Jan 24
8512 8512 *8512 ____
*8312 ____ *8312 ____ *8312
74
Jan 109 Des
10
Do pref
No par 18012
*15
*15
17
17
*15
Last Sale 5 May'22
17
*15
17
73 Feb 8414 Dee
Art Metal Construe Inc__ 10 1412 Jan 17 86 July 5
*17
*17
18
Feb
20
18
*17
2012Ma
Last Sale 17 June'22
*17
18
y
19
18
12
Jan
16 820
Atlas Tack Corporation No par
13 Jan 7 22 May 4
Last Sale .30 June'22
12k Dec 20 Apr
Beacon Chocolate
.-2-5 10 .25 Jan 20 .75 Feb 21
Last Sale .25 June'22
-:35
.15 Dec
Boston MexPetTrusteesNopar .15 Apr
4
Jan
27
.50
May
Last Sale .10 July'22
4
.15 July
Century Steel of Amer Inc_ 10
.95 Jan
*23 2-3-5.05 Jan 20
4 23
23 '23
.15 Apr 27 .0.31
2334 *2
.3
2334 *23
2334 *23
2334
/
4 Oct
65 Connor (Jota T)
11
/
4 Jan
*4
*4
10
152
5
Jan
4
4
5
*4
2312
Mar
412 *4
412 *4
413 412
3
412
July
150 East Boston Land
912
1718 Dec
*1012 1112 *1012 1112 *1034 11 12 *1012 1112
10
3 Jan 4
6 Apr 21
Last Sale 11 July'22
3
Oct
411 Feb
Eastern Manufacturiag__ _ 5
7212 7212 7112 72
914 Jan 19 1414 Feb 10
71
71
71
glq Oct 23
71 12 71
71
350 Eastern SS Lines Inc
Jan
*4512
25 3812 Jan 4 73343une 22
*4512 --- *4512 - - _ - *4512 - - Last Sale 47 May'22
16
Jan 42 Dec
Do pref
17534 17534 17534 176
42
50
Jan
176 1/3
4712
7
Apr IS
176 17613 x17312 17312
.76
62
Nov
45
207
Edison
Dec
Electric
Biwa.
100 156 Mar 2 17513 July 13 1421
*1138 12
*11
12
*1.14 1112
1114 1114
1034 1114
4 Oct 165/
10
11
400 Elder Corporation
1
4 Dee
No par
1217 12
12
.
3 Mar 14 13 May 17
1212 *1134 12
*113.4 1214 *1134 1212 *1134 1212
3 Nov
17
255 Gardner Motor
Jan
No Dar
10 Jan 12 1614 Apr 6 I
9%
Sept
2314
Apr
Last Sal .50 May'22
Gorton-Pow Fisheries
*49 10
50 .30 Mar 31
484 4934 -init 16- ;;:16- 49
1 Jan 19
20
.
-34
20
1
Dec
20
125
20
Greenfie
8
Jan
ld
Tap
& Die
2114 2114 20
25
19 Jan 26 2714 Feb 27
20
*1934 2014 20
*49
20
4934 49
1914 Dec 29 Nov
49
71 Itood Rubber
*34
No par 43 Mar 9 5314 Mar 20
35
34
34
3414 3414 31
34
3312 3312
_
135 Internal Cement Corp_No par
*30
*30
26 Jan 20 3712May 13
____ *30
____
30
30
*30
19 July -28-4 Dec
30
30
10
Interna
t Cotton Mills
*65
67
*65
50 28 Mar 25 32 Jan 27
67
65
65
*65
*---_ 67 *____ 67
32 Dee
411
/
4 Feb
10
Do pref
412 412
412 412
100 6412 Apr 4 7812 Jan 6
434 434 *4
5
*413 43. *412 434
74 Dec 86 Mar
235
Interna
l
Product
*1012 15
s
*7
No par
1012 *712 15
314 Jan 9
612 Mar 25
*914 12
Last Sale 11 June'22
2 Sept 13
Jan
Do met
113
113 *.75 1
100
.75 .75 *.75 1
7
Jan
5
17
Apr
1
.85 .85 -------5 Nov
520 Island 011 & Transp Corp_ 10
32
Jan
8
814
814 81. *8
.62 Apr 15
812
712 712
3 Jan 24
47 Mu
2 Sept
84 814
74 Libby, McNeill & Mb
8
8
8
810
814 81
10
*818 812
13
Apt
8
812 812
24
1112Jun
518
e
3
8,2 9
Dec 13
236 Loew'e Theatres
Jan
75
7613 76
7612 76
25
8 July 1
7612 16
13 Jan 16
7312 7612 77
1814 Dec
W7- 7718
713 Masaachusette Gas Cos
18 June
66
67
66
66
100 63 Jan 3 773g July 14
66
66
55
533, Sept 85
66
67
67
67
379
6712
Do pref
Jan
•148 150 *148 149 *145 149 *145 143
100
62
Jan
3
89
Apr
8
*145
5812 Oct
148
146 146
25 Mergenthaler Linotypo__ _100
2312 2412 23
2334 *2212 24
130 Jan 3 156 May 10 117 Sept 84 May
24
24
*2214
*2214
233
100
Mexica
136
4
233
Nov
4
n
Investm
*2312 24
ent Inc
2312 2334 2334 24
10
24
24
2334 24
1312 Sept 8512 Apr
24
24
152 Mississippi River Power__ _100 20 Mar 27 2738June 26
*79
81
80
81
13 Jan 6 2512May 5
*79
80
80
81
*79
80
11 Sept 14/
*79
80
35
Do stamped pref
1
4 Mar
8
8
100 7212 Jan 9 82 Feb 25
81s
712
31s
712 8
8
8
814
June 84
80
.18
163
Nationa
,
4
Apt
l
Leather
212 212
2
10
2
712June 28 1153 Jan 21
2
2
*la; 212
2
212
2/
1,741 New England 011 Corp
1
4 Dec
134
2,4
9k Jan
11512 11512 11512 116
112Ju
117 117
ne
21
117 11714 11712 11712 117 11712
5 Jan 28
4
Aug
New
590
England
O
Aug
Telepho
*8
ne_ A00
9
*8
9
*8
Jan 4 118 Apr 13
9
*8
Last Sale 1238 May'22
9
Ws Jan 11224 Dec
Ohio Body & Blower_ __No par 109
•1834 1914 *1814 1914 *18
11 May 18 14 Mar 16
1834
18
18
1878 1878 17
18
250 Orpheum Circuit Inc
7 July
Ilk Dec
*NO
*160 165 *160
1
13 Jan 10, 2134May 3
____ 162 162 *160 162
160 161
4413 Dec Nis AV
22 Pacific Mills
MO July 31 17412 Mar 11 140
*1512 ---- •1512 ____
Jan 171 Dec
1513 1512 1512 1512 *1512 ____ *1512
_
15
Reece
Button
*4
Hole
412 *4
412 *4
10 1212 Apr 18
412
4
1512June 21
4
3,2 312
12/
1
4 Apr 16
30 Simms Magneto
Jan
10034 101
101 10112 10012 101 12 10034 102
5
3 Feb 20
10114 10134 16124 10i1i4
718 Apr 5
549 Swift & Co
3 Dec
914 May
4113 42
42
4312 44
100 9214 Jan 3 10872 Feb 23
45
44
4134 44
43
4412
43
1,757
8812 July 1053, Jac
Torring
ton
*11
13
*11
13
25
r39
10
July
11
*11
3
13
8112Jun
*11
e 5
13
*11
13
12 Union Twist Drill
47 June 81
Feb
3812 38s 38
3812 38
5
8 Mar 29 1414 Feb 3
3814 38
3812 38
39
3812 39
1,651 United Shoe Mach Corp
10 Dec 22
Jan
*26
2632 26
26
25 34 Mar 3 45 Mar 24
23
26
27
27
27
27
2714 2714
460
33 Sept 3914 Jan
Do pref
32
327s 3212 3273 3212 3278 3234 33
25
25
Jan
3 27'4 July 14
3212 3273 3214 3258 3,732 Ventura Consul 011
Apr 2512 Dee
221s
*29
291, 29
Fields_
2912 29
5 217a Jan 27 3312June 2
29
*2914 2034 *2914 2912 2913 2914
287 Waldorf System Inc
1614 July 24/
1
4 Dec
97s 973
9
914
10 26/
873 9
1
4 Jan 4 3112June 2
9
938
938 93,3
834 938 1,955 Waltham Watch
16k Jan
2972 Dec
*36
40
*36
40
36
100
3712 *38
7 Jan 3 1414 Apr 26
40
*36
40
37
37
6 Dec 17
175
Do pref
Jan
*1214 1234 1212 1212 1212 1212 *12
1233 *12
1212 1238 1212
230 Walworth Manufacturing_ 100 34 Feb 15 49 Apr 25
36 Sept 75
Jan
3314 3434 3214 33
3258 3234 3234 33
20
712 Feb 7 1234June 15
3314 3334 3314 3312 1,195 Warren Bros
17
Sept
Yes
3512 36
35
36
3412 35
35
50 1712 Jan 3 35 May 29
35
3412 35
35
35
11
346
Do 1st pref
2212 Apt
Apr
4434 *43
4434
4434 4434 4434 *____ 44 *____ 44
50
3012
Jan
4
373
4June
14
17
Aug 33/
Do 2d pref
5
1
4 Dec
*1558 16
*1534 1612 *1534 1614 *1534 1614
50 3312 Feb 18 4434 July 12
Last Sale 16 July'22
18
Oct 3524 Dec
Wickwire Spencer Steel
5 1334 Mar 27 21 May 13
Last Sale .80 June'22
8 July 181
. Jan
Wollaston Land
.80 June 16
5
13
Jan
4
4
.35 Oct
124 Dee
'1..65 .90 *.65 .90 *.55 .90 *.65 .90
Mining
Last Sale .65 June'22
Adventure Consolidated
.
61
63
61
61
61
61
61
6112 *61
- 25 .50 Jan 31
62
6112 6112
1 Apr 15
.4 Mar
350 Ahmeek
.75 Mal
.0.20 .50 *.20 .50 *.20 .50 *.20
.50
25
Last
59
May
Sale
11
66
.20
May
40 Aug 83 Dec
July'22
29
Algomah alining
2512 2512 *25
26
25
25
*25
26
25
*25
.20 Jan 13
2512 25
.50 Apr 17
.15 July
2512
50 Allows
.50 Api
*333 373
312 312
312 312
334 334
25 22 Jan 9 3212 Jan 26
312 373
16
Apr
2412 Nov
334 334
130 Arcadian Consolidated
914
912 *914 912 *914
___
_
25
2
Mar 10
912 *914
458May 23
Da Sept
912 *914 912 *814 81
314 Jan
30 Arizona Commercial
*1434 15
1434 1434 *1412 15
814 Feb 20 1012June 5
1434 1434 *1412 15
5
1412 1412
fik 2an
120 mugham Mines
10 AM
272 275
270 270
270 275
271 272 *272 275
13
10
Jan
5
1614June
270
6
270
it
Mar
72
14.
Calume
t,c
1038 1012 1013 101
t & Hada
. *1014 10,2 1034 1034
1012 1034
25 265 Jan 5 298 May 31 210 Apr 280 Deo
11
1113 2,505 Carson Hill Gold
*1012 12
*10
11
*912 10
*912 12
Last Sale 10 July'22
1
10 June 19
1634 Mar 29
11
Dec
Centenn
1613
4412 4314 44
Jan
ial
44
4314 44
4312 44
4334 4334 4373 4414
25
912 Jan 16 1312 Feb
347 Copper Range Co
7
Jan
712 738
10
Jan
79
4 733
712 7,2 *712 734
712 712
712 712
23 3712 Jan 3 4634May 31
27
315 Davie-Daly Copper
Jan 4104 Doc
11
11
103.4 11
1012 1034
1034 1034 *1034 1114 *1034 1073
10
612 Jan 3
914 Jan 26
155 East Butte Copper
5/
1
4 Mar
712 Jan
213
2
2
218 *2
214 *2
Mining
214 • 2
10
10
Mar
27
214
1214
Jan
214
26
7
338 Franklin
214
Aug
1124 Dec
314 *234 312
212 212 *234 314 *234
1 Apr 11
25
*234
314
378 Apr 15
*234 312
19 Hancock Consoli
lk Apr
814 Jan
1
1
*1
114
1
1
*1
dated_
112
.99
1
25
2 Jan 13
312 Mar 10
*1
700 Helvetia
11 2
112 Sept
8/
1
4 Jan
109 110
109 109
10912 110
109 10912 109 10912 1083
25
.99
July
13
214
.
Apr
17
10834 1,800 Island Creek Coal
1 June
372 Nov
*93
95
92
92
*9212 95
*9212 93
*9213 05
1 8112 Jan 10 11622June 21
*9212 95
1
48
Jan
Do
881
/
4
Dec
pref
.
23
23
24
23
23
23
•23
24
23
23
*23
1 88 Feb 14 96 June 15
24
50 Isle Royale Copper
75
Jan 9012 Dec
*334
__
*334 -- -. *334 - - - *334
Last Sale 318 June'22
23 2218 Feb 28 2634May 31
1014 Jan
Kerr Lake
2412 Dec
*214
212
2
214 233
212 213
214
214 213
5
3 Feb 6
214 212
478 Apr 17
320 Keweenaw Copper
23, Mar
4 Sept
412 417
41, 412 *412 478 *41? 478
412 45s
25
1 Feb 24
473 478
57galay 5
76 Lake Copper Co
.98 Sept
2 Dec
*112 2
112
112 *112
113 134 *113
13
134 *113
25
134
534May 31
214 Feb 18
145 La Salle Copper
2
Jan
8
/
1
4 Dec
*2
234 *2
234 *2
. *2
23
234
2
2
*la, 2
25
112 Feb 6
214 Apr 17
250 Mason Valley Mine
114 Jan
218 Feb
*3
3
314
3
3
313 313
313
3
31s
5
3
Jan
234May
13
314
4
3
19
265 Mass Consoli
114 Jan
2 Sept
*412 5
458 453
dated
454 434
412 434
414 478
25
2 Mar 24
4,3 478
434 Apr 13
245 Mayflower-Old
.55 Apr
3% Jan
13. 234
.75
112
Colony
.75
.75 .90
1
.90
113
25
1
214 Jan 20
114 5,258 Michigan
6 May 22
514 Jan
2% Aug
65
6612
65 65
63 63
62
63
6213 64
25 .75 July 19
62
63
7 Apr 13
11
/
4 Aug
31 May
270 Mohawk
25 5312 Jan 7 68 June 5
*1834 1014 .834 1878 1878 1873 1834 18341 1873 191s
43
/
1
4
Jan
69
Deo
*19
1914
495 New Cornelia
.i0*__,_
Copper
.15
.15
.10 .1O'-_
5 17 Feb 21 2012June 2
.15
.10 .10
1214 Sept 1824 Dee
250 New Idris Quicksi
37
lver
37
37
Last Sate 37 June'22
5
21
/
4
.10
July
Mar
7
23
.40 Nov
New River Company
2 Dec
*75
76
75
75
76
*75
75
100 37 Jan 6 40 Feb 9
*75
40 Feb 57 May
7712
60
Do met
5
553
517 512
5f', 54c
5
558
534 534 *512 6
100 73 Jan 7 7812 Apr 7
74 Dec 95 Mar
172 Nlptssiug Mines
13
1314 1234 1278 1234 1234
13
13
1278 13
5
1234 13
5 July 8
7 Jan 4
4 July
525 North Butte
812 Jan
*238 3
234 234 *212 3
234 278
234 273
15 11 Feb 15 15 May 29
8 Mar 1418 Dec
27s
126 011bway Mining
278
*25
26
2434 2434 2312 2412 25
25
*25
25
26
21a Jan 20
418 Apr 15
25
1 Aug
25
46 Old Dominion Co
212 Dec
*34
35
*32
34
*3214 3412 *32
34
25 23 Jan 4 27 Jan 25
*32
34
32
1528 Jan 2584 Nov
32
15 Osceola
46
4613 *44
4513 44
44
44
44
*44
25 3012 Jan 5 38 May 31
45
*44
21 Aug 3512 Dec
45
80 Quincy
48
48
*45
48
*45
47
*46
*45% 48
25 42 Feb 20 50 May 31
48
33/
*4512 48
1
4 Aug 46 Dec
100 St Mary's Mineral
*.85 1
*.80 .95
Land_
.82 .82 *.89 .95 *.85 .90 *.82 .90
25 4153 Jan 9 4812MaY 31
28
Jan 45 Dec
150 Shannon
*.90 114 *.85
1
*.85
l's
10
*.90
Last
.25
114
4May
Sale
Mar
13
18
Jan 1% Dec
.76
July'22
10
.98
South
Lake
*414
434
*418
434 • 413 412
'
412 412
15
.50 Jan 31
434 434
.35 Nov
1i4 May 18
412 412
2
313 Superior
Jan
*114
112
114
133 *114
434 July 13
25
114
1,2
13s
2
Mar
114
2
29
112
Sep
*114
1
412 Feb
775
Superio
1
2
r
&
138
Boston Copper- 10
118
133 133
13s
13s *138
112
.90 Mar 31
I June
112
2 Apr 15
113
138 134
314 Feb
965 Trinity Copper Corp
.70 .70
.69 .69 ..62 ..68 *.62 .68 *.65
5
114June 5
1% July
313 Apr ,3
.68 *.75 .68
612 Nov
600 Toulumne Copper
*253 278 *258 278
258 258 *258 234
5 .49 Mar 7 .92 May 22
.34 Aug
27,3
278
.85 Doc
110 Utah-Apex Mining
*23, 234
314
314 *278 3l
*278
5
*273 31s *3
212 Jan 19
l's Aug
4 Mar 22
31s *273 313
312 One
30 Utah Consolidated
1 W. 118 *1/
1 4 138
1 af, 11s
1
1'/, 113
312June 5
1 Feb 21
1/
1
4 Nov
1'A, 1;f4 *1/
5
750 Utah Metal & Tunnel
Jon
1 4 113
*112 2
*112 2
*112 2
1
112
113 *112 2
1 Feb 15
.95 Jan •
212 Apr 13
*112 2
Jan
100 Victoria
155
158
112
134
134
25
134
134
11
134
/
.40 May
4 Jan 5
112
13. *158
211 Jan 30
214 Feb
752
134
•1214 121, 12
Winona
1214
12
12
25
*12
.25 Jan 18
121. *10
28 Apr 15
.35 Jan
1212 *11
.80 Mat
1212
75 Wolverine
25 10 Feb 10 10 May 31
•Hid and asked prices;
ail July 16 Fet•
no sales on this day.
Ex-rights. b Ex-dividend and rights. z Ex
-dividend. o Ex-stock dividend.
145 14634 145
8213 8312 83
*99 102
100
116 116
116
*102 103
102
27
27
27
*30
34
*30
40
40
39
*57
59
*57
*49
5112 *4914
.
70
7012 *70
162 162 *161
*1^
13
*12
*140
*140
96
96
*95
.
78
80
41
41
*4112
3034 31
3011
•-_-- 80
*96
97
*9614
93
93
92
*47
49
*47
*9512 97
145
83
100
116
103
27
34
39
59
50
7012
Sales
Friday
Last Week's Range for
Week.
of Prices.
Sale.
Stocks (Concluded) Par. Price. Low. High. Shares.
Outside Stock Exchanges
Boston Bond Record.-Transactions in bonds at Boston
Stock Exchange July 8 to July 14, both inclusive:
Sales
Friday
Last Week's Range for
Week.
of Prices.
•Sale.
Price. Low. High. Shares.
Bonds-
Atl Gulf & W I SS L 5s 1959 62
Chic Jct Ry & US Y 5s1940
1940
4s
Comp Azucar Bare 7%s'37
1936 9834
Hood Rubber 7s
Internet Cement 8s_ _.1926
K C Mem & Birm 5s_ _1934
1931
Mass Gas 434s
Miss River Power 58_ _1951 9231
N E Telephone 5s_ _ _ _1952 97%
1932
5s
1934
New River 58
Punta Alegre Sugar 7s_1937 105
1944 97%
Swift & Co 5s
Warren Bros 734s_ _ _ _1932 112
Western Tel & Tel 5s
Range since Jan. 1.
Low.
28,000 47
2,000 89
2,000 74%
5,000 100
28,000 95%
2,000 101
1,000 79%
1,000 86
25,000 88
39,000 9734
8,000 93
1,000 84
25,300 10436
19,000 91
28,000 97%
3,000 90
63
62
92
92
82
82
100 100
9836 98%
109 109
86% 8636
91
91
9231 93
9734 97%
9736 9734
87
87
10436 105
97% 9734
111 112%
94% 9436
High.
Mar
Jan
Feb
July
Jan
June
Feb
Jan
Jan
June
Jan
May
July
Jan
Feb
Jan
65 May
Apr
94
82% June
July
100
99% Apr
May
114
88% May
9131 June
93% May
97% July
99 May
87 ' July
July
105
97% June
11534 May
96
May
Philadelphia Stock Exchange.-Record of transactions
July 8 to July 14, both inclusive, compiled from official lists:
Stocks-
[VOL. 115.
UTE CHRONICLE
296
awes
I'nosy
Last Week's Range for
Week.
of Prices
Sale.
Par. Price. Low. High. Shares.
Low.
High.
I
I
-7
"
,0
0,
0,
-INVM00,
00,
=0N00010.0M00000.-10C0MO.V000,
4"....00t....0=MOC4.4
0,
,
-ImmeirNmr..N.-1,0,-....,..00,-,000t,
00Q00000§0 §0000040,
0000000,
00000000 0
10
Alliance Insurance
2336 25
1331
13
50
American Railways
* 12034 11836 12136
American Stores
40
40
50
Cambria Iron
51
51
Consol Trac of N J_ _100
4431 4534
Electric Storage Battery_ *
6534 6994
100
General Asphalt
102 106
100 '
Preferred
Insurance Co of N A_ _ _ _10
z3734 38
85
8636
J G Brill Co, pref
106
51
51
Keystone WWII Case _100
93€ 10
Lake Superior Corp_ _ _ _100 10
50 7534 7331 7531
Lehigh Navigation
65
65
Lehigh Valley
50
80
80
North Pennsylvania_ _50
7334 74
50 74
Pennsylv Salt Mfg
4336 4436
50
Pennsylvania
53
53
Penn Cent I. & P, pref_*
2
2
2i4
Penn Traffic
38% 39
Phila Co pref(cum 6%)_50
2936
29
Mitts Electric of Pa.... _25 29
3034
_. _25 3031 30
Preferred
3576 36
*
Phila. Insulated Wire
z31
3334
Phila Rapid Transit_ _ _ _50 31
66
65
Philadelphia Traction__ _ 50 66
931 934
Phila & Western
50
434 436
Radio Corp of America_ _
7474 7531
50
Reading
13i it.,
1%
Tono-Belmont Devel___ _1
Pi?, 1%
1
Tonopah Mining
40
3931
40
_50
Union 'Frac, $1734 paid
199 200
100
United Cos of N J
United Gas Improve't__ _50 5234 5131 5236
50 5374 5334 54
Preferred
934 936
Warwick Iron & Steel _10
38
3736
West Jersey & Sea Shore _50
/0
70
50
Westmoreland Coal
58
z50
Wm Cramp ar Sons....100 58
27
28
50
York Railways
37
37
50
Preferred
Bonds88
87
Amer Gas& Elec 5s_ _ _2007
88
85
small_ _ _ _2007
do
102 102
Baldwin Locom 1st 58_1940
8036 8034
Consol Trac N J 1st 5.3.1932
8731 68
Elec dr Peon tr ctfs 4s_1945 68
4736 4734
Inter-State Rys coil 48.1943
9531 9531
Leh C & N gen 4 hs_ _1924
9831 9831
Leh Val cone 434s._ _ _1923
103 103
Collateral trust 68_ _1928
10036 100%
Leh Val Coal 1st Se_._1933
Phila Co cons & coil trust 5s
86
86
stamped s 1 & red... _1951
9934 100
Phlia Electric 1st 5e_ _ _1966 100
99 100
small..._1966 100
do
9976 106
1947 100
534s
10034 10036
Small
10031
10031
10334
1941
6s
10434 10431
Small
United Rysgold tr ctfs4s'49 5534 5534 5534
9936 99%
1930
Weisbach Co 5s.
•No par value.
Range since Jan. 1.
Jan 25
19
July
4
Jan 17 June
Jan 12434 June
83
3734 Apr 40 June
Jan 5634 Apr
44
3734 Mar 47 June
6994 July
Jan
5534
July
Mar 106
90
Jan 3834 June
30
Mar 8634 July
75
July 7334 Jan
51
631 Jan 1294 May
6634 Feb 7736 Apr
Jan 6731 May
57
Jan 8036 June
73
Apr
6936 Jan 74
33'/ Jan 4434 July
4836 Jan 5536 May
2
July
2
July
Jan 39% Mar
36
23
Feb 2934 Apr
2734 Jan 3074 June
30
Mar 5031 Jan
1734 Jan 3531 June
58
Jan 6836 Apr
5
Jan 1031 June
631 May
434 June
Jan 81% May
72
134 July 115-16 June
131 Jan
2
Feb
34
Jan 43 May
177
Jan 200 June
Jan 54 June
38
38
Jan 54 June
931 June
73.4 Feb
2734 Jan 3736 Apr
67
Jan 74
June
40
July
Jan 75
9
Jan 29 June
3191 Jan 3736 May
81
82
100
71
84
3736
9054
8836
10034
9831
Jan 88
Jan 88
Jan 102
Jan 8434
Jan 72
Jun 4734
Jan 9534
Mar 9834
June 103
Feb 10031
July
July
July
Apr
Apr
May
July
July
Apr
Apr
86
93
94
9934
9931
10054
10034
55
9736
July
Jan
Feb
June
July
Jan
Jan
Jan
Jan
May
July
May
May
July
May
July
Feb
June
92
100
100
100
10034
10434
10431
58
0934
*
Mitchell Motor Co
10
National Leather
People's Gas L & Coke _100
*
Pick (Albert) & Co
Fagg Wigg Stores Inc "A" *
Pub Serv of Nor Ill corn 100
106
Preferred
106
Quaker Oats Co
100
Preferred
10
'
Reo Motor
100
Sears Roebuck corn
Standard Gas R,-. Elec._ _50
.50
Preferred
Stewart War Speed com 100
100
Swift & Co
15
Swift International
Temtor Prod C & F"A" *
Thompson, J R, corn.. _25
Union Carbide & Carb_ _10
United Iron Works v t 0_50
United Light & Ry..._100
Preferred
*
Wahl Co
Ward, Montg & Co, p1_100
20
When issued
Western Knitting Mills..8
Wrigley Jr, common_ __ _25
10
Yellow Mfg
Yellow Taxi
Bonds_1939
Armour & Co 4%s
Beaver Prod 1st ref 736s'42
Chicago City Ry 5s_ _ _1927
Chi City & Con Rys 5s 1927
Chicago Rys par money 5s
Commonw Edison 5s _1943
State Randolph Bldg Corp
15 year s f 634s
1937
Sutter Basin 15 yr es_1937
rid-State Tel & I'd 1st ref
1942
gold 534s"A"
10,1
nr Aza vv.« .e. VI Re
* No par value.
Range since Jan. 1.
Low.
334
775
631 631
631
668
734
8
731 8
100
6254
85
85
85
350 19
26
26
26
40
4334 7,802 2334
41
240 8031
9934 100
10C
165 8836
93
9234 CO
125 143
175 178
178
155 9334
98
98
98
2734 2834 4,950 1331
135 5934
79
78
1931 1934 1,295 13
1,465 42
4934 48;4 4936
44
4334 4454 7,310 24
10194 10034 10134 1,105 9134
1834 1836 1931 1,985 17
1
25
131 131
12,485 40
52
48
51
43
18,088
59
5534
57
6
150
736 734
430 29
5336 5354 543
275 70
7434 7334 7534
5834 6031 1,470 50
59
145 76
99
59
2334 1,510 1254
22
5
300
731 734
731
565 97
10234 103
103
2,060 132
139 148
145
7236 2,480 5734
71
71
47
90
100
79
47
50
9831
3,000 8731
90
10,000 100
100
1,000 67
79
9,000 47
48
2,000 3314
50
9831 2,000 9354
9954 9914
97
57
9,000
8,000
Feb
July
Jan
Jan
Mar
Jan
Jan
Jan
Mar
Jan
Feb
Jan
Jan
Jan
Jan
Apr
May
Jan
Jan
Jan
Jan
Mar
Jan
Jan
Jan
Jan
Mar
Mar
Jan
High,
734 June
1134 Jan
8734 May
2831 Apr
5454 May
Mar
101
9834 June
Apr
180
98 June
2836 July
8034 May
2036 June
4931 July
4574 May
10814 Feb
2334 Feb
534 Feb
5134 Apr
5934 Mar
C% Feb
6931 May
8134 May
7134 Apr
9934 July
2434 May
1031 May
11034 Feb
Feb
246
8234 Mar
Jan 90
July 100
Jan 84
July 5331
Feb 54
Jan 9831
011 34 July
July
97
May
July
Apr
Apr
May
July
9934 July
97
July
10236 10236 4,000 10234 July 10236 July
9931 June 100 May
0934 9934 10.000
Pittsburgh Stock Exchange.-Record July 8 to'July 14:
Sales
Friday
Last Week's Range for
Week.
of Prices.
Sale.
Par. Price. Low. High. Shares.
Range since Jan. 1.
High.
Low.
Stocks135 64% Jan 90 May
78
78
Am Wind Glass Mach_ _100
Jan 91% June
30 84
90
90
100 90
Preferred
May
Jan 103
150 97
103 103
Am Wind Glass Co, pf-100
Mar
12% Apr
831
2,890
1034
9%
10%
Gas,
com-10
Nat
Arkansas
Apr
3834
Jan
20
50
29%
2934
Barnsdall Corp, Class B.25
6% June
2% Jan
4% 534 2,800
4%
tCarnegie Lead & Zinc__ _5
Apr
4
Apr
2%
125
3
3
_50
corn_
Ice,
Consolidated
Feb
Jan 25
35 23
24 .24
50
Preferred
6% Feb 10;1 June
359
935 93.4
Indep Brewing, pref_ _ _50
Jan 3134 June
230 20
2834
28
25
Lone Star Gas
Jan 54 May
280 45
50 51% 51% 52
Mfrs Light & Heat
9% Apr
6% Jan
250
8%
831
834
50
corn..
Fireproofing,
Nat
Apr
Jan 21
285 15
19
18%
18%
50
Preferred
July
125
July
125
20
125 125
Nat Gas of West Va
Jan 23 June
375 16
18
17%
17%
1
Oil
Ohio Fuel
440 4434 Jan 55 May
51%
51
25 51
Ohio Fuel Supply
Jan 26% Apr
635 19
2234
Oklahoma Natural Gas_ _25 21% 2136 29
July
50 2634 Mar 29
29
_50
_
corn_
E,
Pitts Bess & L
8;4 June'
Feb
45
936
9%
Pittsburgh Brew,pref_ ...50
72 90% May 97 June
96
95
Pittsburgh Coal, prof._100 96
6,600 19c May 31e Mar
220 23c
Pittsb & Mt Shasta Cop_ _1 23c
Feb 11% June
6
8% 1031 1,900
Pittsburgh 011 & Gas_ _ _ _5
Jan 177 June
80 130
170
168
170
Glass-100
Plate
Pittsburgh
831 Jan 14% May
940
12%
12%
1234
10
Salt Creek Cons
Jan 1436 Apr
11
200
14
14
Tidal Osage
50 11534 Jan 142 June
140 140
Union Natural Gas_ _ _ _100
below
Union Trust Co-See Note
35 49% Jan 69% Apr
6034
W'house El & Mfg,com_50 60% 60
Apr
41 69% Jan 80
77% 79
West Penn Rys,pref _ _ _100
Jan 28 June
18
100
28
2734
W Penn Tr & W P,corn 100 28
Jan 86% Apr
10 72
85
85
100
Preferred
BondsJan
69% $4,000 67 June 75
69
Indep Brewing 6s_ _ _ _1955
July
Jan 78
3,000 74
78
78
Pittsburgh Brew 6s_ _ _1949
Lead & Zinc reported last week at 734 was an
* No par value. fSales of Carnegie
3 low, 534 high.
Range for week was 4%
error: should have been at 534. reported,
5 shares Union Trust Co.stock at $3,200
Notc.--Sold last week and not
per share.
