Full text of Commercial and Financial Chronicle : June 10, 1922, Vol. 114, No. 2972

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B an k

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R a ilw a y

Q u o ta tio n

S e c tio n

R a ilw a y

E a r n in g s

S e c tio n

B a n k e r s’ C o n v e n tio n

VOL. 114.

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In d u s tr ia l

S e c tio n
S e c t i o n ________________

SATURDAY, JUNE 10, 1922

E le c tr ic
S ta te

R a ilw a y S e c tio n

an d

C ity

S e c tio n

NO. 2972

deny to the roads the usual right of contract and
would compel them to pay more than is paid for like
P U B L IS H E D W E E K L Y
■
work in other industries; it amounts to the palpable
T e r m s o f S u b s c r ip t io n — P a y a b le in A d v a n c e
absurdity of demanding that the roads shall make or
............................................................. S io 00
For One Y e a r__________
................................
ooo submit to rate cuts, for the sake of stimulating busi­
For Six M on th s_______
13 60
European Subscription (including postage) ....................
7 75
European Subscription six months (Including postage)---------------------ness, hut shall not he allowed to reduce expenses by
11 50
Canadian Subscription (Including postage)............. ..........
NOTICE— On account of the fluctuations In the rates of exchange,
buying labor at market rates. Anybody capable of
remittances for European subscriptions and advertisements must be made
insisting upon this is either incapable of rational
In New York Funds.
Subscription includes following Supplements—
argument or is unwilling to admit the plain applica­
B
Q
(monthly)
IR
& iNDUBTRiAL(soml-annually)
R
E
(monthly)
E
R
(semi-annually)
tion.
S
C
(semi-annually)
IB
' C
(yearly)
It is needless to quote Mr. Gompers, but Mr. Jew­
T e rm s o f A d v e r tis in g
Transient display m atter per agate line------------------------------------------ - - 4 5 cents
ell,
as spokesman for the unions affected, talks in the
Oontract and Card rates------------------------------------------------------------------ On request
O
O
— 19 South La Salle Street, Telephono State 5594.
sam
e vein. He says the Labor Board will compel
L
O — Edwards & Smith, 1 Drapers' Gardens. E . G .
w
orkers
to believe that it is not “an impartial
W I L L IA M B . D A N A C O M P A N Y , P u b lis h e r s ,
F ron t, Pine and Dopeyster Street*, New Y ork.
court, but created to help the roads carry out their
labor policy.” He accuses the roads of violating or­
Published every Saturday morning by WILLIAM B. DANA COMPANY. Presi­
dent, Jacob Seibert Jr.; Vice-President, Arnold O. Dana; Business Manager. William ders of the Board and even of breaking their own
D . Riggs; Secretary. Herbert D. Seibert. Address of all. Office of the Company.
agreements. He especially denounces the piecework
system, and says it was arbitrarily installed “after
CLEARING HOUSE RETURNS.
the employees refused to agree to such inhuman and
Returns of Bank Clearings heretofore given on un-American treatment.” He predicts disastrous con­
this page will herafter appear in a subsequent part sequences, and affirms that a reasonable minimum
of the paper. They will be found to-day on pages living is impossible under the cut. In this talk he
2548, 2549 and 2550.
does seem tor be somewhat sustained by some recent
remarks of Secretary of Labor Davis, whom he, of
course, cites as with him. But if the wage of 19-0
THE FINANCIAL SITUATION.
w
The U. S. Railroad Labor Board lias the present as not enough to maintain a reasonable li\ing
week followed up its action of last week in reducing standard, the inevitable inference is that putting up
the wages of maintenance of way employees and shop nominal wages does not increase actwal purchasing
laborers in an aggregate estimated at §50,000,000 power. Some two years ago, Chief Stone of the En­
per year, by decreasing also the pay of railway shop gineers, while demanding that something or other be
mechanics and freight “knockers” at a further sav­ done by somebody to help railway workers out, made
ing in the payroll of the railroads of about $60,000,­ the distinct and perfectly sound statement that
000 per year. Nobody will be surprised that the prices follow wage advances and in their character
“labor” third in the Board refused assent and that as purchasers railway men lose the apparent gain of
the employees violently protest. Three strike ballots an increased wage. They do. The Labor Board lias
have been sent out, with an urgent appeal for returns already found and said that the cut will still leave
not later than the 25th, so that the necessary “au­ the pay of the men affected 69.4% above that of the
thority” for a strike order (if the men are not will­ end of 1917 and the purchasing power 44.5% more
ing to accept the cut) may be in hand, ready for the than throughout 1917. Ranting and threatening do
date. So far, this is the usual course, and the strike not shake the facts of record, and it is the merest
threat is once more held up, in hope of again fright­ rudimentary political economy to say that cuts in
transportation rates, especially if accompanied by
ening the country into forcing a surrender.
This ballot is to be on three propositions: the forth­ wage cuts on railroads and elsewhere, are the most
coming wage cut itself, the seven “unsatisfactory” effective agent in reducing prices of commodities.
As against the talk of union leaders, a statement
rules recently promulgated by the Labor Board, in­
signed
by the executives of six prominent Western
eluding five which wipe out the extra half-rate pay
roads
rem
inds the public of the recent finding of the
for overtime; the“farmingout” of shopwork tooutside
Board
that
as a rule'the men will be receiving, after
concerns, and the alleged illegal installation of piece
the
cut,
a
w
age
above that paid for like work in simi­
work and alleged arbitrary and unauthorized wage
cuts by some roads. To speak at length of the put­ lar industries. Further, the executives say to the
ting oiit of certain work would he to go anew over a public that the wage cuts thus far made amount to
matter already considered. This complaint would only 110 millions, against rate cuts ordered esti­
T fe * (P ir m iic lje

ank and
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hicaoo
ondon

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mated to amount to over 250 millions, and they make
this compact and unanswerable statement:
“These reductions in wages of railway employees
simply mean that they must bear some part in the
readjustments made necessary by changed business
conditions. Farmers and business men have been
compelled to accept lower prices. The railways have
not yet emerged from a serious financial crisis, and
have been ordered to make reductions in rates which
they cannot stand without reductions of their wages
and other expenses. To leave railway wages on their
present high basis would be to make railway em­
ployees a preferred class, at the expense of shippers
and all other classes of people, including other work­
ing men.”
Forcible and true in every word this is. “Pre­
ferred” is just what so many classes of persons are
clamoring to be. Take pressure off us, and put it on
somebody and anybody else, is their cry.
The executives, however, think the strike talk is
probably among the leaders, and that there is good
reason to doubt whether the men themselves are
really in sympathy with resistance to the decisions
of the Labor Board. As the executives see it, the men
have been expecting reductions of wage and have
been preparing to meet them. “There is no strike
talk among the men,” in the opinion of these execu­
tives. The menacing talk printed comes from leaders,
whose viewpoint has been distorted by months of
effort before the Board to halt the inevitable down­
ward trend of wages, while the employees “are in the
main sincerely interested in taking care of their jobs
and homes, and few employees in any industry have
more good reasons for doing so.”
Here is, possibly, the old alignment of last Octo­
ber, when the talk for a little while was of a general
shutdown unless the men could have their way, but
when they realized that the threat had lost potency,
they yielded, pleading the discovery that they could
not fight the country. They cannot, nor can they
halt the march of events and readjustments. If they
foolishly make the attempt, they must be left to real­
ize their mistake, and the public must calmly accept
whatever temporary inconvenience may be involved.
The June report of the growing grain crops, pre­
pared by the Crop Reporting Board of the Depart­
ment of Agriculture at Washington, issued late
Thursday afternoon, makes a generally favorable
situation so far as concerns the present prospect of
this year’s production of grain. The condition of
winter wheat is slightly under that reported a month
ago, but four points higher than that of last year. As
to spring wheat, the situation is quite satisfactory,
and while the indicated total yield of all wheat is less
than the yield indicated for last year’s crop of wheat
at this time in 1921, it is over 60,000,000 bushels in
excess of the actual yield for 1921. The June report
makes the condition of the growing winter wheat
crop 81.9. This contrasts with 83.5 shown by the
May report this year, 77.9 the June condition for
the 1921 winter wheat ci^op, and 81.5 the ten-year
average. On an acreage estimated for the growing
winter wheat crop of 38,131,000 acres, and a yield of
15.9 bushels per acre, the present promise of winter
wheat is for an aggregate production of 607,333,000
bushels. This contrasts with 587,032,000 bushels, the
actual yield last year.
As to spring wheat, the area indicated in the June
report this year is somewhat less than for the four
preceding years. The area this year is placed at 38,


639.000 acres. This contrasts with 19,706,000 acres
last year, 21,127,000 acres for the spring wheat crop
of 1920; 25,200,000 acres for 1919, and 22,051,000
acres for 1918. The June 1922 condition of spring
wheat is placed at 90.7%, which contrasts with
93.4% at this time a year ago. With an indicated
yield per acre of 13.3 bushels the prospect is for 247,­
175,000 bushels as the yield of spring wheat the pres­
ent year. A year ago at this time the condition then
indicated a yield per acre of 13.9 bushels, but this
was reduced to 10.5 bushels per acre by harvesting
time, owing to the serious injury suffered by the
grain crops late in the season of 1921. The indicated
yield of 13.3 bushels per acre for this year’s spring
wheat crop is considerably above the actual yield
per acre of the preceding years except that of 1918,
when the yield per acre of spring wheat was 16.2
bushels. In 1919 the final yield per acre was only
8.2 bushels. .
The total yield of Avheat, both winter and spring,
according to the June report this year, will be 855,­
000,000 bushels. This contrasts with a final yield
for last year of 794,893,000 bushels. The final yield
of all wheat the year before (1920) was some 21,000,­
000 bushels less than that now indicated for this
year’s yield of all wheat, but in the two preceding
years, the total yield of all wheat was well above
900,000,000 bushels.
The area planted to oats this year is placed in the
June report at 41,822,000 acres, which contrasts with
44.829.000 acres planted to oats for last year’s crop.
The condition at this time for this year’s crop is
placed at 85.5%; in June last year the condition of
the then growing crop of oats was 85.7%. The indi­
cated yield per acre this year is 31.2 bushels, while
at the corresponding time in 1921 the promise was of
31.3 bushels, but deterioration before harvest re­
duced the final yield of last year’s crop to 23.7 bush­
els per acre. This was far below preceding years, the
yield per acre of oats in 1917, 1918 and 1920 averag­
ing above 35 bushels. The actual crop of oats last
year was 1,060,737,000 bushels, while the present
promise for 1922 is a crop of 1,305,000,000 bushels.
Rye is in a slightly improved condition in the June
report this year, as contrasted with both the May re­
port of this year’s growth and the June 1921 report
of last year’s crop. The indicated yield of rye at
present points to a crop of 81,000,000 bushels, while
the crop last year was only 57,918,000 bushels. Like­
wise with barley, the condition is improved, 90.1 for
this year contrasting with 87.1% in June 1921, and
the indicated yield for this year 191,000,000 bushels,
contrasting with 151,181,000 bushels the final yield
of barley in 1921. The indicated yield of all hay for
the 1922 growth is now placed at 106,000,000 tons,
which contrasts with 96,802,000 tons, the final yield
of last year, and this year’s estimate of production is
above that for the preceding four years.
Insolvencies naturally show some diminution in
number as the year advances, and this year is no
exception, but both in number and in the amount of
defaulted indebtedness, commercial failures in the
United States continue very heavy, the number and
the amounts involved being in excess of any preced­
ing year. Prior to this year, failures in the early
months of 1915, the first year of the Avar in Europe,
Avere more numerous than in any other year before
that time, or since, and the amount of defaulted in­
debtedness was the heaviest ever reported, with the

exception of 1921. This year the number of defaults
is greater than in any preceding year, while the total
of liabilities is in excess of $330,000,000 for the five
months, some 20% greater than the heavy indebted­
ness included in last year’s defaults for the same pe­
riod of time, practically double that of the corre­
sponding five months of 1915, and greater than has
ever been reported for a full twelve months for any
year, with the exception of last year and the year
1914. Defaults this year are not only very numer­
ous, but there has been an unusual number where the
amount involved was very heavy.
The latest report for the month of May, which has
just been issued, shows little change in this respect.
The number of insolvencies reported in May, exclu­
sive of banking and other strictly financial defaults,
which in the records of R. G. Dun &Co., the Mercan­
tile Agency, on which our comments are based, are
very properly separated, is 1,960, and the amount in­
volved $44,402,886. As to number, this contrasts
with 1,356 similar failures in May 1921 and 1,707 de­
faults in the corresponding month of 1915, the next
highest for May of which there is any record. As
noted above, there is generally an almost constant
recession in the number of defaults eacli month from
January until July or August every year and this is
true of the current year, but for last month the num­
ber of defaults was nearly 81% of the average for the
four preceding months this year, which is practically
the same as for May 1921, but in May 1915 the ratio
on the same basis, was 70%.
As to liabilities, the defaulted indebtedness for
May, $44,402,886, contrasts with liabilities of more
than $70,000,000 for each of the four preceding
months this year, and with $57,066,471 for the corre­
sponding month of 1921. The fact is, that for 18
months, or since November 1920, the defaulted in­
debtedness each month has been unusually heavy, be­
ing in excess of $50,000,000 each month in 12 of the
18 months referred to, and not beloAv $34,600,000,
which Avas reported for the month of June 1921, for
any month during this time. In December last, the
liabilities reported Avere $87,500,000, and not since
September last have they been beloAv the figures re­
ported for last month. There vv^ere 77 failures in
May this year where the amount of liabilities in each
case exceeded $100,000 and the total indebtedness of
these 77 defaults was $21,561,000, Avhich Avas 48.6%
of the total of liabilities reported for the month. The
average amount of indebtedness of each of these 77
failures Avas $280,000. In May 1921 there were 67
similar defaults, Avliere the liabilities in each in­
stance exceeded $100,000, and the total indebtedness
Avas $39,404,000, or 69% of the aggregate of all de­
faulted indebtedness for that month, an average for
each of these larger failures of $588,000 of liabilities.
Of the defaults last month, 508 were classed as
manufacturing concerns, with liabilities of $13,958,­
773; 1,377 as trading concerns, with liabilities of
$25,446,464, and 75 classified as agents, brokers, etc.,
with a defaulted indebtedness of $4,997,649. In May
1921 there Avere294 manufacturing defaults for $13,­
556,725; 988 trading failures for $19,351,037 and 74
failures of agents and brokers for $24,148,709 of de­
faulted indebtedness. The larger amount of liabili­
ties slioAvn in the defaults of May last year Avas due
to the exceptionally heavy liabilities included in the
last mentioned classification. In May this year the
greater number of defaults, both actually (Avhich is
usual) and relatively, continues in the very large




trading class, and the losses are actually (Avhich is
not always the case) and relatively at a very high
figure. Examination of the report in detail, which
is given in the tabulation of commercial defaults pre­
pared from the records of R. G. Dun & Co., shows
that the greater number of defaults continue in the
large grocery line; also in clothing and dry goods,
and the defaulted indebtedness in these departments,
in the trading class, is heavy. There is also a notable
increase in trading lines among dealers in shoes, fur­
niture, hardware and drugs, and some increase
among jewelers. In the miscellaneous trading fail­
ures, which included many less numerous lines that
could not be separately reported, there are some
large failures, for the defaulted indebtedness shown
is in excess of $9,900,000. In manufacturing lines,
the clothing class continues to show heavy defaults,
both in number and in the amount of indebtedness,
and there is also some increase in the number of de­
faults among manufacturers of lumber, and among
bakers, etc.
Although progress was reported at the conference
in London of the British and Irish signatories to the
peace agreement, the situation in Ireland became so
disturbed that the British troops that had been quar­
tered in the North of Ireland became active on the
Ulster borderland last Sunday. The more complete
accounts of the sessions betAAreen the signatories in
London a week ago stated that “the British Govern­
ment put six definite questions to the Irish signato­
ries of the treaty and has received a reply suffi­
ciently satisfactory to warrant the continuance of
the negotiations.” The New York “Times” corre­
spondent added that “with this understanding Pre­
mier Lloyd George left for Criccieth and Arthur
Griffith and his associates for Dublin. Both sides
expect to be back on Tuesday to resume the discus­
sions.” He further observed that “in political cir­
cles satisfaction is expressed, not only at the averting
of a break at the moment of a grave crisis, but also at
the success of the British Government in reducing a
singularly nebulous situation to certain definite
points. From the day the Collins-de Valera compact
was announced there have been doubts as to its pre­
cise implications, and with the stating of six clear
issues it seems that a distinct advance has been made
on the road towards peace.” The “Times” represen­
tative said it was impossible at that time to learn
anything definite about the nature of the six ques­
tions. According to the New York “Tribune” corre­
spondent in London, “the British Cabinet induced
Ulster to co-operate in settling the situation in
Southern Ireland by adopting the same attitude of
forbearance toward the Free State Provisional Cab­
inet as is maintained by the London Government, so
long as there is no actual violation of the Anglo-Irish
treaty. In return for this concession, by which the
British hope to make solution of the Irish problem
easier, the London Cabinet agreed to let the Ulster
Government dispose of the British troops in the
North as it sees fit so long as the operations are
purely defensive.” He said that “the agreement em­
bodying these concessions on both sides was reached
after Sir James Craig, Ulster Premier, and his col­
league, Lord Londonderry, had conferred first with
the Earl of Balfour and then with members of the
British Cabinet at an extended session. The Earl of
Cavan, Chief of Staff, attended the meeting.”
In spite of the seemingly satisfactory progress of

the negotiations, dispatches from Belfast last Satur­
day stated that military preparations in Belfast
and vicinity were going forward quite rapidly. The
Associated Press representative cabled that “British
forces in Northern Ireland were reinforced this
morning by the arrival of 12 officers and 97 men of
other ranks of the Royal Air Force. They are being
followed by 12 fighting planes, which are due this
afternoon. A battery of howitzers was also landed.
The arrival of two British destroyers at Belfast is
reported. Several troopships bringing English and
Scottish regiments also entered the harbor this
morning. The military in Fermanagh are comman­
deering automobiles and boats.” The following day
the assertion was made in a Belfast dispatch, that,
“according to present prospects,” the influx of Brit­
ish military into Belfast would continue “all next
[this] week.” According to London cable advices
last Sunday morning, “Ireland is the fly in the am­
ber of England’s Whitsuntide holiday.” It was said
that “in well-informed quarters there was a fear that
the next 48 hours might be fraught with serious
trouble.”
The first actual clash between the British and
Irish military forces that has been reported resulted
in the taking by the former of Pettigoe, which strad­
dles the Ulster line. It was stormed and retaken
from troops of the Irish Republican Army who en­
tered on May 3. According to the official commu­
nique, “three of the Irish Free State troops were dead
and a Lewis gun captured.” That the sending of
British troops to Ireland would meet with political
opposition was to have been expected. This became
known here first through an Associated Press dis­
patch from Dublin Tuesday morning, which said
that “Michael Collins, head of the Provisional Gov­
ernment, takes a more serious view of the British
shelling of Pettigoe in Free State territory and has
demanded from the British authorities a full inquiry
into the circumstances.” The dispatch added that
“it is denied in the communique that the British
troops were at any time fired on, and the British
army statement that in consequence of the shooting
of a motor car driver Pettigoe was shelled is contra­
dicted. The driver, it is asserted, was not killed un­
til long after the shelling, when there was an inter­
change of shots between the British and the retreat­
ing Irish troops.” An interesting development in
this situation was the reported seizure of “a steamer
bound from New York for Fenit, County Kerry, with
corn and a mixed cargo.” The ship was held up in
Tralee Bay by a British sloop, according to the re­
port. It was claimed that “a large quantity of am­
munition in barrels was seized.” The Central News
of London reported that the vessel in question was
the Seattle Spirit, belonging to the United States
Shipping Board.
rii the case of an emergency like that with which
they were confronted, Michael Collins and Eamon
de Valera appeared to be “in accord.” In fact, the
, assertion was made in a London cablegram to the
New York “Tribune” that they were. At any rate,
they issued a joint statement in Dublin Monday
night “declaring in effect that they mean to stand by
their pact, despite the objection of the British Gov­
ernment to the deal between the Free Staters and the
Republicans.” The “Tribune” representative said
that “the statement of the Irish leaders points out
that coalition is the best means of insuring a peace­
ful and orderly election and a stable Government



within the nation and securing it against the perils
which threaten it from the outside.” He added that
“the statement is regarded not only as a reassertion
of the pact between the Free Staters and the Repub­
licans, in the face of the British Government’s warn­
ing through the mouth of the Colonial Secretary, but
also as an appeal for the closing up of the Sinn Fein
ranks in the coming election.”
The conferences between the signatories were re­
sumed in London on Wednesday. According to Lon­
don dispatches yesterday morning, “no announce­
ment was made as to the precise points discussed, or
as to the progress made, but it is understood that
they turned on such points as the Crown’s right of
vote over Irish legislation, the wording of the oath
of allegiance and the setting up of the Judicial Com­
mittee of the Privy Council as the final appellate
tribunal for Irish courts.” At that time it was not
expected that the results of the conferences A v o u l d be
reported to the full meeting of the Cabinet before
yesterday or to-day.
On Thursday the British forces took possession of
the village of Belleek. In London yesterday, Arthur
Griffith met Winston Churchill and Lord Birken­
head with respect to a proposed amendment to the
Free State Constitution. Premier Lloyd George pre­
sided at a plenary conference.
The Dail Eireann met in Dublin on Thursday for
its last business session. It will meet again June 30,
“and then early on the morning of July 1.” The Dub­
lin correspondent of the New York “Herald” said
yesterday morning that “there is little doubt that the
new Dail will be on lines similar to the present body,
and that the Coalition five to four Government is a
certainty.” After being in session for three hours,
adjournment was taken until to-day. No announce­
ment was made, according to London dispatches last
evening.
The Paris and London advices over the week-end
and for several days thereafter, relative to an inter­
national loan to Germany, were not encouraging.
The International Committee of Bankers was not in
session. Its members were awaiting further action
by the Allied Reparations Commission as to increas­
ing the scope of the committee’s power. There were
rumors that the committee might abandon all efforts
to secure a big loan for Germany. It became known
Thursday morning that the Commission had taken a
broad view of the situation and had decided to give
the committee the power desired, believing that with­
out it that body could not accomplish much if any­
thing.
The New York “Times” Paris correspondent ca­
bled that “J. P. Morgan and Sir Robert Kindersley
of the Bank of England will have their way about
outlining a plan for a German loan to which, in their
expert opinion, the public will subscribe. If they
and their colleagues think it necessary, they will be
able to suggest that yearly payments by Germany
should be fixed for a period of years at a lower fig­
ure than that provided by the schedule laid down in
London in May 1921, and so they may open the way
to eventual discussion of a reduction of the total
amount of the reparations debt.” Representatives on
the Reparations Commission of every Allied country
except France were said to have voted in favor of the
proposal to increase the committee’s powers. Spe­
cial attention was called to the fact that the “ma­
jority” vote sent to the bankers’ committee gives it

“full liberty to consider any condition whatever for
the raising of an external loan for Germany without,
of course, engaging the responsibility of the cornmission.” The committee met in Paris Wednesday af­
ternoon, but, it was said, did not come to a decision
on the vote. The “Times” representative said that
“for this reason it was obvious that while full liberty
has been given them, they must still be prepared for
French objection.”
Commenting upon the attitude of the French the
Paris correspondent of the New York “Herald” said
that “the project of an international loan to Ger­
many is oscillating to-night [Wednesday] between
abrupt and complete abandonment by the interna­
tional bankers of all further consideration of the
subject, as a sign to France that her present attitude
regarding Germany’s payment of reparations makes
such negotiations fruitless, and a continuation of
their labors on a more extensive scale, under author­
ity given to-day by a three to one vote in the Repara­
tions Commission.” He added that “as was inevita­
ble, international finance has come into violent colli­
sion with French politics.” Continuing, the corre­
spondent said: “To-morrow’s decision of the bank­
ers seems to rest largely in the hands of Mr. Morgan,
who, with the potential lending resources of the
United States behind him, is the overshadowing per­
sonality here. Mr. Morgan is understood to-night to
question seriously the advisability of the bankers go­
ing on under the present conditions, on the theory
that the moral effect of a complete break-off of the
present discussions can do more in the end toward
curing the present impossible situation than for the
committee to continue its seemingly futile delibera­
tions.”
In an Associated Press dispatch fromParis Thurs­
day evening the assertion was made that “all idea of
an international loan to Germany has been given up
by the committee of bankers, and they are meeting
to-day to agree upon the form of their report to this
effect, which will be submitted to the Reparations
Commission. The work of formulating the report
may take two or three sittings. The prevailing con­
viction among the members of the bankers’ commit­
tee is that two things are fundamental to a loan:
First, that there must be unanimity among the lend­
ers, which were to include all the countries repre­
sented on the Reparations Commission. Second, that
the credit basis of Germany must be outlined clearly.
The bankers look upon the Reparations Commission’s
reply to their recent note as an official declaration
that unanimity does not exist among the prospective
lenders. Therefore they feel that plans for a loan
cannot be advised.”
in his cablegrmyesterday morning the correspond­
ent was not quite so positive that the committee had
abandoned all hope. In fact, he stated that it would
meet again during the day to give the matter of a
loan further consideration. In other dispatches
from the same centre there were strong indications
that the reported attitude of the committee was
largely for influence on France. One correspondent
said that “one suggestion was that the French Gov­
ernment might point a way in which the bankers
could continue their examination of the possibility
of a loan without any essential change in Premier
Poincare’s policy.”

not intend to yield to the reported suggestion of the
International Committee of Bankers that she reduce
her war claim against Germany as a preliminary
step in the plan of the bankers to arrange an inter­
national loan for that country. The New York
“Times” representative declared that the French
Government had refused “to go into any discussion
with the Bankers’ Committee of the reduction of the
reparations total.” It will be recalled that the total
has been fixed at 132,000,000,000 gold marks. In
outlining what he claimed was the exact attitude of
the French on this question he said that “the French
have adopted the policy of maintaining their credit
where it is, so long as there is no change in their
debt. They have failed to consider logical or just
that they reduce their claims while their indebted­
ness remains unchanged. Rightly or wrongly that
policy they are now following, and therefore, any
suggestion of a reduction of Germany’s debt to
France inevitably brings up the question of France’s
debt to England and America.”
In accepting last Sunday “on behalf of France the
Congressional Medal of Honor bestowed on heroic
Verdun through Myron T. Herrick, American Am­
bassador, Premier Poincare recalled the aid given by
America during the war and the high honor con­
ferred to-day on Verdun, and insisted that neither
would have been granted if France’s cause had been
selfish, ignoble or inspired by aggression or lust for
conquest.” In the judgment of the New York “Trib­
une” representative, “Poincare plainly made an in­
direct reference to the international bankers’ demand
that France consent to the reduction of the German
debt, and reiterated his country’s determination to
collect her full due. Turning directly to Ambassa­
dor Herrick, who, speaking before, had pointedly re­
ferred to the disappointments of peace, Poincare
said: ‘But if peace were allowed to enrich Germany
at the expense of France it would spell defeat for the
cause we have upheld together. No longer would our
victory be the winged statue, mutilated but majestic.
Nothing would remain but broken marble crumbled
into dust. For France it would mean humiliation
and ruin. France, I am thankful to say, has too
much life in her to accept either the one or the other,
and she reposes too complete a trust in her former
comrades at arms to have any fear of being disap­
proved or disavowed by them.’ ”

In an interview in Berlin on Wednesday Georgevitch Tchitcherin, Foreign Secretary of the Russian
Soviet Government, was quoted in part as follows on
the attitude of his Government toward America:
“America’s policy toward Soviet Russia is all wrong,
and the sooner Washington realizes that the present
Administration in Moscow is there to stay the sooner
practical work of reconstruction in Russia will be­
gin. We know only too well that without America’s
assistance the task of rebuilding Russia will be a
hopeless proposition. We deeply deplore the stub­
born policy of non-recognition of Soviet Russia, but
at the same time we, on our part, refuse to make any
more concessions to America or any other nation.
The principles laid down in our memorandum of
May 11 will stand regardless of any developments at
The Hague Conference. We are quite willing to per­
mit an international economic commission to sit in
Moscow and carry on their negotiations with us
The assertion has been reiterated and emphasized there, but we shall not tolerate any attempt on the
by several Paris correspondents that France does commission’s part to pry into our internal affairs.




From experience we have had with travelers who
have visited Soviet Russia, Americans seem divided
into two classes, one class represented by Charles It.
Crane, who loathes everything connected with the
Soviet Government and helps, the social revolution­
ists ; the other class by ex-Governor Goodrich of In­
diana, who came over here fresh from America and
has done his best to help the Russian people. To my
way of thinking, Goodrich represents the great ma­
jority of American people who are not biased against
the Russian people. If there were more representa­
tive men in America like Governor Goodrich then
America and Russia would soon get together.” It
was stated that Tchitcherin would not go to The
Hague Conference.
There were persistent reports early in the week
that Nikolai Lenin, Premier of the Russian Soviet
Government, who frequently in recent weeks was
said to have been seriously ill, had suffered a stroke.
According to a Berlin dispatch a week ago, Maxim
Litvinov, Karl Radek and other Soviet leaders left
there for Moscow immediately after getting this
news. According to a London cablegram Wednesday
morning, “Professor Felix Klemperer, the noted
German physician who attended Nikolai Lenin last
April, has been hurriedly summoned to Moscow.”
M. Yureneff, Russian Soviet Ambassador at Riga,
was reported to have stated there that “Premier
Lenin is suffering from acute gastritis, with a high
temperature, following an attack on May 28.” In
an official bulletin, issued on June 6, it was claimed
that “the Premier’s condition shows some improve­
ment.” Georgevitch Tchitcherin, Foreign Secretary
in the Russian Soviet Government, was quoted in
Berlin on Wednesday as saying that “reports re­
garding Lenin’s illness were greatly exaggerated.”
There were further definite reports from London,
Riga and Washington yesterday morning that he had
suffered another strike of apoplexy. According to
an Associated Press cablegram from London last
evening it had been learned there “from sources
which cannot be doubted that the recent stroke of
Premier Lenin was one of cerebral paralysis. He
had lost his speech entirely on June 1 and was ex­
pected to die any day.”
Official discount rates at leading European centres
continue to be quoted at 5% in Berlin, Belgium,
France, Denmark and Sweden; 5^% in Norway;
6% in Rome and Madrid;
in Holland; 4% in
London, and 3|^% in Switzerland. Open market
discounts in London were a shade firmer, for long
bills being now quoted at 2%@2 7-16%, against
2 5-16% last week, although short bills remain at
2 5-16%, unchanged. Call money in London, how­
ever, was reduced to 1%%, in comparison with 2}/i%
a week earlier. Open market discounts at Paris
and Switzerland have not been changed from 4}^%
and 13^8%, respectively.

corresponding week of 1921, when it was 12.28%. A
year earlier it was 13.30%. Public deposits regis­
tered a decline of £13,198,000; but other deposits
were increased £24,458,000, while the Bank’s tem­
porary loans to the Government were £13,140,000
larger. Loans on other securities were reduced
£2,078,000. The Bank’s stock of gold on hand now
stands at £128,886,129, which compares with £128,­
369,554 last year and £116,706,689 in 1920. Total
reserve is £24,823,000, as against £18,539,419 and
£20,789,599 one and two years ago, respectively.
Note circulation amounts to £122,513,000. A year
ago it stood at £128,280,135, and in 1920 at £114,­
367,090, whhe loans are now £73,280,000, in compari­
son with £76,909,666 last year and £78,789,755 the
year before that. Clearings through the London
banks for the week totaled £615,676,000, against
£672,996,000 the week previous and £625,763,000 a
year ago. The minimum discount rate of the Bank
has not been changed from 4%, the level previously
current. We append a tabular statement of compari­
sons of the principal items of the Bank of England
returns:
BANK OI' ENGLAND’S COMPARATIVE STATEMENT.
1922.
1921.
1920.
1919.
1918.
June 7.
June 8 .
June 9.
June 11.
June 12’
£

£

£

£

£

Circulation________ 122.513,000 128,280,135 114,367,090 78,008,175 52,025,115
Public deposits........ 14,882,000 17,658,862 19,410,900 20,314,830 43,019,897
Other deposits____ 125,937,000 133,286,961 136,874,117 130,791,974 126,563,205
Governm’t securities 61,138,000 73,276,122 74,499.429 61,492,376 56,148,732
Other securities___ 73,280,000 76,909,606 78,789,755 79,809,069 100,919,204
Reserve notes & coin 24,823,000 18,539,419 20,789,599 27,471,053 30,303,410
Coin and b ullion ... 128,886,129 128,369,554 116,706,689 87,029,228 63,878,525
Proportion of reserve
17.54%
12.28%
13.30%
17.17%
17.88%
to liabilities.........
Bank rate................
4%
6H %
7%
5%
5%

The Bank of France continues to report small
gains in its gold item, the increase this week being
155,000 francs. The Bank’s gold holdings therefore,
now aggregate 5,527,965,950 francs, comparing with
5,519,416,305 francs at this time last year and with
1,978,278,416 francs the year previous; of these
amounts 1,948,367,056 francs were held abroad in
both 1922 and 1921 and 1,978,278,416 francs in
1920. During the week silver gained 155,000 francs,
while advances were augmented by 64,507,000 francs.
On the other hand, bills discounted fell off 311,­
434,000 francs, Treasury deposits decreased 2,493,000
francs and general deposits were reduced 85,564,000
francs. Note circulation registered the further large
expansion of 335,704,000 francs, bringing the total
outstanding up to 36,317,805,000 francs. This
contrasts with 38,375,243,000 francs on the corre­
sponding date last year and with 38,156,915,305
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 statement of last week and corresponding
dates in 1921 ans 1920 are as follows:
BANK OF FRANCE’S COMPARATIVE STATEMENT.
------------------------ Status as of---------------------j —
Changes
for Week.
June 8 1922. June 9 1921. June 10 1920.
Gold Holdings—
Francs.
Francs.
Francs.
Francs.
In Franco.............. Inc.
155,000 3,579,598,894 3,571,049,249 3,609,123,392
Abroad..................
No change
1,948,367,056 1,948,367,056 1,978,278,416
Total................... Inc.

155,000

5,527,965,950 5,519,416,305 5,587,401,808

155,000
284,243,495
272,975,495
240,416,955
A further small gain in gold was shown by the Silver......................Inc.
Bills discounted... Dec. 311,434,000 2,138,372,000 2,573,821,298 1,779,013,163
Bank of England in its weekly statement, amounting Advances................Inc. 64,507,000 2,330,553,000 2,237,935,000 1,873,010,480
circulation..Inc. 335,70-1,000 36,317,805,000 38,375,243,000 38,156,915,305
to £5,020, while a contraction in note circulation of Note
Treasury deposIts.Dcc. 2,493,000
18,099,000
25,765,000
58,830.183
£202,000 served to bring about an increase in total General deposits. .D ec. 85,564,000 2,198,016,000 2.685,392,000 3,487,184,653
reserve of £208,000. However, a heavy increase in
deposits was responsible for a decline in the propor­
The Imperial Bank of Germany’s statement,
tion of reserve to liabilities to 17.54%, as against issued as of May 31, was fully as spectacular as its
18.90% last week and 19.96% the week before that; immediate predecessors. Note circulation sustained
although the reserve ratio is still well above the another enormous increase, namely 7,810,853,000




marks, thus bringing up the total of notes outstanding last The bank statements are given in more com­
to 151,949,179,000 marks, which compares with plete detail on a subsequent page of this issue.
71.938.836.000 marks last year, 49,127,520,000
marks in 1920 and only 1,890,693,000 marks just
Early in the week call money showed a continuing
before the outbreak of the war in 1914. Discounts tendency toward firmness, but it was of brief dura­
and Treasury bills advanced 11,323,541,000 marks. tion. The declines became more pronounced from
Deposits were expanded 3,820,773,000 marks and day to day. On Thursday renewals were arranged
Treasury and loan association notes 1,066,642,000 at 3)4%, and even at 3% there was said to have been
marks. Other increases were 487,887,000 marks in difficulty in putting out money in the financial district
bills of exchange and cheques; advances 12,959,000 of this city. Yesterday renewals dropped to themarks and other liabilities 764,979,000 marks. Gold latter rate and loans at 2%% in the outside market
remained stationary, but total coin and bullion de­ were reported. At the start time money was reported
clined 350,000 marks. Notes of other banks fell as being a little firmer, but even then the market was3.846.000
marks. A reduction of 26,380,000 marks
largely nominal. While the asking price was rather
was noted in investments and of 457,997,000 marks firmly held at 4]^, it could not be learned that many
in other assets. The Bank’s total gold holdings are loans were arranged at that rate. On Thursday and
reported at 1,002,864,000 marks, which compares yesterday the offering were larger and lenders showed!
with 1,091,574,000 marks in the corresponding- a disposition to make concessions in quotations, it
week of 1921 and 1,091,640,000 marks a year being claimed that some money for the shortest
earlier.
periods was put out at 3%%.
The offering by Secretary Mellon of another block
The Federal Reserve Bank statement, which was of $250,000,000 Treasury Certificates of Indebtedness
issued late on Thursday afternoon, disclosed further to bear 3%% interest and to run for one year, and of
declines in bill holdings, combined with a further 4H % Treasury notes to take up 4%% Victory
small addition to gold reserves. For the combined notes, was taken as further official recognition by the
system the statement shows a gain in gold of $2,­ Government of the present ease of the money market.
400,000. Total bills on hand decreased 833,000,000 It was also interpreted as signifying the belief by the
to 8556,437,000, as compared with 81,965,860,000 at Secretary of the Treasury and his associates that the
this time a year ago. Total earning assets are down present money position is likely to continue for some
819.000. 000, but total deposits expanded 826,000,000. little time. In a Washington dispatch on Thursday
The amount of Federal Reserve notes in circulation it was said that the Secretary expected to take up
increased 8347,000 for the week. The reserve ratio about $500,000,000 Victory 4^s before the offer of
now stands at 77.6%, in comparison with 78.0% exchange expires on June 15. The offering of new
last week. As to the New York Bank, transactions securities has continued on a large scale. Investment
with interior banks netted that institution an addi­ houses think that the bond market would be healthier
tional 821,000,000 in gold, and as a result of a if there were a let-up for a week or two. It is admitted
diminution in rediscounts of all descriptions, bill on the other hand, that the abundance of money
holdings fell off 89,900,000 to 877,213,173,000. At available and the low rates will enable the dealers
this time last year the aggregate of bills on hand to distribute their holdings with considerable ease.
was 8535,084,000. Here total earning assets decreased, There are rumors from Washington that some of the
810.900.000, while deposits increased 826,200,000. Federal Reserve banks outside of New York would
Federal Reserve notes in circulation fell 85,000,000. like to reduce their discount rates. Naturally the
The local bank’s ratio of reserves was increased by disposition on the part of the interior institutions is
a small fraction from 85.5% the preceding week to wait for the New York Federal Reserve Bank to
to 85.9%.
take the lead. In a Washington dispatch it was
claimed that some of the former are inclined to take
The most noteworthy feature of last Saturday’s the step irrespective of New York.
New York Clearing House bank statement was an
expansion of no less than 847,083,066 in the loan item,
Referring to money rates in detail, the range for
reflecting heavy corporate borrowing. At the same call loans this week has been 3@4^£%, as against
time net demand deposits fell $2,319,000, to $4,200*- 4@ § lA % last week. On Monday the high was
533,000, but net time deposits showed a gain of 4%% , the low 3>'2%, with renewals at 4%%. . In­
$12,664,000, to $330,657,000. The total of net de­ creased ease developed on Tuesday. The renwal
mand deposits just given, is exclusive of Government basis was 4%, which was the highest quotation for
deposits to the amount of 883,985,000, a gain in this the day, while the minimum was still 3j/£%. On
item of $42,350,000 for the week. Cash in own vaults Wednesday call funds renewed at 3%, the low, with
of members of the Federal Reserve Bank declined the high 3 ^ % . Thursday’s range was 3 @ 3 ^ % and
nominally, $19,000, to $61,093,000 (not counted as the ruling rate 334%. Still lower levels prevailed on
reserve). Reserves in own vaults and in other de­ Friday, when all loans were made at 3%. On the
positories of State banks and trust companies were outside market call money is said to have loaned as
likewise reduced, the former $184,000 and the latter low as 2%%. Offerings were freer than for quite
$562,000. On the other hand, member banks added some time. The figures here given are for mixed
to their credits at the Reserve Bank $8,708,000, and collateral and all-industrial loans alike. For fixpd
the result was an addition to surplus reserves of maturities the trend has also been toward slightly
$8,017,730; thus bringing the total of excess reserves lower levels. Time funds were offered freely and a
to $26,641,170. The above figures for surplus are fair amount of business was transacted with loans for
on the basis of 13% reserves above legal requirements sixty days at the close at 4%, ninety days, four and
for member banks of the Federal Reserve System, five months, 4@4]4 % , and six months, 434%, as
but do not include cash in own vaults amounting to compared with 4% for sixty days and4@434% for
$61,093,000 held by these institutions oh Saturday all other periods the preceding week. The increase



credited, as it is believed that arrangements for these
settlements were practically completed some time
'M e r c a n t i l e p a p e r r a t e s h a v e b e e n r e d u c e d t o 4 %
ago. However, cable quotations from the British
fo r s ix t y a n d n in e t y d a y s ’ e n d o r s e d b ills r e c e iv a b le
centre were strong and a generally optimistic feeling
a n d s ix m o n t h s ’ n a m e s o f c h o ic e c h a r a c t e r , a g a in s t
predominated. News that the Reparations Commis­
4 3 4 % , w it h n a m e s le s s w e ll k n o w n a t 4 3 4 % , a g a in s t
sion had actually agreed to discuss the possibility
434%
a w eek a g o.
T r a d in g w a s q u ie t.
A fa ir
of modification in reparation terms had a favorable
d e m a n d w a s n o t e d , b u t th e s u p p ly o f th e b e st n a m e s
effect on sentiment, though later this was partly
c o n t in u e s lig h t , s o t h a t s a le s w e r e c o m p a r a t i v e l y
offset by indications that the loan program was not
s m a ll.
B an ks’ and
ba n k ers’ a ccep ta n ces op en ed
likely to be approved, and toward the end of the week
q u i e t w it h a n in c r e a s e in a c t i v i t y in t h e la t t e r p a r t
reaction set in with the result that some of the earlier
o f t h e w e e k , a s a r e s u lt o f t h e p r o n o u n c e d e a s in g in
gains were lost. Profit-taking sales figured in the
th e c a ll m a r k e t .
B o t h l o c a l a n d o u t - o f - t o w n i n s t i t u ­ decline.
t io n s w e r e in t h e m a r k e t a s b u y e r s , b u t o f f e r in g s w e r e
The pronounced strength in sterling continues a
s m a ll; c o n s e q u e n t ly , t r a n s a c t io n s in t h e a g g r e g a te
subject of discussion and the movement is regarded
w ere o n ly m o d e r a te .
F o r c a l l l o a n s a g a i n s t b a n k e r s ’ as all the more significant when it is contrasted with
a c c e p t a n c e s t h e p o s t e d r a t e o f t h e A m e r i c a n A c c e p ­ the records of previous years.
These records show
t a n c e C o u n c i l is d o w n t o 3 % , a g a i n s t 4 % l a s t w e e k .
that June quotations are almost invariably lower
T h e A c c e p ta n c e C o u n c il m a k e s th e d is c o u n t ra te s on
than those of May. Even in pre-war years the
p r im e b a n k e r s a c c e p t a n c e s e lig ib le fo r p u r c h a s e b y
tendency of sterling was to decline in the summer
th e F e d e r a l R e s e r v e b a n k s 3 3 4 % b id a n d 3 3 4 % a sk e d
months, beginning with June. Talk is heard of
fo r b ills r u n n in g fo r 1 2 0 d a y s ; 3 3 4 ® 3 3 4 % fo r n in e t y
attempts at control on the part of British interests,
d a y s , 3 3 4 @ 3 3 4 % fo r s ix t y d a y s a n d 3 3 4 @ 3 3 4 % fo r
but this is not taken seriously. Among the out­
th ir ty d a y s .
O p e n m a r k e t q u o t a t i o n s a r e a s f o l l o w s : standing influences of the week for the rise may be
SPOT DELIVERY.
mentioned the completion of preparations for paying
90 Days.
60 Days.
30 Days
interest on British indebtedness to the United States,
34034
34034
Prime eligible bills.................................... 3 4 0 3 4
the Chancellor’s estimate of what the appreciation in
FOR DELIVERY WITHIN THIRTY DAYS.
Eligible member banks........................................................................................-3 4 bid
the dollar rate has accomplished in reducing Britain’s
Eligible non-member banks.......................................................................................... 3 4 bid
Ineligible bankibllls.................................................................................................3 bid debt to this country and hence improving her financial
position, prospects of a partial removal of the
There have been no changes this week in Federal reparations “bogie” and betterment of foreign trade
Reserve Bank rates. The following is the schedule relations, and a continuation of light offerings of
of rates now in effect for the various classes of paper commercial bills and easy money.
at the different Reserve Banks:
Referring to quotations in greater detail, sterling
DISCOUNT RATES OF TIIE FEDERAL RESERVE DANKS
IN EFFECT JUNE 9 1922.
exchange on Saturday last was strong, at very close
Discounted bills maturing
to the high level of the preceding day; the range was
a „
within 90 days (Incl. mem­
ber banks' 15-day collateral Bankers'
Agricul­ 4 47%@,4 48 for demand, 4 47%@4 48^4 for cable
notes) secured by—
Trade tural and
accep­
accep­ live stock transfers and 4 45%@4 46 for sixty days; trading
ederal Reserce
tances
Treasury Liberty
Other­ dtsc'ted tances
paper
Bank of—
for
notes and bonds
wise
maturing maturing showed an appreciable increase in activity.
On
certificate and
secured member toUhln 91 to 180
and
of indebt­ Victory
banks
days
90 days
Monday the market was very firm and another new
edness
notes unsecured
high for demand was scored, to 4 5034i the low was
Boston.........................
44
44
44
44
44
44
New York....... ............
4 'A
44
44
44
44
44
4
48, while cable transfers ruled between 4 48^4®
Philadelphia.................
4 <A
44
44
44
44
44
44
Cloveland.....................
44
44
44
44
44
4
5034 and sixty days 4 46@4 4834* A further
4.4
Richmond........... ........
44
44
44
44
44
44
44
44
44
44
Atlanta.........................
44
advance was noted on Tuesday, carrying quotations
44
44
Chicago......... ..............
44
44
44
44
4X
44
fit. Louis......................
44
44
44
44
up an additional lc., with a range of 4 49^4®
5
5
5
5
5
5
Minneapolis..................
5
5
5
6
5
5
Kansas City..................
4 51 1-16 for demand, 4 50@4 51 7-16 for cable
5
5
5
5
5
5 »
Dallas...........................
fian Francisco...............
44
44
44
44
44
44
transfers and 4 47^4@4 49 1-16 for sixty days.
Wednesday the range was somewhat narrower, so
Sterling exchange price levels again soared sharply that the maximum quotation for demand was 4 50J4
upward and on several successive days of the week nd the low 4 50; cable transfers ruled at 4 50^4®
under review demand bills sold up to a new high
50J4 and sixty days 4 48@4 4834; trading showed
level, until a quotation of 4 51 1-16 was reached, a falling off in volume. A slightly reactionary
which is an advance of approximately 3%c. from tendency developed on Thursday with transactions
the closing figure of last Friday and the highest comparatively light; a fractional decline brought
point touched since the early part of July 1919. In demand to 4 4934@4 50, cable transfers to 4 49*34®
keeping with this, trading was more active than for 4 5034) and sixty days to 4 4534@4 48. Friday’s
some time past. This was particularly noticeable in market was quiet and easier; demand bills were lower,
the first part of the week, when brisk buying was at 4 4834®^ 49 11-16, with cable transfers at
reported, with a number of the large international 4 4934@4 50 1-16 and sixty days at 4 4534®
banks in the market for round amounts. Later on, 4 46 11-16. Closing quotations were 4 47^4 for
trading quieted down and the market relapsed into sixty days, 4 49^4 for demand and 4 50 for cable
comparative dulness. It was a noteworthy feature transfers. Commercial sight bills finished at 4 48J4>
that the activity was wholly in the local market, sixty days at 4 4134; ninety days at 4 39J4> docu­
since London banks were closed in observance of the ments for payment (sixty days) at 4 41 % and sevenWhitsuntide holidays. The belief was quite general, day grain bills at 4 47J4• Cotton and grain for
however, that buying orders were largely for British payment closed at 4 4834The week’s gold movement was light, though a
account. Some market observers claimed that the
activity was due to preparations incidental to paying quite considerable volume of the precious metal is
off British indebtedness; but this was not generally reported on its way. Actual arrivals included—
in

th e s u p p ly o f fu n d s w a s a t tr ib u te d t o th e re tu rn

o f d iv id e n d a n d in t e r e s t p a y m e n t s t o t h e b a n k s .




%

$680,000 on tho Drottningham from Gothenburg, and smaller
miscellaneous shipments from South American points, in­
cluding 28 cases and 1,329 bags of gold and silver bars,
silver coins and gold and silver ores from Chile arid Peru
on the Santa Elsa; 7 cases and 37 bags gold and silver, also
silver coins and greenbacks on the Ebro from Valparaiso;
19 bars of gold on the Martinique from Colombia; 10 cases
gold dust and coins on the G. W. Goethals from Hayti and
Cristobal and 23 gold bars and a number of small consign­
ments of gold and platinum on the Granfos from Ecuador
and Colombia. There were received also o cases of gold on
the Matura from Demerera; 4 eases of gold on the Roekaway
Park from Reval.

The Continental exchanges waited upon develop­
ments abroad and price levels moved uncertainly,
first up and then down. The irregularity continued
to the close. Only a moderate amount of business
was transacted, and there was nothing like the
strength and activity witnessed for a time in sterling,
and the day-to-day fluctuations were attributed
very largely to speculative operations. Dealers
are still holding aloof to await a decision in the
reparations situation, also as to whether or not
an important foreign loan is likely to be forthcoming.
Reichsmarks were probably the most active feature
in the list and in the earlier part of the week re­
sponded to more encouraging advices from tho
Paris Conference. Reports from this gathering that
the Reparations Commission had voted to consider
modification of the original terms had a good effect
and the quotation advanced fractionally to 0.36%;
subsequently, however, intimations that the conferrees were not disposed to encourage the placing of
an important German loan at this time, resulted in
a general lowering of values with losses of from 2 to
5 points. French francs were also affected by the
uncertainties regarding the Paris bankers’ conference
and after early strength, touching 9.15)4 for checks,
displayed a reactionary trend, declining to 9.04.
Belgian currency moved, as usual, in sympathy.
Lire, on the other hand, opened weak, at about 5.11,
then advanced steadily until 5.22 was reached. All
of these changes were on a light volume of transac­
tions. Greek exchange also displayed an improving
tendency, advancing from an opening figure of 4.15
to 4.25)4- Exchange on the central European
countries remained steady, without appreciable alter­
ation. Austrian kronen have gone to still lower
levels, and at one time stood at 0.0067)4, despite
reports that improvement is expected from the efforts
of a private commission of French, English and
American bankers who are said to be in Vienna,
and working over a plan to relieve the situation there.
Increased note circulation and the general financial
chaos prevailing in Austria is responsible for the
weakness, which, however, is of little consequence
here, since very few transactions are being financed
in kronen.
The London check rate in Paris finished at 49.60,
compared with 48.95 last week. In New York sight
bills on the French centre closed at 9.08, against
9.10%; cable transfers, 9.09, against 9.11%; com­
mercial sight bills, 9.06, against 9.08%, and com­
mercial sixty days, 9.00, against 9.02% a week ago.
Closing quotations on Antwerp francs were 8.41 for
checks and 8.42 for cable transfers, which compares
with 8.40%@8.41% a week earlier. Reichsmarks
finished the week at 0.34)4 for checks and 0.35 for
cable transfers, against 0.36)4 and 0.36% last week.
Austrian kronen closed at 0.0068 for checks and
0.0070 for cable transfers, against 0.0087 and 0.0092




the previous week. For lire the close was 5.15 for
bankers’ sight bills and 5.16 for cable remittances.
A week ago the final range was 5.19 and 5.20. Ex­
change on Czechoslovakia finished at 1.94 (un­
changed); on Bucharest at 0.68, against 0.71; on
Poland at 0.0250. against 0.0255, and on Finland at
2.15, against 2.16 in the week preceding. Greek
exchange closed at 4.25% for checks and 4.30% for
cable transfers, in comparison with 4.13 and 4.18
last week.
The exchanges on the former neutral centres dis­
played some irregularity and in some instances
marked activity, indicating a continuation of the
operations believed to be for account of the German
Government for the purpose of meeting reparations
payments. Guilders were conspicuous with a further
rise to 39.14, or 21 points above last week’s high
record point. Swiss exchange, also the Scandinavian
exchanges,- were all strong and higher, though ad­
vances were less pronounced.. Spanish pesetas ruled
steady, at close to least week’s levels.
Bankers’ sight on Amsterdam finished at 39.01,
against 38.93; cable transfers, 39.08, against 38.98;
commercial sight bills, 38.96, against 38.88, and
commercial sixty days, 38.60, against 38.52 a week
ago. Swiss francs closed at 19.15 for bankers’ sight
bills and 19.15 for cable remittances, in comparison
with 19.08)4 and 19.13)4 a week earlier. Copen­
hagen checks finished at 21.91 and cable transfers at
21.96, against 21.78 and 21.83 a week ago. Checks
on Sweden closed at 25.95, and cable transfers at
26.00, against 25.85 and 25.90, but checks on
Norway finished at 17.53 and cable transfers at
17.58, against 17.79 and 17.84. Spanish pesetas
closed at 15.77 for checks and 15.85 for cable transfers
A week ago the close was 15.79 and 15.84.
FOREIGN EXCHANGE RATES CERTIFIED BY FEDERAL RESERVE
BANK TO TREASURY UNDER EMERGENCY TARIFF ACT,
JUNE 3 1922 TO JUNE 9 1922. INCLUSIVE.
Noon Buying Rate for Calbe Transfers in New York.
Value in United Slates Money.
June 3.
EUROPE—
Austria, krone__________
Belgium, franc...............
Bulgaria, lev___________
Czechoslovakia, krone___
Denmark, krone________
England, pound.......... .....
Finland, markka________
France, franc___________
Germany, reichsmark____
Greece, drachma________
Holland, guilder...............
Hungary, krone________
Italy, lira................ ........
Jugoslavia, krone.............
Norway, krono.......... .......
Poland, Polish mark.........
Portugal, escuda________
Rumania. leu....................
Serbia, dinar............... .....

June 5. June 6. June 7. June 8. June 9.

S
$
.009089 .000087
.0842
.0842
.007414 .00742
.019461 .019483
.2189
.2190
4.4813 4.5044
.021325 .02135
.0912
.0913
.003669 .003602
.0420
.0420
.3895
.3897
.001228 .001222
.0521
.0522
.003567 .003564
.1787
.1790
.000251 .000254
.0766
.0771
.006859 .005863
.014293 .014243
.1581
.1586
Sweden, krona____ _____ .2595
.2593
Switzerland, franc_______ .1914
.1914
ASIA—
.8275
.8292
China, Chefoo tael.........
"
Hankow tael____ .8275
.8292
"
Shanghai tael____ .7857
.7890
.8325
"
Tientsin tael_____ .8317
Hong Kong dollar. .5761
.5763
*■ Mexican dollar___ .5703
.5716
"
Tientsin or Pelyang
.5875
dollar_________ .5817
.5825
"
Yuan dollar______ .5742
.2910
India, rupee____________ .2901
.4766
Japan, yen ............. ........ .4759
.5100
Singapore, dollar________ .5092
NORTH AMERICA—
.990528 .990889
.998594 .998672
.484844 .48425
Newfoundland, dollar___ .988203 .988906
SOUTH AMERICA—
.8263
Argentina, peso (gold)___ .8253
.1378
Brazil, milrcls__________ .1381
.8095
Uruguay, peso__________ .8082

S
1 S
S
$
.000086 .000073 .000070 .000065
.0344
.0841
.0844
.0840
.007467 .007442 .007457 .007446
.019433 .019375 .019383 .019368
.2218
.2213
.2208
.2198
4.5095 4:5043 4.4983 4.4962
.021463 .02145 .02145
.0216
.0914
.0915
.0910
.0908
.003489 .003536 .003444 .003436
.0423
.0423
.0422
.0421
.3909
.3903
.3909
.3903
.001218 .001190 .001182 .001168
.0523
.0522
.0520
.0515
.003564 .003597 .003614 .003614
.1784
.1773
.1766
.1755
.000254 .000254 .000255 .000251
.0771
.0773
.0769
.0767
.006847 .006834 .006803 .006763
.014279 .014393 .014457 .014464
.1587
.1584
.1583
.1581
.2612
.2614
.2598
.2609
.1918
.1916
.1913
.1916
.S217
.8217
.7798
.8267
.5739
.5668

.8342
.8342
.7921
.8383
.5759
.5760

.8408
.840S
.7977
.845S
.5801
.5775

.8363
.8363
.7945
.8417
.5787
.5790

.5942
.5900
.2918
.4771
.5146

.5908
.5808
.2909
.4768
.5142

.5975
.5875
.2914
.4761
.5163

.6042
.5908
.2914
.4770
.5146

.991211
.998672
.484225
.988984

.991025
.99875
.485775
.988906

.990764
.998906
.48575
.988281

.990766
.99875
.485675
.988438

.8258
.1379
.8109

.8261
.1382
.8112

.8260
.1383
.8151

.8265
.1384
.8230

With regard to South American exchange, the
situation remains without essential change. The
•ate for checks on Argentina closed at 36)4 and for
3able transfers at 36%, the same as last week, while
Brazil finished at 14.00 for checks and 14)4 for cable
vmisfors. comnared with 13% and 14 a week ae:o.

Chilean exchange rallied and finished at \2Y%, against
113^ the week previous, while Peru advanced
sharply and closed at 3 95, against 3 73.
Far Eastern exchange was irregular, but after
early weakness incidental to a break in the price of
silver, rallied and finished as follows: Hong Kong,
583^@583^, against 583^@58^; Shanghai, 80Y>@
8 0 2 4 , against 8 0 @ 8 0 3 4 i Yokohama, 4 7 ; k t @ 4 8 , against
4734@472/8i Manila, 4824@50, against 4934@4924i
Singapore, 5 2 ^ @ 5 2 ^ , against 51%@52; Bombay,
2 9 3 4 @ 2 9 2 4 > against 2 9 2 4 @ 3 0 , and Calcutta, 3 0 @
3 0 3 4 ; against 3 0 @ 3 0 3 4 The New York Clearing House banks, in their
operations with interior banking institutions, have
gained $4,997,509 net in cash as a result of the cur­
rency movements for the week ending June 8.
Their receipts from the interior have aggregated
$5,855,669, while the shipments have reached $858,­
100, as per the following table:
CURRENCY RECEIPTS AND SHIPMENTS BY NEW YOJIK BANKING
INSTITUTIONS.
Week ending June 8.
Banks’ Interior movement..

Into
Banks.

Out of
Banks.

55,855,669

Gain or Loss
to Banks.

5858,100 Gain 54,997,569

As the Sub-Treasury was taken over by the Fed­
eral Reserve Bank on Dec. 6 1920, it is no longer
possible to show the effect of Government opera­
tions on the Clearing House institutions. The Fed­
eral Reserve Bank of New York was creditor at the
Clearing House each day as follows:
DAILY CREDIT BALANCES OF NEW YORK FEDERAL RESERVE BANK
AT CLEARING HOUSE.
Saturday,
Junes.

Monday,
June 5.

Tuesday, Wednesday, Thursday,
JuneG.
June 7.
June 8.

Friday,
June 9.

Aggregate
for Week.

5
5
5
5
5
5
5
59,903,033 64.800,000 42,300,000 47,100,000 50,700,000 43,200,000 Cr. 308,000,000
iVoie.—The rore«oln« heavy credits reflect the huge mass of checks which come
to the New York Reserve Bank Irom all parts of the country. In the operation of
the Federal Reserve System's par collection scheme. These large credit balances,
however, show nothing as to the results of the Reserve Bank’s operations with the
Clearing House Institutions. They represent only one side of the account, as checks
drawn on the Reserve Bank itself are presented directly to the bank and never
go through the Clearing House.

The following table indicates the amount of bul­
lion in the principal European banks:
Banks of—•

June 8 1922.
Gold.

June 9 1921.
Total.

Gold.

| Silver.

Total.

£
886,029
183,960
011,580
941.000
,891,000
,407,000
491,000:
064.000
,780,000’
,230,000
,684,000!
,183,0001

£
£
» £
England 886,029 128,369,554
128 369,554
France a .
11.360.000 154, 543,960 142,841,958 10,880 000 153 721,958
Germany
866,300 50 877,880 54,578,650
462 850 55 011,500
Aus.-Hun
2.369.000 13 313.000 10.944.000 2,369 000 13 ,313,000
Spain___
25.669.000 126 ,560,000 99.402.000 24,523,0001123 ,925,000
Italy____
3.036.000 37 ,443,000 32.892.001) !2,999’,000
,891,000
Netherl 'd
529.000 51 020.000 50.497.001) ! 1.089 ,000
,586,000
Nat. Belg
1.645.000 12 ,309,000 10.662.000 1,501 ,000
,163,000
Switz 'land
4.300.000 26 ,080,000 21.749.000 4,444 ,000
193,000
Sweden__
15 ,230,000 15.648.000
,048,000
Denmark .
228.000 12 ,912,000 12.643.000
,820,000
Norway __
. 8 ,183,000 8,115,000
,115,000
R‘>! 48,444,850 638,787,012
E-iotal weok 587, 355,5691 50,002,300 637,357,869 588,342,162;
Prov. week 587, 237,3491 50,019,800637,257,149 538,804.4991 48,168.700 636,073,199
a Gold holdings of the Bank of Franco this year arc exclusive of £77,934,682
held abroad.
. ___

LABOR UNION RESPONSIBILITY AGAIN CONSI BE REJJ BY THE SUPREME COURT.
In the Coronado coal cases, decided the present
week, but dating back to 1914, the Supreme Court, by
Chief Justice Taft and with no dissent, lias somewhat
further defined and cleared the responsibility of la­
bor unions for misconduct. There was in 1914 a
strike, with the familiar accompaniments of violent
interference, including attacks on the mining prop­
erty by attempting flooding, as well as dynamiting
and some incidental murder. According to the ac­
count of the affair given in the Court’s opinion, the
union miners forcibly deprived the mine guards of
their guns and so injured them that four or five had
to be sent to hospital: they also put out the fires and




threw showers of stones at the guards; so all the men
deserted the mine, which filled with water as the
pumps stopped. One of the crowd climbed to the top
of the coal tipple, and planted a flag with the legend,
“This is a union men’s country.”
The Coronado Coal Company brought suit in the
Federal District Court in Arkansas, and their $200,­
000 verdict under the final sections of the Sherman
Act was tripled, according to the Act. Five ques­
tions are pressed by the plaintiffs in error, the labor
unions, said Mr. Taft. The first is that there was “a
misjoinder” ; the second, that District No. 21 of the
United Mine Workers of America is unincorporated
and therefore not suable; third, that there is no evi­
dence showing any share by the main body in the de­
struction of property; fourth, that the conspiracy
alleged against District No. 21 and the other defend­
ants was not shown to be a conspiracy to restrain
interstate commerce; fifth, that the charge of the
court below erred in so summing up the evidence as
to amount to a mandatory instruction to the jury.
Mr. Taft finds no misjoinder, but remands the case
for re-trial, upon the ground that no interference
with commerce such as condemned by the Act has
been shown. Coal mining, lie says, “is not interstate
commerce, and the power of Congress does not ex­
tend to its regulation as such.” He cites several de­
cisions, and adds that “obstruction of coal mining
is not a direct obstruction to interstate commerce
in coal, though it, of course, may affect it by reduc­
ing the amount of coal to be carried in that com­
merce.” This is obviously strict construction, and
very strict, and the opinion so recognizes it, for it
says “the circumstances are such as to waken regret
that, in our view of the.Federal jurisdiction we can­
not affirm the judgment, but it is of higher impor­
tance that we should preserve inviolate the funda­
mental limitations in respect to the Federal juris­
diction.”
So far, this is a victory for the union, upon strict
technical grounds, and a narrow one. But as to
union responsibility, the Court says “we think that
such organizations are suable in the Federal courts
for their acts, and that funds accumulated to be ex­
pended in conducting strikes are subject to execution
in suits for torts committed by such unions in
strikes.” Further, as to the final sections of the
Act, “their broad language certainly includes labor
unions like these.” And still further:
“It would be unfortunate if an organization with as
great a power as this international union has in the
raising of large funds and in directing the conduct
of 400,000 members in carrying on in a wide terri­
tory industrial controversies and strikes out of which
so much unlawful injury to private rights is possible,
should assemble its assets to be used therein free
from liability for injuries by torts committed in
course of such strikes. To remand persons injured
to a suit against each of the 400,000 members to re­
cover damages and to levy on his share of the strike
fund would be to leave them remediless.”
Congress, says Mr. Taft, was framing drastic leg­
islation to prevent a public danger, and did not in­
tend that any persons or combinations of persons
should be able to slip out. The thought “was espe­
cially directed against business associations and
combinations that were incorporated to do things
forbidden by the Act, but they used language broad
enough to include all associations which might vio­
late its provisions recognized by the statutes of the
United States or the States or the Territories or for-

eign countries as actually existing; and this, of
course, includes labor unions, as the legislation re­
ferred to shows.”
A technical and barren victory for unionism, since
the case is remanded as not having proven a re­
straint of commerce and as not having proven the
national organization responsible. But the doctrine
that the union or unions which committed the unlaw­
ful acts are responsible, and that their funds are
subject to attachment is plainly indicated. Says the
opinion:
“As a matter of substantive law, all the members of
the union engaged in a combination doing unlawful
injury are liable to suit and recovery, and the only
question is whether, when they have voluntarily and
for the purpose of acquiring concentrated strength
and the faculty of quick unit action and elasticity,
created a self-acting body with great funds to accom­
plish their purpose, they may not be sued as this
body and the funds they have accumulated may not
be made to satisfy claims for injuries unlawfully
caused in carrying out their united purpose.”
So the result is that the matter goes back for a
more technically correct procedure and directly
against the real active offenders. The barrenness of
this union victory may be seen in the response to it
by union leaders. They are trying to adjust them­
selves to it, but Mr. Gompers breaks out in his usual
vehemence, declaring that the Court has set a prece­
dent under which capital can “impose any conditions
on the working people of the country and they will
not dare resist.” He calls the expression of regret at
inability to affirm the court below “gratuitous, bit­
ter and unforgivable.” The Court, he says, “has
practically swept aside the provisions of the Clayton
Act,” of course, meaning the special provisions which
organized labor caused to be inserted with intent to
relieve itself wholly from that statute. For the first
time, he says, there is laid down “the principle that a
voluntary corporation is liable to be held for dam­
ages for any act committed by one or a group of its'
members, no matter how far unrelated they may be
in distance or in supervision.” This is, of course, ar­
rant nonsense, but equally, of course, nothing else
was to be expected from Mr. Gompers.
The long-fought and leading case of the Danbury
hatters, which was followed in the “Chronicle” from
beginning to end, is naturally recalled to mind. That
was a case of both primary and secondary boycott,
and our final review [July 21 1917, p. 223] related
the close of the fight, which began in 1900 in the at­
tempt of the unions to forcibly make the Loewe plant
a closed shop. After having once sent the case back
for re-trial on the merits, the Supreme Court, by Jus­
tice Holmes, fully sustained the liability of the de­
fendants on Jan. 41915. Then the last stage was the
raising of union funds, with bitter protest, to satisfy
the judgment and save the enforcement of liens al­
ready filed against the homes of individual members
of the offending unions. The unions were beaten,
and had to confess it by pretending to make an as­
sessment voluntarily.
The final settlement of industrial warfare upon an
amicable and therefore the only abiding ground is
somewhat advanced by this latest action of the high­
est court, even if the gain secured thus does not ap­
pear great. There is a special satisfaction in view of
the long contention of the “Chronicle” that labor con­
spiracies when intended and certain to restrain com­
merce are indubitably covered by the Sherman Act,
the application being, of course, to such conspiracies




as have been repeatedly formed and openly avowed,
to halt transportation unless the demands of the par­
ticular occasion were granted. Perhaps a little more
backbone in invoking the Act in such cases may be
stimulated by this decision.
COMMENCEMENT DAYS.
These are the days when the solemn Voice of the
School trumpets loud to the people. From hundreds
of colleges and universities, through thousands of
graduates, the Voice speaks. What does it say, what
is its dominant note? Older, if not wiser, we often
make light of these oracular pronouncements on
Commencement Day. But though we smile over the
disillusionment to come from life’s subsequent expe­
riences, we must accept this Voice as the expression
of an influence on our human affairs commensurate
with and representative of what is taught in these in­
stitutions; this, and that irrepressible courage, con­
fidence, enthusiasm and hope, that is youth! If,
then, we could condense these orations into one, and
read the unspoken message between the lines, we
would be able to interpret education as a preparatory
element in life; we would be enabled to see life as it is
foreseen and contemplated by these schools and col­
leges we so sacredly preserve.
There was a time this condensed thesis would
show, we think, a greater dissociation than at pres­
ent, between learning and life. The emphasis would
be all on the spiritual or aesthetic side. This has
been changed, modified, by a larger vision of the
physical phase of life. We attempt to state broad
propositions; and we shall pass by the new endeav­
ors, such as the insistence upon vocational training
and the enlargement of the study of commerce and
economics. The important thing to try to determine
is the progress that may be indicated in harmonizing
these twin factors of all life, the physical and spir­
itual. And we might put our query in this form—
attempting the very broadest inclusive definition:
Is the stress of this composite and comprehensive
teaching upon wisdom or upon love?
At one end of wisdom we may place success; at
one end of love, we place sacrifice. In the day when
through the classics and natural sciences the stress
was upon knowledge, the aim of the cultivation was
more nearly a learned and cultured man for his own
sake. Now, it more nearly appears, that the sub­
stratum of the physical life cannot be neglected.
Prosily stated, it is realized that all men must work
—with hand and with brain—for success it may be,
but of necessity as a prelude and portal of the spir­
itual life, which, because of the inescapable human
relations, is far more than the aesthetic life and the
mere pleasures of knowledge. The sense of duty can­
not escape the exercise of love.
And just here the School and Life itself attain to
unity in direction of not in force. A recent investiga­
tor has disclosed a formula of influences upon char­
acter in which he gives the School but five per cent.
It follows, from any such approximate division, that
the influences of environment, the home, and insti­
tutions political, economic, social, are overwhelm­
ingly predominant. All education is preparatory;
it can only “bend the twig,” establish tendency. But
how little of this in the ensuing “bread and butter
battle of life” can the mere impulses of vocational
training and economic lore accomplish. The contem­
plation of work as the universal solvent is impera*
tive.

We do not doubt, in these thousands of theses the
School will show a realization of the times and the
tumult in which we live in this year of 1922. Com­
merce and trade, basic of all the possible superstruc­
ture, will receive ample consideration. But have we
yet attained in life or in learning a correct appre­
ciation of the way in which this necessary and typ­
ical “work” is to help to shape character into the
form of love? How, in brief, are “labor” and “cap­
ital” to contribute to the development of the indi­
vidual man, who though compelled to live for self in
the physical plane, yet lives for others in the spirit­
ual plane ?
Until we accomplish this, neither School nor Life
can be said to train properly; nor can the School
essay instruction in advance of a more complete ap­
preciation and dedication by Life itself. We are
striving; sometimes, it would seem, only groping.
There are thousands of remedies offered us for con­
ditions. But they are radical, theoretic, idealistic.
Too often they conceive of antagonism between cap­
ital and labor as they appear together in the physical
life. Again, there are those who see in this physical
base itself, the slavery of the spiritual and would
eliminate it by an appeal to the Commune or the
State.
Until we come to a consciousness of the one-ness of
work with thought and soul and joy, in that Life
which we call “consensus of opinion,” how can the
School mark its course and make progress ? Wisdom
is not love; love is not in content wisdom. But it is
wise to love, and love, therefore, is the highest wis­
dom. That rugged, strange, somewhat misanthropic
soul, Tolstoy, as told in one of his letters recently
published, could not conceive of a profitable enter­
prise without a small capital. He thought if Social­
ism ever succeeded it would lead to violence and
force. But capitalism, he felt, taught and led to
greed and selfishness. And he says by way of a con­
clusion: “That is why, in the closer relations im­
posed by capitalism, the material situation of the
workers may improve, but their welfare cannot be
established. In order that the latter may come to
pass, the union of the workers should be free; and, in
order to have it $o, it would be necessary to teach
them to commune with their fellows, to perfect them­
selves morally, to serve others with love and not be­
come offended if they are not reciprocated.”
There is naught in this simple excerpt, a reflection
merely by a strong and contemplative mind, that
leads to other than the apotheosis of the individual.
Neither mass action nor Governmental control can
supplant the individual, the one alone with charac­
ter, the object of the “public welfare” and the protege
of the School. Institutions are nothing without men.
The institution, the Government, the “public opin­
ion,” cannot be, without individuals of character.
Wisdom is not enough, in the sense of knowledge
or power or success. Culture is not enough, in the
sense that it leads to a higher life of joy and enlight­
enment. Capital and labor, components of all life,
social, economic and political, must be taught to
function for Love! It sounds strange. These self­
confident youths stepping from the stage of school
to that of life, these millions striving, as they must,
in the maintaining physical field, what should they
have but tolerance, service, love? The world, yet
dragged in the shadows of war, is crying for relief,
for restoration, for resumption. Thousands of new
inventions are appearing like light. Governments,




with the best intentions, assemble and confer, un­
able, because not so endowed, to effect a remedy.
Commerce and trade show signs of revival. Reform,
in fantastic shapes, works overtime. Crime and mor­
als contend in arenas of prevention and cure. Does
the influence of the School sense in these realities
the power of tolerance, service, love? Does capital
or labor, contending in so many ways, realize that
each is naught without character in the individual—
that character which makes man in his toil and
thought love his neighbor as himself?
There is no “royal road” to this sort of learning.
The Kingdom of God of this world is within. Who
shall answer for the fierce contentions of ideas and
interests, aye, and ideals, of today? Not those who
set the star of love in the home, in honest work, in
daily helpfulness. This troubled world into which
these Graduates go, has knowledge enough, even wis­
dom; it has progress—a vast material environment
of use and splendor; and a spiritual content exceed­
ing high and rare; it needs mutual personal toler­
ance—which is service and love!
THE CANADIAN TARIFF TO BE ONLY
SLIGHTLY ALTERED.
Ottawa, Canada, June 9 1922.
The relatively slight alterations indicated in Cana­
da’s protective tariff by the recent budget speech of
the Minister of Finance apparently have caused a
greater ripple in the United States than in Canada.
Far-fetched interpretations, such as the charge that
the Canadian Government has played the game of
retaliation as a consequence of the Fordney Bill,
have been quoted in the Canadian papers from
American sources and nearly always have been repu­
diated as being aside from the intentions of the Cana­
dian Administration. As a matter of fact, the bar­
riers against import into the Dominion remain sub­
stantially where they were. The Liberal Party, now
in power, virtually controlled by Quebec Province
members, lias run up the protectionist flag as high as
ever did a Conservative administration. Some of the
concessions, so-called, to the principle of a British
preference are found on examination to be a mere
fancy gesture, as for example, the increased prefer­
ence to imports of British-made book papers. The
item looks quite serious until one learns that the
British cannot commence to market book papers in
Canada at prices now maintained by Canadian and
American manufacturers.
The real complaint of the Canadian business and
financial world respecting the new taxation pro­
posals has to do with the tax on cheques of two cents
for every fifty dollars or fraction thereof. Financial
men have told the Government that it does not at all
follow that the larger the cheque the greater the
profit. On a cheque of ten thousand dollars the tax
of four dollars might frequently wipe out the profit.
On sales of bonds, where the commission is always
low, an impost of four cents on every hundred dol­
lars introduces a serious difficulty. Protests have
been lodged with the Minister of Finance, but con­
cessions appear unlikely.
The doubling of the sales tax probably more than
wipes out any benefit the Canadian purchaser would
have received from the list of slightly lowered duties.
Agricultural implements, for example, are reduced
from 14.0% to 12%, but the sales tax forces back the
final price paid by the Canadian consumer probably
higher than before, because the tax is applied by

m a n u fa c tu r e r ,

jo b b e r ,

pounded

is

m a te

fo rm

a g e n t,

ta k e n

e t c .,

fr o m

th e

and

in

its

com ­

of

th e

u lti­

pocket

W E E K L Y

F u rth er

announcem ent

o f c o u r s e , s u b je c t

of

to

th e

M in is te r

ch ange.

The

of

F in a n c e

p o litic a l

is ,

b a la n c e

in th e H o u s e o f C o m m o n s is e x c e e d in g ly d e lic a te , a n d
c o m b in a tio n

o f th e

C o n s e r v a tiv e s

and

F arm er-

net

corp ora te
b y

su ch

to ta l

of

as

sta tem en t

of

p o w e r. T h is w eek th e P r o g r e s s iv e s in tr o d u c e d a re so ­

l e a d i n g cit ie s.

It

lu tio n

m em ber

are

keep
and

its

p r e -e le c t io n

th e

w ith
in g

th e fa ilu r e
p le d g e s

C o n s e r v a tiv e

P a rty ,

In

th e fo r m e r

M e ig h e n , s ta te d

as

P a rty

a n o th e r r e s o lu tio n

con seq u en ces.

o f th e

L ib e r a l P a r ty

to

has

ta r iff

th r e a te n in g lik e

P r im e

th a t

r e d u c tio n s

m a tch e d

sp e a k in g fo r

th is

p la y

em barrass­

th e C o n s e r v a tiv e

M in is te r ,

C a n a d a ’s

to

R t.

lio n .

in d u s r tia l

A r th u r

and

p o lit­

banks

C ity

th e

based

su ch

upon

in te g r ity

depended

t a r if f p r o te c tio n
U n ite d

S ta tes

and

fo r

upon

th a t a n y

a

th e

m a in te n a n c e

n e g o tia tio n s

r e c ip r o c ity

w ith

arran gem en t

re n d e re d h ig h ly d a n g e r o u s b y th e u n c e r ta in ty
W a s h in g to n

p o lic y

fo r

m ore

th a n

fo u r

of

in

o f th e

years

at

a

an

Y ork

N o

ch an ges

d e p o s its
N ew
an

of

fo r

a g a in s t
and

r e d u c tio n

in c r e a s e s

of

of

$ 5 1 ,2 0 0 ,0 0 0

$ 1 8 ,0 0 0 ,0 0 0

o f $ 1 4 ,4 0 0 ,0 0 0 in

U n it e d

in

in

d is c o u n te d

p u rch ased

b ills ,

as

a ccep ta n ces

S t a t e s s e c u r it ie s , a r o in d ic a t e d

or

1 .1

th e r e s u lts f o r
C ash

o f g o ld .

1 9 2 2 , a n d w h ic h

of

of

th o

R eserve

w h ic h

ban ks

$ 2 ,5 0 0 ,0 0 0

M e m b e rs’ reserve

sh ow

$ 1 4 ,7 0 0 ,0 0 0

c a s h ie r ’s

and

d o p o s its

ch eck s

o th er

and

show s

a

n o m in a l

n o n -m e m b e r s ’

b e in g

b y

c o u n te r b a la n c e d

ban ks.

N ot

R esorve

bank

b y

lia b ilitie s
n otes

in

of

b y

of

g a in

$ 4 2 ,0 0 0 ,­

a d e c lin o f o r th o w e e k
com posed
c le a r in g s

s u b s ta n tia l

th e B o s to n

s h o w n m a in ly fo r th o N o w

a d d it io n
fu r th e r

la r g e ly

of

a ccou n ts

a

F e d e r a l R e s e r v e n o t e c ir c u la t io n

in c re a s e ,

c ir c u la t io n r e p o r t e d

a

in c r e a s e d

d o p o s its ,

d e c lin e o f a b o u t $ 5 0 0 ,0 0 0 .

an

rop reson ts

0 0 0 , w h ile G o v e r n m e n t d o p o s it s s h o w
of

d e a ls w ith

th o tw o lv o F e d e r a l R e s o r v o B a n k s c o m b in e d .

reserves

$ 3 ,0 0 0 ,0 0 0 ,

Juno 7

and

a d d it io n s

to

S a n F r a n c is c o

r e d u c tio n s

in

n o te

n ote
banks

c ir c u la tio n

Y o r k , P h ila d e lp h ia a n d C le v e la n d
th e

R eserve

c ir c u la tio n

ban ks

in c re a s e d

b y

on

F ed era l

$ 1 ,3 0 0 ,0 0 0 .

T h e r o s o r v e r a t io , in c o n s e q u e n c e o f t h o s u b s t a n t ia l in c r o a s o
in

d o p o s it

lia b ilitie s ,

sh ow s

a

d e c lin e

fro m

78

to

A ft e r n o tin g th e se fa c ts th o F e d e ra l R e s e r v e B o a r d
as

7 7 .6 % .
p roceeds

in

of

of

in

R e­

Y ork

in

in

in

lo a n s

G overn ­

o f $ 4 0 ,0 0 0 ,0 0 0

and

in v e s tm e n ts

$ 3 4 ,0 0 0 ,0 0 0 ,
fo r

th ese

th e

N ew

$ 1 4 ,0 0 0 ,0 0 0

of

of

fo r

$ 2 6 ,0 0 0 ,0 0 0

th e

o f

w h ic h

m em ber

banks

th o

lo c a l

of

th ese

G overn m en t

oth er
of

Y ork

dem and

1 %

of

th e

$ 2 3 ,0 0 0 ,0 0 0
banks

b o r r o w in g s

ta x

corre­
c e r tifi­

fro m

to

F ed era l

$ 1 5 7 ,0 0 0 ,0 0 0 ,

in

N ew

$ 6 ,0 0 0 ,0 0 0

and

to

to

b a n k s’ a g g reg a te

banks

to

fo r

fro m

tota l

to

lo a n s

Y ork

in

0 .5

lo a n s

in

sh ow

th rou g h

due

b o r r o w in g s

r e p o r tin g

(n e t)

la r g e ly

b a la n c e s

$ 1 6 6 ,0 0 0 ,0 0 0

m em ber

R eserve

d e p o s its

o f p a y m en ts

T o ta l

fro m

F or

of

t im e

($ 7 ,0 0 0 ,0 0 0

$ 9 6 ,0 0 0 ,0 0 0 ,
C ity

1 s e r ie s .

d e p o s its ;

$ 1 1 ,0 0 0 ,0 0 0

a n t ic ip a tio n

fro m

fro m

in

w eek

d e c lin e d

to

r a t io
is

o th er

$ 2 8 ,0 0 0 ,0 0 0

T o t a l lo a n s

a bou t

N ew

in v e s tm e n ts .

r e d u c t io n

and

fig u r e s

th o se

ban ks

of

in c r e a s e

sh ow n

w h ile

June

banks

C ity

b o r r o w in g s
0 .1 %

and

in

th e

in v e s tm e n ts

n oted .
R eserve

in t h o F e d e r a l R e s e r v e B o a r d ’s w e e k ly b a n k s t a t e m e n t is s u e d
a s a t c lo s e o f b u s in e s s o n

th e

liq u i­

B o a r d ’s w e e k ly

th e

b e h in d

in c r e a s e s

w eek

th e

b y

th e

in

R eserve

a

are

banks

fro m

th e

in

net

of 7 9 9 m em b er banks i n
th a t

s e c u r it ie s ,
and

in c r e a s e

and

C ity .

C ity ),

in c re a s e

and

F u rth er

net

in

p ro te cte d

c o m m e r c ia l

m em ber

d is c o u n ts .
fo r

d e c lin e d

Y ork

ca tes

W E E K L Y R ETU R N OF FED ER AL RESERVE B AN K S.

m od era te

R eserve

31

w eek

F or

show s

rep resen ts

in N e w

spon den t

to n r je tit "gujen te atxxl d is c u s s i o n s

a

lo a n s

s e c u r it ie s

n oted

s e c u r it ie s

in c r e a s e

a c c u m u la t io n

tim e .

M a y

be

corp ora te

o t h e r lo a n s a n d

sh ow

th e

w ere

on

in v e s tm e n ts

to

m e n t s e c u r it ie s o w n e d , a s a g a in s t a r e d u c t io n

$ 2 9 ,0 0 0 ,0 0 0

ic a l

very

F ed era l

a lw a y s

sta tem en t
in

a

o r d in a r y

s h o u ld

to

$ 4 6 ,0 0 0 ,0 0 0

in

t h e m s e lv e s .

in v e s tm e n ts

$ 4 9 ,0 0 0 ,0 0 0

of

th e

c o n d it io n

banks

serve

in

B A N K S OF TH E

SYSTEM .

G overn m en t

$ 6 3 ,0 0 0 ,0 0 0

P r o g r e s s iv e s c o u ld e a s ily p u t th e G o v e r n m e n t o u t o f

M EM BER

a g a in s t

in

in d ic a te d

of

and

s e c u r it ie s ,

lo a n s , a re

d e p lo r in g

TH E

RESERVE

a d d it io n s

s e c u r it ie s

in A re s t m e n t s

d a tio n

any

OF

FED ER AL

c u sto m e r .

The

R ETU R N

N ew

b a la n c e s

Y ork

C ity ,

d e c lin e d

w h ile

cash

c r e a s e o f a b o u t $ 1 ,0 0 0 ,0 0 0 .
on

page

la te s t

2558— w e

w e e k ly

S y stem .

In

ch an ges
and

a

in

retu rn
th e

th e

year

g iv e

fig u r e s

sh ow s

fo llo w in g

in

a

la r g e ly

in

n o m in a l

fu ll c o n ta in e d

member b a n k s

th e

p r in c ip a l

$ 3 9 ,0 0 0 ,0 0 0 ,

v a u lt

de­

O n a s u b s e q u e n t p a g e — th a t is ,

th e

of

b y
in

is

fu r n is h e d

ite m s ,

as

a

of

th e

in

s u m m a r j'

com p a red

th is

R eserve

w ith

of
a

th e

w eek

ago:

Increase ( + ) or Decrease (— )
Since
M a y 24 1922. June 1 1921.
Loans and discounts— total________________ — $17,000 ,000 -$1,090,000,000
Secured by U . S. G ovt, obligations____
— 100,000
— 3 9 9,000
Secured b y stocks and bonds____________
+ 46,000,000
+ 4 5 2 .0 0 0 ,0 0 0
A ll other__________________________________
— 6 2 ,000,000 -1 ,1 4 3 ,0 0 0 ,0 0 0
Investments— total_________________________ . + 5 1 ,0 0 0 ,0 0 0
+ 8 2 3 ,0 0 0 ,0 0 0
United States bonds_____________________
— 4,000,000
+ 3 1 8 ,0 0 0 ,0 0 0
Victory notes_____________________________
+ 9 ,0 0 0 ,0 0 0
— 73 ,0 0 0 ,0 0 0
United States Treasury notes___________
— 2 ,000,000
+ 4 1 8 ,0 0 0 ,0 0 0
Treasury certificates_____________________
— 1,000,000
— 6 0 ,000,000
Other stocks and bonds_________________
+ 4 9 ,0 0 0 ,0 0 0
+ 2 2 0 ,0 0 0 ,0 0 0
Reserve balances with Fed. Res. b a n k s ..
— 39,00 0 ,0 0 0
+ 107,000,000
Cash in vault_______________________________
— 1,000,000
— 3 8 ,000,000
Government deposits______________________
+ 5 8 ,0 0 0 ,0 0 0
N et demand deposits______________________
+ 9 6 ,0 0 0 ,0 0 0
+ 7 7 3 ,0 0 0 ,0 0 0
Tim e deposits_______________________________
— 11,000,000
+ 2 9 6 ,0 0 0 ,0 0 0
Total accommodations at F : R . banks___
— 9,000,000 -1 ,2 2 8 ,0 0 0 .0 0 0

fo llo w s :

Interbank' shifting o f gold credits in tho gold settlement fund, especially
in connection with payments for tho $200 ,0 0 0 ,0 0 0 o f tax certificates o f tho
Juno 1 series, accounts largely for tho increase of $21,5 0 0 ,0 0 0 in gold
reserves of tho New York Bank. Smaller increases in gold reserves,
.aggregating over $20 ,0 0 0 ,0 0 0 , aro also shown for tho A tlanta, St. Louis,
Chicago, Richmond, San Francisco and D allas banks. Boston and Cleve­
land report tho largest decreases of gold reserves for tho week, by $ 1 6,400 ,000
and $ 10 , 000 , 000 , respectively, while smaller decreases, totaling $ 1 2 ,600 ,000 ,
aro shown for tho remaining threo reserve banks.
Holdings of paper secured by Government obligations decreased from
$171 ,10 0,00 0 to $148 ,90 0,00 0. O f tho total held, $1 2 2 ,3 0 0 ,0 0 0 , or 8 2 .1 % ,
were secured by Liberty and other U . S. bonds, $ 7 ,7 0 0 ,0 0 0 , or 5 .2 % , by
Victory notes, $ 1 1,100 ,000 , or 7 .5 % , by Treasury notes, and $7,8 0 0 ,0 0 0 ,
or 5 .2 % , by Treasury certificates, compared with $13 3 ,3 0 0 ,0 0 0 , $ 1 0 ,3 0 0 ,­
000, $17,800 ,000 and $9,70 0 ,0 0 0 reported tho week before.
T h e s t a t e m o n t in fu ll in c o m p a r is o n
and

w ith

th o c o r re s p o n d in g d a te

su bsequ en t
m ary

pages,

o f c h a n g e s in

n a m e ly

pages

w it h

la s t y o a r ,
2557

and

th o p r in c ip a l a s s o t a n d

CONTANGO

F o llo w in g
E x ch an ge

of

th e W o r ld

resum ed

A

sum ­

s in c e

th o
in

resu m ed,
n ot be
fu n d s

In v ie w

Increase + () or Decrease (— )
Since
June 8 1921.

Total reserves...............................................................+ $ 3 ,6 0 0 ,0 0 0
+ $ 5 4 1 ,5 0 0 ,0 0 0
+ 5 7 9 ,4 0 0 ,0 0 0
Gold reserves________________________________ + 2 ,5 0 0 ,0 0 0
Total earning assets___________________________ — 18,800,000 — 1 ,051,300,000
Discounted bills, total_______- - - --------------- — 5 1 ,200,000 — 1,476,100,000
Secured by U. S. G ov’t obligations-------- — 22,20 0 ,0 0 0
— 598,100,000
All other............................. - .............................. — 29,00 0 ,0 0 0
— 878,000 ,000
Purchased bills.......... ...............
- -+ 1 8 , 0 0 0 , 0 0 0
+ 6 6 ,7 0 0 ,0 0 0
United States securities, total---------------------+ 1 4 ,4 0 0 ,0 0 0
+ 3 5 8 ,1 0 0 ,0 0 0
Bonds and notes..................- ..........................
— 900,000
+ 2 1 1 ,1 0 0 ,0 0 0
Pittman certificates_____________________ ____________
— 148,400,000
Other Treasury certificates-----------------------+ 1 5 ,3 0 0 ,0 0 0
+ 2 9 5 ,4 0 0 ,0 0 0
Total deposits...............................................................+ 2 6 ,8 0 0 ,0 0 0
+ 1 6 1 ,9 0 0 ,0 0 0
M em bers’ reserve deposits_________________ + 4 2 ,0 0 0 ,0 0 0
+ 1 3 9 ,9 0 0 ,0 0 0
Government deposits........................................... — 14,700,000
+ 1 9 ,3 0 0 ,0 0 0
Other d eposits........................................................
— 500,000
+ 2 ,7 0 0 ,0 0 0
Federal Reserve notes in circulation................
+ 3 0 0 ,0 0 0
— 569,200,000
F . R . Bank notes in circulation, net liability. + 1 ,3 0 0 ,0 0 0
— 69,200,000

W ar,

th e

p r e -w a r

r e o p e n in g

and

c lie n t s

STOCK
FOR

ACCO UN T.
on

M a y

th e r e s o lu tio n

15

b y

th e

r e p e a lin g

S tock

te m p o ra ry

th e

L on don
sy stem

S tock
of

E x ch a n ge on

d e a lin g .

T h e

th e c o n d u c t o f b u s in e s s h a d
of

th o

U nder

th e

E x ch an ge
restored

a fte r

its

m eth od s

M a y

22

tem p ora ry
p r e v a ile d
tem p ora ry

b u s in e s s

w ill

a lo n g p r e -w a r lin e s , fo r t n ig h t ly a c c o u n t s b e in g

s u b je c t

to
in

c o lo n ia l

c e r ta in

r e s t r ic t io n s .

s e c u r it ie s u n d e r
and

p r o v in c ia l

th e

C o n ta n g o e s

h e a d in g s

G overn m en t

w il

o f B r itis h
s e c u r it ie s .

o f th e s ta te o f fo r e ig n e x c h a n g e s , d e a lin g s f o r fo r e ig n
r e s id e n t

L on don
in

1914.

p e r m itte d

th o R e s e r v e b a n k s , a s c o m p a r e d w it h a w e e k a n d a y o a r a g o ,

M ay 31 1922.

of

r e g u la t io n s g o v e r n in g

fo llo w s :




th e

b o con d u cted

ite m s o f

c o n fir m a tio n

LO ND ON
D E A L IN G S

r e g u la t io n s a n d e m e r g e n c y r u le s p u t in f o r c e a t t h e o u t b r e a k

c lo s in g

2558.

th e

C o m m itte e

p r e c o d in g w e e k s

lia b ility

ON

F O R T N IG H T L Y

w ill b o f o u n d

on

D E A L IN G S

E X C H A N G E — P R E -W A R

abroad

w ill b e

“ F in a n cia l N e w s ”

a llo w e d

of M a y

o n ly

fo r

16 p r in te d

cash .

T h e

th e fo llo w in g

m a tter:

Tho Stock*Exchango C om m ittee yesterday repealed the temporary or
war-time regulations and confirmed the new rules which were passed a
month ago. These changes restore the pre-war system o f dealing for
fortnightly account and of carrying over transactions into new account
under the “ contango" arrangement.
Dealings for the account will begin on M ond ay next.
N o definite decision has been arrived at in regard to the opening of the
Stock .Exchange until 4 p. m . nor as to opening on Saturdays.
ThejNewt.Ru les.
The official announcement of the new rules was in the following form.*
Tho Stock Exchange Com m ittee for General Purposes have, with the

concurrence o f tho Chancellor of the Exchequer, repealed Temporary
Regulations 1, 3, 4 , 6 and 6a, and Supplementary Em ergency Rules 17,
18, 21, 22, and 23. Th e following N ew Rules and Alterations to Rules
and Appendix have been passed.”
Tho rules, as revised, includo the following:
86a. In view o f tho state o f foreign exchanges, dealings for foroign
clients resident abroad and foreign arbitrage business will only be allowed
for cash.
87a. A momber shall not do an option for a longer period than three
months.
89 . Tho Com m ittee shall at their first meeting in September fix the
account-days for the ensuing year.
T h e settlement shall be, approximately, fortnightly and shall consist of
the mining contango-day, the general contango-day, tho ticket-day, the
account-day.
Should tho account be so fixed that the mining contango-day would in
tho ordinary course fall on a Saturday, tho mining contango-day shall be
the preceding business day.
89a. Forward bargains for settlement on tho account days are prohibited
in all securities under the headings “ British Funds” and “ Colonial and
Provincial Government Securities.”
155 (1) Brokers are responsible for all their bargains o f over £100 in
valuo being marked without undue delay.
(2) Bargains between dealers and those done on arbitrage account by
brokers with members need not bo marked.
(3) Bargains marked will be officially recorded unless specially ordered
otherwise by tho Chairman, D epu ty Chairman or two M em bers o f the
Com m ittee.
O n
S tock

M a y

17 it

w as an n ou n ced

w e e k , t h e E x c h a n g e w ill r e m a in
of

3

th a t

th o

G overn ors

E x c h a n g e h a d d e c id e d th a t, c o m m e n c in g

p .

ch an ges

m .,

as

h e r e to fo r e .

app eared

in

th e

T h o

L on don

open

u n til 4

fo llo w in g
“ S ta tis t”

of

th e

th e fo llo w in g

p . m ., in
b e a r in g

on

of M a y

20:

W e

a ls o q u o t e

th e fo llo w in g

fro m

th e

c h a n g e W e e k ly O ffic ia l I n t e llig e n c e r ”

“ L on don

S tock

E x ­

o f M a y 25:

W hen confirming the new rules, which came into force on M on d ay last*
for the resumption of trading conditions similar to those prevailing beforo
the war, tho Stock Exchange Com m ittee might well have made a more
definite pronouncement about the matter. It was perhaps generally known
that tho Treasury had made a condition o f its relaxation of control that it
should be proved that the pre-war account remaining unsettled had been
reduced to very small proportions, but it was not until the dinner o f the
Stock Exchange Benevolent Fund that a definite statement on tho position
o f tho pre-war account was made. A t that dinner it was stated that the
unsettled amount in regard to pre-war account had been roducod to under
£ 2 ,0 0 0 ,0 0 0 , whereas at tho outbreak of war It stood at £ 1 06 ,00 0,00 0. W e
believe tho actual position is oven better, and that the unsettled account
is now a little over £1,00 0 ,0 0 0 , and such a result must be considered very
satisfactory in view of the m any securities covered by this arrangement.
Still, tho Benevolent Fund dinner is not an official function, and it seems a
pity that the information only leaked out in this way, becauso tho position
is one of vital Importance to members of the “ House” and tho public gen­
erally. A t the dinner, too, a m atter of moro domestic concern was also
referred to when it was announced that tho managers and trustees had
decided to grant a concession by making the entrance foe to tho Clearing
House (20 guineas for firms and 15 guineas for individuals) a d e p o st
instead o f a finite and irrecoverable paym ent.

th a t
th e

After a lapse o f practically eight years the London Stock Exchange will,
from next Tuesday forward, rovort to pre-war methods o f dealing.
Up
to July 1914 all business was passed through for the account— i. o ., bargains
wero not finally disposed o f till the close o f the account poriod, which varied
between fourteen and nineteen days. I f it was not considroed dosirablo
to closo commitments at tho settlement, facilities existed for the continuing,
or contangoing, o f bargains into the next account. B y tho use o f those fa­
cilities a speculator was required to finance only tho fluctuations in tho stocks
in winch ho was Interested. The capital required was small, and tho return
to tho judicious operator might yield a very high percentage indeed upon
tho funds employed. Dealing for tho account meant a definite undertak­
ing to buy or sell stock at a specified price, usually with tho objoct o f re­
selling or re-buying at a profit beforo tho settlement. An additional re­
finement was constituted in tho existence o f option dealing, whereby tho
speculator could receive an option to buy or soli stock at a certain prico at
a specified future date.
I f prices in tho meantime moved unfavorably,
he was, of course, under no compulsion to exercise his option, and his loss
was limited to the consideration paid. Pro-war methods o f dealing encour­
aged the speculator, a fact which made thorn tho subject o f incessant criti­
cism . It was beyond doubt, however, that the speculative olomont rendered
London tho freest and the busiest stock market in the world: and tho elas­
ticity o f tho security market contributed in no small measure to England’s
financial and industrial predominance.
A t the outbreak o f the war tho Stock Exchange was closed down, and whon
it reopened business was subjected to the temporary Treasury regulations,
which forbado all bargains oxcept those dono for cash. Tho cash system
has persevered over since, with a natural reaction in tho amount o f buslnoss
passing. Tho mass o f securities Issued by tho Government, tho post-war
boom, and the results o f currency inflation in goneral gave a temporary and
partial substitute for pre-war business. Tho incomo o f members o f the
“ B ouse” gradually decreased, howover, and tho number o f members and
authorized non-members declined from 5,465 at the closo of 1914 to 4,370
at the present day. The traditional methods o f business would no doubt
have been resumed at a much earlier date but for tho hardships which would
have been involved in reoponing the account carried over from July 1914.
This had initially stood at £ 1 0 6 ,0 0 0 ,0 0 0 . but having now been scaled down
to less than £ 2 ,0 0 0 ,0 0 0 , it has ceased to Je a factor. Re-establishment of
contangoes and options has mot with some opposition on the ground that
clients should bo statutorily compelled to deposit “ cover” for their commit­
ments.
Tho bulk o f “ House” opinion is. however, undoubtedly in favor of
the original system , whereby safeguards, whoro necessary, are loft to ar­
rangement between individuals concerned. Business under tho new rules
will be resumed only on a gradual basis.
British Funds and Colonial Government and Provincial stocks are for tho
time being, at any rate, specifically confined to cash business. A s a com­
mencement. foreign bonds, British railways, Amorican shares, commercial
and industrial, oil, rubber and M ining are tho only sections to be catered for
In tho settlem ent, leaving unspecified banks and discount houses, broweries
and distilleries, canals and docks, electric light and power, financial, land
and investm ent, financial trusts, gas, insurance, iron, coal and steel, nitrate,
foreign, Indian and Colonial railways, shipping, telegraphs and telephones,
tramways and omnibuses and waterworks. Tho clearing list will bo grad­
ually oxtended as tho Clearing House machinery is able to cope with it.
From Tuesday forward the “ House” will bo open till 4 p . m . instead of 3
p. m .
From June 1 tho banks will remain open till 3:30 p. m ., but as no al­
teration is being made in tholr Saturday hours, the question of the Stock
Excliango oponlng on Saturday has boon postponed till autumn.
The account periods will be approximately fourteen days in length, against
a fluctuation between fourteen and nineteen days in pro-war days. The
settlement will as beforo take three days. The first, Contango D a y , is the
day on which operators who desire to postpone the settlement of their bar­
gains, carry them forward to tho ensuing account. On the following day.
Ticket D a y , tickets carrying demils of tho stock and the transferee have to
bo passed to tho soller in cases where the stock is being actually taken up.
The passing o f tickets from the ultimate purchaser to tho initial seller is
facilitated b y the mechanism o f the Settlement Department or Clearing
H ouse. T h o third day is tho Account D a y , when all differences have to
bo paid and purchases m et. For mining shares there is a special Contango
D a y on the business day preceding tho commencement of tho settlement,
in other securities. Tho mining settlement will cover four days, then, or
moro If it happens to include the week-end or occur over a holiday period.
Options will bo specifically limited to a maximum period o f three months.
Inquiries arc already springing up for rates on tho moro popular mining
counters. This type o f business has a certain fascination for the profes­
sional operator. The goneral public m ust, however, be careful to distin­
guish the fundamental difference between options and ordinary contango
business. Buying shares and contangoing them until tho price rises so that
they can bo sold at a profit Is really equivalent to getting a loan from tho
ban k, buying shares, and repaying tho bank from tho proceeds o f the event­




ual sale. In selling and buying the jobber is assuming only normal market
risks, tho price fluctuations being conditioned b y supply and demand. A
member o f tho public who takes up an option is, however, betting with firstclass market opinion as to the futuro trend o f a quotation, a very different
type o f operation, and one not to be Indulged in except by thoso in possession
o f very exclusive information.

A L L IE D

R E P A R A T IO N S

C O M M IT T E E
W IT H

OF

C O M M IS S IO N

IN T E R N A T IO N A L

B R O AD PO W ER S R E S P E C T IN G B A S IS
OF

G ER M A N

LOAN.

T h e q u e s t io n o f a n in t e r n a t io n a l lo a n
t in u e d

to

bo

CLOTHES

BAN K ER S

to G e rm a n y h as co n ­

th e s u b je c t o f c o n s id e r a t io n

b y

th o

C o m m itte e

o f I n te r n a tio n a l B a n k e r s a t P a r is , o f w h ic h J . P . M o r g a n

is a

m e m b e r , th e im p o r t a n t d e v e lo p m e n t o f th o w e e k w it h r e fe r ­
e n c e t o its d e lib e r a tio n s b e in g

th e a n n o u n ce m e n t, o n

in s t ., o f t h o a d o p t io n b y th o A llie d

th e 7 th

R e p a r a t io n s C o m m is s io n ,

o f a r e s o lu t i o n e m p o w e r i n g t h e C o m m i t t e e , it is u n d e r s t o o d ,
to

r e a d ju s t

G e r m a n y ’s r e p a r a tio n s

to th e p r o p o s e d lo a n .
to

one

v ote,

an n ou n ced
in g

th e

w ith

F ra n ce

la s t w e e k ,

G erm an

p a y m on ts as a n

lo a n

v o tin g

(p a g e

in

2415)

q u e s tio n ,

th e

th e

C o m m itte e

m it t e e
of

th e

7 th

th rou g h

in s t.

th e

th o r e s o lu tio n

b y

th e

b y

June

1

A

th e

w o

u n til

c o m m u n ic a t io n

I n te r n a tio n a l B a n k e r s

R e p a r a t io n s

a d o p te d

on

A s

c o n s id e r ­

I n th o m e a n tim e M r .

M o r g a n w e n t to L o n d o n fo r a b r ie f v is it .
on

a th re e

n e g a tiv e .

a d jo u r n e d

J u n e 7 , fo r th e W h it s u n t id e h o lid a y s .

is s u o d

in c id e n t

T h o r e s o lu tio n w a s a d o p t o d b y

C o m m is s io n

gavo

C om ­

th o

tex t

C o m m s s io n , a s w e ll a s th e

q u e s t io n p u t t o th e b a n k e r s C o m m it t e e , w h ic h h a d p r o m p t e d
th e a c t io n b y th o R e p a r a t io n C o m m is s io n .

T h o c o m m u n iq u e

s a id :

On Thursday, Juno 1, tho Loan Com m ittee requested its Bresldont to put
the following question to the Reparations Commission:
Acting on your instructions the Committoo has commenced tho study o f
tho subject o f tho foreign loan entrusted to it by the Commission. Before
proceeding further, howevor, the Com m ittee considers it necessary to ask
tho Reparations Commission whether tho words “ regard boing had to its
obligations under the Treaty o f Versailles, and, in particular, under tho
schedulo o f payments o f M a y 5 1 921 ,” aro to bo interpreted as moaning that
for tho purpose o f its deliberations the Com m ittee must troat the payments
prescribed by the schedule o f payments as an unalterable obligation subject
only to the power o f the Reparations Commission from time to time In tho
futuro to vary thorn in accordance with tho provisions o f Article 234 of the
troaty, or whether (without, o f course, in any way ongaglng tho responsi­
bility o f tho Commission) they are at liberty to examlno tho possibilities of
solutions involving modifications o f thoso arrangements7
On W ednesday, Juno 7, the Reparations Commission addressed the
following reply to the Loan Committee:
" I n reply to the question addressed orally on behalf o f tho Loan Com m is­
sion by its President, the Reparations Commission has tho honor to inform
tho Committee that at an official mooting hold this morning it took the
following resolution:
“ Tho Commission intends that nothing in tho torms o f reference should
be held to preclude tho Committee from examining any o f tho conditions
which may be necessary for raising an external loan by G erm any, including
such as relate to the goneral re-establishment o f her external credit. In­
deed , any suggestion which tho Committoo m ay bo ablo to offer from this
point of view, without, of course, engaging tho responsibility o f the Com ­
mission, could not fail to bo o f tho greatest value. This decision fo the
Commission was taken by tho m ajority, tho British, Italian and Belgian
delegates voting in favor of it an d the French delegate against it.
The
American unofficial delegate expressed his personal agreement with the
m ajority.”
In making this communication, M . Delacroix stated that tho Chairman
o f tho Commission, after expressing his regrot at not being ablo to sharo tho
opinion o f his co leagues, since a thorough examination o f tho question
obliged him to maintain tho opinion ho expressed at tho first meeting, had
added that tho decision, although only a m ajority decision, was perfectly
valid and that on tho strongth of the vote the Com m ittee might continue
its investigations within a wider scope. He was, moreover, convinced that
the Committee would do so with all necessary discretion.
Tho C om m ittee, aftor receiving this roply, dccidod to meet again to­
morrow at 3 :30 o ’clock to consider tho position resulting from this rep ly.”
I n r e fe r r in g t o th e n e g a t iv e v o t e b y F r a n c e , th e A s s o c ia t e d
P ress

a d v ic e s

ban k ers
a c tio n

had

th a t

fro m

P a r is

in d ica te d
w o u ld

m e n t ’s w is h e s .

be

T h e

in

on

th e ir

th e

7 th

o p p o s it io n

sam e

in s t.

d is p o s itio n

a d v ic e s

to

th e

sta te d

n ot

to

F ren ch

th a t
ta k e

th e
any

G overn ­

sta ted :

The bankers decided not to reach a conclusion to-day, but to reflect upon
the situation, discuss it among themsolves and meet to-morrow for a moro

formal exchange o f views and to determine whether they could go ahead
with tho loan or not.
Tho French attitude toward tho bankers’ committee was discussed at a
conference this morning, at which President M illerand, Premior Poincare,
M . D ubois, Finance M inister Do Lastoyrio, M . Reibel, Minister o f Liberated
Regions, and M . Sergent, French membor of the bankers’ committee, were
prosont. It was after this discussion that M . Dubois reaffirmed tho stand
he had previously taken in the Reparations Commission.
Tho opinion that appeared to prevail among tho bankers as they began
their informal discussions was that tho views of its interests taken by the
principal creditor, the French Government, ought to bo tho controlling
factor. Tho bankers, it was pointed out, have seen from tho first that there
wero great difficulties in tho way o f the flotation of a loan, and therefore
they are not surprised at the turn events have taken.
Tho Chairman of tho Commission referred to in tho above statem ent is
M . Dubois, tho French membor and President of the Reparation Com m is­
sion.
Premier Poincare told the Senate Foreign Affairs Commission this after­
noon that ho hoped tiie negotiations would continue for an international loan
to Germ any, although he hardly expected any early tangible results.
M . Poincare said this did not mean that an international loan was impos­
sible. On tho contrary, a loan was altogether compatible with tho rights and
interests of France, as well as tho stipulations of tho treaty and tho schedule
o f paym ents. Article 248 permitted tho Reparations Commission to ap­
prove a loan and all other methods of paym ent, but ho added it should bo
understood that the Reparations Commission has not and will not have tho
right to put the loan into operation, and tho French Government would al­
ways make it an essential condition that a loan would not mean any reduc­
tion in reparations duo France.
In. tho meantimo, he said, French industry, while awaiting German pay­
ments in cash, which could become important only through tho aid of a
loan, must adjust itsolf to paymonts in goods.
Repeating previous declarations in the Chamber of Doputies as to France’s
determination to act alono, if necessary, in caso of Germ any’s default in
reparations, the Premier said that regardless of whether tho need for im­
posing ponaltios upon Germ any aroso or not, Franco had studied and pre­
pared all plans for various sorts o f penalties and was ready for tho day when
tho Reparations Commission might declare Germ any in default.
O n

th e

8 th

in s t.

th e

B a n k ers’

C o m m itte e

d is c u s s e d

th e

s it u a t io n fu r t h e r , a n o ffic ia l c o m m u n iq u e s t a t in g :

Tho loan committco is still considering tho position resulting from tho
reply o f tho Reparations Commission o f yesterday's date and moots again
to-morrow for this purposo.
T h o

fo llo w in g

are ta k e n fro m

A s s o c ia te d
th o N e w

P re ss a d v ic o s

Y ork

fro m

P a r is J u n e 8

“ H e r a ld .”

Although the members o f the committee separated with the usual under­
standing not to discuss what occurred at tho meeting, tho talk among
the entourage o f the committco appeared to indicato that somo o f the
members had changed their view as to tho immediate termination of tho
work of the committco. This reported change o f view, it was suggested,
lias brought a now element into tho discussion.
Ono suggestion was that tho French Government might point a way in
which tho bankers could continuo their examination of tho possibility of a
loan without any essential change in Premier Poincare’s policy.
According to tho “ Journal” at to-day's session o f tho bankers, M . D ela­
croix observed that a reduction in tho German debt, which ho personally
opposes, was not tho only means o f attaining their object. For instance,
there was a modification in the categories of tho bonds underwritten by the
German Government. Another delegate suggested asking tho Entento to
give its own guarantees for a part at least— say, 2 or 3 % — of tho interest
to bo paid eventually to tho international lenders.
“ A t a resumption o f tho conference at six o ’clock,” tho "Jotirnal” adds,
" i t was ovident that those measures were'considered inadequate to attract
private capital. J. I’ . M organ and D r. G . Vissoring (President o f tho
Netherlands B ank), who hold tho purso strings, aro actuated strictly by
business considerations. T h ey oven spoko o f 8 % interest. Consequently
tho second part o f tho discussion again raised tho question o f a reduction o f
tho German debt. Tho French representative vigorously protested and tho
discussion began to warm up. Thon it was decided tho question was too
grave and complex to be dismissed lightly and that further reflection was
required, and tho meeting adjourned.”

M .

P O I N C A R E ’S N O T E
T IC IP A T IO N

In

a

th e

c le a r

TO

T IIE

A L L IE S
H A G U E

c o m m u n ic a t io n a d d re s s e d

p a r ticip a te
in g

IN

in

th o

U n it e d

th o

c o m in g

S ta tes,

P r e m ie r

p a r tic ip a tio n

b y

th a t

th o w ith d r a w a l o f th o R u s s ia n
ran du m

to

P o in c a r e

p o in ts

th e

G en oa
ou t

to

c o n fe re n ce

PAR­

a ll t h o P o w e r s in v it e d t o
at T h o

P o in c a r o
cou n try

H a g u e , in c lu d ­

of

is

F ra n co

on

m akes

depen dent

S o v ie t G o v e r n m e n t ’s

C o n fe r e n c e

th a t

R E G A R D IN G
CONFERENCE.

M a y

11.

“ th is m e m o r a n d u m

w as

u pon

m em o­
P r e m ie r

o f su ch

a

k in d t h a t a p r o p o s a l o f t h o S o v ie t e x p e r t s t o u s o it a s a b a s is
of

d is c u s s io n

w ho
it

d id

had

n ot
been

le d

to

th o

con sen t
fo r m a lly

to

w it h d r a w a l

of

resu m o

n e g o tia tio n s

th o

w it h d r a w n .”

T o

th o

F ren ch

sum

ox p orts,

u n til a fte r

up,

says

th e

P r e m ie r :

Tho work which m ust bo undertaken at tho Ilaguo includes tho establish­
m ent of a very clear, very completo general plan o f tho conditions which
Russia must accopt as a sino qua non. W ith regard to this plan every ono
m ust agroo before it is presented to tho Russian Governm ent. It is necess­
ary at tho same time profoundly to study Russian economic conditions.
Instead of sending to tho Russian delegation, as at Genoa, a vagito plan of
that which can bo done for Russia, all tho Governments m ust first agroo on a
plan of Russian reconstruction. This plan m ust bo comploto, being estabished step by stop, and exact participation must bo distributed with regard
to reconstruction credits.
T h e f o l l o w i n g is t h o t e x t o f t h o n o t o a s r e p o r t e d i n a c o p y r ig h tY a b lc g r a m

t o th o N e w Y o r k “ T im e s ” fr o m P a r is J u n e 3 0 :

The negotiations carried on at Genoa for six weeks with the Russian So­
viet delegation produced no practical results; in its reply on May 11 to the
memorandum presented to it, the Russian delegation deliberately threw aside
tho offer of help made to the Russian people; in addition it rejected all the
conditions and guarantees of security expressly demanded in the invitation
addressed to Russia on Jan. 10 and repeated on April 10 at the opening of the
Genoa Conference as having been accepted together with the invitation.




Finally, by this noto of May 11, the Russian delegation refused to restore
foreign property, to pay for damage done such property and recognize Rus­
sia’s debts without appearing to comprehend the movement of human soli­
darity which impelled the democracies of Western Europe to help the Russian
democracy.
However, most of the powers represented at Genoa believe that they should
take note of the proposition made at the end of the Russian reply and agree
to a meeting of a commission of experts which, beginning June 26, would
pursue negotiations with the Russian commission “ in view of examining fur­
ther the differences existing between the Russian Soviet Government and
other Governments. The questions to be treated by these commissions should
include all those concerning debts, private property and credits.”
In addition, it was understood that “ the Powers represented at Genoa other
than Germany and Russia would be invited by the President of the Genoa
Conference to send representatives to The Hague on June 15 1922 to examine
under what conditions the commission of experts should treat with the Rus­
sians. The President should address a similar invitation to the United States
of America if it was assured that they were disposed to accept”
It was added: “ Representatives at The Hague should decide on the com­
position of the commission which would be charged with negotiations with
the Russian commission.”
Status of Delegates Left in Doubt.
The French delegation had understood that only experts would be sent to
The H ague; but the text of the recommendation indicates that the reunion
of experts is to be preceded by a reunion of representatives, and it is not
specified whether these representatives will be political or diplomatic. Furthr, it is not indicated whether they will continue to sit with the experts
they are to name and whether thy would meet diplomatic or political dele­
gates of the Soviet. The exchange of views preceding the meeting of the
commission of experts will be in any case necessarily very rapid, since, ac­
cording to the text sent to the Russian delegation and accepted by it, it is
“ on the 20th of June at the latest that the designation of the Powers’ represenatives in the non-Russian commission which names the members of this
commission will be communicated to the Russian Soviet Government.”
It is, then, in five days that the representatives of the Powers invited by
the President of the Gnoa Conference must formulate their conclusions upon
the conditions under which the commission of experts ought to treat with the
Russians. In five days they must decide the composition of the commission,
and in five days the Governments represented at the preliminary exchange of
views must make known if they intend or not to take part in the work of
the commission.
At the Genoa Conference the Italian Foreign Minister
rightly remarked what a short time had been allotted at Genoa— about six
weeks— to settle such important business as that of the relations of the Eu­
ropean Powers with the Russian Soviet Government.
It is then indispensable, if a real result is wished, to know exactly in ad­
vance what points will be considered in the Powers’ exchange of views at The
Hague, for they will not have time in five days to do what they were not
able to do at Genoa, which is to put themselves in accord on the plan and
method of negotiating with the Russians.
That it is indispensable to do this work appears clearly from the discus­
sions of the Genoa Conference with the Russians and from the memoranda
which have been exchanged because the Russian delegation did not accept
any of the principles laid down. Since a complete change of method is pro­
posed, this method must be fixed before the discussions recommence.

Must Limit Scope in Advance.
Whatever may be tire scope of the negotiations to be renewed, it is impos­
sible not to limit them in advance. All the Powers represented at Genoa
have decided that the principles of the resolution of Cannes must be adhered
to. There is no reason why they should be abandoned, for the more they are
studied the more clearly they constitute a minimum which cannot be surren­
dered without rendering all political and commercial relations impossible.
But it is exactly these principles which have been flatly Tefused in the
Russian reply of May 11. This reply makes no reference also to the first
memorandum which was presented at Genoa by the Russian delegates.
It
will be recalled that this memorandum was of such a kind that a proposal by
the Soviet experts to use it as a basis of discussion led to the withdrawal of
the French experts, who did not consent to renew the negotiations until after
it had been formally withdrawn.
If then it was impossible to discuss such a document, the same attitude ap­
pears necessary toward the Russian reply of May 11, which contains the same
refusals and the same pretensions; it is essential above all that the Russian
Soviet Government should withdraw its reply of May 11, otherwise the nego­
tiations are likely to risk either failure or the surrender of Europe.
Furthermore, from the beginning of the Genoa Conference the Soviet dele­
gates declared textually: “ The meaning of the principles of Cannes is not
clear, and we request that they be made more clear.” The French memoran­
dum of Jan. 31 had as its object to remove contradictions which were quite
apparent, and it now seems necessary to clear them up again.
In reality, the Soviet delegation never accepted any of the Cannes condi­
tions, except the first, “ The nations cannot claim the right to dictate to each
other principles according to which they ought to organize their property
regime, their economic conditions or their Government within their own
territory. It is the right of ecah country to choose for itself the system which
it prefers.”
This principle consecrates respect of the interior sovereignty of States.
Each country is free to live according to its choice within its frontiers.

Conditions for Foreign Credits.
But the two principles which follow refer to conditions which the States
ought to fulfill if they desire to have recourse to foreign credits. They relate
in reality, as the French memorandum of Jan. 31 indicated, to the conditions
necessary before a country can enter into financial and commercial relations
with other countries.
One of the errors committed at Genoa by the Soviet delegation was to be­
lieve that foreign Governments were masters of public as well as private
capital. Neither one nor the other is at the disposal of Governments. The
first depends on the will of Parliament— that is to say, the will of the whole
country— the other on the will of private individuals. It results from this
that capital is free to go where it wishes.
Points two, three and four of the Cannes conditions only indicate the gen­
eral principles according to which capital can most easily be directed toward
the countries which need it. If foreigners who should furnish funds have not
“ the certitude that their properties and rights will be respected and that the
profits of their enterprises will be assured them, they will not lend their
money, which will go to countries where they will have this certainty.”
If, on the other hand, the lenders have not a guarantee that the country in
which they are going to invest their capital does not engage itself freely to
recognize all debts and public obligations, past or future, and recognize alsothe obligation to restore goods confiscated or sequestrated, or in default toindemnify their proprietors, they will understand that there is no more guar­
antee in this country for new capital than for the old, that the principle o f
continuity is abolished, that some day or other the Government which with
effrontery repudiated former debts can repudiate new debts, that there is no
security to be obtained from it, and they will not invest their money there.

There is not. then, any contradiction between the first and the following
principles of Cannes; every one is free to live alone as he likes, but recourse
to other countries which are founded on principles consecrated by centuries
cannot be effective unless these countries obtain from the country seeking help
conditions which satisfy them.

Security for Foreign Interests.
From all that it results that to accept the first condition of Cannes with­
out accepting the others and without putting them in practice is to condemn
ones self to isolation. If respect for goods and foreign private interests does
not result from the internal laws of Russia, special stipulation should provide
the necessary element of security. It is for the country which asks to decide
whether it prefers to modify its internal legislation or to accord special privi­
leges to foreigners.
That much said, in what manner is it possible to put into practice the con­
ditions of Cannes? That was undertaken at London, but not completed.
It is necessary, however, not to allow any equivocation to exist on three
points to be discussed at The Hague— debts, private property and credits.
First of all, it ought to be clearly understood that The Hague commission
will concern itself with only these three points and with nothing else. The
commission of experts must not delve into politics and must confine itself to
questions of a practical economic and financial character. It must not pro­
vide a new pretext for those declarations and principles by the Soviet repre­
sentatives which means nothing else than propaganda. The work of the com­
mission cannot be effective unless it is practically and clearly defined.
The Russian debts fall into two different categories, the settlement of
which should remain separate— debts of Government to Government and
debts to individuals. The first come from advances made during the war
and for war. The principle of these debts ought to be recognized, that is to
say, the Soviet Government should recognize all debts and public obligations
contracted or guaranteed by the Imperial Russian Government or by the Pro­
visional Russian Government or by itself toward foreign Powers.
This recognition does not imply that the creditor Governments intend to
demand immediate payment of capital and interest of advances made to the
Russian Government during the war, for such would be contrary to common
sense. The creditor Governments would consider means for payment of their
credit based on the capacity of Russia for payment and on her economic and
financial recovery. But no doubt ought to exist upon the engagement by the
Russian Soviet Government to recognize the debts of its predecessors; that
is a principle of public law and honor about which there can be no bargain­
ing.
In the memorandum handed on May 2 to the Russian delegation by a cer­
tain number of Powers represented on the first sub-commission there was an
allusion to reductions or modifications which might be made in a settlement
of Russia’s war debts when there should be a general settlement among the
Allied and Associated Powers of their respective war debts. It is natural that
when Russia shall have taken the same engagements as others she will be
treated on the same basis, but there is no reason to give her particular ad­
vantages.

Counter Claims Inadmissible.
On the other hand, the Soviet delegation at Genoa presented a certain
number of claims to the Entente Powers. These claims amounted to 50,000,­
000,000 gold rubles. They were founded upon most inadmissible pretensions
and on most silly calculations. Nothing can come of them.
The Soviet delegation claims that the war was a general enterprise out of
which the Allied and Associated Powers came victorious with great profits,
whereas Russia had been a bad merchant in the war which brought advantages
to the Allies.
You do not have to go very deep into the question to know that the Allied
and Associated Powers won the war, and furthermore that the Allied and
Associated Powers would be obliged to recall what the war cost them from
the day when the Russian army, demoralized by Soviet propaganda, threw
down its arms and allowed the enemy forces to flow to the western front and
calculate the loss in human lives and treasure which resulted.
But we do not believe that is a question for the commission of experts.
The Russian Soviet Government ought to recognize in addition to the war
debts its obligations to fulfill the financial engagements which it or its pre­
decessors, the Imperial Russian Government and the Provisional Russian
Government, contracted with foreignrs. This recognition should extend to
all the financial engagements of all Russian authorities, provincial and local,
as well as those of public utility in Russia. It is a iftiestion of debts to indi­
viduals who had confidence in Russia. It is impassible that this confidence
should be deceived and that the Russian Soviet Government should not take
the necessary measures to meet these engagements in the measure of its abil­
ity to pay. If that is not done Russia will find no one in any country in the
world to lend money to her.
It seems that the best method and plan for an arrangement of this kind
would be a direct agreement between the holder of securities and the respon­
sible Russian authorities. That was the solution which was considered at
Genoa. It should be understood that in case this accord could not be reached
a tribunal of arbitration would be set up whose decisions the Soviet Govern­
ment would engage itself to accept.
The Hague Commission is to examine, in the second place, all questions
relating to property. At Genoa these questions were the subject of numer­
ous conversations without any text being found which gave satisfaction to
every one.

Foreigners Benefited Russia.
It must not be forgotten that Russia developed a given life by the work
of foreigners. It was they who not only by their invested capital but by per­
sonal work created Russian industry ; the greater part of the Russian indus­
trial regions were in the hands of foreign proprietors and claimholders.
Either these former proprietors must be called upon again to take up their
work of exploitation, thus again spreading wealth around them under condi­
tions compatible with their legitimate interests, or their properties must be
given to other foreigners under different conditions, and there is no doubt
that such a solution, inviting the unanimous reprobation of all civilized coun­
tries, will render impossible normal relations with Russia.
Indeed, at
Genoa various European countries gave it to be understood they would not
take part in such transactions.
It is to be clearly specified that properties belonging to former landowners
still belong to them ; that so long as the latter have not freely expressed their
own desire either again to enter into possession of or accept a sufficient
equitable indemnity for these properties they cannot be disposed of under any
consideration.
The Cannes resolution mentioned to this effect “ the obligation to return,
restore or indemnify all foreign interests for losses or damages by confiscation
or sequestration of property.”
It is clearly the result that these properties must before all else be re­
turned and restored, and that the claimant has a right to demand this return
and restoration of his belongings, rights and interests. It may be impossible,
after the revolutions through which Russia has passed during several years,
in certain cases to identify property; the latter may have been destroyed or
so profoundly transformed that it is no longer possible to restore it under
former conditions; with regard to lands, for instance, these may have been
cut up in such a manner that it would be necessary in order to restore them to




the former owner to expel peasants who consider they have justly acquired
them.
In this case, but in this case only, an agreement, could be reached between
the Soviet Government and the interested party, either by the attribution of
equivalent goods, rights and interests, or by means which would be accepted
and which could be arranged by a special mixed arbitration committee. In
any case, according to the principle that every requisition entails just indem­
nity, this compensation to the former proprietor, whatever it may be, must
have a market value, must be immediately negotiable; that is to say, could
not consist of bonds or deeds not carrying immediate interest.
It is of the greatest importance in view of Russian reconstruction that the
principles laid down in London and too often overlooked at Genoa should be
taken up and clearly defined. It is, indeed, impossible that the former pro­
prietor, former claim-holder and former tradesman should return to Russia
without the certainty of being able to exploit his land, his industry or com­
merce under conditions which would enable normal remuneration of the in­
vested capital and, as stated in the Cannes resolution, without the certainty
“ that the profits of their enterprises will be assured them.”
After having recovered his possessions, the former proprietor must not be
forced, after a few months, to give up working because conditions are such
that it is impossible to remain in Russia. Special guarantees must be given
in this connection; they must be precise, in the interest of Russia herself,
who will benefit more than any other by the return of the former exploiters.
Question of Credits.
Lastly, The Hague committee will have to study the question of credits.
The restoration of Russia largely depends on the assistance the country will
receive from foreign capital. The experts of the London conference already
have recognized this, affirm that “ unless there is a profound transformation
in present conditions, which specially affect commerce and industry, foreign­
ers will refuse either again to take up former enterprises or create others.”
So long as these conditions are not modified in the manner explained above
no collaboration will be possible and no foreign capital can b invested in
Russia.
The investment of new capital in Russia can be made in various manners
once the necessary securities and guarantees are obtained. Firstly, foreigners
returning to the old trades and industries will be in a position to borrow ;
secondly, various countries will undertake to advance to Russian organiza­
tions the necessary capital in order to buy merchandise; lastly, new enter­
prises can be created in Russia to take up capital, notably in connection with
the agricultural regime.
It is certain that the reorganization of Russia must begin by the reorgani­
zation of agriculture. While the great country before the war exported nor­
mally 10,000,000 tons of cereals yearly, it now does not even produce half
what is necessary for its own consumption, thereby it has caused not only im­
poverishment of the whole country but terrible famine which decimates the
population.
At Genoa the Soviet delegation, it is true, asserted it possessed plans for
tlie restoration of Russia, but it never produced them, and each time the ques­
tion of economic reorganization of Russia was proposed replied that the only
thing necessary was credits to the Government, the rest mattered little. But
it is evident nothing can be done for Russia while the attitude of the Soviet
Government, such as it is indicated in the memorandum of May 11, remains
unchanged ; so long as this Government adopts the attitude of claiming cred­
its only for itself or takes practically no interest in the reconstruction of
Russia, other Powers can take no measures in favor of the Russian people
which has suffered so much and is worthy of so much interest.
Tlie primary condition of reconstruction in Russia is the reconstruction of
production. That production of cereals, oils and raw materials of all kinds
can only come from Russia herself, that is to say, from the labor of Russian
peasants. The re-establishment of agricultural labor is the very basis of Rus­
sian existence and nothing can be done in order to assist the Russian peas­
ants, that is to say, to supply agricultural and material needs, so long as the
peasant has not returned to work, and he can only effectively return to work
once he is certain himself to enjoy his produce and obtain in exchange for
his crops the goods which he lacks. It depends on the Russian Soviet regime
and on that regime alone to modify the present position.

Foicers Must Ascertain Facts.
These questions were not examined at Genoa. If they are not examined at
The Hague nothing useful will be achieved there. It is indispensable that
the various countries concerned exactly understand the economic situation in
Russia and the appropriate remedies. That task must be the chief work of
The Hague Commission. Allied and neutral experts must study all the docu­
ments placed at their disposal and if necessary consult Russian experts in
order to make profound’ study of the Russian situation. They should be able
to undertake local inquiries on the spot. In all countries experts inspect the
most diverse matters and make inquiries for themselves or for their compa­
triots. If the Russian Government refuses to facilitate such expert inquiries
it will remain in the same position in which it placed itself in the memo­
randum of May 11, and it would he definitely proved it is impossible to ne­
gotiate with it.
To sum u p : The work which must be undertaken at The Hague includes
the establishment of a very clear, very complete general plan of the condi­
tions which Russia must accept as a sine qua non. With regard to this plan
every one must agree before it is presented to the Russian Government. It is
necessary at the same time profoundly to study Russian economic conditions.
Instead of sending to the Russian delegation, as at Genoa, a vague plan of
that which can be done for Russia, all the Governments must first agree on
a plan of Russian reconstruction. This plan must be complete, being estab­
lished step by step, and exact participation must be distributed with regard
to reconstruction credits.
Establishment of this plan as also of the conditions Russia must accept
will necessitate more time than remains between June 15 and June 20 for the
representatives who will exchange views at The Hague. That which could
not be done at Genoa in six weeks cannot possibly bo done at The Hague in
five days.
The solution of the Russian problem is a sufficiently grave
question to devote the necessary time to it. It is because one has been con­
tent with a hasty and not sufficiently concerted study that up to the present
no result has been achieved. As the work which hardly has been begun is to
be continued at The Hague one must act with method and without abandon­
ing any of the generous ideas which inspired the convocation of the Genoa
Conference. We must look reality in the face.

JO H N

B.

G LEN N

B IN D S

C O N D IT IO N S

IN

M E X IC O

IM P R O V IN G .
“ C o n d it io n s
o p in io n ,

m e m o r y ,”
g ra n ted

in

m ore
John

at

M e x ico

s ta b lo
B .

th e

M e x ic o

fro m

are

sta ted

th a n
on

to

now ,

and,

in

m y

an y

t im e

in

m y

at

June

P e n n s y lv a n ia .

M e x ic o

1910

e x c o ll-n t

presen t

G le n n

H o te l

r e c e n t ly a r r iv e d fr o m
s u l in

at

1

in

an

in t e r v ie w

G le n n ,

w ho

C it y , s e r v e d a s A m e r ic a n

C on ­

1917, an d

M r.

is

now

nager o f

th e

M e x ico

N ew

C ity

Y ork .

o ffic e

M r.

of

G le n n

th e

E q u it a b le

T ru st

C o.

of

000

s t e r lin g

H e lb e r t ,

s a id :

Business is improving daily and I consider that M exico at present affords
an unusual field for firms desiring to obtain export orders. In the automobilo industry alone M exico is purchasing about COO machines m onthly,
a volumo o f consumption probably larger than that o f any other foreign
country at this tim e. Goods m ay be sold at all times, under conditions
entirely satisfactory to American manufacturers. M exico is a natural
outlet for American business. Railway service, both passenger and traffic,
has been much improved and freight can now be handled expeditiously
over all routes.
M exico is oagor to disentangle its affairs and is anxious to meet all out­
standing obligations. M r . do la Huerta, M exican M inister o f Finance, is
now in N ew Y o rk for a series o f conferences, with the leading bankers o f
this country and Europe. A t these meetings it is hoped a final agreement
will be reached with respect to the external debt o f M exico, and I feel sure
that a satisfactory arrangement will be m ade.

in g

by

t io n s

K u h n ,

in

T R IA N

C A P IT A L

A C Q U IR E S IN T E R E S T

C O R P O R A T IO N

FA C TU R E

OF

TO

IN

U N D E R T A K E

TOBACCO

A U S­

has

r e c e iv e d

th e

M A C H IN E R Y .

f o lio ,v in g

OF

A

s y n d ic a te

o ffe r e d

on

U n it e d

o f in

be

th e

T h e

h ou rs.

in

p art

R y .,

T h e

sy stem

o f

is

fu r th e r

B r a z il,

B r a z il,
T h e

p roceeds

fo r

th e

is

c it y ,

E le c t r ifi­

book s

w ere

a ll b e e n

d is ­

a t 9 6 ]^

and

o f th e

lo a n

e le c tr ific a tio n

are

of

th e

it is s t a t e d , is o w n e d

w it h o u t

an n ou n ced ,

o p e r a tin g

th is

$ 2 5 ,0 0 0 ,0 0 0

is su e w a s o ffe r e d

p r o v id e

it

of

of

h a v in g

d iv is io n o f th e r a ilw a y w h ic h

C e n tra l

B R A Z IL

C o.

of

bonds

G o v e r n m e n t o f B r a z il a n d

r a ilw a y

is s u e

bon d s.

th e

7 .3 0 % .

to

&

an
R y .

g o ld

T h e

OF

R ea d

5,

(C e n tr a l

7 %

S.

