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finantial
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Bank & Quotation Section
Railway Earnings Section
INCLUDING
Railway & Industrial Section
Bankers' Convention Section
SATURDAY, JULY 29, 1922
VOL. 115.
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CLEARING HOUSE RETURNS.
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THE FINANCIAL SITUATION.
The fourth week of the railway strike has not
brought the end in sight but has brought it nearer,
by more clearly defining the lines and strengthening
the determination in the Government, the Executives, and the public to put a finish to temporizing.
Mr. Gompers avers that most executives are anxious
to negotiate but are helpless "before the dominating
presence of a small group" of Eastern men who "are
what we may call Wall Street trustees." This is the
old fling which is always expected to "fire" the union
heart, yet the Eastern Executives are not only
charged with the affairs of strong roads but really
speak for nearly all the others. Mr. Willard tells the
public and the men of his road, by advertisement,
that there are no matters in dispute between the company and its men that he does not believe could be
settled promptly by a conference, which he desires
and invites. The new unions suggested by the Labor
Board would be, says Mr. Gompers,"company-owned
organizations of strike breakers and the enslavement
involved would be too apparent to be accepted by the
American people"; yet the suggestion has evidently
worried the strikers, and if one set of men may
unionize so may any other.
That the strike is really against the Government
by being against ,disliked findings by the Labor Board
becomes, if possible, more and more clear. After the
Electric Railway Section
State and City Section
NO. 2979
familiar manner of unions in accepting what conferences and arbitrations give them and then moving to
the next step, the brotherhoods are now ready and
preparing, it is reported, to attempt to legislate the
Board itself out of existence; a bill is proposed for
re-establishing the old method of Governmental mediation and conciliation. The men merely want what
they want, and their reasonableness and their regard
for personal freedom is illustrated by an almost unnoticed report from Richmond, July 19, that striking
shopmen engaged in picketing railway plants were
busy photographing non-union men and will send the
pictures to labor journals, so that (as one picket declared) "it will then be seen to that the non-union
man is never employed by a union concern." The
boycott again, it will be observed.
What the men are trying to force is a re-hearing of
its wage decision by the Labor Board, with the expectation of reversal and (of course) of having the
reversal made retroactive. The seniority rights remain as the last concession to be demanded, but upon
this nothing new can be said. The N. Y. Central has
explained it by advertisement, and no fair man who
thinks of it a moment can fail to understand it.
There are thousands, says this advertisement, who
must be protected, under rules of fair dealing as well
as of seniority, and to desert them "would be ingratitude of the grossest sort"; besides the thousands who
remained, other thousands have been employed, in
many cases leaving other jobs, upon the understanding that they will be retained if found competent. To
set them aside, and replace them with those who left
"is to ask the railroads, as well as the Government,
which is concerned through the action of the U. S.
Labor Board, to be disloyal to these thousands of
loyal men." This is correct, in policy as well as in
principle. The strikers themselves are shrewd
enough to see and remember the weakness (should
this stand upon seniority be yielded) and to use it
hereafter as a warning to those they now scoff at as
"strikebreakers"; further, our national concern is
not merely to end this present trouble but to bar out
recurrences of trouble, and if it were once established
that railway employees could run off at any time and
then run back at any time, without being penalized
by losing rights acquired by long service, the difficulty of finding new men to take their places temporarily would be almost insurmountable.
While the strikers issue denials and assert that
the roads are daily losing, the Executives speak confidently of gains. The shipbuilding companies are
said to have facilities equal to and ready for car repairs when needed. The great Kingsland shops of
468
THE CHRONICLE •
[vor„. 115.
the Lackawanna have been reopened. The New Ha- national problems in which those
nations are diven says it still has locomotives'ready in storage and rectly and even vitally interested.
Definite word
that men are daily qualifying and being welded into came from Paris Monday morning that
the evening
a permanent force. The Erie says its loaded cars before it had been announced there
that "M. Poinmoved in the first three weeks of the strike equaled care will meet Lloyd George in London on
August 1
those in the like time in June, and President Under- for what promises to be the most important
Allied
wood adds that the road is going to settle this with council yet held since the Peace Conference."
The
its own men and is willing to wait until they are New York "Times" correspondent cabled that
"when
ready; "no union counts with us except the Erie he travels to London on the last day of this month
the
'union' (which is not a union) and the men can join Premier will be accompanied by his Finance Minisany union that pleases them,or join none." The New ter, Count de Lasteyrie, and by the Director of ForYork Central says 57% of its 15,000 shop craftsmen eign Affairs at the Quai d'Orsay, Count Peretti de la
now working are old employees. The Pennsylvania Rocca, with a number of experts on reparations, the
says its road is open and operating from end to end Near East, Tangier problem and on the situation in
without delay; that 65% of its shopmen and 90% of Austria. On the English side it is understood that
all employees have stood by; that the road will pro- Lord Balfour and the Chancellor of the Exchequer,
tect every loyal man as to seniority and other rights; Sir Robert Horne, will take part with Lloyd George
and that since the strike began it has been carrying in the conference." He also asserted that the followmore passengers and freight than usual.
ing might be "regarded as the positive part of M.
No sign of confusion or of wavering appears in the Poincare's program: (1) That there shall be a genPresident. To an insolent letter from J. Cleve Dean, eral cancellation of debts which will not be condiChairman of the railway men's "publicity associa- tional on any decision of the United States and of
tion," he has replied that there has been no plan or which the consequence will be a reduction to a nomthought of compelling anybody to work; that the inal total of the German debt. (2) That arrangeonly service of the military forces is to prevent law- ments will be made by which the restoration of the
lessness and violence; that the striking railway men devastated districts will be given priority over all
and miners seek to use their freedom to halt trans- reparations payments. (3) That a German foreign
portation and cut off the supply of an indispensable loan for payment of reparations will be issued and
commodity; and that men who are at work are en- subscribed as quickly as possible and to a sufficient•
titled to protection equally with those who decline amount to give Germany time to reorganize her fiwork. So he invites this man and his associates to nances with the help of Allied control." Commentaccept the decisions of the Labor Board, "acting un- ing upon the economic and financial position of
der the authority of the law, which must be su- France and Great Britain as he understood them,the
preme," and return to work until the Board can give "Times" correspondent said: "Every one here is
a re-hearing on any question about which a reason- fully conscious of the importance of this coming
able doubt remains. "These are the ways of peace, meeting. Further, there is in the whole country the
these are the requirements of enlightened civiliza- firmest belief in the strength of the French position."
tion. French weakness, it is being pointed out, is
There can be no yielding on the seniority issue, only financial; it is almost only a matter of figures
however strenuously it may be demanded and how- and manipulation of debts, whereas England's weakever insidiously ,it may be urged that one unsettled ness is economic and enormously more vital. With
point might be waived rather than prolong warfare. the failure of the Genoa and The Hague conferences,
Vice-President Atterbury of the Pennsylvania, re- and the pressing unemployment problem, the posiaffirming the intention of the system to stand by its tion of Mr. Lloyd George's Government, as seen
here,
men in every respect and to the end, says he told the is most unfavorable. He must do something, it is
bePresident that such a question properly belongs to lieved, to better the economic position of his country
its employees and he would willingly leave it with in the only way in which it can be done, by stabilizthem. The Southern Pacific joins the Eastern roads ing money values of Europe and helping Germany—
in declaring that returning strikers will come as new always under control, to prevent more trickery—to
men and the loyalty of those who stand by will be become at the same time financially sound as a purrecognized and rewarded. As an indication of pub- chaser, and without the advantage of the lowness of
lic feeling upon this, the head of the National Indus- the mark as a competitor in the world market."
trial Traffic League has wired President Harding
urging him to support the roads upon the matter of
In outlining the status of the reparations question
seniority, and the League's Secretary in a public ad- at that time the Paris correspondent of the Assodress in Boston urges that no compromise be thought ciated Press cabled last Monday afternoon that "the
of and avers that any weakness shown now "will re- whole reparations problem is now in the hands of the
sult in greater difficulty encountered in the future," Allied Premiers. It is considered quite unlikely that
just as, he adds, the surrender in 1916 produced con- the Reparations Commission will render any decision
ditions so unreasonable that more waste was caused on Germany's request for a moratorium until after
in trying to return the roads to their owners and now the opening session of the Allied Council in London
the Labor Board has to try to arrange the disputes early next month." He further stated that "although
which have grown fiercer.
the report of the Committee on Guarantees regardNo, the day of compromise is past. There is only ing the control measures agreed upon as a result of
one sane and wise course: to stand firm.
its investigation into Germany's finances and economic affairs, is expected to be ready by the middle
For several weeks it has been reported that at a of the week, it was stated to-day that the Commiscomparatively early date Premier Poincare of France sion itself would not have the report officially before
and Premier Lloyd George of Great Britain would it until the end of this week." Last evening word
have a conference to discuss highly important inter- came from Paris that "at a meeting this morning the
JULY 29 1922.]
THE CHRONICLE
Allied Committee on Guarantees decided not to present its report on the German financial situation until next week. The report is virtually completed, but
the Reparations Commission has considered it advisable not to take any action on the report or on the
question of a moratorium for Germany until the Allied Premiers have passed upon these matters at their
coming meeting in London."
Touching on a matter about which there have been
a good many rumors recently, the correspondent
said: "There is considerable sentiment in the Reparations Commission in favor of reconvening the international committee of bankers, in view of the latter's decision that it would hold itself in readiness
again to advise the Commission on the German loan
question if the Commission so desired." He added
that "up to the present there has been no effort to
communicate with the bankers, but it is believed they
will be kept constantly informed of the developments
of the situation. Any readjustment of the reparations payments which involved a reduction of the total German indemnity would insure another session
of the bankers, it was pointed out in reparation circles." Discussing the probability of a renewal of negotiations for a foreign loan to Germany, the correspondent said that "the effect of reforms and guarantees, added to the results expected from new financial control to be installed in Germany by the Guarantees Commission, the French hold, would insure
the floating and placing of a German foreign loan.
Such a loan, providing important resources for the
restoration of the devastated regions, would then
permit of the granting to Germany of a prolonged
cash moratorium."
The London correspondent of "The Sun" of this
city,in attempting to outline Premier Lloyd George's
program for his conference with Premier Poincare
said that "Lloyd George stands firmly for a reduction of reparations, but is unwilling to forego the
British share of reparations at present, as that would
deprive the British of an emphatic voice in the
French attitude toward Germany, but if France consents to the withdrawal of the armies of occupation,
the cost of which is still unmet by German payments,
then Lloyd George will be inclined favorably to consider giving up the British title to reparations. It is
with French, Italian and Belgian debts to Great
Britain that Lloyd George is going to bargain with
Poincare for a reduction of the reparations and
abandonment of the policy of military sanctions, but
at the discussions reduction of the French army as
part of Lloyd George's plan for land disarmament of
Europe will be tentatively suggested with all respect
for French susceptibilities, and it will be offered as
a reason for inducing international bankers, particularly American bankers, to grant loans in Europe,
principally to Germany." According to "The Sun"
correspondent also, "it will be pointed out that the
Allies must make President Harding's task easier to
get America to reparticipate in European affairs some
time in the future for the benefit of France, Germany
and Europe generally. There is no great enthusiasm
among Lloyd George's friends who reflect the Premier's mind on the proposition of bringing America
in to discuss European questions, but America's attitude toward Europe is considered a powerful argument when the other nations challenge the British
proposals."
The Associated Press correspondent in Paris said
that "it is expected that the London conference will
469
assume the proportions of a meeting of the Suprenie
Council, as Belgium is sure to be represented, and if
the Italian Cabinet crisis is solved in time, that Italy
also will have delegates present." On the contrary,
the Paris representative of the New York "Times"
said the next morning that "for the present it is not
a part of the French plan to have anything like a Supreme Council meeting. That will come later, after '
the two Allies principally concerned in the reparations settlement have either found or failed to find
a ground of common accord." Continuing to outline
the situation, he said: "Between now and August
15, the date by which the Reparations Commission
has promised to reply. to Germany's demand for a
further moratorium, the Premiers will either have
come to an understanding or definitely failed to do
so. If they succeed, then probably the Commission
will grant a temporary moratorium, as it did at the
beginning of this year, until such time as a final settlement can be reached and the bankers summoned
again into council—probably in September—to discuss on the basis of the Premier's decision the prospects of a foreign loan for Germany."
In the British House of Commons on Monday, Sir
Robert Horne, Chancellor of the Exchequer, stated
that "his Majesty's Government had not made any
offer to the French Government under which France
was to be excused from paying her debt to this country, on condition that claims on Germany for reparations were reduced. Any member of the House
would be ill-advised to make up his mind on what
appeared in the press reports on this subject," he
added.
The Paris correspondent of the New York "Tribune" asserted that "Premier Poincare will carry a
trump card with him when he goes to London next
week to confer with Premier Lloyd George on German reparations in the shape of an announcement
that all preparations have been made for the advance
of French troops into Germany 20 or 30 miles, reaching into the Ruhr district, if every method for
friendly settlement fails. While the French Premier expects to reach an agreement amicably with
Lloyd George, he is going to London with the firm
determination to settle clearly this question, which
is the primary cause of Europe's upset condition. The
object of the advance planned by the French will not
be to take territory, but to force Germany to meet
her obligations."
The Paris correspondent of the same newspaper,
in a long dispatch yesterday morning, asserted
that "at a council of all the Cabinet ministers at
Rambouillet, President Millerand's country residence, after both morning and afternoon sessions,"
on Thursday, "final and unanimous decision on the
French policy on German reparations was reached."
He declared also that "on the highest authority," he
was in a position to give the following outline of the
main points: "As an incentive to Germany to pay
and to lighten the burden on the Berlin Government,
France is willing, with the consent of the other Allies, to make Germany's immediate obligation 40,000,000,000 gold marks,instead of 132,000,000,000, as
originally fixed by the Allied Premiers. The remainder, 92,000,000,000 marks, now funded in bonds,
would be extended over a long term, and these bonds,
the French propose,should be applied to the discharge
of inter-Allied obligations. France feels that the
40,000,000,000 gold marks is a reasonable charge for
470
TH PI CHRONICLE
the restoration of devastated regions and is within
Germany's capacity to pay. France will be satisfied
with the 40,000,000,000 provided the reduction in the
cash demand serves to make possible an international loan to Germany, and that the other Allies
recognize France's special right to priority payment
for the work in the devastated regions. In line with
the foregoing plan, France stands ready to grant a
new moratorium to Germany,even on the payment of
50,000,000 gold marks due on Aug. 15. If Germany
is not willing to submit new securities and guaranties, not only for the Reparations Commission plan
of financial control of Germany, but others named by
France in the shape of temporary Allied control of
all German customs and all State properties as a
first mortgage, then France has other plans. At the
forthcoming conference in London, Premier Poincare will propose the new French program and offer
France's collaboration along its lines. If the question of Allied debts can be discussed at London,
France will propose the application to such debts,
not only the'C' bonds, totaling 82,000,000,000 of gold
marks, but the 10,000,000,000 of 93' bonds also, which
would leave 46,000,000,000 as Germany's remaining
obligation, to be wholly allocated to repair the war's
devastated areas. If the Allies, especially England
and Belgium, agree to France's plan, France feels
that there will be no necessity for the occupation of
further German territory as a guaranty of payment. But if there can be no agreement with the Allies on this basis France stands ready to go on her
way alone and occupy territory along the lines explained in previous dispatches. All details of this
proposed occupation are now settled by the Superior
War Council."
It was perfectly natural that various political factions in Germany,and the people generally, so far as
they understand the plan, should have opposed the
proposed control of German finances. The Berlin correspondent of the New York "Herald" cabled a week
ago, however, that "the fight against Allied financial control of Germany, which virtually means the
end of Germany's own financial sovereignty, has collapsed. The Reichstag committee to-day, under pressure of the trade unions, virtually withdrew its opposition and the Government is preparing a note to be
sent to Paris accepting the Allied memorandum."
Definite word came from Paris the same afternoon
that "Germany has formally accepted the demands
of the Allied Committee on Guarantees, which were
presented at Berlin last Tuesday." The Associated
Press correspondent added that "in a letter the Reparations Commission received to-day Chancellor
Wirth stated that Germany, after profound deliberation, had decided to accept the conditions for the
duration of the moratorium which the German Government assumed would soon be granted." The correspondent observed that "the conditions, the letter
points out, place a heavy load upon the German Government, and acceptance is only agreed to by the
Government on the theory that the forthcoming decision on the reparations question will constitute a
definite settlement of the chief financial questions
which have been the subject of negotiations between
the Committee on Guarantees and the German Government.
A week ago this evening, in Paris, the Reparations
Commission "issued a long memorandum on the organization of the supervision of German finances.
[Vol,. 115.
The document explains with minute technical detail
the manner in which the control will be exercised by
the Guarantees Committee under the Reparations
Commission, based on discussions and correspondence exchanged between the latter and the German
Government." The New York "Times" representative cabled the following outline of the powers and
duties of the Commission under the terms of the
plan: "The Guarantees Committee will have full access to all matters connected with revenues and expenses of the Reich,two delegates being accredited to
the Reich's Finance Ministry. One will occupy himself with all questions of revenue, while the second
will deal with expenses. These two officials will act
as liaison officers between the Reich and the Reparations Commission, and will submit documents connected with their respective sections to the Guarantees Committee. One of the Allied officials mentioned above, or a subordinate official appointed by
them, will deal specially with the question of floating debt, being accredited for this purpose by the
Reich to the Finance Ministry. This official, too,
will have the fullest access to all necessary documents, Germany undertaking to provide the facilities he may require, and the Finance Minister will
give him all explanations he may request. The second half of the memorandum deals with the question
of the exportation of capital to foreign countries
from Germany. Representatives of the Guarantees
Committee will be appointed to watch the execution
of the legislative scheme the Germans now agree
upon,in order to put a stop to this means of evading
payment by Germany to the Allies. The full project
for the necessary legislation is appended to the memorandum issued to-day laying down the laws for German banks."
A seemingly serious situation has been developing
in Bavaria, one of the German States, for a week or
more. The Berlin correspondent of the Philadelphia
"Public Ledger" cabled about mid-week that "Germany's Government appears tired of waiting for Bavaria to give up resistance against accepting the law
to protect the Republic. It has threatened to call
back the Reichstag, which at present is in recess, to
tell the Bavarians how. to behave." Continuing to
outline the situation, he said that "Government circles regard the Bavarian attitude as a sign of a bad
conscience, since it is obvious that the great house
cleaning which will commence when the law is enforced will uncover the extent of the protection offered by her to the reactionary forces. On the other
hand, officials are doing everything to prevent hotheads in the south from taking foolhardy steps which
they might bitterly regret later." In a dispatch from
Munich the same day it was stated that "already the
Cabinet seems to see the folly of its actions, and is
sending two delegates to Berlin to seek a compromise
with the Republic's Federal Government. A different view, however, is taken by the people, who are
told by newspapers of a new revolt the Communists
are threatening. The peasants of Chiemgau, one of
the most prominent districts of Bavaria, came together and openly voted for the immediate restoration of the monarchy under ex-Crown Prince Rupprecht as Kaiser."
In a long cablegram to his paper Wednesday
morning, the Berlin correspondent of the New York
"Times" said: "The Bavarian crisis waxed more
acute over night. The conflict between Munich and
JULY 29 1922.1
THE CHRONICLE
471
Berlin became concrete with the Bavarian Govern- further over night and was stuck in the talking
ment's formal notification to the Wirth Government stage gave the Boerse gooseflesh."
Yesterday morning announcement was made in an
of the text of the ordinance 'for safeguarding the
defiPress cablegram from Berlin that "ChanAssociated
Republic,' which Bavaria promulgated in open
and representatives of Bavaria had a
Wirth
cellor
Reichstag."
the
and
ance of the Central Government
[Thursday] relative to the attitude
histo-day
conference
the
troubled
in
first
time
the
He added that "for
in a measure recent legislaopposing
at
in
Bavaria
set
of
has
a
State
German
Republic
young
the
tory of
naught the authority of the Reich, affording a dan- tion by the Reichstag for the defense of the republic.
gerous precedent to other States which may be dis- At the conclusion of the conference it was decided
satisfied with any particular national law." Con- that the Chancllor should address a letter to the Batinuing, the correspondent expressed the opinion that varian Premier, Lerchenfeld, emphasizing the seri"this Bavarian experiment to enforce States rights ousnesg of the situation and the need of settlement.
will obviously be nipped by the Wirth Government. The Cabinet met later and drafted the letter, which
But how to do it is the question. The Wirth Cabinet will be forwarded early to-morrow [yesterday]. It
was in session all day except for brief intervals, de- was at first understood that President Ebert would
liberating on how to tackle the Bavarian bull threat- try the effect of personal mediation, and the news
ening to wreck the Republic's china shop. It will not from Munich encouraged the belief that this method
take the Bavarian bull by the horns immediately, but might be successful. It was put aside, however, for
will deliberate again to-morrow." In his opinion, what is considered a speedier and more definite plan."
"the probabilities are that the Bavarian crisis,
Following the resignation of Premier de Facta
gravely acute though it is, will drag along for days
re
in
unanimous
the entire Italian Cabinet on July 19, King
and
is
Cabinet
The
Wirth
weeks.
and
garding Bavaria's action as a violation of the Wei- Victor Emmanuel received five former Premiers
mar Constitution, particularly of Article XIII, "with whom he discussed the situation." The Assowhich lays down the principal that 'Reich's law ciated Press correspondent said that "the King inbreaks land law,' meaning that a national law nulli- formed Signor Orlando that his name had been menfies any conflicting law of an individual State of the tioned to him by large numbers of prominent personRepublic. A member of the Government went so far ages as being the man most fitted to form a new
as to characterize Bavaria's action as'gross sabotage Cabinet." He added that "Signor Orlando asked the
King to be allowed to consult with his friends before
of the Constitution.'"
In an Associated Press cablegram from Munich accepting the difficult task." The former Premier
Wednesday evening, announcement was made that was reported to have observed also that "he realized
"at the conclusion of to-day's debate on Bavaria's po- the urgency of Italy having a responsible Governsition in relation to enforcement of the national law ment and that he hoped within a few days either to
for the defense of the Republic, the Ministry of Pre- announce his decision to form a Ministry or his decmier Lerchenfeld was given a majority vote of confi- lination to do so." Monday evening it was stated in
dence by the Deputies of the Bavarian People's dispatches from the Italian capital that "former
Party, the Bavarian Peasants' Party, the Bavarian Premier Orlando, after an hour's consultation with
Peasants' League, and the Bavarian Middle Party." King Victor Emmanuel to-day, is reported to have
The Premier, in a speech in the Landtag, said that refused to form a Cabinet to succeed that of Premier
"the Bavarian Government was prepared to grant Facta, which resigned last week." The Associated
everything necessary to maintain the present Ger- Press correspondent added that "Signor Orlando,
man constitution." He added that "this could not who has been discussing the situation with all the
be achieved by mere repressive measures, but by a leaders of the various constitutional groups of the
moderate policy of conciliation and by redress for Chamber, is said to have declared himself against
economic evils." The Premier asserted that "the ex- the formation of a short-lived Cabinet. A Ministry
tensive unrest in Bavaria was due to fear that au- of uncertain tenure, he pointed out, would find it
tonomy was gradually being lost and that Bavaria impossible to do anything worth while towards the
was sinking to the level of a mere province." He said pacification of the country—Italy's supreme need of
that "Bavaria would provide loyally and energetic- the moment." Realizing the great importance of
ally for the defense of the National Constitution, but having a new Cabinet as soon as possible, it was
would not bow to the will of the majority on the sub- stated that "after the consultation with Signor Orject of judicial autonomy." Count Lerchenfeld lando, the King called Signors De Nicola and Titwarned "against the separate movement, and reaf- toni, Presidents, respectively of the Chamber of
firmed his determination to remain loyal to the Ger- Deputies and the Senate,for renewed consultations."
rum]. Reich." The Associated Press correspondent Later "Signor Bonomi was called by King Victor
observed that "Bavarian Cabinet officials and polit- Emmanuel to form a new Cabinet. He showed his
ical leaders apparently are taking a less tragic view courage in being the only leader who dared accept
of the conflict with Berlin than are the Berlin news- the responsible task in the present circumstances
after the failure of Signor Orlando and after the repapers."
a
talkative
quiet
entered
fusal
of more authoritative statesmen than himself,
has
crisis
Bavarian
"The
stage." This statement was cabled Thursday morn- including Signor de Nicola, President of the Chaming by the Berlin correspondent of the New York ber of Deputies, and Signor Meda,leader of the Cath"Times." He added that "the Munich and Berlin olic Party." The New York "Times" correspondent
Governments are still deliberating and mutually at Rome observed that "although the composition of
Protesting that they have no desire to force'the crisis the Bonomi Cabinet group is not yet known, it is alto a breaking point, and yet the Berlin Boerse be- ready called in the Chamber 'the Summer Cabinet,'
trayed greater nervousness to-day over the Bavarian meaning that it will last only through the summer
crisis than at any time since it bobbed up. Perhaps until the Chamber reopens next November, when it
the very fact that the crisis had not developed any will be overthrown."
THE CHRONICLE
472
As it turned out, the Rome correspondents of
American newspapers were over-sanguine about the
probability of former Premier Bonomi being able to
form a new Cabinet. It became known here through
cable dispatches from the Italian capital Wednesday morning that Signor Bonomi had "informed
King Victor Emmanuel that he would be unable to
form a new Cabinet to take the place of that headed
by Signor de Facta, which resigned last week." The
New York "Times" correspondent added that "the
previous failure of former Premier Orlando. to organize a Ministry to succeed that of Signor de Facta
has caused the exchange of accusations between leading Catholics and Conservatives and between Socialists and Fascisti, each blaming the others for preventing with their veto power the formation of a
national Cabinet under Orlando. This difficulty apparently has widened the differences between the
political groups in the Italian Chamber, making it
more difficult for any other political leader to find
a successful solution of the present Governmental
crisis"
According to a cablegram yesterday morning from
the Rome correspondent of the New York "Times,"
the deadlock between the various political factions
in Italy is becoming graver and the country faces
the prospect of a general election to solve the Cabinet tangle. The correspondent explained that "the
real trouble is that in the present Chamber, owing to
the grouping of the various parties, it is practically
impossible for any man to have a sufficient majority
to remain in power with the authority to establish
order in the country, bring about pacification and
meet other problems confronting Italy, chief among
them being the financial situation. If a C abinet iv
formed favorable to the Fascisti it would have the
Catholics, Socialists and Communists against it and
would be in a minority. Instead, if a new Ministry
were favorable to the Communists and Socialists,
the opposition would be formed by the Fascisti, Conservatives and Democrats of various tendencies,
leaving the Administration again in the minority,
taking into account a certain number of Deputies
who shift from one side to another."
In an Associated Press dispatch from Rome last
evening it was stated that "former Minister of the
Treasury de Nava, who has now assumed the task of
co-ordinating various political parties in the formation of a new Cabinet to succeed the de Facta Ministry, has succeeded in obtaining the Catholic Party
veto of the admission of Conservatives into the new
Government."
[Vol,. 115.
aration payment is due, not wishing.to agree even to
a short time moratorium until the whole system has
been reviewed."
From Paris came the report yesterday morning
that "the French Government notifed the German
Government to-day of its refusal to grant Berlin's
request of July 16 for a reduction of 75% in German
payments for the account of private claims of French
nationals against the German Government and nationals. The French Government declines flatly to
reduce the monthly payments to £500,000 and demands that the regular payments of £2,000,000 be
continued until the unpaid balance of £10,000,000 is
liquidated. The Allied offices for compensation, representing the interests of other countries, will send
similar notifications to Germany."
Some progress appears to have been made with respect to a plan for extricating Austria from her serious financial difficulties. Announcement was
made in Paris about a week ago that the Reparations
Commission, which had been investigating conditions in Austria, had "reached a decision which it is
hoped may have far-reaching effects." The Commission issued a statement which said that "provided
the terms of the law instituting the new bank of issue
of Austria are satisfactory, the Reparations Commission is prepared to release for a period of 20 years
the revenue from forests, Bait mines and State domains as security for the bank." The New York
"Times" correspondent added, in further explanation of the plan, that "the Commission is also prepared in principle to liberate the revenues from the
customs and tobacco monopoly so that they may be
used as security for foreign loans, but reserves definite approval of the release until the Austrian Government submits a concrete loan proposal. The same
revenue may be equally applied as security for loans
granted, or already being negotiated, by England,
France, Czechoslovakia and Italy. The Commission
will reserve the right to examine the utilization of
these revenues." Commenting on the plan, he said
that"whether these measures will be sufficient at this
late day to arrest the headlong downward course of
Austrian finances and prevent the utter debacle
which was prophesied by various sound observers
lately returned from Austria, unless very energetic
steps are taken, is regarded here as another
matter."
Announcement was made in Vienna last Saturday
that "the Austrian Government has modified the order,issued on Wednesday, prohibiting trading in foreign moneys. Under the new ruling trading will be
The Paris dispatches the latter half of the week permitted between 8 and 10 o'clock in the
indicated that Premier Poincare had not received a morning."
reply to his note to Premier Lloyd George that he
In engagements extending over the last two weeks
would meet him in London on Aug. 1 for an imporFree State forces in Ireland have been generally
result,
the
the
a
French authorities
tant conference. As
in their efforts to put down the so-called
successful
somewhat
apprehensive. Thursday
were said to be
About
a week ago the rebel garrison in Limrebels.
Foreign
French
Office
folgave the
afternoon the
erick
surrendered
completely and the whole city "fell
question
as
to
the
a
to
the
reply
status
of
lowing
proposed London meeting: "Premier Poincare has to the Free State forces." Other important centres
notified the British Government he will be at the have been taken also. Among them was Waterford,
disposition of Mr. Lloyd George any time after Aug. which was captured about the same time that the
1. We are waiting to hear from the British Govern- Limerick garrison capitulated, "after hours of fightment" It was added that "Paris is somewhat wor- ing by the Free State forces."
It was reported Wednesday morning from Dublin
ried over the reports from London that lcocause of
the Lord Mayor of Cork had arrived there on "a
that
may
be
delayed
meeting
until Septemvacations the
ber, for the French Government is desirous of an ar- peace mission." According•to the report also "his
rangement of the situation before the Aug. 15 rep- proposal is that the members of the new Irish Par
•••••••••••••••••••••••.•
JULY 29 1922.]
THE CHRONICLE
liament and of the old Dail Eireann shall meet forthwith to reach terms of settlement." The belief was
expressed, however, that "the Provisional Government officials will consent to nothing short of complete surrender and the laying down of arms by the
Republicans." It was claimed that "the Provisional
Government has decided upon a further postponement of the meeting of the new Parliament."
The Free State troops continued their campaign
against the so-called rebels or irregulars, largely in
the South of Ireland. While meeting with considerablb opposition, particularly toward the close of the
week,it was reported that the Free State troops were
generally successful.
In an official statement issued in Dublin yesterday it was claimed that "there is good ground for
hoping that within the next fortnight the organized
resistance of the Republican irregulars will have
been so broken that further postponement of the
Irish Parliament will be unnecessary. At present
five members of the Provisional Government Cabinet
and 16 other members of the Dail are actively engaged in the suppression of disorders."
The Bank of Germany yesterday raised its rate of
discount from 5% to 6%, being the first change since
Dec. 23 1914. Other than that, official discount
rates at leading European centres remain unchanged,
being quoted at 5% in France and Denmark; 5/2%
in Norway and Madrid; 432% in Belgium and Sweden; 4% in Holland; 3/
2% in Switzerland and 3% in
London. In London open market discount rates
continue without important alteration, being quoted
at 19.@1 13-16% for short bills, against 17
4% last
week, and 1 13-16@1/
8% for three months, against
1 15-16@2% a week ago. Money on call in London
was easier and declined to 1/
1%,in comparison with
13/2% a week earlier. Open market discounts in
Paris and Switzerland remain at 4% and 13.%,
respectively.
The Bank of England this week announced a
small addition to gold holdings, namely £1,772.
Note circulation, however, expanded £501,000, so
that total reserve fell £500,000. In the proportion
of reserve to liabilities there was an advance to
17.30% from 17.05% last week. A week earlier
the reserve ratio stood at 17.68%, but at 15.09%
for the week ending July 6. At this time in 1921
the ratio was 15.21% and in 1920 12.20%. Public
deposits were heavily reduced, in round numbers,
£7,878,000, although other deposits gained £3,100,000. Loans on Government securities declined
£235,000, while loans on other securities registered
a decrease of £3,972,000. The Bank's stock of gold
on hand aggregates £127,403,930, in comparison
with £128,307,063 last year and £123,234,383 in
1920. Reserves stand at £21,095,000, against £18,536,693 in 1921 and £16,315,188 the year before that.
Note circulation is £124,757,000, which compares
with £128,283,370 and £125,369,195 one and two
years ago, respectively. As to loans the amount
is £72,244,000. Last year it was £78,000,845 and the
year prior to that £75,481,209. Clearings through
the London banks for the week were £726,910,000,
in comparison with £773,062,000 last week and
£700,387,000 a year ago. The Bank of England's
discount rate remains unchanged at 3%. We append
comparisons of the principal items of the Bank of
England's returns for a series of years:
473
BANK OF ENGLAND'S COMPARATIVE STATEMENT.
1922.
1921.
1920.
1919.
1918.
July 26.
July 27.
July 28.
July 30.
July 31.
Circulation
124,757,000
Public deposits
14,297,000
Other deposits
107,575,000
Government securs_ 46,504,000
Other securities
72,244,000
Reserve notes & coin 21,095,000
Coln and butlion
127,403,930
Proportion of reserve
to liabilities
17.30%
Bank rate
3%
128,283,370
15,373,851
106,435,907
43,188.078
78.000,845
18,536.693
128,307,063
125,369,195
15,148,654
118,650,249
59,912,361
75,481,209
16,315,188
123,234,383
79,387,255
17,881,009
116,554,700
43,143,806
81,745,550
27,477,574
88,414,829
56,870,340
37.789.088
138,440,986
58,601,132
106,787,164
28,839,150
67,259,490
15.21%
534%
12.20%
7%
20.44%
5%
16.40%
5%
The Bank of France in its weekly statement reports
a further small gain of 369,000 francs in its gold item.
This brings the Bank's gold holdings up to 5,530,149,075 francs, comparing with 5,521,075,772 francs
last year and with 5,589,174,979 francs the previous
year; of these amounts 1,948,367,056 francs were held
abroad in both 1922 and 1921 and 1,978,278,416
francs in 1920. In silver there was a gain during the
week of 16,000 francs; bills discounted increased 21,305,000 francs and Treasury deposits rose 37,137,000
francs. On the other hand, advances decreased 51,526,000francs and general deposits fell off 27,733,000
francs. Note circulation registered a contraction of
319,824,000 francs, bringing the total outstanding
down to 36,049,939,000 francs. This compares with
36,941,449,710 at this time last year and 37,095,875,750 francs in 1920. In 1914, just prior to the
outbreak of war, the amount was only 6,683,184,785
francs. Comparisons of the various items in this
week's return with the statement of last week and of
this year's totals with those for corresponding dates
in both 1921 and 1920 are as follows:
BANK OF FRANCE'S COMPARATIVE STATEMENT.
Changes
Status as of
for Week.
Jul', 27 1922. July 28 1921. July 29 1920.
Gold Holdings—
Francs.
Frcncs.
Francs.
Francs.
In France
Inc.
369,000 3,581,782,019 3,572,708,716 3,610,896,563
Abroad
No change
1,948,367.056 1,948,367,056 1978,278,416
Total
Inc.
369,000
Silver
Inc.
16.000
Silver
Inc.
16.000
BIllsdIscounted
Inc. 21,305.000
Advances
Dec. 51.526.000
Note I•culation _ _Dec.319,824.000
Treasury deposits_Inc. 37.137.000
General deposits Dec. 27,733,000
5.530.149.075
285,255,495
285,255.495
2,103,237,000
2,227,411.000
36,049,939,000
79,990,000
2,352,183,000
5,521,075,772 5,589,174,979
275,285.474
247.635,579
275,285,474
247,' 35,579
2,769.361.408 2,032,906.922
2.180,116,975 1,933,018,995
36,941,449.710 37,095,875,750
109.618,237
22.265,462
3.229,368,753 3,306,667,078
The Federal Reserve Bank statement, which was
issued at the close of business on Thursday afternoon,
reflected the heavy influx of gold from abroad and
was chiefly conspicuous for a substantial addition to
gold reserves, a diminution in rediscounting operations and a marked increase in reserve ratios. For
the combined system gold reserves increased $9,000,000, while the New York bank showed a gain amounting to more than $37,000,000, which was of course
offset by losses by the other Reserve banks. Both
statements revealed a drawing down of bills discounted, the total of the system's bill holdings having
fallen $56,000,000, and locally $65,900,000, to only
$68,181,000, as against $406,034,000 last year. The
twelve reporting banks show a decrease in total
earning assets of $58,000,000 and a decline in deposits
amounting to $54,000,000. Federal Reserve notes
in actual circulation were reduced $6,000,000. Very
similar conditions were in evidence at the New York
bank, where earning assets were reduced $66,000,000
and deposits $33,000,000. The amount of Federal
Reserve notes, however, remained practically stationary at $616,778,000. In consequence of the
above changes reserve ratios moved up 1.4% to 79.2%
for, the system, and 4.7% to 85.6% at the local
bank.
474
THE CHRONICLE
Saturday's statement of New York Clearing House
banks and trust companies was about as expected
and suggested heavy calling in of loans as well as a
renewal of the movement of funds to interior centres.
Loans declined no less than $84,029,000, while net
demand deposits sustained a still heavier contraction,
namely, $95,600,000, which brought the total of
deposits to $3,975,620,000, which is exclusive of $28,444,000 in Government deposits. Net time deposits
also decreased, but only $4,898,000. Of the other
changes the most important recorded was a drop of
$19,304,000 in the reserve credits of member banks
at the Federal Reserve Bank. Cash in own vaults
of members of the Reserve Bank declined $1,209,000
to $57,064,000 (not counted as reserve); reserves of
State banks and trust companies, also in own vaults,
fell $81,000, while reserves of these same institutions
kept in other depositories were reduced $296,000.
Owing to the sharp decline in deposits, there was an
addition to surplus reserve of $31,564,230;thus carrying the total of excess reserves up to $43,880,780.
The above figures for surplus are based on 13% reserves above legal requirements for member banks of
the Federal Reserve System, but do not include cash
in vaults amounting to $57,064,000 held by these
banks on Saturday last. Bankers claim the drawing
down of bank balances by country institutions is the
direct result of the fall in lending rates, which, of
course, lessens the profits to be derived by keeping
funds at this centre. Preparations for crop-moving
purposes are not looked for untilsome time next month.
FoL. 115.
Dealing with specific rates for money, loans on
call have covered a range of 3@4%. Last week the
range was 3@432%. On Monday the high was 4%,
the low 33/2% and renewals at 4%. Call money
loaned at 4% all day on Tuesday, this being the
high, the low and the rehewal figure. Wednesday
renewals were again put through at 4%, which was
the maximum, but a low rate of 3% was named
before the close. Increased ease developed on
Thursday, so that call funds renewed at 332%; the
maximum was 332% and the minimum 3%. There
was no change from these figures on Friday and the
range was again 3@3%, with 33/2% the renewal
basis. The figures here given apply to mixed collateral and all-industrials without differentiation. In
time money the situation remains practically unchanged. Fixed-date funds were in large supply at
the rates prevailing at the close of last week, namely
3%@4% for sixty and ninety days, 4% for four and
five months and 431% for six months. Very little
business is passing in any maturities.
Commercial paper rates continue to be quoted at
3%@4% for sixty and ninety days' endorsed bills
receivable and six months' names of choice character,
unchanged, while names not so well known still
require 43%. A fair demand was noted, with
offerings still restricted. The bulk of the trading
was at the outside figure; that is, at 4%.
Banks' and bankers' acceptances have been in
slightly better demand,but trading was quiet throughout and devoid of new feature. Spot bills continue
at the levels previously current, but prime names for
delivery in thirty days are quoted a shade lower, with
the general undertone easy. Local and out-of-town
banks are still largely out of the market. For call
loans against bankers' acceptances the posted rate of
the American Acceptance Council is now 3%, which
compares with 332% last week. The Acceptance
Council makes the discount rates on prime bankers'
acceptances eligible for purchase by the Federal Re/
8% asked for bills
serve banks 331% bid and 33
running for 150 days and 34% bid and 3% asked
for bills running from 30 days to 120 days. Open
market quotations follow:
With call money renewing at 332% and loaning at
3%, and with time money abundant at 3%@43%,
no further proof need be produced of the continuance
of easy money at this centre and throughout the
United States. There are no new reasons for this
situation that can be brought forward. Speculation
in stocks has been on only a moderate scale. The
offerings of new securities have not been especially
large. Bankers and investment houses generally
have been disposed to sell what they have left of former issues before buying others. This policy cannot
fail to reduce their temporary loans with the banks
SPOT DELIVERY.
. and other financial institutions. With the two big
90 Days.
60 Days.
30 Days
of
process
negotiation, it is necessary Prime eligible bills
strikes still in
33Q3
33©3
3110g3
FOR DELIVERY WITHIN THIRTY DAYS.
only to observe in passing that there was little or no
member banks
3% bid
demand for money on a larger scale in industrial lines. Eligible
3% bid
Eligible non-member banks
3% bid
The close approach of the first of the month was not Ineligible bank bills
reflected to any extent in the local money market,
There have been no changes this week in Federal
as call money renewed yesterday at 33
/
2% and loaned
Bank rates. The following is the schedule
Reserve
again at 3%. Naturally there was special interest in
in effect for the various classes of paper
now
rates
of
Secretary
of the Treasury Melthe announcement of
different
Reserve Banks:
lon of his intention to call in $1,000,000,000 Victory at theDISCOUNT RATES OF THE FEDERAL RESERVE BANKS
IN EFFECT JULY 28 1922.
49% notes by Dec. 15 next, and also in his offering
Discounted bills maturing
of $300,000,000 43i% short term Treasury notes.
within 90 days (incl. member banks' 15-day collateral
The natural result was a veritable scramble to buy
notes) secured by—
Bankers'
AgriculaccepTrade tural and
the former issue. The active demand for all classes
lances
Treasury
accep- live -stock
Federal Reserve
Other- disc'ted
lances
notes and Liberty
paper
Bank of—
for kt, maturing maturing
certifibonds
wise
of standard investment securities conclusively shows
secured member within 91 to 180
and
cates of
Victory
and
banks
indebt90 days
that investors expect money to continue below the
days
notes unsecured
edness
rate of return offered by those securities, and for the
4
4
4
4
4
4
Boston
4
4
4
4
4
4
latter to maintain present price levels very generally. Philadelphia
New York
4%
4%
4%
4%
4%
43
4%
4%
Cleveland
No surprise was expressed over the failure of the Richmond
4%
4%
4%
4%
4%
4
4%
4%
Atlanta
New York Federal Reserve Bank to make a further Chicago
4%
4%
4%
43
4%
4%
4%
rate.
4%
discount
The
Louis
St.
its
advance
in the Minneapolis
reduction in
5
5
5
5
5
5
5
5
5
5
C4ty
5
Bank of Germany rate to 6% naturally attracted Kansas
4%
4%
4%
4%
Dallas
4
4
4
4
4
4
fresh attention to financial conditions in that country. San Francisco
The trend of discount,rates the world over has been
Although sterling exchange price levels have been
downward.
well maintained, what appeared to be mid-summer
•
JULY 29 1922.]
THE CHRONICLE
475
dulness prevailed practically throughout and the at 4 4434@4 44%, cable transfers at 4 445%@4 453
/
8@4 43. Closing quotations
volume of transactions was small. This, however, and sixty days at 4 423
s for demand and
2 for sixty days, 4 443/
was in large measure due to the unwillingness of were 4 423/
7 for cable transfers. Commercial sight bills
traders to take any position in the market in the ab- 4 44%
4,sixty days at 4 411/s, ninety days
sence of some sort of settlement of pending economic finished at 4 441
and financial difficulties.'Announcement early in at 4 40, documents for payment (sixty days) at
the week that a definite and early date had been set 4 413/ and seven-day grain bills at 4 43%. Cotton •
/
8.
for the conference between the French and British and grain for payment closed at 4 441
Gold continues to arrive in large amounts and the
Premiers had a good effect on market sentiment here,
and the general belief seems to be that important and week's shipments included $4,620,000 on the Majeshighly favorable results will follow this meeting. In tic, the Caronia with $2,500,000, the Celtic with
spite of this, however, very little buying support was $2,500,000 and the Carmania with 76 boxes of bar
forthcoming, and bankers apparently took the view gold, all from British ports. Smaller miscellaneous
that there have been too many failures in the past in amounts from South American and other points were
meetings of this character to warrant undue optim- $28,000 in gold and silver coins on the'Ulna from
ism at this time. Even the speculative element took Port Limon; 19 bars and 5 cases of gold on the Barabut little part in the week's dealings. Competent coa from Colombia; 7 cases of gold and platinum on
market observers claim that this state of things is the General 0. H. Ernst from Tumaco, and gold bars
likely to continue at least until after the meeting has to the value of $27,000, as well as several small
taken place. Rumors at the extreme close of the consignments of gold and platimum on the Carillo
possibility of a delay in the date of the London con- from Colombia. The SS. Mount Clinton brought
ference were not liked and prices sagged slightly in 5 cases of gold dollars, valued at $5,465, from Hamburg. Gold is said to be on its way on the Baltic
the final dealings.
Owing to the prevailing strike troubles in the and the Aquitania.
United States, no indication is seen of the expected
In the Continental exchanges dulness and irreguinflux of grain and cotton bills. A few grain bills
have made their appearance this week, but hardly larity replaced the strength and activity'of the preany cotton bills. Thus far, the inauguration of a decing week and trading was limited in volume and
substantial coal import movement from England has for the most part featureless. Briefly, the market
had no perceptible effect upon the sterling market. has for the moment adopted a waiting attitude and
Just how these purchases are to be paid for is not yet dealers have again suspended operations pending the
known, but it is quite possible that the invisible bal- outcome of the Lloyd-George-Poincare meeting.
ances of Great Britain as well as the continuous and Intermittent attempts to sell met with indifferent
heavy demands for remittances by American tourists success, as in view of existing uncertainties in the
now on the other side may serve to fully counteract, international situation few if any of the large finanfor the time being at least, whatever commercial of- cial institutions are willing to undertake extensive
ferings are created in this market. Influences mak- commitments and the market was generally unreing for strength were continued easy money and the sponsive and much of the time bare of buyers.
receipt of gold in large amounts. Some uneasiness is As a result quotations tended downward and losses
felt over the labor difficulties here, but the predomi- were sustained by nearly all of the,leading European
nating influence is undoubtedly the European po- currencies. Reichsmarks led in point of activity
litical situation, and all attention is centring upon the and weakness, and under the pressure of continued
outcome of the London conference. Bankers are selling the quoted rate was forced down nearly three
beginning to talk of the possibility of a free gold mar- points to 0.163
% for checks, which is another low
ket being re-established in London in the not distant record. The further sharp decline was said to have
future, but nothing is likely to be done in this been the result largely of a report that Germany
direction until debt and reparation problems are possibly would not be able to secure release from the
settled.
Aug. 15 payment. The Austrian krone displayed
As regards day to day rates, sterling exchange on a somewhat better tone and recovered slightly
Saturday last was quiet and without definite trend; from the extreme low level of a' week ago.
hence the price of demand bills was not essentially According to a recent cable from London, the
3 , with Austrian Premier has announced that foreign credits
changed and the range was 4 45%@4 45%
3 and sixty days 4 435% are to be
cable transfers 4 45%@4 45%
used solely for the purpose of regulating
7 . On Monday better foreign news brought foreign exchange trading. French and Belgian cur@4 43%
about an advance to 4 45%@4 45% for demand, rency ruled easier and the former, after opening at
3 8.393/2 for checks, advanced to 8.49, but declined .
4 45%@4 4614 for cable transfers and 4 44@4 44%
for sixty days. London sent lower quotations on later on to 8.23, or 38 points under the high point
Tuesday and this was the signal for a recession in the of last week, while the latter covered a range of
local market, demand bills declining to 4 44%@ 7.80 and 7.97, all on narrow trading. Itzdian lire
4 45%, cable transfers to 4 45@4 46 and sixty days did better, mainly on a demand incidental to tourist
to 4 4334@4 44%. Wednesday's market was in- remittances, and scored a gain of several points to
active and easier, so that rates moved down to 4.69, though subsequently receding to 4.55. Greek
4 43 13-16@4 44% for demand, 4 44 5-16@4 453 exchange has been maintained at the rate fixed the
/
s@4 433 for sixty days. week previous. It is understood, however, that the
for caule transfers, and 4 423
Dulness characterized Thursday's operations and commercial crisis in Greece is far from being at an
/
1@ end. Recent exchange restrictions are said to have
rates were nearly stationary; the range was 4 441
4 44 11-16 for demand, 4 44%@4 45 1-16 for cable made it difficult to buy the necessary foreign cur5 for sixty days. On rencies to pay for imports and the volume of business
transfers and 4 42%@4 44%
undertone
developed, though is being reduced to an extent likely to cause serious
easier
Friday a slightly
changed;'
demand bills ruled losses to those involved: As -pointed out in these
little
but
qulitations'were
476
THE CHRONICLE
columns last week the selling of German marks is
largely on the part of holders in Germany anxious
to dispose of all available funds anticipatory of the
proposed regulations to prohibit exports of capital
abroad.
The official London check rate in Paris closed at
53.83, as compared with 52.73 a week ago. In
New York sight bills on the French centre finished at
8.243/
2, against 8.40; cable transfers at 8.253/2,
against 8.41; commercial sight bills at 8.22, against
8.38, and commercial sixty days at 8.183/2, against
8.34 the preceding week. Closing rates on Antwerp
francs were 7.80 for checks and 7.813/
2 for cable
transfers, which compares with 7.93 and 7.94 a week
earlier. Reichsmarks finished at 0.17 for checks and
0.173/2 for cable remittances, as against 0.195
% and
0.201
%last week. Austrian krone closed at 0.0025 for
checks and 0.0030 for cable transfers, in comparison
with 0.0029 and 0.0033 on Friday of a week ago. For
lire the close was 4.57 for bankers' sight bills and
4.58 for cable transfers. This compares with 4.64
and 4.65 the week before. Exchange on the central
European countries ruled steady, and slightly higher
in some instances, but lower in others, with Czechoslovakia at 2.30, against 2.18; Bucharest at 0.643/
2,
against 0.66; Poland at 0.00168, against 0.00175,
and Finland at 2.11, against 2.11 the week previous.
Greek drachma finished at 3.20 for checks and 3.25
for cable transfers, the same as a week ago.
[VoL. 115.
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
BANK TO TREASURY UNDER EMERGENCY TARIFF RESERVE
ACT.
JULY 22 1922 TO JULY 28 1922. INCLUSIVE.
Country and Monetary Unit.
Noon Buying Rate for Cable Transfers in New York.
Value in United States Money.
July 22. July 24. July 25. July 26. July 27. July 28.
EUROPEAustria, krone
Belgium, franc
Bulgaria, lev
Czechoslovakia, krone
Denmark, krone
England. DOULId
Finland, markka
France,franc
Germany, reichsmark _ _ _
Greece, drachma
Holland, guilder
Hungary, ki one
Italy, lire
Jugoslavia, krone
Norway, krone
Poland, Polish mark
Portugal, escuda
Rumania,leu
Serbia, dinar
Spain, peseta
Sweden,krona
Switzeiland, franc
ASIAChina, Chefoo tad
.• Hankow tad
" Shanghci tadl
" Tientsin tadl
" Hong Kong dollar_
" Mexican dollar__ _ _
..
Tientsin or Peiyang
dollar
" Yuan dollar
India, rupee
Japan, yen
pge*dollar
H AMERICACanada, dollar
Cuba, peso
Mexico, peso
Newfoundland, dollar
SOUTH AMERICAArgentina, peso (gold)__,._
Brazil, milreaLs
Uruguay, peso
rThile. oeso (nailer)
Sina
$
$
$
$
$
$
.000030 .000029 .000031 .000032 .000030 .000029
.0794
.0800
.0793
.0784
.0787
.0783
.007371 .007313 .007383 .007483 .007308 .007325
.021739 .021800 .022794 .022872 .022792 .022850
.2153
.2152
.2153
.2152
.2151
.2153
4.4563 4.4605 4.4542 4.4448 4.4475 4.4472
.021291 .021300 .021063 .021163 .020950 .021025
.0839
.0848
.0839
.0825
.0829
.0826
.001934 .002014 .001973 .001924 .001897 .001798
.0316
.0316
.0318
.0314
.0317
.0317
.3889
.3889
.3888
.3880
.3878
.3872
.000644 .000640 .000650 .000675 .000667 .000656
.0466
.0468
.0461
.0456
.0460
.0458
.002967 .002985 .003088 .003210 .003243 .003222
.1689
.1682
.1681
.1686
.1686
.1706
.000174 .000173 .000170 .000170 .000167 .000165
.0712
.0713
.0706
.0709
.0704
.0707
.006475 .006444 .006444 .006439 .006403 .006425
.011964 .011921 .012357 .012929 .013029 .012871
.1558
.1558
.1558
.1555
.1553
.1554
.2593
.2598
.2601
.2598
.2599
.2604
.1911
.1904
.1901
.1899
.1899
.1900
.8133
.8042
.7740
.8175
.5788
.5650
.8108
.8017
.7720
.8142
.5778
.5655
.8100
.8008
.7728
.8138
.5767
.5668
.8117
.8025
.7729
.8146
.5776
.5692
.8121
.8042
.7735
.8175
.5785
.5682
.8113
.8033
.7732
.8158
.5794
.5688
.5758
.5725
.2893
.4779
.5075
.5767
.5717
.2889
.4778
.5083
.5725
.5721
.2891
.4768
.5088
.5785
.5738
.2887
.1768
.5079
.5783
.5746
.2893
.4769
.5088
.5683
.5738
.2888
.4777
.5083
.990586
.997875
.4860
.987813
.990806
.997875
.486875
.988828
.991278
.99775
.48725
.988906
.990208
.997875
.487250
.9875
.990958
.997875
.488125
.988438
.992344
.998000
.488500
.990000
.8246
.1356
.8190
.8264
.1350
.8172
.8301
.1353
.8173
.8284
.1354
.8273
.1356
.8308
.1360
.8162
.8170
.8172
There is nothing new to report regarding the former
19,
7A
197A
IfIn2
neutral exchanges, and here also trading was dull
with rate variations not particularly significant. In
The New York Clearing House banks, in their
keeping with movements at other Continental centres, operations with interior banking institutions, have
the trend was slightly lower. Scandinavian rates gained $3,341,838 net in cash as a result of the curheld about steady and the same is true of Spanish rency movements for the week ending July 27.
Their receipts from the interior have aggregated
pesetas.
$4,270,038,
while the shipments have reached $928,Bankers' sight on Amsterdam closed the week at
200, as per the following table:
38.67, against 38.83; cable transfers at 38.72, against
CURRENCY RECEIPTS AND SHIPMENTS BY NEW YORK BANKING
38.88; commercial sight bills at 38.62, against 38.78,
INSTITUTIONS.
and commercial sixty days 38.26, against 38.42 last
Into
Out of
Gain or Loss
Week ending July 27.
Banks.
Banks.
to Banks.
week. Swiss francs finished at 18.99 for bankers'
interior movement
Banka'
$4,270,038
$928.200 Gain $3,341,838
sight bills and 19.02 for cable remittances. A week
As the Sub-Treasury was taken over by the Fedago the close was 19.14 and 19.16. Copenhagen
Reserve Bank on Dec. 6 1920, it is no longer
eral
checks closed at 21.50 and cable transfers at 21.55,
possible to show the effect of Government operaagainst 21.57 and 21.62. Checks on Sweden fin- tions on the Clearing House
institutions. The Fedished at 25.97 and cable transfers at 26.02, against eral Reserve Bank of New York was
creditor at the
25.95 and 26.00, while checks on Norway closed at Clearing House each day as follows:
OF NEW YORK FEDERAL RESERVE BANK
17.07 and cable transfers at 17.12, against 16.75 DAILY CREDIT BALANCES
AT CLEARING HOUSE.
earlier.
For
and 16.80 a week
Spanish pesetas the
Monday, Tuesday, Wednesd'y, Thursday, Friday,
Aggregate
final range was 15.51 for checks and 15.56 for cable Saturday,
July 22. July 24. July 25. July 26. July 27. July 28.
for Week.
transfers, which contrasts with 15.54 and 15.59 last
S.
50,400,000 59,700,000 41,300,000 51,400,000 45,600,000 40,500.000 Cr. 288,900,000
week.
Note.-The foregoing heavy credits reflect the huge mass of checks which come
New York Reserve Bank from all parts of the country in the operation of
to
As to South American exchange the trend is still thethe
Federal Reserve System's par collection scheme. These large credit balances.
show nothing as to the results of the Reserve Bank's operations with the
however,
sharply upward and pronounced gains were noted in 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 Argentine rate, checks closing at 36.87 and go through the Clearing House.
sable transfers at 37.00, against 36.40 and 36.45
The following table indicates the amount of bullast week. Brazilian currency was not changed from
13.65 for checks and 13.70 for cable transfers, the lion in the principal European banks:
same as a week ago. Chilean exchange continues to
July 27 1922.
July 28 1921.
rule strong, finishing at 133/2, againts 12.85, al- Banks ofTotal.
Silver.
Gold.
Gold.
Silver.
Total.
though Peru remains at 4 08, unchanged.
Far Eastern exchange was quoted as follows: Hong England- 127,403,030
127,403,930 128,370,063
128,370,063
_ a - 143,271,781 11,400,000 154,671,781 142,908,348 11,000.000 153,908,348
Kong, 58A@58%, against 583/2@59; Shanghai, France
946,150 51,057,53 54,577,800
Germany - 50,111,380
585,900 55,163,700
10,944,000 2,369,000 13,313,000 10,944.000 2,369,000 13,313,000
4@7814, against 78@783/2; Yokohama, 48@4831 Aug -Hun- 100,932,000
773
25,822,000126,754,000 99,610,000 24,823,000 124,433,000
Spain
(unchanged); Manila,49%@495
34,518,000 3,049,000 37,567,00 33,141,000 3,001,000 36,142,000
/
8 (unchanged); Sing- Italy
643.001 51,139,00
Netherl'ds 50,496,000
930,000 51,427,000
apore, 51%@52, against 513@513/2; Bombay, 29@ Nat. Beig. 10,664,000 1,726,000 12,390,000 50,497,000
10,662,000 1,559,000 12,221,000
Switz'land 20,978,000 4,675,000 25,653,00 21,768,000 4,429,000 26,197,000
(unchanged
and
Calcutta,
),
293
293@29,against Sweden_ _ _ 15,219,000
15,219,00 15,630,000
15,630,000
218,000 12,902,0
12,642,000
Denmark _ 12,684,00
207,000 12,849,000
293/2@29% last week.
8,183,00
8,183,000
8,115,000
Norway
Pursuant to the requirements of Section 403 of the
Emergency Tariff Act of May 27 1921, the Federal
8,115,000
Total week 585,405,091 50,848,150636,253,241 588,865,211 48,003,900637,769,111
Prey. week 585,462,559 50,695,450636.158.009588,708,509 48,813,250637,521,759
a Gold holdings of the Bank of France this year are exclusive of £77.914,182
held abroad.
JULY 29 1922.]
THE CHRONICLE
477
penditures. For the fiscal year 1922 we paid $258,-.
RETROSPECTIVE VIEW OF FEDERAL 000,000 in military pensions due to the Civil War,
EXPENDITURE&
whereas the total expenditures of the Federal GovThe entire financial history of the Federal Gov- ernment in 1877 were only $266,240,000.
Next to military causes of expenditure the chief
ernment covers such a short period that it is comparatively a simple matter to pass in review its main factor in the steady increase since the Civil War,has
features. Many of the parents of our present day been the gradual expansion of Governmental policitizens were contemporaries of the founders of the cies for the benefit of the public welfare. There is
republic. There are even a few men still living—ac- theoretically no limit to the expenditures in this dicording to current reports—who were born before rection. It is a matter of political pressure by orall of the signers of the Declaration of Independence ganized groups—partisan, bi-partisan and non-parhad passed away. During this brief period our ma- tisan. Before the Civil War there was a very strong
terial progress has been almost meteoric. This rapid attachment to the principle of local self-government
rise is reflected in the growth of Federal expendi- in all parts of the country, and theoretically we adhere to this doctrine at the present time, but after the
tures.
The ordinary disbursements of the Government Civil War,due to pressure from various interests, the
did not exceed $15,500,000 per annum from 1789 to Federal Government with increasing frequency en1812. During th War of 1812-1814 the total jumped tered into new fields of activity, and having once ento $40,000,000—the peak of the war expenditures for tered the activity continued and grew.
We therefore witness to-day a Federal Government
one year. From this date there was a gradual reducexercising
a wide variety of functions for the public
when
the
pre1823,
tion in expenses until the year
war level was practically reached with an expendi- welfare and the people as a whole are learning to
ture of $15,865,000. It may be remarked here that look to Washington for assistance, in every emerthis is the only time in our history when there oc- gency and need. The development of methods of
curred even an approximate return to pre-war ex- propaganda during the Great War has resulted, in
the employment of them by'various groups as a means
penditures.
From 1823 there was a gradual rise in expendi- of securing Federal aid.
,
It would be interesting to make a detailed comtures until at the outbreak of the Mexican War the
figure stood at $27,250,000. The peak of war expen- parison of all of the expenditures of the Federal Govditures was reached in 1847 with the total of $58,- ernment by five-year periods; and aWi.to trace the
900,000. Three years later, for the fiscal year 1850, origin and growth of particular bureaus and serthe total was reduced to $46,000,000, but from this vices, but such a study would be a,serious undertakdate there was a gradual rise until the out- ing. Just by way, however, of casual reference to
break of the Civil War, the total for 1860 being the high spots, let us go back 20 year's and place some
of the expenditures for 1902 and 1922 side by side.
$72,000,000.
1902 the total expenditure was $593,000,000 and
In
during
The highest total for the Civil War period
any one year was $1,310,000,000 for the fiscal year that of 1922 $3,372,600,000. In 1902 the War and
1865. In the post war period the lowest point in Navy expenditures were $142,000,000 and $83,000,Federal expenditures was reached in the fiscal year 000, respectively, and in 1922 $454,730,000 and $476,1877, when the total stood at $266,240,000—almost 775,000. Pensions in 1902 were $145,000,000, whereas
four times the highest figure before the Civil pensions and allowances for war veterans, including
'the last war, paid out in 1922, were $658,000,000. InWar.
From 1877 there was a steady and comparatively terest on the public debt in 1902 was $29,000,000 and
rapid rise in expenditures until the outbreak of the in 1922 $999,142,000.
Glancing at a few of the departments through
Spanish-American War, the figures standing at
$316,700,000 for 1887 and $448,439,000 for 1897, the which expenditures for the public welfare are made,
year before the war. The highest war-time expendi- we note that the Interior Department, exclusive of
ture was $700,093,000 for the year 1899, and the low- Indians and Pensions, administered the expenditure
est post-war expenditure was in the year 1902, when of $13,342,000 in 1902 and in 1922 $35,000,000, an inthe figure stood at $593,038,000. Again a rapid rise crease of nearly 200% within two decades. The Detook the expenditures up to $735,290,000 in 1907, and partment of Agriculture $4,582,000 in 1902 and in
seven years later, the fiscal year preceding the out- 1922$142,000,000, an increase of about 3,000%. Since
break of the World War,to $1,045,600,000. The peak 1902 the Department of Commerce was created and
of the war expenditures was reached in 1919, when it spent in 1922 $20,000,000. The Interstate Comthe total for the year was $19,302,379,000. Expendi- merce Commission spent in 1902 $275,000, but in
tures were reduced during the fiscal year 1922 just 1922 $5,130,000. The Forestry Service spent only
$146,000 in 1902, but in 1922 $7,500,000. And so on
closed to $3,372,607,000.
throughout the Government many Bureaus,and Serreadily
Looking back over this entire period it can
be seen that the regular increase in Government ex- vices have been greatly enlarged during the past 20
penditures may be traced to four principal causes, years due to the expansion of Governmental policy.
namely the cost of wars, the gradual rise in the cost On the other hand, there are many other services
of normal operations, the gradual expansion of Fed- which show only the normal increase due to the ineral Governmental policies, and the lack of any cen- creased cost of personnel, equipment, supplies and
tralized control or definite plan of procedure in the transportation.
After having exerted every,effort toward securing
business administration of the Government.
The mile posts along the course of national finance a proper business administration of the public funds
are the wars of the United States. Each war caused we need as a nation to go further and examine anew
a sudden tremendous increase in expenditures, fol- the policies which underlie these expenditures in orlowed by a lingering public debt and soldiers' pen- der that we may proceed with a conscious purpose to
sions. Only once was there a return to pre-war ex- a definite goal.
A
478
THE CHRONICLE
[Vol,. 115.
strength and calm in the exercise of true political
OUR FARM POPULATION.
power. There was a certain strength in the ancient
According to census returns lately sent out from feudal and patriarchal systems, that despite all the
Washington, the farm population of the United faults, is liberated under republican representative
States on Jan. 1 1920 numbered 31,614,269, which is government to larger usefulness and wider benefiestimated to be 29.9% of the total population of that cence. Ownership of the farm, the home that offers
date. There were of this number 255,629 on farms its own opportunity for achievement and acquisition,
within cities and other incorporated communities, anchors the population to law and order that perleaving 31,350,640 in "rural territory."
petuates government and elevates the citizen. There
This bare statement of fact suggests some very im- is a conscious courage, a feeling of repose, when one
portant considerations, political, economic and so- stands upon a portion of the soil from which he cancial. First, however, it indicates a balanced condi- not be alienated save by his own failure in effort,
tion of citizenship which makes for the stability of that makes him immune to wild speculation, misbelife and effort in the Republic. Dividing the remain- gotten prejudice, and malevolent intent. The farming population among the industries and profes- ers will never strike. More and more as experimensions, and taking into account our vast domain and tation in Government ownership and operation goes
the fertility of our valleys, together with the con- on to failure, their sound judgment and contemplafiguration of the country and its location in the tive reason will relieve them from the fallacies of
North Temperate Zone, as a nation we become self- law and government that now too much possess us
sustaining and powerful beyond all danger of ag- all. They, we may believe, first will sense the true
gression from any quarter of the globe. It induces a reciprocity in the relations of all our industries.
very comfortable feeling of security. It energizes the Not that they have not been preyed upon by political
people to continued activity. It should make us all and economic demagogues, and led astray, but that
thankful that our "lines have fallen in pleasant when fanaticism explodes, they, at least, will come
places." It ought to induce in us a reverence for the back home, with all that this implies of life and libdivine favors vouchsafed to us; and awaken in us a erty, and not so easily become the tools of new thesolemn dedication to the high cause of a nation orists and fantastic reforms. And,if our conjectures
united, free; and devoted to the example we may set are not at fault, as the rural population stabilizes in
to the peoples and nations of earth in good govern- political power, and becomes more strong and selfment and brotherly love. Second, this nearly 30% satisfied in economic power, there will come with
devoted.to agriculture gives a distinctive character contentment, with education, and the increasing
to our people and our business endeavor that makes pleasures of cultural-abounding inventions, a social
for the equality of opportunity in life, the equality prestige that will tend to temporize the dissatisfacof life's enjoyment, and the equality of temperament tion and unrest of our intermingling life. To be a
which goes far to guaranty justice and tolerance in citizen-farmer will be to fill full the measure of a
all our affairs.
successful, helpful life!
We may say of an agricultural people that they
are steady-going, industrious, temperate, for the
A MERCHANDISE FAIR IN THIS CTY.
work compels this character. We may find satisfacAs the stranger seated himself in the car he said,
tion that so large a part of our population lives out- with some show of exasperation, "This is sure a one
side and away from the turmoil and tenseness of man's town!" "What do you mean?" was asked. "I
large cities. We may expect to find, as more and mean," he replied, as if resigning himself to fate,
more public education does its work, a gravity of "that here it's every man for himself!" He had the
thought, a seriousness of outlook, a disposition to- appearance and air of an out-of-town merchant someward contentment, that lend perpetuity to our insti- what wearied with the troubles of the day. And the
tutions, for the constant contemplation of needful fact that he left the car in a few blocks and disapphysical production gives to man courage and con- peared into a downtown Broadway wholesale estabfidence that work will inevitably win its way to com- lishment seemed to confirm this appraisal. He was
petence. And we may well believe that revolutions evidently, at least, tired of the rush and jostle of
born of man's too eager desire for place, power and "getting about" in New York City. We may smile at
wealth, will always meet a rock when the much- this—after we have been pushed, elbowed and tramheralded "overthrow" shall be attempted,in this por- pled for a few years—but it is a very real thing, and
tion of our population. The fact is that as the years does not conduce to the selling of goods to out-ofao on we should see a reversal of the trend from coun- town buyers. The recent placarding of the Fifth
t,
try to city, for as the cities continue to crowd they Avenue Bus, by the company, of the selling power of
bring into relief the freedom, independence and real comfort and courtesy is sufficient general comment.
It is proposed to hold in New York, from August
comfort of the rural life. And if the true spirit of
will
it
us,
possess
find
a well-spring in 7 to 25 next, a Merchandise Fair. The displays will
culture is to
required
of
the
intellectuality
the
farmer and in the be housed in the Grand Central Palace and the Sevspiritual inspiration arising from his nearness to enty-first Regiment Armory on East 34th Street. It
is to be open only to buyers, by season tickets, to be
nature.
We may, then, well pass by the political interlude issued to firms applying for them. The object is
of a farm bloc in our legislative affairs in view of the stated to be to "facilitate relations between manufaclarger political significance of a population but- turers, distributers and buyers." And Mr. Lewis E.
tressed and founded on the fundamentals of so great Pierson, of the Merchants' Association, is quoted as
a Proportional of farm life. As the decades glide by, endorsing the enterprise in this way: "It means
this element, grounded in the primitive certainties, that the extravagant and wasteful system of drumwill become less and less amenable to political theo- mers is to be superseded, and that buyers who come
. ore the. sedate onlookers to New York will not have to rush around to dozens
ries and crises, more 0.cl in
upon passion and 'praiiianAiip, corisCionS:.0.:their of different salesrooms—a costly and troublesome
JULY 29 1922.]
THE CHRONICLE
479
There is to be held in 1926 in Philadelphia an Exprocedure." It is later explained that "drummers"
onal scope. This will have world
of
are to be aided not done away with as the language position internati
measure and ought to eventuhardly
can
we
benefits
might seem to imply. This Fair is frankly an imitathat will fill the earth with
a
jubilee
in
peace
ate
has
tion of a feature of European business which
looking at the present popuBut
of
good-will.
songs
long prevailed.
of New York City—a
prestige
and
and
power
lation
in
ion"
"Exposit
Encouragement of "The Fair" or
in permanent and
Fair"
dise
t
"Merchan
permanen
is
highly
so
policy,
France is a fixed Governmental
trade world tothe
, bringing
its value to all concerned regarded. Speaking appropriate buildings
ation we
contempl
a
is
,
broadly of the intent and worth of these public exhi- gether at frequent intervals
profit.
and
pleasure
with
in
all
indulge
bitions, they are to be commended for their educa- might
tional power and their tendency to cement a unity of PRIORITY ORDERS AND THE COAL STRIKE.
interest between all the departments of common
The Governmental "control" of coal mining has
trade. The fact that this beginning springs spontaken
one—and presumably the last—step by a "pritaneously into being out of trade itself, unaffected
order from the Interstate Commerce Commisority"
by, and unallied with, any Governmental aid or conorder in substance directs until further
which
sion,
trol, is a high mark in its favor.
of all freight by the most direct
routing
the
notice
New York by its very location and destiny is a
for reaching its destination,
lines
nt
and
convenie
the
of
great merchant city. As a port of entry it is one
ons by shippers; next
instructi
previous
of
s
regardles
time
of
world's greatest. If in the settling ,process
existing
emergency, each carrier,
view of an
manufacture shall seek the raw materials, and that, in
t is impossible,
normal
movemen
that
the extent
wealth or purchasing power distribute itself more to
e products,
certain
to
perishabl
priority
give
shall
and more equably over the vast areas of production
and
beast,
to fuel
lastly,
and
man
for
food
as
such
situate within our national boundaries, still New
t
d
memhas
one
Presiden
The
appointe
oils.
fuel
and
York City as a centre of exchange for goods and the
from
his
three
and
on
Cabinet
Commissi
the
of
ber
representatives thereof will grow and prosper. It
as a central committee to carry out this plan, and
will ever be the meeting place of a huge domestic and
Secretary Hoover, as its Chairman, has asked State
ess
own
its
carelessn
but
foreign trade, and nothing
es to appoint State committees to attend to
Executiv
volin
s
this
amenitie
minor
the
and indifference to
distribution and repress profiteering. Supplying
ume of commercial intercourse can diminish its natcoal consists of two parts, mining and carrying, and
ural and inevitable growth and supremacy. But a
this action (which is not even a "gesture" towards
city that is not loved by a population that ought to
ntal operation) aims to help the former by
Governme
be its friend and patron may in time discover that
ing
the latter.
facilitat
arrogance and a certain species of false pride are not
is
There
no
apparent weakening of determination
compersuasive of good-will. One has but to note the
to
maintain
and patience, thereby to make
firmness
in
es
enterpris
of
paratively recent upspringing great
latest
o the last. Efforts to bring
coal
this
imbrogli
appointent
with
their
magnific
the West and South,
s
and
operator
in conference conminers
together
aflook
to
it
n
pays
that
the
contentio
ments,to prove
and a State convention of the latter at an early
tinue,
the
but
,
of
the
workmen
the
interests
only
ter not
date is expected in Illinois. Governor McCray of Incomfort and convenience of the prospective patrons.
diana suggests that the President call the Executives
If we broaden our review to include "Fairs" to be
of the most disturbed States to a conference for mapplaced in other locations, and those which are open
ping out united action. He also says his State is
of
to the public, we enter upon a survey of a policy
g to take over and operate mines sufficient
arrangin
worthy
economic import and commercial value well
its
meet
to
needs.
we
efforts
of study and endorsement in the headlong
The
question
immediately before the people is the
quickly.
rich
to
get
a
too much put forth as people
crux of that
Competition, if it be really the life of trade, must af- coal supply for the fall and winter. The
able and
men
is
question
there
another question: are
ford comparison. He who gets into the field first
the anIf
to
ready
offered?
mine
now
coal at wages
usually wins, if entitled to win. But the bringing
as
wages
such
is
pay
swer
No,
must
then
the
public
together of new and old products or articles and
the
whether
but
and
set
will
work.;
keep
at
miners
oppormethods tends to prevent monopoly, equalize
answer be No or Yes, one thing remains: the right of
tunity, and to give the smaller factors abetter chance
men to work, in safety and peace, is equal to the
to win on merits and the demonstration of service.
right not to work, and protection for workers must
The merchant or manufacturer who sets himself
his be furnished, unless we are ready to give up the sodown at the cross-roads of trade and depends for
other cial state and let everybody protect himself by his
location for his trade will find that there are
-ways own brawn, and the weak go to.destruction.
cross-roads, and that these will go into the by
President Harding is a vertebrate, and Executives
to solicit custom. "Take it or leave it" because you
in
the States most directly involved in mining range
cannot without greater trouble and expense get the
es in that class. The feeling that there shall
themselv
while,
same thing anywhere else, will do for a little
be no more Herrin massacres but that strikers who
but the trade that is permanent depends upon the
con- venture force shall be met and crushed by force is
principle that the buyer with his free patronage
daily growing firmer and more general. The lines
fers a favor as well as does the seller. Expensive and
are drawing tighter, and while operators are willing
useless forms of selling may disappear, ought to disto work the mines the strikers are as determined as
appear, with the general evolving order and system
for foreign coal
in business, but the seller will never be able to flout ever to prevent it. Naturally, orders
prices and the
increased
have
gone
if
over,
but—as
the buyer with his superior knowledge and wealth,
enough
obstacle
not
of
problem
were
of
return
cargoes
and, as it were, repel his inferiority with a sort
Britain
Great
—a union appeal was sent to labor in
supercilious condescension. Whether it is retail or
to
refuse to handle coal intended for shipment hither.
of
master
wholesale, the buyer, in the long run, is
A colliery company in West Virginia has applied to
ceremonies.
480
THE CHRONICLE
[voL. 115.
a court for aid to dispossess 23 striking miners who off the statute, dictated by the unions, limiting emsince April 1 have been occupying the company's ployment in mining. Another sign is the action
houses, rent free, and thus remaiiv on the premises taken on Tuesday by the Associated Employers of
ready for any action for hindering operations. An Indianapolis, in some straightforward and ringing
A. F. L. manifesto appeals to "working people every- resolutions which not only call for that special seswhere and to all Americans who love justice" to sion for the purpose named, but declare that "the one
sustain the railway strikers, declaring that"no work- main issue involved in the strikes of unionized labor
man, whether member of a union or not, will, if he is is that of the right of independent labor to work."
possessed of true American manhood, engage in any They call upon organizations and mediums of every
work formerly done by men now on strike." Sym- nature throughout the country to adopt clear-cut respathy is thus called for, to be expressed in conduct, olutions that there shall be no settlement of either
but sympathy must in human nature be conditioned mining or railway strike which shall require disupon sympathy. How much of that blessed emotion charge of any loyal non-union employee "or shall fail
do strikers show towards other persons; how much to forever establish in plain and unequivocal terms
even towards other organized labor? Here we all the right of any citizen to employ or be employed,
are now—everybody, high or low, rich or poor, work- with full protection of the law,in any legitimate puring or pleasuring—under notice that, so far as that suit or occupation." They also urge mass meetings
is attainable, we shall be starved out and frozen out, to take decisive stand to this effect.
unless we sympathetically force a surrender by which
We are full of trouble, but the signs are that the
the costs of living will again be shoved up. What people have had enough and are at last resolved to
sympathetic concern have union men, still at work in make a permanent end of it, a lasting peace after a
a thousand industries with no direct relation to series of brief truces.
either mining or carrying, with aiding the desires of striking miners and railway employees who
SECRETARY HUGHES ON EDUCATION.
show no sign of so much as thinking (much less of
In his address on "Aims in American Education,"
caring) about anybody on earth except themselves? delivered before the National Education Association
It is a serious matter, yet these men who have held at its recent annual meeting in Boston, Secretary of
the penny of blind selfishness close to their eyes so State Hughes points out certain defects in our proclong that they cannot see the sun overhead are uncon- esses of education that have attracted the attention
scious humorists withal.
of many thoughtful observers of the components of
Mr. Lewis and the rest do not abate their defiant our national life. "What is needed," he says in a
talk. According to them, mobilization of State comprehensive sentence, "is to have life more abuntroops is a national farce, but containing elements dantly." He feels that there will be no lack of opporof.tragedy, "because the presence of State troops in tunities in our peculiar practical life for technical,
large numbers in communities where no transgres- industrial and business training. We infer that he
sion of the law has occurred itself constitutes a men- does not deem this vexed question an important conace to domestic tranquillity." The public is being sideration of our secondary schools. He says:"From
heavily taxed to maintain these forces in the field to the standpoint of the individual, the exclusively maaid corporations that deny industrial justice, he terialistic view is inadmissible,for the individual life
avers. Not a single union miner has returned to should be enriched with the ampler resources of a
work, and it must be plain that none will be driven wider culture," for, as he has previously said, "it is
back to work at starvation wages. And so he pro- not enough that one shall be able to make a living,
ceeds at length. The fact is, nevertheless, that there or a good living. This is the foundation, but not the
is no attempt or talk of "driving" anybody back to structure."
or into mining, and if the wage is insufficient, noHe continues as follows: "When we consider the
body will offer to work or stay at work.
true object of education, to give the training which
He declares that "the Federal policy" has broken will enable one to make the most—that is the best—
and the people do not care for further experiments; of one's self, we must realize that the foundation
time is an important factor and we can ill afford should be laid in a few studies of the highest value,
"the loss of an additional ten days to further develop in self-discipline, and that there should be supplied
fantastic schemes of industrial experimentation." every incentive to attain that Mental and spiritual
He adds one remark which deserves appreciation and culture which connotes, not merely knowledge and
remembrance by everybody:"the public is primarily skill, but character." He would therefore emphasize
concerned with the future coal supply." This has accuracy in the elementary school and limit it to
been true, and it has been the seed of the recurring "that modicum of information which everyone should
troubles. The public has been so "primarily" con- possess." Of the secondary school, the academy and
cerned with its immediate want of coal and trans- college, he declares: "There is at present a bewilderportation that it has not thought of its future and ing,and unsuccessful attempt at comprehensiveness.
recurring concern. Keep the coal bins from empty- It fails of its purpose in giving neither adequate ining and keep the trains moving on schedule, and all formation nor discipline. It asks too much of the
else was the affair of "somebody"; it was for the student, and too little. I believe that we need to have
Government, or for the railway executives, to ar- a few fundamental, substantial studies which are
range terms—no affair of ours, all we want is coal thoroughly mastered. I am one of those who believe
and trains. We got both, and the emergency seed in the classical and mathematical training, and I do
we planted grew rankly.
not think we have found any satisfactory substitute
This foolish attitude is not entirely gone, yet for it."
strikes and threats have set the jaws and worn out
17 t.011,4e[noted that.Secretary 1.143.esis confining
the patience of the American people—a change which 104 remperks almost wholly to what is termed "matorganized labor is slow to realize. One sign of it is ter" in, ,cpntradistinction to "method," seemingly
the movement in Indiana for a special session to wipe leaving the latter to the professional teacher. And,
JULY 29 1922.]
THE CHRONICLE
481
in this he is no doubt in accord with the attitude of 711E NEW CAPITAL FLOTATIONS FOR JUNE AND
the citizen. Yet the two are inseparable and must
THE HALF YEAR.
be so in the acquirement of what he terms "self-disciContinuing the practice begun in Our issue of March 26
pline." And it is for this reason that in his personal 1921, and kept up rektilarly since then, of presenting mOnthly
choice of the "classics" and "mathematies" he stands compilations showing the new capital flotations in the United
upon controverted ground. If the requisite mental States, we give to-day, in extended tables further below, the
training to think and to reason clearly can be ob- figures for the month Of Tune and for the half year ending
with June. As previously explained, these compilations are
tained by,studies that give a content to "have life intended to furnish
a summary of corporate, municipal and
more abundantly" in greater degree than others, then foreign Government financing as represented by the new
obviously these should form thefoundamentals around stock and bond issues brought out each month.
The aggregate of new issues brought out during June was
which to build a curriculum of the secondary education.— And here is where the introduction of "the again of very large proportions, reaching $550,824,856. This
sciences" to supplant the old languages, literature compares with $617,235,070 in May,$655,817,946 in April (the
record), and $557,257,979 in March. The amounts, however,
and mathematics finds its warrant. A simple illus- representing emissions of securities to take up security istration is often used to explain in part the difference sues already Outstanding have been falling off, and allowin the value of the two in mental training. It is that ing for this, the strictly new capital appeals to the investmathematics induces a mental training which pro- ment market during June are found to have been close to
ceeds with infallibility from cause to effect, while in the heaviest on record. In other words, out of the total for
June only $68,084,014 was for refunding purposes, against
the deductions of the sciences the reasoning is in $104,632,088 in May, and no less than $176,206,336 in April.
abeyance to the unknown quantity, the undiscovered In March the amount was $83,403,919. Accordingly, the
secret of influence, which lies out beyond the known strictly new capital appeals in June were $482,740,842,
facts. It is the difference between certainty and cau- against $512,602,982 in May, $479,611,610 in April and $473,tion—a most important factor in mental equipment, 854,060 in March. Thus the new capital demands have been
the total for June
whatever be the intent or activity in actual, service- running pretty even in recent months and only
that for the
is the heaviest ever reached, excepting
able and effectual life.
month preceding.
Is it not true of all the activities and processes of
As in other recent months, corporate offerings of bohds
life—that it is the larger vision of the larger laws and stocks—and apparently they all found a ready market
which make it successful, whether we speak of the —constituted the bulk of the whole. Out of the total of
material or the spiritual,? Naturally, in view of $550,824,856 of new offerings in June $330,501,225 came from
$10,860,000 of this being for a foreign corporawhat we have quoted, Secretary, Hughes pleads for corporations,
tion and $61,776,000 representing refunding operations. Alconcentration, in a word for knowing a few studies lowing for the latter, the new capital demands by corporawell, and finds a certain "intellectual vagrancy" in tions were $268,725,225 out of new capital demands altothe current custom of selective studies pursued in gether for the month of $482,740,842.
In addition, a distinctive feature of the financing consummany of our colleges. He ays: "We have given too
mated
during June was the large amount of foreign Governcitifor
training
of
scant attention tb the demands
ment loans floated here. Ten such issues, totaling $96,325,constrained
are
we
yet
true,
zenship." This is perhaps
000, were brought out. This compares.with,the single offerto believe that "civics" lids come to have a very dis- ing of £2,000,000 United States of Brazil Coffee Security
tinct place in onr general scheme of education. "Sys- 7% loan in May. ..Substantially,_all of the _foreign loans
—trofiaredraYation. sold in June constituted new capital appeals in our market
Vàjp1Y to- ter'im
tem" W
And in his conclusi9Mke ,Sesget4tx finds "the moq as only $5,000,000 of the total of $96,325,000 was for the refunding of existing issues-originally'sold here. The larger
pressing need-of-our day is attention to the organiza- offerings were
$25,000,000 United States of Brazil 30-year
to
us
allows
tion of_ American education." Space
7% gold bonds due 1952,offered at 96%,to yield'About 7.30%;
comment •upon "organitation" only so far as to say $25,000,000 Kingdom of the Serbs, Croats and,,Slovenes (Juthat this cannot properly proceed until the defects goslavia) 40-year 8% secured gold loan due 1:962, offered at
mentioned, if they are defects, ate cured; and until 951 , yielding about 8.40%; and $24,000,000 Republic of Bothe ever-present conflicts between matter and method livia 25-year secured 8% gold bonds due 1947, which were
placed at
to yield about 7.90%. Details of the other forin the theories upon which our unorganizd system eign loans101,
are shown in the tables at the end of this article.
proceeds are settled. And it must be manifest that
New municipal bonds continue to appear with great freeuntil the general uplift of a national education, dom. the total running well above 100 million dollars a
,which,:though, without system, is abundant in quan- month, and in June having been $114,348,631 in addition to
tity, and in the quality, of the free and independent $4,700,000 for our foreign possessions. Offerings of farm
loan bonds were exceptionally light during June. There
mental power of the citizen, can be co-ordinated into were but four
such issues offered, aggregating only $4,500,an acceptable whole, there is danger in an "organiza- 000. The offering prices remained practically unchanged
tion" that, proceeding, say,from the Federal Govern- from the previous month, averaging very close to 4.60%.
The railroads provided the largest single corporate issue
ment at Washington through the Cabinet, will
"standardize" citizenship at the expense of "charac- of the month when $27,645,000 New York Central Lines 5%
1923-1937 were sold to yield
ter" in the man. Duty and service may be trite mod- Equipment trust certificates due
interesting flotation, however,
5%
to
from
most.
5.30%.
The
ern watchwords, but they compel a vision of spiritual in the corporate line during June was the $25,000,000 New
culture proceeding through the material plane to a York Telephone Co. 61,4% cumulative preferred stock at par
fellowship of common good-will, of common helpful- ($100). This issue, the largest on behalf of public utilities,
ness in the ordinary walks of life, that are the key to was offered to the public by the company itself, and was
the part of industrial
a character in the citizen which by tolerance and sim- greatly oversubscribed. Financing on $15,000,000 Atlantic
sale of
the
companies
by
was
featured
plicity of desire will sustain the fabric of a governRefining Co. 5% debentures due 1937 at par, yielding 5% and
ment that is submissive to a sovereign people.
30,000,000 guilders of Anton Jurgens' United (Margarine)
PROF. DIXON'S BOOK PUBLISHED BY SCRIBNER'S.-In our
:article last week on "Transportation and the Government,"
wherein we reviewed the recently issued book written by
Prof. Frank Haigh Dixon on "Railroads and Government,"
we gave Me:Claim as the publishers of the boa. This was
Miitake. The book cones from the press of Scribner's.
Works convertible 6% bonds due 1947, this being the foreign
corporate offering alluded to further above. These bonds
were off red at $905 per 2,500 guilder bond, yielding to maturity, with exchange at 39c. per guilder, 6.60%.
For the six months to June 30 the grand total of the new
bond and stoeE issues reaches the imposing figure of $3,178,573.297. This IS far In excess of the new 'flotations in any
482
rvoL. 115.
THE CHRONICLE
previous year, the amount for the first half of 1921 having
been only $2,067,791,018, for 1920 $2,317,901,386, and for the
six months of 1919 $1.706,982,102. There is an increase under each leading head. The corporate offerings, of course,
exceed all others, having amounted for the six months to
$1,753,928,837, of which $81,695,000 was for foreign corporations and $372,575,380 represented issues taking the place
of securities already outstanding. But the amounts under
the other different heads were also of much greater magnitude than the ordinary. No less than $347,605,000 of foreign
Government bonds were placed here, in addition to the $81,695,000 of foreign corporate issues just mentioned and independent of $166,139,650 of Canadian Government and municipal bonds placed in the United States. Farm loan issues to
an aggregate of $251,240,000 also were marketed. The new
municipal issues floated aggregated $649,709,810, besides $9,950,000 of bonds for United States possessions (Porto Rico,
Philippine Islands and Hawaii) and the $166,139,650 of Canadian issues taken here just alluded to. This latter total is
of unusual dimensions because of the negotiation here in
April of a loan of $100,000,000 for the Dominion of Canada.
The issue consisted of 5% 20-30-year (optional) gold bonds
sold to a syndicate headed by J. P. Morgan & Co. at 97% and
by the syndicate quickly resold to investors at par. There
were also some other large Canadian issues, namely $30,000,000 Province of Ontario 5s and 5%s; $6,000,000 Newfoundland 5%s; $6,846,000 Alberta Province 51/2s, and $4,000,000
Greater Winnipeg Water District 5s. The following is a
complete four-year summary of the new financing-corpOrate, foreign Government and municipal, and farm loan issues-for June and the six months ending with June:
SUMMARY OF CORPORATE, FOREIGN GOVERNMENT AND
MUNICIPAL FINANCING,
Total
$
10,860,000
257,865,225
91,325,000
4,500,000
$
61,776.000
5,000,000
S
10,860,000
319,641,225
96,325,000
4,500,000
113,040,617
450.000
4,700,000
1,308,014
114,348,631
450,000
4,700,000
482,740,842
68,084,014
550,824,856
81,695,000
372,575,380 1,672,233,837
15,000,000 347,605,000
42,000,000 251,240,000
6,330,859
103,250,000
2,639,417.058
649,709,810
166,139,650
9,950,000
539,156,239 3,178,573,297
Total.
Total
$
Total
Total
SIX MONTHS ENDED JUNE 3
Corporate)Foreign
(Domestic
Foreign Government
Farm Loan issues
War Finance Corporation
Municipal
Canadian
United States possessions_
88,218,700
2,500,000
110,632,059
4,002,000
180,000
141,455
110,773,514
4,002,000
180,000
178,243,759
27.430,455
205,674,214
454,144,930 2,067,791,018
44,861,920
1,500,000
251,100
45,113,020
1,500,000
356,046,492
18,892,950
374,939,442
23,460,000
171,201,286 1,844,276,854
100,000,000
3,864,583
7,498,000
322,661,532
27,503,000
182,563,869 2,317,901,386
6,140,000
258,514,600
25,000,000
52,877,500
6,140,000
311,392,100
25,000,000
98,331,061
1,500,000
2,047,400
100,378,461
1,500,000
389,485,861
54,924,900
444,410,561
,
•
•
•
6,540,000
878,710,083
35,000,000
200,000,000
296,328,579
12,005,300
10,000,000
• 1,438,583,942
Total
471,219,337
20,224,000
3.430,000
278,326,422
50,000,000
318,796,949
20,005.000
Total
4,583,850
18,641,850
2,135,337,517
SIX MONTHS ENDED JUNE 3
corporate!Foreign
(Domestic
Foreign Government
Farm Loan issues
War 1,111.111Ce Corporation
Municipal
Canadian
United States possessions_
4,275,000
399,561,080 1,316,142,681
50,000,000 212,500,000
40,000,000
259,684,572
50,000,000
23,460,000
1,673,075,568
100,000,000
1919.
JUNECorporatefForeign
'Domestic
Foreign Government
Farm Loan issues
War Finance Corporation
Municipal
Canadian
United States possessions_
II
27,289,000
1,613,646,088
1920.
JUNECorporatefForeign
(Domestic
Foreign Government
Farm Loan issues
War Finance Corporation
Municipal
Canadian
United States possessions__
$
60,929,700
2,500,000
SIX MONTHS ENDED JUNE 30Corporate'Foreign
4,275,000
(Domestic
916,581,601
Foreign Government
162,500,000
Farm Loan issues
40,000,000
War Finance Corporation
Municipal
466,635,487
Canadian
20,224,000
United States possessions_ _ - _
3,430,000
Total.
Refunding.
SIX MONTHS ENDED JUNE 30Corporatef Foreign
81,695,000
1Domestic
1,299,658,457
Foreign Government
332.605,000
Farm Loan issues
209,240,000
War Finance Corporation
Municipal
643,378,951
Canadian
62,889,650
United States possessions_ _
9.950,000
Total
JUNECorporatef Foreign
(Domestic
Foreign Government
Farm Loan issues
War Finance Corporation
Municipal
Canadian
United States possessions_ _ _ _
Total
New Capital.
1922.
JUNECorporatef Foreign
'Domestic
Foreign Government
Farm Loan issues
War Finance Corporation
Municipal
Canadian
United States possessions_ _ _ _
New Capital. Refunding.
1921.
6,540,000
230,896,900 1,109,606,963
28,179,000
63,179,000
9,322,260
200,000,000
305,650,839
12,005,300
10,000,000
268,398,160 1,706,982,102
COMPARATIVE STATEMENT OF
NEW CAPITAL FLOTATIONS IN THE UNITED STATES.
1922.
June.
New Capital.
Long Term Bonds and NotesRailroads
Public utilities
Iron, steel, coal, copper, 41tc
Equipment manufacturers
Motors and accessories
Other industrial and manufacturing cos
Oil
Land, buildings, ikc
Rubber
Shipping
Miscellaneous
Refunding.
64,511,400
52,510,000
10,460,000
750,000
17,459,000
3,150,000
10,326,000
26,280,700
65,261,400
69,969,000
10,460,000
6,987,000
70,000
14,987,000
8,250,000
61,324,500
11,540,000
10,928,700
3,000,000
2,660,000
6,443,000
17,371,700
3,000,000
2,660,000
600,000
11,420,000
600,000
1,547,500
960,000
Total.
61,324,500
12,500,000
12,794,000
7,506,000
20,300,000
51,233,000
258,573,100
46,052,700
24,866,000
70,918,700
99,826,000
11,466,000
111,292,000
3,000,000
2,000,000
3,000,000
5,150,000
3,000,000
577,000
4,000,000
2,423,000
3,000,000
3,000,000
4,000,000
2,317,500
2,050,000
5,000,000
9,040,000
39,369,500
5,000,000
643,000
8,000,000
8,180,000
Refunding.
3,300,000
21,350,000
4,040,000
Total corporate securities
New Capital.
2,950,000
8,416,000
Total ________________________
___
StocksRailroads
Pubic utilities
Iron, steel, coal, copper, Acc
Equipment manufacturers
Motors and accessories
Otr itril and manufacturing cos
Oil
Land,
--Rubber
Shipping
Miscellaneous
Total
TotalRailroads
Public utilities
Iron, steel, coal, copper, ,kc
Equipment manufacturers
Motors and accessories
Other industrial and manufacturing cos
Oil
Land, buildings, dee
Rubber
Shipping
Miscellaneous
1920.
Total.
-isb;000
207,340,100
•
Refunding.
12,934,000
Total
Short Term Bonds and NotesRailroads
Public utilities
Iron, steel, coal, copper. a,c
Equipment manufacturers
Motors and accessories
Other industrial and manufacturing cos
Oil
Land, buildings, acc
Rubber
Shipping
Miscellaneous
3,150,000
New Capital.
3,1b0,000
18,400,000
15,000,000
45,752,000
2,800,000
1,600,000
26,280,700
8,074,000
15,000,000
8,250,000
200,000
1,500,000
37,502,000
2,600,000
1921.
Total.
400,000
400,000
100,000
400,000
90,000
90,000
3,000,000
3,500,000
14,077,000
3,000,000
3,600,000
2,423,000
16,500,000
3,000,000
600,000
14,420,000
600,000
1,547,500
4,367,500
2,500,000
2,500,000
2,500,000
7,321,000
155,000
2,500,000
7,321,000
155,000
600,000
600,000
15,393,500
2,050,000
17,443,600
40,012,500
5,000,000
2,032,650
945,000
5,044,250
7,076,900
945,000
825,000
11,150,625
1,000,000
4,900,000
825,000
16,050,625
1,000,000
300,000
500,000
500,000
40,497,120
38,620,170
12,797,082
750,000
30,638,600
2,500,000
15,681,450
57,345,125
5,543,000
62,888,125
800,000
800,000
144,465,072
64,511,400
95,029,500
15,460,000
3,750,000
20,102,000
68,261,400
115,131,500
15,460,000
11,000,000
8,757,000
4,000,000
6,987,000
2,493,000
17,987,000
11,250,000
4,000,000
3,975,000
21,476,625
1,400,000
37,902,000
2,600,000
90,000
26,280,700
12,974,000
15,000,000
8,250,000
200,00P,
1,500,0f0
3,975,000
4,450,625
400,000
46 52,000
2,8 0.000
1,5 ,000
26,28 .700
14,228,700
6,500,000
2,660,000
6,443,000
20,671,700
6,500,000
2,660,000
350,000
13,434,000
2,950,000
8,416,000
3,300,000
21,850,000
61,324,500
15,890,150
945,000
2,500,000
41,097,120
52,540,170
20,718,082
2,452,500
30,638,600
3,100,000
28,478,450
7,506,000
01,324,500
23,944,400
945,000
2,500,000
41,097,120
65,621,770
20,718,082
2,452,500
30,638,696
3,100,000
35,984,450
268,725,225
61,77f,.000
330,501,225
60,929,700
27,289,000
88,218,700
259,684,572
18,641,850
278,328,422
300,000
81,600
5,125,850
8,054,250
3,081,600
40,497,120
38,701,770
12,797,082
750,000
30,638,600
2,500,000
15,681,450
149,590,922
JULY 29 19221
483
THE CHRONICLE
1922.
1921.
Six Months Ended June 30.
New Capital.
Refundihg.
S
S
Long Term Bonds and NotesRailroads
•
Pubic utilities
Iron, steel, coal, copper, &c
Equipment manufacturers
Motors and accessories
Other industrial and manufacturing cos
011
Land, buildings, &c
Rubber
Shipping
Miscellaneous
Total corporate securities
S
Refunding,
Total.
S
8,834,000
513,596,245
53,473,755
567,070,000
18,500,000
91,818,252
6,210,000
5,926,000
7,050,000
58,259,000
126,262,000
2,560,000
30,400,000
275,000
5,385,000
10,242,166 _ 7,750,000
1,500,000
75,667,248
20,000,000
167,485,500
6,210,000
5,926,000
7,050,000
61,259,000
127,512,000
3,810,000
30,400,000
5,385,000
7,750,000
2,500,000
42,678,759
83.220,700
8,445,000
200,000
1,500,000
4,568,865
9,650,000
129,400,000
125,650,000
87,149,500
2,800,000
18,860,000
88,490,200
316,126,755 1,353,916,250
667,822,220
381,762,480 1,049,584,700
35,351,800
27,106,000
404,200
3,000,000
11,732,000
44,000,000
225,000
3,200,000
6,750,000
44,700,000
3,645,000
3,000,000
28,355,000
44,000,000
225,000
3,200,000
6,750,000
44,700,000
3,645,000
3,000,000
13,950,000
16,700,000
500.000
30,400,000
900,000
16,950,000
10,929,600
87,962,500
26,406,250
2,500,000
11,525,000
36,036,202
39,152,410
6,110,000
4,175,000
26,318,625
4,900,000
7,980,000
20,910,000
215,000
3,500.000
115,077,000
10,929,600
114,281,125
28,406,250
2,500,000
11,525,000
40,936,202
47,132,410
6,110,000
4,175,000
16,623,000
275,000
9,842,166
400,000
127,369,166
17,023,000
10,667,490
4,448,225
Total.
20,253,755
7,150,000
86,721,241
42,429,300
78,704,500
2,600.000
17,360,000
83,921,335
3,950,000
8,489,000
S
$
258,622,500
62,574,500
39,310,000
4,110,000
2,675,000
75,040,000
1,720,000
58,802,000
100,000
7,026,000
57,090,000
91,845,420
143,283,500
12,940,000
6,195,000
14,200,000
110,002,300
128,850,000
12,410,000
67,500,000
2,185,000
78,411,000
14,569,400
28,000,000
650,000
1920.
Refunding.
382,364,000
170,582,000
21,227,000
6,195,000
14,200,000
121,571,700
156,850,000
13,060,000
67,500,000
6,135,000
86,900,000
74,521,270
97.042,161
1,750,000
$
290,518,530
27,298,500
8,287,000
'
New Capital.
$
249,622,500
59,615,500
26,916,000
4,110,000
2,675,000
54,786,245
1,720,000
58,769,000
100,000
7,026,000
48,256,000
369,145,080
274,878,039
74,610,000
98,127,000
Total
TotalRailroads
Public utilities
Iron, steel, coal, copper, &c
Equipment manufacturers
Motors and accessories
Other industrial and manufacturing cos
Oil
Land, buildings, &c
Rubber
Shipping
Miscellaneous
New Capital.
$
443,666,350
371,920,200
76,360,000
Total
1,037,519,495
Short Term Bonds and NotesRailroads
32,351,800
Public utilities
13,156,000
Iron, steel, coal, copper, &c
404,200
Equipment manufacturers
Motors and accessories
16,700,000
Other industriallmd manufacturing cos
500,000
Oil
30,400,000
Land, buildings, &c
900,000
Rubber
Shipping
215,000
Miscellaneous
3,500,000
Total
StocksRailroads
Public utilities
Iron, steel, coal, copper, &c
Equipment manufacturers
Motors and accessories
Other industrial and manufacturing cos
Oil
Land, buildings, &c
Rubber
Shipping
Miscellaneous
Total.
9,000,000
2,959,000
12,394,000
33,000
3,000,000
1,250,000
1,250,000
141,392,166
360,120,252
82,667,248
442,787,500
10,667,490
4,448,225
25,528,490
42,520,880
5,394,250
30,922,740
42,520,880
2,582,000
21,395,600
77,700,000
1,510,000
13,570,650
12,609,883
3,410,500
107,050,245
326,086,599
216,110,347
11,516,047
49,238,600
14,603,500
59,830,396
2,582,000
20,870,000
77,700,000
1,510,000
523,600
20,910,000
7,887,500
250,000
8,137,500
93,479,595
313,476,716
216,110,347
11,516,047
49,163,600
14,603,500
56,419,896
775,600
75,000
245,706,962
39,193,625
284,905,587
125,665,215
126.440,815
822,819,071
35,060,283
857,879,354
412,426,480
375,996,539
101,420,150
2,500,000
35,375,000
123,257,443
111,981.710
85,714,500
6,775,000
17,575,000
108,331,335
77,521,270
137,310,786
1,750,000
489,947,750
513,307,325
103,170,450
2,500,000
37,875,000
170,836,202
203,182,410
91,159,500
6,975,000
19,075,000
112,900,200
94,845,420 290,518,580 385,364,000
165,682,990
43,921,500 209,601,490
61,388,225
8,287,000
69,675,225
6,420,000
6,420,000
19,982,000
19,982,000
137,622,300
15,095,000 152,717,300
251,250,000
28,000,000 279,250,000
17,565,000
650,000
18,215,000
67,500,000
67,500,000
2,460,000
6,410,000
3,950,000
96,140,666
9,139,000 105,279,666
268,122,500
176,962,242
75,646,880
10,036,000
103,204,595
426,521,961
314,092,347
72,845,047
79,663,600
97,011,500
112,425,896
10,500,000
84,020,498
12,394,000
278,622,500
260,982,740
88,040,880
10,036,000
116,775,245
462,385,599
345,342,347
74,128,047
79,738,600
27,014,500
124,670,396
1,381,353,457
2,500,000
47,578,759
91,200,700
8,445,000
200,000
1,500,000
4,568,865
372,575,380 1,753,928,837
920.856.601
399.561.080 1.320.417.681 1.696.535.568
13,570,650
35,863.638
1,250,000
1,283,000
75,000
12,244,500
171.201.286 1.867.736,854
DETAILS OF NEW CAPITAL FLOTATIONS DURING JUNE 1922.
LONG-TERM BONDS AND NOTES.
Amount.
Purpose of Issue.
Price.
To Yield
About.
Company and Issue, and by Whom Offered.
Railroads$
To yield
4,662,000 New equipment
.1,000,000 Refunding; capital expenditures__ - 101
3,283,800 New equipment
137,800 New equipment
8,085,000 New equipment
t1.004'
V1
2,700,000 General corporate purposes
12,000,000 Capital expenditures
1,502,800 New equipment
27,645,000 New equipment
4,245,000 New equipment
5.60 American Refrigerator Transit Co. Equip. Trust 6s, 1924-37. Offered by Kuhn, Loeb & Co.
5.93 Cambria & Indiana RR. Gen'l Mtge.6s, 1944. Offered by Brown Bros.& Co. and W.H. Newbold's
Son & Co. Philadelphia.
To yield 5.10-5.75 Chesapeake 8Z0hio Ry. Co. Equip. Trust Os, 1923-35. Offered by Freeman & Co. and Hambleton
& Co.
6.00 Chicago Junction Ry. Equip. Trust 6s, 1923-35. Sold to Alfred Borden, New York.
100
To yield 5.00-5.40 Chicago Milwaukee & St. Paul Ry. Co. Equip. Trust 5s, "A," 1923-37. Offered by White, Weld
& Co.. ew York.
Placed privately Chicago it. Paul Minn. & Omaha Ry. Deb. 5s, 1930. Placed privately by Kuhn. Loeb & Co.
99
5.55 The Cleveland Union Terminals Co. 1st Mtge. 530, 1972. Offered by J. P. Morgan & Co.; First
National Bank, N. Y.• National City Co., N. Y.; and the Union Trust Co., Cleveland.
To yield 5.00-5.75 Morgantown & Kingwood RR. Equip. 6% Notes, 1923-35. Offered by J. S. Wilson, Jr., & Co.,
Baltimore; Freeman & Co., N. Y.: and Hayden, Stone & Co., N. Y.
'Po yield 5.00-5.30 New York Central Lines Equip. Trust 54, 1923-37. Offered by J. P. Morgan Se Co.; First National
Bank,; National City Co., New York; Guaranty Co. of New York, and Harris, Forbes & Co.
5.30 Wabash Railway Equip. Trust 5s, 1923-37. Offered by Kuhn, Loeb & Co.
98.16
65,261,400
500,000
5,579,000
1,800,000
6,000,000
Public Utilities9
Corporate requireragnts
983i
0
Retire current debt,corp. purposes 19s
00
Capital expenditures
Refunding; capital expenditures_ _ _
6.15
7.00
6,12
5.60
2,700,000 Additions
97
6.76
1,500,000 General corporate purposes
97
6.25
100
73t
10,000.0(10 Refunding
500,000 Capital expenditures
99
6.05
1,000,000 Refunding
90
6.00
3,000,000 Acquisitions; exts., impts., &c_
97
6.30
5,000,000 Additions
96%
5.75
2,059,000 Refunding
99U
5,000,000 Acquisitions
600,000 Construction & development
7,000,000 Additions, betterments,&c
04
100
92!
5.05
6.50
7.00
6.00
693,000 General corporate purposes
1,200,000 Acquisitions
95
100
5
7.00
1,380,000 General corporate purposes
400,000 Additions
40,000 Additions
100
103
100
7.00
4.95
8.00
96
6.30
91
998155
5.68
6.15
12,150,000 Retire current debt; acquisitions_ _
768,000 Corporate requirements
1,100,000 Capital expenditures
Bar Harbor & Union River Power Co. 1st Mtge.5s, 1935. Offered by B
an Me.
Beyer & Small,Portld,
Brooklyn Union Gas Co. Convertible Debenture 7s, 1932. Offered by company to stockholders.
The Chippewa Power Co. 1st Mtge. 6s, A, 1947. Offered by Paine, Webber & Co.
The Cincinnati Gas & Electric Co. 1st & Ref. Mtge. 53s, B. 1961. Offered by Guaranty Co. of
N. Y.; J. & W.Seligman dr Co.; Lea, Higginson & Co.: W.E. Hutton & Co.; Coggeshall & Hicks,
N. Y.; and Marshall Field, Glore, Ward & Co., N. Y.
Clarion River Power Co. 1st Mtge. 6;is, 1947. Offered by Harris, Forbes & Co. and E. H. Rollins
& Sons.
Columbus Electric & Power Co. 1st & Ref. Mtge. 6s, 1947. Offered by Estabrook & Co.; Stone &
Webster, and Parkinson & Burr.
Community Power & Light•Co. 1st Mtge. Coll. 7;•is, "A," 1942. Offered by Wm. L. Ross & Co.,
Inc., Chicago; Whitaker & Co., and Liberty Central Trust Co., St. Louis.
Consolidated Gas, Electric Light & Power Co. of Baltimore 1st Ref. Mtge. 6s,"A," 1949. Alex.
Brown & Sons; Lee, Higginson & Co.; Brown Bros. & Co.; Jackson & Curtis, and Spencer Trask &
Co.
Danville Champaign & Decatur Ry. & Light Co. Consol. & Ref. Coll. Trust 5s, 1938. Offered by
Merrill, Oldham & Co.; Emery, Peck & Rockwood, and Estabrook dr Co.
The Kansas Electric Power Co. 1st Mtge. is, "A," 1937. Offered by Bonbrig,ht & Co., Inc., and
W. C. Langley & Co.
Los Angeles Gas & Electric Corp. Gen'i & Ref. Mtge. 55ls, "E," 1947. Offered by Bond & Goodwin & Tucker, Inc., and Mercantile Securities Co., San Francisco.
Manchester Traction. Light & Power Co. 1st Ref. (Closed) Mtge. 5s, 1952. Offered by Dillon,
Read & Co. and Tucker, Anthony & Co.
New York Steam Corp. let Mtge. 6s, "A," 1947. Offered by National City Co.
Orange County Hydro-Electric Corp. 7s, "A," 1042. Offered by Hempbill, Noyes & Co., N. Y.,
and Stroud & Co., Philadelphia.
Public Service Co. of Northern Illinois 1st Lien & Ref. Mtge. 5s, "A," 1962. Offered by
Halsey, Stuart & Co., Inc.
Scranton (Pa.) Electric Co. 1st & Ref. Mtge. 5s. 1937. Offered by Harris, Forbes & Co.
Southern Illinois Light & Power Co. 1st Lien dr. Ref. Mtge. 7s, "A," 1941. Offered by E. H. Rollins & Sons.
.
Southern Oklahoma Power Co. 1st & Ref. Mtge. 75, "A," 1942. Offered by Powell, Gat ard & Co.
Stamford (Conn.) Water Co. 1st Mtge. 5s, 1952. Offered by Watkins & Co., New York.
Syracuse Suburban Gas Co., Inc., 1st Mtge. 8s, 1931. Offered by Kirby, Lloyd & Co., Syracuse,
N.Y.
Tennessee Electric Power Co. 1st & Ref. Mtge. 68, "A," 1947. Offered by National City Co. and
Bonbright & Co.
Toledo Edison Co. 1st Mtge. 58, 1947. Offered by Harris, Forbes & Co.
United Fuel Gas Co. 1st Mtge. 6s, 1936. Offered by A. B. Leach & Co., Inc., New York.
63,969,000
Iron, Steel, Coal, Copper, &c.
• 250,000 New mills
5,009,000 Acquisitions, improv. & wkg. cap'l
300,000 Improvements & developments
750,000
1,000,000
300,000
860,000
Construction
Acquisitions
Acquisitions
Fund, bank loans; wkg. capital_
1,000,000 Additional capital
1,000,600 Retire bank loans; wkg. capltaL
10,460,000
7.60-7.30 American Manganese Co.(Chicago) 1st Mtge. Cons'. 7s, 1927-36. Offered by Deutsch & Co., Chic.
7.20 .Donner Steel Co. 1st Ref. Mtge. 75, 1942. Offered by Kissel, Kinnicutt & Co.; Central Trust Co. of
Illinois, Hambleton & Co., and Schoelkopf. Hutton & Pomeroy, Inc.
7.50 Groveland Coal Mining Co.(Chicago) 1st Mtge. 7(4s, 1923-29. Offered by John Burnham & Co.,
100
Chicago.
7.10 Newton Steel Co. 1st Mtge. Cony. 7s, 1942. Offered by United Security Co. Canton, Ohio.
99
Southwest Metals Co. 1st Mtge. 10s, 1932. Offered by company to stockholders; underwritten.
90 (b)
7.00 Tennessee Consolidated Coal Co.Purchase Money 1st Lien 6s, 1940. Offered by F.J. LiSMAU & Co•
90
7.10 The Thomas Furnace Co. 1st Mtge, 7s, 1937:- -Offered by Harvey Fisk lit SOUS; McLaughlin, Mac99
Ales & Co., and Garraway, Hetherington dr Co.
7.00 The Van Dorn Iron Works Co. 1st Mtge. 7s, 1937. Offered by Union Trust Co., Cleveland.
100
6.00 Zenith Furnace Co. 1st Mtge. 6s, 19424a0ftercd by Union Trust-Co., Cleveland.
100
971-6
98
484
THE CHRONICLE
Amount.
To Yield
About.
Price.
Purpose of Issue.
Motors and Accessories3,000.000 Acqui lions
100
150,000 Retire bank loans; wkg.capital_ .._ _
[vol.. 115.
Company and Issue, and by Whona Offered,
7.50 Electric Auto-Lite Co. 1st (Closed) Mtge. 734s, 1932. Offered by Dillon, Read
8c Co. and Hemphill, Noyes & Co.
8.15 Transport Service, Inc., Convertible Debenture 8s, 1937. Offered by Klumpp
Bros., N. Y.
98%
3,150,000
Other Industrial & Mfg.1,100,000 Impts.& additions; wkg.cap'1, &a_
3,000,000 Working capital, &c
98%
1,500.000 Refunding
953i
1,200,000 Acquisitions
99
1,000,000 Additions
1,500,000 Pay bank loans; working capital
100
99
2,000,000 Refunding; working capital
100
5,500,001 Refunding
400,00i Refunding
600,00( Pay bank loans; working capital
98;4
97%
100
600,00' Retire current debt; wkg.
18,400,00.
Oil15,000,00( Refunding
Land, Buildings, &c.
1,250,00( Finance construction of building__ _
950,00t Finance construction of building__
200.000
450,000
4,000,000
400,000
850,00e
750,000
237,000
550,000
75,000
6,000,003
1,100,000
2,300,000
3,500,000
4,000,000
3,250,000
8,000,000
40,000
1,000,000
3,150,000
3,700,000
7.15 American Lime & Stone Co. 1st Mtge. 7s, 1942. Offered by Parsley Bros & Co.,
West & Co.,.
and Graham, Parsons & Co.
7.50 Beaver Products Co., Inc., 20-Year 734s, 1942. Offered by Central Trust Co., of Illinois,
Federal
Securities Corp. of Chicago, and Hambleton dc Co., Baltimore.
6.50 Benjamin Electric Mfg. Co. (Chicago) 1st Mtge. 6s, 1937. Offered by Curtis & Sanger,
N. Y.;
and National City Bank, Chicago.
7.10 Graniteville Manufacturing Co. 1st (Closed) Mtge. 7s, 1942. Offered by Mercantile
Trust
&
Deposit Co., Baltimore, and Baker, Watts & Co., Baltimore.
7.50 Lincoln Mills, Ltd., 1st Mtge. 734s, 1942. Offered by Fenton, Davis & Boyle, Detroit,
and A. C.
Allyn & Co., Chicago.
7.10 Miner-Edgar Co. (N. Y.) 1st (Closed) Mtge. Convertible 7s, 1941. Offered by E. Howard
George
& Co., Inc., Boston, and Ralph W. Voorhees & Co., Inc., N. Y.
6.50 Missouri Portland Cement Co. (St. Louis) 1st (Closed) Mtge. Serial 634s, 1923-37. Offered
by
Smith, Moore & Co., Francis Bros. & Co. and Mississippi Valley Trust Co., St.
Louis.
6.10 Sperry Flour Co. 1st Mtge. 6s, 1942. Offered by Blyth, Witter & Co.
7.30 Tropico Potteries, Inc., 1st Mtge. 7s, 1937. Offered by Stephens & Co., San Francisco.
7.00 Williamsport Wire Rope Co. 1st (Closed) Mtge. 7s, 1937. Offered by McLaughlin, MacAfee & Co.,
Pittsburgh.
7.00 The Wisconsin Chair Co. 1st Mtge. 7s, 1924-32. Offered by Bolger, Moss& & Willaman.
100
100
5.00 The Atlantic Refining Co. Debenture Ps, 1937.
dc Co. and Blair & Co., Inc.
100
Offered by Equitable Trust Co., N. Y., Cassatt
6.50 Argonne Apts. 1st Mtge. 63.4s, 1925-37. Offered by S. W. Straus & Co., Inc.
6-6.20 Blum Building 1st Mtge. Leasehold Cis, 1923-34. Offered by the Northern Trust Co. and Stevenson
Bros. & Perry, Inc., Chicago.
Consolidation & impt. of properties 101
6.90 J. B. Bradford Properties, Inc., 1st Mtge. 7s, "B," 1937. Offered by Hunter, Dulin & Co.
Finance constr. of hotel building__ 100
8.00 El Verano Hotel (West Palm Beach, Fla.) 1st Mtge. 8s, 1924-37. Offered by G. L. Miller & Co.,
Atlanta, Ga.
Finance construction of building.._ 100
5.50 Famous Players-Lasky Corp. 1st Mtge. 534s, 1924-37. Offered by the Prudence Company, N. Y.
Refunding; additional building_ _ _ _ Price on applica'n Hotel McAllister(Miami,Fla.) 1st Mtge.6%s,1923-32. Offered by Mississippi Valley Tr. Co.,St.Louls.
Finance construction of building_ _ 100
7.00 Hotel Rienzi Properties 1st Mtge. 7s, 1925-37. Offered by Geo. M. Forman & Co., Chicago.
General corporate purposes
100
7.00 The Knowles Corp. 1st (closed) Mtge. 7s, 1924-38. Offered by Wm. R. Staats Co., San Francisco.
Improvements
100
7.50 Marysville Land Co. 1st Mtge. 734s, 1925-32. Offered by M. H. Lewis & Co., San Francisco.
Finance construction of building_ _ 101
7.90 Medical Arts Bldg. (Montteal, Canada) 1st Mtge. 8s, 1937. Offered by Battles & Co., Phila.
Finance constr. of apartment hotel 100
8.00 Merriam Apt. Hotel 1st Mtge. 8s, 1924-32. Offered by G. L. Miller Bond & Mtge. Co., Miami, Fla.
Finance construction of building
100
6.50 Pershing Square Bldg. (N. Y.) 1st Mtge. 634s, 1925-40. Offered by S. W. Straus & Co.
Finance construction of building_ _ 100
6.50 M. Rich & Bros. Co. (Atlanta, Ga.) 1st Mtge. 634s, 1925-40. Offered by S. W. Straus & Co.
Finance construction of hotel bldg
100
6.50 St. Gerard Apt. Hotel (N. Y.) 1st Mtge. 634s, 1925-37. Offered by S. W. Straus & Co.
Financeconstruction of bulltling _ 100
6.50 Schenley Apts. (Pittsburgh) 1st Mtge. 634s, 1925-39. Offered by S. W. Straus & Co.
Finance construction of building_ _ 100
6.50 Shelton Apt. Hotel let Mtge. 634s, 1925-37. Offered by S. W. Straus & Co.
Improvements
100
6.50 State Randolph Bldg. Corp.(Chicago) 1st (closed) Mtge.634s, 1937. Offered by Hogland, Allum
& Co., Inc., P. W. Chapman & Co., Inc., and Halsey, Stuart & Co., Inc.
Refunding
97
6.30 Sutter Basin Co. Land Mtge. 6s, 1937. Offered by Continental & Commercial Tr.& Says. Bank of
Chicago, IIalsey, Stuart & Co., Inc., and Bltyh, Witter & Co.
Additions
Price on applicat'n Toledo & Indiana Bldg. Co.(Toledo, 0.) lot Mtge. 7s, 1931. Offered by Tucker, Robinson & Co.
Finance construction of building_ _ 100
7.00 Transportation Bldg. Co., Ltd. (Montreal, Canada), Guaranteed Mtge. 7s, 1947.
Fund bank loans; working capital_ 100-99
7-7.15 The Van Sweringen Co. 1st Mtge. & Coll. Tr. 7s, 1924-30. Offered by Union Tr. Co., Cleve.
The Herrick Co.,Hayden, Miller & Co.,The Guardian Says.& Ti. Co.and Paine,Webber &Co.
Finance construction of building__ 100
6.50 The Windermere (Jackson Park,Chicago) 1st Mtge.634e, 1926-42. Offered by S. W.Straus & Co.
100
To yield
45,752,000
Rubber1,000,000 Refunding; working capital
1,500,000 New capital
100
99
300,000 Additional working capital
97
7.50 Converse Rubber Shoe Co. Cons. 734s, 1937. Offered by Pearsons-Taft Co., Chicago.
7.10 Firestone Tire & Rubber Co. of Canada, Ltd., 1st Mtge. 7s, 1937. Offered by Richards, Parish
& Lamson and Otis & Co.. leveland.
7.5t) Racine Horeshoe Tire Co. ist Mtge. 7s, "C," 1937. Offered by Jelke, Hood & Co., New York,
and Francis Johnson & Co., Chicago.
2,800,000
Shipping1,500,000 Refunding
1,250,000
1,200,000
500,000
1,100,000
350,000
MiscellaneousReal estate loan
Improvements, additions, &c
Capital expenditures
Additional capital
Additional capital
99
7.55-7.10 Jahncke Dry Docks, Inc., let Mtge. 78, 1924-28. Offered by Canal-Commercial Tr. & Says. Bank,
and Hibernia Securities Co., Inc.
100
100
97
100
98
6.50
6.50
6.30
7.00
7.80
10,860,000 (30,000,000 guilders
$905 per ($905 per
c6.60
2,500 guilder bond)
(2,500 guilders
5,820,700 Retire fltg. debt; working capital_ _ 100
7.00
1,750,000 General corporate purposes
96%
5.75
2,500,000 Corporate requirements
97
7.30
300,000 Retire current debt
650,000 Additional capital
Price on applicat'n
190
7.50
26,280,700
Agar Packing & Provision Co. 1st Mtge. 634s, 1923-37. Offered by S. W. Straus & Co.
M. E. Hiatt co. (Atlantic City, N. J.) 1st Mtge. 634s, 1924-37. Offered by S. W. Straus & Co.
Farmers Reservoir & Irrigation Co. 1st Mtge. 6s, 1937. Offered by Ryone & Co.. San Francisco.
Foster Creek Lumber &Mfg.Co. 1st Mtge.7s,"11," 1926-37. Offered by Baker, Fentress & Co.,Chicago
Grimes Canning Co. 1st (closed) Mtge. 734s, 1932. Offered by P. W. Chapman & Co. Inc., Chicago, and Central State Bank, Iowa Nat'l Bank and Iowa Loan & Tr. Co. Des Moines.
White, Weld & Co.
Anton Jurgens' United (Margarine) Works Cony. es, 1947. Offered by'
and The Union Trust Co.. Cleveland.
Punta Alegre Sugar Co. Debenture 7s, 1937. Offered by company to stockholders; underwritten
by Hayden. Stone & Co.
John P. Squire & Co. 1st (closed) Mtge. 534s, 1947. Offered by Tucker, Bartholomew & Co.,
Hornblower & Weeks, Jackson & Curtis and Old Colony Tr. Co., all of Boston.
Stetson, Cutler & Co., Ltd., 1st Mtge. 7s. "A," 1942. Offered by Roy al Securities Corp., HalseY.
Stuart & Co. and Edward B. Smith & Co.
Texas Ilitulithic Co. lot Mtge. Coll. Tr. 85, 1923-32. Offered by Realty Tr. Co., Dallas, Tex.
Union Rock Co. 1st Lien 734s, 1935. Offered by District Bond Co. and California Company,
Los Angeles, Cal.
SHORT-TERM BONDS AND NOTES.
Purpose of Issue.
Amount.
Price.
To Yield
About.
Company and Issue, and by IVhom Offered.
Railroads$
3,000,000 Refunding
Public Utilities450,000 Corporate purposes
100
5.50 Minn. St. Paul 8c S. S. M. Ry. 2-yr. 534s, June 28 1924. Offered by Dillon, Read & Co.
To yield
200,000 Additions
2,000,000 Refunding
100
10034
7.00 Caruthersville & Kennett (Mo.) Elec. Lt. & Pr. Co. Receiver's 8% Ctfs. of Indebtedness, May I
1923-25. Offered by Mark C. Steinberg & Co., St. Louis.
8.00 Great Bend (Kan.) Water & Elec. Co. 5-yr. 8s, 1926. Offered by Cammack & Co., Chicago.
7.50 St. LOUIS & Suburban Ry. lot Consol. Extended 8s, 1923. Offered by Mississippi Valley Tr. Co.,
Stifel-Nicolaus Investment Co., Lafayette South Side Bank, United States Bank and Mark C.
Steinberg & Co., St. Louis.
6.75 West Penn Co. Debenture 6s, 1925. Offered by Halsey, Stuart & Co., Inc., Union Tr. Co. of Pittsburgh and W. A. Harriman & Co., New York.
2,500,000 Acquisitions
98
5,150,000
Oil400,000 Retire current debt
Land, Buildings, &c.
400,000 Finance constr. of theatre bldg _ _ _
Shipping90,000 Loan on steamship
9934
7.12 Swisc
shO
icia
lgC
oorp. 1st Mtge. 7s, 1927.
Offered by Bartlett & Gordon and Dangler, LaPhatu & Co.
100
7.00 McVicker Theatre Co. 1st Mtge. Leasehold 7s, 1923-27.
Standard Trust & Savings Bank.
Offered by Powell, Garard & Co. and
100
8.00 The Western Reserve Navigation Co. 1st Mtge. 8s, 1927.
Cleveland.
Offered by The Prudential Finance Co..
STOCKS.
Par or
No.ofShares
Purpose of Issue.
Public Utilities450,000 Additions; capital requirements_ _
6,000,000 Acquisitions, &c
500,000 Acquisitions, extensions, &c
1,525,000 Refunding; working capital
25,000,000 Additional facilities
4,000,000 Acquisitions
300,000 Additions; retire current debt
3,000,000 Addithms
a Amount Price
To Yield
Invoiced. Per Share, About,
450,000 101
6,000,000 105
500,000 10232
762,500
50
25,000.000 100
4,000,000 106
300,000 92
3,000,000 100
40,012,500
Company and Issue, and by 1Vhom Offered.
6.93 Bangor Ry. & Electric Co. 7% Cum. Prof. Offered by Beyer & Small, Portland, Me.
6.19 Boston Consolidated Gas Co. 634% Cum. Pref. Offered by Kidder, Peabody & Co.
F. S. Mosely & Co., Jackson & Curtis, Hayden, Stone & Co., It. L. Day & Co.:
Blodget & Co., Tucker, Anthony & Co.. Curtis & Sanger, Moors & Cabot and
Stone & Webster.
7.80 Georgia Ry. & Pr. Co. 1st Cum.8% Prof., Series of 1922. Offered by Harrison & Co.,
Philadelphia.
Newport News & Hampton Ry. Gas 8c Electric Co. Common. Offered by company
to stockholders: underwritten.
6.50 New York Telephone Co.634% Cum.Pref. Offered by Co.to customers and employees.
7.50 Public Service Corp. of N. J. 8% CUm. Pref. Offered by Bonbright & Co.
7.61 Sandusky Gas & Electric Co. 7% Cum. Panic. Pref. Offered by Union Trust Co.
of Cleveland and United Security Co., Canton, Ohio.
Southern New England Tel. Co. Corn. Offered by Company to stockholders.
Par or
No.ofShares
485
THE CHRONICLE
JULY 29 1922.]
Purpose of Issue.
Iron. Steel, Coal, Copper. &c.
$
5,000,000 Liquidate cur, debt; wkg. capitalMotors and Accessories—
*30,000 sh. Additional capital
Other Industrial & mfg.—
400,000 General corporate purposes
250,000 Additional facilities
*40,000 sh. Additional facilities
a Amount Price
To Yield
Involved. Per Share. About.
5,000,000 Refunding;other corp. purposes_ _ _
25,000 Additions
*110,000sh. Acquisitions; working capital
550,000 Enable mgt. to acquire control__ _ _
1,500,000 Refinancing of company
Hayes Wheel Co. Common. Offered by McClure, Jones & Reed, N. Y., John Burnham & Co., Chicago, and Otis & Co., Cleveland.
27%
400,000 100
250.000 100
1,800,000 45
5,315,625
*425,250sh. Working capital
7.00 The American Metal Co., Lid. (N. Y.) 7% Cum. Pref. Offered by Goldman, Sachs
& Co., Lehman Bros. & Co., Chas. D. Barney & Co. and Haligarten & Co.
5,000,000 100
82,5,000
Company and Issue, and by Whom Offered.
8.00 Appalachian Mills Co. 8% Cum. Prof. Offered by Berry, Collins & Co., Atlanta, Ga.
Automatic Refrigerating Co. Inc. Capital stock. Offered by company to stockholders
Commercial Solvents Corp.'
Cum. ($4 per share). Cony. Class A stock. Offered by
Huntington, Jackson & Co. and Farnum, Winter & Co., N. Y.
Consolidated Textile Corp. capital stook. Offered by company to stockholders.
underwritten.
6.60 Crane Co. 7% Cum. Prof. Offered by Lee, Higginson & Co. and The Merchants
Loan & Trust Co., Chicago.
8.00 Diamond Ink Co. 8% Cum. Redemption Fund Pref. Offered by company.
_ International Carbon Corp. Common. Offered by McClure, Jones & Reed, Hirs462;
Lilienthal & Co. and Schatzkin, Bernstein & Co.
$.08 The Stafford Co. Partic. 8% Cum. Pref. Offered by C. F. Williams & Co., Boston.
7.00 Wagner Electric Mfg. Co. 7% Cum, Pref. Offered by•company to stockholders;
underwritten.
6:60
123.
5,000,000 '106
25,000 100
1,210,000 11
550,000 99
1,500,000 100d
16,050,625
OH1,000,000 Recapitalization of company
1,000,000 100e
7.00 Lockwood, Greene & Co., Inc. 7% Cum. Preferred.
Offered by Jackson & Curtis.
FOREIGN GOVERNMENT LOANS.
Issue.
Amount.
Price.
To Yield
About.
Offered by,
$
24,000,000 Republic of Bolivia External 25-year Secured
101
3% bonds,1947
7.90 Spencer, Trask & Co., The Equitable Trust Co., N. Y., Stifel-Nicolaus Investment Co.,
Haligarten & Co., Halsey, Stuart & Co., E. H. Rollins & Sons, Cassatt & Co.,
Kissel, Kinnicutt & Co. and J. & W. Seligman & Co.
7.30 Dillon, Read & Co., Lee, Higginson & Co., Blair & Co., Inc., White, Weld & Co.,
96%
Continental and Commercial Trust & Savings Bank, Halsey, Stuart & Co., Inc.,
Bonbright & Co., Illinois Trust & Savings Bank, Union Trust Co. of Pittsburgh,
and the Union Trust Co. of Cleveland.
epublic of Chile Internal8% Sinking Fund $135 per 1,0001.... Kelley, Drayton & Co., N. Y.
peso bond
Bonds,1950
ty of Greater Prague (Czechoslovakia)
92%
8.17 Kuhn, Loeb & Co., N. Y.
73% Mortgage Loan Bonds, 1952
City of Montevideo (Uruguay) 7% Sinking
Fund Bonds, 1952
97
7.25 Dillon, Read & Co.
Kingdom of Norway 6% Internal Loan $198 per 1,0001
1921-31
kroner,bond 1- -- Paine, Webber & Co. and F. J. Lisman & Co.
25,000,000 United States of Brazil 30-year ,7% gold
bonds, 1952
1,350,000
P.10000000
7,500,000
6,000,000
r
2,475,000
(Kroner
12,500.000)
5,000,000 State of Santa Catharine (Brazil) 25-year
8% External Sinking Fund Gold bonds, 1947_ 101
25,000,000 Kingdom of the Serbs, Croats & Slovenes
(Jugoslavia) 40-year 8% Secured External
Gold Loan, 1962
953
96,325,000
7.90 Halsey, Stuart & Co., Inc., Cassatt & Co., Philadelphia, and Second Ward Securities
Co., Milwaukee.
8.40 Blair & Co., Inc., Chase Securities Cprp., Redmond & Co., E. H. Rollins & Sons,
Kissel, Kinnicutt & Co., T. & W.Setigman & Co., Bonbright & Co., Cassatt & Ca.,
West & Co. and Union Trust Co. of Cleveland.
FARM LOAN ISSUES.
Amount.
Issue.
1,000,000 Central Iowa Joint Stoek Land Bank of
Des Moines (Iowa) 5% Farm Loan Bonds,
1942
1,000,000 Kentuc,..y joint Stock Land Bank (Lexington. Ky.) 5% Farm Loan Bonds, 1952
2,000,000 St. Louis Joint Stock Land Bank 5% Farm
Loan Bonds, 1952
500,000 Virginia-Carolina Joint Stock Land Bank
of Norfolk 5% Farm Loan Bonds, 1942_ _ _ _
Price.
102
103
To Yield
About.
Offered by.
4.55 Stevenson Bros. & Perry, Inc., Chicago, First Trust'& Savings Bank of Chicago and
Stacy & Braun, N. Y.
4.60 Halsey, Stuart & Co., Inc., Harris, Forbes & Co. and Wm. R. Compton Co.
103
4.62 W.R. Compton Co. and Halsey, Stuart & Co., Inc.
103
4.62 B J. Van ingen & Co. and J. G. White & Co., Inc.
4,500,000
*
a
b
c
d
e
Shares of no par value.
Preferred stocks are taken at par, while in the case of Common stocks, the aMount is based on the offering Price.
With 20 shares of no par value capital stock accompanying each $1,000 bond.
Based on exchange of 39 cents per guilder at maturity.
With a bonus of 2-3 of a share of no par yalue Common stock.
With a bonus 01 15% in Common stock.
subsequent pages, namely pages 520. and 521. A summary
of changes in the principal asset and liability items of the
Reserve banks, as compared with. a week and a year ago,
WEEKLY RETURN OF FEDERAL RESERVE BANKS. follows:
Increase (+) or Decrease (,--)
Aggregate reductions of..863,500,000 in discounted bills
Since
July 19 1922.
and of $1,100,000 in United States securities, as against an
July 27 1921.
+12,200,000
+496,200.000
increase of $7,200,000 in acceptances purchased in open Total reserves
Gold reserves
+9.200,000
+523,300,000
market, accompanied by a corresponding decline of $54,- Total earning assets
—57.400,000
—842,500.000
Discounted bills, total
—63,500,000 —1,270,500,000
400,000 in deposit liabilities, are shown in the Federal
Secured by U. S. Govt. obligations.. _
—61,00,000
—476.000,000
weekly
bank
Board's
Reserve
statement issued as at close
Other bills discounted
—794,500;000
—2,500.000
of business on July 26 1922, and which deals with the results
Purchased bills
+7,200,000
+136,700,000
United
States
securities,
Federal
Reserve
total
—1,100,000
twelve
banks
Gold
the
combined.
+291,300,000
for
Bonds and notes
—300,000
+167,400,000
reserves show a further gain of $9,200,000 and total cash
Pittman certificates
—142,300,000
—2,000,000
reserves gain of $12,200,000, while Federal reserve note
Other Treasury certificates
+1.200.000
+266,200,000
—54,400,000
+192,800,000
circulation declined by $6,000,000. The reserve ratio shows Total deposits
Members' reserve deposits
—48,900,000
+176,600,000
a rise for the week from 77.8 to 79.2%. After noting these
Government deposits
—2,900,000
+14,700,000
Other deposits
facts the Federal Reserve Board proceeds as follows:
—2,600,000
+1,500,000
Current guents qua Ptscussions
Liquidation of member bank borrowings for the week was heaviest in
the Second District, the New York Reserve Bank reporting a reduction of
$63,000,000 in its holdings of discounted bills, besides a reduction of $2.800.000 in its holdings of bills purchased in the open market. Cleveland
reports a reduction of $11,000,000 of discounted paper, as against an increase of $6,400,000 in purchased bills, while substantial increases in disocunted paper are shown for the Boston,Philadelphia and San Francisco banks.
Considerable shifting of gold through the Gold Settlement Fund, besides
accessions from without, accounts for the increase of $37,900,000 in the gold
reserves of the New York bank. Smaller increases in gold reserves, aggregating over $7,000,000, are shown for the Cleveland, Richmond and St.
Louis banks. The largest decrease in gold reserves, viz.. by $13,900,000,
Is reported by the Philadelphia bank, San Francisco with a decrease of
$6,500,000 and Chicago with a decrease of $5,200,000 being next in order.
Holdings of paper secured by Government obligations show a decline from
$176,300,000 to $115,200,000. Of the total held $93,200,000, or 80.9%,
were secured by Liberty and other U. S. bonds, $5,400,000, or 4.7%, by
Victory notes, $12,400,000, or 10.7%, by Treasury notes, and $4,300.000,
or 3.7%, by Treasury certificates, compared with $118,100,000, $7,000,000,
$40,700,000 and $10;500,000 reported the week before.
