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financial
The
INCLUDING
Bank Sc Quotation Section
Railway Earnings Section
VOL. 115.
runtd
Railway 8c Industrial Section
Bankers' Convention Section
SATURDAY, JULY 22, 1922
Tht Curaxicit
Electric Railway Section
State and City Section
NO. 2978
sumer in the bituminous industry and that in the anthracite there is a monopoly combination of produPUBLISHED WEEKLY
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LONDON OFFICE—Edwards & Smith, 1 Drapers' Gardens, E. C.
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The operators also found objections. Some half
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this-page now appear in a subsequent partof this pa- by boards even partly made up of partisans had been
per. They will be found to-day on pages 405 and 406. fully proved ineffective and was likely to increase
the difficulties. They pledged themselves unreservedly, however, to abide by every order and decision
THE FINANCIAL SITUATION.
of a board appointed by the President which does not
The labor troubles at the coal mines and on the have either miners
or operators in its membership.
railroads are still the paramount factors in affairs. The Pittsburgh
Coal Producers' Association made an
But though neither has been disposed of, yet as every important point:
that the non-union mines, which
step in exhibiting the contestants and committing are not and which
they thought should not be inthem to action is a step towards the end of the mat- cluded in the proposal are now supplying two-thirds
ter, both of these great labor imbroglios have been of the present and in peak times are able to supply
moving towards settlement this week, and the same perhaps one-half of the country's fuel demands. Thus
could be said of the whole field of industrial warfare; the commission would be regulating wages and conit will all reach its rational and lasting basis, by first ditions for one-half the coal production, leaving the
disputing and resisting natural laws and then sub- other half free to arrange between operators and
mitting to them.
men, so that the latter would have the advantage alThe President's proposal for a resumption of min- ways; we cannot conceive (they say) how we can
ing at the recent wage scale pending the results of operate on a basic wage scale fixed by a commission
a thorough investigation into the whole subject, was which covers approximately only one-half the coal
declined by the miners, in a long letter, wrought out industry. They also raised the interesting point that
with considerable adroitness. They are in full ac- there may be doubt of their ability, as being still free
cord, they say, upon the proposal for an inquiry and agents, to escape the legal consequences; of putting in
have urged that on every proper occasion; but "the practice an arrangement made by a voluntary comactual completion ,of the work of such a commission mission. They made a counter-proposal for "disand the application of practical reforms is an essen- trict" arbitration and settlement.
tial preliminary and a necessary prerequisite to any
The Central Coal Association of Pennsylvania obattempt to determine rates of pay to workers in the jected that the wage scale to be continued for the
coal-mining industry upon a just and reasonable ba- time being is the
"peak" one of 1920, while that acsis." They dwell upon the relation between regular- cepted by
non-union miners who have been producity of employment and the possible earnings of the ing about
one-half of the country's need is 30%
Workers; and they inject the old assertions that ex- lower,so that
acceptance of the proposal would cause
cessive overhead charges are imposed on the con- "an immediate
re-inflation of the cost of mining and
344
THE CHRONICLE
the price of coal in this district." So they suggested
as a modification that the men return to work on the
basis of the lately expired scale, adjusted to conform
to the decline of living costs in the last two years.
The President's efforts at an amicable solution
having failed, he sent to the operators a request having the effect of a command "to return to your mine
properties and resume operations," and on Tuesday
he formally called on the Executives of 28 coal-producing States to do their part by inviting all operators and miners to resume work, with the promise
"of maintained order and the protection of lawful
endeavor." The Pittsburgh producers promptly
voted for compliance, agreeing to pay war-time
wages (without the further advance of 1920) for the
present, and action towards resumption of work was
taken elsewhere. With two Minor exceptions, the
Executives replied spiritedly and manfully, either
reporting a condition of quiet and the situation well
in hand or promising to hold their States to the line
of duty, relying on the President's assurance of Federal aid "whenever and wherever you find your own
agencies of law and order inadequate."
Pim 115.
tion weakly yielded to the threats of a railroad strike
it drifted into a shifty and foolish surrender,and now
we are faced by conspiracies to put the entire nation
(the deluded "besiegers" with the others) into a state
of siege. But cringe and dodge and evasion have run
their course and have led the country to another
spirit. We now have a Chief Executive of some
fibre, and the people are done with the part of the
worm under the heel of unionism. They are ready
and about to "turn."
The foreign trade statement for June is somewhat
more favorable than for any preceding month this
year—in fact, exports in value exceed any month
since October last and imports are larger than for
any month since December 1920. The value of the
merchandise exports from the United States in June
was $334,000,000. This contrasts with $308,000,000
for the preceding month and with $336,898,606 in
June 1921. In comparing with a year ago allowance
must be made for a lower range of commodity prices
this year of perhaps 10 or 20%, which would affect
favorably this year's figures as far as volume is concerned. Imports in June were valued at $260,000,000, as against $254,000,000 in May and only $185,This is the natural and constitutional procedure.
The President speaks with the voice of justice and 000,000 in June 1921. The tendency of values in our
authority in saying that State and national Govern- foreign trade has been almost steadily downward
ments "are jointly responsible for maintained condi- for the past twelve or eighteen months. In part this
tions under which free men, willing to work, may has been due to the constant decline in commodity
work in safety." Fuel is an essential. The Govern- prices during practcially all of that period. In the
ment, he adds, has not challenged the right of men to past few months there has been some irregularity in
decline work or of employers to hire; he intervened the export figures and it may be that conditions are
only to offer the best method which occurred to him changing and an improvement is now under way.
For the fiscal year which ends with June exports
of bringing the disputants together, and now duty
and necessity alike demand security to all who are were valued at $3,770,000,000. This contrasts with
$6,516,510,033 for the preceding fiscal year, for a
willing to mine coal.
Thus the lines are sharply drawn. Mr. Debs part of which period values were extremely high.
shrieks like a maniac. Mr. Lewis calls the action "a Likewise as to imports, the value for the fiscal year
gesture" and unable to produce any material amount just ended was $2,608,000,000; for the preceding fisof coal, and Mr. Gompers rebukes the President and cal year, ending June 30 1921, the value of merchantriumphantly asks who will do the digging. The dise imports was $3,654,459,346. For the fiscal year
owners will not, and if they would they do not know ending June 30 1914, just prior to the beginning of
how; there is nobody to work until the strikers re- the war in Europe, merchandise exports amounted to
turn, which they will do when the owners (the only $2,364,579,148 and imports to $1,893,925,657. For
persons at fault) come to their senses and respect the fiscal year just closed, the excess of merchandise
exports over imports was $1,162,000,000; for the fistheir own contracts. And so on.
Yet miners are at work, and there are non-union cal year ending with June 30 1914 the excess of mermines; the murderous attacks are evidence that men chandise exports was $471,000,000.
The movement of the precious metals during the
can be found who will work at wage scales below the
inflated peak of 1920; all they need is protection, and past fiscal year has continued very largely in favor
that they must have, if the entire power of the coun- of this country, as it has for some time past, but not
try has to be used. 'The hand of unionism is shown in so largely as in the preceding fiscal year. Imports
the Illinois and Indiana statutes intended to put re- of gold in June amounted to $12,968,630, as compared
strictions on mine work, but emergency may override with $43,576,476 in June 1921. For the year ending
those. The blood spilled in the Herrin massacre still with June, total gold imports were $468,310,273, as
cries from the ground, and Monday's invasion of a compared with $638,559,805 for the year ending June
mine district in the West Virginia "Panhandle" by a 30 1921. Exports of gold last month were only $1,mob of evildoers from Pennsylvania met such heroic 600,754, which contrasts with only $773,603 for June
and effective resistance that it will rally forces for 1921, and for the twelve months ending with June 30
defense. The Executives of those two States show 1922, the total exports of gold were valued at $27,especial firmness and courage; search is in progress. 345,282, so that the net imports of gold into this counfor the invaders, and 79 are already reported to be in try for the last fiscal year ended June 30 1922 were
$440,964,991. This contrasts with a net importation
custody.
"Brute force cannot override justice in the United of gold into the United States for the fiscal year
States," says Mr. Gompers, momentarily forgetting ended with June 30 1921 of $511,309,539.
Silver imports in June were $6,345,000 and for the
himself, and he is correct; it cannot and shall not.
"The country is drifting," he warns us, "towards a year ending June 30 1922 amounted to $70,000,000,
state of irresponsibility in dealing with both the coal which contrasts with $59,430,850 for the year ending
and the railroad strikes." It has been,it too long has June 30 1921. Exports of silver during June
been. In 1916, when Congress and the Administra- amounted to $6,000,000 and for the fiscal year end-
L
JULY 221922.]
THE CHRONICLE
345
ing June 30 1922 were $62,000,000. This contrasts Premier said this plan was not a new one, but had
with total exports of silver for the twelve months received special publicity. It placed this country,
which on the balance sheet was a large creditor in
ending June 30 1921 of $52,536,171.
respect of war advances and reparations, he exThe funding of Great Britain's war debt to the plained, in the position of paying in full its borrowUnited States has continued to receive much atten- ings but collecting nothing in respect of its war adtion in the cable advices from London. Sir Robert vances or reparations." The same day Ambassador
Horne, Chancellor of the British Exchequer, deliv- Harvey notified the State Department at Washingered an address in the House of Commons on the Fi- ton that "the Foreign Office had informed him the
nance Bill, in which he asserted that "although the British Government would send to the United States
world's financial situation was still serious, Great early in September a special commission to take up
Britain was stronger financially that at any time the question of funding the $4,000,000,000 British
since the armistice." He said that at the present rate war debt to this country! While the personnel of
of exchange England's debt to the United States the commission was not made public, it was stated
reached £938,000,000. The Chancellor added that that "it will be composed of financial experts of the
"the recent reduction in Great Britain's floating Exchequer and probably Sir Auckland Geddes, the
debt and the reduction of the internal debt through British Ambassador, who is due to return here in
conversion was the cause for increasing stability in September."
financial matters in this country.. The financial poNo definite statement was made in the Paris adsition of the world is serious, especially in
which has been growing steadily worse. A • vices either at the close of last week or the beginning
Austria,
great change has occurred in Germany which gave of this as to whether Germany actually paid the 32,cause for the greatest anxiety." Continuing to out- 000,000 gold marks due July 15 on account of reparaline Great Britain's intentions with respect to these tions. Later it became known that the money had
matters he said: "They have to be dealt with in con- been handed over. It was said in advance that the
cert with the Allies at a very early period of time, in- Committee 'on Guarantees, which went to Germany
deed. They cannot be delayed any longer, and I am to gather data as to whether she really was entitled
sure the House will not desire me in the present del- to a moratorium, would report that "Germany needs
icate situation to make any precise disclosure of the moratorium which she has requested, but if the.
what is actually going on. There is no reason for our powers of the Committee on Guarantees are extended
looking at the present situation with any despair. I to cover the actual supervision of financial and combelieve ways and means will be found to avert our mercial affairs, she will be in a position to meet evens
grave financial perils. This country will play a very greater payments in merchandise than have so far
great part in the solution of the problem." In reply been exacted."
Speaking at Jonchery in Eastern France-last Sun:.
to a question by former Premier Asquith, Sir Robert
Horne said: "Britain's relations with the United day, at the unveiling of a monument "to the first
States of America and the question of the debt she Frenchman to die in the World War, Premier Poinowes that great country are engaging the Govern- care made oath to France that the efforts being made
ment's constant attention." He welcomed and recip- by Germany 'to escape the ineffaceable judgment
rocated Mr. Asquith's view that "the British debt to imposed upon her for starting the conflict would
the United States of America was one of solemn ob- 'never obtain the revision of that judgment.'"
On Tuesday the assertion was made in an Associligation which undoubtedly the Government would
meet. The request which the United States of ated Press dispatch from Paris that "the reduction
America had made to the Government recently to of the German indemnity to 50,000,000,000 gold
consider the question of funding the debt and, in the marks from the present total of 132,000,000,000 and
words of Mr. Asquith, placing it on a stable and the cancellation of the French debt to England is the
equitable foundation, was one which would be com- basis of a solution of the reparations question now
pletely met." The Daily "Chronicle" of London, in being seriously discussed by French and British offian editorial article on Mr. Home's statement, said: cials." This suggestion was said to have the "hearty
"Sir Robert Horne once again gave assurance that support of British officials, who have been urging
we recognize in full our obligation to America, and its acceptance upon the French officials." Accordwe are hastening arrangements for funding the debt. ing to the correspondent,"the latter are looking with
So far, so good. Our national credit is sound, but it more and more favor upon the plan, provided it caris still the English taxpayer who pays. We pay ries with it a clean-cut pledge of assistance in time of
America, but we are not paid by France or Italy or attack and assures France the allotment, wholly or in
Belgium. We are being asked to forgive our Allies part, of England's 22% share of the total indemnity.
their debts they will make a similar request to the It is believed that England is ready to concede virUnited States. In this matter the two great creditor tually all these demands if full acceptance on the
countries, having similar though not equal interests, part of the French Government is obtained." The
may be expected to pursue a similar policy in propor- Associated Press representative added that "British
tion to their interests."
officials have informed the French that their plan
Premier Lloyd George made definite announce- would bring about a radical change in the present
ment in the House of Commons on Monday that "a European situation. It is thought that the mark
special British delegation will arrive in the United would be stabilized, business confidence restored and
States early in September relative to the negotiations Germany, with a collectible indemnity, would be
for funding the British debt to America." He was bound to find means of paying." It was reported
questioned "regarding proposals that Great Britain, that "the proposal has strong advocates in the Repwhile paying her debt to the United States, accept,in arations Commission." In further explaining the
lieu of her debts from rvance, Italy and Belgium, plan and the reported attitude of the different PowGerman bonds which would then be destroyed. The ers, the correspondent said: "The plan would call.
346
THE CHRONICLE
for a moratorium for the remainder of this year's
cash payments, experts taking the view that Germany would probably be able to balance her budget
by January, provided she is relieved of payments until that time. The acceptance of the proposed adjustment by France, its advocates explain, would
have the effect of placing all the Allies, including
Great Britain and the United States, firmly behind
France in the collection of the reparation account."
In a Paris cablegram Tuesday evening it was
stated that the intimation had come from official
circles that "a meeting of the Allied Premiers to discuss the reparations problem is expected to be held
within the next ten or fifteen days, probably in some
Italian city." It was expected then that the report
of the Committee on Guarantees "probably will be
formally presented to the Reparations Commission
Thursday or Friday." It was added that "the Commission will then carefully consider the whole question, and its decision will be communicated to the
various Governments, probably by the end of next
week." Word came from Paris Wednesday morning
that Premier Poincare had sent a note to the British
Government "informing him that he could not fix a
date for a meeting with Premier Lloyd George in
London before he had received the report of the Committee on Guarantees, which will form the basis of
the discussion on reparations."
It was reported from Berlin Thursday morning
that "the German Government has sent a note to the
Allied Governments asking that the monthly reparations payment, which hitherto has amounted to 0,000,000, should be reduced to £500,000 for the period
ending Dec. 31 1924. The Government further requests that during the same period all cash payments
due under Part 10, Section 4, and especially paragraph 297 E,of the Peace Treaty be suspended. These
paragraph refer to compensation respecting damage inflicted upon property rights or interests of
subjects of Allied or associated Powers in Germany."
According to a special Berlin cable dispatch from
the New York "Herald" correspondent, "for the moment Germany seems to have been saved from a political crisis, but not from an economic one." He
added that "after the passage of the Defense of the
Republic bill, designed to scotch all Monarchist
plots in future, the Reichstag adjourned last night
[Tuesday] leaving the Cabinet free to continue negotiations with the Allies, now rapidly headed toward another climax." The correspondent made the
further assertion that "no demand for the reconstruction of the Cabinet will be made by the workers
until after the summer recess, when it will be seen
whether the Cabinet shall have steered successfully
between the Scylla of continued inflation, with all
its perils, and the Charybdis of reparations."
Definite announcement was made in Paris on
Thursday that "the German Minister of Finance, in
the name of the German Government, has accepted
certain measures of control over its finances suggested by the Committee on Guarantees of the Reparations Commission, according to a communication
issued by the latter board this afternoon." It was
added that "the communication recites that the Committee on Guarantees was instructed to negotiate
with the German Government respecting the control
to be exercised by the committee over receipts and
expenses,the floating debt and the export of capital."
At the same time announcement was made that the
report of the committee,"which it had been expected
[Vox,. 115.
would be handed in to-day, will be presented the first
of next week." In a Berlin cablegram it was said
that "the official announcement that Germany has
consented to the establishment of financial 'supervision' of her household provokes only mild enthusiasm
among the newspapers supporting Chancellor Wirth,
but official quarters which consented to discuss the
arrangements entered into with the guarantee committee of the Reparations Commission permitted the
impression that Germany had made the best of a bad
bargain." According to a Paris dispatch last evening, semi-official announcement was made there during the day that "Premier Poincare had addressed a
note to M.Dubois, French representative on the Reparations Commission, instructing him to approve
only a four to six weeks' moratorium for Germany,
covering the August and September payments." The
Premier was reported to have asserted that "if Germany failed to make good her reparations payments
after that, her default should be officially proclaimed."
Although the belief was pretty general that little
of practical value was accomplished at The Hague
Conference on Russian Affairs, Otto H. Kahn, who
was at the Dutch capital about a week ago, was
quoted by a correspondent of the New York "Times"
as expressing the opinion that "the conference with
the Russians will bring useful results in that it has
cleared the atmosphere and will presumably lead to
a close approach to unity of views and policies on the
part of England, France and the United States in
respect of the Russian situation." Elaborating his
opinion regarding The Hague gathering, Mr. Kahn
was reported to have said: "Premier Lloyd George
did wisely in arranging The Hague Conference. Issues that had been left clouded and confused before
were submitted to the examination of practical experts. Facts and figures were insisted on instead of
rhetoric. Problems that had been scattered all over
the place, so to speak, were gathered up and laid out
on the table in orderly fashion. If, as appears to be
the case, the proposals by the Soviet Government are still irreconcilable, we shall now have a
clear-cut situation and all concerned can govern
themselves accordingly time and evolution and the
forces of economic and natural law will be left to do
their unfailing work." Turning to other phases of
the European situation, he said: "Meanwhile European statesmanship can and should turn its undivided attention to the most immediately pressing and
menacing problem of Central Europe. The world
can get along some time longer with an unsettled
Russia. It cannot get along with Germany and Austria in turmoil and with the resulting dangers and
grave repercussions on all of Europe." Speaking
specifically about France, her position and attitude,
Mr. Kahn said: "I seem to discern an important development in the attitude of France within the last
few weeks. Not that I have ever shared in or had
patience with the all too loose talk about the socalled militarism of France. Only those who do not
know the French people or who fail to appreciate
their difficulties and problems and the compelling
reasons for their attitude can indulge in such talk.
But whatever the just claims and needs of France,
whatever the depth and sincerity of one's admiration
and sympathy for her, whatever one might wish for
her, it must be perfectly manifest to the candid
friends of France that the reparations situation as it
JuLy 22 1922.]
THE CHRONICLE
has been left by the various ineffectual and superficial conferences and compromises on the subject is
an impossible one, that various other provisions of
the treaties and the practices applied thereunder are,
as a distinguished Englishman said,'both mean and
inexpedient, and really harmful to the supposed
beneficiaries; and that this whole subject must be
dealt with in a manner that faces the facts now patent to all the world, with courage and large-mindedness, and recognition of realities.'"
347
erty. It was stipulated also that all the terms of settlement be left to direct negotiations between the
Russians and the foreign bondholders and property
claimants. The Russian delegation undertakes to
submit the plan to the Moscow Government. It does
not pretend to know how the Russian Government
will treat the scheme, but it has asked the representatives of all the other countries to submit the project
to their Governments and meet in about a week to
reach an agreement if possible." The non-Russian
delegates were strongly opposed to the new suggesM. Patyn, President of the Non-Russian Commis- tions. When M. Litvinoff and his associates learned
sion,.sent a letter to M. Litvinoff about a week ago of their attitude "they declared the Russian declarastating that "the debts sub-commission saw no fur- tion was automatically withdrawn by the failure of
ther use for continuing negotiations, but announcing the other delegates to wait seven days for Moscow's
that it was not too late for the Russians to put for- action, and that the Russians now felt free to make
:
ward new proposals" In reply the Russians sent a separate agreements with the various Governments
letter "in an effort to resurrect the Conference." as occasion might offer." Finally it was decided to
The Russians were said to have begun their letter hold "a final plenary meeting" at 3 o'clock on Thurs"by asking the Allies and neutrals to state the total day "to receive the reports of the three sub-commisamount of compensation desired for nationalized sions and bring the conference to a final close."
properties, which they agree to pay as far as possiWord came from The Hague Thursday evening
ble. The Russians demanded to know the extent of that "the conference on Russian affairs here was adclaims before, and now they say that the Allies and adjourned at 5.30 o'clock this afternoon by the nonneutrals fear to answer because the amount is so Russian commission after it had adopted a resolution
staggering, exceeding the German reparations fig- pledging every participating Power to use its influures, that even America would see the necessity of ence to prevent its nationals from accepting Russian
slashing the figures from 50 to 75%." A representa- concessions involving property formerly owned by
tive at The Hague of the Chicago "Tribune" further foreigners. A letter from the Washington Governoutlined the letter as follows: "A recommendation ment expressed American approval of this position."
is made that Russia be permitted to settle private Following the adjournment of the Conference, M.
claims with the private holders, agreeing to consider Litvinoff was quoted as follows: "Yesterday's perthe claimant according to categories instead of indi- formance reminds me of the stories a sister of mine
vidually. The Bolsheviki estimate that 90% of the used to write. She always had a wonderful hero and
claims can be settled privately to the satisfaction of created all sorts of pleasant situations for him at the
private holders, and agree to arbitrate the other 10% beginning, but she would tire of this after going on
which cannot be settled otherwise. The Russians for a while and suddenly would kill the hero in i
state their willingness to give proofs that a settle- train wreck or some other terrible accident wholly
ment of private claims can be effected by naming nu- unrelated to the plot. The non-Russians seem to
merous cases where this has already been done. They have done the same. They did not know what to do
have in mind the International Harvester Company with the Conference, so they suddenly killed it to get
and the Westinghouse Electric Company, as well as it off their minds. It was an amazing performance,
agreements practically concluded with Leslie Urqu- but it was the last of this sort in which they will inhart, President of the British Associated Russian volve Russia."
Creditors, and Colonel Boyle of the Shell Company.
In an Associated Press cablegram from The Hague
This, however, is not mentioned in the note. Both last evening it was asserted that "private negotiathe latter concerns have been holding off from sign- tions concerning concessions in Russia have been going contracts with the Russians in order not to em- ing on between the Bolshevist delegates and reprebarrass the British delegates here as well as not to sentatives of industrial companies, who came from
several European countries. Oil has figured considhave a repetition of the oil scandal at Genoa."
The result was that President Patyn accepted M. erably in their pourparlers. These negotiations will
Litvinoff's reply and it was arranged that the pri- continue and the Soviets will also advance, if posvate property commission should meet with the Rus- sible, their plans for separate agreements with the
sians on Tuesday "to hear new Soviet proposals." It various European Powers." Maxim Litvinoff, head
became known later that "a full meeting of the non- of the Russian delegation, announced that he would
Russian delegates" had been called for 4 o'clock that leave for Berlin to-morrow.
afternoon "to decide on the action to be taken in view
Outlining the most recent political developments
of the Russian attitude." Acccording to the Associcorrespondent, "it was decided to grant in Germany, the Berlin correspondent of the New
ated Press
the Russian request for a joint meeting on the dis- York "Tribune,"in a wireless dispatch, said that "ortinct condition that it would be only for the purpose ganized labor in Germany has dropped all factional
of presenting new proposals." It devoloped that the disputes and agreed to fight for legislation to save
Russian delegates did not appear at the meeting ear- the democracy from the threat of monarchy. It was
lier in the day of the sub-commission on private prop- announced to-day [last Sunday] that the Majority
erty. M. Litvinoff presented the new proposals, Socialists and the Independents have formed a parwhich were said to have caused much surprise and liamentary bloc in the Reichstag representing 180
even a mild sensation. They provided for "the refer- votes. The immediate aim will be to try to secure
ence to all the Governments concerned of new pro- an absolute majority in all matters affecting the
posals in connection with Russian recognition of present security of the republic. This action is by
debts and compensation for confiscated foreign prop- far the most important taken in many months in its
348
THE CHRONICLE
effects upon the internal affairs of Germany. It is
regarded as a preliminary move toward the final reunion of both the Socialist parties, which have been
in bitter conflict ever since the split over war credits. Behind the latest move stand the great German
trade unions, which have compelled the Socialists
of all shades to abandon the factional strife that has
worked so aisastrously upon labor interests." In a
Berlin cablegram Friday morning,the correspondent
of the New York "Herald" asserted that "German
labor leaders are demanding the confiscation of capital to relieve the present financial crisis. They are
not favoring this move for communistic purposes, or
even the socialization of German industry, but they
,hold confiscation is the sole remedy."
Still another European Cabinet has fallen. Word
was received from Rome Thursday morning that
Premier Facta and his entire Cabinet presented their
resignation to the King. It seems that a resolution
was adopted by the Chamber of Deputies "expressing the opinion that the Government had failed to
gecure domestic peace, which was indispensable to
the financial and economic reconstruction of the
country." The resolution was adopted by a vote of
288 to 103. In an Associated Press dispatch from
Rome yesterday morning the situation resulting from
the resignation of the Cabinet was Outlined as follows: "Premier Facta went before the Senate and
Chamber of Deputies to-day [Thursday] to make formal announcement of the resignation of his Cabinet,
presented to the King yesterday. Later Parliament
approved one month's provisional budget so as to
give the King the time necessary to form a new Ministry. The King this afternoon went into consultation with the leading politicians in an effort to select
a new Premier, calling to the Quirinal Signor Tittoni, President of the Senate; Signor de Nicola,
President of the Chamber, and former Premier Boselli." The New York "Times" representative offered the following comment: "The new Cabinet,
like those which have preceded it since the armistice,
must count in the Chamber on the support of the
Catholics, who represent the strongest and most homogeneous group, numbering 106 Deputies. It cannot carry on a policy energetically opposed to the
Communists or the Fascisti for fear of graver troubles than those which have already occurred."
Within the last few days reports of the existence
of a panic in Vienna have come to hand through the
cable advices from that centre. It was said that the
people became greatly upset over a statement published in the newspapers that the price of bread had
been raised 60% officially. An order was issued forbidding dealing in foreign currency privately between the banks, but only through the Central Exchange, which will fix the price. Announcement
was made of a forced interior loan for 400,000,000,-000 crowns. Thursday evening the Associated Press
correspondent at that centre cabled that he understood that"the Austrian Government has offered the
following proposals, which labor leaders have accepted in principle, reserving the right of further
consultation with the workers whom they represent:
First, an immediate increase of allowances to the
unemployed, upon which class the existing conditions are most severe. Second, control commissions
to be placed at all banks to enforce the Government's
order prohibiting trading in foreign moneys. Third,
[voL. 115.
prohibition of importation of all dispensable articles
upon which duties are payable in gold. Fourth, vigorous prosecution of food and clothing profiteers and
price raisers."
The Moscow correspondent of the New York
"Times" has cabled an outline of a new taxation
system proposed by the Soviet Government of Russia. In fact, it has been promulgated in the form of
a decree. The correspondent said that "at first
sight it is a portentous and terrible document, for it
includes no less than 396 categories." He added,
however, that "in practice it is extremely simple,
and, once given the peasant's location, the amount of
land he farms, the number of members of his family
and his cows, sheep and horses, it is instantly possible to state exactly which class he is in and how
much he is to pay." Without going into the minute
details of the scheme, he gave the following general
outline: "The decree is one of the most remarkable
legal documents of any country. It realizes the ideal
of a 'progressive tax,' advocated for many years by
reformers in France, England and Germany. Allowances are made for dependents, etc., and, though the
prosperous peasant is required to pay on a higher
scale than his poorer fellow, there is a wide margin
of advantage left for individual initiative. Finally
—a point of enormous importance in Russia to-day—
the tax is not onerous, running from nothing at all in
the lowest category to 20% of the total crop in the
highest. For the first time this year the tax will be
collected in grain only, hay, vegetables, etc., being
charged as grain, according to a fixed scale. Contrary to what has been stated in certain quarters, the
fifteen provinces listed as 'famine area' are required
to pay only one-fifth of the tax. Seed grain furnished
them by the Government is not to be required until
after the harvest of 1925, when they are expected to
pay in full. The simplification introduced by the
collection in grain only will save money and trouble
in collection, and paves the way for much greater saving by collection in cash, which comes into effect
next year if the. Soviet money, as hoped, is sufficiently stable." Speaking of what it is expected will
be realized from this plan of taxation, the "Times"
representative said: "The food tax which may be
considered to average 10% of the total, will accordingly run about 225,000,000 poods. After deducting
from the estimated figure 25,000,000 poods, which
will be remitted to the peasants who subscribed to
the bread loan, the Government will have in hand
some 120,000,000 bushels of grain. This figure may
be exceeded, but after allowing for the cost of collection, storage, transportation, etc., it is reckoned the
net worth in Russia of the tax will be fully 200,000,000 gold rubles [about $100,000,000] or more than
twice the amount, according to open market prices,
of the total quantity of Soviet paper now in circulation." Dealing with the effect of the pronounced
crops on conditions in Moscow, he said: "The crop
prospects also warrant the feverish activity now displayed in Moscow in the reopening of store after
store. During the past three months the huge arcades bordering the Red Square, that contain more
than 1,000 stores, have been restored to private business. Other series of arcades on the central street,
Petrovka, are now in process of renovation, and it is
the same throughout the city, where boarded or
empty store windows are now the exception."
JULY 22 1922.]
349
THE CHRONICLE
.
Cable advices from London state that the Bank of
Netherlands has this week reduced its discount rate
to 4%. The previous rate of 43/2% had been in effect since July 11915. With this exception, however,
official discounts at leading European centres continue to be quoted without change at 5% in Berlin,
France and Denmark; 532% in Norway and Madrid;
/% in Switzerland
%
/
41 2 in Belgium and Sweden; 31
3% in London. In London open market disand
counts were a shade firmer, having advanced to
4% for short bills, against 1 13-16% last week, and
17
4% a
1 15-16 @ 2% for three months, against 17
week ago. Call money in London was likewise
slightly-higher and moved up to 134%,in comparison
to PA% a week earlier. The open market discount
rate has not been changed from 4% in Paris and from
4% in Switzerland.
11
contrasts with 37,269,951,060 francs at this time
last year and 37,764,828,695 francs in 1920. In
1914, just prior to the outbreak of war, the amount
was only 6,683,184,785 francs. Comparison of the
various items in this week's return, with the statement of last week and corresponding dates in both
1921 and 1920 are as follows:
BANK OF FRANCE'S COMPARATIVE STATEMENT.
-----Status as of
Changes
July 20 1922. July 21 1921. July 22 1920.
for Week.
Francs.
Francs.
Francs.
Gold Holdings—
Francs.
In France
Inc.
208,000 3,581,413,019 3,571,521,233 3,610,600,496
1,978,278,416
No change
1,948,367,056 1,948,367,056
Abroad
Total
Inc.
208,000
Sitter
Inc.
101,000
BilisdLscounted_ _ _Dec. 21.357,000
Advances
Dec. 12,688,000
Note circulation_ _Dec. 131,755,000
Treasury deposits_Dec. 4,385,000
182,507
General deposits_ _Inc.
5,529,780,075
285,239,495
2,081,932,000
2,278,937,000
36,369,763,000
42,853,000
2,379,916.000
5,520,888,289
274,947,422
2,586,578,884
2,221,185,014
37,269.951,050
31,306,441
2.770,228,070
5,588.878.912
247,515,965
1,807,509,041
1,958,212,526
37,764,828.695
134,170,467
3,165.062.237
The principal features of last week's New York
Clearing House bank statement, issued on Saturday,
Another contraction in gold totaling £498,540 was
were a material increase in deposits and a sharp fallshown by the Bank of England's report for the week
ing off in excess reserves. In net demand deposits there
ending July 20, while total reserve was cut £506,000.
was an expansion of $36,162,000 to $4,071,220,000.
A small reduction in note circulation, £8,000, was
This total is exclusive of $28,465,000 of Government
shown and a decline in the proportion of reserve to
a decline in the latter item of $3,142,000 for
liabilities to 17.05%, as against 17.68% last week, deposits,
the week. Net time deposits gained $9,818,000 and
15.09% the week prior to that and 18.52% the week
$462,022,000. Loans increased slightly
of June 29. A year ago the reserve ratio stood at now stand at
over $5,000,000. Cash in own vaults of members
11.49% and in 1920 at 12.74%. Public deposits
Bank declined $4,542,000
were increased £9,563,000, but other deposits fell of the Federal Reserve
counted as reserve), while re£7,908,000. The Bank reduced its temporary loans to $58,273,000 (not
and trust companies in own
to the Government £364,000. Loans on other serves of State banks
$585,000. An increase of $471,securities, however, showed an expansion of £2,553,- vault were reduced
the reserves of these institutions
000. Gold holdings are now £127,402,158. This 000 was shown in
kept in other depositories. However, the most
compares with £128,367,459 a year ago and L123,change in this particular was a contraction
004,078 in 1920. Reserves stand at £21,595,000, important
of $20,518,000 in the reserves of member banks at
against £19,099,719 in 1921 and £17,355,253 a year
the Federal Reserve Bank, showing that there had
earlier. Loans amount to £76,216,000, in compariof outstanding obligations
&in with £82,275,311 and £80,081,396 one and two been heavy repayment
and at the same time, in conjunction with the addiyears ago, respectively. Note circulation is now
tions to deposits, bringing about a cut in surplus
£124,256,000. Last year the total was £127,717,740
of $25,590,940. The result was to draw
and in 1920 £124,098,825. No further change was reserves
down the total of excess reserves to $12,316,550 from
made in the Bank's minimum discount rate,which
$37,907,490 last week. The figures here given for
remains at 3%. We append a tabular statement of
surplus are on the basis of reserves above legal recomparisons of the principal items of the Bank of
quirements of 13% for member banks of the Federal
England return:
Reserve System, but not including cash in vaults
BANK OF ENGLAND'S COMPARATIVE STATEMENT.
to the amount of $58,273,000 held by these banks on
1918.
1019.
1920.
1921.
1922.
July 24.
July 21.
July 20.
July 23.
July 19.
Saturday last. The bank statements in more comCirculation
124,256.000 127,717,740 124.098,825 78,894,650 55,743,135 plete detail will be found on a subsequent page of
22,175,000 16,936,444 16,559.418 19,686,815 34,675,168
Public deposits
104,466,000 149,286,333 119,593,941 122,013,168 136,698,850 this issue.
Other deposits
Governm't securities 46,739,000
76,216,000
Other securities__
Reserve notes SE coin 21,595,000
Coin and bullion-.A27,402,158
Proportion of reserve'
17.05%
to liabilities
3%
Bank rate
82,718,078
82,275,311
19,099,719
128,367,459
56,588.361
83,081,396
17,355,253
123,004,078
49,822,866
81,863,400
27,885,885
88,330,535
56,062,632
103,319,656
29,844,841
67,137,976
11.49%
53.5%
12.74%
7%
19.67%
5%
17.41%
5%
The Bank of France continues to report small gains
in its gold item, the increase this week having been
208,000 francs. The Bank's gold holdings, therefore,
now aggregate 5,529,780,075 francs. This compares
with 5,520,888,289 francs in the corresponding period
last year and with 5,588,878,912 francs the year
previous; of the amounts, 1,948,367,056 francs were
held abroad in both 1922 and 1921 and 1,976,278,41,6
francs in 1920. During the week silver gained
101,000 francs; general deposits increased 182,507
francs, while on the other hand bills discounted fell
off 21,357,000 francs. Advances were reduced 12,688,000 francs and Treasury deposits were diminished
by 4,385,000 francs. Note circulation shows a
falling off of 131,755,000 francs, bringing the total
outstanding down to 36,369,763,000 francs, which
Another gain in gold, accompanied by a slight
expansion in rediscounting operations, constituted
the features of the Federal Reserve Bank statement,
issued late Thursday afternoon. For the twelve
Reserve banks combined gold reserves showed an
increase of $10,000,000, while the volume of the
bill holdings gained $5,000,000, to $592,438,000,
which compares with $1,710,056 a year ago. Earning assets were reduced $10,000,000, owing to a
drawing down of investments in Treasury certificates, &c. Deposits recorded an increase of $18,000,000, but the amount of Federal Reserve notes in
circulation was reduced $26,000,000. Very little
change was noted in the reserve ratio—only an
advance to 77.8%, from 77.3% last week. The
New York institution lost gold, appr6ximately $7,000,000, as a result of a shifting of gold reserves to
interior points through the Gold Settlement Fund.
A quite substantial increase in rediscounts was shown
so that the total of the bill holdings increased $14,-
350
THE CHRONICLE
000,000. Other changes, however, were comparatively insignificant, and comprised an increase in
total earning assets of $2,000,000, a deerease in deposits of $1,000,000 and a decrease in Federal Reserve circulation of $6,000,000. Here also the
ratio of reserves remained almost stationary, merely
increasing from 80.8 to 80.9%.
[VOL. 115.
months last week. The inquiry, however, was light
and transactions in the aggregate only moderate.
Mercantile paper rates also have been lowered and
sixty and ninety days' endorsed bills receivable and
six months' names of choice' character are now
quoted at 3%@4%,against 4%, although names not
so well known still require 43%, the same as
previously. Trading was quiet because of the
limited supply of prime bills offering.
Banks' and bankers' acceptances continue at the
levels previously current and the market has ruled
dull and featureless. With the stiffening in call loan
rates the demand for acceptances declined. In the
earlier part of the week New York and country
banks alike figured prominently in the dealings. For
call loans against bankers' acceptances the posted
rate of the American Acceptance Council is now
33/2%, as against 2%% last week. The Acceptance
Council makes the discount rates on prime bankers'
acceptances eligible for purchases by the Federal
4% bid and 3N% asked for bills
Reserve banks 31
running for 150 days and 3N% bid and 3% asked
for bills running from 30 days to 120 days. Open
market quotations are as follows:
• The local money market was really devoid of
notable features. Slightly higher rates on call loans
led some superficial observers to assume that money
generally in the United States would work steadily
toward higher levels. Well informed interests do
not entertain such an idea at all. They point out
that with two big strikes on, the effects of which
are certain to be felt for some time to come, even
though they should be brought to an end in the near
future, there is not likely to be any increase in the
demand for funds from industrial and mercantile
sources soon. The lack of activity in these lines and
in business generally has been one of the principal
contributing factors to the pronounced ease of the
money market for some months. Another has been
the steady liquidation of loans of corporations,
principally from the sale of securities. To some
SPOT DELIVERY.
60 Days.
90 Days.
30 Days.
extent these obligations have been reduced out of Prime eligible bills
3%@)3
3%@3
3310g3
current earnings. The demand for money for Wall
FOR DELIVERY WITHIN THIRTY DAYS.
Eligible member banks
3% bid
Street purposes is not increasing. The offerings of Eligible non-member banks
3% bid
securities are on a somewhat smaller scale and the Ineligible bank bills
33( bid
stock market is largely professional. Announcement is expected any day, according to Washington
There have been no changes this week in Federal
advices, of another offering of short-term securities Reserve Bank rates. The following is the schedule
by the Government. It is said that the amount will of rates now in effect for the various classes of paper
be in the neighborhood of $300,000,000. With the at the different Reserve Banks:
money market the way it is, it is generally expected
DISCOUNT RATES OF THE FEDERAL RESERVE BANKS
IN EFFECT JULY 21 1922.
that the total of the subscriptions will be largely
Discounted bills maturing
in excess of the offering. The Government has not
.
.
within 90 days (incl member banks' 15-day collateral
been a factor in the local money market so far as
Bankers'
notes) secured by—
AgriculaccepTrade tural and
withdrawals from depositaries at this centre are
Treasury
lances
Federal Reserve
accep- live-stock
disc'ted
Othernotes and Liberty
tances
Bank of—
paper
concerned. No surprise was expressed over the
certlfiwise
bonds
for
maturing maturing
secured member
and
cases of
within 91 to 180
and
Victory
failure of the New York Federal Reserve Bank to
indebtbanks
90 days
days
notes unsecured
edness
further reduce its discount rate. It has been gen4
4
4
4
4
4
Boston
4
4
4
4
4
New York
4
erally known for some time that the Bank was Philadelphia
4%
43
4%
43
4%
43
4%
43
43
Cleveland
4ii
4.i
43's
disposed to act conservatively with regard to this Richmond
456
,
43
,
6
4%
,
43
4li
436
4%
4%
4%
Atlanta
4li
4
4%
matter, fearing that too rapid a reduction would Chicago
4 yi
436
4li
4bi
43
4%
4%
4b
43i
St. Louis
4li
4.i
43
result in undue inflation and speculation.
Minneapolis
5
5
5
5
5
5
Kansas City
Dallas
Ran Francisco
5
4%
4
5
4%
4
5
43
4
5
4%
4
5
4ii
4
5
4M
4
Referring to money rates in detail, call loans this
Week ranged between 3 and 43/2%, which compares
with 2%@43/2% a week ago. Monday there was
The sterling exchange market displayed a better
no range, a flat rate of 3% being quoted. On undertone and during the greater part of the week
Tuesday renewals were again put through at 3%, the trend of prices was upward. Almost from the
the minimum, but before the close a slight flurry start London sent materially higher quotations,
sent the quotation up to 5%. A firmer tone was while good buying (said to be mainly for speculative
apparent on Wednesday, hence the renewal basis purposes) emanated from that source. Opening
moved up to 4%, with all loans negotiated at that at a trifle over 4 44, demand bills were held at very
figure. Thursday the maximum advanced another close to that figure until Tuesday, when the quota32%, to 432%, although renewals continued at 4%, tion was suddenly rushed up to 4 46. Local
and this wasthelow. Friday only oneirate was quoted interests came into the market as buyers of round
—4%—this being the high, low and renewal basis all amounts and a greater degree of activity was noted
day. The above figures are for both mixed collateral than for some time past. This was in large measure
and all-industrial loans alike. For fixed date maturi- due to more cheering political news from abroad.
ties the undertone was easy with funds in large Cable advices intimated plainly that the forthsupply. After opening and ruling at last week's coming meeting between the French and British
levels the greater part of the week, lower rates were Premiers would result not only in a satisfactory
quoted on Thursday, so that a few loans for sixty reparations agreement but possibly cancellation
days were made at 3%%, with the range 39@4% of France's debt to England, also some arrangefor sixty and ninety days, 4% for four and five ment whereby Great Britain would turn over a
months and 43% for six months,as against 4@43% portion of its share in the reparations to France,
for the shorter periods and 434% for five and six thus enabling that country to give its consent
JULY 22 1922.]
THE CHRONICLE
351
to the proposed modification of the German in- 4 413, documents for payment (sixty days) at
demnity. Moreover, the rise was aided by con- 4 43, and seven-day grain bills at 4 45. Cotton and
tinued scarcity in the supply of commercial bills, grain for payment closed at 4 453.
coupled with a resumption of activity on the part
The gold movement again dwindled, though it
of the local speculative element. Later in the is understood that large amounts of the previous
week news that the discussion between Lloyd-George metal are on their way, including approximately
and Poincare had been temporarily postponed had $2,500,000 on the Celtic. Actual arrivals were
a somewhat dampening effect. Operators withdrew $2,500,000 on the Adriatic from London, and over
for a time and the market relapsed into dulness. $3,000,000 on the Homeric. The Mauretania shipRates turned weak, moved irregularly, then took ment reported.last week as 69 boxes, which arrived
another quick upturn and regained part of the on Friday, is valued at about $2,500,000. While
earlier lpss, closing not far from the top.
it is generally believed that this gold is being accumuLocally, the week's developments were not wholly lated here by the British Government for the purpose
favorable to exchange and bankers questioned as to of meeting interest payments on Great Britain's
the probable course of sterling, gave it as their debt to the United States, a recent cable claims that
opinion that both the rail strike and long-drawn- at least some of it is in connection with the repayment
out coal tie-up contained disconcerting possibilities. of a Japanese loan which falls due early next week.
Some observers predict interference with the au- Late arrivals included 9 cases of gold on the Matura
tumnal crop movement; although others claim that from Trinidad, and 4 cases of gold and gold coins
adjustment will be reached in time to prevent such and 3 bars of gold on the Sixoala from Cartagena.
a contingency. Continued ease in money was
Strength and activity marked operations in
regarded as a favoring factor, also the utterances of
Sir Robert Horne, Chancellor of the British Ex- Continental exchange, at least in the early part of
chequer, to the effect that Great Britain expected the week, and values came in for a further sharp rise.
to settle her indebtedness to this country in full. French francs attracted attention by another specNotwithstanding the disappointment felt over the tacular advance, moving up 43 points for checks
delay in calling the London conference, there seems from the close on Friday last, to 8.61, although later
to be a growing belief that an Anglo-French agree- losing some of this gain. The Antwerp check rate
ment will soon be arrived at which will prove vastly opened at 7.823 and moved up to 8.16. Lire like4
beneficial in clearing up the present reparations wise registered a material gain, selling up from
tangle. It is rumored also that efforts are being 4.523/ to 4.81. Here also, however, the quotation
2
made to arrange another meeting of international receded and the close was at 4.64 for checks. As
bankers for the purpose of reopening the discussion against this, reichsmarks were weak throughout, with
regarding a loan to Germany. One thing seems cer- a declining tendency. In the early dealings the
%
tain—that foreign exchange at present is very quotation for checks stood at 0.223 . For a time
/
largely dominated by the international political the rate fluctuated unevenly, then broke to 0.183s,
situation and that the market is highly sensitive to or only a few points above the low level of a week ago.
day-to-day developments; consequently liable to At the extreme close a partial recovery set in, but
the undertone remained unsettled and heavy.
erratic fluctuations in either direction.
As regards quotations in detail, sterling exchange on Austrian kronen continued their downward course
Saturday of last week was steady, with demand and this week touched a new low level of 0.0023,
fractionally up to 4 4438@4 44 5-16, cable trans- a loss of 0.0010 points from the previous low level.
fers to 4 4432@4 44 11-16 and sixty day bills to The outstanding market factor, here as in the
4 4138@4 41 5-16; trading was quiet, but the un- case of sterling, was the political situation in
dertone appeared more cheerful. Monday's market Europe and price levels fluctuated accordingly.
continued dull and steady with a further, advance Speculators were active and were responsible very
in demand bills to 4 44 1-16@4 44 7-16, cable largely for the sensational advances in rates which
transfers to 4 44 7-16@4 44 13-16 and sixty days to followed the more encouraging reports of the plan
2
4 413/@4 413/ Better foreign news brought a to be discussed by the Allied Premiers, while the
.
sharp advance on Tuesday and demand touched recession was the result of a cessation of the buying
/
4 463/s; the low was 4 443 s; while cable transfers movement. Attention continues to centre upon
2
/
ranged at 4 44%@4 463/ and sixty days at 4 411 2 German affairs and the persistent weakness in marks
@4 433; increased activity was also noted. On in the face of apparent improvement in the general
Wednesday there was a downward reaction and outlook has occasioned some surprise. It is claimed
sterling lost ground slightly; the day's range was that the maintenance of the present coalition govern%
4
4 44 13-16@4 453 for demand, 4 45 3-16@4 453 ment, favorable progress of the bill for a forced loan
2
for cable transfers and 4 423@4 423/ for sixty day; in the Reichstag, also the successful passage of the
renewed uncertainty over the European outlook defense of the Republic bill, have removed the
was given as the cause for .the weakness. Pro- primary causes of uneasiness, while the feeling seems
nounced dulness characterized Thursday's dealings; quite general that prospects for a large foreign loan
quotations were not materially changed and de- to Germany are improving. One explanation of the
mand ruled at 4 44%@4 453, cable transfers at phenomenon was that while there was a good demand
4
4 45%@4 45% and sixty days at 4 423'@4 423 . for marks, selling on an enormous scale persists,
noted with a slight because of the recent introduction in the Reichstag
On Friday improvement was
53/8@ of a bill to prohibit the exportation of capital which
increase in the rate for demand bills to 4 4
4 45%, cable transfers to 4 453'@4 463' and sixty is causing a:rush on the part of German holders to
days to 4 42%@4 433. Closing quotations were buy up foreign currency before the bill becomes law.
4 42% for sixty days, 4 45% for demand and 4 453 Advices to the effect that there was a possibility of
4
for cable transfers. Commercial sight bills finished Great Britain's canceling France's war debt to her
at 4 453., sixty days at 4 41%, ninety days at • had a favorable effect on French exchange; though,
as already pointed out, speculative activity had not
a little to do with forcing price levels up, since there
is as yet no positive assurance as to when these
important changes are to be made. It is noteworthy
that the continued lowering of the quotation for the
Austrian crown is in spite of practically completed
plans for a forced internal loan of 400,000,000,000
kronen, and thus indicates a lack of confidence in
the Government's ability to put through such a
program. Greek drachma were again conspicuous,
this time by a sharp rise to 3.20, against the previous
quotation of 2.75, although bankers were a unit in
declaring the quotation to be purely nominal, since
exchange on Athens is not being dealt in on this
market to any extent. Czechoslovakian currency
ruled firm, at or near the levels prevailing last week,
while the other Central European currencies remained
without essential change.
The London check rate in Paris finished at 52.73,
against 53.85 last week. In New York sight bills
on the French centre closed at 8.40, against 8.18;
cable transfers at 8.41, against 8.19; commercial
sight bills at 8.38, against 8.16, and commercial
sixty days at 8.34. against 8.10 a week ago.
Antwerp francs finished the week at 7.93 for checks
and 7.94 for cable transfers, in comparison with
7.78 and 7.79 last week. Final quotations for
Berlin marks were 0.19% for checks and 0.203/g for
cable remittances, against 0.21% and 0.21 8 a week
earlier. Austrian kronen closed at 0.0029 for checks
and 0.0033 for cable remittances. Last week the
close was 0.0033 and 0.0038. Lire finished at 4.64
for bankers' sight bills and 4.65 for cable transfers,
as against 4.52 and 4.5332 the week preceding.
Exchange on Czechoslovakia closed at 2.18, against
2.30; on Bucharest at 0.66, against 0.60; on Poland
at 0.00175, against 0.00177, and on Finland at 2.11,
against 2.10 last week. Greek exchange finished
at 3.20 for checks and 3.25 for cable remittances.
This compares with 2.75 and 2.80 the previous week
In the exchanges on the centres of the former
neutral countries the same general tendencies were
in evidence. The volume of business continues small
and while the general undertone was firm, rate
variations were relatively unimportant. In a word,
nearly all of these currencies moved in sympathy
with the other Continental exchanges and repeated
the experiences of the preceding week. Guilders and
Swiss francs as usual headed the list both in point
of strength and activity, the former maintaining the
high levels of a week ago and the latter touching a
new high on the present movement of 19.21 for checks.
The Scandinavian exchanges remained almost stationary, as also did Spanish pesetas.
Bankers' sight on Amsterdam finished at 38.83,
against 38.72; cable remittances at 38.88, against
38.78; commercial sight bills at 38.78, against 38.66,
and commercial sixty days at 38.42, against 38.30
a week earlier. Closing rates for Swiss francs were
19.14 for bankers' sight bills and 19.16 for cable
transfers, against 19.16 and 19.18 last week. Copenhagen cheeks finished at 21.57 and cable transfers
at 21.62, against 21.55 and 21.60. Checks on
Sweden closed at 25.95 and cable transfers at 26.00,
(unchanged), while checks on Norway finished at
16.75 and 16.80, against 16.60 and 16.65 the week
before. Spanish pesetas closed at 15.54 for checks
and 15.59 for cable remittances. A week ago the
Close was 15.51 and 15.56.
[VoL. 115.
THE CHRONICLE
352
•
With regard to South American quotations a much
firmer tendency was noted, so that the check rat&
on Argentina closed at 36.40 and cable transfers at
4
36.15, against 353 and 35 8 last week. For Brazil
there was an advance to 13.72 for checks and 13.75
for cable transfers, with the close 13.65 and 13.70, in
4
comparison with 13% and 133 a week ago. Chilean
exchange continues strong and advanced to 13,
closing at 12.85, as against 12%, while Peru was
moved up to 4 08, against 4 06 the previous quotation.
Far Eastern exchange was not materially changed
4
and ruled as follows: Hong Kong,581 @59,against
4
2
583/@59; Shanghai, 78@783/2, against 783 @78%,
1,
Yokohama, 48@483, against 4831@483/2; Manila,
49%@49%, against 50@5031; Singapore, 513.@
4;
2
513/,against 52@523 Bombay,293.i@29,against
2
2938@,29%,and Calcutta 293/@29%,against 29%@
/
29%.
Pursuant to the requirements of Section 403 of the
Emergency Tariff Act of May 27 1921, the Federal
Reserve Bank is now certifying daily to the Secretary
of the Treasury the buying rate for cable transfers on
the different countries of the world. We give below
the record for the week just past:
FOREIGN EXCHANGE RATES CERTIFIED BY FEDERAL RESERVE
BANK TO TREASURY UNDER EMERGENCY TARIFF ACT,
JULY 15 1922 TO JULY 21 1922, INCLUSIVE.
Noon Buying Rate.for Cable Transfers in New York.
Value in United States Money.
Country and Monetary Unit.
July 15. July 17. July 18. Jail/ 19. July 20. July 21.
$
$
$
$
$
$
EUROPE.000036 .000037 .000031 .000030 .000034 .000032
Austria, krone
.0798
.0794
.0793
.0802
.0781
.0786
Belgium, franc
.007283 .007317 .007283 .00745 .007233 .007358
Bulgaria, ley
.022481 .022306 .021805
.02235 .0225
.0222
Czechoslovakia, krone_ _
.2160
.2161
.2161
.2156
.2148
.2149
Denmark, krone
4.4449 4.4444 4.4565 4.4557 4.4531 4.4589
England, pound
.021013 .021275 .021438 .021275 .020988 .021063
Finland, mark Ka
.0845
.0841
.0842
.0853
.0825
.0829
France, franc
Germany, reichsmark_ _ _ .002264 .002189 .002142 .002026 .001988 .002034
.0314
.0310
.0304
.0289
.0280
.0282
Greece, drachma
.3888
.3886
.3887
.3887
.3874
.3875
Holland, guilder
.000778 .000776 .000796 .000794 .000761 .000697
Hungary, ki one
.0400
.0460
.0462
.0474
.0456
.0458
Italy, lire
.002940 .002944 .002988 .003032 .002975 .002985
Jugoslavia, krone
.1678
.1665
.1656
.1661
.1655
.1660
Norway, krone
.000176 .000173 .000178 .000177 .000174 .000175
Poland, Polish mark
.0714
.0718
.0722
.0722
.07
.0720
Portugal, escuda
.005819 .005829 .005919 .006094 .006203 .00645
Rumania,leu
.011779 .011771 .011929 .012129 .011914 .011923
Serbia, dinar
.1558
.1555
.1556
.1552
.1549
.1550
Sptin, peseta
.2596
.2602
.2604
.2603
.2593
.2593
Sweden,krona
.1919
.1919
.1921
.1920
.1917
.1917
Switzezland, franc
ASIA
.8133
.8108
.8100
.8100
.8008
.8117
China, Chefoo tael
.8042
.8042
.8033
.8033
.7975
.8050
" Hankow tael
.7746
.7736
.7736
.7740
.7754
.7759
" Shanghri tael
.8183
.8158
.8146
.8150
.8108
.8167
" Tientsin tael
.5789
.5788
.5779
.57a
.5802
" Hong Kong dollar_ .5795
.5658
.5666
.5646
.5655
.5696
.5640
" Mexican dollar.
" Tientsin or Pelyang
.5767
.5808
.5792
.5800
.5817
.5808
dollar
.5717
.5725
.5708
.5733
.5750
.5725
" Yuan dollar
.2893
.2895
.2897
.2897
.2891
.2887
India, rupee
.4779
.4779
.4780
.4778
.4780
.4793
Japan, yen
.5075
.5075
.5058
.5058
.5058
.5058
Singapore,dollar
NORTH AMER/CA.990156 .989922 .990309
.989328 .989055 .9900
',3anada, dollar
.997938 .998125 .997875 .997875 .997875 .997875
:Juba, peso
.4850
.484625 .4845
.482625 .483375 .4835
tlexico, peso
.987656 .987344 .987813
gewfoundiand, dollar_ _ _ .987188 .986797 .9875
SOUTH AMERICA.8199
.8189
.8177
.8112
.8097
.8039
ttgentina, peso (gold)
.1359 . .1357
.1359
.1359
.1356
.1349
Sr:mil. milreais
.8172
.8171
.8165
.8142
.8136
.8136
EfruicuaY. peso
The New York Clearing House banks, in their
operations with interior banking institutions, have
gained $3,834,374 net in cash as a result of the currency movements for the week ending July 20.
Their receipts from the interior have aggregated
$4,453,374, while the shipments have reached $619:000, as per the following table:
CURRENCY RECEIPTS AND SHIPMENTS BY NEW YORK BANKING
INSTITUTIONS.
Week ending July 20.
Banks' interior movement
Into
Banks.
$4,453,374
Out of
Banks.
Gain or Loss
to Banks.
$619,000 Gain $3,834,374
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 Fed.
JULY 22 1922.]
THE CHRONICLE
353
eral Reserve Bank of New York was creditor at the rency experience had proved wanting in a bond-secured currency. The banks, State or National, large
Clearing House each day as follows:
DAILY CREDIT BALANCES OF NEW YORK FEDERAL RESERVE BANK or small, were not to be swallowed up, were not to
AT CLEARING HOUSE.
lose their individuality and its prerogatives in the
Aggregate
Tuesday, Wednesd'y, Thursday, Friday,
new "system."
Saturday, Monday,
for Week.
July 20. July 21.
July 15. July 17. July 18. July 19.
As we say, these thirty thousand banks are in con67,200,000 60,900,000 43.400,000 68.500,000 49,800,000 54,900.000 Cr.344.700.000 sonance with our representative republican
instituNote.—The foregoing heavy credits reflect the huge mass of checks which come
tions. And by their vary inherent freedom and indem
to the New York Reserve Bank from all parts of the country in the operation oi
the Federal Reserve System's par collection scheme. These large credit balances,
however, show nothing as to the results of the Reserve Bank's operations with the pendence they may grow in response to demand as
Clearing House Institutions. They represent only one side of the account, as checks
drawn on the Reserve Bank itself are presented directly to the bank and never the years go on into sixty thousand,if necessary. Emgo through the Clearing HoUno.
phatically, they are worth preserving. And just as
•
truly they are as close to the pride, service and welThe following table indicates the amount of bul- fare of our varied communities as it is possible for
lion in the principal European banks:
purely financial institutions to be. The introduction of the Federal Reserve System, as was inevitaJuly 21 1921.
July 20 1922.
Banks of
ble, has to some extent changed the relation of State
Silver.
Total.
Gold.
Silver.
Gold.
ToLal.
and National banks to each other, and to the "sys£
£
£
£
£
£
128,367,459
127,402,15: 128,367,459
England__ 127,402,158
.
France.a 143,257,021 11,400,000 154,657,021 142,900,850 10,960,011 1b3,860,850 tem," but has not materially affected their business
572,251 65,149,450
891,450 51,002,83' 54,577,200
Germany _ 50,111,380
Aug -Hun- 10,944,000 2,369,000 13,313,00. 10,944,000 2,369,000 13,313,000 relations to the people. And we need not go into the
.
Spain__ __ 100,925,000 25,775,000 126,700,000 99,557,000 24,771,000 124,328,000
34,517,000 3,044,000 37,561,000 33,048,000 3,000,000 36,048,000 matter of how they organize the latent credit power
Italy
945,000 51,442,000
625,000 51,121,000 50,497,000
Netherl'ds 50,496,000
Nat. Belg_ 10,664,000 1,698,000 12,362.000 10,662,000 1,560,000 12,222,000 of communities, how they enlarge and apply credit to
Switz land 21,059,000 4,675,000 25,734,000 21,766,000 4,429,000 26,195,000
'
15,632,000 commerce, how they are local beneficiaries
15,220,000
15,220,00' 15,632,000
Sweden
to busi207,000 12,849,000
218,000 12,902,000 12,642,000
Denmark _ 12,684,000
8,115,000 ness, to which all roads lead. It is
8,183,000 8,115,000
8,183,000
Norway
sufficient to say
Total week 585,462,559 50,695,450 536,158,009 588,708,509 48,813,250 637,521,759 that they serve and serve well, and that as to
the NaPrey. week 586,119,779 50,869,950 636,989,729 588,668,427 48,90S.150637,576,57
tionals, the larger purpose of a flexible currency to
a Gold holdings ol the Bank of France this year are exclusive of £77,934,182
held abroad.
meet periods of stress through a Federal Reserve
note issue, constitutes the System their helper and
BRANCH BANKING.
protection—and this in their native capacity to aid
The recent discussions affecting the establishment by the complete fulfillment of inhering recognized
of branch banks, which we printed in the issues of banking functions.
As disclosed in the printed discussions referred to,
July 8, pages 133 and 134, and July 15, pages 253
and 254, serve to bring this matter again to the se- branch banking is not a new proposal. But there has
rious attention of bankers. It is one of the unnoted never been a demand for it by these free and indeevils of the time that in the consideration of the over- pendent banks as a body, nor by the people they
shadowing problems of national and international serve. Naturally, the subject becomes more complidebts, taxes, exchanges and trade in general, we are cated now by virtue of the new conditions imposed
apt to overlook the importance of an increasing by the new "system." We think Chairman McFadwatchcare over the institutions we have. What may den very properly points out a difference between
be termed 'minor legislation may have far-reaching branch banks within the city of the parent bank, and
consequences, and would under other conditions those extending outside. And the very establishment
arouse intense interest. Again, it must be expected, of regional banks as against a central bank confirms
our'banks, as our leading financial agencies, in the the principle that actuates opposition to the estabpresence of change and "the turmoil," and in view of lishment of branch banks outside the city in which
the growth and fixation of the Federal Reserve Sys- the bank is chartered to operate.
It is here that States which have passed laws pertem, for it is yet in a formative stage, cannot escape
the complications that thrust themselves into all our mitting outside branches to State banks in cities,
have gone contrary to the very principle of freedom
affairs.
In what we shall say at this particular writing and independence they assert, in a ra,ther careless
upon this banking question we shall try to confine fashion, National banks are trying to destroy. If
our comment to the larger aspects and the fundamen- branch banking ought not to be permitted to Natals involved. And our first premise is that our free tional banks it ought not to be permitted to State
and independent form and practice of banking, un- banks, but we confine this statement only to the prinder State and National charters, is in consonance ciple involved. There are other matters we do not
with the spirit and form of our Government, and the now discuss. The situation is not the same in towns
constitutional right of individuals freely to associate and small cities as in large cities. Further, it does
themselves in corporate capacity to carry on a busi- not follow that because State banks have in a few inness and reap the rewards thereof. Dealing in cred- stances by legislative grant been permitted to estabits, which is the prime purpose of a bank, is such a lish outside branches that therefore National banks
business. These banks have grown to the number of ought to have the same right. And this for the reaover thirty thousand, each a complete and competing son that you cannot differentiate between National
integer within itself; they are scattered over our banks, though we do not discuss this point. As we
whole territory; and acting in a natural unison, they say, State banks derive their charter rights from inhave served the people well. And it is important to dependent State Governments; they were first in the
note that when the Federal Reserve System of re- regard of the people, they have grown in numbers
gional banks was superimposed upon what is known faster than the Nationals, and greatly exceed them in
as a national banking system it was not in contemp- numbers, but that, while it brings them closer to the
plation that the continued existence of either State people in a way than Nationals,separates them by the
or National banks was jeopardized or to be jeopard- divisional power of States. And though these State
ized. One distinct, leading, shaping demand thus to charters, old and original, in certain large city cenbe covered, was that the provision of a flexible cur- tres of banking, gives to them the present recognized
354
THE CHRONICLE
inside branches, it does not alter the fact that a huge
State bank in a city may exert an influence by
branches outside, whatever that be, in no way differing from that which would accrue to a National under the same circumstances. So that the root of the
whole matter lies not in the rights of either State
banks or Nationals, but in the effect of branch banking on our free and independent system over which,
with more or less complicating power, has been imposed our new Federal Reserve System.
We would have our individual free and independent Nationals preserved from this encroachment just
as we would have our State banks preserved. And
we refer here, of course, to what we term broadly our
"country banks." We hold to the feeling that these
banks springing into being at the command of our
communities, regardless of whether under one jurisdiction or the other, are part and parcel of us as a
free people. We are far from believing in a vast, sinister "money-power." And by that very token, we
would not surrender these "country banks," as they
are called, to a Federal Reserve System. We have
not discovered that the former correspondent relations between city and country bank worked to the
detriment of either; and we know that by virtue of a
natural reciprocal service it still exists in modified
form. As to the point involved in the new law affecting National bank charters, Representative Wingo's
position would seem to be justified, especially when
we take account of the discretionary power (undefined) now lodged in the Comptroller. But this is
not an issue in "branch banking" save as the Comptroller's permission to Nationals to establish city
branches shall grow into a fixed policy threatening
thus to overleap city boundaries and bear upon the
independence of all our existing banks.
It is true that a city bank with branches is one institution, and under one guidance, but even this is
not all that may be said for or against the practice,
wh4ch we cannot now discuss. But as Chairman McFadden says, the main question here divides on a
minor issue. Our own belief is that we should preserve the freedom of credit—and that we do so by
making each community sufficient unto itself. And
with permitted small capitalization, under supervision, we think our community wealth and prowess is
such that a bank will spring up for intimate service,
sustained by popular regard, in every spot in this
country which needs or ought to have a bank.
"LABOR" MOVES IN THE RIGHT DIRECTION
—LEADERS SHOULD,HOWEVER,AVOID
INCENDIARY TALK.
In the discussion of problems affecting labor and
capital, problems that are paramount in the public
welfare in so far as that is maintained by the economics of advance, it is desirable never to condemn
without a cause, and to offer reasons for a commitment to "opinion" that are liberal and fair. It is
manifest justice, therefore, to point out the good as
well as the evil, and to give commendation where
and when it is due. The news columns tell us that
Mr. Hugh Frayne, organizer in charge of New York
City district, by order of Samuel Gompers, President
of the A. F. of L.., has revoked the charter of Bookkeepers, Stenographers and Accountants' Union
12646 because of the activities of communists within
its membership. One allegation upon which the revocation is based is that by the manipulations of this
minority element delegates were made to report at
[VoL. 115.
a recent meeting of the Trade Union Educational
League "that its members were 'ready for the revolution.'" A new union will be formed eliminating
these "undesirables." We think all good citizens
who have a lateral if not direct interest in unions and
unionism will unqualifiedly commend this act of the
Federation.
There is really no place in the theory and practice
of our Government for the toleration of those who
preach revolution and overthrow. And every class,
union, society or organization, living under our laws,
is right in casting them out. Especially must these
malcontents become obnoxious to "labor." Behind
most of them, we doubt not, are generations that
have suffered injustice and oppression by other Governments in other lands. The poison in the blood is
often thus by a direct descent. But for this reason
they should be first to appreciate the liberty and
freedom afforded to labor by our system of government and by the economics of our accepted commercial and financial customs and forms. And it must
be said that when this fever of hatred for "those who
have won" takes possession of the man so that he
talks of tearing down our institutions there is no
place for him in our citizenship, and especially is
there no home for him in the efforts and activities of
organized labor.
If discretion is sometimes the better part of valor,
if experience is a lamp unto our feet for future guidance, this "house cleaning," if such it may be designated, has begun none too soon by the American Federation of Labor. There has long been talk of "boring from within." We do not enter into the matter
of the "one great union" as against this Federation
of trades workers. We confine our thought to the
necessity of "labor," in its organization and in its
orders, keeping itself above reproach in its attitude
toward the Government. More and more will this
become necessary, as labor organizations, by their
own efforts, approach the Federal Government for a
solution of the problems they raise. If organization
cannot enhance and maintain the dignity and service
of labor through the avenues permitted and protected to our citizens by our peculiar Government it
will and should fail.
These men who would carry the American Federation of Labor over into the camp of the communists,
if they could, are not sincere workers. They do not
wish to earn, at any wage. Their desire, what other
could it be? is to seize property and to defy constituted authority. They are not of the stuff of which
patriots are made. Their conception of "internationalism" has no relation to the comity of nations. They
simply advocate the breaking down of all forms of
government and the introduction of a form of socalled rule by communes, with the properties they
forcibly seize, similar to that in Russia to-day. We
have no place for such men in this country.
Coupled with this salutary movement, and it is but
cautionary to say it, we think, the public utterances
of officials who represent organized labor should be
more carefully guarded. There should never be a defiance of law, or a threat to disobey it—however
much it may be disapproved. There should be no
more of the loose statement that labor created this
wealth and therefore really owns it, which, whatever
qualification exists in the mind of the speaker, is
taken up. by those who talk "revolution" as a sort of
shibboleth. And there should be no more of the
heated characterization of capital and the capitalist
Jury 22 1922.]
THE CHRONICLE
355
4
which inflames the mind of those who would not treat
with wealth but take it.
We shall never "get anywhere" with the manifold
problems that confront us until in tolerance we strive
to see both sides. No sane working man, or let us
say, no true and self-respecting working man in the
United States,wishes or can wish for a regime such as
that in Russia. No matter what the faults of organized labor may be, in a free republic; no matter how
citizens may 'differ as to practices and policies of
"unionism" that are within the law; it must be said
that every one of these that controverts the spirit of
our Government and its social and economic institutions as they stand to-day by our general approval,
adds fuel to the fire in the bosoms of those who would
destroy the whole.
none—"Hold on, brothers," we will win, not alone,
if at all, by the righteousness of our cause—but because the roads and the people cannot help themselves! This bulletin ought to go into history.alongside the protestations that the unions desire only the
best for everybody.
Is this the view of individual members of this shopmen's union, if a majority were to give free expression? We are unwilling to believe it. We cannot
conceive of a shop committee dealing with a single
road as employer, going to that employer and saying: "Your cars and locomotives are out of repair
by an unusually large percentage, a percentage so
great you cannot get the requisite work done outside,
and if you do not give us such wages as we demand,
although the condition of your road requires unusual
outlays in repairs, we will quit, and stop transportaA. STRIKE THAT "HITS BELOW THE BELT." tion entirely, if we can."
There is no man to man,
That an "open confession is good for the soul" has "give and take" spirit in this bulletin.
However
long been an adage. But when such an open confes- much the right to cease work be reiterate
d, this adsion discloses intent, the unconscious revelation may monition to stay quit despite the
consequences,
be of great concern to others. According to the As- smacks of coercion, to say the least of it.
And as far
sociated Press, Mr. B. M. Jewell, "head of the strik- as the "third party," the public, is
concerned, it is
ing railway shopmen," issued a bulletin on July 14 in manifest that its returning prosperity
and its poswhich he set forth the conditions which he felt point- sible future needs, weigh not in the
balance beside
ed to success for the strikers. It is a very strange "winning the strike." And if the roads
know—the
statement to present to the public. Briefly, the con- public that reads and ponders
must come soon to
ditions pointed out are: general revival of industry know, the real feeling that lies
behind.
and business throughout the country; increase of
It is an unfortunate utterance. Leaders are espeproduction and activity in iron and steel; Dun's and cially expected to place
the motives actuating the
Bradstreet's favorable reports; "that the railroads men upon the highest
basis. They should be the first
have to carry an immense amount of freight in the to accept means of arbitrat
ion in settlement. They
next few months"; as evidence of anticipated in- should be the last to take
a strangle-hold on the emcrease, railroads ordered 100,000 new freight cars ployer who in any
event pays the men employed. We
first six months this year as against 30,000 for all of shall never witness
calm reasoning by this route. Mr.
last year, and that the "present demand for rolling Gompers is alleged to
have said in substance that it
stock is about 300% more than the last five years is important that
the roads operate, but not at the
average"; that large quantities of coal must be moved expense of the honor
and freedom of the men. But
because the present surplus stocks are low; that for the roads must
operate; and they are entitled to the
April,"the percentage of bad order locomotives rang- protection of the
Government and must have the pating (ed) from 12% on the L. & N. to 39% on the M. ronage of the people
in order to do so successfully.
K. & T. and bad order cars from 5% on the Norfolk ,"Winning a strike"
counts as little when placed in
& Western to 38.2% on the Pittsburgh & Lake Erie; opposition to "runnin
g the roads."
and that "outside contractors cannot handle all this
repair woik" and that, demand increasing in outside
FOR A. REAL PUBLIC OPINION.
industries, "the railroads cannot get enough men to
With ugly industrial troubles monopolizing public
replace those now on strike"; and therefore, in conattention, probably few readers noticed, on Tuesday,
clusion,"Hold on, brothers!"
mention of the arrival of the first one of a contingent
Could anything be clearer than the willingness of
somewhat representative Europeans who are to
here expressed to take an advantage of the tempo- attend
the second session of the American Institute
rary needs of the railroads, and to ignore the inter- of
Politics. The session is to begin on July 27, at
ests of the public, at the very time of increase in long
Williamstown, Mass., and this first arrival of its forstagnant business—all to gain the object of the strik- eign
attendants is Lionel Curtis, an Oxford lecturer
ers, to gain their arbitrary demands in wages and who
replaces in the Institute America's staunch
so-called betterments? It is a disclosure in utter sel- friend,
the late Viscount Bryce. He has a wide pracfishness that is almost unparalleled in all the long tical
experience in organization of colonial Governhistory of these controversies. Does it not amount ments, he
is now the Chief Secretary of the Irish
to saying to the railroads we have caught you in a Peace
Conference, and he has had the benefit of parpinch and intend to squeeze out of your dire condi- ticipatio
n in the British counterpart of the Institute.
tion an acceptance of our demands; does it not The aim of
the British Institute of International Afamount to saying to the public—though business is fairs, he says,
is not to propagate any specific policy;
increasing we will throttle it unless the roads do its members
hip includes extremely radical and exwhat we say they should do, though you may be cold tremely
in winter for want of coal we will do nothing to re- gether conservative men, and it seeks to bring tomen with differing viewpoints, that they may
lieve your anxiety now or your suffering later on un- qualify
their own and thus approach unity.
less the roads knuckle to us alone, the shopmen's
The great need of the time, Mr. Curtis thinks, is
Unions? Talk about brotherly love! Where is it? "some
situation wherein the men who make public
Where is there in this bulletin even a hint of willing- opinion
can examine their own opinions and increase
ness to sacrifice in the public welfare, even to make
their knowledge," and he does not believe this can
concessions or to yield to arbitration? There is ever
be accomplished if people who agree with one
356
THE CHRONICLE
Ever... 115.
another are always coming together; "it is only when porarily for a mere fraction of the people is ultipeople who disagree get together and .discuss the mately bad for the entire number. Mr.. Curtis has
points at issue that real education begins; this, is told us a truth: we need that people who disagree, nawhat I take it the American Institute of Politics is tionally, and internationally also, should get todoing on this side of the water, and for that reason, gether and discuss points. But the discussion must
we on the British side of affairs are anxious to get in be receptive as well as assertive. The participants
touch with the movement."
must be sincerely desirous of getting the other view
Seven officers of our navy, ten of our army, five accurately and weighing it fairly for what soundness
college presidents, more than a hundred college pro- it contains; they must sincerely strive to agree; they
fessors, and lawyers, authors, business men and Gov- must have the wish and will to concede to the utmost
ernment officials, make up the three hundred or more upon non-essentials. Otherwise, there will be—as at
on the membership rolls of the Institute. Mr. Cur- Genoa—contacts, repulsions, sparrings for points,
tis, in conjunction with Mr.Philip H. Kerr, a former plots and counterplots—and nothing. won, because
Secretary to Lloyd George, will present "A British nothing yielded.
Outlook Upon the International Scene"; a former
Mr. Curtis avers we need "some situation wherein
Austrian Finance Minister will speak on the present the men who make public opinion can examine their
condition of that unhappy country; the aims of Jar own opinions and increase their knowledge." Ah,
pan in foreign politics will be presented by a delegate yes, we do; the world needs that, and this country
from Tokio. And so on. It will be a sort of interna- needs it, too. Here a distinction is drawn between
tional conference, presenting the world as each coun- opinions and public opinion, and the distinction is
try sees it, but, we may hope, without acrimony and real. We sadly lack—and we seriously need—a
selfishness. Does anybody ask cui bono and inter- sstrong, alert, compact public opinion, to watch Conpose the truthful reminder that the world's misery gress, to have a decided and an unyielding mind upon
at present is largely because there is so much babble such derelictions from duty as bargain tariffs, unreand Babel of words and too little work? We do have lieved taxation, and the menace of destructive bonus
too much talk, that is, too much contentious talk,.too sraids, all in defiance of solemn pledges. suffering
$nuch talk apparently based on the proposition that experience will bring us to such an opinion, prob,even the most accepted and obvious of axioms are ably, but we can reach it sooner if our calmest and
*either self-evident truths nor truths at all if stat- most thoughtful men get together and sound the call
ute or other expression of the popular inclination is and point the way.
•
;against them.
EDITOR
_Mr. Curtis thinks little is accomplished when peo- THE DEATH OF CHARLES R.MILLER,
OF THE NEW YORK "TIMES."
line who are already agreed come together. A sound
Mr. Miller, whose body went yesterday to its lap
.deduction, for a church whose members meet regularly for service in their own edifice and keep their of earth, was an example of the scholar in journalism
contact with sinners outside at the irreducible mini- and of journalism in politics in the original and betmum is a sepulchre of useless respectability; the ter sense of that abused word. Graduating from
good must meet the bad, the wiser must tactfully Dartmouth,the college of his native New Hampshire,
he
work upon the less wise, unselfishness and heroism a professorship of Latin was his first choice- and
as a preliminary step, to the Springfield "Reand patience must try to infuse those virtues into went,
those who lack them, for only thus can contact carry publican," which was much more and other than a
to the
life. Some dogmas of labor unionism, for example, mere local newspaper. In 1875 he camefalse that we must assume that the rank "Times," first handling special subjects and with
are so baldly
ability that upon retirement
and file of the membership are duped to their own such marked grasp and
Foord in 1883 he became chief editor;
hurt because they put unthinking trust in any organ- of the late John
47 years and his
ized action and neither study nor have opportunity his connection thus stretched over
as head over nearly 40.
to hear economic truth. The late annual convention position
In 1884 he made good a warning threat by bolting
of the Federation of Labor was nearly all of one
being only in the degree to Blaine and supporting Cleveland for the Presidency.
mind, the variations
way he
which the imagined fight upon capital and the em- He rendered great service in the staunch
pushed; is it likely that the most aided Cleveland in the latter's contest with the free
ployer should be
held the
courteous and tactful person, appearing and seeking silver heresy. And to this day he has
currency and sane finance. When
to address the meeting on economic truths and er- "Times" for sound
meagre circulation,
rors, would not have been pushed or "booed" off the he came to it the journal had a
he took control its outlook as a business
and when
platform?
leaves it one of the
Thus "people who agree with one another are al- concern was far from brilliant; he
They never get any other strongest and most influential of American newsways coming together."
among the few in this city
view, or even catch the notion that any other could papers. It has long stood
dominated by bent and determina- from which one who want3 a "family paper" whose
exist. They are
character of his growing children
tion to have their own way, over and despite of every- influence upon the
must make his selection.
thing. So we are full of blocs,or"classes,"of colonies, he need not fear
As Mr. Miller himself said, upon his friends' celeof persons who cannot realize any community of con70th birthday, "to-day the public decern, but are obsessed by one narrow purpose; so we bration.of his
volume of news, international in scope,
have political knots, drawn tight, and becoming mand a vast
that it will attract the eye; newstighter with every touch upon them. Whether the and so presented
without even a thought of papers have learned how to treat news more intelliimagined boon to be seized
had the effect of making readers
consequences is a bonus, or a tariff without coher- gently, and that has
or a subsidy of some sort, it better informed; this is notably true of women, and
ence or workable justice,
development has been. intensiis always a grab for the grabbers with never a dream their interest in this
truth that whatever is good tem- fied by the news of the great war now ended."
,of the immovable
JULY.= 1922.]
THE CHRONICLE
357
He opens this with some definte statements of fact
which will be generally accepted. We have not at
present efficient transportation service at satisfactory rates; nor are we assured of the preservation of
even such service as we had before the war; and it is
not evident that capital is ready adequately to back
and extend the industry. He then asks whether the
present system can be successfully adjusted, or
whether fundamental change of system is necessary.
He recognizes on this question diversity of opinion,
and ventures only to suggest a line of possible and
promising development.
It is based on four propositions. 1. The railroads
cannot be operated privately without earnings sufficient to 'insure a constant stream of new capital.
To get this to-day 6% is probably required. • 2. If this
cannot be earned, Government aid will have to be
sought. This means taxation; and this, in turn, involves Government ownership, and probably Government operation: Government ownership would be
hazardous; and Government operation, as he has
shown amply in the review of it in the history of the
war period, would be disastrous.
3. No assurance is possible that under existing conditions 6% can be earned continuously at present
rates. Higher rates would probably be less productive; many are now too high. Efficient and economTRANSPORTATION AND THE GOVERNMENT. ical operation developed on a national scale is the
It is significant that the first articles in one of the only means of obtaining the necessary earnings.
series of resolutions prepared for presentation by
4. The results sought require a nation-wide introthe leading Allies to the Economic Conference in duction of methods of co-operation, as minor econoGenoa emphasized the importance of the system of mies cannot suffice.
transport in the devastate 1 and the smaller States
He had previously shown that the various "econoand press the adoption of such propositions as at ear- mies" which the Government sought to introduce
in the period of its control had accomplished little or
lier conventions have dealt with railroad traffic.
The history of railway development in the United nothing. The entire estimated savings, for example,
States is sure to receive close attention, especially in in the emphasized "elimination of high priced execuits relations to the Governmehts. The development tives" proved to amount at most only to one-tenth of
of the underlying principles and practice of Federal one per cent of the operating expenses. "Short
regulation down to the year 1910 has been variously routing," besides congesting the direct lines, repretold. It is now taken up and brought down to date sented in any particular region but a fraction of 1 per
in a new book,"Railroads and Government," by Prof. cent of the total car miles traveled. The "sailing
Frank H.Dixon, published by Macmillan. Professor day plan" covering less-than-carload lots was
Dixon's competency lies in his experience as the or- dropped in April 1919. The pooling of cars also had
ganizer and first Director of the Tuck School of Ad- to be quickly modified till it has reverted to approxiministration in Dartmouth College and his present mately normal practice. "Coal-zoning" was effective
position as Professor of Economics in Princeton Uni- in times of fuel shortage in eliminating large waste
versity, as well as in his being in the line of such in transportation, but was abolished in February
authorities as President Hadley and Professor Rip- 1919. No satisfactory substitute has been found for
the personal relations existing in multiple freight
ley in dealing with railway problems.
He divides the history into the three natural pe- and passenger ticket offices which were displaced by
riods, 1910 to 1916; the War Period to 1920; and the consolidated offices. Much advantage has been
the Return to Private Operation. Each period is found in standardizing statistical accounts and in
treated in detail in its leading relations, with the pur- the field of maintenance and joint purchasing of suppose of giving an exact record and of noting as plies, but the attempt to standardize rolling stock
clearly as possible the various results. It is a con- has encountered much opposition and created many
densed account for immediate practical use and at complications. Under the rate-making power, the
the same time is intended to interest the general Federal administration had the unique opportunity
reader by avoiding purely technical features. It cov- of putting on trial a uniform classification which
ers the period within which we have for the first had been sought for 30 years in vain, but the difficultime ventured upon Governmental_ operation; and ties proved great and no result was reached further
this, together with the demands created by the war, than to create a permanent Consolidated Classificagives the period prime importance. A new attitude tion Committee.
While the actual operating loss to the Government
has also been taken by the Government and the pubtransportation as a public trust, for the period of Federal control is put at $1,200,lic toward railway
and this has imposed a new responsibility upon all 000,000, a detailed statement of the final accounts
concerned in it, as well as upon the Government. We with the railways shows the war cost to the Governmust refer our readers to the book itself for the story, ment in the operation of the railways was not less
confining ourselves to such conclusions as our au- than $1,850,000,000, and that the Government still
thor gathers in the closing chapter on "The Future." has an additional investment in railway securities
Yet this man—one of the most scholarly, most
widely informed, and best equipped of all American
journalists—was so absorbed in the work he aimed
to do that his own personality stayed in the background and thousands of the regular readers of the
"Times" saw his name for the first time when his
death was announced. He had his well-won share in
the business prosperity of the paper, being the second
largest owner, and he had a satisfying circle of warm
friendships; but to help shape public policies and to
gather "all the news that's fit to print" so occupied
him..that he contentedly stayed unknown.
The era of individual journalism among the daily
papers has long since gone. The last of the quintet
of "personal" journalists passed with "Old Marse
Henry" Watterson in December of 1921. Some 20
years ago he said in a public address, that "the newspaper is the history of yesterday." It is made to sell,
he added, and it must sell, or it fails utterly; but he
was sure that "more and more newspaper owners
will discover that integrity and cleanliness pay the
best dividends."
Nothing higher need be said for Mr. Miller than
that he held this ideal and that under his hand the
"Times" has firmly followed the difficult but commanding line of public duty.
358
•
THE CHRONICLE
[Von. 115.
for $950,000,000 in obligations maturing during the this end must be recognized on all sides; and out of
next 15 years. Though the exigencies of the war the various boards and councils now created and the
seem to have made Governmental operation and con- many measures proposed, there is reason to hope will
trol necessary at the time, to escape dangers which come the solution so much desired.
threatened on all sides, and Director-General Hines
Important, paramount, indeed, as the labor quesin his final report says that the total burden put tion may be, it must be recognized that it is but one
upon the public was substantially less than would of the problems involved. Other serious ones are the
have been incurred had the roads remained in private greater use of waterways, rivers and canals especontrol and rates been raised enough to save their cially; the sphere of street railways in relation to
credit, still, the Government is responsible for the passenger travel and even to freight; the new sphere
facts recorded, and for the labor policy which in large opening for the motor truck; and, possibly in the
degree accounts for the financial deficits. Though near future, the aeroplane; all of which bear upon
labor was diluted through the constant turnover due the business of the railways.
to the attractiveness of other industries and the call
Breadth of vision, clear thinking, large intellito military service, the inefficiency was greater than gence, simplicity of purpose, as well as openness of
in other lines of work. Notwithstanding the increase mind and genuine good-will, are needed for dealing
of number employed from 1916 to 1919, the number with the situation. We believe that these will not
of hours worked remained almost the same and did prove lacking, and such judicial books as this of Pronot keep pace with the increase of traffic. The Adam- fessor Dixon cannot fail to simplify and insure the
son Law laid the foundation for'the greater gains desired result.
made by railroad labor in 26 months of Federal operation, in the power of collective bargaining, in the THE COURSE OF THE RAILROAD STRIKE.
development of union organization, in the standardiLittle visible progress towards ending the transzation and nationalization of practices and policies, portation revolt has been made during the week, and
than in the entire previous period of the union's ex- no softening of disposition on the part of the men has
istence.
appeared. But railway executives here say they
The political effects of Government ownership are keep receiving from Boston employment agencies ofsufficiently well known. The passage of the Adam- fers of men who have walked out on New England
son Law in 1916 showed what labor could do politic- roads, while like offers of men who have walked out
ally when it got the country by the throat. The fili- of roads in this section are received by Boston execbuster which closed the session of Congress in March utives; this means that men who desert the service in
1919 and defeated all the appropriation bills, causing one section go and start in as new men in another
acute financial distress in the Railroad Administra- section where they are not personally known, thus
tion showed the same situation, revealing the multi- showing that the revolt is at least largely by men who
tude of ways in which a politically minded Congress obey a coercive and intimidating pressure which they
can be led to interfere disastrously in the affairs of a dare not resist.
great industry.
While the least indispensable trains are laid off
Professor Dixon holds that this does not imply that here and there, for prudential reasons, and while
private ownership as at present conducted is not sub- there is undeniably a continued interference with
ject to much criticism and that constant mismanage- regularity and punctuality of movement, there is, on
ment does not evist. It is a relative matter, on the the other hand, a report of constant accessions of
whole, and at least for the present solution is to be men to replace those gone. Railway executives here
sought through the agency of private ownership and maintain a confident tone. The Pennsylvania anoperation, with continued experiment in Govern- nounces that it has made an agreement, effective
mental regulation to secure under centralized guid- July 16, with 140,000 workers in miscellaneous classance a national program of co-operation. Various es, and a brotherhood of clerks and station employees
plans have been offered to secure this through the has sought an injunction to restrain the system from
Interstate Commerce Commission. These extend to putting this new arrangement into effect.
securing joint terminals, standardized construction
Various reports of new conferences seem to have
and repair, purchase of fuel and supplies, fuel con- been unfounded, although considerable conference
sumption, locomotive improvement and electrifica- has doubtless been had unofficially,and the reports of
tion, standardized traffic regulations and the like. "new rail moves" and of a settlement confidently exIt is said that 70% of the train track capacity in the pected by to-day have not shown substantial warChicago terminals is unused. Some strong control rant. The Labor Board is still marking time, being
seems to be necessary to secure the carrying into ef- unable to do anything else, and Chairman Hooper
fect even of recognized beneficial measures, espe- seems more firmly of the'belief that the issue has
cially when the general good is concerned.
been raised between the men and the Government, a
The solution of the problem of labor is complicated matter too clear ,to need argument; the men cheerby the character and organization of the business. It fully respected and accepted the rulings of the Board
is a public occupation in which the sense of responsi- while those seemed in their favor and demanded rebility to the patrons must needs be keener than else- versal or postponement as soon as they followed a
where. In view of a greatly needed service and im- more even balance of the scales of justice.
The four "concessions" which Mr. Jewell, Mr.
mense public benefit to be obtained, the States have
issued charters to the roads which convey certain Gompers's adjutant with the American Federation
rights and require certain duties. Under these char- of Labor, thinks would satisfy him for the present
ters immense sums of private capital have been per- have already been stated. The main one, the abanmanently invested. Methods of agreement between donment of the contracting out, has been yielded by
the administration of the roads and the employees most of the roads which have used that plan and
must be found which will secure permanent, intelli- might be waived, perhaps, by the others; it is a matgent and faithful public service. Responsibility to ter of no small importance, but the "Chronicle" has
JULY 22 1922.]
THE CHRONICLE
repeatedly mentioned it and it may be dismissed for
the present, in view of a still more serious difficulty
which has arisen as a not unnatural result of the
strike. This new "concession" is that "all men now
on strike, those laid off, furloughed or on leave of absence, be returned to work and their former positions,
with seniority and other rights unimpaired."
This involves both a question of permanent policy
and an obvious question of justice between individuals. President Smith of the N. Y. Central expresses
the views of executives generally, although not speaking for them, when he repeats his previous announcement (to end any misunderstanding) that any former employees returning to the service "will be considerecrnew employees, with seniority datesfollowing
the men in service, whether new or old"; that is, the
men returning will be subordinated in rank to those
who stood by. It ought not to be necessary, anywhere, to explain or defend such a position, for
length of service, everywhere, establishes its special
claim; so does loyalty, and neither one nor the other
can have either recognition or reward if disloyalty
and abandonment are to pass unpenalized in some
manner. The Western presidents' committee are as
emphatic as Mr. Smith. They say:
"Not only justice but the public interest demands
that in any settlement of the strike the seniority
rights of men who are now working shall be recognized. If those who have struck against the decisions
of the Labor Board and have tried to interrupt transportation are favored in any settlement that may be
made the incentive of men to stay at work in any future strike will be destroyed and the difficulty of
maintaining transportation service will be increased."
No man who has not some selfish end to serve can
open his mouth to dispute such an obvious statement
as this, and there is yet another point. When a road
has replaced its strikers with new men and the mutineers return, shall the new men be turned out that
the disloyal may have back their old jobs? Suppose
there is not work for old and new, which shall have
preference? On this point this same committee unanswerably says:
"On most railways there are not enough places
now for all the men employed and all who struck. If,
therefore, the strikers should all be allowed to go
back to work with their former seniority rights many
of the men now at work must be laid off. Furthermore, in periods when shops are not being run to
their capacity the position on the seniority list determines who shall be kept and who laid off."
When conditions compel dropping some workers,
the fittest should survive. Seniority rights and pension titles, plus the loyalty which ought to be a strong
factor in conduct, should suffice to hold men from
meekly obeying a strike order or dumbly following a
bad example set by somebody else. If it were announced or understood that men coming to take the
abandoned places of strikers were only for the emergency and would be hustled out as soon as the rebels
returned, would any men but those of the lowest
grade in skill and character respond to the call of an
employer in a strike? Would not such an understanding of a mere stop-gap employment tend to make of
the unemployed the mere rounder at whom Mr. Gompers so tilts his contemptuous nose?
No prediction can be made—except that the end of
the trouble will come. Possibly the soundest expectation is that expressed on Wedne3day by Secretary
Walber of the Information Bureau of the Eastern
359
roads, who said the roads in his jurisdiction had already recruited their forces to from 50% to 60% of
normal and added that "the strike will be drawn out
and the end will come through the gradual disintegration of the strikers' forces; there will be a gradual
drifting back to work rather than any surrender outright by the men."
And when the end comes, in this way or some
other, it will be for the American people, as a matter
of combined wisdom and self-preservation, to make
sure that it is at least the beginning of the end, the
real end.
CANADIAN EXPORTS INCREASING AND IMPORTS DECREASING
Ottawa, Can., July 21 1922.
Increasing exports and decreasing imports were
the outstanding feature of the trade of Canada for
the three months ending with June. The increase in
domestic exports for the three months over the corresponding quarter in 1921 was $11,414,000; while
the decrease in imports, on the same comparison,
was $15,971,000.
The total value of domestic exports for the three
months ending June last was $172,824,000, as against
$161,409,000 for the same quarter of 1921. The total
value of the imports for the quarter ending with June
1922 was $175,485,000, as against $191,456,000 for
the corresponding quarter of last year.
The decrease in imports was quite general, and appeared in free as well as in dutiable goods. The decrease on free goods over the three months period
was $3,702,000, and on dutiable goods it was $12,268,000.
Only three classes of imports showed an increase
for the quarter this year. These were fibres, textiles and textile products, iron and its products, and
miscellaneous commodities The first of these classes
rose from $20,944,000 to $24,234,000; the increase in
the second case was from $29,386,000 to $30,356,000
and in the third instance from $6,004,000 to $6,312,000.
Similarly, only three classes of exports failed to
show an increase. These were animals and animal
products, non-metallic minerals and products and
miscellaneous. The first of these fell off from $27,884,000 to $23,000,000, the second from $5,559,000 to
$4,112,000, and the third from $4,232,000 to $3,694,000.
For the month of June by itself exports showed an
increase over the previous month and over June of
last year as well. Imports for June were less than
for May, but more than for June of 1921. Imports
for June 1922 were valued at $61,668,000 for May
1922, $66,121,000, and for June 1921, $57,643,000.
Exports of domestic products for June 1922 were
$71,760,000; for May 1922, $69,146,000, and for June
1921 they were $58,576,000.
Current goods and gliscussions
WEEKLY RETURN OF FEDERAL RESERVE BANKS.
Further gains of $9,500,000 in gold and of $12,300,000
in total cash reserves, accompanied by a reduction of $25,300,000 in Federal reserve note circulation and an increase
of $17,600,000 in total deposits, are shown in the Federal
Reserve Board's weekly statement issued as at close of business on July 19 1922, and which deals with the results for
the twelve Federal Reserve Banks combined. Discounted
bills held by the reserve banks show an increase for the week
of $13,500,000, acceptances purchased in Open market fell
off $8,700,000 and United States securities $14,900,000.
360
THE CHRONICLE
These changes reflect largely developments at the New York
bank. Government deposits were $28,500,000 larger, while
members' reserve and other deposits were $10,900,000 less
than the week before. The reserve ratio• shows a further
rise for the week from 77.3 to 77.8%. After noting these
facts the Federal Reserve Board proceeds as follows:
[vol.. 115.
and of 83,000,000 in cash on hand. On a subsequent page—
that is, on page 413—we give the figures in full contained
in this latest weekly return of the member banks of the
Reserve System. In the following is furnished a summary
of the changes in the principal items as compared with a
week and a year ago:
As the result of further accessions of gold from without and inter-bank
Increase (+) or Decrease (—)
Since
movements through the Gold Settlement Fund, moderate increases in gold
July 5 1922.
July 13 1921.
reserves aggregating $21,600,000 are shown for eight Reserve banks. Bos—897,000.000
ton, with an increase of $5,900,000, and Kansas City, with an increase of Loans and discounts—total
—16,000,000
Secured by U.S. Govt. obligations..
—367,000.000
$5,500,000, report the largest increases for the week. New York shows a
Secured by stocks and bonds
—14,000,000
+551,000,000
decrease of $6,900,000, while smaller decreases, aggregating $5,200,000, are
+29,000.000 —1,081,000,000
All other
noted for the Atlanta, Chicago and Dallas banks.
Investments, total
—28,000,000 +1,059,000,000
Holdings of paper secured by Government obligations increased from
+6,000,000
U. S. bonds
+414,000,000
$157.600,000 to $176,300,000. Of the total held $118,100,000, or 67.0%,
+2,000,000
Victory notes
—131,000.000
were secured by Liberty and other U. S. bonds; $7,000,000, or 4%, by
—18,000.000
U. S. Treasury notes
+435.000,000
Victory notes; $40.700,000, or 23.1%, by Treasury notes, and $10,500,000,
+2,000.000
Treasury certificates
+95,000,000
or 5.9%, by Treasury certificates, compared with $103,800,000. $5,400,000,
—20,000,000
+246,000,000
Other stocks and bonds
$32,500,000 and $15,900,000 reported the week before.
banks
+37,000,000
Reserve
+101,000,000
The statement in full in comparison with preceding weeks Cash in balances with F.R.
+10,000.000
vault
—31.000.000
and with the corresponding date last year, will be found on Government deposits
—11,000.000
—168,000,000
+109.000.000 +1,111,000,000
subsequent pages namely pages 412 and 413. A sum- Net demand deposits
+6,000,000
+573,000,000
mary of changes in the principal asset and liability items of Time deposits
accommodation at F. R banks...... —64,000,000 —1,012,000,000
Total
the Reserve banks, as compared with a week and a year ago,
follows:
GREAT BRITAIN TO SEND SPECIAL MISSION IN
Increase (-I-) or Decrease (—)
SEPTEMBER TO CONFER ON DEBT FUNDING.
Since
July 12 1922.
July 20 1921.
Statements to the effect that Great Britain's debt to the
Total reserve's
+12,300,000
+510.000.000
certainly be paid were made in the British
Gold reserves
+9,500,000
+537,000,000 United States will
Total earning assets
—10,100,000
—829.900,000 House of Commons on July 19—these following announceDiscounted bills, total
+13,500,000 —1,242,700,000 ments by Prime Minister Lloyd George on the 17th inst.
Secured by U.S. Govt.obligations_ _
+18,700,000
—433,500,000
would arrive in the United
Other bills discounted
—5,200,000
—809,200,000 that a special British delegation
Purchased bills
—8,700.000
+125,100,000 States in September to confer on the funding of the British
United States securities, total
—14,900,000
+287,700.000 war debt to this country. Associated Press cablegrams from
Bonds and notes
—6,500,000
+166,500,000
Pittman certificates
—141,900,000 London July 17 said:
Other Treasury certificates
Total deposits
Members' reserve deposits
Government deposits
Other deposits
Federal Reserve notes in circulation
P. R. bank notes in circulation, net liability
—8,400,000
+17,600,000
—11,100,000
+28,500,000
+200,000
—25,300,000
+263,100,000
+249,500,000
+233.900,000
+14,400,000
+1.200,000
—431,700,000
—1,300,000
—61,800,000
Mr. Lloyd George was questioned regarding proposals that Great Britain
while paying her debt to the United States, accept, in lieu of her debts
from France, Italy and Belgium, German bonds which would then be
destroyed. The Premier said this plan was not a new one, but had received
special publicity. It placed this country, which on the balance sheet was
a large creditor in respect of war advances and reparations, he explained,
in the position of paying in full its borrowings but collecting nothing in
respect of its war advances or reparations.
On the same day the "Journal of Commerce" reported the
WEEKLY RETURN OF THE MEMBER BANKS OF THE following from its Washington bureau:
Negotiations for the refunding of the British debt to the United States
FEDERAL RESERVE SYSTEM.
will start in September, it was announced to-day at the Treasury
Aggregate reductions of $28,000,000 in investments and Department.
The first official response from the British Government concerning its
a nominal decline in total loans and discounts, as against
four billion dollar obligation came to-day when the
increases of $109,000,000 in net demand deposits and of plans for handling the informed by Ambassador Harvey that the British
State Department was
$37,000,000 in reserve balances, are shown in the Federal Foreign Office had announced the intention to send a delegation to WashingReserve Board's weekly statement of condition on July 12 ton early in September. The personnel of the mission was not disclosed,
but it is thought that Ambassador Geddes, together with representatives
of 796 member banks in leading cities. It should be noted of the Exchequer, will compose the official party.
that the figures of these member banks are always a week
Expect Interest Payment.
behind those for the Reserve Banks themselves. Loans
The communication strengthens the belief of Treasury officials that the
secured by Government obligation decreased by $16,000,000, United States could count on $125,000,000 on Oct. 1 as six months'interest
debt, and that arrangements would be made before the first of 1923
on
and loans secured by corporate and other obligations by for the refunding of the whole indebtedness.
the
Assurances have been received from the other side that Great Britain has
$14,000,000, while other loans and discounts, largely of a
any idea of a
would be unwise
commercial character, show an increase for the week of come to the conclusion it an arrangement to entertainobligations ofcancellataking the
France,
tion of Allied debts, or
$29,000,000. Changes in investments include increases of Italy and other Allies into account. The Commission has the right to defer
$2,000,000 in Treasury certificates and of 88,000,000 in the payment of the principal for a period of years.
From London the cablegrams of the 19th inst. (Associated
U.S. bonds and Victory notes, and reductions of $18,000,000
in Treasury notes and of $20,000,000 in corporate securi- Press) said:
British officials declined to discuss the reports
German
ties. Leading changes during the week shown for member is to be reduced to 50,000,000,000 gold marks inthat,thefor whichindemnity
return
France is
include net liquidation of $35,- to receive the cancellation of her debts to Britain. The placing of Anglebanks in New York City
definite footing is now intimated. This has long
000,000 of loans secured by corporate obligations and of American accounts on a
been held to be the keystone of the whole financial arch, so that speedy ad$7,000,000 of Treasury certificates, as against an increase of justments of other obligations may be expected.
Treasury officials say that numerous solutions of the Anglo-French debts
$8,000,000 in other investments. Total loans and investbeen considered. One of them contemplates reduction of the Germents show decreases of $29,000,000 for all reporting insti- have obligations £2,500,000.000, compared witha£6,600,000,000, which
to
man
for the New York City banks. is the present figure. They declare that nothing will be done pending the
tutions and of $34,000,000
In addition to the substantial increase in demand deposits report of the Reparations Commission.
We also give the following from London Associated Press
a further gain of $6,000,000 in time deposits is shown as
against a decline of about $11,000,000 in Government cablegrams of July 12:
war debt to the United States, reThe question of funding the
deposits. Since • January 4 of the present year demand ported to be under considerationBritish British Government,is given promby the
000 000 inent notice by the newspapers this morning.
reporting banks have gone up $781, .
deposits of the
Overtures for the funding of the debt were made by the American Governand their time deposits $465,000,000, their investments
according to the "Times," these being accompanied by
ment some time
by 07,000,000, while their loans and dis- an invitation toago,
have increased
a conference in Washington. The "Daily Mail" asserts
counts have declined by $367,000,000.
that important communications are now passing on the whole subject beleave shortly
that a British
Partly in connection with the return to the banks of cur- tween the two Governments, adding question, and mission will will also talk
while there
holiday, borrowings of the reporting for the United States to discuss the economic conference in Washington.
rency after the July 4
over the possibility of air international
institutions from the Federal Reserve banks show a decrease
The "Morning Post's" financial editor welcomes the evidence that the
some time by the "Post," is
for the week from $206,000,000 to $142,000,000, or from funding plan, which has been advocated for
loans and investments. For the now receiving attention.
1.4 to 0.9% of their total
"Unquestionably this matter plays an important part in the whole prob.
very clear that America
says,"and
0
New York City banks a reduction from $77,000,00 to $47,- len ofinternational indebtedness," he strong leadit isrecognition of these
to
exis looking to Great Britain to give a
000,000 in accommodation at the local Reserve bank and ternal obligations."
from 1.5 to 0.9% in the ratio of accommodation is noted.
The writer, however, ridicules the report that repayment of the debt to
lump sum in the near future is contemplated, adding:
Reserve balances, in keeping with the substantial increase America in aremember that, apart from the question of beginning the liquid"We must
in deposit liabilities of the reporting banks, show an increase ation of our large debt to the United States in the autumm,we have *smaller
of $37,000,000 while cash in vaults shows a further increase obligations to meet during the present year.to It is understood that there is
Japan, while there
a liability of something like £3,000,000 due
for the week of $10,000,000. Member banks in New York line of three-year British notes in America, which will mature is a large
Nov. 1.
City, report an increase of $41,000,000 in reserve balances amounting to about $50,000,000.
JULY 22 1922.]
THE CHRONICLE
"It will readily be seen, therefore, that, while it is generally believed the
British Government's stock of dollars in America is fairly large, there is
every reason to maintain a strong position in that respect."
SIR ROBERT HORNE DECLARES GREAT BRITAIN'S
DEBT TO UNITED STATES WILL BE MET.
Statements in the British House of Commons on July 19
that Great Britain's debt to the United States would certainly be paid were preceded by a declaration in Commons
on July 14 by Sir Robert Horne, Chancellor of the Exchequer, that "our debt to the United States is one of the
solemn obligations which undoubtedly we shall meet."
This statement by the Chancellor came during the discussion incident to the third reading of the finance bill. Sir
Robert, while declaring that the world's financial situation
was still serious, announced that Great Britain was stronger
financially to-day than at any time since the armistice.
As to his further statements, we take the following from
Associated Press accounts of his remarks:
He said that at the present rate of exchange England's debt to the United
States reached £938,000,000.
"I welcome and reciprocate the views expressed by Mr. Asquith, namely
that our debt to the United States is one of the solemn obligations which
undoubtedly we shall meet. There is no question about that," said Sir
Robert.
The request which the United States made to us recently to consider the
funding of the debt and to place it, as Mr. Asquith said, on stable and
equitable foundations is one which will be completely met. No doubt
exists in anybody's mind as to the absolute necessity of our fulfilling our
duty to the very utmost."
The Chancellor of the Exchequer said that the recent reduction in Great
Britain's floating debt and the reduction of the internal debt through conversion was the cause for increasing stability in financial matters in this
country. The financial position of the world was serious, he said, especially
in • Austria, which has been growing steadily worse. A great change has
occurred in Germany which gave cause for the greatest anxiety.
• "These matters had to be dealt with in concert with the Allies at a very
early period of time indeed," said the speaker. "They could not be delayed
any longer and I am sure the House will not desire me in the present delicate
situation to make any precise disclosure of what is actually going on."
Sir Robert,relating to the affairs of this country,concluded: "We are in a
stronger position than at any time since the armistice. There is no reason
for our looking at the present situation with any despair. I believe ways
'and means will be found to avert our grave financial perils. This country
will play a very great part in the solution of the problem."
The bill passed its third reading without division.
SIR ROBERT HORNE ON BEARING OF UNITED STATES
TARIFF MEASURE ON BRITISH DEBT.
The question as to the bearing of the pending tariff measure on the payment of Great Britain's debt to the United
States came up in the British House of Commons on June 29,
when Sir Robert Horne, Chancellor of the Exchequer, was
quoted as saying:
One keeps steadily in mind that the American tariff makes it more
difficult to pay our debts to America. That is perfectly plain and is not
a consideration we should forgot in dealing with the United States.
The cablegrams to the daily papers also stated:
Asked whether. in view of the fact that the United States tariff. if carried,
would practically prohibit the importation of most of the staple manufactured articles in this country, the British Government would inform the
United States that the payment of interest on the debt was impossible
unless the tariff was lowered to such a point as to enable British goods to
enter America freely. Sir Robert Horne, Chancellor of the Exchequer, said
that all these relevant considerations would be borne in
mind.
Prime Minister Lloyd George previously had told a questioner that the
rate of interest in this country charged on advances to the
Allies was 5%
annually and that the interest on the British debt to the
United States was
about the same figure.
AMBASSADOR HARVEY LOOKS FOR EARLY RETURN
OF POUND STERLING TO PAR.
The speedy return of the pound sterling to parity with
the dollar was predicted by Colonel Harvey, United States
Ambassador to Great Britain, in an address at the Pilgrims'
banquet, given in London on July 12 in honor of Sir Auckland Geddes, British Ambassador to the United States.
• Colonel Harvey's observations are indicated as follows by
the Associated Press:
Ambassador Harvey cited unemployment figures and trade statistics to
show Great Britain's strong financial and commercial position. Ho remarked that the reduction of 9% in the number of British unemployed since
January was amazing, when compared with the depression which followed the
Napoleonic Wars. It was an exhiltrating and conclusive proof, he said, of
sound and unimpaired economic conditions, and of the impregnability of
commercial England.
The Ambassador then commented on the fact that this revival of trade
and industry was occurring despite a tremendous decrease in the volume
of British exports. He believed that this could mean but one thing, namely
that England, like the United States, "if dire necessity requires, can go
alone, not luxuriously, as in the golden past, but yet comfortably and in
safety and security, while time affords an opportunity to explore and
unfold the vast possibilities of the faithful dominions and the million
square miles of land in the possessions recently brought under the British
flag."
Quoting further figures to show the enhanced prices of Biltish securities,
the advance in the value of the pound and the enormous saving which this
advance brought to British trade, the Ambassador predicted that it vould
not be long before the pound "will have regained its proud position at par
with the American dollar. That day, I insist, will be a happy day, worthy
of celebration on both sides of the Atlantic."
361
Ambassador Harvey attacked as fallacious the idea that England's gain
must be America's loss. "Your prosperity," he said, "is our prosperity.
We rejoice in it for our own sake—well, hardly less than for yours."
In our issue of July 8, page 126, we referred to the view
expressed by former Ambassador Gerard that in fifteen years
Great Britain would be lending money to the United States
CERTAIN
MEASURES OF FINANCIAL CONTROL
AGREED TO BY GERMANY.
The acceptance by the German Minister of Finance, in
behalf of the German Government, of certain measures of
control over the Government's finances, suggested by the
Committee on Guarantees of the Reparations Committee,
was announced in a communication issued by the latter on
July 20, according to Associated Press cablegrams from Paris
which stated:
The communication recites that the Committee on Guarantees was instructed to negotiate with the German Government respecting the control to
be exercised by the committee over receipts and expenses, the floating debt
and the export of capital.
"The result of these negotiations," says the note, "was embodied in a
series of documents which were handed by the committee to the German
Government July 18 at the Ministry of Finance. The Ministry of Finance,
In the name of the German Government, gave its adhesion to the measures
contained in these documents. Written confirmation of the acceptance is
expected hourly by the committee."
In stating on the same date that the report of the Committee on Guarantees, which it had been expected would be
handed in this week, would not be ready until next week,
Associated Press accounts from Paris added:
The Reparations Commission met late to-day, but did not, it is understood, discuss the question of a moratorium for Germany.
With definite developments in the reparations situation not expected until the middle of next week, because of delay in the presentation of the report of the Committee on Guarantees, possible solutions of the problem
are being discussed in Reparations Commission and official circles. In
French quarters, It is strongly indicated that France will not consent to a
moratorium unless a most rigid control of German finances is initiated and
measures are adopted which would insure payment in cash at the
end of the
breathing space.
There is not the slightest indication how the French delegate on the Commission will act, but it has come to the surface that there
is much speculation on just what attitude France will eventually take on the question
of a
moratorium..
In certain French circles the suggestion which has met
with considerable
approval provides that Germany be forced to hand over
a certain number of
shares of German industrial companies which are now known
to be extremely
prosperous and paying large dividends.
It is further suggested that the committee
inquire into the taxes collected
by Germany and verify the total amounts gathered.
It is also urged that
new taxes, if the present ones seem to be
lenient, should be levied. The
strictest supervision of capital and the
application of measures to prevent its
wholesale exportation from Germany are also among
the things proposed.
A large section of official opinion is
convinced that Germany could realize
much on its apparent prosperity and put
forth a more serious effort to float
an international loan.
On the other hand, in British and
Italian circles, the moratorium has
gained favor more and more. Belgium, it
is said, will consent td a respite
if it is only accompanied by the
most rigid guarantees on future payments.
The impression is constantly gaining
ground that a settlement of the reparations question in an all inclusive
manner must be made sooner or later by
the Allies. The question of Allied
debts and reduction of the total indemnity, with payments over a certain
number of years, remains a puzzle to
observers, since French opinion
favors a postponement of any general settlement to a much later date.
Comment as follows came from Berlin on the 20th inst.
regarding the financial control agreed to by Germany, the
Associated Press being authority for this:
•
The official announcement that
Germany has consented to the establishment of financial "supervision" of her household provokes only
mild enthusiasm among the newspapers supporting Chancellor Wirth, but official
quarters which consented to discuss
the arrangements entered into with
the guarantees committee of the Reparations Commission to-day
permitted
the impression that Germany had made the best of a bad
bargain.
At the Ministry of Finance it was denied that the agreement
amounts to
active "control." The process
agreed to, according to official information.
will be rather in the nature of"supervision,"
to which the German Government could not have any serious
or well founded objections, inasmuch as it
has nothing to conceal regarding
the condition of the budget or other
financial issues. It was determined
to avoid any attitude which might
create the impression that
Germany deliberately was sabotaging reparations
revenues or was willfully extravagant
in her internal administration.
To this extent Government chiefs
who discussed the situation to-day
declared that the proposed supervision
would materially contribute to
dissipating mistrust of Germany
abroad.
"We have not agreed to
anything tantamount to financial guardianship
or indefinite control which would
be incompatible with our dignity as a
State, which we still consider we
are," Secretary of State Schroeder said in
discussing the negotiations with
the guarantees committee. Incidentally
he indicated the German Government's
acceptance of Allied supervision
was agreed to on the assumption
that Germany would be granted an
adequate moratorium and that
the Entente's watch over the German cash
register would continue only during
the period the moratorium was in force.
Under the present agreement
the guarantees committee will station
two chief delegates in Berlin,
They will occupy offices outside the Government buildings and carry on
their supervisory activities through an t3
change of written communications
. To this extent their physical Limitations are prescribed, although they will be permitted
to discuss orally for
elucidation any issues that may come
up.
The delegates will be given copies of all budgets as soon as they have been
approved by the Cabinet and the Reichstag. Likewise, all tax laws and
records and data on exports and imports and other financial statistis will
be placed at their disposal at the earliest possible moment. The auditors
of the Entente, according to information given out at the Ministry of Finance, will not have the right to revise any of the laws or measures drafted
and approved by the Government.
362
THE CHRONICLE
[VOL. 115.
In our issue of Saturday last (pages 246-247) we reported and the publication of statistics, respectively. From these separate reports
that the Reparations Commission had on the 13th inst. the Committee will compile its general report to the Commission. Copies
of the report also will be furnished to the various interested Governments.
notified the German Government, in reply to the demand
for a moratorium for reparations payments, that it would
GERMANY'S COMPULSORY LOAN.
give a definite answer only when it had in. hand the full
In announcing that the bill providing for Germany's comreport of the Committee on Guarantees which had gone pulsory loan had passed the third reading in the
Reichstag,
to Berlin a short time before to supervise reforms to which Associated Press cablegrams from Berlin July 18 said:
the German Government had given assent. On July 19
The Reichstag to-day passed the third reading of the Defense of the Republic bill by a vote of 303 to 102.
cablegrams from Berlin (Associated Press) said:
As was foreshadowed in its note. the Reparations Commission of July
to
11, applying for moratorium, the German Government, it is announced, has
now sent a note to the Allied Gvernments asking that the monthly reparations payment, which hitherto has amounted to £2,000,000,, should be
reduced to £500,000 for the period ending December 31 1924.
The Governmentfurther requests that during the same period all cash payments due under Part 10, Section 4, and especially Paragraph 297E, of the
Peace Treaty be suspended. These paragraphs refer to compensation
respecting damage inflicted upon property rights or interests of subjects of
Allied or associated powers in Germany.
The same authority had the following to say in Paris
cablegrams July 19:
After a prolonged discussion, the bill providing for a compulsory loan of
70,000,000,000 marks was read for the third time in the Reichstag. The
limit of a subscription was fixed at 3,000,000 marks. The compulsory
loan operates simultaneously with the new laws on legacies and income tax.
The income tax and legacy tax bills were also read for the third time.
Previous references to the bill appeared in our issues of
April 8, page 1473; May 27, page 2297, and June 24, page
2773.
BELGIAN GOVERNMENT OPPOSED TO GERMAN
MORATORIUM.
Associated Press advices, in a cablegram from Brussels
July 19 said:
The whole reparations question will probably be in suspense until Friday
or Saturday, when the Reparations Commission will begin its consideration
of the report of the committee on guarantees, which has returned from
The Belgian delegate on the Reparations Commission is absolutely
Germany. Definite developments are not looked for in the meantime.
opposed to the proposed reduction of the German indemnity to 50,000,000,The committee will do some intensive work to-morrow and Friday in an 000 gold marks, it is understood to-day upon good authority.
endeavor to have its findings ready by Saturday at the latest. In official
circles the disposition is to proceed slowly and carefully with the question,
and it was this idea that prompted Premier Poincare to write a letter to the REPARATIONS COMMISSION OFFICIALY NOTIFIED
British Ambassador at Paris, Lord Hardinge, pointing out the necessity of
OF DEPOSIT BY GERMANY OF INSTALLMENT
moving with the greatest care before the date of the forthcoming FrancoDUE JULY 15.
British meeting is fixed.
The following advices (Associated Press) came from
In reparation circles it is indicated that the question of instituting a most
rigid control over German Governmental finances Win be one of the chief Paris July 17.
elements in the discussion of Germany's request for a moratorium. It is
The Reparations Commission was officially notified to-day that Germany
reliably reported that a difference of opinion exists in the commission on the had deposited 32,000,000 gold marks in designated banks to meet her
question of extending control over Germany. oven in the event that a mora- July 15 reparations payments.
torium is granted.
A majority of the members of the committee on guarantees are said to be
GERMANY RAISES TAX ON FOREIGNERS.
opposed to stricter control over German finances on the ground that this
From the New York "Times" of July 14 we take the
would have the effect of shifting to the Commission's shoulders all the
responsibility for the financial situation in Germany.
following from Berlin:
The directors of the Allied offices for the collection from Germany of preEverybody residing in Berlin who was a non-resident of Germany on
war commercial debts will meet in Paris on July 25 to consider the recent Jan. 1 1921, and who rents lodgings, except those who officially represent
these debts. their Governments, will be required to pay a residence tax of five times
announcement that Germany intends to suspend payment of
There is said to be 600,000,000 gold marks due this year.
the present levy, beginning July 15, according to a decision of the City
Premier Lloyd-George was reported as stating in answer Council.
Foreigners living in hotels, pensions and private dwellings come under
to a question in the House of Commons on the 17th inst.
this ruling.
that the British Government was steadily pursuing a policy
of insisting that Germany adopt the financial reform recom- GERMANY TO SUSPEND PAYMENTS OF PRE-WAR
COMMERCIAL DEBTS.
mended by the Reparations Commission. He said that the
first essential was the re-establishment of the equilibrium
In a Paris cablegram July 16 the Associated Press said:
Dr. Wilhelm Mayer, official representative of the German Government,
in the budget. Announcement that the reduction of the
has informed the French Government that Germany plans to suspend
German indemnity to 50,000,000,000 gold marks from the payments of her pre-war commercial debts, on which 600,000,000 gold
present total of 132,000,000,000 and the cancellation of the marks will be due this year according to German calculations. This sum
reparations and is a matter for
the
French debt to England was the basis of a solution of the is entirely outside as asubject ofcash payments in reparations. the Governbasis for
to consider
reparations question seriously discussed by French and ments
British officials. The Associated Press in Paris advices CLARENCE DILLON SAYS FOREIGN GOVERNMENT
July 17 added:
FINANCING IS PASSING.
Although the scheme has not yet officially reached the Reparation
Clarence Dillon, head of the investment banking firm of
Commission, members of the latter have discussed the details. It is
expected the proposed plan will be one of the chief subjects of dis- Dillon, Read Co., who has just returned from a two months'
cussion in the forthcoming meeting of Premiers Poincare and Lloyd-George.
to Europe, spent in investigating financial conditions
The suggested solution has the hearty support of British officials, who trip
have been urging its acceptance upon the French officials, it is announced. there, declared on the 17th inst. that the phase of loans to
The latter, so the Associated Press has been reliably informed, is looking Governments of Europe is rapidly passing and that the next
with more and more favor upon the plan, provided it carries with it a
in the development of the international relations
clean-cut pledge of assistance in time of attack and assures France the phase
allotment, wholly or in part, of England's 22% share of the total indemnity. between the United States and Europe will be loans to indusIt is believed that England is ready to concede virtually all these demands tries—private arrangements between bankers here and indusif full acceptance on the part of the French Government is obtained.
The plan would call for a moratorium for the remainder of this year's trial leaders abroad. The New York "Times" in reporting
cash payments, the Associated Press learns, experts taking the view that him to this effect, adds:
Germany would probably be able to balance her budget by JanuarY,
The Governmental programs have been about completed for the time
provided she is relieved of payments until that time. The acceptance being, England does not want to borrow, nor does France. Loans to Italy
of the proposed adjustment by France, advocates explain, would have the are a long way off. Germany and Austria cannot borrow. Many of the
effect of placing all the Allies, including Great Britain and the United small nations would like to get loans in the United States, but it is not in
States, firmly behind France in the collection of the reparation account.
the cards that their appeal will be granted.
It is admitted that the proposals if tentatively approved at the forthOur opportunity lies in industrial Europe,and I mightsay that all Europe
coming Franco-British meeting could harly be adopted by the two countries looks to us for help in this direction. The railroad and public utility financfor several months. It is explained, however, that discussion of the plan ing that is to be done in Europe is tremendous, and it is lucrative, too. We
has gone far enough to make it the outstanding and most acceptable solu- will lend, but we will lend with care. We must be thoroughly "sold" on a
tion of the German reparation problem.
loan before we will make it, and I would say that it is much harder to sell
us on a loan than it is for us to sell the bonds to investors here.
Thereis only one thing that American bankerslcan do in this case. That
FRENCH FOR ONLY BRIEF MORATORIUM FOR
is to go to Europe, get acquainted with the situation, with the people and
with the industries, and ascertain their needs. In other words, we must get
GERMANY.
a close-up picture of the industry, if we can. It must not be forgotten by
The New York "Evening Post" of last night (July 21) us, either, that England has been doing this financing abroad for two generleaders
overnight.
printed the following Associated Press cablegram from Paris: ations or more and that we becamedegree ofabroad almost co-operate with
willingness to
I find an exceedingly comfortable
Premier Poincare has provided President Dubois of the Reparations
foreign industrial leaders. They insist, for one thing, that the manCommission with ammunition with which to fight for France's position us by
shall be unchanged,that they shallstay in native hands. I believe
with regard to German reparations. It is in the form of a statement, agements
correct, with proper representation, of course, by the lenders on
prepared by the Premier and Minister of Finance de Lasteyrie,43eking this to be
I believe we will see a great deal of foreign industrial business
to show by statistics and instances that Germany was responsible for her their boards.
in the New York market in the herr future.
present financial crisis.
M. Dubois, it is understood, is being instructed by the French GOVernARGENTINE 7% TEMPORARY GOLD BONDS
ment to require the Reparations Commission to (1) pronounce the wilful
.default of Germany in her reparations obligations; (2) to demand further
EXCHANGE FOR COUPON BONDS JULY 24.
guarantees from her; and (3) if a moratorium should be granted on cash
The Chase National Bank announces that the Government
five or six weeks.
payments, that it should not exceed
Meanwhile the Guarantees Committee of the Reparations Commission of Argentine Nation External Loan 7% temporary bonds,
Is working on the report of its extensive investigations of Germany's finan- due Feb. 1 1927, will be exchangeable for coupon bonds on
cial and economic condition. Four sub-committees have been formed to
after July 24, at the institution's trust department.
report on Germany's revenues, expenditures, the exportation of capital, and
JULY 22 1922.]
THE CHRONICLE
"KATACO.MB EXCHANGES" IN SOVIET RUSSIA
CHARTER NOW FOR PRIVATE COMMERCIAL
BANK.
Moody's Investors' Service under date of July 13 furnishes
the following regarding the "Katacomb Exchanges" which
were brought into existence in Moscow and St. Petersburg
with the issuance of the Soviet prohibition against trading
in stocks, bonds, &c. According to the Moody advices,
"not only is the Government grip loosening up gradually
and transactions done now somewhat more openly, • • •
but the eventual rehabilitation of the erstwhile Czarist
Empire," is looked for. The information from Moody's
Investment Service follows:
363
there is no question "that the major part of the Russian gold
has found its way into the reserves of other countries and most
of it ultimately into the Federal Reserve." We give herewith the article so far as it relates to the survey of gold reserves, production, &c.:
In the "Federal Reserve Bulletin" for June 1921 there appeared a survey
of the world gold situation. The gold movement to the United States,
which was well under way at that time, has continued uninterruptedly
up to the present and has been of sufficient magnitude to change materially
the distribution of' gold reserves, so that a brief survey of the year's developments and the status at the end of April, 1922, seems appropriate.
Gold Reserves.
Below is printed a table showing the gold reserves of the principal countries of the world before the outbreak of the war, soon after the armistice.
at the beginning of the present gold movement to the United States In September, 1920, and on the latest available date-about April, 1922.
Gold reserves held by the central institutions of the principal countries
Russia Returns to Sanity.
Increased from $3,391,000,000 at the end of 1913 to $6,320,000,000 at the
The complete breakdown ofthe entire commercial,industrial and financial end of 1918. This increase was due mainly to additions to the gold reserves
machinery in the Russian Empire,following the overthrow of the Kerensky from circulation. A further increase to $6,629,000,000 is noted on Aug. 31
Provisional povernment by the Bolshevik]is too well known to need detailed 1920, due both to production of new gold and to further accretions to redescription. It is also well known that the Soviet Administration requested serves from private hoards and circulation. On the latest available date
the immediate delivery to the People's Bank of all kinds of securities and the reserves amounted to $7,851,000,000, the latest additions coming
precious stones. Trading in stocks, bonds,&c., was prohibited. However, chiefly from the absorption of the Russian central gold reserve, which
notwithstanding the direst threats, people in Bolshevik Russia did not amounted to $787,000,000 in 1913, but is not included in the totals because
shrink from the "criminal offence against the State," and continued to It is not known how much of it remains in Russia.* There is no question,
deal in securities. "Bourses" were established in Moscow and St. Peters- bowel,er, that the major part of the Russian gold has found its way into
burg which, owing to their secret existence against the Soviet ruling, were the reserves of other countries and most of it ultimately into the Feder.,
and still are known as the "Katacomb Exchanges" where deals have been reserve. The gold was shipped to Sweden, France and other Continental
and still are made in securities and exchanges. However, the supply was countries, and thence the same gold restamped, or equivalent amounts of
very scant, trading being confined largely to such securities as had not other gold, were sent to the United States. Twelve million dollars were
been turned over to the Government, although such action was "punish- sent direct to the United States for the purchase of food, in accordance with
an agreement made with the American Relief Administration.
able by death."
Not only is the Government grip loosening up gradually and transactions done now somewhat more openly, but recent information which has
* According to a recent estimate made by a United States Government
come to us from reliable sources would appear to justify one's viewing official in Europe, the present gold reserve in Russia does not exceed 100,with a certain degree of favor the eventual rehabilitation of the erstwhile 000,000 gold rubles. The estimate is arrived at in the following manner:
Czarist Empire. It has been reported reliably that the Moscow agent Balance of State Bank, Oct. 25 1917
1,292,000,000
Gold handed to Germans in accordance with Brest
of a prominent British corporation has been officially requested to inform
Litovsk treaty
company of the desire of the Soviet Government to resume negotiations Gold captured from the Bolsheviks in Kazan by320,000,000
the
Kolchak
for a return of the company's properties.
664,000,000
984,000,000
Of far greater significance is the following statement which has been
received by us from our over-seas correspondents, and which,in our opinion,
308,000,000
Indicates, more perhaps than any other recent happening, the gradual Recovered by Bolsheviks
420,000,000
return of Russia to common sense. The statement bearing the caption
728,000,000
of "The First Private Bank in Russia," follows: "The Soviet Adminis- Rumanian gold
125,000,000
tration has granted a charter to and approved the statutes of the first pri- Gold production
47,000,000
commercial bank. The institution will be known as the South Eastern Other sources (from indivkluals and churcnes)
vate
50,000,000
Bank and will have its main office at Rostow on the Don River. CapiTotal
950,000,000
talization amounts to 2,000,000 rubles (gold), consisting of 40,000 ordinary
shares (to bearer) of a par value of 50 rubles (gold). One-half of the shares Paid to Esthonian, Latvian, Lithuanian and Polish Governments
have been bought by the Government, which will, however, have only one
32,000,000
Shipped through Reval
representative on the Bank's directorate of six members."
538,000,000
Other expenditures and shipments
280,000,000
LIMITATION OF PRODUCTION PROPOSED BY RUSSIAN COUNCIL OF LABOR AND DEFENSE.
The following (Associated Press) from Moscow under date
of June 14, was published in the "Journal of Commerce" of
July 18:
Limitation of production and probably the closing down of several factories have been recommended by a special commission of experts in a report to the Council of Labor and Defense as a means of weathering the industrial crisis, which, after a few months of revival of Russian trade, has
again become acute.
Since 1918 the Soviet Government has many times been obliged to resort
to limitation of industry due to shortage of fuel, raw materials or food,
but the cause of the present stringency is different.
Limited sales, bad trade connections with the provinces and the insufficiency of working capital at the disposal of the various Government trusts
and syndicates all have contributed to the present situation. Since the
Inauguration of the new economic policy the various nationalized industries
have been combined in trusts and syndicates and reorganized to work on a
commercial basis. All such concerns have been deprived of Government
supplies and their employees no longer are rationed. Having begun with
very small capital at a time when the Soviet ruble was continuously depreciating in purchasing power, they had to fall back upon their old stocks,
and later they began to increase production in order to manufacture sufficient goods to obtain funds for future operations. As a result the markets
soon were flooded with goods. Owing to the abnormality of trade conditions and the low purchasing power of the ruble, these goods could neither
be sold freely to wholesalers nor direct to consumers.
The commission proposes that practically every industry be curtailed.
The program fixes the following percentage of reduction: Coal industry, by
15%; mines by 33%;gold and platinum by 12%;salt, 33%; metal,6 to 7%;
cotton textiles, 25%; wool, 20%;flax, 20%;silk, 10%;leather, 15%;chemical, 5%; glass, 64%; china, 34%•
The commission also reports that production has fallen greatly in comparison with pre-war output, the ratio being from 73 % in the metal industry
Up to 61% in the electrical.
now
"Industrial Life" in a recent issue says that the new bankruptcy law
being drafted will provide that the Government shall not be responsible for
the debts of State-managed concerns. This decree, however, has not yet
been adopted by the Council of Commissars.
ABSORPTION OF RUSSIAN GOLD BY FEDERAL RE.
3
SERVE BANKS AND CENTRAL INSTITUTIONL
OF PRINCIPAL COUNTRIES.
To the absorption of the Russian central gold reserve is
credited the increase in gold reserves held by the central institutions of the principal countries, which, according to the
Federal Reserve Board, on the latest available date-about
April 1922
-amounted to $7,851,000,000, as compared with
$3,391,000,000 at the end of 1913. In an article on "The
Gold and Silver Situation," published in its monthly "Bulletin" for June (made public June 27), the Board states that
100,000,000
GOLD RESERVES OF THE PRINCIPAL COUNTRIES.*
Gold Holdings (in thousands of dollars).
Dec. 31
1913.
Dec. 31
1918.
Percentage Distribution.
Latest
Latest
Aug. 31 available Dec. Dec. Aug. available
1920.
date,
31
31
31
date,
1922. 1913. 1918. 1920. 1922.
United States 691,514 2,245,720 2,129,941
40.3
Great Britain 170,245 523,632 737,416 3,170,007 20.4 35.5 32.1
765,875 5.0 8.3 11.1
9.8
France
678,856 664,017 697,108 690,600 20.0 10.5 10.5
8.8
Japan
64.963 225,821 411,263 608.170 1.9 3.6 6.2
7.8
Spain
92,490 430,072 473,309
7.1
6.2
2.7
Argentina _ 224,989 269,628 450,057 486,742 6.6 6.8 6.8
4.3
450,057
5.7
Netherlands._
_60,898 277,155 255,808 243,593 1.8 4.4 3.9
3.1
Germany_
278,687 538,861 260,035 238,407 8.2 8.5 3.9
3.0
Italy
288,103 243,566 203,834 212,604 8.5 3.9 3.1
2.7
Canada
142,517 190,688 172,002 153,971 4.2 3.0 2.6
2.0
India
72,780 63,842 126,905 118,341 2.2 1.0 1.9
1.5
Australia__
21,899 104,143 112,966 113,876 .6 1.6 1.7
1.5
Switzerland
32,801
80,041 104,213 105,149 1.0 1.3 1.6
1.3
Sweden
27,372
76,532
.8 1.2 1.1
.9
73,526
70,041
Denmark .._
19,666
.8
.6
.9
52,159 60,991
61,191
.8
Java
10,027
.8
.9
.3
51,600 60,500
59,750
.8
South Africa_
39,905
.5
.8
33,579
58,885 1.2
.7
54,991
Belgium
59,131
.8
.8
51,145
51,452 1.7
51,433
.7
Norway
12,846
A
.5
39,474
.6
32,691
39,488
.5
New Zealand_
25,306
.7
.6
39,419
.6
37,472 37,472
.5
Brazil
53,202
25,628 1.6
.3
15,571
.3
19,461
.3
Egypt
10,381
.3
.3
.3
16,312
10,807
16,614
.2
Yugoslavia _
_
13,584
.2
Czechoslovakia
12,738 ---- -------569
.2
Greece
5,211
.2
.2
.2
10,808
.1
10,422
11,001
Portugal __
8,760
.3
.2
.1
9,267
9,263
.1
9,266
Finland
6,948
.2
.1
.1
8,299
8,299
8,299
.1
Bulgaria
10.615
.
7,334
12,352
7,141
.1
Poland
__
.1_
6,940 ---- ---- ---1,657
Rumania- _
29,242
.9
329
2
329
Aus.-Hungary 251,421
.4 ___ _
.l3
.
.
9 7.4
53,074
45,113
Total
3,390,775 6.319.606 R R20 22R 7 R50 RRR 100.0 100.0 100.0 100.0
* Not including Russia.
It is notable that of the increase in total central reserves during the period
from August, 1920,to April, 1922, which amounted to about $1.222,000,000.
the addition to the reserves of the United States alone was about $1,040,000,000. The United States, which had about one-fifth of the reported
gold reserves in 1913, had over one-third at the end of the war, and twofifths on the most recent date. Other countries which show larger proportions of the total now than before the war are: Great Britain (5% in 1913
and 9.8% in 1922), Netherlands, Spain, Australia, and particularly Japan,
whose reserves increased nearly tenfold, or from less than 2% of the total
In 1913 to over 8% in 1922.
•
Gold Production.
Gold production in 1921 is shown in the table below. It is estimated that
the output for 1921 was about $321,000,000, or $14,000,000 less than in
1920. Smaller figures are shown for nearly all the producing countries
except South Africa. The strike in South African mines, however, which
occurred early in 1922, greatly curtailed the gold output in recent months.
Gold production in the United States, which reached its maximum of over
$101,000,000 in 1915, has declined continuously since that time and was
only $47,500,000 in 1921. This decrease is duo in part to the rise in the
price level, with the consequent increase in the cost of producing gold, while
the monetary value of gold remains fixed at $20 67 per ounce.
364
THE CHRONICLE
GOLD PRODUCTION OF THE WORLD.
1910.
United States
Canada
Russia
South Africa:
Transvaal
Rhodesia
Australasia:
Western Australia
Other Australia
British India
All other
1911.
1912.
1913.
1914.
96,269
10,206
35,580
Country.
96.890
9,762
32,152
93,451
12,649
22,199
88,884
16,599
28,508
94,532 101,936
15,983 18,937
28,586 28,586
1915.
1188,293 181,885 173,500 188,033
1
f 175,190 191,539 I 14,227 14,275 17,664 18,915
1
60,184k
11,054
60,359
1
1 65,471
10,718
61,826
26,515
27,994
11,056
69,752
27,166
25,947
12,178
66,499
25,488
22,031
11,378
49,806
25,015
24,383
11,523
54,038
455,260 461.940 466.138 450 041 420 MR 4.7f1 MI
Total
Country.
1916.
1917.
1918.
1919.
1920.
92,590
19,235
22,500
United States
Canada
Russia
South Africa:
Transvaal
Rhodesia
Australasia:
Western Australia
Other Australia
British India
All other
83,751
15,200
18,000
68,647
14,688
12,000
60,333
15,859
12,000
51,137
15,853
1,447
1921.*
47,570
14,271
192,183 186,503 174,023 172,231 168,648 168,124
19,232 17,245 13,051 12,267 11,433 12,110
21,941
18,535
11,209
56,752
20,131
15,814
10,757
56,189
12,772
10,877
9,028
53,743
11,452
4,209
7,448
55,457
Total
454,177 423.590 380.925 385 180 224088
* Estimates for 1921 from the "Statist" March 18 1922, page 402.
220 639
18,119
11,150
10,028
59,219
14,967
11,145
10,486
55,878
Goid Movement,
The table presented below shows the imports and exports of gold since the
end of November, 1918, in two periods: First, from that date to the end of
August, 1920, when the net movement was out of the United States, and
secondly, from September, 1920, to April, 1922, when the movement was
into the United States. A total for the period from November, 1918, t
o
,
date is also shown:
,
Ct
(7)
.
r...
.;
Excess
of
Imports.
Exports.
Sept. 1 1920—April 30 1922.
,
0)0MNW.01VV..-.V...M0,...W
. 1c1R ,-.m.00
c1.00 0
.
.
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ocscsocor.. . CO
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mcai
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4,9
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8 8
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444. .g.s Akc ..4k48 F.5. 2 1-2 ,
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N0C4MM M
a.
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.
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ma
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mmoo..,
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c:ci cn cr.; 0, 6 Li N csi a666 t.. c4 a a:
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t4
,-..0 ,...0
WNOMWY. CO
OVW=OW N400 C-1....
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r.. ',:.?„..
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Excess
of
Imports.
cs)
cC')R
0
N
0
m ,,,,,'-'CO
i 2.
Exports.
Nov. 1 1918—Aug. 31 1920.
I
...4
E
...
Total, Nov. 1 1918—April 30 1922.
1
N
,.
-.. g
,-
0
VW ts..01..10M.
40
W0 co..w.c0.1c
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inocim
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,.... 000,-,0. .-.0.400 gMM.00001,V. 0
0
4 . 6
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cag.74:2,3%3;21,82222012%2 2,7:82g 2
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000000.0.iscl0.0=-r0. .000c4,
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4141
For the entire period the imports totaled $1,290,000.000, received chiefly
Sweden, while total exports were $724,from England, France, Canada and
Argentina, China, Hong Kong and British
000,000, sent chiefly to Japan,
the losses occurred mainly prior to SeptemIndia. As mentioned before,
the United States during the period from
ber, 1920, the exports of gold from
being about $615,000,000, while from that
the armistice to September, 1920, amounted to
only $109,000,000. On the
time to the present total exports
the first period
other hand, the imports aggregated $240,000,000 during
during the second period. Immediately after the armisand $1.050,000,000
great deal of gold to South America and
tice the United States paid out a
accumulated balances during the war. Since
Oriental countries which had
and of payments has been continuously and
that time the balance of trade
overwhelmingly in favor of the United States and has brought an unintershown on the chart on page 661
rupted stream of gold to this country, as
of "Federal Rcserve Bulletini. It will be seen on the chart that the larg-
[VOL. 115.
est net imports ($91,000,000) were reported for October, 1920, that in 1921
a high level was maintained, but that in 1922 the amounts received were
much less, the total for the four months, January to April, being $101,000,000, or at the rate of about $300,000,000 a year, compared with $691,000,000 in 1921. Net imports of gold for April, 1922, were only $11,000,000,
the smallest monthly figure reports since September, 1920.
The movement of gold to the United States from existing stocks has apparently run its course, and at the present time this country receives no
more than the equivalent of new gold produced, though most of the gold received from France and Sweden, amounting to $41,100,000 for the four
months, is presumably of Russian origin. Imports from Great Britain,
which consist chiefly of the output of South African mines, dwindled to
nothing in March as the result of the strike in the Rand mines, but in April
the movement was resumed, though still on a small scale, total imports for
the month being $2,000,000.
An extensive presentation of the disposition of Russian gold
appeared in our issue of July 24 1920, page 339.
HENRY MORGENTHAU'S PLANS FOR REORGANIZING
AUSTRIA'S IND USTRY-$50,000,000 CORPORATION
INTERNATIONAL BANK ON GOLD BASIS.
Announcement was made in Paris on July 13 by Henry
Morgenthau, former American Ambassador to Turkey, 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 quote the
Associated Press advices, "to show the world that it is possible to prevent the bankruptcy of European States." The
following is from the further accounts of the Associated
Press:
Mr. Morgenthau, who has just returned to Paris from Vienna, where he
was assured of the co-operation of the Austrian Government, is now discussing this project with various financiers.
"There have been many plans suggested to help Austria and other
broken-down countries," he said, "until Americans concluded that it was
impossible. On the contrary, I know it is possible, and I am willing to
invest a considerable sum of my own capital and give my time as a member
of the Executive Committee.
"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.
"It is possible within one year after the corporation is organized to make
Austria a paying commercial proposition. I stake whatever financial
reputation I have on this statement. It is not true that Austria is hopelessly lost. All that is needed is disinterested initiative to put her on
her feet.
"There is now less unemployment in Austria than in the United States.
Within six months after the corporation has started, I am sure that Austria's
railways, which are now a heavy losing proposition, will be paying. What
is needed is to treat Austria like a bankrupt railway, put in new capital and
then go ahead. By discharging a few thousand railway employees, which
the Government itself is unable to do for fear of riots, and by raising the
tariffs these railways will pay.
"It will be a holding corporation for the principal industries of Austria,
and it will not in any sense be tied up with the new Austrian bank. One
condition in forming the corporation is possibly hinged upon the Reparation
Commission granting Austria the use of her monopolies as collateral, but
I am assured that this will be done.
"My conception of the corporation is to get British, French, Italian and
other capital, but with American control and with an American President
of the type of such active reorganizers as David Houston, Charles Dawes
or Norman Davis.
"The Austrian Government is so confident of my plan that it is willing
to show its faith by taking 30% of the common stock. It knows the home
conditions. For instance, Austria is becoming an agricultural country'
since being cut off from Hungary, but the present harvest is 30% short,
due to the lack of fertilizers.
"My proposition is purely one in the interest of civilization and to show
that those helping in civilization may at the same time earn money on
investments."
Mr. Morgenthau, who spent months visiting Germany and other parts of
Europe endeavoring to discover a feasible plan for reconstruction, finally
evolved one for Austria, which was launched in Austrian official circles
at a dinner in Vienna given by Albert H. Washburn, the American Minister.
During his visit in Vienna Mr. Morgenthau called on numerous bankers,
who pointed out to him that much of their wealth was in safe places outside
Austria, but with an international bank on a gold basis in Vienna they would
reinvest in their own country.
Mr. Morgenthau was busy to-day seeing American bankers and will
occupy his time to-morrow similarly. Then he will go to Italy.
"An international bank on a gold basis in Vienna," said the foriner
Ambassador, "is bound to act as a stabilizing infiuence 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 would be
avowedly semi-benevolent in its activities. It would develop Austria's
unlimited hydro-electric possibilities. I have reason to believe that an
important express company of the United States would undertake the
development of tourist trade."
The comment which Mr. Morgenthau's proposal evoked in
Berlin is the subject of the following cable dispatch (copyright by the Public Ledger Co.) published in the New York
"Evening Post" of July 19:
Henry Morgenthau is regarded here by those familiar with Austrian
conditions as a venturesome financier who will encounter insuperable
difficulties and disappointments in his plans to save Austria through a
proposed 860,000,000international corporation. They doubt the possibility
of either raising the suggested sum or of converting the present Austria into
a going concern should he do so.
The Proposals for the rehabilitation of Austria by outside financial
assistance, to give the amputated remnant that was left of Austria by the
Paris surgeons a chance of continued life, have been discussed over and over
by the League of Nations, the Supreme Council, and by private financiers,
but always they have fallen through when it came to a point of providing
capital in adequate quantities.
JULY 22 1922.]
THE CHRONICLE
International financiers have always drawn back when asked to risk
the actual cash.
Even greater difficulty is seen in the labor and political conditions, for
the Socialist and labor elements are too strong for any domestic Government to cope with. They have introduced such a complicated and extensive
measure of labor control in factories, railroads, etc., and exert such a
pressure in fixing wages that production in Austria is actually more expensive than in Germany.
A big American corporation with plants in Germany and Austria has
closed its Austrian factory permanently because it cannot afford to operate
and is handling its Austrian business from the German establishment.
Its Austrian manager declares similar conditions prevail in the whole
Austrian territory.
365
time caused serious embarrassment and uneasiness to our exporters. It
may be said in this connection that efforts are being made by Brazilian statesmen and others to correct this situation, which was largely responsible for
the difficulties encountered a year ago. Under Brazilian law, as interpreted
by the courts, the seller, particularly a foreign seller, has been somewhat
at a disadvantage in a controversy over the rejectment of shipments of merchandise. There is, however, evidence of a change in the attitude of some
of the courts, which should put the seller upon a more even footing with the
buyer. A complete revision of the commercial code of Brazil is now under
consideration by the Brazilian Congress, and efforts are being made to provide for a provision which would enable the seller to dispose of rejected shipments by auction, and to sue the buyer for any loss."
The New York "Tribune" had the following to say, on July BANKS TO CO-OPERATE WITH COMMERCIAL HOUSES
15 regarding the views expressed in New York on Mr. MorIN FOREIGN CREDITS.
genthau's plans:
Arrangements have recently been completed for a closer
International bankers yesterday expressed little confidence in the posco-operation between commercial houses and banks throughsibility of restoring Austria financially and economically through the
medium of a corporation as suggested by Henry Morgonthau, former out the country in procuring and exchanging credit informaAmerican Ambassador to Turkey. They characterized the project for a tion on foreign houses, according to G. McK. Roberts,
of
$50,000,000 to $60,000,000 international concern which would, through
the International General Electric Co. and Chairman of the
the introduction of foreign capital and direction, make of Austria a model
State, as merely another attempt to rectify by artifical means a situation Supervisory Committee of the Foreign Credit Interchange
which only common sense and time could straighten out.
Bureau of the National Association of Credit Men, 41 Park
Row, New York. Mr. Roberts states:
AUSTRIA BANS TRADING IN. FOREIGN MONEYS.
For the past throe years American exporters have been clearing their
The issuance on July 19 by the Minister of Finance of an foreign credit Information througn this Bureau, but for technical reasons it
has not
on
order forbidding private trading in foreign moneys in Aus- basis as been practical to admit the banks to membershipout, the same
mercantile houses. Plans have now been worked
however.
tria, although permitting travelers who buy sufficient and by agreeing to cot tam conditions, banks in all parts of the United Statse
are becoming affiliated.
amounts to leave the country, was announced in Associated
Many thousands of dollars will be saved annually both by the banks as
Press cablegrams from Vienna July 19, which also stated:
well as exporters through this clearing house of information. The data are
In future, the order provides, any such trading by the banks must pass
through the central exchange, where prices will be fixed.
FORCED LOAN FOR AUSTRIA.
On July 19 the Austrian Parliament adopted the Government's bill for a forced interior loan designed to yield a revenue of 400,000,000,000 kronen.
in the country but the big job is to find them, and this is both an expensive
as well as often hopeless task. By linking together the foreign credit files
of banks and exporters through safe and systematic channels, the dual
purpose is accomplished of materially reducing the cost of credit investigation as well as safeguarding both the bank and exporter in the extensions
of foreign credit.
This Burcau, which incidentally is non-profit-making, mutual and
supervised by a committee of its own members, has at the present time on
file, it is stated, cards on 120,000 foreign firms. It is expected that the
affiliation of banks will increase this number materially.
THE BRAZILIAN EXPOSITION AND OUR TRADE
CATALOGUES SUBJECT TO DUTY IN AUSTRALIA—
WITH BRAZIL.
POST OFFICE ISSUES CAUTIONARY NOTICE.
the latest issue of the "Foreign Trade Review," pubIn
Postmaster Morgan of this city invites attention to the
lished by the National Shawmut Bank of Boston, attention
following announcement by the Post Office Department:
is directed to the opportunity for American exporters through
For the
there is
participation in the Brazilian National Exposition, which "Commerceinformation of those concernedCommerce reprinted from the
Reports" of the Department of
a dispatch from the
will open Sept. 7 and continue for seven months to Mar. 31 American Consul at Adelaide, reading as follows:
"Manufacturers who go to the trouble to issue expensive catalogues and
1923. Our improved trade position with Brazil is reviewed price lists often
suffer a very serious disadvantage when such
and reference made to the trade recovery of Germany and arrive addressed to Australian business men, who find that they arepackages
required
other European countries in the Brazilian market. The to pay duty and short postage. In many cases, if he had previously been
inclined to purchase in the United States the line represented by the catabank states:
logue, its receipt in this manner offends him to such an extent that he
That upwards of thirty European nations have already manifested their refuses to give
further consideration to any line that that particular manupurpose to participate in the exposition with industrial exhibits indicates facturer has to
offer. It is therefore advisable to warn American business
that the commercial world is keenly alive to the opportunities which the houses to make
certain that the duty is fully prepaid and that packages
exposition represents.
bear the full amount of postage required. It should also be borne in mind
The exposition grounds cover an area of 160 acres and pre divided into a that short postage
national and a foreign section. As originally planned,it was to be a national the regular rate. which has to be paid at the other end is levied at double
affair devoted in part to a showing of Brazilian industrial enterprise. In"The customs tariff of Australia provides an alternate duty of 10d. per
creasing interest, however, in the Brazilian market compelled the expansion pound, or
45% ad valorem (whichever returns the higher duty), on cataof the idea and the inclusion of a foreign section, so that the exposition, to Ilgues, price lists,
a large extent, will be representative of world competition among foreign lithographic and circulars, prospectuses, show cards and photographic,
other printed advertising matter (see Sec. 172, p. 135,
exhibitors seeking to win South American trade. Sixteen nations have Annual
Postal Guide for 1921, in which section the figure 40 shoulde be
recognized the exposition officially, and are erecting elaborate buildings
changed to road 45), The customs regulations further provide that
to house their government exhibits. The United States Government has
demurrage at the rate of 2d. for each 24 hours or part thereof shall be
appropriated $1,000,000 for American participation, and a beautiful pavilion
charged on parcels not claimed within 72 hours after notice has been given
is being erected for the United States Government exhibit. This building, of the arrival
of the package. Prepayment of duty on all kinds of printed
upon the close of the exposition, will be used as the American Embassy advertising
matter may be made by means of stamps, which are obtainable
quarters.
from the official representative of the Commonwealth of Australia, Room
To meet the demand of foreign manufacturers and exporters for repre- 610, No. 11
Broadway, New York City.
sentation, a special section of the area adjoining the exposition grounds has
been laid out as an exhibition annex. In this area, foreign firms or organizations are permitted to erect the necessary buildings or pavilions for their
OFFERING OF $2,500,000 REPUBLIC OF PERU
exhibitions.
EXTERNAL GOLD BONDS.
Complete statistics of the trade of Brazil for the calendar year 1921 are
unavailable. The changes that have taken place from 1913 to 1920 in the
Blyth, Witter & Co. and White, Weld & Co. offered on
relative shares of the United States, Great Britain, Germany and France in
July 19 at 100 and accrued interest, a new issue of $2,500,000
the foreign trade of Brazil are indicated in the percentage figures below:
Republic of Peru, 10-year external secured 8% gold bonds.
Total Imports into Brazil. Per cent of Total Exports from Brazil.
Per cent of
1913. 1920.
1913. 1920. The books were closed on the day of offering, the bonds
42.1 United States
15.7
21.3 having been heavily oversubscribed. The offering circular
32.6
United States
21.2 Groat Britain
24.5
8.0
13.2
Great Britain
said:
5.0 Germany
17.5
Germany
14.1
6
.7
5.6 France
9.8
These bonds are a direct obligaion of the Republic of Peru and will be
11.4
12.3
France
"Beacuso of her industrial character, New England," says the "Review," secured by a first lien on all the taxes from the petroleum industry.
The Standard Oil Co. of Now Jersey, through ownership of the Imperial
"should be worthily represented at the exposition. In 1920 Brazil purchased manufactured goods similar in character to those produced in New Oil Co., Ltd., controls approximately 90% of all oil exported. Petroleum
amounting in value to $117,000,000. These included cutlery, has been produced for export, continuously, for more than 20 years, and
England,
Iron and steel manufactures, electrical machinery, industrial machinery, production has increased 140% in the past 10 yaw's.
The bonds are dated June 1 1922 and will mature June 1
textile machinery, and accessories, paper, rubber boots and shoes and other
manufactures, sewing machinery, silk goods, automobile tires, tools, wire 1932. They
are callable as a whole at the option of the
and woolen goods.
"In the single item of cotton manufactures, Brazilian imports in 1920 Government on 60 days' notice at par and accrued interest.
amounted to $32,000,000 in value. Almost all of this trade went to the
Interest is payable June 1 and December 1, and principal
cotton spinners of Groat Britain. Now England, as the centre of the boot and interest
are payable in the United States gold coin of the
interested in the fact that 80% of Brazil's exports of
and shoe industry, is
hides and skins come to the United States. One-half of Brazil's exports of present standard of weight and fineness at the main office
coffee, rubber, and sugar are also sent to the United States market. In of the Guaranty Trust Co. of New York, paying agent for
each of these lines New England has an interest because of her sugar refin- the loan,
without deduction for any taxes, present or future,
ing, rubber goods manufacturing and coffee roasting industries. Our large
imports of Brazilian goods should, wherever possible, serve as a basis for of the Republic of Peru. The bonds are in coupon form
in denominations of $500 and $1,000, and are registerable
the development of reciprocal trade.
"Reported lack of interest on the part of some of our manufacturers may as to
principal only. The Guaranty Trust Co. of New York,
be due to their experience during the chaotic period of 1920 and 1921.
There is, of course, no question that the rejection of merchandise at that is paying agent of the loan. The circular also says:
THE CHRONICLE
366
Legislation under consideration is expected to approve a long term Cus-Secured Loan. A presidential decree provides for h detachable
toms
Warrant to accompany each bond of this issue and when and if this decree
Is approved by the Peruvian Congress this Warrant will entitle the holder
for one year from date of the public offering of Customs-Secured Loan, to
-Secured bond at the original offering price, bonds of
purchase a Customs
this issue at the option of the warrant holder being accepted in payment at
100 and accrued interest up to five days prior to their redemption. All
rights under the Warrants cease five days prior to the maturity of this issue.
[VOL. 115.
of the Board of the Commercial Credit Co., to Robert
Garrett & Co., are reproduced from the circular:
Business.—The business of the company (usually known as "commercial
banking"), which has been successfully operated by the present management since 1912, is the purchase of open commercial accounts, acceptances,
drafts, notes receivable, installment, and motor lien obligations, secured by
a substantial margin or lien, and by endorsements or guarantees (except on
Ford cars), the average payment of receivables being about ninety days.
The following, based on information regarded as reliable, All of the assets of the company are liquid and subject to very little depreciation.
is also contained in the offering circular:
In its open account department the Baltimore company alone in 1921
purchased $42,781,935 of receivables, of which 57.2% were from manufacRedemption Fund.
turers and jobbers rated $125,000 and over with first or second credit in the
Funds received by the Paying Agent in excess of amount necessary to January 1922 agency books; 20.3% were from firms rated $1,000,000 and
pay interest shall be used in the purchase of bonds in the open market, over. Such firms guarantee for 100% all receivables they sell to the
or by tender at not exceeding par and accrued interest. If unable to company.
Earnings of Commercial Credit Co., Baltimore, including affiliated comobtain the required amount of bonds the Paying Agent shall call bonds by
panies, as computed from the reports by certified public accountants,
lot at par and accrued interest on sbrty days' notice.
except for part of 1922, after deducting Federal and other taxes, losses,
Financial (Par of Exchange).
&c., are as follows:
Net Earns, Net Earns. Net Earns.
The public debt of Peru on Dec. 10 1921 was $46,805,000 or about
Net Earn- on Average on Average on Average
$10 per capita, of which 116,050,000 was external. The entire debt
Preferred Pref. Class Common
ings
Net EarnStock
"B" Stock
ings Appli- on Average .Stock
service, according to the 1922 budget, is $4,954,000, representing 17.8%
Gross
Total Cash Then Out- Then Out- Then Outcable to
Receivables
of the actual revenues of 1921.
Dividends. Employed. standing. standing. standing.
Purchased.
On March 31 1922, the effective gold reserve against paper money in
30.73%
34.41%
41.41%
7.65%
1310,648
1916__ 135,001,972
27.83%
34.83%
circulation was over 91%,one of the highest reserves in the world.
4.57%
41.83%
313,790
51,078,171
1917__
42.85%
49.85%
56.85%
5.30%
426.405
Peru has recently established the Banco de Reserva del Peru, which 1918__
55,421,258
45.58%
38.60%
52.57%
3.78%
405,263
78,986,426
is a cental reserve and note-issuing bank, modeled directly after the Federal 1919_
54.39%
61.61%
68.61%
3.90%
683,809
87,291.823
1920._
Reserve banks of the United States. The notes of this bank are to be 1921__
35.00%
52.37%
45.40%
3.87%
654,001
79,347,241
*65.83%
secured by a reserve fund of at least 50% in gold and foreign exchange 1922__ x40,784,695
x505,213 *5.76% *80.83% *73.83%
at its gold value, and in addition by approved short-term commercial
x Five months. *Per annum.
paper rediscounted by shareholding banks.
Dividends.—The company has always paid full dividends on both issues
When the budget of 1921 was adopted Peru was experiencing the abnormal
effects of the boom of 1920. The receipts from export taxes, which were of outstanding preferred stocks. The common stock was put on a 6%
based on commodity prices, accordingly proved inadequate due to the dividend bases July 11913; increased to 8% April 11914; to 10% Oct. 1
general business depression of 1921, and the sudden decrease in revenue 1914; to 12% Oct. 11919;and to 14% Jan. 1 1922, which rate it is intended
resulted in the temporary suspension of a part of the service of the Govern- to continue. In addition thereto four special common stock dividends
ment debt, which service under the loan contracts is to be paid in full aggregating 105.92% on the original issue have been declared.
Preferred Stock Restrictions.—The preferred and Class"B" preferred stocks
with a part of the proceeds of this loan.
have equal voting powers with each other and with the common stock; are
Revenue.
fully paid and non-assessable; are cumulative at 7% and 8% per annum,
and
In the past five years revenues from export petroleum taxes, computed respectively; are preferred over the common stock both as to assets
redeemed by
at the mean exchange for each year, have averaged $397,410. Petroleum dividends; and, upon sixty days' notice, either issue may be
company at $30 per share (par $25) and accrued dividend.
revenues for 1922, which include additional taxes effective since Jan. 1, the
Preferred.—This stock has the added protection of the Class "B" preare estimated according to the budget at $990,000. The petroleum
adjusted as of May 31
export tax alone is running at the annual rate of $640,000, which is in ferred $2,000,000, common $2,000,000 and surplus,
1922 of $1,244,778 or a total of $5,244,778 an equity of about 262%,
excess of budget estimate of revenue to be derived from this source.
consisting entirely of liquid assets.
Class "B" Preferred.—This stock has the added protection of the common
Collection of Taxes.
$2,000,000 and surplus of $1,244,778 or a total of $3,244,778
All petroleum taxes are to be deposited as collected with the receiving stock
162%. consisting entirely of liquid assets. Dividends in excess
agent, the Banco Italian°, Lima, Peru, to be remitted to the Paying an equity of
may not be paid on the common stock unless, after the payment
Agent in New York at least once every two weeks to a total of $250,000 of 10%
there shall remain a surplus equal to 50% of the outstanding
each six months, cumulatively. Dr. William Wilson Cumberland, recom- thereof,
preferred stock.
mended by the State Department of the United States at the invitation Class "B"
of the Peruvian Government, is the present appointed Administrator of
Customs, and also serves as Financial Commissioner to the Government.
OF APPEAL
CANADIAN (SASKATCHEWAN) COURT
REVERSES LOWER COURT AND HOLDS REGINA
Peru has had a favorable balance of trade each year from 1891 to 1920,
STERLING BONDS MAY BE MET AT CURexcepting 1904. The value of foreign trade increased from $58,659,000
RENT RATE OF EXCHANGE.
in •1910 to $261,121,000 in 1920, and the surplus of exports over imports
increased from $10,186,000 to $82,459,000 in the same period. The United
In our issue of Feb. 4 (p. 463) we reported the decision of
does approximately one-half the business, both export and import.
States
Note.—All conversions of Peruvian currency into dollars have been the Court of King's Bench holding that Regina sterling bonds
made with exceptions as noted, at present rate of exchange, about $3.96.
must be met at par of exchange. The city at that time anPeruvian pound at par of exchange is $4 8665.
nounced its intention to carry the case to the Saskatchewan
Legality subject to the approval of Messrs. Curtis, Mallet-Prevost &
Colt, Attorneys, New York.
Court of Appeal (v. 114, p. 758). This Court of'Appeal has
Several references to the creation of the Federal Reserve now reversed the decision of the lower court and holds that
Bank of Peru (Banco de Reserve del Peru) have been made the bonds may be met at the current rate of exchange. ConIn these colums. The text of the Act was given in our issue cerning this decision, the "Financial Post" of July 7 says:
The action of the Saskatchewan Court of Appeal in reversing the judgof July 8, page 128.
General (Par of Exchange).
OFFERING OF $500,000 COMMERCIAL CREDIT CO.
7% PREFERRED STOCK.
Robert Garrett & Sons, of Baltimore, and Cassatt & Co.,
of New York, offered on July 13 $500,000 7% cumulative
preferred stock of the Commercial Credit Co. of Baltimore
(incorporated under the laws of Delaware). The issue was
offered at $25 50 and accrued dividend per share, to yield
6.86%. The stock is in shares having a par value of $25.
Subscribers to the stock are offered the privilege of buying
one share of common stock at $50 per share flat for each ten
shares of preferred which they are allotted. The capitalization and surplus—cash paid and outstanding—including
present issue, consists of:
$2,000,000 Preferred Stock 7% cumulative.
2,000,000 Preferred stock Class "B" 8% cumulative.
2,000,000 Common stock (present dividend rate 14%).
1,244,788 surplus and profits after 30% common stock dividend July 10
1922.
All three stock issues are listed on the Baltimore Stock
Exchange, and application will be made in due course to list
the preferred now offered. The company refunds State,
county and city personalty tax up to M% per $100 assessed
value in any State, or in lieu thereof State income tax up to
123/ cents per share, on each issue of preferred stock, wherever held. The Fidelity Trust Co., Baltimore, is registrar
of the stock. Dividends are payable quarterly the last day
of December, March, June and September. The following
salient features from a letter from A. E. Duncan, Chairman
ment of the Court of King's Bench in the now rather famous case of the
Toronto General Trusts Corporation against the City of Regina, opens an
avenue for considerable litigation; also it reflects most potently on the
value of certain securities—rather a certain type of Canadian securities.
The action originally brought by the Trusts Corporation claimed that
certain sterling bonds sold by the city in 1918 should be payable—both as
to interest and principal—at the par rate of excnange; that is, the gold
value, or $4 86 2-3 to the pound.
The city, on the other hand, claimed that interest payments could be
discharged by the purchase--in Canadian currency—of British Treasury
notes;such notes to be exchanged for the bond coupons as the latter fell due.
In the King's Bench Court the plaintiff's contention was upheld, the
learned judge finding that "sterling," in his interpretation, meant gold
value; and that by payment at par, the city would be giving no more or
less than the amount due—an amount for which the city, as guarantor of
the bonds, had made provision when the original debenture sale was made.
"This Court is of the opinion that the tender of the city of an amount
of Canadian currency sufficient to purchase in Toronto the actual amount
of pounds, shillings and pence called for in the printed due-coupons on the
bonds in question, is tender sufficient to discharge the city's debt."
Bonds of the type which form the basis of this notable court action,
providing for payment in Great Britain or Canada, but expressed only in
terms of sterling, are fairly numerous, consequently further litigation may
be expected.
The reversal of judgment also exercises an important influence on the
value of the bonds to investors, the securities being much less attractive
in consequence of the legality of interest payments being made in depreciated sterling.
CONDITION AND EARNINGS OF THE TWELVE
FEDERAL LAND BANKS.
Federal Farm Loan Bureau has prepared a series of
The
tables to show the condition of the twelve Federal Land
banks, separately and combined, as of June 30 1922, and
furnishing a variety of other facts regarding the loans, the
earnings, the surplus, &c., of these Farm Loan institutions.
JULY 22 1922.]
THE CHRONICLE
The two sides of the balance sheet show aggregate assets and
aggregate liabilities, respectively, of $635,846,756 on June 30
1922 for the twelve banks. Aggregate capital stock stands
at $33,269,592, of which $5,642,845 represents the amount
subscribed by the U. S. Government (the amount of the
capital stock originally subscribed by the U. S. Government
was ,892,130, but$3,249,285 has been retired),$27,508,917
the subscriptions of National Farm Loan Associations,
$112,940 subscribed by borrowers through agents and $4,890
the holdings of individual subscribers. The total of Farm
Loan bonds authorized and issued is $588,154,835, of which
only $2,215,835 remained on hand on June 30. As against
these outstanding issues the net mortgage loans held totaled
$540,427,898, with ,884,550 of interest accrued, but not
due, and the holdings of U. S. Government bonds and
securities were $73,615,286, with $782,541 of accrued
interest. There was also $6,235,730 of cash on hand and
in banks. In the following we show the consolidated
balance sheet complete:
Consolidated Statement of Condition of the Twelve Federal Land Banks.
At Close of
Business
June 30 1922.
Assetsmortgage loans
$540,427,898 10
Net
Accrued interest on mortgage loans (not matured)
8,884,549 95
U. S. Government bonds and securities
73,615,286 04
interest on bonds and securities (not matured)
Accrued
782,541 47
Farm Loan bonds on hand (unsold)
2,215,835 00
Accrued interest on Farm Loan bonds on hand (not matured)
13,919 94
Other accrued interest (uncollected)
18,847 91
receivable, acceptances, &c
Notes
633,164 27
Cash on hand and in banks
6,235,730 30
Accounts receivable
79,863 78
Installments matured (in process of collection)
1,132,821 53
Banking house
419,922 15
Furniture and fixtures
164,275 07
Other assets
1,222,100 49
Total assets
$635,846,756 00
367
LiabilitiesCapital stock:
United States Government
National Farm Loan associations
Borrowers through agents
Individual subscribers
At Close Of
Business
$5,642,845 00 June 30 1922.
27,508,917 50
112,940 00
4,890 00
Total capital stock
$33,269,592 50
Reserve (from earnings)
2,124,000 00
Surplus (from earnings)
500,000 00
Farm Loan bonds authorized and issued
588,154,835 00
Accrued interest on Farm Loan bonds (not matured)
4,603,702 69
U. S. Government deposits
Notes payable
2,070,000 00
Due borrowers on uncompleted loans
315,628 27
Amortization installments paid in advance
558,041 37
Matured interest on Farm Loan bonds(coupons not presented) 472,800 38
Reserved for dividends unpaid
249,125 30
Other liabilities
520,848 36
Undivided profits
3,008,182 13
Total liabilities
$635,846,756 00
Memoranda
Net earnings to June 30 1922
Less-Dividends paid to June 30 1922
Carried to suspense account to Tune 30_
Other charges to June 30 1922
$9,459,175 75
$3,401,298 81
344,413 28
81,281 53
3,826,993 62
Carried to surplus account to June 30_ _ _ _ 500,000 00
Carried to reserve account to June 30_ _ _ _ 2,124,000 00
Undivided profits June 30 1922
3,008,182 13
Total reserve and undivided profits June 30 1922_ __ _
Capital stock originally subscribed by U. S. Government_ _
Amount of Government stock retired to June 30 1922--_-
$5,632,182 13
$8,892,130 00
3,249,285 00
Capital stock held by U. S. Government June 30 1922-*Unpledged mortgages (gross). $13,472,211 62.
$5,642,845 00
It will be seen that the net earnings to June 30 1922 have
been $9,459,175, of which $3,401,298 has been paid out in
dividends, $425,695 appropriated in other ways, and $5,632,182 remains in the shape of reserve and undivided profits.
The balance sheet of each Land bank separately is shown
in the following:
STATEMENT OF CONDITION OF EACH OF THE FEDERAL
LAND BANKS JUNE 30 1922.
Springfield.
Baltimore.
Columbia.
Louisville.
New Orleans. St. Louis.
Assets
$
$
$
mortgage loans*
$
$
Net
18,483,752 14 23,468.344 64 40,220,359 30 47,499,252 65 40,775,199 37 47,506,671 73
Accrued interest on mortgage loans (not matured)
310.763 53
340,359 17
779,426 08
805.372 51 1,118,653 34
818,895 74
U. S. Government bonds and securities
2,462,019 17 6,268,095 00 7,411,598 13 5,619,487 94 7,944,964 10 4,363,300 63
Accrued interest on bonds and securities (not matured)
41,465 51
46,704 59
132,154 85
32,294 89
38,446 71
27,412 93
Farm Loan bonds on hand (unsold)
301,600 00
198,860 00
86,500 00
64,500 00
403,000 00
Accrued interest on Farm Loan bonds on hand (not matured)_ _ _ _
2,304 91
1.491 45
659 56
483 75
Other accrued interest (uncollected)
817
Notes receivable, acceptances, &c
57 97
223 93
Cash on hand and in banks
2,676 65
157,645 45
289,825 46
512,355 30
Accounts receivable
284,401 95 x152,231 69
590,526 77
5,993 11
7,624 10
6,082 65
Installments matured (in process of collection)
3,50000
701 83 . 13,530 24
32,645 85
35,451 25
107,297 09
Banking house
53,649 33
36,384 07
17,945 25
Furniture and fixtures
140,836 03
19,78239
7,329 14
9,586 88
18,437 00
12,900 00
Other assets
11,239 36
28,321 82
4,718 41
18,605 36
316,079 58
86 93
66,398 01
Total assets
21,846,293 88 30,668.803 21 49,302,570 45
Liabilities
54,322,288 79 43,952,291 97 54.122,761 66
Capital stock-U. S. Government
721,345 00
702,705 00
564,595 00
National Farm Loan associations
462,275 00
476,320 00
534,820 00
949,750 00 1,195,790 00 2,031,945 00
Borrowers through agents
2.417,310 00 2,091.060 00 2,431,760 00
Individual subscribers
165 00
1,77000
Total capital stock
520 00
115 00
1,671.260 00 1,900,265 00 2,596,540 00
Reserve (from earnings)
2,893,745 00 2,626.400 00 2,894,035 00
37,000 00
76,000 00
65,000 00
193,000 00
Surplus (from earnings)
125,000 00
150,000 00
Farm Loan bonds authorized and issued
19,665.000 00 28,350.000 00 45,883,800
Accrued interest on Farm Loan bonds (not matured)
00 50,43 ---60 46,466.666
- - -66 50,150,000 00
-2:7 0
6
157,485 00
222,916 66
403,731 23
360,515 23
U. S. Government deposits
356,016 84
395,320 70
Notes payable
Due borrowers on uncompleted loans
40,597 37
8,254 59
19,184 16
Amortization installments paid in advance
23,150 00
600 00
51,571 11
57,952 79
97,685 32
55,630 63
Matured interest on Farm Loan bonds (coupons not presented)_
149,110 04
17,859 05
13,624 70
50,817 10
36,733 13
43,785 07
Reserved for dividends unpaid
50.002 65
84,178 46
43,791 72
11,255 06
Other liabilities
1,06858
6-6, 70 78
07- - ---'78
4,68
8
80,721 42
15,122 40
115,920 83
Undivided profits
10,017 55
139.450 60
35,100 72
260,478 86
215,007 99
170,123 63
239,664 27
Total liabilities
21,846.293 88 30.668.803 21
49,302,570 45 54,322,288 79 49,952.291 97 54,122,761 66
*Unpledged mortgages (gross)
x0verdraft.
922.440 00 1,100.790 87
230,850 CO
1,063,475 75 2,381,700 00 1.483,225 00
St. Paul.
Omaha.
Berkeley.
Spokane.
Houston.
Wichita.
Assets$
Net mortgage loans*
62,928,277 10 66.628,257 45
38
71
Accrued interest on mortgage loans (not matured)
944,312 11 1.027,692 31 45.929.972 60 58,706,285 60 25,542,012 03 62.759,513 81
407,442 84
841,848
851,402
638,380 91
U. S. Government bonds and securities
9,897,471 87 5,274,591 90
5,826.394 63 7,167,515 79 3,813,500 00 7,566,346 88
Accrued interest on bonds and securities (not matured)
124,834
80,330 27
54,236 82
117,802 40
44,812 98
42,044 98
Farm Loan bonds on hand (unsold)
99,300 00
240,980 00
99,600 00
226,330 00
113,245 00
381,920 00
Accrued interest on Farm Loan bonds on hand (not matured)
744 75
1.80735
852 14
1,73283
848 34
2,994 86
accrued interest (uncollected)
Other
9,306 12
1672
41
56 08
9.347
Notes receivable, acceptances, &c
248,216 83
14,04686
368,000 00
Cash on hand and in 13anks
386,494 33
297,841 03 2.356,21000
324,819 51
415,659 85
772,182 34
Accounts receivable
13,191 80
1,803 44
14,917 47
150 00
1,742 39
10,626 75
Installments matured ---- process ----COIleCtlOi25 -173,405 25
53,260 65
36,676 85
412,028 94
91,263 38
100,758 87
Banking house- - _
175.000 00
86,140 87
Furniture and fixturesi
14,700 00
14,000 00
7.016 38
13,368 29
17,515 63
lie- ) -6o
40
Other assets
141,038 97
274 85
82,205 60
446,934 01
8,095 73
109,341 22
Total assets
75,156,293 67 73.620,839 25
55,794,391 98 67,875,097 62 30,383.352 05 72,801.771 47
Liabilities
Capital Stock-U. S. Government
268,290 00
190,870 00
668,550 00
259,105 00
309,985 00
483,985 00
National Farm Loan associations
3,125,095 00 3,413,720 00
2,302,515 00 3,003,385 00 1,321,585 00 3,225,002 50
Borrowers through agents
112.940 00
Individual subscribers
10 00
2,310 00
Total capital stock
3,506,325 00 3,604,600 00
2,788.810 00 3,313,370 00 1,990.135 00 3,484,107 50
Reserve (from earnings)
400,000 00
270,000 00
300,000 00
105,000 00
210,000 00
193,000 00
Surplus (from earnings)
200.000 00
200,000 00
100,000 00
Farm Loan bonds authorized and issued
70,073,475 00 68,450,000 00
63,300,000 00 27,860,000 00 67,932,000 00
Farm Loan bonds (not matured)
49,657,800 00
Accrued interest on
544,717 72
530,458 33
218,000 00
531,740 00
493,958 32
388,842 66
U. S. Government deposits
-----------------------Notes payable---------- - _
2,070,000 00
Due borrowers on uncompleted loans
73,887 64
3,38000
819 04
145.755 47
Amortization installments paid in advance
26,920 00
34,912 95
12,602 70
13,776 27
32,665 68
25,214 51
Matured interest on Farm Loan bonds (coupons not presented)_
38,854 16
33,91484
37.636 25
72,699 06
38,614 60
38,259 77
Reserved for dividends unpaid
1,058 95
3.407 28
97,303 30
7,061 95
Other liabilities
117,396 21
2.890 75
62,770 19
11,018 05
4,225 91
30,005 55
Undivided profits
173,658 99
686,960 97
100,929 32
252.204 27
285,315 27
449,287 24
Total liabilities
75,156,293 67 73,620,839 25 55,794,391
98 67,875,097 62 30,383,352 05 72,801,771 47
S
*Unpledged mortgages (gross)
1,307,800 00
391,900 00 1,622,200 00
1,370,680 00 1,384,100 00
223,050 00
The loans closed by the twelve banks aggregated $18,077,300 for the month of June and $19,464,200 for the month
of May. Results were much better in June than in May
for, while in May all but one of the twelve banks sustained
a loss, in June they all netted gains. This appears from
the following:
Net Earnings for May and June 1922 and Gross Loans Closed.
Gross Loans Closed
-Net Earnings
May 1922.
June 1922.
June 1922.
May 1922.
Federal Land
No.
Gain.
Amount.
No.
Gain.
Amount.
Banks At- Loss.
128
3586,300
$7,897
177
$458,100
$11,848
Springfield387
12,869
417
1,005,700
1,063,500
Baltimore__ 4,239
1,380,400
45,523
1,128
2,843,800
618
Columbia ___ 60.936
554
2,006,100
15,366
515
1,950,000
Louisville_ _ _ 59,101
824
42,908
1,651,200 1,055
1,960.800
New Orleans. 60,909
51,749
471
730
1,919,200
1,204,500
St. Louis___ 47,713
38,361
324
505
1,669,800
2,336,200
St. Paul____ 60,401
316
40,917
337
1,364,800
14,418
1,430.500
Omaha
617
42.937
520
2,014,400
59,535
1,735,500
Wichita
46,819
553
519
1.801,000
1.469,800
Houston__ __ 65,015
282
15,134
230
1,053,400
839,000
Berkeley_ __ _ 17,624
467
57,799
546
1,732,8110
2,064.700
Spokane_ ___ 28,945
Total_
[VoL. 115.
THE CHRONICLE
368
$466.989
$418.279
6.310 319,464,200 5,910 318.077,300
RESOURCES OF STATE BANKING INSTITUTIONS IN
UNITED STATES.
R. N. Sims, Vice-President of the Hibernia Bank & Trust
Co. of New Orleans and Secretary-Treasurer of the National
Association of Supervisors of State Banks, in his annual report to the Association at its annual convention in Detroit
on July 19, submitted a statement showing in detail by States
the capital, surplus and undivided profits, loans and discounts
bonds, stocks and securities, and total resources of all State
banking institutions of the continental United States, together with totals of these items of the national banks, and
all covering as of March 10 1922. The report of Secretary
Sims, it is claimed, covers the only available accurate and
detailed data of the State banking institutions comparable
with the reports of the Comptroller of the Currency, which
covers the national banks. Mr. Sims said:
The figures given are surprisingly gratifying and reflect the healthy condition of the banking institutions of our country. The total deposits are
practically as high as they have ever been, except as shown by the statement
of June 30 1920, when the highest point ever known waS reached. In spite
of the enormous liquidation in business which followed the unprecedented
inflation in the post war period, there was a shrinkage of only 5% in the total
deposits of all banks between June 30 1920 and March 10 1922, and a shrinkage in the State bank deposits during that time of only 1.4% •
On March 10 1922 there was a total of 30,499 banks,of which 22,302 were
State and 8,197 national banks, and in round numbers a total capital,
surplus and undivided profits of $6,534,000,000, total deposits of $38,901,000,000, and total resources of $48,658,000,000. From June 30 1920 to
March 10 1922 the State banks increased 379 in number and the national
banks 167. On March 10 1922, in round numbers, the capital, surplus and
undivided profits of the State banks was $3,700,000,000, and of the national
banks $2,834.000,000, showing the capital resources of the State banks to
be 30% in excess of the national banks. The deposits of the State banks
were $23.510,000.000 and of the national banks $15,390,000,000, showing
the deposits of the State banks 52% in excess of the national banks. The
total resources of the State banks were $28,808,000,000 and of the national
banks $19,850,000.000, showing the resources of the State banks 45% in
excess of the national banks.
Both classes of banks perform equally useful and necessary functions, and
I do not make comparisons for the purpose of disparagement, but to emphasize the fact that the two great banking systems are of equal importance in
the development and handling of our country's business.
Similar comparisons by Mr. Sims, made up for earlier
periods, have been published by us, namely, Jan. 31 1920,
page 421; July 17 1920, page 250; Oct. 30 1920, page 1707,
and Sept. 24 1921, page 1307. The following is his latest
statement:
BY
AGGREGATE RESOURCES, ETC., OF ALL BANKING INSTITUTIONS UNDER STATE CONTROL, COMPILED FROM STATEMENTS FURNISHED
NATIONAL
HEADS OF STATE BANKING DEPARTMENTS. ALSO AN ADDENDUM COVERING AGGREGATE RESOURCES. ETC., OF ALL
CURRENCY, AND FIGURES EXHIBITING TOTAL BANK
BANKS,TAKEN FROM REPORTS OF THE COMPTROLLER OF THE
RESOURCES OF TI1E UNITED STATES.
By R. N. Sims.
Bonds, Stocks,
Capital, Surplus Deposits, Incl.
Noel
Total
Securities,
Undivided & Undivided Cert. &Cashiers' Loans and
InstiDale of
Resources.
&c.
Discounts.
Checks.
Profits.
Profits.
tutions.
Capital.
Report.
Surplus.
$
State
108,698,082
7,376,934
77,641,795
81,832,717
20,114,903
247
Alabama
Mar. 10 1022
11,469,166
.8,645,736
53,550,344
6,984,130
33,729.057
40,790,840
7,371.563
1,048,248
60
Arizona
Mar. 10 1922
4,423,571
1,809,744
8,977.792
142,663,940
102,330,321
99,655,346
25,468.303
2,823,029
403
Mar. 10 1922
16,221,425
Arkansas
6,423,848
c
940,147,644 393,534,662 1,600,872,839
427
17.960,570 160,326,405 1,403,501,643
Mar. 10 1922
California
99,223,620
43,142,215
108,702,770
21,838,465
60,593,177
90,106,277
15,287,520
244
Colorado
1,203,611
Mar. 10 1922
9,731,500
4,352,405
643,366,865
283,952,459 260,350,123
576,306,948
48,042,708
155
5,474,591
Mar. 31 1922
Connecticut
13,584,700
28,983,416
32.393,562
35,270.490
78,088,170
62.562,013
13,176,578
40
Mar. 10 1922
Delaware
2,100,368
5,544,125
5,532,085
15,252,692
(36,937,932
116,321,752
99,223,634
14,740,270
Florida
217
May 5 1922
1,536,411
9,945,000
3,258,859
14,203,181
194,016,601
266,497,976
166,956,490
53,700,974
598
Dec. 31 1921
Georgia.
6,883,011
31,862,200
14,955,762
3,843,652
28,283,023
41,760,121
28,650,295
6,173,717
124
Mar. 10 1922
Idaho
300.247
4,419,600
1,453,870
Illinois
Mar. 10 1922 1,401
34,383,508 257,272.643 1,565,839,151 1,180,883.538 349,162,783 1,911,424,971
141,032,000
81,857.135
70,648,879
323,014,445
528,823,979
392,972.097
66,836,467
838
Dec. 31 1021
Indiana ..,..
5,811,214
43,210,322
17,814,930
28.591,901
581,801,022
722,633,449
556,978,734
93,810,060
Mar. 10 1922 1,338
Iowa
12,236,099
55,833,800
25,739,261
19,471,417
222.745,327
308,240,012
240,135,733
48,337,911
Mar. 18 1922 1,104
Kansas
4,310.198
28,785,550
15,242.162
27,577,728
154,117.604
219,829,659
164,562,135
36,669,675
467
Dec. 31 1921
Kentucky
3,295,594
21,134,424
12,239.656
30,496,213
199,359.621
307,239,724
245,971,847
39,942,161
Mar. 10 1922
Louisiana
230
4,796,344
23,057,540
12,088,276
159,694,185
85,856,311
260,228,730
230,528,612
23,267,323
Mar. 25 1922
98
Maine
7,947,102
5,165,400
10,154,820
132,124,506 171,971,625
415,364,731
348,224,980
56,445,286
Dec. 31 1921
161
Maryland
18,064,050
18,855,745
19,525,491
Massachusetts
May 15 19221
Trust companies
Oct. 31 19211 506 211,794,937 145,170,036
Other banks
27,389,831 384,354,806 2,052,603,388 1,524,047,930 886,414,700 2,607,491,006
343,782,142 465,341,465
969,684,875
795.870.169
118,796,460
Mar. 10 1922
573
Michigan
13,021,776
62,505,508
43,269,175
85,965,543
340,331,303
503,591,585
419,949,336
56.856.256
April 7 1922 1,179
Minnesota
5,366.628
36,073,880
15,415,747
108,142,105
120,936,692
18,245,453
162,917,586
21,518,431
323
Mar. 10 1922
1,747,201
Mississippi
13,010.950
6,751,279
545,657,642 116,731,223
668,652.819
851,765,037
126.749.756
April 3 1922 1,516
12,691,376
Missouri
72,551,000
41,507,379
72,110,037
73,805.081
9,787.129
103,931,815
15,994,423
273
Mar. 10 1922
841,204
Montana
11,615,000
3,538.219
209,331,460
227,137,286
10,062,201
282,161,803
39,690,151
Mar. 25 1922
978
6,484,820
25,454,800
Nebraska
7,750,530
14,081,972
17,762,402
2,100,059
21,157,717
2.583.820
23
Mar. 10 1922
299,312
1,736.400
Nevada
548,108
149,340,024
71,260,496
86,967.210
163,772,851
10,263,930
70
June 30 1921
830,000
New Hampshire
*9,433,930
292,591,735 524,012.956
809.521,556
924,723,013
95,159,587
189
Mar. 10 1922
15,305,960
36,820,000
New Jersey
43,033,627
16,690,895
16,737,486
1,383,425
22,606,954
3,919,098
68
Mar. 10 1922
178,223
2,885,000
855,874
New Mexico
New York
Dec. 31 19211
Savings banks
803,603,574 6,410,251,422 2,403,384,643 3,818,587,108 7,606,474,032
Mar. 10 19221 642 263,845,200 .
539,758,374
Other banks
182,245,959
240,252,669
179,452,187
13,545,587
37.819,815
552
3,991,338
Mar. 10 1922
23,707,873 • 10,120,603
North Carolina
88,121,746
127,945,525
102,530,426
5,789,600
15,435,299
666
64,449
Mar. 10 1922
11,286,500
4,084,350
North Dakota
908,754,905 278,345,517 1,430,574,198
751
176,913,840 1,195,222,111
17,244,849
96,219,697
Mar. 10 1922
63,449,294
Ohio
110,824,096
87,379,914
10,965,110
74,175,681
14.016,211
517
733,205
10.889,150
Mar. 10 1922
2,393,856
Oklahoma
112,949,764
93,678,558
10,125,188
64,484,113
14,986,119
180
1,933,350
9,509,500
Mar. 10 1922
3,543,269
Oregon
470,092,347 1,027,352,378 2,194,765,399
761 146,702,368 219,949,743
50,172,045 416,824,158 1,703,301,848
April 4 1922
Pennsylvania
Rhode Island
Dec. 311921),
Trust and State
341,796,990
145,018,347 161,224,965
302,514,013
27,253,120
31
5,223,997
9,110,200
April 18 19221
12,918,923
Other banks
149,345,505
9,660,853
117,352,944
97,528,971
28,172,041
373
17.711,546
2,779,667
Mar. 10 1922
7,680.828
South Carolina
2,762,315
183,805.730
141,310,299
141,253,132
19,729,989
562
2,426,869
12,920,200
Mar. 10 1922
4,382,920
South Dakota
228,100,535
15,468,547
170,125,574
154,246,718
35.786.986
470
22,779,057 *13,007.929
1922
May 5
Tennessee
17,739,185
333,896,253
223,584,167
240,740,408
66,630,424
988
46,880,200 •19,750,224
Mar. 10 1922
Texas
11,754.100
87,591,878
58,785,530
64,849,663
12,254,004
98
7,720.626
935,196
Mar. 20 1922
3,598,181
Utah
135,243,905
29,672,338
97,575,481
120,570,582
11,989,822
58
2,416,000
2,142.300
Mar. 10 1922
7,431,521
Vermont
18,091.879
185,834,361
140,691,444
128,935,617
41,475.596
334
24,028.031
3,669,967
Mar. 10 1922
13,777,597
Virginia
34,065.071
91,137,281
163,552,914
135,548,733
20.727.551
291
14,323,500
1,478,703
Mar. 10 1922
4,925,347
Washington
30,615,106
146,417,187
211,818,939
169,245,656
33,069,122
227
3,626.560
17,655,100
Mar. 10 1922
11,787,461
West Virginia
78,628,939
328,778,838
487,903,331
410,688.336
56,297,227
850
34,611,700
8,541,611
Mar. 10 1922
13,143,916
Wisconsin
1,320,064
19,977,716
21,649.147
27,764,953
4,821,820
101
3,008,000
643,289
Mar. 10 1922
1,170,530
Wyoming
__(AveragedateMar. 10 1922)22,302 1,794,110,615 1,587,458,465
Totals_Statement of Comptroller of
Currency gives total for
.
.
038.184,000
Mar. 10 1922 8 197 1,289 528,000 1.
all national banks
Excess of State banking institutions
14,105
504,582,015
June 30 1919
1. Totals State banks
June 30 1920
2. Totals State banks
Mar. 10 1921
3. Totals State banks
Mar. 10 1922
4. Totals State banks
banks_ _June 30 1919
1. Totals National
banksJune 30 1920
2. Totals National
_Feb. 21 1921
3. 'Fatale National banks_
banksMar. 10 1022
4. Totals National
21,028
21,923
22,705
22,302
7,785
8,030
8,143
8,197
1,307,888,588
1,595,243,703
1,734,909,385
1,794,110,615
1,118,603,000
1,224,166,000
1,273,205,000
1,289,528,000
551,274,465
1,332,891,448
1,450,494'206
1.533,327,012
1,587458'465
872,226'000
986,384'000
1,029,406000
1,036,184;000
319,108,843 3,700,677,924 23,510,877,185 14,108,585,847 9,414,104,361 28,808,553,357
508,560,000 2,834,272,000 15,390,438,000 11,293,874,000 4,118,160,000 19,850,402,000
866.405,924 8,120,439.185
258,882,640 2,899.662.677
295,274,641 3,341,012,552
318,844,745 3,587.081,143
319,108,843 3,700,677.924
372,649,000 2,363,478.000
411,525,000 2,622.075,000
431,204,000 2,733,815.000
508,560,000 2,834,272,000
profits.
* Includes undivided
United States on March 10 1922 show:
All banking institutions of the
-------------------------------------------------30,499 I Total deposits
Total banks
undivided profits
S6,534,949,924 31 I Total resources
Total capital, surplus and
21,632,822,011
23,950.838,611
23,780,750,818
23,510,877.185
15,924.865,000
17,155,421,000
15,478.354,000
15,390,438,000
2,814,711,847 5,295,944,361
8,958,151,357
8,497,523,011
8,235,427,676
8,877,828,333
9,414,104,361
.521,000
4,4981771.000
1,028,0 .9,000
1,118,160,000
25,965,675,836
29,91,455,648
29,412,657,029
28,808,553,357
20.799,550,000
22,196,737,000
20,307,651.000
19,815,402,000
12,257,134,526
15,334,616,394
15,449,134,595
14,108,585,847
10.588,891,003
12,396,90(1 00
11,680,837,000
11,293,874,000
$3 901,315,185 07
8,
48,658,955,357 84
Mr. Sims was formerly Bank Commissioner of Louisiana; he is now, as already stated, Vice-President of the Hibernia
Bank & Trust Co. of New Orleans.
JULY 22 19221
THE CHRONICLE
RS'
ADVANCES TO NORTH CAROLINA COTTON GROWE
ASSOCIATION APPROVED BY WAR
FINANCE CORPORATION.
(page
Among the advances which we reported last week
tion to
252) had been approved by the War Finance Corpora
,assist in the orderly marketing of cotton was one of $10,000
Carolina Cotton Growers' Association.
000 to the North
the
Regarding this, the Raleigh "News and Observer" of
said:
13th inst.
Finance Corpora-
the War
Backing to the extent of ten million dollars by
Growers' Co-operative Associadon is assured the North Carolina Cotton
year's cotton crop. This is expected to
tion for tht financing of this
cotton of its 27,000 members.
provide credit for the orderly marketing of the
following the visit of a
This announcement was made this afternoon
Washington, and at the
delegation from the North Carolina delegation to
on announced advances to other
same time the War Finance Corporati
the total credits granted to-day up
cotton growers' associations bringing
to $24,000,000.
association, which now has
It is significant that the North Carolina they asked for. Before adthat
350,000 bales of cotton pledged, got all
tion is made by the War Finance
vances for credit are made careful investiga
Corporation.
headed by former Congressman Lee
The North Carolina delegation was
association, and Dr. B. W.
Robinson of Wadesboro, a director in the
of the State Agricultural
Kilgore of Raleigh, another director, and head
Ga., recently named as sales
Extension Service. C. B. Mason of Atlanta,
also for the Georgia and
manager for the North Carolina association and Washington.
'
Heels to
Alabama associations, accompanied the Tar
Corporation will be made through the
The advances by the War Finance
of the cotton held by the
value
North Carolina banks up to 50% of the
take care of the other half.
association and the banks will be expected to
as it is
expected that all of the ten million dollars will be required
It is not
excellent condition and will be
understood that North Carolina banks are in
advances.
of the necessary
able to take care of a large part
g of the cotton crop, the
With the approach of the time for the marketin
are carefully planning to avoid a congestion of the cotton
co-operatives
planning to put on in intensive
markets. The North Carolina association is
of the new crop season that will
drive for new members before the opening
bring its total sign up to 600,000 bales.
backing of expert financiers and
The North Carolina association has the
the orderly marketing of cotton
no difficulty is anticipated in financing
Corporation to-day.
In view of the action of the War Finance
369
an article (copyright) in the New York "Times" of July 16
by Garet Garrett, who undertook to present Mr. Edison's
monetary plan from the inventor's point of view—Mr.
Garrett expressing therein no opinion or judgment of his
own. The criticism registered against the currency proposals of Mr. Edison and Henry Ford by Thomas B. McAdams, President of the American Bankers' Association, was
noted in our issue of May 20 last, page 2206; and in our issue
of Feb. 25, page 776, we commented editorially on Mr.
Edison's "energy dollar," proposed in the Muscle Shoals
plan of Mr. Ford. According to the representations of Mr.
Edison in the "Times" article, the latter's plan "proposes
an experiment in finance, on a very small scale, that will
tend . . . to (a) create a non-fluctuating kind of
money; (b) divorce agriculture from business in the banking
system; and (c) enable the farmer to finance his own seasonal
wants by means of the wealth in his hands. Mr. Edison's
views are set out as follows in the article which, as already
stated, is copyrighted:
In the last generation one of America's most distinguished astronomers.
what
Simon Newcomb,became so irritated by the looseness and nonsense of
people were saying about wealth, money and prices that he taok his mind
es
off the stars, poised it on the iubject of economics and wrote "Principl
in
of Political Economy," which is a classic textbook, perhaps the finest
any langyage.
In much the same way Thomas A. Edison, one of America's most eminent
practical inventors, has in recent times been extremely exasperated, first.
by the aberrations of money because they adversely touched his business,
and then, in the second place, even more by what happened when ha went
among the experts asking simply: Why can't we have a non-fluctuating
money unit? Why shouldn't the purchasing power of the dollar be constant?
The trouble with professional money experts is that they have to know
too much. They know so much that they cannot answer the simplest
question in an offhand way. They have to write a book about it. Nobody
to
understands the book, least of all the experts, who immediately begin
books
dispute about it and write more books. One has just written five
what you can get
together to explain why it is true that a thing is worth
for it.
the
Well, the experts who differently expound finance in books, and
finance in Wall Street, and the writers wha report
bankers who
TENTATIVE APPROVAL BY WAR FINANCE CORPORA- finance in theconduct rs, all were of one opinian about Mr. Edison. It
newspape
TION OF ADVANCE TO GEORGIA COTTON
was the one thing they could agree abou:, perfectly. He hadn't the remotest
what he was talking about.
RATIVE ASSOCIATION.
idea of
GROWERS' CO-OPE
He said he wasn't talking. He was asking.
The War Finance Corporation announced on July 13 that
Some were polite, others were embarrassed, as if they hated to say what
tentatively approved the application of the Georgia they thought, and others told him flatly that he couldn't understand such
it had
s, if he
Cotton Growers' Co-Operative Association for an advance matters. He had better buy himself a little primer of economic
find one, and go back to his laboratory.
to exceed $5,000,000 for the purpose of financing the could is what he did, taking with him a cartload of primers and books
of not
it onThat and banking. For weeks and weeks he sat in his laboratory
money
orderly marketing of cotton. The Corporation states that
approved will with his face screwed up as it was when he was inventing a way to send
is expected that only a portion of the amount
four messages over one wire at one time, staring at the question he hadn't
in the
be advanced by the Corporation and that the banks
got any one to answer:
Why shouldn't we have a non-fluctuating money unit?
interested districts will do the major part of the financing
Meanwhile his Mena Henry Ford, also a practical inventor, had been
for the Association.
asking him to think of some way to help the farmer, whose natural difficulty is that he cannot make what he sells as it is wanted. That is what
ADVANCES APPROVED BY WAR FINANCE CORPORA- the manufacturer does. But what the farmer sells he makes once a year.
STOCK
He gets it on his hands all at once. If people bought their food once a
TION FOR AGRICULTURAL AND LIVE
year, at harvest time, and stored it in the pantry, there would be no
PURPOSES.
dilemma. But they don't. They buy it as they eat it. Therefore
tion announced on July 17 that the farmer has either to store his product and sell it gradually during the
The War Finance Corpora
s, year, meanwhile borrowing money at the bank to pay off his reapers and
from July 10 to July 15, inclusive, it approved 43 advance
must sell it at once to speculators.
thrashers,
$939,000,for agricultural and live stock purposes There are or, if he cannot borrow he to buy it. That is their business.
aggregating
always speculators willing
They buy it at the harvest price, which Is low because of the pressure
as follows:
to sell, then store it and sell it steadily through the year at rising prices
$206,000 in North Carolina
in Colorado
$57,000
as consumers need it.
50,000 in North Dakota
20,000 in Georgia
Now,in the inventor's mind these two economic evils, namely,fluctuat3,000 in Oklahoma
30,000 in Idaho
ing money and a glut price for crops at harvest time, began to touch, and
91,000 in Oregon
23,000 in Iowa
presently they fused as two aspects of one problem, for the more he thought
80,000 in South Dakota
57,000 in Minnesota
and stared and read the more clearly he saw one of the absurd things
15,000 in Tennessee
25,000 in Missouri
that happens to money. He saw as a chronic happening that by means
95,000 in Texas
25,000 in Montana
of passion, panic, invective and political interference money is pulled to
136,000 in Wyoming
5,000 in Nebraska
and fro and arbitrarily dividend between, on one side, manufacturers,
New Mexico
other
21,000 in
merchants, and traders, whose need for it is constant, and, on the
side, farmers, whose need for it is seasonal.
FINANCE
with its sudden seasonal
And so he came to conclude that agriculture
REPAYMENT OF ADVANCES TO WAR
needs and business with its continuity of needs could not be successfully
CORPORATION.
ced on July 20 that financed by one system and one method.
And which set of needs was primary?
The War Finance Corporation announ
the first fifteen days of July repayOne had only to ask and the answer was self-evident. Why do we
ies?
it had received during
speak of cotton, grain, minerals and forest products as basic commodit
$4,583,165, as follows:
whole structure of business
ments totaling the war powers
$10,045 Because they are the foundation upon which the
and
On loans made under
and industry is reared. Business mainly consists in transforming
could live without
On export advances:
transporting what is got first from the earth. People
$130,198
exporters
live without mining. They
From
business in a fashion. They could hardly
52,969
ns
modern banking systems
From banking institutio
183,167 could not live at all without farming. Yet all
business. They serve lastly
are primarily for the use and promotion of
which
and live stock advances:
On agricultural
and ill the needs of those who induce from the earth that upon
$3,346,985
institutions
From banking and financing
business subsists.
596,172
s
companie
From live stock loan
Here occurs a most significant thought.
446,796
marketing associations
and decades of
Prom co-operative
These basic commodities rise and fall in price by years
4,389,953
constant. It is only an
years and yet all the time their relative value is
of money
It is the purchasing power
--------$4,583,165 illusion that they fluctuatE in value.
prices to rise and fall, but the
Total ---------------varies;
e, the repay- that relativethe variability of money causes goes neither up nor down, or
July 15 1922, inclusiv
true
value of what we eat and wear
From Jan. 1 1922 to
Corporation on account of all loans very little. How may this be demonstrated? By a very simple case.
Boston with the singular
ments received by the
Many Years ago a property was leased in
many dollars of gold or
stipulation that the rental should be paid not in so
totaled $100,901,528.
becomes the
silver, but in so many bushels of wheat per year. And that
purchasing power of which
PROPOSAL FOR CURRENCY unique instance of a fixed income from rent, the
THOMAS A. EDISON'S
has not varied disastrously in several generations.
TS.
fall more
In ten years we have seen the purchasing power of the dollar
BASED ON WAREHOUSE RECEIP
for the creation of a new form than half because prices more than doubled. But the purchasing power
Thomas A. Edison's ideas
receipts, was the subject of of a thousand bushels of wheat did not fall.
warehouse
of money, based on
370
• THE CHRONICLE
[VOL. 115.
We are first concerned with the mortgage certificate. This the farmer
takes to the nearest national bank and exchanges it there for Federal Reserve
currency, which is to say, money, up to 50% of the average value of wheat
for a period of twenty-five years. The figures shall be statistically determined each year. Thus, immediately upon storing it the farmer gets onehalf the value of his wheat in actual money. This is the money of current
use. It is like all other money in circulation. He can do with it what he
likes. He can pay his bills with it.