BONDS.

D illo n ,

a fte r n o o n ,

net abou t

u sed

su bu rban

th e

R Y .)

June

B r a z il

a fe w

in te re s t t o

b y

la s t,

3 0 -y e a r

b e fo r e

posed

b y

of

L oan)

c lo s e d

to

headed

M on d a y

S ta tes

c a t io n

U.

$ 2 5 ,0 0 0 ,0 0 0

(C E N T R A L

bon ded

is

th e

d e b t.

p r in c ip a l

a p p r o x im a te ly

1 ,5 0 3

m ile s o f lin e , s e r v in g t h e im p o r t a n t S t a t e s o f R i o d e J a n e ir o ,
Sao

P a u lo

Jun e

1

and

1922

M in a s

and

n o n -c a lla b le

fo r

w ill

G ora es.
becom e

15 y e a r s a n d

T h e

due

bon d s

June

l

a ro c a lla b lo

th e s in k in g fu n d a t 1 0 2 a n d in te r e s t.

w ill

bo

1952.

d a ted

T h ey

are

th e re a fte r o n ly

fo r

T h e B r a z ilia n G o v e r n ­

m e n t c o n v e n a n t s t o m a k e s e m i-a n n u a l s in k in g fu n d p a y m e n t s
s u ffic ie n t t o r e t ir e t h e lo a n

b y

m a tu r ity

T h e b o n d s w ill b e in c o u p o n f o r m
and

$500,

w it h

P r in c ip a l a n d
in

N ew

Y ork

D illo n ,

R ead

S ta tes.

T h e

presen t
of

th e

or

C ity
&

C o .,

bonds

r e g is tr a tio n

1 and

D ec.

S ta te s g o ld

fis c a l a g e n t s

T h ey

secu red

C e n tra l

a t 1 0 2 a n d in te r e s t.

in d e n o m in a t io n s o f $ 1 ,0 0 0

of

of

th e

by

R y .

are

a

of

to

c o in

p a y a b le

a t th e o ffic e o f
in

th e

d ir e c t

S ta tes

A s

p r in c ip a l.

U n ite d

a ll B r a z ilia n

th e

ch arge

B r a z il.

th e

w ill b e

B r a z il,

be

U n it e d

fir s t

of

1 ),

w ill b e e x e m p t f r o m

G overn m en t

th e

fo r

(J u n e

in U n it e d

fu tu r e .

s p e c ific a lly
of

p r o v is io n

in te re s t

of

on

th e

to

th e

ta x es,

o b lig a t io n

B r a z il,

gross

and

reven u es

s in k in g

fu n d ,

t h e o ffic ia l c ir c u la r s a y s :

The sinking fund payments during the first 15 years of the life of the loan
aro to bo sufficient to purchase each 6 months, one-sixtloth of the total
authorized loan if bonds aro obtainable in the open market at or below par.
thereafter sinking fund payments aro to bo sufficient to rotire the entire
outstanding issuo, In equal semiannual installments, either b y purchase in
the market up to 102 and interest or b y call b y lot at that prico, thus assurng holdors who 'retain their bonds paym ent at 102 and accrued intorest.
I t is e x p e c t e d
or

tem p ora ry

be

ready

fo r

a s s o c ia te d

th a t in te r im
bonds

of

d e liv e r y

w it h

on

D illo n .

r e c e ip ts o f D illo n , R e a d &

th e

U n it e d

or

a bou t

R ead

&

S ta tes
Jun e

C o.

of

22

in

B r a z il,

1922.

th e

L oeb
of

w ere p u t on

c lo s in g

of

th e

to

C o .,

be

and

is s u e d

w a s q u ic k ly

is su e

b e in g

e a r ly

in

in

abosrbed,

r e c e iv e d

d a y.

a fte r

th e

r e s u ltin g in

th e

T h e

bon d s,

a u th o r iz e d

M u n c ip a l

th e

C o u n c il u n d e r

1 9 2 2 , u n d e r A c t s o f L e g is la tu r e N o .
N o. 329

o f A u gu st

o f F in a n c e

12

1921, and

1922.

b e a r e r b o n d s in

d e n o m in a tio n

of

$ 1 ,0 0 0

aro

b e n e fit

th e

to

red eem

th e

of

at

100 %

T h e

e n tir e

of

th e

is s u e
at

c it y ,

A

P r e s id e n t

of

and

th e

b y

th e M in is te r

and

are

s in k in g

M a y

cou p on

$500.

1

T h ey

fu n d ,

c a l­

1952.

T h is

a n d in te re s t, o r b y th e r e d e m p ­
of

1

bon ds

C e n tra l
in

bu t

to

be

n ot

draw n

an y

or

L oeb

on

&

at

an y

C o .,

lo t.

w ill

th e

be

o p tio n

in te re s t

fro m

A d m in is tr a tiv e

b y

p a rt,

in te re s t,

1932,

K u h n ,

says

b y

accru ed

N ovem ber
to

12

1 9 2 3 a n d is t o o p e r a t e b y p u r c h a s e s

o u ts ta n d in g ,

le tte r

P ragu e,

is s u e

1 00 %

in te r e s t

102%

on

th e r a fte r .

G re a te r

and

of M a y

T h ey

c u m u la tiv e

e n tire

s in k in g fu n d w ill b e g in in

tio n

a

d a te

s a n c tio n e d

27

h ave

w h ic h

1 19 5 2 , w ere

110, of F eb . 6 1920 and

M a y

to

u n d er d a te o f

b y

o ffe r ­

s u b s c r ip ­

s h o r t ly

M on d a y

th e

T h e

1 1 9 2 2 a n d w ill m a t u r e M a y

b y

L on don

a s s o c ia te s .

th e m a rk et o n

b ook s

D r.

d a te

B axa,

C o m m is s io n

of

p a rt:

The C ity of Greater Prague, was constituted on January 1 1922, under an
A ct o f Legislature dated February 6 1920, b y inclusion with the older city
o f 38 suburbs. I t is the capital as well as the commercial and financial
centre o f the Czechoslovak Republic.
I t has a population of about
676,0 0 0 . T h e m ost important industries o f Czechoslovakia are located in
tho city and its vicinity.
T h e total debt o f tho city, not including this loan, amounts to K r .6 6 2 ,569,895 , which, at the approximate present rate of exchange o f two cents,
is equivalent to $ 1 3 ,2 5 0 ,0 0 0 . O f the old loans K r .l 1 ,026,000 are specifi­
cally secured b y mortgages on real estate. Including the present loan the
per capita debt will be approximately $41 50 at present rates of exchange.
Tho total assets owned b y tho city have a valuo of K r .2 9 7 ,711 ,000 gold
($ 5 9,500,000). Tho city’s total Investment in productive enterprises is
K r .l 3 6 ,4 6 8 ,0 00 of which K r .9 2 ,1 7 9 ,0 0 0 was invested at pre-war values,
viz: $ 1 8,435 ,000 .
Tho loan will bo tho direct liability and obligation o f the city and will
further bo secured b y a first specific mortgage on the electric, gas and water­
works and tramways owned b y the city in favor o f a trustee for the loan
to be approved b y tho fiscal agents o f the loan. T h e proceeds o f the loan
will, for tho groatest part, be utilized for the construction of an electric
power station, the purchase or erection o f gas plants and the extension of
the waterworks and o f the tramways throughout the former suburbs, all
of which will be includod In the mortgage, and for reimbursing the city for
previous expenditures effected for the same purposes. Th e city under­
takes to credit tho gross receipts o f the pledged enterprises to a special
account, out o f which there will be paid fortnightly to an approved bank in
Praguo, for m onthly remittance to tho fiscal agents o f tho loan, l-2 6 th of
the total am ount annually required for tho service o f interest and sinking
fund of tho loan.
The gross receipts of tho pledged enterprises amounted in 1921 to K r .2 8 5 ,44 0 ,0 0 0 and are estimated for 1922 at K r .31 8 ,0 0 0 ,0 0 0 , which, at the approx­
imate present rate o f oxchango, is equivalent to over $ 6 ,0 0 0 ,0 0 0 , while the
servico o f tho loan will require not over $ 1 ,2 7 0 ,0 0 0 . All drawn bonds and
matured coupons shall be accepted b y the Czechoclovak Government
at their full face valuo at the then current rate of exchange in payment
o f the customs duties, and by the C ity o f Prague in paym ent of all munici­
pal taxes.
T h e budgetary estimates o f the C ity o f Greater Prague for 1922 show
rovonuo and expenditures each amounting to K r .574 ,2 1 9 ,0 0 0 . The expen­
ditures o f Old Prague in 1921 was K r.3 7 5 ,7 5 4,000 , which was fully within
its total income.
The valuo o f improved real estate within the limits now included in the
greator city was estimated in 1915 at K r .2 ,0 0 0 ,0 0 0 ,0 0 0 practically at gold
valuo ($400,000 ,000 ).
The dollar bonds of the loan will be issued in coupon bearer form in
denominations of $1 ,0 0 0 and $ 500 , will be dated M a y 1 1922, will mature
on M a y 1 1952, and will bear interest from M a y 1 1922, payable semi­
annually on M a y 1st and N ovem ber 1st in each year. Principal and inter­
est, and promium in case o f anticipated redemption, will bo payable in
gold coin o f tho United States of America, of or equal to the standard of
weight and fineness existing M a y 1 1922, at the office o f K uhn , Loeb &
C o ., fiscal agents o f tho dollar bonds, in the C ity o f N ew Y o rk, free from
all taxes, stam p duties, transfer and other duties or deductions o f any nature,
present or future, whether levied b y the Czechoslovak G overnm ent, the
city or other Czechoslovak authorities, and payable in time o f war as woll
as in time o f peace, and whether the holders of the bonds be subjects of a
friondly or hostile State.
T h e l e t t e r , i t is s t a t e d , h a v i n g

w ill

s u b je c t

to

T h ose

a g a in s t

paym en t

are

are

L t d .,

w ill b e d a t e d M a y

C o .,

s y n d ic a te

&

th e

bonds

r e d e e m a b le

in fo r m a tio n :

A prominent American tobacco concern— name withhold b y us upon re­
quest— has just acquired an interest in the Austrian “ Ilofherr-SchrantzClayton-Shuttloworth Agricultural M achinery Corporation,” which is to
commenco at once the manufacture on a very largo scalo o f tobacco machin­
ery. The American company has purchased K . 10 ,0 0 0 ,0 0 0 of par valuo
com m on stock, with an option to acquire additional K . 10,00 0 ,0 0 0 at $2
per share (quoted recently around K . 9 ,5 0 0 ). Th e company will increase
its capitalization from K . 1 0 0,000 ,000 to K . 150 ,0 0 0 ,0 0 0 , and to K . 170,­
0 0 0 ,0 0 0 immediately upon conclusion of arrangements with the American
concern.

O F F E R IN G

w h ic h

C o .,

o f th e b o n d s a t o r b e lo w

M A N U ­

T h e F o r e ig n S ta tis tic a l D e p a r tm e n t o f M o o d y ’s “ In v e s to r s ’
S e r v ic e ”

&

excess

c u la te d

A M E R IC A N

bon d s,

W agg

p e n d in g

c o r r e c tio n .

th e

in

r e c e ip t

been

I n te r im

N ew
of

Y ork

th e

r e c e iv e d

r e c e ip ts
fu n d s

on graved

w ill
fo r

b y
bo

c a b le

is

d e liv e r e d

bonds

a llo tte d

bon d s.

L e e , I i i g g i n s o n & C o ., B la ir & C o ., I n c ., W h it e , W e ld & C o .,
th e

C o n tin e n ta l

H a ls e y ,

S tu a rt

&
&

C o m m e r c ia l
C o .,

L ie .,

T ru st

&

B o n b r ig h t

S a v in g s

&

C o .,

B an k,

I n c .,

O F F E R IN G

th e

I llin o is T r u s t & S a v in g s B a n k , th e U n io n T r u s t C o . o f P it t s ­
bu rgh , an d

th e U n io n

T ru st

C o . o f C le v e la n d .

O F $ 7 ,5 0 0 ,0 0 0 C I T Y O F G R E A T E R
(C Z E C IIO S L O V A K / A ) B O N D S.

F o llo w in g

th e a n n o u n c e m e n t

th e p u rch ase b y
C ity
lo a n

of

K u h n , L oeb

G re a te r

bon ds

s c r ip t io n

of

on

P ragu e

1922,

th e

5 th

tota l

lo a n

c o n s is ts




o f

th e

th e

M on d a y

th is

of

in te re s t
c lo s e d

th e

& C o . o f th is c i t y , o f $ 7 ,5 0 0 ,0 0 0

due

June

th e

e n tir e

at

w as

9 2 }4

8 .1 7 %

if

o ffe r e d
and

V i°/o
fo r

accru ed

h e ld

$ 7 ,;> 0 0 ,0 0 0

7

to

M o rtg a g e

p u b lic

m a t u r it y .

bon d s

su b­

in te re s t

and

to

T h e

£ 1 ,5 0 0 ,-

b y

D illo n ,

OF

are
1

par,

bonds

7 %

d ay,

to

be

1952.

is s u e
R ead
to

and

A

by

s in k in g

a ll

&

s in k in g

C o.

as

1

bon d s

fu n d

h a v in g

1922,
is

and

fu n d

of bon d s,

are

to

fo r

at

a g en ts

97

15 y e a rs

and

and
w ere

been

s o ld .

becom e

to

redeem

be

a p p lie d

d u r in g

if o b t a in a b le

p u r c h a s e o r c a ll b y

n o n -c a lla b le

C o.
(R e ­

book s

w ill

p r o v id e d

p a y m en ts

&

M o n te v id e o

g o ld

bonds

s in k in g

p u rch ase

th e re a fte r to

w ill b e

th e

D illo n , R e a d

of

s u b s c r ip tio n

June

m a t u r it y ;

th e

fu n d

T h e

of

d a ted

C ity

M O N T E V ID E O
BONDS.

(J u n e 7 ) ,

lA % -

7

OF

U R U G U A Y )

$ 6 ,0 0 0 ,0 0 0

abou t

sam e

15 y ea rs

b e lo w
T h e

net

bon d s

fir s t

o ffe r e d

U ru gu a y)

to

T h e

is su e

la s t, J u n e

c ity ,

5, of

(C z e c h s lo v a k ia )

in s t.

• d a te o f d e l i v e r y , . t o y i e l d

on

PRAGUE

C IT Y

$ 6 ,0 0 0 ,0 0 0

O n W e d n e s d a y o f th is w e e k
of

p u b lic

O F F E R IN G

OF

(.R E P U B L I C

lo t

at

th e

at

or

par.

c a lla b le

as

a w h o le o r fo r
a fto r

Juno

1

and

s in k in g

N ew

Y ork

th e s in k in g fu n d
1937

fu n d
C ity

a g en ts

fo r

w h ic h

m ay

at

par

w ill

be

at

th e

th e

an y

p a y a b le

T h e

le v ie d

b y

in te r e s t d a te o n

in te r e s t.

o ffic e

lo a n .

be

on

and

of

in

U n it e d

D illo n ,

bon d s
th e

P r in ip a l,
S ta tes

R ea d

&

and

in te re s t
g o ld

C o .,

be

fre e

o f

or

b y

th e

R e p u b lic

a ll

In terest

T h e

are

to

w ill

be

be

in

p a y a b le

cou p on

June

fo rm

in

1

an d

th e

and

C ity

$500.

o f

T h ey

are

M o n te v id e o ,

to

th e

be

th e

D ec.

1.

d e n o m in a tio n s

of

d ir e c t

c a p ita l

of

o b lig a t io n

U ru g u a y

c h ie f p o r t a n d

r a ilr o a d

cen tre.

T h e p ro ce e d s fro m

o f

w ill

be

used

reven u o

im p r o v e m e n ts

and

th e

bon d s

p u b lic
F rom

th e

o ffic ia l

c ir c u la r

fo r

gen eral

w e

p r o d u c in g

m u n ic ip a l

q u ote

th e

of

and

its

th e

s a le

w ork s,

pu rposes.

fo llo w in g :

Specific Charge on Taxes.
The loan Is to be a specific charge on the receipts from the sanitation,
lighting and paving taxes subject only to a prior charge in favor of tho Lon­
don loan now about $ 4 ,7 6 5 ,0 0 0 outstanding with a present annual service
of only about $372 ,0 0 0 . Receipts from these pledged taxes have been
steadily increasing for anumber o f years and are reported as $ 1 ,510,000 in
1921, at par of exchange, and as averaging $1,148,781 per annum for tho
past fivo years. M axim um interest and sinking fund charges on this $ 6 ,­
0 0 0 ,0 0 0 issue for the first fifteen years amount to only $480,000 per annum.
Municipal

Revenue.

In addition to tho receipts from the taxes specifically allocated to this loan,
tho C ity has considerable revenue from real estato and other taxes and from
income derived from the electric light plant and various municipally owned
property. Municipal revenues are reported as increasing from $ 2 ,8 5 0 ,0 0 0
in 1916 to $ 4 ,5 9 0 ,0 0 0 1921 at par o f exchange.
Funded Debt of the City.
Tho external debt o f the C ity o f M ontevideo includes only this now loan
and tho London issue. The total debt of tho city is only about $ 1 2,000 ,000
at par of exchange. This gives a per capita debt o f only about $31 on the
population o f about 3 93,000 , which compares m ost favorably with that of
the other principal South American capitals.
U ruguay is one o f the most financially conservative as well as progressive
o f the South American republics and ranks fifth in tho value o f its commerce.
A s o f Jan. 31 1922, U ruguay's gold reserve amounted to 8 3 % o f its out­
standing currency. In its foreign trade the United States is first in both
exports and imports, and Great Britain second. I t is a rich agricultural
and grazing country with livo stock values estimated In 1921 at $5 2 0 ,0 0 0 ,­
000.
It has the greatest density o f population of an y country in South
America.
I t is e x p e c t e d

th a t in te r im

r e c o ip ts o f D illo n , R e a d &

TO

B E L G IA N

L ake

W AR

G R A IN

re p a y m en ts

a g g reg a ted

m ade
$ 1 ,0 0 0

B an k,

or abou t June 30

_

A

C o .,

fo r

th o

lo a n

on

th e

to

5 th

t im e

th a t a

fro m

th e F o r e ig n

th e

in s t.

paym en t

W ar

b y

s a id :

STOCK
B . J. V an

In gen

w eek

o ffe r e d

L an d

B ank

F ed era l
ask ed

b y

M a y

to

w ere

y ie ld

a b ou t

M a y

th is

w eek
to

in te rc h a n g e a b le .
1.

m u n ic ip a l
a ll

F ed era l
P osta l

bon d s

lo ca l

and

ta x a tio n ,

tru st

G overn m en t
S a v in g s

and

fu n d s

and

oth e r

ban k ,

th e
been

u p

d a te

b y

h ave

th e

boon

a re fu lly

r e p a id

in

and

are

under

to

APPROVED

are

as

1

S ta te,

$ 7 ,000
18.000
5 .000
2 5 .000
10.000
9 .000

in
in
in
In
in
in

th e

BY

OF

C o r p o r a tio n

T h e N ew

proved

7 1 .000
7 .0 0 0
6 .0 0 0
141.000
39.0 0 0
1 55.000

19 a d v a n ce s,

iz e d

w ith

S id n e y

a

W .

c a p ita l
S ou ers

o f

of

$ 2 5 0 ,0 0 0

th o

o th e r o ffic e r s o f th e n e w

&

J o in t S to c k

th e

P r e s id e n c y

B a n k

are:

of

T h e
J.

L .

I lie r s , V ic e -P r e s id e n t a n d

S ecreta ry , a n d

Jam es

P .

T reasu rer.

in c lu d e

R iv e s ,

V ic e -P r e s i­

d en t o f

T h e

th e

In te rsta te

V ic e -P r e s id e n t
B an k ;
C o .,

L .

a n ti

M .
R .

d ir e cto r s

of

th o

P o o l,
B ran d

T ru st &

C .

G .

B a n k in g

C o .; F .

C a n a l-C o m m e r c ia l

P r e s id e n t

o f

L ogan

N ew

of

th e

E .

T ru st

M a r in e

&

B an k

O r le a n s ; J .

T .

O h ls e n ,

S h rev ep ort,




and

F ran k

R ob erts,

C o r p o r a tio n

$ 7 5 4 ,0 0 0 ,

ap­

f o r a g r ic u lt u r a l

in
in
In
in
in

Arizona,
California,
Idaho,
Iowa,
M innesota,

5 ,0 0 0
2 2 .000
2 57,000
21.000
10.000

in M ontana,
in Nebraska,
in N ovada,
In North D akota,
in Wisconsin.

ap p roved

a

tota l o f 4 2

f o r a g r ic u ltu r a l a n d

ad van ces,

liv o s t o c k

a g g r e g a tin g

$ 1 ,­

pu rposes.

D W IG H T

D A V IS

R E A P P O IN T E D

D IR E C T O R

OF

W AR

F I N A N C E C O R P O R A T IO N .
T h e

S e n a te

on

M a y

24

c o n fir m e d

th e

n o m in a t io n

of

D w ig h t D a v is o f M is s o u r i, a s a d ir e c to r o f th o W a r F in a n c e
C o r p o r a tio n

fo r

a

term

o f

fo u r

years.

M r.

D a v is ,

w h ose

n o m in a t io n h a d b e e n s e n t to th o S e n a te o n M a y 2 0 , s u c c e e d s

SWORN

C o r p o r a tio n , h a v in g

IN

FA R M
R ob ert
a

A .

C oop or,

m em ber

A sbu ry

F .

o f

th e

AS

M EM BER

LO AN

w h ose

been

r e -a p ­

e x p ir in g M a y

OF

17

FED ER A L

BOARD.

a p p o in t m e n t

F ed era l F a rm

L oan

and

c o n fir m a t io n

B oa rd ,

L o v e r , r e s ig n e d , h a s b e o n r e fe r r e d

to

to

su cceed

in p r o v io u s

ite m s b y u s , w a s s w o r n in a s a m o m b o r o f th o B o a r d o n M a y
22.

T h o

S ou th

now

m em eber

C a ro lin a .

O ur

had

h e r e to fo r e

e a r lie r r e fe r e n c e s

t io n a p p e a r e d in o u r is su e s o f M a y
page 2192.

beon
to

h is

G overn or
now

of

con n ec­

13, p age 2074 an d M a y 20,

________________________________________

G u n ter,
S a v in g s

A R TH U R

II.

LAM BORN

T ru st

SUPR EM E

T h om as,

COTTON

&

T r u s t C o ., A le x a n d r ia ; B e n J o h n s o n , P r e s id e n t C o m m e r c ia l
B an k ,

in c lu s iv e , t h o

a g g r e g a tin g

COURT

P r e s id e n t

ASKS
TO

E X C H A N G E

P r e s id e n t G r e n a d a B a n k ; A . A lb e r t o f th e G u a r a n t y B a n k &

N a t io n a l

p u rposes, as

D u r in g th e w e e k e n d in g J u n o 3 1 9 2 2 th o W a r F in a n c e C o r ­

STOCK

C o.

1 th a t

North D akota,
Oklahoma,
South D akota,
Texas,
U tah,
Wisconsin,

1922.

S e c u r it ie s

L and

in
in
in
in
in
in

fo r

B a n k has been organ ­

under

M o rtg a g e

June

liv e s t o c k p u r p o s e s , a s fo llo w s :

$292 ,00 0
3 5 .000
54.000
50.000
8 ,0 0 0

as

L and

on

liv e s t o c k

s e c u r it y

B A N K .

O r le a n s J o in t S t o c k

an n ou n ced

p o in t e d fo llo w in g t h e e x p ir a t io n o f h is t o r m

JO IN T

CORPORA­

1 9 2 2 it a p p r o v e d 2 3 a d v a n c e s , a g g r e ­

h im s e lf a s a d ir e c t o r o f th o

G o v e rn m e n t fu n d s.

ORLEANS

c o -o p o r a tiv o

F IN A N C E

fo r

d e p o s its

N E W

co tto n

th e

at

L A N D

la r g o

W AR

Alabam a,
Colorado,
Kansas,
Minnesota,
Missouri,
M ontana,

R. A . C O O P E R
O R G A N IZ A T IO N

M e y o r ’s s t a t e m e n t :

of

a c c e p ta b le
of

par

it

fo llo w s :

are n o t

ju r is d ic t io n

b y

and

bon ds

le g a l in v e s tm e n t

th e

r e c e iv e d

in d is c h a r g e o f t h o lo a n

t h a t th e lo a n s t o t a lin g $ 7 ,3 9 2 ,7 2 5 ,

g a t in g $ 4 9 3 ,0 0 0 , f o r a g r ic u lt u r a l a n d

2 4 7 ,0 0 0 ,

F e d e r a l,

been

M a n a g in g
a t th e sa m e

fu ll.

W a r F in a n ce

in te re s t,

r e g is te r a b lo a n d

fro m

J r .,

T IO N .

to

s e m i-a n n u a lly , M a y

exem pt

has

T h o f o l l o w i n g is M r .

C o r p o r a tio n

A D VA N C ES

p o r a tio n

T h ey

d u r in g

m a r k e t in g o r g a n iz a t io n s in M is s is s ip p i, O k la h o m a a n d T e x a s ,

T h o

(1 9 3 2 )

T h o

M oyer

o f $ 3 ,8 1 2 ,9 3 5

M r . M e y e r s ta t e d a ls o
m ado

I n d e n o m in a t io n o f $ 1 ,0 0 0 ,

and

are

had

accru ed

1 1942.

I n t e r e s t is p a y a b l e

T h e

and

fid u c ia r y

and

m a t u r it y .

1 1932.
fo rm

th e

r e d e e m a b le
or

under

bonds

of

S tock

21, page 2298.

103

are d u e M a y

th e b o n d s a r e in c o u p o n

N o v .

th e

r e d e m p t io n

1 1922 an d

at

is s u e d

th ose

S ecreta ry

J o in t

C o r p o r a tio n

to a n a n n o u n ce m e n t

Tho W ar Finance Corporation has received a paym ent of $ 3 ,8 1 2 ,9 3 5 on
account o f tho advance made b y it in 1920 to the Foreign Credit Corpora­
tion and a syndicate o f banking institutions for tho purposo of financing
the exportation of grain to Belgium . O f tho original loan o f $ 1 1 ,2 2 9 ,0 0 0 ,
only $170,405 remains outstanding, and the Corporation Is advised that
this sum will bo repaid in tho course of tho noxt few days.
Repayments to the Corporation during tho month of M a y totaled $ 2 6 ,­
507,833 . O f this sum , $6,315 represents repayments on account o f loans
made under the war powers o f tho Corporation, whilo the repayments of
export advances amounted to $13,7 9 2 ,7 6 2 , o f which $8,661,397 was repaid
by exporters, $410,745 by co-operative marketing associations, and $ 4 ,7 2 0 ,­
620 by banking institutions.
Repayments of agricultural and livo stock loans during M a y aggregated
$ 1 2,708 ,756 . O f this am ount, $9,153,437 was repaid by banking and
financing institutions, $1,471,097 by live stock loan companies, and
$ 2,084,222 by co-operative marketing associations.
From Jan 1 to M a y 31, inclusive, the Corporation received repayments
totaling $ 7 8,095 ,288 , as follows: On loans made undor tho war powers
o f the Corporation, $ 7 ,1 5 3 ,0 9 4 : on export advances, $ 33,204 ,691 : and on
loans for agricultural and livestock purposes, $37,7 3 7 ,5 4 3 . O f tho total
am ount, $44,835 ,407 was repaid by banking and financing institutions.
$3,8 3 1 ,9 0 2 by live stock loan companies, $10,895 ,741 by co-operatlvo
marketing associations; and $ 11,379 ,184 by exporters, while, as statod,
$7,1 5 3 ,0 5 4 was repaid on loans made under the war powers o f tho C o r­
poration.”

and

& C o ., I n c ., th is

bon d s

fo r

in o u r is s u e o f M a y

4 .6 2 5 %
to

5 %

B id s

JO IN T

BONDS.

V ir g in ia -C a r o lin a

V a .,

A ct.

r e d e e m a b le b e fo r e M a y

and

th o

M c K in n e y ,

o ffe r e d

th e r e a fte r

d a ted

of

N o r fo lk ,

W .

B A N K

C o . a n d J . G .* W h it o

L oan

27, as n oted

bon d s

5 %

o f

F .

LA N D

&

$ 5 0 0 ,0 0 0

F a rm

V IR G IN IA -C A R O L IN A

$ 5 0 0 ,0 0 0

C O R P O R A T IO N —

F in a n c e

E ugeno

F ro m J u n e 1 to J u n e 3 ,1 9 2 2

OF

J o in t

M is s is s ip p i.

R E P A Y M E N T.

C r e d it C o r p o r a tio n

m a d e t o it in 1 9 2 0 .

T h o

Tenders for the proposed municipal loan o f $ 6 ,0 0 0 ,0 0 0 wore opened last
night. Tho three m ost favorable, one o f which will probably be accepted,
were submitted by the First National Corporation o f Boston, offering
interest at 7 H % . emission at 93 H and m aturity in forty years: D illon,
Read & C o. o f N ew York o f N ew Y ork, 7 % , interest, emission at 91
m aturity in twenty-five years, and George E . N olan, Inc. o f N ew Y ork,
7M % , interest, emission at 94 and m aturity in thirty years.

O F F E R IN G

new

and

D ir e c t o r o f th e C o r p o r a t io n , w h o m a k e s k n o w n

1922.

M o n t e v id e o A s s o c ia te d P r e s s d is p a tc h M a y 2 4 in r e p o r t ­
ten d ers

F IN A N C E

$ 2 6 ,5 0 7 ,8 3 3 , a c c o r d in g

on M a y 29 an d M a y 31
in g

T h e

L o u is ia n a

C R E D IT

o r t e m p o r a r y b o n d s o f t h e C it y o f M o n t e v id e o w ill b e r e a d y
fo r d e liv e r y o n

C h a r le s .

w ill o p e r a t e in

of
M a y

bon d s

B an k

R E P A Y M E N TS

ta x es
T h e

U ru gu ay.

N a t io n a l

L and

in

fis c a l

w ill

c ity

C a lc a s ie u
S tock

M A N D A M U S

COM PEL
TO

N E W

C AN CEL

OF

YORK
H IS

S U S P E N S IO A .
A c c o r d in g

to

J u n e 9 , A rth u r

th e

N ew

II. L a m

Y ork

“ Jou rn al

of

C om m erce”

b o rn , w h o w a s su sp en d ed fro m

the

of

N ew

Y ork

C o tto n

re p o rte d

E xchange

in

la s t

fo r

w eek ’s

2 4 2 2 , on Juno 0 ,

a

p e r io d

is s u e

of

of

th e

six

m o n th s,

t h r o u g h h i s a t t o r n e y s , m o v e d in t h e S u ­

p r e m e C o u r t fo r a m a n d a m u s o r d e r a g a in s t th e N o w
C o tto n

E xchange

s u s p e n sio n .
Juno

M r.

Y ork

t o c o m p e l t h e o r g a n i z a t i o n t o c a n c e l h is

The

14.

as

“ C h r o n ic le ,

m o tio n ,

it

L am born

is

sa id ,

a sse rts

w i ll

th a t

bo

no

h eard

le g a l

about

e v id e n c e

o r t e s t im o n y w h a te v e r w a s b e fo r e th e c o m m it t e e to w a r r a n t
it s s u s p e n s io n o r d e r .
T h e “ Jou rnal of C o m m e rce ”

a l s o s t a t e s t h a t t w o a r t i c le s

communities aro setting the example, and it “ wouldn't surpriso him if it
wore put into effect hero.
Survey Has Been Made.
A survey has been made of the possible am ount o f deposits avaiiablo and
tho outlook for raising the needed capital. Estim ates were checked against
ono another, M r . Bieritz said. He did not feel justified in disclosing the
result of tho survey at this time, he said, but he felt that prospective deposits
warranted taking tho step.
Consideration has been given by leaders to the possibility o f the associat­
ing a bank hero with the one established by the "b ig four” brotherhoods in
Cleveland soveral years ago. A t a labor convention in D allas about 10 days
ago there was discussion o f a proposal that this bank establish branches to
couduct its business in other cities. M r. Bieritz said a bank would bo a
groat convenience to local patrons of the Cleveland institution.

(in c o n n e c t io n w ith th o s u s p e n s io n o f M r . L a m b o r n fr o m th e
N ew

Y ork

th e N e w

C o tto n

Y ork

NOEL

of

L.

it

is u n d e r s t o o d )

“ G lo b e ,” h a v in g ,

fir m , L a m b o rn &
p u b l is h e r s

E xchan ge,

C o . on

“ Tho

June

p r in te d

in

i t is c l a i m e d , l ib e l e d t h e

5

b r o u g h t s u it a g a in s t

th e

G lo b e ” fo r $ 5 0 0 ,0 0 0 d a m a g e s .

CARPENDER

EXPELLED

STOCK

FROM

N E W

YORK

EXCHANGE.

T h e e x p u ls io n o f N o e l L . C a r p e n d e r , o f th e fir m o f C a r p e n d e r , C a f f r y & C o . , o f t h i s c i t y , w h o s e f a i lu r e o n M a y

.)

w a s r e c o r d e d in o u r issu e o f M a y 1 3 , P - 2 0 8 1 , w a s a n n o u n c e d
fro m

th e

ro stru m

of

th e

N ew

Y ork

T h u r s d a y o f th is w e e k , J u n o 8 .

S to c k

E xchange

on

A n o f f i c i a l s t a t e m e n t is s u e d

Fund For Bank Set Aside.
M r . Broening recalled that the local Federation set aside a part o f its funds
some tim e ago to aid tho establishment of such a bank, but the project was
not pushed at that tim e. The authorization, he said, still holds good. Th e
carpenters’ organization here already has its own building association, and
free shareholders are required to bo members o f some labor organization.
M r . Bieritz said that while it was proposed to rely upon organized labor as
tho backbone o f the bank, the aim would be to bring all workers within its
scope. Studies had revealed, he said, that at least 8 0 % of tho money a\ailablo in the banks o f the country was in tho form of deposits made by work­
ers, tho wealthy investing directly in securities. The bank might be either
State or national, according to plans, and would rely principally upon
accounts o f individual workers rather than o f organizations.
T l i o A m a l g a m a t e d C l o t h i n g W o r k e r s o f A m e r i c a w i ll o p e n
th e ir o w n b a n k in g in s t it u t io n in C h ic a g o o n J u ly
in s t itu t io n

bears

th e

title

of

th e

“ A m a lg a m a te d

1.

The

T ru st

&

b y th e B o a r d o f G o v e rn o rs o f th e E x c h a n g e o n th e a fte rn o o n

S a v in g s B a n k , ” a n d h a s a c a p it a l o f $ 2 0 0 ,0 0 0 , w ith s u r p lu s

o f t h o s a m e d a y , r e a d a s f o l lo w s :
A t a meeting of tho Governing Com m ittee yesterday, said Com m ittee
determined that tho failure of Carpender, Caffry & C o. on M a y 9 1922, of
which firm N oel L . Carpender was a member was caused by reckless and
unbusinesslike dealing, and tho said N oel I, Carpender was expelled
under Section 5, Article X V I o f tho Constitution; also, the Governing
Com m ittee directed the Committee on Admissions, under Section 8.
Articl
X V o f tho Constitution, to dispose o f tho membeshlp o f tho said

o f $ 1 0 0 ,0 0 0 .

Nool Ij . Carpender forthwith.
Tho rockless and unbusinesslike dealing under which tho charge was
brought and as a result of which this action o f the Governing Com m ittee
has beon taken, consisted in tho fact that Carpender, Caffry & C o. con­
tinued to do business and take new accounts after they knew that tho

D a v is , C a h ie r .

firm was Insolvent.
H e n r y H . K a u f m a n , o f H a y s , H e r s lifie ld & W o l f , a t t o r n e y
f o r R o g e r B . W o o d , r e c e iv e r f o r C a r p e n d e r , C a f f r y &
o n th e sa m e d a y

C o .,

(J u n o 8 ) is s u e d a s t a t e m e n t r e g a r d in g th e

fa ile d f i r m ’ s a f f a ir s , a s fo llo w s :
From our investigation, assets o f tho bankrupts aro substantial. Tho
assets aro approximately $ 7 00 ,00 0, and liabilities approximately between
$980 000 and $990 ,0 0 0 . Exact figures aro not yet obtainable.
Assots do not includo those assets o f doubtful or problematical value,
among which is included a claim against Dior o f approximately $ 1 00 ,00 0.
Accountants are making substantial progress in examination o f tho
affa lrso f this concern, and it is hoped that definite figures will bo avaiiablo
Sh° M r . C a r p e n d e r w a s a d m i t t e d t o m e m b e r s h i p i n t h e N o w
Y ork

S to c k

B A N K

E xchange

PROJECTS
FIR E M E N

The

on

D ec.

27

OF LABOR

1906.

U N IO N S — LO C O M O TIV E

D E C ID E A G A IN S T M O V E M E N T .

m ovem ent

fo r

th e

o r g a n iz a tio n

of

u n io n s a p p e a r s to b e s p r e a d in g , a lt h o u g h

banks

by

la b o r

in o n e in s t a n c e ,

i t is a n n o u n c e d — a t t h e c o n v e n t i o n in H o u s t o n , T e x a s , o n
M ay

26

of

F ir e m e n

th o

and

I n te r n a tio n a l

B ro th e rh o o d

h o o d b a n k a n d b u ild in g lo a n c o m p a n y
Tho

of

L o c o m o tiv e

E n g in o m o n — th o e s ta b lis h m e n t o f a b r o th e r ­

f i li n g o f a n

a p p lic a tio n

N a tio n a l B a n k o f S t .

to

w as v o to d

o r g a n iz e

L o u is w a s a n n o u n c e d b y

t r o lle r o f t h o C u r r o n c y

on

M ay

25.

a g a in s t.

t h e T e le g r a p h e r s ’

Tho

th o C o m p ­

a p p lic a tio n

w as

m a d o b y E . J . M a n i o n , P r e s id e n t o f th e O r d e r o f R a ilr o a d
T e le g r a p h e r ^ .

I t is p r o p o s e d t o o r g a n i z o t h e b a n k w i t h a

dred

I n a d d itio n to h a n d lin g th e fu n d s o f th e h u n ­

o r m o r o l o c a l u n i o n s in C h i c a g o ,

t h o b a n k w i ll h a v e

ch a rg e o f th e fu n d s o f th e n a tio n a l o r g a n iz a tio n .

The bank­

in g q u a r te r s o f th o n e w in s titu tio n a ro a t 3 7 1 W e s t J a c k s o n
B o u lo v a r d .

Tho

c h e c k in g , & c .

bank

w i ll

do

gen eral

b a n k in g — sa v in g s ,

R . L . R e d h e f f e r w i ll b e P r e s i d e n t a n d R . S .
F r o m th e N e w Y o r k “ T i m e s ” o f M a y 2 8 w e

t a k e th o fo llo w in g r e g a r d in g th e p r o je c t :
Raym ond L . Rodheffer, a well-known Chicago banker, has been engaged
as President o f the institution. W illiam O . Thom pson, a New York busi­
ness m an, will be associated in an advisory capacity. Capital stock of
$200 ,00 0 and surplus of $150,000 have already been subscribed. The
State of Illinois has granted a charter to Sidney Hillm an, President of tho
Am algam ated, Samuel Levin, A . D . Marimpletrl, Frank Rosenblum,
Sidney Rlssman and Stephen Skale, general officers representing tho union.
Tho national and local organizations of the Amalgamated are pledged to
co-operato in making tho bank a success. Nearly $ 5 00 ,00 0, representing
tho union’s surplus, will be kept on deposit in the bank, it is expected. Its
business, howovor, will not be confined to union funds.
1'hero will be sav­
ings, commercial, real estate, bond, foreign exchange and fire insurance de­
partments. Besides being under strict State regulation, the bank will be
under full supervision o f tho Clearing House and the k odoral Reserve system .
Tho initial rate o f interest paid on deposits will bo 3 % , but as the institu­
tion gets under w ay tho rate m ay bo increased to at least 5 % .
“ The motivating forco in this enterprise,” according to President Redhoffer, “ is tho determination o f the Amalgam ated not to have its funds or
those of its members used against labor. W o hope to help labor b y stimu­
lating activities that aro for labor’s benefit.
“ Thero are 4 0,000 clothing workers in Chicago, all organized and trained
to work as a mass. Tho average saving deposit per person in city banks is
about $300. W o havo reason to expect that in timo we will havo as much as
$1 ,0 0 0 ,0 0 0 in clothing workers’ savings on deposit in this bank.
“ Tho bank is not organized to pay dividends to stockholders, as aro m ost
banks, although our stockholders are union members. Dividends aro
limited to 1 0 % on the capital stock and the surplus actually invested.
“ A n y surplus earnings m ay be distributed to depositors as tho board of
directors sees fit or applied to such other purpose not inconsistent with the
law. W hen a stockholder severs his connection with tho union, his stock
m ust bo tondored to tho directors’ purchasing committee in order that con­
trol will never get out of tho organization’s hands.”
Tho Brotherhood of Locomotive Engineers, regarded as the richest labor
union in tho Country, has already met success with its bank in Cleveland,
which recently announced a 5 % interest rate. The Bank of the Interna­
tional Association o f Machinists at Washington, the largest m etal workers’
union in America, is also reported to be flourishing.
R e g a r d in g th o r e je c tio n a t th is tim o o f b a n k o r g a n iz a tio n

of

p la n s b y th o I n t e r n a t io n a l B r o th e r h o o d o f L o c o m o t iv e F ir e ­

M a y 2 6 , in r e f e r r i n g t o t h o m o v e m e n t , s a i d :
It is understood that tho bank is to bo under strictly union control, with
officers anil a board of directors composed of members o f tho Railroad
Telegraphers.
Manion, it is said, will probably bo President o f tho bank, and Leonard

m e n a n d E n g in o m o n , th e H o u s t o n “ P o s t ” o f M a y 2 6 s a id :
The report of a special committee asking abandonment o f tho idea of
establishment o f a Brotherhood bank, such as tho ono tho Brotherhood o f
Locomotlvo Engineers now have, met with the favor o f tho delegates.
Such a bank will not, at this timo or in the near future, be established, they
decided.
.
Rejection o f a motion to establish a building and loan association came
about Thursday morning.
Tho convention voted favorably on the idea o f launching a consumers
co-operative m ovem ent, similar to the Rochdale plan, now successfully in
operation in England.
A s to th o c o m m i t t e e ’s r e p o r t , w e q u o t e th e fo llo w in g f r o m

c a p ita l o f 8 5 0 0 ,0 0 0 .

The

S t.

L o u is

“ G lo b e -D e m o c r a t”

Jackson Ross, Treasurer of tho national organization, Vice-President.
Th e Order of Railroad Telegraphers, with headquarters in the Missouri
Stato Life Insurance C o ., Fifteenth and Locust streots, has had tho plan
under consideration for more than a year. Flfty-ono per cent of tho
proposed capital would bo held by tho national organization itself, while
tho remaining 4 9 % would be sold to members o f tho order on condition
that, in caso any owner m ight desiro to soil his holdings, tho national
organization would have first privilege to buy at tho market price.
On M ay
r e c e ip t

of

1 2 t h e C o m p t r o lle r o f th e C u r r o n c y r e p o r te d th o
an

a p p lic a tio n

to

o rg a n iz o

th o

T r a n s p o r t a t io n

B r o th e r h o o d s N a t io n a l B a n k w ith a c a p it a l o f 8 2 0 0 ,0 0 0 .
In

s ta tin g

o p e r a tiv e

th a t

th o e s t a b lis h m e n t in

la b o r b a n k ,

s im ila r

to

th o se

B a lt im o r e o f a c o ­
in

o th e r

c itie s ,

is

c o n t e m p l a t e d b y lo a d e r s i n t h o o r g a n i z e d l a b o r m o v o m o n t ,
th e B a lt im o r e “ S u n ” o f M a y 3 1 s a id :
Kg
Details o f tho project, which lias been keon In tho minds of loaders for more
than a year have not been worked ou t, but those loaders liavo “ definite
Intentions,” 'according to E . D . Dieritz, President of tho Allied Building
Trades Council. Some preliminary work has been done. Air. Ilicritz
said ho did not think such a bank would bo started before late this summer.
Ilonry F . Broonlng, President o f tho Baltimore Federation of Labor, said
neither ho nor tho Federation was Interested actively in tho idea, but other




th o H o u s t o n “ P o s t ” o f M a y 2 3 :
Proposed rejection o f tho establishment of a Brotherhood bank in Cleve­
land was made by tho com m ittee, it was reportbd, on account o f the fact
that to open such a bank in that city would be conflicting and in opposition
to tho bank now operated by tho Brotherhood o f Locomotive Engineers,
an organization now seeking amalgamation with the Brotherhood o f Loco­
m otive Firemen and Enginemen.
Tho committee likewise reported that they believed the establishment of
a co-operative building and loan association would be impractical, stating
that such enterprises can best be handled in connection with the “ A llAmorican Farmer-Labor m ovem ent.”
In

its a c c o u n t o f th e p r o c e e d in g s

th o

B ro th erh o o d

th o

H o u sto n

S to n e ,

of

“ P o st”

P r e s id e n t

of

L o c o m o tiv e
of
th e

M ay

o f th e

F ir e m e n
17

sta te d

B ro th e rh o o d

of

C o n v e n tio n

and
th a t

of

E n g in e m e n ,
W arren

L o c o m o tiv e

S.
En­

g in e e r s,

is

an

a d v o ca te

of

con su m ers’

c o -o p e r a tio n .

The

“ P o st” ad ded:
“ It matters not how much a man makes if he spends it all for his livin g,”
he said.
“ He is no better off than if he is working for small wages with a
lower cost o f living.
“ The co-operative plan protects a m an's wages at the spending end in
the same manner in which the brotherhood protects wages at tho earning
en d,” he asserted. “ There have been numerous failures in co-operative
movements on the part o f unions but these were duo largely to inexperienco
or poor management and these unions have in m ost cases profited by their
experience.
“ The operation of a corner grocery store is more complex than the
operation of a bank,” M r . Stone said. Ho is President of the Brotherhood
Co-operative bank, which started in 1920 with “ an idea” and seven em­
ployees and now has resources in excess o f $14,0 0 0 ,0 0 0 and employs more
than forty persons.
“ There are 3 5,0 0 0 co-operative banks in Europe and only one in tho United
States,” M r . Stono said, “ and I understand that the Comptroller o f Cur­
rency has said that he would issue no more charters; that there were too
m any co-operative banks in this country now .”
M r. Stono said that threo labor organizations, tho Order of Railw ay
Telegraphers, the Brotherhood o f Railway Conductors and tho Brother­
hood o f Railway Trainmen all had voted to establish co-operative banks for
them, “ 75 co-operative banks in tho country would do more to weaken
W all Street than anything else.”

refusing to allow tho Federal Reserve Banks to suffer such charges, which
in tho aggregato would amount to $135 ,00 0,00 0 annually. N o State can
release tho payee bank without violation of the Federal law.
“ The Federal statute, being a regulation of tho Federal corporation by
Congress, tho A ct of this Stato authorizing tho payee bank hore to exact
oxchango is in direct conflict with the duty imposed upon tho Federal1
Reserve Bank b y tho A ct of Congress and tho Reserve Banks acts within
its duty to observe tho provision of tho Federal Reserve A ct b y refusing
to receive a check for less than the face am ount of the check sent it for
collection.
. . .
In tho m atter before us tho A ct of Congress which
provides that no exchange shall be allowed b y the Reserve Bank for remitting
for tho collection o f any check b y any bank is in direct conflict with the
statutes o f this Stato authorizing the payeo bank to remit a lesser amount
than the face amount of any check paid b y it if presented b y tho Federal
Reserve Bank. In this conflict of authority, the Federal Law is supreme.
Tho injunction therefore was improvidently granted and the judgm ent
m ust be reversed.”
T h e in ju n c t io n h a d b e e n g r a n te d to th e F a r m e r s & M e r ­
c h a n ts B a n k o f M o n r o e , N o . C a r o ., w h ic h , w ith so m e 2 5 0
S t a t e B a n k s o f N o r t h C a r o l i n a , h a d i n s t i t u t e d t h o p r o c e e d in g s a g a in s t th e F e d e r a l R e s e r v e B a n k o f R ic h m o n d to c o m p e l
th e la tte r to h o n o r th e ir c h e c k s o n w h ic h o x c h a n g o c h a r g e s
w ere

c o lle c te d .

The

in ju n c tio n

p r o c e e d in g s

had

been

r e m a n d e d to th e S ta te C o u r ts b y J u d g e E . Y . W e b b o f th e
P A R CO L LE C TIO N IN J U N C T IO N A G A IN S T R IC H M O N D
FEDERAL

RESERVE

C A R O L IN A

B A N K

L A W

C a r o lin a r e v e r se d

Jam es L . W eb b
N o.

C a r o .,

Su prem e

in

th e fin d in g s

(M a r c h 2 8 ) o f J u d ge

o f th e S t a t e S u p e r io r C o u r t a t C h a r lo t t e ,

th e

C ourt

p a r c le a r a n c e c h e c k d is p u te — th e

h o ld i n g

u n c o n s titu tio n a l

th e

A ct

S ta te
of

th e

N o r t h C a r o lin a L e g is la t u r e , p a s s e d in F e b r u a r y o f la s t y e a r ,
le a v in g it o p tio n a l w ith n o n -m e m b e r b a n k s o f th e F e d e r a l
R e se rv e S y ste m

to c h a r g e fo r th e c o lle c t io n o f c h e c k s .— O n

M arch

2 8 la s t J u d g e .W e b b h a d m a d e p e r m a n e n t th e t e m ­

porary

in ju n c tio n

g ra n te d

m ore

p r o c e e d in g s b r o u g h t a g a in s t

th e

th a n

a

F ederal

year

ago

R eserve

in

Bank

th o
of

R ic h m o n d b y b a n k s o f N o r t h C a r o lin a to p r e v e n t th e R e s e r v e
B ank

fro m

r e q u ir in g

th e

par

c le a r a n c e

of

ch eck s.

In

r e v e r s in g th e fin d in g s o f th e S u p e r io r C o u r t , C h ie f J u s tic e
W a l t e r C l a r k o f t h e S t a t e S u p e r i o r C o u r t h o ld s t h e N o r t h
C a r o l i n a A c t t o b e in c o n f l i c t w i t h t h e F e d e r a l R e s e r v e A c t ,
s a y in g ,

a c c o r d in g

to

th o

G reen sb oro

(N o .

C a r o .)

D is tr ic t

C ourt

d e c is io n o f M a r c h

U N C O N S TITU TIO N A L.

In a n o p in io n r e n d e re d o n M a y 2 4 , th e S u p r e m e C o u r t o f
N o rth

F ederal

“ D a ily

N ew s” of M a y 25:
Tho plaintiffs in this proceeding sought to restrain the Federal Reserve
Bank o f Richmond from returning any check presented under these cir­
cumstances and to require it to accept an exchange draft from the plaintiffs
when any check had been thus presented to them regardless whero such
exchange draft was payable or whether or not tho paym ent of It could
bo indefinitely postponed as suggested in tho argument, b y a succession
of such exchange drafts. . . . Tho amendment made June 21 to
Section 13 of tho Federal Reservo A ct provides:

Bank

w as

th e p r o v is io n s

of M a y

it s

fu rth e r

account

of

J u s tic e

C la r k ’s

d e c is io n ,

th e

G r e e n s b o r o “ N e w s ” sa id :
Showing how it works Judge Clark illustrates with a $ 1,000 check sent
b y a Tar Heel to N ew York to pay for goods. This check is drawn on a
Stato bank. Th e receiver would deposit this check and there m ay or m ay
not bo a charge for exchange. W hen such check is sent to this State, “ it
has not been unusual heretofore, for tho bank here to mako its remittance
b y exchange on N ew York and to charge a foe for the service, but since tho
amendment to Section 13, of tho Federal Reserve A ct of Juno 21 1917, no
charge has been made for oxchango in remitting tho procoecLs and if tho
bank hero should remit anything less than the faco of tho check of $ 1,000,
to tho Reserve Bank, tho Federal Reserve Bank in observance o f tho pro­
visions o f tho abovo amendment to Section 13, will refuse to accept it as
paym ent and notify Its correspondent in Now York why tho check has been
protested for non-paym ent. Tho plaintiffs complain that tho result is
all checks will be sent for collection through the Federal Reserve Bank
system , but that is an economic result with which tho Court has nothing
to d o .” Judge Clark says the A ct has been held valid and the amendment
similarly validated. Conceding that tho Congress cannot require Stato
banks to remit without charge. Congress likewise can forbid the charge by




N o rth

U n d e r th e

e n jo in e d

fr o m

re fu s in g

to

of

th e s o -c a lle d

“ p a r c le a r a n c e ”

C a r o lin a .

Act

of

th e

T h e A s s o c ia te d P re ss

a d v ic e s f r o m C h a r lo t t e a ls o h a d t h e fo llo w in g to s a y r e g a r d in g
t h e d e c is i o n o f l a s t M a r c h :
Tho defendant was also enjoined “ from returning as dishonored any
check, payment for which in exchange drafts by plaintiff banks, or either
o f them, has been tendered under tho provisions o f said A c t ," also from
protesting for non-payment any check, payment for which an exchangedraft has been tendered by plaintiff banks and refused by tho defendant
bank.
Tho Reservo Bank was further enjoined from publishing tho name of
any o f tho plaintiff banks, about 250 in number, in any list or publication
designed to be circulated among bankers or others without tho explicit
consent o f such plaintiff banks.
A s previously forecast, the Reservo B ank, through counsel, has taken
formal steps to carry tho case to the State Supremo Court on appeal, and
tho controversy is expected to bo taken finally to tho United States Supreme
Court.
The controversy centres in tho discussion o f tho right claimed by theStato banks to charge an oxchango fee for the clearance o f checks drawn
upon them and to bo free from alleged threat or annoyance by tho ReserveBank, while tho latter insists upon a policy o f universal “ par clearance.”
R e fe re n c e

to

th o

en a ctm en t

of

th e

N o rth

C a r o lin a

la w

h a d b e e n m a d e in o u r i s s u e s o f F e b . 2 6 1 9 2 1 , p a g e 7 9 2 , a n d
M ar. 5

1921,

page 8 9 2 , and

r e s u lt o f t h e l e g i s l a t i o n

to

th e fu r th e r f a c t t h a t a s a

th e F e d e r a l R e s o r v o B a n k

m e m b e r b a n k s t h a t it c o u ld

of N ew

n ot accept

f o r c o l l e c t i o n c h e c k s d r a w n o n c e r t a i n o f t h o b a n k s in N o r t h
becau se

th o F e d e r a l

of

th e

tem p orary

in ju n c tio n

R e se r v e B a n k o f R ic h m o n d fr o m

r e str a in in g

r e tu r n in g a s

d ish o n o r e d a n y c h e c k s d r a w n o n th e in s t itu t io n s jo in in g th e
in ju n c t io n p r o c e e d in g s , w h ic h

th e

draw eo b a n k

re fu se d

to

p a y e x c e p t in e x c h a n g e a t l e s s t h a n p a r .

2 5 g a v e th o

fo llo w in g e x t r a c t fr o m J u d g e C la r k ’ s d e c is io n :
Tho North Carolina statute was Introduced for tho benefit of tho Stato
banks in this State b y authorizing them to charge an oxchango for re­
mittances collected on checks presented to them for paym ent, by sending
their own checks for less than tho faco amount of tho check sent hero for
collection. B ut however desirable that policy m ay bo, It Is clearly in
conflict with the valid constitutional provision of the Federal statuto.
N o A ct in this State can authorize the drawee bank to pay less than tho
faco amount of the check drawn upon it b y its depositor or to remit its
check in paym ent or pay it otherwise than in legal tender m oney. N or
can it require that tho Federal Reserve Bank shall pay a fee in that tho
bank here m ay remit less than tho face value of tho check whon tho Federal
statuto forbids such charge. It is truo that tho Federal Reserve Bank as
holder of tho check has no contract rights with tho drawco bank until the
check is presented, but as holder, it can requiro payment o f tho face amount
of the check in legal tender and under tho A ct of Congress it cannot pay a
deduction for that faco value by accepting a remittance to the Federal
Reserve Bank for less.
In

D is tr ic t o f

1 0 2 2 , th e d e fe n d a n t F e d e r a l R e s e r v e

p e r m a n e n tly

1 9 2 1 L e g is la t u r e o f N o r t h

C a r o lin a

O b ersver”

W e ste rn

c h e c k s d r a w n o n t h e m ” u n d e r th e o p tio n g iv e n th e m u n d e r

Tho roal question therefore presented for us is whether the legislature
can b y the A ct above mentioned, Chapter 2 0 , Laws N orth Carolina,
interfere with this provision or regulation of tho Federal corporation by a
valid A ct o f Congress by providing that a State bank need not pay its
obligations in lawful money when checks, which upon their face are uncon­
stitutional orders for tho paym ent o f m oney, aro presentoJ by the Federal
Reserve Banks.
“ N ew s and

th e

a c c e p t d r a ft s w h e n t e n d e r e d p la in t iff b a n k s in p a y m e n t s o f

Y o r k h a d a d v is e d

R a le ig h

28

“ h ereby

N o charge for the payment o f tho checks and drafts and tho remission
therefor for oxchango or otherwise shall be made against tho Federal
Reserve Banks.

Tho

fo r

C a r o lin a a t C h a r lo t t e o n J u ly 2 2 o f la s t y e a r .

D IS M IS S E D — NORTH

FEDERAL

RESERVE

F IN D IN G IN

BOARD

ON

PAR CH ECK

G EO R G IA

C O U R T ’S

CO LLE C TIO N

CONTROVERSY.
In th o M a y n u m b e r o f its “ B u lle t i n ,” th o F e d e r a l R e s e r v e
B o a r d h a d t h e f o l l o w i n g t o s a y a n o n t t h o o p i n i o n r e n d e r e d in
M arch

in

th e c o n t r o v e r s y r e la tiv e

to

th e p a r c o lle c tio n o f

c h e c k s , in w h ic h J u d g e B e v e r ly D . E v a n s in t h e U . S . D is ­
tr ic t C o u r t a t A t l a n t a u p h e ld th e “ p a r c le a r a n c e ” r u le o f th e
F ederal R eserve
R eserve

B ank

sy ste m ,

o f A tla n ta

but

m a in ta in e d

th a t

th o

F ederal

s h o u l d n o t i n c l u d e in i t s p a r l i s t ,

w ith o u t th e ir c o n s e n t , th e n a m e s o f n o n -m e m b e r s :
On M arch II 1922 tho United States District Court rondored an opinion
in the so-called “ par clearance” suit against tho Fodoral Resorvo Bank o f
Atlanta. This case grow out of a suit brought in a Stato Court In Georgia
to enjoin tho Federal Reserve bank from collecting checks drawn on the
plaintiff banks in such manner as to provont tho plaintiff banks from
charging oxchango. Tho case was removed to tho United States District
Court, and in an opinion rendered April 5 1920 it was hold that tho Federal
Court had jurisdiction and that it is a proper exorciso of power for tho Fed­
eral Reserve Bank of Atlanta to collect checks by presentation at tho count­
ers o f tho draweo banks in spite o f the custom which tho plaintiffs allegod
existed of making exchange charges on items transmitted through the mails.
This opinion was further sustained by tho United Statos Circuit Court of
Appeals in an opinion filed N o v . 19 1920. The case was then appealed totho United States Supreme Court, which on M a y 16 1921 rondored a decision
upholding the Federal Reserve bank’s contention that tho District Court
of tho United States had jurisdiction in tho case, but roverslng tho decrees
of tho lower Courts which had granted tho Federal Reserve bank’s motion
to dismiss tho plaintiff’s complaint. The decision thus established tho
jurisdiction of Federal Courts over any suit brought by or against any Fed­
eral Reserve bank, provided it Involves tho necessary jurisdictional am ount.
Further than that, the case was merely sent back to tho District Court for
trial upon its merits.
Tho opinion filed on M arch 11 1922 b y tho United States District Court
is to tho effect that Federal Reserve banks m ay collect all cheeks payable

on presentation, including chocks drawn on non-mem ber banks, but that
they can not pay any exchange charges. T h ey m ay omploy any proper
instrumentality or agency to collect checks drawn on banks which refuse
to remit without the deduction of such exchange charges. It is further hold
that there exists no objection to including in a par clearance list the names of
towns or cities, with a representation that tho Federal Reserve bank will
undertake to collect at par all checks drawn on any bank, whether mombor
or non-member, in tho said town or city. In a list o f individual banks, howover, names of non-member banks should not be included without their
express consent. Tho opinion also states that tho plaintiffs had failed to
substantiate their charges that tho Fodoral Reserve Bank of Atlanta had
acted or intended to act illegally, or had or intonded to oxorcise its rights in
such a way as to oppress or injure tho plaintiff banks. This decision obvi­
ously makes it much easier to bring the entire par collection question to a
final adjustm ent.
_
J u d g e E v a n s , i n h a n d i n g d o w n h is d e c is i o n i n M a r c h ,
sta ted

f i n d i n g s is t h a t

th e

p la in t iffs a re e n tit le d to th e w r it o f in ju n c t io n a g a in s t

th a t

“ th o g e n e r a l r e s u lt o f m y

th e

in their vaults as to drive them out o f business, as an alternative to agree­
ing to romit at par, is not sustained by tho evidence.
(7.) I find the evidonco insufficient to sustain any charge in the bill that
tho Federal Reserve Bank was acting illegally, or exercising any right it
had so as to oppress or injure the plaintiff banks. W ith regard to the
publication of tho names of non-member banks on the Federal Reserve
B ank’s par list, while I do not think the evidenco justifies a finding that
such publication was done to injure or oppress plaintiff banks, nevertheless
I do not think tho names of plaintiff banks, or any of them , should be
included in the list without their consent.
T h e general result of m y findings is, that tho plaintiffs are entitled to the
writ of injunction against tho inclusion of thoir names on the par list
without their consent, but are not entitled to an injunction for any other
m attor complained against the respondents.
Let an appropriate decree be submitted giving effect to the foregoing
findings. This M arch 11 1922.
W h ile

in o u r issu o o f M a y

21

la s t y e a r

in c lu s io n o f th e ir n a m e s o n th o p a r lis t w ith o u t th e ir c o n s e n t,

o u r is s u e o f M a y

b u t a re n o t o n title d to a n in ju n c t io n fo r a n y o th e r m a t t o r c o m ­

w a s b r o a d e r t h a n s u p p o s e d , w e g iv e b e lo w

p la in e d

th o

a g a in s t

th e

r e s p o n d e n t s .”

It

w as

announced

on

(p a g e 2 1 3 8 )

we

in d ic a te d th e fin d in g s o f th e U . S . S u p r e m e C o u r t , a n d in

o p in io n

w ith

2 8 , p a g e 2 2 5 1 , s h o w e d t h a t th e d e c is io n
th e

co m m e n ts

th e re o n

th e fu ll te x t o f
by

th e

Federal

M a r c h 2 8 t h a t a n a p p e a l in th e c a s e w o u ld b e m a d e to th o

R e s e r v e B o a r d a s p r in te d in th e F e d e r a l R e s e r v e B u lle t in

U n ite d

S ta te s

C ir c u it

“ C o n s titu tio n ”
b a n k s , w h ic h

th e

A tla n ta

fo r Ju n o 1 9 2 1 .

th e a t t o r n e y s fo r th e

c o u n try

On M a y 16 1921 tho Supremo Court of the United States rendered a
decision in tho case of American Bank & Trust Co. et al, vs. the Federal
Reserve Bank o f Atlanta et al, upholding tho Federal Reserve Bank's
contention that the District Court of the United States had jurisdiction of
tho caso, but reversing tho decrees o f the lower courts which had granted
tho Federal Rescrvo Bank’s motion to dismiss tho plaintiffs’ complaint.
Tho suit was brought in tho Superior Court o f Fulton C ounty, G a ., by a
group of non-member country banks to enjoin tho Federal Reserve Bank of
Atlanta from collecting checks drawn on those country banks, tho complaint
attempting to allege that tho Federal Reserve Bank intended to undertake
tho collection of such checks by personal presentation and demand o f pay­
ment in cash f<jr tho purpose o f injuring tho banks on which tho checks
were drawn. Upon the defendant’s petition tho caso was removed to the
District Court of tho United States for tho Northorn D istrict of Georgia,
and tho plaintiffs m oved to remand tho case :o tho Statp court upon the
ground that tho Foderal court had no jurisdiction. Tho Supremo Court
holds that sinco tho Federal Reserve Backs aro organized under the Federal
Rescrvo A c t, any suit brought by or agaii.st a Fedtral Reserve Bank
arises out of tho laws o f tho United States within tho meaning of Section 24
of tho Judicial Code. The decision, therefore, establishes that tho Foderal
courts havo jurisdiction over any such suit, provided it involves tho neces­
sary jurisdictional am ouni.
A t tho timo the plaintiffs filed their motion to remand tho case to the
Sfcato court, tho defendants filed a motion to dismiss the complaint for
lack of equity. This latter motion was in the nature of a demurrer and
tho issuo before the Supremo Court upon this motion was merely whether,
as a matter of pleading, tho plaintiffs’ bill o f complaint stated a cause o f
action. Tho derision o f the Supreme Court is not, therefore, a determina­
tion of the merits of tho litigation and the case will now go back to the
District Court of tho United States for thr Northern District o f Georgia for
trial upon tho merits. In its opinion the Supreme Court holds merely,
that non-momber banks m ay be enMticd to some relief if they can prove
that tho Federal Reserve Bank malevolently intends to accumulate checks
and to make presentation thereof in an oppressive manner for the purpose
of injuring tho banks upon which tho chocks are drawn. The decision will
not interfere w ith the present shock clearing functions o f the Federal
Reserve Banks and those banks will continue, as heretofore, to collect at
par checks drawn upon those banks which aro listed upon tho par lists.
The full text of the opinion is given on page 2547 of this issue.

C o u rt.

of M a r.

14,

are m o ro th a n

A c c o r d in g

to

1 0 0 i n n u m b e r , d e c la r e d

th a t

t h e d e c is io n w a s u n s a t is f a c t o r y to b o t h s id e s , c la im in g t h a t
b o th

s id e s h a v o

been

d e n ie d

im p o r ta n t c o n te n tio n s .

The

s a m e p a p e r a ls o s a i d :
Alox Smith of tho law firm of Sm ith, Ilam m ond & Sm ith, attornoys for
tho country banks, intimated that there would bo an appeal to tho Supremo
Court of tho United States immediately.
“ W hile tho Court lias decided against tho country banks in important
contentions,” M r. Smitli said, “ tho banks feel that in denying tho right to
placo their names on the par clearance list without thoir consent tho court
has very seriously crippled tho Federal Rescrvo Bank of Atlan ta in enforcing
tho par cloaranco rule in this district.
“ Tho opinion is a groat victory for tho Bank, declared Hollins N . Ran­
dolph, attorney for tho Federal Rescrvo Bank of A tlanta and tho loading
counsel in tho case just decided. “ The opinion is ono in favor of tho Bank
on all tile essential points raised in tiio case and is also a judicial vindication
of tho several positions takon by tho oificcrs and directors of tho Federal
Reserve Bank since this matter of par remitting first arose, said M r . Ran­
dolph. “ I boliovo in the long run it will provo tho first step in the final
solution of tho disputed economic question whether all checks backed by
solvent doposits should circulate at par somewhat tho same as m oney. ’
G o v e r n o r W e l l b o r n w a s n ls o r e p o r t e d i n t h e “ C o n s t i t u t i o n ’ ’
a s h a v i n g h a d t h o f o l lo w i n g t o s a y :
“ Tho decision o f Judgo Evans, o f tho U nited States C ourt, is, as I soo it, a
vindication of tho policies and actions o f our bank in tho past in collecting
chocks on non-momber banks. Judgo Evans gives to us unqualifiedly tho
right, and says that it is our duty to onforco par collection . In his opinion,
however, ho takes tho view that, whilo we can put the names o f all cities on
our par list, wo should refrain from putting on tho list tho names of nonmomber banks without their consent. This is entirely immaterial to tho
Federal Reserve Bank of A tlanta, sinco tho decision allows us to put on
tho par list tho names of all towns and cities with tho representation that
tho Federal Reserve Bank of Atlanta will undertake to collect all checks
drawn on any bank, member or non-member, in such town or city. Judgo
Evans specifically finds that the ovidouco in tho caso was insufficient to
sustain any of tho charges of tho country banks to tho effect that tho Federal
Reserve Bank was acting illegally and violating tho rights o f said country
ban ks.”

FEDERAL

“ B u lle tin ” fo r A p r il:
American Bank & Trust C o. et a l., plaintiffs, v . Federal Reserve Bank of
A tlanta, ct a l., defendants.
Beverly D . Evans, District Judgo.
This caso was heard by mo on its merits, and, after argument, and duo
consideration, I find as follows:
<1 .) Undor Sections 13 and 10 of tho Federal Rescrvo A c t, tho Fodoral
Reserve Banks are empowered to accept any and all checks payablo on
presentation, when deposited with them for collection.
(2.) Checks thus received m ust bo collected at par. Tho Federal Reserve
Banks aro not permitted to accept in payment o f checks deposited with
them for collection an amount less than the full face value of tho checks.
(3.) In tho discharge of its duties with respect to tho collection of checks
deposited with them, and with respect to performing tho functions of a
clearing house, tho sovcral Federal Rescrvo Banks aro empowered to adopt
any reasonable measure designed to accomplish these purposes. T o
that end, a Federal Reserve Bank m ay send checks to tho drawco bank
directly, for remittance through tho mails o f collections without cost of
exchange. If the drawco bank refuses to remit without reduction of tho
cost of oxchangc, it is in the power of the several Fodoral Reserve Banks
to em ploy any proper Instrumentality or agency to collect tho checks from
tho drawco bank, and it m ay legitimately pay the necessary cost o f tills
sorvice.
.
(4.) Tho process of tho daily collection of checks, in tho exercise o f tho
clearing liouso functions, is not rendered unlawful bccauso of tho fact that,
o f the checks handled, two or more of thorn m ay be drawn on tho same
bank.
(5.) It is a legitimate feature of the clearing house function of a Federal
Iteservo B ank to publish a par clearance list, that is, a list of banks on which
checks aro drawn that will be collected at par by tho Federal Reserve
Banks. B ut Inasmuch as a conclusion m ay bo drawn from the appearance
of a bank’s nanio on tho par list that it agrees to remit at par, or has agreod
to enter tho par clearance system, I do not think such list should includo
tho name of any non-inomber bank unless the non-member bank consents.
I see no objection to Including in the par clearance list tho names of towns
or cities, with a representation that tho Federal Reserve Bank will undertake
to collect at par checks drawn on any bank (member or non-member)
in such town or city.
<6.) In tho inauguration of its par cloaranco system , I find that tho Federal
Rescrvo Bank of Atlanta district was not inspired by any ulterior purposo
to coerce or injure any non-member bank which refused to romit at par.
Specifically, I find tho ciargc that tho Federal Reserve Bank at Atlanta
would accumulate checks upon country or non-mombor tanks until they
reach a large am ount, and then cause them to bo presented for payment
over the counter, so as to compel tho plaintiffs to maintain so much cash




RESERVE

IM P R O V E M E N T

T h o d e c is i o n w a s g i v e n a s f o l l o w s i n t h o F e d e r a l R e s e r v e

S tea d y

BOARD

IN

im p r o v e m e n t in

REPORTS

B U SIN E SS

STEAD Y

C O N D IT IO N S.

th e in d ic a te d y ie ld

o f th e p r in ­

c ip a l a g r ic u lt u r a l p r o d u c ts h a s b e e n a n o u ts t a n d in g fe a t u r e
in

th e

Federal

d e v e lo p m e n ts
R eserve

of

B oard

th e
in

past
its

a n d fin a n c ia l c o n d it io n s d u r in g

m o n th , a c c o r d in g

m o n th ly

re v ie w

to

th e

o f b u s in e s s

M a y , m a d e p u b lic J u n e

1*

T h e B oard says:
Improvomont in tho prices of cotton, grains and other products is also a
noteworthy feature of tho m onth. Business, in so far as dependent upon
current agricultural prospects, shows steady improvement, notwithstanding
diminished oxport shipments of agricultural products, particularly grains,
as disclosed b y tho ten months’ figures since tho beginning of tho fiscal
year, and notwithstanding, further, a slackening o f tho demand for agri­
cultural products for domestic uso. Good demand for labor has mani­
fested itsolf in practically all parts of tho country with corresponding
reduction of unemployment especially in outdoor occupations.
In appraising the manufacturing situation a distinction must be drawn
between basic commodities and those of a more highly finished sort. The
marked improvement in the caso of iron and steel noted in business surveys
of previous m onths has continued during M a y , unfilled orders increasing
materially and ingot production being the greatest in any one m onth since
N ovem ber 1920. Tho demand for iron and steel products continues par­
ticularly strong in tho caso of automobiles and railway supplies. M uch
tho same m ay bo said with respect to copper and the other nonferrous
metals. Tho advances in the price o f copper and the reduction in stocks
which had previously occurred have been accompanied b y a general re­
opening of mines and a corresponding increase in tho demand for mine labor.
Tho situation in other Important lines of manufacture is less easy to char­
acterize. Duo to the continuation of tho textile strikes, the output of cotton
goods has been materially lessened, although in the Southern cotton mill
districts plants are reported as operating near to full capacity. A very
pronounced incrcaso in unfilled orders has been noted b y representative
cotton mills in the Atlanta district, which is typical of tho general situation.
Thoro was a recession o f activity in woolen manufacturing during April,
especially in the worsted branch of the industry, while the silk industry is
suffering from a condition of continued depression and inactivity. A
mixed situation confronts manufacturers o f boots and shoes. In the St.
Louis district activity lias been well maintained, but in tho Boston, Phila­
delphia and Chicago districts some recession has apparently occurred, yf A
portion of this m ust be ascribed to seasonal reaction.
Prices havo continued to show stability. The general index number o f
wholesale prices compiled b y tho Foderal Reserve Board shows an advance
of two points as compared with tho preceding m onth, making it 149 (which
closely approximates the index number 146 of the corresponding month a

year ago ). This advance is due to tho advances in tho prices of agricultural
products and in materials used in certain basic industries. On tho whole
■the adjustment of prices among commodities and industries is approaching
a moro normal relationship.
Reflecting tho improved condition in agriculture and tho larger disburse­
m ent in wages in m any basic industries, rotail trado exhibits an enhance­
m ent of buying power, returns being more favorable than thoso of rocent
m onths. In wholesale trado, however, the situation is spotty, some lines,
such as hardware, being favorably influenced b y the groat activity in build­
ing. In other wholesale lines the improvement of retail trade is not reflected
in a corresponding advance in wholesale demand. It should bo remembered,
however, that owing to tho seasonal concentration of orders in wholesale
trade, especially in the Southern districts, an exact parallelism between
rotail and wholesale activity, is seldom found, and in the month of M arch
wholesale business oxperiencod a high degroo of seasonal activity.
On tho wholo there appears to have been a decrease In unemployment
which has been brought about through the Increased seasonal demand for
outdoor labor, the enlarged opportunities for employment in the mines and
in other directions. Factory demand has not kept pace with tho growth in
other branches, bu t, on the whole, has receded, sepecially if voluntary un­
em ployment duo to strikes in certain sections of tho country be considered.
I n the building trades the notablo revival which started at about the closo
o f winter has continued and has led to unusual demand for labor.
Financially the m onth of M a y has also been a period of comparative
stability. N o changes in discount rates have taken placo at tho Federal
Resorvo Banks and rates in the opon monoy market have continued dis­
tinctly below thoso prevailing at tho local Federal Reserve institutions.
C a ll money figures have been exceptionally low during most of tho month.
Interest rates have also fallen to some oxtont in the producing sections of
th e country. Tho prospect of some bettor adjustment of foreign economic
conditions has tonded to stabilize rates o f exchange, most of tho foreign
currencies fluctuating only withixi very narrow limits.
Foreign trade has shown a distinct tendency to improve, tho merchandise
export balance in favor of tho Unitod States reaching higher figures. A t
tho same timo a somewhat better inquiry for tonnage has developed.
A m ong domestic dovolopmonts the striking ovont of the month has beon
tho announcement of a cut o f 1 0 % in railroad rates b y tho Inter-Stato
Oommerco Commission. W h a t effect this will have upon commodity
movem ents is as yet uncertain.

SEN ATE

R E S O L U T IO N

R E G A R D IN G
OF
Tho

FEDERAL

S e n a to

H e flin ’s
S e n a to

on

a s k in g
w ith

SE E K IN G

REPORTS

M ay

th e

such

OF

RESERVE
7

pa ssed

F ederal

as

FU N D

BOARD.
a

r e s o lu tio n

R eservo

in fo r m a tio n

IN FO R M A T IO N

P U B LIC IT Y

B oard

it

m ay

of

to

S e n a to r

s u p p ly

havo

th o

r e la tiv e

to

ch a rg e s t h a t it h a d a p u b lic ity fu n d fo r th e p u rp o se o f c a rr y ­
in g

on

n ew sp aper

propagan da

in

su p p ort

of

th e

B o a r d ’s

a cts.
T h e f o l l o w i n g is t h e r e s o l u t i o n :
• Whereas, It has been charged on the floor of tho Senate that the Federal
Reservo Board has a publicity fund of several thousand dollars which it
usos, from timo to tim e, to carry on a nowspaper propaganda in support of
tho acts and policies of the Fedoral Resorvo Board: and
Whereas, It has been charged that a portion of said publicity fund has
beon used to induce certain newspapers to praiso and defend tho acts and
policies of said Fedoral Reserve Board, and to attack and condomn Senators
who have criticized the policy o f said Board; thoroforo bo it
Resolved, T h at the Federal Reserve Board bo, and it Is hereby, requested
to furnish to the Senate, at its earliest convenience, in writing, all tho in­
formation in its possession touching the matters specifically set out in the
following questions:
(1) lia s the Federal Reserve Board a publicity fund; if so, how much or
what amount is provided per annum, and from what sourco is such a fund
dorived ?
(2) For what purposo is said fund now used, and for what purpose has it
been used since M a y 15 1920 to June 1 1922?
(3) T o what person or persons and in what amounts and for what servico
performed has money been paid from said publicity fund sinco M a y 15
1920 to June 1 1922?
(4) How is such fund disbursed— upon whose order is it paid ou t?
(5) W h a t sum is expended annually for publishing tho m onthly bulletins
o f said Board, including salaries and othor expenses connected with tho
printing of said bulletin?
It

w as

sta ted

y e sterd a y

th a t

e m p h a tic

d e n ia l

th a t

th e

F e d e r a l R e s e r v e B o a r d h a s e v e r a t t e m p t e d to s u b s id iz e th e
D i s c u s s i n g u n e m p l o y m e n t t h e B o a r d s t a t e s t h a t in N o w
E n g la n d

t h e t e x t i le s t r i k e a c c o u n t s f o r 4 0 , 0 0 0 u n e m p l o y e d

w h i l e t h e c o a l s t r i k e is d i r e c t l y o r i n d i r e c t l y r e s p o n s i b l e f o r
t h e id le n e s s o f a m y
o f th e c o u n tr y .

p r e ss o r o th e r w is e s e c u r e th e p u b lic a t io n o f a r tic le s fa v o r a b le
t o i t s f i n a n c i a l p o li c i e s , h a s b e e n m a d o b y G o v e r n o r W . P . G .
H a r d i n g in a c o m m u n i c a t i o n t o t h e S e n a t e .

th o u s a n d s o f w o r k e r s in v a r io u s p a r ts

I t ad ds:

STATE

Involuntary unemployment is, however, steadily diminishing and that
fact is emphasizod in all the reports that havo boon received. Although
tho figures of the United States Bureau of Labor Statistics show a fractional
percentage loss, they probably do not adequately reflect tho oxtont of tho
general m ovem ent, as the statistics are based upon returns from large
employers of labor located in industrial centres. Naturally at this season
o f the year much o f tho gain is duo to increased opportunities for outdoor
em ploym ent. Tho great gain in building activity has afforded especial
opportunities not only to workers in tho building trades but in allied
Industries.
Tho N ew York State Department of Labor reports a slight loss is num­
bers employed in factories during tho month o f April as compared with
M arch . In District N o . 3 (Philadelphia) there has been a decided improve­
m ent in tho employment situation, according to tho Pennsylvania State
Departm ent of Labor. On M a y 15 thero were 139,280 unemployed in the
six cities o f Altoona, Harrisburg, Johnstown, Philadelphia, Scranton and
W illiam sport, a decrease o f 1 0 .1 % as compared with two wooks ago and
o f 2 3 .2 % as compared with April 15. Tho reports from Dislrict N o . 5
(Richmond) aro particularly encouraging, and it is stated that actual
shortages o f labor aro apparent in certain localities. Tho Public Em ploy­
m ent Bureau o f Richmond roported that during April moro positions
wero open in tho m en’s division that during any month since October 1920.
T h o special inquiry into employment conditions conducted b y tho Federal
Reserve Bank o f Chicago covered establishments employing 124,295 workors
a t tho end o f April, a total which w r~*l % in excess of tho figure for the
preceding m onth. Tho decreases wore confined mainly to foodstuffs,
knit goods, wearing apparel and the leather industries, while motals,
machinery and construction industries improved. In Districts N o . 9
(M inneapolis), N o . 10 (Kansas C ity), and N o . 12 (San Francisco), the
resumption o f mining operations in copper, zinc and lead areas have given
em ploym ent to considerable numbers of minors, whilo farm labor and
construction work have likewise created an active demand. For example,
In Arizona, Idaho, N evada and U tah, as stated in tho report from District
N o . 12 (San Francisco), employment is greater than at any timo during tho
past year. This improvement is “ largely duo to renewed activity in the
minig sections o f those States and to an increased demand for seasonal
agricultural labor. Four o f the largest mining companies In tho GloboM iam i copper mining district o f Arizona reported an incrcaso of 4 4 % in
tho number o f omployoes on their pay rolls on M a y 1 as compared with
April 1 .”

IN S T IT U T IO N S

H A R D IN G

M E M B E R SH IP

OF

SIG N S
THE

B IE L

FEDERAL

IN C R EA SIN G
RESERVE

T h e b ill p r o v id in g f o r e i g h t , in s te a d o f s e v e n a s h e r e to fo r e ,
m e m b e r s o f th e F e d o r a l R o so rv o B o a r d , th o a d d itio n a l p o s t
b e i n g d e s i g n e d t o a s s u r o r e p r e s e n t a t i o n o f a g r i c u lt u r a l i n t e r ­
e s t s , w a s s ig n e d b y P r e s id e n t H a r d in g o n J u n o 5 .

T h o fa c t

t h a t t h e b ill h a d p a s s e d C o n g r e s s a n d h a d r e a c h e d th o s ta g e
f o r p r e s e n t a t io n t o t h e P r e s id e n t w a s n o te d in o u r issu o o f
M a y 2 7 , pago 2 3 0 6 .
p a tc h e s

r e p o r tin g

th e

O n J u n e 5 th o W a s h i n g t o n p re ss d is­
approval

of

th e

b ill

by

P r e s id e n t

H a r d in g sa id :
Though the measure has been held for some days at tho "White IIouso,
tho President had no objection to tho legislation, but found on examining
It a typographical error in ono word “ com m ercial,” which raised a legal
question as to whether the Executive had authority to make a correction.
The Senate and IIouso committees dealing with tho inattor authorized a
correction, and tho measure thon was signod.
It was said at tho W hite House last week that the creation o f an additional
mombor o f tho Board probably would allow tho reappointment to member­
ship o f W . P . G . Harding, the present Govonror o f the Board.




FEDERAL

to

th o F e d e r a l

T h e fo llo w in g in s t itu t io n s w e r e a d m i t t e d

T o ta l

District N o. 6—
Capital.
Farmers' & M erchants’ Bank, Athons, A la ____ $ 80,000
District N o. 8—
The Corydon State B ank, Corydon, In d _______
3 9,100
Bank o f Pontotoc, Pontotoc, M is s_____________ 100,000
District No. 10—
Tho Jamestown Stato B ank, Jamestown, K an_
25,000

IN S T IT U T IO N S A U T H O R IZ E D
BOARD

TO

E X E R C IS E

BY

Surplus. Resources
$ 5 0,000 $798,481
7,8 0 0
40 .0 0 0

76,430
799,336

2 5.000

319,844

FED ER AL RESERVE

TRUST

POWERS.

T h e F e d e r a l R e s e r v o B o a r d h a s g r a n t e d p e r m is s io n to th e
fo llo w in g
in s t itu t io n s
to
o x e r c is e
tru st
The People's National Bank, Belleville, Now Jersey.
Tho Totowa National B ank, Paterson, N ow Jersey.
The Citizens’ National B ank, Potsdam , N ew Y ork.
The Condon National Bank, Coffoyviilo, Kansas.

p ow ers:

O F F E R I N G O F U . S. T R E A S U R Y N O T E S I N
FOR
Tho
issu e s

T reasu ry
of

b o th

4 ^ %

V IC T O R Y

D e p a rtm e n t

U .

S.

C e r tific a te s o f I n d e b te d n e s s .

EXCH AN GE

NOTES.

an noun ced

T reasu ry

in th e n e x t s u c c e e d in g it e m

n o to s

on

and

June

U .

S.

7,

now

T reasu ry

D e t a ils o f th o la tte r are g iv e n
in t h i s c o l u m n .

T h e T reasu ry

n o te s — th e a m o u n t o f w h ic h h a s n o t boo n fix e d — aro o ffe r e d
in p u r s u a n c e o f th o p la n s o f th o T r e a s u r y
re fu n d in g th o s h o r t-d a te d
in e x c h a n g e f o r 4 % %

d e b t, an d can

V ic to r y n o te s.

D e p a r t m e n t fo r

lie o b t a i n e d

o n ly

A p p l i c a t i o n s w i ll b o

r e c e iv e d t h r o u g h th e F e d e r a l R o s e r v e b a n k s a n d e x c h a n g e s
accrued

in te r e s t.

1 5 a t p a r w ith o u t a d ju s tm e n ts o f

Paym ont

fo r

th o

now

n o te s

can not

be

m a d e in c a s h o r b y c r e d it n o r , S e c r e t a r y M o llo n a n n o u n c e s ,
w i ll e i t h e r T r e a s u r y

BOARD.

TO

SYSTEM .

R e s e r v e S y s te m d u r in g th e w e e k e n d in g J u n e 2 1 9 2 2 :

w i ll b o m a d o a s o f J u n o
P R E SID E N T

A D M IT T E D

RESERVE

a cc e p te d
w eek ’s

in

c e r tific a te s o r ' 3 % %

exchango.

o ffe r in g

are

Tho

d e s ig n a te d

d a te d a n d b e a r in te r e s t a t
1922.

now

S e r ie s

th o r a te o f 4 % %

re g a rd in g

th o

T reasu ry

n o te s b e

n o te s

B -1 9 2 5 .

T h o y w i ll r u n u n t i l D e c . 1 5 1 9 2 5 .

announcem ent

V ic to r y

T roasu ry

in

th is

They

fro m

are

June

15

S e c re ta ry M e llo n ’s
o ffe r in g s

of

th is

w e e k follo"\vs:
The Treasury is to-day announcing, in pursuanco of its plans for refunding
tho short dated debt, an offering o f 3 K -year 4 H % Treasury notes, desig­
nated Series B -1925, dated June 15 1922, due D ec. 15 1925, which can.bo
obtained only in exchango for 4 % Victory notes. Applications will bo
received through the Federal Reserve banks and exchanges will bo mado
as of Juno 15 1922, at par without adjustments of accrued interest.
Pay­
ment for the now notes cannot be mado in cash or by credit nor will oither
Treasury certificates or 3 H % Victory notes bo accepted in oxchango.
Tho Troasury is not announcing any fixod amount for the offering of
notes, but tho Secretary o f tho Treasury reserves tho right to rojcct any
applications and to closo the subscriptions at any timo without notlco.
The 4 % % Victory notes which will bo received in oxchango for the now
notes mature on M a y 20 1923, but m ay bo called for redemption in wholo
or in part at tho option o f tho United States on Dec. 15 1922, and it is

tho Treasury’s Intention to call a substantial am ount for redemption on
that date. This offering of Treasury notes, therefore, affords an oppor­
tunity to holders of 4 9 4 % Victory notes to acquiro b y exchango a now
obligation o f the Unitod States running for three and one-half years at an
attractive rate of interest, in placo of Victory notes, which will bo payable
oither D ec. 15 1922, or M a y 20 1923, depending upon tho call for re­
demption.
Tho Treasury is announcing at tho same time an offering of ono year 3 94 %
Treasury Certificates of Indebtedness in tho amount o f $ 2 5 0 ,0 0 0 ,0 0 0 , or
thereabouts, on the usual terms. Tho certificates are designated Series
T J— 1923, aro dated Juno 15 1922, and will bo payable Juno 15 1923.
On June 15 1922 there will becomo payablo about $380 ,0 0 0 ,0 0 0 of matur­
ing Treasury certificates o f indebtedness, about $250 ,0 0 0 ,0 0 0 of 3 2 4 %
Victory notes called for redemption on that date, and about $ 125 ,00 0,00 0
o f interest on tho public debt. Against these payments tho Treasury
oxpects to receivo during Juno about $ 3 0 0 ,0 0 0 ,0 0 0 , on account of incomo
and profits tax collections, and according to the best estimates now avail­
able it will need about $ 2 5 0 ,0 0 0 ,0 0 0 additional over and abovo existing
balances with depositaries to meet its current requirements.
D e t a i l s o f t h e T r o a s u r y n o t o o f f e r i n g a r e g i v e n a s f o l lo w s
i n t h o o f f i c i a l c i r c u la r :
.
The Secretary o f tho Treasury offers for subscription, at par, through tho
Federal Rosorvo Banks, in exchango for 4 J4 % Victory notes, a limited
am ount o f Treasury notes o f Series B -19 25, o f an issue o f gold notes of tho
Unitod States authorized by the A ct o f Congress approved Sept. 24 1917,
as amended. Tho notes will be dated and bear interest from Juno 15 1922,
will bo payable Dec. 15 1925, and will bear interest at tho rato of 4 24%
per annum payablo somi-annually on D ec. 15 and Juno 15 in each year.
Applications will bo received at the Federal Roservo Banks.
Bearer notos with interest coupons attached will bo issued in denomina­
tions o f $100, $500. $1,0 0 0 , $ 5 ,0 0 0 , $10,0 0 0 , and $ 1 00 ,00 0. Tho notos
aro not subject to call for redemption before maturity and will not bo issued
in registered form. The principal and interest o f tho notes will bo payablo
in United States gold coin o f tho present standard o f value.
Tho notos of said series shall bo oxompt, both as to principal and interest,
from ail taxation now or hereafter imposed by tho United States, any State,
or any o f tho possessions of tho United States, or by any local taxing
authority, oxcopt (a) ostato or inheritance taxes, and (6) graduated ad­
ditional incomo taxes, commonly known as surtaxes, and excess-profits
and war-profits taxes, now or hereafter imposed by tho United States, upon
tho incomo or profits o f individuals, partnerships, associations, or cor­
porations.
Notos of this series will bo accepted at par, with an adjustment o f accrued
intorost, during such timo and under such rules and regulations as shall bo
proscribed or approved by tho Secretary o f tho Treasury, in payment of
incomo and profits taxes payablo at or within six months before tho maturity
o f tho notos. Any of tho notes which havo been owned by any person
continuously for at least six months prior to tho dato o f his death, and
which upon such date constitute part o f his estate, shall, under rules and
regulations proscribed by tho Secretary o f tho Treasury, bo receivable by
tho United States at par and accrued interest in paym ent o f any ostato or
inheritance taxos imposed by tho United States, under or by virtuo of any
present or future law upon such estate or the inheritance thereof. Tho
notos o f this series will bo acceptable to secure deposits o f public moneys,
but do not bear tho circulation privilege.
Tho right is reserved to reject any subscription and to allot less than tho
am ount of notos applied for and to closo tho subscriptions at any time with­
out notice. Payment for notos allotted must bo mado on or before Juno
15 1922, or on later allotm ent in Victory notes o f tho 4 9 4 % series, which
will bo accepted at tho Federal Reserve Banks at par, without adjustments
o f accrued interest as o f Juno 15 1922. Victory notes in coupon form must
havo interest coupons attached maturing D ec. 15 1922, and M a y 20 1923,
but interest coupons maturing Juno 15 1922, m ust bo detached and collected
in ordinary courso when duo. Victory notes in registered form must be
duly assigned to tho Secretary o f tho Treasury for redemption, in accordance
with tho general regulations o f tho Troasury Department governing assign­
ments. After allotment and upon payment Federal Reserve Banks m ay
issuo intorim receipts pending delivery o f tho definitive notes. Payment
for tho notos now offered cannot be mado in cash or by credit, nor will
Treasury certificates of indebtedness o f any scries be accepted in payment.
As fiscal agents o f tho United States, Federal Reservo Banks are authorized
and requested to receivo subscriptions and to inako allotments in full in tho
order of tho rocoipt of applications up to tho amounts Indicated by tho
Secretary o f tho Treasury to tho Foderal Roservo Banks of the respective
districts.

taxing authority, excopt (a) estate or inheritance taxes, and (b) graduated,
additional income taxes, commonly known as surtaxes, and excess-profits'and war-profits taxcs.now or hereafter imposed b y the United States, upontho incomo or profits o f individuals, partnerships, associations, or corpor­
ations. Tho interest on an amount of bonds and certificates authorized b y r
said A ct approved September 21 1917, and amandins m thereto, tho prin­
cipal of which does not exceed in tho aggregate $5,0 0 0 , owned b y any indi­
vidual, partnership, association, or corporation, shall be exempt from t h e
taxes provided for in clause (b) above.
Tire certificates of this scries will bo accepted at par, with an adjustmentof accrued interest, during such time and under such rules and regulations as.
shall bo prescribed or approved b y the Secretary of tho Treasury, in pay­
m ent of income and prefits taxes payablo at tho m aturity of the certificates.
Tho certificates do not bear the circulation privilege.
Tho right is reserved to reject any subscription and to allot less than tho
amount o f certificates applied for and to closo the subscriptions at an y
timo without notico. Paym ent at par and accrued interest for certificates
allotted m ust bo made on or before Juno 15 1922, or on later allotm entAfter allotment and upon payment Foderal Reserve Banks m ay issue
interim receipts pending delivery of the definitive certificates. A n y qual­
ified depositary will bo permitted to make payment b y credit for certificates
allotted to it for itself and its customers up to any amount for which it
shall bo qualified in excess of existing deposits, when so notified b y tho
Federal Reservo Bank of its district. Treasury certificates o f indebtedness'
o f Series T J-1922 and Series T J 2 - 1922, both maturing June 15 1922, and
Sorics B -19 22, maturing August 1 1922, with any unmaturod interest
coupons attached, and Victory notes of tho 3 9 4 % series (which have been
called for redemption on Juno 15 1922), will bo accepted at par, with art
adjustment o f accrued interest, in payment for any certificates of tho Series
T J-1923 now offered which shall be subscribed for and allotted. Victory
notes o f tho 3 94 % sorics in coupon form must have all unmatured coupons
attached, and if in registered form m ust bo duly assigned to the Secretary
of tho Troasury for redemption, in accordance with tho general regulations
o f tho Troasury Department governing assignments.
A s fiscal agents of tho United States, Federal Reserve Banks aro author­
ized and requested to receivo subscriptions and to make allotments on tho
basis and up to tho am ounts indicated b y the Secretary of the Treasury
to tho Federal Reservo Banks o f tho respective districts.

S U B S C R IP T IO N S

OF

U N IT E D

C E R T IFIC A T E S

OF

U n it e d S t a t e s T r e a s u r y C e r t ific a t e s o f I n d e b t e d n e s s , S e r ie s

a m o u n t o f th o a llo tm e n ts w a s $ 2 0 0 ,0 0 0 ,0 0 0 .

S e cre ta ry

T h o c lo s in g o f th e su b s c r ip tio n s o n J u n e 1 w a s n o te d b y u s
S a tu r d a y la s t, p a g o 2 4 2 7 .
0 0 0 ,0 0 0 o r th e r e a b o u ts.
o v e r s u b s c r ib e d
w ere d iv id e d

tific a te s

bo

w i ll

r e d u c tio n

know n

as

S o r io s

T h o ra te o f 3 % %

of

Tho

a llo tte d
D is tr ic ts
Secre­

Subscriptions
Received.

Subscriptions'
Allotted.

$23,561 ,000
135,771,000
4 8 .982.000
30,357,500
17.801.000
10.714.000
44.470.000
9.792.000
13.314.000
8.100.000
9,564,500
31',114,500

$17,320,000'
6 7 .8 4 0 .0 0 0
14 .1 2 0 .0 0 0
18.12 0 .0 0 0
6 .9 2 0 .0 0 0
5 .8 4 0 .0 0 0
2 8 ,0 0 0 ,0 0 0
8 .0 0 0 ,0 0 0
6 .9 2 0 .0 0 0
8 ,0 0 0 ,0 0 0
4 .8 0 0 .0 0 0
14,12 0 ,0 0 0

$383,541,500

$ 2 0 0 ,0 0 0 ,0 0 0

B oston _________________________
Now Y o rk .................... ..................
Philadelphia___________________
C leveland______________________
Richm ond_____________________
A tla n ta _________________________
C hicago_________________________
St. Louis______________________
M inneapolis____________________
Kansas C it y __________________
D allas__________________________
San Francisco_________________

ADOPTS

Y %

fr o m

th o

la s t

A M E N D M E N T

TO

R E SO L U T IO N

C A L L I N G FOR I N F O R M A T I O N R E G A R D I N G N A V A L
O IL
An

a m e n d m e n t to

o n A p r il 2 9

RESERVE

LEASES.

th e r e s o lu tio n a d o p t e d

c a llin g u p o n

by

th e S e n a te

th e S e cre ta ry o f th e In te r io r fo r

c o p ie s o f n a v a l o il le a s e s m a d e b y h is d e p a r t m e n t w a s a g r e e d
(p u b lis h e d

is a

s u b s c r ip tio n s

sev e ra l F e d e ra l R e se rv e

Federal Reserve District—

to

c e r tific a te s

q u o ta .
th e

ta ry M e llo n o n Ju n o 2 :

1 9 2 2 a n d w ill b o p a y a b l o J u n o 1 5 1 9 2 3 .
th e so

T h e a m o u n t o ffe r e d w a s $ 2 0 0 ,­

A ll o f th e F e d e ra l R e s e r v e D is t r ic t s

a s fo llo w s , a c c o r d in g to th e a n n o u n c e m e n t m a d e b y

T J — 1 9 2 3 , a n d w ill b o d a t e d a n d b e a r i n t e r e s t f r o m J u n o 1 5
on

th e ir

am ong

o f th o T r e a s u r y

U . S . T reasu ry C er­

They

The

T h e o ffe r in g

o n M a y 2 5 w a s r e f e r r e d t o i n o u r is s u o o f M a y 2 7 , p a g e 2 3 0 6 .

SENATE

0 0 0 , o r th e r e a b o u t, o f o n e -y e a r 3 % %
In d eb ted n ess.

25.

T D 2 -1 9 2 2 , d a te d J u n e 1 1 9 2 2 an d d u e D e c . 1 5 1 9 2 2 .

M o l l o n o n th o 7 t h in s t . a n n o u n c e d a n o ffe r in g o f $ 2 5 0 ,0 0 0 ,­
of

TREASURY

TREASURY

IN D E B T E D N E SS .

a b o v o ),

M A Y

Total

STATES

STATES

IN D E B T ED N ESS,

OF

OFFERED

A l o n g w i t h a n o f f e r i n g o f T r e a s u r y N o t e s ( r e fe r r e d t o in
th o a r tic le im m e d ia t e ly

U N IT E D

S u b s c r ip t io n s o f $ 3 8 3 ,5 4 1 ,5 0 0 w e r e r e c e iv e d to th e S Y %

_____________________

O F F E R IN G

TO

C E R T IFIC A T E S

by

th o

S o n a te
in

on June 5 .

th e so

c o lu m n s

The
M ay

r e s o lu tio n

o f A p r il 2 9

27,

2 3 0 7 ),

page

a ls o

a u th o r iz e s th o C o m m it t e e o n P u b lic L a n d s a n d S u r v e y s t o

p r e v i o u s issu o o f o n e -y e a r c e r t i f i c a t e s , ( i s s u e d in M a r c h a n d

in v e s tig a te

r e fe r r e d to in th o “ C h r o n ic lo ” o f M a r c h

r e s e r v e s “ w ith p a r tic u la r r e fe r e n c e to th e p r o t e c t io n o f t h o

11, p . 1016) an d,

th o

e n tir e

s u b je c t

of

le a s e s

upon

naval

o il

it w a s s a id , b r in g s th o r a to o n th o lo n g e r t e r m c e r tific a te s in to

r ig h ts a n d e q u itie s o f th e G o v e r n m e n t o f th e U n it e d S t a t e s ,

lin o w i t h t h o r e d u c e d r a t e o n s h o r t e r m a t u r i t i e s .

a n d t h o p r e s e r v a t i o n o f i t s n a t u r a l r e s o u r c e s .”

W h i le tw o

T h e am end­

i s s u o s o f T r o a s u r y C e r t i f i c a t e s p u t o u t s in c o M a r c h c a r r ie d

m e n t , w h ic h w a s s u b m itte d b y S e n a to r L a F o lle t t e , a n d w h ic h

3 x
/i %

w o a n n e x h e r e w ith , g iv e s t h e C o m m it t e e fu ll a u th o r it y

in te re st,

m o n th s.
a b le

at

ta x es.

Tho

th o

m a tu r itie s

C e r t ific a t e s

th e ir m a t u r i t y

in

in

no„w

b o th
b e in g

paym ent

of

in s ta n c e s

w e r e s ix

o ffe re d

are a c c e p t­

in c o m o

and

p r o fits

T r e a s u r y C e r t i f i c a t e s o f S o r io s T J — 1 9 2 2 a n d S e r ie s

T J 2 — 1 9 2 2 , b o t h m a t u r i n g J u n e 1 5 1 9 2 2 , a n d S e r ie s B — 1 9 2 2 ,
m a tu r in g A u g u s t

1 1 9 2 2 , w i ll b o a c c e p t e d

th o n o w c e r tific a te s .

The

la tte r

(b e a r e r )

in p a y m e n t f o r
w i ll b e i s s u e d in

d e n o m in a tio n s o f $ 5 9 0 , $ 1 ,0 0 0 , $ 5 ,0 0 0 ,.$ 1 0 ,0 0 0 a n d $ 1 0 0 ,0 0 0 .
Thoy

w i ll

havo

tw o

in te r e s t

cou pon s

D ecom bor 15 1922 an d Juno 15 1 923 .

a tta ch e d ,

p a y a b le

O tlio r d e ta ils a re so t

o u t a s f o l l o w s in t h o o f f i c i a l c i r c u la r :
Tho certificates of said sorics shall bo exempt, both as to principal and
interest, from all taxation now or hereafter imposed b y tho United Statos,
an y Stato, or any of tho possessions of tho United States, or b y any local




to

s u m m o n w itn e sse s, & c .
Resolved, T h at S. Res. 282 is hereby amended b y adding at the end o f
said resolution tho following:
“ T h at tho said committee Is hereby authorized to sit and perform its
duties at such times and places as it deems necessary or proper and t o
require tho attendance o f witnesses b y subpoenas or otherwise; to require
tho production of books, papers, and documents; and to em ploy counsel,
oxports, and other assistants, and stenographers, a t a cost not exceeding
$1 25 per printed pago. Tho chairman of the committee, or any m em ber
thoreof, m ay administer oaths to witnesses and sign subpoenas for wit­
nesses; and every person duly summoned before said committee, or an y
sub-committee thereof, who refuses or fails to obey the process of said com­
mittee or appears and refuses to answer questions pertinent to said investi­
gation shall bo punished as prescribed b y law. Th e expenses of said in­
vestigation shall bo paid from tho contingent fund of the Senate on vouchers
of tho committeo or sub-committee, signed b y the chairman and approved

b y tho Com m ittee to A udit and Control tho Contingent Expenses of the
Senate.”
In

resp on se

to

th e

r e s o lu tio n

th e

o ffic ia l

reco rd

of

th o

le a s in g o f n a v a l o il r e s e r v e s in C a lifo r n ia a n d W y o m i n g

to

p r iv a te c a p ita l fo r fu tu r e d e v e lo p m e n t w a s tr a n s m itte d b y
S e c r e ta r y o f th o In te r io r F a ll to th e S e n a te o n J u n e 7 .
th e

sam e

tim o ,

i t is

sta te d ,

S e c re ta ry

F a ll

sen t a

At

s p e c ia l

S e c tio n

7

and

8

c o u r t ’s d e c is io n
case, on

of

appeal by

th e

le a d in g

th e

U .

S.

th e

Sh erm an

Avas g i v e n

la b o r

in

A n ti-T r u s t

th e

s o -c a lle d

th e U n ite d M in e

o r g a n iz a tio n

D is tr ic t

C ou rt

of

in

W ork ers

th e

A rkan sas.

w h ic h

in

H ou se.
r e la tio n

p r e c ip ita to d

They
to

th e

d isc u sse d

th e

le a s in g

d is c u s s io n

in

th e

of
th e

S e n a te

D o m e ,”
over

th e

p o l i c y o f S e c r e t a r y F a l l i n t h e m a t t e r o f o i l r e s e r v e s , a n d le d
to - t h e

in tr o d u c tio n

o f th o

La

F o llo t t e r e s o lu tio n .

fa c t

fro m

th a t

a

p r o se c u tio n

s p e c ia l r e p o r t ,

“ Teapot

Tho

fro m

fo r

r e s tr a in t

of

in to r -S ta te

p u r p o s e s c a n b e a s s e s s a b le a s d a m a g e s .

W h ite

o f A m e r ic a ,

u n io n is n o t i n c o r p o r a t e d d o e s n o t m a k e i t i m m u n e

H a r d i n g , w h ic h h e fo llo w e d u p w i t h a t w o -h o u r c o n fe r e n c e
th e

coal

la b o r

th e

at

The

co a l in d u s tr y ,

r e p o r t c o v e r i n g s e v e n t y - f i v e ty p o A v r it t e n p a g e s , t o P r e s i d e n t

e s p e c ia lly

L aA v.

C oron ado

S u p rem e

“ It

C ou rt

A v ou ld

d e li v e r i n g

bo

th e

h e ld ,

and

u n f o r t u n a t e ,”

o p in io n

of

th e

fu n d s

com m erco,

c o lle c te d

sa id

C h ie f

C o u rt,

“ if

fo r

J u s tic e
th o

strik e

T a ft

in

o r g a n iz a tio n

w i t h a s g r e a t a poAver a s t h i s i n t e r n a t i o n a l u n i o n h a s in t h e
r a i s i n g o f la r g e f u n d s a n d in d i r e c t i n g t h e c o n d u c t o f 4 0 0 , 0 0 0
m e m b e r s i n c a r r y i n g o n , in a Avide t e r r i t o r y , i n d u s t r i a l c o n ­
t r o v e r s ie s a n d s t r i k e s o u t o f w h i c h s o m u c h u n l a w f u l i n j u r y

SEN ATE
IN TO
The
th e

R E S O L U T IO N
CRUDE

S o n a to

sco p e

of

O IL

A N D

on Ju ne

5

C A LL IN G

FOR

G A S O L IN E

BROADENED.

a d o p to d

th e p ro p osed

a

in q u ir y

IN Q U IR Y

r e s o lu tio n
by

th e

b r o a d e n in g

C o m m itte e

M a n u f a c t u r e s in t o t h o p r ic e s o f c r u d e o il a n d g a s o lin o .

to

p r iv a te

on
The

c o m m itte d

(S .

M c-

th e

C ourt

K e lla r a n d p a s s e d b y th e S e n a t e o n M a y 1 3 .

A s th is p a sse d

out

of

i t w a s g i v e n in o u r i s s u e o f - M a y 2 7 , p a g e 2 3 0 6 .

T h e am ended

w h ic h

had

been

in tro d u c e d

by

S e n a to r

r e s o lu tio n w a s o ffe r e d b y S e n a to r L a F o llo t t e .

A s a g r e e d to

p o s s ib le ,

in

s h o u ld

a s s e m b le

its

a sse ts,

lia b ilit y f o r in ju r ie s b y

th e co u rse o f su c h s tr ik e s .

To

to rts

rem an d per­

to r e c o v e r d a m a g e s a n d to l e v y o n h is s h a r e o f th o s tr ik e
fu n d ,

2 9 2 ),

is

t h e r e in f r e e f r o m

s o n s in ju r e d to a s u it a g a in s t e a c h o f th e 4 0 0 ,0 0 0 m e m b e r s

r e s o lu tio n a g re e d to b y th o S e n a te t h is w e e k a m e n d s th o o n e
It.

r ig h ts

to b o u se d

A v ou ld

fr o m

be

to

s a id ,

le a v e

“ it

ju s tic e

and

p o s s ib lit y

of

rig h ts fr o m

is

th em

of

in

r e m e d i l e s s .”

p r im a r y

p r o te c tin g

o p p re ssio n

“ A lt h o u g h ,”

im p o rta n ce

in

in d iv id u a ls

and

in ju r y

to

A v o rk in g

and

so c ie ty

t h o ir

laAvful

th e e x is te n c e o f su c h p o w e r fu l e n titie s a s tr a d e

b y th o S e n a te o n th o 5 t h in s t . it r e a d s a s fo llo w s :

u n i o n s , i t is a f t e r a ll in e s s e n c e a n d p r i n c ip l e m e r e l y a p r o ­

Resolved, T hat Sonato Resolution 292 is hereby amonded to road as
follows:
Resolved, T hat tho Com m ittee on M anufactures, or any subcommittee
thereof, be, and it is hereby, authorized and instructed to investigate and
report to the Senate as early as possible—
First. Tho stocks o f crude oil, gasoline and other petroleum products at
refineries or elsewhere in tho United States at tho ond o f each month for tho
years 1920, 1921 and 1922, and tho holders or owners thereof.
Second. Tho prices o f crude oil, gasolino and other petroleum products
during tho several months in said years and their relations to oach.
Third. Whether or not tho recent increases or other recent changes in tho
prices o f gasoline or o f other petroleum products have been made generally
or uniformly by all companies, and whother thero have been marked local
differences in the price changes made.
Fourth. The profits o f companies refining and marketing petroleum in
the United States for tho years 1920, 1921 and tho first half o f 1922.
Fifth. Whether there is any natural reason for tho changes of pricos of
crude oil, gasoline, and o f other petroleum products, or whether thoro has
been any understanding or agreement between various oil companies to
raiso or depress prices, or whother thoro are any conditions o f ownership or
control o f oil properties or o f refining and marketing facilities in tho indu stry
in any part o f the country or branch o f the business which provont effective
competition.
Sixth. And all such facts as bear upon tho recent changes in prices of
crude oil, gasoline, or other petroleum products or upon any other o f fho
forgoing matters.
Tho said Com m ittee is hereby authorized to sit and perform its duties as
such times and places as it deems necessary or proper and to require tho
attendance o f witnesses by subpoenas or othorwise;ito require tho produc­
tion o f books, papers, and documents: to em ploy counsel, experts, and
other assistants; and to em ploy stenographers, at a cost not exceeding $1 25
per printed page. Tho Chairman o f tho com m ittee, or any member thereof,
m ay administer oaths to witnesses and sign subpoenas for witnesses; and
every person duly summoned before said com m ittee, or any subcommittee
thereof, who refuses or fails to obey the process o f said committee, or appears
and refuses to answer questions pertinent to said investigation, shall bo
punished as prescribed by law . The expense o f said investigation shall bo
paid from the contingent fund o f tho Senate on vouchors of Jho committee
or subcomittee, signod by the Chairman and approved by tho Com m ittee
to Audit and Control tho Contingent Expense o f the Senate.

ced ure

N E W

YORK

CHAM BER

M O V E M E N T

FOR

OF

COMMERCE

P N E U M A T IC

M A IL

T h e fo llo w in g r e p o r t a p p r o v in g
th e

P o s tm a s to r -G e n o r a l

ENDORSES

R E -E S T A B L IS H M E N T

fo r

th e

p n e u m a t ic m a il s o r v ic e in th is c i t y

OF

SE R V IC E .
th o r e c o m m e n d a tio n s o f
r e -e s t a b lis h m e n t
and

th o

a c tio n

of
of

th e
Con­

g r e s s i n m a k i n g a n a p p r o p r i a t i o n t h e r e f o r Avas u n a n i m o u s l y
a d o p t e d b y t h o C h a m b e r o f C o m m e r c o o f t h e S t a t e o f N oav
Y ork on Ju n e 1:
Whereas, Congress has passed a Post Offico Appropriation Rill setting
aside $513,911 for the rovlval o f tho pneumatic tube mail sorvico in tho
C ity of N ew Y o rk , whereby 28 miles of the tube system will be reoponed,
after being closed down since June 30 1918; and
Whereas, Th e Chamber vigorously opposed tho discontinuation o f this
service which was installed in 1892, and which had during a poriod of 26
years proved of great value in expediting tho movem ent of mail mattor
in this city, in which is handled not only an enormous volumo of domestic
but also tho greator part o f tho nation’s foreign mail; therefore, be it
Resolved, T h at tho Chamber o f Commerce of tho State of Now York
expresses herewith its satisfaction and hearty approval of tho recommen­
dations of the Postmaster-General in this particular and the recent action
o f Congress in making an appropriation for tho revival of the pneumatic
tube mail service in tho C ity o f N ew York.

LABOR

U N IO N

HELD

SH ERM AN L A W

SUABLE

UNDER

BY SU PR EM E COURT

— T H E CORONADO COAL CASE.
A

d e c is i o n r e g a r d e d g e n e r a l l y a s o n e o f t h o m o s t i m p o r t ­

a n t in

recen t y ea rs on

th e le g a l s t a t u s

of a

la b o r

u n io n ,

w a s h a n d e d d o w n .o n J u n e 5 b y th e U . S . S u p r e m e C o u r t ,
w h io h

d e c la r e d

u n a n im o u s ly




t h a t u n io n s a re s u a b lo

under

m a t t o r .”

“As

a

m a tte r

of

s u b s ta n tiv e

laAV,”

it

Avas a d d e d , “ a l l t h e m e m b e r s o f t h e u n i o n e n g a g e d in a c o m ­
b i n a t i o n d o i n g u n la A v fu l i n j u r y a r e l i a b l e t o s u i t a n d r e c o v ­
ery,

and

th e

v o lu n t a r ily

o n ly

and

fo r

q u e s tio n

is

w h eth er,

Avhen

th e p u rp o se o f a c q u ir in g

th e y

have

c o n c e n tr a te d

s t r e n g th a n d th e fa c u lt y o f q u ic k u n it a c t io n a n d e la s t ic it y ,
c r e a te d a s e lf-a c t in g

body

Avith g r e a t f u n d s

to a c c o m p lis h

th e ir p u r p o s e , t h e y m a y n o t b e m a d e to s a t is f y c la im s f o r
i n j u r i e s u n la A v fu lly c a u s e d in c a r r y i n g o u t t h e i r u n i t e d p u r ­
p o s e .”
T h e r e c o g n it io n o f t r a d e u n io n s b y th e C la y t o n A c t a n d
o t h e r F e d e r a l l e g i s l a t i o n a ls o r e q u i r e d ,

th e c o u r t d e c la r e d ,

t h a t l a b o r u n io n s s h o u l d b e h o ld t o b o s u a b l e in t h e F e d e r a l
co u rts.
The

c a s e Avas a n

appeal b y

th e

U n ite d

M in e

W ork ers,

D i s t r i c t N o . 2 1 o f t h a t o r g a n i z a t i o n a n d i t s o f f i c e r s ; 2 7 lo c a l
u n io n s i n t h a t d i s t r i c t a n d t h e i r o f f i c e r s a n d 6 5 i n d i v i d u a l s ,
s o m o o f t h e l a t t e r n o t m e m b e r s o f a n y u n i o n , f r o m a d e c is i o n
b y th o U n it e d S ta te s D is tr ic t C o u r t o f A r k a n s a s , a p p r o v e d
by

th o

C ir c u it

v io la tin g
s tr ik e s

th o

in

$ 2 0 0 ,0 0 0 ,

C ourt

of

Sh erm an

A rk an sa s
w h ic h

in

A p p e a ls ,

A n ti-T r u s t
1914

Avere t r e b l e d

h o ld in g

th e m

LaAV d u r i n g

and

im p o s in g

under

th o

g u ilty
coal

dam ages

A n ti-T r u s t

of

m in e
of

LaAV.

T h o e f f e c t o f t h o d e c is i o n r e n d e r e d b y t h e S u p r o m e C o u r t ,
w as

to

set

a sid e

th e

dam ages,

becau se

it

Avas r u l e d

th a t

t h o a c t s Avhich c a u s e d t h e d e s t r u c t i o n o f p r o p e r t y Avere n o t
in c ite d fo r th o p u r p o s e o f re str a in in g in t o r -S t a t e c o m m o r c o .
R e g a r d i n g o t h e r s a l i e n t p o i n t s in t h o d e c is i o n o f t h o S u p r e m o
C o u r t W a s h in g t o n d is p a tc h e s to th o N . Y . “ T im e s ” h a d th e
fo llo A v in g t o s a y :
Although tho important principle, as sot forth in an opinion delivered by
Chief Justico T a ft, was a blow at union labor, the union was tho actual victor
in tho issuo. T h e Supromo Court found that the national organization of
tho United M ine AVorkers was not responsible for tho striko, but solely
District 21 and its included locals, and that tho case against tills district
organization would have to be retried in tho Arkansas Fodoral courts bocauso
it had not boon proved that tho district local interfered with intor-Stato
commerco as had been chargod.
History of the Case.
In tho original caso in the AVe6tern District Court of Arkansas, a verdict of
$200 ,00 0 for tho Coronado Coal Com pany had been trebled by tho court
under tho provisions o f tho anti-trust laws and a counsol foo of $ 2 5,000 and
Intorost, amounting to $120 ,00 0 added. Tho Court o f Appeals of tho Eight
Circuit affirmed the judgm ent, except that it struck out tho interest
m onoy. Tho action grow out o f a striko in 1914 in which dynamiting,
flooding o f tho mines and ovon murder played a part.
Chief Justico T a ft’s opinion to-day held District N o . 21 responsible for tho
lawlessness and outrages, and tho C hief Justico made it quito plain that it
was only because his court decided that District N o . 21 did not violato
inter-Stato commerce through tho striko that tho caso was sont back for
now trial.
“ Tho circumstances are such as to awaken regret that, in our viow of tho
Federal jurisdiction, we cannot affirm tho judgm ont,” wrote Chief Justice
T a ft in alluding to tho District Court’s decision against tho union. “ But
it is o f far higher importance that wo should proservo invlolato tho funda­
mental limitations in respect to tho Federal jurisdiction.”
Tho outlino of tho caso was that Franklin Radio, recoivcr for tho UachoDonman group o f coal mines in the I’rairio Crook Valloy, Sobastian County,
A rk ., decided in 1914 that theso mines would go on an open shop basis.
W hen sovoral of the mines in tho combination began work on tills principlo,
tho workers in the Coronado Coal C om pany, a part of tho group, struck.
Non-union men took thoir places and bittor months ensued. Describing an
Incident in the striko. Justice T a ft wrote:
“ Tho union miners assualted tho guards, took tho guns aw ay, and so
injured a numbor of the employees that four or fivo had to bo sont to a
hospital. Tho crowd swarmed over tho promises, forced tho pulling of tho
fires and hurled stones at tho fleeing guards. Tho result was that .all tho
employees deserted tho mine and it was completely fillod with wator, which

came in when the pumps stopped. One o f the crowd went up to the top
o f the coal tipple and planted a flag on which was tho legend. ‘This is a union
m an’s country.’ ”
Why Unions are Suable.
Tho question whether tho unions could bo sued as organizations was con­
sidered at great length by tho Chief Justice, who said in conclusion:
“ W o think that such organizations are suable in tho Federal courts for their
acts and that funds accumulated to bo expended in conducting strikes are
subject to execution in suits for torts committeed b y such unions in strikes.
Tho fact that tho Supreme Court o f Arkansas has since taken a definite view
in Baskin vs. the United M ine Workers o f Am erica, supra, cannot under the
Conform ity A ct operate as a limitation on the Federal procedure in this
regard.
“ Our conclusion as to the suability o f tho defendants is confirmed in tho
case at bar by tho words of Sections 7 and 8 of tho Anti-Trust Law.
lh o
persons who m ay bo sued under Section t include ‘ corporations and associ­
ations existing under or authorized by the laws o f either the United States,
or the laws of any territories, the laws of any State, or tho laws of any for­
eign country.’ Tho language is very broad, and the words, given their
natural signification, certainly include labor unions like these, Thoy are,
as has boon abundantly shown, associations existing under tho laws of the
United States, of tho Territories thereof and o f the States o f the Union.
Congress was passing drastic legislation to remedy a threatening danger
to tho public wolfaro, and did not intend that any persons or combinations
o f persons should escape its application. Their thought was especially
directed against business associations and combinations that were incor­
porated to do things forbidden by tho A c t, but thoy used language broad
enough to Include all associations which might violate its provisions recognizod b y tho statutes of tho United States or tho States or tho Territories,
or foreign countries as lawfully existing; and this, of course, includes labor
unions, as tho legislation referred to shows.’ ’
In addition, tho opinion of the Supremo Court stated on this point of
suability o f unions:
“ Undoubtedly at common law, an unincorporated association of persons
was not recognized as having any othor character than a partnership in
whatever was done, and it could only sue or bo sued in the name of its
mombors and their liabilty had to bo enforced against each m em ber. But
tho growth and necessities of these groat labor organizations have brought
affirmative legal recognition of their oxistenco and usefulness and pro­
visions for their protection, which their members havo found necessary.
Their right to maintain strikes, when thoy do not vlolato laws or tho rights
o f others, has been declarod. Th e embozzloment of funds b y their officers
has been especially denounced as a crime,
lh o so-called union label,
which is a quasi trademark to indicate tho origin of tho manufactured pro­
duct in union labor, has been protected against pirating and deceptive use
b y tho statutes of most o f tho States and in m any States authority to sue
to enjoin its use has been conferred on unions. Thoy havo beon given
distinct and soparato representation and the right to appear to represent
union interest in statutory arbitrations, and before official labor boards.
A

Matter of Substantive Law.

“ M ore than this, equitable procedure adapting itself to modern needs has
grown to rocognizo tho need of representation b y one person of m any,too
numerous to suo or to be sued, and this has had its influence upon the law sido
of litigation, so that out of tho very necessities o f the existing conditions
and tho utter impossibility of doing justice otherwise, tho suable character of
such an organization as this has come to bo recognized in somo jurisdictions,
and m any suits for and against labor unions aro roported in which no ques­
tion has beon raised as to tho right to treat them in their closely united action
and functions as artificial persons capable of suing and being sued.
“ It would be unfortunate if an organization with as great power as this
international union has in tho raising of largo funds and In directing the con­
duct o f 400.000 members In carrying on, in a wide territory, industrial con­
troversies and strikes, out of which so much unlawful injury to private rights
is possible, could assemble its assets to bo used therein free from liability for
injuries by torts committed in course of such strikes. T o remand persons
Injured to a suit against each o f tho 40 0,000 mombers to recover damages and
to levy on his sharo of tho strike fund would bo to leave thorn remediless.
“ Though such a conclusion as to the suability of trade unions is of primary
importance in tho working out of justice and in protecting individuals and
society from possibility of oppression and injury in tho lawful rights from the
oxistenco of such powerful entities as trade unions, it is after all in essence
and principle merely a procedural m atter. A s a matter o f substantive law,
all tho members o f tho union engaged in a combination doing unlawful injury
aro liable to suit and recovery, and tho only question is whether when they
havo voluntarily, and for tho purposo o f acquiring concentrated strength and
tho faculty o f quick unit action and elasticity created a self-acting body with
great funds to accomplish their purposo, thoy m ay not bo sued as this body,,
and tho funds they havo accumulated m ay not be made to satisfy claims for
injuries unlawfully caused In carrying out their united purposo.”
Com ing to tho responsibility for tho striko, tho Supremo Court opinion
says thero is nothing in the evidence to show that the International Board of
tho United M ino Workers Association “ over authorized it, took any part in
preparation for it or in its maintenance.”
"N o r did th oy ,” continued tho
Court, “ or tliolr organizations ratify it b y paying any of tho expenses. It
camo exactly within tho definition of a local striko in tho constitutions of
both tho national and district organizations. Tho District made tho prepar­
ations and paid tho b ills ." Tho Court agreed with the miners' counsel that
the District Court should havo directed a verdict absolving the Interna­
tional U nion, tho United M ine Workers of Am erica, its President and other
officers, in tho original suit.
Taft

Recounts

Strike

Incidents.

A picturesquo resumo of tho strike with its bloody consequences was given
by Ohiof Justico T a ft, whose narrative was dotted with allusions to Burns
dotcctivos, Winchester rifles, men entrenched behind coal cars, volleys of
shots and Incondiarism in this coal mining district on tho Oklahoma border of
Arkansas. Ono o f tho incidents described by tho Chief Justice read:
“ Tho assailants took somo of Baclio's employees prisoners as they were
escaping and conducted them to a log cabin behind the schoolhouso near tho
mino to which reference has already beon m ade, and where tho first riot
meeting was hold. Tho four or five prisoners were taken out of tho cabin
whore thoy had been for a short timo confined, and two o f them , ono a former
union m an, wore doliborately murdered in the presence of their captors, by
a man whoso identity it was Impossible to establish. Tho evidence in this
caso clearly shows that Slankard, tho constable of Hartford, was presont
at tho killing, and that the mon who were killed wero in his custody on tho
w ay, as ho said, to tho Grand Jury. IIo was subsequently tried beforo a
Sobastian County Jury for murder, and was acquitted on an alibi. Slank­
ard, though a defendant and in court, did not tako tho stand in this caso.
Tho overwhelming weight of tho evidence establishes that this was purely
a union attack, under tho guidance of district officers.”
Testim ony offered by tho union to show this was only an uprising of tho
indignant citizens o f tho countryside really tonded to confirm tho guilt of
District N o . 21, assorted Ohiof Justice T a ft .




“ Its palpably artificial character showed that basis for it should be
framed in advance for tho purpose o f relieving tho officers of D istrict N o . 2 1 ,
and the union miners of that neighborhood from responsibility for the
contemplated execution o f their destructive and criminal purpose,” said the
C ourt. “ It is a doubtful question whether this responsibility was not so
clearly established that had that been tho only element needed to justify a
verdict, the Court properly might have directed it. The President o f D is­
trict N o . 21, and the union miners, including Slankard, whose agency in
and leadership o f this attack were fully proved, were present in the court­
room at the trial, but did not take the stand to deny the facts established.
Indeed, they had been previously brought to trial for conspiracy to defeat
the Federal Adm inistration o f Justice and for contem pt because o f these
very acts, had pleaded guilty to the charges made and had been sentenced
to imprisonment, and their expenses as defendants in and out o f jail had
been paid by the district out o f the district treasury and the disbursements
approved b y the district in convention.
“ It is contended on behalf o f District N o . 21, and the local unions that
only those members of these bodies whom the evidence shows to have partici­
pated in the torts can be held civilly liable for the damages. There was
ovidenco to connect all these individual defendants with the acts which
were done, and in view o f our finding that District N o . 21, and the unions
are suable, wo cannot yield to the argument that it would be necessary to
show tho guilt o f every member o f District N o . 21, and of each union in order
to hold the union and its strike funds to answer. D istrict N o . 2 1 , and the
local unions were engaged in a work in which the strike was one o f the chief
instrumentalities for accomplishing the purpose for which their unions were
organized. B y Section 1 o f Article 12 o f the Constitution o f District N o . 21,
it is provided that
. . . the authority is put by all the members o f the
District N o . 21, in their officers to order a strike, and if in the conduct of
that striko unlawful injuries are inflicted, the district organization is respon­
sible and the fund accumulated for strike purposes m ay be subjected to the
paym ent o f any judgm ent which is recovered.”
Contention was made b y the mining company that the “ conspiracy” to
stop non-union em ployment was to restrain inter-State commerce and to
subject it to the union’s control, but the Supreme Court did not agree with
this argument. C hief Justice T a ft said that coal mining was not inter-State
commerce, although he added that Congress had power to restrain practices
interfering w ith inter-State commerce even though not a part of it. H ow ­
ever, ho concluded conpiracy to interfer with inter-State commerce had
to bo shown either b y intent or by result. On the caso in point, the Chief
Justice asserted:
“ i f unlawful means had here been used b y the national body to unionize
mines whoso product was im portant, actually or potentially, in affecting
prices in inter-State commerce, the evidence in question would clearly tend to
show that that body was guilty o f an actionable conspiracy under the A n ti­
Trust A c t. B ut it is not a permissible interpretation o f the evidence in
question that it tends to show that the m otive indicated thereby actuates
every lawless striko o f a local and sporadic character, not initiated b y the
national body, but by one o f its subordinate subdivisions. T h e very
fact that local strikes are provided for in the union’s constitution and so
m ay not engage tho energies or funds o f the national bod y, confirms this
viow. Such a local caso o f a lawless strike must stand on its own facts and
while these conventions and discussion m ay reveal a general policy, the cir­
cumstances or direct evidence should supply the link between them and the
local situation to make an unlawful local strike not initiated or financed
by tho main organization a step in an actionable conspiracy to restrain the
froodom of inter-State commerce which the A nti-Trust A ct was intended to
p ro te ct."
“ In tho case at b a r,” continued the C ourt, “ there is nothing in the cir­
cumstances to indicate that Stewart, the President of District N o . 2 1 , or
H ull, its Secretary-Treasurer, or any of their acomplicies, had in mind inter­
ference with inter-State commerce or competition when they entered upon
their Unlawful combination to break up Bache’s plan to carry on his mines
with non-union m en.
. . . The result o f our consideration of the
ontiro record is that there was no evidence submitted to the jury upon which
thoy could properly find that the outrages, felonies and murders o f District
N o . 21, and its companions in crime were committed b y them in a con­
spiracy to restrain or monopolize inter-State commerce.”
B y direction o f the Supreme Court, the verdict in the D istrict Court
against tho unions on this ground was reversed and the case was sent back to
that court “ for further proceedings in conformity to this opinion.”
I t is
presumed that action will be brought in tho District Court against D istrict
____
N o . 2 1 , for damages.
MR.
OF

BARUCH
JUDGE

IN

REPLY

GARY

TO

ALLEGED

R EG AR D IN G

O P E R A T IV E

C R IT IC IS M S

F A R M E R ’ S CO­

A G E N C IE S .

S e n a to r A r th u r C a p p e r o n J u n e 4 g a v e o u t a le tte r fr o m
B ern ard

M .

le g is la t io n
a g e n c ie s

by

B aruch ,

a n s w e r in g

a u th o r iz in g
Judge

fa rm e rs’

G ary

Iro n a n d S te e l In s titu te .

in

h is

a lle g e d

c r itic is m

c o -o p e r a tiv e
recen t

of

th e

m a r k e tin g

ad d ress

b e fo r e

th e

S e n a t o r C a p p e r s a id t h a t h e w a s

g la d to h a v e M r . B a r u c h ’ s p e r m is s io n t o p u b lis h t h e le t t e r
becau se

it

w as

such

a

c o n c ise

and

tim e ly

p r e s e n ta tio n

th o n e c e s s ity o f t h a t le g is la tio n a n d its e s s e n tia lly
in s te a d

of

d isc r im in a tin g

or

s p e c ia l-p r iv ile g e

of

e q u a liz in g

e ffe c t.