Federal Reserve notes in circulation
F. R. notes in circulation, net liability__ _
—6,000.000
—2,400,000
—410,800,000
—61,500,000
WEEKLY RETURN OF THE MEMBER BANKS OF THE
FEDERAL RESERVE SYSTEM.
Moderate reductions in all classes of loans aggregating
$32,000,000 and of $9,000,000 in corporate securities, as
against an increase of $27,000,000 in Government securities, are shown in the Federal Reserve Board's weekly statement of condition on July 19 of 795 member banks in leading
cities. It should be noted that the figures of these member
banks arealways a week behind thosefor the Reserve Banks
themselves. Loans secured by Government obligations fell
off about $8,000,000, loans secured by corporate and other
obligations, $18,000,000, and other loans and dieounts,
The statement in full in comparison with preceding weeks largely of a commercial character, about $6,000,000. Changes
and with the corresponding date last year, will be found on in investments ineludeincreases of $14;000,000 in U.S. bonds
486
UTE CHRONICLE
and Victory notes, and of $16,000,000 in Treasury notes,
as against net liquidation of $3,000,000 in Treasury certificates and of $9,000,000 in corporate and other securities.
Principal changes during the week for the member banks
in New York City include net liquidation of $31,000,000
of loans and of $9,000,000 of corporate securities, as against
incteases of $11,000,000 each in Treasury certificates and
in other Government securities. Total loans and investments show reductions of $14,000,000 for all reporting
institutions and of $18,000,000 for the New York City banks.
Government deposits show a reduction for the week of
$10,000,000 and other demand deposits, a reduction of
$98,000,000, while time deposits increased by $4,000,000.
Corresponding changes at member banks in New York City
include reductions of $4,000,000 in Government deposits
and of $70,000,000 in demand deposits, as against an increase of $5,000,000 in time deposits. Borrowings of the
reporting institutions from the Federal reserve banks show
an increase for the week from $142,000,000 to $158,000,000,
or from 0.9 to 1% of their total loans and investments.
For the New York City banks an increase from 847,000,000
to $71,000,000 in borrowings from the local Reserve bank
and from 0.9 to 1.4% in the ratio of these borrowings to
aggregate loans and investments is noted. Withdrawals
in some volume of bank balances by country correspondents account in part for the reduction in demand deposits
of the New York City banks as well as for the increase in
in their borrowings from the reserve bank.
Reserve balances of the reporting institutions show a
decline for the week of $6,000,000, while cash in value
fell off $15,000,000. Member banks in New York City
report decreases of $10,000,000 in reserve balances and of
$9,000,000 in cash on hand. On a subsequent page—that is,
on page 521—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:
Increase (+) or Decrease (—)
Since
•
July 12 1922.
July 20 1921.
Loans and discounts—total
—$32,000,000 —$869,000,000
Secured by U.S. Government obligations —8,000,000
—372,000,000
Secured by stocks and bonds
+515,000,000
—18,000.000
All other
—6,000,000 —1,012,000,000
Investments, total
+18,000,000 +1,117,000,000
U. S. bonds
+421,000,000
+10,000,000
Victory notes
—125,000,000
+4,000,000
U. S. Treasury notes
+462,000,000
+16,000,000
Treasury certificates
+124,000,000
—3,000,000
Other stocks and bonds
+235,000,000
—9,000,000
Reserve balances with F. R. banks
+205,000,000
—6,000,000
Cash in vault
—36,000,000
—15,000,000
Government deposits
—24,000,000
—10,000,000
Net demand deposits
—98,000,000 +1,072,000,000
Time deposits
+582,000,000
+4,000,000
Total accommodations at P. R. banks_
—993,000,000
+16,000,000
CONDITIONS INCIDENT TO CONVERSION OF UNITED
KINGDOM OF GREAT BRITAIN AND IRELAND
532% GOLD NOTES.
In a notice issued this week, J. P. Morgan & Co. stated
that in accordance with the regulations of the British Treasury, no conversions Of the United Kingdom of Great Britain
and Ireland 3-year 534% Convertible Gold Notes, due
Nov. 1 1922, will be made after Aug. 31 1922, unless the
Notes to be converted shall have been surrendered to the
firm on or before that date. Conversions will be made on
the date (not later than Nov. 11922) designated in writing
by the holder at the time of surrender of the Notes.
ARGENTINA SEEKS $225,000,000 LOAN.
The following is from the "Journal of Commerce" of
yesterday (July 28):
[VoL. 115.
Sept. 30 next of $463,500 Argentine gold pesos of the Argentine Government 5% internal gold loan of 1909. Tenders
will be received also in London by Baring Brothers & Co.,
Ltd., and in Buenos Aires by the Credito Publico Nacional.
Each £200 bond has a par value of $973 in United States gold
dollars, and tenders must be made at a flat price under par
expressed in dollars per pound,not later than 3 p. m.Aug. 11.
Tenders will be opened in London Aug. 16.
MINISTER DE LA HUERTA CRITICIZES NEWSPAPER
REPORTS FROM WASHINGTON REGARDING
INTERNATIONAL RELATIONS.
Senor'Adolfo de la Huerta, Finance Minister of Mexico,
with his arrival in Mexico City on July 24 addressed a
lengthy telegram to the financial agency of the Government of Mexico in New York, taking exception to statements which appeared in the daily papers last week bearing
on the attitude of the Washington Administration toward
international relations of Mexico and the United States.
Minister de la Huerta, whose return to Mexico had been
reported in our issue of July 15 (page 249) in accordance
with an announcement made by him on the 11th inst.,
visited Washington before leaving the United States, having,
it was stated in Mexico City dispatches July 16, been
directed by President Obregon to confer with State Department officials at Washington. On the 18th inst. it was
stated that he had on that day had conferences with both
President Harding and Secretary of State Hughes. Reporting that all the discussion were "unofficial," the
Associated Press advices from Washington July 18 also said
in part:
Mr. de la Huerta, it was said, gave the President information on present
Mexican policies and threw light on diplomatic difficulties which have
contributed to the deadlock in the program for recognition of the Obregon
Government by the United States. The President, it was added, was
interested in his statements concerning the political and economic situation
in Mexico.
The question of recognition, It was declared, did not enter directly into
the conversations at the White House, although it was indicated that the
discussion of Mexican conditions had an indirect bearing because of their
informative character on the recognition question.
In conversations to-day with others than officials, Mr. de la Huerta was
understood to have received suggestions as to means for clearing up the
deadlock in the recognition situation which he probably will transmit to
Mexican officials upon his return to Mexico City.
The informal reception of the Mexican Minister at the White House was
said to have been arranged by Senator Bursum, who has urged recognition
of the Obregon Government with proper safeguards to protect American
interests. After his visits to the White House and the State Department,
Mr. de la Huerta, accompanied by General Ryan, went to Senator Bursum's
office at the Capitol and met several Senators and citizens from border
States who are in Washington.
Mr. de la Huerta said his calls were very largely visits of courtesy and
that he had been gratified and honored in having had the opportunity to
exchange felicitations with the American officials. He then authorized
the statement that while the relationship between the two countries and the
question of recognition of Mexico by the United States had not been talked
over, as his function was purely that of finance and not of foreign relations
of his Government, many matters of interest to both Governments had
been brought up in his talk with Secretary Hughes.
On July 20 Associated Press dispatches from Washington
stated that Administration officials were authoritatively
represented as being desirous that the Mexican Government
take whatever steps it deems necessary to make effective the
expressed policies of President Obregon on questions which
have impeded and still are impeding recognition of that
Government. It was added:
It was declared emphatically that the situadon Inas entirely clear as to
the relations between the two countries and fully understood by Adolfo de la
Huerta, Mexican Minister of Finance, as a result of his recent conversations with President Harding and Secretary Hughes.
It is understood to be recognized by the Washington Government that
continuance of the present situation is fraught with possibilities of incidents
which might develop into less friendly relations between the two Governments, particularly in view of the application of hte Mexican agrarian policy
to the land held by Americans under valid titles in Mexico.
Under the same date the New York "Times" in a special
Washington dispatch said in part:
The Argentine Government has cabled investment bankers here calling
for the submission of bids on $500,000,000 in Argentine currency, which,
A high spokesman of the Administration to-day furnished an infOrmal
at the current exchange rate, is estimated at approximately $225,000,000 in summary of the situation involving the issues between this country and
United States coin. Bidders are asked to submit their set-up for the Mexico,from which it is apparent that recognition of Mexico by the Alfieribusiness when cabling their terms. The cable came as a surprise in view can Government is as far off as ever unless the Obregon Government
of the recent assurances given to bankers here that no further borrowing translates formal assurances into action and gives those definite and precise
guarantees of security which are insisted upon rigidly by the American
was imminent.
Lacking definite and official information regarding the prospective loan,it Government.
The statement of the case to-day was the more significant, because it
Is believed that the financing will be used partly to refund the $50,000,000
7% notes brought out hero and maturing next year, and for the $27,500,000 came on the heels of the recent visit to the White House and State Depart7% notes due in 1927. Two groups, one headed by the Guaranty Company ment of Adalfo de la Huerta, Mexican Minister of Finance, to whom the
of New York, and the other a combination of Blair & Co. and the Chase attitude of the Washington Government was again clearly explained during
Securities Corporation, are expected to submit bids for the business, and his conference of nearly two hours with Secretary of State Hughes. The
It is reported that overtures have been made to British investment banking hope is expressed hero that upon his return to Mexico City Senor do la
Huerta will make a report to President Obregon that would be followed by
houses. The bids will be opened in Buenos Aires to-morrow noon.
affirmative action by the Mexican Government of such character as to
warrant recognition.
The American Government's position is that recognition depends on the
-J. P. MORGAN & CO. PREPARED TO RECEIVE TENDERS
Mexicans. If they wish prompt recognition they can give prompt guarFOR 5% ARGENTINE GOVERNMENT LOAN OF 1909.
antees. The longer they delay the action for which Secretary Hughes as
J. P. Morgan & Co. announced on July 25 that they are spokesman for President Harding, is waiting the longer recognition
will be
prepared to receive tenders for the amortization on or before delayed
JULY 29 1922.]
WEE CHRONICLE
Not less tnan five distinct opportunities have been afforded the Obregon
Government to demonstrate in a practical way its desire to resume diplomatic relations with the United States it was stated. The first of these was
the proposal made by Secretary of State Hughes that the two nations conclude a treaty of amity and commerce. Though this suggestion was made
more than a year and a half ago it has not been accepted by the Mexican
Government trio official pointed out. Throughout the time which has
elapsed since the proposal was made this Government has maintained a
discreet silence, it was stated, in order that Orbegon might be free to work
out nis affairs in his own way without embarrassment from this end. Nevertheless, the problem apparently is no nearer solution than when the negotiations were undertaken.
Debt Agreement Not Complete.
ofThe second big opportunity afforded the Obregon Government the
ficial said was in connection with the recent international banking agreeand
ment concluded at New York between Finance Minister do la Huerta
representatives of trio international creditors of Mexico. This agreement
been
which was heralded as a step in the direction of recognition has not
approved by Obregon, who apparently is unable or unwilling to act in the
face of a reluctant Congress.
by
The third case mentioned had to do with the agreement entered into
American oil men at Mexico City with the Mexican authorities.
bearing
Court
Supreme
The fourth case was the decisions by the Mexican
upon the question of the retroactivity of Article 27 of the Mexican Constitution. Numerous statements have been made it was pointed out to the
effect that these decisions afforded the guarantees against confiscation
which the American Government has been seeking. Nevertheless the official continued it has proved impossible despite weeks of delay for this
Government to obtain copies of the text of these decisions or to find out in a
specific and definite way exactly how comprehensive they are in scope.
Action on agrarian lands was the fifth point discussed by the official.
Expropriation which is regarded here as not being in accordance with
American principles apparently is sanctioned by the laws and constitutions
of some of the Mexican States, it was stated, and the Obregon Government
either is unable or unwilling to preevnt the carrying out of those laws.
President Obregon in speeches and in interviews has many times asserted that Article 27 will not be applied retroactively. Such assertions
were welcome to this Government but inasmuch as they were personal and
informal were not regarded as sufficient.
The United States proposed, therefore, a treaty of amity and commerce
which would definitely safeguard American rights. This treaty, President
Obregon stated, he had no authority to sign. The fact that he said he had
no authority to do this greatly detracted, in the opinion of the American
Government, from the previous statements of the Mexican President that
no retroactive effect would be given to the Constitutional provisions.
Since negotiations began with the Mexican Government, there have been
numerous instances of confiscation of American agrarian holdings in Mexico,
It was officially admitted to-day. The term used by the Mexican Government,It was explainect, is expropriation, but expropriation implies payment,
and no just payment has been made in numerous cases, and the proceeding,
therefore, becomes confiscation. In many instances valuation was based on
taxes which resulted in only a nominal value being placed on the land,
and payment at the merely nominal figure was then offered in practically
worthless bonds.
This Government has no objection to expropriation in the interests of
some worthy public policy, as for example, providing the peons with lands
but it is going to insist that proper remuneration be made when the validly
acquired lands of American citizens are expropriated. The policy of the
Harding Administration, it was asserted, is not formed with an eye to any
particular group or set of interests; it is not dictated by Wall Street or by the
oil interests, but is determined by American rights of whatever nature they
may be.
Among other things, Minister de la Huerta declares
"there is no foundation whatever to affirm that President
Obregon is unwilling to ratify the agreements entered into
in New York with the creditors of Mexico." As to the newspaper reports in general regarding international relations,
Minister de la Huerta says: "I do not believe that the United
States Government has authorized any public official to give
out appreciations so unjust to the President of Mexico."
His telegram in full follows:
the
I have read the statement Published in the New York Press upon
by an
state of our international relations, which were made, as it is said,
authorized person in Washington on the 20th. If the form in which they
United
have been transmitted to me is correct, I do not believe that the
appreStates Government has authorized any public official to give out
these
ciations so unjust to the President of Mexico, in view of the fact that
Honorthe
are in complete disagreement with the cordial spirit shown by
which I
alxe President Harding and Secretary Hughes in the interview messages
had the honor to have with them sending through me cordial
affirm that
to President Obregon. There is no foundation, whatever, to
into in
President Obregon is unwilling to ratify the agreements entered
from teleNew York with the creditors of Mexico, it being the truth that
statements that he
grams that I have received from him and from the
and to give
has made public he considers said arrangements equitable,
some points
his officiai ratification he is awaiting further information on
City. Statewhich I personally will clear up upon my arrival in Mexico
bondholders when
ments mentioned in this regard are embarrassing to the
has been
an asseveration of such nature is made public. Furthermore it
established in the
stipulated with the creditors of my country, and it is so
Congress.
Mexican laws, that the aforesaid agreements must be ratified by
cenFor no reason whatever, then is the attitude of President Obregon
the case
surable. Neither has he failed in any oil arrangement, it being General
by
ratified
that the agreement of the third of September, was
executives have
Obregon. And with regards to the proposals that the oil
me and
made through me for future explorations I am taking these with
Industry and
they have not been presented as yet to the Department of
Mexico
of
States
Commerce, through which the President of the United
upon the
will issue his final word. There is neither a reason to prejudge
nor the
bonds of the agrarian debt, when these have not yet been issued
a real
steps that the Mexican Government Is taking to give these bonds
securities
upon
market value are known. An unfavorable statement
that a Government is trying hard to strengthen obstructs with those statements the same intention of the Mexican Administration which is making
great sacrifices to obtain the funds that will serve for the payment of
lands "Ejidos" which must be assigned to the townships in need of them.
These bonds have not yet been placed in circulation but had they been
already in .the hands of some landholdeis these would be fully entitled
to claim serious responsibilities from those who publicly attempted to
demerit these bonds in assnming so carelessly that they were worthless.
487
I want to take advantage of this opportunity to clear up that in an interview published by some newspaper in New York there appears a mistaken statement according to information I have received. I did not
affirm that all the lands had been paid. I said that the Government
would pay all those that would be needed for the solving of the agrarian
problem and I never could have assured that the value of all the expropriated lands had been covered when I cannot forget that there is a group
of landholders that have refused to come to an agreement with the Government for the payment of their properties. And I want to explain that the
Government has already invested many millions of Pesos in compensating owners who, obedient to the laws of the country, have arrived at Equitable adjustments with the present administration. I again repeat that it
Is my belief that the person that made such unjust statements to the press
In so rough a manner cannot have been by any means authorized by the
American Government, if the phrases that have been transmitted to me
are exact. If some member of the Senate in his parliamentary speech
caused a bad impression the Mexican Government is not to blame and it
should not be attacked in a form which greatly differs from the gentility
judgment and intelligent discretion which I found in President Harding
and Secretary Hughes with whom I had the honor to talk upon my visit
to Washington. I have not wished to pass inadvertently the statements
to which I referred to because they affect directly the credit of Mexico,
which, with such eagerness we have endeavored to strengthen in the conferences with the International Committee of Bankers, and I, as Secretary of Finance, have the obligation to object to all those intents that belittle the finances of my country. I believe that the International Committee of Bankers will second this attitude of mine in a manner which they
will consider most convenient in accordance to the obligation expressed
In the agreement of the 16th of June to co-operate in a useful way to the
sustainment of the credit of the Mexican Republic.
.
ADOLFO DPI LA HUETTA.
Dated City of Mexico, July 24th 1922.
Released by Financial Agency of the Government of Mexico, New York
City, N. Y.
Following the publication of the above statement on
July 26, the New York "Times" printed the following from
Washington July 27 anent Minister e la Huerta's criticism:
Considerable interest was displayed in Administration circles to-day in
the statement issued through the Mexican Government's financial agency
In New York by Senor Adolfo de la 'Incite, Mexican Minister of Finance,
In which the latter took exception to what he regarded as the harsh tone of
the informal statement of the Mexican policy of the American Government
which was made recently by a high Administration official.
Referring to Senor de la Huert a's assertion that he cannot believe "that
the United States Government has authorized any official to give out
appreciations so unjust to the President of Mexico in view of the fact that
these are in complete disagreement with the cordial spirit shown by the
Honorable President Harding and Secretary Hughes in the interview
which I had the honor to have with them, sending through me cordial
messages to President Obregon," officials to-day declared that while there
Is no intention on the part of this Government to disavow the statement
of which de In Iluerta complains, it was evident that it must have been
garbled in transmission or in translation.
In a review of the statement in question, the same American high official
who gave it out declared to-day that nowhere in it can be found any reflection on the good faith of President Obregon.
While it was pointed out that certain things were as yet unclone by Mexico,
he explained, there was no charge made that they would not be done or no
belief expressed that they would not be done. Attention was merely called
to the fact that as yet they had not been done, and, therefore, declarations
from eminent men that this thing and that thing had been done by the
Mexican Government in an effort to harmonize its relations with the
United States were not only premature but actually harmful and obstructive.
The American high official had in mind the speech delivered by Senator
Ladd on the floor of the Senate, in which severe criticism of,the policy of
this Government with regard to Mexico was made.
There was no censure of President Obregon in the statement, the official
said to-day. There is no disposition to doubt his good faith in the matter
of the de la Huerta agreement or in any other matter. On the contrarY.
the Administration here Is not only willing but anxious to believe that
Obregon is expediting matters as much as is possible under Mexican
procedure.
Neither is there any desire to prejudice the value of the agrarian bonds the
Mexican Government purposes to issue in payment for expropriated lands,
nor to depreciate their possible value when issued.
There is merely a desire to make sure that American holders of lands
expropriated by the Government shall receive a valuable consideration in
exchange for them; hence it Is reasonable to suppose that the State Department is one with the Mexican Government in the desire that agrarian bonds
to be issued by that Government shall have real, negotiable value.
The statement which de in Huerta questions was not made by the high
official with any desk° to embarras Mexico, the official said to-day. It
was made through the necessity which arose from the situation created.by
the thoughtless misinformation supplied to the American public,form
"eminent sources." In fact, the official gave the impression of regretting
the necessity of having had to make any statement, informal or otherwise.
on so delicate a situation, concerning which misunderstandings are so easy.
The belief was expressed that when an authoritative translation was
h
furnie
ed tocotrotb
alect
e la Huerta he would see nothing in it to which
ryl
possibly
Following his visit to Washington Minister de la Huerta
returned to New York, leaving here for Mexico City on the
19th inst.
.1. P. MORGAN dc CO. DENY REPORTS OF INTEREST
IN MEXICAN BANK.
In denying on July 27 reports from Mexico City that
they were interested in the proposed Banco Unico de Mexico,
J. P. Morgan & Co. said:
J. P. Morgan & Co. were seen this morning and said that they had not
made any arrangements to take any interest in the Banco Unico de Mexico,
and that they would not be represented on its board in any way.
The reports were contained in the following press acivices
'from Mexico City:
The Now York correspondent of the "Excelsior" says in a dispatch to,
his newspaper to-day that he learns that the 13aneo Unico de Mexico,
to be established next January, will have nominal capital stock of $200,000,000, half of which is to be subscribed and the other half represented
by,free shares held by the Mexican Government.
488
THE CHRONICLE
[VOL. 115.
Of the 100,000.000 subscription shares 60%, according to this account, cognizance of all written and verbal reports submitted by the committee."
The report of the Guarantee Commission is not yet ready, but M.
IS to be taken by the Banco de Paris and the Banco de los Paises Bajos
'(Dutch) and the remainder by the houses of Morgan and Speyer and the Mauclere, of the committee, showed M. Poincare a draft of the report
British interests represented by Sir William Wiseman. Each of these last night. It was after reading it that he wired Premier Lloyd George
he would be ready to meet him August 1. The report will be handed
interestes will be represented on a governing board of five memebers.
to the Reparations Commission the middle or end of this week and the
decision of the Commission is not expected before August 3 or 4, when,
-gXPECTED CALL FOR DEPOSIT OF MEXICAN BONDS according to the present plan, M. Poincare will be in London.
To-day's semi-official note does not mention what further suggestion the
ACCOUNT OF PLAN FOR DEBT ADJUSTMENT.
French intend making at London, but it is learned the French viewpoint
of
an
internal
early
likelihood
call
by
the
In-reporting the
now is that before a long term moratorium is granted to Germany supplebankers for the deposit of Mexican Government and rail- mentary reforms and additional guarantees should be demanded. Such
might be adopted and guarantees given with but a very short delay,
road bonds incident to the plan proposed for the adjustment reforms
necessitating the suspension of one or two monthly cash payments only.
of the Government's external debt, the "Journal of ComThe effect of reforms and guarantees, added to the results expected from
new financial control to be installed in Germany by ,:he Guarantees Commismerce" on July 27 said: •
sion, the French hold, would insure the floating and placing of a German
The debt settlement plan under which Mexico has agreed to a resumption foreign loan. Such a loan, providing important resources for the restorapayment
of
the
also
back dues may be submitted lion of the devastated regions, would then permit of the granting to Gerof interest payments and
to bondholders for their approval within the next few days. Although many of a prolonged cash moratorium.
nothing of an official nature has been revelaed concerning the matter there
Other angles of the reparations question are to be discussed in London.
is a well-defined feeling in the financial district that formal approval by The French are reported to favor,first, cancellation of the Inter-Allied war
agreement
of
reached between the international debts without subordinating cancellation to a similar decision by the
President Obregon the deot
bankers and Adolfo de la Huerta, Finance Minister of Mexico, on June 16 United States; second, an agreement by which reparations payments should
last is all that is necessary before proceeding to call for deposits of the
be assigned specially to restoring the devastated regions, and third, assurvarious classes of bonds under the plan.
ance that German foreign loans, the proceeds of which are destined for
At one time it was suggested that the bankers would net proceed with
reparations, shall be issued with the briefest possible delay.
the call for deposits until the Mexican Congress had formally approved
Reporting that a slight delay might occur in the holding of
the dent agreement. Senor de Is Huerta stated just prior to his departure
for Mexico City that the Congress would not convene until Sept. 1. At the proposed conference, Paris Associated Press advices
that time, however, the Minister said emphatically that while he had not
July 26 stated:
yet been informed as to the exact personnel of the new Congress it was his
A slight delay in the holding of the meeting at London of the heads of the
certain belief that no opposition would arise.on the part of the Legislature.
Allied Governments for dircission of the reparations question is foreseen in
According to the general impression here, the announcement by Presiofficial quarters here following the receipt of a note from Great Britain
dent Obregon of his approval of the debt agreement is sufficient to warrant
that Prime Minister Lloyd George would be very glad to meet Premier
procedure on the part of bankers in the call for deposits. That President
Poincare on Aug. 1 if the Governmental crisis in Italy were settled by that
Oltiregon' will approve the.steps which resulted -in the signing of the debt time.
agreement is viewed as a foregone conclusion, since Senor do la Huerta
It has been definitely decided that Italy and Belgium shall attend the
acted on day-by-day cabled instructions from his chief at Mexico City. conference, and the failure of Italy to form a Government before Aug. 1
out
pointed
Wien the debt settlement,'qt as effected and signed the Minister
would necessitate a brief postponement of the meeting.
that the plan would und exiPtedly coincide with President Obregon's wishes
Pending a settlement of the Italian situation, no date will be fixed for the
and that formal apprOVal would be forthcoming immediately.
assembling of the conferees.
Senor de la Huerta. arrived in Mexico City on Monday last to confer
with President Obregon. The day before he left the Minister said that his
chief executive's formal announcement of approval of the debt plan might
be expected within a day or two after the former's arrival in the Capital. FINANCIAL CONTROL AGREED TO BY GERMANY—
Fer this reason it is expected in the financial district that the announcement
REPORT OF COMMITTEE ON GUARmay be forthcoming within-the next day or two. In his statement sent
ANTEES DELAYED.
up from Mexicl City and made public here yesterday Senor do la Huerta
intimated to officials at the Mexican Financial Agency in the Equitable
In another it em we refer to the forthcoming conference to
Building that he probably would have an important statement to make
be held in Loni'on between Prime Minister Lloyd George of
shortly.
„The general impression here is that the plan may be sent out to bond- Great Britain and Premier Poincaire of France to discuss the
holders by the first a the month, although nothing official has as yet been question of a moratorium for Germany. On July 22 the
given out in thFi' respect. Jt is felt that the bankers will lose no time after
Commission at Paris received from
they are advised of President Obregon's approval before sending out calls Allied Reparations
for deposits of tho various classes of bonds in connection with making the • Chancellor Wirth of Germany a letter accepting the condiplan eperative.
ions incident to financial control during the continuance of
. Discussions as to thesituation developed at the conference, which conAs to the advices of Chancellor
cluded .with the signing of the debt agreement, indicate the impression on the expected moratorium.
the part of the local banking interests that the final settlement was fair to Wirth, we quote the following Paris Associated Press cableboth. sides. It cannot be learned whether the international banking
gram July 22:
committee which conferred with Senor .de la Huerta was forced to make
Accepting the demands of the Allied Committee on Guarantees which
more,concessions than had been originally planned. The only way Wall
presented at Berlin last Tuesday, Chancellor Wirth, in a letter to the
Street has of gauging the situation is from straws, and because of the fact were
Commission, received to-day, stated that Germany, after
that rumors were current at one time indicating the possibility that the Reparations
deliberation, had decided to accept the conditions for the duration
international bankers would 'withdraw from the conference it is believed profound
moratorium which the German Government assumed would soon be
that at this point all reasonable concessions had been made by the bankers. of the
granted.
The fact that the conference continued to a final conclusion is viewed as
The conditions, the letter points out, place a heavy load upon the German
prom that the international committee maintained a strong front and that
Government, and their acceptance is only agreed to by the Government and
Mexican
the
was
front
it
which gave way.
toward the end
the Parliament on the theory that the forthcoming decision on the repara•
tions question will constitute a definite settlement of the chief financial
been the subject of negotiations between the ComFORTHCOMING CONFERENCE IN LONDON OF PRE- questions which have .and
the German' Government.
of'Guarantees
mittee
GEORGE
AND POINCAIRE TO
MIERS LLOYD
The plan for the Allied control of Germany's finances, worked out by the
CONSIDER. GERMAN • MORATORIUM.
Committee on Guarantees, proviaes for the accrediting of the committee's
to practically all the departments of the German Ministry
Announcement that a conference between David Lloyd representatives
of Finance, over which they will exercise personal supervision.
dealing with 'receipts and expenditures, the movement of
bureaus'
George, the British •Prime • Minister, and Raymond PoinThe
and questions relating to the publication of financial and
Clare, the French -Premier, had been arranged for early in capital abroad
economic statistics will be especially controlled.
August .to., discuss the _question of a 'moratorium for GerGermany agrees to furnish the committee with monthly statements showtax. The
Press
Associated
in
came
cablegrams
many
from Paris ing the progressIn the collection of taxes; including the income amount
of
percentages assessed on private business, daily statements of the
July 23. These advices likewise stated:
the exact
forthsetting
ten
days,
every
the floating debt and statements
It is expected that the conference will assume the proportions of a situation
the
which
German
documents
finances
are
Government's
the
of
meeting of the Supreme Council, as it is generally understood here that Government
has promised faithfully to make. Monthly reports of the reBelgium is sure to be represented, and if the Italian crisis is solved in time
cuctoms, taxes, the post offices, the telegraphs and the railroads,
from
ceipts
that Italy also will have delegates present.
supplemented monthly by a report on the situation of the floating debt,
,Realization that the reparations question has reached a decisive crisis
further requirements which Germany has argeed to.
Is held responsible in French circles for Premier Poincare overcoming his are
The German Ministry of Finance also must submit to the committee
oft-expressed aversion for, supreme councils and his decision to have the
quarterly statements of the receipts and expenditures under the current
matter of a German moratorium discussed before the first supreme council
budget. Finally, yearly, the recapitulation of the receipts and expendihe has agreed to attend since he was called to the Premiership.
of the national budget after the annual settlement and balancing of
The fact that M. Poincare will be accompanied to London by Minister tures
German Government accounts must be furnished.
of Finance De Lasteyrie, and Count Peretti de la Rocca, Director of the
The German Government undertakes ta acquaint the delegates, at the
Political Affairs at the Foreign Office, as well as several technical experts
are presented to the Reichsrat, with, first, the
from both the Foreign Affairs and Finance Ministries, and the Premier's same time as the measures
for the coming fiscal year; second, all bills pertaining to
acceptance of the invitation to meet Mr. Lloyd George without awaiting budget estimates
third, all requests for additional or supplementary
the decision of the Reparations Commission on the moratorium question financial measures;
provided for in the budget with the exception of credits for
are regarded here as significant that the fate of the German moratorium credits to those
less than 500,000 marks; fourth, the monthly statements of expenses to be
is more likely to be decided at London than Paris.
credits granted in the budget, and, fifth, statements at
That M. Poincare reserves full freedom of action for himself at London applied against
regarding the measures adopted for economy and
Is explained in a semi-official note issued at the Foreign Office to-day. fixed regular dates
appointed Under Secretary of State for Economy.
recently
the
saying that the Premier's letter to M. Dubois. head of the Reparations enforced by
The memorandum demands the right for the committee's delegates to
Commission, on July 19 has been erroneously interpreted in some quarters
expenditures of any department of the Ministry
as containing the "instructions of the French Premier on the moratorium Investigate whether the
of Finance exceed the credits authorized for it. The delegates will appoint
question to the French representative on the Reparations Commission."
the traveling auditors from the Ministry
accompany
to
a representative
The note says In part:
Germany.
"It is true that M. Poincare addressed a letter to M. Dubois on that of Finance throughout
The control, as outlined, is to be effective Nov. 1 1922.
date, but the document only expressed partially the idea of the President
Concerning the floating debt, the German Government, it is stipulated,
of the Cabinet, who at the time he wrote it was not even in possession
at all times requested, statements showing
of the report of the Committee on Guarantees. Under those conditions must submit to the delegates,
floating debt and the measures for payment
the note could not represent the final opinion of the chief of the French the exact standing of the
to cover expenses.
Government, which will only be made up after the Government has taken adopted by the Ministry of Finance
JULY 29 1922.]
T1114, CHRONICLE
riCopies of all the Finance Ministry's statements of expenses and receipts
must be furnished to the delegates, as well as the rate of interest on outstanding bonds and the amount of paper monex in circulation.
Concerning the export of capital, representatives of the committee will
be accredited to the Finance Ministry and kept fully informed of the
movement of capital, but without access to information concerning the
private fortunes or businesses of individuals.
•Regarding economic statistics, the German Government must Supplement its monthly statements of exports and imports by a quarterly publication indicating Germany's trade with the 12 States which in 1921 had the
greatest commercial dealings with Germany,specifying the exports invoiced
in foreign exchanges and those billed in marks. Railroad, river, canal
and ocean transportation reports are to be published and submitted to the
committee as regularly and under the same form as previous to the war.
The German Government must also make public quarterly a full report of
steel production.
Statistics relating to the collection of taxes, including the income tax,
must be submitted to the committee within the shortest possible time.
Reports on the custom showing the total amount in gold marks collected
at the pelts of entry must also be speeded up.
Penalties, the maximum of which is two years in prison and a fine of
1,000,000 marks, are provided for against persons and firms guilty of
violating the measures adopted by the German Government against unlawful
export of capital. These measures were satisfactory to the Committee
on Guarantees.
A special department in the Ministry of Finance is to be created. In
it the committee will be represented and must investigate all requests for
transfer of capital abroad before approval is made by it. Only persons
in possession of special authorization from this department may engage
in export trade.
All export trade necessitating the transfer of capital will go through the
Chambers of Commerce, the members of which will deal directly with the
special department supervising the export of capital.
The majority of the opinion in French financial circles expresses satisfaction with the plan adopted. A few extremists desire a more stringent
control, but generally it is thought that that would be more difficult to
exercise without prejudicing the sovereignty of the State.
On July 23 Associated Press advices from Paris stated that
the report of the Committee on Guarantees was expected to
be handed to the Reparations Commission this week. Yesterday (July 28) Associated Press cablegrams from Paris
had the following to say:
At a meeting this morning the Allied Committee on Guarantees decided
not to present its report on the German financial situation until next week.
The report is virtually completed, but the Reparations Commission has
considered it advisable not to take any action on the report or on the question of a moratorium for Germany until the Allied Premiers have passed
upon these matters at their coming meeting in London.
The suggestion for postponing the London conference until after Aug. 15
Is opposed In reparations circles on the ground that the question should be
cleared up before the next monthly payment from Germany falls due, the
middle of August.
If it is decided to delay the London meeting beyond that date it is considered probable that the commission will grant a moratorium for the
August payment as a means of bridging over the situation until the Premiers
have conferred on the subject.
Previous reference to the proposed financial control of
Germany and the demand for a moratorium appeared in,our
issues of July 15, page 246, and July 22, page 362.
ALLIED REPRESENTATIVES REFUSE GERMANY MORATORIUM ON PRIVATE CLAIMS.
• The New York Times on July 25 announced the following,copyright advices from Paris:
At the same time that the German Government sent its demand to the
Reparation Commission .for a:two-year moratorium .in addittot'to that already extended. the.German Ambassador in.Paris, on instruction from his
Government, put in a request to M.Poincare for.a reduction in the amount
of the monthly payments fixed last year to be Paid by Germany'to the Central Office of Compensation in liquidationof claims of private citizens against
Germans which were in abeyance during the war years. The amount
fixed and agreed. to by the German Government was £2,000,000 a Month
for all the Allies. For this payment the German Government accepted
responsibility. though the claims were against private citizens.
On July 18 the German Ambassador, advancing the fall of the `mark ai
the reason,, wrote to M. Poincare asking that the monthly payments be
reduced to £500,000„ The complaint is also made that many claims'inade
are:exceasive and that, arbitration being slow, a period of respite should
be granted during which reduced payment should be demanded and proceeds from liquidation of German properties held abroad should be sufficient
to meet all compensation.
To-day representatives of the, Allied Compensation Office met to consider
the request, and (Os understood that it. has been refused. The argument
which was accepted was that these payments were voluntarily accepted
by the German Government, though actually owing by private firms and
that lowness of the mark cannot be considered sufficient ground for failure
to pay. The monthly installment of£2,000,000 will therefore be continued.
REDUCTION IN GERMANY'S COAL DELIVERIES TO
ALLIES.
Under date of July 21 press advices from Paris stated:
The Reparation Commission announced in an official communication
this evening that with a view to granting further relief to Germany it had
been decided that Germany should deliver to the Allies only 1,725,000 tons
of coal and coke during the period from August to October, inclusive. The
former schedule of deliveries called for 5.750,000 tons per quarter.
10i The decision provides that should the total production of coal and coke in
Germany during that period be greater than 8,350,000 tons, 20% of the
surplus should go to the Allies.
CONCLUSION OF THE HAGUE CONFERENCE—AGREEMENT ON RUSSIAN PROPERTY.
The Hague Conference on Russian Affairs was brought to
a conclusion on July 20 without apparently being any more
successful in reaching agreement as to the solution of Rus-
sian problems than was its predecessor—the Genoa Confer-
489
ence. The sessions of the latter were held from April 10 to
May 19, and details were given in these columns May 20,
page 2196, and May 27, page 2302. The accomplishments of
The Hague Conference, which was brought under way on
June 14, seem to consist mainly in the adoption of a resolution under which the representatives at the Conference agree
to recommend to their Governments the desirability of refraining from assisting their nationals in attempting to acquire property in Russia belonging to other nationals, and
confiscated since Nov. 11 1917, without the consent of the
former owners. Associated Press cablegrams from The Hague
on July 20 reported the•text of the resolution as follows:
The conference recommends for consideration of the Governments
represented thereon the desirability of all Governments not assisting their
nationals in attempting to acquire property in Russia which belonged
to other foreign nationals and was confiscated since Nov. 11 1917 without
the consent of such former owners or concessionaries, provided some
recommendation subsequently is made by the Governments represented
at The Hague Conference to all the Governments not represented, and that
no decision shall be reached eacept jointly with these Governments.
M. Cattier, Belgium representative at the Conference, according to the Associated Press, made the statement at the
final session of The Hague Conference that'the United
United States, he added, had no intention of departing from
its line of conduct with regard to property expropriated in
Russia. The following is also from the Associated Press
accounts from The Hague July 20:
The resolution gave rise to some debate. Prance, through M. Alphand,
moved to amend the resolution so that the word "belonged" would become
"belongs." France's idea was that although the property had been seized
by the Bolsheviki it was legally left in the possession of foreigners, and
that in the resolution the use of the present tense of the verb should clearly
record this fact. The amendment was rejected.
The end of the Conference means that when one month has passed the
Powers are free to make separate agreements with Russia, and that Premier
Lloyd George's non-aggression pact lapses. This was the arrangement
made at Genoa. It permitted The Hague Conference to be held without
the menace of war arising between Soviet Russia and the other European
nations during the period of negotiation.
The Baltic States did not succeed in their efforts to have set up some machinery for possible continuance of the work at The Hague. Believing the
Russian project for recognition of debts and the right of compensation for
confiscated property was a logical basis for an eventual accord with Russia,
the Baltic States wanted to create some organization for receiving the Moscow Government's reply as to whether the newest proposal of its Hague
delegates was officially ratified.
Through this organization, the Netherlands Government, for instance, it
was pointed out, could then transmit the reply to all the other Governments,
and, if favorable, it could serve as a foundation for renewed negotiations
and perhaps another conference. The Baltic delegates were fhmly convinced of the necessity of losing no opportunity to provide for the regeneration of Russia. They were induced, however, not to push their point and
the matter did not arise at the closing session of the confer nee, which adjourned after the property resolution and a series of reports were adopted.
Three separate documents explaining why the sub-commissions on private
property, credits and debts failed to reach any conclusions which would
serve as a basis for a general agreement with Russia were among the reports.
The fourth document, a general survey, declared the new Russian proposal could not form the foundation for an agreement because it did not
embody any working rules or machinery or any guarantees which could
insure the effective discharge of the obligations the Russians proposed to
undertake.
Hilton Young, commenting on the report, expressed belief that if Russia
put her words into practice
immense possibilities would be created for
settlement or the Russian question.
Speaking officially as a British delegate, he found hope in the fact that
the Russians were ready to recognize their contracts and liabilities without
counter-bargaining for credits.
. ,
"There are signs." he said, "of regenerate realization by the Russian
Government that it Is useless to expect credits until the basis of credits has
been restored—that is, creation of confidence throughout Europe that
Russia is prepared to recognize its obligations."
The report containing an outline of the work of the conference mentions
the resolution adopted yesterday that if the Russians would loyally carry out
their declaration it would contribute to re-establishment of the confidence
necessary for the collaboration of Europe in the reconstruction of Russia.
The labors of the non-Russian commission, adds the report, have been
inspirea throughout by the earnest desire to discover some measure for a
practical, immediate agreement which could remove the obstacles now prereconstructionnting application
of the civilized world for the
nf of he common
vresources
industry.sour
Russian
"Although it has been impossible on the present occasion to discover such
a measure," it says. "the non-Russian commission believes it still Is possible
to turn from regretful contemplation of the past to hopeful conteMplation of
the future, In confident assurance that there will be no qualification in the
desire of all nations to removeo bstacles from the path of Russian reconstruction or in their good will to bridge the gulf now separating the other peoples
from the people of Russia."
In conclusion the report registers satisfaction that throughout the deliberations of the not-Russian commission there has been complete unanimity
among the delegates of all the nations represented, saying:
"Twenty-six nations represented at The Hague have spoken not with
many voices, but with one, and this cannot but be of signal benefit for the
future."
The trend of comment, as expressed by one of the butch newspapers, is
that "the conference did not die a natural death but was strangled."
In the opinion of an observer two considerations stand out clear in any
attempt to understand the sudden collapse of the conference: First,that M.
Litvinoff,in private conversations with the British delegates,informed them
that his program for recognition of claims would necessarily be conditional
upon general de jure recognition of the Soviet Government by the Powers,
and that this statement immediately influenced the attitude of the British
delegates and the others as well, chilling their reception of the Bolshevik
proposal. Second, That the Russian project placed all negotiations conGovernment on one
cerning property and debts In the hands of the Russian
side and the people of foreign countries on the other and ignored govern-
490
THE CHRONICLE
mental prerogatives, yet, at the same time invelved, as
M. Litvinoff is
supposed to have privately explained recognition by the government'
s of
the Soviet State.
[VoL. 115.
New Customs Tariff.
The new customs tariff, continued M. Krassin, was
based on the same
principle which existed before the war and before the
revolution and figures
were about the same. Asked if concessions for maritime
transport were
possible, M. Krassin replied that the Government was
anxious to attract
foreign capital for this purpose and he believed that
concessions were
possible both for maritime river transport, on the system of
mixed societies
with the Russian Government as a partner, or with the
concessionaire
paying a percentage on the goods transported.
In our issue of July 1 (page 18) we indicated that Russian
credits had been made the primary discussion at The Hague.
On June 30 the demand for total credits for Soviet Russia
of 3,224,000,000 gold rubles was made by Maxim Litvinoff,
head of the Soviet delegation, as a condition, it was said in
In stating on July 11 that the Russians were being left aside
a copyright cablegram to the New York "Times" from The
Hague, for Moscow's recognizing Russia's obligations with and that the heads of the delegations of the other countries
a moratorium. The following is from the same copyright weer spending the day trying to work out a plan for continuing The Hague Conference with some prospect of accomplishcablegram June 30:
This demand has nothing to do with the plan for trading credits worked ment, the New York "Times" in a copyright
cablegram from
out at Genoa. That was a plan for governmental assistance to nationals
The Hague, added in part:
who seek to do business in Russia. When
Litvinoff announced on Tuesday
that the Russians woUld do nothing about debts or private property
until
they got credits he was asked to state how much he wanted and for
what.
To-day he gave the Credits Commission his reply. He announced
he wanted
credits in foreign currencies and loans up to 3,224,000,000
gold rubles, or,
calculating the rubl at 50 cents, $1,612.000,000.
His plan is divided into four categories: First, transport,
1,050,000,000
gold rubles; second, agriculture, 924,000,000 gold rubles; third,
industries.
750,000,000 gold rubles, and, fourth, miscellaneous,
divided into commercial credits, 300,000,000 gold rubles and bank credits
200,000,000.
Litvinoff then advanced the argument Rakovsky
used once a day at
Genoa,namely, that Allied intervention had costRussia
50.000,000,000 gold
rubles, ostensibly for the purpose of showing the Russians
were letting the
Allies off easy. To show further whose fault it all,
was Litvinoff said
Russia's wealth before the war was 150,000,000,000
gold rubles with an
Income of 12,000,000,000 to 15,000,000,000. The
European war and
intervention had reduced her wealth by five-twelfths.
Then he explained Russian recontruction could not
be undertaken piecemeal, but on the basis he had outlined. He quoted
Lloyd George on the
interdependence of nations and said Eurcpe ought to
hurry to restore Russia, which could only be done by giving the
Soviets the credits asked for.
In indicating that no credits to Russia would be forthcoming without satisfactory guarantees'being given regarding
confiscated property in Russia, Sir Philip Lloyd-Graeme, the
" British delegate, was reported in Hague cablegrams July
7
as saying:
No credits, public or private, in any country of the world,
will be forthcoming unless satisfactory conditions are obtained regarding
property.
• It is absolutely necessary we should know what property
will be restored:
what you intend to do when property is not restored, and
what will be the
conditions of restitution. Until this is known it is perfectly
futile and absurd to continue.
It does not rest with Governments to settle conditions
of cfedit. They
are settled by the people having money to invest.
If the non-Russian
experts are unable to say how much money will be
available, it is because
the whole position on credits depends entirely on the
reasonableness of the
Russian attitude on restitution.
It was added in the cablegrams:
Partly with the idea of saving the conference from
to contribute light on the property issue, Krassine collapse, and partly
acting in the role of
peacemaker, suggested that each side omit
controversial points from the
discussion as far as possible. Thus the Europeans
would cease talking
about absolute restitution and the Russians would cease
This was agreed to with the understanding that demandirg credits.
classified industries
would be taken up and an effort made to establish
conditions for restoration to former owners which would be mutually
satisfactory. Some 600
concessions, divided into twenty branches, were mentioned,
including about
thirty oil concessions, some for production and others
for refining.
The attitude of the Russians in refusing to meet the private property
conditions has brought the negotiations to a standstill, but the British
are
anxious to keep going, on the theory that the Soviets are only bargaining
and will finally come to terms.
This is against Genoa experience. Nevertheless it was decided to-day to
send to the Russians four definite questions designed to bring a clear statement of their position regarding the claims of foreigners dispossessed by the
Bolshevist nationalization program.
The following day (July 12) the Associated Press accounts
of the proceedings said:
The chasm between the Russians and the other Powers apparently is far
wider than at Genoa, and the non-Russian group is not divided, as it was at
Genoa. The British and French are acting now in agreement on the demands concerning nationalized property, which the Russians say practically
amount to insistence on absolute restitution.
This position was developed at the meeting this morning of the sub-commission on property, after which Maxim Litvinoff, head of the Soviets,
stated emphatically he believed that the conference had exhausted its usefulness and would end without results. This afternoon the sub-commission on debts had equally unfavorable results. The Russians insisted on
having the present conference fix the total amount of pre-war debts Russia
would be expected to pay, but the non-Russians stood out for fixing
this
sum through mixed commissions at a later date.
At the conclusion of this meeting M. Litvinoff granted an interview
in
which he declared that the non-Russian delegates had clearly
agreed to make
the conference a failure and were trying to pin the Russians
down to answer
questions in order to justify breaking up the meeting.
"We have had no reply to our repeated requests for definite statements
regarding what credits we are to get for reconstruction," he said.
"Instead of definite answers we get lectures on confidence and how to restore
confidence. Unfortunately confidence is not marketable in Europe under
present conditions. If we cannot get credits through the Governments,
we shall get private credits. Perhaps we shall get less money, but we can
retain our self-respect. The Danish delegate even suggested that Russia
ought to be willing to accept financial control, such as Turkey has."
M. Litvinoff criticized the organization of the conference bitterly. Its
division into sub-commissions, which was arranged before the Russians arrived, he declared was destined to complicate the negotiations and prevent
their success.
"I want to prophesy," he added,"that to-morrow's meeting will be a kind
of religious ceremony, as to-day's meetings were, and that after the conference is broken up, the non-Russians will meet and adopt resolutions denouncing and blaming us for the failure, and will pledge themselves not to
undertake further separate negotiations with Russia.
Russia in Defiant Mood.
"But that pledge will be broken shortly: it won't amount to anything.
Russia is prepared to fight another decade; Europe cannot ignore 150,000.000 Russians."
In reporting the issuance at midnight on the 13th inst. of
a statement by the Russian delegation announcing that the
After it became evident that the Conference was
near disConference was definitely over, the Associated Press in its
ruption on the question of confiscated property, it
was announced on the 10th inst. that the European delegates, under Hague advices had the following to say:
Following upon the action of the non-Russian sub-commission
instructions from their Governments, had decided to
on private
adopt property in formally deciding that no useful purpose
could be served in
a united front on all questions before the Russian conference, continuing the meetings with the Russians,
the members of the credits
more particularly on the treatment of confiscated property. commission agreed this afternoon to inform the Russians to-morrow that
as the property negotiations had failed there was no reason for continuing
The Associated Press accounts stated:
discussions on credits.
A definite line of action has been agreed upon. This includes
the putting
of specific questions to the Russian delegates relative to the restitution
of property, on which their attitude is declared to be unsatisfactory.
Upon the answers depends whether the Cmference can continue.
The French delegates say there is no question about their withdrawin
g
for the present. Sir Philip Lloyd-Graeme, head of the British
delegation,
said to-night:
"We must bring about a settlement, or, failing that, must
obtain a
complete exposition of the facts as to why a settlement is
impossible.
Obviously we cannot continue indefinitely and there are
issues on which
we cannot procrastinate."
M. Krassin, in a statement replying to a series of questions
put
European experts concerning credits for transport and agriculture, by the
explained
that Russia wanted credits to repair such railroads as would
take care of
about half of the transport carried on before the war. In
general, he said.
Russia was not prepared to accord concessions for existing
railways. It
was ready to grant concessions for the construction of new
lines, but trunk
lines must remain in the hands of the Government.
For agricultural purposes, the Government was ready, he
said, to grant
concessions aggregating 4,000,000 hectares. It was
already in negotiation
with foreign companies and some four agreements were
practically completed, one for 100,000 hectares. The duration of the
concession, he said,
would be twenty-five years and the land which it was proposed
to concede
was fertile and near the coast, so as to make transport by sea easy.
With regard to foreign trade, M. Krassin declared that for
the present
he could not admit the resumption of absolute free trade with foreign
countries, as he was bound to protect his country which is
suffering from
depreciated exchange.
This did not mean that the State must control absolutely all foreign
credit, he continued. They had centralized the system of purchases in
foreign countries, thereby gaining in prices and quality, and they had
adopted the method of centralization for the sales of exports. He could
not change this system un61l. the relations with foreign countries became
normal, but meantime there was nothing to prevent foreign capital from
participating in mixed societies representing Russia abroad.
the
1.41
Thus another step toward a definite rupture has been taken. A joint
meeting on credits has been fiAed for to-morrow morning.
The present plan of the European experts is to call a meeting of the full
non-Russian commission Monday and have the meeting adjourn until next
Wednesday for approval of the reports of the three sub-commissions,
which are now being prepared.
At what was termed the final joint meeting of the Russians and non-Russians on the 14th inst. it was stated that
there seemed to be only a slight chance that further meeting would be arranged. The cablegrams (Associated Press)
said:
From beginning to end the differences have all centred about confiscated
property in Russia. All the formulas of the experts have failed because
the Bolsehviki stood fast on nationalization of property of foreigners and
Russians alike, and declined to make any proposals for compensation of
foreigners until they were told how much money Europe had ready to
advance them for reconstruction.
Sir Philip Lloyd-Graeme and Hilton Young of the British delegation,
Felician Cattier, Belgium, and Baron Avezzano insist that the door of the
Conference is still open, but that the Russians are shownig no disposition
to-night to re-enter the peace palace.
During the early stage of the meeting to-day Mr. Young gave an exhaustive review of the credit situation, emphasizing that the Governments could not control the capital which Russia required, but that this
was in the hands of private capitalists. The Governments could assist
Russia in its search for credits; they could help open the door, but were
unable to compel anybody to pass through. Confidence in Russia must
be recreated.
"Russia," he continued, "must reset the keystone in the arch
which
supports all credits at all times and everywhere—recognition of the binding
force of obligations solemnly contracted."
He characterized as a complete illusion, any idea that there existed-a
financial blockade of RuSsia in the sense of abstention from granting
JULY 29 19221
THE CHRONICLE
credits. It was the policy of the Russian Government itself which imposed
the blockade. Russia's insistence on the concentration of all credits in
the hands of the Government had placed an insurmountable barrier In the
path of those able and willing to find capital for Russian reconstruction.
491
Reciting the developments with the opening of the
joint
conference on the 19th inst., the Associated Press said:
Russia's delegation gave the joint plenary session of the
conference on
Russian affairs a dramatic surprise to-day by suggesting the
all the governments concerned of new proposals in connection reference to
with Russian
recognition of debts and compensation for confiscated foreign
property.
Proposals were that all the terms of settlement be left to direct
negotiations
between the Russians and the foreign bondholders and property
claimants.
These proposals made by Maxim Litvinoff were so unexpected
that the
majority of the non-Russian delegates craned their necks in
the endeavor
not to lose a word of the Russian leader's speech and in the
attempt also to
understand what would be the exact effect of the Bolshevik
proposition on
the interest of foreigners in Russia.
The Russian delegation undertakes to submit the plan to
the Moscow
Government. It does not pretend to know how the Russian
Government
M. Patyn points out that a similar concluion reached by the Third Sub- will treat the scheme, but it has asked the representatives
of
all
the other
Commission was explained to the Russians on Friday, and adds:
countries to submit the project to their governments and meet
in about a
"I am authorized to communicate to you that the President of the Third week to reach an agreement if possible.
sub-commission was giving voice to the unanimous opinion of the Presidents
Direct negotiations with foreign claimants has been
sought all along by
and members of the three sub-commissions when he stated at the above-men- the Soviet Government.
The idea behind the new project appears to be
tioned meeting on July 14 that if M. Litvinoff wished to make a statement
that
the
doubt
Russians
no
declarations
previous
sub-commissions
other
the
would
his
modifying
like the foreign Governments officially to favor
would take his statement into account, and the door was not closed to fur- direct negotiations as the best means of the settlement of debt
and property
ther negotiations."
claims.
M. Litvinoff conferred with Edward F. Wise of the British delegation toDetailing
the day's deliberations, the Associated Press caday, after which rumors were circulated that the negotiations were to be reblegrams July 19 stated:
sumed.
Mystery marked The Hague proceedings to-day and
The acceptance by Soviet Russia of the invitation to rethe Conference
ended in an
manner. After Maxim Litvinoff, head of the Soviet
state its case was made known by the Associated Press on delegation, uncertain
had proposed to submit to Moscow a recommendation
to
July 16, which said:
acknowledge pre-war debts and admit the general principle
of compensation
Maxim Litvinoff, head of the Soviets, has communicated with Moscow for foreign property, there was a temporary effort on the part of the
and Russia's answer to the communication sent to the Russian delegation non-Russian delegates to create the impression that the Russians had
yesterday, which was virtually a bid for new declarations from the Rus- yielded materially.
When the non-Russian delegates met in the
sians, may be delayed until Moscow has its say.
afternoon, however, to
In the mean time the non-Russian delegations continued preparing re- examine Litvinoff's proposals further, there was a decided objection to
ports of the three sub-commissions, which will show why they failed to reach submitting these proposals to the various Governments and an unwillingan accord with the Russian delegates on the vital questions of property, ness to wait for seven days, as M. Litvinoff had suggested, for Moscow's
debts and credits. Whether these reports will be presented and adopted at action on the recommendation.
One of the results of this meeting was the adoption of a
a final plenary session on Wednesday depends on the nature of the Soviet
cryptic resoluanswer. On this MM.Litvinoff, Rrassin and Sokolnikoff labored through- tion, introduced by Baron Avezzano, Italy, which was so puzzling
that
nobody
but the delegates, and probably not all of them, could
out Sunday.
understand
Stating on July 17 that Soviet Russia would be given an it. Then the non-Russian delegates decided to hold a final plenary meeting
at 3 o'clock to-morrow afternoon to receive the reports
of the three subopportunity the following day to outline any new proposals commissions and bring the
Conference toa final close.
The resolution reads:
before the Conference, Associated Press accounts added:
non-Russian Comnilssion, concluding
work at a point arrived
In other words, The Hague Conference has been resuscitated, though at"The
in the discussion at The Hague with theitsRum
Ian Commission and
not in whole-hearted, swinging fashion Indicative of general optimism.
which is recorded in the reports compiled
and approved by the three
Everything depends upon whether the Russian delegation has concrete subcommissions, notes with satisfaction the proposal
of the Russian delepropositions concerning confiscated propel ty showing a distinct change gation to make submission to its Government in the sense contained
in
the declaration read by M. Litvinoff at the plenary
from the previous attitude of the delegation on this problem, which the
"The non-Russian Commission does not find in session of July 19.
European delegates deemed utterly unacceptable.
ration itself the basis for an agreement, but notes the terms of the declathat the line of conduct
in the declaration can, if accepted by the
Maxim Litvinoff's letter to the non-Russian experts to-day asking for a indicated
Russian Government,
and loyally carried out, contribute
to the
of confidence, which
renewal of the negotiations was discussed by the European representatives. s necessary for
the collaboration of Europerestoration
in the reconstruction of Russia.
agreed
was
the
that
Russians
non
should
Sub-Com-The
invited
the
meet
be
to
It
-Russian Commission also notes that this
declaration can
mission on Property to-morrow and submit any new suggestions they may help to create a favorable atmosphere for any further negotiations
which
may be considered expedient by the
various Governments."
have.
At the morning session M. Litvinoff,
The French opposed any renewal of the pourparlers, insisting vigorously
in submitting his proposal, exthat Litvinoff's communication was merely a reiteration of the old Bol- plained that the Russians had reached the
conclusion from the speeches
shevik position and consisted of old goods wrapped in new paper. The of the other side that credits and
general financial assistance were not
Russians would not restore property, the French declared, and they would possible, at least for the present,
and therefore an entirely new situation
discuss forms of compensation only when they knew how much they owed had been created.
foreign countries and the extent to which foreign countries were ready to
Because every concession made by the
Russian delegation had been on
the assumption that credits would be
help Russia financially. Other delegates'voiced the same view.
forthcoming, the Russian delegation
M. Cattier, the Belgian expert, acted in the role of mediator in the diver- must ask Moscow for new
instructions.
"I presume," he continued,
gent positions occupied by France and England,and brought about an agree"as there is no question of financial help
ment to hear the Russian case to-moriow. In the meantime the Sub-Com- to Russia, and in consequence no
means of gauging the speed of the economic
missions on Debts and Credits will suspend their work on the ground that recovery of Russia, the non
-Russian Commission would not insist on
the future of the Conference depends entirely on the result of the property further discussion at The Hague
of the details of the various claims the
negotiations, which the non-Russians consider as the pivot of the entire Russian delegation is asked
to consider, or details of the forms of comConference.
pensation, where property is not
returned in some form or another.
"If the other delegations will
Announcement that the Russian delegates had forced comagree to refer our proposal to their respective
the Russian delegation will ask its Government whether
pliance with their demand for a joint plenary session to find, Governments,
Russia is prepared, assuming
credits in the sense intended by the Russian
if possible, a way of saving the Conference and continuing delegation cannot be given, first, to acknowledge the debts due by the
Russian Government or its
predecessors to foreigners, and,second, to agree
the work, the aim of which is the reconstruction of Russia to
give effective compensation to
foreigners for property which has been
and her re-entry into the comity of nations, was contained nationalized—provi
ded, that the terms of payment of the debts and the
In Associated Press cablegrams on the 18th inst., from which terms of compensation, whether in the form of concession of properties, or
otherwise, be left to be agreed upon between the Russian
Government and
we quote the following:
the persons concerned in
the course of two years."
victory
was
Bolshevik
complete,
point.
The
except
one
possibly
on
When M. Litvinoff and
The
learnsd
the
associates
his
action
of
of the Euronon-Russian delegates insist that when the Soviet delegation meets them, peans, they declared the Russian declaration was automatically
withdrawn
probably to-morrow, the Russians will restrict their st,atment to absolutely by the failure of the other
delegates to wait seven days for Moscow's action,
new proposals and clear-cut propositions justifying resumption of the nego- and that the Russians now felt free to make separate agreements
with the
tiations. The Bolshevik' took their victory calmly and were not inclined various Governments as occasion might offer. Collective
bargaining never
appealed strongly to the Moscow Government, according to
to murmur against the conditions imposed on them.
Litvinoff,
One of the Soviet delegates informed the Associated Press to-night that the and now the coast was clear for dealing with individual nations.
In explaining the
Russians would meet the non-Russian delegates and endeavor to submit
significance of the Russian proposal, a Soviet delegate
something new and tangible relative to compensation for confiscated pro- informed The Associated Press correspondent that if the Powers,
including
erty which Russia was unable to restore to the former owners, but added Russia, ratified to-day's proposition the Russian delegation was
ready to
sight, at The Hague, an agreement which, in principle, would
laughingly:
recognize
"Moiatorium is a popular word nowadays: we may ask for a moratorium, Russia's debts and the right
compensation
of foreigners to
for confiscated
in other words, for a delay of some fifteen or twenty years for the payment property.
"The Powers have been emphasizing the necessity of creating confidence
of compensation. How can Russia do otherwise in her present economic
condition?"
in the Russian Government,
if we expect financial help from abroad," he
The Soviet representatives refused to attend the morning session of the said. "Well, we are ready to
build a basis of confidence by recognizing the
property.
-commission
arrived
on
car
Instead of the delegates a motor
sub
claims against us. Surely we cannot do more. Of course, we cannot
pay
with a messenger bearing Maxim Litvinoff's letters corning the European the bondholders now and
must ask for a moratorium of, say, thirty years.
delegates for the manner of their invitation and demanding a meeting with
"We are ready to arrange for compensation in those cases where exprothe entire non-Russian delegation,so as to afford an opportunity to elaborate priated property is not returned
in one form or another. In the meantime,
a basis of accord on all the problems of the agenda—property, debts and during the two years of our direct negotiations with the claimants, we
would
credits.
hope to get financial assistance
from abroad, because the world would have
To-night finds the conference in this position: Europe wants the restora- more faith in us, would
have confidence. We would expect to inaugurate
tion of confiscated property, or desires to know something definite about the negotiations for de jure recognition
of our Government.
plans for compensation. It also seeks information about the payment of
"Out object in getting foreign Governments to support our plan is that
interest on debts and tho recognition of pre-war debts. After that it will be the foreign Governments
would assist their nations in their negotiations
ready to discuss the credits it will recommend for Russia.
with us, and not placa obstacles in their way."
The Soviet say they cannot agree to a blanket restoration of expropriAsked if American bond or property holders would be treated on the same
ated property, though they may restore it through private arrangements footing as Europeans, the spokesman said he thought so, but it was
too
with the former owneis. They are ready to discuss forms of compensa- early, to go into that matter.
He remarked, however, that American
tions, but deem it imperative to know first the total amount of claims claimants were few, and there would probably be no objection to equality
against Russia and how much financial assistance the world is ready to grant treatment, even if the American Government did not participate in
the
their Government.
suggested agreement between the Powers and Russia.
On the 15th inst. M. Patyn, President of the Central Commission, according to an official communique, it was learned
through the Associated Press, sent a note to Maxim Litvinoff,
enclosing a copy of a letter dated July 14 from the President
of the Debts Sub-Commission, containing notification that
the Debts Commission had come to the conclusion that discussions with the Russians were no longer expedient. The
further Associated Press advices stated:
492
THE CHRONICLE
[VOL. 115.
• The impression is general to-night that the experts got beyond their depth,
Although the Germans were not asked to subscribe to the resolution of The
and the various Governments decided it was best to bring the conference to a Hague conference pledging the nations to prevent their nationals from
close before further political complications arose. While the delegates con- accepting concessions involving the property of foreigners, Germany evistantly stated that the conference was an economic and financial affair,it was dently is following the same policy as the United States, which will use its
clear from its inception that it was little less political than Genoa. The influence to prevent Americans from acquiring confiscated property in
French and Belgian delegates had favored concluding it for the last fort- Russia.
night.
The Soviet has also granted to the Deutsche Bank permission to establish
Many of the delegates, especially the French and Belgians. were opposed to a branch at Moscow.
turning their citizens over to direct dealings with the Soviet Government.
All the business men who have been trying to deal with Maxim Litvinoff.
They preferred that Governments and not citizens should deal with the chief of Soviet legations abroad, and his associates, apparently have avoided
Soviet, and M. Litvinoff's project tended to place all negotiations with the concessions involving foreigners' property. Thus, it is commented, The
Soviet in the hands of the people.
Hague conference resolution already is in effect. Financial interests also
"Russia will attend no more conferences. Genoa and The Hague have are unwilling to open their new Russian ventures with lawsuits arising out
Maxim
Litvinoff
said
been enough for us,"
to the Associated Press corre- of doubtful titles.
spondent to-night between the acts of a gala peiformance of "Shylock,"
Workmen in the Caucasian oil fields recently demanded that their wages
which Louis Bouwmeester, Holland's foremost actor, gave for the conference be paid in gold. The Bolshevist Government was compelled to comply
delegates and the visiting newspaper representatives.
because of the great scarcity of oil and the need for fuel to keep the railways
"We are seeing a tradegy to-night," M. Litvinoff continued. "Its an and steamships going. The situation in the Baku and other oil fields is so
interesting contrast to the comedy which the conference afforded to-day," critical that the Government apparently is extremely anxious to effect some
The Russians, however, are not making any preparations to-night for arrangement which would insure systematic developments of proved fields
their departure, and the conference has been reported ended so often that on scientific lines so as to avoid waste and insure oil for exportation as well
there seemingly is an unwillingness to believe that the temporary revival as local consumption.
brought about by Litvinoff to-day may not be repeated.
Informal conferences frequently are held with the old owners of oil wells,
None of the other delegates liked to talk about this matter to the corres- and it is considered not unlikely that direct negotiations may effect a setpondents because they believed it too delicate a matter to air in the public tlement of claims whereby large areas of proved oil fields may soon be
prints. Apparently they do not wish to appear as opposing any legitimate operated by foreign companies in co-operation with the Soviet without
project for the small European investors to get their money back. At the raising international complications.
same time they are opposed to the Boshevild wo7king over the heads of their
Development of fields whose oil capacity is not thoroughly determined,
Goveonrnents and establishing organized relations with their citizens, which like the new German concession,is slow and uncertain. It does not promise
they consider would be too much like aiding and abetting the Bolshevist an immediate fuel supply for Russia and an income to Soviet Russia.
cause.
Therefore, M. Krassin and his associates are declared to be anxious to
Some of the European representatives, however, speaking unofficially, have the oil fields operated by foreigners under conditions insuring a
pointed out what they termed the grave danger to the social government steady income.
systems of Europe, which they deemed an inevitable accompaniment of the
Russian project, if put into operation. They contended that it offered II. C. HOLMESELECTED SECRETARY AND TREASURER
untold opportunities for the dissemination of Bolshevist propaganda because
FIRST JOINT STOCK LAND BANK OF NEW YORK.
it meant that every small bondholder in Europe henceforth would have a
direct interest in the welfare of the Soviet Government and would be put
At a recent meeting of the board of directors of the First
into direct communication with it. Their hope of eventual payment would
lie in the perpetuation of the Soviet regime. These people would be inter- Joint Stock Land Bank of New York, H. C. Holmes of
ested in having their Governments help the Russian Government into perm- Washington, D. C., was elected Secretary and Treasurer,
anent power.
to take service Aug. 1. Mr. Holmes succeeds George H.
"Thus it opened," said one of the delegates,"a very subtle means of Bolshevist propaganda, through the direct establishment of a community of Howard and H. J. Lowndes, who acted as temporary
material interest between the Moscow Government and millions of people secretary and temporary treasurer, respectively. Mr.
of Europe whose small savings are invested in Russia. This is particularly Holmes was for three
years in charge of the department of
true of France.
loans in the Federal Farm Loan Bureau. The organization
As indicated above, the final session of the Conference on
of the First Joint Stock Land Bank of New York was referred
July 20 brought the adoption of the resolution regarding ex- to in our issues of May 13,
page 2075, and July 8, page 133.
propriated property. In addition to the account of that day's
developments, we quote the following from the Associated
OFFERING OF FREMONT (NEB.) JOINT STOCK LAND
Press:
BANK BONDS.
The report containing an outline of the work of the conference mentions
the resolution adopted yesterday that if the Russians would loyally carry out
Brooke, Stokes & Co., and Harris, Forbes & Co., offered
their declaration it would contribute to re-establishment of the confidence
on July 25 $2,000,000 Fremont (Neb.) Joint Stock Land
necessary for the collaboration of Europe in the reconstruction of Russia.
The labors of the Non-Russian Commission, add the report, have been Bank 5% farm loan bonds at 103 and interest, to yield about
inspired throughout by the earnest desire to discover some measure for a 4.62% to the redeemable date (1932) and 5% thereafter to
practical, immediate agreement which could remove the obstacles now preredemption or maturity. The bonds, issued under the Fedventing application of the common resources of the civilized world for the
reconstruction of Russian industry.
eral Farm Loan Act, are dated May 1 1922 and mature
"Although it has been impossible on the present occasion to discover such May 1 1952. They are callable at par and accrued interest
a measure," it says,"the Non-Russian Commission believes it still is possible
interest date thereafter. Interest is
to turn from regretful contemplation of the past to hopeful contemplation of on May 1 1932 or any
the future, in confident assurance that there will be no qualification in the payable May 1 and Nov. 1 and principal and interest are
desire of all nations to remove obstacles from the path of Russian recon- payable at the Fremont Joint Stock Land Bank, Fremont,
struction or in their good-will to bridge the gulf now separating the other
Neb. Coupons are payable at Brooke, Stokes & Co., Philapeoples from the people of Russia."
From a copyright cablegram from The Hague July 20 to delphia, Pa.,. or may be presented for collection through
Harris, Forbes & Co., New York City. In coupon form
the New York "Times" we quote the following:
Opinion among the delegates as to whether the conference achieved any- the bonds are fully registerable and interchangeable in
thing appears to differ greatly, and more especially as to whether the final denomination of $1,000. The bonds are exempt from Fedproposals made yesterday by the Russians improved the situation for the eral, State, municipal and local taxation, and
are legal inAllies or the contrary. Commander Hilton Young when questioned said:
"Litvinoff's proposals certainly allowed us to end the conference on a vestment for all fiduciary and trustfunds under the jurisdicmuch more optimistic note than we should otherwise have had, and gives tion of the Federal Government and acceptable as security
us a new line."
for Postal Savings and other deposits of Government funds.
He though the proposals would be useful in formulating a basis for any
future conference. He insisted that unity offront really meant community As we stated in our issue of Feb. 25, page 793, in referring
of common sense.
to a $1,000,000 offering of bonds of the Fremont Joint
"One thing the conference achieved," said the British expert,"is to make Stock Land Bank,the farms on which the
mortgages of the
the Russians understand exactly how facilities given to nationals for trade
with Russia would work out and educate them as to the practicable possi- bank are placed are located in the States of Iowa and Nebilities of the Western European market. It showed them also that they braska, the heart of the corn belt. From the official circular
must take necessary measures to establish confidence first and that it is usewe take the following:
less to expect any Government to wave a sort of magic wand in
the question
of credits. They have come to see that their mere word means nothing but
that they must start the ball relining before they can hope to get credits on
any scale."
Sir Philip Lloyd-Graeme maintained that the conference broke up because
the Russians refused to agree to any working machinery, or rules to be carried by the Governments, but insisted on individual negotiation and independent action by claimants direct with the Soviet Government, which
method offered no sort of guarantee. The same thing applied in direct
negotiation with all bondholders.
BAKU OIL CONCESSIONS OBTAINED' BY
GERMAN INTERESTS.
The completion of arrangements whereby German oil
nterests will obtain Russian oil was made known in Associated Press cablegrams from London July 22, which had
the following to say in the matter:
The Deutsche Petroleum Gesseischaft, which recently passed under the
control of the Deutsche Bank, has, in co-operation with the bank, obtained
a petroleum concession near Baku. The concession includes only property
which never has been in foreign hands, there being indications that the
Germans are using care not to raise international complications by trying to
get leases of any properties which were in foreign hands before being nationalized.
The policy of this Bank in purchas'ng mortgages has been conservative,
as the loans average but 39.6% of the appra'sed value of the land.
In 1920 'n the count'es 'n which the bank loaned 'n Iowa, the average
value per acre of farm lands and bu'ld'ngs was $244 54, wh'le that of the
rema'nder of the State was $217 20. For the same year 'n Nebraska
the average value per acre in the counties in which the bank loaned was
$137 81, while that of the balance of the State was $53 39. Thus, not
only does the bank operate in two of the best farming States, but in addition,
the loans have been made in the highest valued farming territory. In
comparison with these values the loans made by the bank averaged only
$49 35.
The average earnings of the bank since date of organization have been
among the best in this banking system. For the calendar year 1921 the
bank earned 15% on its capital stock while for the current year earnings
are exceeding this figure. The present dividend rate is 8%. Out of the
annual earnings 25% must be can led to reserve account until the latter
equals 20% of the capital stock. Thereafter 5% of the earnings must be
added.
The officers and directors of this bank are all substantial business men
with a wide experience in the farm loan business, covering a period of
many years. The board of directors is composed almost entirely of bankers
in Nebraska and Iowa, *who are, therefore, familiar with or can readily
post themselves as to the loans which they are called upon to consider.
Dan V. Stephens, Fremont Neb.; President of the Fremont State
Bank; President of the Hammond & Stephens Co., wholesale educational
publishers.
JULY
29 1922.]
THE CHRONICLE
D. D. Rowe, Fremont, Neb.; Vice-President of the Nebraska State
Building & Loan Association; Vice-President of the Fremont State Bank.
T. J. Kastle, North Bend, Neb.; Vice-President of the First State Bank
of North Bend.
William Meyer, Hooper, Neb.; President of the Dodge County Bank of
Hooper.
D. W. Killeen, President of the First National Bank of Schuyler, Neb.
J. H.Moeller, Leigh, Neb.;President of the First National Bank of Leigh.
J. W. Davis, Des Moines, Iowa; retired.
R. C. Peters, W. S. Weston, M. D. Cameron, Wallace Spear and J.
0. Wentworth are all officers of the Peters Trust Co. of Omaha, Neb.
J. R. Cain Jr., Omaha, Neb.; Vice-President of the Peters Bank of
Omaha.
FIRST JOINT STOCK LAND BANK OF CHICAGO,
CHANGES NAME TO CHICAGO JOINT STOCK
LAND BANK.
•
Announcement is made that effective August 11922, the
name of the First Joint Stock Land Bank of Chicago, will
be changed to Chicago Joint Stock Land Bank. In announcing this.a notice issued by the bank says:
This change is made to avoid confusion with other institutions of similar
name and for the reason that the securities of the Fhst Joint Stock Land
Bank of Chicago have come to be known in all financial centers as' Chicago
Joint Stock Bonds" so that it had really become the trade name of the
Bank long before the change in the corporate name was contemplcted.
The Chicago Joint Stock Land Bank is by far the largest of all Joint
Stock Land Banks in existence and was one of the first of these banks
organized under the Federal Farm Loan Act receiving its charter July 17
1917. Since that time the original paid in capital of $250,000 has grown
to $2,500,000 and it now has its full required legal reserve of 20% or $500,000 and more than $100,000 undivided profits, making total capital reserves
and undivided profits in excess of $3,100.000 and the Bank now has total
assets in excess of $34,000,000.
During the five years of its existence the Bank has loaned in excess of
$31,000,000 to the farmers of Illinois and Iowa, and is now making loans
in excess of $2,000,000 per month. The Bank operates under Federal supervision limiting its loans to the coin belt of Illinois and Iowa and to 50%
or less of the value of the land as determined by Federal Appraisers.
The change in the name has been effected by an amendment to the Charter
and no change in the personel is contemplated.
The following officers and directors have been identified with the bank
since its organization:
Guy Huston, President, has been for more than 20 years engaged in the
farm loan and country banking business, is still principal owner and President of the Huston Banking Co. of Blandinsville, Ill., and Vice-President
of the State Bank of Sciota, and is closely connected with various other
down-State banks.
Oran F. Schee, Vice-President and Director, Des Moines, Iowa, is the
son of Nathan Schee and a member of the Schee family of Iowa, that for
50 years has been prominent in banking and farm loan business of Iowa,
operating banks at Indianola, Milo, Bussey and other points.
Ray E. Indere', Vice-President, President of the Pickrel Walnut Co. of
St. Louis, the largest exclusive walnut handlers in the world,and the Pickrel
Veneer Co., New Albany, Indiana.
J. E. Huston, Secretary and Director, is executive officer of the Huston
Banking Co. of Blandinsville, Ill., and State Bank of Sciota, and nas wide
experience in lending to farmers and in the farm loan business, as well as in
the management and ownership of farm lands.
In addition to the corps of officers who have been with the bank since
organization, there has been added a number of experienced country
bankers and farm mortgage men who will act as superintendents of loans and
field men. The list includes the following men, widely known by the
banking fraternity of Illinois and Iowa:
Frank L. Lyman, Springfield, Ill., formerly Supervisor of loans in Central
Illinois for the Northwestern Mutual Life Insurance Co. of Milwaukee, Wis.
Mr. Lyman will maintain an office for this bank in the Ferguson Building,
Springfield, Ill., and be Superintendent of Loans for twenty-seven counties
In Illinois lying south and east of the Illinois River.
Harold A. Smith, formerly executive officer of L. M. Yocum & Co.,
bankers, Galva, Ill. Mr. Smith will be in the Chicago office and will be
Superintendent of Loans in Northern and Western Illinois.
B. E. Hakes, Cedar Rapids, Iowa,formerly executive officer in charge of
loans in banks at Williamsburg and Conroy, Iowa. Mr. Hakes will maintain an office in Cedar Rapids, Iowa, and will be Superintendent of Loans
in that territory.
A. Upton, Sioux City, Iowa, formerly President of the Tobias National
Bank, Tobias, Neb., and engaged in the farm loan business at Tobias and
Fairbury, Neb.;later being credit man for the J. I. Case Thrashing Machine
Co.of Racine, Wis. Mt. Upton will maitnain an office in Sioux City,Iowa,
and will be Superintendent of Loans in that territory.
Harry W.Butzloff,formerly Cashier of Iowa State Bank, Atlantic, Iowa,
and of the Charlotte Trust & Savings Bank, Charlotte, Iowa. Mr.Butzloff
will be located in our Des Moines office.
J. L. Boyles, in charge of the Legal Department, came to this bank from
the Federal Land Bank of St. Louis, where he had charge of the title examinations for that bank. Prior to his connection with the Federal Land
Bank, he was County Judge of Clay County, Ill., and later, as a practising
attorney, e member of the firm of Farthing, Boyles & Farthing, of East
St. Louis. Ill.
All of the active officers of the Chicago Joint Stock Land Bank, as well
as every field man and loan superintendent, has for a number of years been
actively engaged in loaning money to farmers, and each of them has successfully loaned or superintended the loaning of millions of dollars of farm
loans in this territory.
The personnel of this bank now comprises a group of men,each an expert
farm mortgage man, most of them having had experience in country banking, and they know the needs of the farmers and country bankers in this
territory. This assures maximum service to the country bankers and the
farmers of the corn belt district of Illinois and Iowa which is the territory
of this well managed and fast growing institution.
493
oans on Dec. 1 1921 and since that date has been engaged
only in making renewals of notes and taking up paper.
Under the original organization plans of the corporation,
it had been proposed to form a $50,000,000 pool, but,
Secretary of the Treasury Mellon was reported a year ago
as stating that it had been brought into operation with a total
subscription of $35,000,000. From the "Journal of Commerce" we take the following:
M. L. McClure of Kansas City was designated by New York bankers
to head the committee and administer the pool. The first loans were made
on July 16 1922. Numerous advisory committees were appointed all over
the Western and Southwestern country to pass on applications for loans and
to report on collateral offered. Banks, trust companies and cattle and
other live stock loan companies gave every aid possible to have the pool
start functioning at once, realizing that a crisis was on in the live stock industry.
Sixty days after the pool had begun to make loans, the price of cows and
calves on the range had advanced $15 per head and breeding ewes $2 per
head. The necessity for money being relieved, the movement of female
cattle and sheep to market from the range was stopped and the live stock
industry took a turn toward better times. As the pool progressed and prices
of live stock advanced under financial relief that stopped forced liquidation,
the value of collateral offered grew, and the margin of loans was reduced.
The Live Stock Growers' Finance Corporation ceased to make loans on
Dec. 1 1921, when the War Finance Corporation was revived and authorized to make live stock and other agricult Ural loans. By then the industry was on a safe footing and the crisis had passed.
President McClure's financial statement of the activities of the so-called
"Morgan Pool" as it is popularly known in the West and Southwest,follows:
Profit and Loss Totals for Year Ending June 30 1922.
$911,426 39
Total interest collected
Charged to interest account:
$83,206 92
Refund on bills receivable paid before due
Interest paid on subscribing banks,6% in full
584,713 36
to July 1 1922
Interest paid on collateral agreements (bills
50,725 44
payable)
Expenses conducting business:
Executive committee and directors'
$6,817 92
fees and expenses
4,671 37
Inspection expenses
2,959 75
Office rent
Internal revenue
436 71
Miscellaneous e..penses, including
9,490 89
traveling expenses
623 28
Postage
Salaries of officers and employees_31,769 38
56,769 30
$775,415 02
Remainder
Interest collected but not earned
$70,556 92
Estimated profits to date held in reserve to cover
losses on loans and expense of liquidating
65,454.45
$136,011 37
inaa
,011n
$16F
Items of Interest in Regard to the Operations of the Stock Growers'
Corporation.
Office opened and first loan discounted July 20 1921.
Discontinued making new loans Dec. 1 1921.
114
Total number of business days of loaning operations
$177,368 00
Average amount loans per business day
109
Number of executive committee meetings held
Total amount subscribed by Banks—
New York
00
$25,000,000
Other cities
24,001,000 00
7
00
$49,001,00020
$14,692,350 00
Total subscriptions called for and paid in
To
Number of banks which subscribed to the pool
$8,571,737 50
Subscriptions repaid to banks
$6,120,612 50
Subscriptions remaining unpaid to date
$90,220,000 00
Total original loans made
Largest amount of bills receivable on hand at one time_ _ _ _$16,552.000 00
$6,786,611 00
Bills receivable on hand July 1 1922
$911,426 39
Total interest and discount collected
$83,206 92
due
Amount ofinterest refunded borrowers on payment before
pending
accommodations
Interest paid banks for temporary
$50,725 44
collection of assessments and to repay subscriptions
$584,713 36
Total interest paid subscribing banks to July 1 1922
$70,556 92
Interest on hand collected but not earned
$56,760 30
Total expenses of operations
$65,454 45
Estimated reserve to cover losses and expenses of liquidation_
References to the pool in the "Chronicle" last year appearedt
in our issues of June 18, page 2593; June 25, page 2698.
July 9, page 136; July 16, page 244; July 30, page 472; Aug..
13, page 682, and Sept. 24, page 1305.
ADVANCES BY WAR FINANCE CORPORATION TO,
TOBACCO AND WHEAT GROWERS' ASSOCIATION.
The Wax Finance Corporation announced on July 27,
that it had tentatively approved the application of the.
Kansas Wheat Growers' Association for an advance of not
to exceed $2,500,000 to assist in financing the orderly marketing of wheat during the coming season. It announced also
that representatives of the Washington, Idaho, Montana
and North Dakota Wheat Growers' Associations will appear
before the Board on August 9 in connection with pending
FIRST YEAR'S OPERATIONS OF STOCK GROWERS' applications from these Associations, as follows:
62,000,000,
FINANCE CORPORATION.
Washington Wheat Growers'Association
1,000,000,
Idaho Wheat Growers' Association
regarding
under
date of July 21,
In advices from Chicago
3,000,000
Montana Wheat Growers' Association
$3,000,000 to $5,000,000,
the Stock Growers' Finance Corporation, organized last North Dakota Wheat Growers' Association
The advances to co-operative marketing associations,
year to aid the live stock industry, the "Journal of Commerce" of July 22 states that the corporation ceased to make tentatively or finally approved by the War Finance Cor-
494
THE CHRONICLE
poration to date, for the prupose of assisting in financing
orderly marketing of agricultural products during the coming season, total $87,000,000. They are as follows:
Tobacco Growers' Co-operative Association of Virginia, North
Carolina and South Carolina
$30,000,000
Oklahoma Wheat Growers' Association
2,500,000
Texas Wheat Growers' Association
500,000
Kansas Wheat Growers' Association
2,500.000
Oklahoma Cotton Growers'Co-operative Association
6,000.000
Arkansas Cotton Growers' Co-operative Association
7.500.000
Georgia Cotton Growers' Co-operative Association
5,000,000
Arkansas Farmers' Union Cotton Growers' Association
1,000,000
Alabama Farm Bureau Cotton Association
3,000,000
South Carolina Cotton Growers' Co-operative Association
10,000.000
North Carolina Cotton Growers' Co-operative Association
10,000,000
Texas Farm Bureau Cotton Association
9,000,000
The announcement of the Corporation also states: As pointed
out in connection with the announcements regarding these advances, it
is expected that only a portion of the amounts approved will be actually
advanced by the Corporation and that, as was the case during the past
season, the banks in the interested district will do the major part of the
financing for the associations. Furthermore, the large Eastern financial
centres are showing a decided inte-est this year in the financing of the
co-operative marketing asssociations and it is probable that considerable
amounts will be made available from these centres in addition to the
advances provided by the local banks.
ADVANCES APPROVED BY WAR FINANCE CORPORATION FOR AGRICULTURAL AND LIVE
STOCK'PURPOSES.
The War Finance Corporation announced on July 24 that
from July 17 to. July 22, inclusive, it approved 31 advances
aggregating $842,000;for agricultural and live stock purposes,
as follows:
•
$40,000 in Arizona
110,000 in California
13,000 in Colorado
15.000 in Georgia
3,000 in Idaho
57,000 in Iowa
13,000 in Minnesota
3,000 in Montana
72,000 in Nebraska
$132,000 in New Mexico
20,000 in North Dakota
107,000 in Oklahoma
45,000 in South Carolina
58.000 in South Dakota
78,000 in Tennessee
20,000 in Washington
8,000 in Wisconsin
48,000 in Wyoming
COURT DISMISSES SUIT TO RESTRAIN SALE OF
COMPO BONDS.
-The United States Government's theory and practice of
promoting thrift and habits of saving may now be used
legally by private enterprise. That, says the Compo Bond
Corporation, is the effect of a decision handed down recently
in the Federal Court for the Southern District of New York
by Judge A. N. Hand, involving the issuance of Compo
bonds by a national bank. With regard to the proceedings
the corporation says:
[VOL. 115.
cards come within this general description. In order to expedite the work
of the committee, all other proposed advertisements must be submitted in
duplicate, one copy to be retained by the committee for its files and the
other to be returned with their decision."
Chief among the changes in commission rates is the decision to charge
30 cents per share instead of M, of 1% on the par value of stocks as hitherto
has been the case. The new commission rates, it is understood, go into
effect on August 1.
COMPTROLLER OF THE CURRENCY CRIESINGER AUTHORIZES ADDITIONAL OFFICES OF NATIONAL
BANKS WHERE STATE BANK BRANCHES
ARE PERMITTED.
The stand taken by Comptroller of the Currency Crissinger
with respect to the question of the establishment of branches
of National banks became definitely known on July 21, when
a letter addressed by the Comptroller to Senator McCormick
of Illinois in the matter was made public. In our issue of
July 15 (page 253) we referred to the fact that it was understood that the Comptroller had virtually decided on a policy,
the statement being made that he had taken the view that
"additional offices" might be established by National banks
under proper circumstances, but that branches might not be
maintained. In his letter to Senator McCormick, Comptroller
Crissinger states that "I am not authorizing the establishment of branch banks, but I have been permitting National
banks. in States where State banks and trust companies have
offices, agencies or branch banks, to establish additional offices in some of the large cities where it is necessary to meet
the competition of State banks." The Comptroller states
that he has "not granted permission to any bank to have an
agency, branch or office in any State that prohibits State
banks and trust companies from having such offices or
places, although I am convinced that at common law these
banks have a right to establish agencies even in those
States." In our earlier item (July 15) we referred to some
of the opposition which has been voiced against the Comptroller's stand, and in the current issue of our paper we note
the opposition registered by the Chicago and Cook County
Bankers' Association. The following is Comptroller Crissinger's letter to Senator McCormick as given in part in the
New York "Commercial" of July 22:
Since 1865 the National Bank Act has provided that national banks may
obtain branch banks by nationalizing a State institution with branches,
and, thereafter, consolidating the two national banks, and in that way
bring into the system branches of the two national banks. There are
twenty-two States in the Union that authorize or permit State banks to
have branches, offices or agenclea in addition to their main office or banking house. It has never occurred to State bankers to become interested
about this condition of affairs until just recently.
Action was brought by J. R. Adams of Elizabeth, N. J.. a stockholder in
I am not authorizing the establishment of branch banks, but I have been
the Maybrook (N. Y.) National Bank, seeking to enjoin the bank and the permitting national banks in States where State banks and trust companies
Compo Bond Corporation of 512 Fifth Avenue, New York City, jointly have offices, agencies or branch banks to establish additional offices in some
from selling Compo bonds. He alleged that it was illegal for national banks of the large cities where it is necessary to meet the competition of State
to issue a financial instrument which evidenced a borrowing of money and banks that have literally taken possession of cities with branch banks or
constituted a direct obligation on the bank itself. Compo Thrift bonds, offices, and these facts are notorious and are well known to all the State
which are siwilar to the Government's War Savings Stamps and Certifi- bankers of the country.
cates, are issued by banks and trust companies for cash deposits and they
Continued acquiescence in this condition is bound to lead to the disconstitute the promise of the issuing institution to pay to ti e holder a certain integration of the national banking system.
specified
period of time, this sum to equal the amount
sum of money after a
National Banks Crowded Out.
originally paid for the bond, plus interest compounded semi-annually during
To illustrate: The city of Detroit, with a population of about 900,000.
the life of the instrument.
branch
banks, of which only three are national banks,
and
In reply, the bank and the Compo Corporation contended that Compo has 15 banks
bonds were a form of time certificate of deposit and further maintained and they will be compelled to get out of the system unless they can be acthat they had been so classified by Comptroller of the Currency Crissinger. corded the same privileges as State banks have in having these additional
They held that, as certificates of deposit, the bonds were a legal form of issue offices or banking houses. In the city of Cleveland, one State bank and
trust company has 46 of these branch banks under the laws of the State of
for national banks. The decision sustains their contention.
The settlement of the suit removes the only legal obstacle to the develop- Ohio, and we have, I think, three national banks left. In the city of Los
the Bank of California State institution has 26 of these branches.
Angeles,
Bond
Corporation's
Compo
plans
and
the
ment of
paves the way for the
wide use of this new savings method by national banks and trust companies, A trust company has just recently established 29 of these places, and the
many of which have been awaiting the decision with great interest. Among national banks have been put to such a disadvantage in California that
the directors of the Compo Bond Corporation are Franklin D. Roosevelt unless help can be brought to them by granting the additional places, they
and Guy Emerson, who was a director of the Liberty Loan Committee in will have to surrender their charters and go out of the national banking system. I might say to you that in the city of Los Angeles, by reason of this
the Second Federal Reserve District,
competition authorized by the State, the national banks, out of a total
deposit account of $500,000.000, now have been reduced to $165,000,000.
CHANGE IN COMMISSION RATES OF MONTREAL The State of Kentucky just day before yesterday authorized, through its
Bank Commissioner and its Attorney-General, the establishment of offices
STOCK EXCHANGE.
and branches, and, as I said above, it is now the prevailing practice in 22
Under a change approved by members of the Montreal States of the Union.
The same condition prevails in the city of New York, where the Corn ExStock Exchange on July 20, the rate of commission on transBank and several other State institutions are literally plastering that
actions has been fixed at 30 cents per share, instead of 31 change
city with branches. To meet this condition. I am without hesitation grantThe
value.
members
also
par
the
on
of 1%
endorsed a ing, where proper showing can be made, such additional offices as will perto meet the reauirements of these progressive times and
proposal to require advertising by stock exchange houses to mit national banks
the competition above mentioned. In this I think I am fully within the
conform to certain conditions. The "Montreal Gazette" of law
and I am more than sure that I am fully within right and justice to national banks.
July 21 announced the changes as follows:
Montreal
the
Stock
Backbone of Federal Reserve,
of
meeting
members
general
Exchange
At a special
Your State bank constituents should remember that the national banking
yesterday afternoon, the long-mooted advertising by-law was adopted, and
system has been the backbone of,and has furnished the life blood in the main
several changes were made in commission rates.
The new ruling having to do with advertising by stock exchange housos for,the financial system of the United States for the past sixty years, and
by-law
19
by
the
to
amendment
addition
of the following: it is now the backbone of the Federal Reserve system, because out of 22,000
is in the form of an
"That no member of the exchange and no firm represented thereon shall State institutions, there are only 1,650 of them In the Federal Reserve
publish any advertisement unless either it is in a general form as outlined system. By reason of this attitude of aloofness, the State banking resources
in Section No. 13, or it has been submitted to the governing committee have been held outside that great co-ordination of the country's financial
power which, under the Federal Reserve system, has contributed so greatly
and approved by them."
With regard to the interpretation of Section 13, the committee offers to sustaining the industry, business, commerce and agriculture and to
meeting the war.
the fallowing explanatory note:
Criticizes Unaffiliated Banks.
"It is the opinion of the committee that at this time such advertisements
circulars
or
and
a
simple and direct
L5 syndicate offerings of securities
Our aim should be to give every possible proper encouragement to the
or
firm
individual,
or
a
by
security
ordinary business banks that are affiliated with this system. It is no derogation to say that
offering of a particular
JULY 29 19221
THE CHRONICLE
unaffiliated banks, no matter how splendidly conducted, no matter how
well they serve the needs of their immediate constituencies, are unable to
make full contribution to nation-wide financial stabilization that is possible
through the Federal Reserve organization. I insist that the welfare of the
country, and its financial system, and especially the Federal Reserve system, requires the protection and encouragement of the national banking
system, because you know the State institutions refuse to affiliate themselves
with the Federal Reserve system, except the 1,650 State banks above mentioned.
Now, I have not granted permission to any bank to have an agency,
branch or office in any State tbat prohibits State banks and trust companies
from having such offices or places, although I am convinced that at common
law these banks have a right to establish agencies even in those States, but
I am not giving any sanction to it. Up to this time I have limited these additional offices to the States where the State authorities or the State law
permits like facilities, and in this I am quite sure that I am more than fair
to your constituents and State banking institutions, and I know that I am
within right and justice, as above stated, and such action is neither revolutionary nor does it favor a few at the expense of the many, and it is not unAmerican, but it is the American square deal for national banks that have to
meet the competition permitted by the legislation and executive orders of
22 States of the Union.
Independent banks be discarded. To-day, 78 years of age, he is more
vigorous than ever in his efforts to save this country from the fate of Canada.
He painted a very vivid picture of conditions that are inevitable when
branch managers take the place of presidents; bank earnings are sent out
of the localities where made;loanable funds are not used for local needs; and
when the financial strength of the country is centralized In the hands
of the few. At the close of Mr. Frame's speech several members voiced
their opinions on the subject and the calling of a spade by its correct name
was much in evidence. To put it mildly, supporters of branch banking
were conspicuous by their absence.
CHICAGO AND COOK COUNTY BANKERS' ASSOCIATION IN OPPOSITION TO NATIONAL BANK
BRANCHES.
Steps to forestall the establishing of branch banking by
National institutions in Chicago were taken by the Chicago
and Cook County Bankers' Association on June 29, when, at
a special meeting the President of the Association was authorized to appoint a committee "to take whatever steps
were deemed necessary in order to safeguard our present
• banking system." On June 30 the Association, through its
President, Murray MacLeod, and Secretary E. N. Baty, sent
the following telegram to Senator McKinley at Washington:
The Chicago and Cook County Bankers' Association, composed of 108
national and State banks, representing more than one million banking customers, at a special meeting held last night strongly condemned Comptroller
Crissinger's action in sanctioning branch banking. The association views
with alarm the attempt on the part of the Comptroller to deal a fatal blow
at America's system of independent banks. For the past 60 years, Mr.
Crissinger's very able predecessors have ruled that branch banking was not
permitted by our National Bank Act, and we firmly believe that the present
is a most inopportune time in which to introduce revolutionary changes.
The disregarding of this precedent by Mr. Crissinger is an attempt to favor
a few at the expense of the many, an un-Ametican procedute. As your
constituents, we respectfully urge that you do your utmost in rescinding the
action of the Comptroller. May we have your early reply.
The Association, in resolutions adopted, "condemns the recent ruling of the Comptroller as contrary to the precedent
established by his very able predecessors" and "believes the
Comptroller did wrong to sanction a change so radical without notice to the public that such an innovation was contemplated." We give the resolutions herewith:
County
Whereas, It has Come to the attention of the Chicago and Cook
national
Bankers' Association, an organization of one hundred and eight
public
without
Currency,
the
and State banks, that the Comptroller of
tacit
notice and contrary to a custom followed for sixty years, has given his
approval to the opening of branch banks by national banks in various States;
and
Whereas. All attempted legislation heretofore to permit national banks to
establish branches has failed of passage by Congress each time a bill has been
offered; and
Whereas, The American Bankers' Association and various other banking
associations throughout the country have placed themselves on record,
innumerable times, as being strongly opposed to branch banking; stating
in their resolutions that branch banking is detrimental to the best interests
of the people and contrary to the American system of banking; and
Whereas, The attempt of the Comptroller to designate "Place" of business
as different and distinct from "Branch" appears as an effort upon his part
to promulgate an administrative action in terms and meaning entirely
inappropriate to a matter of such grave importance and thereby availing
himself of a distinction without a difference in order to find a basis for his
ruling.
Now, therefore, be it resolved, That this association of national and State
banks of Chicago condemns the recent ruling of the Comptroller as contrary
to the precedent established by his very able predecessors for the past sixty
years, and furthermore, believes the Comptroller did wrong to sanction a
change so radical and without notice to the public that such an innovation
was contemplated.
And be it further resolved, That a copy of this resolution be sent to the
Comptroller of the Currency with the request that he rescind his official
action permitting branch banks and that additional copies be sent to the
President of the United States and members of Congress, with the hope that
they will appreciate how grave the situation may become and for such intervention with the Comptroller as this important matter shall justify—
to the end that one class of bankers shall not be advantaged over competitors, and that the few large metropolitan banks shall not be favored.
The committee named by President MacLeod of the Association to act on the Comptroller's ruling consists of:
Isaac N. Powell, Chairman South Side Trust & Savings Bank.
John A. Carroll, Hyde Park State Bank.
Thomas F. Chamberlain, Depositors State Bank.
John A. Nylin, Fidelity Trust & Savings Bank.
R. J. Neal, Drexel State Bank.
Fred H. Esdohr, Jefferson Park National Bank.
At the Association meeting on June 29, Andrew J. Frame,
Chairman of the board of the Waukesha National Bank, of
Waukesha, Wis., was the principal speaker, and his remarks
are indicated as follows in the Bulletin issued by the Association on July 10:
Mr. Frame is truly a pioneer in the fight against branch banking, for at
an early age he foresaw the evils that would result should our system of
495
Secretary Baty of the Chicago and Cook County Bankers'
Association, in advices to us, states:
Our association is, of course, greatly opposed to the introduction of
branch banking. The Illinois Banking Act, which expressly prohibits
branch banks should protect us, but in so far as Mr. Crissinger was not
influenced by the Missouri Act, it is only natural to suppose that he will
disregard the Banking Act of any State.
The decision of Comptroller of the Currency Crissinger to
permit the establishment of "additional offices" by National
banks in the States where State banks are authorized to operate branches, is referred to by us in the preceding article.
DEVELOPMENTS IN THE RYAN FAILURE.
It developed on July 24 that the liabilities of Allan A.
Ryan amount to approximately $18,000,000, instead of
being in excess of $32,000,000, as at first shown. This
disparity between the original amounts of the liabilities and
the revised figures, according to David Hunter Miller of
Parker, Marshall, Miller & Auchincloss, attorneys for the
receiver, was due to duplications in the bankruptcy schedules
filed by Mr. Ryan which had resulted in some of the debts
being listed twice. Mr. Miller further stated that $14,000,000 of the liabilities were secured by pledges of unknown
value and but $4,000,000 unsecured. Of the unsecured
debts approximately $2,000,000 is owed to Mrs. Allan A.
Ryan, who, in turn, is listed in "accounts receivable" as
debtor for $336,197 69. This explanation of the schedules
was made by Mr. Miller to Judge Hand in the Federal
District Court on the afternoon of July 25 at a hearing upon
the application of the Guaranty Trust Co. to sell at auction
on July 26 all the collateral it is holding in Mr. Ryan's
loans. The outcome of the hearing was the Guaranty
Trust Co.'s agreeing to postpone the sale until 12:30 p. m.
Aug. 2. Judge Hand ruled that counsel for the trust company, after the receiver had had time to examine all the
papers, might renew the application for an order to dispose
of the collateral next Monday (July 31) at 4 o'clock. Judge
Hand also gave the receiver until 4 o'clock July 31 to suggest a plan for liquidating the collateral so as to realize
more on it than seems likely from the auction sale and to
examine the papers to find out whether there are grounds
for a further stay. The following statement was issued by
the Guaranty Trust Co. on Saturday July 22 regarding
Mr. Ryan's petition in bankruptcy:
This action of Mr. Allan A. Ryan has been anticipated and provided
against by the Guaranty Trust Co. Our interest in the situation results
from loans made upon collateral to Allan A. Ryan & Co. on our own account
and in our capacity as trustees for others. The collateral has been in
process of liquidation for some time and will be in no way affected by the
bankruptcy proceedings.
The above was followed by a statement on Sunday July 23
issued by W. C. Potter, the President of the Guaranty
Trust Co. It read:
Attention is called to certain newspaper statements of the indebtedness
of Allan A. Ryan to the Guaranty Trust Co. of New York, variously
placed at $8,500,000 and upwards.
The facts are that Allan A. Ryan and Allan A. Ryan & Co. owe the
Guaranty Trust Co. of New York for its own account, a principal amount
of approximately $4.000,000, against which pledged collateral applies.
Cognizance has been taken of this situation for more than a year and in
anticipation thereof, reserves have been set up against this account aggregating $3,000,000.
While there are loans standing in the name of the Guaranty Trust Co.o!'
New York in excess of the figures given above, all such loans are held by
the Guaranty Trust Co. in its capacity as trustee and for the account Of
others.
On July 25 Judge Hand app6inted Peter B. Olney Jr. of
68 William Street, the referee in bankruptcy. Mr. Olney
will call a meeting of the creditors and conduct hearings.
According to New York papers of July 27,suits are now pending against Mr.Ryan for more than $2,000,000 for the alleged
fraudulent teizure of Stutz Motor Car Co. of America stock
by relatives and others, which, if successful, would be collected from the assets.' According to the "Evening Post"
of yesterday (July 28), the attorneys for the receiver will ask
Judge A. N. Hand to stay the sale of the collateral in order
that time may be given to put the bUsiness of the Stutz
Motor Car of America on a basis that will make the stock
valuable enough, not only to pay the secured claims, but
leave something over for the unseCured claims. 130,000
shares of the 200,000 shares of authorized shares of Stutz
stock was pledged with the banks by Mr. Ryan and carries
with it the control of the company.
496
THE C
* HRONICLE
[vol.. 115.
COURT CONSENTS TO WAGNER & CO. SETTLEMENT. and Business Conditions" of the Bank, after making this
statement, continues as follows:
On July 25 Judge Hand in the Federal District Court
The chief increase, amounting to 21%, was shown by grocery firms,
confirmed the composition settlement offered by John F. due to the opening of new
stores. Sales per store show a decline of 7%.
Shoe stores reported sales 7% less than in June 1921, due to lower prices
Sheppard, the receiver for the bankrupt brokerage firm of
prevailing.
now
The total number of pairs of shoes sold by these firms
E. W. Wagner & Co. of this city, under which the creditors
increased about 1%. The average price per pair declined 7.2% from $3 87
are to receive 50% of their claims in cash and the remainder In June 1921 to $3 59 in June 1922.
Detailed figures are shown in the table that follows:
in long-term notes. The firm is to be reorganized into the
Change in
E. W. Wagner Realization Corporation, which will take over
Sales per
the assets of the failed firm, pay the creditors the 50% cash
-No.of Stores
Dollar Value of Sales- Store, June
Type of June
June
June
June
June
June
and issue the notes for the remainder. In confirming the
1921 to
Store-1921.
1922. 1919.
1920.
1921.
1922. June 1922.
settlement, Judge Hand complimented the receiver and his Grocery__
_ 5,797
7,551
79%
131%
100%
121%
-6.9%
attorneys on the constructive work that had been accom- Ten Cent _ 1,601
1,664 79%
99%
100%
116%
+11.4%
373 59%
92%
100%
103%
plished, saying that endless litigation might otherwise have Apparel_ _ _ 369
+2.1%
Drug
255
254 82%
99%
100%
98%
-1.5%
resulted. We last referred to the affairs of the failed firm Cigar
2,237
2,493 72%
101%
100%
97%
-13.4%
in our issue of June 17, page 2670.
Shoe
187
205 69%
100%
100%
93%
-14.9%
On Thursday, July 27, announcement was made from the
Total_ _ _10,446
12,540 76%
110%
100%
112%
-6.4%
rostrum of the New York Stock Exchange of the expulsion
of E. W. Wagner, former head of the firm of E. W. Wagner
TREND OF WHOLESALE TRADE IN NEW YORK
& Co. Mr. Wagner was admitted to the Exchange on April
FEDERAL RESERVE DISTRICT.
13 1916.
The dollar value of June sales of 122 wholesale dealers in
DEPARTMENT STORE SALES IN NEW YORK FEDERAL this district was about the same as in June of last year, according to an item on wholesale trade which is to appear in
RESERVE DISTRICT INCREASING.
•
In June, for the third successive month, sales by depart- the Aug. 1 issue of the "Monthly Review of Credit and
ment and apparel stores in this district, exceeded those of Business Conditions" by the Federal Reserve Agent at New
the same month last year,according to an item on department York. The"Review" will say:
This is the third month this year that sales have been nearly equal to
store trade, which will appear in the Aug. 1 issue of the those
of the corresponding month of 1921. The volume of sales during the
"Monthly Review of Credit and Business Conditions" by first half of the present year was 2% below sales for January to June 1921.
figures
The
are given by commodities in the table below in which 1921
the Federal Reserve Agent at New York. The "Review"
figures are taken as 100% and sales in other years shown as percentages of
will say:
1921 figures.
The increase was 1% but this is considered by merchants to indicate
better trade conditions, as the weather during the month was not conducive
to large sales. In New York City there were 19 days of rain during June.
Sales were better in New York City than elsewhere in the district and
most of the larger stores in up-State cities reported minor declines in the
value of sales.
Department store sales have improved steadily since the first of the
year and total sales during the first six months of 1922 were, in spite of
price changes, only 2% below those of the first six months of 1921. Sales
by the 64 stores that report to this bank were as follows:
1921.
1922.
May
$31.694,000
$32,832,000
June
31.631,000
31,946,000
January-June (inclusive)
183,377,000
179,553,000
The average amount of each transaction, as reported by stores that
maintain such records was $1 91 in June 1921 and $1 86 in June of this
year, a decline of 2.6%. The number of transactions, as reported by these
stores, increased 4% this year.
Sales by mail order houses were 10% larger than last June, a somewhat
less favorable report than that made during May when the increase was
18%. Detailed figures are shown in the following table:
Monthly Sales
(In Percentages.)
-Sales Jan. 1 to June 30June. June. June. June.
(In Percentages.)
1919. 1920. 1921. 1922. 1919. 1920. 1921. 1922.
All department stores 84
107
100
101
79
105
100
98
New York
86
100
110
102
81
109
100
99
Buffalo
100
99
82 103
77
97
100
91
100
Newark
105
96
78
76
103
100
98
100
98
95
Rochester
70
70
93 100
94
100
Syracuse
110
98.
83
78
103
100
93
100
116
93
Bridgeport
91
84 112 100
90
100
104
101
ELsewhere
82
80 101
100
99
105
100
Apparel stores
102
77
83
92 100
99
110
100
Mall order houses_ _ _ 118
137
113
152
100
99
The value of the stock held by the reporting stores on July 1 at the retail
price was $100,000,000, an increase of 1% over that held on the same date
last year. A small increase in the value of stock during the first six months
of this year, coupled with slightly smaller sales, has resulted in a somewhat
slower turnover of stock. The annual rate during the first six months of
the present year has been 3.5 times, as compared with 3.7 times last year.
Stores that sell apparel exclusively have a much more rapid rate of stock
turnover and during the first half of the year turned over their stock at
the rate of 5 times a year.
Merchants are beginning to place fall orders freely, although the bulk of
fall buying normally occurs in August and September. Outstanding
orders on July 1 amounted to 5.2% of the total purchases during the
previous year as compared with a figure of 6.2% on July 1 1921.
Detailed figures of the stock on hand and the rate of stock turnover during
the first half of the year are shown in the following table:
Stock on Hand (retail price) Ann. Rate of Stock Turnover
(First Half of Year)
July 1 July 1 July 1 July 1
1919. 1920. 1921. 1922. 1919. 1920. 1921. 1922.
101
100
3.7
120
3.2
All department stores79
3.7
3.5
102 3.8
100
3.3
120
New York
79
3.5
3.7
96
100
2.9
114
2.6
3.0
85
Buffalo
2.9
100
3.5
100
2.8
135
3.6
84
Newark
3.5
98 3.0
100
2.3
145
3.1
84
Rochester
3.3
85
100
2.8
127
2.5
2.9
82
Syracuse
3.1
101
3.0
100
2.9
119
3.1
83
Bridgeport
2.7
98
100
2.2
2.1
101
2.3
76
Elsewhere
2.1
111
100
6.5
4.6
111
66
Apparel stores
5.7
5.0
INCREASE IN CHAIN STORE SALES IN NEW YORK
FEDERAL RESERVE DISTRICT.
Sales by all chain store systems that report to the Federal
Reserve Bank of New York increased 12% in June, as
compared with last June. The "Monthly Review of Credit
Both for the month of June and for the half year period sales of diamonds
show the largest gain but these were influenced by a very large increase in
business by one of the reporting firms. In both periods jewelry sales show
a decrease.
In June for the first time since the fall of 1920 sales of machine tools were
larger than in the corresponding month of the preceding years reflecting increased activity in industrial plants. The larger volume of building is
apparent in the sales of hardware dealers which increased 12% over those
of June 1921.
Sales of drugs have been consistently above those of last year. Grocery
dealers report an increase of 7% in June sales the largest gain recorded this
year, and probably due, In a measure, to somewhat higher prices.
June sales of clothing, both men's and women's, were somewhat behind
those of last June, but manufacturers inform us that orders are beginning to
be placed in larger volume as the period of active buying approaches.
Shoe sales, which show a loss of 18%, were adversely affected by a strike
In several Rochester factories, the sales of which were greatly reduced.
No. of
Monthly Sales
June June June June May* Sales Jan. 1 to June 30.
Firms
Commodity. Reporting. 1919. 1920. 1921. 1922. 1922. 1919. 1920. 1921. 1922.
7
Diamonds
475 166 100 345 157 .405 315 100 139
4
390 393 100 119
Machine tools
94
280 305 100
58
Hardware
11
129 165 100 112 114
118 147 100
96
99 115 100 110 108
6
103 118 100 111
Drugs
131 182 100 107
42
Groceries
99
123 157 100
98
103 126 100
22
93 114
Clothing
106 144 100 107
139
Women's
14
103
100
98
109
(a)
102 118 100
91
8
91 117
90 135 100
(b) Men's
109 165 100 121
6
113 165 100
Stationery
93 106
96 129 100
88
8
116 145 100
88
88
Dry Goods
87 142 100
94
205 193 100
6
Jewelry
85
91
192 239 100
89
10
137
95 100
82
Shoes
91
132 175 100
89
125 153 100
Total(weighted)122
99 100
108 148 100
98
*Expressed in percentages of sales in May 1921.
STATE INSTITUTIONS ADMITTED TO FEDERAL
RESERVE SYSTEM.
The following institutions were admitted to the Federal
Reserve System in the week ending July 21 1922:
Total.
District No.3Capital. Surplus, Resources.
Highstown Trust Co., Hightstown, N. J__ _$100.000 $16,000 $319,853
District No. 6Planters Bank, Carlton, Ga
92,732
3,000
25,000
INSTITUTIONS AUTHORIZED BY FEDERAL RESERVE
BOARD TO EXERCISE TRUST POWERS.
The Federal Reserve Board has granted permission to the
following institutions to exercise trust powers:
The Cinnaminson National Bank of Riverton, N. J.
The First National Bank of Corning, Ark.
The First National Bank of Columbia, Ky.
RESIGNATION OF ELMER DOVER AS ASSISTANT
SECRETARY OF THE UNITED STATES TREASURY
Announcement was made at the White House on July 25
that President Harding had accepted the resignation of
Elmer Dover as Assistant Secretary of the Treasury in
charge of Internal Revenue and Customs. It was reported
on July 10 that Mr. Dover's resignation was in the hands
of President Harding. His withdrawal, it is observed, ends
a controversy between the former Assistant Secretary and
Secretary Mellon and Commissioner Blair of the Internal
JULY 29 1922.]
THE CHRONICLE
Revenue Bureau over the control of the administrative
policies of the Bureau. On the 11th inst. the New York
"Times" stated in part in special Washington advices:
It has been clearly understood that since Secretary Mellon stood by
D. H. Blair, Commissioner of Internal Revenue, in resisting Mr. Dover's
efforts to clear out Democratic office-holders in the Internal Revenue
service, Mr. Dover's position under Mr. Mellon has been extremely embarrassing.
The support of Commissioner Blair given by Secretary Mellon, and particularly the removal from office of men appointed by Mr. Dover in the
Internal Revenue Bureau, produced such strained relations between Mr.
Dover and Mr. Blair that there was danger of a reduction of the efficiency
of the Treasury administration. . In these circumstances, plus pressure
him
brought to bear on Secretary Mellon in behalf of officials removed by
the
at the instance of Commissioner Blair, it is not difficult to believe
necesit
found
reports in circulation at the Capitol that Secretary Mellon
sary to intimate to President Harding that both he and Mr. Dover could
not remain in the Treasury Department at the same time. It is equally
reasonable that President Harding, as friendly as he has been with Mr.
Dover, would not consider for an instant losing his Secretary ofthe Treasury.
The story goes further in indicating that President Harding sent for Mr.
Dover and found him quite willing to relieve both the President and the
Secretary of the Treasury of embarrassment, and that his first step was to
offer his resignation. The belief in political circles to-night is that the
President has the matter under consideration, and that he will seek a means
of finding a position for Mr. Dover which will tend to soften the effect of
his retirement from the Treasury Department.
497
thus
ters "A, B, C, D,E" or "F" prefixed to their serial numbers and can
be readily distinguished from the notes not affected by the call. Copies of
your
the official circulars will come to you from the Federal Reserve Bank of
distric and additional copies may be obtained upon application.
of
notes
Treasury
designated
The notes now offered for subscription are
Series B-1926, are dated August 1 1922, will mature September 15 1926.
and will not be subject to call for redemption before maturity. The amount
of the offering is $300,000,000 or thereabouts, but the Secretary of the
Treasury reserves the right to allot additional notes up to a limited amount
Subto the extent that 434% Victory notes are tendered in payment.
is reserved
scriptions may be closed at any time without notice, and the right
for.
applied
to reject any subscription and to allot less than the amount
called for
Holders of outstanding 434% Victory notes, whether or not
of the
redemption, thus have an opportunity now, within the limitations
bearoffering, to exchange their notes for new securities of the Government
ing interest at 4 Li% and running for a period of over three years after
Treasury
the
for
Victory notes would mature or be redeemed. Applications
notes now offered will be received in regular course through the several
Federal Reserve Banks, as fiscal agents of the United States, from which
further particulars concerning the offering may be obtained. This is the
fourth exchange offering which the Treasury has made in order to facilitate
the refunding of the Victory Liberty Loan, and on this offering, as on previous offerings, I hope that banks and trust companies throughout the country
will extend to their customers every possible assistance in effecting ex-
changes.
The Treasury's program for dealing with the short dated debt of the Government has now progressed to such a point that I believe it is worth while to
recite what has already been accomplished and call attention to what
remains to be done within the current fiscal year. On April 30 1921, when
the sivation was first outlined in my letter of that date to the Chairman of
APPROXIMATELY ONE BILLION 4% VICTORY NOTES the Committee on Ways'and Means, the gross public debt, on the basis of
daily Treasury statements, amounted to about $23,995,000,000, of which
CALLED FOR REDEMPTION.
over $7,500,000,000 was short dated debt maturing within about two years,
ly
approximate
of
1922
made up of over $4,050,000.000 in Victory notes. over $2,800,000,000 in
A call for the redemption on Dec. 15
Treasury certificates of indebtedness, and about $650.000.000 in War Sav$1,000,000,000 of 4%% Victory notes (about half the amount ings
certificates.
outstanding) was issued by Secretary of the Treasury MelBy June 30 1922, the gross public debt had been redeuced to about
during the period of 14
lon on July 25, who at the same time announced a new issue $22,963,000,000,a reduction of about $1,032,000,000
months. This reduction has taken place, for the most part, in the short
of 414% Treasury notes in exchange for 4%% Victory notes, dated debt, and has been accomplished through the operation of the sinking
details of which we give elsewhere in this issue. The 4%% fund and other public debt expenditures chargeable against ordinary
revenues to the retirement of debt, and
Victory notes called for redemption are those with the let- receipts, the application of surplus
the reduction of the balance in the general fund. At the same time the
In
numbers.
serial
their
to
F
prefixed
ters A, B, C, D, E or
Treasury has been engaged, through its refunding operations, in distributdetailing the progress in the Treasury's program for dealing ing substantial amounts of the remaining short dated debt into more con venient maturities, and in this manner has refunded about $2,250,000,000
with the Government's short dated debt, Secretary Mellon of
in
early maturing debt into Treasury notes of various series ma turing
states that a reduction of about $1,032,000,000 was effected 1924, 1925 and 1926. As a result of these operations the amount of outApril
on
over $4,050,000,000
In the gross public debt during the period of 14 months from standing Victory notes has been reduced from 1922,
and the amount of out30 1921, to about $1,990,000,000 on June 30
April 30 1921 to June 30 1922, when it was brought down standing Treasury certificates from over $2,800,000,000 to about $1.825.from $23,995,000,000 to $22,963,000,000—the reduction for 000,000. In addition there are about $625,000,000 of War Savings certiof the Series of 1918 which become payable on January 1 1923,
the most part having taken place in the short dated debt. ficates
so that on June 30 1922, there still remained outstanding about $4,440.As a result of the Treasury's operations, Secretary Mellon 000,000 of short dated debt, all of which matures in the current fiscal year.
The refunding of this debt, most of which will have to be accomplished
states, the amount of outstanding Victory notes has been rewithin the next ten months, presents a problem of first importance. The
duced from over $4,050,000,000 on April 30 1921 to about $1,- $300,000,000,
or thereabouts, of Treasury notes offered for subscription on
990,000,000 on June 30 1922 and the amount of outstanding the usual terms will provide for the Treasury certificates maturing August
now and
Treasury certificates from over $2,800,000,000 to about $1,- 1st and for the Treasury's remaining cash requirements between
September 15 1922, while the offering to allot additional notes in exchange
825,000,000. In addition, Secretary Mellon points out, "there for 434% Victory notes should accomplish the refunding of some more
are about $625,000,000 of War Savings certificates of the se- of the Victory Liberty Loan and correspondingly reduce the amount of Vicor maturity. At the same
ries of 1918, which become payable on Jan. 1 1923, so that on tory notes to be provided for upon redemption
time the call for the redemption of about half of the outstanding Victory
$4,440,about
outstanding
remained
June 30 1922 there still
notes before maturity will make that much of the Victory Loan payable on
000,000 of short dated debt, all of which matures in the cur- December 15 of this year, and enable the Treasury to deal with it before
by appropriate refunding loans. This will means that by January
rent fiscal year." Questioned concerning the way in which 1maturity
1923, the outstanding Victory notes will have been reduced to about
Victhe
redeem
the Treasury proposed to raise the money to
$1,000,000,000, or, in other words, a manageable maturity which can be
operations
tories called in on December 15, Secretary Mellon, according dealt with as opportunity offers without speculators refundingbusiness
and
that would upset the security markets and disturb the course of
to th "Journal of Commerce" of July 26, said that this would Industry.
depend largely upon the condition of the money market.
The current offering of notes is thus an essential part of the refunding proof the
Asked if a long term note issue might not be expected, he in- gram on which the Treasury is engaged, and the banking institutions 434%
country by extending their facilities for the exchange of outstanding
decided,
been
dicated, the same paper said, that this had not
Victory notes for the new notes will be performing an important service
as the plans of the Department for the refunding were still for the country as well as for their customers.
Cordially yours,
in a nebulous form. As to the method pursued in the draw(Signed) A. W. MELLON, Sesrelary.
ing of the Victory notes to be redeemed, a press dispatch
from Washington in the New York "Times" July 26 said:
OFFERING OF U.S. TREASURY NOTES IN EXCHANGE
FOR 4%% VICTORY NOTES.
Along with the call for the redemption on Dec. 15 1922 of
about $1,000,0000,000 4%% Victory notes, Secretary of the
Treasury Mellon announced on July 25 an offering of $300,000,000 or thereabouts of U. S. Treasury notes at 414%, with
provision for additional allotments up to a limited amount
in exchange for 4%% Victory notes. This, Secretary Mellon points out in a letter bearing on the redemption of the
The following is Secretary Mellon's letter to the banking Victory notes (which we give elsewhere to-day), is the fourth
institutions regarding the redemption of the Victory notes exchange offering which the Treasury has made in order to
and the offering of new Treasury notes follows:
facilitate the refunding of the Victory Liberty loan. The
Washington, D. C., July 26 1922.
new Treasury notes offered this week are designated Series
Dear Sir:— The Treasury is announcing to-day a call for the redemption
remain
which
B-1926; they will be dated and bear interest from Aug. 1
notes
the
half
of
Victory
about
434%
on December 15 1922,of
outstanding, and at the same time is offering on the usual terms a new issue 1922 and will mature Sept. 15 1926. They will not be subof $300,000,000, or thereabouts, of short term Treasury notes bearing
Treasury certificates of indebtInterest at 4Y,% with provision for additional allotments up to a limited ject to call before maturity.
amount in exchange for 434% Victory notes.
edness of Series B-1922, maturing Aug. 1 1922, will, with the
new
These two operations mark an important further step in the develop- 4%%
Victory notes, be acceptable in exchange for the
ment of the Treasury's refunding program, and I am sending this letter to
of
payment
in
par,
at
accepted
be
the president of every banking institution in the country in order to draw Treasury notes which will
attention to the significance of the announcement and ask the co-opera- income and profit taxes. The official circular announcing
tion of the banks in affording to their customers ample facilities for investing
the new offering follows:
in the new notes. The call for the partial redemption of 4 % Victory
Selection of the notes to be called for redemption was made at a little ceremony in the Secretary's office, attended by Under Secretary Gilbert; W. G.
Platt, Chief Clerk of the department; Governor Strong of the Federal
Reserve Bank of New York,and a group of newspaper men. Two unsigned
orders calling for the redemption of $1,000,000,000 of Victory notes were
placed in a waste paper basket. Mr.Platt drew out the order retiring the A.
to F. notes, which was signed by Mr. Mellon.
The Treasury Secretary explained that when it was determined to call for
redemption half of the outstanding Victory notes under the refunding plan he
thought it would be only fair that the notes to be retired should be chosen by
lot, as interest upon them would cease on Dec. 15.
notes affects about $1,000,000,000 face amount of notes, and makes the
notes thus called for redemption payable on December 15 1922, leaving the
balance of the Victory Liberty Loan to mature on May 20 1923, according
to its terms. The notes called for redemption bear the distinguishing let-
anti accrued
The Secretary of the Treasury offers for subscription, at par
of Series 11interest, through the Federal Reserve Banks, Treasury notes
by the Act
authorized
1926, of an issue of gold notes of the United States
will be
notes
The
amended.
of Congress approved September 24 1917, as
498
THE CHRONICLE
[VOL. 115.
dated and bear interest from August 1 1922, will be payable
September 15
The request that the resolution be referred to the Commit1926 and will bear Interest at the rate of four and one-quarter
per cent,
per annum payable March 15 1923, and thereafter semiannually
on Banking and Currency was made by Senator King,
on Septem- tee
ber 15 and March 15 in each year.
and this reference was ordered by the President of the SenApplications will be received at the Federal Reserve Banks.
ate.
Bearer notes with interest coupons attached will be issued in
denominations of $100, $500, $1,000, $5,000. $10,000 and $100,000.
The notes are
YAP TREATY PROCLAIMED IN EFFECT BY
not subject to.all for redemption before maturity, and will
not be issued
In registered form. The principal and interest of the notes
PRESIDENT HARDING.
will be payable
In United States gold coin of the present standard of value.
Final ratifications of the Yap Treaty; fixing the status of
The notes of said series shall be exempt, both as to principal and
from all taxation now or hereafter imposed by the United States, interest, the Island of Yap, were exchanged on
July 13 between Secreany State,
or any possessions of the United States, or by any local taxing
authority, tary of State Hughes for the United States, and Sadao
except (a) estate or inheritance taxes, and (b) graduated additional
income
Saburi of the Japanese Embassy, and on the 17th inst. the
taxes, commonly known as surtaxes, and excess-profits and war-profit
s
taxes, now or hereafter imposed by the United States, upon the
income text of the treaty was made public by President Harding in
or profits of Individuals, partnerships, associations, or corporations.
a proclamation calling upon the people of the United States
Notes of this series will be accepted at par, with an adjustment
of accrued
Interest, during such time and under such rules and regulations
as shall to fulfill its obligations in good faith. As we announced in
be presceised or approved by the Secretary of the Treasury,
payment our issue of July 15 (page 250) the treaty was signed at the
of income and profit taxes payable at or within six months before
the matur- State Department at Washington on February
11 and was
ity of the notes. Any of the notes which have been owned
by any person
continuously for at least six months prior to the date of his
death, and which ratified by the U. S. Senate on March 4. The Privy Council
upon such date constitute part of his estate,shall,under
rules and regulations of Japan and the Prince Regent ratified the treaty on
prescribed by the Secretary of the Treasury, be receivable
by the United
June 21. In reporting; the issuance of the proclamation, the
States at par and acrrued interest in payment of any
estate or inheritance
taxes imposed by the United States, under or by virtue
of any present or New York "Times" of July 18, in a special Washington disfuture law upon such estate or the inheritance thereof.
The notes of this patch, said:
•
series will be acceptable to secure deposits of public
moneys, but do not
At the same time there was made public a series of four notes exchanged
bear the circulation privilege.
between
State Hughes and Ambassador Shidehara dealing with
Secretary
of
The right is reserved to reject any subscription and
to allot less than the the rights of American vessels to "the usual comity," when
visiting harbors
amount of notes applied for and to close the subscriptions
at any time with- and waters of the islands and also pertaining to future treaties which
the
out notice. Payment at par and accrued interest for
notes allotted must United States may make with Australia and New Zealand concerning
the
be made on or before August 1 1922, or on later
allotment. After allot- mandates held by those dominions in the Pacific south
of the Equator.
ment and upon payment Federal Reserve Banks
may issue interim receipts
The State Department had previously made public an official summary of
pending delivery of the definitive notes. Any qualified
depositary will be the Yap treaty, but this is the first time that the full text of
the treaty has
permitted to make payment by creditfor notes allotted
to it for itself and its been given out and it is also the first time that the text of
the notes excustomers up to any amount for which it shall be qualified
in excess of changed between Hughes and Shidehara has been made public.
existing deposits, when so notified by the Federal Reserve
Bank of its disThe
treaty
recitation
begins
with
a
of
the
fact
Germany
that
by the Treaty
trict. Treasury certificates of indebtedness of
Series B-1922, maturing of Versailles renounced in favor of the principal allied
and associated powers
August 1 1922, and Victory notes of the 4U% series will
be accepted at the the rights and title to her overseas possessions and that
the right of the
Federal Reserve Banks at par, with an adjustment of
accrued interest, in
payment for any Treasury notes of the Series B-1926 now offered which United States as one of the principal allied and associated powers was confirmed
by
the
treaty
concluded
between
the
United
States
and Germany.
shall be subscribed for and allotted. Victory notes in
coupon form must The terms of the mandate conferred upon the Emperor
of Japan over the
have all unmatured coupons attached, and if in registered
form must be islands in the Pacific north of the Equator are set forth.
duly assigned to the Secretary of the Treasury for redemption,
in accordance
The text of the treaty proper provides:
with the general regulations of the Treasury Department governing
assign"Subject to the provisions of the present convention, the United States
ments.
consents to the administration by Japan, pursuant to the aforesaid mandate,
The amount of the offering will be $300.000,000, or
thereabouts, with of all the former German islands in the Pacific Ocean lying north
of the
the right reserved to the Secretary of the
Treasury to allot ad- Equator."
ditional notes to the extent that payment is tendered
in Victory notes
Article
II.
provides
that
United
the
States
nationals
and
shall
receive
its
pursuant to this circular. As fiscal agent of the United
States, Federal all the benefits of the engagements of Japan defined in Articles 3,4 and 5 of
Reserve Banks are authorized and requested to receive
to make allotments thereon on the basis and up to the subscriptions and the mandate notwithstanding the fact that the United States is not a member
amounts indicated of the League of Nations. These articles of the mandate prohibit slave
by the Secretary of the Treasury to the Federal
Reserve Banks of the respec- trade or forced labor, prohibit military training of natives otherwise than for
tive districts.
internal police purposes and local defense of territory, and prohibit the
establishment of military or naval bases or fortifications.
It is further agreed between the high contracting parties, the treaty sets
CONGRESS URGED TO CONSIDER SUBJECT OF
IN- forth, as follows:
TERNATIONAL STABILIZATION OF SILVER.
I. Japan shall insure in the islands complete freedom of conscience and
tbefree exercise of all forms of worship which are consonant with public order
A resolution urging for the consideration by
Congress at and morality; American missionaries of all such religions shall be free to
an early date of the subject of international
stabilization of enter the islands and to travel and reside therein, to acquire and possess
silver was adopted at a recent meeting of mining
property, to erect religious buildings and to open schools throughout the
interests in islands;
it being understood, however, that Japan shall have the right to
the West. The attention of the U. S. Senate to the
resolution exercise such control as may be necessary for the maintenance of public order
was called by Senator King on July 21, who, in
submitting and good government and to take all measures required for such control.
2. Vested American property rights in the mandated islands shall be
it, said:
respected and in no way impaired;
Mr. President, if I may be pardoned for injecting an
irrelevant matter,
Existing treaties between the United States and Japan shall be appli3.
recently a meeting was held by the mining interests of the
West. A great cable to the mandated islands;
congress convened at Denver, Colo., on June 22 and remained
in session
4. Japan will address to the United States a duplicate of the annual
until June 28. At that congress the following resolution
was adopted, report on the adminstration of the mandate to be made by Japan to the
and it is of such national, if not international,importance
that I feel that Council of the League of Nations;
it should be brought to the attention of the Congress and
referred to the
5. Nothing contained in the present convention shall be affected by any
appropriate committee, and in that manner brought to the attention
of modification which may be made in the terms of the mandate as recited in
the country. The resolution reads:
the convention unless such modification shall have been expressly assented
Whereas this conference bedeves the rehabilitation of business and
finance to by the United States.
in Europe, with consequent benefit to the entire world, will be
Article HI. provides:
expedited
by the Increased use of silver for monetary purposes; and
The United States and its nationals shall have free access to the Island of
Whereas, under existing conditions international
in silver Yap
are subject to private manipulation, thus frequently,transactions
on a footing of entire equality with Japan or any other nation and their
setting aside the law
of supply and demand, and thereby adversely affecting alike the
respective nationals in all that relates to the landing and operation of the
of silver and those who otherwise could and would use it in greatlyproducers
increased existing Yap-Guam cable, or of any cable which may hereafter be laid or
quantity, to their own advantage and to the advantage of all business
and operated by the United States or by its nationals connecting with the Island
industry here and abroad. Therefore. be it
Resolved, That Congress be, and hereby is, respectively urged to consider of Yap.
the subject of international stabilization of silver at an early date.
The rights and privileges embraced by the preceding paragraph shall also
be accorded to the Government of the United States and its nationals with
I have no desire to precipitate any discussion at this time in
regard to
bimetallism, although the chaotic condition of the world's currency has led respect to radio-telegraphic communication; provided, however, that so long
as the Government of Japan shall maintain on the Island of Yap an adequate
many economists and writers upon fiscal policies to re-examine the
ques- radio-telegraphic station
co-operating effectively with the cables and with
tion of bimetallism or at least the question as to the function of
silver in
other radio stations on ships or on shore, without discriminatory exactions
the monetary system of the world. The awakening of the Orient,
the
or preferences, the exercise of the right to establish radio-telegraphic stations
certain increase of trade and commerce between India, and China,
and
Japan, and the nations of Europe and America, emphasize the importance on the island by the United States or its nationals shall be suspended.
Article IV. declares that in connection with the rights embraced by Article
of what may be denominated the silver question. Silver has been and
will
continue to be employed in the Orient for monetary uses; indeed, it is III. specific rights, privileges and exemptions,in so far as they relate to electrical communications, shall be enjoyed in the Island of Yap by the United
practically the only money in circulation in most regions of the Orient.
The prosperity of the Orient and the development of trade and commerce States and its nationals.
444BM
No censorship or supervision is to be exercised over cable or radio messages
among the peoples of Asia largely depend upon silver. If the use of silver
operations.
or
should be restricted or its value measured by domestic products greatly
Nationals of the United States are to have complete freedom of entry and
Changed, undoubtedly the reaction would be very great and the results
could not be fully anticipated. The United States as a producer of silver exit in the Island for their persons and property.
is interested in the price which it will bring. It is interested in the place
whien silver shall occupy In the monetary system, not only of the United
PROPOSED DISCUSSION OF NEUTRALIZATION
States but of the world. It seems manifest that with the expiration of the
OF BALTIC SEA.
Pittman Act the price ofsilver produced in the United States will fall much
below the dollar mark, which now is the price of an ounce of silver. A
Associated Press cablegram from Riga July 9 stated:
An
great depreciation in the price of silver would be injurious to the West.
The Premiers of the Baltic States are planning a preliminary meeting to
Indeed, it is difficult to determine the effects that would flow therefrom, discuss the agenda of a disarmament
conference proposed by Maxim Litvinnot only to the West but to the entire country.
off, the Bolshevist Assistant Commissar of Foreign Affairs, at which the
The resolution which has been read is temperate in language admirably Premiers hope to introduce the question
of the neutralization of the Baltic
phrased and contains a sound recommendation. I sincerely hope that the Sea, regardless of the reported offer of
the United States to make a gift of
Committee on Banking and Currency will fully investigate this important six warships to Poland.
matter and snake some recommendation tending to secure the result sugThe Moscow Government is averse to the Baltic Premiers conferring prior
gested in the concluding paragraph of the resolution.
to the proposed conference, taking the view that the Soviet also should be
JULY 29 1922.]
THE CHRONICLE
represented in the deliberations. Nevertheless the Premiers are pursuing
their plans and a meeting between them mobably will be held at Reval.
While the note of Litvinoff's suggesting the disarmament conference did
not include Lithuania, it is understood Lithuania will be invited to take part
later on, as it is likely the neutralization of the River Niemen will be discussed. This will be of particular interest to the Warsaw Government, as
the river would give Poland additional means for teaching the Baltic Sea.
SENATOR UNDERWOOD'S BILL TO PROVIDE FOR
PAYMENT OF AMERICAN CLAIMS AGAINST
GERMANY.
A bill to provide for the payment of American claims
against Germany was introduced in the U. S. Senate on
July 20 by Senator Underwood. In presenting the bill he
stated that "we hear a great deal about the just rights of
the German claimants to the funds in the hands of the Alien
Property Custodian, and various bills have been introduced
to return the property to them; and I think it about time
that something was done to reimburse the American citizens
for their just and proper claims against the German Government. At the rate at which the claims have been allowed
against the funds in the hands of the Alien Property
Custodian, it is doubtful if there will be enough property
left to secure American claims unless prompt action is
taken." Senator Underwood also stated:
The bill proposes to authorize the President to appoint a commission,
and gives them the usual authority vested in such commissions, following
to a large extent the powers which were given to the Spanish Claims Commission. The bill also provides that the commission shall have two years
in which to hear these claims and determine the amounts and values thereof,
and that the time of two years may be extended for six months at a time
if the President finds it desirable to extend the time. A distinct limitation
Is placed upon the powers of the commission; but it is given the right to
make a final adjudication of all these claims unless the commission certifies
the question as being a matter of so much importance that it should be
decided by the Supreme Court, and then it may be decided by the Supreme
Court.
The following further statements by Senator Underwood
regarding the bill are taken from the "Congressional Record":
The Treaty of Versailles, as well as the separate treaty of peace,,contemplated that the German property in our hands should be used as a
pledge to secure the settlement of American claims against Germany.
It has been nearly three years since President Wilson brought the Versailles Treaty back to the United States and more than a year has elapsed
since the separate treaty of peace with Germany was declared. So far
as I know, no step has been taken by this Govel mnent to protect American
claimants and to provide for the liquidation of their claims.