The farmer is still the owner of the wheat. He has merely pawned it with
the Government. Evidence of his ownership is in that other piece of
paper, named the equity certificate.
What does he do with that?
One of three things. He may hold it, he may borrow on it at the bank
or he may sell it. It represents title to the wheat, just as a $10 gold certificate represents title to so many ounces of gold. Any one who holds it—
that is, the farmer himself or the person to whom he may have sold it—
may at any time within a year take it to the warehouse together with the
exact amount of money that was issued on the mortgage certificate and
demand the wheat, precisely as you redeem a thing from the pawnbroker by
presenting the ticket along with the money that was loaned on the article.
Suppose it is 1,000 bushels of wheat, and that the average price of wheat
for twenty-five years had been $1 a bushel. On storing the wheat with the
Federal warehouseman the farmer receives those two certificates—one
the mortgage certificate and one the equity certificate as aforesaid. He
takes the mortgage certificate to a national bank and gets $500 in currency.
So much for that. But he needs more money immedaitely. In that
case he may sell the equity certificate for cash to a Produce Exchange
dealer. Now the farmer is out. The Produce Exchange dealer owns title
to the wheat. When he wants it he can get it by presenting the equity
certificate and $500 in currency at the Federal warehouse. The warehouseman receives the money, cancels it and delivers the wheat.
If it should happen that nobody came for the wheat within a year the
warehouseman would sell it for what it woud bring, take $500 for the
Government and hold the remainder subject to the claims of the owner.
It would be the same precisely with any other commodity.
Naturally there would have to be a list of permissible commodities.
Everything is not storable. Corn is eliminated because its natural destiny
is meat. Hay is too bulky. And so on.
But if you think the problem is how to limit the list so that the money
issued on warehouse mortgage certificates shah not swamp us, that is
not so. The problem as it develops is to find commodities enough to serve
as the basis for an amount of currency equal to the fluctuations now
occurring in the volume of our circulating medium.
From the high point of 1920 to the low point of 1922 the amount of
Federal Reserve currency in circulation fell more than a billion dollars.
Well, take all tho basic storable agricultural commodities at half their
average value for twenty-five years, then estimate the quantity that would
be available for storage instead of going direclty into the ways of consumption, and you haven't anywhere near a billion dollars.
To the staple grains, cotton, tobacco, legumes, fats, cheese, nuts, dried
fruits, hops, sugar, broom corn, honey, wool, salt fish, &c., the inventor
added rosin and turpentine, then oils, then bituminous coal, then the
metals like silver, zinc, lead, copper and pig iron, and when he could find
nothing more, still it was doubtful if the gross total of all these things
available to be stored would give rise to a billion dollars of commodities
money.
At this point the inventor is confronted with the fact that his commodities money, even if it were better than gold money, as he thinks and
everybody agreed with him, could never serve the needs of the whole
country. There would not be enough of it. It takes between five and six
billions of circulating money to transact our business.
To this he says: "No matter. It will be so much to the good. You
will have made that much of the country's money better. You will have
taken some of the load off gold."
And he sees no reason why in the evolution of the scheme gold should
not be treated like any other commodity, to be deposited in a Government warehouse in the same way as wheat, under two certificates—one a
mortgage certificate on which half its value is issued in currency, and the
other an equity certificate to be bought and sold among bankers, exOUTLINE OF THE PLAN.
change dealers, and all who traffic in gold. In that case, as in the case
The frontispiece is a warehouse.
of wheat, the force of fluctuations would be confined to the equity, ta the
As you might expect, the inventor's mind is precise as to the kind of ware- top half: the lower half which is mortgaged would underlie the actual
.
houae. It shall be of concrete, poured into standard steel molds, inde- money in which all things are priced.
structible and inexpensive. It shall be made on a sectional principle, so
It is claimed for this commodities money by the inventor:
that the nucleus, like a living cell, may multiply itself by a law of growth.
That it is stronger than gold money because there in the warehouse, in
Itrshall be equipped with power and all modern machinery for handling the Government's custody, lies the actual wealth, the things we eat and
commodities swiftly. The owner of the warehouse shall be a responsible wear and must consume to live, not in the minus ratio of one to two, as
corporation that one may sue in court when argument fails, but all the gold may be to money, but in the plus ratio of two to one.
stock of the corporation shall be owned by the Government. The wareThat by enabling the farmer to convert his produce at once into money,
houseman shall be a Federal officer.
up to half its value, it will make him self-financing, thus relieving the
The money to build the warehouse shall be raised by taxation, and the banks of the seasonal strain they are under to put him in funds.
universal fees for storage shall be only sufficient to meet insurance, depreciaThat as crops come in the volume of money will expand suddenly, extion, a sinking fund charge to reimburse the Government for its original actly in proportion as the need is, and then contract gradually during the
outlay and the actual cost of handling, manipulating and grading the year by automatic cancellation as the stuff is sold and withdrawn from
commodities.
the warehouses.
Of this type of warehouse it is proposed that there shall be constructed
That it may be introduced experimentally on a small scale without
States and six in the cotton States— disturbance to the existing system and developed as it proves itself.
at first only twelve—six in the wheat
experiment shall begin. If it fails, no great bones
and then the monetary
That experience will demonstrate its superiority to gold money, esare broken, because there are the warehouses still, worth what they cost pecially the non-fluctuating character of its relative purchasing power,
merely as an addition to the country's barn capacity.
and that gradually people will come to trust and prefer it over gold money.
Now to this warehouse comes the farmer with such basic commodities as
When the inventor's attention is brought to the fact that the wild price
for storage—grain, cotton, wool, rice, legumes, gyrations which befuddle the economic world are owing much less to
have been nominated
fats,flax, tobacco and whatever else by experience may prove acceptable.
intrinsic defects of currency than to the alternate expansion and conThese commodities the warehouseman will receive on four conditions, traction of credit on the books of bankers—credit which represents not
namely:
money but the right to draw checks on the bank—he says:
(1) That they have originated on Americp soil.
"I know that myself. One thing at a time. Let's make money itself
owner wishes not merely to store them, but to pledge them absolutely sound as the first step. Then the credit problem can be taken
(2) That the
for money.
up. That is a vast problem. I can't do anything with it in my mind—
(3) That they shall be removed within a year, and
not yet. I put that aside."
(4) That if he, the owner, does not remove them within a year the Govto sell them in the highest market or at auction.
ernment shall be free
The limit of one year for storage is absolute. That is to prevent accumuwant to cast the variable out of money.
lation, as you see at once. There is another reason. It is also to make
the commodities stored shall be self
sure that the money issued upon
Stability! That's what we want. There's no gain from instability except
canceling. The plan intends that the commodities shall be liquidated
what happens to them? When I had charge
steadily through the year. As they are sold they are redeemed from the for the speculators—and
been issued upon them it resumed of the Wall Street tickers and indicators in the time of Jay Gould and Black
warehouse and thus the money that has
I saw what happened to them. If one had a stroke of apoplexy
Friday
to the Government and canceled.
It is supposed that the farmer accepts these conditions. Let us suppose he might die rich.
commodity is wheat. What happens?
further that the
the wheat. Then he gives the
I don't bolieve there is any such thing as a money power. There is the
The warehouseman weighs and grades
farmer two pieces of paper, certifying in identical terms the facts of storage, power of money.
quantity and grade.
When a bank sells its credit for so much per cent, that isn't interest.
One piece of paper is a mortgage certificate. The other is named an
That's a charge for a certain service. But when a man puts his wealth in
equity certificate.
When prices are low wheat Is cheap. When prices are high wheat is •
dear. Thus, in 1913, the owner of the Boston premises, receiving 1,000
bushels of wheat, received the equivalent of $1,000 in money, the current
price of wheat being $1 a bushel. But five years later, in the midst of war
prices, receiving the same quantity of wheat, he received the equivalent
of $2,500 in money, the price of wheat then being $2 50 a bushel. And
$2,500 in 1918 would buy only as much of miscellaneous goods as $1,000
bought in 1913. If the owner had been receiving rent in money you see
what would have happened to him. He would have received $1,000 in
1913 and $1,000 in 1918, although $1,000 in 1918 bought less than half as
much as $1,000 bought in 1913. That is to say, the purchasing power of
his income in money would have been reduced more than half; but the pu—
chasing power of his rental received in wheat was constant under all conditions.
Seeing this the inventor said: "Since the relative value of the earth's
produce appears to be constant,a money unit representing basic commodities
and nothing else would be equally constant, that is, non-fluctuating in
relative value, and further, since the relative value of the earth's produce
is constant, there is no reason why the farmer should not finance himself,
as the gold miner does, simply by turning his output into money directly."
So there the problem was squared. It was this:
How to create a form of money that should possess a merit and perform
a function not hitherto possessed or performed by money, namely:
(a) The merit of being absolutely non-fluctuating in relative value, that
is to say, in purchasing power, and,
(b) The function of financing the farmer directly by means of the wealth
he produces without the benefit of banking or credit, precisely as the gold
miner is financed by his own gold, which he takes to the nearest mint and
converts into legal currency, stamped by the United States Treasury.
Out of this formulation evolved the Edison plan.
As it evolved, certain mutable factors appeared. In mechanical and
chemical problems there are certitudes. A mathematical problem may be
Pushed all the way to a logical answer. But in economics, which is the
science of how emotional, political and quarrelsome people react to their
own concerns, you cannot be absolute about anything. Nor can you perform any revolutionary change by authority of pure reason. Change will be
resisted by fear, superstitition, habit, prejudice and the self-interest of
those who fare very well with things as they are. The most you can do,
and that only after endless argument and persuasion, is to launch an experiment that will tend to bring a sound change to pass and then leave the rest
to experience.
Therefore the Edison plan, which is to be set forth, proposes to do nothing
radical, nothing wholesale, nothing absolute. It proposes an experiment in
finance, on a very small scale, that will tend—that will only tend, in the
inventor's opinion, to:
(a) Create a non-fluctuating kind of money.
(b) Divorce agriculture from business in the banking system.
(e) Enable the farmer to finance his own seasonal wants by means of the
wealth in his hands, which is the beginning of all other wealth.
It is well at this point to say what the plan does not propose, for it has
been much misrepresented in a hasty manner without study or understanding.
It does not propose to overturn the existing monetary system.
It does not propose to punish banking or bankers.
It does not propose to create cheap money.
It does not propose inflation.
It does not propose to demonetize gold.
It does propose an experiment with a kind of money which in the
inventor's opinion will be stronger than gold money,a flexible,self-canceling
kind of money of constant purchasing power which, as it proves itself to
possess these merits, will tend in time to displace gold as a single arbitrary
standard of value and cause gold to be treated like any other commodity,
so that those who prefer it, foreign countries, for example, may take it in
lieu of wheat or bacon or cotton, if and as and when they want it.
The following statement of the plan, derived from Mr. Edison's technical
memorandum and from conversations at length thereon, is authorized by
Along with the foregoing the "Times" printed the following
monetary sayings of Mr. Edison:
I,
JULY 22 1922.]
THE CHRONICLE
371
The three corporations just named are in no way affected by Allan A.
Ryan's bankruptcy. Mr. Ryan is an officer and director in the corporations and because two of the corporations bore his name he had a sentiWhy shouldn't a bank make 15% or more? I make more if I can. A mental interest and attachment thereto.
The active management of the corporations, however, is directed from
bank takes risks. It has to gamble. It creates a great volume of credit,
the offices at Bartlesville, Okla., with A. Morton, the President, in charge.
puts its capital and surplus behind it and then bets it will all be paid.
Mr. Ryan has at no time participated in the management of tne corWhen I propose to issue money against the basic necessaries of life, up to porations, except by way of counsel and advice from time to time when
only half their average value for a quarter of a century, the financial editor an occasion suggested.
The corporations have no funded indebtedness other than current
of a New York paper says: "Why, that's fiat money." Well, billions of
money are now issued against commercial paper. Liberty bonds and expenses, with exception of a small purchase money obligation on one of
wear. What's the properties now being daily liquidated by run of half the oil produced
Stock Exchange collateral,impalpable things you can't eat or
from this property. They have a net settled production of approximately
that? He's in a rut.
1,000 barrels per day and several thousand acres of oil leases within proven
I've been thinking on this subject steadily for several months. Maybe territory and have a cash bank deposit in excess of $350,000.
I'm in a rut.
bonds, ceases to produce anything and Hires abroad on his income—that's
Interest.
Any man who has been ten years in banking is unable to see a new'thing
clearly. lie's in a rut.
You'd be surprised to know how many people are out-and-out greenbackers—think the Government should just print money as it's wanted.
This gold money is not good enough. It's a fiction.
I wouldn't issue money on land. Land isn't worth anything. It's what
you get from land.
The Secretary of the Treasury said to me:"What!give the Government's
credit to the farmers for nothing?" I said: "You're not giving them anything. This piece of stationery I ask you to print won't be worth anything
until the farmers put their commodities behind it. When the Government
Issues money with nothing behind it but a promise to pay then it is using
Its own credit. You ought to charge well for that."
Maybe fiat money would work all right if you could limit it. But you
can't. Money has got to be self-limiting, in proportion to the amount of
actual wealth produced.
In all the books on banking and economics I read how stupid and disastrous it was for the Government to have done this or that in a crisis. I
never find out from them what the Government should have done.
All new things about money and banking, all the great reforms, come
from outside. I find that in the books.
Agriculture and manufacturing cannot be financed by the same method.
Their needs are too dissimilar. The farmer has one turnover. Business
has many.
A first mortgage railroad bond seems to me to have more value than a
Government bond. I suppose if I had to choose I'd take the Government
bond. Still, I think the other way.
We ought to do something about the farmer. It's a moral obligation.
He doesn't know anything about figures. He gets skinned.
While the gold miner can bring in his commodity and get full value, any
attempt of the farmer to attain parity Is met by a glut and a lowering of the
price of his commodity, which is equal, if not superior, in value.
THE E. M. FULLER & CO. FAILURE.
Edward M. Fuller and William F. McGee, the partners
in the failed brokerage firm of E. M. Fuller & Co., against
whom 13 indictments, charging them with "bucketing"
customers' orders, were returned by the Grand Jury on
July 14, surrendered themselves on July 15. They were
arraigned before Judge Mancusco in the Court of General
Sessions and soon after were released in $25,000 bail each.
On July 17 the defendants appeared for the second time
before Judge Mancusco and entered pleas of "not guilty"
to the indictments. We last referred to the failed firm's
affairs in our issue of July 15, pages 252 and 253.
NAST & CO. CUSTOMERS MAY RECEIVE FIFTY
CENTS ON THE DOLLAR.
A tentative schedule of the assets and liabilities of the
failed brokerage house of Nast & Co., Chicago, issued by the
Chicago Title & Trust Co., as receiver, shows that the firm's
liabilities when it closed its doors July 14 were ,049,978,
while its assets were $6,909,470. The cash on hand amounted
to $23,600. Approximately 380 customers had accounts
with the firm and, it is understood, they may receive about
50 cents on the dollar. After liquidation of bank indebtedness, &c., but before receivership expenses, there is about
$1,670,000 to satisfy the customers' equity of $2,811,294 in
securities. The details of the tentative statement prepared by the receiver follow:
Assets.
Cash on hand and in bank
$23,600
Securities in hands of banks, brokers, and in vault, at market
price
6,778,933
Accounts receivable, grain and commodities
4,927
Memberships, at book value
102,010
$6,909,470
ALLAN A. RYAN FILES PETITION IN BANKRUPTCY.
Liabilities.
United Advances and loans by banks, brokers and individuals
$5,219,923
A voluntary petition in bankruptcy was filed in the
Customers' equity
2,811,294
States District Court yesterday afternoon (July 21) by Allan Accounts payable, in stocks
etc
18,761
Allan A. Ryan &
A. Ryan, head of the brokerage firm of
$8,049,978
Co., 111 Broadway, this city. The petition gave liabilities
We referred to the failure of Nast & Co. in our issue of
in the amount of $32,435,477, of which $27,806,984 are se- July 15, page
252.
$643,533
cured claims. Other assets are mentioned as being
The firm consisted of A. A. Ryan and K. R. Howard. Among
the secured creditors the following were mentioned in the PRESIDENT HARDING SIGNS BILL GIVING STATE
BANKS IN RESERVE SYSTEM SAME DISCOUNT
evening papers:
PRIVILEGES WITH RESERVE BANKS •
Chase National Bank,$3,456,429.
Mechanics & Metals National Bank, $1,402,963.
AS NATIONAL BANKS.
Lawyers' Title & Trust Co., $389,089.
President Harding signed on July 1 the bill amending the
Empire Trust Co., $166,705.
Guaranty Trust Co., $8,822,553.
Federal Reserve Act so as to .give State banks, members of
The unsecured liabilities, it is understood, amount to the Federal Reserve system, the same privileges in discountmore than $6,400,000. Among the unsecured creditors are: ing loans with a Federal Reserve Bank as is accorc}ed National
C. M.Schwab,$309.555.
banks. The following is the bill as enacted into law:
Coleman du Pont, $66,000.
Federal Motor Works of Indianapolis, $100,000.
Mrs. Sarah Tack Ryan (wife of Allan A. Ryan), $2,860,669.
Samuel Untermyer, $45,000.
II. Content, $16,575.
In his petition, it is said, Mr. Ryan asserted that he had
only $16 in cash on hand, and that his clothing, jewelry
and a silver toilet set, his only personal possessions, were
not worth more than $4,000. The petition was filed through
Guthrie, Jerome, Rand & Kresel of 37 Wall St., and was
personal to Mr. Ryan, the firm not being included. Late
yesterday afternoon, according to the New York "Sun,"
Judge Hand appointed Francis G. Caffey, former United
States Attorney, receiver under a bond of $5,000. Mr.
Ryan is the second son of Thomas Fortune Ryan and for
many years has been a prominent figure in financial circles in
. this city. He was formerly a Deputy Police Commissioner.
The following statement, as printed in "Financial America"
of July 21, was issued by the Morton Petroleum Co., the
Ryan Petroleum Corporation and the Ryan Consolidated
Corporation from their offices at 17 East 42d St., this city,
through Douglas Beardsley, the Secretary and Treasurer
of the above-named companies. It reads:
AN ACT. To amend the proviso in Paragraph 10 Section'9 of the Federal.
Reserve Act amended by the Act of June 21 1917, amending the Federal'
Reserve Act.
Be it enacted by the Senate and House of Representatives of the United States
of America in Congress assembled,Thatthe proviso in Paragraph 10 ofSection
9 of the Federal Reserve Act amended by Section 3 of the Act of June 21
1917, amending the Federal Reserve Act be amended to read as follows:
"Provided, however, That no Federal reserve bank shall be permitted
to discount for any State bank or trust company notes, drafts, or bills of
exchange of any one borrower who is liable for borrowed money to such
State bank or trust company in an amount greater than that which could
be borrowed lawfully from such State bank or trust company were it a national banking association."
Approved, July 1 1922.
The bill was passed by the Senate more than a year ago;
it passed the House in amended form on June 7 of this year,
as we noted in our issue of June 17, page 2673. The conference report on the bill was agreed to by both the Senate
and House on June 30. In the House on the latter date,
Representative Wingo stated:
So that the record may be clear upon the matter, the House confereed
intend, and it is the intention of the Congress and the Federal Reserve
Board holds that if this Conference report is adopted. State bank members
will have the same privileges with reference to the discount of notes securet
by shipping documents, warehouse receipts and such other documents thas
member National banks now have.
372
THE CHRONICLE
RESOLUTION PASSED BY SENATE AUTHORIZING
_ERECTION OF BUILDINGS BY FEDERAL RESERVE
BANKS OF ST. LOUIS AND SALT LAKE CITY.
A resolution passed by the Senate June 30 authorizes the
-Federal Reserve Bank of St. Louis and the Salt Lake City
-branch of the Federal Reserve Bank of San Francisco, to
enter into contracts for the erection of buildings. Senator
Spencer stated that in the case of the Federal Reserve Bank
.of St. Louis, "the bank bought the lot upon which the building was to be erected, but did not make their contract because
they thought the price of material was too high a couple
of years ago. In the meantime, as the Senate knows,
legislation was passed forbidding any building beyond a
certain price." He added that the resolution "authorizes
the building to go up in the city of St. Louis, where the land
is already purchased, and also at one of its branches at Little
Rock, Ark., where the land is already pruchased." In
stating that the conditions existing at Salt Lake City were
similar to those at St. Louis Senator Smoot stated that the
land had been purchased in Salt Lake City and that the
buildings on it had been demolished, but because of the
passage of the law the building was stopped. The foHowing
Is the resolution passed by the Senate on Juno 30:
[VOL. 115.
In reply to your letter of the 17th inst., your are advised that on May 24
1922 the Board sent a letter to all Federal Reserve banks calling attention
to the fact that with the Federal Reserve banks the calendar has always
been regarded as the fiscal year, and because net results of operations cannot be accurately shown for each of the two six months' periods, the Board
suggested that in future the books of the Federal Reserve banks be closed
but once a year, that is, on December 31st. The letter was not In the form
of an order, but it was a suggestion which has been adopted by all Federal
Reserve banks.
One of the references to the new policy of the Board
appeared in the "Wall Street Journal" of July 11, and this
in stating that the Board has decided to eliminate from public statements the item "reserve for Government franchise
tax," said:
Federal Reserve Board has adopted the policy of having the 'Federal
Reserve banks close their books only once each year, at the end of the calendar year and not after the payment of each dividend. Consequently there
will be no addition to the surplus fund until the end of the present year.
Up to this time the Reserve banks closed their books twice a year, after the
payment of the dividends on June 30 and December 31, and profits after
dividends and allowing reserve for Government franchise tax were added
to surplus account.
It is officially stated that all of the twelve Federal Reserve banks earned
their dividends for the first six months Jf this year, and there seems to be
no reason to question their ability to earn them for the ensuing six months.
Eliminate Franchise Item.
The Federal Reserve Board has decided, however, for the present and
perhaps permanently, to eliminate from public statements the item "reserve
far Government franchise tax." It will probably be many years before
IS. J. Res. 208.1
the earnings of the banks will be as large as they wore in 1920 and 1921,
JOINT RESOLUTION. Authorizing the Federal Reserve banks of Saint and as It was found that during a period of small earnings the franchise
Louis and Salt Lake Oity, to enter into contracts for the erection of tax reserve, as shown on the books of the banks, showed in some cases a
buildings for its head office and branches.
shrinkage following the payment of the semi-monthly payroll, it was deemed
Whereas the Act of Congress approved June 3 1922, abridged :,he right expedient to incorporate the franchise tax in the item "all other liabilities,"
of Federal reserve banks to enter into contracts by providing that no Federal and to make a public announcement of it at the close of each calendar year.
reserve bank should have authority thereafter to enter into any contract or
The item "reserve for franchise tax" was first set up in bank statements
contracts for the erection of any building of any kind or character or to on May 11 1921. Prior to that time the tax reserve was incorporated in
authorize the erection of any building in excess of $250,000 without the con- Item "all other liabilities," and the Federal Reserve Board has reverted to
sent of Congress having previously been given therefor in express terms. old practice. The last statement in which item "reserve for franchise tax"
which, however, did not apply to buildings under construction on June 3 was shown was June 28 at $2,281,000. At the corresponding date of last
1922; and
year, June 29 1921. the tax reserve was $40,910,000. Payments to the
Whereas many of the Federal reserve banks were not affected by this Government by .Reserve banks as franchise taxes in last three years were
provision, since they had already completed or commenced construction as follows: 1921, $59,974,000; 1920, $60,725,000, and 1919, $2,703,894.
of buildings for their head offices and branches; and
Cause of Decreased Earnings.
Whereas the Federal Reserve Bank of Saint Louis had not on June 3
Earnings of the Reserve banks have been reduced through the deflation
1922, actually commenced the constrcution of any building for its head
office or branches out had acquired the ground for such buildings at Saint process in industry and finance. Discount rates have been materially
Louis, Missouri, and Little Rock, Arkansas, and therefore the Act of June reduced and may work even lower, while the volume of borrowings from the
3, 1922, operates inequicably on the Federal Reserve Bank of Saint Louis: Reserve banks has been substantially decreased. The larger banks have
liquidated their indebtedness to the Reserve banks arising from the war
Now, therefore, be it
Resolved by the Senate and House of Representatives of the United States
period, and at present are able to accommodate customers resorting to
of America in Congress assembled, That the Federal Reserve banks of Saint rediscount facilities of Reserve banks. Because of the decrease in discounts
and Salt Lake City are hereby authorized to enter into contracts for to member banks the Reserve banks have increased purchases of GovLouis
the erection of buildings and to authorize the erection of buildings for its ernment securities to augment earnings.
head office and branches on lots heretofore acquired for that purpose:
It should also be noted that any increase in the paid-in capital of a ReProvided, That the total investment in such buildings shall not exceed an serve bank, either on account of the admission of new members or of inamount equal to 30 per centum of its paid-in capital stock and surplus.
creases in capital and surplus of existing members, results in a correspondPassed the Senate April 20 (calendar day, June 30), 1922.
ing increase in toe amount viiich the Reserve bank must transfer to its
The newly enacted bill under which Federal Reserve surplus account before the Government participates in the earnings of the
bank, and this also has worked at times to cause a shrinkage in the"reserve
banks are required to obtain the consent of Congress before for franchise tax."
entering into contracts for the erection of.buildings in excess
of $250,000, was given in our issue of June 17, page 2673.
INSTITUTIONS AUTHORIZED BY FEDERAL RESERVE
BOARD TO EXERCISE TRUST POWERS.
NATIONAL BANKS IN RHODE ISLAND NOT
The Federal Reserve Board has granted permission to the
• EMPOWERED TO ACT AS TRUSTEE.
following institutions to exercise trust powers:
National banks in Rhode Island cannot be allowed to
Lincoln National Bank of New York, New York, N. Y.
Southwestern National Bank of Philadelphia, Pa,
perform the duties of trust companies by executing the trusts
Stroudsburg National Bank, Stroudsburg, Pa.
which arise in probate proceedings without being in contraPhoenix & Third National Bank, Lexington, Ky.
Citizens' National Bank of Raleigh, North Carolina.
to the State laws, according to an opinion handed
vention
First National Bank of Okanogan, Washington.
down by Chief Justice Sweetland in the Supreme Court on
Whitman County National Bank of Rosalie, Washington.
July 7. This is learned from the Providence "Journal,"
which says:
The opinion sustains the demurrer of Attorney-General Herbert A. Rice REDEMPTION BEFORE MATURITY OF U. S. TREASto a petition of the Aquidneck National Bank of Newport, for a writ of
URY CERTIFICATES OF INDEBTEDNESS DUE
mandamus to cmpel General Treasurer Richard W. Jennings to accept
AUGUST 1.
$45,000 tenderedhim by the bank as security for the performance of duties
as a trustee, which the bank claimed it could perform under the Federal
Secretary of the Treasury Mellon on July 15 authorized
Reserve Act.
Federal Reserve banks to redeem in cash before Aug. 1
The Federal Reserve Act gave national banks the right to do the business the
of trust companies "in so far as the exercise of sucn power is not In contra- 1922, at the holder's option, at par and accrued interest to
vention of State or local law." In dismissing the petition for the Aquidnecic the date of such optional redemption, Treasury certificates
bank's writ of mandamus the Court takes tho stand that the "exercise of
Series B-1922, dated Aug. 1 1921, matursuch Power" by national banks in this State is in violation of the Rhode of indebtedness of
Island laws.
ing Aug. 1 1922. The Federal Reserve Bank of New York
k The extension by the General Assembly of the powers of trustee to trust
in issuing notice to this effect said:
companies alone of all corporations "Is plainly because the provisions
governing their creation and their regulation safeguard in a peculiar manner
the legal rights of those beneficially interested in trusts," states the opinion
of Justice Sweetland.
Had the decision favored the Aquidneck National Bank, the 17 national
banks of the State could have accepted trusts without operating within all
the safeguards provided by State law for trust funds under the control of
trust companies, the decision shows.
Certificates of this issue received by us prior to the maturity date (Aug. 1
1922) will be held for redemption on Aug. 1, unless reauest is made for
immediate redemption with interest to the date of redemption.
TREASURY DEPARTMENT'S MONEY CIRCULATION
STATEMENT REVISED.
Announcement that the form of its circulation statement
BOOKS OF FEDERAL RESERVE BANKS TO CLOSE BUT had been revised as of July 1 1922 was made by the Treasury Department yesterday, Secretary of the Treasury Mellon
ONCE A YEAR, INSTEAD OF HALF YEARLY.
In advices to us regardig reports of the issuance of an issuing the following statement: been revised
beginning with the
The form of circulation statement has
order by the Federal Reserve board directing the closing issue for July 1 1922, in order to show more accurately the distribution of
Federal Reserve Banks at the end of the stock of money in the United States. On the new form of statement
of the books of the
Treasury and the Federal Reserve banks is
the fiscal year only, instead of semi-annually, we have only money outside of the previous circulation statements
In
money
following advtoes from Governor Harding of included in circulation. (other than money hold by or for Federal hold by
received the
the Federal Reserve banks
Reserve
the Federal Reserve Board:
agents and Federal Reserve notes held by the issuing banks In their own
.JULY 22 1922.]
THE CHRONICLE
of
vaults) was included in the amount in circulation. Under that method
computing money in circulation transfers of gold between a Federal Reserve
the
bank and a Federal Reserve agent resulted in an apparent change in
amount of money in circulation, and there are instances where the circulamoney in
tion statement, owing to such transfers, showed a decline in
circulation when, as a matter of fact, there had been an actual increase,
shows
and increase when In fact there had been a decrease. The new form
form
a per capita circulation on July 1 1922 of $39 87, whereas under the
of statement heretofore used it would have been $40 17.
of statement, moreover, shows more clearly the disThe revised form
tribution of the money held in the Treasury and the amount of money held
also
by or for Federal Reserve banks and agents. Certain changes have
been made in the column showing stock of money in the United States.
of outstanding gold certificates and silver certificates have
The amounts
since
been inserted in this column, but have not been included in the total,
under
the gold and silver held in trust against the certificates is included
respectively. Treasury
gold coin and .bullion and standard silver dollars,
in
notes of 1890 are still shown separately, but have not been included
equal to
the total, since standard silver dollars are held against them
100% of the amount of the notes outstanding.
The per capita circulation of money on July 1 at $39 87
compares with $44 78 on July 1 1921. The Treasury's
per capita figures were based on total circulation of $4,375,555,653 on July 1 and a total population of 109,743,000
persons, as compared with a total circulation of $4,839,611,851 on July 1 1921 and a total population of 108,087,000.
SENATOR BORAH URGES LET UP ON TAXATION
BURDENS CARRIED IN BONUS AND OTHER
MEASURES.
Senator Borah (Republican) in a speech in the Senate on
July 6 deprecating the efforts to shut off debate on the
pending tariff bill declared that "we are greatly mistaken
if we think that the people are in a hurry to have us legislate
along the lines on which we are proposing to legislate."
Not a single one of the measures upon the program before
us, he assorted, "but draws upon the people for an additional
sum and weighs upon thorn in the form of additional taxation
and increases the obligations of the Government not only
by millions but by billions of dollars." The burdens which
would be placed upon the people through the bonus proposition, the ship subsidy bill and other measures were dealt
with by the Senator, who stated that "we have at this time
an indebtedness of about $22,000,000,000," adding that
"our budget is running from $3,500,000,000 upward." He
also observed that, "according to the roport of Mr. Mellon,
tile Secretary of the Treasury, the sources of taxes in this
country are drying quite as rapidly as in Great Britain."
In his final note of warning Senator Borah said:
The Republican Party is now in power. Others may vote with the party
to lay on these increased taxes and burdens, but the responsibility is fixed
and inescapable; it is with the party to whom has been intrusted the reins
of authority. For the sake of our common country, for the sake of peace
and happiness among the millions who must bear the awful load, who cannot pass it on, will not the old party of so many noble victories rise to meet
the occasion and stop once and for all this orgy of extravagance, this saturnalia of expenditure until the people can redeem our country from discontent
and strife and bring it back to prosperity and power?
We give herewith in full the Senator's speech:
•
Mr. Borah.—Of course. Mr President, it would be perfectly suicidal
for the Republican Party to shut off debate upon these schedules. It would
be still worse, it would be injurious to the country.
I have always been opposed, Mr. President, to cloture; and it has been
extremely interesting in the years during which I have been hero o observe
how cloture has been sought to be applied by the two sides of the Chamber.
When the Republicans are in the majority, they want cloture, when the
Democrats are in the majority, they want cloture, and when either side is
in the minority, it protests against cloture. We have that situation
now. I think it would be extremely unwise to apply cloture at. this time.
However, Mr. President, I should be tempted to vote for cloture in this
have
instance if It were not for the two considerations, one of which I
measure by
Just mentioned, that I think we cannot stop debate upon a
opposed
stopping debate here in the Senate. The second reason why I am
to cloture is because of that which lies anoad of us.
people are in a hurry to have
We are greatly mistaken if we think that the
The
us legislate along the lines on which we are proposing to legislate.
of adding
people are not at all dissatisfied to slacken haste in the matter
upon
burdens
increased taxes upon the people and increase obligations and
the Government.
immediFor instance, Mr. President, what are our friends proposing to do
measure to be
ately they pass the pending tariff bill? What is the next
indebtedtaken up? The next bill on the program is one to impose an
$6,000,ness or an obligation upon this country of from $4.000,000,000 to
shall have
000,000. That will be the first hasty stop we will take after we
speaking now
concluded the first consideration of the tariff bill. I am
conditions
of the entire Congress; but .do Senators think, in view of the
in this country at this time with reference to taxes, with reference to indebtdesiredness, with reference to national obligations, that the people are
of
ous that we hasten to impose additional burdens on the Government
profrom $4,000.000,000 to $6,000,000.000. If there wore a different
might be some
gram confronting us, if there were a different outlook, there
much if
desire for haste, but in view of what confronts us I doubt very
along
there is any considerable excitment in the country to have us move
with our program.
add from
After we have disposed of the bonus proposition, which will
country,
$4,000.000,000 to $6.000,000.000 to the indebtedness of the
Do
what is the next measure upon our program? The ship subsidy bill.
debris
Senators think the people of the country are in great haste to have the
way for a ship
cleared away—if I may call the tariff bill that—to make
subsidy bill, a measure which will draw from the Treasury all the way
from fifty million to one hundred million and some say as high as three
hundred million dollars; which will exempt some of the people of the country from the payment of a portion of their taxes; which will select a few
373
and give them an opportunity to succeed in the midst of the distress which
presses down upon the remainder of the people? I do not think, Mr.
President, that the people are in haste to have us pass that kind of a measure.
Then, after we pass the ship subsidy bill and the bonus bill, both of which
will constitute drains upon the Treasury and involve additional taxes
and an increase of Government obligations, we propose to take up the bill
for the creation of 24 Federal judges, which will be another drain upon the
Federal Treasury. Perhaps we might justify the creation of 10 or 12
additional Federal judges. I think we might do so; but to create 24 additional Federal judges at this time, in my opinion, after having examined
the matter as best I may, is intolerable and inexcusable and the imposition unnecessarily of a further burden upon the people of the country.
And after we shall have passed the Federal judges bill, there will come
what is called the Liberia loan bill. We propose to go into the Treasury of the United States, despite its condition, and loan to Liberia $5,000,000, at a time when the people of the United States are bled white,
when they are absolute y without money to initiate enterprises, and when
the great reclamation projects of tho West are standing as they have stood
for the last seven or eight years. With the Treasury unable to moot the
demands of our own people, it is proposed to go into the Treasury and
loan $5,000,000 to Liberia.
Not a single one of the measures upon the program which is now before
us but draws upon the people for an additional sum and weighs upon them
in tho form of additional taxation and increases the obligations of the
Government not only by millions but by billions of dollars.
Mr. President,therefore, while I have sat here and listened to this debate
or while I have known that it was going on, I have not felt the impatience
which I otherwise would if I knew that there would follow the tariff bill
measures which would, in my judgment, afford relief to the country. I
ask our friends who are meeting at the headquarters of our leaders if there
is a single item in this program that does not increase the taxes of the people of the country? Is there a single part or parcel of the program that
does not increase the obligations of the Government? It is the character
of the program which makes hesitancy and delay in the consideration of
the tariff bill a virtue.
Mr. President, we know that there is already great discontent throughout this country, and when discontent is widespread it is never without
justification. That condition is apparent in the United States and it
exists throughout the world.
It is evident that the burden which governments continue to impose
upon the people is 1 scorning unbearable. It is getting, as it were, upon
the nerves of the public. The first underlying cause in my judgment of
the world-wide unrest, of the almost universal criticism which we hear
against governments, is exorbitant and unconscionable governmental
expenditures, and particularly the outlook that these expenditures are not
being diminished to any appreciable extent. Indeed, I do not believe
that the burdens already placed upon the people are so disturbing, so
fruitful of dissatisfaction and discontent, as those burdens which present
policies indicate are yet to come. The present demands are sufficient
to take the people's earnings, but the proposed policies take away their
hope for better days.
The protest upon the part of the people is now being manifested in this
country and throughout the world. It makes itself known in strikes,
through the ballot box, and finally in rioting and in bloodshed. The most
prolific source of misery and crime is oppressive taxation, and when you
stop to think of the load now carried by the masses, we can not be surprised
at the disorder and lawlessness everywhere prevailing.
In some countries it seems to be believed that this discontent and hunger
can be fed up on repression and executions. In other countries, particlarly in our own,the belief seems to prevail that the remedy is in sail greater
appropriations, increased national obligations, and necessarily higher taxes.
Let us examine in detail the weight under which the people are now
bending and also examine some of the proposed measures of relief, some
of the schemes which would start new enterprises and find employment
for the idle through increased appropriations and still greater obligations
of government. We will find that the late Doctor Rathenau was not
far wrong when, a few days before his unfortunate death, speaking ot the
economic situation in Europe, he said:
Chained in our gallery we hew one another to pieces, although it is our
bark which we are rowing and our struggle on whose behalf it is set forth,
We are told from time to time that the situation is encouraging; that
we will get relief by reason of the fact that there are large sums of money
owing to us from foreign governments, a part of which we may get and the
interest of which we will surely get from some of them. These statements
make it important for us to examine the conditions in those countries
from which we are to get interest or aid, as we are told, to relieve the constantly increasing burdens of this country. I take up the first the condition
of Great Britain.
After referring at length to the burdens resting upon Great
Britain and France, Senator Borah proceeded as follows:
Thus we see, Mr. President, in these two great leading countries, whose
Indebtedness to us is very large, the constantly increasing expenditure,
the constant increase of taxes, the constant decrease of returns of taxes or
the drying up of taxes, and in all instances the rise in the cost of living and
the constant increase of the burden of armaments.
I do not pause to survey the financial and economic conditions in other
parts of Europe. Russia is in collapse; famine stalks her streets. In
Germany the assassin's face haunts her public men and reparations dull
the energy and blasts the hopes of the people. Austria, Hungary, Rumania
—why recount them, for we must know that bankruptcy is everywhere
threatened.
Who could doubt what effect these conditions have upon the great mass
of the people? Is there any surprise that there is discontent, not only
throughout those countries but spreading into all other countries adjacent
thereto? The fact is that the constant increase of governmental expenditure has reached the point where it breeds revolution. Everywhere men
are denouncing or criticising their governments—here and elsewhere.
The people's faith and the people's patience are nearing exhaustion.
It seems to me, under these conditions, that the first and prime duty
of a party which has the future of this country in its charge is at all hazards
to refrain from increasing these obligations, these expenditures, and if
possible to decrease them.
Now, Mr. President, let us look for a few moments at our own country.
We have at this time an indebtedness of about $22,000,000,000. Our
Budget is running from $3,500,000,000 upward. According to the report
of Mr. Mellon, the Secretary of the Treasury, the sources of taxes in this
country are drying quite as rapidly as in Great Britain. We have a deficit
for 1923 estimated at $500,000,000. That is the situation presented to
us, not as a speculative proposition but by actual figures. At the close of
the Civil War we had an indebtedness of about $2,674,815,356. By 1915
we had reduced the Indebtedness of the Government to $1,090,148,006.
In other words, during the space of 50 Years we had reduced our public
indebtedness something over a billion dollars. If we are to judge the future
374
THE CHRONICLE
[VOL. 115.
by the past, we now have an indebtedness which it will take us more than governments and then the private debts, the human mind staggers and
a thousand years to lift, to say nothing of the constantly increasing burden computation breaks down. This fearful load resting like a blighting milin the way of increased taxes from year to year by reason of the increased dew upon the aspirations and the hopes and the energy of the people everybudgets; and It is proposed,in addtion to that which we already have, to lay where is now being increased at a rate which benumbs calculation. Even
in this comparatively new land of ours we have reached already the era
an extra indebtedness, which I am going to discuss in a few moments.
Mr. President, the time may come, and in my opinion it is very likely of embargoes, subsidies, gratuities, bonuses, and finally that sinister invento come, when the United States will have to stand, as it were, at the Marne tion of American politics-50--50 between the States and the Governon this question of preserving financial civilization. The time may come ment—that is, the States will exploit the taxpayer for 50 per cent and the
when our reserves, economic and financial, will have to be called upon as Government for the other 50 per cent, thus dividing responsibility and augour reserve of man power was called upon in 1917, and it behooves the menting extravagance, unmindful, apparently, that while the taxing power
American people and the American Congress to prepare for that as we are two, the taxpayer in both instances is one and the same. The great
prepared for the great conflict which confronted us in 1917. The nation task of legislation to-day is to ascertain how one class can benefit at the
which will lead in the future, which will control and dominate, will not be expense of another class—the taxpayer always the victim.
Mr.President,in times of adversity,in a severe economic crisis, a people,
the nation of armies, not the nation of navies, but the nation of economic
power, of prosperity at home, of financial reserve, of means to take care of like individuals, must recur to first principles, return to the simple homely
those things. It behooves us, therefore, not only by reason of the call virtues, the only secure basis for either individual prestige or national
which will be made upon us here in this country but by reason of the con- power. Two roads were open to us and to all the world at the close of the
dition which surrounds us throughout the world, to conserve and reserve Great War—that of waste, extravagance, taxes and debts, or that of econall the economic and financial power that we have in order to meet that omy, frugality, work and self-denial.
The former leads inevitably to increased worry, greater misery and ultiexigency when it comes.
Mr.Underwood.—Mr.President,if the Senator will allow me to interrupt mate ruin; the latter to contentment, prosperity, and strength. So far we
him to make a suggestion, if we had owed $22,000,000,000, as we do to-day, have chosen the former course. When we have heard of unrest or political
when the war broke out in 1917, it would have been financially impossible discontent, we have readily and generously tendered an appropriation.
for us to have put 2,000,000 men in France.
When the taxpayer has protested too earnestly, we have bravely put the
Mr. Borah.—I quite agree.
burden upon posterity. Like economic cannibals, we are preying upon
Mr. Underwood.—The weakness is evidenced as much in financial weak- one another, and, going the cannibal one better, we are now preying upon
ness as it is in loss of man power.
our children and our children's children. Prosperity we assume is to come,
-exertion
Mr. Borah.—Quite so. There is another element to which I want to not through individual sacrifice and individual effort, through self
refer in connection with this, and that is the constant outlay for armaments. and personal initiative, but through the open door of the Public Treasury.
I have on my desk here the figures of the increase in the budget of France Although the sources of taxes are drying up, yet those who are not making
for 1923 for armament. Both war and navy appropriations are increased their way from the Public Treasury with what they could get are wending
over this year's budget, the former 234.000,000 francs and the latter 323,- their way toward it to see what is left. If I were going to open the Treas000,000 francs. This is under date of May 16 1922. In other words, not- ury to any people, or if I were going to support a continuance of this policy.
withstanding the financial situation in France for some reason unexplained, I would not turn the soldier away. But the road over which we are travelor not understandable, at least, by the outside world, she is increasing ing means industrial distress and ultimate disaster, from which the soldier
her army and her navy outlay over that of 1922.
himself can not escape. People simply can not and will not much longer
Let us make a comparison with our country. For 1916, the year we carry the load which we are imposing upon them. We have already tested
started the large naval building program, we expended $154,727,556 36 for their patience to the breaking point. The multitudes, it has been said, in
the Navy. For 1923 we have appropriated $328.000,000, in round figures. all countries are patient to a certain extent, but no statesman has ever yet
The total appropriation for the Army in 1916 was $170,836,324 69. been wise enough to foretell the particular point at which that patience
In 1923 it was $320,000,000. A like increase could be shown with refer- ceases.
ence to England.
I grant you that if this policy is to continue,there is no argument by which
I have called attention to this situation, which may seem somewhat you can exclude the American soldier from participating in its temporary
Irrelevant at first, but I am coming to the proposition of what should be advantage; but it should also be said that there is no logic by which you can
the attitude of the American Congress toward these obligations which it exclude him from its permanent disadvantages. No one is more deeply
is proposed we shall incur.
concerned in getting back to right principles and sound policies than these
I look upon it somewhat in the light as if we were preparing for actual young men. No one is more vitally interested in the future welfare of the
war. I think to drain our resources, to burden our people, to increase country. The unwisdom of the course we are now pursuing will fall more
our obligations at this time is shortsighted, to say the least. It may be heavily upon these young men and theirs in coming years than upon those
disastrous. It is a time when every citizen should feel toward his Govern- who are now in places of authority. It may be vain in this mad hour of
ment and its expenditures just as he would feel toward his Government political exigency and reckless appropriations to urge these views, but the
If he knew that an outside enemy were threatening. Every man and every Inevitable hour will come when the soldier himself will regret, deeply regret,
citizen should be willing to make the sacrifice, to economize, to deny him- he ever consented to become a part of any such scheme. It may be idle—
self or herself the same as we did during the Great War. There can be no it may even be thought presumptuous—at this time to speak for a different
possible doubt as to the task which confronts us, and there can be no doubt standard, but I doubt not at all that in later years the soldier himself will
but what it will call for all we have under our control in order to.meet it.
rue the heedless hour when he exchanged a noble heritage for less than a mess
Notwithstanding that fact, Mr. President, we are told it is proposed of pottage. The thing which he gave, and stood ready to give, was without
as soon as this bill is out of the way to take up the ship subsidy bill. I money and without price. The thing which he earned, the glory which
am not going to discuss that to-day. I propose to do so in the near future. was his transcends the miserable values of the market. He does not rightBut it will be a drain upon the Treasury, it will establish a vicious sytem fully belong in this futile scheme to rebuild civilization and reconstruct a
of tax exemption; it will not grant the relief, and it will burden the future, bankrupt world through subsidies, bonuses,appropriations,taxes,and debts.
in my judgment, quite as much as it would to actually vote bonds or obliYou will all recall the uneasiness, the anxiety, with which we followed the
gations of the Government.
American soldier across the sea and onto the battle line in Europe. He
Secondly, we propose to take up what is known as the soldiers' bonus had been hurriedly called from the farm and the workshop,from school and
bill. I am perfectly well aware that both sides of the Chamber are in favor college, and, practically unseasoned, undisciplined, and untrained, sent
of that proposition to a large extent. We are now paying out over $1,000,- forward to meet the ordeal of war. His countrymen awaited the result
000 a day for the disabled veterans; about $436,000,000 for this year will with mingled feelings of fear and faith, and the whole world speculated on
be paid, more than a million dollars a day. If we calculate the obliga- how he would meet the test.
tions which we owe to those men—and if they are disabled it is an obligaWe were told that this would be the real test of democracy—could
tion which we must meet at whatever cost—it will cost this Government, a republic devoted to peace stand against the onslaught of centralized and
upon the ratio that it cost us after the Civil War,in the next 50 years over thoroughly trained and highly militarized Powers? We all know the re$65,000,000,000. Some estimate it higher. But, adding that to the $22,- sult. The pride and the exultation we experienced over those first encount000,000,000 which we already owe and the immense Budget which we have, ers of our troops no tongue can tell. They had met the test. They had
and you have about all that the American taxpayer will be willing to carry vindicated our whole theory of government. They had Justified our
during these coming years.
standard of civilization. They had checked and were soon to turn back the
But it is proposed out of hand to lay upon the American people at this armies which had brought three great nations to bay. They had demontime an extra burden of from four to six billion dollars, almost twice as large strated that there was something after all higher and more masterful than
as the debt which we had at the close of the Civil War; and if we pay it sheer force—than mere organization. Behind the gun was character.
In the same way and at the same rate that we paid the debt after the Civil Behind the weapons of destruction was unbought, unpurchasable love of
War, it will take us 250 years to pay off the debt which we propose to lay country. Such service, sir, the only security a republic can ever know.
In a few weeks for the purpose of meeting this supposed obligation.
Such service spurns the idea of compensation, eludes all estimate, and deMr. President, the discussion heretofore of this bonus measure has ranged fies the sordid rules of arithmetic. Let those disposed to do so trifle with
the Federal Treasury and the the future by attempting to write across this glorious record adjusted comprincipally about the present condition of
immediate burdens of the taxpayer. These are matters of vital concern. pensation.
But it must be apparent from the whole situation that underlying this
But stern as was the task of the American soldier in war and unstinted
question is a deeper problem touching not only this particular measure but as was the praise he won, a yet more inexorable obligation and a great
the whole trend of legislation and the entire policy of reconstruction. The opportunity awaited his return to civil life. The course which we are now
Treasury may run dry, but if the pride and the energy and the manhood pursuing will prove in the long run more dangerous to our Government
and the womanhood of the Nation remains, it will again be replenished. than a foreign foe. A proud, strong nation may suffer a reverse in arms,
The immediate burdens imposed by heavy taxes may sterlize industry but time may still find it triumphant. An independent and self-reliant
and press down upon labor, but if faith in the Government and confidence people may be overcome by the fortunes of war, but time fights on their
in its policies remain, business in time will revive and labor again enjoy side to final victory. But a nation whose citizenship has been drugged and
Its rightful heritage. Language is inadequate to portray what a people debauched by subsidies and gratuities and bonuses, who have surrendered
will endure in the way of fiscal burdens so long as they believe that the poli- to the excesses of a treasury orgy, has taken the road over which no nation
cies obtaining are just and wise. But when a people begin to lose confi- has ever yet been able to effect a successful retreat.
dence in the wisdom and permanent policies of a government, it is time
Before we can come back as a people we must change our standards and
to look deeper than the mere significance of a pending measure.
adopt a different policy. Who will set up the new standards? Who will
The bonus measure is but a single expression of what seens to be a deep- contend for the new policy? If these young men fail to do so, where shall
rooted tendency—a tendency born of feeble policies and irresolute leader- we look for leadership? If great tasks and great opportunities be the things
ship. If this measure stood alone, if it were single in its import, we could for which strong men yearn, this is the most coveted hour in the whole hislook upon it with less concern. It is conspicuous, however, only because tory of our Republic. The glory of Flanders Field and the deathless courof the amount involved; there are any number of measures pending before age of Chateau-Thierry will not surpass the glory and the courage of the
the Congres of the same general nature. If you care to search the files young men who see their duty and do it now.
of the Congress or survey the activities of State legislatures, you will no
The Great War threw back upon society its most stupendous task. Nothlonger doubt the peril which confronts us as a people.
ing like it in all the history of the world. The whole social and economic
enough before the Congress, and lately in State fabric had been shaken from centre to circumference. Many of the most
There are measures
legislatures, to bankrupt this, the richest Nation on the globe. If all the sacred traditions of the race,some of the most precious rights of the citizen,
money were appropriated which, by bills, has been suggested, or if all the seemed imperiled. Old precedents were discredited. New policies were
debts were created which such proposed measures would entail, it would not at hand. To the ordinary citizen the world seemed steeepd in debt,
place a mortgage upon the brain and the energy of our people which a the future fined with drudgery and toil. It was a stricken world—hunger,
thousand years could not lift. No statistician whom I have been able disease, crime, suicide, insanity—stricken, it would seem, by one to whom
to find can tell us to-day the amount of indebtedness in the world. They alone vengeance belongs. But in spite of this fearful catastrophe the people
approach with some supposed accuracy the debts of the different govern- bore up, carried the load with marvelously little complaint—carried it bements, but when you s!: to tRbuipte the 0,,hts of the RuhdtvIRions of cause they were promised on all hands and from every quarter by all political
JULY 22 1922.]
THE CHRONICLE
paties and all public servants that there was to be a new and nobler era in
gorvernmental affairs. Their interests were to be zealously guarded, systematically and vigilantly protected. We were all to co-operate to lift the
load and lighten the burden. Are we keeping the promise made? Are we
fulfilling the pledge? Are we lifting the burden? The faith of the citizen
is after all the sole source of power in a free government. To destroy it
is the most reckless offense of which the public servant can be guilty.
Is there any doubt, Mr. President, that there is a political ravolution on
in this country? We may not feel it in all its effects in Washington, but it
has reached here to some extent. The people are resentful of the fact that
the promises to lift the burden have not been kept. They are striking at
men in office,in power,in order o reach systems and policies and programs.
Business men are borrowing money to pay their taxes. I have examined
the lists in W of the great agricultural States of the Union and thousands of
farms are for sale for taxes. While this condition confronts us, and while
labor is dissatisfied and thefarmer is discontented,and business discouraged,
we propose without hesitation,it seems,to lay upon the American people an
additional burden of from $4,000,000,000 to $6,000,000,000.
The Republican Party is now in power. Others may vote with the party
to lay on these increased taxes and burdens, but the responsibility is fixed
and inescapable; it is with the party to whom has been intrusted the reins
of authority. For the sake of our common country, for the sake of peace
and happiness among the millions who must bear the awful load, who can
not pass it on, will not the old party of so many noble victories rise to meet
the occasion and stop once and for all this orgy of extravagance, this saturnalia of expenditure, until the people can redeem our country from discontent and strife and bring it back to prosperity and power?
BUDGET SYSTEM ENDORSED AND CRITICISED BY
REPRESENTATIVES MADDEN AND BYRNS IN
REVIEW OF GOVERNMENT EXPENDITURES AND APPROPRIATIONS.
'Endorsement and criticism of the Republican Administration under President Harding were voiced respectively by
Representative Madden of Illinois, Chairman of the House
Committee on Appropriations, and Representative Byrns,
of Tennessee, ranking Democratic member of the Committee, in statements regarding Government appropriations
and expenditures made in the House on June 30 and published in the "Congressional Record" of July 12. Representative Byrns contends that "the figures as to appropriations
and the admission of the Administration as to the expenditures for 1923 show a lamentable failure on the part of the
Republican Congress and the Administration to reduce and
retrench the expenditures of the Government." Representative Madden declares that "the financial record made•by
the Republican Congress from May 1919 to March 1921 and
by the Republican Administration in full control since March
1921, is not surpassed by any period in the history of the
country." In part Representative Madden's statement follows:
375
For the information of those who may desire to visualize by large groups
the principal objects of appropriation for the fiscal years 1922 and 1923 in
comparative array, I shall insert the following table:
General Classification of Appropriations for 1922 and 1923, Arranged to Show
the Principal Large Objects of Appropriation.
1922.
1923.
$975,000,000 00
Interest on the public debt
$975,000,000 00
Sinking funds and other funds for reduction in the principal of the public debt 387,942,200 00
369,338,800 00
Veteran's Bureau, compensation, hospi408,166,732 00
talization and vocational training__
418,063,843 45
Pensions, all wars prior to the World
265,000,000 00
252,000,000 00
War
579,976,851 00
565,064,786 50
Post Office Department
Military activities of the War Department (Army)
*352,879,838 35
*257,676,169 67
Navy
*426,378,656 87
*297,770,249 00
Shipping Board
100,459,000 00
73,959,000 00
Increased compensation ($240 per annum)
35,000,000 00
38,735,173 00
Roads
70,000,000 00
10,000,000 00
All other purposes, including the Congress, the judiciary, the executive departments, independent bureaus, and
the District of Columbia
492,013,088 52
462,927,361 02
$4,066,316,366 74 $3,747,035,382 64
*Include amounts under permanent and indefinite appropriations.
Reductions in Actual Expenditures and Public Debt.
The reductions in actual expenditures of the Government are the best evidence of the return to .a normal state of Government finances. The expenditures for the fiscal year 1919, which was the fiscal year in which the armistice was signed, covering the ordinary expenses of the Government and excluding public-debt retirements, were $18,514,879,955 03. The expenditures for
the fiscal years 1920, 1921 and 1922 (exclusive of public-debt expenditures
chargeable to ordinary receipts), on a comparable basis, are as follows:
Fiscal year 1920
$6,403,343,841 21
Fiscal year 1921
5,115,927,689 SO
Fiscal year 1922
3,372,607,899 84
These figures show a reduction for 1922 under 1920 of $3,030,735,941 37.
They show a reduction for 1922 under 1921 of $1,743,319,789 46.
The fiscal year just closed, which is the first full fiscal year of Government
business under the operation of the budget system and the first full fiscal
year since President Harding has been in office, has been most successful.
The ordinary receipts for the year amounted to $4,109,104,150 94. The total
expenditures, including public debt items, chargeable against ordinary receipts, were $3,795,302,499 84.
The surplus for the year is $313,801,651 10, against an estimated deficit
last December for the same period of $24,468,703. The total gross debt of
the Government on June 30 1921, the beginning of the fiscal year just closed,
was $23,977,450,552 54. The total gross debt on June 30 1922, one year
latter, was $22,963,381,708 31. The reduction in the debt during the year
amounts to $1,014,068,844 23.
The total gross debt of the United States on May 31 1919 was $25,916,874,096 83. The total gross debt on June 30 1922, as heretofore stated, was
$22,963,381,708 31. The reduction during this period amounts to $2,953,492,388 52.
Preliminary Estimates of Expenditures for 1923.
Reduction of Appropriations.
The preliminary estimates of expenditures for the fiscal year 1923 as subThe appropriations for the fiscal year 1923, made at the session just closed,
mitted by the spending departments aggregate $3,771,000,000, while the preaggregate $3,747,035,382 64. Compared to appropriations for the immediliminary estimates of receipts total $3,073,000,000, an indicated deficit of
ately preceding fiscal years, they display a great decrease. They are less than
$697,000,000. This figure would be more impressive if the record of the fisthe appropriations for the fiscal year 1921 by the sum of $1,033,794,127 71,
cal year 1922 were not so freshly in mind. The preliminary estimates of exand are less than the appropriations for the fiscal year 1922 ($4,066,316,penditure for that year aggregated $759,000,000 more than the amounts that
366 74) by $319,280,984 10. I shall append to my statement a comparative
had actually been expended when the year closed. I feel certain that the
table showing by departments and establishments the appropriations for the
President, supported by the administrative officers, will be able materially to
fiscal years 1922 and 1923.
reduce this anticipated deficit. It must be remembered in this connection
The largest of the reductions for 1923 under 1922 has been effected in the
that the fiscal year just closed showed a surplus of over $300,000,000. It
Military (Army) and Naval establishments.
should also be remembered in connection with the estimated expenditures for
The appropriations for the Military establishment, exclusive of permanents,
next year that there is included $330,000,000 for reduction in the principal
for the fiscal year 1922 aggregate $350,707,538 35. The comparable appropriations for the fiscal year 1923 are $256,411,169 67—a reduction of $94,- of the public debt to be paid from ordinary receipts and $284,000,000 on ac296,368 68. The appropriations for 1923 provide for a strength of 12,000 count of past railroad debts, which should be deducted in arriving at any esofficers and 125,000 enlisted men. The following comparative figures on the timated figure of deficit attributable to the ordinary running expenses of the
Government. These two figures alone are nearly equivalent to the estimated
basis of military appropriations and officer and enlisted personnel, beginning
deficit. The meeting of all administrative officials of the Government at the
with the fiscal year 1920, when a Republican Congress started making the
call of the President on July 11 last to consider the financial problems of the
appropriations, shows gratifying reductions:
Number fiscal year 1923 will have a most beneficial result, and when the year shall
Number
of men. have ended its record will be as gratifying as that of 1922.
of officers.
Amount.
.Military appropriations.
268,222
$794,621,564
25,914
Fiscal year 1920
From Representative Byrns's statement we quote the fol210,442
421,530,690
14,091
Fiscal year 1921
150,000 lowing:
350,707,538
14,000
Fiscal year 1922
Mr. Speaker, the question uppermost in the mind of the average tax-paying
125,000
256,411,169
12,000
Fiscal year 1923
citizen of to-day is what is it costing to run the Government and has the
The reductions in naval appropriations are even more gratifying than those heavy burden of
expenditures for the routine operations of the Government,
in the Military establishment. The total naval appropriations, exclusive of which was
necessarily imposed during and immediately following the war,
permanents, for 1922 are $413,180,960 87. Those for 1923 are $294,336,577, been reduced to
that extent which he had the right to expect for the fiscal
a reduction of $118,844,383 87. This result is directly due to the year 1923—the
fourth since the war came to a close. The passage of the regeonclusions reached by the Conference, on the Limitation of Armament. The ular annual
appropriation bills for the fiscal year 1923 makes it possible to
initiative of President Harding in calling the conference and the success of arrive at a more
definite conclusion, although it should be emphasized here
of its deliberations under the presiding direction of Secretary Hughes, have that the sums
carried in these bills by no means represent the entire amount
made possible great economies in naval budgets of the world, and in future which will be
appropriated for 1923. There will undoubtedly be deyears will relieve humanity from the burden of providing billions of dollars of ficiency
appropriations during the year as has been the case in all pretaxation to defray the cost of naval armaments.
vious years, despite the assertion made at the beginning of each year that
The following table shows the naval appropriations and personnel for the none were
contemplated. Then, too, Congress will levy additional charges on
iiscal years 1920 to 1923, inclusive:
the Treasury during the year in the creation of new activities or the enlargeEnlisted personnel. ment of those already in existence, unless this Congress adopts a radically difNaval appropriations.
193,000
Fiscal year 1920, $623,673,230
ferent policy from that which it has followed since it first came into exist120,000
Fiscal year 1921, $497,900,053
ence on March 4 1921.
106,000
Fiscal year 1922, $413,180,960
The total appropriations for 1923 up to this time, including regular, per86,000
Fiscal year 1923, $294,336,577
manent, indefinite and miscellaneous, are $3,747,035,382 64. The total approThe combined military and naval appropriations for 1922 are $763, , priations for 1922, including regular, permanent, indefinite, miscellaneous
888 499 22. The combined amounts for the two services for 1923 are $550,747,- and deficiencies, were $4,066,316,366 74. However, nearly $1,500,000,000
746 67. The combined reduction for 1923 under 1922 is $213,140,752 55.
of each of these two sums represents permanent and indefinite appropriations,
The appropriations for the Shipping Board for the fiscal year 1923 aggre- which includes interest on the public debt, and so forth, and which Congress
gate $100,459,000. The appropriations for the fiscal year 1922 are $73,- is not called upon to appropriate each fiscal year. In order, therefore, to get
959,000. While the amount for 1923 shows an apparent increase of $26,500,- a picture as to just what sums Congress has appropriated, only the regular
000, it must be recalled that included in the 1923 appropriations is the sum annual, miscellaneous and deficiency appropriations should be considered.
of $50,000,000 for the payment of back claims for construction and requisiThe only true test by which is can be determined whether Congress has retion of vessels incurred during and immediately following the war period. duced apnropriations and been really economical is by a comparison of its apThese are inherited obligations and must be paid. With this sum eliminated, propriations with those
made in previous years for similar purposes. This
the Shipping Board appropriations show a reduction of $23,500,000.
test should be applied to the appropriations made by this Congress for the fis.
376
THE CHRONICLE
cal year 1923 and as carried in the regular annual supply bills with the appropriations made by the Congress in the regular annual supply bills for 1922.
It would be manifestly unfair to compare the appropriations which have been
made at the beginning of July for the fiscal year 1923 with the appropriations which were made for 1922 at the beginning of that fiscal year and including all of the appropriations by way of deficiencies and special acts made
during the entire year, for it is certain that there will be deficiencies and
special acts passed during the present fiscal year 1923, which has just begun,
and which will increase the 1923 appropriation. Measured by this test it will
be found that there has been appropriated for the fiscal year 1923, $95,872,535 37 more than was appropriated for the fiscal year 1922 at the same period of the two fiscal years. The following table illustrates this fact very
clearly, but in this connection it should be explained that since 1922 the
titles of the appropriation bills have been changed and appropriations are
now made under the heads of departments and Government establishments, but
the results are the same:
1922—Regular Annual Supply Bills.
Sundry civil
Post Office
Agriculture
Army
Fortifications
Navy
Diplomatic and Consular
District of Columbia
Indian
Legislative, executive and judicial
Pension
Rivers and harbors
Increased compensation
Grand total
1923—Regular Annual Supply Bills.
Executive and independent offices
Post Office
Agriculture
War Department
Navy
State Department
District of Columbia
Interior Department
Legislative (Congress)
Treasury Department
Commerce Department
Labor Department
Department of Justice
Increased compensation
$384,196,480 41
574,057,552 00
36,404,259 00
328,013,529 80
8,038,017 00
410,673,289 23
9,326,550 79
19,412,412 99
9,761,554 67
100,348,018 75
265,500,000 00
15,250,000 00
35,000,000 00
$2,206,981,664 64
$536,638,771 45
565,064,786 50
36,929,173 00
325,164,492 67
294,336,577 00
10,443,488 16
22,841,609 80
297,565,108 67
12,788,324 95
118,835,308 81
18,743,245 00
6,918,920 00
17,851,221 00
38,735,173 00
Grand total
$2,302,854,200 01
It should be stated that the Navy bill for 1923 carries, in addition to the
direct appropriation, the authority to use unexpended balances amounting to
234,0000,000 and that at least $60,000,000 must be appropriated under an
act already passed for scrapping some of the ships of the Navy.
This will
make a total of $408,336,577 for the Navy for the year 1923. In addition to
this, the other bills for 1923 carry appropriations for unexpended balances
amounting to $28,677,530 24, which does not appear in the figures
given in
the table.
The administration's own figures as to expenditures for
1922 and 1923
show that it is exprcted to expend only $24,302,499 84 less in 1923
than was
expended in 1922. The expenditures for 1922 amounted to $3,795,302,499
84,
while the estimated expenditures for 1923 are $3,771,000,000.
This is a
startling admission, in view of the oft-repeated claims
made by General
Dawes, the head of the Budget Bureau, and widely heralded
to the country,
that he has put into effect business methods which would bring
about reductions and economy. It conclusively shows that his repeated boasts
of savings
of hundreds of millions of dollars were mere paper savings, unsupported
by
fact and that the "budget savings" propaganda with which he
flooded the
country was purely visionary and ethereal.
It will be informative to compare the regular annual deficiency
and miscellaneous appropriations made for the entire year of 1922 with the regular
annual appropriations for 1923 and the additional deficiency and miscellaneous appropriations which with reasonable certainly will be made during
1923. It furnishes further and positive proof that there has been no reduction in expenditures. The total appropriations for 1923 up to this time, the
very beginning of the fiscal year, amounts to $2,302,834,200 01. The total of
these appropriations for the entire year of 1922, excluding permanent annuals
and including deficiencies of over $200,000,000 granted during the year, and
also the various additional appropriations made by Congress during the year,
amounts to $2,598,500,170 72. The figures in detail are as follows:
Amounts Carried for Fiscal Years 1922 and 1923 in the Regular
Annual Appropriation Acts, Deficiency Appropriation Acts, and Special Acts.
Appropriations
year 1922,
Department or establishment
including deliciencies and
special acts.
Legislative (Congress)
$18,247,247 06
Executive office and independent offices 498,847,057 00
State Department
16,741,346 09
Treasury Department
145,352,179 65
War Department:
Military activities
350,707,538 35
Non-military activities
42,638,010 66
Navy Department
413,180,960 87
Interior Department
314,559,305 13
Post Office Department
579,976,851 00
Agricultural Department
39,527,434 00
Commerce Department
17,394,859 20
Department
Labor
5,798,196 50
Department of Justice
16,938,667 67
23,463,675 72
District of Columbia
35,000,000 00
Increased compensation or civilian bonus
Miscellaneous (unclassified)
126,842 04
80,000,000 00
Roads
Approfor
priatonsf
year 1923,futare deficiency
and special acts
to be added.
$12,788,324 95
536,638,771 45
10,443,488 16
118,833,308 81
256,411,169 67
68,733,323 00
294,336,577 00
297,565,108 67
565,064,786 50
36,929,173 00
18,743,245 00
6,916,920 00
17,851,221 00
22,841,609 80
38,735,173 00
10,000,000 00
$2,598,500,170 74 $2,312,854,200 01
On the face of these figures there would appear to be a reduction in these
particular appropriations of $285,645,970 71, and if we exclude the reduction
in the road's funds the cut becomes only $215,645,970 71. But it must be
borne in mind that the year 1922 has closed, and the figures given represent
Grand total
[VOL. 115.
the total appropriations made for that year, including deficiencies and any
and all special acts of Congress, whereas the fiscal year of 1923 has just begun. The figures given for 1922 include over $200,000,000 by way of deficiencies for that year, and it is only fair to figure on a similar amount being
hereafter appropriated for 1923. There has been a law passed directing the
scrapping of some of the ships of the Navy and an appropriation must be
made this year for that purpose. The minimum amount which has been estimated is $60,000,000, but the chairman of the naval sub-committee on
appropriations, who is one of the very best informed among the members of
Congress on naval matters, has stated that it will probably cost from $70,000,000 to $73,000,000. In order to be entirely conservative the minimum
figures will be used. It appears practically certain that the ship subsidy bill
will be passed either during this session or at the December session of Congress, and Mr. Lasker and its warmest advocates admit that at the lowest estimate $15,000,000 will be paid in voyage subsidies during the first year of
its operation and $30,000,000 annually thereafter; and in addition there will
be enormous tax exemptions to shippers and shipowners and various other
aids, which will constitute a charge on the Treaury. Although it has been
conclusively demonstrated by actual citation of figures in the minority report
filed that it will cost $75,000,000 or more annually, nevertheless I will waive
the plain fact and use the figures given by Mr. Lasker for the first year's voyage subsidies alone. The House has passed the soldiers' bonus bill, and there
seems to be no question but that the Senate will pass it at this session. It is
admitted by everyone that the law will require an appropriation of at least
$77,000,000 during the first year of its operation. The House has authorized
a loan to Liberia of $5,000,000, which will undoubtedly be concurred in by
the Senate. A most conservative estimate of the amount which will be needed
for highways this year, in addition to what is now on hand, is $10,000,000.
Several times that sum will probably be needed, for $80,000,000 was appropriated in 1922. These sums aggregate $367,000,000, which with reasonable
certainty can be figured as additional appropriations which will be needed
for 1923, and which, when added to the regular annual appropriations for
1923, make the sum of $2,679,854,200 01, or $81,354,029 29 more than the
total appropriations for 1922, exclusive of the permanent and indefinite appropriations for each year which amounts to nearly $1,500,000,000, and if we
exclude from comparison the roads appropriations this excess becomes $141,354,029 29.
1922 Surplus and 1923 Deficit.
The Republican Party has not kept the Government on a "pay-as-you-go"
basis. It is true that a paper surplus was shown June 30, the close of the fiscal year 1922, but Secretary of the Treasury Mellon in his letter of April 14
1922, made it very clear that this surplus would only be made possible by the
transfer of over $200,000,000 in Governmental obligations from 1922 to 1923
which, while enabling the administration to avoid a deficit on June 30 1922,
increased the overwhelming deficit which faces the Treasury on June 30 1923.
In December 1921 the President in a message to Congress announced that
there would be a deficit of over $24,000,000 on June 30 1922 and one of more
than $167,000,000 on June 30 1923. At that time certain railroad expenditures by the Government were estimated among the expenditures for 1922,
and none for such purpose for 1923. But in April 1922 it appeared that the
December 1921 estimate of a 1922 deficit would be incrased from $24,000,000 to over $200,000,000. To have Congress come into session in December
and work for economy for seven months, to have the Director of the Budget
saving $100,000,000 on paper every few months, and then have the deficit for
the first year of the Harding administration increased by such a stupendous
sum could never be satisfactorily explained in the coming Congressional election. It was then that a change was made.
On April 14 1922 the Secretary of the Treasury revised his estimates of receipts and expenditures for the fiscal years 1922 and 1923. The railroad expenditures for 1922 were eliminated and $200,000,000 was transferred over
to the column of expenditures for 1923. More than $87,000,000 has been
covered into the Treasury as miscellaneous receipts derived from sales of surplus war material during 1922. The statement of the Treasury shows a surplus of $313,000,000 which is attributed to increase in custom receipts, miscellaneous receipts, including Panama Canal tolls, and to the fact that expenditures for 1922 were "almost $200,000,000 less than the estimate given last
December." It has already been shown how this "reduction" of expenditures
t
h about.
was broua
reason of this transfer, the December 1921 estimated deficit
Meanwhile,
for 1923 of $167,000,000 had climbed to $484,000,000 in April 1922, which
included $125,000,000 of interest on war savings certificates. I predicted at
that time that it would be not less than $758,000,000, based on estimated receipts and expenditures which seemed certain. Since then the Treasury has
again revised its figures and it is now stated that the 1923 deficit will be
$597,200,000, the estimated receipts for 1923 being $3,073,800,000 and the
expenditures $3,771,000,000. It should be noted that in arriving at the estimate of expenditures no account was taken of the amount which will be required by the passage of the soldiers' bonus or the possibility of the passage
of special acts requiring additional expenditures by the Government. When
these are considered it may be reasonably expected that the deficit for 1923
will rach $900,000,000, and possibly more, unless the receipts shall be greater
than now anticipated, or Congress shows greater economy and there is a more
rigid reduction of expenditures by the administrative departments.
Reduction of Public Debt.
It is announced that the public debt was reduced in 1922 in the sum of
000
$1,014,000, . It is stated that this reduction was accomplished through
retirements on account of the sinking fund and other public debt expenditures
chargeable to ordinary receipts, through the use of surplus current funds in
the Treasury and the application of the surplus of $313,000,000 above mentioned. The peak of the public debt was reached in August 1919, when it
was $26,596,701,648 01. Between that date and June 30 1920 it was reduced under a Democratic administration in the sum of $2,297,380,180 94.
During the fiscal year 1921, which was partly under a Democratic administration and partly under a Republican administration, the debt was reduced
in the sum of $321,870,914 53. Including the reduction during the fiscal
year 1922 the public debt has been reduced in the sum of $3,633,319,939 70
and now amounts to $22,963,381,708 31.
Budget Estimates.
The estimates for the regular annual appropriations for 1923 submitted by
the President amounted to $2,485,377,246 87. Congress appropriated $2,312,854,200 01, but there was included in this sum $73,275,574 which was not
Included in the budget estimates. It will thus be seen that Congress reduced
the budget estimates for 1923 in the sum of $245,798,620 86. The supplemental and deficiency estimates submitted to Congress during the fiscal year
1922 amounted to $472,410,129 96. Congress appropriated $332,760,884 55,
making a net reduction of $139,649,245 41. Thus it appears that the estimates for regular and deficiency appropriations submitted by the President
with the aid of the Budget Bureau during the first year of its existence has
been reduced by Congress in the sum of $385,447,866 86, or 13% of the
amount asked, excluding the permanent appropriations not subject to reduction. In other words, if Congress had accepted the estimates as submitted
by the President and the Director of the Budget, there would have been ap-
JULY 22 1922.]
THE CHRONICLE
propriated over one-third of a billion dollars more than was actually appropriated. Comment is unnecessary. The Budget law is a good law, but its administration since its enactment has not justified the fulsome claims for savings and economy with which the public has been so frequently regaled
through the public press. These figures show that if permitted, the Budget
Bureau, acting under the personal supervision of the President, would have
proved a most expensive proposition to the taxpayers.
The Budget law, which was passed June 10 1921, established a general accounting office, with the Comptroller-General as its head, at a salary of $10,000, and an assistant at a salary of $7,500. The office has a large clerical
force, requiring an appropriation of nearly $2,500,000 annually. In addition
to auditing Government expenditures, the Comptroller-General was charged
under the law with submitting to Congress reports upon the administrative
examinations of accounts and claims in the various departments and the departmentaf inspection of the offices and accounts of fiscal officers. He was
also required to specially report to Congress every expenditure or contract
made in violation of law. Congress has been in session practically the entire
time since the creation of this office, but no report of any kind has been made
as required by law. It may be said that the only times the Comptroller-General has appeared before Congress or its committees was when he sought increased appropriations for his office.
Reorganization of the Departments.
The Republican Congress on Dec. 17 1920 created a Joint Committee on
Reorganization composed of members of the Senate and House. It was made
the duty of this committee to make a survey of all the departments and establishments of the Government and report as to what unnecessary bureaus
could be abolished and what bureaus could be consolidated. Shortly after
President Harding came into office Congress did the unprecedented thing of
authorizing the President to appoint a civilian at an annual salary of $7,500
to be the chairman of the congressional committee. He promptly filled the
place.
It was proclaimed that this committee would save millions of dollars to
the Government in the abolishment and consolidation of Government bureaus,
and these statements were widely published over the country for many months.
The committee has been in existence for over 18 months and the salary of the
chairman and other expenses have been regularly paid. Only a few weeks
ago the distinguished gentleman from Virginia [Mr. Moore], a member of the
committee, vigorously complained and criticised its inaction, and stated that
the chairman had not called the committee together since his appointment.
Certain it is that the committee has made no report and not one single bureau has been abolished or consolidated.
Civil Service Employees.
It is estimated that there were 550,000 civil service employees of the Government June 30 1922, of whom 72,253 were in Washington, as compared
with 439,798 in 1916, of whom only 39,259 were in Washington. On Nov.
11 1918, when the war closed, the total was 917,760. Under the last administration this total was reduced to 691,116 on July 31 1920 and to 640,175 on
Dec. 31 1921, but there has been a reduction of only about 18,000 during the
past six months, and the number in Washington is nearly double what it was
in 1916. It may well be asked why it is necessary four years after the war
to retain in Government employ 111,000 more civil service employees than
were employed in 1916. Congress has during the past fiscal year added additional employees to the Government payrolls in providing 201 additional
clerks in the Pension office, 250 in the general accounting office, 600 additional positions in the office of the Internal Revenue Commissioner, and 828
employees under the Prohibition Commissioner, and a number of employees
under other special acts, thus adding several millions of dollars to the annual
payroll of the Government.
CONGRESSIONAL OPPOSITION TO HENRY FORD'S
MUSCLE SHOALS OFFER—ASKS MUCH, BOUND
FOR LITTLE IN RETURN.
The United States Senate Committee on Agriculture on
July 15, by a vote of 9 to 7, rejected Henry Ford's offer for
the lease and operation of the Government power project
at Muscle Shoals. The proposition submitted by Senator
Norris, Chairman of the Committee, which proposed operation of the plant by a Government-controlled corporation,
was also rejected, the vote being 9 to 5. According to the
New York "Times," both propositions will soon be placed
before the Senate in the form of minority reports. The
Senators who voted to reject the Ford offer were Norris,
Page, McNary, Keyes, Gooding, Norbeck, Harreld, McKinley and Kendrick, all Republicans with the exception of
Senator Kendrick. Those who voted to accept it were
Ladd and Capper, Republicans, and Smith, Ransdell, Harrison, Heflin and Caraway, Democrats. Those who voted to
approve the Norris plan were Norris, McNary, Norbeck,
Gooding and McKinley, all Republicans, while those who
opposed it were Capper, Keyes and Ladd, Republicans, and
Smith, Ransdell, Kendrick, Harrison, Heflin and Caraway,
Democrats. All other proposals submitted to the committee
for the operation of the plant, among them those of the
Alabama Power Co., Frederick E. Ensgtrum and Charles L.
Parsons, were rejected without a roll-call. Senator Ladd,
who favors unconditional acceptance of the Ford offer, was
authorized by the Committee to draw up the minority report in favor of that proposition, while Chairman Norris is
to write the report urging approval of the Government-owned
corporation plan. Both reports are expected to go to the
Senate in the coining week, although it is not believed that
any action on either of them will be taken at this session of
Congress,says the Washington correspondent of the "Times."
The report of the Senate Agricultural Committee rejecting
Mr. Ford's offer was presented to the Senate by Senator
Norris, Chairman of the Committee, on July 20. The
Associated Press dispatches from Washington have the
following to say regarding the report:
377
His [Senator Norris'sl views were set forth in a voluminous report,.
different portions of which were supported by various members of thy
committee. Senators Page, of Vermont; McNary, Oregon; Keyes, New
Hampshire; Gooding, Idaho; Norbeck, South Dakota; Harreld, Oklahoma;
and McKinley, Illinois, Republicans; and Kendrick, Democrat, of Wyoming, the report stated, favored the rejection of the Ford offer along with
Chairman Norris. Senators McNary, Norbeck, McKinley and Gooding
concurred with the Chairman in the recommendation for Government
development along the lines detailed in the pending Norris bill.
One of those whom, the report set forth, subscribed to the recommendation that the Ford offer be rejected, Senator Kendrick, declared in the
Senate after the submission of the report, however, that he "would be gladl
to vote to approve the offer of Henry Ford provided a modification is:
made of the time limit of the lease." The Ford offer provides for a hundred-year lease and Senator Kendrick explained that he favored the fifty-yearmaximum provided for such leases in the Federal Water-Power ActThe report criticized the Ford offer sharply, describing it as "the most
wonderful real estate speculation since Adam and Eve lost title to the
Garden of Eden," and inquiring "why a warranty deed to the Capitol at
Washington is not included in this great transfer of Government property
to this wonderful corporation."
"It is difficult to harmonize our idea of Mr. Ford's fairness," the report
,
says, "with his silence on this subject, when his name is so often used ix
,
exaggeration and misrepresentation as to just what he does offer to do.The country has been given to understand that Mr. Ford has guaranteedi
to reduce the cost of fertilizer by one-half. He has done nothing of thci
kind. He has made no guarantee of any kind in the way of the reduction
of the cost of fertilizer. The country has been given to understand that he
pays the Government 4% interest on its investment in the two dams
He has done nothing of the kind. He has not made any such offer, and no.
such proposition is included in his bid. Giving his corporation credit for
every dollar that it pays, he will be paying to the taxpayer less than 3%
on the money which he uses out of the Treasury of the United States, and
when we consider that this loan runs for one hundred years, it requires
even the stretching of the imagination to understand the enormous profit
that this corporation secures in this one item alone.
"Assuming that a fair interest rate in the commercial world is 6%, this
would give his corporation during a hundred-year period a total gift of cold
cash of $236,250,000, and if this money were compounded, as Mr. Ford
asks the Government to compound what he pays, the profit to the corporation at the end of the hundred-year period would be $14,500,000,000This is more than half our total cost of the World War.
"The country has been given to understand that the Ford offer provides
for the repayment to the Government within the 100-year period of the
entire investment that the Government has made. His offer does nothing
of the kind. On the other hand, the total payments included in the offer
of both interest and amortization amount to less than 3% on the investment and he never pays one dollar of the principal.
"The people of the country have been led to believe that the Ford offer
means a reduced price for electricity to the consumer. It means nothing of'
the kind. He has not agreed to furnish a single kilowatt to any home or to
any manufacturing concern except his own. The mighty power at Muscle
Shoals will be devoted entirely and exclusively to the use of the great corporation which Mr. Ford will organize.
"When we bring together the results that must follow from these two
divisions of the Ford offer, the mind is dazed at the unreasonableness of
the proposition, at the enormity of the gift. With the expenditure of no
money there is to be turned over to a corporation property of the value of
more than $100,000,000 and the right and privilege to extort unjust profits
from the citizens of this country without limit.
"If the Ford offer is accepted, then the fight for conservation that has
been waged by public-spirited and patriotic men and women all over the
country is not only lost and given away, but those who are unwillingly
compelled to make the gift are to be taxed 100 years to make the gift more
profitable. It is the greatest gift ever bestowed upon mortal man since
salvation was made free to the human race."
Other features of the Ford proposal are vigorously attacked. That
proposing the hundred year lease of the water power projects, the report
assorts, would make the Federal Water-Power Act, in effect, "a scrap
of paper."
The report continues:
"In comparison with its (the Norris plan's) provision regarding fertilizer,
the Ford offer sinks into absolute insignificance. It offers the greatest
hcpe to struggling agriculture, it frankly recognizes that improvements
must be made if we would cheapen the production of fertilizer, and it provides for the use of the Government property and funds to make the necessary investigation for such improvements. In advocating its passage we
hold out no will-o'-the-wisp to deceive and mislead the people. We face
the fertilizer proposition without practicing any deception upon the farmers.
"We believe the extraction of nitrogen from the air can be cheapened, but
we cannot guarantee it. Fertilizer can be produced at Muscle Shoals, but
If it is cheapened to the farmer we must have cheap power and improved
processes.
"We believe that the Government is justified not only as a war measure,
but as a peace proposition, to expend all of the money that may be necessary in chemical experiments with the view of cheapening fertilizerliThis
provision ought to be hailed with delight, not only by the farmers, but by
all of the consumers who buy the products of the farm. It will develop at
nitrate plant No. 1 the greatest experimental laboratory in the world.
"Instead of turning over the surplus power to any one individual or to one
corporation, to be used for his or its financial benefit, without regulation
from any source whatever, it will be able to supply electricity to the people
at large, and cities and communities hundreds of miles distant from Muscle
Shoals will receive benefits from this source, or indirectly, by the cheapening
of electricity by men and corporations who will be competitors of this
Governmental corporation."
The report will be followed by another from the Committee next week,
presented by Senator Ladd, Republican, North Dakota, and supported
by those favoring unconditional acceptance of the Ford offer.
There is also strong opposition to the measure in the
Committee on Military Affairs of the House of Representatives. A minority report has recently been submitted,
signed by eight of the twenty-one members. The members
of the Committee signing the report were:
Representatives Charles C. Kearns, of Ohio; Frank Crowther, of New
York; John M.Morin,of Pennsylvania; Harry C. Ransley, of Pennsylvania;
John Phillip Hill, of Maryland; Louis A. Frothingham, of Massachusetts:
Thomas A. Crag°, of Pennsylvania; and Richard Wayne Parker, of New
Jersey. All arc Republicans and they constitute a majority of the Republican members
the Committee.
or
AfTh s minopii y report of the House Committee on Military
far was r rjri
iis
ted in full by the Merchants' Association of
378
THE CHRONICLE
New York in its bulletin, "Greater New York," on July 3,
and we reproduce it below. In commenting editorially on
the report the Merchants' Association says, "it exposes
misleading representations which have been spread broadcast throughout the country in support of the Ford proposal
and shows that it is, in effect, a demand upon the Government for a subsidy," and then adds:
•
The contract does not even provide that the plant at Muscle Shoals shall
be used for the production of fertilizer and Mr. Ford specifically refused to
pledge himself to use the plant for that purpose unless he could do so at a
profit. This forms a sharp contrast to the promises which have been spread
broadcast that if the Government allows Mr. Ford to have its property at
Muscle Shoals he will cut the price of commercial fertilizer in half.
The report of the eight members of the Committee signing this minority
report supplements the reasons given by The Merchants'Association against
the acceptance of the Ford offer in the statement which it has filed with
Congress and with the other authorities in Washington concerned in the
matter.
The minority report, complete, of the House Military
Committee, is given as follows:
What shall be done with Muscle Shoals is one of the big questions that
Is now confronting Congress. There have been several proposals made
through the Secretary of War for the purchase of the Government's interests
and the lease of the water power at this place. Only one of these propositions is now before the House. This is the one that has been submitted
by Mr. Henry Ford.
This proposal on the part of Mr. Ford has received wide publicity. Seldom has any question pending before the American people been so broadly
heralded as has this offer to take over the Government activities at Muscle
Shoals. We feel that this publicity has grown into one of the most insidious
propagandas that the nation has witnessed for many a day.
To Inform the People.
Notwithstanding the wide publicity that has been given to the Ford offer,
we feel, because of the unfair and unreliable statements that have been sent
broadcast throughout the United States, that the country little understands what it is that Mr. Ford is offering to do or what, if anything, he is
offering for this great plant that has been erected at Government expense
at Muscle Shoals, Ala. The people have a right to know and we are determined that they shall know the real facts about Muscle Shoals and the
so-called Ford offer.
We are not satisfied with the report filed by the so-called majority membership of the House Military Affairs Committee. Neither are we in harmony with the views expressed by the Wright minority. Without undertaking to criticize adversely either of these documents, we feel that neither
of them has given to the Congress or to the country a clear, fair, and unbiased statement of the facts.
Truth About Ford Offer.
There are a great many men throughout the United States who are
strong advocates of the Ford offer without having any true understanding of
what his proposition contains. These men are honest and conscientious, but
they have been misled as to facts. They have read this propaganda, much
of which is false in every detail, and they have been led to believe that Mr.
Ford will manufacture fertilizer in such large quantities that it will compel
the exorbitant prices that are now being asked for this much-needed commodity to fall materially. The persistent report is that he will compel the
fertilizer manufacturers of the country to sell their product at one-half of
what they are now selling it. This is a welcome message to the users of
fertilizers and indeed would be worthy of the efforts of every man in Congress should this be accomplished. But Mr. Ford, in the contract that he
submits to the Secretary of War, qualified by his statements and the testimony of his agents, does not agree to make fertilizers during entire lease
period unless he can make them with profit to himself.
Production of Fertilizers.
Mr. Ford has always refused to allow himself or his company to be bound
without qualification to the continuous manufacture of fertilizer at Muscle
Shoals, provided this plant is turned over to him. Secretary Weeks appeared before the Military Affairs Committee of the House, and the following testimony that is illuminating indeed upon the subject of fertilizer is
taken from page 29 of the records of the hearings:
"Mr. Weeks. I said to him (Mr. Ford): 'Will you guarantee to continue
-year
to manufacture fertilizer during the life of the contract' (the 100
period)? He replied that he would not.
'Mx. Weeks. I said in effect: 'You might stop the manufacture of
fertilizer in five years, or in any time, to the great disappointment of the
people down there.' He said: 'Of course, I am going to stop if I can not
manufacture it profitably.'"
Because of this frank admission and many kindred statements Secretary
Weeks was entirely displeased with the language in the so-called fertilizer
clause in the Ford offer. Later testimony in support of the fertilizer clause
in last offer does not change his attitude.
Mr. Mayo, who represented Mr. Ford before the Committee and who was
Mr. Ford's accredited representative, on numerous occasions testified that
the Ford company would not make fertilizer at Muscle Shoals if it were
found to be unprofitable, and what they mean by "unprofitable" no one
knows.
Cannot Compel Manufacture.
Surely the contract does not contain any specific clause that would render
it an enforceable agreement to manufacture fertilizer. Mr. Ford has at all
times steadfastly refused to bind his proposed company in the contract to
make fertilizer if certain contingencies should happen. The contract does
not give the Secretary of War, or any other agency of the Government,
power to compel him to make fertilizer in all circumstances. Even if it
develops that he can make fertilizers at a profit, then he only agrees to
manufacture it at about the present annual capacity of nitrate plant No. 2.
The proponents of the Ford offer who are scattering propaganda throughout
the country that is often devoid of truth, gain support because they promise
the farmer the much needed fertilizer. The farmer often believes this and,
of course, becomes at once.a very partisan proponent of Mr. Ford.
A Hollow Promise.
We realize and appreciate that a great part of the farm lands of the
United States isin great need of plant food, and Congress would be justified
in departing from its old policies and traveling a long way to assist in getting
fertilizers cheaply for the farmers. Our position is that this is a hollow
promise made to enlist the support ofthe farmers and not absolutely binding
on any fact contained in the contract or existing outside of the contract.
These statements are made and sent broadcast throughout the country
without regard to truth.
[Vol,. 115.
The bold declaration is made that Mr. Ford will manufacture fertilizer
at the Muscle Shoals plant and bring down the price one-half. Nothing is
ever said that the principal business of Mr. Ford—should he get this
gigantic plant—would be the manufacturing of other articles which he would
be allowed to sell at any price that he might see fit. The only thing that
is kept before the public is that he is to make fertilizer and sell it cheaply
to the farmer, only charging for himself a profit of 8% on the production.
No one has ever suggested how he could make fertilizers and sell them
cheaply or what means he would employ. The bold claim is made and
Congress and the country must take the statement as absolute truth or be
forever condemned by this crowd of wicked propagandists.
The Question of Prices.
Of course the price of fertilizer to-day is high. So is the cost of shoes and
clothing and plows and wagons and practically everything that the farmer
buys, or any one else buys. We are all hoping that in this aftermath of
war business will soon get back to a firm and legitimate basis. These men
do not only try to thus gain the sympathy of the farmer but they try to
elicit the attention of the unemployed by painting a rosy picture of the
great activity that is to be started overnight at Muscle Shoals where they
promise a million men will be given employment. They say that when this
is in operation there can be no such condition In all this country as idleness
because they claim that Muscle Shoals will offer work at a high wage to
every one. This is very appealing and alluring, indeed, to the man who is
out of work. They do not tell him how they are going to do this, but he is
flattered by this promise into the belief that a new and better day is dawning
for him. Many of these men, on the bare promise that a million men will
be put to work as if by magic, have become Ford enthusiasts.
Cannot Believe Fables.
If this dream were true then Congress would not be justified in withholding from men with this magic power this project. But these statements that
are made by these propagandists will not bear the calcium light of real publicity. These assertions will not stand up under the searching gaze of men
endowed with real business acumen. This is why we prepare this report in
order that the country may know the truth about Muscle Shoals. If we
were believers in fables, or had faith to believe in the pranks of fairies,
then we might also think that Mr. Ford is the reincarnation of Aladdin
plus his lamp. But we can not have such childlike faith. We therefore
view the entire proposition from a business standpoint, trying to do the
thing that is best for the country.
•
Fertilizer Clause Roected.
If this company that is to be formed to take over Muscle Shoals is indeed
In earnest about making fertilizers, why is it that Mr. Ford's representatives
have always refused to accept a clause in the contract written by the members of the Military Affairs Committee that would make it binding upon
him to make fertilizers in all circumstances, whatever else he might do with
the Muscle Shoals plant? Such a clause was three times prepared by the
Committee and it was three times rejected, and the proposal of Mr. Ford
that is now before the House was written by his lawyers and contains no
clause whatever that would compel his company throughout this 100-year
period to manufacture fertilizer unconditionally.
Honesty of Mr. Ford.
All agree that Mr. Ford is honest and that he has said he wants to make
fertilizer and some are willing to take him at his word, whether it is in the
contract or not, but we can not help but remember that Mr. Ford is not
endowed witn a perpetual life, although some members of the Military
Affairs Committee would give him this water power lease in perpetuity.
Mr. Ford can not live throughout any considerable part of tne term of this
water power leasehold, and when he is gone and all the men that he may
have surrounding him will have passed away we do not know in what
unconscionable hands this plant will fall and neither does any man know
who is living to-day.
History of Muscle Shoals.
When we got into war in 1917 two sites of lands were purchased near Sheffield, Ala., on each of which was constructed an immense nitrate plant.
This nitrate was to be used in the manufacture of explosives. One of these
tracts of land contains 1.900 acres and the other something over 2,000
acres of land. These two ti acts were practically covered with expensive
dwelling houses and immense steel and concrete buildings in which were
installed the most expensive machinery. Railroad beds were constructed
and tracks laid, many miles in all. Large and expensive steam railroad
engines were purchased. Steel freight cars of the most costly character
were built by the Government for these plants. Steel shovels, concrete
mixers, and other machinery of this character that cost the Government
many million dollars were purchased and are now at these nitrate plants.
These plants are known as nitrate plant No. 1 and nitrate plant No. 2.
They are on the bank of the Tennessee River near by Muscle Shoals. At
nitrate plant No. 2 there is an immense steam power plant capable of
generating 90,000 horsepower. At nitrate plant No. 1 there is a steam
power plant that will develop 5,000 horsepower. Nitrate plant No. 1 cost
the Government $12,887,941. The other plant cost the Government
$66,252,393.
The War Department at that time also purchased what is known as the
Waco quarry in that immediate neignborhood. This includes nearly 500
acres of land upon which is constructed many miles of railroad. This
quarry cost the Government $1,302,962. At this place is located a rock
deposit that is very necessary in carrying on the activities that the Government had in mind at Muscle Shoals.
The Alabama Power Company.
The country at that time was in immediate need of power. The Alabama Power Co. had a steam-power plant located at Gorgas on the Warrior .
River. As the interests of the Alabama Power Co. are vitally affected by
this so-called Ford affair, a brief history of this concern is necessary to a
perfect understanding of the question.
The Alabama Power Co. is a public-service corporation organized under
the laws of Alabama, and in 1914 had five customers consisting of two
municipalities, one cotton mill, one brick plant, and one cement plant,
according to the testimony of its President. But since that time it has
increased it business to the extent that last year its plant had a connected
load of 370,000 horsepower with an electrical output of 500,000,000 kilowatt
hours annually. It furnishes light and power to 158 of the greates,; industries of that section of the country. Its customers consist of brick and
cement plants, coal mines, cotton mills, foundries, and machine shops, ice
plants, public utilities, steel plants, and many other factories of different
kinds.
Does an Extensive Business.
These industries that are scattered throughout that section of the
country consume about 70% of its power. This company furnishes light
for lighting houses and streets and furnishes power for street railways.
It supplies light for 63 municipalities and the power for practically every
industry in these towns and cities. It has 18,500 direct subscribers for
JULY 22 1922.]
THE CHRONICLE
Its light and power and these companies in turn furnish 58,500 consumers
with this service. These facts, gleaned from the testimony or hearings
before the House and Senate committees, are set forth in this report in
order that the Congress and the country may know of•,;lie extensive
business that is being done by the Alabama Power Co. and the number
of consumers that would be adversely affected should the so-called Ford
offer be accepted. The Alabama Power Co. is a public-service corporation doing business for and in behalf of the people. The company to be
organized by Mr. Ford would be a private company doing business for
Itself and uncontrolled or unhampered in any way by any utility commission, either State or Federal, except that if this company makes fertilizer it must make it at a profit not to exceed 8%•
Tax Remission Subsidy.
The Alabama Power Co. has invested in its business $40,000,000.
Sixteen million dollars of this amount is represented in two dams that
were built by this company on the Coosa River. One of them has long
since been completed and the second is nearing completion at this time.
The State of Alabama, in order to induce this company to build dams to
create this hydro-electric power for the use of the people, absolved it from
the payment of taxes on the cost of these dams for a period of ten years.
At the expiration of the ten-year period, of course the company will be
compelled to pay taxes on the tax value of these dams. If this Muscle
Shoals project is turned over to Mr. Ford he would not have to pay taxes
on the cost of the dams at any time during his 100-year period. This
is a big subsidy.
The Warrior Extension.
As we raid before, when the project at Muscle Shoals was commenced
by the Government it needed power. The agents of the Government
commenced negotiations with the Alabama Power Co. to build an extension to the company's Gorgas steam plant and build transmission lines
from :this plant to Muscle Shoals, a distance of 88 miles. At that time
the Alabama Power Co. was in great need of more power for itself, as its
business had been growing rapidly. For this reason it had just prior to
the commencing of these negotiations started the construction of an
addition to its Gorgas steam plant. It has already built the foundations
for this extension of its power plant and constructed its intakes and outlets for the water necessary in the operation of the plant. The agents
of the Government entered into a contract with the Alabama Power Co.,,
by the terms of which the United States was to complete this addition
to the Gorgas plant.
Acting under this contract, the Government did build this addition or
extension on the foundations already constructed over these water intakes
and outlets and built these transmission lines from Gorgas to Muscle
Shoals, and the Government paid the cost of said transmission lines and
Gorgas plant extension. The cost was $4,900,000. In this canzact with
the Alabama Power Co. it was agreed that when the Government was
through with the plant and the transmission lines these holdings were to
be sold to the Alabama Power Co. at "a fair value." Acting under its
contract with the United States, the Alabama Power Co. has recently
offered $2,500,000 for said property.
In view of the disgracefully low prices that have often amounted to
scandal at which war properties have been sold, ranging from practically
nothing to 10 and 12% of the original cost, this price of $2,500,000 would
seem to us to be one of the best bargains that the Government has ever
been offered for any of its war property, and yet some Men condemn this
transaction as being unconscionable. Such men are greatly biased or
else they do not comprehend or know the facts.
The Ford Offer.
We want the country to know that Mr. Ford offers to pay to the United
States Government a million dollars per year for five years for all of this
property we have just enumerated and the Government .n turn is to give
him a warranty deed for said holdings with only two restrictions or conditions. One of these conditions, to wit, the manufacture of fertilizer
under certain conditions, and the other condition is that he will keep
nitrate plant No. 2 in a stand-by condition for the manufacture of nitrates
In case of war and to be turned over to the Government in that event.
Of course the Governme'it could commandeer this plant in case of war
the same as it can take over any property that is needed in the prosecution
of war when war is on. Therefore, this part of the contract is surplusage.
The $5.000,000 Offer.
This property for which Mr. Ford offers this/$5,000, —lrs ha
==eady
-000,,a
been stated, consists of:
Cost to Government—
Waco quarry
$1,302,962
Gorgas steam plant
4,900,000
Nitrate plant No. 1
12887,941
Nitrate plant No. 2
66,252,393
Total cost to Government without interest
$85,343,296
The above table of figures does not include the interest on these huge
sums that has accrued, which now amounts to many million dollars.
Five million dollars for $85,343,296 worth of property to us seems
wholly Inadequate when it is remembered that Mr. Ford could immediately
dispose of the Gorgas plant to the Alabama Power Co. for $2,500,000.
This would then leave him paying only $2,500,000 for the Waco quarry,
nitrate plants Nos. 1 and 2, with all their innumerable railroad engines,
and steam freight cars, steam shovels, concrete mixers, and other surplus
property there that could be readily sold for several additional millions.
It would be seen, therefore, should this offer be accepted, that all of this
vast amount of property will be given away and not a cent be realized
by the Government.
The Overflow Rights.
Out of this $5,000,000, too, Mr. Ford demands that the Government
shall furnish to him the overflow rights at Dam No. 3, the cost of which
has been estimated at from $1,500,000 to $2,000,000. So it can be readily
seen that Mr. Ford has practically offered nothing for all this vast amount
of property, but on the other hand has asked the Government to make
him a warranty deed for it with the two provisos mentioned. This price,
therefore, would seem wholly inadequate for the vast amount of property
that he asks be turned over to him.
In view of all these facts why should Congress be asked to take from the
Alabama Power Co. its Gorgas plant, to which it is entitled under the
contract, and turn it over to Mr. Ford? It will be remembered that the
Alabama Power Co. needs this plant in order to serve its great clientele.
It belongs to this company, it is built on the lands of the Alabama Power
Co. as a part of its power plant, and the addition that the Government
built is made a part of the original plant of the company, and there is no
way to separate it. The Alabama Power Co. has always dealt fairly with
the Government and is now offering $2,500,000, and possibly will pay
$3,000,000 for the addition the Government built to the company'sjiplant
and on the company's land.
MEM
379
Dams and Water:Power.
When nitrate plants No. 1 and No. 2 were being built the Government
commenced the building of a dam at Muscle Shoals, known as No. 2
or the Wilson Dam. There has been expended by the Government on
this project up to date $17,000,000. If the Ford offer is accepted the
Government will be required to complete the construction of this dam,
together with its locks, power house and the machinery equipment that
will be necessary to the generation of 600,000 horsepower, at the people's
expense and at an estimated cost to the Government of $25,000,000.
The amount may be more, it may be less.
Must Build Third Dam.
In order to accept the Ford offer, Dam No. 3 must be constructed.
It is located a few miles above Dam No. 2 on the Tennessee River. There
has been no work done yet on this dam. Neither have the overflow rights
been purchased by the Government. It is estimated that the construction
of Dam No.3,together with the necessary powerhouse,locks and generating
machinery to develop 250,000 hydro-electric horsepower, would cost the
Government an additional $25,000,000. This estimate does not include
the cost of overflow rights. It is thought, too, by engineers that it will
require about six years to complete Dam No. 2 and build Dam No. 3.
He does not pay full interest until six years after completion of Dam No.
2 and three years after the completion of Dam No. 3. During the six
years on Dam No. 2 he pays $200,000 per year and during the three years
on Dam No. 3 he pays $160,000 per year. But, this in comparison is
practically nothing to the Government on account of these dams. He
only commences to pay the full amount of interest, as above stated.
Then he only agrees to pay 4% interest on the cost of construction, which
will be about $50,000,000.
Loss in Interest $13,500,000.
Therefore it will be seen that the Government in making these vast expenditures of money throughout this period, will have lost in interest the
enormous sum of $13,350,000. This amount represents the difference
between the interest that will accrue in this time and the rental that Ford
pays during the six years. In this one item the Government loses more than
two and half times his $5,000,000 that he agrees to pay the Government. In
other words, the Government is returning to Mr. Ford in this one item of
Interest his $5,000,000 and $8,350,000 besides.
We call the attention of the membership of the House and the country
to the fact that Mr. Ford's offer only contemplates the payment of 4%,
Interest on the cost of completing Dam No.2 and building Dam No. 3, taking no account whatever of the $17,000,000 that has already been spent on
Dam No. 2. He is to get the use of this vast sum of money throughout the
entire lease period of 100 years gratis.
Federal Water Power Act.
We desire to direct the attention of the House to the fact that only a short
while ago the Congress of the United States passed a water power Act that
provide among other things that no lessee after the passage of said Act could
be given a water-power privilege in any ofthe waters ofthe United Sates for a
lease period covering more than fifty years. The Federal Water Power Act
further provides that all lessees of water power shall be surrounded by certain
Governmental restrictions as set forth in said Act. It even goes so far as to
restrict the profits the lessee can make on whatever his product may be.
It will be noticed that if Mr. Ford's offer is accepted he will be given a
lease covering a period of 100 years, commencing from the day of the finishing of the work on said dams and said power-houses and the installing of the
machinery therein. He is restricted only in two things, namely, if he can
make fertilizer at a profit he will not charge a benefitfor himself to exceed 8%
per annum on the cost of production. It must, however, be remembered
that this company is not to engage in the manufacture offertilizer except as a
side issue. The other restriction is that he shall keep nitrate plant No.2 in
a stand-by condition, ready to be turned over to the Government in case of
war.
Fertilizer a Side Issue.
According to the statements of his representatives, the manufacturing
of fertilizer will be a small part of his activities there provided this gigantic
plant is turned over to him. These representatives say that he will engage
In the general manufacturing business and all through their testimony,let it
be remembered, they say that he will only make fertilizer provided he finds
It to be profitable to his concern. He will manufacture, perhaps, automobiles, surely parts for automobiles, plows, harrows and other farm implements.
It will be noted that we have used the term "representatives." Mr. Ford
never appeared before the Military Affairs Committee of either the House or
Senate to throw the light on his offer to which the country is entitled. He
was often invited to come, the entire membership of the Military Affairs
Committee of the House joining in the invitation, but he never appeared at
any time.
Subsidy for the Ford Company.
From a reading of the Ford offer and the Water Power Act it will be seen
that Mr. Ford, if his contract is accepted, will be given privileges and
rights that are to be denied to every other man or group of men in the United
States. Just why he should be selected for these privileges or these rights
that are not to be bestowed upon any other man, or group of men, is more
than we can understand. It is not right and we believe that all fair minds
will agree with us.
If this proposal is accepted, this company at Muscle Shoals will be given
the use oftwo dams and power houses fully equipped for a period of 100 Years
and it will only be required to pay as rental therefor 4% on $50,000,000.
although the dams will have cost the taxpayers $67,000,000. The company
will not be required to pay anything on the use of $17,000,000 already
Invested at Dam No. 2. We have seen also that he Government will lose
$85,252,393, besides an enormous amount of accumulated interest, when it
turns over to Mr. Ford, Waco, Gorgas, and the two nitrate plants.
Maintenance and Repairs.
It is recognized in this proposal that these dams will need some repairs
throughout this lease period of 100 years, because there is a clause in the
proposistion that proposes that the company shall pay to the United States
Government $55,000 per annum to be used for repairs when necessary, on
either or both dams No.2 and No.3.' It will be noticed that this company
does not agree to pay for all repairs or rebuilding that may be necessary
throughout the lease period provided these repairs exceed $55,000 per
annum. All repairs or rebuilding in excess of that amount must be undertaken by the Government itself, although the Government gets no advantage
therefrom. If heavy floods should come and wash away any part or all of
these dams or, if foundations should settle, cracking the cement work in
the dams,regardless of how expensive, the Government agrees, if it accepts
this proposal, to rebuild these locks and dams and repair them as the needs
mai
may arise from time to time throughout this 100-year lease period.
Other companies are required to build dams at their own expense, and if
they wash out repair them at their own expense. It seems to us that Mr.
Ford is sAtri,,r, too much. It appears to our minds that his company at least
iv1,440,
.".c.
380
THE CHRONICLE
could keep up the repairs on this property provided the Government builds
his establishment, equips it for him, and turns it over to him or his company
for a period of 100 years to be used by this company in any way it may sealit.
If Mr. Ford's proposition is accepted, no one knows the amont of repairs
that will be required to be made by the Government in the course of 100
years. Butfollowing In the light of experience, we are led to know that these
repairs will amout to many million dollars. No man can say how many.
Engineers who are well versed in this class of work universally agree that the
minimum cost of repairs will be 1% per annum of the original cost of construction, and the maximum cost will be 3% of the cost of construction. If
we take the minimum estimate of the cost of repairs, we will find that 1%
of$67,000,000 is $670,000. Therefore, this vast amount of money would be
required in maintenance ofthese dams each year during the lease period. It
will be remembered that Mr. Ford only agrees to pay $55,000 per annum of
this amount. The Government will, therefore, lose, if only the minimum
repairs are required, on maintenance alone $615,000 per annum. If the
maximum amount is required it will be just three times this amount per
per annum for 100 years.
Federal Liability.
It must be remembered that Mr. Ford does not own these dams but he is
given the use of them. Hence, if the dams should break the Government
must stand not only the cost of rebuilding, but must pay any damage that
arises in consequence of the escape of this impounded water. If great loss of
life and property should result thereby, Mr. Ford's company does not stand
the loss, the Government would. How many millions or even billions this is
going to amount to in the course of 100 years we do not know and neither do
you. We do know, however, that Mr. Ford has studiously guarded against
making himself or company liable for any of these great sums of money.
The Tax Subsidy.
Another item that should be mentioned in this connection is the matter of
taxes. These dams that will have cost, when finished, the taxpayers of this
country $67,000,000 will remain the property of the United States throughout the life of this lease. Therefore, the company will be free of taxes on this
gigantic outlay of money,to wit, $67,000,000,for all that time. Competing
companies all this while will be required to build their own dams at enormous
cost. They will be required to pay taxes on the taxable value of the dams.
This is another subsidy that will be handed to this company provided this
proposal is accepted.
$50,000,000 Expenditure Required.
At the expense of repetition, let us again impress upon the public mind
that in order to accept the Ford proposition the taxpayers of this Country
must put up $50,000,000 additional money to complete the two dams. It is
claimed by the proponents of the Ford offer that this $50,000,000, or practically that sum, will be returned to the Government at the end of 100 years.
Frenzied Finance.
His scheme is this, and we give it prominence because it is something new
to the financial world:
He will agree to pay to the Secretary of War for the use of the Government,
semi-annuallY, during the lease period, the sum of$23,363 to be used in retiring at the end of 100 years the $50,000,000, the additional cost of the two
dams. Let analyze this a little further. The total amount of annual payments for this purpose would be $46,726. This company would therefore
pay in cash to the Government throughout the period of 100 years
only $4,672,600. This offer about which you have all heard so much proposes that
the Government shall accept these semi-annual payments and at once invest
them at 4% interest, and by compounding the interest and principal the
$4,672,600 that the company will pay in cash will amount in 100 years to
$49,071,935.
This is, indeed, a very shrewed if not an entirely unique way
of paying a
debt of 850,000,000 with the comparatively insignificant sum of $4,672,600.
If there should be a bad loan made, or anything at all should
happen to the
loan, the Government would then lose both its principal and interest. It
'will be noticed that the Ford company does not concern
itself about the
Investment of these semi-annual payments, but that small detail
is left to
the Government itself. If this should be done and precedent
in governmental affairs should be followed, we are justified in the fear that it would
require the creation of an extra bureau with an army of clerks
to follow
this Ford fund throughout this 100-year period.
An Easy Way to Pay Debts.
If debts can be legaly discharged in this way it will be a happy and welcome revelation. We are only calling the attention of the House and the
country to this scheme of frenzied finance in order to direct attention to the
absurdities contained in this very remarkable document known as the Ford
proposal for Muscle Shoals that has seemingly swept the unthinking class
of our citizenship off its feet. We say again that many men have been
"swept off their feet" by reason of this proposal because they little understand the contents of this very remarkable document that Mr. Ford has
subMitted to the Congress of the United States through the Secretary of
War.
Men everywhere who understand this proposition condemn it in unmistakable terms. The entire people will some time know what is being attempted
and then the condemnation will be universal. This problem is of too great
Importance to allow ourselves to be persuaded by the unsound reasoning of
theorists or the wilfully false statements of paid propagandists. Therefore,
we can not allow ourselves to be influenced by threats of dire punishment,
political or otherwise, provided we do not follow the lead of men who are
seeking to control for 100 years one of the great water power sites of the East.
The problem is too big and the results of a wrong solution are too farreaching and too vital to the entire country to permit such conduct upon
our part.
Country Already Overburdened.
When the country is already laboring under a heavy weight of taxes and
Congress has assessed to the limit everything taxable, it would seem that
this Ford company should itself raise this $50,000,000 needed in the completion of these two dams and not ask the already overburdened taxpayers
to finance it to the extent of another $50,000,000. The taxpayers are now
required to raise billions of dollars in order to pay the running expenses of
the Government and they will revolt against raising this gigantic sum to
place in the hands of a private corporation to carry on a private business for
profit.
If Not Ford, What Then?
While we are only concerned at the moment with the Ford offer, yet
briefly we want to suggest that It is our opinion that the Government ought
to continue work on Dam No. 2, and the Army appropriation bill now in
conference carries an appropriation of $7,500,000 for work to be done as a
Government activity on Dam No. 2, for the year commencing July 1 1922.
This appropriation ought to be authorized. This work ought to go on.
The Secretary of War should be authorized and directed to ask for further
propositions for Muscle Shoals. Neither nitrate plant No. 1 nor No. 2
should be sold. They cost the taxpayers of this country too much money.
They ought to be leased, together with the hydroelectric power created by
[VOL. 115.
Dam No. 2, but this lease ought to be made under the Poderal Water Power
Act. The Government would then have absolute authority and control
over the lessees and their products. In this way no one man or set of men
could have the entire benefit of this great project at that place. Then the
Government could regulate the production of fertilizer on the part of the
lessee or any other manufactured articles that the lessee would see fit to
make. Dam No. 3 is in no sense a part of the Muscle Shoals project and
thereis no excuse for its construction. It has not been commenced and it
ought not to be built.
Recapitulation.
The following is a recapitaulation of the entire cost to the taxpayers of the
United States of the Muscle Shoals project up to the present time:
1. Waco quarry, cost to Government
$1,302,962
2. Addition to Gorges steam plant, cost to Government
4,900,000
3. Nitrate plant No.2,cost to Government
66.252,393
4. Nitrate plant No. 1, cost to Government
12,887,941
5. Dam No. 2, cost already to Government
17,000,000
6. Dam No. 2, additional money required to complete
25,000,000
7. Dam No.3,estimated cost to Government to build
25,000,000
8. Dam No.3,overflow rights, estimated cost to Government
(minimum)
1,500,000
9. Interest on new money required at Dams•Nos. 2 and 3_ _ _ _ 13,320.000
Total cost to Government
$167,163,296
HERBERT HOOVER'S REPORT ON AMERICAN MEASURES FOR RUSSIAN FAMINE RELIEF.
According to a preliminary report on the American measuresfor Russian famine relief,submitted to President Harding
on July 15 by Herbert Hoover, Secretary of Commerce, and
Chairman of the American Relief Administration, the famine
and plague in Russia have been brought under complete
control, and "the situation promises much better after the
harvest." The report shows that the estimated resources
mobilized from all quarters by the American Relief Administration were $59,498,000, that a total of about 8,550,000
persons (3,250,000 children and 5,300,000 adults) were fed
through the American Relief Administration, and that "the
medical supplies have enabled the great typhus, typhoid,
smallpox and famine fever epidemics to be kept under
measurable control." Mr. Hoover's report also shows that
140 shiploads, aggregating 788,878 tons of food and medical
supplies, were provided for Russian relief, of which 428,449
tons were bought through the United States Grain Corporation, while 360,430 were provided through the American
Relief Administration. In submitting these details of the
work accomplished by the latter Secretary Hoover states
that "final report must be delayed until the receipt of accounts from Russia when distribution of supplies is complete." The following is the preliminary report submitted
on the 15th inst.:
-The Congressional authority for use of U. S.
My Dear Mr. President:
Grain Corporation funds in relief of the Russian famine expired on July 1.
and it is, therefore, appropriate that I should submit a short interim report
as to the general results so far attained-not only by these funds but also
those administered by the American Relief Administration from other
sources. Final report must be delayed until the receipt of accounts from
Russia when distribution of supplies is complete. I send you herewith the
accounts of the Purchasing Commission to July 1 showing all bids, acceptances, prices, shipments, &c.
The Commission has bought through the Grain Corporation and received
from the War Department the following supplies, all but a small portion of
which have now been dispatched to the Relief Administration:
Tons.
Tons.
248,418
Prepared milk
Corn
21,596
92,841
Medical supplies
Corn grits
3,400
41,120
Wheat
Rye____ 2---------------- 21,074
Total
428,449
In addition to the above, the American Relief Administration has for Its
own account and that of other agencies acting through it dispatched the
following materials, of which the rice, fats, sugar, cocoa, &c., are special
additions to the children's ration:
Short Tons.
Short Tons.
111,686
Wheat
Sugar
15,464
101,955
Fats
Flour
9,277
. 29,559
Cocoa
Corn grits
3,395
4,200
Medical supplies
Rye
2,000
Miscellaneous, clothing,
15,763
Rice
bags, soap, &c
Beans and peas and special
24,321
9,295
seeds
milk
Total
33,515
Prepared
360,430
The total of the above materials handled by the Relief Administration
summarized as follow:
may be
Short Tons.
Cereals for seed and food
666,615
Beans and peas and special seeds
9,295
Condensed and evaporated milk
55,111
Sugar
15,464
Fats
9,277
Cocoa
3,395
supplies, clothing and sundries
Medical
29,721
Total
788,878
Financial Resources of the American Relief Administration.
The estimated resources mobilized from all quarters by the American
Relief Administration for distribution under its agreed control will comprise
the following approximate sums up to the end of the present campaign.
No appeal for public charity has been made by the Relief Administration
because it was considered that much larger financial measures were not
only necessary to successfully meet the situation, but also that such appeal
would greatly embarrass our home charities who have been much strained
during the past winter by unemployment.
JULY 22 1922.1
THE CHRONICLE
381
General funds of American Relief Administration food remitEX-GOV. GOODRICH AND COL. GA SKILL ON RUSSIAN
$17,500,000
tances, sundry donations
CONDITIONS.
n for food and seed (total available
Congressional authorizatio
19,300,000
funds of U. S. Grain Corporation)
James P. Goodrich, former Governor of Indiana, and a
4,000,000
Congressional authorization of war supplies, medical supplies
and a director of the
3,600,000 member of the Purchasing Committee
American Red Cross medical supplies
2,325,000 American Relief Administration, with his return to the
Committee
Jewish Joint Distribution
500,000
Laura Spelman Memorial
United States from Russia on July 14 expressed the view that
11,433,000
Gold supplied by Soviet Government
300,000 Russia would be able to "harvest enough food this fall to feed
National Lutheran Council •
200,000 the entire country." The present was the third visit to
Menonite Central Committee
200,000
Volga Relief Society
by Mr. Goodrich in ten months. The
90,000 Russia undertaken
Federal Council of Churches
50,000 New York "Tribune" of the 15th inst. reported him as sayInternational Committee Y. M. C A
$59,498,000 ing:
Total
Conditions at present in Russia indicate that she will harvest enough food
Under the stipulations of our agreement with the Russian authorities
long detour by team and by
they have furnished all internal transportation, warehouses, distribution this fall to feed the entire country. I made a
in the east, where the food
and equipment at their own cost. Furthermore, the Relief Administration boat from Kazan. covering the Tartar communes
Even there I found a
deducts a margin for the service of remitting food orders from persons in situation was said to have been the worst last year.
was in fine condition. Amerithe United States to specific persons in Russia. The amount realized from large amount of grain had been planted and
from starvation.
this margin will apparently exceed the overhead of the administration and can feeding this last year has saved the Russian people
becomes a substantial contribution to the children's relief. Therefore, no
Col. Charles F. Gaskill, since last fall a member of the
single cent of administration or distribution cost has been deducted from
Russian unit of the American Relief Administration, who also
Congressional funds or donations through this organization.
a,
In addition to the above amounts, the Friends' Service Committee, as was a passenger with ex-Gov. Goodrich on the Mauretani
the result of public appeals, have purchased 8415,000 of supplies from the was quoted as follows in the New York "Times" of the 15th
A.R.A. and have made some direct shipments to their own distribution
agencies. Furthermore, the various communist committee in the United inst.:
"The American feeding in the Saratov district," he said, "is completely
States have secured public charity for supplies sent directly to the Soviet
controlling the hunger situation there. Each day 320,000 boys and girls
authorities estimated by them at about $500,000.
come to the A. R. A. kitchens for their noon meal, and 700.000 men and
Distribution.
women partake of their corn ration at home. The refugee movement has
home and abroad comprise been practically stopped, and there are no more dead or dying human beings
The A. R. A. administrative personnel at
Americans with about 80,000 Russians under their direction. on the streets."
about 200
feeding
They were conducting 15,700 kitchens and distributing stations,
Colonel Gaskill said that Russia was undergoing evolution. It was changa total
in round numbers about 3,250,000 children and 5,300,000 adults,
ing from a communistic to a capitalistic form of government and the people
This number will somewhat increase up to approved of the change. Anything, he said, could be obtained by bribery.
of about 8.550,000 persons.
harvest. It is of course impossible to state the number of lives saved; People had to stand in a line for two days to purchase a railroad ticket
necessary
it may be larger than the figures imply because if it had been
unless they gave a substantial tip. The smallest note he saw used in Mosadto divide the native supplies amongst all those fed by the A. R. A.
cow was 100,000 rubles. A good dinner in a restaurant for two persons
before harvest; theoretically
ditional numbers would have been starved
cost 50,000,000 rubles, about 812 50, the Colonel said.
whereas
If 10 persons have 2 months'food all are likely to die in 4 months
if 5 are fed from the outside all should survive.
The medical supplies have enabled the great typhus, typhoid, smallpox, M. LITVINOV URGES CONTINUANCE OF RUSSIAN
Some
and famine fever epidemics to be kept under measurable control.
RELIEF WORK.
millions of people have been innoculated for various diseases, and other
The hope that famine relief work would be continued in
sanitary measures put into force.
now
I am advised by our Russian staff that the Relief Administration is
Russia, despite the prospects of a good harvest, was exthe
reaching all accessible persons whose lives are in jeopardy and that
pressed by M. Litvinov, in an open letter to the press at
ceased some time since, although most
loss entre directly due to starvation
life early Hague—this letter being in the nature of a reply to one from
everyone in Russia is hungry. There was considerable loss of
railways
in the winter which would have been much abated had the Russian
the Dutch Nansen Relief Committee on July 8, which had
the American
been able to transport the large surplus of supplies which
called upon M. Litvinov either to "withdraw your deceiving
ports.
Relief Administration maintained in Russian
to carry
reThe American Relief Administration supplies are sufficient devoted assertion about famine conditions or publicly assume
be
sponsibility for the discontinuance of relief from the Netherthrough until the harvest and have in hand a surplus which will
date.
to the further support of waif and destitute children after that their own lands." M. Litvinov urged that the relief work be continued
The other American organizations mentioned above as doing addition
In
as "the terrible consequences of the war and foreign interdistribution are providing for approximately 100,000 persons.
persons
y
to the American effort our advices indicate that about 400,000
countries of vention in Russia cannot be removed by a single satisfactor
are being supported by the combined efforts of the other
countries amounts to about crop." In stating this in advices from The Hague under
Europe. The total contribution of all such
have been date of July 11, the
Associated Press said:
$5,000,000 and the total supplies they have shipped to Russia
At a meeting of The Hague Municipal Council the Communist members
about 45,000 tons.
protested against a decision by the Burgomaster refusing to authorize
Prospects of the Next Harvest in Russia.
this August public collections for the starving Russians, except once yearly. They
It is too early to give an accurate opinion as to the results of
ample ins sted that Russia was still in dire need of ass'stance, despite the harvest
be
harvest. The Soviet authorities have announced that it will three or
prospects, and their motion empowering additional collections was carried.
for next year. It is certain that the famine region will produce
mostly due to the large The Burgomaster justified his action by citing M. Litvinov's optimistic
four times the quantity of food it did last harvest,
climatic con- views concerning the harvest.
shipments of seed mentioned above. It also appears that
of Russia
ditions are more favorable to the harvest from the remaining area
does not,
than they were last year. Tho degeneration of agriculture
NDS DIE IN
the supply may be. FRENCH ECONOMIST SAYS THOUSA
however, promise much hope of surplus. Whatever
UKRAINE FAMINE.
hardship in some localities due to
It seems likely there will be sporadic
the cities
the breakdown in distribution; extreme poverty will continue in
Press dispatches from Geneva, July 16, had the following
shifting
and the Jewish communities and furthermore one result of the
body of waif to say regarding the famine in Ukraine:
population and the ravages of famine has been a considerable
The
The famine in Ukrainia is daily growing worse, according to Jean de
and destitute children that will require time for re-absorption.
much Lubersac, the French economist, representing the International Relief
great famine is, however, under control and the situation promises
Committee, who has just returned from Russia.
better after the harvest.
conThousands of persons daily are dying about the railway stations in such
The possible extension of relief work after harvest required more
decision is reached; in any event the considerable resources centres as Kiev, Kharkov and Odessa, he says. Reftigees wander from
sideration before
treasures villages to these centres, and arriving there, finding themselves without
obtained by the Soviet authorities from the confiscation of church
a large food, die around the stations. Their bodies are taken off and dumped into
specifically for relief purposes places them in position to care for
The American Relief Administration rich's, which are made into cemeteries.
part of the destitute children.
problem of
M. do Lubersac reports that many orphans, lost or abandoned children
would, of course, endeavor to co-operate in a solution of the
are among the starving. The food situation is worse in Kharkov, the
children and others.
capital of the Ukraine, where the hospitals have been closed, owing to the
General.
to the 200 of our citizens lac( of food and medicine. He says he witnessed many cases of horror,
I can not fail to refer to the obligation we hold
all of them at a some of cannibalism, in the region between Poltava and Kharkov. This
who have been engaged in the conduct of these operations,
hardship. region, once so rich, is now uncultivated, and the peasants have been
personal sacrifice or danger and most of them under great
of which Mr. Blandy died; reduced even to eating the thatched roofs of their houses.
Many of our staff have suffered from typhus,
In certain villages the mortality represents 85% of the pre-war populacollapse. Rather than to
four or five have been retired from physical
to you the list t:on. In Odessa, according to M. de Lubersac, bodies lie in the streets
attempt to recount their individual services, I transmit
difficult beyond description several days before they are interred, owing to the crippled sanitary service.
of the entire personnel. Their task has been
, economic, and
in a country of degenerate transport; with Government
social life just emerging from chaos.
catastrophes that WITHDRAWAL OF AMERICAN RELIEF WORK IN
I believe this effort has stemmed one of the greatest
gratitude in the minds
POLAND.
has followed the war. There is a'deep feeling of
sure, ho of lasting satisof the Russian people and the results will, I am
The American Relief Administration officially withdrew
many millions of
faction to the American people. Without it certainly
would have perished from Poland on
people would have died from starvation; millions more
June 15 after three years of efficient work,
followed.
instrumental in saving the
from the disorder and disease that would have
Shipping during which time it has been
efforts of the
I wish to express our appreciation of the energetic
a firm
detail of destroyers. lives of thousands of Polish children and in laying
Board in the movement of supplies, to the Navy for the
port problems in Russia, foundation of
health and strength for thousands of others.
and to their officers for assistance in handling
The co-operation of other
stating this, added:
to the Army for personnel and aid in supplies.
substantially. The New York "Times" of July 10, in
American associations mentioned above has contributed
Russian
agency, the Polish-American Comobtained from
Working through its distributing
,
and a great measure of' co-operation has been
mittee for Child Relief and in co-operation with the Polish Government
officials.
Poland was feeding one meal
this achievement would not have been possible with- the A. R. A. at the peak of its operation in
I wish to add that
per day to nearly 1,500,000, including children under 15 years of age and
Yours faithfully,
As
out your unwavering support.
nursing mothers, besides making large distributions of clothing.
HERBERT HOOVER,
clothing
subsidiary operations, the A. R. A. has given largely food and
Chairman, American Relief Administration.
382
THE CHRONICLE
to intelligentsia and has conducted a student-feeding program of considerable scope.
The withdrawal does not mean that child feeding in Poland will be
discontinued. The Central Government appreciated that there will still
be an urgent need for relief especially occasioned by the large influx
of
repatriates into the country, and have agreed to finance with the assistance
of the Communal Governments, the child feeding operation to the extent
of 400,000 children to Oct. 1 1922, and 300,000 from Oct. 1 1922
to June 1
1923. Moreover, the American Relief Administration and the American
Red Cross are leaving considerable stocks of milk and sanitary
supplies
which will ensure the future of the sanitary stations and special
milk
feeding in the country.
Ladislas Grabski has agreed to assume the direction of the future operation, which has been definitely established as a social organization
and
will have the social welfare of the children of Poland permanently under
Its care.
RUSSIAN COUNCIL WITHDRAWS CUTSOMS DUTIES
ON FOODSTUFFS IN PARCEL POST PACKAGES.
The Russian Council of People's Commissars has withdrawn customs duties on practically all important foodstuffs
received in parcels post packages by individuals or in
packages or consignments by relief organizations, according
to a notice received by the Post Office Department. Just
a short time ago the Soviet Government lifted its limitation
of two parcels post packages a month to any individual.
The duties are lifted until Jan. 1 1923. Foodstuffs admitted
under these regulations, the Post Office Department announced July 14, are: Butter, cheese, chicory, chocolate,
cocoa powder, coffee, fish, flour, grain, foodstuffs not
enumerated separately, fruits and berries and others,
other than candied, honey, lemons, macaroni, meats,
salted, dried, roasted and cooked, milk, condensed and
dried, milkfoods, patent, oranges, potato flour, rice, sago,
sausages, sugar, tea, vegetables, vegetable oils, and vermicelli.
The removal of Russian mail restrictions was noted in
our issue of July 1, page 22.
Postmaster Morgan of the New York Post office made
public on July 15 the following announcement by the Post
Office Department regarding the decree governing unregistered parcel post to Russia:
The Russian Council of People's Commissars has issued
a decree on the
following amendments to the previous regulations in regard
to the sending of
goods to Russia by parcel post from abroad:
1. The following goods are permitted to be sent by
parcel post to private
Individuals for their personal use without special
permission from the Commissariat for Foreign Trade on condition that
customs dues thereon are
paid according to the tariff in force, in the case of those
articles which are
not free from duty.
(a) All foodstuffs with the exception'of pershable ones
(conditions on
which such foodstuffs are exempted from customs
duties are enumerated
in Paragraph 3).
(b) Printed matter, manuscripts, photographs,
drawings, illustrations
and all kinds of documents with the exception of those
of which the import
is prohibited.
(c) All kinds of cloth and fabrics, clothing, garments,
underwear,
head-dress and other articles of attire, footwear,
table and bed linen,
watches, eye-glasses, thermometers, kitchen and table
utensils, small
household implements, articles for household repair
(nails, wire, string,
paste, &c.), spoons, knives and forks, and other small
household utensils.
(d) Musical instruments and accessories thereto.
(e) Instruments for professional use and all the
necessary accessories
thereto.
(f) Articles of general use such as ordinary and
toilet soap, stationery,
hal:a rdashery, &c.
(o) Medicaments.
NOTE.—Compound and patent medicines are permitted only on condition
that the addressee produces the prescription of a Soviet physician.
Ordinary medicines, such as boracic acid, quinine, iodine, potassium
permanganate, aspirin, soda, dispensary goods, sodium sulphate, xeroform,
liquid
soap, sodium salicilate, glycerine, vaseline, &c., are permitted
without
physicians' prescriptions.
(2) In case the customs authorities find that the quantity of parcels
sent to private individuals and the nature of goods contained in
them are
notf or the personal use of the addressee, but for sale,such goods come under
the general regulations of the import of consignments from
abroad, and for
the import of which it is necessary to obtain a special permit from the
Narlcomvneshtorg and to pay the allotted duties.
3. The following foodstuffs sent in parcels to private individuals for
their own use and also to organizations engaged in relief work in the Republic are, until the 1st of January 1923, temporarily exempt from customs
duties. Such organization may even receive whole consignments of goods
on the condition that excise is collected on such goods as are subject to
It, in accordance with the general regulations:
Butter, cheese, chicory, chocolate, cocoa powder, coffee, fish, flour and
grain: foodstuffs not enumerated separately; fruits and berries and dried
berri.s and others, other than candied; honey, lemons, macaroni, meats,
salted, cured, dried, roasted and cooked; milk, condensed and dried; milk
foods; patent; oranges; potato flour; rice; sago; sausages; sugar; tea; vegetable;; vegetable oils, and vermicelli.
Notices issued by this office previously concerning the parcel-post service to Russia are modified accordingly.
SENATE RESOLUTION CALLING FOR INFORMATION
ON ABANDONED COTTON ACREAGE.
A resolution introduced by Senator Heflin calling upon the
Secretary of Agriculture to ascertain the percentage of
abandoned cotton acreage up to July 1 1922, and to publish
the information in the August 1 crop condition report, was
adopted by the U. S. Senate on July 11. The resolution as
agreed to reads as follows:
[VOL. 115.
Whereas,the Crop Reporting Bureau of the Agricultural Department
has
heretofore made no report on abandoned cotton acreage until the
1st of
December each year; and
Whereas. There is practically no cotton acreage abandoned after July
1
each year, and
Whereas, failure to obtain a good stand of cotton in many places and the
Increased ravages of the boll weevil in other sections of the cotton-producing
States have caused abandoned cotton acreage to be larger than usual; and
Whereas, The cotton producer, the spinner and the public are entitled
to know as early as the information can be obtained what per cent of cotton
acreage has been abandoned; therefore be it
Resolved, That the Secretary of Agriculture be, and he is hereby, authorized and directed to immediately confer with the Commissioners of
Agriculture in the cotton-growing States and with the agricultural agents
of the various counties in said States and ascertain just what in their
opinion is the percentage of abandoned cotton acreage up to July 1 1922;
be it further
Resolved, That the Secretary of Agriculture shall publish said information
in his forthcoming August the 1st crop-condition report.
From the Congressional Record of July 11, we quote the
following from the debate on the resolution:
Mr. Smoot. Mr. President, I do not know that I gathered the full import of the resolution. It seems to require a report as to the cotton acreage
abandoned up to July 1 1922. It does not, however, ask that any comparison be made with the cotton acreage abandoned in any other year or period.
I can not quite understand how the Bureau will answer the question propounded unless some date is specified with which to compare the cotton
acreage abandoned on July 1 1922.
Mr. Heflin. I will state to the Senator from Utah that the reports
published every year on Dec. 1 show that. They have authority now for
obtaining that information but we want to know now what percentage of
the acreage planted in cotton this year had been abandoned up to the 1st of
July. There is very little cotton acreage abandoned after that time.
Whatever there is, it will be reported in December. We can compare
this report, when received, and show how much was abondoned each year
before, because that information is already on file in the Department of
Agriculture; but we want to know how much has been abandoned this
year up to July 1, rather than wait until Dec. 1 and have the public, the
spinners, and the cotton-buying world believe that the acreage planted in
cotton in the spring is in cultivation now, when the truth is mach of the
acreage planted this year has already been abandoned.
APPELLATE DIVISION OF N. Y. SUPREME COURT UPHOLDS DAYLIGHT SAVING AS LEGAL TIME.
In deciding on July 16 that the daylight saving ordinance
is effective, so far as the service of legal papers is concerned,
the Appellate Division of the New York Supreme Court said:
The Legislature fixed a standard time which the municipalities and villages were thereby authorized to adopt. It has repeatedly been held that
where the Legislature adopts a standard, it may delegate to others the power
to apply that standard. The act was constitutional.
The decision was given in behalf of the estate of William
Kenefick which sought to vacate the service of papers in a
suit by Jess Briegel. A subpoena had been served at 12.12
a. m., daylight saving time, Sept. 11 1921. Service was declined on the ground that September 11 was Sunday, but
Mr. Briegel's attorney contended that the suit had been legally started because the subpoena was served at 11.15
o'clock Saturday night, standard time. The motion to va.
cate service was granted by the court.
NEW YORK POST OFFICE BULLETIN OF
INFORMATION.
The New York Post Office began the issuance on July 10
of a "Bulletin of Information," the purpose of which, according to Postmaster Edward M. Morgan, "is to advise those
patrons of the postal service who receive or post large quantities of mail of improvements that are occurring, of additional facilities, of changes in the requirements as to mailing,
&c., and further, to bring to the attention of the business
interests of this city ways in which they can co-operate with
the Government in promoting the efficiency of the postal
system, with mutual advantage to all concerned." The
Bulletin will be issued at intervals/ofisuch frequencyjasImay
be deemed expedient and necessary.
NEW LIST OF CITY SHOWING COMPARATIVE FIGURES OF POSTAL RECEIPTS TO COVER INDUSTRIAL CITIES.
A new barometer of business which is expected to touch
the industrial pulse of the nation is to be inaugurated next
month by the Post Office Department, it was announced:on
July 15 by Third Assistant Postmaster-General Glover.
The statement issued in the matter says:
Since 1900 the Department has issued monthly comparative figures on
postal receipts for the fifty largest cities in the country. Mr. Glover is
compiling a second list of fifty cities which are to be essentially industrial
cities cities which derive ::,heir life blood from factories and industrial
establishments.
Postal receipts, always considered a significant indication of the trendTof
business, are being watched more closely now than over before forAthe
expected clue to the prospective business boom and the recovery from_the
recent depression.
That prosperity has actually returned is seen by Mr. Glover in figures
from the Dayton, Ohio,envelope factory where all postal stamped envelopes
are manufactured. The factory is now turning out in excess of eleven
million envelopes daily.
JULY 22 1922.1
THE CHRONICLE
383
butter, 12%; prunes, 11%; rice and lamb, 9%; lard, ham, and crisco.
POST OFFICE DAILY BULLETIN SHOWING
6%;cheese, 5%;and canned peas and coffee, 1%.
STEAMSHIP ARRIVALS.
Changes Since June 1913.
The New York Post Office has just established a new
For the 9
-year period June 15 1913 to June 15 1922, the increase in all
service of particular interest to business men. The daily articles offood, combined, was 44%. The articles named showed increases
as follows: Potatoes, 100%; lamb, 96%; ham, 90%; hens, 68%; pork
Mail Dispatches bulletin of the New York office from now chops,
63%; flour, 61%; bread, 57%; sirloin steak, round steak, and
on will not only carry a list of steamships arriving, but will list bacon, 48%; cheese, 43%;fresh milk, 42%; rib roast 40%; corn meal and
granulated sugar, 34%; butter, 28%; tea, 25%; chuck roast, 23%; strictly
the countries from which mail is being received on the par
ticular ships. Business houses expecting mail by this ser- fresh eggs, 22%; coffee, 21%; rice, 12%;lard, 9%; and plate beef, 6%.in
The index numbers based on 1913 as 100, were 139 in May, and 141
vice will now know when the mail they are expecting is due June 1922.
to arrive. Cable service has been arranged to secure this
NEW WAGE AND WORKING AGREEMENT IN GARaccommodation.
MENT TRADES OF NEW YORK—WORKERS IN
INDEPENDENT SHOPS TO STRIKE.
WHOLESALE PRICES IN JUNE.
INCREASE IN
Wages and working conditions in the women's garment
A further increase in the general level Of wholesale prices
for June, as compared with the preceding month,is shown by trades of New York will be maintained for two years under
information gathered by the United States Department of the terms of the old agreement which expired June 1, accordLabor through the Bureau of Labor Statistics in representa- ing to a new contract adopted by the International Ladies'
tive markets of the country. According to the Bureau's Garment Workers Union and the Cloak, Suit and Shirt
revised index numbers, this increase measures 1 1-3%, Manufacturers' Protective Association, which became effecwhich compares with an increase of 3M% from April to tive July 20. Operations will be continued on the week-work
-hour week. The new agreeMay. The Bureau's statement, as to June prices, made basis, as heretofore, with the 44
ment is the result of conferences lasting over a period of six
public July 19, says:
The largest price gains were reported for fuel and building materials, in weeks between the union heads and the employers. There
each of which groups the June level was over 4% higher than that of May. was no strike at the termination of the old agreement on
Food articles averaged nearly 1X% higher and cloths and clothing over June
1, as there frequently had been in previous years.
2X% higher than in the month before. Metals showed an advance Jf
Max Lachman, speaking for the employers, issued the
of 1%, while no change in the price level was shown for chemicals and
drugs and house-furnishing goods. Farm products, on the contrary, due following statement on the 20th with
regard to the new
of 1% in average price
to declines in grains, hay and eggs. decreased
from May to June, wnile the group of miscellaneous commodities, due agreement:
largely to the drop in cattle and feed prices, decreased 1 %.
Of 404 commodities, or mice series, for which comparable data for May
and June were obtained, increases were found to have occurred for 132
commodities and decreases for 106 commodities. In the case of 166 commodities no change in average prices was reported.
Index Numbers of Wholesale Prices, by Groups of Commodities (1913=100)•
-19221921.
June.
June.
May.
Farm products
131
114
132
Food,&c
140
138
137
Cloths and clothing
172
179
175
Fuel and lignting
225
216
191
Metals and metal products
120
133
119
Building materials
167
160
163
Chemicals and drugs
122
133
122
House-furnishing goods
176
176
196
Miscellaneous
125
114
116
All commodities
150
142
148
Comparing prices in June with those of a year ago, as measured by
changes in the index numbers, it is seen that the general level has increased
over 53 %. The greatest increase is shown for fuel and lighting materials,
In which prices have risen nearly 18%. Farm products show a gain of
15% ever June 1921 prices. Food items have increased 2%, building
materials 2X %,and clothing 4% in the year. On the other hand,chemicals
and drugs, metals and metal products, and house-furnishing goods all show
substantial decreases compared with prices of a year ago.
INCREASE OF RETAIL PRICES OF FOOD IN JUNE.
An increase of 1% in the retail cost of food to the average
family in June as compared with May is reported by the
United States Department of Labor, through the Bureau
of Labor Statistics. The Bureau's statement in the matter,
issued,July 20, gives the following information regarding the
retail price changes in June:
Prices of 43 food articles are reported to the Bureau of Labor Statistics
each month by retail dealers in 51 important cities. In addition prices
on storage eggs are secured only for five months of the year. From these
prices average prices are made for each article. The average prices ef the
43 articles on which prices are secured each month are then "weighted"
according to the quantity of each article consumed in the average workingman's family. From January 1913 to December 1920, 22 articles of food
were used in this index, but from January 1921 43 articles are included
In the index number.
Changes in One Month.
During the month from May 15 1922 to June 15 1922, 21 articles on
monthly prices are secured, increased in price as follows: Potatoes,
which
20%; navy beans, 9%; sugar, 8%; round steak, corn meal, and oranges,
3%; sirloin steak, chuck roast, bacon, and strictly fresh eggs, 2%; rib
roast, ham, cheese, lard, crisco, rice, baked beans, canned tomatoes,
coffee and prunes, 1%. The price of bananas increased less than five-tenths
of 1%.
Twelve articles decreased in price, as follows: Onions, 18%; cabbage,
11%; lamb, 3%; hens, 2%; plate beef, pork chops, evaporated milk,
cornflakes and canned peas, 1%. The price of canned salmon, macaroni,
andtraisins decreased less than five-tenths of 1%. Prices remained unchanged for fresh milk, butter, oleomargarine, nut margarine, bread,
flour, rolled oats, cream of wheat, canned corn,and tea.
Changes in One Year. For the year, period June 15 1921 to June 151922,the percentage decrease
In allfarticles of food combined was 2%. Twenty-eight articles decreased
In price during the year as follows: Raisins, 22%; evaporated milk, 21%;
cornflakes, 20%; cabbage, 15%; salmon, 14%; cream of wheat, corn meal,
and bananas, 13%; fresh milk and rolled oats, 12%; bread and flour,
10%; plate beaf and granulated sugar,9%;oleomargarine and baked beans,
8%; chuck roast, 7%; round steak and bacon, 6%; rib roast, 5%; sirloin
steak and hens, 4%; strictly fresh eggs, macaroni, and canned corn, 3%;
pork chops and tea, 1%; and nut margarine decreased less than five-tenths
of 1%•
The prices of the other 15 articles increased as follows: Onions, 40%;
navy:beans, 34%; potatoes. 33%; oranges, 27%; canned tomatoes, 23%;
The agreement between the Protective Association and the International
Union has finally been signed. This agreement concludes the labors of
the Conference Committee and I am very glad that their efforts have been
crowned with a certain measure of success. The greatest trouble with
which this industry has been affected has been the frequent occurrence of
shop strikes, and the members of our association have suffered from time
to time. Under the present arrangement there cannot possibly be a recurrence of these costly and disastrous squabbles.
I feel certain that the officers of the union are acting in good faith in their
show of determination to eliminate any further strikes. The two or three
shops which are in trouble at this time will be put to work immediately,
and a hearing of these particular cases will be had before an impartial
chairman at once.
I feel that the members of the association are to be congratulated that
there has been no cessation of work during these conferences, and that their
representatives, by their calmness and coolness, were able to avert a
catastrophe.
Peace is now assured for two years to thoso who are and those who will
become members of the association within the next few days. Judging
by
the applications for membership that the association is receiving daily,
it will be only a very short time before the association
will be back to its
full strength.
With shop strikes eliminated as far as our membership is concerned, we
believe that we have been supplied with a magnet that will attract large
numbers of independent manufacturers to our ranks. There are rumors
of impending labor trouble, and in my judgment it behooves every employer who is eligible for membership to seek admission as soon as possible.
I am assured that there will be no cessation
of work in the industry for
the next two years in the shops of the members of
the Protective Association. Every precaution has been taken to guard against trouble. There
can be no trouble, and there will be none.
I am satisfied that every one who is a party to this new agreement is
going to see to it that it is carefully observed. The association will bend
every effort to maintain peace. While it is seemingly impossible to have
everything 100% perfect, the possibilities of trouble under the present pact
have been reduced to a minimum.
I believe that this contract approaches perfect understanding between
the workers and the manufacturers. I believe that it surpasses in possibilities any similar document written in the industry.
GOVERNORS OF COAL PRODUCING STATES SUPPORT
PRESIDENT HARDING'S PLAN FOR RESUMPTION
OF COAL PRODUCTION.
Following his invitation to the coal operators to resume
production, after the refusal of the miners' union to accept
the Government's plan for settlement of the strike, President
Harding on July 18 sent identical telegrams to the Governors
of 28 coal-producing States asking them to adopt such
measures for maintained order and the protection of lawful
endeavor as would give assurance to everybody concerned.
"I want to convey to you in this message," the President
told the Governors, "the assurance of the prompt and full
support of the Federal Government whenever and wherever
you find your own agencies of law and order inadequate to
meet the situation. . . . No cause is so important as that
of common welfare, and there must be the suppression of
every unlawful hindrance to the service of that cause."
The majority of the Governors assured the President they
would take steps to prevent disorder. Others stated that
mines in their States were in operation and unaffected by
the strike. Some State Executives informed the President
that they had ample means at their command to control
any situation incident to reopening the mines, and some
stated that if Federal aid proved necessary it would be
requested. Governor Allen of Kansas congratulated the
President "upon the decisiveness with which you have taken
•
384
THE CHRONICLE
hold of the situation," and added that "it ought to produce
good results in the nation." Governor Hardwick of Georgia
told the President that his State Government "stands
squarely with you and will co-operate fully with the Federal
Government to maintain and preserve order." Governor
Hyde of Missouri declared to the President that "you have
done all any President could do." Governor Morrow of
Kentucky reported that he was issuing a proclamation, and
added: "Your position is unquestionably correct and should
be unhesitatingly pursued. I will support and maintain it."
Governor Sproul said: "I again beg to assure you of the full
co-operation" of Pennsylvania. Governor Trinkle of Virginia replied to the President in nine words, merely stating:
"No coal strike in Virginia. Our mines are operating."
Governor Morrison of North Carolina replied to the President
that he would not co-operate with the Federal Government
in the protection of any mines that the operators might
reopen. The Governor said it would be futile to ask the
miners to return to work, and added that he "would not do
so anyway." In his long telegram he declared that he
thought the policy of national and State intervention in
labor disputes unwise.
Governor Ritchie of Maryland in a long telegram deferred
endorsement of the President's invitation, stating that "the
traditions of this State are those of a people who have
settled such matters without the aid of bayonets and rifles."
He said "I do not feel, even in the face of Federal failure,
that I should immediately agree with your assumption that
this failure is so complete . . . that I should . . . give
assurance which might lead to filling the mine regions of
Maryland with armed troops." Governor Ritchie urged,
"with the greatest respect," that "you renew your efforts
to adjust in a proper and peaceful way both the railroad
strike and the coal strike." The following replies from
Governors of cpal producing States who were called on by
President Harding to co-operate with the Federal Government in protecting mines at which operations are resumed
were received:
Governor Allen of Kansas.—Have read your telegram with great interest
and congratulate you upon the decisiveness with which you have taken
hold of the situation. It ought to produce good results in the nation. In
Kansas immediately prior to the cessation of mining on April 1, the Court
of Industrial Relations made a temporary order permitting the continuation
of the old wage scale and working conditions for a period of thirty days to
enable miners and operators to begin and If possible conclude negotiations
for new contracts. The operators did not object to such orders and offered
to commence negotiations immediately. The millets' leaders declined the
benefits of such order. The court then directed the operators to resume
mining for the purpose of meeting the Kansas demand as it arose, guaranteeing protection to their miners and their properties. The operations
were resumed upon a scale which for several weeks had produced 50% of
the normal average output of tne Kansas field and is now doing better than
that and all Kansas needs are being met both as to domestic and industrial
fuel. The number of miners increases daily. The Kansas Industrial Act
forbids picketing of any kind and•there will be no difficulty in resuming
full operations in the Kansas field.
Governor Morrison of North Carolina.—There is very little mining in
this State, and, so far as I know, there are no strike troubles in this industry. It would be a vain thing for me to invite coal miners to return to
work in this State, but I would not do so anyway. I am truly sorry that
a judgment long formed and repeatedly expressed heretofore in my State
prevents my agreeing with your position as set forth in your telegram. I
deem the whole policy of national or State Governments trying to adjust
labor disputes unwise. It always forfeits the confidence of the side to such
a controversy finally decided against by the Government and creates
suspicion of the impartiality of its exercise of police power. I believe the
full duty of the Government and the part of wisdom is to uphold the law
with fearless impartiality and permit parties in industrial disputes to fight
the economic battle to a finish.
Your position is practically to use the power of the Government againsc,
the strikers, and in the enforcement of police regulations,' and the upholding of the law the strikers will naturally have little confidence in the
impartiality or fairness of soldiers or other agencies of for cedirected by a
Government which has taken a decided stand against them, however
good the reason such a stand may be. . . . There will be no trouble
In North Carolina in upholding the law in this or any other controversy.
I am quite sure I will not need Federal forces to aid me in the position
I have taken of non-interference with either side in such controversies
except to uphold the law and keep the peace and protect every would-be
worker, union or non-union, from menace, insult and violence.
-4 have your telegram of this afterGovernor Hardwick of Georgia.
noon, have carefully noted its contents and agree heartily with you. This
morning I issued proclamation calling on all law-abiding citizens to obey
the laws and to preserve peace and order. I have sent a strong military
force to Waycross, Ga., to quell disturbance there and to preserve order.
I have notified all peace and police officers of this State to preserve order
and to keep down disturbances and have promised them military aid
whenever necessary. I believe the National Guard of Georgia will be
adequate for that purpose. Protection of persons and property is the
paramount duty of government and the State Government of Georgia
stands squarely with you and will co-operate fully with the Federai authorities to maintain and preserve order. You may count on full, prompt
and whole-hearted co-operation from me.
—With assurances of continued
Governor Morgan of West Virginia
support, I acknowledge receipt of your telegram of July 18. Since the
the coal tonnage of West Virginia
coal strike became effective on April 1
increased steadily to a point above the normal production of the State
until recent days, when it has been seriously curtailed by lack of railroad
motive power. All resources of West Virginia have been and are available
to afford protect:on to those who des;re to engage in lawful employment,
to maintain order and preserve peace. There has been a splendid co-op-
[VOL. 115.
eration on the part of county and local authorities in the enforcement of
law and order, resulting since the coal strike declaration in a minimum
of organized violence.
Governor Morrow of Kentucky.—Replying to your telegram I will issue
to-night (Tuesday), in the form of a proclamation, a request to all mine
operators to open their mines and to all miners to return to their employment or to seek employment when the mines are open, and am giving full
assurance to all persons concerned that every power of the State will be
used whenever and wherever necessary to maintain law and order,and to
protect all citizens in the unobstructed exercise of their constitutional
rights. Your position as announced is unquestionably correct, and should
be unhesitatingly pursued. I will support and maintain it.
Governor Hyde of Missouri.—Your message regarding coal situation
received. You have done all any President could do and I sincerely regret
that your. offer to provide friendly mediation was not accepted by both
sides. I agree with your stand in making"no governmental assumption of
a part in the dispute," but that it is necessary,"in the name of the common
welfare to guarantee protection to those engaged in supplying public necessities." I shall take immediate steps to second your invitation to resume
production in the mining industry and to protect and safeguard those
engaged therein.
Governor Groesbeck of Michigan.—I find that there are no difficulties of
wired
any moment existing between Michigan operators and miners. Have
Michigan to
John L. Lewis that he grant authority to the district miners of
relations and on the same wage
meet with operators and resume their former
Exbasis as existed when strike was called, pending national agreement.
violations in our
pect an answer to-night. We have no disturbances or law
and
maintain law
coal fields, and the State authorities can easily
desire and
order. As soon as I hear from Mr. Lewis, will wire you State's
program.
some time,
Governor Davis of Ohio.—Having had troops under arms for
has ample
Ohio stands fully prepared to act without delay. The State
the rights of
powers and resources to compel obedience to law, to safeguard
The full authority of the State of Ohio
citizens and to suppress violence.
such step
has been and is ready to be marshaled into action as need for
that
may arise, including the employment of all military or civil measures
are requisite effectively to maintain order.
r telegram of the 18th instant
Governor Sproul of Pennsylvania.—You
with regard to the coal strike situation in the country is acknowledged.
Confirming my conversation with you, I again beg to assure you of the full
co-operation of the Government of the Commonwealth of Pennsylvania
in your plans as outlined.
Governor McCray of Indiana.— Telegram just received. Indiana mine
operators have been invited to resume mining operations. Ample protection will be given to protect life and property.
At the same time Governor McCray made public a statement issued to
the coal operators of Indiana," which said:
"As Chief Executive of the State of Indiana, I add my voice to the entreaties of the President and urge that the mines be opened without delay in
business
orch r that the necessities of the public may be supplied and that the
interests of the State may be continued without further interruption. I am
will
prepared to furnish in advance ample assistance to mine operators, and
of
guarantee whatever protection may be necessary to safeguard the lives
far as possible, the safety of their property.
their employees and to insure, so
shall not be ruined
I am determined that the business interests of Indiana
by the actions of a limited minority."
Governor Ritchie of Maryland.—Your telegram advising me of the failcoal stlike and asking
ure of Federal authority to adjudicate peacefully the
with assurances
that I invite Maryland coal operators to resume mining
protection of what in this State can only mean the State
and under the
forces to help,
militia, and offering what I assume means Federal armed
if necessary, in maintaining law and order here, has received my immediate
and thoughtful attention.
conFor the purpose of basing my decision on the very latest information
cerning the situation in Maryland,I have to-day checked up on conditions,
as follows:
and I find the situation in this State to be substantially
has been shut down since April 1
1. The Georges Creek mining district
1922.
operations, but
2. The upper Potomac mining district continues partial
prevents coal being moved
Is handicapped by the railroad strike, which
from the mine.
These are the only two mine operations in Maryland. Representatives
days
of the operators in these districts have told me that they desire a few
to consider whether your invitation to them to resume work is a proper and
point of view, but at the same time they have told
practicable one from their
me that mining coal at present is impossible unless the railroad strike is
immediately settled and sufficient cars provided to move the coal regularly
and normally from the mines and to the ordinary points of distribution.
While the operators are thus considering your proposal, I feel it my duty
to do the same with the object of deciding for my State whether what you
outline is, from the point of view of Maryland, the action which the final
analysis shows will be the best for the people of Maryland, not overlooking, of course, the common welfare of the nation.
such
The traditions of this State are those of a people who have settled
matters as these without the aid of bayonetts and rifles. It is nearly thirty
years since our militia has been used for a purpose of this kind, and I do not
agree
feel, even in the face of Federal failure, that I should immediately
with your assumption that this failure is so complete that when the problem
more mature
Is turned back to each State, I should without further and
consideration give assurance which might lead to filling the mine regions
troops.
of Maryland with armed
must share,
i am fully conscious of the responsibility which Maryland
the nation with fuel,
because of her coal deposits, in helping to supply
to the assumption that all
but I feel that at this time I should not subscribe
must give assurance now
things else have failed, and that the various States
which might lead them to take up arms against their own people. The
presence of troops is often not the assurance of security, but the provocation
of serious trouble.
While we of Maryland,facing a new situation which you turn back to us,
consider with all due gravity what you propose, I venture to urge with the
greatest respect that you renew your efforts to adjust in a proper and peacecoal strike, so that the country will
ful way both the railroad strike and the
better befit our republic and which
be provided with fuel by methods which
a lasting settlement instead of the doubtful proposition of an
will make for
armed camp at each mine.
I have no sympathy for lawlessness, and it will be my earnest aim and endeavor to be of help to you in this trying hour. By conference and otherwise I shall attempt to influence those of Maryland concerned in the situation to submit to Federal adjudication.
The time may come, unfortunately, when I may see no way out except to
give the assurance which your plan involves, and in that event I will not
hesitate; but in the darkest hours of situations like these there often comes
the time when with methods other than force men can finally be persuaded
to meet and agree for the common welfare.
t.
JULY 22 1922.]
THE CHRONICLE
385
Excerpts from the replies of other Governors, as made President of the American Federation of Labor; Frank
public in Washington or the State capitals, include the fol- Morrison, Secretary of the American Federation of Labor,
and Edgar Wallace, legislative agent of the United Mine
lowing:
Governor Kendall of Iowa.—"As Chief Executive of Iowa I pledge Workers of America. The conference was called by Senator
every resource of the State to the support of the program you have in- Borah as Chairman of the Committee on Education and
augurated for the relief of the coal situation."
Governor Shoup of Colorado.—"As Governor of Colorado I will co- Labor to discuss whether any immediate legislative action
operate with President Harding and the Federal authorities to the fullest would assist in obtaining a strike settlement. Mr. Gompers
extent. Coal mines of Colorado are producing more coal than ever before
is understood to have told the conference that he expected
at this season of the year."
Governor Mechem of New Mexico.—"All coal mines are operating and a readjustment in the situation within a few days. This
production is sufficient for all present needs."
prompted Senator Borah to declare after the meeting that
Governor Hart of Washington.—"Answering your wire regarding the
"I feel much more hopeful after this conference with Mr.
coal strike, I beg to advise you there is no trouble in this State, and I 1•ave
faith in the operators and miners that no condition precipitating a demand Gompers than I did before." It appeared to be the opinion
for Federal interference will arise."
of the three Senators that any attempt by Congress to inject
Governor Dixon of Montana.—"There has been no disorder in Montana,
the coal situation would not help the Administranot expect there will be any." He declined to comment on his itself in
and I do
tion's hand in its effort to avert a fuel famine, and it was
position as to State troops guarding coal mines if they are reopened.
Governor Taylor of Tennessee.—"I am not apprehensive that any decided to suspend judgment of the President's plan until
serious trouble will arise. Should necessity require, we are absolutely
an opportunity had been given to weigh the results of appeal
able to and will take care of the situation."
Governor McRae of Arkansas said the President's message apparently to the Governors of the coal mining States.
required no answer and that he had no statement to make. Civil authorPresident Harding's telegram to the Governors of 28 coalities seemed to have the situation in the State well in hand, he said.
Governor Robertson of Oklahoma stated he would "co-operate fully" producing States, as given out at the White House on July
with any program of the Federal Government designed to "further the 18, was as follows:
public good." The Secretary to Goveinor Robertson reported that the
The proposal of the Federal Government to the United Mine Workers
Governor was out of the city but that the President's message would be and the various coal operators whose mines are under suspension to submit.
to his attention upon his return.
brought
all questions in dispute to a national coal commission for arbitration has
Governor Mabey of Utah said that "President Harding's message been declined. The mine workers declined as a body. The majority of
doesn't apply to Utah with the same force as the other States, as we have the bituminous operators pledged unequalified acceptance. The anthracite
not stopped the production of coal. Our National Guard was sent into operators filed unconditional acceptance. A minority of the bituminous.
the coal fields about a month ago. I am satisfied 'Utan will be able to operators accepted the principle of arbitration, but made specifications.
handle the situation."
which could not be considered.
Governor Nestos of North Dakota, in a statement, announced his supI had proposed that the operators and mine workers in dispute should
he understood
port of President Harding's stand. The Governor said as
mmediately resume coal production under the wage scales and working
it only one mine in North Dakota is affected.
conditions which prevailed at the time of the strike on last April 1; that,
Governor Neff of Texas was on a campaign tour and had not received every question in dispute should go to a national commission to be composed
the President's message. He would not comment.
of three representatives of the mine workers, three representatives of the
The first practical suggestion for the resumption of coal operators and five representatives of the American people. It was proposed to make the commission the final authority on all disputes until
production in the Northwest fields came when Governor next March, and meanwhile the commission was to inaugurate a searching
Nestos of North Dakota telegraphed President Harding to inquiry into every phase of the coal industry, in order to recommend the
persuade the United Mine Workers of America to put the way to maintained understanding between workmen and employers,
to promote steady employment and assure a continuous and ample fuel
lignite fields in a separate category and permit the local supply.
operators to treat directly with the district leaders for the
The failure to secure the acceptance of this proposal for a voluntary
adjustment left me no other course but to invite the mine operators to return
settlement of local differences.
to their mines and resume activities.
The Governor wired the President after he had formally
I trust you will find it consistent to second this invitation, if you have
acknowledged the executive telegram from him urging not already done so, with the invitation to all miners and operators to resume
immediate resumption of mining. A conference followed their work. This invitation should be accompanied by such assurance of
maintained order and the protection of
will give assurwith the big lignite operators, and Stanley Washburn, Vice- ance to everybody concerned. I wantlawful endeavor asin this message
to convey to you
President of the Washburn Lignite Coal Co., suggested that the assurance of the prompt and full support of the Federal Government
whenever and
the Governor join him in making this request of the Presi- quate to meetwherever you find your own agencies of law and order inadethe situation.
dent. Governor Nestos was informed that most of the
Your State Government and the Federal Government are jointly
response to the general call responsible for maintained conditions under which free men, willing to work,
Washburn miners went out in
may work in safety.
and not because of local grievances, and for that reason portation of a fuel We are responsible for the production and the transsupply ample for the necessities of the American people
particularly both sides wished to avoid violence. As North and the public utilities which serve them, particularly the railways engaged
must depend upon In inter-State commerce. We must have ample coal to maintain industrial
Dakota, Minnesota and South Dakota
activity,
the
and activthe North Dakota lignite mines for 90% of their domestic ity of all we must haveI coal necessary to the health, security important
the people.
recite to you these details because it is
and power fuel this fall and winter, it.is imperative that to have it understood how far the Federal Government has gone in seeking a
mining be resumed at once. This all were agreed upon. voluntary adjustment. Thus far there has been no challenge of the right
As a result of the conference Governor Nestos telegraphed of workers to decline employment, or the right of the employers to hire
as they elect.
the President as follows:
Our present duty is to guarantee security in the exercise of these rights,
especially, is security in all lawful operations, and afford a safe opportunity for that proThe fuel situation in the Nortwest, and in North Dakota
based entirely on the production of lignite coal. There are within the bord- duction and distribution demanded by the necessities of the American
ers of my State larger'deposits of this coal than of bituminous and anthra- people.
There has been no Government assumption of a part in the dispute
cite in any other State in the Union. The Washburn Lignite Coal Company and a few smaller mines are closed by the strike. Most of these men between organized workers and organized employers. I did offer the only
went out on the national call and not, as I am informed, because of any available agency which I know to effect a settlement, and these good offices
local grievances. While, as I wired you this morning, I am eager to com- have not availed.
It becomes necessary, therefore, in the name of common welfare, to
mence the mining of coal in this State, I am equally anxious to exert every
effort within my power to have these mines reopened peacefully rather than invite production in the fulfillment of that obligation which attaches to
by methods which might result in violence. In conference to-day with coal any American industry engaged in providing any public necessity, and to
operators it has been suggested that the lignite coal fields, which have no afford security to all men alike who are ready and willing to work and serve
more economic bearing on the bituminous than the bituminous have on the the common need. No cause is so important as that of common welfare,
anthracite, be placed if possible in a separate category and the operators be and there must be the suppression of every unlawful hindrance to the serallowed to deal directly with the district leaders. I am glad to join in this vice of that cause. To the task of lawful protection and the maintenance
request made by Stanley Washburn of the Washburn Company, to you by of order the Federal Government pledges to you every assistance at its
wire to-day to use such means as you deem appropriate and consistent to command
persuade the United Mine Workers of America to have this problem, which
WARREN G. HARDING_
is largely local to my State, settled between the operators and the district
leaders. As both appear reasonable and anxious to serve the community,
as well as to secure reasonable protection for their own interest, I believe
that such an arrangement will enable us to begin mining shortly and that
such an action will in a large measure solve the fuel problem of the COMMENT OF JOHN L. LEWIS ON PRESIDENT'S
Northwest.
MESSAGE TO GOVERNORS OF COAL STATES.
The President's telegram referred to above was sent to
John L. Lewis, President of the United Mine Workers of
the following Governors:
America,issued a statement on July 18 commenting on PresiThomas E. Kilby, Alabama; Thomas C. McRae, Arkansas; Oliver H.
dent Harding's message to the Governors of coal producing
Shoup, Colorado; •Thomas W. Hardwick, Georgia; Len Small, Illinois;
Warren T. McCray,Indiana;, N.E. Kendall, Iowa; Henry J. Allen ,Kansas; States in which the President asked for their co-operation
Edwin P. Morrow, Kentucky; Albert C. Ritchie,Maryland; Alexander J. in resumption of mining operations.
Groesbeck, Michigan; Arthur M. Hyde, Missouri; Joseph M. Dixon, MonMr. Lewis declared the President's message to the Governtana; Merritt C. Meehan, New Mexico; Cameron Morrison, North Carolina;
R. A. Nestos, North Dakota; Harry L Davis, Ohio; J. B. A Robertson, ors "merely a gesture which will not produce coal in any
Oklahoma; B. W. Olcott, Oregon; William C. Sproul, Pennsylvania; W. H. substantial quantities" and asserted that the mine workers'
McMaster, South Dakota; Al!. A. Taylor, Tennessee; Pat M. Neff, Texas;
the
Charles R. Mabey, Utah; E. Lee Trinkle, Virginia; Louis F. Hart, Wash- strike would be continued. Earlier in the day, before
ington; Ephriam F. Morgan, West Virginia; Robert D. Carey,Wyoming.
telegram had been dispatched, Samuel Gompers, President
While messages from State Executives were arriving at the of the American Federation of Labor, predicted in a stateWhite House, says the New York "Times," a conference ment that President Harding's invitation to the operators
was held in Senator Borah's office attended by Senators to resume operations would result in no appreciable increase
11711h of Massachusetts and King of Utah, Samuel Gompers, in production," Mr. Lewis added:
-
386
THE CHRONICLE
The action of the Government will in no manner change the position of the
mine workers or result in termination of the strike. Men who are voluntarily on strike will not return to work merely because armed guards are
placed around the mines. There is no question of law and order involved,
because the mine workers are punctiliously observing the requirements
oflaw and order, and no troops are necessary.
The men have been free to return to work during the sixteen weeks this
strike has progressed. This action of the Federal Government is merely a
gesture, which will not produce coal in any substantial quantity. The mine
workers will continue on strike until some avenue of honorable settlement
in accordance with the principles of collective bargaining is accorded them.
We are ready now, as we have always been since last December, to join any
constructive move for an adjustment of this situation.
[VOL. 115.
PRESIDENT HARDING TELLS GOVERNOR SPROUL
COAL COMMISSION WILL BE APPOINTED.
Replying to a telegram from Governor Sproul of Pennsylvania, urging prompt creation of a Coal Commission as
proposed in the Government's original plan for settlement
of the strike, in the event that satisfactory production is not
attained as a result of the efforts to resume operation at
the mines, President Harding on July 20 sent a mesage to
the Pennsylvania Executive saying a Commission would
be appointed in due time. "America's welfare," the President declared, "will not permit those who assume to serve
it to deny for any reason the supply of such a necessity as
fuel and thereby jeopardize American life and health and
happiness . . . There is an authority above all workers
and operators, and that authority,—the American public
—must have an agency of effective expression." The
correspondence between the President and Governor Sproul
follows:
MICHIGAN MINERS AND OPERATORS SEEK TO ARBITRATE DIFFERENCES BUT UNION REFUSES TO
ALLOW WORKERS TO TAKE PART.
When informed by coal mine operators and union officials
at a conference in Saginaw that the differences between mine
owners and their striking employees were not so great that
Harrisburg, Pa., July 20 1922.
they could not be settled by arbitration, Governor Alex J. The President:
Groesbeck on July 19 moved to bring about such a step.
I wish to report strong public sentiment supporting your invitation to
The Governor wired John L. Lewis, President of the United operators and miners to resume production. I trust, however, that you
merely withholding the appointment of your Commission long enough
Mine Workers of America, asking that he give permission to are determine whether satisfactory production will result. If this does
to
the miners in Michigan to adjust their differences by arbi- not occur within a reasonable time, I respectfully urge the prompt creation
modified form.
tration. This Mr. Lewis rejected, and as a result Governor of your Commission, either as originally proposed or in exercise by you
If voluntary production fails, Pennsylvania will welcome
Groesbeck indicated that he might take steps to operate of full executive authority. Meanwhile I renew my pledge of hearty coMichigan mines under State direction. The Governor also operation.
WILLIAM C. SPROUL, Governor of Pennsylvania.
telegraphed President Harding, telling him of the plan, asWashington, D. C., July 20 1922.
suring him that no disorder was likely in Michigan, and as- Governor William C. Sproul, Harrisburg, Pa.
aid it would be
serting that should the State need Federal
Your telegram relating to appointment of Coal Commission, notwithasked for later. The Governor acted following a conference standing mine workers and a minority of mine operators declined to accept
such arbitration, is received. Matters are temporarily in suspension
with R. M. Randall, General Manager of the Consolidated because when arbitration was denied there was but one consistent thing
Coal Co. of Saginaw, and John Murray, Secretary of Dis- to do, as I saw it, and that was to invite production. You may expect
permit
trict 24, United Mine Workers. Each indieated, the Gov- the selection of a Commission, because America's welfare will not such a
those who assume to serve it to deny for any reason the supply of
could be settled by arbitration.
ernor said, that the strike
necessity as fuel and thereby jeopardize American life and health and happiJohn L. Lewis, President of the United Mine Workers, ness. Moreover, there was a third party to submit its case to the Commission—the great
The primary object
declared that no permission would be given the Michigan and just ending ofAmerican public. broader purpose was was the prompt
a searching ina dispute. The
to enter upon a settlement of quiry into the coal industry, to learn all the causes of dispute and find a
State organization of the union
the strike in that State by arbitration, as suggested by Gov- way to avoid them in the future. It may be desirable to modify the form
was first designed to
Commission as orginally proposed, because
ernor Groesbeck. "I shall advise the Governor of Michigan of tnemost promptly the exigency then existing. it wish a settlement at
I
meet
that the settlement of the strike in that State is dependent the Conference table, where all could be heard and all be represented on
upon direct negotiations between the miners and operators," the Commission
to me that time to appraise the situation, the opportunity
Mr. Lewis declared, after receiving the Governor's commun- toIt has seemed unquestioned fairness of the proposal and sense the oblimeasure the
ication, "which cannot be begun until a basis has been laid gations involved, and a period in which to resume production, would either
for them by the creation of a national basic agreement on avoid drastic steps on the one hand or clearly justify them on the other.
due time. There is an authority above all
wages and working conditions." The response referred to The Commission will come in
workers and operators, and that authority—the American public—must
the unyielding stand of the miners for a wage settlement have an agency of effective expression.
Thank for your renewed pledge of co-operation, and be assured of like
in the central competitive field of Illinois, Indiana, Ohio and
pledges from the Executives of most coal producing States.
Western Pennsylvania, without which the union has decreed cordial
WARREN G. HARDING.
its local organizations in other States may not contract for
a resumption, even should employers be willing to meet all SENATOR LODGE URGES PATRIOTIC CITIZENS TO
other terms.
SUPPORT PRESIDENT IN HIS STAND
Subsequently the union head sent a telegram to Governor
ON COAL STRIKE.
Groesbeck,rejecting his proposal. Upon receipt of this GovIn a statement issued to-day at Washington, July 19,
ernor Groesbeck sent to President Harding the following Senator Lodge of Massachusetts declared it was the duty of
message:
every patriotic citizen to sustain the President "without
Mr. Lewis wires refusal of permission to district miners in Michigan to reservation or purpose of evcsion." Senator Lodge said:
resume work under agreement in force previous to April
meet operators and
1. As matters stand now, no coal will be produced unless properties are
placed under public control.
In view of extraordinary emergency throughout the nation, public and
private industries being paralyzed and consumers being mulcted, constituting as it does a challenge of Governmental authority and power, would
suggest that'steps be taken at once to open mines and run them until differences are adjusted and legislation is adopted calculated to prevent recurrences of present trouble and establishing equitable relationships between
owners and workers and likewise protection of the public interests.
Please advise further decision or wishes in matter.
The day after the agreement went into effect it was
announced that in an attempt to compel independent cloak
and suit makers not connected with the employers' association to sign a two-year contract with the union, 50,000
members of the Ladies Garment Workers' Union would
quit work next Tuesday.
.Although almost the entire membership of the union in
New York will walk out, Benjamin Schlesinger, President
of the union, referred to the movement as a "stoppage."
It was explained that half of the members would be back
at work within a few days, as they were employed by
members of the Cloak, Suit and Skirt Manufacturers'
Protective Association, which, as above stated, has signed
a ,new contract with the union. Mr. Schlesinger said the
purpose of the suspension was to "once and for all" eliminate
the. "social and corporate sweat-shops." The walkout
will be in the nature of a strike, he said, as far as it affected
the 25,000 workers employed in 2,000 independent shops
not connected with the protective association.
My position is simply that which every patriotic American citizen must
hold. I have always believed unswervingly in law and order, which are the
foundations of our Government. Without them we cannot have a free
republic. The laws made by the people and their representatives must
always be obeyed and enforced. Order must be maintained for, without
it, nations fall into anarchy, the worst of tyrannies. No free man and no
free woman can be compelled to work, and no free man and no free woman
can be deprived of the right to work. In the exercise of the right to work
all law-abiding citizens are entitled to the fullest and most complete protection of the Government, State and national.
There can be but one Government in the United States, and that is the
Government elected by the whole people. No minority of the people, no
matter how highly organized, can be allowed to control the Government
of all the people.
President Harding asked, as President Roosevelt asked in 1902, the mine
owners and the miners to arbitrate their differences. A majority of the
mine owners consented. The miners refused. The President has now
requested that the mines be opened and proposes that all who are willing
to work be protected to the fullest extent, if necessary, by all the forces
of the States and nation. It seems the plainest and most absolute duty of
all pratriotic Americans to sustain the President "without reservation or
purpose of evasion" at this crisis when he is standing for law, order and jusice, precious above all else to the people of the United States.
SAMUEL GOMPERS'S VIEWS ON PRESIDENT HARDING'S INVITATION TO COAL OPERATORS TO
RESUME PRODUCTION.
Declaring that the country "Is drifting toward a state of
irresponsibility in dealing with both the coal and railroad
strikes," Samuel Gompers, President of the American Federation of Labor, came forth on July 18 with a formal statement commenting on the President's invitation to the coal
miners for resumption of production, following the refusal
JULY 22 1922.]
THE CHRONICLE
of the miners to accept the Government's plan of settlement.
Asserting that coal could be had in ample quantities "the
moment justice is done," Mr. Gompers said the great need of
the hour was "for normal, natural conference between the
interested parties," and that "when a half million men are
aggrieved is a poor time indeed for the roll of drums, the rattling of sabres and the pounding of mailed fists." He continued:
The country is drifting toward a state of irresponsibility in dealing with
both the coal and railroad strikes. Utterances from employers and from
Government officials are sufficiently alike in thought and context to indicate the close bond of sympathy between the two forces. The situation
is one well calculated to cause the gravest concern in every quarter.
The President invites the mine owners to return to their properties and
resume operations. Surely the President does not expect that these owners of mines are going to dig coal. There are not enough of them in all to
operate more than a mine or two, and most of them would not know how
to dig coal even if they were in condition to dig coal and wanted to do so.
Wpp, then, is to do the mining when the mine owners resume operation?
The miners who are on strike are not going to dig coal until the strike is
ended. The non-union miners are and have been at work and their number
cannot be increased materially. The army may go to the mining districts,
but the army is not composed of coal miners.
The fact is that there is nobody to mine coal until the coal miners now on
strike return to the mines. They will return to the mines gladly and quickly
as soon as the mine owners agree with them on terms and conditions of
employment.
The responsibility for this grave crisis is upon the mine owners. It is on
no one else. No matter what the Government may say, what the mine
owners may say, or what hostile newspapers may say, the mine owners are
the guilty parties.
Let it be not forgotten that the strike was caused by the wanton disregard
of their contract by the mine owners. They treated their pledge to the
miners as a scrap of paper. They refused to confer with the miners. They
sought to treat the miners as serfs, and the miners refused to accept such
treatment. They ceased mining coal.
It is important to the country that coal be mined, it is even more important that a half million miners be treated with justice. The nation cannot
put anything ahead of justice. It cannot put politics or the profits of a
small group of mine owners ahead of justice to the miners. It cannot even
put the need for coal ahead of justice. Coal can be had in ample quantities
the moment justice is done.
Brute force cannot override justice in the United States. I do not know
what measures the President has in mind to take, but, I repeat, the only
method in which coal mining can be resumed is agreement between the
miners and owners upon terms deemed fair and just by both sides. It will
not do to trample rough shod over the aspirations and requirements of any
portion of our people. This is neither the hour nor the scene for the man
on horseback. The great need of this hour is for normal, natural conference
between interested parties. When a half million men are aggrieved is a
poor time indeed for the roll of drums,the rattling ofsabres and the pounding
of the mailed fist.
387
made. It is but one instance of acts of terrorism intended to break the
morale of those who have declined to strike.
Sheriff Duval fell a martyr to duty and the cause of law and order. His
watchfulness and preparedness prevented another Herrin massacre and
possibly saved scores of lives.
As soon as complete reports have been received efforts will be made to
give a speedy trial ti those in custody. In the meantime the County Court
of Brooke County has elected Thomas H. Duval as Sheriff to replace his'
father, and he is being aided by Sheriff Harry T. Clouse of Ohio County.
If necessary, the West Virginia National Guard is ready to reinforce the
local authorities, and Gov. Sproul of Pennsylvania is co-operating and has
dispatched a force of twenty-five members of the Pennsylvania Constabulary to the section to aid in preserving peace.
E. F. MORGAN, G mernor of West Virginia.
Charleston, W. Va., July 17.
STATEMENT ISSUED BY ILLINOIS COAL OPERATORS
ON HERRIN. OUTBREAKS.
Illinois coal operators representing all sections of the
State, at a large meeting held at the Great Northern Hotel,
Chicago, on July 15, expressed unanimously their "continuing horror and bitterness of feeling over the monstrous
atrocities committed near Herrin, Ill., on June 20 and 21,
when some 72 employees of the Southern Illinois Coal Co.,
after their surrender under a flag of truce, were removed
from the mining property and a substantial number of them
brutally murdered by a lawless mob on the public highways,
the remainder being tracked like wild animals through
woods and fields in an effort to destroy them all." The
statement issued by the operators continued:
That local and state officials with a full knowledge of the extreme threat
of the situation, and in ample time to have prevented such ruthless
butchery, took no action to prevent it, is and will remain a stain not only
upon the local community but upon the State as a whole until through adequate energy and effort not only the perpetrators but the instigators of
this awful crime are apprehended and punished to the fullest extent of
the law.
If for any reason, either of politics or because of the domination by
any class or group, there shall be failure on the part of the proper authorities
to handle this situation promptly and vigorously, it must be apparent
to everyone that group lawlessness will be encouraged and become a menace
always before the people in every section of the State.
We commend the utterances of President Harding in his address on
July 4, that "liberty is gone in America when any man is denied by anybody the right to work and live by that work. It does not matter who
denies. A free American has the right to labor without any other's lieve."
Urgent demand for immediate Governmental investigation
of the recent mine atrocity at Herrin, IlL, with a view to
PITTSBURGH COAL PRODUCERS TO DISCONTINUE bringing to justice those responsible for it or who participated in the attack, was voiced in a resolution adopted this
CHECK-OFF SYSTEM.
Members of the Pittsburgh Coal Producers Association at week by the Bituminous Operators' Group in conference at
a meeting on July 19 unanimously decided to resume opera- the Hotel Washington. The resolution was as follows:
Whereas, The conference between representatives of the Government,
tion of bituminous coal mines in that district to the fullest mine workers' officials
and bituminous coal operators has been held while
extent possible. A statement issued after the meeting said there still ring in our ears the shots of the attacking miners and agonized
cries of their tortured and maimed victims at Herrin, Illinois, so treachthat war-time wages (before the further advance of 1920)
erously betrayed after having surrendered; and
would prevail, but that the check-off system would be disWhereas, The public has been led to believe that 16 or 17 men were
demands of murdered, while our information is such as to forces us to the belief that
continued. The latter decision is contrary to the
three times that many lives were sacrificed and that men whose only
the miners and one of the causes of the strike. The statecrime was their desire to earn a livelihood had stones tied about their necks
ment of the operators said:
and were thrown into ponds; were shot down in their tracks or hunted
It was unanimously decided to comply with the President's invitation to like wild beasts; and
resume operations in the Pittsburgh district to the greatest extent possible.
Whereas, With one exception so far as we have seen in the public press,
Work at the mines will be resumed at the wages in effect in November 1917. no expression of horror, detestation or disavowal of the atrocities committed
The practice of collecting union initiation fees, dues and assessments, known at Herrin, Ill., has been made on the part of the officials of the United
as the check-off, will no longer be continued. The wages propased will be Mine Workers; and
Whereas, No prompt, vigorous and far-reaching efforts, so far as we
upon the basis of $5 per day of eight hours for basic day labor; 70 cents per
have been advised, have been made by the local and State authorities of
ton for machine coal and 87.64 cents per ton for pick coal.
The operators generally feel that the statements made by the President of Illinois to ascertain the true extent of the massacre and to apprehend and
the United States, together with his assurance of proper yro`Jection, have bring to justice the persons guilty of these atrocities; now, therefore, be it
Resolved, That we, representing the bituminous coal operators of the
greatly clarified the situation and will result in an increase in the production
of coal. This will be particularly true in the non-union fields of the State United States, publicly express our horror and detestation of the outrages
inasmuch as the many promises made to the unfortunate men who ceased at Herrin, Ill., and other innumerable acts of intimidation and violence
which are being committed during the present strike in other parts of the
work at the request of the union have failed to materialize.
country; and
Be It Further Resolved, That we demand from the Government of the
OUTBREAKS IN -WEST VIRGINIA COAL DISTRICTS. United States such prompt, vigorous and impartial investigation of the
terrible crimes committed at Herrin Ill., as will inform the public of the
Striking coal miners made an armed attack on mines at true
extent of the massacre
will bring to trial the guilty persons,
Cliftonville, W. Va., on July 17, and seven men were killed whether actual participants orand who by incendiary writings or intemthose
as a result of the outbreak. Among them was Sheriff H. H. perate speech provoked the mob, to the end that there may be guaranteed
to each man his
liberty and the pursuit of
Duval and six other men, said to be union miners. More happiness; and constitutional rights of life,
Be It Further Resolved, That for the purpose, if possible, of avoiding
than two dozen men were injured in the affray. The scene
of the violence was the property of the Richland Mining Co. further acts of violence which would follow such expression on the part of
individuals, this resolution proclaims the joint expression of the bituminous
Several of the union men weire rounded up and put in jail coal operators here assembled.
pending an inquest. With regard to the disturbance, Governor Morgan of We'st Virginia made the following stateMINERS' UNION REJECTS GOVERNMENT'S PROPOSAL
ment in a telegram to the New York "Herald":
FOR SETTLEMENT OF COAL STRIKE.
A mob of striking miners, bent on murder and destruction, estimated to
The United Mine Workers of America informed President
number three to four hundred, largely foreigners, invaded West Virginia
from Pennsylvania this morning. They attacked the Richland mine, near Harding on
July 15 that they had rejected the proposals
Cliftonville, Brooke County, fired on a posse of deputy sheriffs, killed
Sheriff H. H.Duval, dynamited the tipple and were repulsed by the posse for settlement of the coal strike which were presented by
of officers with casualties which will probably number a dozen. Thirteen the President to the conference of miners and operators
prisoners were taken, according to latest reports, and are lodged in the on July
10. The reply of the miners' union, a lengthy
Brooke County jail at Wellsburg. West Virginia and Pennsylvania authorities co-operating are engaged in a search for escaping members of the and argumentative discourse on the conditions in the coal
mob.
industry, was adopted unanimously by the Policy ComThe invasion of West Virginia by the murderous mob of foreign strikers
Washington after
was a dastardly attempt to curtail coal production. The Richland mine mittee of the union which was called to
was being operated and threats had been made that an attack would be the Government's proposal of arbitration (published in
388
THE CHRONICLE
[VOL.. 115.
the President:
these columns last week, page 262) had been made by the ToWe are in full accord with your proposal for the ettahlblunent of a comPresident. "We find upon examination and analysis," mission which, as you. state,
,
"Shall investigate exhaustively every phase of the coal industry. It
the miners said in their reply, "that even the acceptance
reveal every cost of production and transportation. The President
of the plan by the mine worker§ would bring about only a shallask Congress to confer authority for the most thorough investigation.
will
partial settlement, leaving the public to be embarrassed and make appropriations necessary to do such work."
The fundamental interests of the mina workers and of the consumers of
dislocated by a continuance of the
and industry further
dependent on such action being taken. It is also essential to the
strike situation in vast coal producing areas. The mine, coal aredevelopment and stabilization of the coal industry itself.
proper
workers cannot, under these circumstances, lightly conDuring the past two years it has been very apparent to the mine workers.
investigation as you now propose should be inaugurated, and
sider the utter abandonment of more than 200,000 of their that such anevery proper occasion, recommended that this be done. When
we have, on
members to the whims and caprices of hostile employing, at the beginning of the existing controversy our representatives were called
interests who are publicly committed to the policy of de- upon to testify before the Committee on Labor of the House of Representaof such a commission and submitted
formally
:struction of collective bargaining in the industry. For tives, wesuggestionurged the creation n and powers. We are therefore
s as to its compositio
detailed
:these substantial reasons, the representatives of the United indeed gratified to accept your proposal for a comprehensive investigation
representative of the mine
'Mine Workers are compelled to withhold their acceptance of the coal mining industry by a commissionassure you that it shall have
the public, and to
workers,
•of the arbitration proposal submitted by you. The mine our mostthe operators and on and support.
hearty co-operati
the appli• workers are alive to the necessity of immediate resumption
The actual completion of the work of such a commission and
neCescoal stocks are so low cation of practical reforms, however,is an essential preliminary and a in the
•of coal mining operations. Already
attempt to determine rates of pay to workers
that there is possibility of a serious coal shortage next sary prerequisite to anupon a just and reasonable basis.
coal mining industry
n of coal. La'Fall and Winter. Industry is now, and has been for some
Labor is only one factor in the production and distributio
costs involving the
time, paying an excessive price for its fuel, and the public bor costs are only one element in the many elements of
elements
and its transportation. All of these factors and
mining of
such as labor,
.may expect further unwarranted price extortions before its are closelycoal
interrelated and interdependent. One factor,
Among other
•coal requirements are fully met. There is every moral cannot be segregated and a decision made upon it alone. prices must be
costs to profits and
and
relation of
.and economic reason for a termination of the present strike things thed. Inquiry labor also other as to the degree of regularity of
be made
must
ascertaine
in the mining industry, and the mines should resume opera- operation of mines and the opportunity afforded to the mine worker under
for himself and his
prescribed rates of pay to earn an adequate income
tion at the earliest possible date."
after the President had received the official declina- family. of concrete illustration, it is stated, on the basis of the facts.
Soon
By Way
tion of the mine workers to accept his proposal for settling available, that the bituminous coal industry functions irregularly and interand unfair competition. Employees
the strike, the following statement was issued at the White mittently because of over-expansion secure sufficient employment to earn
under the existing way are unable to
overhead'
:House:
living wages, while the public is compelled to bear excessive
The President met the policy committee of the United Mine Workers
proand received the written declination to accept the voluntary plan
posed for the settlement of the dispute which is responsible for suspended
of any Government
mining activities. There will be no announcement
plan to relieve the situation until the resposse of the bituminous operators
The
is received. It is expected to have their report Monday morning.
decision
President did not comment to the mine workers' committee on the
fully appraised the responsibility
reported, except to say that he hoped they
they assumed in declining the Government's offer of a means of instant
adjustment and the resumption of mining.
Consideration of methods by which Senators from coalprodcing States might be helpful in bringing about arbitration of differences between the miners and the operators
came to a premature climax when Secretary Hoover was
called to the telephone and advised by the President that
the miners had flatly rejected his arbitration plan. Secretary Hoover had gone to the Capitol to discuss the efforts to
settle the coal strike at the invitation of Senator George
Wharton Pepper, of Pennsylvania, who had called on Mr.
Hoover at the Department of Commerce earlier in the day.
They were in the midst of their discussion in the offices of
Senator Curtis, of Kansas, it is stated, when word of the
rejection of the arbitration proposals was received. The
conference was terminated forthwith. Those who met with
Secretary Hoover, in addition to Senator Pepper, were Senators McCormick and McKinley, of Illinois; Pomerene and
Willis, Ohio, and New and Watson, Indiana. These Senators represent the four States that make up the central
oompetitive field. The Senators from Kentucky and West
Virginia were not invited because the non-union mines are
largely located in those States. As Secretary Hoover left
the conference with the Senators he said they had received
so many telegraphic inquiries from their States on the coal
situation that he had decided to come to the Capitol to answer
them all at once. He said he had outlined the steps that
were being taken by the President to bring the opposing
parties together when the discussions were interrupted by
word from the White House that the miners had refused
arbitration.
When the members of the Policy Committee of the
miners' union called at the White House on July 15 to
present their reply to the President they received statement
from the President construing and explaining the terms of
his settlement proposal. The President's interpretative
statement, a copy of which was sent to the operators as
well as the miners is given further below. The miners'
reply, rejecting the Government's proposal of arbitration,
t
was embodied in the following statemen issued by the union
conference with the President:
after their
of
America met at the
the United Mine Workers
The policy committee of
Washington, to-day, and adopted an answer to PresiRod Crass Building,
Government arbitration of the strike of coal
proposal for
dent Harding's
anthracite scale committee held a separate meeting
miners.. Members ofthe
decided to reject the proposition. These members
earlier in the day and
committee meeting and participated in the general
also sat in the policy
By unanimous vote the policy committee
'oonsideration of the subject.
President, and a letter, signed by the Internathe proposal of the
rejected
the district presidents of the United Mine Workers
tional officials and all of
"resident Harding at the White
and delivered to of America, was prepared
the reasons for rejection of the arbitration
Hose. The letter slts forth
geoposal and is as follows:
coal.
charges amounting to approximately $1 per ton on each. ton' of soft
produced. Manifestly it is futile to attempt to adjust wage rates on an
y
equitable basis until the truth of this condition of affairs has been thoroughl
uncovered and the cause of it finally removed.
wage
On the other hand, in the anthracite branch of the industry, where
regular,
rates are lower than in the bituminous mines but employment more
under
it is known, on the basis of available facts, that a monopoly" exists
coal sales
which excessive profits are obtained from coal producing and
anthracite railcompanies and from excessive freight rates charged by the
on. With the
road corporations, which are the head of the combinati
ton for their
anthracite coal operators alleging a labor cost of $3 92 per
the ultimate
production it is a manifestly unfair practice for them to charge
$12 per ton.
consumer in the Atlantic seaboard market an additional
field that indefensible monopoly
It is, therefore, obvious in the anthracite
ion of the price. of
profits are the significant factors in the determinat
anthracite coal to domestic consumers.
justice is to be done to the
All the facts, in short, must be known if
Moreover, after the facts are
anthracite mine workers and the public.
assurance is received that
known equitable results cannot be secured until
of the facts, are to be practically
any constructive reforms, based on a study
accepted and applied.
demonstrate the soundness of
Abstract reasoning alone would clearly
considerations the actual history
this conclusion, but aside from all abstract
two years amply confirms it.
of the coal industry itself during the last
from the same fundamental
Two years ago, after a prolonged strike arising
of pay in the bituminous mines were
causes as the existing strike, our rates
authority as to wages,
fixed by a Presidential commission with complete
award this commission also made
prices and profits. In making its wage
these recommendations were made
17 basic recommendations. Most of
stabilize the industry
with the knowledge that if carried out they would
wage scale also waspredicated
and bring a degree of order out of chaos. The
ations would be heeded and
upon the assumption that these recommend
the contrary, the year
adopted, but absolutely nothing has been done. On
period that the soft coal
1921 was the most disorganized and irregular
thirty years.
industry has had for at least
had rendered its
Several months after the bituminous coal commission
field Was
report a decision as to wages and working conditions in the antracite
had also been arhanded down by the anthracite coal commission, which
the bituminous commission, however,the
pointed by the President. Unlike
only. The
anthracite commission restricted its findings to wage matters
as to healthful
result was that the wages were fixed below accepted standards
and other costs of
and decent living requirements without regard to labor
production, monopoly profits and prices to consumers.
convinced that the
Both by reason and experience, we are, therefore,
dependent upon reguestablishment of a fair wage in the coal industry is
, profits and prices.
larity of operation, over development,costs of productiondistribution of coal
When all the facts bearing upon the production and
shall gladly face these
have been collected and impartially analyzed, we
rehabilitation of the coal minfacts and accept them as a condition to the
ing industry.
investigating commission with
In any case the combination of a scientific
particularly bad when the wage scale
a wage arbitration board is bad. It is
controversy. The primary duty of
at issue is a matter of heated and bitter
must be to collect the facts and give
the commission, to be of real service,
matters of principle and policy. These questions
consideration to broad
which, in itself, is a prodiginvolve the reorganization of a huge industry,
ous undertaking.
task no wage question should
In the face of this tremendously important
be injected.
in establishing proper wage
We believe that there would be no difficulty
if the industry itself was opercales through conference with the operators
therefore if the commission is successful in
ating on a proper basis and that
the industry the fixing
stablishing the proper basis for the future conduct of
be left to the usual conference.
f detail wage scales can properly
that the coal operators who have
The mine workers desire to point out
s assembled by you and to whom
een in attendance at the recent conference
of the coal strike are only partiou have submitted the plan for arbitration
interests affected by the present suspenally representative of the producing
representing nearly 50% of the tonnage in strike
ion of mining. Operators
in attendance at such recent
bolds where production is stopped have not been
onferences and we have no information that proposed plan of arbitration
tal agency.
as been submitted to them by any Governmen
n
We are further advised through public and private informatio that these
of coming within the purview of the provisions of
nterests have no intention
JULY 221922.]
THE CHRONICLE
believe
yo- ur plan of adjustment. Under such circumstances it is futile to
that any general settlement can be made. It is manifestly unfair to attempt
to an arbito exact from the mine workers' representatives commitment
tration plan while at the same time powerful operating interests employing hundreds of thousands of men now on strike are left free to follow their
own selfish impulses and escape responsibility in the premises. We feel assured that your Excellency transmitted this plan of settlement with the sincere hope that the present strike could be adjusted upon a basis of national
scope.
We find upon examination and analysis, however, that even the acceptance of the plan by the mine workers would bring about only a partial
settlement, leaving the public to be embarrassed and industry further dislocated by a continuance of the strike situation in vast coal producing areas.
The mine workers cannot under these circumstances lightly consider the utter
abandonment of more than 200,000 of their members to the whims and caprices of hostile employing interests who are publicly committed to the policy
of destruction of collective bargaining in the industry.
For these substantial reasons the representatives of the United Mine
Workers are compelled to withhold their acceptance of the arbitration proposal submitted by you.
The mine workers are alive to the necessity of immediate resumption of
coal mining operations. Already coal stocks are so low that there is possibility of a serious coal shortage next fall and winter. Industry is now and
has for some time been paying an excessive price for its fuel, and the public
may expect further unwarranted price extortions before its coal requirements
are fully met. There is every moral and economic reason for a termination
resume
of the present strike in the mining industry and the mines should
operation at the earliest possible date.
The development of this emergency has been constantly apparent to us
public
since last April, and we have repeatedly warned the operators, the
the
and the Government of its approach. It would have been obviated if
operators had fulfilled their contractual obligations and met
bituminous
with us in the usual way to adjust wage scales and working conditions.
The only effective way at the present time to escape the industrial and domestic catastrophe which these operators have thus made imminent is for
them to measure up,even at this late date, to the requirements of honor and
good faith by meeting with our representatives in inter-State conference.
In the anthracite situation we again emphasize the offer previously made
by our representatives that the anthracite coal operators recognize the principle of the eight-hour day for all men in the industry, with proper recognition of the union, and that the existing rates of pay be taken as a starting
point for future joint negotiations together with a decision of merit of the
additional demands of the anthracite mine workers. Such consideration
will so simplify matters that basis of agreement may be easily reached.
The mine workers represent the human factor in the coal industry and
human consideration should take precedence over all others. We respectfully submit and feel confident that you will agree with us that the mine
workers should not be responsible for all the alleged ills and maladjustments
of a, diseased industry. For generations back our people have been the
patient sufferers from all the adverse factors which have operated against
them. We call your attention that each year 2,500 of our men die and
countless numbers suffer injury in order that society might be provided
with fuel.
The hazard of the calling should be given every considez ation and our
people should be compensated in accordance with their skill as artisans.
the laboriousness of their toil and the degree of personal danger which they
encounter. For a period of fifteen weeks they have been deprived of their
means of livelihood. They have suffered and have seen their wives and
children suffer. Thousands have been evicted from their homes and they
have bravely endured every discomfort and personal sacrifice. They cannot now lightly forego the fruits of their struggle and every dictate of humanity requires that they should be treated with that consideration due them.
The public interest, as well as the mine workers, requires that material
wants be provided and their pride as citizens maintained.
We feel that this attitude will commend itself to your sense of right and
Justice and that it will be sanctioned by the reason And wisdom of all thoughtful men who love justice and humanity.
Respectfully submitted on behalf ofthe United Mine Workers of America.
389
- -- The President will ask of Congress as soon as the House is reconvened
in August for a grant to the Commission of the necessary legal powers
to make an exhaustive inquiry,into the coal industry in order to acquire
the needed information upon which to formulate plans to avoid future
suspension of production.
In order to clarify what shall constitute a commitment to the plan I
have proposed, let it be understood that, as to the bituminous fields, the
basis of agreement in national disputes has hitherto been agreements
between the United Mine Workers with operators in the central competitive fields. Therefore the acceptance of this offer by the United
Mine Workers and by the operators shall be deemed complete and binding when United Mine Workers and the operators, parties to the central
competitive field agreement, which expired on March 31, have accepted
it. The other bituminous mines which are now idle because of strike
or suspended operation are expected to adhere to the plan and comply
with the decisions of the Commission, but their action in no way affects
the validity of the agreement to the plan.
In the anthracite fields the acceptance of this offer by the United Mine
Workers on one side and the Anthracite Operators' Association on the
other shall render it effective. If the mine workers and operators agree
there shall be a separate Commission.
It is understood that all decisions by the Commission must be reached
by a majority vote thereof, and all decisions shall be binding to all parties
to the agreement until March 1 1923.
WARREN G. HARDING.
MAJORITY OF BITUMINOUS OPERATORS ACCEPT
GOVERNMENT'S STRIKE SETTLEMENT PLAN—
PRESIDENT HARDING DEMANDS RESUMPTION OF MINING.
The bituminous coal operators of the unionized fields informed President Harding on July 17 that they were in accord with the Government's proposal for settlement of the
strike which has been in effect since April 1. They all subscribed broadly to the proposal to arbitrate, and the majority
of the districts represented in the conference called by the
President accepted the proposal unconditionally. A minority
of the districts declined to accept the proposals in their entirety. Following receipt of the operators' reply, President
Harding invited them "to return to your mine properties
and resume operations." Referring to the declination of.the
miners to accept the proposal, the President in his communication to the operators declared: "The freedom of action
on the part of workers and on the part of employers does not
measure in importance with that of public welfare and national security." The President's reply read as follows:
Gentlemen:
•
I have your decision. I would not be frank if I did not confess a disappointment of your lack of unanimity. To the large majority of you,
who have pledged readiness to resume activity under the Government's
proposal, I must express my own and the public's gratitude.
We have now reached a point, owing to the refusal of mine workers
and the minority of your operators to accept the proposed arbitration,
where the good offices of the Government, in seeking a voluntary adjust-.
meat of the dispute between mine operators and mine workers, are without
avail.
I cannot permit you to depart without reminding you that coal is a
national necessity, the ample supply of which is essential likewtse to common welfare and inter-State commerce.