Baltimore Stock Exchange.-This week's record on
the Baltimore Stock Exchange will be found on page 279.
New York Curb Market.-Official transactions in the
Chicago Stock Exchange,-Record of tranpactions,July8 New York Curb Market from July 8 to July 14, inclusive.
Sales
Friday
to July 14, both inclusive, compiled from official sales lists.
Jan. 1.
Stocks-
Sales
Friday
Last Week's Range for
Week.
of Prices.
Sale.
Par. Price. Low. High. Shares.
American Radiator.. _ _100
American Shipbuilding_ 100
Armour & Co, pref._..100
15
Armour Leather
Amer Pub Serv, pref
Booth Fisheries, new
100
Preferred
Case (J I)
100
2d preferred
Ch CityarCon Ry pt ahem*
•
Preferred
Chicago Elev Ry, pref_100
Chicago Title& Trust_ _100
Commonwealth Edison.100
Consumers Co, corn_ _ _100
100
Preferred
Continental Motors_ _ _ _10
Crane, pref
Cudahy Pack Co, com_100
100
Deere dr Co, pref
100
Diamond Match
100
Dodge, preferred
Earl Motors
Certificates
Godchaux Sugar,com____•
Gossard, H W,pref_ _ _ _100
Great Lakes D & D__ _ _100
Holland-Amer Sugar_ _..10
10
Hupp Motor
100
Illinois Brick
100
Inland Steel
Libby,McNeill& Libby_10
New
10
Lindsay Light
Middle West Util,com_100
100
Preferred
70
9831
12%
831
7
130%
8
114%
6%
19
234
46
96% 9636
72
70
97% 98%
12% 12%
86
86
831
8
48
45
536 7
8
8
1% 1%
6% 7
7%
7
300 300
13031 131%
6% 7
70
70
7% 834
109 109
6131 63
78
78
114% 114%
100 100
334 331
3
3
14% 14%
2631 27
88
87
634
6
18% 1934
73
72
51
51
2%
2
8%
8
4%
4
46
43
7534
75
25
400
630
416
25
370
150
320
25
350
125
1,315
10
516
75
25
1,490
40
115
50
65
25
550
100
200
925
175
175
5,180
110
350
721
1,395
410
525
175
Last Week's Range for
Week.
of Prices.
Sale.
Par. Price. Low. High. Shares.
Week ending July 14.
Range since Jan. 1.
Low.
83
60
91
12
86
Jan
June
Jan
Feb
July
Jan
34
Mar
3
Jan
736 June
34 Jan
4% Jan
136 Jan
250
Feb
114% Feb
5
Feb
59% Feb
5
Feb
85
Mar
55
Jan
60
Feb
105
Jan
100
July
236 Jan
3
July
10
Feb
2536 May
81% Jan
431 Jan
10% Jan
56
Feb
4834 Mar
2 June
8
July
331 Mar
27
Jan
53
Jan
High.
Stocks-
Range since
Low.
High.
Industrial & 1111scell.
134 Apr
1.06 5,400 900 Mar
950
1 95c
73( Mar
May Acme Coal Mining
43c 48e 13,000 200 Mar
10 47c
June
25
Jan
15
Mar Acme Packing
300
corn...-* 2034 19% 2034
July
Mar 102
Mar Aluminum Mfrs,
100 85
102 102
100
Preferred
May
234
July
Feb
1,900
154
2
134
°leas A
June Amer Drug Stores
200 1934 Jan 34 June
25%
i3i 23
10 --.SS
Hawaiian
Amer
Mar 98% May
June
25 95
Tree, pref100 x9534 x9534 95%
July Amer Light &
2,600 4434 June 5034 June
46
45
wl_ _ -* 46
July
June Amer Metal Co Ltd
800 10334 June 108
107 108
100 108
i
w
Preferred
Mar
100 11% July 12% Feb
11% 1131
corn_ _15
3
June
June
2
Feb Armour Leather,
4,200
2%
231
234
Feb Atlantic Fruit w 1
900 28% June 4134 Apr
30%
29
100
134 June
May Beechnut Packing Prod _1
2,000 250 June
250 300
200 350 June 1% Feb
July Bradley Fireproof
350 35c
1
Preferred'
Apr
4,600 12% Feb 18 May
17%
17
1736
Zl
bear_
ord
600 1234 June 1734 May
May Brit-Amer Tob
LI 1734 17% 1731
Ordinary
9% May
4% Jan
June
834 8% 3,300
831
10
Jan
214 Apr
7,900 45o
Apr Brooklyn City RR
•
1316
194
154
1ifi May
3,300 500 July
May Buddy-Buds,IncPower-25 530
700
500
2% Jan
1% May
Feb Car Lighting dr
100
1% 1%
•
Tire
111
May
Mar
104
60
June Carlisle
106
106
100
2.% July
Mar Celluloid Co pref
234 July
200
2'46 234
Sugar
634 July
1% Apr
July Central Cuba Mfg,el A10 a 534
12,800
6
5%
436 June
131 May
Jon Chicago Nipple
336 3% 2,000
10
Class B
Jan 242
May
946 158
4% May
100 z21334 z213 222
Jan 72 June
Mar Cities Service corn
1,500 51
18
68
z67
x67
100
Preferred
83.1,
Jan
June
28% May
300
434
631
631
10 x654
Preferred 13
Jan 245i Apr
Feb
106
sh__* 2131 2131 22% 1,700 17
1'36 May
736 June Cities Serv Bankers'Sync'. 780
3,900 500 Apr
750 780
231 July
11,(6 June
21% May Colombian Emerald
1% 2% 6,500
234
Syndicate
Colombian
7536 June
Apr
10 1334 Mar 14
14
14
_100
corn..
58% May Colorado Power Corp_ _ __
5
434 Mar
June
600
4% 4%
736 Feb Columbia Motor Corp clA•
1,400 44% June 45% June
4436 44%
Solvents
831 July Comnfl
100 3834 June 4034 July
4036 4036
•
Class B stock
Feb 15
6
Mar
100 10
Mar
1234 12%
•
53% May Conley Tin Foil
500
831
934 May
534 Feb
7%
734
_10
_
_
Motors_
77 May Continental
102
98
9834
12%
88
8%
46
9
10
234
934
12
300
13234
9
7536
9
109
68
7931
118
100
JULY 15 1922.]
Stocks (Continued)
THE CHRCNICLE
Friday
Sales
Last Week's Range for
Sale.
Week.
of Prices.
Price. Low. High. Shares.
Range since Jan. 1.
Low.
High.
297
Friday
Sales
Last Week's Range for
Other Oil
Sale.
of Prices.
Week.
Stocks (Concluded) Par. Price. Low. High. Shares.
Range since Jan. 1.
Low.
High,
Cuban-Dominican Sug WI
934
9% 10
900
8 May 12% May Mexico Oil Corn
1%
19
10
4 1% 20,200
19i Jan
Curtis Aeropl & M pref _100
4% Mar
25% 26
110 20
Feb 2634 Mar Mountain & Gulf 011
1
1
I
100 700
Daniels Motor common--• 12% 11% 13
Jan
1% Jan
5,600 10% May 14% June Mountain Producers____10 14% 14%
15% 10,800
Davies(Wm A) Co,Inc *
9% Jan 1834 May
33%
33
206 25
Jan 34
Feb Mutual Oil
9%
9% 10% 51,300
59-4 Jan
Del Lack & West Coal_ _50 98
12 June
97
98
20 86
Apr 100
July New England Fuel Oil
51% 50
51%
1,600 40 May 5734 June
Denver & Rio Gr. pref.100
55c 64c
900 38c
Jan 750 Apr New England Oil Corp__
2%
2% 24
100
2% July
DubIler Condenser& Radio*
434 Jan
8%
8% 934 9,300
7% June
9% May
New York Oil
27% 26% 28%
800 11
Durant Motors, Inc
Mar 38 June
* 3934 38% 39% 3,100 22% Jan 40% June Noble Oil & Gas
21c
1
200 22e 44,000 13c
Durant Motors of Ind _ _ _10 13% 13% 14
Jan 350 Mar
2,400
8% Jan 16% Apr
Noco
Petroleum
corn_
_100
3%
3%
500
1%
Earl Motors, Inc
Apr
5
3
3
Mar
100
2
Jan
6% Jan
North American Oil
5
2%
2% 234 4,600
134 Apr
Federal Lt & Trac, corn 100
3% June
30
32%
105 19% Apr 32% July Northwest Oil
1
250 29c 26,000 150
Firestone Tire & R,com_10
Jan 35c May
75
120 12
78
Jan 78
July
Ohio
Ranger
1
Sc
Sc
2,000
40
Gardner Motor Co
July 12c Mar
12
12%
200 11
Jan 16% Apr Omar 011dr Gas
2
10
1% 2% 67,200 670 Mar
Gibson-Howell Co, corn .10 18%
3 June
17% 18% 2,100 15% Jan 18% July Pennock 011
10
6%
6% 7% 2,100
4% Jan
Gillette Safety Razor_
* 223
7% June
218 225
900 169
Jan 225
July Red Bank 011
17c
17c
180
18,000 14o Apr 35c
Glen Alden Coal
53
Jan
'
4
53%
53
500 42
Jan 55% May Ryan Consol
•
7% 7%
500
Goldwyn Pictures
434 Feb
8% June
7
•
7% 10,300
4
Jan
9% May Salt Creek Consol Oil
12% 12%
300 10
Goodyear T & R com_ _100 11
Apr 15
May
log 11%
900
9% Jan 15% May Salt Creek Producers___10 x16
x1(3
17% 3,900 123% Jan 203% May
Preferred
100
33
33
200 24
Jan 40 June Sapulpa Refining
4
4
6
4% 3,500
2% Feb
Prior preferred
5 June
100
69% 69%
100 67
Jan 73% June Seaboard Oil& Gas
5
1% 1%
200 80c Mar
Griffith(D W)Co, Cl A *
1% May
4% 4%
100
7% Jan Shell Union Oil, pref w 1
3% June
96
96
2,200 953% May 973% May
96%
Hall Switch & Sig, corn_100
3
3%
200
2% Mar
Apr Simms Petroleum
5
•
8%
8% 8% 20,700 8% June 123% Jan
Preferred
100
7
7
100
8 June 10
Apr Sinclair Central
6
200
6%
134 Mar 12
Hayes Wheel w 1
Apr
• 3034 29% 30% 7,200 28 June 31% July Skelly 011
10 10% 10% 12% 77,560
43% Mar 17% June
Heyden Chemical
1
1
131 5,300
800 Feb
1% Jan South Petrol & Refin
14c
100 18c 95,000 100 July
Hocking Valley Products 10
5
Jan
2% 2%
500
2% Apr
3% May Southern States Cons Corp
220 24c
3,000 200 May 350
Imp Tob of Gt 13 & Ire _£1
Jan
14
14%
300 10% Jan 14% July Southern States Oil
13%
Intercontinental Itubb.100
133% 13% 9,000 12% June 14% July
7
7% 1,200
6
Jan 11% Feb Southwest Oil
30
1
20
3,000
3c
lc
Internet Carbon. w 1
Feb
3e
11
Apr
11
13% 9,900 10% June 13% July Spencer Petrol Corp____1
0
4%
234 4% 4,200 750 Feb
Lake Torpedo Boat, pref 10
43.8 July
1
100
1
1
Feb
1% Mar Stanton 011
5
28c 340 14,000
Libby, McNeil & Libby_10
30 Jan 400 June
2% 2%
400
2% June
7% Mar Tex-Ken Corp
5
I% 1%
500
New, when issued_ _10
1
.1 an
2
Apr
100
8
8 June 10 May Texon On & Land
8
1 73c
55e 74c 82,400 400
Lima Locomotive, new. *
Jan
1
May
51% 52
1,100 51% July 52 June Tidal Osage Oil
123% 123% 13%
400 10
Lincoln Motor Class A._50
Jan 143% June
2% 3
1,200 75c
2%
Feb
8%
Jan
Non-vo
ting
stock
12
13
LOCO 10
Marconi Wire! Tel of Can
Apr 14
2%
May
1,100
2% 4
1% Jan
5% Apr Turman 011
13,16
134 1% 5,200
Mercer Motors
114 Apr
1% Apr
3% 3%
800
1% Apr
5% May Victoria Oil
5 50c
50e 50c
'CO 50c Apr
Voting trust ctfs
3% 3%
1% May
600
2
Feb
4% May Western States Oil & Gas_ I
220 28c 17,000 22c Mar 50c May
Moon Motor Car
* 12
12% 16,800 10 June 12% July Wilcox Oil & Gas
11
7
6% 7% 83,100
Morris (Philip) Co, Ltd_10 19
23-4 Jan
7 July
20
1,000
19
5% Jan 22% June Woodburn Oil Corp
6Gc 67c
1,100 600
National Leather, new. _10
Jan
1
8%
Feb
8% 8%
200
8 June 11% Jan
Woodly
Petrol
14% 14%
100 1234 Apr 16 June
Nat Motor Car & Vehicle.*
2% 2%
100
2 June
June
2%
-Y" 011 & Gas
15c
1
13c 160 13,000 130 July 380
New Mex & Ariz Land__ _1
Jan
2%
2% 2%
100
1% Feb
3% May
Mining
Stocks
Packard Motor Car corn.10 14% 14% 15
1,100
5% Feb 16% June Alaska Brit-Col Metals_ _10
3
2% 3% 3,900
Preferred
1% Jan
53% May
100
15 63% Mar 90% May Alvarado Min & Mill_ _20
87
87
6%
634
100
Peerless Trk & Mot Corp 50 52
5
Mar
8
Jan
50% 52
900 3314 Feb 52
July
Amer Cons M & M
4c
3c
Sc 15,000
30 July 10c Apr
Perfection Tire & Rubbers
3
100
3
2% Jan
4% Mar American Explorations _ I
234 234 3.200
1% May
Pub Serv Corp of N J p1100
334 Apr
103 103%
900 99
Mar 107% June Amer Tin & Tungsten
_1
4c
4c
2,000
3c
Pyrene Manufacturing_ _10
Apr
7c
Jan
8% 9%
1,600
8%
8% July 14% May
Anglo-Amer Corp of S Al wi
20
200 1194 Apr 243-4 Mar
20
Radio Corp of America_ _*
4% 4% 29,500
2% Jan
6% Apr
Belcher Extension
10c
2c
20
3c 16,000
20 Mar
Preferred
7c May
5
3%
3% 3'46 19,600
2
Jan
3%
May
Big
Jim
Consol
40
4c
1,000
3c
Jan
Reo Motor Car
10c Feb
10 27% 27% 2831 2,600 18% Jan 29
July Big ledge Copper Co____5 12c
lie 15c 51,000 110 June 29c
Republic Rubber
Jan
65c 65e
100 20c Feb
I
May Bingham Mines Co
14
14
100 14
July 14
Schulte Retail Stores corn.* 34
July
34
300 33
35
Apr
40
May
Boston
Montana
&
75c
Corp
40,600
25
73c 820
730 July
Southern Coal & Iron _ _ 5 42c
5
Jan
350 54c 36,700 350 July
2% Jan Boston & Montana Dev_ _5 13c
13c 16c 43,000 130 July 94o
Standard Motor Cotudr_10
Jan
4% 4%
100
3% Jan
Apr Caledonia Mining
6
Sc
7c
1
8c 13,000
40 Feb
Swift International
10c May
15
20
20
100 17% Apr
2312 Feb Calumet & Jerome Copp _1 17c
1,000 13c
17c 17c
Jan 35c Feb
Tenn Elec Pow, corn w 1_* 14
14
14% 1,100 10 June 14% June Canada Copper Co
00
71:,04
17
1% 23c 16
500
9e Mar 650 Apr
2d pref, w
* 39
39
100 36 June 40% June Canario Copper
39
2%
254 July
Tenn Ry,L & P com__ _100
134 July
234 231
2%
500
I
Feb
3% June Candelaria Silver
34c 32
1 35c
5%
c
I9c
Tobacco Prod Corp w L .------ 55% 57% 7,500 55
Jan 35e May
June 62 June Cash Boy Consol
60
60
1
60 10,00C
4c Feb
70 JU1Y
Class A w 1
5 July 80% June Consol Arizona
77% 80% 12.400 77%
3c
20 Jan 1Gc Apr
2,000
30
3c
Tob Prod Exports Corp *
7%
6% 7% 4,700
3
Jan 10% May Como, Cooper MInes_ _ _ _5 48c
71,600
c
55c
2Ce
6
200
July
Todd Shipyards Corp___
2;4
Apr
70
70 69% Apr 80% Feb Cons Nevada-Utah
70
6c
1,000
20 Feb
60
9c May
Torbensen Axle Co, com •
26
100 24% Apr 29% June Copper Canyon
26
960
92c 96c
1,300 80c May
Triangle Film Corp v t c_5
I
Mar
290 29c
1,000 16c
Jan 50c May Cortez Sliver
1
1
14'e 15,100 84e
Jan
United Prof Sharing new..1
114 June
6% 7% 2,500
5
Mar
9
May Cresson Con Gold M & M.1
234
7/(6 2
2
7%
7%
254 June
u
3
Un Retail Stores Candy_ _•
Jan
634
6
6% 10,500
8% May Davis-Daly Min
45t Jan
10
"0
1
00
0
634
Jan
8%
June
U S Light & Heat corn.. 10
1%
1% 1% 22,700 75c
Jan
2%, Apr
Divide Extension
13c
13c 150 14,000 110 Mar 210 Jan
1
Preferred
I% 1% 3,000 96c Feb
10
1%
1%
Apr
Dolores
Esperanza
1%
300 820 Feb
11 6
S Ship Corp
2% MAY
Sc
5c
10
4,000
4c Mar
lie
Jan El Salvador Silver MInes.1
Sc
Sc
6c 32,000
2o Mar
U S Steamship
8c Mar
70
90
10
2,000
4c June
15o
Jan Emma Sliver
lc
1
lc
lc 37,000
lc Mar
40 Mar
Wayne Coal
5
I%
1% 1% 3.600 850 Mar
2% May Eureka Croesus
28e
280 300 98,000 1843 Jan 370 June
West End Chemical
55c Site
1 570
3,000 55c June 87c
Jan First National Copper__ .5 50c
50c 550
500 50c July
Willys Corp, 1st pref._ _100
Apr
11
28
31
1,600
6
Mar 31
July Gadsden Copper
900
85c 900
400 590 Mar 1.38
Apr
Certificates of deposit__ _ ------ 26
30
600 13
Apr
30
July Galena Mining
5,000 200 June 370 May
25c 28c
RightsGolden State Mining
1,000 240 May 45c Awe
43c 43c
Lima Locomotive w 1
3
1,400
2% 3
2
July
3% June Goldfield Consol Mines AO
4,000
Sc
60
3c
Jan
12c Apr
Former Standard Oft
Goldfield Development __.
Sc
6c 44,000
40
3c June
6c July
Subsidiaries
Goldfield Florence
1
9c
a 12c 43,000
0
90 July 30c Apr
Anglo-American 011_ .....£1 19% 19% 20% 6,100 16% Jan 25 June Gold
Zone
Divide
I 100
100
9,000
7c
Mr
y
Buckeye Pipe Line
15c
Apr
94
100 84% Jan 100
943%
50 95
Apr Hard Shell Mining
1 15c
6,000 120
13c 15c
Jan 480 Mar
Eureka Pipe Line
100
10 79% Jan 103% May Harmill Divide
90
90
70
10c
70
80:
44
000
7 710
0
7c June
Galena-Signal Oil corn 100
180May
56
150 40
57%
Jan 62 May
Heels
Mining
25c
6%
Illinois Pipe Line
6%
4% Jan
834 Feb
170 170
10 161
100
Jan 198
Apr Hilltop-Nevada Mining
930
9640%
Indiana Pipe Line
75c June 940 July
510 84
91
50 90% 90
Jan 106
Mar Howe Sound Co
1,500
1
National Transit_ _ _ _12.50
2%
254 Jan
3
39-4 May
27
27
10 27
Mar 31% Apr Hull Copper
30e
1,000 300 Jan 330 Mar
Northern Pipe Line_ _ _ _100
300 300
100 100
IC 90
Jan 110
May Independence Lead Min_
47c
Ohio Oil
43
1i 5%
60 Jan
760 May
3
54
7:6300
00
285 299
80 257
25 285
Jan 332
May
Jerome
Verde
Devel.____1
Penn-Mex Fuel
3%
2% Jan
5
1,500 17
Feb
30
25 37
37
Jan 44% July
Jim Butler Tonopah
Prairie 011 dr Gas
4o July 10c Feb
1
5,000
40
4c
110 520
600 618
100
Jan 648 June Jumbo Extension
Prairie Pipe Line
40
60 May
20 Jan
I
33
1
,0
40
30
00
4%
0
100 245
244 249
215 224
Jan
270
June
Kerr
Lake
South Penn 011
Mar
3
434 Apr
a
100 205
205 215
70 173
Feb 249 June Knox Divide
Southern Pipe Line_ _..100
30 Jan
3,000
10c
3c
6c Mar
30
3800
c
23
94
150 77
94
Jan 104
May La Rose
Standard 011 (Ind)
250 Jan 630 Mar
25 107% 107% 115 255,000 83% Jan 124% May Lone StarConsol Mines__ .5
Consol
Stand 011(Ky) new w1_100 9231 92% 97% 6,100 76
°
he
°
0
30
00
1:°
Jan
244
6c
8c June
1
Apr 108 June Magma Copper
Stand Oil of N Y
2634 Jan 3234 Feb
28
5
3
28
70c034
100 426
425 443
575 841
Jan 443 June Marsh Mining
Vacuum 011
40 Jan 31e MAY
170
2
10
6
i
100 422
422 430
40 299
Jan
450
June Mason Valley Mines
3,700
Other 011 Stocks
134 Jan
2
2
6
3% May
Mc Kinley-Darragh-Sav _ _1
0:00
0
Sc June 40c
Aetna Cons 011
6
10
0 43
11
21c
00
c 2
1
Apr
1% 1,400
1
June
1% June Mohican
15c Mar 47c
Alcon Oil Corp
10
5 12%
3c 207
2
9% 12% 38,800
Jan
2% Apr 12% July MoringtonCopper
Mines
100 May 16c June
Allied 011
40
Sc 14,000
1
2c
Jan
Sc July Motheriode Coalition__
6% Jan 10% May
Amer Fuel Oil pref
1% 1%
9%
10
200
1
June
3
Jan Mother Lode Copper __ _10
11% Jan 16
000
00
164 :201 0
Arkansas Nat Gas, com_10 10%
9
51 11
19
May
9% 10% 3,800
Feb 13
Apr National Tin Corp
300 450 64,000 27e Mar 670 May
Atlantic Lobos Oil corn...*
9% 9%
50t 430
700
8
Jan 12% May Nevada Ophir
10
00 180 July 52c Mar
% 2
12c 15c 28,000
16
1688c
Boone Oil
600 111:0
1 200
5 130
80 May 2913
Jan
Nevada
Silver Hills
5.000
90
Sc
2o
Boston-Wyoming 011_
83c 89c 30,100 570 Mar 990 June New
8c
Jab
140 May
1 840
Cornelia
Brazos Oil Corp
173.1 Jan 20 June
1%
100
1
June
2% Feb New Dominion Copper_
2
10
00
___
Jan
2
British Con Oil Field
214 Jan
234 2% 2,2
100
2% July
2% June N Y & Honduras
5
Rosario10
6
Jan
7%
7% 8% 14,400
Carib Syndicate
834 May
3% Jan
9% June
NIptssing Mines
Columbia Petroleum
a
1%
1% 1% 2,20
531
53-4 July
634 Mar
1 June
2
14 N4
M
a
a
y
r
Nixon
Nevada
20 July 18c Mar
0°
2:09 °
Consolidated Royalties_ _ _ _ -----5
20
% 7
1% 1% 1,100
2%
0
5
1% Feb
Ohio Copper
7c Mar 140 Apr
4% 4%
90 100 20,000
10
Cosden & Co old pref_ _5
100
4
Mar
5
Feb Park Utah Mining
531 July
531
5% July
2%
Creole Syndicate_
2% 2%
1,100
_ -15
53-1
Jar
3% Apr Pitts & Mt Shasta
°
21c
3
°0
0
June 29c
3c
9
1:
3c
5
%
e
2
21c
Cushing Petroleum Corp_5
5
4c
Jan
7,006
3c
Jan
I2c Mar Ray Hercules Inc
1
4e
4c
Feb
1% 1% 6,500
40
Denny Oil
2% June
1
1,000
3c
Jan
10c
Jan Rex Consolidated M1n__..1
50 Jan
210 36c 96,000 210 July 72o
80 14,000
80
Engineers Petrol Co.....1 21e
80
12o May
Senorita
Jan
1,000 15c July 15c July
13% 14
15c
150 150
Equity Petrol Corp, pref_. 14
700 12% June 14% June Sheldon Copper Co
Mining
Sc
Ertel Oil
1%
Sc
13% May
5
1,000
134 June
2c
Jan
Jan Sliver Horn M dr D
7c
0
0°
04°
Sc May 12c June
:
14
1
5
1%
1
%
c
11
Federal 011
7
1,',1 16,300
0
5
/f6
1
1
Jan
214 May Silver Peer Mining
1,000
70 May
17
Fensland 011
140 I4c
170 June
17% 2,900
• 17
9
Mar 19% June Silver Pick Consol
1,000
•
3c
4%
Gilliland 011, corn
Jan 230 Mar
4% 5
120
120 120
1,800
June
9% Apr Simon Silver Lead
1,000 40e July 900 Apr
Glenrock Oil
1
400 40c
1%
1.7,1 14,700 830 Feb
10 _T
JunemNiaary South Amer Gold & Plat _1
45% 45%
1,600
4% Apr
Hudson Oil
16c 22c 79,000
5% Jan
1 zu
70
Spearhead
Jan
1,000
lc May 11c June
Imperial Oil (Canada)coup 109% 1(8 115
20
2c
2,050 97% Mar 1269710%%
Standard Silver Lead _ _ _ _1
2,000 10c
Internat Petrol
Jan
• 22% 21% 23% 47,300 14
160
24c
190
190
May
Mar
May Stewart Mining
Keystone Ranger Devel...1 480
2o
Jan
Sc
160 Apr
40c 65c 56,500 400 July 27%
1
1% Jan Success Mining
0
10
10 Mar 260 July
°
0°
Kirby Petroleum_
0
3
260
4
20
•
7c
c
I
26
15e
6
6
6
100
July 2634 Feb Teck Hughes
Lance Creek Royalties _.A
20c
Jan 62c Apr
520
520 520
3c
3c
1,000
3c June 10c
Jan
Conopah Belmont Dev_ 1
Livingston Petrol
1; Jan
134 June
-is 1,300
1% 119
1
1% 9,500
1
July
1% Mat
l'onopab Divide
16,700 46e Mar 87o June
Lyons Petroleum
80c
1
770
81e
770
77c 85c 14,506 58o
Jan
1% June Tonopah Extension
Magna 011 dr Ref_
13j Feb
I
1% June
1
85c 85c
1%
1% 111% 1,000
100 50c Apr
Tonopah
Jan
Midway
4
Sc Feb 14c Apr
Maracaibo Oil Explor___• 19
1,000
8e
Sc
18
19
2,600 18
Tonopah Mining
July 272
Margay 011 Corp
1% Jan
% 1,700
l'%.Tune
2
1% 113
1% 2%
500
1
Jan Tonopah North Star
Mar
2c Feb 12c June
Marine 011
60
6,000
1%
6c
1
70
1% 1%
1,500
1
Trinity
Feb
May
2
Copper
1% July
Marland 011
3
300
Jan
1%
I%
I%
7%
7% 8% 6,100
1
Jan 10
June Tuolumne Copper
Marland Refining
3,500 450 Mar
1
.1 63e
May
63c 70c
5
4% 4%
1,000
2
34 June United Eastern Mining_ _1
Jan 2t0
1% Apr
Meridian Petroleum_ -__10
2% Jan
134 1% 13,40(
4c
9/(6
3c
4e 54,000
20
Mar
United
July
Verde
Erten__ _50o 27% 27% 27%
Mar 303% Jan
Merritt Oil Corn
360 27
10
9
9% 3,400
8% Jan 14% May Unity Gold Mines
Mexican Pimlico 011- -10
6 3%
2% May
3% 3% 2,500
534 Feb
59e 60c
200 59c July
Volcano Mining
2% May
37c
34c 38c 15.000 33o July 550 Mar
1 Mexican Seaboard Oil..
27% 34% 155,300 28% Feb 50% June West Dome
Consol
120
15c Apr
110 June
120
120
5,000
I Voting trust ctts
25% 32% 124,900 27
July 47% June West End Consol
134
Mar
1% 7,700 700 Feb 119-j
1
82%
THE CHRONICLE
298
Sales
Friday
Last Week's Range for
Week.
of Prices.
Sale.
Shares.
Mining (Concluded) Par. Price. Low. High.
Range since Jan. 1.
[VOL. 115.
Quotations for Sundry Securities.
All bonds prices are "and interest" except where marked "f."
Ask Joint Stk. I.and Bk. Bonds
Jan
17e
Sc
May
5,000
10c
Oil Stocks Par Bid
Standard
be
1
Western Utah Copper_
00
1000
1
4
522333144
1912 ChicaStk La,nd Ilk Is_1939 993411
Apr
9c
3c Feb
3,000
7c
6c
Anglo-Amertcan Oil new_ ill x19
10c
White Caps Mining
Si 1951 opt 1931
7c July
110. 110 140
Jan
lc
14,000
7c
Sc
Atlantic Refining
7c
1
Wilbert Mining
10
117
5s 1952 opt 1932
Sc May
Apr
x115
2c
100
2,000
3c
Preferred
3c
Yerrington Consol
5)5s 1951 opt 1931
100 400 415
13( June Borne Scrymser Co
100 80c June
95c 95c
5
Yukon Gold Co
95
RR. Equipments-Per Cl Basis.
Buckeye Pipe Line Co_ _ _ 50 *93
200
Topeka & Santa Fe 6s. 5.40 5.10
Atch
195
.100
new.
Mfg
Chesebrough
BondsCoast Line 6s & 64s 5.50 5.25
Apr
Atlan
Jan 90
100 108 111
8335 $13,000 59
83
Preferred new
5.60 5.20
/Mica Pack cony deb fis '39
140 Baltimore & Ohio 44s &
65
May
137
Jan
100
1,000
50%
Oil
64
64
Continental
_
Certificates of deposit._
35
& Pitts 4s & 4545 5.20 4.90
Roch
Buff
May
*33
76
50
99%
Co
Feb
3S,600
96
Line
Crescent Pipe
5.15
5.40
Allied Pack 8s Ser B w 1 '39 95% 95
es
Equipment
June Cumberland Pipe Line_ _100 140 145
103% 103% 3,000 100% Jan 104
Aluminum Mfrs 7s___1925
91 Canadian Pacific 434u & 6s.. 5.50 5.25
Apr Eureka Pipe line Co_ _ -100 x89
2,000 10211 Feb 106
105% 105%
1933
5.50
8.00
7s
_
Ohio
105
Clinchfield
Caro
Apr
99%
101
93
Feb
_100
98% 99)1 41,000
Galeria Signal 011 corn_ _
5.60 5.25
Amer Cotton 011 6s.. _1924 99
HQ 108 112 Central of Georgia 44s_
Jan 107% May
26,000 96
106% 107
Preferred old
5.40 5.10
Amer Light & Tree(is_1925
May 100% June
loo 55 57 Central RR of N J 65
100% 100% 122,000 100
Preferred new
5.25
Without warrants
5.60
8%s
&
6s
Ohio
170
&
Chesapeake
Mar
100 160
10055 18,000 99% Jan 101
Illinois Pipe Line
5.50 5 10
Amer Tel & Tel 6s_ ___1922 100% 100% 101%
90
Equipment 5s
50 *89
85,000 99% Jan 1017s Apr Indiana Pipe Line Co_
6.00 5 50
65------- ----.1924 loig 101%
1
63
2212
Alton
&
4
Chicago
*22
June
par)
104%
Jan
100%
(no
.