' It was contemplated and expressly stated in the Treaty of Versailles
that the property in the hands of the Alien Property Custodian should
be held in trust by the United States Government to secure the payment
of those claims. The provisions of the Treaty of Versailles in reference
to these claims and this property were made a part of the separate treaty
of peace with Germany.
As I stated a moment ago, more than a year has passed since that time
and no effort, so far as I know, has been made to give the American claimants an opportunity to state their cases and prove their claims. I did
not act in the matter before, because I felt that it was a subject which
primarily rested in the hands of the party in power, but as no one has
taken any action. I feel that I should not wait longer. Therefore I have
presented the bill which I have asked unanimous consent to be allowed
to introduce at this time and to have it referred to the Committee on the
Judiciary in order that some action may be taken in the matter.
The question has really passed beyond the domain of international
consideration, because Germany has made a treaty recognizing the disposition of this property. If Senators will examine the testimony of
Mr. Bradley Palmer before the Committeee on Foreign Relations of the
Senate, when the Versailles Treaty was before that Committee, they will
see that his testimony bears out my statement. Mr. Palmer, by the
way, is one of the ablest lawyers in Boston. He represented the Alien
Property Custodian at Paris when the Versailles Treaty was written.
He is largely responsible for the clauses in the Versailles Treaty which
relate to this question.
Mr. Palmer stated, without contradiction, when that Treaty was before
the Senate Committee on Foreign Relations, that the Germans had surrendered their right to disposition and determination of these matters to
the Congress of the United States, and that it was the duty of the Congress
to determine what disposition should be made in reference to them. It is
no longer a question, in other words, for diplomatic negotiation. If the
State Department seek to invade this question by further diplomatic
'correspondence, they will be going in the teeth of their own Treaty, which
has already, under a contract with Germany, relegated this matter to the
absolute control of the Congress of the United States. The Congress
of the United States, if it allows the matter to proceed in that way, will
be avoiding its plain duty to American citizens and passing the right to
determine this question to somebody else when it has now, as a matter of
treaty tight, been put finally in the hands of Congress.
I have prepared, because of the importance of the bill, a statement for
the press analyzing the bill.
The statement referred to is as follows:
Statement for the Press.
"Senator Underwood of Alabama to-day introduced the first bill to proAmerican
of
claims against Germany. It is a comvide for the payment
prehensive measure which make disposition of all the Germany property
In this country taken over by the Alien Property Custodian and the proceeds
of the sales of such property. American claims are to be adjudicated by
a commission and, unless they are otherwise satisfied, paid out of the
German property in accordance with the provisions of the Versailles Treaty
and the separate treaty of peace between the United States and Germany.
Senator Underwood's bill provides for a commission to be known as the
Enemy Property Claims Commission, to be composed of six commissioners
to be appointed by the President by and with the advice and consent of
the Senate. It will sit in Washington, have practically all the powers
of a United States court to settle and determine all claims made by the
Government of the United States and by American citizens against Germany, growing out of the destruction of life or property or otherwise
before and after we entered the war, which were secured by the treaties
mentioned, and all claims of German subjects for the return of property
taken over by the Allen Property Custodian. The German property in
the hands of the United States is to be classified and American claims paid
out of the several classes of property in their order, each class to be exhausted before the funds of another class are touched. Under this plan
499
the property of the German Government itself will be first used to pay
American claims and only when that is exhausted will the property of
German subjects be used to satisfy American claims. Claims of American
citizens against Germany have been filed with the State Department to
the amount of nearly $1,000,000,000. Some of these claims may be
exaggerated, but it is believed that just and proper clain s amount to at
least $400.000.000.
"The bill provides for the filing of claims as follows:
"Sec. 29. (a) The following shall be deemed claimants of the first class
hereunder:
"(1) Any citizen of the United States who has suffered damage growing
out of acts committed by the German Government or by any German
authorities since July 31 1914, and prior to April 6 1917, or by the AustroHungarian Government or by any Austrian or Hungarian authorities
since July 28 1914 and prior to Dec. 7 1917:
"(2) Any civilian citizen of the United States who suffered damages
by injury or who, as surviving dependent, suffered damages by personal
injury to or death of civilians, caused by acts of war, including bombardments or other attacks on land, on sea, or from the air, and all direct
consequences thereof, and of all operations of war by the two groups of
belligerents wherever arising;
"(3) Any civilian citizen of the United States who suffered damage caused
by Germany or her allies as a victim of acts of cruelty, violence, or maltreatment (including injuries to life Or health as a consequence of imprisonment, deportation, internment or evacuation, of exposure at sea,
or being forced to labor), wherever arising, or who, as surviving dependent
of any such civilian victim, suffered damage;
"(4) Any civilian citizen of the United States who suffered damage
caused by Germany or her Allies in their own territory, or in occupied
or invaded territory, as a victim of all acts injurious to health or capacity
to work, or to honor, or who, as a surviving dependent of any such citilian
victim, suffered damage;
"(5) Any citizen of the United States or any person serving in the military, naval, or air forces thereof who suffered damage caused by any kind
of maltreatment by Germany or her allies as prisoners of war; and
"(6) Any civilian citizen of the United States who suffered damage
caused by being forced by Germany or her Allies to labor without just
remuneration: .
"(b) The following shall be deemed claimants of the second class:
"(1) Any citizen of the United States who suffered damage or injury
inflicted on his property rights or interest, including any company or
association in which he may be interested. in German territory as it existed
Aug. 1 1914, or in the territory of the former Austro-Hungarian Empire
by the application by such nations of either of the exceptional war measures
or measures of transfer mentioned in paragraphs 1 and 3 of the annexes
to Section 4, entitled 'Property rights and interests,' of the treaties of
Versailles, Trianon, and St. Germain-en-Laye, respectively;
"(2) Any citizen of the United States who has suffered damage in
respect of all property, wherever situated, belonging to him, with the
exception of naval and military works or materials, which has been carried
off, seized, injured, or destroyed by the acts of Germany or her Allies,
on land, on sea, or from the air, or damage directly in consequence of
hostilities or of any operations of war; and
"(3) Any citizen of the United States who has suffered through the
acts of the Imperial German Government or its agents or the Imperial
and Royal Austro-Hungarian Government or its agents since July 311914,
loss, damage, or injury to his person or property, directly or indirectly,
whether through the ownership of shares of stock in German, AustroHungarian, American, or other corporations, or in consequence of hostilities,
or of any operations of war, or otherwise, not hereinbefore enumerated.
"(C) The following shall be deemed claimants of the third class:'
"(1) The Government of the United States, representing the people
thereof, for damage caused to the people thereof, for all its pensions or
compensation in the nature of pensions to its naval or military victims
of war—including members of its air force—whether mutilated, wounded,
sick, or invalided, and to the dependents of such victims, the amount due
being calculated for each of them as being the capitalized cost of such
pensions and compensation on the basis of the scales in force in France
as to Germany at the date of Nov. 11 1921, and as to Austria and Hungary
at the date of May 11919;
"(2) The Government of the United States for the cost of. assistance
by such Government to prisoners of war and to their families and de-
peandents;
'
(3) The Government of the United States for allowances by such
Government to the families and dependents of mobilized persons or persons
serving with its forces, the amount due to them for each calendar year in
which hostilities occurred being calculated for the Government on the basis
of the average scale for such payments
in force in France during that year;
. "(4) The Government of the United, States for damage in respect of
roperty Wherever situated belonging to it, with the exception of naval
nd military works or materials which has been carried off, siezed, injured,
r destroyed, by the acts of Germany or
her Allies on land, on sea, or from
the air, or damage directly in consequence
of hostilities or of any operations
of war; and
I "(5) The representatives of any civilian population of the United States
jwhich suffered damage in the form of
fines, and other similar exac!donss imposed upon them by Germanylevies,
or her Allies.'
A question by Senator Borah as to whether the bill con- •
templates, in case the German Government does not pay
the claims, "that we may confiscate the individual property
of German nationals which have been seized by us and
43€77te its proceeds to their payment," brought the following
discussion:'"'
Mr. tinderwood.—We confiscated that property in March 1918, when
we adopted the amendment which I proposed to the Trading With the
Enemy Act by the vote of every Senator who was then present, except
one, and by a unanimous Note of the House of Representatives; but the
question of confiscation no longer exists, because, under the treaties which
have already been made, the German Government, speaking for itself
and its nationals, has conceded that this property may be used to pay
these claims if the German Government does not pay them.
Mr. Borah.—But what the German Government concedes and what
we are in honor bound to do, and as a matter of wise policy should do, are
two entirely different propositions.
Mr. Underwood.—Of course, I agree with the Senator in his main
statement, but not in his inference, because I think that if Congress is in
honor bound to do anything, it is in honor bound to protect the rights of
American citizens who had their property and their lives ruthlessly destroyed by an enemy Government. For us to say that we owe anything
to the people who at that time, in March 1918, were dropping bombs on
London from airplanes, destroying private property, murdering innocent
citizens, and who from a distance of 75 miles were firing cannon upon
Paris, not for military purposes but for the purpose of terrorizing innocent
citizens in the heart of Paris—to say that the Congress of the United States
is in honor bound to protect the rights of the citizens of that Government
rather than the rights of American citizens is not at all in accord with my
viewpoint on the subject.
Mr. Borah.—Mr. President, I do not disagree with the Senator from
Alabama at all that Congress is in honor bound to protect the rights of
American citizens; but it is in honor bound to protect them in an honorable
way, and in my judgment, it would not be an honorable way to protect
them by confiscating, because of the depredations of the Government of
their country, the individual property of those Germans who invested in
this country.
Mr. Underwood.—I want to state to the Senator that there is no man
on the floor of the Senate for whose opinions and independence of judgment on the great questions that come before the Senate I have more
respect than I have for those of the Senator from Idaho, but I differ
absolutely with him on this question. The old principle of international
law that an invading army should respect the property of the citizens
500
THE CHRONICLE
of the countFy in which the army advanced was right in its day and time,
but to-day peoples make war against other peoples. Germany could
not have sustained herself for a yeas if the people of Germany had not
been behind the German Government. They depredated the property
and destroyed the lives of innocent people, including our own nationals
and those of our Allies, miles behind the lines, where there was no military
operation proceeding. They even went, to the extent when Hindenberg
made his retreat of destroying the forests of the French peasants. To
say, since we took this property, as we did, as an act of war, that we are
under any obligation to return it to those people who destroyed our people
and our Allies' property, it seems to me goes a long way beyond the ethics
of the case.
Mr. Borah.-Mr. President, the doctrine for which I contend is one
which we have been advocating ever since we have been a Government.
We have been pioneers in presenting and insisting upon that doctrine.
We have written it in treaties, we have written it in the decisions of our
courts, and we have succeeded in writing it into international law. I
do not think that we are in a position to controvert the proposition at
this time. We can protect our citizens in their rights without destroying
the doctrine for which we have been contending for a hundred years, a
doctrine sound in Justice and wise as a matter of expediency.
Mr. Underwood.-The Senator is right, of course, that in the early days
we did contend for it, and that doctrine was embodied in international law,
but when the great World War broke out, when war wa.s made under sea
and in the air against citizens and not against armies, that principle of
International law was relegated to the rear, and the Congress itself abandoned it when it voted for the amendment which I offered on this floor
in March 1918 to confiscate this enemy property.
[VOL. 115.
dence, was approximately 15,197,000 bales of 478 pounds lint, while the consumption
of cotton (exclusive of linters in the United States) for the year ending July 31 1921
was approximately 16,914,000 bales of 478 pounds lint. The total number of spinning cotton spindles, both active and idle, is about 153,000.000.
GARMENT WORKERS STRIKE IN NEW YORK.
The strike of garment workers in the women's wear trades
of New York took place as scheduled on July 25, involving
it was said, approximately 50,000. The strike was directed
against the so-called independent shops, which had not signed
wage and working agreements with the union, for the purpose of eliminating "sweat shop" conditions. The walkout,
it was said, was ordered with the approval of the employers'
associations, members of which had signed agreements with
the union to maintain present wages and continue the 44hour week, the employers feeling that they were subjected
to unfair conditions of competition from shops where wages
were under the union scale and hours were longer. The
employers, it is stated, are also anxious to have the independent shops join their association. Soon after the strike began settlements with a number of shops were reported and it
appeared that by next week the whole situation would be
In answer to Senator Robinson, as to whether any arrange- cleared up and operations generally resumed.
ment has so far been made for the adjustment of claims of
American citizens growing out of the sinking of the Lusitania GOVERNMENT PROGRAM FOR DISTRIBUTION OF
COAL AND CONTROL OF PRICES-ATTORNEYSenator Underwood stated stated that "nothing has been
GENERAL'S LETTER APPROVING PLAN.
done up to this time"; he added, however, that "this bill
will give an opportunity to the families and representatives
Announcement was made on July 24 of a tentative plan
of those who were murdered in the sinking of the Lusitania adopted by the Federal Government for distribution of the
to present their claims."
current coal production and avoidance of unfair prices. The
CENSUS REPORT ON COTTON CONSUMED AND ON
HAND,ACTIVE SPINDLES AND EXPORTS
AND IMPORTS.
Under date of July 14 1922 the Census Bureau issued its
regular preliminary report showing cotton consumed, cotton
on hand, active cotton spindles and imports and exports of
cotton for the month of June 1921 and 1922, with statistics
of cotton consumed, imported and exported for the eleven
months ending June 30. The statistics of cotton in this report are given in running bales, counting round as half
bales, except foreign cotton, which is in equivalent 500pound bales.
COTTON CONSUMED AND ON HAND IN SPINNING MILLS AND IN
OTHER ESTABLISHMENTS AND ACTIVE COTTON SPINDLES.
(Linters Not Included.)
Cotton Consumed
During (Bales)Locality.
Year
June.
Cotton on Hand
June 30 (Bales)-
Cotton
Spindles
Active
Eleven
In
In Public
During
Months Consuming Storageand
June
ending
Establish- at Corn- (Number).
June 30.
ments.: presses.z
1922 *507,869 *5,453,366 *1,332,383 *1,936,025 31,877,015
1921 481,917 4,482,530 1,203,364 4,300,386 32,760,904
------Cotton-growing States. 1922 I36,387 3,428,211
814,754 1,4877526 15,533,332
1921 272,784 2,752,628
512,961 3,811,003 14,935,753
1922 171,482 2,025,155
All other States
717,629
448,499 16,343,883
1921 189,133 1,729,902
690,403
489,383 17,825,151
x Stated in bales.
* Includes 22,764 foreign. 7.936 Am.-Eg. and 578 sea-island consumed; 94,983
foreign, 18,166 Am.-Eg. and 4,468 sea-island in consuming establishments, and
78,818 foreign. 47,328 Am.-Eg. and 3,198 sea-island in public storage. Eleven
months' consumption 276,170 foreign, and 43,629 Am.-Eg., and 8,668 sea-island.
Linters not included above were 53,385 bales consumed during June 1922 and 49,296 bales in 1921; 152,065 bales on hand in consuming establishments on June 30
1922 and 208,507 bales in 1921, and 76,386 bales in public storages and at compresses
in 1922 and 255,911 bales in 1921. Linters consumed during the eleven months
ending June 30 amounted to 538,969 bales in 1922 and 465,363 bales in 1921.
IMPORTS AND EXPORTS OF COTTON AND LINTERS.
United States
Imports of Foreign Cotton During(500-lb. Bales),
Country of Production.
June.
Egypt
Peru
China
Mexico
All other countries
Total
11 Months end. June 30.
1921.
1922.
1922.
1921.
2.533
8.202
473
657
25
748
228,433
36,350
14,967
53,636
21,492
84,716
21,961
14,441
88,155
13,616
12,662
10,105
354,878
222,889
7,005
1,617
1,507
Exports of Domestic Cotton and Linters During(Running Bales)Country to Which Exported.
United Kingdom
France
Italy
Germany
Other Europe
Japan
All other countries
June.
11 Months end. June 30.
1922.
1921.
1922,
156,030
55,818
60,671
103,077
82,473
31,411
21,599
142,729
31,902
42,635
108,128
40,013
94,381
35,686
1,675,082
727,030
435,827
1,376,160
665,764
765,972
297,044
1921.
1,657,776
546,479
491,026
1,094,088
613,789
523,812
270,175
*491,079 *495,474 *5,942,879 *5,197,145
* Figures include 12,678 bales of linters exported during June in 1922 and 6,274
bales in 1921, and 123,195 bales for the eleven months ended June 30 in 1922 and
47,709 bales in 1921. The distribution for June 1922 follows: United Kingdom,
300 bales; France, 1,855 bales; Germany, 8,241 bales; Belgium, 100 bales; Netherlands, 751 bales; Canada. 1,431 bales.
World Statistics.-The world's production of commercial cotton, exclusive of linters, grown in 1921, as compiled from published reports, documents and correspon.Total
plan worked out at a series of meetings of representatives of
the Departments of Commerce, Justice and Interior and the
Interstate Commerce Commission with the American Railway Association and operators of principal non-union coal
fields. The supervision of measures proposed in the plan
will be in the hands of a commission appointed by the President and composed of members of the departments aforementioned, to be known as the Presidential Committee. This
committee, of which Secretary of Commerce Hoover is
Chairman, under the plan announced on July 24, will have a
representative in each coal producing district. The plan as
outlined by Secretary Hoover is as follows:
1. A commission in Washington, to be appointed by the President, of
representatives of the Department of Commerce,the Inter-State Commerce
Commission, the Department of Justice and the Department of the Interior, to be designated the Presidential Committee. This committee to
have general supervision of the measures to be taken hereunder and to
authorize the execution of such of these measures as may be necessary from
time to time.
2. The Administrative Commission, comprising representatives of the
Presidential Committee, together with representatives of operators, representatives of the railways, and, where necessary, representatives of the
larger consuming groups.
3. The Presidential Committee will establish a representative in each
coal-producing district.
4. The Presidential Committee will appoint a committee of operators
in each district to be nominated by the district operators' association or
independent operators (in case of failure of the operators to take such
action the Presidential Committee may appoint such operators as they see
fit on such committees). The members of these district committees may
be changed as determined by the Presidential Committee.
5. The Presidential Committee will co-operate with the Inter-State
Commerce Commission in carrying out preferential orders issued by the
Commission.
6. The Governmental representatives in the districts, with the co-operation of the district committees, shall advise the agencies of the Interstate Commerce Commission as to local car movement to effect the purposes
of this plan.
7. The operators will proceed with their usual business until they are
affected by preference orders.
8. It is understood that the district committees under authority of the
Presidential Committee will recommend the allotment of cars on the
bash; of those who conform to the fair prices to be agreed upon with the
Presidential Committee.
9. When the operators demand then suitable guarantees shall be given
for payment by persons buying under priority orders.
10. The railroads will be requested to appoint a representative to deal
with purchases of railway fuel.
11. The basis of prices agreed upon between the operators and the
Secretary of Commerce on June 1 are to be maintained, except where varied
by the Presidential Committee, and this same basis of price determination
shall be applied to all districts which are so far not co-operating.
The whole of the above is tentative pending further consideration by
the Inter-State Commerce Commission, the Department of Justice, Department of the Interior and the Department of Commerce.
The measures proposed in the above program were approved by Attorney-General Daugherty as in accordance
with Federal laws. In conection with the announcement of
the tentative plan for regulation of coal supplies and prices,
Secretary Hoover made public a letter apropos of the plan
from the Attorney-General which read as follows:
Hon. Herbert Hoover, Secretary of Commerce:
Sir:-I have before me your letter of the 21st instant in which you inquire
whether certain steps, which you propose to take to safeguard the public
interest in the face of impending coal famine, run counter to the laws of
Congress.
You set forth that the supply of coal now on hand is diminishing at a
rapid rate; that its production is being measurably reduced because of
JULY 29 1922.]
THE CHRONICLE
inability to get a proper supply of cars to transport what is being mined;
that in consequence of the increasing shortage numerous industries whose
operations are dependent upon a steady supply are threatened with paralysis; that lighting plants will possible be forced to suspend and cities left in
darkness; and above all, that the people themselves will be without fuel as
winter approaches, bringing in its train misery, suffering, distress, and
even famine and death.
In consequence of these alarming conditions, whose growing menace is
such as to awaken all to an affrighted realization of the perils ahead, the
price of coal now being mined is steadily mounting in certain quarters,
consumers indulging in a frenzied race to secure it at almost any cost.
Under these circumstances some operators, placing their country's interests
above their own, have steadfastly refused to enhance prices; while, on the
other hand, the cupidity and avarice of other operators have led them to
take an unmerited and even cruel advantage of the present abnormal conditions, by ruthlessly exacting whatever can be obtained.
As I understand it, your plan is to form associations acting under your
directions whose sole purpose will be to meet the emergency in distribution
and stop profiteering; and at the proper time you intend to apply to the
Inter-State COMmerce Commission to promulgate rules governing car distribution during the existing shortage to the end that the available equipment can be placed at mines affording the greatest opportunity of service
and willing to charge for its coal no more than is fair and just.
As between two mines whose output is the same, your plan contemplates
during the existing shortage favoring the mine in the supply of cars which
charges the public fair prices as against the mine which allows its greed to
exact whatever can be obtained, however unwarranted and extortionate
the price may be. You have no purpose other than to promote the welfare
of the public by inaugurating a plan of distribution designed to maintain
national life itself and to restrain extortion by the stern hand of repression.
Your idea is to have both operators and miners furnish you with statistics
along the lines just mentioned, thus enabling you to place before the Commission from time to time whatever information is necessary to enable it
to give proper and intelligent directions. In thus acting you intend to
represent the Commission as one of its designated agencies, or to go before
it in any other capacity, whichever method meets with its approval. In
view of all these conditions causing the present emergency, the inevitable
result of which is to disrupt and demoralize inter-State commerce, you
Inquire whether the plan you have outlined would be illegal and whether
authority exists for its adoption and enforcement.
In my opinion, the plan is entirely legal. I fail to see wherein any law
of Congress will be violated. The interests of the public are deserving of
paramount consideration and I have no misgivings in giving it my unqualified approval. Moreover, I feel convinced that ample authority exists
for its adoption and effective enforcement. If the Inter-State Commerce
Commission finds the existence of an emergency such as you describe, that
body has ample and unquestioned authority to provide such rules and
regulations as will enable the plan you suggest to be carried into operation.
In concluding I want to say that I have no hesitancy in advising you
that in my opinion where and when an emergency exists on account of the
shortage of coal for use in inter-State commerce and in the transportation
of the mails and when the price of coal for such purposes and for the general
necessities of the people has been unjustifiably and unbearably increased
by operators who produce a large supply, associations such as your plan
contemplates to act with and under governmental agencies to meet the
existing emergency, more equitably to distribute coal and to prevent extortion in the price thereof while acting with and under governmental agencies
for the purposes aforesaid, are legal and do not violate any provision of
the so-called Sherman Anti-Trust Law or any other Federal law.
In carrying out such plan for the sole purpose you propose, all persons,
firms or corporations chosen by governmental agencies to assist you, as
long as they act in good faith to carry out such plan with and under governmental agencies and not otherwise, will violate no law of the United States.
Respectfully,
H. M. DAUGHERTY, Attorney-General.
The first intimation of the calling of the conferences at
which the tentative regulatory plan was adopted was contained in the following announcement made by Secretary
Hoover on July 21:
501
Department and Commissioner Aitchison of the InterState Commerce Commission. A fifth member is to be
appointed later who will undertake the administrative direction of the organization. Priority and routing orders issued
by the Inter-State Commerce Commission (given elsewhere
in these columns to-day) were put into effect on the 26th,
but Mr. Hoover indicated that the drastic powers granted
the Presidential commission would be employed only when
the emergency demanded, and that so far as possible the
operations of the railroads would not be interfered with by
the Government when it was demonstrated that they were
handling all business offered without delays. Mr. Hoover
also informed the Governors that the Federal powers would
be exercised only to the extent of assuring a fair distribution
of coal and other essential commodities to the States and that
the task of protecting the rights of the ultimate consumer
within the States must rest with the State organizations
which he requested them to organize. The Secretary referred specifically to Ohio, Indiana and Illinois, in some sections of which, he said, there were large quantities of coal
so near the surface that it could be mined with steam shovels.
These States, he said, should through their own agencies
be able to afford protection to workers and meet their current
needs for fuel, and could scarcely expect the Federal Government to assist them in bringing coal from the non-union
fields of West Virginia. The telegram sent by Secretary
Hoover to the Governors also laid emphasis upon the responsibility of the States in the strike situation. In making
it public the Department of Commerce added this statement:
Secretary Hoover sent out the following telegram to-day to the Governors
ofthe States on behalf of the Presidential Coal Distribution Committee, as
the first step toward decentralizing the organzation for equitable distribution
and maintenance of fair prices of coal. Under this plan the distribution for
railway use will be directed from Washington,but with the possible exception
of a few inter-State public utilities, the responsibility for all other distribution will rest upon organizations set up under State control.
The text of Secretary Hoover's telegram follows:
In order that the Federal Government may do its part in the distribution
of coal supplies over the present very difficult situation the President has
appointed a committee on coal distribution comprising representatives of
Departments of justices Interiors Inter-State Commerce Commission and
Department of Commerce under my chairmanship for the purpose of securing co-ordination of Federal agencies in the best distribution of the available
coal supplies. Certain priorities have been established in necessary commodities and fuel by the Inter-State Commerce Commission who have
asked your State Public Utilities Commission if the Inter-State Commerce
Commission may have its active assistance in the distribution of coal to
transportation and public utilities and governmental institutions if necessary. Beyond this the Presidential committee on coal distribution is co-operating with coal operators and with the Inter-State Commerce Commission
in an endeavor to secure that coal shall be sold from the mines at a fair price.
The agencies and present authority of the Federal Government,of course do
not enable it to protect the ultimate consumer of coal within the boundaries
of a State further than such protection can be secured by the above means,
that coal sold in inter-State commerce shall be sold to the original purchaser
at a fair price and that fair distribution between States be obtained. The
problem of securing that the ultimate consumer shall be protected upon coal
now in circulation and on resale of coal distribution shall be carried out must
rest within the authority of each State. I am sending this telegram at the
request of the President to learn if you feel that you can under take to create
a State organization under your direction to secure that this shall be done
with which we can co-operate.
I have called a meeting of the district representatives from the producing Virginia, West Virginia, Tennessee, Kentucky, Pennsylvania and
Alabama districts for Monday at 10 o'clock to consider two questions.
The telegram sent to the various State commissions by
First: Plans for making the voluntary restraint of profiteering effective
Commissioner
Aitchison of the Inter-State Commerce Comin the one or two districts which have refused to co-operate and are now
to
mission,
which
Secretary Hoover made reference in his
demanding $7 50 a ton for coal at the mine,and,further, to make it effective
against the minority ofirresponsible operators in the other districts who have message to the Governors, read:
broken away from the agreement. The responsible operators are holding
Commission desires to know whether if local developments connected with
to the price. On the other hand, some panicky railway buyers and others our general service orders require we can rely on having active assistance of
orders
out
to-day
sending
refor
$8
plan
the
offering
at
mines. The
are
your commission. This possibly may involve survey certification and policstraint of prices to the Garfield basis threatens to break down through the ing of certain local needs under priority orders issued or to be issued. Emerabove influences.
gency most acute and requires best efforts of all under common plan if disSecond: To consider plans for effecting a distribution of coal to the rail- tress which will come is to be mitigated.
ways, public utilities, industries, producing necessities, public institutions,
&c.
Plans have been formulated for co-operation of the Department of ComSAMUEL GOMPERS'S COMMENT ON GOVERNMENT'S
merce and the inter-State Commerce Commission and the Department of
POLICY IN COAL STRIKE SITUATION.
Justice, by which, with the co-operation of responsible operators, the control
of price and distribution can be effected. The plan is now before the DeSamuel
Gompers, President of the American Federation
partment of Justice for their consideration, and it involves the pooling of
July 26 with
coal in each district and the distribution of cars under the authority and di- of Labor, made the following statement on
rection of the Government, with the co-operation of operators' committees. regard to the Government's policy of distribution of avail-
able coal supplies and control of prices:
SECRETARY HOOVER CALLS FOR CO-OPERATION OF
STATES IN COAL DISTRIBUTION.
Herbert Hoover, Secretary of Commerce, was appointed
Chairman of the governmental commission named by
President Harding to direct the transportation and distribution of the available coal supply on July 26, and he
immediately called upon the Governors of all States to create
State organizations with which he might co-operate. The
selection of Mr. Hoover as Chairman of the commission
gives him the power to supervise the movement of trains
in inter-State commerce, the allocation of coal supplies
from the producing mines and the control of coal prices.
With him on the commission named by the President are
Attorney-General Daugherty, Secretary Fall of the Interior
If the action of the Government is what it appears to be in assuming control of coal and food movements by rail, the workers and the people generally
have every right to feel a sense of satifaction.
The power now in Government hands to curb profiteering is real and it can
be exercised with deadly effectiveness. It has been seen that agreements
entered into by mine owners with Government representatives to prevent
price raising have been violated freely by mine owners. The Government
now can use something stronger than moral suasion to stop profite3ring. By
its power to regulate the use of cars it can absolutely stop all coal that is not
destined to be marketed at a fair price.
Indications are that this most recent and drastic move is commendable.
It will not add a pound to the coal production, nor will it do anything but
strengthen the hands of both the minors and the railroad workers who are on
strike. It will, if I interpret correctly, prevent profiteering on such coal as
may be above ground or may be mined.
"As I see the move at this hour, it will take away whatever chance the
mine owners expected to have for making huge profits out of a continuance of
their resistance to the fair demands of the miners. The attitude of mine owners may change when they see that it is to be costly instead of becoming profitable."
502
THE CHRONICLE
I may be mistaken, of course, but it is apparent that the schemes of financiers are not to be permitted to throttle the country indefinitely. There
seems not to have been put forth sufficient pressure upon employers to have
them enter into conference with the workers in order to work out an agreement along natural lines. That does not detract from the satisfaction with
which we may view such steps as are taken to prevent profiteering at the
expense of the people generally and the striking workmen in particular.
Every constructive step taken makes just that much more hopeful an
ultimate approach to constructive settlement on the basis of service to the
whole people. If some of the importance and dominance of finance and
profit has been removed, that is cause for satisfaction.
I should like, in this connection, to call attention to the truly marvelous
discipline and conduct of the men on strike. They are contending for something more than material things. There is a spiritaul quality about this
strike that cannot escape tho notice of any one who observes what is going
on. That quality does not accept defeat for the principles involved.
More than a million men are in idelness. The examples of breach of discipline, of disorder, have been almost negligible. Considering the provocation that has confronted the workers in many places, considering the vast
number of men idle, the conduct of the great army of workers has been
exemplary—it has been a magnificent tribute to the workers themselves and
to their cause.
By their conduct, more emphatically than by anything else, the workers
have shown their constructive purpose. The welfare of America demands
that through a just and a fair settlement that splendid constructive spirit
be returned to industry as a great, willing and energetic force for our national
industrial progress.
[VOL. 115.
We are the Mayors of the anthracite regions. We represent the people
who are making the all sacrifices, bearing all the burdens, the result of
this conflict between the operators and the miners.
We are short of fuel,short of wages, and there is a strong possibility of disorder, the result of the latest move on the part of the Government.
If the operators are disposed to destroy the United Mine Workers and
the price of their efforts is the destruction of property, riot and bloodshed, we are not willing to pay the price. If, on the other hand, a victory
for the miners will result in a similar toll, by the same token, we refuse to
pay the price.
We are, therefore, interested, vitally interested, as you see,in an immediate settlement of the differences between the parties to the conflict.
We are with you and approve of arbitration with an exhaustive investigation into everything that applies to the cost of coal, from the face of a
chamber to the coal bin of an individual.
In the appointment of a commission permit me to venture the suggestion
that it is a mistake to have it composed of three operators, three miners
and five representatives of the public. I do not know whether you ever
noticed this, but it is true that superiority, whether it is intellectual or financial, generally mixes with superiority. The five men to be appointed from
the public will becessarily be what we call "big men." When you begin to
confer you have eight men on the one hand with a possible exception as
against three on the other.
The operators and miners have been talking over their difficulties for the
past four months and can come to no agreement. Isn't it time to say
"exit I" and call in five representative high type men of the republic? Let
them hire a few capable and honest statisticians. Send the men back to work
at the old scale, establish a new scale in the shortest possible time and give
us permanent peace.
We hope to see Mr. Lewis,President of the United Mine Workers,and his
associates and present to them the situation as we see it. We will get in
touch with the operators if need be.
COAL OPERATORS AGAIN URGE APPOINTMENT OF
FEDERAL COMMISSION OF INQUIRY.
A. M. Ogle, President of the National Coal Association, and
spokesman of the coal operators at the recent conferences
OVER MINES IF
with the miners at Washington, sent a telegram to President GOVERNOR OF INDIANA TO TAKE
MINERS FAIL TO REACH
COAL
AND
OPERATORS
Harding on July 23 in which he reiterated the desire of the
AGREEMENT.
operators to have a non-partisan commission appointed by
In a statement "to the public," issued on July 27, Goverthe Government to ascertain the facts about the coal strike.
nor McCray, of Indiana, declared that he would take over
The telegram from Mr. Ogle read as follows:
and operate for the needs of the State one or more coal
Indianapolis, Ind., July 23 1922.
President Warren G. Harding, While House, Washington, D. C.
mines, unless at the end of five days the miners and operators
In order that there may be no misunderstanding in the minds of memthe resumption of
bers of your administration or in'the minds of the public concerning the have reached an agreement providing for
attitude of the operators who attended your Washington conference toward mining in the State. Following this announcement, which
the appointment of a fact-finding tribunal by you,I respectfully and strongly was made after a conference with the operators, the Goverurge upon you the advisability of immediately selecting the men whom
Bituminous Coal
you desire to act, so that the tribunal can proceed at once to investigate nor indicated that officers of the Indiana
the questions at issue between the miners and operators in the union fields. Operators' Association would probably agree to join a central
As we have pointed out before,. we strongly feel that this tribunal should competitive field conference.
be non-partisan, without either miners or operators being included in its
The Governor's statement to the public explained the fuel
membership. If it is felt advisable by you to have technical advice for
the benefit of the tribunal, I might suggest that one operator could be select- needs of Indiana and the strike situation in general. He
ed by the operators and one miner by the miners to sit with yew* tribunal
said in part:
in a purely advisory capacity, but without
voice or vote.
I have made an earnest and honest effort to got the coal miners and coal
I feel, and I know that a large majority, if not all of the union bituminous
together, hoping by this contact that they might agree
operators feel, that such a tribunal selected by you,if immediately appoint- operators of Indiana
basis for settlement of their difficulties and resume
ed, could within a comparatively short time develop outstanding essential on some satisfactory
facts in regard to the situation. With such facts before it the tribunal coal operations.
The miners refused to attend tr joint conference or discuss the questions
would be able to give information to the public and to you that would
meeting, claiming that under the instructions of the
strengthen your hand in carrying out your program to start the mines in at issue in a State
Committee they could not meet the operators in a
accordance with your proclamation to the Governors of the several States International Policy
consider any proposition from the State operators.
to
conference
involved: on a basis of wages which inevitably must mean liquidation State
was useless to meet in a State conference because the
of costs and prices to meet the demands and requirements of the public They also claimed it
Indiana operators would not agree to any basic rate until they knew definiteand industry.
competitors were doing in competitive districts.
We also have in mind that a thorough investigation of all the facts relat- ly what their
I furthermore found that the operators felt it was impossible for them to
ing to the union bituminous coal fields will be extremely helpful to the
inter-State conference inasmuch as the central competitive disAmerican public and to the coal industry as well and should to some con- meet in an
trict, comprising Illinois, Indiana, Onio and Western Pennsylvania, has
constructive suggestions.
been disrupted and their organization annulled.
You may be assured that in the meantime the operators of Indiana are virtually
Believing as I do that the rights of the many should not be overthrown by
earnestly working with Governor McCray and the local authorities in order
actions of a limited number,I feel that my duty to the people of Indiana
to determine the best and most effective plan under which production of the
demands that coal shall be furnished without regard to the points
coal'can be resumed,and I am informed that the operators in all other States as a whole
at issue between the coal producing agencies. I, therefore, have concluded
are working to the same end.
entering into the merits of the controversy, and acting whody
without
All the operators in all districts, union and non-union, unite in support- that
interests of the general public, that if the strike is not determined
ing you in your determination to protect every man in his inalienable right for the
within five days of this date I will take over one or more mines and supply
to work.
A. M. OGLE.
the people of Indiana with fuel, which is most essential for the comfort and
our people as well as for the operation of our business enterthe employment of labor.
insures
ns
which
es icohf o
MA,YORS OF ANTHRACITE DISTRICTS IN PENNSYL- prises
I believe coal can be furnished through the application of authority now
VANIA URGE PRESIDENT HARDING TO APvested in me as Governor, but if it becomes necessary to have additional
legislation to support my determination in this matter, I will not hesitate
POINT ARBITRATION COMMISSION.
to assemble the Legislature for the purpose of preparing the way so that full
A committee of Mayors from five cities in the anthracite legal authority may be given by which the emergency may be met and
coal felds of Pennsylvania called on President Harding on suffering and disaster averted.
I view it, my duty to the public is perfectly plain. I am not seeking
July 22 and urged the appointment of a commission to settle to As
resist organized labor in its stand for what it believes to be its lawful
the strike which has been in effect since April 1. Mayor rights. I am only determined that the people of Indiana shall not suffer
John F. Durken of Scranton, acting as spokesman for the from cold or hunger while the fine points of the differences between the
opposing factions are being adjusted.
committee, told the President that there was a "strong possibility of disorder" as a result of the latest move by the
Government if the operators of the closely unionized anthracite fields attempted to reopen their mines with the aid of
the military, and that the Mayors were not willing to "pay
the price" which they felt was inevitable under such circumstances. After he had been to the White House, Mayor Durken announced that a telegram had been sent to John L.
Lewis, President of the United Mine Workers of America,
inviting him to a conference with the Mayors the first part
of the week, either in New York or Scranton. Alayor Durken stated that as a result of his talk with President Harding he had several suggestions to make to Mr. Lewis regarding the terms to govern any arbitration procedure. The
statement made by Mayor Durken of Scranton to the President in behalf of the committee of Pennsylvania Mayors
was as follows:
Following the meeting with the operators, the Governor
sent the following message to John Hessler, President of
District No. 11, United Mine Workers:
I think the Indiana operators.representing Indiana's total tonnage will
meet in inter-State conference, providing a majority of the tonnage of each
of the four State movements is represented in the meeting. The situation Is
becoming more acute daily, and in the fullest discharge of my duty I am
going ahead with my plans for furnishing coal to Indiana institutions in
order to avoid delay in case the proposed conference does not roach a basis
of settlement of present difficulties.
JOHN L. LEWIS SAYS JOINT CONFERENCE WILL
END STRIKE.
In a statement issued on July 27 at Philadelphia, John
L. Lewis, President of the United Mine Workers said that
he had "every reason to believe that an inter-State joint conference of the central competitive fields will be arranged within a few days." Mr. Lewis expressed this belief after two
JULY 29 1922.]
THE CHRONICLE
days of conferring with the district Presidents of the union
from Western Pennsylvania, Ohio and Indiana. This territory and Illinois comprise the central competitive fields.
Illinois was not represented at the meeting. It was made
known by union leaders that as soon as they have assurance
that sufficient tonnage will be represented at an inter-State
conference to make a basic wage scale possible, a call for the
meeting will be issued at once. Such a call, it was said, may
come any day. Efforts to learn what percentage of the total
• tonnage of the central competitive fields would have to be
• represented to make possible a basic wage agreement, could
• not be learned. It was said it would depend upon the companies clinsenting to enter an inter-State meeting.
"It is undoubtedly true that to all effect the workers have
won their strike," said the miners' president. "It is recognized everywhere in financial and industrial circles that no
wage reductions can be applied to the mining industry. This
is the only means of settlement. There will be no separate
agreement by State divisions of the union.
"It only remains for an inter-State joint conference to be
convened in order to permit of the immediate negotiation of
a new wage agreement. This is the only way by which a
settlement can be made. There will be no district or separate settlements. I have every reason to believe that an
inter-State joint conference of the central competitive fields
will be arranged within a few days. Such an arrangement
will permit a resumption of mining and relief to embarrased
industries and a suffering public."
• PENNSYLVANIA MINERS ASK GOVERNOR' TO RECALL
NATIONAL GUARD FROM MINE CENTRES.
Charging that Governor Sproul of Pennsylvania by "a
show of arms" is endeavorng to break down the morale of
mine workers in the Pennsylvania fields, union leaders in
conference at Philadelphia on July 27 directed a letter to
the Chief Executive calling upon him to withdraw units of
the National Guard from the communities in which they are
now on duty. The letter of protest was signed by the five
district leaders from the State and Phillip Murray, international Vice-President It was framed at the conclusion
of a two days' session in the Bellevue-Stratford, and after
John L. Lewis, International President of the United Mine
Workers, had issued a statement predicting an early end of
the strike with the union men victorious.
The union leaders in their communication to the Governor
insisted there had been no show of violence or signs of disorder in the district to which troops were dispatched. On
the contrary, they asserted, the strikers and their families
were conducting themselves in a law-abiding manner.
Furthermore, they declared, there was no call for State
assistance from sheriffs or other local officals. The letter
of protest follows:
503
of the peace might occur. Your proclamation was most obviously based
upon assumption, and we submit that it is a very poor practice to run
government on assumption.
State troopers in sections of Cambria, Indiana and Somerset counties
have already prohibited mass-meetings of citizens, and in this the Constitution of the State has been practically set aside and the right of free speech
and peaceable assemblage has been denied. Thousands of meetings have
been held by the mine workers in Pennsylvania since the first of April, and
every meeting has been conducted on a plane reflecting the highest traditions of peace and order. At these meetings the men have been counseled
to obey the laws and conduct themselves peacefully, and to this holding of
meetings we attribute the splendid peace and quiet that reigns in the mining communities.
We would ask if the Governor *believes that the Constitution of Pennsylvania is still in effect, or whether it has been suspended in the interest of
the non-union coal operators of this Commonwealth. We would impress
upon you the fact that, despite all that may be said to the contrary, this is
a government oflaw and not a government by executive order and command.
You speak of law and order. We say to you that never in the history of
industrial controversies in the United States has law been so rigidly observed by the mine workers in Pennsylvania, who are, and who have been,
idle since April 1. The.only violation of law has been on the part a the
coal company thugs, deputies and strike-breakers, who have insulted, coerced and intimidated the mine workers and their families.
We say to you that your action should be condemned by all clear-thinking Americans in this State, and we say further that the Republican Party
in this Commonwealth, if it is true to the traditions of Washington, Lincoln and Grant, will condemn unreservedly your tettitude in this matter and
take steps to clearly set forth whether or not it sanctions such unwarranted
action upon the part of the Chief Executive of the State.
If we still have a constitution in Pennsylvania, if we have a government.
of law, if there is respect for local home government and if there is a belief
in the right of free speech and peaceable assemblage, we call upon your
Excellency to withdraw the troops from the mining communities in which
they are located, and show by this action that "the government of the
people, by the people and for the people" shall be a reality and not a mockery.
We protest emphatically against your action in sending troaps to these
localities. We believe that your reasons for taking such action are not
sound. The remedy, therefore, lies in your hands, and, if not applied,
the citizenship of Pennsylvania should in no uncertain terms voice its disapproval of your policy.
CORRESPONDENCE.BETWEEN PRESIDENT HARDING
AND GOVERNOR OF MICHIGAN ON COAL STRIKE.
A letter from President Harding dealing with the powers
of the Federal Government in the.coal strike situation and a
reply thereto were madepublic July 28 by Governor Alex. J.
Groesbeck of Michigan, at Lansing. The President's
statement that the Federal Government is powerless to
interfere with the attitude of the United Mine Workers of
America towards independent local agreements and that at
present nothing can be done except to enable men willing
to work in safety, drew a sharp reply from Gov. Alex. J.
Groesbeck expressing disagreement. Replying to the letter
from the President, Gov. Groesbeck declared he could not
concede the Federal Government has not the power "to
protect our citizens from the embarrassing situation that faces
us." The President's letter was in reply to a telegram sent
by the Governor last week when he informed the President
he was asking John L. Lewis, head of the mine workers, to
grant Michigan miners permission to enter agreements
independently of their national affiliation and return to
work (Governor Groesbeck's telegram was given in the
"Chronicle" July 22, page 386). The President, in his
reply, stated he would seek legislation to solve the problem
of independent agreements. Replying to Governor Groesbeck's original proposal that the State take over and operate
the mines in Michigan, the President said:
As citizens of Pennsylvania, representing 325,000 mine workers, we feel it
imperative to call to your attention certain matters which to us seem to
present a crisis with relation to the guarantees of the Constitution of our
State affecting the right of free speech, peacable assemblage and the right
of workers to stop work in defense of their rights as workers and citizens.
The mine workers in both the anthracite and bituminous regions of Pennsylvania have suspended work since April 1 of this year. This is a legal
suspension of mining, and the peace and tranquillity of both fields has been
such that the local authorities have been able to handle the situation with
I do not know whether you have the persuasive power to effect a voluntary
credit not only to the mine workers but to the Commonwealth and all its agreement in
Michigan * * * but I think it fair to assume you would
citizens as well.
not
enforce such an arrangement. For the present, in the absence of law
By Executive proclamation you recently ordered units of the Pennsylvania to guarantee
service
in the public welfare, we can only take steps necessary
National Guard into the counties of Cambria, Indiana, Somerset and to enable men
willing to work to do so in perfect safety. I do not think
Washington. We are advised by the sheriffs of at least two of these coun- this means an
armed guard at the mouth of every mine. It does need the
ties, namely Cambria and Somerset, that they have not and did not ask assurance that State
authority, and Federal authority when needed, means
your Excellency for troops to be located in their counties.
to protect every man in the pursuit of lawful employment.
No Need for Troops.
It is a matter of record that coal operators and mine workers in many
With respect to Washington and Indiana counties the facts as developed districts have been quite ready to come to an understanding in very short
show that the situation was handled by the local officials and no disorder order, but the policy of the national organization is hostile to any district
existed to any degree warranting interference by persons other than local or State arrangement. This apparently is one of the issues involved and
authorities. These counties previous to April 1 were looked upon as being is one which must be definitely settled. I do not know of any way of
non-union, but since that date the men have been organized and have been settling it under the legal authorities which are now possessed by either
idle with their fellow workers in defense of fair wages and safe conditions State or Federal Government. Manifestly, legislation must be provided
of employment. It seems evident to us that troops were sent into these and I mean to submit the whole problem to Congress at the earliest concounties for one particular purpose, and that is to break down the morale sistent time possible after the House reassembles.
If the coal producers of the United States were so organized that a
of the men who are engaged in this controversy and to force by a show of
arms their return to the inhuman conditions of employment and the mere national body were to determine the policy of every member and permit
animal subsistence standard of wages which were in effect in those localities no sales of coal except on dictation of terms by the national officials, every
State legislature and Congress itself would instantly put an end to such
previous to April 1.
a practice. The mine workers unhesitatingly assumed national dictation.
This action on your part, so far as we are able to fathom, is without
is the big issue involved in the present dispute. Frankly, I think it must
It
be
may
precedent in the history of the Commonwealth of Pennsylvania and
be dealt with if we are to have any security and any assurance of a supply
considered as a blot upon its fair record. Your administration, so far as
of fuel.
the public has been led to believe, is in favor of a greater degree of local
The Governor's letter in reply said in part:
home government, but your action in this instance in practically setting
the
and
There being no dispute over wages or working conditions it seems a pity
aside the local authorities is a blow at local home government
the
overridden
purposes
that the public must be made to suffer without any Justification whatever.
executive branch of the State has to all intents and
You will pardon me for taking the position that the National Government
privileges of the citizens of the Commonwealth.
Your assertions that you ordered troops into this area on the assumption has the power and authority to protect our citizens from the embarrassing
seemingly
that trouble might develop is, to say the least, far-fetched and
situation that faces us. I do not see how we can concede that such power
ridiculous. On the same assumption the people of this Commonweatlh does not exist. I am writing frankly, because the people are becoming
could be prohibited from holding open-air celebrations, picnics, &c., during
d of further
t
dela y in.the adoption of measures that will spell an
the summer months for fear that we might have a rainstorm,or that breaches early
ofhematter.
504
THE CHRONICLE
INDICTMENTS AGAINST MINERS IN MINGO
COUNTY, W. VA., WIPED FROM DOCKET.
Following an earlier report that indictments of murder,
arson, &o., growing out of grand jury investigations in
Mingo County, W. Va., against officials and members of the
United Mine Workers of America had been stricken from the
docket by Judge R. D. Bailey in Mingo Circuit Court,
Frank C. Kenney, President of District 17 of the miners'
organization, received on July 13 the following telegram
from Thomas West, counsel for the union miners in Mingo:
Indictments against you and other officials wiped from the docket.
Practically all others nolled. Anticipate a clean slate on both sides on all
questions growing out of the industrial question.
The Court's action came after a motion by S. D. Stokes,
County Prosecutor, that the indictments be nolled. Mr
Stokes is quoted as having told the Court he was unable to
make a case against the individuals indicted.
PRICE OF COAL IN LARGE QUANTITIES DOUBLED
IN CHICAGO SINCE STRIKE STARTED.
Chicago dispatcltes to the daily papers on July 24 stated
that the price of coal in large quantities in Chicago had
jumped from $5 15 a ton to $11 65 and $13 since the miners
went on strike, while in small quantities the cost had increased from $5 25 to $6 a ton to $15 25 to $18, according to
figures given out by a large industrial concern which, it is
stated, ranks among the largest users of coal in the Middle
West. The concern made public the following prices it had
paid:
May 8, West Kentucky lump grade, mine run and screenings, delivered in
Chicago at $5 15 a ton plus freight.
May 12 the price was $5 75; June 8 it was 36 15; July 6, 37 15; July 18,
$9 16, and July 22, $11 65 to $13.
These figures are for quantity lots.
It was estimated by the concern that there are now only
40,000 tons of anthracite coal in Chicago:
MINING OPERATIONS RESUMED IN PENNSYLVANIA
AND ILLINOIS.
Despite the predictions of union officials that there would
be no resumption of mining as a result of President Harding's
call for protection for men who were willing to work, mines
in the Harrisburg district of Pennsylvania,in central Illinois
and in Maryland began operations this week under protection
of-military forces. While the resumption was on a somewhat limited scale, it was stated that the operators plan to
widen the scope of operations.
INTERSTATE COMMERCE COMMISSION'S
ORDERS
FOR PRIORITY SHIPMENTS AND DIRECT
4MOVING OF FREIGHT.
Maintaining that immediate action was necessary by reason of the emergency which had arisen through the rail and
-coal strikes, the Interstate Commerce Commission on July
25, acting under the Transportation Act, issued two orders—
(me giving priority to the movement of food, feed for live
stock, live stock, perishable products, coal, coke and fuel oil,
and the other calling for the forwarding of freight traffic
by "routes most available to expedite its movement and prevent congestion." The priority order declaring the existence of an emergency for carriers east of the Mississippi,
besides directing preferential shipment of essential commodities, detailed the Government's plan for distributing
coal. The order, effective July 26, directed that cars for the
shipment of coal should be assigned to railroads on the basis
of preference in coal shipments to the railroads and other
common carriers, with public utilities and hospitals in the
second class, and Government institutions, national, State
and local, in a third class. Public utilities which the Commission placed as entitled to coal supply after railroad fuel
were defined in the order as street and interurban railways,
electric power and light, gas, water and sewer works, ice
plants serving the public generally for refrigerating foodstuffs, and hospitals. The order prohibits the reconsignment or diversion of any coal accepted for transport in any
one of the preferred classes and declares that for such special purposes as might appear from time to time the Commission or its agents might specially designate cars to be assigned to mines for preferred loading. A special class of
coal shipments also was declared from mines in Pennsylvania, Ohio, West Virginia, Kentucky, Tennessee and Alabama,
giving priority after Government supply for shipment of
bituminous coal consigned to Lake Erie ports for shipment
over the Great Lakes to Lake Superior. The following is the
Commission's priority order:
[VOL. 115.
At a session of the Inter-State Commerce Commission, Division F-4,
held at its office in Washington, D. C., on the 25th day of July, A. D. 1922:
It appearing, in the opinion of the Commission, that an emergency which
requires immediate action exists upon the lines of each and all the common
carriers by railroad subject to the Inter-State Commerce Act, east of the
Mississippi River, including the west bank crossings thereof, and because of
the inability of said common carriers properly and completely to serve the
public in the transportation of essential commodities, it is ordered and
directed:
1. That each such common carrier by railroad, to the extent that it is
currently unable promptly to transport all freight traffic offered to it for
movement or to be moved over its line or lines of railway, shall give preference and priority to the movement of each of the following commodities:
Food for human consumption, feed for live stock, live stock, perishable
products, coal, coke and fuel oil.
2. That to the extent any such common carrier by railroad is unable
under the existing interchange and car service rules to return cars to its
connections promptly, it shall give preference and priority in the movement, exchange, interchange and return of empty cars intended to be
used for the transportation of the commodities specially designated in
paragraph numbered 1 hereof.
3. That any and all such common carriers by railroad which serve coal
mines, whether located upon the line or lines of any such railroad or customarily dependent upon it for car supply, herein termed coal-loading
carriers, be,and they are hereby, authorized and directed, whenever unable
to supply all uses in full, to furnish such coal mines with open-top cars
suitable for the loading and transportation of coal, in preference to any
other use, supply, movement, distribution, exchange, interchange or return
of such cars; provided, that the phrase "suitable for the loading and transportation of coal" as used in this order shall not include or embrace flat
(fixed) bottom gondola cars with sides less than 36 inches in height, inside
measurement, or cars equipped with racks, or cars which, on July 1 1922.
had been definitely retired from service for the transportation of coal and
stenciled or tagged for other service.
4. That all such common carriers by railroad other than coal-loading
carriers, herein termed non-coal-loading carriers, be and they are hereby
authorized and directed to deliver daily to a connecting coal-loading carrier
or carriers, or to an intermediate non-coal-loading carrier for delivery
through the usual channels to a coal-loading carrier, or carriers, empty
coal cars up to the maximum ability of each such non-coal-loading carrier
to make such deliveries and of each such connecting coal-loading carrier
to receive and use the coal cars so delivered for the preferential purposes
herein set forth.
5. That all such common carriers by railroad be, and they are hereby,
authorized and directed to discontinue the use of cars suitable for the loading
and transportation of coal for the transportation of commodities other
than coal, so long as any coal mine remains to be served by it with such
cars; and as to each non-coal-loading carrier, so long as deliveries of any
such cars to connecting carriers may be due or remain to be performed
under the terms of this order.
6. That all such common carriers by railroad be, and they are hereby,
authorized and directed to place an embargo against the receipt of coal or
other freight transported in open-top cars suitable for coal loading, by any
consignee, and against the placement of such open-top cars for consignment
to any consignee who shall fail or refuse to unload such coal or other freight
so transported in coal cars and placed for unloading, within twenty-four
hours after such placement, until all coal or other freight so transported in
coal cars and so placed has been unloaded by such consignee, and shall
notify the Commission of such action. This authorization and direction
as to embargoes shall not interfere with the movement of coal to tidewater
or the Great Lakes for transshipment to water, nor shall it apply where
the failure of the consignee to unload is due directly to errors or disabilities of the railroad in delivering cars.
7. That in the supply of cars to mines upon the lines of any coal-loading
carrier, such carrier is hereby authorized and directed to place, furnish and
assign such coal mines with cars suitable for the loading and transportation
of coal in succession as may be required for the following classes of purposes,
and in the following order of classes, namely:
Class 1.—For such special purposes as may from time to time be specially
designated by the Commission or its agents therefor. And subject thereto:
Class 2.—(a) For fuel for railroads and other common carriers, and for
bunkering ships and vessels; (b) for public utilities which directly serve the
general public under a franchise therefor, with street and interurban railways, electric power and light, gas, water and sewer works; ice plants which
directly serve the public generally with ice,or supply refrigeration for human
foodstuffs; hospitals: (c) for the United States, State, county or municipal
governments, and for their hospitals, schools, and for their other public
institutions—all to the end that such common carriers, public utilities,
quasi-public utilities and governments may be supplied with coal for
current use for such purposes, but not for storage, exchange or sale. And
subject thereto:
Class 3 (as to each coal-loading carrier which reaches mines in Pennsylvania, Ohio, West Virginia, Kentucky, Tennessee and Alabama).—For
bituminous coal consigned to any Lake Erie port for transshipment by
water to ports upon Lake Superior. And subject thereto:
Class 4 (as to all such common carriers by railroad).—Commercial sizes
of coal for domestic use. And subject thereto:
Class 5—Other purposes.
No coal embraced in Classes 1, 2, 3 or 4 shall be subject to reconsignment or diversion, except for some purpose in the same class or a superior
class in the order of priority herein prescribed.
8. That all rules, regulations and practices of said common carriers by
railroad with respect to car service as that term is defined in said Act are
hereby suspended so far as they conflict with the directions hereby made.
9. That this order shall be effective from and after July 26 1922, and
shall remain in force until the further order of the Commission.
10. That copies of this order be served upon the carriers hereinbefore
described, and that notice of this order be given to the general public,
depositing a copy thereof in the office of the Secretary of the Commission
at Washington, D. C.
By the Commission, Division 5:
GEORGE B. McGINTY, Secretary.
The Commission's order calling for direct routing of
freight follows:
The subject of routing of freight traffic being under consideration and
it appearing to the Commission that an emergency exists upon the lines
of all carriers by railroad in the United States subject to the Inter-State
Commerce Act, which requires immediate action; and that each of such
carriers by reason of unfavorable labor conditions and shortage of fuel
supply, is unable to transport the traffic offered it so as to properly serve
the public;
Therefore, in order best to promote the service in the interest of the
public and commerce of the people, it is ordered and directed:
JULY 29 1922.]
THE CHRONICLE
1. That from and after July 26 1922, and until the further order or direction of this Commission, all said common carriers by railroad are hereby
directed to forward traffic to destination by the routes most available to
expedite its movement and prevent congestion, without regard to the
routing thereof made by shippers or by carriers from which the traffic is
received or to the ownership of the cars, and that all rules, regulations and
practices of said carriers with respect to car service are hereby suspended
and superseded in"so far only as conflicting with the directions hereby made.
2. That inasmuch as such disregard of routing is deemed to be due to
routes
carriers' disability, the rates applicable to traffic so forwarded by
other than those designated by shippers, or by carriers from which the
shipof
date
at
traffic is received, shall be the rates which were applicable
ment over the routes so designated, unless the rates applicable over such
the
designated routes are higher, in which event the rates applicable over
route of movement will apply.
by
3. That in each instance where the traffic is routed, or re-routed,
carriers by railroad under the authority of this order, the carrier responsible
for such routing or re-routing, shall, within twenty-four hours thereafter,
of
deposit in the United States mail a notice addressed to the consignee
of
the traffic, stating: The car numbers and initials, places and dates
traffic is
shipment, the routing, and respective routes over which the
including
moving and that charges for the transportation of the traffic
terms are
transportation and schedules of rates, fares and charges as those
routing
such
if
been
have
would
defined in said Act, will be the same as they
rates
or re-routing had not taken place unless, as above provided for, the
applicable over the route the traffic moves is less.
to
subject
are
which
4. That in the case of shipments in private cars,
live
equalization of empty mileage, and also of fruits and vegetables,
instructions of
poultry and other shipments customarily reconsigned upon
to the
the consignor, a telegraphic notice of the diversion shall be sent
consignor by the carrier responsible therefor.
contained in this
5. That in executing the directions of the Commission
reference to
order, the common carriers involved shall proceed without
them with
contracts, agreements or arrangements now existing between
to said
applicable
transportation
reference to the divisions of the rates of
in
traffic; that such divisions shall be, during the time this order remains
force, voluntarily agreed upon by and between said carriers, and that,
hereafter
be
upon failure of the carriers to so agree, said divisions shall
fixed by the Commission in accordance with pertinent authority conferred
upon it by said Act.
6. That copies of this order and direction be served upon all carriers by
railroad in the United States subject to the Inter-State Commerce Act,
and that notice of this order be given to the general public by depositing a
copy of the order in the office of Secretary of Commission in Washington,
By the Commission, Division 5.
D. C.
GEORGE B. McGINTY, Secretary.
505
4. Shoperaft men who struck to return to work under the wage scale
and working conditions put into effect by the Labor Board on July 1,
pending a rehearing by the Board.
5. Railroads to stop outside contracting, to establish regional adjustment boards, and to drop all possible damage suits growing out of the
strike.
According to Associated Press advices from Washington
last night (July 28) three proposals for immediate ending
of the railroad strike have been submitted to representatives
of the railroad executives and labor unions by President
Harding. The dispatches said further:
The three proposals, all hinging on various plans for adjusting the
employees' seniority rights, will be submitted, it was said, to the executives' meeting in New York Tuesday and to an employees' conference in
Chicago to be arranged by B. M. Jewell, the shopmen's leader.
Outside railroad contracting, it was said, would be abandoned by the
railroads under each of the three proposals.
One of the proposals, according to those claiming to have information
of the President's suggestions, would be for the railroads to waive the
seniority question and take all strikers back to work. Another was said
to be to give "loyal" men who have remained at work prior seniority
rights over strikers, and the third was for separate adjustment of the
seniority dispute by each road with its own employees through Joint conmittees to be appointed.
There were indications from various sources close to the two parties
to the strike that leaders of the shopmen had manifested an inclination
to accept the Preside.nt's plan in the main and that representatives of the
executives consider it unsatisfactory in principle. Final decision, however, will rest with conferences of the two groups.
Besides his conference with Mr. Cuyler on July 27, President Harding held several conferences during the day with
B., M. Jewell, President of the Railway Employees' Division
of the American Federation of Labor; W. H. Johnston,
President of the International Association of Machinists;
J. A. Franklin, President of the Boilermakers' Union;
M. F. Ryan, President of the car men; Timothy Healy,
President of the Stationary Firemen and Oilers; James
Burns, Vice-President of the sheet metal workers, and Edward Evans, Vice-President of the Brotherhood of Electrical
Workers. Mr. Jewell issued the following brief statement
regarding his discussions with the President:
The conference this afternoon was a continuance of the conference this
DEVELOPMENTS IN STRIKE OF RAILROAD SHOP- morning with the President, in which we continued our statements of our
views of the situation. No statement as to what was said or the matter disMEN—LABOR BOARD'S PLAN FOR SETTLEMENT.
cussed can be given at this time.
The principal move in the efforts to terminate the strike
In giving additional information to that reported above,
of the railroad shopmen came on Thursday, the 27th inst., regarding the Washington conferences on the 27th inst., the
Witt
De
T.
by
Washington
in
made
when announcement was
Associated Press dispatches from Washington stated in part:
Cuyler, Chairman of the Association of Railway Executives,
T. de Witt Cuyler, Chairman of the Railway Executives'Association,
that a meeting of executives of the 148 major railroads of was with President Harding at the White House for an hour before the union
were received and it was arranged for Mr. Cuyler to confer with
the United States would be called in New York on Tuesday leaders
the President after the labor group left. Other railroad officials were in
next (Aug. 1), to consider a plan for the settlement of the the city, but apparently were not invited to the conference. Alfred P.
exstrike. The announcement by Mr. Cuyler came after a Thom, general counsel for the Association of Railway Executives,
pected to confer with Attorney-General Daugherty to-day on some phases
conference with President Harding, and the press dispatches of the strike, but did not see him.
In the President's hands while the conference proceeded was a copy of
in making known the forthcoming meeting added that "no
proposals which representatives of the striking shop crafts on the Baltimore
definite basis" for strike settlement was ready to be placed &
Ohio had received in a separate meeting with the management of that
before the meeting. In the absence of any official statement road held in Baltimore this week. The document was delivered by Senator
regarding Thursday's developments in Washington, we quote Watson, Republican, Indiana, who has been active in meeting with the railthe following from the Associated Press dispatches that day: road officials concerned.
might have been
While Mr. Cuyler was positive in his statement that the basis for proposed
settlement of the strike had not been definitely drawn up, earlier reports
Indicated that at least a tentative plan had resulted from the conferences
held during the day between President Harding and leaders of the various
railroad labor groups.
President Harding has made no specific request to the railroad executives,
Mr. Cuyler said, when asked if the question of seniority rights had been
brought forward at the conference with a view to influencing some railroads
to reconsider their stand against returning these rights to striking shopmen.
The executives' Chairman said he was unable to foretell whether action
in the strike situation would be held in abeyance until the New York
meeting. The four-day delay was necessary, he explained, in order that
representatives of railroad managements might all get to the meeting place.
When informed of a strike settlement plan, attributed to a member of
strikers
the United States Railroad Labor Board in Chicago, under which
at their
would regain a seniority rank just after workers who remained
entered into his conference
jobs, Mr. Cuyler said nothing of that nature had
with the President.
strike
Tentative proposals for the settlement of the railroad shopmen's
between President
were drawn up yesterday after a series of conferences
the shopmen's union.
Harding and labor leaders headed by B..111. Jewell, of
settlement—details of
It was understood that the suggested plan for
ld be
formulation—wou
which were withheld by those participating in its
submitted later to executives of the railroads.
the seniority issue,
The settlement proposals apparently bad reference to
bar to conclusion of
which, it was generally agreed, was the sole remaining
the railroad war, or, at least, of an armistice In the struggle.
plans, it was said, a rehearing
Should the railroad executives accept the
Labor
of issues which led to the strike would be held before the Railroad
such a proceeding.
Board,and all other questions left to adjudication through
It was considered possible that the Baltimore & Ohio plan
used as a basis for the tentative suggestions developed in to-day's meetings.
A considerable number of railroads have been willing to return strikers
their seniority positions in consideration of a general calling off of the
strike, but others, including the Pennsylvania system and roads in the
Southwest, have flatly refused to do so, declaring that it meantdismissal of
men employed to take the strikers'places and demotion of men who remained
in service when others went out.
The position of the union heads who met with the President to-day at the
White House, was that the railroads must cancel the seniority point, accepting the return of all the strikers. It was asserted that the proposition of
calling off the strike orders, even though all but two or three major roads
yielded on seniority, had not been discussed. This left the intimation that
President Harding would bring pressure upon the executives of those lines
as a part of the strike settlement endeavor.
The importance attributed to the seniority issue at to-day's meeting was
connected by some observers with the stand known to have been taken by
certian of President Harding's Cabinet advisers who are said to have urged
that he use every influence to have the railroads reconsider their refusal to
restore seniority rights to strikers.
With the strikers back and transportation machine again in normal motion, these advisers have argued, the other issues in the controversy could
and probably would be left to arbitration.
Labor participants in the President's conference on the railroad strike had
the impression that President Harding intended to persuaderailroad•executives to yield on the seniority point rather than to use any forcible means.
The proposal that the President might ask Congress for further legal
authority through the Labor Board, or other board to enforce his plans of
settlement apparently did not come into the discussion at to-day's meeting.
The President might, however, it was said, declare that the railroad executives had assumed responsibility themselves for continuing the strike in case
he determined that their attitude did not square with Administration views
of what the companies should do in the situation.
Along with the accounts of the developments in Washington on July 27, the Associated Press advices from Chicago
reported that the basis of a possible settlement of the strike
Further conferences between President Harding and Mr.
of the 300,000 railway shopmen had been sugges,ted by a
Jewell
were held yesterday, and the railroad strike situation
member of the Railroad Labor Board as follows:
seniority was also considered yesterday by President Harding and his
1. Shoperaft men who remained at work to go to the head of the
list, taking precedence over all those who struck.
Cabinet before whom the matter had come up on Tuesday
2. Strikers to regain pension privileges and seniority rights, but to last. Prior
to his conferences on Thursday with the labor
rank below the men who remained loyal to the roads and ahead of new
representatives and Mr. Cuyler, President Harding on Satmen taken on during the course of the strike.
strikers to be
3. New employees who have been filling places of the
urday last (July 22) held a series of conferences with Ben W.
kept in the service of the roads, but to take only seniority to which they
Hooper, Chairman of the U. S. Railroad Labor Board;
are entitled by length of actual service.
506
THE CHRONICLE
[VoL. 115.
Chairman Cummins-of the Senate - Inter-State Commerce Board, announc
ed that no further action toward ending the
Committee, and other members of the committee. Mr. strike would
be taken by the Board at this time. As to
Hooper before returning to Chicago later in the day said:
whether any new plans looking toward a settlement of
Here is all I can say to you about this in substance and effect.
the
I have strike had been made,
he issued a statement saying:
gone over the whole story very thoroughly with the President, undertaki
ng
• to give him the history of the controversy and every phase
of it, down to
the present time. Naturally I do not feel at liberty to discuss
the details of
the things talked over by the President and myself.
My trip to Washington was mainly for the purpose
of furnishing the
President with the fullest information possible in
regard to the strike
situation.
As might be supposed, the President seeks to know
this situation from
every angle, from the viewpoint of the carriers, the employees
, the Labor
Board and the public. There is nothing else that can be
said just now
other than to answer the question asked me by saying that
no further
action by the Labor Board is contemplated at this time.
It was stated on the 22d in press advices from Washington
that complaints that engines and cars, because of the shopmen's strike, were getting in poor order and possibly in a
condition dangerous for the trainmen to operate,
were
Following the Cabinet meeting on July 25 it was reported
presented to Senator Cummins by a committee of legislati
ve
agents representing the "Big Four" Brotherhoods. We in the New York "Commercial" that the statement was
also quote the following from the dispatch as printed in the made at the White House to the effect.that—
Settlement of the railroad strike must be founded on the
authority of
New York "Times":
the Railway Labor Board to carry out the mandate given to it by
Congress.
The committee also presented a written petition, reinforced
by oral arguThe
issuance
orders
of
by
the
Inter-State Commerce
ments, in a conference with Senator Cummins lasting
nearly three hours,
Commiss
ion,
urging repeel of all labor provisions in the Transportation
one directing that priority be given shipments
Act and restoration of the voluntary arbitration plan of the former Erdman
and Newlands of food, live-stock, perishable products and coal and other
laws.
fuels, and the other calling for direct movement of freight
Senator Cummins was told by his visitors that they
were receiving increasing reports of "bad order" engines and rolling stock
on roads in the territory east of the Mississippi, marked the
because of alleged
lack of experienced shopmen. The Senator further was
told that the situa- course of events in the coal and rail strike on the 25th, and
tion, if the shopmen's strike were prolonged, might
become such that engi- both of these orders will
be found in another column in
neers would refuse to take charge of trains deemed
perilous. The brotherhood statements were regarded in some quarters as
•
the development of a this issue.
further and serious complication in the shop strike,
which might cause adWe likewise elsewhere refer to the telegram to President
ditional suspensions of transportation.
Harding of J. Cleve Dean, Chairman of the Railway EmSenator Cummins said that other than from the
statements of the local
brotherhood agents he was not informed as to the
real conditions of railroad ployees' Publicity Association, in which the latter stated
rolling stock. He did not view favorably the request
for repeal of the labor that "to attempt to operate mines and railroads by
military
provisions of the Transportation Act,on which, he
said, there was a division forces or
to.attempt to draft men into mining or railroad
of opinion among railway employees, the trainmen'
s brotherhoods favoring
the Old mediation and conciliation commission and
other rail unions favor- service would be an attempt to establish involuntary serviing the present law's plan.
tude." President Harding's answer thereto will also be found
As to the general strike situation, Senator Cummins
said to-night he was in another item.
On July 26 it was stated that the Central
"hopeful but not oversanguine."
Late in the day last Saturday (July 22) a conference took Strike Committee issued "five reasons why the railroad
place at Mooseheart, Ill., between B. M. Jewell and mem- executives should not hold up a strike settlement by a denial
bers of his executive committee, and James J. Davis, Secre- of seniority rights to old employees." In making that
tary of Labor, following which announcement made by Mr. statement, John J. Dowd, Chairman, was reported as saying:
We believe that the majority of the executives are
Jewell that he believed "the strike could be settled if
ready and willing
the to meet us half-way on these issues. The senioritynow
question is a minor
roads would give the striking shopmen seniority rights
raised to block a settlement.
issue
and
there was a rehearing by the Railroad Labor Board
The five reasons given by the strikers are:
on other
(1) Because seniority rights should not be used as a means of penalizing
disputed questions." At the conclusion of
the confer- the shop-crafts workers for a necessary strike.
ence Secretary Davis talked to President Harding
(2) Because seniority rights should not be used as the means to install
over the
long-distance telephone, submitting a report
open shop on American railroads.
of the infor- the(3)
Because the seniority rights are a reward for practical.shop experienc
mation he had gathered.
e.
Because seniority rights should not be based upon subservience
(4)
Secretary Davis also conferred at Mooseheart
to
on the 22d the will of the executives.
with W. L. MeMenimen, labor member of
(5) Because seniority rights mean nothing to a few strike-breakers
the Railroad everythin
and
g to 400.000 old employees of the roads.
Labor Board. Mr. MoMenimen was accompa
nied by Oscar
Nelson, a conciliator for the Department of
lowing their conference, Secretary Davis Labor. Foland Mr. Mc- PRESIDENT HARDI
NG EXCORIATES PUBLICITY
Menimen said that every angle of the rail
situation had been
AGENT FOR OFFENSIVE REMARKS—URGES
discussed. Secretary Davis said he desired
all the inforRETURN OF STRIKERS.
mation possible on the subject, and that this
was one reason
Answering a charge that the Republican Administration
for the conference with Mr. McMenimen.
Asked about
peace prospects, Secretary Davis was reported as
in its stand in the coal and rail strike had assumed a hostile
saying:
You can never tell what will happen when one acts
as a conciliator.
On July 22 the joint legislative conference of the America
n
Federation of Labor announced that it had sent
telegrams
sympat
hy and co-operation to President
of support,
Jewell,
and also to President Lewis of the United Mine Workers
of
America. The conference is composed of more
than fifty
representatives of labor organizations. The
telegram to
Mr. Jewell said:
Washington, July
B. M. Jewell, President Railway Employees Dept., A. F. of L., 21 1922.
4750 Broadway, Chicago, Ill.
The labor legislative representatives of the national and
international
unions which are located in Washington held the regular
monthly meeting
this evening. Among other business was the consideration of
the present
strike of the railway shopmen. It was the unanimous
conclusion that we
telegraph you in the name of the conference that the strike
has our full
sympathy and support, and that we wish you every success in
an honorable
adjustment of the present controversy. Reports made to the
from various sections of the country indicate a rising public conference
sympathy
In faVor of the men who are fighting for right and justice,
SAMUEL GOMPERS,
Chairman.
W. C. ROBERTS,
Secretary.
Labor Legislative Representatives Conference.
Mr. Jewell on the 22d was reported by the Associated
Press as stating that three principal issues prevented
a
possible settlement of the railway shopmen's strike. These
issues,he said, were found in the refusal of the rail executives—
First. To discontinue contracting out work.
Second. To establish a National Board of Adjustment.
Third. To continue seniority rights of employees who suspend
work.
"The responsibility for increasing losses to the railroads, to the
communities they serve and to the wage earners upon the railroads
and elsewhere through continuance of the present suspension of work,"
the statement said, "rests now plainly upon the association of railway
executives
and particularly upon that small dominating group representi
ng the
New York banking interests."
With his arrival in Chicago on July 23, following his
trip to Washington, Chairman Hooper of the Railroad Labor
attitude toward labor, President Harding on the 25th inst.
declared that "Government undertakes to represent neither
class alone, and is opposed to all conflict among classes, and
disputes the right of any group or class, organized
or unorganized, to imperil American welfare." The President's declaration was made in reply to a telegram from J. Cleve Dean,
Chairman of the Railway Employees Publicity Associat
ion,
who in a message to the President stated that "the railway
employees and miners who are on strike are loyal American
citizens and are only exercising their constitutional right,"
and that "for you or any Governor to attempt to operate the
mines or railroads by military forces or to attempt to draft
men into mining or railroad service would be an attempt to
establish involuntary servitude." President Harding's reply
asserts that "the same unchallenged freedom which permits
you and your associates to decline to work is no less the heritage of the free American who chooses to accept employment under the terms proposed." The difference between
the two positions is, says President Harding, "that the striking railroad workers exercise the rights of freedom in seeking to hinder necessary transportation . . . while the men
who chooes to work in response to the call of the country are
exercising their like rights, and at the same time are making
their contribution to our common American welfare." Mr.
Dean Is asked by President Harding to "urge the striking
railway men to accept the decision of the American Railroad
Labor Board . . . and return to work under that decision
until you and I and every one else interested in American
welfare may join in asking the Railroad Labor Board to give
a rehearing on any question concerning which there is reasonable doubt." The following is the telegram addressed to
President Harding by Mr. Dean:
JULY 29 1922.]
THE CHRONICLE
507
invite you now to pass judgment on the failure of the mine workers to accept
ChaUanooga, Tenn., July 23 1922.
Hon. Warren G. Harding, President, Washington:
the awards of an able and impartial commission in determining the merits
I wish to point out to you that the railway employees and miners who of the dispute between coal miners and coal operators, and I invite you to
are on strike are loyal American citizens and are only executing their con- urge the striking railway workmen to accept the decision of the American,
stitutional rights. A large percentage of them fought on European soil Railroad Labor Board, acting under authority of the law which must be
that there might be no more war, and for you or any Governor to attempt supreme, and return to work under that decision until you and I and every
to operate the mines or railroads by military forces or to attempt to draft one else interested in American welfare, may join in asking the Railroad
men into mining or railroad service would be an attempt to establish invol- Labor Board to give a rehearing on any question concerning which there isuntary servitude. And I dare to predict when involuntary service is at- reasonable doubt about the correctness or the justice of the decision made.
tempted by you, then the long-predicted war between labor and capital These are the ways of peace, these are the requirements of enlightened
will loom up.
civilization, these are the things expected by your Government of its loyal
The American farmer and labor have come to realize the hostile attitude and law-abiding citizenship.
WARREN G. HARDING.
of the G.0.P. toward them, and they realize that the hard times that now
exist is a premeditated plan to bring the farmer and labor down to their knees.
The blood of the American farmer and labor is at a boiling heat, because SAMUEL GOMPERS DESCRIBES J. CLEVE DEAN AS
they came to the firm conclusion that their Government, or your Admin"STRAW MAN"—APPEARS TO BE A LOCAL UNION
istration at least, is against them. I pray that it will not come, yet I
MAN.
feel at liberty to predict that in your attempt to place American labor
J. Cleve Dean, Chairman of the Railway Employees'
under the gun nothing short of a revolution will happen. I am a lover of
peace and harmony, yet I am for these striking railway employees and Publicity Association, whose telegram
to President Harding
miners, and I know that they will put forth every possible means to keep
criticizing the Administration for its attitude on the railroad
peace in our country. But these are days which "try the very souls of
men," and I am hoping that you will be wise enugh to see the dark clouds strike (given elsewhere in this issue), is described by Samuel
that are on the horizon and will change your attitude so as to remove these Gompers, President of the
American Federation of Labor,
clouds.
as a"'straw man' set up by interested persons for a purpose
J. CLEVE DEAN,
which should be plainly evident." Mr. Gompers's remarks
Chairman Railway Employees' Publicity Association.
President Harding's reply follows:
were indicated in the New York "Tribune" of July 28.
Mr. Gompers expressed surprise that the Administration should have
THE WHITE HOUSE,
shown such concern over the J. Cleve Dean message as to have replied to it,
Washington, July 25 1922.
especially
since, the labor leader asserted, the White House apparently was
Mr. J. Cleve Dean, Chairman, Railway Employees' Publicity Association,
"all in the dark" as to the identity of the sender or his capacity in official cirChattanooga, Tenn.
Since you speak as Chairman of the Railway Eployees' Publicity Associa- cles of organized labor.
"The White House called me,asking if I knew this man," said Mr. Gomtion and since it is exceedingly important that the American people know
precisely the questions at issue in the present railway and coal strikes, I pers. "I told them I did not and had no record of him as an official of Ameram more than glad to answer your telegram, though I can only treat your ican labor. I consulted all the records in Washington and in such Eastern
politically partisan references with that contempt which is felt by every good cities as I could reach, and even telephoned rail headquarters at Chicago in
citizen in the hour of deep public concern. Happily for the American an effort to learn who was J. Cleve Dean. No one knew anything about
public, everything done and everything said by Government authority him or had ever heard of him, and I informed the White House to that
relating to the two strikes is a matter of record, and cannot in any way be effect.
"I am positive of one thing, and that is that the author of the letter to
distorted.
There is no dispute about the loyal American citizenship of the men on President Harding is not chairman of the Railway Employees'Publicity Asstrike, nor will any one question that many of them gave everything that sociation. In view of the undetermined position of the man,I am surprised
men can give for the service of this country in the World War. Nor is the President answered him.
"The longer I think about it the more I am convinced that J. Cleve Dean
it disputed that the men on strike are exercising their constitutional and lawful rights, under existing statutes, in declining to work under the terms was just a 'straw man,' set up by interested persons for a purpose which
decided by the Railroad Labor Board or tendered to the workmen by the should be plainly evident."
•
mine operators of the country. No one has attempted or proposed to draft
A Chattanooga dispatch July 27 printed in the New York
free men into either the railway or mining service, or suggested coercion
"Times" of yesterday stated that Mr. Dean will be called
under military force. The military forces of free America are never used
for such a purpose. Their service is only that of preventing lawlessness before the Chattanooga Federation of Shop Crafts and asked
and violence.
to explain why he sent the telegram to President Harding.
That same unchallenged freedom which permits you and your associates
The dispatch also stated:
to decline to work is no less the heritage of the free American who chooses
Union men here to-day severely condemned Dean's action and it was
to accept employment under the terms proposed. The difference between
the two positions is that the striking railroad workers exercise their rights stated that an effort would be made by the labor organization to curb his
of freedom in seeking to hinder the necessary transportation of the country, utterances.
Dean is a flagman on the Alabama Great Southern Railroad and could not
notwithstanding the provision made by law for the consideration of any
just grievance, and the striking miners seek to prevent the production of be reached for a statement to-night. The purpose of the Publicity Associacoal necessary to common welfare, notwithstanding the offer of an agency tion is said to be to disseminate information regarding trade unionism among
to make an impartial settlement, while the men who choose to work in the farmers of the country. As far as can be learned the organization is
response to the call of the country are exercising their rights, and at the local.
same time are making their contribution to our common American welfare.
The decisions of the Railroad Labor Board are in compliance with a man- L. F. LOREE SAYS POSSIBILITY OF STRIKERS TYdate of the law-making body of the United States. Without discussing
ING UP ROADS HAS PASSED.
the decisions at issue, it is fair to assume that a Government agency is
ever ready to correct an error which is made, else Government itself would
In a statement issued on July 24 with regard to the effect
become unjust. Moreover, it is indisputable that there can be no Governthe strike of the shoperaft workers, L. F. Loree, President
ment unless its mandates are accepted by the cit,zens of the Republic. of
of the Delaware & Hudson R. R. Co., and Chairman of the
This observation relates more particularly to the railroad situation.
When the mining situation became menacing I invited representatives Eastern Presidents'
Conference, stated that it appeared that
of the mine workers and the operators to a conference. They came together,
they were advised as to the call of common welfare, yet in eight days of "there are now employed in this region 88,404 men, not inopportunity no progress was made. In the absence of any tribunal autho- cluding the foremen, or 60.6%, and as those men
are working
rized to settle disputes between mine workers and their employers the
full time, the actual work performed will compare favorably
Federal Government then voluntarily proposed the creation of a national
commission before which the disputes might be settled justly, in the light with that before the walk-out." It may therefore be said,
of full information and in accordance with the best impressions of our Mr. Loree's statement
observed, "that so far as the Eastern
modern civilization.
Instead of contemplating the resort to force, it anticipated the very oppo- region is involved, the possibility of the strikers tying up the
site—industrial peace with justice to every man concerned. Instead of railroads has passed." The statement given
out by Mr. Loaiming at "involuntary servitude," to which you inexcusably refer, the ree came
after a meeting on the 24th of the Eastern railway
Government asked the mine workers to resume their activities, in repsonse
to a manifest public need, at precisley the same wages and under precisely heads, and reads as follows:
The last information, for the month of April 1922
the same working conditions as those under which tiry had been working
of the Inter-State
contentedly for the last two years. Those who spoke for the mine workers Commerce Commission gives as employed on the railroads of
the United
refused such a proposal. There is no dispute of the right to refuse. Since States in the six shop crafts 351,834 men. In order to furnish work to as
they declined to respond, and since it is believed there are enough men who many as possible of the men, the roads exerted great efforts, in some cases
love this country and cherish its security, and believe in serving the common reducing the hours of labor; so that these forces were not averaging more
welfare, to come to the relief of the mining situation and avoid suffering, than forty hours each week, and in numbers were much greater than were
privation and paralysis, I asked the Governors of the coal-mining States needed. The figures available indicate that on June 30, on the roads in
to invite mine operators and mine workers to resume their activities, and the Eastern Traffic Region, there were in service
about 145,872 men.
From such sources of information as we have
to promise that to which every man is entitled, namely, protection in his
there are now employed
lawful pursuits. This protection applies alike to the men on strike who in this region 88,404 men, not including the foremen, or 60.6% and as
observe the law and make no lawless interference with men at work and to these men are working full time, the actual work performed will compare
the men who are lawfully at work and entitled to protection by every favorably with that before the walk-out. Especially is this true if we
agency of Government in that work. If you mean to challenge the right- consider that there is a full complement
of foremen and their assistants
eousness of free men to be protected in their lawful pursuits against inter- and that the efficiency has been greatly increased by the elimination of
ference and violence, I will be glad to join you in submitting that question many rules designed to restrict output and
the fact that one willing mechanic
now does the work that formerly
to the decision of the American people.
was taken up in routine by several, with
It will interest you to know that,instead of the Government's action being the consequent delays.
It may, therefore, be said that so
an expression of the preference of the capitalistic class, it has been quite
far as the Eastern Region is Involved,
as much opposed by those who speak for employers as it is by you and your the possibility of the strikers tying up
the railroads has passed. What
associates. Government undertakes to represent neither class alone, remains to be done is to preserve the public peace, to protect the old men.
and is opposed to all conflict among classes, and disputes the right of any and incorporate these new men
in the communities where they are located,
group or class, organized or unorganized, to imperil American welfare. gradually recruiting the forces to noimal through the employment of
Government speaks only for the American people as a whole and the common additional men or the return of the former employees for whom places can
good of all its citizens.
still be found.
In view of all that the Government has done or attempted to do during
These new employees, and as well the old men who remained loyal, have
the past year and a half to relieve the American farmer from the burdens of deserved well of the
railroads and of the public. Under very trying cirreadjustment and to relieve labor from the hardships of unemployment, cumstances they are serving both. The great retarding influence has been
I know your attempted appeal to American prejudice will fall upon deaf the outgivings of
the Chairman of the Labor Board and political authorities.
ears. It is ungrateful and it is untruthful. If you are the believer in peace The Labor Board
in formal resolutions on July 3 told these old men that
and harmony and the reign of justice which you would have believed, I remained and the
new men that were hired that it would recognize the
508
THE CHRONICLE
[Vcr, 115.
organizations they might form as representing the employees of the railroads in their several branches of work.
It must not be forgotten that President Harding is their President in
the same full sense that he is the President of the strikers—the men who
notified the United States Railroad Labor Board that they had left the
service of the railroads and after July 1 were no longer under its jurisdiction.
The former have in their hearts the noble words spoken by President
Harding at Marion in the early part of this month of July that—
The foremost thought in the Constitution is the right to freedom and the
is
pursuit of happiness. Men must be free to live and achieve. Liberty
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 leave.
and they continue in their work confident that they are not to be thrown
to the wolves, to use the expression of a morning newspaper, by anyone,
east of all by the President.
for profit and in which service is an after-thougnt, if thought of at all, may
be difficult enough under any circumstances, but under the Government
court idea it is impossible.
The sooner we have a return to fundamental principles, getting away
from the concept of force and compulsion, the sooner we shall be again on
the road to industrial order and prosperity. There is no reason for delay
except the reason that greed is too much blinded by a misconception of its
own interest.
with the railroad strike?
All employees on railroads are accorded seniority of service, if otherwise
competent. This means that the senior employees are entitled to choice of
work, and, when it becomes necessary temporarily to reduce forces, that
the junior men are released and the senior employees retained.
A strike was ordered by union officers who have no connection with any
railroad. Many employees in compliance with the order quit their jobs
and left the railroad service, and many did not leave, but remained loyally
at work, accepting the Government Labor Boa-d's decision.
There are thousands of such men who must, under the rules of fair dealing,
as well as the rules of seniority, be protected and supported. To desert
these men would be ingratitude of the grossest sort.
In addition to these thousands who remained in service, other thousands
who wanted to work have been employed in good faith. The new employees
in a great many cases left other employment with the understanding that if
competent they would be retained in their present positions.
These men—those who remained and those who enlisted—have kept the
trains in operation, and the needs and comfort of the people supplied.
It is submitted that to now ask the railroads to set these loyal men aside
and replace them with the men who left, is to ask the railroads as well as
the Government, which is concerned through the action of the United States
Labor Board, to be disloyal to these thousands of loyal men.
We invite the Federal Government to see to it that employers and workers
come together. The Government has done everything except this one
logical, necessary thing.
The Government has threatened a great deal. It has talked about troops
conand about the rights of the public. It has not talked effectively about
of the workers.
ference and it has had little or nothing to say about the rights
embetween
conference
talk
about
to
Labor calls upon the Government
strike.
ployers and workers, both in the coal industry and in the railroad shop
Conference is the thing that is needed.
If the Government cares more about sustaining the reputation of its helpcostly
less and all but defunct Railroad Labor Board ,if it cares more about a
it
and ineffective military show than it does about justice and results, then
is on the right track.
But labor urges the Government to come back to a constructive and sane
viewpoint. Labor invites the Government of the United States to bring
about conference between workers and employers. Labor will enter conferences in every case in absolute good faith, and unless employers are absolute Bourbons and autocrats, the strikes can quickly be adjusted and production and transportation put into effective operation.
Mr. Loree's statements are interesting. Some of the railroad workers
have said that humor will win the strike. I am free to say there is much in
Mr. Loree's statement that is humorous. He apparently believes the
people of our country are credulous.
But the more serious side of the situation is the proof which Mr. Loree's
words offer of the truth of the declarations that we have made as to the
real issues involved in the strike.
to settle the strike by negotiation
Most railroad executives are anxious
with the workers. They are restrained by a few. Western and Midbefore the dominating presence of a
Western lines are practically helpless
and these Eastern executives who
small group of Eastern executives,
Street
Wall
call
trustees—they manage in the
dominate are what we may
interest of the great financial powers.
with these powers; financial
Transportation is secondary in importance
importance. That is the key to the present
operations are of paramount
some minor conflicts have occurred between the marshals and the strikers
at that p)int. Cisler states that there is no immediate prospect of opening
the shops, or resuming train service on the M. K. & T. between Hannibal
and Moberly. The Wabash railroad is still running trains through Hannibal
by continuing the run of engine crews to Springfield, Ill., and Kansas City,
Mo. The Superintendent says that the Wabash has only twenty days
supply of coal, but he knows of no shortage on other roads.
CONFERENCE BETWEEN WORKERS AND EMPLOYERS URGED BY SAMUEL GOMPERS.
A statement bearing on the coal and railroad strike coming from Samuel Gompers, President of the American Federation of Labor on the 21st inst., contained the assertion
that "if the Government wishes results, let it adopt the only
"SENIORITY" OF RAILROAD WORKERS.
course that can secure those results—let it exert its tremenThe New York Central R. R. Co., in a statement explaining dous influence to bring the employers into conference with
the "seniority rights" of railroad workers, says:
the representatives of the workers." Mr. Gompers in his
What is this question of "seniority" that is being discussed in connection statement of the 21st also said:
MENACE OF DELAY TO MAILS THROUGH RAILROAD
STRIKE PASSED.
Postmaster-General Work announced on July 20 that any
SAMUEL GOMPERS IN ANSWER TO MR. LOREE SAYS
STRIKE IS EFFECTIVE.
menace endangering the delivery of mails arising out of the
Office DeAnswering the statement of L. F. Loree that the possibility strike of railway shopmen had passed. The Post
said:
ent
announcem
partment's
the
railroads,
the
so
as
up
far
,of the shopmen's strike tying
Except in isolated instances where local trains have been annulled and
Eastern region is concerned, had passed, Samuel Gompers,
have
motor truck transportation has been substituted, no emergencies
President of the American Federation of Labor, declared on arisen recently and few are expected in the future. Since the outbreak of
offers from
July 25 that "the strike is effective and will be effective un- the strike the Postmaster General has received innumerable
sources volunteering automobiles, trucks and aeroplanes to keep
til railroad management agrees upon terms of employment private
of keen gratification
the mails going. These offers have been the subject
with the men now on strike." Among other things Mr. Gom- to the Postmaster General, who in personal communications has already
and of loyalty
patriotism
of
display
this
of
appreciation
pers also asserted that "the idea of Government courts and expressed his
the Government.
tribunals, such as the Railroad Labor Board and the Kansas toThe
latest offer received at the Post Office Department is from the Aero
Court of Industrial Relations has been proven a farce and a Club of Indianapolis. The club has six airplanes ready to take to the
notice to deliver the mails. The Indianapolis organizafailure." "The sooner we have a return to fundamental prin- air on a moment's
having
tion embodies the 464th Pursuit Squadron, Organized Reserve,
of
the
from
concept
force and compul- pilots, mechanicians, maintenance of way specialists and field managers
ciples, getting away
mail
of
pouches.
n
the
transportatio
sion," he said, "the sooner we shall be again on the road to prepared for instant service inMail Service S. A. Cisler, St. Louis, states
Superintendent of Railway
Industrial order and prosperity." Mr. Gompers's statement that but twenty United Sta.es Marshals are on duty at Hannibal, Mo.,
foollws:
where the shops of the Missouri, Kansas & Texas RR.are located, and that
situation.
the strike-breakers now at work will be
Mr. Loree indicates a belief that
regular, bona fide unions. This reminds
formed into unions to replace the
Garner, who went to Africa to study
me of the silly errand of a Professor
speaks of numbers of strike-breakers
the language of the monkeys. He
are getting along satisfactorily.
employed and says that the roads
unions would be about the last word in
Of course that is a by-play. Such
be company-owned organizations of strikecompany unions. They would
worked, which it cannot, the enslavebe
could
breakers. Even if the plan
apparent to be accepted by the American
ment involved would be too
has never been anything but a burlesque and
people. The company union
formed of strike-breakers would be someunion
company
a failure. The
no adequate characterization.
thing for which we have yet
satisfactorily. They are in serious conalong
The roads are not getting
rapidly becoming useless. Trains are running
dition. Rolling stock is
trains are not being ordered back, but more
behind schedules. Annulled
The strike is effective and it will be effective
trains are being annulled.
upon terms of employment with the men
agrees
until railroad management
now on strike.
demonstrates more clearly the correctness of labor's
Each passing day
of the fact that labor's parliament of joint agreeanalysis of the issues and
employers is the only one fundamentally correct
ment between workers and
industry. The idea of Government courts and
and sound for American
Labor Board and the Kansas Court of
tribunals, such as the Railroad
proven a farce and a failure. The whole idea
Industrial Relations, has been
only that, but it is a menace to industrial
has become ridiculous. Not impossible and conflict
inevitable.
peace because it makes peace
and in all industries controlled by finanIndustrial peace on the railroads
which the dominant idea and demand is
cial power for financial purposes in
STRIKE ORDER HALTED BY RAIL SIGNALMEN.
The following is from the New York "Times" of July 25:
Officials of the Brotherhood of Railway Signalmen of America, representing the 7,000 signalmen employed on forty railroads in the Northeastern
United States, announced here last night that they had decided unanimously
representatives
to withhold a strike &der pending further conferences with
will be made, it
of the railroads. Immediate efforts to arrange for meetings
was said.
union representaThis decision, it was stated, had been reached by sixty
Commodore. The brothtives following a two-day conference at the Hotel
to call a strike under an
erhood officials, it was explained, have authority
working under a fivealmost unanimous vote of the men. They are now
Board, effective July
Labor
Railroad
the
by
ordered
cut
cent an hour wage
wage cut modified or canceled and demand time
1, but will try to get this
of the contract system, it was exand one-half overtime and elimination
plained by the union officials.
officials in the conference, it was
union
the
by
The territory represented
the country from Maine to the Masonstated, included all the section of
Dixon line and east to Ohio.
BIG FOUR RAILROAD CLERKS AGREE TO NEW
AGREEMENT.
July 22 the New York "Times"
Cincinnati
from
In advices
stated:
freight handlers, station and express
A general strike of 4,000 clerks,
Chicago & St. Louis) Railroad
men on the Big Four (Cleveland Cincinnati
and company officials entered into an
was averted to-day when the clerks
agreement covering wages, "farming" out of work and working conditions.
Announcement of the agreement was made to-night by Garret W.
of Railway and Steamship
Daly, General Chairman of the Brotherhood
Clerks, Freight Handlers, Station and Express Employees, following an
General Manager of the Big Four.
all-day conference with E. M. Costin,
JULY 29 1922.]
THE CHRONICLE
The company granted the employees vacations, sick leaves and Saturday
half holidays. The agreement also included, Mr. Daly said, a complete
understanding on the matter of "farming out" of work, which the company announced several days ago would be abolished as soon as the present
contracts with firms now doing it expires.
It was announced that employees transferred from the service of the
company to contractors will be taken back by the railroad with all seniority
rights on Sept. 1.
The question of back pay was referred to the Labor Board, it was announced. The matter of wages was referred to further conferences between
the men and the company, and if no agreement is reached the matter
Is to be submitted to the Railroad Labor Board, it was said.
509
WESTERN ROADS ON SENIORITY.
As indicating the stand taken by the Western Presidents'
Committee on Bublic Relations of the Association of Railway
Executives, the New York "Times" yesterday printed the
following from Chicago:
A statement issued to-day by the Western Presidents' Committee on
Public Relations regarding restoration of the railroad strikers to their
original jobs with full seniority, after quoting pronouncements by President
Harding and a resolution of the Railroad Labor Board in support of the
contention that the strikers should not be taken back on their former
footing, concludes:
"Thus it will be seen that the men who are now working have claims upon
the railways and the public superior to those of the strikers. This is a fact
that has been repeatedly recognized by Government bodies and officials,
and they have remained at work or gone to work with the distinct understanding that their rights will be protected."
SOUTHERN RAILWAY CLERKS' AGREEMENT.
The signing of an agreement at Chattanooga, Tenn.,
between officials of the Brotherhood of Railway Clerks
and the Southern Railway, which definitely averts the
threatened walkout of clerks on the Southern and its affiliated lines, local officials of the Brotherhood announced "BIG FOUR" TO LEGISLATE RAILROAD LABOR
BOARD OUT OF EXISTENCE.
on July 25, according to press dispatches from Washington,
which stated:
An Associated Press dispatch from Cleveland July 24
Concessions were made on both sides, the clerks accepting reductions of said:
hour, while the management agreed to grant twelve
three to four cents an
days' vacation with pay annually, full pay for a definite period during
sickness, and no half holidays on Saturday.
FREIGHT EMBARGOES DECLARED BY NORFOLK &
WESTERN, CHESAPEAKE & OHIO AND LOUISVILLE de NASHVILLE.
The New York "Evening Post" printed the following Associated Press advices from Washington:
The fight of the "Big Four" railroad brotherhoods to legislate out of
existence the Federal Railway Labor Board will be carried to Congress,
it was announced here to-night upon receipt of reports from Washington
that the move is opposed by a majority of the members of the Senate
Inter-State Commerce Committee.
A bill will be introduced which will seek to re-establish the method of
direct negotiations and a Government mediation and conciliation commission, which were in force under the Newlands Act before Government
operation of the railroads, William G. Lee, President of the Brotherhood
of Railroad Trainmen, said. The bill would repeal certain labor provisions of the Transportation Act, including the one which creates the
Labor Board.
Meantime, Mr. Lee said, the brotherhoods are conducting a more strenuous fight to elect to Congress in the fall elections men friendly to labor
than at any time in the history of the organizations. He is circularizing
his members in connection with this campaign, he said, not trusting to sending the circulars to the officers and locals.
Three coal-carrying railroads, the Norfolk & Western, Chesapeake &
Ohio and Louisville & Nashville, have declared embargoes over their lines
against the acceptance of any freight except foodstuffs, live stock and fuel.
This course was taken under the Inter-State Commerce Commission's declaration of an emergency, which authorized roads embarrassed by the shopmen's strike to show preference and establish priority in transportation.
The object of the embargoes is to conserve all the equipment and facilities
of the three carriers for the transportation of coal. The roads serve the
non-union bituminous mining areas south of the Ohio River, which have
furnished most of the country's coal output since April 1, when the miners RAILROAD SHOPMEN PREPARING FOR STRIKE SINCE
struck in all the unionized fields, and officials have declared that the tieAPRIL 1921.
up on their lines indicated that the railroad unions were working with the
The
following
from
Washington,
July 23, is taken from
striking miners to stop production of soft coal. All three had been carrying record-breaking quantities of coal until the shopmen went out, after the New York "Times" of July 24:
That the railroad shopmen have been preparing for the strike now in
which their tonnage was immediately cut in half.
The Louisville & Nashville lines serve Kentucky coal fields, which progress since April 1921, and waited fifteen months because of a desire
Chicago
to "accumulate enough grievances," was the statement made to-day by
have been the principal source of coal supply since the strike for
and other Middle West points. The obstructions to the movement of coal P. J. Conlon, Vice-President of the International Association of Machinists,
over this system placed by the rail strike were considered largely responsible at a public mass-meeting here.
Union officials learned on April 8 1921, he said, that the national agreefor a runaway coal market immediately created in that territory.
It was believed to-day that the first result of the embargoes would be to ment with the railroads was to be abolished. The unions "ran into identical
demands
territory.
from every road we approached, which indicated to us there was
increase coal shipments from the non-union
Managements of the roads notified the Inter-State Commerce Commis- some central agency or authority directing the fight against us. Then we
sion that they would modify the embargo orders as rapidly as conditions realized that we would have to sit tight and suffer in silence until enough
permitted, and gradually accept other classes of freight for movement as grievances had been accumulated to support a demand for a nationwide
strike."
they were able to transport it without interfering with the coal flow.
Of the 1,100 decisions handed down by the Labor Board, the speaker
listed 700 as favorable to the railroads and 400 as "nominally in favor of
MOVEMENT FOR FORMATION OF NEW RAIL
our side," but of the latter, he said, at least 300 were not put into effect by
the railroads, and therefore "didn't mean anything."
COMPANY UNIONS.
Asserting that the strike leaders were.well satisfied with the situation, he
A movement toward the formation of new company
continued:
unions to take the place of the striking shop crafts is under"It generally takes from thirty to sixty days to make a shop strike effecstood to be well under way. On July 22 the New York tive, but before this one had been on ten days more than 250 trains had
been
canceled out of Chicago, the West Virginia non-union coal mines were
"Times" indicated this in the following:
L. F. Lore°, President of the Delaware & Hudson Railroad and Chairman bottled up and the iron and steel industries were crying for help. And we
of the Eastern Presidents' Conference, stated yesterday that the majority have hardly started yet."
of the Eastern carriers wore planning to form company unions consisting
of their new employees and those who remained at work,so that individual
negotiations could be conducted in the future when labor difficulties arose. CONFERENCE OF UNITED STATES AND CANADIAN
Mr. Loree's explanation followed the announcement that the Baltimore
BANKERS.
& Ohio had decided to enter into negotiations which would lead to an
The appointment was announced yesterday of a committee
individual settlement with their striking shopmen.
This policy was suggested by the Labor Board in a statement issued on Canadian
Relations by President Thomas B. McAdams
on July 3, according to the executive. At that time the Board said that
the American Bankers Association as a result of a visit
the railways should proceed to organize their men into new unions with- of
out affiliation with the striking organizations, in order that they might to Montreal of American bankers. The committee is as
be enabled to appear before the Board if necessary.
follows: David R. Forgan, President National City Bank,
The Lehigh Valley already has started to organize its men into a company union, and the results have been "gratifying," according to the Chicago; Daniel G. Wing, President First National Bank,
officials. It is understood that the Lackawanna is doing the same thing, Boston; E. C. McDougal, President Marine Trust Co.,
as is the Delaware & Hudson. Charles II. Stein, General Manager of Buffalo;
Frank W. Blair, President Union Trust Co., Dethe Jersey Central, said no steps had yet been taken by his road toward
the formation of a separate union, and that no overtures of any kind troit, and W. D. Vincent, President Old National Bank,
had been made to the strikers.
Spokane, Wash. A
appointed by
committee will also be
Regarding the recognition of these new unions by the the Canadian Bankers' Association to consider with the
U. S. Railroad Labor Board, Associated Press dispatches American committee commercial and financial matters of
July 25 said:
common interest between the two countries. The naming
New railroad labor unions proposed by the carriers will be recognized
of the committee grows out of a trip to Canada of a delegaby the United States Railroad Labor Board whenever they come before
that body with a dispute, providing they can prove to the Board that tion of twenty prominent American bankers, including the
their membership contains a majority of the men then at work on the Administrative
Committee of the American Bankers Assoroad affected, Board members said to-day.
These members explained that under the Transportation Act the Board ciation, and representatives of the various activities of the
has no alternative in the matter. The Act, it was explained, provides organization and of different sections of the United States.
nothing which would justify the Board in taking any action toward recog- The bankers
left New York last Sunday for Montreal,
nition until the unions in question officially appear before the Board in
the trip being made for the purpose of discussing with
a plea for settlement of a dispute between them and the carriers.
The Board then would investigate to find if the labor organizations leading Canadian bankers the commercial and financial
appearing were properly organized and representative. The term "repre- relations
between the Dominion and the United States and
sentative" was defined as meaning that the organization appearing was
made up of a majority of the workers of its class then at work on the road bringing about close co-operation between the Canadian
Implicated—regardless of how many men normally are employed or have Bankers Association and the American Bankers Association
been employed.
in developing the resources of the two countries. While in
If the union was found to be representative, the Board then would
Montreal the American bankers were the guests of the
have no other course than to recognize it, it was said.
THE CHRONICLE
510
Canadian Bankers Association, of which Sir Frederick
Williams-Taylor is President. The conferences occupied
two days, July 24 and 25. The party included:
[VOL. 115.
COMPARISON OF EMPLOYMENT IN IDENTICAL ESTABLISHMENT S
IN MAY AND JUNE 1922.
% of
No.of Period Number on
% of
Inc. Amount of Pay-Roll in Inc.
Pay-Roll in
Estab- of
Thomas B. McAdams, President American Bankers Association, and
Or
or
11th- PayIndustry.
Vice-President Merchants National Bank, Richmond, Va.; John H.
May
June
Dec.
meats Roll. May June Dec.
1922.
1922.
1922. 1922.
Puelicher, First Vice-President of the Association and President Marshall
& Ilsley Bank, Milwaukee, Wis.; Joseph Wayne Jr., President Girard Naand steel__ 106 % mo.137,170 144,426 +5.3 56,415,178 $6,847,174 +6.7
tional Bank, Philadelphia, Pa.; Frank L. Hilton, Vice-President Bank of Iron
Automobiles ___ 44 1 week 100,800 108,012 +7.2 3,349,569 3,608,569 +7.7
Manhattan Co., New York City; J. A. House, President Guardian Savings Car building and •
61 3•6 mo. 54,258 58,025 +6.9 3,147,377 3,481,629 +10.6
repairing
& Trust Co., Cleveland, Ohio; John W. Barton, Vice-President Metro685,602
694,969 +1.4
mfg.._ _ _ 55 1 week 44,811 45,173 +0.8
politan National Bank, Minneapolis, Mimi.; Samuel H. Beach, President Cotton finishing
219,395 +2.3
214,418
10,641 10,778 +1.3
"
17
Cotton
Rome Savings Bank, Rome, N. Y.; R. S. Hecht, President Hibernia Bank Hosiery and un486,760 -1.6
494,665
30.199 30,050 -0.5
"
& Trust Co., New Orleans, La.; Fred I. Kent, Vice-President Bankers
63
derwear
504,605 +0.5
501,863
45 2 wks. 14,007 13,697 -2.2
Trust Co., New York City: M. A. Traylor, President First Trust & Savings Silk
616,544
740,704 +20.1
+8.4
27,845
25,688
week
1
45
Men's clothing_
Bank, Chicago, Ill.; Francis H. Sisson, Vice-President Guaranty Trust Co., Leather
200,419
212,007 +5.8
9,656 9,758 +1.1
"
31
New York City; Lewis E. Pierson, Chairman Irving National Bank, Boots and shoes_ 81
" 60,220 60,611 +0.6 1,288,664 1,319,576 +2.4
551,548
559,626 +1.6
23,401 23,827 +1.8
"
58
New York City; E. C. McDougal, President Marine Trust Co., Buffalo, Paper making
277,362
292,508 +5.5
15,542 15.709 +1.1
"
56
N. Y.; Frank W. Blair, President Union Trust Co., Detroit, Mich.; Walter Cigar mfg
Lichtenstein, Executive Secretary First National Bank, Chicago, Ill.;
Changes in Wage Rates and Per Capita Earnings.
E. R. Rooney, Vice-President First National Bank, Boston, Mass.; and
During the period May 15 to June 15 1922, there were wage changes made
of the American Bankers Association headquarters staff, F. N. Shepherd,
Executive Manager; Thomas B. Paton, General Counsel; William G. by some of the reporting establishments in 9 of the 12 industries.
Iron and steel: An increase of 13% was granted to 57% of the men in one
Fitzwilson, Secretary; Gurden Edwards, Secretary Public Relations Commission, and Lewis L. Strauss, of Kuhn, Loeb & Co., Secretary Commerce plant. An increase of 11% was received by all of the force in one plant, and
89% of the force in another plant. Four establishments reported a wage
and Marine Commission.
increase of 10%, affecting all of the employees in three establishments
and 60% of the employees in the remaining establishment. An increase of
force in one plant. In one mill an increase
INVESTMENT BANKERS ASSOCIATION NOMINATES 8.7% was received by 30% of the
of 7.6% was granted to 90% of the force. A 5% wage increase was reported
NEW OFFICERS.
by two mills, affecting 25% of the men in one mill and 11% in the second
of the force, was reported by one
The Board of Governors of the Investment Bankers mill. A wage cut of 10%, affecting 26%reduced
the wages of 16% of the
establishment. Another establishment
Association of America has selected the following named employees
was increased during the period
Production
5%.
approximately
candidates on the regular ticket to be voted on at the annual reported and the per capita earnings for June were 1.4% higher than for
May.
meeting to be held in California next October:
Automobiles: A wage increase of 20% was granted to 5% of the emFor President, John A. Prescott, of Prescott & Snider, Kansas City.
factory. Two establishments reported a 10% increase
Vice-Presidents, Arthur Sinclair Jr., Estabrook & Co., New York; Dean ployees in one
the force in one plant and 10% in the second plant. A
G. Witter, of Blyth, Witter & Co., San Francisco; Eugene M. Stevens, of affecting 75% of
4% increase was reported by one factory, but the number of employees
Illinois Trust & Savings Bank, Chicago; James C. Fenhagen, of Robert
affected by this increase was not stated. The per capita earnings show an
Garrett & Sons, Baltimore; Philip S. Dalton, of Coffin & Burr, Inc., Boston.
increase of 0.5%, when comparing May and June figures.
For Secretary, F. R. Fenton, of Fenton, Davis & Boyle, Chicago.
Car building and repairing: An increase of 10%,affecting 22% of the emTreasurer, McPherson Browning, of Detroit Trust Co.
ployees, was reported by one establishment. An increase, 3.4%, was shown
Governors for term expiring in 1925, Ray Morris, of Brown Bros. & Co.,
for per capita earnings when May and June pay-rolls were compared.
New York; John W. Macgregor, of Glover & Macgregor, Pittsburgh;
Cotton manufacturing: Wages of 25% of the employees in one establishJ. Clark Moore Jr., of Barclay, Moore & Co., Philadelphia; Tom K. Smith,
ment were increased 2%. A slight increase, 0.5%, was shown for per
of Kauffman-Smith-Ewert & Co„ Inc., St. Louis; Eli T. Watson,of Watson,
capita earnings when May and June pay-rolls were compared.
Williams & Co., New Orleans; W. A. Chanute, of Bosworth, Chanute &
Cotton finishing: There were no wage rate changes reported for this
Co., Denver; Frank Remick, of Kidder, Peabody & Co., Boston; Fred S.
Industry during the period in June. The per capita earnings show an inDorton, of Borten & Dorton, Cleveland.
crease of 1.0% when comparing May and June figures.
Joel E. Ferris, of Ferris & Hardgrave, Spokane, fills Dean
Hosiery and underwear: A decrease of 1.1% in per capita earnings was
G. Witter's unexpired term and Walter S. Brewster fills shown when the May and June pay-rolls were compared.
Silk: Ten per cent of the men in one mill were reduced 10% in wages.
unexpired term of James C. Fenhagen, both elevated to The
entire force of another mill received a wage cut of 9%. Due to invice-presidents.
creased operation and more time worked an increase of 2.8% in per capita
earnings was shown when figures for May and June were compared.
Men's clothing: In one establishment 50% of the employees received a
by one establishEMPLOYMENT IN SELECTED INDUSTRIES IN JUNE. 66 2-3% increase. A 10% wage increase was reported
affecting 25% of the men. A decrease of 10% in wages was reported
In making public on July 21 details of the reports concern- ment,
an increase
However,
force.
the
of
86%
by one establishment affecting
ing the volume of employment in June 1922 from representa- of 10.8% in per capita earnings was shown when figures for May and June
tive establishments in 12 manufacturing industries, the U. S. were compared.
Leather: When per capita earnings for June were compared with those
Department of Labor through the Bureau of Labor Statistics for May an increase of 4.7% was noted.
Boots and shoes: One firm reported a wage decrease of25% affecting 19%
announces that comparison of the figures of June 1922 with
the employees. A 15% cut affecting about 45% of the force was reported
those for identical establishments for June 1921 shows that of
by another firm. In three factories a 10% reduction was reported, affecting
industries
there
were
12
the
increases in the number 6% of the force in the first plant, 5% of the force in the second plant, but
in 8 of
cent of the force affected in the third plant was not stated. Per
of persons employed, while in 4 there were decreases. The the perearnings
for June increased 1.7% over those for May.
largest increases were 32.1% in iron and steel, 30.5% in capita
Paper making: One mill gave an increase of approximately 14% to 23% of
and
in automobiles. tho employees. A wage decrease of 12%, affecting 60% of the employees,
car building and repairing,
reported by another establishment. A decrease of 10% to 96% of
Cotton manufacturing shows a decrease of 25.1% and silk wasforce
was reported by one plant. When per capita earnings for June
the
Bureau
The
adds:
19.3%.
a decrease of
were compared with those for May, a decrease of 0.3% was noted.
in
the total amount of pay-roll for
Cigar manufacturing: A decrease of 10% in wage rates was made to 79%
Six of the 12 industries show increases
June 1922 as compared with June 1921. The remaining 6 industries show cf the employees in one factory. However, there was an increase in per
decreases in the amount of pay-roll. The most important increase, 40.7%. oapita earnings for June over May of 4.3%.
appears in iron and steel. Automobiles and hosiery and underwear show
respective increases of 24.7% and 15.2%. The largest decreases were
COMPANIES, ETC.
34.0% in cotton manufacturing, 33.8% in silk, and 22.6% in cotton fin- ITEMS ABOUT BANKS, TRUST
ishing.
Three (3) shares of National Bank of Commerce stock were
COMPARISON OF EMPLOYMENT IN IDENTICAL ESTABLISHMENTS sold at the Stock Exchange, and 10 shares of Harriman
IN JUNE 1921 AND JUNE 1922.
21.2%
Industry.
of
Vo.o eriod Number on Pay- %
InRoll in
.stab, of
crease.
June.
lish- Payor Dernents Roil.
1921. 1922. crease.
Amount of Pay-Roll
in
June.
1921.
1922,
% of
Increase.
or Decrease.
mo 110,572 146,087 +32.1 $4,907,968 $6,906,566 +40.7
Iron and steel
110
week 94,729 114,836 +21.2 3,062,563 3,817,773 +24.7
Automobiles:: 44
Car building and
61 34 mo. 44,462 58.025 +30.5 3,057,619 3,481,629 +13.9
repairing
694,969-34.0
60 1 week 60,318 45,173-25.1 1,052,707
Cotton mfg__
283,398
12,652 10,778-14.8
219,395-22.0
"
Cotton finishin- 17
Hosiery and un+16.8
31,122
438,490
26,654
505,261 +15.2
"
63
derwear
761,743
504,605 -33.8
4.5 2 wks. 16,983 13,697-19.3
Silk
+1.8
804,699
716,652-10.9
Men's clothing_ 43 1 week 26.880 27,362
226,824
10,109 11,577 +14.5
259,410 +14.4
"
32
Leather
+1.0
59,922
1,415,462 1,307,252 -7.6
59,319
"
Boots and shoes_ 80
499,660
20,011 23,827 +19.1
559,626 +12.0
"
58
Paper making
321,110
16,741 15,395 -8.0
287,387-10.5
"
54
Cigar mfg
1922 appear in the following
May
and
1922
June
for
data
Comparative
industries there were increases in the
table. The figures show that in 10
June as compared with May, and in 2
number of persons on the pay-roll in
of 8.4, 7.2 and 6.9 are shown
increases
percentage
decreases. Respective
and car building and repairing.
in men's ready-made clothing, automobiles
0.5% in hosiery and underwear.
The two decreases are 2.2% in silk and
1922, all but one industry shows
When comparing June 1922 with May
employees. The most impo"tant
to
paid
money
Increases in the amount of
increases are 20.1% in men's ready-made clothing, 10.6% in car by.ilding
automobiles. The one industry reporting a
and repairing, and 7.7% in
was hosiery and undecrease in the amount of money paid to employees
derwear, which shows a decrease of 1.6%•
National Bank stock and 6 shares of Progress National
Bank stock were sold at auction this week. No sales of
trust company stock were made either at the Stock Exchange
or at auction.
STOCK EXCHANGE.
Low. High. Close.
Shares. BANK3 National Bank of Commerce__ 265 265 265
AUCTION.
380
380 380
10 Harriman National Bank
80
80
Bank
80
National
Progress
6
Last Previous Sale.
June 1922- 26434
Nov.,1916- 42534
Feb. 1922-.100
John H.Fulton,former senior vice-president of the National City Bank, was elected President of the National Park
Bank yesterday to succeed Richard Delafield, who becomes
chairman of the board of directors. Gilbert G. Thorne was
elected First Vice-President and E. V. Connelly, who was
cashier, and H.E.Scheuermann, L. Cerero and J. D. Rising,
who were assistant vice-presidents, were made vice-presidents. F. 0. Foxcroft was elected cashier.
The merger of the Lincoln National Bank of this city,
formerly the Lincoln Trust Co., with the Mechanics & Metals
National Bank, was completed on July 22, and three of the
offices formerly conducted by the Lincoln Trust Co., opened
JULY 29 1922.]
on the 24th as branches of the enlarged institution. Formal
approval of the merger was given on the 22nd by the Comptroller of the Currency at Washington,following meetings on
July 20 of the stockholders of the Mechanics & Metal National Bank and Lincoln National Bank, at which the details
of the merger were adopted. The merger of these two
institutions carries out the plan that was announced by John
McHugh, President of the Mechanics & Metals National
Bank, in February, when control of the Lincoln Trust Co.
was purchased by interests identified with the larger institution. As a preliminary step to the merger, the Trust Co.
was granted a national charter last month, becoming the
Lincoln National Bank of New York. In effecting the consolidation no change has been made in the outstanding
capital of the Mechanics & Metals National Bank, which
remains at $10,000,000. The Bank's surplus and profits
are in excess of $17,000,000. This merger considerably
enlarges the scope of the Mechanics & Metals National
Bank, which two years ago entered the branch field by consolidation with the New York Produce Exchange Bank.
With the addition of the offices of the Lincoln Trust Co.,
the Mechanics & Metals National Bank will have twelve
branches in operation on the Island of Manhattan, each
taking care of the customers of its particular community.
The branches added by the present merger are located at:
204 Fifth Avenue, facing Madison Square,
Broadway & Leonard Street, in the New York Life Building
and Broadway at 72nd Street.
According to announcement of the merger details, there
will be no change in the personnel of the active executives of
the branches which have been taken over, the same staff
being in charge of each that handled the affairs of the Lincoln
Trust Co. Three former Directors of the Lincoln Trust Co.,
P. F. Murphy, President of the Mark Cross Co., A. P.
Villa, President of A. P. Villa & Bros., Inc., and Frank J.
Egan, have been elected Directors of the Mechanics & Metals
National Bank, and Alexander S. Webb,former President of
the Lincoln Trust Co., has been appointed a Vice-President.
The Mechanics & Metals National Bank is one of the oldest
financial institution in the United States, having been organized in 1810 as the Mechanics Bank, and having been the
third banking institution to receive a charter from the New
York State Legislature. For a period of fifty-five years the
Bank operated under State supervision, becoming a national
bank with the passage of the national bank Act in 1865. Its
first consolidation occurred in 1904, when the Leather Manufacturers National Bank was combined with the Mechanics
National Bank. Six years afterwards, in 1910, occurred a
consolidation with the National Copper Bank, under the
present title of the Mechanics & Metals National Bank. In
1914 the Fourth National Bank was absorbed, its quarters,
in the heart of the financial district, extending on Nassau
Street, from Pine Street to Cedar Street, being remodelled
and made the home of the enlarged institution. The consolidation with the New York Produce Exchange Bank
occurred in 1920. From the time of the first merger in 1904,
when the.Bank's deposits were less than $20,000,000, the
growth of the Bank has fully kept pace with the rapidly
enlarging opportunities which have opened themselves to
metropolitan banks. This latest merger adds more than
$20,000,000 to the Bank's deposits, making a net total of
approximately $175,000,000. References to the merger
have appeared in these columns June 24, page 2791 and July
22 page 404.
Arrangements have been completed for the acquisition
by the International Trust Co. of Boston of the Market
Trust Co. of Brighton, a suburb of that city, at a price of
$175 per share, par value $100. The sale was ratified by
the stockholders of the Market Trust Co. at a special meeting
held on July 14 and went into effect July 15. The Market
Trust Co. will be operated as a branch of the International
Trust Co.
The Union Trust Co. of Cleveland announces, through
A. H. Scoville, Vice-President in Charge of the Bond Department, the installation of a radio broadcasting station
which will be in operation on or about Aug. 15. The new
station will be a 500-watt outfit of the very latest design
which, under favorable conditions, has an effective radius
of 500 miles. The company's announcement in the matter
states:
From 9:00 until 9:45 and from 10:00 to 10:45 in the morning and from
2:00 to 2:45 and from 3:00 to 3:45 in the afternoon the new Union Trust
Radio Broadcasting Station will send out full and authoritative information
on the major movements in the bond market, together with latest prices
on farm and dairy products. Intervals between quotations will be filled
511
T H 114 CHRONICLE
with the important financial news accumulating over the private wires
of the Union Trust Co.
The new station will bring not only to the city dweller who owns a
receiving set, but to the farmer as well, up-to-the-minute information on
the major movements of the financial world, together with the vital news
of all the markets. It will enable the farmer who does not himself own a
receiving outfit to call up his local bank who will have a receiving set and
obtain the very latest quotations on his farm and dairy products, insuring
proper buying and selling upon the farmer's part. It will enable the city
dweller within a radius of 500 miles from Cleveland to obtain the very
latest news from the financial world.
In effect, the Union Trust radio broadcasting station will supply practically the entire Fourth Federal Reserve District with an up-to-theminute four-times-a-day neswpaper of the events of importance in the
commercial and financial world.
It is pointed out that it is not the intention of the institution to broadcast all stock quotations, these being limited
to such stocks as are requested.
C. H. Martin, former National Bank Examiner of California, and a successful Banker of Arkansas, has been
elected Vice-President and Cashier of the United States
National Bank of San Diego, Calif., and J. C. Allison has
been elected a Director. Mr. Allison is President of the
Central Bank of Imperial Valley, Claif., and Vice-President
of the First National Bank of Calexico. Mr. Martin
resigned his duties as National Bank Examiner to take
active charge of the United States National Bank of San
Diego, Calif.
With 343,653 depositors shown in its statement of condition, recently published, the Bank of Italy of San Francisco
reports a gain of more than 52,000 customers for the first
six months of 1922. During this same period the bank's
resources have increased from $194,179,449 to $213,584,833,
a growth of over $18,000,000. The gain recorded for this
half year is in excess of that for the first six months of 1919,
when the "Wall Street Journal" credited the Bank of Italy
with the largest increase of any bank in in the United States.
COURSE OF BANK CLEARINGS.
The upward course of bank clearings- continues. Preliminary figures compiled by us, based upon telegraphic
advices from the chief cities of the country, indicate that
for the week ending Saturday, July 29, 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 15.5% over the corresponding week last year. The
total stands at $6,6,64,042,281, against $5,766,503,216 for
the same week in 1921. This is the nineteenth 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 29.
New York
Chicago
Philadelphia
Boston
Kansas City
1922.
1921.
$.3,198,600.000
$2,682,900,000
Per
Cent.
388.857,351
305.000,000
195,397,870
125.892,066
+19.2
+8.4
+13.1
+16.6
—10.7
a
.115,000.000
a
101,000,000
a
+13.0
*130,000,000
86,027,000
58,324,826
40.816,586
118,000,000
74,986.957
53,373,405
34,922.414
+8.0
+14.7
+9.3
+16.8
Ten cities, five days
Other cities, five days
$4,728,338,899
825,029,669
$4,077,330,063
728,089,284
+15.9
+13.3
Total all cities, five days
All cities, one day
$5,553,368,568
1,110,673,713
$4,805,419,347
961.083,869
+15.5
+15.5
Total all cities for week
$6,664,042,281
* Estimated. a Refuses to furnish figures.
•
$5,766,503,216
+15.5
St. Louis
San Francisco
Pittsburgh
Detroit
Baltimore
New Orleans
421,644.086
345.000,000
228,00i .000
104,926.401
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 22. For
that week the increase is 22.6%, the 1922 aggregate of the
clearings being $7,465,218,276 and the 1921 aggregate
$6,090,143,157. Outside of this city, however, the increase
is only 12.2%, the bank exchanges at this city having
recorded a gain of 31.1%. 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 16.5%, in the New York Reserve District
(including this city) 31.0%, in the Philadelphia Reserve
District 19.7%, and in the Cleveland Reserve District
13.1%. The Richmond Reserve District shows a gain of
THE CHRONICLE
512
10.8%, the Atlanta Reserve District 13.6% and the Chicago
Reserve District 11.9%. The St. Louis Reserve District
records an increase of 15.5%, while, on the other hand, the
Kansas City Reserve District has a decrease of 10.2%, and
the Dallas Reserve District a decrease of 1%. The Minneapolis Reserve District shows a small increase, namely,
1.8%, while the San Francisco Reserve District enjoys a
gain of 19.7%.
In the following we furnish a summary by Federal Reserve
districts:
SUMMARY OF BANK CLEARINGS.
Week ending July 22.
1922.
1921.
$
Federal Reserve Districts
10 cities 354,803,285 304,493,122
(1st) Boston
9 " 4,451,969,830 3,399,670,797
(2nd) New York
475,196,497 396,965,190
9 "
(3rd) Philadelphia
375,889,628 332,273,973
9 "
(4th) Cleveland
142,862,099 128,997,937
6 "
(5th) Richmond
145,847,925 128,351,496
12 "
(6th) Atlanta
740,675,803 662,156,524
19 "
(7th) Chicago
7 "
55,521,991 48,078,080
(8th) St. Louis
106,192,037 104,358,805
(9th) Minneapolis_ _ _ _ 7 "
227,514,154 253,280,858
(10th) Kansas City_ _ 11 "
38,893,203 39,286,014
5 "
(11th) Dallas _
349,851,824 292,230,361
(12th)San Francisco_ 13 "
Inc.or
Dec.
1920.
1919.
t
+16.5 394,967,770 367,853,877
+31.0 4,260,200,358 4,930,917,412
+19.7 513,038,211 425,399,992
+13.1 452,631,900 349,948,176
+10.8 186,868,865 171,983,464
+13.6 181,011,142 158,866,937
+11.9 887,647,598 781,110,504
+15.5 62,112,590 48,316,865
+1.8 135,815,768 73,179,596
-10.2 361,607,094 344,747,586
-1.0 55,854,951 56,466,181
+19.7 348,288,524 296,903,456
117 cities 7,465,218,276 6,090,143,157 +22.6 7,810,042,771 8,005,694,036
Grand total
3,078,056,551 2,744,594,458 +12.2 3,652,809,209 3,126,357,736
Outside New York City
28 cities 306,348,955 308,874,111
Canada
-0.8 387,053,311 289,527,214
We now add our detailed statement, showing last week's
figures for each city separately, for the four years:
Week ending July 22.
1922.
1921.
Inc. or
Dec.
$
$
%
First Federal Reserve Dist riot-Boston840,646 -9.2
Maine-Bangor_ 762,886
3.119,314
2,000,000 +56.0
Portland
Nfas8.-Boston_ _ 322,000,000 276,843,370 +16.3
1,546,909 +13.6
Fall River.._ _
1,756,907
a
a
a
Holyoke
1,001,243 +23.6
1,237,736
Lowell
a
a
a
Lynn
1,542,287 -2.7
1,500,618
New Bedford....
4,732,087
3,703,779 +27.8
Springfield_
+3.1
3,354,761
3,459,440
Worcester
9,782,378
8,267,086 +18.3
Conn.-Hartford
New Haven...
6,451,919
5,393,041 +19.6
a
R.I.-Providence
a
a
Total (10 cities)
354,803,285
304,493,122 +16.5
1920.
1919.
$
$
775,000
2,200,000
361,486,508
1,866,159
a
1,332,770
a
1,662,515
5,082,581
4,858,525
9,371,162
6,332,550
a
693,205
2,000,000
337,352,774
2,248,093
a
942,087
a
1,855,299
3,999,297
3,258,729
9,719,613
5,784,800
a
394,967,770
367,853,877
Second Federa I Reserve Di strict-New York4,488,811
N. Y.-Albany
3,515,500 +27.7
4,793,353
5,139,828
f1,021,541
895,712 +14.0
Binghamton_ _ _
1,187,100
941,000
e42,289,723
Buffalo
35,857,359 +17.9
50,947,912
33,375,422
652,239 Notincl. In to tai.
Elmira
Jamestown__
d1,248,140
891,012 +40.1
New York_ _ .. _ 4,387,161,725 3,345,548,699 +31.1 4,187,233,562 4,879,336,300
8,770,746
Rochester
6,897,527 +27.2
10,993,095
8,323,238
3,935,205
Syracuse
3,389,718 +16.1
4,655,528
3,451,818
d2,718,212
Conn.-Stamford
2,323,197 +17.0
335,727
N. J.-Montclair
352,073 -4.6
389,808
349,806
Total(9 cities). 4,451,969,830 3,399,670,797 +31.0 4,260,200,358 4,930,917,412
Third Federal Reserve Dist rict-Philad
1,05.5,768
995,676
Pa.-Altoona..... _
2,745,139
2,508,782
Bethlehem _ _ _ _
a
a
Chester
2,096,002
2,601,020
Lancaster
Philadelphia__ _ 454,000,000 377,000,000
2,632,568
2,288,162
Reading
e3,814,476
4,404,695
Scranton
2,797,451
e2,576,266
Wilkes-Barre_ _
1,241,063
1,446,616
York..
3,633,359
4,324,644
N.1.-Trenton
a
a
Del.-'Wilmlon _
Total(9 cities) _
475,196,497
elphia+6.0
1,286,403
+9.4
3,516,062
a
a
+24.1
2,682,084
+20.4 488,705,923
+15.1
2,666,829
-13.4
5,368,884
-7.9
3,130,442
+16.6
1,351,926
+19.0
4,327,658
a
a
396,965,190 +19.7
513,036,211
890,336
a
2,070,790
409,237,156
2,143,389
4,682,962
2,456,093
1,299,511
2,619,755
a
425,399,992
Fourth Federa I Reserve Di strict-Cleve land6,873,000 -4.6
e6,555,000
Dhio-Akron _ _ ..._
3,528,582 +29.9
4,582,058
Canton
56,368,407 +12.4
63,357,974
Cincinnati
+23.3
84,350,717
el04,049,000
Cleveland
13,564,800 +3.6
14,046,100
Columbus
a
a
a
Dayton
800,000 +26.7
1,013,452
Lima
c
c
c
Mansfield
a
a
a
Springfield_
a
a
Toledo
a
3,403,603 +25.9
e4,285,073
Youngstown
a
a
a
Pa.-Erie
c
c
Greensburg--c
+9.1
159,600,000
11174,100,000
Pittsburgh_ ..-..
3,784,864 +3.1
3,900,971
1,V.Va.-Wheeling
11,258,000
5,455,846
73,606,223
143,002,088
14,260,800
a
813,371
c
a
a
4,991,694
a
c
193,205,230
6,038,648
10,296,000
3,453,130
60,951,431
105,615,615
14,552,200
a
1,213,100
c
a
a
5,466,802
a
c
143,670,180
4,729,718
Total(9 eltles)_
Fifth Federal
Ar. Va.-Hun'ton
7a.-Norfolk
Richmond _ __
1. C.-Charleston
8d.-Baltimore _
3. C.-Wasten_ _
Total(6 cities).
332,273,973 +13.1
452,631,900
349,948,176
Reserve Dist rict-Richm ond1,499,325 +13.4
1,699,858
6,424,197 +0.8
e43,476,765
35,044,840 +18.6
41,557,768
2,108,969 +4.4
e2,202,464
68,167,702 +6.1
72,357,603
+17.9
15,752,904
18,567,641
1,876,544
11,833,681
56,354,758
3,600,000
97,628,992
15,574,890
9,187,849
54,196,474
3,000,000
91,742,938
13,856,193
128,997,937 +10.8
186,868,865
171,983,454
7,789,857
3,160,091
20,799,355
54,023,746
3,330,683
2,000,000
a
11,162,087
17,421,222
2,428,981
512,508
309,488
58,073,129
6,291,681
2,495,112
14,777,321
53,439,959
3,009,548
1,260,000
a
7,703,620
12,317,979
1,865,675
423,395
241,594
55,041,053
181,011,142
158,866,973
375,889,628
142,862,099
Sixth Federal Reserve Dist rict-Atlant a5,523,850 -1.6
e5,437.768
renn.-Chat'ga _
2,759,294 +1.4
2,797,256
Knoxville
15,988,775 +10.8
17,710,101
Nashville
37,585,007 +3.8
39,009,400
la.-Atlanta _
1,686,973 -16.9
1,401,027
__
Augusta
1,500,000 -3.1
1,454,085
Macon
a
a
Savannah
a
8,075,865 +19.3
9,632,834
la.-Jacks'nville
14,890,836 +35.7
20,210,576
1.1a.-Birm'ham _
1,370,119 +23.1
1,686,517
Mobile
473,511 +32.4
626,935
4iss.-Jackson._
216,224 +5.8
228,668
Vicksburg
38,281,042 +19.3
45,652,758
a.-N. Orleans_
Total(12cities) 145,847,925 128,351,496 +13.6
[Vol,. 115.
Week ending July 22.
Clearings al1922.
Seventh Fed r
Mich.-Adrian _ _
Ann Arbor.. _ _
Detroit
Grand Rapids _
Lansing
Ind.-Ft. Wayne
Indianapolis _
South Bend _ _ _
Wis.- Milwauk e
Ia.-Cedar R'pi s
Des Moines_ _ _
Sioux City_ _ _
Waterloo __ _ _ _
Ill.-Bloomingto n
Chicago
Danville_ _ _ _
_
Decatur
Peoria
_
Rockford
Springfield _ _
Inc. or
Dec.
1921.
$
$
al Reserve D istrict- Chi
194,285
175,000
636,533
550,146
e115,244,000 102,668,298
6,536,493
5,673,293
1,690,000
1,756,000
f1.844,364
1,538,444
19,058,000
15,372,000
2,172,000
1,100,000
28,720,973
27,813,196
2,064,878
1,789,738
8,637,124
7,846,512
5,464,948
5,034,048
1,118,656
1,201,241
1,202,000
1,118,068
536,608,510 479,720,143
a
a
1,173,227
1,015,826
4,106,419
3,409,380
1,905,196
1.686,862
2,530,928
2,455,598
Total(19 cities) 740,675,803 662,156,524
Eighth Feder I I Reserve Dis trict-St. Lo
4,058,918
Ind.-Evansville.
4,710,537
a
•
a
Mo.-St. Louis_ .
25,887,240
22,134,630
Ky.-Louisville
340,069
356,379
Owensboro ._ _ .
11,891,160
15,164,612
Tenn.- Mem phi 3
8,046,441
7,840,340
Ark.-Little Roc
418,242
402,122
111.-Jacksonvill
1,188,620
•
1,160,761
Quincy
1920.
%
$
cago-+11.0
249,109
+15.7
493,857
+12.3 122,335,440
+15.2
6,169,793
-3.8
1,635,807
+19.8
1,987,557
+24.0
18,163,000
+97.5
1,155,000
+3.3
33,569,207
+15.4
2,229,728
+10.1
9,630,949
+8.6
8,190,673
-6.9
2,130,102
+7.5
1,653,585
+11.9 666,393,734
a
a
-13.4
1,365,459
5,163,911
+20.4
+12.9
2,000,000
-3.0
3,130,692
+11.9
Ws+16.1
a
+17.0
+4.8
+27.5
-2.6
+4.8
-2.3
1919.
$
111,593
384,965
102,584,971
5,765,352
1,367,800
1,688,348
18,065,000
1,050,000
25,020,4436
2,379,790
10,142,111
9,957,675
1,891,453
1,459,603
588,328,576
a
1,398,634
4,927,300
1,800,000
2,786,867
887,647,598
781,110,504
4,761,938
a
28,221,974
472,035
16,837,764
9,675,239
546,693
1,596,947
4,966,175
a
16,188,073
528,320
16,656,734
7,604,487
978,756
1,394,320
62,112,590
55,521,991
48,078,080 +15.5
Total(7 cities) •
Ninth Federa I Reserve Di strict- Min neapol is8,848,080
6,124,128 -7.1
e5,691,528
Minn.-Duluth.. •
80,046,202
60,365.006
58,652,148 +2.9
Minneapolis_ _ .