The freedom of action on the part of workers and on the part of employers does not measure in importance with that of public welfare and
national security. I therefore invite you to return to your mine properties
and resunie operations.
PRESIDENT HARDING GIVES INTERPRETATION AND
The following statement, in addition to the President's reEXPLANATION OF HIS PROPOSALS FOR SETTLEply to the operators, was made public at the White House
MENT OF COAL MINE TROUBLES.
after the delegation of operators left:
The President's interpretative communication with reAt 5 o'clock this afternoon the coal operators made extended verbal and
gard to the Government's proposals, referred to above, written reports to the President. All of them subscribed broadly te the
proposal to arbitrate.
•
was given out July 15 as follows:
To 0. M. Ogle, President of National Coal Association:
,
To S. D. Warriner, President of the Anthracite Coal Association: and
To John L. Lewis, President of the United Mine Workers of America;
Since I tendered to you in a joint session at the executive offices on
Monday, July 10, certain proposals for the arbitration of the coal dispute,
and since there have been numerous inquiries and several informal conferences in the intervening time, aimed at clearer understanding, I have
thought it desirable to place before you, in writing, such interpretation of
the general proposal as I have sought informally and in verbal statements
to convey. These definite interpretations do not in any way modify the
original proposal, but will serve to clarify such doubts of construction
as have been expressed and leave no possibility of misunderstanding.
The program contemplates three successive stages as follows:
First. That the mine workers return to work under the same terms
and conditions as those which governed each case on last March 31. This
includes the cheek-off.
Second. It is the intent that the temporary arrangement above shall
remain in force only during the shortest period that may be required for
a determination of terms and conditions of labor for the period ending
March 1 1923. I have emphasized this by suggesting that the wage scale
shall be determined by Aug. 10 1922, with authority in the Commission
to extend that period by such number of days as may be required. Its
earliest determination is very necessary in order that contracts and estimates involved in business transactions may become settled, and it is
understood that all questions of dispute as to conditions of labor or any
other points of friction between operators and employees, who are parties
to this arrangement shall be determined by the Commission, and such
settlement shall hold until the 1st of March 1923. These decisions may also
require more time than until Aug. 10 and therefore the Commission is
to have authority to extend time for settlement of each or any of these
questions as It finds to be necessary.
Third. That the Commission in recommending an establishment for
maintenance of industrial peace in the coal industry will be expected
to bring in such recommendations in time to allow for their use in the
settlement of relations after the 1st of March 1923. They are to be
recaminendatory and not binding.
The majority of the districts represented in the conference accepted
the President's proposal unconditionally. A minority of the districts in
the conference joined in subscribing to the general principles of arbitration
and collective bargaining.
The general reply submitted by the operators to the President follows:
To His Excellency, Hon. Warren G. Harding, President, White House,
Washington, D. C.:
My Dear Mr. President:—We have given most careful and thorough
consideration to the proposal submitted by you on July 10, supplemented
by your statement of July 15, and we are not only in entire accord with
Your plan to establish a general tribunal to inquire into all the facts in our
Industry and make recommendations for the solution of our fundamental
problems, but we urge that such a plan be put into effect by you.
We also wish to remind you that we have already proposed the broad
principle of arbitration in our previous conferences with the officials of
the Administration and with the representatives of the miners. We still
stand on that broad principle and are in entire accord with you in that
respect.
We did have in mind, however, discussing with you certain recommendations as to the machinery to make an arbitration plan effective and
to accomplish the results which the country and you yourself desire.
In view of the contingencies that confront us and the varying conditions
in the different coal producing districts of the country, our conference,
has decided to answer your proposal by districts, rather than as a whole,
and we attach, hereto, statements of the position taken by the several
districts represented in the conference of operators assembled at your
request here in Washington.
All of the operators of your conference unite in supporting the principle
of arbitration and collective bargaining and your high motives in calling
us together.
And, finally, they say to you and to the American people that each and
every one of them stands ready in this crisis to put his properties and
his own services at your disposal and command at any instant.
Very respectfully yours,
A. M. OGLE, Chairman
390
THE CHRONICLE
The report of the majority of the bituminous coal operators submitted to the President follows:
Dear Mr. President:—We have approached the earnest consideration of
your proposal of July 10 1922 for arbitration in the coal situation with that
degree of solemn earnestness that is due a subject that is so fraught with so
grave and far-reaching consequences to the whole American people—that
no private interests of ours can weigh in our considerations.
Therefore, on behalf of the bituminous coal operators who have been in
conference with you, and who represent associations producing in 1921 .a
substantial majority of the bituminous coal, which was covered by collective
bargaining with the United Mine Workers of America, we beg to state that
we accept your proposal of July 10 without reservation and qualification.
While making this unreserved acceptance, we think that it is due to
the public and to the industry that we should point out not only some suggestions which we believe would be helpful in the consummation of so great
an undertaking, but also some of our difficulties in acceptance.
Inasmuch as the old macninery for making scales based on tee central
competitive field has broken down, proven entirely inadequate to meet the
changed economic conditions of the country, and is, therefore, now irretrievably abandoned; and inasmuch as the great varied technical and economic situation of the various districts makes it almost impossible for a
national arbitration board to satisfy these differing situations; and inasmuch
as the operators here assembled are anxious to maintain the principle of
collective bargaining, we suggest that it should be made possible under a
national arbitration for negotiations to be undertaken by States or other
large groupings of districts, subject to the general direction of the Arbitration Commission of the major issues involved.
This is in the mutual interests of both operators and workers, because of
the many technicalities and varied economic conditions differing in the various sections of the country.
The wage scales expiring March 31 1922, in the unionized industry,
based upon an inside day wage of $7 50 per day for mine labor, are far
above tho wage levels of the country. They are far above our competitors
in the non-union fields. They impose a burden on the consuming public
and the whole industry. They affect the freight rates, the cost of manufactures, the interests of our farmers and our working people in every
direction. We have no doubt that in your proposal that the miners should
return tcrwork upon this scale, even temporarily, you had in mind the more
essential questioa of immediate return to production, in order that industry
should not be paralyzed; that the proper wage levels to be determined
would not thus be prejudged, and that we and the public at large could
afford to make this sacrifice in your effort to secure the return of the
men to work, even though it did lean entirely to the side of the minors,
rather than to that of equity and general public interest.
We had thought that the scale of November 1917, based upon $5 per
day for common labor, would furnish a better medial line between the
contentions of the two parties. The largest part of the non-union coal
production of the country at the present moment is carried on below this
level.
We welcome an exhausave inquiry into the functioning of the industry,
as we believe any exposure of the truth of the situation will show the
Intolerable and wasteful conditions under which the unionized industry is
carried on under the present labor regime and the penalties that are imposed
upon the public by the inability to secure the enforcement of contracts
and the ,,housand other ills. We suggest that it would be desirable to
separate the problems of anthracite and bituminous coal. We see no
objection to separating again the investigation problems from those of
arbitration of the present disputes into different commissions pending the
development of some plan of stability. Respectfully submitted.
H. N. TAYLOR, Chairman.
MICHAEL GALLAGHERH. C. SMITH
H. M. DAVIS
P. J. QUEALY
RICE MILLER
[vol.. 115.
Harding would do about sending troops to give protection to non-union
workers.
President Lewis of the United Mine Workers had left his hotel for a dinner
engagement when the President's statement was issued "inviting" the
operators to return to their mines and operate them regardless of the attitude of the union organizations. His first intimation as to the President's
attitude was supplied by a correspondent of the New York "Times." It is
doubtful if he had expected that the President would act so quickly.
Two delegations of operators called upon President Harding at the White
House this afternoon. The first, was headed by Harry N. Taylor, President
of the Southwestern Coal Operators' Association, and represented the
operators who were willing to accept the President's proposal without
qualifications, although convinced there should be changes.
This group of operators included the Iowa tonnage, which is comparatively
small; the State of Illinois, part of Ohio, including the Pittsburgh district,
No. 8, and the Cambridge district, as well as the Southwestern district.
Those operators had subscribed also to the general statement submitted
later to the President by Mr. Ogle, but they wanted the President to know
that they were prepared to accept unconditionally if there was no other
course acceptable to him.
The central point of the opposition to the President's proposal was found
in the Pennsylvania fields, dominated by the Pittsburgh Coal Operators'
Association. With these fields were found the Central Pennsylvania fields,
the Indiana fields and most of the Ohio fields. All of these made separate
reports setting forth drastic conditions to the acceptance of the President's
proposals.
Secretary of the Treasury Mellon is a stockholder of one of the corporations of the Pittsburgh group and at the last moment he made an effort to
swing these operators into line. It developed that he had advised acceptance of the President's proposal in the event that there was no insurmountable obstacle in the way of such action. But his advice was swept
aside and the Pittsburgh group remained solidly for rejection.
It was said that none of the operators was in favor of unconditional
acceptance of the President's proposal and that the fear of public opinion
being directed against them by the newspapers was the one thing which
finally influenced the districts headed by the Harry N. Taylor committee
to agree to accept if the President insisted on such a course.
The operators' associations that accepted President Harding's proposal "without reservation and qualification" were
the Pittsburgh Operators' Association of Ohio, Illinois Coal
Operators' Association, Cambridge District, Iowa Coal Operatros' Association and Southwestern Coal Operators' Association, besides 30 individual operators from Monongahela,
Marion and Brooke Counties, W. Va. Replies were made to
President Harding by associations declining his proposal.
The Indiana operators, who declined to accept the proposals,
said in part:
We are regretful& obliged to inform you that we cannot accept your
proposal for two reasons:
1. Repeated experiences in the coal industry have shown that arbitration
by boards composed,even in part, by partisan members,is entirely impracticable and ineffective, and in the past such boards have tended only to lead
us into greater difficulties.
2. As shown in the requests of the parties affected for interpretations of
your proposal, there is evidence of doubt on some of the salient features and
consequently there will be room for much misunderstanding and confusion.
We wish to advise you, however, that we now pledge ourselves to engage
unreservedly to abide by every decision and order of a Board of Arbitration
appointed by you which does not include in its membership either miners
or operators.
With itegard to the attitude of the operators and miners
The Pittsburgh Coal Producers' Association replied in
toward the President's call for resumption of mining opera- part:
tions, embodied in his reply to the operators given further
We regret to say that we regard your proposition as one that will merely
above, Washington dispatches to the New York "Times" on for the moment tide over a crisis, to the ultimate injury, not only of the
industry, miners and operators alike, but also to the country.
the 17th had the following to say:
Your proposition requests that we consent to arbitrate on a basic wage
The swift action taken by the President late to
-day came as a surprise
both to the representatives of the miners and operators. The statement
which he made to the committee of operators who called at the White House
was construed generally as placing blame for the situation as it exists upon
the miners and as carrying the promise that the Government would provide
protection if the operators were able to get workers to man their mines.
President Ogle of the National Coal Association said that the operators
would return to their mining districts, probably to-morrow, and would do
their best to carry out the President's suggestions. He had not been informed, he said, whether protection would be furnished immediately, but
hoped for a further statement of the Administration's purpose in that
connection.
John L.Lewis, President of the United Mine Workers of America,refused
to make formal comment,taking the position that he was not in a position to
do so until there was further information at hand concerning the steps which
the Administration intended to take. The position of the miners is that
there will be no break in their ranks and that the Administration will learn
quickly the futility of attempting to mine sufficient coal without the aid of
the union miners to avert the danger of a serious famine. The appearance
of troops in mine fields, some of the labor leaders contend, would only
arouse resentment and bitterness among the union miners and would not
accomplish the desired result.
-day and they were
The ranks of the operators were split into factions to
unable to reach a unanimous report. After several hours of wrangling a
statement was agreed upon to the effect that the operators subscribe to the
general principle of arbitration, although all of them could not accept the
President's proposal without modifications. This was submitted to the
President by a committee of operators headed by Mr. Ogle.
That the committee of operators was startled by the quick retort made by
President Harding was obvious as they left the Executive offices. It was no
secret that the leaders among the operators and the United Mine Workers of
America had expected that the President would make further overtures.
The situation had been invited by the developments in both camps, but
the directing heads of the miners and operators scarcely were ready to
face it.
The Policy Committee of the United Mine Workers had met during the
morning and after giving consideration to the interpretative statement made
by President Harding on Saturday, had adjourned subject to the call of the
Chair. Most of the members were planning to remain in town for several
days. When the first reports of the attitude assumed by the President
get around to their headquarters in the Raleigh Hotel, the representatives
of the miners asked many questions of the correspondents and wanted to
know particularly whether there was any information as to what President
scale for the union mines of the United States by a national commission.
We will treat it first from the economic standpoint. We assume that you
know that the non-union mines of the country which are not,and we believe,
should not be involved in your proposal, are now producing two-thirds of
the present economic demands of our people for'coal, and are able in peak
times to produce peritaps 50% of the nation's demands.
It would, therefore; be the function of your commissioner to fix a basic
wage and working conditions for perhaps 50% of the coal production of
the country, while the other 50% would have the privilege, from time to
time, of establishing for itself such wage scales and working conditions as
might be arranged between employer and employee to meet changed
.
iceans tt at s
m
economic condihionth
e union operator is tied to fixed standards, while the
non-union operator may at any time deal with his men as best suits the
advantage of both. The result inevitably will be that in the
immediate
non-union branch of the industry the wage scale will vary to give the nonunion operator the business and the non-union miner the work, while the
union operator and union miner will take largely the business that is left.
Your plan cannot operate otherwise.
We cannot conceive how we can operate our properties on a basic wage
fixed by a commission, which covers only approximately one-half of the
coal industry. We cannot deliberately jeopardize our properties and
business interests by acceptance. Some other solution must be found.
You propose to put the miners back to work at the wages which were
paid under the scale which expired March 31 1922. These were the highest
wages ever paid in the industry. Under this scale basis day labor received
37 50 per day of eight hours; these wages were fixed at the peak of war
wages and conditions and have already been liquidated in the non-union
fields of the industry.
If this wage is to be but a temporary one, what operator or dealer in the
Great Lakes trades would care to take chances of getting back the high cost
of his coal in the face of an assured reduction in the immediate future?
Is this proposition from the Government fair to the non-union operator, who
has already liquidated his wages and who in many fields has worked his
mines under the hardship of unlawful aggression by the United Mine
Workers of America? Can he hope to keep his mines at work on the wage
scales now being paid if the union miners are to receve these wartime
wages?
How can it result otherwise than to cause dissatisfaction among his
employees? He will be compelled to submit to unionization, of for the
Immediate future at least meet the wages proposed by you.' If he can
escape unionization by paying such wages it will mean that the public over
the whole United States will have to pay wartime prices for coal as long as
JULY 22 1922.]
THE CHRONICLE
such wages are in effect. The American people cannot afford to suffer this
arbitrary organization to dominate its fuel supply. If it were not for these
non-union fields, the entire country would now be under its autocratic,
arbitrary and ruthless domination. To-day only these fields protect the
American public from great privation for want of fuel. The right of an
employer to enjoy his constitutional rights and keep aloof from this organization must not be denied. This proposition is vital to the preservation of
American liberties and we should not be parties to compromising it.
We come now to a consideration of the doubtful legality of making a
basic wage scale for the union mines of the United States with the checkoff feature. We express no opinion as to the matter.
It is pertinent, however, to observe that in this over-developed industry
all mines of the country, generally speaking, are engaged in sharp competition in inter-State commerce. The mines in each district compete in the
same market, and the districts, union and non-union, some with one, some
with another, are in close competition.
The wage scale very largely determines the price of coal, and it has been
inferred in the past that a basic wage has been fixed by operators and miners
to impose a basic price on the American people, and that the check-off furnishes the funds to accomplish it.
The present Attorney-General, in referring to trade associations, has also
said that the arbitrary fixing of the principal elements entering into the price
of commodities would be violative of the law. Is this fixing of a basic wage
different from other elements?
We cannot forget that even if we would consent to your proposal, we are
still, in the eyes of the law,free agents, and doubt our ability to evade the
. legal effect of our putting into practice any arrangement made by a voluntary commission. The very purpose itself to fix a basic mine wage for the
United States would seem to us objectionable as being contrary to public
policy. Without hazarding a legal view on a subject so complex, we feel
that such a procedure comes gravely close w an arbitrary and man-made
interference with the free flow of coal in inter-State commerce.
We, as you, earnestly desire a proper solution of this unforamate controversy. We are not unmindful of the fact that we are trustees for the
American people in our industry, and being of the opinion that your proposal
is not the best solution ofthe controversy, we respectfully decline it as made.
We, however, agree with the principle of arbitration in Matters of this
kind, and therefore propose the following:
1. That the principle of district settlement be recognized by the United
Mine Workers of America.
2. That the mine workers at mines in the Pittsburgh district now on strike
return to work immediately on the wage scale in effect in November, 1917,
without the check-off. This scale to be effective until March 31 1923, or
such earlier date as the board of arbitration, hereinafter referred to, may be
able to fix a wage for the district, provided, however; that this arrangement
shall not apply to the mine or mines of any operator who refuses to participate.
3. That the President of the United States shall, as soon as conveniently
may be, appoint a Board of Arbitration for the Pittsburgh district, consisting of three members,said arbitrators to be residents of the Pittsburgh district, none oi whom shall be miners or operators or in any Tay connected
With the b.tuminous coal industry. The finding of a majority of said board
shall be final and binding upon both operators and miners. It shall be the
function of this board to immediately commence the study.of conditions
affecting the district and to fix as promptly as possible a proper wage scale
for the district, said report to be made not iater than April 1 1923.
4. The check-off practice to be eliminated.
5. The competitive relations in and about our district and with competing
non-union and union districts and operations to be the determining factors
in arriving at any wage scale.
We have no objection to your proposal to create a national commissioa
to investigate the coal industry in all its phases and to make report thereon.
but insist that the organization, history, aims, purpose and conduct of the
United Mine Workers'organization be not overlooked in the investigation.
In case this plan is not accepted by the miners' organization, the operators of the Pittsburgh Coal Producers' Association will demand that they
and their employees be protected in their right, in the hope that the right
will be vindicated, not by words, but by the protective arm of government.
We further offer, if the Government attorneys so desire, to enter into
Immediate negotiations, providing for Governmental operation of our mines
in order that the public be supplied with coal.
The letter of the Central Coal Association of Pennsylvania
based its refusal upon these grounds:
1. The wage rates offered by the President to union
mthers in the provisional scale are those exacted and paid in
1920, when tht peak demand
and peak prices for commodities prevailed.
The waget rates already
accepted by non-union miners, who up until this week
hall Continued to
produce one-half of the country's requirements, are approximatel
y 30%
lower than those proposed by the President and equal, nevertheless, to
the highest wartime wages paid in 1918 and 1919.
The inevitable consequence of our acceptance of this provisional scale
is to cause an immediate reinflation of the cost of mining
and the price
of coal in the districts, which had already made the post-war adjustment and continued to serve the country's fuel needs on a reasonable basis.
2. The President's plan embodies a provisional scale for the resumption
of work on basic wage rates and working conditions which grant to the
miners practically every exorbitant demand which they have made and
for which they have contended without regard either for economic law or
for the laws of this country, enacted to protect life, to preserve order
and to guarantee the right of individuals to offer or to obtain employment
by free bargaining, either singly or collectively.
Our acceptance of this proposal would establish and vindicate the
doctrine of the radical element in organized labor that force wins victory.
As to the President's plan of arbitration we are thoroughly in accord
with it in principle, as evidenced by our last resolution in conference,
which was rejected by the mine workers. We protest, however, that the
true principle of arbitration is perverted in the Presidents' plan on the
following grounds:
1. The operators are asked to surrender unconditionally their fundamental principle of district wage agreements before appearing before this
commission.
2. We protest against the recognition made by the President's plan of
the compulsory collection of union dues from the pay envelopes of all their
employees under the iniquitous "check-off" system.
We are compelled to waive our two fundamental contentions before the
appointment of a commission, and the remainder of our case which might
be brought before the commission
is of comparatively little moment to us
or to those we represent and cannot,
in our opinion, be called arbitration
In any true sense of the
word.
We will promptly and willingly submit
to any neutral commission of
representatife citizens, not connected with the production of coal, the full
and detailed reasons for our
unalterable stand upon district agreements
and the abolition of the "check-off"
system; and with these issues we
will also arbitrate any and all other phases
or features of our business.
391
Pending the appointment of a neutral commission, and
in order to
meet the imperative demand for a prompt resumption of
mining, we respectfully suggest that the President should amend his proposal
for a provisional wage agreement as follows:
Mine workers are to return to work on the scale of wages,
which expired
last March 31, adjusted to conform with the changes in the
cost of living
between Aug. 15 1920, when this scale became operative, and
this date.
This adjustment to be determined from the cost of living under
index figures
of the Department of Labor.
We believe that the future of America as a manufacturing
nation, and
even as a democratic society, depends upon the successful issue
of our
contentions.
It is with a full knowledge of its gravity that we have reached
our decision and we respectfully call the President's attention to
the perils
involved in a compromise of principle to gain expediency at this
critical
juncture.
INTER-STA TE COMMERCE COMMISSION AUTHORIZES
PENNSYLVANIA RAILROAD TO LEASE PITTSBURGH, CINCINNATI, CHICAGO & ST. LOUIS
RAILROAD BUT IMPOSES IMPORTANT
CONDITIONS.
The acquisition of the Pittsburgh, Cincinnati, Chicago &
St. Louis Railroad (known as the Panhandle), its subsidiary,
by the Pennsylvania Railroad, by means of a lease for 999
years, was approved and authorized by the Commission
July 10, "provided, however, that the authorization herein
given is upon the express condition, that the Pennsylvania
Co. and the Pennsylvania Railroad Co. shall not hereafter
sell, pledge or otherwise dispose of the capital stock of the
Pittsburgh, Cincinnati, Chicago & St. Louis Railroad Co.,
now owned or controlled by them, or either of them, or any
part thereof, without the consent of this Commission."
Five of the eleven members wrote separate opinions on
the decision. Commissioner Potter concurred but said the
condition should not have been written into the approval.
Commissioners Hall, Daniels, Eastman and Campbell
dissented, because they believed the Commission is not
authorized by law to attach such a condition and therefore
exceeded its powers. Much importance is attached to the
decision of the Commission in that it attempts to place
restrictive conditions on the Pennsylvania Co., a holding
company, which is not a party to the lease, and over which
the Commission has no control. That the Commission
should attempt to regulate a company which is not a common
carrier and consequently is not subject to the jurisdictio
n of
that body is certain to raise the question whether it has not
exceeded its authority.
The Pennsylvania Railroad gave notice during the hearings
that it could not agree that the Commission has the power
to supervise leases by means of conditions attached to its
approvals of such documents. The road has not yet determined whether it will accept the lease under the conditions
named.
The report of the Commission follows:
The Pennsylvania RR., a common carrier
subject to the Inter-State
Commerce Act, hereinafter called the Pennsylvania
, on June 2 1921, filed
an application, pursuant to paragraph (2) of Section
5 of the Inter-State
Commerce Act, for an order authorizing
it to acquire control, by lease, of
the railroad and leased lines of the Pittsburgh Cincinnati Chicago & St.
Louis RR., a common carrier by railroad subject to the Inter-State
Commerce Act, hereinafter called the Panhandle, for the term of 999 years
from January 1 1921. Hearings were held upon this application
on Sept.
27 and Dec. 13 1921. No representations were made by any State authority
either in favor of or against the granting of the application.
The application was made the subject of a tentative report by an examiner,
to which
report exceptions were filed by interveners, and the case was
argued orally
by the parties.
At the first hearing the Continental Insurance Co., hereinafter
called the
the Continental company, filed an intervening petition asking
that the
application be denied on the ground that the proposed
lease is unfair and
unjust to the independent stockholders of the Panhandle, or
"in the event
that the Commission deems it in the public interest thatsuch
lease be authorized, then that such authorization shall be upon the
condition that the
Pennsylvania RR. pay an adequate and just consideration
, equal to a
dividend of 6%% upon the outstanding stock
of the Pittsburgh Cincinnati
Chicago & St. Louis RR., and that the
terms of the lease shall secure to
such stockholders a return in that amount."
At the second hearing it was contended in behalf of L. Kemp
Duval.
an intervening minority stockholder owning 1,225 shares
of the capital
stock of the Panhandle, that not only should
the past earnings for a period
of not less than 10 years be considered, but that in determining
what those
earnings were, we cannot accept the earnings credited
to the Panhandle by
the board of directors, or other officials of that company,
being the true
as
earnings, but that we should, through
our own examiners, make an investigation and ascertain what the true earnings
were.
The Panhandle was organized Jan.
1 1917 as a consolidation of the Pittsburgh Cincinnati Chicago & St. Louis
Ry., the Vandalia RR., the Pittsburgh, Wheeling & Kentucky RR.,
the Anderson Belt By. and the Chicago
Indiana & Eastern Ry. Its
railroad extends from Pittsburgh, Pa., to
Cincinnati,0., Chicago,Ill., Louisville,
Ky.,and St. Louis, Mo.,and serves
many cities ofimportance in the
intervening territerY. It operates 2,265.61
miles of first main track, of which
1,855.38 miles are owned by it and 410.23
miles are leased.
By the terms of the proposed lease, the Panhandle demises to the Pennsylvania all the railroads owned and operated
by it, and assigns to the Pennsylvania the leases which it holds of the Little Miami RR.,extending from Cincinnati, 0., to Columbus, 0., and Richmond, Ind.; the Terre Haute &
Peoria RR., extending from Farmville. Ill., to Maroa. Ill., and from Decatur Junction, Ill., to the Indiana State line near Farrington, Ill., and that
392
THE CHRONICLE
Terre Haute.
g
portion of the Evansville & Terre Haute RR. extendin from
the Pennsylvania proInd., to Rockville, Ind. By the terms of the lease
nt to 4% per ann.
poses to pay to the Panhandle,as rental:(a) a sum equivale
until Dec. 311925, and
on the Panhandle's now outstanding Capital stock
for any taxes other than an in5% per annum thereafter, without deduction
the United States;
come tax on the stockholders levied by the Government of
al Capital stock
also a sum equivalent to such percentage on any addition
by the lessor after Jan.
that may with the approval of the lessee be issued
the lessor and the lessee at or prior
1 1921, as shall have agreed upon by
provides that it is "the true
to the date of the issuance thereof. The lease
presents that the said sum shall at all times
intent and meaning of these
be applied and disbursed by the
hereafter be and remain applicable to and
when and as from time to
lessor as a dividend fund for its stockholders,
any deduction or abatement on
time received as herein provided, without
that every such tax shall be paid by the lessee
account of any such taxes, and
der levied by the
in addition thereto, except as income tax on the stockhol
(b) A further sum
Government of the United States above referred to."
e organization
sufficient to enable the Panhandle to maintain its corporat
of interests and
and to pay all taxes and assessments and all installments
due and payable,
sinking funds on its bonded and other indebtedness, when
ness.
and all taxes in respect of such bonded or other indebted
under the
The Pennsylvania further agrees to pay all rentals accruing
Haute & Peoria RR., hereinleases of the Little Miami RR. and the Terre
s for trackabove referred to, and all sums to become due under any contract
le. The
age or other rights conferred upon or possessed by the Panhand
all improvelease further provides that the Pennsylvania may and will make
premises as shall in its
ments, betterments and additions to the demised
to it by the
judgment be necessary, and that the cost thereof shall be repaid
to it of bonds of
Panhandle, either in money, or by the issue and delivery
shall elect.
the Panhandle, or of its Capital stock, as the Pennsylvania
lease, the PanUpon the maturity of any of its bonds during the term of the
agrees to provide for their extension, or
handle, if unable to pay them,
for such
to issue and deliver to the Pennsylvania other bonds to provide
payment.
corporation whose
On March 15 1920, the Pennsylvania Company, a
651,245 shares
entire Capital stock is held by the Pennsylvania, owned
ania owned 4,500
of the Capital stock of the Panhandle and the Pennsylv
Capital stock.
shares.. These holdings aggregated 77.54% of the entire
was held by outThe remai•der of the stock, amounting to 189,908 shares
[VOL. 115.
We do not consider it necessary to discuss our responsibility in protecting the interests of minority stockholders who may object to proposed
action on the part of a carrier corporation, inasmuch as it is our view that
the granting of the authority herein requested will not be inimical to the
Interests of any of the interested stockholders.
As heretofore stated, approximately 98% of the Panhandle stock is
y. It is
owned by the Pennsylvania or by the Pennsylvania Compan
the rentals
obvious that so long as that situation continues, the payment of
reserved in the lease will be merely a matter of bookkeeping as regards
ania were to
the 98% of the stock which is so owned. If the Pennsylv
y now hold
dispose of the stock which it and the Pennsylvania Compan
and one which might
an entirely different situation would be presented
a sale of stock
very well be said to be against the public interest. Such
under the lease
would separate the responsibility in operating the property
the property which is now vested in the lessee.
from the proprietorship in
against such
The Pennsylvania contends that we have no power to guard
to our authorization
an occurrence by means of a condition attached
g of the stock without
which would prevent the Pennsylvania from disposin
referred to in paragraph
our consent, its position being that the conditions
lease itself, and that
(2) of section 5 of the Act are the conditions of the
is unrelated to the
the language does not cover a condition subsequent which
subject matter of the transaction.
law. In considering
We are unable to accept this construction of the
y is sought, it is
the propriety of proposed action for which our authorit
surrounding circumstances
plainly our duty to take into consideration all
in the thing sought to
that have a bearing upon the interest of the public
the authorization depends
be done. It follows, in our opinion, that where
ances, the authority
for its justification upon certain existing circumst
nce of the controlling circumgiven may be conditioned upon a continua
to Insure such continuance,
stances, and proper provisions may be made
as satisfactory from the standpoint
or the substitution of circumstances
Case, 71 I. C. C. ____. In this
of the public interest. Chicago Junction
and lessee as essential to
case, we regard the relationship between lessor
and such approval will be
our approval of the proposed arrangement,
ania Company and the Pennsylgiven upon condition that the Pennsylv
in the Panhandle
vania Railroad Company shall not dispose of their stock
condition, we find that
without our consent. Subject to the aforesaid
railroad and leased
the acquisition by the Pennsylvania of control of the
the terms of the lease
lines of the Panhandle under the Panhandle under
described in the application will be in the public interest.
side stockholders.
the Pennsylvania
For many years the Pennsylvania Company and
Commissioner Potter, concurring in his report, says:
le and its predecessor
have been the financial backers of the Panhand
in whole or
two companies has guarOur proper function is limited to an approval or disapproval,
companies. Either one or the other of these
Panhandle and has advanced in part, of the proposed acquisition covered by the application before us.
anteed all the outstanding bonds of the
and improve its property, We possess no power to require the establishment, by contract or otherwise,
funds from time to time to enable it to enlarge
credit. On March 15 1920, the of a relation between the acquiring carrier and this Commission, by virtue
to provide equipment and to sustain its
Company for advances to an of which we may say what the carrier may or may not do in the future.
Panhandle was indebted to the Pennsylvania
r issued and delivered
ent to us to grant
We may not exact tribute from a carrier as an inducem
amount approximating $22,000,000, and thereafte
of its 5% 50-year bonds, to approval. We may not, as a condition, require that a carrier part with
to the Pennsylvania Company $20,000,000
y
ania Compan
We could not
discharge this indebtedness. Thereupon the Pennsylv
any of its property or surrender any of its existing rights.
stock of the Panhandle by properly demand that the applicant surrender to us its Panhandle stock.
offered to purchase the outstanding minority
-year 5% bonds of the Pan- Nor should we demand control of that stock by tying it up so that it cannot
for par, 50
paying to the holders thereof, par
the Pennsylvania. This
is exactly what the report athandle, guaranteed, principal and interest, by
be used without our consent. And yet this
There remain outacquire the Panhandle by
offer was accepted by the holders of 174,791 shares.
tempts to do when it says the Pennsylvania may
ng 1.7% of the total
r control of an important asset
standing 15,117 shares of minority stock, comprisi
lease only upon the condition that it surrende
The shares
of saying how it shall be used
issue, of which the Continental Company owns 2,000 shares.
which it now owns and give to us the power
that voted against
held by the Continental Company were the only shares
during 999 years.
years. This Commission may
the approval of the proposed lease.
There is much that can happen within 999
have worked in
Notwithstanding our order, the PennsylFor many years the Panhandle and the Pennsylvania
not be in existence that long.
to us.
as one transmight in the future go ahead and sell the stock without coming
close co-operation and have interchanged and moved traffic
lease vania
of a creditor. The
portation system. It is stated by the applicant that the proposed
be sold under a decree of court at the instance
of its It may
as a part
other events. Certainly it
will enable it to operate the railroad of the Panhandle
condition would not prevent these and many
now necesed to destroy the value of the Pansystem, which will eliminate much of the separate accounting
could not be said that we are empower
through
such is really the logic of the condition
sary. It is expected that economies in operation will be effected
handle stock as property, although
to be propand the reduction of overhead
The stock in question is property, and will continue
a better alignment of operating divisions
required Imposed.
g
remains with the Pennsylvania. Would
expenses. It should also simplify the work of preparin reports
erty, and the title and power ofsale
us, and, if so, would the
bodies.
constitute a breach of a contract made with
by Federal and State regulatory
ed capital Its sale
recover damages and how and to what extent would we have
At the close of the year 1920, the Panhandle had an authoriz
ing. remedy be to
for the Gova
$100,000,000, of which $84,701.957 was issued and outstand
been damaged? We have no authority to build up such right
stock of
amounting
e and the property rea stock liability for conversion
ernment. Would the lease automatically terminat
In addition thereto there was
a breach of the condition
funded debt, including equipment obligaed
to the Panhandle? Clearly not. Would
to $158,153. Its authoriz
of which $106,467,512 was outstanding. vert we have exacted give the Panhandle the right to re-enter and take its
tions, amounted to $140,471,818,
which
equipment account showed an investment of $260,750,063 property? If we thought we secured that right to the Panhandle and it
The road and
that
credit balance amounted to $4,558,261. The
not want to exercise the right, there apparently would be nothing
and the profit and loss
that the physical value of the Panhandle's did
not have any such right. It would
Continental Company states
we could do. But the Panhandle could
the engineering and land reports of our Bureau
n simply is not workable.
property, as indicated by
have agreed otherwise. The conditio
If effective, it is
1916, plus the net charges to road and equipThe condition is inherently unwise and unreasonable.
of Valuation as of June 30
,834.
not to be guilty. Our job is to
from that date to Dec. 31 1920, amount to $221,722
ment accounts
a destruction and waste of which we ought
property has been made by us.
conserve assets
n of the
develop financial strength, not dissipate it. We should
No complete tentative valuatio
that the proposed lease would not be
them unavailable. A lease
The interveners do not contend
for credit and other purposes, and not render
companies involved nor that it would not
the position of both
without condition would vastly improve and strengthen
advantageous to the railroad
n, if valid,
the public. They do contend, however,
properties and serve the public interests. The conditio
effect economies beneficial to
for the years 1908 to 1917 inclusive, carrier
a condition we
Panhandle
injure the carrier and the public. In imposing such
that the net income of the
to be made to sinking funds, averaged will
prejudice where we should
required
transgress our duty rather than perform it. We
before deducting payments
capital stock. They contend further that the benefit. The Pennsylvania now has a practical control through stock
6.75% on its outstanding
determining the value of the capital stock of a railroad ownership of the Panhandle. The continuance of that control we find to be
principal factor in
future earnings of the company, and that the desirable and obviously it is. The Pennsylvania could part with the Pancompany is the prospect of
of the Panhandle is virtually guaranteed by handle stock and could hypothecate and otherwise use it. It is available
circumstance that the stock
purposes, but with the present relations
not be given any appreciable weight in deterto serve the public interest for credit
the Pennsylvania should
obvious reasons, the earnings for the period 1908 between the companies such use might disrup; the system. Allow the lease
mining its value. For
future earnings. A Vice-President
and the stock could be used no more freely
as an index of
to be made without condition
to 1917 cannot be taken
that in his opinion there was no hope that
adversity the stock should get out of Pennthan now, but if through any
the Pennsylvania testified
of
during
a return equal to 4% on its capital stock
system would not be disrupted as would result from a
the Panhandle would earn
As sylvania control the
clearly requires that
with all economies that might be effected.
the stock without a lease. The public interest
the next five years, even
knowledge that in many cases sale of should be made and that the stock should remain available for use
guaranty, it is common
lease
to the value of the
to render unavailable an availan interest basis comparable to that of the
sell on
in the public interest
a guaranteed stock may comparing the value of a rental with a return as now. It cannot be
bonds. Furthermore, in
dividends able $50,000,000 asset.
. We don't even
must be taken into consideration that
is a good thing to put the properties together
We say it
through dividends, it
and properly
not to be sold. We recognize that perhaps it
measured by net income but are usually
say that the stock ought
are not ordinarily
We say the Pennsylvania may
sold—but only with our consent.
much less.
does not expressly pro- should be
If it will turn over to us the right to say
contend further that the lease
acquire the Panhandle by lease
The interveners
dividend; that in this respect it is subject to inter- whether an asset consisting of shares of stock shall be continued in its presed
vide for the guarante
may very well be held not
ng else. To my mind
the provision in question
for 999 years or be converted into somethi
pretation: and that
of by the stockholders of the ent form
y
be taken advantage
invasion in management in the field of compan policy which has
to be one which can -President of the Pennsylvania testified that it this is an
properly was withheld from a Governmental
which
le. The Vice
is not been authorized and
it
Panhand
that under a fair construction of the lease
ders agency.
was his understanding
us to ascertain whether the terms
Panhandle to disburse as dividends to its stockhol
Section 2 of Paragraph 5 authorizes
obligatory upon the
annum on its capital stock for the first
nt of acquisition are just and
per
conditions of the lease or other instrume
payments of 4%
the rental
thereafter. The interveners contend also and
nt necessarily must have terms and condiand 5% per annum vania is the majority stockholder of the reasonable. Such an instrume
five years
conditions contained in such an instrument presented
the Pennsyl
company tions. The terms and
that inasmuch as
its directors, and has controlled the
and only these so contained, are the ones we are authorPanhandle, has elected for many years, the two corporations cannot be by the application,
purpose is to give us power to determine whether
property
occupies ized to consider. The
and operated its
arms length, but that the Pennsylvania
ns are unduly burdensome. There is no warrant ir
le and the terms and conditio
said to be dealing at
or new conditions establishing a right
transaction a fiduciary relation to the Panhand
the statute for imposing any outside
with respect to tho
stockholders.
to Its dissenting
JULY 221922.]
THE CHRONICLE
in us or a relation between the applicant and us as an inducement to us to
act.
The explanation of my vote in favor of the report containing the offensive
condition is this. Perhaps the applicant will desire to proceed under the
report. The application has been before us for a long time. Bad as I
think is the report, it seems to be the only way by which the applicant can
obtain what I conceive to be even partial justice. Perhaps the applicant
will conclude that the condition is illegal, as I am strongly inclined to think
it is, and that it may be disregarded, as seems to me it may. Whatever
we may think of our power, we are not above the law. The course may
intervene in a helpful way. And then, too, it may be that some time within
999 years this Commission will be composed of men whose views do not
accord with ours. Perhaps other men at another time will correct our error.
I even indulge the hope that with further consideration we may change our
mind. The report is no worse than a denial and it may be helpful to have
our views understood. So I vote for the report in its present form rather
than for a denial. Commissioners Lewis and Cox concur in these views.
Commissioner Hall, dissenting, says:
The only justification for my concurrence in this report would be that the
condition imposed is as void as it is futile. I prefer to dissent because I
am not in accord with the statement of facts, the reasoning or the conclusion.
Jncidentally, I fail to perceive why public interest requires that the tenant
should be, beneficially, the landlord as well throughout this term. Back
of all that lies the belief that no man is wise enough to pass on the sufficiency
of provisions in a railroad lease framed to cover a future of 999 years. No
such period in the past affords any guide. Even 100 years ago steam railroads were unknown, and 200 years hence they may have followed the ox
team, or become transformed almost beyond recognition. Such leases are
anachronisms at best, and under Section 5 of the Inter-State Commerce
Act, they are not needed for any purpose. Obviously the parties to this
lease are concerned with the immediate rather than the remote future. Perhaps they might better attain their end by seeking approval of a short-term
lease pending such consolidation as may become possible under the existing
statute. Be that as it may,the present application should either be granted
or denied on its merits, without extraneous and continuing condition.
Commissioner Daniels, dissenting, says:
The report in this case says:
" * * * we regard the relationship between lessor and lessee as
essential to our approval of the proposed arrangement, and such approval
-will be given upon condition that the Pennsylvania Company and the Pennsylvania RR. Co. shall not dispose of their stock in the Panhandle without
our consent."
Subject to the applicant's acceptance of the aforesaid condition, the applicant's acquisition of control of the Panhandle under the terms of the proposed lease is found to be in the public interest and approved.
I am not disposed to narrow or restrict the Commission's power to prescribe all proper conditions with which to hedge about the acquisition by one
carrier of the control over another by means of a lease. I do not assent to
the proposition that when such a lease is tendered to us for approval, we are
simply to approve or reject in tote. Section 5, Paragraph 2, is so worded
that it is not easy to circumscribe within a ringfenco definition the exact
powers which the Commission may or may not exercise in the premises.
It is not necessary to do so here, beyond saying that any condition imposed
by us must be germane to the subject matter of the transaction. The
possible future sale or pledge of the capital stock of the Panhandle is not
even remotely connected with the manner in which the proposed control by
lease is sought to be acquired. What the imposition of the proposed condition amounts to is to suggest a sort of treaty with the applicant whereby
we assume the role of guardian of the public interest, and agree that if the
applicant and a subsidiary of the applicant will stipulate that what is now a
free asset in their corporate treasuries shall in future be subjected to our suspensive vote, as to its disposition, we will authorize the applicant to acquire
the desired control of the Panhandle. I do not believe such a condition
falls within the powers we may legitimately exercise under the statute. We
may not, under guise of a latitudinarian interpretation of the public interest,
exercise jurisdiction over a subject matter of an alien kind, in no way conneced with the terms or the manner in which the desired control is sought
-to be obtained. We might with equal propriety prescribe as a condition
of our approval that any future bond issues of the Panhandle shall be marketed through competitive bidding rather than underwritten by a banking
house. However excellent the reasons that we might now give for this lastmentioned requirement, the sale in question has nothing to do with the control here sought. Neither has the future method which the applicant may
employ in handling what is now a free asset in its treasury and which we
here seek by Indirection to subjugate to an extra-legal yoke of our own devising.
Commissioner Eastman, dissenting, says:
In this case the Pennsylvania is seeking authority to acquire control, by
lease for a term of 999 years, of the Panhandle, which operates 2,265
miles of main track and has about $85,000,000 of stock outstanding, nearly
all of which is owned by the Pennsylvania or by its subsidiary holding
eompany, The Pennsylvania Company. The rental is to be sufficient to
pay 4% per annum upon the stock until 1926, and 6% thereafter.
Experience has shown very clearly the infirmities and dangers of this
method of combining railroad properties. They are illustrated by the following from the New England Investigation, 27 I. O. C. 560, 600: '
"During the year 1912 the Boston & Maine operated 2,244 miles of railroad, of which it owned 725 miles, the remainder. 1.519 miles, being leased.
In all cases the rental is a fixed amount. Sometimes the lease provides for
the payment of a given sum in cash, but usually the agreement is to pay the
interest upon the funded debt of the lessor company and a given per cent
upon its capital stock. In most cases it is provided that the lessor company
shall issue new securities, either stock or bonds,for necessary improvements,
although in one or two cases such improvements must be made by the
Boston & Maine at Its own expense. It will be seen, therefore, that the
amount of the rental for these leased roads is a fixed sum which only varies
from year to year in the event of change in the funded debt or the stock of
the lessor company.
This method of building up a railroad system is inherently a vicious one.
In the first place, it concentrates too much power in too small a stock
holding. In 1901, the,, operated mileage being substantially what it is
to-day, the outstanding capital stock of the Boston & Maine was only
about $26,500,000; the possession of slightly over ;13,000,000 of this stock
Insured the control over more than 3,000 miles of railway, including the
Maine Central. In 1907 the New Haven company, by the purchase of
less than $11,000,000 of this stock, obtained what amounted to a control
of the property. This ought not to be possible. The control of a railroad
should properly rest with the owners of the property. which is not at all
the case with a system constructed as is the Boston & Maine.
"
The second, and perhaps more serious objection, is this: The margin
between fixed charges and income is too narrow. The stipulated rent must
be Paid and the interest of the lessee company must also be paid. This
Item of rent in case of the Boston & Maine slightly exceeds $5,000,000
annually, and its interest charges are something over $2,000,000 annually,
while a dividend of 6% upon its outstanding capital stock would be only
about $2,500,000. There is in a system built up like this no power of resistance, no working capital, so to speak. The stockholders of the Boston
& Maine are little more than residuary legatees of the railroad operations
of northern New England. In slays of prosperity handsome dividends are
enjoyed, but a comparatively slight wave of adversity obliterates these
dividends and makes bankrupt the company."
393
The situation thus described was one of the chier causes of the subsequent
receivership. In the reorganization which followed, in 1919, it was found
necessary to consolidate the leased lines with the Boston & Maine, and to
substitute the preferred stock for their guaranteed shares. There have
been many other cases where leases have been a potent contributing cause
to the financial downfall of railroad or public utility properties.
Financiers have repeatedly and most forcefully enlarged upon the dangers
of increasing the fixed charges of railroad companies in an amount disproportionate to the outstanding capital stock. ' Our records are full of such
admonitions. Certain States prohibit investment by savings banks in the
bonds of railroad companies, where the ratio between bonds and stocks is
greater than 3 to 1. Many financiers think that even this ratio is not
sufficiently conservative, and by the railroad laws of Massachusetts the
limit is made 2 to 1. Yet every lease which guarantees a fixed return upon
stock is equivalent to the substitution of bonds for stock, since it has a
similar effect in adding to the burden of fixed charges.
For the above reasons, I should have no hesitation in condemning the
proposed lease, if the bulk of the Panhandle stock were not held, directly
or indirectly, by the Pennsylvania. Its possession of this stock, in my
opinion, is the ono factor that renders this lease worthy of consideration,
for so long as the stock is so held, the return guaranteed comes back to the
treasury of the Pennsylvania and has only bookkeeping importance. In
passing upon the lease, it is entirely proper, therefore, that we should
consider whether or not the continuation of this stock ownership is, or
can be, assured.
This leads to a further thought. Under Section 20 (a) of the Inter-State
Commerce Act, the Pennsylvania may not now issue any share of stock, or
any bond, without our consent, and we may grant such authority only if
we find that such issuance—
(a)is for some lawful object within its corporate purposes, and compatible
with the public interest, which is necessary or appropriate for or consistent
with the proper performance by the carrier of service to the public as a
common carrier, and which will not impair its ability to perform that service,
and (0 is reasonably necessary and appropriate for such purpose.
. The effect of the 999-year lease which is now proposed would clearly
be to make the shares of Panhandle stock which are now held, directly
or indirectly, by the Pennsylvania, the equivalent of its own interest
bearing securities. Moreover, while it may not sell its own securities withconsent, it could sell these equivalent guaranteed shares regardless
out our
of our supervision and without the finding which Section 20 (a) requires.
Thus, the purpose of this section, which is not only to prevent over-capitalization but to control and regulate the expenditure of capital funds,
would be defeated.
I am quite aware that the law does not entirely close the door against
the expenditure of capital funds without public supervision, for no supervision is provided where the funds are obtained from surplus earnings or
the sale of assets. But we can at least refrain from opening the door wider
by permitting a carrier unconditionally to increase the salability of certain
of its assets through an act which we have power to control. For example:
The Pennsylvania can now freely sell or pledge the Panhandle stock which
it holds, and expend the funds so obtained as it sees fit; but such a sale or
pledge would be far more probable if this lease were executed without
condition, for it would at once increase the marketability of the Panhandle
stock and make its retention in the treasury of the Pennsylvania unnecessary for purposes of control.
These are some of the reasons, I believe, why the majority have attached
the condition to their authorization of the lease that the Panhandle stock
which is directly or indirectly held by the Pennsylvania shall not hereafter
be sold or pledged without our consent. With the intent of that condition
I am in hearty accord. But the Pennsylvania has asked for approval or
disapproval of the lease in the form in which it now stands. It has not
indicated that conditional approval would be acceptable. On the contrary, the•Pennsylvania has indicated that such a condition as the majority
have attached to their authorization would be unacceptable, and that it is
prepared to contest the lawfulness of such a condition in the courts. Under
such circumstances, in my judgment, the Pennsylvania should be taken at
its word, and authority to make the lease should be denied outright. No
substantial public interest is at stake. Upon any theory, the eventual
consolidation of the Pennsylvania with the Panhandle, assuming that this
will be in accord with the final consolidation plan under Section 5 of the
Act, is far more to be desired than a 999-year lease.
In the above discussion, I have assumed that the lease as drawn virtually
guarantees 4% upon the Panhandle stock until 1926, and 5% thereafter.
Apparently there is doubt as to this. Even if I were in other respects
convinced that the lease is in the public interest, I should favor the withholding of approval until this doubt is removed. It is a simple matter to
remove it, and no occasion exists for inviting possible future fraud upon
minority stockholders. I am authorized to say that Commissioner Aitchison concurs in these views.
Commissioner Campbell, dissenting, says:
In the main I approve of the concurring remarks of Commissioner Potter.
It is my view "that the condition that the Pennsylvania Company and the
Pennsylvania Railroad Company shall not dispose of their stock in the
Panhandle without our consent" is a condition which we have no authority
to impose, and for that reason I dissent.
REFUNDING PUBLIC UTILITY BONDS.
"Eastern investment bankers are in an optimistic mood
concerning the future of the investment securities market,"
according to A. S. Cummins, Assistant Manager of the
bond department, H. M. Byllesby & Co., whose remarks to
this effect were made upon his return to Chicago from the
eastern offices of the company. This, says the "News Bulletin" of July 6 issued by Byllesby & Co., is especially true
with regard of the issue of public utility companies. Mr.
Cummins looks for considerable refunding. On this point he
is reported as saying.
•
There is a growing disposition to refund bonds that were originally placed
on the market during the stringent financial period of 1919 and 1920 bearing high rates of interest. Most of these issues contain clauses authorizing the borrowing company to call the issue for redemption on optional
dates, permitting the retirement of the entire issue or a part of it; and many
concerns have already taken advantage of this privilege and the easy condition of the money market to reduce their fixed charges. Large amounts
of callable bonds are still outstanding, however, and is expected that at
considerable proportion of the total will be called for payment.
The amount of the securities of all classses called for payment in July,
according to the best statistics available, is in the neighborhood of $145,000,000, a new high record. This compares with 328,282,000 called in
June, 1922, and only $1,839,009 in July of fast year. Public utility bonds
394
UTE CHRONICLE
take a prominent part in the total of corporation issues called for redemption.
Considerable new financing probably will result from the large amount
of public utility bonds that will mature in the last half of this year, the total
amount of maturing obligations of this nature amounting to 8261,921,600.
The refunding of callable issues and the issuance of securities to finance
new construction will add considerably to this total. Little competition
from foreign government loans is expected this year, although some foreign industrial securities may be introduced into the market in the Fall.
As a whole, the outlook for the continuance of a good bond market is promising.
DEVELOPMENTS IN STRIKE OF RAILROAD
SHOPMEN.
That the strike of the railroad shopmen would be fought
out between the railroads and the men who had elected to
suspend work has become quite evident this week. On the
19th inst. both the U.S. Railroad Labor Board and the Western Presidents' Committee on Public Relations of the Association of Railway Executives indicated that conferences
were no longer in progress with the Labor,Board looking to
the adjustment of the differences, the Board in its announcement giving as the reason therefor that "there does not seem
to be any probability of reconciling the antipodal views of
the carriers and the men on the question at issue." Both the
Western Presidents' Committee and the Board agreed in
their statement (which we give elsewhere) that the so-called
question of "seniority rights," which had arisen since the
strike was called July 1, had become one of importance.
Indications that the roads would not yield on their stand as
to "seniority rights" were conveyed not only in the statement issued by the Western Presidents, but also by John J.
Walber, spokesman in New York for the American Railway
Executives Association, who, according to the New York
"Evening Sun" of the 20th inst., stated that the roads had
decided to "fight it out." Mr. Walker was also reported in
the same paper as stating:
The strike now is entirely administrative. The railroads have refused
to grant any of the five propositions suggested by B. M.Jewell, head of the
striking shopmen, and especially will the roads stand by their refusal to
restore full seniority rights to the shopmen who walked out.
On the same day, L. F. Loree, Chairman of the Eastern
Presidents' Conference, following a meeting of the latter
in this city on Thursday, stated that the decision of the
Labor Board to abandon efforts to bring about a settlement
a the strike was welcomed by the railroads, adding that
"now we can fight out our differences directly with the
men, who for the first time will be confronted by cold
facts." Mr. Loree, in behalf of the Conference, also
stated that the railroads were proceeding to fill the strikers'
places and that "the railroads are in full accord with the
announcement of the Labor Board of July 3, that the new
men entering the service are within their moral and legal
rights in taking such service; that they are not strike-breakers,
but public servants, and are entitled to the protection of
every department and branch of the Government, State
and National." The statement in full will be found under
another head in this issue. Another development of the
20th inst. was a conference in Washington between Senators
Cummins, Watson and Kellogg with Eastern railroad
executives, an account of which we given in another item.
In reporting last night (July 21) that B. W. Hooper, Chairman of the Railroad Labor Board, had been summoned
to the White House for a conference, the New York "Evening
Sun" said that it had been indicated after yesterday's
Cabinet meeting that President Harding would probably
summon the railroad executives and leaders of the striking
shopmen to Washington for a peace conference. These
developments of the day, it was added, were considered
the first steps in a move to bring about a termination of
the strike. According to the "Journal of Commerce" of
yesterday, the metropolitan district strike committee,
through its Secretary, Dave Williams, denounced on the
20th inst. the decision of the railroads to cancel seniority
rights as a move to force the open shop upon shop craft
workers. The committee's statement was reported as
saying:
to
destroy American labor
of the roads is
It is final proof that the policy
however, that they cannot either build up
unionism. We will show them,
in the shops. If the execor crush unionism
their forces with non-union men
The striking shopmen, like the miners,
utives want a fight we are ready.
justice.
will battle indefinitely for
The New York "Times" of yesterday said:
statemeM the central strike committee
Replying to the rail executives
Board's ruling. It added:
charged violations of the Labor
workers' confidence in the prestige and
These violations both destroy the
aroused them to the pitch of strike. Even
• power of the Labor Board and
Maryland still refuse to obey the Board's
to-day the Erie and Western
two roads, together with the Pennruling on outside contracting. These
the worst offenders in violating
sylvania and New York Central, have been
Labor Board rulings.. For over a year these roads have installed their own
[VOL. 115.
rules reducing the pay of some of the men as much as 20 cents an hour
below the wage the Labor Board said they should pay.
The installati on of the company union by the Pennsylvania RR. and
the installation of piece work by the New York Central RR. as well as
the farming out of work and the subcontracting the work by the Erie and
Western Maryland show a conspiracy to defeat the labor provisions of the
Transportation Act.
See "War on Unionism."
In commenting on the refusal of the railroads to meet the union's terms in
Chicago, the Strike Committee said the railroad executives have now "declared war upon American labor unionism," and also had "declared open war
upon the Railroad Labor Board and the Transportation Act."
On July 14 it was stated that members of the Cabinet who
met with President Harding that day placed their main
hopes for a settlement of the railroad strike on the abolity
of Chairman Hooper of the Railroad Labor Board to find a
solution of the problem. The Associated Press dispatches of
that date said:
The President was said to hold the view that, should Government operation of the carriers become necessary, it would not abridge the liberty of
railroad workers to be drafted for service in the positions in which they have
had experience. Whatever discussion occurred along this line, however,
was said to be on a strictly hypothetical basis, there being no evidence that
Federal control would be forced by developments of the strike.
on
Possible use of Federal troops to protect railroad employees remaining
their jobs was deprecated in union circles to-day as tending to aggravate
by J. P. Noonan, President of the
the situation. This view was expressed
mail
International Brotherhood of Electrical Workers, who charged that
Governtrains were being withdrawn deliberately by the railroads to force
of Labor
ment action. President Gompers of the American Federation
also declared there was no justification for use of troops, particularly unless
and until requested by the State authorities.
Telegraphic advices to the New York "Times" from Washington, July 14, -with regard to the Cabinet meeting, stated:
After a prolonged meeting of the Cabinet this morning, devoted solely to
a discussion of industrial troubles, Secretary of War Weeks remained at the
White House for further conference with President Harding. On his return to the War Department Mr. Weeks said the question of relative seniority of the striking shopmen,should they return to work, is virtually the sole
question to be decided before an agreement is reached between railroad labor and the managements.
Later in the afternoon Samuel Gompers, President of the American Federation of Labor, said he, too, had the same information.
"I cannot say how authentic it is," Mr. Gompers said, "and it is not official, but I received identical information to-day. I don't know whether
the Railroad Labor Board has had any connection with this effort at a settlement, but if so, it is like the fifth wheel of a wagon."
Mr. Gompers declared that the best medium for a settlement would be
through direct negotiation between labor and the railroad managements
rather than through the continued agency of the Federal Government's
Railroad Labor Board.
"I firmly believe," he said, "that if the railroad executives and the representatives of the railroad labor organizations were to meet and discuss
adjustment of the strike.
the situation among themselves they could recah an
Anyway, the assertion that the Cummins-Esch Transportation Act can
be an absolute fallacy. You can't
prevent strikes has been demonstrated to
prevent strikes by law."
On the 14th inst. the issues in the controversy were discussed at a conference in Chicago between B. W. Hooper,
Chairman of the Railroad Labor Board, and B. M. Jewell,
President of the Railway Employees' Department of the
American Federation of Labor, Chairman Hooper, issuing
a statement, saying:
For several days I have been endeavoring to find some common ground
upon which both parties could stand, consistently with their own interests
and with the supreme rights of the public.
Concisely, the respective positions of the carriers and the leaders of the
labor organizations are as follows:
The preliminary question of a conference between the railway executives
and the heads of the organizations was disposed of agreeably to both sides.
It was suggested that the Railroad Labor Board reopen or resume the strike
hearing held two weeks ago. To this both parties readily agreed. Such a
hearing, with an intervening recess, would have furnished ample opportunity for private conference of the representatives of the two sides.
hearing
It was suggested by me, however, that it was useless to have the
and conference unless there was a prospect of reaching an agreement.
Both sides concurred in this.
After a full discussion it was conclusively evident that the differences
were fundamental.
Mr. Jewell and his associates suggested four things for consideration,
question,
set out in the order of their importance—namely, the contract
recent wage decision
the protested rules embraced in Board decisions, the
board. Incidentally,
and the establishment of a national adjustment
of the four matters
they demanded that after a satisfactory adjustment
strike should be reinstated in their former positions
named all men out on
without impairment of their rights of seniority.
The carriers suggested that they would undertake to meet the first
request of the employees by wiping out the contract system on the two
the belief that this
or three roads where it still exists. They expressed
made effective
could be done and the Board's decision against this practice
on all roads.
The railway executives further agreed to establish regional boards of
adjustment similar to those already in operation for the train and engine
service men.
The executives would not agree that the strikers, when they returned
the new men
to the service, should take the positions and the seniority of
and the men who had remained in service.
and the wage decision of the Railroad Labor
As to the rule decision
at liberty to
Board, the carriers took the position that the shoperafts were
petition the Board for a rehearing of these decisions, in which hearing the
they would abide.
carriers would participate and by the result of which
Mr. Jewell and his associates insisted that the carriers must agree to
of both the wage and the rule decisions of the
satisfactory modification
Board before the strike is called off. The executives declined to consider
these two decisions, except in connection with a rehearing by the Board.
I have attempted to give a plain and impartial statement of the respective contentions without any supporting argument for either position.
JULY 221922.]
THE CHRONICLE
395
Perhaps as a result of all this discussion both parties have a clearer
conception of the issue.
ference with the President on the strike situation. They brought to the
President the first personal and official protest that the railway managers
At the same time a statement as follows was issued by were ignoring the decisions of the Railroad Labor Board and presented their
objections to the decision of the Board relating to the appeals of that brothMr. Jewell:
erhood.
Representatives of the railway employees again showed, by meeting in
The President gave the fullest possible hearing and assured Messrs. Grable
conference to-day, a readiness to co-operate with the efforts being made and Feick that they had taken the one defensible course in
presenting their
to bring about an agreement between the railroads and the shop craftsmen. case.
The issues in the present controversy were of course the subject of disHe assured them that inasmuch as Congress has constituted the Railroad
cussion, but it would be obviously improper for me to give any details of Labor Board for the express purpose of settling disputes
and preventing
the discussion.
Interruption to transportation, all decisions must be accepted by employers
It would be fair to say that no conclusions have been reached, but also and employees alike, and assured them also that non-compliance
on the part
fair to state my opinion that now, as throughout the hearings before the of the railways had not been brought to his attention until
the strike was
Labor Board,the principal obstacle in the way of peace is the financial con- called.
trollers of the railroads, who have directed the policies of the railway execuHe explained that any inadequacy in the law must be corrected by Contives in support of a general anti-labor program, rather than in the interest gress and cannot be effected by interrupted railway operations.
of the transportation service of the country.
Messrs. Grable and Fleck expressed a hope for an early settlement, and
Refusal of the railway executives to negotiate in conference with the declared that the proper conferences would end in such a settlement. The
representatives of the employees, does not, in my opinion, represent the free President assured them that every possible conference was being sought.
will decision of the majority of the executives, but merely the dictates of
Commendation has been given the "Big Four" brotherthe finan8Pal interests.
We are preparing and will shortly publish a statement of the case of the hoods by the railroads for their neutrality, according to the
railway shopmen, wherein we shall demonstrate that the policies of the New York "Times" of the 16th
inst., which, in referring to
railway executives, who have brought about the present widespread controversy with the railway employees, are the product of a banking combination disorder and sabotage with the announcement that the
which controls 82% of the railroad mileage.
maintenance of way men were .on the verge of a walkout,
If the active operators of the railroads were free to manage these prop- said:
according to true management policies, instead of being compelled to
erties,
That little permanent damage had been done was in a great measure due
follow banking dictation, peace would not be difficult to maintain upon the
to the vigilance and fair play of the train crews, officials said, explaining:
American railroads.
The members of the Big Four train service brotherhoods deserve mention
In reporting the issuance of a statement by Mr. Jewell on for the strict neutrality they have observed during the strike. They have
July 15, amplifying a similar one given out by him the co-operated in getting the trains through and have shown a meticulous
previous day, when he
most of the difficulties in regard for public safety.
attributed
As to the thfeats of the maintenance of way men, Associthe preseat situation to "Wall Street control" of the railroads
and the "national anti-union campaign," the New York ated Press dispatches from Detroit, July 16, said:
The railroads must cease their reported efforts to compel maintenance
"Tribune" said:
of way workers to perform the duties of striking shop
In his newest charges Mr. Jewell declared that the Labor Board is dominated by a group of twenty-five bankers, represented by General W. W.
Atterbury and T. De Witt Cuyler of the Association of Railway Executives.
Twelve New York banks control 267 directorships in ninety-two of the country's railroads, the statement set forth, and continued as follows:
The same groups control six directorships each on ninety-one of the
first-class rail lines of the country, operating more than 211,280 miles or
82% of the rail mileage of the country.
Says Board Failed of Duty.
The same men control the equipment companies and the mines of the land.
The mistake of the Railroad Labor Board is that it has been persuaded to
reduce labor costs on the theory that the cost of living would then fall to
the new wage level,instead of performing its duty to help maintain wages on
a level with the actual cost of living.
The Board has.been made the instrument of organized money power,
represented by twenty-five interlocking bank and rail directors—the general
staff of the American Junkers who have been campaigning ever since the war
to "put labor in its place:" or in still plainer language to establish a system
of industrial feudalism which was developing rapidly in the United Sates
before the war.
On the 15th inst. the Western Railroad Presidents' Committee on Public Relations authorized the following statement regarding the strike situation:
Reports from railways in all parts of the country show steady, and in
some territories large, gains in the number of employees in the shops since
the strike began. The situation is somewhat better in Eastern territory
than elsewhere, but Western railways report increasing numbers of men
returning to work, and most of them report the movement of their lines
to normal.
Developments show that the main thing needed to insure the return of
normal conditions is the protection of men who want to work from violence
by strict enforcement of the laws. Wherever injunctions against unlawful
Interference with workers and property have been issued there has been an
Immediate increase in the number of men at work.
The action of the railways in refusing to consider any plan of settlement
which does not include protection in their seniority and other rights of men
who have stayed at work or are now willing to go to work also has had a
beneficial effect.
Several railway executives have at his request met and conferred informally with Chairman Hooper of the Railroad Labor Board regarding
possible means of terminating the strike.
The statement issued by Chairman Hooper Friday sets forth the results
of these conferences correctly. The railway executives have unanimously
Indicated that they will not agree to any plan which is inconsistent with the
decisions which have been rendered by the Labor Board and that they will
not confer with representatives of the strikers while the strike continues,
but that they are perfectly willing to attend any meeting, or participate
In any hearing called by the Labor Board with a view to effecting a settlement that would not nullify.but uphold and carry out the Board's decisions.
The railway executives also have indicated a willingness to accept any
modification of its decisions which the Labor Board, after hearings, might
make. They cannot, however, agree to any conference with the representatives of the strikers because the very purpose for which such conference
is sought by representatives of the strikers, as avowed by Mr. Jewell, is to
secure a settlement contrary to the decisions of the Board, and for the
railways to agree to this would be to undermine the dignity and influence
of the Board, just as the unions,are trying to do by this strike.
The facts show clearly that the executives of the railways have shown
willingness to do everything that is reasonable to end the strike, while
Mr. Jewell has indicated that only by the railways surrendering to his
demands and disregarding the decisions of the Labor Board can it be ended.
This leaves responsibility for continuance of the strike solely upon the
leaders of the strikers.
With regard to a conference on the 15th inst. between
President Harding, E. F. Grable, President of the 'United
Brotherhood of Maintenance of Way Employees and Railway Shop Laborers, and F. L. Feick, legislative representative of the union, a White House statement was issued as
follows on that day:
E.F. Grable,President of the United Brotherhood of Maintenance of Way
Employees and Railway Shop Laborers, and Fred L. Feick, legislative representative of the same organization, spent two hours this morning in con-
employees, or the
maintenance of way men will be called out on strike, E. F. Garble, International President of the Maintenance of Way Brotherhood, declared here
to-night.
Mr. Grable indicated that in any event no strike by his organization could
be expected before Thursday, the day he has set for a meeting here of the
brotherhood's grand lodge, which includes the general chairmen of all divisions and members of the executive council.
Referring to the hope of an early settlement, it was stated
on the 16th in dispatches from Chicago (Associated Press):
Despite the silence of the leaders, with accompnying rumors of a tacit
armistice or truce to allow fuller consideration of points brought out during
the week at mediation conferences, hopes of an early settlement were expressed freely in both railway and labor quarters, although no tangible basis
for these expectations was given in any case.
One of the factors most often quoted to justify a belief that the drift was
toward peace, despite the failure last week of Mr. Hooper's efforts to bring
the labor leaders and the executives together, was the statement of R. A.
Henning, General Chairman of the Federated Shop Crafts of tho Northwest,
that only the refusal of Eastern roads to agree to reinstate striking shop
crafts workers with their full seniority rights is preventing a settlement of
the strike so far as the Northwest roads are concerned.
The railroads throughout, it was declared, have insisted that their men
return to work as one of the first steps toward peace, and the belief was
expressed that the restoration of the rights sought would not alone prove a
great stumbling block in the way of a full settlement. In this connection a
member of the Labor Board asserted that the roads had to a large extent
stopped recruiting men to replace the strikers.
On the other questions at issue—outside contracting for shop work,modification of certian rules and working agreements, the establishment of conciliation boards and wages— it was declared that most of the roads had
already agreed to abolish outside contracting as ordered by the Labor Board
and to establish early the conciliation boards under the Federal Transportation Act. Thus,but two questions,it was asserted. were now at issue—rules
and wages—both of which might again be brought before the Labor Board
for decision on the demand of the men for a hearing.
In the case of the maintenance of way men, it was pointed out, the
Board averted a walkout by agreeing to an immediate consideration of
appeals for wage increases on the ground that Government figures showed
that the cost of living had increased since it rendered its wage reduction
decision, which became effective on July 1 simultaneously with the calling
of the shopmen's strike.
On the 18th inst. the threatened strike of 400,000 maintenance of way men.was stayed at Chicago, Mr. Grable, it
was stated, having reached an agreement with the Railway
Labor Board to withhold any strike order until the Board
can give a rehearing on its previous decision, which was not
accepted by the men. The Associated Press advices from
Chicago stated:
Mr. Grable issued a statement to-night asserting that "the path to an
eaily adjustment is open"so far as the 400,000 members of his organization
are concerned. Referring to his conference with President Harding last
week, Mr. Grable said he had received assurance that Chairman Cummins
of the Senate Inter-State Commerce Committee expected to hold early
hearings on disputed points of the labor provisions of the Transportation
Act, particularly with reference to the living wage principle.
The basis for the guidance of the Board in the present Act is to set a
'just and reasonable' wage," Mr. Grable's statement said. "The present
Issue, which should be settled by such a hearing by the Inter-State Commerce Committee of the Senate and amendments to the law, is an interpretation of this phrase 'just and reasonable,' and its application to a living
wage."
Mr. Grable said he advised the Board of the orders sent to his general
chairmen to open negotiations with their respective roads immediately
regarding disputed rules, working conditions and wage and to submit the
case to the Board if an agreement was not reached.
The first of these disputes came before the Board to-day, the dispute
being that of the Chicago Milwaukee & St. Paul road. The carrier set
aside the thirty-day clause in existing agieements for the filing of a dispute
and Mr. Grable secured the Board's promise for early hearings on this and
similar cases, many of which will be consolidated.
He requested that future decisions on wage disputes,favorable to the men,
be made retroactive to July 1. when the wage cut became effective.
396
THE CHRONICLE
Mr. Grable said that a peaceful settlement of the shopmen's strike was
being held up by a few roads who were unwilling to allow returning employees their seniority rights.
The railroads, in ultimatums to the strikers, said unless they returned
to work by certain dates, all of which have now expired, they would start in
again as new employees. They are supported in their stand by proclamations issued by the Labor Board.
On the other hand, President B. M. Jewell and his striking shopmen
have asserted that any settlement must be predicated on a full restoration
of seniority rights to the returning strikers.
[vol... 115.
As a method for securing a conference fully representing the carriers
and the eniployees concerned, it was contemplated that the Railroad Labor
Board should call a hearing for that purpose.
In the absence of an organization authorized to speak for all the carriers, I submitted this proposal to certain railway executives, who are considered fair and conservative men. These gentlemen claimed no representative authority, but if a tentative arrangement could have been perfected
It was to be submitted to the other executives, and, in fact, it is my informat'on that the,above suggestions have been laid before a good many
other executives.
As there does not seem to be any probability of reconciling the antipodal
views of the carriers and the men on the question at issue, the Labor Board
and none of its members are not engaged in any further efforts along that
line.
On the 17th inst., when about 8,000 stationary firemen,
engineers and oilers were called out, it was stated in Cincinnati dispatches that approximately 200,000 railroad
The Associated Press accounts from Chicago had the folclerks, freight handles and station and express men were
vote or were expected to take one, lowing to say regarding Mr. Hooper's statement: propoeither taking a strike
Mr.Hooper,discussing the negotiations, said he had submitted the
according to information at headquarters of the Brotherhood sal to several railway executives with the promise that if a tentative agreeMr.
of Railway and Steamship Clerks, Freight Handlers, Station ment could be reached it was to be submitted to other executives. numbefore a large
and Express Men. On the 20th inst. Mr. Grable reiterated Hooper said he understood the program had been laid
of executives
his statement that the outlook for the settlement of the ber
"My investigation of the attitude of the carriers has convinced me," his
the men and the railroads appeared statement said,"that no serious obstacle is to be found in any of the items
differences between
fifth.
bright, due to the abolishment by the roads of their alleged above enumerated, except thehad entered into the contracting out of shop
"Only 16 of201 Class 1 roads
practice of compelling maintenance men to perform the duties work and most of them have now discontinued it," his statement continued,
to see
and added that "the great majority of the carriers would be pleased
of striking shopmen.
remaining roads withdraw from it."
Previous references to the strike since its inception ap- the few carriers raised no objections to reopening the wage decision, and the
"The
peared in our issues of July 8, page 159,and July 15.page 267. dispute regarding seven protested rules, he said, and declared that"the forefrom conflict
going disposition of contracts, wages and rules would remove
all three of the questions upon which strike votes were taken."
are willing to have
Regarding adjustment boards. Hooper said many roads
and
regional boards, some are willing to have a national adjustment board
some sort
some favored boards on each individual road. "An agreement of
could doubtless be reached upon this matter," he said.
agree"At present," the statement continued,"there is no possibility of an
ment on the reinstatement of striking employees with all rights restored."
The carriers contended, he said, that when the men struck, the carriers
of
owed to themselves and the public the duty of continuing the operation
the trains for the transportation of freight, passengers and mails. In doing
the men who quit
this, Mr. Hooper said, the carriers endeavored to replace
the service and asserted that they promised efficient men permanent employment and fair treatment after the strike was over and could not recede from
these obligations.
"They also state," Mr. Hooper continued, "that to give the returning
strikers preference over the men now employed would merely encourage the
recurrence of strikes."
The carriers, he said, have promised to employ men who have been out on
strike if they have not been guilty of breaches of peace and the destruction
of property, but refused to give them seniority over those who have remained
at work.
"Personally," the statement said, "I had hoped some agreement might
strike.
be reached that would result in the resumption of work by men now on
This question is not before the Labor Board at this time, but is one between
the carriers and the employees."
STATEMENT OF CHAIRMAN HOOPER OF RR. LABOR
BOARD REGARDING TERMINATION OF EFFORTS
TO SETTLE SHOPMEN'S STRIKE.
Indications that the efforts of the U. S. RR. Labor Board
to effect a settlement of the strike of the railway shopmen
had been terminated without an agreement having been
reached, were contained in statements issued at Chicago
on July 19 by B. W. Hooper, Chairman of the Board, and
the Western Presidents' Committee on Public Relation of
the Association of Railway Executives. The latter's statement, given under another heading in this issue, announced
that "there are now no conferences in progress looking
toward a settlement of the shoperafts strike." Adding
that Chairman Hooper had held informal conferences with
some railway executives, the statement said "these have had
no results and are now at an end." Similarly Chairman
Hooper of the Labor Board stated that "as there does not
seem to be any probability of reconciling the antipodal
Mr. Wharton, one of the labor members of the Railroad
views of the carriers and the men on the question at issue,
Board, submitted and outline of the union's stand on the
the Labor Board and none of its members are now engaged
question of the seniority rights, and this was embodied in
In any further efforts along this line." Both statements
Chairman Hooper's statement as follows:
referred to the fact that the question of "senority rights"
Briefly, the Federated Shop Crafts' position is that any settlement of the
had arisen since the calling of the strike and had become present controversy which has for its object restoration of harmonious relaconsideration:
operation of shops, must
"one of importance." Chairman Hooper in relating the tions and efficientof the men involved to theirtake into employees as of the
status as
1. Restoration
basis on which a settlement had been proposed as a result of date prior to stoppage of work.
and are
conferences this week between himself and A. 0. Wharton,
2. That the great majority of these men are permanently located
employees since stoplabor member of the Board, and R. M. Jewell and heads of more desirable employees than those who have been
page of work.
the striking organizations, stated that virtual agreement had
3. That it will be an unusual position, and one which it is not believed
reached between the rail heads and the strike leaders to be justifiable, if the carriers in this case adopt an attitude denying the
been
in this respect when by so doing they prevent
on all of the five points in dispute except that of the return request of the organization
the possibility of a settlement.
to the strikers of the seniority rights—a question not originorganization heretofore has been called upon or expected to sacri4. No
fice all accumulated rights of years of service in situations of a similar
ally in dispute between the roads and their men.
character.
"At present," said Chairman Hooper's statement, "there
5. That this action on the part of the carriers will place full responsiis no possibility of an agreement on the reinstatement of bility of a continuation of the strike with inevitable consequence resulting
striking employees with all rights restored." The following therefrom.
is from Chairman Hooper's statement:
WESTERN RAILROAD EXECUTIVES' STATEMENT RELast Saturday I endeavored to inform the public as to the progress of
GARDING DISCONTINUANCE OF CONFERENCES
certain efforts to terminate the strike. The divergency between the carLOOKING TO STRIKE SETTLEMENT.
riers and the shop craft organizations was so wide as to discourage further
activities in behalf of a settlement. Rather unexpectedly, however. the
Along with an announcement by the U. S. Railroad
again on that same day. On that afternoon Mr.
matter was taken up
July 19 that it was no longer engaged in
Wharton and I held a long conference with Mr. Jewell and the heads of the Labor Board on
seven striking organizations. It was then indicated by Mr. Jewell and his conferences looking to the settlement of the strike of railassociates that they would be willing to submit to their committee of ninety
way shopmen,in view of the inability to reconcile differences
men for approval an agreed program if the carriers concurred in same.
between the strikers and the carriers, a statement was
follows:
The plan proposed was as
by the railroad
First—That the carriers which had arbitrarily changed the wages and also issued at Chicago on the 19th inst.
working conditions of the employees represented by said seven organiza- executives, through the Western Presidents' Committee on
tions, by means of the contract system, in violation of the Railroad Labor
Relations of the Association of Railway Executives,
Board s decisions, should withdraw from this practice. This applied to Public
only a few roads, as the others had heretofore announced their willingness which likewise reported the termination of conferences with
to cancel such contracts. The principal of those that have not yet made the Labor Board without results. Both statements ansuch announcement are the Erie and Western Maryland.
that the question at issue now was that of "seniority
Second—That the authority granted by the transportation Act to the car- nounced
riers and their employees to set up an adjustment board or boards be exer- rights." The Western Presidents' sti4ement pointed out
cised by the establishment of a national adjustment board, with the entire that "on most railways there are not enough places now
jurisdiction authorized by said Act, namely, the hearing of all disputes
for all the men employed and all who struck. If, therefore,
except those affecting wages.
Third—That the employees involved in the strike proceed in conformity the strikers should all be allowed to go back to work with
with the Transportation Act in the settlement of the disputed rules and their former seniority rights, many of the men now at work
wages, seeking from the Railroad Labor Board a hearing of the recent wage
to be laid off." It added that "not only justice,
decision and promptly submitting the seven disputed rules to the Adjust- would have
but the public interest, demands that in any settlement
ment Board, with the statutory right of appeal to the Labor Board.
all law suits growing out of
Fourth—The carriers to withdraw or dismiss
of the strike the seniority rights of men who are working
the strike.
recognized." The following is the statement:
Fifth—All men now on strike, those laid off, furloughed or on leave of shall be
absence to be returned to work and their former positions, with seniority
and other rights unimpaired.
There are new no conferences in progress looking toward a settlement
of the shoperafts strike. Chairman Hooper of the Labor Board has held
JULY 22 1922.]
THE CHRONICLE
397
The struggle is entering upon its critical stage, and whether the toiling
informal conferences with some railway executives, but these have had no
hosts shall emerge in triumph and establish industrial and social democracy
results and are now at an end.
Since the strike was called the so-called question of "seniority rights" in the world or go down in humiliating defeat for another historical period
of economic bondage depends entirely upon the capacity of the workers to
has arisen and has now become one of importance.
The public should be fully and clearly advised of what is involved in muster their forces and stand together, strike together, vote together and
this question of "seniority rights." Seniority is based on length of con- fight together all along the line.
tinuous service, and determines who has the right to work. In every
railway shop there is a list of men whose names appear in the order of
their length of service, those oldest in point of service being at the top of EASTERN PRESIDENTS' CONFERENCE ON RAILWAY
the list, those newest in the service at the bottom. On most railways
SHOPMEN'S STRIKE—STRIKERS PLACES
there are not enough places now for all the men employed and all who
TO BE FILLED BY NEW MEN.
struck. If, therefore, the strikers should all be allowed to go back to
The determination of the railroad executives to continue
work with their former seniority rights, many of the men now at work
would have to be laid off. Furthermore, in periods when shops are not to fill the places of the striking railway shopmen with new
being run to their capacity, the position on the seniority list determines men,
was indicated on July 20 by L. F. Loree, President of
what men shall be kept and what men laid off. The position on the
seniority list carries with it other rights and privileges, but the foregoing the Deleware & Hudson, and Chairman of the Eastern Presiare the most important rights now involved.
dents' Conference, following a conference meeting in this
Not only justice, but the public interest, demands that in any settlecity at the Bankers' Club. As Chairman of the Conference,
ment of the strike the seniority rights of men who are now working shall
be recognized. If those who have struck against the decisions of the Mr. Loree issued a statement in which he said that the strike,
Labor Board and tried to interrupt transportation are favored in any settle- by the statement of the men and the declaration of the U.
ment that may be made, the incentive of men to stay at work in case of
future strikes will be destroyed and the difficulty of maintaining transporta- S. Railroad Labor Board, "is not a strike against the railroads, but a strike against an order of a Government tribunal,
tion service increased.
The men who have stayed at work or accepted employment during the —a strike against the Government of the United States,
strike have been given assurances of protection not only by the railroads,
but by the Government itself. The Railroad Labor Board, in resolutions itself." "The position of the railroads," said Mr. Loree's
adopted on July 3, said that: "It must be conceded that the men who statement,"is one of patriotic and loyal obedience to Governremain in the service and those who enter it anew are within their rights ment authority, and they are
proceeding with all diligence
in accepting such employment; that they are not strike-breakers seeking
to impose the arbitrary will of an employer on employees; that they have to fill the strikers' places and to perform their duty to the
the moral as well as the legal right to engage in such service of the American public." In addition to the prepared statement given out
public to avoid interruption of indispensable railway transportation and by Mr. Loree
as Chairman of the Conference, he was reported
that they are•entitled to the protection of every department and branch
in the "Journal of Commerce" of yesterday (July 21) as
of the Government, State and national."
President Harding, in his proclamation on July 12, referred to the saying:
fact that:
"We had what you might call an experience meeting. We compared
The maintained operation of the railways in inter-State commerce and notes and told each other what the individual roads had done to meet the
the transportation of the United States mails have necessitated the em- strike. Then we decided on a common course of action, always bearing in
ployment of men who choose to accept employment on the terms of the
decision of the Labor Board and who have the same indisputable right to mind, however, that each railroad's problem is its own and must be handled
as individual roads think best. In this connection, it is probable that the
work that others have to decline to work.
as separate units will take action to break the strike within the
The Labor Board itself has especially called attention to the fact that, railroads
as it said in a statement issued by its Chairman on July 3, in this case next few days. All report plmty of labor available to fill the gaps in the
the controversy is not as in the former case, between the carriers and their ranks, and in fact most of the lines already have hired new men to replace
employees, but that decisions in the matters in controversy were reviewed those who left the service.
"Along with the new men we are employing many strikers who,seeing the
by the Labor Board, a Government body, and that "it is these decisions
against which certain of the employees strike." In this statement, light, are returning to their jobs. Most of these men are moving to new
Chairman Hooper said, the men who remain in their positions and new fields, however; that is, they are shifting from one road to another to avoid
men who may come in will be protected by public sentiment and full the wrath of their more stubborn brethren.
"The decision of the Labor Board to abandon efforts to bring about a
Governmental powers.
Thus it will be seen the fact that men who are now working have claims settlement of the strike is welcome by the railroads. Now we can fight
upon the railways and the public superior to those of the strikers has out our differences directly with the men, who for the first time will be conbeen repeatedly recognized by governmental bodies and officials and that fronted by cold facts. Strike leaders have been keeping their followers
they have remained at work or gone to work with the distinct under- in line by promising favorable action by the Labor Board. Now that they
no longer can hide behind the skirts of the commission the union chiefs
standing that their rights will be protected.
must come out in the open."
The following is the statement issued by Mr. Loree as
EUGENE V. DEBS, IN STATEMENT TO STRIKING Chairman of the Conference:
The issues of the present railroad strike were perfectly clear at the
RAILROAD MEN, URGES UNIONS TO STRIKE
beginning. If they are not so now, it is because of deliberate efforts to
AND FIGHT TOGETHER.
obscure them.
1. The United States Railroad Labor Board is the tribunal created by
In a statement to the striking railroad men and other unions
law to fix the wages of railroad employees.
on the 17th inst., Eugene V. Debs, leader of the American
2. On July 20 1920 the Board increased the wages of the shop crafts
Railway strike in 1894, declared that the time has come for employees about 22% and made the decision retroactive to May 1 1920.
3. On June 1 1921, the cost of living having come down, the Board,
the rank and file to muster their forces and stand together
after careful consideration and the taking of much testimony, reduced the
"strike together, vote together and fight together all along shopmen's wages about 12%, effective July 1 1921.
It will be noted that when the wages were increased the decision was
the line." "Now that the war is over and Kaiserism is dead
and democracy and liberty are on top," says Mr. Debs, dated back, and that when they were reduced the decision was dated
forward, the employees benefiting thereby in both cases.
"this same crowd . . . to whom you rallied in such a
4. Subsequently, further reductions having occurred in the cost of
frenzy of enthusiasm, . . . is now lined up against you living and other conditions having changed, the Labor Board again conin battle array and ready to shoot you down like dogs." sidered the matter at great length and with great care, and on June 5 1922,
wages approximately 10% more, effective
Mr. Debs's statement, issued at Chicago, was reported as reduced the shopmen's wages of these employees generally back toJuly 1
about
1922, thus putting the
follows in the press dispatches:
where they were on April 30 1920.
There has been some slight disorder and a few scabs have been hurt.
This has been the extent of the violence, but it has been sufficient to bring
to the strikers what they fought for in the late world war. The Federal
Government announces through the Department of Justice that it will
stand no trifling on the part of the strikers, and that if necessary armed
force will be employed at once for their suppression.
The Governors of seven States have simultaneously announced that they
have the National Guard in their respective States mobilized and ready to
move at command when the exigencies of the situation demand action.
You will have no trouble in guessing what kind of action is thus meant on
the part of the national and State Governments which you shouted for, voted
for, invested your last dollar for and crossed the Atlantic to fight and be
gassed and die for in the war to make the world in general and America in
Particular safe for democracy and liberty.
And now that the war is over and Kaiserism is dead and democracy and
liberty are on top, this same crowd, to a man, to whom you rallied in such a
frenzy of enthusiasm, to compensate you for your noble patriotism, is now
lined up against you in battle array and ready to shoot you down like dogs.
It is true, Mr. Union Man,that your craft union leaders, with scarcely an
exception, stood with the Wall Street profiteers in howling for war and rushing you, the common herd, into the trenches, to be gassed, mutilated and
murdered, while they remained in the rear to receive the plaudits of the
plutocratic press for their patriotism. But that does not excuse you, for
You chose those leaders and were responsible for them, and after all the
leaders are about as fit or otherwise as the rank and file that elects them.
If in the light of this situation you do not realize the crying need for unity,
for solidarity on every front, regardless of creed or color, you are indeed in a
pathetic plight and your case is all but hopeless. Your weak craft unions
have got to be converted into a powerful industrial union and you have got
to cut loose once and for all from the rotten political parties of your masters.
Your interests as workers and producers are absolutely identical and
there is no earthly reason why those who are employed in the same industry
should belong to different unions or give their votes to different political
parties.
5. The Board had also, on Aug. 11 1921, rendered a decision changing
some seven rules relating to the payment of overtime.
6. There is no question between the striking employees and the railroad companies of the adequacy or inadequacy of the new wage scale,
nor of the justice or injustice, advantages or disadvantages of the rules
governing working conditions. These questions after three hearings of
great length and painstaking exactness of inquiry have been determined
by the Labor Board.
7. On June 18 the Chairmen of the six shop crafts advised the Labor
Board, in part, as follows: "Your decisions have been submitted to a
strike vote of our members and we are awaiting the results of their action.
Should our members decide not to accept your decision, or, in other words
to strike, we shall sanction their action, and advise you accordingly."
Subsequently, a strike was called for July 1.
8. On June 29 the Labor Board cited to appear before it the next day
the leaders of the shop crafts organizations on the ground that their "overt
act" in calling the strike threatened to interrupt commerce. It also cited
the executives of 23 railroads which had contracted out certain of their
maintenance work. At this hearing some denied that they were contracting work, and of the others, all but two agreed to discontinue the
practice. The labor leaders, particularly Mr. Jewell, refused to respond
to the citation. During the hearing Chairman Hooper of the Labor
Board said:
!‘It is evident to every student of the situation that the railway labor
organizations have no just cause for serious complaint at the treatment they
have received at the hands of Federal wage tribunals during the war period
and since. . . .
"The wages fixed by the recent decisions of this Board will purchase more
than the wages received by them prior to the war. In other words, their
wages have increased by a greater percentage than has the cost of living.
In some instances the increase is strikingly notable. . • •
"So far as Mr. Jewell is concerned, let his blood be on his own head.
Mr. Jewell has flouted a Government tribunal, charged with the duty and
,
responsibility to investigate this matter, not only in the interests of the
public, but in the interests of his own organizations, and the interests of the
carriers the railway transportation system of this country. He has should,
ehedmattresnonsibthey ,, his own volition, and the Board desires to pursue
tre the er p furilitr. f
o
398
THE CHRONICLE
9. On July 3 the matter was considered by the Labor Board and its
position authoritatively declared. It stated: "The six organizations comprising the Federated Shop Crafts have notified the Railroad Labor Board
that a very large majority of the employees which they represent have left
the service of the carriers, that the members of such organizations are no
longer employees of the railways, under the jurisdiction of the Railroad
Labor Board or subject to the application of the Transportation Act," and
advised the carriers that "where either of the above-named organizations,
by reason of its membership severing their connection with the carriers,
ceases to represent its class of employees, . . . that the employeeremaining in the service and the new ones entering same, be accorded ths
application and benefit of the outstanding wage and rule decisions of the
Railroad Labor Board, . . . and . . . it must likewise be cone
ceded that the men who remain in the service and those who enter it anew
are within their rights in accepting such employment, that they are not
strike-breakers seeking to impose the arbitrary will of an employer on
employees; that they have the moral as well as the legal right to engage in
such service of the American public to avoid interruption of indispensable
railway transportation, and that they are entitled to the protection of
every department and branch of the Government, State and National."
10. When the decision of the Labor Board ran in the employees' favor,
they accepted it; now that it runs against them, they have rejected it.
The strike, by their own statements and by the declaration of the Labor
Board, is not a strike against the railroads but a strike against an order
of a Government tribunal—a strike against the Government of the United
States itself. The issue, and the whole issue, at the present time is, "Shall
the just authority of the Government be defied and the Government rendered helpless to protect its citizens in their peaceful and lawful pursuits"?
The position of the railroads is one of patriotic and loyal obedience to
Government authority, and they are proceeding with all diligence to fill
the strikers' places and to perform their duty to the public.
The railroads are in full accord with the announcement of the Labor
Board of July 3 that the new men entering the service are within their moral
and legal rights in taking such service; that they are not strike-breakers but
public servants, and are entitled to the protection of every department and
branch of the Government, State and National; and, as railroad employees,
these men are entitled quite as well to the protection and consideration of
the railroads.
The Conference and the above statement came after the
announcement by the Labor Board on July 19 that the latter
was no longer engaged in conferences looking to the reconciling of the differences between the roads and the strikers.
The Board's statement is given elsewhere in this issue. We
likewise refer in another item to the conference in Washington on the 20th inst. between several Senators and Eastern
railway executives.
CONFERENCE IN WASHINGTON BETWEEN SENATORS
AND EASTERN RAILWAY EXECUTIVES.
The railway shopmen's strike was the subject of a conference in Washington on Thursday, July 20, between several
Senators and Eastern railroad heads,—this conference coming late in the day after the meeting held in New York of
the Eastern Presidents' Conference, to which we refer elsewhere in this issue. Those in attendance at the Washington
conference included Senator Cummins, Chairman of the
Senate Committee on Inter-State Commerce; Senators
Watson of Indiana and Kellogg of Minnesota, Republican
members of that Committee and the following railroad
executives: T. DeWitt Cuyler of the Association of Railway Executives; L. F. Loree, President of the Deleware &
Hudson; E. J. Pearson of the New York, New Haven &
Hartford; W. W. Atterbury, Vice-President of the Pennsylvania; Frank H. Alfred of the Pere Marquette, and Alfred
Thom, General Counsel for the Association of Railway
Executives. A statement issued at midnight by Senator
Cumrnins regarding the conference said:
Senators Kellogg, Watson and myself had a conference with some of the
Eastern railroad presidents for the purpose of talking over the strike and
ascertaining, if possible, the exact issues between the roads and the strikers.
We wanted to discover whether there was any legislation that would remove
the difficulty in the way of an adjustment.
We discussed the whole situation freely and frankly. The views of the
shopmen have already been fully disclosed at Chicago. The object of the
conference was solely to secure information upon this vital aubject.
The following is from the Associated Press dispatches from
Washington:
Senator Cummins said he would be compelled to decline answering inquiries as to the details of the conference, but did say, in expressing an opinion as to the outlook for an adjustment of the strike, that he was "hopeful
to the last." He declared no conclusion had been reached as to what
legislation was needed.
Asked as to whether the executives came to Washington by invitation or
at their own instance, he said that he could not discuss that subject. He
added, however, tnat he did not ask the railroad chiefs to come here for the
conference.
The principal points in dispute between the executives, who were called
here more or less secretly late in the day, and the union were gone over at
the conference together with the posibility of legislation to meet the situation. It was said that no legislation was practicable to deal with the present strike.
The rail executives, it was stated, were insistent upon three points which
the unions are demanding as a recession to send the men back to work.
These are the seniority rule, the restoration of the pension status and the
question of board of adjusment between the employers and employees.
At the conference it was said that the rail executives declared they could
not and would not yield to the union demand for a national board of adjustment. They also were said to be insistent upon refusing to restore the
status quo of employees on strike with respect to their seniority and pension
rights. All of these have been demanded by the union representatives
as necessary before they would order the men back to work pending a
rehearing of the question of wage scales.
[Vim. 115.
Earnest efforts were said to have been made by the Senators present to
obtain modification of the railway executives' position. It was said that
the possible menace to the public from the railway strike combined with the
coal strike, was stressed by the Senators, but the attitude of the railway
executives on the three main points regarded as a necessary precedence to
toe returning of tne men to work was said to be unyielding.
No further conferences in Washington were said to be planned. Some of
the conferees said it was apparent that such efforts would be fruitless. Persons well informed said that President Harding did not contemplate calling
the executives into conference himself and that apparently any further moves
must come through the Railroad Labor Board, the railroad executives or the
union representatives. One of the conferees said that the future part of the
Government now appeared to be the task of maintaining order on the strikeaffected rail lines and at the same time in the coal fields.
PENNSYLVANIA RAILROAD'S WAGE AGREEMENT
WITH EMPLOYEES.
The closing of the revised wage agreement between the
Pennsylvania RR. and its more than 140,000 employees
was announced by the road on July 18. Previous announcement that agreement on wage reductions had been reached
between them anagement and elected representatives of its
employes was made by the Pennsylvania on June 27 and was
referred to in our issue of July 1, page 33. Regarding the
road's statement of July 18 the Philadelphia "Ledger" said:
An official statement of the railroad said the new wage rates were the
result of a series of conferences between representatives of the employees
and the management. The statement continued:
"The new schedules of wages differ in some respects from the rates
established by the Labor Board for other railroads, buZ, the difference is
in favor of the Pennsylvania employees. For the most part, the Pennsylvania system rates are graded in accordance with the skill and experience
required and the prevailing rates are generally higher than those established for other railroads.
"The completion of these wage adjustments marks the third important
achievement in industrial relations under the Pennsylvania system plan of
employee representation which was established last year in order to give
the employees an opportunity to have a voice in the Pennsylvania management. The first was the negotiation of mutually satisfactory rules covering
working conditions to take the place of the so-called national agreements,
and the second was the establishment of permanent methods of settling
controversial questions.
"All three of these matters have been determined in joint conferences
between the management and employees elected by secret ballot to represent the various crafts and classes."
The employees affected by the new wage agreement
include shoperaft, maintenance of way and signal department employees, clerks and miscellaneous forces. The
new rates are effective as of July 16 instead of July 1, as
previously announced.
PROCEEDINGS TO RESTRAIN PENNSYLVANIA RR.
FROM MAKING EFFECTIVE NEW WAGE
AGREEMENT.
Coincident with the announcement on the 18th inst. of
the conclusion of the wage agreement between the Pennsylvania RR. and its employees, J. Washington Logue, counsel
for the Brotherhood of Railway Clerks, and including freight
handlers and station employees of the Pennsylvania system,
appeared in the United States Court at Philadelphia prepared
to argue a suit to restrain the company from enforcing its
wage revision. As to the hearing on the 18th inst. the
Philadelphia "Ledger" said:
Counsel for the Pennsylvania clerks, freight handlers and station employees told Federal Judge Dickinson yesterday that if the company were
not restrained from enforcing the new wage the men would be compelled
to adopt measures-of their own to obtain their rights.
Continuance Protested.
Mr. Logue, attorney for the brotherhood, protested when a continuance was ordered because John Hampton Barnes, counsel for the railroad,
was absent.
"The railroad has had ample time to prepare its case," said Mr. Logue.
"The brotherhoods here, which represent 150,000 employees, have resorted
to the peaceful and honorable method of taking the matter to court, but they
have now reached the point where it is almost impossible to restrain them
any longer."
The wage protest was to have been heard jointly with a suit to restrain
the railroad from putting into effect new working conditions. Both the
wage revision and the new working conditions were arranged, according
to the brotherhood, with representatives selected from among the employees
by the railroad who do not represent the majority of the workers.
The brotherhood asserts the right to send its own representatives to the
conferences, and it is asserted the railroad denied them that right.
Judge Dickinson directed all parties in the case to be in court at 2 o'clock
to-day for a hearing.
On the 19th inst. decision was reserved. The press dispatches from Philadelphia that day said:
In requesting an order from the court requiring the railroad to maintain
the old scale of wages until a final decision is reached by the Federal courts
on the enforcement of the Railroad Labor Board's orders, J. Washington
Logue, counsel for the brotherhood, asserted that the Pennsylvania had disregarded "in almost every respect" the Board's decrees.
John Hampton Barnes, counsel for the railroad, asked for a dismissal of
the suit, declaring that the order of the Labor Board holding that the men
had a right to select their own representatives for a conference on working
conditions and wage reductions had been held illegal by the Federal court
and was of no effect against the Pennsylvania system. He also maintained
that the Board had no power to enforce its orders and that the courts had
no authority to enforce the decrees. Mr. Barnes also contended that the
Pennsylvania had not been a party to the last wage reduction order by the
Board, and therefore could not be affected by its order against other roads.
JULY 221922.]
THE CHRONICLE
399
In its reference to the proceedings Ju1y119, the "Ledger"
stated:
Outside contractors cannot handle all this repair work and
most of the
roads are far enough from the contractors' shops so that
the problem of
hauling bad order equipment to the contractors is a big one.
According to the brotherhood, there are between 30,000 and 35,000 clerks,
Demand for labor is increasing in outside industries, and
freight handlers and station employees of the Pennsylvania who are ready
that means
to strike if the revised wage, which the railroad claims has been mutually that the railroads cannot get enough men to replace those now on strike.
,
All this means that time is with us. Every day we hold
agreed upon, is enforced. The brotherhood asserts the revision is a reon weakens
the railroads and strengthens our hand. Hold on, brothers.
duction in wages, although the road disputes this.
The brotherhood's suit is based on the allegation
that the railroad's
method of choosing employees' representatives in reaching the agreement LOCOMO
TIVE ENGINEERS DECLARE PENSIONERS
ignored the brotherhood as a proper negotiating representat
ive of the men
ARE CALLED UPON TO ACT AS STRIKE
and was not in accordance with the Transportation Act.
BREAKERS.
The following is from the New.York "Times" of July 18:
U. S. COURT OF APPEALS RULES AGAINST PENNThe Brotherhood of Locomotive Engineers in a statement
here last
SYLVANIA RR. ON SOME QUESTIONS OF
night declared pensioners were being compelled to work as strike-brea
kers.
"Faced with the tragic alternative of losing their livelihood
JURISDICTION OF LABOR BOARD.
or breaking
fraternal ties which have bound them to their labor union for
half a cenThe U. S. Railroad Labor Board is upheld in a decision tury," it was stated, "many worn-out
employees
are
handed down this week in the test case brought by the being ordered back to service as strike-breakers underof the railroads the
penalty of losing
retirement pension, which is their sole source of income.
Pennsylvania RR. against the Board, according to the
"Reports coming from
press dispatches from Chicago, which state that the Circuit unsciupulous executives various railroads of the country show that certain
are now ordering these old pensioners
Court of Appeals there reversed on July 20 the decision to work, with the alternative of losing their entire pension. On to return
the other
hand, if the act as strike-breakers, they
be expelled by their brotherpreviously given in the case (April 22) by Judge Page in hoods."
the U. S. District Court at Chicago. The road had sought
The statement said members of the "Big. Four"
,
brotherhoods were
an injunction to restrain the Board from issuing an order "heartily in sympathy" with the striking shopmen, but had been "ordered
by their officers to perform scrupulously all their usual
duties under the
criticising jt for failure to observe decisions of the Board terms of their agreements with
the railroad companies."
and had been upheld by the lower court. Regarding the
decision handed down on the 20th inst. the Chicago advices
SAMUEL.GOMPERS ASSERTS WALL STREET DOMINA
.
to the New York "Times" state:
TION AND COURT GOVERNMENT ARE ELEThe claim
of the Railroad Labor Board to possess the power of criticism
those who ignore its decisions appeared to be upheld'to-day in a judgment rendered by Justices Baker, Altschuler and Evans in the Federal
Court of Appeals, reversing the decision of Federal Judge Page in the test
case of the Pennsylvania Road in connection with a decision of the Board.
The decision, in effect, not only restores props that had been knocked
from under the labor unions, but it removes a grievance that railway shopmen have nursed for months.
In a controversy between the Board and Pennsylvania RR, Judge Page
had ruled that the Board was not an integral part of the Governmen
t,
was a corporate body, and therefore could sue and be sued.
The decision has an important bearin I on the present railroad strike inasmuch as the original dispute involved th forming of a "company union" by
the Pennsylvania, which refused to meet unions of the federated shop crafts.
The railroad insisted that it had the right to deal with its own employees
and Judge Landis supported this contention by granting temporary ina
injunction restraining the Labor Board from criticising the actions of the
railroad in connection with the company union matter. Later Judge Page
made the injunction permanent.
In his decision Judge Page ruled that the Railroad Labor Board had
exceeded its authority and had jurisdiction only in cases directly concerning
wages and working rules.
The decision was appealed by Solicitor General Beck, who contended that
It would invalidate hundreds of the Board's rulings. To-day's action of the
Court of Appeals, it was predicted, will invalidate the wage agreement
which the Pennsylvania RR. recently announced it had made with its shop
employees, because the Labor Board found that the road was dealing with
representatives of less than 15% of its employees, without considering the
sentiments of the remainder of the workers. Officials of the road this week
announced that the new wage agreements affected 140,000.
Reversal of Judge Page's rulings is held to mean that the Pennsylvania,
the most prominent carrier fostering the open shop, will be compelled to
meet with shop crafts representatives in selecting employees to meet with
its officials.
The ruling of Judge Page referred to in these columns
May 6, page 1969.
WITH IMPROVING INDUSTRIAL CONDITIONS B.
M. JEWELL SEES RAILROADS IN "HOLE"
THROUGH STRIKE.
The assertion that the striking railway shopmen "have
the railroads in a hole" is contained in a strike bulletin
issued at Chicago on July 14 by B. M. Jewell, President
of the Railway Employees' Department of the American
Federation of Labor. According to the Associated Press,
the following are the facts summarized, comprising, President Jewell said, "our strategic position":
MENTS IN RAILROAD CONFUSION.
Samuel Gompers, President of the American Federation
of Labor, in his statement last week criticising the proclama
tion of President Harding warning against interference
with train service by striking shopmen, declared "there
are
two great elements making for railroad confusion to-day."
One, he said, "is the domination of Wall Street, which means
the management of railroads first of all for financial purposes." Second, he said, "there is the Government court,
seeking to enlarge its powers and impose its will." This, he
asserted,"must give way to a resumption of the sound democratic practice of negotiation and agreement between management and workers." Mr. Gompers's statement, which
was given in part in our issue of a week ago (page 269), is
given herewith in full as published in the New York "Herald" of the 13th Inst.:
The President's proclamation of July 11, relating to the railroad
controversy, requires some comment. It is of a most unusual character.
The President enjoins "all interference" with interstate commerce, which
means railroad equipment moving from one State to another. Railroad
workers who withdrew their services have an effect on this movement of
equipment, because the equipment cannot be kept in condition to move
without
their services. All good citizens will join in the hope that there
will be no
unlawful conduct anywhere by any one, but the conduct of
armed railroad
guards has made that hope a vain hope already.
The President's proclamation contains the most important
assertion that
"the peaceful settlement of controversies in accordance with
law and due respect for the established agencies of such settlement
are essntia 1 to th security
and well being of our people."
This clearly conveys an impression
not in accord with the law. It is calculated to make a fetish of the Transportation Act
and of the Railroad Labor
Board.
The President's declaration implies
that the workers have not proceeded in
accordance with the law and that in stopping
work they have gone outside
of the law. The fact is that the
law specifically gives to the workers the
right to cease work in the event
that they cannot accept the award of the
Railroad Labor Board. The findings
of the Board are not decisions which
must be obeyed. They are awards
which the Board hopes both employers
and employees will accept, but which
neither is bound to accept.
I call attention to the fact that
92 railroads, in 104 cases, have refused to
abide by awards of the Board. In
not a single case has the Railroad Labor
Board or the Federal Government
coerced a railroad into acceptance of an
award. It remains for the Board
and the Government to attempt to coerce
the workers into acceptance of most
a
unfair and unacceptable award. The
courage and solidarity of the workers in their resistance
to arbitrary and autocratic orders is most commendable and ought
to be applauded by every libIndustrial and business conditions throughout the country are picking erty loving
American.
up strongly.
The Railroad Labor Board, in
an order issued July 3, sought to glorify and
Steel and iron production is steadily increasing and activity and prepara- authorize strike
breaking, the most despicable business in which men engage.
tions for further activity in all other lines are increasing.
The Board called upon strike-break
ers to organize, and it promised to recogDun's and Bradstreet's report steady betterment of conditions all along nize and deal
with these organizations of strike-breakers.
the line.
The President now adds his
approval to this form of activity by his referThis means that the railroads have to carry a tremendous amount of ence to the
employment of men who choose to accept employment under the
freight in the next few months. Since the beginning of the year earnings terms of
the
and business have increased tremendously over a corresponding period award as a decision as having been "necessitated." He describes the Board's
"decision," and thus adds his approval to the Board's assumption
last year.
of a
Railroad management anticipated this increased business and ordered of power which it does not possess, as well as his approval to the business
strike breaking.
100.000 new freight cars in the first six months of this year, as compared
The American Federation of
Labor at the outset branded the Esch-Cummins
with only 30,000 new cars for all of last year.
Act as wrong in principle and
doomed to failure. We have the proof in abunThe present demand for rolling stock is about 300% more than the last
dance. The law neither operates
trains nor gives justice to the workers. It
five years' average, and demand for locomotives is also increasing.
is one of the most complete
and abject failures of our time. The day must
The prolonged coal strike means there has got to be a tremendous
movement of coal between now and December in order to supply domestic come when not only employers but Governments will realize that industry
cannot be operated on the
principle of autocracy and imperialism. Condiusers, industrial concerns and public utilities.
tions cannot be imposed upon
Over a week ago the United States Geological Survey reported that
workers when those conditions are not satisexisting coal reserves are the lowest they can possibly go without factory to workers. It matters not whether those who seek to enforce such
the
imposition are employers or Government
endangering the future regular supply.
courts and commissions. These latter customarily speak with
the voice of employers offering the terms of emThe threatened strike of seamen on the Great Lakes, if it happens, will
ployers. It is desirable that American railroads operate
probably throw still more burden of moving coal on the railroads.
continuously, but
not at the price of the sacrifice
of manhood and of justice.
The latest reports of the condition of railroad equipment, those for
April, show the percentage of bad order locomotives ranging from 12%
Wall Street.
on the L. & N. to 39% on the M. K. & T., and bad order cars from 5%
There are two great elements making for railroad confusion to-day.
One
on the Norfolk & Western to 38.2% on the Pittsburgh & Lake Erie.
is the domination of Wall Street, which means the managemen
t of railroads
400
THE CHRONICLE
[VOL. 115.
be managed voice in the determination of terms and conditions under which theyrshall
first of all for financial purposes. Railroads must eventually
seek- give service and to prevent workers from withdrawing their service where
from the standpoint of service. Second, there is the Government court,
a re- they cannot agree to terms and conditions proposed by employers.
ing to enlarge its powers and to impose its will. This must give way to
This is not an issue upon which there can be compromise. The cleavsumption of the sound, democratic practice of negotiation and agreement ben,
age is sharp and clear. The Industrial Court, the Industrial Commissio
tween management and workers.
associations of workers and farmers—
on overlooks fundamentals. It is an effort to the proposals to regulate voluntary
The President's proclamati
the devices of Kings and Chancellors to hold subjects in submission
sanctify and crown with power the Railroad Labor Board. It is a denial of these are
humility; they cannot be tolerated by free men.
democratic methods. It is an effort to perpetuate the impossible. The one and
Wages Versus Profits.
way to operate the railroads in safety is to revive joint negotiations, bring
wages.
justice to the workers and thus make possible a condition of safety of rail"Labor for its service to the community as a producer, receives
road equipment. The public is endangered not by what the workers may do Manufacturers and merchants for their services receive profits. Those who
but by railroad equipment that is going from bad to worse and that cannot favor the character of legislation under consideration allege that the welbe kept in repair except by the constant attention and effort of the men who fare of the community justifies the State in determining maximum wage
rers and mernow find it impossible to work.
rates. Were the same principles to be applied to manufactu
returns, manufacturchants and a maximum price were to be placed on their
had dared to authorers and merchants would sweep out of office those who
industry
"PROPAGANDA FOR INDUSTRIAL FEUDALISM HAS ize the State to fix maximum prices and maximum profits in private
and commerce.
FOUND ITS WAY INTO THE WHITE HOUSE,"
the officers and the Executive Coun"Your committee therefore commends
enactment of this
SAYS REPORT OF AMERICAN FEDERcil for their vigorous, unceasing efforts to prevent the
to focus the public
OF LABOR.
ATION
species of vicious legislation, and for its untiring efforts
rights and liberties of
mind upon this unwarranted encroachment upon the
A report by a special committee on the subject of indus- the people in the States of Kansas and Colorado. Your committee urges
trade unionists,and by all friends of
trial courts was made to the executive council of the Ameri- that renewed energy be displayed byStates of Kansas and Colorado, to the
democracy in the
can of the American Federation of Labor on June 25 fol- liberty, justice and
in those States may be
end that the oppressive and restrictive laws enacted
lowing the annual convention. The report declared that repealed at the earliest possible moment."
"propaganda for industrial feudalism supported by political
bureaucracy has found its way into the White House."
"We make the definite statement," said the report, "that
the campaign for establishment of so-called industrial
courts and commissions is the result of the conniving and
designing of financial, commercial and industrial interests
for the definite purpose of defeating the legitimate aspirations of the workers." The report, prepared by a committee
of labor leaders selected by Samuel Gompers at the direction
of the Federation's convention, attacked President Harding's
proposal for the regulation of trade unions and said that "it
is most regrettable to note the utterances of the President
of the United States wherein he disapproves labor's reluctant
but necessary resort to the right to strike against industrial
oppression." The report was further quoted in press dispatches which had the following to say:
GASOLINE
STANDARD OIL COMPANY ON FIXING OF
PRICES—SENATE INQUIRY.
StandUnder the head "Are Gasoline Prices Too High" the
in the June number of its publicaard Oil Co. of New Jersey,
which has
tion "The Lamp," refers to the investigation
ken into the prices of gasoline in response to
been underta
"the
the Senate resolution. According to the company,
of the gasoline situation is this: The price is not fixed
crux
comby the Standard Oil Co. (N. J.) or by any other large
is
pany nor by any association or group of companies. It
by the consumer and expressed by demand." For
fixed
some time, the article states, "there has been a sub-normal
demand for everything but gasoline. The result has been
of
to force prices of the other products below the actual cost
production. . . . Recent increases in gasoline prices were
degree
made by all companies, to substantially the same
time, not through any agreement or
and about the same
understanding, but because the universal demand carried
the refiner."
up prices asked by the primary market, which is
present level for gasoline, which
It is added that "at the
a fair profit
many people believe to be excessive, there is not
a barrel of crude oil." The article follows: that
in running
public of a.feeling
Pointing out the alleged failure ofthe Kansas Court ofIndustrial Relations
to keep the wheels of industry moving and prevent the coal miners' strike,
the committee asserted that "it is evident that the legislative representatives
of the people of New York were not misguided by the combination of political ambition and private greed in the campaign to secure similar legislation
In that State."
The reference was to the Duell-Miller bill, proposed by the Board of Trade
and Transportation of New York City. Declaring that there can be no
compromise an these issues, the committee urged the Executive Council to
to continue to lead organized labor in its fight against compulsory incorporation of trade unions and that "renewed energy be displayed by trade
unionists and by all friends of liberty, justice and democracy in the State
of Kansas and Colorado to the end that the oppressive and restrictive laws
enacted in these States may be repealed at the earliest possible moment.
Says Courts Cannot Move Industry.
Dealing with the Kansas Court of Industrial Relations law, the Colorado
Industrial Commission law, proposed compulsory incorporation of trade
unions, President Harding's proposal to regulate trade unions and the
attempt made in New York to secure enactment of a law similar to the
Kansas law, the report said:
"Interwoven throughout all of these legislative enactments and legislative proposals is the insidious attempt to extend the doctrine of conspiracy to the whole trade union movement, and thus to prevent the
constructive, effective .and efficient application of the principles of
organization and co-operation by wage earners. Whatever else may be
said of the Kansas Court of Industrial Relations law, the fact remains that
the wheels of industry cannot be moved by anti-strike legislation any more
effectively than coal can be dug by injunction.
"The experience had with the Colorado Industrial Commission law
demonstrates even more clearly the real viciousness and futility of legislation of this character. Instead of snaking for peace and tranquility, it
necessarily aggravates and intensifies industrial conflicts.
"It is evident from the report of the Executive Council that the legislative representatives of the people of the State of New York were not
misguided by the combination of political ambition 'and private greed in
that State.
the campaign to secure similar legislation in
"It would seem that the propaganda for industrial feudalism supported
however, found its way into the White
by political bureaucracy has,
of the President of
House. It is most regrettable to note the utterances
s labor's reluctant but necessary
the United States wherein he disapprove
oppression.
resort to the right to strike against industrial
a most appropriate utterance
"It may be well to recall in this connection
President. Abraham Lincoln said:
upon the same subject by another
prevails under which laborers can
"'I am glad that a system of labor
are not obliged to work under all
strike when they want to, where they
work whether you pay them for it or
circumstances, and are not tied to
man quit when he wants to, and I wish
not. I like a system which lets a
want a man to have a chance to better
It might previal everywhere. I
system. I am not ashamed to confess
his condition. That is the true
was a hired laborer.'
that twenty-five years ago I
that we oppose these proposals for com"It is for no arbitrary reason
created by the State. It is because of the
pulsory submission to tribunals
involved and because of the utter failure of such
fundamental principles
peace, freedom or justice.
Institutions to promote either
statement that the campaign for establishment of
"We make the definite
commissions is the result of the conniving
so-called industrial courts and
commercial and industrial interests for the
and designing of financial,
legitimate aspirations of the workers.
definite purpose of defeating the and of these institutions either to limit
"It is the aim of this campaign,
rights. These rights we cannot surrender
or to destroy constitutional
To submit to the imposition of industrial
without surrendering everything.
to freedom and to accept enslavement.
courts means to abandon the road through many proposals the campaign of
'Prom the many direction and
industrial interests makes itself evident.
organized financial,commercial and
workers of all opportunity to exercise a
The whole object is to deprive the
part of the
In response to manifestations on the
demand for gasoline by pushrefiners have taken advantage of the summer
level for crude oil, the Senate of
ing the price up on the face of a stabilized
13th a resolution calling upon the Comthe United States adopted on May
investigation and make a report.
mittee on Manufactures to conduct an
summarized under nine heads as
The questions raised in the resolution are
follows:
hand at the present refineries in 1920-21
1. The stock of crude oil on
and 22.
various months of said years.
2. The price of crude oil in the
during the same years.
3. The stocks of gasoline
prices in these years to the prices of the crude.
4. The relation of gasoline
by several companies or
5. Have recent increases in gasoline been made
the prices demanded by all refiners?
has there been any uniformity in
or substantially the same
the same time
6. Were these prices put in at
time?
companies
7. Has there been any understanding between the various
to raise prices?
an increase in gasoline?
8. Is there any natural reason for
prices of gasoline
9. Give such facts as bear upon the present increase in
the decreased price of crude oil.
in view of
of a large
Replies to these questions will put the Committee in possession
understanding of the
amount of valuable data essential to a thorough
the public, impatient
true position of the petroleum industry to-day, but
interested in the answer
of statistics and ancient history, would be more
to a tenth question worded as follows:
unreasonable profit
"Are the gasoline refiners and marketers making an
d?"
at the higher levels recently establishe
d at a level which
Prices of the products of any industry must be maintaine
individuals engaged in it, prowill allow a fair profit to the companies or
organized. If for any reason
vided theirs is an essential business efficiently
of service, the consumer will suffer.
or another prices run below the cost
been seen in the operation of some of our
An instance of that condition has
of petroleum products
railroads and rapid transit lines. In general, prices
. This fact may be
throughout 1921 were below the cost of production
y interested to analyze the annual
easily determined by any one sufficientl
The advance in the prinreports of petroleum companies for that year.
facie evidence that losses have given
cipal product this year is not prima
of refineries standing idle is evidence
way to profits. The larger number
to the contrary.
this: The price is not fixed by StandThe crux of the gasoline situation is
any other large company nor by any associaard Oil Company (N. J.) or by
It is fixed by the consumer and expressed by
tion or group of Companies.
s embarrassed by largo
demand. Last fall many refiners found themselve
capital to carry these over until busistocks and with insufficient working
a drive for business at prices made
ness might resume. There ensued
jobber's price, went
regardless of cost. The Oklahoma gasoline market,
doing so established the base price for ga,skAine
to 12 cents a gallon and in
mattered not what it was costing refiners either in
the country over. It
the market was
Oklahoma or on the Atlantic seaboard to produce gasoline;
fixed by the refiners' necessity.
into money, the seasonal
With their surplus stocks largely converted
with the approach of the
demand for gasoline was again experienced
the same people who had
summer of 1922. In the space of a few weeks
established the price of 12 cents ppt it up to 19 cents in Oklahoma,or the
JULY 22 1922.]
THE CHRONICLE
equivalent of abut 25 cents at the Atlantic seaboard, taking
in freight
charges. That was the reflection of the working of the simplest economic
law, uninfluenced by any of the considerations raised
in the Senate's questionnaire. The article in question might just as well have been strawberries or cotton. When more of a product is offered than
the public will consume,the price falls in the effort of each producer to mave his stock. When
the demand reappears he follows it up with an advance in
prices in an effort
to recoup his losses.
However, there is another important consideration with which the public
Is not conversant. That is the disparity between
prices for gasoline and
the other products obtained from the crude oil. If the demand for refined
products were balanced, so that all of the refiners' output could be sold
at fair prices, it would not be necessary to get the presentfigures for gasoline.
Crude oil yields a fairly definite ratio of different products and it is not
possible to vary this greatly to meet an increased call for any one of them.
A 42-gallon barrel of petroleum from the Mid-Continent
field, for example,
run through a complete refinery, as distinguished from skimming plant,
a
yields approximately 10 gallons of gasoline,8 of refined oil,
3 of lubricating
oil, 1 of wax, 12 of gas oil, and 6 of fuel oil, with a losss of 2 gallons. Theoretically, the cost of crude, its transportation, refining and marketing
expenses, provision for amortization and an allowance for profit should be
allocated among the 6 products listed so as to let each bear its proper share.
When one of these products does not find a market, the refiner must increase
the prnortion borne by the others.
For some time there has been a sub-normal demand for everything
but gasoline. The result has been to force prices of the other products
below the actual cost of production. If the refiner must find storage for 8
gallons of refined oil for evety 10 gallons of gasoline he can sell, his financial
problem becomes extremely serious. If instead of selling his wax at the
equivalent of 33 cents per gallon he has to practically give it away or let
It run into the residue to be burned under the boilers, he must obtain a higher
price for his saleable products.
Recent increases in gasoline prices were made by all companies, to substantially the same degree and at about the same time, not through any
agreement or understanding, but because the universal demand carried up
prices asked by the primary market, which is the small refiner. At the
present level for gasoline, which many people believe to be excessive, there
Is not a fair profit in running a barrel of crude oil. The industry hopes that
the demand for other products than gasoline will improve so that the costs
of refining will be more evenly distributed. An alternative
is the further
development of processes to increase the gasoline yield.
401
Although the prices of high grade crude petroleum were lower in Montana
and Wyoming than in any other crude-producing States in the country,
the
refinery prices of gasoline and kerosene were much higher than at Mid-Continent refineries. The Midwest Refining Co. is owned by the Standard
011
Co. (Indiana) and produces more than 90% of the gasoline and
kerosene
refined in the entire Rocky Mountain territory. The Midwest
Refining Co.
also charges higher prices for gasoline shipped into Montana and adjoining
Rocky Mountain States than for shipments made in States adjacent
to the
Mid-Continent oilfield.
The unsatisfactory situation in Montana and adjacent Rocky
Mountain
States is evidently due to the fact that the oil trade in this region
is practically monopolized by Standard Oil interests. The producer of
crude petroleum and the consumer of gasoline are both
at the mercy of the Standard.
This monopolistic position was perfected
in 1920 and 1921, when the Standard Oil Co. (Indiana) secured control of the Midwest Refining Co.
and acquired a one-half interest in the Sinclair Pipe
Line Co., and the Sinclair
Crude Oil Purchasing Co. Sinclair interests
have recently obtained important leases in the Teapot Dome of the Salt
Creek field in Wyoming. Standard companies now dominate every branch
of the petroleum businesss of the
entire Rocky Mountain region.
The conditions in other sections of the
country are not radically different
from those in the Rocky Mountain region.
To-day the entire country is
divided into 11 Standard gasoline marketing
territories in which a Standard
marketing company is the dominating factor
and in which there is no real
competition between the various Standard units.
This monopolistic situation
is possible under the terms of the Standard
Oil dissolution decree, by which
the different Standard companies are, for
legal purposes, supposed to be
strangers to each other, but, there is, as is generally
known, an interlocking
stock ownership in the different organizatio
ns which has perpetuated the
very monopolistic control which the Court
sought to terminate.
The Commission is of the opinion that this
situation cannot be effectually
remedied by existing laws and that adequate
relief can only be secured
through additional legislation. It recommends,
pass a law prohibiting Common stock ownership therefore, that Congress
in corporations which have
been members of a combination dissolved under
the Sherman Law.
APPEAL BY AMERICAN FEDERATION OF
LABOR TO
WORKERS TO AID IN SHOPMEN'S DISPUTE—
STRIKE AGAINST WALL STREET.
Several edicts by the Executive Council of the American
Federation of Labor incident to the railway shopmen's
strike
have been promulgated this week. On the 19th inst. an
appeal issued by unanimous vote of the Executive Council
and
over the signatures of all members of the Council, including
Samuel Gompers, Federation President, was forwarde
d to
every labor organization in the United States, to every labor
publication, and to all organizers of the Federation. It
appealed "to all workers everywhere to support the railroad
workers in their efforts to obtain a Just settlement of
the
railroad shop trades' dispute." The appeal said:
The original resolution of May 13 calling for the inquiry.
into the prices of crude oil and gasoline, and the later one of
June 5 broadening the scope of the inquiry, were referred
to in our issues of May 27, page 2306, and June 10, page
2538. The sub-committee named to conduct the investigation consists of Senator LaFollette, Chairman; Senator
McNary (Ore.), Senator Rawson (Ia.), Senator Smith
(S. C.) and Senator Jones (N. M.).
On June 23 it was announced that the Committee had
decided to submit questionnaires to every branch of the
crude oil and gasoline industry. Senator LaFollette, Chairman of the sub-committee, on July 3, made an announcement
We call upon working people everywhere and upon all Americans
concerning the schedules or questionnaires. These schedules, justice to sustain the cause of the railroad workers who have ceasedwho love
work as
copies of which are made public, are intended to cover their only remaining method of protest against an injustice which must rank
as one of the most reprehensible which any American industrial or
political
prices, organization and business and financial conditions. institution has ever sought to impose.
No workman, whether a member of a union or not, will, if he
The questionnaires have been sent to more than 350 comis possessed
of
panies, covering all the large refineries, producing and ontrue American manhood, engage in any work formerly done by men now
strike.
principal marketing companies. Senator LaFollette's anNo man now on strike will, if be is true to the cause,
conduct himself in
any but a law-abiding manner.
nouncement said:
These schedules are framed with the view of getting from the companies
the latest and most complete information on the subject covered
by the resolution. The purpose of the schedule on prices is to determine
the prices
paid by refineries for the crude or raw material and the prices
revised by
them for the finished products resulting therefrom after
the refinery operations. Its purpose is also to bring out the tank wagon
prices of gasoline
and Kerosene and the differentials existing between said
prices and the retail
or service station prices.
The shedule on organization and business is intended to
develop the intercorporate relations, if any, existing between the various
companies engaged
In the oil business, also to develop any common stock
ownership that might
exist together with any strong connectim existing by virtue
of any financial
relationship.
The financial schedule is intended to develop the financial condition of the
companies in the various branches of the oil business during the period mentioned, also to bring out the profits made in the industry during this period.
These questionnaires were sent to something over 350 companies, covering
all the large refineries and producing companies and the principal marketing
companies. The questionnaires were accompanied by a copy of the resolution and a letter of explanation,so that the companies might be fully informed respecting the scope and purpose of the investigation. They were all
mailed last week, and the companies wore requested to have the desired
nformation in the hands of the committee not later than July 15.
•
FEDERAL TRADE COMMISSION'S REPORT TO
CONGRESS ON CONDITIONS IN PETROLEUM
TRADE IN WYOMING AND MONTANA.
The Federal Trade Commission on July 13 sent to Congress
a report on conditions in the petroleum trade in Wyoming
and Montana. This report summarizes the important facts
developed through an inquiry into the conditions of the
petroleum trade in those States made pursuant to a complaint
of the Montana State Railway Commission regarding
gasoline prices. As to the information contained therein a
statement issued by the Commission says:
The margins between the wholesale and retail gasoline prices at numerous
Points in Montana,ranged from 5 to 10 cents per gallon, but these unusually
large margins were in all cases obtained only by the smaller retailers.
The
wholesale and retail prices of the largo marketing companies were usually
Identical at points taking the same freight rates and price changes were
made
by them at practically the same
time. No evidence was found, however,
which indicated a conspiracy among
these large companies to fix prices.
The cause for which the workers are contending is
worthy of every just
and proper effort that can be put forth in its behalf.
Let there be a determination and a solidarity waich
shall, at the same
time, bring victory in the present struggle and servo
notice upon reactionary
employers and financial interests everywhere that
there is to be no return
to autocratic, despotic methods in American industrial
life.
A "proclamation of facts" which the Xew
York "Times"
announced on July 18, has been issued by the Executiv
e
Council of the American Federation of Labor,
speaking for
and in the name of the Federation, construe
s the action "on
the part of the Railroad Labor Board as an
effort to assist
the general movement of Bourbon employers
and reactionary financial interests to destroy the voluntar
y organizations
of the workers." The Presidential
proclamation of July 11
is construed as of the same character
, and the strike is declared to be "against the Wall Street
interests and their
hirelings, the managers who control the railroads
of the land
and not against the United States Governme
nt." The following account of the "proclamation
of facts" is taken from
the "Times":
The "proclamation," adopted
in the form of a resolution, has been sent
to all national and internation
al unions and all city central labor bodies
throughout the United States.
The "proclamation" in part follows:
"Whereas, there is misrepresen
tation of the cause of the railroad workers
now on strike against the
nation's most powerful combination of financial
and economic strength, be
it
"Resolved, by the Executive
speaking for and in the nameCouncil of the American Federation of Labor,
of the American Federation of Labor, that
the following proclamation
of facts be issued to the workers and to the
pe?ple of our country
,
generally:
The workers engaged in the
present struggle. are in no sense engaged
in a conflict against the
Government of the United States, and we denounce
most vigorously the efforts that
appear as if the
Government is being attacked.have been made to make it
"The workers have ceased
Labor Board has
made an award in response work because the Railroad
to a plea by the railroads putting into effect
terms and conditions of employmen
t sought by the railroads and which the
workers are unable to accept.
"The stoppage of work can be ended at any moment through joint
negotiation between the
workers.
The conduct of railroad railroad managements and theWall Street* * *
control
managements
of the railroads. The great majority is,the result of
of railroad executives would long since
have.come to an amicable agreement
workers were it not for the
fact that the Association of Railroad with the
Executives is absolutely dominated
by a small minority representing
allied financial interests of Wall
Street. It is a fact that more thanthe great
100 railroad directorships are controlled
by a group of about twenty-five of the most powerful financial magnates
402
THE CHRONICLE
In Wall Street, and that this same concentrated power extends in like manner
into practically every industrial field in the country. Boards of directors
of various New York banks control 270 directorships of 93 class one railroads. * • •
"This control extends not only to- the various railroad systems but also
to the chief industries of the country which furnish the railroads with fuel,
material for maintenance of way and equipment, new equipment and other
*
supplies. *
"Thomas de Witt Cuyler and W. W. Atterbury (of the Pennsylvania
RR handmaiden of the United States Steel.) and L. F. Loree (President of
the Delaware & Hudson RR.), who are at present leading the attack upon
the organized employees of the road, both before the country and the Railroad Labor Board, are members of this railway committee of the combine.
* * *
"By various devices and largely by virtue of the Government guarantee
* * * millions upon millions of dollars have been taken by the railroads
from the United States Treasury. The findings of the Inter-State Commerce Commission and of the Railroad Labor Board clearly indicate the
accuracy of the statement that approximately $2,000,000,000 a year are
wasted by mismanagement, by improper financing and by useless duplication of effort. * * *
"The decision at this time to reduce the wages of the workers is an effort
to take from their pockets the enormous sums hitherto provided by the
Government to cover the cost of railroad waste, extravagance and high
financing. * *
"It is well enough to urge the need of continued transportation facilities
in the interests of the general public, but it cannot be in the interest of the
general public to continue further and further the enslavement of free
workers * * * to earn dividends and profits for a few. * * *
"We point to the fact that the railroads have ignored decisions of the
Railroad. Labor Board. * * * We repeat that in none of these cases
has there been the slightest effort on the part of the Government to coerce
railroad managements into acceptance of displeasing awards. On the contrary, in one case the Pennsylvania RR. obtained an injunction which prevented the Railroad Labor Board from enforcing or even publishing the
decision. The Government, by its silence, has been a party to the conduct
ofthe railroads in ignoring the awards ofthe Railroad Labor Board. * * *•
"On July 3 the Railroad Labor Board adopted a resolution which it has
since neither rescinded nor modified, declaring that the recognized national
organizations of railway employees who have suspended work have ceased
to represent those classes of employees, and calling upon non-union men
employed by the carriers to form organizations which would be recognized
by the Railroad Labor Board. * * *
"We construe that action on the part of the Railroad Labor Board as an
effort to assist the general movement of Bourbon employers and reactionary
financial interests to destroy the voluntary organizations of the workers.
* * *
"We construe the Presidential proclamation issued on July 11 as of the
same character. * * *
"We call attention to the abject failure of the Railroad Labor Board and
to every other court or tribunal established by law to make strikes either
unlawful or impossible. * * *
"The fact that any organizations affiliated with the A. F. of L. have not
participated in the strike up to this time in no way lessens the justice of
the cause for which all other affiliated unions are striking. * * *
"Let there be no mistake: This is a strike against the Wall Street interests and their hirelings, the managers who control the railroads of the
land and not against the United States Government, The Railroad Labor
Board is not a judicial, executive or legislative branch of the Government.
It is purely an advisory and recommendatory body and the public has had
no choice in the selection of the personnel nor has the public any control
over any of its members."
The proclamation is signed by: Samuel Gompers, President; Frank Morrison, Secretary; James Duncan, First Vice-President; Joseph F. Valentine.
Second Vice-President; Frank Duffy, Third Vice-President; William Green,
Fourth Vice-President; W. D. Mahon, Fifth Vice-President; T. A. Rickert,
Sixth Vice-President; Jacob Fischer, Seventh Vice-President; Matthew
Woll, Eighth Vice-President; Daniel J. Tobin, Treasurer, Executive Council, American Federation of Labor.
[VOL. 115.
people.
"These powers and functions are of the most vital interest to the
who are affected by everything which tends to impair its capacity to adequately discharge its duties and perform its functions under the Constitution. That capacity must bear a close and direct relation to the responsibility which is placed upon members of the Legislature by the Constitution
for legislation enacted by them.
"When, therefore, the Legislature instead of enacting legislation in
its
accordance with its wisdom and experience and with a just regard for
reresponsibility, merely initiates or proposes legislation and refers all
to the people, it violates both the plain
sponsibility in connection with it
letter and the spirit of the Constitution.
the
"It was contended that the Act was complete when signed by
the
Governor, and that the referendum was merely a 'contingency' upon
effect. That proposition or
happening of which the Act was to take
supplying
formula is but a device, a more fiction, born of the necessity of
crystalized
some reason for recognizing and conceding the legal principles
and
in the maxim 'delagate potestas non potest delagarc 18 C. J. 471 N 92
them.
at the same time upholding an Act which in terms violated
of the
"This Act by its terms is not to become a law unless a majority
Constitution no
voters approve it, otherwise it is to be void. Under the
is approved by
Act is to become a law unless it passes both houses and
does the
the Governor or passed over his veto. How or in what way,then,
differ from that
legislative power given to the Legislature and the Governor
expressly the power
given by this Act to the people. The people are given
law. If that is not
of determining whether the act shall or shall not be
legislative power, what is it?
not legislative in its
"There are cases which hold that such a power is
prepared to adopt the
character, but for reasons already given we are•not
feel that they are
principles or the reasoning of such cases, because we
therefore, of the opinion
fundamentally unsound and fallacious. We are,
the Constitution
that the referendum section of the Act is in conflict with
of the State and therefore void."
Mindful of Veterans' Claims.
sacrifices which
The Court then expresses keen consciousness of the
War.
soldiers, sailors and nurses of the State made in the World
legislation, through
"It is unfortunate," the decision reads, "that this
claim, must
which the State attempted in some measure to recognize that
of the law.
fall. But so long as we are entrusted with the administration
we must be bound by the law."
and the
The order appealed from will be reversed, the opinion states,
case remanded in order that the writ of mandamus may be issued.
Veterans to Draft Another Bill.
•
Herbert L. Grymes, Chairman of the Legislative Committee of the
Maryland Department American Legion, said the Legion and the Veterans
of Foreign Wars immediately would begin work on another bill, without
referendum, to be presented to the next Legislature. No further appeal
will be taken, he added.
of
"The new bill will be designed to meet the objections of the Court
Appeals to the law just knocked out," Mr. Grymes said.
Might Yet Get On Ballot.
pointed out,
Another means of getting the bonus bill on the ballot, others
to the Secretary
would be a petition with 10,000 signatures to be presented
amendment to the State Constitution,
of State, under the referendum
to think that the
calling for a referendum on the question. Some seemed
advance of the next
Legion would not take this step unless it learned in
If the bonus question
Legislature that a bonus bill was unlikely to pass.
will be raised in the election
come to this point, it is said, the issue probably
of the members of the next Legislature.
Drys Vindicated, They Say.
League when word came
There was joy in the office of the Anti-Saloon
The joy was not because
that the bonus bill was held unconstitutional.
Court, in its decision, upheld
the Act was knocked out, but because the
nt, and
opinions previously expressed by George W. Crabbe, Superintende
League.
J. Bibb Mills, attorney for the
"Practically the same issue was involved in the bonus bill as in amendenemies of prohibiment to the State-wide enforcement measure that the
we all held that it would
tion attempted to tag to it," said Mr. Mills, "and
test."
not stand a Constitutional
MARYLAND COURT OF APPEALS HOLDS SOLDIER
BONUS LAW INVALID BECAUSE OF REFERENDUM
PROVISION.
Judge T. Scott Offutt of the Maryland Court of Appeals,
on July 18 handed down a decision reversing the ruling of
Judge Charles F. Stein in the case of Harry 0. Brawner vs.
Board of Election Supervisors of Baltimore City (V. 115,
p. 206), and holding that the Soldiers' Bonus Act passed
by the last Legislature is unconstitutional on the ground
that the provision for a referendum of the $9,000,000 bond REMOVAL OF AMERICAN BANKERS ASSOCIATION
issue is in violation of the methods of law-making provided
HEADQUARTERS OPPOSED.
In the Maryland Constitution. The Baltimore "Sun" of
[Reprinted from "The Bankers Magazine, New York, for July.]
July 19, in its account of the decision says:
From the office of the American Bankers Association
The decision, prepared by Judge T. Scott Offutt, turns entirely upon
the point that the Legislature is without authority to pass a general law
carrying a referendum to the electorate of the State. It was deemed by
the Court unnecessary to pass upon other constitutional questions raised.
The Court's action will prevent the placing upon the ballot this fall of a
proposition for a $9,000,000 State bond issue, proceeds of which would be
paid in various forms to former service men.
After some discussion of the referendum practice as applied to laws local
in character, as compared with those of State-wide application, the decision
reads:
"Coming back to the main proposition, in our judgment, the Legislature
had not the power to submit the Act in question to the qualified voters of
the State for their approval or disapproval, and we rest our conclusion
Upon two grounds, one, that the people of Maryland having delegated to
the Legislature of Maryland the power of making its laws, that body could
not legally or validly redelegate the power and the authority thus conferred
upon it to the people themselves; and, two, that the people of the State.
from whom the Legislature itself derives its powers, having prescribed in
the Constitution of the State the manner in which its laws shall be enacted,
It is not competent for the Legislature to prescribe any other or different
way in which its laws may be enacted."
dealing with referendum provisions,
The decision then quotes many cases
the making of laws in Maryland
after which constitutional provisions for
comes a proposal to remove the headquarters of that organization from New York to Washington. The suggestion for
in
this change was made by President Thomas B. McAdams
report at the meeting of the executive council, recently
his
held at White Sulphur Springs, W. Va. He gave these reasons
for the change:
it does
representing as
I want to see the American Bankers Association,
constructive policies for the
every class of our citizenship, fostering sound and
not act indevelopment of business and finance. In order to do this we must
toward the same
dependently of other great interests in this country, working
as to eliminate conflict and
ends, but should so establish our points of contact
the success of our policies
create a spirit of co-operation which will insure
of all the people. We
when founded upon sound principles and in the interest
kept in touch with
must devise some plan by which we may be continuously
which are more and more
movements
all the great national and international
capital.
concentrating in the nation's
to move the headquarters to
A few years ago a movement was started
Washington. It met with strenuous opposition, the opponents urging such a
organization. Since that time
move would make of our association a political
Other great organizations, recognizing
the situation has changed materially.
in close contact with the adthat their work could only be done effectively
are cited.
and legislative branches of the Government, have established
consideration," the ruling continues, "the Legis- ministrative
"But in the Act under
and are rendering a great service to the nation in ascondition to the passage oflegislation permanent homes there,
administration in their initial stages. The preslature has added a new qualification or
anything in the Constitution. That is, sisting both legislation and
in addition to and entirely dehors
in Washington has never been questioned. They
under consideration has passed both ence of these organizations
It provides that although the Act
the life of the national capital, and their assistance, their sugthe Governor, it shall not become a law form a part of
houses and has been signed by
gestions and their willingness to help are appreciated by all those interested
the qualified voters of the State approve it.
unless a majority of
country.
not in any way to amend the Constitution, in the upbuilding of this
"The effect of that provision is
all real responsibility for the legislation
The statement that the location of the headquarters of
but to violate it. It takes away
where it was placed by the Constitufrom the Legislature and the Goverpor,
other great business organizations at Washington "has never
'majority of the qualified voters.'
tion, and places it upon an anonymous
" is certainly subject to
qualificais perhaps the most important department of the State been questioned
"The Legislature
extensive and even plenary powers of tions. Both in the debates in Congress and in the newspagovernment. It possesses the most
and limited only by the State and Federal
law-making, and is restrained
pers their presence has been seriously attacked.
Constitutions.
important
JULY 22 1922.]
THE CHRONICLE
403
President McAdams thus explains why the existing meth- Powell of Powell & Silver, of 51 Chambers Street, argued the appeal for the
corporation. The court annulled the determination of the Commission and
ods of dealing with legislative matters are objectionable:
On the other hand, if our association be represented in Washington through
a committee interested in a specific piece of legislation, our influence is immediately discounted by the assumption we never go to Washington except in
advocacy or opposition to a pending measure or a possible ruling by a department official. When we do appear we are accused of conducting a lobby in
our own selfish interest. The only motive which should actuate this council
in this or any other question is its effect upn our assocation's ability to aggressively and intelligently serve its members and broaden its field of influence in behalf of the public good. The movement of our headquarters to
Washington is the greatest single contribution this council will have the
privilege of making to financial America.
This proposal represents another of the all-too-frequent
movements to put the Government further and further into
business. It is a deplorable tendency, and one which should
receive no countenance from the bankers of the United
States. Washington is already honeycombed with business
organizations whose sole object is to interfere either positively or negatively in legislative matters. Here Is the almot unending source of propaganda of all sorts with which
the country is being continually deluged. And even where
these efforts are for laudable objects, they are open to grave
objection on the ground that they afford undue advantages
to certain organized groups, compared with the interests of
other bodies of citizens not represented at Washington by an
organization.
This combining of certain interests for maintaining headquarters at Washington for the express purpose of influencing legislation is contrary to the entire spirit of our institutions. It gives a greater power to these groups than they
ought to have. And this power is almost certain to be used
selfishly.
The American Bankers Association heretofore has wisely
kept out of politics. This sound policy should be maintained. If the headquarters are moved to Washington, a
contrary departure will be indicated. Indeed, the removal
will rightly be interpreted as having been made for the express purpose of putting this great organization into politics.
We have too much politics in our banking already through
the control exercised by the Federal Reserve Board, the exofficio chairman of which is a member of the President's cabinet, and all the members appointed by the President. If the
headquarters of the American Bankers Association are removed to Washington, we shall have more Government in
banking,'and therefore more politics. The railroads are virtually managed from Washington, and we see what has happened to them. Do we wish the banks of the country also
fall under the deadly paralysis of Government and politics?
If we do not, we should not take this unwise step.
President McAdams declares that "the movement of our
headquarters to Washington is the greatest single contribution this council will have the privilege of making to financial America."
A greater contribution would be to keep the banks out of
Government and out of politics.
TAX ON FOREIGN CORPORATIONS IN NEW YORK—
SHARES HAVING NO PAR VALUE CANNOT BE
ASSESSED AT $100.
In a decision affecting the "no par value" stock law of
New York State, the Appellate Division of the New York
Supreme Court, Third Department, has ruled that:
There is no authority in the law for the assumption that non-par value
stock has a value of $100 a share for the purpose of assessing the tax under
Section 181. We think the tax to which the relator is liable under that section must have as its base actual capital of the relator employed within this
State.
The Court's conclusions, handed down in certiorari proceedings brought by the Terminal & Town Taxi Corporation,
successor to the Black and White Taxi Co., were made known
on July 10. The decision reverses the order of the State Tax
Commission, which, under the "no par value" law of 1920,
had assessed the corporation for franchise and license taxes
as though each share of the stcok was actually worth $100.
Regarding the Appellate Division's findings, we quote the
following from the New York "Herald" of July 11:
Foreign corporations operating in New York State with capital stock of no
par value will hereafter pay license taxes and minimum franchise taxes on
the basis of "actual capital employed within the State," according to a decision handed down by the Appellate Division of the Supreme Court, Third
Department, in Albany, made public here yesterday.
A section of the corporation tax laws for 120 providing that in taxation
each such share shall be regarded as having a face value of $100 was held unconstitutional, and an earlier provision omitting such designation of value
was reinstated.
Tax experts regarded the opinion as of prime importance. It was given on
the appeal of the Terminal and Town Taxi Corporation in certiorari proceedings asking a review of the assessment of the State Tax Commission of a license tax of $2,598 and an annual franchise tax of $2,083 70 for the year
ending Oct. 31 1921. Justice H. T. Kellogg wrote the opinion. Henry M.
sent the case to the Commission for "further action in accordance with this
opinion."
More than 200 corporations, chartered in some other State and therefore
technically "foreign" in New York, will be affected by the decision. These
have an aggregate capitalization of more than $500,000,000. The amount in
taxes eventually involved may run into many thousands of dollars.
"We think that the tax to which the relator (the taxi company) is liable
under that section must have as its base the actual capital employed within
this State," Justice Kellogg wrote.
The license tax, assessed when a foreign corporation first enters the State
for business, is a fee of , of 1%, computed on the capital stock utilized in
A
3
the State during the first year of business here.
The minimum franchise tax provision, to which objection also was raised,
provides that foreign corporations, with certain exceptions, shall be subject
to a minimum tax of one mill upon such portion of issued capital stock at
face value as the gross assets employed within the State bear to the gross
assets wherever employed. The section also contains a clause setting forth
that stock without par value "shall be deemed" for the purpose of tax assessment to have a value of $100.
The Appellate Court upheld the contention of Mr. Powell that if the expression "shall be deemed" means "shall be determined," the provision has the
effect of imposing a discriminatory tax.
"We cannot escape the conclusion that the expression 'shall be deemed' as
emPloyed in the provision under consideration, does have the force of 'shall
be determined,'" the opinion continues. "The compulsory valuation of $100
required by the provision as thus construed to be placed upon every share of
no par value stock is entirely arbitrary and necessarily would result in unequal taxtion.
•
"Section 214 of the Tax Law, as it read prior to the enactment of Chapter
640 of the Laws of 1920, did not contain the objectionable provision which
we regard as unconstitutional. The law then provided for a minimum tax of
not less than one mill upon each dollar of the issued capital stock of a foreign corporation apportioned to this State. It also provided as follows: 'If
such a corporation has stock without par value, then the base of the tax shall
be on such a portion of its paid in capital as its real and tangible personal
property in the State bears to its entire real and tangible personal property.'
This was an entirely reasonable provision and imposed a tax which would
bear equally upon all foreign corporations.
"Chapter 640 of the Laws of 1920, by which the unconstitutional provision above referred to was sought to be imposed, did not in express terms repeal the reasonable provision of Section 214 of the Tax Law which we have
referred to. The effect of our holding that the later provision is unconstitutional is, therefore, to reinstate the earlier provision. The minimum franchise tax imposable upon relator is, therefore, determinable by its actual capital employed within the State."
The Terminal and Town Taxi Corporation has an authorized capital stock
of $1,617,500, consisting of 15,000 preferred and 23,500 common.
Of the
former, 6,947 of $100 par value have been issued; of the common,
13,837 of
no par value have been issued. The amount paid in for the
common stock
was $117,500, or about $8 55 a share.
WAR EXCESS PROFITS TAX DECISION—TANGIBLE
PROPERTY PAID IN.
-On July 10 the Treasury Department in a decision governing war excess profits taxes, held that the paid in surplus
allowed in any case is confined to the value definitely known
or accurately ascertainable at the time the property is paid
in. The following is the decision issued in the matter:
(T. D. 3367.)
War Excess Profits Tax.
Article 836, Regulations No. 45 (1920 edition), and Article
836, Regulations No. 62, amended.
Treasury Department,
Office of Commissioner of Internal Revenue, Washington, D. C.
To Collectors of Internal Revenue and Others
Concerned:
Article 836, Regulations No. 45 (1920 edition)
and Article 836, Regulations No. 62, are hereby amended to read as
follows:
"Article 836—Tangible property paid in; value
in excess of par value of
stock.—The paid-in surplus allowed in any case is
confined to the value definitely known or accurately ascertainable at the time
the property is paid in.
Evidence offered to support a claim for a paid-in surplus
must be as of the
date of the payment. It may consist among other
things of (a) an appraisal
of the property by disinterested authorities; (b) a
certificate of the assessed
value in the case of real estate, or (c) evidenec of a
market price in excess
of the par value of the stock or shares.
Opinion evidence, expert or otherwise, of the value of
prior date will not be accepted. Retrospective appraisals property as of a
port of a claim for a paid-in surplus will not be accepted submitted in supin any case where
other reasonably satisfactory evidence is available and in any
case will be accepted only after rigid scrutiny and will be followed only to
the extent to
which their reasonableness is fully established. The property
which was paid
in is the basis of the appraisal and the appraisal must
reconcile the accounts so as to reflect accurately the actual value on the date as
of which the
appraisal is made and the depreciation sustained. Proper consideration
must
in all cases be given to depreciation and the expired and remaining
serviceable life of the property must be shown. To be acceptable retrospective
appraisals must show: (1) The history of the business and manner
in which
the information or data was acquired; (2) the manner in which the
appraisals were constructed; (3) the inventory on the date of the appraisal
in detail; (4) the date of acquisition of all items remaining in the inventory
as
of the date of appraisal; (5) the elimination from the inventory of all items
acquired subsequent to the date as of which the appraisal is made and how
this was effected (all items, the date of acquisition of which cannot be definitely determined, should be listed separately and all the facts bearing upon
the date of acquisition given); (6) the replacement cost at the date as of
which the appraisal is made of each item accepted as on hand on that date
determined upon competent data, with a statement of the method employed
in arriving at such cost (estimates
and general statements will not be accepted); (7) the rate and total amount of depreciation as shown by the'
books; (8) the rate and total amount depreciation taken upon each item inof
cluded in the appraisal for the purposes of the appraisal (if other than normal
rates of depreciation are used the reason therefor and the method of computing depreciation must be fully explained);(9) the actual cost when ascertainable of each item included in the appraisal; (10) the book value on the date
as of which the appraisal is made of all the items included in the appraisal;
and (11) a detailed statement of all plant facilities and additions, represented by capital expenditures previously written off, which were still in
use
THE CHRONICLE
404
on the date as of which the appraisal was made and all the depreciation actually sustained or accrued on such items. No claim will be allowed for paidin surplus in any case in which the addition of value has been developed or
ascertained subsequent to the date on which the property was paid in to the
corporation, or in respect of property which the stockholders or their agents
on or shortly before the date of such payment acquired at a bargain price, as,
for instance, at a receiver's sale. Generally, allowable claims under this article will arise out of transactions in which there has been no substantial
change of beneficial interest in the property paid in to the corporation, and
in all cases the proof of value must be clear and explicit.
C. P. SMITH, Aaing Commissioner of Internal Revenue.
Approved July 10 1922.
A. W. MELLON, Secretary of the Treasury.
TAX DECISION—STOCK SUBSCRIPTION
RIGHTS—COMPUTATION OF GAIN.
Under a Treasury decision made public July 8 it is held
that "a stockholder's privilege of subscribing to new shares
of stock before they are offered to the public is an incident
of his stock ownership, and the acquisition of that privilege,
while it may increase the value of the stockholder's incarest
in the corporation, does not constitute a segregation of the
profits of the corporation and is not gain, profit or income to
the stockholder." The Treasury Department's ruling is
based on a decision of the U. S. Supreme Court May 29 1922,
in the case of Joshua W. Miles, Collector, vs. the Safe Deposit
& Trust Co. of Baltimore. The several rulings of the Treasury Department are anounced by it as follows:
INCOME
(T. D. 3365.)
Income Taxes—Act of February 24 1919—Decision of Supreme Court.
1. Stock Subscruption Rights—Nature—Income.—A stockholder's privilege of subscribing to new shares of stock before they are offered to the public is an incident of his stock ownership, and the acquisition of that privilege, while it may increase the value of the stockholder's interest in the corporation, does not constitute a segregation of the profits of the corporation,
and is not gain, profit or income to the stockholder.
2. Same—Sale of Rights—Extent of Tax Liability.—A stockholder of a
corporation who receives the right to subscribe for shares of a new issue of
stock is, on sale of such right, liable to income tax on so much of the proceeds
as exceeds the cost of the right (citing Merchants Loan & Trust Co. vs. Smietanka, T. D. 3173).
3. Same—Sale of Rights—Computation of Gain.—The new shares, if and
when issued, are indistinguishable from the old shares, and as they are received by reason of the ownership of the old shares the average of the price
paid for the old shares and of the subscribing price for the new shares constitutes cost for either an old share or a new share in computing taxable gain,
following the analogy of the computation employed in the case of the sale of
stock dividend shares. On the sale of stock rights, cost and selling price are
determined by assuming that the stockholder, instead of selling his rights,
subscribed for new shares and sold them, and the gain taxable to a stockholder who sells his rights is equal to the gain taxable to a stockholder who
subscribes for a new share and sells his new share.
In ascertaining the selling price it is assumed that the stockholder, if he
had subscribed, would have refused to sell his new share for any amount less
than the sum of the subscribing figure and the prevailing price offered for
the rights, and the sum of these two amounts is assumed to represent the selling price of the stock rights. The taxable gain, therefore, is found by taking
the sum of the subscribing price and the market value of the rights and subtracting from that sum the average of (1) the cost of one old share, and (2)
the subscribing price of one new share.
4. Stock Subscription Rights—Sale of Rights—Computation of Gain.—
The acquisition of a new share by the exercise of a right to subscribe is
merely an exercise of one of the rights of stock ownership, and until the new
share has been sold no profit has been realized and there is no taxable income.
ITEMS ABOUT .BANKS, TRUST COMPANIES, ETC.
Five shares of Atlantic Safe Deposit Co. stock were sold
at auction this week and no sales of trust company stock
were made either at the Stock Exchange or at auction.
Shares. BANK—
5 Atlantic Safe Deposit Co
Low. High. Close.
95
95
95
Last Previous Sale.
Plans for the merger of the Lincoln National Bank,
formerly the Lincoln Trust Co., with the Mechanics &
Metals National Bank, received formal approval at special
meetings of stockholders of both institutions on July 20.
The completion of the merger now awaits only the official
approval of the Comptroller of the Currency at Washington,
and will probably be put into effect early next week. According to the merger details, so far as they have been made
known, three of the offices of the Lincoln will be continued
as branches of the Mechanics & Metals National Bank.
These offices are located at 204 Fifth Avenue, Broadway and
Leonard Street, and Broadway and 72d Street, and will be
of officers as heretofore, the
in charge of the same staffs
Lincoln being appointed branch
former officers of the
officers of the Mechanics & Metals National Bank. With
the Mechanics & Metals
the completion of the merger
Bank, in addition to its head office at 20 Nassau
National
offices on Manhattan Island.
Street, will have 12 branch
profits in excess of $27,000,000,
With capital, surplus and
approximately $175,000,000. Previous
its net deposits will be
in our issue of June 24,
reference to the merger appeared
2791.
page
[VOL. 115.
Edward F. Hutton was elected a director of the Metropolitan Trust Co. of this city to fill a vacancy.
A proposal to increase the directorate of The Bank of
America from twenty-two to twenty-eight members was
announced on July 16. A call has been issued for a special
stockholders' meeting to be held Friday, August 4, to consider this plan. This proposal follows the recent merger of
the Atlantic National Bank with The Bank of America.
At a meeting of the board of directors of the Columbia
Trust Co., of this city, on July 20, William A. Phillips, of
Dillon, Read & Co., was elected a director.
William A. Tischer, Secretary of the Peoples Trust Co.,
and Second Vice-President and a trustee of the Bay Ridge
Savings Bank, of Brooklyn, died suddenly of heart disease
on July 16. Mr. Fischer, who was 54 years of age, was•
born in Brooklyn. At the age of 22 he entered the employ
of the Peoples Trust Co. He was a member of the Brooklyn
Chamber,of Commerce.
Arthur S. Kleeman, formerly of the firm of George H.
Burr & Co., has become associated with the Manufacturers
Trust Co. of Brooklyn, N. Y., as a Vice-President, in charge
of their newly organized investment department.
In the near future the Bank of Coney Island, Brooklyn,
plans to begin the erection of a handsome banking home on
Thompson's Walk, 100 feet south of Surf Avenue—a site adjacent to its present building. The new building, which will
cost in the neighborhood of $200,000, will be a two-story structure and will have a frontage of 150 feet on Thompson's Walk
and a depth of 95 feet. The materials used will be terra
cotta, concrete and steel. The main banking room will have
a ceiling height of 24 feet. Two huge windows on the
Thompson's Walk side will flood the room with light. The
main entrance to the new building will be through the bank's
present building. Upon the completion of the building these
present quarters will be used exclusively by the officers of
the bank. Upon the expiration of the lease of this building,
which has a considerable time to run, the main entrance to
the new building will be built. The plans for the new building call for a special platform in the building for loading currency, bonds and valuable papers into the bank's armored
motor car. This will be vault-like in form and have direct
connection with the money vaults. Huge steel doors, equipped
with time locks, will guard the entrances to the vaults. Five
thousand individual safe deposit boxes will be installed in
the building, and there will be book and stationery vaults. A
trunk storage vault will be a special feature.
An application to organize the Bergen National Bank of
Jersey City, N. J., has been approved by the Comptroller of
the Currency. The new institution will have a capital of
$250,000, surplus of 850,000 and undivided profits of $25,000.
The stock, par $100 per share, is being placed at $130 per
share. The institution expects to begin business in September.
•
William E. Brown, until recently Vice-President and CashJuly 7
ier of the Back Bay National Bank of Boston, on
Fedpleaded "not guilty" before Judge Julian Mack of the
District Court to a secret indictment alleging misapproeral
priation of the bank's funds and was released in $1,000 bail,
according to the Boston "Herald" of July 8. Timothy F. Callahan, counsel for Brown, stated that the case sets up "only
no fraud or dishonesty"
a technical violation," that "there is
he was sure his client would be acquitted. The
and that
"Herald" went on to say:
the bank
According to the Federal attorney's office, A. Heald financed the Central
of Boston, but there
by A.
Maine Potato Co., owned and operated
voted that no more loans should be excame a time when the bank directors
tended to the company.
Brown, disregarding this vote, alThe Federal authorities maintain that
its account to the extent of $15,347,
lowed the potato company to overdraw
four $5,000 notes to cover the overdrafts,
and when the company later pledged
its representative that the bank directors
Brown is alleged to have informed
on these transactions that the indictment
would not approve the notes. It is
is based.
Recently the Back Bay National Bank brought suit for $75,000 against the
an alleged agreement to guarNational Surety Co. of New York, to recover on
it might suffer if Brown failed
antee the bank against financial loss which
the board of directors regarding the making
to comply with instructions of
of loans.
representing the bank, took the position that the surety
George L. Barnes,
company guaranteed the bank against "default, misapplication or omission"
JULY 22 1922.]
THE CHRONICLE
on Brown's part. The bank claimed in the suit that the surety company
failed to live up to its alleged agreement upon being apprised of the fact
that Brown had disregarded the direction of the directors.
Judge Wolfe of the Superior Court of Connecticut, sitting
in Bridgeport, recently issued a temporary injunction
restraining the Bridgeport Savings Bank from establishing
two outlying branches in the city of Bridgeport, one on
the East Side, in close proximity to the American Bank &
Trust Co., and the other on the West Side in close proximity
to the West Side Bank. The injunction was in answer to
a petition made to the Superior Court for a restraining
order by the American Bank & Trust Co. and the West
Side Bank, in which action the State Bank Commissioner
was made a party plaintiff and entered an appearance by
the attorney-General. The American Bank & Trust Co.
and the West Side Bank are carrying the question to the
Supreme Court of Errors in a friendly suit. The reasons
for granting the injunction are given in the following excerpt
from Judge Wolfe's decision:
It appears that there is now pending in the Superior Court at Hartford
an amicable suit, brought under the declaratory judgments law, by said
Bank Commissioner against the defendant bank, which, by agreement of
the parties, is to be reserved for the advice of the Supreme Court of Errors,
in which that court is to be asked to advise the Bank Commissioner whether
the defendant bank can legally establish and conduct banks of the character
proposed at these and other locations, separate from their main banking
house location.
In view of the uncertainty as to the legal right of the defendant to establish these outlying banks and of the pendency of the action in Hartford
County, and of the doubt existing in the mind of the Bank Commissioner
as to defendant's right in the premises and the fact that the State is asking
that one of the institutions of its creation be restrained from proceeding
until this question is disposed of by the Supreme Court of Errors, I feel that
the prayer of the petitioner ought to be granted and an injunction as prayed
for may therefore issue, until the further order of the court in the premises.
405
day, it is learned that C. E. Pennington, Assistant Cashier of
the First National Bank of Statesville, committed suicide by
shooting on the night of July 13 following the announceme
nt
of a shortage of approximately $85,000 in the accounts of,
the
Cashier, John W. Guy, Sr. A press dispatch from Washington on the same date, appearing in "Financial America" of
this city of that date, further reported that the bank had
not
been closed, the directors taking action to make good
the
shortage, and that it was expected that the bond of the late
Assistant Cashier would in large part cover the loss.
At a meeting of the directors of the Farmers & Mechanics
National Bank of Fort Worth, Texas, on June 26, it was
voted to recommend to the stockholders the increase in the
capital of the bank from $500,000 to $1,000,000. The new
stock will be offered to the present stockholders at par,
namely $100 per share. The shareholders will meet on August 5 to ratify the plan.
The Banco di Roma, Rome, announces the appointment of
Andre Hess as manager of its New York office at No. 1 Wall
Street. He was formerly Paris manager of the Mercantile
Bank of the Americas.
The Banco di Roma in New York has received cable advices from the head office in Rome that its board of directors
has decided to submit to shareholders proposal to increase
capital from 150 to 200 million lire.
The directors of the London Joint City and Midland Bank
Limited announce an interim dividend for the half-year
ended June 30 last at the rate of 18% per annum less income
The stockholders of the Bank of Pittsburgh, N. A., Pitts- tax, payable on July 15. The dividend for the corresponding
period of 1921 was at the same rate.
burgh, on July 11 unanimously
voted to increase the capital
of the institution from $2,400,000 to $3,000,000, by the
declaration of a stock dividend of 25% out of the undivided
profits. Harrison Nesbit is President.
Louis Dellone, President of the Lykens Valley Railroad
Co. and one of the founders of the Merchants' Nationa
Bank and the Central Trust Co., Harrisburg, Pa., died
July 16.
The directors of the First National Bank of Norwood,
Ohio, have declared a stock dividend of 100%, thereby increasing the capital of the bank from $200,000 to $400,000.
The dividend is to be paid out of the undivided profits account. After the dividend is paid the surplus account will
amount to $300,000. The increase was approved by the stockholders July 15. The enlarged capital will go into effect
about July 25.
• Alfred Butler, a stockholder, director, and an officer of
the Commercial & Savings Bank Co. of Bellefontaine, Ohio,
since its incorporation in 1901, died on July 4.
James M. Hays, Vice-President of the First Wisconsin National Bank of Milwaukee, Wis., died on June 30. Mr. Hays
was 50 years old. He began his banking career 35 years ago
as a messenger in the old Houghton Brothers Bank. In 1892,
when the Houghton Brothers Bank became the Central National Bank, he was made Teller and retained that rank until the consolidation in 1898 with the Wisconsin National
Bank, when Ile became Paying Teller of the latter, four years
later advancing to the position of Assistant Cashier. At the
time of the consolidation of (the Wisconsin National and the
First National banks as the First Wisconsin National in
1919 he was Cashier of the Wisconsin National, and upon the
completion of the merger he became a Vice-President of the
consolidated bank.
According to a special press dispatch from Geneva, Neb.,on
July 6, appearing in the Omaha "Bee" of the following day,
the Nebraska State Bank of Milligan has been closed by the
State Department of Trade & Commerce and E. J. Kotas and
his brother Adolph •Kotas, President and Cashier, respectively, of the failed institution, arrested. It was further
stated in the dispatch that both the accused officials gave
bail in the'amount of $10,000. Mr. E. J. Kotas, it is understood, is head of the Milligan Grain Co. of that place.
From a press dispatch from Statesville, N. C., on July 15,
which appeared in the New York "Evening Post" of the same
COURSE OF BANK CLEARINGS.
Bank clearings continue their satisfactory record of increase. Preliminary figures compiled by us, based upon
telegraphic advices from the chief cities of the country, indicate that for the week ending Saturday, July 22, aggregate
bank clearings for all the cities in the United States from
which it is possible to obtain weekly returns will show an
increase of 21.0% over the corresponding week last year.
The total stands at $7,537,073,246, against $6,224,900,212
for the same week in 1921. This is the eighteenth successive
week in which our weekly aggregates have shown an improvement as contrasted with last year. Our comparative summary for the week is as follows:
Clearings—Returns by Telegraph.
Week ending July 22.
1922.
1921.
Per
Cent.
New York
Chicago
Philadelphia
Boston
Kansas City
St. Louis
San Francisco
Pittsburgh
Detroit
Baltimore
New Orleans
:3,617,100,000
458,673,804
379,003.000
274,000,000
109,343,087
a
.125,000,000
*155,000,000
96,519,438
60,137,293
41,992,216
82,805,800,000
400,356,229
315,000,000
233,638,444
129,714,137
a
107,700,000
133,000,000
89,457,004
57,530,317
40,403,444
+28.9
+12.8
+20.3
+17.2
—15.7
a
+16.0
+15.0
+7.8
+4.o
+3.0
Ten cities, live days
Other cities, five days
$5,316,766,738
964,127,634
$4,318,599,575
868,817,269
+23.1
+10.9
Total all cities, five days
All cities, one day
$6,280,894,372
1,236,178,874
$5,187,416,844
1,037,483,368
+21.0
+21.0
Total all cities for week
$7,537,073,246
* Estimated. a Refuses to furnish f gures.
$6,224,900,212
+21.0
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
and the Saturday figures will not be available until noon
to-day, while we go to press late Friday night. Accordingly
in the above the last day of .the week has in all cases had
to be estimated.
In the elaborate detailed statement, however, which we
present further below, we are able to give final and complete
results for the week previous—the week ending July 15. For
that week the increase is 17.9%, the 1922 aggregate of the
clearings being $7,510,698,314 and the 1921 aggregate
$6,371,466,018. Outside of this city, however, the increase
is only 9.4%, the bank exchanges at this centre having recorded an expansion of 24.9%. We group the cities now
according to the Federal Reserve districts in which they
are located and from this it appears that in the Boston
Reserve District the increase is 12.3%, in the New York
Reserve District (including this city) 24.8%, in the Philaphia Reserve District 9.1%, and in the Cleveland Reserve
District 12.3%. The Richmond Reserve District shows a
gain of 3.5%, the Atlanta Reserve District 8.7%, and the
Chicago Reserve District 9.8%. The Minneapolis Reserve
District and the Kansas City Reserve District both record
decreases, though only slight, the falling off being "3.8% in
the former and 3.6% in the latter. The St. Louis Reserve
District has an increase of 10.8%, the Dallas Reserve
District of 3.9%, and the San Francisco Reserve District
of 19.9%.
In the following we furnish a summary by Federal Reserve
districts:
SUMMARY OF BANK CLEARINGS.
Week ending July 15.
1922.
1921.
Inc.or
Dec.
1920.
1919.
3
$
$
%
$
Federal Reserve Districts
9 cities 356,452,091 317,996,251+12.3 952,769,199 450,585,701
(1st) Boston
9 " 9,416,453,733 3,538,179,570 +24.84,809,818,684 5,991,237,199
(2nd) New York
976,388,217 936,519,028 +9.1 593,397,328 492,177,551
9 "
(3rd) Philadelphia
a "
369,568,898 324,559,218 +12.3 961,660,839 389,360,229
(4th) Cleveland
145,974,179 141,016,204 +3.5 199,621,457 188,989,930
6 "
(5th) Richmond
192,790,546 131,421,989 +8.7 201,097,711 179,224,025
"
12
(8th) Atlanta
764,837,390 696,563,770 +9.8 941,206,709 870,837,578
19 "
(7th) Chicago
56,984,076 51,926,257 +10.8 71,962,582 52,220,469
7 "
(8th) St. Louis
117,275,350 121,393,091 -3.8 197,010,736 81,889,186
7 "
(9th) Minneapolis
242,050,950 251,015,795 -3.6 360,110,499 350,943,558
(10th) Kansas City_ _ _ _11 "
96,202,272 44,455,504 +3.9 59,639,522 61,887,376
5 "
(11th) Dallas __
380,720,712 317,469,341 +19.9 903,025,663 328,339,037
(12th)San Francisco_14 "
117 cities 7,510,698,314 6,371,466,018 +17.9 8,650,815,879 8,887,686,832
Grand total
3,169,024,226 2,891,291,372 +9.43,919,052,8743,507,697,121
Dutside New York City
9R nitiaa 90g A7;717 255 cc; 0;9 ...._, A Al A 20A 011 997 111011
nanada_
We now add our detailed statement, showing last week's
figures for each city separately, for the four years:
Week ending July 15.
Clearings at
1922.
1921.
Inc. or
Dec.
1920.
1919.
a
Is
%
s
$
First Federa Reserve Dist rict-Boston 819,472 -6.4
767,347
Maine-Bangor_ _
c
c
C
Portland
Mass.
-Boston _ _ 324,000,000 288,642,624 +12.3
1,471,032 +71.3
2,519,382
Fall River__ _ _
a
a
a
Holyoke
1,187,376 +8.0
Lowell
1,281,746
a
a
a
Lynn
1,743,854 -6.1
New Bedford_ _
1,637,239
5,288,283
4,023,003 +31.4
Springfield _ _ _ _
4,118,274 -5.4
3,897,465
Worcester.._ _ _ _
9,838,165 +1.1
9,949,509
Conn.-Hartfor I.
New Haven_ _ _
7,111,120
5,602,451 +26.9
a
a
a
R.I.-Providence
Total(9 aides)_
356,452,091
317,4413,251 +12.3
1,043,289
c
412,014,502
2,142,969
a
1,690,821
a
2,340,453
6,700,209
5,226,049
13,519,384
8,088,473
a
853,226
c
416,120,479
2.643,462
a
1,353,856
a
2,000,000
5,124,206
4,560,588
11,063,730
6,857,156
a
452,764,149
450,585,703
Second Feder al Reserve D istrict-New York 3,602,986 +32.7
-Albany.._
4,781,569
N. Y.
5,026,973
5,421,805
f1,164,600
996,040 +16.9
Binghamton_ _ _
1,044,300
1,323,200
_ 043,136,432
37,317,241 +15.6
Butfalo
53,006,710
39,794.882
584,493 Not ml. in t otal.
Elmira
d1,279,782
1,072,422 +19.3
Jamestown.._ _ _
New York_ _ _ _ 4,346,674.088 3,480,174,648 +24.9 4,731,763,000 5,379,989,711
. 10,333,188
8,403,132 +23.0
Rochester_ _ _ _
12,539,545
10,163,375
5,814,343
3,802,511 +52.9
Syracuse
5,544,614
1,348,306
d2,835,340
2,385,362 +18.9
Conn.-StamforI
434,391
425,230 +2.2
614,642
471,835
N. J.-Montcla r
Total(9 cities) _ 4,416,453.733 3,533,179,570 +24.8 4,809,818,684 5,441,237,194
Third Federa I Reserve Dist rict--Philad elphia 1,242,860
1,105,174 +12.5
-Altoona_ __ _
1,184,605
Pa.
2,475,128 +24.3
3,076,945
3,985,631
Bethlehem .._ _.
a
a
a
a
Chester
2,456,860 +4.7
2,572,344
2,947,236
Lancaster _ _ _ _ •
Philadelphia.._ _ 453,000,000 415,000,000 +9.2 517,602,190
2,655,457 +14.6
3.043,121
3,269,315
Reading
4,697,904 +9.5
05.146,056
5,208,440
Scranton
2,779.709 +2.7
02.856,032
3,527,475
Wilkes-Barre-.
-2.7
1,367,406 4
1,404,712
•
1,595,562
York
3,981,390 +1.6
4,046,147
4,076,874
-Trenton..
N.J.
a
a
a
a
Del.-Wllmingto ;
+9.1
543,397,328
Fourth Federal Reserve Dist rict- Cleve! and6,261,000 +45.1
09,082,000
Ohlo-Akron _ _ _ •
3,477,463 +30.0
4,520,024
Canton
59,878,616
66,030,190 +6.9
Cincinnati _ _ _ •
+8.8
88,294,131
• 086,068,000
Cleveland
15,947,900 -2.8
15,507,400
Columbus _ _ _ •
a
a
a
Dayton
914,935 +21.3
1,109,416
Lima
c
c
C
Mansfield
a
a
a
Springfield ___
a
a
a
•
Toledo
4,482,212 +6.8
e4.789,019
Youngstown _
a
a
a
-Erie.
Pa.
c
c
C
Greensburg _ _
Pittsburgh _ _ _ .169,000,000 145,082,000 +16.5
4,069,387 +13.4
4,614,373
W.Va.-Wheeling
11,294,000
6,385,567
78,028,376
158,524,458
17,984,000
a
1,096,474
c
a
a
5,905,787
a
c
176,854,740
5,587,422
Total(9 cities) .
.
476,388.217
436,519,028
1,045,528
a
2,398,043
474,116,892
2,601,992
4,878,928
2,643,340
1,391,952
3,100,878
a
492,177,553
324,556,218 +12.3
461,660,834
8,880,000
3,985,343
66,938,929
128,478,122 ,
16,298,400
a
1,454,979
c
a
a
8,047,490
a
c
149,510,607
5,766,358
389.360,228
Fifth Federal Reserve Dist rict-Richns ond1,556,348 -0.6
1,546,527
W. Va.-Hun'ton
7,090,331 +29.1
09,156,638
Va.-Norfolk _ _
38.383,584 +9.3
41.937.427
Richmond _ _ _ _
2,528.838 -4.3
2,419.680
-Charleston
S.C.
74,114,253 -2.8
72.195,050
Md.-Baltimore.
17,342,850 +7.9
18,718,957
D. C.-Wash'n__
1.962.193
10,562,216
59,518,260
4,000,000
105,594,785
17,984,004
11,492,578
60,148,627
3,500,000
96,843,725
17,000,000
+3.5
199,621,457
188,984,930
8,551.009
3,300,000
23,441,086
64,052,156
3,619,216
*2,800,000
a
12,577,003
18,297,722
2,709,056
710,062
374,208
60,668,193
6,481,182
3,120,458
14,951,782
66,692,578
4,162,738
1,400,000
a
3,630,685
13,094,642
1,650,000
540,640
302,906
58,196,414
201,097,711
179,224,025
Total(9 cities).
Total(6 cities) _
[VOL. 115.
THE CHRONICLE
406
364,568,848
145,974,179
141,016,204
Sixth Federal Reserve Dist rist-Atlant a+4.5
5,195,884
05,430,875
Tenn.-Chat'ga
2,998,786 -7.4
2,775,391
Knoxville
14,132,659 +14.6
16,191.239
Nashville
38,694,045 +2.2
39,555,808
Ga.-Atlanta_ _ _ _
1,724,490 -12.7
1,505,755
Augusta
*1.425,000 -0.6
1,417,110
Macon
a
a
a
Savannah
8.807,036 +13.0
9,952,000
Fla.-Jacks'nville
17,047,355 +27.7
21,774,872
Ala.-BIrm'ham _
1,522,023 +28.5
1.955,386
Mobile
587,161 +12.1
658,383
-Jackson- _
Miss.
269,127 +17.6
316,569
Vicksburg
39,018,423 +5.7
91,257,158
La.
-N. Orleans_
+8.7
Total(12 cities) 142,790,546 131,421,989
Week ending July 15.
Clearings at
1922.
1921.
Inc. or
Dec.
1920.
1919.
s
$
%
3
•
S
Seventh Fed sr al Reserve D istrict-Chi cago125,689
305,437
200,000 +3.6
207,138
-Adrian .Mich.
390,085
619,063
526,781 +25.6
661,600
Ann Arbor _ _ ._
111,016,000 105,152,605 +5.6 136,328,136 '100,000,000
Detroit
6,013,186
7,672,366
+9.1
6,000,000
6,545,000
Grand Rani ;_
1,374,877
2,232,949
1,685,000 +11.5
1,878,000
- ._
Lansing
1,921,617
1,935,185
1,977,177 +5.6
2,087,888
-Ft. Waln le
Ind.
20,916,000
21,305,000
17,451,000 +22.9
21,440,000
Indianapolis_ ._
1,150,000
1,300,000
1,250,000 +106.1
2,576.800
South Bend_ _
30,703,261
38,007,045
29,731,643 +13.2
33,670,414
Wis.-Milwauk ee
2,207,202
2,955,613
2,101,194 +10.9
2,329,921
Ia.-CedarRapi Is
10,972,669
11,161,048
8,345,669 +8.1
9,025,132
Des Moines_ _
11,591,463
9,033,577
5,744,228 +5.1
6,034,853
Sioux City_ _ _
2,035,063
2,112,821
1,442,055 +3.3
1,490,312
Waterloo _ _ _
1,780,851
1,854,674
1,316,593 -7.8
1,214,296
.-Bloomlngtl,n
554,678,618 504,444,150 +10.0 691,274,290 668,248,967
Chicago
a
a
a
a
a
Danville
1,482,896
1,696,546
1,254,506 +4.4
1,310,019
Decatur
5,101,255
5,965,175
3,471,417 +22.9
4,266,270
Peoria
2,100,000
2,300,000
1,898,073 +7.7
2,044,958
Rockford _ _ _ _
2,722,497
3,147,784
2,571,679 -8.2
2,360,121
_
Springfield
941,206,709
870,837,578
5,542,202
a
31,946,539
564,084
20,496,025
10.930,269
466,900
1,516,563
4,644,446
a
16,639,565
645,668
19,262,475
8,742,832
755,131
1,530,347
71,462,582
51,426,257 +10.8
56,984,076
Total(7 cities)poll sNinth Feder il Reserve Dis trict-Minn ea
8,750,246
7,224,225 -13.9
e6,222,367
-Duluth_ Minn.
86,369,131
66,019,025 +1.9
67,272,630
Minneapolis..44,658,970
33,142,966 +9.2
36,176,136
St. Paul
2,327,853
1,941,475 +13.3
2,198,809
-Fargo..N. D.
1,840,708
1,322,087 +6.8
1,411,421
S. D.-Aberdeen
1,226,003
662,925 -10.0
596,389
-Billings Mont.
1,837,825
2,950,408 +15.2
3,397,598
Helena
52,220,464
Total(l9cItiei3) 764,837,340 696,563,770 +9.8
Eighth Federa I Reserve Dis trict-St.Lo uls4,898,095 +8.0
5,291,597
Ind.-Evansvill e
a
a
a
Mo.-St. Louis _
24,105,392 +11.9
26,964,905
Ky.-Louisville 335,343 +15.8
388,275
_
12,143,988 +22.2
14,843,703
Owensboro_Tenn.-Memphlfa
8,379,861 -6.2
7,859,786
Ark.-LittleRoCk
348,884 -0.6
346,958
Ill.-Jacksonville
1,214,694 +6.1
1,288,852
Quincy
Total(7 cities)- 117,275,350 121,393,091 -3.8 147,010,736
Tenth Feder I Reserve Dis trict Kans as City652,510
540,095 -24.5
Neb.-Fremont 0408,024
765,996
631,229 -13.6
545,062
Hastings
5,267,975
3,288,877 +44.5
4,752,851
Lincoln
55,184,806
36,776,920 +10.7
40,726,676
Omaha
3,454,263
3,586,872 +4.8
-Topeka.03,757,860
Kan.
19,189,323
12,580,672 -11.6
el1,116.309
Wichita
Mo.-Kan. City - 133,624,240 150,556,595 -11.2 242,013,165
a
a
a
a
St. Joseph....
a
n '
a
a
Okla.-Muskoge e
13,285,178
24,675,595 -0.2
Oklahoma Cit r 024,631,186
a
a
a
a
Tulsa
1,316,688
1,060,222 +11.0
1,176,862
-Col.Spgs_ .
Col.
21,922,082
16,444,839 +24.4
20,460,557
•
Denver
1,058,513
873,879 -2.6
f851,323
•
Pueblo
Total(11 cities 1 242,050,950 251.015,795 -3.6 360,110,499
-Da llasEleventh Fed ; ral Reserve District
1,200,000
1,226,754 -12.5
1,073,377
-Austin _ •
Texas
26,877,002
20,046,398 +15.6
23,176,395
•
Dallas
20,156.311
11,604,991 -5.5
010,971,752
Fort Worth
5,795,678
7,974,358 -18.1
6,532,859
•
Galveston
a
a
a
a
Houston
5,610,531
3,603,004 +23.4
4,447,889
La.-Sluoveport
59,639,522
44,455,504 +3.9
46,202,272
Total(5 cities)
-San Franc'scoTwelfth Fede • al Reserve D 'strict
44,975,705
30,538,130 +9.9
33,558,510
-Seattle_
Wash.
a
a
a
a
Spokane
a
a
a
a
Tacoma
1,775,361
1,140,530 +27.5
1,454,407
Yakima
41,485,333
27,754,457 +23.4
34,239,792
-Portland..
Ore.
16,488,704
11,673,937 +14.7
13,389,264
'
Utah-S. L. City
a
a
a
a
Nevada-Reno.
a
a
a
a
Ariz -Phoenix.
4,026,496
3,568,913 +14.7
4,092,000
Calif.-Fresno- _ _
2,816,467
3,831,147 +41.3
5,411,793
Long Beach.-.
84,676,000
84,406,000 +25.7
Los Angeles_ _ _ 106,091,000
11,581,268
10,835,750 +45.5
15,763,349
Oakland
2,286,301
3,484,482 +24.4
4,334,835
Pasadena _ _
6,324,596
5,963,185 +24.6
07,428,092
Sacramento
a
a
a
a
San Diego....
+17.0 177,400,000
San Francisco_ 148,300,000 126,700,000 +42.9
2,000,000
1,734,668
2,479,407
San Jose
1,014,832
947,842 +23.4
1,169,363
Santa Barbara_
6,174,600
4,890,300 -38.5
d3,008,900
Stockton
8,142,702
45,576,231
19,726,380
3,337,106
1,841,797
1,254,311
2,010,659
81,889,186
830,511
650,684
5.570,262
61,184,172
3,506,899
15,158,224
229,316,690
a
a
13,622,198
a
1,078,757
19,190,048
835,113
350,943,558
1,194,541
29,744,294
18,350,445
9,212,858
a
3,385.240
61,887,376
39,927,186
a
a
1,216,825
31,221,009
16,470,492
a
a
3,933,027
1,959,179
53,151,000
9,805,916
1,756,683
5,629,183
a
159,284,859
1,486,290
2,497,328
328,339,037
Total(14 cities) 380,720,712 317,469,341 -9- 19.9 403,025,663
Grand total (117
+17.9 8,650,815,874 8,887,686,832
7.510,698,314 6,371.466,018
cities)
-1.0 4 2 MCI nn9 R74 n.507.697.121
2 521 901 279
Outside New York fi 1R4 naa 92R
Week ending July 13.
____
_ at
1922.
Canada-Montreal -- ----Toronto -------Winnipeg
Vancouver
Ottawa
Calgary
Quebec
Victoria
Edmonton
Hamilton
Halifax
St. John
London
Regina
Saskatoon
Moose Jaw
Brandon
Lethbridge
Brantford__
Fort
William_New Westminster
Medicine Slat...
Peterborough--- Sherbrooke
Kitchener
Windsor
Prince Albert _
V1oncton
Kingston
1921.
Inc. or
Dec.
1920.
$
$
%
3
98,112,344 109,207,191 -10.2 170,114,423
84,496,898 +5.9 105,686,766
89,519,537
44,880,312
39,160,780 -3.6
37,769,446
20,634,731
13,693,051 +1.6
13,918,327
8,045,223
6,633,855 +10.9
7,354,327
6,588,068
5,331,198 -4.4
4,562,330
5,616,482 +6.57,544,485
5,983,490
2,498,449 -20.1 • 4,899,846
1,997,334
4,738,657
4,204,015 -8.7
3,839,781
7,805,490
5,884,580 +10.1
6,480,119
6,270,796
3,473,273 +5.9
3,678,172
3,514,346
3,628,101 -10.1
3,263,311
3,679,328
2,800,157 +7.2
3,001,228
4,244,656
3,623,030 -10.6
3,238,259
2,181,522
1,839,829 -10.9
1,640,160
1,649,214
1,357,040 -16.6
1,131,677
804,488
701,315 -14.3
600,995
645,830
566,428 -16.0
475,844
1,434,580
1,198,030 -0.9
1,187,511
843,128
840,218 -6.4
786,025
878,688
602,968 -21.6
472,923
443,194
383,138 -34.0
252,727
974,847
858,627 -9.1
780,194
1,119,479
1,008,744 -10.8
898,000
•
1,349,081
1,103,383 -9.9
994,158
3,523,733
4,032,519 +5.4
4,251,210
371,338 Not included in total
•
1,006,506 +68.9
1,700,226
818,149 -8.8
746,092
1919.
s
136,108,497
91,646,337
22,017,145
11,847,377
10,726,118
5,910,168
6,473,821
3,000,000
4,239,440
6,737,506
5,330,826
3,131,289
3,644,744
3,758,687
2,109,605
1,549,513
633,623
800,477
1,114,217
889,568
553,905
429,908
699,688
1,027,970
908,057
2,066,425
,.
205.525•747 306.565.952 -2.6 414.394,911 327.334.91i
individual
a No longer report clearings or only give debits against clearings, accounts, with
but give comprevious years. b Report no
no comparative figures for apply to last year's clearings the same ratio of deer ease
we
parative figures of debits:
debits. c Do not respond to requests for figures.
(or increase) as shown by the
July 13. f Week ending July 14, •Estimated.
d Week ended July 12. e Week ending
a-,...; r.nsuis_
JULY 22 1922.]
THE CHRONICLE
THE ENGLISH GOLD AND SILVER MARKETS.
We reprint the following from the weekly circular of
Samuel Montagu & Co. of London, written under date of
June 22 1922:
GOLD.
A fair amount of gold came into the market, and was acquired mainly
on Indian account. The value of precious metal (expressed in lacs of
rupees) imported into India during the period Oct. 1921 to April 1922
was as follows: Gold, 10,87; silver, 10,27. A net import of gold and silver
was recorded in each month; the combined total value amounted to 21,14
lacs of rupees. Thus during seven months alone precious metal worth
about £14,000,000 (roughly, half gold and half silver) was acquired by
India. although Indian products were in poor request abroad during the
first five months. It is possible that the gold purchases were to cover gold
previously exported. The abnormal purchases of silver to some extent
were attributable to the Gandhi agitation, and possibly in some degree
to the demand being stimulated by the removal of the embargo upon
import. The following were the total United Kingdom imports and
exports of gold during the month of May 1922: Imports. £3,147,294;
exports, £2,823,721. The imports and exports of gold to and from Spain
during the years 1920 and 1921 were as follows (based upon the gold par)
Net Export.
Net Import.
Exports.
Imports.
£101,676
1920
£194,584
£296,260
£140,299
1921
146,165
5,866
SILVER.
..
condition; business rather small,
The market has continued in a languid
and buyers shy. Consequently prices have been inclined to recede, notwithstanding the appreciation of the dollar. The Indian bazaars have
been buying a fair amount for shipment, but in many instances have sold
similar amounts for forward delivery. Continental offerings have been
a little more free. We are informed by the Royal Mint that the value of
silver consumed in coinage in Great Britain during the year 1920 was £5,490,064 14s. 3d., representing approximately 10,085,625 fine ounces,
and not 89,867,671 ounces as stated in our letter of the 8th inst. This last
total was obtained from a usually well-informed source. Of this amount
204,657.61 fine ounces were purchased as bullion, and the balance was
provided out of withdrawn coin of .925 fineness. The imports and exports
of silver to and from Spain during 1920 and 1921 were as follows (based
upon the gold par):
Exports.
Net Export.
Imports.
£391,129
£326,324
£64,805
1920
413,019
393,354
19,665
1921
INDIAN CURRENCY RETURNS.
June 7.
May 31.
June 15.
In Lacs of Rupees17239
17331
17240
Notes in circulation
7706
7802
7711
Silver coin and bullion in India
Silver coin and bullion out of India
2432
Na§
Gold coin and bullion in India
§45§
.
bullion out of India
Gold coin and
6517
Securities (Indian Government)
68i§
681
584
Securities (British Government)
585
585
No silver coinage was reported during the week ending 15th inst. The
stock in Shanghai on the 17th inst. consisted of about 27,200,000 ounces in
sycee, 30,000,000 dollars,and 1,030 silver bars, as compared with 26,200,000
ounces in sycee, 30,000,000 dollars, and 1,630 silver bars on the 10th inst.
-Bar Silver per or. Std.-- Bar Gold
Quotations
Cash.
2 Mos. per oz. Fine.
353d.
June 16
35%cl.
92s. 3d.
36d.
36d.
June 17
92s. 3d.
363'gd.
June 19
36%cl.
93s. 6d.
36%d.
June 20
363d.
945. 5d.
35%cl.
353cl.
June 21
%
93s. 3d.
353rd.
June 22
93s. 3d.
35%d.
35.916d.
Average
93s. 2d.
35.937d.
The silver quotations to-day for cash and forward delivery are respectively
% below those fixed a week ago.
We have also received this week the circular written under
date of June 29 1922:
GOLD.
The Bank of England gold reserve against its note issue is £127,131,380,
as compared with £127,064,820 last week.
A substantial amount of gold came into the market and was acquired for
the U. S. A. and for India, the former taking the larger proportion. In
consequence of some relaxation on the 27th inst. of the Indian demand,
the quotation compared more favorably with the United States gold parity.
The Southern Rhodesian gold output for May 1922 amounted to 53,920
ounces as compared with 54,318 ounces for April 1922 and 48,744 ounces
for May 1921.
The following figures show the monthly balance of Indian trade in
lacs of rupees:
C'-F" denotes balance in favor of India and"-"adverse.)
1920-21 1921-22 1922-23
1920-21. 1921-22.
-685
April- - +1387
+417 October
865
-1032
-200
May __-- +574
+348 November
--922
--1107
-12
June___--167
December
--255
--902
+135
July _ -__ -3 4
January
712
897
+234
August-- -936
February
--59
--703
September -469
+93
March
+142
-486
CURRENCY.
The ramifications of the Great War affected currency in the most out,
-way places. For instance, the United States Consul at Tahiti
-the
of
stated in a report that there was no specie in circulation in the colony except
in inconsequential amounts. Silver had disappeared from circulation by
the late fall of 1919, and for the most part is locked up in vaults and strong
boxes, and some of it has found its way out of the colony. Before the
recent issue of the Chamber of Commerce notes the requirements for small
change were met by the printing by any one so disposed of small tickets of
varying denominations. These tickets passed readily from hand to hand
where issued by a local trading house or merchant. Ordinary business
cards, upon which had been written the French equivalent of "good for
one franc," &c., and without signature or stamp, were frequently met with
circulating as currency.
SILVER.
The market has kept steady this week, supported by more or less inquiry
on account of China. The Indian bazaars have been dealing here, but have
not assisted the tendency much because they have both bought and sold.
Moderate supplies have been forthcoming from the Continent but the
United States has not been inclined to sell at favorable rates.
We understand that silk stocks in Lyons are low and it is possible therefore that the silk season in China may be an early one and brisk, favorably
affecting the Far Eastern exchanges. We also hear that the low value of
the Polish mark has encouraged the manufacture of silk goods in that
country to the detriment of the French industry. We may add that latest
advices from the United States of America state the buying of raw silk
was very keen at the time of writing.
Details as to U. S. exports of bar silver have been received as follows:
April 1922 San Francisco to China
3.747,000 ounces
May 1922 San Francisco to China
5,101,000 "
May 1922 New York to London
750,000 "
May 1922 Now York to India
1,088,000
INDIAN CURRENCY RETURNS.
(In lacs of rupees.)
June 7. June 13. June 22.
Notes in circulation
17240
17417
17331
Silver coin and bullion in India
7711
7888
7802
Silver coin and bullion out of India
Gold coin and bullion in India
§i5i
§i5i
Gold coin and bullion out of India
Securities (Indian Government)
6512
8i§
68i4
Securities (British Government)
585
584
585
No silver coinage was reported during the week ending 22d inst.
The stock in Shanghai on the 24th inst. consisted of about 29,400,000
ounces in sycee, 31,500,000 dollars, and 2,620 silver bars, as compared
with 27,200,000 ounces in sycee, 30,000,000 dollars. and 1,030 silver bars
on the 17th inst.
407
The Shanghai exchange is quoted at 3s. 6%d. the tael.
Bar Silver, per Or. Std.
Bar Gold,
QuotationsCash.
2 Mos.
per Or. Fine.
June 23
353lcl.
357%d.
93s. 4d.
24
354d.
357%d.
26
357%cl.
357%d.
94s.
27
367%cl.
367%cl.
93s. 4d.
28
367%cl.
,
367%d.
93s. 8d.
29
367%d.
367%d.
94s. 2d.
Average
36d.
36d.
93s. 8.4d.
The silver quotations to-day for cash and forward delivery are each %d.
above those fixed a week ago.
We have also received this week the circular written under
date of July 6 1922:
GOLD.
The Bank of England gold reserve against its note issue is about £500,000
lower, at E126,634,190, as compared with £127,131,380 last week. Moreover the currency note return shows a diminution of £500,000 in gold and
an increase of 1500,000 in bank notes.
A fair amount of gold came into the market. After providing for a few
Indian orders, the bulk was shipped to the United States of America.
The declared exports from Shanghai to the United States during the
first quarter of 1922, including gold bars, states the "Financier," amounted
to 811,172,149. a decrease of $8,396,549 compared with the first quarter of
1921. It is noted, however, that in this period of 1922 the value of gold
bars exported to the United States was only $1.047,576, while in 1921 it
was $10,968,581. The merchandise was valued at $10,124,573 in 1922,
compared with $8,600,117 in 1921.
SILVER.
In the earlier part of the week the tone of the market was fairly steady,
owing to intermittent purchases for China and India, and a certain amount
of bear covering. The Continent was a fair seller, but supplies from
America were not easy of obtainment. Yesterday and to-day, however,
owing to the paucity of buyers falling prices were recorded.
We are informed that the Cobalt district is now producing upon a
larger scale.
It is once again reported from American sources that a United States
silver export association is mooted in order to cope with the conditions which
are likely to obtain when the purchases under the Pittman Act cease to give
artificial support to the silver market. Of the 208,000,000 ounces to be
purchased under its provisions 116,000,000 had been secured by the 22d tilt.
INDIAN CURRENCY RETURNS.
In Lacs of RupeesJune 15.
June 22.
June 30.
Notes in circulation
17331
17417
17601
Silver coin and bullion in India
'7802
7888
8075
Silver coin and bullion out of India
Gold coin and bullion in India
2432
§b1
ii5i
Gold coin arid bullion out of India
Securities (British Government)
6512
dffi
ii8i
Securities (Indian Government)
585
584
584
No silver coinage was reported during the week ending 30th inst. The
stock in Shanghai on the .30th ult. consisted of about 32,700,000 ounces
in sycee, $33,000,000 and 2,200 silver bars, as compared with 29,400,000
ounces in sycee, $31,500,000 and 2,620 silver bars on the 24th ult. The
Shanghai exchange is quoted at 3s. 67%cl. the tael.
Statistics for the month of June are appended:
-Bar Silver per or. std.Bar Gold
Cash Delivery. 2 Mos. Delivery,
per or. fine.
Highest price
367%d.
367%d.
94s. 5d.
Lowest price
357%d.
357%d.
91s. 6d.
Average price
35.9d
35.885d.
92s. 10.4d.
-Bar Silver per or. std.Bar Gold
QuotationsCash.
Two Months.
s. 7i.
er9f fine.
June 30
36%d.
36%d.
July 1
367%d.
36%irl
July 3
367%d.
367%d.
93s. 5d.
July 4
367%cl.
367%d.
93s. 2d.
July • 5
367%d.
367%d.
92s. 7d.
July 6
357 d.
%
357%d.
92s. 5d.
Average
36.312d.
36.312d.
93s. 0.4d.
The silver quotations to-day for cash and forward delivery are each
Md.
below those fixed a week ago.
A
ENGLISH FINANCIAL MARKETS
-PER CABLE.
The daily closing quotations for securities, &c., at London,
as reported by cable, have been as follows the past two weeks:
London,
Sat.,
Mon., Tues., Wed., Thurs., Fri.,
Week ending July 19.
July 8. July 10. July 11. July 12. July 13. July 14.
Silver, per oz
d 367%
,
357
357%
3534
3534
3
534
Gold, per fine ounce
935.
92s. 7d. 92s. 10d.938.
92s. Ed. 92s. 9d.
Consols, 234 per cents
577%
88
587%
573-i
5736
587%
British, 5 per cents
997%
100
9974
997%
1003*
1007%
British, 4% per cents
9434
943(
957%
9
5
9554
9554
French Rentes(in Paris)__fr_ 57.90
57.95
57.70
58
57.65
French War Loan (in
Paris)
ft_ 75
74.55
79.20
75.20
75
The price of silver in New York on the same days has been:
Silver in N.Y., per oz.(cts.):
Domestic
99%
997%
9934
997%
997%
9094
Foreign
70
707%
7034
70
717%
707%
London,
Tues.
Wed. Thurs,
Mon.
Sat.
Fri.
Week ending July 21.
July 15. July 17. July 18. July 19. July 20. July 21.
Silver, per oz
d. 3534
3554
357%
3534
3554
357%
Gold, per fine ounce
928.9d. 92s.8d. 928.9d. 928.5d. 928.78. 928.6d.
Consols, 234 per cents
59
5954
5936
587%
5954
597%
British, 5 per cents
1007%
10034
1007%
1007%
10034
10034
British, 434 per cents
957%
9554
9534
9534
95%
957%
French Rentes (in Paris).fr.
57.70
57.85
57.95
58.10
58.20
French War Loan(in Paris)fr.
74.20
75
75.50
78.25
76.95
The price ofsilver in New York on the same days has been:
Silver in N.Y., per oz.(cts.):
Domestic
997%
997%
997%
9934
997%
9934
Foreign
70
707%
70
697%
70
697%
IMPORTS AND EXPORTS FOR JUNE.
The Bureau of Statistics at Washington has issued the
statement of the country's foreign trade for June, and from
it and previous statements, we have prepared the following:
Totals for merchandise, gold and silver for June:
FOREIGN TRADE MOVEMENT OF THE UNITED STATES.
(In the following tables three ciphers are in all cases omitted)
Merchandise.
000s
omittcd.
Exports.
Gold.
Excess
ports.
$
$
1922 _ 334,000 260,000
1921 _ 336,899 185,690
1920 _ 629,377 552,606
1919 _ 928,379 292,915
1918 _ 483,799 268,350
1917
. 573,468 306,523
1916 _ 464,686 245,795
Excess of imports.
I
of
ExExports, ports.
Silver.
Excess
Erof
ports. Exports ports.
Excess
of
ports. Exports
$
$
$
$
74,000 1,601 12,969 111,368
151,209
774 43,577 /42,803
78,771 5,320 26,765 121,44,
635,484 82,973 26,135 56,838
223,419 2,704 31,892 129,188
286,84, 67,164 91,339124,175
208,891 8,312122,335/114423
$
$
$
6,005 6,346 1341
1,424 3,627 12,203
4,416 6,562 /2,146
12,608 7,078 5,530
8,568 5,351 3,215
8,964 2,235 6,729
4,644 3,182 1,462
Total for twelve months ended June 30:
Gold.
Merchandise.
000s
omitted.
Exports.
[Vol,. 115.
THE CHRONICLE
408
Imports.
Excess
of
Exports.
Erports.
Silver.
Excess
Exof
Imports. Exports ports.
Excess
of
Imports. Exports
$
$
$
3
3
65 62,695 70,684 17,989
'21-'223,770,221 2.607,618 1,162,603 27,345468,31014409
021
59,431 /6.895
'20-'21 6.516,510 3,654,459 2,862,051 133.538638,5591505 80 52,536
76.137
'19-'20 8,108,9895,238,352 2,870,637 66,421150,540315,8 179,037 102,900 222 349
116.5761 62,364 54,212301,174 78.825
'18-'19 7,232,283 3.0. 5.72 4,136,563
68.853
18 5,919%717 2,945,655 2,974,056 190,852124,413 66,439 139,181 70,328
-'176.2'J0.048 2.659,355 3,630,693,291.921 977.1761685255 78,279 35.003 43.276
l8
34,514 25,637
'15-16 4,333,483 2.197,8842,135,5991 90,249 494,009 /403760 59,791
I Excess of Imports.
tric
gotaizatxcial nuet;731.45cellalicratsp; -
New York City Realty and Surety Companies.
All prices dollars per share.
Bid
Alliance R'Ity 90
Amer Surety. 74
Bond & M 0_ 255
City Investing 60
Preferred .. 89
Ask
95 ; Lawyers Mtge
77 Mtge Bond_ _
260 Nat Surety_ _
63 N Y Title At
Mortgage__
92
Bid
173
107
212
Ask
178
115
216
160
165
Realty Assoc
(Brooklyn)_
U S Casualty _
US Title Guar
West & Bronx
Titie&M G
Bid
142
160
105
Ask
147
--- ---
175
190
New York City Banks and Trust Companies.
All prices dollars per shale.
-N.Y Bid
Banks
214
America
Amer Exch.. 277
Battery Park. 130
430
Bowery'
Broadway Cen 140
Bronx Bore*.