51.000
Petrol
103%
International
Anaconda Cop Min 7s 1929 103% 103%
27 Chicago Burl & Quincy 86.- 5.40 5.10
76,000 9634 Jan 100% May
National Transit Co_ _12.50 *26
6.00 5.40
6% notes Series A.1929 10055 100% 100% 31,000 10233 Jar 104
Feb
103% 103%
New York Transit Co__ -100 166 170 Chicago & Eastern /11545
5
10
0 5.0
Anglo-Amer 011711s_ _1925
60
Chicago Ind & Loulsv 4%5- 5:4
100
July
47,000 10151 Jan 105
104% 104
Northern Pipe Lino Co_ _100 98
Armour & Co 7% notes1930 105
its..
25 *285 290 Chicago St Louis & NO
57% Apr
6611 May
Ohio Oil Co
5.25 5.00
Atl Gulf & W I SS L 5s 1959 62% 61% 62% 39,000
36
*33
W
44e
N
&
Chicago
25
Co
Fuel
Penn alex
Beaver Board 8s ctfs of
& 11s..__ _ 5.50 5.20
Equipment
July
6,000 61
May 72
100 595 605
78%
75
1923
Prairie Oil & Gas
deposit
6.65 5.25
100 244 249 Chic R I & Pee 43-516, Is, Os 5.65 5.30
10-1 55 104;1 30,000 100% Jan 105% May
Prairie Pipe Line
Bethlehem Steel 7s.._ _1923
5s, 65_
350
340
Southern
&
Colorado
Apr
103%
Jan
30,000
100%
1033
100
102%
1935 102%
Solar Refining
Equipment 7s
5.20
5.40
6
94
93
Hudson
&
Delaware
Bklyn Union Gas 75 w 1 '32 107% 105% 107% 160,000 105% May 112% June Southern Pipe Line Co_ _100 208 215 Erie 455s,5s & 65
5.90 5.30
June 105% May South Penn 011
100
104 1043-i 10,000 104
1947 104
5.50 5.20
6s w I
(35
64
60
Northern
Great
May
96%
July
96,00( 94
9455 95
Southwest Pa Pipe Line6.100
Canada SS Linos 7s w i 1947 945
*10512 10612 Hocking Valley 4%s,55 & (Pi 5.60 5.30
Mar
6,000 104% Feb 110
Standard Oil (California) 25
Canadian Nat Rys 7s_1935 10731 107% 108
5.45 5.20
983 99% 105,000 98% June 99% Mar Standard Oil (Indiana)... 25 •10778 10818 Illinois Central 434s, & 6s 5.40 5.15
1925 993
5s w 1
540 550
Equipment 7s & 65113_ _ _ _
Canadian Pao Ry 6s_ _1921 loiy, loili 101)1 20,060 99% Jan 101% Jan Standard 011 (Kansas). _100 •92
93 Kanawha & Mich 4118,
Apr Standard 011 (Kentucky) 25
Feb 106
10,000 98
1941 105% 105% 1059Central Steel 8s
35
5 5..00
20
5.6
June Standard Oil (Nebraska)100 180 185 Louisville & Nashville 50__ _ 5.40 5.25
Chic Un Stat 5s Ser B.1963 99% 9901 9901 30,000 99% June 100
Equipment 6s & 6%s-June Standard 01101 New Jer_ 25 *180 182
Jan 150
3,000 100
135 135
0
Cities Serv deb 7s Ser B '66
10
40 5.2
5..5
6s_ _ _ 5
117
56,
1161z
Central
Michigan
June
98)1
Feb
87
2,000
96
100
9601
1966
Preferred
Deb 75 Ser C
Mar 91% June Standard Oil of New Y'k.100 426 429 MinnStP&SSM 4414c6s
2,000 85
915
Deb 7s. Series D._1966 9101 91
Equipment 631s & 76
Mar Standard Oil (Ohio) _..100 455 465
49
1,000 22)1 Jan
43
43
5
30
.5
5 5.
Col Grapbophone 8s_ _ 1925
60
5:0
6
5,000 100% July 101% Jan
100 .117 119 Missouri Kansas & Texas ori 5.75 5.25
10001 10001
Preferred
1922
Consol Gas N Y 7s
35 Missouri Pacific 55
100 32
5.35
Cons G EL & P Balt 7s'31 10501 105% 10501 10,000 102% Jan 106% June Swan & Finch
5.75
Equipment (3o & )55._
July Union Tank Car Co._..100 96 100
50,000 99% June 101
1949 1004 100 101
6sSer A wi
5.90 5.25
Mobile & Ohio 451s. 5s
100 106 107
Feb 100% June
Preferred
1941 993-1 995-1 993-1 15,000 94
Consol Textile 8s
5.35 5.10
Jan
100 420 425 New York Central 4349, Si. 5.45 5.30
Jan 103
101
10101 19,000 101
Vacuum 011
Copper Export Assn 8s '23
28
.
7s
24
&
6s
Equipment
Apr
10318
May
011
10
61,000
102
Washington
8% notes___Feb 15 1924 102% 10231 10255
00 5.50
6
449
Western
&
Ontario
NY
Mar
8% notes___Feb 15 1925 10401 10451 104% 55,060 103% Feb 105
Norfolk & Western 4%FL__ _ 5.25 5.00
Other Oil Stocks
0
Cudahy Packing 7s __ _1923 101% 101% 10151 8,000 100% Jan 101)5 Apr
10
.1
5.35 5.
*914
9%
es
Equipment
par)
May
102
(no
Feb
Atlantic Lobos 00
10131 10131 19.000 95
1931
Deere & Co 731s
5.45
43 Northern Pacific 7s
50 *38
Preferred
10131 15,000 92% May 101% June
Empire Gas & Fuel 6s.1924 10131 101
•108 110 Pacific Fruit Express 7s.._ 5.40 5.20
June
100%
May
25
011
19,000
100
Imperial
10031
100%
Fed Land Bk 4%s w 1_1942
5.00
June Magnolia Petroleum_ _ _ _100 170 180 Pennsylvania RR 40 & 4342_ 5.25 5.25
73,000 100% Apr 156
13731 143
Freeport Texas Co 7s_ 1937 137%
5.53
3
Equipment6s
May
Feb 100
33,000 05
Merritt 011 Corporation_ 10 *913 934
9731 98
Galt* (Robert) Co 7s__1937 97
5.25
50
.
5
&
6s
Erie
Lake
&
Pittab
5
63-4e
July
15
*13
011
105%
Jan
Eagle
13,000
1004
Mexican
Galena-Signal 011 7s__1930 10531 10431 10511
5.35
Reading Co 44s_
Apr
3,000 102
Jan 107
0
General Asphalt 8e___1930 1043-1 10131 104%
10
2
0 5...2
70
5..8
_ 5
bet_
Sou
Mt
&
Iron
Louis
St
July
Stocks
103%
96%
249,000
Tobacco
Jan
10301
103%
10351
Goodrich (B F) Co 72_1925
66 St Louis& San Francisco Sc.
186,000 97)1 July 97% July
American cigar common.100 63
97% 9
1947 8
615s w 1
80
84 Seaboard Air Line 4%s& 55100
Mar
Jan 106
Preferied
1054 105% 15,000 102
Trunk Ry 648_1936 Grand
225
104 10454 25,006 102% Jan 104% May
Amer Mi.chine & Fdry_ _100 132 250 Southern Pacific Co 434s.. 6
1936 104
Gulf Oil Coro 76
5.
55 5
15
0
3
7
215
4
:7
55 1.0
5
0
•
135
Equipment 76
1923 __-_-- 101 101% 4,000 99% Jan 101% Apr American robacco scrip_ _ _ *1714 172
65
Southern Ry 44e, be & Si...
June British-Amer Tobac ord. £1
Hershey Chocolate 7%e'30 - - - - - - 103% 103% 4,000 100% Feb 104
5.60 5.30
17'2
•1714
ea.__
Central
Ohio
&
Toledo
£1
bearer
July
1,000
Apr
100%
Tobac,
r
100%
Brit-Ame
11031 10001
Hocking Val RR 6s_ _ _1924
*1113 12,2 Union Pacific 7s
Apr Conley Foil (new)_ _(no par)
Jan 100
Hood Rubber 7% notes '36 98% 9831 9831 19,000 96
• 15
5..2
0 55
35
5..8
147 150
Virginian Ry (is
41,000 99% Jan 101% May
Helme (Geo W)Co,com.100 109 112
Humble Oil& Ref 7s_ _1923 100% 100% 101
100
99,000
72
May
Jan 95
90
Preferred
90
9051
Interb R T 8s J P al rects_ _
•1334
1412
Public Utilities
1,000 76
Jan 99% June Imperial Tob of0 B & ire..
98
98
1921
7% notes
z24
41510 154
85
95
err
as& Elec. corn__ 50:
AmerG
Kan City Term Ry es.1923 -_-_-- 101% 10151 5,000 99% Jan 101% June Johnson Tin Foil & Met_100 101 104
43
Preferred
20,000 95 June
97)5 Apr
MacAndrews Forbes._100 94
9531 96
96
Kansas Gas & El 6s w 11925
97
Amer Light & Tree, com.100 135 138
100
Preferred
Kennecott Copper 75_1930 104% 104% 104% 31,000 101% Jan 106% Apr
98
33
31
Preferred
100
1,000
98%
Mar
98%
May
96%
Mengel Co
993-1
Kings Co Ltg 631s w 1_
50 55
6 115
10
0 1913
06
Amer Power & Lt,com 1
45.006 9431 Feb 10051 May
99% 100
Porto Rican-Amer Tot)._100 *ti5
Laclede Gas Light 7s
88
84
75
16,000
Apr
98%
9931
Apr
101%
99
9951
Scrip
&Libby7s'31
LibbyalcNeill
18
75
corn_ _1100 16
red00
Public Util,
Amer
Prefer
4,000 98% Mar 101% Apr Reynolds(R J)Tobacco_ 25 *65
Liggett-Winchester 75.1942 __- --- 100% 101
30
33
•
35
28
100
Preferred
2,000 100
Mar 105% July Schulte Ret. Stores(no par)
1940 -_-- 1044 105%
Lukens Steel 8s
7112
115 120 BlackstoneVal0atE.com 50 d69
com
_100
29,000
Tob
108%
106
Leaf
1C8
May
June
10831
110%
Universal
73w
1_1932
Magma Copper
48
3,000 89
100 98 102 Carolina Pow Lt. com _100 44
Jan 100
May
Preferred
953-1 953-1
Manitoba Power 73.. _1941 95%
85 Cities Service Co, corn._100 215 218
100 80
May Young (J 5) Co
1930 1053-1 105 10531 16,000 102% Jan 107
Morris & Co 7)15
6712
92
94
07
100
Preferred
100
41,000
96
Apr
9731
92
965.1
Mar
984
Preferred
Nat Acme Co 7%s....1031
Colorado Power, corn_ 100 1512 1612
Jan 103% May
Nat Cloak & Suit 8s 1930 __- - -- 102 10251 4,000 95
and pr ices)
loo 87 90
Preferred
Rubber Stocks (Clesel
Anr
National Leather 8s 1925 98% 9851 9931 18,000 95% Jan 101
30
81 Com'iv'th Pow,By & Lt.100 29
1,000 94% Apr 95
Apr Firestone Tire& Rub.com_10 80
/ N Y Cent RR 5s Ser C'13 __-_- - 94% 9431
84
100 61
Preferred
100 91) 91
10,000 68% Jan 101
101
101
July
NY N H &Hartf 4s_ _1922 _ _
6% preferred
9612
100 8612 8712 Elec Bond & Share, pref_100 9512
88% 8831 120,000 72% Apr 8834 July
7% preferred
500 franc bonds_ __ _1922 __
225 250 Federal Light & Trail__ _100 3014 3114
33,400 77
89
Mar 92% May Gen'l Tire & Rub,corn.
1925 8751 87
Ta w 1
73
100 71
Preferred
100 92 100
May
Preferred
500 franc bonds ______ __--- - 74% 7431 651,000 64% Mar 78
24
1118 Misalssippi fly Pow,com100 23
11
1,000
Jan
R,
103%
com.100
&
103%
10051
Tire
Goodyear
May
1941
104%
Phila Electric 6s
32
81
3512
79
Poo
Preferred
30,000 99 June 100
100
June
Preferred
1947 99% 9931 100
551s w 1
First Mtge 5s, 1951__J&J 9212 931Z
100 6912 7012
May
.Feb 126
Prior preferred
Phillips Petrol 7355-1931 11831 118 120% 6,000 101
82 86
I g deb 75 1935_ _NUN 100 102
102 102% 13,000 99
Apr 104% Slay Goodyear TAR of Can p1100
Without warrants
75
11
Northern Ohio Elec.(no par) •10
1013-1 50,000 90% Feb 104
100 70
Apr
Miller Rubber
Public Serv Corp 7s w 11941 1011; 101
9312
93
100 3612 3912
Preferred
104 104).4 59,000 102% June 110% June
Preferred
Punta Alegre Sug 7s w I
-91
88
States
Nortla'n
Pow,com.100
115
164,000
94
100
55.
92% June 95
'37-- :1June Mohawk Rubber
Remington Arms 6s__1937
28
22
93
Preferred
160 90
194298% 98% 22,000
9734 June 100% Apr Swinehart Tire & Loom _100 5()
.1 Saks & Co s f 7s
70 Nor Texas Else Co,corn_100 90
93
15,000 98% Jan 101% Apr
51 10051 101
Preferred _
Sears, Roebuck & Co 7s '22 -10082
Preferred
100 80
Apr
Jan 162
7% serial notes Oct 15'23 10155 101 101% 44,000 97
10,000 101
Pacific Gas & El, 1st pref 100 8712 8334
1033-1 104
Apr
Jan 105
Shawsheen Mills 7s__ -1931 101
45
47
Puget
Pow
&
3,000
Sound
Lt_
_100
10501
Jan
Stocks
162%
Sugar
May
106
Solvay & Cie 8s
1927 105% 10501
13
83
6% preferred
100 80
60 •10
Southw Bell Telcp 7s..1525 162% 10201 10201 28,000 100% Jan 103% Apr Caracas Sugar
7o
.73
102 104
7%
38,000
100
preferred
109
corn.
20
Sugar
105%
10831
i
Aguirre
/
Mar
July
1085
109
Cent
Eitand 011 ofN Y deb 6155'33
• 34
112
7,000 104
Gen M 755s 1941_ _ _M&N 10312 10414
105 1053-1
Jan 106
Apr Central Sugar Corp.(n0 par)
7% serial gold deb _1925 - 4 Republic Ry & Light__ _100 14
2
17
100
Preferred
Jan 10651 July
7% serial gold deb 1926 __---- 106 106% 5,000 104
40
49
6(1
4,000
100 48
Preferred
_100
10611
104%.
Feb
105%
common__
Sugar
107
May Cupey
7% serial gold deb_ _1927 10655
70 South Calif Edison,corn.l00 10512 10612
5,000 105
100 50
Preferred
Feb 107
Jan
7% serial gold deb_ _ 1928 ...---- 106% 10631
74
11,000 10551 Mar 108
100 119
Preferred
100 72
July Fajardo Sugar
7% serial gold deb 1929 __---- 107 108
104
Aor 109
June Federal Sugar Ref, COM -100 104 ---- Standard Gas & El (Del). 50 *
7% serial gold deb_ _1930 __---- 10755 10731 3,000 106
50 *,11g -at
14,000 107% Mar 110% Jan
Preferred
---100
10851 109
Preferred
7% serial gold deb.,1931109
14
16 Tennessee
1434
2o prefrreeEles Pow (no par)
109 11001 12,001) 100% Jan 114% July Godchaux Sug Inc__(no par) •14
Stewart Warner 8s_ _- _1926 110
39
41
74
78
par)
(no
26,000
100
98% Jan 101% May
Preferred
1931 100% 100%10031
Sun Co 7s
22(1 240
55
_100 50
1925 101% 101% 10211 40,000 100% Jan 102% July Great Western /lug, com_100 105 110 United Lt & Rya,corn__ 10(1 73
Swift & Co 75
77
59,000 101
1st preferred
100
Jan 103% Apr
Preferred
Aug 15 1931 10201 10231 103
73
*13
16
Western Power Corp___ _100 23
1014 20,000 101
July 102% Apr
Holly Slug Corp,com(no par) 45
Texas Co 7% notes__ _1923 __---- 101
N11;
49
100 76
37,000
Preferred
100
10251
Jan
101%
9955
104%
Apr
Preferred
10251
Tidal Osage Oil 7s____1931
r Cent
50 100
100% 101% 75,000 100% June 102
May
Juncos Central Sugar __ _100 144 147 Short Term Securities-Pe 9878 9918
Union 011 of Cal 6s_ _ _1942 101
36,000 90
Am Cot Oil Os 1924_ _1%1,3E52
103 101%
Feb 110
1043
Apr
National Sugar Refining_100 13
United 011Produc 8s_ _1931
16
Amer Tel& Tel es 1924_F&A 10112 10134
Jan 108
51 18,000 100
Apr SantaCecillaSugeorP,Pf.100
United Rys of Hay 751s'36 __---- 104%
49
42
k&O 10038 100%
6% notes 1922
36,000
Jan 107% Feb Savannah Bug,com _(no par)
1936 16731 106% 107% 18,000 106
Vacuum 011 76
x88
91
Am Tob 7% notes '23.M&N 10214 10212
100
99
May
Preferred
100%
May
Valvoline 0116sSerA wi_'37 99
99
99
60
100
10034 101
Mlnea'29_J&J
AnticondaCop
52,000
com.100
Fin,
10801
103%
Buz
Jan
West India
10934 Mar
Western Elec cony 70.1925 1080-1 108%
52
J&J 10312 10334
7s 1929 Series B
35,000 95)1 Mar 102% July
100 47
Preferred
Winds
Arms? 4s'41 102% 10/U 102%
Anglo-Amer 011746'25 A&O 103%'104
iscellaneous
IndustrIal&M
RepeatForeign Government
176 180
Arm'r&Co75July15'30J&J15 10434 105
American Hardware_...l00
and Municipalities.
55
Deb es J no 15 '23 J&I)15 1(41
Jan 100% May Amer Typefounders,com.100 52
100 10011 69,000 97
Argentine Nation 7s_ _1923 100
97
_
94
Deb (Ss J'ne 15'24 _J&D15 100
109,000
100
86
84%
84%
July
Preferred
100
may
Brazil(1.1Sof)Coffee751s'52 8551
3112
•30
St 7% July 15'23.1&.115 10112 10434
Beth
7,000
par)
85
85%
July 9834 May Bliss(LW)Co,new..(no
1952 - - - -- - 85
7315 (£1,000) w 1
Canadian Pee 6s 1924.M&S2 101 18110138
020,000
50 •56
July
551
5%
Jan
Preferred
93-s
f Hamburg-Amer 4%s
107 109
Federal Bug Ref 65'24_NI&N 10012 10034
2% June
3 010,000
3
5% May Borden Company,corn_ _100 96
§Hamburg 455s
98
GoodrIch(BF)Co 7s'25.A&O 100% 103%
100
4011 198,000 38
June 52% Apr
Preferred
- 38
2
0-3
41945 --Mexico 48
docking Valley 651924.M&S 10012 10134
100 9() 100
Company
1801 30,000 1731 June 23
June
17)1
Celluloid
58
9913
interboro R T 7s 1921_M&S 98
2,000 50
100 113 115
50
July 50
50
July Childs Co, com
6s 10-year Series B
11 C Term Ry 65'23.M&N15 101181101%
29,000 9634 July 97% June
100 101 107
97
96%
Preferred
96,4
-152
jaa 102 1104
Montevideo (City) 7s w
1931
6319July
15,000
.....100
July
96
Co_
964
Tobacco
96
July
96%
Havana
Netheriands(Kingd)6sB'72 96
---- Laclede Gas 7s Jan '29_F&A
100
107% 107% 5,000 103% Mar 107% June
Preferred
Philippine Govt 5s... _1952
94 10g34
-Lehigh Pow See 65 '27_FdlcA
26,00C
13% Jan 30% Apr
15% 17
1st g 5s, June 1 1922_J&D
9714 9734
Russian Govt6%s------119 153-1
55
Shelf & I 6s'29 _ FdrA
100
iloes
47,000
Salt
16
1355
15
Jan 26% Apr International
15
Certificates
r1706 e7..
i8
1%
aw
(50
fts& Co 7% 1925..A&015 101's 10178
2,000 1315 Jan 28
1511 17
Apr International Sliver, pref 100 •99 1
1921
7
1148
sA
g315 1931_ _ _ 10258 10278
7s
u2
10
noote
c
10,000 134 Jan 2631 Apr Lehigh Valley Coal Sales. 50
15% 17
Ceitilicates
100
101 10118
Phelps Dodge Corp
Serbs, Croats and Slovenes
O 108 10812
AA
F&
U S Rubber 7349 1930.54
com_100 105 110
322,000
Pow,
95
9515
Baking
95
8
July
955
July
9551
Royal
(Kingdom of) 8s w 1_1926
97
94
100 10038
Sec
Utah
Corp
100
(is'22.M&S15
161,000
103%
102%
Preferred
Jan
9531
10734 Mar
Switzerland Govt 5%s 1929 10351
03
West Elea cony 7s 1925.A&O 10838 108%
g..-100 90
I Listed on the Stock Exchange this week, where Singer Manufacturin
I' Odd lots. * No par value.
found. o New stock. to When issued. x Exadditional transactions will be dividend.
x Dollars per 1,000 lire, flat. Dollars
•Per share. S Basis, a purchaser also pays accrued dividend, •New stock.
dividend. y Ex-rights. z Ex-stock
/Flat price. k Last sale. n Nominal. z Ex-city. y Ex-rights. tEx-stock div,
per 1,000 marks. g Marks. k Correction.
Low.
High.
-ii
-i6--
2
initestment and g,ailtaatt Intelligente.
299
RAILROAD GROSS EARNINGS
The following table shows the gross earnings of various STEAM roads from which regular weekly or monthly returns
eau be obtained. The first two columns of figures give the gross earnings for the latest week or month, and the last two
columns the earnings for the period from Jan. 1 to and including the latest week or month. The returns of the electric railways
are brought together separately on a subsequent page.
Latest Gross Earnings.
ROADS.
Week or
Month.
Current
Year.
Previous
Year.
Jan.1 to Latest Dale.
Current
Year.
Previous
Year.
$
$
$
$
Alabama & VicImb_ May
290,679 256.912 1,293.355 1,351,012
Amer Ry Express__ March
13128428 18023 397 38,791,889 52,719,529
Akr Canton & Young May
513.747
199,626 129.296
872,766
Ann Arbor
1st wk July 138,910 133,391 2,405.6131 2.296,603
Atch Top & S Fe... May
15073948 15218955 67.877.74474,349.902
Gulf Colo & S Fe_ May
1,653,075 2,453,118 8,101,558 11,573,277
Panhandle S Fe May
599,999 601,242 2,896,345 3,395,741
Atlanta Birm & Atl_ May
330,541 238,127 1.530.329 1.228.284
Atlanta & West Pt_ May
939.869 1.058.717
206,079 217,584
Atlantic City
May
363.956 414.921 1,407,375 1,418,444
Atlantic Coast Line May
6.386.035 5,375,820 31,524,544 31,776,934
Baltimore & Ohio May
16861752 15722738 81,098,644 79,914,927
B & 0 Ch Term._ May
270,654 193.483 1,187,2111 1,013,214
Bangor & Aroostook May
821,001 533,948 3,925.715 3.337,177
6.87421,856
20,949
Bellefonte Central March
8,283
Belt Ry of Chicago_ May
482,697 415,301 2,388,946 2,046,206
Bessemer & L Erie-- May
585,270.1,162,699 3,275,607 4,271,276
95,070
58,755
Bingtiam & Garfield May
15,971
12,865
Boston & Maine... May
6,454,487 6,277.762 31.325,380 30,708,909
669.6971 564.964
Bklyn E D Term_ _ - May
129.672 109.881
Buff Each & Pittsb_ 1st wk July 202,247 259,526 7,466,921 7,937.952
905.198
Buffalo & Susq
May
60.098, 163.980, 663,125
Canadian Nat Rys_ 1st wit July 2,075,360 2,106,984 5:3,723,978 60,258,312
Canadian Pacific_
1st wk July 3,168,000 3,440,000 77.167,000 85,268,000
Caro Clinch & Ohio_ May
671,7861 601.212 3.164,035 2,972,636
Central of Georgia._ May
1.859,850 1,789,188 8.754,902 9,191,250
Central RR of NJ... May
3,429,173 4,194,258 19,756,57520,722.098
2,626,1951 3,425.293
Cent New England_ May
523,019 621.086 3,052,572
2,553,601
Central Vermont... May
588,448 558,816
Charleston & W Car May
305,538 272,113 1,452,751 1,459,297
Ches & Ohio Lines May
7.657,318 8,017.908 35,302,745 33,318.434
Chicago & Alton.... May
2,136.783 2.455.399 11,826,590 11.886,994
Chic Burl & Quincy_ May
12401 625 1253493061.551,19765.034.059
Chicago & East Ill May
1.848,545 1,983,644 9,892,732 10.748,971
Chicago Great West Maya
1,978,569 1.934,209 9.284.854 9,655.293
Chic Ind & Louisv May
1,352,925 1,241,420 6,399,265 6.026,550
Chicago Junction May
292.669 409,419 2,045,955 2.042,576
Chic Milw & St Paul May
55,416.579
12249791 11059949 57643221
, ,
Chic & North West_ May
11758933,10365928 53,995,307 55,742,173
Chic Peoria & St L_1May
, 51 140,218
965,0921 796,030
Chic River & Ind May
197,269
Chic RI & Pacific May
9,632,956 10189563 45,319.924151,206,501
Chic R I & Gulf May
2922,076
422592
,
,
622978
21997911
,
, ,
PM
Chic St
& Om_ May
2,206,981 1,926,903 10,589,618 10,901,450
Chic Ind & Western May
356,479 293,298 1,666.8271 1.408.942
Colo & Southern... 1st wk July 431,629 469,778 11,522,163 12,815,829
• Ft W & Den City_ May
754,789 822,903 3,577.4941 4,449.402
Trin & Brazos Val May
164,761 218,327 1,44o,273j 1,068,712
Wichita Valley... May
684.537
88,317 100,439
481.668
Cumb Val & Martin May
47.739135,268
393,107j 585,061
Delaware & Hudson May
2.483,7203,682,979 16,570,412 18,687,649
Del Lack & Western May
5,516,145 7,294,703 30,381,541 34,713,853
Deny & Rio Grande May
2,424,366 2,390,573 11,718,984 12,382,259
Denver & Salt Lake May
863,171
36,7481 200,427
513,860
Detroit & Mackinac May
739.432
154,7261 170,364
629,776
Detroit Tol & Iront- May
889,5031 651.663 3.573,291 2,077.291
Det & Tol Shore L May
981.403
258,639 209,144 1,499,106
Dul & Iron Range-- May
859.399 1,426,728
362.132 541.397
Dul Missabe & or.. May
600,5001,618,783 1,165,660 2,503.579
Dul Sou Shore & Atl 1st wk July 141,911 119.825 1,936.858 2,265.939
Duluth Winn & Pea May
151.357 140,391
777,755 1,271,412
East St Louis Conn_ May
682.602
837,789
179,640 130,713
Eastern SS Lines
May
480,300 416,136 1,585,195 1,25 ,
Elgin Joliet & East_ May
9,103,222
1.925.601 1,366.269 . i .
El Paso & Sou West May
870.370 880,257 4,143,356 4,977,296
Erie Railroad
May
7.035.924 8.471.807 37,523,439 41,484,189
Chicago & Erie- May
074,823 1,011.900 4,589,274 4,576,774
NJ & N Y RR- May
595,967
605.347
126.456 131.984
Florida East Coast_ May
1,306,104 1,158,339 7,252,100 7,420,791
Fonda Johns & Glov May
557,666
107.698 113,308
582,627
Ft Smith & Western May
804.446
128,052 146.302
588,536
Galveston Wharf..-- May
111,202 225,444
608,252 • 1,045.322
Georgia Railroad... May
417,341 408.548 1,946,378 2,224,071
Georgia & Florida May
104.754 101,439
.
Grand Trunk Syst 1st wk July 2,233,202 1,707,391 48,738,810
730
6,4
88
93
48,5
Atl & St Lawrence May
153,392 249,600 1,200,037' 1,418,472
ChDetCanGTJct May
158,458 151,462
968.9281 837,675
Det G H & Milw_ May
532,797 281,479 1,982.190; 1.429,559
Grand Trk West_ May
1,286,828 1.299,998 5.660.110 5.515,890
Great North System May
7,690,262 7.315,244 33.487.95433,455,184
Green Bay & West_ May
68,3,382
56106
110,558 101,684
Gulf Mobile & Nor_ May
413,753 328,828 1,841,545 1,743,309
Gulf & Ship Island.. May
267.859 235,711 1,178,676 1,166,211
Hocking Valley_ __ _ May
1,019.599 1,302,739 5,172,392 4,860,010
Illinois Central_ _
May
121)81678 11018 06 57,417,376 57,472,152
Total system- _ -- May
13504 519 12520122 64,721.019 65,953.626
Internat & Grt Nor_ May
1,286,549 1,784.091 5,651,483 8,012,701
Internat Ry of Me.- May
163,415 157,540 1,306,857 1,450,068
Kan City Max & Or May
717.273
103,568 167,551
542,131
K C Mex &0of Tex May
881,882
121,927 201,303
604,911
Kansas City South_ May
1,511,184 1,663,916 7,214,417 8,365,129
Sm...
May
Texark & Ft
167,394 170.233
940,599
794.396
May
Total system __
1.678,578 1.827,980 8.008.813 9,275,519
Kansas City Term May
Kan Okla & Gulf_ _ - May
223.047 154,700 1,090.815 1,004.952
Lake Sup & Ishpem_ May
58.230
47,828
19.528
69,701
Lake Terminal Hy.. May
105.234 100.967
603.616
467,293
Lehigh & Hud River May
155.952 261,279 1.040,110 1,325,466
Lehigh & New Eng. May
284,453 395.444 1,747,247 1,779,5M
May
Lehigh Valley
4,609.888 6,349,363 26.259,029 30.261,638
Los Ang & Salt Lake May
1,682,664 1,568.297 7,605.025 8,214,458
Louisiana & Arkan_ May
276,896 289,945 1,312.943 1,419.240
Louisiana Ry & Nay May
271,890 300,121 1,326,140 1,571,988
Louisville & Nashv_ May
11925415 9.893.634 50.167,156 47,774,594
Louisv Hand & St L May
316,039
. 0 1,23 , 52 1.188,582
Maine Central
May
1,864,850 1,553.954 8,427.104 8.880,930
May
Midland Valley_ _
441.835 354,452 1,847.302 1.930.484
Mineral Range
1st wk July
595
4,349
190.603
128.201
Minneap & St Louis 1st wk July 253:081 257.089 7,669,725
7,949,103
MInnSt P &SMay
3,530,286 3,084,886 15,050,597 16,0972584
Latest Gross Earnings.
ROADS.
Week et'
Current
Month. . Year.
Previous
Year.
Jan. 1 to Latest Date.
Curtent 1 Previous
Year.
Year.