40,672,000
33,502,104
•
32,711,318 +2.4
St. Paul
2,743,452
1,831,462
•
1,960,294 -6.6
N. D
836,146
1,250,419
1,230,940 +1.6
S.D.-Aberdeen •
1,189,502
509,014
559,243 -9.0
Mont.-Billings
3,042,504
1,480,386
3,120,734 -2.5
Helena
48,316,865
106,192,037 104,358,805 +1.8 135,815,768
Total(7 cities)
Tenth Feder I Reserve Di strict- Kau sas Clt 3.e477,354
609,563
Neb.-Fremont..
477,762 -0.1
491,634
715,912
Hastings
761,604 -35.4
3,760,500
4,600,785
Lincoln
2,934,820 +28.1
38,329,121
Omaha
52,464,996
38,454,855 -0.3
Kan.-Topeka _
3,318,767
e2,914,451
3,176,532 -8.3
Wichita
el0,646,549
13,204,498 -19.4
15,735,351
Mo.-Kan. City. 127,762,911 154,236,309 -17.2 249,916,654
St. Joseph_ _ _
a
a
a
a
Okla.-Muskog
a
a
a
a
12,268,493
Oklahoma Cit
e22,452,030
23,257,262 -3.5
Tulsa
a
a
a
a
1.036,342
1,150,346
Colo.-Colo. Spr
951,152 +9.0
Denver..
18,903,430
19,773,671
15,065,372 +25.5
1,052,556
Pueblo
e739,832
760,692 -2.7
6,884,145
39,210,857
19,520,950
2,783,111
1,781,557
1,108,118
1,890,858
73,179,596
789,689
593,743
5,038,350
57,690,249
3,584,618
14,295,432
225,504,284
a
a
13,679,105
a
1,062,547
21,951,061
658,508
Total (11 cities) 227,514,154 253,280,858 -10.2 361,607,094
Eleventh Fed ral Reserve District- D alias1,300,000
879,500
1,101,820 -20.2
Tex.-Austin__ _ _
26,033,316
20,494,869
18,140,856 +13.0
Dallas
19,970,694
e9,996,220
11,622,339 -14.0
Fort Worth _ _ _
4,717,228
e3.761,398
5,074,602 -14.0
Galveston
a
a
a
a
Houston
3,833,713
3,761,216
3,346,397 +12.4
La.-Shreveport_
344,747,586
-1.0
55.854,951
Franc isco38,936,408
+ 17.2
a
a
a
a
1,397,502
+23.2
+22.5
34,893,210
13,206,025
+3.1
a
a
a
a
c
c
+64.9
2,464,370
+31.8
74,562,000
+31.8
10,459,405
+28.6
1,957,506
+27.6
5,962,530
a
a
+12.7 155,200,000
+31.3
1,902,913
+26.8
787,555
+27.6
6,559,100
56,466,181
39,286,014
38,893,203
Total(5 cities)
Twelfth Feder al Reserve D 'strict-San
27,000,036
31,652,261
Wash'n--Seattle _
a
a
Spokane
a
a
Tacoma
973,693
1,199,927
Yakima
25,084.197
30,724,178
Oregon-PortI'd _
12,054,793
11,697,828
Utah-S. L. City
a
a
Nevada-Reno _ _
a
a
Ariz.-Phoenix _ _
c
C
Calif.-Fresno„'„ _
5,415,528
3,284,674
Long Beach. _
76,253,000
Los Angeles_ _ 100,485,000
12,570,678
9,273,195
Oakland
3,719,279
2,892,186
Pasadena
03,579,551
5,155,016
Sacramento
a
a
San Diego__ - Satt Francisco_ 140,100,000 124,300,000
1,924,4433
1,466,219
San Jose
879,666
693,717
Santa Barbara..
d2,546,500
4,156,600
Stockton
1,500,000
25,569,829
18,412,491
8,158.248
a
2,825,613
39,106,431
a
a
974,941
26,252,377
13,252,456
a
a
c
1,446,021
50,195,000
9,008,322
1,362,614
4,637,611
a
147,099,903
1,379,227
'2,188,553
Total (13 cities) 349,851,824 292,230,361 +19.7 348,288,524 296,903,456
Grand total(117
7,465,218,276 6,090,143,157 +22.6 7,840,042,771 8,005,694,036
cities)
Outside N. Y....... 3,078,056,551 2,744,594,458 +12.2 3.652.809.209 3.126.357.736
Week ending July 20.
Clearings al
1922.
CanadaMontreal
Toronto
Winnipeg
Vancouver
Ottawa
Quebec
Halifax
St. John
Hamilton
Calgary
London
Victoria
Edmonton
Regina
Brandon
Saskatoon
Moose Jaw
Lethbridge
Brantford
Fort William_ __.
New Westminster
Medicine Hat....
Peterborough
Sherbrooke
Kitchener
Windsor
Prince Albert _ ......
Moncton
Kingston
1-4.........A.
1921.
Inc. or
Dec.
3
3
%
02,541,153 106,543,946 -13.1
101,986,976
86,989,734 +17.2
39,252,818
40,790,558 -3.7
12,832,994
13,332,833 -3.8
7,156,723
6,815,904 +5.0
6,019,870
6,332,840 -4.9
3,001,558
3,276,232 -8.4
3,228,626
3,218,395 +0.3
6,742,344
6,115,178 +10.3
4,557,862
5,392,600 -15.5
2,975,690
2,870,405 +3.7
2,044,548
2,411,506 -15.2
4,413,996
4,414,268 -0.01
3,214,996
3,744,823 -14.2
590,496
766,513 -23.0
1,801,793 -12.5
1,576,082
1,469,014 -16.9
1,221,322
628,276 -29.9
440,375
1,003,667 +11.3
1,117,500
836,701
+0.7
842,907
652,949 -18.3
533,492
347,416 -17.7
285,918
772,343 -10.4
692,073
591,690 +111.5
1,251,549
1,143,524 -9.4
1,036,203
4,563,766
+7.7
4,915,368
543,193 Not included in total
1,244,514
1,217,902 -0.3
631,002
799,335 -21.1
RAC R52 OCC
402 5275 111
--A 2
1920.
$
147,777,220
106,594,711
40,475,348
16,239,974
8,775,325
8,330,038
5,172,092
3,539,327
7,975,809
8,067,647
3,621,118
4,000,000
4,300,000
4,270,899
800,000
2,433,309
1,555,855
650,000
1,502,063
1,027,084
647,918
488,883
1,005,170
1,549,583
1,157,577
5,146,361
/27 OCQ /11
1919.
$
116,954,513
71,310,334
33,156,267
11,453,376
7,176,981
5,554,510
4,461,364
3,389,480
5,663,351
5,955,167
2,933,915
2,412,829
3,884,813
3,444,793
677,529
2,005,986
1,518,389
629,810
1,079,788
762,559
506,287
410,011
688,214
709,217
790,657
1,997,074
00,1 tn., nIA
a No longer report clearings or only give debits against individual accounts, with
no comparative figures for previous years. b Report no clearings, but give comparative figures of debits; we apply to last year's clearings the same ratio of decrease
(or increase) as shown by the debits. c Do not respond to requests for figures.
d Week ending July 19. e Week ending July 20. f WeelcendIng July 21.
Estimated.
JULY 29 1922.]
THE CHRONICLE
513
Condition of National Banks May 5.-The statement of conditions of the national banks under the Comptroller's
call of June 22 1922 has been issued and is summarized below. For purpose of comparison, like details for previous calls
back to and including April 28 1921 are included.
ABSTRACT OF REPORTS OF CONDITIONS OF NATIONAL BANKS IN THE UNITED STATES ON APRIL 2P, JUNE 30, SEPT. 6
AND DEC. 31 1921, MARCH 10 1922 AND MAY 5 1922 [In thousands of dollars].
Apr. 28 1921 June 30 1921 Sept.6 1921 Dec. 31 1921 Mar. 10 1922 May 5 1922
8,152 banks. 8,154 banks. 8,155 banks. 8,169 banks. 8,197 banks. 8,230 banks.
ResourcesLoans and discounts_a e
Overdrafts
Customers'liability account of acceptances
United States Government securities owned _b
Other bonds,stocks, securities, &c
Banking house, furniture and fixtures
Other real estate owned
Lawful reserve with Federal Reserve banks
Items with Federal Reserve banks in process of collection
Cash in vault
Amount due from national banks
Amount due from other banks, bankers and trust companies
Exchanges for clearing house
Checks on other„ banks in the same place
Outside checks and other cash items
Redemption fund and due from U. S. Treasurer
Other assets
$
11,367,074
10,770
282,478
2,001,811
1,990,970
399.038
52,398
1,077,155
313,385
402,223
c752,934
c218,797
390,465
37,101
39,789
35,600
198,711
$
11,125,099
9,970
238,287
2,019,497
2,005,584
410,392
51,742
1,040,205
328,002
374,349
756,861
259,656
656,093
60,478
61,238
36,290
204,703
$
10,977,614
12,355
202,354
1,861,977
1,973,749
421,027
52,939
1,029,978
305,469
357,798
808,619
231,044
467,845
54,973
55,242
35,845
165,274
$
$
10,981,783 el1,282,579
11,295
9,949
169,887
200,663
2,031,564
1,975,898
2,086,596
2,081,442
440,296
429,929
57,598
54,368
1,124,707
1,143,259
312,900
349,911
336.065
341,811
987,816
863,508
248,578
228,802
481,368
437,750
38,207
69,236
41,205
62,209
36.697
36,507
163,234
152,921
$
11,184,116
10,227
168,935
2,124,691
2,162,587
444,368
62,531
1,150,885
330,917
334,504
974,375
244,707
681,269
45,215
44,053
36,823
176,445
19,570,699
19,638,446
19,014,102
19,420,136 e19,850,402
20,176,648
1,271,383
1,024,761
521,164
679.577
16,511
c751,749
c1,337,072
108,338
162.735
8,601,787
3,698,518
175,149
1,273,880
1,026,256
496,155
704,147
18,678
699,705
1,432,628
147,003
189,647
8,709,825
3,695,806
249,039
1,276,177
1,027,373
538,784
704,668
16,068
757,985
1,343,245
124,870
175,243
8,352,756
3,680,704
109.981
1,282,432
1,033,406
464,782
717.473
18,882
779,783
1,467.221
56,061
208,795
8,606,943
3,749,328
188,089
1,289,528
1,036,184
508,560
719,570
17,641
962,140
1,560,920
174,469
175,632
8,446,530
3.837,759
215,347
1,296,220
1,040,249
522,658
720,984
21,213
936,399
1,657,409
190,877
193,763
8.707,201
3,918,282
141.844
4,086
136,923
585.023
2,830
140,195
452,368
84,847
3,230
133,836
417,859
66,923
5,740
103,059
381,889
11,375
53,722
6,103
46,225
3,058
-
275,089
248,681
•
;
285,940
5,050
Total
LiabilitiesCapital stock paid in
Surplus fund
Undivided profits, less expenses and taxes paid
National bank notes outstanding
Due to Federal Reserve banks
Amount due to national banks
Amount due to other banks, bankers and trust companies
Certified checks outstanding
Cashier's checks outstanding
Demand deposits
Time deposits (including postal savings)
United States deposits
Total deposits
United States Government securities borrowed_b
Bonds and securities (other than United States) borrowed
Bills payable,other than with Federal Reserve banks
Bills payable with Federal Reserve banks
Advances received from War Finance Corporation
Bills payable (including all obligations representing borrowed money oth
than rediscounts)
Notes and bills rediscounted (including acceptances of other banks and fo
eign bills of exchange or drafts sold with indorsement)
Letters of credit and travelers' checks outstanding
Acceptances executed for customers and to furnish dollar exchange I
those purchased or discounted
Acceptances executed by other banks
Liabilities other than those stated above
14.851,859 15,142,331 14,560,852 15,075,102 15,390,438 15,766,988
130,785
100,324
•
5,317
6,188
4,976
3,951
323,737
4,719
287,177
17,054
55,590
239,682
11,243
42,847
206,507
11,673
43,320
202,378
16,558
55,068
171,332
13,869
57,551
170,132
14,748
55,715
19,570,699
19,638,446
19,014,102
19.420,136 e19,850.402
20,176,648
989,556
d879,416
705,078
•
Total
Liabilities for rediscounts, including those with Federal Reserve banks_ •
523,606
(e)
Details of Cash in VaultGold coin and certificates
•
21,433
44,134
40,152
37,360
38,371
36,749
Silver and minor coin and certificates
•
43,735
64,625
36,182
35.153
36,790
36,949
Clearing House certificates
•
20
72
12
55
25
9
Paper currency
•
337.035
265,518
280,801
262,498
260,968
268.104
Details of Demand DepositsIndividual subject to check
8,042.173
8,036,561
7,849,408
7;893,698
8,126,199
8,069,775
•
Certificates due in less than 30 days
305,707
290,414
281,083
263,501
273,920
274,538
State and municipal
122,310
118,493
110,335
189,682
115,712
143,619
Deposits subject to less than 30 days' notice
47,602
52,746
46,564
44,217
44,202
43,655
Dividends unpaid
1,444
32,281
1,676
1,513
38,747
1,229
.
Other demand deposits
82,551
179,330
63.390
82,089
64,516
89,862
Details of Time DepositsCertificates due on or about 30 days
991,574
980,918
980,604
1,029,785
991,564
999,339
•
State and municipal
21,998
17,828
28,113
27.316
16,791
22,571
Postal savings
_
40,474
36,384
34,210
34,052
30,653
30,839
Other time deposits
. 2,644,472
2,660,676
2,638,574
2.785,196
2,826.332
2,710,134
Percentages of Reserve•
12.91%0
Central Reserve cities
12.02%
13.74 •
13.15%
13.45%
14.28%
Other Reserve cities
10.27%
10.22%
10.46
10.27%
9.83%
10.57%
All Reserve cities
11.55e,
11.11%
11.45%
11.85%
12.08
12.45%
Countey banks
7.54%
7.52%
7.47
7.34%
7.51%
7.62 o
Total United States
9.69%
9.46070 K.207
lIft 00
0 0107_
1 n.mt
•
a Includes customers' liability under letters of credit. b Includes Liberty loan bonds, Victory
notes, United States certificates of indebtedness,
and all other issues of United States Government securities. c Prior to June 30 1921 this item
called for "Net amounts." d Erroneously reported in
June 30 1921 abstract at $878,344.000. e Beginning Mar. 10 1922, rediscounts are included
in Loans and discounts and totals of Resources and Liabilities.
THE ENGLISH GOLD AND SILVER MARKETS.
We reprint the following from the weekly circular of
Samuel Montagu & Co. of London, written under date of
July 13 1922:
SILVER.
A considerable amount of selling from China and a greater willingness
on the part of the United States to supply the market have brought about
an easier tendency. Indian Bazaar orders have "been but slight, and the
market has had to rely mostly upon bear covering to absorb supplies. In
so lifeless a market, as it has been on some days. the tendency for bears
GOLD.
The Bank of England gold reserve against its note issue is about £560,000 to respond to falling rates has not been quick, hence rather sharp falls have
lower at £126,069,565, as compared with £126,634,190 last week, and the ensued. Owing to
falling Continental exchanges parcels have been forthcurrency note return shows a diminution of .C500.000 in gold and an increase coming
from that quarter.
of £500,000 in bank notes. The Bank of England official rate of discount
The following appeared in the Federal Reserve Bulletin of June last:
was lowered to-day to 3% from 3')%. at which it has stood since the 15th
ult. A fair amount of gold came into the market, and was taken for India. "The amount of silver in the Reichsbank is not published, but a year ago
New York and the trade; India took the largest proportion. The Transvaal it was estimated at
about 30,000,000 ounces. During 1921 and the first
gold output for June 1922 amounted to 675.697 fine ounces, as compared four
months of 1922 about $6,000,000 worth of silver was imported into
with 639,786 fine ounces for May 1922 and 678,490 fine ounces for June
1921. The above return shows that the production seems to have recovered the United States from Germany. This amount represents about 9,000,000
from the effect of the labor dispute, and that it has now returned to about ounces of silver, which presumably was taken from the Reichsbank's stock
normal figures. We append the latest figures compiled by Mr. Joseph and exchanged
for goods or credit in the United States."
Kitchin:
Although it has been reported that some at least of this metal was refined
GOLD PRODUCTION.
no
definite
at
84s.
pounds
news
11)d.
has been received of its sale.
per fine oz.)
(In millions of
Drop as Compared with 1915
Foreign
INDIAN CURRENCY RETURNS.
(the Maximum) Output.
The Rest
Trans- British
of the British Co,mIn Lacs of Rupees__
June 30.
July 7.
June 22.
Year. Transvaal. Empire. Empire. tiles. World. vaal. Empire. World. Notes in circulation
17601
17648
17417
20.6
47.4
68.0 11% 22%
12.9
1921 ____ 34.5
29% o Silver coin and bullion
8073
8120
7888
21.5
63.0 30% 311% 34l% Silver coin and bullion
41.5
14.5
1922(est.)x27.0
out
of
India
70.0
--1923(est.),
Gold coin and bullion in India
2432
2432
2431
x Drop mainly due to strike of January-March. 1923 should show a Gold coin and bullion out a India
Securities (British Government)
recovery to a figure approaching the 1921 total.
6
-8i§
(TIM§
6514
584
The following were the United Kingdom imports and exports of gold dur- Securities (Indian Government)
584
584
ing the month of June 1922:
No silver coinage was reported during the week ending 7th inst.
Imports.
Exports.
The stock hi Shanghai on the 8th inst. consisted of about 34,300,000
Netherlands
£380
ounces in sycee, $33,000,000 and 2,900 silver bars, as compared with
Belgium
440 32,700,000 ounces in
France
sycee, $33,000,000 and 2,200 silver bars on the 30th
Spain and Canaries
5.000 ult. The
Shanghai exchange is quoted at 3s. 5W1. the tael.
139,373
West Africa
America
of
United States
891,500
-Bar Silver per or. std.- Bar Gold
480
South America
Quotations-.
Two Mos. per or. fine.
Cash.
Egypt
4,500 July 7
93s.
36d.
364.
196,305
Rhodesia
July 8
Md.
36
36
Md.
Transvaal
2,219,927
July 10
92s. 10d.
353
%tl.
353d.
British India
1,132,792 July 11
92s. 106.
3574d•
357d.
1,993
Other countries
23,579 July 12
35%d.
935.
35Md.
July 13
35%d.
92s. 94.
3534d.
£2,558,078
12,058,191 Average
35.791d.
92s. 10.6d.
35:8754.
THE CHRONICLE
514
[VOL. 115.
The silver quotations to-day for cash and forward delivery are respectively Xd. and %d. below those fixed a week ago.
U. S. Bonds Held June 30:0 Secure—.
Bonds on Deposit
June 30 1922.
ENGLISH FINANCIAL MARKETS—PER CABLE.
The daily closing quotations for securities, &c., at London,
as reported by cable, have been as follows the past week:
July 22. July 24. July 25. July 26. July 27. July 28.
London,
Mon. Tues.
Wed. Thurs. Fri.
Sat.
Week ending July 28—
35H
35%
35
35%
d. 35H
36
Silver, per oz
5d.
92s.
5d.
925.
928
6d.
.7d. 928 .8d. 925 7d.
92s.
-Gold, per fine ounce
5959%
59H
59%
59%
593
Consols, 2H per cents
100).1
100%
100%
100%
100%
100%
British,5 per cents
. 96
96
98
C6H
96H
96H
British,4H per cents
fr_
58.20
58.90
58.45
58.25
58.40
58.75
French Rentes (in Paris),
77.30
Loan(inParis),fr. 76.95
76.80
77.30
77.25
77.55
French War.
The price of silver in New York on the same day has been:
Silver in N.Y., per oz.(eta.):
Domestic
9934
Foreign
6934
99%
6934
99%
6934
99%
69%
99%
69%
9934
71H
PUBLIC DEBT OF UNITED STATES—COMPLETED
RETURN SHOWING NET DEBT AS OF MAY 311922.
The statement of the public debt and Treasury cash
holdings of the United States as officially issued May 31
1922, delayed in publication, has now been received, and
as interest attaches to the details of available cash and the
gross and net debt on that date, we append a summary
thereof, making comparison with the same date in 1921:
CASH AVAILABLE TO PAY MATURING OBLIGATIONS.
May 311922. May 31 1921.
Balance end month by daily statement, Are
Add or Deduct—Excess or deficiency of receipts over
or under disbursements on belated items
Deduct outstanding obligations:
Treasury warrants
Matured interest obligations
Disbursing officers' checks
Discount accrued on War Savings Certificates
Total
289,396,865
244,565,952
+6,099,914
—13,336,852
295,498,779
231,229,100
2,451,801
76,570,650
70,766,008
126,771,937
3,903,770
94,981,731
79,685,859
99,850,610
276,560,396
278,421,970
Balance, deficit(—)or surplus(+)
+18,936,383 —47,192,870
INTEREST-BEARING DEBT OUTSTANDING.
Interest May 31 1922. May 31 1921.
Title of Loan—
Payable.
s
s
2$, Consols of 1930
Q.-J.599,724,050
599,724,050
4s, Loan of 1925
Q.-F. 118,489,900
118,489,900
2s of 1916-36
Q.-F.
48,954,180
48,954,180
2d of 1918-38
Q.-F.
25,947,400
25,947,400
38 of 1961
Q.-M.50,000,000
50,000,000
3s, Conversion bonds of 1916-47
Q.-J.
28,894,500
28,894,500
Certificates of indebtedness
J.-J. 1,659 749 000 2,572,219,000
Certificates of indebtedness under Pittman Act_ _J.-J.
77,000,000 b259,729,450
3345, First Liberty Loan, 1932-47
J.-J. 1,410,016,050 1,410,074,250
4s, First Liberty Loan, converted
J.-D.12,866,950
19,837,050
434s, First Liberty Loan,converted
J.-D. 525,506,550
518,875,750
4345, First Liberty Loan, second converted_ __ _J.-D.
3,492,150
3,492,150
4s, Second Liberty Loan, 1927-42
M.-N,
55,919,750
87,208,700
4%8,Second Liberty Loan, converted
3,255,039,400 3,229,912,400
4)1s, Third Liberty Loan of 1928
M.-S. 3,506,906,350 3,643,263,150
4%s, Fourth Liberty Loan 011933-38
A.-O. 6,345,778,700 6,356,594,750
3%s, Victory Liberty Loan of 1922-23
J.-D. 254,534,500
661,278,550
41%s, Victory Liberty Loan 01 1922-23
J.-D. 2,317,019,350 03,360,822,950
48, War Savings and Thrift Stamps
Mat. 671,101,769
703,369,490
23.1s, Postal Savings bonds
J.-J.
11,830,440
11,718,240
5H5 to 5%s, Treasury notes
J.-D. 1,921,265,900
Aggregate of interest-bearing debt
Bearing no interest
Matured, Interest ceased
22,900,036,889 23,710,405,910
231,063,468
230,285,263
5,958,840
8,638,820
Total debt
Deduct Treasury surplus or add Treasury deficit
e23,137,059,197 23,949,329,993
+18,936,383 —47,192,870
Net debt
d23,118,122,814 23,996,522,863
a Does not include partial payments received amounting to $14,455.
b Of these totals, $32,854,450 bear various rates of interest.
c The total gross debt May 31 1922 on the basis of daily Treasury statements
was $23,138,838,607 18, and the net amount of public debt redemption and
receipts in transit, &c., was $1,779,409 87.
d No deduction is made on account of obligations of foreign governments or
other investments.
NOTE.—Issues of Soldiers' and Sailors' Civic Relief bonds not included in the
above, total issue to May 31 1922 was $195,500, of which $144.400 has been retired
goinmerciai andMiscellantons4CM
•
BANK NOTES—CHANGES IN TOTALS OP, AND IN
DEPOSITED BONDS, &C.—We give below tables which
show all the monthly changes in national bank notes and in
bonds andlegal tenders on deposit therefor.
Amt. Bds. on Deposit to
Secure Circulation for—
Fed. Res.
National
Bank Notes. Bank Notes.
National Bank Circulation
Afloat on—
Bonds.
Legal
Tenders.
Total.
$
$
S
June 30 1922_, 734,546,300; 84,218,700 732,585,640 25,616,387 758,202.027
May 31 1922._ 733,876,590 87,218,700 730,203,870 25,696,832 755,900,702
Apr. 30 1922_ 731,693,690 95,568.700 729,526,135 25,096,414 754.622.549
Mar.31 I922__ 730.016,940 102,393,700 727,838,900 24,840,522 752,679,422
Feb. 28 1922_ 729,702,240 110,359,700 727,465,523 24,569,959 752,035,482
Jan. 31 1922_, 729,425,740 126,393,700 724,480,758 25,130,609 749,611,367
Dec. 31 1921_, 728,523,240 126.393,700 724,235,815 25,932,109 750,167,924
Nov.30 1921_ 728,351,240 139,393,700 723,023,965 26,283,132 749.307,097
Oct. 31 1921_, 727,512.490 149,768.600 716,304,820 26,984,017 743,288,847
Sept.30 1921__ 727,002,490 185,768,700 795,836.355 27,402,759 743,239,113
Aug. 31 1921_ 724,770,490 208,355,200 711,000,205 24,148,669 739,148.874
July 31 1921_, 723,675,190 224,105,200 702,570,407 29,570,407 732,419,179
June 30 1921.. 722.898.440 230,605.200 712,763.865 30.526,509 743,290,374
$80,495,400 Federal Reserve bank notes outstanding June 30 (of which $73,937,
400 secured by United States bonds and $6,558,000 by lawful money), against
5150,772,400 June 30 1921.
The following shows the amount of each class of United
States bonds and certificates on deposit to secure Federal
Reserve bank notes and national bank notes on June 30:
On Deposit to On Deposit to
Secure Federal
Secure
Reserve Bank National Bank
Notes.
Notes.
28, U. S. Consols of 1930
4s, U. S. Loan of 1925
25, U. S. Panama of 1936
2s, U. S. Panama of 1938
2s, U. S. 1-Year Certifs. of Indebtedness
Totals
Total
Held.
8,063,400
1,768,000
257,000
130,300
74,000,000
579,472,200 587,535,600
81,448,400
83,216,400
48,091,100 ; 48,348,100
25,534,600
25,664,900
74,000,000
84,218,700
734,546,300
818,765,000
The following shows the amount of national bank notes
afloat and the amount of legal-tender deposits June 1 and
July 1 and their increase or decrease during the month of June:
National Bank Notes—Total Afloat—
Amount afloat June- 1 1922
Net increase during June
Amount of bank notes afloat July 1 1922
Legal Tender Notes—
Amount on deposit to redeem national bank notes June 1 1922
Net amount of bank notes retired in June
Amount on depositto redeem national bank notes May 1 1922
5755,900,702
2,301,325
$758,202,027
$25,696,832
80,445
525,616,387
New York City Realty and Surety Companies.
Bid
Alliance R'Ity 90
Amer Surety. 74
Bond & M G. 255
City Investing 60
Preferred __ 89
All prices dollars per
Bid
Ask
95 Lawyers Mtge 170
77 Mtge Bond__ 105
260 Nat Surety_ _ 212
63 N Y Title &
Mortgage__ 160 •
92
share.
Ask Realty Assoc
177
(Brooklyn)_
115 U S Casualty_
216 US Title Guar
West Chester
Title & M G
165
Bid
150
160
105
Ask
175
200
--
New York City Banks and Trust Companies.
Banks—N.Y. Bid
America *_ _ _ _ 214
Amer Exch _ _ 277
Battery Park. 122
Bowery*
430
Broadway Cen 140
Bronx Bore)._
Bronx Nat... 155
Bryant Park. 145
Butch & Drov 130
Cent Mercan_ 200
Chase
320
Chat & Phen_ 267
Chelsea Exch. 70
Chemical_ _
500
Coal dr Iron__ 185
Colonial S._ _ _ 300
Columbia.
190
Commerce_ _ _ 265
Com'nwealth. 215
Continental.. 130
Corn Exch... 415
Cosmoplan
75
East River__ _ 170
Fifth Avenue* 1010
160
Fifth
1100
First
Garfield
235
180
Gotham
Greenwich _ 250
610
Hanover
Harriman _ _ 390
Ask
218
283
130
450
150
16E_
155
135
215
325
271
85
515
195
05
267
145
420
85
All prices dollars per
Bid
Banks
Imp & Trad_ _ 555
Industrial*
140
Irving Nat of
NY
209
Manhattan
255
Mech & Met_ 405
Mutual.
500
Nat American 150
National City 327
New Neth _ 125
New York
540
Pacific *
300
Park
440
Public
290
Seaboard ___ 289
Standard *__ _ 230
290
State.
Tradesmen's * 200
23d Ward'.._ 250
United States. 160
Wash'n H'ts
325
Yorkville'... 420
Brooklyn
Coney Island*
First
245 Mechanics'
185 Montauk
265 Nassau
620 People's400
170
155
255
100
125
230
160
slime
Ask Trust Co.'s Bid
New York
570
160 American _ _ _ _
Bankers Trust
213 Central Union 379
260 Columbia.... 327
410 Commercial_ _ 105
Empire
295
160 Equitable Tr_ 290
331 Farm L & Tr_ 438
135 Fidelity Inter. 208
240
550 Fulton
Guaranty Tr. 222
170
450 Hudson,
310 Law Tit & Tr 187
297 Metropolitan. 280
260 Mutual (West
chester) —, 115
300
N Y Life Ins
& Trust_ -- 655
270
170 N Y T,ust._ 350
_ .Title Go & Tr 390
U S Mtg & Tr 310
United States 1055
565
165
265
115
240
Brooklyn
Brooklyn Tr_
Kings County
Manufacturer
People's
Ask
367
384
332
125
305
298
443
213
250
226
180
195
290
130
670
357
400
320
420
700
230
325
•Banks marked with (*) are State banks. t New stock. z Ex-dividend. y Ex rights
Philadelphia Stock Exchange.—Record of transactions
at Philadelphia Stock Exchange July 22 to July 28, both
inclusive, compiled from official sales lists:
Stocks—
Friday
Sales
Last Week's Range for
Sale.
of Prices.
Week.
Par. Price. Low. High. Shares.
10
Alliance Insurance
American Railways.._ _ -50
*
American Stcres
Buff & Susq Corp v t c_100
Consol Trac of N J....102
Elec Storage Battery....
100
General Asphalt
100
Preferred
Insurance Co of N X_ _ _ _10
Lake Superior Corp_ _ _ _100
50
Lehigh Navigation
50
Lehigh Valley
50
Lehigh Val Transit
50
Mfg
Salt
Penna
50
Pennsylvania
Penn Cent L & P, pfd____.
Philadelphia Co (Pitts).-50
Frei(cumulative 6%).50
25
Phila Elec of Pa
25
Preferred
*
Phila Insul Wire
Phila. Rapid Transit_ _..50
Philadelphia Traction_._ 50
Philadelphia & Western_50
50
Preferred
Radio Corp of Amer
50
Reading
Tono-Belmont Devel__ _ _1
1
Tonopah Mining
Union Trac, 517H pd_._50
100
United Cos of NJ
50
United GftS Impt
50
Preferred
Warwick Iron & Steel_ -10
West Jersey & Sea Sh_..50
50
Westmoreland Coal
Wm Cramp & Sons..._100
50
Railways
York
Bonds—
Amer Gas & Elec 58_ —2007
2007
do
small
Bell Tel of Pa 1st 78_ _ _1945
Beth Steel pur mon 5s_1935
Consol Trac NJ 1st 5s.1932
Elec & Peop tr ctfs 48_1945
Leh C & N gen 4Hs___1924
Phila Co cons& coll. trust 58
Stamped s f & red_ _1951
Phila Electric lst 58_ _1966
small....1986
do
1947
534s
1941
6s
small
do
1997
Reading gen 4.•
United Rys Invest 5s_1926
Weisbach Co small_ _1930
-cr....,ilmovra 1 at co 1027
•
13
125
3734
934
76
75
3734
39
30
31
38
3034
66
9
1%
3934
5234
5534
38
70
8934
108
70
Range since Jan. 1.
Low.
24
24
31 19
13
1334
1
760
124 12534 1,240 83
78
78
50 7434
50
50
. 10 44
46%
4634 1734
867 3734
465 5534
6834 7334
105 108
825 90
294 30
3734 3834
9
6%
9% 2,410
701 76
563 6634
30 57
6334 6334
8
8
25
8
75
81 6934
7531
4434 47
5,024 3334
5334 5314
20 1831
20 3234
3734 3734
450 36
3834 39
2,016 23
2934 30
30
3134 2,040 2734
125 30
3734 38
30
303-1 2,330 17%
65
66
232 58
5
9
9
10
33
78 29
34
434
25
434
43-4
10 72
74
74
85
1%
134
1-31
13-4
255
134 1%
550 34
39
3934
5 177
200 200
1,370 38
52
53
530 38
55
5534
145
734
934 (1H
152 2734
38
37
15 67
70
70
5 40
58
58
9
220
2734 2734
8934
87
108
9111
8034
68
96
88
9934
9951
10134 101%
103% 10334
10134
8634 8634
87
99%
10031
al 1.4
High.
Jan 25
July
Jan 17 June
Jan 12534 July
Feb 86
Apr
Jan 56H Apr
5 July
Mar 47%
Jan 7334 July
Mar 11034 July
Jan 3834 June
Jan 1234 May
Feb 7734 Apr
Jan 6734 May
July 1134 June
Jan 7534 July
Jan 47
July
Jan 5534 May
Jan 4034 May
Jan 3934 Mar
July
Feb 30
Jan 3134 July
May 5034 Jan
Jan 3534 June
Jan 6834 Apr
Jan
1034 June
Jan 3411 June
June
634 May
.ian 8134 May
11% June
July
Jan
2
Feb
Jan 43 May
Jan 200 June
Jan 54 June
Jan 5534 July
Feb
934 June
Jan 38
July
Jan 74 June
Jan 75
July
Jan 29 June
Jan 9034
9034 $3,500 81
87
200 82
Jan 88
10834 18,000 10734 Feb 109
9131
1,000 913-4 July 913.1
8034 7.000 71
Jan 8434
70
33,000 64
Jan 72
2,000 9034 Jan 96
96
July
July
Feb
July
Apr
Apr
July
10,000 86
July
42,000 93
Jan
3,100 94
Feb
17,000 9934 June
51,000 10034 Jan
1,800 100% Jan
15,000 8034 Jan
2,000 713-4 Mar
500 9934 July
1 nnn AR
May
July
July
July
May
July
July
Apr
Julv
88
101
101
10134
10334
106
8634
87
99%
al ix
92
101
101
1 0134
1043.1
106
8734
87
99%
JULY 29 1922.]
THE CHRONICLE
Breadstuffs figures brought from page 563.-The
statements 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.
Barley.
Oats.
Rye.
Exportsfrom-
515
Wheat. I
Corn. I Flour.
Oats.
Barley. Peas.
Bushels. I
1,283,310
136,000
1,248,000
393,000
Bushels. Barrels. Bushels. Bushels. Bushels. Bushels.
676,734 40,907 309,219 147,148 187,566
-- 303,000
348,000,60,000: 7,000
390,000; 11,000 100,000 86,000
I 3,000
1,000 2,000
236,000 173,000 15,000
5,000
2,000
449.000
34.000
1,746,000 974,000, 29,000 178,000 463,000 204,5.05
New York
Boston
Philadelphia
Baltimore
Newport News
Mobile
New Orleans
Galveston
Montreal
' bbls.19115s bush.60 Ws.bush. 56 lbs.bush.:32 lbs.bush.481bs.bush.5(3Ibs.
Chicago
190,000 2,502,000 2,806,000 1,413,00
50.000
142.000
Minneapolis
1,267,000
158,000
130,000
122,000
338,0
Total week 1922_ 5,491,310 2,622,7341107,907 892,219 730,148 396,566
Duluth
545.000
483,000
48,000 Same
58,000
85,000
week 1921
Milwaukee....
60,000
7,389,992 2,518,365220,870 825,102 142,000 426,301
18,000
199,000
21,000
943,000
131,000
Toledo
237,000
40,000
4,000
56,000
Detroit
19.000
21,000
58,000
2,000
The
destination of these exports for the week and since
Indianapolis_
471,000
285,000
188,000
St. Louis
100,000
827,000
743,000
505,000
2,000 July 1 1922 is as below:
3,000
Peoria28,000
250.000
170,000
220,000
1,000
4,000
Kansas City.
2,324,000
397.000
92,000
Omaha
906,000
Exports for Week
579,000
320,000
Flour.
Corn.
Wheat.
St. Josepht2_
272.000
and Since
337,000
4,000
July 1 toWeek
Since
Since
Week
Week
Since
Total wk. 1922
378,000 9,638,000 6,218,000 3,722,000
258,000
460.000
July 22 July 1
July 22
July 1
July 1
July 22
Same wk. 1921
400,000 20,020.000 • 3,576,000 4,148.000
719,000 954,000 ,
Same wk. 1920
246,000 6,701,000 3,925,000 3,532.003 634,000
653,000
Barrels. Barrels.
Bushels.
Bushels. Bushels. I
Bushels.
United Ktngdom- 53,817
191,683 1,577,686 4,332,753 911,996 1,990,732
Since Aug.1Continent
209,499 3,913,624 11,448,839 1,701,738 4,127,458
1921-22_
20,827,000 155,430,000 387,707,000 212,029,00031,365,00024,204,000 So. & Cent. Amer_ 43,219
1,000
9,000
13,000
1920-21._ 26.097,000377,570.000 154.507,000228,230.000 30,743,000 19,665,000 West Indies
8,000
42,000
toto-on
1,000
89.000
9,000
t a (14.1110114.2ft 200 nnn 21R A90 nA(1911 97.c A(10 2R 2R1 non 37.870.000 Other
countries_
1,871
29,959
7,000
Total receipts of flour and grain at the seaboard ports for
Total 1922
107,907
482,141 5,491,310 15,789,592 2,622,734 6,220.190
Total 1921
the week ended Saturday July 22 1922, follow:
220.870
891.030 7.389.992 17.640.443 9.518.365 6.558,307
Receipts atFlour.
Wheat.
Corn.
Barley.
Rye.
Oats.
The world's shipment of wheat
New York __.
Philadelphia _
Baltimore_ __ _
Newport News
New Orleans*
Galveston_
Montreal ___
Boston
Barrels.
171,000
49,000
23.000
3,000
66,000
65,000
16,000
Bushels.
Bushels.
Bushels. Bushels.
Bushels.
1,137,000
729,000
562,000 323,000
403,000
870,000
154,000
19,000
20,000
- 791,000
452,000
110-000
403,000
829.000
324,000
1,566,000
52,000
110,000
56,000
931,000
69.000
275,000
283,000
and corn, as furnished by
Broomhall to the New York Produce Exchange for the week
ending Friday, July 21, and since July 1 1922 and 1921,
are shown in the following:
Wheat.
193,000
93,000
Exports.
Total wk.1922 393,000 5,569,000 2,445,000 1,305,000
559,000
826,000
Since Jan 1 '22 13,188.000 107,335,000 96,444,000 40,489,000 9,558,00018.325,000
Same wk. 1921
437,000 5,942,000 2,889,000 1,064.000
316,000
360,000
Since Jan. 1'2113.689.000117.275.000 50.482.000 28.805.000 9.518.000 13.220.000
* 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 22 1922, are shown in the annexed
statement:
STOCK OF MONEY IN THE COUNTRY.-Further
below we give the customary monthly statement issued by
the U. S. Treasury Department, designed to show the general stock of money in the country, as well as the holdings
by the Treasury and the amount in circulation on the dates
given. The method of computing the figures has been changed
with the idea of eliminating duplications, especially in arriving
at the amounts of money in circulation. Under the new form
the per capita circulation July 1 1922 is found to be $39 87,
whereas by the old method the amount would have been
$49 17. The Treasury Department has issued a memorandum dealing at length with the changes which we reproduce as follows:
NOTICE AS TO THE FORM OF THE CIRCULATION STATEMENT.
The form of the circulation statement has been revised beginning with the
issue for July 1 1922 in order to show more accurately the distribution of the
stock of money in the United States. On the new form of statement only
money outside of the Treasury and the Federal Reserve banks is included
in circulation. In previous circulation statements money held by the
Federal Reserve banks (other than money held by
or for Federal Reserve
agents and Federal Reserve notes held by the issuing
banks in their own
1922.
Week
July 21.
Corn.
1921.
Since
July 1.
Since
July 1.
1922.
Week
July 21.
SInce
July 1.
1921.
Since
July 1.
Bushels.
Bushels.
Bushels.
Bushels.
Bushels.
North Amer_ 6,853,000 19,531,000 21,850,000 3,409,000 Bushels.
7,202,000 8,232,000
Russ.& Dan.
96,000
512,000
1,283,000
417,000
360,000
1,156,0
Argentina_ _ _ 2,593,000 9,203,000 4,882,000 988,000
6,036,00 13,096,000
Australia ___
632,000 2,144,000 4,104,000
India
512,000
0th. countr's
220,000 1,510,000
70,000
Total
10,174.000 31,390,00 31,708,000 4,884,000 14,614,000 24,121,000
vaults) was included in the amount
in circulation. Under that method of
computing money in circulation
transfers of gold between a Federal Reserve
bank and a Federal Reserve agent
amount of money in circulation, andresulted in an apparent change in the
there are instances where the circulation statement owing to such transfers
showed a decline in money in circulation, when, as a matter of fact,
increase when in fact there had there had been an actual increase, and an
been
a
decrease. The new form shows a
per capita circulation on July
statement heretofore used it 1 1922 of $39 87. whereas under the form of
would
have
been $49 17.
The revised form of statement,
moreover, shows more clearly the distribution of the money held In the
Treasury and the amount of money held by
or for Federal Reserve banks and
agents. Certain changes have also been
made in the column showing
amounts of outstanding gold stock of money in the United States. The
certificates and silver certificates have been
inserted in this column, but have
not been included in the total since the
gold and silver held in trust against
the certificates is included under gold
coin and bullion and standard
silver dollars, respectively. Treasury notes
are
of 1890
still shown separately,
since standard silver dollars are but have not beenincluded in the total,
held against them equal to 100% of the
amount of notes outstanding.
There have been added to the
for July 11914, Just before the new form of statement comparative totals
organization of the Federal Reserve System,
and April 1 1917, just before the
entry of the United States into the -World
War.
Treasury Department, July 1
1922.
The money and circulation statement in its new form
follows:
CIRCULATION STATEMENT-JULY 1 1922.
KIND OF
MONEY.
Stock of
Money
in the
United
States.
Total.
Gold coin and
$
a3,785,520,512 3,156,882,717
Bullion
Gold certificates- b(695,000,489)
381,176,851 - 313,406,482
Stan.silver doll'rs
Silver certificates b(304,066,593) ------------Treas.notes of'90 0(1,510,543)
271,464,942 -- 17,747,952
Subsidiary silver
346,681,016
4,145,964
U. S. notes
2,559.644
Fed. Res. notes_ 2,555,061.660
1,030,273
80,195,400
F. R. bank notes
758,202,027
Nat.bank notes_
15,774,366
Total July 1 1922
Compar. totals*
June 1 1922..
July 1 1921__
April 1 1917_
July 1 1914_
Jan. 11879..
MONEY OUTSIDE OF THE TREASURY.
MONEY HELD IN THE TREASURY.
Amt. Held in Res've Against
Held for
Trust Against United States
Federal
Gold & Silver Notes (and
Reserve
Certificates & Treas'y Notes
Banks
Treas'y Notes of 1890)•
and Agents.
of 1890.
$
152,979,026 2,108,886,911
------------ -- ---------------- ----------------------- ------------
----------- ------------ ---------------------- ---------- ---------------------- ------------ ------------
8.178.602.408 c3,511,547,398 1,000,577,625
8,126,500,982 c3,4957-160,979 994,959,698
8,096,033,684 c2,918,696,736 919,643,386
5,312,109,272 c2.942,998,527 2,684,800,085
3,738,288.871 c1.843.452,323 1,507,178,879,
1,007,084,483 c212,420,402
21,602,690
All
Other
Money.
Total.
200,016,291 628,637,795
695,000,489
7,829,346
67,770,369
304,066,593
1,510,543
17,747,952 253,716 990
4,145,964 342,535,052
2,559,6442,552,302,016
1,030,273
79,465,127
15,774,366 742.427,661
Held by
Federal
Reserve
Banks
and Agents.
Population
of
Continental
United
States
Per
Capita.(Estimated.)
In Circulation.
Amount.
$
211,511,603 417,126,192 3 80
521,658,270 173,342,219 1 58
58,073,312
53
9,697,027
38,731,219 265,335,374 2 42
01
1,509,593
1,000
24,153,011 229,563,979 2 09
50,192,056 292,342,996 2 66
413,788.985 2,138,713,031 19 49
66
7,597,186 , 71,867,941
14,746,625 '727,681,036 6 63
152,979,026 2,108.886,911 d249,103,836 5,667,632,635 1,292,076,982 4,375,555,653 *39 87
264,483,836 ,626,299,701 1,255,820-710 4,370,469,991 *39 87
308,217,429 6,096,980,334 1,257,368,483 4,839,611,851 *44 78
105,219,416 5,053,910,830 953,320.126 4,100,590,704 *39 54
186,273,444 3,402,015,427
,3,402,015,427 34 35
90,817,762 816,266,721
I 816,266,721 16 92
152,979,026 2,082,738:419
152,979,026 1,537,856,895
152,979,026
150,000,000
100,000,000
-5-
$
109,743,000
109,805,000
108,087,000
103,716,000
99,027,000
48,231.000
* The form of circulation statement has been revised as of July 1 1922,
as to redemption of national bank notes, 831,080 deposited for retirement of additional cirexclude from money in circulation all forms of money held by the Federal so
Reserve culation (Act of May 30 1908) and 870
banks and Federal Reserve agents, whether as reserve
4 7,173 deposited as a reserve against postal
against Federal Reserve notes savings deposits.
or otherwise. This change results in showing a per capita circulation on July 1 1922
Note.-Gold certificates are secured
dollar for dollar by gold held in the Treasury
under
whereas
form
the
of
87,
statement heretofore used it
of $39
have been for their redemption; sliver certificates are secured dollar for dollar by standard silver
$o 17. For the sake of comparability the figures for June 1 1922,would
July 1 1921 and dollars held in the
April 1 1917 have been computed on this ptatement in the same manner as those for a gold reserve of $1Treasury for their redemption; United States notes are secured by
52,979,025 63 held in the Treasury. This reserve fund may also
July 11922.
be used for redemption of Treasury
notes of 1890, which are also secured dollar for
a Does not include gold bullion or foreign coin outside of vaults of the Treasury, dollar by standard
silver dollars held in the Treasury. Federal Reserve notes are
Federal Reserve banks and Federal Reserve agents.
obligations of the United States and
a
first lien on all the assets of the issuing Federal
b These amounts are not included in the total since the money held in trust against Reserve bank.
Reserve notes are secured by the deposit with Federal Regold and silver certificates and Treasury notes of 1890 is included under gold coin serve agents of aFederal
like amount of gold or of gold and such discounted or purchased
and bullion and standard silver dollars, respectively.
Paper as is eligible under the terms of the Federal Reserve Act. Federal Reserve
c The amount of money held in trust against gold and silver certificates and Treas- banks must maintain
the gold redemption
ury notes 01 1890 should be deducted from this total before combining it with total fund which must be a gold reserve of at least 40%. including
deposited with the United States Treasurer, against Federal
money outside of the Treasury to arrive at the stock of money in the United States. Reserve notes in actual
circulation. Federal Reserve bank notes and national bank
d This total includes $17,249,719 of notes in process of redemption, $178,459,108 notes are secured by
United States Government obligations, and a 5% fund for their
of gold deposited for redemption of Federal Reserve notes,$6,415,374 of lawful money redemption is required
to be maintained_with the Treasurer of the United_States
deposited for redemption of Federal Reserve bank notes, $14,262,336 deposited for in gold or lawful
money.
Auction Sales.-Among other securities, the following,
not usually dealt in at the Stock Exchange, were recently sold
at auction in New York, Boston and Philadelphia:
By Messrs. Adrian H. Muller & Sons, New York:
Price.
Shares. Stocks.
25 New Hamp.& Mass.Elec.
ctfs. of int., $20 paid in
$9 per sh.
distribution
10 Harriman Nat.Bank_ _$380 per sh.
1,267 Red Mountain Con.sol. Mines
Co. of Helena, Mont., $10
$5 lot
each
250 Century Leasing Co., Inc.,
$2 per sh.
350each
28 Vala Oil Co.,$10 each_ _$25 per sh.
10 Kent 011 Co., Inc., $10
$25 per sh.
each
200 Internat. & GM. Nor.
$1 per sh.
Corp
El lot
50 H.B.Clariin Co., 1st pf
$5 per sh.
50 Finney & Mathews
400 The McNamee Clay Co_ _ _ _$25 lot
Price.
Shares. Stocks.
200 McNamee Kaolin Corp. $1 per sh.
10 Kelly Springfield Motor
Truck, pref
$1 per sh.
8 Kelly Springfield Motor
Truck
SI4 per sh.
60 Progress Nat. Bank, $100
each
$80 per sh.
200 Keystone Solether Corp.,
$14 per sh.
Per cent.
Bonds.
$1,000,000 Equitable Office Bldg.
Corp. 35-yr. 5s sk. fd. debs.,
1952
60 1-16%
$4,000 Fonda Johnstown & Gloversville RR.44s, 1952
66%
$15,000 South Carolina Ry. pur.
mtge. income bonds, 193L _._$12 lot
By Messrs. R. L. Day & Co., Boston:
$ per sh.
Shares. Stocks.
• 13 First Nat. Bank, Boston_ .. .321-32134
3214
5 First Nat. Bank, Boston
10 Massachusetts Cotton Mills.. _ _ _154
102X
5 Arlington Mills
1514
1 11111 Manufacturing Co
8134
19 Great Falls Mfg. Co
77
1 Northern Railroad, N. H
1254
6 Walter Baker & Co., Ltd
30 Rights Fall River Gas Works__ _ 74
20 Puget Sound Power & Light,
82
pref. temp. certificates
1544
3 Draper Corporation
9 Massachusetts Lighting Cos_ _ _ _ 214
Shares. Stocks.
$ per sh.
16 Rights New Bedford Gas &
Edison Light Co
734
327 Rights New Bedford Gas &
8
Edison Light Co
20 New England Power Co., pref 93
50 Bigelow-Hartford Carpet Co_ _ _113
1 Boston Athenaeum
500
Per cent.
Bonds.
$21,000 The Burton Co. of Clinton,
Mass., ref. M. 6s, 1927_ _ _ _$1,000 lot
$20 East Mass. Street Ry. 5s ref.
704%
mortgage,1948
$24 East Mass.St.Ry.scrip ad).stk.30%
By Messrs. Wise, Hobbs & Arnold, Boston:
$ per sh.
Shares. Stocks.
5 First National Bank of Boston-318
52 Second Nat. Bank of Boston_ _315
50 Nat. Union Bank of Boston_190-191
100 Old Colony Woolen Mills, pref. 434
152
5 Hill Manufacturing Co
2603.1
10 Bates Mfg. Co., ex-div
15
15 Central Mass. Power Co
15 Central Mass.Power Co., pref_ 80
19 Rights New Bedford Gas dr
Edison Light Co
734
5 Commonwealth Gas dr Electric
6434
Co.. pref
165 American Mason Safety Tread
751
Co., Par $26
$ per sh.
Shares. Stocks.
124
10 Walter Baker Co., Ltd
15434
5 Draper Corporation
751
10 Rights Fall River Gas Works
10 Old Colony Light & Power
80
Associates, pref
8 Electric Bond & Share, pref.,
9531
ex-dividend
62 Rights New Bedford Gas &
8
Edison Light Co
22c
264 U. S. Worsted
212
6 Naumkeag Steam Cotton
90
10 Merrimac Chemical
122 Rights New Bedford Gas dr
8
Edison Light Co
By Messrs. Barnes & Lofland, Philadelphia:
Price.
Shares. Stocks.
830 Shuttieworth-Hogg & Mather.
lot $300
Inc., par $50
28,000 Butte-Jardine Metals Mines,
lot $50
par $1
190
73 13th & 15th Sts. Pass. Ry
99 Frankford & Southwark (5th &
285
6th Sts.) Pass. Ry
198
68 2d dr 3d Sts. Pass Ry
181 Continental Passenger Ry_ _ _ _ 81
10 First Nat. Bank of Philadelphia252 34
11 Drovers & Merchants National
Bank, par 850
7034
385
3 Philadelphia Nat. Bank
3 Philadelphia Trust Co
620
2 Chestnut Hill Title & Trust
Co., par 350
51
5 Penn. Co. for Ins. on Lives dr
525
Granting Annuities
20 Finance Co. of Penn., 1st pref_105
33 Finance Co. of Penn., 2d pref_105
425-4254
30 Provident Trust Co
5 Mutual Trust Co., par $50..._ 5031
10 Cafe d.Ambassad'ra,Inc., preLl lot
3 Cafe d.Ambassad'rs,Inc., corn.! $6
504
50 Weisbach Co
12534
12 Union Passenger RI
108 East. Shore Gas & Electric_ _ 934
20 Peoples Nat. Fire Insurance.. _ 20
3034
3 Chester & Philadelphia Ry
27 Phila. & Camden Fy., par $50_ 98
3 Abbotts Ald'y Dairies, 1st pref_ 9134
404
8 Elmira & Williamsport RR
23 Elmira & Williamsport RR., pf. 5234
lot $25
12 Carpenter Steel Co
7 Scranton Life Insurance Co___ 10
Price.
Shares. Stocks.
10 Com'l Advance Co., pf., par 850 55
10
10 Com'l Advance Co., par $10
10 Vitagraph Co. of Amer., pref__ 2
5
1 Phila. dr Western RR
360
20 John B. Stetson Co
30
50 Geo. B. Newton, 1st pref
Per cent.
Bonds.
$7,000 Kan. C. So. Ry. 3s, 1950_ 71
$4.000 Atlantic Refining6Its,193i_10334
10331
$4,000 Penn. RR.6s, 1928
$500 Alliance Gas dr Power 5s, 1932- 7434
8934
$3.000 Pine Bluff 68, 1942
$1,000 Lakeside Ry. 4s, 1923 (re18
duced to $750)
8500 Lakeside Ry. 45, 1923 (re18
duced to $375)
$9.000 Columbia Graphophone
3434
Mfg. 8s, 1925
$500 Schuylkill Traction 5s, 1943_ _ 52
$5,000 Southern New York Power
& Ry. 6s, 1928
7531
$6,000 City of Sao Paulo (Brazil)
68, 1943
88
$7,000 Morris County Traction 58.
1935(7 inc. tr. ctfs. as bonus)_ _ _ 25
$10,000 Republic of Bolivia 68, 1940 80
$700 City of Philadelphia 45, 1941..10034
$2.000 Boyertown dr Pottstown Ry.
5s, 1936
78
$14,000 American Slate Co. 5s, 1925 80
$2,000 Cornwall Ore Banks 534s,'41 98
$9,000 Atlantic City Gas 5s, 1960_ - 7031
$5.000 New Orleans Ry.& Light
75, 1919
5731
National Banks.-The following information regarding
national banks is from the office of the Comptroller of the
Currency, Treasury Department:
APPLICATIONS TO ORGANIZE RECEIVED.
Capital.
$25,000
July 20-The First National Bank of Palos Verdes. Calif
Correspondent: Harry L. Person, 923 Story Bldg., Los
Angeles, Calif.
200,000
July 20-The Peoples National Bank of Ozone Park, N. Y
Correspondent: Gaston F. Livett, 44 Court St., Brooklyn, N. Y.
APPLICATIONS TO ORGANIZE APPROVED.
25.000
July 18-The First National Bank of East San Gabriel, Calif
Correspondent: C. C. Threlkeld, San Gabriel, Calif.
50,000
July 18-The Peoples National Bank of State College. Pa
Correspondent: Dr. J. V. Foster, State College, Pa.
APPLICATIONS TO CONVERT RECEIVED.
25,000
July 20-The Citizens National Bank of Decherd, Tenn
Conversion of The Citizens Bank & Trust Co. of Decherd.
Correspondent: T. K. Williams, Cashier Citizens Bank
& Trkst Co.. Decherd, Tenn.
50,000
July 20-The Magruder National Bank of Port Clinton, Ohio
Conversion of Magruder Commercial & Savings Bank
of Port Clinton, Ohio.
Correspondents: Graves, Stahl, Duff & Alexander.
Port Clinton. Ohio.
APPLICATION TO CONVERT APPROVED.
25,000
July 22-The First National Bank of Cheyenne, Okla
Conversion of The Cheyenne State Bank, Cheyenne,
Okla.
Correspondent: Cheyenne State Bank, Cheyenne, Okla.
CHARTERS ISSUED.
25,000
July 20-12238-The First National Bank of Lamar, Ark
The Bank of Lamar, Lamar, Ark.
of
Conversion
President, J. W. Hawkins; Cashier, Ike Hawkins.
25,000
July 22-12239-First National Bank in Kiefer, Okla
President, F. Baskett; Cashier. W. C. Lauer.
CHANGES OF TITLE.
July 17-2160-Tho National Exchange Bank of Steubenville, Ohio, to
"The National Exchange Bank & Trust Co. of Steubenville."
July 17-3052-The Phoenix & Third National Bank of Lexington, Ky., to
"Phoenix National Bank & Trust Co. of Lexington."
[voL. 115.
THE CHRONICLE
516
VOLUNTARY LIQUIDATIONS.
p
Caital.
$175,000
July 18-3892-The First National Bank of Redlands, Calif__
Effective close of business June 30 1922. Liquidating agents: M. J. Sweeney and Austin T. Park,
Redlands. Calif.
Absorbed by Los Angeles Trust & Savings Bank,
Los Angeles, Calif.
300,000
July 18-7063-The First National Bank of Visalia, Calif_ _
Effective close of business June 30 1922. Liquidating agent: Joseph R. Barboni, Visalia, Calif.
Absorbed by Los Angeles Trust & Savings Bank,
Los Angeles, Calif.
July 18-7543*-The First National Bank of Hollywood, Los
25,000
Angeles. Calif
Effective close of business June 30 1922. Liquidating agent: Wm. T. Hopper, Los Angeles, Calif.
Absorbed by Los Angeles Trust & Savings Bank,
Los Angeles, Calif.
July 18-7658-The Farmers & Merchants National Bank of
100,000
Hanford, Calif
Effective close of business June 30 1922. Liquidating agent: Judd Smith, Hanford, Calif.
Absorbed by the Los Angeles Trust & Savings Bank,
Los Angeles, Calif.
100,000
July 18-8870-The City National Bank in Long Beach, Calif_
Effective close of business June 30 1922. Liquidating agent: B. F. Tucker. Long Beach, Calif.
Absorbed by Los Angeles Trust & Savings Bank,
Los Angeles, Calif.
100,000
July 18-9710-The Lindsay National Bank, Lindsay, Calif
Effective close of business June 30 1922. Liquidating agents: Charles K. Towt and Chester Dowell,
Lindsay, Calif.
Absorbed by Los Angeles Trust & Savings Bank.
Los Angeles. Calif.
Calif
100,000
July 18-10201-The National Bank of Tulare, Tulare,
Effective close of business June 30 1922. Liquidating agents: L. L. Abercrombie and Geo. F.
Gill, Tulare, Calif.
Absorbed by Los Angeles Trust & Savings Bank,
Los Angeles, Calif.
July 19-4283-The Silver Bow Bational Bank of Butte City,
200,000
•
Mont
Effective June 19 1922. Liquidating agents: James
T. Finlen and J. J. Burke, Butte, Mont.
Absorbed by the Metals Bank & Trust Co. of
Butte, Mont.
CONSOLIDATION.
July 22- 1250-The Mechanics & Metals National Bank of
$10,000,000
the City of New York, N Y
and -12224-The Lincoln National Bank of New York,
2,000.000
N. Y
Consolidated under the Act of Nov. 7 1918, and
under the charter and corporate title of "The
Mechanics & Metals National Bank of the City
of New York"(No. 1250), with capital stock of.. 10,000,000
of
* Assets of liquidating bank to be then sold to First National Bank
Los Angeles, Calif.
DIVIDENDS.
Dividends are grouped in two separate tables. In the
first we bring together all the dividends announced the current week. Then we follow with a second table, in which
we show the dividends previously announced, but which
have not yet been paid.
The dividends announced this week are:
Name of Company.
Railroads (Steam).
Buffalo Rochester & Pittsburgh, corn_ _
Preferred
Cleveland dr Pittsburgh, guar. (quar.) _
Special guaranteed (quar.)
Cripple Creek Central, pref. (quar.)_ _ _
Delaware dr Hudson Co. (quar.)
Illinois Central, common (guar.)
Preferred (No. 1)
North Pennsylvania (quar.)
P1ttsb. Cinc. Chicago & St. Louis
Street and Electric Railways.
Philadelphia Traction
When
Per
Cent. Payable._
Books Closed.
Days Inclusive.
Aug. 15 Aug. 6 to Aug. 15
2
Aug. 15 Aug. 6 to Aug. 15
3
.874c Sept. 1 *Holders of rec. Aug. 10
550c. Sept. 1 *Holders of rec. Aug. 10
Sept. 1 *Holders of rec. Aug. 15
*1
*2X Sept.20 *Holders of rec. Aug. 28
*1% Sept. 1 *Holders of rec. Aug. 4
*$1.10 Sept. 1 *Holders of rec. Aug. 4
Aug. 25 Aug. 10 to Aug. 20
2
4,6
Aug. 15 *Holders of rec. Aug. 7
*32
Oct. 2 *Holders of rec. Sept. 9
Miscellaneous.
Aug. 7 Holders of rec. July 26
$1
Ahme,ek M Wing
American Art Works, corn. dr pref.(qu.) 1% Oct. 15
_
_
2 *Holders of rec. Sept. 12
(quar.)
*75c.
Oct.
pref.
Note,
Bank
American
*75c. Sept. 1 *Holders of rec. Aug. 19
American Metal,common
*$1.75 Sept. 1 *Holders of rec. Aug. 21
Preferred (quar.)
Sept. 1 Holders of rec. Aug. 10
Amer. Tobacco, com. & corn. B (quar.).. 3
Aug. 10 Aug. 1 to Aug. 10
3
Amparo Mining (quar.)
Aug. 1 Holders of rec. July 24a
6
Bates Manufacturing
*50c. July 31 *Holders of rec. July 27
Beacon 011, common
*8 1.874 Aug. 15 *Holders of rec. Aug. 1
Preferred
.04c. Aug. 10 *Holders of rec. Aug. 1
Beech Nut Packing, corn
Sept. 15a
Bethlehem Steel, corn. & corn. B (quar.) .1.1X Oct. 2 *Holders of rec.
131 Oct. 2 Holders of rec. Sept. 15
Preferred (quar.)
Sept. 15
rec.
of
Holders
2
Oct.
(quar.)
2
preferred
cent
Eight per
Aug. 15 Holders of rec. Aug. 8a
Bond de Mortgage Guarantee (quar.)_ _ _ 4
Sept. 1 Holders of rec. Aug. 18
2
Brooklyn Edison (quar.)
Aug. 15 Holders of rec. Aug. 5
2
Butler Mills (quar.)
Aug. 2 Holders of rec. July 31
2
Casein Co. of Amer., pref.(quar.)
Aug. 1 *Holders of rec. July 26
*2
Transit
Buffalo
dr
Cleveland
Aug. 25 *Holders of rec. Aug. 10
*2
Colorado Fuel dr Iron, pref. (quar.)
*5
July 31 *Holders of rec. July 26
Commercial Safe Deposit
Sept. 15 *Holders of rec. Aug. 10
Consolidated Gas of New York (quar.)_ _ *2
Aug. 10 Holders of rec. July 27
3
Continental Mills
rec. Aug. 8
Continental Pap.& Bag Mills,com (qu.) 14 Aug. 15 Holders of
15 Holders of rec. Aug. 8
Aug.
1%
Preferred (quar.)
1% Sept: 1 Holders of rec. Aug. 12
Crow's Nest Pass Coal(quar)
*75c. Sept. 1 *Holders of rec. Aug. 15
Deere & Co., preferred (quar.)
26
Holders of rec.
Diamond Ice & Coal, preferred (quar.).... 131 Aug. 1 Holders of rec. July
July 24a
Aug. 1
3
Edwards Manufacturing
of
1
Holders
rec.
Sept.
11
Sept.
(quar.)
134
pref.
Elk Horn Coal Corp.,
rec. July 26a
y, Aug. 1 Holders of
Emerson Shoe, preferred (quar.)
Holders of rec. July 24
1
Aug.
(quar.)
131
preferred
Mills,
Esmond
Aug. 1 Holders of rec. July 25
$6
Franklin Company
*194 Oct. 2 *Holders of rec. Sept.22
Goodrich (B. F.) Co., pref. (quar.)
Aug. 15 *Holders of rec. Aug. 8
*2
(quar.)
Dock
dr
Dredge
Great Lakes
*14 Oct. 2 *Holders of rec. Sept. 15
Great Western Sugar, pref. (qmar.)
Aug. 1 Holders of rec. July 26
1
Greelock Company (quar.)
14 Aug. 1 Holders of rec. July 28a
Harmony Mills, pref. (guar.)
Aug. 12 Holders of rec. July 28
1
Hollinger Consol. Gold Mines (quar.). _ _
Aug. 15 Holders of rec. Aug. 5
2
Hoosac Cotton Mills, pref. (quar.)
Aug. 1 July 22 to Aug. 1
3
Houston Oil of Texas, preferred
825c. Sept. 1 *Holders of rec. Aug. 10
Inland Steel (quar.)
1 *Holders of rec. Aug. 10
Sept.
(quar.)
pref.
Harvester,
Internat.
14 Aug. 1 Holders of rec. July 20
Ipswich Mills, preferred (quar.)
Holders of rec. Aug. la
15
Aug.
(quar.)
2
pref.
Corp.,
Products
Iron
234 Aug. 15 Holders of rec. Aug. 8
Jefferson dr Clearfield Coal & Iron, pref_
234 Sept. 1 Holders of rec. Aug. 26
Lancaster Mills, common (guar.)
14 Aug. 1 Holders of rec. July 26
Preferred (quar.)
850c. Sept. 1 *Holders of rec. Aug. 15
Lee Rubber dr Tire Corp.(quar.)
*3
Sept. 1 *Holders of rec. Aug. 15
Liggett & Myers Tob com.&com.B(qu.)
Aug. 15 Holders of rec. July 31a
MacArthur Conc.Pile & Found. pf.(qu.) 2
*3
Aug. 15 *Holders of rec. Aug. 10
Madison Safe Deposit
*1
15 *Holders of rec. Aug. 10
Aug.
Extra
134 Aug. 1 Holders of rec. July 25a
Manomet Mills (quar.)
JULY 29 1922.]
THE CHRONICLE
Per When
Cent. Payable.
Name of Company.
Books Closed.
Days Inclusive.
Name of Company.
Miscellaneous (Concluded)
Massachusetts Cotton Mills
3
Aug. 10 Holders of rec. July 25
McIntyre-Porcupine Mines, Ltd
25c. Sept. 1 Holders of rec. Aug. 1
Mechanics Mills (quar.)
Aug. 1 Holders of rec. July 24a
2
Monarch Knitting, Preferred (quar.)_ _ _ _
14 Aug. I Holders of rec. July 21
Nashawena Mills(quar.)
Aug. 1 Holders of rec. July 25a
2
National Lead, common (quar.)
*14 Sept.30 *Holders of rec. Sept. 15
Preferred (guar.)
*14 Sept. 15 *Holders of rec. Aug. 25
Nonquitt Spinning (guar.)
14 Aug. 1 Holders of rec. July 25a
North American Co., corn. (quar.)
*1.25 Oct. 2 *Holders of rec. Sept. 5
Preferred (quar.)
*75c. Oct. 2 *Holders of rec. Sept. 5
Osceloa Consolidated Mining
$1
Aug. 7 Holders of rec. July 26
Pacific Mills (guar.)
3
Aug. 1 Holders of rec. July 26
Pennsylvania Coal & Coke (quar.)
Aug. 10 *Holders of rec. Aug. 7
*2
Pepperell Manufacturing
*4
Aug. 1 *Holders of rec. July 24
Philadelphia Insulated Wire
$1.50 Aug. 3 Holders of rec. July 31a
Pocasset Manufacturing(guar.)
14 Aug. 1 Holders of rec. July 26a
Pressed Steel Car, preferred (criar.)
14 Aug. 29 Holders of rec. Aug. 8
Quissett Mill, common (quar.)
Aug. 15 Holders of rec. Aug. 5
2
Rockland & Rockport Lime Corp., 1st pf. 34 Aug. 1 Holders of rec. July 22
Sagamore Mfg. (quar.)
Aug. 3 Holders of rec. July 26a
5
Shell Union Oil Corp., pf. ser. A (quar.) _
14 Aug. 15 Holders of rec. July 29
Standard Milling, common (quar.)
Aug. 31 Holders of rec. Aug. 21a
2
Preferred (quar.)
14 Aug. 31 Holders of rec. Aug. 21a
Standard Sanitary Mfg., corn.(quar.)__ _
Aug. 15 Holders of rec. Aug • 3
2
Common (extra)
Aug. 15 Holders of rec. Aug 3
2
Preferred (quar.)
14 Aug. 15 Holders of rec. Aug. 3
Thompson-Starrett Co.. preferred
Oct. 2 Holders of rec. Sept.20
4
Trenton Potteries, non-cum. pref. (qu.)_
July 25 Holders of rec. July 20a
1
Troy Cotton & Woolen Mfg.(quar.) _ _ _ _ *2
Aug. 1 *Holders of rec. July 25
United Cigar Stores, common
Sept. 1 Holders of rec. Aug. 15a
2
U.S. Steel Corporation, corn.(quar.) _ _ _
Aug. 30
14 Sept.29
Preferred (quar.)
Aug. 1
1% Aug. 30
Van Raaite Co., Inc., lot pref. (quar.)- - *14 Sept. 1 *Holders of rec. Aug. 18
Wampanoag Cotton Mills (quar.)
2
Aug. 1 July 20 to July 31
West Boylston Manufacturing, pref__ _ _
Aug. I Holders of rec. July 25
2
Weetamoe Mills (quar.)
14 Aug. 1 Holders of rec. July 26a
White(J.G.)Engineering Corp., pf. (qtr.) 14 Sept. 1 Holders of rec. Aug. 15
White (J. G.) & Co., Inc., pref. (quar.) _
14 Sept. 1 Holders of rec. Aug. 15
White(J. G.) M'g'nt Corp., pref.(quar.) 14 Sept. 1 Holders of rec. Aug. 15
Will & Baumer Candle, corn. (quar.)_ _ _ *250. Aug. 15 *Holders of rec. Aug. 1
Wisconsin River Power, pref. (quar.)-- 14 Aug. 19 Holders of rec. July 31
Wright Aeronautical Corporation
25c. Aug. 31 Holders of rec. Aug. 15
Below we give the dividends announced in previous weeks
and not yet paid. This list does not include dividends
announced this week.
Per
When
Cent. Payable.
Name of Company.
Railroads (Steam).
Alabama Great Southern, preferred__-Atch. Top. dr Santa Fe, corn. (quar.)_
Preferred
Baltimore & Ohio, preferred
Buffalo & Susquehanna, corn. (quar.)_
Canada Southern
Central RR. of New Jersey (quar.)
Chic.St. Paul Minn.Sr Omaha,com_ _
Preferred
Connecticut & Passumpsic Rivers
Cuba RR., preferred
Preferred
Great Northern, preferred
Hunt.& Broad Top Mt. RR.& Coal, pf _
Louisiana & North West (No. 1)
Louisville & Nashville
Mahoning Coal RR., common
Michigan Central
Mine Hill & Schuylkill Haven
Nashville Chattanooga & St. Louis
New York Central RR
New York Chicago & St. Louis,
First preferred (quay.)
First preferred (quar.)
Second preferred (guar.)
Second preferred (quar.)
Norfolk & Western,common (quar.)_ _ _ _
Adjustment preferred (quar.)
Northern Pacific (guar.)
Pennsylvania (guar.)
Pere Marquette, preferred (quar.)
Preferred (acc't accurn. dividends) _ _ _
Prior preference (quar.)
Peoria & Bureau Valley
Pittsburgh & Lake Erie
Pittsb. dr West Virginia, pref. (quar.)
Preferred (guar.)
Reading Company,common (guar.)- --First preferred (quar.)
Street and Electric Railways.
Bangor Ry.& Electric,corn.(quar.) _ _ _ _
Brazilian Trac., Light & Pow., ordinary _
Carolina Power dr Light, corn. (quar.)..
Connecticut Ry.& Ltg., corn. & pl.(qu.)
Duquesne Light, pref. (quar.)
Eastern Mass. St. Ry., lot pref. Series A
Sinking tund stock
Milwaukee Elec. Ry.& Lt., pref.(qu.) _ _
Montreal Lt., Ht. dr Pow. Cons. (qu.)__
Montreal Tramways (quar.)
Philadelphia Co., corn. (quar.)
Preferred
Philadelphia Rapid Transit (quar.)
Public Service Investment, corn. (guar.)
Preferred (quar.)
Railway & Light Securities, corn. & pref_
Tampa Electric Co. (quar.)
West Penn Power Co., pref. (quar.)_
West Penn Rys., pref. (quar.)
West Penn Trac. & W. P., pref. (quar.).
Preferred (account accum. dividends)
York (Pa.) Rys. pref. (quay.)
Banks.
Continental
Corn Exchange (quar.)
Pacific (quay.)
Extra
Trust Companies.
Farmers' Loan & Trust (guar.) _
_-
34
14
24
2
14
14
2
21i
3H
3
3
3
34
1
*14
34
$5
4
$1.50
34
14
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. la
Holders of rec. Aug. la
Holders of rec. July in
Holders of rec. July 20a
Holders of rec. July 20a
Holders of roc June 30a
July 16 to July 31
Holders of rec. July
Holders of rec. July
Holders of rec. June
July 15 to July
Holders of rec. July
Holders of rec. June
17a
153
30a
31
22a
303
1)( Sept.30 Holders of rec. Sept. 19a
q Dec. 30 Holders of rec. Dec. 19a
14 Sept.30 Holders of rec. Sept. 19a
lq Dec. 30 Holders of rec. Dec. 19a
14 Sept. 19 Holders of rec. Aug. 31a
1
Aug. 19 Holders of rec. July 31a
1q Aug. 1 Holders of rec. June 30a
50c Aug. 31 Holders of rec. Aug. la
1)( Aug. 1 Holders of rec. July 15a
hl
Aug. 1 Holders of rec. July 15a
14 Aug. 1 Holders of rec. July 15a
*4
Aug. 10 *Holders of roc. July 24
*2.50 Aug. 1 Holders of rec. July 153
14 Aug. 31 Holders of rec. Aug. la
14 Nov.29 Holders of rec. Nov. la
$I
Aug. 10 Holders of rec. July 183
50c Sept. 14 Holders of rec. Aug. 29a
Aug. I
1
Sept. 1
4 Aug. 1
14 Aug. 15
14 Aug. 1
3
Aug. 1
3
Aug. 1
14 July 31
14 Aug. 15
24 Aug. 1
75c. July 31
$1.25 Sept. 1
$1.501 July 31
$1
Aug. 1
14 Aug. 1
3
Aug. 1
24 Aug. 15
14 Aug. 1
14 Sept. 15
14 Aug. 15
104r Aug. 15
624c July 31
1
1
1
I
Holders of rec. July 15
Holders of rec. July 31
Holders of rec. July 15
Aug. 1 to
Aug. 15
Holders of rec. July 1
Holders of rec. July 25
Holders of roc. July 25
Holders of rec. July 20a
Holders of rec. July 31
Holders of rec. July 21
Holders of rec. July la
Holders of rec. Aug. 10a
Holders of rec. July I5a
Holders of rec. July 15
Holders of rec. July 15
Holders of rec. July 15
Holders of rec. Aug. la
Holders of rec. July 15
Holders of rec. Sept. I
Holders of rec. Aug. 1
Holders of rec. Aug. 1
Holders of rec. July 21a
Holders of rec. July
Holders of rec. July
July 25 to July
July 25 to July
28
31a
31
31
34
5
2
2
Aug.
Aug.
Aug.
Aug.
5
Aug. 1 Holders of rec. July 20a
Miscellaneous.
Acme rea, lot & 25 pref. (guar.)
14
Allied Chem.& Dye Corp., corn.(quar.) $1
Allis-Chalmers Mfg.,corn.(guar.)
1
American Bank Note, common (quar.)- - $.1
American Cigar, common (guar.)
1
American Coal (quar.)
Si
Amer. Dist. Teleg. of N. J. (guar.)
14
American Gas & Elec., pref. (quar.)_ _ _ _
14
American Glue, preferred (guar )
2
Amer. La France Fire Eng., corn.(guar.) 24
American Light & Traci., corn. (quar.)_ _
1
Common (payable in common stock). 1
Preferred (quay.)
14
American Linen (guar.)
1
Aug. 17
Sept. 1
Aug. 1
Scot. 1
Sept.30
Aug. 1
Aug. 15
Aug. 21
Aug. 21
Aug. 1
Aug. 15
Feb15'23
Aug. 1
Aug. 1
Oct. 1
Aug. 10
Aug. 1
July 29
Aug. 1
Aug. 1
Aug. 1
Books Closed.
Days Inclusive.
Sept. 1
Aug. 1
Aug. 15
Aug. 15
Aug. 1
Aug. 1
July 29
Aug. 1
Aug. 1
Aug. 15
Aug. 1
Aug. 1
Aug. 1
Aug. 1
Holders of rec. Aug. 12a
Holders of rec. July 17
Holders of rec. July 24a
Holders of rec. July 26a
Holders of rec. July 15a
Aug. 1
July 13 to
Holders of rec. July 15a
Holders of rec. July 12
Holders of rec. July 15a
Holders of rec. Aug. la
July 15 to July 27
July 15 to July 27
July 15 to July 27
Holders of rec. July 15a
517
Per
When
Cent. Payable.
Books Closed.
Days Inclusive.
Miscellaneous. (Continued).
American Mfg., pref. (quar.)
14 Oct. 1 Sept. 17 to Oct. 1
Preferred (guar.)
14 Dec. 31 Dec. 17 to Dec. 30
American Radiator,common (quay.) _ _ _ _ $1
Sept.30 Holders of rec. Sept. 15a
Preferred (quar.)
Aug. 15 Holders of rec. Aug. la
American Shipbuilding, common (quar.) 2
Aug. 1 Holders of rec. July 15a
Common (quar.)
Nov. 1 Holders of rec. Oct. 15
2
Common (quay.)
2F eb. 1'23 Holders of rec. Jan.15'23
Common (quay.)
2 M ay 1'23 Holders of rec. Apr.14'23
Common (guar.)
2A ug. 1'23 Holders of rec. July 14'23
Preferred (guar.)
14 Aug. 1 Holders of rec. June 30a
American Soda Fountain (quar.)
Aug. 15 Holders of rec. Aug. la
Amer. Sugar Refg,., pref. (quar.)
Oct. 2 Holders of rec. Sept. la
American Telegraph & Cable (quay.)....
14 Sept. 1 Holders of rec. Aug. 31a
Amer. Water-Works & Elec., pref. (cm) 18% Aug. 15 Holders of rec. Aug. la
Amoskeag Mfg., corn. (quay.)
$1.50 Aug. 2 Holders of rec. July 7a
Preferred
$2.25 Aug. 2 Holders of rec. July 7a
Appalachian Power, 1st pref. (guar.) _ _ _
14 Aug. 1 Holders of rec. July 15
Art Metal Construction (quar.)
25c. July 31 Holders of rec. July 140
Associated Dry Goods, corn. (quar.)_ _
Aug. 1 Holders of rec. July is
$1
First preferred (guar.)
Sept. 1 Holders of rec. Aug. 12
Second preferred (quar.)
14 Sept. 1 Holders of rec. Aug. 12
Atlantic Refining, preferred (guar.)- - - 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.) _ _ _ _
Aug. 1 Holders of rec. July 150
Bang Service Stations, Inc.. pf. (qu.) 2
Aug. 1 Holders of rec. July 15
Barnard Mfg. (quar.)
Aug. 1 Holders of rec. July ha
2
Barnhart Brothers & Spindler—
First and second preferred (quar.)_ _ _ _
1% Aug. 1 Holders of rec. July 26a
Batchelder dr Snyder Co., pref. (quay.). 2
Aug. 1 Holders of rec. July 15
Belding-Corticelli, Ltd., pref. (quay.) _ _ _
Sept. 15 *Holders of rec. Sept. 1
Bigelow-Hartf. Carp. Corp., corn. (qu.)_ $1.50 Aug. 1 Holders of rec. July 21a
Preferred (quay.)
Aug. 1 Holders of rec. July 21a
Borden Co.. common
4
Aug. 15 Holders of rec. Aug.
•134 Sept. 15 *Holders of rec. Sept. la
Preferred (quar.)
1
Boston Consolidated Gas, preferred_ _ _ _ 11-12 Aug. 1 Holders of rec. July 15
Bourne Mills (guar.)
Aug. 1 Holders of rec. July 19a
Brandram-Henderson, Ltd.. common_ _
11 Dec. 1 Holders of rec. Nov. la
Brill (J. G.) Co., pref. (guar.)
Aug. 1 July 23 to
July 31
British Empire Steel, pref. B (guar.) - - 1% Aug. 1 Holders of rec. July 15
Brown Shoe, preferred (guar.)
Aug. 1 Holders of rec. July 200
Buckeye Pipe Line (quar.)
Sept. 15 Holders of rec. Aug. 21
$2
Burns Bros., com., Class A (quar.)
Aug. 15 "Holders of rec. Aug. 1
'32
Common, Class A (extra)
"50c. Aug. 16 *Holders of rec. Aug. 1
Common,Class B (quar.)
'50c. Aug. 15 *Holders of rec. Aug. 1
Prior pref. (quay.)
Aug. I Holders of rec. July 21ia
Burroughs Adding Machine (in stock)
e25 Aug. 15 Holders of rec. July 31
Butler Bros.(quay.)
Aug. 15
38% Aug. 15 July 30 to
California Packing Corporation (quay.).. 18% Sept. 15 Holders of rec. Aug. 31a
California Wine Assn.. common
Aug. 21 Holders of rec. Aug. 15
5
*5
Calumet & Hecla Mining (quay.)
Aug. 3 *Holders of rec. July 22
Canada Cement, pref. (guar.)
Aug. 16 Holders of rec. July 31
Canadian Converters', common (quar.). 1
Aug. 15 Holders of rec. July 31
Canadian Explosives, common (quar.)_ _
14 July 30 Holders of rec. June 303
Cartier, Inc., pref. (guar.)
July 31 Holders of rec. July 15a
Casey-Hedges Co., common (quar.)_ _
Aug. 15 Holders of rec. Aug. la
Cedar Rapids Mfg. dr Power (quar.)_ _ _ _
Aug. 15 Holders of rec. July 31
Central Ariz. Lt. & Pow., corn. (quar.)_ _
Aug. 15 Holders of rec. July 31a
2
Preferred (quar.)
2
Aug. 15 Holders of rec. July 31a
Charlton Mills (guar.)
Aug. 1 July 11 to
2
July 31
Chicago Yellow Cab Co., Inc.(mthly.) _ _ 33 1-3c Aug. 1 Holders of rec. July 20
Chic. Wilm. & Franklin Coal, pref. (qu.) 1 4 Aug. 1 Holders of rec. July 18a
Christy (H. C.) Co. (guar.)
Aug. I Holders of rec. July 25a
Cities Service—
Common (monthly payable in scrip) _ _
Aug. 1 *Holders of rec. July 15
Commcn (payable in com. stock scrip) *Di
Aug. 1 *Holders of rec. July 15
Prof. & pref.B(mthly.pa y'ble in scrip) *94 Aug. 1 *Holders of rec. July 15
4.3.4 Sept. 1 'Holders of rec. Aug. 15
Common (monthly, payable in cash)_ _
Common (pay. in corn, stock scrip)- - Sept. 1 'holders of rec. Aug. 15
Pref. & pf. B (mthly., pay. in scrip) _ _
Sept. I *Holders of rec. Aug. 15
Clinchfield Coal Corp., pref. (quar.)_ _ _
Aug. 1 Holders of rec. July 203
Columbia Gas & Electric (quar.)
Aug. 15 Holders of rec. July 31a
Columbia Petroleum (monthly)
Aug. 1 *Holders of rec. July 20
Commonwealth-Edison (quar.)
Aug. 1 Holders of rec. July 153
Consolidated Utilities, pref. (quar.)_.
_
Aug. 1 Holders of rec. July 204
Consolidation Coal (quar.)
July 31 Holders of rec. July 150
Cosden & Co., common (quar.)
Aug. 1 Holders of roe. July 30
Cuba Company, preferred
Aug. 1 'Holders of rec. June 30
Dallas Power & Light, pref. (quar.)__ _ _
1% Aug. 1 Holders of rec. July 20
Davis Mills (quar.)
*1H Sept.23 'Holders of rec. Sept. 9
Diamond Match (quay.)
Sept. 15 Holders of rec. Aug. 313
2
Dominion Bridge (quay.)
Aug. 15 Holders of rec. July 31
1
Dominion Coal, Ltd., preferred (quar.)_
1% Aug. 1 Holders of rec. July 12
Dominion Steel Corp., pref. (quar.)_..
Aug. 1 July 16 to Aug. 1
Dow Chemical, common (quay.)
38% Aug. 15 Holders of rec. Aug. 53
Preferred (quay.)
1% Aug. 15 Holders of rec. Aug. 53
Durham Hosiery Mills, pref. (guar.) _ _ _ _
Aug. 1
1% Aug. I July 29 to
Edison Elec. III. of Boston (guar.)
Aug. 1 Holders of rec. July 15a
3
Edison Elec. Ill. of Brockton (guar.) _ _
28% Aug. 1 Holders of rec. July 17
Eisenlohr (Otto) & Bros.,Inc..com.(qu.) 1% Aug. 15 Holders of rec. Aug. I
Electric Bond & Share pref. (guar.) Aug. 1 Holders of rec. July 17a
1
Electrical Securities, pref. (quar.)
1% Aug. 1 Holders of rec. July 210
Elgin National Watch (quar.)
Aug. 1 Holders of rec. July 204
2
Eureka Pipe Line (quar.)
Aug. 1 Holders of rec. July 17
2
Exchange Buffet Corp. (quay.)
July 31 Holders of rec. July 203
50e.
Fajardo Sugar (guar.)
Aug. 1 *Holders of rec. July 20
•1
Fall River Gas Works (quar.)
3 Aug. 1 Holders of rec. July 15a
Famous Players-Lasky Corp., pf. (qu.). 2
Aug. 1 Holders of rec. July 150
Federal Sugar Refg., corn. (quay.)
PA Aug. I Holders of rec. July 213
Preferred (guar.)
Aug. 1 Holders of rec. July 21a
Firestone Tire & Rubber 7% pref.
Aug. 15 Holders of rec. Aug. 1
iqu.)
Fisher Body Corporation, corn.(quay.)..
Aug. 1 Holders of rec. July 21a
Preferred (guar.)
Aug. 1 Holders of rec. July 21a
Fort Worth Power & Light, pref. (quay.)
Aug. 1 Holders of rec. July 15
Franklin (H. H.) Mfg.. pref. (quar.)
Aug. 1 July 21 to July 31
Gail'(Robert) Co., 1st pref. (quar.)
18% Aug. 1 July 22 to July 31
General Cigar, common (quar.)
Aug. 1 Holders of rec. July 223
Preferred (quay.)
Sept. 1 Holders of rec. Aug. 243
Debenture preferred (quay.)
Oct. 2 Holders of rec. Sept. 253
General Development (quay.)
Aug. 21 Holders of rec. Aug. 10a
25c.
General Motors Corp., pref. (quay.) _
Aug. 1 Holders of rec. July 30
-Six per cent debenture stock (quay.)...
14 Aug. 1 Holders of rec. July 3a
Seven per cent debenture stock (quay.) 14 Aug. 1 Holders of rec. July 3a
Gillette Safety Razor (quay.)
Sept. 1 Holders of rec. Aug. 1
$3
Stock dividend
Dec. 1 Holders of rec. Nov. 1
e5
Gossard (H. W.) Co., pref. (quay.)
Aug. 1 holders of rec. July 25
Halle Bros. Co., 1st pref.(quar.)
July 31 July 25 to July 31
Harris Brothers, preferred (quay.)
•”4 Aug. 1 *Holders of rec. July 11
Hart,Schaffner & Marx.Inc..com.
•1
Aug. 31 *Holders of rec. Aug. 18
Hodgman Rubber, pref.(quar.) (qtr.)
Aug. 1 Holders of rec. July 20
2
Hood Rubber, pref.(guar.)
Aug. 1
Aug. I July 21 to
18%
Hupp Motor Car, common (quay.)
Aug. I Holders of rec. July 15a
Idaho Power, preferred (quay.)
Aug. 1 Holders of rec. July 15
Illinois Northern Utilities, Prof. (quay.)
15
18% Aug. 1 Holders of rec. July 31
Ilium. & Power Scour., pref. (quar.) _
Aug. 15 Holders of rec. July
Imperial Tob. of Grt. Brit. & Ire., ord_
4,7yi Sept. 1
Indiana Pipe Line
Aug. 15 Holders of rec. July 18
$2
Industrial Salvage Co. (special)
10c. Aug. 10 Holders of rec. July 31
Ingersoll-Rand Co.,common (quar.)_ _
July 31 Holders of rec. July 7a
24
Internat. Combustion Engineering
50c. July 31 Holders of rec. July 22a
Internat. Mercantile Marine, pref (qu.) 3
Aug. 1 Holders of rec. July 14
International Nickel, Prof. (quay.)
Aug. 1 Holders of rec. July 20a
Intertype Corporation, corn. (quay.)
Aug. 15 *Holders of rec. Aug. 1
*1
Kaufmann Dept. Stores, corn. (quay.) _
Aug. 1 Holders of rec. July 20
Si
Kaministiquia Power (quay.)
Aug. 15 Holders of rec. July 313
2
Kellogg Switchboard & Supply (quar.) _
July 31 Holders of rec. July 24a
2
Kelly-Springfield Tire, pref. (quar.)_ _ _
Aug. 15 Holders of rec. Aug. la
2
Kelsey Wheel, preferred (guar.)
Aug. I Holders of rec. July 210
Kress (S. H.) Co., common (quay.)
Aug. 1 Holders of rec. July 20a
$1
Lehigh Coal & Navigation (quay.)
Aug. 31 Holders of rec. July 31a
2
Liggett's Internat., pref. (guar.)
Aug. I IIolders of rec. July 15a
$1
Lima Locomotive Works, pref
2 1-3 Sept. 1 Holders of rec. Aug. 16a
THE CHRONICLE
518
Name of Company.
Per
When
Cent. Payable.
Books Closed.
Days Inclusive.
Miscellaneous (Concluded)
*2
Aug. 1 *Holders of rec. July 18
Lincoln Manufacturing (quar.)
18% Aug. 1 Holders of rec. July 25a
Lindsay Light, pref. (quar.)
18% Aug. 1 Holders of rec. July 18a
Loose-Wiles Biscuit, 2d pref.(quar.)_ _ _ _
28% Aug. 1 Holders of rec. July 15
Lowell Elec. Light Corp. (guar.)
6
Aug. 1 Holders of rec. July 20a
Lyman Mills
*2
Aug. 5 *Holders of rec. Aug. 1
Marine Oil (quar.)
Sept. 30 Holders of rec. Aug. 31a
$I
Marland Oil(No. 1)
50c. Sept. I Holders of rec. Aug. 15a
Martin-Parry Corp. (guar.)
1% Aug. 1 Holders of rec. July 15
Massachusetts Oas Cos., corn. (quar.)_ _
25c. Aug. 21 Holders of rec. Aug. 1
Massachusetts Lighting Co., corn
Sept. 1 Holders of rec. Aug. 1.50
2
May Department Stores, corn. (quar.)_ _
Dec. 1 Holders of rec. Nov. 15a
2
Common (quar.)
18% Oct. 2 Holders of rec. Sept. 150
Preferred (quar.)
50c. Aug. 1.5 Holders of rec. Aug. la
Miami Copper (guar.)
Aug. 2 *Holders of rec. July 15
*$1
Midwest Refining (quar.)
25c. Aug. 1 Holders of rec. July 15
Moon Motor Car, corn. (qu.) (No. 1)
2
Aug. 15 Holders of rec. July 31
Montreal Light, Heat & Power (quar.)_ _
5
Aug. 1 July 16 to July 31
Morris Canal & Banking, pref
2
Aug. 1 July 16 to July 31
Consolidated stock
2
Aug. 1 Holders of rec. July 220
Mullins Body Corp., pref. (quar.)
*28% Sept. 15 *Holders of rec. Sept. I
Mutual 011 (guar.)
56
Aug. 1 Holders of rec. July 20a
Nash Motors, common
Preferred (quar.)
18% Aug. 1 Holders of rec. July 200
National Biscuit, corn. (guar.)
18% Oct. 14 Holders of rec. Sept. 30a
1% Aug. 31 Holders of rec. Aug. 17a
Preferred (quar.)
Nat. Enameling & Stpg., pref. (quar.)_ _
18% Sept. 30 Holders of rec. Sept. 9a
1% Dec. 30 Holders of rec. Dec. 9a
Preferred (guar.)
New Cornelia Copper (guar.)
25c. Aug. 21 Holders of rec. Aug. 4a
New Jersey Zinc ((mar.)
2
Aug. 10 Holders of rec. July 31a
July 31 *Holders of rec. July 24
New Niquero Sugar
*7
Northern States Power, corn. (quar.)-_ _
Aug. 1 Holders of rec. June 30
2
Pacific Gas & El., 1st pf. & orig. Pf.(qu.)
Aug. 15 Holders of rec. July 31a
Pacific Power & Light, pref. (quar.)_ _
1% Aug. 1 Holders of rec. July 20
Patchogue-Plymouth Mills, pref. (quar.) *2
Sept. I *Holders of rec. Aug. 18
75o Sept. 30 Holders of roe. Sept la
Peerless Truck & Motor (quar.)
Peerless Truck & Motor (quar.)
75e Dec. 31 Holders of rec. Dec. la
Penmans Co., Ltd„Tom. (quar.)
Aug. 15 Holders of rec. Aug. 5
2
Preferred (quar.)
18% Aug. 1 Holders of rec. July 21
Penn Traffic
10e. Aug. 1 Holders of rec. July 150
Phillips-Jones Corp., pref. (quar.)___ _
184 Aug. 1 Holders of rec. July 20a
Pick (Albert) & Co., common (quar.).. _ 40c. Aug. 1 July 22 to July 31
Pittsburgh Steel, pref. (guar.)
184 Sept. 1 Holders of rec. Aug. 153
Plant (Thos. G.) Co., 1st pref. (quar.) _ _
184 July 31 Holders of rec. July 18a
Portland Gas & Coke, pref. (quar.)
18% Aug. 1 Holders of rec. July 18
Postum Cereal, common (quar.)
$1.25 Aug. 1 Holders of rec. July 20a
Preferred (quar.)
Aug. 1 Holders of rec. July 200
2
Prairie Oil& Gas (quar.)
July 31 Holders of rec. June 30a
3
Extra
July 31 Holders of rec. June 303
2
Prairie Pipe Line (quar.)
July 31 Holders of rec. June 30a
3
Extra
July 31 Holders of rec. June 30a
2
Aug. 15
Procter & Gamble, common (quar.) _ _ _ _
5
Aug. 15 July 16 to
Aug. 15 July 16 to Aug. 15
Common (payable in corn. stock) _ _ _ _ /4
Producers & Refiners Corn., pref. (qu.) _
184 Aug. 7 Holders of rec. July 250
Pub. Serv. Co. of No. Ill., cons. (qu.) *1% Aug. 1 *Holders of rec. July 15
Aug. 15 Holders of rec. July 313
Pullman Co.(quar.)
2
Pure Oil, common (quar.)
50c. Sept. 1 Holders of rec. Aug. 15a
Aug. 31 Holders of rec. Aug. la
Quaker Oats pref. (quar.)
1
Reo Motor Car (stock dividend)
el00 Aug. 10 July 16 to
Aug. 10
2
Aug. 1 Holders of rec. July 20a
Boynton. Inc.(quar.)
Rosenbaum Co., common (special)
Aug. 1 *Holders of rec. July 2.5
*1
Royal Dutch Co
$2.065 Aug. 1 Holders of rec. July 19a
Russell Motor Car, corn
18% Aug. 1 Holders 0. rec. July 20
Preferred (guar.)
18% Aug. 1 Holders of rec. July 20
St. Lawrence Flour Mills, com.(quar.) _ _
18% Aug. 1 Holders of rec. July 20
Preferred (quar.)
184 Aug. 1 Holders of rec. July 20
Salt Creek Consol. Oil (quar.)
*24
1
Aug. 1 *Holders of rec. July 20
Salt Creek Producers Association (qu.)_ _ *30c. Aug. 1 *Holders of rec. July 15
Savannah Sugar Refg., pref. (quar.)__ _ _
1% Aug. 1 Holders of rec. July 15
Shove Mills (quar.)
1% Aug. 1 Holders of rec. July 22a
Sierra Pacific Elec., pref. (quar.)
1% Aug. 1 Holders of rec. July 15a
Simmons Company, pref. (quar.)
184 Aug. 1 Holders of rec. July 15
Sinclair Cons. Oil Corp., corn. (quar.)_ _ 50c. Aug. 15 Holders of rec. July 15a
Preferred ((ru tr.)
Aug. 31 Holders of rec. Aug. 15a
2
Southern States Oil Corp
1
Aug. 20 Holders of rec. Aug. 1
Standard Oil (Ohio), pi et. (quar.)
.1Y,, Sept. 1 *Holders of rec. July 28
Steel Co. of Canada, corn. & pref. (au.)
n, Aug. 1 Holders of rec. July 8
Sterling Products, Inc. (quar.)
75c. Aug. 1 Holders of rec. July 18a
Stern Brothers, preferred (guar.)
2
Sept. 1 Holders of rec. Aug. 15a
Stewart Mfg., corn. (quar.)
*75c. Aug. 15 *Holders of rec. July 31
Preferred (quar.)
*2
Aug. 1 *Holders of rec. July 25
Stewart-Warner Speedometer, corn.(qu.) 75c. Aug. 15 Holders of rec. July 31a
Stover Mug. & Engine, pref. (quar.) _ _ *1% Aug. 1 *Holders of rec. July 22
Superior Steel, 1st & 2d pref. (quar.) _
2
Aug. 15 Holders of rec. Aug. la
Swift International
90c. Aug. 15 Holders of rec. July 15a
18% Aug. 1 Holders of rec. July 17
Texas Power & Light. pref (quar.)_. _ _
Tobacco Products Corp., corn. (quar.). _ $1..50 Aug. 15 Holders of rec. July 3a
184 Aug. 1 *Holders of rec. July 20
Troxel Mfg.. preferred (quar.)
2(4 Oct. 1 Holders of rec. Sept. 2a
Underwood Typewriter, corn. (quar.)_ _ _
1% Oct. 1 Holders of rec. Sept. 2a
Preferred (guar.)
1% Sept. 1 Holders of rec. Aug. 5a
Union Tank Car, corn. & pref. (quar.)_ _
87%c Aug. 1 Holders of rec. July 15
United Drug, 1st pref. (quar.)
184 Oct. 1 Holders of rec. Sept. 15a
United Dyewood, pref. (quar.)
50c. Sept. 15 Holders of rce. Atig• 313
United Gas Im pt. pref. (guar.)
15c. Oct. 2 Holders of rec. Sept. la
United Profit Sharing (quar.)
250. Aug. 1 Holders of rec. July 5a
United Verde Extension Mining (quar.) _
1
July 29 Holders' of rec. July 22
United States Glass
*51
Sept.30 *Holders of rec. Sept. 1
U. S. Radiator, corn. (quar.)
18% Sent.30 *Holders of rec. Sept. 1
Preferred (quar.)
2
July 31 Holders of rec. July 15a
U.S. Rubber, 1st nref. (quar.)
50c. Aug. 1 Holders of rec. July 19
Ventura Cons. Oil Fields (quar.)
50c. Aug. 1 Holders of rec. July 19
Extra
500. Aug. 1 Holders of rec. July 22a
Wahl Co., common (monthly)
500. Sept. 1 Holders of rec. Aug. 23a
Common (monthly)
50c. Oct. 1 Holders of rec. Sept. 22a
Common (monthly)
184 Oct. 1 Holders of rec. Sept. 22a
Preferred (quar.)
Aug. I Holders of rec. July 24a
1
Wayposet Mfg., common (quar.)
184 Aug. 1 Holders of rec. July 24a
Preferred (quar.)
51
July 31 Holders of rec. June 30a
Westinghouse Air Brake (quar.)
July 31 Holders of rec. June 30a
Westinghouse Elec. & Mfg., corn. (qu.)_ Si
*10c. Aug. 1 *Holders of rec. July 15
Wilcox Oil& Gas(quar.)
*5c.
Aug. 1 *Holders of rec. July 15
Extra
2
Sept. I Holders of rec. Aug. 10a
Woolworth (F. W.) Co.. corn. (quar.)_ _
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)
Wurlitzer (Rudolph) Co.
75c. Aug. 25
Common (monthly)
75c. Sept. 25
Common (monthly)
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
lar 1'23 Holders of rec. Feb.19'23
(quar.)
preferred
Eight per cent
2
J'nel'23 Holders of rec. May 22'23
Eight per cent preferred (guar.)
111 Oct. 1 Holders of rec. Sept. 21
Seven per cent preferred (quar.)
1% Jan1'23 Holders of rec. Dec. 22
Seven per cent preferred (quar.)
1% Aprl'23 Holders of rec. Mar. 22
Seven per cent preferred (quar.)
50c.
Aug. 1 Holders of rec. July 20a
B
Class
Mfg.,
Yellow Cab
York
New
The
Stock Exchange has ruled that stock
t
sources.
•From unofficial
will not be quoted ex-dividend on this date and not until further notice. a Transfer
books not closed for this dividend. b Less British income tax. d Correction.
e Payable in stock. f Payable in common stock. 0 Payable in scrip. /1 On
account of accumulated dividends. 1 Payable in Liberty or Victory Loan bonds.
Payable in Canadian funds.
.1 Payable in New York funds. k
r One and one-quarter per cent of this in cash and the balance in 6% dividend
warrants in three installments of 3% each on Feb. 15 1923, Aug. 15 1923 and
Feb 15 1924
Made up of two quarterly dividends of 75 cents each.
[VOL. 115.
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 22. 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
1 Net
Reserve
Capital., Profits. Loans,
1Discount, Cash
with
Net
Time Bank
Week ending
De- Circuin
Legal Demand
July 22 1922 Nat'l, June30 InvestState, June30 ments, Vault. Deposi- Deposits. posits. lalion.
torieS.
&c.
(000 omitted.) Tr.Cos, June30
Members of Fe d. Res.
$
Bk of NY, NBA 2,000
Bk of Manhat'n 5,000
Mech & Met Nat 10,000
Bank of America 5,500
Nat'l City Bank 40,000
Chemical Nat.... 4,500
500
Nat Butch & Dr
Amer Exch Nat 5,000
Nat Bk of Comm 25,000
Pacific Bank_ _ _ 1,000
Chat& Phen Na 10,500
Hanover Nat'l_ 5,000
Corn Exchange_ 8,250
Imp & Trad Nat 1,500
Nat Park Bank.. 10,000
1.000
East River Nat_
First Nat Bank_ 10.000
Irving Nat Bank 12,500
Continental Bk_ 1,000
Chase Nat Bank 20.000
500
Fifth Ave Bank.
Commonwealth.
400
Garfield Nat Bk 1,000
Fifth Nat Bank. 1,200
Seaboard Nat_ _ 4.000
Coal & Iron Nat 1,500
Bankers Tr Co_ 20,000
115 Mtge & Tr_ 3,000
Guaranty Tr Co 25,000
Fidel-Intern Tr. 1,500
Columbia Tr Co 5,000
N Y Trust Co_ _ 10,000
Lincoln Nat Bk 2.000
Metropolitan Tr 2,000
Farm Loan & Tr 5,000
Columbia Bank. 2,000
Equitable Tr Co 12,000
Bank.
$
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
382
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
1,903
15,392
Average Average Avge.
s
s
$
29,159 2,556 1,925
105,887 16.038 ___ _
143,581 3,602
997
68,619 2,937
*533,805 41,816 1,813
104,212 16,060
348
5
3,870
293
86,309 9,775 4,968
279,370 30,185
599
22,805
129,933 21,740 5,669
____
101,4:39
100
154,787 20,151
29,565
658
50
133,059 4,569 5,462
50
10,878 1,865
189.514 53,904 7,366
184.934 8,542 2,521
35
5,933
313,348 24,662 1,096
20,479_8,253
397
71
14,410
249
769
14,049
69
70,876 1,700
415
707
12,285
*260,011 20,994 _47.237 7,176 -*436,763 27,191 - - - 715
18.262
72.572 7,402 -133,621 18,580 -- -261 _ _ _ _
20,630
30,853 3,125
*99,195 27,941 _ _ _26,873 1,442 -*235,306 26.419
Average Average Average
$
$
$
39,933
636 4,075
123,348 2,043 15,497
148,090 7,382 20,636
69,963 1,531 9,131
470,553 7,390 59,115
126,295 1,208 14,442
86
570
5,083
101,994 1,105 11,548
348,027 1,035 37,093
22,079
964 3,317
155,486 4,932 18,439
113,435
458 14,051
167,689 6,052 21,a73
455 3,981
36,798
161,398
823 17,378
12,244
377 1,548
293,5(19
428 26,254
100,033 4,035 24,612
919
138
6,858
335,500 6,112 43,144
20,092
592 2,666
8,168
407 1,203
15,112
451 1,949
18,596
268 1,850
74,450 1,076 9,356
14,266
599 1,633
283,637
843 33,048
55,618
667 6,417
383,759 1,214 45,184
19,216
442 2,400
80,141
754 9,645
530 18,128
158,923
402 2,894
20,749
495 4,169
36,173
524 13,749
134,159
534 3,577
26,505
203,658 1,462 23,413
Total of averages 274,350433,3954,479,537 58,453533,604 c3,914,536 41)4,192 33,793
Totals, actual co ndition July 224,430,052 57,064559,039 c3,874,177 403,86733,703
Totals, actual Co ndition July 15 4,514,414 58,273539,735 c3.969,154408,776 33,686
Totals, actual c ndition July 84,506,931 62,815560,253 c3,930,781 399,00434,021
State Banks Not Me mbers of Fed'l Res've Bank.
50
18,302
18,228 1,459 1,638
Greenwich Bank 1,000 2,027
2,615 2.199
3:38
377
5,443
250
884
Bowery Bank_ _
26,255 49,079
77,907 2,964 1,939
State Bank _ _ 2,500 4,281
Total of averages
3,730
7,193
101,583
4,761
47,172 51,328
4,004
Totals, actual co nditlon filly 22 100,880 4,854 4,091
Totals, actual co ndition July 15 101,961 4,918 4,517
Totals, actual co ndition July 8 102,319 5,183 3,920
Trust Compan ies Not Members of Fed 1 Res's,e flank.
52,116 1,354 4,142
Title Guar & Tr. 7,500 13,784
835 1,871
26,608
Lawyers T & Tr 4,000 6.440
46,625 51,323
48,275 51,337
47,977 51,395
__ _
36,291
17,660
1,093
820 --
Total of averages 11,500 20,221
78,724
2,139
6,013
53,951
1,913
Totals, actual co nditIon July 22
Totals, actual co ndition July 15
Totals, actual co ndition July 8
79,717
78,303
80,293
2,161
2,178
2,498
6,110
5,980
6,106
54,818
53,791
56,300
1,934
1,909
1,805
Gr'd aggr., avg 289,600460,8134,659,844 65,403543,621 4,015,659 157,43333,793
Comparison wit h prey. week _ _ -8,410-5,710-9,995 -23.953 -260 -316
Gr'd aggr., act'l cond'n July 224,610.649 64,079569.240 3,975,620457,12433,703
Comparison wi h prey. week _ _ -84,029-1,200 +19003 -95,600-4,898 +17
Gr'd
Gr'd
Gr'd
Gr'd
Geri
aggr., act'l cond'n
aggr., act' cond'n
aggr., act' cond'n
aggr., act' cond'n
aggr., act' cond'n
July 15 4,694,678
July 84,1389,543
July 14,737,893
June 244,842,923
June 17,4,803,745
65,369 550,232
70,496 570,279
62,404562,143
67,785 558,138
65,975636,850
4,071,220 462.02233,686
4,035,058452,204 34,021
4,133,524433,192 34,418
4,285,515332.281 34,628
4,373,545 319.928 34,687
Note.-U. S. deposits deducted from net demand deposits in the genera totals
above were as follows: Average for week July 22, 528.444,000; actual totals J ily 22,
$29,444,000; July 15, $28,465,000; July 8,531,607,000; July 1, 535,122,000; June 24,
$40,302,000. Bills payable, rediscounts, acceptances and other liabilities, average
for the week, July 22, $346,298.000; actual totals July 22, 5364,960,000; July 15,
$325,597,000; July 8, $384,231,000; July 1, 5336,508.000; June 24, $360,813,000.
* Includes deposits in foreign branches not included In total footing as follows:
National City Bank, $98,440,000; Bankers Trust Co., $11.752,000; Guaranty Trust
Co., $100,878,000; Farmers' Loan & Trust Co., $120,000; Equitable Trust Co.,
$26,986,000. Balances carried in banks in foreign countries as reserve for such
deposit were: National City Bank, $253,436,000; Bankers Trust Co., 7884,000;
Guaranty Trust Co., $24,208,000; Farmers' Loan & Trust Co., $120,000; Equitable
Trust Co., $1,734,000. c Deposits in foreign branches not included.
The reserve position of the different groups of institutions
on the basis of both the averages for tho 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.
Cash
Reserve
in Vault.
Members Federal
Reserve banks
State banks*
Trust cornpanies_
_
Total July 22
Total July 15_ _
Total July 8_ __ _
Total July
4,761,000
2,189,000
Reserve
In
Depositaries
Total
Reserve.
a
Reserve
Required.
Surplus
Reserve.
533,604,000 533,604,000 521,015,440 12,588,560
4,001,000 8,765,000 8,490,960
274,040
6,013,000 8,202,000 8,092,650
109,350
6,950.000 543.621,000 550,571,000 537,599,050
7,363,000 553,616,000 560,979.000 540,754,510
7,508,000 548,562,000 556,070,000 542,653,800
7,427,000 569,503,000 576,930,000 553,595,830
12,071,950
20,224,490
13,418,200
23,334,170
• 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 follows:
July 22,512,125,760; July 15, $12,132,480; July 8,511,862,420; July 1, $9,622,470.
JULY 29 1922.]
THE CHRONICLE
Actual Figures.
Members Federal
Reserve banks
State banks.
Trust companies___ _
Cash
Reserve
in Vault.
Reserve
in
Depositaries
4,854,000
2,161,000
$
$
559,039,000 559,039.000 515,759,020 43,279,980
4,091,000 8,945,000 8,392,500
552,500
6,110,000 8,271,000 8,222,700
48,300
Total
Reserve.
Reserve
Required.
Surplus
Reserve.
Total July 22 __
Total July 15.._ _ _
Total July 8____
Total July 1....
7,015,000 5(39,240,000 576,255,000 532,374.220 43,480,780
7,096,000 550,232,000 557,328.000 545.011,450 12,316,550
7,081.000 570,279,000 577,960,000 540,052,510 37,907,490
7,197.000 562.143,000 569,340,000 552,472.510 16,867,490
• Not members of Federal Reserve Bank.
b This is the reserve required on net demand deposits in the ease of State banks
and trust companies, but in the case of members of the Federal Reserve Bank includes also arnouat of reserve re-mired on net time deposits, which was as follows:
July 22, $12,116,010; July 15, $12,263,280; July 8, 611,970,120; July 1, $11,464,200
State Banks and Trust Companies Not in Clearing
House.-The State Banking Department reports weekly
figures showing the condition of State banks and trust companies in New York City not in, the Clearing House as follows:
519
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.
July 26.
1922.
Changes from
previous week.
July 19
1922.
July 12
1922.
Capital
59,520,009 59,520,000
59,520,000
Surplus and profits
84.665.000 84,656,000
84,665.000
Loans, disc'ts & investments_ 815,672,000 Dec. 1,340,000 817.012.090 821,255,000
Individual deposits, incl. U.S. 599,3111,000 Dec. 13,205.000(112,597.000 603,020,000
Due to banks
117,648,000 Dec. 5,635.000 123.283.000 125,228,000
Time deposits
104,607,000 Dec.
412,000 1(15.019.0(10 109.521,000
United States deposits
8,516,000 Dec.
40.000 8.556.000 9,430,000
Exchanges for Clearing House 18.917,000 Dec. 4,683,000 23.600,000 22,611,000
Due from other banks
63.870,000 Dec. 12,177,000 76.047.030 70.915.000
Reserve in Fed. Res. Bank._ 71,315,000 Dec. 1,305,000 72.617.000 72,410,000
Cash in bank and F. R. Bank
9,540,000 Inc.
18,000 9,522.0(10 10,133,000
Reserve excess in bank and
Federal Reserve Bank..._
4.061.000 Der. 1.051,000 5.112.00(1 4,978,000
Philadelphia Banks.-The Philadelphia Clearing House
return for the week ending July 22, with comparative figures
SUMMARY OF STATE BANKS AND TRUST COMPANIES IN GREATER
for the two weeks preceding, is given below. Reserve
NEW YORK, NOT INCLUDED IN CLEARING HOUSE STATEMENT.
requirements for members of the Federal Reserve System
(Figures Furnished by State Banking Department.)
Differences from are 10% on demand deposits and 3% on time deposits, all
July 22.
previous week.
to be kept with the Federal Reserve Bank. "Cash in
Loans and investments
$748,359,300 Dec. $4,952,400
vaults" is not a part of legal reserve. For trust companies
Gold
5,581.200 Dec.
4,700
Currency and bank note
17,878,600 Dec. 1,297,200 not members of the Federal Reserve System the reserve
Deposits with Federal Reserve Ban% of New York
63,461,800 Dec. 1,531,400 required
is 10% on demand deposits and includes "Reserve
Total deposits
789,965,300 Dec. 11,376,400
Deposits eliminating amounts due from reset ve dewith legal depositaries" and "Cash in vaults."
positaries and from other banks and trust companies In N. Y. City exchanges and U. S. deposits 746,520,600 Dec. 6,403,900
Reserve on deposits
117,667,800 Dec. 6,052,200
Week ending July 22 1922. I
Percentage of reserve, 19.5%•
July 15
July 8
RESERVE.
Two Ciphers (00) omitted. Members of
Trust
1922.
1922.
F.R.Systern Companies
State Banks
- -Trust Companies
Total.
Cash in vault
.311,460,300
7.07%
$11,999,500
2.71%
Deposits in banks and trust cos
Capital
$35.175.0 $4,500,0 $39,675,0 $39,675.0 839,675,0
22,110,300 13.65%
72,097.700 16.32%
Surplus and profits
96,113.0 14.053.0 110,226.0 110.226.0 110,228,0
Total
Loans. disels & investm'ts U7.049,0 38,450,0 665,539,0 663.090.0 658.511,0
$33,570,600 20.72%
$84,097,200 19.03%
Exchanges for Cle,ar.House 28,607,0
650.0 29,257,0 29.676.0 27,464,0
* Includes deposits with the Federal Reserve Bank of New York, which for the Due from banks
93,552,0
20,0 9:3,572.0 100.155,0 96,472,0
State banks and trust companies combined on July 22 were $63,461,800.
Bank deposits
119,405,0
338.0 119.743,0 120.740.0 117,009,0
Individual deposits
516,051,0 24,272,0 510,323,0 544,029.0 536.317,0
Time deposits
16,473.0
527,0
16.8(36.0
17,000.0
16,411,0
deposits
651,929,0 25,137,0 677,056,0 681.635.0 669.737,0
Banks and Trust Companies in New York City.-The Total
U.S deposits (not 1 ncl.) _
5,174.0
5,174,0
5,399.0
6.174.0
averages of the New York City Clearing House banks and Reeve with legal deposit's_
3,400,0
3.511,0
3,400.0,
4,177,0
Reserve with F. Pt. Bank
54,090,0
54.090,0 54.275.0 55,003,0
trust companies combined with those for the State banks Cash
In vaults
9,101,0
10.233.0
1,051,0 10,165,0
9,997,0
and trust comnanies in Greater New York City outside of Total reserve and bash held 63,194,0 4,461.0 67,655.0 68.01(1.0 69,177,0
Reserve required
53,700,0
3.617,0 57,317,0 57,622.0 56,753,0
the Clearing House are as follows:
Excess res.& cash In vault_
9,494,0
10.397.0
844,0 10.338,0
12,454,0
• Cash In vaults not cou tted as reserve for Fedlral Reserve members.
COMBINED RESULTS OF BANKS AND TRUST COMPANIES IN
GREATER NEW YORK.
Loans and
Inv,
strzenis.
Cococooc--cc000ccoc
oCC=0000000000000
MCOM=0,400000,0.1.01.
M
$
5,034,1(31,200
5,087,991,900
5.086.819.300
5,141.226.100
5,180,822,800
5,209,013.900
5,233,359.500
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
5,408,203,300
w00,===.00000000000000.00.
TVee,k endedApril 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
July 22
Demand
Deposits.
•Total Cash
in Vaults.
Reservd in
Depo.sitaries
$
91.467.800
91,810.600
94,189,300
91,853.200
92,431.500
91,100,100
132.818,400
91.723.900
91,161,400
91,486.700
93,253.000
91,486.700
90,155,600
88.730.000
92,436,900
95,874,700
88,862,800
589.734,700
608,504,800
612.177.500
(323,404.900
611.583,000
621,974.300
642,139.400
648,307.500
638.697.6(10
646.059,900
660.182.300
646,059,900
663.100.900
657.840.800
651,619,800
717,627,500
701,290,800
• This item includes gold, silver, legal tenders, national
bank notes and Federal
Reserve notes,
New York City Non-Member Banks and Trust Cornpanies.-The following are the returns to the Clearing House
by clearing non-member institutions and which are not included in the "Clearing House Returns" in the foregoing:
RETURN OF NON-MEMBER INSTITUTIONS OF NEW YORK CLEARING
HOUSE.
(Stated in thousandt of dollars-that is, three ciphers [000]
omitted.)
1 Net Loans,
Capital. Profits. DisCLEARING
Reserve
Nat'l
Net
Net
NON-MEMBER'
counts, Cash
with Demand Time
Bank
Nat.bks.June3 Investin
Legal
DeCir cuDeWeek ending StatebksJune3 ments, Vault. Deposi- posits. posits. lation.
July 22 1922. Tr. cos. June 30 Ac.tortes.
-Members of
Average Average Average Average AverageAverage
Ped'i Res. Bank .
s
$
$
$
$
S
$
$
Battery Park Nat. 1,50
9,490
1,19
150 1,121
7,359
308
198
W R Grace & Co_ .
500 1,2451 11,053
29
521
1,533 8,491
Yorkville Bank__ .
985 18,503
20
466 1,549
9.002 10,305
__-Total
2,200 3,42039,056
64s" 3,191 17,494 19,104
198
State Banks
Not M mbers of Fed. Res've Bank
Bank of Wash. Ht.
315 4,337
20
613
260
Colonial Bank___ .
1,715 17,500 2,260 1,324
80
Total
1,00
2,030 21,837
2,873
4,343
18,470
467
----
1,584
22,813
467
----
Trust Companie. Not Me tnbers of Fed. Res've Bank
Mech.Tr.,Bayonn
20
600 9,373
423
194
3.871
5,583
_-- -
200
606 9,373
Total
423
194
3,871 5,583
----3,40
6,058 70,266 3,941 4,969 a44,578 25,154
Grand aggregate.
Comparisonwith r revious week_. +731 -111 -213 -135
+710
Gr'd aggr. July 1 i 3,401 .5,870 69,535 4,052 5,182 n44,713 24.444
Gr'd aggr. July 3 3,400 5,889 69,139 3,906 5,133
a44,954 23,320
3,600 6,702 68,498 4,005 4.868 a44.546 23,077
Gr'd aggr. July
Gr'd aggr. June 2
6.650 79,160 4,040 6.783 a55.749 23.057
3,60
a U. S. deposits deducted. $109,000.
Bills payable, rediscounts, acceptances and other liabilities, $281,000.
Excess reserve. $294,190 decrease.
-198
---198
199
198
199
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 26 1922 in
comparison with the previous week and the corresponding
date last year:
July 26 1922. July 19 1922. July 271921.
ResourcesGold and gold certificates
Gold settlement fund-F. R. Board__
209.761,913
92.990,937
207,273.014
53,469.965
301,637.000
66,335,000
299,755,851
833,440,098
5,781,517
260.742.979
833.586.998
6,748,904
367,972,000
488,337,000
20,000,000
1,138,977,467 1,101,118,882
31,255,348
33,610,568
876,309,000
71,198,000
Total reserves
1,173,232,815 1,134,729.450
Bills discounted: Secured by U. S. Government obligations-for members
69,495,759
16,216.551
For other F. R. banks
All other-For members
14,393,706
21,230.897
For other F. R. Banks
Bills bought In open market
37.571,570
40,399,149
947,507,000
Total hills on hand.
U. S. bonds and notes
U. S. certificates of indebtednessOne-year certificates (Pittman Act)
All other
68.181.831
19,357,750
134.125,805
49,357,750
406,034,000
1,005,000
18,500,000
119,274,000
19,500.000
118,62.1,000
52,276,000
Total earning assets
Bank premises
redemp. fund agst. F. R. bank notes_
Uncollected items
All other resources
255,313.581
8,993,119
819.060
119,009,319
3,400.842
321,607.555
8,956,511
899,060
134,269,332
3.105,056
450,315,000
5,341,000
1,770,000
112,714,000
2,797,000
Total gold held by bank
Gold with Federal Reserve Agent
Geld redemption fund
Total gold reserves
Legal tender notes, silver, dre
Total resources
141,088,000
30,174,000
224,644,000
8,110,000
2,018,000
1,560.859.038 1,603,566,966 1,529,454,000
LiabilitiesCapital paid in
Surplus
Deposits:
Government
Member banks-Reserve account_
All other
27,571,900
60,197,127
27,571,900
60,197,127
26,874,006
50,318,000
12,481,771
731,617,169
9,740,324
16,.529,406
759,211,627
10.731,533
8,065,000
649,184,000
11,291,000
Total deposits
753,839,265
F. R. notes in actual circulation
61(1,778,975
F. 11. bank notes In eircur n-net liability
14,241.200
Deferred availability Items
83,993.527
All other liabilities
4.234,044
786,472,568
616.469,110
1.5,540.200
93,197,341
4,118,719
668.540,000
643,875,000
29,752,000
79,376,000
21,749,000
Total liabilities
_1,560,859,038 1,603,566,966 1,529,484,000
Ratio of total reserves to deposit and
F. R. note liabilities combined
Contingent liability on bills purchased
for foreign correspondents
85.6%
80.9%
72.2%
9,540,302
9,512,845
20.926,022
CURRENT NOTICES.
-Douglas Smyth, formerly associated with W. W. Sutton & Co., Inc.,
has become identified with Herkins & Co. as manager of their bond trading
department and will specialize in all new issues and Canadian provincial
and municipal bonds.
-Columbia Trust Co. and Howard Bayne have beenappointed trustees
under additional interest mortgage securing additional 1 % interest on
$200,000 first mortgage 5% bonds of the Morris & Somerset Electric Co.
[VOL. 115.
THE CHRONICLE
520
WEEKLY RETURN OF THE FEDERAL RESERVE BOARD.
The following is the return issued by the Federal Reserve Board Friday afternoon, July 28, 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 485 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 26 1922.
July 26 1922. July 19 1922. July 12 1922. July 5 1922. June 28 1922. June 21 1922. June 14 1922. June 7 1922. July 27 1921.
3
317,459,000
498,309,000
If
Gold and gold certificates
Gold settlement, F. R. Board
317,980,000
490,620,000
$
317,832,000
514,590,000
317,040,000
518,679,000
316,937,000
532,351,000
318,614,000
531,290,000
316,435,000
504,707,000
$
323,745,000
502,204,000
389,665,000
419,741,000
Total gold held by Danks
Gold with Federal Reserve agents
Gold redemption fund
815,768,000 808,600,000 832,422,000 835,119,000 849,288,000 849,904,000 821,142,000 825,949,000 809,406,000
2,197,645,000 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 1,616,287,000
55,881,000 105,538,000
48,376,000
44,534,000
48,207,000
61,142,000
41,851.000
41,118,000
41,673,000
Total gold reserves
Legal tender notes, silver, dm
3,054,531,000 3,045,335,000 3,035,833,000 3,020,677,000 3,020,868,000 3,019,960,000 3,007,794,000 3,010,072,000 2,531,231,000
126,967,000 123,987,000 121,207,000 113,252,000 127,498,000 127,715,000 128,684,000 123,994,000 154,065,000
Total reserves
Bills discounted:
Secured by U. B. Govt. obligations
All other
Rills bought in open market
3,181,498,000 3,169,322,000 3,157,040,000 3,133,929,000 3,148,366,000 3,147.675,000 3,136,478,000 3,134,066,000 2,685,296,000
Total bills on hand
U. B. bonds and notes
U. B. certificates of Indebtedness:
One-year certificates (Pittman Act)._
All other
Municipal warrants
115,238,000
264,743,000
156,138,000
176,263,000
267,205,000
148,970,000
157,555,000
272,387,000
157,675,000
185,390,000
313,482,000
155,065,000
189,909,000
279,192,000
154,060,000
140,713,000
280,855,000
121,467,000
140,639,000
272,978,000
123,975,000
148,949,000 591,215,000
271,305,000 1,059,281,000
19,424,000
136,183,000
536,119,000
201,621,000
592,438,000
201,901,000
587,617,000
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 1,669,920,000
34,175,000
243,775,000
72,000,000
267,175,000
9.000
74,000,000
265,948,000
9,000
74,000,000
274,349,000
4.000
74,000,000
260,271,000
74,000,000
257,969,000
74,000,000
254,160,000
75,500.000
315,875,000
77,000,000
297,101,000
214,375,000
938,000
1,076,927,000 1,124,296,000 1,144,394,000 1,204,445.000 1,179,768,000 1,098,569.000 1,167,275,000 1,174,313,000 1,919,408,000.
Total earning assets
25,846,000
40,994,000
41,368,000
41,074,000
41,568,000
41,985,000
41,642,000
42,494,000
42,417,000
Bank premises
9,666,000
7,518,000
7,565,000
7,587,000
7,639,000
7,551,000
7,496,000
7,527,000
7.496,000
5% redemp. fund agst. F. R. bank notes
537,883,000 592,345,000 611,733,000 514,725,000 511,571.000 580,959,000 624,732,000 525,893,000 494,948,000
Uncollected Items
20,684,000
15,046,00015,672,000
20,829,000
15,988,000
16,169,000
16,206,000
16,805,000
16,186,000
All other resources
4,863,134,000 4,962,062,000 4,978.872,000 4,918,443.000 4,904,848,000 4.891,808,000 4,998,027,000 4,903,468,000 5,150,210,000
Total resources
LIABILITIES.
Capital paid in
Surplus
Reserved for Govt. franchise tax
Deposits-Government
Member banks-reserve account__
All other
105,078.000 105,079.000 104,879,000 104,859,000 102,263,000
215,398,000 215,398,000 215,398,000 215,398,000 213,824,000
2,207,000
2,231,000
2,281,000
2,231,000
31,709,000
39,574.000
10,383,000
43,780,000
73,273.000
20,837,000
36,677,000
46,455,000
49.376,000
1,815,278,000 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 1,638,637.000.
24,928,000
33,455,000
32,006,000
30,297,000
34,313,000
28,871,000
29,029,000
26,381,000
29,010,000
105,198,000
215,398,000
105,239,000
215,398,000
105,224,000
215,398,000
105,217,000
215,398,000
1,888,111,000 1,942,531,000 1,924,937,000 1,884,702,000 1,939,278,000 1,854,399,000 1,929,036,000 1,896,990,000 1,695,274,000.
Total
2,126,809,000 2,132,848,000 2,158,122,000 2,194,323,000 2,124,422,000 2,126.304,000 2,122.610.0002,141,531,000 2,537,617,000
F. R. notes In actual circulation
71,812.000 125,143,000
68,000,000
67,689,000
67,259,000
67,380,000
68,146.000
63,622,000
F.R.bank notes In circulation-net 'lab.
66,053,000
442,713,000 479,274,000 486,360,000 430,161,000 430,314,000 500,049,000 535,464,000 450,497,000 413,037,000
Deferred availability items
63,052,000
20.174.000
20,659,000
20,820,000
20,409,000
20,496,000
21,451,000
21,280,000
All other liabilities
20,719,000
Total liabilities
1,863,134,000 4,962,062,000 4,978,872,000 4,918,443,000 4,904,848,000 4,891,808,000 4,998,027,000 4,903,468,000 5,150,210,000
Ratio of gold reserves to deposit and
89.8%
74.5%
75.9%
72.4%
74.3%
74.0%
74.4%
F. IL note liabilities combined
76.1%
74.7%
Ratio of total reserves to deposit and
77.6%
63.4%
79.1%
77.4%
77.5%
76.8%
77.3%
79.2%
F. R. note liabilities combined
77.8%
Distribution by Maturities1-15 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 (lays municipal warrants
31-60 days bills bought In open market_
31-60 days bills discounted
31-60 days U. B. certif. of Indebtedness_
31-60 days municipal warrants
61-90 days bills bought In open market_
61-90 days bills discounted
61-90 days U. S. certif. of indebtedness.
61-90 days municipal warrants
Over 90 days bills bought In open market
Over 90 days bills discounted
Over 90 days certif. of indebtedness
52,682,000
187,036,000
23,261,000
29,203.000
30,536,000
4,689,000
6,000
27,978,000
58,108,000
42,965,000
3,000
31,065,000
59,744,000
41,870,000
15,210,000
44,557,000
226,390,000
$
59,016,000
247,264,000
22,959,000
30,883,000
33,234,000
3,900,000
6,000
27,831,000
58,007,000
38,361,000
24,888,000
59,402,000
47,541,000
3,000
6,352,000
45,501,000
227,187,000
58,775,000
224,711,000
10,645,000
37,783,000
39,243,000
24,235,000
34,562,000
59,959,000
3,900,000
1,000
20,220,000
57,801,000
52,792,000
3,000
6,335,000
48,228,000
256,777,000
$
66,992,000
289,805,000
5,813,000
29,628,000
39,586,000
22,930,000
$
59,415,000
263,576.000
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
69,306,000
29,269,000
46,370,000
1,000.000
$
39,608,000
216,767,000
70.973,000
27,267,000
48,248,000
7,144,000
9,675,000
943,796,000
4,700,000'
2,951,000.
156,985,000
10,245,000
34,629,000
64,650,000
14,027,000
43,064,000
61,811,000
26,292,000
40,548,000
61,529,000
26,329,000
36,652,000
61,953,000
31,717,000
40,176.000
61,953,000
34,199.000
3,259,000
281,629,000
34,317,000
16,580,000
53,983,000
42,057,000
15,156,000
50,208,000
40,873,000
15,415,000
46,375,000
37,652,000
25,564,000
44,112,000
3,900,000
24,347,000
43,204,000
3,900.000
3,536,000
198,559,000
25,742,000
7,236,000
50,848,000
249,144,000
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
3,000
69,527,000
140,309,000
Federal Reserve NotesOutstanding
Held by banks
2,571,983,000 2,583,868,000 2,589,509,000 2,561,837,000 2,537,485,000 2,522,750,000 2,518,799,000 2,526,949,000 2,933,241,000
445,154,000 451,020,000 431,387,000 367,514,000 413,063,000 396,446,000 396,189,000 385,418,000 395,624,000
In actual circulation
2,126,809,000 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 2,537,617,000
Amount chargeable to Fell. Res. Agent 3,338,365,000 3,350,935,000 3,341,921,000 3.301.379,000 3,294,062,000 3,284,031,000 3,279,696,000 3,294,971,000 3,742,072,000
766,402,000 767,067,000 752,412,000 739,542,000 756,577,000 761,281,000 760,897,000 768,022,000 808,831,000
In hands of Federal Reserve Agent
2,571,963,000 2,583,868,000 2,589,509,000 2,561,837,000 2,537,485,000 2,522,750,000 2,518,799,000 2,526,949,000 2,933,241,000
Issued to Federal Reserve banks
How SecuredBy gold and gold certificates
By eligible paper
Gold redemption fund
With Federal Reserve Board
Total
Eligible paper delivered to F. R. Agent_
416,522,000 416,122,000 416,122,000 416,122,000 416,123,000 416,122,000 416,122,000 409,863,000 344,993,000
374,318,000 388,806,000 427,949,000 438,021,000 414,112,000 401,070,000 376,681,000 398,707,000 1,316,954,000
124,016,000 127,651,000 126,010,000 124,985,000 127,309,000 121,963,000 134,167,000 128,804,000 117,047,000
1,657,107,000 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 1,154,247,000
2,571,983,000 2,583,868,000 2,589,509,000 2,561,837,000 2,537,485,000 2,522,750,000 2,518,799.000 2,526,949,000 2,933,241,000
523,804,000
585,242,000
576,633,000
635,631.000
606.648,000
529,749,000
525,071,000
540.254,000 1,626,719,000
waggLy STATEMENT OF R
Total.
Two ciphers (00) onsitted.
Boston. New York. Phila. Cleveland Richmond Atlanta. Chicago. Ss. Louis lifinneap. Kan.City. Dallas. San Fran.
SFederal Reserve Bank Al
------------ -3
S
$
S
S
S
S
3
3
i
$
$
RESOURCES.
14,100,0 206,765,0 5,657,0 13,300,0 3,316,0 5,668,0 24,770,0 4,083,0 7,280,0 2,585,0 9,822,0 20,113,0 317,459,0
Gold, and gold certificates
92,991,0 29,891.0 50,699,0 38,790,0 19,183,0 134,273,0 11,398,0 27,991,0 28,930,0 5,151,0 27,951,0 498,309,0
Gold settlement fund-F. R. B'd 31,061,0
45,161,0 299,756,0 35,548,0 63,999,0 42,106,0 24,851,0 159,043,0 15,481,0 35,271,0 31,515,0 14,973,0 48,064,0 815,768,0
Total gold held by banks
55,838,0 98,418,0 375,899,0 56,081,0 29,609,0 54,021,0 19,803,0 194,562,0 2,197,645,0
169,699,0
148,315,0
833.440,0
161,960,0
agents
R
F.
with
Gold
589,0 3,459,0
41,118,0
6,348,0
5,782,0 5,054,0 3,663,0 3,851,0 1,527,0 5,155,0 1,683,0 1,630,6 2,377,0
Gold redemption fund
124,796,0 540,097,0 73,245,0 66,510,0 87,913,0 35,385,0 246,085,0 3,054,531,0
101,795,0
199,824,0
1,138,978,0
202,562,0
237,361,0
reserved
Total gold
644,0 4,584,0 6,503,0 5,694,0 126,967,0
8,685,0
34,255,0 8,992,0 9,603,0 7,496,0 7,421,0 21,018,0 11,982,0
Legal tender notes. silver, ace
--132,217,0 561,115,0 85,227,0 67,154,0 92,497,0 41,868,0 251,779,0 3,181,483,0
109,291,0
208,509,0
1,173,233,0
211,554,0
247,054,0
Total reserves
Pills discounted: Secured by 7,970,0
16,216,0 29,263,0 14,828,0 9,665,0 1,796,0 14,949,0 5,054,0 1,544,0 1,470,0 1,476,0 11,007,0 115,238,0
U. S. Govt. obligations
18,077,0
14,394,0 12,015,0 10,139,0 26,144,0 28.172,0 37,297,0 10,973,0 24,390,0 16,735,0 32,380,0 34,027,0 264,743,0
All other
2,909,0 17,497,0 156,138,0
904,0 15,893.0 15,344,0
409,0
19,138,0
37,572,0 24,734,0 21,738,0
Bills bought in open market
31,371,0
25,934,0
18,205,0
36,765,0
68,139,0
62,531,0 536,119,0
30,872,0
45,185,0
36,218,0
68,182,0
66,012.0 46,705,0
Total bills on hand
147,0 6,219,0 11,916,0 4,343,0 28,370,0 3,316,0 41,682,0 201,624,0
4,567,0
49,358,0 23,580,0 26,893,0 1,233,0
CI, S. bonds and notes
indebtedness
U.S. certificates of
5,450,0
72,000,0
18,500,0 5,500,0 5,500,0 3,560,0 6,199,0 8,667,0 3,571,0 4,000,0 4,321,0 1,900,0 4,832,0
One-year ctfs. (Pittman Act)- 38,575,0 119,274,0
2,031,0 17,959,0 10,752,0 3,489,0 13,003,0 1,265,0 11,462.0 267,175,0
5,410,0 43,955,0
All other
9,0
9,0
Municipal warrants
92.777.0 255.314.0 100.5020 122 n520 41 011.0 39.249,0 100.984,0 57.610.0 37,775.0 63.899,0 43,246.0 120.507.0 1.076.927.0
assets
Tots]earning
JULY 29 1922.]
THE CHRONICLE
REBOURCES (Concluded)
Two ciphers (00) omitted.
I3oston.
Cleveland Richmond Atiarua. Chicago. Si, Louis Minneap. Ran. City Dallas. San Fran.