Bronx Nat... iEg
Bryant Park* 145
Butch Sr Drov 130
Cent Merean _ 195
320
Chase
Chat & Phen_ 268
Chelsea Exch* 70
Chemical_ _ _ 505
Coal & Iron.. _ 185
Colonial •___ _ 300
Columbia*._ _ 190
Commer ce _ _ 265
Conenwealth* 215
Continental_ _ 130
415
Corn Exch•
Coarnop'tan... 75
170
East River__
Fifth Avenue* 1010
160
Fifth
First
1100
235
Garfield
180
Gotham
Greenwich •_ _ 250
flit)
Ha cover
Harriman _ _ _ _ 390
1 B:d
BInks
1
1Imp & Trad__ 555
Indu -Arial* __ 135
Irving Nat of
209
N Y
Manhattan ... 253
. Mech A., Met_ 405
500
16E Mutual'
155 Nat American 150
135 National City 328
125
205 New Neth*
545
325 New York
300
272 Pacific *
440
85 Park
280
515 Public
Seaboard_ _ _. 285
195
230
Standard *
285
2()5 State*
267 Tradesmen's * 200
250
- - - 23d Ward.
145 United States* 160
420 Wash'n IPts • 325
420
85 Yorkville *
Ask
218
283
140
450
150
Brooklyn
Coney Island•
First
245 Mechanics' •
185 Montauk 5_ _.
265 Nassau _
620 People's _ _ _
400
170
155
250
100
125
230
160
Ask
570
155
213
258
410
160
333
135
555
450
292
260
295
270
170
165
260
115
230
Trust Co.'s
New York
American _ _ _
Bankers Trust
Central Union
Columbia_
Commercial_ _
Empire
Equitable Tr_
Farm I. & Tr_
Fidelity Inter.
Fulton
Guaranty Tr _
Hudson
Law Tit & Tr
Metropolitan..
Mutual (West
Owner)
N Y Life Ins
& Trust..
N Y Trust...
Title Cu & Tr
U S Mtg & Tr
United States
Brooklyn
Brooklyn Tr_
Kings County
Manufacturer
People's
0
• Banks ma ked with(1 are State banks. I New stock. z Ex-dividend
Bid
Ask
368
372
382
332
115
305
302
447
210
250
230
180
377
326
100
295
297
442
205
-240
227
170
185
280
APPLICATIONS TO CONVERT RECEIVED.
Mich
July 11-The First National Bank of Oxford,
Mich.
Conversion of The Farmers State Bank, Oxford,
Correspondent, Morgan Axford, Oxford, Mich.
a. Wetumpka, Ala
July 11-The National Bank of Weturnpk
Conversion of The Bank of Wetumpka, Ala. Ala.
Correspondent, W. L. Lancaster, Wetumpka,
APPLICATION TO CONVERT APPROVED.
Texas
-The Farmers National Bank of Buda, of Buda, Tex.
July 10
Conversion of The Farmers State Bank
F. A. Jamison, Buda, Texas.
Correspondent,
CHARTERS ISSUED.
Tex
-State National Bank of Brownsville,
-12236
July 12
le.
Conversion of State Bank & Trust Co. of Brownsvil
H. Fernandez.
President, J. B. Scott: Cashier, A.
Farmers National Bank of Hollis, Okla
-The
-12237
July 13
Hollis, Okla.
Conversion of The Farmers State Bank of
W. C. Caswell.
President, Verne Hostutler. Cashier.
VOLUNTARY LIQUIDATIONS.
Glendale. Calif
-The First National Bank of Committee: Board
-7987
July 14
ng
Effective July 6 1022. Liquidati of Glendale, Calif.
Bank
of Directors, First National State Bank of Glendale,
Succeeded by the Security
be taken over by the Sewhich latter association is toof Los Angeles, Calif., and
curity Trust & Savings Bank institution.
branch of that
operated as a
South Pasadena, Cal_
-The First National Bank of
-8544
July 14
ng Committee: Board
Effective July 7 1922. Liquidati of South Pasadena,
National Bank
of Directors, First
State Bank of South
Calif. Succeeded by the Security is to be taken over by
on
Pasadena, which latter associati
Bank of Los Angeles, Cal..
the Security Trust & Savings
institution.
and operated as a branch of that
25,000
50,000
30,000
100.000
25,000
$50,000
50,000
-Among other securities, the following,
Auction Sales.
dealt in at the Stock Exchange, wore recently sold
not usually
Philadelphia:
at auction in New York, Boston and
York:
By Messrs. Adrian H. Muller & Sons, New
Price.
130
655
355
395
310
055
670
360
405
320
____
420
700
230
325
Price.
Shares. Stocks.
New
54 Union Mortgage co. of
$110 per sh.
York
70 Ninth Ave. RR. Co_ _ _ _$37 per sh.
5 Atlantic Safe Deposit Co _ $95 per sh.
5 Metal & Thermit Corp.,
$95 per sh.
preferred
1,243 J I. Case Threshing Ma- sh.
$24 per
chine Co
82 Cuban Dominican Sugar, sh.
$55 per
preferred
per sh.
835 Cuban Dom. Sugar....583% per sh.
41 Cuban Dom. Sugar, pf..$45 per sh.
417 Cuban Dom. Sugar_ _ _ _$9
700 Alaska Smokeless Anthra- lot
$10
cite Coal
Co.,
170 James II. Dunham &
SSO per sh.
1st preferred
Shares. Stocks.
__ 1$100
25 A. Sleyman Co., Inc_ _
I lot
35,000 Russian rubles
263 Standard Wareh. & Dock.$300 lot
Green Monster Mining, Ariz.,
200
$25 lot
par 50c
60 Underwood & Underwood,
$85 lot
Inc
200 The Fairbanks Co., pref.$27 per sh.
Per cent.
Bonds.
-year
$218,000 Kansas City Rys. 3
7s, coll. gold notes, 1921....$i0,000 lot
13 Republic of Ecuador 411 guar.
internal debt bonds. Par 100
$600 lot
condores
$1,000 Reading Co. & Phila. &
Reading Coal & Iron gen. mtge.
8711%
4s, 1997
$ per sh.
Shares. Stocks.
Bank_ __ _280
5 Merchants' National
90
Yarn Co
22 Fitchburg
120
co
10 West Point Mfg. RR., pref
97
Norwich & Wore.
7
"A"- 102%
3 Library Bureau Co., pref.
17435
2 Plymouth Cordage Co EL. pref. 6431
Commonwealth Gas &
10
par $50 883-5
5 Merrimac Chemical Co, corn.
Fisheries,
100 Atlantic Coast
be
deposit receipt
Fisheries, 1st
100 Atlantic Coast
7
pre/ deposit receipt
15355
5 Draper Corporation
Share, pref.,
5 Electric Bond &
953%
ex-dividend
8 per sh.
20 Converse Rubber Shoe, pref.__ 89
936
6-10 American Mfg. Co
14 Rights New Bedford Gas &
816
Light Co
Edison
14 Rights New Bedford Gas &
8
Edison Light Co
143%
10 Atlantic Coast Co
225
5 Gillette Safety Razor Co
Per cent.
Bends.
$16 Eastern Mass. St. Ry. adj.
383-5%
stock scrip
$50 Eastern Mass. St. fly. 5s, 1948,
70
Series "B"
$25 Eastern Mass. St. fly. 5s, 1948,
7234
bond scrip
$ per sh.
Shares. Stocks.
Boston_ _210%
5 Nat. Shawmut Bank,Cambr'ge 90
Guaranty Trust Co.,
6
11211
Carpet
100 Bigelow-Hartford
104
10 Arlington Mills
Canadian Conn. Cotton Mills,
70
534
Ltd., Class A,$10 each
Mills,
50 Canadian Conn. Cotton
5
Class B, 310 each
Ltd.,
Ry. adj. tr.
12 Eastern Mass. St.
30
ctf. for ad). stock
2233%
I Gillette Safety Razor
Fitchburg Gas At El. Lt., par $5080%
4
pref.__ 89
6 Converse Rubber Shoe,
Works-731-7 56
18 Rights Fall River Gas
123
Walter Baker Co., Ltd
10
6
pref
190 Walter M. Lowney,
290
115
S per sh.
41 Old Kolony Narrow Fabric_ __ _1350
50 Old Koiony Narrow Fabric, pf _ I lot
30 New England Oil Corp., pref.$525 lot
103
8 American Glue
10 Board of Trade Building Trust,
8294
ex-dividend
15316
1 Draper Corporation
2 Lowell Elec. Lt. Corp., ex-div_ 180
120
50 Lawrence Mfg. Co
By Messrs. Wise, Hobbs & Arnold, Boston:
Shares. Stocks.
y Ex-rights
-Record of transactions at
Pittsburgh Stock Exchange.
Pittsburgh Stock Exchange July 15 to July 17, both inclusive,
compiled from official sales lists:
By Messrs. R. L. Day & Co., Boston:
Shares. Stocks.
NNN
Sales
Friday
Range since Jan. 1.
Last IVeek's Range for
Week.
of lutes
Sole.
High.
Low.
Par. Price. Leto. High. Shares.
Stocks-35
8
10
Feb
10
Am Vitrified Prod corn_ 50
7951
65 6456 Jan
78
Am Wind Glass Mach_ _1011 7931
10 84
Jan
90
90
100
Preferred
95 97
Jan
10434 105
Am Wind Glass Co pref 100
1,460
931
834 Mar
934 1034
_10
Arkansas Nat Gas corn_
14 82
85
Mar
85
Birmingham Insur Co_ 50
2,100
43%
594
294 Jan
594
.5
Carnegie Lead & Zinc...
40
334
334
234 Apr
Consolidated Ice corn_ 50
80 91
Jan
10414 107
Barb-Walk Refrac corn 100
41 70
Jan
103 103
100
Preferred
3
116 Jan
400
3
3
50
indep Brewing corn
206
634 Feb
956
9
50
Preferred
660 20
Jan
2614 28
25
Lone Star Gas
740 45
Jan
5014 5156
50 51
,airs Light & Heat
30 255
July
255 255
Bk _ _100
Vlonongahela Nat
814 816 r, 200
634 Jan
Slat Fireproofing com 50
40 15
Jan
IS% 19
50 1394
Preferred
770 16
Jan
16
173%
16
1
3hio Fuel 011
267 19
Jan
2094 2115
25 21
Nilo Fuel Supply
95
135 Jan
294
23%
294
?ittsburgh Brew corn... _50
50
5
Feb
794
734 ' 188
734
Preferred
95 9314 May
97
96
'Ittsburgh Coal pref. _ _103
220 25c 20,500 19c May
24e
'ittsb & Mt Shasta Cop... 1
6
100
Feb
915 956
5
Ittsburgh 011 & Gas_
20 130
Jan
170 170
'ittshurgh Plate Gias_ _100
10 35
35
July
35
_100 35
'Mal) Rolls Co corn...
83% Jan
113% 1256 2.130
12
3alt Creek Cons 011
3c Mar
1,000
4c
4e
4c
1
lan Toy Mining
11
1,000
Jan
* 13%
1235 14
Ada' Osage Oil
100 11594 Jan
138
138
100
Inion Natural Gas
30(5 8256 Jan
1023% 10235
lia)
Corp corn_
IS Steel
225 803% Mar
923%
92
Vest'house Air Brake_ _50
260 4956 Jan
611-5 623%
V'house El & Mfg com_ 50
47 6956 Jan
723% 78
Vest Penn Rys pref. 103
230 18
Jan
273% 28
Vest PennTr& W Pcom 100
Bonds-See N ate bel ow
trownsville Ave 53
June
6914 6914 $2,000 67
1955 693%
ndep Brewing 6s
APPLICATIONS TO ORGANIZE APPROVED.
50.000
-The Vale National Bank. Vale, Ore
July 10
Correspondent, Ralph A. Holte, Vale, Ore,
25,000
July 11-First National Bank in Kiefer, Okla
Correspondent, F. Baskett, Kiefer, Okla.
250,000
-The Globe National Bank of New York, N. Y
July 14
Correspondent, H. M. Black, 55 Broadway, New York.
50,000
-The Cassia National Bank of Burley, Idaho
July 15
Correspondent, D. W. Standrod, Pocatello, Idaho.
Per cent.
Bonds.
$100 Eastern Mass. St. fly. 5s, 1948 70
$60 Eastern Mass. St. Ry,common
18
stock scrip
$56 Eastern MIL.S.9. St. By. Pref.
7131
scrip. Series A
Messrs. Barnes & Lofland, Philadelphia:
ox
By
Price.
Price. Shares. Stocks.
Shares. Stocks.
127
3 Union Passenger By
011 Co.,
113 20011-100000 Romax
196n
5 Ridge Ave. Passenger fly
lot $300
Vivian. La
Inc.,
& Southw. I'ass. Ry_ _286%
29156 10 Frankf.
28
15 Bank of North America
4094 13 Elizabeth & Trenton RR
10 quaker City National flank.....1
130
6 John B. Stetson, pref
-225
10 Southwark National Bank
5255
Ry
250
3 Canada Southern
17 Third National Bank
358
2 United N. J. RR. At Canal__ 200
6 Commercial Trust Co
55
Coal Co
66
290 Mier
5 Broad St. Trust Co., par 350
12 Real Estate Trust Co., pref. _11094
Per cent.
Bonds.
Title & Tr. Co., par $50 20
2 Empire
98
$500 Union Passenger 4s, 1960.... 7334
15 Phila. & Cam. Ferry, par 550_
.-4TrOC.IDWN
g
h
DIVIDENDS.
Dividends are grouped in two separate tables. In the
the cur* Last sale.
first we bring together all the dividends announcedin which
-Sold last week and not reported, $1,000 Brownsville Ave. Tr. 5s at 78.
Note.
rent week. Then we follow with a second table,
but winch
we show the dividends previously announced,
not yet been paid.
-The following information regarding have
National Banks.
The dividends announced this week are:
national banks is from the office of the Comptroller of the
y, Treasury Department:
Books Closed.
Currenc
TV/ten
Per
APPLICATIONS TO ORGANIZE RECEIVED.
Capital.
Bank of Slickville, Pa
$25,000
-The First National W. Byrer,
July 10
Greensburg, Pa.
Correspondent, Jos.
100,000
Commercial Bank in New York, N. Y
July 11-National
Correspondent. Curtis, Fosdick & Belknap, 233 BroadY.
way, New York. N.
Bank of Bishop, Texas
35,000
-The First National
July 11
Correspondent, Jno. T. Hargrove, Bishop, Texas.
Name of Company.
Cent. Payable.
Days Inclusive.
Railroads (Steam).
Connecticut & Passumpsic Rivers
L011131arla Jc North West (No. 1)
Pennsylvania (quar.)
Peoria & Bureau Valley
Aug. 1 Holders of rec. July la
3
*155 Oct. 1
la
50c. Aug. 31 Holders of rec. Aug. 24
Aug. 10 *Holders of rec. July
*4
THE CHRONICLE
JULY 22 1922.]
When
Per
Cent. Payable.
Name of Company.
Street and Electric Railways.
Montreal Tramways (guar.)
Philadelphia Co., preferred
Tampa Electric Co. (quar.)
Books Closed.
Days Inclusive.
Aug. 1 Holders of rec. July 21
$1.25 Sept. 1 Holders of rec. Aug. 10
*24 Aug. 15 *Holders of rec. Aug. 1
Bunks.
334
2
2
Trust Companies.
Farmers' Loan & Trust (quar.)
Fire Insurance.
Commercial Union
Pacific
Aug. 1 Holders of rec. July 28
Aug. 1 July 25 to July 31
Aug. 1 July 25 to July 31
5
Continental
Pacific (guar.)
Extra
Aug. 1 Holders of rec. July 20a
5
5
On dem
July 19 Holders of rec. July 18
•
Miscellaneous.
American Book (quar.)
July 22 July 19 to July 23
2
Aug. 1
American Coal (quar.)
Aug. I July 13 to
$1
AmerLean Linen (guar.)
Aug. 1 Holders of rec. July 15a
1
Appalachian Power, lot pref. (guar.) _
Aug. 1 Holders of rec. July 15
Belding-Corticelli, Ltd., pref. (guar.) _ _ _ *14 Sept.
*Holders of rec. Sept. 1
Bigelow-Hartf. Carp. Corp., corn. (qu.) _ $1.50 Aug. 1 Holders of rec. July 21a
Preferred (quar.)
14 Aug. 1 Holders of rec. July 21a
3
Bourne Mills (quar.)
Aug. 1 Holders of rec. July 19a
Aug. 15
Butler Bros. (guar.)
34 Aug. 15 July 30 to
California Wine Assn., common
July 19 Holders of rec. July 13
5
5
Common
Aug. 21 Holders of rec. Aug. 15
*5
Calumet & Hecia Mining (quar.)
Aug. 3 *Holders of rec. July 22
Canada Cement, pref. (quar.)
14 Aug. 16 Holders of rec. July 31
Central Ariz. Lt. & Pow.,corn. (guar.)_ _
Aug. 15 Holders of rec. July 31a
2
Preferred (guar.)
2
Aug. 15 Holders of rec. July 31a
Chicago Yellow Cab Co., Inc.(mthly.) 33 1-3c Aug. 1 Holders of rec. July 20
Christy (H. C.) Co. ((mar.)
14 Aug. 1 Holders of rec. July 25a
Cities Service—
Common (monthly, payable in cash) _ _
*4 Sept. 1 *Holders of rec. Aug. 15
Common (pay. in corn, stock scrip)*014 Sept. 1 *IIolders of rec. Aug. 15
Pref. & pf. B (inthly., pay. in scrip) _ _ *034 Sept. 1 *Holders of rec. Aug. 15
CUnchfield Coal Corp., pref. (quar.)__
14 Aug. 1 Holders of rec. July 25a
*13.4 Sept 23 *Holders of rec. Sept. 9
Davis Mills (quar.)
.
Dominion Bridge (quar.)
Aug. 15 Holders of rec. July 31
1
Dow Chemical, common (guar.)
3% Aug. 15 Holders of rec. Aug. 5a
Preferred (quar.)
Aug. 15 Holders of rec. Aug. 5a
Durham Hosiery Mills, pref. (quar.)_ _ _ _ *14 Aug. I *Holders of rec. July 28
Gair (Robert) Co., lot pref. (quar.)
14 Aug. 1 July 22 to July 31
Gossard (H. W.) Co., pref. (quar.)
14 Aug. 1 Holders of rec. July 25
*5
Hall Lamp
July 27 *Holders of rec. July 24a
Hodgman Rubber, pref. (quar.)
2
Aug. 1 Holders of rec. July 20
Hood Rubber, pref. (guar.)
Aug. 1
14 Aug. 1 July 21 to
Illurn. & Power Secur., pref. (quar.) _ _ _ _
134 Aug. 15 Holders of rec. July 31
Imperial Tob. of Grt. Brit. & Ire., ord_ _ *74 Sept. 1
Industrial Salvage Co. (special)
10c. Aug. 10 Holders of rec. July 31
Intertype Corporation, corn. (quar.)_ _
*1
Aug. 15 *Holders of rec. Aug. 1
Kaufmann Dept. Stores, corn. (guar.)
51
Aug. 1 Holders of rec. July 20
Kellogg Switchboard & Supply (quar.) _ _
2
July 31 Holders of rec. July 24a
Liggett's Internat., pref. (quar.)
51
Aug. 1 Holders of rec. July 15a
Lincoln Manufacturing (quar.)
*2
Aug. 1 *Holders of rec. July 18
Lindsay Light, pref. (quar.)
Aug. 1 Holders of rec. July 25a
Lyman Mills
6
Aug. 1 Holders of rec. July 20a
Martin-Parry Corp. (quar.)
5pc. Sept. 1 Holders of rec. Aug. 15a
Massachusetts Lighting Co.corn
*25c. Aug. 21 *Holders of rec. Aug. 1
New Cornelia Copper (guar.')
*25c. Aug. 21 *Holders of rec. Aug. 4
Now Niquero Sugar
July 31 *Holder6 of rec. July 24
*7
Pacific Gas & Elec., let pref.(quar.)__ _ _
14 Aug. 15 Holders of rec. July 31a
Pacific Power & Light, pref. (guar.) _ _
14 Aug. 1 Holders of rec. July 20
Patchogue-Plymouth Mills, pref. (quar.) *2
Sept. 1 *Holders of rec. Aug. 18
Pick (Albert) & Co., common (guar.)
40c. Aug. 1 July 22 to July 31
Portland Gas & Coke, pref. (quar.)
14 Aug. 1 Holders of rec. July 18
Producers & Refiners Corp., pref. (qu.) _
14 Aug. 7 Holders of rec. July 26a
Pullman Co.(quar.)
Aug. 15 Holders of rec. July 31
2
Pure Oil, common (guar.)
*50c. Sept. 1 *Holder's of rec. Aug. 15
Revillon, Inc.(quar.)
Aug. 1 *IIolders of rec. July 20
*2
Rosenbaum Co., common (special)
Aug. 1 *Holders of rec. July 25
*1
Shove Mills (quar.)
14 Aug. 1 Holders of rec. July 22a
Southern States Oil Corp
1
Aug. 20 Holders of rec. Aug. 1
Stewart Mfg., corn. (guar.)
575c Aug. 1 *Holders of rec. July 31
Preferred (guar.)
*2
Aug. 1 *Holders of rec. July 25
Stewart-Warner Speedometer, corn.
(qu.) *75c. Aug. 15 *Holders of rec. July 31
Trenton Potteries, non-cum. pref. (qu.) _
1
July 25 Holders of rec. July 20a
Cumulative preferred (guar.)
2
July 25 Holders of rec. July 20
Troxel Mfg., preferred (guar.)
*14 Aug. 1 *Holders of roe. July 20
United Profit Sharing (quar.)
*15c Oct. 2 *Holders of rec. Sept. 1
Wayposet Mfg.. common (guar.)
14 Aug. 1 Holders of rec. July 24a
Preferred (quar.)
Aug. 1 Holders of rec. July 24a
Wurlitzer (Rudolph) Co.,corn.(mthly.).. 75c. July 25
Common (monthly)
75e. Aug. 25
Common (monthly)
75e. Sept. 25
Eight per cent preferred (quar.)
2
Sept. 1 Holders of rec. Aug. 22d
Eight per cent preferred (quar.)
2
Dec. 1 Holders of rec. Nov. 21
Eight per cent preferred (quar.)
2
Marl'23 Holders of rec. Feb.19'23
Eight per cent preferred (quar.)
2
J'nel'23 Holders of rec. May 22'23
Seven per cent preferred (quar.)
14 July 1 Holders of rec. June 21
Seven per cent preferred (guar.)
14 Oct. 1 Holders of rec. Sept. 21
Seven per cent preferred (mar.)
Jan1'23 Holders of rec. Dec. 22
Seven per cent preferred (quar.)
14 Aprl'23 Holders of rec. Mar. 22
Yellow Cab Mfg., Class B
50c. Aug. 1 Holders of rec. July 20a
14
14
14
14
14
Below we give the dividends announced in previous weeks
and not yet paid. This list does not include dividends
announced this week.
Name of Company.
Per
1Vhen
Cent. Payable.
Railroads (Steam).
Alabama Great Southern. preferred
Aug. 17
Atch. Top. & Santa Fe, corn. (quar.)___
14 Sept. 1
Preferred
234 Aug. I
Baltimore & Ohio, preferred
Sent. 1
2
Buffalo & Susquehanna, corn. (quar.)....
14 Sept.30
Canada Southern
Aug. I
Central RR. of New Jersey (guar.)
Aug. 15
2
Chic. St. Paul Minn. J.t Omaha,corn__ _ _
234 Aug. 21
Preferred
334 Aug. 21
Cuba RR., preferred
Aug. 15
3
Preferred
Feb15-23
3
Great Northern, preferred
34 Aug. 1
Hunt.& Broad Top Mt. RR.& Coal, of _
Aug. 1
1
Louisville & Nashville
Aug. 10
Mahoning Coal RR., common
Aug. 1
$5
Michigan Central
July 29
4
Mine Hill & Schuylkill Haven
$1.50 Aug. 1
Nashville Chattanooga & St. Louis
Aug. 1
New York Central RR
Aug. 1
New York Chicago & St. Louis,
First preferred (guar.)
Sept.
First preferred (quar.)
Dec. 30
Second preferred (quar.)
Sept.30
Second preferred (guar.)
Dec. 30
Norfolk & Western,common (quar.)_
Sept. 19
Adjustment preferred (guar.)
Aug. 16
Northern Pacific (guar.)
Aug. I
Pennsylvania (quar.)
50c. Aug. 31
Pere Marquette, preferred
(guar.)
Aug. 1
Preferred (acc't accum. dividends).
Aug. 1
Prior preference (quar.)
Aug. 1
334
34
334
134
14
14
14
194
1
134
14
/it
134
30
Books Closed.
Days Inclusive.
Holders of rec. July 13
Holders of rec. July 28a
Holders of rec. June 30a
Holders of rec. July 15a
Sept. 16
to Oct. 1
Holders of rec. June 30a
Holders of rec. Aug. 3d
Holders of rec. Aug. in
Holders of rec. Aug. la
Holders of rec. July 20a
Holders of rec. July 20a
Holders of rec. June 30a
July 16 to July 31
Holders of rec. July 17a
Holders of rec. July 150
Holders of rec. June 30a
July 15 to July 31
Holders of rec. July 22a
Holders of rec. June 30a
Holders of rec. Sept. 19a
Holders of rec. Dec.
Holders of rec. Sept. 19a
Holders of rec. Dec. 19a
Holders of rec. Aug. 31a
Holders of rec. July 31a
Holders of rec. June 30a
Holders of rec. Aug. la
Holders of rec. July 15a
Holders of rec. July 15a
Holders of rec. July 15a
409
Per
When
Cent. Payable.
Books Closed.
Days Inclusive.
Railroads (Steam).(Conctuded).
Pittsburgh & I.ake Erie
Pittsb. & West Virginia, pref. (quar.)
Preferred (quar.)
Reading Company, common (guar.)
First preferred (quar.)
$2.50 Aug. 1
14 Aug. 31
134 Nov. 29
Aug. 10
$1
50c. Sept. 14
Holders of rec. July 15a
Holders of rec. Aug. la
Holders of rec. Nov. la
Holders of rec. July 18a
Holders of rec. Aug. 200
Street and Electric Railways.
Bangor Ry.& Electric, corn.(quar.)__
Brazilian Tree., Light & Pow., ordinary.
Carolina Power & Light, corn. (quar.)
Connecticut Ry. ck Mg., corn. & pl.(qu.)
Duquesne Light, pref. (quar.)
Eastern Mass. St. Ry., 1st pref. Series A
Sinking rand stock
Milwaukee Elec. Ry.& Lt., pref.(qu.). _
Montreal Lt., Ht.& Pow. Cons.(qu.)..
Philadelphia Co. corn. (quar.)
Philadelphia Rapid Transit (quar.)
Public Service Investment, corn. (guar.)
Preferred (quar.)
Railway & Light Securities, corn. & pref.,
West Penn Power Co., pref. (quar.)_ _
West Penn Rys., pref. (quar.)
Wen Penn Tree. & W. P., pref. (quar.).
Preferred (account accum. dividends).
York (Pa.) Rys. pref. (quar.)
Aug. 1 Holders of rec. July 15
Sept. 1 Holders of tee. July 31
34 Aug. 1 Holders of rec. July 15
1 4 Aug. 15 Aug. 1 to
Aug. 15
Aug. 1 Holders of rec. July 1
53
Aug. 1 *Holders of rec. July 25
*3
Aug. I *Holders of rec. July 25
1% July 31 Holders of rec. July 20a
134 Aug. 15 Holders of rec. July 31
75e. July 31 Holders of rec. July la
51.501 July 31 Holders of rec. July 15a
Si
Aug. 1 Holders of rec. July 15
134 Aug. 1 Holders of rec. July 15
Aug. 1 Holders of rec. July 15
134 Aug. 1 Holders of rec. July 15
14 Sept. 15 Holders of rec. Sept. 1
1% Aug. 15 Holders of rec. Aug. 1
104r Aug. 15 Holders of rec. Aug. 1
624e July 31 Holders of roe. July 21a
Name of Company.
Banks.
Corn Exchange (quar.)
1
5
Aug. 1 Holders of rec. July 314
Miscellaneous.
Acme rea, 1st & 2d pref. (guar.)
14 Sept. 1 Holders of rec. Aug. 12a
Alliance Realty (quar.)
2
July 18 Holders of rec. July 8a
Allied Chem. & Dye Corp., corn.(quar.) $1
Aug. 1 Holders of rec. July 17
Allis-Chalmers Mfg., corn.(guar.)
1
Aug. 15 Holders of rec. July 24a
American Bank Note, common (quar.). 51
Aug. 15 Holders of rec. July 26a
American Cigar, common (quar.)
134 Aug. 1 Holders of rec. July 156
Amer. Dist. Teleg. of N. J. (quar.)__
14 July 29 Holders of rec. July 15a
American Gas & Elec., pref. (quar.)..
14 Aug. 1 Holders of rec. July 12
American Glue, preferred (quar.)
2
Aug. 1 Holders of rec. July 15a
American Ice, common (quar.)
14 July 25 Holders of rec. July 7a
Preferred (guar.)
14 July 25 Holders of rec. July 7a
Amer. La France Fire Eng., corn. (quar.) 24 Aug. 15 Holders of rec. Aug.
la
American Light & Trac., corn. (quar.)
Aug. 1 July 15 to July 27
1
Common (payable in common stock)..
1
Aug. 1 July 15 to July 27
Preferred (quar.)
14 Aug. 1 July 15 to July 27
American Mfg., pref. (guar.)
14 Oct. 1 Sept. 17 to Oct. 1
Preferred (quar.)
14 Dec. 31 Dec. 17 to Dec. 30
American Radiator,common (quar.)___ _ $1
Sept.30 Holders of rec. Sept. 15a
Preferred (guar.)
14 Aug. 15 Holders of rec. Aug. la
American Shipbuilding, common (quar.) 2
Aug. 1 Holders of rec. July 15a
Common (quar.)
2
Nov. 1 Holders of rec. Oct. 15
Common (quar.)
2 F eb. 123 Holders of rec. Jan.15'23
COMMOD (quar.)
2 M ay 1'23 Holders of rec. Apr.I4'23
Common (quar.)
2 A tie. 1'23 Holders of rec. July 1423
Preferred (quar.)
14 Aug. 1 Holders of rec. June 30a
American Soda Fountain (quar.)
14 Aug. 15 Holders of rec. Aug. 1
Amer. Sugar Ref!.,•., pref. (quar.)
14 Oct. 2 Holders of rec. Sept. la
American Telegraph & Cable (quar.) _
14 Sept. 1 Holders of rec. Aug.
Amer. Water-Works & Elec., pref. (qu.) 14 Aug. 15 Holders of rec. Aug. 31a
la
Amoskeag Mfg., corn. (quar.)
d$1.50 Aug. 2 Holders of rec. July 7a
Preferred
d$2.25 Aug. 2 Holders of rec. July 7a
Art Metal Construction (quar.)
25c. July 31 Holders of rec. July 140
Associated Dry Goods, corn. (quar.)...
Aug. 1 Holders of rec. July in
$1
First preferred (quar.)
First
14 Sept. 1 Holders of rec. Aug. 12
Second preferred (quar.)
14 Sept. 1 Holders of rec. Aug. 12
Associated Oil (quar.)
134 July 25 Holders of rec. June 30a
Atlantic Refining, preferred (quar.) _ _
14 Aug. 1 Holders of rec. July 15
Atlas Powder, preferred (quar.)
14 Aug. 1 Holders of rec. July 20a
Austin, Nichols & Co., pref. (quar.) _ _
14 Aug. 1 Holders of rec. July 15a
Bang Service Stations, Inc., pf. (qu.) 2
Aug. 1 Holders of rec. July 15
Barnard Mfg. (quar.)
2
Aug. 1 Holders of rec. July 110
Barnhart Brothers & Spindler—
First and second preferred (guar.) _ _ _ _
14 Aug. 1 Holders of rec. July 26a
Batchelder & Snyder Co., pref. (quar.) _
2
Aug. 1 Holders of rec. July 13
Borden Co., common
Aug. 15 Holders of rec. Aug. la
Preferred (quar.)
*14 Sept. 15 *Holders of rec. Sept. 1
Boston Consolidated Gas, preferred_ _
11-12 Aug. 1 Holders of rec. July 15
Brandram -Henderson. Ltd common..
1
Dec. 1 Holders of rec. Nov. la
Brill (J. G.) Co., pref. (quar.)
14 Aug. 1 July 23 to July 31
British Empire Steel, pref. B (quar.) _
14 Aug. 1 Holders of rec. July 15
Brown Shoe, preferred (quar.)
14 Aug. 1 Holders of rec. July 200
Buckeye Pipe I Inc (quar.)
$2
Sept. 15 Holders of roe. Aug. 21
Burns Bros., corn., Class A (quar.)
*$2
Aug. 15 *Holders of rec. Aug. 1
Common, Class A (extra)
550e. Aug. 15 *Holders of rec. Aug. 1
Common, Class B (quar.)
*50c. Aug. 15 *Holders of rec. Aug. 1
Prior pref. (quar.)
14 Aug. 1 Holders of rec. July 26a
Burroughs Adding Machine (in stock) _ _
e25 Aug. 15 Holders of rec. July 31
California-Oregon Power, pret. (quar.) _
14 July 25 Holders of rec. July 15a
Califra nia Packing Corpot atlon (quar.) _ *1
Sdpt. 15 *Holders of rec. Aug. 31
Canadian Converters', common
14 Aug. 15 Holders of tee. July 31
(guar.)
Canadian Explosives. common (quar.)_ _
134 July 30 Holders of rec. June 30a
Cartier, Inc., pref. (quar.)
14 July 31 Holders of rec. July 150
Casey-Hedges Co., common (quar.),.
24 Aug. 15 Holders of rec. Aug. la
Cedar Rapids Mfg. & Power (quar.) _ _
Aug. 15 Holders of rec. July 31
Charlton Mills (quar.)
Aug. 1 July 11 to
2
July 31
Chicago Pneumatic Tool (guar.)
1
July 25 Holders of rec. July 15a
Chic. Whim. & Franklin Coal, pref.
(qu.) 14 Aug. 1 Holders of rec. July 1Sa
Cities Service-Common (monthly payable in scrip)_
_ •gyi Aug. 1 •Holders of rec. July 15
Common (Payable in corn, stock scrip) *9114 Aug. 1 •Holders of
rec. July 15
Prof. & pref. 13 (mthly. pay'le
in scrip) *g 34 Aug. 1 *Holders of rec. July 15
Cleveland -Cliffs Iron
50e. July 25 July 15 to July 25
Columbia Gas & Electric
14 Aug. 15 Holders of rec. July 310
(guar.)
Columbia Petroleum (monthly)
Aug. 1 *Holders of rec. July 20
*I
Commonwealth-Edison (quar.)
Aug. 1 Holders of rec. July 150
2
Consolidated Utilities, pref. (quar.).
14 Aug. 1 Holders of rec. July 20a
Consolidation Coal (quar.)
14 July 31 Holders of rec. July 153
Cosden & Co.. common
624c Aug. 1 Holders of rec. July 3a
(quar.)
Cuba Company, preferred
*314 Aug. 1 *Holders of rec. June 30
Dallas Power & Light, pref. (quar.)_
___
Aug.13
I Holders of rec. July 20
Diamond Match (quar.)
Sept. 15 Holders of rec. Aug. 31a
2
Dominion Coal. Ltd., preferred
14 Aug. 1 Holders of rec. July 12
(quar.)_
Dominion Steel Corp., pref. (quar.)_
14 Aug. 1 July 16 to Aug. 1
_
du Pont (E. I.) de Nom.& Co.—
Debenture stock (quar.)
14 July 25 Holders of rec. July 10a
Edison Elec. Ill. of Boston
3
Aug. 1 Holders of rec. July 15a
(guar.)
Edison Elec. III. of Brockton
24 Aug. 1 Holders of rec. July 17
(quar.)Eisenlohr (Otto) & Bros.,Inc.,com. -- (era)
154 Aug. 15 Holders of rec. Aug. 1
Electric Bond & Share pref.
14 Aug. 1 Holders of rec. July 17a
(quar.)......
Electrical Securities, pref. (quar.)
134 Aug. 1 IIolders of rec. July 210
Elgin National Watch (quar.)
Aug. 1 Holders of rec. July 20a
2
Eureka Pipe Line (quar.)
Aug. I Holders of rec. July 17
2
Exchange Buffet Corp.
50c. July 31 Holders of rec. July 200
(guar.)
Fajardo Sugar (quar.),
*134 Aug. 1 *Holders of rec. July 20
Fall River Gas Works
3 Aug. 1 Holders of rec. July 15a
•
Famous Players-Lasky (guar.)
Aug. 1 Holders of rec. July 15a
Corp., pf. (qu.)
2
Federal Sugar Refg., tom.
14 Aug. 1 Holders of rec. July 21a
(quar.)
Preferred (quar.)
14 Aug. I Holders of rec. July 21a
Firestone Tire & Rubber 7°''o
pref. (qu.) 14 Aug. 15 Holders of rec. Aug. 1
Fisher Body Corporation, corn.
24 Aug. 1 Holders of rec. July 21a
(quar.) _ _
Preferred (quar.)
14 Aug. I Holders of rec. July 21a
Fort Worth Power & Light,
pref. (guar.) 14 Aug. I Holders of rec. July 15
Franklin (H. H.) Mfg., pref. (quar.)_
14, Aug. 1 July 21 to July 31
General Cigar, common
14 Aug. 1 Holders of rec. July 220
(guar.)
Preferred (guar.)
14 Sept. 1 Holders of rec. Aug. 240
Debenture preierred
134 Oct. 2 Holders of rec. Sept.25a
General Development (quay.)
(quar.)
25c. Aug. 21 Holders of rec. Aug. 100
General Motors Corp., pref. (quar.)_.
134 Aug. 1 Holders of rec. July 3a
Six per cent debenture stock (quar.)_ 14 Aug. I Holders of rec. July 3a
_
Seven Per cent debenture stock (quar.)
194 Aug. I Holders of rec. July 3a
Name of Company.
When
Per
Cent. Payable.
Books Closed.
Days Inclusive.
Miscellaneous (Concluded)
Sept. 1 Holders of rec. Aug. 1
*53
Gillette Safety Razor (quar.)
Dec. 1 Holders of rec. Nov. 1
8.5
Stock dividend
151 July 31 July 25 to July 31
Halle Bros. Co., 1st pref.(quar.)
*1% Aug. 1 *Holders of rec. July 11
(quar.)
Harris Brothers, preferred
Aug. 31 *Holders of rec. Aug. 18
(qu.)_ *1
Hart.Schaffner & Marx,Inc.,com.
July 25 July 15 to July 25
Hillman Coal & Coke, 1st pref.(quar.)_ _
July 25 July 15 to July 25
Second preferred (quar.)
July 25 Holders of rec. July 20a
Homestake Mining (monthly)
Aug. I Holders of rec. July 15a
Hupp Motor Car, common (quay.)
Aug. 1 Holders of rec. July 15
Idaho Power. preferred (quar.)
Aug. 1 Holders of rec. July 15
Illinois Northern Utilities, pref. (quar.)_
Aug. 15 Holders of rec. July 18
Indiana Pipe Line
July 31 Holders of rec. July 7a
Ingersoll-Rand Co.,common (quar.)_
July 31 Holders of rec. July 22a
Internat. Combustion Engineering (cm.)
International Harvester
f2
July 25 Holders of rec. June 24a
Common (payable in common stock)
3
Aug. 1 Holders of rec. July 14
Internat. Mercantile Marine, pref
Aug. 1 Holders of rec. July 20a
International Nickel, pref. (guar.)
2
Aug. 15 Holders of rec. July 31
KaminIstiquia Power (quar.)
2
Aug. 15 Holders of rec. Aug. la
Kelly-Springfield Tire, pref. (quar.)_ _
151 Aug. 1 Holders of rec. July 21a
Kelsey Wheel, preferred (guar.)
$1
Aug. 1 Holders of rec. July 20a
Kress (S. H.) Co., common (quar.)
2
Aug. 31 Holders of rec. July 31a
Lehigh Coal & Navigation (guar.)
2 1-3 Sept. 1 Holders of rec. Aug. 16a
Lima Locomotive Works, pref
Aug. 1 Holders of rec. July 18a
-Wiles Biscuit, 2d pref.(quar.)_
Loose
251 Aug. 1 Holders of rec. July 15
Lowell Elec. Light Corp. (guar.)
*2
Aug. 5 *Holders of rec. Aug. 1
Marine 011 (guar.)
Sept. 30 Holders of rec. Aug. 31a
$1
Oil(No. 1)
Marland
1% July 25 Holders of rec. June 30a
Mason Tire dr Rubber, pref. (quar.)..
Massachusetts Gas Cos., tom. (quar.)_ _
151 Aug. 1 Holders of rec. July 15
Sept. 1 Holders of rec. Aug. 150
May Department Stores, corn. (quar.)_ _ 2
2
Dec. 1 Holders of rec. Nov. 15a
Common (guar.)
Oct. 2 Holders of rec. Sept. 15a
Preferred (quar.)
50c. Aug. 15 Holders of rec. Aug. la
Miami Copper (guar.)
Aug. 2 *Holders of rec. July 15
*31
Midwest Refining (quar.)
Moon Motor Car, corn. (qu.) (No. 1)-- 25e. Aug. 1 Holders of rec. July 15
Aug. 15 Holders of rec. July 31
Montreal Light, Heat & Power (guar.)_ _ 2
*5
Aug. 1 *July 16 to July 31
Morris Canal & Banking, pref
*2
Aug. 1 *July 16 to July 31
Consolidated stock
2
Aug. dl Holders of rec. July 22a
Mullins Body Corp., pref. (guar.)
*251 Sept. 15 *Holders of rec. Sept. 1
Mutual 011 (quar.)
Aug. 1 Holders of rec. July 20a
$6
Nash Motors, common
Aug. 1 Holders of rec. July 20a
Preferred (guar.)
1% Oct. 14 Holders of rec. Sept. 30a
National Biscuit, com.(guar.)
Preferred (quar.)
14 Aug. 31 Holders of rec. Aug. 17a
151 Sept.30 Holders of rec. Sept. to
Nat. Enameling & Stpg.. pref. (guar.)._
151 Dec. 30 Holders of rec. Dec. 9a
Preferred (guar.)
2
Aug. 10 Holders of rec. July 31a
New Jersey Zinc (quar.)
N. Y.& Honduras Rosario Mining (qu.) 251 July 25 Holders of rec. July 15
2
Northern States Power, corn. (quar.)
Aug. 1 Holders of rec. June 30
75c. Sept.30 Holders of rec. Sept. la
Peerless Truck & Motor (quar.)
750. Dec. 31 Holders of rec. Dec. la
Peerless Truck & Motor (guar.)
Aug. 15 Holders of rec. Aug. 5
2
Penmans Co., Ltd., corn. (guar.)
Preferred (guar.)
151 Aug. 1 Holders of rec. July 21
10e. Aug. 1 Holders of rec. July 150
Penn Traffic
Phillips-Jones Corp., pref. (quar.)_ _
P4 Aug. 1 Holders of rec. July 20a
13.i July 25 Holders of rec. July 7a
Pittsburgh Coal, corn. (guar.)
Preferred (guar.)
151 July 25 Holders of rec. July 7a
Pittsburgh Steel. pref. (guar.)
151 Sept. 1 Holders of rec. Aug. 15a
Plant (Thos. G.) Co., let pref. (guar.)
151 July 31 Holders of rec. July 18a
$1.25 Aug. 1 Holders of rec. July 20a
Postum Cereal, common (guar.)
2
Aug. 1 Holders of rec. July 20a
Preferred (guar.)
3
July 31 Holders of rec. June 30a
Prairie Oil & Gas(quar.)
2
July 31 Holders of rec. June 30a
Extra
3
July 31 Holders of rec. June 30a
Prairie Pipe Line (quar.)
July 31 Holders of rec. June 30a
2
Extra
5
Aug. 15 July 16 to Aug. 15
Procter & Gamble, common (quar.)_ _ _ _
Aug. 15 July 16 to Aug. 15
Common (payable in corn. stock)_ _ _ _ f4
Pub. Sort. Co. of No. Ill., corn. (qu.) *1U Aug. 1 *Holders of rec. July 15
13/ Aug. 31 Holders of rec. Aug. la
Quaker Oats pref. (guar.)
,100 Aug, 10 July 16 to Aug. 10
Reo Motor Car (stock dividend)
52.065 Aug. 1 Holders of rec. July 19a
Royal Dutch Co
1 X Aug. 1 Holders o. rec. July 20
Russell Motor Car,corn
I4 Aug. 1 Holders of rec. July 20
Preferred (quar.)
(quar.) _. 1% Aug. 1 Holders of rec. July 20
St. Lawrence Flour Mills, corn.
151 Aug. 1 Holders of rec. July 20
Preferred (guar.)
*251 Aug. 1 *Holders of rec. July 20
Salt Creek Consol. Oil (guar.)
Salt Creek Producers Association (qu.) *30c. Aug. 1 *Holders of rec. July 15
151 Aug. 1 Holders of rec. July 15
Savannah Sugar Refg., pref.(quar.)_ _ _ _
131 July 25 Holders of rec. June 30
Shaffer 011 dr Refining, pref. (quar.)_ _ _ _
Transport&Trading
1.5534 July 25 Holders of rec. July 17
Shell
151 Aug. 1 Holders of rec. July 150
Sierra Pacific Elec., pref. (guar.)
Aug. 1 Holders of rec. July 15
Simmons Company, pref. (quar.)
Sinclair Cons. Oil Corp., corn. (quar.)_ _ 50c. Aug. 15 Holders of rec. July 15a
2
Aug. 31 Holders of rec. Aug. 15a
Preferred (guar.)
July 25 Holders of rec. June 30a
Southern Wisconsin Elec., corn. (guar.). 2
Sept. 1 *Holders of rec. July 28
Standard 011 (Ohio), pref. (quar.)
Steel Co. of Canada, corn. & pref. (qu.) 134 Aug. 1 Holders of rec. July 8
•75c. Aug. 1 *Holders of rec. July 18
Inc. (quar.),
Sterling Products,
Sept. 1 Holders of rec. Aug. 150
2
Stern Brothers, preferred (quar.)
Aug. 1 *Holders of rec. July 22
Stover Mfg. & Engine, pref. (quar.)_
Aug. 15 Holders of rec. Aug. 10
Superior Steel, 1st & 2d Pref. (quar.)--- 2
90c. Aug. 15 Holders of rec. July 15a
Swift International
is Aug. 1 Holders of rec. July 17
Light. pref. (quar.)---Texas Power &
Tobacco Products Corp., corn. (quar.)-- $1.50 Aug. 15 Holders of rec. July 3a
Underwood Typewriter, corn.(quar.)__ - 251 Oct. 1 Holders of rec. Sept. 2a
154 Oct. 1 Holders of rec. Sept. 20
Preferred (quar.)
July 28 Holders of rec. July 10a
2
Union Oil of California (guar.)
1
July 28 Holders of rec. July 10a
Extra
154 Sept. 1 Holders of rec. Aug. 5a
Union Tank Car, corn. & pref. (guar.)._
8751c Aug. 1 Holders of rec. July 15
United Drug, 1st pref. (quar.)
Oct. 1 Holders of rec. Sept. 15a
United Dyewood, pref. (guar.)
15c. July 28 Holders of rec. July 8a
United Eastern Mining
50c. Sept. 15 Holders of rec. Aug. 31a
United Gas Impt. pref. (quar.)
July 25 Holders of rec. June 10a
2
United Royalties (monthly)
Holders of rec. June 10a
100
Bonus (payable in stock)
25c. Aug. 1 Holders of rec. July 5a
Verde Extension Mining (guar.)United
1
July 29 Holders of rec. July 22
United States Glass
ssi
Sept.30 *Holders of rec. Sept. 1
U. S. Radiator, corn. (quar.)
Sept.30 *Holders of rec. Sept. 1
*1
Preferred (quar.)
July 31 Holders of rec. July 154
2
U.S. Rubber, 1st pref.(quar.)
50e. Aug. 1 Holders of rec. July 19
Ventura Cons. Oil Fields (guar.)
50a. Aug. 1 Holders of rec. July 19
Extra
0
50 . Aug. 1 Holders of rec. July 22a
Wahl Co., common (monthly)
50 . Sept. 1 Holders of rec. Aug. 23a
c
Common (monthly)
50c. Oct. 1 Holders of rec. Sept.22a
Common (monthly)
I% Oct. 1 Holders of rec. Sept. 22a
Preferred (quar.)
Warner(Chas.)Co. 1st & 2d pref. (qU.)- 131 July 27 Holders of rec. June 30a
July 31 Holders of rec. June 30a
$1
Westinghouse Air Brake (quar.)
$1.
Westinghouse Elec.& Mfg.,corn.(qu.) *lot. July 31 Holders of rec. June 30a
Aug. 1 *Holders of rec. July 15
Wilcox Oil & Gas(guar.)
4.50. Aug. 1 *Holders of rec. July 15
Extra
Sept. 1 Holders of rec. Aug. 10a
(quar.)-- 2
Woolworth (F. W.) Co., corn.
50e. Aug. 1 July 26 to July 31
Wrigley(Wm.)Co.,corn.(monthlY)
50c, Sept. 1 Aug. 26 to Aug. 31
Common (monthly)
50c. Oct. 1 Sept.26 to Sept.30
Common (monthly)
50c. Nov. 1 Oct. 26 to Oct. 31
Common (monthly)
50c. Dec. 1 Nov. 26 to Nov. 30
Common (monthly)
50c. Jan. 1 Dec. 26 to Dec. 31
Common (monthly)
•From unofficial sources. t The New York Stock Exchange has ruled that stock
will not be quoted ex-dividend on this date and not until further notice. a Transfer
books not closed for this dividend. b Lew British income tax. a Correction.
C Payable in stock. !Payable in common stock. o Payable In scrip. h On
aocount of accumulated dividends. i Payable in Liberty or Victory Loan bonds.
> Payable in New York funds. k Payable in Canadian funds.
r One and one-quarter per cent of this in cash and the balance in 8% dividend
warrants in three installments of 3% each on Feb. 15 1923, Aug. 15 1923 and
Feb. 15 1924.
S Made up of two Quarterly dividends of 75 cents each.
[VOL. 115.
THE CHRONICLE
410
151
151
151
151
134
*134
*134
134
Weekly Return of New York City Clearing House
Banks and Trust Companies.
The following shows the condition of the New York City
Clearing House members for the week ending July 15. The
figures for the separate banks are the averages of the daily
results. In the case of the grand totals, we also show the
actual figures of condition at the end of the week.
NEW YORK WEEKLY CLEARING HOUSE RETURNS.
(Stated in thousands of dollars-that is, three ciphers [000] omitted.)
I
Net
Reserve
Capital.l Profits. Loans,
Net
Time Bank
with
Discount Cash
Week ending
De- Cireuin
Legal Demand
July 15 1922 Nat'l, June30 InvestState, June30 mews, Vault. Depart- Deposits, posits, laWm.
tories.
&c.
(000 omitted.) Tr.Cos, June30
Viembers of Fed. Res.
$
2,000
5,000
10,000
5,500
40,000
4,500
500
5,000
25,000
1,000
10,500
5,000
8,250
1,500
10,000
1,000
10,000
12,500
1,000
20,000
500
400
1,000
1,200
4,000
1,500
20,000
3,000
25,000
1,500
5,000
10,000
2,000
2,000
5,000
2,000
12,000
3k of NY, NBA
3k of Manhat'n
k1ech & Met Nat
lank of America
can City Bank
3hemical Nat__
gat Butch & Dr
kmer Exch Nat
iatBkolComm
'acific Bank_ _ _
hat&PhenNat
Ianover Nat'l_
'-'orn Exchange_
mp & Trad Nat
iat Park Bank!;ast River Nat_
lest Nat Bankrving Nat Bank
;ontinental Bk.
;base Nat Bank
'Mb Ave Bank.
;ommonwealth.
Iarfield Nat Bk
'Ifth Nat Bank.
,eaboard Nat_ _
:oal dr Iron Nat
tankers Tr Co_
T S Mtge & TrIuaranty Tr Co
'Idel-Intern Tr;olumbla Tr Co
I Y Trust Co_ _
ancoln Nat Bk
letropolitan Tr
'arm Loan & Tr
!olumbia Bank.
:quitable Tr Co
Bank. Average Average Average Average
s
7,642
17,277
17,326
5,828
49,730
15,967
171
7,450
36,405
1,712
9,865
20,169
11,147
8,500
23,230
776
43,695
11,066
882
21,503
2,273
884
1,575
973
6,763
1,311
24,083
4,110
17,400
1,788
7,877
17,073
1,299
3,704
14,624
1,908
15,392
$
s
38,908
125,079
148,959
63,021
472,635
125,914
5,000
105,692
353,898
21,676
153,163
116,641
166,173
35,805
163,770
12,037
294,672
189,894
6,850
343,148
20,345
8,246
14,875
16,104
74,863
14,641
284,991
56,372
378,383
18,633
80,045
158,296
20,355
36,057
135,465
26,208
200,828
s
$
28,265
107,759
143,673
61,730
*535,759
103,155
3,782
91,510
282,856
22,697
130,510
105,286
154,956
28,231
132,749
10,645
184,290
186,086
5,894
328,018
20,924
8,474
14,537
14,220
71,490
12,141
*269,588
47,645
*419,569
18,183
72,759
136,120
20,255
30,853
*103,388
27,800
*232,687
612 3,982
2,326 14,526
7,405 19,456
1,630 8,222
7,502 61,388
1,287 14,410
574
101
1,213 13,281
1,099 37,641
1,168 3,283
5,910 19,279
467 14,377
7,016 22,567
502 3,770
1,066 17,544
416 1,530
475 25,654
4,768 24,833
977
138
6,537 47,217
663 2,730
508 1,104
509 2,245
294 1,871
1,112 9,527
649 1,619
959 34,405
726 6,582
1,331 45,586
438 2,471
787 9,789
589 18,300
430 2,958
488 4,194
541 14,313
612 3,655
1,476 27,574
Average Avge.
$
$
1,785
15,164
3,181
2,375
44,719
16,953
5
10,153
30,042
577
21,087
1,946
20,222
658
3,556
1,866
53,544
8,231
35
25,152
56
697
1,714
692
19,433
7,224
32,928
711
7,105
18,015
265
2,998
25,948
1,415
25,910
998
1,809
345
297
4,962
5:976
100
50
5,419
50
7,424
2,515
1,099
398
248
69
413
_ __ _
'otal of averages 274,350433,3954,487,642 63,750543,434c3,937,657 404,41634,109
'otals, actual condition July 154,514,414 58,273539,735c3,969,154 408,77633,686
'otals, actual co ndition July 84,506,931 62,815560,253c3,930,781 399,00434,021
'otals, actual condition July 14,556,166 55,207 551,790c4,028,335382,14034,416
State Banks Not Me tubers of Fed'I Res've Bank.
50
18,202
17,864 1,566 1,868
reenwich Bank 1,000 2,027
2,767 2,191
383
383
5,539
250
884
,owery Bank__
26,810 49,127
78,356 3,069 1,986
tate Bank_ _ _ _ 2,500 4,281
'otal of averages
3,750
7,193 101,759
5,018
47,779 51,368
4,237
otals, actual condition July 15 101,961 4,918 4,517
otals, actual condition July 8 102,319 5,183 3,920
otals, actual condition July 1 103,360 5,093 4,028
rust Compan its Not Members of Fed 1 Res'y e Bank.
52,659 1,451 4,095
Itle Guar & Tr. 7,500 13,784
894 1,850
awyers T & Tr 4,000 6,440 26,194
48,275 51,337
47,977 51,395
51,547 49,533
36,876
17,300
1,089
820
otal of averages 11,500 20,224
78,853
2,345
5,945
54,176
1,909
otals, actual condition July 15
otals, actual condition July 8
otals, actual condition July 1
78,303
80,293
78,367
2,178
2,498
2,104
5,980
6,106
6,325
53,791
56,300
53,642
1,909
1,805
1,519
r'd aggr., avge 289,600460,8134,668,254 71,113553,616 4,039,612457,693 34,109
omparLson with prey. week __ -34,960 +3,069 +5,054 -16,008 +9,832 +112
r'd aggr., act'l cond'n July 15 ,694,678 65,369550,232 4,071,220462,02233,686
omparison with prey. week__ +5,135-5,127-20,047 +36,162 +9,818 -335
r'd
r'd
r'd
r'd
r'd
aggr., act'l cond'n
aggr., acr/cond'n
aggr., acacond'n
aggr., act'l cond'n
aggr., acelcond'n
July 84,689,543
July 14,737,893
June 244,842,923
June 17 4,803,745
June 104,778,052
70,496570,279
62,404562,143
67,785558,138
65,975636,850
69.299 589,595
4,035,058452,20434,021
4,133,524 433,19234,416
4,285,515332,281 34,628
4,373,545319,928 34,687
4,250,362 359.63534,598
-U. S. deposits deducted from net demand deposits in the genera totals
Note.
above were as follows: Average for week July 15, 330,558,000; actual totals, July 15.
328,465,000; July 8,331,607,000; July 1,$35,122,000; June 24, $40,302,000;June 17,
357,946.000. Bills payable, rediscounts, acceptances and other liabilities, average
for the week July 15, $342,913,000: actual totals July 15, $325,597,000; July 8.
3384,231,000; July 1, $336,508,000:June 24, 5360,813,000; June 17,$317,286,000.
* Includes deposits in foreign branches not included in total footing as follows:
National City Bank, $96,306,000: Bankers Trust Co., $12,407,000; Guaranty Trust
Co., $96,973,000; Farmers' Loan & Trust Co., $126,000; Equitable Trust Co.,
$25,015,000. Balances carried in banks in foreign countries as reserve for such
deposit were: National City Bank, $28,015,000: Bankers Trust Co., $632,000;
Guaranty Trust Co.. $24,013,000: Farmers' Loan & Trust Co., $126,000; Equitable
Trust Co., $2,356,000. c Deposits in foreign branches not included.
The reserve position of the different groups of institutions
on the basis of both the averages for the week and the actual
condition at the end of the week is shown in the following two
tables:
STATEMENT OF RESERVE POSITION OF CLEARING HOUSE BANKS
AND TRUST COMPANIES.
Averages.
Reserve
Cash
in
Reserve
In Vault. Depositaries
Members Federal
Reserve banks_
State banks*
Trust companies_ _ _ _
Total July 15_
Total July 8_ _ _
Total July 1-Total June 24_ _ _ _
5,018,000
2,345,000
Total
Reserve.
a
Reserve
Required.
Surplus
Res..Trve.
543,434,000 543,434,000 524,027,890 19,406,110
654,780
4,237,000 9,255,000 8,600,220
163,609
5,945,000 8,290,000 8,126,400
7,363,000 553,616,000 560,979,000 540,754,510 20,224,490
7,508,000 518,562,000 556,070,000 542,653,800 13,416,200
7,427,000 569,503,000 576,930,000 553,595,830 23,334,170
7,421,000 575,320,000 582,741,000 574,996,600 7,744,400
• Not members of Federal Reserve Bank.
a 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 In reserve required on net time deposits, which was as followst
July 15,$12,132,480;July 8,$11,862,420; July 1,39,622,470; June 24,$8,341,200.
JULY 22 1922.]
THE CHRONICLE
Actual Figures.
Cash
Reserve
Reserve
In
In Vault. Depositaries
Members Federal
Reserve banks_
State banks.
Trust companies_ _
Total July 15__
Total July 8____
Total July
Total June 24..___
Surplus
Reserve.
Reserve
Required.
Total
Reserve.
411
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.
$
539,735,000 539,735,000 528,253,300 11,481,700
745,500
4,918,000 4,517,000 9,435,000 8,689,500
89,350
2,178,000 5,980,000 8,158,000 8,068,650
7,096,000 550,232,000 557,328,000 545,011,450 12,316,550
7,681,000 570,279,000 5V7,960,000 540,052,510 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
• 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 15, $12,263,280; July 8, $11,970,120; July 1, $11,464,200; June 24, $8,461,020,
July 12,
1922.
changes from
previous week.
$
Capital
59,520,000
Surplus and profits
84,665,000 Inc.
Loans, disc'ts & investments_ 817,012,000 Dec.
Individual deposits,incl. U.S. 612,597,000 Inc.
Due to banks
123,283,000 Dec.
Time deposits
105,019,000 Dec.
United States deposits
8,556,000 Dec.
Exchanges for Clearing House 23,600,000 Inc.
Due from other banks
76,047,000 Inc.
Reserve in Fed. Res. Bank
72,617,000 Inc.
Cash in bank and F. R. Bank 9,522,000 Dec.
Reserve excess in bank and
Federal Reserve Bank..
5.142.000 Inc.
July 12
1922.
July 5
1922.
s
$
59,520,000 59,520,000
9,000 84,656,000 85,159,000
4,243,000 821,255,000 818,467,000
9,577,000 603,020,000 606,535,000
1,945,000 125,228,000 122,174,000
4,502,000 109,521,000 109,020,000
874,000 9,430,000 10,471,000
989,000 22,611,000 29,478,000
5,129,000 70,918,000 69,334,000
207,000 72,410,000 72,950,000
611,000 10,133,000 9,291,000
s
1E14.000 4.978.000 6.003.000
State Banks and Trust Companies Not in Clearing
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 15, with comparative figures
SUMMARY OF STATE BANKS AND TRUST COMPANIES IN GREATER for the two weeks preceding, is given below. Reserve
requirements for members of the Federal Reserve System
NEW YORK, NOT INCLUDED IN CLEARING HOUSE STATEMENT.
(Figures Furnished by Slate Banking Department.)
are 10% on demand deposits and 3% on time deposits, all
Differencesfrom
to be kept with the Federal Reserve Bank. "Cash in
precious week.
July 15.
$753,311,700 Dec. 3831,600 vaults" is not a part of legal reserve. For trust companies
Loans and investments
5,585,900 Inc.
112,200
Gold
256,600 not members of the Federal Reserve System the reserve
19,175,800 Inc.
Currency and bank notes
64,993,200 Dec. 1,855,000 required is 10% on demand deposits and includes "Reserve
Deposits with Federal Reserve Bank of New York
801,341,700 Dec. 2,617,800
Total deposits
with legal depositaries" and "Cash in vaults."
Deposits, eliminating amounts due from reseive depositaries and from other banks and trust com497,000
panies in N. Y. City exchanges and U. S. deposits 752,924,500 Inc.
123,720,000 Dec. 3,730,700
Reserve on deposits
Percentage of reserve, 20.2%.
Two Ciphers (00) omitted.
RESERVE.
-Trust Companies
State Banks
$12,523,000 2.77% Capital
Cash in vault
*312,238,700 7.58%
75,933,000 16.82% Surplus and profits
Deposits In banks and trust cos__ __ 23,025,300 14.26%
Loans, disc'ts & investm'ts
Total
$35,264,000 21.84%
$88,456,000 19.59% Exchanges for Clear.House
Due from banks
* Includes deposits with the Federal Reserve Bank of New York. which for the Bank deposits
State banks and trust companies combined on July 15 were 564,993,200.
Individual deposits
Time deposits
Total deposits
Banks and Trust Companies in New York City.
-The U.S.deposits(not incl.)_
Reeve with legal deposit's_
averages of the New York City Clearing House banks and Reserve with F.R.Bank__
trust companies combined with those for the State banks Cash in vault.
Total reserve and
and trust companies in Greater New York City outside of Reserve required cash held
Excess res.& cash in vault_
the Clearing House are as follows:
535,175,0
96,143,0
624,584,0
29,112,0
100,133,0
120,391,0
519,565,0
16,350,0
656,306,0
84,500,0
14,083,0
38,506,0
564,0
22,0
349,0
24,464,0
516,0
25,329,0
5,399,0
3,511,0
54,275,0
9,152,0
63,427,0
53,963,0
9.461.0
1,081,0
4,592,0
3,659,0
933.0
July 8
1922.
July 1
1922.
$39,675,0
110.226,0
658,511,0
27,464,0
96,472,0
117,009,0
536,317,0
16,411,0
669,737,0
6,174,0
4,177,0
55,003,0
9,997,0
69,177,0
56,753,0
12.454.0
$39,675,0
108,832,0
658,614,0
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
Total.
339,675,0
110,226,0
663,090,0
29,676,0
100,155,0
120,740,0
544,029,0
16,866,0
681,635,0
5,399,0
3,511,0
54,275,0
10,233,0
68,019,0
57,622,0
10.397.0
• Cash in vaults not counted as reserve for Federal Reserve members.
COMBINED RESULTS OF BANKS AND TRUST COMPANIES IN
GREATER NEW YORK.
Loans and
Investments.
Week endedMar.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
July 15
Weelc ending July 15 1922.
Membersof
Trust
F.R.System Companies
Demand
Deposits.
*Total Cash
in Vaults.
Reserve Os
Depositaries.
$
5,021,059,300
5,034,161,200
5,087,991,900
5,086,819,300
5,141,226,100
5,180,822,800
5,209,013.900
5,233,359,300
5,297,769,500
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
5,421,565.700
$
4,445,139,800
4,464,631,200
4,555,297,200
4,577,182.300
4,619,860,900
4,657,698,400
4,691,822,600
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
4.792.536.500
$
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
92,436,000
95 R74. 7nn
$
588,300,100
589,734,700
608,504,800
612,177,500
623,404.900
611,583,000
621,974,300
642.139,400
648,307,500
638.697,600
646.059,900
660,162,300
646,059,900
663,100,900
657,840,800
651,619,800
717 1197 car
• This item includes gold, silver, legal tenders, national bank notes and Federal
Reserve notes.
Condition of the Federal Reserve Bank of New York.
-The following shows the condition of the Federal Reserve
Bank of New York at the close of business July 19 1922 in
comparison with the previous week and the corresponding
date last year:
July 19 1922. July 12 1922. July 20 1921s
207,273,014 207,668.840 281,733,000
53,211,000
88,733,671
53,469,965
Resources
Gold and gold certificates
Gold settlement fund-F. R. Board
296,402,512
803,771,498
7,880,354
334,949,000
438,603,000
20,000,000
1,101,118,882 1,108,054,365
31,536,116
33,610,568
843,557,000
71,667,000
1,134,729,450 1,139,590,482
Total reserves
Bills discounted: Secured by U. S. Gov58,506,275
69,495,759
ernment obligations-for members..
For other F. R. banks
15,181,835
All other-For members
24,230,897
For other F. R. B
46,363,299
40,399,149
Bills bought in open market
915,224,000
134,125,805
49,357,750
120,051,410
51,955,750
428,082,000
2,022,000
Total gold held by bank
Gold with Federal Reserve Agent
Gold redemption fund
Total gold reserves
Legal tender notes, silver, Ace
260,742,979
833,586,993
6,788,904
146,396,000
25,804,000
244,525,000
5,610anks
5,747,000
New York City Non-Member Banks and Trust Companies.
-The following are the returns to the Clearing 1101.18(3
by clearing non-member institutions and which are not included in the "Clearing House Returns" in the foregoing:
Total bills on hand
U. S. bonds and notes
U. S. certificates of indebtedness
One-year certificates (Pittman Act)
All other
19,500,000
118,624,000
19,500,000
127,769,000
52,776,000
2,663,000
RETURN OF NON-MEMBER INSTITUTIONS OF NEW YORK CLEARING
HOUSE.
(Stated in thousands of dollars-that is, three ciphers MOO] omitted.)
Total earning assets
321,607,555
Bank premises
8,956,511
5% redemp,fund agst. F.R. banknotes899,060
Uncollected items
134,269,332
All other resources
3,105,056
319,29060
876;160
9
8,749,395
485,543,000
5,377,000
(0,
8 ,
1 :2
, ii 000
121
1
Net Loans,
Capital. Profits. DisCLEARING
Reserve Net
Net
Nat'l
counts, Cash
NON-MEMBER 3
with Demand Time Bank
in
Nat.bks.June30 InvestLegal
DeDe- CIr c uWeek ending StatebksJune30 men's, Vault. Deposi- posits. posits. talon.
tories.
July 15 1922. Tr. cos. June 30 &c.
Members of
Fed'l Res. Banll.
Battery Park NatW R Grace & Co_.
Yorkville Bank__.
Total
$
1,500
500
200
2,200
Average Average Average Average Average Average
3
$
$
$
$
$
$
162 1,175
1,190 9,416
7,291
304
198
20
1,245 10,316
492
1,297 7,977
482 1,610
985 18,585
9,106 10,135
664 3,277 17,694 18,416
3,420 38,317
198
State Banks
Not Members of Fed. Res've Bank
Bank of Wash. Hts
643
269
200
315 4,427
Colonial Bank_ _ _ 800 1,715 17,300 2,308 1,477
Total
1,000 2,030 21,727 2,951 1,746
$11
Trust Companies Not Me mbers of Fed. Res've Bank
Mech.Tr.,Bayonn e
437
159
200
606 9,491
10 1 . 4110ti
. 14
.
Total
437
159
200
606 9,491
k
Grand aggregate_ - 3,400 6,058 69,535
Comparison with )
revlous week- - +396
Gr'd
Gr'd
Gr'd
Gr'd
aggr. July 1 5
aggr. July 1
aggr, June 2 1
aggr. June 1 7
3,400
3,400
3,600
5,870 69,139
5,889 68,498
6,702 79,160
4,052,
+146;
I
3,906
4,005
4,040
"twin
A A:A
Arm
70 .,52
4,496
18,557
430
23,053
430
____
3,966
5,598
___ _
3,966
5,598
____
198
-1
5,135 a44,954 23,320
4,868 a44,546 23,077
6,783 855,749 23,057
6.651 ncil 719 99 A73
199
199
199
a U. S. deposits deducted, $113,000.
Bills payable, rediscounts, acceptances and other liabilities, $421,000.
Excess reserve, $271,880 increase.
1,603,566,966 1,612,716,805 1,532,562,000
Total resources
27,571,900
60,197,127
Reserved for Government Franchise Tax
Deposits:
Government
16,529,406
Member banks
-Reserve account_ _ 759,211,627
All other
10,731,533
27,571,900
60,197,127
2596:837182:000000
872,000
Surpls
5,306,305
771,550,118
10,637,238
12,970,000
637,422,000
11,893,000
Total deposits
786,472,568
F. R. notes in actual circulation
616,469,110
F.It. bank notes in circuits
-net liability 15,540,200
Deferred availability items
93,197,341
All other liabilities
4,118,719
787,493,661
622,754,058
15,935,200
94,635,454
4,129,404
662,285,000
645,313,000
28,915,000
88,384,000
21,475,000
Capital paid in
1,603,566,966 1,612,716,805 1,532,562,000
Total liabilities
5,182 a44,713 24,444
+47 -241 +1,124
199
14L,:ga
Ratio of total reserves to deposit and
F. R. note liabilities combined
Contingent liability on bills purchased
for foreign correspondents
80.9%
80.8%
70.0%
9,512,845
9,621,069
21,178,820
CURRENT NOTICES.
George B. Keenan & Co. announce the organization of a corporation
with offices in the First National-Soo Line Bldg., Minneapolis, Minn.,
to conduct a business in investment securities, specializing in municipal
bonds in the Ninth Federal Reserve District. Active members of the
corporation include Hamilton L. Whithed, investment banker, President,
and George B. Keenan, Secretary and Treasurer. Mr. Keenan has been
identified with the bond department of the Minneapolis Trust Co. for a
number of Years.
[VOL. 115.
THE CHRONICLE
412
WEEKLY RETURN OF THE FEDERAL RESERVE BOARD.
The following is the return issued by the Federal Reserve Board Friday afternoon, July 21, and showing the condition
of the twelve Reserve Banks at the close of business the previous day. In the first table we present the results for the system
as a whole in comparison with the figures for the seven preceding weeks and with those of the corresponding week last year.
The second table shows the resources and liabilities separately for each of the twelve banks. The Federal Reserve Agents'
Accounts (third table following) gives details regarding transactions in Federal Reserve notes between the Comptroller and
Reserve Agents and between the latter and Federal Reserve banks. The Reserve Board's comment upon the return for the latest
week appears on page 359 being the first item in our department of "Current Events and Discussions."
COMBINED RESOURCES AND LIABILITIES OF THE FEDERAL RESERVE BANKS AT THE CLOSE OF BUSINESS JULY 19 1922.
July 19 1922. July 12 1922. July 5 1922. June 28 1022. June 21 1922. June 14 1922. June 7 1922. May 311922. July 20 1921.
RESOURCES.
Gold and gold certificates
Gold settlement, F. R. Board
317,980,000
490,620,000
Total gold nein by nanks
Gold with Federal Reserve agents
Gold redemption fund
Total gold reserves
Legal tender notes, silver, dal
Total reserves
Bills discounted:
Secured by U. S. Govt. obligations
All other
Bills bought in open market
317,832,000
514,590,000
317,040,000
518,679,000
$
310,937,000
532,351,000
318,814,000
531,290,000
316,435,000
504,707.000
323,745,000
502,204,000
324,740,000
486,689,000
768,443,000
404,005,000
772,453,000
808,600,000 832,422,000 835j19,000 849,288,000 849.904,000 821,142,000 825,949,000 811,429,000 1,624,332,000
2,195,062,000 2,161,560,000 2,123.816,000 2,123,373,000 2,121.680,000 2,142,118.000 2,128,242,000 2,140,891,000 111,513,000
55,301,000
55,881,000
44,534,000
48,376,000
48,207,000
41,673,000
41,851,000
61,142,000
2,508,298,000
3,04.5,335,000 3,035,833,000 3,020,677,000 3,020,868.000 3,019.960,000 3,007,794.000 3,010.072.000 3,007,621,000 151,068,000
122,876,000
123,987,000 121,207,000 113,252,000 127,498,000 127,71.5,000 128,884,000 123,994,000
3,130,497,000 2,659,366.000
3,169,322,000 3,157,040,000 3,133,929,000 3,148,368,000 3,147,675,000 3,136,478,000 3,134,088,00(1
148,949,000 171,106,000 609,779,000
176,263,000 157,555,000 185,390,000 189,909.000 140,713.000 140,639.000 271,305,000 300,384,000 1,076,370,000
267,205,000 272,387,000 313,482,000 279,192,000 280,855,000 272.978,000
23,907,000
118,182,000
148,970,000 157,675,000 155,065,000 154,060,000 121,467,000 123,975,000 138,183,000
592,438,000
201,901,000
587,817,000
208,424,000
653,937,000
216,237,000
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 1,710,056,000
35,407,000
244.648,000
74,000,000
265,948,000
0,000
Total bills on hand
U. S. bonds and notes
U. S. certificates of indebtedness:
One-year certificates (Pittman Act)
All other
Municipal warrants
74,000,000
274,349,000
4.000
74,000,000
200,271,000
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
215,875,000
2,892,000
1,174,313,000 1,193.091,000 1,964,230,000
Total earning assets
1,134,296,000 1,144,394,000 1,204,445,000 1,179,768,000 1,008.569.000 1,167,275,000
25,762,000
40.672,000
40,994,000
41,074,000
41,368.000
41,568,000
41,985,000
Bank premises
42,417,000
41,642,000
9,954,000
7.580,0(10
7,518,000
7,639.000
7,565,000
7,587,000
7,551,000
5% redemp. fund agst. F. R. bank notes
7,496,000
7,496,000
454,938,000 544,655,000
611,733.000 514,725,000 511,571,000 588,959,000 624.732.000 525,893,000
Uncollected items
592,345,000
12,712,000
20,490,000
20,684,000
20,829,000
15,672,000
15,988,000
16,169,000
16,206,000
All other resources
16,186,000
4,903,488,000 4,847,268,000 5,216,679,000
Total resources
4,962,062,000 4,978,872,000 4,918,443.000 4,904,848,000 4,891,808,000 4,998,027,000
LIABILITIES.
Capital paid in
Surplus
Reserved for Govt. franchise tax
Deposits—Government
Member banks—reserve account
All other
105,078,000 105,070,000 104.879,000 104,859,000 104,729,000 102,222,000
215,398,000 215,398,000 215.398.000 215,398,000 215,398,000 213,824,000
2,236,000
2,207,000
2,231,000
2,281,000
2,231,000
34,967,000
54,295,000
39,574,000
10,383,000
43,780,000
73,273,000
20,837,000
36,677,000
49,376,000
1,630,196,000
1,861,145,000 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
27,856,000
33.854,000
33,455,000
32,006,000
30,297,000
34,313,000
28,871,000
29,029,000
29,010,000
1,693,019,000
1,942,531,000 1,924,937,900 1,884,702,000 1,939,276,000 1,854,399,000 1,929,036,000 1,898,990,000 1,870,153,000 2,564,512,000
Total
2,132,848,000 2,158,122,000 2,194,323,000 2,124,422,000 2,126,301.000 2,122,610,000 2,141,531,000 2,141,184,000 127,875,000
F. R. notes in actual circulation
70,553,000
71,812.000
67.689,000
68.000,000
67,259,000
67,380,000
F.R.hank notes in circulation—net flab.
66,053,000
68,146,000
453,543,000
479,274,000 486,360,000 430,161,000 430,314,000 500.049.000 535,464.000 450,497,000 423,217,000
Deferred availability items
61,684,000
19,798,000
20,174,000
20,659,000
20,409,000
20,820,000
All other liabilities
20,719,000
21,451,000
20,496,000
4,904,848,000 4,801,808,000 4.998,027,000 4,903.468,000 4,847,268,000 5,216.679,000
Total liabilities
4,962,062,000 4,978,872.000 4,918,443,000
Ratio of gold reserves to deposit and
53.9%
74.0%
74.5%
75.9%
72.4%
74.3%
F. R. note liabilities combined
74.4%
74.7%
74.0%
Ratio of total reserves to deposit and
(,2.5%
78.0%
77.6%
79.1%
77.4/
77.5%
F. R. note liabilities combined
77.8%
77.3%
76.8%
105,239,000
215,398,000
105,217,000
215,398,000
.59,016,000
247,264,000
22,059,000
30,883,000
33,234,000
3,900,000
6,000
27,831,000
58,007,000
38,361,000
Distribution be Maturi)ies1-15 days bills bought In open market_
1-15 days bills discounted
1-15 days U. S. certif. of Indebtedness_
16-30 days bills bought in open market_
16-30 days bills discounted
16-30 days U. S. certif. of indebtedness_
16-30 days municipal warrants
31-60 days bills bought in open market_
31-60 days bills discounted
31-60 days U. S certif. of Indebtedness_
31-60 days municipal warrants
01-90 days bills bought in open market_
61-90 days bills discounted
61-90 days U S. certif. of Indebtedness.
81-90 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
58,775,000
224,711,000
10,645.000
37,783,000
39,243,000
24,235,000
66,992,000
280,805,000
5,813.000
29,628,000
39,586,000
22,930,000
59,415,000
263,576,0110
4,106,000
27,845,000
38,675.000
1,500,000
31,868,000
221,015,000
33,700,000
27.022,000
39,608,000
500,000
27,454,000
210,195,000
89,306.000
29,269.000
46.370,000
1,000,000
39,608,000
218.767,000
70.973.000
27,267,000
48,248,000
7,144,000
47,714,000
253,849,000
74,249,000
20,122,000
47,831.000
500.000
14,258,000
971,150,000
3,700,000
3,277,000
163,545,000
6,595,000
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
34,629,000
84.650.000
14,027.000
43,064.000
61,811,000
26,292,000
40,548,000
61,529,000
26,329,000
36.852.000
61,953,000
31,717.000
40,176.000
61.953,000
34,199.000
20,565,000
72,833,000
4,679,000
2,983,000
236,529,000
29,742,000
16,580,000
53,983,000
42,057,000
15,156.000
50,208,000
40,873,000
15,415,000
46,375,000
37,852,000
25.564,000
44,112,0(10
3,900,000
24,347,000
43,204,000
3,900.000
19,1013,000
45,929,000
35,160,000
3,279,000
190,922,000
35,092,000
7,236,000
50,848.000
240,144,000
8,580,000
54.831,000
259,198,000
6,614,000
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
244,183,000
10,009
74,003,000
143,638,000
24,888,000
59,402,000
47,541,000
3,000
6,352,000
45,501,000
227,187,000
Federal Reserve Notes—
Outstanding
Held by banks
2,583,868,000 2,589,509,000 2,561,837,000 2,537,485,000 2,522,750,000 2,518,709,000 2,520,949.000 2,511,810,000 2,969,666,000
451,020,000 431,387,000 367,514,000 413,063,000 396.446,000 396,189,000 385,418,000 370,626,000 405,053,000
In actual circulation
2,132,848,000 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 2,564,613,000
3,279.696,000 3,294,971,000 3,300,574,000 3,781,176,000
Amount chargeable to Fed. Res, Agent 3,350,935,009 3,341,921,000 3,301,379,000 3,294,062,000 3,284.031,000 760.897,000 768,022.000 788,764,000 311,540,000
767,067,000 752,412,000 739,542,000 756,577,000 761.281,000
In hands of Federal Reserve Agent
2,583,858,000 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 2,969,666,000
Issued to Federal Reserve banks
How Secured—
By gold and gold certificates
By eligible paper
Gold redemption fund
With Federal Reserve Board
344,993,000
416,122,000 418,122,000 416,122,000 416,123,000 416,122,000 416,122,000 409,863.000 407,413,000 1,345,334,000
388.806
427,949,000 438,021,000 414,112,000 401,070,000 376.681,000 398,707,000 370,919,000 118,396,000
121,963,000 134,167,000 128.804.000 131,428,000
127,651,000 126,010.000 124,985,000 127,309,000
1,651,289,000 1,619,428.000 1,582,709,000 1,579,941,000 1,583.595,000 1,591,829,000 1.589,575,000 1,6(12,050,000 1,160,443,000
0
2,583,868,000 2,589.509,000 2,501,837,000 2,537,485,00 2,522.750,000 2,518,799,000 2,526.9.10,000 2,511,810,000 2,969,666,000
Total
529,749,000 525,071.000 540,254,000 566,077,000 1,659,119.000
Eligible paper delivered to F. R. Agent_ 585,242,000 576,633,000 835,631,000 608,648,000t
DERAL RESERVE BANKS AT CLOSE OF
Atlanta. Chicago. St. Louis Minneap. Kan.City
—......._
$
$
$
$
$
5,645,0 24,482,0 4,438,0 7,231,0 2,577,0
21,424,0 148,817,0 8,881,0 29.438,0 32,723,0
-—
27,0(39,0 173,299,0 13,119,0 36,669,0 35,300,0
46,978,0
Total gold held by banlui
98,912,0 368,852,0 57,646,0 29,194,0 52,705,0
146,264,0
;old with F. R. agents
1,729,0 2,278,0 2,231,0
1,579,0 3,156,0
9,422,0
Sold redemption fund
—
— —
-90,236,0
110, 216,462,0 233.684.0 99,203,0 127,560,0 545,307,0 72,494,0 68,141,0
202,664,0 1301.
0
Total gold reserves
601,0 4,890,0
6,952,0 21.117,0 12,175,0
0 8,404,0 9,159,0 6,718,0
33,
611,
0
8,537.
egal tender notes, silver, 40
68,742,0 95,126,0
211,201,0 1,134,730,0 224,
866,0 242,843,0 105,921,0 134,512,0 566,424,0 84,669,0
Total reserves
ills discounted: Secured by
6,523,0
69.495,0 30,021,0 22.400.0 11,760,0 2,438,0 14,198,0 5,898,0 1,666,0 1,513,0
Govt. obligations
U. S.
24,231,0 8,128,0 13,553,0 26,257,0 28,574,0 37,473,0 11,203,0 23,163,0 16,863,0
12,930,0
All other
40,399,0 21,013,0 15,316,0
670,0 20,106,0 14,415,0
10,055,0
423,0
3111s bought in open market
____
----—
38,508,0 134,125,0 50,162, 51.269,0 38,440,0 31,732,0 71,777,0 31,516,0 24,834,0 18,376,0
0
Total bills on band
265,0 6,254,0 11,767,0 4,590,0 28,378,0
4,566,0
49,358,0 23,581,0 26,893,0 1,233,0
-. S. txnuis and notes
3. S. certificates of Indebtedness
5,450,0
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
One-year ctfe. (Pittman Act)38,397,0 118,621,0 5,410.0 43,945,0
2,031,0 17,645,0 10,726,0 3,439,0 13,003,0
All other
9,0
vf nnicipal warrants
_ —
-86_921.0 321.607.0 93.653.0 127 607 0 43 233 0 40.727.0 104,343,0 57,580,0 36,872.0 64,078,0
Two ciphers (00) omitted.
Boston.
$
RESOURCES.
13,976,0
Sold, and gold certificates
Sold settlement fund—F. R. B'd 33,002.0
New York •
Phila. Cleveland Richmond
___
$
$
$
3
207,273,0 5,499.0 13,225,0 3,286,0
0
53,
470, 46,144,0 45,910,0 35,313,0
——
260,743.0 51,643.0 59.135,0 38,599,0
833,587,0 161,
032,0 171.054,0 56,811,0
6.789,0 3
.787,0 3.495,0 3,793,0
BUSINESS JULY 19 1933
Dallas. San Fran.
$
S
10,467,0 10,831,0
4,466,0 31,232,0
Total.
$
317,98(1,0
499,620,0
14,933.0 51,113,0 808,600,0
20,210,0 198,780,0 2,195,062,0
742,0 2,672,0
41,673,0
35,891,0 252,574.0 3,045,335,0
6,427,0 5,398,0 123,987,0
42,318,0 257,970,0 3,160,322,0
1,183,0 9,118,0
32,002,0 32,823,0
2,917,0 14,656,0
176,263,0
267,205,0
148,970,0
36,102,0 56,597,0
3,316,0 41,700,0
592,438,0
201,901,0
1,900,0 5,332,0
1,265,0 11,463,0
74,000,0
265,948,0
9,0
_
42,583,0 115,092,0 1.134.296.0
413
THE OHRONTCLE
JULY 22 1922.1
RESOURCES (Concluded)Two ciphers (00) omitted.
3ank premises
1% redemption fund against Fed422,0
eral Reserve bank notes
58,518,0
7noollected Items
693,0
resources
111 other
Total resources
LIABILITIES.
Japltal paid In
lurplus
3eposits: Government
Member bank-reserve acct
All other
Phila.
Boston
New York.
$
$
5,249,0
8,956,0
5
601,0
Clevelana Richmond Atlanta. Chicago. St. Louis Minneap Kan. City Dallas. San Fran
--- -------- -$
$
$
$
5
$
3
$
$
1,267,0
5,660,0 2,571,0
1,546,0 7,632,0
920,0 4,986,0 2,093,0
936,0
188,0
539,0
468,0
146,0
279,0
700,0
916,0
899,0
726,0 2,023,0
190,0
134,269,0 47,720,0 58,079,0 47,611,0 23,440,0 76,199,0 32,842,0 15,001.0 38,475,0 21,184,0 39,007,0
315,0
1,223,0
121,0
3,105,0
541,0
1,827,0 4,981,0
763,0
736,0
524,0
1,357,0
$
42,417,0
7,496,0
592,345,0
16,186,0
363,004,0 1,603,566,0 368,081,0 435,951,0 199,839,0 200,814,0 756,060,0 178,574,0 123,082,0 204,344,0 110,151,0 418,596,0 4,962,062,0
27,572,0 9,003,0 11,603,0
7,981,0
60,197,0 17,945,0 22,509,0
16,483,0
16,529,0 3,867,0 • 1,718,0
2,092,0
123,553,0 759,212,0 108,555,0 148,117,0
1,174,0
1,351,0
10,732,0
394,0
---126,039,0 786,473,0 113,773,0 151,009,0
Total deposits
178,133,0 195,387,0
?. R. notes in actual circulation 161,816,0 616,469,0
?. R. bank notes In circulation
15,540,0 5,138,0 4,991,0
4,928,0
net liability
93,197,0 42,808,0 48,939,0
44,453,0
3eferred availability items
4,118,0 1,281,0 1,513,0
1,304,0
ill other liabilities
Total liabilities
Memoranda.
Intl° of total reserves to deposit
and F. R. note liabilities combined, per cent
.7.ontingent liability on bills pur,Arrognnnd.ts
Total.
5,592,0 4,281,0 14,621,0 4,769,0 3,573,0 4,622,0 4,201,0 7,421,0 105,239,0
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
1,384,0 2,836,0 4,252,0
49,376,0
1,972,0
1,205,0 6,824,0 2,470,0 4,227,0
57,708,0 48,514,0 267,886,0 60,008,0 43,139,0 77,509,0 44,649,0 125,295,0 1,864,145,0
234,0
29,010,0
518,0
1,422,0
581,0
169,0 11,738,0
393.0
304,0
-----59,326,0 51,868,0 273,560,0 62,561,0 44,648,0 84,726,0 47,288,0 141,260,0 1,942.531,0
79,791,0 112,696,0 369,039,0 66,907,0 49,482,0 58,975,0 26,283,0 217,870,0 2,132,848,0
2,779,0 4,758,0 7,543,0 3,291,0 3,041,0 8,371,0 2,593,0 3,080,0
66,053,0
40,166,0 16,964,0 58,790,0 30,825,0 13,494,0 36,989,0 20,714,0 31,930,0 479,274.0
1,155,0
20,719,0
1,133,0 3,477,0
1,836,0
833,0 1,376,0
1,678,0
1,015,0
------363,004,0 1,603,566,0 368,081,0 435,951,0 199,839,0 200,814,0 756,060,0 178,574,0 123,082,0 204,344,0 110,151,0 418,596,0 4,962,062,0
,
73.4
80.9
77.0
70.1
76.1
81.7
88.1
65.4
73.0
66.2
1_900_0
9.513.0
2.082.0
2.134,0
1,275,0
953.0
3.097.0
12230
701 0
1 940 n
57.5
A77
A
71.8
f., • 77.8
n
r90 non r
1 1527
STATEMENT OF FEDERAL RESERVE AGENTS ACCOUNTS AT CLOSE OF BUSINESS JULY 19 1922
Federal Reserve Agent at
(In Thousands of Dollars)
ResourcesFederal Reserve notes on hand
Federal Reserve notes outstanding
Collateral security for Federal Reserve notes outstanding
Gold and gold certificates
Gold redemption fund
Gold fund-Federal Reserve Board
Eligible papefrAmount required
lExcess amount held
Boston. New York
Cleve. Richm'd Atlanta Chicago. St. L. Minn. K .City. Dallas. San Fr. Total.
-----$
$
$
3
$
$
91,250 277,650 34,920 35,120 30,910 72,404
88,900 27,250 10,500 16,
400 20 833 6 $
0,930 767,067
$
$,
180,101 871,933 212,780 214,292 88,160 116,928 412,267 83,750 52,445 70,142 29,207 251,863 2,583,868
363,184
13,275
2,400
39,403 13,643 12,779 5,016 4,512
431,000 147,389 145,000 51,795 92,000
38,346 51,748 43,238 31,349 18,016
93,959 3,165 7,892 6,729 13,541
11,210 13,052
7,701
416,122
16,207 3.136
1,142 4,345 2,515 16,989 127,651
352,645 43,300 15,000 48,360 10,000 181,800 1,651,289
43,415 26,104 23,251 17,437 8,991 53,074 388,806
28,347 5,407 1,329
939 27,045 3,412 196,436
456,123 2,115,475 463,645 471,596 213,959 319,801
Total
Liabilities
Net amount of Federal Reserve notes received from
271,351 1,149,5831247,700 249,412 119,070 189,332
Comptroller of the Currency
146,264 833,587 161,032 171,054 56,811 98,912
Collateral received from'Gold
38,508 132,305 54,913 51.130 38,078 31,557
Federal Reserve BanklEligible paper
941,781 200,157 116,719 157,623 106,292 568,068 6,131,239
456,123 2,115,475 463,645 471,596 213,959 319.801
941,781 200,157 116,719 157,623 106,292 568,068 6,131,239
180,101 871,933 212,780 214,292 88,160 116,928
18,285 255,4641 34,647 18,905 8,369 4,232
-161,816 616,469178,133 195,387 79,791 112,696
412,267 83,750 52,445 70,142 29,207 251,863 2,583,868
43,228 16,843 2,963 11,167 2,924 33,9931 451,020
Total
Federal Reserve notes outstanding
Federal Reserve notes held by banks
Federal Reserve notes in actual circulation
5,300
7,964
133,000
33,837
4,671
501,167 111,000 62,945 86,542 50,040 312,793 3,350,935
368,852 57,646 29,194 52,705 20,216 198,789 2,195,062
71,762 31,511 24.580 18,376 36,036 56,486 585,242
369,039 66,907 49,482 58,975 26,283 217,870 2,132,848
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 359.
1. Data for all reporting member banks in each Federal Reserve District at close of business July 12 1922. Three ciphers (000) omitted.
I
Federal Reserve District.
Number of reporting banks
Loans and discounts, including bills rediscounted with F. R. bank:
Loans sec. by U. S. Govt. obligations_
Loans secured by stocks and bonds__ _
All other loans and discounts
Total loans and discounts
U. S. bonds
U. S. Victory notes
U. S. Treasury notes
U. S. certificates of Indebtedness
Other bonds, stocks and securities
Boston. New York Phtladel. Cleveland Richm'el. Atlanta. Chicago, St. Louis. hfinneap.Kan. City Dallas. San Fran
79
84
42
49
107
56
109
37
35
78
52
68
8
S
15,529
86,034
224,624 1,678,007
555,995 2,221,121
!
796,1483,985,162
90,552 526,376
1,630
9,803
19,769 349,610
9,290 117,664
168,274 835,295
$
16,032
225,121
315,246
556,399
54,467
8,523
19,708
10,796
182,953
$
$
12,021
30,650
330,162 113,444
634,283 300.567
$
$
$
8
$
7,783
46,215
15,673
10,213
10,271
58,883 495,640 122,988
32,029
65,900
284,874 1,021,304 272,545 190,748 348,424
_
995,095 426,032 351,5401,563,159 411,206 232,990 424,595
55,956
145,323
27,481 118,472
28,718
26,317
55,125
1,684
703
726
3,955
2,233
1,329
256
4,229
27,487
1,722
49,451
6,012
9,765
7,157
3,256
6,789
8,857
29,536
18,432
9,366
8,003
54,718
278,182
33,298 401,294
57,232
81,491
23,108
_
Total loans, disc'ts & investments, Incl.
bills rediscounted with F. It. Bank__ _ 1,085,6635,823,910 832,8561,456,628 544,894 421,5562,165,867 542,779 297,831 562,725
35,129
99,215
Reserve balance with F. R. Bank
30.057 206,338
83,614 707,154
65,787
45,795
34,921
20,310
14,084
29,803
Cash in vault
10,010
20,056
15,687
54,943
12,558
96.669
6,841
14,643
Net demand deposits
808,3165,037,857 684,436 849,135 330,408 248,2981,459,849 319,500 190,210 442.617
rime deposits
233,239, 762,387
51,086 490,648 144.961 150,796 679,276 162,397
71,126 114,916
3,315
3,372
11,543
Government deposits
7,675
10,089
37,300
12,546
4,397
3,844
4,131
Bills payable with Federal Reserve Bank:
5,095
14'
3,724
1,584
Secured by U. S. Govt. obligations__ _
8,658
46,705
2,519
72
38
2,034
200
All other
Bills rediscounted with F. It. Bank:
97
11
3
528
55
89
82
Secured by U. S. Govt. obligations
7
5,496
3,053
12,797
4.729
10.705
4.044
1 5.0.0
1660
2 099
8.355
All other
Total.
796
$
$
$
270,993
4,595
15,977
41,979 147.977 3,536,754
186,813 699,494 7,031,414
233,387
34,848
600
6,872
6,024
8,158
863,448 10,839,161
112,406 1,276,041
39,096
7,654
515,647
13.865
22,116
250,129
166,9082,290,911
-
289,889 1,186,397 15,210,985
23,684
86,142 1,438,146
306,169
9,258
21,617
209,523 616,96611,197,115
65,525 550,003 3,476,360
110,070
9,015
2,843
3,178
165
10
3.684
73,752
365
97
8.609
979
66.786
2. Data of reporting member banks In Federal Reserve Bank and branch cities and all other reporting banks.
New York City.
Three ciphers (000) omitted.
July 12.
July 5.
All F. R. Bank Cities. F. R. Branch Cities.IAllOtherReport.Bka.
Total.
-July 5.
July 5. July 12.
July12. July 5. July 12. July 5. July 12'22 July 522. July 1321
-------273
273
50
210
50
796
816
210
313
313
796
City of Chicago.
July 12.
66
66
Number of reporting banks
Loans and discounts, incl. bills redis$
$
counted with F. It. Bank:
$
36,032
79,691
Loans see. by U. B. Govt. oblig'ns
75,941
Loans secured by stocks & bonds_ 1,506,097 1,540,776 369,877
All other loans and discounts
1,940,920 1,936.949 647,241
$
$
5
$
S.
$
$
$
$
$
176,539
183,632
36,179
50,340
270,993
286,538
638,399
58,018
44,114
44,888
352,293 2,612,511 2,628,079 488,981 485,972 435,262 437,027 3,536,754 3,551,078 2,985,483
647,069 4,398,048 4,382.2531,370,099 1,359,308 1,263,267 1,260,171 7,031,414 7,001,732 8,111,808
--Total loans and discounts
3,522,9583,557,416 1,053,150 1,035,541 7,187,098 7,193,964 1,909,420 1.903,2981,742,643 1,742,086 10,839,161 10,839,348 11,735,690
733,991
731,541 277,625 276,137 264,425 262,205 1,276.041 1,269,883
50,657
U. S. bonds
49,408
862,208
464,486 463,315
27,281
24,998
2,861
39,096
U. S. Victory notes
6,047
37,386
3.466
170,476
8,079
6,554
5,834
8,288
5,768
421,273
433,069
41,204
515,647
534.356
80,634
U. S. Treasury notes
59.729
30,888
35,764
65,523
34,645
336,821 331.726
184,205
185,260
15,895
250,129
248,102
154,877
U. S. certificates of indebtedness_ 112,513 120,396
16,650
47,325
19,482
43,360
18,599
Other bonds, stocks and securities
644,546 643,154 179,369 186,714 1,273,913 1,283,152 613,356 617,331 403,642 409,947 2,290,911 2,310,430 2,045,474
Total loans & (Heels & invest'ts,
-----Incl. bills redIsc'ted with F. It. Bk.5,089,612 5,124,086 1,332,931 1,332,872 9,827,761 9,851,984 2,913,502 2.912,2032,469,722 2,475,318 15,210,985 15,239,50515,049,359
Reserve balance with F. R. Bank.... 657,029 616,194 146,549 140,248 1,062,715 1,026,872 216,927 216,541 158,504 157,2561 1,438,146 1,400,669 1,247,211
161,913
162,421
306,169
296,258
31,287
306,685
Cash in vault
58,644
79,866
30,050
74,032
82,531
59,805
85,612
Net demand deposits
4,539,5014,502,739 988,484 970,643 7,838,402 7,763.630 1,772,531 1,753,532 1,586,182 1,570,522 11,197,11511,087,684 10,085,866
Time deposits
321,025 322,481 1,727,635 1,715,143 1,008,533 1,008 556 740,192 746,862k 3,476,361 3,470,561 2,903,087
555,821 547,052
79,213
87,887
110,071
121,42:
9,746
277,917
Government deposits
8,682
21,738
10,083
38,695
23,458
34,818
9,119
Bills payable with F. R. Bank:
57,488
73,752
94,862
310,849
Seed by U.S. Govt. obligations
4,241
70,024
1,565
50,110
4,863
8,9241
43,330
15,914
11,401
200
365
184
924
All other
165
I
184
Bills rediscounted with F. It. Bank:
729
1,183
85,118
919
979
Sec'd by U.S. Govt. obligations
499
99
192
522
58
165
All other
33,265
66,786
110,16.
757,572
4,824
74,686
2,236
19,033i
15,487
18,034
26,782
16,445
3,606
Ratio of bills payable & rediscounts
with F. R. Bank to total loans_ ,
flind Irt e,•••,.... a new
0.9
1.4
0.7
0.9
1.5
7.7
1.1
1.5
0.3
0.7
0.9
1.2
1.1
THE CHRONICLE
414
[Vol,. 115.
DAILY TRANSACTIONS AT THE BOSTON, PHILADELPHIA AND
BALTIMORE EXCHANGES.
Vaulters' ii azettc,
I
Boston
Wall Street, Friday Night, July 21 1922.
-Notwithstanding
Railroad and Miscellaneous Stocks.
decidedly forbidding news regarding the long drawn out coal
strike, the newer but more disturbing railway strike, and the
lamentable European situation, both the stock and bond
markets were .practically buoyant during the early part of
the week. Several old, well-known railway stocks, including
Baltimore & Ohio and Atchison, and a half dozen equally
prominent industrial issues made a new high record for the
year in this movement. Some of the latter did better than
the rails, Crucible Steel adding 11 points to its previous highest quotations. This advance led, of course, to profit taking
sales and a moderate reaction has followed, beginning on
Thursday. This, however, has wiped out only a part of the
earlier gains and substantially more than half the active list
closes higher than last week.
For some reason not generally understood, the active element in Stock Exchange circles seems not to have taken seriously the rather grave outlook in the coal situation, or the
threatened interference with traffic now overhanging the
railways of the country. Iron production has already been
curtailed, owing to the coal shortage, and this shutting
down must, of course, increase if the shortage continues.
Also, a good many trains have been dropped from railway
schedules, including some mail carriers, and the question
naturally arises, how far can this movement go without serious results? Nevertheless, the market for all classes of
securities has, until now, steadily advanced. The New York
Telephone Company's offering of $25,000,000 was this week
more than three times oversubscribed and at least four Liberty Loan issuse have sold at the highest quotation ever
reached.
The following are sales made at the Stock Exchange this
week of shares not represented in our detailed list on the
pages which follow:
STOCKS.
Week ending July 21.
Range for Week.
Sales
for
1Veek.
Range since Jan. 1.
Highest.
Lowest.
Lowest.
Highest.
par. shares $ per share. $ per share. $ per share $ per share.
Amer Malt & Grain
July 2
July
Stamped 3d paid_ _ _ _. 200 2 July 19 2 July 19 2
Mar
Feb 70
Amer Tel & Cable__.1001 100 57 July 18 57 July 18 54
% Jan 3 June
Assets Realization_ _ _ _101 900 134 July 19 134 July 20
Apr 140 June
iOOi 111 130 July 17 130 July 17 120
Atlas Powder
July 3631 July
Beechnut Packing Co.2014,700 33 July 15 3631 July 19 30
800 234 July 15 23% July 15 134 June 234 June
Bkiyn Union Gas rights _
Brown Shoe, pref_ _ _ _100 • 201 9214 July 19 9214 July 19 89 May 9234 Apr
Jan 57 A pr
Colo & Sou,2d pref_.i00I 100 55 July 18 55 July 18 49
Cosden & Co, pref_ _ _ 1001 500 95 July 17 95 July 17 95 June 9734 June
400 66 July 21 66 July 21 5714 Mar 6634 Mar
Detroit United Rys
E I du Pont de N & Co100 3,300 135% July 17 143 July 21 115 May 150 July
250 8114 July 15 82 July 20 80 June 85 June
100
Debenture Os
July 7734 May
Eastman Kodak. new...* 3,400 7214 July 21 7334 July 17 70
3
Elec Stor Battery, new_* 18,200 44% July 15 4731 July 21 4014 June 48 June
Emerson-Brant, pref _100 400 3734 July 20 3734 July 20 23
Feb 4434 June
Gen Amer Tank C, p1100 400 97 July 19 9714 July 20 96 June 99 June
200 8134 July 19 8114 July 19 8034 July 103 May
100
Hartman Corp
Hudson Motor Car_ _ _ _* 8,200 22 July 21 2334 July 15 2034 June 2334 July
ni Cent pf 6% Ser A w 1 3,700 10931 July 1511031 July 21 10414 June 11031 July
30 69 July 15 6934 July 19 61
III C Sec Stk Ctf Ser A100
Feb 6934 July
Lima Locomotive rights_ 6,500 3 July 21 434 July 19 3
July 434 July
100 90 July 19 90 July 19 6234 Jan 93
Mallinson & Co, pref_100
July
200 46 July 21 4631 July 20 4533 July 4634 July
Manhattan ElRy ctfsdep
Mexican Seaboard Oil_..* 53,900 3134 July 17 3334 July 19 3054 July 3434 July
July 3234 July
Voting trust cent's__ _ 26,500 29 July 21 3114 July 20 29
200 81 July 15 82 July 15 70 June 90
Jan
M St P & S SM,pf_ _100
100 3114 July 19 3134 July 19 3131 July 3134 July
MK&T war 3d ass't paid
Preferred100 28% July 19 2834 July 19 28% July 28% July
*1 245 453 July 15x525 July 20 453
July z525 July
Nash Motors
Jan 8934 July
Nat Cloak & Suit, pf_100 500 8834 July 17 8934 July 17 69
300 50 July 18 50 July 18 47
25
Jan 53 May
Ohio Fuel Supply
3001 66 July 18 66 July 18 5634 May 66
Pacific Tel & Tel.......100
July
no 600j 8734 July 19 8734 July 20 86% July 8731 July
Preferred
1001 9031 July 21 9034 July 21 8834 Jan 9334 Mar
Phillips-Jones pref_ _100
Piggly Wiggly Stores_ _ _. 7001 4034 July 17 4134 July 18 3934 July 4934 June
1001 9631 July 20 9631 July 20 85
Mar 9734 June
Pittsburgh Steel Dref _ 100
Apr 11534 Mar
Railway Steel Spr, pf.100
100111031 July 1511034 July 15 106
July 5034 June
Reynolds Spring Co__ _* 1,0001 44 July 21 4434 July 18 44
Apr
3001 1734 July 20 1734 July 20 834 Jan 21
*
Robert Reis & Co
94 July 20 83
July
Jan 94
So Porto Rico Sug, pf 100 2Q01 93 July 17 .
1001 9334 July 20 9314 July 20 8331 Jan 9314 July
Stand Milling, vet _100
20392 July 20 340
Mar
1001392 July
Feb 420
Tex Pac Land Trust_100
July 1712431 July 20 10934 Mar 13734 May
Tidewater Oil
100
2001120
July
Tobacco Products rights 4,0001 2234 July 15 24 July 19 2231 July 24
% July 414 July
United Retail Stores rta_ 38,600j % July 15 434 July 21
U S Hoffman Mach'y__. 2,1001 2314 July 15 24 July 17 213% Jun ;• 2534 May
Mar
100110934 July 1910931 July 19 10734 July 110
U S Tobacco, pref_ _1130
July 19 10934 July 19 10834 June 112 June
Western Elec, pref.. _ _100
200110934
Jan 73 May
West'se E & M,1st pf_50 3001 72 July 17 72 July 17 65
34 July 20
.01 Mar
14 Apr
1001 % July 20
White 011 rights
Jan 121 June
100 121 July 21 121 July 21 117
Woolworth & Co mei 100
* No par value.
TRANSACTIONS AT THE NEW YORK STOCK EXCHANGE
DAILY, WEEKLY AND YEARLY.
Week ending
July 21 1922.
Saturday
Monday
Tuesday
Wednesday
Thursday
Friday
Tntni
Sales at
New York Stock
Exchange.
Stocks.
Shares.
Par Value.
Railroad,
cte.,
Bonds.
286,775 $22,455,200
480,410 34,420,500
651,950 50,164,000
797,768 62,101,000
723,800 59,225,000
718,400 55,600,000
State, Men.
and Foreign
Bonds.
$3,095,000
5,472,500
6,588,500
8,494,000
8,070,000
8,323,000
U.S.
Bonds.
$866,500 $1,826,500
1,830,500 4,033,230
2,212,000 3,852,600
1,982,000 5,531,500
1,640,000 4,486,900
1,495,000 5,284,000
3.659.103 $283,965,700 $40,043,000 $10,026,000 825.014.700
Week ending July 21.
1922.
1921.
Jan. 1 to July 21.
1922.
1921.
1,654,064
146,348,302
100,532,155
3,659,103
-No. shares- _ Stocks
$283,965,700 $127,490,305 $12,984,416,089 $7,484,926,314
Par value
Bonds.
$29,863,350 $1,064,408,955 $1,053,065,990
Government bonds_ _ $25,014,700
5,026,500
355,789,500
159,448,900
10,026,000
State, mun., &c., bds_
505,367,600
40,043,000 18,805,000 1,175,448,
RR.and misc. bonds
E75,083,700 $53,694.850 $2,595,647, 55 $1.717,882.490
Total bonds
Week ending
July 21 1922.
Saturday
Monday
Tuesday
Wednesday
Thursday
Friday
Total
Philadelphia
I
Baltimore
Shares. Bond Sales; Shares. Bond Sales1 Shares. Bond Sales
6,668
10,452
11,676
13,934
12,215
15,109
$45,2501
36,4001
55,800
120,150
45,4001
65,000
1,830
5,429
6,566
6,489
6,185
2,041
70,054
$368,000'
28,540
1362,1300
484
5471
1,098.
40411
1,4621
579,
$21,900
115,150
50,050
51,750
72,750
51,000
$30,000
19,703
39,600
28,600
36,000
120,200
4,5741 $274,100
Daily Record of Liberty Loan Prices. July 15 July 17 July 18 July 19 July 20 Judy 21
(High
First Liberty Loan
334% bonds of 1932-47_ _{Low_
(Close
(First 334s)
Total sales in $1,000 units__ Converted 4% bonds of(High
193247 (First 4:0 __ i Low_
(Close
Total sales in $1,000 units__
Converted 434% bonds(High
-al{ Low_
of 1932-47 (First 41
(Close
Total sales in $1,000 units__ Second Converted 4%%(High
bonds of 1932-47 (First{ Low(Close
Second 414s)
Total sales in $1,000 units ___
(High
Second Liberty Loan
4% bonds of 1927-42._ { Low(Close
(Second 4s)
Total sales in $1,000 units ___
Converted 434% bonds(High
of 1927-42 (Second { Low_
(Close
431s)
Total sales in $1,000 units._(High
Third Liberty Loan
414% bonds of 1928_ _ _ _{Low_
(Close
(Third 43(s)
Total sales in $1,000 units _ _ _
(High
Fourth Liberty Loan
434% bonds of 1933-38_ _{Low_
(Close
(Fourth 41(s)
Total sales in 81,000 units ___
(High
Victory Liberty Loan
434% notes of 1922-23_ _{Low_
(Victory 43.1s)
(Close
Tiara sales in 81 nnn ..11.
100.80 100.94 100.96 100.90 100.98 100.98
100.74 100.74 100.84 100.46 100.80 100.90
100.80 100.90 100.90 100.76 100.96 100.90
323
404
267 1,399
302
62
.._ -____ 100.70 101.10
____
____
. 100.70 100.90
____
------------ 100.70 101.10
____
____
_ __
2
23____ 100.94 101.08 100.92 101.20 101.30
100.86 100.84 100.82 100.86 101.16
____ 10C1.90 100.84 100.88 101.08 101.20
90
134
206
355
264
-_-_
____ 101.00
101.00
_ ___ 101.00
_ _ _ _12
_ __ 100.56 100.60 100.70
__-_ 100.60
___ 100.34 100.58 100.70
___ 100.60
____ 100.34 100.60 100.70
____ 11'10.60
21
33
2
____
10
_ ___
100.74 100.80 100.62 100.80 100.98
101.50
101.50 100.52 100.54 100.44 100.54 100.76
101.50 100.70 100.54 100.54 100.80 100.76
866
605 1,489
389
671
10
100.40 100.52 100.58 100.50 100.70 101.98
100.32 100.34 100.42 100.44 100.42 100.68
100.34 100.46 100.50 100.44 100.62 100.82
689 1,689
942 1,277
894 1,064
100.94 101.04 101.08 101.04 101.24 101.54
100.82 100.92 100.92 100.92 100.98 101.02
100.92 100.00 100.92 100.98 101.20 101.32
1,319 1,155 1,719
263 1,100 1,531
100.54 100.56 100.58 100.58 100.56 100.58
100.52 100.54 100.54 100.54 100.50
100.52
100.54 100.56 100.56 100.56 100.56 100.54
471
226
547
27I1
207
11.2
-The above table includes only sales of coupon
Note.
bonds. Transactions in registered bonds were:
37
16
1
110
100.20 to 100.70
100.74 to 101.20
100.44 to 100.56
100.60 to 100.74 94 3d 410
100.60 to 101.08 161 4th 431s
376 Victory 434s
100.28
100.36 to 100.70
1st 3148
1st 434s
2d 4s
2d 41.1s
Quotations for U. S. Treas Ctfs. of Indebtedness, &c.
Int.
Int.
Maturity.
Rate.
Bid.
Sept. 15 1922.....
Sept. 15 1922.June 15 1924...Sept. 15 1924.....
n.,, 15 1022.....
534%
414%
53.4*/
515 4.
4t6'.
10031
10034
103
10274
,
100,3 4
Asked.1
Maturity.
10034 'Mar. 15 1925,...
10034 1Mar. 15 1926_
10334 , Mar. 15 1923.....
'June 15 1923...
103
.4
100,7 'Dec. 15 1925....
Rate.
Bid.
434% 10114
431% 102
411% 100,344
334% 100
4%% 1001K
Asked
10134
10234
100",i
10034
100194
-Sterling exchange exhibited inForeign Exchange.
creased activity and strength, with a. net advance of about
%
13 cents for the week. Pronounced strength was seen in
the Continental exchanges, French and Italian currency
establishing sharp gains. Marks, however, remained weak.
To-day's (Friday's) actual rates for sterling exchange were 4 42%0
for checks and 4 453404 4634 for
4 4334 for sixty days. 4 45%04 4531 4 4504453's; sixty days, 4 41310
cables. Commercial on banks, sight,
ninety days, 4 4104 42. and documents for payment (sixty days),
4 42:
grain for pay4 423404 4331. Cotton for payment, 4 4504 45%, and
.
5 4
s 0 d5%)
ment. 4 4 (} i4ay s
actual rates for Paris bankers' francs were 8.3308.41
To-day'
not yet
for long and 8.3708.45 for short. Germany bankers' marks are 38.420
quoted for long and short bills. Amsterdam bankers' builders were
for short.
38.44 for long and 38.78038.80
Exchange at Paris on London, 52.73 fr.; week's range, 52.70 fr. high
and
.
.1 ::
088;
m7o
38
5. 3 f
he rangerior vreign exchange for the week foll0694%
Checks.
Cables.
Sixty Days.
Sterling Actual
4 463i
6%
4 43X
4 44 1-16
the week
High for
4 41%
4 44 7-16
Low for the week
Paris Bankers' Francs
8.62
8.53
High for the week
8.25
8.16
o
Gerni
Low f ratnhye
Bankers' Marks
0.23 X
0.22%
High for the week
0.19%
A foier hem Bankers,
Lownisr tda week
Guilders
38.92
38.87
38.44
High for the week
38.75
38.27
38.68
or
D f st e Eek
Lowomethicwexchange.
per $1,000
-Chicago, par. St. Louis, 15025c.
discount. Boston, par. San Francisco, par. Montreal, 39.6825 per
,
$1,000 premium. Cincinnati, par.
-Trading in the Curb Market this
The Curb Market.
week was quiet, with prices developing a somewhat weaker
tendency as the week progressed. Losses of any extent were,
however, confined to a few issues. Oil shares as usual continue the leaders. Standard Oil (Indiana), after an advance
from 107% to 109%,dropped back to-day to 107 and closed
up
4
at 1073i. Standard Oil (Kentucky) moved of from 923 .
N. Y. sank
to 95, then reacted to 9332. Standard Oil
from 426 to 419, recovered to 424 and sold finally at 420.
New England Fuel Oil was a strong feature, advancing from
53 to 60, with the final figure to-day 59%. Fensland Oil
sold down from 16% to 15% and at 153' finally. Internat.
%
Petroleum after an early rise from 223. to 225 sank to 21
and finished to-day at 21%. The industrial and miscellaneous list was featured by the opening of trading in the
new New York Telephone 63% pref. stock. From 1083i
it rose to 1083', then dropped to 1073', with the final transaction to-day at 107%. American Metals was prominent
for an advance of over two points to 47%,though thereafter
4
it reacted, the close to-day being at 453 . Cleveland Automobile, after a loss of about a point to 28%,sold up to 303 ,
%
but to-day sold back to 29. Glen Alden Coal moved up
53 to 563 and reacted finally to 55%.
from
A complete record of Curb Market transactions for the
week will be found on page 424.
New York Stock Exchange-Stock Record, Daily Weekly and Yearly
415
f
OCCUPYING FOUR PAGES
For sales during the week of stocks usually inactive, see preceding page.
HIGH AND LOW SALE PRICE
-PER SHARE, NOT PER CENT.
Saturday,
July 15.
Monday,
July 17.
Tuesday,
July 18.
Wednesday, Thursday,
July 20.
July 19.
Friday,
July 21.
Sales
for
the
Week..
$ per share. $ per share. $ per share. $ per share. $ per share. S per share. Shares
100
17
17
*14
15
*14
15
18
16
17
*14
*14
18
1,000
41
*39
40
41
8
40
40
40
42
417
3 4112 427
*40
1103 1015 101 1013 10112 102
4
8
10114 1017 100% 101% 8.500
4
3
1013 102
4
*9012 911, 91
1,900
903 903
3
9114
3 9012 9012 9012 90% 91
91
318 318 2,200
3
318
31,
318
318 314
*314 312
318 3%
108 108
108 10812 108 10818 10814 10814 10814 10814 108 1093
4 2,300
51% 5214 51% 52% 52
4
533 543 62,500
4
4
52% 53
.5414 533 5518
1,400
6218 62
62
*603 6114 61
4
6114 61
0114 6112 6214 62
10
*64
70
70
*64
*67
68
08
*64
*64
70
70
70
253 26
4
26
253 257
2612 2512 264 5,500
253 26
4
4
4
3 253 26
1,300
*22
2214 2214
2212 2212 2212 2218 2212 *2218 223
4 22% 23
8 2,900
*139 140
4
4
13912 14012 140 14014 1403 140% 14012 1413 1393 1407
3
100
*181 185 *181 185 *181 185 *181 185
185 185 *181 185
68
s 8,800
09
6812 6812 68% 68% 69% 693 70
3
69% 6812 687
1,700
103 10% 103 11
1012 11
103 11
4
3
4
4
1118 11% *103 11
500
*1712 181, 1712 1712
1814 18 4 1812 1812 *1712 1812 18
18
,
300
38
*36
*35
*3512 38
36
37
36
36
35% 35% 36
300
56
*54
55
.55
55
55
5612 *54
56
*54
55
5.5
85
s 87
8 1,200
9
9
8% 8%
87
8 8%
8% 8%
87
8 9
1,000
21
21
*20
21
21
21
21
21
20
21
21
20
2712 283
4
8 27% 283
8 273 2812 27% 2918 27% 2812 2712 284 11,000
4
4 433 4412 12,900
43
4
437
4414 4312 44% 4412 4514 433 443
8 43
4 5,600
76
77
763
7738 7612 77% 7512 763
8 753 77
7612 77
4
400
115 115
*11412 115 *11412 115
115 115
115 115 *114 115
4318 43% 11,100
4318 4338 4318 4412 4312 4414
43% 44% 4312 44
700
94
9418 94% 943 943
4
9414 9418 9418 9418 9418 94
4 94
1,500
8112 82
82
82
8114 8114 815 82
8112 813
8
4 8112 82
300
68
65
68
*66
69
68
67
68
6712 6712 *66
07
7612 7612 1,500
753 7612 7612 7612 7612 7612 76
7612 *7612 77
4
100
97
9913 *95
*94
973 *95
4
*93
96
953
973 *93
4 96
4
47
47
300
*4712 48
*4612 48
*47
48
48
48 48
48
400
62
*61
62
*61
*6034 62
62
*61
6112 6112 *61
62
500
12012 121
3
12112 121 12 *1213 124
1227 123 *123 127 *123 127
4
1,100
12912 12912
4
1283 1283 12712 12712 12712 12912 129 12912 *1273 129
4
*4
412 *4
412
*412 5
*412 5
•414 5
*414 5
912
*814 83
*8
4 *814 812 *7
912
*8
9
9
*8
1618 16% 9,800
163 17% 1612 17
8
4
16% 16% 163 16 4 16/2 17
,
2418 23% 24 4 5,700
,
23% 23% 2312 237
24% 24
2414 24
2 24
1,000
18
*17
*1714 18% 18
18
18
18
18% *1712 18
18
8138 z763 763 14,700
4
4
80
81
8014 81
80% 81% 80% 81% 81
3,500
8
*393 40
39% 39% 393 4p
39% 4012 397 40% 3978 40
4
4
*16
1712 *16
17
403 408 393 40
4
107 107
107 1073
3
13
3 112
112
112
312 3,2
314 312
2512 253
4 2614 261 1
*5612 57
5634 5678
*8
10
*5
10
*30
32
*30
32
*64
70
64
64
6412 65
643 6512
4
1303 1338 *1283 1291 1
4
4
*4514 4612 4514 46
*65
8 78 *412 712
*30
*30
34
36
61
61
61
61
*21
24
21
21
1114 111 1
1138 11%
65
*03
*62
65
*1112 1212
113 113
4
4
1712 17,
2 173 18
4
*4012 4112 41
4112
17
*16
40
4012
1065 107
8
112
112
312 312
2512 25%
5612 5612
*5
10
3012 303
4
*64
67
643 6511
4
128 12814
*45
47
65
63
4
32
32
6014 61
21
21 14
11
117
*62
65
115 1138
5
1712 172
41
41
-2154 22
-215 22
215
4
- * 22 8
-3551s 5512 55
56
50
5612
478
473
478 5
434 5
*66
68
6712 68
6718 6718
95
96
9514 9012 953 9614
4
*75
77
77
*7512 77
*75
*80
83
*80
83
83
*80
303 303
8
4 3014 307
3 3038 31%
*253 2612 *257 2612 2612 2612
4
8
*1812 20
1814 1814 *18
1912
110 110 *103 109
110 110
*76
79
*76
80
*76
80
765 7718 77
7718 767 7714
s
437 44
437 44
437 44
*2212 2312 231 2313 23
23
323 323
3
8 3214 33
33
3413
*76: 78
13
*76
78
77
77
*67
683 *6613 6812 67 67
4
3814 384 3813 3812 3812 39
*8812 8912 *8812 8912 883 8812
8
7512 7512 75
7512 74
75
*52
5212 52
52
5214 5214
*52
523
4 52
523
4 5218 5213
*43
50
*43
49
*43
49
28% 285
8 2812 2812 2812 2834
*49
50
50
5012 497 50
*28
30
2912 2812 2812
*28
45
46
46
46
4512 4718
712 *7
712
*7
713 714
1212 1258 1253
1212 *12
*12
8953 9014
8912 89% 898 90
4
2418 2412 2414 2412 243 243
5714
8 57
5633 5612 5612 565
3
2912 297
2912 30
30
30
22
2112 2112 2112 2112 *21
53
*50
5012 5012 *50
53
4
*4712 4812 *473 4812
48
48
5212 5212 5212
*52
*52
53
14112 14112 141 14314 14212 143%
8
8
*74
75% 7514 7535 753 753
4
123 *1214 123
4
*12
12% *12
*2612 28
*2618 2812 *2612 28
1214 1212 1214 1212 124 124
31% 3134 317 3212 314 3214
8
*21
23
2214 2214 *22
23
*1112 12
113 113
4
4 1112 12
•I9
21
21
19
19
*19
*1812 19
.
*183 193
188 19
4
60
6012 *5814 60 2 59
59
,
1312 1312 *135 133 *133 14
4
4
8
*2512 2613 2412 2512 *25
26
•28
30
30
•28
*2814 30
17
17
8
403 41
107 107 2
,
112 112
312 312
2518 26
57
5715
*5
10
32
*31
*6312 65
643 6518
4
129 1293
4
*4512 4612
*412 7
*3212 34
60
603
8
*1812 20
1138 11%
*62
64
4
113 12
174 18
4118 414
8
-225
5614
5
67
96
*75
*80
307
2618
1912
110
*76
77
44
*2214
333
4
*76
67
39
883
4
75
5212
18
*16
*38
40
10712 10712
13
8
135
338 312
2512 254
57
57
12
*5
31
31
65
*63
64
648
128 131
4618 4614
- 638
*612 63
4
3312 *3214 33
60
60
60
20
*1812 30
115
1112 11%
65
*62
05
1212 *1112 1212
18
175 1818
3
41
4014 403
4
*1612 18
40
40
10714 1073
4
133
112
38 312
257 257
8
8
573 573
4
4
12
*5
32
*31
6312 0312
6438 643
4
128 12912
*512
*323
4
5912
*1812
1112
*62
*1112
175*
41
-22Ts 22f2
5612
5
6712
965s
77
83
3112
2613
1912
110%
80
7712
4414
23
3414
78
6714
3914
883
4
7518
5212
56
5612
*43
4 5
6714 6714
953 9614
4
51
7 2
75
4
824 823
303 31
3
*2512 26
20
*18
109 11014
*76
80
77
775
4413 443
224 2214
3314 333
4
8
767 707
3
*6712 68
14
38% 39
4
•883 8912
7414 75
77
823 5312
4
*45
48
2812 2918
*49
50
2812 29
47
4712
712 712
1212 1212
9014 903
4
2418 2412
5714 5714
2912 30
203 203
4
4
*50
52
4
*473 4812
*5212 54
14212 1433
4
*7514 753
4
123 127
4
8
*2714 28,
2
8
1238 127
32
32%
23
*22
*58
62
47
47
2814 285
8
*49
50
*
285* 285
46
4012
712 712
1214 123*
897 9038
3
2414 2514
5714 5712
2914 295
21
21
*50
53
*4734 49
5212 5318
142 143
*75
76
127 13
2812 2812
1212 123
4
3112 32
*21
23
1112
1912
188
*58
8
135
*25
2812
1112
1912
19
60
14
26
29
*113
4
*19
*18
59
135*
*25
*2812
12
4
193
1912
593*
1338
2512
30
2213 2235
5512
55
434 43
4
6612 6612
9518 957
8
76
*75
83
*82
4
294 303
20
*25
20
*18
10912 109%
80
*76
7612 703
4
45
44
22
22
3314 335*
78
*76
6712 6712
3812 39
891
*88
7414 745
5112 52
*58
62
*45
48
2734 284
*49
50
2818 287
8
4512 453
4
714
712
12
12
893 90
8
2418 25
5614 567
29
2914
21
21 18
*50
53
*47
49
8
537 54
1413 1425*
4
7514 7535
1234 123
4
*28
2912
1214 1214
7
314 31
*21
23
1134 12
1912 1912
1912
*18
60
*59
1312 135
*25
2612
30
*28
STOCKS
NEW YORK STOCK
EXCHANGE
PER SHARE
Range since Jan. 1 1922.
-share lots
On basis of 100
Lowest
per share
Railroads
Par
Ann Arbor
100 10 Jan 3
Preferred
100 287s Jan 26
Atch Topeka Ac Santa Fe _100 913 Jan 3
4
Do prof •
100 845* Jan 3
Atlanta Birm & Atlantio 100
% Jan 14
Atlantic Coast Line RR .100 83 Jan 9
Baltimore & Ohio
100 3312 Jan 27
Do pref
100 5212 Jan 11
Buffalo Roch & Pitts
100 50 Jan 4
Brooklyn Rapid Transit 100
6 Jan 4
Certificates of deposit
65 Jan 11
3
Canadian Pacific
100 11918 Jan 6
Central RR of N J
100 184 Mar 31
Chesapeake & Ohio
100 54 Jan 10
Chicago & Alton
133 Jan 24
100
Preferred
313 Jan 25
100
Chic & East Ill RR (new)___ _
1288 Jan 26
Do prof
32 Jan 30
Chicago Great Western___100
538 Jan 11
Do pref
100 1412 Jan 31
Chicago Milw & St Paul 100 1714 Jan 9
Do pref
100 29 Jan 10
Chicago & North Western_100 59 Jan 9
Do pref
100 100 Jan 9
Chic Rock Isl & Pao
100 3034 Jan 11
7% preferred
100 834 Jan 10
6% preferred
100 704 Jan 9
Chic St P Minn & 0m
100 51 Jan 10
Cloy Cba Chic & St Louls 100 54 Jan 4
Do pref
4
100 721 Jan 3
Colorado & Southern
100 38 Jan 10
Do 1st prof
100 55 Jan 18
Delaware & Hudson
4
100 1068 Jan 4
Delaware Lack & Western_ 50 108 Feb 14
Duluth 8 S & Atlantic
25 Jan 27
8
100
Do pref
384 Jan 7
100
Erie
7 Jan 9
100
Do lot pref
100 1118 Jan 9
Do 2d pref
71s Jan 10
100
Great Northern prat
100 704 Jan 10
Iron Ore properties_No par
313* Jan 6
200 Gulf Mob & Nor tr ctfs
100
5 Jan 4
Do pref
1,500
100 16 Jan 5
1,800 Illinois Central
100 97% Jan 3
3,800 Interboro Cons Corp__No par
Jan 10
Do pref
4,300
100
314June 20
1,600 Kansas City Southern_ _ _ _100 2218 Jan 11
Do pref
800
100 523 Jan 5
4
Keoku.k & Des Moines_ _100
5 Jan 17
300 Lake Erie & Western
100 10 FeL 2
Do pref
200
100 2618 Feb 8
5,500 Lehigh Valley
50 565* Jan 3
3,100 Louisville & Nashville
100 108 Jan 9
1,000 Manhattan Ry guar
100 35 Jan 13
400 Market Street By
100
318 Jan 28
Preferred
100
100 17 Jan 9
Prior preferred
1,800
100 3512 Jan 7
55 Jan 9
213 preferred
900
100
5,100 Minneap dc 8t L (new)___ _100
5 Jan 6
Minn St P & 8 S Marie__ _100 55 June 29
500 Missouri Kansas
Texas_100
3 Jan 16
3
712 Jan 11
10.800 Mo Kan & Texas (new)
Preferred (pew)
1,300
2412 Jan 27
Part warr 1st asst paid
1014 Jan 30
Preferred
958 Jan 16
5
- - -J1515 Missouri Pacific trust ctfs_100 16 Jan 10
Do pref trust ctfs
4,200
100 44 Jan 10
1,100 Nat Rye of Mex 213 pref
3 Jan 28
1130
1,300 New Orl Tex & Met v t e 100 5478 Jan 10
15,900 New York Central
100 723 Jan 4
4
400 N Y Chicago & St Louls
100 5118 Jan 5
Second preferred
100
100 6134 Jan 5
20,800 NYNH& Hartford
100 1212 Jan 5
200 N Y Ontario & Western .100 1934 Jan 9
200 Norfolk Southern
100
83 Jan 3
4
1,700 Norfolk & Western
100 9614 Jan 9
Preferred
100 72 Jan 9
7,500 Northern Pacific
4June 19
100 733
19,100 Pennsylvania
50 3314 Jan 3
600 Peoria & Eastern
100 1084 Jan 14
12,800 Pere Marquette v t c
100 19 Jan 10
Do prior pref v t c
200
100 63 Jan 17
Do pref v t c
400
100 508 Jan 6
4,900 Pittsburgh & West Va
100 23 Jan 27
Do prof
3,000
100 76 Jan 13
5,200 Reading
50 711 Jan 3
Do lst pref
1,300
50 43 Mar 27
Do 2d pref
1,400
50 45 Jan 27
200 Rutland RIt. pref
100
1712 Feb 6
6,900 St Louts-San Fran tr ctts 100 2038 Jan 15
300
Preferred A trust etfs
100 36 Feb 1
2,600 St Lolls Southwestern
100
2035 Jan 3
Do pref
2,500
100 321 Jan 10
,
1,400 Seaboard Air Line
100
238 Jan 4
Do prof
600
418 Jan 13
100
12,100 Southern Pacific Co
100 7818 Jan 10
15,600 Southern Railway
100 1714 Jan 10
Do pref
2,000
100 46 Jan 10
4,100 Texas & Pacific
100 24 June 16
700 Third Avenue
14 Jan 5
100
100 Tol 8t L & West Series B
14 Jan 24
100
Preferred Series B
2212 Jan 20
800 Twin City Rapid Transit.. 100
Jan 12
7,000 Union Pacific
100 125 Jan 10
Do prof
1,100
100 7114 Jan 7
1,100 United Railways Invest .100
712 Jan 6
100
Do prof
100 2014 Jan f)
3,700 Wabash
100
6 Jan 80
7,900
Do prof A
100 19 Jan 25
100
Do pref B
100 123 Jan 25
4
2,100 Western Maryland (new)__100
84 Jan 30
300
Do 213 prof
100 13 Jan 17
1,200 Western Pacific
100 1412 Jan 30
500
Do pref
100 515* Feb 1
600 Wheeling & Lake Erie 11y 100
ii
6 Feb 2
300
Do pref
100
914 Jan 4
200 Wiconsin Central
100 25 Jan 16
Highest
PER SHARI'
Range for previous
rear 1921
Lowest
4
3818 Aug 573 Jan
5912May 31
5314June 1
Aug
3112 Apr 29 -1'61; Mar
27% June 3912 Nov
52 Apr 22
1912 June 3012 May
3:Way 22
323
Jan
28 June 41
5034 Mar 3
714 May
2% Oct
10 Apr 15
3 Dec
1212 May
144 Apr 15
Jan
6712 June 101
93 8May 29
3
173 June 2478 Jan
8
2534 Apr 26
Jan
42 June 60
593 Apr 24
3
2734 Dec
1613 Jan
36 Apr 21
1212 Aug 203* Mar
2538 Apr 25
1
5518June 23 :
4June 15
503
5612June 10
3118 Dec 55 2 Apr
4July 6 111 June 1317 Nov
1443
s
7678 Apr 21
6214 July
742 Dec
124 Mar
6 Aug
19% Apr 11
17 Aug 26 Mar
3612 Apr 11
1438:Way 26
9 May
63* Dec
18 Mar 2412 May
3453 Apr 17
1578 Noy
24 May 26
128 Mar
1312June 6
111 May
83* Dec
24 June 6
1414 Dec 21 MaY
8
2473 Apr 24
15 Dec 307 MaY
Jan
6412 Apr 21
5117 Dec
614 Dec
1612June 7
1212 Dec 1912 May
8June 7
295
l%y
3710711118 a an
2 aa y
Oct
23
334 Mar 13
Industrial & Miscellaneous
700 Adams Express
65
6312 6312 *03
05
*03
*62
6212 624 63
2612 Jan
100 48 Jan 12 69 Mar 29
800 Advance Rumely
19
18% 183 *18
4
3
18
18
1812 1834 187 19
1012 Dec
100 1078 Jan 19 2014June 6
491, 49
49
800
Do prof
49
49
49
4812 481 *4812 49
31'2 Dec
100 31% Jan 12 5012June 6
1,400 Air Reduction, Inc__No par
55
563 *55
5612
4
55
5312 5312 543 553
4
4 55
30 June
4512 Jan 3 574 Mar 28
1512 15% 144 15
9,300 Ajax Rubber Inc
15% 15%
15
15
1512 15%
1514 Dec
50 1313 Jan 16
18% Apr 25
*3
8
12
*3
300 Alaska Gold Mines
8
_2
*3
8
1,
%
3
5
12
12
8May 10
14 Dec
10
14 Jan 13
7
1,400 Alaska Juneau Gold
114
I%
114
114
12 OM
13
8 *114
*114
114
114
1%
2 May 17
Mln'g 10
% Jan 24
4
z6712 6814 67% 69
6814 6918 6818 68% 6833 683 14,100 Allied Chem & Dye_
34 Aug
No par 55% Jan 3 7218May 24
108 *108 109
200
Do prof
108
83 June
109 109 *108 109 *108 109
100 101 Jan 3 110 June 14
54% 24,900 Allis-Chalmers Mfg
5414 5512 54
2814 Aug
53% 5512 5418 55% 5513 56
100 3784 Jan 4 56 July 19
99
300
Do prof
9814 9812 *98
6712 Aug
99
*98
9812 9812 *98
99
86% Jan 5 100 Apr 21
1 2,000 Amer Agricultural Chem 100
38% 391
4
39,
2612 Aug
385 387
4 39
8
8 3918 393
8 38% 393
100 2934 Jan 3 4272June 1
64
501
Preferred
51 Aug
63
63
3
63
6312 633 6312 *6212 6312 *62
100 56 Jan 16 69 Mar 10
75
4612 Jan
American Bank Note
*65
*65
*65
70
70
- *65
70
50 5811 Jan 7 7712 Apr 7
• Bid and asked prices; no sales on this day. I FA-rights. § Less than 100 shares. a Ex-dividend and rights. s Ex-dividend. 5 Ex-rights (June 15) to
share for share to stock of Glen Alden Coal Co. at 85 per share and ex-dividend 100% In stock (Aug. 22).
*61
63
*18
19
*4812 49
*54
55
15
15
*38
*1 8
, 11;
6914 71
•108 109
5312 5412
*9712 99
*3812 39
*03
6312
*62
70
Highest
$ per share $ per share $ per Oars
207 Mar 6
s
8 Mar
1234 Feb
5114 Mar 24
20
Apr 3211 Dec
102 Apr 20
7718 June 94 Dec
3 Apr 22
91
7512 Jan
88 Nov
512 Apr 17
1 Dec
712 Jan
11114July 6
77 Apr 91 Nov
55'8 July 20
303* Mar 423* May
633 July 13
4
47 Mar 563 Nov
8
68 May 25
4912 Dec 723s Mar
29 June 30
6 Dec
147 Jan
247
8June 30
312 Sept 10
Jan
145 Apr 17 101 June 1237 Nov
192 Feb 17 186
Oct 209 Mar
70 July 19
46 June 6512 May
123
4May 26
4 Nov
83 Jan
4
8May 25
207
613 Dec 12
Apr
397
3May 8
1312 Dec
167 Nov
59 Apr 28
3312 Dec 37 Nov
1034May 27
614 Dec
918 MaY
2412May 29
14 June 2078 MaY
1714 Dec 31
293 Apr 18
4
Jan
47 Apr 18
2912 Dec 4612 Jan
78 July 7
6018 Apr 71
Jan
11514June 27
95 July 110
Jan
4814 Apr 20
225 Mar 35 Sept
3
9812June 7
683 Mar 893 Dec
4
4
8458June 6
5612 June 77 Dec
6812May 6
50 June 63
Jan
32 June 5712 Dec
7612 July 15
96 July 12
60 Feb
75 Dec
5312 Apr 24
27
Jan
467 Nov
66 Mar 23
49
Jan
59 Dec
126 May 22
90
Apr 11012 Nov
1303
8July 6
93 Aug 249 May
6 Apr 25
412 Jan
138 Mar
33 Nov
1012 Apr 18
73* Jan
4May 23
183
10 Dec
1514 May
1513 Dec 223 May
4May 23
273
s
2014May 23
10 Dec
157 Jan
82 July 27
60 June 7914 Dec
8
455 Apr 13
255 June
8
3412 Nov
19 May 22
434 Dec
1113 Ma!
41 July 19
15 Dec 26 Feu
8512 Mar 10012 Nov
1097 Apr 18
s
57 Jan
5 Apr 8
113 Dec
124 Apr 8
16
34 Dec
Jan
3014 Apr 25
1812 Feb 288 MaY
5912 Apr 26
55 Nov
4512 Jan
934June 6
619 May
412 Nov
1412 Jan
10 Mar
aJune 6
397
64 July 17
1753 Aug 30 Dec
4
673
4718 June 603 Dec
8May 29
13612July 6
Apr 118 July
97
8May 3
557
32 Dec 5812 Jan
11 Mar 14
7 May
23 Dec
4
5014 Apr 11
12 Aug 1812 May
67 Mar 14
27 Aug 4512 May
32 Apr 10
838 May
414 Aug
51$ Dec 1434 May
1412 Apr 29
71% Feb 27
63 Aug 7412 Nov
14 May 23
1
Dec
313 Nov
97 Dec
1912May 22
8 Dec
435g Apr 28
223 Dec 263 Dec
4
8
2212 Apr
28-2814May 22
16 Mar 2314 May
2514 Apr 18
593 Apr 17
4
3312 Mar 4918 Nov
714May 27
658 Feb
234 Dec
70 June 23
46 June 7712 Feb
9734 July 7
6413 June 76 Dec
8
82 May 25
39 June 613 Sept
85 May 25
54 June 6812 Sept
3514May 20
12 Nov 2312 Jan
2912 Apr 10
16 Mar 2314 Sept
221*June 6
814 Sept 1314 May
8858 June 1047 Feb
111 July 7
s
4
62 June 743 Dec
78 July 7
6114 June 88 Jan
8212 Mar 15
324 June 4134 Jan
45 July 21
Jan
12
8June 6
8 Nov
247
4
153 Mar 2378 May
3May 29
347
50 Apr 680512 DecD
7818June 3
Jan
35
71 July 13
Oct :3:2:3474
23
3914June 8
70 Mar
9012 Apr 25
4
603 June 8914',Jan
8May 29
827
3612 June 55 Feb
57 May 31
5314 Dec
Jan
15334
50 Dec
el:)
3912 tai,
112
134 Feb
591, Dec
394
34
1033 Dec
Dec
90 Dec
652 Jan
Jan
90
5613 I)ec
subscribe
New York Stock Record-Continued-Page 2
416
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
Saturday,
July 15.
Monday,
July 17.
Tuosday,
July 18.
1Ve4nesday, Thursday,
July 19.
July 20.
Friday,
July 21.
the
1Veek.
STOCKS
NEW YORK STOCK
EXCHANGE
PER SHARE
Ramie since Jae. 1 1922
On bests of 100-share loll
Phrt SHARD
Range for previous
year 1921
Lowest
Highest
Lowest
Highest
----•
$ per share 5 Per share $ per shnre
S per share $ Per share $ per share $ Per share S per shard $ per share Shares Indus. & Miscell. (Con.) Par 3 Per share
1312 Jan 501, Dec
50 52 Jan 12 54 Mar 3
*51
.51
55
55
55
451
Am Bank Note pref
55
*51
451
55
100 3184 Jan 3 49 June 9
2112 Oct 51
1412 1412 4112 4112 44512 46
46
4614 4614 1514 4614 4514 1,100 American Beet Sugar
Feb
100 61 Jan 11 77 June 21
5434 Dec 74% Jan
*7312 80
47312 80
47312 7612 *73
*7312 80
Do prat
*7312 80
75
2918 Aug 6512 May
40
40
3812 3812 38
43914 40
4
3334 383 43912 40
400 Amer Bosch Magneto__ NO Par 3114 Jan 31 49 April
38
51 Jan 4 637 Apr 22
8
42
.No par
Jan 5638 Dec
62
63
61
62
6214 6278 6212 6212 1,400 Am Brake Shoe dc F..
61
6212 6314 62
100 9814 Jan 18 109 June 14
833 Jan 100 Dec
4
.10514 10312 *10.314 10312 *10614 108 4107 108 *107 108 *107 108
Preferred
2312 June 3512 Dec
5778 55% 57% 563 58
100 3214 Jan 5 53 July 19
4
5518 55% 55
565 578 7514 57 42,700 American Can
76% June 97 Dec
100 9314 Jan 3 107 July 14
4108 110 410812 110 *10812 110 *10812 110 *10812 110 "108 110
Do prof
167 163% 15812 169
168 1693 168 16812 166 166
161 166
4
3,500 American Car & Foundry_100 141 Jan 10 16934July 19 11514 June 15114 Dec
100 11512 Jan 6 12112June 6 108 May 11612 Dec
121 121 412012 121 12 *119/2 12112 4120 121/2
120% 120% *120 121
pre
Do
200
7 Jan 27 14 May 5
612 Nov 29
No par
1012 1034 103 1034 1012 1012
Jan
*1012 12
41012 1114 *1012 11
4
400 American Chicle
157 June 24 4 Nov
8
27
8
100 1914 Jan 10 3012May 31
3
27
4263 2712 *2512 2712 2718 2718 2618 2614
42614 27
500 American Cotton 011
3512 July 67 Apr
*53
60
*53
55
51
*53
100 41 Jan 11 61 May 31
4
.53
5512 51
55
Do pre
*53
55
100
*528 524
412 Jan 13
518 524
4 June
834 Jan
518 518
513
518
Ms Jan 23
514 53
4 *512 53
4 2,800 Amer Druggists Syndicate_ 10
132 132 .128 131 *128 135 4128 135 *128 135
100 125 June 23 14312 Apr 22 114 July 137 Dec
•132 134
200 American Express
1412 14
8 Apr 16 Dec
.14
14
*14
15
14% 414
*11
17
1112 1412
300 American Hide & Leather_100 12 Jan IS 17% Apr 13
4012 Feb 625 Dec
s
469
70
70
70
70
70
100 58 Jan 3 73 May 31
7918 71
7012 715g 70
Do prof
2,100
71
42
Jan 8312 Dec
110 110
10912 110% 110 11212 1094 111 12 111 111
100 78 Jan 12 11412 Mar 22
11012 112
6,900 Amerman Ice
57
Jan 7314 Nov
*90
*3912 9012 90 90
9012 *90
100 72 Jan 13 9212:M4Y 26
91
9012 9012 9012 9012
600
Do pref
8June 2
42
2114 Aug 53% May
42
*42
4212 423 43
4
423 44
8
4234 4414 43
44% 6,700 Amer International Corp. 100 3818 Jan 5 505
8May 9
7% Aug 113 Apr
918 Jan 16 137
13 43
127 1278 127 13
8
&
10
1318 1313 13% 1318 1314 1314 1,900 American La France F. E
1714 Aug 6212 Jan
34
34
*34
34
3114 3414 34
100 2938 Jan 10 40%June 1
343
4 34% 34% *3112 3514
800 American Linseed
8June 1
397 Aug 93
8
Jan
56
*5412 56
454
100 54 June 22 607
*51
5512 45412 5512 *5412 5512 *5412 5514
Do prof
11412 1168 11512 11814 1167 118% 1163 117% 116 117
7312 June 110 Dec
11412 110
8
4
34,400 American Locomotive.......I00 102 Jan 5 11814 July 18
9814 June 115 Dec
*11714 118
1173 1173 *11714 1173 4117 118 *117 118 *117 118
4
100 112 Jan 12 118 Mar 13
4
4
Do prof
100
%
661 Jan 91 Nov
49312 94
9412 9412 958 9.33
25 82 Jan 30 10314May 19
4 9612 9.312 *9512 96
9518 9518
900 American Radiator
018 618
312 Aug 10
Jan
618 64
85 Apr 6
s
634 7
31 Jan 31
4
63
4 67
65
8 63
4 7,600 American Safety Razor___ 25
*6% 6%
Jan
414 Aug 14
2014 2012 1934 2014 1958 194 198 20
512 Jan 3 2414May 31
19% 21
No par
2014 203
4 6,600 Am Ship & Comm
295 Aug 4714 Dec
8
6114 62
6112 6112 6118 6253 623 623
8
4 6112 627
8 607 62
Smelting - RefIning_100 43% Jan 6 6712May 19
8
8,000 Amer
6314 Aug 90 Dec
998 9918 4987 99
100 8618 Jan 4 9018 July 15
4
9312 98% 984 983 *9814 9812 9812 98% 1,100
Do • pref
8June
63 Jan 88 Dec
*93
95
*93
95
*93
95
*93
95
*93
95
*93
95
Am Smelt Secur pref ser A_100 87 Feb 8 935
Jan 114% Dec
.133 13s
95
133 135 "133 135
100 10912 Jan 3 133 Feb 18
135 135
136% 136% 13518 135%
400 American Snuff
363 37
18 Aug 35 Dec
3.33 3714 3718 38
4
38
37
8
3712 10,300 Am Steel Fdry tem 008_33 1-3 304 Jan 28 4018 Apr 21
38's 375 38
78 Aug 9514 Dec
998 9933 9953 9918 9912 9912 *9933 9912 99% 99% 99% 99%
100 91 Feb 8 100 Apr 24
700
Prof tem ctfs
Jan
475 Oct 96
8
.7814 7812 737 78% 79
/
4
8
793
4 7912 807
8 7914 8012 79% 80
7,950 American Sugar Refining. 100 541 Jan 4 8114June 2
6712 Oct 10714 Jan
4105 106
106 106 *10512 107 *105 109 4106 109 *106 109
100 84 Jan 3 107 June 2
600
Do prat
40
2812 Dec 88 Mar
40
373 38
4
100 2314 Feb 14 47 May 29
39
3912 398 3912 393 393
39
Amer Sumatra Tobacco
39
4
1,300
4
*6112 65
6434 Nov 91% Feb
*6112 65
100 5212 Jan 27 71 Jan 16
461 12 65
Preferred
*6112 65
*6112 65
*6112 65
4
121 14 12112 1213 1218 121 12 1215 1215 1217 12134 122
953 Jan 11912 Nov
8
8
3
121% 122
17,000 Amer Telephone & Teleg 100 11418 Jan 4 12413 Mar 14
7 14234 143
1413 142
4
142 142
4
100 12918 Jan 5 14512May 29 11112 June 1363 Dec
14218 1133 1433 143
4
14312 143% 2,300 American Tobacco
4
.10312 1043 *10312 101 *10312 10114 1037 1037 101 10112 101 104
86 Aug 9912 Dec
4
100 9613 Jan 3 105 July 13
Do prof (new)
400
8
Jan 13112 Dec
13814 13814 139 139
100 126 Jan 3 14212May 31 110
139 11014 140 14114 1107 140% 14018 140% 2,900
Do common Class B
8
4 Sept
16
13 Jan 7 1758July 7
612 Oct
16
415
1612 1618 1618 1518 16
15
1,000 Am Wat Wits & El v t o.Á00
15
15
15
48 Sept 665 Dec
*8712 8312 8712 8712 87
100 67 Jan 4 83 July 5
8
Lot prof (7%) v t a
700
87
87
87
87 87
*85
87
/
4
.4212 4234 4211 43
Panic pref (6%) v t c__ _100 171 Jan 4 43 July 11
81: Sept 20 Dec
2,500
1112 4214 4053 1112 4018 402 41
41
8
100 7814 Jan 10 953 Apr 17
57 Feb 8312 Dec
90% 9112 9012 903
4 9034 9213 9112 9212 91% 9218 9012 913
4 9,650 Amer Woolen
100 10211 Jan 11 109 June 21
93 Feb 10412 Dec
Do prof
.10714 109 *10712 109
10818 10318 *10714 109 4108 109 .108 109
1,000
.100 2213 Jan 13 37% Apr 15
2012 Aug 3912 Jan
31
31
31
31
32
32
31
32
32
900 A mer Writing Paper prof.
3112 431
3112
8June 1
63 Sept 14% Dec
4
.18
181
, 17
1818 1853 18
18
18 8 1738 173
*173 1812 1,000 Aner Zinc, Lead & Smelt.. 25 1218 Jan 3 203
4
,
25 35 Jan 18 4814May 19
22% Aug 407 Dec
3
*4412 45
Do prof
4318 4458 445 4433 445 448 *4112 45
8
4414 45
1,700
313 Aug 50% Dec
4
5212 523
8 5212 53
524 5314 5314 53% 5312 5114 17,400 Anaconda Conner Mining_ 50 47 Jan 31 57 May 31
4 5212 525
._100 43 Jan 5 5712 Mar 17
24
Jan 5012 Dec
.5212 53
5218 5234 53
53
53
5312 5312 5334 53
53
800 Associated Dry Goods..
100 75 Jan 6 8312 Apr 19
4
4
553 Jan 763 DOC
81% 82
479
Do 1st preferred
8112 481
813 82
4
81
81
82
*8012 8112
800
Dec
45 Jan
100 76 Jan 17 86 May 9
82
82
482
84
Do 26 preferred
*82
84
482
84
480
84
482
84
600
99 Jan 31 135121May 3
10
91 Sept 78107 12 Mar
113% 11334 .114 116
115 115 *11112 116 *112 116 *112 116
200 Associated 011
214 Jan 3
512 Apr 17
9 Jan
No par
13 Oct
4
25
8 2%
212 258
212 238
212 212
212 234
212 212 1,500 Atlantic Fruit
18 June
3614 3538 36
3734 3.33 3712 353 3712 37
4
38
4
35 s 3712 5,800 AU Gulf & W I SS Line___100 2312 Mar 2 4314May 29
,
76
Jan
153 June 4412 j
4
42512 2712 *253 27
100 1812 Mar 6 3114May 29
4
4253 27
4
*2512 27
*2512 263
Do pref
4 26% 2658
100
100 900 Mar 7 1145 May 1 a820 June a1125 May
41000 1020 "1000 1020 .1000 1020 '1000 1020 41000 1020 *1000 1020
Atlantic Refining
8.1une 30 1033 July 11312 Nov
8
100 113 Jan 9 1187
4113 117 "113 117 *113 117 *113 117
Preferred
117 117 *116 117
100
1312 Feb 28 2212May 4
12% Dec 20 Apr
1812 *17
No par
•17
1812 *17
1812 "17
18% 417
Atlas Tack
1812 *17
1812
818 June 1314 Jan
914 Jan 5 33%June 8
2718 27% 27% 27% 2712 2712 2712 273
4 2712 2712 2718 27.
18 1,800 Austin Nichols dc Co__.No par
505 Aug 70 Jan
8
100 68 Jan 9 90 June 1
88 *81
85
"82
481
85
484
Preferred
85
85
484
85
*84
7 Mar 17
212 Sept
514 Dec
311 Jan 3
50
.33
4 412 43 4 412 *33
4 412 433
,
8 *334 4%
4 4% *33
4 43
Auto Bales Corp
10 Apr 15
Jan
10 12 May 3 1512 Mar 16
.10
13
*1014 13
*1012 15
*1012 13
Preferred
*1012 13
*1012 13
6214 June 100% Dec
Locomotive Wks_100 9312 Jan 13 12112July 17
11612 120% 1188 12112 11918 121
11912 12114 1183 12112 118% 120% 99,800 Baldwin
4
95 June x105 Dec
100 104 Jan 13 11412June I
4110 115 *11012 11412 *11012 115 *11012 11412 *11112 11412 *11112 111
Do pref
29
Jan 41 Aug
40 Jan 19 60 July 12
No par
58
.58 60
58
457
59
*57
59
*57
59
57
57
100 Barnet Leather
9712 *91
70 Jan 86 Dec
100 39 Apr 12 9618June 23
*94
9712 491
9712 491
9712 *94
Preferred
9712
9712 *91
5614 Apr 28
20 Dec 27 May
8
32
32
32 • 32
31
3112 3114 32
*32
33
32
31
1,800 Barnsdall Corp. Class A___25 195 Jan 16 39 Apr 27
1434 June 35
Jan
25 1914 Jan 9
28
30
28
28
.28
29
29
29
*28
Class B
29
428
29
1,300
1% Mar 23
12 Jan 14
1
20
Jan
1
1
1
1
12 Aug
1
1
1
118
128 1,600 Batoplias Mining
Ils
No par 33 Apr 28 50 May 10
27 June 29 June
*50
450
55
69
*30
60
60
450
*50
Bayuk Bros
60
*50
60
79 May 12
3012 June 6212 May
76
7134 713.
75
753 *71
7514 76
75
76
7414 7512 2,500 Bethlehem Steel Corp____100 61 Jan 10 8214May 12
4112 June 65 May
7512 77
7618 7612 76
778 7712 7853 78
798 773 7912 22,700
Do Class B Common__100 5513 Jan 3
4
4 973 973 *9712 98
87 June 9314 Jan
4
100 90% Mar 7 101 Apr 15
4
98
9712 9712 98 98
*91
973 973
4
Do pref
500
90 June 112 Sept
.112 113% 4112 114 *11212 114 411214 114
114 114 *11312 11412
Do cum cony 8% pref_100 104 Jan 4 11653June 11
100
9% Feb 10
43 Jan 10
4
3 Aug
No Par
813
8
8
814
712 Dec
318 812
818 818
8'4 812
838 3,200 Booth Fisheries
8
100
12
*1012 12
812 Jan 9 11%Jun e 6
814 ,Dee
9 Dec
411
41912 12
1013 1012 *1012 12
*1012 12
500 British Empire Steel
4
100 58 Mar 2 763 Apr 15
55 Dec 585 Dec
471
75
8
471
75
87
75
470
480
1st preferred
7313 7318 '7318 71
100
100 1918 Mar 17 3612May 31
22 Dec 23% Dee
31
*3012 32
31
4
*3012 32
4303 3312 303 31
4
26 preferred
430
32
100
100 100 Jan 3 110 May 5
88 Jan 101 Dee
1083 109
4
10312 10312 108/4 10312 10318 10313 109 109
109 10918 1,700 Brooklyn Edison, Inc
100 70 Jan 31 119 June 9
51
Jan 7612 Nov
1093 10934 *109 110
111 111
4
.110 112 410912 112
10912 10912
400 Brooklyn Union Gas
100 42 Jan 16 5418 July 20
33 Feb 45% Nov
50
.51
5112 518 5212 523 5118 523 53% 4,700 Brown Shoe Inc
4
*49
5012 *49
4
218 Mar 3
53sJune
*3
212 Aug
4
4
*3
*3
514 Jan
Brunswick Term & Ry See_100
4
4
*3
*312 4
*3
4
100 11312 Jan 10 13912June
8114 Jan 12212 Dec
•13011 131 12 413012 13214 *13112 13212 13212 1327g 413112 13212 13214 13214
500 Burns Bros
28% Jan 19 50 June 3
31 1s Dec 333 Dec
4
4112 433 4334 4114 4413 1312 4114 4312 44
4
New class B com
4312 4312 *43
1,500
4
49314 95
600 Bush Term Bidgs, prof....100 8714 Jan 3 9751iMay 1 2873 Dec 90 Nov
9324 9314 9314 9314 *9214 9314 9314 9314 9314 9314
814June 7
7
63
8
4 634
614 De,e
6% 65
7
7
7
612 6%
678 67
314 Aug
8 1,500 Butte Copper dr Zino v t o_ 5 514 Mar 1
100 22 June 16 34 Feb 3
23
*22
422
1112 Jan 3334 De,,'
2212 2258 23
*2218 2314 *2218 23 .2218 23
300 Butteries
10 2053 Jan 4 33 4May 18
3
1014 June 22 De
2914 2912 304 2912 2912 2918 2912 4,400 Butte & Superior Mining
2912 287 28% 28
8
29
1014 Jan 11
1518 Apr 15
4
*113 12
4
*113 12
734 Aug 1938 Apr
12
*113 12
4
1212 1112 11 12 12
.12
1,100 Caddo Central 011&Ref No par
53% July- 74 Nov
.763 773
4
4 7334 78% *7714 7312 *7714 7812 477% 781, *77
1,300 California PackIng___No par 68 Jan 11 807 Apr 25
78
100 431s Jan 10 7178Juno 2
Jan 50% Dec
2.5
8
8 6114 627 46158 6212 6118 6158 4,500 California Petroleum
6112 6112 61
6153 6118 623
100 83 Jan 3 9812 Apr 17
97
*9312 97
6812 Jan 88 Dec
491
97
97
*95
96
96
*94
Do pref
*94
97
100
10
514 Feb 14 113
712 Jan
8May 27
334 Aug
7% 8
8
8
73
4 8
7% 8
734 8
7,500 Callahan Zino-Lead
73
4 8
4
4112 Jan 60 Dec
8 6114 6112 *61
6112 60
611s 6118 615
.60
6018 "60
6312
70 Calumet Arizona Mining....10 573 Apr 5 6612J00e 1
1
11 Jan 3 1638 Mar 29
11
Dec 1512 Nov
*10% 12
*1012 12
12
.105 12
8
"10% 12
Carson Hill Gold
*1012 12
•103
4
3 Mar 8
*614
No par
1014 Apr
912June 6
3 Nov
7
7
4 7
*6
7
714 *612 712 *63
7
400 Case (J I) Plow
63 Dec 85% Feb
88 480
88
480
85
85
87
85
85
*80
*80
88
500 Case (JD Thresh M,pf ctf _100 68 Feb 21 83 May 1
3
1
100 293 Jan 10 42 July 20
2213 Aug 4314 Jan
Leather
1011 42
3912 407
4034 4134 19,800 Central
38% 3918 39% 39
38% 39
8
8May 31
5718 Aug 96
Jan
100 633 Jan 6 743
725 7418 74
8
4
723
4 723 73
7234 *72
7234 472
Do pre
472
7414 2,400
8May 25
23 Mar 3612 Dec
373
4 3738 3734 2,500 Cerro de Pasco Copper_No par 3234 Jan 4 407
4
363 3714 3.512 3612 3714 3712 37
4
363 37
par
22 Aug 41
Jan
*47
51
446
50
52
*46
50
*47
447
51
Certain-Teed Prod_ ___No par 31 Feb 14 5318June 7
*50
51
__No
473 Jan 5 7914 Apr 6
4
3814 Oct 86 Apr
8
695 7012 683 70
8
7034 7012 70% 7012 71
*70
68'2 693
4 6,500 Chandler Motor Car_
47 Aug 7014 Jan
*67
68
6712 693
69
4 69% 71 12 3,900 Chicago Pneumatic Tool 100 60 Jan 14 7112July 21
6911 .67
68 .67
*67
9 Mar 16% Dec
25 151s Jan 5 2518May 29
4 2214 223
8 2212 22% 22% 2234 17,400 Chile Copper
8 22% 227
22% 223
4 2212 225
3338June 1
1912 Mar 2912 Dec
5 2512 Feb 21
8 2912 3034 29% 30
29% 30
2912 2912 2914 297
2912 30
2,500 Chino Copper
36% June 6212 Jan
100 43 Jan 11 6012 Feb 3
Peabody Jz Co
5612 4
5412 55/2 *55
45411 5512 "5112 5512 '5112 5512
.55
56
100 Cluett,
19 Feb 431., De,
No par 41 Jan 5 7412July 5
7211 7118 72 ;;.705 71% 16.200 Coca Cola
3
70% 713
4 703 723
4
8 705 71 12 71
s
8May 19
22 July 32% May
100 24 Jan 10 367
32
32
3112 317 317
31
43012 31'2 30
30
315 313
8
4 1,000 Colorado Fuel dc Iron
52 June 673 Dec
4
8
913 9112 93% 941.1 93
89 8934 8914 8934 8912 91
9138 17,100 Columbia Gas & Electrie 100 61% Jan 4 943 July 19
53
4June 5
114 Jan 26
2% Aug 123 Jan
8
4
412 47
414 412
4% 4%
4% .13s
414 438
4% 4% 12,400 Columbia Graphophone NO par
4June 2
5 Feb 9 203
81/ Dec 6214 Feb
100
18
8
4 167 17
1658 163
18
1718 1338 2,100
1718 17% *1734 18
Do prat
4
Jan 3 793 Apr 26
283 June 587 Dec
4
3
66
6334 6478
*6112 6512 65'4 6514 65 65 12 6412 6512 *65
80 Computing-Tab-Record No par 5514 Feb 10 3812June 29
8
13.2 Dec 5914 Jan
34
35
34
31
3*3312 35
*33
3512 3512
*3314 35
400 Consolidated Cigar____No par 185 Feb 27 7212June 20
53 Dec 80 Feb
100 47
*66
75 .66
75
7512 466
7512 *66
Do prat
7512 ..66
75
*66
214 Mar 16
17
14
12 Sept
12
12
*5
8
10 Mar
3,
%
%
3
4
1,800 Consul Distributors, IncNo par 8512 Fob 30 12573 July 14
413
Jan
7712 Jr
121 1251s 12414 125% 12312 1243 123 124
05 Nov
8
4
123% 124% 1233 125
29,600 Consolidated Gas (N Y)....100 11 June 20 1538 Apr 19
1234 Aug 21% Jan
.No par
10% 1114 107 11
10% 11%
Consolidated Textile..
8
10% 11 14
103 1078 6,500
4
11%
11
34% Aug 66
100 4534 Jan 4 7112July 21
6812 7012 7012 7114 70% 71% 7012 7114 69% 711
Jan
67
, 5,600 Continental Can. Inc
07
58% Aug 73 Dec
23 66 Jan 20 85 June 23
81
81
*80
480
81
480
82
480
81
480
82
100 Continental Insurance
81
59 June 9914 Dec
1013 10612 10512 10618 10514 1073 16,600 Corn Products Refining___100 9114 Jan 4 10814 Mar 31
4
10414 101% 10358 101% 10118 10134
3
96 June 112 Dec
100 111 Jan 10 11818June 23
117 117 "115 117 "115 117 "115 117
1163 117
4
Do pref
800
117 117
8 4312 44% 43
2212 Aug 433 Apr
No par 3138 Jan 10 5314June 7
4
4 4318 4158 4314 4418 4318 443
433 67,300 Cosden & Co
4418 443
4
4Feb 27 883
8July 20
49 Aug 1071y Jan
84
8314 86% 3514 883
8 8314 87 100,100 Crucible Steel of America_100 523
7714 7512 7912 80
75
91
91
77 June 91
100 80 Jan 17 95 May 2
*9112 93
9012 91
93
91
Jan
*92
Do pref
*90
600
90
99
1934 Mar 15
818 Jan 11
5% Oct 26 Feb
No par
16
163
8 1614 16% 1618 1612 8.700 Cuba Cane Sugar
16
16
16
16
1512 16
4
6812 Dec 1318 Feb
100 1514 Jan 3 403 Mar 15
36% 3613 37% 3712 38
Do roof
*35
3512 36
36% 373
4 7,600
34% 35
107 Oct 333 Feb
8
4 2112 2178 17,200 Cuban-American Sugar__ _ 10 1412 Jan 3 2718.Iune 5
4
2318 23% 2314 2314 2312 23% 2312 2418 24% 243
68 Oct 95 Feb
100 7818 Jan 17 9112 Apr 18
913 913
4
4 9018 9012 903 9012 1,300
92
Preferred
*87
8
91
90
*9018 91
23 Mar 595 Nov
46% 4318 4612 4714 4534 40
5,000 Davison Chemical v t o_no par 43 June 13 6552 Apr 6
8
4534 45% 4518 4512 4534 47
151z Jan 3 283
8May 2
13% June 21
8
900 De Beers Cons Mines._No Par
Jan
21% 2133 421% 2112 "213 21% 2113 21 12 2114 2138 2114 2112
100 10053 Jan 11 1087 Mar 21
1057g 105% *10512 10.312 4105 107
9312 Nov 100
150 Detroit Edison
5
Oct
.105 106 *105 10-1 •10514 10
• Bid and asked prices; no sales on this dad. d Ex-dividend and eights, s Assessment pabl. z Ex-rights. s Ex-dividend. • Par value $10 per snare.
New York Stock Record-Continued-Page 3
417
For sales during the week of stocks usually inactive, see third page preceding.
HIGH AND LOW SALE PRICE-PER SHARE, NOT PER CENT
Saturday,
July 15.
Monday,
July 17.
Tuesday,
July 18.
Wednesday, Thursday,
July 20.
July 19.
Friday,
July 21.
Sales
for
the
Week.
STOCKS
NEW YORK STOCK
EXCHANGE
PER SHARE
Range since Jan. 1 1922
On basis of 100
-share lots
----Highest
Lowest
per share. 5 per share. Shares Indus. & Miscall.(Con.) Par
800 Dome Mines, Ltd
10
3014 3014 30% 30%
Eastman Kodak
100
Electric Stor Battery
100
60
20 -2
-612 20 -2112 -2(Er8 1652
- -112 *20 2112 2018 2058 1,300 Elk Born Coal Corp
2
*712 9
100 Emerson-Brantinghan
100
*712 9
*712 9
87
s 87
8 *73
4 83
*712 9
4
8212 8212 82% 833
5,000 Endicott-Johnson
50
85
4 8314 8453 8414 84 2 841 85
85
/
4
,
Do prof
.111 113 *111 113 *111 113
100
100
113 113 *113 115 *113 115
8218 828 8314 827 833
82
8
8
8 9,100 Famous Players-Lasky_No par
828 83 4 8212 82% 823 825
,
Do preferred (8%)
9312 9312 9312 *92
300
96
100
*90
9578 *93
95
923 923 *93
4
4
Federal Mining & Smelting 100
*1218 13
*1218 13
*1218 13
*1218 13
*121 13
*1218 13
/
4
Do pref
1,100
*4912 51
52
100
50
5012 5012 5012 507 513 *51
5112 *51
8
4
300 Fisher Body Corp _ _ _.No par
*11412 1161,2 *11412 11612 *115 11612 *115 11612 11412 115 4 z11214 11214
,
1.700 Fisher Body Ohio, pref_ _ _100
*8712 88
89
88
*8712 88
89
89
89
89
88% 89
3,400 Flak Rubber
151s 1514 1.512 1512 151s 1512 15
15
15
28
1538 1415 15
4 223 2318 23
4
2314 2312 227g 233
8
23 2 227 2314 2218 22% 9,100 Freeport Texas Co__ __No par
,
Gaston, W & W,Inc___No par
61 8
6 -66- - -7- ;6- - -7- -612 - 4 *61 62 61 61% 1,300 Gen Am Tank Car____No par
- -62
61-3100
/
4
675s 6812 6858 697 69 707k 7112 73,2 721 7334 7012 7254 118,800 General Asphalt
Do pref
1074 1081 3,400
100
/
4
*103 10512 10312 10412 105 10612 107 110 2 110 111
,
3,400 General Cigar,Inc
79
7618 7612 77
100
8
7712 76
77
*77
7712 7712 785 *77
300
Debenture pref
101 101 *101 102
*101 102
100
1013 1013 *10112 102 *101 102
4
4
17012 1781 4,698 General Electric
17112 177
171 171
/
4
177 178
100
17912 177
*169 171
1414 1453 45,100 General Motors Corp__No par
1414 1412 1418 143*
1414 14% 1414 1412 1414 1412
200
Do pre!
83
*81
*81
*81
83
83
82
8112 81,
*81
2
*81
100
83
275
Do Deb stock (6%)......100
82
82
82
*8112 813
4 8112 8112 *81
82
84
*82
83
*933 9412 937 94
600
Do Deb stock (7%)___100
4
9418 95
95
94
94
*94
9412 94
3
1,800 Glidden Co
15
15
1612 *16
No par
17
17
*16
*1618 16 2 *16
,
1612 *16
1,600 Goodrich Co B F)_ _ _ _No par
3914 393 *39
3914 3914
4
393 40
3912 3914 398 40
40
4
300
Do pref
88
88
89
88
4
4
100
*87
89
*8714 88% *8614 883 *873 89
3014 31
3,800 Granby Cons M,Sm & Pow100
30
*293 30
4
*29
30
3012 2912 30
*2912 30
17
*16
Gray dc Davis Inc__ _ __No par
*16
17
*16
17
17
*16
16
17
*161* 1712 .
*31
32
500 Greene Cananea Copper,. 00
32
31
3012 3012 3118 311 *31
304 :3014 .30
/
4
1218 123
11% 11% *113 12
1218
4
4 1,800 Guantanamo Sugar._ __No Par
12
1212 12
8
*115 12
4
4 83
8414 833 84% 84
/
4
868 8312 863 20,100 Gulf States Steel tr ctfs_ -110
8212 811 833
81
s
15s
17
8 *158 2
200 Flarbishaw Elec Cab__No par
8 2
*15
3 2
*158 2
134
18
4 *15
4
233 24
223 223
4
22% 228 233 2453 233 24
4
24
4 1,600 13endee Manufacturina _ -10
4
*21
*69
Homestake Mining__ .
7914 *69
*69
70
*69
*6812 71
70
70
.69
71
75
/
4
753
.1 7512 7512 751 7618
75
753
194 7
71;4 3
4 7412 75
_1,19
2 2,800 Houston 011 of Texas
5,000 Hupp Motor Car Corp_ . if,
1912 19
1918
1918 191,
1953 194
5
8 19
187 19,
97 11
10
1012 107
10
8
1015 10 2 9,800 Hydraulic Steel
1014 11
10
,
1018
No par;
4
4
4
4
4
4% 412
5,100 Indlahoma Refining
4
4
4
418 418
6!
*84 9
*84 9
9
9
34 84 1,3001 Indian Refining
/
1
*814 93
10'
4 *84 9
4012 4012 415
8 4114 4178 4112 4178 4,200 Inspiration Cons Capper__ 20
4012 4153 4118 4118 40
9
600 Internal Agricul Co-p,,,_100
*9
912
9,
8 *0
9
9
*918 912
912
9
9
*3812 40
:3812 38
38
38
*38
Do prat
3812 378 38
3712 3712 1,500
100
33
800 International Cement__ No par
3212 3212 *3312 34
33
3212 32 2 3215 3218 3253 3253
,
4 23
238 2314 23,
227 23% 2314 233
8
2314 z22
2 23
Vo pen'
22 2 2,900 Inter Combus Eng
,
5,000 Internat Harvester (new)_j00
4
*993 100 2 10012 10114 10118 10514 103 1017 1033 10518 101 105
4
,
_*113 ____ *113
*113
*113
Do pref (nsto)
_ *11212
*113
100
812 1812 1812 19
19
-12 1912 1934
18% 188 1812 1184 19 2 2,200 Int Mercantile Marine
,
100
7112 703 7114 71 12 7314 72
Do pre
4
72% 71
71
745 18,400
8
73's 73
100
1714 173
1712
4
173 17%
9,700 International Nickel (The) 25
1712
8
1712 18,8 173 1812 1712 18
4
x8312 8312 *84
4
300
85
Preferred
85
83 4 83, 8314 8314 *8314 843 *81
,
100
5312 5214 5314 17,000 International Paper
513 52% 5212 5212 5212 5178 533 5418 53
8
4
100
*7014 7012 7012 71
800
71
Do stamped pref
70
71
7012 7012 701 s 70 4
70
,
100
14
1414
138 1414 123 133
141s 14%
4
: 13
1312
13
13 2 18,700 Invincible 011 Corp
,
50
12 5,600 Iron Products Corp_ _ __No par
3312 323 333
8 33
4
4 324 3484 335 3412 33
34% 343
33
34
8
4
7
2
14
78 9,000 Island Oil & Tramp 7 t a
84
7
8
3
4
3
4
84
4
8
7
8
10
165 165
8 17
17
17
17
1718 1818 173 1914
4
18 4 1812 3,900 Jewel Tea, Inc
,
100
79
*67
69
*66
*67
400
69
*67
69
Do prat
6912 7018 69
69
100
42
*41
42
413 4214 423 45
*41
4
45
4
47
453 461 7,000 Jones Bros Tea, Inc
4
/
4
100
43 19,900 Kansas & Gulf
438 412
8
414
4% 45
412
418
4
453
414 4 2
,
10
Kayser (Julius) dr CO... _100
-*4314 43'2
43 - - -43- - -11i33
8
4 2 43
5,500 Kayser (J) Co. new._..No par
441.
2 4312 4112 4214 43
1st preferred new._..No par
*102 103 *102 103 *102 103 *102 103 .102 10:PI *102 103 2
,
$ per share. $ per share. $ per share. 3 per share.
30
3014 3014 *297 3053 3014 3014
30
8
4814 503
O48
4812 48 48
8 4912 51
4812 50
481s 49
*10214 104 *102 104 *102 101 *102 101 *102 101 *101 103
*82
83
*82
*82
86
83
*82
83
*82
8312 *80
85
*96
*97 100
983 983
4
97
4 9912 100
100 100
99
99
353
34314 3634 3112 3714 365 3714
353 36 2 35
4
,
3612 37 4
5
,
1514 1512
1518 158
1512 1558
*1514 153
4
1334 1534
12
13 2
,
139 14218 141 14434 144 144
13814 13814 13578 13912 *13712 140
7912 707
7518 7714
77
76
76
77 2 75% 783
,
4 77 4 79
,
8312 8412 838 84
8112 83
*8112 84
8312 8312 83
83
30
203 3053 3012 303
4
*29
29
32
3012 *30
29
4 30
*170 180 *170 17012 *171 17012 *171 177 *173 17512 *173 177
118 118 *117 120 *118 120 *118 120
11718 1171 *11718 120
10812 111
10812 110 *10512 107
10612 11012 108 111
19514 107
110 110
*110 11312 *109 113 *109 113
110 110 *108 110
15
1553 151s 154 *1512 153
15
15
4 1514 1553
1514 151
/
4
1212 12
1212 *12
.12
1212 *12
12
1212 12
121 *12
/
4
*43
46
46
*43
.43
46
*43
4612 *43
45
*43
45
15812 15912 158 159
155 157
154 15412 151 155
100 160
*105 115 *105 115 *105 115 *105 115 *105 115 *105 115
*100 10012 *100 101 *100 101 *100 102 12 1005 101
5
101 1011s
*6512 6612 *6512 661 6512 6512 *6514 66
*65
/
4
(36
*65
68
55i4 55
5112 5112 5552 55
543 543
4
59
4 5118 5112 *54
88
8714 8714 8714 88
*87
88
88
8612 88
8912
88
*7819 79
78% 78% 79
79
*78
80
82 82
81
8212
3114 31 2 33% 311 3414 31% 3112 35
317 355
8
8 3578 367
/
4
,
*42
46
*42
46
45
*44
46
4714 *46
4712 *46
48
*76
80
*76
80
*76
78
80
78
*7812 80
80 80
*47
*47
59
*47
50
.50
50
.48
4914 51
52
52
3612
*3(3
*36
3612
3512 *35
3612 3612 31112 3612
36
36
40
41
407
8 393 408 393 4038 3914 40
40
4
4
4012 41
*15
14
14
17
*15
17
16
18
*15
17
18
*15
*3014 3114 *30
32
*30
32
.31
*30
3112 *3014 33
31,
2
41% 41% 4334 46
*4112 43
46
465
43
43
46
46 2
,
66
6(314 607 67
6414 69
8
68
68
6412 6512
66% 68
8 223 2378 224 23 2
4
,
23% 241. 2312 24% 2312 21 2 2334 243
,
118 1184 119 119
11712 119
*115 117 *11.5 117
11712 117,2
157 16,
2
1614 163
1615 1614
8
16, 1512 1618 1653
8
4
1512 15%
161 169
16714 173
16412 1723
4
15714 15914 15612 16112 160 162
95
*90
95
*90
95
*90
95
95
*90
*90
-24E2 -29-5- *2912 29% 29% 2978 294 3018 30 3014 2958 30
-8
133
8
/
4
13
2 13
13
13,
13% 131 13,
4
133133
4
1353 13
375
3112 37 2
34% 35% 3112 3514 3518 3018 3512 3612 36
,
71
71
70
71
70
71
71
7112 7112
70
.70
70
2218 2212 221 225
s 2214 225
8 22% 225s
/
4
8 22% 225s 2253 227
2512 2512 2512 2512 *25
2612 26,
26 2
,
2 2614 2614 *2514 27
1714 1714 *1718 1818 *17
18
17
*181 1812 18
18
/
4
19
145 145 *146 150
150 150 *146 150 *146 150
150 151
•124 125 *124 125
124 124 *124 125 *124 125 *124 125
*4218 43
*4212 4412 4312 4312 433 4334 4412 451
43
43
4
/
4
*212 3
*212 312
*212 3
*212 23
23
4 *212 3
4 23
4
.53
4
8 5514 5614 5518 5618 543 5534 5412 543
5312 5314 545
4
100 1031 10212 10312 102 103
100 100
*100 101
/
4
101 1021
/
4
*111 .113 *111 113 *111 113 *111 113 *111 113
1113* 1113*
1634 163
17
4
16% 163
8 1612 1612
1653 17
17
16% 17
79
81
8114 8212 *81
7812 79
7712 78
8312 80
80
37
.36
3712 3514 37 2 *313
*36
,
37
38, *3(3
2
*36
37
*58
*58
61
61
61
62
*58
*58
5812 5812 58
5812
*18
4
4
*173 21
*173 21
21
.17% 20
*18
203 *18
4
20
673 69
8
6614 67
6814 69
67
6812 687
67
8 683i 713
s
44% 4312 44,
4414
4 44
*44
44
4512 44
4414 4414 4412
912 93
4
9
9
93 101/4
4
97 10
10
113*
3112 3112 31 18 31, *31
32
3114 3114 *3118 3212
2
8
-1- 3 2
;31 2 - - -194 9% *812 912 *812 913 *812 914
/
1
*814 9
914 913
*8
9
8
814 *8
9
9
758 814 *8
712 8
24 23
23
4 2%
278
4
2%
23
4
27
8
27
27
8
234 24
/
1
*71
.712 8
78
71
/
4
712 74 .*714
/
1
712 7
34
734 73
4
1712 1814
4 18
173
1812 1853 1812 1812 1812 187
18
18
•131 135 *131 134 *131 135 *131 135
1333 1333 13214 13214
4
4
5
1218 1278
1114 1112 11, 1 1 8 115 12
2
1118 1114
12
123
4
Loss than 100 shares.
•Bid and asked prices; no sales on this day,
PER WARE
Range for previous
rear 1921
Lowest
$ per share
$ per share
per share $ per share
1812 Jan 4 303
8June 24
1013 Jan
215 Apr
600 Jan 9 800 Apr 15 a593 Nov a690 Feb
125 Jan 18 17934 Apr 15 12414 Dec 1243* Dec
1414 Jan 25
2314June 14
16
Jan
255 May
258 Jan 4
111sJune 5
97 May
215 Dec
7614 Jan 10 8712 Apr 19
52
Jan
81
Dec
104 Jan 5 114 July 7
87
Jan 10612 Dec
445 July
754 Jan 10 8718May 29
/
1
8212 Apr
9112 Jan 28 99 Jan 14
743 July 97 Dec
4
9 Jan 3 1612May 17
518 June
133 Dec
4
3712 Mar 14
4Nlay 17
533
21 Sept 4312 Dee
75 Jan 8 1274 Apr 20
75 June 90
Jan
7615 Jan 6 10314June 14
57 Sept 84 Dec
113 Jan 10 194 Apr 23
e
1938 May
834 Aug
12 4 Jan 24
,
267
gJune 3
912 Aug 2012 Jan
112 Mar 16
la Jan 20
518 Jan
Is Oct
4534 Jan 14 677
5May 8
39
/ Oct 5912 Dec
1
4
651s Jan 26 733 July 20
4
3918 Aug 7838 May
90 Jan 10 111 July 20
77 Aug 11712 May
65 Mar 3 785
8July 201
54
Jan
7038 Dec
94 Jan 4 10214 Jan 18
804 Apr 9512 Dee
116 Jan 9 17814July 21 10912 Aug 14334 Dee
84 Jan 5
15'4 July 5
938 Aug
1614 Jan
69 Jan 21 83 June 6
63 June 75 Dec
6734 Mar 6 84 June 28
60 Aug
7312 Dec
79.. Mar 8 97 June 28
69 Aug 85 Dec
134 .July 1
1814June 2
841. Jan 4 447
8May 31
2658 June 411s Jan
802 Jan 7 91 Ayr 22
6212 June 86 Dec
26 Apr 3 35 May 24
15 Aug 3412 Nov
12 Jan 3 194May 31
/
1
912 Jan
163 Mar
4
24 Feb 27 345
81May 29
19 July 2912 Dec
7 Feb 16
145 Mar 18
8
512 Dec 167 Jan
a
441 Jan 9 9012 Jan 26
/
4
25 June 50 Dec
/
1
4
3 Jan 20
4
37s Mar 10
12 Nov
1353 Jan
15 Jan 12 2612June 1
13 June 2518 Apr
55 Jan 14
75 Apr 11
4912 Mar 61 May
70 Jan 9 85 June 3
4012 Aug 86 May
104 Jan 6 2114May 17
/
1
1012 June
1634 May
312 Feb 9 14 June 2
6 Dec 203 Jan
314 Jan 27
553alay 26
2 June
718 Jan
5 Jan 20 115sJune 7
612 Dec
1534 Jan
3712 Feb 11 45 Jane 1
293 Mar 4214 Dee
8
Ps Jan 6
1134May 4
6 Aug
133 Jan
4
33 Jan 16 43 Mar 15
31
Dec 57
Jan
26 Jan 23 333
4May 8
21 June 29 Nov
x22 July 21 2858 Apr 11
79% Jan 3 10612June 1
675 Aug 1001? Feb
8
1054 Feb 14 117 July 6
9914 June 110
Jan
1314 Jan 4
2712May 3
71s Aug
1714 Jan
624 Jan 4 873
sNlay 3
36 Aug 673 Dec
4
1114 Jan 9 1934 Apr 24
1112 Aug
17 May
60 Jan 4 85 Jan 20
60 Dec 85 May
4312 Mar 8 547g July 18
383* Aug 733 May
4
59 Mar 9 71 Jan 5
67 Aug
753* Nov
121 Jan 5 2014 Apr 17
/
4
51? Aug
26
Jan
24 Jan 19 35 July 6
/
1
4
2212 Sept 40
Jan
5 Apr 6
5
3 Jan 25
2 Sept
434 Jan
10 Jan 4
2212May 2
4
Jan
1212 Dec
3312 Jan 4 7312May 26
812 Jan
4634 Nov
3412 Feb 11
47 July 20
1412 Jan 3834 Dee
4 June 16
712 Jan 3
412 Oct
9 Nov
81 Jan 17 110 May 5
68 Mar
85 Dec
34 May 1
4712May 8
94 May 1 10612June 9
3114 Jan 4 533
4M ay 8
3212 Aug 544 May
/
1
9012 Jan 4 I073
4May 9
7014 May 94
Jan
7112 Jan 3 86 June 5
70 May 80 June
61 Feb 05 111 Apr 6
35 Mar 69 Nov
2511 Jan 4 395
8May 31
16 Mar 27 Dec
/
1
4
12 July 21 243sMay 4
81 Jan
/
4
177 May
110 Jan 10 1723
4June 2 130 .Ian 177 Dec
4412 Jan 4 815
5May 16
Jan
43 Jan 13 84 July 19
40 j nn 57 May
32
J
ua
S1'
263 Jan 0 3515 mar lo
s
1712 Jan 30 Dec
1534 Feb 18 17314June 6 13314 Jan 164 Dec
108 Jan 10 118 July 18
973 Jan 110 Nov
8
91 Jan 3 117%May 21
64 Aug 102 Dec
93 Jan 30 z117 May 26
8712 Aug 100 4 Dec
,
1114 Jan 26
1858 Apr 17
10 June 2112 Mar
9 Jan 9 1414May 3
73 Aug
4
123 Jan
4
36 Jan 7 6114 Apr 15
Jan
30 Aug 42
1474 Jan 6 160 July 21 135 Feb 16418 Feb
109 Jan 13 115 Mar 16 100
Jan 111 Dec
72 Jan 5 105 July 12
5912 Jan
72 Dec
57 Jan 13 69 June 1
55 June 62 Dec
2512 Oct 42 May
2512 Jan 13 59 July 21
6812 Feb 27 90 June 9
6318 Oct 76
Jan
8June 9
54
54 Jan 6 837
Oct 6412 APr
10
s
154 Jan 16 307 July 21
Jan
18 SeP1
92
21
Oct 9912 Feb
Jan 83
304 Jan 3 62 Mar 13
734 Apr 3 80 Mar 21
Jan
41 Mar 13 6934 Apr 24 - _ - -18 June 3634 Dec
32 Mar 6 4218 Feb 6
8June 19
1218 Aug 3078 Nov
225 Jan 6 463
0
512Mar 4 263 Mar 27
8
5
Oct
1912 Jan
13 Sept 22 Dec
2014 Jan 4 3614June 3
8July 20
1112 Aug 24 Nov
22 Jan 11 465
4May 17
48 Mar 17 743
38 June 4512 Dec
0
_8_ . e
J u_n_.
11 Feb 15 257 une 8
1538 Dec
.
6512 Jan 114 Dec
/
41MaY 3
101 Jan 3 1221
8
1018 Jan 10 215 Mar 23
844 Aug167's Jan
1063 Jan 10 204'z tune 26
4
7914 Jan 12 97 June 26
sMay 31
1534 Jan 28 Dec
4
253 Feb 15 313
10 July
16 Apr 17
1612 Nov
1158 Jan 11
22 June 3312 Jan
2612 Jan 6 4514May 17
43 Aug 6453 Dec
75 May 15
63 Jan
4May 22
1253 Dec 25 May
12 Feb 11 243
1734 July 288 Jan
1912 Jan 7 34 Mar 31
1018 Dec 30
Jan
8
103 Jan 9 2114 Apr 25
Jan 12812.Dec
12314 Jan 4 157 May 1 102
20
1134 Jan 4 125 July 7 10155 Sept.Aug 13558 Jan
26 Jan 17 4514July 21
41 Apr 3
/
4
Jan
5
58 Sept
14 Jan 16
26 Aug 65 Feb
30 4 Jan 11 5614 July 13
3
673 July 87 Dec
4
86 Jan 12 103'! July 19
108 Jan 10 11814 Feb 23 100 June 108 May
9 Mar 1558 Dec
/
4
1314 Feb 16 191June 1
4712 Aug 89 Feb
68 Jan 3 8212July 19
205 Feb 39 May
8
28 Mar 10 46 June 9
45
Jan 5712 May
534 Jan 17 6812June 6
13 Dec 33
Feb
13 Jan 3 25 Feb 28
3214 Aug 46 Dee
441 Jan 4 7134July 21
/
4
317 Aug 411* Nov
8
38 Jan 7 45 July 13
18 Dec
18 Dec
34 Jan 13 113 July 21
201s Nov 39 Mar
4
203 Feb 28 333 Apr 12
4
812 Mar
s
127 Jan
8 July 14 1234 Mar 30
74 Nov
115 Dec
8
712Juiy 21
1414 Apr 17
134 May
43sJune 2
4
Jan
214 Feb 24
9ssalar 25
31 Aug
6 May
.
412 Jan 6
14 Dec 3058 Apr
125a Jan 6 2112NIay 4
87 Aug 148 May
116 Jan 4 14334 Mar 30
8 Nov
16
161 Apr 11
/
4
or. Jan 7
Jan
23,400 Kelly-Springfield Tire
25
Temporary 8% pref._ ...100
6% preferred
400 Kelsey Wheel Inc ______ __100
15,800 Kennecott Copper__.No par
27,700 Keystone Tire & Rubber__ 10
2,700 Kresge (9 8) Co
100
12,800 Lackawanna Steel
100
1.100 Laclede Gas (St Louts)__ _ _100
1,200 Lee Rubber & Tire_ _No par
Liggett & Myers Tobacco-100
200
Do prat
100
5,700 Lima Locom Wks Inc
100
300
Preferred
100
3,800 Loew's Incorporated.._No par
700 Loft Incorporated
No par
Loose-Wiles Biscuit tr otfe_100
4,000 Lorillard (P)
100
D referred
100
600 Mackay Companies.
100
100
Do Prof
,.100
13,000 Mack Trucks. Inc_ _ -__No
par
1,600
Do let pref
100
Do 24 pref
1,100
27,900 Mallinsou (11 R)& Co__No 100
par
200 Manati Sugar
100
300
Preferred
10
600 Manhattan Elec Supply No par
500 Manhattan Shirt
25
16,100 Mariand 011
no pa
1,050 Marlin-Rockwell
No par
Martin-Parry Corp_ __No
3,000 Mathieson Alkali Works_ pa
_50
4,700 Maxwell Mot Class A
51,100 Maxwell Mot, class 13_.No 100
par
1,800 May Department Stores
100
8,300 McIntyre Por Mince
96,300 Mexican Petroleum
100
Preferred
100
2,900 Miami Copper
48,300 Middle States 011 Corp.... 5
10
48,500 Midvale Steel &
Ordnance_ 50
800 Montana Power
100
11,600 Mont Ward &CoIlisCorpNop
ar
400 Mullins Body
No par
800 National Acme
80
600 National Biscuit
100
100
Do pref
600 National Cloak & Suit__ 100
_100
200 Nat Conduit & Cable_.No par
13,000 Nat Enans'g & Stamplr__
_100
4,300 National Lead
100
200
Do pref
100
2,800 Navada Cowin! Copper
6
2,900 New York Air Brake
100
800 New York Dock
100
100
Do pref
100
N Y Shipbuilding
No par
28,000 North American Co
so
3,400
Do prof
ao
8,200
Rights
300 Nova Scotia Steel A Coal_
_100
1,000 Nunnally Co. (The)__
-No Par
1,600 Ohio Body & Blow
No par
7,100 Oklahoma Prod & Ref of Am
8
400 Ontario Sliver Mining
100
3,600 Orpheum Circuit, Inc
1
200 Otte Elevator
100
4,200 Otis Steel._
ara car
a El-dividend and rights. s Ex-dividend. •• Li-rights.
New York Stock Record-Concluded-Page 4
418
For sales during the week of stocks usually inactive, see fourth page preceding.
-PER SHARE, NOT PER CENT
HIGH AND LOW SALE PRICE
Saturday,
July 15.
Monday,
July 17.
Tuesday,
July 18.
Wednesday, Thursday,
July 20.
July 19.
Friday,
July 21.
Sales
for
the
Week.
$ per share. $ per share. $ per share. $ per share. $ per share. $ per share. Shares
355g 36
35
35
35
700
35
35
*34
36
35
*35
35
6
712
6
4 63
63
614 614
6
4
612 612 3,400
612 612
71
7114 7114 7112 1,900
70
7018 697s 70
7012 7012 7114
70
15
1412 143
143* 1412 *14
900
15
14% 14% *1414 15
*14
4
4
1
/ 5558 5612 66,300
4 5612 57
4
553 567
5512 5712 5612 573
8 5512 57
743* 7314 758 7314 75% 72,300
7012 7114 707 7212 708 7212 721
67
70
5
67 8 698 21,300
65
6612 6512 6612 665 68
6514 65
8
71, 73
712 712
712 712 *7
712
712 *7
700
7%
Vs
1212 1212 *12
*1212 13
12
300
13
12
*12
13
4
123 *12
8
918
8'8 858
73
8
8%
4 812 51,000
814 9
812 8%
8612 87
8614 87
86
8512 87
8412 85
8412 85
8612 5,700
38
38
38
1,400
8 378 37% 3814 383* 38
8
375 375
38
38
81
81
*80
84
84
*80
*80
84
100
84
84
*80
*80
5 4618 443 4512 44
4
8 44
45
45
48,900
4512 443 461* 443* 467
1512 1812 163* 165
4
183 19
8 12
1312 27,700
19
4
183 183
4 19
37
3714 37
37
4
313 35
2734 32
25
2712 11,300
37
37
77
8
8
814
8
8
6,200
814
78 8
8
78 8
447 447 *44
44
44
47
44
44
*44
46
47
47
400
6414 64
63
6618 65
641* 4,900
6912 64
6312 63 63
*63
96
96
9618 9618 *95
96
96
*95
*9414 96
97
97
400
2138 207 2112 2178 22
4
8
207 21
2138 2138 203 2158 21
8
2,300
z78
78
7734 78
7814 7814 7814 7812 7812 7812 7812 79
1,500
4
*10712 10814 *10712 1083 10712 10712 10814 10814 *108 10812 *108 109
200
79
8012 8014 8214 82
8214 81
7714 79
8178 80
8012 4,800
99
*98 100
*9812 100
99
*98 100
*98 100
*98 100
100
5 3838 37
8
4 37
38% 3918 385 3958 3714 393
388 37
378 27,800
89
8914 90
85
8512 86
4
893 9113 897 9012 89
8
8912 13,300
122 1227 12118 124
8
1228 12314 122 12318 122 12218 12072 12218
9,100
4712 48
*47
48
3
47 4 4814 4812 5014 483 498 4818 4914
4
7,220
29% 29% 2914 30
8
287 2912 2812 29
263 2814 26,700
4
281* 29
98
9814 9814 97
*97
9714 *94
97
94
94
*94
97
600
4
10114 1033 104 1058 106 10812 108 109
4
1063 1073* 10614 107
8,500
287
27% 27% *28
8 283 29
2918 29
29
4
29
800
283* 285
*1612 16% 1614 1634 1618 1638
4
163 168 1612 163
163* 168
4 5,700
*35
*34% 35
36
*35
36
8
357 3612 1,300
*36
3612 355 36
8
*72
*7212 ____ *7212 __
*73
*73
*73
62
*56
*56
62
*56
62
62
62
*55
*55
*55
62
*3112 3212 3112 3112 3214 3318 33
35
33
13,900
343
4 3312 35
7112 71% 71
7312 7318 7612 7418 76
41,800
723* 7218 731s 73
8
*915 9212 *91 18 9214 9212 92/2 93
93%
500
93
9314 9312 *93
97 10
*1018 1012
*9
912
*912 1012
93* 10
98 1112 3,900
46
46% 46
4638
4,700
463* 4618 46% 4614 4612 4618 461* 46
*11314 114 *113 114 *113 114
100
114 114 *113 114 *113 117
5718 573
4 5638 57
56
57
543 553* 5514 5618 558 553 25,000
4
4
8
*145 15
1,100
1434 143
15
15
4
143 1518 *143 1512 15
4
4 15
47
*412 47
4% 48
5
4 5
43
38 4,800
35
318 434
1418 1418
1412 1412 *1414 15
600
14
1414 1414 *1414 15
14
35
312 312 2,200
312 312
312 312
312 312
*312 4
334
7812 78
77
795
7914 803
4 80
4 80
8112 80
813
8014 18,900
10414 10414 *10514 10534 *105 106 *105 106
*10312 108 *10312 108
100
1258 1234
1212 1212 *1212 13
13
*12
123 123
1212 13
4
4 7,700
k
11
11
11 12 *10
1012 *10
300
*10
4 *97 1012 *10
4 93
93
*4012 417 z4014 403
3
40
*3918 4012 *39
8 395 40
41
500
40
3118 32
3118 3112 3118 32
31
317
8 3138 3134 31 18 315 50,000
*45
47
*45
4814 4812 4914 49
47
48
4712 48
49
1,700
*73
76
*73
76
*73
76
*73
78
78
*73
*73
78
*49
52
52
52
*50
52
52
52
51
51
50
598
50
4
193 193
4 191s 1918
19
1912 183 1914 1812 1812 183 19
4
8
1,600
*88
91
8814 8814 *8814 90% *89
*8814 91
90
*88
100
90
*115 118 *115 118 *115 118
115 115
113 1147 *113 115
8
350
8
1035 1037 10314 105
10334 1053 1033* 106
4
1033* 10434 1031* 10112 18,500
182 18218 183 183
4
4
1803 1803 *180 184
183 18312 17914 182
1,800
4
1163 117% 117 117
11678 117
11718 11714 117 117
117 11714 2,440
84
*78
84
*78
*78
84
*78
84
*78
84
*78
84
5312 5312 53
s
4912 51
538 z507 52
50
503
8 493 50
6,400
*98 102
*98 102
*98 102
*98 102
*98 102
*98 101
44
44
45
*43
*43
45
44
44
4378 4438 4414 443
4 2,100
4612 4612 44312 4612 47
467 467
45
47
*45
8 4614 4614 2,800
4
4
13714 1383 1363 1383 13714 13912 13714 13938 13634 13838 1343* 1377 136,300
s
8
118 *116 118 *116 118 *116 118 *116 118
*116
116 116
100
638 7
8
612 634
67
8
714
78 73
612 8
718
714 9,700
658 67
8
7
8
67
4 7
612 63*
*63
63* 658
618 612 2,100
3312 *3212 333
4 3312 3312 *3212 3312 3212 3312
4
*3214 333 *33
250
3
3
8 33
33
3
3
8
3
3
3
314
3
2,500
3
134 *2
134
212 *2
212 *2
17
17
212 *2
3
400
4
8 1012 1012 103* 1034 105 103 2,200
10% 108 *103 10%
103* 105
45% 4618 455 46
8
4
453 4612 4534 46
45/2 453 28,700
458 46
4
48
4
473 483* 48
4778 48
4712 48
47% 478 475 48
4,100
4
4
2618 263
2614 26
253* 2638 253 263* 253 2618 26
261s 11,800
5634 5718 565 5714 56
5614 563
4 5614 5714 5514 57
8
5634 11,100
7 81
8012 8114 8012 81
7838 803
8 795 8014 79
8
*8012 81
20,200
10412 10412 *104 105
1043 10478 10478 105
4
*100 107 *103 105
600
15
16
1614 17
15
1612 1714 1618 167
153
8 15
8
1514 44,500
39
39
40
*38
39
40
*38
40
*38
39
*38
40
300
6212 62
62/2 62
6212 6212 *62
6218 62
63 63
62
1,400
4
8
8 2014 203 11,000
2112 203 2114 2012 2114 203 2114 207 207
4
21
4
*9712 100
98
*98 100
98
*9712 99
*9714 99
*98 100
100
101 107 *106 108
107 107 *10612 107
*10612 107 *10612 107
250
401.1 40
39
40% 40
40
3812 3812 *3812 39
40
40
4,300
4
8 78
78
7812 82
7813 *7712 78% *773 783
7914 8118 5,400
77
47
8
455 453* 4714 4714 *47
*4538 47
*45
4714 47% 473
700
4
14512 14614 14512 14614 144 14412 2,700
1428 14512
*141 143 *14112 143
STOCKS
NEW YORK STOCK
EXCHANGE
Lowest
Indus. & Miscall. (Con.) Par
25
Owens Bottle
Pacific Development
100
Pacific Gas & Electric
5
Pacific Mail SS
Pacific Oil
50
Pan-Am Pet & Trans
50
Do Class B
Panhandle Prod & Ref__ no par
No par
Parish & Bingham
Penn-Seaboard St'l v to No par
People's G L & C (Chic).,,.100
Philadelphia Co (Pittsb)__ 50
No par
Phillip-Jones Corp
Phillips Petroloum____No par
Pierce-Arrow M Car__ No par
100
Do pref
26
Pierce 011 Corporation
100
Do prof
100
Pittsburgh Coal of Pa
100
Do pref
10
Pond Creek Coal
No par
Postum Cereal
100
8% preferred
100
Pressed Steel Car
100
Do pref
Producers de Refiners Corp_ 50
Public Service Corp of N J_100
100
Pullman Company
50
Punta Alegre Sugar
25
Pure 011 (The)
100
8% preferred
100
Railway Steel Spring
No par
Rand Mines Ltd
Ray Consolidated Copper_ 10
Remington Typewriter v t(1100
100
1st preferred v t c
100
2d preferred
No par
Replogle Steel
100
Republic Iron & Steel
100
Do prof
Republic Motor Truck_No par
Reynolds(R J) Tob Cl B _25
100
7% preferred
Royal Dutch Co(N Y shares)_
10
St Joseph Lead
San Cecilia Sugar v t o_No par
100
Savage Arms Corp
Saxon Motor Car Corp_No par
100
Sears, Roebuck & Co
100
Preferred
No par
Seneca Copper
Shattuck Arizona Copper__ _10
Shell Transp & Trading_ _ _ £2
Sinclair Cons Oil Corp_No par
;lose-Sheffield Steel & Iron 100
100
1
Do
100
So Porto Rico Sugar
No par
Spicer Mfg Co
100
Preferred
100
Standard Milling
25
Standard 011 of Cal
25
Standard 011 of NJ
Do prat non voting.._100
Steel & Tube of Am Dref_ _100
_iVo par
Itoning Products
100
Stern Bros pref (8%)
3tewart-Warn Sp Corp_No par
Stromberg Carburetor_No par
.,_100
Studebaker Corp (The)
100
f
No par
lubrnarine Boat
No par
hiperior 011
100
luperior Steel
10
lweets Co of America
7emtor C & F P. cl A_ _No par
7enn Copp & C tr otfa_No par
L'exas Company (The).___ 25
10
7exas Gulf Sulphur
:'exas Pacific Coal & Oil_ 10
'obacco Products Corp___100
Do CIA (since July 15)10(1
100
Do pref
sranscontinental 011_ _No par
sransue de Williams St_No par
Tiller' Bag de Paper Corp_ _100
No par
zfnion Oil Car
100
fnion Tank
100
Preferred
Intted Alloy Steel_ _ _..No par
100
Jutted Drug
50
1st preferred
100
Inited Fruit
fatted Paperboard Co__ _ _100
-6/ - .1- 663 6713 665 ----------------6334 6434 23,100 halted Retail Stores_ _No par
67 2
4
3412 35
3412 3538 333 3514
8
325 34
33
32% 33% 33
4
7,400 T S Cast Iron Pipe & Fdy_100
100
67
*6612 6712 *66
6812 67
*67
67
67
Do pref,
68
6812 *67
200
*6
7
100
7
7
7
*6
7
*614
7
*6
*614
7
100 f S Express
8 77
77
8
8
4
83
812 87
814 81 1 6,300 f S Food Products Corp.,100
7
8
78 *714
593 6014 593 623 45,100 f S Industrial Alcohol___ _100
8
4 587 61
5714 5818 58
4
4
6112 6012 613
100
4 927 93
8
4
923 923
Do pref
4
9418
94
933 *91
94
*91
500
9313 *91
4
69
1
6714 6714 677 6812 68 68 18 683 70
67 67
2
6
6918 3,700 f S Realty a, /mprovement100
100
molted States Rubber
624 62
62
62% 6214 63% 6234 6312 6212 63
9,900 lo
100
10612 10612 *106 107 *10632 14752
41
Do 1st pref
*10512 10712 10612 10613 *106 107
01
200
50
4 41
413
41
*4012 4112 *405 41 12 4112 4112 *41
8
300 r 8 Smelting, Ref & M
50
4
493 *47
50
*47
4812 *47
*47
Do prof
475 *47
*47
50
48'8
10114 1021 10112 10212 1208 12034 99,200 rnited States Steel Corp _100
4
/
0 7 102
012
9938 100
99/2 10014 100 102
100
4
Do prof
4
1203 1204 1203* 12058 1203* 1208 12012 1203 12012 12012
3,150
10
66
65
6514 653
4 65
6618 5,700 'tah Copper
4
643 654 6418 6512 6412 65
100
4 1612 1612 153* 163* 1,500 'tab Securities v t a
4
163 163
s
1618 163
1614 1614 *1614 17
No par
4
503* 47
463 4712 4712 503* 49
8
483 34,100 anadium Corp
453 4612 4612 47
100
937 938 *9312 98
97
*91
*92
97
800 an Raaite 1st prof
94
94
*92
97
*3018 3012 293 30
4
8
2912 293
297 30
4 2,400 Irginia-Carolina Chem_ 100
30
30
30
30
100
6514 647 6478 633 6414
6514 6512 6512 6512 65
Do prof
4
1,300
*48. 50
100
50
*48
50
50
50
*48
51
51
800 'irginia Iron, C & C
50
*48
*48
50
100
74
Preferred
*72
*72
74
*72
74
74
*72
74
74
*72
*72
No par
11
1118 11 18
1114
11
11 18
4
103 11
4,700 'ivadou (V)
8
117
11 12 1112 11
No par
Hellbroner
13
*12
1212 1212 1212 1212
13
*1212
300 Veber &
1318 1318 *1214 14
100
77
*75
*75
77
Veils Fargo Express
77
*75
*75
77
79
*77
77
*75
10312 1033 104 10512 10412 1053
4
8 4,100 Vestern Union Telegraph_100
10314 10314 10212 10312 103 103
50
93
93
93
93
*92
93
*92
300 VestInghouse Air Brake_
9212
92
4
92
*903 92
4
8 617 623
4 613 623
613
613 62
8
15,600 VestInghouse Elea & Mfg_ 50
8 61
60
8
6012 597 613
No par
26
25% 26
Vhite Eagle Oil
253* 258 26
26
2,500
8 253*
2612 2612 2518 263
50
4 4812 483
4 48
*4814 484 4813 483
48
5,100 Vhite Motor
49
4812 48% 49
814 812
88 83*
814 814 5,900 Vhite Oil Corporation_No par
812 88
8 8%
85
83
4 93
8
153* 157
1578 1718 16
4
16
153 1.58
4,700 Vickwire Spencer Steel_ _ _ 5
*1558 16
8
8
157 157
25
8% 918
85
9
918
8% 9
9
15,500 Villys-Overland (The)
4 9's
83
44
"467
Do Preferred (new)...._ 100
87
2
' 6,000
47% 48% 4778 487
8 4812 4912, 4812 491* 4714 48
42
423
4 4212 4212 *42
42
43
*41
500 Moon & Co,Inc. v t o_No par
43
4114 4114 42
100
*86
90
Preferred
90
*80
90
*86
90
*86
90
*1g.;
165 166
100
*162 166 *162 166
1,200 7oolworth Co (F W)
53
5412 5234 5314 6,900 7orthington P & M v t o_ _100
5212 527 55
50
50
5018 5112 52
94
*93
94
94
100
*93
95
95
94
94
*94
Do pre! A
300
*94
95
*73
75
75
8
747 748 *73
*73
100
75
*7312 75
Do pref B
100
75
*73
812 812
4 2,000 7rfuht Aeronautical_ _ No par
858 83
812 812
812 858
*812 8%
8 8%
85
an ,n1s day
taan 10.4 shares z Ex-righta. a Ex-dividend and rights.