$
$
13
8
Mississippi Central_ May
130,188
80,808
610,530
416,216
Mo & North Arkan _ March
-810
56.734
-1,464
291,750
Missouri Kan & Tex May
2,760,426 2,616,071 11,951,866 13,334,026
Mo K & T Ry of To,xMay
1,738,838 2,037,178 8,,
•
1,182314
Total system_ _ _ _'April
4,193,086 4,893.581 16.125.487 20,662,211
Missouri Pacific__ May
8,633,943 8,651,373 39,861,400 43.816,572
Mobile & Ohio
1st wk July 285,582 259,683 8,758,517 9,501,245
Colum & Greens_1MaY
125,834 112,117
588.745
673.554
Monongahela
May
89,141 292,219 1,601,032 1,517,634
Monongahela Conn_ 1May
179,539
61,690
677,556
318.296
Montour
May
20.218 215,924
326.204
659.423
Nashv Chatt & St L May
1,880,691 1,649.928 8,391.624 8.483,501
Nevada-Cal-Oregon 1st wk July
9,202
9,511
118,280
149,406
Nevada Northern May
47,676
16,540
140,072
193,297
Newburgh & Sou Sh,May
206,639
82.841
818,608
549.167
New Orl Great Nor.. May
215,607 195.393 1,053,495 1,043.243
NO Texas & Mex_ _1May
231,402 182.138 1,121,182 1,175,650
Beaum S L & W._ _1May
165.180 139,544
867.156
974,026
St L Brownsv &M.May
406,793 452,922 2.285,819 2,604,225
New York Central_ _1 May
26526625 26623004 129095375 129711339
Ind Harbor Belt. May
810,039 712,299 3,816,433 3,680.431
Lake Erie & West May
827.917 780.677 3 ""' 016
842
Michigan Central May
6,740,054 5,885 226 30,2.13,621 28.152,700
Clay00& St L
May
7,102.263 6,647,935 33,215,768 32,650,879
Cincinnati North_ May
251,441 302,513 1.432.557, 1.384,618
Pitts & Lake Erie May
1,905,271 2,024,394 9.739.033 10,720,434
Tol & Ohio Cent_ May
358,915 907,086 3,283,36110 4. 71.579
Kanawha & Mich May
191.923 456,080 1.356,703 1,822,621
N Y Chic & St Louis May
2,512.5292,192.423 11.615.691 0,911,060
N Y Connecting... May
201.380 '
1,181.399 1,453.249
N Y N H & Hartf_ _ May
10423384 9,423,486 47,597,890 45.282,315
N Y Ont & Western May
887.320 1.205.911 4.702.903 5,156.229
NY Susq & West May
301.612 331.230 1,650 808 1,698,449
Norfolk Southern.- May
719.969 606,554 3,447.267 3.227.244
Norfolk & Western_ May
8,994.145 6,613,062 36.538.260 32,141.052
Northern Pacific.. May
7,378.960 7,037,078 33.621.547 33.018.536
Northwestern Pac May
692.495 730,617 2.838.227 2,856,220
Pennsylv RR & t;o_ May
40634489 40773401 199900816 205316708
Balt Ches & Atl_ _ May
144.4431 127,075
518,792
562.323
Chic Lab & Nor.- May
99,996
91,191
419,029
436.361
Grand Rap & Ind May
705,424 682,222 3.413,207 3.468.870
Long Island
May
2,666.564 2.472.347 11,047.338 9,974.357
Mary'd Del S.-, Va. May
95,417 10.3.031
375.846
426.663
N Y Phila & Nor!May
699,9321 461,052 2,823,543 2,451,257
Tol Peer & West_ May
122,872 127,824
645,512
696,696
W Jersey & Seash May
1,080,086 1,071,097 4,635,746 4.438,045
Pitts C C & St L. May
8.642,305 7.598.924 38.610,668 40.235.127
Pennsylvania Syst May
55215004 53823287 263710318 269280317
Peoria & Pekin Un- May
130.6171 121,480
761,207
705.493
Pere Marquette_ _ _ _ May
3,400,3023.089.445 14,902,983 13,901,395
Perldomen
May
.
541,102
Phila & Reading
May
5.335.108
7,009:505
32.4
563
86,628 35,106,724
Pitts])& Shawmut_ _ May
38,911
81,552
454,722
535,359
Pitts Shaw & North May
72,625 100,064
451,477
499,528
Pittsb & West Va.. May
202,556 230.149 1,162,800 1,049,386
Port Reading
May
83.350 200,375
906.333
1,048,969
Quincy Om & K C May
95,741 103,894
431,814
519,118
Rich Fred & Potom_ May
1,010,806 859,994 4,447,303 4,605,131
Rutland
May
461,728
481,388
2,271.914
2,329.891
St Jos & Grand Isl'd May
270,306
242,167 1,270,701 1,255,732
St Louis-San
M
mma
a
;
3y
7,228,542 6.343,076 31,853,830 33,544.308
Ft
96,256 145,782
490.628
787.322
132.187
131,122
639,337
701,646
St Louis Southwest_ May
1,404.548
1,406,062
6.901,604
6,943,002
St Louis S W of Tex. May
579,131 569.532 2,803.441 3,019,126
Total system._ _ _ _ 1st wk
495,8831 2,033,253 12,627.745
St Louis Transfer.. May July 442,072
62.820
90 108
308.119
478.015
San Ant& Aran Pass May
461,254 490,636 2,067,602 2,288.935
San Ant Uvalde & G May
102,831 131.45(3
445,438
522,541
Seaboard Air Line May
3,889,5893.369,367 18,826,308 19.121,500
Southern Pacific Co May
21123915 21345 216 97.230.121 107204 136
Southern Pacific_ _ _ May
14939705 15593884 66,464,936 74,835,550
a
ie SESIaaLteinre;::
959.1861 707,256 4.752.101 4,387.840
Arizona
May
328.158 196,9901 1,213,049 1.406,268
Galv Harris & S A May
1,787,795
1,862.578: 8,645.729 10,898.945
Hous& Tex Cent_ May
1.119,213 955,846. 5.809,452 4,997,036
Sous E & W Tex_ May
242,783
211,9591 1,131,071 1,112,981
44,
Lo
ei.islanaWes8
tei.n
r May
325,564 365,473 1,797,492 1,799,120
Texas
635,975 740,579 3.222.773 3.725.762
Ts liaNeWr
Nial;
667,929
653
.
Southern Railway 1st wk July 3,255,668
3,092,248 85:091:842 85.045.512
Ala Great South_ May
3,850,440 3.951,316
Cin N 0& Tex P. May
'
1,777,368 1,506,502 7,297,741 7,426,930
Georgia Sou & Fla May
404,562 343.811 1,964.203 1,889,395
New Orl & Nor B. May
538.324 505.951 2,562,252 2,786.576
Northern Ala_ _-_ May
129,194
64.535
506.931
381,129
Spokane Internat._ May
84.582 106.672
444,587
531.576
Spok Portl & Seattle May
607,265
609.304
2,743,576
2,851.729
Staten Island R T.- May
215,258 212.942
949,542
981.009
Tennessee Central... May
,
216,048
974,667
982.349
TermRRAssnofStL May
381.204 360.818 1,900.451 1.830.213
St L Mer Bclge T_ May
281,595 294.607 1.503.237 1.467,629
Texaso&st
Pa
Lcif
&icives
_t lm
stay
wk July 506,954 610,459 14.746,257 18.450,950
908,051 746,767, 3.988.650 3,62
10
7:53
175
1
Ulster & Delaware__ May
131,069
.
,
Union Pacific
May
7.968.523 37,000,258 39.920.802
7,985,410
Oregon Short Line May
2.678,967 2,504,150 13,576,279 13,030.719
Total system __., May
14544798 14322096 68.537,240 72,208,458
Ore-Wash RR &N May
2.281,127 10.355.677 11,042.479
2,197,756
Union RR (Penn) May
1,015.672 786,854, 3,879.149 4,125,929
Utah
May
82.6321 601,498
120,460
501,569
Vicks Shrev & Pac May
327.890 343,871 1.530.974 1.707,373
Virginian Railroad_ May
944 •
409
Wabash RR
May
5 23
4:900,012 4,854:264
8,
:268i2a 24:22133
Western Maryland.. May
1,826761:0811061,64
Western Pacific_ _ _ _ May
65:880 4,025.499 4,592,538
Western Ry of Ala__ May
223,445 215,033
981,351 1,009,713
1,190.7901l.367.4955,476
8:2
28
76
8 5,264,102
W
wh
ic.egilta&Flja
allkse&EN
HW
e- May
98,352, 173, _....... _ _
.
Yazoo_&_M1ss Valley May
1,422.48111,501.315 7,303.643 8,481.474
9
.
9
0
AGGREGATE OF GROSS EARNINGS-Weekly and Monthly.
Weekly Summaries.
4th week April( 9 roads).--let week May ( 9 roads)._
2d week May( 9 roads)....
3dweek May /18 roads)_ _
4th week May (15 roads)_ _ _
1st week June (17 roads) _ _ _ _
2d week June (18 roads)_ _
3d week June (13 roads).....
4th week June (16 roads)_
let _week July (18 roads)_ _
Current
Year.
Previous
Year.
Increase or
Decrease.
8,45.541 9,712,254 -1,236.713 12.71
7,283.537 7,119,471
+164,066 2.30
7.416.004 7.157,170
-258.834 3.61
12.71:3,122 12.617.570
+05,5.52 0.76
17.398.247, .0 2
+898,195 6.43
12.953,923 12,404,769
+549.154 4.43
12.971.0591 12.740,850
$230,209 1.81
12,985,740 12.798,352
187,388 1.46
17,624,246 16,810,702
813,544 4.84
13,154.4131 13.056.097
+98.316 0.75
Previous
Increase or
Current
Monthly Summaries.
Year.
Decrease.
Year.
Mileage.
Curr.Yr. Prev.Yr.
August
mama 233,067 504.599.664 564,718.882 -50.119.218 9.03
September -_235,155 234,559 496.784,097 617,537.676 -120,753.579 19.55
October ..---235.228 234,686 634,332.833 640.256.263 -105922430 16.54
November __236.043 234.972 464,440,498 590,468.164 -126027660 21.34
December.--225.619 224,784 406.864,055 527.480.047 -120,615.992 22.87
January _ -.235.395 234.636 393,892.529 469,195.808 -75,303.279 16.05
February _ -235.625 234.880 400.430,580 405.203 414 -4.772,834 1.18
March
234,986 234.202 473.433.886 457.374.460 +16.059.426 3.51
Anril
234,955
.338 416,240.237432,106,647 -15.866,410 3.67
May
234,931 234.051.447,299.150 443.220.399
0.92
Latest Gross Earnings by Weeks.-In the table which
follows we sum up separately the earnings for first week
of July. The table covers 18 roads and show 00.75%
increase in the aggregate over the same week last year.
1922.
First Week of July.
Ann Arbor
Buffalo Rochester & Pittsburgh
Canadian National Railways_ _ _
Canadian Pacific
Colorado & Southern
Duluth South Shore & Atlantic..
Grand Trunk of Canada
Grand Trunk Western
Detroit Grand Haven & Mu
Canada Atlantic
Mineril Range
Minneapolis & St Louis
Iowa Central
Mobile & Ohio
Nevada California & Oregon.._ _
St Louis Southwestern
Southern Railway
Texas &Pacific
1921.
Increase. Decrease.
133,391
138,910
259,526
202.247
2,075,360 2,106,984
3,168.000 3,440,000
431,629
469.778
141,911
119.825
22,086
2,233,202 1,797,391
435,811
4,349
257,069
6,246
285,582
259,683
9,202
9,511
442,072
495,882
3,255,668 3,092,248
506,954
610,459
25,899
10,595
253,081
13,154,413 13,056,097
Total (18 roads)
Net increase (00.75%)
5,519
57,279
31,624
272,000
38,149
3,988
309
53,811
163,420
103,605
658,981
98,316
560,665
Net Earnings Monthly to Latest Dates.-In our "Railway Earnings" Section or Supplement, which accompanies
to-day's issue of the "Chronicle," we give the May figures of
earnings of all steam railroads which make it a practice to issue
monthly returns or are required to do so by the Inter-State
Commerce Commission. The reader is referred to that Supplement for full details regarding the May results for all the
separate companies.
In the following we give all statements that have COMO
in the present week. We also add the returns of the indus•
trial companies received this week.
-Grossfrom Railway- -Net from Railway- -Net after Taxes1921.
1922.
1921.
1922.
1921.
1922.
$
$
$
$
$
$
0ternat Ry of Maine,..,
157,540 -33,924 -35,405 -49,924 -50.405
163,415
-May
120,532
134,086
195,532
214,086
From Jan 1 1,306,857 1,450,068
Pullman Company-510,680
-521,180
-260,772
-262,227
5,028,533
5,212,242
May
FromJan 1_24,997,816 27.013,114 -462.473-1.803,023-1,769,540-3,136,957
ELECTRIC RAILWAY AND PUBLIC UTILITY COS.
Latest Gross Earnings.
Name of Road
or Company.
Month.
Adirondack Pow & Lt May
Alabama Power & Lt.. May
Amer Power & Light_ May
American Rys Co.. __ March
Appalachian Pow Co_ May
Arkansas Lt & Power May
Asheville Pow & Light May
Associated Gas & Elec May
Atlantic Shore Hy.... March
Bangor By & Elec Co May
Barcelona Tr Lt & P.. May
Baton Rouge Electric May
Beaver Valley Trac__ May
Binghamton Lt H & P May
Blackstone Val'G & E May
fBrazillan Tr. Lt & P.. May
Bklyn Rapid Transit.. May
anklnCity RR(Rec) May
Bklyn Hts (Rec)_ _ March
Bklyn Qu Co & Sub March
Coney Isld & Bklyn March
Con Isld & Graves_ March
Nassau Electric_ __ March
N Y Consolidated.. March
South Brooklyn -....March
Cape Breton Elec Co.. May
Carolina Pow & Light May
Central Illinois Lt___ May
Central Miss Val Elec May
Chattanooga Ry & Lt May
City Gas Co, Norfolk March
Cities Service Co_ ___ May
Citizens Trac & subs.. April
Cleveland Paines & E May
May
Colorado Power
Columbia Gas & Elec May
Columbus Electric_ __ May
Com'w'ith P. Ry & Lt May I
Connecticut Power__ May
Consumers Power Co May
Cumb Co Pow & Lt_ May
Dayton Pow & Light_ May
Detroit Edison Co_ _ _ May
Detroit United Ry. . March
Duluth-Superior Trac May
Duquesne Lt Co subs
light and power cos May
East St Louis & Sub. May
Eastern ShoreGas& El April
Eastern Texas Elec._ May
Edison El Ill of Brock May
May
El Paso Electric
Elec L & Pow of Abington & Rockland_ May
April
Erie Lt Co & subsid
Fall River Gas Works May
Federal Lt & Trac Co May
Fort Worth Pow & Lt May
Galv Hous Electric May
Gen G & El & Sub Cos May
Georgia By & Power ..May
Great Western Power May
Harrisburg Railway... March
Havana El Ity,Lt&Pr May
Haverhill Gas Lt Co.. May
Honolulu R T & Land May
Houghton Co El Lt.._ May
Hudson & Manhattan May
Hunting'n Dew & Gas May
May
Idaho Power Co
May
Illinois Power Co
May
Illinois Traction
April
Corp..
Indiana Service
Interboro R T System May
%lay
Electric
Keokuk
Kentucky Trac & Ter April
Keystone Telephone_ May
May
Key West Elec Co
[VoL. 115.
THE CHRONICLE
300
Current Previous
Year.
Year.
Jan. 1 to Latest Date.
Current
Year.
Previous
Year.
416,545 369,353 2,216,442 1.930,710
441,707 365.528 2.060,604 1,887.338
1950,176 1949,116 24,458.298 23,862.343
1587.888 1598.785 4.717301 4.832.092
241,152 205.036 1,182.161
979,767
72,105 66,676 *1,099,813 1.191,077
74,271 69,860 *869,235 *841,504
153,365 136,617 *1,932,162 *1,600,442
53.673
20.259 20,715
58.667
575,561
111.111 106,551
601,859
3654.917 2862,358 18,897,507 15,188,278
46.525 48,328 *562,839 *515.111
300.077
54.641 57.018
262,461
76,699 67,560 *963.238 *850.388
310.460 280,530 *3,866,231 *3,374,994
16093000 14462000 76,249,000 65,942,000
3147,921 2918.105 u31526 837 y28083 931
1086,412 1022,204 y10,802849 y9,537.502
7.833
6,367
18,088
20.671
428,462
217,679 170,419
813.742
219.233 208,275
576.989
614,686
5,213
5.320
13,930
14,013
415,977 381,702 1,166,471 1,113,119
2024.523 1924,397 5.682.054 5,316,987
85.846 69,989
210,797
233,294
48,051 52,551 *672.629 *678,878
154.683 134,179 *1,766.855 *1.654,042
222,766 210,222 1,274,875 1,186.199
42,971 42.084 *532.934 *503.931
125,931 111.845 *1,461.798 *1,345,769
280.636
85.251 88.443
266.350
1435,322 1198310 6.608,135 7,143,785
341,148
75.539 77.192
317.135
60,148 66,142
299,051
271,930
82.681 80,195 *962,839 *1,140,804
1359,671 1197,410 8.186.030 6,806.110
154.506 139.348 *1.883.977 *1,607,051
2604,292 2558,384 13,321.507 13.282,786
140,549 116,789 *1.590.942 *1.474,828
1176.022 1130,024 6.072,579 6,039,552
259.084 246,130 *259.084
246,130
328,077 326,643 1,876.293 1,765.843
1997,022 1751,889 10,912,386 9,896,183
1758.129 2084.196 4.990,099 5.917.675
756.624
139,685 146.940
712,088
1293,773 1301.904 6,914,744 7.062,256
277,919 308,148 *3,665,903 *4.390,311
168,325
45.264 43.038
186.297
151.202 142,502 *1.669,523 *1,711,297
104.965 103,151 *1.306,705 *1.257.800
189,919 194,255 *2,293.622 *2,121,316
27,245 25,638 *360,026 *357,904
87,774 82,069
386,838
388.066
84,636 84,648 *1,005.410 *962,971
386.685 377.659 2,112,660 2,061,900
102,982 207,046 1,013,136 1,090,029
296.261 318,013 *3,487.994 *3,931,326
941.077 911.699 4.924.948 5,765,925
1178,757 1174,921 *14513499 *13881451
636,517 591.093
410.021
140.450 144.350
422,958
1087.9161100,117 5,459,542 5,341.730
44,107 41,933 *537,080 *470,756
397.633
82,006 80,354
1
96
50
40,340 37,669 *549.172 48
6:0
92
928.071 881,451 4,618,889 4,343,186
106,566 86,452
508,168
486,475
909.268
221.915 199,634
862 562
979.210 '1.014,370
153,759 175.550
1753.198 1761,290 9,353,546,9,211,294
982,06r 1.011.413
240.239 240.363
4702,854 4730,491 1/4921837f y50644542
30.007 30,405 *380.56. *365,303
124,409 125.389 *1.594,49d *1,589,539
868,277
826,138
137.331 144,880
51560 *267.930
19.350 21.867 *2,
Latest Gross Earnings.
Name of Road
or Company.
Month.
Current Previous
Year.
Year.
Jan. 1 to Latest Date.
Current
Year.
Previous
Year.
938,974 1,036,886
204,510 220.821
Lake Shore Elec Ry__ May
91,714 87,098 *1,109.127 *1,033,124
Lexington Util & Ice_ May
69.345
77.942
28,584 26.374
Long Island Electric_ March
94.065 92.258 *1.220.546 *1,210.259
Lowell Elec Lt Corp_ May
69,133
67,171
24,321 25,403
Manhat Bdge 3c Line March
74,680
80,076
29,337 28,185
Manhattan & Queens March
284.315 298,158
Manila Electric Corp_ March
3.861,246-_
t Market Street By.. May
814,208
207,116 215,019 1.162,947 1,113,401
Metropolitan Edison_ May
1524,296 1508,014 *18586641 19,726,914
Milw El Ry & Light__ May
261,902 233,222 *2,798.934 *2,831,648
Miss River Power Co_ May
855,244
875,754
218,567 197,409
Municipal Sell,& sub April
337,146 321,392 1,707,447 1,604,763
Nashville By & Lt Co May
1,310,291
1,400,315
235,906
281..740
Nebraska Power Co... May
281.095 232,714 1,229,566 1,222,024
Nevada Calif Electric May
433,512 454,475 1,850,959 1,736,151
New Engl'd Pow Sys. April
185,564
268,160
51,280 36,175
N J Pr & Lt Sub Cos_ May
896.642
645.456
160.835 213,558
N'p't N & Hamp Ry_ April
2,442,983
1,671,190
459,240
372,770
New York Dock Co__ May
428,434
395,744
145,249 157,190
N Y & Harlem
March
122,770
121,744
44,454 46,374
N Y & Long Island March
279,856
315,785
103,765
113,982
NY & Queens County March
759,099 794,644 x7,765,597 x7,854.092
New York Railways_ April
277,737
290,180
103,195 100,633
b Eighth Ave RR _ _ _ _ March
130,007
131,589
47.551 46.752
March
b Ninth Ave RR
372,418
407,619
98,862 94,094
Nor Caro Public Sem,April
371,236
3,698,030
631,147
768,523
Northern Ohio Elec May
177,098
167.479
38.345 36,937
Northw Ohio Ry & P.. May
246,164 303,362 *3.254,246 *3,936.682
Northern Texas Elec_ May
33,488
44.166
12,856
16,730
March
Ocean Electric
237,784 230.659 1,177,019 1,131,517
Pacific Pow & Lt Co.. May
*503.480
*538.767
41,149
43.317
May
Paducah Electric
47,837 44,194 *576,566 *562.910
Palmetto Pow & Light May
791,538
830.047
185.525 190.856
PennCentLt&P&sub April
183.518 1,044,834 1,025,308
186,952
Penn Edis & Sub Cos_ May
270,025 294,360 1,441.908 1.609,304
Portland Gas & Coke May
851.305 830,907 *9,887,392 10.094,477
Portland By, Lt & P_ May
835.274 799,785 *10104 783 *10186901
Puget Sd Power & Lt_ May
253,368 261,980 1,196,946 1,225,154
Read Tr& LtCo&Sub May
632.436 602,005 3,190,368 3.283.590
May
Republic By & Lt Co_
187.852
174,229
62,490 66.710
March
Richmond Lt & RR
48,326 43,707 *561,218 *586,478
Rutland Ry. Lt & Pr_ May
319,610
346,049
55,075
65,043
Sandusky Gas & El_ May
668,843
132,491
May
Savannah El & Pow
82,917
79,318
13,802 13,594
Sayre Electric Co.._ _ _ May
221,998, 202,794
81,010 72,531
March
Second Avenue
16,534
14,835
3,979
3,454
May
17th St Incl Plane
72,560 74.537 *894,022 *802,651
May
Sierra Pacific Co
1264,307 1296,376 5,105,469 4,772,100
Southern Calif Edison April
City of Los Angeles
1273,993 1379,671 5,862,346 5,664,409
Wholesale Basis.. May
65,663 59,835
South Canada Power_ May
May
Co
730,385 764,920 *9,676,644 *10095679
Lt
&
P
Southwest
1
145.234 140,342 *1.754.544 *1,579,375
Tampa Electric Co May
220.342 205,272 1.039.277 1,031.378
Tennessee Power Co_ May
576,837 558,256 2,881,441 2,861,366
Tennessee By. Lt & P May
213,524 228,958 1,479,085 1.643,617
Texas Electric By...... May
354,892 353,973 1,971,466 2,068,413
Texas Power & Light_ May
May
1221,058 5,774,129 5,531,780
1272,262
By
Sys_
Third Ave
11.732.212
r% in city R T('0...... November 1161.224 1182.517 12.646.710
913.383 5,296.433 4,916.200
May
980,738
Corp
El
dr
Gas
United
2,822,288
2,800,877
523,410
May
536,523
Utah Power & Light_
684,430 675,836 3,527,801 3,509,799
Utah Securities Corp.. May
209.537
209,604
35,855
37,436
May
Corp
Hy-E1
Vermont
713,693 851.734 2.078,328 2.578,200
Virginia Ely & Power.. March
8091,170 8475,281 31,789,301 34,360,958
Western Union Tel Co April
436,619 447,180 2,335,733 2,410,506
Winnipeg Electric Ry May
97,436 84.130 *1,148.202 *982,844
Yadkin River Power.. May
no longer part of the Brooklyn Rapid Transit
a The Brooklyn City RR.IsBrooklyn
Heights RR. Co. having, with the
System, the receiver of the
payment of the rental; therefore
approval of the Court, declined to continuehas
been operated by its owners.
RR.
since Oct. 18 1919 the Brooklyn City
RR. companies were formerly
Avenue
Ninth
and
b The Eighth Avenue
Co.. but these leases were terminated
leased to the New York Railways
which dates these roads have been
on July 11 1919, respectively, since
given in milreis. g Subsidiary companies
operated separately. f Earnings
lines. jOf Abington & Rockonly. i Includes both subway and elevated
1 These were thq earnings from operaland (Mass.). k Given in pesetas.
* Earnings for twelve
companies.
subsidiary
tion of the properties of
ten months.
months. $ Started operations April 1 1921. x Earnings for
months.
eleven
y Earnings for
Electric Railway and Other Public Utility Net Earnings.-The following table gives the returns of ELECTRIC
railway and other public utility gross and net earnin:s with
charges and surplus reported this week:
Companies.
-Gross Earnings- -Net Earnings
Previous
Current
Previous
Current
Year.
Year.
Year.
Year.
$
$
American Power & Light
672,133
750,224
1,950,176 1,949.116
(subsid cos only) May
June 1 '21 to May 31 '22.i24,458.298 23,863,343 9,918,645 7,815,830
25,664
25,543
87,098
91,714
Lexington UM.& Ice May
178.188
381.251
June 1 '21 to May 31 '22 1,109,127 1,033,124
Southwestern Power & Light
310,300
322,206
764,920
(subsidiary cos only)_May 730,385
3,632,691
- June 1'21 to May 31'22 9,676,644 10.095,679 4.645,126
Balance,
Fixed
Net after
Gross
Surplus.
Charges.
Taxes.
Earnings.
$
$
16,385
29,271
z45,656
153.365
Associated Gas & May '22
12.336
10,439
x32,775
136.617
'21
Electric
246,204
278.028
1,932.162 x524,232
12 mos ending May 31 '22
138.489
247.955
'21 1,600,442 x386,444
23.615
14,888
38.503
111.111
Bangor Ry & Elec May '22
-13,002
24.357
37.359
106,551
'21
Co
283,767
278,960
562,727
1,446,769
12 mos ending May 31 '22
272,607
243,060
515,667
'21 1,361,860
20,654
5,414
26,068
125.931
May '22
Chattanooga By
21,615
32,079
10,464
111.845
'21
& Light
250,847
161,648
412,495
1,461,798
12 mos ending May 31 '22
252.472
478,916
226,444
'21 1,345,769
x41,171
82,681
Colorado Power Co May '22
x29,598
80,195
'21
322,292
139,664
962,839 x467,956
'22
12 mos ending May 31 '21
340,134
202,705
1,140.804 x542,839
58,442
89.638
31,196
259,084
Cumberl'd County May '22
58,018
12,921
70,939
246,130
'21
Power & Light
706,957
382,666
1,089,623
3,371,521
'22
12 mos ending May 31
673.154
438,367
'21 3,238.350 1,111,521
75,957
36,794
328,077 x112,751
Dayton Power & May '22
55,429
/4,862
326,643 z110,291
'21
Light
366,499
273,618
z640,117
1,876,293
'22
31
May
5 mos ending
274,575
261,836
' '21 1,785,843 x536,411
54,297
54,477
180
277,919
May '22
East St Louis &
55.183
3,323
58,506
308,148
'21
Suburban System
648,202
866,151
217,949
3,665,903
'22
31
May
ending
12 mos
652,845
952,095
299.250
'21 4,390,311
55,313
65,228
120,541
386,685
May '22
Federal Light 8r
52,251
109,328
377,659
57,077
'21
Traction
274,162
703,742
2,112,660
429,580
'22
31
May
ending
5 mos
276,605
644.107
367,502
'21 2,061.900
JULY 15 1922.]
THE CHRONICLE
Gross
Earnings.
Net after
Taxes.
Fixed
Charges.
Balance,
Surplus.
83,703
18,243
Fort Worth Power May '22
192,982 x101,946
83,568
& Light
16,729
207,046 x100,297
'21
1,089,144
205,706
x1,294,850
12 mos ending May 31'22 2,483,743
880,264
198,674
'21 2,908,588 x1,078,938
143,694
253,971
'Georgia Railway
397.665
May '22 1.178.757
224,781
233,730
458,511
'21 1,174,921
& Power
12 mos ending May 31'22 14,513,499 4,974,418 3,071,502 1.902.916
'21 13,881,451 4,583,306 2,765,529 1,817,777
286,508
323,334
Havana Elec Ry
May '22 1,087,916 x609,842
206,660
300,151
Lt & Power
. '21 1,100.117 x506,811
5 mos ending May 31 '22 5,459,542 x2,984.085 1,593,536 1,390,549
860,263
'21 5,341.730 x2,381,722 1,521,459
24,990
18,875
43,865
106.566
Huntington Devel May '22
16,366
16.903
33,269
& Gas
86.452
'21
150,082
222,548
372,630
12 mos ending May 31 '22 1,087.783
366,743
196,401
563.144
'21 1,311,296
def7.987
Interboro Rapid
May '22 4.702,854 x1.829,684 1,837,671
Transit
'21 4,730.491 x1,613.593 1,802.745 def187,152
0
11 mos ending May 31 '22 49,218,379x17,651,129 20,057,209-2,406,08
'21 50,644,542x15,578,788 19,575,791-3,997.003
, 12,091
41.864
53,955
137,331
Keystone Telep Co June '22
17,000
38,483
55,483
144,880
'21
79.099
248,121
327,220
826,138
.• 6 mos ending June 30 '22
37,867
231,388
269,255
868,277
44.444
36,633
81,077
337,146
Nashville Railway May '22
20,882
38.901
59,783
321,292
& Light Co
'21
539,034
451,805
990,839
12 mos ending May 31 '22 3.960.627
203,136
468,270
671,406
'21 3,739,432
73,054
50.612
281,740 x123,666
Nebraska Pow Co May '22
57,828
44,241
235,906 x102,069
'21
682,466
603,457
x1,285,923
3,182,562
12 mos ending May 31'22
504,579
455,774
'21 3,028,491 x960,353
51,346
55.273
237,784 x106,619
Pacific Pow & Lt May '22
51,308
54,732
230,659 x106,040
'21
666,389
680.195
12 mos ending May 31'22 2,911,922 x1,346.584
706.867
629,596
'21 2,696.730 x1,336,463
50,900
37,639
x88,539
270,025
Portland Gas &
May '22
39,648
39,442
x79,090
294,360
'21
Coke
530,094
453.858
12 mos ending May 31'22 3,304,436 x983,952
55n,086
401,913
'21 3,143,713 x951,999
78.279
177,542
255.821
815.305
Portland Railway, May '22
64,585
172,469
237,054
830.907
'21
Light & Power
809,868
12 mos ending May 31 '22 9,887.392 2.947,546 2,137,678
'21 10.094,477 3,113,186 2,079,518 1,033,668
511,081
323,106
*Southern Calif
May '22 1,273,993 x834,187
604,053
347.400
Edison Co
'21 1,379,671 x951,453
5 mos ending May 31 '22 ,5862,409 53.971,766 1,585,102 2,386,664
'21 5,664,409 x3,816,583 1,438,070 2,378,513
18,600
53,741
Tennessee Pow Co May '22
220,342
72,341
30,650
'21
205,272
83,363
52,718
206,147
12 mos ending May 31 '22 2.413,505
844,433
638,286
262,455
'21 2.512,012
630,152
892,607
56,804
Tennessee Railway, May'22
576.837
125.994
182,798
51,791
Light & Power
'21
126,935
558,256
178,726
769,234
ending
mos
12
May 31 '22 6,724,584 2,286,851 1,517,617
552,217
'21 6,580,562 2,083,542 1,531,325
62.772
Texas Pow & Light May '22
61,597
354,892 x124,369
41,731
58,445
'21
353,973 x100,176
763,299 1,143.134
12 mos ending May 31'22 4,773,900 x1,906,433
723,083
709,772
'21 5,208,159 x1,432,855
* City of Los Angeles on wholesale basis.
x After allowing for other income received.
ties and franchises of this company, including the leasehold interests proposed to be acquired to the New York Central RR. Co.
Under the plan, the leases are to be dated as of Jan. 1 1922 and effective
from that date, and are to be for the period of the corporate existence of the
respective lessors, subject to termination by the respective lessees upon 90
days' notice. The New York Central RR., as lessee, will pay as rentals
amounts equal to the fixed charges and taxes of this company and an additional amount annually equal to the net income of this company for 1921,
and will assume all of the obligations as to rentals and otherwise to be incurred by this company as lessee of the properties of its subsidiaries which,
as above stated, are to be included in the lease to the New York Central RR.
Non-operating Income.-Pursuant to final certificate of the I.-S. C. Commission, the annual compensation for the possession, use and control of the
property of this company under contract with the Director-General of Railroads is $1,094,083. This is an increase of $7,433 over the amount stated
In the contract and accrued during Federal control. This increase and additional compensation on completed additions and betterments put in
service prior to Feb. 29 1920 account for the item of $123,197 shown in the
income account as additional compensation and adjustment of standard
return.
TRAFFIC STATISTICS FOR CALENDAR YEARS.
1921.
1920.
1918.
1919.