----- ---$
s
$
$
$
$
3
$
5,671,0 2,571,0 1,553,0 7,631,0
944,0
923,0 4,986,0 2,093,0 1,279,0
$
42,494,0
468,0
188,0
849,0
539,0
700.0
721,0 2,023,0
276,0
146,0
916,0
279,0
119,069,0 44,568,0 52,474,0 43,146,0 22,039,0 65,298,0 30,372,0 13,452,0 36,728,0 24,055,0 37,294,0
121,0
3,401,0
340,0
596,0 1,283,0
768,0
545,0 1,376,0
795,0 1,830,0 5,028,0
7,527,0
537,883,0
16,805,0
New York.
$
5,249,0
Bank premises
5% redemption fund against Federal Reserve bank notes
422,0
Unoollected items
49,388,0
All other resources
722,0
Total resources
LIABILITIES.
Capital paid in
Surplus
Deposits: Government
Member bank-reserve acc't
All other
521
$
8,993,0
Phila.
$
601,0
Total.
3
358,067,0 1,560,859,0 358,521,0 430,074,0 196,547,0 195,647,0 736.517,0 176,721,0 120,956,0 199,821,0 113,238,0 416,166,0 4,863,134,0
7,981,0
16,483,0
1,985,0
122,907,0
384,0
Total deposits
125,276,0
F. R. notes in actual circulation. 163,466,0
F. R. bank notes in circulationnet liability
4,714,0
Deferred availability items
38,837,0
All other liabilities
1,310,0
27,572,0 8,999,0 11,603,0
60,197,0 17,945,0 22,509,0
12,482,0 2,614,0 2,459,0
731,617,0 105,459,0 145,440,0
9,740,0
981,0
823,0
753,839,0108,896,0 148,860,0
616,779,0 177,105,0 195,555,0
5,591,0 4,281,0 14,658,0 4,770,0 3,574,0 4,549,0 4,199,0 7,421,0 105,198,0
11,030,0 9,114,0 29,025,0 9,388,0 7,468,0 9,646,0 7,394,0 15,199,0 216,398,0
4,277,0 3,025,0 4,805,0 3,041,0 1,526,0 2,893,0 2,711,0 4,637,0
46,455,0
55,799,0 47,140,0 257,151,0 59,807,0 42,804,0 78,124,0 44,577,0 124,453,0 1,815,278,0
516,0 1,566,0
266,0
613,0
291,0
165,0 10,664,0
392,0
26,381,0
60,342,0 50,681,0 263,522,0 63,461,0 44,621,0 81,409,0 47,453,0 139,754,0 1,888,114,0
78,436,0 111,403,0 367,079,0 66,458,0 49,051,0 58,807,0 26,022,0 216,648,0 2,126,809,0
14,244,0 5,078,0 4,888,0 2,747,0 4,259,0 7,879,0 3,312,0 2,995,0 8,367,0 2,605,0 2,534,0
83,994,0 39,117,0 45,047,0 37,262,0 14,759,0 50,851,0 28,463,0 11,837,0 35,983,0 23,861,0 32,702,0
4,234,0 1,381,0 1,612,0 1,139,0 1,150,0 3,503,0
869,0 1,410,C 1,060,0 1,704,0 1,908,0
63,622,0
442,713,0
21,280,0
Total liabilities
358,067,0 1,560,859,0 358,521,0 430,074,0 196,547,0 195,647,0 736,517,0 176,721,0 120,956,0 199,821,0 113,238,0 416,166,0 4,863,134,0
Memoranda.
Ratio of total reserves to deposit
and F. R. note liabilities com78.8
81.6
72.2
bined, per cent
74.0
85.6
89.0
71.7
65.6
71.7
57.0
66.0
70.6
79.2
Contingent liability on bills pur0kl CI
'2 ilAk n
1 00n n
1 oin n
0 AAA n
anx n
2 nem 0 2.112.0 1.262,0
1 OR r n
A70 A
chased for foreign correspond't
1 IRA A
9n clg7 11
STATEMENT OF FEDERAL RESERVE AGENTS ACCOUNTS AT CLOSE OF BUSINESS JULY 26 1922
Boston. New York Phila. Cleve. Richm'd Atlanta Chicago. St. L. Minn. IC .City. Dallas. Sac Pr. Mid.
Federal Reserve Agent at-Resources$
(In Thousands of Dollars)
$
$
$
$
$
$
$
$
$
Federal Reserve notes on hand
88,250 277,650 40,920 36,720 30,610 71,724
88,180 27,150 10,035 16,400 20,433 58,330 766,402'
180,152 874,695 210,207 210,337 87,487 116,613 407,034 83,885 52,325 69,458 29,194 250,576 2,571,96a
Federal Reserve notes outstanding
Collateral security for Federal Reserve notes outstanding
13,275
5,300 363,184
Gold and gold certificates
2,400
11,610 13,052
7,701
416,522
39,256 11,071 , 11,424 4,043 3,518
15,015
Gold redemption fund
13,255 4,671 1.557 3,661 2,102 14,443 124,016
128,000 431,000 150,889 145,000 51,795 92,500 362,644 39,800 15,000 50,360 10,000 180,119 1,657,107'
Gold fund-Federal Reserve Board
41,255 48,247 40,638 31,649 18,195
31,837
Eligible paper JAmount required
31,135 27,804 22,716 15,437 9,391 56,014 374,318
24,439 9,776 5,006 4,414 12,516
13,348
tExcees amount held
37,001 3,561 2,987 2,768 27,331 6,339 149,486
3
S
3
Total
461,902 2,051,479 471,110 462,400 209,998 317,466
LfabflftfesNet amount of Federal Reserve notes received from
Comptroller of the Currency
268,402 1,152,345 251,127 247,057 118,097 188,337
Collateral received from'Gold
148,315 833,440 161,960 169,699 55,838 98,418
Federal Reserve Bank'Eligible Paper
45,185
65,694 58,023 45,644 36,063 30,711
Total
461,902 2,051,479 471,110 462,400 209,998 317,466
180,152 874,695 210,207 210,337 87,487 116,613
16,686 257,916 33,102 14,782 9,051 5,210
Federal Reserve notes outstanding
Federal Reserve notes held by banks
Federal Reserve notes In actual circulation
ina Viti
615.779 177.105 195.555 78.436 111.403
939,249 198,481 117,672 158,084 106,152 565,821 6,059,814
495,214 111,035 62,360 85,858 49,627 308,906 3,338,365
375,899 56,081 29,609 54,021 19,803 194,562 2,197,645
68,136 31,365 25,703 18,205 36,722 62,353 523,804
939,249 198,481 117,672 158,084 106,152 565,821 6,059,814
407.034 83,885 52,325 69,458 29,194 250,576 2,571,963
39,955 17,427 3,274 10,651 3,172 33,928 445,154
--.--367.079 66.458 49.051 58.807 26.022 216.64R 2.1213 FM
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 795 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 485.
1. Data for all reporting member banks in each Federal Reserve District at close of business July 19 1922. Three ciphers(OW omitted.
Federal Reserve District.
Boston. New York Philadel. Cleveland. RichmV.
- ---Number of reporting banks
79
84
56
106
49
Loans and discounts, including bills rediscounted with F. R. bank:
$
3
$
$
$
Loans sec. by U. El. Govt. obligations.
11,570
34,348
14,616
15,401
79,956
Loans secured by stocks and bonds
210,027 1,651,086 230,004 332,446 117,116
All other loans and discounts
558,025 2,222,963 312,415 629,588295.445
------Total loans and discounts
752,668 3,954,005 557,820 996,382 424,131
U.S. bonds
55,340 148,292 55,423
88,835 532,837
U. S. Victory notes
721
1,732
9,419
11,753
2,017
U. B. Treasury notes
3,794
19,793 352,008 20,148 31,393
U.S. certificates of Indebtedness
3,208
9,824
8,835
6,908 129.536
Other bonds, stocks and securities
168,756 827,458 184,998 275,222 54,588
Total loans, dtscqs & investments, incl.
bills rediscounted with F. R. Bank
1,068,977 5,807,597 836,560 1,462,845 541,865
Reserve balance with F. R. Bank
35,903
86,322 696,012 68,567 102,761
Cash in vault
13,741
29,051
18,892 87,221
15,268
Net demand deposits
799,1254.971,466 686,153 852,096 330,940
Time deposits
229,391 769,398 51,232 490,342 144,750
Government deposits
3,048
9,079
10,681
33,566
7,675
Bills payable with Federal Reserve Bank:
Secured by U. S. Govt. obligations_ _.
4,187
980
10,386
59,745
9,257
All other
Bills rediscounted with F. R. Dank:
Secured by U. S. Govt. obligations..
87
88
11
7
55
All other
5,918
5,506
7,879
18,648.
2,794
Atlanta. Chicago. St. Louis. &annum.Kan.
City Dallas. San Fran. Total.
- -----42
109
37
35
68h"'
- 795
78
52
S
$
$
s
$
$
s
s
7,738
42,810
15,509
9,165
10,250
4,54,
16,7681 262,671
58,133 507,633 123,429
31,770 65,299
42,64
149,6751 3,519,263
290,234 1,014,128 273,547 193,424
351,705
186,73 697,3841 7,025,595
356.1051,564,571
412,485 234,359 427,254 233,922
10,807,529
,
25,636 119,543
30,552
25,642
56,521
34,927 112,936 1,286,484
1,643
3,746
1,939
281
1,172
42,981
570
7,988
1,711
57,477
7,378
7,157
5,002
6,953
18,860 531,674
6,024
23,446
11,592
7,213
16,941
5,702
17,306
246,536
33,830 397,815 81,5,28 23,729
58,669
7,211 168,410 2,282,214
424,9492,166,598 545,474 298,381 565,559 289,28 1,189,32 15,197A18
31,036 200,961
36,626
19,359
22,394 85,204 1,432,051
46,906
9,3321 52,059
6,647
5,826
9,196
16,194
20,1221 283,549
245.71711,447.486 311,926 190,226 436,060 206,983 623,29511,101,47
3
151,782i 679,718 163,156
77,278 115,777
65,41! 548,682 3,487,015
3,0351 11,383
3,730
3,414
8,116
100,245
2,559
3,959
3.454
7451
2,025
338
4,850
22
96,049
60
I
182
182
-------I
1
30
4,516
2,705
65
1,482
500
1.190
78
2.328
16
3,222
93
4,151
1,030
60,338
3. Data of reporting member banks In Federal Reserve Bank and branch cities and all other reporting
banks.
New York City.
Three ciphers (000) omitted.
City of Chicago.
All?. R. Bank Cities.F. S. Branch Cities. AllOtherReport.Bks.
Total.
July 12. July 19. July 12. July 19.
July 12. July 19'22Julv12'22. July 20'21
272
272
211
210
795
795
313
313
814
S
$
$
3
g
i
$
$
i
165,467
176,539
54,92!
50,340
262,671
270,993
42,275
44,114
634,830
2,586,941 2,612,511 493,25
488,981 439,070 435.262 3,519,263 3,536,754 3,004,416
4,397,628 4,398,048 1,361,114 1,370,099 1,266,853
1,263,267 7,025,595 7,031,414 8,037,581
7,150,03. 7,187,098 1,909,29 1,909,420
1,742,643 10,807,529 10,839,161 11,676,827
741,21
733,991 280,406 277,625 1,748,198
865,720
264,863 264,425 1,286,484 1,276,041
30,491
27,281
6,536
6,047
42,981
39,096
167,506
5,768
5,954
433,741
421,273 63,384
59,729
515,647
531,674
69,711
34,561
34,645
189,513
184,205
39,026
20,129
47,325
246,536
122,650
18,599
1799
1,260,505 1,273,913 619,774 613,356 401,935 403,642 2,282,214 2,290,911 2,047,617
9,805,509 9,827,761 2,918,401 2,913,5022,469,722 15,197,418 15,210,98514,950,031
1,053,781 1,062,715 219,396 216,927 2,473,508
158,874 158,504 1,432,061 1,438,146 1,227,249
149,42
161,913
55,097
58,644
319,302
283,549 .298,115
79,027
*77,558
7,767,340 7,838,402 1,764,762 1,772,531
.11199139 10,029,198
1,726,364 1,727,635 1,011,617 1,008,533 1,569,371 .1588206 11,101,473
3,487,015 *3,482,541 2,905,378
749,034
*746,373
72,052
79,213
19,79!
21,7384 839
110,070
124,469
100,245
9,119
73,43
57,488
13,402
4,863
73,752
96,049
309,216
9,209
11,401
200
182
365
165
182
506
201
729
274
192
979
1,030
555
85.866
58
29,790
33,265
13,364
15,487
66,786
60,339
18,034
17,185
755.316
July 19. July 12. July 19. July 12. July 19.
Number of reporting banks
6.1
65
50
50
Loans and discounts, incl. bills rediscounted with F. R. Bank:
3
3
S
$
Loans sec. by U. S. Govt. oblig'ns
36,032
69,780
32,926
75,941
Loans secured by stocks & bonds_ 1,477,78; 1,506,097 380.383 369,877
All other logos and discounts
1,944,O81,940,920 639,121 647,241
Total loans and discounts
3,491,64:,3,522,958 1,052,430 1,053,150
U. S. bonds
49,408
50,240
464,486
471,01
U. S. Victory notes
3,466
3,172
8,288
10,14
U. S. Treasury notes
38,918 30,888
338,81, 336,821
U. B. certificates of Indebtedness.
16,650
10,919
124,301 112,513
Other bonds, stocks and securities
635,618 644.546 174,885 179,369
Total loans & disc'ts & invest'ts,
Incl. bills rediscled with F. It. Bk.5 071 5405 089,612 1,330,56 1,332,931
Reserve balance with F. R. Bank
7
647:397
'65 ,029 145,52! 146,549
'
Cash n vault
30,050
28,680
82,531
74,340
Net demand deposits
4,470,2754,539,501 983,039 988,484
Time deposits
560,705 555,821 320,648 321,025
Government deposits
8,862
7,892
34,818
31,366
Bills payable with F. R. Bank:
Elec'd by U.S. Govt. obligations
1,565
57,520
1,625
43,330
All other
Bills rediscounted with F. R. Bank:
Sec'd by U.S. Govt. obligations
522
All other14,021
2,236
1,241
3,506
Ratio of bills payable & rediscounts
with F. R. Bank to total loansand invemmentv_ r......,it
-1
0.3
0.0
0.2
Revised figures.
1.1
0.9
0.t
0.7
1.1
1.2
1.0
0.9
7.7
[VOL. 115.
T H141 CHRONICLE
522
DAILY TRANSACTIONS AT THE BOSTON. PHILADELPHIA AND
BALTIMORE EXCHANGES.
Vaulters' ofgazetit
Boston
Wall Street, Friday Night, July 28 1922.
Railroad and Miscellaneous Stocks.-The security
markets were sensitive and irregular early in the week and
thus reflected the uncertainty and uneasiness'which existed
regarding the coal and railway situation. Whatever change
has taken place in the latter is, however, distinctly in the
direction of a settlement. This, indeed, was inevitable.
A coal famine such as has been threatened must and will be
avoided.
What other than these facts could have caused Bait. &
Ohio and Great Northern shares to advance 4 points or more
within the last 3 days-or New York Central, Canadian.
Pacific and Union Pacific to move up 3% points, and Atchison, St. Paul, Northern Pacific, Southern Pacific and Reading, to sell to-day from 2 to 3 points higher than earlier in
the week? Of course, industrial stocks have covered a
wider range, led by Crucible Steel with a record of 9 points.
Moreover, the general bond market has been relatively
active and steady or firm and some of the Liberty Loans
have continued to advance, establishing new high records.
Other evidences of improved industrial conditions are
seen in the U. S. Steel Corporation's quarterly report showing earnings substantially more than twice as much as during the corresponding period in 1921, and unfilled orders
at the end of June 73% larger than on May 31st-and also
in the fact that the number of cars loaded during the second
week in July was 86,000 in excess of last year's record.
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 28.
ales
for
Week.
Range for Week,
Lowest.
Highest.
I
Range since Jan. 1.
1
Lowest.
Highest.
Week ending
July 28 1922.
Saturday
Monday
Tuesday
Wednesday
Thursday
Friday
Total
I
Philadelphia
Baltimore
I
Shares. Bond Sales Shares. Bond Sales Shares. ,Bond Sales
1
4,757
$21,650,
3,227
$5,700
890,
$3,600
11,405
4,008
68,100,
2821
44,100
122,800
11,304
4,996
458;
36.500
127,700,
49,500
10,659
71,750,
8,787
825;
66.900
67,200
10,177
9,408
8071
49,600
56,550;
66,000
1,170
10,607
4,576
37,500
15,000,
35,000
58,909
$361,050
35,400
$240.600
4,432
$304,100
Daily Record of Liberty Loan Prices. July 22. July 2k. July 25. July26. July27. July28.
(High
First Liberty Loan
34% bonds of 1932-47_1Low.
(First 33.4s)
(Close
Total sales in $1,000 units....
Converted 4% bonds off High
1932-47 (First 45)_ _ _ _(Low.
(Close
Total sale., in $1,000 units_ __
Converted 44% bonds(High
of 1932-47 (First 44s)(Low_
(Close
_
Total sales in 31,000
(Fligh
units_Second Converted 44%
bonds 01 1932-47 (First( LowSecond 434s)
Total Ides in $1,000 units_
(High
Second Liberty Loan
4% bonds of 1927-42._(Low.
[Close
(Second 4s)
Total sales in $1,000 units_
Converted 44% bonds(Illili
of 1927-42 (Second (Low_
(Close
434s)
Total sales in $1,000 units _ __
(High
third Liberty Loan
(Low_
434% bonds of 1928
[Close
(Third 434s)
Total sales in $1,000 units _ _ _
(High
Fourth Liberty Loan
44% bonds of 1933-38_( Low_
(Close
(Fourth 44s)
Total sales in 31,000 units__ _
(High
Victory Liberty Loan
434% notes of 1922-23_4 Low_
(Victory 44s)
(Close
Total sale., fn 51 000 uy211.1
100.96
100.90
100.96
' 358
____
101.16
100.96
100.96
479
101.68
101.68
101.68
3
101.68
101.44
101.54
131
101.04 101.04 101.12
100.96 100.82 100.86
101.00 100.90 100.96
225
360
488
100.80
100.70
1C1C1.80
7
101.00
100.70
101.00
1,159
100.90
100.72
100.88
694
101.68
101.48
101.88
970
100.56
100.54
100.56
100.76
100.76
100.76
2
101.00
100.80
100.84
776
101.00
100.82
100.84
1,115
101.74
101.60
101.68
730
100.58
100.54
100.58
100.74
100.74
100.74
3
100.98
100.80
100.81
529
100.90
100.76
100.78
1.189
101.70
101.50
101.68
93;
100.55
100.48
100.58
0:2
.
10
100.70
100.70
8
101.00
100.78
100.78
1,418
100.92
100.74
100.74
846
101.86
101.60
101.70
2.758
100.62
100.50
100.56
10-077i
100.70
100.74
14
100.86
100.68
100.74
917
100.84
100.68
100.70
406
101.68
101.44
101.50
538
100.90
100.86
100.88
424
dtl%
14.4
7527
224
101.08
100.92
100.98
793
101.30
101.30
........ 1C11.30
1
10-1.60 101.60
101.18 101.24
101.60 101.60
114
154
___
____
100.90
100.74
100.86
368
100.81
100.70
100.81
84
101.60
101.30
101.48
1,234
100.56
100.44
100.44
122
100.78 101.78 10-1.74
100.60 101.62 101.60
101.80 101.70 101.68
236
58
98
Par. Shares $ per share. $ per share. Is per share.$ per share
Apr
Mar 37
100 304 July 25 304 July 25 25
American Chicle, pref101
Note.-The above table includes only sales of coupon
American Malt & Grainl
July 24 July bonds. Transactions in registered bonds were:
900 2 July 26 24 July 26 2
stamped 3d paid_ _ _*1
Am Metal Co temp ctfs * 2,200 154 July 27 4614 July 28 4534 July 16 % July 49 1st 34s
81 2d 434s
100.50 to 100.80
100.90
Mar
Feb 70
100 38 July 25 48 July 25 54
Amer Tel & Cable_..10'
5 1st 4s
100.54 to 100.86
101.30
221 3d 434s
4 Jan 3 June 33 1st 44s
Assets FOIVIZat1011._ _10 1,400 134 July 26 24 July 26
to 101.40 169 4th 44s
100.48 to 101.62
101.20
July 24 July 27 2d Is
200 2 July 27 234 July 28 2
Atlantic Fruit ctfs of-dep
100.44 to 100.64
101.36 to 100.54 104 Victory 434s
July
30
28
27
July
500
July
July
I
324
Co2
Packing
3434
3634
Beech-Nut
July
Quotations for U. S. Treas Ctfs. of Indebtedness, 85c.
100 93 July 26 93 July 26 89 May 93
BrownSho0,Pref.lO1
Feb 9834 May
300 974 July 24 9834 July 28 83
C St PM & 0, pref __100
14.
I t.
28
June
July
94
974
944
91
28
July
200
July
_10
pref._
Cosden & Co
Maturity.
Rate. I Bid. Asked.
Rate. Bid. Asked.
Maturity.
July
El duP deNem & do 10 s 3,800134 July 24139% July 27 115 May 150
101
700 814 July 26 82 July 24 80 June 85 June
Debenture 6s
3ept. 15 1922___ 54% 1004 10034 Mar. 15 1925._ 44% 1014 10134
*
9,800 724 July 24 734 July 28 70
July 774 May
Eastman Kodak
1024
3ept. 15 1922._ 44% 1004 1004 Mar. 15 1923._ 44% 102
Electric StorageBattery* 9,300 4534 July 25 174 July 22 404 Jun, 48 June
1034 Mar. 15 1923._ 434% 100114 1001%
lone 15 1921._ 534% 103
25
100 16 July 28 16 July 28 15 May 204 June
Fairbanks Co
June 15 1923._ 34% 100
1921._ 54% 1023-4 103
1004
15
3ept.
100110 July 27 110 July 27 10034 Jan 111
julY
Fisher Body, pref. _ _100
.4 Doc. 15 1925_ 44 °X, 1110lt41. innit4
Dee. 15 1922... 44% 10044 10317
100 974 July 28 9714 July 28 96 June 99 June
Gen Am Tank Car pf 101
General Baking. pref __. 100 108 July 25108 July 25 106 June 108
July
exchange was in neglect
-Sterling
Exchange.
Foreign
100 30 July 28 50 July 28 45
Apr
Jan 78
Gilliland 011 pref. _ _ _10i
100 8234 July 25 824 July 25 804 July 103 May this week, with rates fractionally lower. The Continental
Hartman CorporationlOs
_
_
_
Car_
11,701
214
July
24 224 July 22 204 Jun • 2334 July exchanges also ruled dull and listless and the general trend
Hudson Motor
July 2411034 July 28 1044 Jun • 11034 July
ni Cent pref6% ser A w i 30011034
51 69 July 27 69 July 27; 61
IllCentsecstkctiserA100
Feb 6934 July was downward, although losses were not important except
Interboro Rap Tran w 1 600 284 July 28 294 July 241 2834 July 3034 June in Reichsmarks, which broke to another new low point.
w1
501 233-4 July 26 2334 July 261 224 June 264 June
nit & Grt North RR 101
To-day's (Friday's) actual rates for sterling exchange were 4 42%04 43
101 934 July 25 94 July 25 6
Feb 134 June
Iowa Central
sixty days, 4 443404 4434 for checks and 4 449-4 04 4534 for cables.
101 109 July 27 109 July 271106
Kresge & Co, pref. _ _101
Jan 1104 Jan for
banks, sight 4 4404 4434, sixty days 4 4104 4134, ninety
100 176 July 28 176 July 28, 100
Liggett dr Myers Cl B 100
July Commercial on 4034 and documents for payment
Jan 176
(sixty days) 4 4114
4 39/s@4
days
rights3
8,80
July
Locomotive
24
474 July 281 3
July 434 July
Lima
for
payment 4 4404 4434 and grain for payment 4 44
Cotton
42.
30 90 July 26 90 July 26 624 Jan 93
July 4
Msllinson & Co, pref_101
500 44 July 24 454 July 22 44
Manhattan El ctfs of de,
July 464 July 4 44%.
To-day's (Friday's) actual rates for Paris bankers' francs were 8.170
July 3434 July
Mexican Seaboard Oil_ _*I81600 20 July 27 314 July 22 20
for long and 8.2108.263i for short. Germany bankers' marks are
July 324 July 8.2234
Voting trust certifs.__ 61,30i 16 July 27 304 July 22 16
yet quoted for long and short bills. Amsterdam bankers' guilders
not
215
1
July
_100
_
_
Cuntral
27215
July
27 120
July
Feb 215
Michigan
for long and 38.62038.69 for short.
38.26©38.33
were
Mo Kan & Tex war'utsl
Exchange at Paris on London, 53.83; range, 52.50 high and 53.83 low.
1 1,141 3014 July 25 3014 July 25 3031 July 3114 July
3d asst paid
foreign
exchange for the week follows:
for
range
The
July
26 125 July 26 453
*
6 524
July r525 July
Nash Motors
Sixty Days.
Checks.
Sterling, ActualCables.
3 265 July 28265 July 28 z264 June 272 June
4445/4
Nat Bk of Commerce 100
4 45 N
High for the week
44614
July
26
201
90
100
88
pref
July
22
July
69
90
Jan
Cloak&Suit,
Nat
week
the
4
for
4234
43
4
Low
44 5-16
13-36
4
101 104 July 27 104 July 27 98
Feb 104
July
Owens Bottle, pref _ _100
Paris Bankers Francs100 70 July 28 70 July 28 69
Mr
Jan 80
Panhandle P & R pref 100
week
the
8.43
for
High
8.49
8.50
25
July
4334 July 26 393-4 July 494 June Low for the week
Pigg Wigg Stores, Inc _ _* 4,30 40
8.17
8.23
8.24
201 414 July 25 42 July 25 39
Jan 474 May
Produc & Refits, pref_50
Germany Bankers' Marks200 1124 July 22 11414 July 26 106
Apr 1154 Mar High for tho week
Ry Steel Spring, pref_100
0.20
0.2014
July 504 June Low for the
Reynolds Spring Co_ * 4,901 29 July 27 44 July 22 29
0.1734
0.16h
*
Apr
20 164 July 24 174 July 24 84 Jan 21
week---Robert Reis & Co
Bankers' GuildersAmsterdam
July High for the week
10 9,401 934 July 28 10 July 271 934 July 10
Skelly Oil Co
38.93
38.46
38.87
July
200 94 July 22 96 July 25 83
Jan 96
So Porto Rico Sug, p1100
38.72
for the week
38.26
38.67
10 91 July 28 91 July 28 834 Jan 9334 July Low
Standard Milling pref100
Domestic Exchange.
par. St. Louis, 15025c. per $1,000
Mar discount. Boston, par. -Chicago,
50 390 July 24390 July 24,340
Feb 120
Texas Pacific Land Tr100
San
per $1,000
25
par.
$6
Francisco,
Montreal,
400 125 July 24 125 July 24 1094 Mar 1374 May premium. Cincinnati, par.
100
Tidewater OH
July
Tobacco Products rights_ 2,400 2314 July 25 24 July 22 224 July 24
Apr
208 85 July 27 88 July 28 73
The Curb Market.-Business in the Curb Market this
Feb 88
Twin City R T, pref _100
4 July 44 July
United Retail Stores rt-416,600 34 July 27 44 July 24
was quiet with prices exhibiting an easier tendency.
401 224 July 28 23 July 22 2114 June 2514 May week
ET S Hoffman Mach'y_..*
July To-day there was a better feeling and values steadied
101 111 July 26 111 July 26 1074 July 111
U S Tobacco, pref_ _ _100
1094
26
July
July
22
June
4011094
1084
112
June
pref100
Western Electric,
somewhat. Changes, with few exceptions, were small.
10 '7434 July 25 7414 July 25 65
Jan 744 July
West'h'se E&M,lst pf 50
4 July 27 .01 Mar
4 Apr Trading in the industrial list showed a decided falling off.
4 July 27
5,000
White Oil rights
1
TRANSACTIONS AT THE NEW YORK STOCK EXCHANGE
DAILY, WEEKLY AND YEARLY.
Week ending
July 28 1922.
Saturday
Monday
Tuesday
Wednesday
Thursday
Friday
Total
Sates at
New York Stock
Exchange.
Stocks.
Shares.
Par Value.
279,500 $20,897,500
837,460 69,443,000
699,860 64,108,800
715,926 68,000,000
685,740 51,132,500
616.100 60,647,000
Railroad,
&c.,
Bonds.
State, Mun.
and Foreign
Bonds.
U. S.
Bonds.
52,079.000 31,728,000 $1,823,000
6,123,5()0 1,5
,
1,500 4,277,050
5,534,000 1,585,500 3,870,050
5,893,000 2,068,000 3,812,500
5,675,500 1,708.000 6,125,750
9,299,000 . 1,020,000 3,087,000
3.864.586 $337,528,800 $33,901,000 $4.649 nnn S92 005 asn
Week ending July 28.
1922.
1921.
Jan. 1 to July 28.
1922.
1921.
2,284,752
3,884,586
150,212,888
102,816,907
Stocks-No. shares__ _
$337,528,800 $171,945,610 $13,321,941,889 37,656,871,98i
Par value
Bondi.
$1,087,404,305 $1,084,731,690
Government bonds_ _ _ $22,993,350 $31,685,700
7,574,500
9,649,000
465,438.500
167,024,400
State, mun.,&c.,bond3
25,202,000
33,904,000
1,209,352,900
530,569,600
bonds
misc.
RR.and
Total bonds ______ _ _ 566,518,330 564,442.200 32.662,195.705 56,782,321,690
Philip Morris Co.attracted attention, the reported statement
that the company was to control the Philip Morris International Co.causing considerable buying of the stock. From
21 Y4 it advanced to 223/9, reacted to 20 and to-day sold up
to 233/2. The clostr.was at 233.. The reported statement
by the Durant Motors Co.that the stock of the Locomobile
Co., now traded in on the Curb, was worthless was followed
by a drop in the price from 234' to 10e. Stutz Motor Car
stock after a long period of inaction made its appearance
and sold down from 20 to 11, then up to 24. It finally
8
dropped back to 20. Durant Motors advanced from 39%
to 43 and ends the week at 4234'. Durant Motors of
%.
Indiana improved from 13% to 15 and sold finally at 145
%. In Oil shares
Gibson-Howell gained over a point to 203
a slump in Alcon Oil from 153/2 to 234' was a feature. The
closing sale to-day was at 3%. Fensland Oil dropped from
1534 to 1334', recovering finally to 143.4. International
Petroleum was off from 21 h to 203, the close to-day
being at 20%.
A complete record of Curb Market transactions for the
week will be found on page 532.
New York Stock Exchange-Stock Record, Daily, Weekly and Yearly
OCCUPYING FOUR PAGES
For sales during the week of stocks usually inactive, see preceding page.
HIGH AND WW SALE PRICE-PER SHARE, NOT PER CENT.
Saturday,
July 22.
Monday,
July 24. •
Tuesday,
July 25.
Wednesday, Thursday,
July 26.
July 27.
Sales
for
the
Week.
Friday,
July 2S.
STOCKS
NEW YORK STOCK
EXCHANGE
PER SHARE
Range since Jan. 1 1922.
On basis of 100-share lots
523
PER SHARE
Range for previous
year 1921
Lowest
Highest
Lowest
Highest
$ per share. $ per share. $ per share. $ per share. $ per share. $ per share. Shares
Railroads
Par $ per share
per share $ per share $ per share
*14
17
*14
17
*1412 18
*14
17
Arbor
Ann
*14
100
17
17
17
100 10 Jan 3 2078 Mar
*4112 4212 4012 4012 *41
8 Mar 1234 Feb
43
4112 4112 *4012 4214 *41
Preferred
200
4212
100 2878 Jan 26 5114 Mar 24
20 Apr 324 Dec
101% 10112 10012 10138 10012 1023* 1012 10212 10178 1028
210038 10134 11,900 Ateh Topeka & Santa Fe_ _100 9134 Jan 3 1027sJuly 27
7718
June 94 Dec
9114 9114 91
9114 *91
9134 *91
Do pref
500
913* 9118 9118
913* *91
100 84% Jan 3 9134 Apr 22
318 318
7512 Jan 88 Nov
3
3
38
318
3
3
3
318 318 3,700 Atlanta 131rm & Atlantic_ _100
318
114 Jan 14
5% Apr 17
1 Dec
108 los
10778 IN 10614 lora Dr 17012 10,314 109
712 Jan
10912 1101
/
4 1,900 Atlantic Coast Line RR_..100 83 Jan 5 11114July 6
77 Apr 91 Nov
54
55
5278 548 53
543* 533* 54% 54
5713 57% 58% 82,500 Baltimore & Ohio
100 334 Jan 27 5812July 28
30% Mar 4238 May
*6218 .62'2 62 62
-32
62
6238 6238 6212 63
Do prof
1,200
63% 64
100
524
Jan
11 64 July 28
47 Mar 5638 Nov
.64
70
66
65
*64
70
64
64
*64
110 Buffalo Roth & Pitts
*64
70
70
100 50 Jan 4 68 May 25
4912 Dec 72% Mar
2518 2538 238 253* 2334 2518 2412 25
2412 25
25% 26% 15,000 Brooklyn Rapid Transit_ ...100
6 Jan 4 29 June 30
6 Dec 1478 Jan
*22
2212 21
2214 21
2112 *2114 2112 2134 21% 2214 22% 3,100
Certificates of deposit
olls Jan 11
2478June 30
312 Sept
139 13934 1383* 139
13814 13914 1381
/
4 139
13812 140
13912 14078 9,100 Canadian Pacific
100 11918 Jan e 145 A pr 17 101 June 10 Jan
*181 185 *181 185 *181 185 *181 185
1237s Nov
185 190
190 19312 1,600 Central RR of N J
100
Mar
184
31
19312J
uly 28 186 Oct 209 Mar
6838 6834 6712 6834 6714 688 6734 6914 6818 70
701
/
4 71% 8,200 Chesapeake & Ohio
100 54 Jan 10 7138July 28
46 June 6512 May
1012 1012 1012 1012 10
1014 *10
1014 10
1012 11
111s 3,500 Chicago & Alton
100
138
Jan
24
123
4May
26
4 Nov
*1712 18 *1712 1734 17
1712 *17/
834 Jan
1
4 1734 1714 1734 17% 18
Preferred
1,200
100
34 Jan 2L 2078May 25
618 Dec 12 Apr
36
36
3412 35
3312 3412 3334 347 *35
2,100 Chic & East Ill RR (new)
3512 3512 36
12% Jan 26 3978hlay
1312 Dec 1678 Nov
5434 56
508 50/8 5112 52
54
53
53
Do prof
54
2,400
53
53
82 Jan 30 59 Apr 28
3312 Dec 37 Nov
9
9
*834 9
*812 8%
834 8%
*812 9
8% 8% 5,300 Chicago Great Western_ _ _100
518 Jan 11
1034May 27
614 Dec
22
21
2018 2018 *2014 211
91s May
21
21
1,600
21
Do pref
/
4 *1714 1734 21
100 144 Jan 31
2412Ma
y
29
14 June 2078 May
27% 27% 2718 28
2714 28
2714 28
28% 2918 14,000 Chicago Milw & St Paul_ _100 1714 Jan 9 2934
2734 29
Apr 18
1714 Dec 31
44
4414 4312 4412 4318 44/
44
45
43% 45
Jan
1
4 43
Do pref
4534 14,000
100
29
Jan
10 47 Apr 18
2912 Dec 4612 Jan
75% 7534 75
76
75
76
75
7514 7518 7634 7614 7712 9,000 Chicago & North Western_100 69 Jan 9 78 July
7
*114 115
60% Apr 71
115 115 *114 115
114 114
114 114 *114 115
Jan
300
Do pref
100
100
Jan
11514J
une
27
43% 43% 4212 4312 4212 43/
95 July 110 Jan
4214 43% 4334 4412 18,300 Chic Rock Isl & Pac
1
4 4214 43
100 80% Jan 11 4814 Apr 20
22% Mar 35 Sept
9334 9334 9712 9712 *9334 94
94
9434 9512 1,800
94
94
94
7% preferred
100 8314 Jan 16 9812June 7
6834 Mar 8934 Dec
82
82
813* 82
8118 8114 *81
8238 1,500
82
8172 8172 82
6% preierred
100
704
Jan
9
8458June
6612 June 77 Dec
*65
*66
69
6712 *66
67
100 Chic St P Minn & Om_ _ _100 51 Jan 10 6812May 6
6712 *6512 6712 6712 6712 *65
6
7612 7612 7512 76
60 June 63 Jan
*7412 77
7412 7412 75% 7612 7712 78
1,300 Clev Cin Chic & St Louis_.100 54 Jan 4 78
July 28
96
32 June 574 Dec
96
*9518 9634 9518 96
*9314 96
95
9712 1,400
9512 96
Do pref
100 72% Jan 3 9712 July 28
4712 457 457
60 Feb 75 Dee
*47
4512 4718 *47
4612 4634 46% 47
1,500 Colorado & Southern
48
100 88 Jan 10 5312 Apr 24
*61
27 Jan 4678 Nov
62
*61
62
*61
62
62
*61
62
*61
62
61
Do 1st pref
100
55
Jan
18
66
Mar
23
49
*124 127
123 12414 *123 124
Jan 59 Dec
123 12518
123 123
123 123
800 Delaware & Hudson
100
Jan 4 123 May 22
*12734 129
90 Apr 11012 Nov
127 127% 1261
/
4 12613 12634 127
12814 12812 1,600 Delaware Lack & Western_ 50 106%
12734 129
108 Feb 14 1303* July 6
' *4
412 • 414 4/
93 Aug 249 May
1
4 *4
412 *4
414 *4
412 *4
100 Duluth S S & Atlantic_ _:_100
414
2%
Jan
27
6
Apr
25
*8
*6
9
1% Mar
8
*712 9
*8
*8
*8
9
9
9
Do pref
412 Jan
100
3% Jan 7 1012 Apr 18
1618 1612 16
1614 161
3% Nov
/
4 1612 1618 1612 1618 16% 1634 1718 13,000 Erie
738 Jan
100
7 Jan 9 1834May 23
*2334 2414 2312 2418 2334 24's 2314 23% 24
10 Dec 1514 May
25
25
2512 10,100
Do 1st pref
100
1118
Jan
273
9
4May 23
*1714 18
1718 1714 1714 173* 17% 1712 1712 1734 1734 1818 1,900
15% Dec 2211. May
Do • 26 pref
100
718 Jan 10 2014May 23
80% 81
7912 8114 7912 81
10 Dec 1578 Jan
79% 8138 80% 81% 82% 83% 19,820 Great Northern pref
100 7014 Jan 10 837
40% 40% 39
4014 3918 3912 39% 3938 39
60 June 7914 Dec
4018 39% 401
/
4 4,400
Iron Ore properties_No par 8138 Jan 6 45% July 28
Apr 13
25%
June 344 Nov
*1612 18
16
1612 *1612 18
16% 1612 16
16
*16
18
400 Gulf Mob & Nor tr Ws__ _100
5 Jan 4 19 May 22
*39
41
39
39
39
4034 39
39
434 Dec 1112 May
39
39
*38
40
Do pref
800
100
16
Jan
5
41
*107 10734 10612 10612 10612 107
July
19
107 107
15
Dec 26 Feb
108 10834 108% 109
2,500 Illinois Central
100 9718 Jan 8 109% Apr 18
*138 112
133 178
138 138
8512 Mar 10012 Nov
112 112 1,800 Interboto Cons Corp_
138 1%
114 1%
.No par
I Jan 10
5
3% 338
Apr
31/4 33
8
314 338 2,300
314 33*
314 338
118
Dec
314 314
5% Jan
Do pref
314,Tune 20 1234 Apr 8
*25
2578 247 2534 253* 2512 *2434 25
2512 25% 25% 26% 3,400 Kansas City Southern__ 100
314 Dec 16
Jan
_ _100 224 Jan 11 3014 Apr 25
*5714 5734 *56
5712 *56
5712 5834 5634 *57
1812 Feb 2878 May
58
5712 58
Do
pre(
900
100
*5
10
*5
4 Jan 5 59% Apr 26
10
*5
10
*5
10
*5
4512 Jan 55 Nov
10
*5
10
Keokuk & Des Moines_..l00 523
5
Jar
32
.30
3014 3014 3018 3014 *30
17
93
4June 6
3112 *30
3112 3112 3112
412 Nov
61. May
400 Lake Erie & Western
100 10 Pet. 2 3978.1une (3
6312 6312 *6312 65
*6312 65
*64
_ _ _ _ .66
10 Mar 1412 Jan
70
67 67
Do pref
200
*6414 6428 63
100 2618 Feb
6458 6312 6312 6258 6318 63 65
64 July 17
17% Aug 30 Dec
65% 6612 9,200 Lehigh Valley
50
•129 130 *129 13012 12934 130
56%
Jan 8 6738MaY 29
12814 12814 128 13012 130
4718 June 6034 Dec
1,500 Louisville & Nashville__ _ _ 100 108 Jan
46
45
46
4512 443* 4514 4514 4514 44% 4514 45% 13312
13513 July 6
97 Apr 118 July
4518 1,100 Manhattan Ry guar
100 85 Jan 6 557mMay 3
*612 634 *634 72
654 634
612 612
*534 614
6
6
32 Dec 5812 Jan
Market
300
Street
RY
100
*32
*3212 3312
3312 *32
34 Jan 28 11 Mar 14
33
*3212
3312 34
234 Dec
Do prof
*3312 35
300
7 May
s5914 6014 5912 5912 5914 5914 5878 3312
100 17 Jan 9 50,4 Apr 11
59
*58 60
/2 A lig 1812 May
59
Do prior pref
59
600
*1812 20 *1812 20
100 8518 Jan 7 67 Mar 14
*1814 -20
1812 1812 15
1512
27
15%
Aug
Do
15%
700
2d
4512
prof
May
1114 111
518 Jan 9 32 Apr 10
/
4 1114 1114 1118 1114 11
1118 11
1114 1134 1134 1,800 Minneap & St L (new)_ _ _ _ 100
414 Aug
838 May
6218 6218 62 62
*62 65
100
5 Jan 8 1412 Apr 29
*62
63
518 Dec 143.1May
*62 (13
62 62
300 Minn St P & 85 Marie_ _ 100 55
*1112 1212 *1114 1212 *1114 1212 *11
June 29 7134 Feb 27
1212 *1112 13
*1112 13
63 Aug 7412 Nov
Missouri Kansa?
1712 1734 1712 1712 17
Is Jan 16 14 May 23
1734 1718 17% 1712 1734 1734 1778 15,100 Mo Kan & Texas& Texas_ _100
1
Dec
318 Nov
(new)
.4018 4012 3914 403* 3912 40
712 Jan 11
*39
40
1912May 22
3912 40
40
Do
40
2,200
pref
8 Dec
9% Dec
(new)
_
_
-- - -Do part warr 1st asst paid 2412 Jan 27 4318 Apr 28
22% Dec 2638 Dec
1014 Jan 30 2212 Apr 28
-_- -eY
1
22 22;
213* 221
4 -2112 -211-8 -2114 22-- -12- -211; 221 221
9% Jan 16 2814May 22
issoourPirracific trust ctfs_190
- 7,700 MD
5434 5518 5334 5512 543* 55
16 Jan 10 2514 Apr 18
5314 54
5312
5512
56
Do
6,900
563
4
16
pref
Mar
trust
-2i14- May
*412 434
ctfs
42 434
100
434 434
434 434
434 434
434 43
1,500 Nat Rys of Max 2d pref_..100 44 Jan 10 8934 Apr 17
331.Mar 4918 Nov
6612 65
*65
66
65
65
65
66
3 Jan 28
6612 6612 6712
7/
1
4May 27
1,400 New Ori Tex & Mex v t c_ _100
234 Dec
9518 9578 94
63* Feb
951
/
4 9414 953* 9412 9534 9434 963* 963 68
54% Jan 10 70 June 23
4 9814 27,100 Now York Central
46 June 7712 Feb
*7412 76
*7412 75
*741 7512 7412 7412 *7412 75
100 7234 Jan 4 98/
*74
1
4July 28
75
100 N Y Chicago & St Louts_ _ _100
(341 June 76 Dec
*8012 83 *80
83 *80
83 *80
514
82
Jan
83
83
82 May 26
83
Do 2d pref
83
100
39 June 6138 Sept
29% 3034 291s 3014 29
100 6184 Jan 5 85 May 25
3014 2938 3014 293* 3112 31
3134 27,600 NYNH& Hartford
54 June 6812 Sept
*2514 26
2512 2534 26
100
26 .25
26
2612 2612 2614 2634
3514May 20
500 N Y Ontario dc Western__ _100 1218 Jan
12 Nov 2312 Jan
*18
*18 20
20 .18
20
*18
1934 Jan 9 294 Apr 10
20 •18
20
19
19
100 Norfolk Southern
16 Mar 23/
1
4 Sept
10914 10914 109 10914 109 10912 109 10914 10914 111
100
834 Jan 8 2212June 6
11134 112
3,000 Norfolk & Western
814 Sept 1314 May
80
*76
*76
80 .76
80
100
*76
9614
80
*76
Jan 9 112 July 28
80
*76
80
pref
Do
7614 7614 7514 7612 75
Ws
June
1047
* Feb
1
100 72 Jan 9 78 July 7
7612 75
7614 7614 7712 7712 7812 11,709 Northern Pacific
62 June 7434 Dec
4434 45
4412 4518 4412 45
100 7334June 19 821:Mar 15
4434 45
45
47
4678 4738 55,400 Pennsylvania
6114 June 88 Jan
*2112 23
21
21
*21
22
50
21
21
8314 Jan 8 47%July 28
21
22
2234 23
1,100 Peoria & Eastern
3214 June 415 Jan
3318 3338 323* 3312 33
3314 3218 327
100 1014 Jan 14 247sJune 6
3214 34
34
8 Nov 12
343* 13,900 Pere Marquette v t o
Jan
*7634 78
*77
78
7718 7718 .7714 78
*77
78
*77
79
1634 Mar 2378 May
Do prior pref V t c__ _ 100 19 Jan 10 34%May 29
100
*67 68
68 68
*67
68
_100
*6712 68
63 Jan 17 7/Panne 3
68 68
50
6812
6812
400
Apr 6512 Dec
Do
pref
1
v
t
c
3832 38% 37 3838 37/
1
4 373* 3718 3712 3712 3912 393*
100
501
8
Jan
6
71
July
13
16,700
35
Pittsburg
Jan
411
6654 Dec
h & West Va__ _ _100
4
*8834 89% *8814 8912 *881
/
4 8912 *8812 8912 *89
28 Jan 27 4114 July 28
8912 8912 8912
23 Oct 32 Jan
100
Do prof
, 7438 73
7412 7412 731.
7312 738 7418 73
100 76 Jan 13 9012 Apr 25
7512 7518 7638 8,400 Reading
70 Mar 80 Dec
*3112 52
52
52
52
52
*5112 5212 52
50
Jan
52
714
3
82
.512 53
7sMaY 29
6034 June 8914. Jan
300
Do 1st prof
50 43 Mar 27 57 May 31
5212 5212 52
5212 *5112 5212 *52
3612 June 55 Feb
53
*5212 53
53
53
500
Do 283 pref
*42
45
46
*43
*42
46
*41
50 45 Jan 27 5912May 31
45
45
*41
3818 Aug 5734 Jan
45
Rutland RR pref
2778 27% 2712 2778 2714 273* 2714 2712 *41
100
1712
27
Feb
6
283
5314June
1
8
2812
2914
8,500
St Louis-San Fran tr ctfs
*49
50
50
50
*49
50
49
100 20% Jan 15 3112 Apr 29
49
49
4912 50
10'a Mar 255 Aug
5012
900
Do pref A trust ctfs
2814 2814 28 2812 2814 2814 28
28 *2812
27% June 3912 Nov
2,200 St Louis Southwestern_ _ 100 36 Feb 1 52 Apr 22
4512 4512 443* 453* 4434 4434 453* 4534 4514 2912 2838 3012
_
_100
20% Jan 3 323sMay 22
1
4514
1912 June 3012 May
2,200
4612 46
7
7/
1
4
712 712
7
7
7
7
100
678 7
32% Jan 10 50% Mar 3
7
28 June 41
714 3,200 Seaboard Air Line
Jan
1214 1214 10% 1134 1034 11
11
100
1112 11
2% Jan 4 10 Apr 15
12
218 Oct
1112 1212 3,800
714 May
Do pref
90 90
891s 9018 89 90
8918 90
100
8938 9034 91
418 Jan 13 1434 Apr 15
3 Dec 1212 May
9178 19,800 Southern Pacific Co
2414 2478 2418 243* -24
2434 25
438
100 7818 Jan 10 9338May 29
2438 248 247 2538 12,800 Souttorn Railway
6712 June 101
Jan
5618 5531 5618 56
5612 5612 56
56
100 1714 Jan 10 25% Apr 26
55/
1
4 5712 5714 58
1738 June 24% Jan
Do prat
3,300
2912 28
*29
28
28
2834 28
100 46 Jan 10 59% Apr 24
29/
1
4 28
2938 2934 3012 4,600 Texas & Pacific
42 June 60 Jan
21
21
21
21
*2012 22
21
21
100 24 June 16 36 Apr 21
*20
1618 Jan 27% Dec
22
*20
22
300 Third Avenue
*50
53
50 50- - - -1212 Aug 20% Mar
200 Tol St L & West Series B 100 14 Jan 5 25% Apr 25
*4734 49
45
4734
14 Jan 24 5518June 23
600
Do
pier
Ser
5312 5312 *523* 54
B
r.a- 54
- 2f2 -5-212
2218 Jan 20 5034June 15
300 Twin City Rapid Transit_
13.14114 14134 140 142
14034 142
139 14134 140 14234 1413 1434
_100 34 Jan 12 5612June 10
3118 Dec 5512 Apr
11,200 Union Pacific
75
7514 75
75
75
75
75
75
*74114 7514 .74
100 125 Jan 10 1444 July 6 111 June 131% Nov
76
1,500
Do
vet
1234 1234 1214 1212 12
121
/
4 171
/
4 121
100
/
4 *12
7678
714
Apr
1212 1214 121
21
Jan
6214
7
July 7412 Dec
/
4
1,400
United Railways Invest_ _
*2714 28 *2612 2812 *2612 28% 27
27 .27
_100
6 Aug 121
718 Jan 6 19% Apr 11
2812 *27
/
4 Mar
2814
100
Do prof
*1214 1212 12
121
/
4 12
121
12
100 2014 Jan 9 3612 Apr 11
1218 12
12
17 Aug 26 . Mar
123 13
2,700
Wabash
3112 3134 31
312 3034 3118 3012 3112 3012 3178 3134 33
100
6 Jan 30 1438May 26
6% Dec
9 May
13,000
Do pref A
.*21
22
*20
*2012 22
22
*2012 22
100
*2012 22
19 Jan 25 34% Apr 17
18 Mar 2412 May
22
22
100
Do pref
100 1214 Jan 28 24 May 26
12% Mar 1578 Nov
11% 12
1112 1112 *1114 12
1114 1112 1114 1114
1134 12,8 2,000 Western Maryland
•19
*19
1938 19
19
1912 19
19
(neto)_1
19
00
838 Dec 1112 May
134June
2012 20
6
84
Jan
80
1,000
Do 2d prof
2034
18
1812 1612 1712 163* 1678 1718 1814 183* 187
100 13 Jan 17 24 June 6
1414 Dec 21 May
3,509 Western Pacific
183* 19
*5814 5918 55% 5814 . 5534 5534 5718 5718 5718 5718 57
15 Dec 30% May
100 144 Jan 80 2478 Apr 24
57
2,000
Do
pref
1338 1312 *1314 1312 13
1314
13
1312 13
100 81% Feb 1 6412 Apr 21
511, Dec 7012 Jan
1334 137 14
2,300Wheeling & Lake Elie
*25
26
24
*2412 2512 2412 2412 24
Ry_100
*2514 2578 2512 25%
6 Feb 2 1612June
611 Dec lils May
(309
Do pref
*2814 30
*2812 30
2818 2812 *2812 31
*28
30
100
121
: Dec 1912 May
293*.1tine
7
Jan
91
4
4
2914 2912
600wisconsinC
Central
100 25 Jan 10 33/
23 Oct 3712May
1
4 Mar 13
Industria
•
l
&
Miscellaneous
6412 6412 6414 6412 6414 6434 *63% 6412 6334 63% • 6334 6414
6
900 Ad a
van
msceER
xti
prieneiy
ss _ __
*1814 1812 1712 1814 1712 1712 1714 1714 *17
100 48 Jan 12 69 Mar 29
18
2612 Jan 5334 Dec
*17
18
*4812 4012 *48
______________ 100 10% Jan 19 2014June 6
*49
50
4812 *4812 4912 *48
4834 49
1012 Dec 1934 Jan
200
49
Do
prof
*5512 56
565s *5512 56
56
*5512 56
5534 57
3112 Dec 5218 Feb
5012June 6
5-312 56%
800 Air Reduction, Inc...
.No
1418 1412 131
14
14
8
133
rar 4
1338
1312 13%
8
/
4 14
30 June 50 Dec
6714 Mar 28
912 13% 10,g2 ta\
s 3
R10
097.Mrinnees
33
5
11,1
12
12
38
*3.3
151 1 Dec 3912 Jan
912July 28 1884 Apr 25
12
12 "
12 *32 12
8
12
*138 112
114
114 *114
412 Feb
%may 10
14 Dec
1% -4'114
Jan 13
1,500 AlasKa Juneau Gold
138
• 6814 6838 67:s
12 Oct
8
134 Feb
2 1%1113,17
619% 68 68% 6712 0814 6812 7012 9,700 Alliad Chem & Dye__Min
_.No par
107/
1
4 10712 107 107
107 107
10634 10634 *107 108
72%May
24
34
Aug
5914
Dec
10612 10712 1,800
Do pier
54
5412 25134 53
5112 5312 5218 5314 5218 54
83 June 10334 Dec
85%
13814 jj
J
Jananaa 2143
53 • 5412 5,300 Allis-Chalmers Mfg.100 10
3 110 June 14
*9812 99
*9812 9912 0812 0812 98
98% 98
98
2814 Aug 39% -Dec
3734
12 Jan 4 58 July 19
9812
9812
*39 • 39/
1
4 3812 39
6712 Aug 90 Dec
3814 38% 3814 3812 37% 3818 3634 38
100 Apr 21
0300 Am
peor Agricultur
1f
al
*63
6312 63
63 .63
6312 6312 6312 6338 64
2612 Aug 6512 Jan
6312 *53
86 Jan 5 427sJune 1
4
20
00 Am
Deorlettpnren
f
*65
70 .85
*13,3 .70
217
70
67
*68
70
10 • 51 Aug 90 Jan
Mar
69
*66 ,70
ank- Note
- 1-(5
)
g .5
4612 Jan 5612 Dec
154329
8: .1
jja
an 168
7 77l: Apr 7
•Bld and asked prices; no sales on this day. ;Ex-rights. i Less than
100 sintres. a Ex.-.Iiv'Lle'n4
pare for share to stock of Glen Alden Coal Co. at $5 per share and ex-divide
and rights s Ex-dIVIdend. 3 Ex-rights (June 15) to subscribe
nd 100% In stOok (Aug. 22).
•
Lan.I
6V: :341,48
•
flgc--ix-e-inTiigg
New York Stock Record-Continued-Page 2.
524
For sales during the week of stocks usually Inactive. see second page preceding.
HIGH AND LOW SALE PRICE-PER SHARE, NOT PER CEVT
Saturday,
July 22.
Monlap,
Jalo 21.
133111,
,
7
Ja17 25.
Welnestay, Tharslay,
July 27.
flip 25.
Friday,
July 23.
Sales
for
the
117eek.
sro•.:acs
NEW YORK srocK
EXCHANGE
PER SHARE
Rum sInce Jan. 1 1922.
On basis of 10)-share lots
Lowest
Highest
PER SHARE
Ranoe for previous
year 1921
Lowest
Highest
$ per share $ Per share $ per share
per share Shares iadu3. & Miscall. (Con.) Par $ Per share
oer share $ Per share
11 $ Per share
$ Per alive $ OCT .031,
4312 Jan 5012 Dec
50 52 Jan 12 54 Mar 3
Am Bank Nots prat
*52
55
55
*52
55
*52
55
*52
55
*51
*51
55
2112 Oct 51 Feb
100 3134 Jan 3 49 June 9
Sugar
Boat
Am3:13an
•
45
3,100
45%
4112
453
4514
4
4712
47
45
4512 43
45
44
21
5134 Dec 741 Jan
77
June
11
Jan
61
100
D731
DO
*75
89 *75
80
77
*75
*7312 80
80
*734 80 *73
294 Aug 6512 May
sinato__No par 3114 Jan 31 49 Apr II
3318 35% 374 314 131 1,991 Amo- Balch
33
*3312 37,
4 *3314 3112 38
*38
Jan 561 Dec
42
Jan 4 65 July24
ps.
51
F___No
&
91803
13:aks
Am
1,810
6512
Mt
611
65
63%
63%
6112
.1114
65
63 6312 61
11
Jan 100 Dec
June
109
881
18
Jan
9814
100
ire
Da
100
103 103 *10114 108 *101 103
*1054 IOS *10314 108 *107 109
2312 June 3512 Dec
109 324 Jan 5 571 July 21
Can
Arno:loan
6,297
531
8
5912
57%
581
53%
5712
5714
51%
57
5512
5-3
5512
10312 lily 23
731 June 97 Deo
3
Jan
9314
100
pref.
Do
399
*198
109
110
10112
103
10712
109 109 *108 110
*10812 110
17212 July 23 11514 June 15114 Dec
153 11312 16312 11912 170 17312 1,29) Am rim Car dr Foundry _109 141 Jan 10 121
*167 11312 1-35 113 *117 158
912 Dec
y 12
16
av
lo
jan
613 11N
121ime 6 108
100 1154 Jan 6
Da prat.
109
12914 12914 *131 125 *121 125
*120 121 *1194 121 *31912 121
14 May 5
27
Jan
7
DV
No
Chile
Am3r13an
103
1012
4 *10
10,
9% 91
1012 *10
*10
11
7
*10
10,
4 *10
4 Nov
243
15
June
31
3012May
10
Jan
1914
100
MO) Am rIcan Cotton Oil
21
25
214 254 25
234 25
*26
2712 214 2514 25
3512 July 67 Apr
10') 41 Jan 11 61 May 31
Do Prat
49')
53
53
*53
53
53
*50
53
*59
53
53
55
*50
4 June
834 Jan
412 Jan 23
412 Jan 13
519 Amor Dmlalsts Syndicate__ 10
51 51 *514 512 *514 512
51 5%
5% 518
512 512
100 125 June 23 14312 Apr 22 114 July 137 Dec
ECDte33
113133n
A
31)
133
139
130
.125
/33
*127
123
128
132
*127
132
*128
8 Apr 16 Dec
.spr 11
1734
18
Jan
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15
314 3
1.
100
6
1 34371143
37
404 4114 401s 4178 384 4134 32,100
1
Do pret
40
3712
107 Oct 3334 Feb
37 3714
2114 257 211 61,050 Cuban-AinorIcan Sugar____10 1413 Jan 3 271sJune 5
2312 2512 211 2/
25
68 Oct 95 Feb
92
100 784 Jan 17 9412 Apr 18
II 244 2134 211 2514 91
914 91 14 9034 9114 1,800
*71
Da wet
91
90
90
23 Mar 591 Nov
*8912 91
c_No par 43 June 13 051 Apr 6
s 411 404 45
t
7
v
437
Chemical
45
4512
Divlaon
9,509
45
4112
131 June 21
4712 4314 44
46
Jan
1513 Jan 3 281May 2
21 12 2978 2112 21,8 217
21
1,101 Do Boers Cons MInai....No par
21
21
934 Nov 100
.214 22 .21 1s 22
Oot
101 MN% tan 1 1 10874 Misr 21
19.1 0.t •-iIr 91fila.
13312 .11512 1134 11'14 1114 .131 197
•1054 11312 •1934 11312 11512
on MS dal!. 4 ES-dIvidend and rights. •Aistilaitient paid. s Es-rignia. •Bs-dividend. •Pat value $10 Per snare.
•Bid and asked prieek nomads
r-a
a
1,11 Jan.1 4t71,4,MutrT
New York Stock Record-Continued-Page 3
525
For sales during the week of stocks usually inactive. see third page preceding.
HIGH AND LOIV SALE PRICE-PER SHARE, NOT PER CENT
Saturday,
July 22.
Monday,
July 24.
Tuesday,
July 25.
Wednesday, Thursday,
July 27.
July 26.
Friday,
July 28.
Sales
for
the
Week.
STOCKS
NEW YORK STOCK
EXCHANGE
1
PER SHARE
Range since Jan. 11922.
On basis of 100-share lots
Lowest
Highest
• PER SHARE
Range for previous
year 1921
Lowest
Highest
$ Per share. S per share. $ per share. $ per share. $ per share. $ per share. Shares Indus.& Mlscell.(Con.) Par S per share S per share $ per share S per share
.30
3012 2934 30
1,500 Dome Mines, Ltd
2934 30
29,
4 298 30
30
29% 30
10 1812 Jan 4 3038June 24
1018 Jan
2134 Apr
---- ---- ---- --__ -_-- ___- ---- __-_ -_-- ---Eastman Kodak
100 600 Jan 9 800 Apr 15 /593 Nov (3690 Feb
Electric Stor Battery
100 125 Jan 18 179,
4 Apr 15 12414 Dec 124% Dec
7,25- 2114 -20
.18 -2-01-8 -208 207500 Elk Horn Coal Corp
-.
14 -2-014 -------21
8 -20
50
1414 Jan 2t
2314June 14
Jan 2534 May
16
*8
9
*8
9
*8
9
*712 9
Emerson-Brantingham____100
*712 9
*712 9
258 Jan 4
212 Dec
1118June 5
98 May
8334 8412 8212 8312 8212 8212 82
8234 2,800 Endicott-Johnson _____ ___ 50
8214 817 83
82
52
Jan
81
7614 Jan 10 8712 Apr 19
Dec
*11234 115 *113 115 *113 115 *11312 115 *113 115 *113 115
Do pref
100 104 Jan t 114 July 7
Jan 10612 Dec
87
82
8314 81
82
Famous
4,200
8114 8134 81 1 1 8134 82
82
82
8214
Players-Lasky_No par
29
8718May
10
8
Jan
July
7518
445
Apr
8212
*93
96
*93
96
*93
Do preferred (8%)_ _ _ _100 9111 Jan 28 99 Jan 14
94
96
100
*93
9312 9312 *9314 94
7434 July 97 Dec
*1218 13
*1218 13
*12
13
100 Federal Mining & Smelting 100
*1218 13
*1218 13
13
13
9 Jan 3
1334 Dec
16121May 17
518 June
*51
5134 *50
pref
52
51
Do
5118 5012 51
800
50
*4912 51
50
100 3712 Mar 14
21 Sept
4312 Dec
5334May 17
*110 116
114,
4 11434 *113 115
900 Fisher Body Corp
108 11018
112 112 *110 112
No Par
75 Jan 5 12712 Apr 20
Jan
75 June 90
'*88
9012 *88
90
700 Fisher Body Ohio, pref__100 7612 Jan 6 10314June 14
8812 89
*8812 91
8812 884 87% 8818
Sept 84 Dec
57
1434 14,
4 138 1434 14
14118
13
14
127k 1334 7,800 Fisk Rubber
1338 1378
25 1118 Jan IC
Apr 25
1912
May
1938
8
,
4
Aug
2214 2212 20
2212 201s 2178 2034 22
2114 223s 2234 238 20,500 Freeport Texas Co
No Par
1214 Jan 24
2678June 3
912 Aug 2012 Jan
Gaston, W & W,Inc__ _No par
18 Oct
18 Jan 2O
518 Jan
112 Mar le
*6112 617 *6112 62
-- -- --69
61
2 628 1,500 Gen Am Tank Car
*5934
No par
453,
Jan 14 677sMay 8
5912 Dec
398 Oct
7058 7112 6934 7334 69, 7128 6812 7158 6318 7218 70% 7212 110.800 General Asphalt
100 561ti Jan 28
7334July 20
3918 Aug 7838 May
107. 109
108 11012 107 107
108
2,000
prof
Do
108 108
4
10812
1073
106
100 90 Jan 10 111 July 20
77 Aug 117,2 May
*7512 76t2 *7512 77
75
75
7512 7512 74
768 3,300 General Cigar, Inc
75
76
100 65 Mar 3 7858July 20
8 Dec
Jan 70,
54
*101 1011., *101 10114 10112 10112 *10118 102 *10112 102 *101 102
100
Debenture pref
100 94 Jan 4 10214 Jan 18
8018 Apr 9512 Dec
1761t 176,4 176 177 *176 177
174 17512 175 17712 177 18012 2,780 General Electric
100 136 Jan 9 18012 July 28 10912 Aug 14334 Dec
3
1418 148 1358 1414
46,600
General Motors Corp__No par
1312 1418 13% 14
1358 1378 13 4 14
11814 July5
814 Jan t
93 Aug
1614 Jac
*81
83
81
100
Do pref
*81
81
83
*81
*8012 8112 *8012 8114
82
100 69 Jan 24 83 June 6
63 June 75 Dec
1,010
*81 12 82
Do Deb stock (6%)
*8012 81
81
8112 81
*8012 81
8134 *81
82
100 6734 Mar 0 84 June 28
60
Dec
Aug
7312
.94
Do Dab stock (7%)....100 7914 Mar 8
95
*84
95
*94
59
*94
*94
95
95
*94
95
97 June 28
69 Aug 85 Dec
15
15
*1412 1512 1534 15,
15
300 Glidden Co
*1434 1512 15
4 *1434 15
No par
1358July 1
1814June 2
3
7,700
3812 39
Goodrich
3814 38,
4 38
3812
4
37
Co
2
3812 37
38
(B
38,
37
F)_ _ No par
3412 Jar. 4
448May 31
2658 June 4418 Jar
*8734 89
200
Do prof
874 8734 878 87% *8614 89 *8614 8814 *8614 88
100 8512 Jan 7 91 Apr 22
6212 June 86 Dec
' 3018 301s 2918 3034 298 297s 2934 2934 30
*2934 3012 1,400 GranbY Cons M.Sm & Pow100 •el3 Apr 3 35
30
May
24
15
Aug 3412 Not
*16
17
1,200
Gray
*16
17
&
*16
Davis
1412
1512
15
15
,
,
17
4
4
16
1618
Inc
No pa/
12 Jan 3
197s May 31
912 Jan
4 Mal
16,
*3034 31
700 Greene Cananea Copper
30
30
30,
8 308 3014 3014 30
30
*2912 30
25,
4 Feb 27 345sMay 29
19 July
2912 De(
12
1212 1212 1234 13
13
13% 3,000 Guantanamo Sugar
13
13,8
1314
13
13
No par
7 Feb 18
1458 Mar 11
512
Dec
Jar
167
Gulf
8314 84
States Steel tr etfs___100 447 Jan 9 9012
85,8 18,100
7912 85
8312 82
80,2 8212 79
8134 79
-list 2(
25 June 5078 De(
*15g
178
15g
158
17
2
158
158
134
134
134
258 8,200 Harbishaw Elec Cab _No par
37 Mar le
ki Jan 20
135o Jar
12 Nov
2212 2212 *21
2212 *21
24
2212 *21
200 Hendee Manufacturing___100 15 Jan 12 2612June
2212 2212 *22
23
I
13 June ' 2518 Api
*69
70
69
69
*67
71
100 Homestake Mining
70
*67
70
*67
*67
70
100 55 Jan 14
75 At 11
4912 Mar 61 Ma3
7212 73
7458 7412 7218 74
7114 73
7212 75
75
7512 4,000 Houston 011 of Texas
100 70 Jan 9 85 June 3
4012
Aug 86 May
19
1918 1378 1914 19
3
Motor
4,300
Hupp
Car
1858
19
188
Corp
18,
18
4 1834
19
10 10% Jan 6 2114May 17
1012 June
1634 May
97 10
10% 1012 10
10
958 97
934 1012 10
1018 4,200 Hydraulic Steel
No par
312 Feb 9 14 June 2
6 Dec 2034 Jar
38 38
1,100 Indiahoma Refining
358 3
378 38
334 334
,
358 358 *358 4
4
5
314 Jan 27
558May 26
2
June
718 Jar
*812 87s
8
8
8
8
Indian
*8
9
*8
200
Refining
9
*8
9
10
5 Jan 20 1158June 7
612 Dec
1534 Jar
41
4914 4112 4112 4112 2,200 Inspiration Cons Copper
41
4034 4112 4012 4118 4014 407
20
3712 Feb 11
45
June
1
Mar
2958
4214
Dec
*812 9
*8
9
*8
9
Int)rnat Agricul Corp..
*8
9
*8
9
*8
9
109
758 Jan 8
6 Aug
1134May 4
1334 Jan
*37
3812 38
39
*37
3812 *37
38
*35
38
400
37
Do pref
37
100 33 Jan 18
43 Mar
31
Dec 57
Jan
53218 33
3218 3214 3212 3212 3112 32
2,090 International Cament__No par 23 Jan 2? 3358May 15
3012 3158 32
32
8
21
June
29 Nov
2184 22
22
22
217 2214 2214 2214 221s 2218 *22
1,209 Inter COM‘)113 Eng
25
No par 2134Ju1y 22 2858 Apr 11
104 10434 10312 10312 103 103
103 103
103 103
1,003 Internat Harvester (new)__100 7958 Jan 3 10312.1une
103 103
1
6758 Aua 10017 Feb
*113
__ *113
*113 117 *113
__ *113
Do prat (new)
-*113
100 10512 Feb 14 117 July G
9914 June 110
Jan
*1814 1-0.
18 -1-814 *1818 19
1,009 Int Mercantile Marine
1814 -1-8'4
19
1814 1834 *18
100 1314 Jan 4
2712May 3
1714 Jan
718 Aug
73
7312 7112 73
71
7134 72
72
pre
Da
72
7212 4,700
7158 72
100 6214 Jan 4 8758513y 3
36 Aug 6734 Dec
1758 18
1718 1734 17
1712
1718 1758 17'4 1712 1712 17,
4 8,700 International Nickel (The) 25 1114 Jan 9
3
19 4 Apr 21
1112 Aug
17 May
*79
8212 *77
8212 *77
83
*77
83
*77
Preferred
83
*72
7212
100 60 Jan 4 85
fa, 23
60 Dec 85 May
518 5212 5034 5212 52
538 52
5312 5134 5318 5318 5118 11,990 Intarnational Papa:
100 4312 Mar 8 5178Ju1y 18
3858 Aug 7334 May
870
71
70
70
70
70
Do stamped prof
*70
409
72
6958 69% 70
70
100 59 Mar 9 71
Jan 5
67 Aug 7558 Nov
1278 1318 1218 12% 1218 12,2 1218 12,
16,090 Invincible 011 Corp
8 1218 1278 1212 13
50 1218 July 21 2014 Apr 17
512 Aug
26
Jan
*324 31
3112 32,
4 3212 3212 32
33'8 3214 32% 2,600 Iron Products Corp__ _ No par 24 Jan it' 3578 July 6
321. 32
2212 S3pt 40
Jan
78
%
14
34
34
78
kt
7/1
34
78
34
78 6,599 Island Oil & Tramp v t e
10
% Apr 6
3
inc 25
3
2
Sapt
4
4
Jan
*18
1814
1734 1818 17
Jewel
17
17
Tea, Inc
17
1734 1814
1734 1814 2.400
100 10 Jan 4
2212May 2
4
Jan
1212 Dec
*66
*67
70
69
*67
69
*67
100
Do pref
69
68
68
*68
70
100 3312 Jan 4 731251 Iv 26
812 Jan
4531 Nov
4518 4518 4312 447
4618 4,690 Jonas Bros Tea, Inc
4134 46
46
4458 45
45
457
100 3412 Feb 11
47
July
20
1112
Jan
38,
4 Dec
4
4
414
4
414
4
414
458
418 9,300 Kinsas & Gulf
4
418
4
10 4 June 16
712
fan 3
412 0:a,
9 Nov
Kuser (Julius) & Co
.--- ____ ____ ____ ____ ____ ____ ____ ____
100 81 Jan 17 110 May 5
7_
68 Mar 85 Dec
*42
4214 4012 4212 40,
Kayser (J) Co. (now)_N0 Par 34 May
4 4112 41
4112 4914 4214 4214 -1278 3,409
1
4712alay 8 _
102 102
1st preferred (nao)__No pal
10212 10212 *102 103 *102 103
500
10114 10114 *101 102
94 May 1 10612.fune 9 _-_-_ -, -_-_-_-_ ----- --. -------4712 48
4558 4712 4512 4718 4514 47
11,800 Kelly-Springfield Tire
46
4714 4612 43
2' 3414 Jan 4
5334May 5
3212 Aug 547 May
*10212 103
102 10212 *102 103
1,000
Temporary 8% pref
100 10012 100 100
*99 101
100 9012 Jan 4 10734Nlay 9
7014
May
94
Jar
*82
86
6% preferred
*82
86
*82
86
86
*83
*81
80
*83
86
7112 Jan 3 86 June 5
70 May 80 Juni
*97 103
500 Kelsay Wheel, Inc
95
95
97
*9512 99
96
*95
99
95
95
100 61 Feb 11 Ill
Apr 6
35 Mar 69 Not
3614 3634 35
3614 35
3514 355 3.318 3514 3634 3014 3658 11,000 Kennecott Copper
No par 2312 Jan 4 3958May 31
16 Mar 2778 Del
912 128
33,200 Keystone Tire & Rubber__ 10
9
978 11
978
958 Ills
10,8 11
1012 11
9 July 24
2438May 4
177 Mat
814 Jan
14158 1413 142 142
909 Kresge (S S) Co
142 142
142 144 *142 144 *142 144
100 11(1 Jan II 17234June 2 130
Jan 177 Dec
3
7734 7934 7678 78% 7738 7878 77
3
22,000
Lackawanna
78,
Steel
4 7814 79 4 77 4 7912
100
32 June 5812 Jar
8312 8378 8212 8212 8112 8112 82
1,109 Laclede Gas (St Louls)__ _ _100 4112 Jan 4 8158May 16
84
84
8212 *8258 84
43 Jan 13 84 July 19
40
Jan 5712 Ma)
2818 2812 28
2812 2818 2818 28
28
28
28
2818 2878 2,100 Leo Rubber & Tire___No par
2358
1712 Jan 30 Dec
4/7_3 180 *173 180 *173 180
200 Liggett & Myers Toialee0_ 100 15314 Jan 8 351g Mar 16
171 174
173 173 *173 175
Feb 18 174 July 23 1381 1 Jan 164 Dec
*118 123 .118 123 *118 123 *119 124 *118 123
Do prat
118 118 . 100
100 108 Jan 10 113 July 18
9758 Jan 110 Not
107 107
10512 10612 10578 10714 105,
106 10738 10.37s 10958 5,409 Lima Locom Wks Inc
4 107
100 91 Jan 3 11778May 24
61 Aug 102 Dec
110 110 *109 113 *109 113 *109 115 *111 113 *111 113
Preferred
109
100 93 Jan 31 V17 May 26
8712 Aug 10014 Dec
*1518 1512, 1414 15
15
1558 1514 1558
1518 1514
1518 15,8 4,609 Loew's Incorporated___No par
11,4 Jan V
1858 Apr 17
10 June 21 12 Mai
*12
1234
12
1214
12
1,700 Loft Incorporated_No par
12
12
1218
12
12
12
121s
9 Jan 9 1414May 3
1234 Jar
724 Aug
*43
45
*42
43
*42
45
*42
109 Loose-Wiles Biscuit tr etis_100
44
45
*43
44
44
86 Jan 7 5114. Apr 15
30 Aug 42
Jar
*107 160 *157 160 *155 160 *15834 160
809 Lorillard (P)
15912 16112 162 162
100 14714 Jan 13 162 July 24 . 136
Feb
16418
Fel
.111 115 *105 115 *105 115
100
Preferred
115 115 *105 117 *105 107
100 109 Jan 13 115 Mar 16 100
Jan III
Dec
.94 103 *10014 103
100 10014 10058 101 *10114 103 *10114 103
500 Mackay Companies
100 72 Jan 5 105 July 12
72 Dec
5912 Jan
6512 6512 *6534 66
*6534 66
Do pref
409
67
67
*6534 6712 *65
67
100 57 Jan 13 69 June 1
55 June 62 De(
56
60
58
58
5512 5912 5512 5914 5.37s 58
19,200 Mack Trucks, Inc
58
57
No par 2512 Jan 13 60 July 22
2512 Oct 42 May
8812 8812 *8812 89
8812 89
Do 131 pref
*83
709
90
8958 8914 8914 *89
100 6812 Feb 27 90 June 9
6318 Oct 76
Jar
*81
83
*81
82
*81
82
*81
200
82
Do 2d pre(
32
8112 8112 82
100 54 Jan 6 8378June 9
Oct 6412 Api
54
3558 36
35
3534 3434 3558 3112 3512 3118 3514 35
3512 12,500 Mallinson(H R)& Co_ _No par
Sept
Jan
18
8July
1512
21
10
317
16
Jan
*45
48
*46
48
47
4912 4812 5012 48
6,600 Manati Sugar
50
4814 *48
100 8014 Jan 3 52 Mar 13
Oct 8912 Fet
21
*79
80
80
80
80
81
8012 82
Preferred
4,350
85
*8014 8112 *80
100 7314 Apr 3 82 M ir 23
Jan 93
92
Jar
*48
52
*50
52
*50
52
*50
403 ManhattanShi
5212 .5012 5012 5012 51
Elec Supply No par 41
rt_
Mar 13 6954 Apr 24
- - - -- -*36
37
*36
37
*36
37
*36
100 Manhattan
37
36
*31
36
37
25 32 Mar 0 4218 Feb 6
18 June 3654 De(
3818 3918 3.112 3812 3518 3734 3718 38
Marland
20,800
011
3534 3834 3818 39
No par
12% Aug 3078 Nov
2258 Jan 6 4638June 19
*15
*15
18
18
*15
18
*14
Marlin-Rockwell
18
*15
18
*15
18
No par
512 Mar 4 2658 M Lr 27
Oct
1912 Jar
5
3012 3012 2934 3033 *30
1,090 Martin-Parry Corp_
32
*30
3018
32
2934 298 30
No par
Sapt 22 Dec
13
3
3614June
2014
4
Jan
*45
4634 45
45
44
45
4534 4534 46
4714 4712 3,300 Mathieson Alkali Works
47
50 22 Jan 11
11 12 Aug 24 Nov
4712July 23
61
6458 61
8412 65
6334 *6112 6312 63,
6258 5,200 Maxwell Mot Class A100 48 Mar 17
8 63,
8 62
38 June 4512 Dec
7434M3y 17
2212 22,
4 2012 23
2012 22
21
22% 2058 2212 20% 2212 15,900 Maxwell Mot Class B No par
152s Dec
8 June
11 Feb lb
257sJime 8
11712 11712 11612 11758 *116 118 *116 118
600 May Department Stores__
116 11714 *117 119
100 101 Jan 3 12278May 3
6512 Jan 114 Dec
1614 16
16
16
1613 161s
16
4,200 McIntyre Por Mines
1614
157 157
1534 16
10% Jan 10 2158 Mar 23
16014 16434 162,
16612 16814 16112 168
Mexican
84,700
4 168
161 166,
4 166 16814
Petroleum
100 10634 Jan 10 20432June 26
8412 Aug 16714 Jar
94
94
9312 9312 *93
95
*9312 96
200
Preferred
96
*93
96
*93
100 7914 Jan 12 97 June 26
29,
4 29,
4 2912 2958 2912 29,
1,900 Miami Copper
4 2958 30
30
2912 2978 30
31
1.53
, Jan
%
May
5
28 -De(
311
15
Feb
2558
13
1234 1278
1312 12% 1314
Middle
1212 12%
States 011
1258 127s 28,100
1258 12%
1612 Nov
10 July
16 Apr 17
10
1158 Jan 11
3612 38
3514 3718 3518 3014 3412 3534 3488 3612 3688 3658 27,500 Midvale Steel & Corp
Ordnance_ 50 2612 Jan 8 45I4M3y 17
22 June 3312 Jar
*71
73
72
7414 7212 7358 *7212 73
8 3.700 Montana Power
7212 7258 7258 72,
100 63 Jan 4
43
Aug
15
May
75
643
8 Dm
22
2258 2114 22
2114 2158 2158 22
2112 22
22
22,4 11.900 MontWard&CoIlisCorpam par
12 Feb 11 2134May 22
1258 Dec 25 May
*2334 2712 23,
4 2412 23% 2358 *21 12 23
800 Mullins Body
2314
23
23
23
aro par
1734 July 2878 Jar
1912 Jan 7 34 Mar 31
National
18
700
1712 1712 1712 1712 *17
*17
18
Acme
*17
18
1718 1718
1018 Dec 30
50 1058 Jan 9 2114 Apr 25
Jar
*146 150 *146 150
150 150 *148 152 *145 152
200 National Biscuit
150 150
Jan 12812 Dec
100 12314 Jan 4 157 May 1 102
*122 125 *122 125
200
Do pref
12218 1221s *122 125 *122 125
124 124
July
7 105 Aug 120
100 11312 Jan 4 125
Jar
*46
47
*46
4514 46
46
471, 471, 4512 47
49
46
1,100 National Cloak &
4712July 25 • 15 Sept 3558 Jar
Suit__
*212 3
1,200 Nat Conduit & Cable_ No_100 26 Jan 17
212 212
212 212 *2,
8 234 *258 3
258 258
418 Apr .3
1% Sept
par
5
Jar
l's Jan 10
*5412 5434 5312 5412 5312 5412 5534 55.
5
5358 5434 5514 5614 7,800 Nat Enarn'g & Stamp'g__ _100 3034 Jan 11
26 Aug 65 Fet
56'4 July 18
100 10012 99 100
9834 1001
99 10012 9934 10012 10012 10012 2,900 National Lead
6734 July 87 Dec
100 85 Jan 12 103'2 July 19
*111 112 *111 112 *111 112 *111 113 *111 113 *111 113
Do pref
100 108 Jan 10 11814 Feb 23 100 June 108 Ma3
167 1078
1658 1658 1612 1612 1612 165
1658 1658 1658 1658 1,3011 Nevada Consol Copper
9 Mar
1918June 1
5 1314 Feb 16
1553 Dec
*79
80
1,100 New York Air Brake
79
79
79
7812 801
79
*76
80
SO
*76
4712 Aug 89 Fel
100 58 Jan 3 8212July 19
3638 36,
2,000 New York Dock
s 35
36
35
3414 35
35
35
3412 3112 34
2058 Feb 39 55a3
100 28 Mar 10 46 June 9
5812 5812 58
300
Do prof
58
59
*5712 5814 57% 5758 *51
*57
59
45
6
Jan 5712 Mal
*1734 20
100 N Y Shipbuilding _____ No 100 5314 Jan 17 6812June
*17,
4 20
*1734 20
*1734 20
1734 1734 *1612 18
13 Dec 33 Fel
par
13 Jan 3 25 Feb 28
70
7158 6918 7034 69
701
6912 7034 70
7012 7012 7058 12.000 North American Co
3214 Aug 46 Dec
50 4418 Jan 4 7138Ju1y 21
443
*44
44
4412 445s 4458 4414 445
2,200
Do
pref
4458 4458
4,1 441
317 Aug 4112 Nov
50 38 Jan 7 45 July 13
11
1158
3,600
Rights
1012 1114
11
11
1058 1034 107 11 - ----- ---is Dec
318 Jan 13 11,
s July 21
18 Dec
'*31
32
*31
32
100 Nova Scotia Steel & Coal_
31
*31
32
*31
32
31
*30
31
Apr 12
2018 Nov 39 Mai
4
,
Feb
38
28
_100
2034
*9
ais
10
918
*9
100
*914
10
10
Nunnally Co (The)_ _ _ _No
*914 10
*914 10
Mar
30
812
Mar
4
1278 Jar
123
14
July
par
8
7
73
712 7
718
600 Ohlo Body & Blow_
*7
8
*7
8
*7
8
*7
8
Apr
17
715
No
714 Nov
par
1158 Dec
July 24 1414
*234 27
258 234
2% 234
258 234
258 234 6,800 Oklahoma Prod & Rei of Am 5
258 2%
438June 2
134 May
4
Jar
2/
1
4 Feb 24
---,
*712 8
100 Ontario Silver Mining_
*712 8
*712 8
7% 75
*712 8
938Mar 25
312 Aug
6 May
_ _ _100
41* Jan 6
*1812 -1-8.7s 1812 1812 1812 18,
181,8 1812 2,700 Orpheum Circuit, Inc __
4
185
8
183
4
1858
1812
14 Dec 3058 Am
1
1258
•131 13234 131 133
. Jan 6 2112May 4
600 Otis Elevator
13053 13058 131 131
130 130 *128 135
87 Aug 148 May
100 116 Jan 4 14334 Mar 30
Ill, 5/58 Ill, 12
51,, 117,
0 nein orta qt.
11 58 1178
11
la
11
1"
,.1 __
Nrr, nar
Ga. 1.r, 7
184 Apr 11
8 Nov
Jar
16
•/Mann anon mom no num on sins nay. 1 Less than 100 shares. a Ex-dividend
anddilute. s Ex-d1v1dend. 4.• Ex-right,
New York Stock Record-Concluded-Page 4
526
Por tales during the week of stocks usually Inactive. see fourth page preceding.
IIIGII AND LOW SALE PRICE-PER SHARE, NOT PER CENT
Saturday,
July 22.
Monday,
July 24.
Tuesday,
July 25.
Wednesday, Thursday,
July 27.
July 25.
Friday,
July 28.
Sales
for
the
Week.
PER SHARE
Range since Jan. 1 1922.
On basis of 100-share lots
STOCKS
NEW YORK STOCK
EXCHANGE
Lowest
Highest
PER SHARE
Range for previous
year 1921
Lowest
Highest
per share S per share $ per share $ per share
2478 Jan 27 33%June 5
2434 Nov
515s Jan
6 July 18 14% Apr 27
4 Dec
1934 Jan
60 Jan 30 74 June 23
4614 Jan
68 Dec
19 June $
11
Jan 18
1711 Jan
8 Aug
4433 Jan 10 6938May 4
2712 Mar 50% Dec
8612June 20
4378 Jan 11
3318 Aug 79% Feb
3113 Aug 7134 Jan
44 Jan Ill 8212June 26
6 Aug
1312 Dec
513July 25 1212 Jan 4
1512 Apr
973 June
11 13 Jan 3 17 Apr 12
6,
8 June 17
Jan
63s Feb 27 1338May 24
5934 Jan 4 SS Apr 26
33% Jan 6133 Dec
4012May 23
2513 Aug 3512 Jan
3113 Jan 4
78 July 22 10518 Jan 3
3713 Apr 105% Dec
16 June 3414 Dec
5914June 7
2814 Jan 11
9% Aug 4214 May
245 Apr 2.5
July 24
21
Oct 88 Mar
18%July 21 49 Apr 15
1413 Nov
7 Feb 23 12 Jan 12
514 Aug
Jan
3012 Aug 78
39 Mar 2 71 Jan 3
52 July 66 Dec
5878 Jan 30 68 June 6
82% Jan 93 Dec
9018 Feb 3 98 June 10
95
9514 *95
9114 *95
*95
9614 *95
95
Do prof
*96
*95 96100
1218 Mar 1613 May
2114 21
21
*21
10 1414 Feb 2 2434June 22
207 207
2034 21
2078 217
21
2134 2,900 Pond Creek Coal
1p0a0 65% Apr 19 86 June 3
No 100r
7712 7534 7531 7534 7534 7.334 77
77
7712 7712 *77
900 Postum Cereal
79
11118.Tune
2
Apr
29
10512
10513 10714 *10534 10714
.106 10814 *106 10414 10714 10714 107 108
preferred
1,600
8%
Jan
48 Aug 96
63 Jan 12 83% Apr 22
8114 7913 8918 80
79
*80
80
80
79
81% 8112 8213 1,400 Pressed Steel Car
Jan
83 June 104
*99 100
100 91 Feb 18 10073May 9
*99 109
*99 100
*99 109
*99 100
*99 100
Do pref
3
3
2018 Oct 3412 Dec
3
377
378
353
8
37% 3512 37
371 3714 35
3614 3734 37
18,100 Producers & Refiners Corp_ 50 2418 Jan 10 50 June 2
Jan 7014 May
54
89
8712 8813 8734 8813 8833 897
89
8914 8914 8914 90
4,200 Public Service Corp of NJ_100 66 Jan 7 0112July 19
891s Aug 11414 Nov
1201s 121
11912 120
*120 122
100 10512 Jan 6 12913 Apr 24
120 12234 123 12313 9,300 Pullman Company
11913 121
2434 Oct 5113 Jan
48
48
497
48
50 293s July 14 5314June 9
4813 5013 50
51/3 5034 51 1s 50 • 51
14,200 Punta Alegre Sugar
2112 Aug 40% Dec
2734 2814 2718 28
25 2634July 21 385s Jan 3
2712 28
2712 273.4 2734 2834 /9,400 Pure 011 (The)
27% 28
7
Apr
25
20
10234
July
94
100
97
9514
9514
preferred
*95
97
9514
*95
9514 *95
97
8%
95
95
500
67 July -661-2 -75-ee
106 106
105 105
100 94 Jan 10 109 July 19
105 106
105 10512 105 10513 107 1078 2,000 Railway Steel Spring
Apr 2634 Sept
19
1912 Jan 26 2912June 30
2914 2914 2914 2914 *2812 2914 *2812 2913 2834 2834 2912 2913
par
400 Rand Mines Ltd
May
16
Mar
11
11
19
May
31
Feb
165g
1334
1653 1658 1612 1634 163 1512 1614 1612 16
1613 1614 1612 7,000 Ray Consolidated Coppero_
N
1718 June 3834 May
42 Mar 14
3634 318 35
*3112 35/2 *3414 35,2 *3434 353s 35
300 Remington Typewriter v t c100 24 Jan 6
35
Jan
4714 Nov 80
78
*74
*7.3
100 56 Jan 12 75 June 6
____
75
78
*74
_ _ _ _ *71
1st preferred v to
75
*74
100
4734 Nov 75 May
62
*58
62
*58
100 5012 Feb 23 63 Mar 14
52
*58
2d preferred
52
56
*58
58
*55
203
-..i.18 June 3913 Jan
3313 3313 3112 3313 3178 3213 314 3214 32
No par 2513 Jan 3 3812MaY 18
33
33
7,600 Replogle Steel
34
4118 June 7314 Jan
7413 72
735 7558 72
100 4614 Fob 25 7812May 29
747 18,400 Republic Iron & Steel
738 7114 7312 7213 7412 74
7514 Oct 96% Mar
*92
Do pref
93
100 74 Feb 24 0512June 2
9213 92/2 9214 9213 9213 92/2 9213 9212 92,2 9212 1,200
91
5 Dec 241* Jan
95
412 Mar 2 143sJune 2
1034 11
958 10
913 10
2,000 Republic Motor Truck_No par
93s 1012
953 98
4.313 4534 43
*4618 4634 45
25 43 Mar 27 4814 Apr 21
4512 457
458 453.4 457 4638 3,6001 Reynolds (II J) Tob Cl B
7% preferred
100 11118 April 11512July 28
*110 115 *114 11414 *11413 11513 *1141* 115 *11412 115
100
11513 11512
4012 Oct 6978 May
663sMay 3
4712 Fob 1
56
55
5513 5638 5514 555
5334 5533 5311 5412 51
5158 24,700 Royal Dutch Co(NY shares)_
1012 Aug 1418 Dec
1518
151, *15
10 1253 Jan 9 1578May 4
1,900 St Joseph Lead
*1411 158 15
15
15
15
15
1434 147
1 14, Oct
512 Feb
112 Jan 10
614 Mar 21
312 312
312 38
313 338
312 352
313 334
312 334 3,800 San Cecilia Sugar v t c_No par
1414 *1334 1412 *13
8% Oct 233s Jan
100 Savage Arms Corp
100 1118 Jan 4 2414 Apr 1
15
*1412 1512 *13
*1312 14
13
13
35g
35
514June 2
213 Oct
3118 354 *35s 334
634 Apr
1% Feb 23
800 Saxon Motor Car Corp_No par
338 333
334 334
334 334
5414 Dec 98% Jan
7934 788 8012 7913 8013 8014 81
100 60% Jan 27 8134JulY 19
6,309 Sears, Roebuck & Co
7712 7912 78
798 80
85 Nov 104 June
100 91 Jan 5 10612May 23
1054 105 *1051* 108 *105 1080Preferred
*10514 10714 *105 108 *105 108
1234 Mar 2513 Nov
Copper
12
1212 1212 1214 1212 1218 1214
1078 Feb 20 2314 Jan 3
No par
12
1112 12
12
2,200
12
4°
478 Jan
938 Dec
Arizona Copper__ 10
7% Feb 28 12 June 2
*10
1012 *10
1012
11
934 934
934 934
934 934 *10
30% Oct 49 May
*3914 4033 3938 3912 *3914 49
39
39
38
38
38
600 Shell Tramp & Trading__ _ £2 3558 Jan 30 4812May 3
3818
1613 Aug 28% May
1834 Jan 10 3834June 9
311 3138 29% 31 14 2912 3014 29% 3014 2
Ira 3l5 93,00093,000 Sinclair Cons 011 Corp_No par
4
%
4
3
58
1
*4(1
Jan
3213 June .56
*46
48
Sloss-Shelfield Steel & Iron 100 341-Mar 7 5412N1ay 13
4512 4512 *4512 4713 45
45
49
7712May 24
6814 June 75 Nov
75
100 66 Mar 21
*70
76
75
*70
*70
73
73
*70
75
*70
73
Jan
26
Oct 103
Sugar
100 43 Jan 9 5714 Mar 3
52
*50
5218 *49
51
53
5112 54
53
53
53
53
1,.110
00 So
--- _
17 Apr 27 24 June 5
19
1918 *181.1 1834 *19
191* 1812 18,2 1812 1813 1813 1812
700 Spicer Mfg Co
No 1p0
a() 81 Apr 28 9212June 10
Preferred
*8814 9053 *8833 8938 *8838 9038 *8812 91
*89
90
*89
90
88 Aug 119 Dec
100 11013 Jan 23 1254 Apr 27
*100 115 *112 115 *111 115 *112 116 *110 115
115 11614
300 Standard Milling
67% June 9812 Dec
25 9134 Jan 10 121 May 3
10018 103
103 103
10014 10234 10134 103
!9118 10514 36,800 Standatd Oil of Cal
25 16914 Jan 5 19834June 6 12417 June 19214 Dec
17712 180
180 180
178 179
7131,2
1 1214 18134 18134 5,900 Standard 011 of N J
178 17813 .1(
11613 11612 *11612 1167 1165 117
11634 117
11534 117
Do pref non voting_ _ _ _100 11338 Jan 7 11714July 14 1051s Jan 11412 Dee
*8
117
1 11714
1,900
66 Sept 8514 Dec
*78
84
84
*80
*78
84
*81
81
*81
84
Steel Sr Tube of Am prof_ _100 88 Mar 10 90 May 25
84
par 45181s.lay 4 5513 July 7
497 50
50
50
50
5034 *5014 5114 5054 5114 5034 51 14 2,100 Sterling Products
-4
May
Oct 119 Aug
81
81 Jan 3 106
*82 101
9812 0812 *97 102
No
*9812 101
98
02
*98 102
100 Stern Bros pref(8%)
21 June 37
441* 44% 4412 4434 4412 4412 4412 4434 *443
Jan
2413 Jan 5 4534May 31
'
14 145
45
45
2,700 Stewart-Warn Sp Corp_No par
2514 Aug 46
Apr
4434 4534 4213 448 4218 4338 4012 4313 ill% 1:4
3514 Jan 5 59% Apr 12
8,200 Stromberg Carburetor_No par
8 AR 43
311,8
42% Jan 9314 Apr
5 13912 July 18
13578 12934 13414 130 13411 13113 13514
4 267,g Studebaker CorpCorp (The) _ lgg 79% Jan 17
116
r13
118 June 21
Jan 10334 Dec
83
100 Feb
*116 118 *116 118 *11.5 118
116 116 *110 1161.1 *116
612 7
712
7
834June 30
Oct 10% Jan
3
3% Jan 31
612 634
No par
612 6%
6
634 64
3,100 Submarine Boat
334 Aug
6
5 Feb 20 1014.June 7
r
6
6
1314 Jan
a0
6
No 1p0
6
6
6,4
6
61s 614
5,323
A
*3?
26 June 48
Jan
28 Jan 3 3912 Apr 7
*31
34
32
32
32
*32
35
32
32
*31
*354 334
278July 24
5 Mar 14
10
28 318 *3
314
3
3
31.8
318
3
1,700 Sweets Co of America
3
514 Feb 1
2 Dec 2534 Jan
1s July 23
*134
178
158
138
138
*134 4
15g
138
158 *1 12 134
300 Temtor C & F P, Cl A_ _No par
6% Aug
11
Dec
*1012 104 1038 1012 1014 1014 1018 1014 1018 1014
934 Jan 13 1234May 19
1038 1058 3,400 Tenn Copp & C tr ctfs_No par
29 June 48 Dec
4512 45/4 453$ 4518 461s 46
4512 4.534 4518 4534 45
4614 33,950 Texas Company (The)_ _ _ _ 25 4214 Jan 10 5011May 4
*475 4814 47
4712 4658 4714 *1612 4734 *4712 477 *47
10 3813 Jan 4 52 June 5 232% Dec 4218 Dec
48
1,100 Texas Gulf Sulphur
3234June 3
1534 Aug 36% Jan
10 23 Jan
5
2412 2534 21% 2514 2418 2178 *5
2
2513 257
13,411;,:
2
2.;10
i75188
.1 2512 26
12,409 Texas Pacific Coal & Oil
100 k541g July 28 k5714 July 17
56
56
548 5534 5434 5518 5412 55
15
01
513 5,100 Tobacco Products Corp
8114
7814July
28
July19
0
0
0
0
_
15)
1
-- July
(since
7834 7918 7814 791g
CIA
80
8014 785s 793
Do
11,300
il 79
*m
88 Mar '2 10912June 0
7613 June 91
10234 10234 *100 103 *103 105
Jan
*10312 10512 *10318 105
1312 1418
712 Mar 3 2018May 22
6 Aug
13 Apr
t ental 011_ No par
13% 14% 1273 14
anoscoPnrtein
1478 15
193
48 6
0 TrD
12 438 *5
14
034 29,5
10
°°
*3712 39
28 June 4413 Apr
*3712 39
*3712 39
*38
391* 3712 38
0 Transue & Williams St_No par 33 Jan 16 451g Apr 4
*37
,2
651000
0000
39
60
60
9 2 60
5934 61
57 Sept 75
13a
ilg & Paper Corp_ _100 55 Mar 23 7158 Jan 5
61
Jan
61
62
*61
u
Union 0
r 1714 Mar 4 25 June 3
a0
No 1p0
1518 Aug 2517 May
2013 1934 2018 19% 2018 1958 1973 19
*2
90
20
7,, 12
001, 10
96 Jan 13 103 Apr 24
*971* 100
*9713 100
8712 Sept 107 Mar
99
*9713 /09
99
Union Tank Car
*98 100
100 102 Feb 9 1073sMay 2
92
Preferred
Oct 104 Nov
107 107 *106 108 *107 108 *107 108 *107 108 *107 108
100
No par 25 Jan 11 4114May 13
3914 39% 39% 4 N 43
Jan
19 June 34
479
9
7,4 3
479
9
8i.1 3,200 United Alloy Steel
3934 3934 3918 3913 39
28
607
s
Mar
3
July
82
7812
807
8
79
46
79
Jan
80
Sept 106
*78
30
79
2,300 United Drug
50 4118 Feb 18 4734Ju1y 21
3658 July 47 Feb
1st preferred
4734 4734 *4734 48% 4734 4734 *4734 50
200
100 119% Jan 4 148 Apr 4 29534 June 207
1
*,414
734 14
Jan
411
4 44 146
nlitelFruit
14312 14412 14214 144 *143 146
•14412 145
1,700 Un
100 14% Apr 21
Paperboard Co
1958MaY 3 - - - - --63
4 .:
21.4 -621
4678 Aug 62l4 May
8 -621.4 "6-i7-8 -6
6
32
44
3- 627
9,900 United Retail Stores_ _ _No par 4312 Feb 28 7114May 29
637 6438 627s 6i734
33
34
00
0 18% Jan 13 3834 Mar 15
33
1112 Jan
19 May
33
3338 3234 34
3,400 U S Cast Irma Pipe & Fdy_110
34
3518 6
34
69
6934 6913
69
50 Jan 11 72 Apr 15
'
4
38 Aug 5712 Nov
69
*67
6812 *6712 6812 68
8"
100
5 Feb 1
Jan
13
712 July 28
7
*7
714 *714 7% 697
5% June
7,4
'mg
7,4
7,4
714
712
714 *7
7%
2% Feb 8 10% Jan 3
812 Sept 27% Jan
7,4 814
oc;_r!
to
s hC
i ::i
l gg 37 Jan 8 65)4 July 26
7412 May
3514 Nov
istPrrio
a111c1c
1
14
67
,Ng IA YnoStd
4
6114 62,4 60
4.1'
3313
731'
4 67
100 90 Jan 9 07 May 27
95
*9412 9634 95
95
84 July 102 Mar
*94
95
Do pref
*94
400
95
9413 9412 95
717
00 56 Jan 3 72121May 26
4113 Mar 6312 Dec
71
7,800 U S Realty & Improvement 10
6913 7014 6918 7114
6912 70
Rubber
7934 Apr
4012 Aug
5
7773 g33
5153 Jan 9 6712 Apr 17
61
62
58% 611s 58% 6014 5753 60
1,Fr3 23,600 United States
100
99
Feb
7
107
July
11
74 Aug 10378 Jan
pref
10512
*105
107
105
1st
105
*170534
*105
Do
10618
500
*106 10614 106
Apr 3818 Dec
26
33 Feb 27 4534May 29
40
40
*38
42
*38
500 US Smelting, Ref & M
41
41
4058 4138 4014 4011
42
37 Aug 4412 Jan
4214 Feb 9 4758July 27
49
4733 4733 *47
prof
*47
478 *47
47
*47
49
4738 47
7014 June 8612 May
ftes Steel Corp_ _100 82 Jan 6 10314June 5
100% 10112 9934 101 13 9953 10118 9913 10118 9934 10112 101 1013, 92,210°0° UnDitoed
100 11414 Jan 3 122 July 8 105 June 115 Deo
Do prof
12014 12014 120 12012 12014 12012 12012 121 18
1,600
12078 12078 *12018 121
4118 Aug 6638 Dec
10 6058 Jan 5 6914May 29
648 6434 6513 6438 6513 5,600 Utah Copper
64
645
64
6434 654 64
64
7 Aug 12% Mar
100
978 Jan 18 197sMay 4
17
1,700 Utah Securities v t c
1658 1638 1633 1613 1634 163 1634 17
*1618 1614 16
2513 June 41
aor
30% Jan 10 53 May 18
Jan
4618 4514 491, 4858 5012 30,700 ra
No 0
an alluarpteCosrtpp
4714 4814 4514 4753 4514 4612 4.5
Mar 8812 Dec
9512June
7
100
92
72
Jan
17
1
ref
94
*92
94
*92
94
*92
94
*92
*92
97
97
*92
Mar
13
July
2712
Jan
16
8
203
4
367
1
,)
)
8
4213
Chem_
_11
Jan
2812
2718
-Carolina
2712
2714
Virginia.
2812
251.
28
2713 5,700
284
288 2014 28
58 July 28 82 Apr 10
5734 July 10234 Jan
5914
6213 6212 6214 6214 6112 6238 5912 6014 58
64
*62
59 Aug 95
100 43 Mar 27 9412 Jan 18
Jan
rfon, C & C
Ie
raniapr
*55
56
21g0 ViD
*55
56
55
*5112 55
*52
48
48
*49
53
79
68
Mar
13
July
28
100
79
*75
*75
79
Preferred
79
79
*7518
79300
75
*7212 74
74
55 7'tai
14 May 8
618 Jan 6
No pay
11
11
1012 11
1013 11
1,200 Vivaudou (V)
1073 1138 1034 104 1053 1078
1034 Jan 16 17 Apr 24
zr
812 Jan
1213 *12
1312 Oct
12
1213 *12
500 Weber & Ileilbroner__ _No Frco
13
*1212 1312 1212 1212 *1214 1314
6614 Jan 4 8578 Feb 16
4913 Jan 72
76
Jan
*75
7512 77
*75
76
76
*75
300 Wells Fargo Express
75
75
76
*75
76 Aug 91
,
aep_h_:12 89 Feb 8 10534 Ju1y 2;
10533
ngif
Apr
AIT4e
10134 105
1053
te
o
n
4
ou
n
s
g
hU
rn
105
s
tgn
e
1212
2,200
,
I
v
V
ve
*90
104 10518 *10412 105
95
104 105
*90
95
*90
16 100 Fen 21
Mar
80
8117
Sept
Jan
96%
96
*90
95
96
*90
*90
5934 6012 60
38% Aug 5212 Dec
61% 6113 62% 9,200 Westinghouse Elec Sc Mfg_ 50 4918 Jan 4 64 Apr 10
6138 6014 61
6134 60
2514May 4 2912Juno 7
1
No
Pal
251
253
8
Oil
2514
Eagle
2513
253
3
White
2514
2,800
2538
257
2512
2534 2518 2554
48
50 3518 .11.11 6 5134June 2
4812 *48
481*, 48
2914 June
48
48
4 May
Al
1,500 White Motor
4813 4313 48
4813
-,..- 1_3 4.-•-2
734 77_
-I
734
734
7,s Jan 30 12 May 5
77
7 July
17% Jan
8
*8
812
2,600 White 011 Corporation_No par
8
8
13%
Mar
22
217
25
8May
c
e
1
12
Spencer
(
(T,
S
ch
t
w
e
1512
1518
1.518
812
Nov
14
Wickwire
157
183
4 Dec
1553
:
168
1514
15
"
7
4
3
3,100
1512 15%
16
16
413 Feb 17 10 May 29
)
4% Nov
818 81
1012 May
818 812
818 838
812
8
812 834
j:: 100 24 Feb 17 4912July 19
23
42
4134 4112 4373 4313 434 4114 41:4
May
Aug
4518 40
39
2
4412 45
45*
2714 Jan 4 49384.pr 26
44
44
45
Jan
2712 Nov 47
4414 4434 44
2,909 Wilson & Co, Inc, v t c_No par
4212 44
4312 457
66 Jan 10 87,2MaY 15
90
*85
90
*86
90
*86
65
Oct 89% Feb
90
Preferred
*86
1,110
00
174, 174
87
87
*87
Jan
6
170100
137
174
1683
4
169
16712
July28
105
Aug
W)
16614
139%
Dec
Woolworth
Co(
F
16.3
167
*165
166 166 .
43% Jan 4 5.578June 2
51
,
5012 52
3013 Aug 5514 May
5018 5013 *5013 5212 51
52
52
2 1,700 Worthington P & M v t c_ _100 83 Mar
*V914 214
94
94
31 04 May 4
*89
100
7012 Aug 85 Dec
9312 *89
Do pref A
*39
94
9331 *89
*89
7
76
*75
76
64%
Jan 9 79 May 9
75
100
74
B
3
prof
54 Aug 70 Nov
747
75
Do
700
*7313
7353 7418
*7314 75
par
6
Jan
27
_
_No
Aeronautical_
9%
878 9
Mar 17
834 831
9% Nov
834 9
6,2 June
834 834
2.300 .Wright
834 88
*812 37g
• aid and 'sliced prices: no ti1110.9 on tnis :lay, f: 1,014 tuan 100 snares'. , t.Ex-rIghtS. a Ex.4IVIdent1 anti'rights z Ex-dividend: 's Reduced to bests of $25 par.
k Range since merger (July 15) with United Retail Stores Corp.
$ per share. $ per share. $ per share. $ per share. $ per share. $ per share. Shares Indus. Sr:Wised'.(Con.) Par
25
3112 35 .3512 3518 3518 3112 3514 35
*35
3578 34
1,600 Owens Bottle
357
*614 634
5
614
6
61s *6
514
68t
6
61s 2,003 •Pacific Development
5
100
70
*69
6912 6913 70
70
7012 71
7014 701 1
7114 7114
900 Pacific Gas & Electric
5
1312 1313 *13
14
1312 1312
1434 *1334 1412 14
1334
*14
1,200 Pacific Mail SS
52% 5113 5413 5518 99,700 Pacific Oil
5538 5534 5412 5614 5413 5512 5214 ,551s
7112 731: 7211 7412
50
712 737
7234 713 58,200 Pan-Am Pet & Trans
733 7113 7134 75
50
68
66
Do Class B
6512 6712 667 6731 10,700
6513 6814 6514 667
• 6714 68
513 6
7
7
718
7
712
1,500 Panhandle Prod & Ref_No par
*7
614 614
12
No par
1112 1112 *1
200 Parish & Bingham
*1112
1214 *1112 1212 *11
177
12
*1112 13
73
7
734
7% 814
7
811 47,600 Penn-Seaboard St'l v t c No par
7
718 8
712 812
87
8512 8711 86
85% 85
8513 8512 87
5,030 People's G. L & C (Chic)_ _100
8512 8512 85
372 3718 3734 3314
3713 3713 37% 378 37% 375
900 Philadelphia Co (PIttsb)__ 50
38
38
No par
*7314 84
7814 7814 *78
*7811 84
81
*7814 84
200 Phillip-Jones Corp
78
78
No par
4058 438 4138 4334 4134 4314
4334 4414 4218 44
4313 4373 51,300 Phillips Petroleum
97 111.1
95 1058 43,600 Pierce-Arrow M Car _ No par
8
10
8% 1112 1014 1073
918 12
100
Do prof
2312 21
1873 2212 2212 2373 1934 2313 23
2214 26
2312 11,509
712 734
713 753 6,900 Pierce 011 Corporation_ _ _ _ 25
71.2
734
712 734
Vs 77s
72
778
41
4212 43
*42
43
45
45
4313 4413 *43
*42 43100
Do pref
500
.0.4
041
AS
WV. n11.. AA
115
(157. 63
100
65
65
6513 4,900 Pittsburgh Coal of Pa
Vin cizo
16 Shattuck
Lurerrloor gi,lei
6211
8733,
13 61314 6753,1 673'8 ar-,:58 6:73'4 67578
u3lxgrreess
22
.18
14:Ng was-°pyreerfoia„ngi
New York Stock Exchange--Bond Record, Friday, Weekly and Yearly
Jan. 1 1909 the Exchange method of quoting bonds was changed and prices are nom—"and inserest"—ezcepi for income and defaulted bonds.
BONDS
N. Y. STOCK EXCHANGE
Le. Week ending July 28
.•
Price
Friday
July 28
lVeek's
Range or
Last Sale
Range
Since
nJan.1
BONDS
N. Y. STOCK EXCHANGE
Week ending July 28
Price
Friday
July 28
Week's
Range or
Last Sale
527
Range
Since
Jan. 1
P.,
'
U. S; Government.
Ask Low
High No. Low High
Bid
High Not Low High
Ask Low
Bid
First Liberty LoanRoch & Pitts Con 1st g 6s..1022 J D 10038 __-- 100/
8 9978 10012
1
2 10038
J D 00.06 Sale 100.82 101.16 2725,94 84 101.16 Canada Sou cons gu A 53_ _ _ _1962 A 0 100 Sale 99/
334% of 1932-1947
24 93 100
1
2 100
193219479
25
Cony 4% of 1932-1947
5.70101.68 Canadian North deb a f 7s_ _ _1940 J D 11258 Sale 112
J D --------101.30 101.68
113
40 10812 115
Cony 44% of
.1 D 01.64 Sale 101.18 101.781 677 96.04 101 78
25-year s f deb 6 As
111
62 10712 114
1946 J .1 11058 Sale 110
2d cony 44% of 1932-1947
J D --------101.00 July.22i---- 96.82 102.00 Canadian Pac Sty deb 4s stock.. _ J J
94
0,
1,8 327
2183
9
80
/
2
7934 Sale 791
Second Liberty LoanCar Clinch & Ohio 1st 3-yr 5s 1938 J D 89
9112 91
4% of 1927-1942
M N 100.74 Sale 100.70 100.801 34 95.76 100.80
Central of Ga 1st gold 5s_ _p1945 F A 10112 ____ 102
102
2, 9
77512 10
8/
1
2
Cony 44% of 1927-1942
101.005167
10150
Sale
10074
95.32
100.70
M NI
Consol gold 55
9712
9712
6 89/
971
1945 M N
/
2 98
1
2 9912
Third Liberty Loan10-year temp occur 6s_June 1929 J D 10014 10078 100
10034 31 94 10034
44% of 1928
M SI 100.70 Sale 10070 101.00 4334 96.74 101.98
Chatt Div pur money g 4s_1951 J D 80 ---- 7814 June'22 _—_ 7412 81/
1
2
Fourth Liberty Loan—
1
Mac & Nor Div 1st g 5s_ _ _1946 J J 951
9612
/
2 ---_ 9612 Mar'22 ____ 93
44% of 1933-1938
A 0 101.50 Sale 101.00 101.86 71651195 86 101.85
Mid Ga & All Div 55
9518
9512 June'22 ___ 95
9512
1947
Victory Liberty LoanCent RR & B of Ga coll g 5s_1937 j
9312
9312,
1 8812 9412
9312 96
J
MN
Notes of 1922-1923
J D 100.83 Salo 103.44 100.90,1625 100.02 101.00 Central of N J gen gold 5s__ _11387
6 103/
109141
10918 110 109
1
2 110,2
434%3yi, % Notes of 1922-1923
99.93 June'22'---- 99.90 100.30
J D
Registered
51987 Q J 107 10778 10512 June'22 --- 105 107
2a consol registered
110214
_
Apr'221—
10212
•
10334
d1930 Q J ---- -Am Dock & Impt gu 5s_ _ _1921 J J-------- 107 Mar'22 ........ 107 107
3s consol coupon
-10314 Mar'221--- 10314 10314
51930 Q J
N Y & Long Br gen g 4s_ _ _11341 Itt S 8734 -- 91 July'22H-- 91
91
_
- 10518 Mar'221--- • ,105 105
48 registered
1925Q F
Ches & Ohio fund & impt 55_ _1929 J J 9514 9812 9712
9712
I 9012 98
4s coupon
1
2 Feb.221---• 1104 105,2
1925 Q F
- - -- 105/
1st consol gold 5s
102181
4 9412 10212
119,339
9 MN 102/
1
2 ---- 102
Panama Canal 10-30-yr 2s(1936 Q F -------- 100 July.211---- 1_
Registered
100 May'22'_.-- 100 MO
MN ____
_ _ _
83 Dec'211--- •
Panama Canal 3s gold
1961.Q m ,.____
General gold 455s
1992 MS 8812 89
88/
25 82/
89
1
2
1
2 89
7935
Feb'22; — • 79
Registered
79
Registered
1992 MS *-___ 8612 865s Nov.21 ---_ _ _ _ _ __
Foreign Government. 1961'Q M - - - -20-year convertible 4
8812 89
8812
89
108 8212 91
-.193 FA
100141 187 99 10214
Argentine (Govt) 75
1927,F A 10018 Sale 100
30-year cony secured 58_1946 AO 9518 Sale 9412
9534 2571 8414 96
15 77 87,4
86
8412
85
Argentine Internet 5s of 1909
m s 85
Big Sandy 1st 41
0044 3D 83
84
84
21 7612 84
Belgium 25-yr ext s f 755s g_ _1915 J D 10612 107 10612
107
94 '10334 10912
Coal River Sty 1st gu 4s_ _ _1
45
4J
8214 8412 8112 June'22 --_- 78
094
82
10114
Sale
651
101
4
5-year 6% notenotes
1003
9412 10438
Jan 1925.; 3
Craig Valley let g 55
/
2 - --- 88/
1
2 June'22 --- 88/
J J 921
1
2 8878
10714 51 ;10412 10838
20-year a f 8s
1941 F A 10678 Sale 10612
Potts Creek Branch 1st 48_19
79 June'22 ____ 71
946 J J
79
110/
1
2
4 105 112
Bergen (Norway) s I Ss
1945 M N 109 110 109
R & A Div lot con g 4s_ _ _ _1989 J
835s
8358
4 8214 83/
1
2
125 '106 114
III
Berne (City of) 3 f £34
1945 m N 11012 111 11012
2d consol gold 4s
87
78
28112 8
1989 J
8°5
1112
2 8012 May'22 ____ 75/
1
2 8.012
10112 213 ,10033 101,2
Bolivia (Republic of) 8s
1947 M N 10012 Sale 10014
Greenbrier Sty 1st gu g 48_ _1940 MN 8278 -- 69
A pr'21 __-8412 801 80/
1
2 90
Bordeaux (City of) 15-yr 6s_ _1934 MN 84 Sale 8378
Warm Springs V 1st g 5s_ _ _1941• S 92
804 Dec'21 —..- :.---_-- -_-_-_-_
482 1103 108
102
Brazil, U S external 8s
1941 J D 1001.4 Sale 100
Chic & Alton RR ref g 38
1949 A0 5600,8
60
6012 46 5218 3111
/
2
119 96 101
Canada (Dominion of) g .5.9_ _1926:A 0 9914 9913 99,
.14
Railway lot lien 355s
S8
ate 4918
1950
50 1 2001 3712 5078
J
210
9914
Sale
,
100,8
988
943
4
do
do
do
5s_ _ 193l'A 0
Burl
Chic
3
2
,
7
8
2
&
0—Ill
9
8
112
Div
,
8
3
1949
3348.
J
J
93
199
0°98
11714
9538 101/
1
2
2
10-year 555s
02
0%4
1929F A 10114 Sale 10
Illinois
Division
1949
9112
4s
9212'
5 8712 93
J J
10414 78 10018 106
Chile (Republic) ext a f 8s__ _1941 F A 10210 103
Nebraska Extension 41_ _ _ _1927 MN 9618 961
/
2 9618
963s,
4 93
96/
1
2
10
03
1,4 70 9812 10378
External 5-year a f 8s
1926 A 0 10218 Sale 10215
Registered
11,92587 MN
.
9078 Oct'19 ---- ___ _
90 100 10612
25-year s f 88
1112
531
43334 12
8
1946 m N 19212 84
Sale
General
49
90,4
91 I 22 8618 93
•S 91
12 44
57
Chinese (lIukuang I(y) 5s of 1911 .1 DI 54
Temporary 5s
g...19551971 FA 11034 Sale 10012
10138 146 9638 101/
1
2
Christiania (City) a I 8s
15
0'
106 11212 Chic & E Ill ref &
49112
1945 A o 109 110 109
4s
3414 Dec'21'
j J
Sale 9114
Copenhagen 25-year s f 555s_ _1944,J J
92
69 8512 9312
U S Mtge & Tr Co ctfs of dep..
331
/
2 Jan'22—___ 3314 3312
9 841
Cuba—External debt 5s of 1904 NI s 9962,2
96
/
2 9712
9612
4
1934 A- -el I.U1lot consol gold 63
10512 June'22
102 10612
893E3 June'22
Exter debt of 58 1914 Ser A_1949'F A -- -- 94
9034
77
General consol 1st 5s
1937 SI N
96
9612
8 82
8118
82
External loan45588
8112
7 76
1949 I,
' 11
A
U S Mtge & Tr Co ctfs of dep
10334 Jan.22 ____ 103 10334
9612 245 9353 10034
Czechoslovak (Repub of) 8s_ _1951 A 0 9612 Sale 9512
Stamped
84
Jan'22. _--- 81
8434
2
17 10512 114
Danish Con Municipal Ss "A"1946 F A 108 109
3
,
812 3
10
10
_......,„
_
Co
ctfs of deposit_ _ _
105
Guar Tr
Feb'221____ 10434 105
Series 11
105 113
1946 F A 108 109 108
Sale 8212
83 .
1_19
0_ 6
875
8
712 8
8,4
81122
10958 50 10712 112,2 C & E Ill RR (new co) gen 58_1951 MN 82,8 Sale
Denmark external a f Ss
1945 A 0 10938 Sale 10918
591
Chicago Great West 1st 4s_ _ _1959 M S 5934
/
2
6034 98 59
6412
Bale 9834
20-year 68
1942 j 3
9014 9978 Chic Ind & Louisv—Ref
6s_ _1947
1054
1 101 107
J 10514 107 105,4
Sale
8s
s
9
5 48
9434
16 8512 95
95
Dominican Rep Cons Atha s f 58'58 F A 95
Refunding gold 55
1947 J J 9718 9812 97
1
19
9
000.2
9
5
:
8
3
4 2
21
65
2 94
95
Dutch East Indies ext 6s_ _ _ 1947 J J
97
75
7 Jj
Refunding 4s Series C
ual9
n
y:
821i.
.
_ _ 75
1946 J J 8218 76
539 9314 97
941/2
96
40-year 6s
1962 an s
80
Ind & Louisville lot gu 4s..1956 J
76
379 99i4 10834
s4 Saale 102
French Republic 25-yr ext 85_1945 m s 10
514
92
85t2 8634
Ind
Chic
&
Sou
_1956
50-year
4s_
_
J J
400 94 106
20-year external loan 755s_1941 J I) 10018 Sale 100
901
/
2
9014
Chic L S & East 1st 434a. _ _.l969 .1 I) 90/
1
2 98
3 88
90,4
Gret Brit & Ireland (U K of)74
7578 75
7612 19 7112 7814
20-year gold bond 555s_ _ _1937 F A 10438 Sale 10312
1041
/
2 280 96 10514 Ch M & SIP gen g 4s Ser A _e1989 J J 6712 697
2 68/
General gold 3553 Ser B..e1989 J J
1
2 July'22 ---- 64
6934
200 9834 Ill
19-year cony 555s
111
1929 F A 11012 Sale 10912
General 4 553 Series C_ _ _ _ el9S9 J J 8512 Sale 85
851
: 53 79
88
3-year cony 5555
/
2
110/
1
2 185 100 1101
p1922 F A 1103,f, Sale 110
66
Gen & ref Series A 4555___a2014 A0 6514 Sale 6412
136 5412 68
9612 9712 96
/
2
9658 93 9212 961
Italy (Kingdom of) Ser A 65581925 F A
Gen ref cony Ser B 5s_ _ __a2014 F A
75
7514 Sale 7312
95 62
76
71 8638 92/
92/
1
2
1
2
94
Japanese Govt—E loan 4558_1925 F A 9 9234 93
Convertible 45.5s
1932 3D 6912 Sale 69
439 8638 93
93
Second aeries 4353
1925 J 3 9212 Sale 9218
.
.
S-al_r -_e._ 808
9
84634
11',s
s4 jj
juu
Permanent 4s
-2un
1n,
8c
:.
7
0'
.
30
2
22
21252'
5
114
2 -__.
9
8-2
1__.
6
-.
3
7. -2
9__ i
89
1925 3D -7
8
_88652
76
8
5_3
797..132.4
86876
'
0
9
92i
.
1,
141784.i, i
1
2
78/
1
2 222 72/
Sterling loan 48
1
2 7812
1931 J J 77 Sale 77/
1934 .1 J 64 Sale 6312
25-year debenture 43
64
7 54
67
8412 8378
105 8012 90
85
Lyons (City of) 15-year Gs_ _ _1934 M N 84
Chic
hlo
Itiv
&
Div
5s_
_
_
_1926
101
Sale
8412
8012 90
84
853
J J
Marseilles (City of) 15-yr 68_1934 M N
C M & Puget Scl 1st gu 4s_ _1949 J J
741. 16 6312 77
71 54
7012
59
Mexico—Extern loan £ 53 01 1899 Q J 9 5734 Sale 57
Milw & Nor 1st ext 455s_ _ _1934 3D
2 Mar'22 ---- 8412 8412
463 194 3934 62
FE Gold debt 4s of 1904
1954 J D 46 Sale 45,2
_7
-_5__ 87
28 Cons
84
8
471s July'22 __-- 85
73514
extended
7
45.58
874
333
9814
8878
3D 8
94
97
Netherlands a f 6s
1972 M S 9678 Sale 9(1
Chic & N'west Ext 4s_ _ _1886-1
96 ---- 96 July'22 _-__ 9214 98
192
34
6• A
1
2 110/
Norway external 8 f 8s
1
2 32 1071
/
2 115
1940 A 0 no sale 109/
___ -- 9314 Apr'22 ____ 934 9314
Registered
1886-1926• A
21 10012 105
Porto Alegre (City of) 8s_ _ _ _1961 J D 10012 101 10012 101
-7812
General
78
gold
7658
355s
77
1987 SI N
81
4 72
1
2
Queensland (State) ext a f 7s_194I A 0 110 Sale 10912 11012 37 10578 111/
Registered
70 Dec'21
p1987 O F
77 99 103
---- -102
25-year 6s
1947 F A 10158 Sale 10114
General 4s
1987 MN -Tig - 0-31-3.1-e- 8734
89
Rio Grande Do Sul 85
100/
1
2 28 99 10514
1946 A 0 10014 Sale 10014
Stamped 43
„- 87 July'22
8712,
1987 m N
Rio de Janeiro 25
8112 87
-years f 8s_ _1946 A 0 9934 Sale 991* 10014 128 9912 10512
General 55 stamped
1
2 10612 105,2
10512
1987 m N 105/
9978 10512
100/
83
1
2 133 100 1047a
1947A 0 100 Salo 100
Sinking fund 65
1879-1929 A 0 10118 10512 103 July'22 ____ 102 103
36 10012
101
San Paulo (City) a f 8s
1952 m 8 10012 10078 10012
Registered
/
2 Apr'22 ____ 101 10178
1879-1929 A 0 -„ ----.1011
San Paulo (State) ext a f 8s .1936 J J 10014 Sale 100
10078 29 loo
Sinking fund 54
9834 10 9612 100
1879-1929 A 0 983-4 -z,- i 9834
309 9014 98
93
Seine (France) ext 7s
3 9212 Sale 91
9.2
3
1,j D
19
Registered
95,8 July'22
1879-1929 A 0 96t2 luo
70 94 104
10378 Sale 10312
104
Sweden 20-year Gs
Sinking fund deb 58
95
11;
5's 13)
1 96
1933 NI N 10112 --- ' 10112 10112
Swiss Conferern 20-yr s f 85_ _1940 J J 119 11914 119
119,4 99 11212 12012
Registered
_ ---- 9812 May'22
100
914
1,
93
30
7114 7114
3j
Ni TI
N
7112 25 67
Tokyo City 5s loan 00 1912
7612
M S 71
10-year secured 7s g
103 ___12_ 10
io
-i14 108 107
95
812
1
2 10534 47 10212 108/
1
2
Uruguay Republic ext 8s_ _ _ _1946 F A 10112 Sale 103/
15-year secured 634s g_ ...1936 Ni s 11058 Sale '11058
11034 16 106 11034
Zurich (City of) a f Ss
/
2
11178 47 106 1111
1945 A 0 11112 Sale 111
Des Plaines Val 1st gu 4 55s 1947 NI s 9134 0234 101,2 Oct'19 ___
(These are prices on the basis of 5510 11)
Frem Elk & Mo V 1st 6E3..1933 A 0 110 112 10734 Mar'22
State and City Securities,
7832 ----, 70 Mar2i
Man G 13 & N W 1st 355s_ _1941
NilY City-44s Corp stock_ _1960 Ni S 10078 10112 10034
10034
2 98 10313
66,8 Aug'21 ---------....
Milw & S L 1st gu 355s___ _1941
434s Corporate stock
10312 41 9712 103/
j
1964 pa 81 10212 10234 10234
1
2
uraier:2
9912. Jm
22
1 _......-_-_ ..9
10078 .._______ 9
5111w L S & West imp g 5s-1929 F A 100
.
8/
1
2 _9
.
912
445 Corporate stock
10312
1
2
9 99 103/
1966 A 0 10212 103 103
Ashland
Div
1st
456a Corporate stock
g
6s_
10712
_
_ _1925 Ni s
10812 1074 May'22
103/
/
2
1
2 1081
1971 J D
4
08
114
2 Mar'22M'022 _-__ 101-1,
0112
0 sae
-,..-- 18
4 1011,Mich Div 1st gold 6s_ _ _ _1924 j j 1
455s Corporate stock_ _July 1967 j J 10714 10778 10714 July'22 ---- 10312 10712
5 8514 90
hliiSpar & N W 1st gu 4s_ _ 1947 m
4358 Corporate stock
10712 24 103 10712
1965 J D 10714 10778 10714
10414
July'22
103
_3
_8
_0
_
1
8
0
951
4
3
782
St
L
&
10314
N
Peo
W
Ist gu 5s_ _119
2 103 .1.0712
4558 Corporate stock
94
38
1963 m s 10714 10778 107
4.A
10714
T 0
1
85
51 79
85
4% Corporate stock
1959 NI N 9934 10012 10018
10012 42 1 9312 10012 Chic R I & P—Railway gen 4s 1988 J 3 8452 Sale 84,8
1,2
8%
ate 82
2
5' 78
2 stl
8214
18
17
Registered
80
8
9934 100,4 100
4% Corporate stock
1988 j
1001. 34' 9334 9972
Refunding gold 4s
1
2 --- 100
4% Corporate stock
1957
10012 39 9312 10035
8m
MN
N 99/
8112 24 7614 82/
1
2
RIArk&Louislst434s..1934M s
4% Corporate stock reg
9958
9938
51 94
99/
1
2
1956 M N 9938 100
2 90
99/
1
2
Burl C R & Nor 1st 5s_ _ _ _1934 A 0
1957 m N 10614 10658 10614
New 4558
/
2
10614
7 010312 1071
98
98
1 89
Choc Okla & Gulf cons 5s_ _1952 NI N
/
2 July'22 ---- '10314 10712
455% Corporate stock_ _ _ _1957 M N 10614 10658 1061
:142 9
:
9°88811112
98
9:
2
68
;
11:
2 99a 711e
9
98
1712
s 17 72
91/
1
2
Keok & Des Moines 131 54.1923 A 0 9
9111 90
355% Corporate stock_ _ _ _1954 M N 90
4 8478 9012
90
8114 811
19 78 R 83
82
/
2 81,4.
St Paul& K C ShL 1st 45581941 F A
90 Dec'20
1961 Ni s
New York State-4s
103
10714 108 108
1 19412 108
Chic St P M &0cons 6s
102 June'221---- ,102 102
Canal Improvement 4s_ _ _ _1961 .1 .1
1930 j
Apr'22 ---- 87
9014 87
_
90/
Cons bs reduced to 355a_..1930 j D 90
1
2
109/
1
2 Apr'22, — -- 110912 110
Highway Improv't 455a_ _ _1963 M S
9114 9612
96 I 9434 July'22
95
Debenture 58
10412 Apr'22
1(1412 10412
Highway Improv't 44S__ _1965 MS
100
18%1 j
Nuoiv
y.2
'
16
2 -_-_-- ---- -North Wisconsin 1st Gs_...1930
,:
-. . 1
..-,.
,
057
18
4 -._8_1_,..2
Railroad.
19
93 51
.1 j
S 1
95 May.18
Superior Short L 1st 5s g e1930 1a1 S
(1995 Q J 6912 7014 6812 July'22
5814 80
Ann Arbor 1st g 45
7914
7914 -2 -'13-3a -8W12
/
2 Sale 9212
70,3 19414
95/
1
2 Chic T H & So East 1st 5s_ _ _1960 J D 79
9358 177 85
Ateh Top & S Fe—Gen g 4s_ _1995 A0 921
_ 94
May'22 __ 103 10412
88 June'22
1995 A0•
8714 8814 Chic & West Ind gen g Os.. _e1932 Q M 105 ---Registered
7412
75
Sale
24 6712 76
75
8312
84
Consol
81
2 771, 84/
(1995 Nov
50-year 4s
1
2
8414
Adjustment gold 4s
,j ,j
1
2 10212 53 9978 10278
310212 Sale 102/
15-years f 55s
84
8412 36 7812 8412
(1995 Nov 8318 84
Stamped
90
July'21.
_--135
90
Cm
D
H
9
&
817
2d
s
84
1955
76
83
90's
gold
J
°
D
3
7.
4558
1°993357.25
1
Cony gold 4s
Sj
88 Mar17 _-__ __ _ _ _
C Find Lc Ft W 1st gu 4s g_1923 NT N
10218 25 9114 10218
1960 3D 1505; 156 10118
Cony 4s issue 00 1910
-6i3-2 -9314 95 July'22 ____„__ 8
96
0:4
4 19
05
058
1
2 95
9414 July'22
Day & Mich 1st C0113 434s.1931 J
9114 9414
East Okla Div let g 4s... _ _1928 MS 94/
63
1
512 0
76
80
3 8
2 ,..! 30
9
8
90
21.1
8 78
Cleve Cin Ch & St L gen 4a_ _1993 r
8312
85
Rocky Mtn Div 1st 4s_ __ _1965 J J 8234 8312 83
88
8412 June'22
20-year deb 435s
9012 91
7934 86/
1
2
931 .1
Trans-Con Short L 1st 4s_ _1958 J J 87
92
/
1
2
9412
3
General
927
8
Is
9278
93
8618
1
8
0
0
0
1
14
Series
1982
MS
B
"A"
Cal-Ariz 1st & ref 415
__L_10_ 9
8538 Sale 18007,4
87
70
234
5 4 10
9214 19 85
Re
& impt Gs Series A_ f
93
_1
1
D
j
J
At! Coast Line 1st gold 4s_ _k1952 M S 8812 Sale 8812
July'22
15 10412 108
Cairo Div lot gold 4s
108
1930 MN 107 108 10634
10-year secured 7s
81
July'22
___,
8514
76
8212
2
8812
din
88
/
1
2
8812
W
89
81
&
8812
8312
51
Div
1964
1st g 4s_ _ _110
J D
99
39
1
General unified 455s
J
83
/
3 7712 83
2
St L Div 1st coll tr g 4s_ _ _1090 hi 1! 83 -- 811
984 100
Ala Mid 1st guar gold 58_..1928 M N 100 ---- 100 May'22
___ .. _
77 June'21 --__
Spr & Col Div 1st g 48
8914 ---- 8835
1940 M S 8512 Brims & W let gu gold 4s_ _1938 J J 8312 8414 8314 May'22 17 86 8858
834
June'22
-8314 84
--__
W
84
W
8414
Val
78
1
2 8.).2
Div 1st g 48
a1952 MN
1940 J J 84/
L & N coll gold 48
8918
8918
8918
1 83
C 1St L & C 1st g 4s
9418 59 8834 9414
1925 J J 94 Sale 9334
(1936 Q F 893----- 8612
Bait & Ohio prior 3558
May'22 ---- 8612 8612
1
2 9334 92 May'22 -„- 91
92
Registered
(1925 Q J 91/
(1936 Q F
Registered
963
4
July'22
94
__8514
Sale
963
4
84
8512
8512 124 761s
Chi S & Ci cons 1st g 5s_ _ _ 1928 J J 9712 -(1948 AO
lot 50-year gold 4s
81
83
81
81
1 75
CCC&Igenconsg6s
/
2-- 105,8 May'22 __-_ 104 10518
(1948 Q J 81
1934 J J 1061
Registered
90
June'22_...
90
90
853
4
8812
228
Ind
B
&
74
/
1
2
851
85
/
2
Sale
W
84
1st
pref 4s
1933 MS
1940 A 0
10-year cony 455s
811, 16 7058 82
8814 Sale 88
88/
1
2 48 77
89
Peoria & East 1st cons 4s_ _1940 A 0 81 Sale 81
Refund & gen 53 Soria.; A._1995 J O
Sale 35
1
2 3912
1
2 31 22/
35/
133 9412 101
101
1
2 Bale 10012
Income 4s
1929 .1 J 100/
Apr. 35
Temporary 10-year 6s
9534
9614
953
2 90
4
4
953
9212
---93
July'22
---/
1
2
9118
Cleve
87
Shor Line 1st gu 4558_1999901
I'Juno & M Div 1st g 3348-1925 SIN 882
9334
17 8414 9334
Sale 8112
8212 56 7234 83
Colorado & South 1st g 4s_ _ _1929 F A -6137
4 9373 9312
1941 MN
P L E& W Ara Sys ref 4s
89
90
Sale
8114
41
90
9212
90
Sale
/
2
911
93
93
55
86
Refunding
& exten 4558 _1935 M N
Southw Div 1st gold 334a.- 1935 J J
99
-- 92
W
10234 19
,
,
312 103 June'22 -_ _ 10118 10553
Cley Lor & W con 1st g 53- - 1933 A0 9834 9912 98 June'22
87
51 77
8414
85
May'22
9912
965
-8
9635
CuFbta
98
RR
8
985
84
l
p
s
t
e
.
13
n
5O
C
e
s
a
J
t
r
D
6
52
1
j
J
g
5
19
5
sig
9
"
D
J
_.
_1936
Ohio River RR 1st g 5s_ _ _
lot ref 755s
98 July'22 _-_ 90
961
/
2
104 Sale
1937 AO 9638 98
General gold 5s
7
00
9
3,
118
2 J u n:e
80 19
9
0
'
8
0
2,
12
8
g —16 10
6938 47 6278 70
778 1C113
811182
1
2
D L & W—M & 1st gu 35is 2
J 1) 76
10
900
36 J0
Tol & On Div 1st ref 4s A.._1959 J J 69 Sale 68/
983
8
100,4
i 98,2 10373
10012
10018
June'22
10014
N
---Y
101
Lack
/
1
2
&
Western
F
_1923
A
5s
M
S
Buffalo R & P gen gold 58_ _ _ _1937
9)12
981
/
2 July'22...-- 97
7 8812 941,
9418
Terminal & improve't 48_1923 M N 9935 100
N 9212 9312 93
1957
Consol 4 ,1 55
744 Apr'22 - - _ 7414 7412
7618 79
821g 8212
Warren 1st ref gu g 355i.._ _2000 F A
/
2 ---- 8218 Mar'22
Alleg & West lot g 48 gu_..1998 A0 841
9513
_
_
9012
9012
93
Jan
/
1
2
22
-Ciearf & Mali lot gu g 58- -1913 .0 J
oNo price Friday; latest 181d and asked. a Due Jan. dDue April. eDue May. oDue June. hDlie July. (Due Aug. oDue Oct. PLue Nov. zDue Doe. 8Option sale.