• Rid and aikea
k Range since merger (July 15) with United Retail Stores Corp.
.3„
;n13,g,
.3,
PER SHARE
Range since Jan. 1 14822
-share lots
On basis of 100
Highest
PER SHARE
Range for prestos;
year 1921
Lowest
Higkest
$ per share $ per share $ per share
$ per share
8June 5
2434 Nov 54% Jan
s
247 Jan 27 387
4 Dec 1934 Jan
IS July 18 14% Apr 27
4614 Jan 68 Dec
60 Jan 30 74 June 23
8 Aug
1714 Jan
11 Jan 18 19 June 3
8
2712 Mar 503 Dec
443* Jan 10 6938May 4
3818 Aug 79% Feb
48% Jan 11 8612June 26
7134 Jan
3418 Aug
44 Jan 10 8212June 26
6 Aug
1312 Dec
7 May 27 1212 Jan 4
1512 Apr
9% June
1112 Jan 3 17 Apr 12
Jan
6% June 17
sMay 24
638 Feb 27 133
8
33% Jan 643 Dec
4
593 Jan 4 88 Apr 26
2612 Aug 3512 Jan
3112 Jan 4 4012May 23
1
/
3712 Apr 1054 Dec
1
/
81 July 19 1054 Jan 3
16 June 3414 Dec
5914June 7
1
/
284 Jan 11
914 Aug 4214 May
12 July 21 2458 Apr 25
Oct 88 Mar
21
25 July 21 49 Apr 15
1418 Nov
7 Feb 23 12 Jan 12
514 Aug
Jan
3012 Aug 78
39 Mar 2 71 Jun 3
52 July 66 Dee
588 Jan 30 68 June 6
8
827 Jan 93 Den
3 98 June 10
9018 Feb
1218 Mar 1612 May
1414 Feb 2 2434June 22
6558 Apr 19 86 June 3
--10512 Apr 29 11118June 2
Jan
48 Aug 96
4
63 Jan 12 833 Apr 22
Jan
83 June 104
sMay 9
91 Feb 16 1007
2038 Oct 3412 Dec
2418 Jan 10 50 June 2
Jan
54
7014 May
66 Jan 7 9112JulY 19
891s Aug 11414 Nov
10512 Jan 6 12918 Apr 24
4
243 Oct 5112 Jan
2938July 14 5314June 9
2112 Aug 40% Dec
2634Ju1y 21 383* Jan 3
4
94 July 20 1023 Apr 25
67 July 9912 Dec
94 Jan 10 109 July 19
Apr 2634 Sept
19
1911 Jan 26 2912June 30
16 May
11 Mar
19 May 31
13% Feb 11
17% June 38% May
42 Mar 14
24 Jan 6
4714 Nov 80 Jan
12 75 June 6
55 Jan
75 May
4
473 Nov
5012 Feb 23 63 Mar 14
18 June 3912 Jan
2512 Jan 3 3812May 18
4
1
/ Jan
4118 June 73
4614 Feb 25 7812May 29
7514 Oct 9614 Mar
74 Feb 24 9512June 2
5 Dec 2412 Jan
8June 2
Mar 2 143
412
43 Mar 27 4314 Apr 24
11418 July 12
8May 3 . 4012 Oct 69% Ma;
663
8May 4
1012 Aug 1418 Dec
157
512 Feb
114 Oct
614 Mar 21
8% Oct 23% Jan
2478 Apr 1
218 Oct
514June 2
4
63 Apr
5414 Dec 98% Jan
.1
813 July 19
85 Nov 104 June
10612May 23
1234 Mar 2512 Nov
4
1
/
23 Jan 3
93 Dec
8
47g Jan
12 June 2
30% Oct 49 May
4812May 3
1618 Aug 28% May
4June 9
383
Jan
3218 June 56
5412May 13
6814 June 75 Nov
7712May 24
Jan
Oct 103
26
5714 Mar 3
24 Juno 5 - - - - -9212June 10
88 Aug 119 - Doe
4
1253 Apr 27
6734 June 9812 Dec
121 May 3
4June 6 12412 June 19214 Dec
1983
11714July 14 1051s Jan 11412 Dec
66 Sept 8514 Dec
90 May 25
5512July 7
Oct 119 Aug
81
81 Jan 3 106 May 4
Jan
21 June 37
4May 31
2412 Jan 5 453
2514 Aug 46 Apr
3514 Jan 5 593* Apr 12
42% Jan 9314 Apr
7918 Jan 5 13913 July 18
4
83 Jan 1033 Dec
100 Feb 17 118 June 21
Oct 10% Jan
3
4June 30
83
312 Jan 31
334 Aug
1314 Jan
5 Feb 20 1014June 7
26 June 48
Jan
25 Jan 3 3912 Apr 7
5 Mar 14
3 July 15
4
-1? Dec 253 Jan
514 Feb 1
4
13 Feb 11
6% Aug
11 Dec
4May 19
4
93 Jan 13 123
29 June 48 Dec
4214 Jar, I() 5012May 4
3812 Jan 4 52 June 5 z3258 Dec 4218 Dec
4
s
153 Aug 367 Jan
4June 3
23 Jan 4/ 323
k5614July 15 k5714 July 17
7338July 15 8114July 19
Jan
7612 June 91
88 Mar 2 10912June 9
6 Aug
Apr
13
71s Mar 3 2018May 22
28 June 4412 Apr
33 Jan 16 4518 Apr 4
57 Sept 75
55 Mar 25 713* Jan 5
Jan
1518 Aug 2512 May
1714 Mar 4 25 June 3
8712 Sept 107 Mar
96 Jan 13 103 Apr 24
102 Feb 9 1073
Oct 104 Nov
8May 2
92
25 Jan 11 4114May 13
Jan
19 June 34
60% Mar 3 82 July 20
46 Sept 106
Jan
411s Feb 18 4734 July 21
36% July 47 Feb
Jan
4
1193 Jan 4 148 Apr 4 39534 June 207
s
143 Apr 21
8May 3
195
_4313 Feb 28 7114May 29
46% Aug 6214 May
161 Jan 13 383 Mar 15
19 May
4
/
4
1112 Jan
50 Jan 11
72 Apr 15
38 Aug 5712 Nov
Jan
7
7 July 6
5 Feb 1
5% June
2% Feb 8 1018 Jan 3
812 Sept 2714 Jan
7412 May
37 Jan 6 623
8.July 21
3514 Nov
90 Jan 9 97 May 27
84 July 102 Mar
56 Jan 3 7212May 26
4118 Mar 6312 Dec
51% Jan 0 6712 Apr 17
4
4012 Aug 793 Apr
99 Feb 7 107 July 11
8
74 Aug 1037 Jan
33 Feb 27 453
25 Apr 3818 Dec
4May 29
4214 Feb 9 4712June 23
37 Aug 4412 Jan
82 Jan 6 10314June 5
7014 June 8612 May
11414 Jan 3 122 July 8 105 June 115 Dec
8
605 Jan 5 6914May 29
4118 Aug 6638 Dec
sMay 4
2
97 Jan 18 197
7 Aug
12% Mar
3014 Jan 10 53 May 18
2518 June 41
Jan
92 Jan 17 9612June 7
72 Mar 8812 Dec
8
2034 July 4212 Jan
2712 Jan 16 367 Mar 13
573 July 10234 Jan
4J11ly 21 82 Apr 10
633
4
59 Aug 95
43 Mar 27 9412 Jan 18
Jan
66 Mar 13 7212May 6
558 Mar
914 May
4
1
/
6 Jan 6 14 May 8
812 Jan
1312 Oct
4
103 Jan 18 17 Apr 24
4912 Jan
Jan
72
6614 Jan 4 8578 Feb 15
76 Aug 94 Apr
89 Feb 8 10512July 20
s
8112 Sera 967 Jan
80 Mar 16 100 Feb 21
38% Aug 5212 Dec
1
/
494 Jan 4 64 Apr 10
2514May 4 2912June 7
2914 June 44 May
1
/
354 l'in 6 5134June 2
7 July 17% Jan
711 Jan 30 12 May 5
4
183 Dec
812 Nov
sMay 12
1338 Mar 22 217
4% Nov
1012 May
412 Feb 17 10 May 29
23 Aug 42 May
24 Feb 17 4912July 19
2712 Nov 47 Jan
8
2714 Jan 4 493 Apr 26
Oct 897 Feb
8
65
66 Jan 10 87121s,lay 15
4
137 Jan 6 16734Mar 27 105 Aug 1393 Dec
0une 2
3012 Aug 5514 May
2
437 Jan 4 557
7012 Aug 85 Dec
83 Mar 31 94 May 4
54 Aug 70 Nov
64% Jan 0 79 May 9
612 June
9% Nov
912 Mar 17
6 Jan 27
e Reduced to basis of $25 par.
z Ex-dividend.
11118 Apr 11
4712 Feb 1
1258 Jan 9
112 Jan 10
1118 Jan 4
118 Feb 23
6058 Jan 27
91 Jan 5
s
107 Feb 20
758 Feb 28
3538 Jan 30
1834 Jan 10
3412 Mar 7
66 Mar 21
43 Jan 9
17 Apr 27
84 Apr 28
11013 Jan 26
9134 Jan 10
16914 Jan 5
1133* Jan 7
68 Mar 10
1518May 4
New York Stock Exchange—Bond Record, Friday, Weekly and Yearly
Jan. 1 1909 the Exchange method of quoting bonds was changed and prices are now--"and interae"—ereem for income and defaulted bonds.
1-03
BONDS
N. Y. STOCK EXCHANGE
Week ending July 21
Price
Friday
July 21
Week's
Range or
Last Sale
Range
Since
Jan. 1
Price
u 2
Erida y1
Jul
BONDS
N. Y. STOCK EXCHANGE
Week ending July 21
419
... i flange
11'1
SIn Ce
1 Jan. 1
—-High No, Low High
Low
10014 July'22
997g 10012
99
100
26 93 100
1123
4
11318 44 10812 115
11012 11113 65 10712 114
7914
80i 361 77
81
92 1 41 83
90
94
10112 June'22
a! 9512 1021s
9814
9814
2 89% 9912
100
1003
4 54 94 10004
7814 June'22
1 1 74% 8134
9612
9612 Mar'22 __II 93
9512 June'22
I 95
9512
94 1
2 ' 8812 9412
1043
98 4
109 1 15 1037 11012
g
10512 June'221____! 105 107
107 Mar'22i__
107 107
91 July'22.____ i 91
91
9614
97 1
6'1 9012 98
102
10212.
4 , 9412 10212
100 May'221 __1100 100
873
4
888 1211 8234 89
865 Nov'21 ___ 1__-_ .. .8
8812
90
329 8212 91
9412
96
522 8414 86
1 7 12 94
6
84
84
8112 June'22
78
82
887 June'22
8
s
887 857
s
79 June'22
71
79
835 June'22 ____ 8214 835
8
8
8012 May'22.____ 755 8012
8
69
Apr'211....-8014 Dec'211____ .
-- - —
5912
6012 61 528 615
48%
4912 129 3712 50%
8212
837
13 7714 85
961893
9 18 July'22 __11; 93
6
3
96,8
'2
_ _1 8712 ,652
93
s
1 an ye or
tW eek r
'
Last Sale
AM Low
High No. Low High
Bid
AA
Bid
U. S. Government.
NA ____
Roth & Pitts Con let g 68_1922
First Liberty Loan
Canada Sou cons gu A 59_1962 A 0 99 Sale
39e % of 1932-1947_
J D 100.90 Sale 100.41 100.98 27.17 94.84 100.98
10070 101.10 25 95.70 101.10
11278 Sale
Canadian North deb s f 7s___1940 J
Cony 4% of 1932-1947
J D
25
-year s f deb 63.es
Cony aq % of 1932-1947
.1 D lul 20 Sale 100.82 101.30 1049 96.04 101.30
J J 11114 Sale
101.00 101.00 12 96.82 102.00
Canadian Pac Ry deb 4s stock94_ 3 J
797 Sale
26 cony 43e% of 1.932-1947
.1 D - 1 _6
Car Clinch & Ohio 1st 30-yr 5s1938 ▪ D 9112 Sale
Second Liberty Loan
100.34 100.70 66 95.76 100.70
Central of ()a let gold 5s__ _g1945 FA 100%
M N
4% of 1927-1942
9738 9814
Consol gold 58
M N Riiig 517 100.44 101.50 4030 95.32 101.50
Cony 41.e% of 1927-1942
MN
10-year temp socur 8s_June 1925
Thl,(1 Liberty Loan
100% Sale
949
6555 96.74 101.93
Chatt Div pur money g 48-1951
80 ---MS 100.82 Sale 100.32 101.98
4, % of 1928
4
Mae dr Nor Div 1st g 53_1948 .1 J 953 -___
8
Srourth Liberty Loan
__
Mid Gla & Atl Div be _
A 0 101.32 Sale 100.02 101.54 7087 95.86 101.54
33 9518
43.(% of 1933-1938
Cent RR & B of Ga coil g 58_1937 MN
Victory Liberty Loan
194
J D 100.54 Sale 100.50 100.58 2373 100.02 101.00
Central of N J gen gold 5s
96
94
4).1% Notes of 1922-1923
1087 J J 10914 110
99.93 June'22
99 96 100.30
.1 D
33.1% Notes of 1922-1923
Registered
_51987 J J 10634 108
10212 Apr'22
4
10214 1033
Am Dock & Impt gu be_ _ _1921 3.3
213 consol registered
41930 Q J
10314 10314
10314 Mar'22
N Y & Long Br gen g 4s___1941 M 5 91 ____
3e consol coupon_
41930 Q J
105 105
Mar'22
10515
Ches & Ohio fund di leapt 5s__1929 .1
9614 97
4s registered
1925Q F
10518 Feb'22 --- • 104 10512
1st consol gold 5s
es coupon
1925,Q
1939 MN 102 ____
100 July'21
Panama Canal 10-30-yr 2s_11936'Q F
Registered
1,99329 MN ---- --- 83
Dec'21
887
8
General gold 43-5s
Panama Canal Os g
19611Q M
illS 88
7918
79
Feb'22 --- • 79
1961Q M -- -- 1
Registered
S --__ ____
Registered
1992
20-year convertible 4ais_1930 FA 89 Sale
Foreign Goeern=ent.
7
173 99 10214
10014
1927F A 10018 Sale 99
1
Argentine (Govt) 75
30
-year cony secured 5s
1946 A0 9534 Sale
4 77 8714
84
8
Big Sandy 1st 4s
Argentine Internal 58 of 1909____ M el 84 Sale 837
1944 3D 84 Sale
67 10384 10912
107
4
8413
Belgium 25-yr eats 1 73 g1945 J D 106 1063 1068
Coal River Ry let gu 48_1945 J D 82
-es
43 9413 104%
10118
10112
Craig Valley let g 5s
5
-year 6% notes
Jan 1925J J 10118 Sale 100
1940J i 9034 ____
8
10652 162 10412 1083
110514
1941'F A 10613
Potts Creek Branch let 48_1946 J i 7812 8012
29
-year a f Os
18 105 112
111
110 11084
Bergen (Norway) s 1 8.
19451M N 109
R di A Thy 1st con g 49
1989 3 3 8312 85
53 106 114
112
2
7818 8112
1945M N 111 11112 110,
Berne (City ofle
2d consol gold 4s _____ 1989 J J
es
155 1003 10112
8
101
8
8238 --__
1947M N 1007 Sale 100%
Bolivia Republic of) 8s
Greenbrier Ry 1st gu g 4s 1940 M N
8412 180 8012 90
Sale 827
8
8
Warm Springs V 1st g Ss__.J941 M S 915 -.......
Bordeaux (City of) 15-yr Os. 1934 MN 8414
322 103 108
102%
6012
Chic & Alton RR ref g 3s__ 1959 J 0 60
Brazil. U S external es
1941 .1 D 102 8 Sale 10118
40 A .,
9912 224 96 101
493 Sale
8
Canada (Dominion of) g 458_1926 A 0 993 Sale 99
Railway 1st lien 3).
-es
43 943 10018
4
984 983
98%
8
8
Chic Burl & Q—Ill Div 3aes_1949 J J 835 Sale
do
do
do 56_1931 A 0 985 Sale
114 95% 1013
4
101
1003
4
96% 9 8
-year baes
1929 F A 101
Illinois Division es
10
1949 J J 92
1041. 51 10018 106
10414 103
,
Sale
Chile (Republic) ext 8 1 Ss _A941 F A 104 Sale, 102 2
Nebraska Extension 4s
1927 ill N
8
10213 182 9812 1037
907 Oct'19
s
1926 A 0 10213
External 5
-year a 1 Os
Registered
__
1
10412 88, 100 10613
9- 13 92
907
9214 33 8618 93
25
-year s f 8.3
1946 af 11 10412 Sale 103 2
General 48
192 rn N
57 M S
8
57
54% 481 44
5312
Chinese (Hukuang Ry) 53 of 1911 J D 2 5414 55
Temporary 5s
1971 F A 101 Sale 10012 10113 239 96% 1017s
19 106 11212
3414 Dec 21i____
10912
4
Christiania (City) a 1 8s
Chic & E III ref & imp 4s g
1945 A 0 10912 110 1083
1955 J 3
30 8512 9312
9112
9112
Copenhagen 25-year s f 5aes_1944 J J 9512 Sale 91
U S Mtge & Tr Co ctfs of dep_7 1, - l, _ -; N
3
____ 9613
105181-...:- 33 2 jan.221
--9712 12 8412 9712
1 .
Cuba—External debt be of 1904__ RI 8
1st consol gold 8s
1934 A 0 ---- .. : 106118 June'22 :::: 1.ffi'i ;01 .
,13
2
77
903
4
893 June'22
8
96 1 60 96
Eater debt of 5s 1914 ser A_1949 F A
General consol 1st be
9612
82
8112
82
8113 12 76
103 4 Jan'221____ 103 103%
.
External loan 49;18
1949 F A
U S Mtge cir Tr Co eels of deD -95 93% 1003
-66 Sale 95
4
96
Czechoslovak (Rep of)8s
1951 A 0
Jan'221 ---- 81
Stamp&
---- ------ 84
813
4
10812 11 10512 114
Danish Con Municipal/38"A"1946 F A 10813 10912 10712
Feb'22 _.
Guar Tr Co etfs of deposit_ .. _ - --- ---- .--. 105
1043 105
4
16 105 113
2
109
82
;
83 1 204 68
Series B
1946 F A 10812 109, 108
C & E III RR (new co) gen 58_1951 MN - 7 -83 - 8112
84
42 10712 11212
8
109%
61 ,1 31 59
Denmark external a fee
1945 A 0 1095 Sale 10918
Chicago Great West 1st 4s___1959 M S 61 Salo 6012
6412
340, 9014 997
8
99
8
105 1
20
-year Os
1942 J J 985 Sale 9814
4 101 107
Chic Ind & Loulsv—Ref 68__1947 J J 1054 107 105
321 8512 95
97
9714 9612
95
063
4 10 8712 9712
Dominican Rep Cons Adm s 158'58 F A 9412 Sale 9413
Refunding gold 5s
1947 J i
2591 94
97
96
77 1
9 75
Dutch East Indies ext 6s
1947 J J 9534 Sale 95
8112
Refunding le Series C
1946 J 3 8213 Sale 77
4
953 580, 9314 97
4
40-year Os
1962 NI S 9514 Sale 913
Ind & Louisv 1st gu 4s_
1956 i J 841
4
764 78
73 4 n2
8 , June'22
1023 344, 9914 1083
5jan:22
e __ _- 8512 85
4
!French Republic 25-yr ext 88_1945 M 5 102 Sale 102
21---- 7
0
Chic Ind & Sou 50-year 49
76
1956 J i 9018 86
91
89 June' _5_ 88,2 7014
10014 590 94 106
20
-year external loan 79es_1941 .1 D 10018 Sale 9934
_7 71
9
8
Chic L S de East let 434s...1969 3 D
Brent Brit & Ireland (U K of)—
Cla NI & St P gen g 4s Ser A _81989 J J 76
76
4
697 66 July'22„.i 64
76 18 78
1047 303 96 10514
' %
s
20
-year gold bond 53.s._ 1937 F A 10312 Sale 1023
2 79
.
6934
88
General gold 33-5s Ser Be1989 J J 67
491 983 111
4
111
8
8514 85% 85
19
-year cony bees
A 1103 Sale 109
1929 F
General 434s Series C____e1989 J i
14 041 100 1101,
651 1 115 62 68
7
62
5' 5412 76
3
-year cony 5Xs.
P1922 F A 11014 Sale 1093
Gen & ref Series A 43-5s. .a2014 A 0 6412 Sale 6314
40 9212 9634
75 8 Sale 74
etaly (Kingdom of) Ser A 6e-01925 F A 9618 97
Gen ref cony Ser B 5e____a2014 F A
122 86% 92
%
7012 280 60
6912 Sale 684
Japanese Govt—E loan 400_1925 F A3 927 gale 97
8
,
73
Convertible 4As
8
4
323 8638 923
Sale
? 7318
9
)
4
8212 195 691s 81
1142
8 Sale 8018
Second series 4 aes
1925 .1 j3 923
Permanent 4s
1932 i D 817 Sale 6234
25 j D
7
7712 300 72% 7812
04 1 26: 54
64
Sterling loan as
1931 J .1 7712 Sale 76
67
25
-year debenture 48
8412 Sale 83
9458 Jun74 - _1 6912 97
8412 79 8012 90
-___
e'22, 135 83
Lyons (City of) 15-year Os.. ..1934 M N
77
Chic & Mo Riv Div 5s
1924 j j 9514
936 J J.
8412 91 8012 90
Marseilles (City of) 15-yr 68_1934 M N 8412 Sale 83
C M ac Puget Sd lst gu 4s 1949 J. _.
‘ 901, _7_4_1_8 8412
s
, 74
7012
6014 59
613 180 54
4
Mar'22 _-_- 8412 8412
Mexico--Exter loan £ be of 1899 Q J 2 58
Milw & Nor 1st ext 43-5w.,_1934 J "
225 393 62
4
453
4
887 July'22 ____ 85
73 8
47 Sale
47%
Gold debt 4s of 1004
88%
Cons extended 434s
1934 3 D 96
9814
9712 365 94
8
(1'2 .7:-- 96 July'22 __
9214 98
Netherlands 8 1 83
1
.M
III E7 967 Sale 9612
Chic & N'west Ext 4s __1888-1920 F A.
38 10731115
9314 Ap77 _ii 9314 93 4
111
e221
. 72
Norway external s i 8s
811
1940 A 0 11014 sale 110
Registered
1886-1928 _F A
16 10012 105
10012
Porto Alegre (City of) 88
-1- .
1961 J D 10012 Sale 10014
67 76
General gold 33es
1987 al N -'76 3 -7 8 70
8
10912 24 1057 111%
,
Dee'21,____
Queensland (State) ext a f 78_1941 A 0 109 4 Sale 10812
Registered
Sale
10112 71 99 103
8918 9512 871s
875
8'
2b-year Os
4 -.-14 -88
82 .
9168 AA o 10112
1347 F t 10012 Sale 101
General 4s
7 987 Q F
1987 M N
9 NI N
99 10514
10012
87 1 10 8112 87
1003
4 38
Rio Grande D Sul 8s
8512 - - -- 87
1o
Stamped 48
10112 58 9918 10512
10014 Sale 100
Sale 10512 10512
Rio de Janeiro 25-year 8188 1
5 9934 10512
General 58 stamped
1987 M N 10512
121 102 104%
103 1
10112
8s_
1: 102 103
1947 A 0 10014 Sale 10014
Sinking fund Os
1879-1929 A 0 10118 10513 103
1015
8 55 10034 106%
8
San Paulo (City) e f 130
---- 1017 Apr'221 —_1101 1017
1952 M 9 10114 Sale 101
Registered
1879-1929 A 0
10114 61 10018 106
Ban Paulo (State) ext a f 8,3_1936 J J 10012 Sale 10012
- 9918 July'22 ____! 9612 100
Balking fund 58
1879-1929 A 2 99%
177 9014 98
95,8 July'22 ____' 9534 9534
90% Sale
Seine (France) eat 78
1942 J J
Registered
1879-1929 A ul 9618 99
8
4 44
11 1
)
9 % 103 94 1037
1y 24
Sweden 29
100,2 ma 0012,.....3 9812 10 44
,814
-year Os
.1 9
6 1( 0
)0
1939 J D 10312 1033 19 3
Sinking fund deb Is
1933 M N_, 10112
11914 91 11212 12012
8
Swim Confeder'n 20-yr at 88_1940 J .1 1187 Sale 118%
Registered
67
7612
4
7114 56
Tokyo City 58 loan of 1912
M S 7114 Sale 703
1664 iOg 1064 107 25 105 109
10
-year secured 75 g
1 9 0 ,71 ,
933
8
DN
10512 30 10212 1085
Uruguay Republic ext 8s____1946 F A 10512 Sale 10313
11034
11 106 1103
11013 110% 110
15
4
-year secured Claes g____1936 14
11178 29 106 111%
alurich (City of) a f es
__ li(w78 16704
_
1945 A 0 111 11212 111
Des Plaines Val 1st gu 434s 1947 M S 91% ---- 11007131
(These are micas on the basis of $5 to 4)
Mar'22
From Elk & Mo V 1st 6s_1033 A 0 110 ---State and City Securities.
Mani)B & N Wlet 3).0_1941 i J 77% ---- 70 Mar'21_
9
7
8
8 9 12 10331
03 12
W Y City-4aes Corp stock 1960 M S 100% 10112 10058
100%
777
8
__ 66 8 Aug'21 ___ __ _ _ __ .,
,
alilw & S L 1st gu 3eee_1941 J J
&ale Corporate stock
9912 June'22 ____
1964 M S 10034 10112 103 July'22 ---995 100
8
9913
10214 103
3
48is Corporatestock10 July'22 ---- 99 103%
1968 A 0
100% ---- 99 Mar.21 ---- I- - -MAshL 8 & Nivestt g 7e _ - 1929 F
ilw land D V ls im 8 g! 9 5 M
_ 2
5
8
1073e 10814 107,4 May'22 -- 1035 10834
41.5* Corporate stock
1971
_______ Ii8Ii44 19014
o1
1
10112 ____ 0114
ii51 01
Mich Div 1st gold 88____1924 J
10712
412s Corporate stock _July 1967 3—i 10714 1077
8
10714'
____ 883 July'22
4
1 10312
Mil Spar & N W 1st gu 4s_1947
't! 8812 10413 103 July'22 ____ !
4
Corporate stock
8
July'22 -- 103 10712
1965 .1 D 10714 1077
95 103
10314
St L Peo & N W lst gu 5s948 J
12
,
10773
4128 Corporate stock
:
06 42
10612
1963 M El .10717 108 10977s
8478 33 I, 79
, 19334 , 4
4 0
8414 84% 8414
84%
Chic R I & P—Railway gen 4s.1988
9313 993
4% Corporate stock
9958 -- 99%
9958'
N
1959 M
_..1 6
, 8
8012 82 814 Apr'22--2 , 7 14 8214
8,
8
Registered
997
8,
1
1988
J
4% Corporate stock
8
,
1958 M N 995 100 4 99%
83 1 4341 7512 84
Refunding gold 48
O 8212 Sale 1 8112
s
8
4% Corporate stock
100 I 6 9312 100
1957 M N 995 10018
813 Sale 81,
4
R I Ark & Louie 1st 0-S3_1934 WI
96
1 4
94
4% Corporate stock reg 1958 MN 9914 993
4
Feb'22
9934
2 90
Burl C
9954
di Nor let 5s
1934 A 0 9814 9914 99.4
8 96 3
New 4128
1957 M PI 10714 1077 1050'14
10612 10 10312 107%
9712
3 . 89
Choc Okla di Gulf cons be _1952 M N 95i2 ____, 9512
9712
0
7
843 9
412% C orporate stock._.. 1957 NI N 10714 107% 1065s July'22 ---- 10314 10%2
4
913
4
71 72
Keok & Des Moines let 58_1923 A 0 913 Sale 9112.
913
4
- -90 July'22 ---334% Corporate stock
1954 M N
8e Sale 1 8114
85
8234 291 76
St Paul& K C Sh L let 4;581941,F A
90 Dee20,----4s
'X Y State
19131 111 5
109 10712 July'22
108
__110412 10712
Chic St P
& 0 cons 68_
102 June'22 ---- 102 102
1930
Canal Improvement 4s
1961 .1 J
9012
Apr'221____I 87
9234 87
90
Cons 5s reduced to 3ees
1930
Highway Improv't 4)es
---1983 M S
Apr'22 ---- 10013 110
4
96
30 9114 9612
Debenture 5s
10412 10412
9 412 Apr'22
109
1930 MI S 9512 Sale 943
Highway Improv't 4eee _1985 M S ---8 Nay 16 13 mov"18,____.7 _
_
,2
5
North Wisconsin let 8s_
1930,
J 10514 -_-_-.-_ 19
Railroad.
Superior Short L 1st Os g._51930:M S
i2
3 8814 8014
7(P2 71
85
5714
6812
11995 Q J
Ann Arbor 1st g he
7012
78131 10 - 3 4 :
Chic T H di So East 1st 53
787 79% 7812
8
: --8 1.
7 :3- 7 2
1980 J
94% 332
Atoll Top & 8 Fe—Gen g 4a__1995 A 0 94 Sale 90%
76
,
63
Chic & West Ind gen g 68___61.932'Q M 105 ---- 19414 MaY'221....373 107,2 101 2
_ 88 June'22
1995 A 0
Registered
sale 102 4
Sa le 7 ;
76
Consol 50-year 4s
43
43
4 7712 84
84
1952 J
11995 Nov 831.
Adjustment gold 4s
84
10238' 27 99% 102%
15
-years f 'Tees
105%
72
11995 Nov 84 8412 84
Stamped
8412 42 7812 8412
90
5 85
90
Clu H dr D 2d gold 434e
902 90% 00
8313 elle July'22
19 3 iVI S
70 84
3 J i
5
7
1955 J D 82
Cony gold 4s
88 Mar'17,
C Find & Et W 1st gu 4s g_1923 M N
1--__
8
1940 J D 101, 102 10112
Cony is issue of 1910
101% 16 9114 101%
166 65
Day et Mich 1st cons 430_1931 J
9218 --__ 9a July'22 ____ - 14 -—
1 9814 9414
85
9414
71
East Okla Div 1st g 4e__1928 M S 9438 95
9414
Cleve CM Ch & St L gen 48993 J D 82
828 82 July'22 ____ 7612 83
823 July'22 -4
1965 3 J 8234 93
Rocky Mtn Div let 4s
91
7 85
-year deb 43.5s
29
90121
90
1931 J J 9012 91
8614 967
79 8 83 8
3
Trans-Con Short L let 4s 1958 J .1 8712 8813 8413 June'22
5
10012'
2 8614 100 s
General 5s Series B
10012 ____ 10012
Cal-Ariz 1st & ref 4 As -A" 1902 al El 93 - _ _ _ 93 July'22 ---4
102381 84 95 1023
Ref & impt Os Series A
10112 Sale 10018
9114
92
6 85
1993 j
99
2
93
All Coast Line 1st gold 48_11952 M S 9114 92
4
3 793 87
Cairo Div let gold 4s
87
5 10412 108
1939 J J 87 , ---- 87
10
-year secured 713
1930 NI N 10714 108 10712 10712
8212
6' 76
8212,
Cin W &
Div Ist g es
1991 J .1 8212 Sale SI
11 8312 89
J D 89 Sale 88
General unified 48es
1964
89
8113 83
' 1 83
83 July'22:-St L Div 1st coll tr g 4s
1990 M N
Ala Mid let guar gold bs 1928 M N 100 -- 100 May'22 : 983 10014
9: 784 84
-----------Spr & Col Div 1st g es
1940 M S 855 ---- 77 June'211__ 83.488% May'22
Bruns & W let gu fold 4s 1938 .1 J 8914
86 88%
8
W W Val Div 1st g 48
8314 June'22,____
8
844 85
837 Sale 831.
8414
L & N coil gold 4s
a1952 MN
83 863
8
C I Sa L & C 1st g 4s
Bait dr Ohio prior 34a
4
8
/19 0 j F 8918 ---- 83 June'22 ____
1 3 Q j
4
1925 J J 9418 Sale 933
9414 72 88% 9414
,
8612 May'221____ 8612 86 3
Registered
92
91
92 May'22
Registered
11925 Q .1 9158 -96%
1 94
965
41
W3 ::: 96%
4
:
84Cin S & CI cons lst g 5821 3 Q F
18
-year gold 4s
7
6
let 59
11948 A 0 8412 Sale 83%
1 2 J J
96
8
8478 191 7518 847
May'22____ 104
Registered
11948 Q J 81 - - -- 80
CCC&Igenconsges1934 J J 10634 -___ 105's June'22'____ 90 1051s
5
803
4
90
Ind B & W 1st pref 48
8812-.-,, 90
8412 Sale 8312
10-year cony 43-e5
4
5
1933
539 77 89
85
12 70% 82
82
Peoria & East 1st cons 4s_1 9 0 A 0 8112 Sale 7812
Refund & gen bs Series A 1995 J D 89 Sale 8718
89
55
194
36
11 2234 3912
3518
3514 36
Income 45
1
94 ,
4
Temporary 10-year Os
151 8712 10353
1929 J .1 1003 Sale 997
101
2 90
9614
95
Cleve Short Line 1st gu 43-58_19a A O 95
96
95
,,
9218 93
1 Juno & M Day lst g 3348_1925 M N
3
9212
93
99 ADr
9
11 8414 933
4
9 4
Colorado & South let g 4s1929 F A 9314 Sale , 9314
8112 82
1941 MN
8013
PLE&WVaSysre148
83
67 72% 83
8913' 31 8118 8912
86
9212
Refunding & eaten 430_1935 111 N 89 Sale 8914
Southw Div let gold 3)0_1925 J .1 92% Sale 917
,
8
923
51
Ft W& Den C Ist g 5128 _1961 J D 1025 10512 103 June'22'—... 10118 10534
8
92
9 ,3 9
6
9
3
Clev Lor di W con 1st g 58_1933 A 0 985 08 4 98 June'22
8
,
87
85 1 21 77
85
Cuba RR 1st 50
-year 58 g
......
Ohio River RR 1st g Is.._ .1936 .1 D 985
1952 J .1 8412 85
8
- - 96% May'
10418' 33 100 10434
2
1st ref 734s
1043
8
90 96%
- - 103,
General gold 58
1937 A 0 963s 98 98 July'22
7912 June'22 ---- Trs 81 34
D L & W—M & E 1st gu 3eas BOO 3 D 76
80
8
Tol & Cin de/ 1st ref 4s A 1959 J .1 883 Sale 66%
.1 D
69% 74 82% 70
-_ 9S12 10378
N Y Lack & Western 5s
1937,M S 1015s - - - - 10014 June'22
1923 F A 1001s 10014 1007 July'22 -Buffalo R & P gen g be
- 9858 100%
99,2
98 July'22 ---- 97
9914 100
Terminal & improve't 48_1923 M N
8
94
13 8812 94
10571M N 92% Sale 925
Consol 43-4s
7414 Apr'22 _--- 7414 7412
Warren let ref gu g3ees
7612 79
8218 Mar'22
2000 F A
All & West let g 45 gu
1198 A 0 84% 86
1
9012 .Ten 22
1943 1 A 94%
Clear & Mah let go g 5s
• ' 82
°
1)11 98325R
1s
*No price Friday; latest bid and asked. a Due Jan. dDue April. eDue May. ODue June. Wane July. epee Aug, epee Oct, Naze Nov. zpue Dee. eOlatien baleed
Jo
i
New York Bond Record—Continued--Page 2
420
BONDS
q,
N. Y. STOCK EXCHANGE
Week ending July 21
t
Week's
Range or
Last Sale
Pries
Friday
July 21
131
fl
'.c`ci'
kings
Sines
Jan. I
High No. Low High
Ask Low
Bid
I
Delaware dc Huditen—
8 8318 9112
91
9012 Sale 9012
1943 M N
let et ref 4s
9812 36 893 99
4
1935 A 0 98 Sale 98
-year cony 5s
50
20 99 103
102
1937 M N 102 Sale 101
5 kis
8
1105
4 107 11112
0 78
1930 J D 119% ___- 110%
-year secured 7s
10
82 June'22 ----I 76% 82
7% 83
1948 A 0 180
Alb & SUN cony 3kis
Benne & Saratoga 20-yr 813_1941 M N
8
80
797 Sale 783
229 -73 - 8173
8
Den & R Or—let cons g 4s__1936 .1 J
83
2 7612 84
83
1936 .1 J 8312 85
Congo! gold 4;as
8012 8134 81
42 7412 85
82
1928 .1 D
Improvement gold 56
4713 4812 4712
217 42
49
5212
1955 ir A
ha at refunding Is
44
41
50
6 4914 47
41
Trust Co certifs of deposit__ _ j o 87
8918 87
/939 -- 1' 8012 89
87
Rio Or June 1st gu 5s
5
1712 8114 Apr'll
Rio Or Sou 1st gold 48____1940 J J
__
_1,
918 Feb'22 -- - 16
18 /76-18
1040 J J
Guaranteed
80
4
8013 25 733 8012
_,
7,4
1939 J J
Rio Or West let gold as
69
45 6218 70
_.:'.. _
Mtge.& colt trust 4s A 1949 A 0 4'
78 June'22 —.a 74
78
lien g 4e_ _ _1995 J D ''
Dot & Mack—let
8
67 May'22'----! 67 67
1905 .1 D 667 74
Gold 45
3
82 9
193, hi N
Riv Ter Tun 4;is
Det
99 9
9112 101% 9913
0
9
9
9312 44 953 100
8 2
6
8
Dul Missabe & Nor gen 5s___1941 J J 9818 10014 9712 July'22 --.
- 954 10014
1937 A 0
Dm at Iron Range 1st 58
10513 Mar'08,-1937 A 0
Registered
s
8
837 June'22 --__ - -33 73.7 8 4
1937 J J 817 84
Dal Sou Shore & Ati g 5s
100 ____ 99
9934
Elgin Joliet de East 1st g 581941 PA N 19513 106 105 June'22-.._ 95
8
20 1005 107
106
Erie lot cense! gold 7's ext_
M S
8'7
8378 June'22 ____! 808 837
8
s
1947 m N 85
N Y & Erie 1st eat g 48
9812 __ 98% June'22 ----I 963 9912
4
rd ext gold 4 kis
9514 June'22 ---1 9012 95,4
Ing
ath eat gold Is
3 —__
82 4 ---- 943 Nov'15 -- ____ ---4
1928 J D
5tb ext gold 45
10218 ._ _ 9812
N I' L E & W let 7s ext1930 M S 66 Sale 6518 Aug'19 -.97
66
-541; -66.17t
Erie let cons g 4s prior__ A999 J J
57
Registered
1996 J J ---- ---- 57 Mar'22 ---- 57
6
3914_ 56:
.
2
:
Au55f _.n .7, .6 f
consol gen lien g 48_1996 J J 4, 55 Sale
let
Registered
g
Penn coil trust gold 4s.._1951 F A 8814 Sale 91 June'22 ----I
5312 13 3414 57
1953 A 0 53 Sale 52
50-year cony 413 Bar A
do Series B
1953 A 0 53 Sale 53
l
2r4
6
5 12 Sal
Gen cony 4s Series D
I953 A 0 96 sa e 56
95
96%
4 80
9638
Chic & Erie 1st gold 5s_
1982 M N
s
8
Cleve & Mahon Vail g 59.._1938 .1 J 927 _-_- 905 Jan'22 ---- 9912 9058
9334 9312
4 7812 9814
9312
Erie & Jersey lot s f 8s
1955 J J 93
Genessee River lot of 68__ _1957 J
2
0 '4
93 8 0
9 22 _ 79
9
3
'
% 9
Long Dock consol g 6s_
1935 A ij 107, 19 '2 199 June3 _31 109 1(17
Apr'22 --_- 190 100
Coal & RR lot cur go Os.11822 al N 92 ---- 100
,
-,
Dock & Impt 1st ext 5e____1943 J J 93 4 ..._. 8313 Dec'21 ---Feb'22 ---- - .. - 88
88
N Y & Green L go g 5s____19413 al N 8912 ---- 88
65
5 8
6
6712
1
111Y Soso & W lot ref 5s___1937 J J 52,2 687 6712
3 54
7014
52 May'22 --__ 4712 52
26 gold 4;0
1937 F A
2 3812 60
55
General gold 5s
1940 F A 55 Sale, 54
4
Terminal 151 gold 58
1943 Oa N 863 --__ 86 May'22 ---- 8313 86
93
_ 9412 June'22
9413
Mld of NJ let ext Is
1940 A 0 91,14
701
Wilk & East 1st go g 5e..
.J942 .1 D 105, _7_3_ 72 June'22
73
53
88
Apr'21
Minns & T H let gen g 543_1942 A 0
Mt Vernon lot gold 6e
1923 A 0
------- --- 69:2 Aor:21
9 2 a r)r 2
Sul Co Branch lot g 5s
1930 A 0
lal;a: --67;1:1.9112 9114 July'22
lalorida E Coast let 4;is
1959 J D a0
7912 ____ 66
Apr'21
sort tit U D Co 1st g 4;0___1941 J J
4
ii
it Worth & Rio Or 1st g 4s__1928 J J 80% ---- 823 June'22 --__ -- - -tig4
83
8
895
Galv Boos & Bend 1st Ea_ _1933 A 0 8314 813 86 June'22 _11234
11334
Hi 19813 11478
Grand Trunk of Can deb 78_1940 A 0 1101323,44
10334' 47 100 105
-year s f (38
6
3 M S
1936 J j ,,, Sale 103
4 Sale
15
110
11034 182 10718 111
Great Nor Gen 7s tier A
4 88
93,8
Ist & ref 4 als Series A
1961 J J 9118 ---- 9318 JulY'22,
a
g
--Regtstezed
1961 J J i . iv 8214 Oct'2I 1 — ....I _
10134
10213 309 - 3 102,2
91c1.
Temporary 5;is
1952 J J
1933 J J 93% ____ 91 Mar'22 --....1 9014 91
St Paul M & Man as
4
1933 J J 1093 111 110 July'22 --I 10518 111
1st consol g Os
8
8
Registered
1933 J .1 -aa7 --,- 99 Sept'20 --__ I _ __ __
, 9912 July'22 ___ 1 iiii 9913
178
‘
Reduced to gold 4;0_1933 J J
95
Registered
1933 J J -,,„;-- :--- 95 Mar'22 -- I 95
--1
92,2
Mont ext 1st gold 4s__1937 J D " --- 9114 July'22 ---- 88
Registered
1937 J D :::: -_-_-_-_ g3
il
a2O - ____"1 ::::;: --;,1_1940 J J
Pacific ext guar 4s
4
893 __
89 4 Jm .81yyl.222, .- . . ., __.lI 18 i3:4 110.,3
4 m une22 2
: 1
.
.: 986 ,:2534424
93
1
a 1
E Minn Nor Div lot g 48 1948 A 0
993
1922 J J
Minn Union 1st g Os
1 37
, j j ------- - 4,
1.14.2 ___-.
.
Mont C 1st gu g tie
1937
Registered
I
' J
8
0
014
1937 .1 i i(351- fa; 136 June'22 --1 99 10014
let guar gold 543
W111 & 13 F 1st gold 58_ 1938 J D 10018 102% 991s Apr'22', -69
70 I 7018 Apr'22; - 6712 7012
Green Bay & W Deb ctfs "A"____ Feb
1112 117 11 12
s
8,-23
117
612 1238
Feb
Debenture ctfs "13"
76
7712 79%
7912
72
Gull & S I let ref & t g 58_51952 J J 87 Sale 87 July'22 __
8812 li 8112 8812
'
Hocking Val 1st cons g A;is.._1999 J J
1999 J J ---- ---- 7313 June'18 --_
Registered
1948 A 0 83% ____ SU12 June'22 __I 78 -,E;912
Col & H V let ext a 45
7812 7912
8
1955 F A 817 ---- 7912 Mar'22 _
Col & Tol 1st ext 4ei
8
isa 3,
923 94
-,
_ 8934 96
7IY'22
Houston Belt & Term 1st 58_1937 J J aa
ua 4 ---- 95 May'22 ____ 8318 95
Illinois Central 1st gold 4s_ __1951 J J
4
4,
la g 9.558
1996 i , ---- ----
13 313, Pg
Registered
8 - ,7
let gold 3lis
__ 7_ _i_ - 84 Nov'15 ____ 765 -ii6 3
____
1951 .1 J
Registered
4 4
72
Oct'21
--1951 A 0 823
Extended let gold 3;0
1951 A 0
Registered
--------------------------92i834 sep4,19
:
-i•g5.3. .,
1951 al S ._ -!ff
gold 3s sterling
let
i3
IY. .- -_8 --( - 6-1-- -- 2
8);
Collateral trust gold da__1952 51 8
_
1952 A 0
Registered
gi; 8934 8918 8934
1055,M N
is
let refunding
7812 July'22 -2.1 8212 79811122
7918 80
6
: 7 58
1952.1
Purchased lines 334s
8314 Sale 83
2
10
; 14 54 7818 8313
1953 M N
L N 0 & Texas gold 48
j
1953 M N ---- ---- 68 Dec6
Registered
10178 -10- - - -- 10i3
-2 9 3 - 4
64
1934 J J 10114 Sale 101
-year secured 5;is
15
1101 1 27 9934 111
j 110 Sale 110
-year secured 834s g1936
15
87
1 8134 87
1950 J D
cairn Bridge gold 48
87 8
0
6 :--_-: 693 June'22
7
Litchfield Div 1st gold 38_1951 J J 8
751,8 June'22 ---- 6338
7 54
Loulsv Div & Term g 3;0_1953 J J 7034 7812
8
6773
Omaha Div 1st gold 3s_ _195I F A 6818 69 677 June'22 -_-_-_-_ 66
71
(3714 Apr'22
70
635 6714
St Louis Div & Term g 3s 1951 J J 78
7812 7618 June'22
1951 J i
7612 77
Gold 3;0
77 ---- 80% Nov'16
1951 J j
springf Div 1st g 3iis
1951 F A _8_4_12::::
Western Lines let g 4a
No Y 10
ju lv:22
1951 F A
Registered
4
s
9
9 tt1923 J D 1001- --- 993 Apr'22 — -- -i . 4 -9;9'5.'4;
Beaky & Car lot 68
73 Mar'19
Shaw 1st gold 48___1932 M S 8638 90
Carb &
66- i621;
chic Bt L at NO gold 58.._ -1951 J D 102 --_- 10212 June'22 :::: ,
1951 J D --------99 Aug'21
_
Registered
1951 j D 74 - - 653 Dec'21
4
Gold Sais
96% 25 9013
96
95,
Joint 1st ref Ea Series A..1963 J 0 9512 Sale 82 2
May'22 -- 7834 82
1951 J D 8212
Memph Div 1st g 48
8512 ---- 80 Sept'21 _
St Louis Sou 1st gu g 40_1931 M S
(
8
1950 J .1 88 - -- 88 July'22 - -- -g - - - f Ian Ill & Iowa lot g 4s
05
100% 10 8 10014 July'22
__ 97 101
Int & Great Nor lst g ext 7s__1922 M N 5214 Sale 51% July'22
1952 7 .1
Adjust 6a
,
43 85 2 841, j i
2
.11
:
James Frank dr Clear 1st 4s__1959 .1 D 8 4 Sale 7114
7134 ::__ 2 212
7114,
72
62 63
Kansas City Sou lot gold 3s__1950 A 0 ------78
Oct'09
1950 A 0
Registered
89%
4
893
19 84
Apr 1950 J J 8912 Salo 88%
Ref & kept 58
8414
84% 8313
1960 .1 J 84
79% 8414
Kansas City Term lst 4s
9412 9238
93
92%
Lake Erie & West let g 58- — -1937 J j 8518 8813 85 July'22 _3.9_ 85
1941 J .3
4
863
77
2d gold 5s
7318 85
73112 juY22- __ 68
8 July'22_
78
North Ohio 1st guar g 5E2_1945 A 0
10
93
reql vat N Y let go e 43-59-1940 J i *-94% ---- 93 July'21 ____I 9218 9518
J
80
- -- 92
.1
1940
Registered
8214
8212 25 - 7 4 -69—
'i -3Lehigh Val (Pa) cone g 68_2003 al N 913 Sale 8118
8 92
91
93
92
23 85
2003 M N
4;0
General cons
8
1941 A 0 1017 ---- 10134 June'22 .._....1 9818 102
Lob V Term Ry lot gu g 5e
1941 A 0
Registered
;
'
1023
.n1928 -- Rai 75i- "3 4 A4103 ----, 10013 10312
Lab Va RR 10-yr coil 6s.
1321. 1 -;i78 :::_ 214.teaDyt:31 -_--_
,
,
__
ri
82
05
" No price Friday; latest lad and baked this week
BONDS
N. Y. STOCK EXCHANGE
Week ending July 21
l
.
ts
ol.:
!f
Price
L y,
l
ri(1 A
Week's
ti s r
• loe te
i s:
Range
Jan, 1
Ask Low
Bid
High No Low High
5
. _ 4 0
8
Leh Val Coal Co let gu g 53_1933 1 J _10_9 _ 102_3_ 100 July'22 ....._-____ _9_0_5_ _100_
Registered
1933 J J
1933 j j 8634 --- 83'8 00V21
.
1st Int reduced to 48
86
85 July'22 -_-- 8318 Si
1945 al" a 85
Leh & N Y lot gua: a Is
9812
5 9512 981,,
9813
Long Isld lot cons goal 5s__51931 Q j 9814 100
9014 ---- 8914 June'22 ---- 8914 90
lot consol gold 4s
711931 Q J
835
1938 J D 84% --__ 8213 July'22a.--- 77
...leneral ,a,ta 45
_a_ 99% Feb'22 ---- 9934 9954
1922 M S
4;0
Ferry gold
2
01
73
88 8
1932 .1 D - - .7- a„... 8212 May'22 --ii 821 8 is2
Gold 48
, 73
4
0
939 a s 83 ,
1044 j D 9 18 Sale2 99
4
Unified gold 48
Debenture gold 58
4
5 5
2 78 9
51 88 4 83
9
83
1937 M N 83 Sale 811s
20-year p m deb 5e
5 787
7912 .
13 72
7918
s
Guar refunding gold 4s____1949 M S 791s 79
__ 9512 June'22 ----I 9512 9512
,,s -N Y B at M B 1st con g 50_1935 A 0 9
83
Apr'21 ----I _ _
N Y & R B 1st gold 58_ _ __1927 M S 9712 98
8911
Nor Sb B 1st con g gu 5s_a1932 Q j 9412 9712 9212 May'22 ----I - - -6212
88%
885
8
1 78
90
4
1927 M S 883 99
Louisiana & Ark 1st g 5t3
Louisville & Nashy1937 m N 10118 ____ 102 June'22 ----I 9812 10255
Gold 5s
8712 95
28
94
1940 J J 9338 Sale 93
Unified gold 48
011 Ju 22 : 98
4
, ,
9 58
1940 J N 9814 -9 __ 97, J on::2 -_-_-_ 1 85a; 9913
m J 8 , -9
Registered
0
1 3
Collateral trust gold 5s__1931
2 10612 10914
108
M N 107 108 10713
-year secured 78
10
1 0134 107
126 1193 ,
Sale 106%
107
8
19310 3 A N
20 m O
,,,..
1st ref 5 kis
5
0 8
1975 Sale 958
9533
L Cin & Let gold 4
4 1025 10578
10534 10713 105,34
8
8
1057
0 & M 1st gold (93
N
3
9 0a j
19 0 j j 109 ____ 101 July'22 -- -I 9812 101
2d gold es
6
65
9112
8852 Sale 8
il 80
88
Paducah & Mem Div 49___1948 F A 60
38_1980 al 5 8612
St Louis Div Id gold
8712 2 79% 87 11g
66 14
4
13 58
____ 8612
66
Atl KnOXV & Cin Dtv 48_1955 M N
9914
101
4
All Knox & Nor 1st g 5s_..-1946 J 110 102 --__ 104 May'22 ---- 983 9914
104
2 103 194
____
Render Bdge 1st s f g Os__ _1931 M S 8314 853 8314
4
5 795 84%
8314
Kentucky Central gold 48_1987 J J 98
98
99
9834
4, 93 100
Lex & East 1st 50-yr 5s gu..1965 A 0
9
.
9:
2
.1
. 831
8
:
y
Fe 8 22 i5:1 .?.?3 .2
L&N&M&MIstg4;0_1945MS 927 _ _ _ _ 9512 afab 105,iiii
81 Sale 81
Registered
L & N South M bunt 4s...._1952 J J
Q J
51952
101
10112
--__
1 45
g 54
N Fla& El 1st gu go s wi___1937 F A "ii- Kii: 89 May'22 --__ 10012
Apr'22
89
89
J .1 9978 ____
N & C Bdgo gen
_ 10112 June'22 .--- 96 102
102
19 & N Ala cons gu g 5s____1936 F ,,, 9634 j
A A
-6514 J8 4 June 22,— -- 9512 99%
Gen cons gu 50-yr 5s__1963
Lo de Jef Bdge Co gu g 48__1945 al S --------77 j lY
8214 83'2 8134 M r 12'---- _77 _83
ua :20 ---- - — Met Internal 1st cons g 49_1977 M S
1977 M S ---- --.._. 75 Nov'10 ---- ---- -Stamped guaranteed
99 July'20 __-- - - -- - --J D
Midland Term—lst 5 1 g 5s.._1925
joi- ::-__ 194 June'22 --„ 101 104
1927 .1 D
Minn St Louis let 7s
15 69% 83
7914
80
80
1st consol gold 51
0
0
0 5 12
632 13 3
4618 94 31
75;2
49 4 Sale 4514
1934 M S
1st & refunding gold 4s___1949 M N
60
4 7 2 40 8 4,34
Ref & ext 50-yr 58 Set A___1962 Q F 55:4 663 56
3 36
62
M & Ft D lot go 4s___1935 .1 J
Des
,
75
491: 14 3
7833
, 70 5032
2 8313
8
787 79
Iowa Central let gold 58_1958 .3 D
931
Refunding gold 4s
al 8 4412 4514 45
2
18
4
893 89
89
con g 4s lot gu_'38 J J
M St P & 8 S M
01%
189
100 101 101
8 ,4 0
95' 19
6
5
9
1938
1st cons 55
1931 la "a 10278 Sale 1 1023
8 69 10013 103
1027
8
-year coil tr 634s
19
8
1941 M N 893 —__ 8812 June'22 ----I 8812 8813
lot Chic Term s f 4s
4
M S S M At A lst g 48 Int gu_'28 J J 963 97% 9712 July'22 ----, 9414 9712
85 8 May'22,-„,I 823 8814
3
8
Mississippi Central let 5s_....1949 J J 873 88
4
833
4
814
833 ' 118 73
Mo Kan & Tex-1st gold 43_1990 j D 8318 Sale 64 J iy:
un 22
4
u
% ,
6
g199() F A _6_4_ _6_4_1_ 66 j e 22 ________ 4812 6814
25 gold 48
86:4 mAupyr..221 ________ 3735,2 85651844
_9
Co ctts of deposit-1 _474 .1,4_,..4
Trust
--------554
lot ext gold 55
0
%
10 8
_293 M 5 -:gi- - -i 5
,is
u nd
rrru feo
1st & refunding
4
;
rtf of deposit_ __
in
eeg
_ 58
8412
64 June 4 ___5 6214 641a
84
'
8 22
Gen sinking fund 4
2 5214 674
'rrust Co certfe of deposit___
76
44
. 47
i
i(j -1.
- (- 6
A-- 3 ;7- 8 le_ 64 June'22 _-_ 27
1st Louis Div let ref 4s____2001
June'22 ---- 5812 77
4
._ ..
5% secured notes "ext"__ _1916 ivi, 9014 93
9018 May'22 _
80
901a
Dail & Waco 1st go g 58_1940
77% ____ 777
8
7778
1 7012 777a
A
Kan City & Pao 1st g 43......1990 F
83
Mar'22 --- , 77
1942 A 0 ____ ____
Mo K dc E 1st gu g roi
8818 May'22 _.-I 7814 881s.
16
p I guar:s_____1942 al J
M K & Okla lst Ss s A ,2 j N
32
4
- 8
M S
M K & T of T 1st go g 59__1942Ij D -3-1- -_-_:::.
Sber Sh & So lot go g 5s___1942
mo
8May'22
gu g 58._1943 M S
Texas & Okla 1st
5
9
1
8
966
33
7- 5
70
6771
1 (6j
, }
6
Y1.2
,. 1
2 €8.
9 1
tile(
-g
* sa
112 8, iI:4 8534 M ,14 1 7144 1 1
K & T f!tr—
4s Series 13.
-year
40
a--5
--------83
34
,65
86,
IM 1 1
19-yeadi usteri alles A___1967 J J
Curn ar 688 5se
I
Missouri Pacific (reorg Co)—
let & refunding 55 Set A__1965 F A
1st & refunding ra Set B.(11923 F A
let & refunding 58 Ser C__1926 F A
1949 F A
6s, ser D
1975,M 8
General 45
19451____
Missouri Pao 40 years 4s
. 4
,
2 ;
d
pca, 7s Be te:o l4 %4% . 199,3888 J N
3d on 2R fuTed ae; 18 48. 1419338 M D
1st
J J
F A
of
5
L e tena s gold.
1322dirxm ded gen eo s g
5s-1931 A 0
Gen con stamp go g 58_1931 A 0
unified & ref gold 4s___1929 J .1
Riv &0 Div 1st g 48____1933 al N
Verdi V I & W lot g 5s_1926 M S
1927 J D
Mob de Ohio new gold Os
D1927 Q J
z
let e t med p
m ontgogolryflis
1938 M S
General gold 4s
iv let g 58_1947 F A
1927 J D
Cairo guar g 4s____1931 J J
St L &
1 iv
Taa ° 1 &
Na L:11 : St L lot 5s___1928 A 0
Jasper Branch let g 6o.. 1923 .7 J
Nat Rya of Mex pr lien 4;0_1957 J J
Guaranteed general 4s1977 A 0
Nat of Mex prior lien 4;0_1926 J J
1951 A 0
so
lstco!), 184
No ,t N Dl 1 2
ref
'& Impt 4 kis A'52 J J
Orleans Term let 48......_1953 J J
New
N 0 Tex de Mexico 1st 6s____1925 J D
1935 A 0
Non-corn income 5s A
N Y Cent RR cony deb Os___1935 MI N
1930 M S
-year coil tr 75
10
1908 F A
Consol 4s Series A
2013 A 0
0
,
Ref & kept 41 "A"
2013 A 0
Temp ref & impt 5s
New York Cent & Hud River—
1997 J .1
Mortgage 3 a
1997 J J
Registered
1934 al N
48
Debenture gold
1934 M N
Registered
1942 J J
-year deb 4s
39
A
8
Lake Shore coil g 334o
i A
Registered
A
coil gold 3;0_1998
Mich Cent
1998 F A
Registered
Battle Cr & Stur 1st gu 38_1989 J D
Beech Creek lot go g 48_1936 J J
1936 J .1
1936 J J
Beech Cr Ext let g 3;0_51951 A 0
1981 J D
5
guarst d gold8 '
CaR2rdtegati Aeredl t g11 g 413
Ka A & 0 R 1st gu g 58_1935 J .1
s,
i 7 1 s
lh971 ,1 D
LaDkeeb7notrueregogoldld34;iss
1 D
Registered
5712 sale 563
4
5712 '01 433 5912
4
I
8812 Sale 8814
8812 28 8412 89%
8 97 100
100
6914 6912 100
12
4
97
21 9012 100
_91 96_4 963
. 0 8
0
10 48i.47 98 101
4
1003 Sale 153, 0c4.1 . 1. . .
4
4
643 303 5934 6714
643 Sale 6312
,
7
8 % 83
8114 7612 74
83 I i0 itii gi
76
4 June'22 ___I 74
e
747
6 J lia e 22
8
8 _8
7 -9 _ 95 Ni ny : 2:-__J 92 97:
8312 86122
6
8
9
1,
9712 Sale ' 97
973
41- 121 9418 98%
*7314 7412 102 Jula'141.----I
8814 Sale 88
8834, 56 7878
4
833 Sale 1 83
84 I 129 7558 8413
93 Mar'221 ___ 1 907 93
96 a 98
s
4
2 10112 105
1043 ____ 1043
4
105 I
8
997 --__ 100 May'221 ---1 9712 100
7314 7412 73 July'22 __ 6733 76
9312 97 , 8913 Apr'221—_, 8612 891.,
4 87% 923.2,
92341
4
9058 9234 923
4912 13 81
90
4
883 887s
88
10053 10112 100 June'22 ____I 97 103%
10014 ____ 10014 July'22._ __I 100 1001,
s
393 July'22 ____I 2118 45
-- - 35
2913 Febr221----1 2913 33
-28% 43
32
-___ ____ 313s alar29'—_-1 28
4
-- _ ____ 28 July'22 --_, 2113 3332
8434' 19 79
86
83% 8334 83
9 7012 80
80 1
8
7912 785
78
..7 9
2 01,
8
993 --__ 100 July'22 --4_ , 6512 1721
17 1 14 Sale 101
06 2
e 75
10514 Sale 10514
8512
86
84
4
883
871s 88
96% Sale 9514
4
1063 501
10533 203
86 I 25
90 I
2
9634 1245
98 1063%
105 108
787 847a
8
8514 99
933 9634
4
4 411 7412 8034
803
79 Sale 7812
7712
5 75
7712
7712 Sale 7712
921,
,
92 4 41 84
2
9214 Sale 00,
--__ ____ 6612 Jtine'20 ---- 72
747a
88 July'22 ..-- 83
8
885 00
90
S 6914 76
8
755
5
1
'7
51
5
75
7412 751 7N July'22 --- 72
a
747
5 7114 7512
7513
• -12
72 july: '.
2 ?______-_, 62 62121
7412 ____ 60 ala y 22
7
0
74
5814 60
Apr'22 ____I 843 88
8
895 ____ 88
4
7012 July'21
---- 88
0 M a y 12
0
6
82 ____ 164 .70ly:2
7114 76
66" 668212 Mar'22
7814 83
8212 90
i6
_ .
8
967 .-__ ---1;
0740,8 5_21 879471:427574
74
9912
79 12 Sale1
9412 S
79 Sale 79
Sale
9312 90 8812 931a
93% Sale 93
N
1931 M N --------8513 July'21 ____ I____ _
---II
1N8
-year gold 4s
25
Registered
a Due Jan. 5 Due Feb. g Due June. S Due July. n Due Sept. 0 Due Oct.
.1
i.4,
__ia.6. _ i i. .2,
s Option ewe,
New York Bond Record—continued—Page 3
BONDS
31. Y. STOCK EXCHANGE
Week ending July 21
7,1
Price
Friday
July 21
Week's
Bange or
Last Sale
211
Range
Sims
Jan, 1
Ask Low
Rta
High No. Low High
N 15 Cent dr H R RR (Coal—
8212 8212
Blob de Mal let gu g 4s____1991 M S 8358 8512 8213 Jan'22
8
9878 ---- 977 June'22
/
9773
96
RR let 5s____ 1934 J
Matson CI
9018 June'21
Michigan Central 5e
1931 M S 9812
9812 Nov'18
1931 Q M
Registered
8
.
18214 8812
1940 J J - 8173 79 2 8812 May'22
45 _
7414 Sept'20
Registered
1940 .1 3
4
6618 Mar'20
_
1951 M S 775 80
L & S let gold 3545
8114 8112 8114 July'22
4
763 8114
1942 M N
let gold 312s
92
92
8
863 92
1929 A 0 9112
-year debenture 4s
20
7738
703 Apr'21
4
J June RR guar let 45__ -1986 F A
7814 .
8112 785 May'22
8
;
5
2000 MN
- 5
Y& Harlem g 34e
95
Dec'21
Y & Northern let g 58_1927 A 0 99
833 June'22
4
7712 84
Y & Pu let cons gu g 48-1998 A 0 8214 88
8114
783 Apr'22
4
83
Rutland let con g 4345
78
1941 J
70 Apr'22
80
66
7112
Og & L Cham 1st gu 4s g _1948 .1 3 75
7318 --- 50 Feb'21 --Canada let gu g ?.'s_1949 3 .1
Rut
893 -- 8914 May'22
4
8912 8912
St Lawr & Adir let g 5e.. 1996 J
103 Nov'I0
8
1996 A 0 967 2d gold (is
-6i - 97
Pitts & L Erie 2d g 5s____a1928 A 0 9612 _ _ _ _ 97 Apr'22
5
Pitts McK & Y let go 85 1932 J J 107 110 1501 Jan'09
971s .
9514 June'20
1934 J
26 guaranteed Oa
4 782 84
833 Sale 82
4
84
West Shore let 48 guar
2361 .1 J
12 7658 82
8114 82
82
82
Registered
2361 J J
9912 Feb'19
N Y C 155ss eq tx 55_1920-22 M 14
6712 June'20
_Equip trust 4 Ms_ _1920-1925 J J
90 July'22
823 90
4
Chic & St L 15t 4a
1937 A 0 8934 91
ff
8612 June'22
8612 8612
Registered
1957 A 0
873 8912 8612 July'22
80
8712
Debenture 48
1931 M N
s
90 897
8112 90
897
8
'Y Connect let gu 434e A 1953 F A 89
N V N U & Hartford—
62
Non-cony deben 4s
1947 MI 13 6318 ____ 6018 May'22 --io 45
54
5312
44
5313
Non-cony deben 3e
1947 M S 50
8 3814 56
5512
5112
Non-cony deben 33s
1954 A 0 5112 5314 50
4012 6018
57
5614 58
57
Non-cony deben 4e
_1955 J
: 41
1
3
5634 Sale 5634
57
60
Non-cony deben 4s
1956 M N
5112 July'22
4
493 51
373 5315
5
Cony debenture 3;45
1958 J J
807
3
8112 26 57 85
Cony debenture 6s
1948 3 J 8012 81
_
50
_
Oct'17
Cons By non-cony 45
1930 F A
8
Non-cony debon 45
19553 J -52- -537 60 July'18
53 June'22
3812 53
Non-cony deben 48---- _1956 .1 J
s
537 32 July'22
52
57
31
4% debentures
1957 RI N
783 ---- 7815 June'22
4
80
71
Harlem R-Pt Choo let 4E3_1954 M N
721. ____ 73
73
73
59
1955 F A
B & N Y Air Line 1st 43
19 5114 68
6714 68 6612
67
Cent New Eng let gu 45-1961 J
857 ---- 80 Dec'21
3
_
Housatonic Ry cons g 5s 1937 MN
7014 ---- 87 July'14
_
Naugatuck RR 1st 45
1954 M N
N Y Prey & Boston 45_5_1942 A 0 77 __ 83 Aug'13
5512
-1;
N Y W'cheste B Bit Sex I dMs'484 .1 5512 56
5014 35 33 -56
1945:J J 8538 ---- -New England cons 55
8
Consol 48
19455J 3 743 -_-- -70 5018 --__ 5012 July'22
56
Providence Socur deb(s_1957 MN
26
8838 Feb'18
31rovidence Term let da.. —1956 1411 S 8312 85
643 6818 65 May'22
4
60 65
1943 J
W & Con East let 4 Ms
40 19
75
753 7412
4
76
77
.
N Y 0 & W ref let g 4s__01992 M
5912 Nov'20
Registered $5,000 only__ _91992 M
3
69
.12
-70
1955 J D 68 66 69
General 4s
17 50
6814
70
69
Norfolk Sou let & ref A 55_51961 F A 6812 69
4
1941 IVI N 903 -- 88 May'22 ___• 7914 8 8
Norfolk & Sou let gold 5s
87
s
8
1055 1077
1931 MN 10818 ____ 10612 Apr 22
Noel 55 West gun gold 6:
105
Jan'21
Improvement & ext : ....1934 F A 10812
4
1044 10514
1932 A 0 10734-_ 1043 Mar'22
New River let gold
933 62104
55 847 9412
4
8
1998 A 0
N & W Ry lot eonr 45
74
93'4 0ct"20
9112
1996 A 0
Registered.
65 88
9312 00
Divel let lien & gets g 45_1944 J J 88
80
80 Feb8
80
8 22
'
1932 J D
10
-25-year gonv 48
_--- 9251 Apr'21
1932 M S 10
-20-year cony de
-oil; 1c16
_ 10012 July'22
10
-25-year cony 4;45_1938 M S
11114
1929 M S 11118 /73 1e 10915 11138 "io; 1034
10-year cony 68
4 84
87
8812
8 23
.
1941 3 D 8712 9_0_ 99 De0711
Pecah C & C joint 4s
0 C & T let guar gold 53_1922 J J
89
89
89 -96
89
Solo V & N E let gu g 45_ _1989 M N
Northern Pacific prior lien rail
897 Sale 88893142
2
9012
2 „5 84
1 7
_ 2
way & land grant g 4.o
1997 Q
8512
84
June'22
Registered
1997 Q
627
8
633 '" 80 64
General lien geld 33
s
a2047 Q F
62 June'22
60 62
Registered
a2047 Q F
4
4 109 1247 1053 110
4
Ref & impt 65 ser B
2047 J J i081- 8;17 1073
86
9014
4
89
Ref & Imp 4 Ms Ser A
2047 J J 89 Sale 883
7914 8412
4
- 8412 May'22
So Paul-Duluth Div g 453_1998 J D 853
8
8
1033 109
8
1035
N P-Gt Nor joint 6 Ms
8
1936 J .1 1033 Sale 1033
10014 June'22
10014 101
Ii P & N P gets gold 65
1923 F A
100 May'21
Registered certificates,. 1923 Q A
2
-661- 100
et Paul & Duluth let 55
1931 Q F 10038 10112 100 June'22
88 86 May'22
8234 86
let °onset gold 45
1968 .1 D 85
8514
Wash Cent let gold 48
1948 Q lvi 831, 8412 84 May'22---- 82
4,
5
Nor Pao Term Co let g 6e_ 1933 3 J 1087
107 1083
8- 108 8 June'22
Oregon-Wasb let & ref 4s
82 8 Sale 8112
7
83 1
83 ' " 77
1961 J J
6
76
82
Pacific Coast Co let g 55
8
1946 J D 8112 827 82 June'22
Vaducah & Ills let s I 434s
90 Apr'22 -5,5,- 90 90
3
1955 J J 913
7942 labh 76
85
Paris-Lyons-Med RR (is
1958 F A 7912 7934 7812
?enrucylvania ltR,let g 4,5_5.1923 M N 99
4
_ 983 June'22
96 4 99
3
Consol gold 45
92 July'22 ---- 8712 9218
95
1943 M N 93
Consol gold 4s
8515 9313
1948 M N 9312-2, 9212 8103
601,
Consol 4}is
1960 F A 1001
8- 9914
3
General 454e
'8
,
9:
1965 J D 935 Sale 93
1
; 492 9012 94
.1 9313
General 5s
10212
4
8
10238 1631
1968 J D 102 1023 1013
33 10512 110
10
-year secured 75
1930 A 0 109 10938 109
110
15-year secured 04s
4
1936 F A 1083 Bale 10812 10914 127 10338 110
7 86
90
Alleg Val gets guar g 45_5_1942
893
4
- 90
90
D R RR & Wge lst gu
87
g_1936 F A 8812 ____ 87 May'22
87
Pennsylvania Co—
8134 813
4
Guar 33-'e coil trust rug A-1937 M 5 8214 -- 813 July'22
4
8
Guar 3;45 coil trust Ber B_1941 F A 8218
_
July'22
- 7214 815
1 7512 83
83 Safe 83
Guar 33-4s trust etre 0__1942 J D
83
793 82
4
Guar 3Ms trust ctfs D
1944 J
70
Apr'21
6212
.-year gold 455.1931 A 0 91
Guard 15-25
84
913 91
4
91
60
-year guar 453:A108er E 1952 M N 87 -- _ _ 55 June'22
80
86'2
s
CM Lob & Nor gu 4s g
1942 M N
8
8514 --- 867 May'22 -- 801s 867
CI & Mar 1st gu g 45421935
N (5312 Sale 8812 Dec'21 ----CI & P gen gu 4 Me Ber A 1942 J J 933 -- 91 Nov'21
8
Series B
1942 A 0 9514 ---- 104
Dec'15 -- ---- ---9614 Feb'12 -- ---- ---Int reduced to 35s_ 1942 A 0 ---Series C 3M s
1948 M N
----- 9018 Dec'12
Series D 3545
7814 ---- 67
Jan'21
1950 F A
- - ---Erie & Pitts gu g 3515 B_ _ _1940 3 3 8153 -- 85
Apr'20
---&rim C
8
May'19
19403 J 817 -3 86 -61-1-2
9114
9112
& I ex 1st gu g 4;451941 J J 9114 95
98
98 June'22
Pitts Y & Ash let cons 50..A927 M N
98
9618
9253 94
W V & 0 gu 4Ms A_1931 J J
- 94 May'22
Series B 435,1
1933 J .1 9212 ---- 82 Dec'20
Series C ets
1942 M S 81% ---- 77 Sept'21
664
P C C& St L gu 4 Ma A1910 A 0 96- 9314 July'22
8812 8838 . 514
Series B 4545 guar
9514
1942 A 0 6614 Sale 9514
86ts 913
2
Series C 450 gust96 -- 915/3 Apr'22
1942 M N
Series D 48 guar
8414 9112
967 _--- 8812 Apr'22
8
1945 M N
8912 8912
Series E 3Me guar gold1949 F A
90 -- 8912 June'22
9218
84
Series F guar 4s gold
8914 June'22
1953 J D 9112 53
Series 0 48 guar
8618 ---- 80 May'21
1957 M N
-gil; -861;
Series I cons guar 43413_1963 F A
90 ---- 8912 Feb'22
9712
98
26 90 98
General 55 Series A
8
1970 J D 973 99
99 10018
CSIL&P 1st cons g 5s
1932 A 0 1003 -- -- 100 May'22
s
Phlia Salt & W let g 48-1
8
897 92
8
897 June'22
9018 9312
943 M N
U N J RR & Can gun 45
8012 June'21
1944 hi S
-1; 98
Pere Marquette lot Ser A 55 1958 J J 97 Salo 9512
9734 55 -g8
let Series B 45
82
33 75
82
7912 85
s
807
1956 J J
5212
Phllllppine Ry let 30-yr s 1 45 1927 J J
5212 15 411s 59
53
52
Pittelttsk Lit 1St g 15
953 100
4
1940£ 0 973 ---- 100 5far'22
8
let 5013501 gold Is
1943 J J
973 ---- 9714 Dec'17
4
-633; Solo
--i;
BONDS
N. Y. STOCK EXCHANGE
Week ending July 21
Pries
Friday
July 21
I
Week's
Xauge or
Lass Sale
41
I
nge
Since
Jan, 1
Bid
Ask Low
High; No, Low High
Reading Co gets gold 45
8
1997 J J 873 Sale 8514
57341 87 80
873
4
Registered
1997 J
8313
8312
1 82
831Jersey Central cell g 4s __A951 A 0 -gg- -gir2 87
1 87
6 814 88
St Jos & Grand Tel 1st g 45
7538
7514 June'22 1947 J J
657 7514
8
St Louis & San Fran (roorg Co)—
Prior lien Ser A 45
1950 3 J 737 Bale 72
8
.74
223 68 70
4
Prior lien Ser B Is
4
1950 J 3 873 Sale 851s
873
4 83 82
8812
5s
1942 J J 9914 Sale 933
4
9414 77 93
9512
Prior lien Ser C 8s
7934
1928 J J 993 Sale 99
4
180
0 0 199 9458 100
78 36
Cum adjust Ser A 65
11955 A 0 8012 Sale
893
7923.
1:
14
Income Series A 65
4
11980 Oct
703 Sale 6;
91121 202 :
7
,
3
8
4
9
7
71 51
St Louis & San Fran gun 8s 1931 J .1 10353 - --- 10312 June'22 ____1
10114 10312
General gold 55
1931 J 1 99 - --St L & S I' RR cons g 4s
1996 J J (2733
6714
Southw Div 1st g 5s
1947 A 0 88's ---- 90
Feb'22 ----,1 90
90
C Ft S& M cons g 65
1928 SiN 10314 ____,1027 July'22
8
pm 104
K C Ft S & M Ry ref g 45.._1938 A 0 8014, 8058 785
8
82
325 723 82
4
KC&M R&B 1st gu 5s 1929 A 0 917
s
92
Apr'22 _ 321 783 9234
7 4
_ 8211 79
7912 7978 79
St L SW 1st g 43 bond ctfs_ _ _1989 MN
2d g 4s income bond ctfe_p1989 J J 68
70
76 July'22 ---1 0412 70
Consol gold 45
1932 J D 7614 Sale 7534
7614 56 6812 7753
let terminal & unifying 5s_ 1952J J 8012 8114 7912
8118
9 71
84
S A & A Page 1st gu g 4s
1943 J
70
7
6
Seaboard Air Line g 4s
_7
1950 A 0 5814 _7 _ _ 74 July
5 4
62
76.22 —
11 50
6412
7
9
8
Gold 4s stamped
1950 A 0 575 5933 573
4
60
67 48
61
2712 Sale 261s
Adjustment Si
01949 F A
2812 247 1312 30
s
Refunding 42
1959A 0 453 Sale 4314
46
446 3118 40
s
let & cons 6s Series A
19451M S 633 Sale 6014
6414 748 41
6414
Atl &Birm 30-yr 1st g 45_219331 M 9 6612 69
6718
6718
5 5912 7512
s
Caro Cent let con g 45__1949 J J 673 7212 63
Feb'22
83 63
Fla Cent & Pen 1st eat 6s_ _1923 J 3 9812 9912 96
Jan'22
98
96
1st land grant ext g 53,
19303 J 9018 ____ 89
Apr'22
89
89
Consol gold 5s
1943 J J 8912 92
90
2
90
Ga & Abs Ry 1st con 5s_01945 J J 791s __ _ 78 July'22
Ga Car & No 1st gu g 55_5.1929 3 J 8814 ____ 8718 June'22
s
Seaboard & Roan 1st 55..-1926 3 J 915 95
95 May'22
13
:
7 14
821 2
Southern Pacific Co—
Gold 45 (Cent Pac coll)___11949 J I) 8914 Sale 894
90
51 78
9412
01929 M s 9212 Sale
20-year cony 993
287 86
9258
192s
1934 J D
017
-year cony 55
20
192% ,„5 9512 1035
02
8
9012 Sale 893
Cent Pac 1st ref gu g 48__ A949 F A
4
9034 1 0
9118
_ _ 9014 June'22 . 8114 9178
Mort guar gold 3945_ .11929 J D
---- 86
903
4
8512 8.312
Through St L let gu 4s 1954 A 0 85
86
8 584 8714
N 9718 9812 9718 June'22
GH&S A M&P let 55-1931
941498
1931 J J 943g
94 May'22
26 exten 55 guar
98
99 ____ 98 July'22 -- 92
Glla V GI & N let gu g 55_1924 M N
9812
97
1933
N 9618 98
9412.May'22
Hous E & W T 1st g 5s
94
9412
1933 hi N 9612 ____
1st guar 55 red
Mar'21 -- --1937 J J 98 ____ 933 Apr'22 -- ---- 9334
U&TC 184, g 55 Int gu
4
4
933
AaNwistgug 5s
8
1941 J J 975 ____ 98 May'22 -- 8654 98
1938 A0 0
__-- 101
No of Cal guar g 55
Apr'22 -96 10312
4
1927 J J 993 10014 997
Ore & Cal 1st guar g 5s
8
10053 33 9514 101
So Pao of Cal—Go g 65—.1937 MN 10233 ___- 10312 July'22
10012 10312
1937 J J 897 903 90 May'22 -- -- 8812
8
So Pac Coast let gu 45 g
4
9218
gold 5s___ A943 33 9412 98
Tex & N 0 con
9614 May'22 89
9814
So Pac RR 1st ref 45
1955 J J 90
9014 893
4
9012 233 835, 92
San Fran Terml let 45._ —1950 AO 84 Sale 8312
84 I 23 80
8418
Southern—let cons g 55
1994 J J 97 Sale 957
s
9814 257 8718 9814
Registered
1994 J J
90
Apr'22
.1 8814 90
Develop & gun 48 Ser A-1958 AO -56- Sale- 6738
6934 727 6114 693
4
Temporary 63.e
1956 A0 10214 Sale 1003
4
10234 310 9414 10914
Mob & Ohio coil tr g 45-1938 MS 7412 75
74
6614 75mem Div 1st g 41 45-58
,
1996 3J 9414 9514 95 Jun7112 21
e'22.--1
89
95
St Louis div 1st g 43
8314 84
1951 J
82
83
1 73
89
Ala Ot Sou let cons A 5s 1943 3D 963 9814 97 June'22
4
6412 97
Atl & Charl A L let A 4503_1944 J J 893 9112 91 June'22 ----1
4
93
87
34
let 30
-year Is Ser B
1944 33 9812 99
9818
9812' 33 91 100
All & Deny let g 45
1948 ii 7718 7838 765 June'22
s
72
78
26 4s
1948 J J 6014 66
66 June'22
60 6615
Atl de Tad let g guar 45.-1949 AO 78
79
7612 June'22 -E T Va dr Gs Div g 5s
1930 J J 983 ____ 9714 June'22 -- 7534 82
4
933 9712
4
Cons let gold 55
1956 51 N 9814 ____ 9814
9814!
1 93
9812
E Tenn reorg lien g 55
1938 11
9414 ____ 9414 June'22
9358 95
Oa Midland let 35
1946 AO 625 63
8
6153June'22 -- 58
63
Knoxv dz Ohio 1st g 6e_ l925• J 1005 ___- 10012
8
May'22
987 10012
8
Mob & 131r prior lien g 55_1945 J
____ 755 Aug '211---.
8
ii 923s ____ 7958 May'22
Mortgage gold 45
1945
3 7314
-75
--Rich & Meek let g 55
1948 MN
7418 ____ 66 May'22 ---- 66
66
So Car & Ga let eat 5548_1929
N 9712 98
9614 June'22 ---- 94
99
Virginia Mid Ser E .5s
1926 M
9812 ____ 9714 June'22 ---- 97
9814
General Is
1936 MN 9718 ____ 9712 June'22
9512 98
VA & So'w'n let gu Is
2003 33 96 ____ 9312 July'22 ---- 80
97
1st cons 50
-year 5a
1958 A0 8212 8312 82
82 I
2 74
83
W 0 & W 1st cy gu 48_5_1924 FA
9538 97 , 9514 May'22 ---- 9412 96
Spokane Internet let g 5s
-• 11 8218 ____
1955
7718 71741
Term Assn of St L let g 4545_1939 A0 935 ____ 1 771s Mar'22
13
977 July'22 ---- 92
s
977
s
let cons gold 55
1984-1944 FA 99 ____ 99
9914
5 8838 9014
Gen refund s f g 421
1953"3
8
8234 16 7642 8312
St L M Bridge Ter gu g 58.1930 A0 8112 817 81
975 108 1 943 May'22 --- 8712 .100
8
8
43
1 9 3
43
Texas & Pao let gold 5e
2000 3D 9414 Sale 937
9414
8
7_
26 gold Income 55
50 Feb'22 . -- 5018 00
0000 Mar 58
__
50
79
La Div B L let g fie
9012
1931 33 8718 - - 90 May'22
W Min W & NW 1st gu 55_1930 FA
Apr'22
75533 8212 88
98
87
81
98
Tol & Ohio Cent 1st gu
J J 94's _ --- 97 July'22
Western Div 1st g 55
927 May'22 .8
1935 A0 9418 97
90
95
General gold 55
875 June'22 -- 8138 875
3
90
1935 3D 88
5
Kan & M let gu g 45
9 4
0
91
1990 A0 8718 _8_4_ _ 873 June'22 - - -i 7512 83
26 20
-year Is
1927 33 97
Tol St L & W pr lien g
5 91
9112 27 84
72
9212
334e 1925 J J 9153 92
92
9 12
7
50
-year gold 45
1950 AO 70 Sale 715014
58
7112
Coll trust 45 g Ser A
June'21 ---1' FA
Trust co ctfs of deposit_____
---- ---- 315s Feb'22 ---. 24
---3134
---Tor Ham & Buff let g 4/3
8214 July'22
85
83
7712 85
Ulster & Del 1st, cons g 55-51946 3D 99,1548
96 July'22
9112
667,,
9
6
8
2
5
9
1928
let refunding g 48
2
657
s
6572
..1952 A0 651s 66
Union Pacific 1st g 4s
Sale
9653 182, 88
903
19473 J
4
Registered
4
923 June'22 _ -.41 88
90
1947J J
20
-year cony 45
169 89
96
8§4ile- 951s
96
19273 J -c)E1let & refunding 45
106 8112 90
90
s
8912 887
52008 M 0 89
10
-year perm secured 6E3_1928 J J 104 Sale 10334
4 102 105
0
,
184
Ore RR & Nay con g 4s___1946 3D 89
2 9814 00
89
90
83
8934
Ore Short Line 1st g Os,,,,,,1922 FA
__.
s
997 Apr'22
let consol g 55
10512 33 9612 10512
1946 J J 10414 ____ 105
Temporary 55
29 97 10512
105
10463 J 105 10514 10112
Guar refund 4s
18 8612 9212
9214
8
,
19293 D 9 15 Sale_ 915
9 8
Utah & Nor gold 513
9914 June'22
1926J J
9618 9914
let extended 48
8
1933 J J 913 ____ 8612 Feb'22 ........._______ 8612 86
Vandalla cons g 45 Ber A
7
6
855 ______ 821, Apr'22 __ 7814 8612
1955 F A
8 ,8
58
Consols 45 Series B
1957M
Vera Cruz & P 1st gu 4;45_1934 J N
_ 3812 3512 July'22 ....... -ie - 471
J
Virginian 1st 55 series A
,
132 8814 975
2
96
8
953
1982 M N -953 96
4
8
Wabash let gold 55
100
937 100
1939 M N 100 Sale 9814
8
2d gold 55
11 8112 90
90
8818
92
1939,F A 89
let lien 50-yr g term 4s
6712 6712
19541 1 J 673 ____ 6712 July 22
8
Det & Ch Ext Jet g 5/ _19411J J 96 ____ 98 May'
5
91
9614
22
Dee Moines Div let g 4/3
1
__ 74 May'22 - _-.. 74
_- _ 74
-1939,3 3 73
Om Div let g 3503
6638 663s
663
8
8
1941'A 0 663 Sale 663
8
Vol & Ch Div g 4s
1 69
7412
797
8
1941 RI S 7412 Sale 7412
Wash Terml let gu 348
_7
8
85 ________ 8012 July'22 _4_ 725 81
1945 F A
51%4
let 40-yr guar 45
Feb'22
85
1945 F A
West marylana let g 45
5812 6614
85
87
0
166
0
60
1952 A 0 974 S_a_l_e_ 10312
653
West N Y & Pa let g Is
--- 95 100
1
19373 J
Gen gold 45
78 July'22 _-__ 7212 8015
80
1943 A 0 78
western Pao let ser A 5e__1946 M
86
27 921 97
8
1 841 8812
86 Sale 853
rioseling & L E let g 55
1926 A 0
Wheel Div let gold 513
97 12 ___4_ 8 3 97112
97
7
94 2
°63 -7
1928 J J 92 8 _9-- 9712!
's
listen & Impt gold 5s
93 ____ 92
1930 F A
Refunding 4545 series A
693
4
6 52
1968 M S 68 Sale 68 June'22681s
75
N• C
7.47 5.5. 5,0,
'
,
4 A2
76
515111 trice Friday; West bid and asked this week, a Due Am. b Du• Feb. 0 Due J1111e• Apse July, k Due
421
2
970
8
14
Aug.
-_
°Due Oct. 2,Due Nov. g Due Lee.
# Uptlon
sale
422
BONDS
N. Y. STOCK EXCHANGE
Week ending July 21
New York Bond Record-Concluded-page 4
Price
Friday
July 21
Week's
lance or
Last Sale
L.7,1
gOz'
Range
Since
Jan, 1
BONDS
N. Y. STOCK EXCHANGE
Week ending July 21
Prtce
Frida y
July 21
2, 1
1
Week'.
Range
la.sce or . I
rn '''1
Law SaleJan.1
Ask Low
Bid
High No Low High
Ask Low
Mob No. Low High
BU
79
1901, - 3 5115 86i2- 80
34
8
7 8
- 79084 19990931 12
79,
1
7914 a0
F ., 983 8810 993
1951, A
8112 July'22 ---- 77
80
N Y Dock 50-yr let g 43
tflnscon-Salem S B let 43._ _1960 J I 8118 84
6 7412 82
81
Niagara Falls Power let 58_1932
4s_ ___1949 J J 81 ____ 81
la Cent 50-yr let gen
4
14 793 79
a1932 A 0 103, 101 103 July'22 ---- 10012 1043
5 7518 81
4
& gen Os
793
Ref
4
70
Sup & Dul div & term let 4s '36 M N
4
8
953 ____ 953 June'22 --. 95
9534
Niag Lock it 0 Pow let 5s_1951 NI N
Street Railway
91
2 31
8 60
64%
60
Nor States Power 25-yr 56 A.1941 A 0 9134 Sale
Mooklyn Rapid Tran g 5e_19451.4 0 60 607 57
,
9412 9614 95 8 July'22
5712 59
N F 1st 5s____1943 F A
July'22 ---_ 3512 64
Ontario Power
lot refund conv gold 4s____2002 J J
4
9112 933 9112
9112
88
8212
83
8212 83
34 58
Ontario Transmission 5e_ .._1945 RS N
g-yr 7% secured notes_ __ _k1921 J
4 29 9412 103
1013
101 10114 10012
83
72 5812 87
82
8212
83
Pan-Amer P it T let 10-yr 75 1930
__
___
Certificates of deposit
081,sale 9873 9873 1 9412 10258
79
1931 i"li
7912 80
80
18; 54
837
8
Pierce 011 s f 88
Cutts of deposit stamped__
1123
5 99 11578
831g
1931 J D 10212 Sale 111
8318
1I 75
8612
Prod it Refining s f 8e
Un El let g 4-58____1950:P A 8312 85
skiyn
853 Sale 85
4
8512
8512 58 73
84
84
85
2 7512 86
Pub Serv Corp of N J gen 5s_1959 A 0
1956 F A 84
Stamped guar 4-5q
10138 495 98 10638
10412 Sale 10414
5
7058 738 717 June'22
Sinclair Con 011 cony 7344 1925 RI N
Kings County E let R 49_1949,F A
9934 235 98 100 2
8
,
1937 RI 8 993 Sale 991i
7212 July'22
70% 73
66
64
75
2%
15-year 78
F A
1949
Stamped guar 43
9934
9912 254 98
8
1925 A 0 9838 Sale 9858
5114 Sinclair Crude Oil 53-s
7i 27
5114
Nassau Elec guar gold 48_ _1951.1 J 5114 517 5114
10618 43 10514 10712
85
7934 8024 791 i
80
a1931 F A 10618 Sale 1055
61 67
Standard 01101 Cal 74)
1927;F A
Chicago Rye lot 5s
1 9212 101
100
N 100 10014 100
75
8
Tennessee Cop 1st cony Os. 1925 M
J 805 -___ 7612 June'22 _-__ 75
Conn Ry & L 1st & ref g 4358 1951
34 100 1043
4
1043
4
1931 F A 1033 Sale 10312
4
Tide Water Oil 6344
195113 J 803 ---- 73 Apr'22 ---- 703 73
Stamped guar 4344)
10334 18 /0134 105
823
4
1930 F A 1038 Sale 10318
8312 311 6312 85
Union Tank Can equip 7e
cons g 4;49_ -1932,J J 8312 84
Del United lst
4
963
4
1939 J j 9514 ____ 963 June'22 ---- 95
Jan'20
---- -- Wash Vat Power s f 55
9314
yt Smith Lt & Tr let g 5s__1936'RI S 56 ---- 58
2 89
9314
1946
8512 1811 75
8614
West Penn Power Her A 5s
1957,F A 8512 Sale 8412
Eltid & Manbat be ser A
3 1031s 1015
%
,
8
104 8
-2 _ _3 4
NI
8
c1946 F 2 -92 _9 _1_ 1094314
643 Sale 63
6478 191, 4712 6612
series D 7e
1st
19571_ ___
Adjust income 5s
9914 120 93 100
9914 Sale 973
96
6 92
4
---- 953
96
Wilson it Co let 25-yr s f Os__1941 A 0 93 Sale 9214
1932 F A
N Y & Jersey 1st 5s
957k
93% 152 84
171 954 21
1212
1928 J D
-year cony s I 6s
10
:aterboro Metrop coil 40_19561A 0 1112 1212 1112
127 9413 10713
104
4
1931 F A 1033 Sale 102
1112 1212 11%
12
371 72 183
4
4
Temporary 7
Certificates of depo8it
3
69
433 54
75
Taterboro Rap Tran lot 5s_ __19061J J 6812 Sale 6712
7612 7612
76
7612
2 7614 77
Manufacturing and Industrial
10-yr 6s
10014 41 9914 103,
4
9412 82 9312 9412
1936 J D 9934 Sale 9934
9412 Sale 9414
1932
Ajax Rubber 84)
7s
6 8112 9812
4
953
1928 A 0 9518 9578 95
4
68
19 5712 70
Am Agric Chem let e 5s
Elanhat Ry(N Y)eons g 48-1990 A- -6 6714 673 6612
4
10414 33 100 105
1941F A 104 Sale 1033
673 May'22
8
6712 675
1st ref s f 7;46 g
1990A 0
Stamped tax exempt
93
89
16 81
8812
1931 NI N 88% 91
55 May'22 ---- 48% 67
62
Am Cot 011 debenture Sc.
20131J D 61
101 8612 9312
26 45
93
8
9218 9314 923
80 June'22
84
6412 80
Am Sm & R 1st 30-yr 5s ser A 1947 A 0 102% 103, 1017
Manila Elea Ry & Lti f 5s_ _1953 M S 78
8
10312 184 9712 10312
4
J
Sale 87
92
81
8812 178
Amerlean Sugar Refining 65..1937
1924 M S 88
Market St Ry let cons 5s
8514 86
4
93
14; 902 97
8
4
Am Writ Paper s f 7-6s
1924 A 0 9214 933 927
-year 8% notes
5
258 8°78 09 8
8
85 8
" 3 102 1887
105
104% 105 104174
6
1 39 2 3
Atlas Powder cony 7344 g-....193 F A 10231 _ _ _ _ 10212
Metropolitan Street RY'
1 9918 10212
10212
N
4
4
8, 50
693
4
693 69
693
1940
Baldw Loco Works 1st 5s
Irway & 7th Av let o g 59_1943 J D 69
26 101 1022
1017
4
20 July'22
1942 F A 10112 1013 101 12
1712 25
.
Canada Gun Elec Co 6
Oth Av 1st gu g 5s_ _1992 M S 1914 22
Col &
88
2' 76
8318 96
8514
85
50
4712 4314 June'22 ---.1 39
Cent Foundry 1st s f 6s
Ler Av & P F 1st gu g bs_ 1993 M S 39
9812 44; 9314 99
9812 98
25
1931 A 0 98
2, 9714 9714
-year g 5e
9714
'
Cent Leather 20
Mllw Elec Ry & Lt cons g 59_1926 F A 97 ---- 97 4
98
95
Apr'22 ---• 1 95
N 99
1931
21 7914 8812
86
85 ---- 86
Prod Refg s f g 5s
Corn
Refunding & eaten 4;4s_ 1931 3 .1
4' 96 10133
8
10114
lova 1013
90
3 83
8812
8712 8812
-year f be
1st 25
Montreal Tram lot & ref 5s1941 J J 87
87
8518
8634 53, 60
1934 J N 8612 87
0
3 M J
-_ _ _
Cuba Cane Sugar cone 7s
New On Ry & Lt gen 4;4f3 1935 3 J 6012 ---_ 50 Feb'21
8634 63 5412 8914
86% Sale 86
34 Dec'21
63 --sleben stamped 8%
Cony
N Y Municip fly tel s f 5a A_1988 J J
10612 24 10112 10714
106 10012 10514
2
2512 -4414 56' 393
3712 3814 37
Cuban Am Sugar let coil 8s_ _1931
19421J
N Y Rys lst R E & ref 4s
108 Sale 10712 10818 14,107 11012
44
8 571 24
375
37 Sale 37
Diamond Match of deb 7344-1936
Certificates of deposit
4
46
4412 46
4412
718
834 34; 512 15
812 Sale
Distill Sec Cor cony let g 58_1927 A 0 807 _
-year adj!no 59
30
al942 AO
_ 90 June'22 ----1
8
8 7
77
744
8
7
E I du Pont Powder 4;4s_ ___1936 J D 1075 Sale 10714
Certificates of deposit _______
62 199' 9281
103
3
7 0
8359 18 5 30112
038 10813
8
N
70
1314 1312
81 64 2 728 du Pont de Nemours & Co 7;Se'31
12 7
0 6814
N Y State Rye let cons 4346_1962 MN 68
1073 Sale 10614
4
10812 8(
2
9712
2, 95
9512 9514
9514
Fisk Rubber let s f
99
9312
217
Nor Ohio Trac dr Light 6s _1947 M S 95
88
10 81
19 2 M J 98% Sale
8812 8612
87
Frarnerlc Ind 3: Dev 20-yr 7125 '41 .1 S 100
MN 87
1930
7.'ertland Ry let & ref Is
_ 97 Apr'22 ----1 9312 97
86
111 7812 90
3
19 2 M s
87
86
-year 891958 .1 D
General Baking let 25
4
Yortland Ry Lt & P let ref Is 1942 F A 86
81 Sale 80
31
1942 F A
10414
2 102 106
8
Gen Electric deb g 3;48
N 1035 10512 104
29,
let & refund 73-6s Ser A _ _1946
8
102
101 1C17 101
8812 8812
8812 --__ 8812 June'22
Debenture 55
J
Portland Gen Elee let 55_1935
8
03
995 11108
1:482134
0
10612 20 : 1 16
1 5618 68
64
64
Feb 1940 F A 1063 Sale 10513
20-year
1960 33 6312 64
.4.111rd Ave let ref 4s
4
11614 67
N 116 Sale 1153
4
8
607 2171 4412 623
29-ea deb °
Goodyear Tlre 1 Rub lets f '41
a1930 A 0 608 Sale 5912
1511 973 10314
4
Ad] income Sc
4
102
61931 F A 1013 Sale 10112
4
earc frp bm t
grlc eo del g2
3 943 -___ 93 June'22 ----I 88 96
1 Ay
in201937 J
Third Ave Ry let g 5e
8034 11' 72 2 827
8012 7973
16 96 100 4
100
3
yr bs__1932 M N 80
Tel City Ry & Lt let s f be__ _1923 * 0 100 10014 100
18
108 110 1097 July'22 ---- 1 182 18412
8
6
0
73
8512 ---- 73
Jan'22 --- 73
Internet Cement cony 8e_ __1928 J D 87
_ _ _1933 3J
Undergr of London .111413_
11
8712
8712 8614
1947
6714 ---- 64 June'22 ---- 60 6418
International Paper bs
1948
126 83'4 87 II
87
8614
Income 6s
867 87
8
.1
1947
iCT 87 8812 8612 8814 80 75 8812
lot & ref 55 B
United Rye Inv 5e Pitts Issue 1926
27' 192 198,a
105
0 178 0
F A
jr4 ND 10412 Sale 104
,
4
4
Kayser & Co 76
18
United Rye St L let g 45.-1934 33 603 6212 61 4 June'22 ---- 5112 613
10838
108 Sale 1077
8
59
9 2
58
58 May'22 --__ 56
1646
Kelly-Springfield Tire 89_2 31
1924 AC 56
St Louis Transit gu 5e
96
9712 97 July'22
80,
2
8
797 81
8012
8012 Kinney Co 7;5s
5 72
1934 J
20 196.9342 2: 1:05145
Va Ry Pow let & ref be
10
71_'5 :80;
1: 9:8
115% Sale 115
8
1153
1_ 9°2 8 1:
Liggett it Myers Tobac 7e_ 1944 A 0 9712 9814 973
Gas and Electric Light
98 I 11
8
9512 96
31 897 96
1951 F A
90
943
4
8
5s
Bklyn Edison Inc gen 5o A_ _1949 J J
4
4 24
1143 Sale 1115
1143
8
1,994020 A O
:194324 j D
10112 10212 10112 10218 15 100 10312
Lorillard Co (P) 78
1930
General Os series B
98
96 I 18
957
3
F /1
1951 JA 0 97
8
4 102 10712 I
106
bs
1930 3 J 1034 1057 106
General 76 series C
98
,
98 5 58
98% 98
3
10778 45 10612 1087
8
Manatl Sugar 7145
1940 J D 1073 10712 10714
General 75 series D
9612 9714 96 4 July'22
,
9:1 :
19121 90638
017
96
12 8712 97
NatNftt StanchEna m
Elklyn Un Gas let cons g bs_ _1945 M N 9512 ____ 958
-9112 _ _ _ _ 88
Feb'21
9714
9814
9814 33 92
20-yea 9g b bs
& Starnr d el ot 57:
0 9612 97
4
41Incin Gas & Elec let a. ref 5a 1956 A
10012 101
10014
9912
3
1952 M N 101
96
9614 95 4
9634 55 8814 97
National Tube let 55
1927 3
Columbia 0 it E 1st 5e
11
0
101 14 101
10114' 17, 97 1084
8
N
9612 Sale 953
4
97
97
39 88
1927 3 J
Stamped
7;
N Y Air Brake let cony 8s_.-1928 M 0 10714 10712 107,
10738'
4
853 ---- 75 Sept'21
4
-year 8s1931 A
Packard Motor Car 10
Columbus Gas let gold be__ _1932 3
10312 - - - - 10312
10312
1'
N
1931
1925 @ F 123 Sa1e. 12212 125 642 103 fig
Porto Rican Am Tob 8s
Coneol Gas 5-yr cony 75
9978 29
987 Sale 98%
8
2 93 10018
10018
2
99141 88 69 1614
98'
Detroit City Gas gold Is._ _ _1923 3 3 100 100'8 10012
Sharon Steel Hoots lot 8e ser A1941 M D 9914 Salo 908
0 38
4
9
5 96 04
07
N
940
1931
9814
9814
8
997
98'4
9 93
Detroit Edison let coil tr 5e 1933 3 J 945 99
South Porto Rico Sugar 78
4
9612 963
3
Sale 93 4
947
8 14 8914 97
k1940 M
lot it ref 5e ser A
B anldarnilillin n 2 t 5
Stee & d Nbe geg 1ef 7:
10012 Sale 10018
4 19 97 102
1003
103 Sale 1013
ser C..1951 3
4
103
53 9912 104
B
M
k1940
let it ref Os series
4
10412 Sale 104
10412' 29, 972 105
10318 65 100 104
_1949 J J 103 Sale 10224
p gr& uctseg
Duquesne Lt let it coil(is
r nbaceo P
To ion . odpap r
102 _ _ _ _
--I 8812 1047
4
93 j J
1931,J D 11012 Sale 1043 June'22
0
85s
4
1st
17
10612
1936 J J 10634 Sale 1053
9 10434 107%
Debenture 7;46
1
110
104 112
M N 9812 Sale 9812
cony 8s
286' 9818 98%
9824
United Drug
Empire Gas & Fuel 71s__ _1937
4
J
411 D 953 96
924
92
9012
91
774 92
1952 F A 90
Havana Elec consol g bq
U S Realty it I cone deb g U19
02 g
92 8
198713
10012 10412
D 10212 Sale 105112
89 ---- 89 June'22 ----I 8512 90
-year sec 7s___ _1923
1949 M N
91
S Rubber 5
lab 88
Hudson Co Gas let g be
903 Sale 90
4
91
19471J J
0 97 ____ 9558 June'22
1937 A
I 9112 98
let ft ref 5s series A
108% 109
1:1721fs Co El L & P g be
4
31 104 1093
1997 A 0 10912 111 10912 July'22 ----' 10612 11(12
Purchase money 68
12 9812 1035
8
A 10012.191
°
6
92
i
r t315
7: .1. M cony 69_193 F A 100 Sale
98 107
1925 M 8 1051.5 ---- 10514 Apr'22
Convertible deb (Sq
J D 9912
85 ---- 8314 May'22
8118 8312
T
yo t
-a eealr
993 1199:4
Va-Caro Chem let 15-yr bs_ _1923 A O
4 90080883
i42
Ed El Ill Bkn let can g 49_1939 J J
11199
00060112 63: 932 10092:2
992
1. 34 1
4
e1922 A, N 983
0 9114 913 90
9 86
9154
9314
C _n_v
7f . deb Os
4 Sale 9778
Lac Gas L of St L ref & ext 58 1934 A
8
987 108 98
997
8
8
_ 1947 J D
92 July'221____i 8712 92%
1927 M N 925
Milwaukee Gas L 1st 4s
10512 Sale 1043
8 10512 58 9012 10512
0 10912 Sale 1093
10934' 73' 1053 1103
4
4
12-Year e f 730
103 Sale 101
N Y Edison let it ref 6346 A_1941 A D 98
10318 41 9912 103,
8
99, 983
2
4
99141 18' 925 993
4
8
1918J
NYGEL&Pg5s
01
10012 26 99 10012
1071
0
J
2
78
1941 J D 11008014
3 76
82 1
1949 F A 8112 82
,
83 2
art E Sitgar 7c
Wes nerleciric 1et 5e__ __Dee 1 9 2 j N
Purchase money g 4s
Sale 10712
1931 M
108 1 2,7 105 108
---8
_I 10012 1015
Westinghouse E & M 78
cons g Ss_ 1995 J J 100% Sale 10012 June'22
Ed Elec Ill let
10018 10014 100
100121 3u 97 10114
9112
911.8
9178 102 90
93
Wickwire Spen Steel let 7s 1935
1937 MN
1
No Amer Edison 6s
Coal, Iron and Steel
-Cal G it E
9914 993 9914
Pacific0 it E Co
99%, 88 9518 Dm
9614
1926 J
1 1 93
97
97
Beth Steel let ext s f 53
_ _1937 M N 96 Sale 97
Corp unifying it ref Is.
9 8913 100
loo
9114
91 12; 78
1942 MN 9618 9712 9618
9012
guar A
1st & ref 59
1942 3 J
92
Pacific 0 it E gen it ref 5s
9212 91
4
943
0212' 67 86
8
1 3 .1
1946 F
90121 151
A 9012 Sale 90
20-yr p m & ImP f 5e
9812 9824 9812
Pao Pow it Lt let it ref 20-yr 5s'30 F 0 104 105 105 July'22___i
8
9914
985 110 98
881L 1
113 4 19 4
7
s
__
Os A _ _ _
reop Gas it C let cons g Os 1943 *
1932 J D 8414 _- 78 Aug'21
4
90, 90% 9014
3
9034
Buff it SUSQ Iron f be
1947 M S
,
2
_ ,
Refunding gold be
1
al928 RI S 11914 _58 100 Apr'22 ---'10O 100
95 ---- 95
-Debenture Ss
Ch 0 Lit Coke let gu g 59-1937 J 3 8212 ---- 92 May'22 - _ 9112
3 82
9112
1943 F A
May'22 -- 79
8 4 799825,2
8
Colo F & I Co gen s f
7912
Con 0Co of Ch let gu g 58_1938 33 867 - - 7812 June'22 __ _ _ 92
7812 Sale 78
78121 31 71
F A
8
Col Indus let it coil 50 gu._..1934
8
Mu Fuel Gas let gu g Is._1947 MN 99 Sale 973
895
80
J D 8912 Sale 88
4
99
108 9612 9914
Cons Coal of Md 1st it ref 58_1954) J D
1944 FA
'2 _4
82
Philadelphia Co (is A
91
0812 July958 __7_1 9612 10214
1925
96% 9514 June'22 -_-___ .62: .9
95
Coal cony (Ss
6 9
9 : ..
:2 Elk Horn
1026 Jo
92 Sa712
5'2 91.3
92 1 18 8612 93
Stand Gas it El cony s f 65
1940 A 0
92
1 85
3D 92 -- -Illinois Steel deb 448
,
33
0918 ,
2 0
0178 42 9614 10112
0
189
0
Syracuse Lighting let g 5s_ 1951 MS 8512
_ 93
72
1952 M N 1803 Sa14) 189,8
92June'21
Indianaantee1sltset
1949
Laekaw S na
10014 15 9334 1001 L
Trenton 0& El 1st g be
1923 A 0 10018 100 14 100
4
5s
Steel let g 5s
MS 933 -- - - 9314 May'22 ____
927g
82
Union Elec Lt it P lot g 56-1932 J J 97
1950 M
9712 97
97
3 N12 s913,44
14
c & 11av
let ons 55 serises
94
- 94 June'22,'----! 90
United Fuel Gas let s f 8s_ 1936 F A 907 Sale 9014
A
8
4;46 A _ _ _1954 J J 9214
91
34
1944
81 45' 83
893
9234
Utah Power it Lt let be
1938 M S 8912 Sale 89
4
Midvale Steel it 0cony s f 5s
1957 33 95% ---- 91 June'22 ____ 843 91
, 92 4 102
100121 19 9812 103
2
Utica Gas it Elea ref 59
0
1941 F A 10014 10012 ,
Otis Steel 89
92
89
Miscellaneous
Colliers 1st s f 58_1957 J J
3
8012 807 80
80
80
31 75
1948
Pocah Con
90
97
Adams Ex coil tr g 4s
0 9314 9414 93
10
9
9 July'22 ---1212
9
1925 MS
Repub I it S 10-30-yr be s f 1940 A 3 81
1;
152 78
995
82
8212 82
87%
Alaska Gold M deb 65 A
812 6 July'221 _
6
MS
3
107
6
Rock Mt & P 53 stmpd 1955 J
1926
St L
983
4
9334 July'221__--1 9612 99
Cony deb 68 series B
804
I1R gen 5e_ __ _1951 J J 10314 lao
82
8112 25 70
4
823
1934 AO 81
Tenn Coal I it
103141 255' 9913 10414
Sale 10212
Am Wat Wks it Elec be
511)63 MN
up
90
9112 83 8612 94
3D 9012 91
Cy
1
SfStecla_ r 58 reg
U s "or p 1 7o
1' 149 Mit
10112 1011..!
Armour it Co let real est 44s 1939 3D 383 39
51983 M N
39
14 2312 5012
37
4
4
0212 July'22'----1 87
Atlantic Fruit cony deb 75 A_1934 MS 10338 10312 1033
92 4
3
1101 S 923 96
10312 61, 10272 105
8
1931
Va Iron Coal it Coke let g 59_1949
1
Atlantic Refg deb 64e
7
66' 93 100
Telegraph and Telephone
_1931 FA 99 10018 9912 100
4
913 Sale 9138
917
81 99, 8614 9178
Brad= Cop M coil tr s f 69_
Teleg coil In 4s__1929 J J 86
818 83, 827 July'22 ---- 7714 85,
8
8
8
1952 * 0
8 14
8
Am Telep it
6 MN 666
863 86
4
Hugh Terminal lot 48
8
1936 M S
4
e
90
9012
9012 11 8214 9214
Convertible ls011
1955 33 87
10014 10212 101
10114, 16 95 4 103
3
Consol 5s_
1933 M
8
92
-- 904
,
4 8614 92 2
rr o
1960 AG 917
,1
2
3 2 tempcnv 4344
9918 130 9112 0918
9812
Building 5s guar tax ex_
1946 J D 984 99
119 11912 11778
5s
11912 46 110 12414
1031 J J
11412 11512 11414
115121 53 108 11858
Cerro de Pasco Cop 85
91%
9214 49 8712 93
33 9124 92
7-year convertible 64
108341 50 107 112
Chic Un Stan let gu 41s A_ _1983 J 3 111 115 11312
2 A A
1945 F O 10814 Sale 108
115
14 1115 115
1963
Bell Teleph of Pa 5 f 7s A.
5 9718 100
993
41
let Ser C 634s (Ws)
1943 J D ____ 10014 9934
-year 58
1055
MN 10514 1055s 10514
50 99 10712
Cent Dist Tel lot 30
71181 15 72
7414 75
7312
75
Chile Copper 10-yr cony 78_ _1923 AO 9212 923 9114
4
93
93
198 84
Commercial Cable 1st g 4s.. 2397 @ 3 9312 94
1932
4 8812 9414
94 1
9312
Coll tr it cony (Is ser A_
1937 J J
& gen 5s
8
96, 9712 96
97
9712
J J
24 89
Cum!)T & T 1st
3 9454 9914
99
9914 9834
Computing-Tab-flee s f 69_ _ _1941
F A 99
86
90
86
N 86 .
90
2 87
Mich State Teleph let 5s_ _ _ _1924 M N 9414 9112 9414
con (Ss A '28
9412 15 8814 95
Granby Cons M S it P
9
94 June'22
94
90
99
87
1928 MN
NY Telop let & gen at 4345_193 F A 10512 Sale 1057
10612 60 1013 10618
4
Stamped.
99 100
9812
9812
-year deben s f Os_ _Feb 1949
8 86 102
30
1925 MN
10512' 194 1017 1057
Cony deben 8s
3
4 F A 10514 10512
-72
s refunding g ie16s_ 9 1 AO 10712 Sale 10178
1940 MN 98 ---- 97 July'22 ----I 9112 9812
Ncrthwt
20-year .nBellT l old A 19
108 I 146 10512 1083
10634
Great Falls Pow 1st s f 5e
4
884 Sale 8812
89
N
NI
90 8818 9414
9718 98
97141
9678
7 917 98
Holland-American Line 6s_ _1947 A0 9612 Sale 96
2
1937 J
97
46 89
9912
Pacific Tel it Tel let 5e •
925 Sale 923
8
4'
923 109 91
8
95
Inter Mercan Marine s f 6s 1941 M
9712 98
97
98
98%
3 AO
1931
55
9514' 18 93
9478
Invincible 0118s
J
N 9412 96
;
96
1 41
* 0 122 Sale 12312 12512 45 8434 126
South Bell Tel it T 1st s f 55_ 1952 I J 973 98
4
,
97 41 26 903 100
9724
Marland Oils f 8s with war'ts 1931 MN 10524 Sale 105
4
10612 20 99 10712
1936
Western Union coil tr cur 5s 1938 J
9318 Sale 927
7 8812 943
93
Mexican Petroleum a f 88
8
9812 35 93
it real estate g 434s 1950 M N
99
ii 9814 Sale 97
1943
Fund
Montana Power let Is A
11014 Sale 10912 11014- 45 10612 1013
1936
87
2 78
4
87
8734
1939 J J 853 87
15-year 645 g
Morris it Co 1st s f 4 -643
asked. aDue Jan. dDue April. cDue Mar. eDue May. gDue June. hDue July. kDue Aug. oDue Oct. gllue Dec. 1 Option sale.
°No price Friday; latest bid and
••••
--
BOSTON STOCK EXCHANGE-Stock Record se..=...
B
HIGH AND LOIV SALE PRICE
-PER SHARE, NOT PER CENT
Saturday,
July 15.
Monday,
July 17.
Tuesday,
July 18.
Wednesday, Thursday,
July 19.
July 20.
Friday,
July 21.
Sales
'
Se
Week.
Shares
145 145
145 146
145 14512 145 147
147 148
526
147 147
83 83
83 8312 82
8212 823 83
8
8212 833
505
4 8212 8312
*9912 100 *____ 9934 99
99
99
99 *
99
99
30
99
*116 11612 116 11612 11612 11612 11612 11612 *117
11
*117
_ 103 103 *103 104
104 104 *103 104
141
10312 104
103 103
- 2714 2712 2714 273
4 263 2714 27
4
2714 *263 2714 2'7
293
2712
4
*32
34
31
32
*30
32
*31
__
195
32
32
32
___
3814 3814 40 40
38
3912 *38
39
38
39
---- ----175
55
55
55
56
57
-------237
5814 57
57
58 58
50
50
50
50
*50
5114 *50
5112 *4912 5112 *4912 5112
100
*70
71
*70
7012 70
7012 70
70
71
71
30
____ ____
*162
_ 163 163 *163
163 163 *163__ *163
15
18 18
-12
18 183
4 18 - 814 1814 18 8 1814 1812 1814 18i4
959
1,
74
74
74
74
74 8 743
4
4 7438 7438 74
74
75
75
271
*52
53
*52
53
52
53
52
53
742
53 53
53
5414
30
30
29
29
31
31
30
___
__
351
31
30
301
45 45
*42
45
*42
45
44
44
44
45 --- -- ----45
3058 3038 3012 3012 30
30
139
31
313 *3014 303
8
4 30
30
*9612 98
*9512 97
*953 97
4
96
96 *___- 80 *____ 80
(
93
96
96 *
*90
93
93
*96
97
97
97
35
Last Sale 93 IN.Ju1y'22
---- ---- ---- -- - - -- -- - - -.
45
45
45
45
1:':
45
45
- 96
97
„.5
STOCKS
BOSTON STOCK
EXCHANGE
423
Range dace Jan. 1.
bongs for wetness
pear 1921
Lomat
Lowest
Highest
Railroads
Boston & Albany
100 13014 Jan 4 152 May22
Boston Elevated
100 73 Feb20 8438 May 2
Do pref_
100 9414 Mar 1 104 June14
Do 1st pref
100 116 June22 120 June10
Do 2d pre
100 102 June10 13112 Juny20
0
ma e23
Boston & Maine
100 14 Jan10
Do pref
100 20 Jan 9 37 Apr 8
Do Series A 1st pref 100 22 Jan 5 441s Apr26
Do Series B 1st pref 100 86 Jan17 62 May20
Do Series 0 let pref_100 30 Jan 9 54 May25
Do Series D let pref....100 40 Jan12 7712 May 1
Boston & Providence
100 125 Jan12 .163 July17
East Mass Street Ry Co__ _100 18 July13 193 July14
4
Do 1st preferred
100 73 July13 77 July14
Do preferred B
100 51 July13 5414 July21
Do adjustment
100 28 July14 31 July18
Maine Central
100 211 Jan33 48 Apri5
0
17
4
N Y NH& Hartford
100
3478 May22
Northern New Hampshire_100 69 Jan10 96 July19
Norwich & Worcester pref_100 58 Jan17 100 June 1
Old Colony
100 57 Jan 6 9814 May23
Rutland pref
100 15 Jan20 52 8 June 5
7
Vermont & Massacbusetts_100 78 Jan23 98 June 1
Miscellaneous
Last Sale .05 Api'22
Amer 011 Engineering
10
.02 Feb 8
.05 Jan25
-"31-2 -- -5- --312 - - -1- --312 - --1- - - 12 - - -132
38
32
312
3
32
34
5
3
1
242 Amer Pneumatic Service... 25
32
34
2 4 Feb 4
3
414 Jan27
*18
1812 1818 1818 18
1812 *18
241
1812 1814 1812
Do prof.
1812 July I
50 13
12118 12112 12114 12134 12112 1217 12112 1217 12154 12114 12178 12218 3,472 Amer Telephone & Teleg_100 114 Feb20 12434 Mar14
8
8
1s Jan 3
*112 113
112 112
11214 113
11212 11212 *12112 12134 113 113
7E Amoskeag Mfg
No pa? 104 Jan10 117
Jan24
*8312---- 85
*85
85
*85
*85
1(
*85
Do pref
No va? x8012 Jan17 86 July 5
*1512 17 .15 • 17
Last Sale 5
*15 - May'22
17 *15 17
Art Metal Construe Inc__ 10 1418 Feb20 2012 MayI9
*17
18
*17
18
Last Sale 17 June'22
*17
18
*18
19
Atlas Tack Corporation No pa? 13
Jan 7 22 May 4
Sale
Beacon Chocolate
Jan20 .75 Feb21
10 .25
--.- - -- io -;.-- - --:i3- -- 58 --io -:40 *r5"
30 .
30 .58
5 .
une. 4
. .44 . 2
30 j
2
4
85( Boston MexPetTrusteesNovar .15
Apt27 .50 May 4
61 Century Steel of Amer Inc_ 10
.05 Jan20
.20 July17
*23
233
2312 2 2 - - -12
4 23
.51- 23
-3i2 - - 12 ii - 14
1
21
2
1,21( Connor (Jorn T)
10 1534 Jan 4 2412 July19
*412 . 5
*4
412 *4
414 *4
414 *4
412
22 East Boston Land
414 414
3 Jan 4
6 Apr21
10
1014 107 *10
8
11
10
10
9
9 12
812 9
83
1,78( Eastern Manufacturing
4 9
812 July20 1414 Feb10
5
*71
72
7112 7112 71
71
7012 71
71
71
7014 7012
371 Eastern SS Lines Inc
25 8818 Jan 4 733 June22
4
_ _ .45
46
*45
46
*45
Last Sale 47 May'22
46
Do pref
50 42 Jan 7 4712 AprlS
*4512- - 177 17812 178 180 180 181
175 175
180 18118 181 18112
281 Edison Electric Illum
100 156 Mar 2 18112 July21
*11
12
*11
12
1112 1238 1218 1214 113 12
4
12
1212 2,59( Elder Corporation
No par
3 Mar14 13 May17
35
35
3412 36
35 35
35
35
3412 35
3412 35
411 Galveston-Houston Elec_ A00 33 Julyll 36 July10
*1134 1214 *1134 12
*1134 1212 *1134 1212 *113 1214
4
101 Gardner Motor
1134 113
4
No par 10 Jan 12 1614 Apr 6
*1934 22
*20
21
20
20
20
20
193 20
4
141 Greenfield Tap & Die
1914 20
25 19 Jan 26 2714 Feb 27
*48
49
49
49
48 48
49
50
*49
50
6( Hood Rubber
*49
50
No par 43 Mar 9 5314 Mar 20
3312 3312 33
33
3212 33
3212 3212 3212 323 __
8
__
62( Internat Cement Corp_No var 26 Jan20 3712May 13
*
30 *__•._ 30 *____ 30
30
30 *
30 *
10
1 Internat Cotton Mills
50 28 Mar 25 32 Jan 27
.65 67
*65
67
6312 65
*63
65
*63
65
64
Do prof
64
11]
100 6312July 18 7812 Jan 6
*33
4 412 *33
4 412 *334 412 *334 412
Last Sale 434 July'22
Internat Products
No par
61s Mar 25
314 Jan 9
*912 12
*914 12
*912 12
*912 12
Last Sale 11 June'22
Do pref
7 Jan 5 17 Apr 1
100
*.75
1
*.75
1
*.80 1
*.75
1
*.75
1
.75 .75
51 Island Oil & Transp Corp.. 10 .62 Apr 15
3 Jan 24
712 712 *7 4 838
3
7 4 812
3
83
8 83
8 *73
4 814
10: Libby. McNeill dc Mb- 10
734 8
155 Apt 24 1112June 3
*8
812
812 812 *83
4 912 *83
4
8 Loew's Theatres
912 95
8
91s 912
25
8 July 1 13 Jan 16
7714 773
4 7712 78
78
7912 7812 793
-7812 78
7818 79
4
671 Massachusetts Gas Cos__ _100 63 Jan 3 7934July 20
67 67
67 67
6612 67
67 6912 69 69
15:
Do pre
67 68
100 62 Jan 3 6912July 19
*146 149 *145 149 *146 149
147 149
149 149
149 151
9 Mergenthaler Linotype.. 100 180 Jan 3 156 May 10
2212 2318 23
23
23
23
2214 2214 2214 2214 2212 23
39: Mexican Investment Inc... 10 20 Mar 27 273taune 26
2334 238
4 233 24
4
*233 24
4
237 237
8
8 24
36: Mississippi River Power_ _100 13 Jan 6 2512May 5
24
____
__
*79
80
79
80
*79
81
*79
81
*79
Do stamped pref
1
81
*79 E1
100 7212 Jan 9 82 Feb 25
8
8
8
818
8
818
8
814
8
818
778 818
771 National Leather
10
712June 28 115 Jan 21
8
112
112
1
184 *2
3
212 3
218 3,481 New England 011 Corp
212 23
2
4
1 July17
5 Jan 28
11712 11712 117 11712 116 117
1163 117
11612 11712 118 118
4
19 New England Telephone _ _100 109 Jan 4 118 Apr 13
*8
9
*8
9
*8
9
*8
9
Ohio Body & Blower__ _No vat
*8
9
*8
9
11 Moy 18 14 Mar 16
1714 1712 *18
1814 *1734 1814 1812 19
311 Orphetun Circuit Inc
*1812 19
4
183 183
4
13 Jan 10 2134May 3
160 161
160 160
162 162 *160 162
2 Pacific Mills
162 162
160 July 3 17412 Mar 11
*16-_
16
16
16
16
*14
15
48 Reece Button Hole
*14
15
15
1512
10 1212 Apr 18
16 July 17
*312 4
*312 4
*312 4
Last Sale 312 July'22
*312 4
Simms Magneto
5
3 Feb20
71s Apr 5
101* 10112 101 1013 10114 1013 1013 102
4
4
8
10114 1017 10114 1017
8
8
7
5 Swift dc Co
100 9214 Jan 3 1087 Feb 23
8
4212 43
4212 43
42
43
*4214 43
42
43
4212 43
303 Torrington
25 v39 July 3 8112June 5
*10
__ *10
__ *10
Last Sale 11 July'22
___
Union Twist Drill
8 Mar 29 1414 Feb 3
38 19
38 - *10-39
38
3812 3814 39
3814 3812 3812 39
1,45 United Shoe Mach Corp
25 34 Mar 3 45 Mar 24
2712 2712 2614 2714 26
2612 *26
263
4 26
2612 2612 27
Do pref
77
25 25 Jan 3 2712 July 15
32
33
3184 32
313 32 z303 31
4
30
4
31
4,72 Ventura Consol 011 Fields_ 5 217 Jan 27 3312June 2
29
30
4
*2914 2912 2914 2914 2914 2914 2914 2912 *2912 30
35 Waldorf System Inc
2934 30
10 2612 Jan 4 3112June 2
10
1012 10
10
10
1014 10
107
8
912 1014 19
1014 2,042 Waltham Watch
100
7 Jan 3 143 Apr 26
4
3714 3712 *38
41
40
40
40
40
*3712 42
Do pref
18
38
38
100 34 Feb 15 49 Apr 25
*12
1258 *12 . 1212 1212 1212 *12
1212 . 12
12
12
12
465 Walworth Manufacturing_ 20
71s Feb 7 I234June 15
3312 3312 33
3312 33
35
33
34
33
3312 33
3312
83 Warren Bros
50 171s Jan 8 35 May 29
*35
3512 35 35
3412 35
343 3514 36
36
36
36
4
22
Do 1st pref
5
50 301s Jan 4 3734June 14
44 *
4434 44
44
*40
45
*40
45
*40
Do 2d pref
1
45'
50 3312 Feb 18 443
4July 12
*1534 16
*1512 16
*1512 16
*1512 16
Last Sale 15 July'22
Wickwire Spencer Steel
5 13 4Mar 27 21 May 13
3
Last Sale .80 June'22
Wollaston Land
a .80 June 16 134 Jan 4
Mining
*.65 .90 *.65 .90 *.60 .95
.60 .60 *.60 .75 +.60 .75
5 Adventure Consolidated-- 25 .50 Jan 31
0
1 Apr 15
*61
6112 61
6112 61
6112 6112 62
63
63
*63
64
419 A hmeek
25 59 May 11 66 May 29
*.20 .50 *.20 .50
.20 .20 *.20 .50 *.20 .50 *.20 .50
15 Algomah Mining
0
.50 Apr 17
25
.20 Jan 13
25 25
25 25
*2514 2512 *2514 251 *25
.
2512 25
25
. 14 Allons
25 22 Jan 9 3212 Jan 26
*312 4
33
4 37
.3
312 312 . 33
4 33- *3513 4
4
334 334
37 Arcadian Consolidated..
0
8May 23
25
2 Mar 10
45
*914 912 *9
914 *9
914 *9
914
9
918 *918 93
8
125 Arizona Commercial
814 Feb20 1012June 5
I
*1412 15
*1412 15
*1412 15
*1412 15
1412 1412 *1412 15
2 131ng1iam Mines
10 13 Jan 5 1614June 6
*270 275 *270 275
270 2705 271 271
8
272 279
275 280
248 Calumet & Heels
25 265 Jan 5 298 May 31
11
11
11
1118 11
11
11
1118 11
11
11
11
820 Carson Hill Gold
4
1 10 June 19 163 Mar 29
11
10
10
11
*10
12
11
11
*11
12
*912 10
45 Centennial
25
912 Jan 16 1312 Feb /
*4312 44
4312 4414 43523 45
4312 44
4312 44
44
4412
816 Copper Range Co
4May 31
26 3712 Jan 3 463
712 712
712 712
714 712
7'
738
714 714
714 738 1,450 Davis-Daly Copper
612 Jan 3
10
914 Jan 26
1012 1012 1012 1034 105 105
4
1012 103 *1012 11
8
8 103 107
8
39 East Butte Copper Mining 10 10 Mar 27 1214 Jan 26
4
238
8 *2
*2
218 23
8
23
21
/4 238 *2
23
8
238
238
220 Franklin
3 8 Apr 15
7
25
1 Apt 11
*212 3
234 234 . *212 3
212 212 *212 3
E.6 Hancock Consolidated
212 212
25
2 Jan 13
312 Mar 16
*1
112 *I
112 *1
112 *1
112 *I
112
I
1
120 Helvetia
25 .99 July 13
214 Apr 17
108 108
10814 108 108
4
1073
106 10812 10418 10612 101 10412 3,512 Island Creek Coal
1 8112 Jan 10 1165
8June 21
95
95 95
*93
95
*93
*9212 95
93
93
*92
95
Do prof
59
1 88 Feb 14 96 June 15
*23
24
*23
24
*2312 24
*2314 24
24
24
24
24
le5 Isle Royale Copper
25 221g Feb 28 263
4May 31
*33 _ _
4
*334 4
*314 4
*314 33
4 *314 4
20 Kerr Lake
314 314
5
8 Feb 6
4 8 Apr 17
7
212
212 212 *214 212
212 212 *214 212
*214 212 23
4
11 Keweenaw Copper
25
1 Feb 24
5 aMay 5
7
8 *412 434
418 5
*412 47
412 47
8
412 43
4 *412 434
80 Lake Copper Co
25
24 Feb 18
1
53
4May 31
*112 134 *112 13
4
*112
4
*112
15
13
4 *112 13
4
15
8 15
8
110 La Salle Copper
25
112 Feb 6
214 Apr 17
*178 214
17
8 17
8
2
2
*17
8 214 *13
4 214 *13
4 214
210 Mason Valley Mine
13g Jan 4
5
234May 19
318 *3
*3
312
318
314
3
3 18 *3
312
314 314
105 Mass Consolidated
25
2 Mar 24
43 Apr 13
4
412 412
45
8 47
8 *45
8 5
412 47
8 *43
4 5
438 47
8
785 Mayflower-Old Colony..
25
214 Jan20
6 May 22
Ps
114
112
118 118
*1
114
118 13
114
8
1 14
114
1,412 Michigan....
25 .75 July 10
7 Apr 13
62
63
63
62
6112 62
62
62
6118 62
62
62
27 Mohawk
25 53 Jan 7 68 June 5
12
1914 1838 191
1918 1914 *19
419
8
193
8 193 1912 1914 1912 1,523 New Cornelia Copper
a 17 Feb 21 2012June 2
*_ _ _ _
.10 *__- .15 *_ _- .15 *__- .15
Last Sale .10 July'22
New Idrla Quicksilver
a .10 July 7
21a Mar 23
*343 37
*3412 37
4
*3212 37
Last Sale 37 June'22
*343 37
4
New River Company
100 37 Jan 6 40 ,Feb 9
7712 75
7712 *75
75
*75
7712 *75
*75
7712 *75
10
Do prof
7712
100 78 Jan 7 7812 Apr 7
512 512
55
512 53
8 538
53
4
8 538
53
8 57
8
538
71 5 NipissIng Mince
538
a 5 July 8 7 Jan 4
4 1212 123
8 1212 1234 1212 123
1212 125
4 1212 123
4 125 1314 1,51 5 North Butte
8
15 11 Feb 15 15 May 29
3
3
27
8 3
3
3
*25
*212 3
8 3
3
3
50 Oilbway Mining
25
218 Jan20
Ca Apr 15
25
*247 25
8
25
243 2434 25
4
25
26
*25
25
( Old Dominion Co
5
25
25 23 Jan 4 27 Jan 28
32
*32
32
35
*33
33
*32
35
32
32
33
33
5 3 Osceola
25 3012 Jan 5 38 May 31
45
45
4434 45
44
44
45
4312 4312 *4312 45
45
21 3 Quincy
25 42 Feb20 50 May 31
46
46
*4512 47
4512 4512 *4512 47
4612 47
12 5 St Mary's Mineral Land.... 25
*45
48
411 Jan 9 4812May 31
1
*.85
1
*.85 1
..85 I
.85 .85
.90 .90
8(0 Shannon
.90 .90
10 .25 Mar 10
13
4May 18
•
.90
..90
118 4
118
118 118
118 118
118
118
*.90
2(0 South Lake
114
25 .60 Jan
411344
.290mm arar
18
*412 45
8
412 412
414
11 2 Superior
*418 478
414
312 312 *412 ..)
25
July 13
114
114 *114
112 *114 112
114 114
112
118
114 1,11 0 Superior dc Boston Copper_ 10
'138
2 Apr 15
178 2
114 2
17
8 2
4
1% 2
184 18
134 2
3,91 5 Trinity Copper Corp.
2
2 Aa r ,
7
.429 1Jtme 19 .931gm py 23
114 mianar 5
.65 .65
.65 .65 1,2(0 Toulumne Col/Per
*.65 .70
.63 .66 *.68 .70 *.62 .70
a
8 *255 27
8
8 25
25
8 238 *258 278
25
120 Utah-Apex Mining
*258 284 *258 234
5
4 Mar 22
318 3141 *3
8 318
20 Utah Consolidated
s 318 *27
*278318 *27
8 318 *27
314
1
1 Feb 21
3 2 une 13
21 .1A pr 5
PX, 1 i .
1 1 's 1/ *1/ 118 1,220 Utah Metal & Tunnel
f6
A
14
11/,1'/6 1,
16
1,
f
1
1 Feb 15
*112 2
*112 2
15 5 Victoria
112 112
*114 112 *114
*114 2
11
25
Jan 5
4 *112 13
13
8 18
4
112 13
158 138 *112 134
41 5 Winona
4
138 138
°
25
232 ja 15
28
.25 Jan 16 'Apr 8
*1110 19
Last Sale 12 July'22
*19
191n *12
1212
1212 *12
Wolverine
25 10 Feb 10 16 May 31
•md and asked prices: no sales on this day. a Ex-rights. b Ex-d1vidend and rights. x Ex
-dividend. v Ex-stock dividend.
.1.4., 118 vx,
Highest
119 Apr 133
617 Jan 79
8
78 Jan 100
_
Nov
Nov
Dec
1314 Dee 253
4Feb
1612 Nov 30 Jan
19 Aug 33 Jan
27 Nov 47 Feb
24 Nov 40 Jan
36 Nov 58 Jan
110 June 133
Jan
30
12
,50
51
50
15
.69
Dec
Dec
Apr
Nov
Oct
Apr
Nov
431
2314
75
76
75
21
78
Feb
Jan
Feb
Jan
Jan
Jan
Dec
.04 Aug
3 Jan
2 Jan
5 4 Dec
3
S12 Jan 153 Nov
8
9618 Jan 1191, Nov
74 Jan 109 Dec
78 Feb 8414 Dee
12
Jan 16 Sept
123 Dec 20 Apr
4
.15 Dec
4 Jan
.15 July
.95 Jan
.0812 Oct
118 Jan
912 July 1778 Dec
3 Oct
412 Feb
918 Oct 23 Jan
16
Jan 42 Dec
42 Nov 45 Dec
14214 Oct 16512 Dec
3 Nov
17 Jan
95 Sept
8
1914 Dec
2314 Apr
29 Nov
19 July
32 Dec
74 Dec
2 Sept
5 Nov
2 Sept
518 Dec
opt Dee
5334 Sept
5812 Oct
117 Sept
1312 Sept
11 Sept
60 June
214 Dec
4 Aug
9512 Jan
7 Jul),
1412 Dec
146
Jan
1212 Apr
3 Dec
8812 July
47 June
10 Dec
33 Sept
2214 Apr
151 1 July
167 Jan
8
6 Dec
36 Sept
S Sept
Apr
11
17 Aug
16
Oct
8 July
.35 Oct
287 Dec
6
4112 Feb
86 Mar
13 Jan
32
Jan
478 Mar
13
Jan
IS June
85 Jan
64 May
136 Nov
3518 Apr
1412 Mar
84 Apr
914 Jan
6 Aug
1123 Dec
4
1134 Dec
3014 Apr
171 Dec
Jan
14
914 May
10534 Jan
61 Feb
22 Jan
3914 Jan
2512 Dec
2412 Dec
297 Dec
s
17 Jan
75 Jan
17 Feb
2212 Apr
3312 Dec
353 Dec
4
1814 Jan
13 Dec
4
.4 Mar
.75 Mar
40 Aug 63 Dec
.15 July
.50 Apr
16 Apr 2412 Nov
118 Sept
33 Jan
4
1338 Jan
10 Apr
S Mar 14
Oct
210 Apr 280 Dec
11 Dec 1618 Jan
7 Jan 10
Jan
27 Jan 403 Dec
4
514 Mar
712 Jan
7 Aug 113 Dec
4
138 Apr
314 Jan
112 Sept
312 Jan
1 June
278 Nov
48 Jan 8812 Dec
75
Jan 9012 Dec
1614 Jan 2412 Dec
23 Mar
8
4 Sept
.98 Sept
2 Dec
2
Jan
312 Dec
114 Jan
214 Feb
114 Jan
2 Sept
.55 Apr
35s Jan
25 Aug
8
514 Jan
114 Aug
312 May
4312 Jan 59 Dec
1214 Sept 1834 Dec
.40 Nov
2 Dec
40 Feb 57 May
74 Dec 95 Mar
812 Jan
4 July
Dec
8 Mar
44
1 Aug 1212 Dec
253 )ee
,
4
3
153 Jan 352 Nov
21 Aug
3312 Aug 46 Dec
28 Jan 45 Dec
.75 Jan 1% Dec
2 Jan
.35 Nov
412 Feb
2 Sept
214 Feb
1 June
412 Nov
36
1 ,.( July
Dee
Aug
O81 ct
.
3
A ttg
Jan
.5
112 Nov
.95 Jan 2 74 Jan
.40 May
214 Feb
1.480 Mar
.35 Jan
812 July
.i3
4
[Dor,. 115.
THE CHRONICLE
424
^
Outside Stock Exchanges
Bonds-
-Transactions in bonds at Boston
Boston Bond Record.
Stock Exchange July 15 to July 21, both inclusive:
Bonds
Sales
Friday
Last 'Veers Range for
Week.
of Prices.
Sale.
Price. Low. High. Shares.
95
95
Am Agric Chem 58.._ _1928
99
99
Amer Tel & Tel 5s_ _ _ _1946
Atl G & W I SS L 5s_ _1959 61% 61% 62%
100 100
'Co Azucarera Bar 7345 1937
98% 99
1936 99
Hood Rubber 78
87
87
C Mem & Birm 5s_ _1934 87
91
91
1931
Mass Gas 4%s
Miss River Power 5s_ _1951 92% 92% 93
N E Telephone 5s_ _ _ 1952 97% 9734 97%
9635 97%
1932
5s
105 106
Punta Alegre Sugar 78_1937 106
1944 96% 964 9734
Swift & Co 5s
Warren Bros 734s_ _ _ _1937 113% 112 114
954
Western Tel& Tel 5s_ _1932 95% 94
Range sirtce Jan. 1.
High.
Low.
5,000 94%
1,000 94
11,000 47
1,000 100
32,000 9531
22,000 7935
1,000 86
7,000 88
12.000 97%
25,000 93
118,500 10435
13,000 91
45.000 97%
15,000 90
May 98
Feb 99
Mar 65
July 100
Jan 99%
Feb 88%
Jan 91%
Jan 93%
June 97%
Jan 99
July 106
Jan 97%
Feb 115%
Jan 96
Jan
July
May
July
Apr
May
June
May
July
May
July
June
May
May
Sales
,
171,60
Last Week's Range for
Week.
of Prices.
Sale.
Par. Price. Low. High. Shares.
Amer Gas& Elec 5s_ _ _2007
2007
small
do
Bell Tel of Pa 1st 7s__1945
Conzol Trac N J 1st 5s 1932
Elec & Peop tr ctfs 49_1945
1928
Equit I Gas L bs
Leh C & Nay gen 435s 1924
Lehigh Val coil tr 65.. _1928
1923
Consol 6s
Market St Eley lst 4s_1955
Co cons& coll tr 55'51
Phila
1966
Phila DIET 1st 5s
1966
small
, do
1947
534s
1941
68
small
do
1997
leading gen 4s
3nited Rys Invest 5s_1926
e.r, aa
10qn
67%
9934
10034
100%
103%
103%
8835 8834
85
85
108 108%
8135 8134
6734 68
101 101
9535 9534
103 103
100% 100%
8535 8534
88
85
99% 100
9934 10035
100 100%
103% 103%
104% 105
8734 88
8634 87
001,4
On I.,
$1,000
900
2,000
1,000
7,000
5,000
1,000
1,000
3,000
2.000
6.000
65.000
2,900
43,000
46.000
1,100
3,000
9,000
Range since Jan. 1.
High.
Low.
Jan
Jan
Feb
Jan
Jan
Jan
Jan
June
Apr
July
July
Jan
Feb
June
Jan
wog Jan
80% Jan
7134 Mar
In
81
82
107%
71
64
98
90%
100%
100%
8535
85
93
94
9935
1003/s
9 nnn
07 IL
Th
8835
88
109
84%
72
101
9535
103
10034
8534
93
100
100%
100%
104%
105
8734
87
July
July
Feb
Apr
Apr
May
July
Apr
July
July
May
July
July
July
May
July
July
Apr
no
(9 No par value.
--Record of transactions at
Chicago Stock Exchange.
Chicago Stock Exchange July 15 to July 21, both inclusive,
Baltimore Stock Exchange.-Record of transactions at compiled from official sales lists:
Sales
Friday
Baltimore Stock Exchange July 15 to July 21, both inRange since Jan. 1.
Last Week's Range for
Week.
'elusive, compiled from official sales lists:
cf Prices.
Sale.
Stocks-
Sales
Friday
Last Week's Range for
Week.
of Prices.
Sale.
Par. Price. Low. High. Shares.
StocksRange since Jan. 1.
Low.
.
High.
July
Apr 80
110 30
77% 80
100
Alabama Co
20 50 May 85% July
85% 85%
100
1st preferred
Jan 44 June
43 26
3734 38
Arundel Sand & Gravel_100
July
5 80% • Jan 105
105 105
Atlan Coast L (Conn)_ _100
May
May 60
160 46
5534
Baltimore Tube, pref _ _100 55% 62
Mar 353-1 June
5 25
3434 34%
*
Benesch (I)
Jan 25% June
36 24
25% 25%
100
Preferred
.74 May
.35 Jan
435
.50 .60
1
Celestine 011
2% Feb
Jan
1
300
1% 14
Central Teresa Sugar_ 10
Mar
4
235 Jan
100
3
3
10
Preferred
June 107 June
318 105
C & P Tel of Balt, pref_ _25 105% 105 10534
July
Mar 65
58
55
83 49
25 553
Commercial Credit
Jan 110 May
318 91
10635 107
Cons Gas,E L & Pow_ _100 107
July
July 103
338 102
100 103
102% 103
7% preferred
Jan 116% June
354 105
100 114
113% 114%
8% preferred
Jan 87 May
426 80
Coal_ _ _ _100 86% 85% 87
Donsolidation
4% Apr
4% Jan
100
4% 44,
5
Dosden & Co, pref
July
Feb 92
20 78
92
92
Elouston Oil pf tr ctfs_ _100
25 17% July 20 May
17% 17%
25
VIonon Power, pref
Jan 2135 July
20 20
21%
21%
gorfolk Ry & Light_..10O
19 72 June 78 June
76
76
50
gorthern Central
95 92% Jan 108 June
Penn Water & Power_ _100 106% 105% 106%
Jan 18 May
9
520
16
15
United Ry dc Electric_ _ _50 16
Apr
140 14% Jan 19
16
16
Wash Bait & Annan_ _ _ _50 16
Bonds
July
90
Mar
90 $35,000 83
90
Ma Cons C & I 5s_ _ _ _1933
300 90% July 90% July
90% 90%
Ma Co gen 68, small_ _1933
Ulan Coast Line (Conn)
5,000 96 June 96 June
96
96
Certificates 5-20 4s_1925
8934 8934 1,000 8035 Jan 80% July
Bait Spar P & C 434s_1953
79% 79% 5,000 70% Feb 79% July
Chicago Ry 1st 5s_ _ _ _1927
May
Dquaoi Gas gen 430_ _1954 87% 87% 87% 10.000 81% Mar 88
May
'35 89% 89% 89% 3.000 85% Jan 90
Consol G,E L & P 430
Jan 109% Apr
13,590 106
108% 109
1945
7%s
May
1931 105% 10534 105% 14.500 101% Jan 106
75
July nag July
1949 101% 100% 101% 39.000 100
6s, Series A
6.000 8535 Jan 894 Mar
Consol'n Coal ref 4%8_1964 88% 88% 89
July
Feb 90
14.000 86
1959 89% 88% 90
Refunding 55
1923 100% 100% 100% 10,000 9634 Jan wog June
Convertible 6s
1,000 9834 Mar 107 June
105 105
105
& Co 6s
Cosden
Feb
96% 96% 1,000 96% Jan 104
Davison Sulphur 6s_ _ _1927
Mar 98% May
Elkhorn Coal Corp 65_1925 0731 9734 97% 17,000 943/4 July no
Apr
98
98
2,000 98
a Refin 8s_ _ _1929
Endiahom
81% 81% 1,000 80% May 8134 July
Lexington (Ky) St 5s..1949
58
58
5,000 38% Feb 58% July
Wacon Dub & Say 55_ 1947
Apr
Jan 94
86
VIaryl'd Eiec Ry 1st 581931 933.4 9334 9334 2,000 95
May
Jan 99
99
3,000
99
1923 99
Wonon V Trac 78
60% 60% 10.000 60% July 60% J1113'
A L 1st con Os'45
3eaboard
7334 74
11,000 6634 Jan 7534 June
United Ry & Elec 45_, _1949 7334 55
Jan 58% May
56
5,000 46
1949
Income 4s
Mar 77% Apr
76
600 66
76
small....1936
Funding 58,
June
42,000 98% Apr 101
99% 100
1949 100
May
Os when issued
12.000 75.,6 Mar RA
81
81
81
Xreah unit A, Ann 5.1 _1941
•No par value.
-Record of transactions
Philadelphia Stock Exchange.
21, both
July 15 to
at Philadelphia Stock Exchange sales lists: July
inclusive, compiled from official
Sales
Friday
Last Week's Range for
Week.
of Prices.
Sale.
Par. Price. Low. High. Shares.
Stocks10 24
Alliance Insurance
American Gas of N J.. _ _100
50
American Railways
100
Preferred
* 124
American Stores
Buff & Susq, pref v t c_ _100
50
pref
Catawiasa,2d
Consol Trac of N J.. _ .. _100 52
*
Mee Storage Battery
* 25%
Erie Lighting, pref
100
General Asphalt
100
Preferred
Insurance Co of N A_ _10
100
J G Brill Co
931
Lake Superior Corp_ _ _ _100
50 7434
Lehigh Navigation
Lehigh Val Tran, pref_ _ _50 20
50
Minehill& S II
50
Pennsyl Salt Mfg
50
nia
Pennsylva
Philadelphia Co(Pitts)_ _50
50
Preferred (5%)
Pref (cumulative 6%)..50 39
25 2934
Phila Elec of Pa
25 30%
Preferred
50
Phila Germ & Nor
37%
•
Phila Insul Wire
Phila Rapid Transit.. _ _ _50 30%
Philadelphia Traction _50
50
Phila & Western
50
Reading
Tono-Beimont Devel_ _ _ _1
1
1%
Tonopah Mining
Union Trac,$1734 VI--50 3934
100
United Cos of N J
50 53
United Gas Impt
50 55
Preferred
Jersey & Sea 511.. -50 58%
West
Sons_ _ _ _100
Wm Cramp &
50
York RailwaYs
an
24
24
66
66
13
13
60
60
120% 125
50
50
41
41
52%
52
44% 4735
2534
25
68% 7334
104% 110%
38
37
42
41
9% 10
74% 7535
20
20
52
52
75
74
43% 4435
38% 3835
32
32
3834 39
29% 2934
30% 30%
121 121
3734 38
29% 31
66
68
931 9
z7435 7535
1% 1%
1%, 1
%
3935 40
200 200
5234 53
55
54
3734 3735
58%
58
2734 28
M1.4
:171,4
Range since Jan. 1.
213,
Ton
High. Shares.
9531 9534
25
American Radiator
116 116
100 116
Preferred
73
Shipbuilding_100 7134 70
American
98%
98
Armour & Co, pref_ _ _ _100 9835
15 1234 1234 1234
Armour Leather
86% 8635
100
Preferred
86
85
86
Amer Pub Serv. pref
8% 835
834
*
Fisheries, new
Booth
7
7
10
Bunte Bros
7
*
7
7
Case (J I)
20
20
100 20
1st preferred
631 654
64
Chic City & Con Ry, pref-*
634 7
Chicago Elev Ry, pref_100
235 2%
Ctf Set 2
Chicago Rys Part
Commonw'th Edison_ ..100 13031 13034 130%
6% 6%
s Co, com__ _100
Consumer
70
70
100
Preferred
7% 731
7%
Continental Motors_ _ _ _10
63
63
Pack Co, com..100
Cudahy
77
77
100
Deere & Co, pref
3% 3%
Earl Motors
*
14% 1434
corn
Godchaux Sugar,
2534 2635
Gossard, H W,pref_ _100
87
86
Great Lakes D & D_ _100
10 19% 18% 1934
Hupp Motor
52
51
100 51
Inland Steel
2 • 235
2
Libby, McNeill& Libby-10
734 8
New
10
434 434
Lindsay Light
52
46
Middle West Util,com_100 47% ;5
76
100 7534
Preferred
9634 97
Prior preferred
*
634 6%
3i1 Rebell Motor Co
116 116
(new)100
Nat'l Carbon,pref
7% 835
10
National Leather
_1
1734 174
Drpheum Circuit, Inc_
8634 8634
People's Gas Lt & Coke.100
24% 263,4
•
Pick (Albert) & Co
4035 4134
pigg wiggly St Inc "A"..8 41
100 101
Serv of No Ill, com.100 101
Pub
91
91
100 91
Preferred
175 180
100 175
uaker Oats Co
100 9834 9834 9834
Preferred
10 1334 1334 1334
Reo Motor
7834 81
tears-Roebuck, corn.. _ _100
1935 20
& Elec._ _ _50 20
3tandard Gas
4931
50 49% 49
Preferred
3tewart-Warner Sp,cm.100 4434 4334 44%
100 101% 101% 101%
3wift & Co
2034
15 1935 19
3wift International
5034 53
rhompson,J R,com_ _ _ _25 51
5634 58%
Union Carb & Carbon_ ..10 5634
735 734
United Iron Works v t 0.50
5134 5331
-100
United Light & RY
74
7474
Preferred
61
59
*
Wahl Co
Ward, Montg & Co, w1_20 224 2274 22%
7% 734
IVestern Knitting Mills *
103% 106
25 104
Wrigley Jr. corn
138% 147
10 145
Yellow Mfg
7204
7134 69
Yellow Taxi
High.
Low.
July
Jan 25
100 19
May
Jan 75
45 47
Jan 17 June
4
100
Jan 63 June
28 26
July
Jan 125
485 83
Apr
15 4735 Feb 55
July
July 41
12 41
Jan 5635 Apr
85 44
2,265 3734 Mar 4734 July
July 27 May
138 25
595 55% Jan 7334 July
Mar 11035 July
800 90
215 30
Jan 3835 June
Apr
Mar 47
150 36
634 Jan 12% May
150
359 6634 Feb 7735 Apr
120 19
Mar 25 June
Feb 52 June
120 48
July
314 6934 Jan 75
3,053 3334 Jan 4435 July
30 32% Jan 40% May
21 29% Apr 32 June
Jan 39% Mar
263 . 36
Feb 29% Apr
2,161 23
1,923 2731 Jan 30% Juno
July
Jan 121
5 115
295 • 30 May 50% Jan
5,439 1734 Jan 3531 June
Jan 6834 Apr
66 58
Jan 1034 June
5
200
310 72
Jan 81% May
4
25
1% July 115 June
Feb
2
134 Jan
675
Jan 43 May
218 34
5 177
Jan 200 June
Jan 54 June
1,611 38
July
134 38
Jan 55
50 2734 Jan 3734 Apr
July
Jan 75
20 40
Jan 29 June
9
480
2Q1
Par. Price. Low.
.271z 1,1,1,
Low.
High. -101
Jan 102 May
50 83
July
July 116
40 116
Mar
320 60 June 96
Jan 9834 July
1,070 91
Feb 1235 Feb
458 12
Mar 10234 May
300 83
July
July 86
100 85
836 June
Jan
5
150
Jan
9
634 May
300
9 June
Jan
3
125
July 29% Mar
40 20
935 Feb
4% Jan
435
13-5 Jan 12 May
385
Mar
6
I% Jan
210
406 11434 Feb 13234 Apr
9 May
Feb
5
30
100 59% Feb 7534 June
Apr
9
Feb
5
400
Feb
Jan 68
25 55
Feb 79% June
25 60
Jan
6
235 Jan
1,859
Mar
Feb 18
50 10
2534 May 2834 May
550
Feb
100 8135 Jan 106
3,375 1034 Jan 2154 May
4835 Mar 5834 May
175
735 Feb
2 June
841
8% July
73-f July
825
Mar
6
Mar
3%
50
Jan 5331 May
2,305 27
May
Jan 77
551 53
Apr
Jan 99
227 82
734 June
334 Feb
250
July
25 11234 Feb 116
7% July 11% Jan
2,383
May
100 12% Jan 21
175 6234 Jan 87% May
Jan 28% Apr
3,850 19
1,530 2334 Mar 54% May
Mar
312 80% Jan 101
50 8834 Jan 98% June
Apr
Jan 180
205 143
25 9334 Mar 9834 July
1,240 134 July 28% July
July
225 5935 Feb 81
Jan 207-4 June
395 13
Jan 49% July
645 42
Jan 4534 May
12,810 24
1,545 91% Jan 10834 Feb
Apr 2334 Feb
8,477 17
Jan 53
July
6,325 40
Jan 59% Mar
5,815 43
Jan
6
93-4 Feb
125
Jan 69% May
375 29
Mar 8135 May
205 70
Jan 7134 Apr
2,260 50
1,165 1234 Jan 24% May
Jan 1034 May
5
100
Mar 11035 Feb
3,575 97
Feb
Mar 246
5,605 132
8,570 5734 Jan 82% Mar
Bonds1,000
105 105
1930
krmour & Co 7s
15,000
99% 100
3eaver Prod,Ist ref 7358'42 100
3,000
78
78
3h1cago City Ry 5s......1927
7935 3,000
79
1927
Dhicago Rys 5s
1927 4635 4635 4634 2,000
4s, Series"B"
9834 984 13.000
'iommonw Edison 5s....1943
8734 8735 2,000
';'udally Pack 1st M g 56'46
97% 12,000
Iwift & Co 1st s f g 5s_1944 9635 9674 99
1.000
99
& Co 1st 6s_ _ _1941
Mann
* No par value.
9634
99%
67
67
33
9335
8736
9054
8935
Apr 105
July 100
Jan 84
Jan 8434
Jan 52%
Jan 98%
Mar 8834
Feb 97%
Mar 99
July
July
Apr
Apr
May
July
Feb
July
July
-This week's record on the
Pittsburgh Stock Exchange.
Pittsburgh Stock Exchange will be found on page 408.
-Official transactions in the
New York Curb Market.
York Curb Market from July 15 to July 21, inclusive:
New
Sales
Friday
Last Week's Range for
Week.
of Prices.
Sale.
Par. Price. Low. High. Shares.
Week ending July 21.
Stocks-
Range since Jan. 1.
Low.
High.
Industrial & Miscell.
131 Apr
29,400 90c Mar
1
90c
1
Acme Coal Mining
9,000 200 Mar
74 Mar
43c 49c
10 48c
Acme Packing
July 12 June
1,000 10
11
10
Allied Packers, new
3
July
7
Jan
100
3
3
,.
Certificates
Jan 25 June
400 15
21% 22
Aluminum Mfrs, corn.......• 22
731 Feb 14% Apr
800
9% 10%
10
Amalgam Leather, com__*
Mar 43 May
100 33
35% 35%
100
Preferred
July
1
234 may
1,200
135
1
Amer Drug Stores class A.._ -4,000 4434 June 5035 June
45
47%
Amer Metal Co Ltd wl__-*
July
700 10334 June 108
106% 107%
100
w1
Preferred
Feb
3
534 May
500
3% 3%
Amer Writ Paper, cora _100
2 June
3 June
2% 2% 1,000
235
Atlantic Fruit when issued*
lc
Jan 15c July
485
15c 15c
*
Bethlehem Motors
Feb 110
25 94
Apr
10634 10635
Borden Co,common_..A00
17% 1935 8,300 1251 Feb 19% July
-Amer Tob ord bear_ £1
Brit
2,800 1231 June 19
July
17% 19
£1
Ordinary
434 Jan
1,460
835 8%
9% May
835
10
Brooklyn City R.R
*
14 135 3,300 45.3 Jan
4 Apr
21
6
1V
Buddy-Buds,Inc
800 500 July
1% May
53c 70c
70c
Car Lighting & Power...25
JULY 221922.]
Stocks (Continued)
TitlE
Friday
Sales
Last Week's Range for
Week.
Sale.
of Prices.
High. Shares.
Price. Low.
'Celluloid Co, corn
100 94%
Preferred
100
Cent States Elec, com _100
Cent Teresa Sugar, corn _10
Preferred
10
Chicago Nipple Mfg cl A 10
5%
Class B
10
4%
Cities Service corn
100 206
Preferred
100 67
Preferred B
10
6%
Cities Serv Bankers' sh__. 2034
Cleveland Automobile_ _ _* 29
Colombian Emerald Synd_ 65e
'Colombian Syndicate
3%
Comm'l Solvents Corp clA* 44%
Class B stock
'Conley Tin Foil
Continental Motors_ _ _ _10
Cuban-DOmtnican Bug w 1 •
Daniels Motor common_ _* 12
Denver & Rio Gr, pref_100 55c
Dublier Condenser& Radio*
834
Durant Motors, Inc
•
Durant Motors of Ind_10 14%
Federal Tel & Tel
5
Firestone Tire& Rub,p1100
Gibson-Howell Co, corn _10 19
'Gillette Safety Razor._ _ _• 225
Glen Alden Coal
55%
Goldwyn Pictures
•
734
Goodyear T & H com_ _100 11%
Preferred
100
-Grant Motor Car
10 99e
• Griffith(D W)Co,Cl A *
Hayes Wheel w i
31%
Heyden Chemical
1
Hudson Cos, prof
100
Hudson& Man RR,corn 100 13
Imp Tob of Gt B & Ire__ £1
Inland Steel
25 51%
Intercontinental Rubb_100
Internat Carbon, w
11
Lehigh Power Sec
16%
Lehigh Valley Coal Sales 50
Libby, McNeil & Libby _10
Lima Locomotive, new.. _ _* 52%
Lincoln Motor Class A__50
Locomobile Co
50c
Mercer Motors
•
374
Voting trust ctfs
Moon Motor Car
• 11%
Morris (Philip) Co, Ltd_ 10 19%
National Loather, new _10
_
8
New Mex,& Ariz Land_ _
N Y Tel 6%% pf w L._ loo10714
Packard Motor Car corn_ 10
Peerless Trk & Mot Corp 50 594
Pub Say Corp of NJ p1100 103
Pyrene Manufacturing_ _10
974
.a
Radio Corp of America.
4%
Preferred
5
34
Reo Motor Car
10 26%
Repettl, Inc
650
Republic Rubber
Saguenay Pulp & Paper_ _5
Southern Coal & Iron_ __ _ 5 42c
Swift International
15 19%
Tenn Elec Pow, corn w 1_* 13
2d prof, w 1
Tenn Ry,L & P corn_ _ _100
234
Tob Prod Exports
Todd Shipyards Corp_ __ _*
United Prof Sharing new_l
651
Un Retail Stores Candy_
634
S Light & Heat corn_ _10
Preferred
10
U S Ship Corp
10
U S Steamship
10
7c
Wayne Coal
1%
5
West End Chemical
1 540
Willys Corp, 1st prof.. _100 30
Youngstown Sheet& Tube*
Rights
Lima Locomotive w 1
Former Standard 011
Subsidiaries
Anglo-American 011____ £1
Buckeye Pipe Line
.50
Eureka Pipe Line
100
Galena-Signal 011 corn 100
Illinois Pipe Line
100
Indiana Pipe Line
50
Northern Pipe Line_ _ _ _100
Ohio Oil
25
Penn-Mex Fuel
25
Prairie Pipe Line
100
South Penn Oil
100
Southern Pipe Line_
100
SouthwestPa Pipe Lines 100
Standard 011 (Ind)
25
Stand Oil (Ky) new w 1.100
Stand Oil of N Y
100
Vacuum Oil
100
93% 94%
95
95
6% 674
2% 2%
3
3
5% 6
3% 5%
204 213
67
67%
6
6%
20% 20%
23% 30%
65c 700
2% 3%
44% 44%
4051 40%
13
14%,
7% 7%
8% 9%
12
13%
55c 60c
8% 9
39
39%
13% 14%
5% 5%
38
88
18% 19%
222 225
54
56%
7
8
11% 11%
32% 33%
81c
1
4% 4%
30% 32%
1
154
16% 19
11% 13%
1451 14%
50% 50%
5% 6%
10% 11%
16% 16%
77% 78
2% 2%
52% 54
2% 2%
500 50c
3
3%
2% 3%
10
12%
18
20
7% 811
2% 2%
107% 108%
14% 15
52% 57%
103 10351
8% 9%
4% 5
3% 3%
26% 27%
65e 650
55e 5,50
1% 1%
300 44e
19% 19%
14
13
39
38
2% 2%
7% 731
68% 70%
6% 6%
651 6%
1% 1%
1% 1%
50
(30
Sc
70
1% 1%
54e 570
2651 30
64% 64%
3
474
40
10
100
100
200
7,200
3,700
3,363
3,400
200
4,300
700
4,100
7,4C0
1,800
100
400
1,000
1,500
4,800
1,300
5,500
2,700
1,200
200
50
1,600
1,024
1,500
13,100
600
300
1,200
600
6,800
4,900
900
2,500
400
260
4,400
700
900
30
100
4,500
100
1.000
1,900
3,400
5,100
3,500
1,300
100
2,012
2,100
1,000
6C0
1,100
24,900
11,500
1,300
1,300
700
100
35,900
500
1,800
601
206
1,100
185
2,600
3,800
8,800
900
2,000
3,000
9,900
1,300
1,700
100
1,800
Range since Jan. 1.
Low.
134
2
July
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Feb
Jan
Jan
Jan
Apr
Jan
Jan
Other 011 Stocks
Aetna Cons 011
1
151
13,4 1% 1,100
June
11,100
Aleon 011 Corp
2% Apr
1434 12% 15
3.000
40
Allied Oil
4c
3c
2c
Jan
1
1,000
20
Amalgamated Royalty...20
20 Apr
20
9% 10% 1,000
Arkansas Nat Gas, com_10
8% Feb
1.7(0
Atlantic Lobos Oil com . 934
8
934 9%
Jan
8,0(0
Boone 011
80 May
120 130
5 120
Boston-Wyoming 011_ __ _1 78e
78e 86c 100,800 570 Mar
Brit Amer 011 Ltd
200 29
Jan
25 30% 30% 31
British Con Oil Field
100
21 July
2% 234
4
Carib Syndicate
7%
3% Jan
V% 11,600
Columbia Petroleum
1 June
11
4 1%6 1,100
1%6
Consolidated Royalties_ _ _ 101
1% Feb
14 1%
100
Continental Refining-11%6 11%6
1% Feb
-Cosden & Co,old corn_ _5
100
7% Apr
8
8
Old preferred
200
4
4% 4%
Mar
5
4,1
Creole Syndicate
2%
2% 2% 2,600
1% Jae
5
Cushing Petroleum Corp_5
7,000
30
5c
30
Jan
Dominion Oil of Texas_ _10
300
8
9
934
Feb
9
Duquesne 011
200
4% 451
2% Jan
Engineers Petrol Co
200 34c 83,000 200 July
I 320
Equity Petrol Corp, pref.. 14
900 12% June
14
14
Federal 011
1
1416 16,500
1?16
5
Jan
Fensland Oil
9
Mar
• 15% 15% 16% 2,000
Gilliland Oil, eons
4% 5% 1,200
5)4
•
3% June
Glenrock Oil
10
1%
1)4
1%6 25,100 830 Feb
Granada 011 Corp cl A..10
1,300
2 June
2
2
Gulf Oil
20 460
460 460
July
Hudson Oil
I 240
200 250 81,000
70
Jan
Imperial on (Canada)
109 111%
765 97% Mar
coup 110
Internet Petrol
• 21% 21
22% 26,800 14
Mar
Keystone Ranger Devel 1 55c
45c 620 28.600 400 July
Kirby Petroleum
•
5
1,100
5
5%
5%
July
Lance Creek Royalties.._1
30
3c
3c June
7,000
PA
High.
Friday
Sales
Last Week's Range for
Other 011
Sale.
of Prices.
Week.
Stocks (Concluded) Par. Price. Low. High. Shares.
425
Range since Jan. 1.
Low.
High.
107 May Livingston Petrol
•
1
1% 11,200
1
July
1% Mar
May Lyons Petroleum
111
74c
74c 78c
11,900 580
Jan
I% June
Mar Magna Oil & Ref_
16
1
750
1
1,300 500 Apr
1% Jan
33,4 Feb
Maracaibo Oil Explor_
•
18% 19
2,700 18
July 27% Mar
Feb Marine 011
4
1
1% 14
151
500
1
Feb
2
May
July
Marland 011
7
636
6% 7% 4,800
1
Jan
10
June
Marland Refining
5% July
5
2
100
436 4%
Jan
4% June
Meridian petroleum.
May
242
.._10
5c 23,000
30
4c
20 July
200 Mar
72 June Merritt Oil Corn
9%,
9% 9% 2,800
10
874 Jan 14% May
634 June Mexican Panne° 011_ _10
51c 51c
100 59c July
2% May
Mexico 011 Corn
244 Ant
115
4
4 251 27,500
10
19
151 Jan
4% Mar
35 June Mountain Producers_
10 14% 14% 14%
3,600
9% Jan 18% May
134 May Mutual Oil
951
9
9% 34,600
5% Jan
12 June
New England Fuel Oil_
July
334
59 A
53
60
10,500 40
May 60
July
4551 June New York Oil
20
20
28
2,100 11% Mar 38
June
Noble Oil & Gas
4034 July
1 21c
210 220 11,000 130
Jan 350 Mar
Mar
Preferred
15
1
65c 65c
100 36e Mar 90c Mar
934 May
Noco Petroleum corn...100
3% 334
80G
1% Apr
334
5
Mar
1274 May North American 011
5
2% 2% 4,100
1% Apr
3% June
1434 June Northwest 011
1
260 260
5,000 150
Jan 35c May
750 Apr Ohio Ranger
4c
Sc
40 July 12c Mar
3,000
934 May Omar Oil & Gas
it
1% 21
10
4 40.3(0 670 Mar
3
June
4034 June Pennock 011
10
6% 6% 2,100
4% Jan
7% June
1634 Apr Red Bank Oil
13e
120 17e 28,000 13c July 35c
Jan
Apr Red Rock Oil & Gas
73.4
1 25c
25c 50c
2,200 25c July
151 Apr
July Ryan Consol
88
•
514
3,860
5% 7
434 Feb
8% June
1934 July Salt Creek Consol 011
11% x11% 12%
500 10
Apr
15
July Salt Creek Producers__ _10 15% 15% 15% 3.000 12% Jan 20% May
225
May
5634 July Sapulpa Refining
331
2% Feb
334 4
9,300
5 June
934 May Shell Union 011, pref w 1
96
96
600 95% May 97% May
1534 May Simms Petroleum
•
8
854
8% 10,000 8% June 12% Jan
40 June Sinclair Central
6
6
1% Mar 12
100
Apr
1% June Skelly 011_
9%, 10% 58,000
10 10
474 Mar 17% June
754 Jan South Petrol &
101 140 36,000 10c July
11c
_
5
Jan
3274 July Southern States Cons Corp
19c
18c
2,000 18c July
35c
Jan
Jan Southern States 011
151
13% 12% 13% 14,200 124 June 14% July
21
May Southwest011
3c
3c
lc Feb
1,000
30
Apr
15% May Spencer Petrol Corp____10
6
4% 6
5,900 750 Feb
6
July
1474 July Stanton Oil
5 25e
20e 300
4,000
3c
Jan 400 June
53 May Texan 011 & Land
1 74e
650 850 106,400 400
Jan
1
May
1134 Feb Tidal Osage Oil
• 13% 13% 13%
210 10
Jan 14% June
Non-voting stock
1374 July
13 . 1,300 10
12
Apr 14
May
1834 May Turman Oil
1%
1
15
4 9,660
1
1
July
11% Apr
6
82 June
Wilcox Oil& Gas
5
5% 6% 42,900
2% Jan
7
July
751 Mar Woodburn Oil Corp
600 680
2,900 60c
Jan
1
Feb
July "Y" Oil & Gas
54
130 14c
9,000 130 July 380
Jan
8% Jan
Jan
69c
Mining Stocks.
May Alaska Brit-Col Metals.
574
.10
251
2% 3
1% Jan
3,700
5% May
4% May Amer Com M & M
4c
50
31%
7,000
10c Apr
1254 July American Explorations
1
2
174 2% 4,100
JulyMay
3% Apr
2274 June Beaver Consol
300
36c 30c
1,000 30c Apr 39c Apr
1174 Jan Belcher Extension
10c
3c
3c
2c Mar
1,C00
7c May
351 May Big Ledge Copper Co.. _.5
9c
8c 13c 91,000
8o730
290
Jan
10874 July Boston & Montana Corp 25 81c
75e 850 24,400
July
5
Jan
1634 June Boston & Montana Dev_ .5 150
14c 170 47,500 130 July 94c
Jan
574 July Calumet & Jerome Copp_l 220
22c 220
Jan 30c Feb
1,000 13c
10734 June Canada Copper Co
5 20c
20c 30c 41,000
9r
Mar 650 Apr
1414 May
Canario Copper
3
234
1% July
2,700
33/i
3% July
Candelaria Silver
674 Apr
1 34c
34c 350 54,C00 19e
Jan
35c May
351 May Cash Boy Consol
1
6c
60
2,000
4c Feb
70 Jul?
29
July Combination Fraction
lc
lc
lc July
1,000
2c Apr
151 Mar Consol Arizona
30
3e
2c
2,C00
Jan 100 Apr
1
May Consol Cooper Mines.
....5 50c
46c 50c 12,600 200 July
2% Apr
3
Jan Cons Nevada-Utah
7c
7c
2c Feb
1,000
90 May
Jan Copper Canyon
80c
8Gc 900
200 80c May
1
Mar
2312 Feb Copper Range
43
43
10 43
July 43
July
1474 June Cortez Sliver
1
1%
6
1
13.6 14,400 840
Jan
11 June
4
4074 June Cresson Con Gold M & M_ I
2%
24 274 3,800 210 June
1%
Jan
3
3% June Divide Extension
1
13c 14e
5,000
210
Jan
10% May Dolores Esperanza
5
174 2% 9,600 82c Feb
234 MaY
8074 Feb East Butte
11
11
July 11
July
100 11
9
May El Salvador Silver Mines.1
40
Sc
2c Mar
5,000
Sc Mar
874 May Emma Silver_
1
lc
lc
lc 74,000
lc Mar
40 Mar
2.4, Apr Eureka Croesus
35c
28c 37c 238,700 18e
Jan 37c June
13.4 Apr Florence Silver
320 • 26c 33e
5,000 15c Feb 35c July
110
Jan Gadsden Copper
90c
90c 90e
1.38 Apr
100 59c Mar
150
Jan Galena Mining
200
200 25c
8,000 20c June 37c May
23.4 May Golden Cycle Min & Red.. 90c
90c 90c
24
100 80c Mar 90c July
Jan Golden State Mining
870
430
420 43c
4,300 240 May 45c June
31
July Goldfield Consol Mines _10
Sc
60
7c
3
3: Jan 12c Apr
u
8,000
May Goldfield Development...
72
9c
Sc 10c 95,500
10c July
Goldfield Oro Mining
lc
40 July
lc June
lc
6,000
Gold Zone Divide
1
7c May 15c Apr
Sc
9c
7,000
4% July Hard Shell Mining
1 15c
12c 15c 24,000 12e
Jan 480 Mar
Harmill Divide
10c
18,3 May
7% June
Sc
4
9c 11,000
Hecht Mining
25c
6%
6% Feb
Jan
61,4 634 2,300
Hilltop-Nevada Mining...
1% July
1% 94c
Jan
13/i 41,900 75c June
25 June IIollinger Cons G Mining.5
9% May
9%
7%
800
934 9%
100
Apr Howe Sound Co
1
2% Jan
3% May
2% 334 2.300
103% May Hull Copper
0c
3,000 300 Jan 33c Mar
300 30c
62 May Independence Lead Mm.. 30c
50c
76o May
45c 57c 74,500
198
Apr Iron Blossom
Jan
3.000 16c Mar 32c
26c 31c
Mar Jerome Verde Devel- 10c
106
1
2% Jan
3%
5
Feb
3% 2,400
334
110
May Jumbo Extension
1
20 Jan
60 May
3,000
4c
30
May Kerr Lake
332
3
3% 3%
Mar
5
4% Apr
100
44% July
Knox Divide
30 Jan
10c
Sc Mar
6.000
4c
3c
270 June La Rose Consol
Mines__ _5
1,000 250 Jan 63c Mar
300 30c
249 June Lone Star Consol
lc
Jan 100 July
1
Sc
Sc 10c 406.000
104
May McNamara Mining
Sc
Jan 14c Mar
1
1,000
6c
60
60
66
Feb Magma Copper
5
500 26% Jan 32% Feb
2734 2874
124% May Marsh Mining
4c
Jan 310 May
) 16c
150 17c 16,000
108 Juno Mason Valley Mines
1% Jan
2
1% 234k 4,600
3% May
443 June McKinley-Darragh-S
av _1
Sc June 40c Apr
2,000
22c 220
450 June Moungton Mines
10c
13c 12,000 10c May 16c June
10c
Motherlode Coalition...,
6% Jan
10% May
10%
93.4 1051 24,760
National Tin Corp
um 430
35c 460 143,000 27e Mar 67c May
1% June Nevada Onhir
200
18c 240 28,000 180 July 52c Mar
15
July Nevada Silver
2c M Jan
70
7,000
Sc
140 May
70
5e July New DominionHills_______
Copper_ _ _ _
2
Jan
2% Jan
23/i 2% 3,510
6c
Apr New Jersey Zinc
June 14734 Mar
1(0 141
100
143 143
13
Apr Nipissing Mines
5% July
5
6% Mar
53-4
534 5% 3,600
12% May Nixon Nevada
20 July 180 Mar
3,000
3c • 3c
290
Jan
North Butte
160 11% Feb 15% May
12
12
990 June Ohio Copper
7c Mar 14c
10 10c
9c 100 13.000
Apr
35 June Park Utah Mining
53c31
1,200
5% July
534 53.4
2% June Peterson Lake
Mar
2.000
7c July
70
70
70
9% June Pitts & Mt Shasta
1 23e
Jan
21c 23e 14,000 21c June 29c
251 Mar Ray Hercules Inc
1
8,400
Feb
2
1%
June
1% 2
1% May Red Hills Florence
lc July
2c
lc 30,000
Jan
lc
4
Mar Rex Consolidated
50 Jan
12o May
90 11,000
9c
80
9 June Sheldon Mining Min__ _1
1% May
1,206
1% June
4 13/i
15
5
Feb Silver Dale
20
Mining
Jan 50c June
1,000
Mc 35e
3% Apr Silver King Consol
1,000
Mar 550 June
1
350 350
12c Mar Silver Pick Consol
5a
3
4,060 3 0 Ja
Jan 23c Mar
110
100 120
11
Apr South Amer Gold &
43,4 • 4% 4
40 May
1 % A pr
500
Plat _1
5% Jan
451 June Spearhead
2,000
Ilc June
lc
Ic
720
Jan Standard Silver Lead.,
Jan 24c May
1,000 10c
_ _ I 190
190 190
14% June Stewart Mining
2e
9,000
Jan
16c Apr
8c
80
1
6c
2%6 May Success Mining
lc Mar 32e July
1 300
220 320 164,000
19% June Superior & Boston
1
July
300
1% May
Corp
134
1
1%
9% Apr Teck Hughes
Jan 62c Apr
5,800 200
61c
50c 61c
1% June
ronopah Belmont Dev._..1
1% June
13,4 Jan
4 2,000
4 1,1
19
3% Apr
ronopah Divide
6,900 46e Mar 87c June
1 76c
750 78c
400
May Tonopah Extension
1%6 Feb
1% June
800
,
1,1
4
134 1 3.46
500 Mar Tonopah Mining
6
1IN June
660 .1% Jan
1
1% 1%
127% May Trinity Copper
1% July
3
300
Jan
1% 2
27% May Tuolumne Copper
3,700 45c Mar
I
May
600 68c
1 670
1%. Jan United Eastern
m
1% Apr
2% Jan
7,900
I1f
6
Mining- -1
26% Feb United Verde Exten___5
Mar 30% Jan
200 27
2734 2734
00
100 Jan United Zinc & Smelt
100 750 June
1
1% May
1
90 June
July
95
63-4 July
151 Jan
July
3
134 Apr
134 May
158
Jan
Jan
51
434 Jan
Jan
17
Jan
20
Apr
50c
146 June
4434 June
3834 June
Feb
10
53,4 Feb
8
May
1074 May
Jan
38c
774 June
2274 Jan
834 Jan
534 Mar
July
88
1534 Jan
169
Jan
Jan
42
Jan
4
914 Jan
Jan
24
50c Feb
351 June
28 June
800 Feb
711 Fob
334 Feb
1034 Jan
49
Mar
574 July
1074 June
1534 June
66
Feb
2% June
5134 July
750 Feb
40c
Jan
Apr
2
Feb
10 June
5% Jan
734 July
134 Feb
10774 July
54 Feb
3334 Feb
99
Mar
834 July
234 Jan
2
Jan
1834 Jan
20c Feb
20c Feb
134 Jan
30(3 July
1734 Apr
10 June
36 June
1
Feb
3
Jan
6834 July
5
Mar
434 Jan
750
Jan
96c Feb
4c mar
40 June
850 Mar
540 June
6
Mar
6474 July
18% 19% 3,800 16%
60 84%
93
93
15 79%
89
89
52
650 40
52
56
25 161
164
164 165
89
89
325 84
91
10 90
98
98
10 257
283 283
500 17
36
35
37
120 224
245 243
530 173
210
200 220
93
120 77
93
63
150 52
63
62
107% 107 109% 84,900 83%
2,100 76
9354 92% 95
290 341
419 425
420
10 299
415 415
1834
CilltONICLE
274
THE CHRONICLE
426
Sales
Friday
Last ll'eek's Range for
Week.
of Prices.
Sale.
Par. Price. Lew. High. Shares.
Mining (Concluded)
Unity Gold Mines
5
Volcano Mining
West 1)ome Consol
West End Consol
White Caps Mining _10c
Wilbert Mining
1
Yerrington Consol
Bonds
.killed Pack cony deb Os '39
Certificates of deposit__
Allied Pack 8s Ser 13 w 1 '39
aluminum Mire 78_ _ _1925
1933
78
Amer Cotton Oil 68_ ._1924
Amer Light &'Frac 6s..1925
Without warrants
Amer Tel & Tel 6s__ __1022
Os
1924
Anaconda Cop Min 7s 1929
6% notes Series A._1929
Anglo-Amer 0117 aas_ _1925
Armour & Co 7% notes1930
AU Gulf & W I SS L 5s 1959
Baragua Sugar 7%s- -1939
Beaver Board 8s ctfs of
deposit
1923
Bethlehem Steel 7s_ _ _1923
Equipment 78
1935
Bklyn Union Gas 7s w I '32
Cony 7s
1929
6s w 1
1947
Canada SS Lines 7s w 11947
Canadian Nat Rys 7s..1935
w1
1925
Canadian Pat Ry 65_ _1924
Central Steel 8s
1941
Charcoal Iron of Am 88 '31
Chic Un Stat 5s Ser B.1063
Col Graphophone 8s...1925
Certificates of deposit ___
Com'wealth Pow Corp6s'47
Cons GEL&P Balt 78'31
6s Ser A w 1
1949
Consol Textile Ss
1941
Copper Export Assn 8a '23
8% notes__ _Feb 15 1924
8% notes__ _Feb 15 1925
Cuban Tel 1st 7%s_1941
Cudahy Packing 7s __ _1923
Deere & Co 7%s
1931
Empire Gas at Fuel 63.1924
Fed Land Bk 4a5s w 1_1942
Freeport Texas Co 78_1937
(lair (Robert) Co 7s_ _1937
Galena-Signal 011 7s 1930
General Asphalt le__ _1930
Goodrich (B F) Co 75_1925
Grand Trunk Ry 6340_1936
Gulf Oil Corp 78
193a
65
1923
Hood Rubber 7% notes '36
Humble Oil & Ref 78_ _1923
lnterb R T 8s J P M rects
Certificates of deposit
7% notes
192,1
Kansas Gas & Etas w 11925
Kennecott Copper 7s..1930
Laclede Gas Light 7s
LibbyMcNeill&Libby7s'31
Liggett-Winchester 78_1942
Magma Copper 78w 1_1932
Manitoba Power 7s _ _ _1941
Merch & Mfrs Ex 75_ _1942
Morris & Co 7%s
1930
Nat Acme Co 7a5s__ _1931
National Leather 8s 1925
N TN & Hartf 4s_ _1922
500 franc bonds
7s w 1
1925
500 franc bonds
North Par Ily 5s Ser C 2047
India Electric 6s
1941
1947
5%8 w 1
Phillips Petrol 7%s __ _1931
Without warrants
Procter A: Gamble 7s_ _1923
Public Serv Corp 7s w 11941
Sears, Roebuck & Co 78 '22
7% serial notes Oct 15'23
Shawsheen Mills 78_ _ _1931
Solvay & Cie 8s
1927
Southw Bell Telep 7s_1925
Stand Oil of NY deb 6%8'33
7% serial gold deb _1925
7% serial gold deb_.1026
7% serial gold deb_ _1927
7% serial gold deb_ _1928
7% serial gold deb_ _1929
7% serial gold (leb_ _ 1930
7% serial gold deb_ _ 1931
Stewart Warner Ss_ _ _ _ 1926
Sun Co 78
1931
Swift & Co 7s
1925
7s
Aug 15 1931
Texas Co 7% notes__ _1923
Union 011 of Cal 6s__ _1912
United Oil Produc Ss_ _1931
United Rys of Hay 7%8'36
Utah Securities 6s_ _..1922
Vacuum Oil 7s
1936
Valvoline 0116s Ser A wi_'37
Western Elec cony 75.1925
Winch Repeat Arms735s'41
Foreign Government
and Municipalities.
Argentine Nation 78_ _1923
Brazil(US0f)Coffee735s'52
7358 ae1,000) w __ _1952
7 As(£500) w 1
1052
§ Bremen 4%8
French Government 4s 1943
1931
Victory as
1945
Mexico 48
3s
Montevideo (City) 7s w 1'52
Netheriands(Kingd)6sB'72
Peru (Rep of) Ss w L _1932
Russian Govt6%s_ _ __1919
Certificates
1921
6%sSerbs, Croats and Slovenes
(Kingdom of) 8s w 1_1926
Switzerland Govt 535s 1929
4
12c
134
7c
10c
95%
99%
101%
105%
100
33%
105%
101%
983/
104%
106%
127
98
105%
10315
105%
104
100%
98%
90%
96
105%
100
99%
101
108%
95
99%
105%
97
98%
87%
100%
Low.
May
July
June
Feb
Feb
Jan
Apr
9c
15c
5c
Feb
Mar
Apr
Mar
Apr
July
May
$6,000
11,000
20,000
57,000
10,000
38,000
4,000
10,000
17,000
8,000
81,000
87,000
35,000
42,000
4,000
10,000
59
50%
70
100%
102%
93
96
100
99%
99%
100%
963
4
1023
s
101%
573%
100
Jan
Jan
Feb
Jan
Feb
Feb
Jan
May
Jan
Jan
Jan
Jan
Jan
Jan
Apr
July
90
65
99%
104
106
99%
107%
100%
101
1017
8
104%
101%
104%
105
6631
100
Apr
May
May
June
Apr
July
May
June
Mar
Apr
June
July
July
July
May
July
83%
6435
9511
103%
105%
99%
106%
100%
100%
101%
103%
101%
104%
105
62
100
6,000
76
75
10415 104% 84,000
102% 103% 67,000
107% 109% 459,000
8,000
110% 110%
104 104% 21,000
9535 51,000
94
15,000
108 108
99% 99% 69,000
101% 101% 22,000
105% 105% 37,000
3,000
94
9'
38,000
99% 100
2,000
40
40
2,000
33% 34
4,000
SS
88
105% 105% 20,000
100% 101% 69,000
98% 99% 19,000
10155 101% 13,000
4,000
102% 102%
104% 104% 17,000
105% 106% 30,000
11,000
101% 102
44,00(5
101% 102.
100% 100% 11,000
61,000
127 138
30,000
9711 98
10551 105% 15,000
2,000
105 105
103% 103% 67,000
105 105% 17,000
104 104% 25,000
100% 101% 5,000
33.000
98% 99
10011 100% 17,000
80,000
91
90
28,000
8911 90
9,000
973 99
,a
9515 96
9,000
105 105% 57,000
100 100% 66,000
99
99% 55,000
100% 101% 21.000
107% 103% 42,000
95% 96
31,000
99% 100
10,000
105% 105% 12,000
9611 97
18,000
98% 99
10,000
1013-4 101% 12,000
7411 74% 100,000
87% 88
80,000
74% 75 120,000
97% 98 395,000
103% 10311 17,000
99% 100% 40,000
61
May
10031 Jan
10031 Jan
105% May
109
June
104
June
94
July
104% Feb
98% June
99% Jan
38
Feb
92% Mar
99% June
22% Jan
31
Apr
88
July
102% Jan
99% June
94
Feb
101
Jan
102
May
103% Feb
10235 Jan
100% Jan
05
Feb
92% May
100
May
100% Apr
95
Feb
100% Jan
102
Jan
96% Jan
102
Jan
102% Jan
97% Jan
95
Jan
99% Jan
72
Jan
89% July
76
Jan
95 June
101% Jan
94% Feb
98% Apr
98% Mar
109
May
89
Jan
99% J line
102% Jan
92
Mar
95% Jan
68% Jan
72% Apr
77
Mar
64% Mar
97% July
100% Jan
99 June
102
101%
103
10035
101%
104%
106%
102%
1093a
105%
106%
106%
106%
107%
107%
110
110%
101
102%
103
101%
101
104
105
100
107%
99
108%
102
3,000
11,000
129,000
13,000
57,000
21,000
24,000
30,1)00
61,000
10,000
7,000
16,000
9,000
8,000
6,000
17,000
51,000
23,000
36,000
19,000
16,000
38,000
32,000
31,900
3,000
22,000
10,000
60,000
10,000
100
100
84% 84%
84%
85%
2%
2%
51
63
40W 39%
12
12
96% 96%
96
96
100% 100
16%
15%
15%
15%
15%
100%
85%
85
85%
2%
52%
63
41%
12
96%
96%
100%
15%
15%
16
$76,000 97
59,000 84%
6,000 84%
1,000 8531
30,000
2%
25,000 46
90,000 62
366,000 38
10,000 12
30,000 96%
139,000 96
3,000 100%
4,000 13%
2,000 13%
7,000 1335
102%
109%
106%
107%
110
110%
102%
103
101
100%
10331
105
107%
102
5%
2%
330
lie
70c
3c
lc
2c
1013-4
101%
101%
100%
101%
103%
105%
102%
108%
105
105%
105%
106%
106%
107%
109
108%
100%
101%
102%
101
100%
103
104%
100
107%
99
10831
102
101%
102%
100%
101,5
High.
1,600
3% 4
37c
5,000
36c
13c 15,000
12c
6,6(0
11
4
70
2,000
7c
15c 169,000
7c
30
2,000
3c
82%
63% 63%
95% 05%
103% 103%
10535
99%
9934
10631
100%
100%
101% 101%
10311 103%
101
100%
101% 103%
104% 104%
61% 62
100
104%
103%
10911
110%
Range since Jan. 1.
95% 95% 9515 212,000
102% 102% 103% 82,000
99
IN%
96%
98%
97
101
1023-4
1003%
105%
104
104
104%
105
105%
106
107%
100%
98%
10034
101
101
100%,
90
100
91
106
99
103%
95%
Apr
Jan
Feb
Jan
Jan
Jan
Jan
Jan
Mar
Jan
Jan
Feb
Feb
Mar
Apr
Mar
Jan
Jan
Jan
Jan
July
June
Feb
Jan
JIIIIC
Jan
May
Jan
Mar
55e
15c
July
76
105% May
103% Apr
112% June
110% July
105% May
96% May
110
Mar
99% Mar
101% Jan
Apr
106
99% Apr
June
100
Mar
49
Mar
40
90% May
106% June
101% July
100% June
Jan
103
10318 Apr
Mar
105
107% June
July
102
May
102
101% June
100% June
June
156
100
May
105% July
Apr
107
103% July
Mar
106
10414 May
101% Apr
Apr
100
101% May
May
05
July
90
99% June
97% Apr
Apr
106
100% May
101% Apr
101% Apr
110% June
May
100
10014 May
May
107
98% Apr
A or
101
101% July
88% July
92% May
73
May
July
98
104% May
June
100
104%
102
104
1017-4
102
105
106%
103%
109%
106
106%
107
107
108
109
110%
114%
101%
102%
103%
102%
102
110
108
100%
107%
100%
109%
102%
May
Feb
Apr
Apr
Apr
Apr
July
Apr
July
Apr
July'
Slay
Jan
July
June
Jan
July
May
July
Apr
Apr
May
Apr
Apr
May
Feb
May
Mar
July
Jan 100% May
July 100
May
July 98% May
July 99
May
July
2% July
Jan 61% Apr
Jan 72% Apr
June 52% Apr
July
12
July
July 97% June
July 96% July
July 100% July
Jan 30% Apr
Jan
26% Apr
Jan
28
Apr
95
July 95% July
95% Jan 107% Mar
t Odd lots. * No par value. 1 Listed on the Stock Exchange this week, where
additional transactions will be found. o New stock. w When issued.
dividend. y Ex-rights. z Ex-stock dividend. x Dollars per 1,000 lire, flat. 1 Dollars
per 1,000 marks. g Marks. k Correction.
[VOL. 115.
Quotations for Sundry Securities.
All bonds prices are "and interest" except where marked
Standard Oil Stocks Par Bid. Ask Joint Stk. Land Bk. Bonds
183
4 19 'Chic..ft Stk Land Bk 5s_1939 993 10012
41
_
Anglo-American Olinew.
102 103
Evs 1951 opt 1931
Atlantic Refining
100,1000 1020
102 10314
Bs 1952 opt 1932
Preferred
100 114 118
105 106
Borne Serymser Co
535s 1951 opt 1031
100 400 415
93
RR. Equipments-Per Ct Basis.
Buckeye Pipe Line Co... 50 .92
Chesebrough Mfg new._100 190 200 Atch Topeka & Santa Fe Os_ 5.35 5.10
Preferred new
100 108 111
Atlan Coast Line 6s & 634s 5.45 5.20
)
101 130 135 Baltimore dc Ohio 430 & lie. 5.60 5.20
Continental 011
35 Buff Roth & Pitts 48 A 434s 5.20 4.90
50 *33
Crescent Pipe Lino Co
5.35 5.05
Equipment(ls
Cumberland Pipe Line_ _100 135 140
5.40 5.25
90 Canadian Pacific 4%s& Os
Eureka Pipe Line Co_..100 88
6.00 5.50
Galena Signal Oil corn__ _100 101 105 Caro Clinchfield & Ohio
Preferred old
100 108 112 Central of Georgia
_ 5.60 5.25
54 Central RR of N J 6s
Preferred new
100 52
5 35 '0
.15
Illinois Pipe Line
100 162 165 Chesapeake & Ohio 6s & 6%s 5:55 5 2
5.50 510
90
Equipment Ss
50 *88
Indiana Pipe Line Co_
6.00 5.50
211 Chicago & Alton 6s
/
4
International Petrol.
(no par) *21
27 Chicago Burl & Quincy 63_ _ 5.40 5.10
National Transit Co_ _12.50 *26
6.00 5.40
New York Transit Co_..100 164 168 Chicago & Eastern III 5%8
99 Chicago Ind & Louisv 435e- 5.60 5.15
Northern Pipe Line Co_ _100 97
25 1278 283 Chicago St Louis & N 053.._ 5.35 5.00
Ohio Oil Co
5.25 5.00
39 Chicago & N W 4359
25 *35
Penn alex Fuel Co
5.45 5.20
Equipment 6e A
100 570 580
Prairie 011 dc Gas
100 248 252 Chic R I & Pat 434s, Js, On 5.65 5.25
Pra:rie Pipe Line
100 340 350 Colorado & Southern 55, es_ 5.05 6.30
Solar Refining
5.40 5.20
93 Delaware & Hudson 6s
Southern Pipe Line Co_.100 91
5.90 5.30
100 210 220 Erie 435s, 5s A Os
South Penn Oil
5.45 5.20
64 Great Northern 63
Southwest Pa Pipe L1ne8.100 60
Standard Oil (California) 25 *103 104 Hocking Valley 43%e, 58 & 6s 5.60 5.30
Standard Oil (Indiana)._ 25 0107 10714 Illinois Central 4358, 55 & 68 5.40 5.20
Equipment 7e & %II- 5.37 5.15
Standard 011 (Kansas)..100 535 545
5.60 5.35
Standard Oil(Kentucky) 25 *9312 9412 Kanawha & Mich 43%s, Os
5.25 5.00
Standard Oil (Nebraska)100 175 185 Louisville & Nashville 5e
Equipment es az 63,4*.... 5.40 5.25
Standard Oil of New Jer_ 25 *180 182
1163 11718 MichiganCentral Si. Gs_ _ _ _ 5.37 5.10
4
Preferred
100
Standard 01101 New Y'k.100 419 1422 Minn St PASEIM4a58 A 55 5.50 5.20
Equipment 635s A75.... 5.65 5.35
Standard Oil (Ohio) _ _100 150 ;460
Preferred
100 *117 1119 Miasouri Kan8as & Texas us 8.00 5.50
5.75 5.25
Swan& Finch
100 32 I 35 Missouri Pacific 515
5.70 5.30
Equipment 65 & 635s_
Union Tank Car Cc_
100 98 ,100
5.90 5.25
Preferred
100 10612 107 Mobile & Ohio 434s, 53
Vacuum 011
100 418 '422 New York Central 43.4s, 5a_ 5.35 5.10
5.40 5.20
28
Washington Oil
Equipment Os dc 78
10 .24
N Y Ontario & Western 494* 6 00 5.50
5.25 5.00
Other 011 Stocks
Norfolk az Western 434*...
4
5.35 5.10
Atlantic Lobos Oil (no par) .914 93
Equipment 69
5.40 5.10
Preferred
50 *37 ' 42 Northern Pacific 7s
Imperial 011
25 •10S 110 Pacific Fruit Express 7e.... 5.40 5.20
5..20 5..00
Magnolia Petroleum_ _ _ _100 174 177 Pennsylvania RR as & 47-4*. 5 55 5 25
912
Merritt Oil Corporation 10 *914
Equipment6s
.
.