Miles operated
492
436
436
504
OperationsNo. passengers carried
960,497
811,473
871,601
873,901
Pass. carried one mile_
32,431,224 29,623,258 31,134,513 27.383,994
Rev, per pass. per mile
2.354 cts. 2.758 cts. 2.833 cts. 3.29 cts.
Tons moved (revenue)
7,657,091
11,494,536
8,838,466 11,541.069
Tons moved 1 m.(rev.)_1552223476 1240327581 1643693530 1100731444
Rev, per ton per mile_ _ _ 0.565 cts. 0.627 cts. 0.727 cts. 0.852 cts.
Aver. train-load (tons)
892
936
910
914
Earns. per pass. tr. mile_
$1.45
$1.44
$1.47
$1.45
Earns. per freight tr. mile
$7.60
$6.80
$5.14
$5.73
Gross earnings per mile_
$21,261
$23.251
$20,839
$27.553
COMBINED FEDERAL ct. CORPORATE INCOME ACC'T FOR CAL.
YEARS 1920, 1919 ek. 1918 AND CORPORATE FOR 1921.
[Road operated by U. S. RR. Admin.from Jan. 1 1918 to Feb. 29 1920,
with guaranty to Aug. 31 1920.1
1919.
1920.
1921.
1918.
Freight revenue
$8,776,009 $7,771,846 $11,946,963 $9,380,699
Passenger revenue
763,113
817.155
881.937
900,602
Mail, express, &c
243,601
255,915
368,915
259,135
Incidentals
346,937
233,994
350,754
171.549
Total operating revs_ _310,129,660 $9,078,910 $13,548,570 $10,711,986
Maintenance of way,&c. $1,543,243 $1.548,196 $1,876,035 $1,534,197
Maint. of equipment_ __ 2,498,700 2,826,399 3.697,308 2,189.236
Traffic expenses
79,467
79,066
129,449
128.999
Transportation
4,609,714 3,957.136
5.966,819 4,209.321
General & miscell
252,245
336,039
222,073
363,543
Total
$8,952,795 $8.663,442 $12,005,649 $8,425,297
Net operating revenue
$1,176,865
$415,468 $1,542,921 $2,286,689
Ry. tax accruals, &c.,$695,467; equip. rents (net credit), $401,851; joint facility rents (net debit), $134,080
427,696
Net railway operating income
$1,858,993
Non-oper.income: Add'I compensa. under contr. with Dir.-Gen.,
$123,197; dividend income, $223,698; inc. from funded securities, $123,812; inc. from unfunded securities, $73,130; income
from lease ofroad, &c.,$14,784; miscell.income,deb.$187,510;
total
371,112
Gross income
$2,230,105
Deduct-Rent for leased roads, &c., $4,638; misc. tax acrxuals,
$3,457; separately oper, properties, loss $149,121; int. on
funded debt, $1,247,276; int. on unfunded debt, $203,050;
miscell. income charges, $36,306; total deductions
1.571,236
Surplus for the year
FINANCIAL REPORTS.
Financial Reports.-An index to annual reports of steam
railroads, street railway and miscellaneous companies which
have been published during the preceding month will be given
on the last Saturday of each month. This index will not
include reports in the issue of the "Chronicle" in which it is
published: The latest index will be found in the issue of
June 24. The next will appear in that of July 29.
Toledo & Ohio Central Ry.
(Report for Fiscal Year ending Dec. 31 1921.)
President Alfred H. Smith reports in brief:
Traffic Conditions.-The year 1921 was one of' business depression, reflected in the decreased freight and passenger traffic of the company. The
tonnage fell off 33.7% in volume and the passenger traffic 15.5% as compared with 1920. This situation was met by economies in operation.
In co-operation with the Federal Government in its effort to lower costs
of food stuffs, voluntary decreases in rates on certain agricultural products
were put in effect during the year. There was no general reduction in other
freight rates, but adjustments were made from time to time to remove inequalities. The company has co-operated with State authorities in a readjustment of rates on road-making material for the purpose of stimulating
the building of good roads and to meet the unemployment situation.
There was no general readjustment of passenger rates, but the practice
which obtained prior to Federal control of putting into effect reduced excursion rates during the summer months was re-established to some extent.
Account With Railroad Administration.-The company's account with the
Railroad Administration covering the period of Federal control will be completed early in 1922.
Guaranty.-The company's claim against the U. S. based upon its guaranty for the period March-Aug. 1920 is approaching completion. It has
been necessary to re-state this claim several times in accordance with tentative formulas. It will be ready for presentation early in 1922.
Wages.-Effective July 1 1921 the U. S. Labor Board reduced rates of
pay approximately 11% of the pay-roll. The Board also discontinued the
requirement that time and one-half be paid for necessary Sunday service,
thus permitting the use of engine terminal and car repair forces for such
necessary Sunday work without the payment of a punitive rats.
During the Federal control period and up to July 1 1921 all overtime for
maintenance of way employees was paid for at the rate of time and one-half,
but under the decision of the Labor Board the ninth and tenth hours of service may be paid for at the regular hourly rate. Pending final decision of
the Board, certain other classes of employees for whom overtime rates were
established by the Director-General of Railroads are now receiving the pro
rata hourly rate for such overtime.
Notwithstanding the reductions in rates of pay and changes in rules above
mentioned, the average earnings per employee for the last 6 months of 1921
as compared with the average earnings per employee in 1917 indicate that
wages are still much higher than prior to the Federal control period.
Proper* Investment Account.-The net increase in property investment
account during the year was $37,207.
Funded Debt.-The net decrease in the funded debt amounted to $453,823,
leaving the funded debt on Dec. 31 1921 $12,409,942.
Equipment Notes.-Additional notes, amounting to $23,800, were issued
under the equipment trust known as Equipment Trust No. 52, and given
to the Director-General of Railroads in connection with final settlement
for equipment allocated to the company during Federal control. The total
cost of the equipment was $2,899,948, of which $2,170,300 was financed by
equipment notes.
Proposed Lease, &c.-Subject to the consent of the stockholders and to
the approval of the I.-S. C. Commission, the directors have approved a plan
for the taking by the company of a lease of the Kanawha & Michigan Ry.,
which is to include a leasehold of the Kanawha & West Virginia RR. proposed to be taken by the Kanawha & Michigan Ry. and a lease of the Zanesville & Western Ry., and also the making of a lease of the railroad, proper-
301
$658,869
BALANCE SHEET DEC. 31.
1921.
1921.
1920.
1920.
AssetsLiabilities$
Road & equipment33,288,424 33,251,217 Stock, common_ __ 5,846,300 5,846,300
Inv. In Mill. cos.:
Stock, preferred__ 3,701,400 3,701.400
Stocks
8,201,303 8,201,303 Bonds (see "Ry.&
Bonds
2,018.000 2,018,000 Ind." Section)_ _ 8,486,000 8,486,000
Notes
357,412
357,412 Equip. obligations 3,923.942 4,377,765
Advances
1,048,170
978,170 Non-nego'le debt
Other investments
13,700
13,700 to affil. cos__ _ _111,269,012f 662,189
Misc. phys. prop
111,543,199
10,643
Notes,&c
10,643
Materials & supp_ 1,733,262 1,-949,371 Acc'ts & wages _ 784,868 1,244,014
Cash
141,033
945,193
83,155
163,111 Mat'd int. unpaid_
Trat&car.serv.bal. 401,400
804,885 Traffic & car serv.
Special deposits_ _ _
206,425
21,013
85.403 balance payable 127,670
Agents & conduc
57,850
209,979 Miscell. accounts_ 3,116,557 2,693,006
Miscell. accounts.. 1,080,982 1,544,475 Accrued interest,
113,514
Interest, &c., rec_ 1,375,397 1,312,342 dividends, &c__
99,574
0th. current assets
63,620 Unadjusted, &c.,
420,481 1,229.982
Working fund adv.
2,621
2,621 Items
Unadj. debits, &c_ 276,743
289,539 Accrued deprec'n_ 3,085,491 2,699.667
U. S. Govt. acc't_ 3,661,912 3,769,686 U.S.Govt.acc't 4.267,668 4,050,520
Other def. assets.. _
296 A pprop. surplus 1,335,089 1,335,089
488
7,945,304 7.295,672
Profit and loss_
54.494.513 55,625,774
Total
54,494,513 55,625,774 Total
Note.-Securities issued or assumed, unpledged ($888,300).V. 114, P.
2361, 411.
Rutland Railroad Company.
(Annual Report-Year ended Dec. 31 1921.)
President Alfred H. Smith says in brief:
Results.-Total operating revenues for 1921 were $5,811,555, a decrease
of $168,064. Freight revenue was $3,232,698, a decre ise of $75,790.
There was a falling off in tonnage of 646.077 tons, of which 274,946 tons
were in anthracite and bituminous coal and coke and 149,352 tons in manufactures and miscellaneous commodities.
The total number of passengers carried was 1,239,624, a decrease of
218,901. The falling off in tonnage and in passenger traffic during the year
more than offset the benefit in earnings from increases in rates which went
into effect Aug. 26 1920.
The substantial decrease of $952,134 in operating expenses is mainly due
to the economies effected by the company during the year, and to a reduction in wages and in costs of material and fuel.
Traffic Conditions.-Business depression of 1921 was reflected in a falling
off of 25% in the tonnage carried by the company and of 15% in the number of passengers carried. ThWsituation was met by economies in operation.
Account with Railroad Aaministration.-The company's account with the
RR. Administration covering the period of Federal control will be completed in the early part of 1922.
Claim Against United States Upon the Guaranty.-Final settlement of the
company's claim against the U. S. based upon its guaranty for the period
March1920, has not yet been made. It has been necessary to restate the claim several times in accordance with tentative formulas. It
will be ready for presentation in the early part of 1922.
Quebec Southern Ry.-The company had been carrying upon its books
as an advance on account of the Quebec Southern By. Co., $187.065. This
represented the deficit remaining after applying in reduction of the Rutland's claim its proportion of the money realized from a sale of all the assets
of the Quebec Southern. As this balance of the claim was worthless it was
canceled, and the amount charged to profit and loss.
Wages.-Effective July 1 1921, the U. S. Labor Board reduced rates of
pay of employees approximately 11% of the pay-roll. A revision of rules
and working conditions for shop employees, made effective the same date,
so modified the lines of demarcation between the various crafts that it is
now possible to use a mechanic in one class to do incidental work of another
craft. Notwithstanding the reductions in rates of pay and changes in
rules, the average earnings per employee for the last six months of 1921 as
compared with the average earnings per emploeye in 1917 indicate that wages
are still much higher than prior to the Federal control period.
302
THE CHRONICLE
[VOL. 115.
Funded Debt.-Theunmatured funded debt outstanding on Dec. 31 1920
Duluth Missabe & Northern Ry. (IT. S. Steel Corp.)
was $10,497,500. It was decreased during the year by payments on the
company'r liability for principal installments under equipment trust agree(Report for the Fiscal Year ended Dec. 31 1921.)
ments amounting to $72,700, leaving the unmatured funded debt outstandSTATISTICS FOR CALENDAR YEARS.
'
ing on Dec. 31 1921. $10,424,800.
Freight1921.
1920.
1919.
1918.
Purchase of Track from Clarendon 4% Pittsford RR.-For the purpose of
Increasing its yard facilities and because of the benefits which will accrue Iron ore (gross tons)_ _ _ _ 9,641,890 17,097,610 18,155,622 21,494,042'
2,269,686
1,666,374
1,902,401
through available sites for industrial locations thereon, the company pur- Miscell. freight (tons)_ _ 1,385,527
chased, at a cost of $10,000. from the Clarendon & Pittsford RR. 3,100 All fr't 1 mile (net tons)_872,268,065 1479439901 1.565618620 1889387519
Aver,revenue per ton... _
$0.8758
$0.8073
$0.8157
$0.7781
feet of its track and right of way.
1.17 cts.
1.15 cts.
1.07 cts.
Abandonment of Line.-This company leases under a 99-year lease, Aver.rev. per ton per m. 1.22 cts.
$18.86
$18.91
$18.83
$16.81
dated Dec.7 1870. the railroad of the Addison RR.extending from Leicester Aver. rev, per train mile
PassengerJet., Vt., to Fort Ticonderoga Station, N. Y. a part of which, extending
421,964
396,490
343,310
392,841
from the Now York shore of Lake Champlain to Fort Ticonderoga station, Passengers carried
16,855,441 21.064,631 18,837,070 17,879.058
a distance of 0.82 mile, is located upon right of way held by the Addison Pass. carried 1 Mile
$1.7294
$1.4818
$1.3709
$1.1291
RR. under lease from Whitehall & Plattsburg RR. (now Delaware & Aver. rev. per pass
2.89 cts.
2.97 cts.
2.48 eta.
Av.rev. per pass. per m. 3.52 cts.
Hudson Co.).
$1.82
$1.86
$1.95
31.26
Operation over line between Laraboes Point on the Vermont shore of the Av. pass. rev, per tr. m_
lake and Fort Ticonderoga station has been suspended because of the conINCOME ACCOUNT FOR CALENDAR YEARS.
dition of the 300-foot drawboat forming a part of the bridge or trestle
Feb.
to
29 1920;
[Road operated by U. S. RR. Admin. from Jan. 1 1918
across the lake, the drawboat being beyond repair.
company declined the guaranty.]
Combined Corporate
FederalTRAFFIC STATISTICS FOR CALENDAR YEARS.
1919.
x1920.
1921.
1918.
Operating Revenues1921.
x1920.
1919.
1918.
$18,962,183 $16,605,763 $15,430,956 $9,116,531
Freight-Iron ore
Tons rev, freight carried 1,939,658 2.585,735 2,319,934 2,761,758 Freight-Miscellaneous. 1,252,565
1,860,378
1,554,702
1,345,052
m_
1
carr.
fr't
-187,766.704 264.148,202 216,622,169 290,861,091 Passenger
Tons rev.
625,279
543,566
593,717
443,550
Tons rev. freight carried
453,296
303,550
306,453
438,029
Mail, express, Sze
452,330
636,333
1 mile per mile of road
521,843
700,684 Incidental & joint facility
1,196,782
1,253,568
448,944
803,545
revenue__
3,232,699 3,308,490 2,610,670 2,623,260
Total freight
Total oper.revenues_ _$21,545,271 $19,994,713 $19,623,477 $12.374,949
tverage amount received
Operating Expenses$1.67
for each ton offreight_
$1.28
$1.13
$0.95
way & structures $1,902,945 $1,973,980 $2,616,993 $1,985,713
Maint.
1.253 cts.
_tvge.rev, per ton per m. 1.722 cts.
1.295 cts.
.902 eta.
1,671,562 2.124,727
1.955,318
Rev, passengers carried_ 1,239,624
1,458.525
1,405,420
1,218,033 Maint. of equipment._ _ _ 1,722,262
42,020
26,954
38,667
34,253
Rev. pass. carried 1 mile 44,157,318 50,476,486 47,824,133 42,000,274 Traffic
3,044,870
3,788,755 3,860,632 4.770,514
Transportation
Rev,passengers carried 1
23,021
21,109
16,332
16,973
mile per mile ofroad__
106.375
121,598
115,208
101,179 Miscellaneous operations
300.982
239,351
265,936
492,886
Total passenger revenue $1,554,941 $1.642,466 $1.395,875 $1,167,126 General expenses
Average amountreceived
Total oper. expenses.. $7,957,433 $7,789,451 $9,878,256 $7,311,611
from each passenger__
31.254
*1.126
$0.993
$0.958 Net rev,from ry. oper _ _S13,587.837 $12,205,262 39,745,221 $5,063,338
Av.rev. per pa.ss. per m_
3.52 cts.
3.25 cts.
x Includes Federal revenue for months of January and February.
CORPORATE INCOME ACCOUNT CALENDAR YEARS.
x Jan.-Feb., Federal control. March-Aug., "guaranty period." Sept.1921.
a1920.
Dec., corporate.
$10,604,434 $5,063,338
Net revenue from railway operations
COMBINED FED. & CORP. INCOME ACCT. FOR CAL. YEARS 1918, Railway tax accruals, &c
1,380,761
2,511,432
1919 AND 1920, AND CORPORATE FOR 1921.
$8,093,002 33,682,576
Total operating income
3402.092
631,008,890
[Road operated by U. S. RR. Administration from Jan. 1 1918 to Feb. 29 Total non-operating income
1920, with guaranty to Aug. 31 1920.1
39.101,892 $4,084,668
Gross income
26,047
3,974
1921.
x1920.
1919.
1918.
Hire of equipment (net)
247,954
238,679
Freight revenue
$3,232.699 $3,308,490 32,610,670 32,623,260 Joint facility, leased roads, &c. rent
508,635
532,860
Passenger revenue
1,554,941
1.642,466
1,395,875
1,167,126 Interest on funded and unfunded debt
577.686
3.278,103
Mail. express, &c
957,349
986,189
744,435
675,178 Miscellaneous income charges
66,567
Incidental & jt. facility_
75,025
42,475
87,554
$4,075,689 31,338,249
Total deductions
income
$5,026,202 $2,746,419
Net
Total ry. oper. rev__ _ $5.811,556 35.979,621 $4,838,534 $4,540,589
a Does not include Federal income for mouths of Jan. and Feb. b InOperating Expensescludes $853,675 compensation accrued based on test period income, certified
Maint.of way & street._ $1,279.452 $1,137,912
$774,427 by Inter-State Commerce Commission.
$807,493
988,502
1,615,224
Maint. of equipment_ _
1,179.444
1,073.537
GENERAL BALANCE SHEET DEC. 31.
77,823
104.153
Traffic expenses
75,949
120,475
1921.
1921.
1920.
1920.
Transportation expenses 2,639,342 3.113,299 2,263,692 2.292,467
Assets
21,621
Miscellaneous operations
23,627
12.105
3,080
4,112,500 .4.112,500
dr equip_ _ _ _42,909,512 42,741,921 Capital stock
General expenses
170.636
187.972
136.546
123,512 Road
prop_ _ 281,199
80,293 1st M. bonds
1,174,000 1,174,000
'rransp. for invest.-Cr _
17
24
317 Misc. phys.
711,505 Gen'i M.bonds_ _ _ 8,610,000 9,145,000
Liberty bonds__ _ _c3,167,491
489,290
Acc'ts & pay-rolis_ 271,986
Total ry. oper. earp_
$5,203,707 36,155.842 $4.475,206 $4,387,181 Trustees of bond al06,144
217,753
176,989 Misc. aco'ts pay-.
82,065
sinking fund...
Net ry. oper. revenue__ $607,848 def3176,221
$363,328
$153,408
198,787
50,3E3
3,264,590
307,677 Traffic, &c., bal
Cash
263,970
263,970 Interest matured_ 251,075
x Jan.-Feb., Federal control. March-Aug., "guaranty period." Sept.- Special deposits__ - 1,425,075
6,249,150
12,949
17,797 U.S.Gov.dev.liab
Traffic, &c., bats.
Dec., corporate operation.
75,735
75.735
Misc. noels rec... 6,782,852 6,296.498 Other def'd Bab
95,783 Accrued tax liab 1,097,099 2,194,567
35,484
CORPORATE INCOME ACCOUNT, CALENDAR YEARS.
Agents & condue's
64,290
68,990
Mat'ls & supplies_ 1,484,483 1,349,661 Premium on bonds
1921.
352,192
1920.
67,657 Ins,fund reserve._ 373,935
81,247
Other assets
Net railway operating income
3450.910 4899,977 Ins. & other funds 443,495
428,202 Other unadj.acc'ts 3.385,938 2,988,013
Total other income
Equip. and docks
135,217
83,855 U. S. Government
depreciation... _ 6,803,273 6,128,919
97 7.124,504
deferred assets..
Gross income
Amortiza. fund...5,106,780 4,928,612
$586,128
3983.832 U. S. Government
6.992,276 Sur. inv.in sk. Id. b2,208,032 2,208,032
Deductionsunadjust. debits
25,538 Appropriated sur_12,265,790 12,295,606
Rent for leased roads
$19,000 Other unadj. debits
$19,000
Profit and loss_ _ _ _14,061.729 13,589,155
Miscellaneous rents
460
389
War taxes accrued
28,000
59,994,620 66,680,272
59,994,620 66,680,272 Total
Total
Miscellaneous tax accruals
62
value of company's own bonds redeemed
Interest on funded debt
447,326
-150,573
a Represents $4,188,000 partrustees,
asset.
treated
an
not
as
Interest on unfunded debt
109,987
92,291 with sinking fund, but held by
Amortization of discount on funded debt
1,533
I, Being net income appropriated for payment of bond sinking funds.1,545
2719.
p.
113,
33,530,450.-V.
value
par
investment
organization
bonds
of
Maintenance
46
85
c Liberty
Corporate general expenses
5,978
Miscellaneous income charges
Cr.5,612
3.557
Duluth & Iron Range Railroad.
Total deductions from gross income
$572,801
$601.421
for Fiscal Year ending Dec. 31 1921.)
(Report
income
Net corporate
$13,326
$382,411
The Federal Steel Co., a subsidiary company of the U. S. Steel Corp..
a Includes compensation accrued under contract with Director-General owns the capital stock of the Duluth & Iron Range RR. See "Railway &
Jan. and Feb., guaranty under Transporattion Act of 1920 March to Industrial Section."
August and net railway operating income (corporate) Sept. to Dec.
TRAFFIC STATISTICS FOR CALENDAR YEARS.
b War taxes for 1921 included in railway tax accruals.
1920.
1921.
1919.
1918.
Freight carried iron oreGENERAL BALANCE SHEET DEC. 31.
3,287,650 9,338,345 6,524,681
8.804,067
gross tons
1920.
1921.
1921,
1,287,161
917.749
1,008,808
1,151.916
1920.
Misc. freight-net tons_
Liabilities8
Assets$
Iron ore carried one mile
241,301,954 660,596.096 447,561,559 614,421.238
Inv.In r'd & equip_23,869,600 23,834,698 Common stock_ _ _ 188,900
188,900
-gross tons
Preferred stork_ _ 8,955,400 8,955,400 Misc. freight-net tons_ 53,234,409 62,493,316 54,842.044 63,625,784
impr. on leaded
2,945 Equip. obligations 647,800
5,621
720,500 Av.rev, per ton per mlie:
ry.
1.245 eta.
5,900
5,000 Mortgage bonds_ _ 9,716,000 9,716,000
1.374 eta
1.342 eta.
phys. prop.
Misc.property--Iron ore-gross tons.. 1.294 cts.
Miscell. oblig
1.366 cts.
1.757 cts.
1.694 cts.
61,000
Inv. in affil. cos.61,000
Misc.fght.-net tons_ 2.113 cts.
292,558
548,951 Loans & bills pay.. 375,000
548,951
266,608
288,190
201,577
Stocks
650,000 Passengers carried
&
Traffic
car-ser100,000
9,950,332
9,241,030
100,000
7,564,044
9,985,533
_
_
mile_
Bonds
Pass. carried ono
2.338 eta.
vice balances_ _ _ 136,742
419,500
102,000
Notes
208,316 Av.rov.per pass.per mile. 3.427 cts. 3.024 cts. 2.942 eta.
3,750 Audited accts. and
23,050
Advances
INCOME ACCOUNT FOR CALENDAR YEAR.
wages payable
13,350
13,350
321,679
495,617
Other investments
401,228 Misc. amts. pay'le
728,705
16,862
Cash
8,320
[Road operated by U. S. RR. Administration from Jan. 1 1918 to Feb. 29
32,316 Int. mat'd, unpaid 202,998
31,846
Special deposits__ _
213,558 1920, the company declining the guaranty.]
Divs. mat'd, unp'd
Combined
Corporate
5,815
Federal
Traffic & car-aer5,815
204,289 Funded debt ma1921.
1920.
1919.
vice balances_ _ _ 123,133
1918.
36,169 tured, unpaid_ _
23,739
x5,300
38,517,290 $7,114,957 $9,927,608 34,247,788
Agts.& cond., bal.
5,300 Freight revenue
int.
Unmat.
accr'd
302,067
271,884
259,223
16,197
Compensation due
232,475
24,307 Passenger revenue
111,364
466,380 Unmat. rents accr.
105,176
3,917
104,793
from U.S.Govt. 466,380
102,353
5,917 Mail. express, &c
39,5,117 0th. current nab_ _
190,717
733,929
468,365
359,653
Miscellaneous _
7,399
125,660
10,228 Incidental
984
1,226
1,056
Mat'l & supplies_ _ 691,639 1,025,709 U. S. Govt.1,151
facility-Cr
Add'ns & bett'ts 837,283
13,769
13,559
Int. & diva. reel°.
845,343 Joint
Total oper. revenue_ _ -$8,978,930 87.961,606 $11,075,952 $4,972,513
/67 Lia°Bides Dec.
186
Rents receivable_ _
•
ExpensesOperating
• 15,967
31 1917, Paid_ 1,009,661 1,007,202
Other curr. assets_
$1,460,624 $1,095,754
Mat'l & suppl.,
Maint. of way St struc- _ -$1,163,394 $1,050,529
2,812
2,902
Working fund adv.
1,515,095
1,195,559
1,141,195
equipment_ __ _ 1,134,257
Feb. 29 1920_ 680,550
9,625
9,625
Insur. & 0th.funds
680,488 Maint. of
12,813
5,810
14,207
8,548
Corp. transaens 213,924
212,764 Traffic expenses
U, S. Govt.1,887,633
2,279.849 2.141,178 3,118,080
Transportation
items
Other
648,123
618,123
289,735
182,279
Cash
.•
175,893
28tioR
160,533
221R
bal.
Agts.& con.
82,024
84,596
11,905 General
A gts &cond bal.
4,217
13
897,790 Other def. nab_ _
13,819
14,377 Miscellaneous operations_
Mat'l & supplies 900,255
30
1,851
375,290 Tax liability
157,598
AssetsDec.31'17 379,180
114,930 Transp. for invest.-Cr_
$6,394,559 $4,369,544
155,395 Operating reserves
9.880
78,633
Equipm't retired 153,838
Total oper. expenses_ _ _34,744,742 $4,573,155
$4,681,393
$3,388,451
depr.
Accr.
$602,969
,188
(equip.)
,234
.$4
oper
1,243,198
railway
accrued
1,162,485
Federal
Netrev.from
561
252,045 0th. unadj. credits 311,136
247,814
136,093 Railway tax accruals, &c_
deprec., bal
298,852
151,324 Approp. surplus 2,038,968 2,038,968 Federal income,&c., taxes
217,651
Other items_
loss.,
&
Profit
bal.
10,632
9,128
3,218,118
3,385,749
Disc't on fund. dt_
793,218
3303,556
729,000
U.S. Govt.guar
Net operating income_ _
239,320
376.187
Total non-oper. income
Other unadj. debits 69,958
These items are not comparable
-$679,743
30,687,887 31,140,372
30,687,887 31,140,372 Total
Gross income
Total
407,550
Interest on funded debt_ _
25,030
Mtge. bonds, duo 1902, which were paid Int. on unfunded debt,&c
x Does not include $700 1sttreasury.
_
102,497
charges...
income
company's
Misc.
and are held in the
Note.-Securities issued or assumed, unpledge,d, 3448.400; pledged,
$144,676
Net income
$183,000.-V. 114, p. 1652.
JULY 15 1922.1
THE CHRONICLE
GENERAL- BALANCE SHEET DECEMBER 31.
1921.
1920.
1021.
Assets-$
Road & equip't _ _30,435,408 30,248,262 Capital stock
6,500,000
Misc. phys. prop _ 1,980,482 2,004,074 Grants in aid of
Liberty bonds _ __ 4,763,044 3,080,967 construction__ _ _ 2,071,382
8,151,000
Cash
753,368 Funded debt
1,797,979
Special deposits__ _ 3,764,653 3,174,320 Current liabilities_ 279,263
Material & supplies 1,338,213 1,030,928 U.S.Govt.def.liab_
326
63,442 Other def'd liabil's
Acc'ts receivable..
52,017
49,962
Agents & conduct.
21,018
37,038 Accrued tax Habil_ 165,158
10,047 Prem.on fund.debt
Miscellaneous
6,606
_
Interest receivable
45.469
32,799 & insur. reserve_ 320,176
3,625 Equip.&dock repl_ 5,60,450
Work fund adv__ _
3,526
Deprec.,insur.,&c. 983,238
865,598 Other unadj. accts. 1,680,874
383,895 Capital amort. fd_ 8,671,425
Land department_ 376,319
17.S.Gov.detassets
2 4,421,182 A pprop. surplus 6,301,823
lIT.S.Gov.unadj.deb
2,720,333 Swamp land grant. 783,659
42,078 Profit and loss_ _ 5,039,519
Other unadj.debits
47,051
Total
45,815,026 48.871,963
-V. 111, p. 2037.
Total
1920.
6,500,000
2,071,382
8,151,000
435,323
2,643,482
992,433
308,038
5,203,552
1,734,684
8,572,370
6,309,686
820,975
5,129,037
45,615,026 48,871,963
Indianapolis Street Railway Co.
(Report for Fiscal Year Ending Dec. 31 1921.)
The report, signed by the board of directors, says in subst.
Results.-The actual decrease in car earnings 'during 1921 amounted to
$414.043, or over $1,134 per day, due principally to jitney competition
which began in April 1921, and cnotinued until Nov. 24 1921. This loss
was reetinped in a measure by the revenue from transfers for which lc. was
charged from Jan. 1 to June 1, and 2c. from June 1 to Dec. 31 1921, as
compared with free transfers in 1920 from Jan. 1 to Dec. 20, and a charge
of lc. for each transfer from Dec. 20 to Dec. 311920.
The combined expenditures for maintenance of ways and structures and
maintenance of equipment amounted to 21% of gross earnings in accordance
with the standing order of the P. S. Commission, which requires that this
per cent of gross earnings shall be expended annually, thus insuring the
proper upkeep of the property.
Tares.-The taxes in 1921 show a reduction of 371,518. as compared
with 1920, on account of the elimination of the annual franchise tax as the
company surrendered its franchise on June 4 1921 (V. 112, p. 2748), and
also due to the fact that certain credits were allowed on account of duplicaLion of taxes by the State and county. The rate was also reduced from
$242 in 1920 to $232 in 1921.
Pares.-The 5-cent fare and 2-cent transfer charge authorized by the P.S.
Commission, beginning June 1 1921, are still in force. These charges are
insufficient to meet operating expenses, fixed charges and sinking fund
requirements and provide a return to stockholders on their investment in
the preferred stock.
These facts were submitted to the city officials Feb. 28 1922, and committees from the various civic and labor organizations were appointed by the
mayor to investigate the financial needs of the company, and at the same
time make an audit of the books of the company. This audit, extending
over a period of four weeks, was completed early in May 1922.
Another sub-committee also investigated conditions in other cities as to
fares, franchise requirements, &c. 130th committees reported their findings
to representatives of the various civic and labor organizations on May 17
1922. It was shown that the company should receive either an increase in
fare or be relieved of some of its present burdens such as paving, &c.
Other suggestions of the committee were that the fare on owl cars be increased from Sc. to 10c.; that the interurban companies pay 1 cent additional to the City company for each passenger hauled over city tracks and
that the charge for freight terminal facilities be increased.
The reports were referred to the mayor and general committee with the
reconunendation that the city officials, civic and labor committees co-operate with the company in presenting the facts as ascertained in their investigation, to the P. S. Commission, with the view of affording the company
necessary relief. Diridends.-The financial condition of the company, due to jitney competition and the general depression in business, made it necessary to defer
the payment of quarterly dividends on June 1, Sept. 1 and Dec. 1 1921, and
on March 1 and June 1 1922, on the preferred stock.
Jitney Competition.-Recognizing the serious losses which were being
sustained on account of unfair jitney competition during the greater part
of 1921. the City Council on Oct. 3 1921 passed an ordinance regulating
jitney traffic, requiring a bond from drivers and prohioitng the receiving
or discharging of passengers upon any street upon which there is located
street-car tracks.
A temporary injunction against the enforcement of this ordinance was
applied for and granted and the case was heard in Judge Carter's Court,
who rendered a decision on Nov.7 sustaining the jitney ordinance in every
section. After its due publication, the ordinance became effective Nov. 24
1921.
Aaditional.Freight Terminals.-A tentative agreement was reached between the company and the interurban companies whereby the latter would
take over the entire control of freight terminals. In order to fully develop
freight terminals at the Kentucky Ave. site, it was proposed that a terminal
charge offrom 2c. to 3c. per 100 lbs. be made by the interurban companies
on all freight forwarded from or received at Indianapolis.