M r,

B a r u c h ’ s l e t t e r is a s f o l l o w s :
New York, M a y 29 1922.
Hon. Arthur Capp ex. The United States Senate Washington, D . C .:
, .•
M y Dear Senator:— Although I have not seen the full text o f Judge G ary's
widely published address before the American Iron and Steel Institute
last Friday, tho published resumes contain certain expressions regarding
farmers’ organizations that lead me to believe that he has drifted into a
common but fundamental error in this respect, which, in view o f the
importance that always attaches to the utterances o f the Chairman o f the
Board o f tho Steel Corporation, should not pass without correction.
I gather that Judge G ary is o f the opinion that the legislation authorizing
farmers to co-operate in marketing their products confers privileges upon
them that aro denied to other producers, and thus results in inequality of
citizens before tho law , and in fact.
It is admitted by all that there should be that equal opportunity for the
treatment o f all pursuits, which he contends for; and that is precisely why
I havo done what I could to assist the farmers in procuring legislation
authorizing them to co-operate in marketing their products, for that is
but restoring balance to the economic whole.
The legalization o f agri­
cultural co-operation does no more than attem pt to put the six millions of
scattered and competitively selling farmers on an equal footing with the
largely consolidated buyers o f their products, and with industry generally.
Practically everything that these millions o f farmers sell Is sold in compe­
tition, one with the other, through a comparatively small number o f buyers.

to the millions c f consumers, whereas everything they buy is sold to them
by a relatively small number of sellers.
The farmers have not asked for any special privilege, nor has it been ac­
corded to them . Certain laws have been passed, and others sought, to
enable them to do in their way— co-operation— what other producers, tho
makers of steel, for example, do by means o f great corporations. Tho pur­
poses o f co-operation on the one hand and corporations on tho other ara tho
same— economy, efficiency and a degree of certainty o f adequate returns for
capital and enterprise. It simply happens that the farmers can co-operate,
but can not make use o f the corporate form of organization. Both sorts of
organization are properly subject to Governmental regulation for the pro­
tection of the public. Where is tho inequality in this?
Rather is it not
the attainment of equality ?
The chief contention of those who oppose co-operation among the farmers
for selling purposes is that the co-operatives will bo able to fix tho price of
food products. A n unbiased examination of this contention will show that
it is not only without foundation in fact or intent, but that it is an impos­
sibility.
T o consider intelligently the subject o f co-operation among farmers, one
m ust comprehend the vast differences between agricultural and manufac­
turing industry. A comparatively few men, if they desired, could fix the
price of steel b y a simple, single order; and if there should be over-production,
could lim it the rate o f output or entirely close down, in order that tho sup­
ply m ight not overwhelm the selling agencies and disastrously demoralize
the market. Knowing how impossible that is w ith farming, nothing like
that is dreamed o f by the farmers; but thoy do hope that they m ay find some
way to modernize, as other great industries havo done, and introduce some
measure of orderly and economical marketing into the disposition of their
products for their own and tho general benefit. Even though tho farmers
should be able to, and unwisely should attempt to fix an unfair price for
somo com m odity, they could persist in doing so for only a short tim e, be­
cause they have neither the credit to carry their products, nor the ability
to control their production, which would bo absolutely necessary, and which
aro so easily accomplished in the manufacturing industries. N obody will
ever be in a position to command all, or any great part, of the millions of
farmers in this vast country to limit their production, and so tho outcomo of
any hold-up price-fixing by farmers’ selling agencies would be such a rash to
realize on the attractive prico that tho selling agency would bo swamped.
Tho farmers cannot practically succeed in limiting production for price­
controlling purposes, even if they should deliberately unite to do so. Tho
farm is not like a manufacturing plant that can be shut down at will; it is
where tho farmer lives as well as works. T o maintain tho homo tho farm
must produce. It is somewhat possible to vary tho farm's production, but
very difficult to restrict It. Here is a recent illustration o f this. There has
been a great agitation among the corn farmers to reduce the corn acreage
15 to 2 0 % . The idea met with great favor until thoy camo to consider what
they would do with the 15,000,000 acres or so taken away from c om .
Every
man had to solvo that problem for himself, as nobody wished to assumo, or
could assume, the responsibility o f advising the farmers cn masse to plungo
with 15,000,000 acres into some other crop; and they can’t afford to let their
land lie idle. The scheme for concerted action fell through.
So it m ust bo conceded that there is a very distinct lino o f demarcation
between the controllable production o f mills, mines and factories as opposed
to the uncontrollable production of the soil. In the case o f m any highly
consolidated industries it is possible for tho producers to establish a price
and then regulate production in order to maintain that prico. In most
industries tho producers, at any rate, have a powerful voice in fixing prices
and are certainly able to adjust production to demand and prices. In the
case of agricultural production, though a price m ight bo agreed upon it
could bo maintained but briefly, for there is no possibility of correspondingly
limiting production, which, instead, would expand in response to an assured
and high price, and so crowd upon the selling agency that tho prico would
would be broken down.
There is, therefore, no reason to fear that any widespread or lasting
abuses can arise from that degreo o f co-operative action that has been
granted to the farmers in view' of tho naturo o f their business. On tho
contrary, it must bo admitted that it would limit wild speculation and havo
a tendency to lessen the wide fluctuations which aro greater in such things
as cotton and wheat than in any other product I can now recall. Co-opera­
tive marketing, by stabilizing tho prico, would benefit consumer and pro­
ducer aliko.
M y interest in this subject is so great, and m y belief so firm in tho fairness
of tho legislation authorizing co-operative marketing, t h a ^ I am hurriedly
writing this on the eve of m y departure for Europo in the hopo that it may
contribute sometning to the proper interpretation of this legislation.
Regretting m y inability to appear before your committee in referenco to
pending rural credit measures, which aro of moro importance to the farmer
than any legislation yet passed, and with which I am deeply sympathetic,
I am , believe mo,
M ost sincerely yours,
(Signed) B E R N A R D M . B A R U C H .
T h e E d i t o r o f th is p a p e r d e e m s it p r o p e r to s a y t h a t th e
o n ly a llu s io n to fa r m e r s to b o fo u n d in J u d g e G a r y ’ s a d d r e s s
b e f o r e t h e A m e r i c a n I r o n a n d S t e e l I n s t i t u t e o n M a y 2 6 is in
t h e fo llo w in g :
■
Th e consideration of mere personal and private bonefit or Injury to any
single factor in our industrial life, has no proper place In tho genius o f our
nation.
Th e thoughts suggested ariso from tho disposition during tho last few
years to pass laws which measurably exempt labor organizations, and
recently farmer associations, from Governmental investigation, supervision
and control against wrong. N o t only aro they exempted from certain
restrictive provisions o f the existing statutes, but thoy are affirmatively
permitted to do certain things prohibited as to others.
T o permit labor associations or farmer organizations to do, as the result
o f combination, things that aro claimed to bo beneficial to them which aro
denied to others is to create classes, to favor some of them and to injure
tho whole body politic. I t tends to array class against class, and it adds
to tho cost of production. And be It remembered tho genoral purchas­
ing public, in tho end, m ust pay the bills. This, as a net result, is cortain.
This is not equal opportunity and equal obligation. I willingly admit
as to labor, towards which no one has better intentions than I , that in tho
long past, as tho result o f class existence, it was not justly treated. Also,
I know b y experience and otherwise, that tho farmers, the most essential
element o f our natural life, have not uniformly recoived adequate financial
returns on thoir investment and labor. I was born and bred on m y father’s
farm . I was a laboror in tho true senso, both as to hard work and long hours.
B u t what I havo said concerning the farmer, who, as a rule. Is both
capitalist or manager and workman, and about tho laborers, who also aro
often possessed of capital, in no respect militates against the claims I havo
m ade.
I f It is necessary, in order to protect workmen against imposition, to
permit them to organize into associations and thus act collectively, let It




bo done under and b y virtue of tho general laws, subject in m anagement to
Governmental investigation and supervision and control against wrong,
oppression and violence. Let them account, under direction o f tho Govern­
m ent, for moneys received and disbursed. And tho same argumont applies
to farmers.
Treat all persons, all organizations, o f equal Importance, as essential
parts o f a nation, each as good and as bad as the others. Even treat them
as children, If necessary, subject to discipline; but in that caso compel
U n d o Sam to treat them with the solicitude and the afford them the pro­
tection that ought to be required of a father.
Governmental regulation of industry, in m y opinion, will never bo a satis­
factory and permanent success unless and until it is fair and reasonable
and, above everything else, is applied without discrimination. I f any
congressman contends for legislation that especially favors or punishes
any class or division of industry, it should be with the avowed understand­
ing that it Is intended to be contrary to tho genoral spirit of our Constitution.

STEEL

P R O D U C T IO N

IN

1921.

U n d e r d a te o f M a y 2 7 th e A m e r ic a n Ir o n & S te e l I n s t it u t e
is s u e d a s t a t is t ic a l b u lle t in g iv in g th e o ffic ia l fig u r e s o f s te e l
p r o d u c tio n

fo r

th e

c a le n d a r y e a r

1921.

Tho

la r g o

f a llin

o f f w h i c h o c c u r r e d in t h e o u t p u t o f s t e e l i n t h a t y e a r r e f l e c t s
th o g e n e r a l fin d u s tr ia l d e p r e s s io n w h ic h
g r e a te r p a r t o f t h a t p e r io d .

e x iste d

d u r in

th o

P r o d u c tio n o f s te e l in g o ts a n d

c a s t i n g s f e l l o f f f r o m 4 2 , 1 3 2 , 9 3 4 t o n s in 1 9 2 0 t o o n l y 1 9 , 7 4 3 , ­
797

to n s

in

1 9 2 1 ; th o o u tp u t

lo w e s t o n r e c o r d s in c e 1 9 0 8 .

in

th e

la t t e r y o a r b o in g

th e

I n th o fo llo w in g w o s h o w th o

m a k e o f s te e l b y th o d iffe r e n t p ro cesses fo r e a c h y e a r b a c k t o
1907:

Production of Steel Ingots and Castings by Processes.
Open-Hearth.

10.279,
7.110,
13,417,
15,292,
14.685,
19.641
20,344
10.271
1915.. 22.303
1 9 1 0 . . 29,616

10 0 7 ..
19 0 8 ..
1 90G . .
1 9 10 ..
1 9 1 1 ..
19 12 ..
1913 ..
1914 ..

19 17 ..
19 18 ..
19 19 ..
19 2 0 ..
19 2 1..

32,087

32.476
25,719,
31.375
15,042,

Acid.

Total.

270.421
696.304
076,464
212.180
912,718
139.221
255.305
903,555
,370.377
,798.769
061,386
982.820
229.382
296.172
507,238

,549,736
,836,729
.493,936
,504,509
,598.650
,780.723
,599,931
.174,684
.679,102
.415.427
,148.893
,459.391
,948.694

Cru­
cible.

Elec­
tric.

Mis­
cella­
neous,
075
.132
185
194
841
853
831
622
,527
604
495
329
,952
,535
945

11.667,
6,116,
9,330,
9,412,
7.947,
10,327,
9,545,
0.220

8,287,
11.059
10.479,
9,370
7.271
.671.895 8.8.83
549,802 4,015,

Total.
Gross
Tons.
,362,594
.023,247
,955,021
094,919
,670,106
251.303
300.874
513,030
151,036
,773,680
.060,607
,462.432
671,232
.132.934
,743,797

I n 1 9 2 1 , 1 6 0 w o r k s in 2 4 S t a t e s a n d t h e D i s t r i c t o f C o l u m ­
b i a m a d e s t e e l i n g o t s , a g a i n s t 2 0 5 w o r k s in 2 4 S t a t o s a n d t h o
D i s t r i c t o f C o l u m b i a in 1 9 2 0 .
I n 1 9 2 1 , 2 9 0 w o r k s in 3 1 S t a t e s , t h o D i s t r i c t o f C o l u m b i a ,
A la s k a , a n d th e C a n a l Z o n e , P a n a m a , m a d e ste e l c a s tin g s ,
a g a i n s t 3 2 6 w o r k s in 3 3
A la s k a , a n d

S ta te s,

th o

D is tr ic t o f C o lu m b ia ,

t h e C a n a l Z o n e , P a n a m a , in

1920.

S t a t i s t i c s r e g a r d i n g p r o d u c t i o n o f f i n i s h e d a n d r o l l e d ir o n
a n d s te e l a ro a lso fu r n is h e d .
k in d s o f ir o n a n d s te e l

F o r 1 9 2 1 t h o p r o d u c t i o n o f a ll

r o lle d in to

fin is h e d fo r m s (in c lu d in g

b lo o m s , b ille ts , a n d a x le b la n k s r o lle d fo r fo r g in g p u r p o s e s
a n d s e m i -f i n i s h e d p r o d u c t s w h i c h w e r e r o l l e d f o r e x p o r t i n
th a t y e a r ) sh o w s a d e crease o f 1 7 ,5 7 3 ,8 5 7 to n s , or 5 4 . 3 3 % ,
a s c o m p a r e d w ith

1920.

Total Production of All Kinds of Finished Rolled Iron and Steel, 1887-1921.

Years.

Iron and Plates and Nall
Plate.
Steel Ralls Sheets.

1887.......... 2.139.640 603.355
1888.......... 1,403.700 609,827
1889.......... 1,522,204 716,456
1890.......... 1.885,307 809,981
1891______ 1.307,170 678.927
1892.......... 1.551,844 751,460
1893.......... 1,1.36,458 674,345
1894.......... 1,021.772 682,900
1895.......... 1,306,135 991.450
1896_____ 1,122,010 965.776
1897.......... 1.647.892 1.207.286
1S98.......... 1,981,241 1.448,301
1899.......... 2,272.700 1,903,505
1900.......... 2.385,682 1.794,528
1901.......... 2.874,639 2,254,425
1902.......... 2,947.933 2,665,409
1503_____ 2,992,477 2,599.665
1904.......... 2.284.711 2,421,398
1905.......... 3.375,929 3,532.230
1906.......... 3,977,887 4,182.156
1907.......... 3.633.654 4,248,832
1908.......... 1,921.015 2.649.693
1909.......... 3.023.845 4,234,346
1910.......... 3.636.031 4,955.484
1911.......... 2.822.790 4,488,049
1912.......... 3.327.915 5,875,080
1913.......... 3,502,780 5,751,037
1914.......... 1,945,095 4.719.246
1915.......... 2,204.203 6,077.694
1916.......... 2,854,518 7,453,980
1917.......... 2.944.161 8,267.616
1918.......... 2,540,892 8,799.135
1919........ . 2,203.843 7,372.814
2.604.116 9.337,6°0
1920..
1921........... 2,178.818 4,260.574

Wire
Rods.

All Other
Total.
Structural Finished
Rolled Gross Tons.
Shapes.
Products.

2,184,279 5,235,700
308.432
2,034,162 4,617,349
289.S91 279,769
2.374,908 5,230,928
259.400 363,851
2,618,666 0,022,875
251,828 457,099
223.312 536.607
2,044,941 5,390.963
201,242 627,829 453.957 2,579,482 6.165,814
136,113 537.272 387,307 2.104,190 4.975,685
108,262 673,402 360,305 1,795.570 4,642,211
95,085 791,130 517,920 2,487,845 0.189.574
72.137 623,986 495.571 2,236,301 5,515.841
94,054 970,736 583,790 2,497,970 7,001,728
70.188 1.071.683 702,197 3,239,760 8,513.370
85,015 1.036,398 850,376 4.146,425 10,294,419
70.245 846,291 815,161 3,575 530 9.487.443
68.850 1,365,934 1,013.150 4.772,329 12,349.327
72.936 1.574,293 1.300.326 5,383,219 13,944,110
64.102 1.503,455 1,095,813 4,952,185 13,207.697
61,601 1,699,028 949,146 4.597.497 12,013,381
64,542 1,SOS,688 1.660,519 0.398,107 16,840,015
54,211 1.871,614 2,118.772 7,383,828 19,588.468
52 027 2,017.583 1,940,352 7,972,374 19,864,822
45.747 1.816,949 1,083,181 4,311,608 11.828.193
63,746 2,335.685 2,275,562 7.711.506 19,044,690
45.294 2,241,830 2 266.800 8.475,750 21,021,279
48,522 2.450,453 1,912,367 7.316,990 19,039.171
45.331 2.653,553 2.840.487 9.908,475 24,056.841
37.503 2.464.807 3.004,972 10.030.144 24,791.243
38.573 2.431.714 2,031.124 7.204,444 18,370,196
31,929 3,095,907 2,437,003 10,546,188 24,392,924
30,088 3.518,746 3.029.904 15.493,093 32.380.38&
22.864 3,137.138 3.110,000 15.585,921 33,067.700
18,310 2.562,390 2,849,960 14,385.058 31,155,754
12.832 2.538,476 2,614,036 10,359.543 25,101,544
20.577 3.136.007 3.300,748 13,941,835 32.347,803
14,573 1,564,330 1.272.024 5.483,087 14,774.000

R o l l e d b l o o m s a n d b i l l e t s f o r f o r g i n g p u r p o s e s a r o in e l u d o d
f r o m 1 9 0 5 , w h i l e s e m i -f i n i s h e d p r o d u c t s r o l l e d f o r e x p o r t a r o
in c lu d e d

fo r

1912

and

su b seq u en t

years.

P r io r

to

1892

s t r u c t u r a l s h a p e s w e r e i n c l u d e d i n “ a l l o t h e r f i n i s h o d ro lle d ;
p r o d u c t s .”

Production of Finished Rolled Products, Showing Iron and Steel Products Separately,
Gross Tons, 1910-1921.
Years.

Total.

Years.

Iron.

Steel.

191 0 ..
1 9 1 ..
191 2 ..
191 3 ..
191 4 ..
1915..

1,740,156
.
1,460.615
.
1,637,582
.
1.678,257
.
1,167,776
.
1.294,833
.

19,881,123
17,578,556
23,019,259
23,112,986
17,202,420
23,098.091

21,621,279 1916..
19,039,171 1917..
24,656.841 191S__
24.791,243 1010__
18,370,196 1020__
24,382,924 1 92 1 -..

Iron.

Steel.

Total.

.
1,822,571
.
1.867,757
1,573,976
1,059.451
1,377,566
545,677

30,557,818
31,199,943
29.5,81,778
24.042.093
30,970,297
14,228,329

32,380,389
33,067,700
31,155,754
25,101,544
32,347,863
14,774,006

Production of all Kinds of Finished Rolled Iron and Steel, by States, Gross Tons,
1917-1921.
1918.

1917.

States.

1919.

1921.

1920.

181.113
203,033
218,962
81,317
79,523
81,255
974.928
1,492.769 1,610.182
217.480
204.180
238.972
Pennsylvania. ............ ..... 15,018.871 13.836.445 11,477.176
41,584
79,279
62,403
Delaware, Virginia........ .
416,213
241,914
368,458
731,477
682,017
831,594
239,224
184,675
Kentucky, North Carolina ) 322,444
Tennessee, Georgia, Texas
755,468
709,697
1 884,500
6,141.465 6.171,332 4,975,254
Ohio
3.135,689 2,844,429 2,607,547
2,713,428 2,470,223 1.679,107
Illinois _ _
733,038
414,602
Michigan_________ ____ \ 696,605
Wisconsin, Minnesota___
115.085
103.803
146.386
514,170
355,138
573,660
166,974
129,671
140.239
California,Canal Zono___
Total_________________ 33.067.700 31.155.754 25,101.544

109,497
225,479
29,629
105,051
500,523
1,562,058
90,986
218,903
13,718,265 6,103,790
38,553
103,438
107,164
458,577
367,577
957,242
80,844
306,822

Maine, Massachusetts__
Rhode Island, Connecticut

551,405
896,418
6.454,004 3,167,724
3,499,855 2,050,567
2,487,085 1,127,482
514,768
86,503
52,480
151,772
220,122
490,009
89,160
197,517
32,347,863 14,774,006

Production of Finished Rolled Iron and Steel by Leading Products, Gross Tons, 1921.
Iron.

Products.

TlT 11

1

IL-

20,237
103
525
87
198,324
1,094
115,523

to

618
45,822
Rolled sheet piling, not Including fabrlcacd-----250
163.094

Total.
2,178,818
4,260,574
14,573
1,564,330
1,272,624
1,565,754
227,228
1,930,575
166,961
143,425
423,820
18,165
10,361
108,456
7,506
880,836

I n a d d it io n t o th o 1 8 ,1 0 5 t o n s o f r o lle d s h e e t p ilin g a b o v e
r e p o r te d th o ro w e ro p r o d u c e d b y r o llin g m ills a n d s te e l w o r k s
in 1 9 2 1 a b o u t 5 ,5 0 1 to n s o f fa b r ic a t e d s h e e t p ilin g , a s c o m ­
p a re d w ith 3 ,9 4 1

R A ILR O A D
OF

t o n s o f th o s a m o k in d o f p ilin g in 1 9 2 0 .

LABOR

BOARD

ORDERS

CU T

IN

A N D

FR E IG H T

CAR

M EN .

SHOPMEN

W AGES

A d d i t io n a l c u ts in th e w a g e s o f r a ilr o a d e m p lo y e e s , s u p p le ­
m e n t i n g t h o s e o f l a s t w e e k , o f w h i c h m e n t i o n w a s m a d o in
th e se c o lu m n s o n S a tu r d a y la s t , p a g e 2 4 3 2 , w e ro a n n o u n c e d
by

th o

U n ite d

S ta tes

R a ilr o a d

Labor

B oard

on

June

6.

U n d e r t h i s w e e k 's d e c is i o n o f t h o B o a r d t h o w a g e s o f r a i l w a y
sh o p

m e c h a n ic s

are

cu t

7

ce n ts

an

h ou r,

w h ile

th o se

T h e d e c is io n , th e m in o r it y r e p o r t c o n t in u e d , t e n d e d
s u b s ta n tia te

“ to

th e p o s itio n o f t h e r a ilr o a d s t h a t w a g e s n e e d

n o t b e e s ta b lis h e d w ith re fe re n c e to t h e n e e d s o f th e f a m i l y ,”
c o n t e n d in g t h a t a m in im u m w a g e fo r th e sh o p c r a ft s s h o u ld
be 5 0 c o n ts a n h o u r , w h ic h w o u ld m e a n a t th e r a te o f 8 7 c e n ts
fo r s k ille d

m e c h a n ic s .

A

s u g g e s t io n fo r

“ s o m e r e c o g n iz e d

s ta n d a r d ” to b e w o r k e d o u t b y th e B o a r d a n d u se d a s a b a sis
fo r fu t u r e w a g o a d ju s t m e n t s , w a s c o n ta in e d in t h e m in o r it y
rep o rt.

T h e la b o r m e m b e r s f e l t , t h e y s a id , t h a t th e B o a r d

“ s h o u l d i n i t i a t e a s t u d y w h i c h s h a ll d e t e r m i n e t h e a m o u n t
necessary

Steel.
2,178,818
4,240,337
14,470
1,563,805
1,272,537
1,367,430
226,134
1,815,052
166,961
142,807
377,998
18,165
10,361
108,206
7,506
717,742

545,677 14,228,329 14,774,006

Total (gross to n s ).............. - ...............................

they shall bo able to see tho real facts as they affect the body politic. This
decision fulfills neither o f these duties.
Tho savings to the railroads as a result o f the decisions of the Labor Board
and o f tho lay-off o f men far exceed anything justified b y the savings to the
public in reduced rates. Tho employees covered b y this decision alone
have had their pay roll cut to the extent of $ 371 ,817,996 per year, based on
number o f employees as of December 1917, while the total pay roll cuts due
to decisions alone total half a billion dollars. During the last six months of
1921 the total pay roll slash, including the lay-offs, was running at the an­
nual rate o f $ 1 ,3 0 0 ,0 0 0 ,0 0 0 . This diminished purchasing power of tho em­
ployees as a group appears in strong contrast with the increasing prosperity
o f tho railroads, noted b y the Inter-State Commerce Commission in its re­
cent decision and b y the financial press.
Tho increasing antithesis between profits and just wages will result in
lowered morale. Thus reductions will not result in economies.
Tho m ajority failed to carry out the function for which the Board was cre­
ated. Such decisions giving no explanation to the public o f the process b y
which the m ajority arrive at the rates established, gives the public an im ­
pression that these rates are not founded upon a careful consideration o f
facts.

to

m eet

som e

r e c o g n iz e d

sta n d a rd ,

and

th a t

it

m u s t u s e its r e s u lt s a s a b a s is fo r its d e c is io n s , a n d t h a t it
m u s t , t h r o u g h t h o s e d e c is io n s , t r a n s m it th is in f o r m a t io n to
th e p u b lic .”
R e g a r d in g

th e r e d u c tio n s w h ic h

t h e d e c is io n e f f e c t s , w e

q u o t e th o fo llo w in g fr o m th e A s s o c ia t e d P r e ss a c c o u n t s fr o m
C h ic a g o :
Tho reduction for the mechanics averaged a little more than 8 % , all
m achinists, boilermakers, blacksmiths, sheet metal workers, electrical
workers, carmen (except freight carmen), moulders, cupola tenders, and
coromakers, and the regular and helper apprentices receiving a cut o f 7
cents an hour. Freight carmen, commonly known as “ car knockers,”
and the object of somo o f the heaviest assaults by the roads in their battle
for lower wages, were cut 9 cents.
Tho larger cut was ordered for the “ car knockers” because the Board
said it believed that their work did not require the same skilled service as
other branches o f carmen’s work. This heavier reduction for the freight
carmen came under especially severe criticism in the minority report, the
labor members declaring there wras no justification for discrimination in
car work.
Tho mechanics, whose daily rate now averages from $6 11 for electrical
workers to $6 28 for blacksmiths, will lose 56 cents a day under the now
decision, bringing their daily wage to approximately $5 70.
Car cleaners, who now receive an average o f $3 18 a day, were cut 5
cents an hour, or 40 cents a day.
Tho B oard’s latest decision, which is to bo followed soon by reductions
for railway clerks, telegraphers and all other classes o f railway employees,
except tho train service m en, was brief and offered no explanation o f how
the new rates wero arrived at. This omission brought more fire from the
dissenters, who declared the m ajority decision did not consider “ human
needs,” ignored the pleas o f the employees for a "liv in g wago” and made
“ no attem pt to show that mechanics are not entitled to such a standard.”

of

R e g a r d in g th e m a jo r i t y c o n c lu s io n s , w e q u o t e th e fo llo w ­

fr e ig h t ca r m o n are re d u c e d 9 c e n ts a n h o u r; 4 0 0 ,0 0 0 sh o p m e n

in g fr o m th e C h ic a g o “ T r ib u n e ” o f J u n e 7 :
Tho majority report says that the average hourly rates of machinists,
which aro now 7 7.3 conts, will be 70.3 cents on July 1. Compared with
tho rates in effect December 1917, this still leaves an increase of 3 9 .2 %
in hourly rates. Cost of living, it says, in M arch last was 1 7 .2 % above
December 1917, so that the purchasing power of machinists’ wages after
July 1 brings its 7 conts and hour cut, will be 1 8 .8 % greater than in D e­
cember 1917.
Similarly it sets forth that freight car men now have an hourly rate of
73 cents. After July 1 this will be about 6 4.4 cents an hour, which is 7 0 .8 %
higher than wages were in December 1917. The buying power of car
m on’s wages, tho majority report says, after the 9 cents an hour cut on
July 1, will still bo 4 5 .7 % greater than in December 1917.
Cites Cost of Living.
It also says, “ although average hourly earnings of machinists are below
tho earnings after decision N o . 2 (M a y 1920) was applied b y 15 cents an
hour, their value is 6 .9 % greater, due to the decrease in cost of living.
“ Th e average hourly earnings of car men are below tho earnings after
decision N o . 2 (M a y 1920) was applied by 16.6 cents per hour, but their
value is 3 .2 % greater for the samo reason.”
Tho report not^s that no decrease is made for “ supervisory forces” be­
cause tho “ duties and responsibilities” of these positions warrant the
present rates.
In cutting freight car men 9 cents an hour, as against 7 cents for the m e­
chanics, tho Board says this work is not as skilled as in the other branches.
Tho increase o f 2 cents in the differential is held just and reasonable” in
viow of tho character of service and the rates in vogue prior to Government
________
ownership.

a r e a f f e c t e d b y t h e n e w r e d u c t i o n s , w h i c h , i t is e s t i m a t e d ,
w i ll

b r in g

about

r a ilr o a d s.

an

annual

sa v in g

of

-1 5 9 ,6 6 9 ,3 4 7

to

th e

T h e w a g e r e d u c tio n s in th o c a s e o f m a in te n a n c e

o f w a y e m p lo y e e s , o rd ered la st w e e k , a n d a v e r a g in g 5 ce n ts
a n h o u r , a ro e x p e c te d to r e s u lt in a s a v in g o f a p p r o x im a t e ly
1 4 8 ,0 0 0 ,0 0 0
la tte r ,

a

yoar

to

th o

road s.

th e w a g e c u ts a n n o u n c e d

e ffe c t J u ly

1 n e x t.

As

in

th e

th is w e e k

case

of

a ro to g o

th o
in to

T h o r e d u c tio n s o f th o p a s t tw o w e e k s ,

a s in d ic a te d in o u r it e m o f a w e e k a g o , f o llo w d e c r e a s e s o f a
y e a r a g o a v e r a g in g 1 2 % , a n d in v o lv in g a n n u a l re d u c tio n s of
a p p r o x im a te ly

1 4 0 0 ,0 0 0 ,0 0 0 .

It

L a b o r B o a r d ’ s d e c is i o n a f f e c t i n g

is

u n d e rsto o d

w i ll n o t b o a v a i l a b l e f o r s o m e t i m e .
in c id e n t
ite m

to

th o

red u ced

in th is is s u o .

w ages

Tho N ow

th a t

th o

t h e w a g e s o f te le g r a p h e r s
is

Y ork

T h o s trik e m o v o m o n t
r e fe r r e d

to

“ T im e s ”

in

a n o th e r

of June 7 ob­

s e r v e d t h a t t h o w a g o r u l i n g a n n o u n c e d t h i s w e e k “ is h e l d t o
fa v o r

th o

‘ w h it e -c o lla r ’

e m p lo y e e s ,

th o

s u p e r v is o r y fo r c e s ,

in c lu d in g fo r e in o n , s e c t io n b o s s e s a n d o th e r s w h o a ro p a id
b y th o m o n t h or b y th o h o u r , b e c a u s e th e ir w a g e s aro n o t
c u t .”

Tho

w age

r e d u c tio n s

ordered

by

th o

B oard

th is

w e e k w e r o c o n c u r r e d in b y t h o t h r e e m o m b e r s r e p r e s e n t i n g
th e

p u b lic

th reo

la b o r

and

th o

m em bers

th ree

re p r e se n tin g

of

B oard,

th e

W .

th e
L.

r a ilr o a d s — th o

ST R IK E

VOTE ORDERED

M c M e n im e n ,

A . O . W h a r t o n a n d A lb e r t P h illip s , w h o d is s e n te d f r o m th o

BY

R A ILR O A D

A t a c o n fe r e n c e ) o f r a i l r o a d u n io n le a d e r s i n C i n c i n n a t i o n

fin d in g s o f th o m a jo r it y in th e c a s e o f th o m a in t e n a n c e o f

J u n o 6 it w a s d e c id e d to

w a y m e n , m a k in g s t r o n g p r o te s t a g a in s t th o lo w e r in g o f th e

w o rk e rs o f th o c o u n tr y a ffe c te d b y

w a g o s c a lo o f t h e s h o p m o n .
T h e m in o r ity r e p o r t sa id :
Tho tendency of this decision is to vindicate tho propaganda of tho rail­
roads and consequently condemn such statements as tho employees have
been able to bring to public attention.
Tho duty of tho Labor Hoard as a constructive. Impartial body is provid­
ing means whoreby railroad employees can have their legitimate noeds satis­
fied without rocourso to stoppages, and to enlighten the public so that
through tho state o f unregulated industry and tho confusion of propaganda




U N IO N

LEADERS.

ta k e a str ik e v o t e o f

th e r a ilw a y

th e w a g e c u ts r e c e n tly

ord ered b y

th e U n i t e d S t a t e s R a ilr o a d L a b o r B o a r d .

c o n fe re n c e

w as

c a lle d

by

B.

M .

J e w e ll,

P r e s id e n t

The
of

th e

R a ilw a y E m p lo y e e s D e p a r t m e n t o f t h e A m e r ic a n F e d e r a tio n
of L abor.

I t is u n d e r s t o o d t h a t c h i e f s o f t h e “ B i g

F ou r”

b r o th e r h o o d s — th e tr a n s p o r t a t io n u n io n s — w e re n o t p r e s e n t ,
b e c a u so th o p r e s e n t r e d u c tio n s o f th e B o a r d h a v e n o t a ffe c te d

m e m b e r s o f th e ir o r g a n iz a tio n s .

R e g a r d in g th e str ik e v o t e

o r d e r e d , A s s o c ia t e d P r e ss a d v ic e s fr o m
s a id :

C in c in n a ti, J u n e 6 ,

Tho vote in each organization will be returnable within thirty days after
the Board announces a wage cut for that class o f employees, tho vote of tho
shop crafts, whoso reduction was ordered b y tho Board to-day, being re­
turnable June 30.
Railroad wages under the new Railroad Labor Board orders for seven of
tho larger groups o f tho country’s rail workers soon will bo at a level which
does not measure up to the American standard of living and which will
make vigorous protest necessary, according to B . M . Jewell, head o f the
Railw ay Em ployees Department o f the American Federation o f Labor,
in explaining tho quick strike vote action o f the conference o f railway union
heads to-dayj
In less than two hours’ timo heads o f eleven railroad unions arrivod at an
understanding whereby oach organization will take a strilco vote immediately
on Issuance o f wage reduction orders from the Labor Board for its member­
ship.
Th e strike votes decided on to-day will affect about 1 ,2 0 0 ,0 0 0 o f tho
country’s railway employees— all except tho train service m en, whose wages
aro not in dispute before tho Board. Although wage cuts have not been
announced for any classes but the shop crafts and maintenance o f w ay,
pending decisions are expected to add five other classes of labor to tho gen­
eral slash. Union executives o f these organizations to-day decided to print
t&eir ballots and have them ready to send out to memberships immediately
if the Board, as anticipated, orders further reductions in their pay.
“ The now wages do not permit a minimum living wage,” declared M r.
Jewell to-day, “ and they aro wholly at variance with tho saving wage
championed b y Secretary o f Labor Davis and President Harding.
The
Labor Board, a Federal body, has totally disregarded the Secretary’s atti­
tude as well as tho employees’ own ovidenco showing tho am ount necessary
to maintain a railroad m an’s fam ily.’ ’
N o further action will bo taken b y the union heads at this timo, pending
return o f tho striko ballots. W hen tho result is known— and tho union
heads freely predicted an overwhelming vote to walk ou t^ -a working agree­
ment Is expected to bo made b y which any stoppage o f work would tako
place simultaneously b y all organizations.
M eanwhilo, President Jewell Intimated that a persistent fight would bo
mado to keep tho necessity for gaining a “ living wage” before tho Board
and other responsible authorities.
O n th e 7 t h in s t . th re e str ik e b a llo t s w e re o rd e re d d is p a tc h e d
t o th o 4 0 0 ,0 0 0 r a ilw a y s h o p m e n o f th e c o u n t r y , w ith a n a p ­
p e a l t h a t th e v o t e b e r e tu r n e d t o u n io n h e a d q u a r t e r s in C h i­
cago b y June 2 5 .

R e g a r d in g th e a c t io n t h a t d a y w e q u o te

, I ?Lai\ers o f tl10 doven railway employees’ organizations, which Tuesday
decided to tako a striko voto o f their memberships, agreed to-night to
outline a letter to the. President, presenting their argument for higher
wages, or at least no further reductions. A committeo o f union executives
was appointed by B . M . Jewell, President o f tho Railway Em ployees
Departm ent o f tho American Federal o f Labor, to draft the letter.
^ n ^ ° X|mately SI 10.000.000 will be lopped from tho payrolls o f the
4 00,000 shop crafts and the 5 00,000 maintenance o f w ay men under orders
o f the Board July 1. The new rates o f pay will range from 54 conts an
hour for mechanics’ helpers to 70 cents for mechanics. Tho maintenance
o f way men will get from 23 to 35 cents an hour.
These rates were branded as “ starvation wages” by tho union leaders,
and it is their intention, in the letter to President Harding, to demand
whother the country’s Chief Executive thinks these wages sufficient “ to
maintain an American standard o f living and properly sustain a fam ily .”
It is understood that the letter will contain specific figures on what the
railroad mon consider an adequate wage and will endeavor to refute tho
position o f the Railroad Labor Board as set forth in their recent wago
reduction decisions. The letter was only in tentative form to-night and
m ay not be ready for transmission to W ashington before to-morrow night
union leaders said.

ST R IK IN G

R AILR O A D
SH ERM AN

U N IO N S

L IA B L E

A N T I-T R U S T

UNDER

ACT.

J a c k so n I I . R a ls to n , C o u n s e l fo r th e A m e r ic a n F e d e r a tio n
o f L a b o r , is r e p o r t e d t o h a v o a d m i t t e d o n J u n o 8 t h a t i f t h o
r a i l r o a d u n io n s s t r i k e t h e y w i l l b o l ia b l o u n d e r t h e p r o v i s i o n s
o f t h e S h e r m a n A n t i - T r u s t A c t f o r c o n s p ir a c y in r e s t r a in t
of

tra d e

Su prem e

by

reaso n

C ourt

W a s h in g to n

in

June

of
th e

8,

th o

d e c is io n

C oron ad o

a p p e a r in g

in

of

th e

U n ite d

S ta tes

case.

A

d is p a tc h

th o

N ew

Y ork

fr o m

“ Com ­

m e r c i a l , ” w h i c h is a u t h o r i t y f o r t h i s , s a y s :
In a digest o f tho opinion Ralston said tho decision not only makos funds
of labor unions themselves liable to seizure, bu t tho proporty o f individual
members themselves as well.
Tho attorney advised unions Immediately to Incorporate as tho result
o f tho decision which ho declares lays down principles of tho highest im ­
portance to the future of labor.
“ It holds aU unions liablo under tho provisions o f tho Shorman A n tlTru®j*
831(1 Ralston. “ Tho railroad unions, though incorporated,
could bo charged with conspiracy to restrain trado Just as though they
wero incorporated and not only their organization funds, but the property
o f their individual members liable to attack In damage suits so long as they
remain unincorporated.”
“ Tho first great proposition which attracts attention is stated in sub­
stance that so far at least as its ability or liability to sue or bo sued, is
concerned, a labor organization is on substantially tho same basis as a
corporation.

th e fo llo w in g A s s o c ia t e d P r e ss a d v ic e s fr o m C in c in n a t i:
Following tho release o f the ballots b y the Executive Council o f the six
federated shop crafts here to-day, international hoadquarters of tho six
unions were instructed to send out a letter to all locals urging immediate
action on the ballots.
“ This is time for action and not talk or unnecessary delay ,” the letter
read. “ E very ballot is desired to be in Chicago at tho earliest possible
“ B y virtuo o f tho decision a labor organization m ay be sued directly and
mom ent and in no case later than June 30. W hile tho ballots are marked its funds, at least such funds as are devoted to strike purposes, m ay bo
returnable Jimo 30, overy local lodge should rush the return of the ballots seized upon, assuming wrongful acts on tho part o f individual m embors"of
tho organization engaged in a striko.”
as sopn as tho voto is taken, and if it is humanly possible all ballots should
bo in Chicago before June 25 1922, thus making it possible to adviso the
Tho lino drawn b y the nation’s highest tribunal between coal as an
membership before July 1. This can and will be dono if tho membership
object o f intcr-State commerco creates a condition o f affairs, according to
will do their part as herein requested.”
tho attornoy, which will leave tho coal industry largely under tho super­
vision o f tho courts.
U lM
The letter was regarded as a certain forecast o f a walkout on July 1 if the
voto o f the membership favors a strike. T o facilitate taking tho voto every
“ Perhaps the same remark, liowover, m ay apply to a number o f other
local lodge was instructed to call a special meeting Immediately on receipt objects with the result o f making moro manifest the real rulers o f the
o f the printed ballots, which are now on the presses in Chicago.
country are tho courts rather than tho legislature.” Ralston said.
The locals were urged by the Executive Council to make special effort to
havo overy man eligible to vote case his ballot. The letter was signed b y
the six international heads, W illiam H . Johnston o f the machinists; J. A .
B. M .
J E W E L L ’S C R IT IS IS M OF R A IL W A G E CUTS'
Franklin, boilermakers; James Kline, blacksmiths; J. J. H ym es, sheet metal
A t C in c in n a t i o n J u n o 6 , w h o n it w a s d e c id e d a t a c o n fe r ­
workers; James P . N oonan, electrical workers; M artin F . R yan, carmen,
and B . M . Jewell, President o f the Railway Em ployees’ Departm ent of the
e n c e o f u n io n r a ilw a y le a d e r s t o o r d e r a s tr ik o v o t e , B . M .
American Federation of Labor. Tho action of the shop crafts follows a
J e w e ll, P r e s id e n t o f th e R a i lw a y E m p lo y e e s D e p a r t m e n t o f
decision yesterday b y all tho railway unions affected b y wage reductions,
t h e A m e r i c a n F e d e r a t i o n o f L a b o r , d e c la r e d t h o U . S . L a b o r
issued and pending, from tho Railroad Labor Board, to call an immediate
voto on the new pay cuts.
B o a r d ’ s d e c is i o n c u t t i n g t h e w a g e s o f s h o p m e n a p p r o x i ­
The triple barreled striko ballot j f tho shopmen resulted from notification
m a t e ly 8 6 0 ,0 0 0 ,0 0 0 to b o “ a h a s tily d re sse d u p a n d o b v io u s ly
to-day from the Labor Board that It had declined to order restoration of
u n f a ir a p o l o g y f o r t h e r a t e s o f p a y a w a r d e d . ”
M r . J o w o lP s
wages and working conditions declared to have beon illegally changed on
certain roads.
^
s t a t e m e n t sa id :
Tw o ballots, recently authorized b y tho shop crafts’ convention in
“ I a m a s to u n d e d t h a t a b o d y o f th o B o a r d ’s p r e stig e a n d
Chicago, but never sent out, were immediately ordered put in the mails.
The voto will therefore bo on these three propositions:
1. Seven unsatisfactory rules rccontly promulgated by the Labor Board,
Including five rules wiping out timo and one-half pay for overtime.
2 . “ Farming o u t” of shopwork to outside firms, alleged illegal installation
o f pieco work and alleged arbitrary and unauthorized reduction of wages
b y several roads.
3 . The $60,000 ,000 pay cut, effective July 1.
Tho shop crafts on June 1 asked the Labor Bo.ard to take jurisdiction over
certain disputes, ordering restoration o f wages and working conditions
declared to have been illegally changed. Tho Board to-day took juris­
diction o f disputes on six roads, including tho Western M aryland, whore a
shopmen’s strike is now in progress, and ordered hearings for Juno 26.
B ut the Board declined to order restoration o f tho status quo ante. Tho
Board explained that interfering with conditions now existing might bo
interpreted as judgirg tho case in advance.
“ Our request was only that tho Labor Board com ply with its own inter­
pretation of the Transportation A c t when it recently held contracting
work to bo illegal on the Chicago & Indiana Harbor b elt,” said President
Jewell to-day. "T h is the Board has failed to do. It is therefore clear
that the Transportation A c t, a law passed b y the American Congress
and approved by the President, is not b y some people to bo understood as
applying alike to all parties.”

R A IL W A Y

U N I O N H E A D S TO A P P E A L TO P R E S I D E N T

H A R D IN G

TO

PREVENT

W AG E

CUTS.

T h e d e c is io n o f u n io n r a ilr o a d le a d e r s to a p p e a l to P r e s i­
d e n t H a r d i n g to p r e v e n t th e c a r r y in g in t o e f f e c t o n J u ly 1
of

th e

ordor

of

th o

U n ite d

S ta te s

R a ilr o a d

Labor

B oard

m a k in g e ffe c t iv e c u ts in th o w a g e s o f r a ilw a y w o r k e r s , w a s
r e a c h e d a t a c o n fe r e n c e a t C in c in n a ti J u n e 8 .
a t e d P r e s s a d v ic e s s t a t e :




T h o A sso c i­

a b i li t y , s h o u ld b e w illin g to s e n d o u t s u c h a h a s t ily d r e s s e d
u p a n d o b v io u s ly u n fa ir a p o lo g y fo r th e r a te s o f p a y a w a r d e d .
B y n o s t r e t c h o f t h o f a c t s c a n t h i s d e c is i o n i n t h o r a i l r o a d
sh o p s b e ju s tifie d .

I t is o b v i o u s t h a t t h e d e c i s i o n w a s n o t

r e a c h e d t h r o u g h a n y c o n s id e r a tio n o f th e m e r it s a s c o n ta in e d
in th e e v id e n c e s u b m it t e d .
Tho Board was offered evidence as to the amount necessary to secure the
necessities o f life for families in railroad communities. Tho rates which
will result from this decision aro so far below those necessary that this
evidence must have been ignored.
Tho board was also offered evidence to show that throughout the period
since 1917 the wages o f employees covered by this decision have fallen
consistently behind the cost o f living.
Tho decision contains figures tending to show that tho purchasing power
o f wages under tho decision will be considerably higher than those o f tho
pre-war period. Tho tablo given misrepresents tho facts. It Is contra­
dicted by the wago report issued by tho board itsolf to inform the public
I
refer to wago scries report N o . 3.
Using tho Board’s own figures, contained in this report, it appears that
under tho present decision tho average daily earnings o f mechanics as well as
of helpers and apprentices, will purchaso less o f the necessities o f lifo than
the wages o f theso same employees would purchaso in 1915 when tho cost
o f living started to rise.
In tho case o f fivo o f tho shop crafts, these wages will purchaso less
than those o f 1915 by more than 1 0 % . In case o f threo o f tho crafts, tho
new wages will mean a decreaso of moro than 1 5 % in tho standard o f living.
The employees cannot help noticing tho contrast betweon their lossses and
tho increasing profits o f tho railroads. Tho payroll losses of tho shoperafts
sinco 1920. as tho results o f decisions and layoffs, amount to at least $350 000,000 on tho basis o f authoritative figures from the Intor-Stato Commorce
Commission and the Railroad Labor Board. Similarly, tho maintenance of
way employees are losing at the annual rato o f over $300 ,0 0 0 ,0 0 0 . A lto­
gether, the policy o f reductions in wages and In forces has tak’on from the

A n important fact which should not bo overlooked by the public, because
employees at least $75 0 ,0 0 0 ,0 0 0 . Such a reduction in payrolls makes the
it m ay havo a very important bearing upon its business and com lort, is
actual reduction in railroad rates, totalling a saving to the public of $ 4 0 0 ,­
that, whereas rato reductions amounting to moro than $250,000,000 havo
0 0 0 ,0 0 0 . look pretty sm all. Sono one is pocketing tho difference.
been ordered by tho Inter-State Commerce Commission, the cut in wages,
Perhaps wo can find a part of the difference in tho reports which aro com­
according to the decisions thus far rendered, amounts to only $110 ,00 0,00 0.
ing in from tho railroads showing their financial performance during the first ,
Those reductions in wages o f railway employees simply mean that they
four months of 1922. Published returns show a net income for tho four
must bear somo part in the readjustments mado necessary by changed busi­
months o f $ 1 5 2 ,70 8,78 4. A year ago twentliy -three of this group showed a
ness conditions. Farmers and business men have been compelled to accept
deficit totalling $20,021 ,401 , while tho others earned a net income o f only
lower prices. The railways havo not yet emerged from a serious financial
$62,645 ,176 , leaving a balanco of slightly over $42,000 ,000 for tho group
crisis and havo been ordered to make reductions in rates which they cannot
W h a t effect will such a contrast havo upon our membership?
stand without reductions of their wages and other expenses.
A t this early date I can forecast but two o f tho effects of this decision.
T o leavo railway wages on their present high basis would bo to make rad­
The first will bo an Immediate confirmation of tho belief among our member­
w ay employees a favored class at the expense o f shippers and all other classes
ship and among railroad employees in general that tho Railroad Labor Board
of
people, including other workingmen.
is not an impartial court created to dispense justice out a body created to
help tho railroads carry out their labor policy.
W e seo that the law gives to the owners a guarantee for hotter earnings
U . S. R A I L R O A D L A B O R B O A R D A D V I S E S B . M . J E W E L L
than were over before enjoyed, and takes fron tho employees standards
T H A T B O A R D I S I N P O S I T I O N TO H A N D L E S H O P
which they belioved tiioy had won for all time. The danger lies not so much
C R A FT S D IS P U T E S E X P E D IT IO U S L Y .
in tho attitude toward tho Labor Board resulting from such decision; it lies
in tho fact that tho Labor Board is one branch o f the Government, a branch
O n J u n e 6 th o U . S . R a ilr o a d L a b o r B o a r d se n t t o B . M .
which touches most closely the lives o f the railroad employees. The feeling
which will grow with such decisions will go far to undermine the confidence J o w e l l , P r e s i d e n t o f t h e R a i l w a y E m p l o y e e s ’ D e p a r t m e n t o f
o f our membership in our national institutions. They cannot feel that such
th o A m e r ic a n F e d e r a t io n o f L a b o r , a c o m m u n ic a t io n a s s e r ta Government is their Government. T o them it will appear an employers’
.n g t h a t t h e B o a r d is i n a p o s i t i o n t o h a n d l e e x p e d i t i o u s l y
Government.
Tho second effect will bo lowered moralo and decreased efficiency, nof d i s p u t e s b e t w e e n t h e s h o p c r a f t s a n d c a r r ie r s i n v o l v i n g
•aly among tho employees affected, but among all railroad employees. I d o
a l l e g e d u n a u t h o r i z e d w a g e r e d u c t i o n s , p i e c e -w o r k d i s p u t e s
not mean that tho employees will consciously slacken on tho job. I am
a n d th o c o n t r a c t in g o u t o f sh o p w o r k b y r a ilr o a d s.
sim ply pointing to tho well-recognized fact th at wages below a certain just
T h e c o m m u n ic a t io n w a s in r e p ly t o a r e q u e s t o f M r .
and reasonable level, wages which do not satisfy certain normal desires,
automatically destroys tho sonso o f co-operation between employees and
J e w e ll o n J u n e 1 , w h e n h e a p p e a r e d b e fo r e th e B o a r d a n d
management and actually provent a man from giving the highest effici­
c i t e d a n u m b e r o f c a r r ie r s w h i c h h e s a i d w e r e v i o l a t i n g t h e
ency o f which ho would bo capablo under just conditions.
T h o decision o f tho Railroad Labor Board creates rates o f pay which do not
p r o v is io n s o f th o T r a n s p o r t a t io n A c t a n d a s k e d t h e B o a r d
measure up to a minimum efficiency wage. M anagem ent gets just what it
to a s s u m e ju r is d ic t io n a n d r e s to r e t h e s t a t u s q u o p r io r to
pays for. I f it pays a man tho least that it can got away w ith, tho man gives
h e a r in g s o n p o n d in g d e c is io n s .
T h e A s s o c ia te d P ress a d ­
tho least ho can got away with.
Tho employees aro called upon to treat tho Board as if it would in good
v ic e s fr o m C h ic a g o J u n e 6 sa id :
faith go into the merits o f the question. A t great expense of time and money
The Board to-day refused to establish tho wages in effect prior to assuming
wo havo prepared ovidonco in which wo aim to givo tho Beard the facts
jurisdiction o f tho cases in question.
Then a decision is thrown at us which does not rest upon a consideration of
A t tho convention o f tho Railway Em ployees’ Departm ent o f the Ameri­
these facts.
can Federation o f Labor here in M a y the executive board was authorized
Docs tho Board think that a further decreaso of 7 cents per hour, handed
to send out two striko votes, one on tho “ farming out” o f railroad work
out without commont upon tho crying needs which must go unsatisfied, is a
and tho other on the acceptance or rejection o f certain rules promulgated
sufficient argument to tho families and to tho hundreds o f thousands of
by tho Board and with which the shop crafts aro dissatisfied. M r . Jewell
families whom they stand for ? It is nearly criminal for a Government body,
asked tho Board to reply to his request by Juno 7, indicating that tho
charged with maintaining just wages in a great industry, to determine wages
B oard’s action might govom tho sending out o f the striko votes.
without reaching at least a tentative conclusion as to tho fam ily needs which
In its reply tho Board lists twenty-one carriers cited for alleged unauthor­
such a wago must meet.
ized wago reductions, stating that decisions now being drawn aro set for
Final decision as to tho accoptanco or rejection o f tho decision rests with
special order Thursday. Tho dispute between tho N ew York Central
tho membership of cho organizations which compose tho department. A
and tho shop craft 3 , growing out o f the alleged arbitrary establishment o f
triko vote is now being sent out, returnable Juno 30.
piecework in tho Elkhart and other shops, has been set for hearing Juno 9 ,
tho Board told M r . Jowell, while disputes involving tho contracting o f shop
work by the Erie, Chicago Great W estern, Michigan Central and New York
CH IC A G O R A IL R O A D H E A D S D E C L A R E S T R IK E
Contral railroads havo been set for hearing Juno 26.
THREATS
O R IG IN A T E S
W IT H
LEADERS—
Th e B oaid also said that hearing had been set for June 26 on other cases
over which it has assumed jurisdiction and also involving the contracting
NO ST R IK E T A L K A M O N G M E N .
o f shop work to outsido concerns.
S tr ik o th r e a ts in c id e n t to th e w a g e c u ts o f r a ilr o a d w o r k e r s
M r . Jewell’s request that carriers in contract cases rostoro tho status quo
o r d e r e d b y th e U . S . R a ilr o a d L a b o r B o a r d , a ro d is c o u n te d
prior to tho hearings was not granted, the communication said, for tho follow­
ing reasons:
in a j o i n t s t a t e m e n t is s u e d o n J u n e 7 b y th o P r e s id e n ts o f
six C h ic a g o r o a d s .

D e c l a r i n g t h a t t h e r e is n o t a l k o f s t r ik e

a m o n g t h o m e n , t h o s t a t e m e n t d e c la r e s t h a t “ t h o d i s t u r b i n g
s t a t e m e n t s r e a d b y t h o p u b l i c a r o p r e p a r e d b y le a d e r s o f t h e
u n io n s

w h oso

e ffo r t b o fo r o

v ie w p o in t h a s b e e n
th e

B oard

tr e n d o f w a g e s .”

d isto r te d

to r e sist th e

by

in e v ita b le

m o n th s

of

dow n w ard

T h e s t a t e m e n t a ls o c a lls a t t e n t io n to t h e

f a c t t h a t “ w h e re a s r a te r e d u c tio n s a m o u n t in g to m o r e th a n
$ 2 6 0 ,0 0 0 ,0 0 0

havo

been

ord ered

by

th o

I n te r -S ta te

C om ­

“ In tho decision o f tho contract case o f the Indiana Harbor Belt R R .
tho Board declared that 'each contract case m ust rest upon its own facts
and circumstances and the Board docs not desire now to take action in­
consistent with that declaration.’
“ When tho Board in a similar case directed tho Missouri Kansas & Texas
R R . to maintain tho status quo operations had not yet been begun under
tho contract in question, whereas it appears that operations aro in progress
under all tlio contracts involved in tho above com plaints,” tho Board added.
“ The early date set for tho remaining casos, coupled with tho fact that
the decision in the Indiana Harbor case at least establishes the main prin­
ciples involved in the contract system , would seem to practically and sub­
stantially subserve the Interests and rights o f the em ployees.”
In tho Indiana Harbor case the Board held that the road’s contracting
out o f shop work was a violation o f the provisions o f tho Transportation A c t.

m e r c e C o m m i s s i o n t h e c u t in w a g e s a c c o r d i n g t o t h e d e c is i o n s
th u s

fa r

ren dered

a m o u n ts

to

o n ly

$ 1 1 0 ,0 0 0 ,0 0 0 .

Tho

II.

E.

B YR A M

s t a t e m e n t , w h ic h w a s s ig n e d b y H . E . B y r a m o f th e C h ic a g o ,
M ilw a u k e e
W .

H .

&

S t.

P a u l;

H a le

H o ld e n

F in lo y o f th o N o r t h w e s t e r n , J .

of
E.

th o

B u r lin g t o n ,

G orh am

o f th e

R o c k I s l a n d , C . I I . M a r k h a m o f t h e I l li n o i s C e n t r a l a n d S . M .

SAYS

H ALF

OF

W AG E
RATE

CUTS

A M O U N T

TO

BU T

R ED U C TIO N S.

In s t a t in g o n th e 6 t h in s t . t h a t w a g e c u ts th u s fa r e ffe c te d ,
w i t h w h a t m a y b e e x p e c t e d i n t h o f u t u r e , w ill a v e r a g e a b o u t
h a lf o f th o a m o u n t o f r a te r e d u c tio n s t h a t h a v e b e e n m a d e

F e lt o n o f th o C h ic a g o G r o a t W e s t e r n , s a y s :

b y th o r a ilr o a d s , I I . E . B y r a m , P r e s id e n t o f t h e C h ic a g o
Threats o f a striko, mado by loaders o f tho railroad labor unions, aro
M ilw a u k e e & S t . P a u l R a ilw a y , sa id :
appearing with such frequency that tho time seoms opportune for questioning
N obody can toll just whore tho roads will wind up In this readjustment,
tho soundness o f their talk. There is a very good roason for doubting
whothor tho mon thomsolves, that is, tho railroad employees, really aro in because tho wholo thing is new and m ust be worked out. A s matters
stand
tho wago cuts effected, with what m ay come, would figure about
sym pathy with resistance to tho decisions o f tho United States Railroad
one-half o f the amount of the rato reduction. N ow tho question is whether
Labor Board.
tho hoped-for Increase in volumo of traffic wiU bo sufficient to bridge over
Tho truth Is that tho men havo been oxpecting a reduction in their wages
tho difference and leavo tho railroads a reasonable balance. W o cannot
and havo mado, or aro making, preparations to meet tho now scalo. There
at
this time prophesy results.
is no talk o f striko among tho mon. Tho disturbing statements read by the
It is not now a question o f mathematics but one of conditions. The
public aro prepared by leadors o f tho unions, whoso viewpoint has been
coming
six months are the m onths in which rail traffic is at its best, and on
distorted by months o f effort before tho Board to resist tho inevitable
downward troiul of wages. Tho employees, on tho other hand, aro in tho Jan. 1 wo will bo In a better position to know where tho transportation
main sincerely interested in taking caro o f their Jobs and homes, and few business stands than wo aro now. Certainly I would liko to see traffic In­
crease to such an extont that wo would be in a position to help general re­
employees in any industry havo moro good reasons for doing so.
K
B.
M . Jowell, spokesman for theso railroad labor unions, lias soverelyadjustment moro.
W o are trying to give tho public what it wants in tho way of charges.
criticized tho decision of the Railroad Labor Board awarding the reduction in
W o havo reduced our freight rates and lowered our passenger fares for the
wages o f shop employees. Jewell says tho decision will cause employees to
believe tho Board is “ not an impartial court created to help the railroads six summer months. W o hope conditions M il work out in the interest of
everybody.
I foel tho Labor Board is doing everything in its power to
carry out their railroad policy.” Ho attacks tho wago award also on tha
exercise tho functions of an impartial body, working in the best interest
ground that tho proposed scales are lower than tho minimum required to
o f tho pooplo as a wholo.
P4
support the average fam ily according to American standards.
Th e public should not ovorlook the fact that in deciding the proposed
wages o f theso employees, maintenance ot way and shop, the Labor Board
which is a Government body, said after the reductions mado under this deci­
sion "th ese employees of the railroads will still bo receiving, as a rule, a wage
in excess o f that paid to similar employees in other Industries.” The
Board held, In its opinion, that, measured by tho present cost o f living, tho
average hourly wago o f machinists, for instance, after July 1, will still havo
1 9 % moro purchasing power than in December, 1917; thoso of carmen 4 6 %
moro purchasing power, and thoso of common labor 4 5 4 $ % moro. That
is to say, moastired by tho cost o f living, their wages will still be these per­
centages higher than at tho end of 1917.




LO C O M O TIVE

FIR E M E N

R E -E L E C T IO N

OF

E N E M Y
D e c la r in g

P r e s id e n t

A N D

E N G IN E M E N

P R E SID E N T
OF

H a r d in g

OPPOSE

H A R D IN G

A S

LABOR.
to

bo

“a

c o n s is te n t

and

u n r o lo n tin g e n e m y o f o r g a n iz e d la b o r ”

th e B r o th e r h o o d o f

L o c o m o tiv o

at

on

Juno

8

.F i r e m e n
a d o p ted

and
a

E n g in e m e n

re so lu tio n

u r g in g

H o u sto n ,

T e x .,

a ll i t s l o d g e s

and

m em bers

“ to o p p o s e h is r e -e le c t io n

w ith a ll th e ir e n o r g y .”

“ Tho good sought sought in unconstitutional legislation,” ho added, “ is an
insidious feature becauso it leads citizens and legislators o f good purpose to
promote it without thought of the serious broach it will make in tho ark o f
Whereas, W arren G . Ilarding, President of the United States, has in
our convenant or tho harm which will como from breaking down recognized
m any ways shown him self to be a consistent and unrelenting enemy of
standards. In tho maintenance o f local self-government, on tho ono hand,
organized labor in particular and o f the working classes in general; and
and tho national power, on the other, our country has been able to onduro
Whereas, W hen tho railroad train service employees of tho United States
and prosper for near a contury and a h a lf.”
had determined to oxerciso their economic power in resisting an ontiroly
O ut o f proper respect to a co-ordinate branch o f tho Government the
unjustifiable reduction in tho wages o f their m em bers, he declared ho would
Supremo
Court has gone far to sustain taxing Acts as such. Chief Justice
crush their organizations if they went on strike; and
T a ft continued, adding this had been done, “ oven though thero has been
Whereas, It behooves us to utilize our political power and exercise our
ground for suspecting from tho weight o f tho tax, it was intonded to destroy
right o f public franchise in tho protection of our economic and industrial
its subject.”
Interests;
“ B ut in tho A c t before u s,” he said, “ tho presumption of validity cannot
Resolved, T h at, as a measure o f self-defense, wo exert our best efforts to
provail because the proof o f tho contrary is found on tho very face o f its
prevent tho re-election o f the said W arren G . Harding as President o f tho
provisions. Grant tho validity o f this law and all that Congress would need
United States and that wo urge all our lodges and members of the United
to do hereafter, in seeking to take over to its control any ono o f tho great
States to oppose his re-election with all their energy, and that the editor
number o f subjects o f public interest, jurisdiction of which tho States have
o f the magazine bo instructed to direct the full influonco o f our official
never
parted w ith and which are reserved to them by tho Tenth Am endm ent,
publication against his re-election.
would bo to enact a detailed measure o f comploto regulation of tho subject
and enforce it by a so-called tax upon departures from it. T o give such
magic to tho word ‘ tax’ would bo to break down all constitutional limitations
T
’ HE
U.
S. S U P R E M E
CO U RT D E C IS IO N
H O L D IN G
o f tho powers o f Congress and completely wipo out tho sovereignty of tho
States.”
TH E C H ILD LABOR L A W
U N C O N STITU TIO N A L.
Revenue and Regulation.
H o ld in g t h a t th o C h ild L a b o r L a w , in c o r p o r a te d in th e
Whore tho sovereign enacting the law has power to imposo both tax and
R e v e n u e A c t o f F e b . 2 4 1 9 1 9 i n t e r f e r e d w i t h t h e p o li c e
penalty, the C hief Justice said, tho difforenco between rovonuo production
and mero regulation m ay bo immaterial, but not so when ono sovereign can
p o w e r s o f th e S t a t e s , th o U . S . S u p r e m e C o u r t o n M a y 1 5
imposo a tax only and tho power o f regulation rests in another.
d e c l a r e d t h e l a w i n v a l i d , a s n o t e d i n a n e d i t o r i a l a r t i c l e in
“ Taxes aro im posed,” ho added, “ in tho discretion o f tho Legislature on
o u r issu e o f M a y 2 0 , p a g e 2 1 7 5 .
T h e d e c i s i o n w a s in t h o
proper subjects with tho primary m otivo o f obtaining rovonuo from them
and with tho incidental m otive of discouraging them by making their con­
■case o f J . W . B a i l e y , C o l l e c t o r o f I n t e r n a l R e v e n u e ' v s J .
tinuance onerous. T h ey do not loso their character as taxes becauso of tho
J . G e o r g e , tr a d in g a s th e V iv ia n C o t to n M i lls , a n d th e
incidental m otive. B ut there comes a tim e in tho extension o f tho penalizing
q u e s t io n in v o lv e d w a s th e g r a n t in g o f a n in ju n c t io n a g a in s t
features o f tho so-called tax when it loses its character as such and becomes
a mere penalty with tho characterization of regulation and punishment.
th e c o lle c tio n o f th e ta x .
T h i s , th e S u p r e m e C o u r t h e ld , c a n ­
Such is tho case in the law beforo u s ."
n o t b e g r a n t e d u n d e r th e F e d e r a l la w s a n d th o c a s o w a s
T h e f o l l o w i n g is t h o r e s o l u t i o n .

reversed

on

th a t g ro u n d .

u n a n a im o u s .
“ D oes

It

th is

re str a in t

w as

la w

and

The

d e c is io n

d e liv e r e d

im p o se

a

r e g u la tio n

ta x

by
w ith

w h ic h

a

of

th o

C h ie f
o n ly

ta x

C ou rt

J u stic e
th a t

m u st

w as

T a ft.

in e v ita b le

u se o f th e s o -c a lle d ta x a s a p e n a lt y ?
e x c is e .

I f it w ere a n

th in g o f v a lu e

e x c is e o n

w e m ig h t n o t b e

I f a t a x , i t is c l o a r l y
a c o m m o d ity

p e r m itte d

d e c is io n s o f th is c o u r t to in fe r s o lo ly f r o m
th a t

th e A c t

th is A c t

in te n d s a

is m o r e . ’ ’

o f th e la w

and

p r o h ib itio n

A f t e r a n a ly z in g

its o p e r a tio n ,

th o

o r o th e r

u n d e r p r e v io u s

its h e a v y b u r d e n

in s te a d

of a

ta x .

But

th o p r in c ip a l fe a t u r e s

C h io f J u stic e s a id :

“ In

th e lig h t o f th e se fe a tu r e s o f th e A c t a c o u r t m u s t b e b lin d
not

to

see

th a t

th o

s o -c a lle d

ta x

e m p lo y m e n t o f c h ild r e n w it h in
“ Its

p r o h ib ito r y

p a lp a b le ,”

he

s ta n d th is.

and

“ A ll

im p o se d

to

sto p

th o

th o a g e lim it s p r e s c r i b e d .”

r e g u la to r y

added.

is

e ffe c t

o th e rs

and

can

pu rp ose

seo

and

are

un der­

H o w c a n w e p r o p e r ly s h u t o u r m in d s to i t ? ”

D e c la r in g

it

th o

d u ty

of

th e

C ou rt

to

d e c li n e

to

recog­

n iz e o r e n fo r c e la w s o f C o n g r e s s d e a lin g w it h s u b je c t s n o t
in tr u ste d
la n d

to

to

C on gress

th e

c o n tro l

b u t le ft

of

th e

t h e C o u r t m u s t p e r fo r m

by

th o

S ta te s,

s u p re m o la w

th e

of

th e

C h ie f J u s tic e

s a id

t h a t d u t y “ e v e n th o u g h it r e q u ir o

u s to r e fu s e to g iv e e f f e c t to le g is la t io n d e s ig n e d to p r o m o t e
th e

h ig h e st

th e

e x te n s io n

g o o d .”
of

“ T h ere

th e

com es

p e n a liz in g

a

tim e ”

fe a tu r e s

of

ho

sa id ,

th o

“ in

s o -c a lle d

t a x w h e n it lo s e s i t s c l i a r a c t o r a s s u c h a n d b e c o m e s a m e r e
p e n a lty

w ith

sh m o n t.
C on gress

th e

c h a r a c te r iz a tio n

of

r e g u la tio n

and

S u c h is t h o c a s e i n t h e l a w b e f o r o u s .
does

not

in v a lid a te

th e

co n tra ct

of

to

a c h ie v o

th e

la tte r

r e s u lt

by

its

e m p lo y m e n t

in te n t

a d o p tin g

pun-

A lth o u g h

o r e x p r e s s l y d e c la r e t h a t t h o e m p l o y m e n t w i t h i n
t i o n e d a g e s is i ll e g a l, i t d o e s e x h i b i t

th e

th e m e n ­

p r a c t ic a lly
c r ito r ia

of

w r o n g d o in g a n d im p o s in g its p r in c ip a l c o n s e q u e n c e o n th o s e
w ho

tra n sg ress

The
cu ssed
fro m

its

d e c is io n

s t a n d a r d .”

and

s a lie n t

so m e w h a t a t le n g th

of

th e

case

w ero

in p r e ss d is p a tc h e s o f M a y

d is ­
15

W a s h i n g t o n , w h ic h h a d th o f o llo w in g to s a y :

T h e law, enacted in 1919, was intonded to regulate the em ployment o f
Children In any m ill, cannery, workshop, factory or manufacturing establ­
ishment under the age o f fourteen or in any mino or quarry under sixteen
years by imposing an excise tax o f 1 0 % upon tho net profits of those employ­
ing such labor.
It was attacked on tho ground that it attempted to regulate
an exclusively State function, in violation o f tho Federal Constitution and
the Tenth Am endm ent and was dofended as a mero excise tax levied by
Congress under its broad power o f taxation conferred by tho Federal C on­
stitution.
Tho law was attacked in the Supreme Court b y three cases from North
Carolina, appealed by tho Government; two o f theso, tho Atherton M ills
and that by John J. George and others were dismissed on technicalities,
but the case brought by the Drexel Furnituro C om pany was found In proper
form and it was in that the law was declarod invalid.
No

Dissent

Announced.

T h e opinion was delivered by C hief Justice T a ft, with no dissent announc­
ed. Tho caso was discussed at length, in view of previous decisions involv­
ing questions bearing upon the taxing power of Congress, and tho law was
held invalid as an attem pt by Congress to rogulato through its taxing
power something entirely within the jurisdiction of tho various States in
the exercise of their plico power.
Officials o f the Internal Revenue Bureau declined to discuss tho decision
until they had an opportunity to read tho full opinion, but said the amount
o f money Involved in taxes was small and that tho Child Labor Buroau,
employing about fifty persons, would bo discontinued.




As

a r e s u lt o f

FORMED

TO

A B O LISH

LABOR.

t h e d e c i s i o n o f t lio U .

S . Su prem e

C ourt

d e c la r i n g t h e C h i l d L a b o r L a w u n c o n s t i t u t i o n a l , a n o r g a n i z a ­
tio n h a s b e e n f o r m e d w h ic h a s fo r its p u r p o s e th o “ a b s o lu t e
a b o lit io n o f c h ild la b o r in th e U n i t e d S t a t e s .”

T h o o r g a n iz a ­

t io n , k n o w n a s “ T h e P e r m a n e n t C o n fe r e n c e fo r th o A b o lit io n
of

C h ild

L a b o r ,”

W a sh in g to n J u n e

is

th o

o u tg r o w th

1 , c a lle d b y

of

a

m o o tin g

h o ld

o f th o A m e r ic a n F e d e r a tio n o f
G om pers

w as

m ade

L a b o r , w h ic h w a s a tte n d e d

p erm an en t

o f te n w a s a p p o in te d
and

“ th e

best
th e

h e a r in g

on

c h ild

m itte e ,

M r.

C h a ir m a n .

A

M r.

c o m m itte e

to d r a ft a c o n s t it u t io n a l a m e n d m e n t

fo rm

a d d r e ssin g

in

S a m u o l G o m p o r s , P r e s id e n t

b y s p o k e s m e n fr o m a n u m b e r o f n a tio n a l a s s o c ia t io n s .

of

la w ”

c o n fe re n c e
la b o r

to

and

b e fo r e

G om p ers

C o m m i t t e e is a g u i d e

s a id

m eet

th o

s itu a tio n .

c o m m e n tin g
th o

th a t

H ou so
“ if

on

a

J u d ic ia r y

th o

a ttitu d o

In

rocent
Com ­
of

th o

to C o n g r e s s io n a l s o n tim e n t w e h a v e

a fig h t o n o u r h a n d s , stra n g e a n d m id -V ic to r ia n a s th e y m a y
s e e m .”

M r.

G om pers

sa id

th a t

C on gressm en

w oro

en­

g r o s s e d in m a t t e r s w h i c h t h e y d e e m e d o f m o r e c o n s o q u e n c o ,
“ in th o s t e r n b u s in e s s o f g e t t in g r e -e l e c t e d .”
w ho
th e

m ot

w ith

Federal

M r.

G om pers

C o u n c il

of

w ero

C h u rch es;

D r.

E.

M rs.

A m o n g th o se
O.

W a tso n ,

F lo r e n c e

of

K e lle y ,

G e n e r a l S e c r e ta r y o f th e N a t io n a l C o n s u m e r s ’ L o a g u o , a n d
M a t i ld a L in d s a y , r e p r e se n tin g th o N a t io n a l W o m e n ’ s T r a d e
U n io n L e a g u e .

O r g a n i z e d l a b o r w o u l d p r o fo r t h a t C o n g r e s s ,

if p o s s ib lo , m e e t th o s it u a t io n w ith le g is la t io n , M r . G o m p o r s
t o ld

th e

H ouso

c o n s t it u t io n a l

J u d ic ia r y

am endm ent

C o m m itto o ,
in

th o

but

event

c o u ld n o t b o a c c o m p lis h e d w it h o u t i t .

a d v o ca ted

th o
A

sam e

a

p u rpose

b ill d r a ft e d b y a

W a s h in g t o n a t t o r n e y a n d b a s e d o n th o F o u r t e e n th A m e n d ­
m ent

to

th e

in v o lu n ta r y

a sp e cts

O R G A N IZA T IO N
CH ILD

in ­

v o l v e .'* ’ ’ t h e C h i e f J u s t i c e a s k e d , “ o r d o e s i t r e g u l a t e b y t h o

an

N A T IO N A L

in c id e n ta l

C o n s titu tio n ,

se r v itu d e ,

w h ic h

except

as

a

p r o h ib its

s la v o r y

p u n ish m e n t

w a s p r e se n te d to th e c o m in itte o b y M r . G o m p o r s .
w o u ld

m a lc o

any

c o n tra c t

e n te re d

in to

by

a

fo r

and

c r im e ,

T h o b i ll

c h ild

under

fo u r te e n y e a r s v o id o n g ro u n d s o f in v o lu n ta r y s e r v itu d e .
In

th e

N ovem ber

e le c tio n

th o

A m e r ic a n

F e d e r a tio n

of

L a b o r w i ll m a k e i t s c h i e f is s u o , i t is s t a t e d , t h o a d v o c a c y o f
a

c o n s t it u t io n a l a m e n d m e n t

U n ite d

to

p reven t

S t a t e s , in a n e ffo r t to o v e r c o m o

S u prem o

C ourt

n u ll a n d v o i d .

d e c is io n

d e c la r i n g

th o

c h ild

la b o r

in

th o U n it e d
C h ild

Labor

th e

S ta te s
Law

I n a s t a t e m e n t o n th o s u b je c t o f c h ild la b o r

o n M a y 2 5 S a m u e l G o m p e r s sa id :
America m ust find a way to abolish com pletely child labor.
Tho Supreme Court has twico ruled against tho children, and there is
nothing to be done about it. W o cannot look for anything to tho Supremo
Court. B ut we can and m ust secure a constitutional am endm ent, so that
tho Supreme Court cannot again refuse freedom to tho children.
I have boon assured that our representatives will bo accordod a hearing
by tho House Judiciary Com m ittee, of which Congressman Volstead is
Chairman. W o aro hoping that tho hearing will take placo on Juno 1,
tho day o f the opening of the conference.
In the conference thero will bo present representatives of millions of mon
and womon. They will speak directly for their organizations, but they will
speak in reality for the wholo country and for the childron yot to como,
as well.
W o m ust centre all possiblo effort on this final ondoavor to emancipate
childhood— a fight in which the American Federation o f Labor has boon
engaged from the first year of its oxlstenco.

Witli regard to the soldier bonus, M r. Anderson said:
B. M. ANDERSON JR. ON BUILDING UP OF BUSINESS
— SETTLEMENT OF REPARATIONS A N D CANCEL­
LATION OF WAR DEBTS NECESSARY.
In discussing “ Tho Rovival of Business and What Must
Bo Done to Attain and Maintain It,” Benjamin M . Ander­
son Jr., Ph.D ., Economist of tho Chase National Bank of
New York, said that in building solid business “ the main
thing is to got our economic life into equilibrium. Equilib­
rium of prices and costs,” he said, “ must be reached and
maintained and a proper proportion in the growth of dif­
ferent kinds of industries must bo restored and maintained.
Ho also declared that to build up real and enduring pros­
perity in tho United States, we must help Europe out;
among other things, he said, this involves a rational settle­
ment of tho German reparations question, and the willing­
ness of tho United States and Great Britain to cancel tho
war debts of their continental Allies to them, as well as tho
willingness of tho bankers of the United States, Great
Britain and Japan to place largo blocks of now European
securities. M r. Anderson’s remarks on this point follow.
Ordinary crises usually grow out o f maladjustments between prices and
costs, and out o f tho over-development o f certain industries accompanied
by tho under-dovolopmcnt or starving o f certain othors. Tho granting of
unsound credits based on exaggerated expectations enormously complicates
the matter. Tho inability to expand credits to solvent businesses when
tho crises camo meant that crises became financial panics, and currency
panics in tho old days— an evil from which our Federal Reservo System
saved us in tho last greatest crisis o f all.
From tho standpoint o f further progress on this side o f tho water wo
are in the main on tho right road. Wo have scaled down costs and prices
and wo are still scaling down costs. Tho man who raisos prices with tho
first real impulse of roviving demand is likely to experience a set-back.
It is hotter to work toward reducing costs and increasing volumo.
Tho recent reduction in railway rates and railway wages ought to help
substantially. It is to bo regretted that tho Intcr-Stato Commorco Commis­
sion felt itself obliged to use tho rough and ready method of horizontal
rate reduction instead o f making a discriminatory reduction, greatest on
articles whero bulk is largo and valuo is low, and least on articles wlicro
bulk is small and valuo is great. Tho old-fashioned railway men know how
to do this. It would havo been better if tho railways had themselves
initiated rato reductions, based on the experience of their traffic men,
making discrimination in accordance with tho principle o f “ what the
traffic will bear.” Rato reductions o f much greater benefit to business
men could havo been accomplished by this method, which would at tho
same timo havo left railway gross and not revenues substantially greater
than they will bo under tho actual rato reductions mado.
Wholesale sweeping changes in prices, wages, or anything else, mado by
regulatory bodies, cannot havo nearly the beneficial influence that P ccc
meal changes in prices and costs, worked out by a multitude of business
men each studying his own particular problem, havo. The free play or
competition operates as a far better regulator of prices and rates than any
Governmental regulation can possibly bo. In cases whero competition
is inadequate or undesirable, as is tho case with the railroads, there must
must bo public regulation, but oven there it would be better if tho men
actually handling the operations, actually studying the effect o f rates on
volume of traffic and on tho movements o f goods, could havo a largo voice
in initiating cliangcs. Tho moro floxiblo and competitive our industrial
system can bo, the quicker and the moro soundly based will bo its readjust­
ment to changing conditions.
To build up real and enduring prosperity in tho United States, however,
we must also help Europe out. This involves many elements, but they may
bo outlined briefly:
..
As the great creditor of Continental Europe, and as tho prospective
sourco of new loans, wo aro in a position to exert great influence in bringing
about reforms on tho continent of Europe without which Europe can make
little headway. Theso reforms involve:
(a) A great curtailment o f public expenditures and a great increase in
taxation such that public revenues exceed public expenditures by enough
to permit some amortization o f public debt.
( b ) Currency reform directed toward tho early restoration of tho gold
standard. Without sound money business men aro greatly hampered and
whon tho money of a country fluctuates in valuo, as the paper money of
Continental Europo has done for tho last few years, speculation takes the
place of business, extravagance takes tho place o f thrift, and demoralization
is very great. It should bo recognized that tho Continental belligerents
cannot restore tho gold standard at tho old gold pars. They will bo well
advised to scalo down tho nominal values o f their currencies to a point where
they can actually redeem them in gold, naming new and much lower pars,
and then beginning actual gold redemption.
(c) There must bo a rational settlement of tho German reparations
question based on a careful study of actual economic conditions and
divorced from political considerations.
(d) Continental Europo must greatly mitlgato tho artificial trado
barriers which havo grown up since tho war, particularly among tho now
States of Eastern Europo, in which each hampers tho trado of tho others
and in which none gains.
In consideration o f reforms liko theso on tho Continent of Europe the
Government of tho United States and tho Government of Great Britain
ought to bo willing to cancel tho war debts of their Continental allies to
them, and the bankers of tho United States, Great Britain and Japan
ought to bo willing to undertake to place large blocks of new European
securities with investors. The lenders o f tho new funds ought, however
to retain control over tho purposes for which tho new money is to bo used
to mako suro that It is used for essential purposes.
Control over tho now funds lent, howover, should not moan that Con­
tinental Europo is obliged to spend tho money in the countries which
advanco tho funds. Europo should bo freo to buy tho things that sho
really needs in tho cheapest markets, wherever thoso markets aro. We
cannot really help Europo unless wo adopt a generous international Policy
which alms at world rovival. Methods designed to let America do all o
tho selling and none o f tho buying, whether they bo protective tariffs,
discriminations against foreign shipping, selfish strings tied to foreign
loans, or other similar practices, must bo rigorously frowned upon. Very
especially must it bo emphasized that our efforts to help Europe out will be
baffled, if not wholly defeated, if our Congress imposes protective tariffs
of the kind now under consideration.




T h e S o ld iers’ B o n u s .

America to-day is tho ono country in the world whero Government finance
is absolutely sound and currency on an unshakable gold basis, with the gold
standard maintained in its full integrity by actual unhesitating redemption
on domand, and with full freedom of gold export. Whatever else we do,
wo must not weaken tho position, either of tho United States Treasury, or
o f our banking and currency system. I f we let loose the sheet anchors of
sound money and financo in tho United States, then the whole world is
adrift and tho possible consequences to us and to tho whole world for the
next generation would bo too ghastly to face. Wo must protect both our
Federal Reserve System and the United States Treasury from political
pressure and political raids. I f now burdens are to be thrown upon the
Treasury, now taxes must be provided. The existing tax burden, inequita­
bly apportioned, is a very heavy drag on business, and new taxes would be
extremely burdonsomo and depressing. But burdensome as new taxation
would bo to business at tho present time, it would be far better than for us
to allow our Government to fall into the primrose path o f chronic deficits.
It is easy for legislative bodies, subject to pressure on the one hand from
taxpayers, and pressure on the other hand from thoso who would raid the
Treasury, to try to satisfy both interests by voting expenditures without
providing rovenues. Powerful elements in Congress aro at this moment
proposing to place gigantic burdens upon the Treasury in connection with
tho Soldiers’ Bonus without providing a penny of new revenue to meet
tho burden. As a citizen I resent the brazen effrontery of that minority
of tho able-bodied votcrans who demand public money for this purpose;
as a student of public financo I deplore the reckless short-sightedness and
cowardice of thoso who would vote this burden upon tho Treasury without
placing tho Treasury in a position to bear it. A Bonus Bill without revenue
provisions would bo a crime against the financial integrity of our Govern­
ment and against tho financial and economic futuro of the world.

REGINALD McICENNA, T. W. LAMONT AND DR. VIN­
CENT TO SPEAK A T AN N U AL CONVENTION OF
AMERICAN BANKERS' ASSOCIATION.
Indications that Europe’s financial situation will have a
first-hand hearing by American bankers aro seen in the
selection of tho R t. Hon. Reginald McKenna, former
Chancollor of tho British Exchequer, and an outstanding
figuro in European finance, as one of tho chief speakers at
the annual convention of tho American Bankers’ Association
to bo hold in Now York, Oct. 2 to 6. It is announced that
ho had accepted tho invitation. M r. McKenna, who is
now Chairman of the London Joint City & Midland Bank,
lias had a distinguished career in English public affairs. He
entered public lifo'from tho practice of law as a member of
Parliament in 1895. He subsequently occupied tho posts of
Financial Secrotary of tho Treasury; President of the Board
of Education; First Lord of the Admiralty; Home Secretary;
and Chancollor of tho Exchequer. His addresses on repara­
tions, inter-allied debts and other great international linancial questions havo attracted world-wide attention.
In line with this plan of giving a world character to dis­
cussions boforo tho convention, it was also announced that
Thomas W . Lamont, member of the firm of J. P. Morgan &
Co., will likewise speak, delivering a keynote address on
financial conditions. Mr. Lamont for years has taken a
leading part in American financial affairs in China and
Mexico, and recently has been particularly active in studying
this country’s relations with Europo, having just returned
from a financial conference in Paris. Another speaker
before tho convention will be Dr. George E. Vincent, Presi­
dent of tho Rockefeller Foundation, formerly President of the
University of Minnesota, and an authority on education.
PENNSYLVANIA BANKERS ASSOCIATION ENDORSES
W. P. G. HARDING FOR REAPPOINTMENT
TO FEDERAL RESERVE— ALSO APPROVES
A D M I N STRATION
OF
COMPTROLLER
CRISSINGER.
The reappointment of W . P. G. Harding as member
and Governor of the Federal Reserve Board, was urged
by tho Pennsylvania Bankers’ Association in resolutions
adopted at its “ silver anniversary” convention held at
Pittsburgh M ay 24, 25 and 2G. Tho Association also
registered its “ deep and abiding appreciation of the splendid
services rendered aliko to Nation and to business by the
Foderal Reserve System; it likewise expressed its “ hearty
approval of tho administration of the Bureau of the Comp­
troller of tho Currency under the present incumbent, D .
R. Crissinger,” and paid tribute also to the services of
Andrew W . Mellon as Secretary of the Treasury. The
The following aro the resolutions:
F e d e r a l R eserv e S y stem .

W HEREAS, Unwarranted attacks and unfounded criticism have been
directed against tho Federal Reserve System by selfish advocates of unsound
banking principles, now, therefore bo it
RESOLVED, That tho Pennsylvania Bankers’ Association in convention
assembled strongly condemns any and every attempt to introduce into the
administration of that System partisanship or classism as subversive o f the
best interests of American businoss and destructive o f tho confidence in
and porpotuity o f tho System itself; and be it further
„
RESOLVED, That this Association now records its deep andf abiding
appreciation of tho splondid services rendered aliko tojNation and to.business

b y tho Foderal Reserve System, and its administration b y the Federal
R eserve B oard during the trying period o f the war and o f reconstruction
since the war; and expresses its continued confidence in tho fairness, ability
and loya lty o f thoso who have thus so faithfully and successfully directed
Its affairs.
T r i b u t e to G o v e r n o r T I a r d i n g .

W H E R E A S , Tho Pennsylvania Bankers’ Association takes form al notice
o f the fact that the torm o f office o f H on. W . P . G . H arding, Governor
o f the Federal Reserve B oard, will expire in August 1922, and,
W nE R E A S, E ver since the establishment o f the Federal Reserve System,
the personal sorvices o f G overnor Harding have been o f outstanding benefit
to the banking and business interests o f the entire country, and,
W H E R E A S , He has shown a high order o f leadership in handling tho
problem s which havo arisen during this d ifficult financial period, n is
w ork in interpreting for the N ation the functions and policies o f the Federal
Reserve B oard has been o f a very distinguished order; and,
W H E R E A S , There is every reason for tho fullest confidence in Govornor
Harding, particularly because o f his experience with all tho operations o f
tho Federal Reserve System. Therefore bo it
R E S O L V E D , That the Pennsylvania Bankers’ Association, feeling that
to discontinue his services at this tim e w ould bo a serious loss to the country
strongly urges upon the President tho re-appointm ent o f G overnor Harding
as M em ber and Governor o f the Federal Reservo B oard.
T r ib u te to C o m p tr o lle r C r is s in g e r .

R E S O L V E D , That this A ssociation, com posed as it is o f banks operating
under b oth State and national charters, expresses its hearty approval o f the
administration o f tho bureau o f tho Com ptroller o f tho C urrency under tho
present incum bent, M r. D . R . Crissinger, who b y his im partial, sym pathetic
and constructive attitude has won tho confidence o f banks and bankers
everywhere.
T r ib u te to H o n o r a b l e A n d r e w

W . M e l l o n , S e c r e ta r y o f th e T r e a s u r y .

R E S O L V E D , T hat this Association takes this opportunity to express its
cordial appreciation o f the brilliant statesmanship o f tho distinguished
Secretary o f tho Treasury, H on. Androw W . M ellon, shown in tho adminis­
tration o f tho Treasury during the m ost trying fiscal period since the Civil
W ar or, perhaps, sinco the organization o f tho Departm ent undor tho
illustrious Alexander Ham ilton, and be it further
flJJiVjlS?
P*R E S O L V E D , That wo express to M r. M ellon our deep adm tration’ o f
tho high courago and unflinching purpose he has constantly and helpfully
displayed in tho con du ct o f his D epartm ent, especially in his stand on tho
so-called bonus bills, and pledge him our continued loya lty and support
in tho difficult fiscal days yet to com e.

ITEMS ABOUT BANKS, TRUST COMPANIES, ETC
One hundred shares of National Bank of Commerce stocl<
were sold at the Stock Exchange this week and twenty shares
of Gotham National Bank stock were sold at auction. Nc
sales of trust company stocks were made either at tin
Stock Exchange or at auction.
S h a res.

Bank.

S to ck E x c h a n g e .
L o w . H ig h ,

100 N ational Bank o f C om m erce. . 270

272

C lo se.

2 72

L a s t P r e v i o u s S a le

M a y 1922

268'a

A u ctio n .

20

G otham N ational B a n k ..........184H 184H 184JS

Three New York Stock Exchange memberships wen
reported posted for transfer this week, the consideration
being stated as $96,000, $99,000 and $96,000, respectively
At a special meeting of the stockholders of the Hanovei
National Bank of this city on June 6, the proposal of tin
directors to increase the capital of the bank from $3,000,00(
to $5,000,000 by tho declaration of a 66 2-3% stock dividenc
was approved. The new stock increase has'been approvec
by the Comptroller of the Currency. The new stock wil
pay dividends at the annual rate of 24% , which would bt
equivalent to 40% on the old stock. Reference to the
increase appeared in our issue of M ay 6. Tho following is
tho notice issued by tho bank on June 7 announcing the
ratification of the plans by tho stockholders:
2 o the Shareholders of the Hanover National Bank of the City of Nciv York;
,u are h°rcby informed that at a special meeting o f tho shareholders
adoptedbank h°ld Jlm° ° 1922 th6 followlng resolution was unanimously
. Fesofeed, That, under the provisions of the Act o f May 1 lS.Sfi the panlf-al
totaf
canit-il^Tnn^nnnb°
n reaSM
the sumshall
of * 2bo
,000,000
making
the
local capital
>55,000,000. The
said V1
increase
made hv
a sinr-v
dividend from the undivided profits of tho b a n k /’
y
k
onn'nnn1? t0 1“ ? resolutIon the board o f directors has transferred 82,­
000,000 in cash from tho undivided profits account to capital account in
payment for 20,000 shares o f increased capital stock, and has declared
a stoek dlvidond o f 20,000 shares distributable pro rata to the shareholders
o f this bank on Juno 6 1922, according to their holdings on that day. Tho
increase o f stock and tho action o f tho shareholders wore approved by tho
Comptroller o f tho Currency on June 7 1922.
- r^ °r “ J* t.hree sharos o f stock bold by you on June 6 1922 you are, there­
fore entitled proportionately to two additional shares of stock. A now
book o f stock certificates, showing tho increased capitalization, has been
prepared
Please present to this bank, as soon as convenient, properly
endorsed for assignment in blank, the certificate or certificates for the
.
f*ar\d‘ ng in y ° ur nam0. and a new certificate will bo delivered
to you for the total number of shares to which you are entitled. Including
the shares due to you under the stock dividend. If you forward your
o7 w[dTrsin^fih ° Ck
16 ‘S SUggustccI' for boater safety, that Instead
o f endorsing tho certificates, you execute and mail the enclosed power of
attorney to transfer the stock, in a soparato envelope addressed to tho bank
Your prompt action in this matter is respectfully requested.
By order o f the Board.
W ILLIAM E. CABLE, Jr.t Cashier,

Lincoln Trust Co., as stated in our issue of Feb. 18, was
acquired by interests identified with Mechanics & Metals
National Bank of this city on Feb. 17, with tho ultimate
object, it was announced, of merging both institutions and
continuing the head offices and branches of the Lincoln
Trust as branches of the Mechanics & Metals National Bank.
f

That a gift of $500,000 had been made to the New York
City Hospital by George F. Baker, Chairman of the board
of directors of the First National Bank, was announced by
Edward W . Sheldon, President of the board of governors
' of the Society of the New York Hospital, at a meeting of
the board on Tuesday of this week, June 6. In our issue of
last week, June 3, page 2438, we referred to M r. Baker’s
gift of $1,000,000 to the Metropolitan Museum of Art.
For the past 23 years M r. Baker has been one of the gover­
nors of the New York Hospital and is a member of its finance
committee. In 1912 ho made a gift of $250,000 to the insti­
tution. M r. Baker’s fellow members on tho board of gov­
ernors in accepting his gift on June 6 unanimously adopted
the following resolution;
T ho Governors o f the Society o f tho N ow Y o rk H ospital aro profoundly
grateful to George F. Baker for tho m unificent gift m ade b y him for tho
purposes m entioned in his letter o f M a y 29 1922. T ills is the second tim o
that he has given the institution m ost liberal and stim ulating aid. T o carry
out his wish, expressed in that letter, it was thereupon unanim ously
R e s o l v e d , That tho S ociety o f tho N ew Y ork H ospital gratefully accepts
M r. George F . Baker’s gift o f five hundred thousand dollars o f United
States V ictory Loan 3 M % notes to constitute a part o f its endowm ent
fund, tho incom e to be used for the corporate purposes o f tho Society; and
it was further unanimously
R e s o l v e d , T hat as a permanent memorial o f M r. Baker’s ablo and valu­
able services as a Governor o f the Society since 1899, this gift bo denom i­
nated the George F. Baker E ndowm ent Fund, and that there bo transferred
to it the .$250,000 givon b y M r. Baker to tho Society, w ithout restriction,
in 1912, and as at present invested, to constitute a single fund o f 8750,000,
to be held upon tho terms specified in M r. B aker’s letter o f M a y 29 1922 .

The Capitol National Bank, New York’s newest insti­
tution, opened its doors for business on Monday of this
w’eek, June 5. The new institution is located at Seventh
Avenue and Thirty-seventh Street, in the heart of the
garment industry. The Capitol National has a capital of
$2,000,000 and a surplus of $500,000. The stock of the
new institution (par $100) was sold at $125 per share. Tho
officers of the now bank ai’e: Max Radt, President; Joseph
Durst and William S. Fitzsimmons, Vice-Presidents; William
L. Clow, Cashier; Hugo S. Radt, Assistant Cashier. Tho
directors aro: President Max Radt, Vice-President Durst,
Vice-President Fitzsimmons, Emil Eisomann, Robert J.
Leonard, James Edgar Morris, Robert Sherman Ross, Arthur
Worth, Edmund Wright, M . J. Stroock and Ralph A. Day.
Reference to the organization of the new institution ap­
peared in our issues of Aug. 6, Aug. 20 and Dec. 10.
In its issue of June 8 the “ Wall Street Journal” stated
that “ Chatham & Phenix National Bank is negotiating to
take over tho Union Exchange National Bank. The ti’ansaction is expected to be put through soon.” Upon inquiry
at the first named institution we learn that there is no in­
formation available at this time, as nothing has boon con­
summated as yet.
Hugh F. Donelly, formerly Assistant Secretary of tho
Italian Discount and Trust Company of this city, has beon
elected Cashier of the Poople’s Commercial Bank of this city.
^ Luigi Podesta, representative of the Royal Institute of
Exchange, of Italy, has been elected a director of tho Italian
Discount and Trust Company of this city, in lieu of Eugene
W . Stetson, resigned.
William Shippen, President of the First National Bank of
Hoboken, died on M ay 31. M r. Shippen was sixty-four
years old. He became associated with tho First National
Bank as a Director in 1902 and later became a Vice-President
of that institution. In 1913 M r. Shippen was made Presi­
dent.

1he I irst National Bank of Jersey City, N . J., opened its
large and handsome ten-story building with special cere­
monies on June 3. Tho now building, which is one of the
most attractive and modern buildings in New Jersey, is
located at the corner of Exchange Place and Hudson St.
An. application to convert the Lincoln Trust Co. of New It was erected at a cost of $3,000,000. It is completely
York into the Lincoln National Bank of New York with a
equipped with every banking facility. Tho banking room
capital of $2,000,000 has been made to the Comptroller of
of the bank is an immense size, being approximately 100 feet
the Currency. The controlling interest in the stock of the long by 80 feet wide, nd has a unique wood Italian coffered




ceiling treatment, with walls of Noisetta stone throughout. C. Davis, head of the trust’ department of the Pasadena
The entire banking screen and the main elevator lobby are branch of tho institution was made a Vice-President; Joseph
in black and gold marble and the two columns at tho entrance C. Caunt, a Vice-President was made Manager of the
of the new building are, it is said, the largest columns of Pasadena branch; and Ira Thomason of the Hollywood
this marble ever constructed. The bronzo and white metal branch, of tho head office, wero made Assistant Secretaries.
work were installed by Gorham Company. Ono of tho
features of the new building is a silver tablet showing a
FEDERAL RESERVE BOARD ON PAR CHECK COLLEC­
likeness of Edward F. C. Young, formerly President of the
TION CONTROVERSY.
institution, bearing the inscription, “ Erected by the lirst
( C o n t i n u e d f r o m p a g e 2535.)
National Bank to Edward F. C. Young, officer of this bank
Supremo Court of the UnPcd States. No. 679, October Term, 1920.
from 1879 to 1908. Born, January 25 1835; died Decem­
American Bank & Trust Company et al.l
, . m
TT . . .
Anncllants
IAppeal from the United States
ber 8 1908.” Governor Edward I. Edwards of New Jersey
ppc lai t ,
i circuit Court of Appeals for
is President of the First National.
Federal Reserve Bank of Atlanta, Georgia,! the Fifth Circuit.
'

9

’

Horace M . Lee resigned M ay 31 as Secretary-Treasurer
and also as a trustee of the Philadelphia Stock Exchange.
The new Secretary is Pennell C. Kirkbride.
Ar hie D. Swift has been elected Vice-President of the
Central National Bank of Philadelphia, Pa., retaining his
present position of Cashier.
The Liberty Bank of Wilkes-Barre, Pa., announces that
its title has been changed from Liberty Bank to The Liberty
State Bank. Tho officers of tho institution are Thomas F.
Farrell, President; F. C .Wintermute, Vice-President;
George Yesko, Cashier, and John Petro, Assistant Cashier.
A special meeting of tho stockholders of the Bank of
Pittsburgh, N. A ., Pittsburgh, will be held on Tuesday
July 11 for the purpose of voting for or against a proposed
increase in the capital of tho institution from $2,400,000 to
$3,000,000 by the declaration, it is understood, of a stock
dividend of 25% out of the undivided profits of the bank.
Tho Buckeye National Bank of Findlay, Ohio, and the
Commercial Bank & Savings Co. of Findlay, Ohio, will be
consolidated on Juno 30 as the Buckoye-Commercial Savings
Bank of Findlay. The Buckeye National Bank has a
capital of $100,000 and deposits of about $3,000,000. The
Commercial Bank & Savings Co. has a capital of $125,000
and deposits of about $1,175,000. Tho capital of the
consolidated institution will be $375,0G0 fully paid. The
additional stock is being disposed of at $150 per $100 share.
The onlarged capital will become effective with the con­
summation of the consolidation Juno 30.
Philipp L. Schneider has resigned as Vice-President and
Manager of the National Bank of Commerce of Columbus,
Ohio. M r. Schneider retains his position as a director of
tho bank. Ho was ono of the organizers of tho National
Bank of Commerce in 1900, becoming its first Cashier.
At a recent meeting of tho board of directors of tho Na­
tional Bank of tho Republic of Chicago, Samuel W. Whito
was elected a Vice-President and will assume his new duties
July 5. Mr. White has been with Lee, Iligginson & Co., in­
vestment bankers, for fifteen years, having gone with them
after leaving Harvard University in 1907. He was born in
Louisville and received his early education in the Louisville
public schools. Mr. Whito is thirty-fivo years old and ranks
as one of tho youngor Vice-Presidents of tho larger city banks.
In 1921 ho was Chairman of the Finance Committeo of tho
Investment Bankers’ Association, and is still a member of
that committee, as well as of tho membership committeo of
that organization.
Announcement is made of tho organization of the Detroit
Company of Detroit, M ich., to deal in municipal and cor­
poration bonds. It is closoly identified with tho Detroit
Trust C o., and has been organized in order to properly caro
for the increase and development of the trust company’s
bond business outside of Michigan. Its officers aro as fol­
lows:
Ralph Stone, President.
Sidney T . Miller, Vice-President.
James E . Danahor, Vice-President.
McPherson Browning, Vice-Prosldont.
Henry Hart, Secretary.
Charles B. Crouso, Treasurer.

.

The Dotroit Company has opened offices in Chicago in
tho Continental Bank Building, and has appointed Robert
C. Orr as manager of its Chicago office.
At a mooting of the Board of Directors of tho Security
Trust & Savings Bank of Los Angeles, Cal., on M ay 16, R.




Ct a1'
(M ay 16 1921.)
M r. Justice Holmes delivered tho opinion of the Court.
This is a bill in equity brought by country banks incorpcrated by the
State of Georgia against, the Federal Reserve Bank of Atlanta incorporated
under the laws of the United States, and its officers. .
ln
State court but removed to the District Court of the United States on
the petition of the defendants A motion to remand was made by the
plaintiffs but was overruled. The allegations of the bill may bo summed
up in comparatively few words. The plaintiffs are not members of the
Federal Reserve System and many of them have too small a capital to
permit their joining it— a capital that could no« bo *ncreas<^ to the
quired amount in the thinly populated sections of the country^where they
operate. An important part of the income of tlieso s m a ™ n
charge for the services rendered by them in paying checks drawn upon
them at a distance and forwarded, generally by jt^er biwto, th r o u ^ the
mail. Tlie charge covers the expense incurred by |he paying bank and
a small profit. Tho banks in the Federal Reserve System are forbidden
to make such charges to other banks in the system. U ederal Reserve Act
of Dec. 23 1913, eh. 6. sec. 13: 38 Stat. 263: amended March 3 1915.
cli. 93: 38 Stat., 958: Sept. 7 1916. ch. 461 ; 39 Stat.,,752,.a n d J u n e 21
1917, ch. 32, secs. 4, 5: 40 Stat , 234. 235 ) It is alleged that.in piirsuance
of a policy accepted by the Federal Reserve Board tho defendant bank
has determined to use its power to compel the plaintiffs and others in like
situation to become members of the defendant, or at least tP
Jr, ''A .,.
member clearing account with defendant, and thereby under
defendant, s
requirements, to make it necessary for the plaintiffs to nmmtain a muen
larger reserve than in their present condition they need. This diminution
of their lending power, coupled with the loss of the. profit caused by tno
above-mentioned clearing of bank chocks and drafts at par, will uri .
some of the plaintiffs out of business and diminish the income of all- to
accomplish the defendant’s wish they intend to accumulate checks upon
the country banks until they reach a large amount and then to cause them
to bo presented for payment over the counter or by other dovices detailed
to requiro payment in cash in such wise as to compel the plalntiirs to
maintain so much cash in their vaults as to drive them out of business or
force them, if able, to submit to the defendant s scheme. It is alleged that
the proposed conduct will deprive the plaintiffs of their property without
due process of law contrary to the fifth amendment of the Constitution
and that it is ultra vires. The bill seeks an injunction against ithe defend­
ants collecting checks except in the usual way. The District Oourti clis
missed tho Dill for want of equity and its decree was affirmed by the Cirmut
Court of A ppoals (Nov 19 1920). The plaintiffs appealed, setting up want
of jurisdiction in the District Court and error in the final decree.
Wo agreo with the court bolovv that the removal was proper. I he prin­
cipal defendant was incorporated under the laws of the United States
that has been established as a ground o f jurisdiction smee Osborne vs.
Bank of tho United States (9 Wheat , 738; Pacific RailroadRemoval Cases,
115 U. S., 1; Matter of Dunn, 212 U. S., 374) . We shall say but a word
in answer to the appellants’ argument that a suitagalnstsuch ^ ^ r P °r<* o
is not a suit arising under those laws within Section 24 of the Judicial Code
of March 3 1911 (c. 231: 36 Stat.. 1087). The co.nlr:^ y ] 3^ s^blishedand
tho accepted doctrine is intelligible at lease since it Is'
^ c o r n case that the defendant bank existed and exists asan^entity <^pable of com
mltting the wrong alleged and of being sued. These facts deprad upon
the laws of the United States. (B a n k ers^ u sf Co. vs. Texas & Pacific
R v On 04.1 tt a 2Q R 306 307: Texas & Pacific Ry. Co. vs. Cody, loo
u y s ., 606; see further Smith vs. Kansas City.Title &.Trust C o., Feb. 28
1921.) A more plausible objection is that by the Judicial Code. Section 24.
sixteenth, except as therein excepted, national banWnKa&soclationsforthe
purposes of suits against them aro to be deemed citizens of tho States m
which they are respectively located. But we agree, with tho court bdow
that the reasons for localizing ordinary commercial banks do not apply to
the Federal Reserve Banks created after the Judicial Code was enactea
nd Hint the nhraso “ national banking associations does not reach for
!ard and Include thlm
That phrase is used to describe the ordinary comlprehil banks whereas tho others are systematically called I edoral
leserve Banks’ ” We see no sufficient ground for supposing that Congress
leant to open tho questions that the other construction would raise.

On the merits wo .-Ire o f opinion that the courts below went too far . T h e
ucstion at this stage is not whpt the plaintiffs m ay be able to prove, or

rh a tm a ^ b e the reasonable i n t e r p r e t a t i o n d e f e n d a n t s can^prove
rhether the plaintiffs have shown a ground for relier it tney can piovo
hat thev allege
W e lay on one side as not necessary to our decision the

hot tho holder of a check has a right to present it to the bank upon which it
as drawn for ayment over the counter, and that however many checks
n„ ? ,l
,'has the same right as to all of them and may present them
li at onco whatever his motive or intent. They ask whether a mortgagee
tould be prevented from foreclosing because ho acted from disinterested
aalovolence and not from a desire to get his money. But the word right
? one of the most deceptive of pitfalls: it is so easy to slip from a qualified
aeaning in the premise to an unqualified one in the conclusion. M ost
hrhts aro qualified. A man has at least as absolute a right to give his
wn inonov as ho has to demand money from a party that has made no
iromteo tf/him ; yet if he gives it to induce another to steal or murder, the
'UAP bSankf that receives' de^iosit^'t'o'^be drawn upon by check o f course
nfVmrWos its depositors to draw checks against tlieir accounts, and holders
r such checks^to present them for payment.
When we think of the ord nL mse the right of the holder is so unimpeded that it seems to us absolute.
moked at from either side, it can not be so. The Interests of business
lIso are recognized as rights, protected against injury to a greater or less
xtent and in case of conflict between the claims of business on the one
ido and of third persons on the other, lines have to be drawn that limit
,oth
A man has a right to give advice, but advice given for the sole puroso of inTuring another’s business and effective on a large scale might
•reatn a cause of action. Banks, as we know them, could not exist if they
w ild not rely upon averages and lend a large part of the money that they
•eceive from their depositors on the assumption that not more than a
■ertaTn fraction of it will be demanded on any one day. If without a word
if falsehood but acting from what we have called disinterested malevolence,
i man bv iHirsuasion should organize end carry into effect a run upon a
m n k "n d ndn it. we can not doubt that an action would lie. A similar
Result oven if less complete in its effect, is to be expected from the course
h a t tte defendants are alleged to intend, and to determine whether they
ire authorized to follow that course it is not enough to refer to the general
•ight of a holder of checks to present them, but it is necessary to consider
whether the collection of checks and presenting them in a body for the
Durnose of breaking down tho petitioners business as now conducted is
ustifled by the ulterior purpose in view.
,, . .
.
1 Tf this were a case of competition in private business, it would be hard
to admit the justification of self-interest considering the now current
rmlnion as to public policy expressed in statutes and decisions. But this is
not private business. The policy of tho Federal Reserve Banks is governed
„ , L nol lev ot the United States with regard to them and to these rela­
tively ted>^com petitors. We do not need aid from tho debates upon tho
statute under which the Reserve Banks exist to assume that the United
States did not intend by that statute to sanction this sort of warfare upon
legitimatd creations o f the States,
Decree reversed.

ENGLISH FINANCIA L MARKETS— PER CABLE.
The daily closing quotations for securities, &c., at London,
as reported by cable, have been as follows the past week:
London,
Sat.
Mon.
Week ending June 9—
June 3. June 5.
Sliver, per oz____________ d 35 %
Gold, fine peroz__________ 92s.lid.
Consols, 2}$ per cents_____ 56 X
British, 5 per cents________ 09%
British, 4% per cents______ 96
h
French Rentes (In Paris), fr.
French War Loan (In Paris) tr. . " " I

Tries.
June 6 .
Z5X
923.1(1.
56%
99%
95%
58.10
..
77.90

Wed.
June 7.
35}$
913.6(1.
66 %
99}i
95>$
57.95
77.90

Thurs.
June 8 .
35}$
913.6(1.
56
99%
95%
58.00
77.85

exchanges at this city recording a gain of 20.1% . Wo
group the cities now according to the Federal Reserve Dis­
tricts in which they are located, and from this arrangement
it appears that in tho Boston Reserve District the incroase
is 14.3% , in tho New York Reserve District (including this
city) 19.8% , and in the Philadelphia Reserve District 18%.
In tho Richmond Reserve District tho increase is 14.7%
and in the Atlanta Reserve District 9 .9% . The Chicago
Reserve District and the St. Louis Reserve District also
both record improvement, the former to tho extent of 21.8%
and the latter 17.9%. The Cleveland Reservo District and
the Kansas City Reserve District both show decreases,
though these aro only small, being 0.2% in the Cleveland
Reserve District and 1.6% in the Kansas City Reservo Dis­
trict. The Minneapolis Reservo District, howevor, records
a decroaso of 9 .1% . The Dallas Reserve District has an
increase of 1.4% and the San Francisco Reserve District
enjoys a gain of 7.8% .
In tho following we furnish a summary by Fodoral Resorve
Districts:

Fri.
June 9.
35M
91s.9(l.
55 X
99%
95 M
57.95
„ . YO
77.75

the price of silver in New York on the same day has been:

Silver In N. Y., per oz. (cts.):
Domestic..........................99 X
Foreign.............................71}£

99}$
71}$

99}$
70}$

99}$
71

99%
72}£

99%
71^

COURSE OF B AN K CLEARINGS.
Bank clearings continue to show increase over a year ago,
though the ratio of gain is now more moderate. Preliminary
figures compiled by us, based upon telegraphic advices from
the chief cities of the country, indicate that for the week
ending to-day (Saturday, June 10) aggregate bank clearings
for all the cities in the United States from which it is pos­
sible to obtain weokly returns will show an increase of 7.8%
over the corresponding week last year. The total stands at
80,797,758,354, against 86,308,608,996 for the samo week in
1921. This is the twelfth 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 June 10.
New York___
Chicago______
Philadelphia...
Boston......... .
Kansas City...
St. Louis_____
San Francisco..
Pittsburgh___
Detroit______
Baltimore____
New Orleans__
Ten cities, 5 days.
Other cities, 5 days..
Total all cities, 5 days..
All cities, 1 day_________
Total all cities for week.
------ ---

1922.

Per
Cent.

1921.

$3,333,200,000 $3,062,218,778
462,508,908
396,050,490
350.000.
000 308,822,821
263.000.
000 215,386,431
10-1,545,904
118,832,755
a
a
117,600,000
97,400,000
*100,200.000
105,446,989
79,220,080
71,000,000
61,144,990
60,340,700
39,273,487
34,520.355
$4,910,693,369 $4,540,019,319
754,105,260
717,154,815
$5,664,798,629 $5,257,174,164
1,132.959,725
1,051,434,832
$6,797,758,35-1 $6,308,608,996
ViVUllUgi).

+ 8.8
+ 16.7
+ 13.3
+ 22.1
— 12.1
a
+ 7.0
—5.0
+ 11.6
+ 1.3
+ 13.8
+ 8.1
+ 5.2
+ 7.8
+ 7.8
+ 7.8

SUMMARY OF BANK CLEARINGS.
Week ending June 3.

1922.

1921.

Inc.or
Dec.

1920.
1919.
Federal Reserve Districts
S
S
$
$
%
(1st) Boston_________ 12cltle 326,431,533 285,517,750 + 14.3 388,297,775 410,914,941
(2nd) New York........... 11 “ 4,371,925,894 3,649,220,647 + 19.8 4,430,573,434 5,072,432,274
(3rd) Philadelphia____ 12 "
422,558,001 357,965,485 + 18.0 482,042,570 447,283,746
(4th) Cleveland______ 15 "
257,246,295 257,705,845 — 0.2 340,640,420 319,705,470
(5th) Richmond_____ 10
141,223,894 123,129,491 + 14.7 165,039,009 162,961,113
(6 th) Atlanta________ 15 “
110,005,096 100,048,636 + 9.9 153,363,065 146,742,293
(7th) Chicago________ 26 “
729,588,368 598,968,447 + 21.8 733,261,606 771,326,260
(8th) St. Louis...............9 “
44,660,505 37,876,155 + 17.5 62,005,249 49,383,222
(9th) Minneapolis____ 13 “
92,265,333 99,800,899 — 7.6 118,874,070 73,251,626
(10th) Kansas City____ 13 “
187,446,184 190,506,925 — 1.6 294,002,613 317,342,308
(11th) Dallas_________ 10 "
37,609,830 37,068,406 + 1.4 51,421,707 46,263,891
(12th) San Francisco___ 20 "
292,240,889 270,888,744 + 7.8 323,543,307 288,175,756
Grand total_______ 166 cities 7,013,201,822 6,008,697,430 + 16.7 7,543,064,825 8,105,782,900
Outside New York City..
2,694,362,197 2,412,891,071 + 11.6 3,173,191,457 3,088,548,274
324,383,356 352,538,435 — 8.0 329,644,610 298,317,858

Our usual monthly detailed statement of transactions on
the New York Stock Exchango is appondod. Tho rosults
for the five months of 1922 and 1921 aro also given:
Month of May,
1922.

Five Months.

1921.

1922.

1921.
Stock/No. of shares.
28,921,124
17,236,995
112,023,173
75,402,382
(Par value___ $2,532,995,600 $1,218,686,980 $10213,588,996 $5,565,037,919
Railroad bonds____
188,185,000
79,649,100
858,158,100
370,993,600
U. S. Govt, bonds...
139,494,424
127,776,450
855,916,875
735,667,050
State, for’n, Ac., bds.
49,744,000
35,691,000
271,405,000
118,374,100
Total par value... $2,910,419,024 Sl,461,803,530 $12199,068,971 $0,790,072,669

Complete and exact details for the week covered by tho
foregoing will appear in our issuo of next week. We cannot
furnish them to-day, inasmuch as the week ends on Satur­
day and tho Saturday figures will not be available until
The volumo of transactions in share properties on tho
noon to-day, while we go to press lato Friday night. Ac- Now York Stock Exchange each month sinco Jan. 1 in
coulingly in the above tho last day of the week has in all 1922 and 1921 is indicated in tho following:
cases had to bo estimated.
SALES OF STOCK AT THE NEW YORK STOCK EXCHANGE.
In the elaborate detailed statement, howover, which we
presont further below, we aro able to give final and comploto
results for the week previous— the week ending June 3. For
No. Shares. Par Values. No. Shares. Par Values.
that week our tabulations show a very satisfactory gain Month of January_____
16,472,377 SI.494,639,000 16,144,876 $1,327,513,750
February____
16,175,095 1,413,196,925 10,169,671
795,420,453
over tho corresponding week last year, tho 1922 aggregate
March______
22,820,173 2,013,907,820 16,321,131 1,178,823,470
of tho clearings being 87,013,201,822 and tho 1921 aggre­
Total first quarter.
55,467,645 $4,921,743,745 42,035,678 $3,301,757,673
gate 86,008,697,430, giving an increase of 16.7% . Outside
30,634,353 $2,733,531,850 15,529,709 $1,044,593,548
of this city, however, tho increase is only 11.6%, the bank Month of April__________
May__________ 28,921,124 2,532,995,600
17,236.9951 1,218,686,980

CLEARINGS FOR MAY, SINCE JAN. 1 AND FOR WEEK ENDING JUNE 3.
Atonlh of Atay.
1921.
First Federal Resc
Maine—Bangor__
Portland...........
Mass.—Boston.........
Fall River______
Holyoke________
Lowell........... .......
Lynn____ ______
New Bedford........
Springfield...........
Worcester..
Conn.—Hartford___
New Haven___
Waterbury.............
I-—Providence__

Five Alonths.
Inc. or
Dec.

S
$
%
rve District
—Boston—
3.474,869
3,714,561 —6.5
14,800.417
11,003,679 + 34.5
1,385,000.000 1,155,394,518 + 19.9
8,588,554
6,041,142 + 42.2
3,538,914
4,017,560 — 12.0
5,052,263
4,780,983 + 5.7
a
a
a
6,209,319
5,637,755 + 10.1
20,315,611
16,907,444 + 20.2
15,840,000
14,373,352 + 10.2
41,255,037
36,016,141 + 14.5
24,283,171
23,433,062 + 3.6
8,298,600
7,074,300 + 17.3

Total (12 cities)___ 1,536,656,755 1,288,394,497
Second Federal Re serve District —New York
N. Y.—Albany_____
21,269,301
18,784,695
Binghamton_____
4,602,800
4,174,500
Buffalo.................I
166,869,096
146.976,145
Elmira..........1111
2,554,112
*2,000,000
Jamestown.............
4,623,677
3,924,473
New York_______ t9,214,812,854 15,847,304,718
Niagara Falls.........
4,209,863
3,699,533
Rochester________
41,793,799
35,462,544
Syracuse____.,____
18,588,355
18,584,482
Conn.—Stamford___
a
a
N. J.—Montclair___
2,306,482
2,053,088
Oranges _________
4,433,635
3,852,510

+ 19.3

$

Inc. or
Dec.

1922.

%

18,793,132 — 14.7
57,612,083 + 9.3
5,859,846,276 + 8.4
30,887,192 + 17.0
20,661,160 — 16.4
23,135,564 + 0.2
a
27,701.964 + 8.4
92,964,521 —4.2
70,582,151 —3.5
191,970,172 + 3.1
119,391,022 —2.7
34,621.400 + 2.6

745,387
2,902,239
288,000.000
1,601,819
a
1,011,960
a
1,318,147
d4,222,079
3,426,629
9,555,902
5,095,311

849,949
2,500.000
249,000,000
1,287,793

7,051,118,997

0,554,166,637

326,431,533

285,517,750

+ 7.5

1919.

%

16,031,454
62,963,707
6,353,000,000
36,144,525
17,263,180
23,187,799
a
30,015,397
89,042,347
73,894,275
197,921,134
116.116,779
35,538,400

926,539
a
1,262,678
4,377,611
3,182,290
7,831,223
5,333,267

+ 13.2
94,818,404
96,764.171 —2.1
3.942,419
4,583,029
+ 10.3
21,138,300
19,915,400 +6.1
e985,500
777,000
+ 13.5
773,743,992
762,155,179 + 1.
d30,878.018
30,133,508
+ 27.7
11,380,692
10,861,418 + 4.8
+ 17.8
21,194,527
18,984,389 + 11.6
" 707,853
677,808
+ 21.2 89,329,946,979 81,166,767,520 + 10.1 4,318,839.625
3,595,800,359
+ 15.4
19,999,479
20,274,624 — 1.4
+ 17.9
192,381,553
199,305,440 —3.5
12,368,359
12,163'185
+ 0.0
88,981,195
87,920,513 + 1.2
4,235,383
5,045,920
a
a
a
a
a
+ 12.3
8,654,244
9,279,878 —6.3
676,590
711,640
+ 15.0
21,210,380
17,928,843 + 18.3

Total (11 cities)___ 19,486,124,064 16,086,816,688 + 21.1 90,583,449,745 82,410,217,375




Week ending June 3.
Inc. or
Dec.

— 12.3
+ 16.1
+ 15.7
+ 29.1
a
+ 9.2
a
+ 4.4
—3.6
+ 7.7
+ 22.0
—4.5

— 14.0
+ 26.8
+ 2.5

825,000
2,700,000
341,946,054
2,407.572
a
1,115,778
a
1,828,943
5,507,734
4,101,905
9,522,148
0,252,041

783,674
2,600,000
304,803,445
2,993,886
a
989,340
a
1,840,176
4,702,280
4,435,984
9,981,264
5,380,485

388.297,775

410,914,941

4,330,705
1,050,000
36,887,755

5,925,624
947,000
29,434,219

—4.2 Not Included In total
+ 20.1 4,309,873,368 5,017,234,626
"+1.7
— 16.1
a
—4.9

13,061,418
4,500,000

13,764,234
4,333,404
793,167

+ 9.9 4,371,925,894 3.649,220,647 + 19.8 4,430,573,434 5,072,432,274

C L E A R I N G S ( C o n t in u e d ) .

1922.

1921.

Week ending June 3.

Fite Months.

May.
Clearings at—

Inc. or
Dec.

1922.

1921.

Inc. or
Dec.

1922.

1921.

Inc. or
Dec.

1920.

1919.

S

%

$

$

%

$

$

S
%
S
Third Federal Res erve District —Phiiadclph la—
+ 8.7
4,200,538
4,507,627
Pa.—Altoona..
11,899,125
+
9.4
13,019,008
Bethlehem..
a
Chester.........
—2.5
10,193,433
15,795,489
Harrisburg...
9,201,758 + 21.4
11,167,117
Lancaster___
2,387,517 —5.0
2,209,390
Lebanon____
2,822,527 + 15.5
3,259,499
Norristown. 1,828,183,000 1,009,595,246 + 13.0
Philadelphia.
11,448,735
+ 7.2
12,270,525
Reading____
19,978,056 —3.7
19,233,492
Scranton____
11,072,701 + 8.0
12,024,879
Wilkes-Barre_____
5,773,270 —3.2
5,589,808
York_______
N. J.—Camden.
15,762,775
+ 18.8
18,729,560
Trenton____
a
a
a
Del.—Wilmington__

8
20,523,924
59,598,183

20,172,164
63,892,235

83,230,001
61,631,334
11,188,356
14,507,206
8,641,345,000
55,689,418
96,554,548
59,287,156
27,487,047

1,946,110,054 1,720,335,681 + 13.1

1,066,971
3,472,779

1,009,528
1,141,689
782,921 + 36.3
3,032,729 + 14.5 Not included in totalj

2,520,637

2,034,436 + 23.9

2,813,409

2,944,490

406,000,000
2,825,827
d3,281,865
b2,100,000
1,307,754

342,075,559 + 18.7
2,325,604 +21.5
4,078,736 — 19.5
2,281,302 —7.9
1,200,089 + 9.0

460,226,298
5,900,671
4,406,766
2,606,460
1,435,917

430,178,127
2,610,645
4,011,004
2,100,000
1,323,118

+ 8.4
a

3,511,360
a

3,106,834
a

422,558,001

357,965,485 + 18.0

482,042,570

447,283,746

— 15.2
5,229,000
— 12.6
2,663,636
48,541,211
—0.8
—20.3
72,150,000
+ 7.8
11,720,200
a
a
+ 13.5
— 12.3
674,774
—20.0
c
—3.8
a
a
a
a
— 16.0
e2,403,660
— 13.9
a
a
— 16.4
c
c
— 18.2 bl08,854,000
+ 13.9
+ 0.4
5,009,814

6,000,000 — 12.8
3,221,176 — 17.3
42,303,030 + 14.7
73,118,410 — 1.3
11,120,700 + 5.4
a
a

11,531,000
4,619,387
59,115,224
108,963,957
12,493,800
a

8,706,000
3,738,134
57,920,242
96,292,739
12,878,400
a

909,162 —25.8

909,162

1 .000,000

c
a

c
a
a
3,855,953

83,552,307
60,550,941
13,435,507
13,723,023
8,474,885,497
54,608,105
100,027,188
53,548,967
29,114,743

+ 1.7
—6.7
a
—0.4
+ 1.8
— 16.7
+ 5.7
+ 2.0
+ 2.0
—3.5
+ 10.7
—5.6

79,527,649
a

73,942,934
a

+ 7.6
a

3,454,947
a

9,210,569,822

9,041,453,611

+ 1.9

Fourth Federal Re serve District —Cleveland
28,346,000
20.941.000
Ohio—Akron.............
14,655,480
13,042,493
Canton...................
215,767,994
242,500,047
Cincinnati________
302,419,384
303,280,414
Cleveland...............
50,299,100
02.103.000
Columbus........... .
a
a
Dayton__________
2.436,334
1,961,959
Hamilton________
3,408,480
3,605,415
Lima____________
1,295,153
1,232,554
Lorain___________
5,097,891
*5,000,000
Mansfield.... ..........
a
a
Spring field.............
a
a
Toledo____ _____
16,519,399
14,368.218
Youngstown...........
2,803,322
2,688,708
Pa.—Beaver County.
a
Krie____ ________
1,459,413
1,540,014
Franklin_________ *
c
c
Grcensburg______
547,779,891
466,000,000
Pittsburgh *.........
4,771,882
0,297,872
Ky.—Lexington____
18,070,413
23,833,637
W. Va.—Wheeling__

120,078,000
—5.0
66,495,035
— 11.0
+ 12.4 1,183,582,296
+ 0.2 1,733,152,357
296.575,200
+ 23.5
a
14,260,719
— 19.5
16,322,150
+ 5.8
5,809,625
—4.8
*26,173,430
— 1.9
a
a
a
a
72,705,457
— 13.0
12,684,28C
—4.1
a
6,724,271
+ 5.5
c
c
— 14.9 ♦2,544,336,000
41,270,896
+ 32.0
98,904,178
+ 31.9

141,549,000
76,100,763
1,193,604,917
2,175,475,551
275,076,600
a
12,559,477
18,620,522
7,264,817
27,212,749
a
a
86,588,489
14,735,544
a
8,044,538
c
3,109,302,491
36,219,9C6
98,529,258

1,234,401,931 1,275,130,142

6,239,073,894

Total (12 cities)___

Total (15 cities)___

Fifth Federal Rese rve District—•Richmond—
7,206,341
0,822,073
W. Va.—Huntington.
Va.—Newport Now
28,545,117
31,677,902
Norfolk__________
152,100,501
179,830,284
Richmond...........
a
No. Caro.—Asheville
4,494,544
7,019,231
Raleigh_________
Wilmington_____
10,706,730
11,396,700
8,594,985
8,609,279
Columbia........... .
314,020,943
345,922,330
Md.—Baltimore____
1,894,955
1,734,442
Frederick________
2,570,575
2,865,434
Hagerstown______
72,380,697
87,287,163
D. C.—Washington..
Total (10 cities)___
Tenn.—Chattanooga
Knoxville...........
Nashville............. .
Ga.—Atlanta______
Augusta_________
Columbus.............
M acon_________
Savannah........... Fla.—•Jacksonville . .
Tampa.................
Mobile_________
Montgomery........
Miss.—Jackson........
Meridian.............
Vicksburg_______
La.—New Orleans..
Total (16 cities)___

683,230,970

—3.2
—5.3

30,918,046

+ 11.0
+ 18.2

143,922,185
852,068,276

257,246,295

38,419,961 — 19.5
a W
—5.7
—2.2

6,310.292
d38,595,694

152,542,917
871,410,749

+ 56.2

32,601,245

24,242,913 + 34,5

+ 6.4
+ 0.9
+ 10.2
—8.5
+ 11.2
+ 20.0

52?372,411
42,458,317
1,495,163,395
8,469,068
13,228,575
392,871.956

602,521,388 + 13.4

3,064,073,474

59,061,099 — 11,3
43,606,627 —2.6
1,655,325,777 —9.7
11,514,918 —26.4
14,190,791 —6.8
352,025,670 + 11.6
3,222,341,422 —4.9

rvc District— Atlanta—
a
a
11,944,636
11,635,295
68,007,790
71,167,097
168,278,224
170,276,175
8,331,333
8,300,218
3,041,644
3,259,530
*5,000,000
5,141,157
a
42,744,796
48,494,990
11,048,530
11,033,891
72,857,730
88,817,435
0,902,189
7,584,422
5,642,000
2,621,658
2,993,294
2,355,214
3,788,489
1,031,207
1,518,500
172,307,956
189.702,857

a
—2.0
+ 4.7
+ 4.8
— 0.4
+ 7.2
+ 2.8
a
+ 13.5
+ 5.3
+ 21.9
+ 8.9
—2.4
+ 14.2
+ 60.8
+ 47.2
+ 10.0

582,234,973

+ 9.2

035,878,84?

7,280,884,622 — 14.3

59,007,863
358,344,738
831,866,642
35,668,393
14,974,134
23,038,338
218?306,610
53,008,760
396,411.591
36.458,160
27.493,191
17,565,108
17,248,824
7,143,749
919,204,478
3,015,740,609

Total (9 cities)... .

258,454,451




217,054.03?

74,663,439

c
114,583,169

a
c
—5.0

3,282,748
a
134,884,731

a
130,762,013

4,840,411

4,551,989

340,640,420

319,705,470

+ 6.1

1,747,409

6,085,578 +3.7
31,889,960 + 21.0

9,323,811
49.162,529

.............
11,481,397
44,277,130

.............
c

.............
c

86,212,094

88,930,256

3,557,589 + 40.8
257,705,845

—0.2

1,650,898

.............
c

........
c

65,595,509 + 13.8
17,907,546 + 11.1

18,593,166

18,272,330

123,129,491 + 14.7

165,039,009

162,961.113

a
a
a
63,367,906 —6.9
2,223,298
369,722,784 —3.1
10,929,100
886,172,691 —6.1
28,934,914
41,310,454 — 13.7
1,707,287
15,499,827 —3.4
*23,440,890 —1.7
979,656
a
a
a
233,057,535 —6.3
7,718,475
52,497,982 + 0.9
355,482,841 + 11.5 . 17,154,000
37,251,560 —2.1
1,462,132
29,091,034
14,533,772 + 20.9
604,216
15,799,870 + 9.2
6.516,722 + 9.6
226,322
928,708,889 — 1.1 e39,045,352

a
a
2,800,000 —20.6
10,871,735 + 0.5
29,549,404 —2.1
1,516,483 + 12.6

a
3,240,313
17,556,809
48,969,062
2,906,729

a
2,844,878
13,038,058
47,595,809
4,074,471

— 2.1
a
—3.3

6,000,000
a
8,491,615

1,650,000
a
9,453,772

14,500,000 + 18.3
1,350,000 + 8.3

16,555,207
2,175,247

10,480,728
1,908,447

391,227 + 54.4

687,490

486,668

234,822 —3.6
30,858,024 + 26.5

387,354
52,393,239

485,584
56.373,878

+ 9.9

153,363,065

140,742,293

192,224
292,605
85,884,757

180,000 + 6.8
205,094 + 42.9
76,653,200 + 12.0

241,840
580,489
96,231,351

103,056
508,739
87,063,162

6,060,654

4,745,113 + 27.7

6.936,856

5,494,408

1,572,000
1,703,159

1,548,000
1,714,037

+ 1.6
—0.6

1,584,423
1,773,251

1,219+78
1,700,178

15,350,000
1,933,000

12,023,000 + 27.7
1,836,155 + 5.3

16,553,000
1,700,000

14,448,000
1,300,000

27,406,751

23,559,782 + 16.3

30,135,432

31,273,855

2,325,478

2,050,920 + 13.4

3,128,725

2,869,331

8,735,313

8,198,281

+ 6.6

12,399,736

11,394,564

5,307,675
1,285,463

4,929,025 + 7.7
981,735 + 30.9

9,291,938
2,147,659

11,802,934
1,756,081

1,370,626
562,710,185
a
1,146,892
3,274,406
1,727,287
1,303,899

1,264,789 + 8.3
450,819,990 + 24.8
a
1,185,456 —3.3
3,381,899 —3.2
1,805,707 —4.4
1,886,264 —30.9

1,802,252
536,929,333

2,015,303
586,744,177

1,498,233
5,476,106
2,531,860
2,819,122

1,913,582
5,590,227
2,129,985
2,000,000

729,588,36?

598,968,447

+ 21.8

733,261,606

771,326.260

d3,775,479

3,395,883

+ 11.2

4,685,952

4,133.091

3,072,454,757

+ 12.C
+26.C
a

88,420,02c
2,578,850
a

84,436,688
2,559,1)11)
a

+ 22.?
— 12.1
— ll.t
+ 29.1
+ 7.2
+15.C
+ 5.1

533?839,53?
10,804,83?
36,621,071
339,950,67?
176,447,06'
6,260,89-1
27.242.41C
1,222,225,97'

+ 19.

c

a

19,903,523

—1.8

eserve Distrlc t—Chicago —
4,652,372
4,188,121 + 11.1
774,362 + 23.0
952,620
14,310,110
12,095,443 + 18.3
2,319,631 + 19.0
2.760.317
382,162,221 + 14.5 1,953,192,318 1.810,604,765 + 7.5
437,031,851
Detroit...............
33,107,499
28,180,012 + 17.7
6,083,455 + 28.4
7.813.317
127,249,321
114,691,614 + 10.9
23,677,083 + 18.4
28,025,970
25.481.864
26,271,064 —3.0
5,063,253 + 15.1
5,828,302
Jackson.
34.999,123
33,401,000 + 4.8
0,340,000 + 14.7
7,271,001
Lansing.
38,529,022
37,816,912 + 1.9
8,070,870
7,489,501 + 15.8
35,485,728
29,296,437 + 21.1
5,572,248
10,820,000
+
94.1
Gary...............
352,127,000
302,847,000 + 10.3
62,008,009 + 26.7
78,575,000
38.070.865
54,559,204 —30.2
8,707,235 + 7.9
9,391,000
South Bend.
30,722,441 Not included In total
7,650,155 Not Included n total
Terre Ilauto.
623,496,305
602,683,433 + 3.5
132,490,008
113,194,123 + 17.1
12,780,971
14,665,346 — 12.9
2,587,008
2.954.425 — 12.4
Oshkosh___
43,050,040
48,305,775 — 10.9
9,089,233
8,640,484
+
5.2
Iowa—Cedar Rapids
215,330,577 Not included in total
47,295,500 Not included in total
201,643,219
198,351,012 + 1.7
42,120,323
30,330,018 + 15.9
12,434,910
13,270,036 —0.3
2,842,319
3,300,742 — 13.9
Iowa City.........
10,503,659
12,206,640 — 14.0
2,191,938 + 13.0
Mason City___
117,605,197
130,672,853 — 10.0
27,181,844
22,093,274 + 19.8
Sioux City........
28,265,812
31,005,283 —8.8
5.609,972
5,290,787 + 7.2
Waterloo.........
19,431,117
19,468,098 —0.2
3,840,811 + 9.0
111.—Aurora.........
28,282,130
31,902,433 — 11.5
4,907,832
5.091.425 —2.4
2,497,785,292 2,130,072,340 + 17.3 11,090,824,720 10,980,066,213 + 1.1
Chicago.............
a
a
a
a
a
a
Danville_______
22,328,479
24,180,355 —7.7
4,507,941
4,580,423 — 1.0
Decatur_______
80.496.530
85,794,960 —6.2
18,180,222
10,993,884 + 7.0
Peoria_________
39,570,549
41,904,937 —5.6
8,183,741
7,941,901 + 3.0
Rockford______
48.544.531
55,517,072 — 12.0
9,760,137
9,404,137 + 3.?
Springfield.........
15.042,530,051
14,750,006,018
+ 1.9
.
3,369,790,14'
2,882,729,771
+
16.?
Total (20 cities)___
e serve Distric —St. Louis.
16,391,111
18,364,62/:
508,731
a
a
a
Springfield.
115,690,01
94,570,90?
1,347,271
1,539,501
Owensboro.
7.000.00C
Paducah__
71,808,252
55,637,04?
k
37,425,881
34.912.89C
1,534,30-1
1,330,94-1
Illinois—Jacksonville
‘
5,407,052
5,162,281
Quincy____

.............

c
a
a
2,892,609 —16.9
c
a

141,223,894

Mich.—Adrian.