5 35 5 20
15 Pittab & Lake Erie Be & 63.4s 5.50 5 15
Mexican Eagle 011
5 *13
Reading Co 43-4*
Tobacco Stocks
St Louis Iron Mt ac Sou Si.. 5.75 5.20
06 St Louis & San Francisco Sc. 5.70 5.20
American Cigar coramon.100 62
85 SeaboardAir Line 4358 & 5e.
Preferi ed__
100 80
5.2 5. 75
0
(1
Amer alt.chine & Fdry.
_.100 225 250 Southern Pacific Co 4%e... 6. 5 5 .00
133 136
5.35 5.15
American 'Tobacco scrip_ _
Equipment 78
British-Amer Tobac ord. El *1812 19 Southern Ry 435s, 5e A 60..
70 5..30
5
Brit-Amer Tubas, bearer fl •1812 19 Toledo& Ohio Central Ga.._ 5..00 5 3
5.35 5.15
15
Union Pacific 7s
Conley Foil (new)__(no par) *14
6.70 5.30
Reline(Geo W)Co, com.100 148 155 Virginian Ry Os
Preferred_
___
100 109 112
Public Utilities
Imperial Tob of G B & [cc.. 41412 15
155
94 Amer Gas at Else, corn.. 50
Johnson Tin Foil & Met_100 88
43
Preferred
50
MacA ndrews & Forbes 100 100 102
135
98 Amer Light A Trao,cam.100
Preferred
100 96
32
97
Preferred
100 30
100
Mengel Co
52
115
56
Amer Power & Lt, com 100
Porto Rican-Amer Tob_ _100
*135
75
87
Preferred
100
Scrip
80 Amer Public UM,coin_ _100
17
Reynolds (R. J) Tobacco_ 25 *65
2812
Preferred
100
Schulte Ret. Stores(no par) *3412 30
7112
Universal Leaf Tots com_100 110 120 Black8toneVaIG.&E.com 60
48
Preferred
100 98 102 Carolina Pow eic Lt, cora _100 44
83 Cities Service Co, corn_ _100 206 208
100 80
Young (J S) Co
93
Preferred
Preferred
100 90
100 6714 6734
Colorado Power, coua __ _100 1512 1612
90
Preferred
Rubber Stocks (Cleva and pr ices)
100 88
82 Com'w'th Pow,Ity & Lt_100 29
30
Firestone Tire& Rub,com_10 80
91
64
Preferred
100 90
100 61
6% preferred
89 Elec Bond & Share, pref _100 95
100 87
7% preferred
32
Federal Light & 'Frac__ _100 30
Gen'l Tire & Rub, corn_ _100 225
74
100 92 100
Preferred
Preferred
100 71
4
Goodyear Tire & It, com.100 103 1118 Mississippi MIT Pow,com100 2312 241,,
81
100 3312 34
Preferred_
Preferred_
100 79
71
100 (19
First Mtge 5s, 1951...J(1a 9212 93 2
Prior preferred
,
88
8 f g deb 711 103e__ _MAN 100 102
Goodyear Taal of Can pi 100 82
75 Northern Ohio Eleo.(no par) •10
100 72
11
Miller Rubber
92
96
Preferred
Preferred
too 3612 3912
100
Mohawk Rubber
Nortran States Pow,com.100 8!) 9112
SwInehart Tiro& R,com_100
95
Preferred
100 92
Preferred
93
Nor Texas Elec Co,corn_100 90
85
Preferred
100 83
89
Pacific Gm & El, let pre! 100 88
Sugar Stocks
471,,
Puget Sound Pow de Lt_ _100 45
12
50 '10
6% preferred
Caracas Hagar
100 80 83
.
Cent Aguirre Sugar corn_ 20 •7512 77
7% preferred
100 102 104
(no par) - - - Central Sugar Corp.
Gen M 734* 1941_ _ _MAN 10312 105
1 12 Republic Ry & Llght__ _100 14
17
100 * 12
Preferred
60
4812
100 46
Cupey Sugar common__ _100 40
Preferred
50
70 South Calif Edison,com_100 105 106
100
Preferred
75
100 72
Fajardo Sugar
Preferred
100 118 122
Federal Sugar Ref, com_100 104
20
Standard Gas A El (Del). 50 *19
_
50
Preferred
100 104
50 *49
Preferred
13
14
(no par) .14
Godchaux Slug Inc..
Tennessee Elec Pow (no par)
74
78
41
Preferred
(no par) 39
100
2d preferred
50
Great Western Bug,com_100 250 260 United Lt & Rya.corn__ _100 54
78
100 75
1st preferred
Preferred
100 106 110
16
31
Western Power Corp___ _100 29
Holly Bug Corp,com(no par) •13
47
80
100 45
Preferred
100 78
Preferred
_..100 50 100 Short Term Securities-Pe r Cent
Juncos Central Sugar.
National Sugar Refining_100 145 148 Am Cot 011 (is 1924_ _MAS2
10 Amer Tel& Tel (is 1924..F&A 10112 1013
SantaCecillaSugCorp,pf.100 13
4
47
09: 09712
A&O 190 190
35
6% notes 1922
Savannah Bug, corn_(no par) 45
92 Am Tob 7% notes '23.MAN 10214 1023
100 89
Preferred
4
AnacondaCopMines'29_J&J 1007 10118
8
West India Bug Fin,com.100 50 100
52
7s 1929 Series /3
J&J 10358 1037
100 49
Preferred
8
Industrial&Miscellaneous
Anglo-Amer 0117358'25 A&O 1037 10418
8
Arm'retCo7sJuly15 30J&J15 1047 10518
.
American Hardware_ _ _ _100 184
8
55
Deb 6s J ne 15'23 J&1)15
Amer Typefounders,com.100 52
98
100 94
Deb as J'ne 15'24_JAD15 100 _ _
Preferred
3112 Beth St 7% July 15'23J&J15 1043 104a8
8
(no par) •30
Bliss(EW)Co.new.
_ Canadian Pee fai 1924.MA82 10118 1013
50 .56
Preferred
8
Federal Bug Ref(is'24_NI&N 10
Borden Company,corn._100 107
012 101
100 98 101
Gl000rich(13F)Co 78'23.AA0 1003
Preferred
8,103%
98 Hocking Valley 65 1924.M&S 1003 100%
100 92
8
Celluloid Company
100 113 115 Interboro R T 75 1921_MAS 98
Childs Co, corn
9912
100 105 107 K C Term Ry 68'23.MAN15 10114 10112
Preferred
6%sJuly 1031
Jdc.lf 102 104
Havana Tobacco Co_ _..100
Laclede Gas 78 Jan '29_F&A
100
Preferred
997 10018
8
Lehigh Pow Sec Os '27_F&A
let g 5e. June 1 1922_JAD - --91 I 9112
Sloss Sheff S & I (le'29_F&A
International Salt
100 55
9712; 981
/
4
,
International Silver. pref 100 •102 105 Swift & Co 7% 1925.A&015 102 110214
82
7% notes Aug 15 1931_ __ _ 1027
Lehigh Valley Coal Sales. 50 77
8'10318
160 175 Texas Co 78 1923
100
Phelps Dodge Corp
101 110118
U S Rubber 734s 1930-F&A 108% 109
Royal Baking Pow,com_100 105 110
100 98 102
Utah Sec Corp 65'22.MA515 100 ,1003
Preferred
8
93 West Elec cony 7s 1925-A&O 10812. 10831
Singer Manufacturing__ _100 90
-56-
16
100
•Per share. 0 Basis. d Purchaser also pays accrued dIvidena. s New stock.
/Flat price. It Last bale. n Nominal. x Ex-div. y Ex-rights. I Ex-8tock div.
butztuxent anti Atailroall intelligence.
427
RAILROAD GROSS EARNINGS
The following table shows the gross earnings of various STEAM roads from which regular weekly or monthly returns
can 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. Iihe returns of electric railways
are brought together separately on a subsequent page.
Latest Gross Earnings.
ROADS.
Week or
Month.
Current
Year.
Jan.1 to Latest Date.
Previous
Year.
Current
Year.
ROADS.
Previous
Year.
Alabama & Vicksb_ May
290,679 256,912 1,293,355 1,351,012
Amer Ry Express_ - March
13128426 18O2397 38,791,889 52.719,529
Akr Canton& Young May
513.747
199,626 129,296
872,766
Ann Arbor
1st wk July
93,506 2.498,624 2,390,109
93,010
Atch Top & S Fe
May
15073948 15218955 67,877.744 74,349,902
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 1,416,444
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 1,187,211 1,013,214
Bangor & Aroostook May
821.001 533,948 3,925,715 3.337.177
20,949
Bellefonte Central_ March
21.856
6,874
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
Bingham & Garfield May
58,755
12,865
15,971
Boston & Maine
May
6,454,487 6,277,762 31,325.380 30,708,909
564.964
669.697
Bklyn E D Term.. Mav
129.672 109.881
Buff Rods & Pittsb_ 2d wk July 199,655 259,526 7,666,576 8,197,478
905,198
663,125
Buffalo & Susq
May
60.098 163.980
Canadian Nat Rys- 2d wk July 2,096,455 2,106,984 55,820,433 62.375.296
Canadian Pacific.. _ _ 2d wk July 3,185,000 3.397,000 80,352,000 88,665,000
Caro Clinch & Ohio_ May
671,786 601,212 3.164,035 2,972,636
Central of Geomia- May
1,859,850 1,789,188 8.754,902 9,191,250
Central RR of N J..- May
3,429,173 4,194.258 19,756.575 20,722,098
Cent New England.. May
523.019 621,086 3.052.572 3,425,293
Central Vermont
May
588,448 558,816 2,626,195 2,553,601
Charleston & W Car May
305,538 272.113 1,452,751 1,459,297
Lines.... May
Ches & Ohio
7.657,318 8,017,908 35,302.745 33,318,434
May
Chicago & Alton_
2,136,783 2.455,399 11,826,590 11,886,994
Chic Burl & Quincy- May
12401 625 12534930 61,551.197 65,034,059
Chicago & East Ill_ - May
1,848,545 1,983,644 9,892,732 10.748.971
Chicago Great West May 1
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
12249791 11059949 57,643,221 55,416,579
Chic & North West- May
11758933 10365928 53,995,307 55,742,173
Chic Peoria & St L.. May
199,355 140,218
965,092
796,030
Chic River & Ind-- May
197.269
Chic R I & Pacific.... May
9,632,956 10189563 45,319,924 51,206,501
Chic R I & Gulf-- May
422,592 622,978 2,199,791 2,922,076
Chic St P M & Om_ May
2,206,981 1,926,903 10,589,618 10,901,450
Cinc Ind & Western May
356.479 293,298 1,666.827 1,408.942
Colo & Southern.... 2d wk July 461,217 531,025 11,983,380 13,346,854
Ft W & Den City_ May
754,789 822,903 3,577,494 4,449,402
Trin & Brazos Val May
164,761 218,327 1,440,273 1,068,712
Wichita Valley.... _ May
88,317 100.439
684,537
481,668
Cumb Val & Martin May
585,061
47,739 135,268
393,107
Delaware & Hudson May
2,483,720 3,682,979 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
36,748 200,427
513,860
Detroit & Mackinac May
739,432
154,726 170,364
629,776
Detroit Tol & Iront_ May
889,503 651.663 3.573,291 2,077.291
Det & Tol Shore L..- May
981,403
258,639 209,144 1,499,106
Dul & Iron Range.... May
362,132 541.397
859,399 1,426,728
Dul Missabe & Nor_ May
600,500 1,618,783 1,165,660 2,503.579
Dul Sou Shore & Atl 2d wk July 100,594
81,279 2,123,582 2,423,543
Duluth Winn & Pac 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 1,259,123
Elgin Joliet & East_ May
1,925,601 1,366,269 8,775,390 9,103,222
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
974,823 1,011,900 4,589,274 4,576,774
NJ&NYRR
595,967
May
605,347
126,456 131.984
Florida East Coast.. May
1,308,104 1,158,339 7,252,100 7,420.791
Fonds Johns & Glov June
667,413
101,380 109,747
684,008
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
563,465
527,054
104,754 101,439
Grand Trunk Syst 2d wk July 2,167,649 1,998,504 50,906,459 50,895,234
At!& St Lawrence May
153,392 249,600 1,200,031 1,418,472
ChDetCanGT.Ict May
837,675
968,928
158,458 151,462
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 33.487.954 33,455,184
Green Bay & VVest- May
583,382
110,558 101,684
561,655
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
May
Illinois Central..
12081 678 11018806 57,417,376 57,472,152
Total system_ _ _ _ May
13504519 12520122 64,721.019 65.953.626
Internat & Grt Nor_ May
1,286.549 1,784,091 5,651,483 8,012,701
Internat By of Me May
163,415 157,540 1,306.857 1,450,068
717,273
Kan City Mex & Or May
103,563 167,551
542,131
K C Mex &0 of 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
940,599
Toxark & Ft Sm.... May
794,396
167,394 170,233
Total system_ __ _ June
1,701,563 1,780,800 9,710,377 11,056,319
Kansas City Term May
Kan Okla 8: Gulf...... May
223,047 154,700 1,090,815 1,004,952
47,828
Lake Sup & Ishpem_ May
58,230
69,701
19,528
603,616
Lake Terminal By.... May
467,293
105,234 100,967
Lehigh & Bud River May
155,952 261,279 1,040,110 1,325,466
Lehigh & New Eng.. May
284,453 395,444 1,747,247 1,779,554
Lehigh Valley
May
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 By & 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
316,039 232,160 1,233,652 1,188,582
Maine Central
May
1,864,850 1,553,954 8,427,104 8.880,930
Midland Valley.... _ _ May
441,835 354,452 1,847.302 1.930.484
195,513
Mineral Range
138,579
2d wk July
2,199
6,129
Minneap & St. Louis 2d wk July
331,714 7,972,501 8,280.817
Minn St P & S S M_ May
3,530,286 3,084.886 15,050.597 16,097.584
Latest Gross Earnings.
Week or
Month.
Current
Year.
Jan. 1 to Latest Date.
Previous
Year.
Current
Year.
Previous
Year.
Mississippi Central_ May
80,808
130,188
610.530
416,216
Mo & North Arkan _ March
56,734
--1,464
--810
291.750
Missouri Kan & Tex May
2,760,426 2,616,071 11,951,866 13,334,026
Mo K & T Ryof Tex May
1.738,838 2,037.178 8,191,958 1,182,314
Total system_...... May
4,596,616 4,826,529 20,722,103 25,488,740
Missouri Pacific_ _ _ _ May
8.633,943 8,651,373 39.861,400 43.816,572
Mobile & Ohio
2d wk July 311,159 273,758 9,069.676 9.775,003
Colum & Greens_ May
588.745
125.834 112.117
673.554
Monongahela
May
89,141 292,219 1,601,032 1,517,634
Monongahela Conn.. May
677,556
61,690
179.539
318.296
Montour
May
326.204
20,218 '215,924
659.423
Nashv Chatt & St L May
1,880,691 1,649,928 8,391,524 8,483,501
Nevada-Cal-Oregon 1st wk July
6,770
9,227
158,633
125,050
Nevada Northern.._ May
47,676' 16,580
140,072
193,297
Newburgh & Sou Sh May
206,639
82,841
818.608
549.167
New Or! Great Nor_ May
215,607 195.393 1,053,495 1,043.243
N 0 Texas & Mex.... May
231,402 182,138 1,121,182 1.175,650
Beaum S L & W
May
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.... May
26526625 26623004 129095375 129711339
Ind Harbor Belt_ May
810,039 712,299 3,816,433 3.680,431
Lake Erie & West May
827,917 780,577 3,732,016 3,679.842
Michigan Central May
6,740,054 5,885,226 30,213,621 28,152,700
Clay C C & 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 3,283,361 4.071,579
Kanawha & Mich May
191,923 456.080 1,356,703 1,822,621
NY Chic & St Louis May
2,512.529 2,192,423 11,615,691 0,911,060
N Y Connecting__ _ May
201.380 282,554 1.181,399 1,453,249
NYNH& 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
N Y Susq & West May
301,6121 331,230 1.650,808 1,698,449
Norfolk Southern May
719,9691 606,554 3,447.257 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 2,8.38.227 2,856,220
Pennsylv RR & Co_ May
40634489 40773401 199900816 205316708
Balt Ches & Atl_ _ May
144,443 127,075
518,792
562.323
99,996
Cinc Lob dr Nor_ _ May
91,191
419,029
436,361
705,424 682,222 3,413.207 3,468,370
Grand Rap & Ind May
May
2,666,564 2,472,347 11,047.338 9,974,357
Long Island
Mary'd Del & Va.. May
95,417 103,031
375.846
426,663
699,932 461,052 2.823,543 2,451,257
N Y Phila & Norf May
Tol Peor & West_ May
122,872 127,824
645,512
696,696
W Jersey & Seash May
1,080,086 1,071,097 4,635,746 4.438,046
Pitts C C& St L.. May
8.642,305 7.598,924 38.610,668 40.235.127
Pennsylvania Syst_ _ May
55215004 53823 287 263710318 269280317
Peoria & Pekin Tin.. May
130,617 121,480
761,207
705,493
Pere Marquette........ May
3,400,302 3,089,445 14,902,983 13,901.395
Perkiomen
May
96,261
101.245
463.350
541,102
Phila & Reading_ _ _ May
5.335.108 7,009,505 32.586,628 35,106.724
Pittsb & 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 Fran.._ May
7,228,542 6,343,076 31,853,830 33,544,308
Ft W & Rio Grand May
96,256 145,782
490,628
787,322
St L-S F of Texas_ May
132,187 131,122
639,337
701,646
St Louis Southwest_ May
1,404,548 1,406,062 6,901,604 6,943,902
St Louis SW of Tex. May
579,131 569,532
3,019,126
Total system.. _ _ 2d wk July 393,558 464,482 2,803,441 13,092,227
2,426,811
St Louts Transfer.... May
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
102,831 131.456
445,438
522,541
Seaboard Air Line May
3,889,589 3,369,367 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 74,835,559
Atlantic SS Lines.. May
959.186 707,256 4.752.101 4.387.840
Arizona Eastern.. May
328,158 196,990 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
Hous E & W Tex.. May
242,783 211,959 1,131,071 1,112,981
Louisiana Western May
325,564 365,473 1,797,492 1,799,120
Morg La & Texas May
635,975 740,579 3,222,773 3,725.762
Texas & New Orl_ May
667,929 613,653 3,660.476 3,504,154
Southern Railway 2d wk July 3,137,869 3,025,314 88,229,711 88,070,826
Ala Great South_ May
903,475 705,161 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 Orb & Nor E.. May
538,324 505.951 2,562,252 2,786,576
Northern Ala_ _
May
64,535
129,194
506,931
381,129
Spokane Internat.... May
84,582 106,672
444,587
531,576
Spok Port!& 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
216.048 174,119
974.667
982,349
Term RR Assn ofStL May
381.204 360.818 1,900,451 1,830,213
St L Mer Bdge T_ May
281,595 294,607 1,503,237 1,467,629
Texas & pacific...... 2d wk July 518,044 619,017 15,264,301 19,069,967
Toledo St L & West May
908,051 746,767 3.988.650 3,617,535
Ulster & Delaware.... May
131,069 112,686520,171
Union Pacific
May
7,985,410 7,968,523 37,000,258 39,920,802
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
2,197,756 2.281,127 10,355,677 11,042.479
Union RR (Penn)_ _ May
1,015,672 786.854 3,879,149 4,125,929
Utah
May
120,460
82,632
601,498
501,569
Vicks Slirev & Pac_ _ May
327,890 343,871 1,530,974 1.707,373
Virginian Railroad_ May
1,993,707 2,065,374 8,415,944 7.592.409
Wabash RR
May
4,900,012 4,854,265 23,268,213 24,093,299
Western Maryland_ May
1,271,816 1,499,200 6,972,468 7,682,109
Western Pacific__
May
866,010 965,880 4,025,499 4,592,538
Western Ry of Ala_ _ May
223,445 215,033
981,351 1,009.713
Wheel & Lake Erie_ May
1,190,790 1,367,495 5,476,278 5,264,102
Wichita Falls & NW.May
98,352 173,279
578,280
972,400
Yazoo & Miss Valley May
1.422,481 1,501,315 7,303,643 8,481,474
AGGREGATE OF GROSS EARNINGS-Weekly and Monthly.
Weekly Summaries.
1st
2d
3d
4th
1st
2d
3d
4th
1st
2d
week May 9 roads)....
week May 9 roads)
week May 18 roads)- week May (15 roads)- week June (17 roads)---week June (18 roads)_
week June (13 roads)........
week June (16 roads)
week July (18 roads)---week July (16 roads)
Current
Year.
$
7,283,5371
7.416.004,
12,713,1221
17,398,2471
12,953,923.
12,971,059'
12,985,740
17.624,246
13.154,413
12.880.105
Previous
Year.
7,119,471
7.157,170
12,617.570
16,502,052
12,404,769
12,740,850
12,798,352
16.810,702
13,056,097
13.090,802
Increase or
Decrease.
+164,066
-258.834
+95,552
+896,195
+549,154
+230,209
+187,388
+813,544
+98,316
-210.697
Monthly Summaries.
2.30
3.61
0.76
5.43
4.43
1.81
1.46
4.84
0.75
1.61
Mileage.
Curr.Yr.
August
233,815
September 235,155
October __ _235.228
November _ -236.043
December......225,619
January ___ -235,395
February _ _235,625
March
234.986
April
234,955
May
234.931
I
Current
Year.
Previous
Year.
Increase or
Decrease.
%
Prev.Yr.'
S
233.067 504,599,664 554.718,882 -50.119.218 9.08
234,559 496,784,097 617,537,676 -120,753.579 19.58
234.686 534.332,833 640,255.263 -105922430 16.54
234.972 464,440,498 590,468.164 -126027666 21.34
224,784 406.864.055 527.480,047 -120,615,992 22.87
1.18
234.636 393,892.529 469,195.808 -75.303,279 16.05
234,880,400,430.580 405,203 414 -4,772,834
35
:7
234.202.473.433.886 457.374.460 +16,059.426 381
234,338;416.240,237 432,106,647 -15,866.410
234.051 447,299.150 443.229.399 +4,069.751 0.92
[VOL. 116.•
THE CHRONICLE
428
••••••••••,
-In the table which
Latest Gross Earnings by Weeks.
follows we sum up separately the earnings for the fourth
week of June. The table covers 16 roads and shows 1.61%
decrease in the aggregate from the same week last year.
Name of Road
or Company.
I
Latest Gross Earnings.
Month.
Municipal Serv & sub May
Nashville Ry & Lt Co May
1921.
1922.
Fourth week of June.
Nebraska Power Co__ May
Nevada Calif Electric May
$
$
May
59,871 New Eng Pow Sys..... May
199.655
259,526
Buffalo Rochester & Pittsburgh_
10,529 NJ Pr & Lt Sub Cos_
2,096.455 2,106,984
Canadian National Rys
April
212,000 N''p't N & Hamp Ry_ May
3,185,000 3,397,000
Canadian Pacific
69,808 New York Dock Co__ April
531,025
461,217
Colorado & Southern
N Y & Harlem
100,594
19,315
81,279
Duluth South Shore & Atlantic..
N Y & Long Island April
Grand Trunk of Canada
N Y & Queens Co__ _ April
2,167,649 1,998,504 169,145
Grand Trunk Western
April
N Y Railways
Hay & Milw_
Detroit Grand
5 Eighth Avenue RR_ April
Canada Atlantic
5 Ninth Avenue RR April
6,129
3,930
2,199
Mineral Range
April
28,938 Nor Caro Public Seri May
331,714
}
302,776
Minneapolis & St Louis
Northern Ohio Elec._
Iowa Central
Northw Ohio Ry & P_ May
37,401
311,159
273,758
Mobile & Ohio
70,924 Northern Texas Elec_ May
464,482
393,558
St Louis Southwestern
April
Dcean Electric
3,137,869 3,025,314 112,555
Southern Railway
100,973 Pacific Pow & Lt Co.. May
619,017
518,044
Texas & Pacific
Paducah Electric...... May
May
12,880,105 13,090,802 342,346 553,043 Palmetto Pow & Light May
Total (16 roads)
210,697 Penn Cent Lt& P&sub
Net decrease (1.61%)
Penn Edis & Sub Cos.. May
-The table Philadelphia Co and May
Net Earnings Monthly to Latest Dates.
Natural Gas Cos....
following shows the gross and net earnings with charges and Philadelphia Oil Co May
June
Phila & Western
surplus of STEAM railroad and industrial companies Phila Rapid Transit June
reported this week:
May
Pine Bluff Co
- Portland Gas & Coke May
--Grossfront Railway- -Net from Railway- -Net after Tares
Portland Ry, Lt & P_ May
1921.
1922.
1921.
1922.
1921.
1922.
Puget Sd Power & Lt_ May
3
5
$
$
$
$
Read Tr& LtCo&Sub May
Fonda Johnstown & Gloversville
31,742 Republic Ry & Lt Co_ May
31,098
37,317
36,873
109,747
101,380
June
& RR April
183,843 Richmond EtLt & Pr_ May
247,568
217,293
282,218
667,413
From Jan 1 684,008
Rutland Ry,
Kansas City Southern System
Sandusky bas & El May
351,597 Savannah El & Pow May
341,131
435,783
446,941
1,701,563 1,780,800
June
From Jan 1 9,710,377 11,056,319 2,448,408 2,911,672 1,803,639 2,406,556 Sayre Electric Co..___ May
April
Second Avenue
ELECTRIC RAILWAY AND PUBLIC UTILITY CO'S. 17th St Incl Plane May
Increase. Decrease.
ZIclwro Pstrifir On
Latest Gross Earnings.
Name of Road
or Company.
Month.
Adirondack Pow & Lt June
Alabama Power & Lt.. June
Amer Power & Light_ May
American R.ys Co. . March
Appalachian Pow Co_ June
Arkansas Lt & Power May
Asheville Pow & Light May
Associated Gas & Elec May
Atlantic Shore Ry_ _ _ March
Bangor Ry & Elec Co May
Barcelona Tr Lt & P.. May
Baton Rouge Electric May
Beaver Valley Tree__ May
Binghamton Lt H & P May
Blackstone Val0& E May
fBrazillan Tr,Lt & P. May
Bklyn Rapid Transit_ May
aBkInCityRR(Rec) May
Bklyn Hts (Rec)__ April
Bklyn Qu Co & Sub April
Coney lsrd & Bkln April
Coney Isl d & Gray April
Nassau Electric_ _ _ April
N Y Consolidated_ April
South Brooklyn_ _ _ April
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_ _ May
Cleveland Paines & B May
May
Colorado Power
Columbia Gas & Elec June
May
Columbus Electric_
Com'w'Ith P. Ry & Lt May
Connecticut Power May
Consumers Power Co May.
Cumb Co Pow & Lt May
Dayton Pow & Light_ May
Detroit Edison Co_ _ _ June
Detroit United Ity. March
Duluth-Superior Trac May
Duquesne Lt Co subs
light and power cos May
East St Louis & Sub_ May
Eastern ShoreGas&El May
Eastern Texas Elec May
Edison El Ill of Brock May
May
El Paso Electric
Elec L & Pow of Ab-I
ington & Rockland_ May
Erie Lt Co & subsid May
Fall River Gas Works May
Federal Lt & Trac Co May
Fort Worth Pow & Lt May
Gab' lions Electric May
Gen G & El & Sub Cos May
Georgia Ry & 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 Dev & Gas May
May
Idaho Power Co
Illinois Power Co_ _ -- May
May
Illinois Traction
Indiana Service Corp_ April
Interboro R T System May
%fay
Keokuk Electric
Kentucky Trac & Ter May
Keystone Telephone_ May
May
Key West Elec Co_
Lake Shore Elec Ry May
Lexington Util & Ice.. May
April
Long Island Electric_ May
Lowell Elec Lt CorpManhat Bdge 3d Line April
Ma
Manhattan & Queens April
Manila Electric Corp_
t Market Street Ry May
Metropolitan Edison_ May
Milw El Ry & Light May
Miss River Power Co.. May
Current Previous
Year.
Year.
Jan. 1 to Latest Date.
Current
Year.
Previous
Year.
Ma.ss
Current Previous
Year.
Year.
211889
337,146
281.740
281,095
432,796
51,280
160,835
372,770
139,787
48,765
115,213
759,099
105,282
43.261
98.862
768,523
38.345
246.164
20.566
237,784
43.317
47.837
185,215
186,952
Jan. 1 to Latest Date.
Current
Year.
Previous
Year.
$
$
194,809 1,089,643 1,010,053
321.392 1,707,447 1,604,763
235,906 1,400,315 1,310,291
232.714 1,229,566 1,222,024
423.504 2,283,755 2,159,655
185,564
268,160
36,175
896.642
645,456
213,558
459,240 1,671,190 2,442.983
582.810
535.531
154,376
169,492
170,509
46,722
382,333
430,998
102,477
794,644 2,948,918 3,054,654
381,856
395,462
104,119
177,898
174,850
47.891
372,418
407,619
94,094
371,236
631.147 3,698.030
177,098
/67,479
36,937
303,362 *3.254,246 *3,936.682
48.993
64,732
15,505
230,659 1,177,019 1,131,517
41,149 *538.767 *503.480
44.194 *576.566 *562.910
976,891
185,353 1,015,262
183,518 1,044,834 1,025,308
1133,112 758.376 6,353,871 5,619,177
598.230
408.553
54.176 94,019
390,181
390,319
67.995 67,911
3525,734 3566.337 21,118,783 21,544,034
290,264
293,011
53,611 51,672
270.025 294,360 1,441,908 1,609.304
851.305 830,907 *9,887.392 10.094,477
835.274 799,785 *10104 783 *10186901
253,368 261,980 1,196,946 1,225,154
632.436 602.005 3,190,368 3.283.590
250,121
234,281
60.052 67,269
48,326 43,707 *561,218 *586,478
319,610
346.049
65.043 55,075
668,843
132,491
82,917
79.318
13.802 13.594
281,159
304,001
82,003 78,365
16,534
14,835
3,979
3,454
79 cAll
7A gq7
*505 099
*509 5A1
a The Brooklyn City RR.is no longer part of the Brooklyn Rapid Transit
System, the receiver of the Brooklyn Heights RR. Co. having, with the
approval of the Court,declined to continue payment of the rental; therefore
since Oct. 18 1919 the Brooklyn City RR has been operated by its owners.
b The Eighth Avenue and Ninth Avenue RR. companies were formerly
leased to the New York Railways Co., but these leases were terminated
on July 11 1919, respectively, since which dates these roads have been
operated separately. f Earnings given in milreis. g Subsidiary companies
only. i Includes both subway and elevated lines. I Of Abington & Rock.
land (Mass.). k Given in pesetas. I These were the earnings from opera.
lion of the properties of subsidiary companies. * Earnings for twelve
months. t Started operations April 1 1921. z Earnings for ten months.
y Earnings for eleven months.
433,733 351,185 2,650,175 2,281,895
445.707 351,253 2,506,311 2,238,591
1950.176 1949,116 24,458.298 23,862,343
1587.888 1598.785 4.717,101 4,812.092
246.088 213,190 1,428,249 1.192,957
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
58,667
20,259 20.715
Electric Railway and Other Public Utility Net
601,859
111.111 106.551
-The following table gives the returns of
3654,917 2862,358 18,897,507 15,188,278 Earnings.
46,525 48,328 *562,839 *515,111 ELECTRIC railway and other public utility gross and net
54,641 57,018
300.077
262,461
76,699 67.560 *963,238 *850,388 earnings with charges and surplus reported this week:
310,460 280,530 *3,866,231 *3,374,994
-Gross Earnings- -Net Earnings
Previous
Current
6093000 14462000 76,249,000 65,942,000
Previous
Current
Year.
Year.
3147,921 2918,105 y31526 837 y28083 931
Year.
Year.
Companies.
1086.412 1022,204 y10,802849 99,537,502
$
7,577
6,193
28,248
24,281 Alabama Power Co_ _ _ _June 445,707
240,347
186,034
351,253
221,399 207,624
835,141
636,0a6
to June 30'22_ 4,831,347 4,472,575 2,510,864 2,251,617
July 1 '21
225,481 217,165
840,167
794,154
Fixed
Balance,
Net after
Gross
6,366
5,996
19,926
20,379
Charges.
Taxes.
Surplus.
Earnings.
419,900 350,819 1,586,371 1,463,968
1976,669 1,873( 82 7,658,723 7,190,069
85,877 68,617
57,003
85,789
279,414 Adirondack Pow & June '22
142,792
319,171
433,733
48.051 52.551 *672,629 *678,878
73,620
34,034
39,586
351,185
'21
Light Corp
154,683 134,179 *1,766,855 *1,654,042
501,528
12 mos ending June 30'22 5,185,893 '1,502,160 1,000,632
222,766 210,222 1,274,875 1,186,199
455,550
877,781
'21 4,797,882 1,333,331
42,971 42,084 *532,934 *503.931
74,504
51,463
246,088 z125,967
'22
125,931 111,845 *1,461,798 *1,345,769 Appalachian Power June'21
56,137
28,550
x84,687
213,190
Co
8.5.251 88.443
280.636
266,350
667,446
642,291
12 mos ending June 30'22 2,722.899 x1,309,737
1435.322 1198,110 6,608,135 7,143,785
419,511
674,208
'21 2,484,441 x1,093,719
78,385 76.110
417,258
395,520
9,219
16,316
78,385 ' 25,535
60.148 66.142
271,939
299,051 Citizens Trac Co May '22
10,728
9,062
19,790
76,110
'21
82,681 80.195 *962,839 *1,140,804
& Subsidiaries
109,188
331,463
928.909
204,275
1299,155 1059,518 9,485,184 7,864,628
12 mos ending May 31 '22
'21 1.035.093
168,066
104,180
272,246
154,506 139.348 *1.883.977 *1,607,051
2604,292 2558,384 13,321,507 13.282,786 Columbia Gas &
332,501
475,712
June '22 1,299,155 x808,213
140,549 116,789 *1.590,942 *1,474,828
'21 1.059,518 z673,815
256,696
417,119
Electric
1176,022 1130,024 6.072,579 6,039,552
6 mos ending June 30 '22 9,485,184 x5.843,964 2,820,951 3,023,013
259,084 246.130 *259,084
'21 7,864,628 x5,276,022 2.581,185 2,694,837
246,130
328.077 326,643 1,876.293 1,785.8-13
'22 1,964,358
492,445
203.468
288,977
1964,358 1728,216 12,876,744 11,624,400 Detroit Edison Co June
283.293
406,453
123,160
1758.129 2084.196 4,990,099 5.917,675
8
7
6 mos ending June 30 '22 12, 76, 44 3,713,393 1,789,652 1,923,741
139,685 146,940
756.624
712,088
'21 11,624,400 3,065,798 1,645,779 1,420,019
2,235
8,554
10,789
43,795
1293.773 1301,904 6,914,744 7,062,256 Eastern Shore Gas May '22
5,599
5,034
'21
40,347
10,633
& Elec & sub
277.919 308.148 *3.665.903 *4,390,311
63,107
98,937
162.044
545,445
mos ending May 31 '22
43,795 40,347
12
203,672
230,092
32,446
85,691
'21
517,487
118,137
151,202 142.502 *1,669,523 *1,711,297
17,349
13,825
31,174
May '22
81,819
104,965 103,151 *1.306,705 *1.257.800 Erie Light Co
11,641
15.405
27,046
'21
75,311
189,919 194,255 *2,293,622 *2,121,316
& subsidiaries
226,679
181.980
408,659
mos ending May 31 '22 1,019,148
12
218,286
181,908
'21 1,189,169
400,194
27,245 25,638 *360,026 *357,904
81,819 75,311
27,405
23,940
462,149 Kentucky Trac & May '22
469,885
51,345
139,243
28,574
21,229
84,636 84,648 *1.005.410 *962,971
49,803
'21
131,166
Term
386.685 377,659 2,112,660 2,061,900
346,795
280,748
627,543
12 mos ending May 31 '22 1,602,672
206,712
192.982 207,046 1,013,136 1,090,029
250,236
456,948
'21 1,594,144
296,261 318,013 *3,487.994 *3.931.326
37,841
35,939
z73,780
213,889
'22
941,077 911.699 4,924,948 5.765,925 Municipal Service May '21
21,779
40,294
x62,073
194,809
& subsidiaries
1178,757 1174,921 *14513499 *13881451
466,422
444,389
12 mos ending May 31 '22 2,513,224 x910,811
636.517 591.093
441,208
250,966
'21 2,593,925 x692,174
140.450 144,350
422,958
410,021
81,507
76,372
157.879
432,796
1087,916 1100,117 5,459,542 5.341.730 New England Co May '22
73,972
154,677
80,705
423.504
'21
Power System
44,107 41.933 *537,080 *470,756
886,493
521,476
12 mos ending May 31 '22 5,536,779 1,407,969
82,006 80,354
397,633
382,091
857,824
896,165
'21 5,842,193 1,753,989
40,340 37.669 *549,172 *596,506
24,384
x85,430
825,369
61,046
May '22
928,071 881,451 4.618,889 4,343,186 New York
40,281 -25,606
z14,675
807,633
'21
106,566 86,452
508,168
Railways
486,475
221,915 199.634
469,772
909.268
862,562 New York
235,938
May '22 2,074,299 x705,710
153.759 175.550
463,928
979,210 1.014.370
64,322
'21 1,954,489 x527,850
Consolidated
1753,198 1761,290 9,353,546 9,211,294
29,843
65,236
185,215
35,393
May '22
Lt
240,239 240,363
982.065 1,011.413 Penn Central subsid
29,369
69,282
185,353
39,913
'21
&
& Pow
4702,854 4730,491 1149218379 Y50644542
358,441
952,511
2,394,769
594,070
12 mos ending May 31 '22 2,412.164
30.007 30,405 *380.569 *365,303
338,964
777,910
438,946
'21
139,243 131,166 *1,602,672 *1,594,144
15,123
30,664
15,541
67,995
June '22
137,331 144,880
826,138
868,277 Phila & Western
67,91115,243
13,317
'21
19.350 21,867 *251.560 *267,930
90,815
167,471
390,913
76,656
204.510 220.821
938,974 1,036,886
6 mos ending June 30'22
95.745
137,053
390,181
'21
41.308
91,714 87,098 *1309327 *1.033,124
819,025
31,194 28,142
199,261
109,136
97,487 Phila Rapid Trans June '22 3,525,734 x1,018,286
818,432
94.065 92.258 *1.220.546 *1.210.259
'21 3,566,337 x1,009,993
191,561
25,064 21,557
92,235
93,690
6 mos ending June 30'22 21,118,783 x6,213.629 4,913,922 1,299,707
31,717 28,240
'21 21,554,034 x5,935.395 4,918,987 1,016,408
111,793
102,920
284.315 298.158
834,187
323,106
May '22 1,328,261
511,081
Southern Calif
814,208
3.861.246
951,453
347,400
'21 1,508,277
Edison
604,053
207,116 215.019 1.162.947 fa11.46i
12 mos ending May 31 '22 16,799,075 9,865,039 4,087,862 5,777,177
1524,296 1508,014 *18586641 19,726,914
'21 16,147,535 9,290,135 3,344,104 5.946,031
261,902 233,222 *2.793.934 *2,831,648
x After allowing for other income received.
5f2:Ei
JULY 22 1922.]
T Ft 111 CHRONICLE
New York Street Railways.
-Gross Earnings--Net Earnings
Previous
Current
Previous
Current
Year.
Companies.
Year.
Year.
Year.
3
$
$
$
aBklyn Hgts RR (Rec)_ _Apr
-683
928
6,193
7,577
Jan 1 to Apr 30
-3.523
-843
24,281
28.248
Bkln Qu Co & Sub (Rec)_Apr
207,624
221,339
38,381
78,687
Jan 1 to Apr 30
636,086
835,141
65,078
202,941
Coney Isl & Bkln (Rec)_ _Apr 225,481
49,359
72,451
217,165
Jan 1 to Apr 30
96,712
231.062
794,154
840,167
Coney Isl & Gravesend_ _Apr
-858
500
5,996
6,366
Jan 1 to Apr 30
-7,527
-6,583
20,379
19,926
Nassau Electric (Rec)_ __Apr 419,900
58,349
131,043
350,849
Jan 1 to Apr 30
126,063
395,711
1,586,371 1,463,968
N Y Consolidated (Rec)_Apr 1,976.669 1,873,082
426,366
567,507
Jan 1 to Apr 30
1,292,977
7.658,723 7,190,069 2,066,647
South Brooklyn
12,886
Apr
24,182
68,617
85,872
Jan 1 to Apr 30
65,994
110,450
279,414
319,171
bN Y Railways (Rec)_ __Apr 759,099
-11,891
23,178
794,644
Jan 1 to Apr 30
21,016 -121,166
2.948,918 3,054,654
bEighth Avenue RR_ _Apr 105,282
-5.824
9,694
104,119
Jan 1 to Apr 30
381,856 -47,506 -64,783
395,462
bNinth Avenue RR_ __Apr
-1,448
-8,480
47,891
43,261
Jan 1 to Apr 30
177,898 -54,394 -33,752
174,850
Interboro Rap Tran System
Subway Division
Apr 3.029,148 3.016,210 1,262,042 1,131,374
Jan 1 to Apr 30
19,984,544 12,275,672 5,063,788 4,634,969
359,776
Elevated Division_ _ _ _Apr 1,601,194 1,708,705
493.144
Jan 1 to Apr 30
6,168,070 6,668,981 1.564,489 1,181,405
Manhat Bdge 3c Line_ _..Apr
2,783
3,783
24,557
25,064
5,880
Jan 1 to Apr 30
4.987
93.690
92.235
Second Ave By (Rec)_ __Apr
-4,906
-2,220
78,365
82.003
Jan 1 to Apr 30
281,159 -35,392 -52,250
304,001
N Y & Queens County__Apr 115.213
-1,083 -34,340
102,477
Jan 1 to Apr 30
382,333 -39,235 -133,280
430.998
Long Island Electric_ _ _ _Apr
676
4,186
28,142
31,194
Jan 1 to Apr 30
2,586 -17,219
97.487
109,136
N Y & Long Island
-6,149 -10,193
Apr
46.722
48,765
Jan 1 to Apr 30
169,492 -49,157 -46,790
170,509
Ocean Elect,ric
Apr
2,194
15,505
20.566
756
Jan 1 to Apr 30
658
-5.270
48.993
64,732
Manhat & Queens (Rec)_Apr
31,717
2,589
7,265
28,240
Jan 1 to Apr 30
4,385
111,793
102.920
13.343
NY & Harlem(City Line) Apr 139,787
16,444
154.376
20,659
Jan -1 to Apr 30
535,531
61,494
582,810
66,276
Richmond Lt & RR (Rec)Apr
60,052
62,269
-2.005 -12,904
Jan 1 to Apr 30
234,281
250,121 -43,003 -51,993
Note.
-All the above net earnings are after deducting taxes.
a The Brooklyn City RR.is no longer part of the Brooklyn Rapid Transit
System, the receiver of the Brooklyn Heights RR. Co. having, with the
approval of the Court, declined to continue payment of the rental; therefore,
since Oct. 18 1919, the Brooklyn City RR. has been operated by its owners.
b The Eighth Ave. and Ninth Ave. Railroad Cos. were formerly leased to
the New York Railways Co., but these leases were terminated on July 11
1919 and Sept. 26 1919, respectively, since which date these roads have been
operated separately.
-Deficit.
FINANCIAL REPORTS.
Colorado & Southern Railway Co.
(23d Annual Report-Year ended Dec. 31 1921.)
This company is controlled by the Chicago Burlington &
Quincy RR. by ownership of $23,657,500 of the $31,000,000
Common stock, and the corporate income statement for the
years 1920 and 1921 taken from the report of that company
was given in "Chronicle" of June 3, p. 2468.
President Hale Holden, Chicago, Jan. 2, said in substance:
Final Settlement With U. S. Govt.
-On Nov. 30 1921 these companies
effected a final settlement with the Director-General of Railroads accepting as final payment for:
Colorado & Southern By. and Wichita Valley By
$1,775,000
Fort Worth & Denver City By
725,000
After applying these sums to the credit of the U. 8. RR. Administration
on the books of the companies and closing out the open accounts affected,
the following credit balances remain unapplled:
Colorado & Southern By
11,093,657
Fort Worth & Denver City By
914,509
and were credited to "misc, credits profit and loss" in the current year.
Guaranty Period.
-Final settlements have not yet been made with the
I.
-S. C. Commission under the provisions of Section 209 and Section 212 of
the Transportation Act. 1920, commonly called the "Guaranty period.'
Valuation.
-Valuation of common carrier property on these lines has
progressed throughout the year and the field work is now practically completed. Total amount expended by these lines to Dec.311921,$560,300.
-Operating results for the year compared with those of the
Results.
previous twelve months show the following:
Over. Rev. Over. Exp, change in
Decrease.
Decrease.
oper. Rev.
The Colo. & Southern By Co
$3,000,734 12,048,616 +1952,118
Fort Worth & Denver City By. Co
1,814,290 3,985,067 -2,170,776
Wichita Valley Ry. Co
115,035
354,049 -239,014
Percentages of Over. Rev. Itequired for Oper. Exp.1921.
1920.
Colorado & Southern Ry
79.59% 77.49%
Fort Worth & Denver City Ry
66.27% 87.44%
Wichita Valley By
63.72% 78.99%
-During the year the following changes have been made
Funded Debt.
in the long-term debt of these companies:
(1) Colorado & Southern Ry.-Note No. 1, Equipment Trust agreement
No. 19, $70.000.
(2) Fort Worth & Denver City Ry.-15 6% notes, $16,700 each, were
issued under Equipment Trust agreement dated Jan. 15 1920 between the
Director-General of RRs. and company for 5 light Pacific locomotives with
tenders, numbers 551-555. Total notes issued, $250.500.
Note No, 1, Equipment Trust agreement No. 20, $17,200; Note No. 16,
Equipment Trust agreement No. 20, $16,700; deferred rentals under
Equipment Trust agreement, Series "C," $112,000.
The First Mortgage, also the 6% bonds thereunder, dated Dec. 29 1881,
maturing Dec. 1 1921, were extended to mature Dec. 1 1961, the extended
bonds to bear interest at rate of 5%% per annum.
-For the physical improvements and developments of
Improvements.
the system, the following sums have been expended:
Improvements, &c., in 1920Colo. & So. F.W.&D.C. Wich. Val.
Total
$428,750
151.055
1339.642
Less equipment retired
303,972
14,225
32.409
-Arrangements were made during the year for the purchase
Equipment.
of the following equipment, to be delivered in 1922: 5 Santa Fe type
freight locomotives, 3Pacific type passenger locomotives,6 all steel passenger coaches, 5 all steel combination baggage and mail cars, 5 all steel baggage cars, 1 all steel dining car, 200 30-ton capacity steel underframe
refrigerator cars, 1,000 50-ton capacity all steel drop door gondola cars
1 Jordan ditcher and spreader. Also the application of steel underframes
steel ends and electrical lighting equipment to 17 passenger coaches and
4 dining cars.
-Application has been made and the I.
Wichita Valley Lines.
-S. C.
Commission has issued a certificate of convenience and necessity for the
extension of the lino from Byers, Tex., to Waurika, Okla., approximately
13.3 miles, including a pile trestle bridge across the Red River. Right-ofway has been secured and contracts will be let in 1922. The cost will be
financed by Colorado & Southern By.
429
Denver & Interurban RR.
-The property was operated by a receiver from
June 12 1918 to June 30 1921, when operation was resumed by the company.
Arrangements were made during the year for discontinuance of operation
over the tracks of the Denver City Tramway through the city streets, and
agreements entered into for the joint use of certain tracks of the C.& S. and
the C. B. & Q. with overhead electrical equipment, so that cars may be
operated into the C. & S. coach yard. Arrangements have also been made
for the use of Denver Union Terminal Ry. waiting room, ticket office, concourse and subways for accommodation of passengers and for access to the
new interurban station. These arrangement will be completed early in 1922.
Colorado Springs & Cripple Creek District Ry.-This property has remained
in the possession of the receiver during the entire year, but has not been
operated. No plan of reorganization has been developed and it is expected
that the property will be sold under decree of foreclosure during the coming
year. Outstanding claims and bonds are in excess of the total value of the
property. The entire capital stock, which is owned by the Colo.& Southern
Ry., is, therefore, determined to be worthless and has been written off and
charged to profit and loss.
Trinity & Brazos Valley Ry.-This property has remained in possession of
a receiver during the entire year. Owing to the bringing in of the Mexia
oil field and to the good management of the receiver,a distinct improvement_
has been shown in the gross and net operating results.
-...........-OPERATING STATISTICS
FOR CALENDAR YEARS.
1919.
1920.
1921.
1918.
Revenue freight (tons)_ _ 4.753.055 6.789,747 5,697,261
7,021.428'
Rev.freight(tons) miles.620,377,330 882,016.336 805,616.645 915,697,052
Av.fgt.rev. per train m_
$5.15
$4.66
$6.16
$6.88
Av. rev, per ton of fght_
$1.70
$1.77
$1.44
$2.082
Passengers carried
1,103,450
1.146,221
933.864
807.085
Pass. carried per mile...._ 63,864,868 95,127,825 86,760,584 68,920,788
Av.pass.rev, per tr. mile
$1.97
$2.28
$2.86
$2.29
Avge. rev, per passenger
$2.28
$2.16
$2.64
12.97
OPERATING STATEMENT OF COLORADO & SOUTHERN RAILWAY
CALENDAR YEARS.
(1.099 MILES) FOR
[Road operated by U. S. RR. Admin.from Jan. 1 1918 to Feb. 29 1920,
with guaranty to Aug. 31 1920.1
Combined, Corporate,
Federal
Operating Revenuesx1920.
1919.
1921.
1918.
Freight
110,114,942 $9,701,857 $11,934,164 $9,897,761
Passenger
2,019,673 2,510,935 3,023,812 2,394,205
Mail, express, &c
1,265.978
763,852
813,073
931,255
Total oper.revenues_..$12,947,688 $12,976,644 $16,223,954 $13,223,220
Maint. of way & struc $1,483.217 $2,092,587 $2,587.479 11,993,464
Maint. of equipment_ _ _ 2,899,036 3,108,389 3,427,673 2,981,257
Traffic
104,019
99,141
145.867
146,129.
Transportation
4,539,092 4,855,575 5,678,460 4,703.027
462,155
441.664
General
609.599
603,157
Miscellaneous
123,429
88,792
60,749
96.855
Operating expenses_ _ _ $9,522.898 110,711,517 112,572,507 $10,523.890
Net revenue
13,424,789 $2,265,127 $3,651,447 12,699.330
766,615
882,921
Tax accruals, &c
572,220
609,035
Operating income..
$2,815.754 $1,692,906 $2,768.526 $1,932,714
Non-Operating Income.
-Rentfrom equip.,1264.720;joint facility
rent income, $30.671; rent income, $24.560; income from lease
of road,$34,873;dividend income,$915,893;income from funded securities, 1620,988; from unfunded securities & accounts,
$386,259; miscell. income, Dr. 11,779; total
2,279,552'
Gross income
14,212,266
,
Deduct-Hire of freight cars (dr. bal.), $48,056; rent for equip.,
$183,184; joint facility rents, $93,071; rent for leased roads,
$112,236; miscell.,$6,362; interest on funded and unfunded
debt, $2,139,128; amortization, &c., 180,074; total
2,662,111
Net income
$1,550,156
Dividends.-lst Prof.stock(4%) 1340,000; 2d Pref.stock(4%)
,
,
$340,000; total
680,000
Income balance transferred to profit and loss
$870,156
x January and February Federal operations; March-August, guaranty
period; September-December corporate operation.
OPERATING STATEMENT OF FORT WORTH & DENVER CITY RY.
(454 MILES) FOR CALENDAR YEARS.
[Road operated by U. S. RR. Admin.from Jan. 1 1918 to Feb. 29 1920.
with guaranty to Aug. 31 1920.]
Federal
Combined. Corporate.
1918.
1919.
1921.
x1920.
Freight revenue
$5,611,412 $7,112,886 $8,337,901 $8,027,522
Passenger revenue
1,987,611
3,615.777 4,083,553 2,725,418
Mail, express, &c
351,319
582,018
727.794
433,639
Total oper. revenue_ _ $7.950,342 111,162.302 $13,149,248 $11,334,958
Maint. of way & struc_ _ $792.875 11,100,557 12,052,406 11.190.946
Maint. of equipment...... 1,741,867 2,188.479 2,939,397 2,096,648
Traffic
136,825
96,794
54,669
53,934
Transportation
3,144,590 4,068,432 5,891.300 3,590,665
General
426,904
437,086
316.952
278,796
Miscellaneous
70,217
80,289
38.265
30.487
Operating expenses......$6,042,549 $7,767,354 111,497.273 $7,512,206
Net revenue
$1,907,793 $3,394,948 11,651,976 $3,822,752
Tax accruals, &c
387,763389,769
259,048
310,219
Operating income........ $1,597,574 13,135.900 $1,262,207 13,434,990
Non-Operattng Income-Hire offreight cars-Cr. bal., 126,709;
rent from equip., $120.715; joint facility rent income, 113,920; misc, rent income, 16,337; income from funded securities. 131,165; income from unfunded securities and accounts,
1133,271; miscellaneous income,$60,001; total
392,117'
Gross income__________________________ $3,827,107
Deduct-Rent for equip.,$125.56i;joint facility rents,$13,319;
rent for leased roads,$18,000; int. on funded debt,1536,141;
int, on unfunded debt,$21,449;amortization,&c.,$120,751835,561
Net income ______________________________________
Dividend appropriations
12,991,546
916,466
Income balance transferred to profit and loss
$2,075,079
x January and February Federal operations; March-August, guaranty
period; September-December, corporate operation.
OPERATING STATEMENT OF WICHITA VALLEY RY. CO. (256
MILES) FOR CALENDAR YEARS.
[Road operated by U. S. RR. Admin.from Jan. 1 1918 to Feb. 29 1920,
with guaranty to Aug. 31 1920.1
Corporate
Combined
x1921.
1920.
1918.
1919.
Total railway oper. rev_ 1840,394 $1,227,501 $1,838,145 $1,723,110
1,097,987
Total railway oper. exp..
1,452,036
912,423
683,663
Net rev,from ry. op....
Railway tax accruals...._
Uncollec. railway rev.. _ _
$156,731
$66,486
280
$315,078
$60,307
423
$386,110
$70,870
79
$625.123
$70,121
352
Railway oper.income..
Non-operating income
$89,965
$254,348
$315,160
$554,650
30,787
Gross income.................................... __
7
Deduct
-Hire offreight cars-Dr.bal.,$90,003;rent for eclulio..
$66,771; joint facility rents, $130; rent for leased roads,
$203,393; int. on funded debt, $38,450; int. oil unfunded
debt, $32; miscellaneous, $8,536
Net income transferred to profit and loss
$585,437
407,315
$178,122
x The above figures exclude Federal lapovers, but the 1920 figures
include reserves during the guaranty period.
INCOME ACCOUNT CALENDAR YEARS.
-Denver c% Interur.- Trin. 1% Bray. Vail. Ry'
1921.
1920.
1921.
1920.
$296,784 $3.501,010 $2,273,445
Operating revenues
$285,557
Operating expenses
363,735
257,014
2.789,266
2,778,644
Net rev,from ry. oper_
Railway tax accruals_ _ _ _
$28,542 def366,951
9,019
5,465
$711,744 def$505,199
81,472
• 81,139
Railway oper.income,_
Non-operating income_ _ _
$19,524 def$72,416
2,560
4,682
$630,271 def$586,338
Gross income
Deduc.from gross income
$22,084 def167,734
108,257
108.257
$630,271 def$586,338
342,205
59,174
Net income
def$86.173 def$175,991
$288,066 def$645.513
BALANCE SHEET DEC.31 1921 (Company V. 113,p. 1245).
AssetsCol.&So.Ry. F.W.,%D.C. Wich.V.Ry.
Investment in road and equipment_ _$79,273,827 $27,665,262 $1,919,340
Deposited in lieu of mtge. property_
35.284
346
Miscellaneous physical property
193,128
4,660
Investments in affiliated companies
17.354.434
560.176
142,226
Other investments
6,033,723
722,079
Cash
3,980.815
2,293,107
594,399
Time drafts and deposits
900,000
2,500,000
150,194
Agents and conductors
130,544
58,624
10,644
Materials and supplies
1,943,165
1,230,708
11,177
Other current assets
43.725
11,741
5,808
Special deposits
1,489,143
14,315
Traffic, &c., balance receivable
160,242
210,776
11,693
Miscellaneous accounts receivable_ _ _
597,631
394,113
37.400
Interest and dividends receivable..
4,403
1,474
Deferred assets
11,118
2,898
6
Unadjusted debits
1,216,085
1,862,368
140,437
Total
$113,362,864 $37,535,576 $3,024,798
Liabilities
Capital stock
$9,243,800 $1,020,000
Common stock
$31,000,000
Preferred stock
17,000,000
Government grants
20,048
Funded debt
9,042,600
49,358,900
769.000
Non-negotiable debt to affiliated cos_
299,918
Traffic, &c., balances
166,440
38,530
229,951
Audited accounts & wages payable
810,620
104,987
1,308.010
Miscellaneous accounts
14.475
52,672
63,663
Interest matured unpaid
34,308
13,968
Dividends, &c., matured unpaid_ __ _ 1,440,723
347
Unmatured interest, &c., accrued.. _ _
48,914
59,282
606,098
U.S. Government deferred liabilities_
1,842
9,000
4,365
Other deferred liabilities
130,624
56,186
12,026
Accrued depreciation, &c
5,492,542
2,728
2,602,514
Tax liability
766,404
23,112
366,059
Operating reserves
120,949
212,341
287,492
Unadjusted credits
26,255
156.521
102,398
Add'ns to prop. through inc...& surp
210,890
11,897
6,704,505
Appropriated surplus
500.000
Profit and loss
5,027,545
581,220
7,766,569
Total
-V. 114, p. 2468, 1764.
S113,362,864 $37,535,576 $3,024,798
Carolina Clinchfield & Ohi o Railway.
(11th Annual Report-Year ended Dec. 31 1921.)
Pres. N. S. Meldrum, N. Y., May 1, reports in brief:
-On Dec. 1 1921 there were issued $676,000 additional
Income Debentures.
15-Year 6% Cum. Income Debentures for cash at par.
-The $1,000,000 loan from the U. S. Govt., under Section
Notes Extended.
210 of the Transportation Act, 1920. due Oct. 11 1921, was extended to
Dec.31 1922. This loan is secured by the pledge of$1,000,000 5% Elkhorn
1st Mtge. gold notes (extended to Jan. 1 1923, with interest at the rate of
6% per annum) and $500,000 1st Mtge. 5% 30
-year gold bonds.
On Dec. 31 1921 an additional loan of $5,000,000 for 12 months at 6%
was obtained from the U. S. Govt. under Section 210 of the Transportation
Act, 1920, for the purpose of taking up $5,000,000 5% Elkhorn 1st Mtge.
gold notes, extended at 6% per annum and due Jan. 1 1922. These notes
(further extended to Jan. 1 1923, with interest at the rate of617,, per annum)
-year gold bonds were then pledged as seand $500,000 1st Mtge. 5% 30
curity for this loan.
all of the Elkhorn 1st Mtge. gold notes have been provided
In this manner
for and taken up and deposited as collateral for the Government loans above
mentioned as presented.
-Payments were made during the fiscal year on acEquipment Trusts.
count of principal of Equipment Trust notes aggregating $700,000. viz.:
Series "C." 3100.000; Series "E," $26,000; Series "F," $76,000; Series "G,"
384,000; U. S. Govt. Equip. Trust Notes No. 11. $414,000.
-On May 6 1921 $550,000 was accepted in full settleFinal Settlement.
ment of all accounts between this company and the U.S. RR.Administrat'n.
-The year 1921 was one of widespread business depresGeneral Remarks.
sion, which had its effect upon the affairs of this company. Manufacturing
and merchandising throughout the country declined greatly, and as a result
traffic in manufactured products and in materials used in their manufacture
was reduced correspondingly. The decline in the volume of traffic which
began in Dec. 1920 continued through the year 1921, with the result that,
compared with 1920, the number of revenue tons handled showed a decrease.
The net ton miles of revenue and non-revenue freight handled were
9.70% less than in 1920, as compared with a decrease for all carriers composing the Southern region of 20.6%. Freight cars per'train averaged
51.4, compared with 45.8 in 1920. This is the heaviest train loading in
the Southern region, and is exceeded by but few carriers in the U. S. The
net tons per train mile were 1.261, compared with 1,078 in 1920. The
operating revenues of all carriers in Southern region were 10.7% less than
in 1920, while those of your company were 1.28% less.
TRAFFIC STATISTICS FOR YEARS ENDED DECEMBER
1921.
1920.
1919.
291
291
291
Average miles of road operated- 729,370
643,569
648,485
Number of passengers
one mile_ _ _ _ 14,782,566 17,432,414 15,039,868
do
do
3.13 ccs.
3.54 eta.
2.93 eta.
Avge. receipts per pass. per mile_
21.8921
31.7928
21.5223
Pass. train rev, per train mile_ _ _
3,328,264 4,261,427 3,877,502
Tons of coal carried (revenue)_
_ _.620,794.859 689,740,536 617,424,116
mile do
one
do
0.65 cts.
0.65 eta.
0.63 eta.
Average receipts per ton mile_ _ _ _
1,628,709
1,495,177
Tons of revenue mdse.carried. _ _ 1,561,726
197,167,511 215,025,243 174,145,264
mile
one
do
do
1.40 eta.
1.10 eta.
1.04 eta.
Average receipts per ton per mile_
5,372,679
Tons of revenue freight carried_ _ _ 4,887,990 5,890,136
817,962,370 904,765,779 791,569,380
one mile
do
do
0.83 eta.
0.76 eta.
0.72 eta.
Avge,received per ton per mile_ _
$25,649
$25,981
$21,572
Gross oper. rev, per mile of road$7,367
35,393
$5.413
Net oper. rev. per mile of road_ _ -
31.
1918.
291
546,048
16,794,878
2.63 eta.
51.6626
2,966,917
556,901,016
0.53 eta.
1,255,153
145,004,505
1.04 eta.
4,222,070
701,905,521
0.64 eta
517,258
$4,379
SUMMARY OF OPERATING REVENUES FOR TEN YEARS 1912 TO 1921,INCL.
Merchandise
Matt & Miscel- Tot.Oper.
Years Ended
Passenger. Express. laneous. Revenues.
Dec. 31C .0
Fr act
31,5elgh .
9 $697,729 $182,114 $23,447 $26,651 2 515 650
1912
224,117 25,876 30,279 2'805'322
831,591
1,693,459
1913
203,674 28,185. 27,964 2'358 621
736,467
.
1,364,330
1914
:
784,470 194,157 27,016 25 IN
1,483,576
1915
253.985 37,721 53
1,783,739 1,147,917
1916
1,639,312 322,119 48,554 60,207 4,285,390
62,890
1917
2,217,198
N;m:::z1
1918
1919
1920
1921
[Vol.,. no.
THE CHRONICLE
430
mug log: laill /2:8N
;83 546,480 97,692
4,478,885 2.371,384
4,024,728 2.765,419
522,693
83,000
•
69,752 g,g?,: g
,g
66,458 7,560,880
68,272 7.464,112
SUMMARY OF OPERATING EXPENSES FOR TEN YEARS 1912 TO 1921,INCL.
TransporYears Ended Main:. of Maint. of
:Total Oyer.
fatton.
General. Expenses.
Traffic.
Dec. 31- Way&Struc. Eguipl.
392,815
5456,806 $92,646 $1,075,509
3248,079
1912
$185,164
504,822
122,785
100,792
194,337
301,330
1913
1,224,066
126,509
102,685
469,694
1914
1,193,185
307,861
193,738
467.423
126,669
113,005
1,284,731
286,890
303,090
1915
647,025
147,773
221,017
447,318
1,742,278
289,720
1916
986,370
179,023 2,450,310
635,480 227,980
426,170
1917
1,621,288
163,390 3,748,030
110,363
1,171,405
684,515
1918
176,507 4,702,571
70,045 1,966,366
1,524,824
966,414
1919
259,762 5,991,271
221,020 2,546,886
1,915,918
1,050,185
1920
2,084,818 250,255 5,320,171
1,740,747 269,116
979,799
1921
--z After allowing for transportation for investment, a credit item.
RATIO OF EACH CLASS OF OPER. EXPENSES TO TOTAL OPER. REVENUES.
1912. 1913. 1914. 1915. 1916. 1917. 1918. 1919. 1920. 1921.
Maintenance of way
and structures_ _ _ 7.36 6.93 8.22 11.41 8.84 9.95 13.63 15.39 13.89 13.13
Maint. of equip_ _ __ 9.86 10.74 13.04 12.05 13.65 14.83 23.32 24.28 25.34 23.32
3.69 3.59 4.35 4.49 6.75 5.32 2.20 1.11 2.92 3.61
Traffic
Transportation
18.16 18.00 19.92 18.58 19.75 23.01 32.28 31.32 33.68 27.93
3.68 4.37 5.36 5.04 4.51 4.18 3.25 2.81 3.44 3.35
General
Total
42.75 43.63 50.59 51.08 53.18 57.18 74.63 74.91 79.24 71.28
YEARS. 1912 TO 1921, INCL.
SUMMARY OF INCOME ACCOUNT FOR TEN
Gross
Years Ended Net Oper. Non-Oper.
Income.
Revenues.
Dec.31- Revenues.
3151,483 $1,591;624
51,440,141
1912
338,360 1.919,617
1,581,256
1913
1,412,763
247,326
1,165,436
1914
1,452,507
222,166
1,230,340
1915
1916
1917
1918*
1919*
1920*
1921
1,534,208
1,835,080
1,274,355
1,575,255
1,569,609
2,143,942
398,684
567,436
229,648
132,298
1,167,933
929,603
1,932,892
2,402,517
1,503,696
1,707,553
2,737,543
3,073,545
Fixed
Taxes.
Charges.
Surplus.
$88,637
115,978
161,322
$974,179 $528,808
926,052 877,586
934,083 317.357
164,267
155,280
226,877
208,458
226,523
370,750
440,000
1,058,003
1,189,893
1,275,846
209,886
587,719
899,794
1,618,274 z748,518
1,647,117 986,428
z Compensation due from the Government for January and February ($347,403)
exceeded the net income of the railway for those months by 3136,706, thus increasing
the surplus for the year to $885,224, as shown above.
* Data for 1918, 1919 and January and February 1920 furnished by U.S.Railroad
Administration.
-The annual compensation received from the Government during Federal
Note.
control was at the rate of 31,804,970 per annum.
GENERAL BALANCE SHEET DECEMBER 31.
1921.
1920.
1921.
Liabilities(Con.).
$
$
15-year 6% cum.
Investment in:
income debens__ 5,000,000
43,545,414 43,282,429
(a) Road
(b) Elkhorn Ext. 5,491,159 5,491,159 U. S. Gov't 10-yr.
2,000,000
loan
(c) Equipment _15.373,874 15,355,846
U. S. Govt. 1-year
lat M.bonds,C.C.
6,000,000
loans
3,000.000 3,000,000
& O.Ry..S.C
Miscellaneous- - -- 4,383,813 4,396,481 Equipment trusts_ 1,058.000
1920.
Assets-
4,324,000
2,000,000
1,000,000
1,344,000
U. S. RR. equip't
Equipment funds
5,796.000 6,210,000
88,015
trust notes
on deposit
2,554,363 1,216,319 U. S. RR. Admin.
Cash
1,911,957
general account_
Other curr. assets_ 1,546,778 1,377,588
600,169
847,633 Interest accrued.. 823,619
xDeferred assets_ _ 902,813
Traffic & car serv.
Int. on bds. owned:
282,658
balance payable. 199,545
C. C. dc 0. Ry.
1,662,500 1,512,500 Audited acc'ts and
of S. C
812,852
wages payable... 520,338
5,000
4,088
Black Mtn. Ry.
Unadjusted debits. 852,941 3,380,872 C. C.& 0. Ry. of
71,500
S.C.dep.acct._ 390,829
11,038
8,429
_
79,318,344 79,953,842 Other curr.
Total
Accr.dept.,equip_ 1,815,601 1,405,765
248,639
716,930
Other unadj. erect_
Liabilities
Common stock- - _25,000,000 25,000,000 Add'ns to property
35,663
19,645
thro.inc.& surp.
Preferred stock_ -y11,500,000 11,500,000
1st M.bonds,'38.z13,950,000 13,950,000 Profit & loss, bal__ 4,880,680 .3.598,328
195,000
195,000
C.& L. E.RR_
L.
79,318,344 79,953,842
Total
96,000 5,000,000
Elkhorn gold notes
x Deferred assets in 1921: Holston Corp. advances, $643,775; Black Mountain
Ry.Co. advances, $179,577; Erwin Electric Light & Power Co. advances, $35,942;
working fund advances, $2,581: insurance paid in advance. $10,606; value of rail
leased to industries. $17,955: Southport Harbor Co., $12,375. y Preferred stock.
$13,500,000; less amount in treasury. $2,000,000. z After deducting amount held
in treasury. $50,000, and amount pledged as collateral, 31,000,000.-V. 114, p. 1650,
516.
Alabama Traction, Light & Power Co., Ltd.
(9th Annual Report-Year ended Dec. 31 1921.)
The report to be presented at the annual meeting July 12
is signed by Pres. Thomas W. Martin, who says in part:
-The operations for the year resulted in an increase of $366,686
Results.
in gross income and after payment of interest and providing for all other
charges an amount of $221,426 was carried to surplus account.
-On account of general business depression the volume of
Power Sales.
industrial power sold showed a decrease for the year. The power sales
through the retail lighting and utility services furnished to some 60 cities
and towns were well maintained, and the power sold in new territory
reached by transmission lines completed in 1920 and 1921 replaced in part
the smaller volume of industrial power distributed in the Central Alabama
T on.
d strlcts
mission Lines.
-An important development in the power situation
of the Southeastern States was the construction of a transmission line by
the Alabama Power Co. to connect its system with that of the Georgia
Railway & Power Co. in Georgia. During the autumn electric energy was
transmitted to Atlanta and other important centres in Georgia and to
the Carolinas, partially relieving the power shortages caused by severe
drought conditions in those States. The principal hydro-electric systems
of Alabama, Georgia, North Carolina, South Carolina and Tennessee are
now interconnected by transmission lines, permitting full advantage to be
taken of the diversity in rainfall in several watersheds from which power is
drawn and thereby affording a larger utilization of water power.
Prolonged Drought -The dry season of 1921 in Alabama was prolonged,
and the flow of all power streams was seriously affected. This necessitated
the operation at full capacity of the reserve steam plants over a longer
period than usual and largely accounts for the increase in operating costs
Tthp
for o e
ovide
ryear for contingencies due to the extended drought affecting the
supply of hydro-electric power, Alabama Power Co. leased from the U. S.
Government the 60,000 k.w. steam plant at Sheffield, Ala., for the term
of one year and the same is now operated as a reserve steam plant. A
portion of the power available from this plant is furnished to utility companies in Georgia and the Carolinas, and contracts have been entered into
with them whereby the cost of the lease and standby charges pertaining
to the plant is borne equitably in proportion to power contracted for by
Rerieo
each coli
-Despite the depressed business conditions,
of Y.ade Expected.
panTr
many customers are providing for an increased supply of electric power in
of trade. The opening of the Warrior River to
anticipation of a revival
navigation through the coal fields of Central Alabama and the construction
of coal handling equipment and enlarged dock capacity at Mobile will
advance the industrial possibilities of the Birmingham district. The
volume of freight now moved by water is increasing, and the cheaper rates
applying to this form of transportation is of advantage, especially in connection with the export of iron and steel, coal, cement, lumber, cotton and
other products of the State.
-To provide power for its industrial.
Mitchell Dam of Alabama Power Co.
and utility services Alabama Power Co. has undertaken the construction
hydro-electric generating station at Mitchell on the Coosa River,
of a new
about 15 miles below Lock 12. This dam will have an initial generating
capacity of 72.000 h.p. with provision for increase to 120,000 h.p. when
required. A license for the construction of the dam was Issued by the
U. S. Government under the terms of the Federal Water Power Act, and
JULY 22 1922.]
THE CHRONICLE
construction work was started during the fall of the year. Work advanced
rapidly and on Dec. 19 the first concrete was poured. The location of the
dam is most favorable as regards natural conditions. Work is progressing
according to schedule, and construction costs are well within the estimate
ofthe engineers. It is now expected that the plant will be ready for operation
about Feb. 1 1923 and the load carried by the present steam plants will
be transferred to the dam with resulting economies in operation. The
new power station will be known as "Mitchell Dam" in memory of James
Mitc.hell.
The installation of the sixth generating unit in the Lock 12 station was
completed in September. The power house at Lock 12 is now complete
and has been operated to capacity during the seasonal high-water of the
present winter.
Upon the completion of Mitchell Dam, 77% of the installed generating
capacity of the company's system will be hydro-electric.
Street Railway & Gas Distribution.
-The earnings of the street railway and
gas distribution systems of the company were disappointing. Both divisions
were severely affected by the industrial depression, decreasing the use of
gas in manufacturing plants and a reduction in the number of workmen
carried to and from places of employment. Every economy was applied
in operation, but the reductions in expenses were not sufficient to offset the
loss of income.
Alabama Power Co. Financing -To provide for the payment of the 5
-Year
6% Gold notes of Alabama Power Co., which were issued in 1917, and for
the construction program of the company, 88,000,000 30
-Year 6% 1st
Mtge. Lien & Ref. Gold bonds of Alabama Power Co. were issued and
sold at favorable prices. The proceeds were applied to the payment of
$2,900,000 6% Gold notes of Alabama Power Co. in anticipation of maturity, and the balance to the payment of floating debt and to the construction requirements of the Mitchell Dam and the transmission lines therefrom
during 1922.
The policy of interesting local investors in Alabama in the securities of the
Alabama Power Co. has been continued, and 10,441 shares of the Preferred
stock of that company were sold as at Dec. 31 and distributed among
3,105 subscribers, principally customers and employees in Alabama.
Sale of Anniston Steel Co. Plant.
-The plant of the Anniston Steel Co.
at Anniston in which the company had an interest has been sold as a going
concern.
Accumulated Dividends.
-Continued demands upon the company for
improvement and extension of its properties have made it impracticable
to announce any plan whereby the accumulated dividend in arrears on the
6% Pref. stock may be provided for. If and when the financial position
of the company permits, the board hopes to announce a plan, and it is
regretted that a definite statement can not be made at this time.
•
431
Brazilian Traction, Light & Power Co., Ltd.
(9th Annual Report
-Year ended Dec. 31 1921.)
The report will be published more fully another week.
COMBINED REVENUE STATEMENT OF PARENT CO. (BRAZILIAN
TR., LT. & PR. CO.) AND OPERATING SUBSIDIARIES.
(1) In Milreis1921.
1920.
1919.
1918.
Gross earningsfrom operations in Brazil
170,867,353 134,905,832 113,073,982 101,894,163
Net earnings from operations in Brazil
95,105,553 69,990,657 • 58,423,485 52,131,535
Approx. value of milreis_ 12.51 cents 20.41 cents 26.80 cents 25.39 cents
(2) In Dollars
Net earnings in dollars_ _311,898,523 $14,286,039 $15,655,477 $13,236,223
Miscellaneous revenue__
270,150
458,57686,160
74,354
Total rev, of subsid's_$12,168,673 $14,744,615 $15,741,637 $13,310,577
Bond int. & oth. chgs. x_ $4,534,038 $4,831,723 $4,143,517 $4,377,310
Reserves for deprec. and
sinking funds
3,224,578 2,876,068 3,097,886 2,810,854
Total charges of subsidiaries x
$7,758,616 $7,707,791 $7,241,403 $7,188,164
(3)Parent Co.in 45
Balance, being gross revenue of Brazilian Tr.,
Lt. & Pr. Co., Ltd_ _ _ $4,410.057 $7,036,824 $8,500,234
$6,122,413
Int. on investments, &c_
127,658
206,619
376,771
130,050
Total
$4,537,715 $7,243,443 $8,877,005 $6.252,463
Deduct-Gen'l and legal
exp. & admin. chgs _
166,465
$313,781
$139,732
$158,245
Int., &c., on notes & ins
833,568
674,538
663,306
674,546
Preferred divs. (6%)_
600,000
600,000
600,000
600,000
Gen.amortiz.reserve_ _ _
300,000
260,000
200,000
250,000
Total deductions
81.900,033 $1,848,321 $1,603,038 $1.682,791
Balance, surplus
$2,637,682
x Inter-company items excluded. $5,395,122 $7,273,967 $4.569,672
Note.
-The above earnings are given in Canadian currency.
-V. 114, P.
DIVERSITY OF INCOME ACCORDING TO INDUSTRIES SERVED. 2716.
1921. 1920. 1919.
1921. 1920. 1919.
Industry%
%
Pacific Oil Company.
%
Industry%
%
%
Coal mines
10.49 8.53 11.00 Public utilities Jr ry_31.29 22.20 24.00
(First Annual Report-Year ended Dec. 31 1921.)
Ore mines
3.62 5.40 4.80 U. S. Government__ 1.48 1.73 5.03
Steel mills
6.71 13.22 11.20 Manganese plants_ _ 2.36 17.13 6.34
The remarks of President Paul Shoup together with income
Cotton mills
14.29 9.31 8.10 Subs. oper
21.79 25.91 20.63
Cement mills
4.69 3.35 3.50 Miscellaneous
2.98 1.96 1.89 account and balance sheet as of Dec. 31 1921, will be found
Graphite
0.30 1.26 3.50
under "Reports and Documents" on subsequent pages. In
Total
100% 100% 100%
STATISTICS OF ALABAMA POWER CO. FOR CALENDAR YEARS. addition there is given as an appendix a short history of the
company's organization, location of properties, description
Statistics1921.
1920.
1919.
1918.
K.W.hours gen
432,991,540 488,135,725 354,861,835 400,839,420 of field improvements and a list of companies in
which it
K.W.hrs. sold & used by •
company
377,244,976 430,303,691 306,358,223 346,979,116 holds a controlling interest or with which it is affiliated.
Max,station load (k.w.)
115,500
97,900
86,850 -V. 115, p. 303.
83,100
Retail pr.& light. cust'rs
16,477
16,538
9,557
9,580
Wholesale power contr
169
148
121
141
International Mercantile Marine Co., New York.
CONSOLIDATED INCOME ACCOUNT FOR YEARS ENDING DEC. 31.
(Report for Fiscal Year ending Dec. 31 1921.)
(Inc.. Ala. Tr., Lt. & P. Co., Lta., and Sub. Co., with Interco. Balances Elim.)
The advance figures for the year 1921 were Oven in the
Operating Revenue-1921.
1920.
1918.
1919.
Light
$4,174,998 $3,929,257 $2,676,998 $2,833,706 issue of June 17, p. 2714. The final report is signed by
Railway
228,152
314,581
155,416 Pres. P. A. S. Franklin, under date
150,914
of July 5, who says in
Gas
156,968
110,208
74,244
83,696
substance:
Miscellaneous
69,360
80,644
1,620
Results.
-The net result of
Total
$4,629,478 $4,434,691 82,913,228 $3,063,366 Marine Co. and its subsidiary operating the International Mercantile
companies
Deauct-Rebates & disc_
60,998
53,591
37.563 White Star Line, Atlantic Transport Line(American Line, Red Star Line,
43,173
Res.for doubt. accts., &c
52,560
231,867
107,263 $5,797,347 as compared with $9,905,959 and Leyland Line) for 1921 was
26,670
$4,108,612. The details are as follows: the year before, a decrease of
Operating revenue_ _ _ $4,515,919 $4,149,233 $2,843,385 $2,918,540
Operating Expenses
1921.
1920..
Gross voyage earnings, misc. earns. & Ins, fund
Light
$1,760,572 $1,391,483 31,086,372 $1,220,916
surplus for the year
Railway
$99,632,697 $128.277,610
188,940
234,520
109,794 Operating & general exp., misc. charges,
143,723
Gas
incl.
134,168
105,300
73,205
U. S. income tax, excess profits tax
86,452
Coal production
278,656
• 92,846
income tax, also int. on deb. bds, of & British 85,563,644 110,793,595
sub. cos..
General expense
83,288
133,625
13,786
28,113
Government rental
101,917
14,259
• Net earnings
31,344
Ice .
*$14,069,053 $17,484,015
2,404
Interest on I. M M Co. bonds
2,153,725
2,231,680
Net oper. income_ __ _ $2,247,035 81,988,985 $1,374,536 31,500,839 Depreciation on steamers
6,117.980
5,346,376
Other income_
88,692
112,777
229,318
Net result
219,470
$5,797,347 $9,905,959
* For proper comparison with results of previous years the earnings of
Gross income
$2,335,727 $2,101,762 $1,594,005 $1,730,157
British companies have been
Interest paid
1,471,654
1,351,121
at $4 85 per pound
1,222,293 the
1.279,404
The International MercantileconvertedCo. can secure thesterling. of
xLess: Per. of int. charg.
earnings
Marine
the subsidiary companies only through the dividends which they declare
to capital account_ _ _ _
26,414 from time to time.
30,664
These, together with the other earnings of the parent
company, were as follows:
Total int. eharges(net) $1,471,654 $1,351,121 $1,248,740 $1,195,879
Inc. after interest
$864,073
1921.
1920.
$750,641
$534,278 Total net earns. of
$345.265
Amort. of bond disc., &c
I. M. M. Co. plus divs. from
333,910
234,332
123,886
125,746
sub.
Depreciation reserve_ _ _
200,868
262,201
300,000 Deduct cos., after deducting taxes & general exp__ $8,329,309 $11,307,442
192,572
-I. M. M. Co. bond interest
Federal tax reserve
2,153,725 2,231,680
13.621
3,029
Miscellaneous
72,733
7,122
Dividends
35,136
$6,175,584 $9,075,762
9,664
Depreciation on steamers directly owned
998,835
768,478
Balance, surplus
$221,426
$244.444
$96,771
$16,795
*$5,176,749 n8,307,284
* Dividends received from foreign subsidiary companies have been
above interest chargeable to capital account, being interest
x Portion of
converted at the market rate of exchange on date received.
on amount expended in properties held for future development.
The decrease in the earnings for 1921, compared with those of 1920.
CONSOLIDATED BALANCE SHEET DEC.31 (INCLUDING SUB. COS.) was largely due to the reduction in the movement of third-class passengers,
and to the great shrinkage in freight traffic which was world-wide, and
1921.
1926.
which caused a decline in freight rates, in many cases to such low figures
1920.
1921.
AssetsLiabilities$
$
as to barely cover the cost
$
$
Properties, rights,
Preferred stock-- - 1,000,000 1,000,000 of the cargoes, and the of labor and other charges incident to the handling
many freight steamers at
branches, &c-_ _44,487,018 42,455,744 Common stock-_18,995,000 16,995,000 a loss. Under all the consequent operation ofthe earnings for 1921 can
circumstances, however,
Inv. in other cos__ 722,913
276,041 Stk. In Ala. Pr. Co 996,188
374,300 be considered as exceedingly satisfactory.
Disc. on bonds, Ste 4,529,037 3,663,587 1st M.Coll. 5s_ _ _ _13,668,900 13,646,400
Effect of New Immigration Laws.
-The foregoing situation is due almost
U.S. Victory Loan 1,000,715
1st M.55 A.P.Coe10,221,000 10,188,000 entirely to the effect of
confines the yearly
the
Liberty bonds..
2,900 6% secured notes d 8,000,000 2,900,000 movement to this country new immigration law which3% of the residents
nation to
from
Funds in hands of
Selma Lighting Co 238,000
250,000 of such nation in this country aseach foreign 1910 censue. Furthermore,
shown by the
employees
18,095
24,985 1st M.5s Ala. City
the law permits 20% of such numbers
enter the country monthly, and
Cash in banks,&a _ 580,239
295,381
Gad.& Ala. Ry_
100,000 this resulted in the quotas from mostto the countries being e,:hausted
of
Cash for bonds,&c 454,689
154,505 Armlston Steel Co.
prior to Jan. 1 1922, leaving practically no immigrants to come forward
Stock subs. rec. Zr.
1st M..7s
135,100 during the first six months of 1922.
empl. & eust'rs- 261,237
77,914 Divs. payable_ _ _ 6,527
Dectine in Trans-Atlantic Travel.
12,804
total decrease in the moveNotes & accts. rec.
Notes payable.. _ - 108,452
478,172 ment across the Atlantic, in both -There is a about 230,000 passengers
directions, of
less reserve
783,760
874,050 Accounts payable_ 419,755
555,515 for the first 5 months of 1922,
with the corresponding period
as
Miscellaneous _ _ _ _
35,378
8,864 Customers' dep..- - 169,663
181,038 of 1921, which decrase is almostcomparedin the third-class; there being
entirely
Materials dr suppl_ 869,650 1,062,561 Wages, dm., pay'le
76,849 a slight increase in the first-class movement. As your companies carry an
12,310
Oper,& leas'd equip
66,783
156,705 Int., &c., accrued..
11 245
inportantant percentage of the trans-Atlantic passengers, and it was imDeferred charges
628,832
7,975 Accident, &e., res_ 691:421
TIT possible to make a corresponding reduction in the number of sailings of
Res.for depree'n__ 919,881
767,946 your various services, the expenses of operation were practically the same.
Outstanding cowand a very marked shrinkage of earnings resulted.
Pons, Are
137,101
147,536
Outlook for 1922.
-The outlook for 1922 is far from encouraging; the
Pref. stock, pay
48,282 estimated results for the first 5 months show a marked decrease as comSurplus
663,091 pared with the corresponding period of 1920.
826,353
Beginning with July 1, the immigration quotas for the year July 1 1922
Total
54,438,347 49,061,215 Total
54,438,347 49,061,215 to June 30 1923, established by the Government, again become effective;
therefore it
c Auth., $100,000,000; issued, $18,959,000; pledged as collateral to earnings of is expected that there will be a decided improvement in the
the
6% 1st M.Lien Si Ref. Gold bonds,$8,000,000, and amount reserved against compared with passenger steamers during the last 6 months of 1922, as
the first 6 months; but there is nothing at present to indicate
Selma Lighting Co. 1st M.5% Gold bonds, $238,000: bal., as
that the
221,000. Stocks of sub. and affil. co's aggregating $1,659,100above, $10,- sponding total earnings for that period will be larger than for the correare pledged
period of last year.
therefore, that a very material
as additional collateral to this issue.
decrease ha the 1922 earnings It is evident, with those for the year 1921.
as compared
d Secured by deposit of $8,000,000 1st Mtge. 5% gold bonds
must be expected.
-Preferred cumulativo dividends in arrears aggregated on Dec. 31
Note.
Freight Situation.
-The freight situation continues very unsatisfactory,
1921 $420,000.-V. 115, p. 307.
although the outlook is favorable for a slight improvement for the last
432
half of the year, but this can only be brought about by readjustments
In the world's economic,financial and exchange situation sufficient to gradually increase the volume of the world's trade, which we hope will be
realized to such extent as will enable the freight steamers to be operated
for the balance of the year without loss.
-The combined income account for the year
Combined Income Account.
1921 (see below) shows a profit of $10,378,658 after meeting all fixed
charges and operating expenses, in which latter are included all charges
for repairs, maintenance and overhauls, as compared with a profit of
112.782,178 for the year 1920.
Sinking Fund for First Mortgage Collateral Trust Bonds.
-$400,000 was
paid in 1921 to the trustees and $493,000 6% bonds have been purchased,
and canceled, making total bonds so purchased and canceled $2,187,000 of
the total originally issued of $40,000,000.
-The insurance department for 1921 shows a net profit
Insurance Fund.
of $446,526.
Accumulated Pref. Diridends.-Since Jan. 11917, 17 dividends have been
paid on the Preferred stock, aggregating 73% including, in Feb. 1922, a
3% semi-annual dividend. This leaves a balance of 42% unpaid back
dividend on the Preferred stock.
Under date of June 15, 1922, the directors declared the regular semiannual 3% Preferred dividend payable Aug. 1 1922 to holders of record
July 14 1922.
-During the years 1915 to 1921 inclusive, the
Reduction of Obligations.
bonded indebtedness and interest charges of International Mercantile
Marine Co. and subsidiary companies have been reduced from $84,146.033
to $46,652,540, or $37,493.493, and the annual interest charge from
$3,867,656 to $2,681.559, or $1,186,097.
-In the early part of 1922 the company moved to its
Office Building.
new building at No. 1 Broadway.
New Tonnage.
-Since July 15 1921, the following passenger-carrying
steamers have been added to the fleet and are working out staisfactorily:
Majestic, 56,000 gross tons; Homeric, 34,692 gross tons; Arabic, 16,786
gross tons; Pittsburgh, 16,000 grass tons; Regina, 16,500 gross tons; total,
139,978 gross tons.
COMBINED EARNINGS OF THE COMPANY AND SUBSIDIARIES.
Calendar Years1918.
1921.
1919.
1920.
*Gross voyage earnings_890,068,418$113,331.819 $58,875,494 $30,151,369
Miscellaneous earnings_ 8,027,610 12,475,634
8,751,474 4,516.985
Total earnings
$98,096,0283125,807,453 $67,626,968 $34,668,354
°per., general expenses
taxes and misc. int_
85,094,108 110.387,584 47.139,691 18.938.054
Net earnings
$13.001,920 $15,419,868 $20,487,277 $15,730,300
Fixed charges
2,789,763
2,737,345
2,637,690
2.623.262
Profit before depreen_310,378,658 312,782,178 317,749,932 $12,940,537
Previous Lurplus
30,556.973 30.278,542 30,561,058 26,611.836
Total
$40,935,631 $443,060,720 $448,310,990 $39,552,373
3,301,511
Deduct-Depreciation
6,117,981
5,346,376 4,583,818
Miscel. adjustments.._
1,467,566
Pref. dividends (text)_ _ _ 3,103.515
5,689,805 13,448.630 5,689,805
do Per cent
(11%)
(11%)
(26%)
x(6%)
Sur. as of bal. sheet_ _$31,714,136 $30,556,973 $30,278,542 $30,561,057
* In 1918. 1919 and 1920, after providing for British excess profits duty.
x Includes 3% paid Aug. 1 1921 amountmg to $1,551,765; and 3% paid
Feb. 1 1922 (31,551,750).
The foregoing includes the earnings from operations, viz.: American, Red
Star, White Star, Atlantic Transport, Leyland (entire earnings in 1920
and 1921, in 1919 and 1918 only that portion received in dividends) and
Dominion Lines in 1920. 1919 and 1918, together with dividends received
from partly owned companies.
CONSOL. BALANCE SHEET DEC. 31 (Including Constituent Companies).
(American, Red Star, White Star, Atlantic Transport and Leyland Lines.)
1921.
1920.
1919.
1918.
Assets
$
$
$
$
*Cost of properties
188,719.060 177,999,602 155,118,686 142,032,588
Investments in
F. Leyland & Co.,Ltd.
11,969,684 11,965,177
Other investments___ 7,234,755
7,217.809
6,176,495 3,550,511
Cash (on hand, &c.)____ 9,970,557 17,022,953 18,909,587 18,443,556
Accts., &c. receivable__ 12,285,219 20,772.172 31.143,520 31,511,955
Agency balances
565,376
829,871
730,573
679,928
Market. sties. & bonds
47,717,191 55,522,220 36,563,088 30,856,144
Inventories
2,138,745
2,366,990
1,349,537
1,936,040
Deferred charges
7,298,760 8,517.088 6.140,714
2,818,131
Total
275,929,664
Liabilities
Preferred stock_ a
51,725,000
49,871,800
Common stock_ b
27.645
Capital stock of sub. cos.
1st M.& Coll.Tr.6% bds.c37,313,000
Deb. bds. of constituent
cos. held by public_ _ _ 7,839,540
1,500,000
Loans on mortgage
Loans, bills pay., &c_ _ _ 8,890,494
29,146,911
Accounts payable
1,027,038
Agency balances
677,037
Interest accrued
Reserve for liabilities_ _ _ 8,666,892
32,648,553
Miscellaneous reserves
11,296,375
Deferred credits
2,033,494
Insurance fund
1,551,750
Pref. stock dividend_ _
31,714,136
Surplus
[VOL. 115.
THE CHRONICLE
290,248,705 268,637,741 243,258,172
-Johnson Corporation.
- Endicott
(Semi-Annual Report-Six Months ended July 1 1922.)
INCOME ACCOUNT FOR SIX MONTHS.
July 1 1922. July 2 1921. July 3 1920.
Jan. 1 to$27,485,209 $26,831,551 $38,677,402
Net sales
Manufacturing costs & other expenses 23,583,473 23,775,793 32,157,419
Net operating income
Other income
$3,901,736 $3,055,757 $6,519,982
16,319
Gross income
Interest charges, &c
Adjustment of inventories
Federal taxes, &c
Profit sharing plan
Preferred dividends
Common dividends
Common (stock dividend 10%)
$3,901,736 $3,055,757 $6,536,300
433,916
2,865,506
411,507
480,376
484,747
749,748
618,363
1,055,750
525,000
509,241
487,502
782,250
843,165
842,060
1,490 000
$604,613 def.$721,627
$1,031,677
Balance, surplus
BALANCE SHEET JULY 1 1922 AND JULY 2 1921.
1921.
1922.
1921.
1922.,
3
Liabilities
Assets30,956,850 31,412.995
Capital stock
Ld., bldgs., mach.,
(less deprec.)20,753,068 20,469,449 Notes payable__ _ _ 7,950,000 6,900,000
&c.
19,529,716 16,457,438 Acceptances pay'le 806,094
Inventories
603,878
Accts. & notes, rec 8,912,304 6,499,777 Accounts payable_ 740,587
Sundry cred. incl.
empl.
Bal. due on
482,387
acrued wages.. 647,994
2,695
stock subscrip'ns
76,231 Federal taxes 1921
72,556
Sundry debtors_ __
321,524
515,687
not due
16,500
16,500
Marketable secur's
profit3,517,277 4,824,203 Workers
Cash
sharing funds_ _ _ 1,031,677
adv.to
Invest. in &
354,062 Federal & State
subsidiary co_ _ _ 376,134
41,642 franchise taxes_ 484,746 1,084,988
Pref. stk. acquired 275,700
surplus
300,452 Initial
Bal. rec. on contr. 298,048
192,853 (April 17 1919)- 6,024,526 6,024,526
Deferred charges_ _ 202,926
Approp.sur. under
450,000
certif. of incorp_ 900,000
Current surplus_ _ _ 3,896,070 1,955,009
069154'283.2 49,235,309
Total
:
53
-V. 114, p. 2722
Total
53,954,232 49,235,309
Hocking Valley Products Co.
(Report for Fiscal Year ending Dec. 31 1921.)
President S. L. Chamberlain°, Columbus, 0., Jan. 18
1922, said in substance:
General commercial depression limited the company's operations during
the fiscal year ended Dec. 31 1921. Low prices restricted oil development
on our properties, but of seven new wells, six were producers. Falling off
in demand for Hocking Valley coal reduced our mine output to about 25%
of normal.
Brick plant operations were suspended during the greater part of the year,
owing to stagnation in the building trade. The building business, however.
now shows evidence of revival. Our brick have recently been ordered or
specified for many prominent buildings in the U. S. and Canada, both
public and private, including the stately Hotel Mount Royal now under
construction at Montreal.
The brick plant is now operating under improved conditions and all our
properties are being well maintained.
During the year, $65,900 of bonds were retired through the sinking fund.
Production, ac., Year 1921.-(1) Number of brick: Production, 8,102,460
(against 8.694,416 in 1920); sales, 6,302,499 (against 6.442,479 in 1920);
shipments, 4,896,839 (against 6.171,479); unfilled orders Dec. 31 1921,
965,500; inventory. Dec. 31 1921. 6,687,046. (2) Tons of coal: Production (mines under lease), 117,625 (against 425,329 in 1920); sales (on commission), 56,845 (against 212,596). (3) Barrels of oil: Production (under
lease). 141.710 (against 189.659 in 1920).
RESULTS FOR CALENDAR YEARS.
1918.
1919.
1921.
1920.
$774,619
186,9'10
S49
$1,453,610
CGosrotssor
Gross income
products sold,ex645,635
381.541
331.524
penses and taxes
1,177,085
51,725,500 51,725,500 51,725,500
49,872,000 49,872,000 49,872,000
29,342
243
243
37,806,000 38,250,000 38,655,000
Net earnings
Bond interest
Res., sinking fund, &c..
Dividend No. 1 (5%)_ _
$85.626
43,116
44,850
$276,525
45,352
116,882
68,274
$105,369
45,868
30,040
$128,984
24,684
. 55,946
8,443,850 9,049,615
9,662,170
1,500,000
339,500
329,800
3,940,871
3,557,992
229.034
45,323,454 51,378,029 36,767,165
1,166,772
542,361
475,706
646,718
672.700
825,266
8,676,434
5,419,975
3,360,759
33,531,848 14,858,154 15,469.328
13,890,209
7,420,717
2,882,713
1,586,968
1,144,072
880,966
1,551,765
4.138,010
1,551,765
30,556,973 30,278,542 30,561,058
Net open income_ _ _ _ loss $2,340
165,852
Add previous surplus...
Adjustment
10,513
Deduct-Taxes prey. yr.
Adj. ofint. & sink.fund..
$46,015
4,818
115,019
329.461
65,475
$48,354
22,654
3,921
86,197
5.532
$4,818
$65,476
Profit & loss surplus...
$152,999
$165,852
x Gross income includes other income amounting to $35,639.
BALANCE SHEET DEC. 31.
1920.
1921.
Liabilities1920.
1921.
AssetsProperty accounts $2,199,453 $2,230,077 Cap.stk. outst'g_ _31,378,665 $1,378,665
898,900
833,000
16,471 Funded debt
16,103
.
Def conting.assets
115,580
78,563
32,267
71,047 Current liabilities_
Cash&U.S.bonds_
185,852
152,999
241,402 Surplus
0th. current assets 195,399
275,929,664 290,248,705 268,637,741 243,258,172
Total
Co.
* Combined undertakings and their properties at cost to the I. M. M.
In bonds, stocks and cash, $232,861,404; add net additions in 1921 and
Total ---------$2,443,227 $2,558,997
$2,443,227 $2,558,997
advances on account of new construction less steamships sold and gone
Total
out ofservice,$12,245,385,and deduct reserve for depreciation,156,387,729; -V. 114. P. 2585.
balance Dec. 31 1921, $188,719,060. a After deducting 88,275,000 in
treasury; accumulated dividends unpaid, 42%. b After deducting $10.Continental Oil Co., Denver, Colo.
128,200 in treasury. c Originally $40,000,000, less in treasury $500,000
and retired by sinking fund. $2,187,000; balance, 337,313,000.-V. 114.
(Annual Report for Fiscal Year Ended Dec. 31 1921.)
p. 2714, 2020.
STATEMENT OF EARNINGS Jo DIVIDENDS FOR YEARS 1911-1921.
Earns. after
Fed. Taxes
Earns. before
American Cigar Company.
Deducting
Dividends
for Current
Deducting
Paid.
Fed. Taxes.
Year.
Fed. Taxes.
for Fiscal Year ended Dec. 31 1921.)
(Report
Year$512,511
$270,000
$5,053
$517,564
1911
FOR CALENDAR YEARS.
880,228
8,790
INCOME ACCOUNT
210,000
889,017
1912
986,215
1920.
180,000
11,974
1919.
1921.
1918.
998,189
1913
978,232
9,726
360,000
$1.802,393 $2,489,869 $2,175,799 $2,318,982 1914
987,958
aNet earnings
1,537,375
600,000
15,388
600,000
360,000
600,000
600,000 1915
1,552.763
Pref. dividends (6%)
2,096,989
42,655
360,000
2,139,644
'Common dividends_ _(8%)1,200,000 (8)800,000 (8)800,000 (6)600,000 1916
1,970,423
867,707
360,000
2,838,130
1917
1,335,163
789,778
360,000
$2,393 $1,089,869
$775,799 $1,118,982 1918
2.124941
Balance, surplus
1,563,602
360.000
1,963,602 est.400,000
Profit and loss, surplus_ _ $9,310,978 $9,308,584 $13,218,715 $12,442,915 1919
2,732,265
314,760
647,764
3,067,025
1920a
1,110,089
c19,429
796,268
1,129,518
a Net earnings of company and those companies whose stock is owned 1921b
and war profits taxes are
-In this statement income, excess profits
Note.
by American Cigar Co. are after deducting all charges for expenses, managecomputed.
taxes, Scc.
deducted from the earnings of the year on which the same are $6,000,000
ment and Federal
and a stock dividend of
a Reserve for annuities, $140,326,
BALANCE SHEET DECEMBER 31.
for 1920.
have not been deducted from the earningsbeen deducted from the
earnings
(Consolidated with companies all of whose stock is owned.)
Reserve for annuities, $8,964 have not
b
1921.
1920.
1920.
1921.
of 1921. c Less estimated Federal taxes for 1920.
Liabilities$
$
BALANCE SHEET DEC. 31.
Assets
Preferred stock__ _10,000,000 10,000,000
Real est., mach.,
1921.
1920.
1920.
1921.
2,914,972 Common stock_ --15,000,000
&c., less deprec_ 2,901,938 3,315,685 Prov.for Pref. div. 150,000 15,000,000
Liabilities
$
$
150,000
Assets
3,315,635
Brands, pat., &c...
Capital stock
10,000,000 9,904,800
Accts. & bills pay- 1,284,913 8,148,635 Plant, gross book
Leaf tobacco, dre__13,011,843 19,203,608 Tax reserves
5,464,316 4,729,453 Empl. stk. subscr.
38,730
478,041
141,527
value
6,910,139 6,863,935
*Stocks and bonds_
536,489 Notes& accts. Pay. 1,057,599 1,491,272
280,801
1,339,281 1,927,183 Res.for deprec.,&c 8,365,275 8.323,354 Cash
Cash
. 170.000
Surplus
171,000
9,310,978 9,308,584 Accts.& bills tee.. 3,741,288 3,196,118 C.O.bldg.5% bds
aDuefrom cos__ _12,827,525 12,505,589
2,783,888 4,318,320 Res. for annuities_ 149,326
140,362
Merchandise
3,866,062 4,537,861
Bllis&accts.rec....
. 125,000
"Fed. tax (est.)
580,000
& other
134,781
Securities
80,176
Prepaid ins., &c
4,318,490 4,011,631
investments.... 3,548,121 3,555,415 Surplus
Total
44,252,693 51,408,614
44,252,693 51,408,814
Total
Total
15,818,414 16,335,795
15,818,414 16,335,795
Total
by companies in which it,
a Amounts owing to this company -V. 114, P. 1537, 1066. directly -V. 112, P. 1738.
stock.
or indirectly, owns part of the
JULY 22 1922.]
THE CHRONICLE
Superior Steel Corporation.
(5th Annual Report
-Year ended Dec. 31 1921.)
Pres. E. W. Harrison, Pittsburgh, Pa., Feb. 23, reports
in substance:
Results.
-This Is the first report since our organization that does not
show very favorable results for operations during a 12 months period. The
year 1921 has been strictly a period of liquidation. Prices have been going
lower with great regularity. We feel that we have been very successful in
liquidating out stock of raw material to the lowest point and closing the
year with such a small loss. Since our operations averaged only 25% of
normal, we feel that the results obtained were all that could be expected.
Outlook.
-We are starting the new year with no surplus stock of raw
material, business is improving nicely, and although prices are unreasonably
low, yet the outlook is promising and while it will probably be a few months
longer before business conditions get near normal, yet we think the year
1922 will show satisfactory results. We have cut out overhead expense in
a very pronounced way and every economy possible will be practiced.
INCOME ACCOUNT FOR CALENDAR YEAR.
1919.
1920.
1921.
Net sales
$2,286,561 $12,604,325 $7,661,278
5,946,934
Manufacturing cost
2,223,379 8.737,951
35,005
Taxes
180,000
Depreciation
324,858
128,361
127,925
Selling expenses
345,537
94,840
25,500
Miscellaneous expenses
101,015
181,371
Administration and general expenses__
147,753
def3307,771 $3,014,607 $1.244,899
124,233
23,130
76,914
def$230,858 $3,037,737 $1,369,132
12,723
42,538
Balance, surplus
Other income
Net profit
Idle plant expenses
Balance, surplus
def$273,395 $3,037,737 $1,356,409
$501,034
$731,252
Previous surplus
$864,499
9,136
Discount on pref. stock purchased_ _ _ _
1,896
Adjustments applicable to prior period 529,275
Total surplus
$1,120,378 $3,778,125 $1,859,340
1,634,031
374,683
Federal taxes
239,316
165,000
Sinkingfund
432,408
380.885
Inventory adjustments, &c
7,121
Red.in value oftreasury common stk_
652,273
588,404
409,570
Dividends
$731,252
$864,498
Profit and loss surplus
$278,399
BALANCE SHEET DECEMBER 31.
1920.
1921.
1920.
1921.
A ssets
Liabilities$
Plant & equipment.a2,253,182 2,014,366 Capital represented
Goodwill
2,500,000
Cash
254,593
Notes & acc'ts rec._ 284,248
Inventories (net of
reserves)
856,170
Investments
W. H. Shinn Coal
Co. 1st M. 6s._
10,000
U.S.Govt.W.S.S..
918
U.S.Treas. Certif.
of Indebtedness_ 750,000
Interest accrued
12.539
Treasury stock, &c.: 254,421
Deferred charges_ _ _
13,141
Total
under laws of Va__2,500,000
1,984,243 bist pref. cony. 8%-2,178,000 2,325,400
1,132,831 c2d pref. cony.8%--1,409,500 1,704,800
dCom. stock, book
value at org'n_d1,250,515 1,250,515
1,832,832
Sink, fund to retire
1st & 25 pref. stic.1,912,500 1,455,149
73,160 436,597
10,000 Accounts payable_ _ _
894 Divs. pay.in Feb_ _ - 67,316 162,910
17,175 1,712,574
Res. for Fed. taxes__
281,026 864,499
Surplus
422,215
15,061
7,189,191 9,912,443
Total
7.189,191 9.912,443
a Land, buildings, power plant and furnaces, $907,928; machinery and
equipment, $2,635,915; less reserve for depreciation, 31.290,681. b First
Pref.cony.8% stock: Authorized and issued, 35,000 shares, par value,$100;
outstanding, 21,780 shares. c 2d Pref. cony. 8% stock: Authorized and
issued, 20,000 shares, par value $100; outstanding, 14,095 shares. d Common stock:authorized, 115,000shares, par value,$100;issued,60,000 shares,
book value at formation of company, $1,250,515 V. 114, p. 1072.
-
433
International Silver Co.
(Report for Fiscal Year ending Dec. 31 1921.)
INCOME ACCOUNT FOR CALENDAR YEARS.
1921.
1920.
1919.
1918.
xNet after interest, &c_ _ _ $470,516 $1,335,538 $1,462,808 def$24,809
Adjust. of plants & inven_ Cr.13,077
72,596
2,513
Divs.on pref.stock_.(735 %)452,145 (7)422,002 (7)422,002 (7)422,002
Balance
Total surplus Dec.31_ _
$31,448
$840,940 $1,040,806 clef-3449,324
$4,952,183 $4,920,735 $4,079,795 $3,027,108
x Earnings, less depreciation, taxes and bond interest.
BALANCE SHEET DECEMBER 31.
1921.
1920.
1921.
1920.
Assets
Liabilities$
$
Real estate
2,197,652
Mach'y, tools, &c_ 3,034,600
Trade-marks and
patents
1,500,000
Inventories
4,616,721
Other investments 1,913,826
Bonds in treasury_
47,969
Cash
1,396,832
Accts. & notes rec_z4,427,351
2,044,749 Common stock... x685,363
3,168,096 Preferred stock__ _y6,028,588
First mtge. bonds_ 2,752,000
1,500,000 Debenture bonds.. 1,867,000
5,970,121 Accts.& notes pay. 2,684,318
60,000
1,934,726 Reserve for taxes_
24,969 Pref. diva. payable
105,500
January
1,315,489
4,952,183
4,156,205 Surplus
x685,363
y6,028,588
2,812,000
1.867,000
3,395,170
300,000
105,500
4,920,735
Total
19,134,952 20,114,356
Total
19,134,952 20,114,356
x After deducting $9,259,337 and (Y) $578,912 held in treasury. z Less
reserve
.-V. 112, p. 2418.
American Wholesale Corporation, Baltimore, Md.
(Annual Report for Fiscal Year ending Dec. 311921.)
Calendar Years1918.
1919.
1920.
1921.
Gross sales
$25,577,846 $35,345,711 $25,577.845 $34,855,330
Total earnings
411,965
4,270,566
694,773
Fed. taxes 7% p.a.(est.).
1,341,954
69,000
41,000
Preferred dividends
(33.5)297,500 (7)575,235 (7)557,363
Fed. taxes for year 19181,953,079
Balance, surplus
$50,538 def$186.399
$678,033
BALANCE SHEET DEC. 31.
1921.
Assets$
Rl.est., plants,&c.a2,822,138
b6,475,538
Inventories
Notes & accts. rec_ 9,261,698
23,900
U.S. obligations
18,869
Investments
2,340,251
Cash
Cash. dep. for div_
137,515
Sundry loans
366,059
Oxford Realty Co_ 295,545
Empl. sub. stk_ _ _ c156,527
Deferred charges__
175,332
Total
1921.
LiabilitiesPref.7% cum.stk.d7,858,000
Corn. stk (no par)
.e4,228,656
Notes payable__ _ _ 6,625,000
Accts. payable_ _ _ _ 820,545
Deposit accounts._ 491,371
35,934
Accrued interest__
1,681
Emp.prof.shar. d.
Fed.taxes'21(est) _
41,000
Pref. div. p. Jan. 1
137,515
1922
124,677
209,218 Per. m. mortgages 1,290,500
543,169
Surplus
1920.
IS
2,881,312
4,817,952
8,151,351
1,022,140
282,211
1,337,884
143,377
325,960
22,073.372 19,296,082
Total
1920.
8,131,900
4,218,212
3,935,000
328,011
430,174
31,417
1,481
69,000
143,376
1,295,500
22,073,372 19,296,082
a After deducting $100,500 for depreciation. b Cost or market, whichever is lower. C After deducting payments, $139,785. d Preferred stock
authorized, $9,000,000, less, unissued, 3500,000 and retired, $642,000.
e Common stock (no par) authorized, 150,000 shares, unissued, 54,096
shares, outstanding, 95,904 shares.
-V.114, p.951, 413.
The Brunswick-Balke-Collender Co., Chicago, Ill.
(Report for Fiscal Year ended Dec. 31 1921.)
President B. E. Bensinger April 1922 wrote in substance:
The net operating profits for the year amounted to $610,217, but depreciating inventories to the prevailing market prices involved a shrinkage
of $1,355,293, which, together with the excise tax and special expenditures
paid during the year, resulted in a net deficit for the year of $2,279,691.
American Glue Co., Boston, Mass.
During the year 1921 liabilities were reduced to the extent of 34,164,130
and during the first quarter of 1922 a further reduction of $1,626,364 has
(Report for Fiscal Year ending Dec. 31 1921.)
been effected.
The directors deemed it sound policy for them to reduce the merchandise
Pres.Jesse P.Lyman,Boston,March 31,says in substance:
We have, with nearly all corporations, operated under most trying Inventory to the lowest point possible, consistent with the requirements of
conditions. We have earned our Preferred and Common dividends, the business. The total of this reduction in our inventories including retogether with a liberal allowance for depreciation, without reducing our adjustment in prices for the year amounted to $6,579,746. The substantial
surplus. Inventories are carried on a very conservative basis and our reductions effected in operating costs and selling expense should result in a
satisfactory showing for 1922, the net earnings for the first quarter of
plants are in excellent condition.
which amount to $656.068.
CONSOLIDATED INCOME ACCOUNT FOR CALENDAR YEARS.
1920.
1919.
1921.
Profits from operations
1918
1919
0610,217 34,248,485 $5,046,099
1920
1921
Net after all expenses__ $920.859 31.792,143 $1, 2,9 0
$995,907 Excise taxes for year
2
430.888
1,516,545
1,022,130
1,236,132
Dividends received
13.030 Shrinkage on inventories
b1,355,293 2,174,914
12.170
154,456
Int. on notes rec., &c _ _
29,340 Sundry expenditures & charges (net).
83,045
24,575
298,483
60.874
80,470
73.694
Provisions for income tax
48,288
982,479
Total income
$1,149,009 $1,884,783 $1,494,682 $1,038.277
Prov.for deprec. of plant
Deficit for year
$2,279,691 sur$425,693 sr$3,016,915
& equipment
217,198 Previous surplus
245.142
5,756,959
384.764
309,326 • 8,015,560
235,141
Add'ns. & replacem'nts_
57,214 Add-Credit arising from conversion
57.214
57,214
Loss on Lib. bd.sales. &c
of stock
c10,125,000
193,346
95.918
Int.& disc, on notes pay.
Proportion of credit arising from ap& deb. notes & bad
preciation of capital assets
6,125,480
debts
41,133
192,014
85.196
367,758
Total
Reduction of inventories
156,734
$8,154,634 $14,566,733 $8,773,874
Miscell. deductions
17,500 Preferred dividends (7% per ann.)_ _
337,295
337,408
338,313
Class"A" Common divs. (cash)_ _(1 X %)157,500 (7)420,000 (7)420,000
Net income
do
$548,498
do (In Class"B" Corn. stk.)
(150%)13,500,000
$546.110 $1.057,445 $1.011,211
Fed. inc. & prof. taxes
62,181
115.000
200,000
50,000
Profit and loss surplus Dec. 31_ _ _ - $7,659,839
Employees' benefit fund
100,000
$309,326 $8,015,560
Insurance fund
12,000
12,000
62,000
a Profits from operations after deducting manufacturing, selling, adPreferred diva. (8%)_ _ _.
160.000
160.000
110.644
160,000
Com. div.. cash
100.000 ministration and general expenses, incl. interest on borrowed money and
(8%)349,416 (14)322,812 (10)118,390
do
100.000 adequate provision for depreciation of buildings, plant, machinery and
in Lib. bonds
(10)118.390
equipment. b Shrinkage on inventories at Dec. 311921. to current market
$114,317 values. c Credit arising from converting 135,000 shares old Class "B"
Balance, surplus
$352,432
$347,633
$36.050
Previous surplus
2,332,982 Common stock of $100 each into 33,750 shares new Common stock of
943,004 2,871,665 a2,455,634
$100 each.
Total surplus
BALANCE SHEET DEC. 31.
3979,054 $3,219,298 $2.808,066 $2,477,299
Prem,on sale and purch.
[As of Dec. 31 1921, after giving effect to reduction in Common stock auof capital stock
deb.26.294
cr.63,600
thorized by stockholders but not consummated at Dec. 31 1921.1
150% stock dividend_ _ _
2.250,000
1921.
1920.
1921.
Assets$
$
LiabilitiesProfit and loss surplus $979.054
i
$943,004 $2.871.665 $2,447,299 Plant, equip7% Pref. stock__ _ 4,818,500
a Adjusted.
ment, &c
15,019,662 15,813,295 Common stock _x12,375,000
CONSOLIDATED BALANCE SHEET DEC. 31.
Sundry investm'ts 127,582
204,236 Cora. "A" stock
1920.
Inventories
1920.1921.
1921.
y11,127,279 17,662,332 Corn. "B" stock
AssetsBills receiv. (less
$
Liabilities3
.
S
$
6% ser, gold notes 2,800,000
Real est. & mach_ 4,880,579
Additions
1,198,819
Investments
456,585
Good will
1
Cash
689,185
Notes & accts. rec_ 1,364,399
Inventories
.4,448,439
Prepaid taxes, &c_
182,719
Total
4,662,222
1,198,819
443,485
1
681,184
1,348,262
4,985,081
141,816
13,220,722 13,460,872
Preferred stock.._ 1,382,900 1,382,900
Common stock__ 4,367,700 4,367,600
10-yr. 8% deb.
notes
1,500,000
Notes payable---- 2,626,000 3,598,000
Accounts payable. 527,985 1,429,218
30,060
Provision for MtPurch. contract_-- 139,591
155,570
72,306
Provision for taxes
88,039
96,645
Ins., &c., reserveCapital surplus... 1,623,541 1,623,540
Profit & loss eurp_ .854,054 .818,004
--13,220,722 13,460,872
Total
x Inventories of raw materials, &c., have been valued at approximate
cost or market value, whichever was lower, and finished glue and sandpaper at fixed prices below cost, in keeping with co.'s previous custom.
z After deducting $125,000 premium paid on stocks.
-V. 114. 13. 413.
1920.
s
4,818,500
9,000,000
13,500,000
3,200,000
reserve)
4,423,091 3,651,033 Install. 016% gold
Accts. receivable
notes(dueJan.1) 400,000
400,000
(lees reserve)
5,064,851 5,121,169 Bills payable
8,043,750 9,395,000
Due from officers
Accounts payable_ 1,590,470 3,955,895
and employees__
390,837 Interest accrued
360,620
108,000
96,000
Cash
1,229,758 1,068,342 Pref. div. payable_
84,324
84,324
Deferred charges- _ 647,915 1,028,131 Res. for Fed. taxes
70,000
Ins., &c.,reserves- 132.876
98,330
Surplus
309,326
7,659,839
Total
38,000,759 44,939,375
Total
38,000,759 44,939,375
x Authorized Dec. 30 1921, $30,000,000, par $100: to be immediately
Issued,90,000 shares in exchange for a like number of old Class"A"Common
shares, $9,000,000, and 33,750 shares in exchange for 135,000 shares of old
Class "B" stock, par $100, $3,375,000; total to be issued, $12,375,0 .
00
y Inventories of manufactured and process stocks, materials and supplies,
valued at cost or market whichever was lower.
--V. 112, p. 655.
434
THE CHRONICLE
Mercantile Stores Co., Inc.
(Report for Fiscal Year ending Jan. 31 1922.)
PROFIT AND LOSS ACCOUNT FOR YEARS ENDING JAN. 31.
1922.
1921.
Profit from operations
$2,291,955 $2,680,577
Less
-Unearned profit on installment sales, de78,953
176,625
ferred until collected
Deduct-Provision for doubtful accounts in excess
of amount written off during year
Deprec. of equip., fixtures, bldg., impts., &c_
Reserve for merchandise
Reserve for Federal taxes and contingencies.. _ _ _
Net profit of subsidiaries
Profit parent company
$2,115,330 $2,601,624
$116,223
249,623
471,787
321,198
$149,873
244,784
612,782
490,737
$956,498 $1,103,448
111,753
29,871
Total
$1,068,251 $1,133,319
CONSOLIDATED BALANCE SHEET JAN. 31 (INCL. SUBSID. CORPS.)
1921.
1222.
1922.
1921.
LiabiliticsAssets$
$
$
$
1 Capital stock
1
Furn., impts., &c_
5,394,702 5,394,664
Accounts payable_ 1,880,825 2,094,226
Real est. & bldge.
384,369 Notes payable__ _ _ 444,000
795,849
owned
181,042
Delivery equipm't 158,381
170,942 Sundry creditors,
3,621,567 5,666,186
incl. unpaid &alCash
Accts.& notes rec.,
aries, &c
567,126
434,895
receivables, .ke _x6,211,467 5,68(3,134 Unearned profit on
Merchandise,
Y5,860,513 5,955,144 instal.salescont_ 901,354
724,729
Govt. securities__ _ 2,322,218
216,554 Res. for Fed. taxes
178,358
Deferred charges
163,215 .1, contingencies_ 2,782,381 2,770,892
662.832 15-yr.5% Dtb.bds. 2.748,112 3,700,860
743,903
Investments_z
Store supplies.. _ _ _
60,141 Surplus
40,565
85,234,322 3,664,410
Tot.(each side)_19,932,821 18,965,518
a The above surplus includes $501,661 transferred during the fiscal year
from accumulated merchandise reserve. x Includes accounts and notes
receivable of $4,592,114, and receivables, installment sales contracts, in
$2,412,196; total, $7,004,310; less reserve of $792,843. y Merchandise of
stock and in transit, $8,771,023; less unearned discount of $398,862 and
reserve of $2,511,648. z Of this amount $638,360 represents investment
In the 5% debentures of Mercantile Stores Co., Inc., of the face value of
$749,055.-V. 113, p. 2410.
[VOL. 115.
entirely on new contracts taken on starting and lighting and battery
Ignition equipment. Starting Jan. 1 1922, we began to receive substantial
shipping releases against these orders.
Since Jan. 1 1922 a marked improvement has set in, which appears to be
permanent. January shipments were the best that we have had in 16
months. February was about the same.
Inventory Write-off.
-At Dec. 31 1921 all inventory was written down to
market value. The actual write off in the inventory was $1,486,965.
-All production problems have been intensively
New Line of Magnetos.
studied and a large part of the plant rearranged to bring about lower production costs. Our research and engineering departments also have
perfected a new line of magnetos which will result in a very much broader
market and reduced production costs.
.-Our general commercial and sales overhead for 1921 showed
1921 Results
a reduction of over 40% as compared with 1020, and the reduction in our
actual factory overhead was approximately 50%. The result was that the
net loss from actual operations during the most trying year that this industry has ever experienced was but $236,177.
Our outstanding commitments to vendors at Jan. 1 1921 were $2,011,394,
as against $681,201 at Dec. 31 1921, or a net reduction of $1,330.192; 90%
of our outstanding commitments are subject to delivery on the order of
the company and they are practially all of them at market or below.
-About two months ago the U. S. Government,
Federal Investigation.
In line with its policy of investigating the sale of all properties made by the
Alien Property Custodian, started its investigation into the sale of the
Bosch property. We have placed at the disposal of the Government
officials all accounts and records of every kind, so that they may at an
early date know in complete detail all the facts in connection with the
-Ed.]
entire transaction. [1 he investigation was still under way in April.
PROFIT AND LOSS ACCOUNT FOR CALENDAR YEARS.
1919.
1920.
1921.
Net oper. profit before Fed. taxes_ __loss$236.177 $1,595,961 Not stated
inc. after Fed. taxes
Net oper.
$921,963
1,469,872
($126,089 in 1920)
($130120,000(310)880,000 ($7)420,000
Dividends paid (per share)
$501,963
$589,872
def$356,177
Balance, surplus
$8,184,363 $6,118,663 $5,755,852
Surplus & capital stock Jan. 1
Add-Proceeds from sale of 20,000
2,000,000
shares of stock at $100 per share.. _
139,152
524,172
1,813,815
Less sundry surp. & invent. adjust_
Total surplus & capital stock account,
$6,014,371 $8,184,363 $6,118,663
Dec. 31
CONDENSED BALANCE SHEET, DECEMBER 31.
1920.
1921.
1920.
1921.
Porto Rican American Tobacco Co., New York, N. Y. Assets
Liabilities
Cap. stock & surp_a6,014,371 8,184,363
Real estate, plant
(Report for Fiscal Year Ending Dec. 311921.)
& equipment__ _x3,135,412 2,830,409 Notes & accts. payb1,101,017 1,273,064
President L. Toro in special letter of Mar.3 wrote in subst. Patents & tracings y594,176 594,177 Gray & Davis acct. 50,404 125,933
20,857
332,596 Accrued accounts_
317,374
67,136
The year has been most harrowing and disappointing and the first year Cash & accts. rec_z1,291,425 1,059,381 Empl. subsc. acct_
Notes
of the company showing a loss.
notes.. _ _ _ 2,500,000
& suppl__ _ 3,322,721 4,344,727 8% gold
33,060
The unjust demands of labor culminated in Dec. 1920, and accordingly Invent. charges &
Deferred credits _
Deferred
191,670
all your cigar factories were closed in Jan. 1921. During the following
484,560 Reserve for taxes..
123,845
prepaid exp
nine months a continuous struggle was waged, but finally by the end of Inv. in other cos.._ 880,769
250,233
Sept. your company succeeded in gaining its point and started manufacturing again on the open shop basis. Very little labor trouble has occurred
9,665,792 9,896,083
9,665,792 9.898,083 Total
Total
since. Wages were not reduced until Dec. 1 1921, for in order to win the
dex Real estate, plant, equipment, &c., $3,783,225; less allowance for
strike it was necessary to maintain the same standard of wages existing
After deducting
during the war period; hence, the few months' operations during the year preciation. $64'7,813; balance as above, $3,135,412. y notes receivable
$160,824 allowance for depreciation. z Includes $836,146
1921 were based on the same labor costs as during the war period.
Represented by 96,000
Labor conditions prevented the working of a good deal of the 1920 crop and $455.278 accounts receivable (less reserve). a
accounts
of tobacco, which was the most expensive crop ever harvested in Porto shares of no par value. b Includes notes payable, $825,000 and
to make readjustment of and write payaole, $276,017.-V. 114, p. 1410.
Rico, and this fact made it necessary
down all inventories at the end of the year. The policy of retrenchment
has been established in every department and your company hopes to be
able to effect still further economies.
GENERAL INVESTMENT NEWS
Digest of Statement by Treasurer A. H. Noble, March 3.
Stock.
-The stockholders March 10 1921 authorized the increase of the
capital stock from $5,000,000 to $10,000,000, for the purpose of redeeming
RAILROADS, INCLUDING ELECTRIC ROADS,
the dividend scrip Series 1 to 9, inclusive, at par, and this was made effective Mar. 31 1921. Through the redemption of this scrip, and other scrip
-The
certificates previously authorized, the capital stock was
and fractional
General Railroad and Electric Railway News.
Increased during the year from $4,965,350 to $6,270,150 (V. 112, p. 1031, following table summarizes recent railroad and electric rail752).
-Under date of May 15 1921 the company issued $3,000,000 way news of a more or less general character, full details
Bonds.
-Year 8% Sinking Fund gold bonds for the purpose of funding floating concerning which are commonly published on preceding
10
debt; $300,000 of these bonds are to be retired annually and $158,500 were
pages under the heading "Current Events and Discussions"
purchased and canceled during the year (see offering in V. 112, p. 2090)•
-The consolidated statement, including subsidiaries, all
Surplus Account.
not in the "Editorial Department"), either in the week
stock is owned, shows: Total (profit and loss) surplus Dec. 31 (if
of whose
shortly thereafter.
1920, $1,959,343; add capital adjustment effected through partial re-ap- the matter becomes public or
praisement of good-will, brands_, &c. $1,293,400; and deduct (a) dividend
-For details see "Editorial" and "Current Events" secStrike Matters.
of3% paid in scrip (Series 10) Mar. 3'1921, $149,306;(b) loss for year 1921. tions in this issue.
-4,279 in favor of strike against 14 opposincluding writing down of inventories, $2,392.363; (c) interest on bills payChicago"L" Men Vote to Strike.
able and scrip, $171,516; (d) interest on 8% Sinking Fund gold bonds, ing because ofcontemplated wage cuts. See "Chronicle" July 15,P.307.
Canadian Railroads Reduce Wages Ranging from 24 to 4 Cents per Day.
$140,515; balance, surplus, Dec. 31 1921, $399,042.
Men refuse new scale and apply for arbitration under Canadian Industrial
CONSOLIDATED INCOME ACCOUNT FOR CALENDAR YEARS.
Disputes Act. "Financial America" July 18, p. 8.
(Including subsidiaries whose entire stock is owned.)
Cleveland Street fly. Reduces Fares From 6c. to 5c., Effective Aug. 1.
1921.
1920.
"Philadelphia News Bureau" July 20, p. 2.
1919.
1918.
a$2,392,363 b$998,948 4137,934
Cincinnati Traction Co. Employees Accept Wage Cut of 4%, Retroactive
Net income
$910,933
Income & exc. prof. tax..
202,554 July 1.-"Philadelphia News Bureau" July 20, p. 3.
-Loading of revenue freight totaled 718,319 cars during
(3
Car Loadings.
Dividends(see below).. %) 149,306 (12)597,224 (6)298,612 (13)593,228
312,032
Int. on bonds, scrip, &c..
the week ended July 8, compared with 876,896 cars during the preceding
a reduction of 158,577 cars. Comparisons showed a reduction
week, or
401,
Bal., sur. or def___def.$2,853,701sur.$
724def.$160,678sur.$115,151 because of the observance of Independence Day in the loading of all comProfit and loss surplus__ d$399,042 $1,959,343 $1,557619 $1,718,297 modities under the week before.
including writing down of inventories.
Principal changes compared with the week ended July 1 were: Coal,
a Loss for the year,
b Net profits after deducting all charges and expenses of operations and 68,996 cars, decrease 25,752; coke, 9.665 cars, decrease 696; ore, 55,729 cars,
and excess profits taxes.
decrease 9,047; merchandise and miscellaneous freight (including manuproviding for income
c Net income for 1919 very small because of strike in Porto Rico.
factured products), 482,079 cars, decrease 93.067; grain and grain products,
d Profit and loss surplus, $399,042. on Dec. 31 1921 is shown after 35,267 cars, decrease 6.630; live stock, 21,847 cars, decrease 6,699; forest
through partial re-appraisement of good-will, products, 44,736 cars, decrease 16.686.
'
capital adjustments effected
-Freight cars idle totaled 405,185 cars on July 1, compared
Idle Cars.
brands, &c.
The dividends above include scrip payments as follows: 1921, 3% 1920, with 429,074 on June 23, or a reduction of 23,889 cars. June 23 of 16,460
Of the total 239,225 were serviceable, a reduction since
12%; 1919, 6%; 1918, 9%.
cars, wigle the remaining 185,960 were freight cars in bad order.
CONSOLIDATED BALANCE SHEET DEC. 31.
Surplus coal cars totaled 147,558, decrease 13,175; box cars, 60,101.
1920.
1921,
1921.
1920.
decrease 2,476; coke cars, 3,945, increase 187; stock cars, 11,852 cars,
LiabilUies$
$
Assets
decrease 666.
Capital stock
6,270,150 4,965,350
Real estate, maIdle Cars on or about 1st of Month, and on June 30 1922 (in Thousands).
44,079
11,518
chinery, &c..-- - 1,901,893 1,896,680 Scrip red.in stock_
Scrip (Ser. No. 10) 149,027
July 1. June!. June23. May 1. April 1. Marl. Feb. 1. Jan. 1.
Leaf tobacco, man245
331
207
471
372
256
7,355,811 Scrip (Series 1 to 9.
305
Good order.._ _ _239
ufac. stk., &c__ 5,115,903
173
159
161
148
158
173
175
166
1,343,754 Bad order
Bills & acc'ts rec__ 1,800,351 2,570,723 inclusive)
839,893 10-yr.8% s.f. bds. 2,841,500
660,092
Cash
-applied to
Matters Covered in "Chronicle" July 15.-(a) "Outlawry"
Bills & acc'ts pay.. 1,048,654 4,145,070
Disc.& exp.on bds. 169,921
unions, p. 231. (b) Cost of strikes, p. 233. (c) Railway shopmen strike
281,652 Res.for deprec'n- 659,3621 726,325
Inv. in other cos_ 261,853
applying boycott methods. p. 237. (d) Railroad gross and net earnings
Other reserves.. _ _ _
Good-will, tradefor May.p.238. (a) Electric railway earnings in 1921, p. 241-all editorials.
Surplus
206,600
1,500,000
399,042 1,959,343
marks, &c
(f) Railroad shopmen strike; stationary firemen and enginemen to strike,
p. 267. (g) President Harding's proclamation warning rail strikers against
11,409,814 13,151,360 Total
11,409,814 13,151,360 interference with transportation and mails, p. 269. (h) B. M. jewel' in
Total
114, p. 955.
-V.
response to President Harding's proclamation on interference with transportation, p. 269. (1) Samuel Gompers's criticism of President Harding's
American Bosch Magneto Corporation.
proclamation, p. 269. (j) Railway executives decline suggestion to meet
striking shopmen, p. 270. (k) B. M. Jewell's reply to railway executives
(Annual Report for Year ended Dec. 31 1921.)
declares strike will be continued to successful conclusion, p. 270. (1) RePresident Arthur T. Murray, March 1, wrote in substance: duction in Canadian freight rates, p. 270.
Results.
-The decreased buying power of the farmer retarded his demand
-Equipment Trusts Sold.
-Kuhn,
Baltimore & Ohio RR.
for farm engines, trucks and tractors, so that during the year there has been
this class of product. In
practically no sales for business also felt a marked addition the domestic Loeb & Co., Speyer & Co. and National City Co., New York,
in demand,
recession
and export automobile field. This resulted in a marked
$6,750,000 5% Equip. Trust Certififalling off in the have placed privately
particularly in the export
products.
demand for ignition equipment for these particular in
cates. Issued under the Philadelphia plan.
but 7%
Our shipments in 1921 were businessof the volume the same department
Dated Aug. 1 1922; due $450,000 on Aug. 1 each year from 1923 to 1937.
In 1920. Our branch house 93% of where we have direct access to the
our 1920 business. Combined total both inclusive. Dividends payable F. & A. at the agency of the trustee in
consumer amounted in 1921 to
New York, without deduction for any tax or taxes (other than Federal
business in 1921 was approximately 25% of our 1920 total.
company or the trustee may be required to pay
on
Jan. 1 1921 the unfilled orders the our books amounted to $6,299,277, Income taxes) which the
total unfilled orders on our books or to retain therefrom under any present or future law of the United States
year
whereas at the end of the
amounted to $8,559,180, an increase of $2,259,952. This increase was or of any State, county, municipality or other taxing authority therein.
JULY 22 1922.]
THE CHRONICLE
435
Denom. $1,000 (c*). Girard Trust Co., Philadelphia, trustee.
Our expressed and emphatic opinion is that from an
-There will be vested in the trustee title to new equipment point Big Four Preferred is of distinctly higher class than investment standSecurity.
New York
costing not less than $9,000,000, including the following:4 steel dining cars,
An outstanding fact about Big Four Preferred is its small Central.
40 steel passenger coaches, 3 combination, baggage and postal steel cars, $10,000,000. Thus only $500,000 per annum above bond amount
interest is
5 steel postal cars, 1,000 0-27a 70-ton 46
-ft. drop-end steel gondola cars, required to cover the dividend. This contrasts with $12,500,000 annually
1,000 M-15 40-ton steel under-frame box cars, 1,000 50
required to pay even 5% on the $250,000,000 New York
-ton steel hopper
Central stock.
cars, 35 Mikado freight locomotives, 15 Pacific passenger locomotives.
Without reflecting in any way on the merits and
Guaranty.
-Principal and dividends unconditionally guaranteed by en- York Central stock it is apparent that its dividend ispossibilities of New
far less secure than
dorsement by the company.
Big Four Preferred. This has been true for some
'
. Earnings.-Total net income for calendar year 1921,after interest, rentals sized by a comparison of' earnings in 1920 and 1921. years and is emphaand other fixed charges, other than Federal income tax, amounted to
In 1920 the balance available for dividends on Big Four Preferred
was
$6,558,204, and for the five months to May 31 1922 shows an increase com- $58 89 per share as against $5 50 per share of New York
Central. In
pared with the same period of preceding year of $4,699,095.
1921 the corresponding figures were about $29 30 per share for
-Subject to the approval of all public authorities.
Issuance.
Preferred and $8 90 per share for New York Central. During Big Four
-V.115,P.
the first
307, 72.
5 months of 1922 the earnings applicable to Big Four Preferred were
about $3,799,000, which is at the annual rate of over $91 per share of the
Beaumont & Great Northern Ry.-Plan.-Preferred stock, or 18 times the annual dividend. The assets securing the
See Missouri Kansas & Texas Ry. below -V. 114, p. 2115.
principal value of Big Four Preferred amounted on Dec. 31
per share, since which time they have increased. This is1920 to $747 53
Boston Elevated Railway.
nearly 5 times
-Has No Debts.
the book value of New York Central.
The company July 15 has more than $3,000,000 cash on deposit, and for
An important additional feature of the
the first time in 11% years does not owe a dollar to the banks. The road the charter provision whereby the consent value of Big Four Preferred is
of a majority of the Preferred
earned more than $1,000,000 in excess of dividends in the first half of this stock is required for the issuance of
"any evidences of funded
year and on July 14 made an initial payment of $517,196 no account of the
any lease of railway property which may entail increased fixed debt" or
charges."
municipal loaea'ssessment of 1919. ("BostonTranscript.')-V. 114,p.2822, This operates to insure the security of
the Pref. stock, and, on the other
hand,
Boston & Maine RR.
-Equip. Trusts.
-Annual Meeting. acquiremakes it distinctly advantageous for the New York Central to
a majority. These several features-security of income, security
-S. C. Commission has authorized the company to assume obliga- of principal, and veto power over issues of
The I.
funded debt and leases entailing
tion and liability in resnectof $1,815,000 Equipment Trust certificates, to additional fixed charges
-show that Big Four
be issued by First National Bank, Boston, under an equipment trust agree- and purposes the same investment security as Preferred has to all intents
ordinarily attaches only to
ment dated Aug. 1 1922 and sold at not less than 98.42, in connection with first-class bonds, while the stock is not
subject to the normal Federal
the procurement of the following equipment:
income tax.
-V.115, p. 307, 176.
No.
Approx.
Description and Unit Price.
Units.
Cost.
Cleveland (Electric) Ry.-Fares Reduced.
22 0-8-0 switching locomotives at $32,400
$712,800
Following Mayor Kohler's ultimatum demanding an immediate
2 0-8-8-0 Mallett switching locomotives at $60,750
121,500 tion in street
-car fares, the company announces that beginning reducbaggage coaches at $20,700
Aug. 1
65 steel
1,345,500 fares will be reduced from 6 to 5 cents, with 11 tickets
for 50 cents.
-V.115,
20 steel smoking cars at $20,700
401,400 p. 182.
8 steel baggage and smoking cars at *19,000
152,000
5 steel baggage and mail cars at $17,750
88,750
Clinton 85 Oklahoma Western RR.
-Authority to Issue
25 milk cars, passenger equipped, at $9,110
227,750 Bonds.
The I.
-S. C. Commission has authorized the company to issue
Total
$3,049,700
$500,000
Upon the execution of the trust agreement, the trustee will issue and 1st Mtge. 6% gold bonds and $400,000 2d Mtge. 5% gold bonds; said
sell trust certificates not exceeding $1,815,00(). The net proceeds from the bonds to be exchanged, par for par, for $900,000 of 1st Mtge. 5% gold
bonds now outstanding.
sale of certificates will be held by the trustee in a special deposit to be
All of the $900,000 1st Mtge. bonds and more than 90% of
known as "certificates fund" from which will be paid 60% of the cost of the
the
equipment acquired. The remainder of the purchase price will be paid in pany's $300,000 capital stock are now owned by Pres. Frank Kell,comwho
cash, of which $1,212.500 will be derived from a loan to the company from has, since its incorporation, been its creditor in large amounts and has
otherwise assisted as an individual in financing its properties.
the United States.
The trust certificates will be tendered for sale to prospective purchasers
Cumberland County Power & Light Co.
and sold to the bidder offering the best terms.
-Bonds
Judge Crosby of the Massachusetts Supreme Court has reserved decision Sold.-Blodget & Co., New York, &c. have sold
at 893
4
after hearing on bill brought by Edmund D. Codman against New York
Central, Boston & Maine, and others, seeking to prevent the carrying out and int., to yield about 5 8%, $900,060 1st & Ref. Mtge.
of an alleged plan to place the Boston & Maine under the control of the gold 5s, due Sept. 1 1942.
New York Central. George R. Mayberry, counsel for the Boston & Maine,
denied that there was any plan to place the Boston & Maine under the Data from Letter of President 11. M. Verrill, Portland, Me., July 10.
Company.-Incorp. in Maine in March 1907 and acquired properties
control of the New York Central or any other corporation.
Mr. Codman, who claims proxies representing 35,000 shares of Boston formerly owned by Portland Lighting & Power Co., Portland Electric Co.
& Maine stock, alleges that the New York Central RR.. through a commit- and Consolidated Electric Light Co. of Maine. Controls through stock
tee consisting of Guy W. Currier, F. H. Prince and Gordon Abbott, the ownership York County Power Co. and the Westbrook Electric Co. Comofficers and directors of the Boston & Maine, and certain of the stock- pany and subsidiaries do entire electric light and power business in Portland
holders, has been negotiating for purpose of placing A. H. Smith, President and vicinity, Biddeford, Saco, Sanford, Springvale, Kennebunkport, York,
of the New York Central, on the Boston & Maine directorate as Chairman, Old Orchard and Alfred, Me., and the gas business in Biddeford and Saco.
thus turning over control to the New York Central "by this and other Population served over 150,000. Through lease of the Portland RR.,company also operates the street railway systems in Portland and South Port
means.'
The annual meeting for the election of directors, scheduled for July 14, hind with lines to Old Orchard, Saco, Westbrook, South Windham, Gorham,
has been postponed to July 27, pending the decision of Judge Crosby.
- Care Elizabeth and Yarmouth.
New Plant.
-A new steam turbine generating plant is now being conV. 115, p. 72, 182.
structed at Portland. This plant will have a capacity of 13,400 h.p.. and it
Is designed to permit of indefinite expansion. Plant is expected to be in
Brockton & Plymouth Street Ry.-Sale.-The road has been sold under foreclosure by receiver L. P. Gleason, to operation Oct. 1 1922.
Capitalization Outstanding on Completion of Present Financing.
John H. Dawson, who represented the State Street Trust Co., Boston,
for $100.000. The road, it is understood, will be reorganized.
-V. 112, P. Underly. bonds(closed M.)32,573,000 Preferred 6% cumulative_$2,530,000
160.
lst&Ref.
1942(this iss.) 3,818,000 Common
1,348,400
Junior securities, 1923-26_ x634,500
Brooklyn Rapid Transit Co.
-Additional Trains.
x Secured in part by an additional $400,000 5s, 1942.
The New York Transit Commission has directed that an order, effective
Company also guarantees the interest
Aug. 15, be served upon the New York Consolidated RR. Corp., operating aries and also int. on $3,559,000 bonds on $1,292,500 bonds of its subsidiand 5% div. on $1,999,000 stock
the subway and elevated lines of the Brooklyn Rapid Transit System, and of its leased properties.
upon Lindley M. Garrison, receiver, requiring the operation of 100 trains
Security.
-An absolute 1st mtge. on modern hydro-electric plants, comper day in addition to those at present operated, 60 of these to be supplied bined generating capacity
during the rush hours, and 40 during the non-rush hours. In the fall a plant of 13,400 h.p. (nowof 16,560 h.p., a modern steam turbine generating
under construction), together with transmission
further addition of 35
will be required.
lines, &c. Further
Representative of Lindley M. Garrison, receiver, has informed the Tran- closed mortgagesof secured 1 a direct mortgage (subject to underlying
$2,573,000 on other hydro-electric plants of 7,640 h.p.,
sit Commission that the terms of the service order adopted by the Commis- and distribution systems
largely exceeding in value the total of underlying
sion on July 13 1922 are accepted and will be obeyed. The terms of the mortgage debts, and
also upon franchises, leases, &c.
order are accepted on the understanding that:(a) Retirement of 65 partially
Valuation.
-An appraisal made in April 1922 of the physical properties
wooden elevated line cars and substitution of 60 new all-steel cars is for pur- of the Cumberland
County Power & Light Co. indicates a depreciated
pose of eliminating this type of car from operation in Centre Street loop, present reconstruction
value of over $8,700,000, of which about $1,000,000
and is not to be taken as precedent or as indicating the initiation of a general represents the value of
policy of retiring this type of equipment;(b) that new steel cars shall be fi- and other improvementswater rights. In addition the new power station
now under construction will add about $1,100,000
nanced by funds provided through the retirement of elevated line cars in to the value of the
property, making a total of over $9,800,000.
manner provided in contract No. 4.-V. 115, p. 182, 72.
Earnings of Cumberland County Power & Light Co. and Sub. & Leased
Co's.
Chesapeake & Ohio Ry.-Definitive Notes Ready.
Years ended May 311920.
1921.
1922.
The Guaranty Trust Co., 140 Broadway, N. Y. City, is now ready to Gross earnings
$2,926,660 $3,238,350 $3,371,521
deliver definitive 6% equip. gold notes, Series 13 & 13-A, in exchange for Net after oper. exp. and taxes
998,579
1,111,521
1,089,623
outstanding trust receipts. See offering in V. 114, p. 408.-V. 114, p. Rentals and guarantees
323,972
324,550
335,174
Int. on 5s, 1942, and underlying bonds 281,505
2575.
279,508
x332,050
Chicago Burlington & Quincy RR.
Balance
-Listing.
-$393,102
$507,463
$422,399
The New York Stock Exchange has authorized the listing of $30,000,000 Interest on junior securities
45,050
45,050
50,070
x Represents annual interest charges on the
1st & Ref. Mtge. 5% gold bonds, Series A, due Feb. 1 1971. (see offering
$900,000 new bonds now being issued, and all1st & Ref. 5s, 1942, incl. the
in V. 114, p. 518.)-V. 114, P. 2716.
underlying bonds.
-V. 115.
p. 313.
as
Cincinnati Traction Co.
-Wages Reduced.-.---
Duluth Street Ry.-Fares Cut-Valuation.
• The company's union employees have accepted a wage reduction of 4%.
The Minnesota State Railroad & Warehouse
The agreement is retroactive to July 1 and runs for one year. Motormen
Commission has authorized
and conductors will receive 43 cents an hour for the first 3 months, 46 cents the company to charge a 6
-cent cash fare with 5 tokens for 25 cents,
effective Aug. 1 as against the prevailing
for the next 9 months, and 48 cents thereafter. The company had defare
The City of Duluth will seek a temporary of 5 cents.
manded a reduction in wages of 10%. V. 114, p. 2716.
District Court to restrain the company from injunction in St. Louis County
making the higher fare effective
Aug. l.
The
Cleveland Cincinnati Chicago & St. Louis Ry.Commission also allowed 734% return on capital
invested, while
Protective Committee Against Offer of New York Central RR.
- the City of Duluth argued for aareturn not in excess of 6% and the car
The protective committee for the Preferred stock, which includes Edwin company for 8%. It also fixed the
company's valuation
G. Merrill, Pres. New York Life Insurance & Trust
eorge E. Roose- while the city's figure was $3,800,000 and the car company's at $4,599,978.
approximately
velt, of Roosevelt & Son, and Willis D. Wood,of Ladd
Co.,&Wood, have issued $8,000.000.
a call to the Preferred stockholders, inviting them to deposit their stock
The company property, the Commission
said,
with New York Life Insurance & Trust Co.
four different bases, with the following findings: has been appraised upon
The letter to stockholders which this committee has issued was occa- (1) Cost of reproduction based
upon 1915 prices
$3,488,161
sioned by the ruling of the I.
-S. C. Commission giving its approval to the (2) Reproduction based upon the
average of prices for 10 years
offer by the New York Central to exchange its stock share for share for
ending July 1 1921
$4,864,437
Big Four Preferred stock.
(3) Reproduction based upon_______
$6,308,966
(4) Reproduction on investment basis
The letter to Pref.stockholders dated July 19 says in brief: -V. 114, P.
$3,487,020
854.
-S. C. Commission announced Its decision authorizing
the I.
On July
the New York Central to offer an exchange of its stock for Big Four Pref.
Eastern Massachusetts Street Ry.-Earnings.on a par for par basis (V. 115, p. 307). You will shortly receive formal
Six Months ending June 301920.
1921.
notice of the offer to exchange from the New York Central, which we Operating
1922.
revenue and income
understand will remain open until Sept. 23 1922 (see New York Central
$5,252,803 $5,637,858 $6,679,949
4,462,613
6,668,555
3,976,144
below). This situation makes it necessary for every stockholder to deter- Operating expenses and taxes
mine whether he will make the proposed exchange or join with other
Gross income
$1,276,659 $1,175,244
$11,394
stockholders in retaining their stock and insisting on better terms.
Bond interest and rentals
800,626
772,050
770,467
The effect of the decision of the Commission should be clearly understockholders. The important point is that, although the
stood by all
Net income
$374,618 def$760,656
$506,191
decision involves an affirmative finding that the offer is advantageous -V. 115, p. 307.
to the New York Central, there is no corresponding finding that the offer
is fair to the Big Four Preferred stockholders. That issue the Commission
Eastland Wichita Falls & Gulf RR.
-Stock & Bonds.
expressly de 0
etgedlsieTIs m rely
7:4
e feetc
e ete ine.
li
The I.
-S. C.
e
this: (1) That the offer is sufficiently Common stock Commission has granted authority to issue 5,560 shares of
(par $100) and $350,000 1st Mtge. bonds; said stock and
cheap from the point of view of the New York Central, and (2) that if the bonds to be delivered to
John Ringling in payment for advances made.
offer is unjust to the Big Four Preferred stockholders the Commission is
The.
company was incorporated
December 1918, with an
not concerned with that fact, and the stockholders must protect themselves authorized capital of $500,000. A in Texas in
line of railroad was constructed from
by their own efforts.
Mangum, Texas., to a junction with the Wichita Falls Ranger & Fort
436
TfIE CHRONICLE
Worth RR. near Breckwalker, 26.68 miles, and operations were begun in
the spring of 1920. In May 1921 the company increased its authorized
capital stock to $1,000.000, and leased all of its property to the Wichita
Falls Ranger & Fort Worth RR. until April 1 1928.
There are now outstanding 1,173 shares of stock (Par $100), of which
Mr. Ringling holds 1,073 shares. In addition, he has advanced from time
to time, sums aggregating $906,038.
The company now proposes to execute a first mortgage of its entire
property under date of June 28 1920, to Chatham & Phenix National
Bank, New York, to secure a total issue of $551,000 30
-Year 6% bonds,
and to issue the bonds thus secured and $355,038 of its Common capital
stock to Mr. Ringling in repayment of its indebtedness to him.
Erie Railroad Co.—Definitive Notes Ready.—
The Guaranty Trust Co., 140 Broadway, N. Y. City, is now ready to
deliver definitive 6% equip. gold notes, series 29, in exchange for trust
receipts now outstanding.—V. 115, p. 182.
Fonda Johnstown & Glov. RR.—Status—Application.—
[VOL. 115,
Manhattan Railway.—Notice to Undeposited Stockholders
on Readjustment Plan.—Alvin W. Krech, Chairman of the
stockholders' protective committee, has issued a letter to nondepositing stockholders with the intent of placing before
them exactly their responsibility in determining whether or
not to deposit their stock under the plan of readjustment.
The letter states in part:
The committee knows of no course of action which will bring better
results to you and to the majority of stockholders who have approved the
plan, than will come to you under the plan, and therefore believes you
should deposit your stock. The committee has recommended the plan
upon information furnished by independent engineers and after long and
protracted negotiations during which, I believe, every advantage obtainable was secured for the Manhattan stockholders.
3,084 shareholders, owning 420,490 shares, or over 70% of the stock,
have thus far assented to the Interborough-Manhattan readjustment plan.
The remaining shareholders, owning 179,510 shares, have thus far failed
to deposit their shares.
The committee deems it its duty to call to your attention the fact that
practical unanimity is absolutely essential in order to declare the plan
operative. The advantages of the plan are clearly set out in the committee's
previous advertisements and circulars. All available information will be
furnished by the committee's Chairman or Secretary if desired by any
shareholder. Failure to deposit on or before Tuesday, July 25, is tatemount to a vote for the rejection of the plan.
This is the responsibility resting upon you with respect to your own
shares and the shares of all other shareholders, notwithstanding the assent
of a substantial majority.—V. 115, P. 308, 183.
Ledlie Hees, July 1, writes in brief:
Pres.
The company is in excellent financial condition, having treasury securities
and current assets, including cash and Liberty bonds, in amount about
$400,000 more than its current liabilities. It has no floating indebtedness.
For the year ended May 31 1922 it earned after deducting depreciation
reserves 1.52 times its interest requirements, and 5.74 times its 6% Pref.
stock dividend. The surplus for this period after Preferred dividends was
equal to 5.41% dividend on its Common stock. Corporate surplus on
June 1 amounted to $432,927, and its depreciation reserves $370,512.
The total bonded debt of $7,000,000 will soon be substantially changed by
retirement of $200,000 underlying steam RR. Co. 6s of 1881 and $350,000
underlying Cayadutta Electric RR. Co. 6s of 1892 through the issue of a
like amount of 4 % 1st Consol. Gen. Ref. Mtge. bonds dated Nov. 1 1902.
maturing Nov. 1 1952. [Application for the issuance of which has been
Market Street R,y., San Francisco.—Negotiations.—
made to the Inter-State Commerce Commission.]
The Board of Supervisors' Committee has submitted recommendation
This transaction, while not increasing the bonded debt, will reduce the
that all further negotiations for purchase of the property by the city be
annual bond intcrest $8,250, and make the 1st Consol. Gen. Ref. bonds a
first lien on the entire electric division, besides being a lien on the steam indefinitely postponed.—V. 115, p. 74.
divison and real estate, subject only to $1,300,000 of prior Steam Rairload
Mauch Chunk (Pa.) & Lehighton Transit Co.—
Co. bonds of which $800,000 4s mature in 1947 and $500,000 434s in 1950.
The strike which became effective on June 1 was terminated on June 24.
The $5,150,000 434% First Consol. Gen. Ref. Mtge. bonds, due 1952, are
when a wage scale was agreed on amounting to 41 cents an hour for motora legal New York State savings bank investment.—V. 114, p. 2818.
men and conductors. The old rate was 43N, cents an hour.
A New York syndicate on June 1 1922 took over the operation of the
Fort Worth & Denver City Ry. Co.—Revort.-company. The new President is Rolland A. Davidson, of N Y. City, and
See Colorado & Southern Ry. Co. under 'Financial Reports" on a pre.
.)—V. 108, P.
the Secretary is V. M. Wolff. ("Elec. Ry. Journal" July 15
ceding page.—V. 114, p. 2115, 1765.
2629.
Grand Trunk Railway of Canada.—British Privy Council
Reverses Decision Holding Stocks Valueless—Rehearing.—
Memphis Dallas & Gulf RR.—Abandonment of 3 Lines.—
The I.-S. C. Commission has authorized Martin Walsh, receiver, to
abandon certain portions of the road, as follows, all in the State of Arkansas: Glenwood to Hot Springs, 35.30 miles; Graysonia to Leard,.
5.49 miles; Daleville to Clark's Mill, 10.64 miles.—V. 114, p. 2823, 948.
Adviees from London to the Toronto papers state that the British Privy
Council, after hearing the appeal of the shareholders of the company
against the award of the board of arbitration concerning the value of the
preference and common stocks when the railway was acquired by the
Michigan United Railways.—Waoes Cut.—
Canadian Government, has reserved judgment. London cables indicate
The board
that the board of arbitration will be reconstituted to rehear the case. ductors, as of arbitration has fixed the wage scale of motormen and confollows:
Sir Walter Cassel, chairman of the board, and Sir Thomas White,representInterurban Men.
-47 cents per
ing the Canadian Government, declared the stocks valueless, while W. H. thereafter. Last year's wages hour for the first six months and 52 cents
were 49 and 54 cents, respectively. The
Taft, representing the Grand Trunk, dissented. The decision of the Privy company offered
50 cents straight.
Council will not affect the actual acquisition of the Grand Trunk System
-Man City Car Operators.
One
-47 cents per hour, first year; 50 cents
by the Dominion Government.—V. 114, p. 2233.
thereafter. Last year's scale was 49 and 51 cents. The company offered
48 cents straight.
Grand Trunk Western By.
--Interest Paid.—
Motormen and Conductors of Two-Men City Cars in Jackson, Lansing,
Interest due July 15 on the 6% Equipment Gold Notes, maturing 1923-42 cents first year; 45 cents thereafter. Last
1935. will be payable at the Guaranty Trust Co. of N. Y., upon presentation Battle Creek and Kalamazoo.
Co. interim receipts. See offering of notes in V. 114, p. year scale was 44 and 46 cents. The company offered a straight 43 cents.
of Dillon, Read &
The award runs for one year to May 31 1923.—V. 113. p. 2819.
1765.
Gulf Mobile & Northern RR.—Branch Line.—
The I.
-S. C. Commission has authorized the company to abandon
that portion of its McLain or Blodgett branch, which lies
station of Piave. having a length of 3.4 miles and being in north of the
the counties
of Greene and Wayne, Miss.—V. 115, p. 178.
Houston & Brazos Valley Ry.—Plan.—
See Missouri Kansas & Texas Ry. below.—V. 113, p. 2405.
Iowa Transfer Railway.—Stock.-The I.
-S. C. Commission has authorized the company to issue not
exceeding $40,000 capital stock, proceeds to be used for additions and
betterments to road and equipment.
Knoxville & Carolina RR.—Authority to Issue
The I.
-S. C. Commission has authorized the company:(1) toSecurities.
issue at par
2,602 shares of common stock (par 8100), and (2) $132,000 1st mtge. bonds,
said stock and bonds to be used for the purpose of paying for the railroad
property. The report of the Commission says in part:
The property which the applicant proposes to operate was formerly owned
by the Knoxville Sevierville & Eastern Rya and consists of a line of
extending from Vestal to Sevierville, Tenn., 27.8 miles, together road
with
branches and spurs aggregating 1.1 miles. Entrance to Knoxville is secured
by trackage rights over the rails of the Southern Railway from Vestal, a
miles. This property was purchased by L. C. Gunter for
distance of 2.2
850,000 on Nov. 1 1921, under a judgment dated July 22 1921, made in an
action foreclosing the incrtgage securing the first mortgage bonds of the
Sevierville Co.• This purchaser acted for the holders of$164,000,or approxmately 58%,of the outstanding first mortgage bonds of the Sevierville Co.,
and it is now proposed to sell the property to the applicant, which has
recently been organized ror the purpose of acquising and operating it, acceptng as payment t ierefor the securities herein sought to be authorized.
The applicant has an authorized capital stock of $400,000 (par $100),
and it now proposes to issue to L.C. Gunter and his nominees 3,000 shares in
part payment of the purchase price of the property.
The proposed bonds are to be issued under a mortgage to be dated Jan. 1
1922, which will be made by the applicant to the Mechanics Bank & Trust
Co., Knoxville, Tenn.,and which will authorize the issue of8300,000 20-year
6% bonds. Of these bonds, $132.000 are to be issued immediately and
delivered to L. C. Gunter to complete the payment for the property.
At the date of foreclosure of the mortgage the Sevierville Co. had outstanding: Common stock, $500,000; First Mtge. 6% bonds, $300,000; 2d
Mtge. 5% bonds, $200,000.
Our tentative valuation report shows the cost of reproduction of the
property,less depreciation, and Including land,as ofJune 30 1916,$380,440.
There has been a net charge to the capital account through additions and
betterments to road and equipment of $2,774 up to Dec. 311920, and the
applicant represents that it has spent approximately 39,000 for similar purposes,making a total capitalizable value of$392,214. On this basis we shall
authorize the issue of 8260,200 of capital stock and $132,000 of bonds.—
V. 114, p. 627.
Knoxville Sevierville & Eastern Rv.—Successor Co.—
See Knoxville & Carolina RR. above.—V. 113, p. 2185.
Lake Erie & Pittsburgh Ry.—Authority to Issue Bonds.
The I.
-S. C. Commission has authorized the company to issue 8142,000
1st mtge. gold bonds, Series B; said bonds to be delivered, at par, to New
York Central RR. and the Pennsylvania Co., the applicant's proprietary
companies, in reimbursement for advances from them.—V. 104, p. 1801.
Milwaukee Northern Ry.—New Control.—
The North American Co. is to acquire control of this road. No changes
In the personnel of the road are contemplated, the proposed transfer affecting only the stock of the company.—V. 111, p. 1949.
Missouri Kansas & Texas Ry.—Reorganization Plan.—
j. & W. Seligman. & Co. and Hallgarten & Co., reorganization managers, announced that a cash installment of $5 a.
share on the Common stock and $4 a share on the Preferred
stock became payable July 18 on stock deposited with the.
Equitable Trust Co., New York.
The New York Stock Exchange has admitted to list Pref. stock participation warrants, third assessment paid, and Common stock participation
warrants, third assessment paid.
Treatment of Bonds Not Included in Reorganization Plan.—
j. & W.Seligman & Co. and Hallgarten & Co., reorganization managers,
under the plan dated Nov. 1 1921, for the reorganization of the company,
announced July 15 that they have entered into the following agreements
for the adjustment of the indebtedness and liability of Missouri Kansas &
Texas By. and (or) Missouri Kansas & Texas Ry. Co. of Texas on, or in
respect of, the following bonds:
(a) Agreement of adjustment dated March 1 1922, with the committee
under the deposit agreement dated Feb. 14 1916, of holders of $2,347,000
First Mtge.5_% 40-Year gold bonds of Texas & Oklahoma RR.(guaranteed
by Missouri Kansas & Texas Ry.).
(b) Agreement of adjustment dated May 25 1922, with the committee
under the deposit agreement dated Feb. 15 1916, of holders of $1,689,000
-Year First Mtge.5% gold bonds of the Sherman Shreve. & Southern By.
50
(guaranteed by Missouri Kansas & Texas Ry.).
(c) Agreement of adjustment dated Jan.23 1922, with Robert C.Duff and
Edward A. Haid, acting as a committee on behalf of holders of $883,000
30-Year First Mtge. 5% gold bonds of the Beaumont & Great Northern
RR.(guaranteed by Missouri Kansas & Texas By.).
(d) Agreement of adjustment dated May 25' 1922, with holders of all
First Mtge. 5% gold bonds of Houston & Brazos Valley Ry. (guaranteed
by Missouri Kansas & Texas Ry.).
Holders of guaranteed First Mtge. 5% 40-Year gold bonds of Texas &
Oklahoma RR. may participate in the benefits of the agreement of adjustment dated March 1 1922 by deposit of their bonds with the coupon of
March 1 1916, and subsequent coupons, on or before Sept. 15 1922, with
Columbia Trust Co.. 60 Broadway, New York, as depositary under the
reorganization plan, or with Bankers Trust Co., 14 Wall St., New York, as
depositary under the deposit agreement dated Feb. 14 1916. [Compare also V. 115, p. 309.]
-Year First Mtge. 5% gold bonds of Sherman
Holders of guaranteed 50
Shreveport & Southern Ry. may participate in the benefits of the agreement of adjustment dated May 25 1922 by deposit of their bonds with the
coupon of Dec. 11915, and subsequent coupons, on or before Sept. 15 1922,
with. Columbia Trust Co., 60 Broadway, New York, as depositary under
the reorganization plan, or with Columbia Trust Co. as depositary under a
plan and agreement of readjustment of Sherman Shreveport & Southern By.
dated July 10 1922.
Holders of guaranteed 30-Year First Mtge.5% gold bonds of Beaumont
& Great Northern RR. may narticipate in the benefits of the agreement
of adjustment dated Jan. 23 1922 by deposit of their bonds with all appurtenant coupons maturing on and after Jan. 11923, on or before Sept. 15 1922,
with Columbia Trust Co., 60 Broadway, New York, as depositary under
the reorganization plan.
By deposit of their bonds under this offer, depositing bondholders irrevocably approve and accept in all respects the reorganization plan, the
appropriate agreement of adjustment and this offer and their bonds become
subject to all the provisions thereof.,—V. 115, p. 183, 74.
Louisiana S.'; Northwest RE.—Initial Div.—Earninas.—
The directors have placed the stock on a $6 per annum basis by declaring
an initial dividend of 81 50 a share (for the quarter ending Sept. 30 1922).
payable Oct. 1.
Gross earnings for the year ended May 30 1922 were
$1,661,603, exMonongahela Power & Railway.—New Wage Scale.—
penses $1,025,912 and net $635,690. Interest on the 32,150.000 1st Mtge.
A new wage scale and working agreement,. giving the men longest in
bonds outstanding requires $107,500, and a voluntary sinking fund instiruns 55 cents an hour and men longest in service
the new owners, fixed at 20% of the net remainder after interest service on the interurban went into
tuted by
effect on July 1.
charges, equals $100,038, leaving $428.152 applicable to dividends and on the city lines 54 cents, cents an hour.—V. 114, p. The scale is graduated
2823.
other corporate purposes. This is equivalent to $18 61 a share on the from 55 cents down to 42
$2,300,000 capital stock—V. 115, p. 74.
York Central RR.—Authority to
Louisville (Ky.) Railway.—Rehearing Denied City.—
Appeals
has denied the City of Louisville a
The U. S. Circuit Court of
rehearing in the street railway fare case. The company after 18 months
-cent fare under a temporary injunction. See also
still is collecting a 7
V. 115. p. 183: V. 114. p. 2116.
New
Issue Capital Stock.
—The I.-S. C. Commission has authorized the company to
issue not exceeding $23,478,880 capital stock (par $100),
said stock to be used in payment for common and preferred
capital stock of the Cleveland Cincinnati Chicago & St. Louis
JULY 22 1922.]
THE CHRONICLE
Ry. (the acquisition of which has already been authorized
by the Commission).
The report of the Commission says in brief:
437
during the same period is approximately $58,000,000, excluding a stock
dividend of about $29,000,000 received during 1921.
Dividends.—Regular dividends at the rate of at least 4% per annum have
been paid by the company on its capital stock since 1900, and the rate from
1905 to 1922 has been 7% per annum. In 1922 the Feb. 1 dividend was at
the rate of 7% per annum, the May 1 dividend was at the rate of 5% per
annum, and the Aug. 1 payment will be at the same rate.
Listing.—Bonds listed on the New York Stock Exchange "when issued."
—V. 115, p. 309.
The only appearance in opposition to the granting of the authority sought
was on behalf of a committee representing certain holders of preferred stock
of the Big Four. The objections of this committee have been given due
consideration.
The Big Four has an authorized capital stock of 500,000 shares ofcommon
capital stock and 100,000 shares of preferred capital stock (par $100).
Ocean Shore RR.—Liinv
.dating Dividend of $2.—
Both classes of stock have voting rights, and the preferred stock has a nonA liquidation dividend (No. 8) of $2 per share
cumulative 5% preference as to dividends. Of the common stock, $30,- distribution brings the liquidation payments to is now being paid. This
stockholders up to $18 a
207,700 is owned by the applicant, $16,821,000 is outstanding in the hands share.—V. 114, p. 855.
of the public, and $27,600 is held in the treasury of the Big Four, making a
total of $47,056,300 of common capital stock actually
.or nominally issued.
Ohio Electric Railway.—Saie Set.—
Of the preferred capital stock, $9,998,500 is outstanding in the hands of the
Aug. 15 has been decided upon as the date for the sale at public auction
public, and $1,500 is held in the treasury. The stock held in the treasury
of the Big Four is reserved for exchange for scrip of that company, and for of the property of the company. Bids of not less than $2,000,000 will be
accepted at the Lafayette St. station at Toledo, 0. Included in the propstock and scrip of its predecessors, and for other purposes.
The applicant's holdings of both classes of stock amount to approximately erty are the Toledo-Lima interurban line, electric light and power as well as
53% of the shares outstanding. For the purpose of acquiring the remainder steam-heating plants in Lima, the Lima Street Ry. system and 10 shares
of the capital stock of the Big Four, including that held in the treasury, of the Ohio Interurban Properties Co.—V. 114, p. 2360, 198.
which may hereafter be outstanding, the applicant proposes to Lssue not
Ottumwa (Iowa) Railway & Light Co.—New Officer.
exceeding $23,478,880 of its capital stock. Of the proposed issue, not
C. E. Fahrney, Gen. Mgr.,has been elected a Vice-Pres.—V. 113, p.2505.
exceeding $13,478,880 is to be used in payment for the common capital
stock of the Big Four on a basis of 80 shares of the former for 100 shares of
the latter, and not exceeding $10,000,000 is to be used in payment, par for
Pennsylvania RR.—Lease of Panhandle Authorized Conpar,for the preferred capital stock of the Big Four. Compare V. 114,p.308. ditionally—Condition
Offer of New York Central to Big Four Stockholders.—
The New York Central RR. under date of July 19 offers to exchange
shares of its capital stock for shares of the Cleveland Cincinnati Chicago
& St. Louis Ry. on the bellowing bases: One share of New York Central
stock for one share of C. C. C. & St. L. Ry. Pref. stock, and 80-100 share
of New York Central stock for one share of C. C.C.& St. L. Ry. Corn.stock.
Opposition Committee to Central's Offer—Listing—Earnings.
See Cleveland Cincinnati Chicago & St. Louis Ry. above.
The New York Stock Exchange has authorized the listing of $23,478,880
additional capital stock, par $100 each, on official notice of issuance, payment in full and distribution to the public, making the total amount
applied for $273,328,240.
, Income Account for the Five Months ended May 31 1922.
Operating Revenues—
Railway tax accruals
$7,489,818
Freight
$73,616,406 Uncollectible railway revePassenger
29,026,605
24,735
nues
Mail
2,900,191
Railway operating income_317,638,168
Express
3,454,342
Miscellaneous
7,986,811 Equipment rents—net
118,230
Joint facility rents—net
1,534,120
Total
$116,9S4,355
Operating Expenses—
Net railway operating inMahn, of way and structures_$12,851,452
.
come
$19,054,058
Maintenance of equipment__ 30,747,313 .Non-operating income
5,582,520
Traffic
1,413,150
Transportation
41,918,505
Gross income
524,636,578
Miscellaneous operations
1,360,348 Deductionsfrom gross income 18,826,949
3,553,514
General
Transp. for Investment—Cr.
Netincome
12,649
$5,809,629
Dividends
5,199,855
Total
$91,831,633 Sinking funds
41,270
Net rev, from ry. oper__ _ _$25,152,722 Surplus
$568,504
* Non-oper.income includes results of operation of Bost. & Albany RR.
City to Appeal Decision on Riverside Drive Track Case.—
Mayor H an has announced that he will instruct Corporation Counsel
O'Brien to fight the decision of the Court of Appeals which allowed the road
to retain its miles of track in the Riverside Drive district of Manhattan.
He said that he would send instructions to Mr. O'Brien by letter calling for
the carrying of the case to the U. S. Supreme Court. See V. 115, p. 308.183.
Norfolk & Portsmouth Belt Line RR.—Bonds.—
The I.-S. C. Commission has authorized the company to issue not
exceeding $150.000 1st Mtge. 5% gold bonds, said bonds to be sold at not
less than 85 and interest, and the proceeds used:(1) to pay the agreed sum
of $87.000 due the U. S. RR. Administration in satisfaction of all claims;
(2) to pay the principal of a note to the order of the Merchants & Farmers
Bank of Portsmouth. Va.. for $35,000; and (3) to curtail by $25,000 a
promissory note to the order of the Norfolk National Bank for 3125,000.-v. 115, p. 309.
Northampton Traction Co.—Receivership Ended.—
The company has passed from the hands of receivers and has been reorganized as The Northanzpton Transit Co. Chester Snyder, who served as
receiver for the company, has been elected President. ("Electric Railway
Journal.")—V. 112, p. 2414.
Northern Pacific Ry.—Bonds Sold.—J. P. Morgan &
Co., First National Bank and National City Co., New York,
have sold at 96 and int., to yield over 5.20%, $8,702,300
Ref. & Impt. Mtge. 5% Gold Bonds, Series C.
Dated Jan. 1 1922. Due July 1 2047. Redeemable as a whole only on
and after July 1 1952, on any interest date, at 105 and interest. Interest
payable J. & J. in New York City. Denom. $1,000, $500 and $100,the
$1,000 and $500 c*Stt*;$1,000 and authorized multiples thereof. Guaranty
Trust Co. of New York, trustee.
Data from Letter of Chairman Howard Elliott, New York, July 18.
Refunding and Improvement Mortgage.—Company executed its Ref. &
Impt. Mtge. in 1914, when $20,000,000 4%s, Series A. were sold and are
now outstanding; $107,306,600 Series B bonds have been issued in conversion and exchange for an equal amount of Northern Pacific-Great Northern Joint 6%% Bonds; and the proceeds of the present issue fo $8,702,300
of Series C Bonds provide funds for payment and cancellation of the unconverted $7,693,400 of Joint 6) % Bonds called for redemption.[July 27
at 103%, and int. at office of J. P. Morgan & Co., New York. See V. 114,
p. 21163
Security.—In all, the mileage covered (directly or collaterally) by the Ref.
& Impt. Mtge. totals 6,700 miles, on 1,011 of which it is a first mortgage
and on the remainder of which it is subject to prior liens. Mortgage covers
also company's terminal properties in Minneapolis. St. Paul, Duluth,
Superior, Butte, Spokane, Portland, Tacoma, Seattle and elsewhere,and
also practically all of the company's equipment, only a small part ofwhich
Is subject to special equipment obligations. The mortgage further covers
certain railway and terminal company stocks owned.
As a result of the conversion of part of the Northern Pacific-Great Northern Joint 64% Bonds into Northern Pacific Ref. & Impt. Mtge. Series B
Bonds and the retirement of the balance of such Joint 63. % Bonds by the
present issue of Ref. & Impt. Mtge. Series C Bonds, stock representing
approximately one-half of the ownership of the Chicago Burlington &
Quincy RR. is pledged, free from prior lien, under the Ref. & Impt. Mtge.
Earnings Years Ended Dec. 31.
Gross Oper. Inc. April.
Surplus.
Revenues. for Charges. Charges.
1917
$88,225,726 $42,790,502 $13,287,816 $29,502,686
1918
x102,908,259 34,481,338 14,352,004 20,129,334
1919
x100,739,354 37,301,780 14,465,043 22,836,737
1920
Y113,084,408 32,390,892 13.296,709 19,094,183
1921
94,538,059 37,396,509 15,331,110 22,065,399
x U.S. Railroad Administration. y U.S. 1111. Administration 2 months;
Federal guaranty 6 months; corporate period 4 months.
The income account includes the Northern Pacific Ry. Co.'s cash dividend income from its holdings of Chicago Burlington & Quincy stock, as
well as interest payments by it on obligations issued in connection with the
acquisition of the Burlington stock. During the period in which the
Burlington has been controlled by the Great Northern and the Northern
Pacific Railway Companies, its surplus income and miscellaneous profits
have amounted to approximately $408,290,370 after charges, while it has
paid out in cash dividends on its stock about $228,634,867. The Northern
Pacific's proportion of the Burlington's undistributed surplus income earned
That Pennsylvania Shall Not Sell or
Pledge the Stock May Not Be Accepted.—
See under "Current Events" on a preceding page.—V. 115, p. 74.
Pere Marquette Ry.—Definitive Notes Ready.—
The Guaranty Trust Co., 140 Broadway, N. Y. City, is now ready to
deliver definitive 6% equip. gold notes, series 63, in exchange for outstanding trust receipts. (See offering in V. 114, p. 410.)—V. 115, p. 183.
•
Philadelphia Rapid Transit Co.—Wages—Earnings.—
The company announces that the wages of its employees will remain unchanged until after the 1923 wage adjustments become effective in Cleveland. Detroit and Chicago, and that under the Mitten management, Buffalo
should no longer be included as a basis for determining wages in Philadelphia.
Results for Month and Six Months Ending June 30.
1922—June-1921.
1922-6 Mos.-1921.
Operating revenue
$3,525,735 $3,566,338 $21,118,783 $21,554,034
Operation and taxes
2,558,480
2,604,819 15,169,953 15,858,606
Operating income
$967,255
51,032
Non-operating income..
Gross income
Fixed charges
Net income
—V. 114, p. 2825, 2470.
$961,519 $5,948,831 $5,695,428
48,475
264.799
239,967
$1,018,286 $1,009,994 $6,213,630 $5,935,396
819,025
818,433
4,913,922
4.918,987
$199,261
$191,561 $1,299,707 $1.016,408
Pittsburgh Cincinnati Chicago & St. Louis RR.—
Lease of Road to Pennsylvania RR. Authorized Conditionally.—
See under"Current Events" on a preceding page.—V. 114, p. 1527, 1181.
Potomac Public Service Co.—Stock Acquired.—
The "Chronicle" has been officially informed, July 19, that the offer
the American Water Works & Electric Co. of $30 per share cash for of
common stock of the Potomac Public Service Co. has been accepted the
by
,
over 95% of the stock, which has been deposited under the offer. Arrangements have been made to make payment on Saturday, July 22.—V. 114.
p. 2825, 1767.
Public Service Ry. (N. J.).—Line Discontinued.—
The Now Jersey P. U. Commission has approved the
the Washington Street line in Hoboken, N. J.—V. 115, discontinuance of
p. 74.
St. Louis-San Francisco Ry.—Guaranty Payments.—
The 1.-S. C. Commission has certified to the Secretary of the
Treasury
partial payments on account of six months' guaranty, to the company
and
its subsioiiaries, as follows: St. Louis-San Francisco Ry.. $855,449;
St.
San Francisco & Texas Ry., $114,967; Fort Worth & Rio Grande Louis
Ry..
$41.886; Quanah Acme & Pacific Ry.. $17.226; Paris & Great Northern
RR..$4.389; and Brownwood North & South Ry.,$1,051.—V. 115, p. 309.
Saginaw-Bay City Ry.—To Remove
Tracks.—
The Saginaw (Mich.) City Council on July 11 ordered
the company's -tracks from the streets. Cars have not the removal of
operated
since Aug. 10 1921 (V. 113, p. 732). An ouster ordinance beenpassed 011
was
March 25 1922, calling upon the company to remove its tracks and overhead construction from the streets within 90 days.—V. 113. p. 2615.
Schenectady (N. Y.) Ry.—Fares Reduced.—
Fares have been reduced from 8 to 7 cents on all the company's
which operate over the United Traction Co.'s tracks in Albany.—V. lines
114,
p. 1409.
Sherman Shreveport & Southern Ry.—Plan.—The
protective committee, headed by R. Walter Leigh, has sent
a notice to holders of certificates of deposit of the
Trust Co., issued under the deposit agreement of Feb. 15
1916,for the 50
-year 1st mtge.5% gold bonds, guaranteed by
the Missouri Kansas & Texas Ry., and to holders of the
undeposited bonds, announcing that the committee has
prepared a plan and agreement of,readjustment of the bonds
of this issue.
The notice states that holders of the certificates of deposit shall be assumed
to have assented to and ratified the plan unless within 20 days after July 19
1922, the date of first publication of the announcement, they shall dissent
from the plan and withdraw the bonds represented from the deposit agreement. Holders of undeposited bonds who do not deposit shall have no right
to participate in the plan of readjustment.
The committee has also issued a notice amending the deposit agreement
so that it shall be deemed to specifically approve and adopt the plan and
agreement of readjustment. (See also M. T. &
R. above.)—V. 113,
p. 2406.
Stark Electric RR.—Officers.—
Following the purchase of a majority of the stock by a syndicate in
Alliance, Ohio, officers have been elected as follows: M.S. Milbourne,
C. Y. Kay, V.-Pres.; William E. Davis, Sec.; and S. L. Sturgeon, Treas.
See V. 114, p. 1892. 2117.
Texas & Oklahoma RR.—Plan.—
See Missouri Kansas & Texas Ry. above and compare V. 115, p. 309.
Twin City Rapid Transit Co.—New Director.—
W. 0. Washburn, managing director for the American Hoist & Derrick
Co., St. Paul, Minn., has been elected a director to succeed the late W. A.
Read.—V. 114, p. 2719.
United Railways & Electric Co. of Baltimore.—Notes
Sold.—Alex. Brown & Sons, Baltimore, have sold, at 98 and
interest, to yield over 6.45%, $2,500,000 5
-Year 6% Gold
Notes ( see advertising pages).
Dated Aug. 1 1922. Due Aug. 1 1927. Int. payable F. & A. at Alex.
Brown & Sons, Baltimore, without deduction for Federal income tax up to
2%. Safe Deposit & Trust Co. of Baltimore, trustee. Denom. $1,000 and
$500 (c*). Redeemable at any time on 30 days' notice at 100 and int. plus
of a urityr each year of fraction thereof from date of redemption
ml% f .
o
taoprdemiateuonif
438
THE CHRONICLE
[VOL. 115.
Estimated United States Production in Net Tons.
Data from Letter of C. D. Emmons, President, July 18 1922.
1922
1921
-Direct obligation of the company. Company will agree that
Security.
Week. Cal.yr.to date.
Week. Cal. yr. to date.
Bituminousno new mortgage, secured by lien on its present property, shall be created
7,704,000 188,806,000
5,363,000 182,626,000
issue of notes is outstanding without giving the notes equal June 24
by it while this
7,658,000 196,464,000
5,227,000 187,853,000
July 1
security with the bonds issued under such new mortgage.
6,165,000 202,629,000
3,936,000 191,789,000
-With the proceeds of the sale of these notes (added to approxi- July 8
Purpose.
Anthracite
mately $3,421,000 cash now on hand), company will (1) pay its notes
1,847,000 45,679,000
22,898,000
24,000
maturing Aug. 15 1922 (aggregating $3,528,000); (2) retire the 8736,000 June 24
1,868,000
22,923,000
47,547,000
25,000
car trust 8% gold certificates which will be called for redemption; and (3) July 1
1,525,000
22,946,000
23,000
49,072,000
pay $720,000 bank loans incurred for past capital expenditures upon the July 8
Beehive Coke
property.
50,000
3,351,000
3,102,000
110,000
payments the company will still have cash on hand, available June 24
After these
47,000
3,398,000
3,216,000
114,000
July 1
for future capital requirements, aggregating approximately $800,000.
34,000
3,433,000
92,000
3,308,000
-It is estimated that net earnings for 1922, after taxes but July 8
Earnings.
before depreciatfon, will be more than twice the amount of rentals and
"Coal Trade Journal" reports market conditions for the week as follows:
interest payable ahead of interest on these notes; further that surplus
"With the rail strike taking its toll of the mine fields, market conditions
earnings after depreciation, taxes, rentals and fixed charges of every charac- became more panicky than at any time during the strike. In every trade
ter including interest on these notes, will equal over nine times annual in- centre except Detroit, Toronto and Montreal, demand was insistent and
-V. 115, p. 184.
terest on this issue.
feverish. Comparing spot quotations with those in effect the preceding
week, the list for the week ended July 15 showed changes in 82.66% of the
-Final Settlements.
U. S. Railroad Administration.
figures. Of these changes, 91.17% represented advances. The reductions
Railroad Administration has announced final settlements of were confined to pier quotations at Hampton Roads;these reflected changed
The U. S.
claims growing out of 26 months of Federal control with the following roads: freight rates more than lower prices,so that the market as a whole advanced
San Antonio & Aransas Pass, $1,000.000; Gulf & Ship Island, $575,000; 60.08 cents per ton. Although the major operators in the West Virginia
Vicksburg Shreveport & Pacific, $250,000; Chicago Peoria & St. Louis, $1; districts and a smaller number elsewhere endeavored to adhere to the Hoover
Calumet Western paid Director-General, $7,378. The Commission has maxima, these maxima were disregarded in the bulk of the limited spot
certified that $46,478 is due the Fernwood Columbia & Gulf RR. in reim- tonnage and mine prices as high as $5 50 and $6 50, the latter for western
bursement of the deficit it incurred during Federal control and that $12.480 Kentucky screenings, were made.
"While the railroads continued to be heavy purchasers of fuel, buying
is due the same company under the guaranty for the six months after
-V. 115, p. 184, 75.
Federal control.
was limited to no one class. Public utilities, general manufacturing plants,
lake carriers and retail dealers were all clamoring for coal and, in many
cases, apparently gave wholesalers carte blanche to grab cars at any price
Valdosta (Ga.) Street Ry.-To Issue Bonds.
The company has applied to the Georgia Railroad Commission for This development was particularly noticeable in the Cincinnati market.of
"Interest in the anthracite situation is growing as the appreciation
authority to issue $100,000 of 6% bonds, proceeds to be used to extend its
the improbability of catching up upon lost tonnage widens. The coal
-V. 113, p. 1055.
lines and to establish recreation parks.
being produced currently is of such small volume that it has no effect upon
-Water Power Project.
- demand. Moreover, little, if any, of this coal reaches the domestic trade.
Washington Water Power Co.
"The interference with beehive production in the Connellsville field has
-year permit by the FedThe company has been granted a preliminary 3
June reached 2,580,output
eral Power Commission for development of a water power project at Kettle been a boon to the by-product ovens. Theaverage for the past 5 years."
Falls in the Columbia River. Ultimate development calls for installation 000 tons, which is in excess of the monthly Court for
allows appeal to U. S'
-Pennsylvania Supreme
Appeal Allowed.
of 153,400 h. p.
-V. 114, p. 2361.
Supreme Court asked by attorneys-general of New York and other States
in the case of anthracite coal tax. "Wall Street Journal" July 14, p. 3.
Wheeling & Lake Erie RR. Co.
-New Officers.
President W. M. Duncan has been elected Chairman. Stanton Ennes,
Oil Production, Prices, &c.
formerly Vice-President and Gen. Mgr., has been elected President and
The American Petroleum Institute estimates daily average gross proGen. Mgr. Mr. Ernes succeeds W. M. Duncan as President.
-V. 114,
duction as follows:
P. 1654
July 15 1922. July 8 '22. July 1 '22. July 2 '21.
(In Barrels)303,650
398,000
395,300
408,000
Oklahoma
Wisconsin Securities Co.
-Acquisition.
103,700
85,600
85,000
84,600
Kansas
Formal announcement,of the purchase of the Oshkosh Gas Light Co.
67,590
50,550
50,500
49,300
North Texas
(V. 79, p. 1464) by the company was made July 14 by President Clement C.
119,430
133,700
129,700
129,950
Smith. The Oshkosh Gas Light Co. serves a population of about 35,000 Central Texas &
116.700
125,250
129,600
Arkansas_ 127.200
North Louisiana
with gas, electric light and power services and is valued at more than
89,080
107,250
102,500
102.150
Gulf Coast
$2,500,000. It has 6,000 gas and 4,500 electric light and power customers, Eastern
124,000
115,000
116,000
116,500
using about 160.000,000 Cu. ft. of gas and 8.000,000 k. w. h. of electricity Wyoming and Montana
55,800
83.850
81,950
86,750
a year. This is the second transaction consummated by Wisconsin Securi336,000
355,000
360.000
370.000
ties Co.in the last two weeks. The other was the purchase of the Menomine California
& Marinette Light & Traction Co. See V. 115, p. 184.
1,474,450 1,450,550 1.454,200 1,315,950
Total
-Reductions offrom 15 to 25 cents a barrel were
Yazoo & Mississippi. Valley RR.
-Application.
Crude Oil Prices Reduced.
by the following companies: *Gulf Refining Co.. Imperial 011'Co..
-S. C. Commission for authority to made
The company has applied to the I.
issue 85,038.000 5% gold bonds, proceeds to be used to reimburse its treas- *Joseph Seep Purchasing Agency. Louisiana Oil Refining Co.. *Magnolia
ury for expenditures made between Jan. 1 1918 and Dec. 311921.-V. 114, Petroleum Co.. Midwest 011 Co., *Midwest Refining Co., *Ohio Oil Co.,
*Prairie Oil & Gas Co., *Sinclair Crude Oil Purchasing Co., Standard Oil
p. 81.
Co. (Calif.), *Standard Oil Co. (La.), *Texas Co. (*Followed in each
case by a second reduction of 25 cents a barrel.)
INDUSTRIAL AND MISCELLANEOUS.
Carl H. Pforzheimer & Co., 25 Broad St., New York, specialists in oil
21 as follows:
General Industrial and Public Utility News.-Thc stocks, report as of July Price of the Principal Grades of Crude Oil.
Table Showing the
following table summarizes recent industrial and publie
Jan. 1
July 21Marimum.
1922.'22toDate.1922. 1921. 1920. 1919 1918. 1917.
utility news of a general character, such as is commonly
Pennsylvania__ -$3.00 $4.00 $4.00 $6.10 $5.00 $4.00 $3.75 42.95
treated at length on preceding pages under the caption Corning
2.80
2.85
3.50
2.30
4.25
2.40
2.40
1.75
2.70
3.42
2.10
2.77
4.46
"Current Events and Discussions" (if not in the "Editorial Cabell
2.61
2.61
1.86
3.25
2.60
2.55
2.05
4.50
2.65
2.65
1.90
Somerset
2.32
1.20
1.75
.95
2.60
1.25
1.25
Department"), either concurrently or as early as practicable Ragland •
1.00
2.38
2.08
2.98
3.73
1.63
2.48
2.48
North Lima_ _ _ - 1.98
after the matter becomes public.
3.02. 2.42
2.12
3.77
1.67
2.27
2.27
1.77
Illinois
2.25
2.00
2.75
1.69
3.50
2.00
2.00
Steel and Iron Production, Prices, &c.
Mid-Continent - 1.50
1.20
2.00
.45
.80
2.75
1.30
1.30
.75
Healdton
The "Iron Age" July 20 says in brief:
1.80
1.50
1.00
.98
1.25 *2.50
1.25
1.25
Coast
Strike Effects.-"The effect of the coal and railroad strikes in cutting down Gulf
2.78
2.58
3.38
2.08
4.13
2.50
2.88
2.40
Dig iron and steel production is more pronounced. At Youngstown, 0., Canada
3 large blast furnaces have banked and the Bessemer steel department of
* High price of $3 reduced 50 cents in the latter part of 1920.
the Republic Iron & Steel Co. has closed down. A steel company blast
furnace at Warren,0., has stopped, also one at Steubenville, 0. At Cleve- Table Showing Wholesale Tank Wagon Prices for Gasoline at Points Named.
land the McKinney Steel Co. has banked a blast furnace and at two CleveJuiy 21 '22. Jan: 1 '22. Jan. 1 '21. Jan. 1 '20. Jan. 1 '15.
31c.
12c.
244ic.
land steel plants 5 open-hearth furnaces are down. Cherry Valley furnace New Yor24c.
2ic.
i9c.
28 Mc.
293.c.
22c.
at Leetonia, 0., will probably go out this week. In eatern Pennsylvania Baltimore-----25c.
---31c.
10c.
25.2c.
23c.
26c.
two Bethlehem blast furnaces have been compelled to bank.
Philadelphia _ _ ' 24c.
11c.
27c.
19%c.
. "In the Pittsburgh district all furnaces and steel works active last week Chicago
21c.
29c.
26c.
11c.
18c.
23c.
have kept going, but steel works and rolling mills have been hampered by Houston, Tex_ -The Standard Oil Co. (Ind.) made a cut of 2
delays in coal delivery and some mills have fallen further behind on orders.
Gasoline Price Reduced.
"price now being 23 cents.
Iron Ore.-"The iron ore movement on the Missabe range in Minnesota cents a gallon on "gas.
has been reduced 25% and some underground mines have stopped loading
The cut was met by Sinclair Consolidated. Texas and Kansas City
ore. While the operating percentage of the steel industry as a whole has Refining companies.
not been seriously cut down by the week's events, the strain upon proStandard Oil Co. (La.) reduces price 1 cent a gallon to 25 cents, as did
ducers is much increased. One large Pennsylvania steel company, in view the Pierce 011. Sinclair prices dropped to same level in this district.
-The Standard Oil Co. (Ind.) has reduced
of the greater difficulty of getting coal, has withdrawn from the market
Refined Oil Prices Reduced.
as a seller of finished steel.
price of refined oil 1 cent a gallon. Sinclair Consolidated Oil Corp. and
-"Consumers are more concerned about the delivery of steel
Deliveries.
-Cuts of 1 cent a gallon were made by the Standthey have bought, and in many cases their representatives are going to
Kerosene Price Reduced.
Pittsburgh mills to hasten shipments. New business is falling off, because ard 011 Co. (Ind.) and Sinclair Consolidated Oil Co.
-A 1234% cut in transportation rates
of increasing uncertainty as to costs and fuel supplies, and on some products
Line Companies Reduce Rates.
Pipe
higher prices are being asked particularly bars and plates. Some inde- has been made by the Prairie Pipe Line Co.. effective July 26. The Illinois
,
pendent sheet mills have withdrawn all prices and a higher sheet market Pipe Line Co. will probably meet the cut. Boston "Fin. News" July 19,p.7.
-Mexican Petroleum Co. raises price
is predicted.
Industrial Fuel Oil Price Advanced.
Fuel.
-"With coal growing scarcer, some steel plants are substituting 25 cents a barrel, in line with bunker oil advance last week. "Wall St.
fuel oil, though at rising prices. Large oil shipments are going to Youngs- Journal" July 20, p. 11.
town, 0. this week, and a central Pennsylvania plate mill has started to
Prices, Wages and Other Trade Matters.
'
use oil in its open-hearth furnaces.
-Arbuckle Bros., American and National sugar
Sugar Prices Advance.
RR. Orders.
-"Farming out of car and locomotive repairs features the
companies advance price 10 pts., to 6.60c.
railroad equipment market, but orders for 2,300 new cars and 75 new en- refining
refining companies
(1) Federal,(2) Revere and (3) Warner sugar6.70c., 6.80c. and advanced
gines were placed. Repair orders of the week cover 7,600 cars and 220
to 6.90c.
to
(1) 10 pts. each
locomotives, not counting heavy material purchases by the Pennsylvania prices as follows:time, to 6.60c. andtime,
to 6.70c. (3) 10 pts. each time, to
RR.for use in its own shops. or the numerous small repair jobs negotiated (2) 10 pts. each
6.60c. to 6.70c. and to 6.80c.
with difficulty.
$6.500 to $5,250; coupe
Pierce-Arrow Car Prices Reduced.-TourIng,fromto
Prices.
-"The inability of Western steel bar mills to take early delivery
$7,000 f.o.b. Buffalo.
business has caused a demand for iron bars, and the latter are up $2 per ton. and sedan, from $8,000 and $8,500, respectively,
Western sheet mills governed by the sliding-scale Philadelphia "News Bureau' July 15, p. 3.
"Workers in Central
-In Baltimore 4.000 strike for 20% wage inWorkers Strike.
3% advance over the base
Clothing
agreement will receive for July and August a
contract shops "Wall St. Jour." July 19, p. 3.
rate, shipments in May and June having averaged $2 per ton higher than crease and unionization of & Bronze Workers and Suit Case Bag & Portfolio
.
Shirtmakers. Inside Iron
in the previous 60 days. A further advance is already indicated for the
Maintain Present Wage Scales.-"Tlmes" July17, p.3,
Unions All Strike to
next settlement.
Agreements on Wages Reached by Fancy Leather Goods, Knit Goods and Fur
furnaces which have retired from the pig iron market,
"In addition to the
-"Times" July 17, p. 3.
having banked because of coke shortage, a number have virtually retired Workers' Unions.
-Sears, Roebuck & Co. at Springdale, Me., reopens
Shoe Plants Reopen.
by asking prices far above recent quotations."
The plants were closed last
plants after settiement of labor trouble.18, p. 3.
2
Coal Production, Prices, &c.
Boston "Financial News" July
Thursday.
-Arbitration committee
Lynn Shoe Plants Now Operating 35% Capacity.
The U. S. Geological Survey on July 15 reported in brief as follows:
progressing slowly but satisfactorily.
"Because of the uncertainties of the traffic situation, it is difficult to appointed by Mayor McPhetres is
forecast production for the present week (July 10-15), but the record of "Boston News Bureau" July 19, p. 2.
-Wholesale cash prices in New York showed the folCommodity Prices.
the first 4 days suggest that the output of bituminous coal can hardly exceed
t i
3
,7
a : 1 4c 3
W
lowing high poinar the week:tearatjul38 4 $l. t cyffeeTgly/f), 10Uc.,
4,300,000 tons. Production of anthracite remains practically zero.
"Final returns on the week of Independence Day (14th week of the strike) sugar July29, •
a
%
5c
'
c. ce -Average reduction said to be YboUt.107 helow
Tire Price Revertu r
N
net tons of soft coal and 23,000 tons of anthracite were
show that 3,936,000
Boston "Fin. News" July 20.p.5.
tons.
present prices on all-B. F. Goodrich tires. -Spring
produced, a total of all coal of 3,959,000 week of the
1923 lines of woolens
strike was congestion
American Woolen Co. Advances Prices.
"The cause of the decrease in the 15th
5% decline under prices quoted
of traffic resulting indirectly from the shopmen's strike. Districts affected show 3% advance over those of 1922, while
America" July 18, p. 1.
were Logan, eastern Kentucky, western Kentucky, southwestern Virginia, for the fall of 1922. "Financial
-(a) The 25th week of the strike in Rhode
Textile Strike Developments.
Pocahontas, Tug River, Kenova-Thacker. In the non-union fields of
of the B. B. & R. Knight Co. in Pawtuxet
Pennsylvania, Alabama and the far West no decrease in output was reported Island saw the Pontiac Mill
Valley open with about 350 operatives. Gains were also reported at Centerup to Wednesday.
been received to indicate any significant change in the ville, Artie Valley Queen St Arkwright and Crompton velvet and corduroy
"No reports have
mills. (b) Jenckes Spinning anti U. S. Finishing are reported to be turning
number of men on strike.
JULY 22 1922.]
THE CHRONICLE
away help. (c) In Connecticut the Union Cotton Mills (Aldrich Mfg. Co.)
may open. (d) New Hampshire militia ordered to protect railroad pro]perty near Concord. (e) Labor Commissioner Davis announces that N. 11.
textile manufacturers have refused to submit to State Board of Arbitration.
(f) Nashua Mfg. Co. runs one-third capacity; also Amoskeag (at Manchester) and Great Falls Mfg. (at Somersworth) have made good gains. (g) At
Lowell, Mass., 750 operatives of Mass. cotton mills strike against 20%
wage cut. Lavvrence Mfg. Co. cut wages 20% without strike. Hamilton
Mfg. and Bay State Cotton cut wages causing strike, but are now operating comfortably. (h) At Lawrence all mills except Everett and Arlington are running. Some disorder at Pacific Print Works,but no arrests made.
Mexican Textile Disagreement Settled.—Grievances settled and about
30,000 return to work in Puebla section after threatening State-wide strike.
"Financial America" July 15, p. 8.
Legal Matters, Legislation, Taxation, &c.
Government Air Mail Service Completes Year Without a Single Fatal Accident.—"Times" July 17, p. 1.
Taxi Cab Bond Law Upheld by Court of Special Sessions.—"Post"July20,p.2.
Appellate Division of Supreme Court Sustains Tax on Bank Capital Stock.—
"Sun" July 15, p. 1.
Plasterers Union Indicted for Plot to Compel Only Union Labor
.—"Times"
July 15, p. 3.
Supreme Court Decision Against Constitutionality of Section 4, Lever
Law, May Cause Fines Collectedfrom Food Profiteers to be Refunded.—"Times"
July 18, p. 1.
Opinion Affirms Palmer Sold German Patents Illegally.—"Times" July 20,
p. 25.
New Board Organized by Attorney-General Daugherty to Deal with War
Fraud Cases.—"Times" July 21, p. 6.
Fordls- Muscle Shoals Offer Rejected, 9 to 7—Other Plans also Voted Down.—
"Times" July 16, p. 1.
Matters Covered in "Chronicle" July 15.—(a) Minister de la Huerta returns to Mexico; developments in debt and oil conference, p. 249. (b) Offerings of foreign bonds: (1) 300.000,000 guilders 50-year 6% sinking fund
Kingdom of the Netherlands (offered simultaneously in U. S. and Holland),
p. 259; (2) State of San Paulo (Brazil, S. A.) 25
-year non-callable 7%,
murals loan in form of Guaranty Trust Co. certificates, p. 251. (c) Organization of First-Trust Joint Stock Land Bank of Dallas. Tex., p. 257.
(d) Offering of $500,000 5% bonds of First Joint Stock Land Bank of Minneapolis, p. 251. (e) Loans aggregating $363,538,728 advanced by War
Finance Corp. since Jan. 1921; repayments, p. 251. (f) Advances by
W. F. C. for agricultural and live-stock purposes since July 1. p. 252.
(g) Approval by W. F. C. of advances to assist in marketing cotton, p. 252.
(h) Approval by W. F. C. of advance to Texas Farm Bureau Cotton
Association, p. 252. (i) Failures: (1) Nast & Co., 135 So. La Salle St.,
Chicago, p. 252; (2) W. H. Kemp, Inc., 20 Broad St., New York, p. 252;
(3) Carukin & Freed. 14 East 44th St.. New York, p. 253. (j) Price of
milk advanced 1 cent on July 1, p. 261. (k) New York Port Authority
bill signed by President Harding, p. 262. (1) President Harding presents
Government's plan for settling coal strike, p. 262. (m) Anthracite operators accept President's plan for settling strike, p. 263. (n) Union officials
opposed to President's plan for settling strike, p. 264. (o) Non-union soft
coal operators protest Government's strike settlement plan, p. 264:
(p) Federal Trade Commission reports to Congress on investment and profit in
soft coal mining; suspension of monthly cost bulletins, p. 264. (q) Illinois
Coal Operators' Association on miners' riot, p. 265. (r) Secretary of Commerce Hoover's response to Senate resolution calling for report on coal
strike, p. 265.
Acadia Sugar Refining Co., Ltd.—Reorganization.—
Special meetings have been called July 26 to consider a scheme of reorganization whereby a new company, domiciled in Scotland, will be inforporates for the purpose of taking over the undertaking. In consideration
of dividend arrears on "A" preference shares accrued to the end of 1910
the new company will credit the holders of these shares with an addition
of 25% of their holdings. The new company will issue to present shareholders of all classes of shares corrseponding shares to the extent of 80%
of their holdings, provided that holders subscribe for general mortgage
debentures to the extent of 20% of their holdings.
In the case of the "A" preference shares the 80% will be based on increased holdings. General mortgage debentures to be offered will be
secured by deed of trust, and a mortgage on real estate, subject to prior
charges not exceeding $2,000,000, and further by a floating charge on the
remaining assets of the company. Under the proposed scheme the company will transfer to the old company preference shares to an amount of
£10,000 par value, and also ordinary shares to £10,000 par value.
The report for the last fiscal year, after providing for interest on floating
debt, shows a loss on trading of $112,522. The trading statement now
shows a debit balance of $107,064. (Toronto "Globe.")—V. 112. p. 2539
Air Reduction Co., Inc.—To Build New Plant.—
The Air Reduction Sales Co. a subsidiary, has purchased 33 acres of
ground near the plant of the milted States Plpe Co. in North Birmingham,
Ala., and will immediately build a plant for the manufacture of gases and
equipment for the oxyacetylene welding and cutting industry. The investment,it is stated, will cost approximately $250,000.—V. 114, p. 2472.
Alabama Power Co.—Statistics,
See Alabama Traction, Light & Power Co., Ltd., under "Financial
Reports" on a preceding page.—V. 114, p. 2472, 2362.