The matter was referred to the P. S. Commission on May 26 and on
June 16 1921, a hearing was granted. At this hearing the shippers opposed
the payment of a terminal charge of 2c. or 3c. per 100 lbs., and no definite
agreement was reached.
iVeeded Improvements -The greatest necessity of the company is the construction of six substations in different parts of the city so as to insure a
full supply of power for all lines. This will entail a cost of about $750,000.
Negotiations have already been started with bankers and electric manufacturing companies to devise some plan whereby the construction of these
substations may be financed and it is hoped that the project may be successfully carried out.
INCOME ACCOUNT YEARS ENDED DECEMBER 31.
1921.
1920.
Passenger receipts, city lines
1,9651
10
92
$4,694,812 $4,808,529 $4x,2
Track rentals
244,177
218,056
237,687
Rent term'l bldg., ataten.s, equip., &c..
254,816
276,049
276,328
Miscellaneous income
35,284
42,658
44,100
Interest, discount, &c
2,614
1,472
1,572
Gross earning.
$5,233,327 -$5,31-7,936- 14,738,941
Maintenance of way and structures_ _ $548,879
$429,571
$501,236
Maintenance of equipment
519,940
550,120
626,031
Operation of power plant
657.376
877,213
958,225
Operation of cars
1,281,383
1,565,814
1,564,501
General expense
369.927
420,418
417,890
Total operating e..pense
$3,962,444 $4,067,883 $3,258.198
Net earnings
$1,270,884 $1,300,053 $1.480,744
Taxes
401,807
437.953
509,471
Net, after taxes
3832,931 T$790,582 $1,078,937
Bond interestCitizens St. Ry. Co., $4.000,000 5s $200,000
$200,000
$200,000
Ind. St. Ry. Co., $4,987,000 4s....199,480
199,480
199,480
Ent. T. & T. Co., $3.833,000 5s_
191,650
191,650
191,650
Broad Ripple Trac.Co.,$200,000 5s
10,000
10,000
10,000
Trust equipment notes
6,108
10,600
8,229
Indianap. Car Equip. Co. pref. stk_
10,250
2,500
11,450
Notes
27,580
21,584
7,822
Office maint.Ind. St. Ry.Co.(1899)
1,777
Total deductions
$645,068
$637,591
$628,631
Balance, surplus
$187,863
$441,346
$161,951
Deductions from surpinaSinking fund not paid but expended
for construction, year
$70,000
$60,000
$66,666
Int. T.& T.Co.,for construe., year
60,000
60,000
60,000
Preferred dividends
(6%)300,000(6%)300,000 (1 )75,000
Preferred dividend accrued
100,000
Balance
def$242,137 def$264,716 sur$146,346
x Includes six months' operation, Jan. 1 to June 30 1919, under the lease
of the old Indianapolis Street By. Co. to the Indianapolis Traction &
Ternalnal Co., and six months operation, July 1 to Dec. 31 1919, under the
operation of the new consolidated Indianapolis Street Ry. Co.,incorporated
June 30 1919.
303
GENERAL BALANCE SHEET DECEMBER 31.
1921.
1920.
1921.
1920.
A 3S $
Property. Plant &
Preferred stock_ _ _ 5,000,000 5,000,000
equipment
22,366,427 22,366,427 Common stock__ _ 1.000,000 1,000,000
Trust equipment
194,000
191,000 Coin, stock held in
Road & equipment 456,060
390,472 trust
1,500,000 1,500,000
Indianapolis Car
Cit. St. RR.Co.5s 4,000,000 4,000,000
Equipment Co.
Real estate mtge_ _
9,956
10,616
common stock
44,378
44,378 Indpls. St. Ry.4sa 4,987,000 4,987,000
Trust equipment
64,000
116,000 Ind.Tr.&T.Co.5sb 3,833,000 3,833,000
Cash
68,307
19,918 Car trust certifs. _
98,000
130,000
Cashier's working
Indpls. Car Equip.
fund
8,700
5,000 Co. contract... 160,000
180,000
Emergency fund
/,000
1,000 T. H. I. & E. Tr.
Acc'ts receivable_ _ 126,369
100,128
Co. notes, 1933_ 700,000
700,000
Material and supNotes as accts. pay. 504,076
617,423
plies
274,793
366,635 Wages payable.maPrepaid items, &c..
8,785
8,683 Lured int., &c
4,576
6,928
Franchise tax_ _ _ _
10,000 Accr. Interest, &c_
88,911
85,833
Special deposits.. _
1,130
1,135 Deferred liabilities 440,637
487,273
Suspense
10,558
30,166 Reserve tor injuries
and damages__ _ 214.533
168,092
Profit and loss..._ 1,083,823
947,775
Total
23.624,512 23,653,942 Total ______ _ _ _ 23,624,512 23,653,942
a After deducting $1,013,000 in sinking fund. b After deducting
$1,167,000 in sinking fund.-V. 1/4. p. 1286.
Mexican Seaboard Oil Co.
(Report to the New York Stock Exchange.)
The report to the New York Stock Exchange in connection with the company's application to list 434,939
shares capital stock of no par value, with authority to add
10,000 additional on official notice of issuance to employees
for services at the rate of $40 per share, is given under
"Reports and Documents" on subsequent pages.
INCOME ACCOUNT MEXICAN SEABOARD OIL CO. & INTERNATIONAL PETROLEUM CO.
Periodx5 Mos.'22. Cal. Yr.'21.
Gross earnings
114.045,819 $13,256,386
Cost and expenses
10,335,515 8,656,221
Gross profits from operation
33,710.304 $4,600.165
Other income
93,307
992,602
Totalincome
$3.803,610 $5,592.767
Interest,&c
315,000
866,751
Depletion reserve (net)
Cr2,690,312 Cr2,180.697
Dividends paid
937,603 4.216,403
Balance, surplus
$5,241,318 $2.690,311
x Subject to adjustment and correction at end of year.
BALANCE SHEET MAY 31 1922 AND DEC. 31 1921.
Way 31'22. Dec.31'21.
xMay 31'22. Dec.31'21.
Lands, leases, &c_ 5,365,789 5,190,789 7% deb. bds. 19233(6,000,000 10,700,000
Drilling & develop 230,908
230,909 Capital stock
6,283,491 6,283,491
Plant & equipment 523,919
523,919 Cap. stk. of Int.
Cash
2,925,746 2,403,550 Petrol. Co. held
Accts.receivable_ _ 1,361,833 2,007,329
by minority int_
20,000
20,477
Stockscrude oil.. _ 477,247
477,247 Notes payable..
47,372
Mat'ls & supplies_
58,187
58,187 Accounts payable_ 669,710
669,233
Inv. In and ave. to
Accrued interest_
249,667
subsidiary cos.. 4,957,210 9,094,520 Dividends payable
1,874,578
Deferred assets__ 2,313,681 2,548,680 Res.for depletion_ 5.241,318 2,690,312
Total
18,214,520 22,535,130 Total
18,214,520 22,535,1311
x Subject to adjustment and correction at end of fiscal year. y Since
May 31 1922 an additional $1,000,000 have been
and are
held in treasury. [By July 20 all but $3,500,000 ofre-purchased
the original issue of
$10,700,000 bonds will have been retired, and it is the intention
the
directors to retire $1,500,000 monthly hereafter.-Er1J--See V. 115,of
p. 81.
Pacific Oil Company.
(1st Annual Report-Year ended Dec. 31 1921.)
INCOME ACCOUNT YEAR ENDED DEC. 31 1921.
Grass earns, from oper_ _330,853,257 Deprec. & depl'n res.... $3,153,111
Operating expenses
11,204,604 Res. for 1921 Fed. taxes_
800,000
Taxes(excl.Fed.inc.tax.)
822,507 Dividends($3 per share). 10,500,000
430,095
Lass
prop
on
retired
phys.
Total oper.exp.& taxes$12,027,111
Net prof.from operations$18,826.146
$5,331.198
Balance, surplus
Other income
49.217
1,388,257 Previous surplus
4,119.
Profit on phys. property..
Grass income
$20,214,403 Profit & loss surplus.. $5,384,534
BALANCE SHEET DECEMBER 31 1921.
AssetsLiabilitfes5
$
oil Ida. & stk. of Assoc.011 Co _ 32,287,638 Capital stock (3,500,000 shares,
Assoc. 011 Co.-Cap.stock... 2,883,732 no par value)
52.500,000
Assoc. Pipe Line Co.-Cap.stk 3,500,000 Audited accts.& wages payable 394,338
Assoc. Oil Co.-Advances_ _ 1,793,750 Miscell. accounts payable_ _
3,501,715
Field impts. & equipment__ _ _21,274,115 Dividends raptured unpaid....
10,598
Cash
790,818 Unmatured dividends declared 5,250,000
Special deposits
3,793,242 Other current liabilities
231,710
Demand deposits
1,831
2,000,000 Defei red liabilities_
Marketable securities
6,808,698 Tax liability_
855,478
Miscell. accounts receivable.. 3,388,724 Insurance & casualty reserves_
33,893
MPterial & supplies
2,071,734 Other unadjusted credits
26,206
Crude oil on hand,&c
199,739 Deprec.& depletion resrve__ _x12.963,749
Int. accr. on loans & bills ree_ _
90,245 Profit and loss- balance _ _ _ 5,384,531
Working fund advances
154,554
Rents & insurance prems. paid
16,160
Other unadjusted debits
103,903
Total
81,157,051
Total
81,157,051
x Includes depreciation and depletion accrued prior to Jan. 1 1921.V. 114, p. 2248.
Associated Oil Co., San Francisco, Calif.
(Annual Report-Year ended Dec. 31 1921.)
The annual report of this company, of whose capital stock
57.93%, or 823,032,000, was owned as of Dec. 31 1921 by
the Pacific Oil Co., is given as an appendix to the annual
report of the Pacific Oil Co. (see that company above).
President Paul Shoup says in substance:
Properties Included.-Associated 011 Co. and its proprietary companies.
viz.: Associated 011 Co. of Nevada, Associated Oil Co. of Wyoming, Associated Supply Co., Associated Water Co., Bakersfield Iron Works, and
Casmalia Syndicate.
Income.-Business earnings, after deducting operating, maintenance.
and transportation expenses, amounted to $12,351,946, as compared with
$13,620,024 in 1920. The business earnings include the unusual item of
$2,695.430, which is a capital dividend of the Associated Pipe Line Co.,and
this should be noted in making comparison with 1920. The total businew
earnings of Associated Oil Co., proprietary companies, and companies in
which it has majority stock interest, were $12,986,820, compared with
$15,823,013 in 1920.
Taxes, other than income, were $701,853, as compared with $639,646
for 1920, an increase of $62,207, of which 853,108 was on account of Federal tax on pipe line transportation, and $9,098 miscellaneous taxes. Int.
on bonds decreased from $466,823 to $419,259. Reserved for income taxes,
$303.249; in 1920, $1,394,457. Depreciation and depletion funds reserved,
$2,270,883; in 1920, $2,257,271. The balance iarrled to profit and loss,
after deducting all charges and reserve funds, is $8,157,952; in 1920,
$8,807,718.
Gross revenue increased from $51,961,249 in 1920 to $53,487,560 in 1921.
Financial Comment.-Current assets in excess of current liabilities on
Dec. 31 1921 were $6,743,796; net current assets decreased during year
$694,118; cash on hand at close of year, $962,876; dividends paid during
year (6%), $2,385.343; decrease in funded debt during year, $968,000;
funded debt outstanding Dec. 31 1921, $8,310,000.
Adaitions.-During the year we acquired 5,760 acres of prospective and
proven oil lands by lease, as follows: California: Elk Hills (proven), 140
acres; Ventura (prospective),5,300 acres; Wyoming (prospective),320 acres.
In settlement of our claim to oil lands in Elk Hills, we have obtained from
the Government a lease to 140 acres of proven oil lands in that district,
on which two wells have been drilled and which are producing about 1,000
barrels per day.
The leases to the wells which we received during the year 1920 in settlement of the McMurtry land controversy with the Government have been
consolidated with a new lease which gives us the right to develop 1,040
acres of potential oil lands.
Oil lands owned by the company and formerly operated by the Calloma
Oil Co., Calex Oil Co. and Apollo Oil Co. have been taken over and will be
operated by us. These lands produce about 5,000 barrels monthly.
Leases are being acquired on approximately 4,000 acres of prospective
oil lands located in Rock Springs District, Sweetwater County, Wyo.
Recruit Oil Co. has sold all of its properties to the Associattfd Oil Co.,
which owns 90% of its stock.
Drilling and Other Field Development.-For this work $2,060,471 was
expended, of which $1,039,167 drilling expense was charged to operations,
and $1,021,304 to investments.
Owing to production of California oil in excess of current demand, our
drilling program was greatly curtailed during the year, 38 wells being completed in various fields, as follows: Kern 16, Lost Hills, 3, Midway 5,
Coalinga 6, Santa Maria 7, and Huntington Beach 1.
As of Dec. 31 1921 there were 9 uncompleted wells in process of drilling,
as follows: Kern 2, Midway 2, Ventura 4, and Texas 1.
Test wells which were drilled in districts outside California having
proved unproductive, they, together with leases taken, were abandoned
as follows* Wyoming 6, Nebraska 1, and Colorado 1.
Refineries, Distributing Stations.-The amount expended for additional
units for the manufacture of lubricating oils and other products and for
distributing plants, new service stations and equipment was $1,745,230.
Service stations were installed as follows: Chico, Fresno, Haywards,
Marysville, Modesto, Oakland and Stockton. There are now 92 service
stations in operation.
The plant at Honolulu was moved and enlarged during the year 1920
The refined oil distributing plant was reopened about April 1 1921 and the
sales have been very satisfactory. Sales offices have been established in
Los Angeles to take care of the business in that territory. New automotive
equipment was added during the year as follows: Trucks 25, automobiles
43, and trailers 4.
Pipe Lines.-The amount expended for improvements, which Increased
the capacity of the Coalinga Monterey pipe line, was $226,195.
Marine Department.-The SS. Frank G. Drum, with a carrying capacity
of 75.000 barrels, replacing the SS. J. A. Chanslor, lost at sea, was completed and placed in service April 2 1921. The amount expended for the
completion of this vessel and other marine equipment was $1,293,546.
Crude Oil Production.-Gross crude oil production during the year was
5,977,760 barrels, a decrease of 388,724 barrels as compared to previous
year. Crude oil stocks as of Dec. 31 1921 were 1,256,415 barrels; in 1920,
1,644,939 barrels, a cecrease of 388,524 bbls. The decreases in production
and oil stocks are due to strike conditions in the San Joaquin Valley fields
prevailing for about two months.
Sales.-Although the value of fuel oil sales has decreased 19%,due to the
general slowing down of industries and decline in prices during the year,
our refined oil sales have,on the other hand. increased 18% notwithstanding
the decrease in prices of gasoline and engine distillate.
During the year our new lubricating oil "Cycol" was placed on the market
and has been very favorably received by the publlc.
INCOME ACCOUNT FOR ASSOC. OIL CO. AND PROPRIETARY CO'S.
1920.
1921.
1919.
Calendar Years1918.
$49,610,133 351,193,959 $38,069,130 330,977,590
Operating income
767,290
452,037
Divs.,int., &c., received 3,877,427
265,890
$53,487,560 $51,961,249 $38,521,167 $31,243,481
Total receipts
Deductions$40,769,413 $38,166,978 $27,721,813 $20,166,488
Operating expenses
174,246
366,201
170,223
68,178
Miscellaneous interest
1,005,103 2,034,103
1,683,246 3,087,982
Taxes
466.823
419,259
516,772
537,515
Interest on funded debt_
61
80
Other items
54,046
48,670
59,427
67,567
Disc, on bonds sold, &c_
2,401,383 2,672,399
Depreciation reserve__ _ 2,720,883 2,257,271
(6%)2,385,343(6)2,385,348(5)1,987.812(5)1,987,832
Dividends
$47,714,951 345,538,815 $34,438,636 $28,690,006
Total deductions
35.772,609 $6,422,373 $4,082.531 $2,553,475
Surplusfor year
CONSOLIDATED BALANCE SHEET DEC. 31,
(Associated Oil Co. & Proprietary Cos.)
1921.
1920.
1920.
1921.
Liabilities$
$
AssetsCapital stock
39,755,756 39,755,631
Real estate, &c_ _.31,574,538 31,761.232 First
Mtge.bonds_ 8,310,000 9,278,000
Improvements_ _ _38,649,371 36,420,498
1,175,000
9,110,480 9,337,985 Loans & trills paySecurities
698,167 Accounts payable_ 3,284,450 1,820,233
Due from affil. cos. 4,605,816
915,929 wages payable,&c. 1,338,538 2,813,286
Sinking funds_ _ _ _ 924,760
911,492 Due atilt. cas
130,550
1,793,750
62,147
Liberty bonds,&c_
748,547 A ccr.int., div.,&c. 793,482
820,464
962,876
Cash
99,801 1,431,758
Loans & accts. re,e_ 3,282,095 4,058,191 Def. liabilities__ _
2,838,985 2,979,183 Unadj. credits.... 2,694,292 3,874,216
Inventories
Mdse. on hand.. _ 5,069,155 6,188,013 Deprec'n reserve_ _21,997,851 19,973,296
20,085,298 15,518,237
6,964 Surplus
7,155
Int., diva., &c_
549,166
299,954
Deferred assets_
2,145,886 2,015,247
Unadj. debits
Total
-V. 114,
[VOL. 115.
THE CHRONICLE
304
100,133,218 96,590,674
Total
100,133,218 96,590,674
p. 1538.
Royal Dutch Petroleum Co.
(Report for Fiscal Year ending Dec. 311921.)
RESULTS FOR CALENDAR YEARS.
1920.
1919.
1921.
(In Florins.)
107,169,943 138,736,206 118,269,391
Income
3,071,765 9.285,842 18,169,508
Expenses, taxes, &c__
104,098,178 129,450,364 100,099,883
Profit
60,000
60,000
60,000
Divs. on Pref. shs.(4%)
s) 1,282,500 1,282,500 1,282,500
Priority shares(4
Ordinary shares(6%). 19,287,420 19,243,620 12,829,080
83,468,258 108,864,244 85,928,303
Surplus
Available for ord. div.79,913,322
93% of above surplus_ 77,625.480 101,243,747
19,287,420 19,243,620 12.829.080
6% on ord. as above
927,664
1,146,230
771,113
Brought forward
3,472,312
Bonus share issue
Commissaires' proport'n 3,136,230 4,174,570 3,257,132
100,820,243 129,061,913 97,145,764
99,651,670 128,290,800 96,218.100
Athount of ord. div
(45%)
(40%)
(31%)
Rate per cent
Carried forward
1,168,573
771,113
927,664
1918.
96,677,145
24,486,834
72,190,311
60,000
1,282,500
10,263,264
60,584,547
56,343,629
10.263,264
737.715
2,223,382
69,567,990
68,421,760
(40%)
BALANCE SHEETS OF DEC. 31.
1920.
1921.
1920.
1921.
Florins.
Florins.
LiabilitiesFlorins.
Florins.
AssetsShare capital__ _570,000,000 370,000,000
Unissued share
248,543,000 49,273,000 Preferenceshares 1,500,000 1,500,000
capital
Priority shares__ 28,500,000 28,500,000
Share holdings,
901,102
737,545
Unclaimed diva_
less res've (see
358,294,806 345,857,405 do on priorbelow)
69,300
281,309
ity shares__
38,690,557 93,396,040
Cash
Book debts_ _ _ _ 94,261,620 154,556,418 Due to creditors 2,545,152 77,718,309
2,616,833
Interest account
Dividend prior771,113
927,664
641,250 Undistrib. divs_
641,250
ity shares_ _ _ _
3,472,312 .
Bonus shs., 1918
32,209,946 28,356,220
Reserve
Profit balance_ _ 104,098,178 129,450,364
Total (each
740,431,234 643,724,113
side)
COMPANY'S SHAREHOLDINGS AT DEC. 31 1921 AND 1920.
1.9201921
Florins.
.C, 3, &c.
Florins.
& 3, &c.
Par Value180,000,000
180,000,000
Bataafsche Co
Anglo-SaxonPetroPm E9,600,00115.200,000 £9,600,00115,200,000
Shell Co. of Caliela 347,284,879=118,212,197 347,284,174=118,210,434
Shell Transport &
Trading Co., Ltd_ £2,176,794= 26,121.528 /2,176,794= 26,121,528
25.200.000
#2,100,00(
Asiatic Petrol. Co.._ 12,100,000= 25,200,000
- 4,438,944
lei15,412,800= 7,398,144 lei9.247,800,Astra Romana
44,940.000
317,976,000=
44,940,000
$17,976,000=
Roxana (ord.)
2,100,000
$840,000
$840,000= 2,100,000
Roxana (pref.)._
20,672,400
Ozark Pipe Line_ _ _ _ 38,268,960= 20,672,400 38,268,96
,738,740
11
36,767,138
Various
548,622,046
_576,611,407
value_
(par)
nominal
Total
par
"Reserve for difference between-202,764,641
218,316,601
value and book value"
Balance as per balance sheet..358,294,806
-V.115, p.82.
345,857.405
Anglo-American Oil Co.. Ltd.
(Report for Fiscal Year ending Dec. 31 1921.)
The annual report says in brief:
of all stock of'
Results.-Owing to the unprecedented fall in the value
amounting in some
petroleum products and merchandise during the year,
at
Dec. 31 1920,
were
they
which
Instances to over 60% of the prices at
the net result shows a loss.
to losses by
due
investments,
in
depreciation
with
The net loss, together
account. The
subsidiary companies, have been debited to the surplus
and other
transport
motor
plant,
steamships,
on
depreciations
usual
equipment, &c., have been made and charged to the same account. it is
Although no profit has been shown for the year, the directors feel
the profit
only right to make these provisions which are usually charged instand
at a
and loss account. The insurance and other reserve accounts
figure somewhat higher than last year. The following statement shows
actual
in
figures:
the position
£2,128,884
_
Balance to credit of surplus account at Dec. 31 1920
______ ______
Less-Final dividend for year 1920, declared on June
£450,000; Interim dividend declared Dec. 20 1921, £150,000-- 600.000
£1.528,884
Leaving a credit balance of
loss for the year
To this account must now be debited (a) the net
after crediting reserves for excess profits duty no longer required, £31,837; (b) depreciation on investments, £126,711;
(c) depreciation on steamships, plant, &c., £710,755;(d) pro- 1,051.908
vision for income tax, £182,609
£476,976
Leaving a balance to the credit of surplus account of
been accumulated to provide for unforeseen
As the surplus account has
for
the
equalizaalso
and
contingencies such as those experienced lastinyear,
felt justified declaring the interim dividend
tion of dividends, the directorsrecommend
the payment on July 15 next of
In December last, and they
of 2s. per share, which will require £300,000.
a final dividend for the year
the year-including the interim
for
distribution
total
the
This will make
free of British income tax. The credit
dividend-3s. per share, payable be
forward.
carried
to
£176,976,
be
then
will
balance
of the value of the inventories
Decline in Inventories.-A comparison
of the previous year, both of which were
for Dec. 31 1921, with those
whichever was lower, clearly indicates
based on cost or market value,
although the quantities in
how serious the fall in values has been, for,
the 1921 values have
stock were approximately the same in both years,
£5,000,000.
than
declined more
other labor troubles, and the
Sales.-As the result of the coal strike and
the company's sales of lubricating
bad trade in the industrial centres,
so that the total dropped to barely 50%
oil suffered severely, so much
hand, sales of fuel oil, motor spirit and other
of normal. On the other reduced
prices. The total value of all sales for
products increased, but at
£40,967,282 for 1920.
the year was £33,841,764, as against
situation has so far
Outlook.-Since the date of the balance sheet, the
prediction that the worst is past.
the
encourage
to
as
year
improved this
FO drastically, in accordance with the
Values having been written downprovision
having been made to meet all
heavy fall in market prices, and
feel that the ordinary trading
other possible contingencies, the directors
be called upon to make good any further
profits of the current year will not
is again slightly upward.
inventory losses. Indeed, the trend of values
for new construction during the
New Construction.-The expenditure to
the making up of arrears of the
due
past year was exceptionally heavy.
new
previous years, deferred owing to the war, and to the provision of
and Ellesmere Port. Motor
ocean importing plants at Hull, Avonmouth
Future
now
in
is
use.
and
increased
largely
was
equipment
other
and
expenditure on construction, however, will be on a much smaller scale and
for out of the regular depreciation
it is believed will be fully provided
as set aside from year to year.
funds on plant and euqipment
which was
New Vessel.-The Diesel engined motor vessel Seminole,
completed and paid for early in
under construction at the end of 1920 and
satisfaction.
entire
given
and
has
service
regular
in
been
since
1921, has
program. The entire
This vessel completes the company's shipbuilding
with the exception of two cargo
fleet is actively employed in the business
temporarily.
only
hoped
be
to
is
t
boats laid up-i
for 1921
Payment of Notes.-While not forming part of the transactions
remitted to the trustees in New York 31,250,000
on April 1 last, the companyin
in
On
due
1925.
notes
gold
the
of
payment
being the first installment
gain in exchange as against
this one remittance there was a considerable
exchange.
sterling
in
advance
the
to
due
price,
the issue
company's stock in trade has
Cash Position.-The fall in values oftothe
carry on the company's business,
reduced the amount of capital required
the issue of Preference
unnecessary
made
least,
at
present
and has for the
are at present
shares authorized on June 29 1921. The cash resources
business.
the
for
sufficient
directors.)
Hamilton,
James
and
[Signed. Francis E. Powell
The comparative income account was given in V. 115,
p. 196.
BALANCE SHEET DECEMBER 31.
1921.
1920.
1920.
1921.
.£
£
Liabilities£
£
Assets-Capital (auth. 3,Freehold land (at
f.l.
par
000,000),
287,049
292,514
cost)
3,000,000 3.000,000
issued
Constr. & equip't_ 3,372,357 2,786,661
57.5,000
Steamers, barges&Capital reserve__Id_ 505,000
sink.
5-yr.
714%
2,946,149
2,851,977
tugs (less deer.).
3,550,542 4,237,288
hold notes
Accts. receivable__ 1,756,852 3,456,879 Sundry
creditors &
Inventory in store
4,721,112 9,998,918 sects. payable 5,002,117 9,779,880
or transit
1,219,592 1,419,831 Dividends declared
Investments
172,373
but unpaid
471,516
424,343 1,028,598
Cash
1
5
73611116
104
esneurivtelesacfcuonudn_ts_ : 1,94
An
100,000 R
104,615
Annuity fund
10
,7
30
1,0
5r8
1,128,884
2
Surplus
14,743,363 22,024,088
Total
1,146,230 -V. 115, P. 186.
Total
14,743,363 22,024,088
JULY 15 1922.]
THE CHRONICLE
American Thread Company.
(Income Account for Years ending March 31.)
Gross income
Management exp., &c_
DeductDepreciation
Bond interest
Bond redemption fund.._
Other interest
1921-22.
1920-21.
1919-20.
Data Not Reported.
1918-19.
$3,935,013
580,472
$591,469
283,229
211,737
118,326
Net profits
$11,521 y$893,905 $3,616,756 $2,149,780
Employees' pension fund_
$50,000
$75.000
$100,000
$50.000
Preferred dividend (5%).. 244.524
244,524
244.524
244,524
Common dividend
1,200,000
x1,080,000 x1,320,000
1,350,000
do Rate per cent
(20%)
(15%)
(10%) .
(8%)
Res've for contingency_Cr.1,000,000 Cr.542,858
2,000,000
Balance
def$388,003 def$177,761
def$77,768 sur$655,256
x In 1921-22 includes final dividend of 7%, and interim dividend of 3%;
and in 1920-21 includes $600,000 for bonus on Common stock, 50 cents per
share. y After deducting $326,471, added to bond reduction account.
BALANCE SHEET MARCH 31.
1922.
1921.
1921.
1922.
AssetsLiabilities$
$
Property account 212,373,420 12,535,224 Common stock_ _b10,800,000 9,000,000
Inventory
12,757,862 13,840,149 Preferred stock_ _ _ 4,890,475 4,890,475
Sundry debtors,less
6% let M. bonds._ 6.000.000 6,000,000
reserve for disSundry credit, &c_ 2,425.154 1,712,869
count, &c
200,000 1,805.604
2,552,556 2,234,718 Notes payable_
Cash
125,946
414,632
434,287 Bond int. accr.,&e. 127,743
Cash with trustees
5,946 Contingency res've 1,000,000 2,000,000
7,743
Sundry investm'ts. 638,377
773,693
458,510 Reserves, &e_c___ 779,166
Advance payments 138,612
41.984
16,487
142,886 Empl.pension fund
Balance,surplus_d 2,644,176 3,301,178
Total
28,883,201 29.651,751
Total
28,883,201 29,651,751
305
profit. No sane man in our land can believe the destruction of even a
small industry under present conditions is to be considered for a moment,
especially where it is engaged In producing an essential food product.
The value of the United States beet sugar production for last year
exceeded $100,000,000, and this based on a value of 5c per pound for fine
granulated sugar. The obvious advantage of having such a sum of money
continue in circulation here rather than in a foreign land is apparent.
CONSOLIDATED INCOME ACCOUNT-YEAR ENDED MAR. 31 1922.
Loss on realization of sugar inventory March 31 1921
$933,809
Net profit from sales of production, current year
129,973
Loss on sales (after providing $312,038 depreciation)
$803,836
Administration & general expenses, $128,900; interest, $253.798;
Losses on agricultural operations, &c., $110,168
492,867
Total loss
31,296.703
Less-Minority stockholders' interest in losses of subsidiaries__ _
51,716
Net loss for year (see below)
$1,244,988
COMPARATIVE INCOME ACCOUNT-MARCH 31.
1918-19.
1921-22.
1919-20.
1920-21.
Net profit
loss $1,244,988 y$404,813
y$483,794
No
Div. from sub. company
FIgures
309,150
or
Gross income
loss $1,244,988
$919,713
$404,813 Comparison
Pref. divs. (7%)
276.500
231,000
Redemption of pref. stk_
91,046
399,493 for this
Period.
Balance, surplus_ _loss $1,244,988 def$225,680
$552,167
Previous surplus
2,164,806
2,325,038
1,061,653
Pur. of int. in sub. cos
655,380
561,858
Appropr.for red. of Pref.
stk. restored to sur_Cr2,000,000
Common stock
Cr.290,000
Cora. stk. iss. for prop Cr.325,430
Adj.ofsub. cos.' inv_ __ _
Cr.8,989
Prop,of sub. cos.'sur.
337,435
Reduction in value of
phys. prop., &c
deb.833,845
a Property account includes: Property as at March 31 1921, $18,963,853;
Profit and loss
x$4,199,617 $2,164,806
expenditures during year, $601,214: less, sales, machinery discarded, &c.,
$1,613,819
x Surplus for Common stock, March 31 1922 subject to deferred
$162,682,leaving as expenditures $438,532;reserve for deprec'n,$7.028.965.
cumub Capital stock authorized, $6,000,000 Pref. (par $5); $12.000,000 lative dividends on Preferred stock of $211,750. y Net profit less reserve
Common stock (par now $10); outstanding, $4,890,475 Pref. and $10,800,- for excess profits tax, &c.
000 Common stock ($9.00 per share paid up).
CONSOLIDATED BALANCE SHEET MARCH 31
c Reserves March 31 1922; bond redemption fund ,3566,454, and insur1922.
1921.
1922.
ance reserves, $212,713.
1921.
Assets$
Liabilities$
$
d This balance, surplus, of March 31 1922 is shown after deducting Pref.
$
7% cum. pref_ ___ 3,300,000 3,300,000
dividends of6% for an entire year, $244,524, and $324,000 interim dividend Reel estate, plant,
mach., &c., less
Cora. abs. (no par
on Common stock paid Jan. 9 1922 of 3%.-V. 114, p. 2828.
dep. res
9,367,426 6,309,520
value, carried at
Good will, water
$5 per share)_ _ _ See z
y290,000
(E. W.) Bliss Co., Brooklyn, N. Y.
rights, &c
1,849,604 1,849,601 Approp. for red. of
Invest, in oth. cos. 1,289,765
774,803
pref. stock, less
(Report for Fiscal Year Ending Dec. 311921.)
Cash
544,035 1,030,575
prem.on stk.red
z2,000,000
INCOME ACCOUNT FOR CALENDAR YEARS.
Notes & accts. rec_ 733,209
698,948 Accts. pay & accr.