Indiana—Evansville.
New Albany____

1,750,946

3,186,838
a

110,005 ,0(

*1,000,000
a
7,976,941

100,048,636

508,989,760
10,547,611
35,038,66f
311,832,792
189,682,511
7,780,741
31,264,140

+ 4.7
+ 0.7
a
a
+4.9
+ 3.0
+ 4.5
+ 9.0
—7.0
— 19.5
— 12.9

22,898,941
284,787

19,435+8? + 17.8
327,844 — 13.1

26,622,485
540,59?

17",507,876
825,304

cl2,907,021
c3,221,750
327,586
1,244,93?

10,070,77? + 28.2
3.254.39C — 1.0
297,371 + 10.2
1,094,702 + 13.7

18,252,767
9,672,092
tj 1 716,257
1,515,09?

19,876,883
4,730,871
675,019
1,634,178

1,182,132,83-

+ 3.3

44,660,50E

62.005,249

49,383,222

a

a

37,876,15?

a

+ 17.1

a

a

C L E A R IN G S {C o n c lu d e d ).
M ay.

Clearings at—•
1922.
Minnesota—Duluth..
Minneapolis_____
Rochester.... ........
St. Paul.............. .
North Dakota—Farg
Grand Fork3____
Minot__________
So. Dak.—Aberdeen
Sioux Falls______
Montana—Billings__
Great Falls_______
Helena__________
Lewlstown_______

S
S
erve District — Mlnncapoli
22,907,965
22,379,407
261,679,553
249,842,13?
1,821,081
1,783,042
127,781,937
125,098,491
7,766,128
7,589,352
4.185,001
4,836,00(
1,162,716
1,048,145
5,208,505
5,289,001
12,581,400
9,468,000
2,483,127
3,441,137
3,195,493
4,186,881
13,170,629
11,891,381
1,160,113
1,690,300

Week ending June 3.

1922.

1921.

I n c . or
D ec.

1922.

1921.

S

S

%

S

$

Inc. or
Dec.

1920.

1919.

%
s-+ 2.4
+ 4 .7
+ 2 .1
+ 2 .2
+ 2 .;
— 13.5
+ 10.9
— 1.5
+ 32.9
—27.5
—23.7
+ 10.5
—31.4

92,918,021
1,241,832,466
7,979,495
601,798,519
36,459,955
22,611,000
5,428,436
22,916,882
55,362,037
13,091,397
15,132,28-!
60,782,33;
6,121,021

120,528,918
1,322,114,639
8.64S.734
690,575,474
41,213,607
25,309,000
5,465,566
25,947,612
50,194,908
17,374,389
23,949,973
55,248,029
10,835,495

—22.9
—6.1
—7.7
—22.9
— 11.6
— 10.7
—0.7
—4.0
+ 10.3
—24.7
—0 6 .8
+ 10.0
—43.5

d l, 198,783
54,313,404

3,221,176 +30.0
63,464,694 — 14.4

6,398,443
70,441,400

6,204,647
40,067,995

27,835,132
1,504,241

26,820,325
1,528,300

+ 3.8
— 1.6

35,589,000
2,000,000

19,357,615
2,794,399

1,021,401

1,079,656

—5.4

1,668,270

1,419,608

687,620 —24.5

1,236,850

1,445,172

2,873,284

2,999,128

—4.2

1,540,047

1,902,190

448,541,275

+ 3.7

2,182,433,846

2,397,436,344

—9.0

92,265,333

99,800,899

—7.6

118,874,070

73,251,626

erve District —Kansas Clt
1,664,428
2,052,776
2,679,526
2,357,771
18,434,798
14,574,499
168,038,447
150,265,980
17,744,591
10,208,993
a
a
a
a
11,126,148
10,520,52(
46,567,364
44,935,975
5,444,000
4,185,000
528,614,511
569,746,173
a
a
c
c
a
a
a
a
80,450,442
94,848,479
a
a
4,111,656
3 ,6 6 8 , 14 ;
82,182,356
72,881,751
3,199,500
3,453,515

y—
— 19.0
+ 13.6
+26.5
+ 12.2
+ 9.0
a
a
+ 5.5
+ 3 .6
+ 30.0
—7.3
a
c
a
a
— 15.2
a
+ 12.0
+ 12.5
— 7 .4

7,847,183
11,845,100
80,346,788
778,073,848
84,504,297
a
a
57,038,525
226,759,721
24,969,000
2,703,501,235
a
c
a
a
410,309,945
a
21,007,585
481,364,11;
15,464,525

11,062,325
12,364,805
78,769,294
819,522,044
87,444,330
a
a
59,694,888
222,193,073
22,745,000
3,224,151,774
a
c
a
a
501,844,934
a
19,833,778
430,769,364
18,952,404

—29.1
—4.2
+ 2 .0
—5 .1
—3 .4
a

d299,205
398,544
3,588,218
32,061,000

453,590
545,168
3,099,471
24,778,421

—34.0
—26.9
+ 15.8
+ 29.4

845,330
1,134,951
5,450,027
50,557,280

801,979
818,464
5,171,598
58,525,720

—4.4
+ 2 .1
+ 9 .8
— 16.1
a
c
a

1,903,289
d8,992,408

2,126,831 — 10.5
9,799,951 —S.2

2,673,716
11,338,524

2,255,912
10,530,288

—5.4
a

189,725,321
a

202,728,675
a

+ 5 .9
+ 1 1.7
— 18.5

a
15,509,485
a
596,610
15,616,329
e648,944

a
a
19,740,744 —21.1
a
a
623,103 —4.3
14,700,709 + 6.2
719,131 —9.8

a
10,464,346
a
964,723
19,950,598
897,794

10,765,475
a
1,113,720
23,690,717
939,700

4,903,031,868

5,509,348,013 — 11.1

317,342,308

Total (13 cities)___
Neb.—Fremont_____
Hastings..........
Lincoln______
Omaha______
Kan.—Kansas City..
Lawrence__
Pittsburgh..
Topeka........
Wichita____
Mo.—Joplin . .
Kansas City.
St. Joseph..
Okla.—Lawton
McAlester . .
Muskogee__
Oklahoma City___
Tulsa_____
Colo.—Colorado Spgs
Denver____
Pueblo..................

1921.

F iv e M o n th s .
In c. 0 r
D ec.

465,103,647

Total (13cities)...
970,861,767
989,759,581 — 1.9
Eleventh Federal Reserve Dlstr let—Dallas—
Tex.—Austin...........
6,654,127
5,126,389 +29.8
Beaumont ...........
a
a
a
Dallas...................
95,846,390
96,395,197 — 0 .6
El Paso_________
23,143,360
22,332,323 + 3 .0
Fort Worth_____
44,291,580
46,503,141 — 4 .8
Galveston.............
23,438,307
28,483,108 — 17.7
Houston_________
a
a
a
Port Arthur______
1,679,562
1,720,405 — 2 .4
Texarkana______
1.777,668
1,890,975 — 6 .0
Waco....................
8,834,956
8,634,301 + 2 .3
Wichita Falls____ _
8,116,219
9,340,122 — 13.2
La.—Shreveport____
20,895,399
16,031,128 + 30.3
Total (10 cities)___
234,677,568
230,457,089 —0.8
Twelfth Federal R cserve DIstric t—San Franc Isco--Wash.—Bellingham.
a
a
a
Seattle.................
130,410,733
114,707,050 + 13.7
Spokane ........... .
a
a
a
Tacoma________
a
a
a
Yakima ..............._
5,747,484
4,512,697 + 27.4
Idaho—Boise_______
c
c
c
Oregon—Eugene..
1,264,095
1,096,266 + 15.3
Portland..........
128,209,541
114,703,234 + 10.0
Utah—Ogden___
5,576,000
5,908,742 —5.6
Salt Lake City..
53,874,713
47,812,179 + 12.7
Nevada— Reno__
a
a
a
Arizona—Phoenix.
a
a
a
Calif.—Bakersfield__
a
a
a
Berkeley.......
a
a
U
a
Fresno_____
16,306,993
13,991,572 + 16.5
Long Beach..
18,670,720
13,515,618 + 38.1
Los Angeles..
438,772,0, 0
323,552,000 + 35.6
Modesto____
2,870,802
2,452,444 + 17.1
Oakland____
57,430,518
42,872,954 + 34.0
Pasadena___
17,683,381
12,294,639 + 43.8
Riverside___
2,914,380
2,290,803 + 27.2
Sacramento . .
24,784,145
18,122,168 + 36.8
San Diego...
13,162.226
10,696,692 +23.1
San Francisco____
601,100,000
509,900,000 + 17.9
San Jose____
8,509.693
6,394,169 + 34.0
Santa Barbara
4,386,635
3,453,569 + 27.0
Santa Rosa..
1,901,532
1,467,819 + 29.5
Stockton........
9,518,700
19,412,300 —51.0
Total (20cItlo3)___ 1,541,154,291 1,269,156,915 + 21.4

33,835,624
a
502,007,025
103,010,310
225,064,141
132,340,694
a
8,124,118
8,901,284
46,364,176
36,098,680
92,555,774
1,188,301,826

29.397,172
a
547,335,252
117,909,332
261,987,938
156,365,034
a
8,820,908
10,866,015
51,500,925
53,529,455
85,730,490

— 1 2 .2

107,772,152
a

113,919,806
a

S

S

187,446,184

190,506,925

— 1.6

294,002,613

+ 15.0

d l,282,368

1,167,545

+ 9.8

1,000,000

3,000,000

—8.3
— 12.6
— 14.1
— 15.4

19,294,000

17,569,623

+ 9.8

27,028,189

22,500,000

9,984,706 — 1.6
5,538,027 —28.1
a
a

13,176,401
5,035,614
a

13,481,823
6,412,415
a

—7.9
— 18.1
— 10.0
—32.6
+ 7.9

a
660.153,021
a
a
29,578,922
c
5,749,802
607,913,757
27,450,502
215,356,015
a
a
a
a
66,366,190
86,381,833
2,000,699,010
14,159,778
263,654,059
80,873,412
12,884,742
116,046,091
62,730,107
2,846,800 ,'4)0
41,895,158
19,346,681
7,666,331
45,802,200

1,323,442,521 — 10.2
a
609,744,135 + 8.3
a
a
a
24,472,908 + 2 0 .9
c
5,927,561 — 3 .0
605,194,349 + 0 .4
38,816,676 —29.3
273,711,472 — 10.4
a
a
a
a
a
a
a
82,170,964 — 19.2
73,163,049 + 18.1
1,709,068,000 + 17.1
14,008,995 4-1.1
217,217,438 + 2 1 .4
68,887,041 + 17.4
10,972,755 + 17.4
108,208,709 + 7.2
57,705,979 + 8.7
2,737,300,000 + 4.0
34,620,569 + 21.0
18,496,613 + 4.6
7,837,313 —2.2
100,008,400 —57.8

7,241,507,601

0,803,530,920

Grand total(l66 cities) 32,362,504,494 27,599,132,032 + 17.3 150,944,057,710
Outside New York__ 13,147,691,040 11,751,827,314 + 11.9 61,614,110,731 143,547,315,080
62,380,547,560

519,088

%

+ 0.4

d9,821,083
3,979,984
a

3,232,395

2,808,685 + 15.0

5,181,443

2,809,653

37,609,830

37,068,406

+ 1.4

51,421,707

46,263,891

28,053,701
a
a
1,172,998

26,910,674 + 4.2
a
a
a
a
929,876 + 26.1

36,249,579
a
a
1,578,013

37,931,861
a
1a
’*■*
1,131,959

24,199,401

23,318,767

+ 3.8

34,539,672

36,058,836

10,303,445
a
a

10,294,725
a
a

+ 0.1
a
a

14,761,683
a
a

15,256,422
a
a

d2,837,664
3,802,786
80,150,000

2,692,332 + 5.3
3,187,521 + 19.3
72,200,000 + 11.0

3,870,278
2,759,175
64,367,000

2,511,387
1,639,332
43,299,000

11,339,997
3,054,771

8,606,445 + 31.8
2,844,073 + 7.4

10,015,506
1,814,690

8,655,735
1,309,953

d l,109,583
2,468,780
116,500,000
1,812,312
942,251

3,794,918 + 8.3
2,139,888 + 15.4
108,800,000 + 7.1
1,296,638 + 39.7
646,4S3 + 45.8

5,722,201
2,583,349
138,500,000
1,803,855

3,657,037
2,162,279
131,399,048
1,451,017

1,493,200
292,240,889

3,226,400 —53.7
270,888,744

+ 7.8

4,978,300

1,708,860

323,543,307

2SS, 175,756

+ 5.2 7,013,201,822 6,008,697,430 + UL7 7,543,064,825 8,105,782,900
+ 11.6 !.173,191,457 3,088,548,274

— 1.2 2,694,362,197 2,412,891,071

C A N A D I A N C L E A R I N G S F O R M A Y , S I N C E J A N . 1, A N D F O R W E E K E N D I N G J U N E 1.
Clearings at—

May.

Five Months.

1921.
Canada—

M ontreal________
T oron to_____ IIII
Winnipeg________
Vancouver_______
Ottawa_____ _______
V ictoria____ .I I
Calgary......... 1111
Hamilton___________
Edmonton_____ 11 HI
Quebec____
St. John............. II
H a'Ifax................. .....
Loudon___ 1 .1 .1___I
R egina........ .........
Saskatoon __________
Moose Jaw__________
Lethbridge........ .......
Brantford............... _
Brandon__ __
Fort William...........II
New Westminster___
Medicine Hat______
Peterborough________
Sherbrooke__________
Kitchener___________
Windsor...........r.........
Prince Albert............ .
M on cton .................. ..
Kingston.................... I

1921.

$
S
%
S
%
510,078,122
524.1S0.212
2,180,473.507 2,403,516,735 —9.3
451,495,337
435,881,087
2,066,378,676 2,090,600,401 — 1.4
210,225,322
217,565,851
894,357,91;
1,003,559,474 — 10.9
57,530,831
59,535,348
269,017,171
291,872,044 —7.8
44,547,372
44,149,862
153,325,263
175,547,571 — 12.7
9,430,004
10,005,067
42,430,028
50,469.587 — 15.9
22,263,230
29,292,347
104,256,449
144,562,779 —27.9
25,385,703
27,189,232
109,803,944
127,103,439 — 13.6
21,428,244
21,710,240
90,714,413
103,011,301 — 11.9
23,918,642
26,761,706
107,682,039
129,140,674 — 10.0
14.208,802
12,895,853
57,688,278
60,778,602 —5.2
13,869,133
14,680,276
64,144,226
77,302,680 —7.1
13,598,701
14,820,107
61,153,363
70,486,211 — 13.2
12,088,052
15,177,638
62,416,838
77,457,224 — 19.4
6,938.882
7,306,075
32 447,074
38,330,891 — 15.3
4,531,694
5,280,312
22,682,060
28,277,183 — 15.3
2,219,655
2,872,823
11,326,546
13,564,091 — 16.5
4,614,494
5,242,890
21,550,501
20,947,402 —20.1
2,434,721
2,934,342
11,413,794
14,317,723 —20.3
3,559,706
3,434,722 + 3.6
15,793,797
18,308,627 — 13.7
2,435,541
2,692,383 —9.5
10,376,672
12,673,693 — 18.1
1,376,363
1,795,825 —23.4
0,703,602
8,837,520 —24.1
3,427,853
4,240,756 — 19.2
15,170,321
19,609,716 —22.6
4,186,286
5,557,346 —24.7
17,579,131
24,028,785 —28.6
4,920,530
4,706,275 + 4.6
21,063,062
20,532,233 + 2.6
15,297,212
14.283,487 + 7.1
04,851,467
64.498,886 + 0.5
1.411,930 Not Included In totals
6,799,832 Not Included In totals
5,545,490
5,002,077 + 9.5
21,691,967
23,999,031 —9.6
2,9U6,887
3,627,014 — 17.4 Not Included In totals.

Total (27 cities).. J 1.491.555.952 1.520.254.199
c Do not respond to requests for figures.




1922.

Week ending June 1.
Inc. or
Dec.

— 1.9

0,536.392,104

d Week ended June 1.

7.126.054,581

—8.3

1922.
S
101,394,355
109,847,524
46,391,998
12,515,90C
6,948,441
2,310,327
4,877,144
5,471,322
5,360,388
4,749,285
3,079,185
3,106,507
3,357,000
2,905,335
1,554.914
1,032,566
469,500
998,528
548,818
656,008
633,604
283,649
774,211
1,063,051
972,197
3,021.594
322,808
1,472,411
594,745
324,383.356

1921.

Inc. or
Dec.

1920.

1919.

$
119,302,362
103,796,224
53.322.6SC
13,091.664
7.847,424
2.326,889
7,502,512
7,158,716
4,569,067
6,156.817
2,773,513
3,7S6,261
3,588,549
3.577,628
1,650,680
1,196,299
722,212
1,308,558
725,688
815,488
666,870
430,553
879,629
1,053,701
1.020,569
3,207,882

S
%
S
— 15.( 122,901,100 118,334,704
+ 5.1
08,924,529
90,444.806
— 13.t
38,672,15S
43,225,740
—4.4
14,296,054
10,177,212
— 11.5
10,489,242
8,937,370
—0.7
1,901,052
2,398,082
—35.C
5,237,404
6,392,347
—23.6
5,423,192
6,830,174
+ 17.3
3,259,275
5,075,931
—22.9
4,027,439
5,723,774
+ 11.0
3,651,046
2,427,506
— 10.4
4,803,636
4,883,136
—6.5
3,625,453
3,130,830
3,907,887
— 18.8
3,590,989
—5.8
1,873,489
1,803,749
1,377,413
— 13.7
1,436,877
650,000
—35.0
700,000
—23.7
1,334,026
1,018,434
—24.4
744,152
588,927
— 19.0
702,999
891,131
—5.0
530,649
679,257
—34.1
526,354
500,000
—22.0
780,471
851,805
+ 0.9
1,002,795
1,012,848
—4.7
1,103,051
1,031,270
—7.5
1,340,742
2,600,000
Not included
1,113,726 + 32.2 Not Included In totals.
712,650j — 16.5 Not Included In totals.

352.538.435l

—8.0

329,044.610

298.317.858

'ear’s clearings the same ratio of decrease (or Increase) as shown by the debits,
e Week ended June 2.
* Partly estimated.

T h e c o u r s e o f b a n k c l e a r i n g s a t l e a d i n g c i t ie s o f t h e c o u n t r y
f o r t h e m o n t h o f M a y a n d s in c o J a n . 1 i n e a c h o f t h e l a s t
f o u r y e a r s i s s h o w n in t h e s u b j o i n e d s t a t e m e n t :
B AN K CLEARINGS AT LEADING CITIES.
------ M ay ------- ------------------- Jan. 1 to M ay 31 1919.
1921.
1920.
1922.
922. 1921. 1920. 1919.
000 ,000s
S
S
S
$
S
S
S
S
omitted.)
89,330 81,167 105,229 84,758
1,215 15,847 19,741
New York_______ 19,21.’
,498 2,130 2,619 2,406 11,097 10,980 13,768 11,250
Chicago......... .........2,498
6,541
8,112
5,860
6,354
,386 1,155 1,646 1,416
Boston.....................1,380
8,382
8,475 10,295
8.642
,828 1,610 2,089 1,727
Philadelphia............1,828
3,209
3,627
a
654
601
a
St. Louis......... ..... a
2,794
3,450
3,109
2,544
569
605
548
406
Pittsburgh.............
460
2,608
2,737
3,330
2,847
564
653
602602 510
San Francisco__________
1,239
1,489
1,194
1,184
246
285
243
216
Cincinnati_______
1,613
1,939
1,655
1,496
303
393
314
346
Baltimore_______
4,105
5,159
3,224
2,704
944
928
529629 570
Kansas City___________
1,971
2,175
2,701
1,734
396
531
362
Cleveland ........... .
364
1,170
1,480
929
920
248
271
172
190
New Orleans...
803
1,353
1,322
1,242
167
345
262262 250
Minneapolis___________
430
433
509
634
74
126
95
116
Louisville_____
1,622
2,498
1,954
1,817
395
484
382
Detroit........... ....... 438
438
638
732
603
624
135
152
113
133
Milwaukee___
807
1,573
1,709
180
318
324
439
Los Angelos______
304
215
a
a
46
02
a
a
Providence______
1,524
1,209
820
779
245
287
169
150
Omaha__________
496
917
762
774
125
182
147
167
Buffalo.......... .......
634
345
691
602
73
179
125
128
St. Paul...............
394
299
303
353
03
78
62
79
Indianapolis_____
788
598
430
482
142
174
72
83
Denver.......... .......
1,346
1,066
871
853
216
245
152
180
Richmond_______
384
312
607
340
78
92
56
71
Memphis________
748
918
610
660
157
176
115
130
Seattle__________
174
192
219
197
41
45
36
41
Hartford . ........... .
297
274
375
246
64
69
48
53
Salt Lake City___

P U B L IC

CASH AVAILABLE TO PAY M ATUR IN G OBLIGATIONS.
Feb. 28 1922. Feb. 28 1921.
480,650,338
301,022,515
'
■— 4,888,751
— 5,795,959
475,761,587

295,226,556

Deduct outstanding obligations:
Treasury warrants_____ ______ ____________ _____
Matured Interest obligations_____________________ .
Disbursing officers’ checks------------------ --------------- .
Discount accrued on War Savings Certificates.. . .

3,916,947
48,568,584
72,313,630
120,486,844

4,391,727
68,102,515
101,818,950
93,572,577

,.

245,286,005

Total all_________ 32,363 27,599 36,845 33,197 150,944 143,547 192,863 152,137
61,014 62,380 87,634 67.379

D E B T S T A T E M E N T O F U . S. M A Y 31
1922.
T h e p r e lim in a r y s t a t e m e n t o f th e p u b lic d e b t o f th e
U n i t e d S t a t e s fo r M a y 3 1 1 9 2 2 , a s m a d e u p o n t h e b a s is
o f t h e d a i l y T r e a s u r y s t a t e m e n t s , is a s f o l l o w s :
P R E L IM IN A R Y

Total gross debt April 30 1922 2
*
1
6
- ^ Vg : 523-100-201, 356 30
Public debt rccolctsMay 1 to May 31 1 9 2 2 ...
$20,215,823 81
Public debt expenditures May 1 to May 31 22
71,578,572 93
51,362,749 12

Total gross debt May 31 1922...........................................................$23,138,838,607 18
Note — Total gross debt before deduction of the balance held by the Treasurer free
of current obligations, and without any deduction on account of obligations of for­
eign Governments or other investments, was as follows:
n^Consolsof 1930......................................................
Panama’s of 1916-1936.............................................
os’ oiv’lnnno
Panama’s of 1918-1938.......................................
^ ’ nnn nnn on
Panama’s of 1961..................................................
™ soafinn nn
Conversion bonds..................................................
1 1 ’I?n a2n nn
Postal Savings bonds................................................................................... ,883.840,470 00
First Liberty Loan................................................* V a i i ’n?q 7 an nn
Second Liberty Loan................................................. 3,311,013,750 00
Third
Liberty Loan......................................................n’g2?’a??’
gnnnn
"Pnnrth
I /yin
___(),J'rO,o« 1,800 00
fourth T.ihfirtv
ElDcrty Boan...............................
15 , 118 ,418,500 00
Total bonds........................................................................................ $ 1CT002,258.970 00
Notes:
Victory Liberty Loan—
Qrn
52,.317,0iy,y»r30 00

3 h % : : : : : : : : : : : : : : : : : .....................................................................2 i57I i5 0 W bo oo
^SerlaT A— 1924........................................................

SSS

*311.191.600 00

M

S

°o°o

Series A - 1 9 2 0 .................................................. _ 6 17.768.700 00
Treasury Certificates:

_____

Tax

, g212a5 000 0Q

„„

$1,250,277,600 00

Loan................1.......................................................
409,471,500 00
Pittman Act.......................................................... ........77,000,000 00

, i736,749i000 00

Treasury (War) Savings Securities (not oash receipts)______________

670,687,978 82

T o t a l Interest-bearing d e b t .......................................................................... $ 2 2 ,9 0 2 ,4 6 6 ,2 9 8 on

Debt on which Intorest has ceased..............................................................
5,958,840 26
Non-interest-bearing debt.............................................................................
230,413,468 10
Total gross debt........................................................................
$23,138,838,607 18

T R E A S U R Y M O N E Y H O L D I N G S . — T h e fo llo w in g c o m ­
p ila tio n m a d e u p fr o m th e d a ily G o v e r n m e n t s t a t e m e n t s ,
s h o w s th e m o n e y h o ld in g s o f th o T r e a s u r y a t th e b e g in n in g o f
b u s in e s s o n t h o f i r s t o f M a r c h , A p r i l , M a y a n d J u n o 1 J 2 2 :
H o l d in g s i n
S u b -T rea su ries.

M ar. 1 1922. April 1 1922. M ay 1 1922. June 1 1922.
S
s
$
$

Net gold coin and bullion.
Net silver coin and bullion
Net United States notes..
Net national bank notes.Not Fed. Reserve notes..
Net Fed. Res. bank notes.
Net subsidiary silver-------Minor coin, &o-----------------

369,444,572
46,913,674
3,900,196
16.130,055
3,067,442
1,351,258
17,571,082
9,731,037

380,694,273
47,0;
5,350,478
19,186,672
2,180.607
958,925
17.929.695
7,030,957

358,676,102
48,952,392
4,099,669
19,139,400
2.155,891
987,795
17,931,198
8,930,245

364,483,500
50,164,824
3.607,701
18,274,380
2,248,415
1,202,444
17,793,559
10,432,420

Total cash In Sub-Treas.
Less gold reserve fund------

468,109,316
152,979,020

480,085,476
152,979,020

460,875,752
152,979,020

468,207,309
152,979,020

Cash balance In Sub-Trcas. ♦315,130,290 *328,006,450 *307,896,720
Dep. in spec, depositories:
332,183,000 197.375,000 221.646.000
Acct. certs, of Indebt-.
750,000
Dep. In Fed. Land banks.
”73,225,615 107,424,698
81,870,230
Dop. In Fed. Res. banks .
Dep. In national banks:
9,578,399
8,760,550
8,802,102
To credit Treas. U. S1..
16,879.225
17,458.232
17,089.345
To credit dlsb. offlcers.
6.094,044
5,631,721
5,851,407
Cash in Philippine Islands
1,688.105
1,403,548
1,475.508
Deposits In Foreign Depts.

*315,228,283

Net cash In Treasury
and In banks.............
Deduct current liabilities.

754,778,142
274,127,804

151,590,000
62,874,384
8,624,226
16,704,447
5,351,622
1,373,322

666,024,510
294,622,722

645,417,007
273,071,677

561,746,284
272.349,420

Available cash balance. 480.650,338 371,401,788
* includes June i,
o n .-.
----- not Included In statement “ Stock of Money.

372,345,330

289,396,864




STATES

Balance end month by dally statement, <fec------------Add or Deduct— Excess or deficiency of receipts over
or under disbursements on belated items--------------

Outside New York.13.148 11,751 17.104 14.314

a r/o?

S T A T E M E N T S OF
U N IT E D
F E B R U A R Y 28 1922.

T h e s t a t e m e n t o f th e p u b lic d e b t a n d T r e a s u r y c a s h
h o ld in g s o f th e U n i t e d S t a t e s a s o f f ic ia lly is s u e d F e b . 2 8
1 9 2 2 . d e la y e d in p u b lic a t io n , h a s n o w b e e n r e c e iv e d , a n d
a s in te r e s t a t t a c h e s to th e d e ta ils o f a v a ila b le c a s h a n d t h e
gross a n d n e t d e b t o n th a t d a te , w e a p p e n d a su m m a ry
th e r e o f, m a k in g c o m p a r is o n w ith th e s a m e d a te in 1 9 2 1 :

T o ta l____________ 30,150 25,561 33.490 30,537 140,492 132,730 175.282 139,771
Other cities............. 2,207 2,038 3,349 2,640 10,452 10,817 17,581 12,366

Incroase for period................................................................................

DEBT

Total_____

207,885,769
+ 27,340,787

Balance, deficit (— )

INTEREST-BEARING DEBT OUTSTANDING.
INTEl
Interest Feb. 28 1922. Feb. 28 1921.
S
Payable.
$
Title o f Loan —
599.724.050
Q.-J. 599,724,050
2s, Consols of 1930
118,489,900
................
Q.-F. 118,4S9,900
4s, Loan of 1925
48,954,180
........
II...Q .-F .
48,954,180
2s of 1 916 -36 ..
25,947,400
.................
...Q .-F .
25,947,400
2s of 1 9 1 8 -3 8 ...
50,000,000
50,000,000
__
‘ " I I I I I I I ........... Q.-M.
3s of 1961___
28,894,500
3s, Conversion bo’nds’ of i$)4<+47l 11____
.Q.-J.
28,894,500
Certificates of Indebtedness__________________ J.-J. 1,825,363,500 2,484,046,000
96,966,000 6287,229,450
Certificates of Indebtedness under Pittman Act.- J.-J.
3Ks, First Liberty Loan, 1932-47.................
J.-J. 1,410,043,050 1,410,074,350
26,144,450
4s, First Liberty Loan, converted_____________ J.-D.
13,853,300
512,617,700
4J4s, First Liberty Loan, converted___________ J.-D. 524,594,700
3,492,150
4Jfs, First Liberty Loan, second converted____ J.-D.
3,492,150
108,800.250
4s, Second Liberty Loan, 1927-42................... M.-N.
60,769.900
3.213.431.150
4>fs, Second Liberty Loan, converted..____ _____ 3,251,425,350
4Ms, Third Liberty Loan of 1928......
..M .-S. 3.591,247,500 3,645,692,850
4 « s , Fourth Liberty Loan of 1933-38.............. A.-P. 6,347,559,100 6.361.610.150
685.885.050
3^s, Victory Liberty Loan of 1922-23_________ J.-D. 332,909,850

4Ks, Victory Liberty Loan of 1922-23........
J.-D. 2,936,926,700a3 ,4 6 3 ,842,650
4s, War Savings and Thrift Stamps..................Mat.
656,110,941733,478,995
2 Ms, Postal Savings bonds___________________ J.-J.
11,830,440
11,718,240
5Ms to 5Ms, Treasury notes_________________ J.-D. 1,303,497,200 ------------—
Aggregate of Interest-bearing debt_______________ 23,238,599,711 23,820,073,465
Bearing no Interest.......................................
226,539,695
225,600,334
Matured, Interest ceased___ ____________________
13,918,951
3,853,990
Total debt............................................

23,479,658,357 24,049,527,789
+27,340,787

Deduct Treasury surplus or add Treasury deficit______+230,475,582

Net debt.................................................................. 23,248,582,776 24,022,187,002
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 Feb. 28 1922 on the basis of dally Treasury statements
was S23,478,667,789.31, and the net amount of public debt redemptions and receipts
in transit, &c., was $390,567.21.
N O T E .—Issues of Soldiers’ & Sailors’ Civic Relief bonds not Included in the above
total Issue to Feb. 28 1922 was $195,500. of which $144,400 has been retired.
TR AD E AN D

T R A F F IC

M O VEM ENTS.

_ S T E E L P R O D U C T I O N I N M A Y .— F r o m a sta te m o n t
issu e d b y th e A m o r ic a n I r o n a n d S te e l I n s t it u t e , it a p p e a r s
t h a t th e p r o d u c tio n o f ste e l in M a y 1 9 2 2 b y t h ir t y c o m p a n ie s ,
w h ic h in 1 9 2 1 m a d e 8 7 . 4 8 % o f th e s te e l in g o t p r o d u c tio n in
t h a t y e a r , to ta lo d 2 ,7 1 1 ,1 4 1 t o n s .
T h is c o m p a r e s w ith
1 ,2 6 5 ,8 5 0 to n s d u r in g th o s a m e m o n t h la s t y e a r .
B y pro­
c e s s e s , t h e o u t p u t w a s a s f o llo w s :

May 1922.May 1921. ‘ 5 Mos. ’22. 5 Mos. ’21.
Oross tons. Gross tons.
Gross tons. Gross tons.
Open hearth...................
2,214,774 1,047,810
8.787,453 6,110,598
Bessemer___ ________
494,893
216,497
2,072,640 1,880,329
All other______________________
1,474
1,543
4,816
12 ,5 2 2
Total

2,711,141

1,235,850

10,864,909

8,003,449

LAKE
S U P E R IO R
IR O N
ORE
S H I P M E N T S .— T h e
s h ip m e n t s o f L a k e S u p e r io r ir o n o r e d u r in g M a y
1922
a m o u n t e d to o n ly 1 ,5 8 5 .3 0 5 t o n s , a s c o m p a r e d w ith a m o v e ­
m e n t o f 2 ,5 9 4 ,0 2 7 to n s d u r in g th e s a m e m o n t h la s t y e a r a n d
w i t h n o lo s s t h a n 6 , 9 7 6 , 0 8 5 t o n s t h o y e a r p r e v i o u s .
The
t o n n a g e m o v e d u p t o .T un e 1 1 9 2 2 is 1 , 0 4 8 , 7 7 2 t o n s , u n d e r t h e
s h i p m e n t s f o r t h e c o r r e s p o n d i n g p e r io d la s t y e a r .
B e lo w w e c o m p a r e th e s h ip m e n ts fr o m th e d iffe r e n t p o r ts
fo r M a y 1 9 2 2 , 1 9 2 1 a n d 1 9 2 0 , a n d fo r th e re sp e c tiv e se a so n s
to J u n e 1 :

,
,
--------- --- ------M a y- --------------- ----------- Season to June 1---------

1922.
1921.
1920.
Escanaba....... tons. 177,719
72,048 795,673
. . 70,125
13,985 375,036
Marquette-.
Ashland
272,134 208,390 1,013,049
Superior 11IIIII_ 669,297
730,708 1,083.660
Duluth..... 217,062
1,199,457 1,662,371
Two Harbors......... 178,908 369,439 1,145.606
Port—

1922.
1921.
1920.
217,938
72,048 795,673
70,125
13,985 37o,036
290,689
217,539 1,013.049
721,684
842,556 2,189,246
236,062 1,226.888 1.988,239
178,968 397,222 1,145,696

T otal........... ...1,585,305 2,594,027 6,976,085 1,721,466 2,770,238 7,206,939
C o m

m

e r c i a l t r a d T H ls c e lla t t c o u s J p sm tt

S T O C K O F M O N E Y I N T H E C O U N T R Y . — T h e f o llo w ­
i n g t a b i c s h o w s t h o g e n e r a l s t o c k o f m o n e y in t h o c o u n t r y ,
a s w e l l a s t h o h o ld i n g s b y t h o T r e a s u r y a n d t h e a m o u n t i n
c ir c u la t io n o n t h e d a te s g iv e n :
S to c k o f M oney M ay 1 ’22--------M oney in Circulation— •
in U. S. afield in Treas M ay 1 1922. M ay 1 1921.
JJ
§
S
S
Gold coin and bullion_____3,766.765,584 358.678,102cl,TO7,034.535bl,063.352,013
H old (‘prtlfictitQS

____

Gold certificates....................
silver dollars-------- 3727256,851
Standard
Silver certificates................
....................
Subsidiary silver___ 272,017,534
Treasury notes of 1890------ ----------------United States notes- 346,681,016
Federal Reserve notes_d 2,543,299,460
Federal Reserve Bank notes 91,363,400
National bank notes_ 754,622,549

_________

7,874,095
17,934,198
4.099.669
2,155,891
987,795
19,139,460

3 /1 *3 3 7 ,1 4 4

4c*>0,380,oo9

68.312,199
77,972,209
294.540.994
171,903,461
254,083,336 261,563.483
1,529,563
1,583,984
342.5S1.347 339,398,344
2,186,977,918 2,880.424,198
90,375,605 173,039,298
735,483,089 708,553.260

Total ..................................8,147,008,394 410,867,210 5,352,255,730b8,158,170,819
Population of continental United States estimated at 109,468,000.
nnr imnlt.n. *48 89.

Circulation

J

st»tement ° f money hold In the Treasury as assets of the Government does
i ci0[?0?lt,3 of public money In Federal Reserve banks and In national
a ^ M t l n g T o CS33lT3°8 559 97 t0 th° CrodU ot tho TreafJurer of the United States.
f J j £ dJu3^ d n,sur.fis, ? " acc°unt of Inclusion In monetary stock of gold bullion and
foreign gold coin held by Federal Reserve Banks and agents.
e Includes S453.076.561 60 credited to Federal Reserve banks in the Gold Fund
deposited with Treasurer of the United States,
d Includes own Federal Reserve notes hold by Federal Reserve banks.
^Jay 1 1922 Federal Reserve banks and Federal Reserve agents held
™ m nA . m der.al Res,e^ . n? tcs 81.703.614.523, gold coina nd bullion S326.103.280.
gold certificates and S354,165,651 Federal Reserve notes, a total of 52,383,883,454,
against $1,461,699,171 on M ay 1 1921.
'
'
'
’

B A N K

N O T E S — C H A N G E S IN

D E P O S IT E D

TO TALS OF, A N D

B O N D S , & C .— W e g iv e b e lo w

IN

ta b le s w h ic h

s h o w a ll th e m o n t h ly c h a n g e s in n a tio n a l b a n k n o te s a n d in
b o n d s a n d le g a l te n d e r s o n d e p o s it th e r e fo r .
Amt. Bds. on Deposit to
Secure Circulation for—

National Bank Circulation
Afloat on—

National
Fed. Res.
Batik Notes. Bank Notes.
Apr. 30
Mar. 31
Feb. 28
Jan. 31
Dec. 31
Nov. 30
Oct. 31
Sept. 30
Aug. 31
July 31
June 30
M ay 31
Apr. 30

S
731,693.690
730.016.940
729.702.240
729.425.740
728.523.240
728.351.240
727.512.490
727.002.490
724.770.490
723,675,190
722.898.440
722,491,590
720.012.440

Legal
Tenders.

Bonds.

$
95.568,700
102.393.700
110.359.700
126.393.700
126.393.700
139.393.700
149,768,600
185.768.700
208.355.200
224.105.200
230.605.200
241.605.200
254.105.200

Total.

$
729,526,135
727,838,900
727,465,523
724.480,758
724,235,815
723,023,965
716,304,820
795,836.355
711,000,205
702,570,407
712,763,865
709,657,145
691,643,480

S
S
1922 ..
25,096.414 754,622,549
1922..
24,840,522 752,679,422
1922..
24,569,959 752,035,482
1922..
25,130,609 749,611.367
1921..
25,932,109 750,167,924
1921..
26,283,132 749,307,097
1921..
26,984,017 743,288,847
1921..
27,402,759 743,239,113
1921..
24,148,669 739,148,874
1921..
29.570,407 732,419,179
1921..
30,526,509 743,290,374
1921..
30,936,214 740,593,359
1921..
32.172,872 723,816,352
Fc'Jcrat Reserve bank notes outstanding April 30 (of which $84,815,-

$ 1 7 5 ? 0 i n 0 0 % m n3 0 dl92tiatCS b° ndS a“ d S6’548’000 by lawful money), against
T h e f o llo w in g s h o w s * t h e a m o u n t o f e a c h c la s s o f U n i t e d
S ta te s b on d s an d

c e rtific a te s o n

d e p o s it to

secu re F e d e ra l

U. S. Bonds Held April 30 to Secure—
Bonds on Deposit
April 30 1922.

2s.
4s,
2s,
2s,
2s,

U.
U.
U.
U.
U.

S.
S.
S.
S.
S.

On Deposit to On Deposit to
Secure Federal
Secure
Reserve Bank National Bank
Notes.
Notes.

Consolsof 1930_____
Loan of 1925.
Panama of 1 9 3 6 ...
Panama of 1938______
1-Year Certlfs. of Indebtedness

Totals...............................

Total
Held.

5
10,413,400
1,768,000
257,000
130,300
83,000,000

S
577,384,700
80,567,650
48,202,940
25,538,400

5
587,798,100
82,335,650
48,459,940
25,668,700
83,000,000

95,568,700

731,693,690

827,262,390

T h e fo llo w in g s h o w s th e a m o u n t o f n a tio n a l b a n k n o te s
a flo a t a n d th e a m o u n t o f le g a l-te n d e r d e p o s its
M ay 1
A p r il:

A p r il

1 and

a n d th e ir in c r e a s e o r d e c r e a s e d u r in g th o m o n t h o f

National Bank Notes— Total Afloat—
Amount afloat April 1 1922________
Net Increase during April__________________ " " I I I I I I I I I I I I H ”

« 7 <:o « 7q aoo
l,«43[l27

Amount of bank notes afloat May 1 1922........................ ..................... .$754,622,549
Legal Tender Notes—
Amount on deposit to redeem national bank notes April 1 1922
$24 840 522
Net amount of bank notes Issued In April____________________________
255,892
Amount on deposit to redeem national bank notes M ay 1 1922____$25,096,414

N ew

Y ork

Banks— N .Y . Bid
. 202
. 255
Atlantic.
. 215
. 135
Bowery*
. 430
) 130
. 125
. 150
► 140
r 130
. 195
Chase.
. 318
. 262
• 75
. 506
200
300
175
270
Com’nwealth 215
Continental.. 130
Com Exch*._ 400
Cosmop’tan*.
75
East R iv e r... 170
Fifth Avenue 1025
Fifth..............
160
First________ 1050
Garfield____
225
Gotham_____ 180
Greenwich * . . 250
Hanover_____ 590
Harrlman____ 390

C ity B a n k s a n d T r u s t
All prices dollars per share.
Ask
206
260
225
145
450
145
____
160
155
135
205
324
267
85
512
210

I
Banks
Imp A T rad..
Industrial*__
llrvlng Nat of
N Y .............
Manhattan *.
Mech & M et.
|Mutual*_____
Nat American
National City
New N eth *..
|Ncw Y o r k ...
Pacific *_____
Park................
Public..............
Seaboard____
Standard
State*_______
185" iTrndesmen’s *
274 23d W a r d * ...
225 |Union Exch..
145 United States*
410 Wash’n H ’ts *
85 Yorkville * . . .
170 '
....
____
185
265

Brooklyn
Coney Island*
First_________
Mechanics’ * .
Montauk * ___
Nassau______
People’s ..........

400

Bid
530
135

Ask
540
145

202
254
384
500
150
328
125
500
300
415
260
285
230
290
200
250
310
160
____
420

205

155
250
100
125
230
160

389'
ie'o"

333

135
____

420 "
270
292
260
300
270 '
330
170
____
—
165
260
115

Brooklyn
Brooklyn Tr.
Kings County
Manufacturer
People’s ..........

210"

420
700
230
320

Y ork

Bid
Alliance R ’lty 87
Amer Surety. 71
Bond & M G . 247
City Investing 60
Preferred . .
90
C h ic a g o

C ity R e a lt y a n d S u r e ty
All prices dollars per share.
Ask
95
73
252
64
95

S to c k

Lawyers Mtge
Mtge Bond..
Nat Surety..
N Y Title A
M ortgage..

Bid
157

100

Ask
164
105

205

210

152

158

E x c h a n g e .— R e co rd

C h ic a g o S to c k E x c h a n g e J u n e 3
c o m p ile d fr o m

o ffic ia l s a le s lis t s .




of

Bid
130
160

345
385
318
115
305
294
445
210
255
220
180
160
290
130
630
337
374
310

335 '

As*
135

100

ifo'

180

190

t r a n s a c t io n s

* No par value,

Stocks—

C o m p a n ie s .

Realty Assoc
(Brooklyn).
U S Casualty.
U S Title Guar
West A Bronx
Title A M G

Bonds—•
Chic CltyACon Rys 5s 1927
Chicago Railways 5s. .1927
4s, Series’’B ” ______ 1927
Adjust Income 4s. _ 1927
Chicago Telephone 5s. 1923
Commonw Edison 5s. . 1943
Donner Steel 1st ref 7s. 1942
West Va Wat A El 6s. 1942

80
98
1244
85
8744
7
644
7)4
3544
544
27
9

80
9844
1244
8744
8744
744
744
844
3644
9
27
OX

Low.

100
537
710
550
125
365
410
1,100
400
5,440
10
350

High.

70
Apr
91
Jan
12
Feb
83
Mar
8744 June
4
Mar
Apr
5
Jan
34
Mar
3
Jan
20)4 Mar
744 June

96
Mar
9844 Mar
1244 Feb
10244 May
88 June
1244 Mar
744 May
844 June
3644 Mar
9
June
29J4 Mar
10
Mar

125
IX
1)4
Jan
225
7)4
Jan
8X
7
8
720
144 Jan
4
4
100
144 Jan
130
131
452 11444 Feb
5
Feb
6X
930
8)4
100
75)4 75)4
5944 Feb
7)4
6,485
5
Feb
8X
64
250
55
64)4
Jan
106
108
323
85
Mar
78
79
65
60
Feb
117
118
78 105
Jan
4
3.160
4)4
244 Jan
4
4
4
1,450
May
14
17
2,305
10
Feb
26
1,033
26 X
2544 May
90
90
140
8144 Jan
77)4 78
125
7744 June
1,855
544
744
444 Jan
4,195
1944 2144
1044 Jan
71
275
7544
56
Feb
5044 5644
1,220
4844 Mar
7,909
244
244
244 June
44
940
27
Jan
4544
75
489
53
Jan
7544
692
82
Jan
9344 9844
644
1,605
744
344 Feb
2,065
244
244
144 Jan
9
30
844
844 Jan
20
21
150
1244 Jan
2744 2844
1,040 19
Jan
43
4744 15,020
2344 Mar
9244 9844
50
8844 Jan
340
9644 97
9344 Mar
8,550
2444 2544
1344 Jan
45
905
5044
3444 Apr
77
200
7744
5944 Feb
1.160
13
1944 2044
Jan
640
4644 4744
42
Jan
24
Jan
4344 44 44 10,050
101
830
10344
9144 Jan
17
3,880
Apr
1944 2044
1
100
May
244
244
46
2,980
40
Jan
4844
43
Jan
5644 5944 12,625
420
6
Jan
844
744
56
165
57
54
May
65
68
2,318
29
Jan
77
78
715
70
Mar
33
33
25
Mar
27
61
62)4
2,420
50
Jan
97)4 97)4
10 76
Jan
21)4 23)4
3,501
12)4 Jan
9
725
8)4
Jan
101)4 102)4
1,660
97
Mar
215
225
1,289 zl25
Mar
70
73 X
5,570
57)4 Jan

Feb
Feb
May
Mar
Apr
May
June
Apr
68
Feb
109
May
7944 June
118
Mar
6
Jan
444 May
18
Mar
2844 May
106
Feb
103
Mar
744 June
2144 May
7544 June
5844 May
744 Feb
5344 May
77
May
99
Apr
744 Juno
244 Jan
1144 Jan
21
May
2844 Apr
5444 May
9844 June
97
June
27
May
5044 June
8044 May
2044 June
4744 May
45J4 May
10844 Feb
2344 Feb
544 Feb
5144 Apr
5944 Mar
944 Feb
57
June
6944 May
8144 May
40
Apr
7144 Apr
9744 June
2144 May
1044 May
11044 Feb
246
Feb
8244 Mar

51)4
82)4
50
25
99)4
08 X
98
oox

51)4
82)4
50
26 X
99)4
98)4
98
OOX

$5,000

1,000
1,000
6,000
2,000
12,000
4,000
3,000

49
Apr
67
Jan
33
Jan
17
Jan
98)4 Jan
93)4 Jan
98
June
00X June

244
944
12
6
13244
9
7544
9

5344
84 4(
5244
32
9944
9844
98
100

Apr
Apr
May
Apr
June
June
June
May

x Ex-dividend.

Ask

* Banks marked with (*) are State banks, t New stock, x Ex-dlvldend. y Ex-rights.
N ow

American Shipbuilding. 100
Armour & Co, pref____100
98
Armour Leather________ is
12)4
Preferred....... ............ 100
Amer Pub Serv, pref______
Beaver Board..............
*
Certificates_____________
Booth Fisheries, new_____ *
Preferred......... ........... 100
354*
Case (J I ) ......... ................... *
844
1st preferred________ 100
2d preferred................100
Chic City & Con Ry—
Part sh com___________ *
144
Preferred________
*
744
Chicago EJI R y, pref...1 0 0
7
Chicago Rys, part ctf Ser 2
Commonwealth Edison 100 13044
Consumers Co, common 100
644
Preferred___________ 100
7544
Continental Motors____10
744
Cudahy Packing, com .. 100
Crane Co, pref____________
Deere & Co, pref______ 100
Diamond Match______ 100
Earl Motors......... ............ ..
Certificates____________
Godschaux Sugar, com___
Gossard, H W , pref____100
Great Lakes D & D ____100
Hartman Corporation.. 100
IIolland-Amerlcan Sugar 10
Hupp Motor____________ 10
1944
Illinois Brick__________ 100
75
Inland Steel_________ 100
Libby, McNeill A Libby 10
244
Middle West Util, com. 100
Preferred....... ............. 100 '7544
Prior preferred____
Mitchell Motor Co______
National Leather.............lo
New__________
844
Orpheum Circuit, I n c '.I . i
Pick (Albert) & C o .. .
*
2744
Pigg Wigg Stores,Inc.’’A ” *
4344
Pub Serv of N 111, pref. 100
Quaker Oats Co, pref.. 100
97
Rco Motor______________10 2444
Reynolds Spring C o_____*
Sears-Roebuck, c o m ... 100
Standard Gas A Elec____50
20
Preferred_____________ 50 4744
Stew Warn Speed, com. 100 4344
Swift & Co___________ 100 101
Swift International_____ 15
1944
Temtor Prod C & F " A ” .*
Thompson. J R, com____25
46
Union Carbide & Carbon 10
5644
United Iron Works v t c.50
744
U S Gypsum..................
United Light A Rys____100
Preferred............. ............
Vesta Battery______ . *
Wald Co__________
*
Ward, Montg & Co, pf.Ioo
When issued______
20
2144
Western Knitting M ills..
Wrlgley Jr. common_____
102
Yellow M fg_____________io 215
Yellow Taxi________

Range since Jan. 1.

P i t t s b u r g h S t o c k E x c h a n g e . — -R e c o r d o f t r a n s a c t i o n s a t
P itts b u r g h S to o k E x c h a n g e J u n e 3 to J u n o 9 , b o th in c lu s iv e ,
c o m p i l e d f r o m o f f i c i a l s a le s l i s t s .

C o m p a n ie s .

Trust C o.’s Bid
New York
American____
Bankers Trust 340
Cen’ ^ l Union 378
Columbia____ 312
Commercial.. 100
Empire______ 295
Equitable T r. 288
Farm L & T r. 440
Fidelity Inter. 205
Fulton_______ 245
Guaranty T r . 215
Hudson
170
Law Tit & Tr 150
Metropolitan. 280
Mutual (West
Chester)___ 115
N Y Life Ins
A Trust___ 615
N Y Tiust__ 335
Title Gu A Tr 367
U S Mtg A Tr 305
United States 1035

Stocks—

Friday
Sales
Last Week's Range for
Sale.
of Prices.
Week.
Par. Price. Low.
High. Shares.

at

to J u n e 9 , b o t h in c lu s iv e ,

Par

Friday
Sales
Last Week’s Range for
nf PrireQ
Sale.
Week.
Price. Low.
High. Shares.

Am Wind Glass Mach. .100 x85
84
86
Preferred____________ loo
90
91
Am Wind Glass Co, pf. 100
102
103
Arkansas Nat Gas. com. 10
11
n x
12)4
Carnegie Lead A Zinc____5
5)4
6
5)4
Consolidated Ice, c o m ..50 _____
3)4
3)4
Preferred_____________ 50
24
24)4
Indep Brewing, com____50
2)4
2)4
Preferred.............. . . . 5 0 —
10
10)4
Lone Star Gas_________ 25
31
29)4 31)4
Mfrs Light & Heat_____ 50
53
52)4 53
Nat Fireproofing, com..5 0
9
9
9)4
Preferred____________ 50
20H
20)4 21
Ohio Fuel Oil_______
19H
18)4 23
Ohio Fuel Supply_______ 25
53 H
52)4 54)4
Oklahoma Natural G a s ..25
23
22
23 X
Oklahoma Prod & Ref In. . 5 —
3)4
4
Pittsburgh Brew com. . . 50
2%
2)4
2)4
Preferred_____________ 50
8X
7)4
8)4
Pittsburgh Coal, com .. 100 —
66 X 66 X
Preferred____________ 100
95)4. 96
Pittsb & M t Shasta C o p .. 1 23
20c 25c
Pittsburgh O il* Gas_____ 5
10
10
11)4
Pittsburgh Plate Glass. 100 176
165
176
Real Estate Tr Co..See note below.
Salt Creek Consol O i l . . .10
13)4
13)4 14)4
San Toy Mining-------5c
5c
Tidal Osage Oil__________ *
14)4
14
14)4
Superior Insurance Co— See note below.
Union Natural Gas____100
142
142
West’house Air Brake.. .50 _____
93)4 94)4
West Penn TrAWP.comlOO
28
25
27H
Preferred....................... 100
85
85)4
Bonds—
Indep Brewing 6s_____ 1955
Pitts Coal deb 5s_____ 1931

67
97

67
97

220
595
150
18,245
3,040
150

20
310
70
3,599
915
760
635
2,605
2,117
3,230
145

100

945
50
23
5,300
3,082
143
3,765

1,000
2,675

Range since Jan. 1.
Low.

Jan
Jan
Jan

14)4 May
9c
Apr
14)4 Apr

Jan
80)4 Mar
18
Jan
72
Jan

142
June
100)4 Feb
28
June
86)4 Apr

.June
Jan

75
Jan
07 X May

8X
3c

11

10 115)4

240
1,080
50
$7,000

1,000

High.

64)4 Jan
90
May
84
Jan
91)4 June
Jan 103
97
May
8)4 Mar
12)4 Apr
2)4 Jan
6 June
4
Apr
2)4 Apr
23
Jan
25
Feb
1)4 Jan
2 )4 Feb
6)4 Feb
10)4 June
20
Jan
31)4 June
45
Jan
54
May
6)4 Jan
OX Apr
15
Jan
21
Apr
16
Jan
23
June
44)4 Jan
55
May
19
Jan
26 X Apr
4
June
2)4 Feb
3
Mar
1)4 Jan
5
Feb
8)4 June
Jan
60
66)4 June
90)4 Mar
96
May
19c May
31
Mar
6
Feb
11)4 June
130
Jan 176
June

67
95

* No par value.
Note— Sold last week and not reported: 50 shares Real Estate Trust Co. at 120:
10 shares Superior Fire Ins. Co. at 94, and 400 Okla. Prod. & Ref. at 3 4 4 @ 344.
A u c t i o n S a l e s .— A m o n g o th e r s e c u r itie s, th e fo llo w in g ,
n o t u s u a l l y d ea lt i n at th e Stock E x c h a n g e , w o r o r e c e n t l y s o l d
a t a u c t io n in N e w Y o r k , B o s t o n a n d P h ila d e lp h ia :

B y M e s s r s . A d r ia n H . M u lle r & S o n s, N e w Y o r k
S h ares.

S lo ck s.

P r ic e .

S h a r es.

P r ic e .

S to ck s.

2 0 G o th a m N a t . H a n k .$ 1 8 4 % p e r s h .
D istillin g, preferred,
370 t o S70 % per share 15,460 P h lllp p in o R e fin in g C o r p .,
p r e f., 50 pesos e a c h .4 0 o . per sh.
100 S terling
L ea th er
W o rk s,
c o m m o n $100 e a c h ____ $550 lot
B onds.
P ercen t.
1 1 3 % S ea b oa rd F in a n ce & In ­
v estm en t, no p a r _________ $5 lot $20,000 B r o o k ly n F e r r y o f N . Y .
1st con s . 5s, ctfs o f d e p ., s t p d -.-S G lo t
50 P ark sldo M ills, preferred .$ 4 0 0 lo t

5 00 C u b a

B y M e s s r s . R . L . D a y & C o ., B o s to n :
S to ck s.
s p e r s h . Shares. Stocks.

$ per sh

S h ares.

7
5
10
1
4
10
35
7
60
12
10
20
1,644
3

1 ,5 0 0
5

10 A m erica n G lu e , c o m ., c x -d lv .1 0 9 %
M a tta p a n N a t . B a n k , B o s to n 85
4 M on tp elier * B a rre L ig h t &
H o m o N a t . B a n k , M i lf o r d - - 1 52%
P o w o r , p re fe rr e d ____________ 46
N a shu a M f g ., p r o f___9 8 % & d iv .
10 A m erica n G lu e , p r e fe r r e d - ..1 2 8 %
A r lin g to n M ills ---------------------- 1 02%
10 S im on d s M f g ., p r o f . ............. .1 0 4 %
N a u m k ea g S team C o t t o n — 2 2 8 %
2 A m er. Sugar R e f ., p f . , o x -d tv .1 0 5 %
G rea t F alls M a n u fa c t u r in g .. 82
2 M a n ch ester T r a c . , L t . & P o w . 107
C on n e c tic u t M ills, 1st prof.
ctfs. d e p o s i t .. ..............6 5 % - 6 6 %
4 C o n n e c tic u t P o w e r , p r e f . .
86
2 C h a rlestow n G as & E le c t r ic . .1 0 8
W e st P o in t M a n u fa c t u r in g .. 1 23 %
2 N ashu a G u m m ed & C o a te d
U . S . W o rs to d , 1st p r o f..........
2
P a p e r, p r o f........ .............
90%
M a ss . E le c ., prof. c t f. d e p .
20 M e tr o p o lita n W h a r f D o c k
fo r co m m o n s to c k , par 2 5 - 4 %
T r u s t ___________
5
N o r w ic h & W o re . R R . , p r o f-1 0 0
11 rts. W a sh in g ton W a te r P o w . 1 2 % 0
V erm on t & M a ss. R R .............9 6 %
5 P ly m o u th C o r d a g e . ................1 7 3
P a y so n P ark L and C o ---------- 15c.
G eorg e E . K eith C o ., l s t p f . 9 7 & d i v10
. M errim a c C h em ica l, pa r 5 0 - - 8 6 %
10 Sullivan M a c h in e r y ___________ 52
M a ss . Oilless B earings C o .,
Bonds.
Percent.
par 10_____________________ $25 lot
$ 1 ,0 00 B o s to n E Iov . R________________
y . 6 s, 1 9 2 4 . 9 9 %
M on tp e lie r & B a rre L ig h t &
P o w e r ______________________
4 % 14,400 T o r o n t o P o w e r 5s, 1 9 2 4 _____ 9 6 %

B y M e s s r s . W is e , H o b b s & A r n o ld , B o s to n :
S h ares.

$ per

S to ck s.

sh .

20 U . S. W o rs to d , 1st p r e f . . ............. 2 %
6 N a u m k ea g S team C o t t o n .............2 2 8 %
2
S pringfield R y . C o s ., p r o f........ 4 8 %
2
E astern M a ss . S t. R y . a d j. s to c k 30
3 -2 0 G illetto S a fety R a z o r . . . ...........1 0%
5 A m erica n M a n u fa ctu r in g , p r o f . . 82
5 G reen field T a p & D ie , p r e f-------- 9 1 %
10 Q u in cy M a rk o t C o ld S tora g o &
W a r e h o u s e ......................................140

S h a res.

S tock s.

B onds.

ce n t.

$1,0 00 P eoria R y . 5s, 1 92 4 ___________ 8 8

Price.

10 N a tion a l B a n k o f C o m m e rc e 120
200 B o s to n & M o n t . D c v e l------ $31 lot
10 P h lla N a tio n a l B a n k _________ 3 7 5 %
100 T o n o p a h N o r th S ta r T u n n el
10 P h lla . N a tio n a l B a n k .
374
&
D e v e lo p m e n t __________ $ 6 lot
3 B a n k o f N o r th A m e r ic a l . 1 11 2 8 1 %
717 F o r t W a y n e & N orth ern I n ­
4 J en k in tow n N a tio n a l B a n k 215
d ia n a T r a c t io n ____________ $16 lot
1 F ra n klin S e c u r it ie s ..
ill
40 P h lla . & E a ston E l. R y .......... $2 lo t
12 In te g r ity T ru st, pa r $ 5 0 ........... 234
164 M a u re to T o b a c c o _____ ______ $ 6 lot
1 1 C om m ercia l T r u s t .....................3 5 0
300 S h erw ood C o p p e r . ................. . $ 1 Jot
4 C o b b s C reek T it le & T ru st,
10 L iv in g sto n O i l . . ......................... $1 J°J
par $ 5 0 ..........................................61
1,800
'l’ uxpa m Star OH.....................$2 Jot
10 G erm a n tow n T r u s t . . . .............2 2 7 %
140 L ib e rty T ra n s it C o — ............. $5 lot
16 P h lla . B ou rse, pa r S 5 0 ............. 8 %
6 25 N ew sp rin t R e c la im in g C o .
(In terim c e r t ifi c a t e )........... $1 Jot
4 00 P in e V a lle y S a n d C o ., p r e f.S ll O lo t
87 C on tin en ta l O il & R e f in i n g -.$ 4 lot
5 A m erica n D re d g in g C o .
-1 0 7 %
100 M a n u fa ctu red R u b b e r , p r e f.,
25 D clv a te x P e troleu m -------------$50 jo t
pa r $ 1 0 ________
2%
1 3 -5 U n ite d A u t o Stores C o . - S l lo t
194 Y o u n g -S m y th e -F le ld , p r e f . . $ 7 5 lo t
210 L lg -M a r C oa l M i n i n g . . ------ $ l o Jot
4 W estm orela n d C oa l
70
1 M h l S ev en O il & G as A s s n . . $ l Jot
18 U n ited N . J . R R . & C a n a l..1 9 8
2 5 ,4 0 0 T en n essee P rod u cin g & R e f - $7 Jot
19 M in e II111& S ch . H a v e n R R . 5 1 %
1.000 V ic t o r y D iv id e M i n in g ........... So o t
2 34 A n k ok a s M ills , p rof
10
2 000 R e d H ill F loren ce M i n i n g . . . $1 Jot
12 A n k ok a s M ills, c o m
”
" 10
20
C lin g C u tlery C o r p - - - - - - - - $ 4 1 o t
71
P ressm an T i r e * R u b b e r C o . $3 lo t
2 C on tin en ta l P assenger R y . . . 81
5 P h lla . G erm a n tow n & N orris­
1 .100 C en tral P etroleu m C o .......... $10 Jot
to w n P assenger R R
.1 2 2 %
500 H a rg ra v e S ilv er M in e s .............$1 jo t
6 50 T h e A g u a ca n te M in e s -----$ 6 jo t
20 H u n tin g d o n D e v e l. & G a s . . . 20
100 L o c o m o b lle C o ......................... $100 Jot
Bonds.
per cent.
283 A etn a P etroleu m
.............. . i l S o t
1 Stevens D u ry e a , In c p r c f . . $ J Jot $100 C en tral P etroleu m 3 -y e a r g old
n o t e ...................... ......... ....................... .$ 7 lo t
10 C a lif. C rushed F ru it C o ------ $1 lot
3 25 C on tin en ta l C a n d y C o r p . . . $30 Jot $100 U . S . L ib . F o u rth L o a n 4 % s ,
1938...................... ..................... ........... $ 9 4 lo t
25 N a tion a l C o n d u it C 0 . . . . . . 3 5 1 jo t
2 C o m m o n w 'th M t g e ., p r e f— $1 lot $2,500 C it y o f Salem S ch ’ l L o a n . $ 1,500 lo t
1 C om m on w ea lth M o r tg a g e — $1 lot $ 3 ,0 00 P etersb u rg G a s 5 s, 1 9 3 1 . . . 80
500 G o ld fie ld D e e p M in e s ---------- $ } Jot $ 3 ,0 0 0 E a ston C o n s o l. E le c . 5 s, ’ 4 9 . 70
240 A llie d O il C o r p ........................ -$ 1 o t 5 5 .0 00 L y n c h b u rg T r a c t io n & L ig h t
79%
5s, 1931............... ..
300 B ig L ed g e C o p p e r -------- - - - - $ 4 0 J°J
50 R e m in g to n P h o n o g ra p h ------ $2 [o t $ 1 0 0 S outhern Illin o is ’ L ig h t &
P ow er 6 s, 1 9 3 1 . . .
16
500 Sev en M eta ls M in in g .............$1 lot
8 00 U . S . S hip C o r p . . . . ------------ $ 25 o t $200 S p rin g field R y . 5 8 ,1 9 3 5 1 1 1 _____51
2 .0 0 0 M a x im M u n itio n s C o r p -------- $2 Jot $500 G rea t W estern P o w e r o f C a l.
6 s, 1925_________
86
1 V - C G a s * O il D e v e l o p i n g .. . $1 lo t
100 H a rv e y C ru d e O i l ................. -$ 1 Jot S 200 S pok an e, W a s h I ,"6 s ","i9 2 iI I II $ 7 5
2 .0 0 0 W h ite P in e M i n i n g - . - - ------ $2J Jot $ 2 0 0 A . O . L o o n ls (S ta te o f W a sh ­
10 T e x a s P u b lic ity R o y a l t i e s . . .3 1 lot
in g ton ) 6 s, 1 9 2 3 ..
...$ 1 2 0
200 A m erica n Solon C o r p -------SI Jot $275 R . F . D a v is (S ta te o f W a sh in g ­
5 A n g lo A m erica n O il w arrants SI lo t
to n ) 6 s, 1 92 2 ____
.$ 1 0 5
10 M u tu a l T ru st, p a r $ 5 0 - - - - - - 45
$200 Sheep C reek L a n d (S ta te o f
15 H u n tin g d o n & B road T o p
W a sh in gton ) 6 s, 1 92 2 .................. - - $ 2 6
M t n . H it ., p r o f., c t f . d e p . - 15
3 5 .0 00 B crg n er & E n g le B rew in g
6 s, 1921.........................“ .................... ! 5 0 %
8 H u n tin g d on & B road T o p
M t n . R R . . c o m ., c t f. o f d e ­
5 1 .000 R o x b o r o u g h C h estn u t H ill &
p o s it___________________ - - - 6
N orristow n I t y . 5 s, 1 92 6 _________ 7 9 %
25 B a l t i m o r e * P h ll a .S tea m b oa t
$ 1,5 00 C i t y o f S a lem , N . J ., 4 % s
C o ., pa r $ 2 0 ................... ..2 5 - 2 6
($500 d u e 1923; $500 d u e 1928;
30 P en n N a tion a l B a n k ............ ..3 5 0
$500 d u o 1 9 2 9 ) . .
............... 8 1 %
20 N orth ern N a tion a l B a n k . 187-188
$1,0 00 S h rev ep ort E ld o r a d o P ip e
1 2 % 9 t a to B a n k o fP h lla .,parSSO. 50
L in e 8 s, 1 92 3 ...................
80

B a n k s .— T h e

fo llo w in g

in fo r m a t io n re g a rd in g

n a t i o n a l b a n k s is f r o m t h e o f f i c e o f t h e C o m p t r o l l e r o f t h e
C u rron cy, T reasu ry D ep a rtm en t:
a p p l ic a t io n s

to

o r g a n iz e

.

r e c e iv e d

.
C a p it a l .

M a v 29— The M erchants & Farmers N ational Rank o f Fort
Edward, New York
- - - - - - - - ___________ ______________ $50,000
Correspondent. Fred R . D avis, Fort Edward N Y .
M a v 29— Tiro Swonson National Bank, Swenson. Texas
____ 25,000
Succeeds tho First Bank o f Swonson, Texas.
Correspondent, R . S. W ard , Swonson, Texas.
Juno 3 — The First National Bank o f Donnybroolc, N . D . . . ........... 25,000
Correspondent, Fred W h ite, Donnybrook, N . D .
A P P L IC A T IO N S T O C O N V E R T R E C E I V E D .
Juno 3 — Tho Lincoln National Bank o f Now Y o rk , N . Y . ...........$2,000,000
Conversion o f Lincoln Iru s t C o. (with 3 branches).
Now Y o rk, N . Y .
Correspondent, Alexander S. W ob b , 204 5th A v o .,
New Y o rk, N . Y .
Juno 3— The Farmers N ational Bank o f Buda, T e x . . ..................
30,000
Conversion o f tho I*armers State Bank o f Buda, Tex.
Correspondent, F . A . Jamison, Buda, Tox.
C H A R T E R S IS S U E D .
M a y 29— 12209 Tho First National Bank o f Ilermosa Beach. C a lif.$ 5 0 ,0 0 0
Succeeds to Commercial Business o f First Bank of
Hormosa Beach.
_ _____
President, R . E . M atteson, Cashier, G . S. Thatcher.
Juno] 1— 12210 Tho First National Bank o f W a tts , C a li f ................ 50,000
Prosidont, O. Jonscn: Cashier, II. V . Snodgrass.
Juno 1— 12211 First National Bank in Bokchito, O kla.................. 25,000
Succeeds tho Bokchito Stato Bank, B okchito, Okla.
Prosidont, W . S. W orks: Cashier, L. W . Hughes.
June 1— 12212 Tho National Bank o f Commerce o f Pawhuska,Okla 50,000
Conversion ortho Bank o f Commerce o f Pawhuska, Okla.
Prcsidont. E d . T . Kennedy: Cashier, W . O . Dildine.




The
Tho
Tho
Tho
Tho

V O L U N T A R Y L I Q U ID A T I O N S .
Capital.
M a y 25— 7959 The Shelby National B ank, Shelby, N o . C a r o . .. $50,000
Effective M a y 17 1922. L iq. Agents: J. T . Bowman and
■T. R . D over, Shelby, N o . Caro. Succeeded by the
Union Trust C o. o f Shelby, N o . Caro.
M a y 27— 4846 The M erchants National Bank o f Glens Falls, N . Y . 100,000
Effective M a y 27 1922. Liq. C om m ittee: D . L. R ob­
ertson, Geo. S. Raley and P. J. Sm ith, Glens Falls,
N. Y.
Absorbed b y The National Bank o f Glens
Falls, N . Y . , N o . 7699. Liability for circulation
will not be assumed under Section 5223, U .S .R .S .
D IV ID E N D S .
D iv id e n d s a r e g r o u p e d in tw o s e p a r a te t a b le s .
I n th e
fir s t w e b r in g to g e t h e r a ll th e d iv id e n d s a n n o u n c e d t h e c u r ­
ren t w eek .
T h e n w e fo llo w w ith a se c o n d t a b le , in w h ic h
w e s h o w th e d iv id e n d s p r e v io u s ly a n n o u n c e d , b u t w h ic h
h a v e n o t y e t b e e n p a id .
T h e d iv id e n d s a n n o u n c e d th is w e e k a re :

$ p er sh .

94%
5 W . L . D o u g la s S h oo, p r e f____
10 B la ck ston c V a lley G as & E le c .,
71
par 5 0 ----------------3 T a m p a E le ctric C o __________ _ I I I l,3 6
10 L ow ell E le ctric L ig h t C o r p . I I I I l S O
18 L afa y ette M o t o r s C o ____________
3
72 L a fa y ette M o t o r s C o ., p r o f . II II 25

B y M e s s r s . B a r n e s & L o f l a n d , P h ila d e lp h ia
S h a res.
S to ck s.
P r ic e . Shares. Stocks.

N a tio n a l

CO R PO R ATE E X IS T E N C E E X T E N D E D .
Until Close of Business.
First National Bank o f Burns, Oregon_____________ M a y 30 1942
Merchants National Bank o f Sauk Centro, M in n .M a y 30 1942
First National Bank o f Paris, K y _________________ June 1 1942
M ellon National Bank o f Pittsburgh, P a _________ Juno 2 1942
M erchants N ational Bank o f South Bend, In d ___June 3 1942
C O R P O R A T E E X IS T E N C E R E -E X T E N D E D .
2726— Tho American National Bank o f N ew port, K y _________ June 1 1942
6295—
6417—
6323—
6301—
6334—

N a m e o f C om pany.

P er
C e n t.

R a il r o a d s (S t e a m ).
*4%
A lb a n y & S u sq u eh a n n a __________________
*2 %
A t c h . T o p e k a & S a n ta F e. preferred -----C h ica g o B u rlin gton & Q u in c y ................ .. - *5
C h ica g o In d ia n p . & L o u is v ille , co m m o n .
1%
2
_ ______________
P r e fe r r e d _______ . .
*3
C in e . N ew O rl. & T e x a s P a c ., c o m _____
*3%
C o m m o n ( e x t r a ) ........... ............................
*2
C o lo ra d o & South ern , 1st p r e f__________
87% c
L ehigh V a lle y , co m m o n (q u a r .)_________
3 1 .2 5
P referred ( q u a r . ) ______________________
*2 %
N . Y . C h ica g o & S t. L ou is, c o m m o n -----N orth ern P a c ific ( q u a r . ) . _____ __________ * 1 %
P h lla . B a ltim ore & W a sh in g to n .
-------- * $ i.a c
P ittsb . F t . W a y n e & C h ic ., c o m . (q u .)_ _
1%
1%
P referred ( q u a r . ) .........................................
R e a d in g C o m p a n y , co m m o n (q u a r .)------ * $ 1
*5 0c.
...
F irst preferred (q u a r .)_____ . . .
W estern P a c ific R R . C o r p ., p ref. (q u a r.) * 1 %
S t r e e t a n d E l e c t r i c R a ilw a y s .
B razilian T r ., L . & P o w ., p ref. ( q u a r . ) . .
C a p ita l T ru e ., W a sh in g to n . D . C . ( q u . ) .
Illin ois T ra ctio n , preferred (q u a r .)---------K e n tu ck y Securities C o r p ., p ref. (q u a r.)
M a n ila E lectric C o r p ., co m m o n (q u a r .).
O tta w a T ra ctio n (q u a r .)_________________
P orto R ic o I ty s ., L t d ., p ref. (q u a r .)-----S p rin g field R y . & L ig h t, p ref. ( q u a r . ) . .
T r i-C it y R y . & L ight, p ref. (q u a r .)-------T w in C it y R a p . T r a n ., M in n e a p ., c o m .
P referred (q u a r .)------ --------- ----------------B a n k s.
A m er. E x ch a n g e Securities, class A (q u .)
C h a so N a tion a l (q u a r.) . . . . -------------C h a se S ecurities C o r p . (q u a r .). -----------C h a th a m & P h en lx N a tio n a l (q u a r .)-----C om m erce, N a t. B a n k o f (q u a r .)-----------M e ch a n ics B r o o k ly n (q u a r .)-----------------N a tion a l C it y (q u a r .)-------------------------------N a tion a l C ity C o m p a n y (q u a r .)..................
N ew Y o r k , B a n k o f, N . B . A . ( q u a r . ) . .
S ea b oa rd N a tion a l (q u a r .)........ ...................
U n ited S tates, B a n k o f (q u a r .)-------------T r u s t C o m p a n ie s .
G u a ra n ty (q u a r .)..............................................
H u d so n ( q u a r . ) . ...................... .. ............ ..
M a n u fa ctu rers, B r o o k ly n (q u a r .)---------JJnltcd S t a t e s ...................... — ........... ...........
M i s c e ll a n e o u s .
A ll-A m e rica C a bles ( q u a r . . ............... .........
A m erica n C ig a r, preferred ( q u a r . ) . ..........
A m erica n E xpress ( q u a r . ) . . . -------------A m er. L a F ra n ce F ire E n g ., c o m . (q u a r.)
P referred (q u a r.) .
-----------------A m e r ica n S n u ff, co m m o n (q u a r .)-----------P referred (q u a r.) . . . . ---------------------A m er. W o o le n , co m . a n d pref. ( q u a r . ) . .
A s socia ted O il (q u a r .)-----------------------------B a ltim ore E le ctric, preferred------------------

*1 %
1%
1%
*1 %
2
1
1%
1%
1%
2
1%
2

4
31
4
3
3
4
2
2

5
3
3
2%

3
2%

3
25

W h en
P a y a b le .

ju ly
A ug.
June
Ju ly
Ju ly
June
June
June
July
July
June
A ug.
June
July
July
Aug.
Sept
J u ly
Ju ly
July
Ju ly
July
July
J u ly
July
J u ly
Ju ly
Ju ly
July
July
J u ly
July
Ju ly
Ju ly
July
July
July
July
J u ly
J u ly
J u ly
J u ly

July
Ju ly
July
A ug.
Ju ly
3
July
1 % July
1 % Ju ly
8 8 c . J u ly
* 1 % Ju ly
2 % Ju ly
June
3
*2
Ju ly
* 1 % Ju ly
July
1%
1 % June
Ju ly
1%

B r o o k ly n U n lo n G a s ---------------------------------C a liforn ia P etroleu m , preferred (q u a r .).
C a n a d ia n G eneral E le c ., co m m o n ( q u .) .
C ellu loid C o ., co m m o n (q u a r .)-------------C en tral Sta tes E le ctric C o r p ., pref. (q u .)
C e r ta ln -tcc d P rod u cts C orp —
F ir st a n d secon d preferred (q u a r .)-----1%
C ha n dler M o t o r C a r (q u a r .)-------------------- *$1.5 0
C lu e tt, P e a b o d y & C o ., p ref. ( q u a r . ) . . . * 1 %
C on g oleu m C o ., co m m o n (q u a r .)---------- * $ 1
2

2%
C onsum ers G as, T o r o n t o (q u a r .)-----------1%
C onsum ers P ow er 6 % pref. (q u a r .)-------1%
7 % preferred (q u a r .)---------------------------*1 %
C on tin en ta l C a n , preferred (q u a r .)-------*2
C o r o n a T y p e w rite r , 1st pref. (q u a r.) —
S econ d preferred (q u a r.)
................. ..
*1 %
C o s d cn & C o ., co m m o n (q u a r .)............... .. * 6 2 %
*2
D a y t o n P ow er & L ig h t, c o m m o n -----------P referred (q u a r . ) ............................... ......... * 1 %
2%
D olo r e s E spera n za C o r p . (N o . 1 )---------D u n h a m (J a m es H .) & C i . , c o m . ( q u . ) . . * 1 %
F irst preferred (q u a r .)-------------------------- * 1 %
S e co n d preferred (q u a r .)---------- ----------- * 1 %
E le ctric L ig h t & P ow er C o . o f A b in g to n
4
75c.
E le ctric Stora ge B a ttery , new co m . (q u .)
75c.
N ew preferred ( q u a r . ) . . -------- ----------E n d ic o tt-J o h n so n C o r p ., c o m . ( q u a r . ) . . $1.25
1%
P referred ( q u a r . ) ______________________
F a y e tte C o u n ty G a s --------------------------------- *6 6 2-3
G ou ld s M f g ., co m m o n (q u a r .).............—
1%
P referred ( q u a r . ) _________ ______ ______
1%
2
G reen field T a p * D ie C o r p ., pref. ( q u .) .
*$1.50
G eneral A m er. T a n k C a r C o r p ., c o m —
P referred ( q u a r . ) ______________________ * 1 %
G o ld & S to ck T eleg ra p h (q u a r .)............... * 1 %
2
H a n n a F u rn a ce, preferred (q u a r .).............
2%
H c lm c (G eorg e W .) C o ., co m m o n (q u a r.)
P referred ( q u a r . ) ......................................
1%
I lc n d c o M a n u fa ctu r ln g ,* p r e f. ( q u a r . ) . . * 1 %

1 ‘ H old ers
1 ♦H olders
26 ♦ H olders
10 H old ers
1C H olders
26 ♦H olders
26 ♦H olders
3C ♦H olders
1 H old ers
1 H olders
3C ♦ H olders
1 ♦H olders
3C ♦H olders
1 H old ers
5 H old ers
1C ♦ H olders
14 ♦H olders
1 ♦ H olders

July
Ju ly
July
July
July
Ju ly
Ju ly
J u ly
Ju ly
J u ly
July
cA u g
July
J u ly
J u ly
Ju ly
Ju ly
J u ly

of
of
of
of
of
of
of
of
of
of
of
of
of
of
of
of
of
of

rec.
rec.
rec.
rec.
rec.
re c .
rec.
rec.
rec.
rec.
rec.
rec.
rec.
rec.
rec.
rec.
rec.
rec.

J une
June
June
J une
J une
J une
J une
J une
J une
June
June
J une
J une
J une
June
J u ly
Aug.
J une

15
30
9
30
30
16
16
17
17
17
19
30
15
10a
10a
18
29
19

1 ♦ H olders o f rec. J une 15
1 J une 15
to
J une 30
1 H old ers o f rec. J une 15

15 ♦H olders
1 H old ers
3 H old ers
2 H olders
1 H old ers
1 H old ers
1 H old ers
1 H olders
1
1
1
1
1
1
1
1
1
1
1
1
1

June 30
J une 30
Ju ly
1
Ju ly
1

*1 %
1%
$2
2%
1%

B ook s C lo sed .
D a y s I n c lu s iv e .

H old ers
H old ers
H olders
June 18
H olders
H old ers
H old ers
H old ers
H old ers
H old ers
H old ers
H old ers
H old ers

of
of
of
of
of
of
of
of

rec.
rec.
rec.
rec.
rec.
rec.
rec.
rec.

J une
June
J une
J une
June
June
June
J une

30
19
15
15
15a
20
15
15

o f rec. J u n e
o f rec. J u n e
o f rec. J u n e
to
June
o f rec. J une
o f rec. J une
o f rec. J une
o f rec. J une
o f rec. J une
o f rec. June
o f re c . J u n e
o f re c . J une
o f r e c . June

17
19a
19a
30
16a
17.
17
17
17
16]
16
23
20a

H old ers o f rec.
J une 16
to
H old ers o f rec.
H old ers o f r e c .

14 ♦ H olders
1 H old ers
1 H old ers
15 H old ers
1 H old ers
1 H old ers
1 H old ers
15 J une 16
1 H old ers
25 ♦ H olders
1 H old ers
30 H old ers
1 ♦ H olders

of
of
of
of
of
of
of

rec.
rec.
rec.
rec.
rec.
rec.
rec.
to
o f rec.
o f re c .
o f rec.
o f rec.
o f re c .

J une 16
J u ly
2
J une 20
J une 17
J une
J une
J une
Aug.
June
J une
J une
J une
June
J une
J une
June
J une

30a
15a
15a
11
20’
14a
14a
27
15
30
15a
12a
19

1

H old ers o f rec. J u n e ..15
H old ers o f rec. J u n e. 16 .
H old ers o f rec. J une 10 .
S3
1 H old ers o f rec. June 20
1 ♦H olders o f rec. J une 20
1 H olders o f rec. June 20
15 ♦ H olders o f rec. J une_30 ]
1 H olders o f rec. J une 15 !
3 H old e r s o f rec. J u n e jl 5 ]
1 H old ers o f rec. J une .15
1 H olders o f r e c . J u n e .15 ,
1 ♦H olders o f r e c . J une 20
1 ♦June 16
to
J u ly 1 2
1 ♦June 16! t o
J u ly i| 2 l
l* H o ld e rs o f r e c . July S
1 ♦ H olders o f rec. J u n e 20
1 ♦H olders o f r e c . June_20
10 J u ly
1
to
J u ly
9
1 ♦H olders o f r e c . J u n e , 17 j
1 ♦ H olders o f r e c . Jun.%17
1 ♦ H olders o f rec. J u n u jl7

30
1

1 H old ers o f rec.fJ u n e
July
1 H old ers o f rec. J une
July
1 H olders o f rec. J une
Ju ly
1 H old ers o f rec. J une
July
1 H olders o f rec. J une
July
June 20 ♦ H olders o f r e c . June
July
1 H olders o f r e c . J u n e
1 H olders o f rec. J une
July
Ju ly
1 H olders o f rec. J une
July
1 ♦Holders o f rec. J une
July
1 ♦H olders o f r e c . J une
July
1 ♦Holders o f rec. J une
to
J une
June 15 June 4
July
1 H olders o f rec. J une
Ju ly
1 H old ers o f rec. June
J u ly
1 ♦H olders o f rec. J une

15
14
14
17
17
15
20
20
15
15
15
30
15
19
19
20

Per When
Cent. Payable.

Name of Company.
Miscellaneous (Concluded) —
Hercules Powder, common (quar.)_____
Homestake Mining (monthly)__________
Hupp Motor Car Corp., pref. (q u a r.)...
Independent Pneumatic Tool (quar.)___
Indian Head Mills of Alabama..................
Ingersoll-Rand Co., preferred..... ..............
Internat. Buttonhole Mach, (quar.)____
Internat. Harvester, common (quar.) —
Common (payable In commonstock). .
Kelly-SprlngfleldTire,6 % pref. (quar.).
Kelsey Wheel Co., common (quar.)_____
Loft, Inc. (quar.).........................................
Lone Star Gas (q u a r,)..............................
Loose-Wiles Biscuit, 1st pref. (q u a r.)...
Second preferred (quar...........................
Lorlllard (P.) Co., common (quar.)____
Preferred (quar.)......... .............. ..
Mack Trucks, Inc., 1st & 2d pref. (qu.).
Manatl Sugar, preferred (quar.)_______
Manhattan Electrical Supply, com. (qu.)
Manhattan Shirt, pref. (quar.)_____
Mexican Seaboard Oil (monthly)____
Mohawk Mining____________________
Motor Wheel Corporation, com. (quar.)
National Breweries, Canada, com. (qu.)
Preferred (quar.)_________________
National Licorice, common..... ............
Preferred (q u a r.).............................
Oklahoma Gas <k Electric, pref. (quar.).
Orpheum Circuit, Inc., pref. (quar.)__
Otis Elevator, common (quar.)_____
Preferred (quar.)_________________
Ottawa Car Manufacturing (quar.)-----Owens Bottle, common (quar.)_____
Preferred (quar.)...............................
Paclflc-Burt Co., Ltd., common____
Preferred (quar.)....... .............. ........
Pacific Telep. & Teleg., pref. (quar.)___
Panhandle Prod. A Refill., pref. (quar.).
Penney (J. C.) Co., preferred (quar.)___
Pittsburgh Plato Glass (quar.)______
Reece Buttonhole Machine (quar.)_____
Reece Folding Machine (quar.)________
S t. L. Rocky M t. & Pac. C o., com. (qu.)
Preferred (quar.)____________________
S outheastern Express...................................
South Porto Rico Sugar, pref. (quar.)..
Underwood Typewriter, com. (quar.)___
Preferred (q u a r.)........... .......................
U . S. Tobacco, common (quar.)........... ..
Preferred (q u a r.)...................... ............
Utah Copper Co. ( q u a r .).......................
Utilities Securities Corp., pref. (quar.)..
Waldorf System, com. (quar.)__________
Preferred and 1st preferred (q u a r.)...
West Kootenay Pow. A Lt., pref. (qu.).
Western Electric C o.,p f. (qu.) (No. 1 ) ..

Bocks Closed.
Days Inclusive.

Name of Company.

3
25c
*1H
*2
5
3
10c
*1 X
n
i)^

June 24 June 16 to
Juno 23
June 28 Holders of rec June 20
July 1 ♦Holders of rec June 20
July 1 ♦Holders of reo Juno 20
June 15 Holders of reo, June 12a
July
Holders of rec June 16
July
Holders of rec June 15
July 15 Holders of rec June 24
July 25 Holders of rec June 24
July
Holders of rec June 16
Holders of rec June 20
July
25c. June 30 Holders of rec June 19
• IX June 30 ♦Holders of rec . June 20
Holders of rec , Juno 19a
I X July
Holders of rec July 18a
I X Aug.
3
Holders of rec. June 17
July
Holders of rec. June 17
I X July
Holders of rec. June 20
I X July
Holders of rec. June 15
I X July
July 1 ♦Holders of rec. June 20
*$1
Holders of rec. June 19
I X July
*50c June 20 ♦Holders of rec. Juno 10
July 15 Holders of rec. June 19
SI
*2
June 20 ♦Holders of rec. June 10
July
SI
Holders of rec. June 15
Holders of rec. June 15
I X July
2 X July 11 Holders of rec. June 23
I'A June 30 Holders of rec. Juno 23
*1X June 15 ♦Holders of rec. May 31
2
July
Holders of rec. June 15
2
July 1 Holders of rec. June 30
I X July 15 Holders of rec. June 30
1
July
Holders of rec. Juno 15
♦50c July
♦Holders of rec. June 15
July
♦Holders of rec. June 15
July
Holders of rec. June 15
July
Holders of rec. June 15
July 15 ♦Holders of rec. June 30
2
July
Holders of rec. June 20
I X June 30 Holders of rec. June 20
*2
July
♦Holders of rec. Juno 20
30c. July
Holders of rec. Juno 15
10c. July
Holders of roc. June 15
1
June 30 Holders of rec. June 17a
I X Juno 30 Holders of rec. June 17a
*3 X July 1 ♦Holders of rec. June 19
2
July 1 Holders of rec. June 15
*2 X Oct. 1 ♦Holders of rec. Sept. 2
*1 X Oct. 1 ♦Holders of rec. Sept. 2
75c. July 1 Holders of reo. June 19
I X July 1 Holders of rec. Juno 19
50c. June 30 Holders of rec. Juno 16
I X June 27 Holders of rec. June 17
50c. July 1 Holders of rec. Juno 20a
20c. July 1 Holders of rec. Juno 20a
I X July 3 Holders of rec. June 23
*1X June 30 ♦Holders of rec. June 16

ix

*ix
n
nx
•ix

B e l o w w e g i v e t lio d i v i d e n d s a n n o u n c e d i n p r e v i o u s w e e k s
a n d n o t y e t p a id .
T liis lis t does n o t in c lu d o d iv id e n d s
a n n o u n c e d th is w e e k .

Name of Company.

Per
When
Cent. Payable.

, Books Closed.
Days Inclusive.

Railroads Steam).
Alabama Great Southern, ordinary..
3X
Preferred........................ .....................
3X
Beech Creek (quar.)........... ...................
50c.
Boston & Albany (quar.)....... ..............
2X
Buffalo A Susquehanna, common (quar.)
IX
Preferred.............................................
2
Canadian Pacific, com. (quar.)_____
2X
Chesapeake & Ohio........... .............. ......
2
Chicago A North Western, common____
2X
Preferred............................................. ......
3X
Chic. R . I. A Pacific 6% preferred.........
3
Seven percent preferred_____________
3X
Cleve. Cln. Chic. & St. L., common____
2
Delawaro A Hudson Co. (quar.)..............
2X
Erie A Pittsburgh (quar.)______________ 87 X o
Fonda Johnstown A Glov., pref. (quar.)
IX
Hocking V a lley...........................................
2
Lackawanna RR. of N . J. (quar.)........... ♦1
Mobile A Birmingham, preferred_______
2
Morris A Essex.............................................
3X
N . Y . Chic. A St. Louis, 1st pref. (quar.)
IX
First preferred (quar.)_______________
IX
First preferred (quar.)....... .......... ..........
IX
New York A Harlem, com. A pref...........
$2.50
N . Y . Lack. A Western (q u a r.).............
IX
Norfolk A Western, common (quar.)___
IX
.Pittsburgh McKeesport A Youghloghcny $1.50
Reading Company, 2d preferred (quar.).
50c.
Southern Paclllc Co. (quar.)___________
IX
Union Pacific, common (quar.)________
2X
Valley Railroad.............................................. *2 X

June
Aug.
July
June
June
June
June
June
July
July
Juno
Juno
June
June
June
June
June
July
July
July
June
Sept.
Dec.
July
July
June
July
July
July
July
July

Holders of rec.
Holders of rec.
Holders of rec.
Holders of rec.
June 16 to
June 16 to
Holders of rec.
Holders of rec.
Holders of reo.
Holders of rec.
Holders of rec.
Holders of rec.
Holders of rec.
Holders of rec.
Holders of rec.
Holders of rec.
•Holders of rec.
Holders of rec.
June 1 to
Holders of rec.
Holders of roc.
Holders of rcc.
Holders of reo.
Holders of rec.
Holders of rec.
Holders of rec.
Holders of rec.
Holders of rec.
Holders of reo.
Holders of rec.
♦Holders of rec.

May 31
July 13
June 15a
May 31a
Juno 30
June 30
June la
Juno 2a
June 15a
June 15a
June 9a
June 9a
June 2a
May 27a
May 31a
June 10a
June 9a
Juno 7a
Juno 30
June 10a
June 19a
Sept. 19a
Deo. 19a
June 15a
Juno 14a
May 3 la
June 15a
June 20a
May 31a
Juno la
June 21

Street and Electric Railways.
Columbus R y.. P. A L ., pref. " A ” . . .
Continental Passenger R y., Philadelphia
El Paso Electric Co., com. (quar.)_____
Market St Ry (San Fran) prior pref .(qu.)
Public Sorvlce Corp. of N . J., com. (qu.)
Rochester & Syracuse R R ., pref. (quar.)
Union Passenger R y., Philadelphia_____
United Light A Rys., first prof. (quar.).
Washington Water Pow., Spokane (qu.)
West Penn Railways, preferred (quar.).West Penn Trac. * W . P., pref. (quar.).
Preferred (account accum. dividends).
West Philadelphia Passenger R y..............
Wisconsin Edison....... ........................... ......

July
June
June
July
June
Juno
July
July
July
June
Aug.
Aug.
July
June

Holders of rec.
♦Holders of rec.
Holders of rec.
Holders of rec.
Holders of reo.
June 2
to
♦Holders of rec.
Juno d l l to
Holders of rec.
Holders of rec.
Holders of rec.
Holders of rec.
'Holders of rec.
Holders of rec.

June
May
Juno
June
June
Juno
June
June
June
June
Aug.
Aug.
June
June

IX
♦S3
2X
IX
$1.50
1
*$4.75
dI X
IX
IX
IX
10 XT
*$5
$1

15
31
1
10a
15a
15
15
30
23
1
1
1
15
5a

Banks.
••
Public National (quar.)________________
Union Exchange National..........................

June 30 Holders of rec. June 23
June 30 June 21 to June 30

Trust Companies.
New York Life Insurance A T ru st____

Juno 10 Holders of rec. June

Miscellaneous.
Advance-Rumely Co., pref. (quar.)..........
Allied Chera. A Dye Corp., pref. (quar.)
Allls-Chalmers Mfg. Co., pref. (quar.)..
Amer. Art Works, com. A pref. (quar.)..
Amer. Bank Note, pref. (quar.).............
Amer. Beet Sugar, pref. (quar.)________
American Can, pref. (quar.)......................
Amer. Car & Foundry, com. (quar.)____
Preferred (quar.).............................
American Fork & Hoe, common (quar.).
American Glue, common (quar.)_______
American Locomotive, com. (quar.)____
Preferred (quar.)------------------------------American M fg., pref. (quar.)___________
Preferred (quar.)____________________
Preferred (quar.)------------------------------American Public Service, pref. (ouar.)_.




75c.
IX
I X
IX

75c.
IX
IX

3

IX

IX
2
I X

IX
IX
IX
IX

W i

July
July
July
July
July
July
July
July
July
June
June
June
June
July
Oct.
Dec.
July

15
15
1
1
1
1
1
15
15
30
30
l
1
31
1

Holders of rec.
Holders of rec.
Holders of rec.
Holders of rec.
Holders of rec.
Holders of rec.
Holders of rec.
Holders of rcc.
Holders of rec.
Holders of rec.
Holders of rcc.
Holders of rcc.
Holders of rcc.
June 17 to
Sept. 17 to
Dec. 17 to
Holders of reo.

Juno
June
June
Juno
June
June
Juno
June
Juno
Juno
June
Juno
June
July
Oct.
Dec.
June

la
15a
15a
24a
30
12a
10a
15a
15a
15a
5
3a
13a
13a
1
1
30
15a

W hen
Per
Cent. Payable

Book* Closed.
Day* Inclutive.

Miscellaneous (Continued)—
Amer. Radiator, common (quar.)..
June 30 Holders of rec. June 15a
$1
Amer. Shipbuilding, com. (extra)..
June 20 Holders of rec. June 6a
10
Preferred (quar.)........... ................ ........
I X Aug. I Holders of rec. Juno 30a
Amer. Smelters Secur., pref. A (quar.)..
June 21
I X July 1 June 13 to
Preferred B (quar.)__________________
June 21
I X July 1 June 13 to
Amer. Steel Foundries, com. (quar.)____ 75c. July 15 Holders of rec. July la
Preferred (quar.)..... .....................
I X June 30 Holders of rec. June 15a
American Stores, com. (quar.)______
*51.75 July 1 *IIolders of rec. June 20
American Sugar Refining, pref. (quar.)..
I X July 3 Holders of rec. June la
American Telep. A Teleg. (quar.).
2 X July 15 Holders of reo. June 20a
*12Xc July 1 *May 16
American Thread, preferred...........
to May 31
American Tobacco, pref. (quar.)..
I X July 1 Holders of rec. June 10a
Amer. Window Glass Mach., com. (qu.) * i x July 1 ‘ Holders of rec. June 9
Preferred (quar.)......... ........................... * I X July 1 ‘ Holders ol rec. June 9
Armour & Co., pref. (quar.)____________ • IX July 1 ‘ Holders of rec. Juno 15
5
Atlantic Refining, common (quar.)_____
June 15 Holders of rcc. M ay 22a
Atlas Powder, common (quar.)................
Juno 10 Holdors of rcc. May 31a
3
Baldwin Locomotive, com. A pref......... ..
3 X July 1 Holders of rec. June 3a
Beach Royalties Corporation (monthly).
June 15 Holders of rec. May 31
Beldlng-Cortlcelli, Ltd., pref. (quar.)..
I X June 15 Holders of rec. June 1
Bethlehem Steel, common (quar.)______
I X July 1 Holders of rcc. Juno 15a
Common B (quar.)___________________
I X July 1 Holders of rec. Juuo 15a
8% cum. conv. pref. (quar.)________
2
July 1 Holdors of rec. June 15
7% non-cum. pref. (quar.)_________
I X July 1 Holders of rec. Juno 15
Borden Co., preferred (quar.)....................
I X June 15 Holders of rcc. Juno la
Boston Woven Hose A Rubb., com. (qu.)
I X Juno 15 Holders of rec. June 1
Preferred...................................................
June 15 Holders of rec. June 1
3
Dec. 1 Holders of rcc. Nov. la
Brandram-Henderson, Ltd., common..
Brit.-Amcr. Tob., ordinary (Interim)___
June 30 Holders of coup No.91m
4
Buckeye Pipe Line (quar.)_______ _ ____ $2
June 16 Holders of reo. Apr. 21
Buffalo General Electric (quar.)...
Juno 30 Holders of reo. Juno 15
2
Bush Terminal, common...................
2 X July 15 Holders of rcc. July la
Preferred ............... ........................... ........
July 15 Holders of rcc. July la
3
Bush Terminal Buildings, pref. (quar.)..
I X July 1 Holders of rcc. June 20a
California Packing Corp. (quar.)...
$1.50 Juno 16 Holders of rec. May 31a
Calumet A Arizona Mining (quar.)_____
50c Juno 19 Holders of rec. Juuo 3a
Carter (William) Co., pref. (quar.)____
I X Juno 15 Holders of reo. Juno 9
Case (J. I.) Thresh. Mach., pref. (quar.)
I X July 1 Holders of rec. Juno 12a
Cent. Illinois Pub. Serv., pf. (quar.)___ * I X July 15 ‘ Holders of rec. June 30
Chesebrough Mfg. Cons., com. (quar.).
3 X Juno 30 Holders of rcc. June 10a
Preferred (quar.)____________________
I X June 30 Holders of rec. June 10a
Chicago Mill A Lumber, pref. (quar.).. • IX July *1 ‘ Holders of rec. Juno 23
Childs Company, com. (quar.)________
June 10 May 29
to June 10
2
Preferred (quar.)______ ______
to Juno 10
I X Juno 10 May 29
Cities Service—
Common (monthly, payable In scrip). *aX July 1 ♦Holders of rec. June 15
Common (payable In com. stock scrip) *0lX July 1 ♦Holders of rec. June 15
Pref. A pref. B (inthly. pay. In scrip). *0X July 1 ♦Holders of reo. Juno 15
July 1 Holders of reo. Juno 15a
Coca-Cola, common (quar.)____________ SI
Colonial Finance Corp., com. (quar.).. 25o. June 30 Holders of reo. Juno
1
Preferred (quar. ) . . . ...............................
2
Juno 30 Holders of rec. Juno 1
Colorado Power, preferred (quar.)____
1X Juno 15 Holders of rec. May 31a
Computing-Tabulating-Record. (quar.)I $1.50 July 10 Holders of reo. June 23a
Connor (John T .) Co., com. (quar.)
*25c. July 1 ♦Holders of rec. June 19
Preferred..................................................
*3 A July 1 ♦Holders ot rcc. Juno 19
Consolidated Gas, New York (q u a r.)...
I X June 15 Holdors of rec. May 10a
2
Continental Oil (quar.)_______
June 15 May 26
to June 15
Cooper Corporation, preferred A (quar.) 37He. June 10 Holders of reo. June la
Juno 30 June 16 to
June 30
Cramp (Win.) A Sons S. A E. Bldg, (qu.) 81
June 15 Holders of reo. Juno la
Crane Co., common (quar.).
1
Preferred (quar.).......... ....
I X June 15 Holders of rec. June la
Crescent Pipe Line (quar.).....................
75c. June 15 May 25 to Juno 15
Crucible Steel, preferred (quar.)_________
I X June 30 Holders of rec. June 15a
Cuban-Amcrican Sugar, pref. (quar.).
I X July 1 Holders of rec. June 12a
Davis Cotton Mills (quar.)_____________
1 X June 24 Holders of rec. June 10a
Davol Mills (quar.)____________________
1H July 1 Holders of reo. June 24a
July 1 ♦Holders of rcc. Juno 15
Detroit A Cleveland Navigation"(quar.) I *2
July 16 Holders of rec. June 20a
Detroit Edison (quar.)........................
2
to May 31
Detroit Motor Bus (quar.)
*20c. July 15 ♦May 24
E x tr a .............................................. . . . . .
*l0c. July 15 ♦May 24
to M ay 31
June 16 Holders of reo. May 31a
Diamond Match (quar.)..............
2
Holders of rec. Juno 15
Dominion Glass, com. (q u a r.)...
"
1H July
Holders of rec. Juno 15
Preferred (quar.)________
I X July
Dominion OH (qu a r.).................................
30c. July 1 Holders of rec. June 10
July 3 Holders of rec. June 15
Dominion Textile, com. (quar.)
3
Preferred (quar.)___________
I X July 15 Holders of rec. June 30
July
D aper Corporation (quar.)____________
3
Holders of rec. June 3
June 15 Holders of rec. June 6a
duPont(E.I.)doNem. A Co., com. (qu.). 9
Debenture stock (quar.)....... ..............
1H July 25 Holders of rec. July 10a
Eastern Steamship Lines, pref____I . . . " *$1.75 July
♦Holders of roc. June 22
Eastman Kodak, common (quar.)______
$1.25 July
Holders of reo. May 31a
Preferred (quar.)_______ _____
1H July
Holders of reo. May 31a
July
Elsenlohr (Otto) A Bros.,Inc., pref.(qu.) I X
Holders of rec. June 20a
Elk Horn Coal Corp., pref. (quar.).
75c. June 10 Holders of reo. June la
Erie Lighting, preferred (quar.)________
50c. July
Holders of rec. June 15
July
Famous Players-Lasky Corp., com. (qu.)
2
Holders of reo. June 15a
Federal Mining A Smelter, pref. (quar.).
I X June 15 Holders of rec. May 26a
Juno 30 Holders of reo. May 31a
Galena-Signal OH, preferred (quar.)____
2
July 1 Holders of rec. Juno 24a
General Cigar debenture, pref. (quar.).
1X
General Electric (quar.)............................
2
July 15 Holdors of rcc. June 7a
Holdors of rec. Juno 20
General Railway Signal, pref. (q u a r.)...
1H July
June 15 June 1 to
Globe Soap, common (quar.)....................
1
June 15
Juno 15 Juno 1 to June 15
First, second and special pf. stks. (qu.) 1X
♦Holders of rec. June 30
Gold A Stock Telegraph (quar.)____
*$1.50 July
July
Holders of reo. June 21a
Goodrich (B. F.) Co., preferred (quar.).
IX
July
Holders of rec. June 15a
Guantanamo Sugar, preferred (quar.).. 2
Gulf States Steel, 1st pref. (quar.)...........
I X July
Holders of reo. Juno 15a
Harblson-Walker Refrao., pref. (quar.
1H July 20 Holdors of rec. July 10a
Hart, Schnffner A Marx, pref. (quar.)
*1)1 June 30 ♦Holdors of rec. June 20
June 17 ♦Holders of rcc. Juno 2
Hollinger Cons. Gold Mines (quar.)
*1
Hudson Motor Car (No. 1) (no parstock) *50o. July
♦Holders of rec. Juno 20
Ten dollar par value stock......... ............. *$2.60 July
♦Holders of rec. Juno 20
Juno 15 Holders of reo. May 31
Humphreys Oil (No. 1 ) ...............................
5
June 30 ♦Holders of rec. June 29
Illinois Bell Telephone (quar.)__________ *2
June 30 Juno 3
Illinois Pipe Line_______________ H I III
6
to June 27
Imperial Oil, common (quar.)........... ......
30o. July
Holders of rec. Juno 10
Preferred (quar.)......... ...........................
20c. July
Holders of rec. Juno 10
International Cement, common (quar.). 62He June 30 Holders of reo. Juno 15a
Internat. Cement, preferred (quar.) . .
I X June 30 Holders of rcc. Juno 15a
♦Holders of reo. June 15
International Paper, preferred (quar.)
*1H July
International Salt (quar.)..........................
1H July
Holders of reo. June 15a
International Silver, preferred (quar.)..
I X July
June 16 to June 30
Krcsge (S. S.) Co., common____________ *3H July
♦Holders of reo. Juno 16
♦Holders of reo. June 16
Preferred (q u a r .).............
* I X July
Kress (S. II.) Co., preferred (quar.)____
I X July
Holders of rec. June 20a
Laclede Gas Light, preferred
2H June 15 Holders of rec. Juno la
Lehigh Valley Coal Sales (quar.)I’ I ____ $2
Holdors of rec. June 15
July
Holders of rec. June 15a
Liggett A Myers Tobacco, pref. (quar.).
I X July
Mackay Companies, com. (quar.).........
1H July
Holders of rec. Juno 7a
Preferred (quar.).............................
*1
nolders of rec. Juno 7a
July
Mfrs. Light A Heat, Pittsb. (quar.)____ $1
July
Holders of rec'. Juno 30a
Mathleson Alkali Works, pref. (quar.)..
I X July
Holders of reo. Juno 20a
Sept.
May Department Stores, com. (quar.)..
2
Holders of reo. Aug. 15a
Common (quar.).....................................
2
Deo.
Holders of reo. Nov. 15a
Preferred (quar.)...........................
i x July
Holders of reo. June 15a
Preferred (quar.)...................
i x Oct.
Holders of rec. Sept. 15a
Mergenthaler Linotype (quar.)____H I ’
2H June 30 Holders of reo. June 3a
July 10 Holders oi rec. Juno 15a
Mexican Petroleum, common (quar.). .
3
Preferred (quar.)........................
2
July
Holders of rcc. Juno 15a
Middle States Oil (q u a r.)...
30c. July
Holders of rec. Juno 10a
Middle West Util., prior lien stk. (quar.j
I X June 15 Holdors of rcc. May 31
Montana Power, common (quar.)...........
X July 1 Holders of reo. June 14a
Preferred (quar.)......................
I X July 1 Holders of reo. Juno 14a
Montreal Cottons, common (quar.)____
1H June 15 Holder’s of reo. May 31a
Preferred (qu a r.)...
I X June 15 Holders of rec. May 31a
Mother Lode Coalition Mines Co.(No. 1) *50e. Juno 30 ♦Holders of rec. Juno io
Mountain Producers (q u a r .).............. .
20o July l Holders of reo. May 31a
National Biscuit, com. (quar.)................
\ x July 15 Holders of reo. Juno 30a
Nat. Enameling A Stpg., pref. (quar.)..
l x Juno 30 Holders of rcc. June 10a
Preferred (quar.).....................................
I X Sept. 30 Holders of reo. Sept. 9a
Preferred (quar.).............................
| I X Deo. 30 Holders of roc. Deo. 9a

:x

N a m e o f C om pany.

Per
Cent.

W hen
Payable.

Books Closed.
D a ys Inclu sive.

M i s c e ll a n e o u s (Concluded!)—■
I X June 30 H olders o f reo. J une 16a
N a tion a l L ea d , c o m . (q u a r .)-----------------I X June 15 H olders o f rec. M a y 26a
P referred ( q u a r . ) . . ____________________
I X J u ly 3 H old ers o f reo. June 12
N a tion a l S ugar R efin in g (q u a r .)-----------3
Ju ly
1 H olders o f r c c. J une 20a
N a tion a l S urety (q u a r .)..................................
5 0 c. June 15 H old ers o f r c c . M a y 31a
N a tion a l T r a n s i t . . ............... .........................
June 15
N eild M a n u fa ctu rin g ( q u a r . ) . . .................. *2
J une 15
E x t r a .................... ....................... ..................... *3
2 X Ju ly 15 H olders o f rec. J u ly 6a
N o w Y o r k D o c k , preferred.......... - ..............
4
J u ly 15 H old ers o f roc. J une 20
N e w Y o r k T r a n s it________ _______ - ............
N ia g a ra F alls P ow er, co m m o n ( q u a r . ) . . §1 .5 0 June 15 H olders o f rec. Juno 6
P referred ( q u a r . ) -------------------- ------------- S I .75 J u ly 15 H olders o f rec. June 30a
1 H old ers o f rec. J une 5a
N o r th A m erica n C o ., c o m . (q u a r .)........... §1 .2 5 J u ly
7 5 c. J u ly
1 H olders o f rec. June 5a
Preferred (q u a r .).........................................
5
Ju ly
1 H old ers o f rec. Juno 9
N orth ern P ip e L in e .........................................
O h io O il ( q u a r . ) ....................— ..................... ♦S1.25 June 30 ♦H olders o f rec. M a y 31
♦75c. June 30 ♦ H olders o f r c c. M a y 31
E x t r a ........................... ................................... P a c ific O il............................................................. 51.50 J u ly 20 H old ers o f rec. Juno 20a
P a c k a rd M o t o r C a r, p ref. (q u a r .)..........
\ x June 15 H old ers o f rec. M a y 31a
1 ♦ H olders o f rec. Juno 15
P a lg e -D e tro lt M o t o r C a r, p ref. q u a r .) . * I X J u ly
P a n -A m o r. P etrol. A T r a n s p ., c o m . (q u .) §1.50 Ju ly 10 H olders o f rec. Juno 15a
§1.50 Ju ly 10 H old ers o f rec. June 15a
C o m m o n B (q u a r .)..........................
June 30 ♦ H olders o f rec. June 20
♦ $1
P ark e D a v is & C o . (q u a r .)-----------June 30 ♦H olders o f rec. June 20
♦ 1
E x t r a -------- ---------------------------------75c. Juno 30 H olders o f reo. Juno la
Peerless T ru c k & M o t o r ( q u a r . ) . . .
75o. S ept. 30 H olders o f reo. S ep t, la
Peerless T ru c k & M o t o r ( q u a r . ) . . .
75o. D e c. 31 H olders o f reo. D e o . la
Peerless T ru c k A M o t o r ( q u a r . ) . . .
J u ly
1 H olders o f rec. June 10
SI
P eu n C entral L ig h t & P ow er, p ref. ( q u . ) .
I X J u ly 1 H olders o f rec. June 10
P en n sy lv a n ia W a ter & P ow er (q u a r .)___
50c. J une 15 H old ers o f rec. M a y 23a
P hilad elp h ia E le c., c o m . A pref. (q ua r.)
50o. J une 30 H olders o f roc. June 15a
P h illips P etroleu m (q u a r .)_______
P rocter A G a m b le, (!% p ref. (q u a r.) —
I X June 1.5 H old ers o f rec. M a y 2 5 a
J u ly
3 H olders o f rec. June 15
IX
P ro v in c ia l P ap er M ills, c o m . ( q u a r . ) . .
Ju ly
3 H olders o f rec. June 15
IX
Preferred (q u a r .)___________________
P u b lic Service C o . oU L 'or. 111., p r c f.(q u .) *1X J u ly 15 ♦H olders o f reo. June 30
2
Ju ly
1 H olders o f r c c . June 15a
P u re O il, 8 % preferred (q u a r .)-----------1 H old ers o f rec. June 15a
I X J u ly
0 % preferred (q u a r .)................................
J u ly
1 H olders o f r c c . Juno 15a
IX
5 X % preferred (q u a r .)...........................
*2
Ju ly 15 ♦H olders o f rec. Ju ly
1
Q uaker O ats, co m m o n (q u a r .).................
A u g . 31 H olders o f rec. A u g . la
P referred (q u a r .)....................................
2
J une 30 H olders o f r c c. June 17a
R a ilw a y S teel-S pring, co m m o n ( q u a r . ) . .
IX June 20 H olders o f r c c. Juno 7a
P referred (q u a r .)---------- -----------3 0 c. J u ly
1 H olders o f r c c . June 10
R a n g er 'I'exas O il ( q u a r . ) . . .............
3
J u ly 15 H olders o f rec. J u ly
5
R o a lty A ssocia tes--------------------------*2 5c. Ju ly
1 ♦H olders o rec. June 15
R e o M o t o r C ar (q u a r .)----------------3
Ju ly
1 H olders o f rec. Ju n edl7a
R e y n o ld s ( R . J .) T o b a c . , c o m ., A & B (q u .)
1 H olders o f r c c . J u n cd l7 a
I X Ju ly
P referred ( q u a r . ) ----------------------2 5 c. J une 20 J une 11
to
June 20
S t. J oseph L ead (q u a r .)....................
St. M a u rlco P ap er, L t d ., (q u a r .).............
to
June 16
I X June 16 June 7
IX
J uno 15 H olders o f rec. M a y 31
San J oa q u in L ight A l’ o w ., p ref. (q u a r .).
I X J une 15 H olders o f rec. M a y 31
P rior preferred (q u a r .)_________________
1 H olders o f rec. June 15a
Sears, R o e b u ck & C o ., pref. (q u a r .)-----I X J u ly
IX
June 30 H olders o f ’ r c c. June 20a
S ha w m ut M ills, c o m . (q u a r .)------IX
June 3(1 H olders o f rec. Juno 20a
P referred (q u a r .).......... ................
I X June 30 H olders o f rec. J une 15a
Sherw in -W illia m s C o . o f C a n .. c o m .(q u .)
IX
J une 30 H olders o f rec. June 15a
P referred (q u a r .) ..,......................
5
Juno 20 June
1 to
June 11
S olar R e fin in g ............................. ..........
I X J une 30 J une 13 t o Juno 30
S ou th P enn OH (o u a r .)----------------J u ly
1 H olders o f rcc. June 15
S ou th w est P a. P ip e Lines (q u a r .)..
2
J une 15 H olders o f rec. M a y 31
S ta n da rd G as & E lec., pref. (q u a r .)-----SI
June 15 H olders o f rec. M a y 20a
Sta n da rd O il (C a lif.) (q u a r .).............
SI
J u n e 15 M a y 18
S ta n da rd OH (In d ia n a) (q u a r .)-----to
Juno 14
3
June 15 H olders o f rec. M a y 31a
S ta n da rd O il (K ansas) (q u a r .)-----*$1
S ta n da rd OH (K e n tu c k y ) ( q u a r . ) . . .
J u ly
1 ♦H olders o f t e c . Juno 15
5
J une 20 M a y 20 to June 20
Stundard O il (N e b r a s k a )-------- St .25 J uno 1
S ta n d . O il o f N . J ,,com .(p a rS 2 5 ) (q ua r.)
H olders o f rec. M a y 26a
5
C o m m o n (par §100) (q u a r .)----June 15 H olders o f rec. M a y 26a
Preferred (q u a r .).......... ............. ..
1X June 15 H olders o f rec. M a y 26a
$4
S ta n da rd O il o f N ew Y ork ( q u a r . ) . .
..
June 15 M a y 10
to
M a y 25
3
S ta n d a rd OH (O h io), co m m o n ( q u a r . ) . .
J u ly
H old ers o f rec. M a y 26a
1
J u ly
H old ers o f roo. M a y 26a
C o m m o n (e x tra )----------------------------------Ju ly
Steel A T u b e C o ., prof. ( q u a r . ) . . . .............
♦H olders o f rec. June 30
2
S torn B roth ers, preferred (q u a r .).............
Sept
H olders o f rec. A u g . 15a
2
J u ly
S w ift A C o . (q u a r .).........................................
H olders o f rec. Juno 10
*9 0c. A ug. 15 ♦H olders o f rec. Ju ly 15
S w ift In tern a tion a l...........................................
3
J u ly
1 H olders o f r c c. J une 10
T e x a s C h ief O ll (q u a r .).......... .................. ..
75c.
T e x a s C o m p a n y (q u a r .).......... - ..................
J une 30 H olders o f reo. J une 2a
T e x a s G u lf Sulphur (q u a r .)......................... SI
Juno 15 H old ers o f rec. J une la
2 5 c. June 30 H olders o f r c c. J uno 7a
T e x a s P a c ific C oa l A O il (q u a r .).................
4
q 'h om p son -S ta rrett C o ., c o m m o n .............
J u ly
1 H olders o f r c c. J une 20
q 'o b a c c o P rod u cts C o r p ., pref. ( q u a r . ) . .
I X J u ly 1 H olders o f rec. June 15a
T o d d S h ipy ards C o r p . (q u a r .).................... $2
June 20 H olders o f rec. J une la
T o n o p a h B elm on t D e v e l. (q u a r .)............. ♦5
J u ly
1 ♦H olders o f rec. June 15
5
q’ o n op a h E x ten sion M in in g (q u a r .)-----J u ly
1 H olders o f rec. J une 10a
T o rrln g to n C o ., co m m o n (q u a r .)---------$1.25 J u ly
1 H olders o f rec. J une 10
« C o m m o n (p ay a ble In c o m . s t o c k ) . . / 1 0 0 J u ly
1 H olders o f rc c. J une 12
1
T u ck e tt T o b a c c o , co m m o n (q u a r .)...........
Ju ly 15 H olders o f rec. J u n e 30
Preferred (q u a r .).........................................
i x J u ly 15 H olders o f rec. J une 30
1
T u rm a n O il (m o n th ly ).....................................
J une 20 H old ers o f rec. M a y 30
1
M o n t h ly ............................................................
J u ly 20 H old ers o f r c c . J u n e 30
2
J u ly 20 H old ers o f r e c . J une 30
E x t r a ---------------- ------------------------- ------- r
U n d erw ood T y p e w rite r , co m m o n (q u a r.)
2 X J u ly 1 H olders o f reo. Juno 3a
P referred (q u a r .).........................- ..............
I X J u ly 1 H olders o f reo. J uno 3a
U n ion B ag A P aper C o r p . (q u a r .).............
I X J une 15 H olders o f rec. J une 5a
SI
U n ion C a rb id e & C a rb on (q u a r .)------J u ly
I H olders o f r c c. J uno 7a
U n ited C iga r Stores, preferred (q u a r.)
I X J uno 15 H olders o f rec. M a y 31a
U n ited D y e w o o d C o r p ., co m m o n (q u a r.)
1 H olders o f r c c. June 15a
I X J u ly
P referred (q u a r .)---------------------------------I X July 1 H olders o f reo. June 1 6 a
Preferred ( q u a r . ) . . . . . ........ ....................
I X O ct.
1 H olders o f reo. S ep t. 16a
U n ited G as I m p t ., p ref. ( q u a r . ) . . . ........... 8 7 X c . Juno 15 H olders o f r e c . M a y 31a
U n ited P rofit Sharing, (q u a r .).................... 3 X 0 . July
1 H old ers o f roo. J uno 7a
3
U n ited R o y a ltie s (m o n t h ly )......................
Juno 25 H old ers o f reo. M a y 10
1
J uno 25 llo ld o r s o f rec. M a y 10
E x t r a ........ ....................... 7 -------r --------------*1
U . S . G y p su m , co m m o n (q u a r .)............... ..
J une 30 ♦Holders o f rec. J une 15
P referred (q u a r .).............- — -------------- *1X J une 30 ♦H olders o f rec. J une 15
U . S . Steel C o r p .. co m m o n ( q u a r . ) ........
I X June 29 M a y 30
to
M a y 31
4
U . S. T itlo G u a r a n t y . . - - ........ ....................
J une 15 H o ld c ts o f rec. M a y 31
V a lv o lln e O ll, com m on (q u a r .)..................
2 X June 15 H olders o f r c c . J une 9a
2
V n lv olln o OH, pref. (quar ) ..........................
Ju ly
H old ers o f rec. Juno 17a
V irg in ia Iron , C oa l & C o k e . p re f-----------2 X July
H olders o f r c c . June 15a
W a h l C o ., co m m o n (m o n th ly ).................... 50c. July
H olders o f rec. J une 22
♦50c.
Aug.
C o m m o n (m o n th ly )-----------------------------♦H olders o f reo. J u ly 22
C o m m o n (m o n th ly )------------------------------ ♦50c. S ep t.
♦H olders o f rec. A u g . 23
C o m m o n (m o n th ly )------ --------- ------------- *5 0c. O ct.
♦H olders o f rec. S e p t. 22
• IX O ct.
P referred (q u a r .)-------- -----------------------H olders o f r c c . S ep t. 22
I X July
H olders o f rec. J une 22
P referred (q u a r .)---------- ---------------------I X Juno 30 H olders o f rec. June 20
W a lw orth M f g ., pref. (q u a r .)......................
2
Juno 15 H olders o f r c c. d M a y 9a
W a m su tta M ills (q u a r .)...............................
2 X Juno 20 H olders o f rec. M a y 20a
W ells, F argo A C o ---------- -------------- 7 - 7 7 2
W estern C a n a da F lour M ills, c o m .( q u .) .
June 15 J une 6
to
June 15
3
J u ly
W e st P o in t M a n u f a c t u r in g - - - - -------- - - llo ld o r s o f r c c. J une 15
W o o lw o r th (F . W .) C o ., p ref. (q u a r .).
I X J u ly
H olders o f rec. J une 10a
SI
W o rth in g to n P u m p & M a c h ’ y , c o m .(q u .)
Ju ly 15 H olders o f rec. J u ly
5a
I X J u ly
H olders o f r c c. J uno 20a
P referred A (q u a r .).....................
I X July
P referred II (q u a r .)............... --•
.
H olders o f rec. June 20a
5
Y a le & T o w n o M a n u fa ctu rin g (q u a r.) —
Ju ly
H olders o f rec. J uno 17
60c July
Y e llo w C a b M f g . (m o n t h ly )-------H olders o f rec. J une 20a

ix

1

*ix

* F rom u n officia l sou rces, t T ho N ow Y o r k S to ck E x ch a n g e has ruled th a t s t o c k
w ill n o t b e q u oted o x - d t v l d e n d o n this da te a n d n ot un til further n o tic e , a T ra n sfer
b o o k s n o t closed for this d iv id en d , b Less B ritish Incom e ta x . d C o r re ctio n .
e P aya ble In s to c k . / P aya ble In co m m o n s t o c k , g P a y a b le In sc rip , h O n
a cco u n t o f a ccu m u la ted d iv id en d s. » I a ya b le in L ib e rty or V ic t o r y L o a n b o n d s.
J P a y a b le In N ow Y ork fu n d s. I P ay a blo In C a n a d ia n fu n d s.
m A ll transfers receiv ed In ord er a t L on d on o n o r b efore J uno 13 w ill b e In tim e
fo r pa y m en t o f d iv id en d to ransfers.
n C on d ition a l u p on Increase In co m m o n ca p ita l sto c k to b e v o te d on J uno 10 b y
the stock h old ers.
r O ne and on e-q u a rter per cen t o f this In ca sh a n d th e b alan ce In 0 % div id en d
w arrants in three Installm ents o f 3 % ea ch on F e b . 15 1923, A u g . 15 1923 and
F e b . 15 1924.




W e e k ly

R e tu rn
of N ew
Y ork
C ity
C le a r in g
B a n k s a n d T r u s t C o m p a n ie s .

H ou se

T h e fo llo w in g sh o w s th e c o n d itio n o f th e N e w Y o r k C it y
C le a r in g H o u s e m e m b e r s fo r th e w e e k e n d in g J u n e 3 .
The
fig u r e s f o r th e s e p a r a te b a n k s a r e t h e a vera ges o f th e d a ily
r e s u lt s .
I n th e c a s e o f th e g r a n d t o t a l s , w e a ls o s h o w th e
a c tu a l f i g u r e s o f c o n d i t i o n a t t h e e n d o f t h e w e e k .
NEW

YORK

W E E K L Y C L E A R IN G H O U SE R E T U R N S .

1 Net
Capital JP r o fits .
W e e k e n d in g
J u n e 3 1922.
(000 om itted.)

N a t ’ l, M a y 5
S ta te, M a r. 10
T r .c o s . M a r .10

M em b ers o f F e
$
Bk of N Y , N B A
B k o f M a n lia t’ n
M ech A M etN a t
B ank o f A m erica
N a t C it y B a n k .
C h em ica l N a t . .
A tla n tic N a t .
N a t B u tch & D r
A m er E x ch N a t
N a t B k o f C om m
P a c ific B a n k ___
C h a t& P hen N at
H a n ov er N a t
C orn E x ch a n g e .
Im p A T ra d N a t
N a tion a l Park
E a st R iv er N a t
F irst N a t i o n a l ..
Irving N a tion al
C o n t in e n t a l..
C h a se N a t io n a l.
F ifth A v e n u e ..
C o m m o n w e a lt h
G arfield N a t . . .
F ifth N a tio n a l.
S ea b oa rd N a t . .
C on i & Iron N a t
U nion E x c h N n t
B k ly n T ru st C o
Bankers T r C o .
U S M ig e A T r .
G u aran ty T r C o
F ld e llty -In t T r .
C olu m b ia T ru st
P eoples T r u s t . .
N ew Y o r k T ru s t
L incoln T r u s t . .
M etro p o lita n T r
N assau N a t, B k
F arm ers Ln A T r
C olu m b ia Bank
E q u ita b le T ru st

2 ,0 0 0

5,0 0 0
1 0 ,0 0 0

5 ,5 0 0
4 0,0 00
4 ,5 0 0
1 ,0 0 0

500
5 ,0 0 0
2 5,0 00
1 ,0 0 0

10,500
3 ,0 0 0
8,250
1,500
1 0 .0 0 0
1 ,000
1 0 ,0 0 0

12,500
1 .0 0 0
2 0 ,0 0 0

500
400
1 ,0 0 0
1 ,2 0 0

4 ,0 0 0
1,500
1 .0 0 0

1,500
2 0 ,0 0 0

3 ,0 0 0
25,0 00
1,500
5 ,0 0 0
1,500
1 0 ,0 0 0
2 ,0 0 0
2 ,0 0 0
1 ,0 0 0

5 .0 0 0
2 .0 0 0
1 2 ,0 0 0

R eserv e
Loans,
N et
D iscount,
Legal
in
D em and
Invest­
Vault. D e p o s i­ D ep osits.
m ents,
tories.
& c.

D e­ C irtn •
posits.
lalion .

A verage A v g e .
B o n k . Average Average Average Average
<
$
$
$
$
3
S
1,263 1,983
665
3,9 2 8
28,8 88
39,050
7,683
14,152
1,872
15,990
____
115,566
131,375
17,396
142,132
3,4 9 1
995
7,513 18,927
148,663
17,308
1,271
7,596
5 6,288
1,484 ____
58,108
5,755
7 ,350 56,334
*5 30 ,84 8 37,6 84 1,768
51,139 461,836
1,032 14,781
9,333
347
1OS, 166
15,936 124,557
309
2 ,043
864
15,311
243
16,548
1,093
97
57C
5
299
4 ,0 4 7
5,206
242
1,129 12,044
88,291
5,701 4 ,9 5 9
99,963
7 ,495
1,152 39,741
305,301
7,1 5 9 ____
36,206 342,743
3,268
23,501
1,067
2 70 ____
22,167
1,745
114,681 18,740 5 ,7 2 0
5,080 16,775
9,969 138.528
103,105
—
433 14,085
10 0
21,824 115,369
163,514 18,565 —
6,453 23,766
10,339 176,093
25
2 6 ,4 9 5
3,524
50
588
34,052
8,6 4 0
3,746 5 ,436
127,417
898 16,782
23,141 155,912
1,802
11,266
50
1,531
323
13,151
816
219 ,75 5 27,841 7,0 2 5
387 29,407
43,928 286 ,68 5
5,043 2 ,5 1 8
183,851
4,226 24,565
11,224 183,484
41 —
0 ,148
965
128
7,131
26,3
92 1 ,090
311,074
42,430
6
,2
9
4
335
,39
2
2 1,840
—
—
21,3 28
2,793
692
2 1,5 74
2 ,425
—
—
8 ,607
1,104
434
8,531
809
50
397
15,189
2
,114
413
15,683
1,579
670
2 49
14,127
1,874
14,947
296
939
67
1,585
68,531
9,204
1,0 0 0
72,150
6,4 7 8
415
6 40
12,040
674
1,765
14,778
1,352
342
3 97
17,923
483
2,411
17,285
1.533
3 ,308 —
3 0,890
4,121
820
2,971,
34,0 41
♦204,958 12,384 —
859 33,981
22.413; 2 78,787
3,4 9 9 —
55,274
7,190
626
5 9,4 59
4,458
*433,804 23,555 —
1 . 1 2 1 45,490
17,400 387,169
—
611
18,290
2 ,486
333
l,80Sj
18,773
5,952
—
75,714
9,880
8S4
7 ,8 0 9
81,131
—
1,473
42,672
4
,4
0
8
1,260
2,307,
43,077
5,019 —
147,010
459 19,735
16.9S0! 155.114
678 —
424
2 0 ,7 27
2 ,9 9 3
21,606
1,300
1,570
4 ,072
31,296
426
35,308
3,711
13,459
168 " " 5 0
1,353
419
1,550
15,247
♦107,532 19,501 —
457 14.G23
14.184! 134,585
1,119 —
26,6 34
3,4 8 5
509
26,2 39
1,773
—
5,683
*223,283
1,373 25,9 88
15,851 178,537

T o t . o f averages. 278,350 4 4 4 ,250 '4 ,530,638 62,238 550,126 c4,094,620|271,40S 3 4,158
T o t a ls , actual co
T o ta ls , actual c o n d it io n M a v 27 4 .5 0 9.9 15
T o t a ls , actual co n d ition M a y 20 4,501,461
S t a t e B a n k s N o t M e m b e r s o f F e d ’l
G reen w ich B ank
1.000
2,033
18,236
B ow ery B a n k ..
5,150
250
844
80,037
S ta to B a n k ____
2,500| 4,586
T o t . o f averages.
T o t a ls , actual co
T o t a ls , actual co
T o ta ls , actual co
T ru st C om pan
T it le G u a r A T r
L aw y ers T l A T r

3,7 5 0

7,465

103,423

6 1 .0 9 3 5 6 7 ,1 0 3 c4 ,0 9 4 ,0 1 2 280,842 34,5 08
61,112 5 5 8 ,3 9 5 + 4 ,0 0 2 ,99P 2G 8,182 34,556
60,343 543,558 c 4 ,0 78,434 209,342 34,714
R e s ’ve B a n k .
18,470
50 ____
1,789
1 ,5S0
—
4 ,940
297
596
—
29,627 48",274
2 ,050
3,284
5,4 6 0

5 ,393
n d lt lo n jju n e 3 102,692
5,657
n d ltlon M a y 27 103,041
5,611
102,877
n d ltlon M a y 20
le s N o t M em b e rs o f F ed ’ 1 R e s ’ v e
1,231
7 .5 0 0 13,2341
53,4 46
834
4,0 0 0
6,103
26,3 93

4,136

53,043

4 8,324

....

4,027
4 ,267
4 ,233
Bank
4,423 ’
1,889

51,662 48,317
53,504 48,338
5 3,4 44 48,227

____
—
—

3 7,413
17,860

1 ,1 0 0

379

....
—

19,39sj

79,839

2 ,065

6,312

55,273

1,479

....