Allegheny Steel Co., Pittsburgh.—Capital Increase.—
Officials of the company have filed at Harrisburg a notice of an increase
in the capital stock from the present total of $3,200,000 to $6,315,200.—
V. 114, p. 200.
Aluminum Goods Manufacturing Co.—Tenders.-The Union Trust Co. of Pittsburgh, trustee, will, until
receive
bias for the sale to it of 10-year 731% gold notes, dated July 3, 1 1921,
March
sufficient to exhaust $90.000.—V. 113, p. 1056.
American Can Co.—Sells Building.—
-story factory of the company at 447-453 West 14th St., N.Y.City,
The 8
extending through to 444-448 West 15th St., has been purchased by the
National Biscuit Co. The property is assessed for taxation purposes at
$490,000.—V. 114, p. 2118.
American Felt Co.—Suit Over Note Transaction.—
The Mass. Supreme Court has ruled that the firm of Willett, Sears & Co.
may maintain action for $15,000,000 against Robert F. Herrick and others.
The Court sustained the defendant's demurrer on two issues, one pertaining to alleged fiduciary relations in lourchase of notes by First National
Bank and National Shawmut Bank, Boston, and the second that Willett,
as assignee of Willett, Sears & Co., cannot maintain the suit, but the suit
must be brought in name of the firm. The Supreme Court by the decision
allows Willett to amend the action.
Willett, in the suit, alleged that the defendants conspired to deprive the
plaintiffs of their shares in the American Felt Co. and the Daniel Green Felt
Co., and that they succeeded in acquiring practically all of the plaintiff's
stock in these companies, valued at $10,000,000. It is charged that Herrick, employed to organize a syndicate to obtain a special loan for the firm
In July 1918, did not act in good faith and joined the alleged conspiracy.
In order to obtain the needed financial assistance, Willett, Sears & Co.
transferred controlling interests of the American and the Daniel Green Felt
companies to the defendants.—V. 109, p. 1893.
American La France Fire Engine Co. Inc.—Earnings.
439
This is the fourth dividend in liquidation. The first
payment was $7
per share, made May 1921; the second, $4 50 per share,
Jan. 1922, and
the third, $12 50 per share, May 1922, making total
payments, including
the dividend payable Aug. 1, of $25.—V. 114. p. 2016.
American Pneumatic Service Co.—Sub. Co.
Reincorp.—
The Lamson Co., makers of pneumatic machinery,
&c.. has been reincorporated in Massachusetts with an pneumatic tubes,
authorized capital
of $3,000.000 (Par $25).
Incorporators: A. Francis Hayden, Wellesley, President; Howard
Norton, Newton, Treas.•, A. Edward Garland, Somerville; David
Fullam and
Joseph A. Butler. Boston. The company was formerly
incorporated in
New Jersey and is a subsidiary of the American Pneumatic
Service Co.
The capitalization and the personnel of the organization is not
changed.
—V. 114, p. 2827.
American Ry. Express Co.—Proposed New Contract.—
A majority of the member roads of the Association of Railway
Eexecutives
has approved the new uniform express contract with the American Railway
Express Co., which was presented to the railways recently by W.B.
Storey,
Pres. of the Atchison Topeka & Santa Fe, and Chairman of a
of executives appointed last year to outline a new contract. committee
A minority disapproved Chairman Storey's report on the ground
they were entitled to a larger percentage of the express revenues thanthat
the
new stipulations call for.
The principal changes in the contract, which is to go into effect
March 1
1923, are embodied in the following points:
(1) The new contract would give to all railways which
matter in carload lots 85% of the revenues accruing from move express
that traffic.
There is no comparison of this percentage with the old
contract as the
construction of the old contract is on entirely different lines.
(2) The railways would get a larger voice in determining what expenses
the express company should incur, and (3) when the return to
company exceeds 6% on property investment, there shall be a the express
the excess revenues on an equal basis between the roads and division of
the
company. If the express company's earnings are more than 8% on express
investment, then the excess will be divided 75% to the carriers property
and 25%
to the express company.
Those railroads which do not subscribe to the new contract have
the
alternative of forming independent express companies or inaugurating
fast freight service. The American Railway Express is the only
express
company now in operation handling the business over all lines throughout
the country, with the exception of the Southeastern Express Co.,
functions for the Southern Railway and Mobile & Ohio RR. [The which
text of
the new uniform express contract is on file at our office—Ed.]
The I.
-S. C. Commission has ordered a general investigation of inter-State
rates and charges of express companies throughout the country to
determine
whether such charges are in violation of the I.
-S. C. Commission Act.
roads and express companies will be made parties to the proceedings. All
No
time has been set for the hearings.—V. 114, p. 2362.
American Water Works & Electric Co., Inc.—Pref.
Stock Offered.—Dominick & Dominick and W. A. Harriman
& Co. are offering at 87, to yield about 8.05%, $1,200,000
7% Cumul. 1st Pref. (a. & d.) stock (voting trust certificates), par $100.
Present dividend dates, Q.
-F. Preferred as to assets and 7% cumulative
dividends over the Partic. Pref. and Common stocks.
Red. all or part, after 3 years from date of issuance, at 110 and dividends.
Data from Letter of Pres. H. Herbert Porter, New York, July 14.
Company
.—A holding company controlling through stock ownership
26 water companies situated in 13 of the Middle West ahd Southern States;
West Penn Co. (formerly West Penn Traction & Water Power Co.), the
parent company of the West Penn System, which controls the electric
power, light and traction utilities in a large part of western Pennsylvania
and northern West Virginia; and orchard and land companies owning
26.000 acres of land in the Sacramento Valley, California.
The company owns $4,668,500, or 57.96%, of the $8,054,700 outstanding 67 Preferred and $16,344,000, or 72.64%, of the $22,500,000
outstanding Common stock of West Penn Co. Latter company controls
West Penn Railways, which in turn owns entire Common stock of the
West Penn Power Co.
The control of Monongahela Power & Railway Co. has recently
acquired by the West Penn System. The Monongahela company been
Its subsidiaries furnish electric light and power, and operate nearly and
200
miles of electric railway, principally in the State of West Virginia, immediately adjacent to the West Penn territory. The joint operation of
these properties will result in improved efficiency and reliability of operation.
Canitalization Dec. 31 1921—
Authorized. Outstanding.
7% Cumulative 1st Preferred stock
$10,000,000 x$5,450,000
Participating Preferred 6%
10,000,000 10,000,000
Common stock
10,000,000
9,200,000
Collateral Trust 5% bonds due April 1934
15,999,800
x After giving effect to the additional stock (v. t. c.) now being offered,
there will be outstanding $6,650,000.
Purpose.—Proceeds will be used in the acquisition of control of Potomac
Public Service Co. through the purchase of Common stock of that
company, and for other corporate purposes.
Consolidated Income Account—Years ended May 31.
American Water Works & Electric Co. and Sub. Cos.. incl. West
Penn Co.
1922.
1921.
Inc. or Dec.
Gross operating earnings
$19,874,248 $19,849,860 inc.
$24,388
Net earnings after oper. exp.,
taxes & depreciation
6,628,357
5,621,447 inc. $1,006,909
Miscellaneous income
776,030
809.915 dec.
33,885
Gross income
$7,404,386
$6,431,362 inc. $973,024
Deduct--Int. & amortiz. of
discount -Sub. cos
3,967,016
3,486,880 inc.
480,136
Int. A. W. W. & E. Co.—
Collateral trust bonds
800,041
800,137 dec.
96
Proportion of earns. accr. to
minority stockholders of
subsidiary companies
1,226,388
1,023,331 inc.
203,057
Net income
$1,410,940
$1,121,013 inc. $289,927
The New York Stock Exchange has
authorized the listing of additional
extended voting trust certificates for 81,200,000
7% Cumul. 1st Pref. stock,
par $100, making the total applied for
$6,650,000.
Over 95% of Stock of Potomac Public Service Co. Accepts Offer.
See Potomac Public Service Co. under"Railroads"
above.—V. 115, p.186'
American Woolen Co.—Prices Advance.—
The company's
opening prices for the spring 1923 season show approximately a 3% increase over
under advance prices for fallspring 1922 and approximately 5% decrease
of 1922.—V. 114, p. 2245.
Anaconda Copper Mining Co.—Acquisitions, &c..
The company is reported to have increased
its holdings in the Butte mining
district by taking over the Ansehrto Mining Co., which lies just west
properties originally acquired. The mine is principally a zinc and of the
silver
producer, but is said to have copper possibilities.
President John D. Ryan
deliveries of copper were greater
than for any month except states that Juneperiod, and that scrap copper is
during the war
practically used up throughout the world.—V. 114, p. 2721.
The following published statement is understood by the "Chronicle"
'
to be substantially correct: "Earnings after all charges in
first half of
this year were at the rate of 167 on the $2,900,000 Commonthe
0
Arkansas Natural Gas Co.—Listing
There has been heavy demand from municipalities for motorstock, par $10.
fire apparatus
The Pittsburgh Stock Exchange July 13 listed .—
and orders on hand will keep the plant at capacity to Nov. 1. Gross busi10,000 additional
of stock, making the total amount of stock listed and authorized shares
ness is at the rate of $6,000,000 to $7,000,000 annually.
to be
'All but about $20,000 of the $1;500,000 bonds have been converted outstanding $16,336,900 (1.633,690 shares).
This stock will be issued to acquire additional interests in the properties
into Common stock at par.
of which the company is part owner (see
"The company has a $1,250,000 plant completed at Bloomfield, N. J.,
V. 114, p. 1183, 1893).—V. 114,
for the manufacture of commercial vehicles. This plant was built from p. 2362.
earnings of the fire apparatus business and there are no charges against It.
Art Metal Construction Co.—Business—Status.—
—V. 114, p. 1893.
An authorized statement says: "Business of the company is running a
66 2-3% of
is moderately small. Stock
American Malt & Grain Co.—Liquidating Dividend.— little oversatisfactory,capacity. Contract workcompany
sales are
but at low prices. The
is continually deThe trustees have declared a liquidating dividend of $1 50 per share veloping new
products, many of which are showing popularity. The
outstanding capital stock, payable Aug. 1 to stockholders on financial condition
on the
presentation of their certificates of stock and scrip at the Guaranty Trust which $630,000 is is excellent. There are $2,800,000 current assets, of
invested in Treasury certificates. Company has no debt
Co. The books will not be closed.
except ordinary monthly current accounts payable."—V. 114, p. 1411.
THE CHRONICLE
440
[VOL. 115.
This dividend brings the total 1922 disbursements to date on the Common
-New Financing.
Associated Motors Industries.
stock to $25 per share. On Feb. 15 and April 24 1922 $10 and $5 per share,
of the $9.-V. 114, p. 630.
According to Chicago dispatches, an offering of $3,500,000 corporation respectively, were paid.
500,0008% pref. stock to be issued by this newly incorporated
-New Control.
Is expected to be made shortly by Chicago banking houses.
Calumet & Chicago Canal & Dock Co.
in Delaware, with nine constituent
The company, recently incorporated
Control of the company will pass to a new group Sept. 1 as the result of
parts, is neg.otiating with four other compaines. Additional companies will approval of a majority of shareholders. Acceptance of an offer of $76 a
ultimately be purchased [roma total of nearly 60 applicants for the mergcr. share made through Paine, Webber & Co. was virtually assured by consent
The new organization plans production from July 1 1922 to July 1 1923 of of holders of over 15,000 shares, although only 10,000 were necessary to
30,000 automobiles and 13,000 trucks, this being on the basis of 50% of close the deal. The direct purchasers have not yet been revealed. As
normal output. The passenger cars to be sold under "The National" name part of the purchase money and as an evidence of good faith, the purchasers
will embrace four cylinder, light six and De Luxe six models. A complete have deposited $250,000 with the Merchants'Loan & Trust Co., It is underline of "traffic" trucks will be made, ranging from a "speedboy" to a 33.5- stood.
ton unit.
The latest annual report, as of Jan. 311922.showed a profit and loss surAssociated Motor Industries at present has assets of about $25,000,000, plus of $126.324, as compared with $287,680 at the end of 1921. Real
-year 7 % bonds which have
against which will be issued $6,000,000 10
at $2,775,125, against $2,792,924. Except for
8%, estate holdings were valued there were no liabilities. ("Chicago Journal of
been underwritten, and will shortly be offered to the public. $9,500,000
capital stock of $3,375,600,
pref. and 187,000 shares of common stock. Owners of constituent com- Commerce.")
-V.88, p. 377.
panies receive only stock in payment, and no company enters the combination unless net assets are three times liabilities. The total authorized
-Dividend Declared.
Calumet & Hecla Mining CO.
to consist of $40,000,000 8% pref. and 400,000 shares no
capital is stated
A dividend of $5 per share has been declared on the stock, payable Aug.3
par value common. See also V. 115, p. 186.
22. In June 1920 a distribution of $5 per share
to holders of record July
-V. 114, p. 2017.
was made; none since.
-Time for Deposits Extended.
Atlantic Fruit Co.
The protective committees for stockholders and for debenture bondCanadian General Electric Co.-Acouisition.have announced that the plan of readjustment of debt and capitaliholders
Announcement is made that the company will absorb the Canadian Edization of the company has been assented to by holders of over 70% of the
Aug. 1. The controlling interest in the latdebentures and by substantially all of t e other creditors of the company. son Appliance Co., Ltd., as ofthe General Electric since its incorporation.
of over $27,300,000, exclusive of interest, ter company has been held by
Out of a total indebtedness
amount -V.115, p. 78.
assents have been received from creditors representing the entire
with the exception of about $2,700,000. A substantial majority of the
-Bonds Offered.
Canadian Salt Co., Ltd.
stockholders has also assented to the plan.
at 100 and int.
The committees regard this response as very gratifying-especially in
Royal Securities Corp., Ltd., Montreal, are offering
view of the shortness of the time previously allowed for deposits, which $140,000 79' Gen. Mtge. bonds. Dated May 1 1921 and due May 1 1941.
has made it difficult for the committees to reach some of the debenture (See original offering in V. 112, p. 2309.) A circular shows:
Authorizea. Outstanding.
holders. Because of this response, the committees have decided to extend
Capitalization$1,500,000 $1,200,000
the time and to permit the Columbia Trust Co., the depositary, to accept Common shares (paying 8%)
393,000
(Closed)
deposits of securities until the close of business July 31 1922, and urge 6% 1st Mtge. Sinking Fund gold bonds, 1934_
540,000
immediate deposit of the debentures.
bonds, due 1941 (incl. this issue)_ 1,000,000 producer for
Mtge.
authorized the listing of Columbia 7% Gen.
of salt, and the only
producer
The New York Stock Exchange has
The company is the largest caustic soda, in Canada. Its business, and
-Year SinkTrust Co. certificates of deposit representing $7,336,000 7% 15
of bleaching powder and
ing Fund Cony. Gold Debenture bonds, due Dec. 1 1934, with coupons due sale of its predecessor, has been in successul operation for over 25 years.
that
Dec. 1 1921 and subsequent coupons attached, deposited under the terms Company owns and operates at Windsor, Ont., and Sandwich, Ont., plants
'
of the plan and agreement of readjustment of debt and capitalization for the production of salt, in Its various forms and for the production of
for the prodated June 1 1922.
bleaching powder and of caustic soda. Company's capacity
The Exchange has also authorized the listing of Columbia Trust Co. duction of salt is more than equal to the combined capacity of all other
certificates of deposit representing 204,736 shares of Common stock, no salt plants in Canada and during the past 4 years It has produced over
consumed in Canada.
-V.115. p. 186.
par value, deposited under the terms of the plan.
559' of the °leaching powder and caustic soda 1921, after providing for
Net earnings for the 8 years ended Dec. 31
interest charges, and available for interest on
-Suit.
Atlantic Refilling Co.
taxes, depreciation and prior
Judge Morris of the U. S. District Court for the District of Delaware 7% General Mortgage bonds, averaged $108,833, or over 2% times the
dehas overruled the motion to dismiss the bill of complaint in the case brought amount required. Net earnings for 1921, after providing for taxes,7%
by the minority stockholders of the Superior Oil Co-p. against this company. preciation and prior Interest charges, and available for interest on
the
The bill ofcomplaint alleges that the Atlantic Refining Co., being in control Gen. Mtge. bonds, amounted to $125.101, or over 33( timesalso amount
V. 112,
of Superior Oil Corp., caused the latter to sell to it 325,000 shares ofstock at required for interest on bonds now outstanding. Compare
$8 a share; at the same time the sale was made to the Refining Co., Superior p. 2087. 2309.
to a banking syndicate some 260,000 shares at $16 a share.
Oil sold
Carroll County (Mo.) Electric Co.-Consolidation.
The Superior minority stockholders are seeking to recover from the At
antic the difference. $2,700,000, and interest, for the benefit of the Superior
See Kansas City Power & Light Co. below.
the motion to dismiss the case, made by
Co. By the Court's overruling
-Halsey,
-Bonds Offered.
Central Indiana Power Co.
Atlantic Refining, the defendants must file their answer and the case must
-V. 114, p. 2828, 2721.
stand for trial.
Stuart & Co., Inc., A. B. Leach & Co. Inc., and Paine,
-E. H. Webber & Co., N. Y. are offering at 95 and mt., to yield
-Bonds Offered.
Austin Brothers Association.
Ref. 6% gold
Rollins & Sons, San Francisco, in February last offered at about 6.35%, $7,50000 1st Mtge. Coll. &
(See
98 and int. $250,000 1st (closed) Mtge. 7% S. F. gold bonds. bonds, Series "A."Due Julyadvertising pages.) & J. at office of
1 1947. Int. payable J.
Dated Feb. 11922. Due Feb. 11932. Callable as a whole or in part by
lot upon 60 days' prior notice on Aug. 1 1922 at 105 and int., and thereafter
at a premium of 3i of 1% for each year or fraction thereof of the unexpired
.
term of the bonds. Denom. $1,000, $500 and $100 (c*) Int. payable
A. & 0. at Mercantile Trust Co., San Francisco, trustee, without deduction
of normal Federal tax up to 2%.
-A first (closed) mortgage on over 31.500 acres of land in Utah
Security.
County, Utah;Caribou and Bannock Counties Idaho; Uinta County, Wyo
and Elko County. Nev., appraised at approximately $570.000.
•
Company.
-Business is essentially the growing and feeding of sheep and
cattle and was started about 34 years ago by individuals who are still associated in the management. Capital stock, $500,000.
-Average annual net earnings applicable to bond interest for
Earnings.
-year period ended Sept. 30 1921 (and incl. heavy losses in 1920 and
the 10
1921, due to shrinkage in values of livestock and wool inventories) were
$40,824, or 2 1-3 times annual interest charges on these bonds.
-Notes and Bonds Called.
Autocar Co., Ardmore, Pa.
-
All of the outstanding 6% gold notes, dated Sept. 1 1921, have been
called for payment Aug. 21 at 101% and interest at the Girard Trust Co.,
trustee, Philadelphia, Pa.
All of the outstiandng 1st Mtge.6% gold bonds, dated April 11919, have
also been called for payment Aug. 21 at 10234 and Int. at the Pennsylvania
Co. for Insur. on Lives, &c., trustee, 517 Chestnut St., Philadelphia.
V. 114, p. 2583.
-$2,000,000 Order.
Baldwin Locomotive Works.
The company has received an order from the Baltimore & Ohio RR. for
35 Mikado engines, valued at approximately $2,000,000. Unfilled orders,
It is stated, exceed $10,000,000. -V. 115, 13. 311.
-Listing.
Baragua Sugar Co.
The Boston Stock Exchange has placed on the list temporary bonds for
$4,500,000 1st Mtge. 15-Year Sinking Fund gold bonds. See offering in
V. 115, p. 311.
--Earnings.
Barnet Leather Co., Inc.
1922.
1921.
1920.
1919.
Six Months ended June 30Net earns,from open after deducting
charges for maint, and repairs of
plants, deprec. and est. amount of
$94.803 $236,560 $488,043 $426.273
Federal and State taxes, &c
Less
-Dividends on Pref. stock and
95,800
fund (6 mos.) 93.000
98,827 60,000
provision for sinking
$1.803 $140,760 $389,216 $366,273
Balance, surplus
The result is subject to adjustment at the end of the year when accounts
-V.
MO finally audited, and to change incident to income tax rulings.
114, p. 1769.
-No Bidders.
Barney & Smith Car Co., Dayton, 0.
There were no bidders July 12 when the company's plant was offered for
originally was set for
The
sale by Sheriff J. F. Cusick. JudgesaleT. Snediker, of the June 27, but
E.
Common Pleas
was postponed upon order of
Court, who will be asked to authorize a reappraisal of the plant, now set
advertised for.
-V.114. p. 2721.
at $200,000, and bids again will be
--June
Buckeye Pipe Line Co. below. Business.2363.
-V. 114, p.
-Sale.
Buffalo Oil & Refining Co.
See under "Pipe Line Statistics"
Dated July 1 1922.
$1,000, 43500 and
Halsey Stuart & Co.. Inc., Chicago or N. Y. Denom. Federal income
deduction for normal
,
$100 (c*). Int. payable without or part at any time after Juno 30 1932,
excess of 2%. Red. all
tax, not In
prices and int.: On and from July 1 1932
on 30 days' notice, at the follwoing
on and from July 1 19.37 to July 1 1942, at 105:
to July 1 1937, at 107%;to Jan. 1 1947. at 102k; and on and from Jan. 1
July 1 1942
on and from
Connecticut personal property tax, not
1947 at 100. Penn. 4 mill tax,
exceeding 6%
exceeding 4 mills. and Mass. income tax on the int. not
of such interest. refunded.
Brewer, Indianapolis, Ind., July 17.
Data from Letter of Pres. Jos. H.
Public Utilities Co. Was incorp.
Company. Formerly Merchants' will acquire and will own all the outCompany
Sept. 17 1912 in Indiana.
except directors'
bonds and the present outstanding capital stocks,p. 635), Wabash
standing
Light Co.(V. 114,
qualifying shares, of Merchants' Heat & Putnam Electric Co. and Cayuga
p. 638).
Valley Electric Co. (V. 114,
with the trustee under the mortgage to
Electric Co.. or will deposit cash not acquired.
stocks
the par value of bonds and serve 38 cities and towns,located in 9 counties
The constituent companies and power and one with steam and hot water
light
of Indiana, with electric
operates one of the two
heating. Company through its subsidiaries,
companies in Indianapolis. The
distributing electrid light and power of a widely diversified character.
the companies are
industries served by
the unification of the operation of company's
A comprehensive plan for
of all local distributing systems
subsidiaries provides for the interconnectiontension transmission line from
of a dual high
and for the construction the Wabash River where a new central station
Indianapolis to a site on
generating plant will eventually be constructed of sufficient capacity to
entire system.
supply the normal demand of the
Authorized. Outstanding.
Capitalization After This Financing$2,000,000 31.700,000
Preferred 7% Cumulative stock
2,000,000
2,000,000
Common stock
First mtge. cell. & Ref. 6% gold bonds, Series
7.500,000
a
"A" (this issue)
2,000,000
(Closed)
Three-Year 7% Collateral gold notes
Restricted by the provisions of the mortgage.
a
-Proceeds from the bonds and notes will be used in the acquiPurpose.
subsidiary companies heretofore not
of
sition of the bonds and stocksandthe other corporate uses.
for
owned, for refunding purposes lien on all the outstanding bonds, or cash
-Secured by a first
Security.
and on not less than 75% of
deposited in lieu of such bonds not acquired
the present subsidiary companies, which will be
the issued voting stock of the trustee under the mortgage. The aggregate
with
deposited and pledged
bonds of subsidiary companies (or cash in lieu
par value of First Mtge.
is $7,782,300. No additional
thereof) to be immediately pledged as security
issued by the subsidiary companies unless deposited
mortgage bonds may be
the mortgage.
under
Consolidated Earnings and Expenses of Subsidiary Companies.
May 31 '22. Dec. 31 '21.
Twelve Months ended- other income)
$3,210.519 $3,157,459
Gross revenue (including other than Federal_ _ _ 2.191,248
2,183,923
taxes,
Oper. exp., maint. &
$1,019,271
$973,536
Net earnings
450,000
Mtge. Coll. & Ref. gold bds.
Ann.int. charge on 1st
-Companies operate under indeterminate permits pursuant
Franchise.
of Indiana.
to the laws of the State
-To Pay $117,000.
Chattanooga Coke & Gas Co.
and the Chattanooga Gas
Settlement of the suit between this company the agreement, the coke
upon. Under the terms of
Co. has been agreedthe gas company $117.000 in settlement of damages
pay
company had suffered through the shutdown and other
to be paid in ca
cash
-Bonds Called.
the
ay coke company. The $117,000 is the 10th day after
Buffalo & Susquehanna Iron Co.5% debenture gold bonds
in 8% bonds, on or before
-year
outstanding $1.500,000 20
ol e eil h s os
acwilml gh a reduiates
(viitPedantlyeeilugrction of 15%) or ntertlons
All of the
.
e
been called for payment Sept. 1 at 105 and int at theAncoakgre ec:dmdpeagertumto opera ed in
dated Jan. 2 1906 have 60 Broadway, N. Y. City.
the famous gas-coke suit. dismissing
esbe
-V. 112, p. 1870. •
the Columbia Trust Co.,
-V. 113, p. 1891.
all other litigation.
Co.
at Sherman, Tex., has bean sold at reThe refining plant of the company
ceiver's sale.
California Telephone & Light
-Additional Bonds.
has authorized the company to issue
The California RR. Commission
bonds, proceeds to reimburse the treasury
$100.000 1st Mtge. 6% gold
-V. 114, p. 1184.
finance cost of additions, &c.
and to
-Extra Dividends.
California Wine Association. $10 per share on the Common
a dividend of
The directors have declared
of $5 each (1) July 19, to holders
stock, par $100, payable in two installments
holders of record Aug. 16.
of record July 13, and (2) Aug. 21, to
-Suit Settled.
Chattanooga (Tenn.) Gas Co.
-V. 113, p. 1775.
& Gas Co. above.
See Chattanooga Coke
-40% Stock Dividend.
Chicago Title & Trust Co.
authorized (a) the proposed increase in the capital
The stockholders have $10.000,000, and (b) the payment of a 40% divistock from $7.000,000 to record July 24.-V. 106, p. 209.
Aug. 1 to holders of
dend
THE CHRONICLE
JULY 22 1922.]
-Dividends.
Chicago Yellow Cab Co.
-
Three regular monthly dividends of 33 1-3 cents per share each have
been declared, payable Aug. 1. Sept. 1, and Oct. 2 to holders of record
July 20, Aug. 21, and Sept. 20 respectively.
-V. 114, p. 414.
Cities Service Co.
-Resumes Cash Dividends on Preferred.
The directors have declared a cash dividend of % of 1% on the Preferred
stock, payable Sept. 1 to holders of record Aug. 15 (as per plan in V. 114.
p. 2828).
The directors have also declared the regular dividends of % of 1% on the
Common and Preference "B" shares, payable in scrip, and 134% on the
Common stock payable in Common stock scrip, all payable Sept. 1 to
holders of record Aug. 15.
The plan announced June 21 also calls for the payment on Oct. 1 of cash
dividends on the Preference "B" stock (see V. 114, p. 2828).
Results for Month and 12 Months Ending June 30.
1922-12 Mos.-1921.
-1921.
-June
1922
$823,785 $13,482,661 $19,922,312
Gross earnings
$1,380,327
636,972
448,667
40,598
Expenses
37,678
$1,342,648
Net earnings
Debenture interest
185,711
409,308
Preferred dividends_ _ _ _
$783,187 $13,033,993 $19,285.340
1,991.414
2,166.040
170,592
405,382 4,888,950 4,800,717
Net available for Common stock & reserve
-V. 115. p. 187.
$207,213 $5,979,002 $12,493.208
$747,628
-Tenders.
Citizens Gas Co., Indianapolis.
The Bankers Trust Co., trustee, 10 Wall St., N. Y. City, will until Aug.
15receive bids for the sale to it of 1st & Ref. Mtge.B. F. gold bonds sufficient
to exhaust $23.689. and at a price not exceeding 108 and int.-V. 114,p.2474.
-Balance Sheet.
Cleveland Metal Products Co.
The balance sheet as of Dec. 31 1921 shows: Total current assets. $6,663,000. of which $2.492,000 represented U. S. Govt. securities; current liabilities, $329,000; surplus, $2,254,000.-V. 110, p. 1292.
--Bonds.
Coast Valleys Gas & Electric Co.
The company has obtained from the California RR. Commission an extension to June 30 1923 of the time at which it may sell at not less than 90
nd int. $105,000 of an issue of $375,000 of 1st Mtge.6% bonds previously
-V. 114, p. 2364.
authorized.
-Quarterly Report.
Colorado Fuel & Iron Co.
Results for Quarter and Six Months ending June 30.
-1922-3 Mos.-1921- -1922-6 Mos.-1921$8,650,240 $7,990,094 $15,225,901 $18,018,836
7,307,603 13,617,564 16,239,247
7.638,146
Gross receipts
Operating expenses
Net earnings
Other income
$1,012,094
69,190
$682,491 $1,608,336 $1,779,589
101,277
133,996
201,273
Gross income
$1,081,284
Bond int., taxes, &c.._ _ _
723,703
Depreciation
376,011
5783,768 $1,742,332 $1,980,862
686.891
1,378,457
1,440,009
370,629
752,022
370,629
Balance
defS18,430 def$273,752 def$449,699 sur$231,776
-V. 114, p. 2356, 2364, 1895.
Community Power & Light Co.
-Capital Increase.
-
The company has filed a certificate increasing its capital from $1,300,000
to $1,500,000.-V. 114, p. 2829.
Consolidated Copper Mines Co.
-Time Extended.
The reorganization committee, Edwin 0. Holter Chairman, has announced that under the plan of reorganization the time within which deposits of securities and payments may be made is extended up to and including Aug. 14. Compare plan in V. 114, p. 2829.
-Bonds
Consolidated Machine Tool Corp. of America.
Offered.
-B. J. Baker & Co., Inc., Boston, are offering at
99 and int., yielding over 7.10%, $3,600,000 1st (closed)
Mtge.20-Year 7% Sinking Fund gold bonds (see adv. pages).
Dated June 1 1922. Due June 1 1942. Int. payable J. & J. at First
National Bank, Boston, or at office or agency of company in Now York,
without deduction for normal Federal income tax up to 2%. Denom.
$1,000, $500 and $100 (c*). Callable on any int. date on 30 days' notice,
up to and incl. June 1 1932 at 110 and int., and thereafter at a premium
decreasing 1 % each year until maturity. Penna. 4-mill tax refunded.
First Nat. Bank, Boston,and Charles B. Breed, Newton. Mass.,trustees.
Capitalization After This FinancingAuthorized. Outstand'g.
1st Mtge.20-Year 7% Sinking Fund gold bonds- _$3,600,000 $3,600,000
Preferred stock,7%
10,000,000 6,137,000
Common stock (no par value)
200,000 sh. 128.000 sh.
Data from Letter of C. K. Lassiter, President of the Corporation.
Company.-Incorp. in Del. June 9 1922. A consolidation of the Betts
Machine Co., Rochester, N. Y. founded 1861; Ingle Machine Co., Rochester, N. Y., founded 1904; Hines & Jones Co., Wilmington, Del., founded
1854: Modern Tool Co., Erie, Pa., founded 1889; Newton Machine Tool
Works, Inc., Phila., founded 1881, and Colburn Machine Tool Co., Cleveland, O., founded 1901.
Companies are successful manufacturers of heavy machine tools in America. The products are well and favorably known and distributed through
representatives or selling agencies in practically every country in the world.
This consolidation places the company in a position to compete for contracts
for an entire line of machine tools for shipyards, railway shops or industrial
plants.
-Secured by an absolute closed first mortgage on all of the land,
Security.
buildings and equipment to be acquired from the above companies (upon
retirement of $600,000 of bonds now on the Colburn plant, definite provision having been made to call and cancel these bonds Oct. 1 1922)• The
plants have an appraised value of $7,455,000.
Assets.
-Total net assets after deducting all liabilities other than funded
debt are $10.269,589, equal to $2,852 for each $1,000 bond. Current assets are more than 6 times current liabilities.
-Average net annual earnings available for bond interest for
Earnings.
6 1-3 yearsfrom Jan. 1 1916 to Apr.30 1922 (after deducting loss of$768,394
in 1921, due largely to inventory adjustments), were $1,023.014, or more
than 4 times interest requirements on this issue of $3,600,000 bonds.
Sinking Fund.
-A sinking fund of 15% of net earnings, after payment of
operating expenses, taxes and bond interest, with a minimum of $120,000
a year, beginning June 11924, provides for redemption of more than 50%
a the issue before maturity.
Purpose.
-Proceeds will be used to complete the acquisition of the abovementioned companies and to provide additional working capital.
Consolidated Balance Sheet April 30 1922 (After This Financing).
AssetsLiabilities
Cash
$361,657
$667,568 Notes payable
Notes receivable
110,297
1,128 Accounts payable
Accounts receivable
53.479
69,984 Accrued accounts
Inventories
8,678
2,057,403 Fed. inc. & profits taxes__
Marketable securities_
431,602 First Mtge.7% bonds.. _ _ _ 3,600,000
Miscellaneous assets
6,137.000
32,008 7% Preferred stock
U. S. Treasury claim
532,589
54,681 xSurplus
Land, buildings, &c
7,455,000
Deferred charges
$10,803,699
34.326 Total (each side)
x Subject to incorporation and organization expenses.
Directors.
-W. H. Marshall (Chairman), C. K. Lassiter (Pres.), H. J.
Bailey (V.-Pres.), B.J. Baker(B.J. Baker & Co., bankers), H. W.Breckenridge (V.-Pres.), Lawrence Chamberlain, H. W. Champion (V.-Pres.).
J. J. Dale (V.-Pres.), T. Allen Hills, A. H. Ingle (V.-Pres.), F. D. Payne.
Treasurer is O. D. Miller, and R. R.Lassiter is Secretary.
-V.115, p. 78.
441
Dated Aug. 1 1922. Due Aug. 1 1942. Int. payable F. & A. without
deduction for normal Federal income tax up to 2 . Pennsylvania 4 mill
-%
tax refunded. Denom. $500 and $1,000 (c*). Callable as a whole or in
part on Aug. 1 1927, or any interest date thereafter up to and including
Feb. 1 1933, at 105 and interest, and thereafter at face value plus a premium
of %% for each year or portion of a year between the date of redemption
and maturity. National City Bank of New York, trustee.
Listing.
-Application will be made to list bonds on N. Y. Stock Exchange.
Data from Letter of Pres. J. M. Hood Jr., Baltimore, July 14.
Company.-Incorp. in 1892 in Maryland to manufacture under basic
patents owned by it, the Crown cork, one of the most economical bottle
stopping devices produced. In addition manufactures a full line of welldesigned and very efficient bottle filling and crowning machines fully
protected by patents owned by it. Company also conducts a cork specialty
business and manufactures lithographed metal signs.
Company is the largest manufacture of Crown corks and supplies considerably over half the total business done in this line. The manufacturing
operations of company and subsidiaries are conducted on a world-wide
scale at plants at Baltimore, Toronto, Mexico City, London, Paris, Yokohama, Rio de Janeiro, Lisbon (Portugal), and Seville (Spain). Company
and subsidiaries are integrated, having facilities for the manufacture of
cork discs and cork by-products and modern and extensive lithographing
capacity which supplement the various plants devoted to the production
of the Crown cork itself. Combined capacity of the plants of company
and subsidiaries, over 6.500,000,000 of Crown croks per year, of which
75% is located in the United States.
-Proceeds will be applied to the reimbursement of treasury
Purpose.
for capital expenditures made.
Security.
-A direct closed first mortgage on all the real estate and fixed
assets (as defined) of the company, and further secured by the pledge of
all the capital stock and other sedurities of subsidiaries owned.
Sinking Fund.
-Mortgage will provide for a minimum sinking fund
sufficient to retire $2,000,000 of bonds by .maturity. Mortgage will
provide as an additional sinking fund that the company will deliver to the
trustee for cancelation in each year bonds (or cash sufficient to acquire
bonds at not exceeding 105 and interest) equal in face value to any cash
dividends up to but not in excess of $100,000 paid by company during
that year. This provision shall be cumulative provided the amount of
bonds to be delivered to the trustee for cancelation in any one year shall
not exceed the cash dividends paid during that year.
-Calendar Years.
Earnings
Cash Divs.
Net Sales
xNet Income.
Paid.
$6,652,255
$992,794
1912
$950,000
6,993,942
1,984,365
1913
950,000
1,970.629
6,903,535
1914
950,000
4,160,084
595,708
1915
570,000
6,556,674
1916
1,116,640
570,000
10,161,330
2,550,504
1917
570,000
10,382,444
1918
2,894,017
570,000
7,610,169
1919
1,189.3%
570,000
1920
12,214,280
1,504,828
570,000
1921
4,054,485 loss 1,577,144
190,000
x Before interest and Federal taxes (after all inventory adjustments)
.
Net profits after deducting interest, taxes and all other charges for the
past 30 years have averaged $788,377 per annum.
Sales for the current year in grossage have increased 55% for the first 6
months, in comparison with the same 6 months last year, while for the
month of June they were 73% ahead of June 1921.
Balance Sheet as of May 31 1922, After Giving Effect to this Financing.
Assets
Liabilities
Cash
$665,582 Notes payable
$700,000
Notes receivable
418,066 Accts. payable & accrls
74,374
Accts. rec.-less reserve_ 1,030,007 Res. for Federal taxes_ _ _
149,684
Prepaid items, &c
131,480 1st Mtge bonds
4,000,000
Materials & supplies... _ 5,653,399 Capital stock
950,000
Net amt. due from sub.
Res. for contingencies_ _ _ 1,666,079
& affiliated cos
721,301 Apprec. of Env. in English
Land, bldgs., equip., &c.,
company
379,286
less depreciation
5,891,650 Excess of appr. value of
Stocks & bonds of sub.
fixed assets over pre& affiliated cos
1,552,234
vious book figures_ _
1,757,493
Patents & patent rights_
2,500 Earned surplus
6,870,128
Def. chgs , hid. bd. disc_
480,826
Total (ea. side)
$16,547.043
-V. 114. p. 414.
Cuba Sugar Finance & Export Corp.
-Liquidating Div.
The corporation has declared a 50% cash dividend in
its
$2,000,000 Capital stock. This corporation was formedliquidation on to
early in 1921
help finance the Cuban sugar crop by loans at 2% cents per pound.
Cumberland Pipe Line Co.
-June Business.
-
See under "Pipe Line Statistics" below.
-V. 114. p. 526.
Cuyamaca Building Co.
-Bonds Offered.
-
Hunter, Dulin & Co.. Los Angeles, are offering at 101 and int., $700.000
1st Mtge. 7% Sinking Fund Gold bonds. Dated July 1 1922. Due July
1 1937. Denom. $1,000 and $500 (c). Callable at 104 and interest up
to and including July 1 1932, and at
1023 thereafter on any interest date
on 30 days' notice. Interest payable J. & J. at Los Angeles Trust &
Savings Bank, Los Angeles, trustee, or Southern Trust & Commerce
Bank. San Diego, or Mercantile Trust Co., San Francisco, without deducttion for normal Federal income tax not exceeding 2%
•
The bonds will be a closed first mortgage on business corner located
at Fifth and "B" Sts., San Diego, Calif., together with the 6
-story, fireproof Class "A" steel and concrete office, store and theatre building now
in process of construction thereon, the combined value of which will be
approximately $1,250,000.
A lease on the threatre portion of the building has been executed by
Alexander Pantages, of Pantages Theatre Co., for a period of 50 years at
annual rental of 836,000. This lease will be deposited with the trustee as
additional security for these bonds.
A sinking fund of $3,000 per month will be paid into the trustee for
the retirement of bonds starting Dec. 1 1923, to purchase same in the open
market or call by lot.
Daniels Motor Co. (Del.).
-Production-Orders.
President George E Daniels announces that plans have been perfected
to double the output of the corporation's plants beginning Sept. 1 Many
orders for Daniels cars have been booked for fall delivery.
-V.115. I). 187.
Detroit City Gas Co.
-City May Acquire Property.
Mayor Couzens, it is stated, plans to obtain control of the company
for the city of Detroit when the present franchises expire in October 1923.
The company's property in Detroit, it is said, is worth $30,000,000.-V.
11b, p. 187.
Detroit Edison Co.
-Year.-Results for Half
Consolidated Income Account (Incl. All Constituent Companies).
Six Months ended June 30-1921.
0
198 :351
7.922
Gross revenue
--$12,876.744 $11,624,400
Operating expenses- ----------------------7,928,601
-- - - - Renewal,replacem't & conting't (deprec.) reserve_ 1,183,000
630,000
Interest charges------------------------------
1,789,652
$3,
9065,78
1,645,778
Net_____
-- $1,923,741 $1,420,019
-V. 115, p. 187.
--------------------------
Dominion Iron 8z Steel Co.
-Tenders.
-
The National Trust Co., Ltd.. Montreal trustee, will until Aug.3 receive
bids for the sale to it of5% 1st Mtge.gold
to an amount sufficient to
exhaust $153,000.-V. 114, p. 2584.
Durant Motor Co. of New Jersey.-Guaranteed Bonds
Offered.
-S. W. Straus &
New York, &c., are offering
under "Pipe Line Statistics" below.
at par and int. $3,500,000 1s't Mtge. 6Y2% Serial Coupon
-V. 114, p. 2018.
Co.
Crown Cork & Seal Co. of Balto. City.
- bonds. Guaranteed by Durant Motors, Inc. Safeguarded
-Bonds Sold.
National City Co. has sold at 96 and int., to yield over under the Straus plan.
Denom.$1,000 and $500 in all maturities and $100
635%, $4,000,000 1st Mtge. 6% 20-Year Sinking Fund Dated July 15 1922; due annually as follows: July 15 in last maturity only.
1923 to July 15 1933,
Gold bonds.
both incl., $291,500; July 15 1924.$293.500. 4% Federal income tax pain.
•
Crescent Pipe Line Co.
-June Business.
See
442
[VoL. 115.
THE CHRONICLE
Mortgaged Property.
-The bonds are a closed first mortgage on the land
and the new plant, machinery' and equipment of the Durant Motor Co.
of New Jersey, at Elizabeth, N. J., constructed by the Willys Corp. at a
cost of $13,106,294 but never used. Replacement value was estimated on
behalf of the receiver, in fall of 1920, at $10,636,900.
The new Durant interests at the receiver's sale paid a cash price of $5,525.000 for the property, the second bid being $5,500,000. It is one of the
largest and best arranged plants for automobile manufacture in the United
States, being divided into six sections which could be operated as independent units, and which could be converted to other manufacturing purposes
at a minimum of expense. The plant is located directly on the Pennsylvania RR. and has a total floor area of approximately 2,100,000 sq. ft.
(49 acres).
Company.-Incorp. July 15 1922 in New Jersey with a capital stock of
80,000 shares, no par value. Company Is under the direct management
and control a Durant Motors, Inc.
Guarantor Corporation.
-Payment of principal and interest of the bonds
Is guaranteed by Durant Motors, Inc. the holding company, which was
'
organized in Delaware in April 1921 by W. C. Durant and associates. On
Mar. 31 1922 Durant Motors ,Inc., stated its total assets as $33,493,402,
including $3,028,748 cash. Company has no liabilities except capital stock,
the number of stockholders being 46,300 on June 15 1922. The sales of
Durant cars have been entirely successful, the company being unable to
supply the demand for 1922. The company will market on a large scale
the new Star automobile, which will sell for $348, carrying features which
are unique in a car of this price, such as Continental Red Seal motor, Timken Real Axle and bearings, three speeds forward and reverse, half elliptic
springs, underslung; Spicer universal joints and Stewart vacuum gasoline
feed.
Durant Motors, Inc.
-Guaranty-New Subsidiary.
See Durant Motor Co. of N. J. above.
-V.115, p. 187, 79.
Eddystone Oil Corporation.
-Sale.
See South Penn 011 Co: below.
-V. 111, p. 993.
Electric Auto-Lite Co.
-Trustee.
The Columbia Trust Co. has been designated trustee under a mortgage
dated July 1 1922, securing an issue of $3,000,000 1st Mtge. 10
-year 734%
sinking fund gold bonds dated July 1 1922. See offering in V.115,p. 79,188.
-Sales.
Emerson-Brantingham Co.
May and June sales, it is reported, show an increase of 53% compared
with the corresponding months of 1921. June sales this year are said to be
50% in excess of any month for the last 14 months.
-V. 114, p. 632.
Empire Gas & Fuel Co.
-Capital Increased.
The company recently increased its authorized Common stock from
$62,500.000 to S75,000,000, par $100; the additional $12.500,000 was issued
in connection with the acquisition of the stock of the Kansas Natural Gas
Co.
-V. 114. p. 1895, 1887.
Eureka Pipe Line Co.
-June Business.
See under "Pipe Line Statistics" below.
-V. 114, p. 527.
Fall River Gas Works Co.
-Rights, &c.
Each stockholder of record on June 21 1922 is given the right to subscribe
on or before Aug. 1 at $170 per share for 3,756 shares of stock (par 3100)
in the ratio of one-third of a share of new stock for each share of stock held.
Subscriptions must be received by Stone & Webster Inc., transfer agent,
147 Milk St., Boston, on or before Aug. 11922. Payment for stock subscribed for must be made in full at $170 per share on or before Aug. 1 1922
or, at the option of the subscriber, in two installments as follows: $85 per
share on Aug. 1 1922. $85 per share on Nov. 1 1922. The stockholders on
June 21 increased the capital stock from $1,127,000 to $1,502,600.V. 114, p. 2722.
Fisher Body Corp.
-New Plant, &c._
The following published statement has been confirmed for the"Chronicle":
"The corporation, continuing its expansion program, is erecting a new
plant at Detroit for its subsidiary, the Shepard Art Metal Co., which produces exterior and interior hardware fittings entering into automobile
body construction. Work on the project is under way, and the first unit,
with more than 100,000 sq. ft. of floor space, is to be ready Aug. 1. Ultimately other units will be added, providing not less than 250,000 sq. ft. of
space."
(The Fisher Body St. Louis Co. was incorporated in Delaware July 13
1922 with an authorized capitalization of $1,000,000. Presumably this
company is a subsidiary of the Fisher Body Corp.)
-V. 115, p. 313.
Ford Motor Co. of Detroit.-Production.
-
June production of trucks and tractors at all plants totaled 148,439, a
new high monthly record. Domestic production was 132,950 vehicles.
Production of American and foreign plants for the first six months of this
year was 652.261 cars, trucks, and tractors.
It is announced that the company intends to establish a large assembling
-V. 114, p. 2829.
plant in Mexico.
Frick-Reid Supply Co.-Pref. Stock Redemption.
-
All of the outstanding $1,500,000 Pref. stock will be redeemed Sept. 15
at 107 and dividends.
General American Tank Car Co.
-Sub. Co. Order.
-
The General American Car Co. a subsidiary, has received an order from
-ton all-steel gondola cars.
the Baltimore & Ohio RR. for 560 50
-V. 114,
P. 2246.
General Motors Corp.
-Preliminary Statement for Six
-President Pierre S. du Pont
Months ending June 30 1922.
July 18 says:
-Deception in Stock Promotion.
General Oil Co.
Charges of deception in the sale of oil stock were made July 19 by the
Federal Trade Commission against S. E. J. Cox, his wife, N. E. Cox. the
Prudential Oil & Refining Co., the Prudential Security 011 Co. and the
General Oil Co. Orders to "cease and desist" from the practices complained of were issued against all the defendants. The stocks and securities
of the companies were floated through an advertising campaign that, it was
-V. 114, p. 1412.
alleged, was for the greater part entirely misleading.
Goodrich Transit Co.
-Bond Redemption.
Twenty-eight ($28,000) First Mtge. Sinking Fund 8% Coupon Gold bonds
dated Jan. 15 1921, 19 bonds of$500 each and 35 of$100 each (total $41,000)
were called for redemption July 15 at 109 and int. at the Illinois Trust &
-V. 114. p. 1539.
Savings Bank, Chicago.
Granby Consol. Mining, Smelt. & Pow. Co.-OUtPUt
Month.
5 Months.
Period ending May 311922Copper produced (in pounds)
-V. 115, p. 79.
2,522,000
10,760,000
-Annual Report.
Great Western Power Co. (Calif.).
1919.
1921.
1920.
1918.
Calendar Years-
Operating revenues
Operating expenses
$6,382,162 $5,888,162 $5,172,878 $4,644,407
2,065,893
2,217,290
2,556,209
1,705,582
Profitsfrom operations $4,164,872 $3,331,954 $3,106,985 $2,938,826
989,912
240,116
739,814
56,375
Other income credits.. _ _
Gross income
Income charges
$5,154,784 $4.071,768 $3,347,101 $2,995,200
965,863
652,922
1,072,073
180,847
Net inc. before deduct.
int. on funded debt.. $4,082.710 $3,105,905 $2,694,179 $2,814,353
1,667,840
1,901,197
1,553,629
Interest on funded debt_ 2,355,129
Net income
-V. 115, p. 188.
$1,727,581
$1,204,708 $1,026,339 $1,260,723
-Balance Sheet May 31 1922.Great Western Sugar Co.
Liabilities$
$
Assets-
26,807,051 Preferred stock
13,630,000
Plants, &c
15,000,000
Invest, in subsidiary cos__ 1,442,321 Common stock
5,570,555 Accts. payable & pay-roll_
577,513
Cash
1,794,856 Profit and loss surplus_ ---19,520,439
Accounts receivable
423,206 Earnings, less expenses,
Notes receivable
applicable to current
Ref. sugar and by-prod__ _ 8,590,034
year
914,358
Beet seed and supplies_ _ _ _ 4,617,381
26,020
Loans to and from sub. cos.
30,802
Adv. & other susp. items_
Total (each side)
49,642,311
Stocks and bonds
340,080
The American Sugar Refining Co.owns $3.646,000 Common and $5,175,-V. 114, p. 2723, 2475.
000 of the Preferred stock.
Gulf States Steel Co.
-Earnings.-Second QugrterPeriod1922.
1921.
Net operating income_ _ -- $313,740
Taxes,.depreciation, &c_ _
88,076
Balance
sur$225,664
-V. 114, p. 1896, 1292.
$34,396
87,749
First Quarter
1922.
$166,966
86,650
1921.
$35,255
138,172
def$53,353 sur$80,316 def$102,917
-Receivers.
Halltown (W. Va.) Paper Board Co.
W. R. Shaffer, President of the New Haven (Conn.) Pulp & Board Co.;
Henry W. Brooks, Jr., and P. P. Nelson, Halltown, W. Va., have been
appointed receivers.
-Merger.
-Hawks Electric Co.
-V. 111, p. 1187.
See Middle West Utilities Co. below.
Hayes Wheel Co.
-Earnings.
-
1922.
1921.
Six Months ending June 30$6,155,431 $5,556,361
Total sales
819,653
521,924
Gross profits
544,421
269,682
Net profits
184,153
Net profits after fixed charges but before Fed. taxes.. 510,331
-V. 115. p. 314.
-Lease.
Illinois Bell Telephone Co.
A. Irving Jordan will erect for the company a modern 13-story and
basement, steel constructed, fireproof office building, at the southwest
corner of Washington and Franklin Sts., Chicago.
The company has taken a lease for a period of 25 years at an aggregate
rental of $2,187,500 or $87,500 a year, in addition to which they pay
-V. 114, p. 2830, 2475.
taxes and insurance.
-June Business.
Illinois Pipe Line Co.
-V. 114, p. 2365.
See under "Pipe Line Statistics" below.
Imperial Tobacco Co., Ltd., of Great Britain and
Ireland.-Interim Dividend.
,
6
An interim dividend of 73 % has been &dared on the ordinary shares,
free of British income tax. An interim dividend of 5% was paid in Sept.
1921.-V. 114, p. 528.
Indiana Pipe Line Co.
-June Business.
See under "Pipe Line Statistics" below.
-V. 115, p. 80.
Industrial Salvage Co.
-Special Dividend.
The directors have declared a special dividend of 10% (10 cents per share)
on the Capital stock, payable Aug. 10 to holders of record July 31.
This company was organized in April last to take over the remaining
assets and liabilities of the du Pont Chemical Co., which was liquidated
3 months ago. See V. 114, p. 1897, 1771.
During the six months' period ending June 30 1922, approximately $6.200,000 net has been added to reserves for depreciation of real estate, plants
and equipment, the balance in the said reserves now standing at slightly
International Mercantile Marine Co.
-Stockholder
over $43;700,000.
All loans at banks were paid off by June 30 1922, and except for approxi- List Private.
mately $5,400,000 of purchase money obligations. General Motors Corp.
of the corporation
The list of stockholders of a corporation is the property
has no indebtedness underlying its Preferred and Debenture stocks, except
ordinary current accounts payable for merchandise, payrolls, taxes, &c. and cannot be sold to outsiders for the purpose of circularization, according
to a ruling by Supreme Court Justice Lehman July 19. Justice Lehman
Cash in banks at June 30 1922 was approximately $35,000,000.
injunction to the company restraining William
Net working capital as of June 30 1922 was approximately $123,000,000, granted an offering the list of company's stockholders for Jones, Auditors.
sale.
Inc., from
an increase of $26,000,000 from the condition at Dec. 311921.
-V. 114, p. 2714.
See annual report in a preceding page.
Inventories, which at Dec. 31 1921 were written down to cost or market
(whichever was lower), are well balanced and during the six months have
Iron Cap Copper Co.-Earnings-Production.been reduced to below $98,000,000. The reduction of some $10,000,000
Earnings- May '22. Apr.'22. Production- May '22. Apr.'22.
has been effected partly because of efficient control of stocks and partly
Receipts
$63.822 $48,865 Copper (lbs.)_ 578,996 485,521
because of exceptionally favorable transportation conditions.
45,518 Silver (ozs.)____
7,144
51,772
In connection with a readjustment of assets at Dec. 31 1921, a reserve in Expenses
5,407
3,347 Gold (ozs.)
12,051
96
the amount of $14,000,000 was set up to cover anticipated losses and unfore- Profit
53
pertaining to prior period, but not definitely ascertainable. V. 114, p. 2123.
seen contingencies
During the first six months of this year losses of this character have been
-Earnings.
Island Creek Coal Co.
realized and charged off against the reserve to the extent of approximately
$6.250,000, leaving a balance in the reserve as of June 30 1922 of approxiThe company reports for the quarter ended June 30 1922 net earnings
mately $7,750,000.
of $1,217,982, as against $760,495 in the quarter ended March 31.-V.
The corporation's books have not been closed as of June 30 1922, and it 115, p. 314.
will be some little time before definite figures are in hand reflecting the oper-To Form Independent
Island Oil & Transport Corp.
ating conditions during the second quarter of the year. The situation can
be closely approximated, however, and the following estimated statement Committee.
may be accepted as substantially correct:
that dissatisfaction has arisen on the part of some of the
It is reported
Income Account for Six Months Ended June 30 1922 (Partly Estimated). stockholders over the way in which their interests have been handled by
First
the receivers and the stockholders' protective committee. It is also
Second
Total
Quarter.
Quarter. Six Months. reported that an Independent committee of stockholders, of which John
$80,590,887 $137,800,000 $218,490,887 Tutules, 101 W.42d St., New York, is Chairman, has been formed. This
Net sales
committee has issued a circular to stockholders calling a meeting at the
Federal taxes
Net earnings before
9,146,481
35,116,481 offices of McDonnell & Lebett, 233 Broadway, July 24.
25,970,000
and interest charges
In addition to Mr. Tutules, other members of the committee are
-6 months
notes payable
1,414,090
Interest on
3,705,000 Carl J. Weinberger, Peter Gortz, S. Junjulas and Walter S. Timmie.Provision for Federal taxes and contingencies
V. 114. P. 2585, 2365.
$29,997,391
Net earnings after all charges
-Bonds Defaulted.
Jackson Motors Corp.
3,158,000
Divs. on Pref. and Debenture stocks (6 months)
The $1,000,000 1st Mtge. 7% bonds due July 1 have been defaulted
Common stock (6 months)
and a protective committee has been formed. The Boston "News Bureau'
$26,839,391
Net amount earned on the
July 14 says:
-V. 115, p. 313, 188.
JULY 221922.]
THE CHRONICLE
"Announcement of the formation of the Associated Motor Industries
'see above and V. 115, P. 1861 is of interest to the holders of the 31.000,000
78, due July 1 1922, as through the completion of negotiations by Plimpton
& Plimpton, Boston [who placed the Ix:ma% V. 109, p. 17961 and the
bondholers' protective committee, tney will receive securities junior to the
bonds of the new merger in the ratio of 125% of the par value of their
Jackson bonds. Through underwriting these securities can be transferred
finance
equally into priority stock of Roland A. Crandall & Co., a Chicagobe marcorporation associated with the merger. Latter securities will
ketable."
-V. 115, p. 189.
-Bonds Offered.
Johnson-Cowdin-Emmerich, Inc.
Merrill, Lynch & Co., New York, and Pearsons-Taft Co.,
Chicago, are offering at 99 and int., to yield about 7.10%,
$1,750,000 1st Mtge. 20-Year 7% Sinking Fund gold bonds.
443
1st Pref. stock of Kansas City Power & Light Co. and the balance to reduce
debt contracted for extensions and improvements or for other corporate
purposes.
Consolidated Statement of the Earnings 12 Months Ended May 31.
1922.
1921.
36,567.629 $7,281,052
Gross earnings
2,375,828 3,393.004
Net, after oper. expenses, incl. maint. & taxes
1,291,283
1.080,527
Bond interest, &c., charges
Balance available for depreciation & dividends.. $1,295,301 $2,101,721
Annual diva, of $7 per share on 75,000 shs. of 1st
$525,000
Pref. stock, Series "A"
-Total value of the properties of the consolidating companies,
Valuation.
s recognized by the Missouri P. S. Commission for rate making purposes.
s in excess of $28,000,000. in addition to which approximately $4.000,000
has been expended on work in progress, making a total value of over
,
$32,000000.
Franchises.-Electric light and power franchises both in Missouri and
Kansas are, with minor exceptions, perpetual. The steam heating franchise runs until 1935.-V. 115. p. 314.
Dated May 15 1922, due May 15 1942. Denom. $1,000. $500 and $100
Federal
(c*). Interest payable M. & N. without deduction for normal Callable
-mill tax refundable.
income tax, not exceeding 2%. Penna. 4
follows:- On or before May 15
all or part on not less than 30 days' notice as
incl. May 15
Keystone Tire & Rubber Co.
-Annual Report.
1927 at 110 and in, thereafter at 107% and int. up to andand thereafter
1932; thereafter at 105 and int. up to and incl. May 15 1937,
1920.
Calendar Years- 1921.
Calendar Years- 1921.
1920.
at 1023 and interest. New York Trust Co., trustee.
$273,456
Cross loss
360,899prof391,068 Dividends
-An annual sinking fund is to be provided, commencing Oper. exp., &c_ _ _ _ 514,765
Sinking Fund.
506,960 Balance, deficit _ $678,039 $591,161
of this issue before maturity,
May 15 1923, sufficient to retire 663i%
Previous deficit_ _ _ 384,624 sr1,214,640
amount
by the purchase or redemption annually of 3%% of the largest at not
Operating loss__ $575,664 $115,892
of 1st Mtge, bonds of the present issue at any time outstanding,
Other income
57,364
28,542
Total deficit___31,062,663sur3623,479
to exceed te current redemption price.
Res.for inv., depr.,
July 7.
Loss
$87,350 ‘Ec
Data from Letter of Vice-President Samuel Keller Jacobs
$518,300
405,465 1,008,103
plants Interest, taxes, &c. 159,739
230,355
-Is to be organized in New York to acquire the business,
Company.
established in
P.& L. def.Dec.3131,468,128 $384,624
and other assets of Johnson, Cowdin & Co., Inc.. originally
-partnership in 1899. -V. 114, p. 528.
1884, and Walter Emmerich & Co., organized as a co
silk ribbons.
Business consists principally in the manufacture and sale ofgrades under
Kings County Lighting Co.
-Return of Securities.
The Johnson-Cowdin line includes a wide range of the best"Lady Fair,"
The company, by a decision of the Appellate Division of the Supreme
the well-known and nationally advertised trade names of
"Democ- Court, will receive about $600,000 of its securities which were pledged
"Satin de Luxe,""Sankanac,' Tu Tone,""Trousseau,""Violet,"
Em- to guarantee the return of charges made for gas in excess of the statutory
racy." "Lykadreme," "Riverside Gros Grain" and others. Walter
ribbons rate. This rate was 80c. and when the company increased the charge
merich & Co. have specialized in quantity production of narrow
-V.
known as "baby" ribbon, used extensively by manufacturers the excess cash was deposited for which securities were substituted.
commonly
lines
of ladies wear, stationery and confectionery. In addition to the im- 114, p. 2830.
directly manufactured, the new company will act as a distributer of
-Stock Application.
Lawrence (Mass.) Gas Co.
ported French velvet ribbons of the finest quality.
The manufacturing plants are located at Paterson N. J.. Norwalk,
The company has applied to the Massachusetts Department of Public
Conn., Glendale, L. I., and N. Y. City. The plant buildings at Norwalk, Utilities for authority to issue $700,000 additional Capital stock, par $100.
Conn., and Glendale, L. I., are leased on satisfactory terms. These Proceeds are to be used in paying for additions to plant, &c.
-V.111, p. 798.
approxiplants have approximately 700 looms with an annual capacity ofnormally
Lima Locomotive Works.-Recapitalzation Plan-Rights
mately 200.000,000 yards of ribbon. Total number of employees
averages 1,600.
-The stockholders voted July 14 to
to Common Stockholders.
Issued.
Authorized.
Capitalization after this financingan authorized issue of 300,000 no par value share of
lst Mtge.20-Yr.7% S. F. Gold bonds(this issue)_ $2,500,000 $1,750,000 create
450,000 Common stock. The new stock will be ised for the pur2,500,000
Pref. stock, 7% Cumulative (roar $100)
400,000 shs. 135,785 shs.
Common stock (with no par value)
pose of exchanging two shares for each share of Pref, stock
Consolidated Net Profits Available for Int. & Fed. Taxes After Depreciation.
and two shares of new Common stock for
[Johnson, Cowdin & Co.. Inc., and Walter Emmerich & Co.(co-partnership) now outstanding
one share of the present outstanding Common stock.
and Tremont Mills and Bay View Ribbon Co.affiliated companies.]
Times Int.
Net
The Common stockholders of record July 20 are given the right to subCharges.
Profits.
scribe at $50 per share to 1 1-3 shares of new Common stock for each share of
3.98
$488,646 20
the existing Common stock. Subscriptions to the new stock will be re11 years 1911-21 (yearly average)
6.04
740.508 74
ceived until Aug. 16, and payment of one-half ($25 per share) will be re4 years 1918-21 (yearly average)
6.60
809.561 57
Calendar year 1921
quired at time of subscription, and the remaining $25 per share must be
paid on or before Sept. 15.
Balance Sheet as of May 1 1922, After This Financing.
Pref. stockholders are not entitled to subscribe for the new Common stock
Liabilities
Assets$604.782 Notes & accept. payable__ $353,429 unless they first convert their stock into Common stock before July 20.
Cash
29,033 The offering has been underwritten. Compare V. 114. p. 2724; V. 115, p.80.
Accts.& bills rec.. less res.. 563,009 Accounts payable
8,259*
Merchandise inventories__ 1,321,589 Accrued accounts
Lincoln Body Co., Rahway, N. j.
-Receiver.
20,771
18,401 Reserve for Federal taxes_
Investments
Vice
-Chancellor Backes at Newark, N. J., has appointed Russell Fleming
1,750,000
-Year 7s
6.085 1st Mtge. 20
Sundry claims & accounts..
450,000 of Newark, N. J., receiver. This company is successor to the Superior
Property, plants & equip_ 2.539,320 Pref. stock. 7% Cumul__ _
x678,925 Body Co. (V. 114, p. 1072) which went into receivership in November
Prepd. ins., int.. taxes, Sze 162,189 Common stock (no par)
1.924,958 1920, and which was subsequently sold to the Lincoln company by Robert
$5,215,374 Surplus, paid in
Total (each side)
J. McAdams, the receiver. The Lincoln company has an authorized
capital of $125,000, of which $75.000 issued. Officers
x Declared value at $5 per share in accordance with New York State law. Pres. & Gen. Mgr.; Rev, N. Pedhorecki, V.-Pres.,are John A. Nethot,
and Garret Jones,
-V. 115, p. 314.
Sec. and Treas.
-June Sales.
Jones Bros. Tea Co., Inc.
Increase.
Increase. I 1922-6 Mos.-1921.
---1921.
-June
1922
$48,670
$39,1251 $8,605,856 $8,557,185
31.432,068 $1,392,942
The above figures do not include wholesale or jobbing departments.
lower than 1920 and 15% lower than 1921, so
Retail prices average 35%
that the nominal increase in money value represents a substantial increase
-V. 114, p. 2724, 2247.
in units.
Lindsay Light Co.
-Earnings.
The company reports a net loss for the six months ending June 30 1922
of $1,663, as compared with a net profit of $6,083 for the first quarter.
V. 114, p. 1771, 312.
Lisk Mfg. Co., Ltd.
-Capital Increase, &c.
-
The stockholders recently voted to increase the authorized capital stock
- from $1,650,000 (consisting of $400,000 7% Pref. stock and $1.250,000
Kansas City Power & Light Co.-Pref. Stock Offered.
Common to $2.400,000, the increase being in Common stock.
The directors propose to declare and pay to the holders of Common stock
Spencer Trask & Co., Blyth, Witter & Co. and E. H. Rollins
a stock dividend of
after which
company
& Sons are offering at 933/ and div., to yield about 73/270, capital stock issued25%, outstandingthe $399,300 will have an authorized
and
Preferred and approxiof
60,600 shares (no par value) 1st Pref. (a. & d.) stock, mately $1,547,000 of Common.
Company was taken out of the hands of receivers 13 years ago. During
Series "A" (see advertising pages).
this period the full 7% dividend has been paid upon the Pref. stock. The
Cumulative dividends $7 per share per annum. Preferred as to assets Common stock, however, received no dividends whatever for 8 years. In
to extent of $100 per share and also as to dividends. Divs. accrue from 1917 it was paid 47, in 1918 7% and in 1919, 1920, 1921 and thus far in
share the present year
-J. Red. all or part at $115 per
July _l 1922 and will be payable Q.
dividends at the rate of 8% per annum have been declared
and iv, upon 60 days' notice.
and paid. From the reorganization to date the Common stock has received
-Application will be made to list the 1st Pref. stock, Series "A," dividends aggregating 37%•
Listing.
on the New York and Chicago Stock Exchanges.
Mason Tire & Rubber Co., Kent, Ohio.
-Prices Cut.
Data from Letter of Pres. Joseph F.Porter, Kansas City, Mo., July 14.
A reduction of 28% in prices on all sizes of tires has been made. The
-Will be formed in Missouri as a consolidation of the Kansas
Company.
Kansas company has announced a new Ford size cord tire to sell for $11 80.
City Power & Light Co. and Carroll County Electric Co. The
cut is necessary to
According to
City Power & Light Co. controls the electric light and power business in reduce special D. M. Mason, Vice-Pres. & Mgr., the-V. 115, p. 189.
discounts in preparation for fall business.
Kansas City. Mo., and also wholesales current to companies serving about
44 towns in adjacent territory. The steam heating plant at Kansas City
-Dividends Resumed.
Massachusetts Lighting Cos.
Is also owned and operated by the company.
per share on the
The trustees
The Carroll County Electric Co. operates an electric light and power Common stock, have declared a dividend of 25 cents
Aug. 1. This is the
business in Carroll, Chariton and Howard counties, Mo., serving 14 towns, first dividend onpayable Aug. 21 to holders of record
this issue since April 1918, when a like amount was paid.
and has coal rights in about 7,494 acres of valuable coal lands. Eventually
the consolidated company should supply practically all the current used -V. 114, p. 2727.
within a radius of 100 miles of Kansas City. Population served, approxi-Time Extended.
Massachusetts Oil Refining Co.
mately 575,000.
The protective committee for the holders of the 1st Mtge. 7% bonds,
The physical property includes 3 electric generating stations, aggregate Oct. 1929, and the
Coll. Trust 7% notes, Aug. 1924, announces that the
normal capacity 84,150 k.w.; 36 sub-stations with transformer time for
installed
and collateral trust
capacity of over 95,000 k.w.•, 207 miles of high tension transmission lines; notes hasdepositing the above first mortgage bonds
been extended to Aug. 3 1922. Although more than a majority
316 miles of underground cable; 1,252 miles of low tension distributing of these bonds and
notes have already been received. it is desirable that all
7,494 acres of valuable coal lands. Of the
lines, and coal rights in about
bonds and notes be deposited with First National Bank,70 Federal St..
installed capacity, 60,000 k.w. (now being increased to 90,000 k.w.) is such
Boston. depositary.
bear the July 1 1922 and all
located at the new Northeast power plant, so designed that present installed subsequent coupons; Bonds deposited shouldboar the Aug. 1 1922 and all
notes deposited should
ultimate capacity of 240,000 k.w.
capacity may be further increased to an
subsequent coupons.
Authorized, xOutstanding
Capitalization after this financingThe Secretary of the
0. Caton,60 State St., Boston,
250.000 sirs. y75,000 shs. with Herrick, Smith. Committee is James State St., Boston, counsel for
1st Preferred stock (no par value)
Donald & Parley, 84
None
100,000 shs.
Participating Pref. stock (no par value)
members of committee. See V. 115, p. 81..
350,000 shs. 200,000 shs.
Common stock (no par value)
d$12,464,600
a
-Merger.
Kansas City P. & L. Co. 1st & Ref. M. bonds_
Merchants' Heat & Light Co.
2,720,300
b
Kansas City L. & P. Co. 1st M 55
See Central Indiana Power Co. above.
3
-V. 114, 1. 635
.
1,479,300
0;1,917,300
do
2d Mtge. 6s
300,000
300,000
Miami Copper Co.
Carrollton W,, L. & Transit Co. bonds, 1923 & '24
-Production in June.- lbs. of copper.25,000
25,000
Co. bonds, 1926 & 1929_
6,000,000
Brunswick L. & Water
In June
818,968 V. 114, p.the company produced approximately
Purchase money obligations
2247.
x Excluding sinking fund and pledged bonds. mentioned in b and c.
Mid-West Engine Co.
-Sale Confirmed.
y Series "A", including shares reserved for exchange.
Judge Solon J. Carter of the Indiana Superior Court, has approved the
a Issuance of additional bonds restricted by provisions of Trust Deed. sale of the assets of
F. Castle, New York, Sec.,
b In addition, $5,664,000 1st Mtge. 6s and $339,700 1st Mtge. 5s are to the reorganizationthe company to Benjamin to be in excess of$2,000,000.
committee for a price said
deposited as collateral for the Kansas City Power & Light Co. 1st & Ref. Under the terms of the sale the committee will pay $312,000 for the real
Mtge. bonds, and any additional bonds that may be issued (the aggregate and personal property of the concern as existing July 10, subject to coramount of which is not limited) must be so deposited. c Entire authorized parete morn tgtion
.
o a reorgat a e res
v. l 5te $11
9tmo a!_proxiniia, p. 8,750,000. (Comamount issued and $302,600 purchased through sinking fund, which calls
rlansIn V tes sai.
n bilit 114, p
.
d
for payments of $19.173 semi-annually. $124.900 additional bonds have
Kansas
been deposited as part collateral for 1st & Ref. Mtge. bonds of the
-Bonds Sold.-Lage
Miller Lock Co., Philadelphia.
City Power & Light Co. and $10,500 held in the treasury. d Consists of
and int. to
$10.000,000 8% Series A, due 1940; $464,600 6% Series B, due 1945; Brothers & Co. New York, recently sold at 97Y2
$2,000,000 75i% Series C. due 1946.
yield about 7'%, $500,000 1st Mtge. 7% Cony. 20-Year
Purposes.
-Of the 75.000 shares of 1st Pref. stock, Series "A," 48,000 Sinking
Fund gold bonds, Series "A.
shares are reserved to be issued in exchange for outstanding shares of 8%
444
[VOL. 115.
THE CHRONICLE
J. S. McCulloh, Commercial Vice-President of the company, who Issued
Dated April 1 1922. Due April 1 1942. Int. payable A.& 0.at Equitable Trust Co., New York, trustee, without deduction for Federal income a statement outlining the basis of allotments, explained that of the total
taxes not exceeding 2%. Penna. tax of 4 mills refunded. Callable at number of applications, 101,766 were filed on June 29 and at 5 p. m. on
Convertible, par for par, into 8% Cum. Pref. stock on any that date the company was compelled to decline further applications. The
105 and in
applications received on June 29 represented $79,671,500,
int. date upon 30 days' notice. Denom. $1,000 and $500 (c*).
Data from Letter of Edward S. Jackson, President of the Company.
In his statement, Mr. McCulloh said:
More than 70% of the applications were for 10 shares or less and more
-Started in 1871. Plant, located at Philadelphia. ManuCompany.
factures padlocks, cabinet locks, keyless locks, rim night latches, house than 60%, or 63,148 applications, were for 5 shares or less. There were
furnishing and shoe finding specialties in metal; also has an automotive 24,609 applications for the maximum allotment of 20 shares, representing
department for making parts for automobile manufacturers.
$49,218,000.
-Proceeds will be used to pay off a small real estate mortgage
It has been necessary to scale down the allotments and notices will be
Purpose.
.
and for other corporate purposes.
sent to applicants within the next 6 days. The basis of allotment is as
Authorized. Outstanding. follows: .Applications for one and two shares, allotment, 1 share; 3 to 8
Capitalization$1,000,000
$500,000 shares, 2shares;9 to 15 shares, 3 shares; 16 to 18 shares, inclusive, 4 shares;
Funded debt, 1st Mortgage bonds
19 and 20 shares, inclusive, 5 shares.
Capital stock,8% non-voting Cum. Preferred_ __ _ 1,000.000
The main purpose of our offer was to secure a wide distribution of the
1,600,000
1,000,000
Common
stock among our subscribers, particularly among persons who ordinarily
Net Earnings Before Federal Taxesfor Periodfrom Nov. 1 1910 to Dec. 31 1920. are unable to invest their savings in high-grade securities. We made it
x1911___ $80,359 x1914___ $50,2981 y1917...._$275,159 1 a1919___$125,716 possible for subscribers to secure the stock on one payment or on small
x1912___ 118,726 x1915___ 66,631 a1918--- 69,396 a1920___ 222,984 monthly payments, and the response shows that the opportunity was very
x1913___ 110,065 x1916-- 139,918
generally recognized.
x Years ended Oct. 31. y 14 months ended Dec. 31. a Years ended
We have reached people, who,in the aggregate, have an enormous buying
Dec. 31.
power and who, when fairly dealt with, will support their public utilities
both in the ordinary conduct of the business and by investing in their
-Acquisition.--.
Middle West Utilities Co.
securities. [See offering in V. 115, p. 81, 190.1
The company has taken over the Hawks Electric Co.(V. 111. p. 1187).
-Bonds Called.
Middlebury Electric Co., and the Electric Transmission Co. of Goshen,
New York & Richmond Gas Co.
Ind., and the Winona Electric Light & Water Co. of Warsaw, all operating
All of the outstanding $1,500,000 1st Mtge. 5% gold bonds have been
In northern Indiana. These utilities serve 60 communities with electric called for payment Nov. 1 at 102 and int. at the Central Union Trust
light and power besides serving Warsaw and Winona Lake with water. Co., 80 Broadway, N. Y. City. See offering of $2,000,000 First Ref.
The combined properties have 6.004 electric and 1,850 water customers. (now First) Mtge. 6% gold bonds, Series "A," in V. 115, p. 315.
The properties will be operated by the Inter-State Public Service Co.
-June Business.
V. 115, p. 178.
New York Transit Co.
See under "Pipe Line Statistics"below.-V. 114, p. 860.
1
Midvale Steel & Ordnance Co.
-Proposed Merger.
Thomas L. Chadbourne, attorney, who negotiated the proposed unification of the Midvale, Republic, and Inland Steel companies,in discussing
the proposed merger, said in part:
"The unification of the Midvale-Republic-Inland companies will produce
a unit having plants in Coatesville and Johnstown, Pa.; Youngstown
and Niles, Ohio; Chicago (Indiana Harbor), Ill. and Birmingham, Ala.
In short, it will have plants in the principal Consuming districts. Its
product will be very much more diversified than the product of any of the
companies, and it will be in a position to stock steel products in the principal markets of the country so as to supply the demand at diffzrent points
promptly and efficiently.
"The combination of these three companies will not disturb competition
in the steel industry. The output of the three companies is only 7%%
of the country's production.
"Some products of all three companies, or of some two of them, meet
at common points or are sold within the same State. This is true, for
instance, of structural shapes, plates, bars and sheets. The plants of the
three companies are situated in Pennsylvania, Ohio, and Indiana. That
is to say, in the eastern, middle and western districts. If circumstances
are such that products of Midvale, Republic, and Inland can meet at a
common point, it must follow that products of all other plants, located
in any of the three districts can also be shipped to this same common point.
"If we take the actual shipments of the three companies which might
have been considered competitive, say, in the year 1920, and compare
them with the potential competition from all other companies for that
same year, we find that unification of the three companies might have
eliminated competition in structural shapes to the extent of 65-100ths
of 1% (0.65): plates to the extent of 1-700ths per cent (1 07%); bars to the
extent of8-10ths of 17, (0.80);sheets to the extent of31-100ths of 1% (0.31)•
7
"In other words, the unification of these three companies would leave
the following percentage of the total production of the United States in
the field of competition: Structural shapes, 99.35; plates, 98.93; bars,
99.20; sheets, 99.69.
"The men who are responsible for this unification realize that they can
only hope by the resulting economies to cut off part of the cost differential
offrom $3 to $15 now enjoyed by the Steel Corporation,so we have planned
a most conservative corporate structure in order that our interest charges
shall be lower than the Steel Corporation's.
"The basis of the capitalization of the North American Steel Co.involves
its assumption of the present outstanding bonds of the three companies.
Compare proposed plan in V. 114, p. 2586.
-Additional Holdings.
North American Co.
-V.115, p.81.
See Milwaukee Northern Ry. under "Railroads" above.
Mexico Power & Development Co., Ltd.
Northern
,
The company has applied to the London Stock Exchange for authority
to list 100,1000 shares of Common stock, par $100, and 30,000 7% Cumulative Preference shares, par $100.-V. 115, p. 81.
-Annual Report.
Northern Ontario Lt.& Pow. Co., Ltd.
1921.
Calendar Years1920.
1921.
Calendar Years$778,119 $909,428 Surp. Jan. 1 (adjusted)$564,768
Gross earnings
$747,537
Oper. exp., taxes, Sze_ 282,677 303,487 Total surplus
175,000
Trans!. to reserves
$495,442 $605,941 Preferred dividend..
Net profits
interest
$271,113 $275,190
Bond
Exchange charges, ja_ 41,561 32,465
$182,769 $298,286
Profit for year
-V. 112, P. 1866.
1920.
$654,576
$952,862
250,000
142,968
Surplus end of year_$572,537 $559,894
-June Business.
Northern Pipe Line Co.
-V. 114, p. 744.
See under "Pipe Line Statistics" below.
-Power Sites.
Northern States Power Co. (Minn.).
-year permit
The Federal Power Commission has issued a preliminary 3
to the company for development of two power sites in the Mississippi, at
-V. 115, P. 315, 190.
Otsego and Monticello, Minn.
-New Control.
Oshkosh (Wis.) Gas Light Co.
-V. 79, p. 1464.
See Wisconsin Securities Co. under "Railroads" above.
-Earnings.
Otis Elevator Co., N. Y.
1920.
1921.
1922.
Six Months ending June 30Earns, after deduct. all charges for
exim., rens. & repairs for
pat.,
maint. of plant. & equip., gen. &
$1,375,522 $2,412,109 $2,037,195
special depreciation
61,673
Interest charges
375,000
825,000
140,000
Reserve for Federal taxes
50,000
50,000
50,000
Reserve for pension
$1,185,522 $1,537,109 $1,550,522
Mother Lode Coalitions Mines Co.-Contract.Net income
Knauth, Nachod & Kuhne have issued a circular descriptive of the affairs -V. 114, 13. 1898, 1772, 1530.
of the company, in which the statement is made that that company has a
-Listing.
Park City Mining & Smelting Co.
contract with the Kennecott Copper Corp. under which the latter is now
The Boston Stock Exchange has added to the list $576,000 additional
taking 6,000 tons of Mother Lode ore per month for treatment in its mill
capital stock of Judge
shares capital stock (par $5) issued in exchange for
at cost.
Co. for one
A supplemental agreement was made Feb. 9 1922, under which the Mining & Smelting Co. on the basis of 1 1-5 shares Park City
-V. 115, p. 82.
Kennecott company contracted to take 12,000 tons of Mother Lode ore share of Judge company.
per month on the same terms until Dec. 31 1928. The Kennecott is con-June Sales.
(J. C.) Penney Co.
structing a new addition to its mill to treat this increased tonnage, which
Increase.' 1922-6 Mos.-1921. Decrease.
--1921.
-June
1922
-V. 114, p. 2831.
will be completed about October of this year.
$153,6331$19,710,836 $20,590,850 $880.015
$3,988,463 $3,834,830
-Purchases Building.
National Biscuit Co.
-V. 114, P. 2725.
-V. 114, p. 635.
See American Can Co. above.
-Meetings Postponed.
Penn Seaboard Steel Corp.
-June Business.
National Transit Co.
The three special meetings of stockholders which have been adjourned
time to time and which were scheduled to be held July 18 have been
"Pipe Line Statistics" below.
from
See under
meetings
June 30 1922. Dec. 1 1921. Dec. 11920. postponed to July 2b. The 1,200,000 were for the purpose of increasing
shares; to classify 500,000 shares as
the capital from 700,000 to
5,198
5,104
4,949
Number of stockholders
"A' stock and 700,000 shares as Common stock, the class "A" being
class
-V. 114, p. 1542.
entitled to dividends up to $3 per share per annum before the Common
bonds
create an
New England Confectionery Co.-Bal. Sheet Dec. 31- stock could be given a dividend; toCarpenter issue of $5,000,000 7% the
Steel Co. and to change
and approve the purchase of' the
Trade marks and
1920.
1921.
.
Assetsname of the company to the Carpenter Steel Corp. See V. 115, 13. 82 316.
good will
226,919
229,328
Real est.,mach.,&c. $ 473,521 5441,277
Liabilities-Larger Dividend.
571,922 1,021,440
1920.
1921.
PhiladelphiaInsulated Wire Co.
Merchandise
Capital stock
out109,254
51,545,400 $1,529,400
Notes
A semi-annual dividend of $1.50 per share has been declared on the
186,718 standing Capital stock, no par value, payable Aug. 3 to holders of record
Acc'ts receivable__ 254.6761 881,610 Accounts payable_ 420,478
Surplus
974,526 July 31. In February last a dividend of $1 per share was paid, as compared
435,3711
1,290,730
Cash
119,398
1,182,536
in Aug. 1921, 31 50 per share in Jan. 1921 and $3 per
Securities
Total (each side)_ _33,256,608 $2,690,644 with $2 ppr share
share in Nov. 1920.-V. 114, p. 2725.
Officers are: Frank E. Clark, Pres.; Fred R. Hayward, V.-Pres. & Clerk;
-Bankers Plan Readjustment.
Pierce-Arrow Motor Car Co.
Horace S. Ridley, V.-Pres.; Charles A. Mayo, Treas.-y. 105, p. 1807.
_
contemplating
It is reported that bankers associated with the company are
-Receivers.
thzt probably some new
New England Oil Corp. Court at -a financial readjustment of its affairs. It is statedcompany has rearranged
Boston, July 20 appointed securities would be offered. It is stated that the
Mack in the U. S. District
Judge
production and sales.
-V. 115, p. 315.
Irvin Garfield and Casper G. Bacon as receivers.
its producing departments in order to speed up
the company
All high-priced inventory is said to have been liquidated and Bank loans
Oil Refining Co.
take advantage of current conditions.
--Receiver for New is in a position to
New England
have been reduced to $7,900.000.
Does Not Affect Company.
England Oil Corp.
The company has made a reduction of $1,250 in the price of both its
:
following statement
comPresident Cochrane has issued the
large and small models. The new price on the closed car is $7,000,
"Recently it was announced in the newspapers that a verdict of over pared with $8,250, and on the open car, $5,250, compared with $6,500
been recovered against the New England 011 Corp. in f. o. b. Buffalo.
-V. 114, P. 2125.
$1,000,000 had
Virginia. The corporation will prosecute an appeal from this decision and
or perhaps entirely
-June Business (in Barrels).
Pipe Line Statistics.
expects to be relieved substantially consented to the therefrom. of a
appointment
-Total Deliveries- -Gross Stocks
"Meanwhile the corporation has
in order that the interests
1922.
1921.
1921.
1922.
receiver upon the application of a small creditor
stockholders may be properly protected according
2,506,308 2,731.513 6,278,924 3,385,544
of all its noteholders and jeopardized by any action under the unexpected Buckeye Pipe Line
116,009
98,594
119,581
134,073
to law and may not be • The First National Bank, Boston, as a trustee Crescent Pipe Line
546,727
565,650
123,712
380,307
(V. 115. P. 315 joined as a petitioner, although
)
Pipe Line
verdict
there is no default Cumberland Line
779,291 2,054,878 2,087,645
1,439,353
for the noteholders, has
Eureka Pipe
564,344 2,472,692 2,097,078
937,641
on the notes.
Refining Co. is an entirely separate corporation Illinois Pipe Line
807,884
741,006
2,264,168 2,216,923
"The New England Oil
are in no way involved in the litigation." Indiana Pipe Line
861,796 1,149,051
946,602
1,367,125
and its business and affairs
National Transit
734,367 2,420,319 1,416,886
457,878
York Transit
-V. 114, p. 1772.
New
880,559
694,867 1,117,262 1300,177
Northern Pipe Line
-Dividend Resumed.-919,360
New Niquero Sugar Co.
744,315547,327
976,145
on the Common stock, payable Southern PI e Line
722,699
647,459
of 7% has been declared June 1921 a
796,356
A dividend
enn Pipe Lines.._ 1,064,863
record July 24. In
dividend of 3%% SouthwestP. 425.
July 31 to holders of -V. 114, p. 1070, 1060.
-V. 113.
was paid; none since.
---Allotments.
New York Telephone Co.
July 19 that more than 101,000
persons have
The company announced
$25,000,000 6 % Cumulative Preferred stock
applied for shares of the 26. The total applications represented about
which was offered on June underwriting of any kind in floating the issue
$80,000,000. There was no
by employees on a 1% commission basis.
the stock being entirely sold limited to 20 shares.
Individual subscriptions were
-Earnings.
Pond Creek Coal Co.
The company reports net profits for the six months ended June 30 1922
of $157,133.-V. 114. p. 1898.
-Public Service Co. of Northern Illinois.-Rights.
The Common and Preferred stockholders of record July 25 are given the
right to subscribe to new Common stock to the extent of 20% of their hold.
JULY 22 1922.]
445
THE CHRONICLE
ings at $93 a share, payable in four installments of 25% each, on Aug. 15.
Nov. 1 1922, Feb. 1 and May 1 1923; or in 10 monthly installments of 10%
each, final installment payable May 31 1923. Subscription rights expire
on Aug. 15.
The Illinois Commerce Commission has authorized the company to issue
44,150 shares of Common stock, no par value.
-V.115, P. 190.
-Business, &c.
Stewart
-Warner Speedometer Corp.
Business of the second quarter of this year was reported to be larger than
that transacted in any other quarter in the history of the corporation.
Sales were 10% above those of the corresponding quarter of 1920, when the
previous high mark was established. Sales this month,it is stated, are running 50% ahead of those of July 1921.-V. 115, p. 83.
-Acquisition, &c.
Punta Alegre Sugar Co.
Sullivan Smythfield Co.
-Listing.
The New York Stock Exchange has authorized the listing on or after
Sullivan Smythfield Co. is being formed to acquire the domestic business
July 20 of $4,262,500 additional capital stock, par $50, on official notice of Young, Smyth, Field Co. (see below), which, with its predecessors, has
of issuance in payment for stock of Compania Azucarera Baragua (Baragua been in existence since 1842, carrying complete lines of hosiery, underwear,
Sugar Co., V. 115, p. 311), making the total amount applied for $15,903,650. gloves, cotton piece goods,linens, handkerchiefs, ribbons, notions and men's
and women's firnishings. The company's products are sold to dealers
-V. 115, P. 316, 190.
only, principally in Pennsylvania, New York, New Jersey, Delaware, Maryland,'Virginia, West Virginia, the entire Atlantic seaboard and some of the
Pure Oil Co.
-Earnings.
The company reports for the 3 months ended June 30 1922 gross earnings Western States.
Proposed Consolidation.
-It is proposed to consolidate the old company
of $19,168,800: operating expenses, taxes and depreciation, $16,879,871;
net income, $2.288,929; dividends paid, $1,649,384; surplus, $639,545. with Florence W. MacCarthy Co., of Baltimore, an old-established house
doing a large business in Baltimore. Washington and the South. This con---V. 115, p. 190.
solidation should add at least $1,000,000 a year to sales.
Offering of Preferred Stock.
-In connection with the reorganization and
Republic Iron & Steel Co.
-Quarterly Report.
consolidation the company is offering for sale $250,000 7% Cumul. Pref.
Results for Three and Six Months ending June 30.
(a. & d.) stock for the purpose of providing the company with additional
working capital.
1922-3 Mos.-1921.
1922-6 Mos.-1921.
Net,after Federal taxes_ *3563,053 def$508,447 *$285,989 def*$38,205
Capitalization.
-Will be as follows:6% Prior Preference Stock, $900,000;
underwritten
Other Income
54,873
106.128 7% Preferred Stock, $750,000, of which $500,000 is already
and common stock, no par value, 10.000 shares.
given as a bonus with each share
Total income
One-half share of Common stock will be
$563,053 def$453.574
$285,989
$67,923
First payment on subscriptions for
Deprec'n and renewals_ _
249,572
175,675
403.431
353,472 of Preferred stock at $100 per share.Director.; about Aug. 16, balance as
Exhaustion of minerals..
22,322
30,155
81,725
85,000 this stock will be called for by the
Interest on bonds
204,774
224,269
426,533
408,513 required.
Preferred dividend
Net Domestic Sales of the Two Corporations Are as Below.
437,500
(36)875,000
$5,770,713
Common dividend
(1))450,000 1913, $4,554,87711915, $3,580,67011917, $5,278,35711919, 8,107,226
1914, 4,375,37111916, 4,060,73111918, 6,211.94611920,
Organization.
-Active management and control of the business•will be in
Balance, surplus
$86,382df$1.321,173
$625,704df$2,104,062
* Net earningsfrom operations, after deducting charges for maint. and re- the hands of Albert J. Sullivan (of Sullivan & Co., Phila.), Chairman and
pair of plants, amounting in 1921 to $610,135 for 3 months and $1,065,526 Trans.; William B. Lalor (Pres. Florence W. MacCarthy Co. Baltimore).
for the 6 mos., and also after providing for excess profits, &c., taxes in 1920. Pres., and Charles B. Bowden (of Young, Smyth, Field Co:), Vice-Pros.
Unfilled orders on hand of finished and semi-finished products totaled
-Suit by Minority Stockholders.
Superior Oil Corp.
196,886 tons, as compared with 130,551 tons of March 31 1922.-V. 114,
See Atlantic Refining Co. above.
P. 2587, 2478.
and March 31 1921.
Results for the Quarter Ending March 31 1922
3 Mos. '22. 3 Mos. '21.
Rockland & Rockport Lime Co.
-Listing.
--$628,65
$448,203
The Boston Stock Exchange July 15 placed on the list temporary certifi- Gross income
329,202
224,252
cates for 11,144 shares 1st Pref. stock, 5,875 shares 2d Pref. stock and 8,500 Expenses (oper., general and administrative)_ _
151,229
154,534
Depreciation of plant and equipment
shares Common stock (par value all classes $100). See V. 114, p. 1416.
202,087
294,970
Depletion of producing wells
Rosenbaum Co.(Department Stores).
-Special Div.
-
Gross operating profit
Other income
loss $225,553 loss $53,861
3,771
St. Lawrence Paper Mills. Ltd.
-Acquisition.
-
Net profit before Federal taxes
-V. 115, p. 71.
loss $225,553 def. $50,090
Scotten-Dillon Co., Detroit, Mich.
-Extra Dividend.
-
The company. it is reported, has purchased the C. J. Wrightsman properties in the Robertson pool, in Garvin County, Okla. Consideration is
-V. 114, p. 1774.
reported to have approximated $800.000 cash.
A special dividend of 1% has been declared on the Common stock, payable Aug. 1 to holders of record July 25.-V. 99, p. 473.
See Three Rivers Pulp & Paper Co., Ltd., below.
An extra dividend of 3% was payable July 19 to holders
in addition to the regular quarterly of 3%.-V. 112. p. of record July 17.
568.
Sears, Roebuck & Co., Chicago.
-Note Retirement.
-
Vice-President Albert H. Loeb says: "We have already bought up about
$3,500,000 notes due next October and, of course, the outstanding balance
due at that time will be paid. It is also very probable that arrangements
will be made to retire simultaneously the $17,000,000 notes due the following October. This plan is still under discussion and has not yet been
definitely decided upon, but will in all probability be put into effect. If
company decides upon this course, note retirement will be carried out
without any additional financing. -V. 115, p. 83.
Shelton Looms (Sidney Blumenthal & Co., Inc.).
-
Shipments for the first six months of 1922 amounted to $3.300,000, and
net profits, before depreciation, but after taxes,$363,523. which is more than
three times the interest and sinking fund requirements on the 1st Mtge.
bonds. Unfilled orders are 3Y, times what they were a year ago, and, it is
stated, will take care of the full output of the company until Oct. 1.
Net sales for the year 1922 are extimated at $9,000,000 or about double
1921, and in spite of lower prices, almost equal to sales in 1919 and 1920.
-V. 113, p. 2729
South Feather Land & Water Co.
-Sale of Properties.
-
The company has applied to the California RR.Commission for authority
to dispose ofits properties to the Wyandotte Irrigation District for $200,000,
contingent on the purchase price being raised by a bond election.
South Penn Oil Co.
-Acquisitions.
-_
A published statement understood by the "Chronicle" to be substantially
correct, says:
The company has purchased the producing properties and leaseholds o
the Eddystone Oil Corp. and its subsidiary, the Commonwealth Petroleum
Corp.,for a consideration said to be approximately $1.000,000. The properties acquired have a daily production ranging between 225 and 250labls.
and there are 20 000 acres of leases in Roane. Flarrison, Lincoln and other
producing counties in West Virginia. Considerable drilling material and
oil field eouipment also was included. Earlier in the year the company
acquired the Nathan Goff producing properties in Harrison County. W. Va.,
- at a price said to be $87,000.
The South Penn 011 Co. is also reported to have contracted for the construction of twenty 75.000-bbl. oil storage tanks at a cost of about $1,500,000.-V. 114, p. 1543.
Southwestern Bell Tel. Co., St.Louis.
-New Financing.
The company has applied to the Missouri P. S. Commission for authority
to issue (a) $15.000,000 Common stock at par and apply the proceeds as
payment to a like amount of indebtedness to the American Telephone &
Telegraph Co., and (b) $10.000.000 7% Preferred stock at par to acquire
additional property and make improvements on its holdings in Missouri,
Illinois, Kansas. Arkansas, Oklahoma, and Texas.
-V. 114, p. 1661.
South West Penn Pipe Lines.
-June Business.
-
See under "Pipe Line Statistics" above.
-V. 115, P. 191.
Southern Pipe Line Co.
-June Business.
See under "Pipe Line Statistics" above.
-V. 114, P. 417.
-Acquisition.
Texas Pacific Coal & Oil Co.
-Reorganization.
Three Rivers Pulp & Paper Co., Ltd,
The directors have recommended the sale and transfer of all the assets
of this company to a new company known as St. Lawrence Paper Mills.
Limited,for which a charter has already been obtained, and the organization
of which is now in course of completion. A circular letter states in brief:
Capitalization.
-$1,000,000 8% Ctunul. Participating, Pref. stock, and
40,000 Common shares of no nominal or par value.
-It is intended subsequently to make an issue of $3,000,000
Bond Issue.
1st Mtge. Gold bonds, secured upon the properties of the company, the
proceeds of which will be utilized to defray the cost of the construction of
the newsprint paper mill and for other corporate purposes. No public
offering of the bonds will be made at the present time.
Present Shareholders to Receive Stock. Par for Par.
-All holders of the 8%
Pref. shares of the Three Rivers Pulp & Paper Co. who may have subscribed
for such shares on the public offering which was made in the fall of 1920
(V. 111. p. 1668), or who may have subsequently purchased such shares
from the original subscribers, are to have the right to turn in for exchange
their holdings of Pref. and Common shares, and receive therefor an exact
equivalent in the Pref. and Common shares of the new company. The
Pref. shares in the new company will carry the same rights as the Pref.
shares in the old one, i.e. the same dividends, the same voting rights, and
the same rights of participation with the Corn. shares in any distribution
of earnings after $8 per share has been paid upon the latter. The dividends
on the Pref.shares of the new company will be cumulative as and from Jan.1
1923 and will be payable quarterly.
The Common shares of the new company have been reduced to 40,000
shares instead of 80,000. Notwithstanding this change in capitalization,
there is to be no reduction in the bonus of Common shares, but share for
share will be given as in the first instance.
New Mill.
-The new company has made its financial arrangements and
intends to have one unit of its mill in operation by Jan. 1 1923, and the
second unit by April 1 1923. It is designed to produce 150 tons of high
grade newsprint paper per day and it is intended to make it in every rft:pect
the most modern paper mill in Canada. The equipment will include
grinding capacity sufficient to supply all the groundwood nemssary for
Its own requirements.
Depositary.
-Royal Trust Co. Is acting as depositary for the shareholders
to turn in their shares for exchange for the new stock. The exchange of
all securities was expected to be completed before June 15 last.
Denaston BreakeY,
Directors of New Company.
-N. A. Timmins,
V.-Pres.; Ernest Rossiter, V.-Pres. & Gen. Mgr.;Pres.•'
J. I. Rankin, Sec.-Treas.;
-V. 111, P.
L. H. Timmins, Colin Breakey, D. A. Dunlap, R. J. Whyte.
1668.
Toledo Edison Co.
-Tenders.
-
The Bankers Trust Co., trustee, will until Aug. 11 receive bids for the
sale to it of 1st Mtge.7% gold bonds due 1941,sufficient to exhaust $69,525
and at a price not exceeding 103 and int.-V. 115, p. 191.
Turman Oil Co.
-Earnings.
-
In the second quarter of 1922. Turman Oil, under management of Middle
States, reports gross income of $547194, expenses of $88,724. and net of
$458,470, of which $207,692 was paid in dividends, leaving a surplus for
the quarter of $250.778. In the first quarter of this year gross was $319.543. net $267,516, and dividends $67.623. V. 115, P. 191.
-
United States Steamship Co.-Receivership.
Standard Gas & Electric Co.
- Burleigh
-Earnings-Stock Sales.
appointed receivers by
Combined net earnings of the operated public utility properties of Stan- the Maine Martin and W. T. Gardiner have been
of Rupert M. Much of Audard Gas & Electric Co. for the 12 month period ended May 31 1922 gusta, Me.Supreme Court on the applicationenterprise, controls the HudThe company, which is a Morse
showed an increase of 11.5% over the corresponding period a year ago. son
Navigation Co., the Groton (Conn.) Iron Works and the Virginia
The report reflects the improved operating conditions in the electric and Shipbuilding
Corp., which are all in bankruptcy. V. 112, p. 2199.
gas industry in the fact that the gain of $1,339,263 in net esrnings exceeded
the gain of $1,224,110 in gross earnings. Combined earnings for the 12
-Earnings.
-Vanadium Corporation of America, Inc.
months' period amounted to $35,632,268, compared with $34.408,158 for
1922.
1921.
Six Months Ending June 30the corresponding period a year previous,and net earnings were $12,951,086, Profit after expenses ____
$75,648
$62,058
--------against $11,611,823 in 1921.
4,180
20,642
Other income
__________________________
H. M. Byliesby & Co. announce that customer ownership sales of
Preferred shares at the operated public utility properties of Standard
income$79,828
$82,700
Total
Gas & Electric Co. for the first 6 months of 1922 resulted in 8 400 trans- Depreciation and _
146,904
depletion----------------61,262
actions, having a total par value of $4.813.250. This is an increase of
23.2% over the corresponding period of 1921, when there were 7,500 sales
Net income_ ----------------------------------$18,566 def$64,204
with a par value of $3,906,200.
f74,233 sur456,388
Profit and loss
Sales for the calendar year 1921 amounted to $8,001.000 and the present
rate of increase applied to that figure will bring the total f r 1922 close -V. 114, p. 1296-.---------------------------to $10,000.000.-V. 114, p. 1887.
Waring Hat Mfg. Corp.
-Sales.
Sales for the 6 months
Standard Shipbuilding Corp., Shooters Islr ni, N. Y. pared with $1,084,899 ended June 30 are reported as $1,628,370. comfor the same period last year.
The sale of the property, scheduled for July 7, has been /X) itponed to
Fres- Wm. V. Campbell states that the factory is now running near
July 24.-V. 114, p. 2726.
capacity.
-V. 114, p. 1662.
Stewart Manufacturing Corp.
-Dividend Ir. re •sed.-
A quarterly dividend of 75 cents per share has been de lar id on the
Common stock, no par value, payable Aug. 15 to holders ci r word July
31. Quarterly
of 50 cents per share were paid In in May 1921
to May 1922 inclusive.
The regular quarterly dividend of 2% on the Preferred stock will be
paid Aug. 1 to holders of record July 25.-V. 112, p. 1984.
-Sale.
Western Canada Pulp & Paper Co.
It was recently reported that the purchasers of the assets of the company
which was sold at receiver's sale, is the Manufacturers' Holding & Investment Corp., Ltd., of Toronto. The latter's bid, it is said, works out to
nearly 70 cents on the dollar on the outstanding $1,000,000 First Mortgage
bonds.
-V. 114. p. 2368, 2127.
For other Investment News, see pages 447 and 448.
446
[VOL. 115.
THE CHRONICLE
Seports anti Pocuuxents„
PACIFIC OIL COMPANY
FIRST ANNUAL REPORT—YEA I1 ENDED DECEMBER 31 1921
REPORT OF THE BOARD OF DIRECTORS.
(Issued at New York, N. Y., July 7 1922.)
To the Stockholders of the Pacific Oil Company:
Your directors submit herewith the annual report of the
Pacific 011 Company and its affiliated companies, for the
year ended Dec. 31 1921.
Inasmuch as this is the first annual report, a brief review
of the Company's organization and properties, including a
description of the Associated Oil Company and its affiliated
companies and the Associated Pipe Line Company, is submitted for your information in Appendix A to this report (see
pages 6 to 12 inclusive [pamphlet report]).
Your Company's operations commenced as of Jan. 1 1921.
A statement of the income account follows:
•
INCOME ACCOUNT—PACIFIC OIL COMPANY.
$30,853.257 46
Gross Earnings from Operations
Less:—
$11,204,604 42
Operating Expenses
822.507 03
Taxes (Excluding Federal Income Taxes)
$12,027,111 45
Total Operating Expenses and Taxes
Net Profit from Operations
Other income (See note (a) below)
$18,826,146 01
1,388,257 23
Gross Income
$20,214,403 24
Less:
Reserved for Depreciation and Depletion.._ _$3,153,110 56
Reserved for 1921 Federal Income Taxes__ _ 800,000 00 3,953,110 56
$16,261,292 68
Surplus Income for year ended December 31, 1921
(a) Represents principally quarterly dividends of 13i% each paid April
25, 1921, July 25, 1921, and October 25, 1921, respectively, on the stock
of the Associated Oil Company.
Dividends on the capital stock of your Company were declared during the year, payable as follows:
(No. 1)
50 per share, paid July 20, 1921
(No. 2) $1 50 per share, payable January 20, 1922
$5,250,000 00
5,250,000 00
$10,500,000 00
Statements showing the General Balance Sheet and the
Profit and Loss Account follow:
GENERAL BALANCE SHEET DECEMBER 31, 1921.
ASSETS.
Investments—
Oil lands, and stock of Associated Oil Co.(200,690) shares—
Cost inseparable
$32.287,638 39
Associated Oil Co.—Capital stock (29,630) shares
2,883,731 65
Associated Pipe Line Co.—Capital stock (35,000) shares_ _ _ 3,500,000 00
Associated Oil Co.—Advances
1,793,750 00
Field improvements and equipment
21,274,115 15
Total Investments
$61,739,235 19
Current Assets—
Cash
$790,818 36
Special deposits
3,793,241 62
Demand deposits
2,000,000 00
Marketable securities
6,808,697 93
Miscellaneous accounts receivable
3,388,723 63
Material and supplies
2,071,733 77
Merchandise:
Crude oil on hand (620,472.29 bbls.)
$108,263 34
Exchange oil receivable (674,468.25 bbls.)
91.476 05
199,739 39
Interest accrued on loans and bills receivable
90,245 17
Total Current Assets
$19,143,199 87
Deferred Assets—
Working fund advances
$154,554 03
Unadjusted Debits—
Rents and insurance premiums paid in advance
Other unadjusted debits
Total Unadjusted Debits
$16,159 59
103,902 71
$120,062 30
Total Assets ________________________________________ $81,157,051 39
LIABILITIES.
Stock—
$52,500,000 00
Capital stock (3,500,000 shares—no par value)
Current Liabilities—
Audited accounts and wages payable
Miscellaneous accounts payable
Dividends matured unpaid _ _
Unmatured dividends declared
Other current liabilities
$394,337 85
3,501,715 17
10,597 50
5,250,000 00
231,710 03
Total Current Liabilities----------------------------- $9,388,360 55
Deferred Liabilities—
Percentages retained on contracts
$4,831 30
Unadjusted Credits—
Tax liability------- -------------------------------- $855,477 97
33,893 12
Insurance and casualty reserves
26,205 64
Other unadjusted creciits
---------------------------- 3915,576 73
Total Unadjusted Credits
$12,963,748 65
Depreciation and depletion reserve*
5,384,534 16
Profit and loss—Balance
Total Liabilities
$81,157,051 39
PROFIT AND LOSS. YEAR ENDED DECEMBER 31, 1921.
$10,500,000 00
Dividend appropriations of surplus
property
430,094 51
Loss on retured physical general balance sheet
5,384,534 16
carried to
Credit balance
$16,314,628 67
$49,217 20
Credit balance December 31, 1920
16,261,292 68
Credit balance transferred from income
4,11879
physical property sold
Profit on
$16,314,628 67
* Includes depreciation and depletion accrued prior to January 1, 1921.
OIL WELLS AND FIELD IMPROVEMENTS.
There were 817 wells in operation at the time the Company
began its operations, while as of Dec. 31 1921 this number
had been increased to 858. Twenty-two were in process of
being drilled and 20 were being redrilled at the end of the
year 1921.
During the year 1921 the Company expended in construction of field improvements, principally new wells, $3,487,192 22. Of this amount,$2,382,781 63 were charged to income
and $1,104,410 59 to investment accounts.
PRODUCTION.
The gravity of the oil now produced ranges from 10 degrees to almost 50 degrees Baume ; however, the bulk of the
production ranges from 14 degrees to 30 degrees Baume. Total production during 1921 amounted to 14,047,293 barrels.
But for the strike of the oil field workers extending over
a period of.almost two months in the fall of the year, the
year's production would have been considerably in excess of
foregoing figure.
Above production by fields is as follows :
2,072,050
376,995
315,864
.._11,282,384
Coalinga field
Kern River field
McKittrick field
Sunset-Midway field
bbls.
"
"
"
14,047,293 bbls.
EXCHANGES AND SALES OF OIL.
The entire light oil production of this Company is delivered to other oil conipanies for refining purposes, in exchange for which this Company receives oil suitable for fuel
purposes. In these exchanges, Pacific Oil Company earns a
substantial premium, also received in fuel oil.
Substantially the entire fuel oil production, also the major
part of the fuel oil received from other companies in exchange for light oil, during 1921, was sold to the Southern
Pacific Company under contract providing for payment substantially on the basis of market prices at the different
points of delivery. These sales amounted to about 12,775,000
barrels in 1921. In addition, about 2,570,666 barrels of fuel
oil were sold to the Associated 011 Company and others. Nevertheless, Pacific Oil Company built up a reserve during 1921
of 1,294,941 barrels of oil, representing oil actually on hand
in Company storage facilities and oil due from other companies.
GENERAL.
Approximately 1,420 employees were engaged in your Company's operations of its oil properties at the close of the year
1921.
During the year additional purchases were made of the
stock of the Associated 011 Company, totaling 29,630 shares,
at an aggregate investment cost of $2,883,731 65, thereby increasing the investment in the latter company to the aggregate of 230,320 shares, representing 57.93% of the stock outstanding.
On Dec. 31 1921 your Company also acquired a one-third
interset (35,000 shares of stock) in the Associated Pipe Line
Company, at a cost of $3,500,000, the other owners being the
Associated Oil Company and the Southern Pacific Company,
each of whom also has a one-third interest therein.
The properties of the Associated Oil Company and its affiliated companies, and of the Associated Pipe Line Company, are described in Appendix A to this report. (See pages
6 to 12 inclusive [pamphlet report]).
The annual report of the Associated 011 Company and proprietary and affiliated companies is reproduced as Appendix
B to this [pamphlet] report, for your further information.
By order of the Board of Directors,
PAUL SHOUP, President.
APPENDIX A
Company, for the Year Ended
To Annual Report of Pacific Oil 31 1921.
December
PACIFIC OIL COMPANY.
ORGANIZATION.
The Pacific Oil Company was organized under the laws of
the State of Delaware, Dec. 3 1920 in perpetuity. The total
number of shares authorized of the Company's Capital Stock
is 3,500,000 without nominal or par value. No preferred
stock has been authorized, and the Company has no funded
debt.
By the terms of its charter, the Company is authorized to
engage in all branches of the oil business, including production, refining, transportation, sale and distribution of petroleum, oil, gas and of any and all refinements and by-products thereof, and the purchase and sale of lands and leases
and the exploitation thereof; and alsO to engage in any other
business which may be advantageously carried out in connection with the foregoing.
The 3,500,000 shares of stock were originally subscribed
for by the Southern Pacific Company at $15 per share, giv-
JULY 22 1922.]
THE CHRONICLE
447
ing this Company a cash balance of $52,500,000, out of which
it set aside $8,750,000 as working capital, and with the remainder purchased from the Southern Pacific Land Company (a subsidiary of the Southern Pacific Company),for a
cash consideration of $43,750,000, the following mentioned
properties:
ranging from 1-6 to 1-10 of the production, these leases having been entered into by this Company's predecessors. Pacific 011 Company secures all the oil produced by its lessees
except a small production from the Associated Oil Co., its
subsidiary, from which it receives only royalty oil.
The average depth of this Company's wells is as follows:
(a) About 259,000 acres of land, situate in the State of California, of
which about 25,000 acres are proven oil lands,the remainder being classified
as possible oil lands, together with field improvements existing as of
December 31 1920, and material and supplies; and
(b) 200,690 shares, representing 50.48% of the outstanding Capital
Stock of the Associated Oil Company, par value being $20,069,000 00.
Coalinga west side
Coalinga east side
Sunset
-Midway west side
Buena Vista
Elk Hills
McKittrick _______________ _
Kern River
DESCRIPTION OF FIELD IMPROVEMENTS.
The purchase of the above mentioned properties was made
effective for accounting purposes as of Jan. 1 1921, except
that, with respect to the shares of stock of Associated Oil
Company included in the purchase,• the quarterly dividend
of $1 50 per share declared in Dec. 1920 but not payable until
Jan. 25 1921, was retained by the seller (Southern Pacific
Land Company).
The ultimate distribution of the Capital Stock of this Company was effected by a plan under which the holders of the
Capital Stock of the Southern Pacific Company registered
as such on the books of the Company at the close of business
on Jan. 14 1921, were given the right to purchase at $15 per
share, one share of stock of Pacific Oil Company for each
share of Southern Pacific Company stock so held.
2,500 feet
2,800 "
2,500 "
2.900 "
2,900 "
1.000 "
The existing field improvements consist of buildings used
as offices, bunkhouses and cottages for employees, storehouses and boarding houses; oil, gas, water and steam lines
constituting the collecting lines and the general field gathering systems; tanks and reservoirs; water and power
plants; wells, with all their immediate appurtenances; and
automotive equipment used for transportation of employees
and material.
The storage facilities consist of:
200,000 bbls. in steel tankage in the Coalinga field.
500,000 bbls. in concrete reservoir in the Coalinga field.
292,000 bbls in steel tankage in the Sunset
-Midway field.
220,000 bbls in steel tankage in the Kern River field.
2,500,010 bbls in concrete reservoirs in the Kern River field.
330.000 bbls. in steel tankage in the McKittrick field.
LOCATION OF PROPERTIES.
Total 4,042,000 bbls. storage capacity.
AFFILIATED COMPANIES.
The oil properties of the Pacific Oil Company are located
in following counties of the State of California:
As stated before, the Pacific 011 Company has acquired
a one-third interest in the Associated Pipe Line Company,
and a controlling interest in the Associated Oil Company.
Incident to the latter interest, it gained an indirect ownership in extensive interests in companies affiliated with the
Total
259.051.69 acres
Assocated 01 Company. The affiliated companies are
A very small percentage of the lands mentioned before has oil companies, or companies engaged in affiliated either
lines of
been leased to other operating companies on a royalty basis business. A list follows:
Sen Benito County
Santa Barbara County
Fresno County
Kings County
Kern County
1,592.00 acres
286.70 "
99,582.14 "
51,138.61 "
106,452.24 "
ASSOCIATED OIL COMPANY-AFFILIATED COMPANIES.
Company.
Entirely Owned:
Associated Oil Co. of Nevada
Associated 011 Co. of Wyoming
Associated Supply Co
Associated Water Co
Bakersfield Iron Works
Casmalia Syndicate
Controlled:
Amalgamated Oil Co
The Coalinga Unity Oil Co
Oil Co
New !lope Oil Co
Pantheon 011 Co
Pioneer Midway Oil Co. Cons
Recruit 011 Co
Reward Oil Co
Sterling Oil & Development Co
West Coast Oil Co
Where
Duration Par
*Capitalization.
Incorporated Date of Charter.
Val. per
of
Charter. Share. Authorized.
Issued.
Nevada
Wyoming
California
California
California
California
Apr. 3
Aug 26
Apr. 20
Mar. 8
Mar. 3
Mar. 30
1916
1919
1908
1913
1902
1916
50 yrs.
50 yrs.
50 yrs.
51) yrs.
50 Yrs.
50 yrs.
California
California
California
California
California
California
California
California
California
California
Oct. 27 1904
Sept. 24 1909
Dec. 16 1920
Oct. 3 1899
Feb. 28 1910
June 13 1910
May 4 1903
Mar. 9 1901
Oct. 30 1899
June 23 1908
50 yrs.
50 yrs.
50 yrs.
50 yrs.
59 yrs.
50 yrs.
50 yrs.
50 Yrs.
50 Yrs.
50 yrs.
$100
10
100
100
10
100
$25,000
50,000
500.000
25,000
25.000
1,000,000
100
5.000,000
1
200,000
1
2,000.000
1
78,500
1
750.000
100
2,000.000
1
1,000,000
1
100,000
1
250,000
1 2,500,000
100
*Preferred
I 2,500,000
Common
1.000
1,000,000
$11,000
50,000
500,000
25,000
21,570
1,000,000
Owned by
Owned by Per Cent
Associated Amalgam'd
of
Oil Co.
Oil Co. Ownership.
$11,000
50,000
500,000
25,000
21,570
1,000.000
5,000,000
2,500,500
130,437
114,201
1,000,000
$510,(7156
- --15
78.025
39.900
608.749
370,755
2,000.000
1.500.000
1,000,000
900,000
100,000
55,555
250,000
175.169
1,040,800
628,600
*Preferred
No common outstanding
100
100
100%
100
100
100%
50.01%
o
87.55%
51.00
51.14
60.90
75.00
90.00%
55.55%z
70.07%
60.40%
'
Western Minerals Co
California Dec. 14 1899 50 yrs.
1,000.000
612.500
61.25%
Substantial Ownership:
Associated Pipe Line Co
100 10.500,000 10.500,000
California Aug. 22 1907 50 yrs.
33.1-3r
3.500.000
California Coast Oil Co
100
California Sept. 10 1903 50 yrs.
200.000
200,000
50.00 c
100.000
Commercial Petroleum Co
100
California July 27 1896 50 yrs.
250,000
250.000
37.86 o
94,650
* Only common stock authorized and issued, except for West Coast Oil Co. x Balance owned by S. P.
Co. z Balance owned by S. P. Co. and
Pacific Oil Co. c Balance owned by Union 011 Co. of California.
Vermont & Quebec Power Corp.
-Bonds Offered.- Data from Letter of President David E. Town, Sartell, Minn., July 7.
Company.-Incorp. In Delaware in April 1920; successor to Watab Pulp
Jelke, Hood & Co., New York, are offering, at 100 and int.,
& Paper Co. Is a large producer of book and miscellaneous print papers,
$300,000 (closed) Mtge. 20
capacity over 25,000 tons per annum. Owns in fee at &seen, Minn., a
-Year Sinking Fund Gold 8s.
Dated Jan. 1 1922. Due Jan. 1 1942. Denom. $1,000,
$100
(c*). Interest payable J. & J. at Chase National Bank, N.$500 and
Y., or Beacon
Trust Co., Boston, trustee. Redeemable, all or part, at 110 and interest
on any interest date upon 60 days' notice. Semi-annual sinking fund payments, beginning July 1 1924, will retire all the bonds at or
maturity
by purchase or by call at 110. Corporation agrees to pay thebefore Federal
normal
Income tax up to 2%.
-Guaranteed, principal, interest and sinking fund, by the
Guaranty.
Asbestos Corporation of America.
Data from Letter of Vice-President C. H. Thompson, June 6.
-Organized in Vermont in March 1918. Operates under
. Company.
charter in that State and under a license in the Province
Quebec, both
of which are unlimited as to time. Properties consist of a of
complete hydroelectric development on the Missisquoi River near Richford, Vt., together
with an auxiliary steam unit of ample capacity synchronized with the waterwheels. Owns 40 miles of high-tension transmission line built on a 100-foot
cleared private right of way. Present generating capacity exceeds 1,000
k. w. Complete equipment for an additional unit of 600 k. w. has been
purchased, delivered and paid for, the installation of which will be finished
prior to Oct. 1922.
Corporation serves towns of Abercorn and Sutton, and in addition to the
many small consumers adjacent to the 40 miles of transmission line it serves
Asbestos Corp. of America, Quaker Oats Co., various grain elevators, factories and dairies.
Asbestos Corp. of America has executed a 20
pur-year contract
chase of power at 3 cents per k. W. h., with a fixed minimum for the of
payment
$25000 per annum, effective from Dec. 1 1921.
-Estimated earnings for the year ending Dec. 31 1922 shows a.
Earnings.
balance of $39,218, available for interest, after operating expenses, maintenance and depreciation.
Capitalization.
-First Mortgage 8s. $300,000; capital stock, $250,000.
Wabash Valley Electric Co.
-Merger.
-
See Central Indiana Power Co. above.
-V. 114, p. 638.
Watab Paper Co., Sarbell, Minn.
-Bonds Offered.Varshall Field, Glore, Ward & Co., New York and Chicago,
aro offering, at 94 and int., to yield about 7%,$1,250,000
First Mtge. 20
-Year Sinking Fund 6
(See adv. pages.)
Dated July 11922. Due July 1 1942. Denom. $1,000 and $500 (0)
•
Int. payable T. & J. without deduction for normal Federal income tax not
to exceed 2%. Red. on any int. date after 30 days' notice for the purpose
of the sinking fund, and at the option of the company, all or part, on and
after, but not before, July 1 1932, except with the consent of the bankers
in the event of consolidation. Red. at 105 up to and incl. July 11932, and
thereafter at a premium equal to % % each year or portion of year to
for
maturity. Penn.4 mills tax refunded. National City Bank, N. Y.,trustee.
complete pulp and paper-making plant equipped with 17 pulp grinders and
2 paper-making machfries. Controls valuable timber lands in Koochiching.
Itasca and Beltrami counties, Minn., of which 6,300 acres are owned in fee
and timber deeds are held on 4,960 acres. Properties estimated to contain
about 180,000 cords of wood.
Sinking Fund.
-Mortgage provides for a semi-annual sinking fund
amounting annually to 2%% of total bonds issued, to be used for purchase
of bonds at not exceeding call price.
Purpose.
-Proceeds will be used to retire present outstanding First Mtge.
bonds and for other corporate purposes.
Earnings Years Ending December 31.
1917.
1920.
1919.
1918.
1921.
Net sales
$1,934,225 $2,096,231 $2,258,194 $3,833,778 $2,219,178
xNet income_ _
343,769
354,326 y1,259,747
300,795
186,590
x Net income available for bond interest after deducting depreciation,
but before income and excess profits taxes. y Subject to adjustment of
$301,630 covering additional depreciation chargeable against years 1907 to
1919, inclusive, and other miscellaneous deductions.
Balance Sheet June 1 1922, After Present Financing.
Liabilities
Land, bldgs., mach'y, &c_$2,415,484 Preferred stock
$1,178,100
moer ianus
464,753 Surplus(30,000 sh. no par) 2,204,084
Water power rights
507,000 First mortgage 6%s
1,250.004
Securities
1,000 Notes payable
8,472
Cash
62,214 Accounts payable
82,664
Notes receivable
311,686 Accrued interest & taxes.. _
79,883
Accounts receivable
289,950 Reserves for depreciation.. 469.643
Inventory
399,675
Prepaid items
Goodwill, org'n exp., &c
$5,272,846
794,289 Total (each side)
White Eagle Oil & Refining Co.
-Earnings.
-
Net income for the quarter ended June 30 1922. before deducting reserves
for depreciation, depletion and Federal income tax, were $965.885, compared with $360,940 for the corresponding quarter of 1921, an increase of
167%. Netincomefor the first six
compared with $595,279 in 1921. months of 1922 is reported at $1,434,603,
The company has no bonds or Preferred stock outstanding.
-V.115. 13. 84.
Willys Corp.
-Sale of New Process Gear Property.
The plant and all other assets of the New Process Gear Corp., with a value
estimated at $3,000,000, will be sold at Syracuse, N. Y.. by Mayor George
R. Lunn, Schenectady, and Francis G. Caffey, New York City, as special
masters, Aug. 22. This sale will complete the liquidation of the Willys
Corp._, of which the New Process Gear Corp. was a subsidiary.
-V. 115.
p. 193. 84.
448
THE CHRONICLE
Willys-Overland Co.—Shipments—Production.—
The company in June last shipped 13,402 Willys-Overland and WillysKnight cars, an increase of about 50% over May. Sales during the 5
months ending May 31 1922 increased 348% over the corresponding
period of 1921. During the second quarter of this year the company
turned out 33,000 cars, as compared with 17,000 for the first quarter.—
V. 115, p. 193.
[VoL. 115.
Tomnurcial
gimes.
COMMERCIAL EPITOME.
Friday Night, July 21 1922.
Wisconsin Chair Co.—Bonds Offered.—Bolger, Mosser
There is a fair business doing for this time of the year, and
& Willaman. New York,are offering at par and int. $600,000
7% 1st Mtge. serial gold bonds.
taking the country as a whole the feeling is still hopeful.
Dated June 1 1922; due serially June 1 1924 to 1932. Denom. $100,
$500 and $1,000 (c). Int. payable without deduction for Federal income But there can be no disguising the fact that the railroad and
tax, not to exceed 4%,at Continental & Commercial Trust & Savings Bank,
American trade and the welfare
Chicago, trustee. Callable on any int. date at 105 and int. to and incl. coal strikes begin to menace
June 1 1924, less 3 % for each year thereafter, upon 30 days' notice.
6
,
of society at large to a degree that profoundly impresses the
Data from Letter of J. M. Bostwick, President, May 1 1922.
Purpose.—Proceeds will be used to retire present outstanding note issue, country. The United States Government is beginning to take
to meet other current obligations, and furnisn additional working capital.
Company.—Incorp. Oct. 10 1888, to engage in the manufacture and sale up the question of coal production and will direct the distriof chairs, household furniture and veneer. Owns all the assets of United
of the National Guard, if need
Phonographs Corp., with plant at Sheboygan, Wis., and New York Record- bution of coal, with the aid
ing Laboratories, with plant at Grafton, Wis. The latter also maintains
be, of the several producing States. The scarcity of coal is
laboratories in New York City.
Capitalization.—Common stock, $610,000; Prof. stock, $500,000; First beginning to affect the iron and steel industry to a greater
Mortgage bonds, $600,000.
Earnings.
--Average net earnings for 20 years, with the exception of 1921, extent than at any time heretofore. Many iron foundries
have averaged nearly twice the interest charges on these bonds. Earnings
ocean and inof the company and its subsidiaries for the year 1922, based upon the have shut down. It also threatens to affect
volume of business and income for the first four months beginning Jan. 1,
land lake commerce, as well as the utilities in the cities.
are estimated at $150,000, or over 33i times interest requirements on
entire issue.—V. 111, p. 506.
The situation indeed is becoming well nigh intolerable. Un(Rudolph) Wurlitzer Co.—Dividends.—
der the circumstances it is noteworthy that American interDividends of 75c. per share have been declared on the Common stock,
payable July 25, Aug. 25 and Sept. 25; quarterly dividends of 2% each ests are beginning to buy coal in British markets in increason the 8% Preferred stock have also been declared, payable Sept. 1 and
ing quantities. It is being rushed from Wales to the United
Dec. 1 1922 and March 1 and June 1 1923.—V. 112, p. 1310.
Yellow Cab Mfg. Co.—Dividends.—
States. Industries and railroads are beginning to buy in
Three monthly dividends of 50c. per share each have been declared paythings are coming to a queer pass
able Aug. 1, Sept. 1, and Oct. 2 to holders of record July 20, Aug. 21, and England. In other words,
Sept. 20. respectively. This is a decrease of 10c. per share, compared mainly because mine workers refuse to get into line with
with monthly dividends of 60e. per share paid previously.—V. 114, p. 2836.
lower wages. Their
Young,Smyth,Field Co., Phila,.—Succenor Company.— workers in other industries and accept
The Sullivan-Smythfield Co. has acquired per reorganization plan in refusal to do so hits other workers; it taxes other workers
V. 114, p. 24921 the business of Young, Smyth, Field Co., having purchased
the real estate, fixtures, machinery and all the stock of the domestic mer- as well as society at large, and also it taxes the miners themchandise contained in their building at 1210-20 Arch St.. Phila. The
means, of course, higher cost of proSullivan-Smythfield Co. have not purchased any merchandise for export selves, for dearer fuel
and have not taken over any indebtedness of Young, Smyth, Field Co. duction and higher prices for the necessities of life, to the
Compare Sullivan-Smythfield Co. above and V. 114, p. 2492.
coal miners as well as to everybody else. It tends to keep
Zenith Furnace Co., Duluth, Minn.—Bonds Sold.—
The Union Trust Co., Cleveland, announces that the $1,000,000 First down production. That of itself tends to put up prices of
Mtge. 20
-Year Sinking Fund 6% Gold Bonds, dated June 1 1922 and due
commodities. It has a tendency to disorganize trade. Many
June 1 1942, have all been sold.
Balance Sheet April 30 1922 (after Giving Effect to Present Financing).
trains on the railroads have been cancelled. Boats are being
Assets—
Liabilities—
Cash
-Year
$459.518 1st Mtge. 6% 20
taken off the Lakes; that means a reduction of employment
Accounts receivable, trade 105,625 bonds, due 1942 (this
strikes hamNotes receivable, trade_ _ _
4,9141 issue)
$1.000,000 there as a matter of course. Coal and railway
Notes & ace'ts rec., others
5,527 Workmen's comp., res've
43,734
hitting labor as well as everybody else.
Inventories
216,584 Relining & renewal res ___
49.309 per Western industry,
Investments in other cos
16.447 Stockholders net equity_ _ _ 1,983,239 Buying for fall delivery is restricted, owing to the uncerPlant and equipment
2,207,407
Deferred charges
60.261
tainty as to the time of delivery. Premiums have to be paid
delivery. The high price of
Total
$3.076,282: Total
$3.076,282 for coal and coke for prompt
Compare offering in V. 115, P. 84.
has a tendency to increase the use of oil as fuel. It is
coal
being tried to some extent in the steel industry.
CURRENT NOTICES.
Meanwhile export trade in wheat and corn has increased
—Commercial Survey Co., Inc., 25 Broadway, New York, have issued a
'Cotton is lower, with a better
pamphlet describing their service, which is of especial interest to exporters, at some decline in prices.
merchants and bankers. They state that their certificates of survey, which crop outlook. The tendency is to increase the estimates as
verify shipper's performance of contract, greatly facilitate foreign trade and
size of the yield. Sugar has advanced to the highest
minimize the merchandise risk to the bank and shipper as well as to the over- to the
seas buyer.
point seen this year. The consumption of it is so large that
—The New York Mortgage Co. has opened offices at 120 Broadway, the big Cuban surplus has been greatly reduced. The CaliNew York. This company was recently organized to conduct a real estate
fruit industry is in flourishing shape, but is hit by
bond and mortgage business. The President is James F.Pershing,a brother fornia
railways and
of General John J. Pershing and one of the Vice-Presidents is Charles H. the railroad strike. Oil fuel is used there on
Focht, President of the Jefferson Trust Co., Hoboken, N. J.
an important extent. It is said that 5,000,000 cases
boats to
—Hyney, Emerson & Co., investment bankers of Chicago, have opened
of Hawaiian pineapples have been sold, comprising the pack
offices in the First National Bank Building, Milwaukee, for the transacprices than in 1921. The automotion of a general bond and investment securities business. This office will for the season, at higher
be in charge of Urban J. Shaw and Earl G. Lake.
bile industry is still active. Building materials are still in
—Guaranty Trust Co. of New York has been appointed transfer agent sharp demand, especially lumber and cement.. But In the
and registrar ofstock of the Seydel Chemical Co.,consisting of 15,000shares
there is a feeling of great disappointment
-of preferred stock, par value $100, and 60,000 shares of common stock country at large
without nominal or par value.
at the refusal of the coal miners to accept arbitration. It is
—Noyes & Jackson,42 Broadway, New York, members of the New York also regretted that the railway shopmen's strike has been
comprehensive circular entitled "Oppormanaged in such a way as to delay loaded and empty cars in
tunities in Railroads." Copies of this circular may be secured from them
transit, thereby badly handicapping industries in the matupon request.
—A. C. Allyn & Co., Inc., of Chicago announces the opening of offices ter of fuel. The feeling, however, is that as soon as the coal
at 1 Wall Street, New York City, in charge of Theodore Luce, Vice-Presi- and railway strikes are settled trade will move forward with
dent, and George T. Ordway, Vice-President. The telephone numbers are
greater impetus.
Whitehall 2438-2439.
Troops have been called out in Ohio and Pennsylvania to
—The banking house of Parsly Bros. & Co., 1421 Chestnut St., Philadelphia, has prepared a circular containing 18 railroad, industrial and guard coal miners who will work. Illinois is to use troops
public utility investment suggestions. Copies may be had on request.
if they are needed. President Harding announced his inten—James F. Lewis,formerly with Raymond & Co., is now associated with
forming a coal adjustment commission. More miners
J. P. Cahill & Co., 52 Broadway, New York, members of the New York tion of
Stock Exchange, specializing in United States Government bonds.
are out in Oklahoma. The New York "Times" to-day in a
—Hudson Trust Co. of New York City has been made trustee of $3,000,- leading editorial entitled "Overdoing It," voices the
-000 issue of United Brokerage Co. collateral 6% serial gold bonds maturing
opinion of many business men when it says: "The Governor
1923-1937.
Michigan desires to have his State Government undertake
—William W. Cohen & Co.,67 Exchange Place, New York, have ready a of
Lewis of the United Mine Workcircular describing the First Lien 8% Participtaing Gold Bonds of the the mining of coal. But Mr.
United Oil Producers' Corporation, which may be had upon request.
ers telegraphed him that the thing cannot be done without
—Charles H. Sabin and Averell W. Harriman were elected members of
the consent of the union, which is refused. What is a mere
the finance committee ofthe National Surety Co.at the meeting of the board
Governor compared with a labor leader? In similar fashion,
of directors held to-day.
—D.Harry Lake,formerly Vice-President of A. B. Leach & Co. in charge Mr. Lewis declares that the plan of the President of the
of sales, has become associated with Kelley, Drayton & Co., members of United States to open the mines cannot be carried out. The
the New York Stock Exchange, in charge of sales.
threat is added that, if the attempt is made, the men runA. B. Kendrick, a member of the New York Stock Exchange firm of
and the mines flooded
Pell & White, has been elected to membership in the New York Cotton ning the pumps will be called on strike
Exchange.
and wrecked, as the Germans •ruined the coal mines of
the New York
L. D. Stanton & Co., members of department to Stock Exchange, France. If a `Wall Street tool' or a corporation manager
special
deal in baby bonds
announce that they have opened aV. Fisher.
under the management of .Albert
had displayed such arrogance, such callous indifference to
Riper, Day & Co., Denver, have issued a review of local statistics
—Van
condensed statement of Denver banks.
the needs of the people, labor unions would have rent the
giving, among other data, a
JULY 22 1922.]
THE CHRONICLE
sky with their cries of indignation. In their own selfish
Interest they seem to think thit they can do it with impunity.
But if they keep on they will find out their huge mistake.
There is a limit to public patience. There are challenges
which no Government can suffer. The Washington Administration has been cautiously feeling its way, but there is
something ominous in yesterday's statement by the Attorney-General of the United States: 'There is only one "Federal Government," and the Federal laws are superior to any
set of men in the country.'"
Boston wired July 18 that the Manchester, N. H., textile
strike situation had come more or less to a pause pending the
hearing on thtpetition of the strikers that the injunction secured a few weeks ago against them be modified to allow
"peaceful picketing." The Amoskeag Co. reports an increase
in the number of operatives at work at its mills. So long as
the pills are able to operate without picketing it is clear
that the operatives in considerable numbers will work. They
would not do so, it appears, if picketing were allowed, because of their fear of attacks. At Lawrence, Mass., there
has latterly been heavy picketing and the operatives are
afraid to go into the mills. It amounts to intimidation,
whether the picketing is peaceful or otherwise. Strikers
complain that before the recent 20% cut the average wage
of main textile workers was less than $22 a week at Lawrence, Mass., and of general workers about $18 and at Fall
River and New Bedford operatives on similar work have suf/
1
%
fered no wage reduction since the general cut of 222 a
year ago and that in some instances in those cities bonuses
are paid. Lawrence, Mass., reports that although officials
of textile unions maintain that there is no noticeable decrease in the ranks of strikers, it is known that many strikers have returned to various mills recently and that the
number at work in the different mills is being increased
daily. Dire necessity is said to be forcing workmen back to
work.
Wage reductions became effective on July 17 in two textile plants in Lowell, Mass., employing normally about 7,000
persons. The Massachusetts mills with a complement of
approximately 2,800 hands, announced a 20% cut and the
Lawrence Manufacturing Co., with a normal personnel of
4,000 posted notices of a "wage revision," but the amount of
reduction was not stated. At three of the four mills of the
American Thread Co. at Holyoke, Mass., work has been resumed at full time after long idleness. At the Tifton, Ga.,
fine yarn mills night and day shifts are at work for the first
time in two years. At Springvale, Me., on July 17 work was
resumed in the two Sears-Roebuck shoe factories closed last
Thursday by labor troubles which have been adjusted.
Senator Dial of South Carolina failed in an attempt on
Tuesday to force action on his bill amending the cotton futures act. Trading on the exchanges was defended by Senator Ramsdell of Louisiana on the ground that it constituted
price insurance to the grower, the dealer and spinner.
The British steamer "Eskbridge" arrived at Boston July
13 with the second cargo of British coal to reach this country since 1902. The cargo comprised 4,787 tons of bituminous coal. London cabled July 17 that five cargoes aggregating 30,000 tons of gas coal have been booked for New York
for July shipment.
California fruit shippers have appealed to President Harding to take steps to obtain movement of freight held up by
the strike of railroad workers. It is declared that nearly
$200,000,000 worth of fruit is endangered because of crippled
transportation facilities.
LARD quiet; prime western, 12.10@12.20c.; refined to
Continent, 12.90c.; South American, 13.15c.; Braxil in
kegs, 14.15e. Futures have been quiet and rather irregultbr;
higher at times on buying by packers and covering, higher
hogs and the smallness of the increase in stocks in two
weeks. Then lower with a decline in Liverpool and profittaking. Chicago lard stocks increased 2,472,000 lbs. the
first half of July, and are now 90,368,000 lbs., or about
25,000,000 less than on July 1 last year. New York exported 5,663,000 lbs. of bacon and 8,965,000 lbs. lard last
week. To-day prices advanced 13 points, ending, however,
50 points lower for the week. Liverpool to-day was is. to
is. 6d. higher. Hogs advanced 10 to 15c. Deliveries of
lard, 50,000 lbs. to-day at Chicago. Loose lard recently
873/20. under September, is now 50c. under bid, with
offerings small.
DAILY CLOSING PRICES OF LARD FUTURES IN CHICAGO.
Sat.
Mon. Tues.
Fri.
Wed. Thurs.
cts _ 10.67
July delivery
September delivery_ _ _ _10.82
October delivery
10.95
10.80
10.90
11.00
10.97
11.07
11.20
11.05
11.17
11.27
11.32
11.37
9.97
11.45
11.50
9.95
449
PORK dull; mess, $29 500,830; family, $28@$29; short
clear, $24@$27. Beef inactive; mess, $10 50@$14 50;
packet, $i3@$14; family, $16@$17; extra India mess,
$24@$26. No. 1 canned roast beef, $2 25; No. 2, $3 20;
6 lbs., $15. Cut meats dull; pickled hams, 10 to 20 lbs.,
233 @251
4
/0.; pickled bellies, 10 to 12 lbs., 18@l83./2c.
Butter, creamery extras, 32@37c. Cheese, flats, 17@22c
Eggs, fresh gathered extras, 223'@31c.
COFFEE on the spot quiet; No. 7 Rio, 103ic.; No. 4
Santos, 143/2®143c.; fair to good Cucuta, 143@143/2c.
%
Futures declined on small trading despite an advance in
Brazilian markets early in the week, though, to be sure, the
rise there was moderate. The crop movement is smaller
than a year ago. Some think it is likely to continue relatively
small. It is thought here that control by the Brazilian
Government will keep the speculative markets to a narrow
groove. The Brazilian Congress has passed a permanent
valorization Act. Government stocks, it is urged, will
henceforth loom in the background with more or less of
menace. The speculative coffee market will be hampered
or restricted, it is feared, by the bankers' committee who
hold the valorization stock and the Brazilian Government.
The bankers' committee is supposed to have over 50% of
the world's visible supply of coffee, of which it is obliged
to sell this crop year 435,000 bags, and under certain conditions may sell more. It cannot purchase any coffee with
sinking funds except by unanimous consent, but the Brazilian
Government can purchase coffee and issue paper money
to pay for it. Prices, it is argued, are at least as likely to
advance as to decline and many think a rise is more probable. To-day prices declined slightly, ending 17 to 26 points
lower for the week.
Spot (unofficial)_103.6c. I September _ _9.2609.281March
July
9 09
.38 .401December -9.34®9.35 May
9.3609.37
9.3809.40
SUGAR.
-Spot raws advanced. They were firm early
in the week at 3Mc. for Cuba cost and freight for second
half July-August shipment. Some 9,000 tons of Cuba for
August loading sold at 3.30c. to 3.32c. f.o.b. Cuba, mostly
to a Canadian refiner. To some it looks as though the
United States alone will take the balance of the Cuban
crop and all duty free sugar up to Dec. 31. Later sales
included 46,000 bags of Cuba, August loading at 3.50c.
c. & f., 25,000 bags at 3 9-16c. c. & f., 3,000 tons Cuba
loading to Canadian interests at 3.50c. f.o.b. Cuba. On
Thursday trading was active and prices firm. And on that
day sales of from 50,000 to 60,030 bags August
-September
shipment were reported at 33tc. c. & f. Refined, 6.60(d,
/
6.90c. Receipts at Cuban ports for the week were 62,21S
tons, against 74,263 last week, 20,068 last year, and
two years ago; exports, 118,758, against 146,092 last35,9,3
week,
10,251 last year and 69,343 two years ago; stock,
against 772,793 last week, 1,440,690 last year and716,253,
two years ago. Centrals grinding numbered 14, 445,240
against
the same number last week, 8 last year and 6 in the same
week two years ago. Receipts at United States Atlantic
ports for the week were 73,427 tons, against 98,284 last
week, 39,930 last year, 91,817 two years ago; meltings,
85,000, against 86,000 last week, 54.000 last year and
83,000 two years ago; total stock, 193,726 tons, against
205,299 last week, 159,861 last year and 96,189 two years
ago. Willett & Gray puts the world's cane sugar crops for
1921-22 at 12,306,993 tons, against 12,006,098 tons in
1920-21 and 11,914,458 in 1919-20. European beet sguar,
4,087,729 tons, against 3,671,575 in 1920-21 and 2,585,488
in 1919-20; United States beet, 911,190 tons, against 969,419
in 1920-21 and 652,957 in 1919-20. Total beet sugar crops,
including Canada, 5,017,850 tons in 1921-22, against
4,675,594 in 1920-21, and 3,254,945 in 1919-20. This
makes a total of cane and beet sugar of 17,324,843 tons,
against 16,681,692 in 1920-21 and 15,169,403 two years
ago. Estimated increase in world's production in 1921-22,
643,151 tons. To-day futures closed practically unchanged,
but 18 to 27 points higher than a week ago.
Spot (unofficial)_3•75c I September _ _3.6303.64 I March
July
3.500
1 December _ _ _3
.7603•771MaY
.
3.490350
3
.600 .....
OILS.
-Linseed quiet at about unchanged prices. Tanks,
85@186c.; July carloads, 89@90c.; less than carloads, 92®
93c.; less than 5 bbls., 95@96c. As is usual at this period
of the year demand is light, and the disturbed industrial
condition of this country has tended to'discourage.
buying.
Linoleum manufacturers are reported to be taking fair
quantities. But, on the other hand, varnish .
and paint
manufacturers are buying little, having replenished their
stocks for the immediate future. Double boiled oil in rather
better inquiry. English oil quoted at 84c. Imported oils '
are receiving more attention. Cocoanut, Ceylon, bbls.,
%
83@19c.; Cochin, 93 @,9 Mc. Corn, crude, bbls., 11c.
Olive, $1 15@$1 O. Lard, strained, winter, N. Y., 11 Mc.;
extra, 11c. Cod, domestic, 55 nom., Newfoundland, 57c.
Spirits of turpentine, $1 22. Rosin,$5 60@ 30. Cottonseed oil sales to-day, including switches, 14,600 bbls. Prices
closed as follows:
Spot __cts_10 60010.90 September.10 530 0.55 I December _ _. .43@8.45
8
July
10 63010 75 October.. _ 9.910 9.92!January
8.4308.45
August _ _ _10.51010.53 November_ 8.620 8.631February_ _ _ _8.4308.45
.PETROLEUM lower. Reductions in the prices of crude
911 have been made during the week. Gasoline on the 19th
inst. .was cut 2e. per gallon by the Standard Oil co. of
Louisiana at service stations and in tank wagons. A similar
reduction was made by the Sinclair Consolidated Oil Corp.,
450
THE CHRONICLE
which also reduced the price lc. at New York and Ohio.
The Kansas City Refining Co. cut its price in that city 2c.
per gallon. The Standard Oil Co. of Louisiana reduced
gasoline lc. per gallon. And it is expected that prices for
tank wagon will be reduced shortly in New York and New
Jersey. New York prices: Gasoline, cargo lots, 33.25c.;
U. S. Navy specifications, 20c.; export naphtha, cargo lots,
22c.; 63-66-deg. 25c.; 66-68-deg., 26c.; cases, New York,
'
153'c. Refined petroleum, tank wagon to store, 13c.;
motor gasoline to garages, steel bbls., 27e. Crude oil output continues to gain. The daily average gross production
in the United States for the week, according to the estimate
of the American Petroleum Institute, was 1,474,450 bbls.,
against 1,450,550 bbls. in the preceding week, an increase of
23,900 bbls. Production by States follows: Oklahoma,408,000, against 395,300 last week and 307,100 last year; Kansas,
84,600, against 85,000 last week and 97,880 last year; North
Texas,49,300, against 50,500 last week and 69,050 last year;
Central Texas, 129,950, against 129,700 last week and 113,810 last year; North Louisiana and Arkansas, 127,200,
against 129,600 last week and 119,470 last year; Gulf Coast,
102,150, against 102,600 last week and 93,900 last year;
Eastern, 116,500, against 116,000 last week and 124,000
last year; Wyoming and Montana, 86,750, against 81,950
last week and 46,500 last year; California, 370,000, against
360,000 last week and 337,000 last year. Imports of petroleum (crude and refined oils) at the principal United States
ports for the week ended July 15 totaled 2,631,000 bbls.,
a daily average of 375,857, as compared with 2,747,028
:
bbls. a daily average of 392,432 bbls., the week previous.
Receipts at Atlantic Coast ports were 1,445,000 bbls., a
,
daily average of 206,429 bbls. against 1,409,362 bbls.,
a daily average of 201,337 bbls., in the previous week.
Closing prices were as follows:
$1 98 Corsicana, heavy_$0 65
$3 00 Lima
Pennsylvania
1 75
1 78 Electra
Corning
1 90 Indiana
1 75
1 77 Strawn
1 86 Princeton
Cabell
1 75
1 77 Ranger
1 65 Illinois
Somerset
1 75
Moran
Somerset, light__ 1 90 Kansas and Okla75
1 50 Healdton
homa
1 25
Ragland0
1 25
1 10 Mexia
2 10 Corsicana,light_
Wooster
RUBBER quiet but steady. Ribbed smoked sheets and
first latex crepe spot, 143/2c.; July, 143/2c.; August, 14 Vo.;
September,15c.; October-December,15%c.;January-March,
153 0. Para quiet; up river fine, 19@20c.; coarse, 133'034
/
Central Corinto, 10c. The recent decline in London was
attributed to an idea among the trade there that it will be
some time before joint Government action is taken in the
matter of restricting output. The London stocks on July 14
were 72,051 tons, against 70,452 last year and 23,685 tons
in 1920. London mail advices say that the stock in the
United Kingdom is approximately 81,000 tons and is still
rising. Consumptive demand here is within very narrow
limits, while speculative deals are now conducted with
caution.
HIDES.-Frigorifico have been in better demand. Packer hides have been firm. In Chicago the market has been
firm but quiet. Here sales were reported of 4,000 La Blancas; 5,000 Campanas and an additional block of 5,000 La
Blancas at $44. Common dry hides are steady but slow.
Of City packer hides a car of June-July native steers sold at
18e., it is said. Calfskins firm and sales are reported at
$1 45, $2 20 and $3 00. Chicago packers advanced July
hides lc. Later on trade was less active. Supplies of
packer hides, however, are reported smaller, a fact which
naturally tends to restrict business. An excellent demand for
calf skins was a feature. Later frigorifico hides at the River
Plate, it was stated, sold at 17 15-16e. 0. & f., including
4,000 Artiga frigorifico. Wet salted hides reported in better
demand. Bogota 18 to 19c.; Orinoco 15®16c.; packer
12©253c. Country 7 to 11c.
OCEAN FREIGHTS have been dull and depressed with
tonnage freely offered. The state of things in Europe with
low exchange tends to check business. The coal and rail
strikes are having a direct effect on ocean shipping, as is
shown in the report that 22 ships, mostly from New York
to South America and ports in the Pacific, are held at
Hampton Roads for lack of bunker coal. It is stated that
rail and steamship interests are beginning to take a serious
view of the freight traffic situation brought about several
weeks ago by an open declaration of war on the intercoastal
trade. Seagoing steel tonnage building and contracted for
in the United States as of July 1 aggregated 141,505 gross
tons.
Charters have been made in London recently ranging from 81 50 to $1 60
per ton, which will enable purchasers to lay down coal at the American
port at a profit as long as the scarcity due to the strike continues. Charters
Montreal to Rotterdam at 14Hc., second
included 35,000 qrs. grain from de Janeiro to Baltimore, $2 75 net form,
Rio
half July; manganese ore from charter, one round trip to the
West Indies,
steamer time
-ton
July; 1,335
at New York; ore from Huelva to Charleston, 10s. 6d.,
31 25,spot deliveryBaltimore to Petrograd, 22c., spot:from Atlantic range
prompt; grain from
Sept.; option of Gulf loading at 17c.;
to Antwerp-Hamburg range, 133-6c..
16c., second half August; grain
from Gulf to Antwerr-Hamburg range,
range, 14%c., second half August;
Montreal to An werp-Hamburg of Antwerp
from
-Hamburg range at 14c.;
3s., July option
to United Kingdom,
United Kingdom or Continent, 37s. 6d.
wheat from North Pacific todischarging items, Aug.
1-20; lumber from
at 38s. and
ption of barley
Bahia Blanca,
testigouche to Buenos Aires and York, $1 10 $15, August; coal from
New
United Kingdom to Boston or -Hamburg range,and $1 15, prompt; grain
from Atlantic range to Antwerpfor 14e., but the 13c., second half August;
above is not confirmed;
option of loading at Montreal
York or Philadelphia to
200,000 cases petroleum from New time charter renewal,Japan or Korea,
one round trip
-ton steamer
.
28c_t September; 1.857
in West Indies trade, $1 10.
P
TOBACCO has been in the main quiet here awaiting developments at the big distributing centres. At times there
[VoL. 115.
has been a moderate business. Prices have, it is stated,
been steady. In the growing sections a very fair business
is reported and it is said that contracts have been made on
a very satisfactory basis. On the whole the tobacco
business appears to be in no bad shape with indications
apparently pointing to a better business in the not very
distant future. But in New York, for instance, the trading
at the present time is chiefly on a hand-to-mouth basis,
awaiting, as already intimated, further news from the big
centres of the American tobacco trade and production.
COPPER, though quiet, is steady at 14c. for electrolytic.
A noteworthy feature is the strength of the statistics; i. e.,
production and consumption. Labor shortage keeps production down. Western mines are losing their workers
because of the more lucrative wages offered by Montana
oil companies. Some of the Western mines have gone so
far as to pay for the transportation of families back to copper
regions and have given the assurance that skilled workers
would be retained for repair and improvement work when
business slackened. The unprecedentedly large deliveries
of copper during June, amounting to 170,000,000 lbs., was
due to a desire on the part of consumers to get their copper
under cover in fear that the railroad shopmen's strike might
interfere with deliveries.
TIN more-active and .higher on the strength of London.
And it is estimated that canners will require 15% more tin
than was at first thought. Spot tin was quoted at 31%c.
Lead quiet and lower; spot New York 5.65@5.70c.; spot
East St. Louis 5.40@5.45c. Zinc higher; spot New York
6.05 ®6.10c.; East St. Louis 5.75@5.80c.
PIG IRON recently sold heavily, especially of Southern
iron. Cast iron pipe makers, it is said, took 75,000 tons or
more. Birmingham reports a steady demand for prompt
iron. The quotation is $18 Birmingham and $24 Chicago.
St. Louis district reports steady sales at $18 50. But there
is said to be little demand for the last quarter of the year.
A moderate amount of iron is wanted for prompt shipment.
Foundries in some parts of the country are said to be pretty
well sold up for the third quarter. Meanwhile it is said
here that the way is being paved for larger importations of
pig iron. French iron is said to be regarded more favorably.
Recently, it seems, it sold at $22 50 New York, but $23 50 is
now asked. English and Scotch iron is receiving less attention. Also it appears that 10 blast furnaces in this country
have banked because of the difficulty in obtaining coke, now
that the railroad strike is on.
STEEL production is being reduced because of the coal
and railroad strikes. Fuel is becoming scarcer. Consumers
are becoming anxious about deliveries. New business has
suffered because of the uncertainty on this point. Warehouse steel advanced 12c. per 100 lbs. in the New York district. Three large blast furnaces have banked at Youngstown, Ohio; also the Bessemer steel department of a large
concern. Blast furnaces have also stopped in other parts of
Ohio, including Cleveland; also two in eastern Pennsylvania.
Steel works and rolling mills have been inconvenienced by
delays in receiving coal. Some mills are therefore behind on
their orders. Labor shortage has been another drawback.
in some cases near Pittsburgh. West Virginia and Kentucky
coal roads are hurt by the strike. Some independent sheet
mills decline to quote for the moment. Higher prices for
sheets are expected. Mills cannot see their way clearly as
regards costs and coal supplies. They want higher prices
for bars and plates especially. In a word, production is
hampered by a scarcity of fuel and labor. It is hard to get
spot coke. Sales are reported of Connellsville foundry at
$12 50 to $13 00 "ovens." The steel situation is more or
less abnormal for the time being. It is significant, however,
that doubts are expressed whether deliveries could be kept
up to the matk even if fuel were plentiful enough, for the
reason that the labor shortage is beginning to tell.
WOOL has been quiet and steady. Melbourne, Australia,
cabled that wool exports from Australia for the six months
ended June 30 were 1,365,000 bales, against 628,000 bales
in the same time in 1921. Exports from New Zealand for
the same period were 677,000 bales, against 244,000 bales
in the same time last year. Sydney, New South Wales,
cabled that at the final wool sales of the season last week,
good merino wools equaling the June inferior faulty merinos
were 5% lower. Fine crossbreds were unchanged. Burry
cartonizing was slow and irregular. The next sales will be
held late in September. At Perth, West Australia, the end
of the season sale drew a fair number of buyers. Demand
good, particularly for average to good topmaking sorts.
Some 1,500 bales were offered and most of it sold. Prices
were firm compared with those of June. Bradford cabled
July 16, tops dull owing to the German situation. Prices
irregular. Sixty-fours were down to 50d. while crossbreds
were easier and neglected. In piece goods the tone was
steady. The improvement in heavy woolen trade was
maintained. Home demand was good and Canada and
Japan trade, satisfactory.
In London on July 18 the fifth series of Colonial wool
sales in London this year opened with 46,000 bales offered
by the British Australian Wool Realization Association and
105,000 free wools. This series will consist of 13 sessions.
Large attendance; active demand most British, Belgian and
French. Excessive limits caused frequent withdrawals,
mostly crossbreds. Compared with last month, the best
451
THE CHRONICLE
JULY 22 1922.]
From Aug. 1 1921 to July 21 1922.
Week ending July 21 1922.
greasy merinos were 5% higher and other merinos, including
Exported to
Exported so
Exports
scoured, unchanged. Fine greasy crossbreds up, also
Great
- Great
from
scoureds, fine slipe and crossbred 5%, medium to coarse
Total.
Britain France. Other. Total. Britain. France. Other.
qualities of the latter and greasy same as in June. Best
1
merinos greasy were 27 Md., scoured 424d. and greasy Galveston.. 18,787 6,342 19,810 44,939 653,508 413,49 1,391,1562,458,158
118,899 87,840 267,260 473,999
Houston _ _
5,142
crossbred 18d. In London on July 19 12,273 bales offered. Texas City_
5,142
5,534
8,123
2,580
Withdrawals were few. Prices were firm. Details: Syd- Gulfport _ 11.342 1.349 2;oia 15,734 398,142 137,96 746,404 1,252,506
New Orleans
6,987 52,552 122,619
1,825 63,080
ney, 1,162 bales; greasy merino, 173/2d. to 29 2d.; scoured, Mobile
1,825
400
600
1,000
29d. to 41 Md. Queensland, 1,192 bales, mostly greasy Jacksonville
1,480
770
2,250
merino pieces and broken, the best, 233/2d. and 24d., Pensacola ___
15,200 15,2155 238,565 76,673 401,792 687,030
Savannah _
4,275 29,120
682 24,845
respectively; Victoria, 1,943 vales; greasy crossbred, 6d. to Brunswick _
5,620 106,378 175,275
64,277
to Charleston
9,000
8,500 85,675 103,175
183/2d. Adelaide, 1,008 bales; greasy merino, 173/2d.
Wilmington
5,4
124,952
110,233 240,635
2,586 2,3
23Md. New Zealand, 5,845 bales; crossbreds, brisk sale Norfolk _ _ _ _
1,40 10,997 14,869 37,401 13,517 121.279 172,197
New York_
/
to home and Continent; greasy, 61 2d. to 19d.; slipe, 10Md. Boston _
259
62
4,688
371
8,101 13,160
2,059
556
4 I
3,550
556
6,059
to 19d.; fine scoureds, 223d. to 303/2d. Lower grades were Baltimore _ _
20
728
35'
1,971
3,049
neglected, In London on July 20 at the wool auction, Philadelphia
27,725
1,88
20,508 50,118
Los Angeles
58,04
offerings were 11,000 bales. Good demand from England San Fran_
58,040
68,714 68,714
Seattle
and the Continent. Prices sometimes up a little or stronger. Tacoma
22,005 22,005
Details: Sydney, 1,513 bales; scoured merino, 30d. to Portrd,Ore.
1,150
1,150
Queensland, 655 bales; scoured merino, 39d. to
42Md.
Total.... 36,321 9,095 51,018 96,434 1,745,283 759,09 3,480,1445,984,521
16d.
43d. Victoria, 452 bales; greasy crossbred, 9d. to /
1 2d. Tot.1920-21
1,714,080
West Australia, 2,190 bales; greasy merino, 123'd. to 25 by Tot.1919-20, 20,333 14,182 101,796 136,311 3.023,133 567,2323.144,6745,425,986
6,459 3,006 34.741 44.206
554,0192,741,6026,318.754
New Zealand, 6,071 bales; crossbreds (strong demand
In addition to above exports, our telegrams to-night also
home and Continent); greasy, 63d. to 183.'d.; scoured,
give us the following amounts of cotton on shipboard, not
143/2d. to 313/2d.
cleared, at the ports named. We add similar figures for
- New York.
LIVERPOOL TO WAIT FOR COTTON REPORT.
The following is taken from "Financial America" of July 21:
On Shipboard, Not Cleared for
-The Cotton Exchange will not end its session until
Liverpool, July 21.
be
7:45 p. m. on Aug. 1 to permit members to trade on the report that will
conIssued on that day by the Federal Department of Agriculture on the
dition of the crop.
COTTON.
Friday Night, July 21 1922.
THE MOVEMENT OF THE CROP,as indicated by our
telegrams from the South to-night, is given below. For the
week ending this evening the total receipts have reached
31,697 bales, against 41,564 bales last week and 56,184 bales
the previous week, making the total receipts since Aug. 1
1921 6,050,078 bales, against 6,614,699 bales for the same
period of 1920-21, showing a decrease since Aug. 1 1921
of 564,621 bales.
Receipts at
Sat.
Mon.
Fri.
Thurs.
Wed.
Tues.
Total.
2,076
119
19
546
170
3,412
__
;
2,i26
30
_
6T13
____
__
:ii
141
____
1,251
__-____
307
___
24
34
65
187
2,070 1,200 14,748
211 1,211
I 1,
927, 1,878 10,278
524
26
203
3
3
_ __ _I
329 2,443
192
446
446
_ .._ _I
351
5
1271
217
31
66'
100 1,067
581
409
____
521
6.408
6.993
3,944
3,695
3,445
2,545
1,287
2,209
265
437
535
76
26
157
Totals this week.' 5.428
Galveston
Texas City
New Orleans
Mobile
Jacksonville
Savannah
Brunswick
Charleston
Wilmington
Norfolk
Boston
5,229 31,697
The following table shows the week's total receipts, the
total since Aug. 1 1921 and stocks to-night, compared with
the last year:
Receipts to
July 21.
1921-22.
1920-21.
This Since Aug This Since Aug
Week. 1 1921. Week. 1 1920.
Stock.
1922.
1921.
75,821 274,039
Galveston
14,748 2,523,745 34,860 3,081,520
14,817
1,337
Texas City
1,211
41,504
32,952
878
Houston
474.272 16,938 452,340
____10,305 1,926
73,058
Port Arthur, &c
10,278 1,266,378 12,240 1,480,436 110,053 439,366
New Orleans
8,123
9,993
Gulfport
15,319
1,208
524 161,008 2,424 108,886
Mobile
3,350
Pensacola
5
1,634
3
4,038
1,437
100
Jacksonville
5.022
2,443 754,430 19,466 715,843
56,266 150,121
Savannah
2,474
446
30,108
1,229
13,140
Brunswick
351 156,640
53,685 246,039
801
90,593
Charleston
Georgetown
27,725
217 107,780 2,760 100,299
16,134
Wilmington
99,485
1,067 350,196 4,064 296,278
38,000
Norfolk
583
2,144
N'port News, &c_
9
32.129
763
36,437 160,999 155,500
New York
10.295
409
44,834
6,232
454
Boston
39,287
1,323
59,595
Baltimore
632
994
51,722
9,117
29,612
Philadelphia
3,736
119
16,192
RI 507 5 nnn 078 on ens it ale ROO no7 1C1 1 447.254
:
,
Total
In order that comparison may be made with other years,
we give below the totals at leading ports for six seasons:
Receipts at
Galveston.__ _
TexasCity,&c.
New Orleans_
Mobile
Savannah..__ _
Brunswick
Charleston _
Wilmington _ _
Norfolk
N'port N.,&c.
All others
Tot, this week
1922.
14,748
1,211
10,278
524
2,443
446
351
217
1,067
412
31,697
1921.
1920.
34,860
19,742
12,240
2,424
19,466
8,913
98
10,762
512
3,510
801
2,760
4,064
9
2,068
67
3
2,291
98.434
1919.
29,599
2,819
22,806
2,843
28,3171
8,000:
1,753
2,026
6,326
1918.
4,630
264
6,709
329
15,220
1,000
402
86
1,016
1917.
3,703
6,209
530
8,583
1.200
218
2
4,905
1,048
1,232
1,185
15,124
27,207
105,721
30,841
40,474
Since Aug. L.6,050,078 6,614,699 6,792,009 5,959,457 5,780,342 6,884,501
The exports for the week ending this evening reach a total
of 96,434 bales, of which 36,321 were to Great Britain, 9,095
to France and 51,018 to other destinations. Exports for the
week and since Aug. 1 1921 are as follows:
GerOther CoastGreat
July 21 at- Britain. France. many. Cont'nt. wise.
Galveston
New Orleans..
Savannah
Charleston*
Mobile
Norfolk
Other ports*
2,000
1,996
300
24
300
3,500
Total 1922_ - 8,120
Total 1921_ 8,798
Total 1920_ 27.692
1,000
2,180
900
200
200
---500
8,000 7,645
2,510 28.289
1,000
---650 1,200
886
---------750
550
4,980 12,910 38,570
8,799 53,351 58,051
4.129 14.706 20.019
Total.
2,000 20,645
206 35,181
200 2,100
300 2,650
---- 1,110
--__
300
200 5,500
Leaving
Stock.
55,176
7482
54,166
5105
98
37,700
186,598
2,906 67,486 459,645
4,365 133,364 1.313,890
3.200 60 745 7An A10
,Speculation in cotton for future delivery has been less active and prices declined, especially early in the week, owing
to better crop advices, the railroad strike and disturbed European politics. Also efforts to end the coal strike have
seemed futile. Liquidation was quite general. Stocks and
foreign exchange were more or less irregular. Cotton goods
early in the week were quiet in Fall River, Worth Street
and Manchster. Liverpool's tone was uncertain if not actually weak. Its spot sales fell off noticeably. Everywhere
there seemed to be hesitation. Certainly there was an absenc6 of aggressiveness on the bull side. For a time indeed
the market acted rather "long." Liverpool spot sales were
only 5,000 to 8,000 bales. And after three or four weeks of
generally favorable weather, some look for a relatively more
favorable Government monthly report on August 1. They
think that it may show a gain during July of a few points, at
least. Yet, usually July shows deterioration. The average
falling of in condition during July for 10 years is something
like 4%. Last year it was 4.5%,two years ago 2.9%, and in
1918 it even reached 12.2, but in 1920 July condition gained
3.4%. Now and then conditions do improve in July, although, as already intimated, it is the exception. And the
weekly Government report of.Wednesday was in the main
favorable over most of the belt. This at the time caused a.
reaction in prices of about 20 points in a small market. Private crop reports to large spot interests have also generally
been favorable. They do not deny that the weevil is present,
but add that the pest thus far has done no serious damage.
They also contend that there has been little or no shedding;
In short, that the crop has improved. As for the weevil, it
would appear that it is being successfully fought in some
parts of the Atlantic States and that for the time being at
least it is doing no particular harm where remedies are used.
The first new bale was reported in Georgia. In North Carolina the plant is blooming freely. In South Carolina progress, condition and fruiting are generally very good. That
Is also the case in Tennessee. Very good growth is reported
in Arkansas. In Georgia the conditions are improving and
the plant is open in the southern part of the State. Louisiana reports good progress. In Texas cotton is said to be
doing well except the late planted, which needs rain. The
South has been selling steadily. Taken as a whole, the
South seems to be bearish on the outlook. This is taken to
mean that speculators there are looking for lower prices on
the score of better crop reports, and that spot houses want
lower prices anyhow because stocks are down to a minimum,
and they naturally want to stock up as cheaply as possible,
whatever they may think as to the ultimate direction of
prices. Of course, all eyes are on the weevil. It is conceded
that hot dry weather, especially east of the Mississippi, has
tended to keep the pest down. Meanwhile prices are by many
considered high enough for the time being. They are $35 to
$40 a bale higher than a year ago. Also, it is pointed out
that 22 cents discounted the last crop of 8,000,000 bales.
Crop advices from India and Egypt are somewhat more favorable. Some insist that there is a chance of a yield in
Texas of 4,000,000 bales, and for the belt of something well
over 12,000,000 bales. Latterly there has been a tendency to
raise the estimates of the American crop. Finally, trade and
452
'THE CHRONICLE
speculative interests have been disposed of late to go slow
and watch developments rather than buy on an aggressive
scale.
On the other hand, however, cotton trade is on the eve of
a usually critical period for the crop. The next three or four
weeks may possibly see very grave injury by the weevil pest.
A new crop of weevil is being hatched out. It usually is
around July 20. The crop is also late. Of late big rains in
the eastern belt, reports of increasing boll weevil, dry
weather in Texas, a rather more favorable outlook for European politics, higher Liverpool cables, covering of shorts
and more or less trade and general buying have combined to
steady prices. Some look for a weevil scare within the next
few weeks. Liverpool and Japanese trade interests are understood to have bought here.
To-day prices declined on strike news, indifferent cables
from Liverpool, dulness in Manchester and week-end liquidation. Also, it is believed that private reports to be issued
next week are likely to be more favorable. And there is a
growing belief that the Government report on August 1 will
also be more promising than the last. Georgia had heavy
rains and also South Carolina, but elsewhere in the eastern
belt the indications pointed to clearing weather. There is
no doubt, however, that at some 19 stations in Texas it was
very hot, I. e. 100 to 108 degrees, with practically no rain at
all. This may help to keep down the weevil, but it does not
promote growth in the part of the State where rain is needed.
Yet, in the main, it is believed that the crop has improved
recently and final prices show a decline for the week of 28
to 54 points, 1923 deliveries showing the most strength. Some
large interests have sold October and December and bought
March, causing a noticeable narrowing of the differences.
Spot cotton closed at 22.10c. for middling uplands, a decline
for the week of 55 points.
The following averages of the differences between grades,
as figured from the July 20 quotations of the ten markets
designated by the Secretary of Agriculture, are the differences
from middling established for deliveries in the New York
market on July 27.
Middling fair
1.81 on
Strict good mtddLing
1.38 on
Good middling
.94 on
Strict middling
.54 on
Stile low middling
.58 off
Low middling
1.25 off
*Strict good ordinary
2.13 off
*Good ordinary
3.03 off
Strict good mid. "yellow" tinged_ .53 on
Good middling "yellow" tinged__ .03 on
Strict middling "yellow" tinted__ .54 off
*Middling "yellow" tinged
1.55 off
*Strictlow mid."yellow"tinged.. _2.28 off
*Low middling "yellow" tinged_ _3.10 off
Good middling "yellow" stained_1.23 off
*Strict mid."yellow" stained__ _ _2.10 off
*Middling "yellow" stained
2.95 off
*Good middling "blue" stained .1.40 off
*Strict middling "blue" stained_ _2.20 off
*Middling "blue" stained
3.03 off
*These ten grades are not deliverable
upon future contracts.
[VOL. 115.
THE VISIBLE SUPPLY OF COTTON to-night, as made
up by cable and telegraph, is as follows. Foreign stocks, as
weal as the afloat, are this week's returns, and consequently
all foreign figures are brought down to Thursday evening.
But to make the total the complete figures for to-night
(Friday), we add the item of exports from the United States,
including in it the exports of Friday only.
July 21Stock at Liverpool
Stock at London
Stock at Manchester
1922.
1921.
bales_ 854,000 1,099,000
2,000
66,000
89,000
686,000
470,000
Total Continental stocks
1919.
587,000
13,000
86,000
920,000 1,190,000 1,127,000
33.000
26,000
182,000 216,600
88,000
154,000 139,000 223,000
9,000
11,000
67,000
94,000
99,000
16,000
33,000
63,000
8.000
39,000
20,000
1,000
Total Great Britain
Stock at Hamburg
Stock at Bremen
Stock at Havre
Stock at Rotterdam
Stock at Barcelona
Stock at Genoa
Stock at Ghent
Stock at Antwerp
1920.
988,000
12,000
127,000
227,000
558,000
493,000
162,000
34,000
22,000
9,000
Total European stocks
1,390,000 1,748,000 1,620,00
913,000
India cotton afloat for Europe_ _ _
83,000
37,000 102,000
42,000
American cotton afloat for Europe 262,000 351,263 150,148 424,873
Egypt. Brazil, &c.,afloat for Eur'e 70,000
40,000
39,000
48,000
Stock in Alexandria, Egypt
227,000 268,000
84,000 237,000
Stock in Bombay, India
842,000 1,189,000 1,354,000 1,040,000
527,131 1,447,254 810,159 1,255,863
Stock in U. S. ports
interior towns_ _ _ _ 433,178 1,157,547 894,410 878,387
Stock in U. S.
19,814
U. S. exports to-day
10,263
10,762
11,090
3,854.123 6,248,327 5,064,479 4,850.213
Total visible supply
Of the above, totals of American and other descriptions are as follows:
American
-
bales_
Liverpoolstock
Manchester stock
Continental stock
American afloat for Europe
U. S. port stocks
U. S. -interior stocks
U. S. exports to-day
Total American
672,000 422,000
111,000
59,000
.
407,000 217,000
150,148 424,873
810.159 1,255,863
894,410 878,387
10,762
11,090
,
2,167,123 4,207,327 3,055,479 3,268,213
East Indian, Brazil, &c.
Liverpool stock
London stock
Manchester stock
Continental stock
India afloat for Europe
Egypt, Brazil, &c., afloat
Stock in Alexandria, Egypt
Stock in Bombay, India
360,000
402,000 316,000 165,000
2,000
12,000
13,000
17,000
21,000
16,000
27,000
84,000
86,000
10,000
86,000
83,000
37,000 102,000
42,000
70,000
40,000
48,000
39,000
227,000 268,000
84,000 237,000
802,000 1,189,000 1,354,000 1,040,000
Total East India, &c
Total American
Total visible supply
Middling uplands, Liverpool
494,000 697,000
45,000
72,000
386,000 472,000
262,000 351,263
527,131 1,447,254
433,178 1,157,547
19,814
10,263
1,687,000 2,011,000 2,009,000 1,582,000
2,167,123 4,207.327 3,055,479 3,268,213
3.854,123 6,248.327 5,064.479 4,850,213
13.60d.
8.28d.
26.77d.
21.45d.
22.10c.
12.75c.
43.75c. 35.50c.
22.00d.
18.00d. 68.50d. 30.58d.
14..50d.
10.506. 47.00d. 29.506.
11.80d.
8.15d. 20.35d. 18.85d.
12.70d.
8.65d. 21.60d. 19.106.
Middling uplands, New York
Egypt, good sakel, Liverpool.. _ _ _
Peruvian, rough good, Liverpool_
Broach fine, Liverpool
Tinnevelly, good, Liverpool
The official quotation for middling upland cotton in the
Continental imports for past week have been 77,000 bales..
New York market each day for the past week has been:
The above figures for 1922 show a decrease from last week
July 15 to July 21Sat. Mon. Tues.
Fri.
Wed. Thurs,
22.65 22.20 22.20 22.50 22.50 22.10 of 360,E61 bales, a loss of 4,394,204 bales from 1921, a decline of 1,210,356 bales from 1920 and a falling off of 996,
NEW YORK QUOTATIONS FOR 32 YEARS.
The quotations for middling upland at New York on 590 b.alcs from 1919.
July 21 for each of the past 32 years have been as follows:
AT THE INTERIOR TOWNS the movement-that is,
1922
22.10c. 1914
13.25c. 1906
6.06c.
11.00c. 1898
and since Aug. 1, the shipments for
1921
12.85c. 1913
12.40c. 1905
7.94c. the receipts for the week
11.00c. 1897
1920
43.00c. 1912
12.80c. 1904
11.00c. 1896
7.12c. the week and the stocks to-night, and the same items for the
35.65c. 1911
1919
13.45c 1903
12.75c. 1895
7.00c. corresponding periods of the previous year-is set out in
33.50c. 1910
1918
16.00c. 1902
9.38c. 1894
7.06c.
26.40c, 1909
1917
12.30c. 1901
8.12c. detail below:
8.44c. 1893
Middling uplands
1916
1915
12.95c. 1908
9.25c. 1907
11.00c. 1900
12.95c. 1899
10.00c. 1892
6.19c. 1891
7.25c.
8.38c
MARKET AND SALES AT NEW YORK.
Spot.
Market
Closed.
Saturday__ _
Monday _- Tuesday --WednesdayThursday - _
Friday
Futures
Market
Closed.
Quiet, unchanged_ _
Quiet, 45 pts. dec_ _
Quiet, unchanged _ _
Quiet, 30 pts. adv_ _
Quiet, unchanged _ _
Quiet, 40 pts. dec..-
SALES.
Spot.
600
------
500
2,000
3.100
Barely steady_ _
Barely steady
600
500
2,000
3,100
-The highest, lowest and closing prices at
FUTURES.
New York for the past week have been as follows:
1
0
1. 011*
Shreveport
Prill*M
Saturday, Monday, Tuesday, Wed'day, Thursd'y, Friday,
July 15. July 17. July 18. July 19. July 20. July 21.
Ala., Birming'
Eufaula
Montgomery.
Selma
Ark., Helena_ _
Little Rock.._
Pine Bluff...._
Ga., Albany- _
Athens
Atlanta
Augusta
Columbus- _ _
Macon
Rome
Misa,Columbua
Week.
Clarksdale
Greenwood_ _
Meridian__ _
Natchez_a
VicksburgYazoo City
Mo., St. Louis_
N.C.,Gr'nsbor
Raleigh
Okla., Altus
Ship- Stocks
meals. July
Season. Week, 21.
Receipts.
1Veek.
Contet. Total.
Very steady
Steady
Steady
Steady
Total_ ___
'IN
.Movement to July 21 1922.
Towns.
497
232 32,616
7,172
437
6
48,858
31
182
3: 41,646
,
186
34 31,654
299
752 185,273 1,529
846 129,267 1,301
6,964
____
223 98,692 1,340
1,086 237,377 2,547
2,954 396,302 6,894
308 64,718
954
215
38,395
69:
247 31,284
950
200 62,613 1,400
_
20,774
____
111 134,432 1,009
78 91,837 1,393
58 34,146
439
7 32,346
430
47 27,153
157
77 30,753
463
5,486 836,715 6,906
2,478 65,880 3,155
300
14,986
263
42 83,566
83
475
35 62,001
980 65,363 1,583
2,977 187,233 4,810
14,483___
__
3
6,83: 947,104 10,2 7
362
____
____
81,179 .._ _ _
57
14,234
33
359
29,371
2
731
184 170,095
___
19,700
__
9,2072,640,567 9,375
25
52,525
25
337
51,230
36
422
172 67,87'
Movement to July 22 1921.
Receipts.
Week.
Season,
Ship
Stocks
meals. July
Week. 22.
1,843
492 23,355
256 5,284
3,125
___
9,865
___ 4383
12,973
251
50,787
-413 26,877
2,531
198 33,619
376 15,256
6,336
8 50,102 1,867 7,037
19,117 2,370 223,036 3,715 56,128
26,055
____ 131,150 1,000 51,822
1,287
8
10,796
139 4,996
16,883 2,201 146,152 2,701 26,359
13,929 2,358 182,580 3,547 24,746
66,542 3,807 364,716 6,672100,021
7,472
____
37,828 1,678 17,130
676
644 12,484
6,770
51,395
300 8,641
7,026
200 39,178
90,506 1,000 55,457
5,000
---9,861
8
34 1,387
587
12,815
899 114,134 3,138 38,061
91,940
____
10,765
300 31,088
459 26,312
1,534
432 12,714
____
1,732
17,700
____ 1,134
12,716
3,029 ......
_-_ 10,400
4,770
28,859
-_-100 9,894
14,781 11,789 842,173 13,215 33,546
337 29,939
9,145
516 5,857
241
7,595
140
180
347
436 109,085 1,836 11,489
1,161
489 83,537
788
645 9,150
_
4,105
57,681
____
15
22,002 1,281
92,385 2:Ili 18,117
5,402
114 21,880
480 8,649
70,886 5,589 919,188 12,708263,804
____
460
967
92 1,147
54
____
69,563
594 1,229
65
2,885
12,500
71 3,701
187
____
22,850___ 5,600
5,920 1,216 140,526 1,64 28,244
0
11,043___
,
___ 3,300
47,335 35,6262,998,910 54:364218,363
1,857
405 104,934
983 7,596
189 ._
48,995___
760
3,022
744 135,710 3,30 15,534
0
July
- 21.94422 21.75-104 22.12-.27 22.18-.42 21.98/.23 21.75/.42
Range
Closing
22.38 - 21.94 - 21.96 - 22.26 - 22.28 - 21.82 ---August
22.25 - 22.25 22.41
Range
Closing
22.49 -22.00 - 22.10 - 22.30 - 22.34 - 21.90 --- _
September
22.20-.22
-Range
22.20-.22
Closing......_ 22.55 - 22.00 - 22.15 - 22.32 - 22.35 - 21.91 ---Chickasha-._
October
Oklahoma
22.32-.60 21.87437 21.95-123 22.21-.49 22.30-.54 21.921.36 21.87/.60 S.C.,Greenville
Range
22.46-49 21.98-.99 22.18-.17 22.38-.38 22.38-40 21.92-.94 -- - Greenwood _
Closing
November
Tenn.,Memphis
21.98 -22.26 ----22.17 -21,98 -Nashville
Range
Closing
22.38 -21.91 -22.10 -22.29 -22.36 -21.92 --- _ Texas, Abilene_
Brenham__ _
December
22.06-.38 22.20-44 21.89/.30 21.78/.45
22.23-45 2l.78-12521.82110
Austin _ b_ _
Range
22.30-.34 21.85-.87 22.03-04 22.22-.23 22.33-.34 21.89-.92-- - Dallas
Clo ing
,
January
Honey Grove
21.92-115 21.55-.92 21.57-.85 21.84-11022.09-22 21.74/.11 21.55/.22
Houston _ _ _
Range
22.00 -21.60 -21.81 -22.00 -22.14 - 21.75-.77--Closing
Paris
February
San Antonio_
Range
Fort Worth
21.95
21.76
22.12
Closing.... 21.95 -21.55
21.73 -,
ltiarchTotal, 41 town oce ARA, Ion 9qd R9 199,1W1 17Q 79 9RF.I7 ARA non 191 Aral I. x9rA.,
120 21.711.11 21. 01.20
21.84402 21.50-.83 21.55-.80 21.76402 21.88Range
5
21.00 -21.50-.55 21.72-.75 21.90-.93 22.10 - 21.71 -. Closing
a Last year's figures Hugo, Okla. b Last year's figures Clarksville, Tex.
April
The above total show that the interior stocks have deRange
------------ - - ---- ____
- creased during the week 25,661 bales and are to-night
Closing
21.77 -21.45 -21.64 -21.81 -22.00 - 21.54 724,389
,
11fay21.34-.57 21.45-.70 21.65-.80 21.74-M 21.60-.93 21.34(63 bales less than at the same period last year. The receipts at
21.61-.73 -. Aft
Range_
- -..
.
AS 01 c7 _ 91 7q _ 91 Or. _ n, ..,
•
•
.122c.
.
-
all towns have been 35,805 bales less than the same week
last year.
JULY 22 1922.]
THE CHRONICLE
453
OVERLAND MOVEMENT FOR THE WEEK AND QUOTATIONS FOR MIDDLING COTTON AT
OTHER
SINCE AUG. 1.
-We give below a statement showing the
MARKETS..
overland movement for the week and since Aug. 1, as made
Closing Quotations for Middling Cotton on
up from telegraphic reports Friday night. The results for
Weekending
the week and since Aug. 1 in the last two years are as follows:
duty 21.
Saturday. Monday. Tuesday. Wed'day.
-1921-22Since
Week. Aug. 1.
6,906 830,688
3,520 372,931
7,986
687
84,048
3,680 259,570
7,980 451,485
-1920-21Since
Week. Aug. 1.
13,215 821,405
2,082 250,269
36.219
89
74,300
1,043
6.218 160.590
28.619 584,300
Total gross overland
22,773 2,006,708
Deduct Shipments
Overland to N. Y., Boston, &c_ _ _
409 171,050
Between interior towns
29,264
495
Inland, &c.,from South
10,206 397,098
51,266 1,927,083
July 21ShippedVia St. Louis
Via Mounds, &c
Via Rock Island
Via Louisville
Via Virginia points
Via other routes, &c
Total to be deducted
4*
Leaving total net overland *
11,210
1,968
1.017
4,297
7,282
597,412
11,563 1,409,296
143,638
49,651
316.653
509.942
The foregoing shows the week's net overland movement
has been 11,563 bales, against 43,984 bales for tne week last
year, and that for the season to date the aggregate net overland exhibits a decrease from a year ago of 7,845 bales.
-1921-22- -1920-21
In Sight and Spinners'
Since
Since
Takings.
Week.
Week.
Aug. 1.
Aug. 1.
Receipts at ports to July 21
31,697 6,050,078
98,434 6,614,699
overland to July 21
Net
11,563 1,409,196 43.984 1,417.141
Southern consumption to July 21.a 91,000 3,635,000
73,000 3,063,000
134,260 11,094,274 215,418 11,094,840
*25,661
*683,591 *49,189
297,606
Came Into sight during week_ _ _108,599
166,229 ----Total in sight July 21
10,410,683
11,392,446
Nor.spinners' takings to July 21_ _ 23,229 2,217,337
17,285 2,031,531
* Decrease during week and season. a These figures are consumption;
takings not available.
Bales. I Since Aug. 181,42411919 --July 23
-20
124,83711918 -July 25
-19
92,787 1917 -July 26
-18
Bales.
12,140,345
11,468,935
12,103,715
WEATHER REPORTS BY TELEGRAPH.
-Reports to us
by telegraph from the South this evening denote that temperatures have averaged near normal in all districts, with
showers light everywhere east and west of the Mississippi
except that in central and eastern Oklahoma there have been
moderate to heavy rains. Prospective damage from weevil
is diminishing with the prevalence of dry, and in some sections, hot weather.
Texas.
-Cotton has made fairly good to very good progress except that where the planting was late rather slow
headway is being made. Damage by weevil has been checked,
(Inc to dry weather.
Mobile.
-There have been scattered showers daily and one
day of heavy rain in the interior. As a result, the crop is
doing nicely. Few bolls are reported as having opened as
yet. There has been little complaint about weevil.
Rain. Rainfall. -Thermometer
3 days 0.72 in. high 90 low 70 mean 80
high 100 low 70 mean 85
dry
2 days 0.49 in. high 98 low 70 mean 84
1 day 0.42 in. high 94 low 74 mean 84
high 94 low 76 mean 85
dry
3 days 0.17 in. high 99 low 68 mean 84
1 day 0.55 in. high 101 low 66 mean 84
dry
high 95 low 60 mean 78
1 day 0.05 in. high 105 low 61 mean 83
1 day 1.02 in. high 95 low 69 mean 82
1 day 0.18 in. high 102 low 71 mean 87
5 days 2.11 in. high 98 low 66 mean 82
2 days 0.22 in. high 94 low 68 mean 81
2 days 0.74 in. high 100 low 67 mean 84
1 day 0.10 in. high 98 low 70 mean 84
1 day 0.01 in. high __ low 72 mean -dry
high 103 low 98 mean 80
2 days 2.26 in. high 96 low 67 mean 82
dry
high 105 low 63 mean 84
1 day 0.25 in. high 98 low 69 mean 84
dry
high 96 low 67 mean 82
2 days 0.35 in. high 94 low 67 mean Si
1 day 0.45 in. high 93 low 89 mean 81
3 days 1.24 in. high 91 low 69 mean 80
3 days 0.66 in. high 94 low 67 mean 81
5 days 5.61 in. high 93 low 70 mean 82
4 days 1.02 in. high 90 low 68 mean ',9
5 days 0.76 in. high 92 low 68 mean 80
4 days 1.50 In. hign 97 low 65 mean 81
2 days 0.35 in. high 95 low 65 mean 80
3 days 1.93 in. high 97 law 69 mean 83
3 days 1.10 in. high 88 low 70 mean 79
6 days 6.62 in. high 90 low 71 mean 80
3 days 1.39 in. high 90 low 93 mean 77
6 days 3.29 in. high 91 low 70 mean 81
5 days 1.25 in. high 94 low 97 mean 79
6 days 1.85 in. high 88 low 67 mean 78
5 days 1.39 in. high 94 low 70 mean 82
4!:lays 1.96 in. high 93 low 72 mean 82
4 days 1.41 in. high 94 low 67 mean 81
3 days 1.61 in. high 93 low 70 mean 82
5 days 2.15 in. high 92 low 71 mean 82
2 days 1.98 in. high 86 low 67 mean 77
4 days 0.74 in. high 90 low 70 mean 89
4 days 2.72 in. high 92 low 69 mean 81
4 days 1.52 in. high 90 low 99 mean 77
3 days 2.79 in, high 92 low 69 mean 81
4 days 2.87 in. high 95 low 70 mean 83
1 day 0.20 in. high 89 low 67 mean 87
1 day 0.05 in. high 90 low 70 mean 80
Galveston, Texas
Abilene
Brenham
Brownsville
Corpus Christi
Dallas
Henrietta
Kerrville
Lampasas
Longview
Luling
Nacogdoches
Palestine
Paris
San Antonio
Taylor
Weatherford
Ardmore, Okla
Altus
Muskogee
Oklahoma City
Brinkley, Ark
Eldorado
Little Rock
Pine Bluff
Alexandria, La
Amite
Shreveport
Qkolona, Miss
Columbus
Greenwood
Vicksburg
Mobile, Ala
Decatur
Montgomery
Selma
Gainesville, Fla
Madison
Savannah, Ga
Athens
Columbus
Charleston, S. C
Greenwood
Columbia
Conway
Charlotte, N C
Newbern
Weldon
Dyersburg, Tenn
Memphis
- The following statement we have also received by telegraph, showing the height of the rivers at the points named
at 8 a. m. of the dates given:
New Orleans
Memphis
Nashville
Shreveport
Vicksburg
July 21 1922.
Feet.
Above zero of gauge_
7.4
Above zero of gauge_
17.i
Above zero of gauge_
10.9
Above zero of gauge_
7.0
Above zero of gauge_
23.3
July 22 1921.
Feet.
6.1
9.0
10.5
14.6
11.0
22.55
22.25
21.75
22.00
22.13
23.
22.43
22.50
22.40
22.25
22.00
22.00
22.81
23.00
22.90
22.50
22.50
Saturday, I Monday,
July15.
July17
.
July
August _ _ _
October.... _
December_
January _ _
March.. _ _ _
May
Tone
Spot
Options_
22.65
22.25
21.75
22.16
22.25
22.50
22.50
22.50
22.60
22.25
22.15
22.15
22.90
22.25
21.75
22.36
22.63
22.50
22.88
22.50
22.75
22.25
22.3.5
22.35
22.90
22.25
21.75
22.38
22.63
22.50
23.00
22.50
22.75
22.25
22.35
22.35
22.50
22.25
21.75
21.94
22.13
22.50
22.50
22.50
22.30
22.25
21.95
21 On
Tuesday, Wednesday, Thursday,
July 18.
July 19.
July 20.
Friday,
July 21.
22.27 bid 21.88-21.93 22.09-22.14 22.28-22.31 22.25-22.35
22.07 bid 21.53 bid 21.74 bid 21.91 bid 21.91 bid 21.95-22.06
21.92-21.95 21.48-21.51 21.69-21.71 21.87-21.89 21.86-21.88 21.45 bid
21.74-21.75 21.31-21.34 21.54-21.57 21.71-21.73 21.78-21.81 21.45-21.48
21.40-21.43
21.5421.21-21.24 21.3621.5821.68 ---- 21.3021.34-21.3921.0421.24-21.26 21.45-21.48 21.54-21.58
21.10 bid 20.84 bid 21.02 bid 21.23 bid 21.32-21.35 21.20
20.98 bid
Quiet
Steady
Steady
Steady
Quiet
Quiet
Steady
Steady
Steady
Steady
Steady
Steady
RECEIPTS FROM THE PLANTATIONS.
-The following table indicates the actual movement each week from
the plantations. The figures do not include overland receipts nor Southern consumption; they are simply a statement of the weekly movement from the plantations of that
part of the crop which finally reaches the market through the
outports.
Week
nettnp
Movement into sight in previous years:
Week-July 23
1920
1919
-July 25
-July 26
1918
23.50
22.50
21.75
22.50
22.63
NEW ORLEANS CONTRACT MARKET.
43,984 1.417.141
* Including movement by rail to Canada.
Total marketed
Interior stocks in excess
Thursd'y. Friday.
Galveston
New Orleans_ _ _
Mobile
Savannah
Norfolk
Baltimore
Augusta
Memphis
Houston
Little Rock_ _ _ _
Dallas
Fort Worth_ _ _ _
Receipts Cl Ports.
Stocks at Interior Towns. Receiptsfrom Plantations
1921-221920-21 1919-20 1921-22 1920-21 1919-20 1921-22 1920-21
1919-20,
May
5..- 94,458 133,247
12.._ 124,013138,041
19_ 106,558 131,551
26.... 109,273 119,852
June
2_ _ 113,448 116,803
9_ _ 94,570109,659
16_ _ 70,575 113,556
23_ _ 75,711 100,160
30_ _ 72,514 103,323
July
7_ _ 56,184100,186
14. 41,5641 83,955
2L _ 31,697 98,434
21_
60,541
54,213
51,276
46,422
965,8831,545,200 1,130,441
898,218 1,543,401 1,100,890
838,360 1,519,729 1,076,708
782,196 1,496,657 1,066,410
51,484 109,731
56,348 136,247
47,588 107,874
53,109 98.780
38,848
24,662'
27,094
36.124
37,888
39,277
30,151
23,204
27,337
715,192 1,456,7901,044,433
66,798 1,423,858 1,025,745
627.483 1,374,665 1,011,260
588,332 1,339,017 988,406
540,737 1,292,856 970,557
46,444
45,767
31,240
36,580
24,919
15,911
20,589
15,666
359
9,488
76,936
76,727
64,363
64,512
57,162
24,959 498.935 1,240,354 957,497 14,382 47,684 11,899
23,481 458,839 1,206,736 933,790 1,468 50,357
27,207 433.178 1,157.547 894,410 6,036 49,245
The above statement shows: (1) That the total receipts
from the plantations since Aug. 1 1921 are 5,269,363 bales;
in 1920-21 were 6,912,305 bales, and in 1919-20 were
6,884,372 bales. (2) That although the receipts at the
outports the past week were 31,697 bales, the actual movement from plantations was 6,036 bales, the difference b mg
talan from stocks at interior towns. Last year receipts from
the plantations for the wee& were 50,357 bales.
WORLD'S SUPPLY AND TAKINGS OF COTTON.
Cotton Takings.
Week and Season.
1921-22.
1920-21.
Week. I Season.
Week.
Season.
Visible supply July 14
4,214,684
6,336,422
Visible supply Aug. 1
6,111,250
4,956,257
American in sight to July 21__ _
Bombay receipts to July 20__ _ _ 108,599 10,410,683 166,229 11,392,446
9,000 3,376,000
85,000 2,781.000
Other India shipm'ts to July 20
1,000
248,000
2,000
241,000
Alexandria receipts to July 19_ _
12,000
723,000
10,000
634,000
Other supply to July 19 *
b4,000 b368,000
10,000
389,000
Total supply
4,349,283 21,236,933 6,609,651 20,393,703
Deduct
Visible supply July 21
3,854,123 3,854,123 6.248,327 6.248,327
Total takings to July 21_a
495,160 17,382,810 361,324 14,145.376
Of which American
245,160 12,317,790 239,324 10,170,376
Of which other
250,000 5,056,020 122,000 3,975,000 •
* Embraces receipts in Euroilie from Brazil, Smyrna,
West Indies, &c.
a This total embraces since Aug. 1 the total
estimated consumption by
Southern mills, 3,635,000 bales in 1921-22
and 3,063,000 bales in 1920-21
-takings not being available
-and the
Northern and foreign spinners 13.727,810 aggregate amounts taken by
in 1921-22
bales in 1920-21, of which 8.662,790 balesbales 7,107,376 and 11,082,376
and
bales American.
b Estimated.
INDIA COTTON MOVEMENT FROM ALL PORTS.
The receipts of India cotton at Bombay and the shipments
from all India ports for the week and for the season from.
Aug. 1, for three years, have been as follows:
July 20.
Receipts at
-
1921-22.
1920-21.
Fa',he Week.
Exports.
1919- 20.
Since
Week. lAug. 1.
Since
WeeL.IAug. 1.
2,759.000 28,000 3,480,000^
50.000 3,417,000 67,000
Week.
Bombay
Since
Aug. 1.
Great Con,t- Japan&
Great
Britain. neat. China. Total. Britain.
--------Bombay
1921-2L _ 7.000 7,000 87,000 101,000 44,000
1920-21__ ------ 6.000
1919-20__ ------ 5,000 13,000 19,000 22,000
5,000 79,000
Other India
1921-22__ ------ 1,000
12,000
1,00
1920-21__
1,000
1,000 23,000
1919-20._ - 1,666 5,000 2,000 10,000 59,000
Since Aug. 1.
Conti- Japan &
new.
China.
Total.
523,000 1,820,00 2,387,000
498,000 1,203,000 1,723,000
489.0001,669,000 2,237,000
218,000 18,000 248,000
188,000 41.000 252,000
211,000 242,000 512,000
Total
1920-21__
1919-20__
7.000
- 3.000
8,000 87,000 102,000 56,000 741,000 1,838,000 2,635,000
7 00
:
100, 13,000 20,000 45,000 686,000 1,244,000 1,975,000
2,000 15,000 138,000 700,000 1,911.000 2,749.000
[VoL. 115.
THE CHRONICLE
454
The tone of the Liverpool market for spots and futures
According to the foregoing, Bombay appears to show a
decrease compared with last year in the week's receipts of each day of the past week and the daily closing prices of
17,000 bales. Exports from all India ports record a gain of spot cotton have been as follows:
82,000 bales during the week, and since Aug. 1 show an inFriday.
Tuesday. Wednesday. Thursday.
Saturday. Monday.
Spot.
crease of 660,000 bales.
A fair
A
A fair
Market, I
--We
Quiet.
hardening business
Quiet,
ALEXANDRIA RECEIPTS AND SHIPMENTS.
business
12:15
doing.
tendency.
doing.
P. M.
now receive a weekly cable of the movements of cotton at
Alexandria, Egypt. The following are the receipts and Mid.Upl'ds
13.55
13.50
13.60
13.29
13.53
shipments for the past week and for the corresponding week
5,000
8,000
7,000
6,000
8,000
HOLIDAY
Sales
of the previous two years.
1921-22.
1920-21.
1919-20.
Futures.
Market f
I
opened
Quiet,
Quiet but
Steaily,
Quiet,
8010 pts. 15®22 pts. steady, 4® 4 points
decline. 5 pts. adv. advance.
decline.
Quiet,
1446 pts.
advance.
35.000
5,460.665
52,399
4,725.709
1,346
5.646.134
Market, {
4
F. M.
Steady,
Quiet,
10t412 pts. 1147 pts.
decline,
decline.
Steady,
609 pts.
advance.
Quiet,
1010 pts.
advance.
Since
Week. Aug. 1.
Since
Week. Aug. 1.
Since
Week. Aug. 1.
175.041
To Liverpool
7.000 158,040
To Manchester, &c
To Continent and India_ 5,000 231,317
176,276
To America
115,445
87,746
2,8455 149,462
48,139
1,512 249,632
145,546
2,564 140,004
790 288,625
Alexandria, Egypt,
July 19.
Receipts (cantars)This week
Since Aug. 1
Exports (bales)
12.000 740.674 2.503 400,792 4.866 823.807
Total exports
Note.
-A cantar is 99 lbs Egyptian bales weigh about 750 lbs.
This statement shows that the receipts for the week were
35,000 cantars and the foreign shipments 12,000 bales.
-Our report received by
MANCHESTER MARKET.
cable to-night from Manchester states that the market for
both yarns and cloths is quiet. Stocks of goods are accumulating. We give prices to-day below and leave those
for previous weeks of this and last year for comparison:
1920-21.
1921-22.
. a.
e. d. d
d. s. d.
®16 9 11.98 16%
2031 16
20% 16% ON 9 11.69 16%
20%
204
21.0
21%
21%
16 1%016 9 12.03 16%
16 14016 9 12.30 16%
16 14016 9 12.78 16
16 3 016 1012 13.59 16%
16 1%016104 13.08 17
22% 163 @1610% 13.50 17%
21% 160 @167% 13.65 17%
21% 160 @165 13.60 17
017 0
017 0
017 0
017 0
018 2
7.47
7.75
7.47
7.00
7.25
19% 15 9 017 3
19% 15 9 017 0
19 15 9 017 0
7.84
8.19
8.28
19%
19%
19%
19%
19
18 0
16 0
16 0
16 0
15 9
High Stand
Density. ard.
.65c.
Bombay__
Vladivostk
Gothenb'g. .50o.
Bremen..,. 22310. .330
Hambur_ .22520. .350.
Piraeus- - .600. .750.
Saionloa--- .600. .75o.
-By cable from Liverpool we have the folLIVERPOOL.
lowing statement of the week's sales, stocks, &c.,at that port:
July 7.
June 30.
2,000
62,000
868,000
510,000
40,000
18.000
178,000
109,000
Wed.
Thurs,
Fri.
p.m.
d.
d.
d. d.
d.
d. d.
d.
d.
d.
d.
d.
13.13 13.10 12.89 13.06 13.10 13.11 13.15 13.19 13.2013.11
12.9512.92 12.71 12.89 12.93 12.94 12.98 13.02 13.0312.93
12.80 12.78 12.56 12.71 12.76 12.77 12.81 12.83 12.8412.74
12.67 12.6412.42 12.58 12.6212.6312.67 12.6912.7012.59
12.55 12.5212.31 12.49 12.5312.5212.56 12.59 12.61 12.52
HOLI- 12.44 12.42 12.21 12.37 12.41 12.42 12.46 12.50 12.5212.44
DAY 12.33 12.31 12.11 12.27 12.31 12.3212.36 12.40 12.4312.35
12.27 12.25 12.06 12.22 12.27 12.27 12.31 12.35 12.3 12.31
12.21 12.18 12.01 12.17 12.22 12.2•12.26 12.30 12.34 12.27
12.14 12.12 11.95 12.10 12.14 12.15 12.19 12.24 12.2 12.21
12.08 12.06 11.89 12.0312.07 12.09 12.13 12.18 12.2312.16
12.02 12.01 11.8311.9712.01 12.03 12.0712.1212.1812.11
to the sharp declines at times in wheat. Last Monday cash
wheat fell nearly 4 cents at Minneapolis. That cooled the
ardor of any who may have been disposed to buy for forward
delivery. Yet it is true that the railroad strike has at times
made buyers uneasy. Stocks are by no means heavy. What
if supplies were seriously interrupted? That was a contingency that might well make buyers nervous. Still, as a rule,
they have stuck to their policy of buying in small lots, even
If as a precaution in somewhat larger volume than previously
and much of the business was for prompt shipment. Evidently not a few buyers need to replenish supplies. Buying
of spring wheat flour is restricted by what are regarded as
the high prices demanded, especially as spring crop reports
are more favorable.
Later in tile week the West reported some increase in the
trade in flour.
Wheat advanced slightly early in the week, but later on
declined with some intimations that there might be an early
ending of the railroad strike. But on Thursday there was a
rally when the strike news seemed less favorable. A prolonged railroad strike would cause a scarcity in centres of
distribution and would therefore tend to put up prices to
home and foreign buyers. But on the whole the feeling has
been rather optimistic as regards the railroad strike. Besides, the weather has been favorable in the spring wheat
belt. That of itself naturally tended to cause lower prices.
There is less said about rust. In fact, it has almost been dismissed from consideration. Hedging sales have increased
somewhat, although it is true that cash wheat has been on
the whole rather scarce and noticeably firm at times. The
best grades of milling wheat at the Northwest advanced on
Wednesday, although futures at Chicago then dropped 1 to
2c.
2c. and Minneapolis and Winnipeg futures fell about 1Y
At the same time exporters have done a fair business. On
tile 19th inst. half a million bushels were reported sold,
mostly to England and Italy. On the 18th inst. 400,000 bushels were sold, and on the 17th about 1,000,000 bushels, including Manitoba or new crop Durum, as well as cash wheat for
prompt shipment from the Gulf. On the 17th inst., indeed,
Liverpool advanced id, to 2%d., the latter on July. It is
worthy of remark, too. that the American visible supply last
week decreased 1,336,000 bushels, whereas in the same week
last year there was an increase of 3,954,000 bushels. Here
is a difference of some 5,280,000 bushels. The total visible is
now 15,543,000 bushels, against 12,849,000 bushels a year
ago. It is believed that Europe will be a good buyer of
American grain during the present season.