Age.& other adv__ 867,621
liabilities
1921.
936,716
74,932
191,329
1920.
1918.
1919.
Net earnings after depreCattle & feed
129,641
Divs. payable_
57,750
ciation & Fed'I taxes,... $2.925.125 $2,376,338
1,268,344 3,289,945 Bids payable
3,982,400 5,665,000
$1,855,524 $1,271,353 Inventories
Preferred dividends_ _
Mat. & supplies__ 607,446
141,365
792,905 Res. for depree_ ._ 2,958,745
114.500
100,000
1.0,000
Common divs. (cash)($2
_- 1-5)660,000
72,868
195,777 Res. for exc. profit
x616,000 (45)562,500(37M)468750 Def. chgs., &c......_
Corn. divs. in Lib. bonds
70,000
taxes
(10)125,000
19,569
Res.for insurance_
Surplus
687,111
82,123.760 81,646,838 $1,193,024
Res. for conting_ _ 841,742
8577.603
Previous surplus
18,925,133 17,274,080 16,131,879 15,336,134
Stk, of sub. cos.
aAmort. of plants_ _deb.1,680,483
1,433,227
in hands of pub
Adjustments, &c
Min. stkhldrs. int.
Cr.4,215 deb.50,823 Cr.218,141
1,372,522
in sub. cos
Total p. &I. surplus,._$19,368,409 $18,925,133 $17,274,080 $16,131,878
x4,199,618 2,164,806.
Surplus
a Charges made against surplus for amortization of plants covering years
Total
16,729,959 15,878,793
Total
16,729,960 15,878,793
1918 to 1921, incl., less $678,832 unamortized portion of torpedo patents.
Note.-The balance sheet as of March 31 1922, as above stated, is a
consolidated
statement
subsidiaries.
corporation
leading
for
and
the
BALANCE SHEET DECEMBER 31.
x Equity of Common stockholders being capital and surplus applicable
..
1921.
1920.
1921.
1920.
to 67,298 shares of no par value, subject to deferred cumulative dividends
Assets$
$
$
of $211,750 on Preferred stock y 58,000 Common shares carried at $&
Property account_14,873,559 14,981,302 Preferred stock__ _ 1,920,000
1,800,000 per share. z This appropriation was restored to surplus in 1921-22.Letters patent__ __ 1,702,172 1,023,341 Corn.stk.(no par)_*1,200,000 1,200,000
-V.
114, p. 2247. 2020.
Inventories
5,353,837 9,221,691 Accts. payable__ 1,430,416 4,537,933
Cash & accts. ree_ 2,703,602 6,912,139 Bank
3,962,069
loans
Commonwealth
Power Railway & Light Company.
Paris and London
Purchase account_x1,500,000 1,700,000
offices
1,734,507
706,538 Adv, pay. received
(Report for Fiscal Year Ending Dec. 31 1921.)
Outside investml- 1,719,635 1,780,125
under contracts_ 309,173 2,500,000
Pres. George E. Hardy, New York, March 15, reports as
Amortization res__ 2,359,315
Surplus
19,368,409 18,925,133 follows:
Results.
-The business readjustment which began in 1920 was in full
Total
28,087,314 34,625,135
Total
28,087,314 34,625,135
early in 1921, and practically all lines of business were adversely
x Due on purchase of Buckeye Eng ne Co. and Cleve. Mach. Mfg. Co. swing
affected.
&
A resumption of industrial activity became noticeable in some
plants, payable over a period of four years. * Arbitrary value.-V.
112. parts of the country before the close of the year but business in general
p. 1744.
continued in a more or less unsettled state. These conditions naturally
were shared by the many communities served by the operating subsidiHolly Sugar Corporation.
aries controlled by your company. but owing largely to the steps taken
early in 1921, it is gratifying to note that the combined result from the
(Report for Fiscal Year ended March 31 1922.)
year's operations showed a distinct improvement over the preceding year.
This is particularly true with regard to net earnings which were the
President A. E. Carlton, Denver, Colo., May 3, reports:
largest in the history of your company.
Results.-The financial statement shows loss
for the current year of
Financing-Additions, &c.-These earnings, in conjunction with the
$1.244,988, equal to $1 29 per bag on the company's
output of 1,004,670 sale of securities to reduce its indebtedness by over $1,000,000 and pay
bags.
$1,500,000 of Union Railway Gas & Electric Co. Collateral Trust notes
Stock Issued.-During the year company
issued 9,298 additional shares which matured on Jan. 1 1922.
of Common stock in payment for all
the minority interest, thereby acquiring
Funds from these sources also enabled your company to carry out a
complete ownership of the Grand Junction
Sugar
Co., including its holdings construction program during 1921 aggregating $4,825,059, a large Part
of lands.
of which was expended for the cost of installing additional equipment to
Holly Oil Co.-During the year the development
the Huntington improve the service rendered the public and to provide facilities for new
Beach, Calif. oil field has placed it fourth in point ofproduction
in the customers, the operating companies having added 16,806 electric meters
of
State and demonstrated the commercial
of our 60-acre factory site and 1,604 gas meters, or a total of 18,410 new consumers during the year.
and 15 acres of leased land. To develop value
this
rights The construction of a 140,000-volt steel tower transmission line from
property
oil
the
of
all
were transferred to the Holly Oil Co. in
of half its issued Battle Creek to Jackson, Mich. was completed as was the installation of
capital. One well has been completed and consideration
produced to date 16,000 barrels six 1,000 h. p. boilers and a 10,000 k. w. turbine in the Battle Creek
of oil. The second well is now being drilled.
generating station.
Within the last 60 days producing wells
been completed and we
Operations.-Sales of electricity and gas for industrial
showed a
now have producing oil wells on all four sideshave
of our territory, thus proving sharp decline over the preceding year, but the revenue lost power
from this source
the value of the entire tract. As rapidly as possible
the Holly Oil Co. was largely offset by gains in the sale of electricity and gas for domestic
plans to drill from 12 to 15 wells and the production should
substantial
and
be
commercial purposes.
and profitable. The Holly Oil Co. has
Electric Railways.-Earnings of some of the electric railways were not
and in operation a
topping plant producing distillate resultingcompleted
in an income of 59c. a barrel satisfactory, due in part to a decline
in the number of passengers carried
additional on our crude oil.
and partly to continued high operating costs.
New Financing.-The subject of financing has
Rates of fare insufficient to pay its expenses and unregultded "jitney"
referred to recently.
With a more favorable bond market the funding been
of
loans
competition
bank
short-term
led to bankruptcy of the Saginaw-Bay City Railway Co. on
into long-term fixed obligations seems desirable.
Aug. 10 1921, since when Saginaw and Bay City have been without street
Tarif Regulation, &c.-During recent
25% of the sugar consumed railway service. Various local
business organizations are desirous of having
in the united States has been obtainedyears
from
production.
street
domestic
beet
railway service reinstated, and with this end in view have consulted
It has been aptly termed our "war ration of sugar"
so that if our importa- with the Trustee in Bankruptcy and representatives of the bonholders.
tions were cut off a limited supply would still
beavallable. This has been but it is not known what operating arrangement, if any, can be worked out.
accomplished by a tariff of less than 2c. per
pound varying from 1.34
Owing to insufficient earnings, the Michigan 'United Railways Co. failed
to 1.60.
to meet the interest payment due Nov. 1 1921 on its First and Refunding
The British Isles, long the home of free .trade,
now levying a 5c. Morgage bonds, That company is continuing to operate the property
duty to secure revenue and develop their beet sugarare
in the and is hopeful of adjusting its indebtedness on some satisfactorY basis.
present tariff bill Congress is considering a duty of production.
A more favorable attitude toward electric railway companies is now
2c. on importations
from Cuba, which is the main source of our supply.
Notwithstanding
the fact that the beet industry is an important customer for the eastern noticeable.
Sale of Pref. Stock by Subsidiaries.-Despite prevalent unemployment, the
manufacturer, many eastern people are opposing protection for the beet operating
subsidiaries controlled by your company have made favorable
sugar industry because in so doing they laelleve sugar
will be sold at a progress in the sale of their 7% Preferred stock to customers and other
lower price.
residents of the communities served. During the year there were sold a
The officers of our company feel certain that if Congress
to provide total of $1,906,100 par value stock to 5,801 individuals, thus bringing the
a 2c. duty it will not be possible for the beet growers tofails
continue their various companies and the people they serve into closer contact.
farming operations, resulting in the loss of substantial business to eastern
Outlook.-The company's net income for 1921 shows a substantial inmanufacturers; and without competition the Cubans will
higher prices crease over the past several years and at this rate would warrant resumption
for sugar. We soon forget, but it is only necessary to fix
go back to the of dividends on the Preferred stock if the financial condition of your commidsummer of 1920 when the Cubans marked their sugar up to 223.e. pany permitted.
Available earnings, however, have been applied toward
a pound just after the beet sugar had been sold. Immediately
the new the reduction of the short term indebtedness in accordance with the policy
beet sugar crop came on the market, the price began to rapidly decline.
outlined in the 1920 report. With the favorable earnings showing and
We are confident Congress will provide the necessary duty to permit continued
in the general financial situation, it is hoped that
the farmer to meet his increased costs and the factory to operate at a some formimprovement
of permanent financing may be consummated which will allow
THE CHRONICLE
306
the release of earnings so that resumption of dividends may be considered
by your directors.
General industrial conditions are still more or less unsettled and some
important economic problems remain to be solved. The prices of many
commodities have fallen, but the irregularity of the decline has not yet
resulted in any relatively large savings in operating expenses on this account.
No general reduction in either coal mining or transportation costs has taken
place and these factors combine to check the speedy return of normal
business activity. The general outlook, however, is more encouraging
than it was a year ago and it is believed that 1922 will mark the beginning
of a healthy business revival.
GROSS EARNINGS OF ALL THE SUBSIDIARY COMPANIES.
%
%
Increase.
1920.
1921.
7.52
Electric.
314,144,116 45.18 213,155,066 42-.05 3989,050
8.21
Gas
4,414,181 14.11 362,243
4,776.424 15.25
Gas residuals and
4.78 *406,589 *27.20
1,494.635
3.47
miscellaneous
1,088,045
2.72
23,307
2.74
858,255
Heating & water_
2.82
881,563
.94 287,338 97.49
Coal sales
294,749
1.86
582,087
Railway:
6.340,993 20.27 *555,830 *8.77
City
5,785.163 18.48
3,362,544 10.75 *484,540 *14.41
9.19
_ 2,878,004
Interurban _
4.36 *191,702 *14.04
1,365,558
Freight & misc_ 1,173,856
3.75
.07
Total
$31,309,259 100.00 $31,285,981 100.00 223,278
* Decrease.
Note.-Sales to affiliated companies are eliminated.
%
Increase.
Service Rendered1920.
1921.
Sales of electricity in
kilowatt hours
419,112.678 513,048,858 *93,936,180 *18.31
Electric metres in use at
end of year
9.68
16.806
173,664
190,470
Sales of gas in cubic feet_3.574.247,400 3,845,282,500 *271,035,100 *7.05
Gas metres in use at end
of year
1.53
1,604
104,757
106.361
Miles of gas mains
1.21
12.35
1,018.25
1,030.60
Tons of coal mined
85,198 21.57
395,048
480.246
Rev, passengers carried
(transfers excluded):
City
101,177,351 *16,656,522 *16.46
84.520,829
Interurban
*2,307,180 *22.33
10,333,208
8.026,028
.Decrease,
BALANCE SHEET DEC. 31.
1921.
1921.
1920.
1920.
Asset#-$
Liabilities-$
$
$
Sec.& prop.owned52,326,767 49,593,556 Pref.capital stock..17,953,000 17,953,000
Cars& equipment_ 376,332
294,860 Corn. capital stock 18,585,900 18,585,900
Coal prop. dc equip 1,204,007 1,209,477 Corn. stock deliv'le 2,414,100 2,414,100
Debt discount__ _ _
86,637
135,477 5-yr. 77 cony. bda 7,388,400 7,608,400
Cash
448,95.5
468,952 1-yr.7°2 gold notes 3,213,000 3,570,000
Adv. to sub. cos.. 3.899.549 6,509,726 Scrip due Feb.1'24 984,189 1,001,661
Acc'ts rec.(do)._
88.179
215,343 Serip due Feb.1'25 1,094,912 1.107,202
It. rec. (do).86,616
68 358 Scrip due Feb.1'26 1,099,486 1,113,088
Dive, rec. (do).....
109,778 Scrip due Feb. 1'27 311,880
I See.ser.7% notes_ 1,496,000 1,722,500
1Sec.ser.6% notes_ 550,000
650,000
Coal bonds, &a__
471,600
669,000
Car trusts
188,289
207,624
Eccrued accounts_
293,482
218,267
Total(each side)58,517,041 58,655,526 Surplus
x2,407,804 1,834,784
x Of this surplus $987.415 represents the dividends accumulated ana
unpaid on the Prof. stock for eleven mouths ended Dec. 31 1921.-V. 114,
p. 2719.
1
International Salt Co., Scranton, Pa.
(Report for Fiscal Year ending Dec. 31 1921.)
President Mortimer B. Fuller, March 27, wrote in subst.:
Results.-The combined gross earnings, after deducting all
expenses
incident to production, maintenance, administration and sales, depreciation
and depletion charges, insurance and taxes (including reserve of 3167.662
for estimated Federal income and profits taxes) amounted to 21,237,535.
After the payment of interest on bonds of the International Salt Co.,
Retsof Mining Co., and Detroit Rock Salt Co., the total net profits of all
companies were $853,640.
Net quick Assets.-The net quick assets of the International Salt Co. and
all subsidiaries as of Dec. 31 1921. consisting of cash, bills and accounts
receivable, and inventories (after providing reserve for Federal taxes and
deducting all current and floating obligations other than bonded indebtedness), amounted to $1,734,882.
Bonds.-The sinking fund has retired an additional $110,000 of the company's bonds.
Funds deposited for the retirement as of Jan. 1 1922 of 275.000 of bonds
of the Detroit Rock Salt Co.. will reduce the outstanding amount of these
bonds to 3775,000.
DIeldends.-During the year regular quarterly dividends of 1 % were
paid on the Capital stock.
(The company's income account for the year 1921, given in V. 114, 13.
1413, shows total earnings of $1,199,531 and a surplus of $579,069, after
deducting dividends of 3364,628 (6%), interest charges, &c.-Ed.]
RESULTS OF SUBSIDIARY COMPANIES.
Years ending-. 10 Mos. to
Year end.
Dec.31'21 Dee.31 '20 Dec. 31 '19 Feb. 28 '18
•
Grom earnings ofsub.cos.$1,160,839 31,401,758 31,074,503. 31,102.976
Bond int.-Retsof Mining
Co., 2125,000; Detroit
180,500
176,000
Rock Salt Co., 351,000
154,167
185.000
Bal. avail.for divs.,&c. 3984,839
Previous surp.(adjusted). 4,385,073
Reduction capital stock,
Retsof Mining Co
31,221.258
4,222,780
$5,369,921
Total
Divs. to Int. Salt Co..... 1,074,895
Preferred div. of Detroit
Rock Salt Co
35,444.038
1,042,650
2920,337
4,060,498
$917,976
2,657,022
1,099,000
16,250
34,980.835 $4,673,998
685,190
613,500
16,250
34.295.017 34.385,139 34.279.395 $4,060,498
Total surplus
INTERNATIONAL SALT CO. BALANCE SHEET DECEMBER 31.
1920.
1.
1921.192
1920.
Liabilities$
3
Assets3
$
Capital stock
Investment acel:
6,077,130 6,077,130
First and Consoll.
25,010 shs. RetMortgage
dated
5,328,870
sot stock
5,328,870
collateral trust
7,500 atur. Int.S.
5% gold bonds_ 4,059,400 4,103,400
Coot N.Y.stk. 4,675,804 4,675,804
International Salt
32,343,000 HetCo., New York_
sot bonds_ _ _ - 1,998,757 1,716,087
______
55,000
Sundry accounts__
$109,200 Int. S.
__
2,321
96,437 Bond interest ac77,698
Co.,N.J.,bds.
crued
50,743
3,000 ohs. Avery
51,292
Divs.,
&c.,
unpaid
300,000
930
Rock S.M.Co. 300,000
867
Reserved for Fed.
Aliso, Investments. 242,170
oral taxes
Bond discount (to
Splus
Surplus
147,884
2,56116 1,98918!
109,384
be amortized)__
20,037
.
31,873
Cash
3,321
1,365
Interest accrued.._
-Total
12,763,921 12,288,440
Total12,763.921 12,288,440
COMBINED BALANCE SHEET OF SUBSIDIARY COS. DEC. 31.
1921,
1920.
1920.
1921.
Liabilities$
$
$
" Assets3
5,161.000 5,161,000
Plant & property_11.054,471 11,342,982 Capital stock
559,861 Bonds
3,350,000 3,425,000
1,026,609
Cash
75,000 Current accounts_
58,004
75,000
98,071
Sinking fund
37,000 Bills payable
3,333
37,832
3,333
Liberty bonds....
585,937 Reserved for taxes. 161,099
202,942
Accountareceiv'le_ 351,876
rental
Co.
Avery
741,714
551,887
Inventories
accr. (not due19,181
14.110
Deferred assets
during lease).- _
83.333
86,190
4,295,017 4,3,35,139
Total each side_13,111.786 13,381,875 Surplus
-V. 114. p. 1413.
[Vol.. 115.
Winchester Company and Subsidiaries.
(Report for Fiscal Year ending Dec. 31 1921.)
President J. E. Otterson, Feb. 23, wrote in substance.
Results for 1921.-Sales in 1921 were $13,243,000, against $18.042,000
n 1920. Export sales for 1921 were about 17% of export sales for 1920.
Domestic sales for 1921 were about 77% of the domestic sales for 1920.
The year has been devoted to the liquidation of the large inventory which
the company had on hand at Jan. 1 1921. This resulted in a very small
plant operation and a consequent heavy charge for the maintenance of
idle plant.
The operating statement shows a loss for the year 1921 of 31,165.000,
which resulted directly from reduced volume of sales and market declines
growing out of the business depression. It includes increased costs resulting
from reduced volume, realized inventory losses on goods sold, and the
writing-down of the remaining retail stores inventory and of the inventories
of subsidiary corporations other than the Winchester Repeating Arms Co.
Inventory write-down and the idle plant carrying and maintenance
charges of the Winchester Repeating Arms Co. have been charged directly
to the reserves previously created for that purpose. This charge amounts
in all to about $3,100,000 approximately half of which is inventory writedown, which reduces the present inventory to cost or market, whichever
Is lower. We made reductions in our own selling prices in Jan. 1922, and
these reductions have been allowed for in the inventory values given.
The greater portion of the loss occurred during the early part of the
year and conditions during the latter part of the year showed improvement
both as to the volume of business and the activity of the plant. The
development ofsome 25lines of new products previously started is practically
complete, and sales of these new products have steadily increased and
served in part to offset the extreme depression in the gun and ammunition
business.
During the year further large manufacturing economies have been
effected. Labor and overhead costs have been substantially reduced.
Raw materials are being purchased at lower prices than formerly and
eductions have been made in our selling prices. Our outstanding commitments are below normal and at favorable prices.
Stockholding Agents.-The number of stockholding agents has increased
to over 3,900 and is continually increasing at a very satisfactory rate. The
total volume of business done with these agents has increased throughout
the year in spite of the depression.
Distributing Warehouses, &c.-We now have five distributing warehouses,
namely-New Haven, Chicago, San Francisco, Kansas City and Atlanta,
two of which have been established during the year.
We now have a chain of 11 of our own retail stores located in Eastern
cities. During the year we purchased the business of William Read &
Sons, an old established sporting goods house in Boston, and opened the
Winchester Store on 42d St. near Madison Ave., N. 'Y. City. These
stores have shown a progressive increase in sales.
Sales in Jan. 1922.-Sales of retail stores for Jan. 1922 have been about
50% in excess of our sales for Jan. 1921. Factory nicks for Jan. have
been about 42% in excess of Jan. 1921. Export business during Jan. shows
a distinct improvement over the depressed period of 1921. Export shipments for January were the largest in any month since April 1921.
Outlook.-The company faces the future with its house clean and in order.
capable through the development and the economies that have been
effected, of showing a profit on a comparatively small volume of business.
and with its manufacturing and commercial development completed to
the point where it can take immediate advantage of improved business
conditions. Small stocks of our products in the hands of jobbers and I etailers lead us to expect a more normal business in our lines during 1922.
The income account was published in the "Chronicle"
of April 22. V. 114, p. 1782.
CONSOLIDATED BALANCE SHEET DEC. 31 (Incl. Subsidiarues).
b1920.
a 1921.
b 1920.
a 1921.
Assets-594,883 Acct's payable_ ___ 1,336,677 2,021,005
721,094
'ash
5,760,000 9,925,000
Acct's & notes rec.. 2,594,933 2,691,619 Bank loans
268,635
159,796
Accrued interest.._
Marketable secures.
177,360
204,876
Accrued taxes_ _
depos. as see. for
Misc. reserves_ _ _ _ 1.981,053 1,795,545
workmen's com137,593 let M.20yr. Bonds 7,000,000
137,594
Pensation
821,205 3,934,632
12,514,763 17,541,859 Gen'l reserve y
I,wentories
135,250 xlst Pref. 7% cum.
136,250
Inv. in other cos_
9.754,700 9.754,708
stock
z Plant & equip__ _15,540,494 15,403,711
2d Pref. 6% non
Retail stores-Coot
2,000 000 2,000,000
cum. stock
of estab., incl.
equip.& real est. 2,951,570 2.301,198 Common stock __ _10,000,C100 1,000,000
surplus_
Capital
8,627,794
2.405,798
3,661,655
_
&c_
deverts,
New
82,271 1,994,127
286,909 Surplus
842,227
Deferred items__ _
39,100.579 41,498,800,
Total
39,100.579 41.498.800
Total
a Winchester Co.and its subsidiaries and Winchester Repeating Arms Co.
and subsidiaries.
b Winchester Co. and subsidiaries.
x Capital stock, authorized, $10,000,000 each of 7% Cum. 1st Pref.,
.30> Non-cum. Preferred and Common stock. Outstanding as above. Par
sita
y Less charges thereto. $3,113,427 on account of inventory write-down
and idle plant expense.
z In 1921 the plant and equipment item was reached by (1) adding
$1.457,087 from the cost of tools for new products, &c.; (2) deducting
-V. 114. p. 1782.
reserve for depreciation, 37,377,325.
GENERAL INVESTMENT NEWS
RAILROADS, INCLUDING ELECTRIC ROADS.
General Railroad and Electric Railway News.-The
following table summarizes recent railroad and electric railway news of a more or less general character, full details
concerning which are commonly published on preceding
pages under the heading "Current Events and Discussions"
(if not in the "Editorial Department"), either in the week
the matter becomes public or shortly thereafter.
Strike News -See "Current Events" and the daily papers.
First Casualty Occurs at Clinton, Ill.-"Tlmes" July 9, p. 1.
Trains Cut Off Schedules of Many Roads.-"Times" July 11, p. 1.
Proclamation og President Harding Forbids Interference with Transporlation.-"Times" July 12. p. 1.
Railroad Officials Refuse to Arbitrate Unless Workers Return.-"TImesJulY 13. 13•
New Express Contract Approved by American Railway Express Co. and the
Association of Railway Executives.
Chicago Street Car Men Strike Over 25% Wage Cut.-"Financial America"
July 6, p. 2.
New York Central Wins Track Rights Along Riverside Drive After Long
Litigation.-See item under "New York Central" below.
Jersey City Restrained from Interfering With Construction of Vehicular Tube.
-"Sun" July 13, p. if
English and Welsh &ahem's Reduce Freight Rates 25% Flat on Merchandise.
-"Boston News Bureau" July 14, p. 4.
Car Loadings.-Loading of revenue freight totaled 876,896 cars during
the week ended July 1, compared with 877,856 cars during the week ended
June 24, a reduction of 960 cars. Principal changes compared with the
week ended June 24 were: Coal, 94,748 cars, decrease 2,212; also a decrease
of 62.365 cars compared with the same week last year and a decrease of
same week in 1920. Merchandise and mis98,286 cars compared with themanufactured
products), 575,146 cars, incellaneous freight (including
,rease 616; grain and grain products, 41,897 cars, increase 3,486; live stock,
ears,
increase 845; forest products,
10.361
coke,
1,388;
decrease
cars,
2;,546
61,422 cars,decrease 2,849; ore, 64,776 cars. increase 492.
Matters Covered in Chronicle" July 8.-(a) Strike of railroad shopmen,
p. 139. (b) Samuel Gompers's criticism of U. S. RR. Labor Board's
alleged "outlawing" of striking shop crafts unions, p. 142. (c) B. M.
Jewell in letter to U. S. RR. Labor Board says latter is outlawed, not
strikers, p. 143. (d) B. W. Hooper of U. S. RR. Labor Board declares
Board did not"outlaw" striking shop crafts, p. 143.
JULY 15 1922.]
THE CHRONICLE
Alabama Trac., Light & Power Co., Ltd.-Report.Calendar Years1919.
1921.
1918.
1920.
Total operating revenue_ _$4.515,919 $4,149.233 $2,843,385 $2,918,540
Oper. expenses & taxes__ 2,268,884
1,417,701
1,468,849
2,160,248
Net operating income_ 32,247,035 31.988,985 $1,374,536 $1,500.839
Other income
229,318
88,692
112,777
219,470
Gross income
$2,335,727 32,101.762 $1,594.005 $1,730.157
Deduct int. paid on bonds 1,471,654
1.222,293
1,279,404
1,351,121
Por.ofin chg. to cap.acct.
Cr.26,414
Cr.30,664
Amort. of bond dIscit, &c. 242,154
123,886
125,746
234,332
Depreciation reserve..
300,000
192,572
365,357
262,201
Feral tax reserve
13,621
3,029
Miscellaneous
7,122
Dividends
35.136
9.664
Balance, surplus
-V. 113. D. 1153.
$221.426
3244,444
$16.795
$96.771
Arkansas City-Winfield Ry.-Organized.-
Incorporated in Kansas July 6 1922, with an authorized capital of $300,000. Lworporators are: George Theiss. Jr., W.0. Van Arsdale, Charles
Smyth:R. B. Campbell, Witchita, and Otto Theiss, Dodge City.
This company, which is composed of the same men owning the Arkansas
Valley Interurban, it is stated, is taking over the Arkansas City-Winfield
electric lines and plans to connect them up with the Arkansas Valley Interban systems connecting Wichita, Hutchinson and Newton.
Atlanta Birmingham & Atlantic RR.-State to Prevent
Dismantling.The following resolution has been introduced in the Georgia Senate by
State Senator Frank 0. Manson:
"Be it resolved: That the Government of Georgia, shall appoint a commission consisting of nine members, of whom two shall be members of the
Senate, and three members of the House of Representatives, and four
shall be citizens of the State of Georgia, and that said commission shall
be empowered and hereby authorized to investigate and consider all conditions relating to the said A. B. & A.Ry.Co.,and its proposed dismantling,
and should the danger of such dismantling appear imminent, to consider what steps, whether by appeal to the courts or by proper legislation,
are necessary to prevent the same and to save this railroad system to the
State of Georgia, and to make such recommendations to the Governor
ofsaid State as they may see fit, and to take such other steps by way of investigating and reporting as is in their discretion necessary to save this
great system to the State of Georgia.-V. 115, p. 72.
Atlantic Coast Line RR.-Acquires Control of Rockingham.
307
wage agreement calling for a wage of 80 cents an hour. The company
proposed a wage decrease of 25%.
In June last the Federal Court authorized the company to reduce its fares
from 8 to 7 cents cash or 3 tickets for 20 cents.-V.114, p. 2468.
Cincinnati & Dayton Traction Co.
Regarding the *250,000 5% bonds of the Hamilton & Lindenwold Elec.
Trans., due July 1 1922. %V. E. Hutton & Co. state: "These bonds are
1st Mtge on Hamilton, 0., city lines, on which the Southern Ohio Traction
Co. bonds are 2d Mtge. and Cincin. & Dayton Traction Co. are 3d Mtge.
The entire matter now tied up in court, nothing can be done until court
hands down decision."-V. 113, p. 2613, 2078.
Cincinnati Indianapolis & Western RR.
The company has petitioned the Indiana Public Service Commission for
authority to buy that part of the coal railway division of the Chicago &
Eastern Illinois Railroad between Brazil and a point near where the C..
I. & W. crosses the division, 25.76 miles north of Brazil, through Coal
Bluff, Rosedale, Castillo and Mecca. The part will be operated by the C.
I. & W.-V. 115, p. 70.
Cleveland Cincinnati Chicago & St. Louis Ry.-Furtiter Control by New York Central RR. Approved.See New York Central RR. Co. below.-V. 115, p. 176.
Columbus Delaware & Marion Elec. Co.-Bonds Called.
All of the outstanding (3en. & Cons. Mtge. 8% gold bonds, Series"A,"
dated Feb. 1 1921, have been called for payment Aug. 1 at 1043( and int.
at the New York Trust Co., 100 Biway, N. Y. City.-V. 115, p. 72.
Cuba RR.-Preferred Dividends Resumed.-
The company has declared a dividend crf 6% on its $10,000,000 69
Non-Cumul. Preferred stock from the net profits for the fiscal year ended
June 30, payable to holders of record July 20 in two installments of 3%
each; one will be made Aug. 15 and the other on Feb. 15 next. The last
dividend on the Preferred stock was 3% on Aug. 1 1920.-V. 114, p. 409.
Denver & Rio Grande Western RR.-Receiver Asked.-
The New York Trust Co., Trustee for the adjustment mortgage bondholders of the Denver & Rio Grande RR:, has filed a request for a receivership for the Denver & Rio Grande Western RR., in the Federal District
Court at Denver. Federal Judge J. Foster Symes sot July 21 as the date
for a hearing on the application.
At the same time suit to foreclose on $10,000,000 of Adjustment mortgage
bonds, was filed in the District Court.
Henry McAllister Jr., of Denver, counsel for the Denver & Rio Grande
Western RR., is quoted:"rho plaintiff is entitled to receivership, but the
question is whether a portion of the property is free from the mortgage
The issue that will come up at the hearing July 21 will be whether all the
property should go under the foreclosure.
"It should he made clear that the debt is not that of the present Denver
& Rio Grande Western RR.,but a mortgage of the old Denver & Rio Grande
subject to which the company took the property. About all the purchasers
required, therefore, was control of the road, as it has been involved in
constant litigation since."-V. 114, p. 521.
The I.-S. C. Commission has authorized the company to acquire contro1
of the Rockingham RR. by the purchase of additional shares of the Capital
stock of that company. The Rockingham company owns a line of road
extending from a connection with the Atlantic company's line at Gibson.
N. C., in a northwesterly direction to Rockingham, N. C.with a total
main track mileage of 21.4 miles. The Atlantic company 'states that it
aided the construction of the line by purchasing the entire $250,000 bond
Denver & Salt Lake RR.-May Be Reoroanized.Issue and by subscribing for a portion of its Capital stock. The total
It is understood that this road will be reorganised within the coming
Capital stock issue of the Rockingham company consists of 720 shares 12 months.
Although no specific plan has yet been formulated, it is
(par $100), of which the Atlantic company owns 360 shares. It proposes expected that there
will be contributed by present security holders approxito purchase 276 additional shares from various stockholders for a cash mately $2,500,000 new
for meeting the road's liabilities and estabconsideration of$15,360,an average of$55 65a share.-V.114, p.2233,946. lishing working capital. money
The road secured a loan of $1,000,000 from the
Government, which accepted as security an issue of receivers' certificates.
Aurora Elgin & Chicago Mt.-Plan Completed.The funding of this loan will be considered in Connection with the reorganizaSee Chicago Aurora & Elgin RR. below.-V.114, p. 2467.
tion. (Boston "News Bureau.")-V. 114, p. 2579.
Baltimore & Ohio RR.-Bonds Paid.-
Eastern Mass, Street Ry.-Dividend-Listing, &c.-
The $934,000 6% bonds and $243,000 5% bonds of the Pittsburgh JuncThe Public Trustees have declared a dividend of 3% on the 6% Sinking
tion RR. and the $303,000 6% bonds of the Huntington & Big Sandy RR., Fund stock and the 6% First Prof. stock, Series "A, both payable
Aug. 1.
all due July 1 last, were _paid off at office of the company. 2 Wall St.. to holders of record July 25.