T o t a ls , actual co n d ltlon June 3 ;
T o ta ls , actual co n d ltlon M a y 27
T o t a ls , actual co n d ltlon M a y 20;

78,916
80,991
80,503

2 ,125
2,045
2,167

6,156
6,478!
6,218 (

5 4 ,2 59
66,357
55,793

1,498
1,473
1,484

____
—
—

T o t a l o f averages

11,500

G r 'd a g g r., avge. 293.600 471.114 1.713.300
C om p a rison wit h prev w e e k .
+ 36,598

69,763 560,574
+ 138 + 6,404

4 ,2 0 2,9 36 321,211 3 4,158
+ 23,978 + 1,893 — 340

G r 'd a g g r., act' c o n d ’ n June 3 4 .741.030
C om p a rison wit h prev w eek .
+ 47,083

68,611 577,286
— 203 + 8,146

4,200,5331330,657 3 4,508
— 2,319 + 12,664 — 48

G r’ d
G r’d
G r’d
G r’d
G r ’d

4 ,2 0 2,8 52 317,993 34,556
4 ,1 8 7 ,6 7 1 3 1 9 ,0 5 3 3 4 ,7 1 4
4,121,512314,819 34,6 30
69.659562,301 4,061,890 302,885 34,2 50
6 8.3 00 541 .16 3 4 .0 2 8.2271314,35134.205

a g g r.,
a g g r.,
a g g r.,
a g g r..
a g g r .,

act'
act' co n d ’ n
act'
act’
a cf’ fc o n d ’ n

M ay
M ay
M ay
M ay
A p r.

27 4,693,947
20 4,684,841
1 3 4,587,307
6 4,558,017
29 4.577.82C

e s .s H s e a .M O
6 8 ,1 21 55 4 .0 0 9
7 0 ,9 18 57 6 ,6 4 0

N o te.— U . S. dep osits ded u cted from net demand_ d ep osits in th e general to ta ls
a b o v e w ere us follow s: A v era g e fo r w eek J une 3, 855 ,52 6,0 00 : a ctu a l totals J une 3 ,
§ 8 3,9 85 ,00 0; M a y 27, S41,635,000; M a y 2 0 , S 4 1,606,000; M a y 13, §5 0 ,7 3 9 .0 0 0 ;
M a y 6 , §6 0 ,5 6 2 ,0 0 0 . Bills pa y a b le, red iscounts, a ccep ta n ces a n d oth er lia b ilities,
a verag e for th e w eek June 3, §315 ,70 2.0 00 ; a ctu a l totals J une 3, §3 3 4 ,8 0 8 ,0 0 0 ; M a y
2 7 . §3 1 4 ,95 7,0 00 ; M a y 20, $296,352,000; M a y 13, §2 9 1 ,7 9 3 ,0 0 0 ; M a y 6 , $ 3 1 9 ,2 4 3 ,­
° ° * In clu d es dep osits In foreig n b ra n ch es n o t in clu d ed in to ta l fo o tin g as follow s:
N a tion a l C it y B a n k , §107 ,74 4,0 00 ; B ankers T ru st C o ., 5 1 2 ,60 4,0 00 ; G u a r a n ty T ru st
C o ., $ 94 ,95 0,0 00 ; F arm ers' L oan A T ru st C o ., $90 ,00 0; E q u ita b le T ru st C o .,
5 25 ,53 1,0 00 . B a lances carried In b an k s in foreig n cou n tries as reserve for such
d ep osits w ere: N a tio n a l C ity B a n k , $28 ,63 9,0 00 ; B a n kers T ru st C o ., 5621,0 00 ;
G u a ra n ty 'I’ rust C o ., $33 ,53 3,0 00 ; F arm ers' L oa n & T ru s t C o ., $90 ,00 0; E q u ita b le
q’ rust C o ., §4 ,7 9 6 ,0 0 0 . c D ep osits in foreig n b ranches n o t Included .

T h e r e s e r v e p o s itio n o f th e d iffe r e n t g r o u p s o f in s titu tio n s
o n t h e b a sis o f b o th th e a v e r a g e s fo r th e w e e k a n d th e a c t u a l
c o n d i t i o n a t t h e e n d o f t h e w e e k is s h o w n in t h e f o l l o w i n g t w o
STATEM EN T

O F R E S E R V E P O S IT IO N O F C L E A R IN G
A N D T R U S T C O M P A N IE S .

HOU SE B A N K S

A v era g es.
Cash
Reserve
in Vault.
M e m b e rs F ederal
R eserv e b a n k s____
S ta to b a n k s* ...............
T r u s t co m p a n ie s ------

$
5 .4 6 0.0 00
2 .0 6 5.0 00

Reserve
in
D ep osita ries

Total
Reserve.

a
Reserve
Required.

S
S
S
550 ,12 6,0 00 550 ,12 6,0 00 540 ,44 2,8 40
9 ,5 4 7,7 40
9 .5 9 6.0 00
4 .1 3 6.0 00
8 ,2 9 0 ,9 5 0
8 .3 7 7.0 00
6 .3 1 2 .0 0 0

S urplus
Reserve.
S
9 ,6 8 3 ,1 6 0
48,2 60
86,0 50

9 ,8 1 7 .4 7 0
7.52 5.0 00 5 60 .57 4.0 00 508 .09 9.0 00 558 ,28 1,5 30
T o t a l J uno 3 -----6 ,8 3 7 ,1 5 0
7 .8 0 1.0 00 554 .17 0.0 00 5 6 1 .97 1.0 00 5 5 5 ,1 3 3 ,S50
T o t a l M a y 2 7 ____
7 .7 7 2.0 00 563 .27 7.0 00 571 .04 9.0 00 5 51 .51 9.9 50 1 9 ,5 29 ,05 0
T o t a l M a y 2 0 ____
2
1 ,9 8 3 .8 2 0
5
42
,5
2
9
,1
8
0
5
6
4
.51
3.0
00
7 .7 7 5.0 00 5 5 6 .73 8.0 00
T o t a l M a y 13____
* iNOt m em uers ui ruu uiui aw- vivo d u u a .
, .
.
,
a T h is Is th e reserve req uired o n net dem a n d d ep osits in th e case o f S ta te Danks
a n d tru st com p a n ies, b u t In th e ca se o f m em bers o f th e F ederal R eserv e B a n k in ­
clu des also a m o u n t In reserve req uired o n net tim e d ep osits, w h ich w as as follow s.
June 3 , $ 8 ,1 4 2 ,2 4 0 ; M a y 27, §8 ,0 8 5 ,4 2 0 ; M a y 2 0 , 5 8,0 04 ,39 0; M a y 13, $ 8 ,0 0 8 ,8 6 0 .

Actual Figures.
Cash
Reserve
in Vault.
Members Federal
Reserve banks____
Trust companies____
Total
Total
Total
Total

June 3____
May 27____
M ay 20____
May 13____

Reserve
in
Depositaries

b
Reserve
Required.

Total
Reserve.

$

Surplus
Reserve.

$
$
$
567,103,000 567,103,000 540,724,820
4.027.000
5.393.000
9.420.000
9,299,160
2.125.000
6.156.000
8.281.000
8,138,850
7.518.000
7.702.000
7.778.000
7.755.000

577.286.000
569.140.000
554.009.000
576.640.000

584.804.000
576.842.000
561.787.000
584.395.000

558,162,830 26,641,170
558,218,560 18,623,440
556,265,550
5,521,450
547,489,520 36,905,480

S t a t e B a n k s a n d T r u s t C o m p a n ie s N o t in C le a r in g
H o u s e . — T h e S t a t e B a n k in g D e p a r t m e n t r e p o r ts w e e k ly
fig u r e s s h o w in g th e c o n d itio n o f S t a t o b a n k s a n d tr u s t c o m ­
p a n i e s in N e w Y o r k C i t y n o t i n th e C l e a r i n g H o u s e a s f o l l o w s :
of state

banks and

tru st

c o m p a n ie s

in

greater

N E W YO R K , NOT INC LU D ED IN CLEARING HOUSE ST AT EM E N T .
(Figures Furnished by Stale Banking Department.)
Differences from
June 3.
Previous Week.
Loans and Investments___________________
S659,404,700 Inc. $1,706,000
Gold...............................................................................
5,578,500 Dec.
81,100
Currency and bank notes.............................................. I
16,145,200 Inc.
268,400
Deposits with Federal Reserve Bank of New Y o rk ..
54,852,500 Dec.
615,000
Total deposits......... ............................................ ............ .. 693,218,300 Inc. 5,901,000
Deposits, eliminating amounts due from reserve de­
positaries and from other banks and trust com­
panies In N . Y . City exchanges and U. S. deposits. 650,069,100 Inc. 1,433,500
Reserve on deposits........... ............................................ 107,209,600 Inc. 1,145,600
Percentage of reserve, 20.1% .
RESERVE.
-------- Stale Banks--------- — Trust Companies—
Cash In vault........................................* $26,165,700 16.00%
550,410,500 13.67%
8,093,200
4.94%
Deposits In banks and trust cos.........
22,540,200
6.08%
T o t a l.................................................. $34,258,900

20.94%

$72,950,700

19.75%

* Includes deposits with the Federal Reserve Bank of New York, which for tho
State banks and trust companies combined on June 3 were 554,852,500.

B a n k s a n d T r u s t C o m p a n ie s in N e w Y o r k C it y .— T h e
a v e r a g e s o f th e N e w Y o r k C i t y C le a r in g H o u s e b a n k s a n d
tr u s t c o m p a n ie s c o m b in e d w ith th o s e fo r t h e S t a t e b a n k s
a n d t r u s t c o m p a n ie s in G r e a t e r N e w Y o r k C i t y o u ts id e o f
th e C le a r in g H o u s e , a r e a s fo llo w s :
COM BINED

RESULTS OF BANKS A N D TRUST COMPANIES IN
GREATER N E W YO R K .

Week ended—
Feb. 18........................
Feb. 25........................
M ar. 4____________
Mar. 11_____________
Mar. 18........................
Mar. 25.........................
April 1.........................
April 8 ___. . . . _____
April 15.........................
April 22........................
April 29......... ..............
M ay 6 ......... ............
May 13....................
May 20_____________
M ay 27_____________
June 3 ..........................

Loans and
Investments.

Demand
Deposits.

%
5.050.803.700
4.993.954.100
4,984,481,600
4.956.963.700
4.997.034.100
5.021.059.300
5.034,161,200
5.087.991.900
5.086.819.300
5.141.226.100
5,180,822,800
5.209.013.900
5.233.359.300
5,297,769.500
5.334.400.700
5.372.704.700

$
4.437.139.800
4.422.144.400
4.425.726.900
4,416,490,700
4.482.227.300
4.445.139.800
4.464.631.200
4.555.297.200
4.577.182.300
4.619.860.900
4.657.698.400
4,694,822.600
4.738.487.800
4.807.891.800
4,827 593,600
4,853,005,100

* Total Cash
in Vaults.

Reserve in
Depositaries.

$
93.134.900
93.603.400
92.174.900
92.371,000
90.428.300
90.739.300
91,467,800
91,810,600
94.189.300
91,853,200
92,431,500
91.100,100
132,818,400
91.723.900
91.161.400
91,486,700
* This Item Includes gold, silver, legal tenders, national bank notes
Reserve notes.

$
599,000,500
580.490.900
598.010.500
596.530.400
624.862.400
588,300,100
589,734,700
608,504.800
612.177.500
623.404.900
011,583,000
621,974,300
642.139.400
648.307.500
038.697,600
646.059.900
and Fedprni

N e w Y o r k C ity N o n -M e m b e r B a n k s a n d T r u s t C o m ­
p a n i e s . — T h e fo llo w in g a r e th o r e tu r n s to th e C le a r in g H o u s e
b y c le a r in g n o n -m e m b e r in s t itu t io n s a n d w h ic h a r e n o t in ­
c lu d e d in th o “ C le a r in g H o u s e R e t u r n s ” in th o fo r e g o in g :
RETURN OF N ON -M E M BE R INSTITUTIONS OF N E W YO R K CLEAR IN G
HOUSE.
(Stated in thousands of dollars— that is. three ciphers [0001 omitted.)
Net
Capital, Profits

CLEARING
Week ending
June 3 1922.

Loans,
Dis­
counts
Nat.bks.M ay5 Invest­
State bksMarlO ments,
Tr. cos. M ar.10 &c.

Members of
Fed'l Res. Bank.
Battery Park N at.
Mutual Bank_____
W . R. Grace & Co.
Yorkvllle Bank__

%
1,500
200
500
200

Total__________

2,400

Reserve
Net
Net
Nat'l
with Demand
Bank
in
Legal
De­
De­
Circu­
Vault, Deposi­ posits. posits. lation.
tories.

Average Average Average Average Average Average
$
%
%
$
$
$
$
1,221 9,643
157 1,206
7,524
258
198
813 11,286
259
1,618 11,392
637
1,195 8,216
23
414
1,530 5,572
::::
848 19,075
430 1,626
9,693 10,065

4,078 48,220
869
1 S61
of Fed. Res’ve Bank.
State Banks
Not Me mbers
Bank of Wash. Hts
200
351 3,987
525
240
Colonial Bank____
800 1,647 17,495 2,265 1,409

30,139 16,532
4,002
18,659

238

1,649

22,661

238

Trust Companies Not Me mbers of Fed. Rcs’ve Bank.
Mech ,Tr. .Bayonne
200
580 9,619
348
281

4,018

5,535

4,018

5,535

T o ta l................

T o ta l................
Grand aggregate..
Comparison with
Gr’d aggr.
Gr’d aggr.
Gr’d aggr.
Gr’d aggr.

May
May
M ay
May

27
20
13
6

1,000

200

1,998 21,482

9,619

348

3,600 6,656 79,321
prevlo us week + 378

4,007
— 15

3.600
3.600
3.600
3.600

580

2,790

6.656
6.656
6.933
6.933

78,943
78,566
78.066
75,760

4,022
4,042
4,089
3,900

9G1

6,794 a56,818 22,305
+ 122
+ 58 + 847
6,672
6,849
6,590
6,551

a56,760
a56,990
a56,973
a55,825

21,458
20,757
20,588
19,503

a U . S. deposits deducted, $309,000.
Bias payable, rediscounts, acceptances and other liabilities. $252 000
Excess reserve. $70,600 Increase.
|W'




BOSTON CLEARING HOUSE M EM BERS.

$
26,378,180
120,840
142,150

* Not members of Federal Reserve Bank.
b This Is the reserve required on net demand deposits In the case of State banks
and trust companies, but in the case of members of the Federal Reserve Bank In­
cludes also amount of reserve required on net time deposits, which was as follows:
June 3, $8,425,260; May 27, 58,045,460; May 20, 38,080,260; May 13, $7,954,740.

sum m ary

B o s t o n C le a r i n g H o u s e W e e k l y R e t u r n s . — I n th o fo l­
lo w in g w e fu r n is h a s u m m a r y o f a ll th e it e m s in t h e B o s t o n
C le a r i n g H o u s e w e e k l y s t a t e m e n t f o r a s e r ie s o f w e e k s :

198

Capital_____________________
Surplus and profits_________
Loans, dlsc’ts & Investments
Individual deposits, lncl. U.S.
Due to banks_________
Time deposits......... .......
United States deposits.
Exchanges for Clearing House
Due from other banks..............
Reserve In Fed. Res. Bank___
Cash In bank and F. R . Bank
Reserve excess In bank and
Federal Reserve Bank____

June 7
1922.

Changes from
previous week.

M ay 31
1922.

May 24
1922.

S
59,350,000
86,298,000
804,008,000
604,740,000
119,269,000
92,483,000
21,558,000
25,600,000
71,152,000
69,829,000
9,557,000

$

J
59,350,000
86,298,000
787,096,000
597,996,000
109,380,000
91,968,000
9,829,000
25,171,000
02,931,000
68,459,000
9,277.000

$
59.350.000
86.298.000
791.021.000
592.156.000
113.808.000
93.375.000
9.840.000
23.103.000
65.010.000
69.548.000
9.080.000

Inc. 16,912,000
Inc. 6,744,000
Inc. 9,889,000
Inc.
515,000
Inc. 11,729,000
Inc.
429,000
Inc. 8,221,000
Inc. 1,370,000
Inc.
280,000

3,627,000 Inc.

488,000

3,139,000

P h i l a d e l p h i a B a n k s . — T h e P h i l a d e l p h i a C le a r i n g H o u s e
r e tu r n fo r t h e w e e k e n d in g J u n e 3 , w ith c o m p a r a t iv e fig u r e s
f o r t h e t w o w e e k s p r e c e d i n g , is g i v e n b e l o w .
R eserve
r e q u ir e m e n ts fo r m e m b e r s o f th e F e d e r a l R e s o r v e S y s te m
a r e 1 0 % o n d o m a n d d o p o s i t s a n d 3 % o n t i m o d e p o s i t s , a ll
to b e k e p t w ith th o F e d e r a l R e s e r v e B a n k .
“ C a s h in
v a u l t s ” is n o t a p a r t o f lo g a l r o s e r v o .
F o r tr u s t c o m p a n ie s
n o t m e m b e r s o f t h e F e d e r a l R e s e r v e Sy s-P ^n . t h o r e s e r v e
r e q u i r e d is 1 0 % o n d o m a n d d e p o s i t s a n d i n c l u d e s “ R e s e r v e
w ith le g a l d e p o s it a r ie s ” a n d “ C a s h in v a u l t s .”
Week ending June 3 1922.
Two Ciphers (00) omitted. Members of
Trust
F.R. System Companies
Capital___________________
Surplus and profits..............
Loans, dlsc’ts & investm’ts
Exchanges for Clear.House
Due from banks__________
Bank deposits..... .................
Individual deposits.............
Time deposits______ _____
Total deposits....... ...............
U. S. deposits (not ln cl.)-.
Res’ve with legal deposit’s .
Reseve with F. R. B ank..
Cash In vault*______ _____
Total reserve and cash held
Reserve required__ __
Excess res. & cash In vault.

Total.

May 27
1922.

May 20
1922.

$33,175,0
94.743.0
620.355.0
32.254.0
92.917.0
114.892.0
506.002.0
16.234.0
637.128.0

$4,500,0 $39,675,0 $39,675,0 $39,675.0
13.832.0 108.575.0 108.575.0 108.575.0
36.613.0 656.968.0 648.259.0 645.265.0
798.0
33.052.0
24.642.0
29.297.0
19,0
92.936.0
85.583.0
92.701.0
368.0 115.260.0 111.319.0 113.136.0
23.420.0 529.422.0 515.223.0 520.967.0
482.0
16.710.0
16.810.0
16.895.0
24.270.0 661.398.0 643.352.0 650.998.0
14.255.0
14.255.0
6.751.0
7.008.0
3.853.0
3.853.0
2.996.0
3.305.0
52.466.0
52.466.0
51.871.0
51.257.0
8.719.0
’ 844,6
9.563.0
9.790.0
9.901.0
61.185.0
65.882.0
4.697.0
64.657.0
64.463.0
52.485.0
55.954.0
3.469.0
54.833.0
54.908.0
1.228.0
8.700.0
9.928.0
9.824.0
9.555.0
* Cash In vaults not counted as reserve for Federal Reserve members.

C o n d itio n o f th e F e d e ra l R eserv e B a n k o f N e w Y o r k .
— T h e fo llo w in g s h o w s th e c o n d it io n o f th e F e d e r a l R e s e r v e
B a n k o f N e w Y o r k a t t h o c l o s e o f b u s in e s s J u n o 7 1 9 2 2 , in
c o m p a r is o n w ith th e p r e v io u s w e e k a n d th e c o rr e sp o n d in g
d a te la s t y e a r :
June 7 1922. May 31 1922. June 8 1921.
Resources—•
$
$
$
Gold and gold certificates______________ 215,127,068
215,652,477
215,593,000
Gold settlement fund— F. R . Board____ 149,420,073
126,066,633
147,971,000
Total gold held by bank_____________
Gold with Federal Reserve Agent______
Gold redemption fund__________________

364,547,142
798,569,578
8,881,782

341,719,111
798,785,078
10,000,000

363,564,000
410,521,000
36,000,000

Total gold reserves___________________ 1,171,998,502 1,150,504,189
Legal tender notes, silver, &c___________
24,296,750
22,038,113

810,085,000
86,007,000

Total reserves.............................................1,196,295,253 1,172,542,303
Bills discounted: Secured by U. S. Gov­
ernment obligations— for members___
23,274,497
24,262,890
___________
For other F. R. banks_______________
All other— For members_____________
16,028,220
T s ,893,290
_______ __
For other F. R. B anks______________
Bills bought In open market......................
37,910,455
44,046,870

896.092.000

Total bills on hand__________________ U. S. bonds and notes_______________ I .
U. S. certificates of Indebtedness—
One-year certificates (Pittman Aot). .
All other____________________________ .

77,213,173
47,926,750

87,203,051
48,604,750

535,084,000
1,005,000

21,000,000
122,901,500

21,000,000
123,185,500

55,276,000

Total earning assets_________________ .
Bank premises______ _________________ I 5 % redemp. fund agst. F. R . bank notes Uncollected items_______________ _____ _All other resources________ ____________.

269,011,423
8,470,372
945,860
104,754,016
4,504,592

279,993,301
8,453,061
931,000
97,502,903
4,418,955

501.365.000
5.125.000
2.178.000
116.578.000
3.242.000

209.215.000
17.015.000
275.949.000
5,500,000
27.405.000

.1,584,011,548 1,563,842,185 1,614,580,000
Liabilities—■
.
.
i

27,483,100
60,197,127
198,20S

27,394,200
60,197,127
339,854

26.894.000
56.414.000
15.903.000

.
Member banks— Reserve account____.
.

18,601,430
743,188,458
11,337,027

14,942,408
720,342,560
11,617,990

1,552,000
682,686,000
13,799,000

Total deposits________________________. 773,120,915
. R. notes In actual circulation_______ . 620,153,313
F. R. bank notes In clrcul’n— net liability'
17,395,200
erred availability Items_______
.
81,240,204
All other liabilities_______________
.
4,217,479

746,902,965
625,245,487
16,799,200
82,710,107
4,247,183

698.037.000
696.928.000
26.150.000
86.878.000
7,371,000

Deposits:

.1.584,011,548 1,563,842,185 1,614,580,000
____

Ratio of total reserves to deposit and
F. R. note liabilities combined______
Contingent liability on bills purchased

85.9%

85.5%

64.2%

13,810,314

13,527,201

41,462,199

—
198
—I
199
199
199
198

CURRENT

NOTICES.

— B . J. Van Ingon & C o ., N . Y . C ity , havo opened a Boston offico In
the Shawmut Bank Building; tolophono N o . 7084 Congress; under tho
management o f Francis J. H offm an.
— Roosevelt & Sou, 30 Pino Streot, announco that they have opened a
department to doal hi standard municipal bonds.
— Samuel M . Benson Is now connected with W illiam C . Orton & Co.
54 W all S t., Now Y ork.

W E E K L Y
„ f t h « f l ' ! >ll0n i n g i S t «
as a w

2

R E T U R N

O F

T H E

F E D E R A L

^ r e tu r n i s S“ e d b y t h e F e d e r a l R e s e r v e

The w o n

eo m p u rx o n m th h e

w

H

„ "T ”

t' l“ ' 03| ,01' ,

B O A R D .

B o a rd F r id a y a fte r n o o n J u n e 9 , a n d

t o R e s c r v o B a n k s “ t t 1, 1 0 ‘ ),l o s e o f b u s i n e s s t h o p r e v i o u s d a y .

I l i

R E SE R V E

s h o w in g

th e

c o n d it io n

I n th e fir s t ta b le w e p r e s e n t th e r e s p ite f o r th e s y s te m

!0 ? 0 V 0 “ p r o c e d i l l g w e e k s a n d w i t h t h o s e o f t h e c o r r e s p o n d i n g w e e k l a s t y e a r .

. fM,t,eS

n t
S? w
an
S o p a ra to ly f o r 6 a o h o f th e tw e lv e b a n k s .
T h e F ed era l R eserv e A g e n ts'
A w o m i tg (t h ir d t a b le fo llo w in g ) g iv e s d e t o ils r e g a r d in g t r a n s a c t io n s in F e d e r a l R e s e r v e n o t e s b e t w e e n t h e C o m p t r o lle r a n d
R e s e r v e A g e n ts a n d b e tw e e n th e la tte r a n d F e d e ra l R e s e r v e b a n k s .
Reserve B oa rd ’s com m en t u p o n the
week a p p ea rs on page 2 o 2 7 being the f ir s t item, m our departm ent o f “ C urrent E v en ts a n d D i s c u s s i o n s .”
C o m b in e d

latest

R e s o u r c e s a n d L ia b il it ie s o p t h e F e d e r a l R e s e r v e B a n k s a t t h e C l o s e o p B u s in e s s J u n e
June 7 1022 M a y 31 1922 M a y 24 1922 . M a y 17 1922
M a y 10 1922
S

RESOURCES.

Gold and gold certificates______________
Gold settlement, F . R . Board---------------

323.745.000
502.204.000

S

324,740,00(
486,689,00(

S
325,810,00C
473.506.00C

S

326.412.00
482.937.00

S

327,387.00C
444.752.00C

M a y 3 1922 A p r . 26 1922 . A p r i l 19 192

S
326,381,00C
441.261.00C

$

326.638.00C
453.974.00C

L IA B IL IT IE S .

D istribution by M a turities—

1-16 days bills bought in open market.
1-15 days bills discounted_____________
1-15 days U. 8. ccrtlf. of Indebtedness.
1-15 days municipal warrants..................
16-30 days bills bought In open market.
10-30 days bills discounted........................
10-30 days U. 8. certlf. of Indebtedness.
31-00 days bills bought In open market.
31-00 days bills discounted........................
31-00 days U. 8. certlf. of Indebtedness.
01-00 days bills bought In open market.
01-00 days bills discounted........................
01-00 days U. 8. certlf. of Indebtedness.
Over 00 days bills bought In open market
Over 00 days bills discounted....................
Over 00 days certlf. of Indebtedness____

$
39.608.000
210.767.000
70.973.000

June 8 1921.

8
326,625.00
509,619,00(

Total gold Held by Danks........... ..........
825,049,000
811,429,000
809,349,001
799.322.00C 772.139.00C
767,642,000
780,612,000
Gold with Federal Reserve agents......... 2,128,242,000 2,140,891,000 2,141,120,00(
836.244.00C
2,140,192,000 2 ,172.052.00C 2,169,736,000 2 ,154,510,00c 2,094,362,000
Gold redemption fund__________________
55,881,000
55,301,000
57,220,00(
65,029,000
61.103.00C
57,398,000
60,080,000
60,317,000
Total gold reserves--------------------------- 3,010,072,000 3,007,621,000 3,007,689,00(
3,005,143,000 3,005.294.00C 2,994.776,000 2,995,202,000 2,990,923,000
Legal tender notes, silver, &o--------------123,994,000
122,876,000
127,564,00(
125,982,000
124.523.00C
124,041,000
129,637,000
128,742.000
Total reserves------ ----------------------------- 3,134,U0(J,OOO 3,130,497,000
3,135,253,00( 3,131,125,000 3 ,129.817.00C 3,118,817,000 3,124,839,000 3,119,665,000
Bills discounted:
Secured by U. S. Govt, obligations...
148.949.000
171.106.000
181,071,00(
169.714.000
166.322.00C
190.474.000
178.991.000 201.257.000
All other_____________________________
271.305.000 300.384.000
306,169,00(
298.982.000 308.264.00C
318.902.000 321.106.000 351.526.000
Bills bought In open market....................
136.183.000
118.182.000
105.364.0CC
97,123,000
105.517.0CC
107.278.000
82,518,000
87,327,000
Total bills on hand-------------------- :-------556.437.000 589.672.000
592,604,00(
565.819.000 580.103.00C
616.654.000
U. S. bonds and notes--------------------------582.615.000 640.110.000
243.775.000 244.648.000 240.990.00C
241.115.000 261.042.C0C
U. 8. certificates of Indebtedness:
265.483.000 250.185.000 254.079.000
One-year certificates (Pittman A c t)..
77,000,000
77,000,000
78.500.00C
80,000,000
81,500.00C
•83.000.000
All other--------------------------------------------86,000,000
84,500,000
297.101.000 281.771.000
276.721.00C
273.860.000 274.963.00C 260.736.000 232.448.000 192.057.000
Municipal warrants.....................................
102,000
102,000
1,174,313,000 1,193,091,000
1.188.815.00C 1,160,794,000 1,197,608,00C 1,225,873,000 .149.850,000 1,172,348,000
Bank premises................................................
40.994.000
40.672.000
40.650.00C
40.326.000
39.903.000
6% redemp. fund agst. F. R . bank notes
39.809.000
39.568.000
39.446.000
7,518,000
7,580,000
7,605,000
7,678.000
7,602,000
Uncollected Items______________________
7.604,000
7,601,000
7,727,000
525,893,000 454,938,000
501.733.00C
587,772,000 499,923,000 516.580,000 519,627,000 596,126,000
All other resources_____________________
20.684.000
20.490.000
20,303,000
20.035.000
19.961.000
19.978.000
18.587.000
17.608.000
4.903.468.000 4.847.268.000 4.894.359.000
4.947.730.000 4.894.814.000 4.928.667.000 4.860.072.000 4.952.920.000
Capital paid In..............................................
104.859.000 104.729.000 104.695.000
Surplus_______ ____ ______ _____________
215.398.000 215.398.000 215.398.000
Reserved for Govt, franchise tax_______
2,207,000
2,236,000
2,290,000
Deposits— Government___________ _____
39.574.000
54.295.000
60.406.000
Member banks— reserve account------ 1.823.961.000
1.782.004.000 1.822.742.000
All other......................................................
33.455.000
33.854.000
34.028.000
Tot&I_- - - - - - - - - - - - - - - - - - - - - - - - - - - F. R . notes In actual circulation........... 2,141,531,000 1.870.153.000 1.917.176.000
2.141.184.000 2.128.230.000
F.R.bank notes Id circulation— net Uab.
71.812.000
70.553.000
71.702.000
Deferred availability Items-------------------450,497,000 423,217,000 435,114,000
All other liabilities_____________________
20.174.000
19.798.000
19.754.000
Total liabilities......................................... 4,903,468,000
4,847,268,000 4,894,359,000
Ratio of gold reserves to deposit and
F. R. note liabilities combined_______
74.5%
74.9%
74.3%
Ratio of total reserves to deposit and
F. R . note liabilities combined______
77.6%
78.0%
77.5%

7 1922

S
297.476.000
521.539.000
819.015.000
1,460,358,000
151.299.000
2,430,672,000
161,874,000
2.592.546.000
747,006,000
1.149.353.000
69,501,000
1,965,860,000
32,685,000
225,375,000
1,652,000
2,225,572,000
23.842.000
10.449.000
541,495,000
13.482.000
5.407.386.000

104.656.000 104.608.000
104.531.000 104.311.000 104.221.000 102,066,000
215.398.000 215.398.000 215.398.000 215.398.000 215.398.000 202,036,000
2,071,000
2,124,000
1.839,000
2,308,000
2,147,000
38.057.000
39.278.000
44.366.000
72.422.000
45.194.000
37.833.000
20.261.000
1.810.810.000 1.806.464.000 1.774.802.000 1.748.755.000 1.760.942.000 1.684.075.000
38.382.000
35.957.000
45.108.000
39.281.000
54.085.000
30,721,000
1.880.045.000 1.889.212.000 1.892.332.000 1.833.230.000 1.852.860.000 1.735.057.000
2.146.656.000 2.159.186.000 2.173.436.000 2.157.568.000 2.181.090.000 2.710.723.000
74.214.000
72.474.000
77.411.000
80.304.000
79.497.000
141.054.000
501,283,000 430,601,000 444,775,000 449,347,000 498,921,000 447.357.000
19.524.000
19.094.000
18.945.000
18.413.000
17.979.000
31,036,000
4.947.730,000 4,894,814.000 4,928.667,000 4.860,072,000 4.952,920,000 5,407,386,000
74.5%

74.2%

73.6%

75.1%

74.1%

77.0%

77.3%

76.7%

78.3%

77.3%

S
27.916.000
256.579.000
1.900.000
102,000
15.688.000
66.901.000
500.000
22.480.000
92.693.000
46.090.000
15.775.000
5^,222,00
7.437.000
659.000
39.642.000
261.015.000

S
47.714.000
253,849,000
74.249.000

$
40.518.000
262.472.000
1.463.000

S
32.925.000
238.154.000

S
45.049.000
240.500.000
503.000

S
45.920.000
272.745.000
5,155,000

27,207^666
20,12 2~666
48.248.000
47.831.000
7.144.000
500,000
40.176.000
26.565.000
61.953.000
72.833.000
34.199.000
4.679.000
24.347.000
19.106.000
43.204.000
45.929.000
3.900.000
35.160.000
4.785.000
4.675.000
50.082.000
51.048.000
257.885.000 _244,183,000

2'2,130'666
49.036.000
68.382.000
23.100.000
79.159.000
2.500.000
14.762.000
46.654.000
35.959.000
4.854.000
49.919.000
246.917.000

20,098',666
53.759.000
74.132.000
22.204.000
83.288.000
3.500.000
18.350.000
46.260.000
34.217.000
3.546.000
47.235.000
242.011.000

'l9',l'06'656
57.010.000
500.000
22.060.000
86.443.000
73.385.000
18.470.000
45.667.000
30.321.000
732.000
44.966.000
251.754.000

20',478'.666
54.123.000
22.865.000
88.522.000
54.660.000
17.053.000
50.851.000
29.642.000
956,000
43.135.000
254.279.000

Federal Reserve N otes—

Outstanding..............— .................................. 2,526,949,000
2,511,810,000 2,509,652,000 2,527,081,000 2,541,503,000
Held by banks-------------------------------------385.418.000 370,626,000 381,422,000 380,425,000 382,317,000 2,537,262,000 2,530,895,000
363,826,000 379,327,000
2,141,531,000 2,141,184,000 2,128,230,000
2,146,656,000 2,159,186,000 2,173,436,000 2,157,568,000
Amount chargeable to Fed. Res. Agent 1.294,971,000
3,300,574,000 3,309,981,000
In hands of Federal Reserve Agent_____
768,022,000 788,764,000 800,329,000 3,326,430,000 J,328,808,000 3.326.493,000 3,335,056,000
799,349,000 787,305,000 789,231,000 798,161,000
2.526,949,000 2,511,810,000 2,509,652,000 2,527,081,000
2.541,503,000 2,537,262.000 2,536,895,000
H ow Secured—

54.6%

8
S
31.631.000
39.353.000
293.474.000 1,150,725,000
2,200,000
2.955.000
102,000
14.524.000
15.317.000
64.492.000 186.586.000
500.000
5.400.000
21.398.000
11.060.000
98.092.000 294.204.000
41.229.000
11.340.000
18.603.000
3.771.000
59.417.000 188.961.000
7.570.000
22.547.000
1.171.000
37.308.000
75,883^000
226.558.000 184.754.000

2,534,997,000 3,073,599,000
353,907,000 362,876,000
2,181,090,000 2,710,723,000
5,352,973,000 3,875,729,000
817,976,000 802,130,000
2,534,997,000 3,073,599,000

By gold and gold certificates----------------- 409.863.000
407.413.000 406.213.000 406.214.000
By eligible paper---------------------------------398.707.000 370.919.000 368.532.000 386.889.000 404.714.000 404.714.000 404.714.000 404.713.000 345.093.000
369.451.000 367.526.000 382.385.000 440.635.000 1,613,241,000
Gold redemption fund--------------------------128.804.000
With Federal Reserve Board.................... 1,589,575,000 131.428.000 130.676.000 136.736.000 125.141.000 132.924.000 133.791.000 118.361.000 116.727.000
1,602,050,000 1,604,231,000 1,597,242,000 1,642,197,000 1,632,098,000 1,616.005,000
L,571,2S8,000 998.538.000
T o ta l.._____ . . . . — . . . . . . — - — . . . 2,526,949,000
2,511,810,000 2,509,652,000 2,527,081,000 2.541,503,000 2.537,262,000 2,536,895,000
2,634,997,000 3,073,599,000
Eligible paper delivered to * . « . Agent. 540,254 non
560,077,000 575,987,000 545.900.000 561.338.000 597.886.000l ~566.380.000
623,951,000 ,908,988,000
WEEKLY STATEMENT OF RESOURCES AND LIAMT
rsu
„ T,
„„
_____________________________________________________ LIABILITIES OF BACH OF 1 HE 12 FEDERAL RESERVE BANKS AT CLOSE O F BUSINESS JUNE 7 1922
Two ciphers (00) om itted.
1
1
Federal Reserve Bank of—

Boston.

RESOURCES.

Gold and gold certificates--------Gold settlement fund— F. R . B'd

13.971.0
11.304.0

N ew Y ork.

$
215.127.0
149.420.0

P hila .

S
5,480,0
50,355,0

Cleveland Richm ond

$
13.309.0
34.678.0

A tlanta.

$
S
3,038,0
5,538,0
41,079,0 27,550,0

Chicago.

St. L ouis M in n ca p . K a n .C ity.

S
23.866.0
76.756.0

*
4,233,0
16,966,0

Total gold held by banks......... 25,275,0
Gold with F. R . agents................ 135,994,0
9,476,0
Gold redemption lund-— ----------Total gold reserves......................
Legal tender notes, sliver, <!eo—
Total reserves______ . . . ______
Bills discounted: Secured by
U. S. Govt, obligations____
All other_____________________
Bills bought In open market____
Total bills on hand________ _
U. 8. bonds and notes....................
U. 8. certificates of Indebtedness
One-year ctfs. (Pittman Act).
All other...........
Total earning assets__




3
8,324,0
23,212,0

364.547.0 55,835,0 47.987.0 44.117.0 33,088,0 100,622,0
798.570.0 153,244,0 175.154.0 53.058.0 103,267,0 352,745,0 21.199.0 31.536.0
58.533.0 31.892.0
8,882,0
5,200,0
3,934,0
4,530,0
1,000,0 10,757,0
1,752,0
1,518,0
170,745,0 U 7 1 .9 9 9 .0 214,279,0
227,075,0 101,705,0 137,355,0 464,124,0 81.484.0 64,946,0
16,196,0
24,297,0
7,814,0
7,869,0
7,619,0
5,593,0 18,255,0 17.879.0
824,0
186,941,0 1.196,296,0 222,093,0
234,944,0 109,324,0 142.948.0 482,379,0 99.363.0 65.770.0
8,282,0
23.274.0 34.884.0 24.599.0 13.499.0
4,282,0 19.360.0
7.888.0
1,744,0
11.632.0
16.028.0 10.335.0 19.167.0 29.200.0 27.192.0 41.940.0
11.686.0 22.760.0
18.694.0
37,910,0 20.305.0 13.136.0
803,0
671,0 20.933.0
5.594.0
38.608.0
77.212.0 65.524.0 56.902.0 43.562.0
32.091.0 82.233.0 25.168.0 24.504.0
4.570.0
47.927.0 23.553.0 27.124.0
1.233.0
156.0 34.258.0 11.681.0
7.752.0
5.950.0
21,000,0
6,000,0
6,000,0
3.560.0
8,667,0
6,699,0
3,571,0
4,000,0
47.928.0 122.901.0
2,070,0 42.401.0
31.0 52.931.0 15.412.0
3.409.0
97.062.0

269.040.0

97.147.01 132,427,0

48.355.0 38.977.0 178,089.0

s
2,505,0
25,711,0

D allas.

San Fran.

S
S
8,895,0 19.459.0
14,112,0 31.061.0

Total.

*
323.745.0
502.204.0

28,216,0 23.007.0 50,520,0 825,949,0
48,009,0 19.296.0 198,480,0 2,128,242,0
2,208,0
1,883,0
4,741,0
55,881,0
78,433.0 44,186,0 253,741,0 3,010,072,0
5,388,0
5,562,0
6,698,0 123,994.0
83.821.0 49.748.0 260,439,0 3,134,066,0
3,189,0
1.528.0
6,447,0
20.246.0 29.783.0 31.336.0
5,0
2.002.0 16.070.0

148.949.0
271.305.0
136.183.0

23.440.0 33.313.0 53.880.0
28.299.0
2,816,0 54.400.0

556.437.0
243.775.0

4.321.0
9.202.0

1,900,0
500,0

5,332,0
316,0

77,000,0
297.101.0

55.832.0 39.605.0 65.262.0 38.529.0 113.928.0 1.174.313.0

RESOURCES (Concluded) —

6 % redemption fund against Fed-

Uncollected Items-----------------------All other resources...........................

$
5,265,0

8?470,0

S
600,0

422,0
50,5)35,0
950,0

946,0
104,754,0
4,505,0

700,0
42,675,0
698,0

S
1,342,0

S
7,468,0

S
921,0

188,0
468,0
539,0
46,700,0 44,549,0 24,467,0
155,0
149,0
1,758,0

675.0
66,133,0
1,944,0

2,023,0
33,617,0
778,0

$
2,571,0

S
5,239,0

916,0
216,0
14,556,0 36,434,0
1,058,0
1,487,0

Total.

S
1,137,0

3
40,994,0

146,0
279.0
24,180,0 36,893,0
5,367,0
1,835,0

7,518,0
525,893,0
20,684,0

S
2,092,0

$
4,975,0

S
914,0

San Fran.

D allas.

St. Louis M inneap . K a n . City

Chicago.

Atlanta.

Cleveland Richmond

P hila .

N ew Y ork.

Boston.

205,136,0 208,357,0 736,688,0 192,534,0 122,608,0 192,466,0 116,530,0 418.043.0 4.903.468.0
Total resources............................. 34R575.0 1,584,011,0 363,913,0 421,607,0
L IA B IL IT IE S .
7.361.0 104.859.0
4.193.0
4.619.0
3.508.0
4.700.0
4.275.0 14.559.0
5,542,0
8,991,0 11.587.0
27.483.0
7,981,0
Capital paid In--------------------------7.394.0 15.199.0 215.398.0
9.646.0
7.468.0
9.388.0
9.114.0 29.025.0
60.197.0 17,945,0 22.509.0 11,030,0
16,483,0
2,207,0
100,0
393.0
410.0
209.0
198,0
261,0
Reserved for Govt, franchise tax.
39.574.0
3.930.0
1,881,6
1,430,0
1,074,0
2,286,0
3.184.0
3.069.0
1,002,0
1,006,0
1,747,0
18,601,0
364.0
Deposlts: Government................
258,148,0 68,529,0 42,960,0 73,051,0 46,357,0 121.015.0 1.823.961.0
50,515,0
57,389,0
140,542,0
104,886,0
743,188,0
117,381,0
Member bank— reserve acc’t . .
33.455.0
139,0 15.580.0
462,0
393,0
687,0
1.642.0
331.0
242.0
1,365,0
796.0
11,338,0
481.0
All other.......................................
48.377.0 140.525.0 1.896.990.0
74.943.0
44.427.0
71.502.0
262.974.0
53,915,0
58.633.0
142.912.0
107.429.0
Total deposits------------------ ------- 118,226,0 773.127.0
364.824.0 69.940.0 49.554.0 58.153.0 26.727.0 218.650.0 2.141.531.0
F. R . notes In actual oirculatlon. 153,499,0 620.153.0 180.669.0 197.302.0 85.856.0 116.204,0
F. R . bank notes In circulation—
71.812.0
3,618,0
2.778.0
8,420,0
3.397.0
3,348,0
8.142.0
5,102,0
2,932,0
5,414,0
5,598,0
17,395,0
5,668,0
450,497,0
81,240,0 41,921,0 40,222,0 39,824,0 18,504,0 53,084,0 32.793.0 12.784.0 35.550.0 25.322.0
Deferred availability Items......... 38,310,0
20.174.0
1,647,0
1.739.0
860,0
857,0
1.055.0
4.050.0
850,0
909,0
1,661,0
1,151,0
4.21S.0
1,147,0
Ali other liabilities---------------------4,903,468,0
418,043,0
116,530,0
192,466,0
122,608,0
Total liabilities............................. 341,575,0 1,584,011,0 363,913,0 421.607,0 205,136,0 208,357,0 736,688,0 192,534,0
M em oranda.

Ratio of total reserves to deposit
and F. R. note liabilities comContingent liability on bills pur­
chased for foreign corrsspond’ts

13,816,0

2,392,0

75.7

69.1

77.1

85.9

68.8

1,540,0

3,899,0

1,179,0

1,605,0

2,687,0

2,621,0

70.2

76.8

84.0

70.0

63.0

66.2

72.5

77.6

885,0

1,573,0

852,0

1,507,0

34,556,0

STATEMENT OF FEDERAL RESERVE AGENTS ACCOUNTS AT CLOSE OF BUSINESS JUNE 7 1922.
Federal

Reserve

A gent

Cleve.

PhU a.

Boston. N ew York

at—

Rlchm'd Atlanta Chicago.

t
90,220
402,820

8
$
3
S
S
272,470 43,920 31,920 32,910 64,004
840,833 204.992 215,552 91,907 120,682

S
Resources—
U n Thousands o f D ollars)
Federal Reserve notes on h a n d ........................ ........ .......... 101,050
167,031
"collateral security for Federal Reserve notes outstanding
5,300
12,694
118,000
Eligible paperiAmount required----------------------------- 31,037
7,571
/Excess amount held.......... .................

13,275
356,925
40,045 11,855 11,879
401,000 141,389 150,000
42,263 51,748 40,398
5,724 14,640
30,306

S
11,795
51,908

S

24,450
82,138

5
S
*
18,053 56,730 768,022
29,240 251,094 2,520,949

%
19,600
08,746

409,863

7,701
11,210 13,052
1,595 19,394
2,840 ’ 2^649
3,1)23
15,100
337,645 44,300 16,000 45,360 10,000 179,086
9,950 52,614
50,075 23,605 20,016 20,737
1,202
2,703 23,242
4,040
1,514
31,969

2,400
4,867
90,000
17,415
14,513

2,263
50,795
38,849
4,123

T otal.

M in n . K .City. D allas. San F r.

St. L .

398,707
141,547

927,829 190,240 119,651 159,795 100,087 500,120 5,963,467

1,984,442 459,628 477,664 220,847 319,881
L iabilities—

Not amount of Federal Reservo notes rccolvcd from
Comptroller of the Currency.......................................... 268,081 1,113,303 248,912 247,472 124,817 184,686
53,058 103,267
Collateral received fromlGold................................................ 135,994 798,570 153,244 175,154 42,972
31,928
72,569 57,472 55,038
Federal Reserve Bank/Ellglble paper.............................. 38,608

493,040 106,588 63,703
352,745 58,533 31,892
82,044 25,119 24,050

220,847 319,881
T otal............................................................................ 442,683 1,984,442 459,028 477,664
Federal Reserve notes outstanding--------------------------------- 167,031 840,833 204,992 215,552 91,907 120,682
4,478
0,051
Federal Reserve notes held by banks................................... 13,532 220,680 24,323 18,250

927,829 190,240 119,651 159,795 100,087 560,120 5,963,467

W E E K L Y

R E T U R N

FOR

T H E

M E M B E R

B A N K S

O F

T H E

82,138 51,908 08,746 29,240 251,094 2,526,940
2,519 32,444 385,418
2,354 10,593
12,198

402,820
37,996

364,824 69,940 49,554

620,153 180,669 197,302 85,856 116,204

Federal Reserve notes In actual circulation.............. 153,499

88,346 48,199 307,824 3,294,971
48,009 19,296 ,198,480 2.128,242
23,440 33,192 63,816 540,254

F E D E R A L

26,727 218,650 2,141,531

58,153

R E SE R V E

S Y S T E M .

F o l l o w i n g is t h o w e e k l y s t a t e m e n t i s s u e d b y t h e F e d e r a l R e s e r v e B o a r d , g i v i n g t h o p r i n c i p a l i t e m s o f t h o r e s o u r c e s a n d
lia b ilitie s o f th e 7 9 9 M e m b e r B a n k s , f r o m w h ic h w e o k ly r e tu r n s a r e o b t a in e d .
f o r th e R e s e r v e B a n k s t h e m s e lv e s .

T h e s e fig u r e s a r e a lw a y s a w e e k b e h in d th o s e

D e f i n i t i o n s o f t h e d i f f e r e n t i t e m s in t h o s t a t e m e n t w o r o g i v e n in t h e s t a t e m e n t o f D e o .

14 1 9 1 7 , p u b lis h e d in th e “ C h r o n ic lo ”

T he com m en t o f the Reserve Board u p o n the f igures f o r the

D e c . 2 9 .1 9 1 7 , p a g e 2 5 2 3 .

latest week a p p ear in our D ep a rtm en t o f “ C urrent E v en ts and D is c u s s io n s ” on page 2 5 2 7 .
Threo ciphers (000) omitted.
Boston.

Federal Reserve D istrict.

N ew York PMlatlcl. Cleveland. Rtchm ’d .

Total.

Chicago. St. L ouis. M inneap .

Atlanta.
42

109

37

35

79

799

52

Number o( reporting banks......................
Loans anti discounts. Including bills rodlscountcd with F. R. bank:
Loans see. by U. 8. Govt, obligations.
Loans secured by stocks and bon ds...
All other loans and discounts................

106

57

84

81

3
S
18,058 106,160
209,010 1,667,002
560,956 2,253,073

S
24,906
213,281
316,686

3
33,002
333,133
623,946

S
12,382
111,658
305,197

S
3
58,277
9,294
58,158 484,871
286,993 1,043,362

S
14,248
124,337
275,910

$
8,943
31,910
194,487

$
10,889
05,621
351,876

t
S
$
316,810
16,165
4,492
43,034 145,904 3,488,705
189,060] 698,490 7,100,636

Total loans and discounts..............
U. 8 . bonds------------------ --------------- v
U . 8. Victory notes.................................
U. 8 . Treasury notes-------------------- —
U. 8. certificates of Indebtedness...........
Other bonds, stocks and securities...........

788,624 4,026,235
77,234 485,401
61,663
3,835
14,979 270,316
53,213
2,144
162,694 833,177

554,873
51,196
12,316
15,134
5,219
183,243

990,081
130,742
7,321
21,844
4,703
275,746

429,237
56,186
766
4,056
2,325
51,717

354,445 1,588,510
25,247 115,515
10,393
444
43,409
1,708
15,792
3,054
33,281 404,225

414,495
26,378
2,505
7,284
4,224
94,205

235,346
19,957
290
8,219
5,(598
23,049

428,020
47,635
2,079
5,350
5,913
53,242

237,786
32,816
1,250
6,257
5,625
8,290

821,981 1,436,437
97,896
64,900
26,659
14.17C
662,941 812,106
50,369 475,271
13,196
9,261

544,287
32.97S
13,755
312,067
141,581
4,214

418,479 2,175,844
27.00S 187,150
52,768
9,909
238.75C 1,422,458
147,721 667,576
17,958
3,456

549,091
46,086
7,255
313,504
158,346
4,956

292,559
20,992
6,413
184,126
76,530
5,282

542,245 292,0241,170,249 15,028,711
--------„21,752
.
76,779« 1,364,418
40,305
279,827
20.327
10,302
11,912,
418,750 209,587 601,795 11,049,461
110,745
65,500 534,573 3,231,920
132,271
2,894
10,127
2,536j

12,625

16,229

5,788

218

7,129

3,878

451

1,157

510
5,078

92
12,606

199
10,295

40
2,701

315
8,433

90
11,601

2,398

92
.3,321'

49

Total loans, dlsc’ts & Investments, lncl
bills rediscounted with F. R. H ank ... 1,049,510 5,730,005
81,685 660,887
Reserve balance with F. R . Rank--------88,232
18,065
Cash In vault___________________________
782,250 5,091,125
Net demand deposits....... ...........................
213,512 590,187
Time deposits__________________________
47,534
10,857
Government deposits------------------ ---------Bills payable with Federal Reserve Rank
4,277
10,217
Securod by U. 8 . Govt, obligations...
All other___________________ __________
Bills rediscounted with F. R . Bank:
94
174
Secured by U. 8. Govt, obligations . .
10,404
7,027
All other__________________________ --•

10
2,921!

860,559 10,906,217
100,263 1,180,570
112,754
9,592
417,553
18,997
123,838
15,928
104,910 2,287,779

4,790
215

06,759
215

70
10,437

1,686
88,122

3 . D a t a o f r e p o r t i n g m e m b e r b a n k s In F e d e r a l R e s e r v e B a n k a n d b r a n c h c i t i e s a n d a ll o t h e r r e p o r t i n g b a n k s .

New York CUv.
Three ciphers (000) omUted.

May

31
65

May

24

City of Chicago.
May

65

Loans and discounts, lncl. bills redis­
$
$
counted with F. R . Bank:
95,470
94,887
Loans sec. by U. S. Govt, obllg’ns
Loans secured by stocks & bonds. 1,491,393 1,463,405
All other loans and discounts----- 1,972,478 2,011,992

31

May

$

47,619
365,780
668,626

24

5

31

May

24

S

31

May

24

31

May

24 M a y 31 ’22May 24 *22j June 1 21

$

$

$

9,700,122
1,003.450
150,866
7,818.935
1,511,037
95,436

9,657,695 2,875,233 2,879,062 2,453,356 2,458,116
1,043,645 207,359 205,341 153,604 154,485
72,748
71,347
58,978
56,213
150,517
7,743,291 1,703,213 1,688,249 1,527,313 1,521,898
1,522,498 985,252 986,470 735,631 733,975
10,043
9,900
27,046
20,792
94,928

813

799

799

310

310
$

$

S

May

211

211

272

272
S

May

316,816
317,712
40,702
53,008
46,641
51,654
217,942
46,299
218,521
351,111 2,579,640 2.526.106 480,523 482,709 428,602 433,973 3,488,765 3,442,848
684,178 4,440,639 4.497.106 1,386,919 1,391,007 1,273,078 1,274,302 7,100,630 7,102,475
1,081,588 7,238,800 7.241.154 1,919,090 1,920,784 1,748,321 1,755,097 10,906,217 10,923,035
689,159 251,487 251,756 243,818 243,685 1,180,570 1,184,000
55,724
685,265
103,744
112,754
11,077
11,333
13,718
88,415
78,949
5,986
13,006
419,703
417,553
33,981
32,112
61,048
63,347
322,094
324,674
26,280
125,263
14,592
123,838
14,606
27.773
27,891
6,912
81,459
82,780
179,917 1,284,089 1,240,979 600,524 597,805 403,106 399,683 2,287,779 2,238,527

Total loans and discounts........ 3,558,758 3,570,927 1,082,025
54,049
435,254 428,997
U. 8. bonds_____________________
8,872
57,575
52,442
U. 8. Victory notes---------------------23,083
256,307
259,370
U. 8. Treasury notes........................
48,028
7,821
48,481
U. 8. certificates of Indebtedness...
Other bonds, stocks and securities.. 640,263 614,177 185,422
Total loans & dlsc’ts <t lnvest’ts,
lncl. bills redlso’ted with F. R. Bk. 4,999,701 4,971,478 1,301,272 1,356,407
Rosorve balance with F. R. Rank.. 614,394 044,820 133,893 133,582
29,584
75,424
76,085
29,690
Cash In vault----------- ----------------------Not demand deposits-------------------- 4,600,115 4,538,360 986,509 980,854
Time deposits------------- --------------------- 393,628 401,352 315,083 314,908
13,119
13,124
44,851
44,851
Bills payablo with F. R, Rank:
3,020
4,115
2,750
12,790
Sec’d by U. 8. Govt, obligations..
All other.........................................
Bills rediscounted with F. R. Bank:
300
167
592
300
Sec’d by U. 8 . Govt, obligations..
5,586
9,754
4,859
2,866
Ratio of bills payablo & rediscounts
with F. St. Bank to total loans...
0.7
0.5
0.7
0.1
and investments, por cent_______




May

50

50

Total.

All F. R. Bank Cities. F . R. Branch CUies. AllOther Report. Bks.

S

715,781
3,036,969
8,243,653
11,996,403
863,217
186,412
184,0S6
2,007,791

15.028,711 14.994,872 15,297,909
1,304,418 1,403,471 1,257,017
318,165
280,842
279,827
11,049,461 110.953,433 10,276,490
3,231,920 3,242,943 2,935,578
74,221
131,874
132,271

27,935

32,846

24,133
215

21,350
221

14,691

16,343

66,759
215

70,545
221

400,945
2,177

1,184
45,970

1,501
49,945

370
10,061

351
15,417

132
25,401

187
27,793

88,122

1,686

2,039
93,155

137,746
843,847

0.8

0.9

1.4

1.3

1.6

1.8

1.0

1.1

0.1

(Ba-aette___

M u r ik tv s *

W a ll Street, F rid a y N ig h t, J u n e 9 1 9 2 2 .
R a ilr o a d a n d M is c e lla n e o u s S t o c k s .— T h e v o lu m e o f
b u s in e s s a t th e S t o c k E x c h a n g e h a s b e e n m a t e r ia lly r e d u c e d
th is w e e k .
O n T h u r s d a y o n l y a l it t l e m o r e t h a n 7 0 0 ,0 0 0
sh a re s w e re tr a d o d in , as a g a in s t n e a r ly 1 ,6 7 4 ,0 0 0 o n F r id a y
o f la s t w e e k .
T h e b on d m ark et has d on e b etter, h ow ever,
t h e a v e r a g e p a r v a l u e o f t h i s w e e k ’ s s a l e s b e i n g . '5 1 3 ,8 8 5 ,0 0 0 ,
a g a in s t a b o u t $ 1 6 ,0 0 0 ,0 0 0 a w e e k a g o .
A t t h e s a m o t im e ,
s t o c k v a lu e s h a v e s t e a d ily d e c lin e d , w h ile b o n d p r ic e s h a v e
g e n e r a lly b e e n m a in t a in e d , o r in a f e w n o t a b le c a s e s h a v e
s u b s ta n tia lly a d v a n c e d .
In th e la tte r m o v e m e n t so m e o f
t h e L i b e r t y L o a n is su e s h a v e b e e n c o n s p ic u o u s .
T h e c h a r a c te r is tic s o f b o t h m a r k e ts a ro d o u b tle s s d u e
m o r e o r le s s t o t h e y e a r l y e x o d u s f r o m t h e c i t y , w h i c h s e e m s
t o b e w e ll u n d e r w a y s o m e w h a t e a r lie r t h a n u s u a l.
W a ll S t r e e t h a s b e e n in t e r e s t e d th is w e e k in t h e a d v a n c e
o f s t e r lin g e x c h a n g e t o $ 4 5 1 % — in t h e r e p o r t t h a t 8 2 1 ,1 2 0
f r e ig h t c a r s w e r e lo a d e d d u r in g t h e la s t w e e k in M a y , w h ic h
is n o a r ly 2 6 ,0 0 0 m o r e t h a n in 1 9 2 1 , a n d 5 7 ,3 6 0 m o r o t h a n in
t h e s a m e w e e k o f 1 9 1 9 — in t h e s t a t e m e n t o f ir o n p r o d u c t io n ,
s h o w in g a n in cre a s e o f a b o u t 4 0 % o v o r th e J a n u a r y o u t p u t
a n d 8 9 % m o r e t h a n in M a y 1 9 2 1 , a n d in t h e G o v e r n m e n t
w h e a t c r o p r e p o r t , th e fir s t r e la tin g t o s p r in g w h e a t a n d
i n c lu d in g a n e s t im a t e o f 8 5 4 ,0 0 0 ,0 0 0 b u s h e ls a s t h e t o t a l
y ie ld .
T h is w a s s o m e w h a t m o r o fa v o r a b lo t h a n h a d b e e n
e x p e c te d , a n d w h e a t h a s s o ld a t th e lo w e s t q u o ta tio n s m e n ­
t i o n e d in r e c e n t m o n t h s .
T h e f o llo w in g a r e s a le s m a d e a t t h e S t o c k E x c h a n g e th is
w e e k o f s h a r e s n o t r e p r e s e n t e d in o u r d e t a ile d lis t o n th e
p a g e s w h ic h f o llo w :
STOCKS.
Week ending June 9.

Sales
for
Week.

|j Range since Jan. 1.

Range for Week.
Lowest.

Highest.

|| Lowest.

TRANSACTIONS A T 'T H E N E W YO R K STOCK EXCH A N G E
D A IL Y , W E E K L Y AN D YE A R LY .

Saturday ...........
Monday..................
Tuesday....... ............
Wednesday.............
Thursday..................
Friday......................

Shares.

Par Value.

Railroad,
,1c.,
Bonds.

823,945
1,151,660
1,080,235
1,005,325
727,304
1,152,200

868.443.000
90,388,625
76,999,525
70.307,1Q0
55,026,500
104.478.000

$4,226,000
6.518.500
6.959.500
7.447.000
6.622.000
6,566,000

State, Afon.l
and Foreign\
Bonds.

V . 8.
Bonds.

$1,324,000' $1,727,000
2.557.500. 6,396,630
2.267.500, 2,540,650
2,550,000! 3,656,950
2,403.000
5,636,500
1,459,000, 8,312,000

,.J«5V,UUU 5 1 2 , 0 0 1 , UUU 5 2 » , 2 0 y , 7 0 ( J

Week ending June 9.
1922.

|

1921.

Jan. 1 to June 9,
1922.

Total bonds............. -

$78,169,730

$90,804,500

32,112,329,155

82,434,012
$5,994,898,644
3833,133,100
129,300,600
4 05,575,100
31,368,008,800

D A IL Y TRANSACTIONS AT TH E BOSTON. PHILADELPHIA AN D
________________________ BALTIMORE EXCH ANG ES.
Boston.
Week ending
June 9, 1922.

Shares.

Bond Sales

Philadelphia.

Baltimore.

____
—

....

iob‘.6o
99.92
100.00
172

10 o'04
99.94
99.96
116

::::

::::

99.82
99.82
99.82
1
99.96
99.92
99.94
1.121
100.00
99.92
99.98
1.195
100.00
99.92
99.96
1,479
100.66
100.58
100.62
1,604
____
____
____
—

::::

99.86
99.86
99.86
5
99.96
99.92
99.94
518
99.98
99.94
99.96
463
99.98
99.94
99.96
357
100.66
100.60
100.60
530
100.00
100.00
100.00
116

324 1st
1 1st
3 1st
3 2d

3*6s.
4 s ...
4*6s.
4 s ...

.99.90 to 99.98 153
.99.00
112
.99.70 to 99.86 100
,99.44 to 99.80 193

::::

99.90
99.90
99.90
3
99.98
99.92
99.94
772
100.00
99.94
99.98
371
100.00
99.96
99.98
864
100.62
100.50
100.60
379
99.98
99.98
99.98
5

99.94
99.84
99.94
7
100.00
99.94
100.00
642
100.08
100.00
100.04
1,513
100.06
99.98
100.00
l,fc93
100 76
100.62
100.72
668

Shares.

Bond Sales

Shares.

Bond Sales

11,507
19,054
14,585
16,100
13,266
13,720

$39,050
57,600
72,350
62,550
41,550
35,000

6,458
10,723
7,227
15,415
21,995
10,864

$19,350
132,950
87,700
72,400
48,500
43.100

797
2,208
1,894
2,267
1,431
2,583

$24,800
43,700
70,500
170,000
81,500
31,000

Total___________

88,232

$308,100

72,682

3 04,000!!

11,180

$421,500

---99.96
99.90
99.90
13
100.00
99.90
99.94
610
100.06
99.90
100.02
478
100.06
99.98
100.00
706
100.74
100.60
100.60
5,595

—

---- -

s a le s o f
w ere:

cou pon

2d 4 * fs ...................
99.80 to 100.00
3d 4*6s___....................99.04 to 99.94
4th 4 * fs _____________ 99.80 to 99.96
Victory 4*6s________ 100.42 to 100.66

Q u o ta tio n s fo r U . S . T r e a s. C tfs . o f In d e b te d n e s s , E tc .
Maturity.

Int.
Rate.

Bid.

Aug. 1 1922____
Sept. 15 1922____
Sept. 15 1922____
June 15 1924____

6*6%
5 H%
4*6%
5*6%

100 M
100'4(
100*5
103

F o r e ig n
e x h ib ite d
t iv it y

Asked.
100*6
100%
ioo*5
103*r«

E x c h a n g e .— T h e

Sept.
Deo.
Mar.
Mar.
Mar.

15
15
15
15
15

th a n

fo r

q u ite

som e

1924____
1922____
1925____
1920____
1923____

m ark et

p r o n o u n c e d s tr e n g th w ith

h ig h e s t p o in t in

Int.
Rate.

Maturity.

tim e .

fo r

Bid.

Asked.

5*6% 102*6
4**% 100*6
4**% 101*6
4*6% 100**6
4 H % 100*6

s t e r lin g

103
100*6
101*6
102*6
100*6

exch an ge

a g rea ter d eg ree o f a c­
Q u o t a t io n s

n e a r ly fo u r y e a r s .

tou ch ed

th e

C o n tin e n ta l e x ch a n g e s

s o m e w h a t ir r e g u la r ; n o i m p o r t a n t c h a n g e s .
T o -d a y ’s (Friday’s) actual rates for sterling exchange were 4 45 V* <a
4 46 11-16 for sixty days. 4 4 8 * 6 @ 4 49 11-16 for cheques and 4 4 9 * 6 ©
4 50 1-16 for cables. Commercial on banks, sight 4 48*6 @ 4 48 15-16.
sLxty days 4 4 0 * i @ 4 41 9 -16, ninety days 4 3 9 * 6 @ 4 40 15-16. and docu­
ments for Payment (sixty days) 4 41 *6 @ 4 41 15-16. Cotton for payment
4 48*6 f e 4 48 15-16. and grain for payment 4 48*6 @ 4 48 15-16.
T o -d a y ’s (Friday's) actual rates for Paris bankers’ francs were 8 .9 6 @ 9 .0 0
for long and 9 .0 2 @ 9 .0 6 for short. Germany bankers’ marks are not vet
Quoted for long and short bills. Amsterdam bankers’ guilders were 3 8 -5 3 ®
3 8 .6 0 for long and 3 8 .8 9 @ 3 8 .9 6 for short.
Exchange at Paris on London 4 9 .6 0 francs; week’s range 4 9.35 francs
high and 49.60 francs low.
The range for foreign exchange for the week follows:
„ Sterling Actual—
Sixty Days. Cheques.
Cables.
H igh for the week..................................
4 49 1-16
4 51 1-16
4 51 7-16
4 45*6
Low for the week............. ................ ..
4 47*6
4 47*6
Paris Bankers' Francs—
H igh for the week..................................
9.07*6
9.15*6
9.16*6
Low for the week__________________
8.96
9.04
9.05
Germany Bankers’ Marks—
High for the week___________________ ____
0.37*6
0.36*6
Low for the w eek__________________
____
0.32*6
0.33*6
Amsterdam Bankers’ Guilders—
High for the week___________________ 3 8.73
39.14
39.19
Low for the week___________________ 3 8 .4 7
3 8.88
38.93
D om estic E x ch an ge.— Chicago, par. S t. Louis. 1 5 @ 2 5 c . per $1,000
discount. Boston, par. San Francisco par.
M ontreal, $9,675 per
$1,000 premium. Cincinnati, par.
^
C u rb

M a r k e t .— T r a d in g

in

th e

C u rb

M ark et

th is

w e e k w a s a t th e e x p e n s e o f v a lu e s , a r e a c tio n a r y t e n d e n c y
c a u s in g s u b s ta n tia l r e c e s s io n s , e s p e c ia lly in th e h ig h e r -p r ic e d
is su e s .

S t a n d a r d O il is s u e s s u f fe r e d s h a r p lo s s e s .

O il ( I n d ia n a ) d r o p p e d f r o m
at

112% .

S ta n d a rd

O il

119%

S ta n d a rd

to 112 an d d o s e d

to -d a y

(K e n t u c k y ) lo s t o v e r 8 p o in ts , to

9 7 a n d c lo s e d t o -d a y a t 9 7 % .

B u c k e y e P ip e L in o d e c lin e d

fro m

G a s s o ld

98

day
fro m

to

92.

P r a ir ie

O il &

to

256.

8 %

648

to

I n o t h e r o il sh a re s C a r ib S y n d ic a t e im p r o v e d

t o 9 % , b u t r e a c t e d t o 8 a n d c lo s e d t o -d a y a t 8 % .

G illila n d O il c o m . r o s e f r o m
5% .

d o w n fro m

P r a ir ie P ip e L in e fr o m 2 6 4 t o 2 3 8 , w it h a r e c o v e r y t o ­

5 to 6 %

I n te r n a t. P e tr o le u m fr o m

t o -d a y a t 2 3 % .

26%

a n d en d s th e w e e k a t
fe ll t o 2 3 a n d fin is h e d

M a r a c a i b o O il r e c e d e d f r o m

24%

M e x i c a n - S e a b o a r d O il l o s t a l m o s t 3 p o i n t s t o 4 5 %
th e w e e k a t 4 5 % .

to 2 2 % .
an d ends

I n t h e in d u s t r ia l lis t c o n s id e r a b le in t e r e s t

w a s g iv e n t o m o t o r s h a r e s , w it h p r ic e s f o r th e s e is su e s m o v in g
in e r r a t ic fa s h io n .

D u ra n t M o to r s w e a k en ed fro m

3 7 , r e c o v e r e d to 3 8 % a n d to -d a y sa n k b a c k to 3 7 % .

Saturday................
M onday............. ..
Tuesday..................
Wednesday______
Thursday........... ..
Friday....................




100.14 100.10 100.06
100.00 100.00 100.02
100.08 100.02 100.02
833
747
267
99.90
99.90
99.90
....
— 1
100.0S iob .08 100.02
99.96
99.98 100.00
100.02 100.00 100.00
313
155
57

100.10
100.00
100.08
380

a b o v e t a b le in c lu d e s o n ly
T r a n s a c tio n s in r e g is te r e d b o n d s

bon d s.

615.

1921.

6,000,675 1 4,325,492
Stocks— No. shares—
120,950,607
Par value................. - $465,642,750 $305,163,800 $10,921,887,040
Bonds.
$28,209,730 $63,032,500
Government bond3—
$897,049,155
12.561.000
State, mun., &o., bds.
7,559,500
288.545.000
37.339.000
ItR. and mlsc. bonds..
20,272,500
920.135.000

100.04
99.96
100.00
741

N o te.— T h e

The

Stocks.

Sales at
New York Stock
Exchange.

First Liberty Loan
(High 100.00
3*4% bonds of 1932-47..(Low.
99.96
(First 3 *4s)
(close 100.00
Total sales in $1,000 u n its...
143
Converted 4% bonds of (High
____
1932-47 (First 4s)____(Low.
_
(close
—
Toted sales in $1,000 units. . .
Converted 4*6% bonds [High
99.98
Of 1932-47 (First 4*<s)(Low.
99.92
99.98
„ , ,
,
(Close
Total sales in $1,000 units
17
Second Converted 4*6% [High
bonds of 1932-47 (Flrst( Low
----8econd 4 >6a )................Iciose
Total sales in $1,000 units. . .
Second Liberty Loan
(High
99.80
4% bonds of 1 9 2 7 -4 2 ...(Low
99.80
(Second 4s)
(Close
99.80
Total sales in $1,000 units. . .
1
Converted 4*6% bondsfHlgh
99.96
of 1927-42 (Second
(Low.
99.92
4 *6a )...............................(close
99.94
Total sales in $1,000 units. . .
278
Third Liberty Loan
(High
99.96
4*6% bonds of 1928
( low.
99.90
(Third 4*6s)
(Close
99.96
Total sales in $1,000 units. . .
214
Fourth Liberty Loan
[High
99.98
4*6% bonds of 1933-38 (Low.
99.94
(Fourth 4*6s)..............(Close
99.94
Total sales in $1,000 units__
441
Victory Liberty Loan
[High 100.60
4*6% notes of 1922-23 (Low. 100.58
(Victory 4*6s)_______ Iciose 100.60
425
Total sales in $1,000 units. . .
____
3*6% notes of 1922-23 [High
____
(Victory 3*63)
(Low.
____
1Close
Toted sales in $1,000 units. . .
—

Highest.

Par. Shares S per share. $ per share. S per share. $ per share.
300 60
Juno 7 60*6 Juno 9 54
Amcr Tel & C able-.. 100
Jan 70
Mar
Assets Realization------10 10.400 1H Juno 6 3
June 8
*6 Jan 3
June
Atlas Powder......... ..1 0 0 1,800 131
June 7 138
Juno 8 120
Apr 138
June
200 92
June 8 92*6 Juno !) 89
Brown Shoe, pref___ 10C
May 92*6 Apr
100 97*| Juno 7 97*6 June 7 94
Burns Bros, pref___ 100
Feb 99*6 Apr
400 97
Juno 3 98*6 June 9 83
Chic St P M & O, protlOO
Feb 98*6 May
Juno 9 *147 June 5 115
E I dul’ ont doN * Co 10C 12,500 128
May zl47 June
2,000
81*6 June 8 84*6 June 6 81*6 June 85
Debenture 6 % ____10C
June
Juno 9 75*4 Juno 6 74
Eastman Kodak, now ..* 2.300 73
June 77*4 May
June 8 40*6 Juno 3 42
Elec Storage Batt, new.* 24,000 <13
May 48
June
200 44M June 3 44*6 Juno 3 23
Emerson-Brant, pref. 10C
Feb 44*6 June
Fairbanks Company. .25 3,700 18
June 5 20*6 June 9 15
May
200 98*6 Juno 6 98*6 Juno 3 97*4 May 20*6 June
Gen Am Tank Car, pflOO
98*6 May
100 105
June 5 105
General Baking Co------*
Juno 5 102
June 103
Juno
Hartman Corporation 100 1,600 85
June 8 87
Juno 7 82
Jan 103
May
200
Hydraulic Steel, pref. 100
60
June 7 60
Juno 7 30
Apr 60
June
Illinois Central RR rights 14,525
56 June 9
*6 June 3
*6 June
1
May
6% pref. Series A, w 1 1.500 107
„unc 9 109
Juno 3 107
June 109
June
International *
Groat
Northern Ry w 1..100 5,400 22*6 June 6 25
June 3 22*6 June 25
June
100 60
Internat Salt Co------100
Juno 9 60
Juno 9 60
June 60
June
Iowa Central----------- 100 4,900 10
June 5 13*6 Juno 8
6
Fob 13*6 June
200 169
Liggett & Myers Cl B 10C
June 9 169
June 9 100
Jan 170
Mar
10 160
Michigan Central__ 10C
Juno 6 160
Juno 6 120
Fob 160
Juno
100 80
M St P & S S M , pref 100
June 5 80
Juno 5
June 90
Jan
::oi 27*4 June 5 27*4 Juno 5 80
M K 4 T warr 2d asst paid
27*4 June
Warrants preferred . . . 1,200 25*4 Juno 8 25*6 June 6 25*6 June 27*4 June
25*6
June
Nat Bank of Com m .. 100
100 270
Juno 7 272
Juno 8 267
May 272
June
Nat Enam & Stpg, pf 100
100 92*( Juno 3 92*6 June 3 81
Mar 93*6 May
Nat Rys of Mex, 1st pf 100
800 12*6 June 8 14*6 June 5
7
Mar 16
Apr
N Y C & S t L , 2d pf-100 1.500 91
June 7 96*4 Juno 6 61*6 £Jan
100 61*4 June 7 61*4 June 7 42*4 Jan 96*4 June
Otis Steel, pref______ 100
66*6
Apr
200
J C Penney & Co, pf-100
100
Juno 6 100
June 6 90*6 Jan 100
June
Plgg Wlgg Stores, Inc.* 4,100 43*6 Juno 9 47*6 Juno 3 43*6 Jun(
49*4 June
Pittsburgh Steel, pref 100
100 97*4 Juno 3 97*4 Juno 3 85
Feb V97*4 June
Producers & Ref, pref. 50
700 45
June 9 46
Juno 7 39
Jan 47*6 May
Reynolds Spring C o .. .* 33.400 45*f June 3 50*6 June 8 45
May 50*6 June
Robert Reis & Co--------* 2.300 19
June 6 20*6 June 5
8*6 Jan 21
Apr
So Porto Rico Sug, pf 100
200 90*6 June 8 91
June 8 83
Jan 92*4 Apr
45 365
Texas Pac Land TrustlOO
June 3 370
June 3 340
Feb 420
Mar
U S Hoffman Mach Cor* 5,000 22*6 June 7 25
June 7 22*6 June 25*6 May
U S Tobacco-............. . . *
200 51
June 9 52
June 8 45*6 May 52
June
Western Elec Co. preflOC
620 107
June 5 110
June 8 109
June 110
June
W ’house E & M 1st pf .50
100 72
June 9 72
June 9 65
Jan 73
May
200 120
Woolworth & Co, prcflOO
June 8 121
June 7| 117
Jan 121
June
* No par value.

Week ending
June 9. 1922.

Daily Record of Liberty Loan Prices. June 3. June 5. June 6. June 7. June 8. June 9.

38%

to

D a n ie ls

M o t o r d e c lin e d fr o m 1 4 % to 1 2 % .
C le v e la n d A u to m o b ile
d r o p p e d fro m 3 5 to 3 3 .
H u d s o n M o t o r C a r w a s fa ir ly
ste a d y b e tw een 2 1 % a n d 2 2 .
L in c o ln M o t o r C a r e a se d o ff
fro m 2 5 % to 2 4 .
G le n A ld e n C o a l w a s o f f fr o m 5 5 to 5 2 .
B o n d s w e re a c t iv e a n d s t e a d y .
A c o m p le t o r e c o r d o f C u r b M a r k e t
w e e k w ill b e f o u n d o n p a g e 2 5 6 9 .

t r a n s a c t io n s f o r

th e

2 5 6 0

N ew

Y ork

S to ck

E x ch a n g e —

S to ck

R e c o r d , D a ily , W e e k ly

a rid

Y e a rly

OCCUPYING FOUR PAGES
For sales during the week o f stocks usually Inactive, see preceding page.
h ig h

and

Saturday,

June 3

S

ver share

low

p r ic e — p e r

sh are, not

per

Tuesday,

Wednesday

Thursday,

Friday,

June 5

June 6

June 7

June 8

June 9

$ ver share

$ ver share

$ ver share

*15
20
46
46
46
99%
99*4 99%
*91
81%
91%
4%
4%
4-%
105
105% 105
50%
50
49*4
61% 61%
61%
66
*63
*63
20%
27% 27%
22*4
2414 24%
138*4 138*4 139%
*184
188 *184
66%
66
66%
I U 4 11%
10*4
19
18%
19
36%
36% 36%
54
5412 55

17
46%
100
91%
4%
105%
50%
61%
68
27%
23%
139*4
188
06*4
11%
18*4
36%
55

*15
*15
18
16*4
*43
45
44
44
99% 99%
99*4 99*4
91% 91%
91% 91%
4%
5
51.1
5*8
105
105 *105
107
49% 50%
49
49%
*61% 61%
61*4 62
*63
*63
68
26%
26% 27
26
22% 22%
22% 22%
138% 139% 137% 138%
184
184
*182% 188
66% 66%
66*2 66*4
11% 12*8
10 %
11%
*17% 18%
18% 20%
36% 36%
35% 36%
*54
53% 54%
55

9%
9%
9%
9%
9%
9*4
9*8
21% 22%
22% 22%
22*i 23
22%
27%
27%
27% 27%
27
27% 27%
42% 43%
42%
42*4 43%
42*t 42%
75% 75%
75%
75% 75%
75% 75%
113
113
113 *112
113
113
113
447g
44% 45%
43% 44%
44% 44%
98
98%
98
98%
98%
98% 98%
84% 84%
84% 84%
84% 84%
84%
65
65
*64*4 05% *64*i 05%
65*2
*69
09%
70
70
*68
70
70
89
89
90
*87% 89*4 *87% 90
49
49
48% 48%
49%
48
48
63
*61
03
61% 61% *61
03
*119
123
123
125
122*4 122% *119
122% 124
124
124
123
122*4 123
5%
*5
5%
*5
5%
5%
5*4
10
*9%
9%
in
*9% 10
*9
16% 16%
16% 16%
16%
16% 16*4
24% 25%
24% 25
25%
23*i 24%
17% 17%
17% 17%
18
* 1 7 l2 18
76% 78%
77
77%
77%
76*4 77%
41% 42
42
40*4 41%
40*4 41

18
18
17*4
*17
38%
38% 3812 *38
1061* 107% 106*4 107
2
1*4
1%
V 1?8
4
4%
1 4%
4%
26% 26%
26*4 27%
57% 57%
*57
57*4
9
81?
*812
812
34%
31
28*4 30%
481?
49
51%
46
65
05%
63*4 05%
*119% 120 *119% 120
5 0 's
50
49*4 50^2
7%
7%
7%
*7%
35
*25
35
*30
63
64
63
64
*21% 23
*21% 25
12% 13
12% 13%
*59
60
60
*57
12% 13%
13% 13%
18% 18%
18% 18*4
40*2 40% *4012 41

9%
9%
9%
9%
22% 22%
21*4 22%
26% 26*4
25% 26%
41
42% 42*4
42%
7514 75*i
75% 75%
113
113
113
113
43
43%
40% 43%
98
98% *94
96
83% 84%
84% 84%
64% 64% *64
65%
69% 69%
68
68
*87% 90
*87% 90
48
48
46% 47%
*61
63
62
62
122
122% *121
123
124
125
127
120%
*5
5
5*2
5*2
9%
9%
9
9
16
16%
15% 16
24
24
22*4 24
17
16% 16%
17*4
77% 77%
74% 76
39% 40*8
40% 40%

18
19
18
18*4 18%
38% 38%
38%
38% 3 8%
105% 106*1 105% 105% 106
1%
1%
1*8
1%
1*4
3%
4
3%
3%
3*4
26%
27% 27*4
26*i 27%
57
*55
57% 57% *55
9%
9%
*8
9
9*4
38%
31*4 39%
37
36*t
52
55%
56
55
55
64% 64%
64% 64*i
64%
119% 119% *119% 119% *119%
4 8% 49%
49
4 8%
49%
*7
7%
7%
7%
7%
35
*25
35
*30
35
62% 63
62
63
62*4
21
21%
21
21% *21
12*4 13%
11% 13
11%
*59% 60
*59
00
*59
*12% 13% *12% 13%
12
18% 18%
18% 18%
18%
40% 41
40
40*8 40*4

23% 23%
57
58%
6%
5*2
*66% 67
90
91
76% 77
83
83%
31% 33
27
27*4
21
22%
107% 108
*74
78
75% 76*4
41*4 42
19% 24%
32% 34
*78
79
68
68
36% 37%
*88
90
75% 76%
50
51%

23
23%
56
57%
5%
5%
67
67
89% 90
77% 78%
*82
84
31*4 32%
26*4 2 7*8
21% 21%
106*4 107%
*74
78
75% 75%
41*4 41%
24%
23
32
32*i
77% 77i.|
67
07%
36% 37%
*88
90
75
75%
51*4 51*4

53% 53%
*51% 53
29%
29
49% 49%
2978 30
49% 49%
7%
7%
11% 11*4
90%
90
24% 24%

52
50
28*4
48%
29%
47%
*7%
11*4
89%
24%
55*t
32%
23%
40
45
*53.
138
75%
15
30%
12%
31%
*22

53
52%
29%
49
30%
49*1
7*4
11%
90%
24%
56
33%
23%
43*4
46

52
52
48% 51%
28% 29%
*48% 49
30%
30
48% 49
8
8
11*4 12*4
89% 90
24% 25%
54*8 56
32% 33%
24
*23
45
50%
49%
46
55
55
137% 138%
*75% 75*8
15
15
32
*30
12*4 13%
31% 32%
22
22

51% 51*4
50% 50%
49
51%
49
51
28% 28%
28% 29
47% 47%
47*4 48%
29% 30
28*4 29%
47% 47*t *47% 47%
8
*7%
8%
7*4
12%
11% 12%
12
89% 89%
88*4 89%
24% 24*4
24% 24%
55%
55U 55% *55
32
32%
32
33%
23
23%
23
23%
50
50%
52
50
4 8% 49*1
48*4 49%
55*4 55%
*54% 55%
138%
138
137% 138
75% 75% *75% 70
15
15%
15
15
31
31%
32
*30
13
13*4
12*4 13
31% 32%
31% 31*4
*21% 22%
22
22

*44

*52
138*4
*75
15
32
12%
31%
22%

ei%

12%
20%
21%
61*4

147g
26%
30

27*2
30%

12%

20
21

*62
18%
*47%
*50
17*4

64
18%
48*i

55

138%
75%
15
31
12%
31%
22%

12

12
20%
21
61%
15
27%
30*4

*62
18
48%
56
17*4

62*4
19
49%

20%
20%
61%
14%
26
30%

18%
17*4
%
1%
1%
112
1%
6978 7 0 !8
69*4 70
109% 10912 *109% 109%
49% 50%
49% 4 9 %
97
97
97
97
41%
42%
41
42
07% 67%
67% 67%
72
73% *67
*69




13%
24
23
01*4
16%
29%
31%

12*4
21*4
22
*60
15%
2 8%
31

63% 63%
20%
19
50%
50
55% 55%
17% 17*4
*%
%
1%
1%
69% 72
109% 109*4
49*t 50%
97
97
40% 41*i
*67% 68
72
*67

*61
19%
50
55*4
17

12%
20*4
21%
61*4
14%
26*4
31

h
1%
70%
109%
50
*96%
*40
6 6 *1

*67

13%
22*4
22%
61%
10%
29%
31

22*4 22%
55*4 56
5%
5%
66
00
89*4 89%
77
78
*81% 83
31% 32
26% 28%
21
21
106
106%
*74
78
75*4 75%
41*i 42%
22%
22
31% 32%
77
V
66% 67
37% 39%
*8 8
90
75
76
51*' 51*4

12%
21
21%
62
15
27%
*30

4 ,0 0 0
3,1 0 0
5,100
8 ,400
4,0 0 0
500
2 2 ,9 00
2 ,2 0 0
2 ,5 0 0
100
6 00
100
2 ,8 0 0
200
500
2,3 0 0
500
200
2 1,2 00
6 ,7 0 0
1,500
14,100
6 ,9 0 0

18%
1,600
18% 18*8
1,600
38
38*4
38*4
106% 101% 104%
1,900
1%
1%
1% 2 8,0 00
4
3*4
378 23,0 00
26*4
26% 26%
7,5 0 0
*55
57
57
600
10
9
6 00
9
37%
35
37% 2 1,1 00
55
50
1 1,800
55*2
05*1
9 ,9 0 0
63% 65*8
119% 119
119%
300
2 ,8 0 0
49%
48*i 49
7%
7%
1,700
7*4
35
37
2 00
*33
64% z62
62
2 ,7 0 0
24
21
*21
3 00
11*4 12% 10,9 00
12
60% *59
60
12
12
12
6 00
17% 18% 16,100
18%
40%
38*4 40
4 ,8 0 0

23
23%
57%
57
6%
5%
67
*66
92
*90
77% 78
82*4 84%
31% 32*4
26% 26%
19% 20
108% 108%
*74
78
76% 76*4
41*4 42%
21%
19
33
33*4
79
*77
69
*08
36% 30%
*88
90
75(4 76%
52% 53

33
23%
40
45
55
139
75%
15
32
13
32%
22%

the

Week.

S ver share S per share Shares
*15
16% *15
16*4
43
43
*43% 44
500
99
8,7 0 0
99*4
98% 99%
91% 91%
1,200
*91% 91%
4*i 32,6 00
4%
4%
4*2
*105
104% 105
800
106
49% 50
48% 497S 32,2 00
01*4
*61
61
61
1,100
*63
68
*62% 70
26% 26*4
25% 26
12,100
21% 221*
22% 2 2 a8
4,7 0 0
137%
137% 138% 136
7,3 0 0
184
184
*184% 186
300
66%
66
65% 66*8
3 ,900
11% 11%
11% 11%
9 ,2 0 0
19
19
19%
19%
3 ,1 0 0
36% 36%
30% 36%
4,1 0 0
54
52*4 53%
5412
3,600

23%
23
57
57%
6%
6%
67% 6712
90% 901*
77% 77%
83
*81
32% 32%
26*4 20*4
19% 19%
1071* 107%
*74
78
7012 76%
4 Us 42%
21% 21%
34
33
78
78%
69
*68
361* 37%
90
*89
7 5 78 76%
54
*51

32%
231*
*37

cent.

Monday,

* 19 14

9U
21
2412
42%
75%
*112
44*4
*9 8!S
84
*65
*68
*871*
4 9 14
*61
*120
124
5
9
16%
25
*17*4
76 %
41%

salb

12%
21
22
62
16
29
31

22%
55%
5*4
66*4
89
*76%
*80
29%
2014

20
105%
*74
75
41*4
18%
31
77
66%
37%
89%
73*4

23
5 5 78
612
66*1
89*i
77
82
31%
2512
21
106
78
76
42
21%
32%
77
66%
39
89%
75%

7,7 0 0
12,200
12,200
600
4,7 0 0
1,700
1,900
5 4 ,8 0 0
2 ,5 0 0
3 ,6 0 0
1,400
6 ,5 0 0
20,6 00
18,800
20,5 00
6 00
2 ,2 0 0
34,7 00
200
2 2,4 00
2 ,2 0 0

52
52
2 ,3 0 0
45
2,1 7 5
48
27% 28% 11,800
48
48
1 ,400
28% 29%
3 ,300
47%
4,5 0 0
47
5 ,4 0 0
7
7%
6 ,1 0 0
11% 11%
89% 20,2 00
88
23% 241.1 19,200
3 ,3 0 0
54% 541 2
5,2 0 0
30% 31*i
1,800
22% 23
5 ,3 0 0
51% 52
12,000
48% 50
100
56
56
4,9 0 0
136% 137%
75% 75%
300
*14% 15*2
1,500
30% 31
1,000
12% 13*8 10,600
30% 31*i 14,800
600
*21% 22%
12
21
20
*01%
13*i
26
29

62
62% 62%
63
19
19%
19% *19
50%
50
*50
50
*55
55*4 *55% 50
16*4
17%
17
17%
*%
58
58
%
*1 %
1%
1%
1%
69%
71%
70*4 71%
*109
110
109% *109
49% 50%
50%
48%
97% *96
9Y*i *96
39*i
41
40% 40%
67*i
67% 68
67%
*67
72
*67
72

12*4
21%
21%
61%
15%
28
29

16,900
4 ,3 0 0
4,9 0 0
900
6 1,8 00
14,400
2,0 0 0

1,300
3 ,2 0 0
1,400
800
8,9 0 0
1 ,800
3,1 0 0
18,400
500
HO
50% 10,8 00
300
97%
3,2 0 0
40%
1,400
6778
72
.............
63
19
50
50
17*8
58
1%
70%

STOCKS
N E W YORK STOCK
EXCH A N G E

PER SHARE
Range since Jan. 1 1022.
On basis of WQ-share lots
Highest

Lowest
Railroads
Par 5 vet share
Ann Arbor________________ 100
10 Jan 3
Preferred________________ 100
287* Jan 26
Atch Topeka & Santa Fe._100
91*4 Jan 3
Do pref________________ 100
8458 Jan 3
*i Jan 14
Atlanta Blrm & Atlantlo__100
Atlnntlc Coast Line R R ..1 0 0
83 Jan 0
33% Jan 27
Baltimore & Ohio_________ 100
521* Jan 11
Do pref________________ 100
Buffalo Roch & Pitts_____ 100
50 Jan 4
6 Jan 4
Brooklyn Rapid Transit.. 100
0*3 Jan 11
Certificates of deposit..
Canadian Pacific__________ 100 119ia Jan 6
Central RR of N J...............100 184 Mar 31
84 Jan 10
Chesapeake & Ohio________100
Chicago & Alton__________ 100
13a Jan 24
Preferred________________ 100
3<a Jan 25
1253 Jan 26
Chlo & East 111 RR (new)____
Do pref___________________
32 Jan 30
65s Jan 11
Chicago Great Western___100
141* Jan 31
Do
pref_______________ 100
17% Jan 9
Chicago Milw & St P aul.. 100
29 Jan 10
Do
pref_______________ 100
69 Jan 9
Chicago & North Western. 100
Do
pref_______________ 100 100 Jan 9
30*4 Jan 11
Chic Rock Isl & Pac_______100
83% Jan 10
7% preferred___________ 100
6% preferred___________ 100
70*4 Jan 9
51 Jan 10
Chlo St P Minn A Om____ 100
64 Jan 4
Clev Cln Chlo & St Louis.. 100
Do pref_______________ 100
72*4 Jan 3
38 Jan 10
Colorado A Southern_____ 100
65 Jan 16
Do 1st pref____________ 100
Dolaware A Hudson______ 100 106*4 Jan 4
Delaware Lack A Western. 50 108 Feb 14
2*8 Jan 27
Duluth 8 S A Atlantic____100
3*4 Jan 7
Do pref________________ 100
7 Jan 9
Erie...........................................100
IDs Jan 9
Do 1st pref____________ 100
Do 2d pref____________ 100
7's Jan 10
70% Jan 10
Great Northern pref______ 100
31*8 Jan 6
Iron Ore properties.Wo par
6 Jan
Gulf Mob A Nor tr ctfs.._100
16 Jan
Do pref______ _________ 100
971* Jan
Illinois Central____________ 100
1 Jan 10
Interboro Cons Corp..Wo par
31* Jan _
Do pref________________ 100
22>s Jan 11
Kansas City Southern____ 100
62*4 Jan
Do pref________________ 100
5 Jan 17
Keokuk A Des Moines____100
10 Feb
Lake Erie A Western_____ 100
26's Feb
Do pref________________ 100
Lehigh Valley........................... 50
66*8 Jan
Louisville A Nashville____100 108 Jan
35 Jan
Manhattan Ry guar______ 100
3<8 Jan 28
Market Street R y_________ 100
17 Jan 9
Preferred________________ 100
351* Jan
Prior preferred__________ 100
65* Jan 9
2d preferred____________ 100
6 Jan 6
Mlnneap A St L (.new)____100
Minn St P A S S M a rie ... 100 591* Apr 20
*8 Jan 16
Missouri Kansas A Texas. 100
712 Jan 11
Mo Kan A Texas (new)___
241* Jan 27
Preferred (new)________
Part warr 1st asst paid..
10% Jan 30
Preferred ______________
Missouri Pacific trust ctls.100
Do pref trust ctfs_____ 100
Nat Rys of Mex 2d pref___100
New Orl Tex A Mex v t O..100
New York Central_________ 100
N Y Chicago A St L o u is... 100
Second preferred________100
N Y N H A Hartford......... 100
N Y Ontario A Western___100
Norfolk Southern_________ 100
Norfolk A Western________100
Preferred________________ 100
Northern Pacific__________ 100
Pennsylvania_______________ 50
Peoria A Eastern__________ 100
Pere Marquette v t o_____ 100
Do prior pref v t o____ 100
Do pref v t c__________ 100
Pittsburgh A West Va____ 100
Do pref________________ 100
Reading____________________ 60
Do 1st pref......................... 60

938
16
44
3
647g

Jan 16
Jan 10
Jan 10
Jan 28
Jan 10
72*4 Jan
5Us Jan
61*4 Jan
121* Jan _
19*4 Jan 9
8*4 Jan
96% Jan 9
72 Jan 9
74U Jan 10
33<4 Jan
10*4 Jan 14
19 Jan 10
63 Jan 17
5018 Jan 6
23 Jan 27
76 Jan 13
7 Us Jan 3
43 Mar 27

Jan 27
Do 2d pref_____________ 60 45
171* Feb 6
Rutland RR. pref..... ........... 100
20*8 Jan 15
St Louls-San Fran tr ctfs.. 100
36 Fob 1
Preferred A trust ctfs___100
20*8 Jan 3
St Lolls Southwestern____100
32*8 Jan 10
Do prof________________ 100
2*8 Jan 4
Seaboard Air Line_________ 100
4ig Jan 13
Do pref________________ 100
Southern Pacific Co______ 100
78is Jan 10
17U Jan 10
Southern Railway_________ 100
46 Jan 10
Do pref________________ 100
24*3 Jan 6
Texas A Pacific__________ 100
14 Jan 5
Third Avenue______________100
14 Jan 24
Tol St L A West Series B__
221* Jan 20
Preferred Series B ______
34 Jan 12
Twin City Rapid Transit.. 100
Union Pacific_____________ 100 126 Jan 10
71U Jan 7
Do pref________________100
7i* Jan 6
United Railways Invest___100
20% Jan 9
Do pref________________ 100
6 Jan 80
Wabash___________________ 100
19 Jan 25
Do pref A _____________ 100
12*4 Jan 25
Do prefB_____________ 100
8U Jan 30
Western Maryland (new).. 100
13 Jan 17
Do 2d pref____________ 100
141* Jan 30
Western Pacific___________ 100
51*8 Feb 1
Do pref_______________ 100
6 Feb 2
Wheeling A Lake Erie R y.100
9U Jan 4
Do pref_______________ 100
25 Jan 10
Wlconsln Central_________ 100
Industrial Ac Miscellaneous
Adams Express___________ 100
Advance Ruinely__________ 100
Do pref________________ 100
Air Reduction, Inc____No var
Ajax Rubber Ino__________ 60
Alaska Gold Mines_________ 10
Alaska Juneau Gold Mln’g 10
Allied Chem A Dye------No var
Do pref________________ 100
Allls-Chalmers M fg.............. 100
Do pref____________ . ..1 0 0
Amer Agricultural C hem .. 100
Preferred________________ 100
American Bank Note______ 50

t Ex-rlghts. } Less than 100 shares, a Ex-dlvIdend and rights.
$5 per share and ex-dlvldend 100% In stock (Aug. 22).

48
107*
31*8
451*
13>8

14
*8

65*8
101

37*4
861*
29*4

66

681*

PER SHARE
Mange for previous
gear 1921
Lowest

S per share
8 per share
2078 Mar 6
8 Mar
51% Mar 24
20
Apr
102 Apr 20
77>s June
91*4 Apr 22
75i* Jan
51* Apr 17
1 Deo
105i2Juno 3
77
Apr
SlljM ay 31
30*s Mar
62 June 6
47 Mar
68 May 25
4912 Deo
28i2May 31
6
Deo
24*iMay 31
31* Sept
145 Apr 17 101 June
192 Feb 17 180
Oct
69' tMny 29
46 June
m iM a y 26
4 Nov
2078May 25
6 % Dec
3978May 8
13'* Dec
59 Apr 28
33>2 Dec
10*tMay 27
014 DoO
24%May 29
14 June
29*4 Apr 18
17U Deo
47 Apr 18
291* D 00
767a Apr 20
001* Apr
113 May 18
96 July
48*4 Apr 20
22*s Mar
98%Juno 7
68*4 Mar
84*sJune 6
56ia June
68%May 6
60 June
71 June 1
32 June
90 Apr 18
Feb
60
53<2 Apr 24
Jan
27
Jan
66 Mar 23
49
128 May 22
Apr
90
Aug
129%May 22 93
6 Apr 25
1*8 Mar
10% Apr 18
3*a Nov
18*4May 23
10 Deo
27*4May 23
151* Deo
20>4May 23
10
Deo
80*s Mar 14
60 June
45*8 Apr 13
25*8 June
19 May 22
4*4 Deo
40 May 22
15
Dec
1097* Apr 18
85i* Mar
5 Apr 8
Us Deo
12*4 Apr 8
314 Deo
30% Apr 25
181* Feb
591* Apr 26
451* Jan
9*4June 0
412 Nov
3978Juno 6
10 Mar
56 June 6
17*8 Aug
67*sMay 29
47>8 June
12U2 Apr 25
97
Apr
5578May
32
Deo
11 Mar 14
2*4 Deo
50'4 Apr 11
12 Aug
67 Mar 14
27 Aug
32 Apr 10
4<4 Aug
14i2 Apr 29
6*8 Deo
03 Aug
71*4 Feb 27
1 Deo
14 May 23
8 Deo
19i2May 22
435s Apr 28
22*4 Deo
22*2 Apr28
28l4May22
25% Apr 18
16 Mar
69*4 Apr 17
331* Mar
7%May 27
2*4 Deo
69*8May 20
46 June
927g Apr 17
64% June
82 May 25
39 June
85 May 25
54 Juno
35'4May 20
12 Nov
29i2 Apr 10
16 Mar
22%Junc 6
8]4 Sept
108*4May 23
88*8 June
76 Apr 20
62 June
82i* Mar 15
61UJune
43 Apr
32 UJune
2478Juue 6
8 Nov
3478May 29
16*4 Mar
78'3Juno 3
60
Apr
69%June 1
35
Jan
39t4June 8
23
Oot
90*2 Apr 25
70 Mar
8278May 29
60*4 June
57 May 31
361* June
59%May 31
38<8 Aug
53%Juno 1
31i2 Apr 29
19>8 Mar
52 Apr 22
277.1 June
32*aMay 22
19>* June
50*4 Mar 3
28 Juno
10 Apr 15
2 >8 Oct
14*4 Apr 15
3
Dec
93*sMay 29
67<* June
25*4 Apr 26
17*8 June
59*s Apr 24
42 June
30 Apr 21
16<s Jan
25*8 Apr 25
12<* Aug
52 Juno 7
50 Juno 9
56 Juno 9
8 Us Dec
142%May 31 111 Juno
7678 Apr 21
02U July
1978 Apr 11
6 Aug
17 Aug
3012 Apr 11
14*8May 26
0*8 Deo
3438 Apr 17
18 Mar
24 May 26
12»s Mar
13i2Juno 6
8*8 Dec
24 Juno 6
14<4 Dec
2478 Apr 24
15
Deo
64>2 Apr 21
511* Deo
1012Juno 7
0>4 Deo
29*8Juno 7
121* Deo
3314 Mar 13
23
Got

69 Mar 29
Jan 12
20'4Juue 6
Jan 19
50>2Juno 0
Jan 12
67U Mar 28
Jan 3
18*4 Apr 25
Jan 16
Jan 13
7gMay 10
2 May 17
Jan 24
72'sMay 24
Jan 3
Jan 3 1097gMay 26
Jan 4 52 Apr 22
Jan 6 100 Apr 21
427*Juno 1
Jan 3
69 Mar 10
Jan 16
771* Apr 7
Jan 7

2 Ex-dlvldend.

Highest
S vet share
12*14 Feh
3214 Dao
94
Deo
88 Nov
71* Jan
91 Nov
42*3 May
56*8 No#
72*4 Mas
147* Jan
10
Jan
1237* Nov
209 Mar
051* May
8*4 Jan
12
Apr
107* Nov
37 Nov
91* MaF
207* M ay
81
Jan
46i* jao
71
Jan
110
Jan
35 Sept
89*4 Deo
77
Deo
63
Jan
671* Deo
75
Deo
407* Nov
69
Deo
1101* Nov
249 May
4i* Jan
7** Jan
15U May
22*4 May
167* Jan
79% Dee
34ii Nov
1U* May
20
Fob

1001* Nov

67* Jan
16
Jan
287* May
65 Nov
012 May
14i* Jan
30
Deo
60*4 Deo
118 July
581* Jan
7 May
18i* May
451* May
8*s May
14*4 May
741* Nov
31* Nov
97* Deo
26*8 Deo

2314 May

49<*
6*s
771*
70
61*8
681*
231*

Nov
Feb
Feb
Deo
Sept
Sept
Jan
2314 dept
13U May
1047* Feb
74*4 Deo
88
Jan
41*4 Jan
12 J an
237* May
651* Do*
66% Deo
32
Jan
80
Deo
801* Jan
65
Feb
67*4 Jan
25*4 Aug
891* NOV
301* May
41
Jan
71* May
12i* May
101
Jan
247* Jan
60
Jan
27*4 Deo
20*8 M m
561* Apr
1317* Nov
741* Doe
12i* Mar
26 Mar
9 May
241* May
157* Nov
1U* May
21 May
807* May
701* Jan
Ills May
191* May
87i* May

20i* Jan
63*4 Deo
10!* Deo
19*4 Jan
3U* Deo
621* Feb
30 June
60
Deo
15U Deo
891* Jan
11* Feb
14 Deo
It* Feb
1* Oct
84
Aug
59U Deo
83 June 103*4 Dee
39*4 Deo
28<4 Aug
90
Deo
671* Aug
65i* Jan
261* Aug
90
Jan
61
Aug
66i* Deo
461* Jan

b Ex-rlghts (June 16) to subscrlb®

3 5 6 1
H ia tt AND LOW SALK PRICE— PER SHARE, NOT PER CENT
Saturday,

Monday,

Tuesday,

J unes

June 5

June 0

S per share
*52
54
47
47
♦75
85
453i 4fll4
*59
09
♦10714 109%
50% 513i
10512 10512

IOOI4 107
* 1 1 9 3 4 _____

11% 12
30
30<4
*59
01
5%
5%
*137 139l2
*1512 10
■ 72 14 72 14
108 108%
8714 87
49*8
1338
39
59>2
115
11578
*9812
034
23*s
05*8
*98

Wednesday.
June 7

$ per share
$ per share
S per
*52
*52
54
*52
54
46%
47
47
47
47
*75
*75
77
*75
....
45%
40% 40%
45*4 4 0 l 2
*58%
59
59
* 5 8 '4 59<2
*107%
*107% 110
►10714 1 1 0
49%
49*4 50*4
50% 5U 2
105% 105% 105%
'1 0 4
105%
1 0 8 % 108*4 1 0 8
1 0 7 % 109

■120's - - ­
11% 12
29%

30

00

00

5 78
0
*135
138%
151.4 15*4
*71*4 7 2 %
1 0 9 % 1091.1
*87%
87'

share
54
47
95
46%
59
110
50%
105%
108%

Thursday,

Friday.

the

J unes

June 9

Week.

S per share
S per share
*52%
54
*52% 54
47% 48%
40% 49
*75
80
*75
80
45% 45%
45
45
*58
59%
58% 58%
*107% 110
*108
110
49
49%
48%
49%
1 0 5 78 1 0 5 % * 1 0 5
105%
107
168%
105% 107

121% 121% *121% 121% *121% 121%
11
11%
1 1 % 11*4
10% 10%

28%
28%
2 8 % 29 %
59%
59%
59% 59%
5*4
5%
5*4
5%
1 3 0 % 1 3 0 % * 1 3 4 % 137
15%
15 %
15%
15*4
71
71%
71%
7 1%
107
108
108% 107
*85%
89
86
87%

4 8*8 4 9 %
49
49%
50*4
13*8 13%
13*8
13 %
13%
37*4 3 8 %
39%
37*4 3 9 %
58% 58%
59
5912 * 5 8
1 1 4 % 1 15%
11434 115
110
11578 * 1 1 5 % 1 1 5 % 1 1 5% 115%
IOOI4 9 9 % 1 0 0 *100 100%

47% 48% '
13 %
1 3%
37
37%
*50
58
1 1 4 % 114%
115*4 115*4
99
99

Sales
for

121% 121%
11
11

28*8 2 8 %
*57
00
5%
5%
103% 137
14 %
15%
70% 70%
100% 107
*85%
90

28% 28%
*57
00
5%
0
1 3 6 % 1 37%
14%
14%
70
70%
105% 108%
*85
89

47% 4 8 %
12%
13%
*30%
37
*55% 57%
114% 1 1 5
115% 115%
*99
99%
7
7*8
23
23*8

46
48
12%
13
30
37
*55%
58
112
114%
1 1 5 % 115%
98
99
6%
7*8
19
23%

Shares
0,000
2,100
700
3 0 .4 0 0
800
3 .4 0 0
300
2 .4 0 0
3 .2 0 0
400
1 .5 0 0

000
1 .3 0 0
1 .9 0 0
4 .4 0 0
700
1 7 .2 0 0
4 .1 0 0
4 .1 0 0
1 .9 0 0
2 ,7 0 0
700

STOCKS
N E W YO R K STOCK
EX C H A N G E

PER SHARE
Range since Jan. 1 1922
On basis of 100-share lots
Lowest

Indus. 8c Miscell. (Con.) Par % per share
Am Bank Note prel_______ 50
52 Jan 12
American Beet Sugar.
.100
31% Jan 3
Do
pref..................... ... 1 0 0
61 Jan 11
Amor Bosch Magneto..N o par
31% Jan 31
Am Brako Shoe & F ___No par
51 Jan 4
Preferred_______________ ico
98% Jan 18
American Can....... ...............100
32% Jan 5
Do
pref............................100
93% Jan 3
American Car * Foundry. 100 141 Jan 10
Do
pref.................
100 115% Jan 6
American Chicle______ No par
7 Jan 27
American Cotton Oil_____ 100
19% Jan 10
Do
pref________
100
41 Jan 11
Amer Druggists Syndicate. 10
4% Jan 13
American Express_________ 100 127% Feb 1
American Hide & Leather. 100
12 Jan 18
Do pref_________
100
58 Jan 3
100
78 Jan 12
Do pref.
100
72 Jan 13

Lowest

Highest

I per share
43% Jan
24% Oct
54% Dec
29% Aug
42
Jan
88% Jan
23% June
70% June
115% June
108 May
6% Nov
16% June
35% July
4 June
114 July
8
Apr
40% Feb
42
Jan
67
Jan

I per share
50% Dee
61
Feb
74% Jan

05% May

56%
100
35%
97
161%
116%
29
24%
07

Deo
Dee
Dec
Dee
Dee
Dee

Nov
Apr

137
10
62%
83%
73%

Deo
Dee
Deo
Dec
Nov

Jan

8% Jan

38% Jan 5
50%June 2
21% Aug
53% May
9% Jan ie
13%May 9
7% Aug
11% Apr
29*8 Jan 1C 40%June 1
17% Aug
62% Jan
Do pref.
54% Mar i i
60%Juno
39% Aug
93
Jan
merlcan Lo
102 Jan 5 117%May 2
73% June 110 Dee
Do prof.
112 Jan 12 118 Mar 13
98% June 116 Dec
1,200
82 Jan 30 103%May 19
66% Jan
91 Nov
0*4 7
0%
0%
7
0%
7
8 .5 0 0
3% Jan 31
8% Apr 6
3% Aug
10 Jan
22% 23%
23% 23%
237g 2 2 % 23*4
4 8 ,0 0 0
24%May 31
5% Jan 3
4% Aug
14 Jan
03%
03*4 0 4 % 6 2
02% 02%
0534 0 4 % 0 5 %
00
02% 1 7 ,1 0 0
67%May
19
43% Jan 0
29% Aug
47% Dee
9
8
9
8
%
9
7
%
9
8
9
8
%
9
8
%
9
0
%
9
7
%
OS‘2
2,200
97% 98%
Do pref.
99 May 23
4
86%
Jan
63%
Aug
90
Dee
93% 93% *93% 95
93%
93%
*935S 9 5
*9311 9412
300
*94
90
87 Feb 8
93%June 0
63
Jan
88 Dee
134
134
134*4 1 3 4 % 1 3 4
134 130 * 1 3 2 130
134
1 .3 0 0
*133
135
109% Jan 3 138 Feb 16
95
Jan 114% Deo
38
38%
38
38%
38%
38% 383S 3 8
38
38%
7 .1 0 0
37%
38
40% Apr 24
30*4 Jan 26
18 Aug
36 Deo
9 9 % 99*4 * 9 9 % 1 0 0
99%
100
100
*98
99*8 * 9 8
500
*99% 100
91 Feb 8 100 Apr 24
78 Aug
95% Dee
78
79
79
7 9%
78*4 8 0 %
78%
79 %
80'4 81
2 2 .4 0 0
78%
81
54% Jan 4
81%June 2
47% Oct
96
Jan
107
*
1
0
5
*
1
0
5
1
0
7
*
1
0
5
1
0
8
*100 108'2
100
106
200
1 0 5 % 1 05%
Do pref.
84
Jan
3
107
June
2
07%
Oct
107%
Jan
41% 41%
42
39
40% 42%
42
4218
40%
41
11.200
39%
40%
.100
23% Feb A
47 May
28% Dec
88 Mar
*04
*64
06%
07%
07%
*04
67%
*0512 07*2 * 0 4
*04
07
.100
52% Jan 27
71
Jan 10
04*4 Nov
91% i'eb
123%
12
3
123%
123%
1
2
3
1
2
3
%
123 is 123%
123% 123*8 1 2 3
123*8 10,000
100 114% Jan 4 124% Mar 14
95*4 Jan 119% Nov
144
1 4 2 % 1 4 2 % * 1 4 2 % 143%
14278 142% 1 4 2 % 1 4 2 % 14 2
141
143
3 ,9 0 0
100 129% Jan 6 145%May 29 111% June 136% Deo
103
103
102% 102% 102 103
♦102 103
103
103
700
*102
103
96%
Jan
3
103
May
23
86
Aug
99>t Deo
141%
139% 140% 139% 140
1401s 14078 1 3 8 140*4 14 0
4 .0 0 0
1 3 9 % 140
.100 126 Jan 3 142%May 31 110
Jan 181% Deo
14%
14%
14
14%
14
14
14
14
14%
14*8
*14%
15%
1,100 Am Wat Wks 4 El v t c___ 100
6
Jan
14%June
6
4 Sept
6% Oct
*80
81
81
81
80
80
*78
82
*80%
89
300
81
81
1st pref (7%) v t o ............ 100
67 Jan
84 Apr 13
48 Sept
66% Dee
35
35
34
3434
33%
33i2 3358 * 3 3
35
35
1.000
34% 34%
Partlc pref (0%) v t e___ 100
35 June 7
17% Jan 4
8% Sept
20 Deo
93%
94
93% 94%
93
9334
93*4 9 4 %
93% 93%
9 2 % 94*8 2 3 ,1 0 0 Amer Woolen______________100
78% Jan 10 95% Apr 17
67
Feb
83% Dee
10714 107U 1 0 7 1 0 7 % 1 0 7 % 1 07% 1 0 8 % 1 0 8 % 1 0 8 % 1 0 8 % * 1 0 8 109
500
Do pref_______________ 100 102% Jan 11 108%June 8
93
Feb 104% Dee
32%
33
34
34
34
35
*33l8 34
33
33
2 ,3 0 0 Amer Writing Paper pref.. 100
*32%
34
22% Jan 13
37% Apr 15
20% Aug
39% Jan
18%
19
19
19%
*19%
19*4
*1914 2 0
18*8 19
1 ,7 0 0 Aner Zinc, Lead * Smelt. 25
18%
18%
12% Jan 3 20%June 1
14% Dee
6% Sept
*40
48
*40
48
*40
48%
48
48
*40
48
200
46
40
Do pref_________________26
48%May 19
30 Jan 18
22% Aug
40% Deo
54% 55%
5 4 % 55*4
55% 50%
50
5012
54*8 5 4 %
52*8 5 4 % 3 2 ,0 0 0 Anaconda Copper Mining. 60
47 Jan 31
57 May 31
31% Aug
60% Deo
*55% 50
*5514 5 5 %
*55
50
5512 50
55
55
1,000 Associated Dry Goods____ 100
54
54%
67% Mar 17
43 Jan
24
Jan
60tj Dee
*80
82
*80
82
*80
82
*81
83
81% 81%
*80
81%
100
Do 1st preferred_______100
75 Jan 0 83% Apr 19
65% Jan
76% Dee
82
82
8212 83*4 * 8 1 % 8 3 % * 8 1 % 8 3 % * 8 1 % 8 3 %
300
*81%
82%
Do 2d preferred_______100
86 May 9
70 Jan 17
46
Jan
78 Dee
1 2 4 % 120
125
125
12412 12034 1 2 4 12 0
123
123
1,200 Associated Oil....................... 100
119
120
99 Jan 31 135%May 3
01 Sept 107% Mar
3%
3%
3%
3%
4
4>2
3%
4%
3%
3%
3
3*8 2 8 ,5 0 0 Atlantic Fruit_____________ Nopar 2% Jan 3
5% Apr 17
1% Oct
9 Jan
38%
39%
39
40%
40
40%
40*8 41%
39
39%
39%
41
1 8 ,7 0 0 Atl Gulf 4 W I S3 L in e ...100
23% Mar 2 43%May 29
76 Jan
18 June
28% 28%
28
28
2 7 * t 27*4
*29
30
27% 28
3 ,0 0 0
29
29%
Do pref_______________ 100
31%May 29
18% Mar 6
15% June
44% Jan
*1080 1100 1100 1100 * 1 0 7 5 1 1 0 0 1 0 7 7 1 0 8 5 * 1 0 7 5 1 1 0 0 * 1 0 7 5 1 1 0 0
31 Atlantic Refining__________ 100 900 Mar 7 1145 May 1 u820 June all25 May
____ 1 1 0 1 1 0 * 1 1 5 110
*113 115io 1 1 5 % 1 1 5 % *110
110
110
300
Preferred________________ 100 113 Jan 9 117 Feb 28 103% July 113% Nov
*19
20
*19
20
20%
*20
20*2 * 1 9
*19
20%
20%
*19
Atlas Tack____________ No par
13% Feb 28
22%May 4
12% Dec
20
Apr
31
31%
31% 33
31%
33
3 1*8 32*4
32*8 3 3 %
3 2 % 2 9 ,5 0 0 Austin Nichols 4 Co___No par
31
33%June 8
9% Jan 5
8% June
13% Jan
* 88 % 89%
88% 88% * 8 5
89
89
* 88*4 90
89
89
*85
200
Preferred________________ 100
90 June 1
08 Jan 9
60% Aug
70
Jan
4
4
4
4
%
*
4
4
%
*4
4*8
4
4
*4
6 0 0 Auto Sales Corp____________ 50
3% Jan 3
7 Mar 17
2% Sept
5% Dee
*9
14
*9
14
*10
14
*9
14
*11
14
14
Preferred_________________ 10
12 M ay 3
15% Mar 10
10
Apr
15 Jan
114*4 110
114% 115%
1 1 5 % 11 0
11578 117
1 1 4 % 1151,
1 1 2 % 115% 2 9 ,2 0 0 Baldwin Locomotive W ks. 100
93% Jan 13 120%June
62% June 100% Dee
112 112 *111*4 1 1 3 * 111*4 112 % * 1 1 1 % 114
112 112
112 112
1 ,7 0 0
Do pref________________ 100 104 Jan 13 114%June
95 June 1105 Dee
54
54
*53
54
*53
55
*54
55
53
54
53
*53
200 Barnet Leather____________ Nopar40 Jan 19
54%May 31
Aug
29
Jan 41
*8 8
90
*88
90
*88
93%
*88
90
*88
93 %
93
*88
Preferred....... ...........
100
89 Apr 12
96 Mar 16
Dee
70
Jan
86
40% 40%
451.1 4 5 %
40*4 47*4
47
47
45
45%
43
43
0 ,3 0 0 Barnsdall Corp, Class A . . . 25
56i-i
Apr
28
19%
Jan
16
20
Dec
27
May
30%
30%
35%
36
3012 377s 30*4 3 0 %
35
35
33
33
7 .1 0 0
Class B __________________ 25
19% Jan 9
39 Apr 27
Jan
14% June
35
1%
1%
*1%
1%
1%
1%
*1
H8
1%
7 0 0 Batopllas Mining___________ 20
1%
1%
1%
1% Mar 23
% Jan 14
1
% Aug
Jan
*40% 48
*41
48
43
43
*43
48
*4 1
*41
48
48
100 Bayuk Bros.........................N o par33 Apr 28
50 May 10
27 June
29 June
*74% 75
75
75
75
75
*74l3 70
75
74% 74%
75
0 0 0 Bethlehem Steel Corp____100
79
May
12
61
Jan
10
39% June
62% May
77%
77%
77% 78
7 7 % 7 8 l,i
78
78*8
77%
78%
77
78
1 3 .9 0 0
82%May 12
Do Class B Common.. 100
55% Jan 3
41% June
65 May
97
97
98*4 9 8 %
*97
99
*9012 99
*95
99
*96
99
300
Do pref________________ 100
90% Mar 7 101 Apr 15
87 June
93% Jan
1 1 3 % 113% 1 1 3 % 1 1 3 %
113
114%
113 113
1 1 3 % 113*8 * 1 1 3
114
1.100
Do cum conv 8% pref. 100 104 Jan 4 114%June 5
90 June 112 Sept
8
8%
7%
8
7*4
8*8
7«2
7*i
7%
7
7%
7%
1 3 ,3 0 0 Booth Fisheries____________Nopar 4% Jan 10
9% Feb 10
3 Aug
7% Dee
14%
14%
*12
14
*13
13%
*12
14
13%
1 3%
*13
14
4 0 0 British Empire Steel______ 100
14%June 6
8% Jan 9
8% Dec
9 Dee
*71
70
*7 1
70
*72
70
77
*75
75
75
*74
70
100
1st preferred____________ 100
76% Apr 15
68 Mar 2
55
Deo
58%
Dec
*
3
3
3
5
3
5
3
0
3
5
%
3
5
%
*30
3 0 '8
33% 33%
34
34
1 .3 0 0
2d
preferred____________
100
36%May
31
19%
Mar
17
22
Deo
23%
Dec
107% 1 0 7 % 1 0 7 % 108
100 100i8 1 0 7 % 107*8 1 0 7 1 0 7 '
1 07% 107%
3 .0 0 0 Brooklyn Edison, Inc_____ 100 100
Jan 3 110 May 5
88
Jan 101
Dec
112 110% 1 1 0 1 1 7 % 1 1 5 % 115% 114 119
1 10% 111
*110 111
5 ,2 0 0 Brooklyn Union Gas______ 100
70 Jan 31 119 June 9
61
Jan
76% Nov
49% 50
50
51
*50
51
5 1 78 5 1 78
51
51*i * 5 0
51%
1 .3 0 0 Brown Shoe Inc___________ 100
52*i June 1
42 Jan 16
33
Feb
46% Nov
4%
5'
*4
41.1
4%
5%
*4
5
4%
4*8
5
5*8
3 .0 0 0 Brunswick Term 4 Ry Sec. 100
5%June 6
2% Mar 3
2% Aug
5% Jan
1 3 7 % 1 3 9 % 130*4 1 3 8 % 1 3 7
137
138
139%
137
1 37% * 1 3 7
138
9 .9 0 0 Burns Bros________________ 100 113% Jan 10 139%June 5
81% Jan 122% Dec
4 7 % 49*4
40% 48
4 8 % 50
4712 5 0
46% 47%
45% 47
3 9 ,0 0 0
Now class B com________
28% Jan 19 50 June
31% Dec
33% Dec
*90% 97
♦90% 97 %
*90% 97
*9012 9 8
9 6 % 9 6 % I, * 9 6 % 9 7
100 Bush Term Bldgs, pref____100
97%May
*87% Doc
87% Jan 3
90 Nov
7%
7
7%
7% I
7%
8%
7*8
7*8
7%
8%
7%
7%
1 3 ,4 0 0 Butte Copper 4 Zinc v t o .
5
8%June 7
6% Mar 1
3% Aug
6% Dee
20% 20*i
20*4 2 7 %
20% 20%
2 6 % 2012
20% 20 %
26
20
3 ,0 0 0 Buttcrlck_________________ 100
26%May
13
34
Feb
14%
Jan
33%
Deo
30% 32
32
32%
31%
31%
3 2 1 1 3 2 12
*31
31%
30%
31
3 ,2 0 0 Butte 4 Superior M ining.. 10
33%May 18
20% Jan 4
10% June
22
Dee
13
%
1
3
'
13%
13*i
13%
14%
13 %
13*2
13 %
14%
13
13% 12,71.0 Caddo Central OII4Ref No par
15%
Apr
15
10%
Jan
11
7%
Aug
19%
Apr
*77
78
771.1 7 7 %
77*4 7 8
78
78
77
77
77
77
1 ,2 0 0 California Packing____No par
80% Apr 25
68 Jan 11
63% July
74 Nov
05% 08
00*4 0 9
05% 07%
09*1
07
65
00*8
04%
0 0 % 4 0 ,3 0 0 California Petroleum______100
71%June 2
43% Jan 10
25
Jan
60%
Deo
9
7
9
7%
*
9
4
9
7
9
7
%
9
7
%
99
*97
*90%
97
300
Do pref________________ 100
83 Jan 3 98% Apr 17
68% Jan
88 Dee
9%
10%
10% 11%
9%
9%
9
10«2 107g
8%
9*8
5% Feb 14
ll% M ay 27
9*8 4 3 ,7 0 0 Callahan Zinc-Lead_________ 10
3% Aug
7% Jan
05
03
04*4 04*4 * 0 3
63
0 5 78
*04
62%
02
02%
62
4 0 0 Calumet Arizona Mining___10
68%Juno 1
57%
Apr
41%
Jan
60
Dee
*
1
2
13%
*12
*12
13%
13
*
*12
13U
15
15
Carson Hill Gold____________ 1
16% Mar 29
11 Jan 3
11
Dec
15% Nov
0
9%
7
5%
5%
7%
5
5
7%
711
8
,5
0
0
Case (J 1) Plow______ No par
3 Mar 8
9%June 6
0*8
8*8
3 Nov
10%
Apr
*
8
4
8
5
*
8
4
*
8
3
8
8
88
85
*83
*84
88
*85
88
Case (JI) Thresh M , pf ctf.100
88 May 1
68 Feb 21
63
Dec
85% Feb
39% 40%
39%
40
40*1 41
41
41*8
39% 39%
38%
39%
1 0 ,0 0 0 Central Leather___________ 100
29% Jan 10 4l*sMay 31
22% Aug
43% Jan
73%
73%
73%
73%
74
74
74
7 4 ig
73%
73 %
73
2 ,0 0 0
73*8
Do prof________________ 100
63% Jan 6 74%May 31
96 Jan
57% Aug
38*4 3 9
39
39
39
39*4
3 9 * i 393|
38%
39
37
4 ,0 0 0 Cerro de Pasco Copper .N o par
38%>
32% Jan 4 40% May 20
361* Dee
23 Mar
48%
51%
51%
53 %
*47
48%
*47>2 4 8 %
*50
52
2 ,1 0 0 Certain-Teed Prod____No par
*50
52
34 Fob 14 53%June 7
22 Aug
44 Jan
75%
75%
75%
70 %
7 5 % 70*1
7 0 ls 7 7
75*4 70i,|
74%
70
9 ,0 0 0 Chandler Motor Car___No par
47% Jan 5 79% Apr 6
38% Oct
86 Apr
09
0 7 % 67*4 * 0 8
08
08
*08
09
*68
09
08
68
3 0 0 Chicago Pneumatic T o o l.. 100
60
Jan
14
71
Apr
0
47
Aug
70%
Jan
21% 22%
21*8 22*8
22% 23
22*i 23
21%
22%
21*8 2 1 %
3 3 ,5 0 0 Chile Copper_______________25
15% Jan 5
9 Mar
25%May 29
16% Dec
32
32%
31% 32%
32
32*8
31%
33
33U
8 ,6 0 0 Chino Cooper_____________
31%
30*8 31 %
5
25% Feb 21
19% Mar
29% Dee
33%June 1
*
5
0
5
7
%
5
6
%
5
8
58
59
59
5 5 34 5 6 %
1 ,7 0 0 Cluett, Peabody 4 Co_____ 100
55*s 55*8
43
Jan 11
36% June
62% Jan
60% Feb 3
07%
68
07% 08%
67%
OS's 0912 07
68*8
2 6 ,6 0 0 Coca C o la ........... .......... No par
65% 08%
41 Jan 5
19
Feb
72%May 31
43% Dee
33
33
32% 33%
*33
*34
35
33
33
33
33
1 ,0 0 0 Colorado Fuel 4 Iron_____ 100
24 Jan 10
22 July
36% May 19
32% May
87% 87%
87%
87%
87*4 88
87
87*4 8 8 I4
86%
87%
7 ,2 0 0 Columbia Gas 4 Electric.. 100
04% Jan 4 89%May 8
87*8
62 June
67% Dee
5%
5% 5*4
5% 5*4
51i
5*2
5
5
5
5 3 ,7 0 0 Columbia Graphophone No par
5%
1% Jan 26
2% Aug
5%June 5
12% Jan
19
19%
19% 20%
20
20*4
20
21
18%
19
17%
5 ,9 0 0
5 Feb 9
Do pref______ _________ 100
18*8
20%June 2
8% Dec
62% Feb
0
7
%
0
7
%
0
8
0
8
1
08
08%
0 8 's 7 8 * i
08%
08%
66% 08%
3 ,8 0 0 Computing-Tab-Record No par
65%
Jan
3
79%
Apr
20
28%
June
58%
Doc
32
32%
32
321­
30
3 2 12 3 2 '2 *3 1
32%
33
33% 33%
9 0 0 Consolidated Cigar____No par
18% Feb 10
33%June 9
13% Dec
69% Jan
69
69
*67
80
*05
80
*00% 80
*60%
73
*6 7
72%
250
Do pref________________ 100 47 Feb 27
70 May 23
63
Dec
80
Feb
%
%
*4
■
*%
7*
*4
*4
%
7 0 0 Consol Distributors, IncNo par
% Feb 17
%
•%
2% Mar 16
%
% Sept
10 Mar
119% 122% 122% 123%
110*4 1 1 7
117
119%
1 2 0 % 123
119% 1 2 0 % 6 3 ,0 0 0 Consolidated Gas (N Y)__100
85% Jan 30 123%June 7
77% Jan
96 Nov
12%
12%
12%
12*8
12 % 12 %
12*2 12 %
12*8
12% 2 0 ,2 0 0
11%
12 Feb 10
15% Apr 19
12%
12% Aug
21% Jan
09
09%
*08
69%
09%
71
09*8 71
*66
68
*66%
68
3 ,4 0 0
45% Jan 4
71 June 3
34% Aug
66 Jan
75%
75%
*70% 78
♦75% 77
*751 2 7 7
75
75 %
77
*7 5
440
75%June 7
66 Jan 20
58% Aug
73 Deo
1
0
3
%
104%
1 0 3 % 1 04%
104%
1 02 18 102*8 102
1 03% 1 0 5 %
1 0 2 % 105% 3 5 ,9 0 0
108% Mar 31
91%
Jan
4
59
June
99%
Dee
*115
117
115
110
*114
117
*115
117
110
119
111
117
200
Do pref.
111 Jan 10 117 May 10
96 June 112 Dec
5
0
%
5
3
%
4
8
%
51
5
1
%
47*8 4 9
48
49%
52%
52
48%
2 3 7 ,1 0 0
31% Jan 10
53%June 7
22%
Aug
43%
Apr
75
70%
74% 70%
75
70
74
75%
75%
74
7 0 % 3 8 ,1 0 0
70*8
52% Feb 27
77% May 13
49
Aug 107% Jan
94% 94%
*93% 94%
♦94
95
♦ 93% 9 5
*94
95
95
*9 4
100
Do pref_______________ 100
95 May 2
80 Jan 17
77 June
91
Jan
1
7
%
18
1
7
%
18%
17%
17*8 17 %
17%
18*8
18%
19
17%
3 9 ,0 0 0
8% Jan 11
19% Mar 16
6% Oct
26 Feb
35%
30%
30%
30*4
3(J14 3 7 %
30% 37%
30<2 3712
3 8 % 2 1 ,2 0 0
36 %
Do Dref________________100
15% Jan 3 40*4 Mar 15
68% Dec
13% Feb
2 5 % 26%
2 5 % 26%
26% 20%
2 0 % 27
20% 27%
25%
20%
8 0 ,2 0 0 i 'uban-A merlcan Sugar___ 10
14% Jan 3
27%June 5
10% Oct
83%
Feb
9
1
%
9
1
%
92
92
*91% 92
92
92
92
92%
92
92
800
Preferred_______ ________100
78% Jan 17 94% Apr 18
68
Oct
95
Feb
57% 59
57% 59%
5 7 34 5 8
*5812 5 9
58
59
50
57
4 ,0 0 0 :
48% Jan 10
65% Apr 6
23 Mar 59% Nov
2 3 % 23*8
231 2 2414
24%
24%
23*4 24
22% 22%
5 ,9 0 0 :
15% Jan 3 28%May 2
13% June
21
Jan
108
109 __________ ;___
• 108
109
1 0 8*%6 1 0 8 %& * u/o
1 0 8 % 1 0 8' %
108
109
iQJ
oou
3 6 0 JL/otruiv
J
au iw u............... auu 100% Jno
i lUo'j
Jan i11
93% Nov 100
108% MuT
Mar Jl
21
Oct




.100
. 10
100
.100
.100
.100
..2 5
25
par
.KM)
100
.100
.100
1-3
.100
.100

Highest

PER SHARE
Range for previous
year 1921

3562
a i a u a n d l o w aa l h m i e n — pun s h a r b , n o t p b r c b n t .
Saturday,
June 3

Monday,
June 5

Tuesday,
June 6

Wednesday.
June 7

3 per share S per share S per share $ per share
29%
29% 29% *29% 29%
29
28% 29

21 % 21 %
* 10«2 12
84% 84%

112

.12

2234
22
11 % 11 %

83

112

83%

12

85l2 86*4 85% 8034
95
95%
957s 95%
14
*10
14% *10
*503.i 51%
51% 51%
119
;i9
118% 118%
97
97
98% 100%
17% 17%
17% 18%
24% 26%
26% 26%

*62% 63% *61
65% 67%
64%
*101
:o5 ■*102
76%
77% 78%
*101% 102% *101%
167
167 167
14%
145* 15
82%
82% 82%
821.1
82% 82%
94% 94% *94
17
17% 181*
42%
43% 43>4
89%
*89
90%
3234 34%
32%
19%
*18% 19%
34
34% 34%
12% 13%
12%
84
84
83%
2
1%
1%
26%
24
25
*70
71
70
82%
85
83
20%
20% 21
12%
133,t 14%
4%
4%
4%
9%
9%
9%
4434 44%
43%
*11
11% *11
41% 41% *41
35
35
35%
25% 26
25%
1053.i 105% 105
*112 113 *112%
24% 25
24%
84 % 85%
84
1734 18%
17%
84
*80
81%
523i 53%
51%
*69% 70
69%
18%
18% 18%
32% 34%
31%
1
1
1%
21%
20%
*21
72
*71%
*71
4434 44% 441.i
4%
5
4%
44
45%
105% 106

43%

51
51%
107
105%
86
86
104% *101
39
38%
21%
20%
139
138
77%
75
80% *78%
33%
33%
173 *170
115% *115
113% 111%
113
115
16%
16%
13%
13%
47
47%
158
157%
*1131$
*93% 95
93%
68%
*68% 68%
55
56
52%
88% *87
88
83
83% *82%
22% 23%
22%
46% 47% *45%
77
77
75%

51
*105%
*84
*101
38%
21
138
76%
*78
33%
*172%
115%
112
*113
16%
13%
47%
158

22% 23
11 % 11 %
83

30 “
43%

125 Jan 18
14% Jan 26
2% Jan 4
76% Jan 10
104 Jan 5
75% Jan 10
91% Jan 28
9 Jnn 3
37% Mar 14
76 Jan 6
76% Jan 5
11% Jan 10
12% Jnn 24

61
200 Gen Am Tank Car____No par
65% 29,800 General Asphalt....... ............ 100
105

45% Jan 14
55% Jan 26

82%

81%

95%
95
95
95
95
14
14
* 12l.i 14
*10
51
50% 5034 50% 50%
51
116 116%
117
117
118
119
101% 1023^ 101% 101% *101
101%
17% 17%
17% 18
17% 17%
25
26%
25% 20%
25% 26%
63
65%
02%
76%
102%
167%
14%
82%
82%
95
17%
42%
89%
32
19%
34%
12%
83%
2
24
71
84%
20%
13%
4%
10%
44
11
41
35%
25%
106
113%
24%
84%
18
82%
52
69%
18%
33%
1%
20%
71%
44%
4%

43% 44
*105 105%

*61
63%
*98
76
*100
164
14%
S2%
82%
953i
16%
41%
*88%
31%
*18%
*34
12%
82%
2
22%
71
82%
20
12%
4%
9%
43
*10%
40%
35
243j
104%
*112%
24
83%
17%
*80
5034
*69
18
34%
1
*20%
*72
*43%
4%

63
64
:04%
76
102%
164%
14%
83
83
95%
I738
42%
89%
32%
19
34%
12%
83%
2
24
71
83%
20%
13
4%
11%
44
11
40%
35%
25%
106
113%
24
84%
17%
82
51%
69%
18%
35%
1%
20%
73
44
5

43
43%
1053,i 105%

61%
63%
*99
76%
*100
*183%
14%
82%
82%
95%
17
41%
89%
31%
18%
*34
12%
82%
2
22%
*70
82%
19%
12
4%
10%
42%
*10%
39
35
24%
105%
*112%
23%
83%
17%
*80
50%
*69
17%
34%
1
201.1
*71
43%
4%

61%
65%
105
76%
102%.
164
14%
82%
82%
96
17
42%
89%
31%
18%
34%
12%
82%
2
22%
72
82%
20
12%
4%
11

82%

43
11
39
35%
24%
105%
114
23%
83%
17%
82
51
69%
18%
34%
1%
20%
72
45%
5

42% 45%
106 106

50%
105
88
103
37%
20%
138
751.1
79
33%
175
116
115%
115
16
13%
48
156

*94%

95
14
49% 50
115% 115%
101 101
16% 17%
24% 25%

*10

61
63
*96%
*74%
*104%
163
14
82%
82%
*94
16%
41
89%
30%
18
33%
13
80%
1%
*20%
*70
80
19%
11%
4%
10
42%
10%
*38%
35%
24%
102%
113%
22
82%
17
80
49
69%
16%
32%
1
20
*71
43%
4%

75%
106
163%
14%
82%
83
96
16%
42
89%
31%
18
33%
13%
82%
1%
22%
72
82
19%
13
4%
10
43%
10%
40%
35%
24%
105
113%
23%
83%
17%
80
51
69%
18%
34
1%
20
72
44%
4%

43% 45
106 106%

Shares

2,000 General Cigar, Ino________ 100
1,500
110,600
1,100
3,000
1,200
10,900
7,400
COO
4,400
1,300
1,200
6,200
6,800
6,150
2,300
500
25,400
6,400
63,600
8,400
12,300
9,000
300
900
1,900
3,400
4,000
100
3,000
3,600
9,000
300
7,200
600
24,800
15,700
21,700
1,100
100
3,900
11,000

General Electric....................100
Oeneral Motors C orp..N o par
Do pref.............................10C
Do Deb stock ( 6 % ) ___10C
Do Deb stock <7%). _10C
Ooodrlch Co B F )____No par
Do pref______ _________ 100
Granby Cons M , 8m A FowlOO
Gray & Davis Ino......... No par
Greene Canauea Copper..i00
Guantanamo Sugar____No
Gulf States ateol tr c t f s ...l .(
Hnrblshaw Eleo C ab..N o p
Hendee Manufacturing___ 109
Homestako Mining............. 100
Houston Oil of Texas_____ 100
Hupp Motor Car Corp____.10
Hydraulic Steel............. No par
Indlahoroa Refining......... .. 5
Inspiration Cons Copper.. 20
Internat Agrlcul Corp____ 100
Do pref.......................... .100
International Coment..No par
Inter Combus Eng......... No par
Internat Harvester (a«®)_.100
Do pref (.new)_________ 100
Int Mercantile Marine____100
Do pref............................ 100
International Nickel (The) 25
Preferred............. .............. 100
International Paper_______ 100
Do stamped prof______ 100
Invincible Oil Corp_______ 60
Iron Products Corp____No par
Island Oil A Transp v t 0. . 10
Jewel Tea, Inc____________ 100
Do pref............................ 100
Jones Bros Tea, Ino______ 100
Kansas & Gulf...................... 10

15,600 Kayser (J) Co, new____No par
1,700

51%
105
85%
100
37%
21%
138%
74%
80%
32%
175
116
116%
120
15%
13%
46%
157

83
*83
23%
23%
4(’>l2 46%
78
78

83%
23%
48%
78

39
39
43
42
27
*18
34%
35%
37%
37%
71
70%
24%
24%
117% 117
17
171*
1393s 137%
*91
93
30%
30%
15%
15%
3638
37
72
71%
22%
23%
30%
30%
17
18%

39
38%
42%
43
*18
20
35%
34%
37%
37%
71%
73
25
25%
115% *115
171* *17
139% 138
93
*92
30%
30%
15%
15%
38
37
74
73
22%
22
30% *30%
17
18%

42%
20
35
38%
72%
25%
117%
18
140%
93
30%
15%
38
73%
22%
30%
17

150
148
1201? * 119
*41
43
3
3%
54% 53%
94% 93%
10938
no
18%
18%
*75
78
44l,t
43
68% *67
22
23
65%
63
43%
43%
8%
9%
34
35
11
11
1138
12%
3%
3%
*8
8%
20 I 19%
138 *135%
14 1 14

149
120

*148
*119

148
150
12QLJ *119

109%
19
78
45%
68
23
04%
43%
8%
35%
11
11%
3%
8%
20
139%
14%

200
*109% 110 *109% 110
Do p r e f . . . . . ...... .......... IOC
17% 18% 13,600 Navaila Consol Coppor____ 6
18% 18%
New York Air Brako........... IOC
*70
*76
78
78
23,000 New York Dock.................... 100
44
45% 43% 46
65
66%
1,400
♦67
69
Do p r o f..____________ IOC
*21% 23
70C N Y Shipbuilding........... No par
23
23
62% 63%
9,000 North American Co_______ 60
63%
63
43% 43%
2,000
43% 43%
Do p re f.......................... 6C
8%
1,100
R ig h ts.....................................
8%
8%
8%
34% 35
1,600 Nova Scotia Steel A Coal. .IOC
35
35
10C Nunnslly Co. (The) .. . N o par
*10% 11% *10% 11%
11
1-.60C Ohio Body A Blow......... No par
11% 11%
11%
3%
3% 37,800 Oklahoma Prod A Ref of Am 6
3%
3%
3,200 Ontario Silver Mining_____IOC
7%
7%
7%
7%
19% 20%
19% 21
9,10C Orphoum Circuit, Ino_____
1
*136% 139% 136% 136%
50C Otis Elevator______ ______ 10C
2,500 Otis Steel........................ No par
13% 13%
13% 14

39

38i2
42%
17
33%
38%
70
23%
115%
137%
92
30
*14%
36%
71%
21%
30%
17

65

Mar 3

136 Jan 9
8% Jan 6
69
Jan 24
67% Mar 6
79% Mar 8
13% May 9
34% Jan 4
80% Jan 7
26 Apr 3
12 Jan 3
25% Feb 27
7 Feb 16
44% Jnn 9
% Jnu 20
16 Jan 12
65 Jan 14
70 Jan 9
10% Jan 0
3% Fob 9
3% Jan 27
37% Fob 11
7% Jan 6
33 Jnn 16
26 Jnn 23
22% Mar 3
79% Jan 3
106% Feb 14
13% Jnn 4
02% Jnn 4
11% Jan 0
00 Jan 4
43% Mar 8
59 Mar 9
12% Jan 5
24 Jan 19
% Apr 6
10 Jan 4
38% Jan 4
34% Feb 11
4% Mar 21
81
Jan 17
34 May l
94 May 1

Highest

38%
45
17
34%
40%
72%
25%
1 (5%
171140%
92
30%
15%
37%
73
22%
30%
17
148
120'"

1,500
78,700
300
12,900
5,500
9,700
54,100
700
5,100

Manhattan Shirt___________25
Marland OH...................no par
Marlln-Rockwell______ No par
Martin-Parry Corp.......No par
Mathleson Alkali Works___50
Maxwell Mot Class A ......... 100
Maxwell Mot, class B__No par
May Department Stores..100

73,200 Mexican Petroleum......... ..1 0 0
500

3,100 Miami Copper....................
58,300
81,700
11,300
17,600
500
1,700

6
Middle States Oil Corp____ 10
Midvale Stool A Ordnanco. 60
Montana Power........ ........... 100
Mont Ward ACoIllsCorpNopar
Mullins Body_________ No par
National Acme____________ 66

1,009 National Biscuit__________100

42%
500 National Cloak A Suit____100
43
42% *40
*40
1,900 Nat Conduit A Cable..N o par
3%
3%
3
3
3%
54% 53% 53% 51% 53% 13,600 Nat Enatn’g A 8tamp’g...lO C
94% 94
94
93% 93%
1,700 National Lead...................... IOC

PBR 811ARB
Range for precious
year 1921
Lowest

t per share
i per share
29%Juno 3
10% Jan
800 Apr 15
179% Apr 15 124U Deo
23 June 6
10 ' Jan
ll%June 5
2% Deo
87% Apr 19
62
Jan
112%May 4
87
Jnu
87>sMay 29
44% July
99
Jan 14
74% July
16%May 17
5% June
53% May 17
21 Sept
127ta Apr 20
73 June
102%June 6
57 Sept
19% Apr 25
8% Aug
26%.Iune 3
9% Aug
1% Mar 16
1.1 Oct
67%May 8
397s Oct
68 Juno 1
39% Aug
77 Aug
78%Juno 3
54
Jan
102% Jan 18
168 Juno 1 109% Aug
15 May 22
9% Aug
83 June 6
83 Juno
83 May 20
60 Aug
96 Juno 8
09 Aug
44%May 31
91 Apr 22
35 May 24
19%May 31
34%May 29
14% Mar 15
90% Jan 20
3% Mar 16
20%Junc 1
75 A p r il
85 Juno 3
21%Mny 17
14 Juno 2
5%May 20
ll%June 7
45 Juno 1
ll% M ay 4
43 Mar 15
38%May 8
28% Apr 11
106%Juno 1
113%June 9
27%May 3
87%May 3
19% Apr 24
85 Jan 20
54%May 3
71 Jan 5
20% Apr 17
35%June 7
3 Jan 25
22%May 2
73%May 26
46 May 31
7% Jnu 3
111) May 5
47%May 8
106%Juno 9

34% Jnn 4 53%May 5
51% 22,700 Kelly-Springflold Tire..........26
104
901] Jan 4 107%May 9
300
Temporary 8% pref____100
180
7U] Jnn 3 86 Juno 5
88
6% preferred______________
61 Feb 9 111 Apr 6
103
300 Kelsey Wheel Inc________ 100
261] Jnu 4 39%May 31
37% 31,300 Kennecctt Copper____No par
24%May 4
20% 19,300 Keystone Tire * Rubber.. 10
16% Jan 3
140
1,200 Kresgo (3 3) C o ...................100 110 Jan 10 172%Juno 2
74% 15,400 Lackawanna Steel............... 100
44% Jan 4 81% May 16
82 May 12
43 Jan 13
80%
1,300 Laclede Gas (St Louis)____100
35% Mar 16
32%
4,100 Leo Rubber A Tire____No par
26% Jan 6
1,200 Liggett & Myers Tobacco. 100 153% Feb 18 173%Juno 6
168%
116%
600
Do pro f.......................... 100 108 Jan 10 116 Mar 7
116% 11,900 Lima Locora Wks Ino_____ 100
91 Jan 3 117%May 24
120
700
Preferred______ _________100
93 Jan 30 2117 May 26
18% Apr 17
15%
7,300 Loew’s Incorporated___No par
11% Jan 20
14%May 3
14
900 Loft Incorporated_____No par
9 Jan 9
51% Apr 15
45%
1,100 Looso-WUes Biscuit tr otfs.100
80 Jan 7
156%
1,700 Lorlllard (P).......................... 100 147% Jan 6 159%Mny 20
109 Jan 13 115 MarlO
98 June 8
96%
1,800 Maekay Companies........... 100
72 Jan 6
69 Juno 1
68
100
57 Jau 13
Do pref............................ 100
56% 20,400 Mack Trucks, Inc_____ No par
25% Jan 13 67%June 7
3,000
68% Feb 27
90 Juno 9
90
Do 1st pref___________ 100
600
83%Juno 9
54 Jnn 6
83%
Do 2d pref......................100
15% Jnu 10
24% May 19
24 % 10,900 Malllnson (II R) & C o ..N o par
4,200 Manat! Sugar......... .............. IOC
30% Jan 3
52 Mur 13
48%
Preferred _______ _______IOC
700
73% Apr 3
80 Mar 21
79%

50%
*104
85%
100
37
20%
138%
74%
79%
32%
*170
116
115
*116
15%
*13%
46%
*156
*114
97
97%
68
*65
57%
56
88%
88%

98
68
57
88%

49
104
*84
*100
35%
19%
*138
73%
80
31%
168%
*115
112
*115%
15%
*13%
45*2
155
*114%
96%
*65
54
89
83
22%
48%
79%

Lowest

3,800 Elk Horn Coal Corp______ 50
700 Emerson-Brantlnghan____10O
4,000 Endlcott-Johnson_________ 50
500
Do prof........................ __ 100
20,200 Famous Players-Lasky.No par
600
Do preferred (8 % ) ____100
Federal Mining & Smelting 100
1,500
Do pref......... ...................100
900 Fisher Bpdy C orp____No par
2,400 Fisher Body Ohio, pref____100
8,700 Fisk Rubber.......................... 25
86,500 Freeport Texas Co____No par

21 % 22
10%
10

82%

PBR all ARB
Range since Jan. 1 1922
On basis of WO-share lots

t per share
18% Jan 4

22% 22%
10% 10%

*95

39
38%
42
43%
18% *17
36
34%
36%
37%
73
70%
24%
23%
119
117%
1710 171.4
141% 137%
*91
30%
31
31
30% 31
15%
15%
15
15%
15
36
37
38% 39
38%
72
72
71%
*71% 72
22%
23
23% 23%
23%
30%
*30
31%
30% 30%
18%
18% 185* *18% 19%
149% 150 *148
147 148
+119
42% 42%
43 " *41
3%
3
3%
3%
3%
54%
54%.
521.t 55
94% 95% 94
94% 95
110 110 *109% n o *109%
18%
19
18% 18%
19%
*70
39%
39%
*37% 38%
37
64% 04%
65%
*64
65
22
21
21% *21% 23
64% 65>4 04
665* 673
43% 43%
43%
44% 44%
8%
9%
9%
9%
9%
34% 353,1 *34%
36
*35
*10% 11%
11
*10% 11
12%
11%
11% 11% *11
4
3%
3%
3%
4
8%
8%
8%
8%
8%
20%
*19% 19%
19%
20
137% 137% 137% 137% *135%
13%
14% 14%
13% 14




83

STOCKS
N EW YORK STOCK
EXCH ANG E

Indus. 8c Mlscell. (Con.) Par
1,100 Dome Mines, Ltd________ 10
3

S per share $ per share
28
28
*28
28%
765 765

*10

52
50% 51
50
105% 105 106% 105
86
*84
86
84
101% 101 101 *100
36%
36% 38%
38%
2038
22%
20% 21%
138
137% 137% 138
77
71% 73
72%
79
80
*78% 80
33%
33% 33%
33
173
16938 173% *172
116 116
116
116
110 112
111%
112
115
113
113 113
15%
15% 16%
16%
13%
13% J3%
13%
*40%
?7
47
47
157% 157 157% 156
*1 14
*1131s
95
93% 94
93%
*64
68
68% *60
54%
54
55
54%
88
87% 87%
88
83
83
83
83
23
22% 23%
23
46%
46% *45% 47
*76
76
77
76

387$
41
19%
18%
36%
34%
36% *36%
72%
71
24%
23%
119 *118
\7U
141% 14234 137%

3834
39%
19%
35%
36%
71%
24
*117%

82%

Friday,
June 9

111 % 111 % 1 11 % 1 11 % * 110 % 113 * 110 % 113
85
86% 83% 85% 84% 84% 83% 84%

63% *62
64%
96%
05% *100
77
76
:o2% *100
167
107
14%
14%
82%
82%
82%
82%
94%
95
17
17%
44
42%
89
89%
32
32%
19%
18%
34% *33%
12%
12%
84%
82%
2
1%
24
24%
70
71
84%
82%
20%
20%
12%
13%
4%
4%
9%
91.1
4434
43%
11
11%
41%
41
36
35%
25%
25%
10534 105
113% *112%
24
24%
84
85
18
17%
82
*80
52%
51%
70
69%
18%
18%
32
33
1
1%
20%
20%
72
71%
45
43%
434
5
44%

83%

22
23
10% 11

Thursila#.
June

Sates
for
the
Week.