On the 20th inst. there was a sharp export demand and the
sales were estimated at 1,500,000 to 2,000,000 bushels, mostly
new crop Durum for forward delivery. Yet there was considerable hard wheat also taken for foreign markets as well
as not a little red wheat and more or less Manitoba. A wet
harvest and the railroad strike have held up the winter
wheat crop movement; That may mean a rush of supplies
of both winter and spring wheat later on, with lower prices,
when it comes. That remains to be seen. Meanwhile the
weather has latterly been favorable for threshing. The
96,434
48,000
Tues.
a. d. d.
d. e. d.
7.42
19% 16 0 017 0
7.62
19 16 0 @170
-Current rates for cotton from
COTTON FREIGHTS.
New York, as furnished by Lambert & Barrows, inc., are
as follows, quotations being in cents per pound:
Sales of the week
Of which American
Actual export
Forwarded
Total stock
Of which American
Total imports
Of which American
Amount afloat
Of which American
July
August
September
October
November _
December
January
February
March
April
May
Tune
Mon.
124 12% 4:00 12% 4:00 1234 4:00 1234 4:0 12% 4:00
1234 p.m. p.m. p.m. p.m. p.m. p. ra p. m.p. m.p. na.p.m.p. m.
BREADSTUFFS.
Bales.
-July 14
-Cedric, 2,008-July 19
-To Liverpool
NEW YORK
2,468
Scythia, 460
-George Washington, 199- __July 19
To Bremen-July 14
3,462.
-Susquehanna, 1,776
Morristown, 1,686_ _ _July 20
To Barcelona-July 14-Carenco, 1,152_ _ _July 15
-Cabo Or1,673
tegal, 521
5,000
-Knight Templar,5,000
To Kobe--July 17
1,404
-July 14-Eglantier, 1,404
To Havre
200
-Eastern Dawn, 200
To Rotterdam-July 19
463
-Satsuma,463
To Japan-July 18
-West Totant, 3,977GALVESTON-To Liverpool-July 15
17,314
-Architect, 13,337
July 19
-West Totant, 1,473
1,473
To Manchester-July 15
6,342
-Elkhorn, 6,342
-July 15
To Havre
300
-Elkhorn,300
To Antwerp-July 15
577
-Elkhorn,577
-July 15
To Ghent
-Brave Coeur,6,850; Glucksburg, 3,932_ 10,782
To Bremen-July 15
1,250
To Hamburg-July 15-Glucksburg, 1.250
2,460
-Conde Wifredo, 2,460
To Barcelona-July 16
-Dora Baltea, 4,451
4,451
To Genoa-July 18
500
-To Hamburg-July 14-Deurschfeld, 500
NEW ORLEANS
-Duquesne, 2,130.._ _July 17
-Asian,
To Liverpool-July 15
9,441
6,880_ __July 21-Severnmede, 431
1,901
-Duquesne, 1,901
To Manchester-July I5
381
To Rotterdam-July 17-Saguache,381
1,349
-La Perouse, 1,349
-July 18
To Havre
276
ly 20-Erdely, 276
To Genoa-Ju
96
To Bremen-July 20-Cliffwood, 96
790
To Barcelona-July 21-Conde Wifredo, 790
2,350
, -Slavic Prince, 2,350
-To Japan-July 15
NORFOLK
-Chickasaw City, 7,200---To Japan-July 14
SAVANNAH
15,200
PaPJuly 18-Yone Maru,8,000
106
-To Bremen-June 30-Chappaqua, 106
BALTIMORE
550
To Genoa-June 30-Sinsinawa, 450
197
-Assyria, 197
Liverpool-July 8
BOSTON-To
62
-Michigan, 62
To Antwerp-July 12
• 682
-July 18
-Bolivian, 682
-To Liverpool
BRUNSWICK
1,468
-July 15-Wildwood, 1,468
-To Liverpool
MOBILE
357
To Manchester-July 15-Wildwood, 357
20
PHILADELPHIA-To Liverpool-July 1-Median,20
High StandDensity. ard.
65a
Stockholm. .50c.
Trieste__ .350. .424o.
Fiume_ _ .35e. .42%o.
Lisbon__ .50e. .65o.
Oporto__ .75o. .91:k.
Barcelona .400. .550.
Japan.50o. .650.
Shanghai__ .500. .650.
Sat.
July 15
to
July 21.
-
Friday Night, July 21 1922.
•
Flour trade has kept within narrow limits, owing largely
-As shown on a previous page, the
SHIPPING NEWS.
exports of cotton from the United States the past week have
reached 96,434 bales. The shipments in detail, as made
up from mail and telegraphic returns, are as follows:
High StandDensity. ard.
Liverpool _ .25o. .40c.
Manchler- .25c. .40c.
Antwerp-.. .22%0..37%o.
-Ghent
Havre-- .27%o..42%e.
Rotterdam .22540. .37540.
Genoa.... .32340. .37340.
christiania .37%o..80o.
Prices of futures at Liverpool for each day are given below:
8% lbs. Shirt. Corn
lags, Common Mid.
UPl's
to Finest.
32, Cop
Twist.
SOO 00000 00
.
May d
19 19%
26 19%
June
2 19
9 19
16 19%
23 20%
30 20%
July
7 21
14 20%
21 19%
SOO 00000 00
32s Cep
Twist.
83j lbs. Shirt- Corn
tags, Common Mid.
Upl's
to Finest.
Quiet,
306 pts.
advance,
45,000
28,000
1.000
68,000
875,000
519,000
68,000
55,000
168,000
94,000
JVJgli July 21.
17.000
21,000
3,000
63,000
855,000
502,000
49,000
30,000
163,000
69,000
3,000
59,000
854.000
494,000
67,000
42,000
131,000
67,000
JULY 22 1922.]
THE CHRONICLE
weather at the Northwest has also been good. Spring wheat
crop accounts are cheerful. England and Italy have been
the largest buyers.
The exportable surplus of the United States and Canada
this season is estimated at 485,000,000 bushels. With Argentina, Australia and India, the world's exportable surplus
will be 670,000,000 bushels. The import requirements of
Europe last season were about 640,000,000 bushels.
Advices to the Department of Commerce say it is anticipated that the wheat crop of Europe will be smaller than it
was last year and that the imports of wheat will consequently be increased.
The Legislatures of the Provinces of Saskatchewan and
Alberta will be called shortly to deal jointly with establishing a wheat board for the two Provinces for this season's
crops.
In India the monsoon continues satisfactory and is extending towards the Northwest. In Prussia an official report
for July put the condition of wheat at slightly below average. Unfavorable weather has prevailed in the United Kingdom of late and the low temperatures are delaying ripening.
In France, also, cool weather is retarding wheat harvest.
To-day it was said that 1,000,000 bushels more were taken
for export. Receipts were light at primary points, that is
only about half as large as a year ago. This with a steady
demand for cash wheat for bosh home and European account
tended to brace up prices. But on the advance offerings increased, and prices reacted 1Y2 to 2c. from the early top.
Final prices were 21 to 3c. lower than a week ago. Chicago
4
to-day reported charters of 2,000,000 bushels of grain for
Buffalo and Montreal.
•
455
show some decline for the week. There have been no striking developments during the week.
DAILY CLOSING PRICES OF RYE FUTURES IN CHICAGO.
Sat. Mon. Tues. Wed. Thurs. Fri.
July delivery in elevator
cts_ 84
3834 8334 8334 82
8154
September delivery in elevator_ __ _ 8231 8154 81% 8134 847483
The following are closing quotations:
GRAIN.
Oats
No. 2 white
47
No. 3 white
46
Barley
81%
Feeding
Nominal
Malting
9834
75078
FLOUR.
Spring patents
-Portage barley:
$7 60018 00 Barley goods
Winter straights, soft
No. 1
5 501 5 75
$52
Hard winter straights 6 25 6 75
Nos. 2,3 and 4 pearl_ 5 25
First spring clears
Nos. 2-0 and 3-0
6 25 6 75
5 25645 50
Ryeflour
Nos.4-0 and 5-0
5 25® 6 00
600
Corn goods, 100 lbs.:
Oats goods
-Carload
Yellow meal____ 1 82%0 1 8734
spot delivery
5 700 5 9
0
Corn flour
18561 18734
WheatNo. 2 red
No. 2 hard winter_ -_
CornNo. 2 yellow
Rye
-No. 2
$129
1 3234
WEATHER BULLETIN FOR THE WEEK ENDING
JULY 18.
-Weather conditions in their relation to the crops
are summarized as follows by the Department of Agriculture
in its weekly weather bulletin issued on July 19:
COTTON.
-Cotton crop was favorably affected by weather in nearly an
sections of the belt. Temperature averaged nearly normal in all districts,
with general light to moderate showers east of the Mississippi River and
mostly light rainfall to the westward, except for moderate to heavy rains
in central and eastern Oklahoma. Very good progress of the crop was
reported from Carolinas, Tennessee, Arkansas and Louisiana and also in
Texas, except late planted which was mostly poor.
The crop made excellent growth in Oklahoma where it was blooming
and fruiting nicely in most sections. Progress was poor to fair in Mississippi and generally fair in Alabama and Georgia. Some shedding was
r ported from southern Texas, but in general the crop was fruiting fairly
vail in that State.
Cotton was in very good condition in North Carolina except in the eastern
DAILY CLOSING PRICES OF WHEAT IN NEW YORK.
portion, where it was still
effect of previous
Sat. Mon. Tues. Wed. Thurs. Fri. provement in the conditionshowingcrop was noted in wet weather. Imof the
South Carolina and
No. 2 red
129
129
130
cts_1313 130
130
Georgia, with bolls forming nicely in the latter State. Condition was genDAILY CLOSING PRICES OF WHEAT FUTURES IN CHICAGO. erally fair in Alabama except that it was poor in some southeastern sections;
Sat. Mon. Tues. Wed. Thurs. Fri. the plant was generally small but fruiting well. The crop was well cultivated in Arkansas and was in fair to very good condition in the north and
July delivery in elevator
cts_115% 1143 1143( 112% 11234 113
September delivery in elevator_ __ _114% 111% 11234 111
11234 1103.1 central portion but poor in the south.
Its condition was generally fair in Oklahoma and rains from fair to excelDecember delivery in elevator
11634 11434 11434 11334 11334 112
lent in southern and western Texas and generally fair elsewhere in that State.
While temperatures were moderate in Oklahoma and Arkansas, sunshine
Indian corn, like other grain, declined, especially as the
was somewhat deficient and there was
cloudy
weather has been favorable for the growing crop. Yet cash favored increase of weevil activities, considerabledamage weather, which
was somewhat
but insect
corn has been in the main pretty steady, with a small crop checked in Texas by dry weather. Weevils were appearing in increasing
numbers
northeastern portion of the belt and continued numermovement. The visible supply in the United States de- ous in thein the more southeastern portion with much damage in some locals.
central and
CORN.
-Corn improved during the week in most of the important corncreased last week 2,645,000 bushels, against 1,796,000 in the
in much of Texas and it
although late crop needed
same week last year and the total is now down to 26,074,000 growing. States,parts of western Oklahoma rain to lack of moisture. Its
deteriorated in
due
bushels, against 20,371,000 a year ago. Exporters, too, on progress and condition were generally fair to excellent in central and eastern
Oklahoma, and rapid growth continued in Kansas, where
crop was
Monday took 300,000 bushels. But when wheat fell those tasseling. It continues satisfactory progress and condition the Nebraska
in
who were "long" of corn sold freely and early in the week and South Dakota, where much was in tassel. The progress and condition
of the crop were fairly good in Iowa. The condition of the early crop was
prices gave way about 1c.
excellent in Missouri, where it was in silk and tassel. The late crop made a
To-day prices advanced at first, but reacted with wheat variable growth in that State, but it was generally very good. Heavy
later on. The crop movement is larger than that of a year damage occurred in the lowlands of the northwestern portion of Missouri
during the flood of the previous week.
Corn was benefited lay showers in Illinois, but some fields in the South
ago. Export demand of late has been quiet here, although
needed
good to excellent in
rain.
the West reported liberal sales. Owing to the favorable IndianamoreOhio. Growth and condition were veryprogress in Kentucky
and
The early crop made satisfactory
weather for the crop people are inclined to look for lower and Tennessee, while the late crop was very good in Kentucky except in
the northeast,
prices. There is, therefore, no aggressive general buying. In New York where rain was needed. There was a marked improvement
State,
rainfall allowed for much needed cultivation.
The ending to-day, however, was 1 3c, higher on July than a It was in excellent where lightbut weedy in Pennsylvania. The late crop
/
condition
was rather spotted in the Southern States and rain was needed in some disweek ago and only %c. lower than then on September. Ex- tricts. The
for best growth in north central disport sales to-day were said to have been 1,000,000 bushels, tricts and thenights were rather cool for sweet corn in eastern New England.
week was rather too cool
WHEAT.
-The weather in general was favorable in the spring wheat
and liberal on the 20th inst.
belt, except in the more western portions. Showers were very beneficial
DAILY CLOSING PRICES OF CORN IN NEW YORK.
in north central and southeastern Montana, but spring wheat was further
Sat. Mon. Tues. Wed. Thurs. Fri. injured in the northwestern portion by lack of moisture, drying winds and
No. 2 yellow
cts_ 82
81
8334 8134 an excess of sunshine.
8034 81
The cool weather was favorable in North Dakota, but considerable damDAILY CLOSING PRICES OF CORN FUTURES IN CHICAGO. age
by a severe
Thurs. Fri. lodging resulted hail storm near the middle of the week occurred and much
Sat. Mon. Tues. Wed.
from high winds. There were also some reports of black
July delivery in elevator
cts_ 62Y, 62
62
63
63
62%
September delivery in elevator._ _ _ _ 6474 63% 6334 6434 64'% 6431 rust, but the crop was generally in excellent condition.
The weather was generally favorable for the development of spring wheat
December delivery in elevator........ 6374 6174 6134 6174 6134 6131
in South Dakota, but the condition of the crop continued very uneven in
Oats declined with other grain. They showed no particu- Minnesota, though it was generally fair except in the central and central
western counties where poor on account of dry weather. In the
lar feature. Trade was quiet and speculation sluggish. western portions of the belt, however,including Oregon and Idaho,andmore
also
True, July at one time was quite firm because of a fear of a in the central Rocky Mountain districts, the crop was further injured by
lack of moisture, seriously so
cutting
delay in the crop movement due to the railroad strike. Yet wheat was begun in Illinois andin many localities. Thefar north of spring
some fields were ripe as
as South
the supply here is large enough to meet the ordinary demand, Dakota.
OATS.-The quality of early
was reported as generally good in
which is all that has prevailed. Shorts have been the chief Iowa, but with only fair yield, andoatslate crop was improved by the recent
the
buyers. On the other hand, the American visible supply de- rains, although the high winds beat down many fields badly. The weather
was generally
for this crop in the Lake region also and excellent
creased last week 1,210,000 bushels, against 350,000 last progress was favorablein the northeast. Threshing showed mostly disreported
year. The total is now 41,190,000 bushels, against 35,372 a appointing results, however, in the Ohio Valley. Rice made satisfactory
progress in west Gulf districts and was favored by warmer weather the latter '
year ago.
part of the week in California. Flax was
generally doing well in the northChicago reported the first arrival of new oats on the 20th ern Great Plains area with the early sown blooming in North Dakota. Kafir
was reported in satisfactory condition in
the lower Great Plains.
Stocks of old oats on hand are liberal, considering the
inst.
demand. And before long offerings will increase of the new
crop. Under the circumstances there is not much business
being done, and the market lacks features of striking interest. To-day prices declined, with trade dull and other grain
reacting after an early advance. Closing prices are 112 to
/
2c. lower than a week ago.
DAILY CLOSING PRICES OF OATS IN NEW YORK.
Sat. Mon. Tues. Wed. Thurs. Fri.
No. 2 white
cts_ 4734 473
47
4734 4734 47
DAILY CLOSING PRICES OF OATS FUTURES IN CHICAGO.
Sat. Mon. Tues. Wed. Thurs. Fri.
July delivery in elevator
cts_ 3434 3434 3434 3474 3334 3234
September delivery in elevator....- 3754 3654 3634 3574 3574 3431
December delivery in elevator.... _ - 4054 3974 3934 39
3731
39
Rye declined with wheat and also because of favorable
crop news. It looks now as though the crop will be large.
The visible supply in the United States decreased last week
228,000 bushels, as against an increase in the same week last
year of 117,000 bushels. The total is now 967,000 bushels,
against 478,000 a year ago.
To-day prices advanced at first, but reacted with other
grain later. Of late there has been a fair business in rye
for home account, and, it was said, a moderate trade for export, though this was not fully confirmed. Closing prices
The statements of the movements of breadstuffs to market
indicated below are prepared by us from figures collected by
the New York Produce Exchange. The receipts at Western
lake and river ports for the week ending last Saturday and
since Aug. 1 for each of the last three years have been:
Receipts at-
Flour.
Wheat.
Corn.
Oats.
Barley.
Rye.
bole. :361os. bush.60 Los. bush. 56 its. bush. 32 Its.bush.48lts b ash.501bs
22,000
102,000
162,000
868,000 2,913,000 1,536,0
21,000
353,000 142,000
1,171,000
148,000
73,000 101,000
21,000
314,000
612,000
6,000
228,000 151,000
49,000
266,000
6,000
2,000
48,000
76,000
32,000
28,000
12,000
30,000
270,000
1.000
331.000
8,000
87.000
410,000
695,000
305,000
7.000
42,000
103,000
306,000
70,000
220,000
1,457,000
204,000
557,000
204,000
10,00
153,000
235,000
-Total wk. '22 340,000 5,827,000 5,329,000 3,114,00
483.000 153,000
Same wk. '21
264,000
333,00 12,715,000 3,700,000 3,030,000 593,00C
Same wk. '20 261,000 5,318,
4,272.000 3,608,000 363,000 676.000
Since Aug.11921-22 _ _ - 20,449,000 145,792,00C 381,489,000 208.307,000130,905,0023,946,000
1920-21--- 25,697,000357,550,000 150,931,000 t.c 2.0(1 30,624.0 0,19.211,010
0
, 0
1919-20.... l9.397,000429.598.000 214.604.000 267.743.1 '32.647.000137.017,1,00
Chicago
Minneapolis_ _
Duluth
Milwaukee..
Toledo
Detroit.
Indianapolis_
St. I.ouis_ _ _ _
Peoria
Kansas City
Omaha
St. Joseph
THE CHRONICLE
456
Total receipts of flour and grain at the seaboard ports for
the week ended Saturday July 15 1922, follow:
Receipts at-
Flour.
Wheat.
Barrels.
175,000
New York__
Philadelphia__
47,001
Baltimore_ _ __
18,000
78,001
New Orleans•
Galveston_
21,111
Montreal ____
25,001
Boston
Bushels.
891,000
838,600
502,000
546,000
221,000
3,274,000
42,010
Corn.
Oats.
Bushels.
737,000
381,000
663,000
175,000
637,001
Barley.
Rye.
Bushels. I Bushels. Bushels.
483,0001 170,000 357,000
16,0001
77,0001
117,000
24,000
32,000
829,0001
73.0001
136,000
3,000
90,000
1,000
364,001 6,314,000 2,593,011 1,510,000
333,000 465,000
Total wk. '22
Since Jan.1'22 12,795,111 101,766,000 93,999,000 39,i84,000 8,999,00017,499,000
469,000 4,562,000 2,731,00 i
1,084,000
384,000
120.000
Same wk. '21
.
Since Jan.1 2113.252.000111.333.0 i 47.593.000 27.741.000 A.202 00012 itan non
•Receipts do not include grain passing through New Orleans for foreign ports
on through bills of lading.
The exports from the several seaboard ports for the week
ending Saturday, July 13 1922, are shown in the annexed
statement:
Exportsfrom
Coin.
Wheat.
Flour.
Oats.
Rye.
Barley. Peas.
Bushels. Bushels. Barrels. Bushels. Bushels. Bushels. Bushels.
864,443 406,001 143,228 837,521 310,997 311,345
386,000
1,176,000 197,000 6,000
297,000 351,000 6,000
51,000 102,000
2,000
374,000 122,000 25,000
5,000
2,519,000 401,000 45,000 801,000 474,086 234- 656
,
New York
Boston
Philadelphia
Baltimore
Mobile
New Orleans
Montreal
Total week 1922_ 5,230,443 1,863,001 227,228 1,643,521 835,997 647,345
Same week 1921_ _ _ 3,596,852 2,099,658 266,901 853,904 395,000 498,516
The destination of these exports for the week and since
July 1 1922 is as below:
Expcns for Week
and Since
July 1 to-
Flour.
Wert
July 15
Since
July 1
Barrels.
United Kingdom.. 68,570
110,670
Continent
So.& Cent. Amer_ 6,000
17,000
West Indies
Other countries.._ _ 24,988
Total 1922
Total 1921
Corn.
Wheat.
Week
July 15
Since
July 1
Week
July 15
Since
July 1
Bushels.
Barrels.
Bushels. Bushels.
Bushels.
137,866 1,551,288 27,550.067 652,236 1,078,736
166,280 3,672,155 75,352,215 1,159,765 2,425,720
8,000
13,000
13,000
34,000
1.000
38,000
80,000
28,088
7,000
7,000
374,234 5,230,443 10,298,282 1,863,001 3,597,456
670.160 3.5903.852 10.250.451 2.029.658 4 050 042
227,228
266.901
The world's shipment of wheat and corn, as furnished by
Broomhall to the New York Produce Exchange for the week
ending Friday, July 14, and since July 1 1922 and 1921,
are shown in the following:
Wheat.
1922.
Exports.
Week
July 14.
Since
July 1.
Corn.
1921.
Since
July 1.
1922.
Week
July 14.
Bushels.
Bushels.
Bushels.
Bushels.
North Amer _ 6,244,000 12,678.000 14,818,0) 2,000,000
416,000
Russ.& Dan. 376,000
360,000 442,000
Argentina__ _ 3,037,000 6,610,000 3,719,00 1,212,00
Australia_ _ _ _ 1,208,000 1,512,000 1,912,00
512,00
India
125,000
0th. country
Total
10.865.000 21.216,000 21,321,00
3.779,000
1921.
Since
July 1.
Since
July 1.
Bushels.
3,793,00
739,00
5,048,0
Bushels.
5,043,000
1,283,000
9,355,000
150,000
1,110,000
9,730,000 16,791,000
The visible supply of grain, comprising the stocks in granary at principal points of accumulation at lake and seaboard
ports Saturday, July 15, as as follows:
United StatesNew York
Boston
Philadelphia
Baltimore
Newport News
New Orleans
Galveston
Buffalo
Sioux City
Toledo
Detroit
Chicago
"
afloat
Milwaukee
Duluth
St.Joseph,Mo
Minneapolis
St. Louis
Kansas City
Peoria
Indianapolis
Omaha
On Lakes
On Canal and River
GRAIN STOCKS.
Corn,
Oats,
Wheat,
bush.
bush,
bush.
464,000 1,634,000
783,000
141,000
9,000
919,000
483,000
629,000
118,000
810,000
224,000
490,000
8,000
64,000
69,000
1,057,000
1,275,000
1,291,000 1,975,000 3,991,000
286,000
346,000
89,000
138,000
215,000
168,000
23,000
57.000
17,000
1,682,000 10,863,000 11,942,000
422,000
234,000
634,000
889,000
35,000
791,000
1,006,000 1,232,000
492,000
37,000
247,000
2,895,000 1,326,000 15,825.000
183,000
305,000
587,000
1,682,000 3,916,000 1,166,000
88,000
360,000
42,000
202,000
114.000
106,000
839,000 1,900.000
277,000
372,000
742,000 1,221,000
150,000
200,000
30,000
Rye,
bush.
80,000
2,000
11,000
242,000
Barley,
bush.
230,000
1,000
7,000
27,000
14,000
2,000
1,000
4,000
12,000
214,000
246,000
1,000
1,000
20,000
269.000
2,000
10,000
3,000
22,000
143,000
161,000
2,000
270,000
1,000
2,000
11,000
7,000
37,000
3,000
75,000
19,000
Total July 15 1922_ _ _ _15,543,000 26,074,000 14,190,000
967,000 1,185,000
Total July 8 1922_ _ _ _16,879,000 28,719,000 42,400,000 1,175,000 1,375,000
Total July 16 192L....12,849,000 20,371,000 35,372,000
478,000 1,987,000
-Bonded grain not included above: Oats, New York, 18,000 bushels:
Note.
Buffalo, 165,000; Boston. 330,000; total, 513,000 bushels, against 331,000 in 1921;
barley, New York, 45,000 bushels: Duluth, 4,000: Buffalo, 3,000; Boston, 16,000:
total,68,000 bushels, against 69,000 bushels in 1921; and wheat, Now York, 163,000:
Baltimore, 87,000; Buffalo, 568,000; Philadelphia, 606,000; Boston, 28,000; total,
1,452,000 bushels in 1922.
Canadian
966,000 1.469,000 2,474,000
Montreal
366,000
355,000
2,210,000
Ft. William & Pt. Arthur_ 14,596,000
587,000
1,137,000
1,747,000
Other Canadian
232,000
. Total July 15 1922_ _ _ _16,699,000 1,469,000 5,431,000
Total July 8 1922_ _ _18,165,000 1,421,000 5,100,000
Total July 16 1921____ 6,715,000 1,163,000 10,193,000
Summary
15,543.000 26,074,000 14,190,000
American
16,699,000 1,469,000 5,431,000
Canadian
366,000 1,174,000
461,000 1,476,000
119,000 1,791,000
967,000 1,185,000
366,000 1,174,000
Total July 15 1922._._32,242,000 27,543,000 19,621,000 1,333,000 2,359,000
Total July 8 1922.... _ _35,044,000 30,140,000 47,500,000 1,656,000 2,851,000
597,000 3,778,000
Total July 16 1921_ _ _19,564,000 21,534,000 45,565,000
[Vol,. 115.
THE DRY GOODS TRADE.
New York, Friday Night, July 21 1922.
Demand for dry goods appears to be steadily increasing.
The hesitancy on the part of buyers to make purchases at
asked prices, which has been a prominent factor in the situation for some time past, is slowly giving way to a belief that
the higher prices are htre to stay and that sellers are justified in asking them. Buyers in practically all divisions of
the trade are well occupied in looking over merchandise, and
although they are fully convinced as to the justification of
advances, they continue to display resistance until the last
moment before placing orders. An advancing market has no
doubt arrived and is slowly making headway, and while
there are some who continue to debate the feasibility of
higher price levels, they are reluctantly coming to. the conclusion that conditions must be accepted as they exist. Sellers claim that they are not desirous of marking up values,
as they are just as keen as buyers to avoid the pitfalls of inflation, but are forced to do so by the increased costs of production and raw materials. Markets for raw materials have
ruled firm in face of a universal demand for lower prices,
and producers of finished goods are as much against raw
material markets working higher as buyers and consumers,
and are credited with having made every effort possible to
keep the markets within bounds. Sellers, however, have
firm confidence in the future based on the belief that prevailing difficulties, including strikes, foreign situation and
uncertainty over the cotton crop will all be ultimately settled, and that the underlying strength of the market will
withstand all onslaughts.
DOMESTIC COTTON GOODS: An improved demand
has been noted in markets for domestic cotton goods, although the volume of buying is still said to be below what
might be considered normal. Buyers are reaching the market in increasing number, and while they are spending most
of their time in looking over merchandise, they are placing
orders on a more liberal scale. Gingham and dress goods
are being purchased in better volume, and jobbers report
that demand from retailers is steadily improving. A good
demand is reported for broadcloth shirtings, and this fabric
is expected to be featured in many new lines. According to
reports, ratines are meeting with widespread favor. Buyers
who have been abroad and who are now returning, state that
the vogue of this class of goods on the other side is becoming
universal. A fairly active demand is noted for gray goods,
although no great volume of these fabrics has been disposed
of. Print cloths apparently have done better than sheetings,
as sales of the latter have been confined for the most part
to small lots. Rough crepes are holding up well and are being included in many new lines now being opened, while seed
voiles and slack twist voiles are being purchased at market
prices for spot delivery. Inquiry for various other cloths is
also freer, and orders are more plentiful, although there are
no sales of exceptional quantities reported. Print cloths,
28-inch, 64 x 64's construction, are listed at 7M3c., and the
2-inch, 64 x 60's, at 6%c. Gray goods in the 29-inch, 68 x 72's,
/
4c.,
are quoted at 9F and the 38-inch, 80 x 80's, at 1212c.
WOOLEN GOODS: The opening of spring 1923 lines by
the American Woolen Co. during the early part of the week
was favorably received. It showed approximately 3% increase over spring of 1922 and approximately 5% decrease
under advance prices for fall 1922. There was no rush of
buying. In view of the fact that the opening was one of the
largest ever held by the company, approximately 71 fabrics
being shown, it stands to reason that buyers must have time
to look over things and to make up their mind. The next impoitant opening by the American Woolen Co. will be that of
the women's wear department, and it is generally believed
that prices will be well maintained on this line of goods.
FOREIGN DRY GOODS: Fair activity has been reported
in the market for linens, with demand largely for dress
goods. Although there has been some falling off in call for
colored goods, this has been offset by increased inquiry for
white dress goods. Demand for damasks is more or less
irregular, some sellers reporting good business, while others
say things are quiet. Conditions abroad, according to latest
advices, are about unchanged. Production is still curtailed
and there are no indications of legal production limits being
lifted for some time to come. Importers are buying conservatively to anticipate the tariff, while retailers and jobbers
are not, as they believe that producers on the other side will
have to cut prices to allow for the tariff changes. Burlaps
have ruled generally quiet during the week with a steady undertone. Large buyers appear to have satisfied their requirements for the time being and therefore have been confining purchases to small lots. Spot light weights are
quoted at 6.20c. and heavies at 9.35c.
JULY 22 1922.]
ftate
THE CHRC NICLE
1it8 /leparimm
NEWS ITEMS.
Regina, Sask.-Saskatchewan Court of Appeals, Reversing
Decision of Lower Court, Rules That Sterling Bonds May Be
Met at Current Rate of Exchange.-Reference to this decision
may be found on a preceding page in our department of "Current Events and Discussions."
Maryland (State of).
-Court of Appeals Reverses Decision
of Lower Court and Holds Soldiers' Bonus Act Unconstitutional.
-The reader is referred to an article appearing in our department of "Current Events and Discussions," for par.ticulars regarding this decision.
-Bonds Issued.
-The Republic of
Peru (Republic of).
Peru has issued $2,500,000 8% coupon (with privilege of
registration as to principal) 10-year external secured gold
bonds through Blyth, Witter & Co.,and White, Weld & Co.,
of New York, who quickly disposed of the issue at the offering price of par and interest. The bonds are in the denominations of $1,000 and $500 each, are dated June 1 1922, and,
according to the advertisement of offering, are payable as
to principal and semi-annual interest (J. & D.)in U. S. gold
coin of the present standard of weight and fineness at the
Guaranty Trust Co. of New York, without deduction of any
taxes, present or future, of the Republic of Peru. Due
June 1 1932; callable in whole or part, at the option of the
Government, on sixty days' notice, at par and interest.
Further details may be found in an item appearing in our
department of "Current Events and Discussions" and in an
advertisement on a preceding page.
San Francisco, Calif.-City Must Refund Back Taxes.
The appellate Court on July 11 rendered a decision ruling
that the city must return to taxpayers special emergency
taxes levied in the reconstruction of the city following the
fire of 1906, according to fhe San Francisco "Chronicle."
It is noted that if this decision is complied with, the present
tax rate of $3 45 may need to be increased. The "Chronicle"
says:
The SanFrancisco tax rate, fixed on budget figures at $3 45, will need
to be increased to enable the city to pay back taxes, totaling between
$700.000 and 31,000,000, according to afecision yesterday of the Appellate
•
Court.
City Attorney George Lull said yesterday that he will present a petition asking the Supreme Court to grant a rehearing in the case, which
is a legal tangle of technicalities, lawyers have been endeavoring to unwind
for years.
It began following the fire of 1906, when an emergency tax was levied
in the reconstruction of the city. In 1908 the taxpayers claimed the
emergency was past, and the tax was paid under protest for several years.
It is this portion of the tax that has been protested and declared illegal in
the Superior Court.
According to Lull, the taxpayers who have since put in a claim for the
return of the money, swearing they paid under protest, should have refused
to pay the emergency tax at the time and permitted the courts to settle
the question then. Lull said yesterday it would not be legal levy a tax
on present taxpayers to return money paid by past taxpayers.
A petition for writ of mandate ordering the Board of Supervisors to
Include certain judgment against the city in the 1922-23 budget was granted
yesterday by the Appellate Court to Oscar Heyman & Bro., a real estate
Corporation; the Southern Pacific Co. Alexander D. Keys and Herbert A.
'
Erkskin, attorneys; Mary A. Chilton and Albert G. Luchsinger•
The budget was approved by the Supervisors May 9, and contained
no appropriation to settle the judgments obtained by the taxpayers in
the Superior Court.
Should the matter be granted a rehearing in the Supreme Court and
the city again lose the case. Lull said a tax amounting to one-tenth of
the amount may be levied on the taxpayers for the next ten years to Pay
the amount claimed. Lull said there is no way of estimating the exact
amount of all the claims, as since the decision of the Supreme Coourt in
favor of the protested tax, new claims are being filed against the city every
week by persons who hitherto remained silent in the matter.
BOND PROPOSALS AND NEGOTIATIONS
this week have been as follows:
ABERDEEN, Brown County, So. Dak.-BOND SALE.
-The SwainPeters Co. of Aberdeen has purchased $150,000 paving bonds at par.
ADAMS, Gage County, Neb.-BONDS DEFEATED.
-At the election
-the $115,000 water extension bonds were
held on July 11-V. 11 p. 207
defeated by a vote of 115 to 96.
ADAMS COUNTY SCHOOL DISTRICT NO. 27 (P. 0. Brighton),
-BONDS DEFEATED.
-On July 10 the $3,000 school bonds were
Colo.
defeated by a vote of 19 "for" to 156 "against" at the election held on
that date
-V. 115. p. 207.
ALBUQUERQUE, Bernalillo County, N. Mex.-BOND OFFERING.
-Sealed bids will be received until 8 p. m. Aug. 22 by Ida V. Malone, City
Clerk,for the following coupon bonds,aggregating $340,000:
$115,000 sewerage disposal plant bonds. Denom. $1.000. Due on Sept. 1
as follows: $31,000 1932; $4,000 1933 to 1948 incl., and $5,000
1919 to 1952 incl., optional after Sept. 1 1942.
100,000 storm sewer bonds. Denom. $1.000. Due on Sept. 1 as follows:
$16,000 1932: $4,000 1933 to 1948 incl., and 35.000 1949 to 1952
incl.; optional after Sept. 1 1942.
50,000 reservoir bonds. Denom. $1,000. Due on Sept. 1 as follows:
$10.000 1932; $1,000 1933 to 1962 incl., and $2,000 1963 to 1967
incl.; optional after Sept. 1 1942.
50,000 sanitary sewer bonds. Denom. 31.000. Due on Sept. 1 as follows: $4.000 1932. $2,000 1933 to 1946 incl., and $3,000 1947 to
1952 incl.; optional after Sept. 1 1942.
25,000 water main bonds. Denom. $2,000 and 31.000. Due on Sept. 1
as follows:$10.000 1932,$1.000 1933 to 1937 incl., and $2.000 1938
to 1942 incl.
Date Sept. 1 1922. All of the above bonds bear 53,1% interest with the
exception of the $25,000 water main bonds which bear 6% interest. Prin.
and semi-ann. int.(M. & S.) payable in gold at the City Treasurer's office.,
or at Harris, Forbes & Co., N. Y. City. Legality approved by John C.
Thomson, N. Y. City. A cert. check upon an incorporated bank or trust
company for 2% of bid, payable to the City of Albuquerque,required. Bids
for less than par and accrued interest will not be considered.
-J. F.
-BOND OFFERING.
ALEXANDRIA, Rapides Parish, La.
Foisy, Mayor, will receive sealed bids until 10 a. m. Aug. 28 for 3360.000
5% public improvement
Date Aug. 1 1922. Denom $1.000.
Prin, and int. payable at the City Treasurer's office or at the U. 9:Mtge. &
bonds.
Trust Co., N. Y. City. Due yearly on Aug. 1 as follows: $5.000 1923;
$6,000 1924 to 1926 incl.: $7,000 1927 to 1930 incl.; $8,000 1931;$9,000 1932
to 1934 incl.•, $10,000 1935 and 1936; $11,000 1937 and 1938; $12,000 1939
and 1940; $13,000 1941; $14,000 1942 and 1943;$15,000 1944; 316,000 1915;
$17,000 1946 and 1947; $19,000 1948 and 1949; $20,000 1950; $21,000 1951
and $23,000 1952. A cert. check for 33,600 required. Legality approved
457
by Caldwell & Raymond, N. Y. City. City will furnish blank bonds.
The bonds will be prepared under the_supervision‘of the U. S. Mtge. &
Turst Co., N. Y. City.
ALMA, Harden County, Neb.-BOND ELECTION CONSIDERED._
An election to vote on issuing $25,000 auditorium bonds is being considered.
AMHERST,Buffalo County, Neb.-BOND SALE.
-During the month
of June the State of Nebraska purchased $13,000 6% electric light and
electric transmission bonds at par. Date April 1 1922. Due April 1 1942.
ARLINGTON, Middlesex County, Mass.
-TEMPORARY LOAN.
On July 17 the temporary loan of $50,000, dated July 20 1922 and maturing
May 16 1923-V. 115, p. 332
-was awarded to Grafton & Co. of Boston
on a 3.72% discount basis.
ARLINGTON SCHOOL DISTRICT (Arlington), Hancock County,
Ohio.
-BOND OFFERING.
-Proposals will be received until 12 m. Aug. 3
by N D. Stein, Clerk of Board of Education, for the purchase at not less
than par and interest of $120,000 53 % school building bonds, issued
under authority of Sec. 7630-1 Gen. Code. Denom. $1,000. Date
July 15 1922. Prin. and semi-ann. In (M.& S.), payable at the District
Depository or at the office of the Clerk-Treasurer of the district. Due
$5,000 yearly on Sept. 15 from 1923 to 1946, incl. Cert. check for 31.000.
payable to the Board of Education required.
ARMSTRONG COUNTY (P. 0. Kittanning), Pa.
-BOND OFFERING.
-The Board of County Commissioners
H. Bowser, President)
will receive bids until 11 a. m.July 29 for the purchase at not less than par
(W.
of $800,000 4% coupon road bonds. Denom. 31.000. Date Aug. 1
1922. Int. M.& N. Due yearly on Aug. 1 as follows: $30,000 1925 to
1929, incl.,• $40,000 1930 to 1934, incl.; 350.000 1935 to 1937. incl., and
360.000 1938 to 1942, incl. It is said in the official circular that
and coupons are free of all Pennsylvania taxes, present or future. the bonds
Certified
check for $1,000 required.
-4
ASHTON, Sherman County, Neb.-BOND ELECTION.
-A special
election will be held on July 20 to vote on the question of issuing a sum
of bonds not to exceed $14.300 for the purpose of constructing a waterworks
system. G. L. Polske, Village Clerk.
ATTALIA IRRIGATION DISTRICT (P. 0. Attalla), Walla Walla
-BOND SALE.
County, Wash.
-An issue of $6,000 8% new pipe line
construction bonds, voted on June 17 by 23 to 3, has been sold.
AUBURN, Cayuga County, N. Y.
-BOND SALE.
-On July 14 the
$85,000 4 X% coupon or registered water refunding bonds, offered on that
date
-V. 115, p. 208-were awarded to the Mirine Trust Co. of Buffalo,
at 100.15,a basis of about4.23%. Due $2,000 1923,$3,000 1924 and $4,000
yearly from 1925 to 1944. inclusive.
BAD AXE, Huron County, Mich.
-BOND ELECTION.
-On July 24
the taxpayers will vote on the question of issuing 330,000 bonds for city
purposes.
BANNER SCHOOL DISTRICT NO. 12, No. Dak.-BOND SALE.
The State of North Dakota purchased $15,000 building bonds at par during
the month of May. Date Aug. 1 1920. Due Aug. 1 1940. Bonds
are not subject to call, but may be redeemed 2 years after date.
BANNOCK COUNTY RURAL HIGH SCHOOL DISTRICT (P. 0.
Downy), Idaho.
-BOND SALE.
-The Palmer Bond & Mortgage Co. of
Salt Lake City has purchased $63,000 6% 10-15-year (opt.) school-building bonds.
BARRY COUNTY (P. 0. Hastings), Mich.
-BIDS REJECTED
BONDS RE
-OFFERED.
-All bids received on July 8 for an issue of $35,000
6% Assessment Road District No. 19 bonds were declined. These bonds
are being re-offered for sale to-day (July 22).
BEAVER DAM, Dodge County, Wis.-BOND SALE.
-The $185,000
5% coupon high school building bonds offered on July 12-V. 115, p. 101
have been awarded to the Old National Bank of Beaver Dam,at a premium
of $4,884, equal to 102.64, a basis of about 4.64%. Date May 1 1922.
Due yearly on Jan. 15 as follows: $5.000 1924 and 1925. 36,000 1926 to
1928, incl.: $8,000 1929 and 1930, 310,000 1931 to 1934, incl.*, $12,000 1935,
$15,000 1936, $20,000 1937 to 1939, incl., and 314,000 1940.
BENTON SCHOOL TOWNSHIP (P. 0. Ligonier), Elkhart County,
Ind.
-BOND SALE.
-The $36,000 5% 1 to 15 year serial school bonds
offered on July 15-V. 115, p. 208
-were sold to the Fletcher American
Co. of Indianapolis at a premium of $995 (102.763) a basis of about 4.56%.
Date July 15 1922. Due $2,400 each year on July 15from 1923 to 1937 incl.
The following bids were received
Premium.
First & Hamilton Nat. Bank
m
:7172 Salem Bank & Trust Co
.
$570
J. F. Wild & Co. State Bank__ _ 6301
BERRIEN COUNTY (P. 0. St Joseph), Mich.
-BOND SALE.
According to a recent issue of the Michigan "Investor," the Detroit Trust
Co. was awarded $20,000 5% road bonds at a premium of $104 (100.52).
Due from 1 to 15 years.
BIENVILLE PARISH SCHOOL DISTRICTS (P. 0. Arcadia), La.
BOND SALE.
-The two Issues of school bonds offered on July 6-V. 115,
p. 102
-were awarded as 6s as follows:
$100,000 School District No. 1 bonds, awarded to R. M. Grant & Co.
at 104.28, a basis of about 5.50%. Denom. $1,000. Due
yearly on Aug. 1 as follows: 33,000, 1923 to 1926 incl.; $1,000,
1927 to 1931 hid!.; 35,000, 1932 to 1931 incl.; $6,000, 1935 to
1940 incl.• 38,000, 1941, and 39,000, 1942.
20,000 School District No. 16 bonds. awarded to the Whitney Central
Trust & Savings Bank of New Orleans at 100.60, a basis of
about 5.87%. Denom.$500. Due yearly on Aug. 1 as follows:
$1,500,
to1925 incl.; $2,000, 1926 to 1929 incl.; and $2,500,
1930 to 1932 incl.
Date Aug. 1 1922.
BLACK LOAM SCHOOL DISTRICT, No. Dak.-BOND SALE.
The State of North Dakota purchased $10,000 4% building bonds at par
during the month of May. Date July 11920. Due July 1 1940. Bonds
are not subject to call; may be redeemable 2 years after date.
BLOOMFIELD INDEPENDENT SCHOOL DISTRICT (P.O. Bloomfield), Davis County, Iowa.
-BOND OFFERING.
-R. C. Bristow,
Secretary, will receive sealed bids until 1.30 p. in. Aug. 1 for $135,000 5%
coupon school building bond,. Denom. $1,000. Date Aug. 11922. Int.
(M.
-N.), payame at tile City Treasurer's office. Due on May 1 from
1924 to 1942. These bonds were recently voted-V. 114, p. 2744.
BONNER COUNTY (P. 0. Sandpoint), Idaho.
-BONDS VOTED.
By a vote of 27 to 1, $10,000 road bonds were voted recently.
BOULDER, Boulder County, Colo.
-BOND ELECTION.
-An election Will be held on Aug. 22 to vote on the question of issuing $100,000
bonds to build a new reservoir.
BRACKENRIDGE SCHOOL DISTRICT (P. 0. Brackenridge),
Allegheny County, Pa.
-The $120,000
% coupon
-BOND SALE.
school building bonds offered on July 17-V. 115, p. 208-were awarded
to E. H. Rollins & Sons of Philadelphia for $123,015 (102.5125) and interest, a basis of about 4.29%. Date July 1 1922. Due $20,000 on July 1
in each of the years 1927, 1932, 1937, 1942, 1947 and 1952. Other bidders
were:
Name
Premium
Geo. McGregor, Pittsb____$1r 976 u J.H.HolmesName& Co.,Pittsb.$1,015 00
P, i r()
Mellon Nat. Bank, Pittsb_ 1,511 65'Redmond & Co., Phila_ _
727 00
-BONDS VOTED.
BRADDOCK TOWNSHIP,Allegheny County,Pa.
-By a vote of 95 to 12 the proposition to issue $4.000 funding and $14,000
water supply bonds carried at the election July 17.-V. 115. p. 208.
1923
BRADLEY SCHOOL DISTRICT (P. 0. Bradley), Clark County,
So. Dak.-BOND ELECTION.
-A special election will be herd on Aug. 5
for the purpose of submitting to the voters the proposition of issuing $45,000
bonds for the election of a new public school bldg..
-BOND OFFERING.BRECKSVILLE, Cuyahoga County, Ohio.
H. A. Ellsworth, Village Clerk, will receive sealed bids undid'',in. Aug. 12
for $50,000 534% electric light and power bonds issued under authority of
the laws of Ohio and Sec. 3939 Gen. Code, and in accordance with an
ordinance passed July 12 1922. Denom.$1.000. Date Aug. 11922. Int.
semi-ann. Due yearly on Nov. 1 as follows: $3,000 from 1923 to 1932,
inclusive, and 34.000 from 1933 to 1937, inclusive. Certified check for
5% of the amount of bonds bid for is required. The bonds will be sold
at not less than par and accrued interest. An issue of $50,000 6% electric
lght and power bonds is scheduled to be sold on July 24-V._115, p. 208.
458
T1TE CHRONICLE
[Vol,. 115.
-Recently an
COLERIDGE, Cedar County, Neb.-BOND SALE.
issue of $10,000 funding bonds was disposed of.
COLFAX COUNTY SCHOOL DISTRICT NO. 25 (P. 0. Raton),
-Until 10 a. m. Aug. 3 bids will be received
N. Mex.-BOND OFFERING.
-30
for $15,000 6% 10 -year (opt.) bonds. Bids for less than 90 will not be
considered. Ralph Callery, Treasurer.
COLFAX COUNTY SCHOOL DISTRICT NO. 3 (P. 0. Cimarron),
-Bids will be received until 3 p. m. Aug. 4
N. Mex.-BOND OFFERING.
-30
for the $75,000 6% 10 -year (opt.) school-building bonds recently voted
(V. 115, p. 334). Will H. Lambert, Clerk.
-The Ed-BOND SALE.
COLLINSVILLE, Madison County, 111.
wardsville National Bank, the Alton National Bank, the Collinsville
National Bank and the Belleville Savings Institution have purchased $52,000
water service improvement bonds.
-BONDS • VOTED.
COLUMBIA JUNCTION,Louisa County,Iowa.
Recently $10,000 water works plant extension bonds were voted.
-On July 11
COLUMBUS, Platte County, Neb.-BONDS VOTED.
the $30,000 water-works and the $5,000 main sewer bonds were voted at
the election held on that day (V. 114. p. 2850).
CONNOR SCHOOL DISTRICT NO. 50, No. Dak.-BOND SALE.
During the month of May the State of North Dakota purchased $18,000
Due July 1 1940. Although
4% funding bonds at par. Date July 1 1920.
the bonds are not subject to call, they may be redeemed 2 years after date.
CONWAY SCHOOL DISTRICT NO.64(P.O. Walsh), Walsh Coun-The State of North Dakota purchased
-BOND SALE.
ty, No. Da.
1
of May.
$10,000 4% building bonds at par during the monthto call butDate May
may be re1940. Bonds are not subject
1920. Due May 1
deemed after two years from date.
COOPER COUNTY (P. 0. Boonville), Mo.-BOND OFFERING.a. m.
Chas. A. Walz, County 'Treasurer, will receive sealed bids until 10 suit
July 31 for $125,000 5% registered road building bonds. Denom. to
-A., payable at the County Treaspurchaser. Date Aug. 1 1922. Int. F.
urer's office. Due from 1924 to 1942. A certified check for $5,000, payable
to the county required.
-The
-DESCRIPTION.
CORSICANA, Navarro County, Texas.
de$50.000 5% water bonds awarded as stated in V. 114, p. 2745, are
1922. Principal and semiscribed as follows: Denom.$1,000. Date July 1
annual interest (J. & J.) payable at the Seaboard National Bank, New York
City. Due serially $2,000 and $3,000 alternately on July 1 from 1943 to
1962, inclusive.
COTTONWOOD COUNTY SCHOOL DISTRICT NO. 74 (P. 0.
-The Minneapolis Trust Co., of Minneap-BOND SALE.
Jeffers), Minn.
olis, has purchased $40,000 434 % school bonds at par and accrued interest.
Denom.$1,000. Int. T. & J. Date June 1 1922. Due $1,000 yearly from
1932 to 1941, inclusive, and $30,000, 1942.
COTTON VALLEY SCHOOL DISTRICT NO. 12 (P. 0. Minden),
-BOND SALE.-Sutherlin, Barry & Co.. Inc., of
Webster Parish, La.
New Orleans, have purchased the $60,000 6% school bonds offered on
July 10(V. 115. p. 103) at a premium of $4,357, equal to 107.26, a basis of
about 5.059'. Denom. $1,000. Date Aug. 1 1922. Interest annually
(August). Due Aug. I 1932.
-The $20,000
-BOND SALE.
COXSACKIE, Greene County, N. Y.
-were awarded to the
5% sewer bonds offered on July 18-V. 115, p. 334
(101.25) and interest.
Manufacturers National Bank of Troy, for $20.250
a basis of about 4.74%. Date July 11922. Due $2,000 yearly on July 1
from 1923 to 1932, inclusive. Other bidders were:
Bid.
Bid. I NameNameUnion National Corp., N.Y_ _100.18 P. A. Goodman, Coxsackie_ _ _100.10
Co., N.Y_100.15
Geo. B. Gibbons &
-BOND OFFERING.
CRAWFORD COUNTY (P.O. Meadville), Pa.
Floyd G. Altenberg, Clerk of Board of County Commissioners, will receive
2 p. m.Aug.3for $500,000 434% coupon highway bonds. Denom.
bids until
$1,000. Date Aug. 11922. Int. F.& A. Due yearly on Aug. 1 as follows:
and
$51.000 1927, $14,000 1928, $16,000 1929 to 1931, incl.; 318.000 1932
1933. $20.000 1934 and 1935, $21,000 1936, $22,000 1937, $23,000 1938,
1944,
$24,000 1939.$26,000 1940 and 1941,$28,000 1942. 330,000 1943 and Penn$32.000 1945, $34,000 1946, $15,000 1947. Certified check on a
sylvania bank for $10,000 required. Legality to be approved by Townsend,
Elliott & Munson of Philadelphia.
CROOK COUNTY HIGH SCHOOL DISTRICT (P. 0. Sundance_,.)
-The State of Wyoming has purchased $35,000 6%
Wyo.-BOND SALE.
school building bonds at 103.125.
CROOK COUNTY SCHOOL DISTRICT NO. 1 (P. 0. Sundance),
-The Stgte
Wyo.-BOND SALE.at 103.50. of Wyoming has purchased $15,000 6%
school building bonds
-BOND OFFERING.
CURRY COUNTY (P. 0. Gold Beach), Ore.
Arthur G. Walker, County Clerk, will receive sealed bids until 5 p. m.
Aug. 2 for $92,000 road bonds at not exceeding 6% interest. Date July I
1922. Int. J. & J. Due June 1 1936. Cert. check for 10% required.
-BOND OFCUTLER SCHOOL DISTRICT, Tulare County, Calif.
FERING.-Geo. R. Prestidge. County Clerk (P.0. Visalia), offered $15,000
6% school bonds on July 21. Denom. $1,000. Prin. and semi-ann. int.
& .) payable at the County Treasurer's office. Due $1,000 yearly on
itily 1 from 1927 to 1941 incl.
-On
-BOND SALE.
CUYAHOGA COUNTY(P.O. Cleveland), Ohio.
CASSIA COUNTY SCHOOL DISTRICT NO. 2 (P. 0. Oakley), July 8 the following 5% coupon Pleasant Valley Road No..1 improvement
-Until 2 p. m. July 29 bids will be received for
-BOND OFFERING.
Ida.
p. 103) were sold to Hayden, Miller &
bonds, offered on that date (V. 115,
-20
% 10 -year (opt.) school building bonds. R. M. Harper, Co., of Cleveland, for $72,212 64 (100.58) and interest, a basis of about
$40,000
Clerk.
4.88%:
-BONDS AUTHORIZED. $19.273 44 594-year (average) special assessment bonds. Denom. 1 for
CHARLEVOIX, Charlevoix County, Mich.
$273 44 and 19for $1,000 each. Due yearly on Oct. 1 as follows:
-The Michigan "Investor" recently stated that the City Council has
$1,273 44 in 1923, $2.000 from 1924 to 1929, inclusive, and
authorized $1,490 6% special assessment bonds. Due from 1 to 4 years.
$3,000 in 1930 and 1931.
CHEROKEE COUNTY SCHOOL DISTRICT NO. 28, So. Car, 52,516 20 594-year (average) (county's portion) bonds. Denom. 1 for
$516 20 and 52 for $1,000 each. Due yearly on Oct. 1 as follows:
-The Merchants' & Farmers' National Bank has purchased
BOND SALE.
$4,516 20 in 1923 and $6,000 from 1924 to 1931, inclusive.
$15.000 school bonds.
submitted
SALE._
Date June 1 1922. Int. A. & 0. Stacy & Braun, of Toledo,
CHIPPEWA FALLS, Chipoppewa County, Wisc.-BOND
64.
McNear, Heeter & Co. of Minneapolis, have purchased $20,000 paving a bid of 372,046
equal to 102.01.
J. Hieber, Clerk Board of County Commis-A.
bonds at a premium of $402,
BOND OFFERING.
will receive sealed bids until 11 a. m. July 29 for the following.
- sioners,
CHOWCHILLA SCHOOL DISTRICT, Madera County, Calif.
coupon street improvement bonds:
bonds. Denom. 1 for
of $15.000 6% school bonds has been awarded, 5%
-An issue
BOND SALE.
$191,250 62 special assessment Lorain Ave. impt.
on Oct. 1 as
according to reports, to Freeman, Smith & Camp Co. of San Francisco for
3250 62 and 191 for $1,000 each. Due yearly to 1928, incl.,.
106.07.
$20,250 62 in 1923, $21,000 from 1924
follows:
$15,911, equal to
inclusive.
Pa.
and $22,000 from 1929 to 1931,
-BOND SAL
bonds. Denom. 1 for
CLAIRTON, Allegheny County, bonds, part of an -The $145,000
ssue of $190,000,
191,250 62 county's share Lorain Ave. impt.
on Oct. 1 as
% funding and street-improvement
been sold, it
$250 62 and 191 for $1,000 each. Due yearly to 1928, incl.
reported, to the
offered on July 8 (V. 115. p. 103), have
follows: $20,250 62 in 1923, $21,000 from 1924
of Pittsburgh.
Mellon National Bank
and $22,000 from 1929 to 1931, inclusive.
Ind.
impt. bonds. Denom. 1 for
-BOND OFFERING.
CLARK COUNTY (P. 0. Jeffersonville),
46,911 53 special assessment Lorain Ave.
on Oct. 1 as
$911 53 and 46 for $1,000 each. Due yearlyto 1929, incl.,
0. B. Fifer, County Treasurer, will receive bids until 10 a. m. July 31 for
Harmon et al. Oregon Township highway impt. bonds.
$4,911 53 in 1923. $5,000 from 1924
follows:
$17,200 5% Sherman
12 1922. Int. semi-ann. (M. & N. 15). Due
and 36,000 in 1930 and 1931.
Denom. 4.860. Date July May 15 1923 to Nov. 15 1932 incl.
bonds. Denom. 1 for
46,911 53 county's share Lorain Ave. impt.
$860 each six months from
on Oct. 1 as
$911 53 and 46 for $1,000 each. Due yearly to 1929, incl.
Ind.
-BOND OFFERING.
-Bids for
CLAY COUNTY (P. 0. Brazil), bonds will be received
follows: $4,911 53 in 1923. $5,000 from 1924
al road
until 11 a. m.
0
and $6,000 in 1930 and 1931.
$13,200 57 Jesse Liechty et
County Treasurer. Denom. $330. Date
payable at County
July 25 by West Stever,Nov. 15. Due $660 each six months from June 15
Date July 11922. Prin. and semi-ann. int. (A.-0.),
May 15
shall be sold at not less than par and accrued
1922. Int. May 15 and
Certified check for $500, payable to the Treasurer's office. The bonds bank other than the one making the bid
check on a
1923 to Nov. 15 1932, inclusive.
Bonds will not be sold for less than par and interest. Certified
to the County Treasurer, required.
County Treasurer, required.
for 1% of the amount bid for, payable
interest.
-The above official will receive sealed bids until
BOND OFFERING.
N. Y.
-BOND SALE.
COBLESKILL,Schoharie County, awarded $9,000 -On July 10 11 a. m. Aug. 5 for $128,000 5% coupon special assessment Sewer District
was
water-extension
bonds. Denom. $1,000.
the First National Bank of Cobleskill
No. 1, Water Supply Improvement No. 14
Denom. $1,000. Date
bonds on its bid of par for 43is. July 1 from 1923 to 1925, July 1 1922. Date Aug. 1 1922. Prin. and semi-ann. int. (A.-0.), payable at the
yearly on
Int. J. & J. Due $3,000submitted by the Union National inclusive. A County Treasurer's office. Due $8,000 yearly on Oct. 1 from 1924 to
Corporation of
than the one making the
bid of 100.56 for 6s was
1929, incl. Cert, check on a solvent bank other to the County
payable
Treasurer
New York.
bid for 1% of the amount of bonds bid for,
FREE SCHOOL DISTRICT NO. 3 is required. The bonds will be sold for not less than par and accrued int.
COEYMANS TOWN UNION
-BOND SALE.
-On July 20
Albany County, N. Y.
(P. 0. Ravena),
-BOND SALE.
-The
awarded to Geo. B. Gibbons & Co. of
DALLAM COUNTY (P. 0. Dalhart), Tex.
$125,000 5% school bonds were about 4.96%. Date Aug. 1. 1922. int.
3150,000 6% court house and jail bonds recently voted-V. 115, p. 103
New York, at 100.65, a basis of follows: 52,000 1923 to
1972, incl. and have been sold to the Sutherlin Securities Co. of Kansas City at a premium
on Jan. 1 as
J. & J. Due yearly
equal to 105.67.
of $8,417 71,
$2,500 1973 to 1982. inclusive.
-PRICE BID-BASIS.
BROCKTON, Plymouth County, Mass.
The bid submitted by White. Weld & Co. in securing the $630,000 bonds
333, was 100.035, the $35,000 city hall square
as reported in V. 115, p.
extension and $40,000 fire alarm sugnal building bonds to bear 4% and the
remaining $555,000 to bear 43.i %. This figure is on a basis of about 4.21%.
-On July 19, it is stated, a temporary loan of
TEMPORARY LOAN.
$100,000, dated July 20 1922 and maturing July 20 1923, was awarded to
the Home National Bank of Brockton on a 3.51% discount basis, plus
$1 25 premium.
-BOND OFFERING.
BROWN COUNTY (P. 0. Nashville), Ind.
L. J. Sinder, County Treasurer, will receive bids until 1 p. m. Aug. 7 for
the following 43/% highway improvement bonds:
$22.000 H. P. Poling et at. Jackson Township bonds. Denom. $1,100.
Date July 15 1923.
5,600 Brown, Deckard et al. Johnson Township bonds. Denom. $280.
Date Aug. 15 1922.
Int. semi-ann.(M.& N. 15). Due one bond ofeach issue each six months
from May 15 1923 to Nov. 15 1932 incl.
BUCHANAN COUNTY SCHOOL DISTRICT NO. 3 (P. 0. Faucet),
-Until 2 p. m. July 29 bids will be received for
Mo.-BOND OFFERING.
$35,000 5% high school bldg. bonds. Jas. W. Roach, Secretary, Board
of Education.
BUTTONWILLOW SCHOOL DISTRICT, Kern County, Calif.
-Reports say that Freeman, Smith & Camp Co. of San FranBOND SALE.
bonds for $22,831, equal to 103.77.
cisco have purchased $22,000 6% school
BYRON SCHOOL DISTRICT (P. 0. Byron), Shiawassee County,
-The price at which the Michigan Trust Co. of Grand
Mich.
-PRICE.
-was
-V, 115, p. 333
Rapids, acquired the $25,000 5% school bldg. bonds
$25,404 50, equal to 101.61. They were acquired on July 1 and are described as follows: Denom. $1,000. Date June 1 1922. Int. J. & D.
Due serially.
-The State
BYRON SCHOOL DISTRICT, No. Dak.-BOND SALE.
of North Dakota purchased $10,000 4% building bonds during the month
of May at par. Date May 1 1920. Due May 1 1940. Bonds are not
subject to call, but may be redeemed 2 years after date.
-The
CAMBRIA COUNTY (P. 0. Ebensburg), Pa. -BOND SALE.
$500,000 434% coupon (with pribilege of registration) road and bridge
-were awarded to the Mellon
bonds offered on July 12-V. 115, p. 102
National Bank of Pittsburgh, which is now offering them to investors at
prices to yield 43i 7, Date Aug. 11922. Semi-ann. int. (F. & A.) payable at the County Treasurer's office. Due yearly on Aug. 1 as follows:
$29,000
$22,000 1941
1923
$10,000 1929
$17,000 1935
30,000
23,000 1942
1924
16,000 1930
17,000 1936
31,000
25,000 1943
1925
18,000 1937
15,000 1931
33,000
25,000 1944
1926
19,000 1938
15,000 1932
29,000
26,000 1945
20,000 1939
1927
15,000 1933
28,000
21,000 1940
16,000 1934
1928
CAMPBELL COUNTY (P. 0. Alexandria), Ky.-BOND ELECTION.
-An election will be held on Aug. 5 to vote on the question of issuing
$1,000,000 road and bridge bonds.
-On July
-BOND SALE.
CANANDAIGUA, Ontario County, N. Y.
6 Clark, Williams & Co. of New York were awarded $96,000 43/29' sower
disposal plant bonds for $96,110 40, equal to 100.11, a basis of about
4.48%. Denom. $1,000. Date Jan. 1 1922. Int. J. & J. Due $6,000
yearly on July I from 1923 to 1938 inclusive.
-Bids
CANDO, Towner County, No. Dak.-BOND OFFERING.
will be received until 4 p. m. July 24 by H. G. Skinner, City Clerk, for
$40,000 funding bonds not to exceed 6%. Denom, $1,000. Date July 1
1922. Prin. and semi-ann. int. (J. & .1.) payable at some bank in Minneapolis or St. Paul. Due July 1 1942. Bids for less than par and accrued
A certified check for $5,000, payable to
Interest will not be
the City Treasurer, required. The approving opinion of Lancaster,
considered'
Simpson, Junell & Dorsey of Minneapolis, will be furnished the purchaser
free of charge.
CANTON INDEPENDENT SCHOOL DISTRICT (P. 0. Canton),
-BONDS REGISTERED.
-The State CompVan Zandt County, Texas.
troller of Texas registered $9,000 6% serial bonds on July 10.
CARIBOU COUNTY SCHOOL DISTRICT NO. 8 (P. 0. Soda
-At the election held on June 10-BONDS DEFEATED.
Springs, Ida.
-the 37.000 6% school bond issue was defeated.
V. 114, p. 2623
CARPIO SCHOOL DISTRICT NO. 156 (P. 0. Carpio), Ward
-During the month of May the State
County, No. Dak.-BOND SALE.
of North Dakota purchased $10,000 4% building bonds at par. Date
July 1 1920. Due July 1 1940. Bonds are not subject to call, but may
be redeemed 2 years after date.
CARTHAGE GRADED SCHOOL DISTRICT (P. 0. Carthage),
-BONDS VOTED.
-On July 13 $65,000 school
Moore County, No. Caro.
bonds were voted by a count of 285"for" to 57 "against."
CARLTON COUNTY INDEPENDENT SCHOOL DISTRICT NO. 7
-BOND SALE.
-The Merchants' Trust & Sav(P. 0. Cloquet), Minn.
ings Bank and Gates, White & Co., both of St. Paul, jointly purchased
$100,000 55.4 % coupon gold school bldg. bonds on July 10 at par plus a
premium of $800, equal to 100.80. Denom. $1,000. Date July 1 1922.
-J.), payable at the Merchants' Trust & Savings
Prin. and semi-ann. int.(J.
Bank, St. Paul. Due yearly on July 1 as follows: $8,000, 1925; $4,000,
1926. and $8.000, 1927 to 1937. incl.
JULY 22 1922.]
THE CHRONICLE
DALLAS COUNTY (P. 0. Dallas), Texas.
-BONDS REGISTERED.
The State Comptroller of Texas recently registered $16,000 fresh water
supply bonds.
-On
-BOND SALE.
DAVIESS COUNTY (P. 0. Washington), Ind.
July 13 the $15,600 5% 5 7-12Lyear (average) Francis M.Hunter et al road,
Barr Township, bonds, offered on that date (V. 115,P. 209), were sold to
the Fletcher-American Co., of Indianapolis, for $15,838 (101.52) and
Interest, a basis of about 4.685%. Date July 15,1922. Int. May 15 and
Nov. 15. Due $780 each six months from May 15 1923 to Nov. 15 1932.
A bid of $15,804 36 was submitted by Thomas D. Sheerin & Co., of Indianapolis.
DAYTON CITY SCHOOL DISTRICT (P.O. Dayton), Montgomery
-c. J. Schmidt, Clerk-Treasurer of
-BOND OFFERING.
County, Ohio.
the Board of Education, will receive sealed bids until 12 in. Aug. 3 at his
office, Suite 216, Ludlow Bldg. corner of Fifth and Ludlow Sts., Dayton,
for $900,00057 school bonds. ,
Denom.$1,000. Date Aug.1 1922. Prin.
o
and temi-ann. int. (A. & 0.) payable in New York City. Due yearly on
Oct. 1 as follows: $40,000 in 1924, 1931 and 1938. and $39,000 in each of
the years from 1925 to 1930, incl., from 1932 to 1937, incl., and from 1939
to 1946, incl. Issued by virtue of Sections 7625, 7626 and 7627 of the
General Code and pursuant to a resolution of the Board of Education
passed June 22 1922. Certified check on a solvent bank or trust company
for 5% of the amount of bonds bid for, payable to the Board of Education,
is required with each bid. Payment for bonds must be made not later than
• Aug. 11 1922, when the bonds are to be delivered at the Clerk-Treasurer's
office. Proceedings leading up to the issue of the bonds have been supervised by Squire, Sanders & Dempsey. bond attorneys of Cleveland, and
their favorable certificate as to the validity of the bonds will be furnished
to the purchaser.
Financial Statement.
$239,886,420 00
Tax valuation, Dayton School District (1921)
2,995,000 00
Bonds outstanding July 1 1922
Par value of Board of Education Sinking Fund
$72,000 00
investments, July 1 1922
46,023 98
Cash balance, Sinking Fund, July 1 1922
459
Prin. and semi-ann. int. payable in gold coin at the U. S. Mtge. & Trust
Co., New York, where bonds may be registered as to principal or as to principal and interest. Cert. check on an incorporated bank or trust compan3
for 1% of amount of bonds bid for, payable to R. W. Booth, County Treasurer, required. Delivery to successful bidders to be made at the County
Treasurer's office on Aug. 15. Bonds will be engraved under supervision
of U.S. Mtge. & Trust Co.;legality approved by John C. Thomson of N.Y.
ESTANCIA, Torrance County, N. Mex.-CERTIFICATE OFFERING.
-C.D.Grubbs,Town Clerk, will receive bids until July 31 for $10,000
6% sewer certificates.
EVANSVILLE SCHOOL CITY (P. 0. Evansville), Vanderburg
County, Ind.
-BOND OFFERING.
-The Board of School Trustees
(Daniel Wertz, Secretary), will receive proposals until 10 a. m. Aug. 15
for $360,000 43. % coupon school bonds. Denom. $1,000. Date Aug. 15
1922. Prin. and semi-ann. int.(Jan. 15 & July 15) payable at the National
City Bank of Evansville. Due $20,000 yearly on July 15 from 1925 to
1942, incl. Cert. check on a responsible bank or trust company for 3%
of total bid, payable to the Board of School Trustees required. Bonds
will not be sold for less than par and interest.
EXETER UNION HIGH SCHOOL DISTRICT, Tulare County,
Calif.
-BOND OFFERING.-Geo. R. Prestidge, County Clerk, (P. 0,
Visalia), offered $150,000 5% school bonds on July 21. Denom. $1,000.
Prin. and semi-ann. int. (J. & J.) payable at the County Treasurer's office.
Due yearly on July 5 as follows: $1,000 1925 to 1928 incl., $2,000 1929 to
1934 incl., $4.000 1935 to 1948 incl., $6,000 1949 and $8,000 1950 to 1958
incl.
FALL RIVER, Bristol County, Mass.
-BOND SALE.
-On July 19 the
following two issues of bonds were awarded to Estabrook & Co. of Boston
at 100.03 for $90,000 45is and $100,000 4s, a basis of about 4.35%:
,
$90,000 equipment bonds maturing $18,000 yearly from 1923 to 1927 incl.
100.000 building bonds maturing $5,000 yearly from 1923 to 1942 incl.
Date July 19 1922. The following is a complete list of the bids received:
NameIssue.
Int. Rate.
Bid.
Estabrook & Co
1390,000
4 %
100.03
100,000
4
118,023 98 Estabrook & Co
Total Sinking Fund assets
90,000
4 o
100.11
$7.312
School tax rate (per $1,000), 1921
100,000
4%f
B. J. Van Ingen & Co
Population Dayton School District (1920 Census), 152,550.
190,000
43. %
100.86
Eldredge & Co
190,000
4 %
-The Dearborn
100.022
-BOND SALE.
DEARBORN, Wayne County, Mich.
Old Colony Trust Co
1100,000
4% 1
100.00
State Bank was recently awarded the following three issues of special
90,000
5%
assessment paving bonds at par and interest for 6s:
Harris, Forbes & Co
100,000
43%l100.19
$13,000 Park Ave. bonds. Due $1,000 Oct. 1 1922 and $3,000 yearly on
90,000
4%%
Oct. 1 from 1923 to 1926, inclusive.
190,000
4%%
100.14
40,000 Garrison Ave. bonds. Due $8,000 yearly on Oct. 1 from 1922 to Blodget & Co
1926, inclusive.
FAULKTON INDEPENDENT CONSOLIDATED SCHOOL DIS30,000 Monroe Ave. bonds. Due $6,000 yearly on Oct. 1 from 1922 to TRICT NO. 3 (P. 0. Faulkton), Faulk County, So. Dak.-BONDS
1926, inclusive.
NOT SOLD.-The $90.000school bonds offered on July 10-V.115,p.210
Date Aug. 11922.
were not sold. B. M. Johnston, Clerk Board of Education advises us:
-BOND OFFER- "Court issued order stopping sale of bonds pending litigation to determine
DEARBORN COUNTY (P. 0. Lawrenceburg), Ind.
validity. Board met and received bids."
-Proposals will be received until 10 a. m. Aug.5 by Gilbert S. Nowlin,
ING.
County Treasurer for the following 5% road bonds:
FAYETTE, Jefferson County, Miss.
-BOND SALE.
-The $i0,000
$25,200 Perry Bailey et al, Clay Twp., bonds. Denom. $420.
6% street and sidewalk bonds offered on July 14-V. 115, p. 210
-have
13.320 Wm. Trabel et al, Jackson Twp., bonds. Denom. $220.
been
Date July 3 1922. Int. May 15 and Nov. 15. Due 2 bonds of each issue Date awarded to Mrs. B. Krauss at par and accrued hit. Denom. $500.
July 1 1922. Int. J.
-J. Due $500 yrly. on Silly 1 from 1923 to
each six months from May 15 1923 to Nov. 15 1932. inclusive.
1942 inclusive.
DE FOREST SCHOOL DISTRICT, Dane County, Wis.-BONDS
FIFTH LOUISIANA LEVEE DISTRICT (P. 0. Tallulah), Con-At a recent election $75,000 high school bldg. bonds were voted.
VOTED.
cordia, East Carroll, Madison and Tensas Parishes, La.
-BOND SALE.
DODGE COUNTY SCHOOL DISTRICT NO. 2, Neb.-BOND SALE. -The $100,000 5% bonds offered on July 12-V.
115, p. 104
-have been
Peters Trust Co. of Omaha has purchased $6.000 53 % school- awarded to the First National
-The
Bank of Vicksburg at par. Denom. $1,000.
building bonds at a premium of $11 50. equal to 100.19. Denom. $500. Date July 1 1922. Int. J.
-J. Duo July 1 1972; optional July 11962.
Date July 11922. Int. J. & J. Due July 1 1942, optional after 5 years.
FLOYD COUNTY (P. 0. New Albany), Ind.
-BOND ELECTION.
-BOND OFFERING.
DOUGLAS, Allegan County, Mich.
-A special
election will be held on July 31 to vote on the question of issuing $16,000 Chas. A. McCulloch, County Treasurer, will receive bids until 10 a.am.
Aug. 5 for $24.760 5% Louis Journey, Joseph Martin, Louis Didot et al.
bonds for the installation of a water works plant.
Lafayette Township macadam road impt. bonds. Denom. $619. Date
DOVER AND FOXCROFT WATER DISTRICT (P. 0. Dover), Aug. 5 1922. Int. semi-ann: (M.
-N. 15)•
-BOND SALE.
-On July 18 $35,000 4%
Piscatquis County, Me.
FORD CITY SCHOOL DISTRICT (P. 0. Ford City), Armstrong
coupon water bonds were awarded to Hornblower & Weeks of Boston at
basis of about 4.30%_. Denom. $1,000. Date June 1 1922. County, Pa.
99.26, a
-BOND SALE.
-On July 18 an issue of $85,000 4%%
Prin. and semi-ann. int. (J. & D.) payable at the Old Colony Trust Co. school building bonds was awarded to the Mellon National Bank of Pittsburgh for $86,785 48, equal to 102.10 a basis of about 4.37%. Denom.
of Boston. nue June 1 1942.
Date July 1 1922. Int. J. & J. Due July 1 1952.
DUBOIS COUNTY (P.0. Jasper), Ind.
-BOND SALE.
-The $28,000 $1,000.
% John W. Harrison et al road. Madison Twp., bonds, offered on
FOREST CITY, Rutherford County, No.
-BOND OFFERING.
July 15(V. 115, p. 210), were awarded to the Dubois County State Bank,of -Sealed proposals will be received by A. C. Caro.
Keeter, Town Clerk, until 2
Jasper. for $28,014, equal to 100.05, a basis of about 4.49%. Date July 15 p. m. Aug. 1 for the following 6%
bonds:
1922. Due 31,400 each six months from May 15 1923 to Nov. 15 1932,incl. $50.000 water supply extension bonds.
Denom. $1,000. Due yearly
-J. A. Sonderman, County Treasurer, will receive
BOND OFFERING.
on July 1 as follows: $1,000, 1925 to 1930, tad., and $2,000,
1931 to 1952, tad.
bis until 10 a. m. Aug. 5 for the following 43 % road bonds:
,
15,000 sewer aupply extension bonds. Denom. $500. Due yearly on
0,000 Mathias Weiland et al, Marion. Harbison and Bainbridge Twps.,
$
9
bonds. Denom. $500.
July 1 as follows: $500, 1925 to 1950, incl., and $1,000, 1951 and
18,500 John Thieman et al, Marion Two., bonds. Denom. $462 50.
1952.
Date July 1 1922. Prin. and semi-ann. int. payable at the National
Date July 15 1922. Int. May 15 and Nov. 15. Due two bonds of each
Bank of Commerce, N. Y. City. A cert. check upon an incorporated bank
issue each six months from May 15 1923 to Nov. 15 1932, inclusive.
or trust company for 2%
DULUTH, Minn.
-CERTIFICATE OFFERING.
-Proposals will be forms. The approving of bid required. The town will furnish the bond
opinion of Storey, Thorndike, Palmer & Dodge
received by the City Council until 3 P. m. Aug. 21 for $150,000 5% cer- of
Boston, and Quinn, Hamrick & Harris of Rutherfordton, will be frunindebtedness. Denom. 31,000. Int. J. & J. A certified
tificates of
ished the purchaser.
check on a national bank for 2% of bid, payable to the city, required.
Financial Statement.
EAST PITTSBURGH SCHOOL DISTRICT, Allegheny County, Assessed valuation for 1921
$2,435,000
-BOND SALE -On July 10 Graham, Parsons & Co. of Philadelphia Total Bonded Debt,including these issues
Pa.
240,000
were awarded $70,000 4Y% school bonds at 100.01, a basis of about 4.24%. Sinking Fund ------------------------------5,000
Denom. $1,000. Date July 11922. Int. J. & J. Due yearly on July 1 Water and sewer bonds-----------------------90,000
follows: $4,000, 1942 to 1945, incl.: $6.000, 1946; $4,000, 1947; $5,000,
as
Net debt-------1948; $7,000, 1949; $8,000, 1950 and 1951, and $16,000, 1952.
$145,00C
Population. census 1920 -2312 estimated now.
EAST SPENCER, Rowan County, N. C.
-BOND OFFERING.
-Sealed
proposals will be received until 12 in. Aug. 1 by F. A. Loflin, Town Clerk,
FOXHOLM SCHOOL DISTRICT NO. 155 (P. 0. Foxholm), Ward
for the following 6% coupon (with privilege of registration) school bonds:
County, No.
-The State of North Dakota purchased
$45,000 Series "A" bonds. Due yearly on July 1 as follows: $1,000, 1925 $16,000 5% Dak.-BOND SALE.
building bonds at par during the month of May. Date July
inclusive, and $2,000, 1936 to 1952. inclusive.
,
to 1935,
. D2 ueeJuly lrl9 te Bonds are not subject to call, but may be
ye re efte d a 0..
4
15,000 Series 'B" bonds. Due $1,000 yearly on July 1 from 1925 to i0
redeemed
192
1939, inclusive.
Denom. $1,000. Date July 1 1922. Principal and semi-annual interest
FRANKFORT SCHOOL DISTRICT (P. 0. Frankfort), Spink
(J. & 3.) payable in gold at the Hanover National Bank, New York City. County, So. Dak.-BOND ELECTION.
-On Aug. 4 a special election
will be eld erk po on
A certified check upon an incorporated bank or trust company (or cash) peters held to vote ard of Education.issuing$l000 school house addition bon. J. L.
el
bonds.
for 2% of bid. payable to the Town of East Spencer, required. Purchaser
to pay accrued interest to date of delivery. Bids for less than par will not
-The $100,000
FRANKLIN, Venango County,' Pa.
-BOND SALE.
bidders will be furnished with the opinion of
be considered. Successful
Reed, Dougherty & Hoyt, of New York City. The bonds will be prepared 4%% coupon improvement bonds offered on July 17-V. 115, p. 210
under the supervision of the United States Mortgage & Trust Co., which were awarded to the Franklin Trust Co. of Franklin at 100.144 and interest,
‘ 2, . Dat 2June 1 1922. Due $20,000 on June 1 in
4
3
4
will certify as to the genuineness of the signatures of the town officials and tahebayseisaroef1a9b2o7u. 9. %1937. 19 e end 1947.
the seal impressed on the bonds.
-BOND OFFERING.
FRANKLIN COUNTY(P.O. Brookville), Ind.
EAU CLAIRE,Eau Claire County, Wis.-BOND SALE-The $80,000
bridge bonds recently voted-V. 115. p. 210
-have been awarded to the Thos. H. Feltz, County Treasurer, will receive bids until 1 P. m. Aug. 7
for $16,320 4%% Ben Fledderman et al. Butler Township highway
waybonds.
15
).
State Bank of Eau Claire at a premium of $2,680, equal to 103.35.
Denom. $408. Date
Due
semi-ann. (M.EDEN INDEPENDENT SCHOOL DISTRICT (P. 0. Eden), Concho $816 each six months Aug. 7 1922. Int. Nov. 15 1932 inclusive.
from May 15 1923 to
-BONDS VOTED.
-On June 26, by a vote of 171 "for" to
County, Texas.
Md.-BOND OFFERING.
FREDERICK COUNTY(P.O. Frederick),
42 "against," $18,000 school-building bonds were authorized.
Until July 27
Commissioners will receive
ELDORADO, Preble County, Ohio.
-BOND SALE.
-The $3,000 sealed bids for the Clerk of Board of County is stated.
$120,000 43j% school bonds, it
53 % fire cistern construction bonds offered on July 17-V. 116, p. 210
were sold to the Farmers' State Bank of Eldorado at par and accrued int.
FURNAS COUNTY SCHOOL DISTRICT NO. 18 (P. 0. Arapahoe),
Date June 15 1922. Due $500 yrly. on Dec. 15 from 1923 to 1928 incl.
Neb.-BOND ELECTION.
-An election will be held on Aug. 8 to vote on
EMMONS TOWNSHIP PUBLIC SCHOOL DISTRICT(P.O. Denton) the question of issuing $60,000 school bonds. Int. rate not to exceed 5%.
Prpt lnd 22
Davidson County, No. Caro.
-BOND SALE.
-The $20,000 6% school sein .. a 19se . im -ann. int. payable at the County Treasurer's office. Date
bonds offered on July 18 (V. 115, _p. 334) have been awarded to Prudden
& Co. of Toledo at a premium of $517 50, equal to 102.587. a basis of
Mex.-BOND SALE.--Sidlo, Simons
GALLUP, McKinley
about 5.75%. Date July 11922. Due yearly on July 1 as follows: $500 Fels & Co. of Denver County, N. the $16,000 6% 20-30 year (opt.)
have purchased
1925 to 1934 incl. and $1,000 1935 to 1949 incl.
sewer bondu, l te l4. n July 11-V. 114, p. 2851-at par plus a premium
ef s715 ecis a of eree o 6.
.
f
4
ESSEX COUNTY (P. 0. Newark), N. J.
-BOND OFFERING.
Phillip Linderman, Chairman of Board of Chosen Freeholders, will receive
-BOND SALE.
GARFIELD HEIGHTS, Mahoning County, Ohio.
bids until 11 a. m. July 28 for the purchase at not less than par and interest
An issue of $205,686 93 6% paving, sewer and water bonds has been
of two issues of 4%% bonds not to exceed the amounts mentioned below:
$2,421,250 refunding and improvement bonds. Denom. $1,000, 1 for $250. sold. Date June 1 1922. Prin. and semi-ann. int. (J. & D.) payable
Date Aug. 1 1922. Due yearly on Aug. 1 as follows: $115,000 at the Central National Bank Savings & Trust Co. of Cleveland. Due
being sold
1923 to 1930 incl.; $125.000 1931; $172,000 1932 to 1938 incl., yearly on June 1 from 1924 to 1933 incl. These bonds are Holding to
investors b veieed. illiken & York Co. and the Brotherhood
beth ef cley thn M
Co..
and $172,250 1939.
400,000 park bonds. Denom. $1,000. Date June 11922. Due yearly
on June 1 as follows: $7.000 1923 to 1955 incl.: $9,000 1956.
Custer County, Neb.GATES SCHOOL DISTRICT (P. 0. Gates),
and $10,000 1957 to 1972 incl.
BONDS VOTED.
-Recently $1.200 school building bonds were voted.
460
THE CHRONICLE
-BONDS OFFERED.
GEAUGA COUNTY (P. 0. Chardon), Ohio.
On July 21 H. E. Leach, County Auditor, offered for sale $43,000 6%
Road bonds. Denom. $500. Date July 1
Chardon-Cloridon Macadam
1922. Prin. and semi-ann. int.(M. & S.), payable at the County Treasurer's office. Due yearly on Sept. 1 as follows: $4,500 1923 to 1926,
Inclusive, and $5,000 1927 to 1931, inclusive.
GEM COUNTY SCHOOL DISTRICT NO. 17(P.O. Emmett), Ida.
BONDS VOTED.
-By a vote of 23 "for" to 7 'against" the $1,500 school
building bonds
-V. 114. p. 2851-were voted.
GERING IRRIGATION DISTRICT (P. 0. Gering), Scottsbluff
County, Neb.-PRICE.-The price paid by the State of Nebraska for the
-was par. Date Oct. 1 1920.
115, p. 210
$60,000 6% bonds on May
to 1935, incl.
Due on Oct. 1 from 1931 2-V.
GIBBS SCHOOL DISTRICT, Adair County, Mo.-BOND ELEC-On July 27 $15,000 school building bonds will be voted upon.
TION.
-BOND OFFERING.
GIBSON COUNTY (P. 0. Princeton), Ind.
Stanford Witherspoon, County Treasurer, will receive bids until 10 a. m.
4%% road bonds:
July 25 for the following
$4.500 Union Maxey es al., Columbia Twp, bonds. Denom. $225.
17,000 James Woolston et al.. Union Twp. bonds. Denom. $850.
Date July 15 1922. Int. May 15 and Nov. 15. Due one bond of each
issue each six months from May 15 1923 to Nov. 15 1932, inclusive.
-FINANCIAL STATEMENT.
GLENDIVE, Dawson County, Mont.
-In connection with the offering of the $60,000 water works bonds to be
following financial statement has
-the
offered on Aug. 16-V. 115, p. 335
Come to hand:
Cash value of sinking fund on hand, including investments__ $23.211 55
True value ofreal estate and personal property (approximate)_ 5,178,972 00
Assess, value of real estate & personal prop., equalized 1921_ _ 1,559,876 00
182,813 00
Total bonded debt (June 30 1922)
3,824
Population 1920
The official advertisement of the offering of these bonds will be found among
the municipal advertisements of this week's issue.
-On
-TEMPORARY LOAN.
GLOUCESTER, Essex County, Mass.
July 19, it is reported, a temporary loan of $50,000, dated July 24 1922 and
maturing Apr. 3 1923. was awarded to the Gloucester Safe Deposit &
Trust Co. on a 3.38% discount basis, plus $5 premium.
GRANDVIEW HEIGHTS (P. 0. Columbus), Franklin County,
Ohio.
-BOND OFFERING.
-Walter H. Whissen. Village Clerk, will receive bids until 12 m. Aug. 10 (date changed from Aug. 5-V. 115, P. 335)
for the purchase at not less than par and interest of $55,000 5% electric
light bonds, issued under authority of Sec. 3939 Gen. Code. Denom,
$1.000. Date Aug. 11922. Int. A.& O. Due yearly on Oct. 1 as follows:
13.000 1923 and $4,000 1924 to 1936, incl.
The Village Clerk will also receive proposals at that time for the purchase
at not less than par and interest of the following 6% coupon special assessment street impt. bonds, aggregating $134,700, issued under authority
of Secs. 3812 et seq., 3814 et seq.. 3835 et seq., 3836 et seq., Gen. Code:
$5,250 Eastview Ave.. $8,000 Oakland Ave., $11,100 Merrick Road.
$4,750 Virginia Ave. $38,7000 Oxley Road, $8.100 Oakland Ave., $11,850
Elmwood Ave., $16,650 Second Ave., $12,750 Ashland Ave., $12,350
Broadview Ave.,$11,200 Elmer Ave. bonds. Bonds are in various denomnations, ranging from $50 to $500. Date June 1 1922. Int. A. & 0.
Due yearly on Oct. 1 as follows: $14,750 1923, $14,700 1924, $15,050
1925, $14,900 1926, 114,850 1927, $14,800 1928, $14,850 1929, $14,900
1930 and $15,900 1931.
Certified check for 10% of amount of bonds bid for, payable to the
Village Treasurer required. Bonds to be delivered and paid for within ten
days from date of award.
-BOND SALE.
GRANTS PASS, Josephine County, Ore.
-On July
11 the $4,234 30 6% street improvement bonds offered on that date
V.114. p.2851-were sold to Clark, Kendall & Co.ofPortland for $4,256 30
to 100.51. Denom. $500. Date July 1 1922. Int. J. & J. Due
equal
July 1 1932. subject to call at option of city.
GREEN BAY, Brown County, Wisc.-BOND SALE.
-On July 15 the
3
-year (aver.) coupon bridge bonds offered on that
$525,000 44% 14 1-6
-were sold to Henry C. Quarles & Co., he Northern
-V. 115, p. 210
date
Trust Co., A. G. Becker & Co.. Marshall & Ilsley Bank and'Morris F. Fox
& Co., on their joint bid of $537,127 50, equal to 102.31, a basis of about
4.52%. Date Aug. 1922. Due yearly on Aug. 1 as follows: 32.000,
$8,000, 1927, and 1928; $15,000. 1929;
1923; $4,000, 1924 to 1926,
ind.•'
$25,000, 1930 to 1933, Ind 130,000, 1934 to 1936, incl.; $45,000, 1937 and
1938, and $50,000. 1939 to 1942, incl.
The following bids were received:
Henry C. Quarles & Co., Northern Trust Co., Marshall & Ilsley
Bank, A. G. Becker & Co. and Morris F. Fox & Co
$12,127
'
Halsey, Stuart & Co., Inc.; A. B. Leach & Co., Inc.; E. H. Rollins
SC Sons, and The National City Co
141:195700
Second Ward Securities Co. and Wm. R. Compton & Co
-Dickey Co. and Hill, Joiner & Co
First Wisconsin Co., Wells
7,025
Stacy & Braun, Blodget & Co. and Taylor, Ewart & Co
6,142
Continental & Commercial Trust & Savings Bank and Curtis &
Sanger
8,100
-BOND OFFERING.
GREENBUSH, Roseau County, Minn.
-Bids
will be received until 8 p. m. July 24 for $9,000 refunding bonds. Denom.
$1,000. Date May 11922. A cert. check for 5% of bid required. 0. K.
Christianson, Village Clerk.
-The First Trust
GRESHAM, York County, Neb.-BONDS VOTED.
Co. of Omaha has been awarded 115,000 electric transmission bonds and
$10,000 electric light bonds at 93.50.
HADDON HEIGHTS SCHOOL DISTRICT(P.O. Haddon Hei_ghts),
-All bids received on july 12
-BIDS REJECTED.
Camden County, N. J.
for the 350.000 5% registered on coupon school bonds (V. 115, P. 104)
were rejected The bonds will be readvertised
HAGERMAN SCHOOL DISTRICT (P. 0. Hagerman), Gooding
-By a vote of 91 to 83 an issue of
-BONDS VOTED.
County, Iowa.
$25,000 school building bonds was recently voted.
HAGERSTOWN, Washington County, Md.-BIDS REJECTED.All bids submitted for the purchase of the $300.000 5% coupon sewerage..
system and disposal plant bonds offered on July 18-V. 115, p. 104
-were
rejected, it is reported.
-BOND SALE.
HANCOCK COUNTY (P. 0. Greenfield), Ind.
According to newspaper reports, Breed, Elliott & Harrison of Indianapolis,
were recently awarded $21,640 Blue River Township road bonds at a
premium of $367 (101.23) and interest.
-BOND OFFERING.
HANCOCK COUNTY (P. 0. Findlay), Ohio.
J. R. Hanrahan, County Auditor, is receiving bids until 1 p. m. to-day
(July 22) for the purchase at not less than par and int. of the following 2
issues of 5%% road impt. bonds issued under authority of Sec. 6929, Gen.
Code:
$10,000 0. N. Copley Joint County Road bonds. Due yearly on Jan. 1 as
follows: $1.000 1924 to 1927 incl., and $2,000 1928 to 1930 incl.
13,000 Beucler Road bonds. Due yearly on Jan. 1 as follows: $1.000
1924 to 1926 incl. and $2,000 1927 to 1931 incl.
Denom.$1,000. Date July 1 1922. Prin. and semi-atm. int. payable at
the County Treasurer's office. Cert. check on a solvent bank for $500 is
required with bid for each issue. These bonds were previously offered on
July 15 (V. 115, p. 211).
HARALSON COUNTY (P. 0. Buchanan), Ga.-BOND SALE
Blanchett, Thornburgh & Vandersall of Toledo, have purchased the $200,000 6% coupon tax free road bonds offered on July 18-V. 115, p. 211-at
1
,
o 1:
to
afrom
l basisA)babor..5 ,
..
e ,601 u
2
r
my enza of 6,125 7iy a1 py 0 11!
19 2
3
gaits4eate
County, Minn.
-BONDS DEFEATED.
-At a
HARMONY, Fillmore
recent election $15,000 5% sewer bonds were defeated.
-BOND OFFERING.
-Sealed bids will be reHARWINTON, Conn.
ceived by the Town Selectmen and Joseph M. Baldwin. Town Treasurer,
Aug. 2 at the office of the Hartford-Connecuntil 9 a. m.(Standard Time)
ticut Trust Co., Hartford, for the purchase of all of $64,000 4%% coupon
(with privilege of registration as to principal) town bonds. Denom.$1,000.
Date June 1 1922. Prin. and semi-ann. Int. (J. & D.) payable at the Hartford-Connecticut Trust Co., Hartford. Due 42.000 yearly on June 1 from
[VoL. 115.
1923 to 1954 incl. Cert. check for 2% of the par value of the bonds, payable to the Town of Harwinton.required. The bonds will be prepared under
the supervision of the Hartford-Connecticut Trust Co.. Hartford, whose
certificate as to the issue of the same will be endorsed thereon. The legality of the bonds will be examined by Robinson, Robinson & Cole of Hartford, and a copy of their opinion will be furnished with the bonds. No
bids for less than par or for less than the entire issue will be considered.
Attention is called to the official advertisement of this offering in the subsequent pages of this section.
HEBRON SCHOOL DISTRICT NO. 13 (P. 0. Hebron), Morton
-During the month of May the
County, No. Dak.-BOND SALE.
funding bonds at par.
State of North Dakota purchased $10,000 4% are not subject to call,
1 1940. Bonds
Date Oct. 1 1920. Due Oct.
but may be redeemed 2 years after date.
-The $55,000
-BOND SALE.
HEIDELBERG,Allegheny County, Pa.
-have been sold.
115, p. 104
on July
43% coupon bonds offered National10-V.of Pittsburgh. Date June 1
Bank
it is stated, to the Mellon
$5,000, 1624 to 1928 incl., and
1922. Due yearly on June 1 as follows:about 11 4-5 years.)
$5,000, 1938 to 1943 incl. (Average life
NO. 15
HEMPSTEAD (TOWN) UNION FREE SCHOOL DISTRICT 45ZO
-An issue of $368,000
-BOND SALE.
Nassau County, N. Y.
& Sanger of New Yor ,
registered school bonds has been awarded to Curtis
about 4.34%. Denom.$1,000.
for $374.815 36, equal to 101.852, a basis of int. (J. & J.), payable at the
Date July 1 1922. Prin. and semi-ann.
$15,000 1927 to
Bank of Lawrence. Due yearly on July 1 as follows:
1950, and $8,000 1951.
-BIDS REJECTED
HENRY COUNTY (P. 0. Napoleon), Ohio.
bonds,
-The following two issues of 53 % coupon road impt.at that
BOND SALE.
were received until 10 a. m. July 14, were not sold to the
bids for which
at a private sale
time, all bids being rejected, but were later sold (101.54) and interest, a
Napoleon State Bank of Napoleon for $103,165
basis of about 5.16%.
196 bonds. Denom. $1,000. Due yearly
$49,000 Road Improvement No. $5,000, 1923 to 1927, incl., and $6,000,
on Sept. 1 as follows:
(average life about 5% years).
1928 to 1931, incl.
Denom. 52 for 31,000 and 1
52,600 Road Improvement No. 197 bonds. follows: $5.000, 1923; $5,600,
1 as
for $600. Due yearly on Sept. incl. (average life about 5j Years)•
1931,
1924, and $6,000, 1925 to
the County Treasurer's
Date Aug. 1 1922. Int. semi-ann., payable at of Section 6929 of the
under authority
office. These bonds are issuedLaws, page 166), and by virtue of a certain
General Code of Ohio (109 Ohio
1922. The
resolution passed by the Board of Commissioners on June 7
14:
following are the bids received and rejected when offered on July
Premium Offered
Premium Offered.
$1,094 00
Spitzer & Co
$1,303 00 Sidney
Spitzer, Rorick & Co
850 50
*1,077 00 Napoleon State Bank
A. T. Bell & Co
1,320 80 C. D. Briggs & Co. and
Weil, Roth & Co
1,054 60
551 691 Stacy & Braun
Ryan, Bowman & Co
a1,564 64
W. L. Slayton & Co
* And blank bonds. a And exchange charges.
All the above bidders offered accrued interest.
-The
-BOND SALE.
HICKSVILLE, Defiance County, Ohio.
Hanchett Bond Co. of Chicago, was awarded the following 534% street
impt. bonds, aggregating $50,528 40, which were offered on July 14a basis of
V. 115, p, 211-at a premium of $647 (101.28) and interest,
about 5.23%•
assessment im24,748 32 Smith, Columbus and Rock Streets special
provement bonds.
bonds.
11,324 30 Edgerton Street special assessment improvement bonds.
6,955 78 Arthur and Bryan streets special assessment impt.
(village portion) street improvement bonds.
7.500 00
Denom. $1.000 and $500. Date Sept. 11922. Int. semi-ann. (M.-8.)•
Due yearly on Sept. 1 from 1923 to 1932, inclusive.
-On
HOWARD COUNTY (P. 0. Ellicott City), Md.-BOND SALE. offered on that date
July 15 the $300,000 434% coupon road bonds & Co. of Baltimore, at
-were awarded to Nelson, Cook
V. 115, p. 105
1922. Due July 1 1952.
102.79, a basis of about 4.32%. Date July 1
-BONDS DEFEATED
HUGHES COUNTY(P.O. Holdenville),Okla.
a narrow margin Hughes County's
-The"Oklahoman" of July 13 says: "Byat the election Tuesday IJuly 111,
road bond issue failed to carry
$500.000
late Tuesday. While 11 of the 38 boxes have
good roads boosters concededimportant precincts have reported. The vote
not been heard from, all the 'for' the bonds and 1,333 'against.' which does
precincts was 1.856
In the 27
not make the required 60% majority."
HURLEY JOINT SCHOOL DISTRICT NO. 1 (P. 0. Hurley), Iron
-A recent election resulted in favor of
County, Wis.-BONDS VOTED.
issuing $42,500 building bonds.
-BOND OFFERING.
Bad Axe), Mich.
HURON COUNTY (P. 0.
Board of County Road Commissioners, will reClarke Munford, Clerk,p. m. July 27, for $18,000 534% Covert Act road
bids until 2
ceive sealed
bonds. Int. semi-ann.. Due serially for 10 years.
-The Indianapolis
-TEMPORARY LOAN.
INDIANA (State of).
"News" of July 18 had the following to say about a recent short term loan
from the Indiana National Bank at 434% interest
of $500.000 borrowedfinancing done by the State:
and other short termof Finance has paid $700,000 of the $1,200,000 State
"The State Board
new
general fund debt it incurred since Feb. 23. The Board negotiated a borloan of $500,000 to cover the unpaid remainder. The $500,000 was
at
National Bank
rowed from the Indianawill be due in for four monthsis a4.5% interest,
month before
November, which
it was said. The note
State
auditors with
the December semi-annual settlement of countyon the auditorsthe begin
to
Auditor. The State. however, sometimes calls
advancing money as soon as the taxes begin to come in.
"The Board borrowed the $1,200,000 in February, March and April.
and
and 6%
The notes bore 5was said.interest the were due and paid between June 8
new $500,000 loan was negotiated
and July 12. it settlement Then
of counties with the State was insufficient to
because the June
meet expenses and pay off the entire debt.
"The first borrowings were from banks as follows: Indiana National
Union Trust Co.,
Bank, $650,000; Fletcher Savings & Trust Co., $325,000;
Bankes
Security Trust Co. and Meyer-Kiser Bank, $50,000 each, andofficials.
according to statements obtained from State
Trust Co., $75.000,
the fund.
"The Board borrowed and paid back in December 3150.000 for
The money was obtained from the Union Trust Co."
INDIANAPOLIS SANITARY DISTRICT (P. 0. Indianapolis),
-The State Savings & Trust Co.
-BOND SALE.
Marion County, Ind.
awarded on a joint
and the Union Trust Co., both of Indianapolis, were(101.036). Denom.
$500,000 sewage disposal plant bonds
bid of $508,018.
$1,000. Date July 1 1922. Int. semi-ann. (J. & J.).
SALE.
ISABEL SCHOOL DISTRICT NO. 23, No. Dak.-BONDat par -The
during
bonds
4%
State of North Dakota purchased $9,000 Due building
July 11940. Bonds are not
the month of May. Date July 11920.
subject to call, but may be redeemed two years after date.
-I. B. Tigrett
-BOND SALE.
JACKSON, Madison County, Tenn.
'*125.000 street impt. bonds at par plus a
& Co. of Jackson have purchased
premium of $6,500, equal to 105.20.
JACKSON COUNTY RURAL SCHOOL DISTRICT NO. 2 (P. 0.
-R. F. Tyler, Secretary, Board
-BOND OFFERING.
Tuckerman), Ark.
July 31 for $7,000 6% school
of Education, will receive sealed bids until
reported.
bonds, it is
-BOND OFFERING.
JEFFERSON COUNTY (P.0. Louisville) K.
Until 9 a. m.July 25 bids will be received for $74,000 434% highway bonds.
Date July 15 1922. Denom.$740. Int. M.& N. 15.
-BOND OFFERING.
JENNINGS COUNTY (P. 0. Vernon) Ind.
Proposals will be received until 2 p. m. July 25 by Harry Y. Whitcomb,
following 5% road bonds:
County Treasurer, for the
$16,900 L. M. Kibler, Campbell Twp. bonds. Denom. $845.
10,600 J. E. Richardson, Vernon Twp. bonds. Denom. $530.
Date Aug. 15 1922. Int. M. & N. 15. Due one bond of each issue
each six months from May 15 1923 to Nov. 15 1932, incl.
JUDSON SCHOOL DISTRICT NO. 6 (P. 0. Judson), Morton
County, No. Dak.-BOND SALE -During the month of May the State
of North Dakota purchased $88,000 building bonds at par. Date July 1
1920. Due July 1 1940. Bonds are not subject to call, but may be
redeemed 2 years after date.
JULY 22 1922.]
THE CHRONICLE
461
'ICAMIAH HIGHWAY DISTRICT (P. 0. Kamiah), Lewis County,
LUDINGTO
-BONDS AUTHORIZ
-BOND OFFERING.
Ida.
-Until July 31 bids will be received for the According to aN, Mason County, Mich.
recent issue of the Michigan "Investor." the CityED.
$50,000 highway bonds recently voted.
Commission has authorized special assessment 5% bond issues
amounting to
KAUFMAN COUNTY COMMON SCHOOL DISTRICT NO. 17, $24,497 12.
-BONDS REGISTERED.
Texas.
-On July 14 the State Comptroller of
LYNBROOK, Nassau County, N. Y.
-BOND OFFERING.
Texas registered $8.000
-The
% 5-40 year school bonds.
Village Board (F. H. Johnson, Village Clerk),
receive bids until 8 p.
m. Aug. 7 for $150,000 coupon paving bonds,will bear
KEARNEY, Buffalo County, Neb.-BOND SALE.
to
-The
Trust Co. of Omaha recently purchased $50,000 paving bonds atOmaha not to exceed 5%. Denom. $500. Date Aug. 1 1922. interest at a rate
a pre- ann. int. (F.
Prin. and semimium of $1,075, equal to 102.15.
& A.) payable at the Lynbrook National
on Aug. 1 from 1923 to 1942 inclusive. Certified check Bank. Due yearly
KENYON SCHOOL DISTRICT NO. 75, No. Dak.-BOND SALE.
for $3,000, payable
- to the Village of Lynbrook, required.
The State of North Dakota purchased $10,000 4% building
par during the month of May. Date Dec. 31 1920. Due Dec.bonds at
MADERA SCHOOL DISTRICT, Madera County, Calif.
Bonds are not subject to call, but may be redeemed after 2 years. 31 1940. SALE.
-Freeman, Smith & Camp Co. of San Francisco have been -BOND
awarded,
KEYSTONE SCHOOL DISTRICT NO. 7, No. Dak.-BOND SALE. it is stated, $30,000 6% school bonds for $31,906, equal to 106.35.
-During the month of May the State of North Dakota purchased $15,000
MAGNOLIA SCHOOL DISTRICT (P. 0. Magnolia), Pike
County,
-BONDS VOTED.
4% building bonds at par. Date July 1 1902. Due July 1 1940. Al- Miss.
-By a vote of 79 to 8 $10,000 school-building
though these bonds are not subject to call, they may be redeemed after 2 bonds carried on July 8.
years from date of issue.
MAHONING COUNTY (P. 0. Youngstown), Ohio.
-BOND OFFERLACONIA, Belknap County, N. H.
-TEMPORARY LOAN.
-It is ING.-Griff Jones, Clerk Board of County Commissioners, will receive
reported that a temporary loan o'$50.000, issued in anticipation of taxes. sealed bids until 10 a. m. July 25 for $77,000 534% Youngstown
dated July 15 and maturing Dec. 11922, has been awarded to the National Liverpool Road I. C. H. No. 508 bonds. Denom. $1,000. Date -East
Sept.
11922. Prin. and semi-ann. hit. (M. & S.) payable
Shawmut Bank of Boston on a 3.65% basis, plus $1 26 premium.
urer's office. Due serially on Sept. 1 from 1924 to at the County TreasLA CROSSE, La Crosse County, Wis. -BOND SALE.
-On July 14 check for $1,000, payable to the County Treasurer, is 1932 incl. Certified
required.
$150,00 5% coupon street impt. bonds, offered on that date, were Sold to
Stacy &Braun of Chicago on their bid of $154,249 50, equal to 102.833, a,
MANSFIELD CITY
basis of about 4.56%. Denom. $500. Date July 11922. Prin. and semi- land County, Ohio. SCHOOL DISTRICT (P. 0. Mansfield), Rich-BOND SALE.
-Keane, Higbie & Co., of Detroit,
ann. In (J. & J.) payable at the City Treasurer's office. flue yearly on by submitting a bid of $91,800 (102) and interest,
a basis of about
Jan. 1 as follows: $10.000, 1926 to 1929 incl.; $25,000, 1930 and 1931, acquired the $90.000 534% 5 2
-3-year (average) refunding bonds,5.09%.
offered
and $60,000, 1932. (Average life about 7 4-5 years.)
on July 14 (V. 115, p. 212). Date July 14 1922. Due $9,000 yearly
'
on
Financial Statement.
Sept. 1 from 1923 to 1932, inclusive. The following bids were
received:
True value of all taxable property (estimated)
$45,000,000 Keane, Higbie & Co., Detroit $91,800 W.L.Slayton & Co.,Toledo_$91,074
Assessed val. of real and personal property equalized for 1921
41,766,067 Seasongood & Mayer, Cinc__ 91,
I80 Ryan. Bowman & Co., Tol__ 90,963
Total bonded debt, including this issue
1,547,000 Prov. S. B.& Tr. Co., Cinc__ 91.602 Mansfield S. Bk., Mansfield.. 90,000
Water bonds included in above
531,000
MANSFIELD SCHOOL DISTRICT, Wright County, Mo.-BOND
Sinking fund
518,650 VOTED.
S
-At the election held on May 27-V. 114, p. 2393
Population, U. S. Census 1920, 30,500.
-the $11,000
school building bonds were voted by a count of 139 'for" to 9 "against. ,
LADD, Bureau County, 111.
-BONDS VOTED.
-At a special election
MARENISCO TOWNSHIP SCHOOL DISTRICT, Mich.
recently held, a bond issue of $5,000 for the completion of the city well,
-BOND
SALE.
-An issue of $100,000 5% school-building bonds has been
was passed by a vote of 176 to 15.
Shapker & Co., of Chicago, at par. Denom. $1,000. Date July sold to
LAKEWOOD, Cuyahoga County, Ohio.
15 1922.
-BOND SALE.
mt. J. & J.. Due serially up until 1947.
-The I
following 7 issues of 534% 5
-year (aver.) special assessment bonds, aggreMAURY COUNTY (P. 0. Columbia), Tenn.
gating $150,277, which were offered on July 17-V. 115, p. 336
-BOND SALE.
-were sold Jakes & Co. of Nashville have been
-J. W.
awarded, it is stated, $29,000 school
to the Guardian Savings & Trust Co. of Cleveland, at a premium of $3,502
bonds as 5s.
(102.33) and interest, a basis of about 5.19%;
$14,270 Archdale Avenue paving bonds. Denom. $1,427. Date July 1
MEADOW DRAINAGE DISTRICT, Klamath County, Ore.
1922. Maturing serially $1,427 on Oct. 1 1923 to 1931, id., BOND OFFERING.
-Sealed bids will be received by E. L. Davis,
and $1,427 on July 1 1932.
SecreSupervisors, at Room
16,160 Baxterly Avenue paving bonds. Denom. $1,616. Date July 1 tary Board of purchase of $525,000 No. 3, Swanson Building, Klamath
Falls, for the
bonds at not exceeding 6% interest.
1922. Maturing serially $1,616 on Oct. 1 1923 to 1931, incl., Prin. and semi-ann. int. payable
at the County Treasurer's office, or at
and $1,616 on July 1 1932.
the fiscal agency of the
17,470 Elbur Avenue paving bonds. Denom. $1,747. Date July 11922. Due yearly, from date State of Oregon in N. Y. City, at ontion of holder.
of bonds, as follows: $20,000 in 5 years, $21,000
Maturing serially $1,747 on Oct. 1 1923 to 1931, incl., and $1,747 in 6 years,
$22,000 in 7 Years, $24,000 in 8 years, $26,000 in 9 years,
on July 11932.
12,350 Overbrook Avenue paving bonds. Denom. $1,235. Date July 1 $27.000 in 10 years, $293)00 in 11 years, $31,000 in 12 years, $33,000
in 13 years. $35.000 in 14 years, $37,000 in 15 years. $39,000 in 16
1922. Maturing serially, $1,235 on Oct. 1 1923 to 1931, incl., $41,000 in 17 Years, $44.000
years,
in 18 years, $47.000 in 19
and $1,235 on July 1 1932.
In 20 years. tertIfIed check for 5% of the par value ofyears, and $49,000
the bonds bid for.
38,295 Brown Road paving bonds. Denom. $4,255. Date, day of sale. required. The approving
legal opinion of Teal, Minor & Winfree will
Maturing serially $4,255 each year beginning Oct.
be furnished the successful bidder.
15,246 Onondaga Avenue paving bonds. Denom. $1,694. 11923.day of
Date
The aforesaid sale, it is said, is subject to prior confirmation
sale. Maturing serially $1,694 each year beginning Oct. 1 1923.
of the
organization
36,486 St. Charles Avenue paving bonds. benom. $4,054. Date day of Court of the proceedings and the authorization of the bonds by the Circuit
State of Oregon, for Klamath County, and the
sale. Maturing serially $4,054 each year beginning Oct. 1 1923.
of certification thereof by the Oregon Irrigation Securities procurement
The following bids were also received:
Separate bids will also be received until the above time and Commission.
date
Premium. 1
Premium. $350.000 of the above amount, to mature from date as follows: for only
$13.000
Seasongood & Mayer
$1,7221W. S. Hill & Co
$1.035 in 5 years, $14,000 in 6 years, $15,000 in 7 years, $16.000 in 8 years.
$17,000 in 9 years, $18,000 in 10 years. $19,000 in
LA PLATA COUNTY SCHOOL DISTRICT NO.21(P.O. Durango), 12 years,
11 years. $20,000 in
$21,000 in 13 years, $23,000 in 14 years, $24,000 in
Colo.
-BOND SALE.-Benwell. Phillips & Co. of Denver have purchased $26.000 in 16
15 years,
years. $28,000 in 17 years. $30,000 in 18 years, $32,000
$4,000
% funding bonds. Denom. $500. Date July 1 1922. Prin. 19
in
payable at the County Treasurer's office. Semi-ann. Int. (J. & J.) payable canyears, and $34.000 in 20 years. Neither the 2525,000 nor the $350,000
be sold for less than 90% of their face value.
at Kountze Bros., N. Y. City. Due July 1 1942; optional July 1 1932.
MENOMINEE, Menominee County, Mich.
Financial Statement.
-BOND SALE.
-The
Actual valuation
$1,000,000 Farmers' Savings & Trust Co. of Marinette, Wis., was recently awarded
$65,000 5% paving
Assessed valuation, 1921
795.530 $1,665 (101.737). and $25.000 5% storm sewer bonds at a premium of
Total bonded debt, including this issue
Denom. $1,000 and $500. Date Aug. 1 1922. Int.
10,500 semi-ann. (F. &
A.).
Population, 800.
MERCER COUNTY (P. 0. Mercer), Pa.
LAPORTE COUNTY (P. 0. Laporte), Ind.
-BOND OFFERING.
- the $1,000,000
-BOND SALE.
-On July 14
John Line, County Treasurer, will receive sealed bids
m. Aug. 5 bonds, for the 1734-year (average) coupon (registerable as to principal)
for the following 5% coupon highway impt. bonds: until 11 a.
construction, improvemen
Cambria County, offered on that date t and repair of public roads in
$54,200 Otto Pletz et al. gravel road bonds. Denom. $1,355.
(V. 115, p. 106), were sold to the
Colonial Trust Co., of Farrell, and the
34,400 John L. Schoof et al. gravel road bonds. Denom. $860.
Date July 29 1922. Int. semi-ann. (M. & N. 15). Due two bonds of jointly, at 101.141 and interest for 434s,First National Bank of Sharon.
a basis
July 15 1922. Due yearly on July 15 as follows: of about 4.16%. Date
each issue each six months from May 15 1923 to Nov. 15 1932, incl.
$54,000, 1925; $20.000.
1926; $21.000, 1927; $22,000. 1928; $23,000,
LAS VEGAS, San Miguel County, N. Mex.-BOND SALE.
1929: $24,000. 1930; $25,000
-Boett- 1931; $27,000, 1932 and
cher, Porter & Co. of Denver have purchased the $50,000 6% 20-30 year
1933; $29.000, 1934; $30,000, 1935; $32,000, 1936
(opt.) sewer bonds to be offered on Aug. 11-V. 115, p. 336. Although $33,000. 1937; $34,000. 1938;$36,000, 1939; $38,000. 194o; $40,000, 1941
these bonds are already sold, they must be offered to investors to comply $41.000, 1942; $43,000, 1943; $46.000. 1944; $47.000. 1945; $50,000, 1946
$52,000, 1947; $54,000. 1948; $57,000. 1949; $60,000, 1950; and
with the law.
$35,000
1951. Bids were received for the
LAUREL, Prince George's County, Md.-BOND SALE.
-The $2,000 Interest-bearing rates, to wit: 4%,purchase of the bonds at three different
electric light, $3,000 street improvement, and
434% and 434%. Other bidders were:
Lewis & Snyder
$5.000 water and
disposal, 5% coupon 30-year bonds offered on July 5-V..115, sewage Guaranty
Holmes & Co
100.31
p. 105
Co. of New York}100.89871J, H.
were awarded to the Merchants Trust & Deposit Co.of
Redmond & Co
100.1918
Baltimore at 102.17.. Biddle & Henry
100.541
LEOMINSTER, Worcester County, Mass.
-On July Hornblower & -Weeks
20 the following 43% coupon bond issues were -BOND SALE.
MIAMI, Dade County,
of Boston, at 100.795, a basis of about 4.12%; sold to R. M. Grant & Co.
-BOND
-R.
New York have purchased Fla. $695,000 SALE. gold M. Grant & Co. of
'Bennett School Addition" bonds. Date
$36,000'
the
street improvement
534%
Int.
J. & J. Due $2,000 yearly on July 1 from July 1 1922. incl. bonds offered on July 18-V. 115, p. 213
-at 100.43. Date July 1 1922.
1923 to 1940,
Due as follows: 390,000, 1924; $50,000, 1925;
(average life about 8 5112 years).
$90,000, 1926; $70,000.
1927; $10,000. 1928; $80,000, 1929; $90,000,
25,000"Pavement and Sewer' bonds. Date June 1 1922. Int. J. & D.
1930; $100,000, 1931, and
Due $5,000 yearly on June 1 from 1923 to 1927, incl. (average $115,000, 1932.
life about 2 5-6 years).
MILDOUSAN GRADED AND HIGH SCHOOL DISTRICT (P. 0.
Principal and interest payable at the First National Bank, New York.
Raeford), Hoke County, No. Caro.
-BOND OFFERING.
-Sealed proLIBERTY, Sullivan County, N. Y.
-BOND SALE.
-On July 17, posals will be received by W.P.Hawfield,County Superintendent ofSchools
$6.500 5% street-Improvement bonds were sold to the Sullivan County until 1 p. m. Aug. 1 for $15,000 6% school bonds. Denom. $500. Date
National Bank, of Liberty, at 100.40, a basis of about 4.93%. Date July 15 1922. Prin, and semi-ann. int. payable
in
National Bank, N. Y. City. Due $500 yearly gold coin at the Hanover
Aug. 1 1922. Due $500 yearly on Aug. 1 from 1923 to 1935, inclusive.
on July
LIGHTENTING SCHOOL DISTRICT NO. 20, Adams County 1950 incl., and $1,000, 1951 and 1952. Certified check15 from 1925 te
upon an incorporated bank or trust company (or
(P. 0. Hettinger), No. Dak.-BOND OFFERING.-Nels J. Smith,
cash) for 2% of bid, payable to the
County Treasurer, will receive sealed bids until 3 p. m. to-day (July 22) above district, required. Bids for less than par will not be considered.
for $25,000 school bonds. Date July 1 1922. Int. J. & J. Denom.
MILLCREEK TOWNSHIP SCHOOL DISTRICT (P. 0. Newmans$50. Due July 1 1942.
town), Lebanon County, Pa.
-BOND SALE.
-On July 17 the $75,000
LONGVIEW INDEPENDENT SCHOOL DISTRICT
Long- 4%% coupon school bonds offered on that date
-were
-V. 115, p. 213
view), Gregg County, Texas.
-BONDS REGISTERED.
-On July 13 awarded to E. H. Rollins & Sons of New York at 102.582 and interest,
the State Comptroller of Texas registered $25,000 5% serial bonds.
a basis of about 4.29%. Date July
Dde on July 1 as follows:
$5.000, 1927; $10,000, 1932; $15,000.1 1922.$20,000. 1942; and $25.000.
LUCAS COUNTY (P. 0. Toledo), Ohio.
-BOND
1937;
- 1947.
Adelaide E. Schmitt, Clerk Board of County Commissione OFFERING.
•
rs, will
sealed bids until 10:30 a. m. July 26 for the following 5% highway receive
bonds:
MINNEAPOL
-George M. Link, Sec-BOND OFFERING.
$120,517 08 Washington Township Stone Road Improvement No. 137 retary of BoardIS, Minn.
of Estimate and Taxation, will receive bids until 2 P. m.
bonds. Denom. 1 for $517 08 and 120 for $1,000 each. Aug. 9 for
Duo yearly on Sept. 1 as follows: $12,517 08 in 1923. $13,000 ann. Due $1,120,000 434% city bonds. Date Sept. 1 1922. Int. semiyearly on Sept. 1 as follows: $37,000, 1923 to 1942, incl., and
from 1924 to 1927 incl. and $14,000 from 1928
to 1931 incl. $38,000. 1943 to 1952. incl. The bonds, it is said, will be sold at the best
Authorized by Section ' of the
6929
price offered by a responsible bidder, either above or below par.
Certified check for $500 required. General Code, as amended.
BOND OFFERING.
23,793 06 Washington Township Stone Road Improvement No. 171 Ways
-Sealed bids will
received by the Committee on
and leans of the City Council at be office of Dan C. Brown. City
bonds. Denom. 1 for $793 06 and 23 for $1,000 each. Due
the
yea-ly on Sept. 1 as follows: $2,793 06 in 1923, and $3,000 Comptroller, until 2:45 p. m. Aug. 9 for $108,863 19 not exceeding 5%
special street improvement bonds,
from 1924 to 1930 incl. Authorized by
1922 and to be payable
Section 6929 of the one-tenth and one-twentieth each all dated Sept. 1as the case may be, the
General Code, as amended. Certified check
year thereafter,
for
Date July 1 1922. Prin. and semi-ann. int. payable $500 required. last one being payable Sept. 1 1942. Certified check for 2% of the par
at the County value of the bonds bid for, payable to C. A. Bloomquist, City Treasurer,
Treasurer's office. All checks must be drawn on a bank
doing a regular req uireddelA e bids must include accrued interest from date of bonds to
date of . ivllry
banking business In Toledo. The bonds will be delivered
the Court
House in Toledo on Aug. 9. Conditional bids will not atconsidered.
be
of f
t ic chdvertile.,,ent of this bond offering will appear in a subsequent
A complete certified transcript of all proceeding's evidencing the regu- IssueThe of heia,,l a ronicsem
larity and validity of the issuance of the above bonds will be furnished
the successful bidder, in accordance with the provisions of Section 2295-3
MINNEHAHA COUNTY SCHOOL DSTRCT NO. 87 (P. 0. Sioux
of the General Code. A complete transcript of all proceedings relative Falls), So.
-Until 2 p. m. July 26 bids will be
to the issuance of the above bonds, up to the date of the sale thereof, is received at Dak-BOND OFFERING.
the office of Schumacher & Finkelnor, 315 Paulton Building.
now on file, it is stated, in the office of the County Commissioners for Sioux Falls,
for $5,000 school bonds. A certified check for 1% of bid
Inspection. A
required. Purchaser to furnish bonds. John Herbert, Clerk.
(p. o.
462
THE CHRONICLE
[vol.. 115.
-During the month of
-BOND SALE.
NORTH DAKOTA (State of).
-The State of North
MINOT, Ward County, No. Dak.-BOND SALE.
the May the State of North Dakota purchased the following 4% bonds at par:
Date
Dakota purchased 327,000 4% sewerage plant bonds at par during not A
Place.
May 5 1920
month of May. Date April 1 1920. Due April 1 1940. Bonds are
$4,000 Oberon School District No. 16
Dec. 31 1920
subject to call, but may be redeemed 2 years after date.
Twin Buttes School District No. 1
4,000
Jan. 1 1922
-It is reported that
-BOND SALE.
MONACA, Beaver County, Pa.
1,500 Baker School District No. 45
July 1 1920
H. 2,000 Rockford School District No.4
$32,000 4%% tax-free improvement bonds have been awarded to J.
above bonds mature in 20 years. Although not subject to call
All of the
Holmes & Co. of Pittsburgh.
from date of issue.
IP CONSOLIDATED they may be redeemed two years
MONTICELLO (CITY) AND UNION TOWNSH
-The State
-BOND
NORTH PLATTE, Lincoln County, Neb.-BOND SALE. during the
SCHOOL DISTRICT (P.0. Monticello), White County, Ind.
par
-On July 15 the Fletcher-American Co., of Indianapolis, were the of North Dakota purchased $50,000 6% paving bonds at
SALE
coupon month ofJune. Date June 1 1922. Due June 1 1942;optional June 1 1927.
-3
successful bidders for the $48,905 48 5% 11 2 -year (average)
-On
-BOND ELECTION.
school-building bonds, offered on that date (V. 115, p. 213), for *50,54548
OAKDALE, Stanislaus County, Calif.
(103.35) and interest, a basis of about 4.62%. Date July 1 1922. Int. July 31 an issue of $35,000 municipal hospital bonds will be submitted to a
J. & J. Due each six months as follows: $405 48 July 1 1923, 3500 Jan. 1 vote of the people, it is stated. It is also stated that the citizens have
1924 to Jan. 1 1925, inclusive, $1.000 from July 1 1925 to Jan. 1 1930, already approved the plan for the municipal hospital a proposition as to
inclusive, $1,500 from July 1 1930 to Jan. 1 1942, inclusive, and $1,000 whether such an institution should be established having carried 7 to 1 at
July 1 1942.
an election in April.
-The
-BONDS NOT SOLD.
MONTGOMERY COUNTY COMMON SCHOOL DISTRICT NO. 8,
OAK HARBOR, Ottawa,County, Ohio.
-On July 11 the State Comptroller of
offered on July 12Texas.
-BONDS REGISTERED.
3issues of5% street impt. bonds. aggregating $32,000,
-20
Texas registered $10.000 6% 5 -year bonds.
sold. The only bidder was Sidney Spitzer & Co.
-were not
V. 115, p. 214
-On June 3 Toledo, who offered a conditional bid of par plus a $1.00 premium.
MONTICELLO (P. 0. Anamosa), Neb.-BOND SALE.
(P. 0. Oberon), Benson
Ringheim, Wheelock & Co. of Des Moines purchased $190,000 school bldg.
OBERON SCHOOL DISTRICT NO. 16the month of May the State
-During
bonds at a premium of $2,900, equal to 101.52.
County, No. Dak.-BOND SALE. 4% building bonds at par. Date
MORGAN COUNTY SCHOOL DISTRICT NO. 3 (P. 0. Fort Mor- of North Dakota purchased $18,000 are not subject to call but may be
-An election will be held on Aug. 5 to May 1 1920. Due May 1 1940. Bonds
-BOND ELECTION.
gan), Colo.
% school bonds.
vote on issuing $14,000
redeemed two years after date.
-W.W, Holt,
-BOND OFFERING.
-BONDS OFOIL CITY, Venango County, Pa.
MORROW COUNTY (P. 0. Mount Gilead), Ohio.
4%%
for
Commissioners offered for sale on July 21 the fol- City Treasurer. will receive bids until 3 p. m. Aug. 5July$200,000 Int.
-The County
FERED.
1 1922.
by Section street improvement bonds. Denom. $1,000. Date
lowing 5%% coupon Marengo-Ashley Road bonds authorized
said that the bonds are
serially from 1927 to 1952 incl. It is $2,000 required.
6929, General Code:
check for
Due yearly J. & J. Due
120,400 (county's portion) bonds. Denom. $800 and $750. 1924 to 1931 free of Pennsylvania State taxes. Certified
-Correcting figures sent us with
on Sept. 1 as follows: $2,400 in 1923 and $2,250 from
-CORRECTION.
OREGON (State of).
highway bonds on July 25
incl.
of the offering of the $1,000,000 43 %
$300
2,634 (land owners' portion) bonds. Denom. 1 for $234 and 8 for $300 the noticep. 338), Roy A. Klein, Secretary of the Oregon State Highway
(V. 115,
each. Due yearly on Sept. 1 as follows: $234 in 1923 and
total bonded debt of the State, including
Commission, informs us that the
from 1924 to 1931 incl.
$44,384,020.
Int. semi-ann. (M. & S.). Bonds to be delivered and paid for at the the proposed issue, is
-The $975,000
-BOND SALE.
County Treasurer's office.
ORLANDO, Orange County, Fla.
and electric light bonds offered on July 18-BIDS REJECTED.
5%% coupon water works purchased at par by Prudden & Co. of Toledo.
MOUNT KISCO, Westchester County, N. Y.
-have been
% registered sewer bonds V. 115, p. 214
The only bid received for an issue of $32,000 45
May 15 as follows: $150,000, 1932; $200,Due
offered on July 18, that of Farson, Son & Co. of NewYork, who offered Date May 15 1922. 1952, on $325,000, 1962.
and
'
100.119, was rejected. Denom. $1,000. Date Aug. 11922. Int. F. &A. 000. 1942; 5300,000.
offered
following 3 issues of 5%% coupon bonds at par.
-The
Due $2,000 yearly on Aug. 1 from 1926 to 1941, inclusive.
BOND SALE.
-were awarded to the same company
on July 17-V. 115. p. 214
MOUNT PLEASANT COMMON SCHOOL DISTRICT NO. 8 (P. 0. $340,000 sewer construction bonds. Due on May 15 as follows: $50,000,
-On July 20
-BOND SALE.
1962.
Thornwood), Westchester County, N. Y.
1932; 570,000, 1942; $100.000. 1952, and $12.000,
Sherwood & Merrifield. of New York, were the successful bidders for the
60.000 public library bonds. 'Due May 15 1932.
$30,000 5%% school bonds offered on that date (V. 115, p. 213) at 106.61,
Due May 15 1932.
25,000 incinerator bonds.
a basis of about 4.65%. Date May 11922. Due $1,500 yearly on May 1
Date May 15 1922.
from 1923 to 1942, inclusive (average life about 10Y, years). Other bidders
-An issue
-BOND SALE.
OSSINING, Westchester County, N. Y. sold to Sherwood & Merriwere:
Mt.Pleasant Bk., Pleasantv_105.50
Riverhead Savings Bank_ _ _ _106.60
of $20,000 5% fire department bonds has been
4.94%. Intl semi-ann.
103.658 field of New York at 100.15. a basis of about
106.58 O'Brian, Potter & Co
Geo. B. Gibbons & Co
1923 to 1927 incl.
101.02
Union National Corporation_105.678 Parson, Son & Co
Date Aug. 1 1922. Due $4,000 yearly on Aug. 1 from
County,
-The
G, Montgomery County, Ky.-BOND SALE.
OWOSSO SCHOOL DISTRICT(P.O.Owosso),Shiawasseetaxpayers
MT. STERLIN
been Mich.
a local newspaper, the
-have
-According to
-BONDS VOTED.
$30,000 6% school bonds offered on July 15-V. 115, p. 213
school buildings.
purchased by Well Roth & Co. of Cincinnati. at par plus a premium of recently voted to issue $200,000 bonds for three new ward
$1,755, equal to 105.85, a basis of about 5.24%. Date July 1 1922. Due
(P. 0. Paradise), Butte
PARADISE IRRIGATION DISTRICT J. R. Mason & Co. and M.H.
$1,500 yearly on July 1 from 1923 to 1942, incl.
-On July 12
-BOND SALE.
County, Calif.
30 2-3 year (aver.) bonds,
MUNISING TOWNSHIP SCHOOL DISTRICT, Alger County, Lewis & Co. were awarded the .170,000 6% int., a basis of about6.22%.
-at 97 and
-On July 12 the Hanchett Bond Co., Inc.. of Chi- offered on that date
-V.115. p. 107
Mich.
-BOND SALE.
as follows: $4,000. 1948; $6,000. 1949, and
cago, was awarded the $100,000 5% school bonds offered on that date-V. Date July 11920. Due July 1
1954 to
-(Price not given). Date July 15 1922. Int. J. & J. Due 1950; $7,000. 1951; $8,000. 1952; $9,000, 1953, and $10,000.
115. p. 213
$10.000 yearly on Jan. 15 from 1927 to 1936, incl. (Average life 9 years.)
5 AR nc C uN
.
19F 6, iK Iu ve.
Clyde Park)
-BOND SALE.TY SCHOOL DISTRICT NO. 41 (P. 0. will receive
MUSKEGON HEIGHTS, Muskegon County,Mich.
-J. A Lohman, District Clerk, 6%interest.
It is stated by a local newspaper that-Whittlesey, McLean & Co. of Detroit Mont.
-BOND OFFERING.
to exceed
were awarded $50.000 5% funding bonds at a discount of $975.
Aug. 1 for $6,500 coupon school bonds not
bids until
-BIDS REJECTED.
, Ohio.
-LOAN OFFERING.
-The
PAULDING COUNTY (P. 0. Paulding)
NASHUA, Hillsborough County, N. H.
% road improvement
submitted for the $47,700
City Treasurer will receive bids until 10 a. m. July 25 for the purchase of -All bids which were17-V. 115, p. 214
-were rejected, due to an irregua temporary loan of $80.000, dated July 26, and maturing Jan. 12 1923, it is bonds offered on July s..
stated.
larity in the proceeding
-BOND
St. Joseph County, Ind.
-The three issues of bonds
-BOND SALE.
NASHVILLEm Tenn.
PENN SCHOOL TOWNSHIP, Trustee, will receive sealed bids until
(registerable as to principal) offered on July 21 (V. 115, p. 338) were sold OFFERING. Henry C. Eggleston,
$1,000.
for $19.000 5% school house bonds. Denom. payable
Lee, jointly, as follows:
to Estabrook & Co. and Hannahs, Baffin &
5 p. m. Aug. 7
1922. Prin. and semi-ann. int.,
$375,000 viaduct bonds as 4.(s at a premium of $3,525, equal to 100.94, Bonds to bear interest from Aug. 1
Co., Mishawaka. Due yearly on
a basis of about 4.70%. Date July 11922. Principal and semi- by the Mishawaka Trust & Savings to 1931, incl., and $1,000 in 1932.
annual interest (J. & J.), payable at the City Treasurer's office or Aug. 1 as follows: $2.000 from 1923the above official is required. The
at the National Park Bank, N. Y. City, at option of holder. Due Certified check for $300, payable to and accrued interest.
yearly on July 1 as follows: $4.000. 1923 and 1924; $5,000. 1925; bonds shall be sold for not less than par
DISTRICT, Allegheny County, Pa.
$6.000, 1926 to 1928, incl.; $7,000, 1929; $8,000, 1930; $9,000,
PENN TOWNSHIP SCHOOL
, was
1931 to 1933,incl.; $10.000, 1934;$11,000, 1935 and 1936,$12,000
-On July 6 the Mellon National Bank of Pittsburgh
SALE.
1937 to 1939. incl.; $13,000, 1940; $14,000, 1941; $15,000, 1942; BOND $69,000 4%% school bonds, Series F, for $69,986 70 (101.43), a
816,000, 1943; $17,000, 1944 and 1945; 318,000, 1946 and 1947; awarded about 4.35%. Denom. $1.000. Date June 1 1922. Principal
of
819,000. 1948;$21,000, 1949 and 1950;$22,000, 1951 and $23,000, basissemi-annual interest (J. &D.) payable at the First National Bank,
and $39.000 June 1 1937 (average life
1952. These bonds were recently voted as noted in out issue of and
Verona. Due $30,000 June 1 1932 evidently part of the $100,000 bonds
1, on page 106.
July
years). These bonds are
premium of $6,000, about 12% July 6 (V. 115, P. 107)•
200,000 5% general improvement bonds of 1922, at a Aug.
on
11922. Prin- offered
-On July 13
equal to 103, a basis of about 4.70%. Date
-BOND SALE.
PERRYSBURG, Wood County, Ohio.
cipal and semi-annual interest (F. & A.), payable at the City
of 5%% sewer Improvement bonds, aggregating
Treasurer's office or at the Irving National- Bank, N. Y. City. the following two issues (V. 115, p. 214) were sold to Sidney Spitzer &
July 13
Due yearly on Aug. 1 as follows: $10,000, 1928 to 1932, inclusive, $65.000, offeredfor $65.765 (101.17) and interest, a basis of about 5.255%;
Co., of Toledo,
61 bonds
adn $15,000, 1933 to 1942, inclusive.
561.500 5i%-year (average) special assessment bonds. Denom. as follows:
at a premium
250,000 6% street improvement bondsPrincipal and of $7,075, equal to
on Sept. 1
for $1.000 each and 1 for $500. Due yearlyin 1931 and $7,000 in
semi-annual interest
102.83. Date Aug. 1 1922.
$6.000 from 1923 to 1930, inclusive, $6.500
the City Treasurer's office or the Irving
(F. & A.). payable at City, at option of holder.
National Bank, N. Y.
bonds. Denom. $500.
3
19 26
3,500 4 1-1. year (average) corporation's portion
-BOND
1929, inclusive.
-The
Due $500 yearly on Sept. 1 from 1923 to received:
NEWBURYPORT, Essex County, Mass. in. JulyOFFERING.
until 11 a.
are the bids
25, it is reported.
City Treasurer will receive proposals
Date July 1 1922. The following 1W. IC. Terry & Co
$65,271 50
$65,765 00
for the following 4% bonds: 3100,000 highway bonds,dmaturing $20,000 Sidney Spitzer & Co
65,110 50
playgroun
65,653 00 W. L. Slayton & Co
yearly from 1923 to 1927 incl.. and $20,000 July 1 1922.bonds, maturing Campbell & Kinsey
65,073 00
Date
T Bell & Co
65,439 00 A.
31.000 yearly from 1923 to 1942 incl.
Stacy
65,366 00 Ryan, Bowman & Co_ _ _ _ 65,037 50
Rod& & Co
SPECIAL SCHOOL DISTRICT (P. 0. New Eng- Spitzer,
REGISTERED -On
-BONDS
NEW ENGLNAD
Hidalgo County, Texas.
&
AR-13 un
:
Dak.-BOND SALE.
-During the
serial water
land), Hettinger County, No.
the State Comptroller of Texas registered $20,000 6%
month of May the State of North Dakota purchased $20,000 4% funding July 10
s.
1920. Due Oct. 1 1940. Bonds are not works bonds.
1
-An issue of
bonds at par. Date Oct.redeemed after 2 years from date.
Haakon County, So. Dak.-BOND SALE.
PHILIP,
subject to call, but may be
and sewer bonds has been sold.
-BOND OFFERING.
County, N. Y.
- $50,000 water
(P. 0. Holyoke),
NEW HARTFORD, Oneida of Village Trustees, will receive bids until
PHILLIPS COUNTY SCHOOL DISTRICT NO. 61 7 school building
Board
-At a recent election $4,0006% 0
Ellis Morris, President of
-BONDS VOTED.
Colo.
not less than par and interest of
S p. in. July 25 for the purchase atbonds. Denom. $1,000. Date$14,000 bonds were voted. These bonds had already been sold to Benwell, Phillips
and sale
July 1
Genesee St. paving and curbing payable at the First National Bank of & Co. of Denver subject to being voted. Notice of the election
1922. Prin. and semi-ann. int.
given in V. 114, p. 2511.
on July 1 from 1927 to 1933,
New Hartford. Due $2.000 yearly for 2% of amount of bonds bid incl. was
-BOND OFFERING.
of).
for,
York draft
PHILIPPINE ISLANDS (Government Army and Chief of Bureau of
Certified check or NewTreasurer, required. Interest rate in multiple of
of the U. S.
Frank McIntyre. Major-General at his office in Washington. D. C.(Room
wyable to the Village
Affairs, will receive bids
in bid.
Insular
Vs % to be stated
2 p. in. July 25 for the purchase of the fol-The $1,400.000 43 % 3042, Munitions Bldg.), until
-CERTIFICATE SALE.
NEW ORLEANS, La.
% coupon bonds:
- lowing
offered on July 17-V. 114, p. 2854
5
coupon tax free paving certificates Securities Co., Inc., of New Orleans, $10,000.000 j ld 15 I9. Date July 15 1922. Int. J. & J. 15. Due
o
gu y bonds 2.
have been purchased by the Hibernia
Denom. $1,000, $500 and $100. Int.
improvement bonds. Date
at 96.67, a basis of about 5.157. 1 from 1924 to 1933, inclusive.
5.000,000 irrigation and permanent public July 11952.
-J. Due $140.000 yearly on Jan.
J.
July 1 1922. rnt. J. & J. Due
int. payable in gold at the U. S. Treasury.
County, Ohio.
Tuscarawas
-BOND SALE.
Denom. $1,000. Prin. and
NEW PHILADELPHIA,
$5,500 sewer,$13,500 funding and $14,200 A bank draft or dertified check for 2% of bid, payable to the above official,
-The city clerk informs us that
to the State Industrial Commission of required. The official announcement sates: "The U. S. Treasury Dept.
-storm sewer bonds have been sold
the Government of the Philippine
authorizes the statement that bonds of rgulations of the Treasury Dept.,
Ohio.
acceptable at par. under the
-BOND OFFERING.
R. I.
-John M. Islands are for deposits of public money.'Accepted subscriptions will be
Newport County, bids until 5
NEWPORT,
P. m. July 27 for 144,000 as security
Taylor. City Treasurer, will receive pavement bonds. Denom. $1,000. payable on July 28 1922 at a bank in N. Y. City to be designated by the
and
make
. 4%% coupon reimbursement semi-ann. int. (F. & A.) payable in gold Bureau of Insular Affairs, War Dept., and the bank so designated will le for
Prin. and
necessary, interim certificates exchangeab
Date Aug. 1 1922.
weight and fineness at the City Treasurer's delivery of the bonds, or, if
coin of the present standard of Bank of Boston. Due yearly on Aug. 1 the definitive bonds, as soon as they can be issued. It also states that:
the Philippine Islands, or by its
office or at the First National
"all bond:: issued by the Government of
1936 incl.. and $4,000. 1937.
as follows: $10.000. 1923 tothe supervision of the First National Bank of authority, shall be exempt from taxation by the Government of the United
Bonds are engraved under Ropes, Gray, Boyden & Perkins. All legal States, or by the Government of the Philippine Islands or of any political
Boston: legality approved bywill be filed with said bank where they may or municipal subdivision thereof, any State, any county, municipality, or
Territory of the United States
papers incident to this issue
will be delivered to the purchaser on other municipal subdivision of any State or
P.111im
be inspected at any time. Bonds Boston.
or by the District of Columbia."
Aug. 1 at the First National Bank of
JULY 22 1922.]
THE CHRONICLE
The following is a complete list of the bids submitted for the $2.750,000
434% coupon collateral bonds on July 11:
Chase Securities Corporation, Hallgarten & Co., Blair & Co. and
Hornblower & Weeks
*96.79
Kuhn, Loeb & Co. Dillon, Read & Co. and Lee, Higginson & Co_ _96.537
Speyer & Co. and ihe Equitable Trust Co
96.52
Riggs National Bank
96.179
Wm. R. Compton Co., Guaranty Co. of N. Y.. West & Co., Phila.,
Harrison. Smith & Co., Phila., and First National Co., Detroit.. _95.095
* Successful bid; for previous reference to same see V. 115, p. 337.
PLAZA SCHOOL DISTRICT (P. 0. Plaza), Mountrail County,
No. Dak.-BOND SALE.
-The State of North Dakota purchased $30,000
4% building bonds at par during the month of May. Date May 1 1920.
Due May 1 1940. Although these bonds are not subject to call, they
may be redeemed 2 years after date.
-BOND SALE.
PLYMOUTH SCHOOL CITY (P.O. Plymouth), Ind.
-The $10,000 5% coupon high school building and equipment bonds offered for sale on June 26 (V. 114, p. 2749) were sold to the City Trust Co.
of Indianapolis at a premium of $4,444 (104.04) and accrued int. Date
Sept. 1 1922. Due from 1 to 20 years.
PLUM TOWNSHIP SCHOOL DISTRICT, Allegheny County, Pa.
-BOND SALE.
-The $35,000 454% school building bonds offered on
May 13-V. 114, p. 2050
-were awarded to J. H. Holmes & Co. of PittsNitwit., Date June 1 1922. Due $5,000 on June 1 in 1927, 1932, 1937,
1942. 1947, and $10,000. June 1 1952.
-BOND SALE.-Bumpus, Hull
PONTIAC, Oakland County, Mich.
& Co. of Detroit have purchased at par $26,647 11 6% drainage bonds.
Denom. $2.960 79. Date June 15 1922. Int. semi-ann. (June 15 and
Dec. 15). Due serially from 1924 to 1932 inclusive.
-BOND OFFERING.
PORTAGE COUNTY (P.O. Ravenna), Ohio.
J. M. Parham, County Auditor, will receive bids until 9 a. m. July 24 for
the purchase at not less than par and interest of $44,400 534% coupon
Inter-County Highway No. 474. Sec. D,improvement bonds, issued under
authority of Sec. 1223. Gen. Code. Denoms. 1 for $400 and 44 for $1.000.
Date May 1 1922. Int. A. & 0. Due each six months as follows: $2,400,
Oct. 1 1923; $2.000, April 1 1924 to April 1 1925. inclusive; $3,000, Oct. 1
1925; $2,000. April 1 1926; $3,000, Oct. 1 1926; $2.000, April 1 and Oct. 1
1927; $3,000, April 1 and Oct. 1 1928; $2.000, April 1 1929; $3,000, Oct. 1
1929;$2.000, April 1 1930; $3,000. Oct. 1 1930;$2,000. April 11931;$3,000,
Oct. 1 1931; and $2,000, April 1 1932. Certified check for $400. payable to
the County Treasurer, required.
PORTLAND, Cumberland County, Me.
-TEMPORARY LOAN.
The temporary loan of $200,000, offered on July 17 (V. 115, p. 339). was
awarded to the Casco Mercantile Trust Co., of Portland. on a 3.37% discount basis, plus $7 50 premium. Date July 20 1922. Due Oct. 4 1922.
PORTLAND,Ore.
-BOND SALE INVALIDATED.
-The "Oregonian"
on July 16 reported that the sale on April 18 of the $500,000 4% gold water
bonds to the Security Savings & Trust Co. of Portland (which was bidding
at that time, we are informed, for the account of Kissel, Kinnicutt & Co.
of New York and the Anglo-London-Paris Co. of San Francisco) (V. 114,
p. 1821), has been declared invalid, because the City of Portland was not
in a position to issue a certificate to the trust company stating there was
enough money in the sinking fund to pay off $2,200,000 of water bonds
which fall due next year, when demanded by Storey, Thorndike, Palmer
& Dodge,of Boston,its attorneys. The "Oregonian" also says: "Inasmuch
as the sinking fund at the present time has only $1,229,436 52, the city was
unable to issue the certificate. The certified check for $25,000 deposited
by the company was returned. City officials maintain that the State law
allows the issuance of refunding bonds to pay off a part of the municipal
ndebtednass. An increase in water rates is likely to result, it is said.
PORTLAND, Ore.
-BOND SALE.
-An issue of $38,175 11 improvement bonds has been sold to Clark, Kendall & Co. of Portland for $40,285 11
(105.52) and interest.
QUINCY, Gadsden County, Fla.
-BONDS AWARDED IN PART.
Of the 4 issues of 5% coupon bonds aggregating $98„000 offered on July
18-V. 114, p. 2749
-the following 3 were awarded to W. P. Kennedy:
$14,000 water main bonds.
4,000 sewer main bonds.
40,000 paving bonds.
RADFORD, Montgomery County, Va.-BOND SALE.
-The $115,000
electric plant, $95,000 water works and the $15.000 street railway bonds,
offered on July 18-V. 115, p. 339
-have been awarded to C. W. McNear
& Co. of Chicago as 5%s at a premium of $2 361. equal to 101.04, a basis
of about 5.44%. Date July 1 1922. Due July 1 1952.
RAH WAY, Union County?, N. J.
-BOND OFFERING.
-Fred M.
Williams, City Clerk, will receive bids until 2 p. in. July 27 for the purchase of an issue of 454% coupon (with privilege of registration as to
principal only or both principal and interest) school bonds, not to exceed
$250,000. Denom. $1.000. Date Aug. 1 1922. Prin. and semi-ann.
int. payable in U. S. gold coin of the present standard of weight and fineness
at the Rahway National Bank of Rahway. Due yearly on Aug. 1 as
follows: $8,000, 1923 to 1942 incl., and $9.000, 1943 to 1952 incl. Certified
check on an incorporated bank or trust company for 2% of amount of
bonds bid for, payable to the City Clerk, required. Blois are desired on
blanks furnished by the city. Delivery to be made at the Rahway National
Bank, Rahway, on Aug. 1, unless a later date is agreed upon. Legality
approved by Clay & Dillon of New York.
RAY TOWNSHIP (P. 0. Paragon), Morgan County, Ind.
-BOND
OFFERING.
-J. A. Blankenship, Township Trustee, will receive bids until
2 p. m. July 29 for $3.000 5% refunding bonds. Denom. $500. Date
Aug. 1 1922. Int. F. & A. Due $500 each six months from Aug. 1 1923
to Feb. 1 1926, inclusive.
REEDER SCHOOL DISTRICT NO. 3 (P. 0. Reeder), Adams
County, No. Dak.-BOND SALE.
-During the month of May the State
of North Dakota purchased $20,000 4% building bonds at par. Date
May 11920. Due May 1 1940. Bonds are not subject to call, but may
be redeemed after 2 years from date.
RICHLAND COUNTY (P.O. Mansfield), Ohio.
-BONDS OFFERED.
-On July 18 the County Commissioners offered for sale $5,760 554%
Linden Road improvement bonds. Denom. 1 for $1,760 and 4 for $1,000
each. Date July 1 1922. Prin. and semi-ann. int. (A. & 0.) payable
at the office of the County Treasurer. Due yearly on Oct. 1 as follows:
$1,760 in 1923, $2,000 in 1924, and $1,000 in 1925 and 1926. Issued in
accordance with Section 6929 of the General Code and pursuant to a
resolution adopted by the County Commissioners on June 20 1922. The
bonds will be delivered at the County Treasurer' office.
RICHLAND PARISH ROAD DISTRICT NO. 1 (P. 0. Rayville),
-BOND SALE.
La.
-The $70,000 6% road bonds offered on July 11 (V.
114. p. 2855) have been purchased by L. E. French & Co., at par plus a
premium of $155, equal to 100.22. Due on Feb. 1 from 1923 to 1947, incl.
RIDGEFIELD PARK, Bergen County, N. J.
-The
-BOND SALE.
two issues of 5% coupon (with privilege of registration) bonds offered on
July 18-V. 115, p. 215
-were awarded to Harris, Forbes & Co. of New
York as follows:
$180,000 ($188,000 offered) general impt. bonds for $188,695 80 (104.831)
and interest, a basis of about 4.56%. Due yearly on July 1 as
follows: $4,000 from 1923 to 1929, incl.; $5,000 from 1930 to
1959, incl., and $2,000, 1960.
66,000 assessment bonds for $66,815 76 (101.236) and interest, a basis
of about 4.74%. Due yearly on July 1 as follows: $6,000 from
1923 to 1926, and $7,000 from 1927 to 1932, incl.
Date July 1 1922.
463
ROCHESTER, N. Y.
-NOTE OFFERING.
-J. C. Wilson, City
troller, will receive bids until 2.30 p. in. July 24 for $250,000 local Compimprovement notes, maturing 8 months from July 27 1922 at the Central Union
Trust Co., New York, where delivery to purchaser is to be made on
July 27.
Bidders to state rate of interest, designate denominations desired
whom (not bearer) notes shall be made payable. No bids will be and to
accepted
at less than par.
ROCKFORD SCHOOL DISTRICT NO. 4, No. Dak.-BOND
-During the month of May the State of North Dakota purchased SALE.
4% building bonds at par. Date July 1 1920. Due July 11940. $10,000
Bonds
are not subject to call, but may be redeemed 2 years from date of issue.
ROLLA, Rolette County, No. Dak.-BOND SALE.
-During the
month of May the State of North Dakota purchased $10,000 4% building
bonds at par. Date July 1 1920. Due July 1 1940. Although these
bonds are not subject to call, they may be redeemed 2 years after date.
ROSE CREEK, Mower County, Minn.
-BOND SALE.
-The $4,500
electric light bonds recently voted-V. 114. p. 2395
-have been awarded
to Warren Dean as 6s at a premium of $304, equal to 106.75. Denom.
$500. Date May 1 1922. Int. M. & N. Due on May 1 from 1929 to
1937 inclusive.
RURAL SCHOOL DISTRICT NO. 6, No. Dak.-BOND SALE.
The State of North Dakota purchased $10,000 4% building bonds at par
during the month of May. Date May 1 1920. Due May 1 1940. Bonds
are not subject to call, but may be redeemed 2 years after date.
ST. LOUIS COUNTY (P. 0. Duluth), Minn.
-BOND OFFERING.
Until 1:30 p. m. July 28W. H. Bergen, County Auditor, will receive sealed
proposals for $2,000,000 gold coupon bonds. Denom. $1,000. Date Jan. 1
1921. Due Jan. 1 1931.
ST. PETERSBURG, Pinellas County, Fla.
-PRICE.
-The price
paid for the $365,000
% municipal bonds awarded to R. M. Grant &
Co. of N. Y. City, as stated in V. 115, p. 339. was par plus a premium of
$14,100. equal to 103.88, a basis of about 5.25%•
SAGINAW, Saginaw County, Mich.-BON,D SALE.
-A recent issue
of the Michigan "Inxestor" states that $400,000 street improvement bonds
were sold to local investors over the counter.
SAGINAW COUNTY (P.O. Saginaw), Mich.
-BOND OFFERING.
The Board of County Road Commissioners will receive bids until 12:30
p. m., to-day.(July22) for the following 5% highway impt. bonds, aggregating 94,500, issued under authority of Act No. 59, Public Acts of 1915:
34,200 7
-year serial assessment District Road No. 48 bonds.
35,550 5
-year serial assessment District Road No. 84 bonds.
24,750 4
-year serial assessment District Road No. 85 bonds.
Denom. to suit purchaser. Date July 1 1922. Int. semi-ann.(M.
-N.).
Due beginning May 1 1923. The official notice states that the above
officials will pledge the faith and credit for the payment of these bonds of'
the County of Saginaw, the township or townships and the Assessment
District in which the road is located. The official notice also states that
the County Road Commissioners will furnish the purchaser a guaranteed
transcript of the proceedings for each road by the R. W. Roberts Co.,
engineers, 209 Schirmer Bldg., Saginaw. Mich.
SALEM, Essex County, Mass.
-TEMPORARY LOAN.
-A temporary
loan of $100,000, dated July 19 and maturing Dec. 14 1922, was awarded
on July 19 to the Merchants National Bank of Salem, on a 3.34% discount
basis, plus $1 25 premium.
SALINA SCHOOL DISTRICT NO. 3 (P. 0. East Syracuse R. D.
No. 1), Onondaga County, N. Y.
-BOND OFFERING.
-Miss Kathie
Malloy, Trustee, received sealed proposals until July 20 at the office of'
William A. Maloney, 619 Wolf St., Syracuseor the purchase of $40,000
5% school bonds. Denotn. $1,000. Date Aug.A
1 1922. Int. payable
at the Third National Bank, Syracuse, to the holder thereof in New 'York
exchange. Due $4,000
1928 to 1937., incl,
VINO
SAN BERNARDINO, San Bernardino County, Calif.
-CORRECTION.
-The amount of 5% tax-free coupon public convention hall bonds
sold was $200,000, not $195,000, as stated in V. 114,
p. 2630. The bonds
were purchased on June 5
and the American Nationalby the Harris Trust & Savings Bank, Chicago.
Bank, San Bernardino, jointly. for $210,042 50
(105.02) and interest. They are described as follows: Denom. $1,000.
Date June 11921. Prin. and semi-ann. int. (J. &
Treasurer's office. Due on June 1 yearly up until D.) payable at the City
1961.
SAN ANTONIO INDEPENDENT SCHOOL DISTRICT (P. 0. San
Antonio), Hexer County, Tex.
-BOND SALE.
-The Brown Crummer
Co. of Wichita, has purchased the
offered on July 18-V. 115. p. 215 $1,000,000 5% coupon school bonds
-at par, plus a premium of $16,150,
equal to 101.615. Due in 40 years.
SANTA ROSA HIGH SCHOOL DISTRICT, Sonoma County,
Calif.
-BOND SALE.
-An issue of
-year (aver.) school
24
bonds has been sold to Blyth, Witter $375.000 5% Francisco for $398,288,
&
equal to 106.21, a basis of about 4.57%.Co. of San
Due yearly on Aug. 1 as follows:
$10,000 1928 to 1957 incl., and $15,000 1958 to 1962 incLuig
131
SCOTT COUNTY (P. 0.
-BOND SALE.
-On
ttsburg), Ind.
July 15 the Fletcher-American Co. o1' Indianapolis, was awarded the $33,480
Sc°
-12-year (aver.) M. V. Weir et al.. highway impt. bonds, offered on
5% 5 7
that date
-V. 115, p. 215
-for S33.955 (101.41) and int., a basis of about
4.715%. Date July 15 1922. Due $1,674 each six months from May 15
1923 to Nov. 15 1932, incl. A bid of
was received from Breed.
Elliott & Harrison of Indianapolis. $33,836
SCOTTSBLUFF COUNTY SCHOOL DISTRICT NO. 52 (P. 0.
Scottsbluff), Neb.-BOND ELECTION
-BOND SALE.-Suoject to being
voted at an election to be held soon, Este & Co. of Denver, have purchased
$3,000 building and $2,000 funding school bonds.
Wash.
-During June the city issued the
-BOND SALE.
following 6%
SEATTLE,bonds:
Dist. No:
Date.
Due.
Purpose.
Amount.
3403
June 6 1922 June 6 1934
$3345,010 90 Paving
3463
June 16 1922 June 16 1934
2,452 45 Grading
3404
21,107 73 Water mains June 19 1922 June 19 1934
3451
June 17 1922 June 17 1934
4,131 05 Sewers
3464
June 19 1922 June 19 1934
5,843 34 Grading
3411
June 20 1922 June 20 1934
9,975 04 Sewer
3390
June 29 1922 June 29 1934
38 534 18 Paving
All the above bonds are subject to call yearly.
SENECA FALLS, Seneca County, N. Y.
-BONDS NOT SOLD-REOFFERED.
-The two isshes of bonds, aggregating 853,000. offered on
July 17-V. 115. p. 215
-were not sold, all bids being rejected. The
bonds are being re-offered at
7.30 P. m. Aug' 1
'
SEYMOUR, Baylor County, Tex.43:0ND ELECTION.
-On Aug. 8
840,000 city hall,$8,000 park and $25,000 water bonds will be voted upon.
SOUTH AMHERST VILLAGE SCHOOL DISTRICT(P.O. Amherst),
Lorain County, Ohio.
-Carl E. Gibson, Clerk,
-BOND OFFERING.
Board of Education, will receive sealed bids until 7 p. in. Aug. 2for $45,000
.
534% coupon building bonds. Denom.
Date Aug. 2 1922. Prin.
Derwin.Lorain Savings & Trust Co.. Elyria.
and semi-aim. int.(A.&
at $1•"'
0.)
Ohio. Due yearly on Oct. pa' follows:$1,000 in 1924 and $2,000from 1925
to 1946 incl. Cert, check 1 as Ohio bank other than the bidder, for 5%
of the amount of bonds bid on an
for, payable to the above official, is required.
SOUTH STILLWATER, Washington County, Minn.
-BOND SALE,
RIPLEY COUNTY (P. 0. Versailles), Ind.
-BOND OFFERING.
Wm. B. Goyert, County Treasurer, will receive bids until 11 a. m. Aug. 7 -The Lincoln Trust & Savings Bank has _purchased $12,000 5% water
bonds at 100.33, a basis of about
for the following 434% highway improvement bonds:
4.97%• Denem. $1,000. Date July 1
$14,800 J. H. Spreckleson at al. Adams Township bonds. Denom. $370. 1922. Int.
Due July 1 1942.
14.600 William Rennekamp et al. Adams Township bonds. Denom.$635.
SPENCER, McCook
, So. Dak.-BOND OFFERING.
6,300 Ulysses S. Shilling et al. Adams Twp. bonds. Denom. $315.
Bids will be received untilCounty July 31 for $30,000 6% electric plant
5 p. m.
6,000 Mathias Johanningmann et al. Jackson Twp. bonds. Denom.$300. bonds. Date
June 1 1922. Due June 1 1937. Prin. and semi-ann. int.
Date Aug. 7 1922. Int. semi-ann. (M. & N. 15). Due one-twentieth
ble at t, e Northwestern Trust Co. of St. Paul. A certified check for
of bid h
of each issue each six months from May 15 1923 to Nov. 15 1932 incl.
PaYa% of
10%
z
to the City Treasurer, required. W. J. Loucke
City Auditor.
ROBERT LEE COMMON SCHOOL DISTRICT NO. 20, Coke
-BOND SALE.
County, Texas.
-The Sutherlin Securities Co. of New
-TEMPORARY LOAN.
Orleans has purchased $18,000 53i% school building bonds at parr A SPRINGFIELD, Hampden County, Mass. 1922, has been awarded
temporary loan of
maturing Nov. 17
Denom. $450. Date April 1 1922. Due April 1 1962.
to the-First National $300,000,
Bank of Boston on a 3.33% discount basis.
TH 141 CHRONICLE
464
(VoL. 115.
-On July 17 several
-BOND SALE.
UTICA, Oneida County, N. Y.
-The $54,-BOND SALE.
SPRINGFIELD, Clark County, Ohio.
417 56 5% 5% year (aver.) coupon bonds which were offered for sale on. issues of 43(% coupon and registered bonds, amounting to $932,972 65,
awarded to Remick, Hodges & Co., Estabrook & Co., Roosevelt &
-have been sold to Grau, Todd & Co. of Cin- were
July 17-V. 115, p. 340
York,
cinnati, at a premium of$675 (101.24) and interest, a basis of about 4.50%. Sons and Hannahs, Bailin & Lee of New bonds for 3936,956 44, equal to
are described as follows:
Date March 11922. Due yearly on Sept. 1 as follows: $6,417 53 in 1923 100.427, a basis of about 4.44%: The $58,000 1-20 year serial school
and $6,000 from 1924 to 1931 incl. The following bids were also received: $28,200 1-20 year serial dumping ground;
1-20 year
Premium. bonds; $22,000 1-20 year serial grading and draining; $25,000 year serial
Premium.
$65 75 serial property assessment system establishment; $550,000 1-20 $40,000
$499 00 Weil, Roth & Co
Seasongood & Mayer
sewer;
15 00 canal, 13ridge and structure; $15,000 1-20 year serial sanitarybridge; $7,500 ,
Breed. Elliott & Harrison__ 203 00 IN. Hill & Co
-year serial subway; $10.000 1-20-year serial
1-20
Title Guarantee & Trust Co_ 160 25
1-20 year serial playground; $50,000 1-20 year serial storm sewer; $15,000
hb All the above bids include accrued Interest.
1-15 year serial monumenting lines of city property, streets, &c.; $15,000
-BONDS DEFEATED.
-The 1-15 year serial improvement; $49,741 06 1-6 year serial paving; and
STANTON, Montcalm County, Mich.
taxpayers of the city recently defeated a proposed bond issue of $15,000 for $47,531 59 paving bonds. Bonds are dated July 1 1922 except that the
1922 and June 6
repairs to waterworks and electric light plant.
$49,741 06 and $47,531 59 issues are dated March 7 ' bonds; J. & J.
on paving
STANTON SCHOOL DISTRICT NO. 22 (P. 0. Stanton), Mercer 1922, respectively. Interest payable annually
-The State of North Dakota purchased on ethers.
County, No. Dak.-BOND SALE.
at par during the month of May $6,000 4% building bonds. Date July
VAN HOOK SCHOOL DISTRICT NO.8(P.O. Van Hook), Mount.
-The State of North Dakota
1 1920. Due July 1 1940. Although these bonds are not subject to call, rail County, No. Dak.-BOND SALE.
they may be redeemed 2 years after date.
purchased $23,000 4% funding bonds at par during the month of May.
Date April 1 1922. Due April 1 1942. Bonds are not subject to call,
-BOND SALE.
-On
STEUBEN COUNTY (P. 0. Angola), Ind.
after date.
July 14 the People's State Bank of Indianapolis purchased the $19,271 but may be redeemed 2 years
-The
-BOND SALE.
6% Edna Dole et al. Otsego and Scott Twps. drain-construction bonds,
VIGO COUNTY (P. 0. Terre Haute), Ind.
-V. 115, p. 216-for $19,650 60 (101.96) and int., a two issues of 5% 5 7-12 year (aver.) highway improvement bonds aggreoffered on that date
basis of about 5.256%. Date June 12 1922. Due yearly on May 1 as gating 315,600, which were offered for sale on July 8-V. 115, p. 216
follows: $3,853 80 from 1923 to 1926, incl., and $3,855 80 1927 (average were awarded to Breed, Elliott & Harrison of Indiana-polls as follows:
at a premium of
life about 2% years).
$10,100 James T. Riggs et al. Nevins Township bonds, $505.
$182 (101.80), a basis of about 4%%. Denom.
STEUBENVILLE, Jefferson County, Ohio.
-BOND OFFERING.
5,500 Stephen G. Bates et al. Honey Creek and Linton Townships,
T. Kindsvatter, City Auditor, will receive sealed bids until 12 m.
Wm.
bonds, at a premium of $93 50 (101.70), a basis of about 4.65%.
Aug. 14 for $30,000 5% sewer bonds. Denom. $500. Date Sept. 1 1922.
Denom.$275.
-S.). Due $2,000 yearly on Sept. 1 from 1924 to 1938
Int. semi-ann. (M.
Due one bond of each issue each 6 months from May 15 1923 to Nov.
incl. Issued in pursuance of Ordinance No. 4019 and under authority of
the laws of Ohio. Cert. check for 3% of the amount of bonds bid for, pay- 15 1932 inclusive.
-The $447,700 33% (opt.)
-BOND SALE.
able to the City Treasurer, is required.
VIRGINIA (State of),
-have been
Virginia bonds offered on July 14-V. 115,13. 216
1.MTRAWN,Palo Pinto County,Tex:=BOND ,§ALY.M-The First Muni- coupon West & Stringfellow of Richmond, at 92.632. Denom. $100, $500
dual Bond & Mortgage Co. of Dallas, has purchased, it is stated, $29,000 sold to Scott
Due Jan. 1 1939.
and $1,000. Date Jan. 1 1919.
6% city hall bonds. Int. semi-ann.
•
-On July
-BOND SALE.
WABASH COUNTY (P. 0. Wabash), Ind.
STRUTHERS CITY SCHOOL DISTRICT (P. 0. Struthers), Ma.
-12-year (aver.) county infirmary repair bond
$32.000 5%
-BOND OFFERING.
honing County, Ohio.
-Proposals will be received 14 the on that date 5 7
-were sold to J. F. Wild & Co., State
p. 216
-V. 115,
until 12 in. Aug. 7 by M. B. Stewart, Clerk of Board of Education, for the offered
(Price not given). Date May 15 1922. Due $1,600
of
purchase at not less than par and int. of $160,000 53 % school-building Banksix Indianapolis, May 15 1923 to Nov. 15 1932, incl.
months from
bonds, issued under authority of Secs. 7726-7727, Gen. Code. Denom. each
-BOND SALE.-Benwell,
$1.000. Date Aug. 1 1922. Int. semi-ann. Due yearly on Dec. 21 as
WALSENBERG, Huerfano County, Colo.
-year water extenfollows: $7,000, 1923 to 1938, incl., and $6,000, 1939 to 1946, incl. Certi- Phillips & Co. of Denver, have purchased $30,000 5% 15
fied check, payable to the District Treasurer, is required. Bonds to be sion bonds at 100.18, a basis of about 4.98%. Denom. $1,000. Date
City Treasurer's
delivered and paid for within 30 days from date of award.
July 11922. Prin.and semi-ann.int (J.-J.), payable at the of holder. Due
at option
SUGAR CREEK TOWNSHIP SCHOOL DISTRICT (P. 0. Waynes- office or at the First National Bank, N. Y. City,
- July 1 1937.
ville R. F. D. No. 1), Greene County, Ohlo.-BOND OFFERING.
F. A. Wright, Clerk of Board of Education, will receive bids until 2 P. in.
WAMDUSKA SCHOOL DISTRICT, No. Dak.-BOND SALE.
July 29 for the purchase at not less than par and interest of $110,000 5% The State of North Dakota purchased $7.000 4% building bonds at par
coupon school-building bonds, issued under authority of Sec. 7630, Gen. during the month of May. Date July 11920. Due July 1 1940. Bonds
Code. Denom. $1,000. Date Aug. 1 1922. Prin. and semi-ann. int. are not subject to call, but may be redeemed 2 years after date.
(M. & S.) payable at the Commercial & Savings Bank of Xenia. Due
-BOND OFFERING.
WARRICK COUNTY (P. 0. Boonville), Ind.
$2,000 each six months from Sept. 1 1923 to Sept. 1 1935, incl.. and $2,000
until 2 p. in. July 26
on March 1 and $3,000 on Sept. 1 in each of the years from 1936 to 1947, Carl A. Gardner, County Treasurer, will receive bids road bonds:
incl. Certified check on a solvent bank located in Greene County for 5% for the purchase of the following 4%% Boon Twp. $250.
al., bonds. Denom.
of amount of bonds bid for, payable to the Clerk of the Board of Educa- $25,000 Win. J. Mitchem et et al., bonds. Denom. $350.
14,000 Chas. J. Houghland
tion, required.
15 1922.
6,000 J. C. Bettinger bonds. Denom. $300. Date July 1922.
15
SUPERIOR, Douglas County, Wisc.-BOND OFFERING.
-Sealed
3.600 Bain. Roth bonds. Denom. $180. Date July six months from
bids will be received until 11 a. m. July 28 by M. G. Beckley, City Clerk,
Int. May 15 & Nov. 15. Due 1-26th of each issue each
for $150,000 4%% school bonds. Date Aug. 1 1922. Int. F.
-A. Due May 15 1923 to Nov. 15 1932, incl.
$15.000 yearly 1933 to 1342, incl. Bids to be accompanied by a cert. check
Notice of the offering of the $14,000 block was given in V. 115, p. 340.
for 2% of the amount of bonds, conditioned, that if awarded the sale, the
-On
-BOND SALE.
WASHINGTON, Washington County, Pa.
bidder will pay for and complete such purchase upon 20 days after date of
-V. 115, p. 216
% bonds offered on that date
July 17 the $375,000
furnishing to the bidder a certified copy of the proceedings.
awarded to the Washington Trust Co. of Washington for $375,000
were
about 4.49%. Date June 1 1922. Due
County, Pa.
SWISSVALE, Alleghany
-BOND SALE.
-It is reported (100.053) and interest, a basis of
$15,000, 1933 to 1935 incl.;
% bonds have been sold to the Mellon National Bank of yearly on June 1 as follows: $10.000 in
that 860.000
incl.
1932'
Pittsburgh.
320,000. 1936:$40,000, 1937 to 1939 incl., and $45,000, 1940 to 1943
.
TEXAS (State of) -BONDS REGISTERED.
-The following bonds
WASHINGTON SCHOOL TOWNSHIP (P. 0. Ft. Wayne), Allen
Kolmerten, Township
-Henry J.
have been registered with the State Comptroller:
-BOND OFFERING.
County, Ind.
bids
Place.
Amount.
Int. Rate. Due. Date Reg. Trustee, will receive 43% until 4 p. in. Aug. 3 for the purchase at not less
% coupon school-building bonds. Denom. $500.
$2,000 Limestone Co. Corn. S. D. No. 16
5% 20 years
July 10 than par of $60,000
each six months from July 1
Due
1,500 Lubb Co. Corn. S. D. No. 27
6%
1-20 years July 11 Date Aug. 11922. Int. J..& J. Aug. $2,000 Certified check for 5% of
1 1937.
1,000 Lee Co. Corn. S. D. No.86
6
1-20 years July 11 1923 to July 11937, and $2,000 to the Township Trustee, required.
2,250 Hamilton Co. Corn. S. D. No.44
5% 20 years
July 11 amount of bonds bid for, payable
3,500 Garza Co. Corn. S. D. No. 1
6%
1-32 years July 11
WATERTOWN, Codington County, So. Dak.-BOND ELECTION.
5%% 10-30 years July 11
-year
3,500 Garza Co. Road District No. 3
25 an election will be held to vote on issuing $225,000 5% 20
1,500 Madison Co. Corn. S. D. No. 9- __
6
5
-20-years July 11 -On July
light bonds.
1,500 Madison Co. Coin. S. D. No. 13
6
5-20 years July 11 electric
(P. 0. Waterville), Lucas
WATERVILLE SCHOOL DISTRICT
3,000 San Saba Co. Corn. S. D. No. 4
8%
5-20 years July 14
-On June 6 the Waterville State Savings
-BOND SALE.
3,500 Grayson Co. Corn. S. D. No. 15
5%
5-40 years July 14 County, Ohio.
5% 10-20 years July 11 Bank of Waterville purchased $17,000 5%% building bonds for $17,312 80,
1,500 Atascosa Co. Corn. S. D. No. 40
S.
equal to 101.84. Denom. $1,000. Date June 1 1922. Int. M. &
TODD COUNTY INDEPENDENT SCHOOL DISTRICT NO. 78 Due serially from 1923 to 1939, incl.
-BOND SALE.
-Gates, White & Co. of St.
(P. 0. Staples), Minn.
COUNTY SCHOOL DISTRICT NO. 49(P.O. Sligo), Colo.
refunding bonds.
WELD
Paul have purchased $25,000
DESCRIPTION.
-The $6,000 5 % school building bonds recently voted
TORRANCE COUNTY SCHOOL DISTRICT NO. 6 (P. 0. Willard), and awarded to the International Trust Co. of Denver, as stated in V. 115,
-The International Trust Co. of Denver recently
N. Mex.-BOND SALE.
p. 341, are described as follows: Denom. $1,000. Date June 15 1922.
10-30 year (opt.) school building bonds.
purchased $35,000 5g,%
Prin. and semi-ann. int. (J. & D. 15) payable at the County Treasurer's
TRENT SCHOOL DISTRICT (P. 0. Trent), Moody County So. office or at Kountze Bros., N. Y. City. Due June 15 1922, optional
-The $50.000 school bonds recently voted-V:114. June 15 1937.
Dak.-BOND SALE.
-Until
p. 2856
-have been awarded to Gates, White & Co.of St. Paul.
-BOND OFFERING.
WEST CONCORD,Dodge County,Minn.
Village
-BOND OFFERING.
-Leonard 7:30 p. in. July 28 sealed bids will be received by W. E. Glarner, not to
TRENTON, Wayne County, Mich.
bonds
Frebes. Village Clerk, will receive sealed bids until July 24 for $70.000 sewer Recorder, for the purchase of $12,000 coupon waterworks & J.) payable
Due yearly on July 1 as follows: $1.000 exceed 5%%• Denom. $1,000. Date July 11922. Int. (J. from 1933 to
bonds. Date July 1 1922.
yearly
of St. Paul.
from 1923 to 1932, incl.; $2,000 from 1933 to 1942, incl.• and $4.000 from at the Capital National Bank and 1942. A Due $1,000
certified check for 10% of bid,
and
.
1943 to 1952, incl. Place of payment and int. rate to be fixed at the time 1940, incl. R.C.32,000, 1941 Treasurer,required. Bonded debt,$10,000.
Jones, Village
'
43% and 5%. Cert. check for payable to
of sale. Bids are requested at 4%.
Floating debt (additional), $2,000. Assessed value, $271,592.
$15.000 must accompany each bid.
-TEMPORARY LOAN.
WEYMOUTH, Norfolk County, Mass.
-BOND SALE.
-We are unofficially Reports say that the Town Treasurer has sold to F. S. Moseley & Co. of
TROY, Rensselaer County, N. Y.
Informed that the Manufacturers' National Bank of Troythe Roston on a 3.49% discount basis, a temporary loan of $50,000, dated
wa
successful bidder for the following three issues of 4%% coupon or regi.:treed July 24 and Maturing Dec. 20 1922.
bonds offered at 10 a. m. yesterday morning:
-BOND
WHATCOM COUNTY SCHOOL DISTRICT NO.309, Wash.
$35,000 Public Schools Nos. 14 and 16 equipment bonds. Denoms. 20
-An issue of $15,000 school bonds has been sold as 5%s•
for $1,000 and 20for $750. Due $1,750 yearly on Aug. 1 from 1923 SALE.
-BOND
SCHOOL DISTRICT NO. 318, Wash.
to 1942 inclusive.
WHATCOM COUNTY
28,000 Public School improvement bonds, 1922. Denoms. 20 for $1.000 OFFERING. The County Treasurer (P. 0. Bellingham) asked for bids
and 20 for $400. Due $1,400. yearly on Aug. 1 from 1923 to until July 21 for an issue of $6,000 school bonds at not exceeding 6%
1942 inclusive.
Interest. Denom. $400.
19,000 fire alarm telegraph and police signaling bonds, 1922. Denom.
WICHITA FALLS INDEPENDENT SCHOOL DISTRICT (P. 0.
-BOND OFFERING.
-Bids
$950. Due $950 yearly on Aug. 1 from 1923 to 1942 inclusive.
Wichita Falls), Wichita County, Texas. W. Brown, Secretary. for
Date Aug. 11922.
will be received until 10 a. in. July 24 by W.
-BONDS OFFERED.
(P.O. Warren), Ohio.
- $850.000 5% coupon bonds. Denom. $1,000. Date July 1 1922. Prin.
TRUMBULL COUNTY
County Commissioners, on July 21
Falls, or at the Hanover
Frank F. Musser, Clerk of Board of
and semi-ann. int. (J. & J.) payable at Wichita
% street-impt. bonds. Denom. $1,000. Date July 1 National Bank. N. Y. City. bue $21,000 yearly on July 1 from 1923
offered $10,000
the County Treasurer's
(A.
to 1962 incl. A certified draft for $12.500
1922. Prin. and semi-ann.int.Oct.& 0.) payable at1930,
to 1952 incl.. and $22,000, 1953 required. Bonds are sold subject to the
1 from 1923 to
incl., and $2,000 payable to the above official,
office.. Due $1,000 yearly on
approval of the Attorney-General of Texas. Bids are desired on the
Oct. 11931.
SCHOOL DISTRICT, Stanislaus County, Calif.- condition of cash payment on approval of bonds by the Attorney-General
TURLOCK
have just come in receipt of the following of Texas, or $150,000 cash on approval and the balance in 12 equal in-We
ADDITIONAL DATA.
$36,000 5%% school building bonds, stallments, first installment to be payable Sept. 1 1922, and one the first
additional data relative tp sale of the County Bank of
Modesto for $38,510,
each month following until payment has been fully made, the depository
awarded on April 11 to tile Stanislaus
Denom. $1,000. Date April 111922. of security for balance of $700,000 to be approved by the Board of Trustees
or
equal to 105.07-V. 114, p. 1814:
These bonds were offered on July 10-V. 115, P. 341
& 0. Due yearly as follows: $2,000, 1924 to 1929 inclusive, of this district. misunderstanding, we are informed by the above official,
Int. A.
but owing to a
and $3,000, 1930 to 1937 inclusive.
DISTRICT NO. 3, Orange they did not sell; therefore they are now being re-offered.
UNION FREE SCHOOL 18 the
TUXEDO
Financial Statement.
Empire Trust Co. of New
-On July
-BOND SALE.
County, N. Y.
$25,400,520
101, a basis of
4.40%, acquired the Assessed valuation, real estate
York, by submitting a bid ofbonds offered onaboutdate
10,609,900
that
-V. 115, p. 216. Assessed valuation, personal
gold
$50.000 4%% registered yearly on July 1 as follows: $2,000. 1926 to 1941, Total assessed value, 1921
36,010,420
Date July 11922. Due
561,000
debt
1942 to 1947, incl. (average life about 15 5-12 years). Total bonded(about)
incl., and $3,000,
Sinkin fund
Other bidders, both of New York, were:
800,000
100.37 Farson, Son & Co
100.07 Property owned by district (estimated)
Bonbright & Co., Inc
WILD ROSE SCHOOL DISTRICT NO. 90, Williams County, No.
DISTRICT,Bowman County, No. Dal,'
Pr TWIN BUTTES SCHOOL
-During the month ofJune the State of North Dakota
Dak.-BOND SALE.
-During the month of June the State of North Dakota pur- purchased
BOND SALE.
815,0004% bldg. and funding bonds at par. Date May 11920.
bonds at par. Date Dec. 11920. Due Dec.
chased 310.000 4% funding
call, they may be redeemed Due May 1 1940. Bonds are not subject to call, but may be redeemed
1 1940. Although the bonds are not subject to
two years after date of issue.
2 years after date of issue.
I
S.
I
JULY 221922.]
THE CHRONICLE
465
WILLARD SCHOOL DISTRICT (P. 0. Willard), Huron County,
Ohio.
-BOND OFFERING.
-Proposals for the purchase at not less than
par and interest of $21,464 72 5 j refunding bonds, issued under au%
thority of Secs. 5656 and 5658, Gen. Code, will be received until 12 in.
Aug. 4 by Bert Wolff, Clerk of Board of Education. Denom. $500. Date
July 1 1922. Int. semi-ann. Due yearly on Oct. 1 as follows: $2,500,
1923 to 1929, incl ,.• $2,000, 1930, and $1,964 72, 1931. Certified check for
5% of amount of bonds bid for, payable to the Treasurer, required. Bonds
to be delivered and paid for within 10 days from date of award.
WOOD COUNTY (P. 0. Bowling Green), Ohio.
The Commercial Bank of Bowling Green, was awarded -BOND SALE.
on
% road improvement bonds for $20,127 60 (100.638). July 13 $20,000
Denom.$1,000.
Date July 1 1922. Int. semi-ann. (M. & S.). Due $4,000 yearly
from
1923 to 1927 inclusive.
WORTHAM INDEPENDENT SCHOOL DISTRICT(P.O.
Wortham),
Freestone County, Texas.
-BONDS VOTED.
-On July 12 $50,000
school building bonds were voted.
WILLIAMSBURG TOWNSHIP SCHOOL DISTRICT(P. 0.WilliamsWYANDOTTE IRRIGATION DISTRICT, Calif.
-NEW IRRIGAburg), Clermont County, Ohio.
-The San Francisco"Chronicle" in its issue of July
-BOND OFFERING.
Chatterton, TION DEAL.
Clerk Board of Education, will receive sealed bids until-0. Aug. 5 for
"The South Feather Land & Water Co.filed application with the 9 said:
12 m.
Railroad
$130,000 5% school bldg. bonds issued under Section 7630-1 and Act of Commission yesterday for permission to dispose of it .properties
to the
General Assembly passed April 29 1921 and approved May 14
and Wyandotte Irrigation District for $200,000, contingent on the purchase
under a resolution of the Board of Education adopted May 27 1922.1921
Denom. price being raised by a bond election. This is the second privately owned
$1,000. Int. payable semi-ann. (J.
-D.) at the office of the above official. water and irrigation company filing application to sell out to an irrigation
Due yrly. on June 1 as follows: $6,000 from 1924 to 1943 incl. and $2,500 district within the week. The other was the Palermo Land & Water
Co.,
from 1944 to 1947 incl. Cert. check for 2%of amount of bonds bid for, which serves 2,700 acres in Butte County. The South Feather company
payable to the above official, is required. The bonds will be sold for not serves an acreage in Butte, Yuba and Plumas counties."
less than par and accrued interest.
YONKERS, Westchester County, N. Y.
-BOND SALE.
-On July 18
WILLMAR, Kandiyohi County, Minn.
-BONDS VOTED.
-By a the following four issues of 4%% coupon (with privilege of registration)
vote of 871 to 251, $85,000 light plant bonds were recently sanctioned bonds
-V. 115, p. 218
-were awarded to Lampert,Barker & Jennings Inc.
by the voters.
of New York at 101.6921, a basis of about 4.35%:
• WILLOUGHBY,
$1,000,000 school bonds. Due yearly on July 1 as follows: $26,000,
Lake County, Ohio.
-BOND SALE.
1924
-On
to 1948 inclusive, and $25,000, 1949 to 1962 inclusive.
following two issues of 5%% bonds, offered on that date (V.July 10
the
114, p.
320,000 refunding bonds. Due $16,000 yearly on July 1 from 1923 to
2857), were sold to Sidney Spitzer & Co. of Toledo for $46,013 21, equal
1942 inclusive.
to 101.84 and int.. a basis of about 5.215%:
265,000 local improvement bonds. Due yearly on July 1 as follows:
$25,1b 21 43 %-year (aver.) Clark Court, Eldo, Arthur and Wright St.
$18,000, 1923 to 1932 incl., and $17,000. 1933 to 1937 incl.
impt. bonds. Denom. $1,000 and $181 21. Due yearly on
216,000 assessment bonds. Due $36,000, yearly on July 1 from
April 1 as follows:$2,000 in 1923,$3,000 from 1924 to 1930 incl.,
1923
to 1928 inclusive.
and $3,181 21 in 1931.
Date July 1 1922.
20,000 00 10k-year (aver.) jail bonds. Denom. $1,000. Due $1,000
The following is a complete list of the bids received:
yearly on Oct. 1 from 1923 to 1942 inclusive.
Date April 1 1922. The following is a complete list of the bids received:
NameRate Bid.
Name of BidderBonds.
Premium. Lamport, Barker & Jennings Inc., N.Y
101.6921
Redmond
The Guardian Savings & Trust Co., Cleveland
1$25,181 21
$10 00 Guaranty & Co. and The First National Bank of New York
Co. of N. Y., Equitable Trust Co. and Barr Bros. &101.649
20.000 00
107 00
Co.. New York
W.L. Slayton & Co.,Toledo
25,181 21
101.637
17 62 The National City Co.,
Harris, Forbes & Co., and Eldredge &
20,000 00
424 00
Co.. New York
Seasongood & Mayer, Cincinnati
20,000 00
101.419
78 00 Geo. B Gibbons & Co., New
Hanchett Bond Co.,Inc., Chicago
York
45,181 21
527 00 Estabrook & Co.; Bankers
Ryan, Bowman & Co., Toledo
Trust Co.; Remick, Hodges & Co., and101.331
j 25,181 21
85 87
Hannah, Bailin & Lee, New York
1 20,000 00
421 80 Sherwood & Merrifield,
101.131
Lewis S. Rosenteel Co.. Cincinnati
New
20,000 00
533 33 White, Weld & Co.; Brown York
Sidney Spitzer & Co., Toledo
Bros. & Co., and Wm. R. Compton101.29
45,181 21
832 00
Co., New York
bidders offered accrued interest.
All
101.08
An advertisement in which Lamport, Barker ec. Jennings, the
WINTON; Hertford County, No. Caro.
National
-BOND OFFERING.
-Sealed Co. and Redmond & Co. are offering these bonds to investors at prices to City
bids will be received by P. S. Jordan, Town Clerk, for $12,000 6% electric- 4.20% and 4.15% appears on a
yield
light and power system bonds until 12 in. July 25. Denom. $500. Date is made, however, that all of the preceding page of this issue. The statement
bonds have been sold.
March 11922. Prin. and semi-ann. int. payable at the Hanover National
Bank, N. Y. City. Due on March 1 as follows: $500, 1924 to 1935, and
YUMA COUNTY
$1,000, 1936 to 1941. A certified check for $240, payable to the Town BOND OFFERING. SCHOOL DISTRICT NO. 1 (P.O. Yuma), Ariz.
-Sealed proposals will be received until 2 p.
Treasurer, required.
by Sara B. Glessner, Clerk Board of Supervisors, for $12,000 m. Aug. 21
bonds. Date day of issuance. Due in 10 years. Prin. and6% school
WOBURN, Middlesex County, Mass.
semi-ann.
-TEMPORARY LOAN.
-On int. (June 30
July 14 a temporary loan of $100,000, issued in anticipation of revenue for the Seaboard -Dec. 31) payable in gold at County Treasurer's office or at
National
the current year, was awarded to the National Shawmut Bank of Boston upon some national Bank,N. Y. City. Denom. $500. A cert. check
bank for 5% of bid, payable to the Chairman Board of
on a 3.50% discount basis plus a premium of$1 75. Denoms.3for $25.000, Supervisors, required.
These bonds were voted
2 for $10,000 and 1 for $5,000. Date July 14 1922. Due June 14 1923.
the election held on June 24-V. 114, p. 2858. by a count of 40 to 2 at
NEW LOANS
NEW LOANS
We specialize in
City of Philadelphia
3s
31
/
2
s
46
4 8
/
3
4
42
/
1
s
58
51/ 8
4
51
/
2
8
NEW LOANS
$64,000
$60,000
Town of Harwinton, Connecticut
CITY OF ENDIVE, MONTANA,
4W/ BONDS
o
Notice is hereby given that the Selectmen and
the Town Treasurer of the Town of Harwinton,
Connecticut, will receive sealed bids at the office
of The Hartford-Connecticut Trust Company,
Hartford, Connecticut. until 9 O'CLOCK A. M.
STANDARD TIME, WEDNESDAY, AUGUST
2, 1922, for the purchase of all of $64,000 Town
of Harwinton, Connecticut, bonds. Said bids
will be publicly opened in the presence of the
bidders then present.
Said bonds will be dated June 1, 1922, and
payable $2,000 on June 1, 1923, and $2,000 each
year thereafter, the last two of said bonds being
payable June 1, 1954. All of said bonds are in
denominations a $1,000 each, coupon form, and
may be registered as to principal and bear interest at the rate of 4% per centum per annum,
payable semi-annually on the first days of June
104 South Fifth Street
and December. Principal and interest is payable at The Hartford-Connecticut Trust CompPhiladelphia
pany, Hartford, Connecticut.
No bids will be considered unless accompanied
Private Wire to New York
by certified check for two per centum of the par
Call Canal 8437
value of said bonds, payable to the order of the
Town of Harwinton. No interest will be paid
said check, nor will the Town of Harwinton on
responsible for delivery of check in transit to be
or
MUNICIPAL BONDS
from the office of The Hartford-Connecticut
Trust Company. Said check will be returned
Underwriting and distributing entire Issues of the bidder
to
if unsuccessful; otherwise applied to
Oily, County. School District and Road Distrito( the sum bid, or forfeited
to
Bonds of Texas. Dealers' inquiries and offerings ton as liquidated damagesthe Town of Harwinin Case the bidder
solicited.
fails to comply with the terms of his bid. The
Circulars on request.
balance of purchase price shall be payable in cash
upon delivery of bonds.
No bids for less than par or for less
entire issue will be considered. The than the
right is
reserved to reject any or all bids.
The bonds will be prepared under the
HOUSTON
TEXAS
vision of The Hartford-Connecticut Trust superCompany, Hartford, Connecticut, whose
Established 1914
as to the issue of the same will be certificate
thereon. The legality of the bonds will endorsed
ined by Robinson, Robinson & Cole, of be examHartford,
Connecticut, and copy of their opinion will
be
furnished with the bonds.
Members New York Stock Exchange
HENRY 0. DELAY,
JOSEPH MASCETTI,
C. E. HUTCHINGS,
HARTFORD
Selectmen,
JOSEPH M. BALDWIN,
Treasurer,
Connecticut Securities
Town of Harwinton, Connecticut,
Biddle & Henry
HAROLD G. WISE
COMPANY
BALLARD & COMPANY
United States and Canadian
Municinal Bonds
003 S G
01T
ORD
0
AND
WADDELL
-
Ground r tow olnyer Building
89 Liberty Street
New York
Telephone Cortlandt 3183
GEO. B. EDWARDS
INVESTMENTS
ill Trinity Place, NEV YORK, N. Y.
fOR SALE-Timber, Coal, Iron, Ranch and
other properties.
onflderk-ial
Negotiations Investigations
Settlements and Purchases of Property.
..inited States
West Indies
Canada
WATER-WORKS BONDS.
The City of Glendive, Montana, will sell at
public auction on the 16TH DAY OF AUGUST
,
1922, AT TWO O'CLOCK P. M.. at the Council
Chambers, City Hall, City of Glendive, Sixty
Thousand Dollars Water-Works Bonds of said
city, dated July 1, 1922. Due $6,000 on January
1st in each of the years 1933 to 1942, both inclusive. Each bond to be redeemable at the
option of the city one year prior to its maturity.
Principal and interest payable at the office of
the City Treasurer, Glendive, or at the Chase
National Bank, City of New York.
The bonds will be sold to the bidder offering
to purchase said bonds at the lowest rate of interest not exceeding 6%, payable semi-annually.
All bids must be unconditional and must be
accompanied by unconditional certified or
cashier's check on a reliable bank in the sum of
$6.000, payable to the order of undersigned
Clerk. The City Council reserves the rignt to
reject any or all bids.
By orderof the City Council.
rs
AUGUST COLIN, City Clerk.
REDEMPTION NOTICE
REDEMPTION NOTICE
Escambia County, Florida,
ROAD BONDS.
Notice is hereby given that Bond Trustees of
Escambia County, Florida, have called in for
redemption on August 15th, 1922, Road Paving
Bonds of Escambia County, Florida, numbered
from 1 to 65, both inclusive. Said bonds must
be presented to Guaranty Trust Company,
New York City, on the above date for payment,
as interest will cease after that time.
BOARD OF BOND TRUSTEES.
ROAD PAVING BONDS,
Escambia County, Florida.
H.MOUNTAGUE VICKERS
49 Wall Street
Bonds Guaranteed Stocks
[Vol,. 115.
UTE CHRONICLE
466
CANADA, its Provinces and
Municipalities.
.
BRIDGEBURG,Ont.—DEBENTURE OFFERING.—H. G. Patriarchs
Town Clerk, will receive tenders until 6 p. m. July 24 for $30,000 6%
-year installment school debentures.
20
BENTURE SALE.—On
BRITISH COLUMBIA (Province of).—DEs was awarded to Miller
-year debenture
July 13 a block of $2,000,000 5% 2
& Co. of New York at 99.14, a basis of about.5.44%. The funds are
being used for irrigation and Land Settlement Board enterprise.
COCHRANE, Ont.—DEBENTURE OFFERING.—W. R. Warrell,
-year
Town Clerk, will receive tenders until July 31 for $75,000 6% 20
housing debentures.
of
CORNWALL,Ont.—DEBENTURES AUTHORIZED.—The issuance
$75,000 53 % school debentures has been authorized, it is reported.
DEVON SCHOOL DISTRICT, Sask.—DEBENTURE SALE.—On
bonds were awarded to
June 24 $4,000 7%% 15-year school buildingto
100.75. Date July 15
C. C. Cross & Co., Regina, for $4,030, equal 15
1937.
1922. Int. payable annually Jan. 15. Due July
MIDLAND, Ont.—DEBENTURE SALE.—It is reported that $30,000
534% debentures have been sold to the Municipal Bankers' Corp., Ltd.,
of Toronto, at 97.47.
MONTREAL SOUTH, Que.—BOND ISSUE AUTHORIZED.—It is
reported that the Deputy Minister of Municipal Affairs has authorized
the flotation of a $20,000 bond issue for 'sewer purposes.
MOOSE JAW,Sask.—DEBENTURE SALE.—On July 15 four issues of
6% bonds, aggregating $182,470 07, were awarded, it is stated, to Wood,
Gundy & Co. as follows:
-year tax arrears debentures at 97.80.
$150,000 00 5
-year water main debentures at 97.34.
12,985 00 30
-year sewer main debentures at 97.34.
17,015 00 30
2,470 07 10- year sewer and water house connections debentures at 96.08.
Date Aug. 1 1922. Int. F. & A.
NORTH BAY, Ont.—DEBENTURE OFFERING.—Wm. N. Snyder,
.
Town Clerk, will receive bids until 12 m. Aug. 1 for $47,000 534% 20-year
installment public school debentures. Date Aug. 1 1922. Prin. and mt.
payable at the Royal Bank of Canada.
NOVA SCOTIA (Province of).—DEBENTURE OFFERING.—G. H.
Murray, Provincial Treasurer, will receive tenders until 1 p. m. July 26
-year coupon (with privilege of registration as to
for $2,000,000 5% 25
principal) debentures. Date Aug. 1 1922. Prin. and semi-ann. int.
in Halifax, Montreal and Toronto, or in Halifax, Montreal, Topayable
ronto and New York, as stipulated in successful bid. Debentures to be
delivered and paid for at the office of the Provincial Treasurer. Interim
debentures will be ready for delivery Aug. 11922.
PAIPOONGE, Ont.—DEBENTURE SALE.—During June $2.000 6%
10
-year installment debentures were sold to C,H.Burgess & Co. of Toronto,
at 95.25.
RE
PRESCOTT AND RUSSELL COUNTIES, Ont.—DEBENTU
awarded the
SALE.—On July 12 Gairdner, Clarke & Co. of Toronto were on that date
$200.000 6% permanent road and bridge debentures offered
to suit
(V. 115, p. 219) at 101.528, a basis of about 5.79%. Denom.$10,000
Purchaser. Date July 15 1922. Int. payable on July 15. Due bids reyearly on July 15 from 1923 to 1942 incl. The following are the
ceived:
101.00
101,528 C. R. Matthews & Co
Gairdner, Clarke & Co
101.391 Dominion Securities Corp.. _ A00.64
Wood, Gundy & Co
100.07
4 Macneil, Graham & Co
The National City Co., Ltd_101.1
99.47
101.13 Hauser, Wood & Co
C. H. Burgess & Co
All the above are located in Toronto.
ADDITIONAL BONDS SOLD.—When taking the above $200,000 bonds,.
at•
Gairdner, Clarke & Co. took an option on $100,000 additional bonds
exercised.
the same price. It is now reported that this option has been
uring June C. H. Burgess
RENFREW, Ont.—DEBENTURE SALE.—D
-year installment and
& Co. of Toronto, purchased at 91.11, $1,000 20
-year installment 5% debentures.
$5,979 30
EBENTURE SALE.—On July 14 the $35,000
ST. LAURENT, Que.—D
-year debentures offered on that date—V. 115, p. 219—were awarded
6% 20
Denom. $500.
to the Provincial Bank of Canada at 101.01 and interest.
Date May 11922. Int. M. & N. Due May 1 1942.
he $25,000'
SAINTE-FLORE-EAST, Que.—DEBENTURE SALE.—T on July 3'
s offered
6% water and sewer systems construction debenture of Quebec at 98.23.
Credit Industrial
(V. 114, p. 2858) were awarded to the
May 1 1952.
Denom. $100. Date May 1 1922. Int. M. & N. Due
EBENTURE&
SASKATCHEWAN SCHOOL DISTRICTS, Sask.—Dl Post," is a
according to the "Financia
AUTHORIZED.—The following,
nt Board from June
list of authorizations granted by the local Governme
24 to June 30:
$4,000; Golburn
Emerson, $3,000; Bear Island, $4,000; Salvador,
Valley, $1,300.
we learn from the same source,
DEBENTURE SALES.—The following,
24 to June 30:
is a list of debentures reported sold from June
Sydenham, $1,500,
Codette, $500, 5 years, 8%, G. Tait, Nipawin;
%,
Hebden, $4,500, 15 years,
10 years, 7%, A. I. Hill, Guernsey;Lake, $2,000, 10 years, 8%. H. J.
Co., Regina; Murray
C. C. Cross &
30 years, 6%%, C. C. Cross &
Birkett, Toronto; Regina P. S. $13,000, %,C. C. Cross & Co., Regina.
Co., Regina; Superior, $1,000, lb years, 734
RECENT ELECTION.—In
SASKATOON, Sask.—RESULT OF A recent election, M. C. Tomof a
answer to our request for the result
City Clerk, says:
inson,
By-Laws included in the expendi"I beg to state that there were four
tures aggregating $81,000.
majority, but
ws were defeated at the polls by a small to re-submit
"These By-La
the Council has decided
owing to the vote being so very small, 1 next.
Aug.
these By-Laws to the burgesses on vote polled was only 163, you will fully
"When I tell you that the total as an expression of the people's wishes.
realize that this could not be taken
RE OFFERING.—John Hood, Town
STAYNER, Ont.—DEBENTUm. July 25 for $67,000 534% 30
-year
Clerk, will receive bids until 12
installment school erection debentures.
SALE.—A block of $55,000
SUMMERLAND, B. C.—DEBENTURE Financial Corp.of Vancouver.
the Royal
634% denentures has been sold to J. & D. Due yearly on June 1 from
Int.
Denom. $1,000 and $200.
1923 to 1937 inclusive.
Ont.—DEBENTURE OFFERTORONTO TOWNSHIP (P. 0. Dixie),
receive bids until Aug. 4
ING.—J. R. Kennedy, Township Clerk, will
-year debentures.
for $40,000 534% 30
"Monetary Times"
VICTORIA, B. C.—DEBENTURE SALE.—The % 30
-year debenreports that the Cemetery Board has sold $40,000 534
American Bond Corp. at a price of
tures to Pemberton & Son and British
97.25, the money costing the Board about 5.72%.
Clarke
WINNIPEG, Man.—ADDITIONAL BONDS SOLD.—Gairdner. 534%
$200,000
& Co. and Dominion Loan & Securities Co. have purchasedV. 115, p. 219.
$800,000 reported in
-year bonds, in addition to the
20
The price paid was the same as in the first sale, 99.27.
July 17, it
YORK TOWNSHIP, Ont.—DEBENTURE SALE.—On
100.06, a basis of
is stated. Aemilius Jarvis & Co. of Toronto, bidding
-year installment, $21,000 25
awarded $230,080 10
about 5.99%, were
-year inand $42,000 30
year installment, $13,000 20-year installment,
stallment 6% debentures.
FINANCIAL
FINANCIAL
Chartered 1836
FINANCIAL
PUBLIC UTILITIES in
growing communities
operated and financed
THEIR SECURITIES
offered to investors
When Purchasing
Bonds
MIDDLE WEST
UTILITIES CO.
Suite No. 1500
Find out first if they are
fundamentally sound. For one
dollar we will send you an up
to date unbiased opinion on
the security of any bond issue.
Institutions Desiring
Philadelphia Connections
are invited to avail themselves
of the Banking, Trust, Real
Estate and other facilities of
this Company, which is now
serving many clients in other cities.
The continued growth of this
Company, without consolidation,
since its establishment under perpetual charter in 1836, is evidence
of the satisfactory service rendered.
Investment Registry of America, Inc.
000,000
GIRARD
TRUST COMPANY
Broad & Chestnut Sts., Philadelphia
Chicago, Illinois
New Jersey
Securities
ESTABLISHED 1910.
608 Chestnut Street,
Philadelphia
OUTWATER & WELLS
Tel. 20 Montgomery
I 15 Exchange Place
Jersey City, N. J.
H. M. CHANCE &
AMERICAN MFG. Co.
CORDAGE
Mining Engineers and Geologists
COAL AND MINERAL PROPERTIES
Examined, Managed, Appraised
Drozol Building
PHILADELPHIA
MANILA, SISAL, JUTE
000
Capital and Surplus. . $10,000, 0
Resources . . . . 56,000,00
285,000,000
Individual Trust Funds.
Corporate Trust Funds$1,386,
72 West Adams St.
IF YOU ARE A
Noble and West Streets, Brooklyn, N.Y.CIty
S. A. TRU FANT
INVESTMENT SECURITIES
718 Common
Street
Men:14w of New Orleans Stock Exchange
NEW ORLEANS, LA.
BANK MAN
and are seeking new connel>
tions, use and conbul! the
Financial Chronicle ;Ansel.
fled Department (opposite
Inside back cover.)
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