The Boston Stock Exchange July 13 1922 placed on the list 36.092 shares
New York.-V. 115, P • 72.
(stamped) 1st Pref. stock, 29.978 shares (stamped) Prof. B stock, 8,362
Central Vermont Railway.-Equipment Notes.shares (stamped) Adjustment stock and 84,881 shares Common stock
(Par
The I.-S. C. Commission has granted authority to issue $754,000 equip- value of all shares $100).
The Exchange also placed on the list 73,181 shares Adjustment trust
ment notes, in procurement of certain equipment. The report of the
certificates for Adjustment trust stock, with authority to add thereto
Commission says in brief:
The applicant owns 400 steel-underframo box cars, 62,000 series; 100 box 5,894 additional certificates as Adjastment Trust notes may be liquidated
cars, wooden construction, 61,000 series; and 200 steel hopper coal cars, by such certificates, making the possible issue of certificates 78,750.
The plan of reorganization, dated March 6 1919, for Bay
30.000 series. These cars are in such bad order as to rqeuire reconditioning
Street
and rebuilding to fit them for service. They will be sold by the applicant By. and the Massachusetts Electric Companies provided for State
creation
to the American Car & Foundry Co., free from all liens, at the following of an Adjustment Trust, and the Indenture setting forth thethe
terms and
prices: The steel-tuiderframe box cars at $528 56 each. the wooden box cars conditions of this trust expires by limitation May 11924. This Indenture
at $321 47 each, and the steel hopper coal cars at 3550 each. When the provides, among other things, for the deposit of 78.750 shares Adjustment
cars shall have been reconstructed Dv the car company,they will be sold and stock of the Eastern Massachusetts Street Ry. for the credit of the trustees
delivered by the car company to the American Exchange Natoinal Bank, therein named and with a specified trust, company as depositary. These
N. Y in pursuance of an agreement of sale and indenture of lease between trustees in turn were to issue to the holders of Massachusetts Electric
the bank, the applicant, and the car company.-V. 114, p. 2359, 1764.
Companies 5% gold notes, due April 1 1918, their 3-Year 6% notes duo
May 11922, for 33,150,000, which notes were to be paid inclusively from
Chicago Aurora & Elfrin RR.-Officers & Directors.
the proceeds of the sale of this Adjustment stock, by the stock itself or by
Thls company has taken a deed to the property of the Third Rail Division certificates therefor. Under
the same plan certain optional warrants were
of the Aurora Elgin & Chicago RR.-V. 114, p. 2467. The reorganization issued, giving holders of
the same the right to buy this Adjustment stock
has been completed.
from the trustees at specified prices, which right expired on April 30 1922.
The new officers and directors include: Pres. Thomas Conway, Jr.;
No purchases of this Adjustment stock were made through these warrants.
Vice-Pros. Edwin C. Faber; Vice-Pres. & Gen.-Magr, J. H. McClure; Ilo,vever, the
liquidate such
Treas., Gordon B. Anderson; Sec., W. D. Turner; Asst. Secre., Alfred E. notes as were trustees, by the indenture, were authorized to
the trust, by the
Pfahler; Attorney, B. P. Alschler. Directors: Thomas Conway, Jr., issue of theirpresented to them, prior to the expiration of
Adjustment
stock
certificates
shares
representing
of
the
Chairman; P. G. Adamson, George E. Hunter, Frank W. Renwick, Lewis deposited with them
on the basis of 25 shares of Adjustment stock, par
B. Williams, Alfred E. Pfahler, W. D. Turner, E. C. Faber and B. P. $100, for each
$1,000 face value note. These are the certificates to which
Alschuler.-V. 114, p. 2716.
this listing applies.
At the date of this listing, the depositary has received $2.927,250 of the
Chicago Elevated Rys. Coll. Trust.-Vote to Strike.- notes,
and
have been liquidated by the issue of 73.181 shares of
Following the announcement by President Britton I. Budd that wages Adjustmentthese
stock in the form of Adjustment Trustees certificates therefor.
will be reduced because of the impending reductions of elevated fares, the These certificates
will be replaced by Adjustunion employees on July 14 votecf to strike. The men demanded that the ment shares of theare without voting power and
the expiration of the trust by
contract for the present wage and working conditions be renewed for one limitation on May 1Street Ry. company, on
1924, or at an earlier date, if the trustees so determine.
year.-V. 114, p. 2358.
Governor Cox on July 12 appointed former Governor Samuel McCall
a
p.
s2
a24tr
o.su tee to sue.ceed Homer Loring, Chairman of the board.-V. 114.
Chicago & Indiana Coal Ry.-Sale.See Cinc nati Indianapolis & Western RR. below.-V. 114, p. 2468.
Edmonton Dun.vegan. & British Columbia Ry.-
Chicago Milwaukee & St. Paul Ry.-Equip. Trusts.- The Union Bank, Edmonton, has filed a caveat against this road for
The I.-S. C. Commission has authorized the company to assume obligation advances made to it to
amount of $1,004,321, for which a mortgage
and liability, as guarantor and otherwise, in respect of $8,085,000 trust was taken, according tothe
the statement of claim on Oct. 15 1919. The
certificates, to be issued by the Metropolitan Trust Co., New York, under action is presumably for the
purpose of securing precedence over all other
an equipment trust agreement dated July 15 1992, and sold at not less than claims against the railway, and the caveat has been filed in the office of
in connection with the procurement of certain equipment (see offering the
v.L
.a1n1d
3.
sT
pl
.t12e6D
13e
.partment at Edrnonton-("Financial Post" of Canada).
In V. 114, P. 2823).-V. 115, p. 72.
Chicago & North Western Ry.-Equipment Trusts.-
The I.-S. C. Commission has granted authority to assume obligation and
liability in respect of $5,250,000 534% certificates to be issued by Farmers'
Loan & Trust Co. under an equipment trust agreement,dated May 26 1922,
at not lass than 97H, in connection with the procurement of certain equipment. The report of the Commission says in brief:
The applicant represents that it has arranged to acquire for such purposes
the following equipment at a cost of $7,307,750:
Description and Unit Cost.
No.Units.
1,250 40-ton steel-under-and-upperframe box cars, at $1,858$2,322,50O
En
500 40-ton steel-underfrazne stock cars, at $1,580 $1.85
,000
500 50-ton steol-underframe flat cars, at $1,343
,500
250 40-ton steel-underframe refrigerator cars, at $2,772
250 50-ton steel-underframo gondola cars. at
50
6697
19
31,20
4
300 Hart convertible ballast cars, at $1,950 $1,677
10 Pacific type, Class E,4-6-2 superheater passenger locomotives, at$40,450
20 Mikado type, Class J, 2-8-2 superheater freight locomotives, at $42,800
856,000
20 Class M 2-0-6-0 superheater switching locomotives, at
$28,300
Representation is made that no arrangements for the sale of the5c
00
6101f1
cotes have been effected, but that the applicant will invite bids therefor
and that the highest bid will be accepted.-V. 114, p. 2823, 2716.
Chicago Surface Lines.-Men Vote to Strike.-
Union employees on July 10 voted to strike after President Henry A.
Blair declined to consider the demand of the men for a renewal oflast year's
Federal Valley RR.-Promissory Notes.-
The I.-S. C. Commission has granted authority to is.sne, within one year.
$30,000 of promissory notes,
bearing 6% int., and maturing not later than
three years after date of issue.
notes are for the purpose of obtaining
funds with which to pay bills andThe
indebtedness incurred in the maintenance
of service and in the creation of a larger working capital for the company.
-V. 114, p. 2579.
Franklin & Pittsylvania RR.-Sale Confirmed.-
The sale of this road to
P. Angle, Rocky Mount, Va., for $12,000
has been confirmed by the N.
Court and it is stated that the lino will be rehabilitated and operated by a stock company now being formed by Mr.
Angle and associates. It is contemplated to use motor service on the line
to keep down operating expenses. The road is 37 miles long from Rocky
Mount to Gretna. Va., connecting with the Southern By. at the latter
point and with the Norfolk
& Western By. at Rocky Mount-("Railway
Review").-V. 114, p. 2115.
Hanover & McSherrystown Street Ry. Co.-Bonds.
-
See Hanover Power Co. under "Industrials" below.-V. 103, p. 2340.
Hocking Valley Ry.-Definitive Notes Ready.
Definitive 6% Equip. Gold notes, Series 32 and 32-A are now ready for
delivery at the Guaranty Trust Co.. N. Y.. in exchange for outstanding
trust receipts. See offering in V. 114, p. 409.-V. 114. p. 2710.
Illinois Central RR.-Brarch
The I.-S. 0. Commission has authorized the company to operate in interState commerce a line heretofore built and operated by the company as
THE CHRONICLE
308
[VOL. 115.
The property mortgaged includes rolling stock costing in excess of $134,000,000, which is owned free from equipment liens, and the mortgage will
attach to additional rolling stock costing $135,000,000 upon the payment of
outstanding equipment obligations aggregating approximately $52.000,000.
Net After Int. on Mtge. Interest on
Earns.
z Gross 'Rents & Misc. and Other Deben.
Year ended
Inc. Chgs. Secured Debt. Other Debt. Balance.
Iowa Railway & Light Co.—Preferred Stock, &c.—
Dec. 31. Revenues.
$167,912,333 $58,350,318 $22,947,291 $7,691,553 $27,711,474
Ray F. McGuire & Co. Des Moines, are offering 7% Pref. (a. & d.) 1915
201,585,049 75,147,553 22,678,922 6,809,414 45.659,217
'
or by 10-payment plan. Dividends cumulative 1916
stock at par ($100) for cash
and
the
dividends.
216,267,517 55,461,099 22,909,989 6,951,890 25,599,220
Dividends on
1917
and payable Q.-M. Red. at 102M
x269,270,957 49,354,109 23,442,969 7,994,018 17,917,122
Preferred stock have been paid for more than 24 years. On Dec. 31 1918
54,245,316 23,341,841 10,986,225 19,917,250
x283,659,331
was
distributed.
dividend
74th
the
1921
1919
y338,624,456 50,361,046 25,258,911 11,367,447 13,734,688
Physical properties include: 5 central station steam electric power 1920
27.825,96912,968,70722,295,686
292,130,995P
plants 1 hydro-electric power plant, 2 reesrve steam electric power plants, 1921
252,778,662 58,001,400 24,057,985 9,252,751 24,690,664
425 miles high-tension transmission lines, 4 steam heating plants. 7 miles Average
steam heating mains, 1 gas plant, daily capacity 300,000 cu. ft. 33 miles
' with 18
x U. S. RR. Administration. y U. S. RR. Admin. 2 months; guaranty
gas mains, 1 electric railway, 45 miles of track, 3 street railways
period 6 months; corporate period 4 months. z Excluding Boston & Almiles of track.
[Ray F. McGuire & Co. have also issued a descriptive booklet which bany RR.
Listing.—Listed on New York Stock Exchange "when issued."
contains various illustrations and charts.]—See also V. 114, p. 1179.
an industrial spur track, extending from a point near Zeigler, on the
Christopher-Herrin line, in a southwesterly direction to a coal mine known
as Royalton Mine No. 2, 4.83 miles, and in addition thereto to operate
under trackage rights 3,600 feet of track, owned by the Bickett Coal Co.
—V. 115, p. 73.
Kankakee
4&
Seneca RR.—Bonds.
Authority to Acquire Capital Stock of Cleveland Cincinnati
Albert H. Harris, V.-Pres. of the New York Central Lines. New York, Chicago & St. Louis Ry.—
July 12, informs us that the Cleveland Cincinnati Chicago & St. Louis By.
acquire by purThe I.-S. C. Commission has authorized the company toof
and the Chicago Rock Island & Pacific Ry.—each the owner of one-half
of the capital stock, Preferred and Common, the Cleveland
of the $650,000 6% 1st Mtge. bonds of the Kankakee & Seneca RR., chase shares
further
company
the
giving
thereby
By.,
Louis
which became due on July 1 1922, and each the owner of one-half of the Cincinnati Chicago & St.
the Commission says in brief:
stock of that company—are continuing to hold those bonds as past due control. The report of
of
$30,ownership
the
through
Four
Big
the
controls
now
The applicant
pending a determination as to the form and method of refunding.
outstanding of $47,028,700. There
207,700 Common stock out of a total
Four Preferred stock, none of which it
Big
$9,998,500
outstanding
also
is
Kansas City Outer Belt & Electric Ry.—Sale.—
and $27,The Big Four holds in its own treasury $1.500 Preferred
This company with 7 miles of graded right of way, bridges, and 200 acres owns.
0 of the total Big
Common stock. The applicant thus owns 52.97'7
not constitute
does
offactory sites in the Kansas City area, which has been in receivership since 600
however,
ownership,
Such
outstanding.
stock
Four
a majority of the Pre1909, was sold July 3 for $330,500. It is understood that the receiver for complete
control, since it appears that the consent of
the Kansas City Mexico and Orient Ry. will contest the sale in the interests ferred
Big Four of any evidences of
stock is required for the issuance by the
property which may
of security holders of the latter property.—V. 114, p. 2580.
railway
of
lease
any
of
it
by
making
funded debt or the
is made, therefore, for auentail increased fixed charges. This application
Lake Erie & Western RR.—Contract Denied.—
further and more complete measure of control which
that
acquire
to
thority
See New York Chicago & St. Louis RR. below.—V. 115, p. 69.
a majority of the
will result from the ownership by the applicant of at lesat
Preferred stock.
Los Angeles & Salt Lake RR.—Construction.-the applicant
Four,
Big
the
of
stock
outstanding
the
obtain
to
In order
The I.-S. C. Commission has authorized the company to construct a
stock an equal amount
proposes to offer to the holders of Big Four Preferred
branch line of road in Millard County, Utah, to extend from a connection of
stock, and to the holders of Big Four Common stock
Common
own
its
with the main line of company's road at Delta, in a general southeasterly
shares of applicant's stock in exchange for 100 shares of the Big Four
direction to Fillmore, 31.4 miles. It is also proposed to construct 3.6 miles 80
Common stock.
the Big Four intervened in
of secondary track.—V. 114, p. 1765.
A group of the owners of the Preferred stock ofcontend
that the proposed
proceeding. objecting to the plan. They
Manhattan Railway.—Upwards of 60% of Shares De- this
they are not
price for the Preferred stock is inadequate, and that, while
will tend to estabtransaction
the
of
approval
our
25.—The
to
the
July
offer,
accept
Further
Extended
to
posited Under Plan—Time
obliged
to part
unwilling
are
they
that
the price of the stock. They also urge
stockholders' protective. committee, Alvin W. Krech, Chair- 11Qh
with an income-producing security in exchange for an equity in the property
as the
inasmuch
that,
is
contention
final
,
A
says:
York
to
RR.
the
stockholders
Central
man, July 6, in a notice
of the New
of the acquisition is to bring the Big Four into closer relations with
Upwards of 60% of the outstanding shares of stock have been deposited object
premature.
is
application
the
a
as
to
consolidation,
applicant
preliminary
or are pledged for deposit under the plan of readjustment. Practical una- the
leading to consolidation can be taken in advance of the pronimity ofaction, however,is necessary and unless the holders ofsubstantially since no steps
of our plan of consolidation.
all of the undeposited stock co-operate in putting through the plan by de- mulgation
has for many years been considered a part of the appliFour
Big
The
positing their stock thereunder, the plan will fail and a receivership will
of its
cant's system for operating and other purposes. The acquisitionabout
become inevitable.
a
as
well as the remaining Common stock, will bring
stock,
Preferred
decide
to
By.
undeposited
of
stock
Manhattan
It remains for every holder
the
as
applicant
the
and
enable
the
properties
between
relationship
whether to forego the advantages of the plan of readjustment and to embark closer
of the Big Four to carry into effect its policies, with
upon the responsibilities, risks and expense consequent upon a rejection of majority stockholder
improvements and expansion of the Big Four's facilities.
the plan. Non-action by any stockholder is equivalent to a vote for re. respect to capital
call for an increase in the fixed charges of the latter.
Jection, inasmuch as a positive assent through a deposit of stock will be when such policies
of so much of the outstanding
We find that the acquisition by the applicant
needed to make the plan effective.
and Common,as it may be able to purchase in acPreferred
stock.
capital
the
At the request of a number of stockholders absent from the country,
Big
to
the
Four stockholders, will be
offer
and
application
its
committee has extended to and including July 25 1922,the time within which cordance withinterest.
in the public
further deposits may be made.—V. 115, p. 183.
Marshall & East Texas Ry.—Sale Ordered.—
The U. S. District Court for the Eastern District of Texas on July 1
instructed Bryan Snyder,receiver, to sell that part ofthe main line extending
from Marshall, Tex., to Elysian Fields, about 18 miles. The property to
be sold includes buildings and appurtenances located on the right-of-way.
The sale will be held at the County Court House in Marshall on Aug. 1 1922.
It is stated that the Marshall Chamber of Commerce and citizens of Elysian
Fields will bid for the property.
The Marshall & East Texas was placed in the hands of receivers Jan. 25
1917 and operation was discontinued July 31 of the same year. Under
Court orders certain sections of the original 92-mile line were sold separately.
—V. 112, p. 2748.
Municipal Service Corp.—Buys York Rys.—
It was announced July 10 that the company has purchased the controlling
interest in the Common stock of the York Railways, which does the street
railway and light and power business of York, Pa. The Municipal Service
Co. since its incorporation in 1911 has been represented by Baker, Young
& Co. of Boston and Philadelphia, as tis fiscal agents and the operating
management is in the hands of Day & Zimmerman,Inc., of this city.
The controlling interest in in York Ry. Co. Common stock, which has
been turned over to Municipal Service Corp., was recently bought from
Brown Bros. & Co. by Day & Zimmerman.—(Phila. "News Bureau.")—
V. 111 p. 294.
Company Wins Right to Riverside Drive Tracks.—The Court
July 13,
of Appeals, in a unanimous decision announced
decided in favor of the company and against the City of
New York in the suit of the city to recover title to the 7-mile
right of way of the railroad on the west side of Manhattan
from 72d St. to Spuyten Duyvil.
in which the road scored victories
The suit involved prolonged litigation,
brought against the road in 1918 by Corin three courts. The action was one
of several instituted in recent years
poration Counsel Burr and was
for the city of the right of way.
having for their purpose the reclaiming that
the railroad was making use
ground
The city based its action on the
never had obtained title. It was
it
which
to
city
the
to
belonging
of land
it
lawfully possessed the strip
that
however,
the
railroad,
contended by
occupied by its tracks over the
and also land under water, 60 feet in width,
distance.
7-mile
the P. S. Commission had
The city began ejectment proceedings after
that the railroad could not prove
taken up the case, the Commission holding
north of 72d St. and below
trains
its
operated
it
which
over
land
title to tha
the Harlem Ship Canal.
Justice Donnelly. The
The co nplaint was dismissed by Supreme Court
to the Appellate Division, which affirmed the
city then carried the case case
then .as laid before the Court of Appeals,
The
Donnelly decision.
the last step that could be taken.
New Orleans Ry. & Light Co.—Plan Operative.—The
Ira A. Place, Vice-Pres. in charge of the law department.
committee for the holders of the Gen. Mtge. 432% gold
the company, in commenting upon the decision, said:
of
has
Chairman,
notified
the
bondholders
bonds, H.S. Hecht,
The company first defended and claimed good title by purchase from the
ago; second, on
114,
(V.
plan
p.
been
on
has
2823)
true owners and under deeds given by them about 70 years
that the reorganizati
its grantors 70 years
the ground that if there were any defects in the titles ofin
declared operative (see advertising pages).
actual occupation
ago, then, in any sach case, the company having been
deeds, its title
and possession of the entire lands, claiming title under thosethe
city, by its
had thereby become perfect; and, third. that in any event
action. While
this
from
prosecuting
successfully
stopped
was
acts,
own
was
reliance
main
as
ics
points
good,
these
all
being
on
the company relied
the true owners
upon the fact that it had purchased these lands and paidcompany,
resting
the
of
case
in
court
favor
the
decided
trial
The
RR.—Bonds
Sold.—J.
P.
&
Morgan
New York Central
for them.
judgdecision on the third point. The Appellate Division affirmed the made
Co., First National Bank, New York; National City Co., its
company had
ment and the opinion was based on the fact that the
finally
now
has
Appeals
of
The
Court
Bankers
point.
the
Trust
second
on
York,
case
Co., New York; out a good
Guaranty Co. of New
the judgment.
Harris, Forbes & Co., Kidder, Peabody & Co. and Lee, affirmed
to the railroad of the comThe two questions raised by the city in regatdbeen
and
settled in favor of the
at
int.,
sold
to yield about pany
have
94Y2
Higginson. & Co.,
on the west side of Manhattan have now
the city and the company, tried several years
between
suit
The
company.
Improv.
&
Mtge.
5%
Ref.
gold bonds,
5.30%, $25,000,000
the company to have
of
right
the
that
the
city
of
claim
the
which
ago, in
to a period of 50 years and that such
Series C.
and maintain these tracks was limited
adversely to the city and the
decided
was
involved,
was
expired
Int.
2013.
1
had
Oct.
payable
A.
&
Due
O.
in
rights
New
Dated Oct. 1 1921.
enjoined the officers of the city from interfering with the
York. Red. as a whole only at 105 and int. on, but not before, Oct. 11951, court permanently
the city that
notice. Denom. $100 (not tracks. The decision just rendered disposes of the claim of
or on any int. date thereafter, on 3 months'
the city and holds that it has not title and determines
to
&
belonged
r*
c*
$1,000
and
$500,
land
authorized mul- the
registerable) and $1,000 and
183.
p.
115,
is
good.—V.
title
that the company's
tiples thereof. Guaranty Trust Co. of New York, trustee.
Issuance.—Authorized by the Inter-State Commerce Conunission.
ipment Trust of 1922.-New York Central Lines.—Equ
the application of the New York
Data from Letter of President Alfred H. Small, New York, July 10.
The I.-S. C. Commission has granted
Mtge. dated Oct. 1 1913, made
Central RR., Cleveland Cincinnati Chicago &
Michigan
Mortgage.—Under the Ref. & Improv.
Co.
RR.
Central
RR.,as supplemented by mortgage
Erie RR.,and
by New York Central & Hudson River
Louis Ry., Cincinnati Northern RR., Pittsburgh & Lake
mortgage was assumed by New York St.
McKeesport & Youghiogheny RR., authority to assume obligadated June 15 1915, by which theextended
to cover properties formerly pittsburgh
trust
to
certificates,
equipment
$27,645,000
of
respect
in
liability
Central RR. and the lien thereof
tion and
o ddnadoitthioenrscoamndpabneiteste,rinboends
yCo.af
Ry
the
n
Co. of New York, under an equipment trust
of Lake Shore & Michigan Southern
be issued by Guaranty. Trust and
acquisition
betterments agreement
sold at not less than 95.495%, in connec11922,
June
dated
may be issued to tmovide for acquisition
of stocks and bonds of railroads
procurement of certain equipment. See offering in V. 114, p.
to company's facilities, for the
mortgage debt of the corn-. tion with the
and other companies, and to refund underlying
bonds have been issued, of which 2825.
pany. Under this mortgage $130,494,000
sold and are now outstanding. of the balNew York Chicago & St. Louis RR.—Approval of
$100,000,000 bonds have been Series
B bonds,$5,494,000 bonds are pledged
ance,consisting of$30,494,000
U. S. Treasury and $25.000,000 Contract Denied.—
the
by
loan
a
secure
to
collateral
as part
the application of the company
The I.-S. C. Commission has dismissed
for $25,000,000 10-Year 7% Collateral
bonds are pledged as part security
for the approval of a proposed contract
be called for payment on Sept. 1 1922.
and the Lake Erie & Western RR.
Trust gold bonds, which will applied
The report of the Commission
supplies.
to the retirement of the $25,000,000 for the exchange of materials and
Purpose.—Proceeds will be
for payment Sept. 1 at 105 and int. says in brief:
seeking our approval of a
Collateral Trust 7°7 bonds [called
application
joint
a
filed
company, 446 Lexington Ave, N. y.1.
"The companies
at office of the GenfTreas. of theMtge.
bonds are secured by direct mort- proposed contract for the joint purchase, exchange and use of materials
Security.—The Ref. & Improv.
that whenever either
in
effect,
provides,
contract
Said
of
miles
line
supplies.
and
3,700
leasehold and
gage (in part a first lien) on approximately
the West Shore RR. and the company shall have, or may conveniently obtain, any materials or supplies
interests on 978 miles, the leaseholds including
purposes, it shall, when desired by the
immediate
its
own
for
road
include
needed
of
miles
ot
4,678
approximately
These
New York & Harlem RR.
other company,furnish such materials or supplies to the other at not more
8,086 miles of main track.
The sale of the property has been ordered by the Federal Court at Now
6% and 5% bondholdOrleans, to satisfy the mortgage judgment of the 43,
ers. H. B. Chaff° has been appointed special master to conduct the sale.
The date has yet to be fixed. Compare plan in V. 114, p.2823.—V.115,p.74.
JULY 15 1922.]
UTE CHRONICLE
than cost, plus 10% of cost, freight charges, and the cost of labor employed
In handling, applying or fabricating any such materials and supplies; that
the officers of said companies may purchase or obtain any necessary
materials and supplies on joint account and when so obtained they may be
furnished when desired to either of the companies, and when so furnished
shall be accounted for in all respects in conformity with the assumption
that the lines of said companies form one operating system under common
control and management, irrespective of separate ownership and accounting; and that, so far as transactions between said companies are involved,
the agreement shall apply to all dealings in supplies or other articles of
commerce and all contracts for construction or maintenance, or other
matters contemplated by Section 10 of the so-called Clayton Anti-Trust Act.
The applicants state that the object of the agreement is to relieve the
companies of the necessity of complying with this provision of the Clayton
Act to the extent that it may be involved in transactions between them,
thereby avoiding inconvenience and delay and permitting more efficient
and economical operation The same interests own a majority of the outstanding capital stock of both companies
"The prayer of the application is for an order, pursuant to the provisions of Paragraph (2), Section 5, of the Act, thereby bringing the contract within the purview of Paragraph (8) of the same section.
"Paragraph (8) provides that the carriers affected by any order made
under the provisions of Section 5 shall be relieved from the opera-ion of
the 'anti-trust laws' in so far as may be necessary to enable them to do
anything authorized or required by any order made pursuant to the provisions of the section.
"The control provided for by this paragraph, however, is control over
one or more carriers by another carrier and not mutual control by the two
carriers over the same subject-matter. Inasmuch as we are of the opinion
that•Paragraph (2) has no application to the transaction involved herein,
It follows that the application must be dismissed."—V. 114. p. 2718, 2580.
New York New Haven & Hartford RR.—Bonds.—
The I.-S. C. Commission July.5 granted authority to issue not exceeding
with
35,900.000 1st & Ref. Mtge. bonds, Series D;said bonds to be pledged from
the Secretary of the Treasury as part security for a loan of $7,400,000
the United States.
The company has just closed a contract with the Kieth Car & Mfg. Co.
of Sagamore, Mass., to rebuild 6.000 bad-order freight cars.—V. 115, p. 74.
New York Westchester & Boston RR.—Appeal.—
Corporation Counsel John P. O'Brien has applied for a rehearing on the
decision of the New York Transit Commission permitting the company to
Increase the fare within the city limits from 5 to 7 cents. Mr. O'Brien explained that the order permitting the increase was made on May 2 1922,
more than a year after the hearings had been finally closed, and that the
situation touching the rate of fares had materially changed in the meantime.—V. 114, p. 2013.
309
South Carolina Light, Power & Ry. Co.—Sale.—
The company's property will be sold at public auction at the Spartansburg, So. Caro., Court House on July 31 by order of Federal Judge H. H.
Watkins.—V. 114, p. 1064.
Southern Pacific Co.—Exchange of Freight, &c.—
The company received from the Union Pacific at Ogden 580,000 tons of
freight and delivered to the Union Pacific at Ogden 1,332,000 tons offreight
In 1921, Wm. Sproule, President pointed out in a recent statement. Mr.
Sproule continued: "Contrast this with the "Sunset Route" about which
so much has been said. In 1921 we delivered at El Paso to the "Sunset
Route' 348,000 tons of freight and received from them 412,000 tons of
freight, showing how little figure the El Paso route cuts in comparison with
the Southern Pacific's great contribution to the Ogden route."
These figures have a bearing on the threatened disruption of Southern
Pacific Lines, separation of Central Pacific from Southern Pacific Linea having been ordered May 29 1922 under the Sherman Act of 1890 because of
the Southern Pacific's ownership of its Southern Sunset route.
Mr. Sproule, referring to "flagrant effort made in an anonymous way to
mislead the public into the belief that the 'Southern Pacific is attempting
to override the decision of the Supreme Court," said:"So to attempt would
be a piece of folly. It is needless to say that the orders of the court must
be obeyed; that is not debatable."
"When obeyed, the I.-S. C. Commission then holds jurisdiction under
the Transportation Act of 1920, and they are enpowered to group the railroads to the extent that it is to the public interest, in the judgment of the
Commission.
"The tentative groubing of the Commission already made (subject to
hearings hereafter) allows the Central Pacific to remain with the Southern
Pacific. This tentative grouping would when confirmed afford remedy
for the unfortunate legal situation presented by the Sherman Act standing
alone."—V. 115, p. 74.
Tennessee Electric Power Co.—Charges Merger Trust.—
Charging that this company is a "gigantic trust preying upon the resources of the inhabitants of East Tennessee," an injunction plea in behalf
of the Ducktown Sulphur. Copper & Iron Co., Ltd., was filed in the U.
S. District Court at Chattanooga against the proposed merger of the
Tennessee Power Co. and the Chattanooga & Tennessee River .eower Co.
into the above company.
The Chattanooga City Commission has approved the transfer of the
Chattanooga R. & Light Co. franchise to the Tennessee Electric Power
Co.—See V. 114, p. 2471, 1652.
Terminal RR. Association of St. Louis.—Terminals.—
A 13-page article entitled "Report on Improvement of Railroad Terminals in St. Louis," together with numerous graphs and maps, will be found
In the "Railway Review" July 8, pages 37 to 49, incl.—V. 114, p. 2719.
Norfolk & Portsmouth Belt Line RR.—Note.—
Texas & Oklahoma RR.—Plan.—The committee for the
1st Mtge.5% 40-Year Gold bonds, R. Walter Leigh, Chairman,has notified the holders of the bonds that the committee
has approved and adopted a plan and agreement, dated
Nov. 1 1921, for the reorganization of Missouri Kansas &
North Carolina Public Service Co.—Report—Decision. Texas Ry., and an agreement of adjustment, dated Feb. 28
1922.
Years Ended Mar. 31.
1921.
1920,
1919.
1922, between the committee and J. & W. Seligman & Co.
Gross earnings
$1,165,787 $1,063,969
$739,929
$889.520
Operating expenses
803,238
726,293
564,893
427,233 and Hallgarten & Co., reorganization managers under the
Taxes
22,636
18,271
16,174 M. K. & T. reorganization plan.
15,905
Interest charges
182,336
184.398
The I.-S. 0. Commission has authorized the company to issue under
date of July 16 1922 a one-year 6% promis.sory note for 3100.000, payable
to the order of the Norfolk (Va.) National Bank,in renewal of a promissory
note for $125,000, reduced by $25,000. maturing July 16 1922.—V. 113.
p. 961
174,493
171,760
Balance,surplus avail.
for deprec. & divs__
$157,577
$135,007
$134,229
$124,762
A copy of the opinion handed down several days ago by the Fourth United
States Circuit Court of Appeals, at Richmond, Va., in which Circuit Court
Judges Woods and Knapp ruled that the Southern Power Co., defendant
In the action brought by the Public Service Co. and the cities of Greensboro
and High Point, could not refuse to sell electrical current to the Public
Service company for resale and distribution to the citizens and inhabitants
of Greensboro and High Point is given in full in the Greensboro "Daly
News" of May 15.
In their opinion. Judges Woods and Knapp (Judge Waddill, the third
member of the Court dissented) state that the Southern Power Co. has
exercised under State authority the power of eminent domain and has
constructed about 1.500 miles of transmission lines and has developed
about 60,000 h.p. of hydro
-electric current.
The right of eminent domain could not have been conferred on the
defendant except in consideration of the service to the public expected of
It in the exercise of the charter powers granted, reads the opinion.
This
power," continues the opinion, of eminent domain c
@FedFRASER