32 Mar 6 42% Feb 6
22% Jan 6 45 Juno 9
6% Mar 4
26% Mar 27
20% Jan 4
30%Juno 3
22 Jan 11
40%Juno 9
48 Mar 17 74%May 17
11 Feb 15
25%June 8
101 Jan 3 122%May 3
21% Mar 23
106% Jan 10 142%Juno 2
92 Apr 18
31%Muy 31
26% Feb 15
16 Apr 17
11% Jan 11
45%May 17
26% Jan 6
75 May 15
63 Jan 4
24%May 22
12 Feb 11
34 Mar 31
19% Jan 7
21% Apr 25
10% Jan 9
123% Jnn 4 157 May 1
113% Jan 4 121% Apr26
44% Mar 1
20 Jan 17
4% Apr 13
1% Jan 10
55%June 3
30% Jan 11
85 Jan 12
98%Mny 31
108 Jan 10 113% Keb 23
19%June 1
13% Feb 16
58 Jan 3
80 A pr 27
28 Mar 10 46 Juno 9
63% Jau 17 68%Juno 6
13 Jnn 3
25 Keb 28
44% Jnn 4
68 May 31
38 Jan 7 44%.Juno 2
3 i)i Jan 13
10%Juno 1
20% Feb 2.8 38% Apr 12
0% Mar 6
12% Mar 30
14% Apr 17
11 Jan 10
4%June 2
2% Feb 24
4% Jan 6
9% Mar 25
21%May 4
12% Jan 0
116 Jan 4 113% Mur 30
10tj Apr 11
0% Jan 7

26% June
621] Juno
16 Aug
9% Jan
19 July
5% Deo
25 June
% Nov
13 June
49% Mar
40% Aug
10% June
0
Dec
2 June
0% Dec
29% Mar
6 Aug
31
Dec
21 June

Highest
9 per share
21% A pi
12438 Deo
25% May
97* Ma 7
81
Dec
106% Deo
32% Apf
97
Dea
18% Deo
43% Dee
90
Jan
84
Deo
19% May
20% Jan
59% Deo
78% May
1171$ May
70% Deo
143%
16%
75
73%
86

Deo
Job
Deo
Deo
Deo

44% Jan
86
Deo
34% N ot
16% Mai
29% Deo
1678 Jan
B078 Deo
13% Jan
25% API
61 Ma7
86 May
16% May
20% Jan
7i] Jan
15x4 Jan
42%
18%
57
29

Doo
Jan
Jan
Nov

07% Aug 100% Feb
99% June 110
Jan
7% Aug
17% Jan
36
Aug
67% Deo
11% Aug
17 May
85 May
60
Doc
38% Aug
73% May
07 Aug
75% N ot
5% Aug
20
Jan
22% Sept 40
Jaa
2 Sept
4% Jan
4
Jan
13% Deo
46% Not
8% Jan
14% Jan
38% Deo
4% Oct
9 N ot
08 Mar
85
Deo

32% Aug
70% May
70 May
35 Mar
10 Mar
8% Jan
130
Jan
32 June
40
Jan
17% Jan
138% Jan
97% Jan
04 Aug
87% Aug
10 June
7% Aug
30 Aug
138
Feb
59%
55
25%
03i]
54
10
21
92

Jan
June
Oct
Oct
Oct
Jan
Oct
Jan

547* May
04
Jan
80 Juno
69 Nov
377* Deo
177* May
177
Deo
58% Jan
67% May
30
Dm
164
Deo
110 N ot
102
Deo
100% Deo
21% M u
12% Jan
42
Jan
104% Feb
111
Deo
73
Doo
03
Deo
42 May
79
Jan
64% Api
18 Sept
89% Feb
93
JaD

30*4
18 June
307*
12% Aug
19%
5
Oct
13 Sept
22
11% Aug
24
38 Juue 45*2
8 June
16%
06% Jan 114

Doo
Nov
Jan
Deo
Nov
Deo
Doo
Doe

84% Aug

107% Jan

16% Jan
10 July
22 June
43 Aug
12% Deo
17% July
10% Dec

28
Do0
16% N ot
33% Jan
64% Doo
26 May
287* Jan
30
Jan

102
105
16

Jan 128% Deo
Aug 120
Jen
Bept
35% Jan
6
Jan
% Sept
65
Fob
20 Aug
87
Doo
07% July
100 Juno 108 May
16% Deo
0 Mar
89
Fob
47% Aug
39 May
20% Feb
(5
Jau
67% May
13 Dec
33
Fob
32% Aug
40
Deo
317s Aug
41% N ot
% Deo
% Deo
30% Nov
39 Mar
127* Jan
Si] Mar
7% Nov
11% Deo
4
Jan
1% May
6 May
3% A ur
30% A pi
14
Deo
87 Aug 148 May
10
Jan
8 Nov

3563
H IG H

AND LOW SALE PRICES—PER SHARE, NOT PER CENT

Saturday.
June 3

Monday,
June 5

Tuesday,
Juried

Wednesday. Thursday,
June 7
June 8

Friday.
June 9

Sales
the
Week.

STOCKS
NEW YORK STOCK
EXCHANGE

PER SHARE
Ranee linee Jan. 1 1022
On basil of 100-ihare loti

PER SHARE
Range Jor prectom
year 1921

Lowest
Highlit
Lowell
Highest
$ per share S per share S per share S per share S per share 8 per share Shares Indus. Sc Mlscell. (Con.) Par 3 per share
> per ihare
per there Z per than
377* 37% 377* 37
37',1 3.600 Owens Bottle.......................25 24?* jan 27 387*June 5 t 24%
38% 38% 38',1 3878 38
38% 37
Nov 64% jan
9% 11,500 Pacific Development__ HI
9
9%
10
9
8% 9
9
0
8% 9%
9
6f* Feb 21 14*8 Apr 27
4 Dee 19% Jan
72
1,300 Pacific Gas A Electric_Hioo
72% 72% 72% 72
72% 7278 72% 72% 72
72% 72
60 Jan 30 73% Apr 26
46% Jan 68 Deo
17% 17% 6,200 Pacific Mall SS___
6 11 Jan 18 19 June 3
19
18% 18'% 18% 187* 18
18
17% 18
17
8 Aug 17% Jan
647* 116,700 Pacific Oil...............
'
65% 66% 051.1 60% 04% 05*2 64*2 64V* 03
60% 68
44% Jan 10 69%May 4
27% Mar 50% Dm
7 (V* 09% 7178 45,900 Fun-Am Pet A Trans.II.. 50 487* Jan 11 73 June 3
70% 72% 69% 71
71% 73
69% 70% 70
38% Aug 79% Feb
65
13,900
63'.i
657*
65%
63
Do Clans B....... ...........60 44 Jan 10 66%June 3
64% 03% 64% 63%
65%' 06% 64
34% Aug 71% Jan
97*
9% 9% 25,100 Panhandle Prod A R ef..no par
9
7 May 27 12% Jon 4
8% 9
8% 87*
9
9%
8% 87*
6 Aug 131* Deo
14
14%
900 Parish A Bingham____ No par 111* Jan 3 17 Apr 12
*14% 15
14% 15
14% 14% 14% 15% *14% 15
97* June 15% Ap>
107*
11%
69,900
11% 125* 11% 12% 11% 12
6% Feb 27 13%May 24
Penn-Seaboard St’l v t c No par
11% 11% 10% 11%
6% June 17 Jan
84% 84% 84 84% 2,400 People’s G L A C (Chic).. 100 69% Jan 4 88 Apr 26
84% 85% 84% 84% 847* 80
85
85
33% Jan 64% Deo
39% 38% 387* 2,100 Philadelphia Co (Plttsb).. 50 3D* jan 4 40%May 23
387* 39% 387S 39
39
39
39
39
39
26)2 Aug 36>s jan
88
85-W *83
*S4
86 *83
95 *83
*83
90 *83
Phllllp-Jones Corp____ No par 83 Jan 28 105% Jan 3
90
37% Apr 105% Deo
58% 70,000 Phillips Petroleum___ No par 28% Jan 11 59%June 7
54% 54% 55
54
54% 59
57% 59% 57 58% 50
16 June 34% Deo
21%
20
20%
16,800
20
19% 20
21
19% 19% 20
Pierce-Arrow M Car. -No par 13% Jan 5 24% Apr 25
19% 20
9% Aug 42% May
42% 8,000
40% 41% 40
3978 38 39
39% 39% 39
Do pref....................... 100 277* Feb 8 49 Apr 15
391.1 42
21 Oct 88 Ms*
8% 9% 99,300 Pierce Oil Corporation___ 25
8% 10%
10%
10% 10% 10
9% 10%
8% 97*
7 Feb 23 12 Jnn 12
5% Aug 14% Not
54
52
50%
5,700
52'%
50
55% 56
Do pref........................ioo 39 Mar 2 71 Jan 3
54% 55
54% 54% 50
30% Aug 78 Jan
64% 00% 18,900 Pittsburgh Coal of Pa........100 687* j aQ 30 68 June 6
67
66% 67% 66
65% 05% 65% 66% 06% 08
52 July 60 Deo
0678 967* *06
99%
200
*96 100
Do pref........................ ioo 00% Feb 3 967*June 8
*95% 100
96
96
8278 Jan 93 Deo
*9512 100
237* 23% 24% 22% 23% 21% 22%1 32,000 Pond Creek Coal. .
io 14% Feb 2 24%June 7
21
2278 23
22*2 22
12% Mar 18% May
81% 82 % 3,000 Postum Cereal____ III No par 65% Apr 19 86 June 3
85% 80
83
84% 83
83% 82% 83% 82% 83
109 109
108% 109
2,500
109% 110% 108% 109% *108% 109% 109% n o
8% preferred.............. 100 105% Apr 29 lll%June 2
79
79%
79%
79%
SO
1,100 Pressed Steel Car__
*78% 79% 79
79
ioo 63 Jan 12 83% Apr 22 48 Aug 00 Jan
78% 78% 79
*98
99% 991* *98% 99
99
300
99% 99% 99% 99% *98% 100
Do prof................. 1*1*100 91 Feb 16 1007*May 9
83 June 104 Jan
40% 40,400 Producers A Refiners Corp. 60 24%
46% 47% 45*2 467* 44
47% 49% 46% 48% 47
48
20% Oct 34% Deo
Jan 10 50 June
86%
87
87
85
87
80
1,100 Public Service Corp of N J.100 66 Jan
*87% 8712 *871* 87% 87% 87%
54
Jan 70% May
91
May
4
120 121
120 121
119% 120% 3,400 Pullman Company______ 100 105% Jan 6 129% Apr 24
122 122% 122% 122% 121% 122
89)8
Aug 114% Not
48% 49% 48% 49% 48 49% 48% 49% 49% 517* 50% 53% 33,900 Punta Alegre Sugar__ III. 60 31 Jan
53%June 9
24% Oct 61% Jan
33%
33
32%
33%
347*
32%
33% 31,500 Pure Oil (The).....................25 297* Mar 0 38% Jan 3
341*
33% 34% 33% 34%
21% Aug 40% Deo
101% 101% *101 102
101% 101%
*101 102 *101 102
400
101% 102
8% preferred.................ioo
99 Mar 28 102% Apr 25
104 104% 103% 104
104 104
1,100 Rallwny Steel Spring_____ 100 94 Jan 10 104%May 31
101 104% *104% 105 *104 105
67 July 09% Deo
26%
26%
26%
*26 27%
27
26*2
27% 27% 27% 27% 27
500 Rand Mines Ltd_____ No par
19% Jan 26
18
19 Apr 26% Sept
18% 17% 177* 8,500 Ray Consolidated Copper. 10 13% Feb 11 28%May
18% 187* 18% 187S 18% 18% 18% 18% 18
19 May 31
11 Mar 16 May
34% 34% 36
3,000 Remington Typewriter v t cIOO 24 Jan 6 42 Mar 14
34% 34% 34% 34% 34% 34% *34% 3412 34
17%
June 33% May
*66
75
*60
75
75
*00
75
75
75
*70
75
*66
100
1st preferred v t o_____ 100
55 Jan 12 75 June 6
47% Nov 80 Jan
63
*55 63
63 *55
*55
*55 63
*55
63
*57
60
2d preferred_______ ..100 60% Feb 23 63 Mar 14
47% Nov 76 May
36% 37% 37
34% 36
38
3478 357g 33% 35
377* 43,700 Replogle Steel..............No par 26% Jan 3 38%May 18
35
18 June 39% Jan
73% 72% 75*4 74% 75% 72% 747* 70,400 Republic Iron A Steel........100 46% Feb 25 78%May 29
72
75% 77% 72% 75
41% June 73% Jan
917* 92
917* 917* *90 92
94% 95% 93% 94% 91% 93
2,500
Do pref.......................100 74 Feb 24 95%June 2
76% Oct 96% Mai
12
10%
10%
11%
11%
10%
13%
14% 12
10% 11% 14,200 Republic Motor Truok.Wo par
13
4% Mar 2 14%Juno 2
5 Dec 24% Jan
46% 457* 46% 457* 46% 9,000 Reynolds (It J) Tob Cl B ...2 5 43 Mar 27 48% Apr 24
46% 46
46*2 471,1 46% 47% 46
113% 113% 113% 113% 113% 113%
113 113% 114 114
*113 114
500
7% preferred..................100 111% Apr 11 113%Junc 7
65
67
65% 60% 04% 65% 64% 651.1 64% 64% 62% 64% 74,700 Royal Dutch Co (N Y shares). 47% Feb 1 60%May 3
40% Oot 697* May
15% 15% 15% 15% 151* 2)147* 15% 2,100 St Joseph Lead___________ 10 12% Jan 9 157*May 4
*15
15% 15% 151.1 15
10% Aug 14% Deo
4% 4%
4% 6%
4% 5%
47* 5%
5% 5%
4% 5% 10,800 San Cecilia Sugar v t a.No par
6% Mar 21
1% Jan 10
1% Oct
6% Fab
*187S
19
*18%
187*
19%
*187S
*19% 20
*18% 18% *18% 18%
Savago Arms Corp_______ 100
247*
Apr
1
11%
Jan
4
87* Oct 23% Jan
41-t 4%
4% 4% *4% 4%
4% 4%
4% 4%
4
4% 4,000 Saxon Motor Car Corp.No par
5%June 2
1% Feb 23
6% Apt
2% Oct
78% 79V* 78 78% 771.1 77% 75% 77% 70
771.1 76% 77% 8,600 Sears, Roebuck A Co........100 60% Jan 27 80%May 29
54% Dee 98% Jan
*105% n o *105% 110 *105% 110 *105% n o *105% n o *106 n o
Preferred_____________ ioo 91 Jan 5 106%May 23
85 Nov 104 Jun*
13% 13% 13% 13% 13% 13% 13% 13% 13% 13% 13
2,200 Seneca Copper_______ No par 107* Feb 20 23% Jan 3
13
12% Mar 25% Not
11% 11% 11% 1178 11% 11% 11% 11% 10% 11
11
1,300
*1012
Shattuck Arizona Copper__ 10
7%
Feb
28
12
June
2
47* Jan
9% Deo
437*
44% 43% 44
44% 45
44% 45% 44% 45%
437* 447* 8,100 Shell Transp A Trading__ £2
35% Jan 30 48%May 3
307*
Oct 49 May
38% 37% 38
37
37% 37% 38% 37% 38% 37
30% 38% 220,550 Sinclair Cons Oil Corp.No par 18% Jan 10 38%June 9
16% Aug 28% May
48%
48%
48’
%
49
48
*48
49
48%
45% 48
497* 50
1,300 Sloss-Sheffleld Steel A Iron 100 34% Mar 7 54%Mas 13
32% June 56 Jan
*75
85
*75
77
85
77
*75
77
85
*75
*75
100
85
Do pref.... .......... ........ 100 66 Mar 21 77%May 24
68% June 75 Not
51
51% 50
49% 52
51% 51% 51
*47
50
52
54% 2,100 So Porto Rico Sugar_____ 100 43 Jan 9 57% Mar 3
20 Oct 103 Jan
24
22%
23% 22% 23
21% 22% 20% 22% 40,000 Spicer Mfg Co_______ No par 17 Apr 27 24 June 5
21% 217* 2212
*91% 93% *91% 94
*91% 94
91% 91% *91% 93
*92
94
100
Preferred.......................100 84 Apr 28 91%Junc 3
124 124 *122 125 *122 125
*122 124 *122 124 *122 124
100 Standard Milling................100 110% Jan 26 125% Apr 27
88 Aug 119 Dee
116% 118% 116 117% 115% 117% 114% 116 113% 115% 112% 115% 26,600 Standard Oil of Cal______ 26
91% Jan 10 121 May 3
67% June 98% Deo
193% 194% 192% 197% 190 198% 193% 197% 191% 195
191 194% 24,500 Standard Oil of N J........... 25 169% Jan 6 198%June 6 1241* June 192% Deo
115% 115% 115 115% 115 115% 114% 115% 115 115% 115% 115% 3,300
Do pref non voting__ 100 113% JaD 7 116%May 4 105% Jan 114% Deo
84
84
*84
*84
85
85
85
*84
86
86
84
84
300 Steel A Tube of Am pref.. 100 08 Mar 10 90 May 25
66 Sept 85% Deo
49% 49% 52
49
49
48% 4978 48% 49
48% 49% 49
7,700 Sterling Products_____ No par 45%May 4 52 June 9
100 100
*95 101
02 100% *95 101
*95 101
*95 101
100 Stern Bros pref (8%)____ 100 81 Jan 3 106 May 4
81 Oct 119 Aua
44
44% 45
41% 44% 43% 44% 44
45
45
43
44
3,900 Stewart-Warn Sp Corp.Wo par 24% Jan
45%May 31
21 June 37 Jan
517* 526
533
*54% 55% 64% 55
53% 537j 53
51
52
1,900 Stromberg Carburetor.Wo par 35% Jan
59% Apr 12
25% Aug 46 Apr
124% 125% 123% 125% 122% 125% 122% 124% 123% 1245, 121% 124'. 164,700 Studebaker Corp (The)__ 100 79% Jan
125%June 3
42% Jan 93% Apt
1127* 113
114 114
*112 113 *112 113 *112 113
114% 1141.
2,100 Do prof_____ __________100 100 Feb 17 114%June
83 Jan 103% Deo
7% 73
7% 7%
7% 8%
7% 8
7% 7%
6% 7
15,200 Submarine Boat_____ Wo par
3% Jan 31
8%June
3 Oct 10% Jan
9
9% 10'
9%
106
7% S'.
9
8 % 8%
8 % 95, 75,700 Superior Oil.... ............ No par
5
Feb
20
10%June
7
3% Aug 13% Jan
35%
35
*34
35% 34% 34% 35% 36% 35
35
35% 35% 9,000 Superior Steel........... ........ 100 26 Jan
39%
Apr
7
26
June 48 Jan
3% 37*
3% 4%
3% 3%
3% 33
3% 3»4
3% 4% 17,600 Sweets Co of America......... 10
3%May
5 Mar 14
2*4 2 %
2
2% 2%
2
2 % 2% *2
2%
2 % 2 % 2,900 Temtor C A F P. cl A ..Wo par
1%
Feb
11
6%
Feb
1
2
Dec 25% Jan
12
12% 11% 12
12% 12% 12% 12% 12% 12% 12% 126
7,200 Tenn Copp A C tr ctfs.Wo par
9% Jan 13 12%May 19
6% Aug 11 Deo
50% 49% 49% 48% 49% 48% 487* 471-. 487* 88,100 Texas Company (The)___ 25
497* 50% 49
42% Jan 10 50%May 4
29 June 48 Deo
49% 50% 48% 497j 49
49% 471'. 49
49% 51% 49% 52
16,900 Texas Gulf Sulphur_______ 10
Jan 4 52 June 5 (32% Dec 42% Deo
32% 31% 32% *30% 317* 30% 31% 295* 30% 69,600 Texas Pacific Coal A Oil.. 10 38%
317* 32% 31
23 Jan 9 32%June 3
16% Aug 367* jan
133% 133% 1293i 133% 130 130
133 133
1297* 130
130 130
1,500 Tldpwater Oil.....................100 109% Mar 17 137%May 4 110 Sept 175 May
80
80%
8
O
6
1
80%
80
80
80%
80% 81%
80% 80 80'^ 33,500 Tobacco Products Corp__ 100 67% Mar 2 82 May 31
45
Mar 72 Bep*
*98 101% 105 109
1047* 105% 105 1057* 105 105
107**
4,900
Do pref.... ................. .100
88 Mar 2 109%June 9
76% June 91 Jan
187* 17% 18% IOO. 109%
18% 19% 18% 18*4 18
18% 19
18% 58,700 Transcontinental O il...Wo par
7% Mar 3 20%May 22
6
Aug 13 Asa
42
42
*40%
42
42%
42% 42% 40'-> 40%
42% 42% *40%
400 Transue A Williams St.Wo par 33 Jan 16 451* Apr 4
28 June 44% Apr
05
*65% 66
0538 65% 05
65% 65%
*66% 67
66%
000 Union Bag A Papor Corp.. 100 65 Mar 25 71% Jan 6
67 Sept 75 Jan
247*
24
24*4 24% 24% 23
25
24
24% 25
24% 54,500 Union Oil___________Wo par 17% Mar 4 25 June 3
16% Atig 25% May
*100 101% 100 100 *100 101% *100 101% 100 100 *100 101
400 Union Tank Cnr________ 100 96 Jan 13 103 Apr 24
87% Sept 107 Mai
106% 106% *105 107 *105 107
106 100 *105% 107
*105% 106
2661 Preferred_____________ 100 102 Feb 9 107%May 2
02 Oct 104 N ot
39 40% ♦38 40
39
39% 39% 38
39% 39% 39
39% 6,600 United Alloy Steel____ Wopar 25 Jan 11 41%May 13
19 June 34 Jan
77
75
70
75% 75% 76
77% 77% 77
78 78
4,100 United Drug__________ 100
77
607* Mar 3 81*2May 18
46 Sept 106 Jan
47% *45 47% 47% 47%
471,1 *45% 4678 *45
*45
47
*45
100
1st preferred___________ 50 41% Feb 18 47%June 9
30% July 47 Feb
141
139%
140
140
141
141
140
141
to
141 141
2,400 United Fruit...... .............. .100 119% Jan 4 148 Apr 4 (95% June 207 Jan
*140 142
19% *16% 177* 16*2 16% ♦__
*10% 19% *16
19
*16
14% Apr 21 19%May 3
19
100 United Paperboard Co___ 100
65% 06% 05*4 67
05^ 6678 64%
65% 67% 63% 06
467* Aug 62% May
85,000 United Retail Stores__ No par 431* Feb 28 71%May 29
34
34
31
36
33%
3412 34% 33% 34
34% 34% 33%
5,500
U
S
Cast
Iron
Pipe
A
Fdy.100
16% Jan 13 38% Mar 15
111* Jan 19 May
09*4 70% *68
70
70
*68
70% *68% 70 *69
72
Apr
15
*68
70
60
Jan
11
100
200
Do
pref_____________
38 Aug 67% Not
6% *6% 6% *6% 6%
*6% 6% *6% 6% *6% 6*4 *0
5 Feb 1
6%May 31
U
S
Express..............
100
6% June
7 Jan
7
%
7% 7'8
8
77* 8
7% 8%
77* 87* 12,900 U S Food Products Cory.. 100
<8% 9%
2% Feb 8 10% Jan 3
8% Sept 27% Jan
57% 57
57*.j 56% 57%
57% 58
57i.i 58% 57
57% 10,600 U 8 Industrial Alcobol___ 100 37 Jan 6 69%May 27
35% Nov 74% May
9734
*94
*93
97
%
97
94%
*94
*94
08%
96
90
300
Do pref_____________ 100 90 Jan 9 97 May 27
84 July 102 Mar
69% 08*4 69% 68% 69% *95
70% 71% 69% 70% 69
67% 69
3,800 U 8 Realty A ImprovemcntlOO 56 Jan 3 72%May 26
41% Mar 63% Dee
05*2 64% 647* 63% 64*2 30,100 United States Rubber____ 100 51% Jan 9 67% Apr 17
64% 06% 65% 66% 64*2 657* 04
40% Aug 79% Apt
105
105
105%
105*2
106%
105 105
*101% 106% 105%
105 ' 105 '
'700
Do 1st pref................. 100 99 Feb 7 106 Apr 12
74 Aug 1037* Jan
44
44
437* 437* 43
44% 44
44% 44% 44
43% 1,000 U S Smelting, Ref A M ___ 60
33 Feb 27 45%May 29
26 Apr 38% Dee
*46% 47
47
47
♦46
47
*46
47
47
47
47*3
400
Do pref............
60 42% Feb 9 47%June 3
37
Aug 44% Jan
101*4
1027*
103%
102%
1015*
102% 1027* 101% 103%
102% 101 102% 130,100 United States SteelCorp.. 100
82 Jan 6 103%June J
70% June 86% May
*119% 1197* 119% 119% 119% 1193i n oil 1195,3 n o 119% 119 119% 2,100
Do pref_____________ 100 114% Jen 3 120 Apr 2i 105 June 115 Dec
68% 687* 67 68% 667* 67*4 66% 07*>8 66% 67
65% 67% 14,400 Utah Copper.................... 10 60% Jan 5 69%May 29
41% Aug 66% Deo
167* 167* 10*8 17
*16% 16% 16% 16% 1,000 Utah Securities v t c___ 100
17
17
17
17
87* Jan 18 197*May
7 Aug 12% Mar
50% 52*4 50% 51*4 49
50
50% 48% 50% 487* 51
51 27,300 Vanadium Corp_____ No par 30% Jan 10 53 May 18
25% June 41 Jan
*95
96% ♦95 96% 96*2 96% *92
96% *95
98 *92
98
100 Van Raalte 1st pref______ 100 92 Jan 17 96%June 7
72 Mar 88% Dte
32
31% 31% 31% 31% 2,200
33% 33% 32% 32% 32% 32% 32
Chem._100 27% Jan 16 367* Mar 13
20% July 42% Jan
09% 69% 69% 68% 68*1 1,600 Vlrglnla-Carollna
70% 70% 70% 70% 697* G9'8 09
Do pref.............. ....... 100 67 Jan 31 82 Apr 10
67% July 102% Jan
*54
56
50
55
56
56
56
55% 56
56
*54
800 Virginia Iron. O A C ......... 100 43 Mar 27 94% Jan 18
57
69 Aug 65 Jan
*70
72
72*2
72
*72
*72
73
72
72
75
*72
75
1,900
Preferred____________ 100 66 Mar 13 72%May 6
12
12% 12
12% 11% 117* 117* 12% 12% 13
12% 127* 7,100 Vlvadou (V)_________No par
6% Jan 6 14 May 8
5% Mar
9% May
14% 14% *14% 14% 13% 14% 137* 137* J 3 y8 14% 13% 14
5,000 Weber A Hellbroner__ Wo par
10% Jan 16 17 Apr 24
8% Jan 13% Oct
*70
78
/
8
*76
*76
78
78
*76
78
78
*76
400
Wells
Fargo
Express.........
100
06%
Jan
4
78
857*
Feb
15
491*
Jan
72
Jan
99
98% 98% 977* 987* 08% 08% 98% 98% 99
987* 99
1,000 Western Union Telegraph. 100 89 Feb 8 99%May 9
76 Aug 94 Apr
*93
95
95
*94
91% 94% 93% 93% *93
95
♦94
95
300 We8tlnghouse Air Brake__ 60
967* jan
80 Mar 16 100 Feb 21
81%
Sept
61%
61% 61% 62
62% 62% 62% 62% 61% 62%
607*
12,600
49% Jan 4 64 Apr 10 387* Aug 52% Deo
28% 29% 28 287* 27% 28
277* 27 29
27
28
27
25%May 4 29%Juno 7
50% 513* 50% 50% 49% 50% 10,800
50% 50 50
50% 51 % 50
3,700
35%
fin 6 51%June 2
29% June 44 May
978 10%
10%
97* 10
10% 10
10% 10% 10
9% 10
7,200
71* Jan 30 12 May 5
7 July 17% Jan
18*8 *18
18
18% 17% 18% 177* 18% 18
18% 17
18% 3,300
13% Mar 22 217*May 12
8% Nov 18% Dec
87*
8%
8% 9%
8% 9
9
0%
8% 0%
4% Feb 17 10 May 29
8%
9%
18,200
4%
Nov 10% May
45I* 46% 46% 46% 4,500
457* 45% 46% *45% 40
44% 45% 44
24 Feb 17 48%May 31
Do Preferred (new)___ 100
23 Aug 42 May
45
46
44% 45
47
40
46% 45% 46
40
*45
47
1,900
7tlson
A
Co,
Inc,
v
t
c.No
par
49%
Apr
26
271*
Jan
4
27%
Nov
47 Jan
*84 —
*84
*84
•81
89
*84
*84
Preferred_____________ 100
66 Jan 10 87%May 15
65 Oct 897* Feb
15834 15834 *158
160 160
60 *158 160
159 159% *158 159
500
137 Jan 6 167% Mar 27 105 Aug 139% Deo
o.J
53
%
54% 547* 53% 64% 53% 53%
*50 55
52 53
2,800
437* Jan 4 557*June 2
30** Aug 55% May
94
♦91
*91
*92
94
91
*92
91
*91
94
*91
94
Do pref A ......................100 83 Mar 31 94 May 4
701* Aug 86 Deo
*77% 79
78
*77% 78% *77% 78% *78
78
79
79
*78
100
Do pref B.................... 100 64% Jan 9j 79 May 9
54 Aug 70 Not
8% 8%
8% 83,| 8% 8% 1,700
8% 87*
8% 8%
8% 8%
6 Jan 27
9% Mar 17
9% Not
6% June




2564

New York Stock Exchange— Bond Record, Friday, Weekly and Yearly

BONDS
N. Y. STOCK EXCHANGE
Week ending Juno 9

Interest
Period

Jan. 1 1909 the Exchange method of quoting bonds was changed and prices are now—'•and Interest” —except for Income and defaulted bonds.
Price
Friday
June 9

Week's
Range or
Last Sale

l i

Range
Since
Jan. 1

High No. Low High
Bid
Ast Low
U. S. GoTernment.
First Liberty Loan—
3H% of 1932-1947................... J D 100.02 Sale 99.96 100.14 2824 9484 100.14
1 95.70 100.00
99.90 99.90
Conv 4% of 1932-1947............. J D
Conv 4 M% of 1932-1947.......... J D 100.00 Sale 99.92 100.08 830 96.04 100.08
99.50 June’22 — 96.82 101.00
3d conv 4H% of 1932-1947___ J D
Second Liberty Loan—
99.80 99.96 30 95.70 100 00
4% Of 1927-1942...................... M N
Conv 4H% of 1927-1942......... M N 99.94 Sale 99.90 100.00 3941 9532 100.00
Third Liberty Loan—
4H% of 1928............................ M S 100.02 Sale 99.90 100.08 4235 96.74 100.06
Fourth Liberty Loan—
4H% of 1933-1938................... A O 100.00 Sale 99.92 100.06 5540 95 86 100.06
VIotory Liberty Loan—
4tf % Notes of 1922-1923........ J D 100.60 Salo 100.50 100.70 9201 100.02 101.00
99 98 100.00 121 99.96 1C0.30
3M% Notes of 1922-1923........ J D
la consol registered..............41930 Q J *102*2 103*2 102*2 Apr’22 ___ 102*4 103%
Q
J
*102*2
103U
103*4 Mar’22 ___ 103*4 103*4
8a consol coupon................. 41930
105% Mar’22 ___ 105 105
4a registered______________ 1925 O F
1051ft Fcb’22
104 105*2
4a coupon.............................1925 Q F
100 July'21
Panama Canal 10-30-yr 2s. .*1930 Q F
Panama Canal 3s g________ 1961 Q M 7 9 __ 83
79
Feb’22 —
79 79*8
Registered______________ 1981 QM 79 —
Foreign Government.
Argentine (Govt) 7s..............1927 F A 100*8 Sale 99% 10034 248 99 102*4
20 77 87*4
86
Argentine Internal 6s of 1909___ M S 86 Sale 85
Belgium 26-yr ext s f 7Hs g_.1945 J D 109 Sale 10834 109*2 101 103*4 109*2
102*4 55 94*2 104%
5-year 6% notes........Jan 1925 J J 102 Salo 102
108*4 77 104*5 108%
20-year s f 8s.....................1941 F A 107*8 Sale 107
31 105 112
no
Bergen (Norway) s f 8s........1945 M N ___ 109*2 109
30 100 114
Berne (City of)a: 8s............1945 M N 111*2 112 111% 112
947
101*4
Sale
IV
!
N
101
101*2
101 101*2
Bolivia Republic of) 8s........ 1947
154 80*2 00
87
Bordeaux (City of) 15-yr 6s.. 1934 MN 86*2 Sale 86
Braall, U S external 8s.......... 1941 J D 104% Sale 104*8 106*4 409 103 108
99*2 38 96 101
Canada (Dominion of) g 6s.. 1926 A O 99*8 Sale 99
99*2 65 94*4 100*8
do
do
do 6s.. 1931 A O 98*4 Sale 98%
165 95% 101*4
10-year 5Hs.......................1929 F A 100*4 Sale 99% 101
Chile (Republic) ext s f 8S...1941 F A 105 Sale 10434 105*2 172 100*8 100
67 98*2 103%
External 5-year s f 8a........ 1926 A O 102*4 102*2 102% 103
78 100 106*2
25-year s f 8s.....................1946 M N 104% Salo 104*4 105
54*2 43 44 67
Chinese (Hukuang Ry) 5s of 1911 J D t 54*2 Sale 53*2
110*4 10 106 112*2
Christiania (City) s f 8s........ 1945 A O 110 Salo 110
92*2 66 85*2 03*2
Copenhagen 25-year s f 5HS-1944 J J 91*2 Sale 91*2
93*2 19 84% 03*2
Cuba—External debt 6s of 1904.. M S 93*2 Sale 92
Exter debt of 5s 1914 ser A . 1949 F A 87 89*2 87 Tune’22 ___ 77 90*4
16 70 81
81
External loan 4H b............. 1949 F A 81 Sale 80
98*4 520 97 100%
Cxechoslovak (Rep of) 8s___ 1951 A O 9734 Sale 97*4
26
110*2
Sale
111
F
A
110*2
105% 114
Danish Con Munlclpa 18s "A” 1946
13 105 113
Series B____ ____________1946 F A 110*2 HI 110*2 111
Denmark external s f 8s........ 1946 A O 110*2 Sale 110*2 111*2 33 107% 112*3
142 90*4 09%
99
20-year 6s.......................... 1942 J J 98*8 Sale 98
90*2 13 85% 93
Dominican Rep Cons Adm a f 5s'58 F A ____ 91*2 89*2
247
94*4
Sale
.1
J
94 97
95*4
94*4
Dutch East Indies ext 6s___ 1947
95% 494 94% 97
40-year 6s..........................1962 M S 94*4 Sale 94*4
French Republic 25-yr ext 8s. 1945 M S 103*4 Salo 103*2 104*2 163 99*4 108*4
102*4 441 94 106
20-year external loan 7 Ha. 1941 J D 101*2 Sale 101
Great Brit & Ireland (U K of)—
20-year gold bond 6 Ha___ 1937 F A 102*4 Sale 102*4 102% 434 90 103*2
355 98*4 n o
F A 109*8 Sale 108% n o
10-year conv 6Hs___________ 1929
251 100 n o
no
8-year conv 6Ha......... pl922 F A 109 Sale 08“/6
8 92% 96*3
96
Italy (Kingdom of) Ser A 6Hsl925 F A 95*2 Sale 95*2
91*4 409 86% 91%
Japanese Govt—£ loan 4HB-1925 F A I 91*4 Sale 90*2
90*4 480 86% 91
Second aeries 4Hs..............1925 J J t 90 *4 Salo 89%
77*2 563 72% 78%
Sterling loan 4s................. 1931 J J t 77*4 Sale 77
77 80*2 90
87
Lyons (City of) 15-year 6 s...1934 M N 86*2 Sale 86
100 80% 90
87
Marseilles (City of) 15-yr 68.1934 M N 86*4 Sale 86
65 900 64 70*2
Mexico—Exter loan £ 6s of 1899 Q J t 57 Sale 56
53*2 475 39% 02
Gold debt 4s of 1904.......... 1954 J D 4678 Sale 46*2
98% 853 94 98*4
Netherlands s f 6s ............... 1972 IVI S 9778 Sale 97*4
111
Sale
17 107*4 115
A
O
111
110*2
Norway external s 1 8s.......... 1940
Porto Alegre (City of) 8s___ 1961 J D 100*2 101*4 100*8 10134 31 102% 105
Queensland (State) ext s f 7s. 1941 A O 110 Sale 109*4 110*2 60 105% 111%
33 99 103
25-year 6s.......................... 1947 F A 101*4 Sale 101*2 102
30 99 105*4
Rio Grande Do Sul 8s..........1946 A O *10134 102*4 101*2 102
Rio de Janelro 25-year s f 8s 1948 A O 102 Salo 101% 102% 134 99% 105*2
3s....................................... 1947 A O 103 Sale 10234 103*2 189 102% 104%
103*2 58 101 106%
8an Paulo (City) s f 8s..........1952 IVI S 102 103 102
10334 79 100% 106
8an Paulo (State) ext s f 8S..1936 J J *103 103*2 103
227 90*2 98
94
Belne (France) ext 7s..............1942 J J 94 Sale 93%
Sweden 20-year 8s_________ 1939 J D 1013.1 102 10134 102*2 213 94 103
180 112% 120%
Swiss Confeder’n 20-yr s f 8s. 1940 J J 1177s Salo 117*2 118
71*2 19 67 76*2
Tokyo City 5s loan of 1912.......... M S 70*s 71*4 70*4
106*2 23 102*2 108%
Uruguay Republic ext 8s___ 1946 F A 106 106*2 106
11134 112*4 35 100 114%
Burich (City of) a f 8s........... 1945 A O ____112
(These are prices on the basis of $5 to £)
State and City Securities.
1 98 103
N Y City—4HaCorp stock.. 1960 M S 100*4 101 *100% 1003a
2 97*2 102%
4He Corporate stock........1964 M S 101*4 102*i 101*2 10134
1 99 102
102
4Ms Corporate stock........1960 A O 101*4 102*4 102
____106*4 107*4 May’22 ___ 103% 108%
4Hs Corporate stock____ 1971
___
____106*4
10534
June’22
J
J
103*2 107*2
4Hs Corporate stock.July 1967
9 103 107%
4Ha Corporate stock____ 1965 J D ___ 106*4 105*2 10534
2 103 107%
4Hs Corporate stock........1963 ivi s ____106*2 10534 10534
3 93*2 99*2
99*2
4% Corporate stock........ 1959 iw n 99*4 100 99*2
4% Corporate stock........ 1958 M N 99*2 100 99*2 June’22 ___ 93% 99*2
1 93*2 99*2
99*2
4% Corporate stock........ 1957 IHN 99*2 100 99*2
94 96
4% Corporatestook reg__1958 MN 99 ----- 95*4 Fcb’22
New 4Hs.......................... 1957 M W ____ 10534 10534 June’22 ___ 103*2 107%
4H% Corporate stock___ 1957 M N ___ 106*4 105*2 June’22 ___ 103*4 107%
VIay'22
84% 90
3H% Corporate stock___ 1954 IVI N 90*2----- 90
tio
N Y State—4s_..........
1961 IVI 0
102 June’22 ___ 102 102
Canal Improvement 4a___ 1961 j j
—
109*2 Apr’22
Highway Improv't 4H8...1963 M S
109*3 n o
104*2 Apr’22 — 104*2 104*2
Highway Improv't 4M s;.. 1960 ivi s
Railroad.
29 68*4 80
68
Ann Arbor 1st g 4s............. *1995 Q J 67 6778 67
179 85 90
90
Atch Top A S Fe—Oen g 4s.. 1995 A 0 89*s Sale 8834
4 87*4 88*4
88
Registered...................... 1995 A O ____ 88 88
77% 84
Adjustment gold 4s_____ *1995 NOV 8 1 8278 84 May’22
Nov 82*4 82*2 81
82*4 36 78% 84
81
10 70 83
J i:
81
1 91% 101
J D 100*8 101*2 100*8 101
M t 93*2____ 93*2 May’22
91% 94
J . 80*4 82 81*2 June’22
78 83%
8434 27 79*4 86%
J J 85 85*2 84*2
M '
1 80% 92%
913,1 92 91*2
91*2
25 85 90
M t 88*8 Sale 88%
89
ivi is 10578 106*2 106
7 104*2 107
106*2
4 83*2 88%
88%
General unified 4Hs......... 1964 J D 87*4 88*4 88%
Ala Mid 1st guar gold 6S..1928 M h 991*8----- 10O May’22
98% 100
Bruns & W 1st gu fold 4s.. 1938 J „ 88*8___ 88% May’22 ___ 80 88%
Mb
45 78 83
82
88% Sale 80*2
J J 93*2 Sale 93%
93*2 65 88% 94
91 92
Registered........................ *1925 Q J *92*4 93*2 92 May’22
'8034 70 76*8 83
1st 50-year gold 4s............*1948 A C 80*8 Sale 79%
76 75
Registered.................... *1948 Q J 77*8 80*8 75 Jan'22 __
82*2 Sale 81
83*4 231 74 84
J D 86*2 86% 86
8684 31 77
88
J . 99% Sale 98*4 100 239 94*2 100
M h 91 91% 91
91*2 18 87 93%
78*2 37 72% 82*4
P L E A W VaSysref 4s..11941 M b 78 Sale 78
J J 90*4 Sale 89*2
90*2 33 86 92
A C 97*4 100 98
99
1 92 99
J E 9634 99 96% May’22
98 98
A 0 96% 98 90% May’22
90 96%
J
67% 2i 02% 70
67 67*2 07
M S 100 ___ 100*8 May’22
98% 100*2
M N 90*4 Sale 90*2
9034 13 88% 91
A O 84%___ 82*s Mar’2i
82% 82*8
J J 93% ----- 90*2 Jan’22 —
90*3 90*2




BONDS
N. Y. STOCK EXCHANGE
Week ending June 9
P.och A Fitts Con 1st g 08.1922 J D
Canada Sou cons gu A 6s___ 1962 A O
Canadian North deb s f 7s__ 1940 J D
25-year s f deb 6 Hs........... 1946 J J
Canadian Pac Ry deb 4s stock__ J J
Car Clinch A Ohio 1st 30-yr 5sl938 J D
Central of Ga 1st gold 6s__ j>1945 F A
Consol gold 5s__________ 1945 M N
10-year temp secures. June 1929 ..
Chatt Dlv pur money g 4s.1951 J D
Mac A Nor Dlv 1st g 5s...1946 J J
Mid Ga A Atl Dlv 5s......... 1947 J J
Cent RR A B of Ga coU g 58.1937 M N
Central of N J gen gold 5 s ...1987 J J
Registered___________ *1987 Q J
Am Dock A Impt gu 5s-----1921 J J
N Y A Long Br gen g 4s...1941 M S
Ches A Ohio fund A lmpt 5s. . 1929 J J
1st consol gold 5s________ 1939 IVI N
Registered...................... 1939 IVI N
General gold 4Hs..............1992 IVI S
Registered____________ 1992 IVI 8
20-year convertible 4 Hs__ 1930 F A
30-year conv secured 5s__ 1948 A O
Big Sandy 1st 4s________ 1944 J D
Coal River Ry 1st gu 4 s... 1945 J D
Craig Valley 1st g 6s..........1940 J J
Potts Creek Branch 1st 48.1946 J J
R A A Dlv 1st con g 4s----- 1989 J J
2d consol gold 4s......... .1989 J J
Greenbrier Ry 1st gu g 4s__1940 M N
Warm Springs V 1st g 5s__ 1941 IVI S
Chic A Alton RR ref g 3s___ 1949 A O
Railway 1st lien 3Hs--------1950 J J
Ohio Burl A Q—111 Dlv 3H8-1949 J J
Illinois Division 4s..............1949 J J
Nebraska Extension 4s-----1927 M N
Registered...................... 1927 IVI N
General 4s______________ 1958 IVI 8
Temporary 5s___________ 1971 F A
Chic A E 111ref A Imp 4s g ... 1955 J J
U S Mtge A Tr Co otfs of dep_.
1st consol gold 68________ 1934 A O
General consol 1st 5s--------1937 M N
U S Mtge A Tr Co otfs of dep
Stamped----------------------Guar Tr Co otfs of deposit...
O A E 111RR (new co) gen 68.1951 MN
Chloago Great West 1st 4s...1959 M 8
Ohio Ind A Loulsv—Ref 6s.. 1947 J J
Refunding gold 5s..............1947 J J
Refunding 4s Series C........1946 J J
Ind A Loulsv 1st gu 4s___ 1956 J J
Ohio Ind A Sou 50-yoar 4S...1956 J J
Chic L S A East 1st 4 Ha___ 1969 J D
Ch M A St P gen g 4s Ser A-«1989 J J
General gold 3H8 Ser B..«1989 J J
General 4Hs Series C___ «1989 J J
Gen A ref Series A 4Hs__ O2014 A O
Gen ref conv Ser B 6s___ a2014 F A
Convertible 4Hs............... 1932 J D
Permanent 4s___________ 1925 J D
25-year debenture 4s_____ 1934 J J
Chic A Mo Rlv Dlv 5s___ 1928 J J
C M A Puget Sd 1st gu 4s.. 1949 J J
MUw A Nor 1st ext 4Hs__ 1934 J D
Cons extended 4Hs........1934 J D
Chic A N’west Ext 4s ..1886-1926 F A
Registered...........1886-1920 F A
General gold 3Hs............. 1987 M N
Registered-----------------pl987 Q F
General 4s______________ 1987 M N
Stamped 4s___________ 1987 M N
General 5s stamped______ 1987 M N
Sinking fund 6s......... 1879-1929 A O
Registered.............1879-1929 A O
Sinking fund 5s......... 1879-1929 A O
Registered..............1879-1929 A O
Sinking fund deb 5s----------1933 IVI N
Registered...................... 1933 M N
10-year secured 7s g_____ 1930 J D
15-year secured 6Hs g-----1930 M S
Des Plaines Val 1st gu 4Ha 1947 M S
Frem Elk A Mo V 1st 0S..1933 A O
M anOB A N W 1st 3H8—1941 J J
M llwASL lstgu3H s___ 1941 J J
Mllw L S A West Imp g 58.1929 F A
Ashland Dlv 1st g 6s___ 1925 M 8
Mich Dlv 1st gold 6s___ 1924 J J
MU Spar A N W 1st gu 4a__1947,M S
St L Peo A N W 1st gu 5 s..1948 J J
Chlo R I A P—Railway gen 4s.19881J J
Registered...................... 1988 J J
Refunding gold 4s..............1934 A O
R I Ark A Louis 1st 4H«—1934 M S
Burl C R A Nor 1st 5s___ 1934 A O
C R I F A N W 1st gu 5s__1921|A O
Chlo Okla A Gulf cons 5s.. 1952 M N
Keok A Des Moines 1st 5s. 1923 A O
St Paul A K C Sh L 1st 4H81941 F A
Chlo St P M A O cons 8s___ 1930 J D
Cons 5s reduced to 3Hs__ 1930 J D
Debenture 5s...............
1930 IVI S
North Wisconsin 1st 6s___ 1930 J J
Superior Short L 1st 5s g..«1930 M S
Chic T H A So East 1st 5 s... 1900 J D
Chlo A West Ind gen g 6 s ...«1932 QM
Consol 50-year 4s_______ 1952 J J
15-year s f 7Hs............
1935 M S
Cin H A D 2d gold 4Hs........1937 J J
C Find A Ft W 1st gu 4s g. 1923 M N
Day A Mich 1st cons 4HS.1931 J J
Cleve Ctn Ch A St L gen 4s.. 1993 J
20-year deb 4Hs............... 1931 J
General 5s Series B______ 1993 J D
Ref A lmpt 0s Series A___ 1929
Cairo Dlv 1st gold 4s........1939 y
C lnW A M Dlv 1st g 4s...1991 j
St L Dlv 1st coll tr g.4s___ 1990 M N
Spr A Col Dlv 1st g 4s___ 1940 M S
W W Val Dlv 1st g 4s........1940 J J
C I St L A C 1st g 4s........ *1930 Q
Registered.................... *1936 Q
Cln 8 A Cl cons 1st g 6 s... 1928 J
O C C A I gen cons g 0s___ 1934 J
Ind B A W 1st pref4s......... 1940 A
Peoria A East 1st cons 4s.. 1940 A
Income 4 s ......... .......... 1990 Apr
Cleve Short Line 1st gu 4H8-1901 A O
Colorado A South 1st g 4 s... 1929 F A
Refunding A exten 4H8...1935 IVI N
Ft W A Den C 1st g 51x8 ..1961 J D
Cuba RR 1st 60-year 5s g...l952 J
1st ref 7Hs................. ....1930 J D
D L A W—M A E 1st gu 3Hs 2000 J D
N Y Lack A Western 6 s... 1923 F A
Terminal A Improve’! 4s. 1923 IWN
Warren 1st ref gu g3Hs— 2000 F A

Price
Eriday
June 9
Bid

West’s
Range or
Last Sale

Range
Since
Jan. 1

Ash Low
High No. Low High
lOOU May’22
9978 10012
97 Sale 97
9834 ''25,
_ 93 9834
112^4 Sale 1121.1 113
83 108*2 115
112 Sale 11112 11234 79 107*2 H4
77>s Sale 77*2
7812
7738 81
9212 Sale 91l2
93
83 94
100 101 101 May’22
95i2 102*8
98>8 9812 9812
9812
89s8 99i2
9812 Sale 98i2
99
94 100
74i2 818g
78is 8012 78% Juno’22
953*____ 9612 Mar '22
93 90*2
9478 ----- 9512 June’22
95 95*2
9258 94 94 May’22
88*2 94*2
108
108 Sale 107
32 1037s 110*2
105 107
10512 106% 10634 May’22
10612____ 107 Mar’22
107 107
86*2___ 80 Aug’21
9012,
9512 96*2 95*8
90*2 98
94*2 102
10034 101 10078 l o w
100 May’22]
100 100
88U1
8734 88 87
82*8 88*8
86*8 Nov’21
88*2 193 82*2 91
87i2 Sale 87
94
93i2 Sale 92%
216 8H4 94*8
8158
81
81 84
8 76*2 81*8
78 82
823s 88 82 Apr'22
*89 . . . . 8878 Juno’22
887s 887s
71 78
77«2 79 78 Apr'22
82*4 83*2
833s 84 83% May'22
78i2 ____ 80% May’22
753s 80*2
7834 ____ 09 Apr’21
8834 ____ 80% Dec'21
52*8 61*8
60
60 Sale 5978
37*2 5078
50%
4912 Sale 49*2
77U 85
81%
81>8 Sale 81*8
87i2 9Ua
90*4
90 9012 90*4
96
93 96*2
96 Sale 96
9078 Oct’ 19
89
8884 Salo
37 86*8 91
99*2 301 9638 99*2
993s Sale 99
34% Deo’21
33 >s Jan'22
33*4 33*2
102 106
105's 105% .03*4 105*8
.04 Deo’21
103*4 Jan’22
103 103*4
84*4
84 Jan’22
81
105 Feb’22
104*4 105
84
80's Salo 80
81
68
6138 Sale 60*2
61*4
59 64i2
1063s___ 105*8 106»8
101 107
95*4
95*4 96
95*2
87*2 96*2
81*.
75
8912____ 75*2 Jan’22
Jan’22
6834 7412 75
75 76
8378
*83>8 ____ 8378
86*2 85
89 89l2 88*2 May'22
88 88*2
75*4
75ls 76 7478
7112 78U
64 69*4
66% 6978 66*2 May'22
84 8534 84
85*4
79 88
04*4
6378 Sale 63'4
54*2 68
74% Sale 74*2
75U
62 76
70
6978 Sale 69*2
60 73
79 Sale 78
80*2
69*8 81*4
6334
53 63% 63*s
54 67
89
94 96 99
89 97*2
73*2
73 Sale 71
63*2 77
8412 8412
87% ____ 84*2 Mar’22
857s May’22
88
86 8578
93% 95*2 95 May'22
92U 96
93U Apr’22
9314 93*4
72 81
75*2 76 75'4 June’22
70 Deo’21
82U 86*4
853s
85% . . . . 85*4
81*2 84*2
84
84*4
9978 105
104*2 104% 104*2 104*2
102 103
101% 106% 103 May’22
1017s Apr’22
101 10178
90*2 99
97*2 98% 98*4 99
95 ____ 94*2 Feb’20
96 100*4
10 0 100
99% 101)
98*2 May’22
98*2 98*2
105 109
10618 108 105*4 107
106 n o
108>2 110% 109'2 110
87is___ 101*2 Oof 19
1085s 111 107*4 Mar’22
10578 107*4
743g ____ 70 Mar’21
7378 ------ 60% Aug’21
9S58 983a
9912____ 98% Apr’22
1003s____ 09 Mar’21
IOU4 lOlU
1013S ____ 101*4 Mar’22
1 85U 90
87ia 88 87%
87*2
101‘s 102 101 May’22 ___ 95 102*4
8334 Sale 83
83% 22 79 84
78 81*4
79U 82 81% Apr’22
82 422 75*2 84
81 Sale 80*2
47 76*4 8238
81
81 Salo 80
1 90 98
98
9712------ 97*2
97*4 Feb’ 19
1 89 93U
93%
93%
10 72 91
90
89 Salo 89
10 76 85
82
81 82 81%
1106 June’22 . . . . 10412 107U
87 90*2
87 Apr'22
94
91*4 96*2
94*2 95 93%
118 Nov’16
. 95 May’ 18
7334 80*2
82
82
103 104>2
. 104% May’22
67*2 76
74
1 73*2
9978 10278
102*4
102*8 Sale 102
85 89*2
87*4 90 87 May’22
. 88 Mar’ 17
90U 90%
. 90*4 Mar’22
76*2 83
> 80*8 June’22
85 91
|l 88*2
89*2
100
86*4 100
99 Sale 1 99
95 1007a
L1 99*8 100
7934 87
. 85%
85%
1 79*2 May’22
76 81ig
79
77*2 82U
80*2
79*8___ 80*2
. 77 Juno'21
l S3
83*8 84
83
83 80*8
83
. 83
86*2 86*2
, 86*2 May’22
,94 94*2
. 94% Apr’22
04 105%
105*8 May’22
. 75 Nov’21
70*8 80
1 77%
78*2
227s 39
39
37 Salo 35
. 95*2 June’22 •» 90 95*2
93*2 *27 84U 93*4
93*2 Sale 93*2
___ 89*4
87% 2 1 81*8
87 871!! 87
12, 101*8 105
103
103
30 77 87*8
85
84 Sale 84
37, 100 104
104
104 Sale 102
7778 81
79 791 ! 80 June'22
98*2 103t2
99%
June’22
99*4 100
97 99i2
98*4 99 98% June’22
74 1j 74U
s 74% Apr’22
1 0 0 '4 _____

2565

New York Bond Record— Continued— Page 2
BONDS
*». T. STOCK EXCHANGE
Week ending June 9

Price
Friday
June 9
Bid

Delaware <fe Hudson—
1st lien equip g 4}*a_____ 1922
1st & ref 4s_____________ 1943
80-year conv Gs_________ 1935
5Ms................................... 1937
10-year secured 7s_______ 1930
Alb * Susq conv 3Hs____ 1946
Reims & Saratoga 20-yr Os. 1941
Den * U Or— 1st cons g 4s..1936
Consol gold 4H8............... 1936
Improvement gold 6s........1928
1st * refunding Gs_______ 195G
Trust Co cortlfs of deposit__
Rio Gr Juno 1st gu Gs........ 1939
Rio Gr Sou 1st gold 4s___ 1940
Guaranteed___ ___ .
1940
Rio Gr West 1st gold 4 s ... 1939
Mtge. A coll trust 4s A ..1949
Det * Mack—1st lien g 4s 1996
Gold 4s.......................... 1995
Det Rlv Ter Tun 4 Ms..........1961
DulMlssabc & Nor gen Gs__ 1941
Dul A Iron Range 1st Gs........1037
Registered____________ 1937
Dul Sou Shore A Atl g Gs . 1937
Elgin Joliet A East 1st g 6S..1941
Erie 1st consol gold 7s ext.. 1930
N Y A Erlo 1st ext g 4s___ 1947
8rd ext gold 4 Ms................1943
4th ext gold Gs__________ 1930
8th ext gold 4s________ 1928
N Y L E & W 1st 7s e x t..1930
Erie 1st cons g 4s prior___ 1996
Registered____________ 1996
1st consol gen lien g 4s.. 1996
Registered__________ 1996
Penn coll trust gold 4s..1951
60-year conv 4s Ser A__ 1953
do Series B_________ 1953
Gen conv 4s Series D___ 1953
Chlo A Erie 1st gold Gs___ 1982
Cleve A Mahon Vail g GS..1938
Erie A Jersoy 1st s f 6s___ 1955
Gencssee River 1st s f 6s ... 1957
Long Dock consol g 6s___ 1935
Coal A RR 1st cur gu 6s__ 1922
Dock A Impt 1st ext 58___ 1943
H Y A Green L gu g Gs___ 1946
N Y Susq A W 1st ref Gs__ 1937
2d gold 4Ms................... 1937
General gold 6s_______ 1940
Terminal 1st gold Gs___ 1943
Mid of N J 1st ext Gs......... 1940
Wllk A East 1st gu g 6s___ 1942
Evans A T H 1st gen g Gs__ 1942
Mt Vernon 1st gold 6s____ 1923
Sul Co Branch 1st g 5s___ 1930
Florida E Coast 1st 4Ms____ 1969
Fort St U D Co 1st g 4MS---1941
Ft Worth A Rio Gr 1st g 4S..1928
Galv Hous A Hend 1st Gs___ 1933
Grand Trunk of Can deb 7s.. 1940
15-year s f 6s___________ 1936
Great Nor Gen 7s ser A____ 1930
1st A ref 4 Us Scries A____ 1961
Registered____________ 1961
Temporary GMs......... ....... 1952
8 t Faul M A Man 4s..........1933
1st consol g 6s________ 1933
Registered............... 1933
Reduced to gold 4MS...1933
Registered__________ 1933
Mont ext 1st gold 4s___ 1937
Registered__________ 1937
Pacific ext guar 4s_____ 1940
E Minn Nor DIv 1st g 4S..1948
Minn Union 1st g 6s_____ 1922
Mont C 1st gu g 0s______ 1937
Registered____________ 1937
1st guar gold 6s..............1937
Will A 8 F 1st gold 5s. . . 1938
Oroen Bay A W Deb ctfs "A "___
Debenture ctfs ’’B” __________
Gulf A 8 I 1st ref A t g 6S..&1952
Hooking Val 1st cons g 4MS--1U99
Registered______________ 1999
Col A H V 1st ext g 4s........1948
Col ATol 1st ext 4 s..........1955 F
Houston Belt A Term 1st 6s. 1937
Illinois Central 1st gold 4s__ 1951
Registered......... ............... 1951
1st gold 3Ms.......................1951
Registered____ ________1951
Extended 1st gold 3Ms___ 1951
Registered.............
1951
1st gold 3s sterling............. 1951 IW S
Collateral trust gold 4s___ 1952 “ "
Registered____________ 1952
1st refunding 4s_________ 1955
Purchased lines 3Ms_____ 1952
L N O A Toxas gold 4s___ 1953
Registered____________ 1953
15-yoar secured 6 Ms_____ 1934
15-ycar secured 6 Ms 8 ___ 1936
Cairo Bridge gold 4s_____ 1950
Litchfield DIv 1st gold 3s.. 1951
Loulsv DIv A Term g 3 Ms. 1953
Omaha DIv 1st gold 3s___ 1951
St Louis DIv A Term g 3s .. 1951
Gold 3Ms.
...1951
Bprlngf DIv 1st g 3 Ms........ 1951
Western Lines 1st g 4s____ 1951
Registered__
1951
Bellev A Car 1st 8s ......... 1923
Carb A Shaw 1st gold 4s ... 1932
Chic S t L A N O gold GS..-1951
Registered____
.1951
Oold 3M o.......................1951
Joint 1st ref 6s Scries A. 1963
Memph DIv 1st g Is ...1951
St Louis Sou 1st gu g 4 s ...1931
nd 111 A Iowa 1st g 4s . .1950
Int A Great Nor 1st g oxt 7s . 1922
Adjust 6s_________
1952
James Frank A Clear 1st 4s 1959
Kansas City Sou 1st gold 3S..1950
Registered.............
I960
Ref A Impt Gs.............Apr 1950
Kansas City Term 1st 4s. . 1960
Lake Erie A West 1st g Gs” ” 1937
2d gold 5s.................... 1941
North Ohio 1st guar g 5s” 1945
Leh Val N Y 1st gu g 4M s...l940
Registered ________
1940
Lehigh Val (Pa) cons g 4s__ 2003
General cons 4Ms______ 12003
Leh V Term Ry 1st gu g Gs__ 1941
Registered______________ 1041
Leh Va RR 10-yr eoll 6s..nl928




Weel'e
Range or
Latt Sale

Atl Low

9978 . . .
89k 89*2
963i 97
100 Sale
109 . . .
80'2 81
1073.1 . . .
7734 78*4
82% 85
82k 82%
48'4 48*4

Rang*
Since
Jan. 1

High No. Low High

9934 Apr'22
8934
89k
9634
97%

23
9,
9734 100 216
10S34 110
5
82 June’22

97% 9934
83% 91%
8934 99
99 100%
107 110
76-% 82

7734
7834 14 73 81%
83% June’22
76% 84
8134
82%
74% 85
48%
49
42 52%
46 May’22
40*4 47
*88k ~89 88k
88k
80% 88%
____ 11% 61k Apr'11
____40
10% Feb’22
10% 10%
78% 79 78k
78%
7334 79%
66% Sale 66%
68%
62% 70
76 78 74 May’22
74 74
66% 74 67 May’22
67 67
85% 87 86
8634
82 89%
98% 100 98% May’22
95% 100
97 99% 97 May’22
95 k look
10512 Mar’08
81% 8234 82 k June’22
8334 87
99 _
99 June’22
95 9934
105 105k 105% 105%
100% 107
83%------ 80% Apr’22
803g 82%
98% 9978 99%
99%
96*4 99%
9538 ____ 95k June'22
90% 95k
82k 9434 N ov’ 15
102%___ 98% Aug’ 19
64 64% 04
64%
54k 05%
5G%____ 57 Mar’22
57 57
54 Sale 54
55
3914 56%
. . . . 65% 39 Aug’21
8 8 k ------ 91 Junc’22 ___ 79 91
50% 503g 50k
51% 27 34k 57
50% 51 50
50% 52 32
52%
53% Sale 5234
54% 124 34% 57%
92 Sale 92
92
4
94
80
92 _
90% Jan’22 ___ 90% 90%
9134 “93% 91
94% 22 78% 98k
91 92% 91
92
4 79% 97
106 109 97 June’21
92 ___ 100 Apr’22
100 100
92 ___ 83% Dec’21
89 ----- 88 Feb'22
88 88
67% 08 67%
68
5 54 70k
52 55% 52 May’22 ___ 47% 52
52% 55 52%
52%
5* 38% 60
86%___ 86 May’22 ___ 83% 86
8931 93 ?4%
94%
1 93
94%
72 Sale 72
73
9 53
73
105%___ 88 Apr’21
69% Apr’21
69% Apr’21
90% Sale 88%
90%
80% 90%
7734 ------ 66 Apr'21
8234 84
83% May 22 ___ 78 85
873i 89k 8734
88k
5 83 89%
113% Sale H2% 113% 70 108% 1147*
103% Sale 103
10334
95 100 105
10931 Sale 109% 109% 297 107% 110
9034 90% 9034
91% 26 88 92
82k Oct'21 .
100 Sale 99% 100% 186 90% 100%
91% 94 91 Mar'22 ___ 90k 91
108% 111 HI
111
5 105% 111
99 8opt’20 ___
96% . . . . 96% May’22 __
93k 96*8
95 Mar’22
95 95
91
9lk 90% June’22
88 91%
80 Mar’21
83 Mar’20 —
89% 90% 89% May’22
88 89%
99% ___ 9934 May’22 _ '
99% 99%
111% 113 109% Jan’22
109% 109%
136% Mny’06 III"
99% 101% look
look
1 99' 100k
100k
99% Apr’22
99% 100%
60k 75 70% Apr’22
67% 70%
10% Sale
9%
11 ” 68 6% 11%
78%
77% Apr’22
72 79
86 Salo §« j 86 * "” 4 81% 87%
73 % June'18 ___
81 84% 80% Junc’22
78 80%
__ 79% Mar'22
80
78% 79%
91% 97 9334
go ” 65 89% 90
86% 95 95 Mav'5
83% 95
80% -----797g — -

76% 80%

July’00 ___
83k 83% S i 4
8 80% 95
8334
95% Sept’ 19
87 Sale 86%
87
11 82% 89
76% 77% 76% May’22
76% 78k
80% 80% 80*4
81% " i i 78% 83%
68
Dec’2
101 Sale ,100k 101
3S: 96% 102%
110 110% 110
n o ,,
7 9934 111
84 86 83k June’22 . . . . 81% 83%
6 9 k ------ 69%
69%
63% 69*4
74% 78 7o% June’22
73*4 77
6734 ____ 67k May’22
66 67k
6 9 k ------ 67% Apr’22
63% 071.1
7 6 k ____ 76% Mar’22
76% 77
77 ____ 80% Nov’ 16
S3 85 83
83
2 82 85
92 Nov’ 10
99 ------ 99*4 Apr’22 . . . . 9934 99%
8 5 k ------ 73 Mar’ 19
101 102% 102 May’22 . . . . 99 102%
99 Aug’21
7 4 k ------ 65*4 Dec'21
9434 95 94*4
96
97
77 ____ 82 May’22 46 90%
78% 82
85%----- 80 Sept’21
84k 87 85% Mar’22
85 86
100% Sale 100
lot ” 27 97 101
53k Sale 52
551, 3225 52
55%
84%----- 84 May’22
80% 85
683i 68% 68%
6S34 ” 58 63 69k
78 Oct’09
87 Sale 86*4
87% 29 84 89
82% Sale 82%
83
48 79*8 84
91*4 92% 92
92k
2 85 92k
85% 88k1 86% May'22
77 86%
77*8 81% 74 May’22
68 78
93k 95 95% May’22
92% 95%
80 July’21
82% 83 8 2*4
83
13 77% 90
90 90% 90
90
19 85 92k
101%------!101*4 ioi34
5 98% 102
99%------113 Mar’ 12
103 Salo '102% 103
54 100% 103%

BONDS
N. Y. STOCK EXCHANGE
Week ending June 9

Price
Friday
June 9

Weel’e
Range or
Latt Sale

Range
Since
Jan. 1

Bid
Ail Low
Higl
Low Jlieh
100 101*4 90% Apr’22
Leh Val Coal Co 1st gu g 5s 1933 J
90% 98%
Registered...............
1933 j
98 ____ 105 Oct’ 13
86%____ 83% Oct’21
1st lnt reduced to 4s..........1933 J
83
86
83% Apr’22
Leh A N Y 1st gu*.r 7 4s . . 1945 M S
83% 83%
97 98% 97 Apr’27
Long Isld 1st cons gold 5s__ftl931 Q
95*2 98
89k 90 82k June’21
1st consol gold 4s............. 7)1931 Q
83% May’22
General gold 4s.. .
1933 j D
77 83%
99*4 Feb’22
Ferry gold 4 Ms.................1922 IW S
9934 99*4
Gold 4s............................. 1932 J D 82%____ 82% May’22
82% 82%
77% 80 78>4 May’22
Unified gold 4s........... .......1949 IW 8
73k 78k
94
Debenture gold 5s............. 1934 J D 94 Sale 94
88
94
82
20-year p m deb 5s............ 1937 IWN 80% 81% 81
75*4 83
81%
72 79%
Guar refunding gold 4s___ 1949 IW S 77% 78 77%
95%
95% 95%
N Y B A M B 1st con g 5s. 1935 A O 95%____ 95%
N Y A R B 1st gold Gs___ 1927 M S 95 ____ 83 Apr’21
92%____ 92% May’22
89% 92%
Nor Sh B 1st con g gu 5s.al932 Q
89%
90
90
June’22
78 90
Louisiana A Ark 1st g 5s____ 1927 M S
Louisville A Nashv—
98% 102%
Gold 5s.............................. 1937 IWN 102%____ 101% June’22
90*4
Salo
903
4
9034
87% 92
Unified gold 4s__________ 1940 J
* 88k ------ 88k May’22
Registered____________ 1940 J
88k 88k
Collateral trust gold 5s___ 1931 M N 97 ------ 98% June’22
95% 98%
107%
10-year secured 7s..............1930 rw N 107 107% 107
106% 109
101 104
1st ref 5Ms........................ 2003 A O 103% Sale 103% 103%
93% 97%
L Cln A Lex gold 4Ms___ 1931 M N 9 6 k ------ 97k May’22
103*4 101 103k May’22
102% 103%
N O A M 1st gold 6s_____ 1930 J
9934101
98% Apr’22
98% 98%
2d gold 6s.......................1930 J
84%___
91% June’22
80 91%
Paducah A Mem DIv 4 s... 1946 F A
61k
5S 62
St Louis DIv 2d gold 3S...1980 IW S 60% 61 61%
79% 87
Atl Knoxv A Cln DIv 4 s... 1955 M N 84% 85 84% May'22
9834 99k
Atl Knox A Nor 1st g 5s__ 1946 J D 99%____ 99k May’22
Hender Bdge 1st s f g 6s...1931 M S 101% 104 100 8ept’21
83 84% 83 May’22
79% 84%
Kentucky Central gold 4s. 1987 J
93 100
Lex A East 1st 50-yr 5s gu.1965 A O 98% 98% 99% May’22
92% May’22
92% 93%
L A N A M A M 1st g 4Ms. 1945 M S 93 . . .
81%
80*4------ 80%
74 81%
L A N South M fount 4s__ 1952 J
95 Feb'05
Registered___________ 7)1952 Q
100% 101%
NFla A S 1st gu g 5s..........1937 F A 95% . . . 101 May’22
89 89
N A C Bdgo gen gu 4Ms__ 1945 J J 88k - - ­ 89 Apr’22
96 102
S A N Ala cons gu g 5s___ 1936 F A 101 102 101*4 May’22
95% 99k
Gen cons gu 50-yr 5s___ 1963 A O 96*4 98 98k June’22
8 N4 82% 8 N4
81*4
77 82k
La A Jof Bdge Co gu g 4s___ 1945 iw 8
77 Mar’ 10
Mox Internal 1st cons g 4 s ... 1977 M S *____30
75 Nov'10
Stamped guaranteed......... 1977 M S
99 July'20
Midland Term— 1st s f g 5s. .1925 J D
101 103%
Minn St Louis 1st 7s_______ 1927 J D 103%------ 103% Apr’22
81%
69% 83
1st consol gold 6s_______ 1934 M N 79 81% 81
47%
1st A refunding gold 4s___ 1949 M S 46% Sale 45
31 50
47%
30 50%
Ref A ext 50-yr 5s Ser A__ 1962 Q F 46% Salo 46%
Dea M A'Ft D 1st gu 4s__ 1935 J J 58% 60% 55*4 June’22
36 62
82
70 83%
Iowa Central 1st gold 5a.. 1938 J D 81 81*4 82
32 50%
Refunding gold 4s......... 1951 IW S 47 Sale 46% 47
88k
85% 90
M St P A S S M con g 4s lnt gu.'38 J J 88k 88*4 87%
99 100 99*4 100
96k 104
1st cons 5s______________ 1938
102
Sale
102
102%
100% 103
10-year coll tr 6 Ms............ 1931 M S
1st Chlo Term s f 4s_____ 1941 M N 88k ___ 85 Deo’21
94k 07
M S 8 M A A 1st g 4s lnt gu.’26 J J 95%----- 97 June’22
82*4 88k
Mississippi Central 1st 5s__ 1949 J J 86k ___ 85*8 May’22
80%
73 83%
Mo Kan A Tex—1st gold 4s. 1990 J D 80% Sale 80
66*4
May’22
48% 88%
2d gold 4s........................ 01990 F A
65 69 65% 65%
48% 68
Trust Co ctfs of deposit____
55k May'22
35% 55%
1st oxt gold 5s........... .......1944 M N
86k Apr’22
73 86k
1st A refunding 4s_______ 2004 M S
S4
84k
76
68
Trust Co certfs of deposit...
67 May’22
62k 64%
Gen sinking fund 4Ms___ 1936 J J
62% Apr’22
62k 67k
Trust Co certfs of deposit__
44
44
27 44
bt Louis DIv 1st ref 4s___ 2001 A O
76 7
76
76
68% 77
5% secured notes “ ext” __ 1916
90% May’22
80 90%
Dali A Waco 1st gu g 5s__ 1940 M "ii 90% - .
70% 71%
Kan City A Pao 1st g 4s__ 1990 F A 76*4____ 71% Jan’22
83 Mar’22
77 83
Mo K A E 1st gu g 5s____ 1942' A O
78k 88%
M K A Okla 1st guar 5 s... 1942 IWN 88%____ 88% May’22
91k May’22
M K A T o f T lstgug5S-.1942,M S
77 91k
Sher Sh A So 1st gu g 5s__ 1942 J D 25 ____ 32 May’21
7% 36%
Texas A Okla 1st gu g 5s..1943 M S 35% 50 36 May’22
83%
Sale
S3
8334
106
Mo K A T 7?0—p 15s Ser A .. 1962 J J
76% 86%
68% 27 62 707*
40-year 4s Series B_______ 1962 J J 68% 69% 67%
95% 120 89 97%
10-year 6s Series C_______ 1932 J J 95 95% 95
56% Sale 56k
57% 467 43% 69%
Cum adjust 5s Series A___19671J J
Missouri Pacific (reorg Co)—
87%
87%
88
88
9 84% 89%
1st A refunding 5s Ser A ..1965 F A
100
41 97% 100
1st A refunding 5s Ser B.al923 F A 100 100% 100
95%'
5 90% 100
1st A refunding 5s Ser C..1926 F A 95% 96 95%
9934I 128 99% 100%
99% Sale 99
6s, ser D ........................ 1949 F A
64%' 287j 59*4 67k
General 4s______________ 1975 M S 63*4 Sale 63%
53
Missouri Pac 40 years 4s____ 1945'____
___ 76% 82
3d 7s extended at 4%____ 1938 M N "so**: : : : 80
% 77
74k
74k 25 74
74%
Cent Br UP 1st g 4s......... 1948 J D 73
85%---------86
Mar’22
83% 86
Pao R of Mo 1st ext g 4s__ 1938 F A 96 97*4
. 96 May’22 __- - 92 97%
2d extended gold 5a____ 1938 J
98
4 94% 98%
St L Ir M A S gen con g 53.1931 A O 97k 97%! 97k
102 July’ 14 ___ __
Gen con stamp gu g 5s.. 1931 A O
87 Sale 86%
87
9 78% 89
Unified A ref gold 4s___ 1929 J
82
41 75% 84%
Rlv A G DIv 1st g 4s___ 1933 IWN 81 Sale 80*4
Verdi V I A W 1st g 5s___ 1926 IW S 93% 103% 93 Mar’22 . . . . 90% 93
1 101% 105
103% 103%
Mob A Ohio now gold 6s____ 1927 J D 103%
98% 100 100 May’22 —
97% 100
1st ext gold 6s_________ 7)1927 Q
74 June’22 —
87% 76
General gold 4s_________ 1938 M S 73% ____
86% 89%
Montgomery DIv 1st g 5s.. 1947 F A 91% 99 89% Apr’22
92%
91
91*4 May’22 —
87% 91%
St Louis DIv 5s_________ 1927 J
89% 88
88
_____
81 90
St L A Cairo guar g 4s___ 1931 J
99% 101 100% June’22 ___ 97 103%
Nashv Chatt A St L 1st 5s__ 1928 A
100 100
Jasper Branch 1st g 6s___ 1923 J J 100k 100% 100 Apr’22
40% 33%
34%
2 21% 45
Nat Rys of Mex pr lien 4MS-1957 J J
Guaranteed general 4s___ 1977 A O 30% ___ 29% Feb’22 ___ 29% 33
31% Mar’22
28 32
Nat of Mex prior lien 4MS---1926 J J 40
33% May’22 ___ 21% 33%
1st consol 4s____________ 1951 A o 25
3 79 86
N O A N ’E 1st ref A Impt 4Ms A'52 J J 83% 83% 83% 83*4
80
14 70% 80
New Orleans Term 1st 4s____1953
J 79 80 79
2 95% 101
N O Tex A Mexico 1st 6s____1925 D 99% 100% 100% 100%
Non-cum Income 5s A.........1935 A O 72 Sale 71%
72k 129 02 72k
N Y Cent RR conv deb 6s___1935 IWN 103k 8 ale 102*4 103% 349 98 104%
105% 313 105 108
10-year coll tr 7s________ 1930 M S 105k Sale 105
83% 22 78% 84%
Consol 4s Series A..............1998 F A 82% 83k
86% 63 85k 83%
Ref A Impt 4M« ‘‘A’’ .........2013 A O 8534 86*4'
94% 670 94% 96%
Ref A Impt 5s..................... 2013 A O 94% Sale 93%
I
New York Cent A Hud River—
76% 77k 76%
21' 74% 78
78
Mortgago 3Ms___________1997
_
_
_
76
___
1
75 76%
76%
May’22
Registered_____ _______1997
90
30 84 90%
Debenture gold 4s________1934 IWN 88% 90 89
72
66% June’20
74%
Registered____________ 1934 M N
1 83 90
89
30-year deb 4s___________1942 J J 8634 87% 89
74
21 69k 76
Lake Shore coll g 3Ms_____1998 r A ♦78% 79 73%
72 May’22
72 74%
Registered____ ______
1998 A 72%
A 74 75% 74
74k 11 71k 74%
Mich Cent coll gold 3Ms.. 1998
A 72 72% 72 May’22 ___ 74% 74%
Registered____ ________1998
D 58% 62 62 May'22
60 62
Battle Cr A Stur 1st gu 3s. 1989
J 88% ____ 88 Apr’22 . . . . 84% 88
Beech Creek 1st gu g 4 s... 1936
J ____ 88% 76% July’21
Registered_____________1936
J S0%
2d guar gold 5s..............1936
104 May’ 16
O 09% ____ 59 June'21
Beech Cr Ext 1st g 3Ms.61951
Cart A Ad 1st gu g 4s_____ 1981 D 82 83 82% Mar'22 . . . . 82% 90
J 95%
Ka A A O R 1st gu g 5S..1935
78%
Lake Shore gold 3Ms_____ 1997 D 78% 79 78%
3 76k 80%
74% 79%
Registered_____________ 1997 D 76% 77*4 74*8 May’22
Debenture gold 4s______ 1928 M S 94% Sale 9378
94% 141 891.1 95%
25-year gold 4s_________ 1931 IWN 92% 92% 91%
93
119 88% 93%
Registered___________ 1931 IWN *89 91% 85% July’21 . . . .
Moh A Mai 1st gu g 4s____ 1991 M S 85k ___ 1 82% Jan’ 22
82% 82%

2566
BONDS
a . y . stock e xc h a n g e
Week ending June 9

New York Bond Record-Continued— Page 3
Price
Friday
June 9

Week’l
Range or
Laet Sale

Range
Since
Jan. 1

High No. Low High
Bid
Atk Low
n Y Cent A H R RR {Con)—
96 90
Mahon C’l RR 1st 5s___ 1934 J J 975s___ 96 Mar’22
Michigan Central 5s_____ 1931 M S 98 9934 90is June’21
98i2
Nov’
18
Q
ftl
Registered.......................1931
82*4 88*2
da................................... 1940 J J 87iS ----- 8812 May’22
741.1 Sept’20
Registered__________ 1940 J J
Mar’20
J L A S 1st gold 3Xa-----1951 M S 7678 ____ 66*8
70*4 8OI2
1st gold 3i*s................... 1942 M N 763-t____ 8OI4 May’22
8912
86*8 91
20-year debenture 4a___ 1929 A O 90 90*2 89
Apr’21
If J Juno RR guar 1st 4 a ... 1936 F A 77 ------ 7034
May'22
78 5s 7 8 78
If Y A Harlem g 3X3........ 2000 M N 78=8 803s 78*8
95 Dec’21
If Y A Northern 1st g 6a. .1923 A O 985s____ 8334
8334
77*3 84
823.1 84*2
N Y A P u 1st cons gu g 48.1993
106 ------ 113 May’ 16
Pine Creek reg guar 6s----- 1932
997s 100 9978 May’22
9912 997s
B W A O cod 1st ext 5s— *1992
78 83
82 84 78*4 Apr’22
Rutland 1st con g 4 X «----- 1041
70
Apr’22
60
7H2
70*8
80
Og A L Cham 1st gu 4s g.1948
72 75 50 Feb’21
Rut-Canada 1st gu g da. 1949
8912 89*2
88*4____ 89*4 May’22
at Lawr A Adir 1st g 6a ...1996
97 ____ 103 Nov’ 16
2d gold 6s......................1996
99*4 9012
99*2------ 9912 Apr’22
Utica A Blk Rlv gu g 4a...1922
97 97
96 ------ 97 Apr’22
Pitts A L Erie 2d g 6a___ dl928
130is
Jan’09
Pitts McK A Y 1st gu 6S-. 1932
95U June’20
2d guaranteed 0s______ 1934
84
78*2 84
82 84 82
West Shore 1st da guar___ 2361
80'8
70*8 80*2
80 80*2 80
Registered____________ 2361
Feb’ 19
If Y C Lines eq tr 6s . . . 1920-22 M N 99*8------ 99>2
67>2
June’20
J
J
Equip trust 4 X 3. . . 1920-1925
U May’22
82*4 89
If T CWo A St L 1st g d a..-.1937 A O 89 99*8 88
86I2 85 Nov’ 17
Registered..........................1937 A O 85
8412
8
80
843.1
85
m
n
Debenture 4s.....................1931
81*2
N Y Connect 1st gu 4Xs A . . 1953 F A 86 89 89 May’22
N Y N H A Hartford—___
62
May’22
Non-conv deben 4s______ 1947 M S 4934 SOU, OO's
56
53*2 June’22
iw ~a
Non-conv deben 3Xs------ 1947 ...
5253
38U 55*2
Non-conv deben 3Xs........1954;A O 52U 5234 52*8
57*4
5714
5812
57*4
40*2
60*8
Non-conv deben 4s........... 1956 J J
68
41 00
575s OO I 58
Non-con7 deben ds______ 1950 IWN 5212
53
Salo 52
37*8 53*8
Conv debenture 3 Xs_____ 1956IJ '
82
57 85
80*4
8134
80
Conv debenture 6s ........... 1948) J
________ 1 50
Oct’ 17
Cons Ry non-conv 4a____ 1930 F
July’
18
50
53'2
60
Non-conv deben ds........1955 J
52 69 .j 53 June'22
3812 53
Non-conv deben ds------ 19561J
55
31 57
4% debentures.................. 1957 N 55 5534 52
80
Harlem R-Pt Ches 1st 4a.. 1954 r/1 N 77*8 81 : 77 >2 May’2 2 ----- 71
59 70
B A N YAlr Line 1st 4 s ... 1955, F A 73 ____ 1 69 May’22
51*4
08
65
05*4
65U
65*4
Cent New Eng 1st gu 4 s... 1961 J
Dec’21
Housatonlo Ry eons g 5a.. 1937 MN 83'8_ 80
Naugatuck RR 1st ds........1954 M N G512 ___ 1 87 July’ 14
Aug’ 13
N Y Prov A Boston ds___ 1942 A O 7214_ 83
55*2 54
5012 103 33 69*2
N Y WchcsA B 1st Her I dHs'40 J J 55
tfew England cons 5s____ 1045 J J 85is-------741
1
----70
Sept’
17
Consol 4s........................1945 J J
56_
26 50
Providence Socur dot ds.__1957 M N ,r.3's . . . . 53
7134
.
.
.
88*8
Feb’
18
Providence Term 1st 4a...I960 M 8
W A Con East 1st 4X3___ 1943 J J 04*8 68*2 65 May’22
74*4
N Y O A W ref 1st g 4s___ 91992 M S 73>8 73*4 74*4
Registered *5.000 onl7 . . . 91992 M 3 _______ I 59>2 Nov’20
08
09
651* 70
General 4s______________ 1955 J D 6811 G87867*2
68
50 70
Norfolk Sou 1st A ref A 6s__ 1961 F A 6718 08
79*4 887s
Norfolk A Sou 1st gold os___ 1941 WJ N 90 ------ 88 May’22
105*8 1077s
Norl A West son gold 0 ;___ 1931 M N 108 110 106*2 Apr.22
Improvement A oxt «
1934 F A 10Sl2 ------ 100 Jan’ 21
104*4 105U
New River 1st gold ____ 1932 A O 107*8------ 104*4 Mar 22
88
847s 89*4
If A W Ry Jstoonag dS...1906 A O 88 Sale 87*2
74 Oct’20
Registered_______
1996 A O
8734
83*2
Dlv’l 1st 11. A gen g da. 1944 J J 8712------ 8734
80 Feb’22
80
lO-25-yc. r conv 4s____ 1932 J D
92*4 Apr’21
10-20-7 ar conv ds____ 1932 M S
100
Apr’22
92*2
106
10-25-year conv dH a... 1938 M S 100'2 -109
103U 110
10 y -.r conv 6s............. 1929 M S 108*2 10878 108
84 88*2
86*8
88
Pocah C A C Joint 4S...1941 J D 87 88
99 Dec’21
O C A T 1st guar gold 5s.. 1922 J
83*4 87
Oclo V A N E 1st gu g 4 s..1989 M N 86 87*2 80 June’22
Northern Paclflo prior Uen rail
86*4 74
86*8 Sale 86*4
way A land grant g 4a____ 1997
84U S6 U 84 Jan’22 46
Registered...................... 1997 Q
6178
General lien gold 3s_____ a2047 Q F 61 Sale 61
62 June’22
Registered....................a2047 Q F
1055s
lOOU
106
Sale
106*4 110
J
J
Ref A lmpt 6s ser B......... 2047
87 89
86*2
80*2
86 90>4
Ref A Imp 4X3 Ser A........2047 J
85*8------ 84i2 May’22
7914 84i2
6 t Paul-Duluth Dlv g ds.,1996 J
106 1030 10412 109
10578 Sale 105
N P-Gt Nor Joint 0X s-----1936 J
2
IOOI2 Sale 100'2 10078
100*4 101
flt P A N P gen gold 6s___ 1923 p
100 May’21
Registered certificates.. 1923 Q
100*2 101 100 June’22----- 99*1 10'd"
Bt Paul A Duluth 1st 5 s...1931 Q
1st consol gold 4s______ 1968 J D 8378 86 80 May’221------ 82*4 80
Wash Cent 1st gold 4e___ 1943 Q M 83 84*4 84 May’2 2 ----- 82 8514
107 108U
Nor Pao Term Co 1st g 6S...1933 J J 1085s------ IO8I4 Apr’22
77 82
Oregon-Wash 1st A ref 4s-----1961 J J 81*3 Sale 80*2 <81*2
75 81
81
Sale
79*4
79U
D
J
Paclflo Coast Co 1st g 6s___ 1946
90 90
Fadueah A Ills 1st s f 4X8— 1955 J J ___ 91*4 90 Apr’22
85
81'i
82
ss
81*2
81*2
81*4
A
F
Parls-Lyons-Mcd RR 6s........1958
96*4 99
Pennsylvania RR.lst g ds.._1923 M N 98*4----- 0878 May’22
8712 91*2
Consol gold 4s...................1943 M N 89*8 95 91‘2 May’22
85*g 91*2
Consol gold ds____ ______ 1948 M N 90*s------ 90*2 May’22
98*2
921* *103
Consol 4Xa.......................I960 F A 96U Salo 953.1
91'2
90*2 91*2
General 4X8.......................1965 j n 91 91*2 91
99*4
9978
93*i 100*2
General 6s...............
1968 j o 99*2 Sale 109
no
1061* 110
10-year secured 7s..............1930 A O 109 Sale
109*2
103*8 110
10-year secured 8 X 8.......... 1936 F A 10878 109*8 109
80 87*4
Alleg Val gen guar g 4s___ 1942 M S 88*4 89*2 87 Apr’22
87 87
D R RR A B’ge 1st gu 4a g. 1936 F A 88*2------! 87 May’22
Pennsylvania Co—
Guar 3>4s coll trust reg A. 1937 M S 805s------ 72 Nov’21
72U 76*8
Guar 3>4s coll trust Ser B.1941 F A 793s- - ­ 76*8 Apr’22
761* 70ls
Guar 8 X 8 trust otfs C___ 1942 J D 80 81*4 78*2 Apr’22
70 Apr’21
Guar 3 Xs trust otfs D ------ 1944 J D 79's 82
84*8 92*2
90*2
Guard 15-25-year gold 4a.. 1931 A O 90*2 91 90*2
86
80 86
dO-year guar 4s otfs Ber E..1962 M N 85*2------ 80
8078 May’22
80*8 8678
Oln Leb A Nor gu 4s g___ 1942 M N 85*4 88
Cl A Mar 1st gu g 4X s___ 1935 M N 91*8------ 88*2 Deo’21
Cl A P gen gu 4Xs Ser A ..1942 J J 94*8------ 91 Nov’21
Series B.......................... 1942 A O 94*s____ 104 Dec’ 15
Int reduced to 3XS-..1942 A O 77*2____ 90*4 Feb’ 12
Series C 3Xs................. 1948 M N 78*4------ 90*8 Dec’ 12
Series D 3Xa................. 1950 F A 78*4------ 87 Jan’21
Erie A Pitta gu g 3 Xs B. . . 1940 J J 81*4------ 85 Apr’20
Series C.......................... 1940 J J 81*4------ 79*4 May’ 19
86 91
G r » A I ex 1st gu g 4 X 3. . 1941 J J 8878 ____ 91 May’22
Ohio Connoct 1st gu ds___ 1943 M S 82*2----- 80 Sept’20
98
98 98
Pitts Y A Ash 1st cons 5a.. 1927 M N 95>8------ 98
92*8 94
9178 ___ 94 May’22
Tol W V A O gu 4X3 A ...1931 J
Series B 4Xs............. 111933 J •» 92*8------ 82 Dec’20
Series C 4s.....................1942 M S 7978 ------ 77 Sept’21
95
88U 95
P O C A St L gu 4X8 A . . . 1940 A O 94*4___ 95
88*« 93*2
93*4
Series B 4Xsguar.......... 1942 A O 94 *4------ 93U
89ig 91*8
Series C 4Xs guar.......... 1942 M N 93*4------ 91*8 Apr’22
84*4 91*2
Berles D 4a guar..............1946 M N 88*2___ 88*2 Apr’22
89*2 89*2
Series E 3Xs guar gold.. 1949 F A 88 ------ 89*2 June’22
84 92*8
92*8
8 erlee F guar 4a gold___ 1953 J D 89*4------ 92
Series G 4s guar..............1957 M N 88*2----- 80 May’21
89*2 89*2
Series I cons guar 4X8..1963 F A 93*4----- 89*2 Feb’22
90 98
9634
General 5a Series A........1970 J D 961.1 96*4 96U
99 100*8
C 8 t L A P 1st cons g 5s. . -1932 A O 9934 ___ 100 May’22
91 92
Phlla Balt A W 1st g 4 s... 1943 M N 88*4------ 91*3 May’22
U N J RR A Can gen 4 s... 1944 M S S£*4 . . . . 80*2 June’21
97
96 Salo 95*2
88*2 98
rsre Marquette 1st Ser A 6a .. 1956 J
815g 85 81*2
76 82
81*2
1st Series B 4s................... 1966 J
54
41*8 59
65 56 I 53
PlUllpplne Ry 1st 30-yr s f 4a 1927 J




BONDS
N. Y. STOCK EXCHANGE
Week ending June 9

Price
Friday
June 9

Week's
Range or
Lati Sale

f? | !
J$

Range
Since
Jan. 1

Low
High No. Low High
Bid
97*8____ 100 Mar’22 ___ 95*4 100
Pitts Sh A L E let g 6s.........1940 A O
99 ___ 97 U Deo’ 17
1st consol gold 5s_______1943 J J
S578 108 80 80
Reading Co gen gold 4s____ 1997 J J 84*i Salo 85
82
82 Apr’22 ___ 1 82
Registered.............
1997 J J
86*4 10 8 U2 88
Jersey Central coll g 4a___ 1951 A O SOU Sale 86U
8t Jos A Grand Isl 1st g 4S...1947 J J 76U____ 74*2 May’22 ----- 1 0578 74U
St Louis A San Frau (reorg Co)—
72 "273 68 74*4
Prior lien Ser A 4s_______ 1950 J J 715S Sale 71*8
31 82 88*2
87
Prior lien Ser B 5s_______ 1950 J J 86 Sale 85*8
95*2 79 95 95*2
5X s................................... 1912 J J 95 Sale 95
34 94% 100
99
Prior lien 8er C6s_______ 1928 J J 9878 Sale 98*8
79% 141| 71 82*4
Cum adjust Ser A 6a____ 51955 A O 78*i Sale 78*2
71*8
68*4 244 54
68U Sale 6778
Income Series A 6o_____ 51980 Oct
St Louis A San Fran gen 6s..1931 J J 103U------ 103*2 June’22 ___ 101U 103*2
95 0S*4
General gold 5s_________ 1931 J J 99 ------ 97*8 Juno’22 —
St L A S F RR cons g 4 s ...1996 J J 08*8____ 67U Oct’20
90 90
Southw Dlv 1st g 5s___ 1947 A O 95*8____ 90 Feb’22
2 101 104
102*4
K C Ft 8 A M cons g 6 s ... 1928 N 102 102*2 102
41 72*4 8078
79
K C Ft S A M Ry ref g 4S..1936 A O 78*2 78*s 78U
88 U 92
K C A M R A B 1st gu 5 s..1929 A O 91U___ 92 Apr’22
17| 72*4 79
79
St L S W 1st g 4s bond ctfs... 1989 M N 78% Salo 78U
10, 64*a 70
70
2d g 4s Income bond ctfs. v 1989 J J 68*2 70 09*2
75*4 34 68U 77*8
Consol gold 4s__________ 1932 J D 74% 75U 74*4
80'» 21 71 84
1st terminal A unifying 53.1952 J J 79U 80*2 79
4 70 79*2
77*4
8 A & A Pass 1st gu g 4s........1943 J J 75*2 77 77*4
5 60 64
64
Seaboard Air Lino g 4a_____ 1950 A O 58U____ 64
58U 10 48 61
Gold 4s stamped________ 1950 A O 57*8 53*2 57'g
200 13*2 30
27
Adjustment 5s_________ 01949 F A 20*» Sale 25*2
43U 246 31*8 40
Refunding 4s___________ 1959 A O 41*4 Sale 41*2
139 41 63U
60
1st A cons 0s Series A........1945 M 5 58U Salo 57*2
72
May’
12 ____ 59% 75*2
09
70
Atl A Blrm 30-yr 1st g 4s.«1933 M S
63 03
Caro Cent 1st con g 4s-----1949 J J 66*8___ 03 Feb’22 ___
. . . . 90 90
Fla Cent* Pen 1st ext 6s.. 1923 J J 97U___ 90 Jan’22 __
_
89 89
89
Apr’22
88
U
___
1st land grant ext g 6s.. 1930 J J
Consol gold 5s________ 1943 J J 88*8____ 86U May’22 ___ 82% 89*8
Oa A Ala Ry 1st con 5 s ...01945 J J 70*8____ 76*2 May’22 ___ 71 70*2
Ga Car A No 1st gu g 5s— 1929 J i 87%____ 90*4 June’22 ___ 84 01
84*4 95
Seaboard A Roan 1st 5s__ 1926 J J 91*2____ 95 May’22 —
Southern Pacific Co—
46,
78 94*2
85
87
Gold 4s (Cent Pao coll)...*1949'J D 87*2 Sale
. , .. - . .
72 Nov’21
Registered___________ *1949 J D
‘
392
80 91*2
“8012
_867
8
90*2
9Us
20-year conv 4s________ <11029 M S
3 96*a 103*8
20-year conv 5s................ 1934'J D 102 103 1102*2 103
| 8GU
86*4 61 81U 8778
Cent Pao 1st ref gu g 4a ... 1949 F A
4 80 89*2
89 U
89*s
Mort guar gold 3X9-.-fcl929 J D
Hi 78U 87U
83
Through St L 1st gu 4s. .1954 A O 82U 83U1 81*2
___
94U 98
97*8
May’22
967
8
98
G H AS A M A P 1st 5s__ 1931 M N
92 98
2d exten 6s guar_______ 1931' J J 94 98
Gila V G A N l3t gu g 5 s..1924 M N 98 ____ 98 Moy’22 ___ 97 08U
—
94 94*2
94*2
May’22
96
98
Hous 13 A W T 1st g 6s-----1933 M N
1st guar 5s red------------ 1933 M N 96 ----- 80 Mar’21 . . . .
93*4 93*4
H A T C 1st g 5s Int gu-----1937 J J 97*4___ 93*4 Apr’22 ___
A A N W 1st gu g 5s......... 1941|J Ji 97 100 98 May’22 __ _ 86*4 98
No of Cal guar g 5s........... 1938 A O 99U------ 101 Apr’22 24 96 103*2
99U
95U 100
Ore A Cal 1st guar g Es-----1927 J J 99 99*8 98*2
100*2 101U
So Pao of Cal—Gu g 5s___ 1937 M N 100*4 103*s 100*2 May’22 —
So Pac Coast 1st gu 4s g— 1937 |J J 90U 911; 90 May’22 ___ 88*2 92*8
96U
Tex A N O con gold 5s___ 10 43}J J 91*2 96 96U May’22 168 89 8S7g
83*8
87*4
So Pac RR 1st ref 4s......... 1955 J J 87 ___ 86U
63 80 84*8
83
San Fran Torml 1st 4s-----1950, A O 82U Sale 81*4
95*8 109. 87U 96*4
J 95U Sale 94*4
Southern—1st cons g 5s____ 1994
90 Apr’22 - - - - 88U 90
J
Registered......................1994
211' 01U 68
67
o 66*8 Sale" 66*2
Develop A gen 4s Ser A— 1958
9978 314< 04U 109U
o 9912 Salo 981-1
Temporary 6 X s-------------- 1956
7 00U 75U
75
Mob A Ohio coll tr g 4 s ... 1938 M S 73U------ 75
4' 89 95
95
J 93U 95 1 95
Mem Dlv 1st g 4Xs-5s-----1990
79% 15 73 80%
J 79*8 Salo 79
St Louis dlv 1st g 4a.......... 1951
D 97 ____ 94U Apr’22 ...... 64U 94U
Ala Gt Sou 1st cons A 5S..1943
90%
J 92*8 94; 11 90 Apr’22 12 87
Atl A Chari A L 1st A 4X9.1944
91 100
98
J 97*4 98 ! 97*4
1st 30-year 5s Ser B------1944
5 72 78
77
.1 77*8 78! ; 76*8
Atl A Danv 1st g 4s.......... 1948
4 00 60*8
66*8
J 60 63 00
2d 4s.................
1948
76*4 82
O 70*8------ 78 May’22
Atl A Yad 1st g guar 4s...1949
2 93*4 97U
97 U
J 97U 97*81 97*4
E T Va A Ga Dlv g 6s___ 1930
___
93
97*4
97*8
May’22
Cons 1st gold 5s........— 1956 M N 97*8____
May’22 ___ 93*8 95
E Tenn rtorg lien g 6s___ 1938 M S 93*2------ 95
63
—
58
63
May’22
61*2
62
A
O
Ga Midland 1st 3s..............1946
100*2 May’22
Knoxv A Ohio 1st g 6s-----1925
Mob A Blr prior lien g 6s .. 1945 j J 90*4------ 75*8 Aug ’21 . . . . 73*2 75
Mortgage gold 4s............1945 1A AJ 74 ___ 74% May’22
U 96*4 98 93U Dec’21
Rich A Dan deb 6s stmpd.1927 A
60
66
Rich A Meek 1st g 5s........ 1948 M N 71*8 - - 66 May’22
99
3 94
97*2
So Car A Ga 1st ext 6X8-1929 M N 96 98 U 97*2
5| 07 98*4
97U
Virginia Mid Ser E 5s........ 1926 m 9 98U------1 97*4
___ I 95*2 98
96*8
June’22
M
N
96
U
-----General 5s____________ 1930
-J 80 97
Va A 80 ’w’n 1st gu 5s........ 2003 J J 90 90 |91*2 May’221 30
74 83
81
1st cons 50-year 6s-------1958 A O 80 81*2 81
___
94*2 98
05*4
May’22
95U
96
F
A
W O A W 1st oy gu 4s___ 1924
77*8 Mar’22 ___ 77*8 77*<s
Spokane Internal 1st g 6s___ 1955 J J 8078 ____ 93
1 92 96
93
Term Assn ol St L 1st g 4X8.1939 A O 94*4------ 90 May’22
. . . . 88*s 90
1st cons gold 5s......... 1984-1944 F A 90%____
. . . 76*2 83*2
Gen refund s f g 4s_______ 1953 J J 80 80*4 80*8 June’22' .___
43*2 04*8
St L M Bridge Ter gu g 58.1930 A O 94*8 90 94*8 May’22]
2 87*2'1100
95*8
Texas A Pao 1st gold 5s____ 2000 J D 95 Sale 95
. . . 50
60
2d gold Income 5s............. «2000 Mar 60 ____ 50 Feb’22 .___
La Dlv B L 1st g 5s.......... 1031 J J 89*2------ 90 May’22 ___ 79*8 90
88
W Min W A N W 1st gu 5s. 1930 F A 74U 82*2 88 Apr’22 . . . . 88 93*4
Tol A Ohio Cent 1st gu 5 s... 1935 J J 97 ------ 95*4 Apr’22 ___ 91
05
90
927
s
May’22
Western Dlv 1st g 5s........ 1936 A O 93*8___
81*8 85
General gold 6s_________ 1935 J D 87*8___ 82*3 Apr’22 ___
Kan A M 1st gu g 4s.......... 1990 A O 80U 84 81 June’22 ___1 76*8 83
91 95*4
95*4
2d 20-year 5s................. 1927 J1 J1 96 06*2 95*4
23*3 Deo’21
Tol P A W 1st gold 4s.......... 1917 j i
92*2
Tol St L A W pr Uen g 3XS-I925 j j 90*4 91 92*2 May’22 I 52 84
56 71*2
71*2
60-year gold 4s................. 1950 A O 69*2 71U 60*4
15*i June’2l —
Coll trust 4s g Ser A.......... 1917 F A
"24" " 31*4
31*s Feb’22
Trust eo ctfs of deposit.......
. . . 77*2 79*2
Tor Ham A Buff 1st g 4 s ...*1946 J O 80*8 84*4' 77*2 Jan’22 .___
89 92
Ulster A Del 1st oons g 5s-----1928 J D 91 ------ 92 May’22 ___ 05
1st retundlng g 4s.............1952 A O 63 70 65 Apr’22 57 86 66
92
92
Union Pacific 1st g 4s............1947 J J 91*s Sale 91*2
88 90
90 Juno’22 . .
Registered............
1947 J J
64
95
80
92*2
04
20-year codv 4s......... ....... 1927 J J 9378 Sale
17- 81*2 89*2
86
1st A refunding 4s............02008 M S 85% Sale 85*s
104
13
102
103*8
103*8
163*8
103*2
J
J
10-year perm secured 6s .. 1928
1, 83U 87*i
87*2
Ore RR A Nav con g 4 s... 1946 J D 87*2___ 87*2
9978 Apr’22
J 98 100*4
Ore Short Line 1st g 6s___ 1922 F A
96*2 3103
.
.
.
.
101*4
June'22
101*2-----1st consol g 5s------------- 1946 J J
97 101
Temporary 6s................. 1940 J J 103U Sale 101*2 101 170
90*4 12 86*t 92*3
Guar refund 4s..............1929 J D 90*2 91 90*4
1 06*8 09*4
98*8
Utah A Nor gold 5s........ 1926 J J 98*8------ 98*8
1st extended 4s.......... 1933 J J 91 9378 80*2 Feb'22 . . . . 80*2 80
Vandalla cons g 4s Ser A___ 1965 F A 85*2------ 80 Apr’22 . . . . 78*4 86*3
N 85*2 72*2 Jan’21
Consols 4s Series B............1957 Vf If
4 20 47U
41
Vera Cru» A P 1st gu 4 Hs__ >034 J J 40*2 4678 11
43 88*4 97%
90
Virginian 1st 5s series A-------1962 M N 96 Sale 95*8
8 9378 98
98
Wabash 1st gold 5s................1939 M N 98 Sale 97
5 81*2 S8*i
86*2
2d gold 6s ........................ 1939 F A 80*4 86*8 80*2
1st lien 60-yr g term 4a___ 1964 J J 08*4------ 02 Feb’21
91 90 *
Det A Ch Ext 1st g 5a___ 1941 J J 96 ------ 96 May’22
74 74
Des Moines Dlv 1st g 4s...1939 J J 74 ------ 74 May'22
Om Dlv 1st g 3X s............1941 A O 60*8 68 607s Deo'21
60 *78 ’
Tol A Ch Dlv g 4s..............1941 M S 76U 7978 76U May’22
72*8 81
Wash Terml 1st gu 3X »........ 1945 F A 80 80*4 80 Juno’22
86 85
85 Feb'22
1st 40-yr guar 4s................1945 F A 63% 65
,
68*2
67*4
03
64*2)
C
O
A
O
64
Sale
West Maryland 1st g *a____ 1962
95
98*2
west N Y A Pa 1st g 5s........ 1937 J J 98 ------ 07*2 Juno'221___
72*a 80*8
Qon gold 4s____ ____
1943 A O 78*4 80 80 June'22:..
Oot’ 17i----income 5s.......................-P1943 Nov 1 23*8____ 30

NewYork Bond Record—Concluded—
BONDS
If .IY/BTOCK EXCHANGE
Week ending June 9

Price
Fri'iau
June 9

Week'*
Range or
Last Sale

P

Range
Since
Jan. 1

Low
nigh No. Low High
87% 47 84% 88*2
87*4
Western Pno 1st ser A 5s____1946 ivi S
96% May’22 ___ 92*2 96%
Wheeling A L E 1st g 5s.........1920 A O 96*8 97
___ 89% 91%
91%
Jan’22
95
's___
Wheel Dlv 1st gold 5s.........1928 J J
Ezten & Impt gold 5s____ 1930 F A 91 ------ 91*2 June’22 __ 89 91%
69% 20 52 09%
Refunding 4Hs sorles A__ 1966 M S 68% sale 68 %
28 62 76
74
BR 1st consol 4s...............1949 M S 71% 73 72
7 77 80
79%
80
Winston-Salem 8 B 1st 4 s... 1960 j
70%
80*2 33 74*2 82
WI« Cent 50-yr 1st gen 4s......1949 j
1 75% 81
79
Bud A Dul dlv A term 1st 4s '36 M N 79 791; 79
Street Railway
13 31 64%
64
Brooklyn Rapid Tran g 5s__ 1945 A O 6312 64 63
8 35*2 04
59 Sale 59
60
lot refund conv gold 4s___ 2002 j
38 58 88
81 Sale 84%
85
1-yr 7% secured notes___ *1921 j
81
30
58*2 87
82
Sale
81%
Certificates of doposlt______ _
79 Sale 79
80*2 48 64 83%
Certfs of deposit stamped-----85
3 75 86*2
Bklyn Un El 1st x 4-5s___ 1950 V A 81% 85 83
1 75*2 30
85
Stamped guar 4-6s____ jl958 f a 82 85 85
71% Juno”22
64 75
Kings County E 1st g 4s.. 1949 F a
72%
2 66
72%
72%
Stamped guar 4s..........1949 F A
21 27
61%
50 51b 50
50
Nassau Elec guar gold 4s.. 1951 j
82 Salo 82
83*2 67 07 85
Chicago Rys 1st 5s. ..............1927 F
73i2 ___ 75 Apr’22 ___ 75 75
Conn Ry A L 1st A ref g iyje 1951 j
74i2 ___ 73 Apr’22 ___ 70% 73
Stamped guar 4 ^ s______ 1951 j
82*.; Salo 82*2
83*2 79 63*2 85
Det United 1st cons g 4H a..-1932 j
75 ___ 68
fft Smith Lt A Tr 1st g 5s___ 1936 M s
99 76 8G%
84
Hud A Manliat 6s ser A____ 1957 F A 83*2 Sale 83%
62
04% 198 47*2 66%
Adjust Income 6s________ 1957
96
95% May’22 ___ 02
N Y A Jersey 1st 6s............1932 F A
13% 979 9% 21
loterboro Metrop coll 4 ^ 0 .. 1.956 A O 13% Salo 11*2
13% 1294 7% 18%
Certificates of deposit...............
13% Salo 11*8
09% 766 54 75%
68% Sale 68%
Interboro Rap Tran 1st 5s__ 1960 j
67% 15 67*2 70
Msnhat Ry (N Y) cons g 4S..1990 A O 07% 08 07
___ 67*2 67%
07%
May’22
Stamped tax exompt......... 1990 A O
48% 57
2d 43 ............................... 2013 j D CO 62 65 May’22
Manila Elec Ry A Lti f 5s..l953 M S 77 80 77*2 Apr’22 ___ 64*2 77*2
89
89*2 33 81 92
Market St Ry 1st cons 6s___ 1924 M S
93%
9334 17 30% 97
6-year 6 % notes-------------- 1024 a O 93% 94
Metropolitan Street Ry—
65*2 10 50 67
B'way A 7th Av 1st c g 5S.1943 J D 65% 67 65
21 Junc’22
17% 25
Col A 9th Av 1st gll g 6S..1992 M S
39 50
Lex Av A P F 1st gu g 5s __ 1993 M S 43 48 48*2 Juno’22
--MHw Elec Ry A Lt cons g 63.1926 F A 96% ____ 75*s Sopt’21 -- .
2 79*4 87%
87%
Refunding A exton 4,pJs 1931 J J 88 ___ 87*2
17 83 90
88*2
Montreal Tram let A rol 6s..1941 J J 87*2 ____ 88
____
50 Feb’21
Hew Orl Ry A Lt gen 4HS...1935 J J 65
34
H YMunlcIpRy istsf 63 A.1906 J J 58
15 25*2 44*2
39
S3 Y Rys 1st U E A ref 4a__ 1942 J J 11 Sale 38*2
7 24 44
38% 40% 38%
38%
Certificates of deposit.............
11
10*2
10
%
80
12
%
6 % 15
80-year adj lno 6a...........<il942 A O
8*2 3% 8*2
9
4% 13%
10
Certificates of deposit...........
68
2 61% 72's
H Y State Rys 1st cons 4HO-1002 M N 07% 08 07's
52 9G% 97%
97
Nor Ohio Trac A Light 6s__ 1947 M S 96*2 90% 00*2
81 88
Portland Ry lat A rof 6s____ 1930 M N 85*2 87 87 June’22
88% 15 78*2 90
Portland Ry Lt A P 1st ref 5s 1942 F A 88*2 89 88*2
104*2 105
3 102 too
1st A refund 7 He Ser A__ 1940 M N 104*2 105%
Portland Gen Eloo 1st 6s .. 1935 J J 88*2 ____ f-0% Feb'17 ___ I
65% 65
05
68
65*2 19
Third Ave 1st rof 4o..............1960
60 Sale 60
358 44*2 62%
01
Adj Income 6s_...............ol9C0
93*2 96 06 May’22 ___ 38 96
Third Ave Ry 1st g 5e......... 1937
100 100*8 100
40 96 L00%
100
Trl City Ry A Lt 1st s f o s . . . 1023
76
173 Jan’22 __ J 73 73
Dndergr of Loudon 4He___ 4333
60% Apr’22
60*s __
60 64%
Income 0s...... ....................1948
80*.| 80
2 75
88*2
86%
United Rye Inv 6a Pitts Issue 1926 M N 86
United Rys St L 1st g la___ 1934 J J 60% Sale 5934 May’22 ___ 61*2 60*2
58
St Louis Transit gu 6a___ 1924 A O 56 69% 58 May’22 ___ 66
1 72
79 79%
80%
79*2
▼« Ry Pow 1st A ref 6s____ 1934 J J 78
Gas and Electric Light
91% 21 80% 95%
Bklyn Edison lno gen 6n A .. 1949 J J 94 941; 94
4; 100 103*2
101*2 102
General 6a series B_______ 1930 J J 10112 102 11011*
3 102 107*2
General 7s aeries C________1930 J J 106>8 100*2 100*8 100*2
General 7s Bertes D ------------1940 J D 107 Salo 1106*4 107% 33 106*2 1()87S
87*2 00%
Bklyn Un Gas 1st cons g 6s_.1945iM N 96*4 967s! 941*8 May’22
92 97%
90*4
Clncln Gas A Elec 1st A ref 5s 1956jA O 90*4 ------ 96*4
88 % 97
941*8 94*4 943s
97
Columbia G A E 1st 5s......... 1927 J «
9518
88
95%
Stamped______________ 1927'J J 945* 9434 94%
Columbus Gas 1st gold 5o__ 1932 J J 8434 ___ 75 Bept'21
Consol Gas 6-yr conv 7s....... 1925,Q F 1197* Sale 110
122*2 1092 103 122*2
99*2 Sale 99*2
03 99%
Detroit City Gas gold 5s___1923, J J
99*2
93 09%
Detroit Edison 1st coll tr 6a.. 1933 J J 98*8 98*2 98
98
89% 97
1st A ref 6s ser A.............. *1940 M 8 94% 9 5 i2 9 4 %
95*2
99*2 104
1st A ref 6s series B______*1940 M 8 10234 Sale 102*4 10234
1033s 25 100 304
Duquesno Lt 1st A coll 6s___ 1949 J J 103*4 Salo 103
Debenturo 7Ha .................1936 J J 1 0 0 * 2 106*8 106*4 10734 37 10434 10734
Empire Gas & Fuel 7HS-- ..1937 M N 98*2 Sale 98*2
98*s 271 , 98*8 9834
9 77*4 91
Havana Elec consol g 6s____ 1952 F A 89 90*4 90*4
91
87 Feb’22 . . . . I! 85*2 87
Hudson Co Oas 1st g 5s........1949 M N 90 _
9134 9014
96*2 98 96*4 May’22
Kings Co El L A P g 5s......... 1937 A 2
109
“
1113.!
m
11 106*2 111*2
Purchase money 6s-------- 10971A o
111
98 107
Convertible deb Cs_____ 1925,1*1 8 105*2 . . . 105*4 Apr'22
Ed El 111 Bkn 1st con g 4s. 1939i J J 84*2 86*2 83*4 May’22
81*a 83*2
86 93*4
Lac Oas L of St L ref A ext 5s 1934 A O 92 92*2 92
92*8
87*2 0234
Milwaukee Gas L 1st 4s____ 1927 M N 92*4____ 9134
92*2
A
O
109*4
Salo
10634 11034
109*4 109*2
H Y Edison 1st A ref OHs A. 1941
92% 09*4
98
■ Y G E L A P g S s ..............1048 J D 98 Salo 973s
76 83*2
Purohase money g 4s____ 1949 F A 82*4 Sale 81*2
82*4
J
100
.
.
.
5 100% 101%
100*2 100*2
Ed Elec 111 1st cons g 5 s... 1995
Paclflo O A K Oh—Cal G A E
93 96%
Corp unifying A rof 5s___ 1937 M N 95*4 96*8 9534
96%
87 02*4
Paolflo G A E gon A ref 6s ... 1942 J J 90 91
90
91%
8734 04
Pac Pow A Lt 1st A ref 20-yr 5s '30 F A 90*8 91*2 91 May'22
101*4 101%
Poop Gas A C 1st cons g 6s .. 1943 A O 104 . . . 104 May’22
85 92
Refunding gold 5s............ 1947 M S 90 91
90*8
90*2
89 95
Ch O L A Coke 1st gu g 6s. 1937 J J 95 ____ 95 May’22
92 92
92 May’22
Con O Co of Ch 1st gu g 5s. 1936 J J 80
73*2 78*2
Mu Fuel Gaa 1st gu g 6s .. 1947 M N 90 ___ 78*2 Jan’22
M
N
997
Philadelphia Co conv g 6s ... 1922
0978 Apr’22
100
9534
92*2 06*2
Stand Gas A El conv s f 0s.. . 1926 J D 95*4 06*2 9534
85 86
85 Mar’22
Syracuse Lighting 1st g 5s— 1951 J D 91*2 . . .
M
S
85*4___
TYcnton G A El 1st g 6s........1949
73 Juno’21
90*2 94%
Union Elec Lt A P let g 5s.. 1932 M S 91 ____ 93% May’22
25 93% 98
United Fuel Gas 1st s f 0s ... 1936 J J 98 98* 90
98
F
A
90*2 Sale 90%
43 87*2 03%
Utah Power A Lt 1st 6s....... 1944
91%
84% 84%
Utloa Gas A Eleo ref 6s_____ 1957 J J 885*___ 81% Feb’22 —
Miscellaneous
,
75 76
Adams Ex coll tr g 4s_______ 1948,'*' 8
75 Juno'22 ___ 75 78
9
10
9
Alaska Gold M dob 6s A___ 1926 M S
10 May’22 ___
12*2
9
10
Conv dob 6s series B......... 1926 M 8
6
9U May’22 ___
10%
Am Wat Wks A Elec 6s____ 1934 A O 82*2 Salo 80
82% 49 70 82%
Armour A Co 1st real est 4H® 1939 J D 90*4 Salo 89
90*4 34 86*2 04
Atlantic Fruit conv deb 7s A. 1034 J D 43s4 Sale 42*2
48% 102 23% 50*2
.57, 102% 105
Atlantlo Refg dob OHa------- 1931 M S 104 Sale 103*4 104
Braden Cop M coll tr s f fls.,1931 F A 98U 98*2 08%
98% 30 93 09%
1 77*4 85%
Bush Terminal 1st 4s..........1052 * O 80 81 80 %
81
89 90*2 90%
5 82% 92*4
91
Consol 6s______ ____ » A
19 86% 02%
Building 6s guar tax ez-----1960 A O 90*2 91 90*2
91
88 110 124%
Oerro de Pasco Cop 8s_____ 1931 J ■» 121*4 Hale 120*2 123
OhloUnSta’n lstgu4HsA..1903 J J 91*2 Saio 91%
15 87*2 93
92
let Ser C 9 He <otfa)......... 1903 J J 113*8 Hale 113
113*2 28 111% 116
Chile Copper 10-yr conv 7s .. 1923 "* « 107 Salo 106*4 107*2 67 99 107%
187 84
Coll tr A conv 6s ser A___ 1932 A O 913s Salo 90%
92
92
Oomputlng-Tab-Reo s f 8S...1941 J J 96*2 Sale 96
90% 35 89 97*2
Granby Cons M 8 A P con fls A '28 M N 85*s____ 90 May’22 ..1 87 90
87*2____
94
Stamped............................1928 M N
3 87 99
94
Conv debon 8s........... .......1026,1*1 N 99*4 101 99% 100*2 20 86 102
Great Falls Pow 1st s f 5s___ 1040 M N 97*4____ 98 May’22 . . . J 94% 98%
Holland-Amerlcan Line 6s__ 1947|M N 90*2 Sale 91%
92% 195 91% 94%
Inter Mercan Marine a f 6a,.194l|A O 97*2 Sale 96%
07*2 253 89 09*2
Invincible Oil 8s __________ 1031,1*1 8 08*4 Sale 98*2
98*2 72 90 98%
Marland Oil s f 8s with war'ts 1931 A O 119*2 Sale
*No price Friday; latest bid and asked. aDuo Jan. dDue April. cDue Mar. «Due !