528
?;'
1...7:1
BONDS
N. Y.STOCK EXCHANGE
28
July
ending
Week
New York Bond Record-Continued-Page 2
Price
Friday
July 28
Week's
Range or
Last Sale
lir4:1
..9u4
"4-
Range
Since
Jan. 1
BONDS
N. Y.STOCK EXCHANGE.
Week ending July 28
Price
July 28
Week's
Range or
Last Sale
1,11
Range
Since
Jan. 1
it.
I
Ask Low
Bid
High No. Low High
Bid
Ask Low
High No. Low High
Leh Val Coal Co 1st gu g 5s_.1933.3 J 100 10114 100 July'22-- .9_058_
i
Delaware dr Hudson90
2 8318 9112
90
1933 J J _--- ---- 105
Registered
1943 M N 8814 91
Oen
let & ref 48
981sI 40 8934 99
1935 A 0 9734 Sale 9714
1933.3 J 8614 -_ _ 83t'21
% Oo
1st lot reduced to 4s
.30-year cony 58
26. 99 103
86
85
Leh & N Y 1st guar gold 4s _ _ 1945 M S 85
1937 M N 102 Sale 10112 102
-1 "fiili 843
85
5H8
2 9513 9912
9912
1930 .1 D 1107s ---- 11058 July'22 -.-- 107 11112 Long Isld 1st cons gold 5s_ _h1931 Q J 9814 9912 9912
10-year secured 7s
1st consol gold 4s
h1931 Q J 9012 ---- 8914 June'22 -- 8914 90
1946A 0 8058 83 82 June'22 ---. 7858 82
Alb & Susi] cony 3148
3 9
8934
1938.1 D 8412 89 8934
734 8
79
General gold 4s
9934
Renns & Saratoga 20-Yr 68.1941 MN 108
7958 88 73 sys
1922M S -- ---- 99% Feb'22
Ferry gold 4Hs
Den & R Gr-1st cons g 4s_ _1936 .1 J 7884 iiiaie "f54
8312
6, 784 84
-- 8212 May'22
8212 8212
1936.1 J 8178 8314 8312
1932.3 D -84
Gold 4s
consoid gold 44s
814
8012
803
4
8114
78 7413 85
Unified gold 4s
1949 M S 8012 -8112 79 July'22 -- 7314 8015
1928 -11 D
Improvement gold 5s
471z 168 42 5212
1955IF A 46 Sale 4.512
93 July'22 ---- 88
1934.3 D 92 94
Debenture gold 5s
94.
1st ac refunding 5s
43
42
50
47
4314
_
6
84
-__
4014
_
_
16 7534 84
M N 84. 8412 84
5s
deb
1937
m
p
-year
20
deposit_
Trust Co certifs of
8834 87
87
1/ 8012 89
1939,J D 85
7912
6 72
Guar refunding gold 48_ _ _ _1949 M S 7912 7978 7958
7912
Rio Gr June 1st gu 58
1712 6114 Apr'll
5
N Y B & M B 1st con g 58_1935 A 0 9558 -_- 9512 June'22 --- 9513 9512
Rio Gr Sou 1st gold 4s_ _ _ _1940'J .1
- Igli
4.
-1
N Y & R B 1st gold 58_ _ _ _1927 M S 9712 98 83
Apr'21
1940•J i 1014 --__ 101s Feb'22 -,,,;.. -.13
Guaranteed
935
7853
7914 (o
5 -iiiili
Nor Sh B 1st con g gu 5sa1932 Q J 9358 9712 9458
8
7935Rio Gr West 1st gold 4s_ _ _1939 J .1 7878 80
69
8 78 90
Louisiana & Ark 1st g 5s
1927 M S 8814 8978 8858 July'22
Mtge dr coil trust 4s A_ _1649 A 0 6812 69 6712
-' 6
74
214 I
I
I
Louisville & Nashville1995 J D 78 ---- 78 June'22 -_-6
Det & Mack-lst lien g 4s
8812
Gold 5s
1937 M N 10258 --_ 102 June'22 ---- 9
4 19
1995.1 D 67 74 67 May'22 ---- 67
002
1
:
Gold 48
9114
9312 88 8712 95
7 82 93
Unified gold 4s
1940 J J 9278 931; 93
1961 MN 8512 9158 91
Det Riv Ter Tun 4As
1940 J .1 8814 ____ 9018 June'22
Registered
Dul Missabe & Nor gen 5s__ _1941 .1 J 99 100 9912 July'22 .--- 9538 100
9812
5 9512 9858
9814
1 19514 100%
1937 A 0 98 10014 9814
Collateral trust gold 5s_..1931 M N 9858 __ _ 9818
Dul & Iron Range 1st 55
108
10-year secured 78
1930 M N 108 Bale 107
1937 A 0 ---- ---- 10512 Mar'08
16 10612 10914
Registered
87 .
8178
8 -iii7.
let ref 514s
2003 A 0 10712814e 19
05
14
758
Dul Sou Shore & Ati g 5s_ _ _ _1937 J J 8138 84 8178
- 19
_6
4 __7
1 95 100
0'7272
July
03
100
134 IP
1931 M N 9612
L Cm & Lex gold 4Hs
Elgin Joliet & East 1st g 58_1941 M N 99 100 100
17 10058 107
106
N 0 de M 1st gold 6s
1930.3 J 10534 10712 10534 July'22 --- 1025s 10578
Erie 1st consold gold 75 ext_ _1930 M S 10514 Sale 10514
87
3 8038 87
2d gold 6s
1930.3 J 10112 -_-- 101 July'22 ---- 9812 101
N Y & Erie 1st ext g 4s__ _ _1947 M N 89 8912 87
1943M S 9812 ---- 9858 June'22
Paducah & Mem Div 4s_ 1946 F A 8434 ___.. 86 July'22 ---- 80, 9112
3rd ext gold 4%8
-.:::
9514 June'22 1930 A 0 955s St Louis Div 2d gold 3s_ _ _1980 M S 63 6512 65 July'22 ____ 58 66%.
4th ext gold 5s
4
943
Nov'15
D
-1955 M N 86 8712 8612 July'22 ---- 7953 8712
AD Knoxv & Cin Div 45
i
........
---nas
4s
5th ext gold
- -.. 9812 Aug'19 - Atl Knox & Nor 1st g 5s__ _1946 J D 101 ..--- 9914 May'22 -- -- 9834 9914
1930 M S
NYLE&Wlst7sext
66 .112 5414 6614
03 100
6578 66 6514
}lender Beige 1st 8 f g 6s
04
1931 M S 102 --- 104 July'22 ---; 19
Erie 1st cons g 4s prior__ _ _1996 .1 J 10218.0_ 1_-_- 8314 July'22 - --, 79% 8434
.,
si
i
3.
_7
8
_9
A.11 :
FQ .
57 57
7J
7
352
1996.3 J 5613 66 57
98
Kentucky Central gold is_h_ 11109
Registered
98
3312 lie 3914 5612
Lox & East 1st 50-yr 5s gu..1965 A 0 9778 99 98
1st consol gen lien g 4s 1996 J J 5514 Sale 5434 Mar'2222 -___ 2__. 9
2012
:
2
74
53 39 Aug'21 --112 m
92
:
y8...
'
earyb
a
idFa
M
1998.3 J
L&N&M&M 1stg 4%8_1945 M S 9412 97 1709
Registered
3-7571
827.
i1- -i
i.
12 9
L & N South M joint 4.9., __ _1952 J J 8112 Sale 81
Penn coll trust gold 48_1951 F A 8814 90 91 June'22 ---- -f2
53
28 34 4
Registered
50-year cons- 48 Ser A _ _ _1953 A 0 52 53 5278
-- 1661i iiiri
5 8
5312 81 3
N Fla dr S 1st gu g 58
1953 A 0 52 Sale 5134
do Series B
57
88 3434 5732
N & C Bdge gen gu 4Hs_ _ _1945 J J 93% 9534 89 Apr'22 -- 89 89
Gen cony 48 Series D___ _1953 A 0 5534 Sale 5458
1 96 102
102
A 102 -__ 102
9634 12 80 964
Chic & Erie 1st gold 5s_ _ _ _1982 M N 9614 ---- 9614
0 9512 9912
.
97 _1
A 0 97 993-4 97
6F
53
nA
GeN
8&
66
_119
e eg
colns
gy6r2-587.9012 90'3
arg15%us
en
Cleve & Mahon Vail g 5s 1938 .1 J 93____ 9058 Jan'22
93 95
9314
8.
9414 --ii
6 77 83 ,
2 ....
2110
Lou & Jeff Bdge Co gu g 48_ _1945 M S 8218 8212 8214 Nov
Erie dr Jersey 1st 5 f 6s
1955 J i 92
9312 9312
9312
Max Internal 1st cons g 4s_ __1977
1 78
3 9714
91
1957 J .1
98
Genessee River 1st s f 613
--------75
-.... ......:
1977
Stamped guaranteed •
Long Dock consol g 68_ _1935 A 0 10718 109 109 June'22 ---- 109 109
Midland Term-1st s f g 5s 1925 J D ___ --- 99 July'20 -Coal & RR 1st cur gu 88_1922 MN 92 ---- 100 Apr'22 ---- 100 100
83 i
6958 kii
,kir
4 --x
e'0212
414 Jun8
00
94
4 18
-1-0
7,12 -8
-8312
104
D
1927.1
dz,
Dee'21
1st
Minn
---Louis
St
7s
__-_ ---Dock & Impt 1st ext 58_ 1943 J .1
' 1st consol gold 5s
•
1934 M N
N Y & Green L gu g 5s_ _ _ _1946 M N 8958 ---- 88 Feb'22 ---. 88 88
45
4512
5012
46
31
38
65
45
69
7014
S
54
687
M
1st
8
3
69
dr
_1949
refunding
geld
4s_
J
J
_1937
58._
ref
N Y Susq & W 1st
4612 34 30 50 ,
Ref & ext 50-yr 5s Ser A
1962 Q F 4,512 Sale 45
1937 F A 521s 56 52 May'22 --- 4712 52
2d gold 4s
02Des M & Ft D 1st gu 4s_ _1935J J 5712 5834 5934 July'22 --. 38
1940 F A 53 54 54 July'22
General gold 5s
-- ggil
-:-80
28 70 834
Iowa Central g
1st gold5s_
lori
4
_1938 J D 7912 7934 7918
Terminal let gold 55_ _ _ _1943 M N 8758 __1. 86 May'22 93
45
93
35 32 403;
1 93 9412
Refunding
1951 M S 4414 Sale 4414
1940 A 0
Mid of N J lst ext 5s
7112
73
73
53
89
19 8558 90
1
72
8912
8912.Sale
S
dr
72
P
St
Al
S
J
M
J
con
4s
g
gul938
int
D
.._1942.1
_
5s_
g
gu
1st
East
Wilk &
90
13 10
814
1001: 10112 10112 102
2 105
1st cons 5s
0312
1938
Evans & T H 1st gen g 55_ _ _1942 A 0 Iola ..-- 88 Apr'21
10312 37
10-year coil trust 614s
- --- -____
---1931 id -i *10258 1027 1027.3
Mt Vernon 1st gold 68_,,1923 A 0 ---- --- 8912 Apr'21 7.,:.8912
..
_
_
'8934
3
6912
9014
8812
1st
N
Chicago
Terms
-I
Apr'21
M
893
_1941
_
4s..
4
,.,0
A
1930
Liu' Co Branch 1st g 58_ _
s -913; 9114 July'22 ---801*
--9114
NIS S M &A lstg 4s int gu.1928 J .1 9678 9758 9712 July'22 -- 9414 9712
Florida E Coast 1st 4%s_ _ _ _1969 .1 D -ili58234 S814
Mississippi Centra1,1st 5s_....1949 J .1 8758_-_. _ 85% May'22 --Apr'21
Fort St 11 D Co 1st g 00_1941 2 J 7944 4--- 66
8314 131 73 gm
80%
-ii" -iiMo Kau & Tax-let gold 4s_ _1990 J D 824 8314 8212
Ft Worth & Rio Or 1st g is_ _1928 J .1 8038 -.... 8058
; 86 June'22
I: 'A 6414 6434 69 June'22 --- 485* 6814
2d gold 4s
Galv Hous& fiend 1st 55_ _1933 A () 8358 877
_ _
66 ' 1 .4812 63.,
____ 66
Trust Co,certits of deposgit1r_?
)1E12 18
3
Grand Trunk of Can deb 75...1940 A 0 112 11234 11212 113 --F
41475311
-__ ----6558 May'22 ---- 3513 5534
1944 Zvi -N ---1st ext gold 5s
1936 M S 1(1312 dale 10212 10312
15-year s f 68
... 8614
--M S
73 8814
1st & refunding 48
1936 J .1 110% Sale 10912 11038 275 10718 111
Great Nor Gen 7s ser A
July'22
911s
---908
9318
917
88
5
tr4
2
Co.certifs
s
deposi
of
Trust
.
Series
_
_
A_
_1961
445
ref
.1
J
&
1st
32 Jube'22 ---- 6
814 84
52
8%
8214 Oot'21
Gen sinking fund 414s
1936
1961 2 j
Registered
67 July'22 ---- 5214 674
; - -2 Wire- 10178
10212
Trust Co.certifs of deposit_ __ 1952.1 J 11111Temporary 5Hs
0
44
---387
2
71182
400
June'22
k
94
..-7:
3974
440
-------91
_2001
Mar'22
ref
1st
Div
4s_
Louis
.1
_
1933j
St
4s
Man
&
St Paul M
..
5-_-° 10in
5% secured notes "ext"----------------- 78 June'22 ---- 5812 77.
1933 j j 109% 111 110 July'22 -_..
1st consol g 6s
078 93 901s May'22 _.
99 Sept'20
Dallas dr Waco 1st gu g 5s 1940 Ml
1933 j j
Registered
.._..- ---934 9912
____ 777s July'22 --9878
Kan City & Pac 1st g 4i.._ _1990,F A 7
Reduced to gold 43s_ _1933 j .1 9814 99 9873
77 83
1942 A 0 ---- --83 Mar'22
1933 j 2 ----..- 95 Mar'24 ---- 95 95
Mo X & E 1st gu g.53
Registered
9112 10 7814 9112
9-7- 915 9112
M,K & Okla 1st guar 5s...._1942 M N
1937 .1 D 93 ---- 9114 July'22 ---- 88 9212
Mont ext 1st gold 45_
85
77 9758
July'22
------S
M
80 Mar'21
1937J D
M K & Tot T 1st gu g 58._19421
Registered
3 ,47i: 16071:
4
306
2 may
0118
7,
3
212 .-.....--.. 3
s 35
81 70
4212
0
NI D
2 .I
943
34 194
ttg uga55
1940 j j ---- ---- 83 Mar'20 :7-.7 ---- ---aziliss
oS
,t&
Sii
Thaexras
S
Pacific ext guar 45
89
4
3
---894
June'22
3612
_1948
88
4s_
g
A
---4
893
0
1st
Div
E Minn Nor
69 67
847
1922 j 2
Ha- 9934 May'22---MoK Sr T Ry-Pr155,Ser A 1962 J J 84 Sale 84
Minn Union 1st g 65
11212 11212
1932.J J
1937j j iiiii
4Oryear 4s Series B
212
1934
4 19
66318
5 109
Mont C 1st gu g 6s
ad
618 S7
65
le 955
9614 98 89 9712
---- 13614 May'06 -1932.3 j ,9
1937 J J
10-year 68 Series C
RegiStered5738' 268 4334 5912
4
1937 j 2 Fara 103 10014 June'22 ---- 99 i001Cum adJust 5s Series A_ _ _ _ 1967,J J 5634 Sale 5612
1st guar gold 5s
8
1017
10212
9918
2
10214
10214
Pacific
10214
I
(reorg
Missouri
Co)_1938
58.._
D
J
gold
1st
F
S
Will &
884
, 51 8412 8958
884
88341
60
88
70
1
A
7018
Apr 22 „-- 6712 7012
1st & refunding 5sSer A.._ _1965 F
Green Bay & W Deb etfs "A"--I Feb 1112 117
9978 10 9712 100
1112
1178 55 612 12%
1st & refunding.58 Her B._a1923 F A 9978 10018 9978
1 Feb
Debenture etfs "B"
96%
22
July
76
-97
9612
77
I 9012 100
7612
761
5
A
F
1926
2
C
j
&
Her
1st
55
5s_b1S52
7912
refunding
72
Gulf dz S I 1st ref & t g
1949 F A 310038 Sale 10018 10034 128 98 101
8758 15 8112 8812
6s, Series D
Hocking Val 1st cons g 4%s__1999 j j 8758 Sale 1 8634
60 1 590 5934 6714
6458
Sle
653
S
---M
7312
---1975
.1
4s
General
J
----'
June'18
1999
'RegIstered
----53
Oet'18
1 June'22 __..........-' 78 -1;612
9:
70
4 8
i-1,
A 82434 -8
Miasouri.Pacific 40-year 48._ _1945 M S -----A D
5F
958
194
Col& H V 1st ext g 4s
1938 M N 82 8658 83 July'22 ----; 7658 -83
7812 7913
3d 70 extended at 4.%
Col & Tol 1st ext 45
7712
7414
94
8
June'22
923
----' 74
76
9935
1)
j
1948.1
1st
747
P
j
U
Br
48
g
Cent
58_1937
96
8934
Houston Belt & Term 1st
9234 --__
8318 95
May'22
Pac RR of Mo 1st extic 48_1938 F A 8678 ---- 85 June'22 ----1 831z 8612
Illinois Central 1st gold 48_ _ _1951 .1 J
J 9612 98 98 May'22 ---- 92 9712
8313 Sept'2I
J
1938
2d
5s
gold
extended
Registered
t;2% 10 7858 -827-11
4 9418 98%
98
8 -if- 8278
ale 9734
St L Ir M,dr S gen con g 58_1931 A () 9
951 I J3 -gi5L
1st gold 3Hs
_ 84 Nov'15
July'I4
- ----102
Gen Poll stamp.gu g 58._1931 A 0 ---____ ---1951 .1 J
Registered
i
2
oo
2
7
ii
4
4
3873
E
22
Sale
8
877
787s 89
J
J
ref
_1929
&
'2
Unified
-8858
_
4s_
gold
1951
0
A
Extended 1st gold 33s.._
Ely & G Div let g 4s_ _ _ _1933 M N 8318 8312 831s '8334 70 7558 8412
1961 A 0 ---- ----- ---- ---- ---Registered
93
98
_
___
4
2
943
:89
&
Mar'22
I
y
8
S
Jul
W
V
M
---,
Verdi
let
93
ig
_1926
90%
g
__
5s_
S
M
1951
1st gold 3s sterling
-811-25;1-e1 10112 105
10434
Mobile dr Ohio new gold 6s_ .A927 J D 10412 ____ 10434
47 -ii0-1-2 95
Collateral trust gold 4s_ _ _ _1952 M S
1st .ext gold 68.
h1927 Q J 9958 .---- 100 "May'22 ----, 1 9712 100
2 rgll Se1)29 --,
1962 A 0 -:A-14 -5-1- ,,Registered
1' 6753 76
75
General gold 4s
1938 M S 7378 7413 75
1955 M N aa
1st refunding 4s
Montgomery Div 1st g 5s 1947 F A 94 97 1 8912 Apr'22 --II 8612 8912
6%
78
1952 J .1 7912 8058 7812 July'22 --- 7
14 8
8
73
3
12
'
Purchased lines 33s
5j 9214 9234 July'22 --..... 8758 9258
8318 6
834 De0
82
8214
3
8
8
0
1
,2
90
5s
Div
D
Louis
J
St
1927
-521;
-911-2
N
M
.1953
_
45_
gold
L N 0& Texas
8 81
9,1
91
St L & Cairo guar g 4s_ _ _ 1931.3 J 9034 ---- I 90'4
1953 M N
Registered
Fili
101
10 97 10352
Nashv Chatt & St L 1st 5s_ 1928 A 0 10058 10112101
1934 .1 J
15-year secured 5Hs
ic
s
a
_1923
10012 ........ 10014 July'22 - --- 100 119014
.,1
r
8
if
14
1510173-4
5
"Flo
it%
Jasper
1st
_
_
Branch
6s_
g
J
.1
_1936
15-year secured 6 Hs g__ _
4 87 July'22
39% July'22 ...._-__7: 27
1118
208
2 402
35
305
Nat Rys of Mex pr lien 4%8_1957 J J
1950 .1 D 85 613Cairo Bridge gold 4s
72 69% June'22 -. 63% 6934
1977 A 0 2812 43 2912 Feb 22 ---..1 2912 33
Guaranteed general 4s
J 70 7812
79
Litchfield Div 1st gold 3s_ _1951 .1 2
7634
77
i
Mar'22
31%
---_
Mex
lien
prior
J
of
J
Nat
4%8_1928
j
3%5_1953
Louisv Div & Term g
----25 July'22 --.... 2112 33%
---1st consol 4s
1951 A 0 1951 F A 8814 69
Omaha Div 1st gold 3s_
71
1 222 gik
86
122 __I
8212
'
833* 15 79
r
22 Ap7
3
814
18
7
,1
j j 70
N 0& N E 1st ref & imp 4%8A '52.3 J 8312 Sale 8312
St Louis Div dr Term g 3s_ _1951
3
76
7
:
2 79812 New Orleans Term 1st 4s.. __ _1953 J J
4
78
1951 j j 7812 80
Gold 3%s
7738 ---July'22 --/ 9512 10181
7
1008
1
7
"
100
10
1'
58
8
7
99
dr
8
D
Texas
J
Mexico
_1925
1st
0
N
6s_
J
.1
1951
Hs
3
g
Springf Div 1st
72
28 62 7214
Non-cum income 5s A___ _1935 A 0 7118 7112 7012
812 8
72
2
54
78
1951 F A 8412 ---- 85 July'22 -- 8
Western Lines 1st g 4s_
304 98 10$
N Y Cent RR cony deb 6s_ _1935 M N 10718 Sale 10638 108
1951 F A
Registered
10558 131 105 108
lia; i661
UZI; S-t-11-e- als 1470.
Sale 105%
0
8
116
-I.
coil
8
-year
10
trust
10518
S
7s
M
1930
D
_I
1923
Belay dr Car 1st 68
8434 13 7878 847g
Como'4s Series A
1998 F A 8412 Sale 844
S 8638 90
Carb & Shaw 1st gold 48._ _1932 M D
8712 19 8514 90
72
102 --: 10
312 June'22 -_-_---- "ti
i.ii
.
:
6 :
..
Ref de impt 41421 "A"
2013 A 0 87128510 8738
Chic St L & N 0 gold 58...._1951 2
99 Aug'21 .......;i :ski:a ii.i..
9858 486, 9334 904
4
Temp ref & impt 58
8 Sale 9512
963
0
A
_2013
D
1951.1
Registered
_-:--4
34
653
a
-Dec'21
N Y Central &Hudson River
1951 J D
Gold 3%s
36 7412 8034
79
7812
1997 j j 7812 79
Sale
Mortgage 3Hs
Joint 1st ref 5s Series A_1963 j D 866134
51, 7
79
712
76
7712 July'22 ..--i, 6
1997 5 2 7612 77
, 8
92
634 May'22 --- 7834 82
Memph Div 1st g 4s_ _ _1951 j D 8512 :
913*
5. 8
8
4
72
s
14
47
72
9
__ 80
..... :
tutrereed
enis
beg
R
.
DeRegisteredaarde1934
gold 4
N 91 Sale 9034
M
MS
_19
48__
g
gu
1st
St Louis Sou
74%
8812 June'20 ----1 72
ii"diSeP
.
:2
t
July
1
22
:-...-:
N
0..y
M
1934
3
.1
J
19.50
Ind Ill dr Iowa 1st g 4s
88 July'22 ----I 83
90
debenture 4s
97 101
M N 10014 10058 10014 July'22
_1922
78_
ext
g
1st
Nor
Great
Int&
7558
58 Sale 755875%
.4
../
83-;
8-5
-ii
5 -7
F A
Lake Shore coil gold 3;0_1
8J
42
99
19
1952 J J 5118 Sale
2
512
7.2
182 July
3:
Adjust6s
112 July'22
64
2 .7_5_1_2 75
418
Registered
8512 ..-_ - 8
5512
998 F A 75
4 8
8812
5
3,0_ 19
2 6
15
5
114 6
70
James Frank dc Clear 1st 4s_ _1959 .1 D 707s 7114 7078
72
512
7114 -34 831- 72
Mich Cent coil gold 3
0
A
_1950
3s_
gold
1st
Sou
I 7
Kansas City
:
741
-2
78 lact'013 ---Registered
1998 F A
1950 A 0
Registered
89
8812
Sale
Battle Cr & Stur 1st gu 3s.._1998 J D
16 -a- -IA134
Apr 1950 J .1 -gir
Ref & impt 58
1.-- 84% 88
212
1 72
/7
674012 3
83%
85
--------_- 88
85
1st gu g 4s_ _ _1936 J .1 9
5i
74
5
Creek
7938
Beech
53
.1
J
4s____1960
Kansas City Term 1st
6
:..
.
.-i(i__
7812 July'21 ...... :6
ii
8
34
923
2 9412 9258 July'22 7.2
4
4"
Registered
82
1938 J .1 _
J 9
Lake Erie & West 1st g 5s_ __ _1937 J j
_ 104 May'18 -.8
8538 8813 8518 July'22
2(1 guar gold 5s
1936,1 J 5g11941 j
2d gold 5e
60 July'22
7318
85
Ext
July'22
1st
Cr
g
7412
0
A
Beech
3148_51951
0
A
_1945
North Ohio 1st guar g Ss_
- 8212 99
9058 ---a ?)158 als
90%
96
Cart dr Ad 1st gu g 45
1981 J D 78
-- 8213 Mar'22 .7....-3
4 -8
11%
Leh Val N Y 1st gu g 4Hs_ _ _1940 J .1 9468
Ka A & G R let gu g 5s_ _ _1935 J J 97% -,-1940 J J -------80 JUlY'21
Registered
764 8012
Vir
79
85
82
4
80
3
82
gold
79
ió'
3145
-fill;
Shore
D
7,
1997.1
8218
Lake
Lehigh Val (Pa) cons g 4s_ _ _2003 M N
--- 7478 7912
9134 10 85 93
1997.1 D 79. --- 79 July'22
2003 M N 9058 ---- 9158
General cons 4).s
947g 80 8914 9512
9412
Sale
9424
48
gold
5
e
- 10134June'22 __I 9558102
Reebertured
M
1928
--D
4
1013
0
A
_1941
Leh V Term Ry 1st gu g 58.._
9312 38 8812 9312
___
31 Sa1e 93
1931 M N
25-year gold 4s
1941 A 0 995 - - 113 Mar'12
registered
__
Registered
1931 M N -------- 8512 July'21 _-2 103C2
Leh Val RR 10-yr coll 6s,_n1928 M S 10278 Safe 10278 10312. 12 1501i
Jull, a Due Sept. *Due Oct, 8 Option sale.
• No price Friday; latest bid and asked into Week. 'a Due Jan. '6 Due Feb. •Dui June, 6 Due
--_-
___
8234 ___.-
L6:42 Sg.'42
903„ -04 2
2
9,1,itii.2
11
712
11
--------84
a- -.., --------64
New York Bond Record-ContirmPri-Pe 3
BONDS
N. Y. STOCK EXCHANGE
Week ending July 28
Price
Friday
July 28
Range
Week's
Last Sale
1 °4
Jan.
Since1
Ask Low
High No. Low High
Bid
N Y Cent & H R RR (Con)1
4 8512 8212 Jan'22 ---- 824 8212
Mob dr Mal 1st gu g 4s_ _ _1991 M S 83/
1
4 June'22 ---- 96 9778
1
4-- 97/
1934-.1 3, •98/
Mahon CI RR let bs
904 June'21
- 9812
Michigan Central 5s
1931 M
984 Nov'18
• Registered
1931 Q M
-01.;
1940.1 J 8812 7'54 8812 May'22
4s
7414 Sept'20
1940.1 J
Registered
2 -Ws '- 664 Mar'20
J L & S lst, gold 3Ms_1951 MS -7778158
8158
-f1334 8118
1942 M N 9758
1st gold 33s
1
4
9212 12 8638 92
1929 A 0 9112 92 91/
20-year debenture 4s
7034 Apr'21
NJ June RR guar 1st 45.._ _1986 F A 7778
-fics 787
- 7858 May'22
2000M N 7814 7912
NY&Harlemg 3)is
95 Dec'21
N Y & Northern 1st g 5s_ A927 A 0 99 __
N Y & Pu 1st cons gu g 48.1998 A 0 8312 88 8334 June'22
Rutland 1st con g 4 Ms_ _ _1941 J J 8114 -- 7834 Apr'22 ---- 78 83
7512
2 66
754
7512
Og & L Cham 1st gu 4s g_1948 J J 7512 80
Rut-Canada 1st gu g 48_1949 .1 J 704 ---- 50 Feb'21 -$68914
12
May'22
-90
St Lawr & Adir 1st g 55.._ A996 J
1996'A 0 9712 ---. 103 Nov'16
2d gold 6s
- 97 Apr'22
1
4
Pitts & L Erie 2d g 5s_ _ _ _a1928 A 0 97/
112 1301s Jan'09 -Pitts McK & Y 1st gu 6s 1932 J .1 108
97)
9514 June'20
1934 J
2d guaranteed 6s
1
4 Sale
West Shore 1st 45 guar__ _2361IJ J 83/
828214
8
84
214 29
1
23611.11 J 8212 8412 83
Registered
9912 Feb'19
N Y C Lines eq tr 58__ _1920-22 M N
674 June'20 -J
Equip trust 4s_ _ _1920-1925
4 ---------s
9014
904
1937IA 0
N Y Chic & St L 1st g 4s_
8612 June'22
8612 864
1937A 0
Registered
4
80 8712
8712
8712
1931 M N
Debenture 4s
90
92
41 8112 92
N Y'Connect 1st gu 4;45 A....1953,F A
NYNH& Hartford4 45 634
6314
1947 M S 63 ____ 631s
Non-cony deben 48
5 44 56
53
1947.M S 50 53 53
Non-conv deben 3j.is
July'22
3814 5512
50
52
50
0
1954
deben
A
3s
Non-cony
19 404 601s
57
55
/
1
4
5614
5538
1955J .1
Non-cony deben 45
5734 16 41 60
1956 M N 5714 60 567s
Non-cony deben 48
4 37/
5134
1
4 534
1956.3 J 5134 Sale 5158
Cony debenture 3;0
32 57 85
81 Sale 80
81
1948.1 J
Cony debenture 68
50 Oen?
1930 F A
Cons Ry non-cony 4s
1955.1 J -Ei- -53711 60 July'18
Non-cony deben 48
-- _ - 53 June'22
3812 53
1956'J J
Non-cony deben 48
1
4
5278
31
57
1957 M N 52 54 52/
4% debentures
787
2
____ 7812 June'22 -- 71 80
Harlem R-Pr Ches 1st 4s_ _1954 m N
59 73
B & N Y Air Line 1st 4s_ _ _1955,F A 7212 __-_ 73 July'22 ---1
4 6812
6812 15 51/
1
4 68 67
Cent New Eng 1st gu 45..- _19614 .1 67/
Housatonic Ry cons g 58--1937 MN 8718 ---- 80 Dee'21
Naugatuck RR 1st 45
1954 M N 771
-13:11 -41
2
e3 j
t
7
N Y Prov & Boaton 4s_ _ _ _1942 A 0
5612 100 "if 5934
NYW'ehes&B lstSer I 4Ms'46 J .3 5412 bate 5414
93
89
1945 J
••• •••
New England cons 55
74
/
1
4
70
Seit'17
j
1945
Consol 13
j
5012 July'22
-26- -iffProvidence Secur deb 48.._ _1957 M N 5014 51
1
4 Feb'18
1956 M s 7614 --,- 88/
Providence Term 1st 4s
60 65
W & Con East 1st 410_ __ _19431j j 6434 6812 65 May'22
20 19
5
79
75 !a_if_ 5
77
N YO&W ref 1st g 4s_ _ _ _01992 m
12 Nov
7'
'2
50
2
Registered $5.000 only..__g1992 M s
1
4
691s
1955 .1 D -681-2 70 68/
General 4s
6512 -f66812 10 50 70
1961 F A 6718 6812 6812
Norfolk Sou 1st & ref A 5s
7914 8878
Norfolk & Sou 1st gold 5s_ _ _ _1941M N 9034 93 88 May'22
10584 10772
Norf & West gen gold 6s_ _ _ _1931M N 1084 110 10612 Apr.22
Jan'21
1934 FA 10812 ____ 106
Improvement & extg
104/
1
4 Mar 22
1932 AO 10754
10434 1051-4
New Rivet'1st gold•
54 84% 9412
N & W Ry 1st cons g 4s_ _ _1996 AO 91)2
___9
-1
.
7
2
9
7
4
112
00
9
1.'
2
2
'
3
0
1998
Registered
AO
88
8312 90
Div'l 1st lien & gen g 48_1944 J J 881-4 90 88
80 Feb'22
80 80
1932 J D
10 25 year cony 45
9234 Apr'21
1932 MS
10-20 year come 4s
9212 106
8 -.
I:: 10013 July'22
10-25 year cony 4.4s ......1938 MS 1565113
113 Sale 111
10314 113
1929 M
10-year cony 6s
1
4 87 July'22 ---- 84 8812
1941 J D 8712 89/
Pocah C & C joint 4s
C C & T 1st guar gold 5s_ _1922 J J
-6-3.14 891,
89 4 De 9218
1
g 4s_ _1989 MN 8912 ii5O- 9
Selo V & N E lst
Northern Pacific prior lien rail8934 52 84 9012
/
4 89
1997 Q J 89 891
way & land grant g 4s
8414 -„„ 854 June'22 --,..-- 84 8512
1997 Q
Registered ___
63
.42 go 64
1
4
General lien gold Is
o2u47 Q F 6278 031-2 62/
62 June'22 -- -- 60 62
Registered
a2047 Q F
Sale 10734 10834 929 10534 110
Ref & impt 6s ger B
2047J
89
10 86 904
Ref dr imp ‘4!is Ser A
2047J j 88 8912 89
8412 May'22 ---- 7914 5413
St Paul-Duluth Div g 4s_ _1995 J D 8578
N P-Gt Nor joint 610_ _ _1936 J j 10314 WA 10338 10312 26 10332 109
St P & N P gen gold 6s_ _ _ _1923 F A 10012 10078 10014 June'22 ---- 10014 101
100 May'21 ---Registered certificates_ _1923 Q A
3
- 100 June'22 ---- -661.
2 i6d St Paul & Duluth 1st 5s
1931 Q F i66588 86 May'22 ---- 8234 86
1st consol-gold 4s
1968 .1 D 85
Wash Cent 1st gold 45_.... _1943 Q 121 834 8458 84 May'22 ---- 82 854
Nor Pac Term Co let g 6s__ _1933 j j 1083
8- 10852 June'22 ---- 107 10834
8234 194 77 83
Oregon-Wash 1st & ref 4s.. _ _1981 j J 8212 Sale 82
Pacific Coast Co 1st g 5s_ A946 J D 82 84 8378
83/
1
4
3 75 8378
90 Apr'22 ---- 90 90
Paducah dr Ills 1st s f 4As__ _1955 j j 9112
79
Paris-Lyons-Med RR Bs
80
177 76 85
1958 1, A
Pennsylvania RR 1st g 4s_ _ _1923 M N 99 -- 9834 June'22 ---- 9634 99
Consol gold 4s
1943 m N 8914 95 92 July'22---- 874 924
7 854 9358
Consol gold 4s
9312
1948 m N 9312
9358
02034
19
0
,
Consol 4 As
014
1960 1' A 1004--- 19
General 43',s
1965j D 93 Sale
155
40
07 9
990
3
211 0
10134 Sale 10138 102
1968j
/0
9
1 212
34
General 5s
no
1930 A 0 110 Sale 10834
10-year secured 7s
38, 10512 110
109/
1
4 Sale 109
1936 F
10934 148 10332 110
15-year secured 6
90
Alleg Val gen guar g 4s__ _ _1942 m s 9078 9234 90 July'22 ---- 86
87 May'22 ---- 87
DR RR & I3dgelst Erti 4s g_1936IF A
87
Pennsylvania Co824 _ _ 8134 July'22 ---- 8134 8134
Guar 3%a coil trust reg A..1937IM
83
1 724 83
Guar 33.s coil trust Ser B_1941 F A 83 --- 83
83
- 83 July'22 ---- 7512 83
Guar 33.8 trust ctfs C_ _ _ _1942 J D
70
Apr'21
Guar 31is trust Ws D_....1944J D 7934 82
145
;-E1-2
Guar 15-25-year gold is _ _1931 A 0 9112 ---- 91 July'22 -884
7 80 8814
40-year guar 4s etfsSer E_ _1052 M N 87 -- 87
1
4 May 22
801/4 867
Cin Leb & Nor gu 4a g_-_ _1942 M N 8514 ---- 86/
884
1
4
Dee'21
Cl & Mar 1st gu g 4 As_ _ _ _1935 MN 93/
Cl & P gen gu 430 Ser A_ _1942 j J 9514 ---- 91 Nov'21
1942 A 0 954 ---- 104 Dec'15
--Series B
9614 Feb'12
_1942 A 0
- ---Int reduced to
7918 --- 9012 Dec012
1948 M N
---- ---Series C 3 tr1
Jan'21
1950 p A 7838 -- 67
Series D 3145
_
/
4 ---- 85 Apr'20
Erie & Pitts gu g 3lis B._ _1940 J .1 811
7914 May'19 -1940 J j 8134
Series C
9112
R.& I ex 1st gu g 4501941 J j 9114 9412 9114 July'22 --- 86
98 98
Pitts Y & Ash 1st cons 58_ _1927 M N 964 ---- 98 June'22
92/
1
4 94
Tot W V & 0 gu 4Yis A
1931 J j 9318 ---- 94 May'22
_
1933
j 9234 ---- 82 Dec'20
Series B'430
1942 m s 8118 --- 77 &gull
Series C 4s
9314
94/
1
4
4 8818 -6638
P C C & St L gu 4Yis A1940 A 0 96
9514 July'22
88/
1
4 054
Series B 43.is guar
1942 A 0 954 97
8918 911
/
4
/
4 Apr'22
Series C 459 guar
1942 M N 96 -- 911
884 Apr'22 -- 8414 9112
Series D 48 guar
1945 M N 96/
1
4
SeriesE3).sguargoid..1949 F A 90 -,,- 8912 June'22 -- 8912 8912
9218
84
Series F guar 4s gold_ _ _ _1953 J D 9112 93 8914 June'22
80 May'21
Series 0 4s guar
1957 M N 8618
Series I cons guar 43.s_1963 F A 90 -- - 8912 Feb'22
35 90 99
99
General 5s Series A
1970.1 D 99 Sale 98
99 1004
C St L & P lst cons g 5s.._ _1932 A 0 10018---- 100 May'22
Phila Bait & W 1st g 4s_ _ _1943 M N 901 9312 8978 June'22 -- 8978 92
N J RR & Can gen 4s_ _ _1944 M S --------- 804 June'21
Pere Mar uette 1st Sec A 5s_ _1956 J J 97 Sale 97
9712 43 -981-2 -6i1st Sertes B 48
- 75 82
1956 J J
7912 90 8078 July'22
Philippine Ry 1st 30-yr s f 43 1927.1 JI 5212 53 53
53
7 4118 59
Pitts Sh & LB 1st g 5s
100 Mar'22 -- 9514 100
1940 A 01 9712
1st consol gold 52
974 Deo'17
1943.1 J 9714
-.--
----
----
•No Dries Friday; latest bid and mated this woe
143
g
-
Price
Friday
July 28
Week's
".2
Range
since
S
Range or
Last Sale '
• 4 ' Jan.
_ _ 1
High No, Low High
Ask Low
Bid
8612 110 80 87/
Reading Co gen gold 413
19971j .1 8612 Sale 8512
1
4
8313 July'22 --- 82
Registered'
1997j
8312
:
7.7 87 July'22 --__ 8112' 88
7
-nofs
Jersey Centtal coll g 45
19511 A 0 -501;
St Jos & Grand Isl 1st g 4s- --19471J J 7538 - 754 June'221---- 657a 7514
St Louis & San Fran (reorg Co)73341113 68
7434
Prior lien Ser A 4s "
1950 J j 7314 Sale 7234
8712, 72 82 8812
8714 Sale 8614
Prior lien Ser B 5s
1950J
94121 58 93 9512
53-is
1942.1 j 9418 Sale 9334
100 I 87 , 9458 100
Prior lien Ser C 6s
1928 J J 100 Sale 9914
81
176 I 71
8234
Cum adjust Ser A 6s
h1955 A 0 8078 Sale 80
71/
1
4 Sale 70
711
/
4 3591 54 71/
Income Series A 6s
1
4
h1980, Oct
:10114 10312
St Louis & San'Fran gen 6s_ _19311J j 10358 ____ 10312 June'22
1
4 July'22 ---. 95 9912
General gold 5s
1931IJ J 99 ____ 98/
1
4
67/
1
4 Oct'201
St L & S F RR cons g 4s_ _ _19964 .1 12/
90 Feb'22
Southw Div 1st g 5s_ _ _19471A 0 8818
-66 - -id K C Ft'S 8r M cons g 6s_ _ _1928 M N 10314 ___ 1027s July'22 -___ 101 104
80 I 21 7254 82
1
4 7914
KCFtS&MRyrefg4s 1936 A 0 7914 -79/
KC&MR&BIstgu5s_1929 A 0 9212 _ _ 92 Apr'22,--__ 884 92
St L S W 1st g 4s bond ctfs1989 M N 79Sale
-- 79
7912; 6 7224 7934
70 70 July'22--__ 64/
1
4 70
2d g 4s income bond etfs_p1989 J J 68
7712 52 6812 771
764 76
/
4
Consol gold 45
1932.1 D 76
84
1st terminal & unifying 5s 1952 J J 81
8114 8034
814 25 71
S A & A Pass 1st gu g 4s
77
5 70 7912
1943.1 J 77 Sale 7618
Seaboard Air Line g 48
1950 A 0 587 ___ 5712 July'22 ---- 50 64
1
4
Gold 4s stamped
8-59/
1
4 5812
60
19 48 61
1950 A 0 57/
141 1312 30
28
Adjustment 5s
01949 F A 28 Sale 2712
4534 123 8118 46
Refunding 48
1959 A 0 4414 Sale 44
6414
1st& cons 6s Series A
371 41
63
1945.M $ 6234 Sale 6214
All & Birm 30-yr 1st g 48_21933 M S 6772 69 674 July'22 ---- 5912 7612,
Caro Cent 1st con g 4s_ _ 1949I.1 J 68
7212 63 Feb'22
- 63
Fla Cent & Pen 1st ext 6s_ _1923 J
974 99/
1
4 98
Jan'22 1
.11. 96 tilg
89
1st land grant ext g 5s_ _19301.1 J 904 ___
89 Apr'22 ---- 89
1
4 92 - 90 July'22 --__ 8212 90
Consol gold 5s
I943 J J 89/
794
Ga & Ala Ry 1st con 5s......o19451J J
78
___ 78 July'22 ---- 71
881 -- 874 June'22'--__ 84
Ga Car & No 1st gu g 5s_ _1929 J
91
/
4
4-95- 91/
1
4
91/
1
4
Seaboard & Roan 1st 5s_....1926 J J 911
1 8434 95
Southern Pacific Co8812 81 78
9412
Gold 45 (Cent Pac coll)___k1949 J D 8734 Sale 8712
9234.
9234 109 86
20-year cony 4s
g1929 M S 9212 Sale 9218
10312 104
20-year cony 5s
11 9512 104
1934.1 D
8934 73 814 9172
Cent Pao 1st ref gu g 4s_ _ _1949 F A -g58Sale 89
86
9034
_ 904 June'22
Mort'guar gold 33.6s_k1929 J D 914
8512
Through St L 1st gu 4s 1954 A 0 85 86
8512
5. 784 874
974
2 9414 98
GH&SAM&Plst 5s1931MN 974 9812 9718
93 98
1
4 ____ 94 May'22
2d exten 5s guar
1931J .1 94/
9812
Gila V G N 18t gu g 5s_ _1924 M N 99 ____ 98 July'22 ---- 9.7
nous E &
T 1st g 5s_ _ _ _1933 61 N 961s 98 9412 May'V -- 94 944
1st guar 5s red
1933 M N 9612 ---- 80 biar'21 -- -98
99 9334 Apr'22 -- 9334 93*
H&TC Istg 5sintgu
1037,J
9838 ____ 98 May'22
A dr N W 1st gu g 54
8614 98'
1941I3
1
4
No of Cal guar g 5s
101
Apr'22 -- 98 103/
1938 A 0 103
Ore & Cal 1st guar g
9972 99/
1
4 10012 21 9514 101
_19274 .1 9912 ___10012
10312.
So Pac of Cal-Gu g 5s_
19371M N 10234 ____ 10312 July'22 --__
1
4 91 90 May'22 -- 884 9213
So Pac Cot
Coast 1st gu 4s g_1937 J J 89/
Tex & N 0 con gold 5s_ _._1943 J
9412 98 9614 May'22 -- 89 961
/
4
So PacRR 1st ref 4s
9014 59 8334 92
1955 J J 8934 9014 8912
37 86 • ..
San Fran Terml 1st 44
84
9414
1950 A 0 8312 84 8312
Southern-1st cons g 55
9712 67 87/
1
4 11414
1994'J .1 9712 Sale 97
884 90
Registered
90 Apr'22 --.•
1994'J .1
1
4 299 all, 6914
Develop & gen 4s Ser A_ _._1956,A 0 -63-8 E-3;1-e- 8834 • 69/
944
10234
10288 174
Temporary 6%s
1956'A 0 10214 Sale 102
Mob & Ohio coll tr g 4s_ _ _ _1938M S 7412 7512 7412
75
10 664 7514'
Mem Div 1st g 430-5s_ _ 199&J J 9212 9712 96
8 89
97
97
St Louis My 1st g 4.,
1951IJ J 8234 84 82 July'22 -- 73 89
Ala Gt Sou let cons.A 5s_1943,J, D 9512 9734 97 June'22 -- 6412 97
87 9334
Atl & Chan A L 1st A 4%3_1944,1J 'J 914
91 June'22
1st 30-year 5s Ser B
99 ___9934 99
99/
1
4 25 91 100
1944'.1
Atl & DanY 1st g 45
7658 June'22
72 78
1948 J J 7718 78
2d 45
604 66 68 June'22
60 664
1948J
All & Yad 1st g guar 4s._ _1949,A 0 78
80/
1
4 7612 Junt'22 7534 8
,
2
9384
E T Va & Ga Div g 5s
9i'2
99 ____ 974 June'22
1930 J
9812
.Cons 1st gold 5s
1956 M N 98 ___ 9814 July'22 -- 93
E Tenn reorg lien g 5s
9534
7 9352 9534
1938.M S 9414 ---- 9512
58 63
Midland 1st 3s
1
4 June'22
1
4 ____ 61/
1946 A 0 62/
Knoxv & Ohio 1st g 6
.
10034
3 9878 10034
1925J J 10018 ____ 10034
Mob & Bit prior lien g 5s_1945J
9213 ____ 7558 Aug '21
Mortgage.gold 43
194&J J 7314 ---- 7452 May'22
Rich & Meek 1st g 58
66 ,
6s6 •
1948 M N 7418 ____ 68 May'22
So Car & Ga 1st ext
94
1,1,
_1929 M N 9712 99 9614 June'22
97 984
Virginia MidSer E 5s
1926 M S 9912 ____ 9714 June'22
954 98.
General 58
1936 M N 974 ____ 9712 June'22
Va Sc SO'w'n 1st gu 5s
9712 ___ 9312 July'22
80 ..
97
2003
1st cons 50-year 5s
74
8212 8312 82 July'22
1958 A
W 0 & W 1st cy gu 4s_ _1924 F. 0
944 96
1
4 97 954 May'22
A 95/
Spokane Internet 1st g 5s_ _ _1955 J
7712 7..,
8312 ____ 774 Mar'22
711
Term Assn 01St L 1st g 43.15.1939 A 0 9414 ____ 9772 July'22
92 941
/
4
1st cons gold 55
99 -- mas 991.1
1944 F A 9812 -.- 99
Gen refund s f g 4s
7615
8311
8212
8212
.
7
8218
8112
1953
.1
St L M Bridge Ter gu g 5s_1930A 0 97/
2 4312 9_
7/
4
1
97/
1
4:
1
4 108 9758
Texas & Pac let gold 5s
9412 17 874 slut,.
2000
D 944 95 9334
2d gold income 5s
-ao
60
Feb'22
1.
50
58
22000 Mar
7918 90
La Div B L 1st g 5s
1931
3 8718 -9012 90 May'22--_W Min W N W 1st gu 5s_1930
Apr'22'
as 88
F A 7534 8212 88
Tol & Ohio Cent 1st gu 5s_ _ _1935 J J 9634
July'22
--91
97
97
Western Div 1st g,5s
1935 A 0 9438 97 92% May'22,--. 90 95
General gold 5.4
1935 J D 88 8912 8812' 8812' 3 8122 884'
Kan & M 1st gu g 4s
754 83
1990 A 0 8112 84 8012 June'22
2d 20-year 53
2 91
97
97
1927 .3- J 97 -- 97
Tol St L & W pr lien g 3%s_1925 J
3
84
924
91
91
92
/
1
4
9014
7114.
50-year gold 4s
7134 14 56
1950 A 0 704 7034 7014
Coll trust 45 g Ser A
154 Junell
19171F A
3134
Trust co etts of deposit
24
3152 Feb'22
Tor Ham & Buff let g 4g.. k1946 J
-$:5*- 8214 July'22 -- 7712 85
Ulster & Del 1st cons g 58_ .._..19281./ D 91/
89 92
1
4 92 9112 July'22
1st reninding g 48
- 65 6572
1952+A 0 6518 68 857s July'22
Union Pacific 1st g 4s
9014
9534' 87 8,6
1947J J 95 Sale 95
Registered
88 90
June'22
---923
4
19174 .1
95
20-year cony 4
954 137 89
96
95
"E"
1927J
Ist & refunding 4s
34 814 89
89
g2008 M S 89 Sale 885s
10-year perm secured
10412 23 102 105
104 Sale 104
3
Ore RR & Nav con g 6s_ 1928 J
834 8912.
8912
8912
1
44s_...1946
D 88/
Ole Short Line 1st g 6s..._1922 J
99/
1
4 Apr'22 -98 1004
F A
1st Consol g 5s
10514 i71 9612 10512
1916 J J l054 Sale 105
Temporary 5s
10412 July'22
1946.1 J
Guar refund 4s
1
4
9234 46 864 92/
1929J D 9213 Sale 9134
9618 994
Utah &Nor gold 5s
1926 J J 99 ---- 9914 June'22
1st extended 4s
8612 86
/
4
- 864 Feb'22
J J 911
1933
Vandalia cons g 4s Ser A_ _ _ _1955 F A 85's---- 88 Apr'22
1
4
7814 88/
Consol 45 Series B
1957,M N 8518---- 724 Jan'21
Vera Cruz & P 1st gu 4 Us_ _ _1934 J J 47¼
July'22 ---- 20
ash
Virginian let 5s Series A__ _ _1962
44 8814 97/
96
1
4
9512
N ii11-4 96
9912 33 93/
Wabash 1st gold 5s
1
4 100
1
4 99
1939 M N 9914 99/
2d gold 5s
90
11 8113 90
89
1939 F A 89 92
1st lien 50-yr g term 4s_..1954J
_
J 68 -- 6712 July 22 ---- 6712 6_74
Det & Ch Ext let g 5s_ _ _ _1941 J
96 -- 96 May-/2 ____ 91 964
74
74
Des Moines Div let g 4s__ _1939 .1 J 7334
74 May'22
Om Dv 1st g 33.1s
1
4 6638
A 0 664 -69 6632 July'22 -- 66/
1941
Tol & Ch Div g 42
7972
89
__July'22
7412
1941M S 7434 80
Wash Term 1st gu 330
8012 July'22 ____ 7252 81
1945 F A 8012 _
1st 40-year guar 4s
85 85
85 Feb'22
1945 F A 884
West Maryland 1st g 4s
6553 33 5812 67/
1
4
1952 A 0 654 Sale 65
West N Y & Pa 1st g 54‘
5 95 100
99
98 99 98
1937.1
July'22
Gen gold 4s
804
---7212
78
80
78
1943 A 0
8614 128 844 804
Western Pee 1st Ser,A. 5s_ _ _1946 M S 8578 go, 85
Wheeling & L E 1st g'5s
1926 A 0 gals 97 97 July'22 -__ 9212 97
Wheeling Div 1st gold 5s_ _1928 J .1 93 ---- 9712 July'22 --_- 8914 9'92
92 June'22 --_ 89
Exten & Impt gold 5s
1930 F A 93
2 52 6934.
6834
Refunding 43s Series A__ _1966 M S 6834 Bale 68
7434
76
75
3. 62
RR 1st consol 4s
7412 75
1949 M
a Due Jas. 3Due Fab. 0 Due Jane. &Due July. t Due Aug °Due Oct. 2,Due Nov. o Due Lee. S OD1lon sale.
..--
1083s
BONDS
N. Y. STOCK EXCHANGE
Week ending July 28
529
530
BONDS
N. Y. STOCK EXCHANGE
Week ending July 28
New York Bond Record—Concluded—Page 4
rrid
icaev
July 28
1Veek's
"I 41
Range or
o
Last Sale '
14
Range
Since
Jan. 1
laid
Ask Low
High No. Low High
Winston-Salem S B 1st 4s_ _ A960 J J 8114 83 8112 July'22 ---, 77 80
Wis Cent 50-yr 1st gen 4s_ _ _1949 J J 81 82 81
81
1 7411 82
Sup & Dul div & term 1st 4s'36 MN 7914 80 7914
80
3 7518 81
Street Railway
Brooklyn Rapid Tran g 5s_ _ A945 AO 60 62 604
604
9 31 64%
57 July'22 ---, 3512 84
1st refund cony gold 4s._ _ _2002 j j 49 59
3-yr 7% secured notes_ ___k1921 J J 83,4 8334 8314
84
63 58 88
82 83 8212
Certificates of deposit
834 42 5813 87
8014 22 54 83%
7934 80 7912
Certfs of deposit stamped__ _
1
4 8314 83
Bklyn Un El 1st g 4-5s_ ___195* FA 83/
8312 10 75 8812
1936 FA 8314 84% 824
17 7612 80
85
Stamped guar 4-53
Kings County E 1st g 48._1949 FA 7058 7234 717s June'22 ---- 64
75
1949 FA 7034 7218 7212 July'22 ---- 66 724
Stamped guar 4s
Nassau Elec guar gold 4s_ _1051 J J 5114 51% 5114 July'22 --, 27
5114
1927 FA SO Sale 794
80
Chicago Rys 1st 5s
25 67 85
Conn Ry & L 1st & ref g 43s 1951 J J 804 -- 764 June'22 ---- 75
76
1951 J
8034 -- 73 Apr'22
Stamped guar 43s
7034 73
84
Det United 1st cons g 45s_ _ _1932 J J 8312 Sale 8234
60 6312 85
__
_
56
58
5s__
A936
Tr
1st
g
MS
Ft Smith Lt &
Jan'20
1957 FA 8514 Sale 85
Hud & Manbat 5s ser A
8534 193 75 "8614
1957 AO 6412 Sale 64
Adjust income 53
6478 71 4712 6612
1932 FA
9534 July'22
N Y & Jersey 1st 5s
92 96
1212 °I 934 21
Interboro Metrop coll 4 Ms.A956 AO 12 Sale 1112
12 Sale 1134
7a4 18114
Certificates of deposit
1234 141
Interboro Rap Tran 1st 5s_ ..1966 J J 70 Sale 68%
7034 733 54
7538
7612 78
77
10-year 68
79
38 761
/
4 79
9512 Sale 95
7s
9612 214 9312 9612
1932
Manhat Ry(N Y)cons g 4s.A990 AO 6638 68 67%
22 6712 70
68
Stamped tax exempt
674 May'22
1990 AO
1
4
1574 87/
2d 4s
2013 J D 50 60 60
61
3 4834 57
Manila Elec Ry & Lt s f 5s_ _1933 MS 78 84 80 June'22 ---- 6412 80
Market St Ry 131 eons 5s___ _1924 MS 8758 8734 8712
88
59 81 92
5-year 6% notes
1924 AO 9234 9312 92% July'22
90g97
Metropolitan Street Ry—
72
B'way & 7th Av 1st c g 53_1943 J O 7012
6912
71
20 50 6934
Col & 9th Av 1st gu g 5s.1992 MS 20 Sale 20
20
2, 1712 25
Lex Av & P F 13t gu g 5s_ _1993 MS 4014 4712 4314 June'22 -- 39
50
Milw Elec Ry & Lt cons g 58_1926 ✓ A 97 ____ 9714 July'22
1
4
9714 97/
Refunding & exten 4 Ms_ _ _1931 J J 8358 -- 86 July'22 _ - 7914 8812
8712
Montreal Tram 1st & ref 5s I941 J J 8714
87
8712 26 83 90
New On Ry & Lt gen 4 As_1935 J J 63 -.-- 30 Feb'2
N Y Munic Ry 1st s f 53 A_1966 J J 66 -- 34 Dec'21
N Y Rys 1st It E dr ref 4s_ _ _1942 J J 39 Sala 374
39
45 2512 -411-2
3614 3734 37
Certificates of deposit
38
33 24
44
30-year adj inc 5s
1158 74 512 15
8/
1
4
a1942 AO 1112 Sale
814 10
Certificates of deposit
8%
1012 87 434 1312
NY State Rys 1st cons 0.0_1952 MN 70 Sale 684
70
5 814 7218
3 95 9712
95
9512
Nor Ohio Tree & Light 6s___1947 MS 9512 96
Portland Ry 1st & ref 5s_ _ _1930 MN 863
- 81 88
. 8E02 July'22
.4 8712
86
Portland Ry Lt & P 1st ref-55 1942 ✓ A
87
7 7812 90
4 103
1st & refund 7s Ser A__ _1946 MN 103 103,
10334
3 102 106
- 8812 June'22 -- 803 884
Portland Gen Elec 1st 5s__1935 J J 885s
84
Third Ave 1st ref 4s
1950 J J 6334 64 6334
49 6618 88
6158 2.9 4412 6234
Adjincome 53
a1960 AO 6114 Sale 594
Third Ave Ry 1st g 5s
1937 J J 9378 -- 93 June'22 -- -- 88 96
100
3 96 10034
Tri City Ry & Lt 1st s f 5s_ _ _1923 AO lot) 16704 100
Undergr of London 4s_ ._ _1933 J J 8512 ...... 73 Jan'22
73
73
64 June'22.— - 60 644
Income 6s
1948 J J 6714
8712 87
87 I
1 76 8812
United Rys Inv 58 Pitts issue 1926 MN 87
614 June'22,_..,. 5112 6134
United Rys St L 1st g 4s
1934 J J 5934 65
St Louis Transit gu 5s
1924 AO 58 5912 58 May'22
56
58
Va Ry Pow 1st & ref 5s
7978
1934 J J 7834 8012 79%
1 72
8012
Gas and Electric Light
__
9412 9412
Bklyn Edison Inc gen 58 A_ A949 J J
9534
9 89% 96
1 - 10212 1011
/
4 10212 11 100 10312
General Os series B
1930 J J 02
General 7s series C
1 102 10712
1930 J J 10334 106 106% 106781
General 78 series D
1940 J O 107 10712 107
107121 13 10618 108%
Bklyn Un Gas 1st cons g 5s_1945 MN 98 9612; 9512
98
11 6718 97
9734' 98
Cincin Gas& Elec 1st& ref Ss 1956 AO 97
98
1 92 9814
1
4 97 9558
Columbia G & E 1st 513
1927• J 96/
9812 19 8814 97
/
4
Stamped
1927 J J 9614 964 961
9634 18 88
97
85
34 ---- 75 Sept'21 -Columbus Gas 1st gold 5s
1932 J" J
1925 Q F 12234 Sale 11912 123 946 103 125
Consol Gas 5-yr cony 7s
Detroit City Gas gold 5s_ _ _ _1923 J J 100 Sale 100
100
15 93 Hos
Detroit Edison 1st coll tr 58_1933 J J 9712 9838 9814
9838
7 93 99%
k1940 MS 9458 944 9414
1st & ref 5s ser A
95
12 8314 97
k1940 MS 103 Sale 103
1st dr ref 6s series B
10358 73 9912 104
Duquesne Lt 1st & coll 6s_ _1949 J J 103 Sale 102% 10314 59 100 104
1936 J J 106 10634 1081
/
4 107
Debenture 7s
47 10434 10734
Empire Gas dr Fuel 7Ms_ _ _ _1937 MN 9812 Sale 98
9812 276 98 9834
Havana Elec consol g 5s___ _1952 FA 91 ---_84
86187 7714 92
1949 MN 89 ---- 89 June'22
Hudson Co Gas 1st g 5s
gaol 90
1937 AO 97 ---- 95/
1
4 June'22
Kings Co El L dr P g 5s
9112 98
1997 AO 11012 11112 111
Purchase money 68
11112'
2 10612 11112
10514
MS
---1925
10514
Convertible deb 65
Apr'221--- gg 107
81111 8312
Ed El Ill Bkn 1st con g 48_1939 J J 85g ----I 8314 May'22
Lac Gas L of St L ref & ext 5s 1934 AO 9012 9158 91
9112•
3 86 9314
924
93 1
1927 MN 9212 -6 8712 93
Milwaukee Gas L 1st 4s
Sale 10912 11012' 136
N Y Edison 1st & ref 6555 A_I941 AO 11012
10534 11034
1948 JO 9914 Sale 99
99/
1
41
NYGEL&Pg 5s
9 9258 9934
8312
83 I 25 76
1949 FA 83 Sale 8212
Purchase money g 4s
4 ---- 1004 June'22 -- 10012 10158
Ed Elea Ill 1st cons g 5s_ _ _1995 J J 1003
92
1937 M N 9112 Sale 9112
73 90 93
No Amer Edison 6s
Pacific G & E Co—Cal G & E—
97
Corp unifying & ref 5s_ _ ,.,1937 MN 9638 Sale 97 July'22
93 97
9034
91121 53 87 9214
Pacific G & El gen & ref 55_ _1942 J J 91
8914
9012
90 July'22_ _ _ 8734 94
FA
'30
5s
ref
20-34
1st
&
Lt
Pow
&
Pac
105
104
105
AO
July'22
- 10114 105
Peep Gas dr C 1st cons g 8s 1943
90141
1947 MS 9014 90% 9014
1 86 92
Refunding gold 5s
97 98 May'22'-89 95
Ch G L& Coke 1st gu g 5s_1937 J J 9514
92
-92
May'22 -- 92 92
Con G Co of Ch 1st gu g 5s_ 1936 J J 8712
7814 7812
Mu Fuel Gas 1st cu g 5s-1947 MN gg Sale 7812 June'22
9812
FA
99
9612
I
1944
60
9914
Philadelphia Co 6s A
95
9634 9514 June'22 -- 9212 9612
Stand Gas & El cony 5 f 6s_ .1926 J O
/
1
4-- 91
91 1
92
85
Syracuse Lighting 1st g 5s__ _1951 J D 89
8512
73
June'211-1949•S
Trenton G & El 1st g 55
92 -/
1
4 May'22;
-9012 9414
Union Elec Lt & P 1st g 55.... A932 MS 9612 97 93
97121-36 9314 9834
United Fuel Gas 1st $ f 6s_ _..1936 J J 91 Sale 9612
9014
91141 48 8712 9334
1944 ✓ A
Utah Power & Lt 1st 53
91 June'22:
903
4
---J
J
1957
33
8434 91
ref
Utica Gas & Elec
Miscellaneous
1
8012 8012
8012
2 75
8012
Adams Express coll tr g 4s_..1948 MS 80
g
10
9
9 1
2 9
124
Alaska Gold M deb Os A_ _ _1925 MS
6
712 6 July'22
1926 MS 8114
6
107s
Cony deb Os series B
Sale 814
81121 54 70 8234
1934 AO
Am Wat Wks & F-lec 5s
9014 Sale 9014
91
42 8612 94
Armour & Co 1st real eat 43-13 1939 J D 39 Sale 3814
3912 60 2312 504
Atlantic Fruit cony deb 7s A1934 J O 1034 10312
10314 10438; 79 1027s 105
1931 MS
Atlantic Refg deb 6 Ms
9978 100
967
100181 10 93 10018
Braden Cop M coll tr s f 6s_ _1931 FA 8312 8512
82% July'22'--- 7714
1952 AO
Bush Terminal 1st 4s
89% 9012 July'22.---- 8214 851$
1955 ii 87
92,4
Consol 5s
904 — -- 9012
9184 11 8614 9212
Building 5s guar tax ex_ _ 1960 AO 11912 Sale 11812
11912. 39' 110 1241
1931 J J
/
4
Cerro de Pasco Cop 8s
Sale
7
92
91
93
48 874 93
Chic Un Sta'n ist gu 4 Ms A_ _1963 J J 115 Sale 114
115
1963 J J
20 11158 115
1st Ser C 63-55 (ctfs)
/
4 10512 10558 21 99 10712
/
4 1051
N 1051
Chile Copper 10-yr cony 7s_ _1923
924 Sale 9214
93
91 84
93
Coll tr & cony 63 ser A__ _1932 AO
,4 9634
9738 14 89 9712
Computing-Tab-Rec s 1 6s_ ....1941 J J 9658 97
8718 90
86
Granby Cons M S & Peon 6s A '28 MN 8734 94 94 July'22 _---' 87 90
June'22'__I 87 99
1928 MN
Stamped
1925 MN 99 99% 88
99,2
5, 88 102
Cony deben 8s
9812-- 974 July'22,....- -I 944 984
Great Falls Power 1st s f 5s_1940 MN 8812
Sale 88
MN
_1947
8912'
127
_
88
6s_
9414
Line
Holland-American
9612 Sale 9612
97 I 160 89 994
Inter Mercan Marine s f 6s_ A941 AO 6612 Sale
96
96
1931•S
4 90 984
Invincible Oil Ss
119 120 118
12058
5 8434 128
Marland Oils f as with war'ts 1931 AO
106 10558 106 • 25 99 10712
Mexican Petroleum s f 8s_ Z_ _1936 MN 1053a Sale
97
98
19 93
99
Montana Power 1st 5s A_ _ 1943 J J 97
8634 86
87
12 78
1939 J J 86
874
Morris & Co 1st s f 4 Ms
*No vales Friday; latest bid and asked. opt131.11311. dpue April. cpue Mar. opus
J
.1 .2
t
BONDS
N. Y STOCK EXCHANGE
Week ending July 28
Price
Friday
July 28
Week's
113
Range or
Last Sale "
Range
Since
Jan. 1
Bid
Ask Low
High No. Low High
N Y Dock 50-yr 1st g 4s
1951 F AI 7958 -- — 80
• 80
12 76
80
Niagara Falls Power 1st 5s_1932 J Ji 10014 Sale 100
10018
5 94 101
Ref de gen 6s
01932 A 0 10334 Sale 10318
104
14 10012 10434
Niag Lock dr 0 Pow 1st 5s_ _1954 M N 96 ____ 9534 June'22 --_- 95 954
Nor States Power 25-yr 5s A_1941 A 0 9112 Sale 91
914 26 8812 93
Ontario Power N F 1st 5s_._1943 F A 954 961
/
4 961
/
4
9614
1 90 99
gus
Ontario Transmission 5s_ _1945 M N 912-_-_ 9112 july,22 ____ 79
101
Pan-Amer P dr T 1st 10-yr 7s_1930 F A 101 10112 101
8 9412 103
/
4 9834 98/
1
4
981
/
4
Pierce Oil s f 8s
1931 J D 981
3: 944 10258
Prod & Refining s f Ss
1931 J D 1014 102 10812 109
18, 99 11578
Pub Serv Corp of N J gen 53_1959 A 0 8514 Sale 85
8514 30 73 8312
Sinclair Con Oil cony 7;48_1925 M N 10412 Sale 10412 10458 123; 98 1064
1937 m s 99 Sale 99
9912 163 98 10011
13-year 7s
1925!A 0 9858 Sale 9838
9834 190: 98 9934
Sinclair Crude 011 555s
1
4 10718
Standard 011 of Cal 7s
01931 F A 106 Sale 10512 10614 82; 105/
8 9212 101
100
Tennessee Cop 1st cony 6s_ _ _1925 M N 9912 10014 100
104
231 100 1044
1931 F A 10312 104 103
Tide Water Oil 63-5s
10334
9, 10114 105
Union Tank Car equip 7s_ _ _1930 F A 10334 Sale 10314
1939 J J 9514 --__ 9634 June'22 --I 95 9634
Wash Wat Power s 1 5s
9314
1, 89 9314
West Penn Power Ser A 5s__ _1946 M 5 93 ---- 9314
c1946 F A 104 10412 10438 July'22 ----I 10318 10458
1st series D 7s
9934 109 93 100
/
4
Wilson & Co 1st 25-yr s f 6s__1941 A 0 994 Sale 1 991
93141 90
1928 J D 93 Sale 1 9212
10-year cony s f 6s
f1112 10;12
72
1931 F A 10414 10412 1031
104341
Temporary 73-5s
1591
Manufacturing & Industrial
22 9914 10314
1936 J D 9912 Sale 9912 100
Ajax Rubber 8s
9712 10 8118 984
1928 A 0 9712 Sale 9614
Am Agrie Chem 1st 5s
10412 77. 100 105
1941 F A 104 Sale 1037
1st ref s 1 7As
89 1
3 81
93
Am Cot Oil debenture 5s_ _ _ _1931 M N 89 Sale 89
9312 141 8612 9312
Am.Sm & R 1st 30-yr 5s ser A 1947 A 0 934 Sale 9238
18
05
214 103
134 974 10312
American Sugar Refining 6s 1937 j j 10853
Sale
1939
Am Writ Paper s f 7-6s
38
7' 10
82
18
07
5
072 18
08
9%
Atlas Powder cony 7As g__ _1936 F A 105 Sale 104%
Baldw Loco Works 1st 5s_ _ 1940 M N 10212 ____ 10212 July'22 -- - -I 994 10212
10334
10334
29
101
1011
/
4
1015
8
1015
8
A
1942IF
Canada Gen Elec. Co 6s
8
9
8
9
/
1
4
82
9
7
3
6
0
85 1 8234
9
802141 53
19311A 0
Cent Foundry 1st s 16s
I925 A 0, 9734 Sale 97
Cent Leather 20-year g 5s_
1 95
99
99 1
1931 M N. 99 ____ 99
Corn Prod Refg s g 5s
10114
3 96 1014
1934 M N 10114 - --- 10114
1st 25-year s f 55
901 86 60 90
Cuba Cane Sugar cony 7s_ _1930 J J 89 Sale 1 8658
894 Sale 1 8614
90 1 262 5412 90
Cony deben stamped S%
S 107 Sale '10614 10712 21 10112 10712
Cuban Am Sugar 1st coll 8s_ _1931
1081
/
4
4.107 1104
Diamond Match s f deb 735s 1936 M N 107 10712 108
45
Distill Sec Con cony 1st g 5s_1927 A t) 45 48
22!--4
_11 8
33
712 9
5
4
'
5012
3
E I du Pont Powder 455s__ _ _1936 J D. 90 __I 90 Jane
4
Sale
1073
10634 10778' 96 1034 10812
du Pont de Nemours & Co 73is'31 M N.
10712, 18 997s 10812
Fisk Rubber 1st 5 f 8s •
1941 M s 106 Sale '106
99 1 93 95 10214
Frametic Ind dr Dev 20-yr 73-5s'42 j j 9714 Sale 1 9714
97 Apr'221--- -I 934 97
General Baking 1st 25-yr 6s_ _1936 J D 100 -__
81 1
3 7034 81
Gen Electric deb g 3555
1942 F A• 81 Sale-1 8054
10112 15, 95 102
Debenture 5s
1952 A,/ s 10114 1C112 101
20-year deb Os
Feb 1940 F A 1094 115 10612 10718. 11 103 108
Goodyear Tire & Rub 1st s f 8s'41 M N. 11614 Sale 11534 11012' 74 11014 11834
10-year s 1 deb g 8s
el931 F AI 10112 Sale ,10114 10158 184 9734 10314
8034 28, 7212 82
Int Agri° Corp lot 20-yr 5s_ _1932 M NI 8C3/3 Sale , 80
108
1 102 11834
Intemat Cement cony 85_ ...._1926 J D. 108 110 108
30, 86 88i2
87
International Paper 5s
1947 j .ml 87 Sale 1 8612
155 83/
1
4 88
/
4
88
1947 .4 .71 8634 Sale ! 881
1st & ref 5s B
105
10 102 108
Kayser dr Co 7s
1942 F Al 10412 sale 104
10838 54 1017a 10912
Kelly-Springfield Tire 8s_ _ 1931 M NI 10814 Sale 108
1936 J DI 9234 97 . 97 July'22 — --I 97 9814
Kinney Co 73-5s
Liggett & Myers Tobac 7s_ 1944 A 01 116 11634 1154 11654 23 112 ugh
71 917s 0813
9778
1951 F Ai 9812 100 9778
Ss
7, 112 116
115 1
1944 A 0, 115 11514 1154
Lorillard Co (P) 7s
/
4
99
10 921s 99
1951 F Al 9912 Sale 981
55
99
109 974 1003S
1942 A 0 9812 Sale 98
Manati Sugar 7555
142 _in 98
8834 Jruelb
.
:y:21
2 17
..1 9213 97
i! 98
Nat Enam & &smog 1st 5s_ _1929 J D
Nat Starch 20-year deb 55_ _1930 Ai N:
loo sale 100 10012 35, "Ai; Iiiiiia
1952
National Tube 1st 5s
1014 10114
101141
3. 97 10114
N Y Air Brake 1st cony Os__ _1928 NI N; Ica
A 0, 10714 Sale 10714 1073s, 26, 98 108/
1
4
Packard Motor Car 10-yr Ss_ _1931 Ai
NI 10012 __-- 10312 1034 ----I 99 104
1931
Porto Rican Am Tob 83
Ai s 9878 Sale I 984
9912 21 934 100
Sharon Steel Hoop 1st 8s ser A1941
D
10018 Sale 1 9914 10034 122 94 10138
South Porto Rico Sugar 7s_ _ _1941 J
1930
Standard Milling 1st 5s
j
51 N
j; 187
034 S
-a
-l-e-119
08
0334 19
14 28
8 9
98
07
7 19
07
21k
Steel & Tube gen 5 f 78 ser C_1951
1931 J D 10214 10314 1034 1044 23
Tobacco Products s f 7s
'i
j.
102
____
1043
4 June'22 ----1 8
98
71412 IN%
Union Bag dr Paper 1st 5s.. _ _1930
D.
111
Sale 110
111
171104 112
1941 J
United Drug cony Ss
j1 9634 Sale : 9618 , 9634 29. 92 97
US Realty & I cony deb g 5s_1924 J D: 10258
4 10012 10412
U S Rubber 15-year see 7s.. _ _1923 J JI 91 10234 1024 10258
Sale 1 9012
91
134 88 91
1947
lot & ref 5s series A
45 104 10934
109
1930 , Al 10812 Sale 10814
10-year 755s
F
Al
10018
103 100
102
9 9512 10358
S Smelt Ref dr M cony 63..1926 j D
100 10014 100
10018 82 93 10112
Va-Caro Chem 1st 15-yr 55_ _1923
100 102 994 loo
28 92 102
7
Csonv deb 65
116
02144:
131
11(11
813;3
9 2,3
54 98 997
`
. Eli ti ri lig
:
142
4
2t
PiaLee
89 9
99
0;
1 1
12-year s 1 71is
103
5514
1941 J D
Warner Sugar 7s
West Electric 1st 5s_ __Dec 1922 J J
10818
Sale
1073
dt
M4
10818
124
E
7s
Westinghouse
1931,M N
19
09
5 1011
00
6934:
107
0
_._, 199
9112
4 199
3:I.
;
0;
Wickwire Spen Steel 1st 78_ 192
1,9
0,9
0:4
2 :
17 9
9,95
7:: 1;4
0
0
Coal, Iron and Steel
I
Beth Steel 1st ext s f 5s
1942.M N
1st & ref 58 guar A
Sale
1936 J J
20-yr p m Sr imp s f 55
N12
e5s F/1114
1948 F A „
2
(is A
914 V
9 Zli (91$4
1932'J D
pg
rl _—_
tu
Buff & SUSQ Iron 5 1 5s
0°
0 :::: 10
70
8
01926 M 5 1°
Feantif
1:13
C0/3
---- 55" 10691 July'22 --__ 82 914
Co
o8gen 5 f 5s
1943;F A 90 92
7912
7812 20 71
Col Indus 1st & coll 5s gu_ __ _19341F A 76 Sale 78
90
69 80
90
Cons Coal of Md 1st & ref 5s_1950 J D 887s Sale 8834
19251J D 97 9712 964 July'22 ---- 9012 10214
Elk Horn Coal cony 6s
1940,A 0 19
Illinois Steel deb 435s
00
0
S9
a114312 19
14
1 96
88114
2 10
00
112 19
00
11528 4
1952,M N
93
112
Indiana Steel 1st 5s
/
4 100
10018 27 9334 100,4
Lackawanna Steel 1st g 5.9
19231A 0 100 1001
891
27 8
4 8934 8914
90
92
0 8
s
M
series
A
1950
94
2%
1st cons 5s
98
2314
2 Eul-e- 9
84
812 Jun9
e0
'22
Lehigh C & Nays f 43-5s A _ _1954 .1 j 8
-ici2i2 83 9234
Midvale Steel &0 cony s 1 53_1936 MS
55 961a 103
101
1941 F A 100 10014 100
Otis Steel 8s
13 89 92
873s
91
Pocah Con Colliers 1st 5 1 58_1957 J J 91 92
6314
9
8
2
9318
93
90. 97
10-30-yr
5s
5
f_
_1940
A
0
S
&
Repub I
851
/
4 82 July'22 --- - 78
877s
St L Rock Mt & P55 strand_ _1935 J J
99
3
Tenn Coal I & RR gen 5s_ _ _ _1951 J J 10
8
199
ale 10
99
2758
8 10
312 128
3 99
99
d1963 MN
81
4
2 19
09
4/
1
4
U S Steel Corpicoun
July'22 ---- 99 Inal,
_,,
d196 MN -------10112
s f 10-80-Yr 5slreg
96
9212 July'22 ---- 87
9234
Va Iron Coal dc Coke 1st g 5s.1949 M s Va
Telegraph and Telephone
917 110 88/
J J 9134 Sale 9158
1
4 9178
Am Telep & Teleg coll tr 4s_1929
1936 64 s 88
1
4
8734 86
864
71 9014 86/
Convertible 4s
1933 M S 100as 10212 10112 10112 10 9154 103
20-year cony 4;is
74; glik 991,
99
30-year temp coll tr 5s_ _19481J D 9878 Sale 9858
11558 40, 108 1185a
19251F A --------115
7-year convertible Os
194a A 0 108 Sale 10712 10814 50 107 112
Bell Teleph of Pa s 1 7s A
100
10014
100
100
D
51 974 100
J
_1943
1st
30
-year
55_
Tel
Dist
Cent
76
76
8' 72
Commercial Cable 1st g 48__ _2397 Q .1 734 7512 7414
9312 July'22
8812 9414
curnb T & T 1st & gen 5s_ _1937 J J 934 94
99
2 9434 9214
Mich State Teieph lot 5s_ __ _1924 F A 99 Sale 9834
9478 108 8814 95
N Y Telep 1st dr gen s 1 4;0_1939 M N 94 Sale 9334
108
53 10134 108
30-year deben s 1 6s_ __Feb 1949 F A 108 Sale 106
20-year refunding gold 6s_ _1941 A 0 10512 Sale 10434 10512 130 1017s 10,57,
Northwest'n Bell T 1st 75 A.A941 F A 1074 Sale 10712 10734 98 10512 10834
1937 J J 98 Sale 9814
9814 121 917 9814
Pacific Tel & Tel let 5s
1952 MN 9212 Sale 9214
5
.
8,1% 16
1! 2 Cat.
9712
Sale
J
J
58_1941
1
s
1
T
1st
94
2
Tel
&
Bell
South
9812 29, 9034 100 Western Union colt tr cur 5s..1938 J J 9812 Sale 97%
9358
Fund & real estate g 4;0_1950 M N 93 Sale 93
5 884 9438
1936 P A 10958 110 110
11014
8 10812 110t.
15-year 6;58 g
I
may, opus June. hDue July. kDue Aug. oDue,Oct. oDue Dee. a Option ewe.
BOSTON STOCK EXCHANGE-Stock Record See next
HIGH AND LOW SALE PRICE-PER SHARE, NOT PER CENT
saturday,
July 22.
-
Monday,
July 24.
Tuesday,
July 25.
Wednesday, Thursday,
July 26.
July 27.
?mail,
July 28.
Sales
for
gnu
Week.
STOCKS
BOSTON STOCK
EXCHANGE
Range since Jan. 1.
Lowest
Shares
Railroads
14612 14634 147 147
158 Boston & Albany
147 147
14612 147 .14612 147
14612 147
100 13014 Jan 4
8312 8312 827
, 84
8212 8212 83 83 .8212 8312 *83
100 73 Feb20
8312
175 Boston Elevated
Co pref
.9712 99 .____ 99 *__ __ 100
11
98
98
98
98
-- -_
100 9414 Mar 1
_•117 11812 *117 11811 -__Do 1st prof
56
_ _ *117 11812 118 ifs
___ *117
100 116 June22
103 103
Do 2d pref
150
10312 10312 103 103
103 103
10212 102-12 103 103
100 102 June10
*27
194 Boston & Maine
2712 27
2612 2611 *26
27
1
4
27
26
268 2612 27/
100 14 Jan10
.32
Do pref
34
*32
113
34
34
*31
*31
34
34
30
*31
30
100 20 Jan 9
--------150
3812 3812 .3812 39
Do Series A 1st pref._ ..100 22 Jan 5
3812 3812 .38% 39
3834 39
--------191
58 58 .56
Do Series B 1st prat_...100 86
56
58
56
56
56
56
56
Jan17
5112 5112 -._ _ _ _ 5112 *50
Do Series C 151 pref_ ..100 80 Jan 9
_ _ .50 ____ *50
*50
Do Series D 1st pref_ _100 40 Jan12
71
70
71
70 .70 ____
11
71 -71- .70 __ __ .70 -- -Boston & Providence
.163 _ __ 163 163 *163
*163
162 163
100 125 Jan 12
1834 fo
19
20
24
2014 2112 21
2534 2,419 East Mass Street Ry Co...100 18 July13
21
23
22
Do 1st pref
75
75
181
75
75
271
72
71
72
7134 72
72
72
100 z71 July2,5
Do prof B
1,130
5512 55
5414 5412 55
55
5512 55
55
*5312 54
54
100 51 July13
Do adjustment
31
31
33
110
31
32
33
36
34
3512 36
3512 35
100 28 July14
Maine Central
*73
*73
*71
75
Last Sale 45 July'22
73
73
*71
100 27% Jan30
743
831 N Y .N H & Hartford
.30
294 29,
3114 3112
4 29% 29% 3014 31
303* 29% 30
100 1,/
1
4 Jan 3
Northern New Hampshire_ 100 69 Jan10
*7412 80 *
1 *__ 80 --_
Last Sale 96 July'2'
,
_
---- ---96
96
6i Norwich & Worcester pref_100 58 Jan17
96 -66
11.96
96
9612 9612 - - -- -- -93
11r Old Colony
93 . _ 93 *
_ 96 .____ 93
92
90
92
90
100 57 Jan 6
47
45
*43
44
45
44
44
44
44
44
19) Rutland pref
*4312 45
100 15 Jan20
Vermont & Massachusetts _100 78 Jan23
Last Sale 96 July'22
Miscellaneous
Amer 011 Engineering
Last Sale .05 Apr'22
_
10
.02 Feb 8
501) Amer Pneumatic Service
--i'
%
- - -3-34 --312 -134 --3i2 --3-1-2 --3;21 --3-38 *312 334
312 334
25
2% Feb 4
1812 1812 1812 *1814 1812 1814 1812 1814 1812
361) Do prof
*1814 1812 *18
50 13 Feb20
12134 122
12112 12214 12134 12214 122 12238 122 12214 122 1223* 2,82;3 Amer Telephone & Teleg_ _100 11458 Jan 3
113 113
113 113
8;3 Amoskeag Mfg
112 112
11214 113
11212 11212 11212 11212
No par 104
Jan10
Do prof
2:5
*85
*85
*85
85% 858 *85
_ *85
No par 213012 Jan17
Art Metal Construe Inc_ _ _ 10 1411 Feb20
*1512 1712 .1512 -1-712 *1512 1712 *1512 1712
May'22
Last Sale5
115 Atlas Tack Corp
18
18
*18
18
19
1834 18
*18
19
*18
1834 *18
No par 13
Jan 7
Beacon Chocolate
.30 June'22
10 .25 Jan 20
'1 St
201) Boston Mex Pet Trus_ _No par .15
.
7.-3-5 --...1& -;.-3-5 - -..-11i -;.-3-5 - .
-,-1.8 --.-30 - -.io 43
Apr 27
31) Century Steel of Amer Inc_ 10
.05 Jan20
19:2 Connor (John T)
f
.23
,
4 2414 2,-1 -2-4- *i3i4 2414 i3"
1
4 2312 2,
-2-3-12 *i3 -2-3
10 153* Jan 4
.4
438 *4
412 *4
438
4
4
15() East Boston Land
8 Jan 4
10
334 334 *312 414
8
812
8
812 9
8
8
8
712 734
714 912 1,3417 Eastern Manufacturing_ _ _ 5
714 July 28
7012 6912 7018 6934 7012 70
.70
2,291) Eastern SS Lines Inc
70
70
70
701
/
4 69
25 88% Jan 4
46 .45
.45
46 .45
_
Do pref
Last Sale 47 May-22
46
46
*15
50 42 Jan 7
18112 18112 180 180 *180 181
180 180
177 17712 178 179
111) Edison Electric Illum
100 156 Mar 2
1214 1214 1214 1212 1234 121
1214 1214 11
/
4 13
1234 1234 1,21:3 Elder Corporation
No par
3 Mar14
34
3414 337
. 3412 33
34
53,5 Galveston-Houston Elec_ _100 33 Julyll
3512
30
3512 3412 3512 35
*1134 1214 *1134 12 .1134 1214 1112 1112 *1112 12
*1112 12
No par
5() Gardner Motor
10 Jan 12
.1912 20 .19
20
*19
20
I:2 Greenfield Tap dr Die
19
20 .19
20
*19
20
25
19 Jan 26
.4812 50 .4813 50 *4814 50 .48
Hood Rubber
Last Sale 49 July'22
50
No par 43 Mar 9
*32
33
*3214 33
*32
33
32
32
3034 3113 32
32
45:5 Internat Cement Corp_No par 26 Jan 20
- 30 * _ - 30 . -- 30 '. -- 30
Internal Cotton Mills
Last Sale 30 July'22
50 28 Mar 25
*62
63
63
.62
62
62 .62 63
Do pref
5
63 63---- ___7.
100 62 July 25
.312 4
314 314
*312 412 .312 412 *312 4
1:5 International Products_No par
314 Jan 9
.912
12
*912
pref.
12
.912 12
*912 12
Do
912 912 -- -51P
100
7 Jan 5
..75
.82 .82 ..75
1
1
..75
1
..75 1
*.75 --151 Island Oil & Transp Corp
10 .82 Apr 15
8
8
*734 8
734 734 .78 8
.778 8
4: Libby, McNeill dr Libby
10
78 8
13* Apr 24
*9
912 .9
10
9
9
.9
10
.9
10
2.5 Loew's Theatres
9
10
25
8 July 1
78
78
78
79
.78
78
77
7712 77
77
305 Massachusetts Gas Cos....100 63 .Jan 3
7712 78
1
Do
67 67
68 68
6612 6612 6634 6712 6714 6712 6712 6912
pref
16
100 52 Jan 8
•151 153
150 150
151 151
151 151
1517 1517 *150 15212
38 Mergenthaler Linotype _100 130 Jan 8
2212 2212 2212 22% 2212 *2212 2312 2212 22
1
4 22
.2212 23/
305 Mexican Investment Inc_ 10 20 Mar 27
,
8
Mississippi
2412 2412 24
2434 2434' 25
River Power_._100 18 Jan 6
25
26
935
27
29
29
Do stamped prof
81 .79
8034 .79
.79
80 .79
10
80
81
-------81
_
100 7212 Jan 9
73
77
73* 752
8
8
8
734 7,4
902 National Leather
818
81/1
i
10 : 712.7une 28
.184 2
2
2
158 184
112 184
113 112
112 112 1,74 New England Oil Corp
1 July 17
11712 11734 11612 11713 117 11712 117 117
9 New England Telephone_ _100 109 Jan 4
117 117/
1
4 117 11712
Body
Ohio
.7
8
dr Blower_ No par 11 May 18
.7
.8
8
*7
Last Sale 1238 May'22
8
•1812 19
1812 1812 1812 1812 *1814 19
1812 1812 1814 1814
1 13 Jan 10
58Z Orpheum Circuit Inc
•162 163
1 Pacific Mills
161 161 *161
___ .159 ____ *159 ___ •159 ---160 July 3
1513 1512 .15 _ __ .15 _ __ .15 ____
16
16 .15 _
12'0 Reece Button Hole
10 1211 Apr 18
15 Simms Magneto
*312 4
12 *312 4
*312 4
312
.312 -4
.312 4
5
3 Feb20
10112 102
10138 1013* 10114 10178 10112 1017 101 10112 101 10184
8310 Swift & Co
100 92/
1
4 Jan 8
42
4214 4012 42
41
4113 41
7615 Torrington
41
41
41
41
42
25 e39 July 8
•11
_ _ .11
_ _ *11
4:0 Union Twist Drill
11
_ _
11
*11
11
11
___
5
8 Mar 29
38 3112 38 3112 3813 3-873912 1,6517 United Shoe Mach Corp
8 3814 39
3814 -39
39
25 34 Mar 8
26% 2612 .2618 2613 *261
Do pref
21O
/
4 2612 2618 26% 2618 2618 2613 2612
25 25 Jan 8
28% 29
2818 29
28
298 2984 3012 2912 3012 3018 3012 6,2915 Ventura Consol 011 Fields.. 5 2171 Jan 27
.2912 30
30
30 .1 2912 30 .2912 30
27-5 Waldorf System Inc
30
30
30
30
10 2812 Jan 4
1014 1034 1034 11
10% 11
1014 1,83II Waltham Watch
10
1012 1014 1014 10
100
7 Jan 3
41
Do pref
41
40
40
*40
7-5
41 .38
40
39
38
39
100 34 Feb 15
3912
Walworth
12
12
12
1212 .1112 1213 12
3
14
12,
8
1212 *12
1212 .12
Manufacturing_ 20
712 Feb 7
33
33
32,
7412 Warren Bros
4 328 3234 3284 32/
1
4 3212 32,
3258 33
4 33
50 1712 Jan 3
.35
3612 36
36
Do 1st pref
5
*3512 37
*36
37
37
*36
*3.3
37
50 3012 Jan 4
MO
45 .40
45 .40
Do 2d pref
45
*40
45
-._
Last Sale 44 July'22
50 3312 Feb 18
.1512 1612 .151
/
4 16
Wickwire Spencer Steel_ _ _ 5 1334 Mar 27
*15
1512 .15
16
Last Sale 16 July'22
Wollaston Land
Last Sale .80 June'22
---- - - -- -- - - - - - - -- -- - - -- -- -- --__
5 .80 June 16
Mining
•.60 .75 ..60 .75 *.60 .75 ..60 .75
Last Sale .60 July'22 - -- ._ Adventure Consolidated_ _ _ 25 50 Jan 31
6314 6312 64 6512 .64 65 z61 6312 6212
Ahmeek
5i82
63
63 .62
25 59 May 11
•.20 .50 ..20 .50 ..20 .50 *.20 .50
Algomah /dining
Last Sale .20 July'22
25
.20 Jan 18
26
.25
2512 2512 *25
26 .25
26 .25
510 Allouz
26
26
*25
21 22 Jan 9
.312 334 *33* 33* *312 4
312 312
9a Arcadian Consolidated_
334 3%
25
2 Mar 10
312 37,
9
9
*912 91
*9% 934 *912 932 *912 912 *91
e:5 Arizona Commercial
/
4 912
5
814 Feb20
•1412 15 .1412 15 .1413 15
*14% 15
Last Sale 1412 July'22 -- -- -._ Bingham Mines
10 13 Jan 6
276 276 .276 277 275 277
275 276
917 Calumet & Heela
275 275
276 277
25 265 Jan 5
11
1118 1034 11
11
11
1014 105
10
1038 1012 1058 3,2135 Carson 11111 Gold
I 10 June 19
912 912 *912 10
912 912
*912 10
1910 Centennial
912 9t2
912
912
25
913 Jan 16
.4312 44
4312 44
43
44
4313 43% 44
5139 Copper Range Co
4414
4414
25
433*
3712 Jan 8
718 714
7
7
7
7
7
7
714 714
7
714
10
8:35 Davis-Daly Copper
613 Jan 3
4 1034 1034 10% *1012 11
10
,
1034 104 *1012 1034 *102 11
Butte
East
Copper
5450
Mining- 10 10 Mar 27
23* 23*
llz 112 .
.218 23*
2/
1
4 23*
,
8
218 218
238 2
1/39 Franklin
25
1 Apt 11
*212 3
212 212 *212 3
*212 3
:15 Hancock Consolidated_ _ _ _ 25
.212 3
.212 3
2 Jan 13
*1
112 *1
112 *11
/
4 11
3ro Helvetia
/
4
1
1
112
/
4 114 *118
I1
25
.99
July 13
105
10334 10413 103 104% 103 103
/
4
10414 10512 1031
10312 1041z 1,2,11 Island Creek Coal
I 81/
1
4 Jan 10
95
*93
9312 *93
9312 9312 9312 ___*92 4 95 .92
Do prat
5
-1 88 Feb 14
2412
233
2412
4
233
4
25
*233
4 2412 *2334 25 .2334 -2-5
024 a
135 Isle Royale Copper
25 22% Feb 28
*314 4
*314 4
*314 4
312 312 *314 4
I:23 Kerr Lake
.334 4
5
3 Feb 6
*214 24 .214 24 *214 234 *214 234 .214 24
450 Keweenaw Copper.
23
234
25
1 Feb 24
8
8
43
4
43
*412
4
4% *414 4 4 *414 434
*412 4 4
15 Lake Copper Co
43
4
43
4
25
214 Feb 18
*112 134 *112 134
134 134 .114 17s .134
50 La Salle Copper
178 *134
175
25
112 Feb 6
24
*18
4
/
1
4
*13
2
*11
4
_
4
Mason
.134 2/
1
4
21
/
4
Valley Mine
Last Sale 2
July'22 ---, _
5
1% Jan 4
*3
312
314 314 .3
312 *3
312
3
3/
1
4
3
314
25
'
1 to Mass Consolidated
2 Mar 24
*43, 5
478 478
4%, 4,
4
4,
4 434
434 5
458 5
31 7 Mayflower-Old Colony_ .. _ _ 25
Jan 20
214
1118
.90
11
/
4
14
112
1
I
• 112
112 112
4:77 Michigan
112 112
25 .75 July 10
61
62
61
62 62
62 62
62/
1
4 6012 6012 6012 62
2177 Mohawk
25 531z Jan 7
1912 1912 1984 1984 1934 1934 1914 1912 1912 1912
51 O New Cornelia Copper
_ 1912
_ 19%
.15 *___
.15 *__ __
.15 *____
.15
_ New Idris Quicksilver_ _ _ _ 5 110
Last Sale .10 July'22
7 July
b 27
1
*3413 37
37
*34
*34
.3
.412 37
37
New River CompanyLast Sale 37 June'22 -100 37 Jan 6
.75
7712 .
f
75
771
/
4 75
1
8
75
*75
7712
*75
7712 *7213 7712
100 73 Jan 7
512 512 *528 584 *53* 534
55
3
512
2: 0 Nipissing Mines
5 4 534
5
5
.5
5 July 8
1238 1212 1214 1214 12
1212 1234 1284 125
1212 1214 1212 1,2, 3 North Butte
It
11 Feb lb
9,258 3
3
*258 3
3
3
*258 3
, Mining
*258 3
3
' O Ojibwa)
25
216 Jan 20
25
25
.2514 26 .2514 25
26
26 .25
*25
0 Old Dominion Co
26
*25
25 23 Jan 4
35
34
35
33
*3212 34
35
ceo
.32
nclya
4 04
3312 34
1 8
35
*34
25 3012 Jan 5
43
43
45
45
43
8
,
4
46
4334
*44
43 4 44
43% 44
21
25 42 Feb20
47 .4512 47
47 .46
48 *46
.46
Last Sale 4612 July'22 - - _. St Mary's Mineral Land_ _ 25 413* Jan 9
..85 .90
*.85 1
..85
1
1
•.85
Last Sale .85 July'22 -- - __ Shannon
10 .25 Mar 10
..90
1
11
/
4
1
4..85
114
*1
O South Lake
11
/
4 •.85 118 •.85
Vs
25 .50 Jan 31
412 *414 484
.413 434 .414 43* .4
Last Sale 414 July'22 _ _ _ ..
25
2 Mar 29
114 114 *118
114 112
8%1:goo;
114 114
&
r
114
13* .218 23
Boston Copper_ 10
8
13*
.90 Mar 31
2
2
2
21
/
4
2
•1% 2
218
2
'
44 218 2,0 5 Trinity Copper Corp
214
21
5
114June 5
.70 .70 ..68 .70
.68 .70 ..65 .70
.66 .66
.70 .70 1,4, O Toulumne Copper
5 .49 Mar 7
.2511 2% .23* 2% .258 2% *238 27
21 O Utah-Apex Mining
23* 23* .258 2%
5
21a
Jan 19
314 *3 • 314 .3
318 .3
*3
318
Last Sale 318 July'22 ---,_ Utah Consolidated
1
1 Feb 21
*1 %, 11*
1% 1 if,4
1 %, 118 .1 %, 118
1
1;(6
1 ife 1 ift
315 Utah Metal & Tunnel
1 Feb 15
1
•112 2
112 112 .112 2
.112 2
5 Victoria
.112 2
*112 2
25
VA Jan 5
18
114 112
114 114,
•114 134 .11
50 Winona
13*
/
4 134
134 14
25
.25 Jan 16
•4,-,
191a
19
12
12
12
111. 111. *111. 191. *1111a 191.
5 Wolverine
25 10 Feb 10
'Bid and asked PM.= no Oates on Mel day. a Ex-rights. 6 Ex-dividend and rights. x Ex-dividend. eEx-stock dividend.
531
Highest
Range for previous
year 1921
Lowest
Highest
152 May22 119 Apr 133 Nov
617 Jan 79 Nov
843* May 2
78 Jan 100 Dec
104 June14
120 June10
104 June23
4 Dec -253-4 Feb
31% May20 -1311612 Nov 30 Jan
37 Apr 8
19 Aug 33 Jan
4413 Apr26
27 Nov 47 Feb
62 May20
24 Nov 40 Jan
54 May25
36 Nov 58 Jan
7712 May 1
163 July17 110 June 133 Jan
2534 July28
77 July14
5512 July24
3612 July27
48 Ap,15
30 Dec 4312 Feb
/
4 Jan
3478 May22
12 Dec 231
96 July19
60 Apr 75 Feb
100 June 1
51 Nov 76 Jan
9814 May23
Jan
50 Oct 75
Jan
5273 June 5
15 Apr 21
98 June 1
69 Nov 78 Dec
.05 Jan25
Jan
.04 Aug
584 Dec
414 Jan27
2 Jan
3
n
1813 July 1
812 Jan 15% Nov
12434 Marti
9618 Jan 11912 Nov
117
Jar,24
74 Jan 109 Dec
86 July 5
78 Feb 84
1
4 Dec
18/
2012 May10
12 Jan
Sept
22 May 4
12,
4 Dec 204
.75 Ftb21
.15 Dec
AprJan
.50 May 4
.15 July
.20 July17 -0812 Oct
912
2412 July19
July 17% Dec
8 Apr21
3 Oct !
4
19 Feb
jjaann
1414 Feb10
918 Oct
Jan
3
73 4 June22
16
Jan 4
232 Dec
4712 Ann.?
42 Nov 45 Dec
18112 July21 14214 Oct 16512 Dec
13 May17
3 Nov
17 Jan
38 July10
-1614 Apr 6
9% Sept 2314 Apr
2714 Fen 27
1914 Dec 29 Nov
5314 Mar 20
371aMay 13
19 July 287
,Dec
32 .11111 27
32 Dec 411
/
4 Feb
7812 Jan 6
74 Dec 86 Mar
8% Mar 25
2 Sept 13 Jan
17 Apr 1
5 Nov 32
Ja472
3 Jan 21
2 Sept
Mar
1112June 3
5% Dec 13
Jan
18 Jan 16
8/
1
4 Dec
7934July 20
53
,
4 Sept 8
A,Jan
l
un
a
15
4
8 j
6912July 19
5812 Oct
156 May 10 117 Sept 136 Nov
27%June 26
1312 Sept
29 July 27
11 Sept 3
14
5112
3 M
A- r
82 Fen 25
60 June 84 Apr
6914 Augj
115a Jan 21
214 Dec
4 Aug
5 Jan 28
118 Apr 13
95/
1
4 Jan 11254 Dec
14 Mar 16
7 July 11,
4 Dec
21,
4May 8
1412 Dec
174l Mar 11 146
7114 D• Pr
Jan 130
ec
16 July 17
1212 Apr 14 Ja_
7% Apr 5
914 Man
.
3 Dec
108% Feb 23
8812 July 18
01
534 Ja
8112June 5
Fe
47 June
Jan
1414 Feb 3
10 Dec
45 Mar 24
33 Sept
2712 July 15
2214 Apr
3312June 2
1614 July 2232452911 en• ee
3112June 2
978 Dec
jan
16% Jan 7157
1454 Apr 28
6 Dec 217 Jan
49 Apr 25
38 Sept
1234June 15
8 Sept 17 Feb
3313853142 AJ n
11
Apr 22'z
35 May 29
Dec
3714June 14
17 Aug
4454 July 12
Dec
Oct
16
Jan
8 July
21 May 13
.35 Oct
134 Jan 4
134 Dec
.4 Mar
.75 Mar
1 Apr 15
40 Aug 63 Dec
68 May 29
.50
.15 July
.50 Apr 17
A
Jmp
44
2 Nov
16 Apr 23
3212 Jan 26
Jan
118 Sept
4%MaY 23
6% Jan 10 Apr
10%June 5
8 Mar 14 Oct
1614June 6
jan
88
012 Dec
298 May 31 210 Apr 21
11 Dec
1636 Mar 29
Jan
7 Jan 10
1312 Feb ;
27 Jan 4034 Dec
4634May 31
514 Mar
712 Jan
9/
1
4 Jan 26
7 Aug 11,
4 Dec
1214 Jan 26
1% Apr
3% Apr 15
Jan
312 Mar 16
112 Sept
2
33714
8
3
•N
ja
on
v
1 June
214 Apr 17
48 Jan 8812 Dec
1163*June 21
75 Jan 9012 Dec
96 June 15
161
/
4 Jan 2412 Dec
4May 31
26,
4 Sept
238 Mar
4% Apr 17
2 j Dec
.98 Sept
578MaY 5
Jan
534May 31
2
31
2134 D
Feec
214 Apr 17
b
114 Jan
2 Sept
4May 19
114 Jan
2,
MayJan
.55 Apr
4% Apr 13
258 Aug
5
3%
4 Jan312
8 May 22
114 Aug
7 Apr 13
4312 Jan 59 Dec
68 June 5
201zJune 2
1214 Sep
218 Mar 23
.40 Nov 12
8% D
pec
ee
40 Feb 57 May
40 Feb 9
74 Dec 95 Mar
7812 Apr 7
4 July
7 Jan 4
•
D
jaee
n
8114
z
15 May 29
8 Mar 14
211 Dec
418 Apr 15
1 Aug
Dec
12
4 Nov
15% Jan 3
253
27 Jan 25
21 Aug
38 May 31
3312 Aug 46 Dec
50 May 31
28 Jan 45 Dec
4812May 31
.75 Jan 1% Dec
134May 18
Jan
.35 Nov
114May 18
484 July 13
4
212
2 Sept
214 Feb
1 June
2 Apr 15
42 N
318 Apr 3
1 3,f,, July
.34 Aug
.92 May22
1,
4 Aug
4 Mar 22
112 Nov
312June 5
D
.J1Oan
e
recetb
nt
2.
24
5
2 F
.95 Jan ;
218 Apr 13
.40 May
2% Jan 80
.35 Jan
4 , ar
1.80
2% Apr 15
Feb
812 July
16 May 31
z Ex-dividends.
THE CHRONICLE
532
Friday
Sales
Last Week's Range for
Sale.
of Prices.
Week.
Stocks (Concluded) Par. Price. Low. High. Shares.
Outside Stock Exchanges
Boston Bond Record.-Transactions in bonds at Boston
Stock Exchange July 22 to July 28, both inclusive:
Sales
Friday
Last Week's Range for
of Prices.
Week.
Sale.
Price. Low. High. Shares.
Bonds-
Range since Jan. 1.
Low.
91% 91% $15,000 86%
Amer Tel & Tel 4s_ _ _ _1929
59% 61% 28,000 47
Atl G & W I SS L 5s_1959 60
91
95
Chic Jet Ry & US Y 581940
6,000 89%
98% 98% 3,000 98%
Chippewa Power 6s_ _1947
100% 100% 1,000 100
Co Azucarera Bar 734s 1937
1936
98)4 99
Hood Rubber 7s
8,000 95%
1925
96% 96% 1,500 96%
Italy King 634s
76
K C Clin & Spring 5s_1925
77
24,000 75
1931
91
91
Mass Goa 4%s
1,000 86
1929 93)4 93)4 9334 1,000 86
4%s
Miss River Power 5s_ _1951 93% 92% 93% 18,000 88
N E Telephone 5s._ _ _1932 97% 97)4 97% 8,000 93
1934 87
New River 5s
87
87
1,000 84
NYC Lake Shore 334s1998
75% 75% 7,000 75%
Punta Alegre Sugar 78_1937
106 108% 129,500 104%
Swift & Co 5s
1944 9634 96% 96% 17,000 91
Warren Bros 7)4s _ _1937 113% 112% 114
29,000 97%
High.
Jan 91% July
Mar 65 May
Jan 95
July
June 98)4 June
July 100% July
Jan 99% Apr
July 96% July
May 77% June
Jan 91% June
Jan 94
July
Jan 93% July
Jan 99 May
May 87
July
July 75% July
July 108% July
Jan 97% June
Feb 115% May
Baltimore Stock Exchange.-Record of transactions at
Baltimore Stock Exchange July 22 to July 28, both inclusive, compiled from official sales lists:
Stocks-
Friday
Sales
Last Week's Range for
Sale.
of Prices.
Week.
Par. Price. Low. High. Shares.
Alabama Co
100
Arundel Sand dr Gravel_100
Preferred
100
Baltimore Elec, pref_ _ _ _50
Benesch (I)
*
Celestine Oil
1
C & P Tel of Bait, pref_ _25
Commercial Credit
25
Preferred
25
Preferred B
25
Congo( Gas,E L & Pow.100
7% preferred
100
8% preferred
100
Consolidation Coal _ _....100
Cosden dr Co, pref
5
Hous 011 pref trust ctfs_ 100
Manufacturers Finance_25
First preferred
25
Second preferred
25
Mt V-Woodb Mills v t r 100
Preferred v t r
100
Northern Central
50
Pennsylv Wat & Pow_ _100
United Railway & Elec_ _50
Wash Balt & Annap_ _50
Preferred
50
BondsAlabama Co gen 6s_ _ _1933
Baltimore Electric 5s_1917
Central Ry consol 5s_ _1932
Consolidated Gas Ss.. _ 1939
Cons G,E L & P 4%8_1935
75
1922
6s,Series A
1949
Consol'n Coal ref 5s_1950
Convertible 68
1923
Cosden dr Co 65
Elkhorn Coal Corp 6s-1925
Fla Cent & Pen ext 68_1923
Georgia & Ala cons 58_1945
Ga Caro & Nor lot 5s_1929
Georgia Sou & Fla 5s_ _1945
Macon Dub dr Say 58..1947
Monon Val Trac 5s__ _1942
7s
1923
Norf & Ports Trac 5s_ _1936
Penn Water dr Pow 5s_1940
United E L ez P 4%s_ _1929
United Ry dr Elec 4s_ _1949
1940
Income 4s
1936
Funding 58
small_ ___1936
do
1922
6% notes
1949
6s (w 1)
Wagh nalt A,. Annan Aq 1Q41
70
4034
3434
.45
10534
5834
2634
27
10534
10334
86
10634
1634
3234
100%
10034
8934
98
99
8234
7434
6634
R1 1
4
70
70
37
38
96
96
4034 4034
3434 3434
.45
.51
105% 10534
5634 5934
2534 2634
27
27
10534 107
103 10314
11334 11434
86
87
4% 4%
89
89
5134 5134
2534 2534
2734 2734
1334 1334
50
5134
77
77
105 10634
16
1634
15
16
3234 3234
9331
9434
9734
9934
8934
10034
10034
89
10034
105
9734
9834
7934
90
88
57
79
9834
8234
97
93%
74
5534
7934
79
100
Range since Jan. 1.
Low.
40 30
Apr
80 26
Jan
10 86
Mar
100 37
Feb
100 25
Mar
735
.35 Jan
205 105 June
104 49
Mar
113 25
Jan
143 2534 Jan
69 91
Jan
189 102
July
150 105
Jan
80 80
Jan
165
434 Jan
30 78
Feb
15 41
Jan
19 24
Jan
20 23 May
5 10
Jan
63 44
Jan
17 72 June
32 9234 Jan
769
9
Jan
350 1434 Jan
30 29
Jan
9331
94%
9734
9934
8934
10034
10134
8934
10034
105
98
9834
79%
91
88
5734
80
99
8234
9734
9334
7434
5634
80
7934
100
$1,000 80
4,000 88
1,000 9634
1,000 93
4,000 8534
6,000 9934
115,000 100
9,000 86
6,500 9614
1,000 9834
9,000 94%
2,000 9634
2,000 7034
2,000 8334
1,000 83
2,000 3834
6,000 75
20,600 95
1,000 71
7,000 92
4,000 8934
29,000 66%
4,000 46
2,000 66
600 66
1,000 98
24.000 9854
R1*.
c nnn 101/
100 10034
RI
Mar
Jan
Mar
Jan
Jan
Jan
July
Feb
Jan
Mar
Mar
Feb
Feb
Mar
Feb
Feb
Feb
Jan
Apr
Jan
Jan
Jan
Jan
Mar
Mar
Jan
Apr
•aff--
[VOL. 115.
High.
80
July
44 June
96
July
4034 May
3534 June
.74 May
107 June
65
July
Apr
28
28
Apr
110 May
10334 July
11634 June
87 May
4% Apr
92
July
5131 July
2634 June
2734 June
1734 Apr
3 Apr
55%
78 June
108 June
18
May
Apr
19
3134 Arp
9334
95
99
10034
90
100%
10134
90
10034
107
9834
9834
8234
96
88
5834
8234
99
8234
99
9334
7534
5834
80
7934
10034
101
....
July
June
May
Apr
May
July
July
July
June
June
May
May
June
June
June
July
Apr
May
July
May
Apr
June
May
July
July
May
June
Range since Jan. 1.
• Low.
10,455 23%
Pige Wigg Stores Inc"A".* 4134 40
43
Pub Serv of Nor Ill,com100 9934 99 '100%
495 8034
Preferred
100
290 8834
91
9254
Rights
74
%
% 5,440
%
40 143
Quaker Oats Co
100
175 175
375 9334
Preferred
100 99
9854 99
10
1254 13% 1,255 1234
Reo Motor
'
505 593-4
Sears-Roebuck, com _ _ _100
793-4 80
100 13
19% 20
Standard Gas& Electric_50
365 42
50 49
49
Preferred
4934
11,650 24
Stew Warn Speed,com_100 4134 44% 45
100 101% 101 10134 1,414 9134
Swift & Co
15 1834 Isx 1934 2,845 17
Swift International
1
1%
200
1%
Temtor Prod C dr F"A"_ _*
134
Thompson,J R,com_ __ _25 523.4 49% 5234 8,840 40
6,625 43
58
Union Carbide & Carbon 10 57% 56
600 29
5314
United Light & Ry__ _ _100 5134 51
220 70
Preferred
7634 73% 7634
755 50
* 5934 5834 59%
Wahl Co
Ward, Monte & Co, w 1_20 22% 2134 223-4 2,020 1234
5
1,095
Western Knitting'Mills_ _.
734
734 73.4
1,200 97
103% 105
25 105
Wrigley Jr, corn
144 14654 1,915 132
Yellow Manufacturing_ _10 145
7134 70% 7134 3,309 5714
Yellow Taxi
Bonds35,000 9,1%
Beaver Prod 1st ref 7)4s'30 9934 99% 100
7834 7834 5,000 67
Chicago City Ry 5s_ _ _1927
473-4 4754 5.000 47
Chic City & Con Rys 5s'27
80
1,000 67
80
Chicago Railways 5s_ _1927 80
8,000 933-4
9834 99
Commonw Edison 55_ _1943
London Guar s f g 6s_ _1962 993-4 9914 9934 1,000 993.4
57
57
1,000 52
Met W Side Elev lst 4s1938
3,000 90%
96
98
Swift dr Co 1st s f g 55.1944
-. nn 1 nn
M rtnn
(1112/
Mar
Jan
Jan
July
Jan
Mar
July
Feb
Jan
Jan
Jan
Jan
Apr
May
Jan
Jan
Jan
Mar
Jan
Jan
Jan
Mar
Mar
Jan
High.
54%
101
9834
74
180
99
2834
81
2034
4934
1534
10834
2334
534
53
5934
6934
8134
7134
2434
1034
1107
4
246
8234
May
Mar
June
july
Apr
July
July
July
June
July
May
Feb
Feb
Feb
July
Mar
May
May
Apr
May
May
Feb
Feb
Mar
July 100
Jan 84
July 53%
Jan 84%
Jan 99
July 993.4
Jan 6434
Feb 97%
July
Apr
Apr
Apr
July
July
May
July
T•Ivm
Trrenn
1(In
* No par value.
Pittsburgh Stock Exchange.-Record of transactions at
Pittsburgh Stock Exchange July 22 to July 28, both inclusive,
compiled from official sales lists:
Stocks-
Friday
Sales
Last Week's Range for
of Prices
1Veek.
Sale.
Par. Price. Low. High. Shares.
Range since Jan. 1.
Low.
High.
180 643.4 , Jan 90
Am Wind Glass Mach_ _100 ------79
8034
Jan 9134
100 90
90
90
80 84
Preferred
Jan 105
105 105
25 97
Am Wind Glass Co, pf_100
9
974 3,905
8% Mar 12%
Arkansas Nat Gas, com_10
95-4
Bank of Pittsburgh, N.A.50 -See Note below
Feb 5534
Barnsdall Corp Class A_25
26
26
100 21
Jan 383.4
25
Class B
24
24
100 20
6%
500
254 Jan
Carnegie Lead & Zinc__ _ _5
4%
434 53.4
4
274 Apr
100
Consolidated Ice, com _ _50
3%
3% 3%
Jan 25
Preferred
50 25
155 23
2436 25
Jan 108
Barb-Walk Refrac, com100 108
50 91
107 108
3%
3%
134 Jan
Indep Brewing, com__ _ _50
3
3% 1,045
220
6% Feb 1034
Preferred.....50
9% 10%
Jan 3174
25 2734 2734 2734
565 20
Lone Star Gas
Jan 54
50 51
. 660 45
Mfrs Light dr Heat
503-4 51
9%
25
8% 8%
654 Jan
Nat Fireproofing, com _50
Jan 21
225 15
50
Preferred
1836 1836
1 163-4
330 153.4 July 23
Ohio Fuel Oil
155-4 173-4
25
372 4434 Jan 55
50
51
Ohio Fuel SupplY
Jan 2634
695 19
Oklahoma Natural Gas_25 213-4 2034 215-4
3
80
3
3
134 Jan
Pittsburgh Brew,corn......50
40
5
Feb
50
754 73-4
83-4
Preferred
Jan 6634
110 60
6234 63
Pittsburgh Coal, corn.. _100
95% 96
58 9054 May 97
100
Preferred
23c 250 12,750 19c .May 31e
Pitts dr Mt Shasta Cop_ _ _I 24e
50
6 'Feb
9
9
115-4
Pittsburgh Oil & Gas_ _100
Jan 177
168 175
93 130
Pittsburgh Plate Glass.. _10 175
11
500 • 8% Jan 14%
10
113.4
Salt Creek Cons Oil
14
423 11
13
Jan 14%
* 14
Tidal Osage 011
15 115% Jan 142
Union Natural Gas__ _ _100 13734 1373-4 13734
92
91
122 8036 Mar 10014
West'house Air Brake_ _ _50 91
270 • 4936 Jan 6954
W'house El & Mfg. com_50 6136 6034 6154
West Penn Rys, pref__ -100 See (t) below
•
29%
30%
1,619
18
Jan 28
com.100
P,
2834
&W
Tr
Penn
W
Jan 865-4
100 85
35 72
8434 85
Preferred
Bonds6974 6934 $5,000 67 'June. 75
Indep Brewing 6s...,..1955
tritratairah Rrewiniz fis.I949
80
80
2.000 74
Jan 80
May
June
July
Apr
Apr
Apr
June
Apr
Feb
July
July
June
June
May
Apr
Apr
June
May
Apr
Mar
June
June
June
Mar
June
June
May
Apr
June
Feb
Apr
June
Apr
Jan
July
* No par value.
Note.-Sold last week and not reported: 86 shares Bank of Pittsburgh stock at
130®131.
(t) Sales of West Penn Rys. pref. stock at -72 reported last week was an error.
Only sales last Week were 12 shares at 78.
sw--.
Philadelphia Stock xchange.-This week's record on
Chicago Stock Exchange.-Record of transactions at the Philadelphia Stock Exchange will be found on page 514.
Chicago Stock Exchange July 22 to July 28, both inclusive,
compiled from official sales lists:
New York Curb Market.-Official transactions in the
Friday
Sales
New York Curb Market from July 22 to July 28..inclusive:
Week's Range
• No par value.
. Stocks-
Last
for
of Prices.
Sale.
Week.
Par. 'Price. Low. High. Shares.
125
American Radiator-American Shipbuilding 100
pref__ _ _100 99)4
-Armour &
15
Armour Leather
100 87
Preferred
'Amer Public Serv, pref__ _ -----'Beaver Board Certificates
.Booth Fisneries, new_ _ _ *
100
Preferred
10
Bunte Bros
Case (J I)
100
First. preferred
Chic & C Ry pt sh com *
534
, Preferred ,
Chicago Elev Ry, pref _100
Chicago Rys part ctf Ser 2
Commonwealth Edison.100
Consumers Co, pref... _100
_10
Continental Motors
Crane Co, pref
100
Diamond Match
3
Earl -Motors
Godehattx Sugar,com_ ___* 11
Gossard, H W,pref__ _ _100 25%
Great Lakes D & D__ _ _100 89
'Hartman Corporation.._100
10 19
'Hiipp Motor
100
'Illinois Brick
100
Inland Steel
Libby? McNeill & Libby_10
7:4
New
10
Undsay Light
'Mtddie West Tftli, com _100 50
100 76%
'. Preferred
!Mitchell Motor Co
7%
National Leather, new.._10
+?..ebnlea.GasLt&Coke.100
Pick (Albert) &
96% 9614
71
70
9834 99%
12% 1234
86%
83
5);
8%
46
6
6
20
1%
534
6
2%
130
69
7%
109%
115
87
87
•5%
8%
46
6
6
20
1%
634
634
2%
130)4
69
7%
110
115
2% 3%
14
25
89
81%
18%
73
51
2
7%
1
45
7634
1414
2574
89
8134
19%
73
53%.
2%
8
4
50
78
634
74 ,8
86% 8634
,24% ,273:4
50
215
773
371
575
55
45
100
60
100
115
40
30
1,540
225
177
838
25
660
102
58
2,745
320
665
25
50
3,670
60
540
925
790
325
849
420
155
1,101
30
3,075
Range since Jan. 1.
Low.
83
60
91
12
High.
Jan 102
May
June 96
Mar
Jan 99% July,
Feb 12% Feb
Mar 102)4 May
83
July 87
July
5
Apr
ja
736 May
8% July
34
Mar 46
July
6 'July
Jan
9
9 June
20
3n
July
a
29% Mar
Jan
2)4 Feb
4% Jan
9% Feb
1%
134 Jan 12
May
Mar
6
114
1 54 Feb 132)4 Apr
59% Feb 75% June
5
Feb
9
Apr
85
Mar 110
July
105
Jan 118
Mar
Jan
6
21205%
byn
Mar
18
Jul
28% May
81% Jan 106
Feb
Jan 103
Mar
77
10%
% Jan 21% May
.56
Feb 75)4 June
48% Mar 5834 May
2 June
73-4 Feb
73-4
8% July
Mar
,6
Mar
July237
53% May
53
Jan 78
July
336
7% June
7July
Feb 11% Jan
--853-36 -Jan 87% May
• 19
-Jan 283j Apr
Friday
Sales
Last Week's. Rang for
Sale.
of Prices.
Week.
Par. Price, Low. High. Shares.
Week ending July 28.
''Stocks-
IndustrIsl & Miscell.
1 86c
Acme Coal Mining
10 45c
Acme Packing
Adirondack Pr&Lt,com 100 3034
Allied Pack, prior pref
Alumintim Mfrs, com____* --2134
Amalgam Leather. corn *
Amer Drug Store class A _ _
Amer Light & Trac,com100 -128-./ Amer Metal Co,Ltd W1.*
100
I Preferred
2%
Atlantic Fruit when issued*
Borden Co,common _100
Brit-Amer Tob ord bear_ £1
El
Ordinary
814
10
Brooklyn City RR
154
Buddy-Buds.Inc
Car Lighting & Power _25
2
Carlisle Tire
Preferred
100
Celluloid Co, pref
Cent States Else, com_100
5
Chicago Nipple Mfg cl A 10
10
Class B
100 195)4
Cities Service corn
100 67
Preferred
10
Preferred B
Cities Seri Bankers' sh__• 19%
Cleveland Automobile_ _ _* 28
Colombian Emerald Synd. 68e
Colombian Syndicate
Colorado Power, corn.. _100
Columbia Motor Corp
Comm'l Solvents Corp clA* 44%
40%
Class B VOCk
Com'w'ith Pr,Ry & Lt Ado
Range since Jan. 1.•
Low.
86c
98c 8.600 86c
44c
50c 7,200 20e
30 17
30)4 30%
31
31 ,
300 26
800 15
22
21
300
10
10
734
900 63
87c
63c
190 113%
128 , 13254
1,500 44%
44% 46
700 103%
107% 108
2
2% 2% 4,600
25 94
106% 106%
2,700 12%
18% 19
1,600 12%
18%, 19
8% 8%
800
474
1
1% 11,800 450
60c
70c 1,800 50c
1% 2
136
1,100
10% 1034
100 10%
25 95
107 107
6% 6%
100
63-4
4% 5% 4,800
1%
4
4% 1,700
191 207
1,795 158
6674 67
1,500 51
6
6
100
18% 20% 3,300 17
28%
28
200 20
67o • 70c 3,800 500
2% 3%
800
134
19
19
40 13%
4
4
200
4
4434 46 . 1,200 44%
40% 4035
-500 18%
32
32
• '20 ''20%
July
Mar
Mar
Apr
Jan
Feb
July
eb
June
June
June
Feb
Feb
June
Jan
Jan
July
May
July
July
July
Apr
May
Jan
Jan
Jan
Jan
Jan
Apr
June
Mar
July
June
June
Mar
High.
1% Apr
73.1 Mar
30% July
42
Jan
25 June
14% Apr
2% May
165 June
50% June
108
July
3 June
110
Apr
19% July
19
July
9% May
274 Apr
1% May
74 Jan
10% July
111
May
16
Mar
6% July
5% July
242
May
72 June
6% June
24% Apr
35 June
1% May
3% July
19
July
5% June
45% June
40% Jttly
32
July
JULY 29 1922.]
THE CHRONICLE
Friday
Sales
Last Week's Range for
Sale.
of Prices.
Week.
Price. Low. High. Shares.
Stocks (Continued)
Conley Tin Foil
•
Continental Motors_ _.._10
736
Cuban-Dominican Bug WI•
831
Daniels Motor common..-• 1216
Denver & Rio Or, pref _100 60e
Dictograph Prod, corn._10
1%
Dublier Condenser&Radio•
8%
Durant Motors, Inc
• 42%
Durant Motors of Ind___10 14%
Earl Motors, Inc
•
Federal Light& Tr,com100 32%
Federal Tel & Tel
516
5
Firestone Tire&Rub,pf 100
Gardner Motor Co
Gibson-Howell Co, corn _10 20%
Gillette Safety Razor. _• 22316
Glen Alden Coal
• 55
Goldwyn Pictures
•
7%
Goodyear T & R corn_ _100 1011
Preferred
100
Prior preferred
100
Grant Motor Car
10 760
GriffitI(D W)Co,CIA.-*
• 31
Hayes Wheel w I
Heyden Chemical
136
•
Hudson Cos, pref
100
Hudson & Man RR,corn 100
Intercontinental Rubb_100
6%
Internat Carbon
•
Libby, McNeil & Libby_10
New when issued _ _ _ _10
1 Lima Locomotive, new..' 5331
Lincoln Motor Class A...50
216
Locomobile Co
Marconi Wireless Tel of Can
214
Mercer Motors
•
Voting trust ctfs
2%
Mississippi River Power100
Moon Motor Car
• 11
Morris (Philip) Co. Ltd-10 2316
New Mex & Ariz Land_ _ _
N Y Tel 616% pt w I_ _100 107
North Amer Pulp & Paper.
Packard Motor Car com-10 1414
Preferred..100
Perfection Tire & Rubber.'
Pub Serv Corp of NJ id 100 103
Radio Corp of America...
4%
Preferred
316
5
Reo Motor Car
10 2536
Southern Coal & Iron.._ _5 40c
Standard Motor Constr.10
Stutz Motor Car
• 20
Swift International
15 1834
Tenn Elec Pow, corn w • 1416
2d pref. w
Tob Prod Exports Corp..*
6%
Todd Shipyards Corp_ _• 6914
Union Carbide & Carbon.'
United Prof Sharing new-1
Un Retail Stores Candy_ _•
6
U S Distrib Corp,corn._50
U S Light & Heat com__10
17
4
Preferred
10
U S Ship Corp
90
10
U 13 Steamship
90
10
Van Raalte Co,Inc
•
Wayne Coal
1%
5
West End Chemical
52e
West Power Corp, corn-100 34
Willys Corp, lst pref__ _100 26
1st prof ctfs of dep
Youngstown Sheet& Tube*
RightsLima Locomotive w I
Former Standard 011
Subsidiaries
Anglo-American OIL...El 18%
Buckeye Pipe Line
.50
Galena-Signal 011 corn 100 53
Preferred
100
Illinois Pipe Line
100
Indiana Pipe Line
50
Northern Pipe Line_ _ _ _100
Ohio Oil
25
Prairie Oil& Gas
100 585
Prairie Pipe Line
100
South Penn Oil
100 212
Standard 011 (Ind)
25 108
Stand 011(Ky) new w 1-100 94%
Stand 011 of N Y
100 422
Standard Oil (Ohio) _ 100
Swan & Finch
100
Vacuum Oil
100
Other Oil Stocks
Aetna Cons 011
111
Alcon Oil Corp
6
3%
Allied 00_,
1
New stock
10
Amalgamated Royalty
-----Amer Fuel Oil,corn
10
Preferred
10
Arkansas Nat Gas, com_10
9
Atlantic Lobos 011 com__•
711
Boone Oil
5 12c
Boston-Wyoming 011_ __ _1 780
Brit Amer Oil Ltd
25
British Con Oil Field
Carib Syndicate
716
Columbia Petroleum
Consolidated Royalties_ _ -----Continental Refining
Cosden & Co,old pref. _ _5
531
Creole Syndicate
a
Cushing Petroleum Corp_b
40
Darby Petroleum
Denny 011
1
Engineers Petrol Co
300
Equity Petrol Corp, pref.. 13%
Ertie 011
5
9c
Federal Oil
6
194
Fensiand 011
14%
Gilliland Oil, corn
4%
Glenrock Oil
10
134
Granada 011 Corp el A._10
134
Gulf Oil
Hudson 011
I 15c
Imperial 011(Canada) coup
Internet Petrol
• 20%
Keystone Ranger Devei_ _1 52c
Kirby Petroleum
•
5
Lance Creek Royalties.. _1
4c
Livingston Petrol
•
1%
Lyons Petroleum
70c
Magna 011 & Ref_
1
134
Magnolia Petroleum ._ _100
Maracaibo Oil Explor____• 1734
Margay 011 Corp
*
Marland 011
6%
Marland Refining
5
Meridian Petroleum.. _ _19
40'
•
•
14%
14
7% 715
8% 9
1134 1234
60c
400
1% 131
8% 94
39% 43
13% 15
3% 336
32
33
5% 5%
88
89
11% 11%
19
20%
22336 225
55
56
74 715
log 1134
33% 34
68% 68%
750
1
4
411
29% 31
90e
131
1636 18%
1234 13%
5% 6%
10% 10%
2
2
8
8
5234 5434
2% 2%
10c
211
2% 2%
3
3%
2% 3
27
27
10% 11%
20
2334
216 2%
106 10734
131 1%
14
15
86
87
3
3
102% 103%
4% 4%
31,(2 334
254 2636
30e
45c
4
•4
11
24
1816 19
13
1431
36% 36%
6% 7%
69% 7116
56
56
6% 6%
6
6%
1836 1816
1% 1%
1% I%
50
9c
13e
9c
49
49
136 2
500
54c
34
34
26
2816
25
28
6411 64%
3
436
200
500
1,800
1,300
1,000
400
5,900
14,700
6,900
100
50
500
300
100
2.100
135
900
8,800
1,300
400
100
1,700
1,100
2,200
7,900
200
400
2,700
400
500
200
4,400
1,400
44,600
200
1,500
500
30
3,800
35,800
500
5,450
100
1,400
160
100
500
33,200
6,800
2.400
65,000
100
2,700
200
1,700
100
1,100
538
100
100
7,300
400
9,300
800
26,000
13,000
100
6,800
1,800
20
300
300
100
1.800
18
18% 6,000
60
9216 9216
325
52
5316
112 112
10
162 164
135
88
80
88
98
110
98
274 280
180
585 585
10
247 248%
140
205 220
80
105 108% 77,300
92% 94% 2,800
405 422
825
458 458
15
33
33
200
415 420
40
131 2
1,800
254 1516 25,500
2o
40
6,000
15e 150
1,000
Sc
50
1,000
18e 20c
2,000
134 2
6,100
9
934 1,100
7% 916 1,600
12e 13c 15,000
73e 80e 23,900
30
30
100
24, 2%
100
6% 7% 20,565
1
1
500
131 1%
900
1% 116
100
431 5%
900
2% 211
800
3c
4c
3,000
1% 134 1,300
4e
4c
1,000
28e 31c 29,200
1374 14
700
9c
9c
1,000
116 1% 37,200
1334 1534 3,700
434 5
1,700
1
114 33,300
134 I%
300
455 455
15
12e 25c 218,800
690
104 110
1934 214 56,500
50c 60e 18,900
5
511
800
3c
4c
4,000
1% 1% 6,500
70c 75c 16,300
1
134 2,200
180 180
140
1,700
173( 19
2
2
100
636 754 3,000
_100
431 414
'SC
4c 41,00()
Range since Jan. 1.
Low.
High.
333
Sates
for
LG.'S Week's Range
Other Oil
Sale.
Week.
of Prices.
Stocks (Concluded) Par. Price. Low. High. Shares.
Friday
Range since Jan. 1.
Low.
High.
Mar Merritt 011 Corp
Feb 15
10
8
9% 4,800
July 1434 May
10
8
8
9% May Mexican Eagle Oil
5% Feb
July 1934 Feb
200 12
13
12
5
Mexican Panuco Oil_ _10
8 May 12% May
500 510 July
234 May
51c 750
1134',
1034 May 14% June Mexico Oil Corp
I% Jan
10,600
4% Mar
10
1% 11
Jan 75c Apr Mountain Producers__ 10 1434
380
1411 1416 5,900
934 Jan 18% May
1% June
24 May Mutual Oil
5% Jan 12 June
911
834 934 26,100
9% May New England Fuel OIL
716 June
5936 59
6054 5,300 40 May 60% July
July New York Oil
22% Jan 43
3,100 11% Mar 38 June
21
24
20
Noble Oil & Gas
831 Jan 16% Ain
190
19e 22c 21,000 130 Jan 35e Mar
Preferred
6% Jan
Jan
2
1
100 360 Mar 900 Mar
65c 65c
July North American Oil
19% Apr 33
1% Apr
ag June
5
234 234 1,200
7% Apr Northwest 011
5% Mar
1
Jan 35c May
1,000 15c
20e 20e
July 89
July Ohio Ranger
88
2e July 120 Mar
3e
40 13,200
2c
16%
Apr Omar On& Gas
Jan
11
3 June
10
68.400 670 Mar
1% 2
15% Jan 20% July Pennock Oil
10
734 June
434 Jan
631 634 1,000
July Red Bank 011
Jan 225
169
Jan
120
lie 13c 18,000 110 July 3150
•
42
Jan 56% July Ryan Consol
834 June
5%
4
Feb
5% 2,700
5
9% May Royalties Prod Corp
4
Jan
9e
Sc July 10c Feb
5c
2,000
9c
Salt
1531
May
Jan
934
Creek Consol Oil
May
11% lig 1131 1,700 10
Apr 15
Jan 40 June Salt Creek Producers.,..10 1516 1516 1554 2,900 12% Jan 2034 May
24
Jan 7316 June Sapulpa Refining
67
5 June
316 331 6,000
2% Feb
Seaboard
June
Feb
50e
1%
011 & Gas
5
1
May
1
100 80e Mar
331 June
7% Jan Shell Union Oil, pref, w I.. 96
96
96
200 9531 May 97% May
32% July Simms Petroleum
28 June
•
8%
834 June 12% Jan
8
5,100
836
Jan Sinclair Central
800 Feb 134
Apr
6
1% Mar 12
6
100
7% Feb 21
May I Skelly 011
10
9
4% Mar 17% June
10
23,600
3% Feb 15% May South Petrol & Renn
120
9e
13e
21,100
100
5
July
Jan
5% July 1131 Feb Southern States Cons Corp 30e
19c 300
7,900 18c July
350 Jan
1016 July 13% July Southern States 011
1211 1234 1336 8,100 12% June 14% J1113,
2
July
7% Mar Spencer Petrol Corp
id 5
4% 7
6,000 750 Feb
7
July
8 June 10 May Stanton 011
5
1 lc 23c
4,000
Se
Jan 40e June
5134 July 54% July Tex-Ken Oil Corp
5 75e
75c 75c
200
75c
July
2
Apr
750 Feb
8% Jan Texon 011 & Land
1 70c
60e 75c 103,300 40e
1
Jan
Mal
10c July 69c
Jan Tidal Osage 011
116 Jan
Non-voting stock
5
Apr
13
13
100 10
Apr 14
May
136 Apr
5% May Turman 011
1
1
131 14,200
1
July
I% Apr
2
Feb
434 May Ventura Cons 011 Fields_ _5
3034 3054
100 23
Jan 34 June
19
Feb 27
July Western States Oil & Gas.)
25e 25c
1,000 22c Mar 50c May
10 June 12% July Wilcox 011 & Gas
5%
a
5
534 27,300
234 Jan
7 July
534 Jan 23% July Woodburn 011Corp
• 61c
60e 61c
1,600 600 Jan
1
Feb
1% Feb
3% May "Y" 011 & GNI
14c
9c 140 33,000
90 July 380
Jan
July 10816 July
106
Mining Stocks.