3567

Page 4

BONDS
N. Y. STOCK EXCHANGE
Week ending June 9
Mexican Petroleum s f 8s___ 1936
Montana Power 1st 5s A ...1943
Morris A Co 1st 3 f 4 H s ___ 1939
N Y Dock 60-yr 1st g 4s........1951
Niagara Falls Power 1st 5a 1932
Ref A gen 6s . . . . . .
al932
Nlag Lock A O Pow 1st 69. . 1954
Nor States Power 25-yr 5s A. 1941
Ontario Power N F 1st 5s . . . 1943
Ontario Transmission 5a ..1945
Pan-Amer P A T 1st 10-yr 7s 1930
Pierce Oil s f 8s....................1931
Prod A Refining s f 8s..........1931
Pub Serv Corp of N J gen 5s. 1959
Sinclair Con Oil conv 7 Ha 1925
15-year 7s.......................... 1937
Sinclair Crude Oil 5Hs.......... 1952
Standard OH of Cal 7s_____ al931
Tennessee Cop 1st conv 6s__ 1925
Tide Water Oil 6 H a ............1931
Union Tank Car equip 7s___ 1930
Wash Wat Power s f 6s......... 1939
West Penn Power ser A 5e__ 1946
1st series D 7s
.c!946
Wilson A Co 1st 25-yr s f 6d. . 1941
10-ycar conv s f 8s . . . .1928
Temporary 7Hs................. 1931
Manufacturing and Industrial
Ajax Rubber 8s..................... 1036
Am Agrlc Chein 1st c 5s____ 1928
1st ref s f 7Hs g ......... ....... 1941
Am Cot OH debenture 5s____1931
Am 8m A R 1st 30-yr 5s ser A 1947
American Sugar Refining 6s.. 1937
Am Writ Paper s f 7 0s_____ 1939
Atlas Powder conv 7Hs g___ 1936
Baldw Loco Works 1st 5s___ 1940
Canada Gen Elec Co 0s____ 1942
Cent Foundry 1st s f 6s........1931
Cent Leather 20-year g 5s___ 1925
Corn Prod Refg s f g 5s......... 1931 IWN
1st 25-year s f 53............... 1934 M N
Cuba Cane Sugar conv 7s__ 1930 J J
Conv deben stamped 8% .........
Cuban Am Sugar lot coll 8H..1931
Diamond Match s f deb 7HS-1936
Distill Sec Cor conv 1st g Ss.1927
E I du Pont Powder 4Hs___ 1936
du Pont do Nemours A Co 7H» '31
Fisk Rubber 1st s f 8s........... 1941
Framerlc Ind A Dov 20-yr 7*28 '42
General Baking 1st 25-year 6sl936 Gen Electric deb g3M»_____1942;F A
Debenturo 6s...... ..............1952;M S
20 year deb 0s. ...........Feb 1940 F Al
Goodyear Tire A Rub lat s f 8s ’41 I
10-year s f deb g 8s......... *1931
Int Agrlc Corp 1st 20-yr 5s... 1932 !
Internat Cement conv 8s___ 1926
International Paper 5s......... 1947
1st A ref 5s U....................1947
Kayscr A Co 7s.....................1942 ;
Kelly-Sprlngfleld Tiro 8s___ 1931 I
Liggett A Myers Tobao 7s__ 1944
6s....................................... 1951
Lorlllard Co (P) 7s...............1944
5s....................................... 1951
Manatl Sugar 7 Ha...............1942
Nat Enam A Stampg lat 5s.. 1929 J
Nat Starch 20-ycar deb 5s__ 1930 J
National Tube 1st 5s..........1952 M N
N Y Air Brake 1st conv 6s__ 1928 M N
Paokard Motor Car 10-year 8sl931 A O
Porto Rican Am Tob 8s........1931 M N
Sharon Stool Hoop 1st 8s ser A1941 M 8
South Porto Rico Sugar 7a__ 1941 J D
Standard Milling 1st 5s......... 1930 M N
Steel A Tube gen s f 7s ser C. 1951 J J
Tobacco Products s f 7s........ 1931 J D
Union Bag A Paper 1st 63__ 1930 J J
United Drug conv 8s..............1941 J D
U S Realty A I conv deb g 6s. 1924 J J
U S Rubber 5-ycar sec 7s___ 1923 1 D
1st A ro'f 5b scries A______ 1947 J J
10-year 7Hs......................1930 F A
U 8 Smelt Rof A M conv fls.. 1926 F A
Va-Caro Chcm 1st 15-yr 6s.. 1923 J
Conv dob 6s___________ «1924
12-ycar s f 7Hs_________ 1932
Warner Sugar 7s..................1941
West Electric 1st 5s___ Deo 1922
Westlnghouse E A M 7s........ 1931
Wlckwlro Spcn Steel 1st 7S..1935
Coal, Iron and Steel
Beth Steel 1st ozt s f 6s_____ 1926
1st A ref 5s guar A ............1942
20-yr p m A Imp s f 5s.........1936
6s A................................... 1948
Buff A Susq Iron Bf 6s_____ 1932
Debenture 6s............... .01926
Colo F A I Co gen s f 5s____ 1943
Col Indus 1st A coll 5s gu___ 1934
Cons Coal of Md 1st A ref 5s. 1950
Elk Horn Coal conv 6s_____ 1925
Illinois Stool deb 4Hs............ 1940
Indiana Steel 1st 5s............... 1952
Laokawanna Steel 1st g 6s__ 1923
1st cons 5s Berlcs A______ 1950
Lehigh C A Nav s f 4Hs A ...1954
Midvale Steel A O conv 8 f 6s 1936
Otis Steel 8s.......................... 1941
Pocah Con Colliers 1st s f 5s. 1957
Rcpub I A S 10-30-yr 5s s f._1940
St L Rock Mt A P 5s stmpd.. 1955
Tonn Coal I A RR gen 5s___ 1951
U 8 Steel Corp\coup_____ <11963
a f 10-00-yr 5sjreg............<11963
Va Iron Coal A Coke 1st g 58.1949
Telegraph and Telephone
Am Telep A Teleg coll tr 4s.. 1929
Convertible 4s__________ 1936
20-ycar conv 4 Ha............. 1933
30-year temp coll tr 5a___ 1940
7-year convertible 6s.......... 1925
Bell Teleph of Pa s f 7s A___ 1945
Cent Dlst Tel 1st 30-year 5s.. 1943
Commercial Cable 1st g 4s__ 2397
C u mb T A T 1st A gen 5s___ 1937
Mich State Teleph 1st 5s___ 1924
N Y Telep 1st A gen s f 4 He. 1939
30-year dehen s f 6s__ Fob 1949
20-ycar refunding gold 6s. .1941
Northwcst'n Bell T 1st 7s A. 1941
Pacific Tel A Tel 1st 5s.........1937
5s......................................1952 M N
South Bell Tel A T 1st 8 f 6s. 194l|J J
Western Union coll tr our 5s.. 1938' J J
Fund A real estate g 4HS..1950 K* N
15-year 0Hs g................. 1936*-----

115'4 Sale
101% Sale
79*2 Sale
111*2 114
87*2 Sale
86*4 Sale
103% Sale
108*2 108% 107%
114 Sale 113*4
97 Sale | 96*4
112% 113*8 112*2
94*2 96 *"■
100*4 Sale
96*2____
90*2____
99*2 Sale
100% 100% 100%
107*4 Sale 106%
102*2----99 Sale
98% Sale
96*2 Sale
101 Sale
103% Sale
104% 105
110*8 110% 110
96 Sale 96*8
102% 102*4 102*4
89% Sale 1 89*4
107 Sale 107%
102% Sale 103*4
99% Sale 99%
99% 99% 99*2
105*4 Salo 1047s
100 Sale 100
100*4 Sale 100%
106% 107*8 100%
99*2 Sale 97%

105*2 373 90*2 105*2
100% 44 100 100%
100% 34 99 100*2
48 105 108
107
99
97 101%
''I
5 95% 100
99% 99*2 98%
99*4
92% Sale 91%
93% 21 8912 98*i
66 86
92
91*2 Sale 91
94Si
147 98*a 99U
99 Sale 98*8
99
88%____ 78 Aug'21
99%----- 100 Apr’22
100 100
91 Sale 90
91% 13 82 91%
76% 77 76%
77*2 15 71
79
57i 86 80*2
87% Sale 87*2
88
97%___ 98% May’22
98*4 102%
21 86% 93
91 Sale 90
91
99*2 Sale 99%
99% 27, 96% 100%
24 03% 100
99‘8 Sale 99% 100
88 Sale 88
90*4 27, 82 92%
l 1 90 92*2
92 94 92*8
92%
73 83 92*i
91
90 Sale 90
24 90% 103
101*2 Sale 101% 102
91%___ 91 Mar’22 —
89 91
7 90 97
95 95% 95
95*2
81 86*2 82*2 May’22 ___ 78
87%
97*8 98% 97*2 May’22 - - - 96% 99
187 09*1 104%
102 Sale 101% 102
___
lOO1* June’22
09 102%
92
96 91 May’22 —
87
02
192 86% 01
90% Sale 90*4
91
85*2 86 85*4
85*2 « 13 80*4 86%
101 101% 101 *8 June’22 . . . . 95% 103
97*8 Sale 96%
97% 123 91% 1*9%
115 Sale 114% 115% 631108 116%
88 107% 112
107*2 107% 107% 108
3 97% 99%
99%
£9*4 100 99%
5 72
72% 74 72
74
75
12 88*7 94%
93 94 93
94
98% 12 94% 99
98*2 98% 98%
93%
46
94% 94%
94%
88*4 94%
55 101% 106
108
105*8 Salo 105
135 101% 105%
104% Sale 104% 105
106% Sale 105% 107
81 107 108%
16 91% 98
96% Salo 90%
97
94 Sale 94
94% 3171 94 95
94*4 Sale 94
9478 17 03 90
99% 99% 100 May’22 ___ 1 90% 100
91
4 88 % 94%
91*2 92% 90%
109*2Sale 109% 110
47 106% 110%
oDue Oct. «Due Dec. s Option sale.

BOSTONSTOCKEXCHANGE—Stock Record.

3568

HIGH AND LOW SALB PRIOR—PER SHARE, NOT PER CENT
Saturday,
June 3

Monday,
June 5

*145
8314
101
28
31

[48 145
84
84
101% 100
27*4
28
31
31
40
39
57
57
56*2
*5212 53
52*2
73
73
*73
155 155 *155
*7
12
*7
*135 ___ *135
*92
95
*92
45
45
45
*32
32*2 31%
*82
83 *82
*98 102
96
*92
92
95
52
52
52
*9612 98 *96*2
51
51% 51*4
60
61*2 61
*3'4
I 6 I4
123
11412
*84
*15
*1912
*.25

334 *3*4
16*4 16*2
123*8 123
115
115
__
84
17*4 *15
20*2 *19*2

147
84*2
1003s
28
31
39
57
52*2
74

[48 *145% 147*2 *145*2 147*2
83% 83
84
83% 83*2
10034 1003(
101 101
[01
27% 27*2 27% *27 27*2
*30
31
*30
31
31
39*2 *38*2 39*2 *38*2 39*2
56
56
57
53
*51
53
*51
53
74
*70*2 73
*70*2 73
*155 ___ *155 ___
12
Last Sale 8 May’22
__
Last Sale 130 May’22
92
95
95
40
45
45
45
45
32*4 31% 31% 2934 30
*82
83
83
*82
83
*99*2 102
*99*2 102
93
*93
94
*93
94
50
47% 49
51*2 50
98
Last Sale 98 June’22
51*4 51
51*2
62
60
61

334
3*2
16*2 16*2
12338 123
115
114
84
84
173.1 *15
20
*19*2

3*2 *3
16*2 16
123% 123
114
115
84*2 83*2
1734 *15
20*2 *19*2

334
3
3
I6 I.1 16
10
16*2 16%
123*2 123 123*2 123% 123%
115
114 114*2 114 11434
83*2 84% 85
173i
Last Sale 15 May’22
20*2 *19*2 20% 19*2 20*4

.30
22%

.30

2112 2134

21*4 21*4 21
35*4 36
35*2
*30
*30
*68
71
*68
67
71
5
5
*4*2
*4*2 6
*10*2 15 * 10*2 15
*10*2
1
1
1*8
.99
1*4
36

1112 11*2
*9i2 10

11

11*2

9*4 10

5
12%
683i
47
174
11%
13%

.25

73

73
73
73
73
73
73
66
66
66
66
66*4 66
153 *150 153 *150 153 152*2
25
24
24*4 23*s 23*4 24
23
23*2 24
*22*2 23*2 24
81
80
80
*80
81
80
9
8*4
8% 9
8% 9
3
3
334
3*2
3*4 3%
116*2 116*2 116*2 115 116*2 116
*11
*11
*11
12
12
*11*2 13
*19% 20
20
20% 20
20
19*4
164 164 165 165
165*2 1653i *166

12

*11

12

40
26*2
32%
303i

41
27
33%
31

11*2 1134 * 11*2
34*s 33*2 34
33*2
37
36*2 36*2 37
45
*43
*43*2
19 *183s 18% *173.4

3334
37
46
18*2

10*2 10*2
*11
12

3334
3612
*42
*18*2

*14
4% 4%
4%
10334 103 1033.1
81*2 79*4 80*2

10

10*2

*.65 .77
65
65
*.20 .50
*28*4 2834
4*4 4*4
*10*4 10*2
15*2 15*2
288 290
*1234 13

10

10
12

.40

21*2 *21

22

65

65

*.25

.40

22% 22 %

73

66

35

35*2

*412

0

*.95

1*8

11

11

*9*2 10
73

66

73

00*4

*21

22

*4*2 6
10 May’22
.95 1
10

10

*9% 10

73

66

75*2

66*4

153 *150 153
151 151
24
24
24
23
23
24
23
23
22*2 23
80
79*2 793S 81
81
83i
8*2 834
8*2 9
3*2 *3
3*2
3*2 *3
116
116 110
Last Sale 123S May’22
12
20
21
20
19% 203;
166 160
82 May’22
14*2 14% 14*4 14%
4% 4% *4*2 4%
4*2 4*2
103*2 1033.1 103% 103% 101 1013i
80
79
79% 80
79*2 80
*11
1131May’22
12
39% 40
39% 39% 39
39%
263i 2034 2634 27
*263i 27
323i 32
325g 31% 32
32
*30*8 303.1 30*8 30*4
30*2 31
10
10
*10
10% 10
10
1134 12
11% 12%
* 11*2 12
33*4
33*2 333 « 33*8 33*4 33
37
37
37% 37% 37*2
37
*43
46
*40
46
43*2 43*2
Last Sale 19 May’22
*1734 18*2
1*4 Mar’22

*.65 .77 *.65 .77 *.65 .77
*64
64
65
65
62*4 64
* 20
* 20 .50 *.20 .50
*28 28*4 *2734 28
28 28*2
4
4*8 4%
4*8 4%
4*4
10*2 10*2 10*4 10*4 10
10*4
153.1
153t
15%
*15
*15*4
16*4
285 290 285 287 280 283
13
13
12*2 123t 11% 12*2
12
12
*11
12
*10*2 11*2 10*4 10*4
453.t 46*2 45*2 46
45*2 46*4 45*2 45%
*13.i 3
*134 3
2*2 2 *? *184 3
83,t 8%
8% 8%
8 % 8%
8*2 8 %
11*2 11*2 11*2 1131 11% 113.1 11*2 11*2
2*2 2 *?
2 % 21?
2*2 2 *?
2*2 2 *?
*3
3*8 *3
3*4
3*4 *3
3*4 *3
138 1% * 1% 1‘? *1*4 1*?
*1'4 1*2
113 113*2
112*4 113*2 112*4 113*2 113 114
94
93
94
*93
*94*4 95
*94*4 95
2534 26
25
25
25
25
*25*2 26
*3*4 4
*3*4 4
*3*4 4
*3ll 4
*2 % 3
2% 2%
2*2 3
2*2 3
5
5
4 X. 5
4*2 5
4*2 5
*1*2 13.1
*1*2 1»4
1*2 1*2 *1*2 2
210 *2
*2
2*2 *2
2*2
2*2 *2
3*2 3%
3*2 4
3*4 3*4
3*2 3%
5
5
5*8 534
5*8 5I2
5*4 5*2
*2% 3
3
3
3
3
2*1 3
67
67
673s 67
68
67
66*4 67'4
193i 20
20% 20*4 1934 20*8 19% 20
*1
1
1*2 H? *
1*8 1*8
1*8
*
37 *
37 *
37 *
37
76
76
*75
76
*75
75
*75*4 76
6*4 6%
6% 6*2
6^2 6*2 *6*4 6*2
14
14
14
14*8 143s 14
14*2 14
*3*4 3*?
3*4 3*?
3*2 3*2
3*8 3*?
*26
27
27
27
27
26
27
27
37
*35*2 37
*36*2 37*2 36*2 36*2 *36
48
47% 48*2 47*2 4734
49*4 49*4 48
48
48
48
47*4 48
47*8 47*2 48
*.90 1
*.95 1*8
.95 .95
.90 .95
1%
1*4 *1
1*4 1*4
1*8 1*8 *1
4
4
*4
*4
4*4
4*2
4*2 *4
1% 1»4
1*4 1«4
138 13|
*1% 13.1
1*4 138
138 138
1%! 1%
1%. 1%
.79 .79
.75 .75
*.75 .81
.75 .75
3*8 3*8
3*8 3*4
3*8 3*8 *2% 3
3*8 3*4
3*4 3*2
3*2
3*2 3 1 ? *3
1*4 1*8
1*4 1'?
1*8 1*4
1*4 1*4
*134 3*4 *134 2*4 *13t 2*4
1% 1%
*134 2
1*4 1%
13l 1%
1% 1%
16
*15
15
15 *14*2 15*2 *14
15*2
* Bid and asked prices; no sales on tills day.




*.25

*4*4 4*s
12% 125S 113t 12*4
*12*4 13
68
70% 70
71
69% 69
47 May’22
*47
47*2
173 17334 1723t 173
170 173
*11 *4 12
11'4 11*4 11*2 11*2
*1234 13
*123^ 13
* 12-14 13

36
35*2 *35
*30
67
67*2 *65
6
5% 6
15
*10*3 15
.90 1
1*4
10
10*2 10*4 10*4
*9*2 10
9*4 9*4

66

40%
263.1
33*s
31*8

.25

22*2 22% *22*2 22%

21*2 *21

*15012
*24
23
*80
9
*3*4
*114

*14
*14
*412 4%
4%
103% 104 103
79
81
79*2
*11
*1 l
12
40
40*2 40
2634 263i 26*4
33
33*8 32*4
30%
31
31

Sales
for
the
Week.

Friday,
June 9

148 148
84*4 83*4
[00
100
28
27%
*30
39*2 *38
57
57
*51
53
*71
73
*155
12
*7
*130
92
91
*42
48
323.1 31*2
83
99
*99
92
91
50
50
*96
52
51
61*2 61

*.25

36
*30

Wednesday, Thursday,
June 7
June 8

145
83%
100
27*4
*30
39*2
*55
53
73
*155
12
*7
*130
95
91
45
48
32*4 31*2
85 *82
98
99
92
92
52% 50
97
*96*2
52
51
62
60

23
22*2
22»4 22*4 23
*4*4 5
*414
*412 5
*13
13*4 *121.4 13
12*2
6834 69
69
69
67%
*46
47
*46
47
*46
17312 174
173*4 174
173
12
12
* 11*2 11% 11*2
13*4 13*8 13
*12%
13

.30

*.25

Tuesday,
June 6

Shares
112
1,604
405
375
50
31
225
56
35
3
40
101
654
3
20
35
765
1,022
415

STOCKS
BOSTON STOCK
EXCHANGE

Ranee sines Jan. 1.

Range for precious
year 1921

Lowest

Lowest

Highest

Highest

Railroads
Boston A Albany________ 100 130*4 Jan 4 152 May 22 119 Apr 133 NOV
Boston Elevated________ 100 73 Feb 20 84%May 2
617t Jan 79 NOV
78 Jan 100 Deo
Do prof_____________ 100 94*4 Mar 1 101%June 3
14 Jan 10 31%May 20
Boston A Maine...... .......... 100
13*4 Deo 25*4 Feb
10% Nov 30 Jan
Do prel_____________ 100 20 Jan 9 37 Apr 8
Do Series A 1st pref. .100 22 Jan 5 44% Apr 26
19 Aug 33 Jan
Do Series B 1st pref-.lOO 36 Jan 17 62 May 20
27 Nov 47 Feb
Do Series C 1st prel.. 100 30 Jan 9 54 May 25
24 Nov 40 Jan
Do Series D 1st prel..100 40 Jan 12 77%May 1 36 Nov 58 Jan
Boston A Providence____ 100 125 Jan 12 155 June 3 110 June 133 Jan
Bost A Wore Elec pref.No var
3% Jan 26
8 May 16
3% Jsn
3*4 Feb
Cldc June Ry A U S Y___ 100 130 Jan 19 130 May 19 130 Feb 130 Feb
63% June 82% Deo
Do pref......... ..............100 80% Jan 9 95%May 11
Maine Central__________ 100 27% Jan 30 48 Apr 15
30 Deo 43*8 Fob
12*4 Jan 3 34%May 22
N y N H A Hartford........100
12 Deo 23% Jan
Northern New Hampshire. 100 69 Jan 10 83%May 9
60 Apr 75 Feb
Norwich A Worcester pref.100 58 Jan 17 100 June 1 51 Nov 76 Jan
Old Colony_____________ 100 57 Jan 0 98* iMay 23
50 Oct 76 Jan
Rutland pref___________ 100
16 Apr 21 Jan
15 Jan 20 52%Juno 5
Vermont A Massachusetts.100 78 Jan 23 98 Juno 1 69 Nov 78 Do#
48% Jan 5 52 MarlO
West End Street________ 50
40 Jan 61% Deo
£0 Jan 61 Deo
Do p re f................... 50 57 Mar I 62%May 5
Miscellaneous

2 Jan
115 Amer Pneumatic Service.. 25
4% Jan 27
2% Feb 4
261
8*s Jan
Do prof_______ ____ _ 50 13 Feb 20 17 Jan 16
2,093 Amer Telephone A releg. .100 114% Jan 3 124*4 Mar 14
96% Jan
74 Jan
378 Amoskeag Mfg_______ No par 104 Jan 10 117 Jan 24
72
73 Feb
Do prof................ No par z80% Jan 17 85 Jan 16
12 Jan
Art Metal Construe Inc.. 10 14% Feb 20 20%May 19
12*4 Deo
30 Atlas Tack Corporation No par 13 Jan 7 22 M ay 4
.76 Fob 21
.15 July
100 Boston MexPctTrusteesNopar .15 Apt 27 .50 May 4
.15 Apr 27 .08ia Oct
0% July
15*4 Jan 4 23% Mar 3
580 Connor (John T )________ 10
3 Oct
6 Apr 21
9*4 Jan 19 14*4 Feb 10
9% Oot
380 Eastern Manufacturing__ 6
38% Jan 4 71 Juno 9
16 Jan
1,009 Eastern S3 Lines Inc_____ 25
42 Nov
42 Jan 7 47*2 Apr 18
414 Edison Electric Ilium____ 100 156 Mar 2 175 Apr 10 142*4 Oct
3 Mar 14 13 May 17
3 Nov
1,015 Elder Corporation____ No par
9% Sopt
10 Jan 12 16*4 Apr 6
210 Gardner Motor______ No par
.30 Mar 21
1 Jan 19
1 Dec
19 Jan 26 27*4 Feb 27
10*t Deo
97 Greenfield Tap A Die____ 25
19 July
115 Internat Cement Corp.No par 26 Jan 20 37%May 1.3
28 Mar 25 32 Jan 27
82 Deo
74 Deo
20
Do pref............. .......... 100 64*s Apr 4 78*2 Jan 0
6% Mar 26
3*4 Jan 9
3 Sept
110 Internat Products____ No par
17 Apr 1
0 Nov
3 Jan 24
2 Sept
1,850 Island OH A Transp Corp. 10 .62 Apr 15
126 Libby, McNeill A Libb.. 10
5% Dec
1% Apt 24 ll%Juno 3
42 Loew’s Theatres. ______ 25
*8*4 Deo
8*8 Jan 3 13 Jan 16
722 Massachusetts Gas Cos__ 100 63 Jan 3 75%June 9
83*4 3opt
470
58ia Oot
Do pref_____________ 100 62 Jan 3 69 Apr 8
45 Mergenthaler Linotype__ 100 130 Jan 3 150 May 10 117 Sopt
230 Mexican Investment Ino.. 10 20 Mar 27 26% Apr 12
13% Sept
173 Mississippi River Power__ 100 13 Jan 6 25%May 5
11 Sept
80 June
330
Do stamped pref_____ 100 72*8 Jan 9 82 Feb 25
8 Jan 4 11% Jan 21
788 National Leather........... 10
2*4 Deo
6 Jan 28
2*4 Mar 15
4 Aug
600 New England Oil Corp______
05% Jan
53 New England Telephone.. 100 109 Jan 4 118 Apr 13
7 July
Ohio Body A Blower__ No par 11 May 18 14 Mar 16
14*8 Doo
2,300 Orpheum Circuit Inc......... 1 13 Jan 10 21*4May 3
51 Pacific Mills........................... 2162 Apr 26 174% Mar 11 148 Jan
Plant (Thos G) pref..........100 78 Feb 21 82 May 12
78*4 Nov
12% Apr
12*2 Apr 18 14*2 Feb 21
25 Reece Button Hole______ 10
S Deo
7% Apr 5
3 Feb 20
225 Simms Magneto_________ 5
88% July
538 Swift A Co........................100 92*4 Jan 3 108% Feb 23
47 June
60 Jan 3 81%Juno 5
1,479 Torrlngton._____ ______ 25
10 Doo
8 Mar 29
14*4 Feb 3
33 Sept
2,196 United Shoe Mach Corp.. 25 34 Mar 3 45 Mar 24
22*4 Apr
443
Do pref.................... . 25 25 Jan 3 27 Jan 21
9,072 Ventura Consol OH Fields. 5 21% Jan 27 33%June 2
16% July
1,030 Waldorf System Inc_____ 10
16% Jan
26*8 Jan 4 31%Juno 2
6 Deo
730 Waltham Watch.............. 100
7 Jan 3 14*4 Apr 20
8 Sopt
1,695 Walworth Manufacturing. 20
7*8 Fob 7 12%Juno 9
1,090 Warren Bros............. .........50
11 Apr
17% Jan 3 35 May 29
403
17 Aug
Do 1st pref_________ 50
30*2 Jan 4 37%May 27
5
16 Oct
Do 2d pref............... .. 50 33*8 Feb 18 44 May 29
8 July
Wlckwlre Spencer Steel__ 6 13*4 Mar 27 21 May 13
.35 Oot

Mining

5*4 Dec
15% Nov
119% Nov
109 Deo
84% Deo
16 Sept
20 Apr
.95 Jsn
17% Deo
4*8 Fob
23 Jan
42 Deo
46 Deo
105*8 Doo
17 Jan
23% Apr
8 Jan
29 Nov
28% Deo
41% Feb
86 MM
13 Jan
32 Jan
4% Mar
13 Jan
18 Juno
85 Jan
64 May
130 Nov
36% Apr
14*8 Mar
84 Apr
9% Jan
0 Aua
112*4 Deo
11% Doo
30*4 Apr
171 Deo
87 Fob
14 Jan
9*4 Mar
105% Jan
61 Feb
22 Jan
39% Jan
25% Deo
24% Deo
29% Deo
17 Jan
17 Feb
22% Apr
33% Deo
355< Doo
18*4 Jan
1% Deo

1 Apr 15
.4 Mar
Adventuro Consolidated.. 25 .50 Jan 31
.75 Mar
59 May 11 66 May 29
40 Aug 03 Deo
160 Ahmeek.................... .......25
.20 Jan 13
.15 July
22 Jan 9 32*2 Jan 20
16 Apr 24ia Nov
165 Allouz__ ______________ 25
27% 28
27*4 27*4
2 MarlO
4%May 23
1% Sept
3% Jan
4
4
4
4*4 1,140 Arcadian Consolidated___ 25
*934 10
385 Arizona Commercial_____ 5
6% Jsn 10 Apr
10
10
8*4 Feb 20 10%Juno 5
*15
15^4 15% 15*2
173 Bingham Mines.............. . 10 13 Jan 5 10*4Juno 6
8 Mar 14 Oo
280 285 280 280
113 Calumet A Hecla________ 25 205 Jan 5 298 May 31 210 Apr 280 Deo
113! 12
4,245 Carson IIlll Gold......... ..... 1 10*4 Jan 4 , 16*4 Mar 29
11% 12
11 Deo 16% Jan
22C Centennial_____________ 25
9*2 Jan 16 13*2 Feb 1
7 Jan 10 Jan
*10*2 11
10*4 10*4
45
45% 44% -45*2 1,727 Copper Range Co_______ 26
37*2 Jan 3 40*4May 3 1 37 Jan 40% Doe
*13i 3
*13i 3
4*4 Jan
20C Daly-West_____________ 2C
1 Apr 5
2*4 Mar 7
l*s Nov
7*i Jan
6*2 Jan 3
9*4 Jan 26
8*4 85S
8*2 8 % 1,111 Davls-Daly Copper......... 1C
6*4 Mar
7 Aug 11% Deo
11% 1,285 East Butte Copper Mining 1C 10 Mar 27 12*4 Jan 20
11*2 11% 11
1 Apr 11
3% Apr 15
2*4 2%
2% 2%
652 Franklin........................ . 25
1*8 Apr
8% Jan
2*2 3
*2% 3
04 Hancock Consolidated___ 25
3*a Mar 10
1% Sept
2 Jan 13
3*8 Jan
2*4 Apr 17
2% Nov
l%May 3
1 June
*1*4 1*2 *1*4 1*2
10( Helvetia_______________ 25
112 111
112*2 114
1,751 Island Creek Coal_______ 1 81% Jan 10 116 May 17
48 Jan 88*8 Doo
*93
94
41
75 Jon 90*8 Deo
*93
94
Do pref_____________ I 88 Feb 14 95%May 25
25
25
24% 25
19C Isle Royale Copper______ 25
22% Feb 28 26%May 3 1 16% Jan 24% Deo
4% Apr 17
4 Hep*
3 Feb 6
2% Mar
3% May’22
5%May 5
2 Deo
2% 2%
150 Keweenaw Copper______ 25
.98 Sopt
*2*2 2%
1 Feb 24
5*.tMay 31
2 Jan
3% Doo
4% 4%
223 Lake Copper Co_________ 25
2*4 Feb 18
4 I2 4^2
2*4 Apr 17
2% Feb
85 La Salle Copper_________ 25
1*4 Jan
1*8 Fob 6
*1*2 1*4
1% 1%
2 Bop*
2%May 19
1*4 Jan
.66 Apr
3% Jan
4*4 Apr 13
2 Mar 24
633 Mass Consolidated______ 25
3*2 3*2
3*4 3%
2% Aug
5% Jan
6 May 22
705 Mayflower-Old Colony___ 25
2*4 Jan 2C
5
5*8
5*8 5*8
3% May
7 Apr 13
1*4 Aug
*23j 3
3
3
11C Michigan______ ________26
1% Jan 16
43*8 Jau 69 Deo
63% Jan 7 68 Juno 5
66
603i *65
60
357 Mohawk_______________ 25
12*4 Sept 18% Deo
19% 19% 19*2 19%
785 New Cornelia Copper____ 5 17 Feb 21 20%Juno 2
.40 Nov
2 Doo
2% Mar 23
*.75 1
*.50 .9C
80C New Idrla Quicksilver____ 5 .40 Mar 7
40 Feb 57 May
37 Jan 6 40 Feb 9
37 May’22
74 Deo 95 Mar
*75
70
75
77
18
Do pref.......................100 73 Jan 7 78*2 Apr 7
4 July
7 Jan 4
8*i Jan
315 Nlplssing Mines_________ 5
5*4 Jan 2C
*6*4 6*2 *6*4 6*2
8 Mar 14% Doo
133.1 1334 13*4 13*2 1,107 North Butte_______ ____ 15
11 Feb 15 15 May 29
4*s Apr 15
2% Jan 2C
1 Aug
2*8 Doo
312 OJlbway Mining________ 25
3*4 3*4 *2% 3*4
16% Jan 25% Nov
23 Jan 4 27 Jan 25
315 Old Dominion Co_______ 25
27
25
25*2 *25
21 Aug 35% Doo
25 Osceola________________ 25
30*2 Jan 5 38 May 31
*35
36
*34
36
33% Aug 46 Deo
42 Feb 2C 50 May 31
205 Quincy________________ 25
*47*2 48
47*2 47*2
28 Jan 45 Deo
41% Jan C 48%May 31
*47 47%
765 St Mary’s Mineral Land__ 25
*47*2 48
l*4\Iay 18
.25 Mar 1C
.75 Jan 1% Deo
12( Shannon_____ _________ 1(
*.95 1*8 *.95 1
.35 Nov
2 Jan
.50 Jan 31
1*4May 18
001 South Lake____________ 25
*1
1*4 *1
1*4
4%Juno 2
2 Sop*
4*8 Feb
*4
4*4 *4
4*4
2 Mar 2£
101 Superior_____ __________25
2 Apr 15
1 June
2*4 Feb
.90 Mar 31
1% 1%
1% 1% 1,001 Superior A Boston Copper. 1(
3% Apr .3
1'iJuno 5
4*8 N07
1% 1%
l*A4 July
1% 1% 3,505 Trinity Copper Corp_____ 5
.70 .75 *.70 .71 1,701 Toulumne Copper_______ 6 .49 Mar 7 .92 May 22
.85 Deo
.34 Aug
2% 2%
505 Utah-Apex Mining______ 5
4 Mar 22
3*8 Oot
3
3
1*4 Aug
2ia Jan It
5 Jan
805 Utah Consolidated______ 1
3%Juno 5
3*8 3%
1% Nov
3*s 3*4
1 Feb 21
.95 Jan V/t Jan
2*2 Apr 13
1*8 1*8
1 Feb 15
1*8 1*8 7,235 Utah Metal A Tunnel------ 1
21 Victoria............................. 25
*13l 2*4 *1% 2*4
.40 May
2*8 Jan 30
2% Fob
1Ms Jan 5
631 Winona________________ 25
.35 Jan
.80 MM
2*4 Apr 16
1% 1%
.25 Jan It
1% 1%
14*4 14*4 *14
8% July 14 Feb
50 Wolverine______________ 25
14*2
10 Feb 10 16 May 31
z Ex-rlghts. b Ex-dlvldend and rights, t Ex-dlvldcnd.
Last Sale .65 May’22
*63
64
*63*2 64

Outside Stock Exchanges

Stocks (Concluded)

B o s t o n B o n d R e c o r d . — T r a n s a c t io n s in b o n d s a t B o s t o n
S to c k E x c h a n g e J u n e 3 t o J u n e 9 , b o t h in c lu s iv e :
Friday
Sales
Last Week’s Range
for
of Prices.
Sale.
Week.
Price. Low. High. Shares.

Bonds—

99.74 100.10
U S IJb Loan 3 %s. 1932-47
99.74 99.84
2d Lib Loan 4s__ 1927-42
99.74 100.06
1st Lib L’n 4 % s .1932-47
99.74 100.10
2d Lib Loan 4% s.1927-42
99.74 100.00
3d Lib Loan 4% s__ 1928
99.74 100.00
4th Lib L’n 4 %s. 1933-38 __
__ 100.44 100.54
Victory 4% s___ 1922-23
63% 64%
Atl G & W 1 S3 I. 5s. .1959 64%
82
82%
Chic Jet Ry A U S Y 4sl940
92
92
92
5s________________ 1940
86
86
Copper Range 5s____ 1949
98
Hood Rubber 7s_____ 1936
98
98%
111
112%
Internet Cement 8s__ 1926 112
K C Mem A Blrm 5 s.. 1934
87
87
93
93
4 % s______________ 1931
91% 91%
93
93
Miss River Power 5 s.. 1951
N E Telephone 5s___ 1932
98% 98%
5s............................. 1952
97% 97%
100 100
Seneca Copper 8s____ 1925 100
97% 97%
Swift A Co 5s______ 1944 97
Warren Bros 7% s___ 1932 111% 111% 113
Western Tel A Tel 5 s.. 1932
95% 96

Range since Jan. 1.
High.

Low.

S4.700
94.64 Jan
550
95.26 Jan
5,200
95.94 Jan
188660 95.26 Jan
19,250
96.24 Jan
36,500
95.64 Jan
18,000 99.54 May
16,000
47
Mar
2,000
74% Feb
13,000
89% Jan
5,000
78
Jan
38,000 95% Jan
20,000 101
June
5,000
79% Feb
10,000 86
Jan
4,000 86
Jan
1,000 88
Jan
18,000 93
Jan
15,000 97% June
19,000 99% May
6,000 91
Jan
20,000 97% Feb
9,000 90
Jan

lOO.lOJune
99.74Junc
100.06 June
100 June
Apr
100
Apr
100
Mar
101
May
65
82% June
Apr
94
Apr
86
99% Apr
114 May
88% May
May
93
91% June
93% May
May
99
97% June
Jan
110
97% June
115% May
May
96

B a l t i m o r e S t o c k E x c h a n g e .— R e c o r d o f tr a n s a c tio n s a t
B a ltim o r e S to c k E x c h a n g e , J u n e 3 t o J u n o 9 , b o th in ­
c l u s i v e , c o m p i l e d f r o m o f f i c i a l s a le s l i s t s :

Stocks—

Friday
Last
Sale.
Par. Price.

2d preferred.. ____ 100
Arundel Sand & Gravel. 100

62

Baltimore Tube, pref.. 100
Bcnesch (I).......................*

57
34%

Cent Teresa Sugar_____ 10
Preferred_____________ 5
C A P Tel of Balto, pfd.100
Comm’l Credit, pref___ 25
Consol Gas E L A 1T..100
Preferred. t _________100
Consolidation Coal__ 100
Cosden & Co, prof............. 5
Houston OH, pf tr ctfs.100
Manufacturers Flnancc.25
Mt V-Woodl), pf v t r.100
Northern Central........ -50
Pennsyl Wat & Power.. 100
Pittsburgh Oil, pref____ 10
United Ry & Klee_____ 50
Wash B & Annap_______ 50
Preferred____________ 50

2
3%
107
26
109
116
4%
92%
52%
i07%

17%
18
33%

Bonds
Alabama Co gen 0 s ... 1938 86%
Consolidated Gas 5s. .1939
Consol Gas 10 L & P 4%s’35 " 6 6 "
7% notes____ _____ 1922
7% % notes________ 1945
6% notes______________
7s....................
1931 106
Consol Coal ref 5s___ 1950
87 %
Convertible 6s____ 1923
Cosden & Co 0s
Davidson Sulphur 6s. .1927
Elkhorn Coal Corp 6s. 1925
Fairmont Coal 5s........ 1931
Georgia & Ala cons 5s. 1945
Md Electric Ry 1st 5s. 1931
Monon V Trac 7s____ 1923
No Halt Trac 5s........ .1942
Pennsyl W & P 5s----- 1940
United Ry & E 4s----- 1949
75 %
Income 4s-------------- 1949 57
Funding 6s, sm all..1930
6s (w 1)...................1949 100
0% notes..........................
Wash H & A 5s.............1941 82*

of Prices.
50
50
55
62
41
41%
93% 93%
57
57
34% 35%
25% 25%
.56
.60
1%

2%

3%
106%
25%
108%
116
86%
4%
92%
49
52%
76%
107%

3%
107
26
110
116%
87
4
94
50
53
78
107%

1%

1%

17% 18
18
18
33
33%
86

86%

100

100%

99% 99%
90
90
108% 108%
100% 100%

105 106
87% 87%

100% 100%

102%
97%
97%
93%
81
02%
98%
98
98
75
57
76%
99%

107
97%
98
93%
82%
92%
98%
98
98
75%
57%
77
100

100

100

82

82%

Sales
for
Week.
Shares.

Range since Jan. 1.
Low.

High.

45 30
60 36
140 26
20 86
10 46
98 25
163 24
1,250 .35
350
1
350
2%
316 106
65 25
414 91
46 105
51 80
2,170
4%
340 78
60 41
60 44
163 72
25 92%
10
1%
3,830
9
175 14%
205 29

Apr
Mar
Jan
Mar
May
Mar
Jan
Jan
Jan
J an
May
Jan
Jan
Jan
Jan
Jan
Feb
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan

50
62
42%
93%
60
35%
25%
.74
2%
4
107
26%
110
116%
87
4%
94
50
55%
78
108
1%
18
19
34%

June
June
May
May
May
Juno
Juno
May
Feb
Mar
June
Feb
May
Juno
May
Apr
June
May
Apr
June
June
May
May
Apr
Apr

S3,000 80
11,000 93
33,000 85%
18,000 99%
3,000 106
10,000 99%
64,500 101%
4.000 86
19,000 96%
37,000 98%
1,000 96%
12,000 94%
1,000 92
2,000 70%
1,000 80
21,000 95
2,000 98
15,000 92
21,000 66%
15,000 40
1,500 60
46,000 98%
4,000 98
30,000 78%

Mar
Jan
Jan
Jan
Jan
Feb
Jan
Feb
Jan
Mar
Jan
Mar
Jan
Feb
Jan
Jan
Apr
Jan
Jan
Jan
Mar
Apr
Jan
Mar

86%
100%
90
100%
109%
100%
106
89%
100%
107
104
98%
94
82%
94
99
98
99
75%
58%
77%
100
100%
84

Juno
Apr
May
Feb
Apr
Jan
May
June
May
June
Feb
May
Apr
June
Apr
May
Apr
May
June
May
Apr
May
May
May

P h i l a d e lp h ia S t o c k E x c h a n g e .— R e c o r d o f tr a n s a c tio n s
a t P h ila d e lp h ia S t o c k E x c h a n g e , J u n e 3 t o J u n o 9 , b o t h
i n c l u s i v e , c o m p i l e d f r o m o f f i c i a l s a le s lis t s :
Friday
Sales
Last Week's Range for
Range since Jan. 1.
Sale.
of Prices.
Week.
Par Price. Low. mgh. Shares
StocksLow.
High.
American Gas ot N J..100
American Milling---------10
American Hallways-------50
Preferred___________ 100
American Stores___ no par
Buf * Susci Cor pf vtC-100
Elec Storuge Battery—
~
Erlo Lighting, pref___
General Asphalt........ .. 100
Hunt & Bd Top Mtn pf.50
Insurance Co of N A ___ 10
J G Brill Co...................100
Keystone Tel, pref____ 50
Lake Superior Corp___ 100
Lehigh Navigation........ 50
Lehigh Valley...... ............50
Lehigh Val Transit........ 50
North Pennsylvania----- 50
O Elsenlohr & Bros___ 100
Pennsyl Salt Mfg______50
Pennsylvania__________ 50
Phlla Co pf cum 6 % )-.5 0
Phlla Electric of 1’ a____25
Preferred____________ 25
Phlla Germ & Nor H U ..50
Phlla Insul Wlro...............*
Phlla llapld Transit___ 50
Philadelphia Traction__ 50
Phlla * Western_______50
Preferred...... ................50
Radio Corp of America.
Reading.................
50
Tono-Belmont Dcvel___ 1
Tonopah Mining...............1
Union Trac, SI7% pd__.50
United Cos of N J____ 100




70
12%

60%

122%

18%
38
39
10%

74

11%

30
121

34%
66
10

44%
1%
1%
41%

70
7%
8%
42
120%
55
43%
25%

70%
7%
14
60%
123%
55
47
26

66%

66%

18% 18%
36% 38%
43% 44%
34
39
10%

11%

74
64%

75
65%

11%

11%

80%
65
72
41%
38
28%
29%
121

80%
65
72%
42%
39
29%
30
121

35
32%

35
35%

66

66

7
10%
33
34%
5
5%
76% 76%
1%
1%

1%
2

41% 42
198 198

145
25
7,488
295
1,319
60
1,966
177
200

7
378
115
18
2,225
471
535
165
19

418
155
3,927
311
1,305
2,074
28
65
11,810
52
2,330
300
1,400
5
1,890
625
2,228
9

47
Jan
5% Mar
4
Jan
26
Jan
83
Jan
47% Feb
37% Mar
25% June
55% Jan
7 June
30
Jan
36
Mar
27% Feb
6% Jan
66% Feb
57
Jan
9 May
73
Jan
63
May
69% Jan
33% Jan
36
Jan
23
Feb
27 % Jan
115
Jan
30
Mar
17% Jan
58
Jan
5
Jan
29
Jan
4% May
72
Jan
1% Mar
1% Jan
34
Jan
177
Jan

Friday
Sales
Last Week's Range for
of Prices.
Sale.
Week.
Price. Low. High. Shares.

75
May
7% Juno
14 June
60% Juno
123% June
55
Apr
47
Juno
27
May
67% June
15
Apr
38% June
47
Apr
39
June
12% May
77% Apr
07% May
11% June
80% June
65
May
74
Apr
43% Apr
39% Mar
29% Apr
30
May
121
Juno
50% Jan
35% June
68% Apr
10% June
34% June
0% May
81% May
1% Juno
2
Fob
43
M ay
198 June

United Gas Impt_______ 50
Preferred___
"5 0
Warwick Iron & Steel I " 10
West Jersey & Sea Shorc.50
Westmoreland Coal
50
Wm Cramp & Sons___ 100
York Railways___
so
Preferred__________ " s o

53%

50
53%
8%
35
70
55
25%
37

54
54

Low.

High.

38
38
7%
27%
67
40
9
31%

Jan
Jan
Feb
Jan
Jan
Jan
Jan
Jan

Bonds—
U S Lib Loan 3% s. 1932-47
1st Lib Loan 4 % s .’32-’47
99.84 100.02
1,650 95.70
2d Lib Loan 4 % s .’27-’42
99.86 99.96 40,850 95.70
3d Lib Loan 4% s .1928
99.80100.00 36,550 96.94
4th Lib Loan 4 % s .’33-38
99.84100.06 56,850 95.92
Victory 4% s____ 1922-23
100.48100.60 12,150 99.90
Amer Gas & Elec 5s
2007 84%
84% 85
3,800 81
. . , d°
small--------2007
82% 85
82
1,200
Alt * Logan Val 4 % s. 1933
63
63
1,000
55
Balt & Ohio 6 s_______ 1929 99%
99% 100
99%
2,000
Bell Tel of Pa 1st 7s__ 1945
107% 107%
3,000 107%
Consol Trac N J 1st 5s 1932
82
82
6,000
71
Elec & Peoples tr ctfs 4s '45 67
67
68
41,100 64
Keystone Tel 1st 5s . . 1935
80% 80%
1,000
72%
Lake Superior Corp 5s. 1924 38
38
38%
6,000
30
Len'gh Valley cons 4% s '23
94
94
4,000 88 %
I hlla Co cons & coll tr 5s.’51 89%
89% 89%
1,000
86 %
Stamped s f & red.. 1951 90
90
90%
2,000
87%
Phlla Electric 1st 5 s . . . 1966 98%
98
98% 58,000 93
Snail------- ------------- 1906
98
99
1,300 94
5%s(w 1) . . . ............. 1947 99%
99% 100
93,500 99%
6S--------------------------1941 103% 103% 104% 16.500 100 %
Welsbach Co 5 s
_""l930
98% 98%
1,000
97%
West N Y & Pa 1st 5s. 1937
98% 98%
3,000 98%
General 4s__
1943
78% 78%
78%
2,000
69%
Wilmington Gas 5 s...1948
83
83
83
1,000
83
York Railways 1st 5s. 1937
90% 90%
1,000
86

Jan
Jan
Jan
Feb
Jan
Jan
Jan
Jan
June
Feb
Jan
Jan
Jan
Jan
Mar
Jan
Jan
Jan
Feb
June
Jan
Jan
June
Jan
June
Jan

8%

35

28%
..........

8%

36
72
58
29
37

2,611
673
320
190
135
77
4,896

Range sin<« Jan. 1.

10

8 % May
37% Apr

37% May
lOO.OOMay
100.64 May
100.00 Apr
100.06 June
100.92 Mar
86
Feb
85
Feb
109

Feb

72

Apr

93

May

98%
98%
78%
83
90%

Mar
June
June
June
Mar

C h ic a g o
and
P itts b u r g h
S to ck
E x c h a n g e s . — T h is
w e ek s r e c o r d
on
th e C h ic a g o a n d P itts b u r g h
S to c k
E x­
c h a n g e w ill b e f o u n d o n p a g e 2 5 5 2 .

N e w Y o r k C u r b M a r k e t . — B e l o w is a r e c o r d o f t h e
tr a n s a c tio n s in th e N e w Y o r k C u r b M a r k e t fr o m J u n e 3 t o
J u n e 9 , b o t h i n c lu s iv e , a s c o m p ile d f r o m th e o f f i c i a l lis t s .
A s n o t e d i n o u r is s u e o f J u l y 2 1 9 2 1 , t h e N e w Y o r k C u r b
M a r k e t A s s o c ia t io n o n J u n e 2 7 1921 tr a n s fe r r e d its a c t iv itie s
D i° m ™10 ^ r o a d S t r e e t c u r b t o i t s n e w b u i l d i n g o n T r i n i t y
1 l a c e , a n d t h e A s s o c i a t i o n is n o w i s s u i n g a n o f f i c i a l s h e e t
W w
^o r m s th © b a s i s o f t h e c o m p i l a t i o n s b e l o w .
W e w o u ld a ls o c a ll a tt e n t io n t o th e y e a r ly c o m p ila t io n o f
C u r b M a r k e t tr a n s a c tio n s g iv e n in o u r “ F in a n c ia l R e v ie w .”
l l i i s r e c o r d , w h i c h is n o t p r i n t e d i n t h e w e e k l y “ C h r o n i c l e , ”
p.nm p r i s e s t w o d i s t i n c t c o m p i l a t i o n s — l o w a n d h i g h s a l e
s b y m o n t h s a n d t h e l o w a n d h i g h s a le p r i c e f o r t h e
.
T h i s l a t t e r a l s o i n c l u d e s t h e o p e n i n g a n d c l o s i n g s a le
1 o f th e y e a r a n d th e n u m b e r o f sh a res s o ld , o r , in th e
o f b o n d s , t h e a m o u n t in d o lla r s .
T h e y e a r ly c o m p ila -

Stocks-

Par.

Friday
Sales
Last Week's Range for
Sale.
of Prices.
Week.
Price. Low. Hit
Shares

Range since Jan. 1.
Low.

High.

Industrial & Miscell.
1%

Preferred__________ 100
Amer Drug Stores class A .
Amer Gas & Elec pref__ 50
Amer Hawaiian S S____ 10
Amer Light & Tr co m .. 100
Amer Metal Co Ltd w 1.
Preferred w i........ .......
American Thread, pref__ 5
Amer Writ Pap, co m ..100
Atlantic Fruit Co, w 1..
Beechnut Packing........ 100
Blynn (Ii W) Co, com ___
Brlt-Amer Tob ord bear.£l
Brooklyn City R R _____ 10
Buddy-Buds, Inc........
Car Lighting A P ow er..25
Carlisle Tire............ .
Celluloid Co, com____ 100
Central Aguirre Sugar__ 20
Cent States Elec, com . 100
Cent Teresa Sugar, com 10
Chicago Nipple Mfg cl A 10
Cities Service com____ 100
Preferred___________100
Preferred B __________ 10
Cities Scrv Bankers’ sh._*
Cleveland Automobile__ *
Colombia Emerald Synd_
Columbian Syndicate..
Conley Tin Foil_________
Continental Motors___ 10
Cuban-Domlnlcan Sug w 1 *
Curtis Aeropl & M, com ..
Daniels Motor common..*
Denver & ltlo Gr, pref. 100
Dort Motor Car..........
Dubller Condenser*Radio*
Durant Motors, Inc__
Durant Motors of Ind__ 10
Earl Motors, I n c ......... ._*
Fajardo Sugar............... 100
Frontenac Motor w 1__
Gardner Motor C o_____ *
Gillette Safety Rusor___ •
Glen Alden Coal________ •
Goldwyn Pictures_______ •
Goodyear T & R co m .. 100
Preferred___________ 100
Prior preferred_____ 100
Grant Motor Car______10
Ileydcn Chemical_______ *
llocklng Valley Products 10
dudsonCos, pref_____ 100
Hudson * Man RR com 100
Preferred.......... ........ 100
Hudson Mot Car of Michwl
Interboro R T v t c new, w I
intercontinental Rubb.100
Internal Cigar Mach’y ___
Keystone Solcthcr_____ 10
Lehigh Power Securities..*

1%

1%

55c

51c

57c

21
11%

21

21

11% 13%
40
41%
1%

42
48
105

..........
2%
34%

17%
80c

31
141
48
104

2%

42
34

142
50%
106

3%
3%
4%
4%
3
2%
34
35%
32
32
17% 17%
8%
m
itn
77c 85c
2
102

76

76
" ' i i Vi
4%

230%
65%
6

23
33

90o

1%
4

2
13%

7%

7%

7%
37

8

13
73%
1%
1

17%

7%
44

16%'

9,20(
1,50(
10C
30(
27.90C
600
10C
8.40C
2,400
5,200
400
600
90
50
100
1,100

4,400
3,205

20%
8%

38%

100

400
2,900
18,900
200

4,300
1,100

300

2,100
12,200

15%
4%

500

12% 14
12% 13%
212
215
52
55
7%
8%
13
13%

300

14%
4%

77
213
52

2
14%
8%
12
4%

12% 14%
69c 70c
20

7%
37%

20
2 , 10(
20

230% 235
65% 65%
200
5%
6
300
23
23%
2,700
33
35
1,200
75c
1%6 12,500

13%
11%
4%
12%

10
1%
4%

6,200

27,100
300
3,00(
30(
3,300

77

38% 40
73% 73%
1%
1
3
17%

1%
1%
3
19

21%

22%

13%
40
28% 29%
7% 8 %
42% 45
8%

16%

8%

17U

100
10
2,100

315
1,500
19,400
1,300
400
100

1,300
2,400
300
700
900
100

32,300
600
1,200
1,200
100

700

90c

Mai
Mar
Jai
Feb
Mar
May
June
Jan
Feb
June
June
June
Feb
June
May
Apr
Feb
Jan
Jan
Feb
May
June
May
May
Jan
Apr
Jan
Jan
Jan
Jan
20
Jan
500 Apr
1% May
10
Feb
5% Feb
8
May
2 % Jan
10 % May
38c
Jam
20
Apr
June
2 2 % Jan
8 % Jan
2
Jan
57
Mar
10 % Apr
11
Jan
169
Jan
42
Jan
4
Jan
9% Jan
24
Jan
67
Jan
50C Feb
80c
Feb
2 % Apr
7% Feb
3% Feb
25
Jan
19
May
28K June
Jan
6
40% May
8 % June
16% May
20 c

15
7%
33
1%
42
19%
113%
48
104
3%
3
2%
33%
27
12 %
4%
45c
56c
1%
90
66 %
9
1%
1%
158
51
4%
17

1%
7%
23
14%
43
2%
45%
34
147%
50%
106
4%
5%
3
41%
32
18
9%
2%
1 %,
2%
107
76
16
3%
5
242
67%
6

24%
35
1%
2%
15
9%
12 %
7
14%
75c
20 %
9%
38%
16%
6%
77
14%
16%
223
55%
9%
15%
40
73%
1%
1%
3%
21

15%
45
22 %
33
11 %
45%
13
18%

Apr
Mar
May
Apr
May
May
Apr
June
Apr
June
June
Mar
May
Juno
Apr
June
May
May
Apr
May
Jan
May
Juno
Mar
Feb
June
May
May
Apr
Apr
June
May
May
Mar
May
May
Apr
June
Apr
May
May
June
Apr
Jan
June
May
Apr
Apr
May
May
M ay
June
June
Mar
Jan
May
May
May
Mar
June
May
Feb
May
May
May

Stocks

(C o n c lu d e d )

F r id a y
W e e k 's R a n ge
L a st
o f P r ic e s .
S a le.
H ig h .
P r ic e . L o w .

82
82
Lehigh Val Coal Sales___50
25$ 25$
Clbby, McNeill & Libby.10
25$
Llggetts Intemat, prel..50
4954 50
45$
4 ' 2
Lincoln Motor Class A . . 50
MercerMotors....... ............. *
35$ 354
354
Voting trust ctls_______
3)4 354
354
10
11
115$
Moon Motor Car......... .. *
225$
Morris (Philip) C o., Ltd. 10
205$ 18
Motor Wheel Corp, com. 10
135$ 1454
National Leather new___10
854 854
25$ 25$
New Mcx & Ariz L a n d ..J
25$
29
29
N Y Transportation____10
North Amer Pulp & P . . . *
254
254 25$
North American Steel w I . .
475$ 4654 50
Packard Motor Car com. 10
145$ 145$ 165$
Preferred........... ........... 100
905$
Parsons Auto Accessories
15$
495$ 49 5$
Peerless Trk A Mot Corp 50
Philadelphia Elec, prof..25
295$ 295$
7
7
Poolo Eng A Mach____100
10454 106
Pub Serv Corp of N J pf 100 106
12
12 54
Pyrene Manufacturing.. 10
45$ 55$
45$
Radio Corp of Amer_____ *
3%
35$ m
Preferred______________ 5
24
24
25 A
Reo Motor C a r .. . ......... 10
72c
72c 85c
Ropubllc Rubber________
385$ 365$ 375$
Schulte Retail Stores com .
94
94
Singer Manufacturing. .100
60c 80c
67c
Southern Coal A Iron____6
__ 20
2054
Standard Gas A El.com.50
454
454 45$
Standard Motor Conatr.10
Standard P a r t s .................
454 45$
45
45
Stutz Motor Car.................*
195$ 195$ 2054
Swift International_____ 15
154 254
Tenn Ry, L A P , co m .. 100
195$ 23
Preferred___________ 100
59
5654 55
Tobacco Prod Corp w 1____
80
785$ 825$
Class A w l ...................... ..
8
75$ 854
Tob Prod Exports C orp..*
74
75
Todd Shipyards Corp____«
Torbenson Axle Co com ..*
2854 29
26c 2 6 c
Triangle Film Corp v t c ..6
85$
75$ 854
United Prof Sharing new 1
65$
65$ 7
l/n Retail Stores C andy..*
15$ 154
15$
O S Light A Heat com .,10
Preferred....................... 10
154 154
U S Metal Cap A Seal_____
154 15$
6c
5c
6o
U S Ship Corp__________ 10
8c
7c
U S Steamship__________ 10
15$ 25$
15$
Wayne Coal....................... .5
68c 76c
West End Chemical......... 1 _____
7
8
White Rock Mineral...........
65$ 7
Certificates........... ............
16c
15c 16c
Willys Corp com_________ *
155$C 15 5$C
Certificates of deposit__
21
13
22
First preferred______ 100
165$ 165$ 165$
Certificates of deposlt.
Rlghts
Magma Copper....................
Punte Alegre Sugar_______
Former Standard OH
Subsidiaries
Anglo-American OH____£1
Buckeye Pipe Line......... 50
Crescent Pipe Line_____ 50
Cumberland Pipe Line. 100
Galena-Signal OH com 100
Illinois Pipe Line........... 100
Indiana Pipe Line______ 50
National Transit____ 12.50
New York Transit____100
Northern Pipe Line____100
Ohio Oil......... ................... 25
Penn-Mex Fuel................ 25
Prairie Oil A Gas........... 100
Prairie Pipe Line______ 100
South Penn Oil_________ 100
Southern PIpo Line____100
Standard Oil (Ind)____ 26
Standard OH (Kansas).100
Stand Oil (Ky) new w 1.100
Standard Oil of N Y . . . 100
Standard Oil (Ohio). ..1 0 0
Swan A Finch______
Vacuum Oil......... ........... 100
Washington O IL ............ 10

15$
254
2254
92
59
179
95
Z10254
38
615
256
*230
1125$
975$
430
33
.........

Other Oil Stocks
5
Alcon OH Corp___________ 5
Allied OH________________ 1
Amer Fuel OI1, pref_____ 10
115$
Arkansas Nat Gan, com .10
Atlantic Lobos OH, co m ..*
1154
18c
Boone Oil________________6
90c
Boaton-Wyomlng Oil____1
2
Brazos Oil Corp....... ...........*
Brit-Amer Oil Ltd............25
Brit Con OU Fields..............
854
Carlb Syndicate___________
Carlb T r a d in g ...................
15$
Columbia Petroleum______
Consldlne Marten OH_____
1
Continental Refining.........
45$
Cosden A Co, pref________5
97
Preferred, new w 1...........
3
Creole Syndicate............. 6
105$
Dominion Oil___________ 10
45$
Duquesne Oil Corp.............
40c
Engineers Petrol Co_____ 1
m
Federal Oil...........................5
Fensland OH______________♦ IS
55$
Gilliland Oil, com.............. •
15$
Qlenrock OH____________ 10
Granada Oil Corp cl A . .10
Hudson Oil_______
1 23c
Imperial Oil (Canada) coup 115
23 54
Internet Petrol__________ *
Keystone Ranger Devel. . 1 72c
Kirby Petroleum_________ *
654
Lance Creek Royalties... 1
Livingston Petrol________•
15$
95c
Lyons Petroleum__________
Magnolia Petroleum___100
Maracaibo Oil Explor____*
2254
Margay OH________
*
Marine Oil........................... 1
15$
Marland OU---------------------854
5c
Meridian Petroleum____10
Merritt Oil Corp.............. 10
125$
Mexican Panuco Oil____10
Mexican Seaboard Oil____*
455$
Voting trust ctfs..
445$
Mextco Oil Corp------------10
15$
Mid-Colombian O A D ____
45$
Mountain A Gulf Oil--------1
Mountain Producers____10 "165$
11
Mutual Oil_______________
51
New England Fuel OH____
New England OH Corp____




1
15$

154
3

Salts
for
S hares.

55
8,000
200

0,600
600
7.800
14.300
23.000
200
100

1.300
100

300
17.300
13.700
115
600
100
10
200

1,600
600
47,600
20,670
13,410
1,900
1,500
20

62.700
500
80C
500
50
1,000

2.800
1.300
31,400
22.000

3,700
140
400
1,000
8,000

3.600
16.300
100
200

5.000
4.000
10.800
1.600
400
200

4.000
100

1,600
100

8,800
1,400

Sales

Frida-,
R ange s in c e J a n .

1.

Week.
Low .

H igh.

66

June
Feb 82
2A
Apr
7)4 Mar
Feb
47}$ Apr 50
854 Jan
75c Feb
IV s Apr
5 'A May
2
Fob
4 A May
10 June 11A May
5A
Jan 22A June
13)$ Apr 14 A June
IDS Jan
8 A May
2 A May
1A
Feb
19 Mar 31A May
3)4 Jan
2
Jan
June
46A Juno 51
LA
Feb 16H June
63'A Mar 90}$ May
2
Jan
80c Jan
33 A Feb 51 May
29 % June 29)$ June
7
Juno
7 Juno
99
Mar 106 May
9A Feb 14}$ M ay
6 A Apr
2 A Jan
2
Jan
3 A May
18)4 Jan 27 As M a y
1
May
20c Feb
May
33
Apr 40
Apr
94 June 98
60o June
2 A Jan
15
Mar 21 June
6
Apr
3 <A Jan
4 A June
2
Mar
45 June 45 June
17 A Apr 23 H Feb
3)$ Mar
1
Feb
10
Jan 23 June
55 June 62 June
78 % June 84 June
3
Jan 105$ May
69 A Apr 80 A Feb
24>3 Apr 295$ June
16o Jan 50c May
9
May
5
Mar
8 A May
4 H Jan
2 % Apr
75c Jan
96o Feb
1)$ Apr
2
May
1
Jan
4c Mar 11c Jan
4o June 15o Jan
2 A May
85o Mar
66o Feb 87o Jan
8
June
7 June
7
Juno
6 A June
10c May 30c Mar
14c May 15 A cJune
6
Mar 22 June
13
Apr 16 June

31c May
1A June

15$ May
3 June

Jun
Jan
Jan
Jan
Jan
Jan
Jan
Mar
Jan
Jan
Jan
Jan
Jan
Jan
Feb
Jan
Jan
May
Apr
Jan
Jan
June
Jan
Apr

25 June
100
Apr
36 5$- May
Jan
160
62 May
198
Apr
100
Mar
315$ Apr
181
Mar
110 May
332 May
405$ June
648 June
270 June
249 June
104 May
1245$ May
574 May
108 June
443 June
472
Apr
35 May
450 June
29
Feb

34.400 10 H
225$ 25
256 84M
92
98
186 28
36
365$
15 115
130 130
785 40
585$ 60
10 161
179 179
160 84
95
97
300 27
295$ 295$
45 142
175 175
50 90
jrl0254 110
180 257
309 313
900 17
38
40 A
35 520
615 625
735 224
238 267
405 173
Z230 249
77
20
94
98
112 11054 94.400 83 A
36, «70
564 565
97 105)4 28,9001 76
990 341
434 443
40 390
465 465
25 33
33
33
55 299
439 450
90 20
21
27

65$ June
254 Apr
454 55$ 11,300
4c Jan
2c Jan
2c
3c 18,000
3
Jan
100
15$ June
15$ 15$
Apr
11
125$ 8,700
85$ Feb 13
8
5,600
Jan 125$ May
1054 12
8o May 29o Jan
11c 25c 169,800
89c 97c 172,500 67o Mar 99o June
1 June
25$ Feb
15$ 254 2,300
Jan 35 June
1,000 29
335$ 35
25$ May
25$ June
254 25$ 6,800
95$ Juno
354 Jan
8
95$ 57,800
5 May 16 May
30
8
10
1 % May
254 Mar
1'4 1% 2,400
25$ Jan
1,100
15$ May
2
2
4 Mar
300
15$ Feb
1
15$
5
Feb
4
Mar
45$ 45$ 1,900
600 97 May 9954 May
97
98
35$ Apr
3
154 Jan
35$ 6,000
Apr
8
Feb 11
100
105$ 105$
45$ June
25$ Jan
45$ 45$ 1,000
34c 42c 53,000 32o May 72o Jan
Jan
256 May
1
1% 15$ 30,400
Mar 195$ June
9
1754 195$ 15,200
4
Jan
95$ Apr
5
65$ 3,300
154 June
15$ 154 85,500 83c Feb
900
354 Apr
25$ May
25$ 25$
70 Jan 50c Mai
21c 27c 116,000
6,625 975$ Mar 1275$ May
115 124
Mar 275$ May
23
265$ 89,000 14
15tr Jan
4So 83c 54,000 45o May
55$ June 265$ Feb
65$ 754 0,300
4c Mar 10c Jan
1,000
4c
4c
15$ Mar
15$ Jan
15$ 15$ 7,400
15$ June
93c
15$ 30,200 58o Jan
10 185 June 190 June
185 185
2254 24 5$ 3,300 185$ Jan 275$ Mar
1 Mar
900
25$ Jan
15$ 154
2 May
Feb
1
154 15$ 9.100
9J4 June
Jan
1
8
954 26,100
40 May 20u Mai
6o 26,000
4c
85$ Jan 145$ May
125$ 1254 3,700
800
154 Feb
254 May
154 154
74,600 285$ Fot 495$ May
4554 48
445$ 445$ 9,600 445$ June 445$ Juno
156 Jar
456 Mai
15$ 3 54 97,700
2,800
25$ Feb
4 54 June
3||
1,900 70c Jan
154 June
9 5$ Jan 185$ May
105$ 1754 14.600
554 Jan 12 June
105$ 12 132,300
545$ 5,400 40 May 54 5$ June
51
Jan
4A
100
35$ June
35$ 35$

L ast

Sale.
Other Oil
Stocks (Concluded) Par. Price.

New York OH....................
315$
27c
Noblo Oil & Gas........... ,)
Noco Petrol, com......... 10
35$
North American Oil____ 5
Northwest Oil
_____ 1
Ohio Fuel Oil................
185$
Ohio Ranger__________ 1
Omar Oil & Gas............. 10
X%
Fennock Oil___________5
65$
Producers & Refiners__ 10
85$
23c
Red Bank Oil........... ........
Ryan Consol...............
65$
Salt Creek Consol Oil.
Salt Creek Producers...10 1854
45$
Sapulpa Refining_______ 6
Savoy OH......... ..............5
35$
Shell Union OH, pref w 1 . .
96
Simms Petroleum______•
95$
Sinclair Con Oil, pref.. 100 955$
Skelly OH......................10 115$
Southern OH A Transp.. 10
South Petrol A Refln____ " l7 c "
Southwest Oil.................. 1
Spencer Petrol Corp___ 10
25$
Stanton OH......................5 30c
Tex-Ken OH Corp.
5
Texon Oil A Land
1 65c
14
Tidal Osago OH...............*
Turman Oil.................... 1
1%
Venezuelan Petroleum.. 10
654
Ventura Cons Oil Fields..5 31
Victoria O H ..................5 55c
Western States OH A Gas.l 36c
Whelan Oil...........
1
Wlleox Oil Ar Oftfl
a
55$
Woodburn Oil Corp_____ * 70c
Woodly Petrol____ _____
1554
MY " Oil & Gan
1 17c

Week’s Range■

fo r
W
\V*ele
ce/C.
uj r i n s e s .
High.. Shares.
Lou>.

Range since Jan. 1.
L ow .

25,600' 11)4
38
33c 51,000 13c
200
m
354
500
D4
15$
30c
2,000 15c
100 18)$
185$
5c
6c
1,000
67o
m i 77,000
4A
65$ 5,800
5
500
95$
25c 44,500 14c
5,100
4 Vs
8
145$ 2,000 10
195$ 5,000 12}$
10,800 . 2 %
6
200
3)4
35$
1,000 95)4
96
10,300 9}$
10
300 93}$
96
4A
125$ 210,900
1
1,400
2
35c 112,000 15o
1,000
lc
3c
25$ 1,400 75c
3o
36c 30,000
1
300
15$
77c 170,300 400
300 10
14)4
lift
1%
154 12,000
5)4
654 654 3,700
300 23
31
335$
700 50o
55c 55c
6,000 22c
36c 42c
40c 70c
6,800 25c
2}4
45$ 55$ 17,700
900 60o
61c 70c
155$ 165$ 1,800 12}$
17c 18c 16,000 16o
28 J4
30o
35$
15$
28c
185$
6c
lJli
55$
85$
22c
654
1354
185$
45$
35$
96
9
955$
11
15$
15c
3c
154
29o
15$
56c
14

Mining Stocks
454 55$ 1,800
Alaska Brit Col Metals...1
454
500
65$ 65$
Alvarado Min A Mill...20
8c
9c 5,000
Amer Com M & M
2
154 254 13,800
American Exploration__ 1
23
100
23
Anglo-Am Corp of S Af w 1 23
87c
500
87c
Barnes King Devel......... 5 ____
19C
21c 43,200
Big Ledge Copper Co___ 6 19c
78c
86c 68,400
Boston A Montana Corp 25 79c
17c
20c 73,000
Boston A Montana D ev..6 180
10c
10c 1,000
Caledonia Mining______ 1
19c
20c 5,000
Calumet A Jerome C op..l _____
35c
38c 8,000
Canada Copper Co_____ 6 __ _
33c
35c 42,000
Candalarla Silver______ 1 33c
60
6c 2,000
Cash Boy Consol
1
2o
2c 1,000
2c
Combination Fraction___
5c
5c 2,000
Consol Arizona______
Consol Cooper Mines___ 6
156 . 1
154 76,600
94c
98c 50,000
Cortez Silver......... ........ 1 98c
25$ 2 % 4,100
Cresoon Con Gold M A M .]
25$
300
85$ 85$
Davls-Daly Min..
17c
17c 2,000
Divide Extension_______ l
254 25$ 18,300
Dolores Esperanza.........6 "*254
600
550
65c
Dundee Arizona Copper.. 1
4c
5c 2,000
El Salvador Silver Mines. 1
8c
8c
10c 5,000
Ely Consolidated________
20
2c 12,000
2c
Emma Silver.................. 1
24c
26c 50,000
Eureka Croesus............. 1 26c
180
24c 53,000
Fortuna Cons Mining___ 1 20c
23c
23c 1,000
Forty-nine Mining_____ 1 ______
95c
95c
15$ 2,200
Gadsden Copper.
23o
26c
31c 21,000
Galena Mining______
17c
19c 5,000
Goldfield Florence.
1
9o
10c
10c 6,000
Gold Zone Divide______1
13o
13c 2,000
Green Monster_______ 50c ______
13c
17c 11,000
Hurd Shell Mining____ 1 15c
7c
10c 23,000
7c
Harmlll Divide_______ 10c
654 65$ 1,900
65$
Hecla MlDlng...............25c
200
95$ 954
HolIInger Cons G M ____ 5
35$ 354 4,900
Howe Sound Co________ 1 ""35$
45c
59c 194,000
Independence Lead Min.. 49c
220
24c 4,000
Iron Blossom...............10c 24c
3
35$
35$ 2,000
Jerome Verde Devel.
1
6c
6c 1,000
Jlra Butler Tonopah____ 1
5c
6c 3,000
Jumho Extension
1
900
354 35$
354
Kerr Lake
__ 6
10,000
4c
4e
4c
Knox Divide.................10c
35c
36c 2,000
La Rose Consol M ines...6
4c
4c 5,000
4c
Lone Star Consol_______ 1
7c
10c 4.000
10c
MacNamara Mining___ 1
2c
4c 3.000
Magma Chief.................. 1
29
29
Magma Copper_____ ...6
315$ 2,700
17c
21c
28c 182,300
Marsh Mining................ i
15$ 25$ 10,300
Mason Valley Mines____ 6
15$
25c
28c 4,000
MoKlnley-Darragh-8av . . ]
95$ 105$ 30,800
Mother Lode Coalition__ *
95$
100
10c 2,000
Nabob Con Minltg
44c
51c 26,700
National Tin Corp____ 50c 46c
300
34c 23,000
Nevada ODhlr____ ____ 1
80
9c
12c 57,000
Nevada Sliver Hills...........
300
195$ 20
New Cornnlia
118
1435$ 1445$
New Jersey Zinc......... 10C 144
65$ 65$ 1,800
65$
Nlplsslng Mines________ 5
4c
1,000
4c
Nixon Nevada__________
DC
9c 1,000
Ohio Copper__________ 10 ______
23c
25c 3,000
Plt.tsh Ar Mt, shn.qf.ji
1
15$
154 254 26,100
Ray Hercules Inc__ - - - - - .
9c
11c 55,000
9c
Rex Consolidated Min__ 1
18o
18c 1,000
Roohester
Silver
Com
Jbl/villCOkCl Oil* LI Vvl %
J. . . . 1
15$ 1,400
15$
Sheldon Mining_________
400
46c 17,000
46c
Silver Dale Mining__ ___
2C
2C 1,000
Silver Hills
.1
80
11c 47,000
8c
Silver Horn M A D ...
800
55c
55c
Silver King Cons._______
170
25c 4,000
17o
Silver Pick Consol...____
14c
14c 1,000
14c
Silver Peer Mining______
45$ 55$ 1,100
45$
South Amer Gold A Plat„_l
20C
20c 2,000
Standard Silver-Lead___ 1
70
flo 40,000
8c
Stewart Mining
1
80
10c 3,500
8c
Success Mining________1
7o
10c 18,000
Superstition Mining____ 1 ...........
50c
52c 1,100
Peek Hughes..... . . . . . . .
200
15$ 254
Tintic Stan Min Co______
15$ 2,420
1%
l'onopah Belmont Dev__ 1
m
15,600
76c
79c
80c
rnnnnah
ntvtilA
1
1ULHJl/OU L' 1VIUU. . . . . . . . J
154 15$ 2,300
Tonopah Extension___ ..1
8c
8c 1,000
Tonopah Midway...........
154 15$ 1,600
Tonopah Mining_______ 1 "V > 56
9c
12c 16,000
0c
Tonopah North Star____ 1
lie
15c 2,000
Trl Bullion S A D ........... 5
80c 23,000
Tuolumne Copper______ 1 " 7 60 " 70c
15$ 1 % 24,000
154
'inlted Eastern Mining..)
United Verde Exten— 50c 285$ 2854 305$ 3,100
50o
51c 1,000
U 8 Continental Mines, new
10,800
354 4
354
Unity Gold Mines........... 5
45c
450
49c 17,000
Volcano Mining__ . . . . . . .
120
12c 4,000
West Dome C onsol....__
1
1
15$ 5,100
West End Consolidated..6
100
10c 1,000
Western Utah Copper-----1 ______
9c
9o
9o 5.000
White Caps Mining... 10c
3c
3c 2.000
Yerrinvton Consol
100
90c
90c
Yukon Gold Co________ 5

•H i g h .

Mar 38 June
Jan 35o Mar
5
Mar
Apr
Apr
2%
Apr
Jan 35o May
June 18A Juno
Jan 12c Mar
Mar
2)4 May
0)$ June
Jan
Jan
9)$ Juno
Apr 35o Jan
8 June
Feb
Apr 15 May
Jan 2 0 A May
5 June
Feb
5
Apr
Mar
May 97 A May
Jan 12 A Jan
Jan
Feb 100
Mar 17 A Juno
Jan
2 A May
5
Jan
June
3o Apr
Feb
Feb
2
Mar
Jan 38o May
2
Apr
Jan
1 May
Jan
Jan 14)$ Apr
Apr
1% Apr
June
7 A May
Jan 33}$ Juno
1 % May
Apr
Mar 50o May
Mar 70o Juno
Jan
5 A June
1
Feb
Jan
Apr 16 June
Feb 38o Jan

1J$ Jan
5 Mar
So Apr
u$ May
11)4 Apr
70c May
16o Mar
650 Apr
160 Apr
4o Feb
13o Jan
9o Mar
19o Jan
4o Feb
2c Apr
20 Jan
97o Mar
84c Jan
2A May
6 )$ Jan
110 Mar
82o Feb
42o May
2c Mar
3c Mar
lo Mar
180
Jan
15c June
Sc Mar
59o Mar
23c June
15o Jan
7c May
10c Jon
12o Jan
7C .June
4 )$ Jan
7)$ Jan
2)1 Jan
Co Jan
16c Mar
3J$ Jan
6c Jan
2c Jan
3
Mar
3c Jan
25o Jan
lc
Jan
5c Jan
2c Juno
26)4 Jan
4c Jan
1A Jan
11c Jan
6)$ Jan
So Apr
270 Mar
25o May
2o Jan
17A Jan
1 42
Mar
5)4 Apr
4c May
7o Mar
23c June
1
Feb
5c Jan
16o Jan
1A May
2o Jan
2o Jan
60 May
35c Mar
2c Jan
7c May
4}4 Apr
10c Jan
2c Jan
lc Mar
3c Apr
200 Jan
1 'A June
1 % Juo
46o Mar
iMi Feb
5c Feb
1% Jan
2c Feb
50 Mar
46c Mar
1)$ Apr
Mar
27
42c Apr
2)4 May
420 May
12o May
700 Feb
8o May
3o Feb
2c Apr
90o June

May
Jan
Apr
Apr
Mar
June
Jan
Jon
Jan
May
Feb
Apr
May
Jan
Apr
Apr
2 A i Apr
980 Mar
3
Jan
8 A June
21o Jan
2 A May
60c May
8o Mar
10c Juno
■lo Mar
32c Jan
24c June
30c May
1.38 Apr
37c May
30o Apr
15o Apr
22c Mar
48o Mar
18c May
0 A Feb
9}$ May
3)4 May
760 May
32o Jan
5
Feb
10c Feb
6o May
4}$ Apr
Go Mar
03c Mar
7c Jan
14c Mar
7c Feb
32 A Feb
31o May
3}$ May
40o Apr
10}$ May
10c June
67o May
52o Mar
Mo May
20 June
147}$ Mar
0A
Mar
18c Mar
14o Apr
29c Jan
2 A June
12o May
21c Jan
1A Juno
46c Juno
5c Jan
11c Juno
55o June
23c Mar
14c June
5 A Jan
24o May
16o Apr
15o May
10c Juno
62o Apr
2A
Jan
1A June
85c
Jan
1 A Juno
14c Apr
1% Feb
12c Juno
2uo May
1
May
2A
Jan
30}$ Jan
65c Jan
5)4 Feb
55o Mar
15o Apr
1% Mar
17c Jan
9c Apr
5o May
1A June
5 A

8
10c
3A
24 A
87c
29c
5
94o
10c
35o
65o
350
6c
2c
10c

Bonds—

F rid a y
W e e k 's R a n g e
L ast
o f P r ice s.
S a le.
H ig h .
P r ice . L o w .

83%
03
96 A
103 A
105A
98%
107%

84
04
9S A
103A
105%
98%
107%

S a les
fo r
W eek .

S
855,000
48.000
42.000

R a n g e s in c e J a n .

Low.

1.

H ig h .

Quotations for Sundry Securities.

All bonds prices are "and Inter st” except where marked

90
Apr
Standard Oil Stocks Par, Bid , ^
All Joint Stk. Land Bk. Bonds
65
May Anglo-American Oil new £1 *2212 23
Chic JtStk Laud Bk 5S.1939 99% 100*4
99% May Atlantic
HO11075 1100
Refining___
H
103
6a 1951 opt 1931.............. 102
‘
12.000
103% May
Preferred____________ioo! 115 110
5s 1952 opt 1932..
. 102 103%
2,000
106
Apr Borne Scrymscr C o ... 100 395 405
5%s 1951 opt 1931........... 104 105*2
20,000
99% Apr Buckeye Pipe Line C o ... 50 *91
93
RR. Equipments— Per Ct Basis.
5.000
107% May Ghesebrough Mfg n e w ..100*2195 205
Atch Topeka & Santa Fe 6a.I 5.40 5.10
100% 100%
6.000
100% June
Preferred new_______ ioo *112 114 Atlan Coast Line 6b 4 6%s- 5.40 5.20
100% 100% 23.000
101
Mar Continental Oil___
ioo 140 145 Baltimore & Ohio 4%s & 0a.I 5.05 5.20
101% 101% 17.000
10178 Apr Crescent Pipe Line Co . 50 *35
36
102% 102% 11.000
103
May Cumberland Pipe Line.. 100 130 135 Buff Roch & Fitts 43 4 4%S 5.25 4.85
Equipment 6s___________
5.30 5.10
103 104% 27.000
104% June Eureka
Pipe
Line
C
o__
100
94
96 Canadian Pacific 4 % s & 6s. _ 5.50 5.20
100% May Galena Signal Oil com__ 100
100 100% 39.000
58
60 Caro Clinchfleld 4 Ohio 5 s.. 6.00 5.50
8,000
103% 103%
104
Feb
Preferred old ________ ioo 107 110 Central of Georgia 4%g___
5.75 5.40
103% 104% 40.000
104% Apr
Preferred new________ioo 166 104 Central RR of N J 6s______ 5.40 5.00
25.000
40% 50
50
Juno Illinois Pipe Line____
ioo 172 176 Chesapeake 4 0 h lo 6 s 4 6 % s 5.50 5.20
63% 64% 17.000
66% May
95
Indiana Pipe Line Co . 60 *93
5.40 5.10
Equipment 5s__________
3.000
64
65
65 June
6.00 5.50
Chicago 4 Alton 6a_______
87.000
105% May International Petrol.(no par) *23% 23%
104 105
29
5.40 5.10
102% 102% 61.000
103% Apr National Transit C o .. 12.50 *28 175 Chicago Burl 4 Quincy 6s.
6.25
5.50
New
York
Transit
C
o
..
100
l7
0
Chicago
4
Eastern
1
1
1
5%
s._
112% June Northern Pipe Line Co 100 * ‘ 00 102
109 112% 77.000
Chicago Ind 4 Loulsv 4% s. 5.60 5.00
97.000
105 105
105% May Ohio Oil Co.................
25 *3°0 310 Chicago St Louis 4 N O 5s.
5.40 5.00
109 109% 18.000
110
Mar Penn Mex Fuel Co
40 Chicago 4 N W 4%s_______ 5.30 5.00
25 *37
98% 98% 32.000
99% Mar
5.45 5.15
100 610 620
6.000
EquRment 6s 4 6% s___
101% 101%
101% Jan Prairie Oil & Gas
Prairie Pipe L in e ...1111 100 253 258 Ohio R 1 <a Pac 4%s, 6s, 6b 5.60 5.20
55.000
104 105
106
Apr Solar
370
Refining.
ioo
360
4.000
Colorado 4 Southern 5s, 6b. 6.50 6.25
96% 96%
99% Apr
95 Delaware 4 Hudson 0b____
Pipe Line C o ll 100 93
5.40 5.20
1.000
100
100
100 Juno Southern
235
South
Penn
O
il...
100
*230
5.85 6.10
Erie 4 % b, 68 4 6s__________
08 A 98% 35.000
98% Juno
64 Great Northern 0s_________ 6.40 6.20
3.000
95% 96%
98
Apr Southwest Pa Pipe Lines. 100 92
7.000
90% 90%
91
June Standard Oil (California) 25 *112 112*2 Hocking Valley 4%s, 5a 4 6a 5.50 6.35
112*4 Illinois Central 4%s, 6s 4 6b 6.45 5.20
6.000
46
44
49
Mar Standard Oil (Indiana).. 25 *112 570
26.000
38
Equipment 7s 4 8% s____ 5.40 6.15
35
40
Mar Standard Oil (Kansas). . 100 560
99 Kanawha 4 Mich 4%s, 6 s.. 6.60 6.40
48.000
90
90
90% May Standard Oil (Kentucky) 25 *97 190
5.25 5.00
Standard
Oil
(Nebraska)
100
185
10.000
80
80
Louisville 4 Nashville 6s__
80 June
5.37 5.20
101% 101% 4.000
Equipment 0s 4 6% s___
101% Jan Standard Oil of Now Jer. 25 *191 192
5.45 5.30
Preferred..........
100 U 5 '* 115*4 Michigan Central 5a, 6s___
104% 105% 46.000
105% June
99% 99% 53.000
Minn St P 4 S S M 4 % b 4 6 b 6.50, 6.20
99% June StandardOllofN ew Y 'k . 100 439 435
5.60' 5.35
98 100% 61.000
Equipment 0%s 4 7s___
100
Juno Standard Oil (Ohio)___ 100 400 470
118
Preferred____
ioo
*G
0
1.000
101 101
Missouri Kansas 4 Texas Be 6.00! 6.60
103
Jan
35 Missouri Paclflo 6s________ 5.75, 5.25
32
3.000
102% 102%
103% Apr Swan* Finch............ I I I 100
100
6.70 5.35
103% 104% 27.000
Equipment 0s 4 6%e___
105
Mar Union Tank Car Co___ 100
Preferred____________ 100 1-05*2 107 Mobile 4 Ohio 4%s, 5s____
5.80, 5.20
100% 100% 13.000
107% Juno
3.000
101% 101%
101% Apr Vacuum Oil__________ Il00 427 432 New York Central 4%s, 6s. 6.201 5.00
30
5.40 6.20
Washington
Oil.................10
*25
101% 102
85.000
Equipment
6a
4
7s______
102 May
100% 101
22.000
N Y Ontario 4 Western 4%s 6 00 5.50
101% Apr
140 156 988.000
Other Oil Stocks
6.20 5.00
Norfolk
4
Western
4%s___
156
June
•1U2 11%
98% 99
5.40 5.15
25.000
Equipment 6s___________
100
May Atlantic Lobos Oil (no par) *40
45 Northern Pacific 7s________ 5.40 5.15
104% 104% 23.000
Preferred.......................50
104% Juno
104 105
Imperial Oil...... ............ 25 •114 116 Pacific Fruit Express 7s___
18.000
5.35 5.10
107
Apr
180 185 Pennsylvania R R 4B 4 4% s. 5.20 6.00
99% 100% 74,100
100% May Magnolia Petroleum___ 100
•123s 12%
104% 105% 12,000
5.50 5.20
EqulpmentGs___________
100
Mar Merritt Oil Corporation. 10 •16
18 Plttsb
403% 104% 62,000
Mexican
Eagle
Oil..........
5
104% May
4 Lake Erie 0s 4 6%s 5.50 5.20
103 103% 25.000
Reading C o 4 % e __________ 5.20 5.00
103% May
97% 98% 23.000
T obacco Stocks
St Louis Iron Mt 4 Sou 5 s.. 5.75 5.20
100
Apr
G9 St Louis 4 San Francisco 5s. 5.70 5.25
101% 101% 42.000
American Cigar common.100 60
101 % May
82
90
92 320.000
86
Preferred................ ..100
Seaboard
Air Line 4%a 4 6s. 6.00 5 60
95
May
240
98
21.000
5.25 5.00
Pacific Co 4 % s ...
99
May Amer Macblno & Fdry_.l00 220
134 136 Southern
76% 77
15.000
5.30 5.10
Equipment 7b___________
79% May American Tobacco scrip___ •17%
17% Southern Ry 4%s, 5a 4 6 s.. 5.70 5.30
95
90
101.000
97
May
63% 67% 1888000
•17*4 17«4 Toledo <Sf Ohio Central O s... 5.00 5.30
67% Juno
•13*2 15 Union Pacific 7s______
5.25 5.05
146 152 Virginian Ry 6s______
90% 90% 28.000
5.70 6.30
90%
June
90%
June
111 114
96% 90% 25.000
Utilities
97% Apr
95% Apr
•13*4 13% Amer Public
104% 105
14.000 101%
Gas 4 Elec, co m .. SO ►154 158
100>8
Apr
Jan
83
93
98% 99
37.000 06% Mar
Preferred____ ________ 50 •43*2 44*2
99% May
101 100 Amer Light 4 Trao, com. 100 138 140
100% 100% 49.000 94
% Fob 100% May
96 100
98% 99% 22.000
Preferred____
_______ 100 99 101
101% Apr
98%
Apr
36
39 Amer Power 4 Lt,
100% 100%
5.000 98% Mar 101% Apr
co m .. 100 112 115
53
56
103 109
12.000 100
Preferred____________ 100 86*2 89
Juno
May 109
•68
78 Amer Public Util, com ..100
95% 97
19
Scrip.
18,000 89
16
100
May
Jan
•65
75
99% 100
32
8.000
Preferred____________ 100 30
100% May
•36
38 BlackstonoValG.&E.com 50 d69*2 71%
97
97% 43.000 99% June 98% Apr
92
Mar
126
129
103 103% 18.000
47
44
95
Jan 103% May
101 104 Carolina Pow 4 Lt, co m .100 232 235
00 A 99%
9.000 95%
Apr
Service Co. co m .. 100
Jan 101
81
86 Cities
90
98
69.000 68%
05*4 65%
Preferred____
_______
ioo
98% May
Jan
93
82
98 Colorado Power, com__ 100
82% 210,000 72% Apr 85
16
17
May
86
89% 176,700
91
Preferred___________ .100 88
Mar 92% May
and yi ices) Com’w’th
70
73 2419250 77
30*2
Pow. Ry 4 Lt.100 29
78 May
64
%
Mar
—
103% 103% 10.000
68*2
66*2
Preferred____ _______ 100 64
104% May
91
94
99% 99% 10,000 100% Jan 99% May
Elec Bond 4 Share, pref. 100 95*2 96*2
87 Federal Light & Trac.__100 26
125 128% 15.000 99 June 126
7% preferred____ _
27*2
May
101
Fob
__
102 103
74
10.000
Tiro & Rub, co m .. 100 225
Preferred____________ 100 72
Apr 104% May Gen’l
101
101% 44.000 99
Preferred...............
100 92 100 Mississippi Rlv Pow.comlOO 22*2 24
Apr
96% Fob 104
110% 110%
81
3.000 110% June 110% June Goodyear Tire & R , com.100 13*4 13*2
Preferred____________ 100 79
98
98% 29.000
39*2
Preferred____________ 100 39
92% 93
First Mtgo 5a. 1951..J4J
June 100% Apr
100% 100% 10.000 98
Prior preferred_______ 100 71*2 73
8 f g deb 7s 1 9 3 5 ...M 4N 100 102
98% Jan 101% Apr
80
85
101
101% 21,000
11
Goodyear
T&R
of
Can
pf
100
•10
Northern
Ohio
Elec.(no
par)
Apr
Jan 102
103 103% 38.000 97
38
40
Preferred.......... ........... ioo
Apr Miller Rubber.................100 73*2 75
Jan 105
92
94 North’n Staten Pow,com.100 88
105% 105% 10.000 101
90
Preferred......
.........
.
100
May
90
94
102% 102% 73.000 102% Jau 103% Apr
Mohawk Rubber_______ 100 85
Preferred____________ 100 92
Jan
22 —
95
106% 107% 24.000 100% Mar
Nor Texas Eleo C o, com .100 93
108% Jan Swinehart Tire & R.coin.100
85
83
105 105% 19.000 105%
Preferred_________
Preferred_______
100
Apr
Jail 100
1054 105% 13.000 104
88*2
Pacific Gas 4 El, 1st pref 100 87
106
Jan
104
Jan
1064 106% 0,000 105
42
Puget Sound Pow 4 Lt._100 40
100% Jan
Fob
83
107 107% 15.000 105% Mar 107% June
Sugar Stocks
0% preferred________ 100 81
*10
12
108 108
9.000 106
7% preferred________ 100 102 104
Apr 108% Feb Caracas Sugar__________ 60
109 109
3.000 107% Mar 110% Jan Cent Aguirre Sugar com . 20 *70*2 78
Gen M 7%s 1941...M A N 103 105
• % 1*2 Republto Ry 4 Light__ 100
107% 112
16% 19
24.000 100% Jan 113% May Central Sugar Corp.(no par)
2
4
52
100% 101
Proferred____________ 100
7.000 08% Jan 101% May
Preferred____________ 100 50
40
60 South Calif Edison, com . 100 101*2 102*2
101% 102
37.000 100% Jan 102
June Cupey Sugar com m on... 1001 50
70
102% 102% 45.000 101
Preferred____________ 100
Preferred____________ 100 117 120
103% Apr
Jan
78
81
101% 101
04.000 100% Feb 102% Apr Fajardo Sugar.................100 tandard Oaa 4 El (Del). 60 •19*2 21
101% 102% 20.000
Sugar Ref, com . 100' 102
47*2
Preferred_____________ 50 *47
09% JaD 104% Apr Federal
105% 108% 30.000 103%
Preferred____ _______ ioo 102
1*4 2
'ennesseeRy, L 4P .com .100
Jan 107% May
*14
16
21
101
101% 57.000 101
19
Preferred____________ ioo
May GodchauxSug lno__(no par)
May 102
SO
68
107 107% 130.000 90
Preferred........ .............100 70
64
Tnlted L t 4 R ys.com __ 100
Apr
Feb 110
106% 107% 31.000 100
1st preferred_________ 100 76*2 78
108
Apr Great Western Sug, com . 100 235 250
Jan
106% 107
Preferred.......................100 107 112
29*2 30*2
38.000 106
Jan 107% Feb
10
99
99
78*2 80*2
Preferred.
12.000
.100
100% May Holly Sug Corp,com(no par) *13
99
45
107% 103 120.000 103% May
Preferred____________ 100 40
r Cent
Jan 109 A Mar
60 100
98% 99*4
95
95
1.000 93% Mar
96
Apr Judcob Central Sugar...100 154
156
101% 101%
100 100% 40,000 95% Mar 101% May National Sugar Refining. 100
13
10
HantaCeclllaSugCorp.pf.lOO
6% notes 1922.......... A 4 0 100% 100%
38
102 %, 02 %,
Savannah Sug, com . (no par) 33
Foreign Government
85*2
Preferred____________ 100 83
100 100%
and Municipalities.
India Sug Fin, com .100 60 100
99% 100% 24 1,000 97
Argentine Nation 7 s.. 1923 99%
7s 1929 Series B........ J4J 103 103*4
Jan 100% May West
35
65
Preferred____
_______
100
86% 97% 121,300 86% June 100
103*2 103%
Brazil (U8of)Coffec7%s’52 86%
May
80% 86%
103*2 103%
7%s (£500) w l ____ 1952
1,000
May Industrlal&MIscellaneous
86% June 99
180 185
____
100
American
nardware___
100
86% 86% 14.000
7%s (£1,000) w 1— 1952
Deb
Gs
J'ne
15
’22.J4D
15
98%
May
88% June
52
55
5%
5% 9168000
JElberfcld 5s______1932-52
Deb 6s J’ne 15 ’23.J4D 15 100
0% Apr A mer Typefountlers.com. 100 92
4% Apr
98
Preferred...... ..........
100
70% 70% 25.000 69% May 80
Deb 0s J’no 15 ’24.J4D 15 100 ____
French Govt 5s_____ 1980
Mar
31*2
10434 105
7
7
5Hamburg Amer 4% s........
10.000
9% Jan BHbb (EW) C o, new.(no par) •30
6% May
Preferred...... ................. 60 *50
3%
3% 950.000
101*2 101%
{Hamburg 4s_____ ______
4% Feb
3% May
108
100 100*2
6
0
{German G E 444s.-........
5.000
8% Jan Borden Company, co m .. 100 106
6
June
Preferred......................100 98 100
100 100*8
92% 92% 120.000 92% June 02% June
Greater Prague 7%s w i ’52
Company____ 100 95 100
38
44 042.000 38
100*2 10(J34
Mexico 4s__________ 1945 39%
June 52% Apr Celluloid
117 119
Childs
Co,
com________
100
98
95
12
12
3s......................................
10,000
15%
Apr
12
June
Preferred......................100 105 107
17% 19
101*4 101*2
17%
5s......................................
27.000 19
Apr 22% Apr Havana
Tobacco Co___ 100
97
97
6% s July 1931............. J4J 103*2 105
Montevideo (City) 7s w i’52 97
70.000 97
Juno
June 97
Preferred.......................100
100*8 1003s
Russian Govt 0% s___1919
1st g 5s, June 1 1922.J4D
8934 90*2
18% 19
Certificates______
2.000
13% Jan 26% Apr International
53 —
Salt_____ 100
97
95
20
20
„ 6%S........................... 1921
1,000
13% Jan 28
Apr
100
101% 10 l7s
83
84J
Solssons (City) Franc 6s ’36
73.000 83
June 8^% Apr International Sliver, pref 100 •95
81
83
7% notes Aug 15 1931____ 102% 102%
101% 102
Switzerland Govt 5 % h 1920 102
136.000 95% Jan 107% Mar Lehigh Valley Coal Sales. 50 175
Phelps Dodge Corp____ 100
185
exas Co 7s 1923______ M 48 101*4 101*2
Royal Baking Pow, com. 100 101 n o
107% 10834
•N o par valuo. t Odd lots. I Listed oil the Stock Exchange this week,
Preferred____________ 100 98 100
100 100*2
95 100
whero additional transactions will be found, o New stock, to When Issued. Singer Manufacturing__ 100
107*2 108
Ex-dlvldond. y Ex-rlghts. z Ex-stock dividend. (Dollars per 1,000 lire, flat.
• P « ’ share 0 Basts, d Purchaser also pays accrued dividend.
« New stock.
5 Dollars per 1,000 marks, g Marks, k Correction.
/F lat prlco. *Last sale, nNominal,
y Ex-rlghts. t Ex-stock dlv .
Allied Pack conv del) 6a '39 84
Certificates of deposit__
Allied Paok 8a Ser B w 1’39 97 %
Aluminum Mfrs 7 s ... 1925 103%
7s..............................1033
Amer Cotton Oil 6 s ... 1924 98%
Amer Light 4 Trao 6s. 1925 107%
Without warrants...100
Amer Tel A Tel 6a___ 1922 100%
6a.............................. 1024 101%
American Tobacco 7s. 1923
Anaconda Cop Min 7s 1929 103 %
0% notea Series A .. 1928 100
Anglo-Amer Oil 7% s..l925 103%
Armour A Co 7% notes.’30 104
Atlantic Fruit Co 8s. w 1_ _ _
Atl Gulf A W I SS L 53 1959 64%
Beaver Board 8s ctf dep ’23 65
104%
Bethlehem Steel 7s__ 192;
Equipment 7s_____ 1936 102%
Bklyn Union Gas 7s w 1 '32 112 %
6s w 1____ ________ 1947
Canadian Nat Itys 7s. 1935
98 %
5s w 1........................ 1925
Canadian Pac By 6 s.. 1924 101%
Central Steel 8o........ .1941 104 %
Charcoal Iron 8s........ 1931
Chic Union Stat 5 s ... 1963
Clncln Gas & El 5%s.l901
Cities Serv deb 7s ser C .’66
Deb 7s, Scries D __ 1966
Col Graphophone 8 s.. 1926
Certificates of deposit...
Com’lth Pow Corp 6s. 1947
Consolidated Copper 7s
Consol Gas N Y 7 s ... 1922
Cons G E L A P Balt 7s '31 105 A
6s Ser A w 1________ 1949 99%
Consol Textile 8s____ 1941 100
Copper Export Assn 8sl923 101
Copper Export Assn 8sl924 102 A
Copper Exp Assn 8S..1925 104 A
Cuban Tel 1st 7%s_..1941
Cudahy Packing 7s__ 1923
Decro A Co 7%s......... 1931 101%
Empire Gas A l-’ucl 6s .1924 101
Freeport Texas Co 7s. 1937 147
Galr (Robert) Co 7s. .1937 98
Galena-Signal Oil 7s.. 1930 104%
General Asphalt 8 s ... 1930 104
Goodrich (B F) Co 78.1925 100%
Grand Trunk Ry 0%s.l936
Gulf OH Corp 7s......... 1033 104
Hershey Chocolato 7 Ms ’30 103
Hood Rubber 7% notes ’36 98
Humble Oil A Ref 7s. .1923 101%
90 A
Interb R T 8s J r M recta.
7% notes...................1921
New 10-year 6s w 1.. 1952
7s, w 1 . . . ................. 1932
Int A Grt Nor Ry 5 s.. 1914 635-3
Jurgens (Anton) United
(Margarine) WksOs 1947
Kansas Gas A El 6s w 11925
Kcnnecott Copper 7s. 1930
98%
Kings Co Ltg 0%s w 1
100%
Laclede Gas Light 7s
99%
LlbbyMcNelUALlbby7s'31
Llggctt-Wlnohester 7s 1942
103
Magma Copper 7s, w 1 1932
96%
Manitoba Power 7s. .1941
Merch A Mfrs Excli 7s 1942 100
97%
Nat Acme Co 7%fl__ 1831
Nat Cloak A Suit 8 s.. 1930 103
99%
National Leather 8S..1926
N Y N H A Hoi-tf -Is.. 1922 97
500 franc bonds__
86%
7s w l........................1926
70%
500 Franc bonds........
Plillu Electric 6s_____ 1941 103%
6%s w 1___________ 1947 91)%
Phillips Petrol 7%s___1931 126
Without warrants..........
Public Serv Corp 7s w 11941 101
Punta Alegre Sug 7s w 1 ’37 110%
98
Saks A C os f 7s.......... 1942
Scars, Roebuck A Co 7s ’22
7% serial notes Oct 15 ’23
Shawshcon Mills 7s__ 1931 103
Solvay A Cle 8s____ 1927 105%
Soutbw Bell Tclep 7s. 1925 102
Stand Oil of N Y deb 0 %s’33
7% serial gold dob .1925
7% serial gold d eb..1926
7% serial gold deb.. 1928
7% serial gold d eb .. 1929
7% serial gold d eb .. 1930
7% serial gold deb.. 1931
Stewart Warner 8s___ 1926
Sun Co 7s._................. 1931
Swift A Co 7s________ 1926 101%
7s................ Aug 15 1931 102%
Texas Co 7% notes__ 1923 101%
Tidal Osago Oil 7s___ 1931 101%
Toledo Edison Co 7a w 1041 105%
Union OH of Cal 6s__ 1942 101
United Oil Producers 8o ’31 107
United Ryu of Hav 7%s ’3f 107
Vacuum Oil 7s_______ 103e 106%
ValvollneOllOs Ser A w l.’37
Western Elec con v78.1925 107%
West States CAE 6s w 1 ’47
Winch Repeat Arms7%s’4 1 166%




69
Jan
60% Jan
70
Feb
100% Jan
102% Feb
93
Feb
90
Jan
100
May
99% Jar,
99% JaD
101% Jan
100% Jan
06 A Jan
102% Jan
101% Jan
4G% Juno
57% Apr
61
May
100% Jan
100% Jan
1G5% May
105
May
104% Feb
98% Mav
99% Jan
98
Fob
92% Mar
100 Juno
98% Juno
87
Feb
85
Mar
22% Jan
31
Apr
90
May
52
Apr
101
Feb
102% Jan
99% Juno
94
Fob
101
Jan
102
May
103% Feb
102% Jan
100% Jan
95
Feb
92% May
100% Apr
95
Feb
100% Jan
102
Jan
96% Jan
102
Jan
102 A Jan
100% Feb
95
Jan
90% Jan
72
Jan
70
Jan
71
May
91
May
56% Apr

awt ^axlxmct

2573

R A IL R O A D

G R O S S

Q u U llx Q m tt.

E A R N IN G S

The following table shows the gross earnings of various S T E A M roads from which regular weekly or monthly returns
oan be obtained. The first two columns of figures give the gross earnings for the latest week or month, and the last two
columns the earnings for the period from Jan. 1 to and including the latest week or month. The returns of the electric railways
are brought together separately on a subsequent page.
__________________ _____ _______ _
Latest Gross Earnings.
RO A D S.
Current
Year.

Week or
M onth.
Akron Y oung & Y _ _ April
Alabam a & Vicksb. April
Ann A rbor. _______ 3d wk M a y
A tch Top & S F o— April
G u lf Colo Sc S F o . April
Panhandle S F e . . April
Atlanta Birm & A t l . April
Atlanta Sc W est P t . April
April
Atlantic C ity ------Atlantic Coast Lin e. April
Baltimoro & O h i o .. April
B Sc O Ch T e r m .. April
Bangor Sc Aroostook April
Bollefontc C e n tr a l.. M arch
Belt B y of Chicago. April
Bessemer & L E r ie .. April
Bingham & Garfield April
Boston Sc M ain e___ April
B klyn E D Torm — April
B u ff Boch & P ittsb. 4th w kM ay
Buffalo & Susq_____ April
Canadian N at Iiy s . 4th w kM ay
Canadian Pacific___ 4th w kM ay
Caro Clinch Sc O hio. April
Central of Georgia. . April
Central R R of N J . . April
Cont New England. April
Central Verm ont___ April
Charleston & W Car April
Chos Sc Ohio L in o s.. April
Chicago & A lton — April
Chic Burl & Quincy April
Chicago & East 111— April
Chicago Great W est April
Chic Ind Sc L o u is v .. April
Chicago Junction. . April
Chic M ilw & St Paul April
Chic Sc North W e s t . April
Chic Peoria Sc St L . April
Chic B I & P a c------- April
Chic B I & G u l f .. April
Chic St P M Sc O m . April
Chic Ind Sc Westorn April
Colo Sc Southern___ 4th w kM ay
Ft W & Den C it y . April
Trin & Brazos Val April
W ichita Valloy— April
,
C um b Vail & M a r t. April
Delaware & Hudson April
D el Lack & Western April
D onv & Bio Grando April
Denver & Salt Lako April
D etroit Sc Mackinac April
Dotroit Tol Sc Iron t. April
D ot Sc Tol Shore L . . April
D u l & Iron B a n g o .. April
D u l M issabe & N o r . April
D ul Sou Sh & A t l . . . 4th w kM ay
D uluth W inn Sc Pac April
East St Louis C onn- April
Eastern S S L in e s .. M arch
Elgin Joliet Sc E a st. April
E l Paso Sc Sou W est April
Erie Bailroad_______ April
Chicago Sc E r ie .. April
N J & N Y B R ___ April
Florida East C o a st. April
Fonda Johns Sc Glov April
F t Smith Sc Western April
Galveston W harf___ April
Georgia Railroad___ April
Georgia & F lo rid a .. April
Grand Trunk S y s t .. 4th w kM ay
A tl Sc St Lawrence April
C h D etC a n G T Jet April
D ot G II & M ilw . April
Grand Trk W e st. April
Groat North System April
Green Bay & W e st- April
*
G u lf M obile Sc N o r . April
G u lf Sc Ship Island. April
Hocking Valloy------- April
Illinois C entral------- April
Total system ____ April
Internat Sc G rt N o r. April
Intornat B y of M o . . April
K an C ity M ex Sc Or April
K C M ex & O o f Tex April
Kansas C ity South. Aprii
Toxark & F t S m .. Aprii
Total system ------- April
Kansas C ity T e rm . . Aprii
K an Okla & G u l f .. . Aprii
Lako Sup & Ishpem . Aprii
Lake Terminal R y _ . April
Lehigh Sc Hud River April
Lohigh Sc New E n g . April
Lohigh V alley-------- April
Los Ang & Salt Lake April
Louisiana Sc A rkan. April
Louisiana R y Sc N av April
Louisville & N ash v. April
Louisv Hend & St L Aprii
M aine C entral_____ April
M idland Valloy------- April
M ineral Range______ 4th w kM ay
Minnoap & St Louis. 1th w kM ay
M inn St P & S S M . April
Mississippi C entral. April
M o Sc N orth A rkan. February

jJ a n . 1 to Latest Date.

Current
Previous
Year.
Year. !

S
S
S
673,140
118,018
171,639
234.699 1,002,676
271,563
99,747 1,838,160
99,473
13828071 14725944 52,803,796
1,617,406 2,119,234 6,448,483
717,453 2,296,346
608,198
182,614 1.199.788
313,436
733,790
199,723
212,743
296,321 1,043,779
321,693
6,736,137 6.474.610 25,138,509
16318711 15953279 64.236.892
916,557
237,771
205,049
639,840 3,104,714
815,526
21,856
8,283
6,874
420,022
369.700 1.906.249
775,981
594,925 2,690,337
42,784
12,121
14,559
6,221,930 6 ,137,309 24.779.893
540,02o
128,353
117,052
287,822
398,969 6,275,822
603,027
64,625
119,332
2,772,518 2,736,147 42,936,652
4 ,478,000 4 ,542,000 59,701,000
630.901
618,149 2 .492.249
1,758,493 1,808,558 6 ,895,052
3,416,761 4,257,250 16,327,402
607,506
607,965 2 ,529,553
515,697
520,900 2 ,037,747
338,720 1,147,213
308,072
6,942,944 6,535,995 27,645,427
1.937.363 2,183,237 9,689,807
1 1 435326 12639377 49,149,572
1,607,955 1,972,447 8 ,044,187
1,933,154 1,811,618 7 .306.285
1,298,105 1,198,189 5,046,340
445,326
397,441 1.753.286
10753572 10621048 45,393,430
10666009 10576218 4 2 ,236,374
765.737
153,324
147.793
8.778,927 9.919.611 35,686,968
405,216
549,220 1,777,199
2,084,029 2,087,078 8,382,637
285,542
286.517 1.310,348
584,817 9 .036.995
575,455
883.264 7 ,822,705
694,341
233,916 1,275,512
192,440
393,349
134,116
93,891
345,368
99,704
51,662
2,745,809 3,713,352 14.086.692
5 ,514,320 7 ,188,205 24,865,396
2,280,326 2,225,979 9,294,618
477,112
95,299
35,137
475.050
158,158
136,797
861,016
563.194 2 .683.788
163,811 1.240.467
229,401
497,267
178,253
179,850
565,160
187,350
237,145
128,092
89,435 1,513,526
626,398
193,702
144,069
658,149
131,701
116,653
739,508
200.298
269.843
1.645.364 1,324,356 6.849.789
935.142 2,272,986
848,681
6 ,597,059 8 ,118,195 30,487,515
879,624 3,614,451
937,188
123,601
478,891
124,488
1,543,838 1,431,162 5.945.996
106,739
109,541
474,929
460,484
116,004
176,075
497.050
181,514
125,222
432,108
476,474 1,529,037
120.063
103,246
422,300
2 ,803,249 2 .401,220 3 7 ,285,540
142,729
189,864 1,046,645
810,473
116,309
194,403
201.194 1,449,393
388.470
1,066,765 1,179,513 4,373,282
6,640,386 6,926,485 25.797.692
99,785
115,897
451,097
410,491
343,045 1.427.792
236,137
220,286
910,817
926,221 1,021,213 4.152.793
10343 282 11409154 45,335,698
11869380 13052995 51,216,499
1,229,382 1,571,254 4 ,304,934
225,961 1,143,442
276.820
130,731
438,568
107,329
188,879
482,984
117,285
1,392,758 1,690,792 5 ,703,233
627,502
175.143
148.861
1,541,018 1,861,742 6,330,231
220', 383
5,082
89,355
182.471
248.820
4,388,603
1,508,055
296.716
246,345
9,929,354
252,967
1,634,499
382,576
13,580
291,783
3.193,367
116.904
d e f!33

Latest Gross Earnings.
ROADS.
Current
Year.

Week or
M onth.

$
384,451
1,094.100
1,754,276
59,130,947
9 ,120,159
2 .794.499
990,157
841,133
1.001.523
26,401,114
64,192,189
819,731
2 ,803,229
20,949
1,630,905
3,108,577
82,205
24,431,147
455,083
6,436,852
741,218
49.709.274
66,889,000
2,371,424
7,402,062
16,528,650
2,804,207
1,994,785
1,187,184
25,300,526
9,431,595
52,519.129
8,7 6 5 ,3 2 7
7,721,084
4,785,130
1,633,158
44,356,630
45,376,245
655,812
41,016.938
2,299,098
8,974.547
1.115.644
10,631,645
3.626.499
850,385
584,098
449,793
15,004.670
27,419,100
9 ,991,686
662,744
569,068
1,425,628
772.259
885,331
848,796
1,915,697
1,131,021
551,889
525.313
7 ,736,953
4,097,039
33.012,382
3,564.874
463,983
6,262,452
444,357
658,144
819,878
1.815.523
462,026
39,584,977
1,168,872
686,213
1,148,080
4,215,892
26.139,940
481,698
1.414.481
930,500
3.557,271
46,453,346
53,433,503
6,228,610
1,292,528
549,722
680,579
6,701,213
770,366
7,447,539

%
$
2 ,469,358 2 ,556,630
M issouri Kan & Tex April
1,607,472 2,152,853
M o K Sc T B y o f Tex April
4 ,193,086 4,893,581
Total system ____ April
Missouri Pacific____ April
2,683.921 8 ,297.362
532,955
463,949
M obilo & Ohio_____ 4th w kM ay
98,571
125,608
Colum & Greens. April
257,711
130.488
M onongahola----------- April
62,590
147,308
Monongahela C on n . April
123,608
15,652
M on tou r------------------- April
1,822,466 1,641,881
N ashv C hatt Sc St L April
4,860
N ev a d a -Cal-O regon 3cl wk M a y
4,434
22,391
32,975
Novada N orthern. _ April
84,950
167,017
Nowburgh Sc Sou Sh April
202,048
223.026
New Orl Great N o r . April
213,170
205.180
N O Texas Sc Moxico April
153,512
165.758
Beaum S L & W . . April
515,249
454,427
St I, Brownsv & M April
25787100 25743776
New York Central — April
686,275
717,494
Ind Harbor B olt. April
720 849
751 439
Lake Erio & W est April
6,100.326 5,772,997
Michigan Contra! April
6,223,126 6,329,240
C l e v C C & S t L . . April
301,703
262,305
Cincinnati N o rth . April
1,866,351 1,540,220
Pitts & Lako Erio April
751,866
381,201
Tol & Ohio C en t. April
165,530
373,307
Kanawha Sc M ich April
2 ,254,898 2 ,230,890
N Y Chic & St Louis April
308,021
206.595
N Y Connecting___ April
9,670,060 9,213,041
N Y N II Sc H artf— April
968,278
868.916
N Y Ont Sc Westorn April
325,220
264,560
N Y Susq & W e s t— April
707,793
793.917
N orfolk Sou th orn .. April
7,692,924 6,281,943
N orfolk Sc W otorn. April
6,787.062 6,732,651
Northern Pacific___ April
588,886
650,854
Northwestern P a c .. April
39237554 3994 8392
Pennsylv B B Sc C o . April
114,894
1 15.596
Balt d i e s & Atl — April
72,507
90,284
Cine Leb Sc N o r .. April
754,489
736.162
Grand Rap & Ind April
2 ,343,400 2 ,010,359
Long Island--------- Aprii
89,446
87,547
M a r y ’d Del & V a . April
5 9 7 ,9 1 1 393,565
N Y Phila & N orf April
141,149
140,757
Tol Peor Sc W e s t . M arch
873,620
1,051,873
W Jersoy Sc Soash April
7,460,141 7,418,530
Pitts C C & St L . April
5216 2280 52047251
Penn System ----------- Aprii
139.488
112,381
Peoria Sc Pokin U n . April
3,0 1 8 ,3 2 5 3.106,952
Pero M arquotto------- Aprii
98,782
93,652
Porkionien_________ April
5,756,860 6.974,219
Phila Sc R e a d in g -.. Aprii
37,559
47,695
Pittsb & Shaw m ut. . Aprii
62,990
100.555
Pitts Shaw & North April
175,559
134,442
Pittsb & W est V a — Aprii
109.774
193.079
Port R e a d i n g .____ Aprii
88,111
83,226
Quincy Om Sc K O — April
996,200 1,044,271
Rich Fred & P otom . April
477,310
448,074
R u tla n d ____________ April
250,619
253,588
St Jos Sc Grand Isl’d April
6,407,781 6,505,065
St Louis San F r a n .. April
96,677
139,428
F t W & Bio G ran. April
132,336
124.775
St L -S F of T exas. April
1,373,872 1,323,771
St Louis Southwost. April
5 17,130
565,291
St Louis S W of Tx April
418,987
446,627
Total system ------- 3d wk M a y
45,222
84,875
St Louis Transfer-. April
435,121
443,721
San A n t & Aran Pass Aprii
127,008
134,647
San A nt Uvaldo Sc G Aprii
3.814,345 3,551,336
Seaboard Air L in o .. Aprii
13819472 14982622
Southern Pacific___ April
19691271 21129044
Southern Pacific Co April
886.052
964.781
Atlantic SS Lines. April
268,001
256,430
Arizona Eastern. April
1,717,457 1,992,147
Galv Harris Sc S A Aprii
969,845
934,348
Hous Sc Tex C en t. April
223,812
222,326
IIous E & W T e x . Aprii
345,977
310,987
Louisiana Western April
682.080
637,785
M org La Sc Texas Aprii
711,844
651.905
Texas Sc Now O rl. April
Southern R a ilw a y .- 4th w kM ay 4,787,638 4,049,595
808.026
771,367
Ala Groat South. April
1,452,946 1,466,514
C i n N O & T e x P . Aprii
371,196
409,096
Georgia Sou & Fla Aprii
537,770
513,372
Now Orl & Nor E . Aprii
103,646
61,404
N orth’ll Alabam a. April
87,106
120,052
Spokano Intornat’l . Aprii
581,232
534.315
Spok Portl Sc Seattle Aprii
206,246
200,122
Staten Island It T . . April
2,698
2,667
Tenn Ala Sc Georgia 2<i wk Apr
189,611
211,149
Tennessee C entral. . April
358,447
345,025
Term R R A ssn o fS tL April
288,625
236,587
St L M er Bdgo T . April
841,978
796.162
Texas & Pacific____ 4 th w kM ay
773,967
693,300
Toledo St L & W e st. April
128.533
138,963
Ulster Sc D olaw aro.. April
7,093,412 7.970,235
Union Pacific_______ Aprii
2 ,597,748 2,578,571
Ore Short Lino___ Aprii
Total system ____ April
13142246 14563415
O re-Wasii B B & N Aprii
1,943,021 2,332,268
646,532
Union B B ( P e n n ).. April
843,022
95,914
98,344
U t a h ________________ Aprii
327,980
324,337
Vicks Shrev & P a c .. Aprii
1,532.750 1,525,896
Virginian Bailroad. April
4.370.042 4.901.461
Wabash R B ________ Aprii
Western M aryland . A p ril
1,215,130 1,485.701
920,465
846.818
Western Pacific____ April
206,916
201,085
Western R y o f A l a . . M arch
949,266 1,032,369
Wheel Sc Lake Erio. April
184,099
116,256
April
W ichita Falls & N W
1,526,099 1,643,842
Yazoo & M iss Valley April

158" 369 ‘ 867’ 768 "8 5 0 ,2 5 2
28.300
11,471
3,622
502.649
362,059
98,652
884,158 1,064,187
268,259
396.264 1.462.794 1,384,110
6,289.400 21,649,141 23.912.275
1,682,339 5,922,361 6,646,161
260.184 1,036,047 1,129,295
296,872 1.054.250 1,271,867
9,190,895 38.241,741 37,880,960
956,421
219,374
917,613
1,668,838 6,502,254 7,326.976
391,091 1.405.467 1,576.032
176,082
7,338
98,095
317,600 6 ,319,875 6 .438.645
3,421,826 11,520.311 13,012,698
335,408
73,636
4 80,342
225,017
99,659
dof654

J a n . 1 to Latest Date.
Current
Year.

Previous
Year.

%
9 ,191.440
6.454.120
16,125,487
31,227,457
7 ,013,147
462.641
1,511,891
498.019
305,986
6 ,510,733
75,762
92,396
611,969
837,888
889,780
701,976
1,879,026
102568750
3 ,006,394
2 904,099
23,473.567
26.113.505
1.181,116
7 ,833,762
2,924,446
1,164,780
9.103.162
980.019
37.174.506
3 .815.583
1,349,196
2,727,288
27,544.115
26.242.587
2 ,145,732
159266327
374,349
319,033
2,707,783
8,380,774
280,429
2,123,911
411,188
3 ,555,660
29,968.363
208495314
630,590
11,502.681
362,105
27,251,610
415,811
378,852
960,244
822,983
336,073
3,436.497
1,810,186
1,000,395
24.625.288
394,372
507,150
5 ,497,056
2 .224.310

$
10,717.955
9.145.136
20,662,211
35,165,199
7 .938.278
560,837
1,285,415
256,606
443,499
6,833,573
110,769
176,717
466,326
847,850
993,152
834,482
2,1 5 1 ,3 0 3
103088335
2 ,068,132
2 .892.922
22,267.474
26,502.944
1,082,105
8 ,696,040
3.164,493
1,366,541
8,7 1 8 ,6 3 7
1,170,695
35,858,829
3,9 5 0 ,3 1 8
1,367,219
2 ,620,690
25,527.990
25.981,458
2 ,125,603
164543307
435,248
345,170
2 ,786,148
7,5 0 2 .0 1 0
323,602
1,990,205
442,514
3 ,366,948
32,636.203
2 1 5 4 5 7 030
584,013
10,811.950
444,841
28,097,219
453,807
399,464
819,237
848.594
415,224
3.745.137
1,848,503
1,013,565
27,201,232
541,540
570,524
5,537,840
2,449,594

245',299
1,606,347
342,607
14,936,719
51.525.231
76,106,206
3,792.915
884,891
6,857,9.34
4 ,690,239
888,288
1.471.928
2 ,586,798
2 ,992.547
66,394,798
2,9 4 6 .9 6 5
5.520.373
1.559.641
2.023.928
377,737
360,205
2.136.311
734,284
29.211
758,619
1,519,247
1.221.642
11.777,090
3 ,080,599
427,968
29,014.848
10,897,312
53,992,442
8.157,921
2.863.477
481,038
1,203,084
6,422,237
18,368.201
5.700,652
3,159,489
544,096
4 ,285.488
479,928
5 ,880,802

387',907
1,798,298
391,085
15,752,133
5 9 ,241.675
85.858.919
3,680,314
1.209.278
9,036,367
4,0 4 1 ,1 9 0
901,022
1,433,647
2,985,183
2.890.501
68.693,720
3,2 4 6 ,1 5 5
5,920.428
1,545,584
2,280,625
316.594
424,904
2,242,425
768,067
33,391
808,230
1,469,395
1,173,022
15,152,369
2 ,870,768
407,485
3 1 .952,279
10,526,569
57,886,362
8,7 6 1 ,3 5 2
3 ,339,075
418.937
1.363.502
5,527.035
19,239,034
6,1 8 2 ,9 0 9
3 ,626,658
595,401
3 ,896.607
799,121
6 ,980,159

Previous
Year.

Previous
Year.

A G G R E G A T E O F G R O S S E A R N IN G S — W eekly and M o n th ly.
Weekly Summaries.
3d
4th
1st
2nd
3d
4th
1st
2d
3d
4th

week
week
week
week
week
week
week
week
week
week

M ar
M ar
Apr
Apr
April
April
M ay
M ay
M ay
M ay

(19 roads)------(16 roads)____
(i l roads)____
(14 roads)____
(13 roads)____
( 9 roads)____
( 9 roads)____
( 9 roads)____
'18 roads)____
(15 roads)____




Current
Year.
S
13,426.315
18,265,058
12,071,086
11.515 908
11,126,891
8,495.541
7,283,537
7,416.004
12.713,122
17,398.247

Previous
Year.
,$
13,702.924
18,617,451
12.971.053
12.587.585
12.141.585
9,732,254
7,119,471
7 ,157,170
12,617.570
16,502.052

Increase or
Decrease.

%

§
— 276,609 2.02
— 352,393 1.89
— 899.967 6.94
— 1,071.676 8 52
— 1.014.694 8.36
— 1.236.713 12.71
+ 164,066 2.30
— 258.834 3.61
+ 95.552 0 76
+ 8 9 6 .1 9 5 5.43

Monthly Summaries.

Current
Year.

Previous
Year.

Increase or
Decrease.

$
Curr.Yr. Prev.Yr.
$
S
Mileage.
June_______ .2 3 6 .2 0 8 236,059 460.682.612 194.164,607 — 33.582,096
230.410 400.989.697 527.396.813 — 66.407,118
J u l y _______ .2 3 0 ,9 9 1
A u g u st____ .2 3 3 .8 1 6 233.067 504.599,664 554,718.882 — 60,119,218
September . .2 3 5 ,1 5 5 234,559 490.784,097 617.537.676 -1 2 0 ,7 5 3 ,5 7 9
O c to b e r___ .2 3 5 .2 2 8 234.686 634.332,833 640.256.263 — 105922 430
November - .2 3 6 .0 4 3 234,972 464,440,498 590.468,164 — 126027 666
December. . .2 2 5 ,6 1 9 224.784 406,864,055 527.480.047 -1 2 0 ,6 1 5 .9 9 2
January ___ .2 3 5 ,3 9 5 234.630 393,892,529 469.195.808 — 76.303.279
February . - .2 3 5 .6 2 5 234,880 400,430,580 405.203.414 — 4,772,834
M a r c h ____ .2 34.086 234.202 473.433,886 457 374.460 + 16.059.426

%
6.79
12.69
9.03
19.66
16.54
21.34
22.87
16.05
1.18
3.51

Latest Gross Earnings by Weeks.— In the table which
follows wo sum up separately tlie earnings for the fourthweek
of M a y. The taole covers 15 roads and shows 5.43%
increase in the aggregate over the same week last year.
Fourth Week of M a y.
Buffalo Rochester & Pittsburgh
Canadian National R ailw ays. _
Canadian Pacific_______ ______ Colorado & Southern___________
D uluth South Shore & Atlantic
Grand Trunk of C anada_______
Grand Trunk W estern _______
D c t Grand H av & M ilw ____
Canada Atlantic_____________
M ineral Range_________________
Minneapolis & St Louis________
Iowa Central_________________
M obile & Ohio_________________
Southern Railw ay_____________
Toxas & Pacific________________
N et incroaso ( 5 .4 3 % ) .

1922.

(

1921.

Increase. Decrease

S
287,821
2,772,518
4,478,000
575,455
128,092

$
398,968
2,736,146
4 ,542,000
584,817
89,435

2,803,249

2 ,401,220

402,029

13,580
291,783

7,338
317,600

6,242

463,949
4,787,038
796,102

532,955
4 ,049,695
841,978

738,043

$

111,147

36,372
64,000
9,362
38,657
.............

25,817
69,006

17,398,247 16,502,052 1,221,343
896.195

45,816
325,148

Electric Railw ay and O ther P ublic U tility Net E a rn ­
ings.— The following table gives the returns of E L E C T R I C
railway and other public utility gross and net earnings with
charges and surplus reported this week:
•
------- Gross Earnings------- -------Net Earnings------Current
Previous
Current
Previous
Year.
Year.
Companies.
* ’|ar^^ ar$
Amorican Powor & Light—
„
„ A_ ,
(Subsidiary cos o n ly ). -A p r 2 ,049,602 2 ,074,814
757,910
819,543
M a y 1 '21 to Apr 30 ’22 2 4 ,457.238 23 ,5 4 3 ,4 0 6 9,8 4 0 ,5 5 4 7 ,719,102
Southwest Power & Light—
(Subsidiary cos only)
-A p r 701,060
803,151
336,063
343,383
M a y 1 ’21 to Apr 3 0 ’22 9,711,179 10,017,007 4,6 3 3 ,2 2 0 3 ,5 8 5 ,9 3 8
U tah Securities C orp______ Apr 697,426
685,919
314,045
347,232
M a y 1 ’21 to Apr 30 ’22 8 ,4 4 0 ,4 0 8 8 ,7 1 5 ,6 9 6 4,1 0 6 ,8 0 4 4 ,078,950
Gross
N et after
Fixed.
Balance,
Earnings.
Taxes.
Charges.
Surplus.
$
%
Cities Service C o
A p r ’22 1,377,836 1.338,250
177,003
1,161,247
.
1,212,091
170,355
12 mos ending Apr 3 0 ’22 12,688,907 12,229,893 2 ,1 4 3 ,7 9 2 10,086,101
’21 22,256,987 21.578,167
1 ,968,334 19,609,833
55,012
10,202
C love Paines & East Apr ’22
-3,473
13.675
59,090
12,385
— 1,290
13.675
211,781
50,638
4 mos ending Apr 30 ’_22
— 1,066
54,705
232,909
53.775
— 1,135
54,910
401,765
138,045
82,380
Federal Light & Tract Apr ’22
55,665
__
392,316
113,682
57,490
56,192
4 mos ending Apr 30 [22 1.725.975
583,201
364,351
218,850
310,424
224,355
94,617
17,988
F0^
hP<WOr APF ’l l
202,560
* * 9 8 ,6 0 6
82,228
16,380
12 iuos ending Apr 30 ’
|,497.|rU *1,293,201
204,192 1,089,009
869,279
198,416
78,150
24,298
Honolulu Rapid
Apr 22
16,588
7,710
76,813
23,435
Transit & Land
21
16,564
6,871
315,626
106,597
4 mos ending Apr 30 22
77,348
29,249
301,746
97,402
68,919
28,483
166,177
Apr '22
*86,157
28,841
Idaho Power Co
57,316
’21
J158,138
B L_______
*83,389
31,360
57,029
12 mos ending Apr 30 ’22 2,323,167 * 1 ,409,599
733,200
676,399
1
’21 2,336,108 * 1 ,335,832
739,181
596,651
Interborough Rapid Apr |22
4 630,342 1,985.732
1,755,188
230,534
Transit C o
<^1 4 ,/24 ,01 *) 1 ,/2 0 ,4 10
235,260 1,491,150
10 mos ending Apr 30 ’22 44,515,524 17,634,691
2 .338,762 15,295,929
1
’21 4 5 ,914,050 15,703,724 2,263,519 13,440,205
193,834
Lako Shore Electric Apr ;22
49,274
14,684
34,590
205,575
27.081
Railway System
21
— 8,128
35.209
734.464
4 mos ending Apr 30 22
158,532
19,740
138,792
816,064
92,767
— 47,339
140,106
278,217
Nebraska Power Co Apr '2‘2
*118,047
68,133
49,914
260,148
*94,400
46,870
47,524
12 mos ending Apr 30 ’22 3 ,136,728 * 1 ,2 6 4 ,3 2 6
667,240
597,086
3 ,017,914
*958,635
514,079
444,556
228,525
*102,930
Pacific Power &
Apr ’22
4 6,800
56,130
227,556
*105,616
Light
21
51,050
54,566
12 mos ending Apr 30 '22 2,904,797 * 1 ,346,005
666,351
679,654
2,659,045 * 1,318,919
699,326
619,593
284,210
*94,590
Portland Gas &
Apr [22
56,381
38.209
327,766
*90,671
53,317
37,354
*974,503
12 mos ending Apr 30 ’22 3,328,771
518,842
455,661
3 ,058,417
*959,120
566,171
392,949
772,633
Southern California Apr '22 1,264,307
459.221
313,412
1,290.376
732,178
261,572
470,606
^ T o s ending Apr 30 '22 16,979,091 9 .982.306 4,112,157
5,870,149
5,839,487
3,253,136
Toxas Pow & Light Apr |22
371,156
*133.101
71,777
61,324
57,781
52,244
12 mos ending Apr 30 ’22 4 .772.981 *1 .8 2 2 ,2 4 0
1,122,093
760,147
708,105
731.186
* After allowing for other Income rocolved.