111 June
34 Jan Alaska Brit-Col Metals_ _10
2%
2
234 2,700
Jan
134
534
May
534 Feb 16% June Amer Cora M & M
40
40
1,000
3c July 10c Apr
6316 Mar 9016 May American Exploration_ _ _1
131
131 2
800
134 May
334 Apr
236 Jan
4% Mar Amer Tin & Tungsten_
1
2c
2c
1,000
2c July
7c
Jan
99
Mar 107% June Beaver Consul
29c
25e 29c
2,000 25c July 39c Apr
234 Jan
634 Apr Belcher Divide
100
3c
30
1,000
30
lc
Jan
3c July
Extension
Belcher
2
Jan
311 May
10c
4c
30
Sc 61,000
20 Mar
7c May
18% Jan 29
July Big Ledge Copper
13c
8o 13c 93,000
8o July 29c
Jan
300 July
116 77c
Jan Boston & Montana Corp 25
1% 163,700 73c July
5
Jan
316 Jan
Apr Boston & Montana Day_ _5 19e
6
15c 20e 82,000 130 July 94o
Jan
11
July 45 June Caledonia Mining
8c
1
Sc
1,000
4c Feb 100 May
Sc
17% Apr
2312 Feb Canada Coroner Co
5 17c
17c 20e 15,100
410 Mar 65e Apr
10 June 14% June Canario Copper
3
234 3
1,800
174 July
334 July
36 June 40% June Candalaria Silver
1 34c
33c 35c 14,000 190
Jan 35o May
Cash
3
Boy Consol
Jan 10% May
1
6c
1,000
60
40 Feb
7c Jai,
6834 July 80% Feb Combination Traction_ _ _ _
2e
20
be July
20
1,000
2e Apr
44
Jan 5916 Mar Comstock Tunnel
Sc
1,000
Sc June
Sc
Sc
June
5
9
Mar
May contagas Mining
5
15j
13(6
200
1
June
14 Mar
4% Jan
834 May Consol Cooper Mines_
5 500
50e 51e 10,500 200 July
234 Apr
12% Feb 2016 Feb Cons Nevada-Utah
6c
70
8,000
2c Feb
9c May
750
2X. Apr Cortez Silver
Jan
1
1
al 16,700 84e
Jan
l June
134 Apr Cresson Con Gold M & M_I
960 Feb
2%
274 254 5,400 2% June
3
Jan
Jan Divide Extension
4o Mar 11e
1
120 13e
8,000 110 Mar 21a
Jan
Jan Dolores Esperanza
40 June lbe
5
2% 2% 3,200 82o Feb
27-4 May
Mar Eagle Blue Bell Mining_ _
40
Jan 61
234
300
July
211
July
234
234
23( May El Salvador Sliver Mines _I
85o Mar
Sc
4c
Sc
4,000
2o Mar
So Mar
Jan Emma Silver__
500 July 87e
1
lc
lc
2c 27,000
be Mar
40 Mar
July Eureka Croesus
3336 May 34
37c
1
34c 41c 365,000 18o
Jan
410
July
July First Nat Copper
Mar 31
6
5
65c 650
100 50c July $I
Apr
July Fortuna Con Mining
Apr 30
13
13c
8
10e
50 000
146,000 10c July 24c June
130
6416 July 72 May Gadsden Copper
88e
500 59c Mar
1.38 Apr
Galena Alining
25c 25c
100 20c June 370 May
2
4% July Golden State Mining
July
44c
42c 44e 11,000 24a May 45e June
Goldfield Consol Mines _10
Sc
100
Sc
30 Jan 120 Apr
Goldfield Development __ _
70
6e 10c 113,000
3o June 10e Jul)
,
1634 Jan 25 June Goldfield Florence
.1 13e
9c
13c
5,000
9c
July 30c Apr
Apr Goldfield Kewanas
8434 Jan 100
4e
20 Jan
4c
1,000
40 Feb
Goldfield Oro Mining
40
Jan 62 May
lc
lc
7,000
10 June
40 July
July Gold Zone Divide
Jan 112
107
1
9c
1,000
90
7c May 150 Apr
Apr Green Monster Mining 50c 10e
Jan 198
161
IOC 120
3,000 10c
Jan 220 Mar
Mar Hard Shell Mining
Jan 106
84
8c
Sc 15c 10,000
8c July 48o • Mar
90
Jan 110 May Rarmill Divide
100
8c
6,000
180 May
Sc
70 June
Sc
Jan 332 May Hasbrouck Divide
257
1
be Mar
2,500
10 Mar
lc
lc
Hecia
Mining
June
Jan 648
520
25e
% 6% 3,500
Jan
431
634 Feb
Jan 270 June Hilltop-Nevada Mining...
224
13-4
134 July
1/fG 1% 29,000 750 June
Feb 249 June Hollinger Cons G Mining _5
173
7% Jan
400
936 May
93/5 934
8351 Jan 124% May Howe Sound Co
1
334 May
2% 3% 1,200
23.4 Jan
Apr 108 June Hull Copper
78
8,000 30c
Jan 330 Mar
30c 306
Independenc
June
e
443
841
Jan
Lead Min
760 May
60 Jan
52e
47c 550 68,201)
Apr Jerome Verde Devel._
390 'Jan 472
2% Jan
600
5
Feb
334 3%
33
July 37 June Kerr Lake
1,000
Mar
3% 354
3
5
454 Apr
299
Jan 450 June Knox Divide
62e%
13,000
23%
10c
4c
Sc
4c
Lake Shore Mines
May
July
100
2% 2%
July Lone Star Consol
2
June
1
Jan 14
le
00 July
70
9c 103,200
7c
gm
apper
Mining
231 Apr 1534 July MmeaNamaa
Feb
n 32
7,0
8c
500 205ei
8%
c
7c
3i 27
27
Copper
50 July
Jan
2e
Jan
5
15c July 25e June Marsh Mining
4o
ui j
Jan 331%
1;000
00
ay
6e, 8
50 12
12
6
3e A
japn
r
2c Apr
May
6
180 Apr 48e Feb Mohican Copper
1.l000 15c Mar 47e
Jan
15e 150
rin
n
gt
o
a
M so VoanlleM
y iM
1 June
ner
% M
ja
an
y 163
04 J
0 lgc
ny
e
m
ua
,003
03000
5:
136
2c
% 3
0c 10
10
hb
erlc
oo
Maobt0
jay
pr N
dn
esCm
2x is,A
84 Feb 13
oa
ilnlitnio
gn__ _ _• 1016
3-4
731 July
Sc Apr 1 lc June
- 7c
70
7c
Jan National Tin Corp
80 May 290
Mic 32k
30c 43c 80.200 270 Mar 67c May
570 Mar 990 June Nevada Oottir
2c
0 Jul
:000 15
13600
% 2
ar
im
11
May
9c
5c
19c
% 2
19
1
Jan 35 June Nevada Silver Hills-..---_ _
29
5c
Sc
Sc
2% June New Cornelia
21,fe July
100 17% 'Jan 20 June
9% June New Dominion Copper__ _ _
3% Jan
Jan
2
254 Jan
211 234 2,800
New Jersey IV::
2151
1 June
35 141 June 147% Mar
100 144% 144 14434
May
Feb
511 July
636 Mar
5
5% 5% 1,100
5%
Mar Ni
4
Nevada
116 Feb
20
1,000
July 180 Mar
4c
40
534 July Ohio Copper
per
4
Mar
70 Mar 14c
Apr
% 2,000
5c
ln 10
10
334 Apr Park Utah Mining
154 Jan
511 July
2,700
5% July
5%
Peterson
Mar
12e
Sc
Lake
Jan
1,000
3c Mar 10c July
2
0c 10c
11u
154 July Pitts & Mt Shasta
116 July
Jan
22c 25e 16,000 2143 June 29e
1 22c
Jan RaY Hercules Inc
30
Jan 10e
4.200
1
Feb
231 June
1%
Jan Red Hills Florenee
be July
200 July 72e
2c
lc 11,000
Jan
be
5e Jan
125.4 June 1434 June Rex Consolidated Mtn___1
12c May
9c 13.000
Sc
Sc
9c July Rochester Silver Corp
20 Jan
Jan
% 1,000 12c June 21c
1c
(6 14
14
14c
1;
214 May San Toy Mining
Jan
1
1,000
4c May
10c Mar
4c
1
Mar 1934 June Sheldon Mining
9
900
1% May
134 June
954 Apr Silver Peer Mining
354 June
1,000
7c May 17c June
slolu
ve
th
r S
r PAimekerCGoiroldi
3
1V
i June
83o Feb
00
0
34c4 AprJa n 23
5,00
0
4
10c
%
c
514 M
a
ttb
0c
e 11.4
it
10
4
100
4%
1% July
& Plat _1
July 490 May Standard Silver Lead_ _ _ _1
455
1,000 10c
Jan 24c May
190 19e
70
Jan 50c Mar Stewart Mining
20
Sc 15,000
Jan
160 Apr
6c
6c
1
9734 mar 12734 May Success Mining
10 Mar 350 J11.13,
25c 31e 92,000
1 290
May
14
1,200 20c
Mar
Jan 62e Apr
580 60e
60e
ec
Tonkopa
HhugBhees
40e July 2711/
800
I% Jan
lmont Dew,,._1
134 June
ii!4:
Tonopah Divide
July 2616 Feb
5
750 80c 10,400 46e Mar 870 June
1 75e
Jan Tonopah Extension
3c June 100
800
1% 131
114 June
154 Feb
131
1
111 Mat Tonopah Mining
July
1
700
1% Jan
1%June
134 11%
1
I% June Tonopah North Star
14,000
2c Feb
12c June
580 Jan
131 Jan Tuolumne Copper
50.3 Apr
5,300 450 Mar
1
1 70c
175 June 190 June United Eastern Mining_ _1
134 'Apr
234 Jan
14
70
c :
% 9,100
1% 66758
400 27
Mar 30% Jan
1734 July 2734 Mar United Verde Exte n-__50o
28
3%4
7
23
234 Jan Unity Gold Mines
Mar
1
2,000
231 May
5% Feb
a
June Volcano
u0M
me
8,000 320 July
1
Jan 10
550 Mar
32c 36e
Jan
43.4 June West
2
1,000 110 June
150 Apr
Consollntng
120 12c
• 20 July 200 Mar, West End Ctinsol
1V6 1% 2,400 700 Feb 1% Mar
13-4
5(
234
(1
116
THE CHRONICLE
534
Sales
Friday
Last Week's Range for
Week.
of Prices.
Sale.
Par. Price. Law. High. Shares.
Range since Jan. 1.
Low.
High.
[VoL. 115.
Quotations for Sundry Securities.
All bonds prices are "and interest" except where marked "f."
Mining (Concluded)
Standard 011 Stocka Par BM Act ) Joint Stk. Land 13k. Bonds
17e
Jan
8c May
2,000
10c
10c
Western Utah Copper_ _1
Anglo-American Oil new. £1
1812 1834 ChfcJt Stk Land Bk 5s_1939 9934110012
3c Feb
9e
A
9c
3,200
7c
White Caps Mining _10c
102 103
55 1951 opt 1931.
100 980 1020
Atlantic Refining
100 31e May 90s June
70c 70c
White Knob Cop, pref _ _10
102 10314
Os 1952 opt 1932
100' 116 118
Preferred
lc
10c
3,300
15c July Borne Serymser Co
Jan
9e
_1
Wilbert Mining
105 106
516s 1951 opt 1931
100 400 415
2c
5o May Buckeye Pipe Line Co.__ 50 *92
Apr
3c
2,000
3e
Yerrington Consol
93
RR. Equipments-Par Cl Basis.
100 800 June
131 June Chesebrough Mfg new. 100 190 200 Atch Topeka & Santa Fe Os_ 5.35 5.10
95c 95c
5 95e
Yukon Gold Co
BondsAtlan Coast Line as & 1354e 5.40 5.20
109 108 111
Preferred new
Apr Continental 011
Jan 90
823.1 8356 10,000 59
Allied Pack cony deb 03'39
Baltimore dr Ohio 456s 6c 6s_ 5.50 5.10
100 130 135
May Crescent Pipe Line Co
64
64% 41,000 5031 Jan 65
Certificates of deposit__
35 Buff Koch dr Pitts 45 & 43%s 5.20 4.90
50 .33
71i
95A
31,000
Feb 9934 May Cumberland Pipe Line..100 135 140
9434
5.30 5.00
Allied Pack Ss Her B w I '39 95
Equipment 63_
June Eureka Pipe Line Co._.100 88
103% 103% 9,000 10031 Jan 104
90 Canadian Pacific 4315 & as_ 5.30 5.10
Aluminum Mfrs 7e___1925
Apr Galena Signal()Boom_ _ _100 101 105 Caro Clinchfield & Ohio 55_ 6.00 5.50
105.36 10531 15,000 10236 Feb 106
_1933
76
Feb 99% July
995/ 99% 19,000 93
5.60 5.25
Amer Cotton 011 69 __1924
100 103 112 Central of Geergia 4341_ _
Preferred old
2,000 96
Jan 10716 May
107 107
,6s_ 1925 107
Amer Lie-ht & Tr.'
5.35 5.10
54 Central RR of N J Os
100 52
Preferred new
May 100% June Illinois Pipe Line
10031 10054 4,000 100
Without warrants
100 162 165 Chesapeake de Ohlo 65 At 6 Vie 6.66 5.25
93
5,000 93
July 93
July Indiana Pipe Line Co__ _ 50- *88. 90
93
Amer Repub Corp 6s w 1'37 93
5.50 5 10
Equipment 55
Mar International Petrol (no par) *20'4 2012 Chicago & Alton 61
6.00 550
Amer Tel & Tel 6_ _s __1922 1003-1 100% 100% 30,000 9914 Jan 101
os _
_
_
...._1W24 1013% 101,% 101% 18,000 99% Jan 101% Apr
5.35 6.10
27 Chicago Burl & Quincy es
National Transit Co_ _12.50 .26
1,000 10116 Jan 103
Slay New York Transit Co_..100 163 167 Chicago & Eastern III 5
1923 102% 102% 102%
5.90 5.40
Amer Tohnceo 7s
Anaconda Cop Mtn 7s 1929 103% 10314 103% 54,000 10036 Jan 104% June Northern Pipe Line Co 100 97
99 Chicago Ind & Louisv 4342_ 5.60 5.15
40,000 9634 Jan 101% July Ohio Oil Co
10034 101
6% notes Series A_ _1929 101
25 *274 278 Chicago ER Louts& N 0Le_ 5.35 5.00
104 104% 8,000 1023s Jan 10451 July Penn Mex Fuel Co
Anglo-Amer Oil 710-.1925
5.25 5.00
.32
35 Chicago & NW 454s
25
Armour & Co 7% notes1930 101% 10451 10556 72,000 10154 Jan 105% July Prairie Oil & Gas
EquIpment 61 & 0555-- 5.•„40, 5.15
100 580 590
Atl Gulf & XV 185 1.5s 1959 603% 593% 62% 34.000 57% Anr 6554 May
100 248 252 Chic R I &Pao 436e, 53, Os 0.00 5.25
Prairie Pipe Line
Baragua Sugar 73%s..1939 10051 100 10055 8,000 100
July 100%, July Solar Refining
100 340 350 Colorado & Southern Sc. Ele_ 5.60 5.20
Bethlehem Steel 7s__ _1923 1013% 1043% 10454 39,000 10034 Jan 10.531 May Southern Pipe Line Co_ _100 91
93 Delaware & Hudson Bs__ __ 5.40 5.15
1935 1033% 10216 103% 56,000 10011 Jan 10356 Apr South Penn 011
Equipment 7s
5.90 5.30
100 208 213 Erie 4545, 53 & do
Bklyn Union Gas 7s w I '32 10956 10831 111
81,000 105% May 1123% June Southwest Pa Pipe Lines.100 60
5.40, 5.15
64 Great Northern 6s
Cony 7s
7,000 109
June 11031 July Standard 011 (California) 25 .10434 105 Hocking Valley 43%s. 5s & its 5.60 5.30
1929
10931 110%
65 w 1
1947 1049-I 101 101% 12,000 104
June 105% May Standard Oil (Indiana)... 25 10734,108 Illinois Central 431s, 53 & tis 5.40 5.20
Canada SS Lines 7s w 11947 9134 94% 95% 27.00f) 94
July 96% May Standard 011 (Kansas) _100 535 1545
5.35 5.15
Equipment 75 dr 6543_
79,000 104% Feb 110
Canadian Nat Rys 7s_1935 109
107-% 109
Mar
95 Kanawha & Mieh 456s, 611_ 5.50 5.30
Standard 011 (Kentucky) 25 .94
59 w I
1925 99
99
5.25 5.00
9951 9,000 98;4 June 99% Mar Standard 011 (Nebraska)100 175 ,185 Louisville & Nashville
Canadian Pac Ry 6s_ _1924 __
5.40 5.25
101% 10131 21,000 99% Jan 10116 Jan Standard 011ot New Jer_ 25 *18012 18134
Equipment Os dr 63%s...,..
Central Steel 8s
.
.
5.10
Feb 106
Apr
1941 105
1163
4
117
1053% 105% 31,000 98
Michigan
Central
5s. 6s_
Preferred
100
Charcoal Iron of Am 8s '31
93% 9451, 11,000 92% Mar 99% Apr Standard 01101 New Y'k.100 420 425 Minn St P & S OM 43%s& SI 5.50 5.20
Chic Un Stat 5s Ser B..1963 100
100 100% 13,000 99% June 10034 July
Equipment 656s 1k 70-- -- 5.65 5.35
Standard Oil (Ohio) _ ....100 150 '460
Col Grapnophone_
_1925
Preferred
100 *xl 16 118 Mleaouri Kansas & 'Festal as 6.00 5.50
Certificates of deposit_
Apr 40
5,000 31
Mar Swan & Finch
5.75 5.25
35 Missouri Pacific 5s
3331 343%
100 30
Com'wealth Pow Corp 65'47 ----July 90g May
883% 883% 8854 41,000 88
5.70 5.30
Equipment 65 el; e
Union Tank Car Co_
100 9934 100
Cons G E L & Balt 75 '31. 10536 1053% 1053%
7,000 102% Jan 106 g June
5.90 5.25
Preferred
100 1067s 108 Mobile & Ohio 431*, 51_ ..._
6sSer A wi
1949
- 1003% 1013% 54,000 99% June 1013% July
Vacuum 011
100 418 ,422 New York Central 430. Si. 5.35 5.10
Consol Textile 8s
5.40 5.20
Feb 10031 June
1941 977-1 973% 989-1 45,000 94
28
Equipment 65 & 7s
Washington Oil
10 .24
Copper Export Assn 8s '23 - - - 1013-1 101% 2,000 101
Jan
Jan 103
N Y Ontario & Western 456s 6 00 5.50
8% notesFeb 15 1924 103
8,000 102
5.25 5.00
May 10315 Apr
1023% 103
Norfolk & Western 4
Other Oil Stocks
Mar
8% notes_ __Feb 15 1925 1011-1 10331 10116 8,000 10334 Feb 105
5.35 5.10
Atlantic Lobos Oil (no par) *712 8
Equipment 13s_
1,000 102% Jan 10756 June
Cuban Tel 1st 7
_ _ 1941
5.37 5.15
10654 10631
42 Northern Pacific 75
Preferred
50 *37
July
Cudahy Packing 7s._ 1923
5.35 5.15
10131 10131 4,000 100% Jan 102
Imperial 011
25 •109 111 Pacific Fruit Express 7&.
Deere & Co 754s
Feb 10254 July Magnolia Petroleum__ _ _ 100 177 180 Pennsylvania RR Is dr 4 As- 5.25 5.00
1931
102 1023% 27,000 95
Empire Gas & Fuel 65_1924
10154 1013-1 83,000 9231 May 101% July Merritt 011 Corporation_ 10 *814 812
5.50 5.25
Equipment(is
6s
1926
14 Pittab & Lake Erie fis At 0165 5.40 5.20
983% 1013% 2,000 983% Apr 10134 July
Mexican Eagle 011
5 *12
Fed Land Bk 456s w 1_1942
101
May 10131 July
1013-1 11,000 100
5.35 5.10
Reading Co 454s
45,000 1003-4 Apr 156
Freeport Texas Co 7s_ 1937 125
June
120 132
St Louis Iron Mt & Sou Sc.. 5.75 5.20
Tobacco Stock,
Galt* (Robert) Co 7s_ _1937 98
May
9751 9811 19,000 95
Feb 100
66 St Louis & Sari Francisco 5s_ 5.70 5.20
American Cigar common.100 63
Galena-Signal Oil 7s_ _1930 -- - - - - 10551 10535 9,000 10014 Jan 10554 July
85 Seaboard Air Line 4563& 51.. 6.00 5.75
Preferred
100 80
8,000 102
General Aephalt 85___I930 105
Apr
105 105
Jan 107
Amer Mee/line dr Fdry.
_ _100 225 250 Southern Pacific Co 431s... 5.25 5.00
Goodrich (B F) Co 713_1925 10391 103311033-1 139,000 96% Jan 103% July
5.35 6.15
American Cobacco scrip__ 132 135
Equipment 7s
40,000 102
Jan 106
Mar
GrandTrunkRy63%1936 1051.1 10531 106
British-Amer Tobac ord. El *1812 19 Southern Sty 434s, 55 &
_ 5.7(1 5.35
Gulf Oil Coro 7c
5.30
•1812
1933 10451 104 10151 11,000, 102% Jan 104% May
5.60
19
Toledo & Ohio Central 6s___
Brit-Amer Tobac, bearer
68
7,0001 97% Jan 10131 Apr Conley Foil (new)_ _(no par) .12
_1923
5.30 5.05
14
1013% 1013%
Union Pacific 75
Hocking Valley Ry Os _1924
5,000; 10056 Apr 10031 July Heime (Geo W)Co.com.100 151 156 Virginian Ry 6s
1003% 1001-1
5.70 5.30
3
Hood Rubber 7% notes'36
Jan 100
Apr
98%
9831 983% 25.0001 95
Preferred
100 109 112
Humble Oil & Ref 7s_ _1923 10051 10051 1003% 24.000: 9974 Jan 101% May
Public Utilities
Imperial Tob of0 B & Ire.. 1'1412 15
Interb R T 8s J P
recta_.. 9231 8956 9351 550,000 72
95 Amer Gas & Elec. corn.. 50 •154 158
Jan 95
May
Johnson Tin Foil & Met_100 85
4314
Certificates of deposit __
9256 8931 9255 32,000 8931 July 9234 July MacAndrews & Forbes..100 100 102
Preferred
50 *4214
7% notes
5,000 76
1921 99
98
99
Jan 99% June
Amer Light & Tree. com.100 128 131
100 96 10(1
Preferred
Kan City Term Ity 6s _1923 __
1,000 9916 Jan 101% June
97
95
30
28
- 10151 1017-1
Preferred
100
100
Mengel Co
Kansa-s Gas& El 6s w 11925 96
39,000 95 June 97;6 Apr
9556 96
56
Amer Power & Lt. com 100 115 117
Porto Rican-Amer Tob_ _100 52
Kennecott Copper 75_1930
87
75
*65
1043% 10131 10,0001 101% Jan 106% Apr
Preferred
100 85
Scrip
Laclede Gas Light 7s_
_
9931 993/ 1003-1 50,000; 9455 Feb 10054 May Reynolds(R J) Tobacco_ 25 *65
17
80 Amer Public Ott!, corn_ _100 14
LIbbyMcNeill& Libby 78'31 9931 99
993% 10,000' 98% Apr 101% Apr Schulte Ret. Stores(no par) *3412 36
Preferred
100 e-e- 2812
5,000 9836 Mar 101% Apr
Liggett-Winchester 75_1912
10034 101
115 120 BlackstoneVaIG.&E.com 50 ‘
7112
1659
com.100
Universal
Leaf
Tob
Magma Copper 78w 1_1932 10855 1073-4 10855 17,000 106
49
May 11056 June
100 98 162 Carolina Pow & Lt,com.100 45
Preferred
Manitoba Power 7s.. _1941
1,000 89
-- 9531 953%
85 Cities Service Co. own_ _100 194 197
Jan 100
May
100 80
Merch & frs Ex 75_ _1942 9951 993j 100
11,000 9954 June 100% May Young (J 13) Co
6718
92
96
Preferred
100
60
4
100
Preferred
Morris & Co 754s
23,000 102% „Tan 107
1930
10556 106
Colorado Power. coal_ _ _100 1712 1812
May
Nat Acme Co 7565_193i 9631 963j 9736 49,000 92
91
8)
Mar 9836 Apr
Preferred
um 87 90
Rubber Stocks (Mewl and pr (ce
Nat Cloak & Suit Ss_.1930 10331 10216 1033-4 13,000 95
8012 Com'sv'th Pow.Ry & Lt_100 3014 3112
Jan 103% May Firestone Tire& Rub.com_10 80
National Leather 8s_ _1925 9831 9851 9831 6,000 95% Jan 101
64
Preferred
A or
100 61
100
preferred
6%
NYNH& IIartf 4s_ _ 1922 - _ - -- - 102 102
8,000 6854 Jan 10136 July
88 Elea Bond & Share, pref_100 95
96
100 87
7% preferred
78 w 1
1925 87
863% 873% 37,800 77
Mar 9231 May Gen'l Tire & Rub, coin_ _100
- - - - Federal Light & Trac_ _ _100 3112 3212
75
7231 75 429,500 64% Mar 78
500 franc bonds
74
May
-- Preferred
100
100 71
Preferred
Philn. Electric 5 16s WI _1947 10111 101 10151 42,000 99 June 101% July Goodyear Tire & R.com.100 69
10 -7,
1012 Mississippi Riv Pow,com100 28
30
9,000 101
115 116
Phillips Petrol 7 As __ 1931
34
Feb 126
81
May
100 79
Preferred
100 33
Preferred
Without warrants
1013-1 1013% 1023-1 10,000 99
Apr 104% May
84
First Mtge 5s, 1951 J&J 93
94
100 80
preferred
Prior
2,000 101% Jan 102
10034 10031
Procter & Gamblejs_ _1923
Feb Goodyear T&R of Can pf 100
S f g deb 75 1935_ _M&N 100 102
Public Serv Corp 7s w 11941 10231 1023.1 1023% 63,000 96% Feb 101
Apr Miller Rubber
100 1212
Elee.(no par) *10
Sears, Roebuck & Co 7s '22 10056 1003-I 1003-I 10,000 98% Jan 101% Apr
Preferred
7% serial notes Oct 15'23 10156 10131 1013-4 51,000 97
Jan 102
Apr
92
4:
100
Nortte n States Pow.co.1
90
7
Rubber
3
100
00
Mohawk
m
13,000
10351 104
Jan 105
101
Shawsheen Mills 7s_ _ _1931 104
Apr Swinehart Tire& It.com_100 -2-2 - 29
Preferred
95
3
2
eon:1_1
100 90
106 10731 31,000 102% Jan 107% July
Solvay dr Cie 88
1927
- - - - - - - - No e aedElec Co,
T
prr
fexas
Preferred _ _
42,000 100% Jan 103% Apr
Southw Bell Telep 7s_1925 1023 1023% 103
59,000
105% Mar 10956 July
Stand Oil of NY deb 6 A s'33 10935 1093-1 10951
Pacific Gag & El, 1st peelIgg 2 2
105 1053-1 10,000 104
Jan 106
7% serial gold deb _1925 - Apr
50
Sugar Stocks
Puget Sound Pow A Lt 100 47
Jun 10636 July Caracas Sugar
•10
7% serial gold deb_ _1926 10631 1063.1 10631 18,000 104
12
50
6% preferred
84
100 81
106 10631 5,000 104% Fab 107
78
7% serial gold deb_ _1927 _ _ -May Cent Aguirre Sugar coin_ 20 •76
105
4
03
2 10
7%
preferred
O0 10
lull__ _mIN
Gen
m
_
_
.0.
_
7
1,,
_
6
_
0..
*_
7% serial gold deb .1928 10634 1063.1 10631 26,000 105
Feb 107
Jan
Central Sugar Corp.(no par)
754s
7% serial gold deb_ _1929 ------ 10736 10755 2,000 10556 LIar 108
July
100
Preferred
Republic
Rs
,
&
Light_
100
---15
13,000 106
13(1j12
Apr 109
June Cupey Sugar common...100 *40
7% serial gold deb_ _1930 1073-1 10751 10736 13,000
Preferred
100 46
49
107% Mar 111
10931 111
7% serial gold deb_ _1931 110
July
100
South Calif Edisou.com_ we 105 106
Preferred
Stewart Warner 8s
1926 11155 10956 11131 32,000 100% Jan 114% July Fajardo Sugar
100
118
Preferred
100
10131 9,000 9811 Jan 101% May
7
1:
4
3 -7
1931 10136 101
Sun Co 75
1
-6
6
-- Standard Gas & El (Del). 50 *1912 -i0
-1-2
Federal Sugar Ref. com.100 :0
102 10231 35,000 1003% Jan 102% Jul),
Swift & Co 7s
1925 102
100 104
60 •49
50
Preferred__
Preferred
102 10331 41,000 101
7s
Jan 10334 Apr Godchaux Sug Inc..(no par)
Aug 15 1931 103
Tennessee Elec Pow (no par) 1312 1412
2,000
101
101
101
101
July
Texas Co 7% notes_ _ _1923
102% Apr
100
2(1 preferred
38
(no par) 36
Preferred
102 10231 2,000 99
250
Jan 10431 Apr Great Western Sus,com.100 .1:
Tidal Osage Oil 7s....1931 __54.2
ItteedrnLp
t&
ov71:::,:
116
8
07
U
wne.
;. roin _ _ _100 52
7
1;
6 2-6-014
7
16,000 100% ,june 102
Union Oil of Cal Os__ _1942 _ ----- 10051 101
May
100
let preferred
Preferred
70,000
1033-1
90
9731
Feb 110
United 011Produc 8s_ _1931 983%
Apr
Holly Bug Corp,com(no par)
105 1063% 25,000 100
100 78
Apr
Jan 108
United Rye of Hay 73%s'36 105
80
100
Preferred
Preferred
45
0 100
Jan 107% Feb
1936 10731 10751 1073-1 19,000 106
50 Short Term Securities-Pc r Cent
Vacuum 011 7e
Central Sugar._ _100 5
Juncos
12,000
9856 9831
148 150
98% July 1003.4 May
Valvoline 0116s Ser A wi_'37 _
Am
_M&S2
99i
'
Refl
ning
_100
Cot
Oil
61
1924_
991
2
Sugar
National
1,000 98% Jury 98% July
14
Amer Tel& Tel 65 1924.F&A 10138 1015s
Va-Caro C hem 7 A sSer A '37 ------ 9854 983%
SantaCecillaSugCorp,pf.100 11
A&O 10014 10013
Western Elea cony 70.1925 1089-s 10831 10831 82,000 103% Jan 109% Mar Savannah Bug.corn_(no par)
6% notes 1922
54,000
102 102
95% Mar 102% July
94 Am Tob 7% notes '23.M&N 10238,1025s
Wincn Repeat Arms7545'41 102
100 91
Preferred
50 100
52 AnaeondaCopMinerr29_J&J 10075 10118
Foreign Government
West India Bug Fin,com.100 4
J&J 10334 1037s
and Municipalities.
100
75 1929 Series B
Preferred
100 10056 60,000 97
Jan 10031 May IndustrialStaIlseellaneous
Anglo-Amer Oil 7)025 A&O 104 10414
Argentine Nation 7s 1923 100
8474 85% 16,000 84% July 100
Arm'r&Co7sJuly15'30.1&.115 10434 105
May
Brazil(US of)Coffee755s'52
Hard ware_ _ _ _1(10 184
American
1,000
85
8456 July 98% May
85
o5
Deb 68 J lie 15'23 J&D,
16
5 100
4,8 1_0_4_5_8
754s (.£1,000) w 1.„1952
Amer Typefounders,com.100 52
156 July
1%, 1% 010,000
%315 100
1% July
theb
stG;
;2
54
,2_3
98
212 BeD
100 .
3
9(,
4 3
11Bremen 33
Preferred
2,000 91
91
91
July 91
%
j'nJeuillY5
July
Dominican Rep 5315 w 1'42 01
Co. new_(no par)
(EW)
Bliss
050,000
256 July
2% 231
651 Apr
1932-52 -----Canadian Pao llii 1924.M&S2 101 10114
50 '56
ItElberfeld 5s
Preferred
1% July
255 435,000
1%
2
5% May Borden Company,corn._100 107 i4-9.- Federal Sug Ref 68'24_M&N 10034 101
Wamburg 4 A s
1% July
1% 8,000
1% July
100 98 101 Goodrich(13F)Co 75'25.A&O 1003810358
§:Mannheim 48
Preferred
3874 3956 163,000 38
June 52% AK Celluloid Company
1945
8110078
100 95 100 Hocking Va1ley Os 1924.516a3 100,
Mexico 4s
5,000 12
12% 1231
July 12% July
Interboro R T 7e 1921_M&S 98
9912
100 113 117
3s
corn
1714 173% 15,000 17% July 23 Jane Childs Co,
-173%4
K C Term Ely 6s'23.M&N15 10114 10112
100 105 107
5s
Preferred
96% 96% 11,000 9636 July 97% June Havana Tobacco Co___ -100 ---- - -- J&J 102 104
656s July 1931
Montevideo (City) 75w 1'52
152,000
96
96%
96
July 96% July
100 - --- ---- Laclede Gas 7s Jan '29_F&A
9934 10014
Netherlands(Kingd)6s B'72 96
Preferred
100 100% 4,000 100
July 10031
Lehtgh Pow Sec 6e '27_F&A
91
9112
Peru (Rep of) 8s w 1_ _1932 1st g 5s, June 1 1922.1&i)
20,000 13% Jan 3051 July
15,;6 17
Apr International Salt
Elloss Shelf S & 165 '29 _F&A 9712 9812
100
Russian Govt6 As_ _ _ _1919 14
4,000
15
15
183% Jan 28
1921
Apr International Silver, pref 100 *98 162 Swift & Co 7% 1925_A&015 10178 10214
5;6s
3,000 1336 Jan 2631 Apr
16
16- 16
82
7% notes Aug 15 1931_ ___ 103 10314
Certificates
Lehigh Valley Coal Sales. 50 77
Texas Co 781023
Ni&S
100 160 175
_
Serbs, Croats and Slovenes
Phelps Dodge Corp
111,000 95
July 9558 July
US Rubber 7315 1930_F&A 108 10812
Pow,com.100 105 110
(Kingdom of) 8s w 1_1926 9531 95;6 95%
Baking
Royal
103 11)33% 25,000 9534 Jan 107% Mar
Utah Sec Corp 6s'22.M&S15 10
100 98 102
.
0 1014
Switzerland Govt 5318 1929 103
Preferred
93 West Eleo cony is 1925.A&O 10814 10812
on the Stock Exchange this week where Singer Manufacturing_ _ _100 93
t Odd lots. * No par value. 1 Listed
New stock. to When issued,
' z Esadditional transactions will be found.
also DaYll accrued dividend. s New Wan.
Purchaser
a
()Basis.
Dollars
per
x
dividend.
share.
1,000
•
Per
ilre,
flat.
-stock
Dollars
1
dividend. y Ex-rights z Ex
fFlat price. k Last sale. n Nominal. x Ex-div • 7/ Ex-rights. t Ex-stooli div.
per 1.000 marks. o Marks. k Correction.
- _7_3 Northern Ohio
hio
Preferred
v____1(18 Z
7 2 3772
535
boestutent mut gaiircati
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. The returns of electric railways
are brought together separately on a subsequent page.
Latest Gross Earnings.
ROADS.
Week or
Month.
Current
Year.
Previous
Year.
Jan.1 to Latest Date.
Previous
Current
Year. 1 Year.
290.679 256,912 1,293,355 1,351,012
Alabama & Vicksb. May
13128426 18023397 38,791,889 52.719,529
Amer Ry Express_ March
656,192
AkrCanton&Youngs June
198,848 142,445 1,071,614
2d wk July
85,418
Ann Arbor
88,635 2,584,042 2.478 745
May
15073948 15218955 67,877,744 74,349,902
Atch Top & S Fe_
1,653,075 2,453,118 8,101,558 11,573.277
Gulf Colo & S Fe_ May
599,999 601.242 2,896,345 3.395.741
Panhandle S Fe May
330.541 238.127 1.530.329 1.228.284
Atlanta Birm & Atl_ May
939.869 1.058.717
206.079 217.584
Atlanta & West Pt.. May
1,416,444
363.956 414.921„
Atlantic City..,Ma
6.386.035 5,375,820 31.524,544 31,776,934
Atlantic Coast Line May
Baltimore & Ohio June
17580515 16316024 98,079.159 96,230,951
270,654 193.483 1.187.211 1.013,214
B & 0 Ch Term- _ May
821,001 533.948 3,925,715 3,337.177
Bangor & Aroostook May
20,949
21,858
6,874
8.283
Bellefonte Central.. _ March
482,697 415,301 2,388,946 2,046.206
Belt Ry of Chicago_ May
585.270 1.162.699 3,275,607 4,271.276
Bessemer & L Erie_ _ May
58,755
95.070
15,971
12,885
Bingham & Garfield May
6,523,383 6,440.900 37,848,763 37.149,810
Boston & Maine.._ _ June
661.067
797,420
96,103
127,723
Bklyn E D Term_ __ June
Buff Roch & Pittsb_ 3d wk July 210.548 259,5261 7,877,124 8.457,004
905,198
663,125
60.098 163.980
Buffalo & Susq____ _ May
Canadian Nat Rys_ 3d wk July 2,046.830 2,106,984 57,867.263 64.482,280
Canadian Pacific.. __ 3d wk July 2.991,000 3,363,000 83.343,000 92.028,000
671.786 601,2121 3,164,035 2,972,636
Caro Clinch & Ohio.. May
1,859,850 1.789.188 8.754,902 9,191,250
Central of Georgia- _ May
3.443.405 4,426.928 23.199.980 25,149.836
Centra. RR of N J- June
523,019 621.086 3.052,572 3,425.293
Cent New England.. May
2,553,601
588,448•
Central Vermont- _ May
305,538 272,113 1,452,751 1,459,297
Charleston & W Car May
7.657.318 8,017,908,35,302,745 33,318.434
Ches & Ohio Lines- May
Chicago & Alton_ __ May
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
1.978,569 1.934,209 9.284.854 9,655,293
1,352,925 1,241.420 6,399,265 6,026,550
Chic Ind & Louisv__ May
Chicago Junction.. _ May
292,669 409.419 2,045,955 2.042,576
12249791 11059949 57,643,221 55,416,579
Chic Milw & St Paul May
13665322 11864 185 67,660,629 67,606,358
Chic & North West_ June
199,355 140,218
Chic Peoria & St L- May
796,030
965.092
197.269
Chic River & Ind- - May
9,632,956 10189563 45,319,924 51,206,501
Chic R I & Pacific__ May
Chic R I & Gulf_ _ May
422,592 622,978 2,199,791 2,922,076
Chic St P M & Om- May
2,208,981 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___ 3d wk July 492,761 560,829 12,476,141 13,907,683
Ft W & Den Cit v. 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 Valloy- - May
88,317 100,439
684,537
481.668
Martin
Val
&
393.107585,061
Cumb
May
47.739 135.268
Delaware & Hudson June
2.296.018 3,723,608 18.866,430 22,411.257
Del Lack & Western June
5,501.267 7,566,132 35,882.808 41279.985
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
154,726 170,364
739,432
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
Dui & 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
Dui Sou Shore & At!3d wk July
93.305
77.975 2,216,887 2,501,518
Duluth Winn & Pac May
151.357 140,391
777,755 1,271,412
East St Louis Conn.. May
682,602
179.640 130,713
837,789
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
June
6,911,866 8.112,296 44,433.306 49.596.485
Chicago & Erie May
974,823 1,011,900 4,589,274 4,576,774
NJ &NY RR
May
595,967
126,456 131.984
605.347
Florida East Coast.. May
1,306,104 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
588,536804,446
128.052 146.302
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
&
Florida
Georgia
May
563.465
104.754 101,439
527,054
Grand Trunk Syst- 3d wk July'2,152,005 1,889,699 53.058,464 52,784,933
Atl& St Lawrence May
153,392 249,600 1,200,037 1,418.472
ChDetCanGTJct May
837,675
158.458 151,462. 968.928
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 & West.. 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
_ _1May
1.019.599 1,302,739 5,172,392 4,860,010
Ihinois Central.. _ _ _!June
12355745 11494 595 69,773,121 68,876.747
Total system_ _ _ -'June
13780720 12917300 78,501,739 78.870.926
Internat & Grt Nor.. May
1.286,549 1,784,091 5,651,483 8,012,701
Internat Ry of Me May
163,415 157.540 1,306,857 1,450,068
717,273
103,563 167,551
Kan City Mex & tix May
542,131
881,882
121.927 201,303
64,911
KC Mex &0of Tex May
1,511,184 1,663,916 7,214,417 8,365,129
Kansas City South_ May
940,599
Texark & Ft Sm May
167,394 170,233
794,396
June
1,701.563 1.780,800 9,710,377 11,056,319
Total system_
Kansas City Term May
223.047 154,700 1,090.815 1,004,952
Kan Okla & Gulf_ _ _ May
47.828
69,701
58.230
Lake Sup & Ishpem_ May
19,528
697.620
551,559
84.266
Lake Terminal Ry June
94,005
155,952 261,279 1,040,110 1,325,466
Lehigh & Hud River May
284,453 395,444 1.747,247 1.779,554
Lehigh & New Eng.. May
June
4.682.192 6,579,729 30.941,221 36,841.367
Lehigh Valley
Los Ang & Salt Lake May
1,682,664 1,568,297 7,605,025 8,214,458
Louisiana & Arkan_ May
276,896 289,945 1,312,943 1,419,240
Louisiana Ry & Nay May
271,890 300.121 1.328,140 1,571,988
Louisville & Nashv_ May
11925415 9.893,634 50.167,156 47,774,594
Loulav Rend & St L May
316.039 232,160 1.233,652 1,188.582
Maine Central
Juno
1.699,621 1,595,842 10.126,725 10,476.772
Midland Valley.... _ _ May
441,835 354,452 1,847,302 1,930.484
197,974
Mineral Range
2.4611 144,638
3d wk July
6,059
Minneap & St Louis 3d wk July 288,845 284,422 8.261,346 8.565.239
Minn St P & S S M.. May
3,530,286 3,084.886 15,050,597 16,097.584
ROADS.
Latest Gross Earnings.
Week or
Month.
Current
Year.
'Jan. 1 to Latest.Date.
Previous I Current
Year. I Year.
Previous
Year.
Mississippi Central.. May
416,216
610,530
80,808
130,188
Mo & North Arkan _ March
-1,464
291.750
56,734
---810
Missouri Kan & Tex May
2,760.426 2,616,071 11,951,866 13,334,026
Mo Kan&Tex of Tex May
1,738,8382 037,178 8,191,958 1.182,314
Total system..___ June
4.669.393 4,849.601 25,391,496 30,329.342
Missouri Pacific..___ May
8,633,943 8,651.373 39.861.400 43.816,572
Mobile & Ohio
3d wk July 297.901 316,187 9,367,577 10.091,190
Colum & Greens.. May
673,554
588,745
125,834 112,117
Monongahela
May
89,141 292,219 1,601,032 1,517,634
Monongahela Conn.. June
370.065
155,429
832.985
51.769
Montour
June
803,784
348,006
21.802 144,361
Nashv Chatt & St L May
1,880.691 1,649,928 8,391.524 8,483,501
Nevada-Cal-Oregon 2d wk July
167,861
5.796
130.846
9,227
Nevada Northern May
47.678
16,580
193,297
140,072
Newburgh & Sou Sh May
549.167
206,639
82.841
818.608
New Orb 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
Domini S L & W.... May
165,180 139,544
974,026
867,156
St L Brownsv &M May
406,793 452,922 2,285,819 2,604,225
New York Central.._ June
29462408 27868 173 158557783 157579512
Ind Harbor Belt_ May
810,039 712,299 3.816.433 3,680.431
Lake Erie & West June
856,9054,588,921 4,454,359
Michigan Central,May
6,740.05415.885.226 30,213,621 28,152.700
Cloy C C & St L....!June
7,613,870 6,942,887 40,829,638 39,593,766
Cincinnati North..,May
251,441 302.513 1.432.557 1,384.618
Pitts & Lake Erie:June
2,061,173 1,639,711 11,800,206 12.360,145
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
N Y Chic & St Louls,June
2,606.879 2.209,246 14,222.570 13,120,306
N Y Connecting
May
201,380 282,554 1,181.399 1.453.249
NYNH& Hartf June
10249837 9,772,686 57,847,727 55,055,001
N Y Oat & Western.June
888,365 1,323,626 5,591,268 6,479,855
N Y Susq 8z West May
301,612
,
1,650,808 1,698,449
Norfolk Southern May
719,969 606,554 3,447.257 3,227,244
Norfolk & Western_ June
9,473,091 7,050,018 46,011,351 39,191,071
Northern Pacific
May
7,378,960 7,037,078 33,621,547 33.018,536
Northwestern Pac May
692.495 730,617 2.838,227 2.856,220
Pennsylv RR & Co.. June
40260248 43268215 240161 064 248584923
Balt Ches & ALI May
144.4431 127.075
518,792
562,323
Cinc Lob & Nor May
99.996
91,191
419,029
436.361
Grand Rap & Ind May
June
705,424 682.222 3.413,207 3.468.370
Long Island
2,917,091 2,792,777 13,964,429 12,767,134
Mary'd Del & Va.. May
95,417 103,031
375.846
426,663
N Y Phila & Norf May
699,932 461,052 2,823,543 2,451,257
Tol Peor & West_ May
122,872 127,824
645,512
696,696
W Jersey & Seash June
1,090,194,1,105,933 5.725,940 5.543,978
Pitts C C & St L.. May
8,642.305;7.598,924 38.610.668
Pennsyly System_ June
55367758 57184018 319078076 32646417
35
Peoria & Pekin Un_ May
130,6171 121,480
761.207
705,493
Pere Marquette..
May
3,400,302 3,089,445 14,902,983 13,901,395
Perkiomen
May
101.2451 96,261
463.350
541,102
Phula & Beading__ _ June
5,673.4917,215,001 38,260,119 42,321,725
Pittsb & Shawmut May
ye
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
83,350 200,375
906.333 1.048,969
Quincy Om & K C May
95,741 103.894
519,118
431,814
Rich Fred & Potom_ May
1,010.806 859,994 4,447,303 4.605,131
Rutland
469,047 464.751 2,740,961 2,794,642
St Jos & Grand Isl'd May
270,308 242,167 1,270,701 1,255,732
St L-San Fran Syst_ June
7,836,326 6,722,603 40,926,21341,747,705
Ft W & Rio Grand May
96,256 145,782
787,322
490.628
StL-S F of Texas.. May
132,187 131.122
701,646
639.337
St Louis Southwest.. May
1,404,548 1,406,062 6.901,604 6.943,902
St Louis S W of Tex. May
569.532 2,803,441 3,019,126
Total system........ 3d wk July 579,131
475,467 404,218
St Louis Transfer__ May
478,015
62.820
308.119
90,108
San Ant & Aran Pass May
461,254 490,636 2.067,602 2,288.935
San Ant Uvalde & G May
522,541
445,438
102.831 131.456
Seaboard Air Line__ May
3,889.589 3.369,367 18,826,308 19.121,500
Southern Pacific Co May
21123915 21345216 97.230.121 107204136
Southern Pacific Co June
22897098 23044 227 120127219 130248364
Atlantic SS Lines_ May
959.1861 707.256 4,752.101 4,387.840
Arizona Eastern_ May
328,1581 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
740,579 :1.222.773 3,725.762
635,975
Texas & New Orb_ May
667,929 613.653 3,660,476 3.504,154
Southern Railway__ 3d wk July 2,768,738 3,057,919 90,998,449 91,128,745
Ala Great South._ June
861,026 753,124 4,711,466 4,704,441
Cm N 0& Tex P_ June
1,821,509 1,400,327 9,119,251 8,827.258
Georgia Sou & Fla June
406,800 338,726 2,371,003 2.228,121
New Orb & Nor E .Tune
558,572 474.809 3,120,822 3,261,386
Northern Ala......_ May
381,129
506,931
64,535
129,194
Spokane Internat._ May
531,576
444,587
84.582 106.672
Spok Porti & Seattle May
607.265 609,304 1743.576 2,851,729
Staten Island R T -Time
1,197,108
202,266
1,151,808
216,099
Tennessee Central.... May
982.349
974,667
216,048 174,119
Term RR Assn ofStL May
381.204 360.818 1.900.451 1.830.213
St L Mer Bdge T May
1.467.629
1.503.137
281.595
294.607
Texas & Pacific__ - 3d wk
503,645 616,408 15,767,946 19,686.375
Toledo St L & West May July 908.051
746.767 3.988.650 3,617,535
Ulster & Delaware May
559.037
520.171
131,069 112.686
Union Pacific
June
8,401,925 8,785.175 45,402,183 48,705,977
Oregon Short Line May
13,030.719
2.678.967
13.576,279
2.504,150
Total sys m
.Tune
15394 264 1560425383,931,50487,812.711
Ore-Wash RR & N May •
2,197,756 2,281,127 10.355,677 11,042.479
Union RR (Penn) May
1,015.672 786,8541 3.879,149 4.125,929
May
501,569
601,498
82,632
120,460
U
Vitcakhs Shrev & Pac_ _ May
327,890 343,871, 1.530,974 1.707,373
Virginian Railroad_
2,069,254 2,004,240 10,485.198 9,596,649
Wabash RR
June
5,362,371 4.738,996 28,630,584 28,832,260
Western MarylandJune
1,271,571 1,451,225: 8,244,039 9,133,334
Western Pacific..
866,010 965,880 4,025,499 4,592.538
Western Ry of Ala_ May
May
223,445,033! 981.351 1.009.713
Wheel & Lake Erie- May
1,367.4951 5.476,278 5,264,102
1,190,790
Wichita Palls & NW
578.280
972,400
98,352 173,279
Yazoo & Miss Valley May
May
1.422,481 1,501.315 7,303,643 8.481,474
AGGREGATE OF GROSS EARNINGS-Weekly and Monthly.
Weekly Summaries.
Current
Year.
2d week May( 9 roads)_..3d week May (18 roads)____
4th week May (15 roads)
1st week June (17 roads)_
2d week June (18 roads)_ _ _ 3d week June (13 roads)_„..
4th week June (16 roads)-ist week July (18 roads)
2d Ttweek July 16 roads)--:id. week July(17 roads).
7.416.004
12.71:1,122
17,398,247
12,953.923
12,971.059
12,985,740
17,624,246
13,154,413
12,880,105
12354.510
Previous
Year.
$
1
7,157,170
12,617.570
16,502,052
12.404,769i
12,740,850
12,798,352,
16,810,702'
13.056.0971
13,090,802,
12.969.484'
Increase or
Decrease.
-258,834
+95,552
+896,195
+549,154
4-230.209
+187,388
+813.544
+98,316
-210.697
-614.974
3.61
0.76
5.43
4.43
1.81
1.46
4.84
0.75
1.61
4.74
Increase or
Previous
Current
Monthly Summaries.
Decrease.
Year.
' Year.
Mileage.
Curr.Yr. Prey.Yr.
August _ _ _233.815 233.067 504,599.664 554.718.882 -50.119,218 9.03
Septenther -.235.155 234,569 496,784,097 817,537,676 -120,753,579 19.53
October .......235.228 234,686 534.332.833 840,255.263 -106922430 18.54
November _ _ 236.043 234.972 464,440,498 590,468,164 -126027666 21.34,
December.... _ 225,619 224.784 406.864,055 527,480,047 -120.615,992 22.87
January .._ _ _ 235,395 234.636 393,892.529 469,195.808 -75.303.279 16.05
February _ -235,625 234,880 400.430,580 405,203 414 -4.772,834 1.18
March
234.986 234,202 473,433,886 457,374.46(1 +16,059,426 3.51
;Anril
234,955 234,338 416,240,237 432,106.647 -15,866,410 3.67
May
234.931 234.051 447.299.150 443.229.399 +4.069.751 .0.82
536
[VOL. 115.
THE CHRONICLE
Latest Gross Earnings by Weeks.-In the table which
follows we sum up separately the earnings for the third week
of July. The table covers 17 roads and shows 4.74%
decrease in the aggregate from the same week last year.
-Grossfrom Railway--Net from Railway- -Net after Taxes
1922.
1921.
1922.
1922.
1921.
1921.
$
$
$
$
Pennsylvania System55,367,758 57,184,018 10,875,195 9,787,729 7,841,737 6,865,537
June
From Jan 1 319078076 326464,335 62,091,410 28,868,465 49,175,073 16,416,192
Phila & Reading599,099 1,153,904
382.957 1,011,738
5,673,491 7,215,001
June
Increase. • Decrease.
1921.
1922.
Third week of July.
From Jan 1 38,260,119 42,321,725 8,197,985 5,290,428 6,970,448 3,939,246
Rutland
3
14,875
20,248
38,955
43,896
464,751
469,047
48,978
June
259,526
Buffalo Rochester & Pittsburgh
210,548
98,291
105,562
44,821
231,402
60,154
From Jan 1 2,740,961 2,794,642
2,046,830 2,106,984
Canadian National Rys
372,000 St Louis-San Francisco System2,991,000 3,363,000
Canadian Pacific
560,829
68,068
492,761
Colorado & Southern
7,836,326 6,722,603 2,277,671 1,618,077 1,844,986 1,305,573
June
-13(5
77,975
93,305
Duluth South Shore & Atlantic,.
From Jan 1 10,926,213 41,747,705 10,290,842 9,222,638 8,264,484 7,287,504
Grand Trunk of Canada
Southern Pacific System2,152,005 1,889,699 262,306
Grand Trunk Western
22,897,098 23.044,227 6,934,609 4,917,097 5,357,510 3,596,810
June
Detroit Gr Hay & Milw____
From Jan 1 120127219 130248,364 27,958,626 22,944,405 18,384,254 15,842,483
Canada Atlantic
RySouthern
3,598
2,461
6,059
Mineral Range
2,777,480 1,320,452
11,385,784 10,218,486
June
4,423
284,422
Minneapolis & St Louis
288,845
10,912,757 4,464.772
From Jan 161,995,454 62,416,785
Iowa Central
Southern
18,286
316,187
Mobile & Ohio
297,901
Alabama Great
100,389
185,619
753,124
861,026
71,249
404,218
St Louis Southwestern
475,467
June
232,584
977,228
289,181
Southern Railway
2,768.738 3,057,919
From Jan 1 4,711,466 4,704,441
112,763 One New On & Tex PacTexas & Pacific
616,228
503,465
2,450
Toledo Peoria & Western
257,086
30,036
27,586
396,393
1,821,509 1,400,327
June
769,353
1,720,292
From Jan 1 9,119,251 8,827,258
Total (17 roads)
12,354,510 12,969,484 356,906 971,880
Net decrease )4.74%)
614,974 Georgia So & Florida74,481 -68,654
338,726
406,800
June
314,876 -360,306
From Jan 1 2,371,003 2,228,121
Net Earnings Monthly to Latest Dates.-The table
Orleans & Northeastern69,343 -25,921
following shows the gross and net earnings with charges and New
474,809
558,572
June
265,056 -34,310
From Jan 1 3,120,822 3,261,386
surplus of STEAM railroad and industrial companies
Staten Island Rap Transreported this week:
-1,552
14,127 -46,335
216,099 -28,316
202,266
June
-Grossfrom Railway- -Net from Railway- -Net after Taxes
From Jan 1 1,151,808 1,197,108 -109,678 -51,488 -212,224 -132,035
1921.
1922.
1922.
1921.
1921.
1922.
Union Pacific8,401,925 8,785,175 2,507,041 2,882,134 1,915,307 2,349,780
June
Akron Canton & YoungstownFrom Jan 1 45,402,183 48,705,977 13,136,931 13,776,697 9,706,066 10,749,252
34,618
June
73,999
198,848
142,445
81,999
43,618
From Jan 1 1,071,614
76,130 Union Pacific System424,014
656,192
482,131
130,130
15,394,264 15,604,253 3,527,265 4,205,309 2,364,249 3,136,284
June
Atchison Topeka & Santa Fe SystemFrom Jan 1 83,931,504 87,812,711 18,808,910 18,864,318 11,974,212 12,632,288
June
2,980,618 4,835,433
18,138,742 18,101,776
RyVirginian
From Jan 1 97,367,594 107772,550
11,091,669 12,830,572
789,253
873,466
2,069,254 2,004,240
June
Baltimore dr Ohio3,578,883 2,770,347
From Jan 1 10,485,198 9,596,649
732,129
June
17,580,515 16,316,024 3,803,608 1,328,319 3,069,386
From Jan 1 98,679,159 96,230,951 20,980,235 12,798,170 16,697,276 9,304,941 Wabash Ry281,326
432,368 1,056,565
5,362,371 4,738,969 1,250,495
June
Bangor & AroostookFrom Jan 128,830,584 28,832,268 5,161,476 3,111,859 4,016,546 2,236,710
24,005
44,415
June
562,672
438,983
Maryland
Western
313,713
1,336,242
From Jan 1 4,488,387 3,776,160
263,410
258,676
1,271,571 1,451,225
June
Boston & Maine1,757,050 1,213,609
From Jan 1 8,244,039 9,133,334
83,583
341,348 1,005,832
6,523,382 6,440,900 1,233,600
June
From Jan 1 37,848,763 37,149,809 5,455,964-1,566,649 4,282,699-3,098,568
* Includes uncollectible railway revenues.
Brooklyn E D Terminal-Deficit.
52,118
25,968
19,055
45,531
96,103
127,723
June
187,109
146,337
322,303
661,067
797,420
283,732
From Jan 1
ELECTRIC RAILWAY AND PUBLIC UTILITY CO'S.
Buffalo Rochester & Pittsburgh79,972
945,708 1,191,356 -194,137
229,187
44,672
June
451,454
150,122
237,152 -60,419
From Jan 1 6,942,958 7,128,024
Latest Gross Earnings.
Jan. I to Latest Date.
Central RR of New JerseyName of Road
Previous
Current
185,081 1,031,438
Previous
June
Company.
3,443,405 4,426,928
Current
75,761
748,776
or
Year.
Year.
Year.
Month.
From Jan 1 23,199,980 25,149,836 3,462,145 4,704,811 1,901,239 3,174,884
Year.
Chicago & Northwestern$
$
$
$
13,665,322 11,864,185 3,158,775 1,557,619 2,426,609
June
860,648
433,733 351,185 2,650,175 2.281,895
826,451 6,556,428 3,778,024 Adirondack Pow & Lt Tune
From Jan 167,660,829 67,606,358 10,953,160
2.238,591
Lt.. June
2,506.311
351,253
445.707
&
Power
Alabama
Chicago R I & Pacific System1950,176 1949,116 24,458,298 23,862,343
Light.. Way
11,250,027 11,753,459 2,699,212 2,032,656 2,143,043 1,550,781 Amer Power &Co.._ _ _ March
June
1587,888 1598,785 4,717,101 4,832,092
American Rye
From Jan 1 58,769,742 65,875,698
6,762,922 7,026,743 Appalachian
246,088 213,190 1,428,249 1.192.957
Pow Co_ Tune
Delaware & Hudson132,939 125,411 *1,107,341 *1,187,463
Lt & Power.Tune
Arkansas
181,420 1,060,066
2,296,018 3,723,608
June
981,457 Asheville Pow & Light May
270,405
74,271 69,860 *869,235 *841.504
From Jan 1 18,866,430 22,411,257 1,969,729 2,956,480 1,439,913 2,401,058 Associated Gas & Elec Tune
149,865 148,457 *1,933,605 *1,619,642
58.667
53,673
20,259 20.715
Delaware Lackawanna & WesternAtlantic Shore Ry_ _ _ March
601,859
111,111 106,551
575,561
5,501,267 7,566,132
June
667,733 1,748,857
340,706 1,367,220 Bangor Ry & Elec Co %4ay
3654.917 2862.358 18,897,507 15,188,278
From Jan 1 35,882,808 42,279,985 6,937,261 6,613,996 4,374,700 4,321,702 Barcelona Tr Lt & P.. May
46.525 48.328 *562.839 *515.111
Baton Rouge Electric May
Erie RR312,368
49.565 52,187
_ Tune
352,265
6,911,866 8,112,296
40,308
June
633,694
253,428
332,630 Beaver Valley Trac_
76,699 67,560 *963,238 *850,388
P slay
From Jan 1 41,433,306 49,596,485 4,805.916 2,649,202 3,193,450
898,637 Binghamton Lt H & E May
310,460 280,530 *3,866,231 *3,374.994
&
G
Val
Blackstone
Illinois Central16093000 14462000 76,249,000 65,942.000
Lt & P.. May
12,355,745 11,404.595 2,864,513 1,897,353 1,839,762 1,249,000 fBrazillan Tr.Transit_ Tune
June
3017,256 2888,155 *34544 093 *30972086
Rapid
From Jan 169.773.121 68,876,747 16.930,373 12,318,794 11,011,775 8,336,605 BklynBreton Elec Co.. May
48,051 52.551 *672,629 *678,878
Cape
154,683 134,179 *1.766,855 *1,654,042
Illinois Central SystemCarolina Pow & Light May
13,780,720 12,917,300 .2,950.924 *1,927,292 1,808,908 1,159,827 Central Illinois Lt___ May
222,766 210,222 1,274,875 1,186,199
June
.
42.971 42,084 *532,934 *503.931
17,787,040.13,137,541 11,164,993 8,512,695 Central Miss Val Elec May
From Jan 1 78,501,739 78,870,926
125,931 111,845 *1,461,798 *1,345,769
Chattanooga Ry & Lt day
Lake Terminal RR85.251 88,443
266.350
280.636
16,992
91,004
23,360
84,266
17,457 City Gas Co, Norfolk ‘1arch
10,656
June
1435,322 1198,110 6,608,135 7,143,785
180,864
697,620
49,001
551,559
12,948 Cities Service Co_ ___ day
142,845
From Jan 1
&subs_ _ May
78,385 76,110
395,520
417,258
Trac
Citizens
Lehigh Valley RR60,148 66,142
271,930
299,051
Cleveland Paines & B day
182,550
846,730
4,682,192 6,579,729
-8,700
June
rune
81,927 81,177 *963,588 *1,126,688
307,475 1,883,020 -73
17 Colorado Power Elec rune
909
6,
20
From Jan 130,941,221 36,841,367 3,126,701
1299,155 1059,518 9,485,184 7,864,628
Columbia Gas &
Maine Centralday
154,506 139,348 *1,883.977 *1,607,051
Columbus Electric_
241,343 -19,223 Com'w'lth Pr,Ry&Lt une
1,699,621 1,595,842
June
2531,029 2491,036 15,832,836 15,773,822
1,009,307 -609,639 Connecticut Power.._ day
From Jan 1 10,126,725 10.176,772
140,549 116,789 *1.590,942 *1,474,828
1176,022 1130,024 6.072,579 6,039.552
Consumers Power Co day
Missouri Kansas & Texas System822,958 1,146,191
608,508 Cumb Co Pow & Lt_ _ day
246,130
4,669,393 4,840,602 1,407,768
259.084 246,130 *259,084
June
320,212 299,181 2,196,505 2,085,024
From Jan 1 25,391,196 30,329,342 7.565,232 4,736,994 6,159,070 3,608,027 Dayton Power & Lt_ _ une
1964,358 1728,216 12,876,744 11,624.400
Detroit Edison Co_ _ _ une
Mobile & Ohio1758,129 2084,196 4,990,099 5,917.675
291,517 -129,999 Detroit United Ry__ _ darch
1,480,222 1,303,285
June
756.624
712,088
139,685 146,940
1,584,429
285,468 Duluth-Superior Trac day
From Jan 1 8,522,874 9,241,562
Duquesne Lt Co subs
Monongahela Connecting8.304.834
cos
une
8,193,990
power1242,578
1279,245
33,451
and
-2.021
light
51,769
-3,688
31,261
155,429
June
277,919 308,148 *3.665,903 *4,390,311
215,391 -27,588
370.065
202,320 -38,139 East St Louis & Sub_ day
832,985
From Jan 1
208,672
230,092
43,795 40,347
Eastern Shore Gas& El day
Montour RRday
_
Elec_
151,202 142,502 *1.669,523 *1,711.297
Texas
-24,970
16,479
144,361
11,421 Eastern
-27,463
21,802
June
104,965 103.151 *1,306,705 *1.257.800
-7,462 -74,729 -30,385 Edison El Ill of Brock day
803,784 -59,604
348,006
From Jan 1
day
189,919 194,255 *2,293,622 *2,121,316
El Paso Electric
New York CentralPow of Ab29,462,408 27,868,173 7,610,268 6,813,696 5,765,102 5,134,781 Elec L && Rockland_ day
June
27,245 25.638 *360,026 *357,904
ington
34,916,246
26,264,803
25,002,976 16,397,975
From Jan 1 158557 783 157579,512
462,149
469.885
81,819 75,311
Erie Lt Co & subsid_ _ day
Cleve Cinc Chi & St Louis84,636 84.648 *1,005.410 *962,971
Gas Works day
River
Fall
1,155,449
2,467,950
6,942,887
1,969,156
802,935
7,613,870
June
377,659 2,112,660 2,061,900
day
386,685
Co
Trac
&
Lt
Federal
5,684,459
9,233,841 3,751,779
From Jan 140.829,638 39,593,766 11,798,409
192,982 207,046 1,013,136 1,090,029
Fort Worth Pow & Lt day
Lake Eric & Westernvlay
296,261 318,013 *3,487.994 *3.931,326
1,787
29,379
774,517
76,279 Galv Hous Electric
42,363
856,905
June
911.699 4,924,948 5,765.925
941,077
day
Cos
Sub
&
El
&
G
532,981
55,330
245,878 Gen
269,540
From Jan 1 4,588,921 4,454,359
1178,757 1174.921 *14513499 *13881451
Georgia Ry & Power May
Pitts & Lake Erie617,327 580,479 3,660,507 3,633,414
une
Power
Western
Great
1,639,711
24,002
173,554
2,061,173
June
247,986 238,617 1.225,052 1,250,030
Corp.. day
-534,464 -116,671 Indiana Service
From Jan 1 11,800.206 12,360,145
4702,854 4730,491 y49218379 y50644542
System lay
N Y Chicago & St Louis838,101
477,364
380,973
715,557
2,606,879 2.209,246
June
From Jan 1 14,222,570 13,120,306 4,306,003 2,670,631 3,571,304 2,078,159
Hartford
&
H
N
NY
625,644 1,291,163
10,249,837 9,772,686 1,673,428
229,093
June
From Jan 1 57,847,727 55,055,001 11,776.411 -306,102 9,457,009-2,694,260
N Y Ontario & Western- 1,323,626
231,016
76,205
38,073
195,516
888,365
June
737,436
504,193
508,443
290,913
From Jan 1 5,591,268 6,479,855
Norfolk & Western
3,259,622
984,370
9,473,091 7,050,018
June
12,271,486 3,078,775
From Jan 1 46,011,351 39,191,071
Pennsylvania RR40,260,248 43,268,215 7,699,198 8,052,621 5,483,428 5,988,339
June
49,228,065 26,538,218 39,617,553 17,592,837
From Jan 1 240161064 218584,923
Long Island475,113
799,298
2,792,777
2,917,091
June
2,384,520
117,267
From Jan 1 13,961,429 12.767,134
West Jersey & Seashore140,517
125,962
42,693
48,427
1,090,194 1305,933
June
502,812 -203,140
311,479 -375,908
From Jan 1 5,725,940 5,543,978
Interboro R T
lay
Keokuk Electric
Kentucky Trac & Ter une
Keystone Telephone_ une
11lay
Key West Elec Co_
lay
Lake Shore Elec Ry
Lexington Util & Ice.. une
Limn
Electric..
Long Island
Lowell Elec Lt Corp.. lay
une
J
Ry
Street
Market
t
Metropolitan Edison_ lay
lay
Milw El Ry & Light
Miss River Power Co_ lay
Municipal Serv & sub lay
Nashville Ry & Lt Co lay
Nebraska Power Co.._ lay
Nevada Calif Electric June
New Eng Pow Sys_ _ _ lay
N J Pr & Lt Sub Cos.. lay
N'p't N & Hamp Ry_ ,pri1
New York Dock Co June
Nor Ohio Elec Corp J Line
1
30.007 30,405 *380.569 *365.303
147,052 157,430 1,592,294 1,614,871
826,138
137,331 144,880
868,277
19,350 21,867 *251,560 *267,930
938.974 1,036,886
204,510 220,821
103.074 113,088 *1,099,114 *1,051.829
109,136
31,194 28,142
97,487
94.065 92,258 *1.220.546 *1.210.259
814,563 763,569 4675.809 __ ____
207,116 215,019 1,162,947 1,113,401
1524,296 1508,014 '18586641 19,726,914
261,902 233.222 *2,798.934 *2,831,648
213.889 194,809 1,089,643 1,050.053
337,146 321,392 1,707.447 1,604,763
281,740 235,906 1,400,315 1,310,291
473,806 348,316 1,703,372 1,570,340
432,796 423,504 2,283,755 2,159,655
51,280 36,175
268,160
185,564
160.835 213,558
645.456
896.642
355,576 448,089 2,026,767 2,891,073
761,204 699,343 4,459.235 4.44n7
JULY 29 1922.]
THE CHRONICLE
Latest Gross Earnings.
Name of Road
or Company.
Month.
Philadelphia Co and
Natural Gas Cos__ June
Philadelphia Oil Co.... June
Phila & Western
June
Phila Rapid Transit June
Pine Bluff Co
June
Portland Gas & Coke May
Portland Ry, Lt & P.. May
Puget Sd Power & Lt_ May
Read Tr& LtCo& Sub May
Republic Ry & Lt Co_ May
Richmond Et & RR April
Rutland Ry, Lt & Pr_ May
St L Rocky Mt 8: Pac June
Sandusky Gas & El May
May
Savannah El & Pow
May
Sayre Electric Co
April
Second Avenue
June
17th St Incl Plane
May
Sierra Pacific Co..
Southern Calif Edison May
City of Los Angeles
Wholesale Basis.. June
South Canada Power_ May
1 Southwest P & Lt Co May
Tampa Electric Co May
Tennessee Power Co_ May
Tennessee Ry. Lt & P May
June
Texas Electric Ry
Texas Power & Light_ May
Third Ave Ry Sys_ June
United Gas & El Corp May
Utah Power & Light_ May
Utah Securities Corp_ June
Vermont liy-E1 Corp May
Virginia Ry & Power_ March
Western Union Tel Co April
Winnipeg Electric Ry June
Yadkin River Power_ May
Jan. 1 to Latest Date.
Current
Year.
Previous
Year.
Current
Year.
Previous
Year.
$
S
$
S
N Y Dock Co
537
Gross
Earnings.
$
355,576
448,089
2,026,767
2,891,073
761,205
699.342
4,459.235
4,440,579
74,355
69,453
797,687
797,775
423.634
277,037
1,522.444
1,912.798
1,406,466
1,251,691
7,268,812
6,916.100
208.436
229,478
2,738.466
3,279,746
1,235861
Net after
Taxes.
199.080
June '22
224,909
'21
6 mos ending June 30 '22
1,092.859
1,327,819
'21
Northern Ohio Elec June'22
175,273
223,837
'21
6 mos ending June 30 '22
1,282,426
1,026,079
'21
Pine Bluff Co
June '22
30,935
27.304
'21
12 mos ending June 30 '22
320,498
'21
282,770
St Louis Rocky
June '22
78,826
Mt & Pac
'21
39.987
6 mos ending June 30 '22
274,196
'21
348.555
z Southern Calif
June '22
x910,565
Edison
'21
x848,266
6 mos ending June 30 '22
x4,882,332
'21
x4,664,850
Texas Electric By June '22
73,477
'21
90,013
12 mos ending June 30 '22
1,062,949
'21
1,351.701
Third Ave Ry
June '22
x274,601
System
'22 1.225:484x170,258
12 mos ending June 30 '21 14.136,153 x2,872,235
'21 13,499,226 x1.795,786
United Lt & Rys Co June '22
908,817
264,583
& Subsidiaries
'21
856,561
240,133
12 mos ending June 30 '22 11,243,413 3,479,060
'21 12,052,647 3,284,313
Winnipeg Elec By June '22
417,754
95,221
'21
446,209
118,734
6 mos ending June 30 '22 2,753,488
716,575
'21 2,856,715
710,105
* Fixed charges include interest and dividends on
stock of constituent companies.
z After allowing for other income received.
z City of Los Angeles on wholesale basis.
988,202 552,907 7,342,073 6,172,083
661,269
93,158 63,039
501.711
390.181
67,995 67,911
390,319
3525,734 3566,337 21,118,783 21,544.034
74.355 69,453
359,717
367,366
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
60,052 67,269
250,121
234,281
48.326 43.707 *561.218 *586,478
423.634 277,037 1,522,444 1.912.798
65,043 55,075
319,610
346.049
132,491
668,843
13,802 13,594
82,917
79,318
82,003 78,365
281.159
304.001
3,556
18,392
4,209
20,844
72.560 74.537 *894,022 *802.651
1328,261 1508,277 6,433.730 6,280.337
1406,466 1251,691 7,238.812 6,916.100
65,663 59,835
730,385 764,920 *9,676,644 *10095679
145.234 140,342 *1,754.544 *1,579,375
220.342 205,272 1,039,277 1,031.378
576.837 558,256 2,881,441 2,861,366
208.436 229,478 1,687,521 1.873,095
354,892 353,973 1,971,466 2,068,413
1235.861 1225,484 7,009,890 6,757,264
980,738 913,383 5,296,433 4,916,200
536,523 523,410 2,800,877 2,822.288
696,068 667.910 *8,447,160 *8,757,397
209,604
37,436 35,855
209,537
713,693 851,734 2.078.328 2,578,200
8091.170 8475,281 31.789,301 34.360.958
417,754 446,209 ,2753,488 2,856,715
97.436 84.130 *1,148,202 *982.844
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. 5 Of Abington & Rockland (Mass.). k Given in pesetas. 1 These were the earnings from operation of the properties of subsidiary companies. * Earnings for twelve
months. t Started operations April 1 1921. z Earnings for ten months.
y Earnings for 11 months.
Fixed
Charges.
Balance,
Surplus.
124,512
123,666
716,503
722.877
*166.765
*158,575
*987,692
*949,179
9,431
9,580
118.435
112.728
35,722
37.439
212,247
226.719
317.806
345,635
1,902,908
1.783,706
38,832
39,499
468,669
473.907
221,561
222,523
2,674,379
2,672,397
153,674
156,970
1.887,943
1,874,457
57,375
59,268
358,557
360,054
74,568
101,243
376,356
604,942
8.508
65.262
294,734
76.900
21,504
17,724
202,063
170.042
43,104
2,548
61,949
121.836
592,759
502,631
2.979,424
2,881,144
34.645
50,514
594,280
877,794
53,040
-52,255
197,856
-876,611
110,909
83,163
1,591,117
1,409,856
37,846
59.466
358,018
349,151
outstanding preferred
FINANCIAL REPORTS.
Annual, &c., Reports.-The following is an index to all
annual and other reports of steam railroads, street railways
and miscellaneous companies published since and including
June 24.
This index, which is given monthly, does not include
in to-day's "Chronicle."
Electric Railway and Other Public Utility Net reports
Bold-faced figures indicate reports published at length.
Earnings.-The following table gives the returns of
Steam RoadsPage.
Industrial Companies (Concl.)- Page.
ELECTRIC railway and other public utility gross and net Ann Arbor RR Co
*2818 Detroit Edison Co
441
Baltimore & Ohio Ry.Co
72 Dodge (Pulley) Mfg. Co., Mishaearnings with charges and surplus reported this week:
Canadian Northern Rys. System...... 70
waka, Ind
313
-Gross Earnings- -Net Earnings
Current
Previous
Current
Previous
Year.
Year.
Year.
Year.
3
Beaver Valley Tract_a__June
49.565
52,187
*9.631
*-4,290
Jan 1 to Jane 30
312,368
352,265
*69.023
*28,563
Duquesne Co Lt Co and
Sub Elec_a
June 1,279,245 1,242,578 *431,938
*83.034
Jan 1 to June 30
8,193,990 8.304,834 *3,470,169 *2.940,149
Phila Co&Sub NatGas_ a June 988,202
*24,500
552.907 *359,209
Jan 1 to June 30
7,342,073 6.172,083 *3,447,706 *2,103,443
Philadelphia Oil_a
June
*65,611
93.158
*14,350
63,039
Jan 1 to June 30
501.711
*379,491
661,269 *365,701
17th St Incl PlaneCo_ a_ _June
'*-345
3,556
*240
4,309
Jan 1 to Juno 30
18,392
20,844
*2,409
*9,773
Companies.
* Does not include income from investments, and is before providing for
Interest on debt and other income deductions.
a Not earnings here given are after deducting taxes.
Gross
Net after
Balance.
Fixed
Earnings.
Charges.
Surplus.
Taxes.
$
Arkansas Lt & Pow June'22
132,939
37,684
x56,837
19.153
'21
125,411
37,376
x52,319
14,943
12 mos ending June 30 '22 1.107,341
210,105
188,433
x398,538
'21 1,187,493 x248,759
85,246
163,513
Associated Gas & June '22
149,865
19,157
x47.901
28,744
Electric
'21
148,457
6,849
x28,249
21,355
12 mos ending June 30 '22 1,933,605 x555,017
267,371
287.646
'21 1,619.642 x393,393
145,039
248,354
Brooklyn Rapid
June '22 3,017.256 1.013,548
272.036
741,512
Transit System
'21 2.888,155
942,361
164,857
777,504
12 mos ending June 30 '22 34,544,093 11,953,041 8,865,622 3,087,419
'21 30,972,086 4,317.765 9,196,699-4.880,934
Cleveland Elec Illum12 mos ending June 30 '22 13,722,917 x5.861.556 3,715.522 2,146.034
'21 13,978,558 x4,670,790 2,835,488 1,835,302
Colorado Power Co June '22
81,927
x42,172
'21
81,177
x30,927
963,588 z473,200
12 mos ending June 30'22
322,453
150.747
'21 1,162,688 x533,245
338,652
194,593
Commonwealth
June '22 2,531,329
837,888 *712.885
125,003
'21 2,491.036
Pow, Ry & Lt
791,965 *627,580
164,385
6 mos ending June 30 '22 15.852,836 5,611.943 *3,925,464 1,686,479
'21 15,773,822 5.241,013 *3,716,481 1,524.532
320,212 x110,708
Dayton Power & Juno '22
76,317
34,391
299,181
21
Light
x93.986
55,079
38.907
6 mos ending June 30 '22 2,196,505 x750,826
442,817
308,009
'21 2,085,024 z630,397
329,654
300,743
617,327
June '22
Great Western
380,226
258,802
121,424
580,479
Power
'21
382,369
244,685
137.684
6 mos endmg June 30 '22 3,660,507 2,199.996 1,519.671
680,325
'21 3,663,414 2,337,519 1.419.629
917,890
217.986
Indiana Service
May '22
72,993
56,030
16,963
Corp
238,617
'21
59.839
47,518
12,321
5 mos ending May 31 '22 1,225,052
388,000
274.982
113,018
'21 1,250,030
320,078
233,475
86,603
Kentucky Trac & June '22
147,053
60,600
23,926
36,674
'21
157,430
Term
63,806
21,240
42.566
624,337
12 mos ending June 30'22 1,592,294
283,434
340,903
'21 1,614,871
487,115
250,002
237,113
Lexington Utilities May '22
103,074
53,777
12.124
41,653
'21
113,088
53,520
& Ice Co
12,124
41.396
548.188
145,490
12 mos ending May 31 '22 1,099,114
402,698
'21 1.051,829
335.993
145.490
190.503
Montana Power Co3 mos ending June 30 '22 1,751,884 1,069,266
445.218
624,048
'21 1,323,000
683,607
437,458
246,169
6 mos ending June 30 '22 3,479,381 2,117,323
882,040 1,235,283
'21 3.053.691 1,759,226
875,602
883,624
Nevada Calif Elm June '22
473.806
234,742
66,972
167.770
848.316
Corp
165.975
'21
64,654
101,321
12 mos ending June 80'n 8.310.140 1.702.167 793.534 908,633
1,14".(r7
.6144.144
766.91/ 928.233
Carolina Clinchfield & Ohio
430
Central of Georgia Ry. Co
68, 86
Cinc., Ind.& Western RR
70
Cleve., Cinc., Chi.& St. L. Ry_ _176. 192
Colorado & Southern Ry
429
Duluth & Iron Range RR.Co
302
Duluth Missable& Northern Ry.Co. 302
Fonda Johnstown & Gloversr. RR_*2818
Gulf Mobile & Northern RR. Co_ .. _ 178
International & Great Nor. Ry. Co_ 176
Lake Erie dr Western RR. Co
69
Louisiana & Northwest RR. Co_ _.. _ 74
Maine Central Railroad Co
177
Mexican Ry. Co
183
New York Central RR. Co
436
Northern Pacific Ry. Co
437
Philadelphia & Reading Ry.Co_ _ _ _ 4.2818
Philippine Ry. Co
71
Reading Company
*2817
Rutland RR. Co
301
Texas & Pacific Ry. Co
69
Toledo & Ohio Central Ry. Co
301
Duquesne Light Co..Pittsburgh,Pa_ 181
Durham Hosiery Mills, &c
*2820
Endicott-Johnson Corp
432
Fairbanks Co.(New York)
*2829
Federal Sugar Refining Co
181
General Motors Corp
442
(B. F.) Goodrich Co
188
Great Northern Iron Ore Prop_ _ ....'2820
Great Western Power Co.(Calif.)_ _ _ 442
Great Western Sugar Co
442
Gulf States Steel Co
442
Hayes Wheel Co., Jackson, Mich_79,442
Hocking Valley Products Co
432
Holly Sugar Corporation
305
Howe Sound Co
80
431
International Mercantile Marine
306
International Salt Co
433
International Silver Co
Iron Cap Copper Co
442
80
Jahncke Dry Docks,Inc
443
Johnson-Cowdin-Emmerich Co
443
Keystone Tire & Rubber Co
314
Lackawanna Steel Co
189
La Rose Mines, Ltd
80
Lone Star Gas Co
Manhattan Elec. Supply Co.,Inc__ _ 189
Manufacturers' Light & Heat Co_ _*2830
189
Maple Leaf Milling Co
Marland 011 Co.(Del.) & subsid_ _ _ _ 314
81
Massachusetts Gas Companies
434
Mercantile Stores, Inc
189
Merchants Refrigerating Co
314
Metropolitan 5 to 50c. Stores, Inc
179
Mexican Eagle Oil Co., Ltd
Mexican Petroleum Co., Ltd., of
*2819, 81
Delaware
303, 319
Mexican Seaboard Oil Co
189
Middle States Oil Corp
178
Middle West Utilities Co
*2831
Missouri Portland Cement Co
315
Nash Motors Co
81
National Licorice Co
*2831
Natomas Co. of California
New England Confectionery Co__ _ _ 444
N.Y.& Honduras Rosario Min.Co.*2831
315
Niagara Falls Power Co
Northern Ont. Light & Power Co.._ _ 444
Northern States Power Co.(Minn.)._ 315
Electric RailwaysAla. Trac., Lt.& Pow. Co., Ltd _307, 430
Bangor Ry.8z Elec. Co
72
Brazilian Trac., Lt.& Power Co__ _ _ 431
Commonwealth Pow.,Ry.& Lt. Co.. 305
Eastern Mass. Street Ry. Co
435
Indianapolis Street Ry. Co
303
interborough Rapid Transit Co__ _ _ 73
Lake Shore Electric Ry.(Cleve.)_ _*2823
North Carolina Public Service Co...... 309
Philadelphia Co., Pittsburgh, Pa...... 180
Phila. Rapid Transit Co
*2825, 437
Underground Elec. Rys. of London._ 309
Utah Power & Light Co
184
Industrial CompaniesAdirondack Power & Light Corp...... 311
Alliance Realty Co
311
American Bosch Magneto Corp_ _ _ _ 434
American Car & Foundry Co
71, 85
American Cigar Co
432
American Gas Co., Philadelphia__ _*2827
American Glue Co
433
American Hominy Co
185
American Tel.& Teleg. Co
311
American Thread Co
305
Amer. Water Wks. & Elec. Co_186, 439 Oceanic Steam Navig. Co.. Ltd_ ......'2832
American Wholesale Corp
82
433 Ohio Brass Co
Anglo-American Corp. of S. A
82
77 Oklahoma Natural Gas Co
Anglo-American Oil Co
444
186, 304 Otis Elevator Co
Associated Gas & Elec. Co
303. 431
77, 311 Pacific 011 Co
Associated Oil Co
303 Pau-American Petroleum & TransAuto Body Corp
*2819
port Co
77
Barnet Leather Co
*2821
.440 Pierce 011 Corporation
Beaver Products Co., Inc
434
w2828 Porto Rican-American Tobacco
Beech-Nut Packing Co
82
312 Punta Alegre Sugar Co
Benjamin Electric Mfg. Co
Pyrene Manufacturing Co
316
77
(E. W.) Bliss Co
445
305 Republic Iron & Steel Co
British Empire Steel Corp.,
Dutch
Petroleum Co
Royal
304
Ltd..
316
*2819. *2834 Saguenay Pulp & Power Co
Brunswick-Balke-Collender Co
*2833
433 Scranton (Pa.) Electric Co
Bush Terminal Co (N Y.)
71 Shell Transport & Trading Co., Ltd- 179
Canadian Cottons, Ltd
*2828 Sinclair Crude Oil Purchasing Co...... 316
Central Indiana Power Co
440 South West (Pa.) Pipe Lines Co.._ _ _ 191
Chile Copper Co
186 Superior 011 Corp., Lexington, Ky.71,445
Cincinnati & Sub. Bell Tel. Co
433
78 Superior Steel Corp
Cities Service Co
317
441 Tobacco Products Corp
Colorado Fuel & Iron Co
441 Tonopah-Belmont Development Co 191
(John T.) Connor Co
*2833
187 United Drug Co.(Boston)
Consolidated Machine Tool Corp _.. _ 441 Vanadium Corp. of America
445
Constantin Refining Co
191
312 Van Dorn Iron Works Co
Continental 011 Co
447
432 watab Paper Co
Craddock-Terry Co
84
*2822 Western Grocer Co
Crown Cork & Seal Co
318
441 Western Union Telegraph Co
Cumberland County Power & Lt.Co. 435 White Motor Co.(Cleveland, Ohio). 318
Davison Chemical Co
306
*2820 Winchester Co. and subsidiaries
*V. 114.
84. 448
Zenith Furnace Co
THE CHRONICLE
538
[vol.. 115.
GENERA L BALANCE SHEET DEC. 31.
1921.
1920.
1920.
1921.
,
Assels7,204,400
Inv.in road dr eq _83,559,525 1.3,404.111 Common stock__ 7,204,400
Preferred stock _ _12,163,500 11,063,500
Ifnprov. on leased
14,383
12,552
65,304 Stk.nab.for cony.
29,180
railway Proply
4,656
_
4,656
106 Govt.
106
Sinking funds _ _
grants_unmat_ 58,440,750 55,419,150
192,290 Fund.dt.
Misc. phys. prop_ 190,390
Receiver's eertfs_
6,000,000
Inv. In affil. cos.:
4,951,593
138,657 Loans & bills pay
138.657
Stocks
856,000 Traffic & car sem
871,000
Bonds
795,439
balances pay_ 569,652
884,866
724,215
Advances
Other investm'ts_ 1,044,616 8,125,593 Audited accts. &
wages payable.. 1,931,377 2,796,608
3,052,012 2,614,894
Cash
362,919
322,893 Misc. accts. pay_ 322,003
Special deposits_ _ 2.665.863
12,323
320,858
378.287 Int. mat. unpaid_
Loans & bills rec. 683,875
2,100
Earnings r% Expenses.-Compared with the previous year. 1920. total Traffic & car servFun.dt.mat.unp'd 181,100
160,357
160,205
accr_
int.
Unmet.
operating revenue decreased 13.4%; total railway operating expenses
1.796,273
reedy.
1,127,704
balances
148,030
decreased 19.6% and gross income increased 23%.
Unmat.rents Deer. 190,438
rec. from
bal.
Net
151,609
The volume of traffic carried during the year 1921 was substantially
288,113 0th. cur't liabii_ 109,625
agents&(fondue. 113,239
less than during 1920. There was a decrease of 25.7% in tons of revenue Misc. accts. rec_ _ 1,089,460 1,762,124 Int. accr.(not p'd
freight carried and a decrease of 19.7% in passengers carried one mile. Material & supp_ 3,104,505 3,493,109 byorderofcourt)20,701.760 17,754,256
These decreases reflected the general business depression which prevailed
180,376 U.S.RR. Admin.
4,571
it. & divs. rec_ _
10,057,898
throughout the year. The following statement indicates the tonnage of Other cur't assets 117,319
deferred liabil
226,408
74,325
89,356
coal and other freight handled, compared with 1920:
20,288 0th. def. liabiL _
22.004
Work. fund adv_
1921.
1920.
1,088,398
1,186,591
liability
Tax
2,195,701
2,152,701
Trust assets
90,704
7,528,220 9,880,037 U.S.RR. Admin.
90,701
Coal freight handled (tons)
Prem.on fund.dt.
11,484.
7,368,246
5,284,478
11,906
Other freight handled 'tons)
6,171,900 Ins.& casual. res.
deferred assets..
12,812.698 17.248.283 Other def. assets_
All freight handled tons)
92,030 U.S.RR.Admin.
88,288
6,712,029
unad1. credits_
Additions & Betterments.-The expenditures for additions and better- Rents& insurance
20,125 U. S. Guar. adv.. 1,500,000 1,500,000
14,651
prem's prepaid
ments, which were comparatively small for the year 1921, amounted to
Accr.deer.,equip 4,124,225 2,095,093
Disct. on cap.stk. 771.862
$155,414. after allowing a net credit of $83,460 for equipment retired.
1,904,309
Accrued deprec_
3,087,195
dt.
fund.
on
Disct.
-No
occurred
during
change
Valuation.
substantial
the year
Federal
1,427,577
Equip.suspense
1921 in respect of the valuation of the railroad by the I.-S. C. Commission. U.S.RR.Admin.
14,138,936 0th.unad.l.credlts 1,589,905 1,180,207
unadlus. debits
On Feb. 16 1922 the Commission tendered to the company a tentative
prop'ty
to
Add'ns
2,000.000
2,000,000
earns..
valuation [of $69,206,753 as of June 30 19151. to which objections were U.S. guar.
147,877
Oth.unadi.debits.21,204,157 18,574,355 thro.inc.&surp. 245,698
filed within the prescribed time.
Profit & loss bal_ 17,001,164 15,727,888
Additional Loan from the United States.--The receiver consummated a
loan of $785,000 for 15 years from the United States, under Section 210 of
127,846,897 147,841,347
Total _
127,846,897 147,841,347
Total
the Transportation Act 1920, to reimburse the cost of additions and betterments placed upon the railroad by the receiver during the guaranty period -V. II:, ff. 72.
of six months ended Aug.311920. The receiver delivered to the Secretary
R. J. Reynolds Tobacco Co.
of the Treasury the receiver's note dated Nov. 7 1921 for said amount.
with the cash proceeds of the loan as collateral, pending substitution of
(Report for Fiscal Year ending Dec. 31 1921.)
Prior Lien Mtge. bonds of the new Chicago & Eastern Illinois Ry. for
such collateral. Thereafter, the new railway company substituted its note
INCOME ACCOUNT FOR CALENDAR YEARS.
and bonds for the note and cash collateral of the receiver, and the receiver's
1917-20.
1921.
note and the cash collateral were returned to the receiver and his note was
$16,258.323 z$39,347,155
x Net profit
canceled.
200,828
Guaranty Period.-The negotiations between the receiver and the I.-S. Sundry items applicable to prior periods
9,064.102 y16,747,369
C.Commission for settlement ofthe receiver's claims for amount guaranteed Undivided profits previous year
under Section 209 of the Transportation Act 1920, have resulted in a final
$18,322,425 $56,295,352
Total
payment to the receiver of$723,983,in addition to the amount of$1,500,000
(7%)1,400,0001 al4.231,250
Deduct-Preferred dividends
advanced to the receiver Sept. 2 1920.
(8%)4.800,0001
Common dividends
New Industries Located.-Industrial and agricultural development along
the lines of the railroad made some progress during the year, although Stock div. of Aug. 16 1920, in new Class B Coin.
stock-200% on 810,000,000 Common and $10,this phase of business was affected to an appreciable extent by the prevailing
40,000,000
000,000 Class B Common stock
general business depression. A total of 23 new industries, however, were
estimated
of
an
with
an
investment
$2,208,500,
located, representing
$2.064.102
$12.122,425
Total undivided profits
employment of 1.000 men. It is expected that they will produce in and
a These dividend payments were as follows: 1917. $3.281.250; 1918.
out traffic of about 10,000 cars annually when operating to capacity.
after
profits,
Net
x
$5,000,000.
and
1920,
33,100.000.
1919.
sheet
settlements,
balance
52,850.000;
the
reflects
Loans & Bills Payable.-The general
and after making pro,uhder the reorganization plan, of various loans and bilis payable of the deducting all charges and expenses of management
Fed. income and excess profits
railroad company, which in the 1920 report aggregated $4,901,593. The vision for interest, taxes (incl. maximum
advertising, &c. y Undivided profits
corresponding changes in investments, securities, &c., pledged as collateral taxes). alio stances. depreciation,
as follows: 1917, 310.have been accounted for on the railroad company's books in accordance Dec. 31 1916. z Net profits for the cal. years are
1920. $10,691.294.
$11,272.754;
1919,
57,042.763;
1918.
and
the
sale
of
decree
the
of
340.345;
plan.
reorganization
provisions
the
with
taxes on earnings
profits
war
and
profits
excess
income,
-Federal
Note.
Transfer of the Railroad, &c.-Pursuant to the decree of foreclosure
have been paid or set aside in the above
entered May 22 1917, the railroad was offered for sale by the Special Master for all years up to Dec. 31 1921and
should result
adjustments
tax
pending
amounts
maximum
in
the
the
and
statement
with
5
of
1921,
April
of
exception
111that
part
at Danville,
property formerly owned by the Chicago & Indiana Coal Ry.,was purchased In a substantial increase in the undivided profits account.
by a reorganization committee under a plan of reorganization dated March
BALANCE SHEET DEC. 31.
31 1921. The sale to the reorganization committee was confirmed.May
1921.
1920.
1920.
1921.
3 1921.
LiabilitiesAssetsBy an order of Court entered Dec. 9 1921, the resignation of William J.
622,892
Bills
payable
$9,683,456
$7,202,989
&
_
the
Chicago Indiana Coal Ry.division was accepted, Cash
Jackson as receiver of
10,471,696 7,642,042 Acc'ts payable. _ 2,800,333 1,348,514
to become effective at midnight Dec. 31 1921, and the receiver was relieved Acc'ts receivable
Accr.int., taxes.
supp.,
tob.,
for
Leaf
the
possession,
that
responsibility
of
and
maintenance
operation
all
of
mfd. prod..&e. 63,052,313 69,017,777 (incl.max.Fed.
line after Dec. 31 1921, at which time he ceased to operate it.
taxonearns.)&c 7,864,944 3,649,765
Pursuant to orders of Court, the receiver delivered to the new Chicago Real est., bldgs., 13,603,805 13,315,565 6% gold notes.... 1,700,000 15,000,000
machinery.&e.
Co.,
at
Railway
midnight
possession
Dec.
Illinois
31
the
1921,
& Eastern
5,234,531 4,421,094
Res.,dep.&cont_
6,512,3181
bonds
and control of the railroad, other than the Chicago & Indiana Coal Ry. U. S. Ia.
3,600,197 Pt. stk.,7% eum.20.000,000 20,000,000
Inv. in non-corndivision.
stock.. 10.000.000 10,000,000
Common
3,620,7103
cos.._
petitive
final
report
his
covering
filed
entire period of receivership •
The receiver has
New Cl. B comOther acets and
mon stock ___ 50,000,000 50.000,000
GENERAL STATISTICS FOR CALENDAR YEARS.
notes receivle 3,590,296 2,072,929
Undiv. pref.(aft.
pat-will,
Good
1920.
1921.
of div.
1919.
dedue.
1,307,583
1918.
1,357,737
ents, &c
1,131
1,131
1,131 Prepdint..ins.,&c
468,815
pay.Jan. 1)_ _ 12,122,425 2,084,102
1,131
. 310.338
Miles operated
Operations4,520,652
5,432,806
5,377,698
4,886,226
Total
109,722.233 107,108,368
109,722,233 107,106,368
Pass. carried
Total
200,535,777 182,880,721
Pass. carried 1 mile__ _166,433,222 207,377,221
114. p. 1416, 1071.
2.62
cts.
cts.
cts.
2.20
3.05
2.44
cts.
mile....
per
pass.
Rate per
12,812,698
17,248,283
13.878,842 18,909.753
Revenue freight (tons)
International Rys. of Central America.
2 2788153778 2194912974 3120617703
Rev.freight(tons! mile)197034081
0.82 cts.
1.034cts.
0.67 cts.
0.82 cts.
(Report for Fiscal Year ending Dec. 311921.)
Rate per ton per mile__ _
AND FEDERAL INCOME ACCOUNT FOR
COMBINED RECEIVER'S
General Manager A. Clark, Guatemala, C. A., May 26,
CALENDAR YEARS.
wrote in substance:
•
1920.
1919.
1921.
1918.
Operating Revenue$20,282,431 $22,827,420 $18,019,273 $20,811,732
Results.-In Guatemala, business was all that could be expected when
Freight
5,435,822 4,883,307
5,051,669
4,030,671 we take into consideration the unsettled condition of affairs and the adPassenger
1,607,720 justing of stocks on basis of replacement value; while in Salvador there were
b1,462,778 c2,650,692
1,593,684
Mail, express, &c
393,514
302,269
302,969 many serious setbacks.
298,917
Other than trans
Guatemala Divisions.-The banana traffic was very good. aggregating
$31,307,448
_$27,099,146
$26,753,092
$24,795,181
3,978.165 bunches hauled (3,252,697 in 1920) and yielding a revenue of
revenue_
Total oper.
3,873,651
3,663,392 3,559.040 3609,985 ($436,288 in 1920).
Maint. of way & struc_ _ 2,772,461
10,655,190 8,974,253
8.745,842
Salvador Division (156 miles).-During 1921 there were turned over to
Maint. of equipment__ _ 8,572,405
334,186
441,522
269,567 the operating department: Jan. 1, Cojutepeque to Michapa. 9 kilometers;
254,553
Traffic expenses
13,714,699
11,163,435
10,438.988 10,801,204 May 31, Michapa to Acelhuate, 24.82 kilometers, or a total of 33.82 kilomeTransportation
28
50
1:4
:2
86
67
42 ters, equal to 21.12 miles. Total in charge of operating department Dec.
5
58
Lig:S97
Miscell. operations, Stc..
3
92
68
51
31 1921, 156.12 miles.
General expenses
Earnings and Expenditures.-Gross earnings amounted to $351,418,
$29,763,451 $24.106,949 $24,133,377 against 5360.992 in 1920; operating expenses (taxes included) aggregated
44,405
expenses...423,9
Total oper.
1,543,997
688,232
2,619,715
3,154,741
$483,242, against $346,950 in 1920, leaving a net loss of $131,825, agaiast
Net earnings
1,125,407
1,009,525 a surplus of 314,042 in 1920.
1,216,060
909,900
the exceptionally heavy
Taxes, &c
The poor showing in 1921 is due almost entirely to
$418,590 def$221,668 $1,610,190 rainy season, which began in Juno and continued almost incessantly until
Operating income_ _ - - $1.938,681
October. Traffic during this time was greatly interfered
of
2,406,274
end
450,581
188,575
926,115
the
about
Hire of equip. (credit).-- dr.711,214 dr.696,650 dr.551,799
377,627 with, while with the increased mileage to be taken care of and the heavy
Joint facility rent income
257,160
189,735 repairs to roadbed made necessary by washouts, the operating expenses
204,263
780,295
Other income
were way beyond our revenue.
equipment of this division during
52.385,374
$2.628,133
def$380,629
Rolling Stock.-There were added to the
32,933,878
Total income
$868.774
$967,831 1921. 3 Baldwin locomotives, 30 box cars, 20 flat cars, 4 stock cars (re$944,460
*801,272
Interest
7,661
1,012,425 modeled from flats).
10,736
6,714
depreciated very much in value during
Rents
4,596
5,004
4,313
Exchange.-The Guatemalan peso
9,179
affeet our revenue as our tariffs are practically
Miscellaneous
1921 but this does not
rates.
$881,031
$959,508
$1,985,261
gold
$817,165
based on
869 501t9021s
Incr'se
Total charges
1,504,342 df1,340,138
642,873
a2,116,713
gold $46 001t9o29$1 gold 23.50
Balance
3,310,077 Highest rate
x2,947,504 x2,947,504 x2,947,504
25 to $1 gold
41
$1
to
22
25
gold
19.00
Accrued int. not paid...._
Lowest rate
29 98 to 61 gold 19.46
40 44 to $1 gold
$830,791 $1,443,162 $4,287,642 $2,667,204 Average for year
Balance, deficit
exchange
remained
firm.
The
of
rate
stanofficial
the
In El Salvador
lap-over charges which were excluded before dard coin is the colon, equal to 50 cents in U. S. gold.
in both Guatemala and
a Includes $119,976 Federal
conditions
$96.185
unsettled
revenue
additional
mail
to
Includes
-Owing
is
1922.
loss.
for
Outlook
transferring to profit and control period. c Includes $599,319 additional
calculations, but I believe that
it is hard to make any absolute
earned prior to Federal Federal control period. x The accrued interest El Salvador, in
Guatemala will be about the same as in 1921 and that the
the business
mail revenue earned during
set-backs, will show net
further
1920
and
no
the
1919,
experiences
includes
1921,
years
it
if
for
Division,
$2,947,504
Salvador
not paid, aggregating Refunding
s
t.
ntlaos
ns
s aadecoofua
no
0 ic
n e0sc
hy
and Impt. Mtge.4s, $639.840; Gen.Consol. eartB
ult0
ide to5
owo Navtaleast
rs
nianrg
items, viz.:
following
Indiana Coal Ry. 1st Mtge. 5s,
say in brief: "During the
& 1st mtv. 5s, $1,067,150; Chicago &
Haute RR. Co., Ref. Mtge. 5s, $56,707; year 1921 there has been expended upon construction in Salvador $462.989
$231,300; Evansville St Terre
as these are kept In company's off'jc
Co. 1st Consol. Mtge. 5s. $157,250; Evans- for
which we have seen no vouchers,
Evansville & Terre Haute RR.
Mt. Vernon Branch, Mtge. 6s, $22,500;
of Salvador. An amount 01.51.110.155 is listed amonglhe
Co.,
ville & Terre Haute RR. RR. Co., Sullivan County Coal Branch, Mtge. in the Republic
This ,sinnunt
and
equipment.
mists
road
in
s investments
Evansville & Terre Haute
;1mm:dm,
including interest on receiver's certificates, company
sictusoges4rnade.4014e contractors for the construction 6r 1114;67
5s,$22,500; and InIsicellaneous,
$750,256.
Chicago & Eastern Illinois RR.
(33d Annual Report-Fiscal Year ended Dec. 31 1921.)
The report, dated June 26, is signed by William J. Jackson,
as receiver, who operated the road during the entire calendar
year 1921, and the report covers the receiver's operations
for that year. W. J. Jackson, who is now President, has
been discharged as receiver, the property having been taken
over as of Jan. 1 1922 by the Chicago & Eastern Illinois
Railway, as per reorganization plan in V. 112, p. 1517.
Mr. Jackson, as receiver, reports in brief:
1.8121
JULY 29 1922.]
THE CHRONICLE
155 miles of railways from Zacapa to Santa Ana and Ahuachapan and from
Santa Cruz Michapa to San Salvador A contract for the construction of
these lines was entered into by the company on Jan. 19 1920. Upon completion of construction this amount with subsequnet advances will be
transferred to appropriate investment account.
"A reserve has been created for the loss sustained to date by the Chiquimula Ship Corp. amounting to $212,585. The franchise of the Guatemala
Tramway, Light & Power Co. expired during 1921 and was not renewed.
The investment of the International Railways of Central America in this
company has, therefore, been reduced to the estimated value of the company's assets as salvage."]
OPERATING STATISTICS FOR CALENDAR YEARS.
1921.
1919.
1920.
Passengers carried
907,796
1.195,234
949,010
Passengers carried 1 mile
34,157,795 28,933,921 26,506,896
Average revenue per passenger
61 cts.
57 cts.
64 cts.
Avge. revenue per passenger per mile..
2.1 cts.
1.9 cts.
2.1 cts.
Freight carried
413,773
497,903
435,430
Ton miles commercial freight
24.121,754 28,178.623 22,949.063
Earnings per ton
$6.79
$7.34
$7.95
Earnings per ton per mile
11.82 cts.
10.43 cts. 10.31 cts.
EARNINGS BY DIVISIONS (U. S. GOLD) FOR CALENDAR YEARS.
-Miles Oper.- -Gross Earnings- -Net Earnings-Dec.31- 1921.
1920.
1920.
1921.
. 1921. 1920.
$
$
$
$
Atlantic Division_197.45 197.45 2,063,562 1,847,738 1,042,052 843,300
Central Division__138.77 138.77 1,262.144 1.427,020 476.146 615.825
Occidenfhl Div___ 50.24 50.24 282,016 207,778
20,629
92.213
Ocos Division_ _ __ 12.10 12.10
1.981
1,924 def.32,229 def.26.466
Salvador Division_156.12 135.00 351,418 360,992d1.124,281' 21,211
Total*
554.69 533.56 3,961,121 3,845,452 1,453,900 1,474.499
*Does not include Pan-American Extension of 41.1 miles.
INCOME ACCT.FOR CAL. YRS.(EXCL. OCCIDENTAL RR.)(U.S.GOLD)
1921.
1918.
1919.
1920.
508.52
537.62
515.04
Milesop.(excl.Occ.RR.)
524.42
Operating revenues
$3.679,104 $3,637,674 $2,909,614 $2,474,653
Operating expenses
2,317,418 2,183,804
1,333,474
1,881.160
Net earnings
Taxes
$1.361,686 $1,453,870 $1,028,454 81,141,179
66,978
102,541
56,548
66,604
Operating income
$1,294,708 $1,387,266
Outside operations (net)
44,284
60,693
Int., disct., &c.,received deb.52,872 deb.45,768
$925,912 $1,084,631
28,246
46,866
10,999
8,620
gross income
$1,286,120 $1,402,191
Bond interest, &c
675,514
615,225
Unexting. discount, &c_
7,505
7,505
$965.158 $1,140,117
614,808
618.245
7,505
7.505
Total deductions
$683,018
$622,313
$622,730
Balance, surplus
$603,102
$779,462
$342,846
P.& L.surplus Jan. 1_
$2,134,850 $1,484,533 $1.177,669
xPref. div. (20%) (paid
in 15-year 6% notes)_ 2,000,000
GuatemalaTr.,L.&P.Co. 225,280
Chiquimula Ship. Corp..
212,545
Profit on bonds in tress_
Cr.2,507
Loss of property by
earthquake
aCr.70,292
Miscellaneous
110,599
129,144
106,273
P.& L.sur. Dec. 31
1625,750
514,368
745,660
25,000
57,358
$192,035 $2,134,850 $1,484,533 $1,177,669
539
Rates,-The basic conditions upon which the company's rates are predicated have continued without material change throughout the year so that
while no substantial increases in rates have been sought, or allowed, on the
other hand no decreases in rates were justified and no reductions were made.
Passenger Traffic.-The receipts from passenger transportation show less
than in the previous year and this is true both of the Iatertutan Lines and
the City Lines. The number of passengers carried on the Interurban
Lines decreased approximately 14% and on the City Lines approximately
10%. However, the receipts from freight traffic which has shown a
substantial growth from year to year. increased approximately 9% and
the revenue from this source now exceeds 35% of the total train receipts.
General.-In connection with financing major improvements the practice
of selling. the securities of the subsidiary companies directly to the
sumers and the public was considerably enlarged upon during this conyear
and with highly satisfactory results. Such offerings as were made
of
notes, bonds and stocks, were readily absorbed by the several communities
and it is anticipated that those who have a financial interest in the local
utility company will help bring about a closer relationship between the
utility company and the community generally, and will evince more interest
in public utility affairs from a new viewpoint.
RESULTS OF OPERATIONS FOR CALENDAR YEARS.
1921.
1920.
1919.
1918.
1917.
•
$
Interurban lines_ 7,161,773 7.175,641 5,930,523 4,740,079 4.609.896
City lines
4,564,508 4,673,948 3,997,349 3,351.256 3,198,056
Gas
1,555,135 1,248,666 1,074,947 1,282,104 1,035.169
Electric
8,139.356 6.977,212 5,733,746 4,887,743 4,295,501
Heat
498,039
529,074
487,531
412.779
383.092
Water
19,032
17,857
15.815
15.636
15,152
Miscellaneous_
663,053
728.412
516.672
571,405
504,004
Gross earnings•22,600,895 21,350.831 17,756,584
15,261,003 14,040.870
Op. exp. & taxes_16,088,615 15,496,602 12,544,181
10,966,998 9.149,176
Net from oper_ 6,512,279 5,854,229 5,212,403
4,294,005
Interest
3,386.515 3,270,582 3,134,255 3,125,759 4,891.694
3,082,121
Depreciation _ _
1,504,038 1,001,339
627,729
611,159
650.704
Bond dLscount
135,866
107.108
115,025
92,124
82,140
Dividends:
Pref. div.(6%) 437,370
437,370
437,370
437,370
432,750
Pref. sub. cos_ 880,445
837,345
806,050
754.502
637.420
Common &Iv_
(U)92,480 (3)368,732
Balance
x168,045 sur200,485 sur91.974 def819,389
P.& L. surplus
1,388,577 1,245.457 1,078,074 1,060,346 def362,174
1.726,008
x Balance for the year is shown before deducting
$24,926 in 1921, $333,101
in 1920 and $74,245 in 1919 for miscellaneous profit
and loss items.
BALANCE SHEET DECEMBER 31 (Illinois Traction
Co.)
1921.
1920.
1921.
1920.
Assets$
$
Liabilities$
$
Stocks of sub. cos_22,501,895 22,391,025 Preferred stock___ 7,289,500
Adv.tosub.cos.,&c 3,068,167 3,717,487 Common stock___12,331,000 7,289,500
12,331,000
Acc'ts & notes rec_ 138,801
279,743 Debentures
4,562,000
4,562,000
Stores on hand
268,741
277,832 Acc'ts & notes pay 654,759 1,349,308
Cash In bank
211,445
68,872 Accrued accounts_
63,275
63,275
Discount on bonds 100,062
105,579 Surplus
1,388,577 1,245,457
Total
26.289,111 26,840,540 Total
26,289,111 26,840,540
Combined Statement of Assets and Liabilities of Subsidiary
Companies
Controlled by Illinois Traction Co.
AssetsLiabilitiesProperty & investments $105,199,876 Capital
stocks, Com__ _ $26,612,700
Cash & bds. in sink. fd
2,668,112
do Preferred..
15,759,00()
Bond discount, &c
1,530,205 Bonds
55,926.500
Accounts & notes rec_
2,110,343 Notes payable
1,955,500
Stores on hand
1,440,413 Accounts payable
1,484,606
Cash
774,762 Accrued int. & &vs_ _
750.229
Accrued taxes
1,097,345
Due to Ill. Tr. Co
3,068,167
Miscel. res. & dep
325,794
Res. for depreciation_ _ _
5,504,234
Total (each side)____$113,723,712 Surplus
1,239,638
-V. 115, p. 73.
•
x Covering period Feb. 1917 to Jan. 1921, unpaid since that date.
The above earnings do not include the Occidental RR. (50.25 miles).
The gross earnings of that company in 1921 were $282,016 and the operating
expenses, $189.803, against $207,778 and $187,148, respectively, in 1920.
On Dec. 31 1920 the Occidental RR. Co. had outstanding 30.000 shares,
of which the International Rys. of Central America owned 28,208.
a Written back because cost of replacement of property was absorbed
in operating expenses.
BALANCE SHEET DEC. 31.
United States Steel Corporation.
1920.
1921.
1921.
1920.
Assets$
Liabilities$
(Results for Quarter and Half Year ending June 30
$
Road & equipm't_54,189,942 53,068,332 Common stock.. 30,000,000 30,000,000
1922.)
The results shown below for the quarter ended
Inv.in Mill.cos_ _ x1,078,896 1,146,279 Preferred stock _10,000,000 10,000,000
June 30
Advances
2.235.006 1,693,954 1922 were given
83,886 Govt. grants
out on Tuesday following the regular
Other investments 788,400
13,404,731 11,474,221
734,925 Funded debt
meeting
of
421,871
the
Cash
527,757
RR__
Occ.
205,386
204,491 Debt to
board. The directors declared the regular
462,976 quarterly dividend
Traffic, &c., bal
10,862
25,021 Notes payable____ 810,355
of 1%% on the Common stock, payable
110,898
Agts.& conductors
90,462
89,904 Accts.&wagespay. 113,948
29
Sept.
to
Remit,in trans
holders
174,717
383,022
72,974
of record Aug. 29, but to do this it was
121,001 Int.& divs. mat'd_
Materials& suppl's 746,154
107.826 necessary to draw upon
107,034
891,531 Int.accrued
the undivided profits to the extent
Miscel. accounts.._ 631,205
176,627
116,351
292,997 Miscel. accounts
of
$1,462,345.
Gov.of Guatemala 1,022,131 1,199,234 Tax liability
77,861
63,031
Other Govts
52,296
348,834
61,893
648,753 Fire I nsur.reserve_
RESULTS FOR QUARTERS ENDING JUNE 30.
Discount on funded
Accrued deprec'n- 1,491,842 1,393,507
debt
224,559
454,321
228,818 Int. rec. suspense_ 379,519
1922.
1921.
1920.
1919.
Other unadj. deb_ 612,861
152,207 Unfilled orders (V. 115,
152,960 Other unadj. cred_ 136,142
p.279) Juno 30_ _ _tons 5,635,531
Profit and loss__ 192,035 2,134,850 Net
5,117,868 10,978,817 4,892,855
earnings (see note) x$27,286,945 $21.892,016
$43,155,705 $34,331,301
DeductTotal
60,022,667 58,888,132 Total
60,022,667 58,888,132 Sink,
funds on bonds of
cos.
sub.
x Inv. in affiliated cos. include: Occidental RR. of Guatemala (28,208
deprec. & ex- '
traor. replace't funds_ 8,743,120 6,458,890 9,369,635
shares of stock), $980,537; Chiquimula Ship Corp. (2,500 shares of $100
9,031,448
each), $165,742; advances to Chiquimula Ship Corp., total, $145,161. Interest on U. S. Steel
Corporation bonds_ _ _
total, $1,291,440, less res. for loss on investment in Chiquimula Ship Corp.
5,141,204
4,3gtg
5,212:7a
Prem. on bds.redeemed_ 4,823,158
to date, $212,545.
200,000
215.615
Contingent liability: (1) Obligation to purchase 1,010 shares Preferred Sink.funds on U.S. Steel
Corp. bonds
stock of the Guatemala Tr., Lt. & Pr. Co. at $100 per share; (2) guaranty
2,324,3.12 2,206,617 2,097,766
1,975,747
loans
temporary
contracted
by
Govt.
of
of Salvador up to $500,000.Total deductions
V. 113, p. 727.
$16.090,590 $13,804,984 $16,720,172 $16.364,014
110.1auce
9
-,B SR.0Q7.n32 $26.435.533 $17.967.287
13
104
g6..
Div.on pref. stk. clu%)$10
6.304,9i9 6,301,919 6.104.910
Illinois Traction Company.
Div. on com. stock
6,353,781
6,353.781
:
6
353,781
6,363,781
do
rate
(18th Annual Report-Year ended Dec. 31 1921.)
The report, signed by Pres. W. B. McKinley and V.-Pres.
Executive H. E. Chubbuck, says in brief:
Results-The showing for the year as a whole may be regarded as highly
satisfactory. particularly as to gross and net earnings which are the highest
in the company's history.
Gross earnings amounted to nearly $22,500,000, an increase over 1920
of $1,250,000 or nearly 6%. Operating expenses and taxes increased
4% and of this amount increased taxes of nearly $300,000 are responsible
for approximately one-half. Net earnings from operation are $6,500,000,
an increase of over 11%.
Prices, Wages, &c. Adjustments.-There has been a continuance of the
recession from the high prices for labor and materials which reached their
apex in the middle of 1920.
Because of the stocks of material carried over from the high cost period
the full benefit of declining prices is not reflected in expenditures for this
purpose and on this account expenditures for materials and supplies show
an increase of $330,225. On the other hand wages are reduced 96233,410.
Also, notwithstanding an increased generation of electrical energy there
is a net saving in the cost of steam coal amounting to $170.000, which
is wholly due to improved efficiency practices in the generating stations.
In fact the saving on coal due to efficiency was $320,000, but there was
an increase in coal consumed and an increase in the cost per ton which
reduced the above saving to $170,000.
In this connection it will be interesting to note that at all generating
stations, including condensing, part condensing and non-condensing, the
average of pounds of coal per kilowatt hour generated has been reduced from
5.77 in 1916 to 4.41 in 1921. Also in this period the number of kilowatt
hours generated shows an increase of 60% and the tons of coal consumed
was increased only 22%.
Physical Condition of Properties.-The average physical condition of
the properties is excellent. There was expended for maintenance and
written off for depreciation over 19% of the gross earnings, or nearly
$4.500,000.
xSurBpallaunsefeorpqrouvairdteerd_
from
-zSluA(n18d23.1
1v
,3%
i4
d5
)
edxsurplus.
,5(17li,:68) $13,7(71:733) $5
'3(0183('5%87)
Note.-The net earnings,
as shown above, are stated after deducting
(1)
bond interest of the sub. cos.
(the interest on bonds outstanding), this
interest amounting for
the late quarter to $2,043,310; (2) all expenses
incident to operations, comprising
for ordinary repairs and maintenance of plants: (3) also in 1919 andthose
1920, but not in 1921 and 1922, allowances for estimated proportion
extraordinary cost, resulting from war
of
requirements and conditions of facilities installed;(4) in all years, estimated
taxes (including
excess profits tax.Federal income taxes); and (5) in 1919 and 1920, the
.
NET EARNS. FROM OPERATIONS FOR HALF-YEAR END. JUNE 30.
20.
19s
1919.
21.
193
1922.
*Net Earnings8
$
January
4,654,134 i4,387,474 13,503,209 12,240,167
February
12,880,910 11,883,027
10,157,896
6,180,685
March
7,741,352 15,704,900 9,390.190
8,505,166
Total (first quarter)__ 19,339,985 32,286,722 42,089.019 33,513.384
April
7,336,655 12,190,446 11,027,393
7,750,054
7,731,649 15,205,518 10,932,559
8,824.887
June
10,712,004 6,823,712 15,759,741 12,371,349
Total (second
27,286,945 21,892,016 43,155,705 34,331,301
Total half-year quarter) 46,626,930
54,178.738 85,244,724 67.844.685
* After deducting interest on subsidiary
cos'. bonds outstanding, viz:
1921.
1922
January
$707,938 '$738;506
$685,593
$656,248
February
707.065
684,135
738,449
656,958
March
707,998
685,556
738,988
650,441
April
706,005
674,320
732,882
649,506
May
704,048
672,873
731,578
688,051
June
672,712
702,793
724,580
705.753
540
THE CHRONICLE
FoL. 115.
INCOME ACCOUNT FOR HALF-YEAR ENDING JUNE 30.
1921.
1920.
1919.
1922.
3
Total net earnings for
46,626,930 54,178,738 85,244,724 67,844,685
half year
Kilowatt Hours Sold-Calendar Years.
1918.
1919.
1920.
1921.
32,705,538 32,139.710 37.076,110 40,104,506
Total lighting
Total power
218,248,357 226.895,931 236,436.134 220,507,113
Other electric corps_ _-- 83.882,070 41,018,617 14,356.323 79,448,742
DeductFor sinking fund, depreciation and reserve fd_ 19,431,721 20,295,890 22,232,719 21,646,150
9,910,211 10,120.487 10,319.002
9,689,622
Interest
431,230
410.000
424,200 •
400.000
Prem.on bds. redeemed._
Grand total
334.835,965 300,054,258 287,868.567 340,060,361
Kilowatt Hours Generated, as Segregzted Between That Produced in Steam
Plants and the Water Power Plants.
1920.
1921.
1918.
1919.
1917.
25,140,265 73,085,786 41,757,250 81,205,250 , 8,500,951
Steam
Hydro _ _ _ _432,858,640 378,202.760 373,753,700 326,257,480 479,187,870
Total deductions
Balance
Dividend on StocksPreferred (3%%)
Common
Rate of per cent
29,521,343 30,616,101 32,777,406 32,396.382
17,105,587 23,562,637 52,467,318 35,448,303
12,609,838 12,658.700 12,609,838 12.609.839
12,707.562 12,707,562 12,707,562 12,707,562
(2ti%)
(2)%)
(234%)
(234%)
25,317,400 25,366,262 25,317,400 25.317.400
Total dividends
x8,211.813 x1,754,763 27,149.918 10,130,903
Balance, surplus
x Balance provided from undivided surplus.-V. 115, P. 318.
Great Western Power Co. of California.
(Anneal Report-Fiscal Year ending Dec. 311921.)
President Mortimer Fleishhacker, San Francisco, July 1,
wrote in substance:
Gross Earnings.-The total gross operating earnings increased $493.999
over those of 1920, or at the rate of 8.4%. The gross electric earnings
increased 3491.424 in spite of the decrease in rates of9% which was effective
on Apri 10, and in spite of the country wide industrial depression.
The commercial lighting revenues increased approximately $115.000,
or at the rate of6.7%. Commercial power service decreased approximately
374,000. or nearly 2.4%. Railway power service increased nearly 2%
and totaled 3285,013. Service to other electric corporations during 1921
amounted to $666.061, showing a very large increase over that received
• '•-••• 1420. The 1920 revenue from this classification was 8181.217.
Rxpenses.-Operating expenses decreased 3338.919, or over
13%.and was largely due to the decrease in the use of fuel oil for generating
power in our steam plants. This saving was made possible by the placing
in operation of the new 64.000 h'. p. Caribou plant on May 7. $481.765
indicates the saving of fuel oil, and in addition, approximately $60,000
was saved on repairs to equipment.
Taxes.-The taxes for the year 1921 were $444.811. as compared with
$359.534 in 1920-an increase of $85,277. This is due not only to an
increase in gross earnings on which our State franchise tax is based, but
also to an increase in the tax rate from 5.6% to 7.5% of the gross earnings.
Operating Ratio.-The operating ratio for 1921 was 34.74% as compared
with that of 1920 of 43.41%-a decrease of 8.67%.
Renewal Reserve.-A reserve for renewals and replacements of $360,000
was set up during the year.
Caribou Plant.-The Caribou plant with the present installed machine
capacity of 64,001 h p. and an ultimate capacity of 192,0(10 h. p., togethewith the 165.000 volt steel tower transmission line, extending from the
Caribou plant to San Francisco Bay, approximately 200 miles distant.
were placed in service on May 7 1921. and have been in continuous and
successful operation since that date.
The Caribou plant was the first hydro-electric project completed in
northern California after the Armistice.
During the year a permanent substation at the Caribou power house.
utilized for transforming energy to 44.300 volts for transmission to the
mining territory in Plumes County. was completed. This substation has
a capacity of 6.000 k. v. a. and is of sufficient capacity to take care of the
load in this territory.
Installation of switches and other equipment necessary for the permanent
connection of the Las Plumes and Caribou transmission lines at Las Plumes
and at Brighton is in progress.
Other New Construction.-In order to serve a large lumber company,
operating near Oroville, the construction was undertaken during the latter
part of the year of approximately 35 miles of 44.000 volt line extending
from Las Plumes to a point about 3 miles below Oroville to the mill site and
to a point approximately 20 miles east of Las Plumes where the timbering
operations will be carried on. This consumer is located in territory not
heretofore served by the company. Approximately 4,000 h. p. will be
supplied, of which approximately 2,000 h. p. will be utilized in electric
logging and loading equipment,the first installation of its kind in California.
A substation of 1,500 k. v. a. capacity and one of 2,000 k. v. a. capacity
are being constructed for the purpose of taking care of this consumer's
requirements.
Many extensions in the rural territory in the Sacramento Valley and in
Contra Costa County were undertaken during the year. A great many
extensions were also made in the residential sections of cities and towns.
Golden Gate Substation.-Due to the rapidly increasing demand for service
in San Francisco and in the East Bay region, it was decided to install a large
substation on the east side of San Francisco Bay in the vicinity of Richmond at a point directly opposite the Golden Gate. This substation will
be known as The Golden Gate Substation and will be completed in the latter
part of 1922. It will be the principal distributing point for the San Francisco Bay region, and in addition to providing greater capacity, will improve
the company's service in the territory in question.
This station will be the terminus of the 165.000 volt steel tower transmission line from the new Caribou plant, and the double circuit 110,000
volt steel tower line from Las Plumes plant which passes through Oakland,
will also be connected with this substation.
The building will be equipped with a 75-ton traveling crane and will
have railroad spur track facilities. It will house two 15,000 k. v. a. synchronous condensers with necessary switching, metering and regulating
equipment. Two transformer banks of a total capacity of 45,000 k. v. a.
and one of 22,500 k. v. a. will be installed for the purpose of transforming
electric energy from 165.000 volts to 110,000 volts and from either 165,000
volts or 110,000 volts to 11,000 volts. The operation of the synchronous
condensers will improve the power factor on our transmission lines, thereby
materially increasing their carrying capacity.
Energy will be transformed from the transmission lines for distribution
at 11,000 volts. An 11,000
throughout the San Francisco Bay region
volt submarine cable with a capacity of approximately 10,000 k. w, will
be laid f.om a point on the shore of San Francisco Bay near this substation
to San Francisco. Energy saved through this cable will relieve the San
saving considerable fuel oil and
Francisco steam generating plant, thereby
power In San Francisco to take
will also provide additional hydro-electric
city.
that
in
load
growing
care of the rapidly
bonds (V. 112, p. 1287) and
Financial.-$2,500,000 Gen. Lien 8%
$1,000,000 1st & Ref., Series B 7% bonds (V. 113, p. 735) were sold
during tne year.
marketing the 7% Cumul. Pref.
Sale of Pref. Stock.-A department for
was very active throughout 1921 in
stock was organized late in 1920 andand
to the general public In the terselling this stock to our consumers,
stock was sold during the yearritories served by us. A total of $1,574.800
disposed of through this department. By this
nearly all of which was obtaining
a very wide distribution, the average
method of sale, we are
the distribution of effort in the territory
sale being only 10 shares and by
toe full benefits which accrue from consumer
In which we serve, we obtained
sales through this department should
stock
preferred
Our
ownership.
annum herafter.
average at least 30,000 shares per bonds
and stock were used to reimburse
of
The proceeds from the sale already
made and for additions and betterthe treasury for expenditures distribution
facilities.
ments to our transmission and -In the early part of 1922
the properties
Universal Electric & Gas Co. Co. were purchased for
Gas
&
$2,250,000. This
Electric
of the Universal
electric distributing system and a small
company operates an extensive
Its gross earnings for 1921 were
steam heat system in San Francisco.
property has been sold to the Pacific Gas &
3725.300. One-half of this
by us will be served with hydro-electric
Electric Co and the half retained
Power transmitted into San Francisco. amounted to
$767,443, have since
Notes payable, which on Dec. 311921,
company has no notes outstanding.
been paid and at the present time the
Number of Consumers and Connected Loads.
1918.
1919.
1917.
1920.
1921.
1916.
Number of consumers__ 24,007 27,170 27,862 29.142 31.615 33.955
Connected load,k. w-185,126 193,616 216,577 205,563 226,973 238,929
Total _457,998,905 451,288,546 415,510,950 407,462,730 487,688,821
Outlook -The amount of busi less which we have under contract at the
present time, but not yet connected to our lines, and the general increase
of building activities, the better demand and prices for agricultural products,
with consequent demand for development of more land requiring electric
pumping, and renewed interest in industrial and manufacturing activities,
lead us to believe that during the year 1922 we witl connect to our lines
a greater volume ofnew business than has been obtained in any year since
the beginning of operations.
CONSOLIDATED INCOME ACCOUNT FOR CALENDAR YEARS.
1918.
1919.
1920.
1921.
$5,925,251
$4.803.870 $4,379,398
Electric revenue
192.548
241,898
330,670 Not shown
Steam revenue
64,901
117.121
125,122
Water revenue
7.560
9.989
1,118
Other
$6.382,162 $5,865,703 35,172,878 $4,644,407
Total
31,753.995 $1,415,146
Oper., gen., &c., exp_ _ _ 1,772,479
290,436
31 .898
1
2 $ ,984,8511
444,8111
T.ixes
360,000
360,000
Deprec. & replacem'ts
$3,804,872 $2,880,852 32,746.985 $2,938,826
Net earnings
27,534
174.478
856,750
Add-Interest
1
32,984
28,841
399,562
37.818
Rentals and leases_ _ _ _
32,654
95,343j
t
Miscellaneous
$4,794,784 $3,280,414 $2,987,101 $2,995,200
Gross income
Deduct$41,251
$18.516
$137,959
acc'ts_
&
notes
on
Int.
51,172
47,076
291.9861 Not shown
Rent its, leases, &c_ _ _
18,792
9,000
18,000
Uncollectible accounts
69.631
79.017
119,943
Amort. bond disc., &c.
1,667.840
1,553,629
1,948,969
Int. on funded debt(net) 2,355,129
119,000
1919 corp. income tax_ _
100,200
1921 Fed. taxes_
20,313
24.503
Accounts written off, &c.
19,481
Bond red. premium_ _ _ _
Total deductions
$3.067,202 $1.948,969 $1,960,762 $1,734,476
Net income for year.. __ _ $1,727,581 $1,331.445 $1,026,339 $1,260,723
BALANCE SHEET DECEMBER 31.
1920.
1921.
1921.
1920.
LiabilitiesA nets$
$
$
Plant.prop.& fran_76,782,260 72,292.861 G. W.P. Co. Cal.,
Preferred stock_ 3,312,684 1,916,084
Investments
1,008,834
957,904
materials & suPP- 565.993
572,695 Subscrip'ns to pref. 553.000 1,772.100
150,221 Common stock.._ _27,500,000 27,500,000
Prepaid taxes, dee_ 320,743
42,761 800 39,618,800
341,830
315,595 Fund d debt
Cash
speeial deposits......681,031 1,260,783 Accounts payable_ 481,500 1,577,359
Accts.receivable_ _ 1,523,882 3,383.118 Notes payable_ _ _ _ 767,443 2,321,336
143,432
313,744 Dividends payable 160,090
Notes & int. rec__ 298,950
21,073
Miscellaneous_ __ _ 117.263
Unamortized disc.
on secs. & exp__ 2,168,052 1,968,006 Accrued int., &c_.. 1,063,848 1,029,562
54,012
66,986 Accrued taxes
Sundry
34.284
Salaries & wages__
1,631.637 1,238,396
Reserves
5,254,014 4,143,772
Surplus
Total
83,691,577 81,281,914
83,691,677 81,281,914
Total
Includes $623,000 pledged with trustee of the California Electric
Generating Co. bonds and not bearing interest, but not $2,738,000 held
In treasury. f After deducting 62,561,000 held in treasury. g After
deducting 3433,700 held in treasury.-V. 115, P. 188, 442.
Alabama & Vicksburg Ry. Co.
(33d Annual Report-Year ended Dec. 31 1921.)
Pres. Larz A.Jones, Jackson, Miss., Mar. 16, wrote in sub.
Eluinment.-Company owns 34 locomotives, 38 passenger-train cars,
1,055 freight cars and 23 work cars. During the year 3 coaches, 3 combination coach and baggage cars and 3 baggage cars were purchased. One
combination passenger and baggage car and 124 box cars were rebuilt.
160 freight cars were retired.
Capital Account.-All of the bonded debt, aggregating $1,936,900, mg..
tured on April 1 1921 and was paid and retired by proceeds of an issue of
6% 6-year gold notes, aggregating the same amount, issued at par. Of
this sum,$1,394,000 was borrowed from the U. S. Treasury and the remainder was issued at par to holders of the fermer issues of securities.
For the purpose of affording collateral for the above notes and providing
for additional needs of the company, a first mortgage was issued in the
amount of $4,000,000, dated April 11921, maturing April 11951. and bearing 6% interest. 32.218.000 of the bonds created under this mortgage
have been pledged as security for the 6% notes and the remainder are held
in the treasury •
As the entire funded debt was renewed, the sinking fund, available for
the retirement of the Vicksburg & Meridian 1st Mtge.,amounting at April 1
1921 to $430.543. and the sinking fund for redemption of Alabama & Vicksburg 2d Mtge. bonds, amounting to $7,056, were both transferred to surplus.
Four equipment trust notes, aggregating 345,959, were paid, leaving $80,429 outstanding.
Results.-Conditions during the year were altogether abnormal and the
results are, in a measure. disappointing. Notwithstanding the increase in
traffic rates made by the I.-S. C. Commission in Sept. 1920, in order to carry
out the provisions of the Transportation Act, 1920, the results show an earning of approximately 3.7% upon the investment, instead of 6%,as contempl ited by the statute. A number of causes have contributed to this result.
The serious business depression which set in in Nov. 1920 continued
throughout the first half of 1921, and a second depression, although less
marked than the first, existed through the months of Nov. and Dec. 1921.
In consequence of these conditions, there was an actual falling off in passengEr revenues, notwithstanding the increased rates, of $149,000.
There was a decrease of 17.365,000 ton miles of freight hauled during
the year. This decrease was largely in those commodities which carried
high rates of freight, while there was an increase of more than 63,000 tons
of highway material, gravel, &c., which moved at an unprofitably low rate.
As a result, the net increase realized per ton mile on freight moved was only
10%, instead of the theoretical 25% advance authorized by the Commission on freight moving within the Southeastern territory, and 33% on freight
moving between that territory and other portions of the United States.
Wages.-The high basis of operating expenses continued through the
greater part of the year. No relief was obtained in the scale of wages until
;July 11921, at which time an order of the U. S. Railroad Labor Board was
issued, authorizing a reduction of somewhat more than half of the increase
In wages granted a year before. This reduction was, however, inadequate
and the company is still paying wages substantially in advance of those paid
to men in corresponding employment outside of railroad work. The price
of coal and materials receded considerably but the reduction for the most
part came too late in the year to be reflected in the operating expenses.
Taxes.-Taxes have increased $56.476, or 32.6% over the previous year.
The serious burden which Is being placed on your property through the
increase' of taxation is evidenced by the increase of $110.758, or 93.3%,
over the taxes paid in 1916. Your company Is now disbursing in taxes
more than 6.7% of each dollar received in operating revenues.
Additions and Betterments.-New steel passenger equipment, sufficient,
together with that now owned, to equip throughout 3 steel passenger trains,
was purchased and placed in service in May 1921. The equipment consists
of the 3 new steel passenger coaches, costing $99,871; 3 combination coach
and baggage cars, $90,223. and 3 baggage cars, $71,124. One combine-
JULY 29 1922.]
THE CHRONICLE
tion coach and baggage car was rebuilt at a betterment cost of $7,998.
124 box cars were rebuilt at a betterment cost of $63,613, and 15 freight cars
were reinforced by the addition of Universal draft arms and Cardwell
friction draft gear, at a cost of $3,343. Improvements and extensions of
side tracks were constructed at a cost of $5,201.
Settlement With U. S. Govt.-A settlement has been effected with the
U. S. Railroad Administration covering the use of the property during the
period of Federal control, but the account for the guaranty period is still
to be adjusted.
TRAFFIC STATISTICS FOR CALENDAR YEARS.
1918.
1919.
1921.
1920.
502,773
No.of passengers carried
612,856
642.811
452.730
No. pass. carried 1 mile_ 20,410,483 28,626,222 26,639,632 21,669,024
$1.24
$1.26
Aver. revenue per pass_ _
$1.61
$1.38
2.88 cts.
Av.rev, per pass. per m_
2.91 cts.
3.09 eta.
3.56 cts.
1,371,921
Total No. tons carried__ 1,540,688
1,408,575
1,711,922
Total tons carried 1 mile 155,338,503 172,704.150 134,919,702 131,275.697
$1.17
Aver. earning perton_ _ _
$1.29
$1.60
$1.44
1.22 cts.
Av. earn, per ton per m_
1.36 cts.
1.58 cts.
1.43 cts.
COMBINED FEDERAL AND CORPORATE INCOME ACCOUNT FOR
CAL. YEARS 1918, 1919 AND 1920 AND CORPORATE FOR 1921.
(Road oper. by U. S. RR. Admin. from Jan. 1 1918 to Feb. 29 1920,
with guaranty to Aug. 31 1920.1
1921.
1920.
1919.
1918.
141
141
Miles of road operated.._
141
141
Revenue from oper.$727,608
$884,179
$774.485
Passenger
$622.950
1,828,832 2,472.850 2,459,319
Freight
1,603,978
210,217
288,574
191,239
Mail, express, &c
243,928
Total ry. op. revenue_ $2,470,856 $2,794,556 $3,645,603 $3,397,144
Oper. Expenses
Taxes$582,164
$716,365
$505,792
Maint. of way & s ruc
$269,368
670,756
760.476
592.749
Maint. of equipment_
591.657
99,710
83,384
27,063
Traffic
42 983
1,611,011
1,415 613
1,117 258
1,032,214
Transportation
35,507
26,532
25,033
20,841
Miscellaneous operations
141.003
138,260
107.761
89 115
General
Cr.241
Ttansportation for invest. Cr.1,060
153,727
x229,676
136,817
138.195
Taxes
Total
$2.183,313 $2,512,473 $3,498,730 $3,165,213
$231,931
Railway operating income
151.756
Non-operating income
541
Capital Outlay.-During the year the sum of $2,643,680 was expended on
meeting the capital requirements of the enterprises as follows: Tramways.
$673.008, light and power, 1.386,902, gas, $96,795, telephones, $480.645;
miscellaneous. $6,330.
Profit and Loss.-The surplus revenue for the year amounted to $2,637,681. which, with the balance of $3,082,131 brought forward from 1920, gives
a total of $5,719,813, which has been carried forward in Profit & Loss Acct.
Power Development.-The directors have arranged for the purchase of a
water power of 140,000 h. p. capacity on the Parahyba River about 100
miles distant from the the City of Rio de Janeiro. and the necessary concessions for its development and transmission to Rio de Janeiro have been
obtained. This site is an excellent one for economical development. The
concessions and the lands, rights, &c., will be transferred to the "Brazilian
Hydro-Electric Co.. Limited," which has been recently incorporated for the
purpose. The whole of the shar, capital of the new company will be
owned by the Brazilian Traction, Light & Power Co., Ltd. It is expected
that the first installation of•42,000 k. w. will be completed within two years.
It has also become necessary to take steps to provide further power for
the City of Sao Paulo and a fourth unit of 10,000 k. w. will be installed in
the near future at the hydro-electric installation of the Sao Paulo Electric
Co., Ltd., on the Sorocaba River.
Status as to Dividends.-While the exchange value of the milreis continues
considerably lower than was anticipated and it is difficult to forecast the
future, there are clear indications of such improvement in general conditions
as to justify the resumption of the payment of dividends, and the board
have declared a dividend of 1% on the ordinary share capital, payable
Sept. 1 to shareholders of record on July 31.
New Financing -The present cash situation is satisfactory and it is
expected that with the improved financial conditions now prevailing it will
be possible to provide for necessary capital requirements through the sale of
securities. These requirements will include the sums necessary for the
development of the new hydro-electric hist illation of the Parahyba River,
ilready alluded to, and the funding or the $7,500,001 6% secured gold notes.
STATEMENT SHOWING THE RAPID GROWTH OF THE VARIOUS
SERVICES.
Calendar Years1921.
1920.
1919.
1918.
Passengers carried
412,176,127 377,390,013 332.515.451 283.682,656
Gross earns.(Milreis)- 63,011,665 56,864.504 50.057.213 41.174,220
Number El. Lt. consum_
137.301
127.644
117.613
106,875
Number Pow. consumers
6,028
5.498
4,897
4.544
Gross earns. (Milreis)_ 60.240.230 41,560,987 33,385,263 31,465.034
Number gas consumers_
36,441
34,650
33.009
32,687
Gross earns.(Milreis)_ 28.251,376 21,903.631 17.456,241 19,702,961
Number of telenhones
67,862
65.367
57,216
47,642
Gross earns.(Milreis)_ 19.364.082 14,576.708 12,175,263
9.551.946
Gross income
Deduct-Rent for equip., $48,812; joint facil. rent, $16,977: int.
on fund. debt. $119,225; int. on unfd. debt, $144; disc't on
funded debt,$195;inc. applied to sic. fd., $11,586; misc., $906
8383,686
The comparative income account was published in V. 115,
p. 431.
197,845
Income balance transferred to profit and loss
BALANCE SHEET DEC. 31.
1921.
1920.
1921.
AssetsLiabilitiesInvestment in road
Common stock_ .._ 2,100.000
and equipment_ 6,501,175 6,160,282 V.& M.1st M.b6s.
Sinking fund
418.957 Cons. 1st M. bds..
MIscell. phys. prop.
764
1,660 2d M. bonds
Inv. In affil. co's__ 195,800
195,800 6% 5-Ye. gold notes 1,936,900
Other investments 237,120
254.120 Equip, trust notes
Cash
775,532
440.903 (series "A")..
80,430
Time drafts& ep _
20,000
20.000 Tref.ate ,bal.pay _ 136,610
Special deposits_ _ _
4,683
3,578 Aud. accts, and
Traffic, &c.. bat
103.904
175,312
wages payable__ 289.129
Bills reem able_
50 Misc. accts. pay__
12.102
Net bal. rec. from
Int. matur. unpaid
83
agents
89 409
31,318 Divs. matur. unp'd
6,916
Misc.accts.receiv. 164.712
109.994 Fund.dematunp'd
4.600
Material & suppl's 313,871
461,764 Unmet. int. acced
29,054
int.receivable_ _ _ _
1.721 •
2,295 Unmat.rents am_
322
Other cuent assets
95,886
109,379 Other curr. liabil_ 103,814
Work. fund adv_
697 U.S.RR. Admin_ 2,632,893
U.S.RR. Admin 2,494,794 2,492 946 0th. def. tiabi I ice
6,585
U. S. Government 215.443
Tax liahl ity
70,720
Other def. assets__
356
68,103 Opera ing reserves
91.075
Insur.prem. prep'd
3,930
1,587 Accr.depr.,equip_ 556.317
Disc.on fund.debt
7.593
Other unadj. cred_ 162,648
Other unadj.debits 138,112
130,740 Add'ns to property
thro. inc.& surp_ 330,230
Fund. debt retired
through surplus.. _
59,985
Sinking fund res_
Profit & loss bal__ 2,744,452
$185,842
RIO DE JANEIRO TRAMWAY, LIGHT & POWER CO.
1921.
1920.
1919.
1918.
Miles of track Dec. 31
251.55
251.69
245.62
243.34
Miles run, all cars
30.735,543 29,971,917 27,677.655 24,829,807
Total passengers carried.308.067.J44 284.629.570 256.165,076 22i).d37.370
Incandescent lamps_ __ _ 1,064,660
1,018,725
974,642
931,147
Arc lamps
9,659
9.347
9.216
9,235
Horse-power motors_
136,639 II 126.216
114,310
109,410
Telephones
67.862
65.367
57.216
47,642
Gas service (1,000 eu.ft.)
47,225
44,533
41,272
40,024
Gross Earns.(in Milreis)Tramway
41.834,730 38,218.299 34,995,170 28,720,392
Light and power
38,270.541 25,920,546 20.703.024 19.588,224
Gas
18.475.266 13.470.481 12.047,785 13,164,524
g1
Telephone
19.364.082 11 5"1 'lee 1,1 -;,
n ;c1 Q4.6
Total
117,944,619 92,16a,es4 ie.d..1....4 7i.u.;a.086
Net Earns.(in Milreis)$ 4,
Tramways
21,637.737 20.333,019 19,673,850 16,211.055
Electric light and power.. 31.696.538 20,762,035 16.192.55.) 15.616.181
Gas
1.590.940 def2,074.605defl 192.892 def430.312
Telephones
e nee 104
7 461 9e, e e^^ eel
10.196.400
Total
65,221.705 4).441,01 41,..)..,..11 .u......;,248
TOTAL GROSS 80 NET EARNINGS SAO PAULO DIV. (Ream. Currency).
1921.
1920.
1919,
1918.
Miles of track
150.74
147.69
143.43
142.85
Miles run, all cars
12,763,282 12,010.114 10.821,370 10.218,314
Total passengers carried.103.777.334 92,45'1.361 76,087.246 63.429.063
Incandescent lamps_ _ _ _.
547,317
497,574
454.553
423.360
Arc lamps (public)
1.425
1.401
1.193
973
Horse-power motors..
69,519
58,448
53,362
48.064
Consumers. light
52,592
49,219
45,129
40.712
Consume-s. power
2.356
2.129
1,834
1,695
In Milreis.
Gross earnings
39,081,828 31,957.646 25.884.759 22,469,354
Net earnings
25,340.757 21.305,250 16.588.720 14.981,896
CONSOL. BALANCE SHEET AND SUBSIDIARY COS., DEC. 31.
[Includes Rio de Janeiro Tramway, Light & Power Co.. Ltd:. Sao Paulo
Tramway. Light & Power Co., Ltd., and Sao Paulo _Electric Co., Ltd.]
Assets1920.
1921.
Properties,. plant & equip., construction expense,
$
$
at cost. incl. interest during construction, &c__ 91.253,021 89.241,517
Cost of securities and advances to cos. owned or
controlled by sub. cos., incl, premium paid on
shares of subsidiary companies acquired
84,788.144 84.040,390
Rights, franchises, contracts, good-will, discount
on bonds, share and bond issue expenses
50,489,484 50.489,484
Sinking fund investments (Rio de Jan. Tram., IA.
& Power Co., Ltd., 1st Mtge. bonds at cost)._ 4.181,582
3,703.678
Stores in hand and in transit, incl. constr. material 6.146,850
7,816,224
Sundry debtors and debit balances
4,053.258
4.915,806
Investments (Canadian Govt. securities, at cost)_
2.725.402
Cash in hand and in banks
7.9111.836
4,003,427
Total _____________________________________ 249,715.724 246,073,381
LiabilitiesCapital stock-Brazilian Tree.. Lt. & Pow. Co.,
Ltd.-Authorized. $110.000.000; issued
106.576.000 106,572,500
Authorized and issued, 6% Cum. Pref. shares_
10,000.000 10,000,000
Shares of subsidiary companies not held by B-razilian Traction, Light & Power Co.. Ltd
16.400
14,300
Funded debt-Brazilian Traction, Light & Power
Co., Ltd.-3-year 6% secured gold notes
7,500.000
7,500.000
Rio de Janeiro Tram., Light & Pow. Co., Ltd.First Mtge, 30-year 5% gold bonds
25,000.000 25,000,000
5% 50-Year Mtge. bonds-Issued, £5,266.000
824,8
(6
37
(
c$
22
45
0,,6
1)
.1
,712e.s2
s8s
rledeemed for sinking fund
24,455,579 24,713,419
Sao Paulo Tramway. Light & Power Co., Ltd.5% First Mortgage debentures
5% Perpetual Consolidated Debenture stock_
091 3
6:
(
9
133ZR
6
3:919
0..9
Sao Paulo Electric Co., Ltd.-5% 50-Year 1st
Mortgage bonds
Bond, deb. & bearer share warrant coupon outst'g a9,'N7,14
D
Ae
ccr
eh
.c
lehage
1.507.161
es
s.(s
1,489.719
cTehr
Cued
nt Prof. shares & funded debt
1.500.000
Sundry creditors and credit balances
72
8i
Insurance funds for injuries and damages
81 3.'N9,4
3,M,18
*Provisions for depreciation and renewals (balance
after meeting renewals to date)
Sinking fund reserves
General amortization reserve
38;0
982
59Z 21:16
General reserves________
21
3:8
76
reserves
_
Profit .an
Ld
iglhotss&p
Beaw
ji-:nrazi-lian Traclaenrce
ee
tl
.-,
ecL
.td
t1.354,865 11,078,394
Total
-V.112,p. 1398.
Total
1920.
$
2,100,000
940,000
580,800
416,100
126,389
195,309
469,550
14,874
3,578
7
26,561
442
94,694
2,175,521
62,200
62.930
546.057
183,936
330,230
59,985
418.957
2.270,193
11,354,865 11,078,394
Brazilian Traction, Light ft Power Co., Limited.
(Ninth Annual Report-Year Ended Dec. 31 1921.)
J. M. Smith, Secretary, Toronto, June 8, wrote in subst.:
Company's Income from Canadian Currency.-The revenue of the company in Canadian currency resulting from the year's operations was $4,537,515, viz.: Received under contracts with subsidiary companies, $4,410.057. and interest on investment and misc. income, $127,658. Deduct(a) General and legal expenses and administration charges, $166,465:
(e interest and charges on secured gold notes and other loans, $833.568:
71/ provision for general amortization, $300,000, and (d) dividends on preference shares at 6% per annum, $600,000, there remains a surplus for the
year of $2,637,682.
The total gross el the subsidiary companies in Brazil were 170.867.353
roiliest.% being an increase as compared with 1920 of 35,961,521 milreis. or
2665%. The net earnings from operation were 95,105.553 mike's, being
an increase of 25.114,896 milreis, or 35.88%.
This increase of earnings in milreis is largely accounted for b the fact
that the depreciated exchange prevailing throughout the year had the effect
of enhancing in mike's tits receipts derived from the services which are
payable wholly or in part on a grid basis. On conversion of the earnings,
however, into dollars, the decline in exchange has the opposite effect so
that as compared with the previous year the value in doll irs of the combined net earnings has fallen from $14.286,039 to $11,898,523. being a
decrease of $2,387,516, or 16.71%.
Claims Against Prazilian Government.-The claims against the Federal
Government for differences in exchange on the payments of the gas and
electric lighting accounts during the last three years, which now amount to
a very considerable sum, are still unsettled, though the company's representatives in Brazil are confident that ultimately they will have to be
admitted.
Claims against Government of Sao Paulo.-Similar claims against the
Government of the State of Sao Paulo with regard to the payment of the
accounts of the San Paulo Gas Co., Ltd., are still the subjectof negotiation.
Rate of Exchange.-The official monthly rate of exchange on London (90
days sight drafts) fell from 9 23-32d. in January to 7 43-64d. in December,
the average for the year being 83Ad., as compared with 14 41-64d. in 1920.
For excharee -a New York (sight drafts) the official average monthly
rate fell from 14.75 eints in January to 12.73 cents in December, and in July
low as 10c. The average rate realized on remittances for
quotations
wet,.
12.51c. as compared with 20.41c. in 1920. At the date of
the year was
this report the rate on London is 7 13-32d. and on New York 14c.
Depreciation and Amortization.-Out of the year's revenue the sum of
$2,745,410 has been set aside by the subsidiary companies for depreciation
of physical properties, and the sum of $300,000 has been transferred to this
company's general amortization reserve.
3,71g.
.M
5,.fig:IN
Subsidiary companies
Credit.,Balances of Renewal Amortization and Sinking Fund Reserve Accounts
249,715.724 246,073,381
Aggregated $23,297,912 Dec. 31 1921.
Total
renewals of physical
* This re ____ __ ____________p
- ______________ ______ ______________tion andcompanies.
(1) Provision for Depreciation and Renewals ($16,106,176)10o de Janeiro Tramway, Light & Power Co., Ltd
$10,295.439 assets of companies owned or controlled by subsidiary
a In addition there are bonds outstanding of companies owned or con5,134,730
Sao Paulo Tramway, Light & Power Co., Ltd
to $7,618,543. on whiecfh
676,007 trolled by the subsidiary companies, equivalent
Sao Paulo Electric Co., Ltd
the
yearly interest charge, amounting to $382.530, is provided out
(2) Provision for General Amort'n & Sink. Fund Res. (35,431.736)
Brazilian Traction, Light & Power Co., Ltd., gen. amort. res've $1,760,000 revenue of the subsidiary companies. 4.
subsidiary
companies
have
by
31
ed
es.u
..
t
Certain
s
,
5
General
gebopp
edas
couM
a
& Pow. Co., Ltd.,sinking fund res'ves 5,353,870
ato
er
ra
tv.
l.Rio de Janeiro Tram
77,866 been pledged
Sao Paulo Electric Co.. Ltd., sinking fund reserve
'BUB
121(31:119 91TAIN
542
THE CHRONICLE
GENERAL INVESTMENT NEWS.
RAILROADS, INCLUDING ELECTRIC ROADS.
General Railroad and Electric Railway News.—The
following table summarizes recent railroad and electric railway news of a more or less general character, full details
concerning which are commonly published on preceding
pages under the heading "Current Events and Discussions'
(if not in the "Editorial Department"), either in the week
the matter becomes public or shortly thereafter.
Strike Situation.—See "Current Events" In this issue and the daily papers.
Brooklyn Rapid Transit System Tied Up in Rush Hour.—Short circuit
causes complete tie-up of subway, elevated and surface traffic, plunging
trains into darkness. "Times" July 26, p. 1.
Pennsylvania RR. to Appeal Against Labor Board in Employee Representation Case.—Phila."News Bureau" July 25, p. 2.
Canadian Railway Shopmen's Strike Authorized.—Plaila. "News Bureau"
July 26, p. 3.
Car Loadings.—LoadIng of revenue freight totaled 860,907 cars during
week ended July 15, compared with 718,310 cars during the preceding week
(which included a holiday), or an increase of 142,588 cars. Loading of all
commodities except coal during the week of July 15 totaled 783.573 cars,
which is only 8,295 cars, or 1%, below peak of freight loadings week of
Oct. 15 1920.
Principal changes compared with week ended July 15 were: Coal, 77,334
cars, increase 8.338 (this was a decrease of 73,954 cars under the same week
In 1921 and 130,091 cars below the same week in 1920) grain and grain products, 48.911 cars, increase 13.644; merchandise and miscellaneous freight
(including manufactured products), 567,465 cars, increase 85.386; coke,
9,698 cars, increase 33: live stock, 30,216 cars; increase 8,369* forest products, 58,121 cars, increase 13,385: ore, 69,162 cars, increase 13,433.
Idle Cars.—Freight cars idle totaled 405,120 on July 8, compared with
405,185 on July 1, or a reduction of 65 cars. Of the total 239,160 were
serviceable freight cars, while the remaining 165,960 were in bad order.
Surplus coal cars totaled 146.743, a reduction since July 1 of 815; box
cars, 61,067, increase 966; coke cars, 3,816, reduction 129; stock cars,
12,016, increase 164.
Idle Cars on or about 1st of Month, and on July 8 1922 (in Thousands).
July 8. July 1. June 1. May 1. April 1.Mar.1. Feb. 1. Jan. 1.
Good order_ _ _ _239
239
305
372
207
245
331
471
Bad order
166
166
175
158
159
148
161
173
Matters Covered in "Chronicle" July 22.—(a) Course of the railroad strike
(editorial), p. 358; (b) Inter-State Commerce Commission authorizes
Pennsylvania RR.to lease Pittsburgh Cincinnati Chicago & St. Louis RR..
but imposes important conditions, p. 391; (c) Developments in strike of
railroad shopmen, p. 392; (d) Statement of Chairman Hooper of Railroad
Labor Board regarding termination of efforts to settle shopmen's strike, p.
396:(e) Western railroad executives' statement regarding discontinuance of
conferences looking to strike settlement, p. 396; (f) Eugene V. Debs, in
statement to striking railroad men,urges unions to strike and fight together,
p. 397. (g) Eastern Presidents' conference on railway shopmen's strike—
strikers' places to be filled by new men, p. 397. (h) Conference in Washington between Senators and Eastern railway executives, p. 398. (i) Pennsylvania RR.'s wage agreement with employees, p. 398. (j) Proceedings
to restrain Pennsylvania RR.from making effective new wage agreement,
p. 398. (k) U. S. Court of Appeals rules against Pennsylvania RR. on
some questions of jurisdiction of U. S. Railroad Labor Board. p. 399.
(I) With improving industrial conditions, B. M. Jewell sees railroads in
"hole" through strike, p. 399. (m) Locomotive engineers declare pensioners are called upon to act as strike-breakers, p. 399. (n) Samuel Gompers asserts Wall Street domination and court government are elements in
railroad confusion, p. 399.
Arkansas Valley Ry., Light & Pow. Co.—New Name.—
See Southern Colorado Power Co. below—V. 114, p. 2115.
Atlanta Birmingham & Atlantic RR.—Resolution.--
The resolution introduced by State Senator Manson in the Georgia Senate,
creating a board of commissioners to prevent the junking of the road, has
been passed by the State Senate. The commission will be composed of
two members of the House of Representatives, two from the Senate and
four from the State at large. See V. 115, p. 307.
Baltimore & Ohio RR.—Final Settlement—Officer.—
The directors have approved a final settlement with the U. S. Railroad
Administration for claims arising during the period of Federal control.
The terms of the settlement have not been announced.
John J. Cornwell,former Governor of West Virginia and a director of the
B. & 0., has been appointed General Counsel, to succeed the late Hugh L.
Bond Jr.—V. 115, p. 434, 307.
Boston Elevated Ry.—Cash Position, &c.--
[VoL. 115.
Capital Traction Co., Washington, D. C.—Merger Bill.
A new merger bill, authorizing the company to purchase the Washington
Ry.& Electric Co., was introduced in the Senate July 17 by Senator William
H. King. The bill empowers the company to issue bonds or shares of Preferred stock and exchange them for shares of Preferred stock of the Washington Ry. & Electric Co., such bonds or shares to bear the same rate of
interest and to be of the same par value as the shares for which they are exchanged.
The legislation would further authorize the company to use its surplus
funds for the purchase of stock in other street railway corporations in the
District. A bond issue would be authori7ed for the same purpose.
Within one year after enactment of the bill the company would be required
providing it had not acquired 51% of the outstanding shares of the Washington Ry. & Electric Co., to file in the District Supreme Court a petition
setting forth the number of shares of Common or Preferred stock of the
Washington Ry. Co., the acquisition of which would be necessary to give
control to the Capital Traction Co.
The petition would carry the names and addresses of stockholders whose
shares the Capital Traction Co. would need to gain control. The Court
then would direct the attachment of such shares. Three appraisers would
be appointed by the Court to make an appraisal of the attached stocks.
The award of the appraisers would be final and binding on both parties
under the terms of the bill. All charges and expenses of the appraisers
would be taxed as legal costs against the Capital Traction Co.
It is indicated that because of the legislative situation probably nothing
will be done until the Dec. session.
The P. U. Commission of the District of Columbia has authorized the
company to extend its tracks over the new Georgetown bridge across the
Potomac River at a cost of $150,000, and to charge an additional fare of
one-half cent for each passenger, which extra fare goes to the Government
for the use of the bridge.—V. 114, p. 1062.
Caraquet Railway.—Sale Price Agreed Upon.—
The price recently agreed upon by the Canadian Government for the
purchase of the property of the Caraquet & Gulf Shore RR., is $287,705.
Of this, $87,705 is in the form of the cancellation of moneys due to the
Canadian Government Railways. The balance ($200,000) is cash, $150,000
of which was paid by the Canadian Government on Jan. 13 last.—V. 112,
p. 2189.
Charleston & Western Carolina Ry.—Certificates Ready.
The Guaranty Trust Co., 140 Broadway, N. Y. City, is now ready to
deliver definitive Equipment Trust 6% gold notes in exchange for outstanding trust receipts. See offering in V. 114, p. 1764.
Chicago & Eastern Illinois Ry.—Listing.—
The New York Stock Exchange has authorized the listing of(a) $22,051,100 6% Pref. stock, cumulative after Jan. 11924, par $100;(b) $2,.,135,100
Common stock, par $100, and (c) $35,066,800 Gen. Mtge. 5% bonds, due
May 1 1951.
The annual report for the calendar year 1921 is given on a preceding
page.—V. 115, p. 72.
Chicago Union Station Co.—Balance Sheet Dec.31.1921.
1920.
1921.
1920.
Assets—
Liabilities—
$
$
2,800,000 2,800,000
Invest'ts in road_ _57,684,777 52,924,108 Capital stock
46,000,000 40,000,000
1,138,235 2,119,174 Funded debt
Cash
Time drafts & dep_ 3,853,923
3,923 Adv. to attn. qos12,496,865 9,892,416
775,520
Special deposits___ 1,220,451 1,033,094 Notes
365,609 Current liabilities_ 1,215,351 1,031,784
Misc. sects. ree'le_ 446,550
Deferred assets__ _ 589,936
592,628 Deferred liabilities 3,892,229 4,032,641
Disc. on fund. debt 1,470,572 1,343,824
150,000 Total (both sides).66,404.445 58,532,360
Other unadj. debits
Securities, issued or assumed, unpledged, 37,000,000.—V. 115, p. 72.
Chinese Railways.-1920 Report.—
The sixth annual report on the Government Railways of China for the
year 1920 has come to hand. The report shows an increase in revenues
earned by the Government Railways for the year in spite of the adverse
conditions, such as flood, famine and local disturbances, &c., as well as the
considerable progress and development these lines have made In the
report the different tables, diagrams and texts are so arranged that the
reading public will be able to gain an intelligent grasp of the facts presented
without much effort. The tables contained therein are based upon the form
of annual report prescribed by the Ministry for the different lines.—
V. 114, p. 1532.
Cincinnati Georgetown & Portsmouth RR.—New Directors, &c.
The stockholders have reorganized the company in an effort to rehabilitate the properties. A new board of directors has been elected, consisting
of Henry A. High, Detroit; Thomas Elliott, Vice-Pros., Georgetown:
C. T. DeHore, See., Detroit; Judson Harmon, W. A. Stark, C. C. Chase.
J. T. Nyham and Charles H. DePPe, Cincinnati.
The Lake Allyn power station will be abandoned, and electricity, it is
understood, will be obtained from the Union Gas & Electric Co., of Cincinnati.—V. 106, p. 295.
A published statement revised for the "Chronicle" states:
"The company to-day has more than $2,000,000 cash on deposit and for
the first time in 11% years does not owe a dollar to the banks. The road
Cleveland Cinc. Chicago & St. Louis Ry.—Listing.—
earned more than 81,000,000 in excess of dividends In the first half of this
The New York Stock Exchange has authorized the listing of certificates
year and on July 14 made an initial payment of $517,196 on account of the
of New York Life Insurance & Trust Co. for $9,998,500 Pref.
deposit
municipal loan assessment of 1919." (This corrects item published in V. of
stock on official notice of issuance thereof in exchange for stock deposited.
115, p. 435.]
—V.115, p. 435, 307. 176.
Boston & Maine RR.—Equip. Trusts Sold.—Dillon,
Read & Co. have sold at prices to net from 5% to 5
according to maturity, $1,815,000, 5%% Equip. Trust
Gold certificates. (See adv. plges.)
Connecticut Company.—Fares—Tax Payment.—
The Connecticut P. U. Commission announces that fares in Bridgeport
and Norwalk will continue to be 5 cents until after Sept. 1. This extension
of time will give a ten months'test on which to base the fixing of permanent
Dated Aug. 1 1922. Due in 15 annual installments of $121,000 each, rates.
The State of Connecticut recently received $781,411 from the company.
Aug. 1 1923 to 1937 inclusive. Issued under the Philadelphia Plan. This
represents the first payment of taxes that it has made to the State in
Dividends payable in Boston F. & A. Denom. $1,000, $500 and $100
five years and leaves a balance of $1.469.258 in unpaid taxes due the State.
(c* & r). First National Bank, Boston, trustee.
Railway Journal," July 22.)—V. 114. p. 2823.
("Electric
Commission.
-S.
C.
I.
the
by
Subject
approved
to
Issue
approval by the
several State Commissions having jurisdiction.
Dayton Toledo & Chicago Ry.—Sale.—
These certificates are issued against new standard railroad equipment to
W. H. Ogborn, receiver, will offer this road for sale at public auction on
cost not less than $3.027.500. (Compare V. 115, p. 435.)
Aug. 24 at the court house In Troy,0. The sale will include the 90 miles of
New Director.—
main track between Stillwater Jct., 0., and Delphos. 12 miles of side track.
At an adjourned meeting held July 27, following the denial of an injunc- one locomotive, two coaches, one baggage car, right-of-way, real estate,
tion by Judge Crosby of the Mass. Supreme Court to Edmund D. Codman &c.—V. 114, p. 519.
to prevent the counting of a block of proxy votes for directors, the old
Denver & Rio Grande RR.—Receiver for Successor Comboard was re-elected with the addition of William D. Woolson, Springfield,
Vt., who succeeds the late Charles P. Hall. The three men suggested for pany—Reorganization Plan May Be Withdrawn—Statement by
directorships to represent the N. Y. N. H.& Hartford RR. were defeated.
Richard Sutro, Chairman of Adjustment Mtge. Committee.—
115, p. 435.
—
See Denver & Rio Grande Western RR. below.—V. 115, p.- 182.
Brooklyn Rapid Transit Co.—Bus Line Enjoined.—
On the application of Receiver Lindley M. Garrison, Justice John MacCrate in the Supreme Court in Brooklyn, N.Y., July 21,issued a temporary
injunction restraining the operation of a municipal bus line along Eastern
Parkway from Utica Ave. to the city line. In his application Mr. Garrison
contended that the bus line has been operating without due authority or
process of law, which placed it in unfair competition with the Bergen St.
trolley line.
Earns.for Year end. June 30(Entire System)—
1921-22.
1920-21.
$34.544.093 $30,972,085
Total operating revenue
Total operating expenses
22,040,554 26,425,704
Net revenue operating
Taxes on operating properties
$12,503,539 $4,546,382
2,206,567
1,889,207
Operating income
Net non-operating income
$10,296,972 $2,657,174
1,656,070
1,660.590
Gross income
Total income deductions
Net income
—V. 115, p. 435. 182, 72.
$11.953,041 $4,317,765
8,865,622 9,198,699
,087,419df$4,880,934
Canadian National Rys.—Directors Resign.—
The resignations of the entire directorate have been received by the
Canadian Ministry of Railways.—V. 114, IP. 1762.
Denver & Rio Grande Western RR.—Receiver Appointed.—Joseph H. Young, Pres. of the company, has
been appointed receiver by Federal Judges J. Foster Symes
and Robert E. Lewis, sitting jointly at Denver, Colo.
']he receivership was requested in a joint petition presented by attorneys
for the New York Trust Co. and the Bankers' Trust Co. of New York.
detfh
aa
ut
lte
td
hebp
ornodtse.
slddeercslaorfed
or whio
fim
trustees
u
protection of the public interest through
of
the
road
rehabilitation
will be the first consideration under the
the
receivership proceedings. He also said that none of the earnings of the
road should be used to pay bond interest until it was rehabilitated and that,
if receipts were not sufficient for that purpose, receiver's certificates
.
dyf
u
aeno
irstp.sy
e
oem
Thelpdr p
wou
was incorporated in Delaware Nov. 15 1920 to take over
the Denver & Rio Grande _NE. The Western Pacific
the property
interests were the owners of approximately 95% of a Judgment against the
Denver & Rio Grande under which the proeprty was sold by order of the
District Court of the United States for the District of Colorado, at the
upset price of $5,000,000. The property was purchased subJect to an
outstanding funded indebtedness amounting to approximately $120,000,000
and was bought in by the Western Pacific interests at the upset price and
was turned over to the new Denver & Rio Grande Western RR, which
Issued 300.000 shares of non-par value capital stock, all of which is owned
by the Western Pacific RR. Corp.
JULY 29 1922.]
THE CHRONICLE
A reorganization plan was proposed early in 1922 (V. 114, p. 519) by
the Western Pacific interests, but this plan was opposed by the committee
for Adjustment Mtge. bondholders (Richard Sutro, Chairman), and by
a committee for the 1st & Ref. Mtge. bondholders (James H. Perkins,
Chairman). According to a statement credited as coming from Alvin
W. Krech, Chairman of the Western Pacific, the appointment of a receiver
practically scraps the proposed reorganization plan and the plan may
be withdrawn.
Statement by Richard Sutro Chairman of Adjustment Mortgage
7% Bondholders Committee.
The application for a receiver made by the New York Trust Co. as
trustee under the Adjustment Mortgage came as a result of many months
of efforts and negotiations between our committee and its counsel and the
trustee and its counsel.
After careful investigation into all the facts our committee came to the
conclusion that the interest of the property and of all the bondholders
would best be served by a receivership and accordingly an application
was made.
In the absence of Samuel Untermyer, who is abroad, his son Alvin
Untermver appeared in our behalf at the hearing.
The Adjustment bondholders have a substantial interest in the treatment which is accorded to the refunding bonds. $7,005,000 of refunding
bonds (among other things) are pledged as collateral under the adjustment
mortgage and there are in addition about $31,000,000 of refunding bonds
outstanding. The interest of the adjustment bonds in the refunding
bond situation is therefore a large one and is almost as important as the
interest represented by any refunding committee. The adjustment bonds
are entitled to protection and standing accordingly.
The Bankers' Trust Co. as trustee for the refunding bondholders, with
whom we have been in conference concerning this matter, also appeared
and supported the application for a receiver.
Important defaults of long standing have occurred under both mortgages. Interest has been unpaid on the adjustment bonds since
April 1 1921, and on the refunding bonds since Aug. 11921.
Now that the court has taken the property under its protection, the
committee of which I am chairman feels that the earnings will be available
for the rehabilitation of the road and for interest instead of being received
by an alleged owner (the new Denver & Rio Grande Western) which
claimed not to be liable for the payment of the principal and interest of
any of the bonds of the road.
We, accordingly, look confidently to an eventful readjustment whereby
the bondholders will secure equitable treatment.—V. 115, p. 307.
543
Capitalization Outstanding in the Hands of the Public, Including this Issue,
After This Financing.
Havana Electric Railway Consul. Mtge. 5s, 1952
$8.069,570
Compania de Gas y Electricidad de la Habana 50-Year 6s, 1954 3,997,904
do
do
37-Year English 5s, due 1943 (27,900)...
134,850
do
do
5,900
6% Gen, Cons. Oblig., call, for red. June 15'17
Havana Elec. Ry. Lt. & Power Co. Gen. M.5s (incl. this offer9g) z9,499,000
6% Cumulative Preferred stock
20.978.477
Common stock
14.947,346
x Authorized. $25,000,000; outstanding in hands of public, $9.499,000:
in sinking fund, $312,000. $8,100,000 bonds are reserved for refunding
$7,500,000 Havana Electric Ry. Consul. 5s, and £134,600 English 5s of
Compania de Gas y Electricidad de la Habana, and $2,350,000 bonds
are reserved for issue. Balance may be issued for 80% of the cost of
new property, &c., at not to exceed $750,000 bonds a year.
Listing.—Application will be made to list these bonds on the New York
Stock Exchange.
The company will redeem on Sept. 1 at 10234 and int., ail its $1,500,000
5-year 7% Secured Convertible Gold Notes due Sept. 1 1926 then outstanding. Payment will be made at the Guaranty That Co., 140 Broadway, N. Y. City.
The noteholders' right of exchange of these notes into Gen. Mtge. Sinking
Fund 5% Gold Bonds, due Sept. 1 1954, expires on Aug. 22 1922. For
each $1.000 note the noteholder is entitled to receive one $1,000 Gen. Mtge.
Sinking Fund 5% Gold Bond, and, in addition, a cash payment of $175,
plus an adjustment of the accrued interest.—V. 114, p. 2112.
Illinois Central RR.—Initial Preferred Dividend.—
An initial quarterly dividend of $1 10 per share has been declared on the
6% Cony. Pref. stock,'payable Sept. 1 to holders of record Aug. 4. This
dividend is at the rate of6% per annum and covers the period from June 26
to Sept. 1 (see V. 114, p. 2011).
The regular quarterly dividend of 13
4% on the Common stock has also
been declared payable Sept. 1 to holders of record Aug. 4.—V. 115, p. 307.
Interborough Consolidated Corp.—Deposits—Time Extended—The committee for the holders of InterboroughMetropolitan Coll. Trust 432% bonds and certificates of
deposit, Grayson M.-P. Murphy, Chairman, July 28 states:
Approximately 89% of the total outstanding bonds of the above issue
have now been deposited under the plan of readjustment of InterboroughManhattan
Ry., and approximately 434% of the depositors have elected to
Federal Judge Page Morris, in the Third District Court, granted an injunction restraining the Minnesota Railroad & Warehouse Commission from purchase new Interborough 10-Year 6% notes pursuant to the plan.
It is believed that the failure of the remaining bondholders to deposit
enforcing its recent street-car fare order. Date of hearing in St. Paul is
set for July 29, three days before the new fare was to become effective. and of the certificate holders to exercise their option to purchase the new
notes has been largely due to the fact that so many of the bondholders and
See V. 115, p. 435.
holders have been on vacation during the summer season. To
Grand Rapids Grand Haven & Muskegon Ry.—Wages certificate
give those who failed to deposit their bonds or present their certificates
An agreement reached recently between the employees and the company, of deposit to the depositary for notation of election to subscribe to the
fixes the wage scale as follows: 4234 cents an hour for first 3 months, 4734 new notes an opportunity to do so, the committee will continue to permit
cents for next 9 months and 5234 cents an hour thereafter. This is a cut deposits and elections to purchase new notes until Aug. 15 1922. after
of 234 cents an hour compared with the former rates.—V. 113, p. 2818.
which time no further deposits or changes of election will be permitted
except upon such terms and conditions as the committee may impose.—
Grand Trunk Pacific Ry.-4% Debenture Stock.—
V. 115, p. 183.
The British Insurance Association has taken up with the Canadian
Interborough Rapid Transit Co.—Deposits of Bonds
Government the case of the holders of Grand Trunk Pacific Ry. 4%
debenture stock. W. C. Kennedy, the Canadian Minister of Railways
1st & Ref. Mtge.
and Canals, replying at the request of.the Prime Minister, says the asso- and Notes Urged.—The committees for the
ciation's representations on behalf of the Grand Trunk Pacific stock- 5s (J. P. Morgan, Chairman), and the 3-Year Secured Cony.
holders have been very carefully considered by the Minister of Finance
Forbes, Chairman), in a notice July 26,
and himself in conjunction with the Department of Justice which was Gold notes (Allen B.
asked for a legal opinion sa to the position of the Canadian Government. the foregoing security holders state:
The Deputy Minister of Justice gave it as his opinion that the contention
On May 15 1922 this committee circulated a letter covering the proposed
of the shareholders was wholly untenable, and tile letter ends,"the answer Interborough-Manhattan readjustment plan. In order that the plan
to the claim that the Canadian Government has made itself responsible may be declared operative it is necessary that the holders of the 1st & Ref.
for the interest eta the Grand Trunk Pacific guaranteed stock is, therefore, Mtge. 5% bonds and the Secured Convertible notes shall participate in
In the negative.'
the plan to the extent required. If, because of insufficient deposits, the
The association regard the decision as wholly unsatisfactory, "as no plan is not declared operative, it can be abandoned after Aug. 1 by the
attempt is made to give the grounds upon which it is based, or to refute action of any one of the three committees. An abandonment of the plan
the arguments put forward in support of the claim of the stockholders." will make a receivership imminent, with consequent litigation, heavy
Paymaster Rear-Admiral Sir Francis Harrison-Smith, K.C.B. who has expenses and possible postponement of interest payments.
taken up the case of the private holders of these loans, and is being helped
This committee has received deposits of approximately 52% of the 1st &
financially by other stockholders, has received many hundreds of letters Ref. Mtge. 5% bonds and 44% of the Secured Convertible notes. It is
from holders who desire to join his effort to obtain from the Canadian necessary that deposits of substantial additional amounts of the bonds
Government recognition of the responsibilities assumed by its Ministers and notes shall be made to warrant the committee in joining to declare
in regard to this stock.—V. 113, p. 1471.
the plan operative.
The committee is acting solely in the interests of the holders of the
Grand Trunk Ry. of Canada.—Decision of Arbitration bonds
and notes, and has advised, and now again advises, that it is clearly
by
Privy
Council.—
Board Holding Stock Valueless Upheld
to the interests of such holders to promote the plan by depositing their
A London cable states that the Privy Council has rejected the appeal of bonds and notes without delay.
the shareholders of the company from the decision of the Arbitration Board,
Wage Agreement Renewed.—
declaring that "there is no value in any of the four classes of stocks."
President Connelly of the Brotherhood.of the I. R. T. Co. employees
This contradicts a purported cable to the Toronto papers last week which
July 21 announced that "negotiations have been completed with the
on
stated that the Privy Council had reversed the decision of the Arbitration
Interborough Rapid Transit Co. and an agreement has been reached to
Board.
The Canadian Ministry of Railways has received the resignations of extend the present agreement, both as to wages and working conditions,
the following directors: Sir Joseph Flavelle, Chairman of the board; for a period of one year. The extension, therefore, will expire on June 30
President H. G. Kelley, A. J. Mitchell and J. N. Dupois. The only resig- 1923."
nation still outstanding is that of E. L. Newcombe, K.C., Deputy Minister
Over 78% of the stock of the Manhattan Ry. and approximately 89%
of Justice.—V. 115, p. 436.
of the Interborough-Metropolitan Coll. Trust 434s have been deposited
under the readjustment plan. (See Manhattan Ry. below and InterHudson & Manhattan RR.—Bond Interest.—
borough Consolidated Corp. above.)
President Oren Root announces that "the directors have declared the
payment of 334% interest on the $33.102,000 5% Adjustment Income
Johnstown (Pa.) Traction Co.—Bus Application.—
bonds, payable Oct. 1 1922. This represents the regular 234% semi-annual
The company has applied to the Pennsylvania P. S. Commission for
payment and an additional
.
1% on account of interest heretofore accumu- permission to operate a bus line and has protested against the proposed
lated and unpaid.' (After this payment there will still remain 1% of such extension of routes of motor bus companies operating in Cambria, Somerset
accumulated interest unpaid.—Ed.1—V. 114, p. 2233.
and other adjoining counties.—V. 112, p. 2537.
Duluth Street Ry.—Injunction against Commission.—
Havana Electric Ry. Light & Power Co.—Bonds Sold.—
Speyer & Co. and Harris, Forbes & Co., New York, have
sold at 85.and int., to yield about 6.07%, $3,600,000 Gen.
Mtge.5% Sink.Fund Gold Bonds Series"A"(see adv.pages).
Dated Sept. 1 1914, due Sept. 1 1954. Int. payable M. & S. in New
York. Red. at 105 and int. at any time on 30 days' notice. Denom.
000,$5,000 and authorized multiples of $5,000. Guar$1,000 (c*&r*),
anty Trust Co., New York, trustee.
Data from Letter of Pres. Frank Steinhart, New York, July 25.
Security.—Secured by a direct mortgage covering all of the property of
the company on the Island of Cuba, subject to $12,208,224 underlying
bonds.
Company.—A New Jersey corporation, organized in 1912. Furnishes
the entire electric light, power, gas and street railway service in Havana,
and also operates the suburban street railway line to Marianao. Population
of territory served approximately 400,000. Properties include (a) central
electric power station installed capacity 62,500 k.w., which on completion
of additions under way, will be increased to 75,000 k.w.; (b) gas plant
daily.apaelty 10,500,000 cu. ft.; (c) over 86 miles of overhead trolley street
railway (single track measurement); (d) two modern steel and concrete
wharves and (e) an office building in Havana. Passenger equipment
consists of over 500 cars as compared with 302 cars in 1912.
Franchises.—Electric and gas as well as that of the line to Mariana° are
perpetual; street railways expire in 1958.
Purpose.—Company has called for redemption at 10234 &nd int. for
Sept. 1 1922 the $1,500,000 5-Year 7% Secured Cony. Gold notes, due
Sept. 1 1926 (see below). Holders of these notes have the right to convert
their notes into Gen. Mtge. 5% bonds on or before Aug. 22 1922. As to
$1,500,000 bonds, the sale is therefore subject to the conversion rights
of the holders of the 5-Year 7% notes.
The sale of these bonds will provide funds for the retirement of the 7%
notes and for additions and betterments, particularly for the extension of
gas mains.
Earnings Years Ended Dec. 31.
Times
Net
Interest
Gross
Balance.
Income.
Charges.
Earned.
Revenues.
Year—
$2,357,748
$444,800
6.30
$2,802,548
_S5,459,542
mos.)_
(5
1922
4,620,064
5.58
5,629,075 1,009.011
12,882,653
1
11,477,937 5,4.108.510
1920
979,710
4.57
3,502.595
4,482,305
9.397,452
1919
989,138
3.98
2,951,646
3.940,784
8,176,545
1918
3.29
3,753.884
1,138,623
2,615,261
6,989,599
1917-.
Kanawha & Michigan Ry.—Lease.—
See New York Central RR. below.—V. 114, p. 1407.
Kanawha & West Virginia RR.—Lease.—
See New York Central RR. below.—V. 113, p. 2613.
Levis County (Que.) Ry.—Fare Decision.—
The P. S. Commission of Quebec has authorized the company to charge
10 cents per passenger per zone, and tickets to children 25 for $1 25.—
V. 112, p. 2190.
Long Island RR.—Merger.—
The New York & Rockaway Beach Ry. has been merged with the Long
Island RR. The latter company owned $972.200 of the outstanding
$1,000.000 capital stock of the former.—V. 114, p. 2580.
Los Angeles Railway Corp.—Application.—
The City Railway of Los Angeles recently applied to the California Railroad Commission for authority to issue $804.000 of bonds, to be delivered
at par to the Los Angeles Ry. Corp. in payment of moneys advanced for
capital purposes.—V. 114, p. 2717.
Louisiana & Northwest RR.—Offer to Exchange Stock.—
See Middle States Oil Corp.under "Industrials" below.—V.115,p.436,74.
Manhattan Ry.—Deposits—Time Extended.—The committee for the stockholders, Alvin W. Krech, Chairman,
July 28 says:
Stockholders representing over 78% of the stock have assented to the
plan and agreement of readjustment dated May 1 1922. Although this is
not sufficient to make the plan effective, the committee feels that, as so
large a majority of stockholders have indicated their desire that the plan
be carried out, further opportunity should be given those stockholders who
have failed up to the present time to deposit their stock.
The committee will, therefore, continue to accept deposits up to and
including Aug. 15 1922. Stockholders are strongly urged not to allow
inaction or neglect on their part to jeopardize the plan.—V. 115. p.436,308.
Missouri Kansas & Texas Ry.—Must File Claims.—
J. & W. Seligman & Co. and Hallgarten & Co., reorganization managers,
have made and published offers to general creditors of (1) Missouri Kansas
& Texas Ry., (2) Missouri Kansas & Texas Ry. Co. of Texas, and (3)
544
THE CHRONICLE
[VOL. 115.
Wichita Falls & Northwestern By. Co., and to the holders of the following
Pennsylvania RR.—Stockholders.—
bonds guaranteed by endorsement by Missouri Kansas & Texas Ry., viz.:
Total number of stockholders on July 1 1922 was 139,828, a decrease of
(a) First Mtge. 5% bonds of Texas & Oklahoma RR.; (b) First Mtge. 5%
from July 1 1921. Number of shares outstanding on July 1 1922
1,247
bonds of Sherman Shreveport & Southern By., and (e) First Mtge. 5%
was 9,985,314. The average holdings were 71.41. Since Jan. 1 1922 the
bonds of Beaumont & Great Northern RR.
Said offers are on file with Columbia Trust Co., depositary,60 Broadway, number of stockholders has decreased 1,871.
The foreign holdings on July 1 1922 were 3.79% of the outstanding stock,
New York City. On or before Sept. 15 1922. general creditors should
deposit assignments of their claims with the depositary and holders of an increase of 2.28% over the same date last year.—V. 115, p. 437, 74.
guaranteed bonds should deposit the same, in negotiable form, accomPhiladelphia & Reading Ry.—Equipment,
panied by all unpaid coupons, with the depositary.
The company has placed final orders for equipment, which, with other
orders for rolling stock and motive power in the last six months, total
Final Settlement for Federal Control Period.—
$10.000,000. Contracts have been awarded for the construction of 1,000
See U. S. Railroad Administration below.—V. 115, p. 436, 183.
steel gondola hopper-bottom cars, 5 steel combination baggage and mail
Muscatine Burlington & Southern RR,—Foreclosure.— cars and 5 all steel baggage cars.—V. 115, 13. 183.
Foreclosure proceedings have been brought by the Continental & ComPittsburgh Cincinnati Chicago & St. Louis RR.—
mercial Trust & Savings Bank. Chicago, against the company to foreclose
the $517,800 1st Mtge. 6s due July 1 1924. It is expected that this road, Resumes Dividend.—The directors have declared a dividend
which operates between Muscatine. Iowa. and Burlington, 54 miles, and
is now in the bands of Theo. W. Krein, receiver, will be ordered sold by of 6%, payable Aug. 15 to holders of record Aug. 7. This
the Court eventually.—V. 108, p. 2433.
distribution covers the period from Jan. 1921 to July 1922
New Orleans Railway & Light Co.—Sale.—The sale of
the property under foreclosure, by D. B. H. Chaffe, special
master, by order of the U.S. District Court for the Eastern
District of Louisiana, has been set for Aug. 17 at New Orleans.—V. 115, p. 308.
New York Central RR.—Acquisition of Roads by Lease
Approved Conditionally by I.-S. C. Commission.—
at the rate of 4% per annum and is payable out of rental to be
received by the company from the Pennsylvania RR. under
the terms of its lease to that company. For terms of lease,
&c., see under "Current Events" in last week's "Chronicle,"
page 391.
The I.-S. C. Commission, in a decision handed down July 21, ordered
"that the acquisition by the Kanawha & Michigan By. of the control
of the railroads, properties and franchises of the Kanawha & West Virginia By., the acquisition by the Toledo & Ohio Central Ry. of the control
of the railroads, properties and franchises of the Zanesville & Western
' By. and the Kanawha & Michigan Ry., including the properties to be
leased to the last named company, and the acquisition by the New York
Central RR. of the control of the railroads, properties and franchises of
the Toledo & Ohio Central RR. and of the properties to be leased to the
latter, all by means of the proposed leases, are hereby approved and
authorized; Provided, however, and this approval and authorization are
issued upon the express co aditioa, that none of said lessess shall sell, pledge,
or otherwise dispose of any of the capital stock of its lessor, now owned
by such lessee, without tee approval of the I.-S. C. Commission."
The Pittsburgh City Council has received a letter from C. Krobinson,
special city counsel in charge of public utilities legislation, asking an extension of time to time to Nov. 1 for the reorganization of the company.
Originally, the reorganization was to have been completed by Sept. 1.—
V. 115, p. 183.
Semi-annual dividends of 2% each were paid from July 1918 to Jan.
1921, inclusive; none since.—V. 115, p. 437.
Pittsburgh (Pa.) Railways.—Delay in Reorganization..
Pittsburgh & West Virginia Ry.—Stock Increase.—
The stockholders July 27 voted to increase the capital stock from $47,000.000 to $51,900,000, the increase of $4,900,000 to be in Preferred
stock, which will be deposited in the treasury of the company to reimburse
It for additions and betterments made and to be made.—Compare V. 114,
p. 2580; V. 115, p. 74.
President H. E. Farrell announces that his road has just closed a contract
for 1,000 55-ton hopper cars, U. S. RR. Administration type, with the Cambria
Steel Co.,for delivery in the last half of October or the first half of NoThe report of the Commission says in brief:
vember.
of the order amounts to approximately $1,660,000. The
A joint application was filed on Dec. 21 1921 by the New York Central company, Value
it is stated, has sufficient funds to pay for tne new equipment
RR. the Toledo & Ohio Central Ry. and the Kanawha & Michigan By., without issuance
of any further financial obligations, and with this added
seeking approval of the following transactions:
equipment it will have 4,350 open cars.—V. 115, p. 74.
(a) The leasing to the Kanawha of the railroads, properties and franchises of the Kanawha & West Virginia RR.
Quebec Ry. Light Heat & Power Co., Ltd.—Financing.
(b) The leasing to the Toledo of the railroads, properties and franchises
Negotiations for new financing, it is reported, are under way with
of the Zanesville & Western Ry. and of the Kanawha & Michigan, including New York bankers.—V. 114, p. 1652, 1649.
an assignment of the lease of the Kanawha & West Virginia.
(c) The leasing to the Central of the railroads, properties and franPottstown & Phenixville Ry.—Sale.—
chises of the Toledo, including assignments of-the leaseholds proposed to
This road, including Sanatoga Park, was sold at public sale July 21 at the
be acquired by the latter company.
court house at Norristown, Pa.. for $75,000, to John J. Taylor, PhiladelEach of the proposed leases is to run for the term of the corporate existence phia, Chairman of the bondholders' protective committee.—V. 115, p. 309.
of the lessor and any extensions or renewals thereof, subject to the right
of the lessee to terminate the lease by giving not less than 90 days' notice
Rutland (Vt.) Ry., Light & Power Co.—Fares Cut.—
to the lessor of its desire to do so. The lessee in each case is to pay as
A reduction in fares amounting to about 25% is in effect on tho company's
rental the interest accruing during the term of the lease on the present
("Electric Railway Journal," July 22.)—V. 112, p. 258.
lines.
Indebtedness of the lessor and on any future indebtedness incurred during
the term for, or representing the cost of, additions and betterments made
San Francisco-Oakland Terminal Ry.—Amended Reorto or upon the demised premises by the lessee for account of the lessor or
Incurred with the approval of the lessee; also all taxes, assessments not ganization Plan.—The amended reorganization plan, outlined
chargeable to capital account, excises and governmental charges accruing
during the term, and such further sums as may be required to maintain below, for the reorganization of the San Francisco-Oakland
the corporate existence and the exercise of necessary corporate functions Terminal Railways, of which the "Key System," or the San
by the lessor.
Said amounts are to be paid by the lessee, for the account of the lessor, Francisco Oakland &San Jose Railway and the Oakland Tracto the persons to whom they are payable by the lessor. The lessee is to tion System are the main subsidiary corporations, has been
operate the properties and discharge all claims and liabilities arising from
such operation, and all revenues accruing subsequent to the effective concurred in by all parties and all advisory committees.
date of the lease are to be the property of the lessee. The leases contain There has been deposited 95% of the bank holdings, and 82%
the usual provisions for the making of capital improvements on the propholdings of all securities,and the reorganization
erties and for maintenance of such properties at the expense of the lessees. of the private
An additional provision in the lease of the Toledo specifies that in managers feel that these will heartily co-operate and approve
paying
the
addition to
indebtedness, taxes and other amounts provided for,
adoption of this final plan. [The original proposed plan
the lessee shal pay an annual amount equal to the net income of the lessor the
for the year 1921. This provision, the applicant states, is inserted because was outlined in V. 113, p. 535.]
of the requirements cf the statute of the State of Ohio requiring.that the
Unless those depositors who have deposited their bonds
rental reserved in such a lease shall not be less than the net earnings of the
under the agreement of Dec. 1 1919 shall withdraw their
lessor for the year preceding the year in which the lease is made.
In the case of the lease of the Kanawha and the Toledo, there is an bonds on or before Aug. 20, they will be deemed and treated
additional provision for a rental payment of 6% upon the outstanding stock
and will be bound by the plan.
of the lessor. This provision is inserted to take care of the interest on the as assenting to
small amount of minority stock outstanding. The Kanawha & Michigan Plan of Reorganization Adopted by Reorganization Comm.July 7'22.
the
at
rate
paid
dividends
past
of
has in the
5% per annum, but results
New Corporation.—The reorganization is to be effected through the agency
of operation for 1921 were unfavorable and the last dividend was omitted. of a new or several corporations, in which will be vested the title to the
For a number of years the Central has owned the entire capital stock present properties [provided such properties shall be purchased by the
of the Toledo and the Toledo has since 1914 owned 99.4% of the capital reorganization committee at foreclosure or other sale].
stock of the Kanawha & Michigan and owns all of the capital stock of the
Securities and Obligations of Old Company.—The outstanding securities
Zanesville & Western Ry. The Kanawha owns all of the capital stock of of the old company involved in this reorganization amegate $48.879,000
the Kanawha & West Virginia RR. The applicants state•that the object (see table of exchange below), viz.: (a) bonds, $16,401,000; (b) notes,
of making separate leases to the Kanawha and to the Toledo and assigning $3,600,000: (e) equipment bonds and notes (Oakland Traction Co. 6%
these leases to the Central is to facilitate separation of the properties in Equip. Bonds, $33.000; San Francisco-Oakland Terminal Rvs. 6% Equip.
the event that the leased lines should not be grouped with those of the Notes, $70,000: San Francisco-Oakland Terminal RYS. Equip. Trust CerCentral upon consolidation. They are not so grouped in our tentative plan tificates, $600,000), $703,000: (d) Stock: 6% Cum. Pref., $12,050,000; 6%
heretofore announced. The approval of the proposed leases. however. Cum. Pref., $1,000,000; Common, $15,125,000.
Is not to be considered as indic,ating our conclusion in the matter of con(e) In addition to the foregoing, a promissory note for $2,500,000 of the
solidation. (Compare also Panhandle decision in V. 115, p. 391.)
San Francisco-Oakland Terminal Rys., is held in pledge as security for the
This company has recently completed and placed in operation a 30-stall payment of Oakland Railways notes.
enginehouse and terminal layout at Solvay, N. Y. See five-page article,
(1) In addition to the above outstanding bonds and secured notes, there
together with illustrations and maps, in the "Railway Age" of July 22.— will be unpaid coupons upon bonds of the various issues referred to above,
maturing subsequent to Nov. 19 1919, all coupons on all issues of bonds
V. 115, p. 436.
maturing prior to that date, and upon bonds of the Oakland San Leandro &
New York New Haven & Hartford RR.—Extension of Haywards Electric By., 1st Mtge. 6s, and 23d Avenue Electric By. 1st
to be paid in cash.
News
Bureau" July 26 says: Mtge. 6s,
Franc Debenture Bonds.—"Boston
Cash Requirements.—The moneys realized from the sale of $2,500,000
In spite of diligent efforts by the bankers interested to get all the foreign First Mtge. Bonds will be employed to meet the estimated cash requirements
holders of the franc bonds to come in under the plan adopted for paying of the plan.
off 10% of the bonds in cash and extending the balance for 3 years at '7%,
This sum will be used:(a) to retire Equipment Trust obligations ($600,000
a good many of the foreign holders failed to avail themselves of the offer. of which will be expended for the partial construction and equipment of 2
in France,
There were many small holders scattered abroad. particularly
ferry-boats); (b) to reimburse the depreciation fund established by orde
new
The
them.
all
of
experienced
in
reaching
and considerable difficulty was
of the Railroad Commission for expenditures made therefrom for the confailure of some to come in under the plan is not surprising, as practically struction and equipment of such ferry-boats; (c) to pay in cash accrued and
there is never a 100% response in a proposition of this kind.
unpaid interest on Group I-A bonds (see below) to date of exchange for
Prior to April 1 there were slightly over 69.700.000 franc debentures new issues; (d) to pay coupons maturing prior to Nov. 19 1919; (e) to disoutstanding and $14.118,000 dollar debentures, a part of the same issue. charge obligations of Oakland Terminal Co of not exceeding $50,000; (f) to
10.000.000
francs
about
of
are
the franc bonds carry out the plan and to pay the expenses of reorganization and to make
It is understood that there
still outstanding which have not come in under the extension plan. The all necessary disbursements in connection therewith, including payments
in francs or pounds sterling at the
indenture originally provided for payment
necessary to pay non-assenting bondholders; to make necessary disbursepounds
sterling
now, these 10,000,- ments for the property and for other corporate purposes.
holders' option. Assuming payment in little over
a
only
involve
$1,700,000.
would
bonds
000 franc
Securities to be Issued by the New Companies.
in this country was very nearly
The response of holders of dollar bonds
in the foreign end of the financing,
(1) First ..Mortgage Bond, Authorized $10,000,000.—To be created to
unanimous. The bankers interestedfinal
effort
to
and
convince
another
reoney. These bonds shall mature in 15 years, shall be
new
make
the
foreign
holders
provide
it is believed, will
issued in series, shall bear such rates of interest not exceeding 7%,and shall
of the value of the extension plan.
such
a premium as determined by directors at time of issuance.
at
callable
be
Leases Groton Iron Works.— grades of work done
Secured by a first mortgage upon all the property owned by the operating
at the local company (except as stated in Paragraphs 2 and 3) and are to be additionally
Declaring that inability to get certain
the
issue, it was announced
repair shops because of the strike has forced
secured by the collateral pledge of all the stock, except qualifying directors'
July 24, that the company_ha.s effected a lease of the Groton Iron Works shares, of the subsidiary companies which shall issue bonds (described in
at New London, Conn.—' 115. p. 309. 74.
Paragraphs 2 and 3) and of any other subsidiary companies which may be
formed.
Beach Ry.—Merger.-New York & Rockaway
Of this new first mortgage issue, the first series of $2,500,000 is to be
initially issued and sold, and the owners of the new common stock, as a
See Long Island RR. above.—V. 114, p. 1287.
condition of the issuance of such stock to them,shall buy at least $1,000,000
RR.—Receiver's
Equipment Notes. at par.
Paris & Mt. Pleasant
(2) $236,000 Closed First Mortgage 15-Year 6% Bonds.—To be issued by a
The I.-S. C. Commission has authorized R. W. Wortham, receiver, to
issue 20 notes, each in the face amount of $500, to the J. G. Brill Co., in separate company (all of the stock of which, except qualifying directors'
Dart payment for a combination passenger-and-baggage rail motor car.— shares, shall be owned by the operating company) which shall own the
property now covered by the $236,000 1st Mtge. 6% bonds of Oakland
V. 111, p. 1183.
•
THE CHRONICLE
JULY 29 1922.]
San Leandro & Haywards Electric Ry.. due 1922, the old bonds to be
exchanged for these new bonds, par for par.
(3) $229,000 Closed First Mortgage 15-Year 6% Bonds.—To be issued by a
separate company (all of the stock of which, except qualifying directors'
shares, shall be owned by the operating company), which shall own the
property now covered by the $229,000 1st Mtge. 6% bonds of 23d Ave.
Elec. By., due 1923. the old bonds to be exchanged for these new bonds.
par for par.
(1) General and Refunding Mortgage.—This Gen. & Ref. Mtge. shall be
junior in lien to the foregoing three mortgages. Total authorized $20,000.000, due in 15 years. Of this total issue bonds in an amount sufficient to
exchange, par for par, for the 37,5'38,0001 bonds in Group I-B, together
with unpaid coupons and interest of such bonds, maturing subsequent to
Nov. 19 1919, shall be issued forthwith and exchanged, par for par, for the
bonds in Group I-B. Of such amount initially issued, those which are
exchanged for the bonds in Group I-B, which bear 6% interest, or to refund
coupons upon such bonds, shall bear 6% interest, and those bonds which
are issued in exchange for bonds in Group I-B, which bear 5% interest, or
to refund coupons upon such bonds, shall bear interest at the rate of 5%.
The remaining authorized bonds are to be issued only to refund bonds
Issued under the foregoing mortgages. The mortgage will provide that
these unissued refunding bonds may be issued in series, with such interest
rate, not to exceed 7% and callable at such price as directors may determine.
(5) $2,500,000 10-1ear Closed Collateral Trust Notes.—Issue of the Oakland Railways, or a new company (all of the stock of which, except nualifying directors' shares, will be owned by the operating company), callable
at par and interest, to be collaterally secured by $1,628.000 Prior Pref. 7%
Stock and $1,628,000 Pref. Stock and $1.202,800 new Common Stock of the
oope
exchanged
nella
:C1 $47811if,i213(74
)
.117
,,CI
atin. Mn.
/ f.wily tcicek iTeggglfgr
Group
oi5n
S
as collateral for the outstanding $2,500,000 Oakland Railways (Halsey)
Notes.
These new notesshall be guaranteed as to interest only by the operating
company, which Shall have the right to pay said notes on any interest date
prior to maturity; the trust deed securing such notes shall provide for a
waiver of stockholders' liability, and that when the notes have been paid.
the above collateral shall be returned to the treasury, with the exception of
$952,800 new Common Stock, which will go to the original holders or their
successors, such holders having originally furnished said stock as collateral
for the Oakland Railways note issue.
The $2,500,000 new notes are to be exchanged, par for par, for the now
outstanding Oakland Railways note issue in like amount. AB further
claims to the security of the $2,500,000 note of the old company will be
released and that note will be surrendered and canceled.
(6) 7% Prior Preferred (a. & d.) Cumulative Stock.—In the amount of
$6.735.500 plus an amount equivalent to the unpaid interest on the bonds in
Groups II and III (see below), to be exchanged,in the proportion indicated,
for bonds in Groups II and III, and in addition unpaid coupons and interest
.unpaid
, thereon. Of this stock (disregarding such stock as is issued to cove,
Interest) $5,107.500 will be outstanding in the hands of the public, and
$1,628,000 will be pledged as collateral security for the $2,500,000 Oakland
Railways 6% Collateral Trust 15-year Note Issue.
(7) 7% Preferred (a. & d.) Stock.—Subject to the prior preferred, cumulative as to dividends as against the common stock, and preferred as against
the common stock as to dividends and assets, to be exchanged in the proportion indicated, for bonds in Groups II and III, and in addition of unpaid
coupons and interest thereon as shall accrue. Of this stock (disregarding
such stock as is issued to cover unpaid interest) $3,290,500 will be outstanding in the hands of the public, and $1,628.000 will be pledged as
collateral security for the $2,500.000 Oakland Railways 6% Coll. Trust
15-year note issue.
The pledged Prior Pref. and Pref. stock will have no voting power and
will not receive dividends, so long as the interest on the Oakland Railways
note issue is paid, and upon payment of the note issue will be returned to
the treasury of the operating company.
(8) $3,262.500 Common Stock.—To be issued in exchange for $13,050,000
Pref. Stock of the old company on the basis of one share of new Common
for four shares of old Pref. Of this $3,262,500 of new Common stock
$2.059,700 will be outstanding in the hands of the public and $1.202.800
will be pledged as collateral security for the $2,500,000 Oakland Railways
6% Collateral Trust Note issue. Upon payment of the Oakland Railways
notes, $250,000 of the pledged stock (which shall have no voting power
unless acquired through foreclosure of pledge) will be returned to the treasury
of the operating company and $952.800 to the successors of those who
furnished it as collateral for the Oakland Railways note issue.
Payment and Funding of Coupons.—All interest on outstanding bonds
maturing prior to Nov. 19 1919, and upon all outstanding bonds of Group
I-A to date of exchange of securities, shall be paid in cash, and all other
coupons and interest due subsequent to Nov. 19 1919, and up to the time
of the distribution of new securities, shall be refunded by the issuance of
bonds or prior preferred or preferrod stock, as the case may be. It is
estimated that the amount of coupons to be so refunded will be approximately three years' interest on the various bond issues, but if more than three
years' interest and coupons are required to be refunded at the time of the
consummation of this plan, the amount of new bonds and preferred stocks
to be distributed will be increased by the amount of such excess.
Tideland Notes.—The new company will have no interest in the Tidelands.
All rights of holders of Tideland Notes upon the collateral securing the
Oakland Railways Notes shall be released and recourse against both the
present and future operating company shall be waived; as a consideration
for such waiver and release. $50,000 new first mortgage bonds, or their
equivalent, are to be delivered to Tideland noteholders or for their account.
Exchange of Old Bond Issues, Note & Stock Issues for New Securities.
without Regard to Overdue and Unpaid Coupons.
Outstanding
New Sem'
Old
to Be Issued
Securities.
in Exch'ge
Group I-A—To Be Exch.for New 1st M.6s, 1938, of
New Subsidiary Companies, Respectively—
$236,000 Oak San Lean. & Haywards El. fty. 1st 6s, 1922_ _
$236,000
229,000 23rd Avenue Electric By. 1st M. 6s, 1923
229,000
Group I-B—To Be Exch. for Gen. & Ref. Mtge. 6%
and 5% Bonds of New Operating Cornpany—
$1,121,000 Oakland Transit Co. 1st Consol. 6s, 1918
1,121.000
1,595,000 Oakland Transit 1st Consol. 5s, 1931
1,595,000
1,202,000 Oakland Transit Consol. 1st Consol. 5s, 1932
1,202,000
3,000,000 San Fran. Oakl. & San Jose Ry. 1st M.58, 1933.. _ 3,000.000
620,000 East Shore & Suburban Ry. 1st M. 5s, 1940
620,000
Group II.—To Be Exch.for Stock of Operating Co.—
x$2,134,000 Oakland Traction Congo!. Gen, Consol. 5s, 193375% in 7% Cum. Prior Pref., stock
1,600,500
25% in 7% Preferred stock
533,500
x1,500,000 San Wan.Oakland & San Jose Ry.2d M.5s,193375% 7% Cum. Prior Pref. stock
1,125,000
25% 7% Preferred stock
•
375,000
Grattp°1II.—To Be Exch.for Stock of New Oper.
.Co.—
y$3,177,000 Oakland Trac. Co. Gen. Consol.5% Bond's, 193550% in 7% Cum. Prior Pref. stock
1,588,500
50% in 7% Preferred stock
1,588,500
• Y1,587,000 San Fran. Oak. & San Jose Cons. Ry,Gen, Con. 5s
50% in 7% Cum. Prior Pref. stock
793,500
50% in 7% Preferred stock
793,500
Oakland Rys. 6% Notes to Be Exchanged for 6% Notes of 1933.
2,500,000 Oakland Rys. Coll. Trust 6% Gold Notes, 1913_ _ 2,500,000
Exchange of Pref. Stock for Common Stock of New Operating Co.
z12,050,000 San Fran.-Oakiand Term. Rys. A Pref. stock__ 1
z1,000,000 San Fran.-Oakiand Term. Rys. B Pref. stock_
a3,262,500
$15,125,000 San Fran.-Oakland Term. ,Rys. Common stock_ _Wiped Out
1
A??I
x Bonds and past due coupons in this group are to be exchanged for Pref.
stock on basis of 75% of 7% Cum. Prior Pref and 25% of 7% Pref.
y Bonds and past due coupons in this group are to be exchanged for Pref.
stock on basis of 50% of each class of Pref. stock.
z This stock is to be exchanged on basis of 4 shares of old Pref. stock for
1 share new Common.
aOperating company common stock—being entire amount outstanding.
Note.—In addition to the $4,764,000 bonds in Group III which are outstanding in the hands of the public, $1,843,000 Oakland Traction Co. Gen.
Consol. 5s, 1935, and $1,413,000 San Fran. Oakland & San Jose Consol.
By. Gen. Consol. 5s, 1938, or a total of $3,256,000 of this group, are
pledged as collateral for the $2,500,000 Oakland Railways 6% Notes.
Financial Structure of Combined Companies.—On completion of the reorganization. the financial structure of the operating company and its sub-
545
sidiaries (eliminating such securities as may be issued to cover overdue and
unpaid interest and coupons) will be as follows:
Stock.—(a) Common, $3,012,500; Pref., 7%,$3.290,500; Prior
Pref, 7% Cum„ $5,107,500
$11,410,500
Notes.—Oakland Railways 6%
2,500,000
Bonds.—Gen.& Ref. Mtge. bonds:(a)6%,$1,121,000;(b) 5%.
$6,417,000
7,538,000
First mortgage
2,500,000
Divisional mortgage 6%
465,000
Non-Assenting Holders of Old Bonds.—Depositors who shall have withdrawn their claims from the operation of the agreement of Dec. 1 1919, and
those who shall not have deposited their bonds or claims under the said
agreement or hereunder, will not be entitled to participate in this plan, and
will receive only their distributive shares of any balance of the proceeds
derived from the sale of the mortgaged properties of the old company that
may remain after the discharge of obligations and liabilities entitled to prior
payment under the terms of the foreclosure decrees and orders of court.
Voting Trust.—A voting trust of the stock of the new company which
shall be operative for seven years, will be created, and shall be accepted
by all stockholders
Management of the New Company.—First board of directors shall consist of:
W. W. Garthwaite, C. 0. G. Miller, P. E. Bowles and John S. Drum,
representing the bondholders; Warren Olney Jr. J. K. Moffitt, Robert G.
Hooker, Samuel Knight, H. C. Capwell, B. H. Dibble°, Miles Standish
and A. Crawford Greene, representing the Prior Pref. and Pref. stockholders; W. I. Brobeck, W. R. Alberger and J. F. Carlston, representing_the
Common stockholders
Data from Circular Signed by Reorganization Committee July 17.
The plan is based upon the following principles and considerations which
have been considered essential:
(1) It complies with the principles of reorganization approved by the
Railroad Commission, which has formally emphasized the necessity for "a
thorough-going reorganization" of the properties. (2) It involves the
reorganization 9f the present consolidated company in such a manner as
to include the 'Key Division' and the "Traction Division" in one new
corporation (except for subsidiary corporations to take care of certain
specified outstanding bonds and note issues of present subsidiaries), which
shall be the owner of all operating and non-operating properties now held
by the consolidated company.
(3) It holds the properties together as a unit and nevertheelss recognizes
in the issuance of new securities the security and relative priorities of the
obligations now existing.
(4) It recoanize,s the obligation of the properties and of the new corporation to give efficient service, and to provide for future necessary extensions
and betterments by affording an opportunity to obtain new money without
delay or prohibitive cost.
(5) The plan provides that the holders of the pref. stock of the old company who will become the holders of the common stock of the new company, shall through the purchase of new first mortgage bends supply twofifths of the new money presently required.
(6) The plan eliminates in its entirety $15,125,000 outstanding common
stock of the old company, and places the stock control of the operating
company in the holders of the prior preferred and preferred stock.
(7) The $2,500,000 Oakland Railways notes (Halsey notes) are extended
to 1933, and such notes are secured by the collateral which the note-holders
would have received in the reorganization had they taken through foreclosure the old bonds of $3,256,000 and 48,112 shares of the old preferred
stock, such bonds and stock now constituting the security for such notes.
The interest on the new notes for a period of ten years is to be guaranteed
by the operating company.
(8) The Tidelands are eliminated. As a consideration for the release by
the holders of the so-called Tideland notes of the second lien on the collateral
securing the Halsey notes, and the waiver by such noteholders of recourse
against either the present or the new operating company, new first mortgage
bonds of a face value of $50,000, or their equivalent, are to be delivered to
the Tideland noteholders, or for their account. All Tideland notes heretofore deposited with this committee will be returned to the depositors.
(9) The Equip. Trust Obligations totaling $703.000 will be paid in cash.
(10) The floating debt of the company, including past due loans, all of
which were used by the company to pay bond coupons, will be paid in full.
Earnings of San Francisco-Oakland Terminal Railways, Calendar Years.
xGross
Actual
aNet
Revenue.
Oper.Exp.
Taxes.
Income.
1916
$4.310,750 $2,939,644 $266,532 $1,104,575
1917
4,622.976
1,237,943
3,121.497
263,535
1918
5,178,569
1,404,791
3,504,010
269,768
1919
z5,896,804
4,317,242
298,264
1,281,298
1920
6,829,970 y4,912,765
1,579,218
337,987
1921
7,016.217
1,'775,346
9,853,032
387,838
1922 (5 months)
2,839,189
170,099743..1,925.988
net
a The
income shown above represents the balance before deducting
accrued depreciation.
x Gross revenue includes: Operating revenue, non-operating revenue; net
commissary revenue.
y Statement of 1920 includes increase in rates granted by Railroad Commission in Key Division fares (effective Sept. 1 1920); commutation rates
from $4 to $4 80 per month, and one-way fares from 15c. to 18c.
z Strike of carmen, Oct. 1 to 11, incl., 1919, affected net.earns. of 1919.
Statement of Valuation of Property as of April 30 1922.
Estimate of reproduction value of physical property, based upon Railroad
Commission's valuation of June 30 1914, plus additions and betterments,
and less abandonments, with all prices adjusted to current market prices:
Peproduction Value
Operative.—(a) Key Division, $14,454,000; (b) Traction Division, $19,555,000; System
$34,009,000
Non-Operative.—(a) Key Division,$1,666,000;(b) Traction Division,$763,000; System
2,429,0M
Total, Operative and Non-Operative.—(a) Key Division, $16,120,000;(b) Traction Division,$20,318,000; System
$36,438,000
In these valuations no amount has been included to represent going
concern, franchises or other
intangible values.
.
To the above should be added about $1.500,000 betterments provided for
In the plan, making a total valuation
of $37,938,000.—V. 115, p. 74.
Spokane & Eastern Ry. & Pow. Co.—Int. in New CO.-
See Spokane United Railways below.—V. 114. P. 2360. 948.
Spokane United Railways.—New Securities.—
After its organization recently, the directors authorized the issuance of
$3.500.000 bonds to be covered by a mortgage for that amount to be et
cuted in favor of the Farmers'
Loan & Trust Co. of New York. An issue of
$1.500.000 preferred and $2,000,000 common stock was also authorized.
The stocks and bonds have been prorated between the Washington Water
Power Co. and the Spokane & Eastern Railway & Power Co. in payment
for the two street-car systems taken over by the new company.
The bonds will be used in caring for the bonded debt of the old companies,
released when the lines were turned over to the new company.
Executive officers are: M. W. Birkett (Gen. Mgr. of Washington Water
Power Co.), 1st V.-Pres.; M.
H. MacLean, Chicago (Pres. Spokane &
T
E
Eastern
reas Ry.lanngdtoSn
. es.; and V. G. Sbinkle (Sec.. Pr
Treas
P
Co
itwer
)
.
2dV
yRy.
c0
)
.
,
Water
Steubenville East Liverpool & Beaver Val. Trac. Co.—
Operations in Jefferson County, Ohio, were resumed July 11. The lines
were tied up since
May 2, owing to a strike. An agreement has not been
reached with the employees in Columbiana County, 0.;Beaver County,Pa.,
and Hancock County, W. Va., and the tie-up in those three counties continues.
Wages of motormen and conductors will be as follows: First six months,
45 cents per hour; next 12 months 4731 cents; thereafter 50 cents.—V. 114,
p. 2014.
Sumpter Valley RR. Co.—Status, &C.
See David Eccles Co., under "Industrials," below.
Tacoma (Wash.) Ry. & Power Co.—Fares.—
_T
vh
.e1c
1o
3,
m p.
an2y61
a5.
nnounces that hereafter a weekly pass will be sold for $1.
Present single fares of 10 cents, or 25 tickets for $2, will remain in force.
Tennessee Central Ry.—Securities Authorized.—
h
ex
ece
l.
not
;d
S.
ing
C.$C
3ommission July 22 authorized the company:(1) To issue
.000,000 Common capital stock (par $100), in respect of
546
THE CHRONICLE
the purchase price of the property of the Tennessee Central RR.:31.700,000
of the stock to be thereafter acquired and pledged with the Secretary of
the Treasury as part collateral security for a loan of $563,000 from the
United States, and the remainder to be delivered to the stock subscribers.
(2) To issue not exceeding $1,500,000 1st Mtge 6% gold bonds in respect
of the purchase price of the property of the old company: $850.000 of the
bonds to be thereafter acquired and pledged with the Secretary of the
Treasury as part collateral security for a loan from the United States,
and the remainder to be delivered to the bond subscribers.
(3) To issue not exceeding $563,000 of 1st Mtge. 6% gold bonds; to be
pledged with the Secretary of the Treasury as part collateral security
for a loan.
(4) To assume obligation and liability, as guarantor by indorsement,
in respect of $850,000 promissory notes given by the applicant's stock
and bond subscribers in respect of the purchase price of the property of
the old company;said notes to be pledged with the Secretary of the Treasury
as part collateral security for a loan from the United States.
(5) To assume obligation and liability, as guarantor and otherwise, in
respect of $210,000 of equipment trust certificates to be issued by the
American Trust Co., Nashville, Tenn., under an equipment trust agreement dated June 1 1922.
The company was organized Jan. 24 1922 in Tennessee with an authorized capital stock of $3,000.000 (par $100) for the purpose of acquiring
and operating the railroad property formerly owned by the Tennessee
Central RR., sold at a special master's sale on Jan. 10 1922 to C. M.
Hovey, representing a purchasing syndicate which included the organizers
of the applicant. for $1,500,000. Of the purchase price, $250,000 was
paid in cash, and the balance evidenced by 13 demand notes, 12 for $100,000
each and 1 for $50,000, executed and delivered to the clerk of the court.
To secure payment of the notes a lien was retained upon the property.
On Jan. 21 1922 the sale was confirmed and the property conveyed to
Hovey, who transferred it to the new company on Jan. 27 1922. As of
June 13 1922 the sum of $650,000 had been paid on the purchase price.
Subsequent to the purchase of the railroad property, the company
purchased at private sale from the receivers equipment, materials and
supplies for $145,000, of which $14,500 was paid in cash, and for the
balance the company executed and made payable to the clerk of the court
9 promissory notes, each for $14,500 with interest from date at the rate of
6% per annum, payable monthly.
As a result of the proposed reorganization, the outstanding capitalization
ofthe property is scaled down from $20,632,303, as shown by the company's
annual report for the year ened Dec. 31 1921, to $5,273,000, of which
$3,113,000 will be capital stock and first mortgage bonds pledged for the
Government loan. Similarly the fixed interest charges under the proposed plan will be greatly reduced. The fixed interest charges on the
bonds which will be actually outstanding, and the Government loan will
be $72.780. as compared with such charges of the railroad company for
the year ended Dec. 31 1921, of $594.872.—V. 114. p. 948.
Tennessee Electric Power Co.—Plan Declared Operative.
—The plan for organization of the company to acquire the
properties and securities of Tennessee Power Co., Chattanooga R. & Light Co., Nashville Ry. & Light Co. and
Chattanooga & Tennessee River Power Co. has been declared
operative as of July 26.
Security holders who deposited their holdings under the plan will be
advised by the depositaries shortly as to the date when new securities or
cash and securities will be ready for delivery. upon presentation of their
certificates of deposit. [The Tennessee P. U. Commission has approved
the issuance of the new securities necessary to carry out the plan. The
municipalities of Nashville and Chattanooga also approved the arrangements as far as the companies under their jurisdiction were affected.1—V.
115. p. 309.
Terminal HR. Assn. of St. Louis.—Bonds Authorized.—
The Missouri P. S. Commission has authorized the company to issue and
sell $2,499,000 4% bonds, due 1953, to reimburse the treasury for money
expended.—V. 115, p. 309.
Toledo & Ohio Central Ry.—Lease.—
See New York Central RR. above.—V. 115, p. 301.
Twin City Rapid Transit Co.—Abolishes Zone.—
The Minnesota State Supreme Court has handed down a decision upholding the company's right to abolish the so-called neutral fare zone.—
V. 115, p. 437.
Union Railway Gas & Electric Co.—Timefor Exchange
Extended.—Pres. Geo. E. Hardy, July 20, in a notice to the
holders of 5% Coll. Trust Gold bonds, due July 1 1939, says:
On June 30 1922 we made you an offer to exchange each of your $1,000
bonds for either a 5% Gen. Lien & Ref. bond of Commonwealth Power
Corp., due 1939, plus $70 in cash, or a 6% Gen. Lien & Ref. bond of Commonwealth Power Corp., due 1972, without any cash, provision being made
for exchanging $500 bonds on a pro rata basis.
Because so many holders are away from home at this season the time for
deposit has been extended to Aug. 21. If for any reason it is inconvenient
for you to deposit your bonds before that date, a letter addressed to any
one of the following depositaries: Commercial Trust Co.. Phila.; Fidelity &
Columbia Trust Co., Louisville, KY.; Rhode Island Hospital Trust Co.,
Providence, R. I.; or to this company direct, indicating the time when you
can deposit your bonds and the offer which you elect to take, will be accepted
as though the bonds themselves were deposited. Compare offer in V. 115,
p. 184.
United Railways & Electric Co.—Certificates Called.—
All of the outstanding car trust 8% gold certificates, dated July 11920,
aggregating $736,000, have been called for payment Aug. 21 at 100% and
interest at the Maryland Trust Co., Baltimore, Md.—V. 115, p. 437.
United Railways of St. Louis.—Fares Extended.—
The Missouri P. S. Commission has authorized the company to continue
to charge the 7-cent fare until Dec. 311922. See V. 115. p. 75.
U. S. Railroad Administration.—Final Settlements.—
The U. S. Railroad Administration announces that final settlement of all
claims growing out of 26 months of Federal control have been made with the
following roads: Missouri Kansas & Texas Ry.,$5,000,000; Union Passenger
Depot Co., Galveston. $35,000: Northern Pacific Terminal Co.. Oregon,
$26,500; Wichita Falls & North Western Ry.,$3,500; Salina Northern RR..
43,500; and Knoxville Sevierville & Eastern Ry., $2,500.
The I.-S. C. Commission has certified to the Secretary of the Treasury
that the Tennessee Central Ry. is entitled to $563,000 in full settlement of
claims for deficit incurred during the period of Federal control.—V. 115.D.
438, 184.
Washington (D. C.) Ry. & Electric Co.—Merger Bill.—
See Capital Traction Co. above.—V. 114, p. 2117.
Washington Water Power Co.—Interest in New Co.—
See Spokane United Railways above.—V. 115, p. 438.
York (Pa.) Railways Co.—New Directors.—
Service Corp. of Phila.
As a result of the purchase by the Municipal
stock of the York Railways, three
of a controlling interest in the Common
J.
are:
W.
Swain
They
and L. B. Harvey
elected.
new directors were
of Phila., and G. B. Baker of Boston. Charles H. Bean, Charles S.
Cheston and Walter C. Janney of Phila., resigned from the board.—
V. 115, p. 310.
Zanesville & Western Ry.—Lease.--
See New York Central RR. Co. above.—V. 113, p. 2615.
INDUSTRIAL AND MISCELLANEOUS.
General Industrial and Public Utility News.—The
following table summarizes recent industrial and public
utility news of a general character, such as is commonly
treated at length on preceding pages under the caption
[VoL. 115.
"Current Events and Discussions" (if not in the "Editorial
Department") either concurrently or as early as practicable
after the matter becomes public.
Steel and Iron Production, Prices, &c.
The"Iron Age" July 27 says in brief:
Priority Order.—"The sweeping order of the Inter-State Commerce Commission, effective Tuesday midnight, establishing priorities in all railroad
traffic and in fuel distribution, have thrown the steel trade into a condition
of utmost uncertainty.
"Under the war priorities steel was high on the priority list, but the order
just issued requires that tke iron and steel and allied industries wait for coal
until the more essential consuming lines have been supplied.
"An immediate effect, assuming that coal begins to move at once to the
preferred classes, would probably be to take up most of the soft coal output.
estimated at 4,000,000 tons this week, leaving steel and other industries to
depend to a large extent upon their stocks. These represent in most cases
not more than a 30 days' supply.
"While recently the insufficiency of transportation and the lack of coal
have affected steel production more than consumption, it is now to be exp3cted that actual requirements of steel consumers will decrease along with
the cutting off of shipments from mills. An unknown factor, in the absence
of actual experience under the rationing scheme, is the extent to which the
coal output of steel company mines will be taken for distribution among
preferred consumers.
"It is not to be overlooked that shipments of food and other preferred
commodities as named on the Commerce Commission's list are fully provided
for in the !present movement of freight and that therefore the effect of the
priorities in fuel distribution are the chief of the new factors introduced
Into the situation.
Curtailments.—"Eastern Pennsylvania, Johnstown and the Mahoning
and Shenango valleys had the most marked curtailment. The Pittsburgh
district was nearly up to its operation of the preceding week.
"In the week ending July 22 four additional blast furnaces were banked
in the East, including one Bethlehem and one Sparrows Point, one at
Sharpsville, Pa., and one at Leetonia, Ohio.
"At best the outlook is for such a railroad congestion as will affect the
entire industry for weeks to come.
Prices.—"Coke prices have advanced rapidly and Connellsville foundry
coke has been sold at from $14 50 to $15, an advance of $4 50 to $5 within
a week. Quotations on furnace coke are almost, if not fully, as high.
Coal which sold at $1 90 on April 1 and at $3 50 under the agreement with
Secretary Hoover, is now selling at from $8 to $9 and the Hoover schedule
has been abandoned, although coal companies are making deliveries at low
prices on contracts. Considerable imports of British coal have been arranKed for, and there are some negotiations for British coke.
"Due to the increasing scarcity of coke, there is a decided upward tendency
in pig iron prices, with much irregularity. Advances range from 50c. on
Alabama iron to as much as $3 in some Northern centres on foundry and
malleable grades. Sales have been limited and there is only fair inquiry.
The largest sale of the week was 5,000 tons of basic to a Cleveland steel company. Foreign pig iron has already advanced under increased demand
and higher freight rates which have been brought about by contracting for
the shipment of coal from England to the United States.
Freight Rates.—"It is now definitely announced that reduced freight rates
on pig iron from Birmingham to St. Louis, Cincinnati and Louisville will
become effective Sept. 1, but there will be no reduction to Cleveland.
Chicago or other Northern points, because Northern railroads would not
agree to reductions proposed by Southern lines.
Foreign Trade.—"Scotch foundry iron has been sold for prompt shipment
to Atlantic ports of the United States, and our London cable reports pending inquiries.
Railroad Orders.—"Railroad equipment business is still noteworthy. Not
only have several more large car repair inquiries been put before the trade,
involving upward of 8,500 cars, but 5,000 steel cars have been bought,
taking probably 50,000 tons of steel, and the locomotive orders of the week
aggregate more than 100.
line locks on
Iron Ore.—"Iron ore stocks at blast furnaces and on Lakeyear
previous.
July 1 were 25,367000 tons, as against 30,066,000 tons onecompared
with
Furnace consumption of ore was 3,388,000 tons in June,
3,294,000 tons in 1Vlay, an indication that until the railroad strike operations
were being well maintained."
opinion
Steel Mergers Not Illegal.—Attorney-General Daugherty rendersmergers.
on proposed Bethlehem-Lackawanna and Midvale-Republic-Inland
Age"
"Iron
also
issue,
this
of
page
See 'Current Events" on a preceding
July 27, pages 207-210 and 246 a to d inclusive.
Coal Production, Prices. &c.
The U. S. Geological Survey reports as of July 22 (in brief):
of the railway shopmen's strike coal production
influence
the
"Under
with the placement
is rapidly declining. Traffic congestion has interfered
output of coal is already
of empty cars at non-union mines, and the weekly
in June. The
late
reached
point
high
the
below
tons
1,700,000
running
present week (July 17-22) may even set a new low record. Preliminary
against a
reports indicate that production cannot exceed 3,600,000 tons, maximum
minimum of 3,575,000 tons in the 3d week of the strike and a
of 5,363,000 tons in the 12th week.
"In comparison with normal years the present deficit in production is
even more marked. Final returns on the 15th week of the strike (July
10-15) show 4,114,000 tons of bituminous coal and 31,000 tons of anthracite, a total for all coal of 4,145,000 tons. In the corresponding week of
1921, a year of depression, the total quantity raised—anthracite and
bituminous—was 9,280,000 tons; in 1920 it was 11.500,000 tons. In other
words, considering anthracite and bituminous coal as a common source
of supply, the present weekly output is from 5,000,000 to 6,000,000 tons
below normal.
Estimated United States Production in Net Tons.
1921.
1922.
Week. Cal. Yr. to Date.
Week. Cal. Yr. to Date.
Bituminous—
196,464,000
7,658,000
187,852,000
5,226,000
July 1
202,629,000
6,165,000
191,530,000
3,678,000
July 8
210,030,000
7,401,000
195,644,000
4,114,000
July 15
Anthracite—
47,547,000
1,868,000
25,000
22,923,000
July 1
49,072,000
1,525,000
23,000
22,946,000
July 8
50,948.000
1,876,000
31,000
22,977,000
July 15
Beehive Coke—
3,398,000
47,000
114,000
3,216,000
July 1
3,433,000
3.4,000
94,000
3,310,000
July 8
3,476,000
44,000
3,408,000
98,000
July 15
The "Coal Trade Journal" July 26 says in brief:
the week
during
force
market,
gathering
been
which
had
panicy
"The
ended July 15, when the average increase in spot quotations -was 60.08
No
week.
reductions
last
still
state
a
more
feverish
reached
ton,
per
cents
were reported; less than 7% of the quotations held steady and the average
increase in the remaining prices was $3 06 per ton. The explanation for
rose $4 50 to $6 25
this sharp advance lies in Kentucky quotations, which Connellsvillo
coals.
per ton and in the maxima quoted on West Virginia and
that by
In considering this increase, however, it should be remembered
being applied to contracts
far the greater part of the coal now moving is
taken at prices under the Hoover maxima. It is doubtful If the existing
the tonnage moving.
spot quotations apply upon more than 10 or 15% of
"Another outstanding feature of the market the past week was the
quickened interest displayed by seaboard factors in the question of foreign
coals. From a modest beginning, demand swelled until arrangements
had been made for the transportation of 500,000 tons of British coal at
the end of the week. As stated in more detail elsewhere in this issue, the
bulk of this tonnage will go to railroads and public utilities. On the
present basis for freights and mine prices abroad, this coal is being quoted
at $720 to $775 c. I. f.
"Every market in the country is taking a more active interest in fuel
supplies. The false security that held 13ack buying while Washington
negotiations were on collapsed with the rejection of the President's program by the union. The railroads have returned to the policy of confiscation. Public utilities, general manufacturing plants and retail dealers
are eager buyers. The lake trade is resting its hopes for relief in the
Hoover conferences of this week. In many cities, suspension of industrial
plants is threatened, and in Ohio several blast furnaces have been banked.
"No effort has been made to resume operations at any important anthracite mine. Current movement is practically confined to pea from storage
and that size is the only one that many retailers are now in a position to
deliver to their customers. Beehive coke is scarce; spot lots are quoted
at gl 1 to $13 50, but the bulk of the limited output is moving on contracts at $5 to 55 50."
JULY 29 1922.]
THE CHRONICLE
547
Oil Production, Prices, &c.
otic citizens to support President in his stand on coal strike,
p.
The American Petroleum Institute estimates daily average gross crude Samuel Gompers'
(u)
s views on President Harding's invitation to coal386.
oil production as follows:
operators
to resume production, p. 386. (v) Pittsburgh coal
producers to discontinue
(in Barrels)July 22 '22. July 15'22. July 8 '22. July 23'21. check-off system,
p. 387. (w) Outbreaks in West Virginia coal districts,
Oklahoma
414,500
408,000
395,300
305,800 P.387. (x) Statement issued by lilinois coal operators on Herrin outbreak
Kansas
s,
84,550
84,600
85,000
97,400 P. 387. (y) Miners' union rejects Government proposal for settleMent of
North Texas
49,900
49,300
68,780 strike, p. 387. (z) President Harding gives interpretation and explanation
50,500
Central Texas
146,900
129,950
his
of
proposals
129.700
114,790
for
settlement of coal mine trouoles, p. 389.
North Louisiana & Arkansas_ 126,450
Majority
127,200
119,660 of bituminous operators accept Government's strike settlemen(aa)
129,600
Gulf Coast
plan, p. 389.
99.750
(bb) "Propaganda for industrial feudalism has found its tway
102.150
102,500
98,010
Eastern
into the
117,000
White
116,500
House,"
116.000
121,000
says report of American Federation of Labor, p. 400.
Wyoming and Montana
84.450
(cc) Standard Oil Co. on
86,750
81,950
• 45.420
California
of gasoline prices-Senate inquiry p. 400.
375.000
(dd) Appeal by Americanfixing
370,000
360,000
336,500
Federation of Labor to workers to aid in shopmen's dispute-strike against
Total
Street, p. 401.
1,498,500 1,474,450 1,450.550 1,307,360
(ee) Tax on foreign corporatiWall
ons in New York-shares of no par value"
11. L. Welch, Secretary of the American Petroleum
cannot
be
assessed
at $100, ruled by Appellate Division N. Y. Supreme
Institute, authorizes
the following:
Court, p. 403. (ff) War excess profits tax decision-tangible
property
"Gasoline stocks, in comparison with the
of automobiles in use paid in, p. 403. (gg) Income tax decision-stock subscription rightsIn the United States, are slightly lower thannumber
they have been in any year computation of gain, p. 404.
since 1918, with the exception of the year
average for the years 1918 to 1921, inclusive.1920, and are lower than the
Adirondack Power & Light Corp.-Capital Stock."The month of May witnessed the greatest
The stockholders were to vote July 28
n of gasoline and
the greatest indicated consumption of gasolineproductio
on increasing the authorized
business. The production of gasoline reached thein the history of the oil capital stock from $23,100,000 to $25,000,000 and on reclassifying the
total of 12,229.975 bbls. stock so that the present $9,500,000 Common
The highest production in any month in any previous
(par $50) shall be increased
to
$12,000,
year
was
Sept.
in
000
(par
$50); the 7% Cumulative Preferred increased from
1920, when 10,806,693 bbls. were produced.
$4,300,000 (par 3100) to $10.000,
"Despite the record-breaking production in May
000 (par $100), and the 8% Cumulative
1922, however, gasoline Preferred reduced from $9,300,000
stocks were drawn on to the extent of 849.064
(Par $100) to $3,000,000 (Par $100)•
bbls., indicating an un- -V. 115, p. 311.
precedented consumption.
"The best single index of the demand
for gasoline is the number of
Ahmeek Mining Co.-Dividends Resumed.automobiles in actual use. The following
table gives the situation from
A dividend of $1 per share has been declared
1918 to date:
on the capital stock,
payable Aug. 7 to holders of record
1922.
July 26. In Sept 1920 a dividend of
1921.
1920.
1919.
50 cents per share was paid; none since.-V.
1918.
Automobiles
112, p. 934.
reg.Jan.1 10,448,632 9,211,295 7,558,848
Air Reduction Co., Inc.-To Build Plants.6,146,617 4,983,340
Gas stocks on
The company announce
May 31_856,607,102 800,495.787 577,671.7
has purchased plant sites and will imme95 594,035.688 460,637,479 diately begin the ereetion sofitadaitiona
Gal. per car
82.0
l plants at Milwaukee. Pittsburgh
86.9
76.4
96.6
92.4 and Birmingham, Ala.
"The summer demand for gasoline is about
Results for Quarters ending June 30-of the winter. In anticipation of the summer double the lowest demand
1922.
demand in the years 1918 Gross income
1921.
to 1921, inclusive, refineries
$1.773.882 $1,337,784
ted between Jan. 1 and May 31 an Operating expenses
average increase in stocks onaccumula
hand of 28 gallons of gasoline for
1,235,004
898,196
each car
registered on Jan. 1 of each year.
Operating income
"In comparison with this increase for the years
$538.878
referred to, the increase Additions to reserve
$439.588
in gasoline stocks from Jan. 1 to May
31 this year was 26 gallons for each Bond and mortgage interest
270.586
219,530
automobile registered on Jan. 1 1922."
36,941
35,744
Further Crude Oil Reductions.-In addition
to changes noted July 22,
Net profits before Federal taxes
p. 438, the Standard Oil Co.(Calif.), made
$231,351
a second reduction of 25c. per -V. 115, p. 439.
$184,314
bbl. The company also announced a temporar
y discontinuance of contracting for purchase of crude oil.
Ajax Rubber Co., Inc.-New Financi
Gasoline Price Reduced.-A second reduction of lc.
a gallon announced
Chairman Horace De Lisser has stated that any ng Denied.
by Standard Oil (Louisiana) and followed
reports of contemplated
wagon price now 21c., retail 24c, a gallon. by other distributors: Tank financing on the part of the company were wholly
absolutely untrue.
He said that the company on July 27 had anticipatedand
Eastern Gasoline Prices Not Reduced.-Standard Oil
the payment of $300.companies of New 000 on loans that were not due until
Jersey and New York have not cut
Oct. 27.-V. 114, p. 2827.
the East. Eastern refiners
depend to large extent on Mexican prices inprice
of which recently rose.
Amalga
mated
Present price of "gas" in N. Y. Citycrude,
Sugar
Co.
-Securi
ties Pledged, &c.is 27c., wholesale.
See David Eccles Co. below.-V. 114, p. 2243; 201
Standard Oil of New Jersey Reduces Gasoline
.
(Me Cent a Gallon at Norfolk, Va.
Kerosene Price Advanced.-By Standard
Oil of N. J., ranging from
American Bank Note Co.-Earnings.to
lc. a gallon.
Mexican Crude Oil Price Advances.-Formerly $1 a
Six Months ending June 301922.
bbl., price now
1921.
1920.
profits
$1 50 f. o. b. tanker, and 22c. additional for taxes.
Rise caused by salt Net
$873.246 $1.142,26/
water invasion of Toteco-Cerro-Azul pool July 2.
Depreciation on bldgs., mach.& equip 4581.746
97.033
90,481
80,303
Prices, Wages and Other Trade Matters.
$484.713
$782.765 $1,061,953
Miscellaneous income
Commodity Prices.-Wholesale cash prices in New York
93.125
78.264
61,911
lowing high prices during week ended July 27: Wheat,reached the folJuly 27, 1.29;
flour, July 21, 8.00; sugar, July 25, .07; lard,
July 22, 12.15; lead, July 21, Miscel. int., exchange
$577,838
$861.029 $1,123,869
5.75; copper, July 21, 13.87; tin, July 27, 33.00;
losses, res., &c_
cotton, July 21, 22.10: Appropriation for
64.296
5.666
196.277
printcloths, July 21, .07.
contingencies
200,000
Preferred
75.000
Milk Price Advances.-Borden Co. announce
(3%)
134.870
lc. a quart advance, Common dividends
134,870
134,870
effective Aug. 1. Grade"A" will then
dividends
be 18c. a quart. "Post" July 24, p.1. Special div. pd.
(4%)179,828 (4)179.828 (3)134.871
Further Advances in Sugar Prices.-In
Feb.
15
'22
($1
addition
sh.)advances
to
89,914
noted last
week, page 438, the following changes have taken place:
Balance, surplus
Arbuckle Bros., American
Revere sugar refining companies made two Profit
$108,931
$340,666
$582.85/
and
advances of 10 pls. each-toand
loss,
surplus
6.80
and
6.90
cents a pound.
$5.651,694 $4,475,384 $3.678,679
Warner Sugar Refining Co. advanced price
10
pts.
to
6.90c.
After
a
Federal Sugar Refining Co. price advanced to 7 cents
deducting all expenses, including
pound.
a
repairs,
and after providing
reserves for all taxes accrued and for
Montreal Sugar Price
of $160 since May 1. Advances.-Now $7 50 a hundred pounds, advance
The balance sheet shows cash onbad debts.
hand June 30 1922, 31,204,217, as
against $1.596,223 on Dec. 31
Cuban Raw Sugar Price High.-New high for the year reached
1921.-V
at 3 13-16
. 114, p. 950, 309.
cents, cost and freight.
American-La France Fire Engine
Alfred Reeves, General Manager
National Automobile Chamber of
Co., Inc.-Earnings.
Commerce, reports additional proofof
Six Months ending June 30of
the
nation's
increasin
g need for Operating profit
1922.
1921.
motor transportation for both passengers and merchand
ise, after a visit Less interest
$456.970
$452.653
among the plants in the Central
which shows that in June the motor
6,071
96,475
industry produced in excess ofWest.
288,000
motor vehicles, which is 12%
greater than the previous record of 256.000
Net income before inc. & excess
in May. This indicates a -V.
profit taxes.... $450,899
$356,178
production for 1922 of more
115, p. 439.
than
2,000.000
motor
vehicles.
"During the second quarter
1922 the entire industry produced 763,000
motor vehicles with 1,137.000of
American Metal Co. (Ltd.).-Listin
cars and trucks for the full six months.
g."Reports received from 20 different
The New York Stock Exchange
has authorized the listing of $5,000,000
usual seasonal decrease, which was sections of the country indicate the 7% Cumul. Pref. stock,
down for the next 6 months will beexpected a month ago. The slowing without par value, with par $100 each, and 536,000 shares Common stock
year's production will exceed 2,000,000much less than usual, however, and mon stock on official authority to add 100,000 additional shares of Commotor vehicles, as against 1,668,000 Cumulati
notice
for 1921 and 2,205.197. the record
ve Preferred stock. of issuance on conversion for shares of 7%
figures of 1920."
•
Steel Wages Advance.-Cambria Steel
Co.
advances
Summary
wages
of
effective
14%,
Income of Company
Aug. 1, to all but mining department. "Phila.
Subsidiaries, Calendar Years[After Incl.
News Bureau" July 24, p. 1.
for Entire Period Earnings ofand
II. S. Worsted Sales Co. Opens Fancy Worsted
Sub. Cos. Acquired Subsequent to 19121.
Lines at $2 30 Up.-No
comparisons given with spring 1922
Gross
Inc.
season
Deprec'n,
because
Interest. Fed. Taxes. Net Income.
constructions are 1912
entirely different. "Financial America" July
$33.067,910 $233,902 $144,994
25, p. 7.
$19,065 $2,669,950
1913
Cloak and Suit Trade in New York and Vicinity
2,013,462
248,622
156,879
3.393 1,604,568
Strike.
-50,000
out
in
1914
effort to close up sweat shops. "Times" July 25,
2,161.252
252,000
175,059
14,895
1,719.298
2.
1915
Textile Strike.-(a) The Maine mills won from thep.outset
8,012.648
405,153
50,309
7,338.805
209,381
last
February
1916
and have since been operating on a 54-hour week,
22,005.377
639,268
278,457 20,759,987
327,665
20% wage-cut scale. 1917
(b) In Massachusetts the American Thread Co.'s
7,847,64
8
733,084 5,819,029
782,760
512.775
4 mills at Holyoke are 1918
running full time. (c) Lawrence Mfg. Co. at Lowell
3,672,200
937,053
274,828
591,540
1,868,779
capacity, Mass. Cotton Mills at 40% and Merrimac is running at 60% 1919
5,934,493
707,377
317,154 4,585,090
324,873
Mfg. at 33%. (d) 1920
At Lawrence the Pacific Mills are showing steady net gain
1,631,124
864,479
d1.
771,031
2,100
LA
0
(
2
though
number
of
1921
workers fluctuates daily. The Monomac is running about 50% and
2,510,620
802,095
805,839
the
Acadia 30% capacity.
Total
(e) In New Hampshire the Nashua Mfg. is running over 33%.
358.856.735 $5.779.261 $4,113,484 $1,702.285 $47,261,705
The Deduct, extraordi
Newmarket Mfg. plant continues closed. The Amoskeag has 1,325
nary losses not applied to specific years
$3,699,840
operatives at work and 1,890 looms out of 20,000 running.
Balance
for
period
_____________________________________$43,561,865
_ (f) In Rhode Island workers are returning more rapidly than elsewhere.
Note.-No deductions have
-13. B. & R. Knight, Inc., is running more than 50%
Gains rebeen made from the above income figures
ported by Royal. Pontiac, Valley Queen, Centrevilcapacity.
le and Artie units. amounts distributed to officers and employees under the "tantieme"for
or
profit-sharing plan. Earnings
Interlaken Company also reports gains by Harris and Arkwright mills.
Matters Covered in "Chronicle" July 22.-(a) Argentine 7% Temporary only to the extent of dividendof Mexican companies have been included
s
company
received
by
them
from
.
The
Gold Bonds exchange for coupon bonds July 24. p. 362. (b) Offering
income
of
of cluded for L. Vogelstein & Co., Inc., and its predecessor has not been in$2,500,000 Republic of Peru External Gold Bonds. p. 365. (c) Offering
the years prior to 1915,
as the figures were not available.
of $500.000 Commercial Credit Co. Preferred Stock. p. 366. (d) Canadian
Declares Dividend of 75c. on New No-par Common Stock(Saskatchewan) Court of Appeals reverses lower court and holds Regina
Sterling Bonds may be met at current rate of exchange, p. 366.
The directors have declared
a quarterly dividend of 75 cents per share
(e) Advances to North Carolina Cotton Growers' Association approved on the new Common
stock, no par value, payable Sept. 1 to holders of
by War Finance Corporati
on, p. 369. (1) Tentative approval by W.F. C. record Aug. 19, thus placing this stock upon a $3 a share yearly dividend
• of advance to Georgia Cotton
Growers Co-Operative Association, p. 369. basis, equivalent to 10% on the old $100 par value stock which was ex(g) Advances approved by W.F. C.for agricultural and live stock purposes, changed on the basis of one
share for 3 1-3 shares of new stock.
The directors also declared
P. 369. (h) Repayment of advances to War Finance Corporation, p. 369.
a dividend of 1%% on the new 7% Pref.
(I) Thomas A. Edison's plan for currency based on warehouse receipts, stock, payable Sept.
1
to
holders
of record Aug. 21.-V. 115, P. 76.
P. 369-371.
American Republics Corp.-Bonds Offered.-Guaranty
(i) Redemption before maturity of U. S. Treasury Certificates of Indebtedness due Aug. 1 (Series B-1922 dated Aug. 1 1921), p.
Co. of New York and Potter & Co., New York, are offering
372.
(k) Congressional opposition to Henry Ford's
Muscle Shoals offer, p. 377.
(1) Appellate Division of N. Y.
Supreme Court upholds daylight saving as at 93 and int., to yield about 6%%,$5,000,000 15-Year
legal time. P. 382. (m) Increase in wholesale prices in June, p. 383. (n) 6% Gold Deb.
bonds. [see adv. pages.]
Increase of retail food prices in
Dated
(o) New wage and working June, p. 383.
1 1922, due April 1 1937. Int.ryable A. St 0. without
agreement hi garment trades of New York, deductionApril
for normal Federal
P. 383.
income tax up to 2 0 at Guaranty Trust Co.,
New York,
(p) Governor of coal-producin
Denom. $1,000. $500 an 3100 (c*). Red. all or
g States support President Harding's plan part on any trustee.
for resumption s
int. date on 30 days'
of production, p. 383. (q) Comment of John L. Lewis
at 103 and int. Sinking fund,
on
beginning
President's message to Governors
1924. sufficient to retire notice
each year bonds to the amount of 5%
of coal States, p. 385. (r) Michigan computed on
miners and operators
the total of bonds authorize
to arbitrate differences but union refuses to allow stock or redeemed
d less any bonds converted into
workers to take part,seek
other than through the sinking fund. Convertible, to
p. 386. (s) President Harding tells Governor Sproul April
coal commission will be
1 1925, into Common
appointed, p. 386. (t) Senator Lodge urges patri- of stock
stock of no par value at the rate of 10 shares
for each $1,000 bond.
Penna. 4-mill tax refundable.
548
[Vol,. 115.
THE CHRONICLE
Data from Letter of Pres. J. S. Cu'linen, New York July 21.
owns all except
Company.-Through a number of subsidiaries, of whichinitthe
production,
the directors' qualifying shares, company is engaged
on of steel
fabricati
the
,
petroleum
crude
of
ion
transportation and distribut
the manut,
plates, &c., the erection of oil storage and refinery equipmen
ure of other railway
facture and operation of tank cars and the manufact
to 1899.
freight cars. The manufacturing business dates back
on Co., Federal
Oil Properties.-Producing subsidiaries, Republic Productiin
oil and other
interest
one-half
own
Co.,
Oil
Papoose
Petroleum Co. and
hold in fee
and
of
land
acres
mineral rights pertaining to over 1.100,000
counties of
or through leasehold over 20,000 acres additional, in various
ately
approxim
on
Kansas;
and
a
Oklahom
,
Texas, Louisiana, Arkansas
is owned
885,000 acres in Texas and Louisiana the other one-half interest
Co.
Oil
by the Houston
have
About 125 producing wells on less than 3,000 acres of these holdings
daily, of
a present gross production (largely settled) of over 10,000 barrels
over
is
ies
subsidiar
on's
corporati
the
to
n
which the net proportio accruing
great
5,500 barrels. The undrilled holdings are well located and provide a
area for future development.
ly
The gas rights in over 219,000 acres in Louisiana and Arkansas, principal
which
In the Monroe gas field, have been sold to the Union Power Co., in
stock.
the
of
one-half
on
owns
the corporati
-Signal
The corporation holds a substantial stock interest in the Galena
Oil Co.
Peies,
subsidiar
uring
manufact
al
.
-Princip
uring
Properties
Manufact
own
troleum Iron Works Co. of Ohio, and Pennsylvania Tank Car Co.,
ania Car
contiguous plants near Sharon, Pa.; another subsidiary, Pennsylv
,
Co., has recently established plants at Kansas City, Kan., and Beaumonts,
• Tex. Plants are engaged in the fabrication of steel plates and container
particularly for oil refinery and storage equipment, and in the manufacture
and repair of steel tank and other railway freight cars.
Tank Cars.-Of the 4,800 tank cars of the Pennsylvania Tank Liney
more than 90% are leased to other concerns on favorable terms, practicall
all leases running from one to four years. The cars represented a depreciated
book value as of April 30 1922 of $6,493,451, against which there were
$3,622,000 "Philadelphia Plan" car trust certificates outstanding.
Earnings (Including Sub. Cos.) Years Ended Dec. 30.
'22 (4 Mos.)
1921.
1920.
1919.
Gross sales and receipts_$11,106,110 $16,680,797 $10,005,550 $3,601,906
589,276
1,412,559
Net,after dep.,depl.,&c 1,750,732 3.702,033
88,575
318,100
413,126
289,249
Other income
Bayuk Bros., Inc.-Quarterly Earnings.-
June 30'22. Mar.31 22.
Results for Quarter endingNet earnings after deducting charges for maint., $316.343
$256,425
&c____
taxes,
repairs of plants and est. Federal
17,511
5,747
Other income
$273,936
090
$322
Total income
19.162
20,988
Depreciation
44,170
43,790
Preferred dividends
23,650
28.600
Reserve for First Preferred stock
$186,954
$229,412
Balance,surplus
-V. 114. p. 2017.
hem Steel Corp.-Status-Outlook, &c.-
Bethle
meeting July 27,said:
Charles M.Schwab, Chairman, after the directors'
the second quarter was much in
"The volume of orders booked during
g prices. Prices
improvin
gradually
excess of the first quarter and that at
to be the lowest of recent deprevailing during the first quarter proved
steel developed,
for
demand
revived
pression. Early in the second quarter
s which was accompanied by an
necessitating rapid expansion of operation
d by the coal
occasione
fuel
of
cost
high
the
to
largely
increase in cost due
strike.
in operation during the
s
continued
propertie
coal
on's
corporati
"The
t under present conditons has made
quarter, but difficulty of rail movemen
needs, necessitating some curit impossible to supply corporation's full
s.
operation
tailment of
for new ships and the
inquiries
in
ent
"There has been an improvem some new business in that department.
corporation has been able to secure
repair work. Our
ship
of
amount
the
in
increase
an
There has also been
a much improved condition, capacity
railroad passenger car business shows
come.
to
months
some
for
being taken
hearth steel capacity to serve plate,
The building of additional openPoint
is being planned.
sheet and tinplate mills at Sparrows
will be very much influenced by
year
of
balance
for
business
"The steel
There are large unfilled orders
strikes.
duration of the coal and railroad l tonnage awaiting some assurance as
for steel with substantial additiona
a more general recognition of
is
there
this
with
to deliveries. Coupled
steel products.
necessity for higher price basis fornot
during the second quarter,
earned
were
nts
requireme
"Dividend
conbusiness is encouraging and directors
but the outlook for improved
on to distribute accumulated earnings
cluded that ability of the corporati
during periods
policy
dividend
ive
conservat
to
due
,
its cash resources
present dividend on Common
$677,851 from
Net before taxes
$2,039,981 $4,115,159 $1,730,659
of larer earnings, warranted payment of
83,904 stock.
44,497
635,070
629,428
Estimated Federal taxes
$593,947
Proposed Steel Merger Legal.Bal.,aft, taxes, bef. hit $1,410,553 $3,480,089 $1,686,162
a letter to the Senate giving a
Attorney-General Daugherty July 21 sent
Balance Sheet April 30 1922 (Without Giving Effect to This Issue).
mergers, holding that neither of
clean bill of health to the proposed steelthe
Act. the Clayton Act
Sherman
Liabilities
Assetsthe contemplated consolidations violates
for belief that
Manufacturing plants, &e_ _ _ _$3,870,361 Pa. Tank Line Car Trust Cert.,E3,382002:000000 or the Webb Act, and that there is not the slightest eround
The mergers in
result.
'37
would
8,621,832 due 1922-29
control
tic
Tank cars
trade or monopolis
of
restraint
y says, and
Daughert
due
Mr.
Oil prop., mineral rights, are_ _24,562,668 Pa. Car Co.6% bonds,
each other in any way,
3,541,069 question are unrelated to n.
3,548,206 Notes payable
Depreciation & depletion
Pennsyl3502;551785 are in process of formatio
in
plants
owning
Accounts payable coating._ 40
Corp.,
One is between the Bethlehem Steel
382,486
whose plant is at Buf$33,506,655 Accrued expenses
vania and Maryland;and the Lackawanna Steel Co.,
1,115,020 Res.for Fed. taxes &
Investments
1,318,753 falo.
183,906 Miscellaneous reserves
& Ordnance Co., owning plants
Sinking funds, &c
The other merger is by the Midvale Steel
10.000,000
Co. owning plants in
Due from officers & employees 155,737 Preferred stock
ania and Delaware; Repuolic Iron & Steelcertain
plants in East
x20.000,000 In Pennsylv
and
1,234.409 Common stock
Alabama,
Cash
and
ania
furnaces in Pennsylv
Ohio,
Steel Co.,owning
3,185,311
Inland
surplus
and
Capital
Ill.,
Notes & accounts receivable__ 1,096,945
and Muncie.Ind.,and at Moline,
1,581,331 Chicago
2,217,915 Earned surplus
Inventories
Chicago.
to
close
plants
-General holds that the mergers
Stocks & bonds Galena-Signal
Instead of restraining trade, the Attorney
neither
4,315,483
of trade. While holding thatDaugh011 Co
are calculated to resultin a furtherance
,
the anti-trust laws, Mr.
857,611 Total (each side)
violate
Deferred charges. &c
would
tions
consolida
proposed
ea
x Authorized, 400,000 shares, no par value; issued, 200,000 shares. of thewould not advance an opinion as to whether they would constitut
erty
an opinion out of his
Purpose.-Proceeds are to be used for the retirement of the outstanding violation of the Federal Trade Act, deeming such
Events" above.notes payable and for general corporate purposes.-V. 109, p. 1275, 1181. Jurisdiction. For further details see under "Current
V. 114, p. 2583.
American Sumatra Tobacco Co.-To Dispose of Controlling Interest in Consolidated Cigar Corporation-To Adhere
to Producing and Merchandising of Tobacco in Future.-The
stockholders will vote Aug. 7 on disposing of the controlling
Interest in the Consolidated Cigar Corporation.
Data from Letter of Acting President W. A. Tucker, July 19 1922.
After long and careful consideration, your directors have reached the
unanimous conclusion that instead of proceeding with the plan outlined on
June 22(V. 114, p. 2720), it is in the best interests of this company that it
shall dispose of its controlling interest of 52,900 shares of the common stock
of the Consolidated Cigar Corp., and as a matter of future policy, that it
shall adhere strictly to the producing and merchandising of tobacco and not
be interested in the manufacture and sale of cigars.
The recommendations of the board contemplate the complete divorcement of the two companies by the sale of the 52.900 shares of stock at $36
per share, the average cost of same to the company being slightly under $35
per share, and in order that every stockholder may have an opportunity
to participate in any future prosperity of the Consolidated Cigar-Corp.. the
directors have resolved to offer the 52,900 shares of stock to the Preferred
and Common stockholders for subscription, pro rata, at $36 per share, in
the ratio of 32 shares of Consolidated Cigar Corp. stock for each 100 shares
Preferred or Common.
of American Sumatra stock. whether
shares, the directors have
To insure the complete sale of the entire 52,900
t with Tucker, Anthony &
entered into a syndicate managers' agreemen
New
Kuhne.
York.
&
Under this agreement
Nachod
Knauth.
Co. and
ten by subscribers to a syndicate
the entire block of stock is to be underwrit
per share, with commissions to be paid on
at the same purchase price of $36 to
the 52.900 shares, of $2 per share the syndicate subscribers for the undermanagers for their services and
writing and $1 per share to the syndicate
of the syndicate and the subscribers
expenses in procuring the organization
thereto.
will receive in cash $1,904,400
As a result of this plan, your company
commissions), and the net proceeds of
(subject only to the payment of themay
determine, toward the purchase or
the sale is to be applied as directors
5-year % Sinking Fund Convertible Gold
redemption of so many of the redeemed
thereby.-V. 115, p. 77.
Notes as may be purchased or
American Zinc, Lead & Smelting Co.-Earnings.--
of 1922 reports a profit of $110,515.
The company for the second quarter
charges .comparing with
116502,61nat.-he
before depreciation and depletion
for half-year toi
profits
operating
$50
brings
first quarter, and
V. 114, p. 1894, 1537.
porated.Binghamton Water & Power Corp.-Incor
New York Canal Co.Boston Cape Cod &
of
s discovered on a two days' inspection trip
with an auth. capital of $6,000,000.
Ineorp. in Delaware July 24 1922
Disappointed at condition
of New
atives Burdick of Rhode Island, Radcliffe
canal by
the Canal, Represent
York, are opposed to the purchase of the
nt
Jersey, and Ryan of New
amendme
the
in
proposed
price of $11.800.000 .as
the Government at theand
harbors bill added in Senate.-V. 114, p. 1184.
to the pending rivers
(Conn.) Hydraulic Co.-Addl Stock Issued.
Bridgeport
d the directors to issue 5,000 addiThe stockholders recently authorize
at par, $100, thereby increasing the outtional shares of Capital stock
($10.000,000 authorized). The addi0
$5.500,00
to
stock
capital
standing
the development of the so-called Easton
tional funds were needed to continue to build a new dam,40 ft. higher than
reservoir. No. 1, where it is proposed
the resrevoir capacity to six billion
increase
thereby
and
dam,
the present
gallons.-V. 113, p. 630.
Brooklyn Union Gas Co.-Listing.-
authorized the listing of $5,579,000
The New York Stock Exchange has
e gold bonds, due May 1 1932.-V.
10-Year 7% Convertible Debentur
115, p. 312.
o General Electric Co.-To Pau Bonds.-
Buffal
will be paid off at maturity
The $283.300 Coinv. Deb. 6s, due Aug. 1,
Buffalo, N. Y. The original issue was
at the office of Marine Trust Co.,
July 21 1922. The
$4.400,000, but only $283,300 were outstanding on
-V. 114, p. 742.
balance of the issue has been converted into capital stock.
Callahan Zinc & Lead Co.-Increases Capital.-
the capital stock from 500,000
The stockholders July 26 voted to increase
$10). The purpose of this increase
shares (par $10) to 1,000.000 shares (parsome
new mining and other properover
take
to
extra
stock
the
utilize
Is to
ties in the near future.-Compare V. 114, p. 2828.
Central Arizona Light & Power Co.-Larger Div.-
2% on the outstanding Common
The directors have declared a dividend of
dividend of 2% on the Preferred,
stock, together with the usual quarterly
31. On May 15 last the comJuly
record
of
to
15
holders
both payable Aug.
stock.-V. 114. p. 2120.
pany paid a dividend of 1% on the Common
Central Leather Company.-Quarterly Report.
30.
Results for Quarter and Six Months Ending June
1922-6 Mos.-1921.
1922-3 Mos.-1921.
$809.674df$4.455.085 $1.759.945df$4.524,417
a Total income &c__
4,904,942
1,623,150
1,366.947
868,612
General exp., loss,
Cr.17,392 Cr 153,060 Cr.132,682
9,458
Income from investmenfiCr.11
919,103
919,104
459.551
459.552
Int. on bonds & debens
192 D.3629,249D10,215,780
32
D$6,264,
D4399,0
income
Net
582,732
Rights in Macedonia,Prof. divs. payable July 1.
Anglo-Persian Oil Co.-Oil
July 24, state that the Greek Government has
12
$10,798,5
Dispatches from Athens,
$629,249
92
$6,264,1
$399,032
deficit
for
a.
the whole of Macedoni
m rights
Balance,
granted to the company petroleu
from "the operations of all
a Total income here indicates the result
incident
114. p. 2362.
expenses
the
into
account
taking
after
properties for the quarter
ures Called.and maintenance approximately
Atlantic Refining Co.-Debent
to operations (including those for repairs
000 10-Year 634% gold debentures, due $416,995
in 1922 against $418,888 in 1921).-V. 114, p. 1894, 849.
All of the outstanding 815.000,
at
Sept._
1
int.
payment
at
103ii and
called for
March 1 1931, have been0
ld. Y. City.
goN
St.,
1%
ara15
yeW
37
6.
tee1,
so
0
Chandler Motor Car Co.-Earnings.- after allowing for all
.7
Lo0.0
tIC
ofuss
the Equitable Tr
es see V. 114,
June 30 1922
Net profits for the three months ended amounted
lit# For offering p. 440.
to $927,114. This is
including charges and taxes,
expenses,
115,
.
p. 2721.-V
280,000 shares of capital stock.
the
ng
on
share
a
outstandi
31
equal to $3
Plan
e.
r
Operativ
-Merge
ated $850.000
Corp.
approxim
profits
Atlas Truck
In the first three months of the year, net
below and compare V. 114, p. 2721.
in the first half of this year
See Industrial Motor Corp.
or the equivalent of $3 per share. Earnings
requirements
dividend
year's
full
to
the
cover
than sufficient
Cincinnati, O.-Note Redemption.- were more
(The)Baldwin Co.,on
$6 per share.
Sept. 1 at 102 and int.. $200.000 of its 5-year of Officials,
off in shipments this month, but
falling
report
stated,
some
is
it
.. The company will redeem
Sept. 15 1920. Noteholders have the option
for this season of the year,
8% Cony. gold notes, dated8% Pref. stock, par for par.-V.114. p. 525.
state that current sales continue to hold up well
earned on all business done.
aconverting the notes into
and that a good margin of profit is being
2721.
-v. 114, p.
Pennsylvania.-Bonds
Bell Telephone Co. of1st
one Co.-Rates.
& Ref. Mtge. 7% s. f. gold bonds,
Cincinnati & Suburban Bell Teleph
Sixty-five ($65,000) 25-yeartwo
of $500 each and three of $100
bonds
application of the
1945,
1
Oct.
due
Series "A,"
Peck of the U. S. District Court has denied anP.
Judge
and
at
the
int.
10731
Bankers
at
26
Sept.
U. Commission
each,have been called for payment
company for a temporary injunction to enjoin the Ohio
Trust Co.. trustee, 10 Wall St.. N. . City.-V. 13, p. 1159.
Mining Co.-Tnders.---Anaconda Copper
Co., trustee, will, until Aug. 29, receive
bids for
The Guaranty Trust
Series "A" 6% or Series "B"
the sale to it of either 10-yeartoSecured
$750,0401
amount
to
an
sufficient
exhaust
Gold bonds. due Jan. 11929. of return based on the yield from Aug. 29
and at a price at which the rate
less than 6% Per annum.--V. 115, p. 439.
1922 to Jan. 1 1929 would be not
JULY 291922.1
THE CHRONTCLE
from enforcing its order re-establishing rates which were in force prior to
Aug. 1 1920.-V. 115, p. 78.
Cerro de Pasco Copper Corp.-Balance Sheet.The income
account was given in V. 114. p. 1894.
Balance Sheet Dec. 31 (Incl. Subsidiary Cos.). .
1921.
1920.
1921.
1920.
Assets$
Liabilities$
$
$
Mines,prop.,smelt.
Capital stock
6,200,000 5,000,000
pl't, mach., &c_33,255,630 45,021,674 10-Yr.Conv.S.F.88 7,997,000
Inv.-Cer. de Pas.l
Cap. surp. (stockI
Ry.Co.cap.stk. 1,233,631 4,062,015 holders' equity in
Stks. sundry cos.J
3,805,118 owned property)32,487,656 33,695,486
Mat'is & supplies_ 5,900,060 4,811,982 Depreciation
3,118,709
Accts. receivable__ 1,087,229 1,543,459 U. S. taxes
619.309
583,831
U. S. Treas.4%
Due bankers
588,864 6,099,684
ci rtificates
500,000
-------Drafts payable__ _ 595,385
584.113
Copper, silver and
Accounts payable_ 1,791,582 1,742,750
gold
4,357,183 9,012,612 Wages accr. unci_ _ 273,153
204,836
Cash
3,558,771 1,100,473 Prop. sure.(res. for
Deferred items
665,306 1,280,050 deal. of mines).
18,011,654
..
Surp.. per statem't
40,336 1,590,843
Total
50,557,809 70,667,385 Total
50,557,809 70,667,385
-V. 115, p. 312.
Cleveland Electric Illuminating Co.-Report.Earnings for 12 Months Ending June 30.
1922.
1921.
1922.
1921.
S
Gross earnings_ _ _ _13,722,917 13,978,558 Deduct-Interest__ 1,586,834 1,278,065
Operating expenses 8,090,123 9,409,090 Taxes
1,704,000 1,315,550
Amort.of debt disc 159,272
93,540
Net oper.rev__ 5,632,794 4,569,469 Sink,fund requir'ts 265,417
148,333
Non-oper. revenue 228,762
101,321 Dividends
1,251,431 1,015,227
Gross income.. _ 5,861,556 4,670,790
Balance. surplus 894.603
820,075
Balance Sheet June 30.
1922.
1921.
1922.
1921.
Assets3
Liabtlitieq5
Plant investment..43,396,056 39,779,055 Capital stock
19,805,900 14,544,000
Other investments 459,500
459.500 vundPd debt
28,353,000 23,450,001
Sinking fund
102,626
70,000 Cu rent liabilities_ 1,240,719
Curreit assets__ 13,989,733 5,542,886 Accrued liabilities_ 1,093,002 1,125,375
1,257,781
Debt disc. & eve_ _ 1,775,989 1,401,204 Reserves
5,899,619 4,125173
Deferred charges....
34,725
41,450 Surplus
3,366.389 2,799,862
Total ______ _591'58,630 47,302,096
Total
59,758,630 47,302,096
-V. 114, p. 2364.
549
The issue, which is being underwritten by J. & W. Seligman, Hayden
Stone & Co. and Chase Securities Corp., will be guaranteed
principal and
interest by the Cuba Cane Sugar Corp. and will be convertible
life of the bond into Cuba Cane Sugar Corp. Common stock at $20 perfor the
The-stockholders of record Aug. 24 will have the right to subscribe share.
for the
bonds. Rights expire Sept. 11.
This bond issue will pay off
$10,000.000 loan of the Cuba Cane Sugar
Corp. which matures Oct. 1,ofthe
which the Central Union Trust Co.is trustee.
The Cuba Cane Sugar Corp. will pay off
the other $10.000,000 loan due Oct.
1 to the extent of $2.500,000, out of cash on hand, and has renewed
for one
year at 6% the balance of $7.500,000.
All of the sugar acceptances will be liquidated by Sept. and the company
has sold its entire crop of sugar.
The prospects distinctly favor a year of
large earnings during 1923 so that the
maturity in Oct. 1923 of the renewed
bank loans should present no financing problem.
Review of Past Year.-
A summary of an interview given the"Boston News Bureau" by Charles
Hayden. Chairman of the administrat
ion committee, follows:
"At the end of last January the company
was still long 1,100,000 bags of
sugar, which it had not been able to sell, due
the existence of the Cuban
Commission, and which sugar had naturally to
been deteriorating somewhat
during the long time it had been in storage. The
price of raws at that time
was 1% cents a pound. All of that sugar
was sold at the beginning of this
year and the company took its loss.
It has produced this year 3,379,000 bags, selling
it regularly throughout
the past 7 months, and to-day,
practically speaking, it has not a pound of
unsold sugar. It enters the new
year with a clean slate.
"While the complete audit of figures covering
not be ready until Noven ber, all of the working the present fiscal year will
sheets indicate clearly that
the cost of sugar f. o. b. port of shipment
was less than 1%c. per pound in
the eastern and under 2c. per pound
the western part of the island.
"Due to the delay in making its in
financial
ts last year the
company was nearly a month late in starting arrangemen
grinding.
"I anticipate that the company will
fully 3,500.000 bags the
coming year. Our financial condition isproduce
excellent."-V. 115, p. 313.
Dayton Power & Light Co.-Listing-Earning
s.The New York Stock Exchange has authorized the
listing of $500,008
additional 6% Cumulative Preferred
par $100, on official notice of
Issuance and payment in full, making stock,
the total amount applied for $4,806,000. The $500,000 Preferred stock will be sold fnr cash
and the proceeds
turned into the treasury
be used as working capital or for the acquisition
of nroperty or the extension of lines.
The income account for 4 months ended April
1922 shows: Gross
earn ngs,$1,548,217;lpera ting expenses,$1,024,535;30
net earnings,$523.682;
nn-operating revenues, $3,684; total income, $527 366;
total deduccions,
8290,541: net income. $236,824; divs. on Pref. stock, $76,511;
surplus,
$160.313.-V. 114, p. 2722.
Dow Chemical Co.-Usual Dividends.-
An initial dividend of 2% was paid on the 8600,000 8% Preferred stock
July 1.
The company is negotiating for the purchase of two
for use in the
New England coal trade. In Feb. last 7 colliers were colliers
purchased.-V. 114,
p. 1185.
Coastwise Transportation Corp.-Initial Dividend.
A dividend of 35,6% has been declared on the Common stock in addition
to the regular quarterly dividend of 14% on the Pref. stock,
both payable
Aug. 15 to holders of record Aug. 5. Like amounts were paid in
May last.
From May 1919 to Feb. 1922, incl., extras of 1%% each were paid quarterly, together with the regular dividend of 15%.-V. 114, p. 415.
Consolidated Cigar Corp.-Controlling Interest Held by
American Sumatra Tobacco Co. To Be Disposed of-Earns.-
Net profits for May and June, it is reported, were in excess
$25,400,
and President William Dubilier estimates that profits in July of
will double
the rate for May and June.
Shonnard & Co., members New York Stock Exchange, 120 Broadway,
New York City, have issued a circular regarding the company's
organization, capitalization, operations, &c.-V. 115, p. 79.
See American Sumatra Tobacco Co. above.
Net earnings, after all deductions, including interest, increased
25% in
May, compared with May 1921, while for five months
ended May 31 net
Increased 104% as compared with the corresponding period
last year.V. 115, p. 78.
Coniolieated Gas of New York.-Dividend Increased.The dire-tors
h we declared a quarterly dividend of $2 per share on the
$100,000,010 capital stock, par $100, payable Sept. 15
Aug. 10. This places the stock on an 8% annual basisto holders of record
Since June 1915
and to and including June 1922. the
has been paying divided
at the rate of 7% per annum.-V. 115,company
p. 312.
Consolidated Naval Stores Co. & Consolidated
Co. (Florida).-Bonds Offered.-Baker, Fentress &Land
Co.;
Harris Trust & Savings Bank, Chicago, and Detroit Trust
Co., Detroit, are offering, at 100 and int., $3,000,000 1st
(Closed) Mtvc. 707„ Sinkinz Fund Gold Bonds.
[The Hibernia
Securities Co., Inc., New York and New Orleans, is also
offering the bonds.]
Dated June 15 1922; due serially Dec. 15 1925 to Dec.
1937, incl. Int.
payable J. & D. at Harris Trust & Say.
Chicago, trustee, without
deduction for normal Federal income taxBank.
in excess of 2%. Denom.
$1,000, $500 and $100 (c*). Red., all or not
part, on any int. date upon 45
days' notice, at par and int. and a premium
of 5.6 of 1%'for each year or
part of year that the bonds have to run
their fixed maturity.
These bonds are the joint and several before
obligations of the Consolidated
Naval Stores Co. and the Consolidated Land
Co.,
incorporated in 1902 and
1903, respectively, and will be secured by a
first mortgage on slightly more
than 1.000.000 acres owned in fee
simple,
in addition by a mortgage on
approximately 191,000 acres, also owned and
in fee simple, the latter subject
to $626,485 of 6% purchase money
maturing 1924, 1925 and
1926. Approximately two-thirds of obligations
these lands are timbered and carry,
according to detailed estimates, some
00 ft.of merchantable
long leaf yellow pine and some cypress2.300,000,0
timber,
and are valued at over
$12,500,000. In addition to the mortgaged property,
the issuing corporations have other holdings of approximately 260.000
acres, giving a total of
over 1,500.000 acres, which is considered the
largest acreage of pine timber
In the United States under one ownership. The
issuing corporations also
have investments of over $4,000,000 in subsidiary
and other companies.
Dubilier Condenser 85 Radio Corp.-Earnings.-
Durant Motors, Inc.-New Subsidiary Companies, &c.
A dispatch from Flint, Mich., states that an application for a charter
was filed there July 25 by the Flint Motor Co., headed
W. C. Durant.
The company, capitalized at 85.000,000, plans to build aby
plant at Flint for
the manufacture of automobiles after the models of the Willys
Elizabeth, N. J., which was recently acquired by Mr. Durant. Corp. of
The new car. a six-cylinder, will be known as the "Flint," and will be
ready for public inspection about Sept. 15 and for deliveries
Jan. 1 1923.
The price has been established at $1,180.
The Star Motors, Inc., was incorporated in Delaware July 22 with an
authorized capital of $100.000,000 to deal in automobiles
, trucks, cars,
motorcycles, motorboats. &c. Incorporators: W. C. Durant,
Deal, N. J.;
Carroll Downs. Nazareth, Pa.; Chas. F. Daly. New York. This
company,
it is understood, will turn out the new "Star" car, which
compete
is
to
with
the "Ford."
See also Locomobile Co. of America below.-V. 115, p. 442, 187.
East Penn Electric Co.-Awards Contract.-
This company, which was recently organized in Pennsylvania, primarily
to supply electricity to the Eastern Pennsylvani
a Railways Co.'s system,
has awarded contract for its proposed electric generating
at Pine
Grove to the J. G. White Engineering Corp., New York, plant
to cost about
$2.500,000. The initial installation will have a capacity of
25,000 kilowatts.-V. 114, p. 2722.
Eastern Cuba Corp.-New Financing, &c.Eastern Manufacturing Co. of Mass.-Defers Dividend.
See Cuba Cane Sugar Corp. above.
The directors have voted to defer payment of the dividend usually paid
Aug. 1 on the 7% Cumul. First Pref. stock. In
May last a distribution of
1 % was made. Dividends have
been paid on the 7% 2d Pref. or Common
stocks since July 1 1921 when payments
% and 50 cents, respec1%
of
tively, were made.-V. 114, p. 1657.
(David) Eccles Co., Ogden, Utah.-Bonds Offered.A. G. Becker & Co.; Halsey, Stuart & Co. Inc., New York
and Chicago; Stern Bros. & Co., Kansas'
City, and Cyrus
Consolidated Telegraph & Electrical Subway Co., Peirce & Co., San Francisco, are offering at prices ranging
from 100 and int. to 98% and int. to yield from 7% to
N. Y. City.-Decision.The Appellate Division of the Supreme Court has sustained
decision 7.35%, according to maturity, $2,300,000 1st Mtge. &
declaring that the solo jurisdiction over the comnany lies in thethe
City Department of Water Supply, Gas and Electricity and Now York Coll. Trust 7% Serial Gold bonds. (See advertising pages.)
has denied
that the Public Service Commission has power to supervise the company
and
fix rates.-V. 84, p. 1055.
Corn Products Refining Co.-Earnings.-
y1922.
1921.
1920.
1919.
85,133,201 83,535,538 810,456,038 $7,996.330
407,777
181,347
221,911
190.929
Total net
$5,540,978 $3,716,885 310,677.949 $8,187,259
Interest,deprec. &c_ _ _ _ 1,268,463
1,065,160
1.273.042
1.155,800
Preferred dividends_ _ _ _
868,945
868.945
1,043,945
1,043,945
Common divs.(2%)
995,680
995,680
995,680
Common stock extra (1%)497,840
497,840
497,840
6 Mos. to June 30x Net earnings
Other income
Surplus
$289,260 86,867,442 $5,987,514
$1,910.050
x Net earnings from operation, after deducting charges for maintenanc
and repairs of plant and estimated amount of excess profits tax. &c. e
y The results for 1922 are subject to change incident to Federal tax rulings and to adjustment at the end of the year, when accounts are finally
audited.-V. 115, p. 79.
Crucible Steel Co. of America.-Additional Stock.-
At the recent meeting of the directors, it was proposed that the company
sell $5,000,000 additional Common stock at $100 a share. A wire from
Syracuse, N. Y.,says no action has been taken by the directors on this proMeal. ("Wall St. Journal.")-V. 114, p. 1895.
Cuba Cane Sugar Corp.-New Financing Plan.-The
company is sending a circular to stockholders calling a special
meeting Aug. 21 for the purpose of authorizing an
in its Common share capital so that it may offer to increase
all Preferred and Common stockholders pro rata the right to sub-.
scribe to an issue of $10,000,
@FedFRASER