Not Earnings M on th ly to Latest Date 3.—In our “ Rail­

way Earnings” Section or Supplement, which accompanies
to-day's issue of the “ Chroniclewe give the April figures of
earnings of all steam railroads which make it a practice to issue
monthly returns or are required to do so by the Inter-State
Commerce Commission. The reader is referred to that Supple­
ment for full details regarding the April residts for all the
separate companies.
,

In tho following wo givo all statements that have come
in tho present week. We also add the returns of the indus­
trial companies received this week.
— Gross from Railway------- Nel^from Railway----------- Net after Taxes

1922.
1921.
1922.
1921.
1921.
1922.
$
$
S
S
S
$
American Railway Expross—
289,700
February ..12.827,074 16,992,028
384,325
112,103
194,716
569,717
From Jan 1.25,603.403 34,096,132
735.765
206,102
372,136
Atch Top A Santa Fc—
Gulf Colorado A S Fo—
203,020
April______ 1.617.400 2,119,234
579,645
126,896
504,783
234,206
From Jan 1 0,448,483 9,120,159
630,913
— 1,901
329,445
Atlanta Ilirm & Atlantic
182,614 — 27,710 — 193,074 —47,166 — 211,238
April______
313,436
990,157 — 155,280 — 600,610 — 236,665 — 673,983
From Jan 1 1,199,788
Atlanta A West Point—
58,181
199,723
18,657
47,533
3,140
April______
212,743
98,782
841,133
78,088
60,322
16,021
From Jan 1. 733,790
Central Vermont—
63,021
520,900
— 107,435
46,060 — 128,361
April______
515,097
133,826 —432,072
65,899 — 515,736
From Jan 1. 2,037,747 1,994,785
Charleston A West Caro—
„
93.744
35,951
82,379
25,924
April........... 308,072
338,720
293,559 — 35,348
249,070 — 73,514
From Jan 1. 1,147,213 1,187,184




—Gross from Railway—
1922.
1921.
$

S

-Net from Railway—
1922.
1921.
S

$

Colorado & Southern—
Trinity A Brazos Valley—
April--------192,440
—12,899
233,916
38,907
From Jan 1. 1,275,512
850,385
191,250 — 26,032
Wichita Valley—
April--------93,891
29,313
134,116
19,962
393,349
From Jan 1.
100,546
584,09S
145,694
Cumberland Valley A Martinsb—
April...........
51,662
—12,453
99,704
33,215
From Jan 1. 345,368
449,793
102,778
123,133
Denver & Rio Grande—
April........... 2,280.326 2,225,979
344,619
524,077
From Jan 1. 9,294,618 9,991,686 2,314,296 1,775,835
Denver & Salt Lake—
April...........
35,137
-51,457 — 73,435
95,299
From Jan 1. 477,112
662,744
29,093 — 202,172
Detroit Toledo A Ironton
563,194
April...........
861,016
253,827
167,379
From Jan 1. 2,683,78.8 1,425,628
818,189
11,743
Duluth Missabe & Nor—
April..........
187,350
237,145 — 306,621 — 435,818
884,796- -1,066,357— 1,595,507From Jan 1. 565,160
Duluth South Shore & Atl—
April--------321,310
311,508
3,441 —68,985
From Jan 1_ 1,165,188 1,528,137 — 118,357 — 86,831
Duluth Winnipeg & Pacific—
April______
144,069
193,702
7,241
—20,414
26,202
From Jan 1. 626,398 1,131,021
165,960
Grand Trunk System—
Chic Det Can Grd Trk Jet—
April--------194,403
116,309
12,927
107,408
244,164
From Jan 1. 810,473
686,213
416,150
Det Grd Ilav & Mllw—
April--------388,470
201,194
84,536 — 167,199
217,810 — 181,099
From Jan 1. 1,449,393 1,148,080
Grand Trunk Western—
88,146
April--------- 1,066,765 1,179,513
124,608
467,033 —66,814
From Jan 1. 4,373,282 4,215,892
Green Bay & Western—
April--------99,785
24,105
9,875
115,897
From Jan 1. 451,097
96,891
105,013
481,698
Ilocking Valley—
April--------- 926,221 1,021,213
46,013
253,057
F rom Jan l. 4,152,793 3,557,271 1,309,236 — 514,570
Internat’l A Great Nor—
April.......... 1,229,382 1,571,254
175,607
239,966
F rom Jan l. 4,364,934 6,228,610
130,306
612,350
iDtcrnat’l Ry in Maine—
April..........
276,820
— 5,821
225,961
85,620
F rom Jan l. 1,143,442 1.292,528
230,937,
248,010
Kansas City Terminal—
April.................................................
F rom J an l.
_____
______
Kansas Oklahoma A Gulf—
56,416 — 20,082
April--------220,383
158,369
227,475
10,555
F rom J an l. 867,768
850,252
Louisiana Ry A Nav—
69.734
—5,317
246,345
296,872
April______
132,794
94,820
From Jan 1. 1,054,250 1,271,867
Minn St Paul A S S M —
441,671 — 88,903
A p ril......... 3,193,367 3,421,826
684,985 — 951,058
From Jan 1.11,520,311 13,012,698
Missouri Kansas A Texas
333,063
460,863
April______ 1,607,472 2,152,853
F rom Jan l- 6,545,120 9,145,136 1,525,394 1,540,291
Monongahela—
4,688 — 14,023
April______
130,488
257,711
748,293
317,300
F rom J an l. 1,511,891 1,285,415
Nevada Northern—
9,799 — 14,788
April______
32,975
22,391
—2,495
1,515
F rom Jan l.
92.396
176,717
New Orleans Texas A Mcx ico—
51,098
April______
205,180
213,170
47,986
261,888
993,512
283,733
F rom Jan l- 889,780
New York Central—
Indiana Harbor Belt—
686,275
261,511
184,043
April______
717,494
230,616
F rom Jan l- 3.006,394 2,068,132 1,078,094
Pennsylvania RR A Co—
Baltimore Ches A Atl—
114,894 — 18,425 — 11,971
April______
115,596
435,248 — 84,463 — 74,751
From Jan 1. 374,349
. Grand Rapids A Indian:L—
132,631
April..........
736,162
754,489
7,517
79,851
9,086
F rom Jan l- 2,707,783 2,786,148
Maryland Del A Vlrginl:t--— 5,722
—3,245
April______
87,547
89,446
F rom J an l. 280,429
323,602 —68,728 —40,569
N Y Phila A Norfolk—
43,289 — 167,005
April...........
597,911
393,565
59,015 —203,966
F rom Jan l. 2,123,911 1,990,205
Pullman Company—
April______ 4,995,646 4,836.788 — 106.107­ -1,053,881
From Jan 1.19,785,574 21,984,581 —200,246- -1,542,251
St Louis-San Francisco—
Ft Worth A Rio Grande—
-25,740 — 15,033
April...........
96,677
139,428
-95,582 — 97,193
F rom J an l. 394,372
541,540
St Louis-San Fran of Texas—
—2,168 — 26,965
April______
124,775
132,336
17,541 — 160,821
F rom Janl- 507,150
570,524
St Louis Southwestern—
487,492
468,685
April______ 1,373,872 1,323,771
F rom Janl- 5,497,056 5,537,840 1,893,513 1,705,791
St Louis S W of Texas—
April_____
517,130
565,291 — 222,071 — 116,867
F rom Jan l- 2,224,310 2,449.594 — 582,886 — 501,850
San Antonio Uvalde A Gulf—
44,449
41,743
April______
127,008
134,647
63,390
66,776
F rom Jan l.
342,007
391,085
Seaboard Air Line—
943,920
378,708
April______ 3,814,345 3,551,336
From Jan 1.14,936,719 15,752,133 2,963,363 2,207,538
Southern Pacific—
Arizona Eastern—
37,584
122,586
April..........
268,001
256.430
244,625
312,246
F rom Jan l884,891 1,209,278
Galveston Harrlsb A S A—
101,453
208,288
April______ 1,717,457 1,992,417
922,048 1,380,136
F rom Janl- 6,857,934 9,036,367
Houston E A W Texas—
23,854
30,257
April...........
223,812
222,326
33,829
62,002
F rom J an l. 888,288
901,022
Southern Ry System—
Now Orleans A Northeastern—
68,462
64,508
April...........
513,372
537,770
168,148
291,505
F rom Jan l. 2,023,928 2,280,625
Northern Alabama—
42,705
16,871
April______
103,646
61,404
32,794
133,239
F rom J an l. 377,737
316,594
Spokane International—
13.449
39,298
April______
87,106
120,052
94,215
123,066
F rom Jan l- 360,205
424,904
Spokane Portland A Seattle—
164,001
581,232
182,546
April...........
534,315
677,483
509,597
F rom J an l. 2,136,311 2,242,425
Wichita Falls A N W—
18,158
33,476
184,099
April...........
116,256
48.478
202,200
799,121
From o an 1. 479,928

—Net after Taxes—

1922.
S

1921.
$

— 19,899
163,127

32,067
— 53,472

24,164
77,999

12,774
121,917

— 18,124
84,303

28,297
107,111

189.499
1,693,622

372,292
1,189,471

—60,457 — 81,435
— 6,917 — 234,288
238,927
759,961

157,608
— 27,629

— 363,102 — 451,022
-1,286,490- -1,655,370

—29,587 — 95,985
-238,621 —216,927
— 3,695
— 8,768

— 30,099

100,161
387,193

8,308.
225,742

77,617
189,552

-177,667
-201,033

61,605
214,589

36,712
-271,969

1,875
73,013

17,105
68,863

162,386
946,618

-3 9 ,0 7 8
-858,697

207,195
476,668

145,069
2,620

69,620
184,010

— 20,821
170,937

109,115

— 27,220 — 26,507
— 112,031 — 106,200
45,589
189,065
—21,338
67,949

— 28,579
— 23,491
53,635
30,532

180,867 — 338,162
-3 2 0 ,0 8 1 - -2,158,015
408,879
1,318,815

278,383
1,347,286

— 3,312
716,293

— 20,523
191,300

3,685
— 22,946

— 24,710
— 41,841

31,211
217,833

33,970
194,629

224,983
931,591

154,273
165,396

—21,320
— 85,762

— 14,890
— 76,065

— 24,115
— S4.345

102,092
— 10,345

—4,428
—69,451

— 7,144
— 41,433

28,812 — 181,493
— 92,015— 1,045,481
— 160,737— 1,522,419
— 29,296 — 18,722
— 111,464 — 112,094
-4,080 — 29,302
9,540 — 169,252
438,435
1,669,220

412,314
1,511,643

— 246,110 — 141,104
—679,050 —598,232
38,867
54,996

41,353
51,871

768,241
2,281,832

226,425
1,601,375

99,790
216,555

10,836
137,568

152,728
715,775

58,175
1,206,612

22,466
37,819

15,870
1,723

31,913
131,167

23,105
10,931

38,658
117,090

13,012
16,102

7,926
72,204

31,673
94,941

79,845
340,566

101,593
178,365

6,094
— 565

22,595
158,651

F IN A N C IA L

R E P O R T S

Fina n cia l Reports.— An index to annual reports of steam
railroads, street railway and miscellaneous companies which
have been published during the preceding month will be given
on the last Saturday of each month. This index will not
include reports in the issue of the “ Chronicle” in which it is
published. The latest index will be found in the issue of
M a y 27. The next will appear in that of June 24.
Sou th e rn Pacific Com pany.
31 1921.)
On subsequent pages of this issue will bo found extended
extracts from the report of M r. Julius Kruttschnitt, Chair­
man of the Executive Committee, together with comparative
income accounts and the balance sheet as of Dec. 31.

G E N E R A L S T A T IS T IC S FOR C A L . Y E A R S ( I N 1918 F E D E R A L D A T A ) .
1921.
1920.
1919.
1918.
842
M ileage operated_______
842
8421
836
Statistics—
Passengers carried______
1,595,408
2 .356,4761
2 ,189,247
1,881,156
Passengers carried 1 mile 7 1 ,358,404 105,907,985i 9 5 ,879,619 90,557,212
R ev. per pass, per m ile. 3.4 7 2 cts.
3 .0 4 6 cts.
2.8 4 0 cts.
2.6 8 6 cts.
Rev. freight carried (tons) 5,1 2 2 ,0 9 6
4 ,8 8 4 ,5 5 5
6,135,187
5,632,481
Rev. freight carried 1 m . 1553508 601 1674717,315 1270503,416 1680903,761
Rev. per ton per m ile___
1.138 cts.
1.037 cts.
0 .9 9 0 cts.
0.765 cts.
Rev. per mile of road___
$25,864
$19,732
$26,561
$ 1 9,763
E N D E D D E C . 31 1921.
fc Fort Smith Ry]
Corporate.
Combined.
1921.
1920.
.$ 2 1 ,8 4 0 ,4 3 8 $18,668 ,288
. 16,003,485 15,051,664

(Report for Fiscal Year Ending Dec.

T R A F F IC S T A T IS T IC S .
1921.
x l9 2 0 .
1919.
1918.
Average miles o f road___
11,106
11,152
11,043
11,102
Passenger Traffic—
Rail pass, carried. N o . . 18.240,774 24,47 3 ,6 2 8 2 8 ,011,106 26,623.603
Rail pass, carried 1 m ile. 1823478352 2407399,736 2161714,731 2026240,626
A v . rec. from each pa ss.
$3.32
$2.8 2
$1.0 2
$1.01
A v . rec. per pass, per m . 3.321 cts.
2 .8 7 i cts.
2 .4 7 i cts.
2.390 cts.
Rects. per rev. train m ile
$2.52
$2.81
$ 2 .3 5
$2.1 0
Freight Traffic—
Tons carried rev. freight. 38 ,2 0 6 ,8 7 8 45,416,021 41 ,1 9 5 ,7 5 9 44.01 3 ,8 6 8
Tons carried c o .’s freight 7 ,922.404
7 ,543,918
6,2 2 7 ,0 7 4
7 ,269,460
Tons. carr. 1 m .,a llfr ’t . 11565777342 14353571391 13060937984 14183436915
A v . roc’d from each to n .
$ 4.50
$ 3.89
$3.73
$3.23
A v . p. ton p. m . rev. fr’t. 1.704 cts.
1.364 cts.
1.286 cts.
1.113 cts.
Rects. per rev. tr. m ile. _
$6.64
$ 6.70
$ 7 .5 2
$6.41
N et tons per train, all fr’ t
576.54
625.55
641.41
641.28
Tons per loaded car— all.
24.10
25.25
25.23
23.77
x W aterline operations have been deducted; and whore necessary the com ­
putations have been corrected to the bases used this year in order that the
figures for 1920 m ay be comparable with those for this year. Figures for
1920 include 2 m onths o f Federal control (Jan. and Feb. 1920).— V . 114,
p. 2470, 1892.

Great N o rth e rn Railw ay.
(33d Annual Report—Year ended Dec. 31 1921.)
The text of the report signed by President Ralph Budd,
together with various statistical tables, income account and
balance sheet as of Dec. 31 1921, will be found on subsequent
pages of this issue.
R ESU LTS OF L IN E S O PE R A TE D A S G R E A T N O R T H E R N R Y ., B U T
E X C L U D IN G I N 1921 A N D 1920 O PE R A TIO N S OF T H E M I N N E ­
A P O L IS W E S T E R N R Y . A N D D U L U T H T E R M I N A L .
[Road operated by U . S. R R . Administration Jan. 1 1918 to M a rch 1 1920
with guaranty to A ug. 31 1920 ]
1921.
1920.
1919.
1918.
Statistics—
Corporate.
Combined. -----------Federal Data---------Average miles operated.
8,163
8 ,1 7 6
8,1 7 8
8,2 6 0
Operations—
Passengers carried_______ 6 ,1 9 4 ,6 7 6
8 ,538,912
8,530,661
7,2 6 4 ,3 4 6
do
one m ile .478,2 6 7 ,4 6 6 6 8 5,004 .740 704,978 ,961 601,023 ,056
A v . rev. per pass, per m .
3 .4 4 2 cts.
3.0 0 0 cts.
2.7 8 4 cts.
2 .608 cts
Revenue freight ( t o n s ) .. 19,533,134 3 2 .948.292 2 7 .390,432 30,94 8 ,6 5 9
do one m ile(000)
5 ,740,921
8,518,841
7 ,9 7 3 ,5 6 9
8,844,787
A v . rev. per ton per mile 1.3012 cts.
1.0537 cts.
.7901 cts.
.8699 cts.
684
R ev. trafn-load ( t o n s ) ..
684
607
663
Earns, per pass train m .
$1,971
$2,319
$2,107
$1,673
$721
Earns, per freight tr. m .
$ 7.90
$6.44
$595
Gross earnings per m ile.
$12,191
$12,411
$14,997
$12,963
Earnings—
Passenger............. ................ $16,460 ,279 $20,5 5 1 ,0 2 5 $ 1 9,623 ,859 $15,672 ,420
Freight................................ 7 4 ,7 0 0 ,2 4 0
89 ,7 6 0 ,8 4 5 77.35 1 .4 7 2 7 6 .937.445
M ail, express, A c ............. 7,4 1 6 ,6 0 2
8 ,3 9 6 ,1 7 5
6 ,277,063
5 ,707,159
Other than transportat’n
2 .740,081
3 ,889,821
3,3 0 9 ,7 5 0
2,3 8 1 ,4 9 6
Gross oper. rev..........$ 1 0 1 ,3 1 7 ,204$ 122,597 865S 106,5 6 2 ,145S100,698,520
M alnt. o f w ay, & c.$ 1 3 ,865 ,917
$ 2 5 ,718 ,560 $18,1 7 6 ,6 5 5 $17,405 ,470
Maintenance or e q u ip .. 21 ,0 7 5 ,3 0 8 2 6 ,7 3 9 ,4 3 4 20 ,2 0 0 .0 6 5 20,757,399
Traffic expenses_
1,601,478
1,232,156
678,088
778,989
General oxponses... 2,7 5 2 ,1 2 8
2 ,9 3 7 ,9 2 9
1,846,851
1,737,401
Transport, expenses_ 40,49 4 ,7 1 9
55,68 4 .5 4 8 44,48 2 .8 6 7 43,02 4 ,3 4 5
Miscefi. operations..........
1,386,162
1,930,320
1,586,165
1,2-46,744
Transport, for invest_C r.678,800
Cr.295,832 Cr. 184,416 Cr.521,102
Total oper. expenses..$ 8 0 ,4 9 6 913$113 947,115 $86 786,273 $84 429,245
N et earnings____________ $20,820 ,291 $8 650,750 $19 ,775,872 $16 .269,275
C O N S O L ID A T E D

BALANCE

SHEET

DEC.

31.

1921.

1920.
1920.
1921.
A QQPfQ——
Liabilities—
S
$
$
R y. prop. A Inv.430,809,991 427,792,984 Capital sto ck ...249,477,150 249,477,150
4,917,415 P r e m iu m on
Misc. phys. prop. 4,525,246
Dep., improv.,
81,268
capital stock.
81,268
sink, fund, &c.
66,731
213,098 Grants In aid of
168,365
C . B. & Q.stock
construction..
180,394
pledged........... 109,114,810 109,114,810 Funded debt...266,217,372 257,931,062
Other holdings:
Accts. & wages. 5,735,831 12,292,983
Stocks.............. 77,994,561 76,346,872 Other accts. pay. 71,637,860
9,023,761
Bondsoth. cos 26,787,601 26,787,600 Accrued taxes.. 5,147,437
0,094,005
2,468,542 Accrued Int., &c.
N otes.............. 1,674,016
626,040
604,150
Advances____ 11,895,973 10,938,555 Loans&blllspay. 21,500,000 21,500,000
Miscell. invest.. 9,105,976
8,516,358 Traffic, Ac., bal.
369,331
895,910
Cash on hand.. 17,208,531
7,840,904 Int. matured___ 6,805,264
4,789,720
Loans* bills rec.
14,450
46,956 Dividends, &c.,
Tlmedraft &dep 8,150,000
m atu red ..^ ..
14,453
28,252
Demand loans &
Depreciation___ 34,395,580 32,815,420
deposit______
35,000
1,050,000 Insur., Ac., fds. 2,167,312
1,916,182
Traffic, &c., bal. 1,394,350
1,513,162 Additions, A c .. 37,457,666 37,375,080
Agts. & conduc. 2,571,679
3.441.309 Other work. Uab.
Materials & sup. 9,353,962 14,305,321
and def. credit
Other accounts
items (net)___ 3,112,993
9,441,911
9,106,425 U. S. R R . Adm.
receivable, &c. 18,447,804
Rents U. S. RR.
def. liabilities
73,992,617
Admlnitrat’n
8,232,525
19,976,154 Unadjus. credits 5,956,153
Other assets____
61,829
1,334,024
123,278 Fund. dt. retired 1,392,002
U. S. RR. Adm.
Sink, fund reser.
25,185
12,608
def. assets___
58,348,775 Miscell. fund res.
286,063
674,155
Other def. assets 2,759,529
8,621,428 Approp. surplus
615,862
653,115
UnadJ. debits.. 7,110,261 21,175,174 Profit and loss.. 89,881,083 83,310,856
Total............... 739.082.301 812,645,119
— V . 114, p. 2468 , 2240 , 2115.

Total............... 739,082,301 812,645,119

Kansas C ity Southern R a ilw a y.
(22d Annual Report—Year ending Dec. 31 1921.)
The remarks of President J . A . Edson are given in full on
a subsequent page of this issue.




N e t revonue from railway operations.
W ar taxes_________________________________
Other taxes_______________________________
Uncollectible railway revenues___________

. $ 5 ,836,953
.
$108,577
.
964,116
.
8,217

$ 3 ,616,623
$104,449
729,300
2,426

Total operating income__________________________
$4,75 6 ,0 4 2
Non-operating Income— Rent from equipment___ .
$91,260
Joint facility rent incomo________________________ .
149,726
Income from lease of road________________________ /)r .8 t
Miscellaneous rent income______________________ .
8,561
Miscellaneous non-operating physical property .
22,802
Dividend income_________________________________ _
5 1,205
Income from funded securities__________________ .
1,814
Income from unfunded securities & accounts___ .
87,212
Miscellaneous incomo____________________________ .
Dr. 6,900

$ 2 ,780,447
$72,084
147,922
485,919
7,857
2 6,536

Gross income_____________________________________ . $ 5 ,161,638
Deductions— Hire of freight cars— D ebit balanco. .
$375,141
Rent equipment_____________________________________ .
94,159
Joint facility rents__________________________________ .
240,554
Rent for leased roads______________________________
Miscellaneous rents_________________________________ .
4,2 7 9
Miscellaneous tax accruals_________________________ 755
Interest on funded d ebt_____________________________ .
1,878.794
Interest on unfunded d ebt_________________________ .
47,967
Miscellaneous incomo charges_____________________ .
86,982

$ 4 ,805,717
$586,022
86,355
205,221
19
2,017
1,360
1,884,277
46,841
69,548

. $ 2 ,728,633
. $2 ,4 3 3 ,0 0 5

$2,881,663
$ 1 ,924,054

2,394
51,083
1,231,472

G E N E R A L B A L A N C E S H E E T D EC . 31.
1921.
1921
1920.
Liabilities—
$
$
Inv. in rd. A eq. 102,886,107 102,259,765 Common stock. 29,959, 900
Dep. In lieu of
Prcferrcd stock. 21.000, 000
of Mtge. prop
38,371
38,371 Govt, grants . . .
512
Misc. phys. prop
744,026
504,607 1st M . 3% bonds 30,000 ,000
Inv. In affll. cos.:
Stocks_______
1,822,917
1,860,417
5% bonds____ 18,000,000
2,794,844
Bonds_______
2,794,844 Equip, trust 5%
Notes .............
18,665
18,651
gold notes__
372,000
Advances _.
1,617,636 Equip, trust No.
1.995,200
109,972 34, 6% temp.
Other lnvestm’ts
106,972
Cash ....................
notes________
1,908,734
1,737,867
890,400
750,834 Misc. fd. debt
Special deposits. 1,041,715
50,487
I/ns A bills rcc.
12,269 L’ns & bills pay.,
10,30-1
Traf. A car-scrv.
U. S. G o v t ...
550,000
bal. rec.:
Traf. A car-serv.
U. S. Govt.
bal. payable:
23,207
transp. accts
7,892
U. S. Govt.
Other accts____
826,388
630,009
transp. accts
17,628
Not bal. rcc. fr.
Other accts..
526,575
agents A cond
134,441
424,837 Aud. accts. A
Misc. accts. rec.
802,696
1.086.447
wages payable 1,513,799
Mat. A supplies 2,318,872
2,568,180 Misc. accts. pay
23,404
Int. A fivs. rcc.
9,739 Int. mat. unpd.
10,298
502,105
Oth. curr. assets
562,102 Dlvs. mat. unpd
536,937
5,562
Wkg. fd. adv___
12,686
8,520 Unmatured dlvs.
Oth. def. assets:
declared..........
210,000
U .S .Gov .accts 5,759,045
5,722,950 Unmat. int. accr
344,954
Other accounts
74,458 Unmatured rents
68,714
Rents A
Ins.
accrued______
10,707
prem. prepaid
20,888
21,189 Oth. current Uab
400,481
Prop.
aband.
U. S. Govt. def.
chargeable to
liabilities____ 9,044,175
oper. expenses
359,
451,341 Other accounts.
547,428
Oth. unadJ. debits:
Tax liability...
766,091
U.S.Gov., accr.
Accr. deprec.—
stand, return 3,237, 876
3,237,876
Equipment:
U.S.Govt., Inc.
Accr. during
613 105
guaranty ___
520,332
corp. manag
U. S. Govt., int
Accr. during
on add’ns A
363, 123
Fed. control
betterments.
109, 213
110,097 Oth. unadJ. crcd 1,034, 369
Oth. accounts. 1,036, 856
012,970 Corp. surplus:
Add’ns to prop,
through Inc.
A surplus..
161 796
Approp. sur.
not spec.Inv
799 045
Profit A loss
credit b a l.. 11,338 824
T o ta l..............129.027,357 127.965,878
— V . 114, p . 2 116 . 521.

1920.
$
29,959,900
21,000,000
512
30,000,000
18,000,000
496,000
95-1,000
550,000

19,204
991,171
2,168,974
22,640
513.670
4,618
210,000
311,789
11,053
316,805
8,634,090
266,239
550,982

385,054
362,493
1,534,942

98,771
189,215
10,415,757

T o ta l............. 129,027,357 127,965,878

Reading Com pany.

{Report for Fiscal Year ending Dec.

31 1921.)
The report will bo cited fully anotlior woek.
Receipts—
1921.
1920.
1919.
1918.
Int. & div. receipts-------$ 1 0 ,870 ,103 $11,912 ,639 $ 1 1 ,600 ,508 $13,201,133
Rent o f equipm
ent___
3 5 ,6 1 2
.... ' -------1
"3,8...............
3.7 7 3 ,8 3 0
3 ,772,605
3,373,038
Rent o f Delawaro River
wharves & other prop.
589,991
3 4 9,864
374,520
332,536
Miscellaneous incomo___
732,334

Total incomo................... $ 1 6 ,0 2 8 ,0 4 0
$16,066,333 $15,747,633 $16,906 ,708
Deductions from Income—
Contingent expenses__________________144,051
125.987
9 8,905
113,757
Interest on—
Funded debt___________ $3,731,908 $3,756,510 $3 ,759,930 $3,759,930
Unfunded d e b t.
192,474
218,759
2 78,834
388,116
Reading-Jersey Cent­
ral collateral bonds.
9 20,000
920,000
920,000
920,000
W ilm . & N orth. R II.
stock trusts________
51,800
51,800
5 1 ,8 0 0
51,800
Real estate bonds____
76,184
74.573
7 6,112
78,118
Rental o f leased equip’t .
4 42,125
374,625
4 8 2 .6 2 5
84,938
T axes____________________
965,690
779.508
7 08,125
715,611
Total deductions_____ $6,481,405
Surplus...................... ............$9,546,635
Deduct Dividends, A c .—
First pref. dlv. ( 4 % ) .
1,120,000
Second prof. dlv. (4% )
1,680,000
Common dividends (8 % )
5 ,600,000
Gen. M tge. sinking fund
584,868
Miscellaneous adjust. . dr.206,511
Balance, surplus...........

$355,256

$ 6 ,344,589
$ 9 ,721,743

$6,376,331 $6,112,270
$9,371,301 $10,794,438

1,120,000
1,680,000
5 ,600,000
465.298

1 ,120,000
1,680,000
6,6 0 0 ,0 0 0
537,716

1,120,000
1,680,000
5,600,000
534,616

$856,445

$433 ,58 5

$ 1 ,859,822

6 & loss surp.$34,352,239 $33,996,983 $33,201,150 $32,559,035

» • Il^ t P» ^47U» Io52«

Chesapeake & O hio R ailw ay Com pany.
(44th Annual Report for Year ended Dec. 31 1921.)
The report of President W . J . Harahan, together with the
corporate income account and other tables will be found on
subsequent pages.

.

GENERAL BALANCE SHEET, DEC. 31 1921.
[Excl. stocks & bonds owned by the C. & O. R y. of Ind. and of the C. & O.
Assets—
Equip. Corp.]
192i .
1920 .
Investment in road and enuipmont_____________ $299 ,26 9,79 8 $280 ,36 1,08 7
S e ^ o ^ p r o p iv , affU. and contr. cos. pledged------14,214,001
-18,819,907
385,000
Other investments pledged------------ ;---------------------54,248,001
Securities— issued or assumed— pledged-------------x03,014,001
455,196
Investments in physical p r o p e r t y .--------------- - - no’Vio
91,562
93,148
Special funds & funded debt issued & reserved-5,637,017
C a sh _______ _______ - ....................................................—
5,803,352
5,586
5,397
Cash deposit_____________________ - - - - - - — i---------1,366,285
327,484
C ash deposits to pay intorost and dividends-- - 1,000,000
Cash dep.— U. S. G ovt, loan for add ns & bott
4,500,666
C ash deposit to pay equipment trust principal- 12,288
"l5 V , 648
Miscellaneous cash deposits---------------------------------409,440
Loans and bills receivable-----------------------------------_ 97,103
1,546,377
Traffic balances__________
2 ’SYo ’8 i 2
2.538.991
Agents and conductors........ - - - - .................................
o R ococo
3,441,656
Miscellaneous accounts receivable.---------------------2 , 12S,363
8,532,461
6,195,834
U . S. G ovt.— Compensation unpaid........ ................
93,643
Other working assets---------------------------------------------11,913,007
M aterial and supplies........ .... .............................. .........
7
onn
8,852,179
Securities in treasury— unpledged------------------------f,/b 3 ,3 J J
Deferred Assets—
,
.
nn ,
19,800,592
U . S. Government deferred assets. — --------------- 20,110,702
. 865,289
Unmatured interest, dividends and rents----------586,921
Advancos------------------------------ - - - ...................................
£44,614
681,933
212.684
Cash and securities-----------------------------------------------_ ^65,217
2,099,596
Sundry accounts------------------------------ -----------------------2 ,623,760 _________

N e w E q u ip m e n t .— Equipm ent purchased and received during tho year:
50 coal cars, 12 caboose cars, 1 tool car, 1 oil tank car. Equipm ent in course
o f construction at com pany’s shops: 1 ice car, 1 tool car.
S ettlem en t o f A c c o u n t s w ith G o v ern m e n t .— T ho settlement o f accounts
botwoon tho com pany and tho Government for the use o f its property dur­
ing Federal control is expected in the near future.
T ho status o f those accounts as o f Dec. 31 1921 is as follow s:
D e b its

a g a in s t

th e

C r ed its to th e G o v ern m e n t.

G ov ern m en t.

Gash, assets collected,& c.$ 12,756,528 Liabilities paid, & c_____ $15,590,513
Doprec. accr. on e q u ip .- 2,903,124 A d d ’ns & betterm ents_______________ 7,622,464
M aterial and supplies,
Prop, retired & not ropl.
Feb. 29 1920__________ 4,266,107
(road & oquipment)___
390,784
Ual. duo (Stand. Return) 9,562,738
T otal ________________ $27,479,083
M aterial & supplies______ 4,851,939

Balance due co rp oration . $2,986,029
T o t a l___________ _____ $30,465,113
T ho preparation o f data as to maintenance o f property, b oth during F ed­
eral control and for tho guaranty period, is well under way, and it is expected
that samo will bo com pleted within a short tim e, and when this is com pleted
tho corporation will bo in a position to present its final claims in fu ll as to
both poriods.
S ale o f L eh ig h
W ilk e s -B a r r e C o a l C o . S to c k .— B y tho decree in the socalled Reading trust suit (V . 110, p. 1816) , the com pany was required to sell
its holdings o f the capital stock o f the Lehigh & W ilkes-Barre Coal C o . T o
effoct tho disposal o f this stock, a com m ittee o f directors was appointed to
rocaivo proposals, who reported that It had received five bids therefor.
T he stock was sold to tho syndicate headed by Jackson E . R eynolds,
N ow Y ork, whoso bid [of $32,500,000] was not only the highest, but also,
in the opinion o f tho directors, the most advantageous to tho com pany
(V . 113, p. 2184, 2310, 2719). Pending com pletion o f the terms o f purchase,
tho C oal com pany declared and paid an extra dividend o f $35 per share
(V . 113, p. 2317), which fixed the price to be paid for the stock at $150 per
share, payable in installments, within 11 months, with interest on the de­
ferred paym ents.
.
, „
On D ec. 9 1921 a petition was filed with the C ourt in the Reading case,
on behalf o f tho Continental Insurance C o. and the Fidelity-Phonix Fire
Insurance C o ., Now Y ork, stockholders (V . 113, p. 2719), requesting the
C ourt to sot aside tho salo to the Reynolds syndicate and to direct the com ­
pany to sell this stock to tho Franklin Securities C orp ., whose bid was al­
leged to bo m ore advantageous than the bid o f tho Reynolds syndicate.
[Loavo to withdraw suit has been granted; see “ Investm ent N ew s” below.
Com pare also Reading C o . in “ C hronicle” Juno 3, p. 2431, and see also
V . 112, p. 2304, 2641; V . 114, p. 1469, 1887, 1982, 2184, 2310, 2719, 2818;
V. 114, p. 737, 946.]
R e p a ir o f E q u ip m e n t , <^c.— The large accum ulation o f bad order equip­
ment turned back to the com pany at tbe termination o f Federal control—
in conjunction with tho abolition o f piece work and the establishment o f the
8-hour basic day at tho railroad shops by ihe U . S. R R . Administration—
created a condition wherein the com pany's existing facilities were inade­
quate to cope therewith, and it became necessary to make contracts with
outside locom otive and car building companies for assistance in making
heavy ropairs to some o f these locom otives and freight cars. A total o f 63
locom otives and 3,237 cars havo been thus repaired during tho year.
C o a l T o n n a g e .— There were handled 7,693.727 net tons o f bituminous
coal, a docroaso o f 1,856,279 tons, and 9,893,130 net tons o f anthracite coal,
an incroase o f 258,719 tons, com pared with tho preceding year.
Included in tho operating expenses are the follow ing items: E m ployees’
com pensation laws. States o f New Jersey and Pennsylvania, $29,376;
Federal valuation o f railroads, required by law, $72,710; Full Crew laws.
States o f N ow Jersey and Pennsylvania, $137,425.
R e v e n u e T o n n a g e .— T ho average revenue tonnage per train mile was 711.98
tons, an increase o f 1.97 tons, and the average distance each ton was carried
was 72.63 miles, an increase o f 1.46 miles.

T o ta l..............................- ..................................................$4 41 ,34 2,57 8 $427,462,731
Liabilities—
„ po _ no
Com m on stock______________________________________ $62,792 ,600 $62,792 ,600
3,000
First Preferred sto c k --------------------------------------------8,000
200
Second Proforrod s t o c k - - - - —
------------200
C om m on— (O. & O. Northern R y . C o .) ------------300
■ " l ".206
C om m on— C . & O. R y . C o. o f Indiana--------------1,200
173,890,000
Funded debt_______________
182,553,500
21.995.000
Equipment trust obligations and contracts--------- 20,285,200
55.801.000
64,342,000
First Lion and Improvement 5 s.......... .......................
6,805.000
Loans and bills payable...................................
4 ,185,000
Traffic balances--------------------935,971
12,792,226
Audited vouchors and pay rolls--------------------------------- 9 ,849,135
23,070
Unpaid wages.......... .................. - - ...................................
22,634
589,040
Miscellaneous accounts payable........
614,540
1,444,833
M atured interest and dividends unpaid............... ..
398,449
11,174
M atured mortgage and secured debt unpaid------5,174
Unmatured dividends declarod----------------------------1,255,632
135,792
--------------Other working l i a b i l i t i e s - - - - - - - - - ----------------------31,322,126
U . S. Government doferrod liabilities------------------- 31,666,299
2,895,422
Unmatured intorost and rents------------------------------2,665,277
28,827
Em ployees’ payments on Liborty Loan b o n d s ..
5,922
1,263,254
Taxes accrued----------------------1,036,978
12,430,964
Accrued depreciation— e q u ip m e n t.........................
14,292,911
3,870,152
Sundry accounts------------------------------------------------------1,466,485
23,859.636
Additions to property through incomo & surplus. 24,431,732
T R A F F IC S T A T IS T IC S FOR C A L E N D A R Y E A R S .
84,049
Reserve invosfod in sinking funds________________
168,642
1920..
1919.
1918.
1921.
Funded dobt retired through incomo & su rp lu s.. ______________________201,133 - - - - -R- e-v­e n u e F r e ig h t —
Other rovonuo freight___ 13,581,891 19,563.202 17,931,844 22,643,700
Reserve Invested in insurance fun d_____________________________
_ 83.059
9,550,006
8,060,793
7,791,545
Profit and loss— balance__________________________
18,162,663
15,341,106
Bitum inous coal ( t o n s ).. 7,693,727
T o ta l...................................................................................$ 441 ,34 2,57 8 $427,462,731
x In clu d es F irst L ien & Im p t. 5 % M t g c . b on d s, S 6 3 ,0 1 4 ,0 0 0 .
N o te .— C o m p a n y Is also lia b le as a g u a ran tor o f th e fo llo w in g secu rities:
W estern P o ca h o n ta s Fuel C o . C o u p . 5 % n otes, d u e 1919 & 1921 (3 5 00 ,00 0
ea ch y e a r ), ow n ed b y th is c o m p a n y -------------------- ------------------- ------------------- S L 9 9 U.JJU0
C h esap eak e A O h io G ra in K iev . C o . 1st M t g c . 4 % b on d s d u e 1 9 3 8 ---------8 20 ,00 0
U lch m o u d -W a sh in g to n C o . C o ll. T r . M t g c . (C . & O . p r o p ’ n 1-0) 4 %
b on d s du e 1 9 4 3 ............... ............................................................. ......... ....................... - - l ? ’2 9 2 ’ 99x
C h esap eak e & O h io N orth ern R y . C o ., 1st M t g e . 5 % g o ld b o n d s du e 1945 1 ,000,000
I.oulsvlU o & J efferson v ille B rid ge C o . M t g o . ( C . & O . p r o p ’ n . 1-3) b on d s
d u e 1 9 4 5 .......................................................... ......... ............................ .............................. 4 ,5 0 0 ,0 0 0
7 5 0 ,0 0 0
W estern P oca h on ta s C o r p . 1st M t g c . 4 ) 4 % b o n d s d u e 1 9 4 5 -------------------W estern P oca h on ta s C o r p . E x t . M t g e . N o . 1, 4 ) 4 % b o n d s d u e 1 9 4 5 -----9 7,0 00
ol.OOO
W estern P oca h on ta s C o r p . E x t . M t g o . N o . 2, 4 ) 4 % b on d s du e 194 6 -----N orfolk T e rm . & T ra n sp . C o . 1st M t g e . 5 % b on d s du e 1 9 4 8 ........................
500 ,00 0
— V . 114, p . 2 40 4, 2 4 0 7 , 2 115.

P hiladelphia & Reading R ailw ay Co.
31 1921.)
The remarks of President Agnew T . Dico will bo published
another weok.

(Report for Fiscal Year ending Dec.

IN C O M E A C C O U N T FOR C A L E N D A R Y E A R S .

[Road operated by U . S. G ovt, from Jan. 1 1918 to Feb. 29 1920, with
guaranty to Aug. 31 1920 .J
KU
*
1921.
1920.
1919.
1918.
Freight— Coal (rail and
w a t e r ) ..- ......................... $40,621 ,099 $ 4 0 ,730 ,913 $30,891 ,280 $34,065 ,532
Freight— M erchandise-. 3 0 ,555,269 3 7 ,3 1 2 ,1 1 7 26,958,903 32,68 9 ,5 5 6
P a s s e n g e r ..-....................... 10,233,086 11,532,277
10,854.210
8,6 8 3 ,4 6 4
178.808
190,013
4 3 0 ,4 7 2
M a i l - - ....................... - - - - 324,556
1,446,156
1,489,830
1 ,3 5 0 ,4 3 0
A n oth er transportation. 1,022,459
1.100.643
1,327,667
1,516,714
1.435.643
2.323.502
1,936,553
In cid e n ta l....... ........... —
6,180
Joint fa cility....................
3,954
1 0 ,2 7 9

T otal oper. revonue--$84,924,228 $94,819,755 $72,871,823 $80,769,563
M aint. o f way & s t r u c .. $J,770,o89 $10,746,543 $7,490,427 $7,316,702
M aint. of e q u ip m e n t..- 20,815,779 26,994,997 19,296.540 19,354,094
'495,762
T r a ffic
7 0 4 ,7 8 1
482,181
709,292
Transportation----- -— 35,11 8 ,6 1 5 48,578,612 35,476.881 37,144,651
Miscellaneous operations
280,136
233,002
204,753
307,662
1,646,549
/'jonor-il
- I*oou,o57
1,402,973
2,162,870
Transp foTInves'tm ent. Cr.223,949
C r . 29,564
C r . 17,407
C r . 13,736
T otal oper. expen ses..$68 ,3 6 1 ,3 0 8 $89,486,240 $64,608,174 $65,889,372
N et rev. fr o m r y . o p e r ..$16 ,562,920 $5,333,515 $8,263,649 $14,880,192
2,512,846
1,659,029
1,718,737
Railway tax accruals—
1 ,728,270
14,347
U ncollectiblory. rovonuo
24,005
1.897
329
Railway oper. i n c o m o . $ 1 4 , 8 2 0 ,3 0 2 $ 2 , 7 9 6 , 6 6 4
o thhire
iro o fe
q uuip
D r . . . 2 ,1 7 3 ,7 0 9
3 ,3 3 8 , 4 8 6
N et
f oq
ip...------C r. 1 5 9 ,0 7 4 D r . 1 1 3 ,2 8 6

N e t joint facility rents

N e t r y . o p e r .p r o fit. ..$1 2 ,8 0 5,6 67 dcf$655,107

$ 6 ,6 0 2 .7 2 3 $ 1 3 ,1 6 l,1 2 6
3 ,4 4 3 , 3 6 9 Figuresnot

D r. 7 6 ,0 7 4

available.

$3,083,280

— V. 114, p. 1535.

Central Railroad Com pany of New Jersey.
{Report for the Year ended Dec. 31 1921.)
William G . Boslor, Pres. & Gon. M g r., says in substanco:
A d a it i o n s a n d B etter m en ts .— Charges amounting to $ 3 ,893,405 wore made
for additions and betterments to tho property during the year, o f which
$2,195,423 was for equipment.
F u n d e d D e b t .— Tho total funded dobt at tho close o f tho year was $59,­
545,000 (lnclu d in g$ l, 167,000 In treasury), as against $58.073,000 at thocloso
o f 1920, an inoroaso o f $1,472,000, as follow s: Equipm ent T ru st N o. 12,
Schedule A and I), $2,437,500; less bonds retired amounting to $965,500.
O f tho $50,000,000 Gon. M tgo. 5s, $45,091,000 havo boon Issued, o f which
$1,167,000 aro hold in tho treasury, leaving a balance unissued o f $4,909,­

0 00.




9,634,411
9,496,781
11,078,182
Anthracite coal ( t o n s ).. 9,893,130
T otal revenuo freigh t___ 31.168,748 38,747,619 35,489,418 41,333,427
2,757,747
2,478.351
2,988,102
T on s carried one m ile * -- 2,263,754
1.385 cts.
1.320 cts.
1.117 cts.
cts.
Rovenue per ton per m ilo 1.774
. . , , v..a.
Passongers carried_____ 26,847,938 33,250,738 30,445.113 30,526,191
Pass, carried one m ilo___452,984,321 486,841,741 460,966.346 405,454,804
1.931 cts.
1.771 cts.
l.S 4 2 c ts .
R ev. per pass, per m i l e . . 2.018 cts.
* 000 om itted.
C O M B IN E D

O P E R A T IN G

ACCOUNT

FOR

CALENDAR

YEARS.

[Including Federal guaranty for half-year ended A ug. 31 1920, but
e x c lu d in g Federal com pensation during operation b y U S G overnm ent,
Jan 1 1918 to Fob 29 J920 ]
O p e r b tin g R e v e n u e —
1921’
1920
1919
1918
M e r ch a n d ise -.................... $19,172,052 $21,324,604 $19,063,438 $18,927,308
Bituminous coa l.............. 4,297,586
4,999.826
3,255,700 3.155.500
Anthracite coa l_________ 16,685,114 11,874,513 10,389,975 11,305,047
8,164,830
7,485,147
9,141,722
9,399, >07
Passenger______________
1,367.962
953,740
1,202,000
793,548
Expross and m ail.
373,735
300,003
538,984
527,255
W ater line______
465,390
504,663
366,057
278.437
W ater transfer__
1,249,205
1,727,611
1,610,579
1,166,920
In cid e n ta l______
507,068
431,652
366,130
356,078
M iscellaneou s___
T o t a l ......................... -.$52,418,714 $51,681,799 $44,837,302 $44,790,671
Maintenance o f w ay, See $6,470,243
M aintenance o f cq u ip 't- 13,602.959
Transportation expenses 22,141,511
T raffic expenses_____ _
424,995
General expenses_______
1,305.453
M isc operations, & c . . . 236,748

$7,064,229 $5,510,957
20,‘2 7t,,6D 11,869,423
28,035,0o3 21,358,894
449,982
322,112
1,315,451
1,014,676
348,765
197,888

$4,068,182
10,419,020
20,458,641
301,724
901,641
220,063

T otal
.................. $44,181,938 $57,493,096 $40,273,950 $36,369,271
N ot rovonuo...................... 8,236.776def5,811,297
4,563,352
8,421,400
Taxes, & c........................... 3,001,175
2,933.471
3,096,645
1,904,874
Operating incom o____ $5,235,601 d f$ 8,744,768 $1,466,706 $6,516,526
N o n -o p e r a t in g I n c o m e —
__
____ ___
Ront from oqulpm ont___
$375,556
$891,545
$206,037
$324,128
M isc ront incom o______
445,742
485,803
357,537
229,390
N on-opor phys p rop —
144,362
121,151
—
Dividend incom o______ I yl9,993,881f
551,811 1,103,622
1,103,622
Other dividend income-J
t
195,043
217,064
237,985
Incom o from funded sec356,323
282,960
409,522
285,732
Inc from unfunded s e c.
99,703
288,894
.69,260
8,446
Miscellaneous - ..........
243,882
deb 5,236
520,751
616,393
R ec’d from U S G ovt
5,146,411
a cc’t guaranty p eriod—..........
Gross incom o_________$26,895,048 def$786,387
Ront for equipm ent____
406,392
358,501
Rent for loased roads___ 2,329,646
2,350,710
Joint facility, &c , rents.
712,289
731,915
M iscoll tax accruals____
186,562
120,830
In te re s t________________ 2,967,779
3,395,082
M iscellaneou s__________
50,624
11-4,874

$4,426,168 $9,322,221
145,7561
2,326,645) 2,628,149
792,987]
253,590
121,081
2.477.033
3,198,194
1.417.034
338,058

N ot incom o.................. $20,241,755df$7,858,298df$2,496.552

32,546,415

y Dividond incomo in 1921 includes approxim ately $19,780,302 received
from two semi-annual dividends o f 6>£% each and the cash div. o f 150%
paid M arch 5 and a cash div. o f 70% paid N ov. 29 on tho $8,489,400 stock
owned in tho Lohigh-W ilkes-Barre Coal C o . In 1920 includes a semi­
annual d iv. o f 6 ) 4 % , tho second dividend having been deferred on account
o f litigation. In 1919 and 1918 includes the usual $1,103,622 (tw o semi­
annual dividends). Out o f this sum there were paid the custom ary special
dividends on Central R R . o f N . J. stock, 4 % in 1921, 2 % in 1920, 4 % in
1919 and 1918, making total payments on that stock 14% In 1921, 10%
in 1920, 12% in 1919 and 1918.
N o t e .— For com parative purposes the figures include corporate and F ed­
eral operation.

B A L A N C E SHEET DEC. 31.
1921
1920.
1921.
Liabilities—
S
S
Assets—
S
Road & cqulp’t. 123,126 ,614 119,584,220 Capital stock__ 27,436,800
7,891,183 Mtge. bonds__ 59,545,000
Impr. leased rys. 8,242.,194
Inv.lnaffll.cos.—
L’ns & bills pay.
______
Stocks_______ 3,165,,759 8,905,589 Interest, dlvs.,
1.759.000
&c., due____
1,158,769
000
Bonds---------1,726,
2,025,597 Acc’ts & wage3. 6,254,053
Advances------ 2,193, 509
4,716,734 Traffic, &c., bal­
Other Investm'ts 10,703, 237
3,278,043
ances.......... .
232,217
Mlsc.phys. prop. 3,208, 998
2.967.000 Mlsc. acc’ts___
465,205
Secur. unpledged 2,667, 000
9,588,437 Interest & rents
Rents receivable
-.2,136,007
accrued ____
180,981
Cash...............
2,747, 963
1,667,536 Unmatured divi­
Special deposits- 1,471, 064
2,604,498
dends declared
548,736
Traffic,&c., bal. 1,680, 767
3,250,985 Taxes_________ 1,218,186
Misc. accounts- 22,650, 703
2,822 Deferred acc’ ts- 31,784,476
L’ns & bills rec18, 925
962,641 Unadj. accounts 24,243,738
Ag’ts & cond’rs553, 944
6,393,967 Surplus spccial-X41,304,919
Mat’ls & suppl’s 8,268 284
106,408 Accrued depre­
143 051
Int. & dlvs. recciation _____ 15,058,034
18,324
Other cur. assets
13,620 Profit and I0S3-. 20,221,902
13 620
Ins., &c., funds1,723,9S7
Oth.unadj.acc’ts 11,110 222
Other def. assets 26,419 831 27,266,879

CORPORATE IN C O M E A C C O U N T YEARS E N D E D DEC. 31.
In c. ( + ) or
1920.
D ec. (— ).
$2,481,981
..
................
1,153,338
3,460,012
...
.

1920.
$

27,436,800
*58,073,000
4,850,000
968,207
9,703,664
*

509,287
508,259
209,854

548,736
988,762
31,831,104
12,936,484
40,942,524
13,909,716
y3,327,079

T o t a l............ 230,013,014 206,863,470
T o t a l.............230,013,014 206.863,476
x Includes in 1921 additions to property through Income and surplus:
(1) Investm ent in road and equipment, .333,107,889; and (2) im provm cent
on leased property, $8,197,030. y Aftor adding miscellaneous items,
.$252,598, and after deducting additions and betterm ents, .$409,137. * In­
cludes: (a) Equipm ent obligations in com pany’s treasury, $1,500,000; with
pimlic $7,967,000; (6) General M ortgago 5% bonds, $45,091,000, o f which
$1.167.000 aro hold in treasury and $43,924,000 with public; (c) American
D ock & Im pt. C o. bonds, $4,987,000.— V . 114, p. 2467, 2115.

Seaboard A ir Line R ailw ay Co.
{Annual Report Fiscal Year ended Dec. 31 1921.)
President S. Davies Warfield, M ay 15, says in substance:
Government Loan.— T o provide funds for improvem ents and betterments
and maturing obligations the com pany negotiated a loan o f $2,625,000
with the U . 3. Governm ent. Covoring the loan the com pany issued and
delivered to the Secretary o f the Troasury notes, maturing 10 years after
date bearing int. at the rate o f 6% p. a ., payable semi-ann. as follows:
D ated M arch 1 1921. $1,173,500; dated M a y 7 1921. $500,000; dated
Juno 15 1921, $143,500; dated A ug. 1 1921, $293,500; dated Sept. 1 1921,
$375,000: dated D oc. 15 1921, $139,500.
.
Funded Debt.— During the year $713,000 1st & C onsol. Series A 6%
bonds, duo 1945. wero delivered b y the trusteo o f tho m ortgago to tho
com pany in reimbursement o f expenditures for additions, betterm ents and
equipm ent, and wore placed in tho treasury and subsequently used as part
o f tho collateral on tho abovo mentioned G overnm ent loan.
Equipment Trusts.— Equipm ent trust obligations, amounting to $976,000,
which matured during tho year wero paid.
, .
, , ,
,
Final Settlement with Government.— M ention was made in the last annual
report o f tho fact that tho com pany had filed its claim for compensation
for tho taking and use o f its property during Federal control before roferocs
designated b y the I.-S . C . Commission. Aftor tho conclusion o f the
com p any’s direct testimony in support o f its claim tho Director-General
suggested that notwithstanding and without prejudice to the pendency of
the claim, an effort should bo mado to negotiate a settlement direct.
Out o f an earnest desire to accom plish this residt conferences wero held
for that purpose, but there was not only a wide difference between the
Director-Generai’s maximum offer for com pensation or rental, but tho
accounting basis o f settlement for maintenance expenditures applied
generally by tho Director-General under tho standard contract was so out
o f line with tho actual undermaintenanco o f this proporty during Federal
control that torms o f settlement could not bo agroed on.
It will bo remembered that the so-called standard contract was formulated
early in 1918 and was accepted b y m any o f tho railroads before it became
evident that tho Railroad Administration would disrupt the relationship
between rates and the cost o f transportation, and between wages and
rovenue, and long boforo tho suspension o f maintenance o f way and equip­
m ent, whicli became effective after tho armistice, could bo anticipated.
This com pany did not enter into tho standard contract and its officers
feel that proper com pensation should be mado for tho seizure and uso of
its property, notwithstanding tho execution by m any other railroads of a
form o f contract entered into without knowledge o f the policios subsequently
adopted. The 1tearing beforo tho referees is accordingly proceeding.
N o definite statement can yet bo mado as to tho date when final settle­
m ent with tho Governm ent for tho uso and control o f this system by tho
United States will bo accom plished.
Guaranty Period.— Final settlement with tho Govornm ont on account of
tho guaranty and in reimbursement o f tho deficit from operations during
tho 6 m onths guaranty period has not boon mado and statement and claim
for the balance duo is at tho dato o f this roport still pending beforo the
I.-S . O . Comm ission.
. . . . . . .
...
Seaboard-Bay Line Co.— Tho com pany and its subsidiary, Baltimore
Steam Packet C o ., organized and incorp. on Fob. 6 1922 tho SeaboardB ay Lino C o ., with an authorized capital o f $5,100,000, o f which $1,500,000
has been subscribed b y the railway com pany and tho Baltimore atoam
Packet C o., for tho purpose o f making available to this com pany and tho
Baltimore Steam Packet C o. now and rebuilt equipment.
The Soaboard-Bay Lino C o. has negotiated a loan o f $1,400,000 from tho
U S Government for 15 years at the rate o f 6 % p. a ., which in addition
to its cash capital of $1,500,000 subscribed, will bo em ployed in tho acquisi­
tion and rebuilding o f the following cuipm ent, to-w lt: 15 M ikado typo
locom otivos, 10 M ountain typo locom otives, 1,250 80,000-lb. capacity steel
underframo, steol end vontilated box cars; 300 80,000-ib. capacity steel
underframo flat cars; 200 50-ton all steol phosphate cars, 1,000 rebuilt steel
underframo and upperframe ventilatod box cars, 1,000 rebuilt steel undorframo ventilated box cars, 1,000 robullt steel underframo gondola cars,
all o f which will bo mado available to Seaboard Air Line B y. for its uso.
Tho Seaboard-Bay Line C o. has also contracted for 2 now 330-ft. steel
hull freight and passenger steamers, which, when com pleted, will bn
acquired b y tho Baltimore Steam Packot C o. (Old Bay Line) and added
to its rieet for servico on tho Chesapeako Bay botwcon Baltimore, M d .,
and N orfolk, V a.
, „
,
,
,
.
, „
. . „
A t dato o f this roport all o f tho locom otives have been delivered; delivery
o f tho now and rebuilt cars has com m enced and delivory o f tho full number
contracted for is expocted to bo com pleted b y Sopt. 1. The tw o now
steamers aro to bo delivered in the early fall.
IN C O M E AC C O U N T FOR C ALE N D AR YEARS.
Corporate.
Combined.
Federal.
Operating revenues—
1921.
1920.
1919.
............
.$29,205,390 $32,480,707 $25,211,829
Freight
Passenger....... ........................................... 9,754.522 11,015,200 12,423,851
M ail
......... - ......................................... 1,076,019
1,935,697
583,751
E xpress....... .................- ............................ 1,130,680
1,758,914
1,420,636
Other transportation_________________
509,960
580,473
392.209
Other than transportation___________ 1,168,361
1,494,039
1,151,256
T otal operating revenues__________ $42,844,933 $49,265,030 $41,183,532
Operating expense—
M aintenance o f way and s tru ctu re.. $5,003,620 $8,239,267 $6,553,593
M aintenance o f equipm ent__________ 7,848,414 11,467,254
8,934,648
T raffic ........................ ....................... ..
t ,460,462
1,267,681
761,440
Transpotation ....................................... 20,555,651 25,091,776 19,487,560
Miscellaneous operations____________
392,493
475,691
340,254
General.................... - ................................ 1,776,284
1,971,495
1,580,200
Transportation for investm ent______
Cr. 12,123
Cr.301
Cr. 16,436

,
1921.
xN ot ry. oper. incom o (see a b o v e ) .. . $2,062,372
yC om p. accr.— F ed. control p e r io d .. 1,473,279
G ovt. guar. (6 m o s .o n d . A ug. 31 ’2 0 ).
_________
Other Income—
Miscellaneous rent incom e_____
Dividend incom o______________
Incom o from funded securities _
Miscellaneous, other incom e__

Operating incom e__________________ $3,922,061 D r .$942,909
Hire o f equipment— D ebit balance___$1,735,730
$1,642,6 4
Joint facility rents— D ebit b a la n ce.123,959
60,321

$1,915,573
$149,170
89,941

N et operating incomo (see b e lo w ).. $2,062,37‘ 'Dr$2,645,854

$1,676,462




.
.
.
-

$7,095,331--$ 3,5 59 ,6 8 0 '

$127,203
644,037
552,599
6,575

$88,391
193,957
35,226
486

+ $38,813
+450,080+517,374
+6,089-

Gross incom o________________
. $4,989,340
Deductions— Rent for leased roads___.
$59,364
M iscellaneous ren ts__________
.
18,153
. 5,269,716
Int. on equip, trust obligations____
180,580
. Cr.248,998
M aint. o f invest, organization____.
Miscellaneous incom o charges
.
3,893
zCr.208,333

$7,519,215— $2,529,875
$53,440
+ $ 5 ,92 4
26,416
— 8,264
5,035,455
— 234,262
254,001
— 73,420
456,250
— 705,248
28,926
— 28,926
44,560
— 40,066
1,250,000 — 1,458,333-

N ot incom o_______________ ________ . D r.$85,035
D educt ann. allotm ent o f disc, on sec. .
139,171

$370,167 — $455,202
139,100
+ 71

Sur. carried to crcd. o f profit & lossDr$224,207

$231,067

— $455,273

x Includes tho same accounts that wore used in determining tho standard

return; 1920 figures aro for period Sopt. 1-Dec. 31 1920. y 1921 figures
aro an accrual o f estimated additional com pensation for tho ontiro porlod
o f Federal control; 1920 figures aro an accrual for Jan. and Fob. z Roversal
o f N o v . and D ec. 1920 accrual.
GENERAL B A L A N C E SH EET DEC. 31.
1921.
1920.
1921.
Assets—■
s
Liabilities—
S
S
Inv. In road & eql93,811,l02 193,054,066 Common stock. 37,019,400
Sinking funds..
177
80 Prof. 4-2% stock 23,894,100
Dep. in lieu of
Pf.6% Cap. stk
37,300
M. prop, sold
745,772
878,071 Equip, obiig’ns- 3,441,000
Mlsc. phys. prop
752,494
744,758 Mtge. bds. prop.
Inv. in affll. cos.:
companies . . . 36,659,000
Stks., plodged 2,121,454
2,064,701 S. A. L. bonds.. 84,902,50
Stks., unplodg
292,139
348,889 3-Yr. notes___
1,000,000
lids., pledged
966,158
768,101 Sec. of Troas. of
lids., unplodg
223,552
421,552
U.S.-—Notes. 8,698,400
N otes_______
505,102
485,477 Non-negot. debt
Advances___ 2,504,610
1,472,685
to alfll. cos__
299,481
Other lnvcst’ts. 1,155,506
1,136,728 L’ns A bills pay. 1,042,500
Cash__________ 2,455,188
2,381,706 Traf. A car serv.
Special deposits.
994,853 bal. payablo.. 1,229,219
S97.120
L’ns & bills roc.
16,843 Aud. acots. A:
24,266
Traf. A car serv.
wages payablo 4,400,118
bal. receivable
893,524
1,351,296 Mlsc. accts. pay
436,175
Not bal. rocelv.
Int. mat. irnpd799,965
fr. agts. & cond
194,428
382,369 Dlv. mat. unpd.
9
Individ. & co s ..
994,267
1,766,417 Fund, debt mat.
U. S. Govt........
243,263
97,000
524,498 unpaid______
Other companies
Unmat. Int. accr 1,217,416
for claims___
116,751
68,580 Unmat.rents accr
120,394
Mat’l & supplies 4,101,904
5,477,042 U. 3. RR. Adm. 7,505,000
Int. A dlvs. rec.
665,618
29,767 Oth. curr. Ilab’s
260,690
Rents receivable
8,168
26,157 U. S. RR. Adm.
67,130
U. S. RR. Adm. 8,536,292
7,063,012 Oth. def. dab’s.
387,633
Oth. curr. assets
559,795 Ry. tax accruals
526,669
589,270
Work. fd. adv._
297,092
257,033 Oper. reserves.. 1,197,864
U. S. RR. Adm. 5,851,412
6,001,485 Acer. dep. equip 5,765,700
727,248 Res. for outstdg.
Oth. def. assets.
676,028
Ins. prom, prepd
25,285
39,508 stk. prop. cos.
19,726
Dlso. on fd. debt 4,477,556
4,014,973 U. 3. RR. Adm. 10,047,854
389,772
Claims in susp’se
214,347 Oth .unadj .crod. 1,132,141
U. S. Govt........ 3,154,588
3,154,588 Add’ns to prop.
U. S. RR. Adra. 5,532,498
5,505,651
through ino. &
Other unadj. deb 1,077,942
183,337
1,745,199
Fund, debt rot’d
through Inc. A
surplus..........
3,896
Profit & loss, sur 5,763,508
T o t a l............ 244,217,725 244,278,079

1920.
8
37,019,400
23,894,100
37,300
4,417,000
36,601,000
84,902,500
1,000,000
0,073,400
275,513
1,230,000
1,439,671
1,439,671
445,607
881,751
9
112,941
2,357,272
75,980
7,505,000
222,080
21,068
582,921
410,743
1,401,877
5,199,026
19,726
16,010,633
2,342,200
134,660
3,896
5,924,340

T o t a l............ 244,217,725 244,278,079

Note.— Accumulated and unpaid interest on adjustm ent mortgago (in­
como) bonds amounting to $1,458,333 and payable out of future income,
or otherwise, or at tho m aturity of tlie bonds; and tlio com pany’s claim
against tho U. S. R R . Administration for final sottlomont for compensation,
under-maintenance, materials and supplies, & c., arising out of Federal
control, aro not comprehended in tho above balance sheet.
Guranty.— Com pany is liablo as a guarantor of tho following:
Athens Terminal C o. 1st M tg o ____________________________________
$1 0 0 ,0 0 0
Birmingham Term . C o. 1st M tg e .— Seaboard proportion 1-6 o f .
1,940,000
654,075
fru it Growers Express C o .— Paym ents__________________________
Fruit Growers Express C o .— P aym onts_________________________
663,886
Jacksonville ’form . C o. 1st M .— Seal), proportion 1-3 o f--------400,000
Jacksonv. Term . C o . 1st & Gen. M .— Scab, proportion
o f . 2,100,000M acon Dublin & Savannah R R . 1st M tg o ______________________
1,5 2 9 ,0 0 0
Raleigh & Charleston R R . C o. prior lion & consol, m tgos-----5 5 0 ,0 0 0
Richmond-Washing ton C o. C oll. T r. M .— Scab, propor. 1-6 o f . 1 0 ,0 0 0 ,0 0 0
185,000
Savannah & Statesboro R y. C o. 1st M tg o ---------------------------------Seaboard Equipment C o .— -Paymonts-------------------------------------------4 0 0 ,0 0 0
Southeastern Investment C o .— -Note_____________________________
165,000'
Tam pa Northern R R . C o .— N o te-------------------------------------------------8 5 ,0 0 0
Tam pa & G ulf Coast R R . C o . 1st M tg o -------------------------------------75 0 ,0 0 0
Wilmington R y. Bridge C o. Cons. M tg e .— Seab. propor. Y of
217,000'
— V . I l l , p. 2014, 1004.

E l Paso & Southw estern Com pany.
31 1921.)
The remarks of President J . M . Schumacher will bo
published anothor week.

{Report for Fiscal Year ending Dec.

IN C O M E A C C O U N T FOR C A L E N D A R Y E A R S .
lOperated by U . S. R R . Administration from Jan. 1 1918 to Fob. 29 1920,
with guaranty to Aug. 31 1920 ]
1919.
1918.
1921.
1920.
1,028
1,028
M ile a g o .............................
1,028
1,028
Freightrevonue__________ $7,946,710 $11,212,405 $9 ,9 8 3 ,2 0 5 $ 1 1,785 ,975­
2 ,1 9 6 ,8 3 8
2 ,3 3 4 ,7 5 8
Passenger revonue_____ 2,270,721
2,705,267
400,239
529,744
M ail, exprss, & c______
523,003
731,963
181,108
139,992
169,652
222,978
Incidental revenue_____

$10,910,087 $14,872,014 $12,701,391 $14,790,408.
maint/. ui way
avuit. $1,920,300 $2,835,948 $2,290,443 $1,410,320
2,471,400
2,843,758
2,528,000
M aint. o f equip m en t-_ . 2,230,117
155,028
241,017
120,720
T raffic oxpenses_______ .
330,005
4.219,057
3,542,038
4,165,189
Transportation expensesi 3,299,908
122,194
87,774
95,245
Miscellaneous operationst
109,130
543,957
309,043
348,947
594,000
General expenses_______ .
387
Cr. 919
Cr. 16,239
Transport’ll for invest’t .. Cr. 09,447
N ot i

Total operating oxponses__________ $37,024,801 $18,512,802 $37,641,259
N et operating rovonues________________ $5,820,132
$7.52,227 $3,542,274
T a x e s .______ _______- - - ................... - - 1,862,057
1,687.363
1,620,187
36,014
7,773
6,513
Uncolloctiblo railway revenues______

. $3,535,651

. $8,420,074 $10,800,319
4,060,295
. 2,489,413
. $1,083,044 $1,252,953
)
2,029
741

R ailw ay oper. in com o. $1,403,141D/$2812.601
N ot hire o f eq u ip _______ Cr. 129,711 D r. 152,418
N et join t facilities______ C r.107,7-tl
Cr.73,739
N et misceil. incom o____
10,623 Cr. 18,726
N et ry . oper. incom o. $1,176,313
- V . 114. tv 1407. 78.

$2,910,006

$8,880,443
3.874,948
$724,181
778

$8,629,020
6,161,448.

$ 3 ,149,989ComparisonsCr. 64,793
not
D r.89,587 available.
2,194
$2,993,415

Florid a East Coast R ailw ay (Flagler System).
{Report for Fiscal Year ended Dec. 31 1921.)
Presidont W . H . Beardsley says in substance:
Results.— Gross revenue for tho year showed a decrease o f 3122,081, or
loss than 1 % . The Increase In m aintonance-of-way and structures expense
was necessary to bring roadway and track up to our usual standard o f maintcnance. Tho incroarso in maintenance o f equipment is nominal and tho
Increase in traffic expense is partly duo to reapportionm ent o f salaries and
partly to opening o f the C ity Passenger A gency in M iam i. The decrease
in transportation expense is a result o f econom y effected in train, station
and yard service.
_ _ _
Taxes.— Taxes increased for tho year 3207,552, or 3 4.7 1% .
Surplus Carried Forward.— A fter making tho usual deductions from income
for taxes, hire o f equipment, rentals, & c., there remained for interest on
funded debt 31.350,538, which was applied as follows: 1st M tgo. 4 H f.
bonds, 3540,000, car trust ctfs. Series A , 33,333, car trust ctfs. Series
•‘ 11," 340,500, leaving a balance carried to profit and loss for th o year
3766.705.
, .
, . , „
Equipment.— Purchase o f 150-ton wrecking crane authorized at an ap­
proxim ate expenditure o f 353,500.
Same was received and put into
servico during 1921.
Conversion o f 175 10-M Series cars to ventilated
refrigerator cars authorized at an estimated expenditure o f .>78,750.
Pur­
chase o f six 70-foot all steel passongor coaches authorized at approximate
expenditure o f $165,000. These were recoivcd and put Into service during
th ° year‘

GENERAL STA TISTIC S.
1918.
1921.
1920.
1919.
765
Average miles operated764
764
764
'ron s freight carried____ 1,633,025
2,052,244
1,850,283
Data not
T ons carried one m ile __ 420,862,937 591,272,509 508,661,593
A ver. rev. per ton per m_ 1.860 cts.
1.324 cts.
1.176 cts. available
for this
Passengers carried_____
1,075,222
1.371,608
1,256,373
year.
Pass, carried on om ile ___104,191,894 126,964,030 109,422,815
A v . rev. por pass, per m - 3.849 cts.
3.167 cts.
2.739 cts.
C O M B IN E D FEDERAL & CORPORATE IN C O M E AC C O U N T FOR
C A L E N D A R YEARS (FROM J A N . 1 1918 TO M A R . I 1920 ROAD
OPERATED B Y U. S. RR. A D M IN IS T R A T IO N W IT H
G U A R A N T Y TO A U G . 1 1920.)
1918.
1919.
1920.
1921.
F r e i g h t ............................... $5,062,713 35,986,109 $7,825,592 $7,828,835
4,010,329
Passenger.......................
2,578,389
2,997,315
4,021,376
1,075.133
M ail, express, & c_____1 1,200,120
1,137,798 11,215,321
664,812
1 638,901
Incidentals, A c _______ /
T o ta lo p e r.re v e n u e s -. $8,841,222 $10,121,222 $13,701,190 $13,579,109
Expenses—
T ransportation__________ $3,798,948 $4,310,713 $5,467,248 $5,112,881
3,002,692
1,690.238
2,151,915
Maintenance o f w ay, &c. 1,176,625
2,518,609
1,844,201
Maintenance of equip—
1,540,285
2,499,195
584,395
468,870
631.009
226,845
T ra ffic, A c _____________
T otal oper. expenses- - $6,742,703
N et earnings.................. - $2,098,519
T a x e s __________________
$420,396
U ncollectible rovonuo—
1,879

$8,314,027 $10,749,308 $11,218,035
$1,807,195 $2,951,822 $2,300,474
$394,008
$597,890
$805,448
2,674
23,690
CV.348

U y. oper. in com e --------- $1,676,248
Ire o f..............
freight cars-------Iliri
R ents, A c ______________
In c. from leaso o f r o a d ..
In c. from fundod socs—
In c. from unfund, s e c s -.
M lscollaneous__________

$1,410,513
$63,777
10,979
2.477.751
7,413
44,581
(dr.)63,586

$2,330,235

$1,555,374

$24,467
394,782
4,250
57,051
681,280

$26',265

N on-oper. incom o-----Gross incom e___________
Deduct—
Hire o f frt. cars (dob. bal.)
Joint facility rents_____
Int. on fundod d e b t ___
In t. on Gen. M tgo. b d s.
R cnts, A c ______________
Miscellaneous ch arges.-

$2,540,919
$3,951,482

$1,161,822
$3,492,057

$442,789
$1,998,163

428,859
51,849
592,333

391,126
47,648
583,833

47,814
160,205

51,563
157.088

T otal deductions_____
N et incom o_____________

$1,935,581
$2,015,851

$1,281,062
$2,210,995

$1,231,459
$ $766,707

54,297
600,833
1,250,000
7,577
22,872

22,137
81,190
313,198

GENERAL B ALA N C E , SHEET DEC. 31.
1921.
1920.
11)21.
Liabilities—
s
Assets—
3
S
Road A equip----- 51,270,345 53,074,252 iominon stock...12,500,000
5,475 iqulp. obligations 050,000
Dcp. in lieu of prop
12,720
172,7491First Mtgo. bonds. 12 ,000,000
166,047
Misc. phys. prop..
Gen. Mtgo. bonds.25,000 ,000
Inv. In aflll cos.—•
157,599 Loans & bills pay. 3,325,000
157,509
.Stocks............ .
189,473 Traf. & car serv.,
189,473
Notes.................
299,293 bal. payable___
299,293
Advances--------31,274
659,247 Accts. A wages pay 2,547,075
659,247
Other lnvestm’ts ..
952,685
855,947 int. mat’d un pd..
7,425
Casli------------------12,038 Misc. accts. p a y ..
7,425
10,924
Casli for mat’d int.
Loans A bills rcc.. 1,547,051 1,499,833 Unmat'il rents accr
2
Unmat'd hit. acer.
340,383
Traf. A car serv.,
055,664 U. S. Govt. dot.
404,973
bal. rcc............ 114,429
261,8671 assets..
. 5,469,488
Agts. A conductors
875,556 1,009,438 Oth. dot. Ilabil___
Misc. accts. r e c ...
5,385
Mat’l A supplies.- 2,217,358 2,237,732 Accrued
deprec.
(e q u ip .)...
. 1,550,457
xilb. iK uirn. ‘ ---A
4,978 Tax liability
Work, fund adv—
4,!)78
.
84,031
U. 8 . Gov. comi>.
4
oth. unadj. credits 472,926
rec_____________ 1,386,124 1,386,124 Adil’ ns to prop. tin-.
ino. A surp
.
125,031
U. S. Gov. dot.
_
assets___ '_______ 4,345,731 4,350,479 Profit A loss........ .. 6,330,955
Uy. prop. rot. A
not replaced____
39,SOS
Aild'ns A bettor’ts—
t. Itoad suspense.. 1,677,100
' Equip, suspense
34,381
Other dcf. assets..
19,538
Rents & ins. prepd.
5,020
Oth. unadj. debits 1,062,347

1920.
8
12,500,000
800,000
12,000,000
25,000,000
1,950,000
121,300
3,892,197
12,037
21,828
..........
199,474
5.461,281
0,220
1,310,180
10.S02
278,012
95,544
4,857,997

42,235

Total....................70,456,358 68,540,874
T o ta l.................. 70,456,358 68,548,874
N ote.— The following amounts are included above under "D eferred
Assots” for tho year 1921 in order to reflect a comparison with corresponding
amounts reported under the same general heading in report to tho stock ­
holders for the yoar 1920. In our Annual roport to the I. 8 . O . Commission
for tho yoar 1921 those amounts are roported under ‘ ‘ Unadjusted D o b its ."
U . S. G ovt. com p, receivable for uso of r o a d ..
_____ $ 1 ,386,124
Additions A Ilottormont road— susponso---------------. . . ____ 1 ,677,100
A d d itio n s * Bettorments— equipment suspense
___________
34,381
— V . 113. P. 1573, 730.

A tla n tic F r u it Com pany.
31 1921.)
Presidont T . 0 . Muller, Now York, June 1, reports in brief:

(Report for Fiscal Year ending Dec.

Fruit Business.— Tho drought which prevailed during the whole year of
1920 in our fruit districts In Jamaica and Cuba materially affected our
banana crop of 1921, and, in spite o f favorable weather during tho early
part of tho year, tho crop was disappointingly small, and o f more inferior
quality than anticipated. This resulted in our fruit steamers frequently
arriving without full cargoes which mado the transportation charges
excesslvo. Furthermore, a number or the steamers employed in tills trade
had been taken under time charters during the period o f abnormal prices;
and these high charter hires, continuing after tho depression in business
had set in, were an additional heavy burden on our fruit operations. A s
tho result o f these conditions our revenue from tills source did not exceed
$629 ,61 2. which was disappoint ing.
Steamship Operations.— C o n d it i o n s in t h e s h i p p in g t r a d e w o r e m u c h
d ep ressed th ro u g h o u t th o year.
W o o p e r a te d , o n th e a v e r a g e fo r th e
y o a r , a f l o o t o f a b o u t 2 2 o w n e d a n d c h a r t e r e d s t o a m s h l p s , a n d , in s p it e o .




all practicable econom ies, this branch o f the business showed a d eficit o f
$239,364, which was increased b y charges for depreciation and interest to
a total o f $637,332.
Sugar Development.— Our sugar developm ent at Tanarao B ay, in Oriente
Province, C uba, was com pleted to the point o f beginning to grind in
December 1921. It was, therefore, still in the construction stage during
nearly the whole year. We found it necessary to do extensive additional
work on tho railroad roadbed and to provide additional rolling stock.
W e also had to finance the equipment for hauling the cane from the fields
to the railroad sidings, which the growers proved unable to provide.
Likewise we had to make additional advances to growers who were
unable to finance their own cultivation expenses. In the face o f these very
adverse conditions, the mill, railroad, cane fields, and port dovelopm et
were, nevertheless, brought into condition for practical operation in tim e
to harvest and grind the present crop.
Results o f Operations.— T he depressed and difficult business and operating
conditions which prevailed throughout the year, resulted in an operating
deficit o f $271,815. This is increased on the books to $1,728,744 b y
Interest charges, o f a large part o f which the C om pany will, how over,
bo relieved if the plan o f readjustment is carried out.
Outlook.— Prospects for tho operations o f the current year are m uch
brighter. A fter a slow start, due to bad weather in D e c., our Tanam o
sugar operation has been giving a very encouraging perform ance. W e are
reasonably assured o f having enough cane for a crop o f 250,000 to 300,000
bags next year.
Our shipping business appears to have turned the corner and is showing
small but increasing profits. As regards the fruit business, our banana
im portatioi*; are now in full swing with every indication o f a reasonably
satisfactory result for the season.
Default in Interest, & c.— H owever, to carry through the past year the
com pany was obliged to borrow largo additional sums o f m oney. It was
unable to pay tho coupons due Dec. 1 last on the $10,000,000 7% 15-Vear
C onv. debentures and the interest then and subsequently due on a very
largo am ount o f other debt. It is, therefore, clearly apparent that any
estimate o f future prospects necessarily depends on the com pany being re­
lieved o f tho present burden o f floating debt and fixed charges.
Plan o f Readjustment.— The plan o f readjustment (soo 4. 114, p. 2472
and a subsequent page) has been approved b y the directors, who recom ­
mend its acceptance b y all shareholders, and have invited a com m ittee,
consisting o f Frederick B. Adam s. Samuel F. P ryor, II. O. llavem eyer
and T . O. M uller to represent and act for the shareholders in carrying the
plan into effect.
IN C O M E A N D PROFIT A N D LOSS ACCOUNT— YEARS E N D E D
DEC. 31.
1919.
1920.
1921.
Profit from operation_________________ loss$7,720 $2,084,418 $3,107,001
84,679
278,949
Miscellaneous incomo_______ __________
16,485
247,968
266,560
229,020
Administration charges_______________
Miscellaneous losses___________________

51,560

N et earnings___ _______
loss$271,815
Int. on bonds & borrowed m oney____
1,456,929
Special expenses________________________
_______
Dis. on debs. * organ, expenses_____
_______
M is. charges, incl. bad debts..................
.............
Depreciation___________________________
_______
Federal taxes__________________________
_______
_______
A d ju t. o f 1916 income tax____________
Amortization o f bond discount_______
_______
Sundry a d ju st., prior years __________
______
Loss on Liberty bonds________________
_______
Am ort. & deprcc. o f Nicaragua c o i l ..
204.000
Loss on reval. o f Nicaragua equip___
92,430
Spl. ehgs. not appllc. to ord. oper___
108,164

$2,096,807
805.236
_______
1,251,637
.............
_______
106.069
9,757
6 6,667
Cr.2,1 3 7
2 2,949
128.741
10,527
-----------

$2,943,713
209,540
56,927
23,488
32,836
163,850
650,000
9,757
----------------------------------------

B a la n c e .......................................................def3 2,13 3.33 8d ef$30 2,63 9su r$l,807,071
Profit and loss_________________________ d e f3 3 6 ,9 0 0 s u rl,7 9 6 .4 3 9 s u rl,9 6 5 ,9 5 1
C O N S O L ID A T E D B A L A N C E S H E E T D E C . 31.
1921.
1920.
1921.
1920.
Liabilities—
S
S
Assets—
$
S
Capital stock____x l4 ,105,940 14,442,840
Prop., land, furn.,
---------fixtures, A c___ 32,842,791 28,143,703 8% 5-yr. conv. nts. 5,500,000
Inv. In other c o s ..
119,127 7% conv. deb. bds.10,000,000 10,000,000
60,329
Mtges. on land___
160,525
200,000
Adv. on open voy
606,687
367,821 Accts. payable, Ac 1,880,326
ages, A c........ .
85,135
Notes & loans pay. 8,511,527 5,150,331
Animals, livestock
Salaries, wages &
A c ____________
070,488
taxes___________
15,321
---------849,439
927,518
Cash......................
511,907 1,582,453 Interest due & ac­
Acc’ts & bills re c ..
cruing_____ . . . .
672,680
68,366
161,308
728,353
Ins. A other claim:
---------68,142 Due on for. ships.- 1,056,254
110,441
Fruit Ac. In trail. .
236,730
238,070
937,539 1,027,658 Reserves_________
Mat’Ls, supp., Ac.
Federal taxes............................106,069
Planted A growing
Open voyages, &c407,081
1,497,798
crops____
Surplus..................
See x 1,796,439
Adv.to cane A ban2,490,108
Devcl. of Col. cane
1,248,714
Ins. A other dcf
100,203
169,510
charges..............

42,139,305 33,016,512

Total..

........ 42,139,305 33,016,512

x Capital stock outstanding, 392,494.4 shares, no par valuo; book value

at Jan. 1 1920 (dato o f capital readjustm ent), S14,442,840, less lo s s jo f
$336,800 for 1921, $14,105,940.— V . I l l, p. 2472. 2016.

U n it8 d Railways Co. of St. Louis.
(22d Annual Report—Year ended Dec. 31 1921.)
Holla Wells, receiver, says in substance:
Funded Debt.— T otal outstanding D ec. 31 1921, $50,690,000; R eceiver’s
Cortificatos, Series “ A ” 7 % ; due O ct. 1 1923, $4,200,000. Tlio $2,000,000
St. Louis A Suburban Uy. Oonso. M tgo. 5s, matured Fob. 1 1921. remained
unpaid on D ec. 31 1921, (but wero oxonded as in V. 114, p. 2361,2242.
Tlio $1,474,000 Lindoll Railway bonds, which m atured on A ug. 1 1921.
wore extended to O ct. 1 1923, at 8% int.
Taxes.— Am ount sot up during 1921 was $1,703,541; amount paid dur­
ing 1921, $1,847,759. T he portion accruing to city and schools was $1,­
461,642. In addition (o tho above direct taxes, United R ys. expended
$531,314 for street paving, and furnished freo transportation for tho police
and firemen o f St. Louis. T he total taxes and street paving costs for the
year 1921, amounted to $2,234,864, or .791 cts. per rovenuo passenger,
as com pared with .621 cts. per revenue passenger in 1920.
Road
Equipment.— The following capital expenditures were made

Roadwau ~~ ----------

-------------------------- „

--------- ,

.,_

„

.

was as follow s:, city track, 345.2344 mhos; county track, 115.5468 miles.
T otal, 460.7812 miles. During 1921. 0.1721 miles o f track were added
a n d 0.1066 miles rem oved.
..
Power. — Tho power supplied was obtained from three sources: (1)—
Water power puchased, 22,400 kw .. (2 )— steam power purchased, 15,365
kw .; (3 )— power produced in plants o f C om pany, 21,600 kw.
During tho year 1921, the average distribution o f power on a kilowatt
hour basis was as follows: Purchased water power, 6 2 % ; purchased steam
powor, 2 6 .5 % : United R ys. Plants, 11.5 % .
„„
A peak load was distributed as follows: Purchased water power, 4 2 .9 % ;
purchased steam power, 2 7 % ; United R ys. Plants, 3 0 .1 % .
__
T he consum ption of electricity, kilowatt hours, in 1921 was 186,160,582,
as against 187,817.173 In 1920, and tho cost per kilow att hour was: (1)—
C ost o f purchased water power, 6.79 mills, against 6.94 mills in 1920;
(2)
— cost o f purchased steam power, 15 07 m ills,against 14.40mills in 1920;
(3 )
— C ost o f all purchased powor. 9.23 mills, against 9.27 mills in 1920;
( 4 ) — C ost o f generated power (operation and maintenance o n ly ), 20.50 mills,
against 23.17 m ills in 1920- Average cost o f all power at d .c . switch­
board, per kilowatt hour in 1921 was 12.82 mills, against 13.50 nulls in 1920.
During the year a now 300 K . 4V. substation o f the autom atic typo
was Installed on the Grove Coeur Lake line at Lackland R oad at a cost o f
$25,900. (A similar station was installed on tho St. Charles Line o f tho
Missouri Electric R R , at Fee Fee R oad.) This station has materially
Im proved operating conditions and, furthermore, will permit the rem oval

o f a largo quantity of copper cablo on tho Lako Lino for uso on other parts
o f tho system .
Rolling Stock.— Tho average number of passenger cars operated daily,
including Sundays, throughout 1921, was 1,151, and tho highest number
operated on ono day was 1,382. Tho number of passenger cars owned at
the end of 1921, was 1,537, of which 1,358 were motor cars and 179 woro
trailer cars. Tho remaining 34 cars of tho 777 typo, authorized by tho U . S.
Court in 1920, were completed in 1921— making a total of 51 cars of this
typo completed and in service.
Tho 50 Trailer cars ordered by tho M isouri P. S. Commission and author­
ised by the U. S. Court, were completed and delivered by tho St. Louis
Car C o . during 1921, and put into sevico.
Employees.— Tho total number o ' employees on D ec. 31 1921, was 5 ,626,
as compared w ith 5,944 on D ec. 31 1920, and 5,6 0 5 on D ec. 31 1919.
Rate Adjustments.— On Juno 1 1921, tho Missouri P . S. Commission
extended the 7-cent rate of faro to Jan. 1 1922, and later until Juno 1 1922.
Wage Adjustments.— Now Agreements making material reductions in
wages, were made with employees in tho Transportation Departm ent,
Track Departm ent, Building Departm ent and Matorial Yards, as of Juno
l 1921. Now agreements, providing for material reductions in wages,
were mado with Electrical Workers, and with tho various crafts in the gen­
eral shops as of N o v . 1 1921.
Valuation.— Formal hearings before tho Missouri P. S. Commission on
tho valuation began in O ct., 1921. It is hoped that all hearings will bo
completed before mid-summer of this yoar, but it is doubtful if any decision
will bo arrived at before the fall of 1922.
[Tho certified public accountants in their report add:
Tho charges to property accounts during tho yoar for additions, amount­
ing to S I .3 5 3,386 , aro, in our opinion, properly capitalized.
»
U. 8 . Government obligations and investments in affiliated companies,
carried at tho aggregate book valuo of S 4 .341 .439 , were verified by actual
inspection or certification and fully accounted for. Tho investments
in affiliated companies are stated at tho book values and tho Government
obligations at par.
Tho funded debt of 5 0 ,6 9 0 ,0 0 0 , outstanding at D ec. 31 was confirmed
by direct communications with the Trustees under tho various Mortgages,
and the $ 4 ,200,000 receiver’s certificates by communication with tho Clerk
of tho U . S. District Court.
Tho $ 2 .000,000 St. Louis & Suburban R y . Conso. 1st M tgo. 5s, maturod
Feb. 1 1921, and no payments of principal, nor interest accrued subsequent
to Feb. 1 1921, liavo boon mado.
(B u tseo V . 114, p. 2361, 2212.)
Provision for accrued interest on thoso bonds from Fob. 1 1921. to D oc.
31 1921, has been provided on tho books at tho rato o f 5 % per annum,
no provision being mado for possible additional interest subsequent to
m aturity.
Inasmuch as the aforementioned bonds aro in default, paymont of tho
$225 ,00 0 interest coupons on tho St. Louis & Suburban G en. M tg o . Bonds,
duo April 1 1921, and Oct. 1 1921, has been withheld, (but see V . 114,
p. 2242.)
The $ 1 ,640,000 Cass A ve. & Fairgrounds R y . 1st M tg o . 4 ]^ s , mature
July 1 1922.
N o payments were made during tho year on tho liability of $2,396,322
for mill tax duo tho C ity of St. Louis, this amount being tho balance of
judgment obtained by he C ity against the Com pany for mill tax to D ec. 31
1918. The interest on this judm ent, however, has been accued on tho
books to Doc. 31 1921, and tho current mill tax has been regularly.
Provision for depreciation, maintenance, renowals, & c ., aggregated
$ 1 ,500,000 for 1921, this amount having boon fixed by a ruling of tho
M issouri P. S. Commission. Charges against the depreciation reservo
during the year aggregated S I ..371,941 and consisted of tho following:
(1)— W ay and structures, consisting principally of reconstruction of track
and roadway, $ 1 ,196,604: (2)— Equipment, 34 car retired, obsolete motors
charged off and sundry items. $175 ,31 2: (3)— Power plant, $24.
Following is a summary of the surplus account for tho year: Balance
January l 1921, $ 2 ,348,962: not income for 1921, S303.045: surplus adjust­
m ent (net), $127,902; surplus Dec. 31 1921, $2,779,909.]
T R A F F IC S T A T IS T IC S FOR C A L E N D A R Y E A R S .
1921.
1920.
1919.
1918.
Revenue passongors____ 2 8 2 ,447 ,190 287,405 ,837 263,221 ,899 245,876 ,910
Transfer passengers____ 150,562,354 154.464,735 145,788,430 131,108,817
T otal passengers_____ 4 3 3 ,009 ,544 441,8 7 0 ,5 7 2 4 0 9 ,010 ,329 376,985 ,727
Percentage of rev. pass.
53 31
‘ 53 74
55 39
53 32
using transfers________
Average fare per pass.
(including transfers) _ .
4 49c.
4 .55c.
4.03c.
3 59c.
6 89c.
7 00c.
6-25c.
5.50c.
A v . faro per rev. pass___
Passenger car miles_____ 44 ,2 2 9 .2 1 0 4 5 ,2 9 1 ,5 2 5 43,75 2 ,6 8 4 42,38 0 ,1 0 8
R ev. pass, per car m ile _.
6 .39
6 35
6 02
5 80
Total pass, per car m ile .
9 .79
9-76
9 35
8 90
C O N D E N SE D I N C O M E A C C O U N T FOR C A L E N D A R Y E A R S .
1921.
1920.
1919.
1918.
T ran sp o rtatio n ,................$ 19,4 9 8 ,9 4 6 $ 2 0 ,1 5 4 ,8 3 4 $16,497 ,932 $13,551,541
Other ry.■operations____
159,605
112,895
94,747
88,077
Gross oper. r e v e n u e ..$19,658,551 $20,2 6 7 ,7 2 9 $ 1 6 ,592 ,679 $13,639 ,618
15,274,806 13,192.727
10,763,267
Opcr. exp. & deprec____ 15,093,218
N ot earnings..................$ 4 ,565,333 .$4,992,923 $3,399,951
T a x e s .................... ................
1,675,697
1,437,337 1,110,910

$2,876,351
852,476

Net incomo.................... $2 ,8 8 9 ,6 3 5 $3 ,5 5 5 ,5 8 6 $ 2 ,289,041 $ 2 ,0 2 3 ,8 7 5
Other income........ ..............
216,350
145,855
106,441
116,697
Gross income..................$3 ,1 0 5 ,9 8 5 $ 3 ,701,442 $ 2 ,395,482 $ 2 ,140,572
Interest, &c , c h a r g e s ... 2 ,8 0 2 ,9 4 0
2 ,618.014
2 ,661.263
2 ,540,872
B al .su r. or def............. sur.$303,045sur$1083,428 def$265,780 def$400,299
B A LA N C E SHEET DEC

31.

1921.
1920.
Liabilities—
3
S
Road* equip
103,002,501 101,910,78 Prof. shs. Issued
Investments in
Com. shs. Issued
affiliated cos. 1,001,583
1,029,083 Funded debt__
U .S .G ovt.oblig. 3,424,409
3,312,609 Itec. certificates
Other stocks and
Aud. vouch., &e.
bonds owned.
2,976 Coupons due__
Material &SUPP. 1,207,486
1,485,767 Bonds, &c., mat.
Dep. for Int.on
not presented.
bonds in escrow
16,625
16,625 Oust’g tickets__
Cash..................
361,093
167,220 Miscellaneous . .
Cash for coup,&c
720,311
502,618 Accrued taxes..
Notes, accts.,&c.,
Employees’ Lib.
receivable___
139,907
Loan subscrip.
86,089
Def. charges &
Employees’ oth.
unadj. debits.
238,772
297,127
deposits____
Other assets___
31,503
Accrued Interest
Special deposit.
8,373
23,226 Dep. reserve__
Working funds.
23,025
26,035 Mill tax (city )..
Agents and conOther reserves..
ductos’ accts.
67,642
72,975 Profit & loss, sur
A ssets—

Total..............110,243,240 108,939,119

1921.
S
16.383.000
24.913.000
50.690.000
4,200,000
601,756
942,538

16.383.000
24.913.000
50.690.000
3,595,000
763,227
667,550

3,079
129,014
148,576
410,179

87,140
128,448
207,677
552,996

32,696

50,366

20,627
819,071
3,916,298
2,396,322
1,857,174
2,779,910

21,341
593,208
3,788,239
2,396,322
1,752,639
2,348,902

1920.
$

Total.............. 110,243,240 108,939,119

This balance sheet Is subject to any adjustment necessary upon final
determination by tho G ovt, o f the com pany’s Federal tax liability.—
V . 114. p. 2361 , 2242.

G EN E RA L INV ESTM ENT NEW S
R A IL R O A D S , IN C L U D I N G E L E C T R I C R O A D S .
General Railroad and Electric R ailw ay News.— Tho
following table summarizes recont railroad and electric rail­
way nows of a more or less goneral character, full dotails
concerning which aro commonly published on preceding
pages under tho heading “ Current Evonts and Discussions”
(if not in the “ Editorial Department” ), either in the week
the matter becomes public or shortly thereafter.




U. S. Railroad Labor Board, June 6 , Ordered a New Wage Cut o f 7 Cents
an Hour for Railway Shop Mechanics and 9 Cents for Freight Carmen.— Son
under “ Current Events” on a preceding page.
Rail Workers Appeal to President Harding to Stop Pending Pay Cuts and
State Fair Wages.— “ Tim es” Juno 9, 7). 17.
Western Roads Accept Cut.— “ W all St. J .” Juno 2, p. 1.
Railway Unions Predict Tieup.— “ Sun” June 7, p. 29: “ Tim es” Juno 8 , p. 1.
Strike Ballots Go Out to 1 ,200,000 Railway Workers.— "P o s t ” Juno 7, p. 1;
“ T im es” Juno 7, p. 4: Juno 8 , p. 2.
•
Rail Unions Liable in Strike.— -“ W all St. Journal” Juno 8 , i>. 10.
Rail M en to Plan Fight on Wage Cut.— -“ T im es” Juno 6 , p. 2.
Hearings on Rail Consolidations Will Be Resumed by I .-S . C. Commission
on June 15.— “ Fin. A m .” Juno 3, p. 1.
Number o f Commuters Who Traveled In and Out o f New York in 1921
Totaled 2 0 1 ,5 7 9 ,5 1 2 .— “ T im es” Juno 4, Sec. 2, p. 1.
State Can Fix Long Island RR. Rates.— Gets joint authority with Federal
Com m ission. “ Sun” June 7, p. 2: “ Tim es” June 8 , p. 24.
Transit Commission Gets Grant of $ 1 ,5 0 0 ,0 0 0 .— “ T im e s " Juno 8 . p. 11.
Borough President Cahill o f Richmond Promises to Co-Operate with Transit
Commission on the Proposed Staten Island Rapid Transit Tunnel.— “ T im es”
Juno 9 , I). 17: “ Post” .Juno 8 , i>. 1.
Harlem Offers Transit Plan.— Proposes surface car loop to improve service.
“ Sun” Juno 2. 7). 2.
N . Y . N . II. A H . RR. Fined.— Violated law covering working hours o f
train employees. “ P o s t" Juno 2, p. 3.
Cars Loaded.— Tho total number of cars loaded with revenue freight
during the week ending M a y 27 totaled 821.121 cars, compared with 792,­
459 cars the week ending M a y 20, or an increase o f 28,002 cars. This
was also an increase of 25,786 cars over 1921, but a decreaso o f 77,048
compared with 1920.
Principal changes, compared with the week before, were as follows:
Coal, 91,370 cars, increase 9 ,403 (but a decreaso of 74,241 cars compared
with 1921 and a decrease o f 83,242 cars compared with 1920); coke, 8,851
cars, decreaso 484; merchandise and miscellaneous freight (incl. manufac­
tured products), 557,795 cars, increase 7,390; grain and grain products,
45,712 cars, increase 2,940; live stock loadings, 29,502 cars, increase 309;
forest products, 64,020 cars, increase 2,090; ore, 23,871 cars, Increase 0 ,954.
M atters Covered in "Chronicle” June 3 .— (1) Conunerco Commission’s
argument in support of its cut in railroad rates (editorial), p. 2408. (2) Hale
of additional equipment trusts, p. 2431. (3) Modification of Reading C o .’ s
dissolution decree ordered, 7). 2431. (4) Railroad Labor Board orders cuts
aggregating $ 4 8 ,0 0 0 ,0 0 0 in wages o f shopmen and maintenance of way
employees, 7). 2432. ( 6 ) Acceptance by carriers of freight rate reductions
proposed by I .-S . C . Commission, 71. 2435. (6 > Additional cuts expected
in wages of railroad employees, p. 2435. (7) Striko throats incident to rail­
road wage reductions, i>. 2435.

Baltim ore & O hio R R .—New Enuivment.—
It is announced that contracts for the building o f 4 ,0 0 0 steel freight cars
of the hopper and gondola typos, and 1,000 box cars have or will be shortly
closed, involving an expenditure in excess o f $0,000 ,0 0 0 . Thoso cars aro
partly in replacement o f equipment retired and partly for additional equip­
ment which, with the passenger equijmient recently contracted for, will ho
covered by an equipment trust.
Tho contracts so far awarded aro as follows (1) T o tho Pressed Steel Car
C o ., 1,000 steel hopper cars and l ,000 steel gondola cars, to bo built at their
Pittsburgh plants, (2) Standard Steel Car C o ., 1.000 steel hopper coke cars
to bo built at tho Curtis Bay plant. Baltimore, M d ., (3) Cambria Steel C o .,
1.000 70-ton steel 40-foot drop-end gondolas to be built at Johnstown. Pa.
— V . 114, P. 2467.

Boston Elevated R y .—

Merger with West End,

& c.—

On and after Juno 9 there will bo placed on the Boston Stock Exchange list
0 4 .0 0 0 shares (par $100) First I*ref. stock and 140,298 shares (par $100)
2d Pref. stock. Thoso shares aro issued in accordance with a legislative
A ct. approved July 20 1911, and accethed by the stockholders of the W est
End St. R y. and by tho stockholders of tho Boston Elevated Ry.
Tho trustees of tho Bbston Elevated R y. on Jan. 25 1922 voted that tho
General Counsol bo authorized and directed to file witii tho M ass. D epart­
ment of Public Utilities a petition to authorize the isstio of $0,40 0 ,0 0 0
1st Prof, stock and 814,029 ,850 2d Pref. stock, to bo issued and used under
and in accordance with A ct of 1911 and solely for tho purposo of carrying
out tho purchase of tho property, privileges and franchises of tho W est End
Street R y. as authorized by Act; and that upon said authorization being
eranted said stock bo issued and disposed of in accordance therewith.
Tho M ass. D ept, o f Public Utilities has approved tho issuance o f tho stock.
Tho M ass. State House has defeated the petitions o f M ayor Curley o f
Boston and Grenville S. MacFarland for legislation affecting tho Elevated.
Tho Houso refused to give the necessary vote to admit tho bills for con­
sideration.
Attornoy II. Ware Barnum for the Elevated trustees has presented to
Department o f Public Utilities petition o f tho Elevated for approval of
uso o f $ 1 ,956,000 o f tho proceeds from the sale of the Cambridge Subway,
money to bo used in largo part for additions and improvements to power
plant at South Boston and for acquisition o f land and for preparation o f
sito and construction o f repair shops in Everett.— V . 114, ij 2467

Contra! R R . Co. of New Jersey.—

Report— Litigation.—

Seo annual report on a preceding page.
An order was entered Juno 5 by U . S. District Court Judges Buffington
and Thompson permitting tho Continental Insurance C o. and the FidelityPhoenix Fire Insurance C o ., New Y o rk , to withdraw their petitions filed
D ec. 9 1921 to sot aside tho sale by tho com pany of the Lehigh & W ilkesBarro Coal C o. stock to tho Reynolds syndicate, under the Reading dissolu­
tion plan. Tho insurance companies had asked loavo to withdraw in a
motion they filed Feb. 28 1922.
After allowing tho insurance companies to withdraw tho decree just
filed grants permission to Isaac T . Starr and M ary W . T . Starr to intervenue in the Reading dissolution for tho purpose, of asking the Court to
sot aside tho sale of tho coal company stock. The decree also provides
that tho Central of New Jersey and representatives of tho Roynolds syndicate
be given 10 days in which to file answer to the Starr petition.
(See also
Roading C o. below).— V . 114, i). 2467.

Chattanooga Ry. & L ig h t Co.

-Notes Paid....

The $7 5 0 ,0 0 0 8 % N otes, due June 1, were paid at m aturity. These
notes wero taken care o f through tho consolidation in V. 114, p. 1050, 2467.

Chicago & A lto n R R .—

Temporary Extension —

Tho company, "n o t wishing to extend the $570,000 5 % Debentures duo
Juno 1 for any great length of time, found an institution that would purchase
tho bonds and carry them until wo were ablo to take caro of them out of
current rovenucs, which has been done.” — V . 114, p. 2011.

Chicago Ju n c tio n R y .—

Sale of Equipment Trusts.—

Seo “ Current Events” "C h ron icle” J u n e'3.— V . 114, i>. 1285.

Chicago M ilw. & St. Paul R y .—

Financing Reported.— •

It is reported that tho company is carrying on negotiations with its
bankers for the ininiose o f raising between $9,00 0 ,0 0 0 and $15,000 ,000
through the salo o f a now issue o f ono to fifteen-year equipment trust certifi­
cates, the funds to bo used for tho meeting o f obligations in connection with
now equipment purchases.— V . 114, p . 2240.

Chicago U n io n Station Co.—

Ronds.

On pago 2468 in tho Juno 3 issue of tho “ Chroniclo” wo listed “ $6 510 000
Chicago Union Station C o. 554 1st M tgo. bonds Sorios ‘ B ’ duo July 1
1963.
Tho rato should bo 5 % . — V . 114 p. 2468.

C in c in n a ti New Orleans & Texas Pacific R y .—Extra
3X
A % .— The company has declared an extra
dividend of 3 Yi% on the Common stock in addition to the
regular semi-annual dividend of 3 % , both payable June 20
to holders of record June 10.

Dividend of

The com pany in D ec. last paid an extra of like amount on the Common
stock. This compares with 2 yj % paid extra in Juno 1921.— V . 114, i>. 2468.

Cleveland Southwestern & Colum bus R y .— Reorgan­
Tho reorganization managers, Ihiyden. Miller &
Co., Cleveland, Ohio, announce a reorganization plan dated
June 1 1922 and recommend that all bondholders assent to
tho plan. An official announcement says in substance:

ization.—

Historical.— This electric railway began its career In the early days of
interurban lino building in Ohio before the rapid development o f the
automobile and good roads, at a time when its future seemed am ply to
justify its construction. For tho past 10 or 15 years, however, net earnings
have not been sufficient to keep tho property adequately maintained. Tho
greatly increased costs o f fuel, labor, & c., resulting from the W orld W ar,
consequently, have been particularly disastrous because its ways and struc­
tures had already deteriorated and certain o f its equipment had become
obsolete. During the past year company was placed in the hands of a
receiver (V . 114, p. 409).
Comparative Statement of Earnings & Fixed Charges.
1921.
1920.
1919.
1918.
Gross revenues..................... .$1,942,434 $ 2 ,177,827
$ 1 ,8 7 0 ,4 0 4 $1,531,294
N et revenues____________
285,454
385,544
4 5 7 ,3 5 6
300,806
Fixed charges.....................
384,617
3 70,415
3 67,139
358,375
Balanco__________

def.$99,163

sur$15,129

sur$90,217 def$57,569

During tho above period with the exception of 1921, tho property has
been undermaintained by at least $50,000 per year, and no depreciation
has been charged off except on car equipment. A n additional depreciation
charge of approximately $50,000 per year should have been made.
Opinions Arrived A t .— From studies made b y engineers to determine
more exactly tho status, tho earning power, and the essential requirements
o f tho property, the reorganization managers conclude:
(1) T h at tho company cannot earn enough to pay its present fixed
charges.
„ ,
. .,
(2) T h at its previous policy of depreciation and maintenance has been
inadequate In providing for wear and tear and obsolescenco.
(3) T h at to avoid a complete break-down of the property, about $600,000
should at once bo spent on power equipment and rolling stock.
(4) T h at this expenditure woviltl provitlo improvements resulting in an
annual saving of approximately $100,000 in operating oxponses.
(5) B ut that oven with tills saving the com pany’s earning capacity would
be insufficient to justify a funded debt of more than $ 5 ,0 0 0 ,0 0 0 though
its present bond issues aggregate over $7,1 0 0 ,0 0 0 .
Action To lie Taken.— In this situation the alternatives beforo tho various
bondholders are: either (1) to foreclose their hens and operate the several
parts of the system as separate units, or (2) to agree to a jilan o f reorganiza­
tion that will proservo the system as an operating entity.
Separate Foreclosure Not a Solution. 4t is tho opinion o f tho reorganization
managers that the bondholders of the older divisional lions, will best servo
their own interests by maintaining tho integrity of the railway property
as a wholo and by retaining their same rclativo position (subject to a prior
lion issue to obtain funds immediately necessary) under a plan that will
inure to the benefit of all.

Plan of R eorganization dated June 1 1922.
Securities of the Old Companu Outstanding.

_

_

______
,000
,000
,000

Ohio Central Traction C o. 5s, M ar. 1 1923-----------------------------” ”
305i000
Group C—
. „ ,
,
„
_
.
„ „
Cleveland Southwestern & Columbus R y . 5s, April l 19 2 7 ............. 3 ,666,000
Preferred stock_________________________________________________________2 ,412,000
C om m on stock_________________________________________________________4 ,236,000
N ew Companies To Be Formed.
Operating Company .— A corporation to be known as Cleveland South­
western R y. & Eight C o ., or some other appropriate name, is to bo formed
in Ohio to take title in reorganization to any or all of the property and
franchises of presont company.
Holding Com pany— A company to bo called Cleveland & Southwestern
C o. or some other appropriate name, is to bo organized in Ohio or some
other State, for tho purpose of owning and holding the entire Common
stock of tho operating company and for other purposes.
Securities of the Operating Company To Be Provided Under Plan.
(1) $1 ,5 0 0 ,0 0 0 Authorized 25-Year Sinking Fund Prior Lien bonds bear­
ing Interest not to oxcccd Gfi % a ,m holding a prior lien on tho entiro prop­
erty, to l>o issued as follows:
. . . .
,
(a) $1,00 0 ,0 0 0 will bo issued to obtain funds that will provido for the
essential improvements, certain accounts now liens against the property,
accrued taxes, reorganization expenses including Interest adjustments and
working capital
$500 ,00 0 will bo held by Union Trust C o , Cleveland,
trustee, for the sole purpose of issue, all or part, at a later dato to provide
funds for construction work necessary to give tho railway its approach
to and connection with tho now Cleveland Union R R . station and for
rights o f w ay, &c.
(2) $1,50 0 ,0 0 0 30-Year 6 % Extended bonds duo 1952 of the four (Group
A abovo) existing issues (subject to the prior lien).
(3) $ 3 ,700,000 3 0 -Year 1st & Consol M tg o . bonds o f Cleveland South­
western R y. <& Eight Co. (subject to tho prior lien) to bo used as follows:
(a) $2 ,0 1 0 ,0 0 0 bearing interest at 5 % will replaco bonds of Group B .
(b)
$190 ,00 0 (approximately) bearing interest at 5 % will bo used for adjusting
accrued interest on Group B bonus and for the exchange and adjustment
of scrip issued for accrued interest (see below ). (cj $ 1 , 500,000 bearing
interest at not exceeding 6 % , will be held by Union Trust C o ., trustee, for
solo purpose of providing for the exchango of the Group A bonds at some
later date.
. #
,
.
,
(4) Com m on stock, in such amount as m ay bo authorized by tho Ohio
F . U . Commission, owned and held by tho holding company.

(b)

Securities of the Holding Company to be Provided Under the Plan.
(1) $ 4 ,000,000 (approximately) 5 % Cum ulative Preferred stock to replaco
Cleveland Southwestern & Columbus R y. C o. bonds o f 1907
(2) Com m on stock no par value shares, a m ajority of which will bo
pro-rated and distributed to the above I referred stockholders, the balance
to be issued, escrowed or held for use later as voting trustees or directors
of tho holding company m ay determine.
Voting Trust.— 'T ho reorganization managers m ay piaCo all of tho Preferred
and Com m on stock of the holding company (oxcept directors’ qualifying
shares), in a voting trust for a period of years.
Group A Bondholders —-T h ese bonds will remain as at present (subject
to tho prior lieu) being extended at 6 /0 for 30 years. The terms o f extension
provide for their retiromont at 101 and interest on any interest date, with
a further provision for tlie,lr conversion into the now First & Consolidated
issue. N o cash payment for the expenses of tho reorganization is required
o f tho bondholders.
’
....
Group B Bondholders — Each issue o f this group is insufficiently secured.
B y their exchango into the new mortgage, holders will have as socurity the
total o f the liens they now hold plus an additional first lien on tho 40 miles
of track from Mansfield to Soyillo (subject to tho prior lion). Tho now
issuo also holds a general overlying mortgage on all tho property of tho
now operating company, including that on which Group A bonds hold
extended mortgages. N o cash payment lor tho expenses of the reorganiza­
tion is required of tho bondholders of this group depositing their bonds
under tho plan.
„ _
Interest on the new First & Consolidated issue will accruo from M arch 1
1923. The Interest of Group B bonds now in arrears and accumulating
up to M arch 1 1923, will be computed on the various issues at their several
rates up to Feb. 1 1922, thereafter at the uniform rate of 5 % .
Scrip will
bo issued for this accrued interest 111 full up to M arch 1 1923, upon the
accomplishment of tho plan.
I ho scrip issued will be exchangeable and
will be payable in lots of $100 face value of bonds of $100 of new First &
Consolidated 5s. Scrip must bo exchanged or applied on such bonds on
or before July 1 1924.
,
,
Group C Bondholders.— The holders of a majority o f these bonds have
preferred to givo up their first lien on the abovo mentioned 40 miles of track
from Mansfield to Seville and take stock for their holdings rather than
risk tho cost in time and money which a protracted receivership would
occasion. Tho Preferred stock received (soe table of oxehanges) will bo
cumulative at 2 % up to 1930, thereafter at 5 % .
It will have voting
control until such timo as a 5 % dividend and ail arrears shall have been
regularly paid for 5 years.
,
.
’
.
Reorganization Expenses.— It is contemplated that all reorganization
expenses including reasonable compensation to the reorganization managers
will bo paid from tho proceeds of tho sale of tho prior lien bonds, but tho
reorganization being undertaken at the request and on behalf o f tho holders
of Group C bonds, all such reorganization expenses and compensation shall




Terms of Exchange of Old for New Securities.
---- Will Receive in Operating Company----Existing
Isl & Cash for Scrip for
Sec. Ext.
Consol.
Acer.
Acer.
30 Yrs.
Mlge. 5s
Int. to
Int. to
Existing Securities—
Outstanding.
at 6% .
Aug.
Max.
1 1922
1 1923
Cleveland & Elyria Ry.
$200,000
S200.000
39,500
___
Each $1,000_______
1,000
47 50
Elyria & Oberlin R y ...
100,000
100,000
4,500
___
Each $1,000_______________
1,000
45
ClevcI. Berea Elyria & Oberlin.. 127,000
127,000
8,255
Each $ 1,000 __________
1.000
65
Cleveland Elyria Western.. . 1,073,000 1.073,000
69,745
-Each $1,000_______________
1,000
65
Elyria Grafton & Southern... . 100,000
100,000
___
8,333
Each SI,000.......... .............
1,000
83.33
Norwalk Gas * El. C o________ 110,000
110,000
___
8,159
_
Each SI,000_____
1,000
74.17
Cleveland <fc So. West. T r a c ... 1,400,000
1,400,000
___
110,838
Each SI,000___
1,000
79.17
Ohio Central Traction 1S99)._ 95,000
95,000
___
8,471
Each SI,000________
89.17
1,000
Ohio Central Traction (1903)-- 305,000
305,000
___
22,875
Each $1,000_______________
75.00
1,000
— Will Receive in Holding Company—
Existing Securities—
Outstanding. Pref. Shares.
Ccm. Shares.
Cleve. Southwestern & Columbus 5s.$3,666,000
3,666 shs.
Prorata.
Each $1,000-----------------------------------10 shs.
Prorata.
— V. 114, i>. 025.

Com m onw ealth Power Ry. & L ig h t C o.—

Bonds Called.

Tho com pany announces that it will pay and redeem at 101 and int.
July 7 1922 all its outstanding 7 % Secured C onv. gold bonds, due M a y 1
1923 , a t t h o BankersiTrust C o , _ N . Y .— V . 114, p. 2 2 4 0 ._______________

C o n tin en ta l Passenger Railw ay Co.—

Cleveland & Elyria Elec B y . Extended 6s Feb. 1 1923_______ __ $200 ,00 0
Elyria & Oberlln Elec, lty 6s, Aug. 1 1922-------------------100.000
Cleveland Berea Elyria & Oberlin liy . E xt. 7s, Feb. 1 1923
127,000
Cleveland Elyria & Western R y. E xt. 7s, Feb. 1 1923_____________1 ,073,000

Grown 11—

bo a charge against and m ay be apportioned among Group C bonds de­
posited under the plan.
Participation.— T o participate in the Reorganization the bondholders of
Groups A , B , and C m ust forward to Cleveland Trust C o ., Cleveland,
depositary, or to some one o f the sub-depositaries, their present bonds
with all unpaid matured coupons and all unmatured coupons pertaining
thereto on or before July 15 1922. The sub-depositaries are Girard Trust
C o ., Phila., and Old Colony Trust C o ., Boston.
Stock of Old Company Worthless.— The present Preferred and Com m on
stocks of tho old company have no value, and this plan makes no provision
for the holders o f these securities.

Dividend.—

Tho Philadelphia .Stock Exchange on June 3 announced tho declaration
o f tho semi-annual dividend o f $3 per share, payable June 30 to holders o f
record M a y 31, less 42 cents per share to cover first and second quarterly
installments o f tho 1921 income tax.— V . 113, p. 2504.

Denver <& Salt Lak8 R R .—

Merqer.—

The directors o f the Salt Lake & Denver R R ., o f U tah, have authorized
immediate action toward the merger o f that road with the Denver & Salt
Lake R R .— V . 114, p. 1062.

Purchase Contract

D e tro it U n ite d R y .—
, & c .—
For terms o f purchase contract, organization o f Departm ent o f Street
Railways o f Detroit and other details, see 5-page article entitled
“ All
Detroit Eines N ow Municipally O w ned.’ ’ published in the “ Electric Railway
Journal” M a y 20, pages 837 to 841.— V . 114, p. 2240.
Eastern Pennsylvania Railw ays.—

Refinancing Plan.—

The stockholders’ protective committee has announced the adoption o f
a plan o f refinancing. A copy o f the plan has been filed with the Commercial
Trust C o ., Philadelphia, depositary. Depositing stockholders who do not
withdraw from tho protective agreement on or prior to June 28 1922 will
bo deemed to have assented to the plan.
Tho following committee shall have power to determino whether a suffi­
cient deposit or assent has been made to justify’ declraing tho plan operative:
A . B . Blerck, Clarence M . Clark, II. H . Dean, M . M . Freeman, Samuel D .
Warriner, J. G . W hite, with II. C . Hopson, Secretary, 61 Broadway,
N ew Y o rk .— V . 114, p. 1407.

Em pire State Railroad C o rpo ratio n .—Wages —

A new contract has been completed with the employees calling for a
reduction in wages varying from 2 cents an hour for trainmen to 5 % in
various other departments.— V . 113, p . 532.

Federal Valley R R .—

Promissory Notes.—

'th e I .-S . C . Commission has granted the company authority to issue
$24,940 promissory notes to be exchanged at par for a like amount o f promisory notes maturing June 22 1922.— V . 113, p. 2720.

F o rt Dodge Des Moines & Southern R R .—

Report.—

Results for Six Afonths ended April 30 1922.
Gross earnings, $ 1 ,060,569, oper. exp. & taxes, $693 ,57 9, net
earnings _______________________________________________ _____________$366,990
Interost charges_______________________________________________________ 146,909
Balanco....................... - ................................................................- ........................$220,081
— V . 113, p. 2079.

Galesburg (III.) R y., L ig h tin g & Power Co.—

Franchise.

A new 20-year railway franchise at Galesburg, 111., between the city and
the com pany, was passed and accepted under dato o f M arch 14 1922.
ih e
grant provides for tho operation o f one-man cars. Service is not to bo less
than 20 minutes on any line and the company is not to be held for any
paving which the city’ m ay do, excepting that Its tracks when laid will be
laid on a base to conform with base used by the city when street is paved.
N o compensation is to bo paid tho city other than regular taxes.— “ Electric
Railway Journal.” — V . 112, p . 469.

G a ry Street R y .—

Fare Reduction.—

The Indiana P. S Commission has authorized tho company to reduce its
fares from Gary to East Chicago from 16 cents to 10 cents under a 50-ride
ticket plan, tickets to bo good for ninety days.— V . 113, p . 1052.

Illin o is C entral R R .—

Authority to Issue Pref. Stock.—

Th e I .-S . C . Commission has authorized the com pany to issuo not
exceeding $ 1 0 ,929 ,600 of Preferred stock, par *100; said stock to bo sold
at, not less than p:ir for cash, and the proceeds used for construction pur­
poses. Th e Commission lias also authorized the issuance of $10,9 2 9 ,6 0 0
Com m on stock in conversion of Pref. stock. The report o f the Commission
S l“ The new capital is required by the applicant for the purpose o f elec­
trification and enlargement of terminal facilities in the vicinity of Chicago,
111., in order to comply’ with an ordinance passed by the C ity o f Chicago on
July 21 1919, which was accepted b y the applicant Feb. 18 1920, and was
made effective by tho approval of the Secretary of W ar on Feb. 20 1920
together with the rehabilitation and development o f the properties o f the
applicant within the Chicago Terminal District, including the purchase
or additional land, directly or indirectly, associated with the compliance
with tho terms o f the ordinance mentioned, and to reimburse the treasury
o f tho applicant for expenditures made for such purposes, and for other
lawful purploses.
“ These matters cover generally, the electrification o f the applicant’s
linos from Chicago to M atteson. 111., the reconstruction of the applicant’s
principal passenger station and freight terminals at Chicago, construction
of tho M arkham yard, and other improvements in connection therewith.
Th e estimated expenditures, chargeable to capital account, amount to
$ 7 8,057 ,616
T h e proceeds of the sale of the proposed Preferred stock
will bo applied upon the projects involved.
“ Tho applicant contemplates offering the proposed Preferred stock to
its Com m on stockholders at par. [Stockholders o f record M a y 26 are
given the right to subscribe for the stock to the amount of 1 0 % of their
holdings. Paym ent m ust be made by June 26 1 T h e Union Pacific R R .
and tho Railroad Securities C o ., each of which owns Com m on stock of
the applicant, have agreed to purchase $ 3 ,170,000 of the $10,9 2 9 ,6 0 0 of
Preferred stock, leaving $ 7 ,7 5 9 ,6 0 0 , the sale of which has been under­
written by K uhn, Loeb & C o for a compensation equal to 3 M % o f the
par vaiuo of said $7,75 9 ,6 0 0 o f Preferred stock.” — V . 114, p 2359, 2 115 ,
2011.

In d ia n a p . New Castle & East. Tra c . Co .—Bonds Extend.

See Union Traction C o. o f Indiana below.— V . 108, p . 2629.

In te rn a tio n a l & Great N o rth e rn R y .—

Listings.—

The N ew Y ork Stock Exchange has admitted to the list: $17 ,2 5 0 ,0 0 0
1st M tg e . Series A 6 % 30-Y ear gold bonds, due July 1 1952. “ when issued ,"
and $ 1 7 ,0 0 0 ,0 0 0 Adjustm ent M tgo. Series A 6 % 30-Y ear bonds, duo July 1
1952, “ when issued.” — V . 114, p. 2468, 2 461 .

In te r-S ta te P ublic Service Co .—Stock Authorized.—
The Indiana P . S. Commission has authorized the com pany to sell
$372 ,00 0 6 % Preferred stock at not less than 75. Proceeds will bo used to
discharge outstanding obligations.— Y . 114, p. 198, 3 0 6 .

Kansas C ity O ute r Bolt & El. R y .—

Sale.—

The property will be sold at a public sale June 28 b y order o f Judge
John C . Pollock o f the Federal Court in Kansas C ity . Tho R ev. Bernard
K elly o f Topeka, K a n ., was named special master for the sale. The price
set is $2 0 1 ,0 0 0 .— V . 114, p. 2116.

Kansas C ity Railw ays.—

8-Cent Fare Extended.—

Tho Missouri P. S. Commission has issued an order extending for s it
m onths from M a y 18, the 8-cent street car fare in Kansas C ity .— V . 113, p.

Lo n g Island R R .—

Equipment Trust Certificates.—

The I .-S . C . Commission has granted thecom pany authority to assume
obligation and liability, as guarantor and otherwise, in respect of $980,000
6 % Equip. Trust certificates. Series D , dated June 1 1922, to be issued by
Fidelity Trust C o. and W illiam P. G est, under an equipment trust agree­
m ent dated June 1 1922, and sold or disposed o f at par, in connection with
the procurement o f 50 passenger cars at a total approximate cost of
SI ,2 2 6 ,17o
The certificates aro to be taken at par by tho American C ar & Foundry
C o ., from which the vendors are to procure the equipment, in part pay­
ment therefor.— Y . 114, p. 2241.

M anila Electric C o rpo ratio n.—

Dividend Increased.—

A quarterly dividend o f 2 % has been declared on the outstanding
$ 5 ,0 0 0 ,0 0 0 Com m on stock, par $ 100 , payable July 1 to holders of record
June 19. This compares with dividends paid at tho rate o f 6 % per annum
which havo been paid from 1915 to April 1922, inclusive.— V . 113, p. 2614.

Minneapolis & St. Louis R R .—

Bonds Authorized.—

The I .-S . C . Commission has authorized the company to issue $89,000
R ef. & E x t. M tg e. 5 % bonds, to bo pledged and repledged, from time to
time, until otherwise ordered, as collateral security for any note or notes.
See "C u rre n t E vents” “ Chronicle” June 3-— V . 114, p. 2 241 .

Mobile & O hio R R .—

Equipment Notes.—

The I .-S . C . Commission has authorized the com pany to issuo $366,000
Equipm ent notes in connection with the procurement o f 10 M ikado loco­
motives from the American Locom otive C o. at a total cost of $ 3 66 ,72 4. of
which $724 is to be paid in cash and tho remainder covered by the proposed
notes. N otes will be dated July 1 1922, and bear interost at rate of 6 % per
annum, payable semi-annually. W ill mature $ 36,600 annually July 1
1923 to 1932 inclusive.— V . 114, p. 522.

N. Y . Chicago & St. Louis R R .—

Common Dividend.—

The directors have declared a dividend o f 2 1 4 % on the outstanding
$ 1 4 ,0 0 0 ,0 0 0 Common stock, par $100. payable June 30 to holders o f record
June 19. The com pany in 1921 paid dividends on tho Com m on stock as
follows: Jan. 15, 5 % , Sept. 3 0 , 5 % . D ec. 31, 5 % .
Three quarterly dividends of 1 ]4 % each havo also been declared on tho
2nd Preferred stock, payable Juno 3 0 , Sept. 30 and D ec. 30 to holders of
record June 19, Sept. 19 and D ec. 19, respectively.— Y . 114, p. 2110.

New Y o rk & Queens C o u n ty R y .—

Interest Defaulted.— ■

The company has failed to pay $5,000 int. duo D ec. 1 last on two bond
issues amounting to $200,000, and foreclosure proceedings are expected
to be started. Tho six months’ grace allowed for meeting the interost on
the bonds expired June 1 and another $ 5 ,0 0 0 interest paym ont then became
due.— V . 114, p . 2360.

N o rth C arolina P ublic Service Co.—

Decision.—

See Southern Power C o. under "Industrials” below .— V . 114, p. 1064.

Pennsylvania R R .—Plans

to Enter Detroit.— •

See “ Current E vents” in “ Chronicle” June 3, p . 2436-— V .
2360 , 2116.

114, p.

P hiladelphia & Reading R y .— 6 Mos. Guaranty Certified.

The I .-S . C . Commission has issued a final certificate stating tho amount
necessary to make good this com pany’s guarantee for the six months of
1920 at $ 9 ,509,080 , of which $ 1 ,6 5 6 ,0 6 0 was still to bo paid — V. 114, p. 1535

P itts b u rg h & Lake Erie R R .—
of New York Central.—

To Become Local Division

According to Pittsburgh dispatches, tho road is sJbn to lose its Identity
and is to becomo known as the Pittsburgh Division o f the N ew Y o rk Central
Lines, with J. B . Y o h e, now Vice-Pres. o f the Pittsburgh & Lake Erie,
continuing in that capacity in chargo. The New Y o rk Central owns 5 1 %
of the Pittsburgh & Lake Erie stock; 5 % of it is held by Colonel J. M .
Schoonmakcr, now Chairman of tho Pittsburgh & Lake Erie, and other
Pittsburgh interests. The Vanderbilt fam ily, it is said, owns the remainder.
T o make the change roported to be under contemplation, the Now York
Central, it is said, must buy out tho other holders of the stock, including
what is held in Pittsburgh.— V. 112, p. 850; V . 113, p. 1472, 1569.

P itts b u rg h & West V irg in ia R y .—
— The stockholders will vote July 27—

To Increase Pref. Stk.

• (1) On increasing the authorized capital stock from $ 4 7 ,0 0 0 ,0 0 0 to
$51 ,9 0 0 ,0 0 0 (par $100 ), (2) on classifying the $ 4 ,9 0 0 ,0 0 0 of now capital
as preferred stock similar to tho oxisting preferred stock.

President H .

E.

Farrell, M ay 15, says in substance:

Since April 1 1917 company has expended for additions and betterments
over $ 2 ,0 0 0 ,0 0 0 , and by the end o f 1922 the total will have reached nearly
$ 3 ,0 0 0 ,0 0 0 . In order to reimburse tho Treasury for theso capital expendi­
tures it is proposed to issue preferred stock and placo it in the treasury.
T h o reason for issuing $ 4 ,9 0 0 ,0 0 0 o f such stock instead o f the above-men­
tioned $ 3 ,0 0 0 ,0 0 0 is to provide for future improvements.
Following
affirmative action on July 27 1922, application will bo made to the I.-S .
C . Commission for authority to issue $ 4 ,9 0 0 ,0 0 0 o f pref. stock, this stock
to romain in the treasury available for future corporate needs.
The $ 7 ,4 0 0 ,0 0 0 authorized by the stockholders N o v . 15 1920 has not
been issued as we aro awaiting tho approval o f tho I .-S . C . Commission.
This $ 7 ,400 0 00 is to take the place of tho $ 1 ,0 8 0 ,0 0 0 o f capital stock of,
and $ 6 ,3 2 0 ,0 0 0 o f advances to. W est Side Belt R R ., upon the acquisition
o f the property. The issuance o f $7,4 0 0 ,0 0 0 o f stock is to remain in the
treasury available for future corporate needs.
Present and Proposed Situation o f the Issuance of Slock I s as Follows.
Common.
Preferred.
Total.
Outstanding--------- ----------------- --------- _ ..$ 3 0 ,5 0 0 ,0 0 0 $ 9,100,000 $39,600 ,000
Auth. & awaiting approval of C om m - 4 ,4 0 0 ,0 0 0
3 ,0 0 0 ,0 0 0
7 ,4 0 0 ,0 0 0
Present authorization_________________ $ 3 4,900 ,000 $ 1 2,100 ,000 $47,000 ,000
Proposed issue o f preferred_____ _____
_________
4,90 0 ,0 0 0
4,90 0 ,0 0 0
T o ta l---------------------------------------------------$ 3 4,900 ,000 $ 1 7,000 ,000 $51,900,000
— V . 114, p. 2006.

P ortlan d Te rm in a l C o .—Bonds Authorized.—
The I .-S . C . Commission has authorized tho com pany to issue not
exceeding $195,000 1st M tgo. 5 % G old bonds; all or any part o f said bonds
to be pledged with the Director-General o f Railroads in connection with tho
funding o f indebtedness o f the carrier to the U . S. for improvements, ex­
tensions. or additions mado during Federal control.
Tho Commission also authorized the M aino Central R R . to assume
obligation and liability, as guarantor, in respect o f theso bonds.— V . 113,
p. 1574.

P ottstow n & Phoenixville R y .—Foreclosure

Sale.—

Under decree o f the Court o f Com m on Pleas o f M ontgom ery C ounty,
P a ., the Norristown Trust C o . will sell at public auction on June 29 1922a




at the Court House at NorrLstown, all the property pledged undor the
m ortgage dated June 1 19 12.— V . 10 6, p. 500.
__________

Reading Com pany.—

Directors—Dissolution Modified.

W illiam A . Law , President o f the First National Bank o f Philadelphia,
Samuel M . Curwen, President o f the J. G . Brill C o ., and Ira A . Place, a
Vice-President o f the N . Y . Central K R ., havo been elected directors,
succeeding Albert II. Harris and the late Hugh L . Bond Jr. and the late
Henry Pratt M cK ean .
See "C u rren t Events, ’ “ Chroniclo” Juno 3. p . 2431 . See also Central
R R . C o. o f N ew Jersey above.— V . 114, p. 2470, 1652.H

Savannah Electric Co.—

Stricken from List..—

There aro stricken from the B oston Stock Exchange list the Prof, and
Com m on stock, the property o f the company having been purchased and
its liabilities assumed by tho Savannah Electric & Power C o . The 1st
M tg o . 5 % bonds, due Jan. 1 1952, Savannah Electric C o ., now on the list,
havebeen assumed by the Savannah Electric & Power C o .— V . 113, p . 1574.

Southern In d ia n a Gas & Electric Co.—

Earnings.—

Cal Years:
1921.
Total gross earnings............................................................... $ 2 ,278,684
Operating expenses and taxes________________________ 1,505,691
Income ch arges..
-------------------------------- --------- -----------377 ,0 9 5
Preferred dividends-----------------------------------------------------153,797

1920.
$ 2 ,283,156
1,661,646
336,129
151,638

Surplus - - - - - - - - .......... ................ ......................................
— V . 113, p. 1472.

~ $ 1 3 3 ,7 4 3

Sprinyfield (O .) & W ashington R y .—

$242,101

Fares Increased.—

The com pany has been granted permission to increaso faros in Springfield.
Ohio, from 5 to 7 c e n ts — V . 114, p . 1288.

Tennessee Alabam a & Georgia R y .—

To Issue Stock.—

The company has appliod to tho I .-S . C . Commission for permission to
issue $400,000 Preferred and $400,000 Common stock. Tho old T . A . G .
road was recently purchased b y C . E . Jones through Court sale. I f permis­
sion to issue the stock is granted it is intendod to extend tho lino from
Gadsden. A la ., to Odenvillo, where it would tap tho Seaboard Air Lino.
Since the purchase of the roads b y 'O . E . Jones the lino has been closed
down for repairs. Freight service was resumed on Juno 1. A charter for
tho new company has already been secured hi Tonnessoe.— V .114, p. 1652.

Tennessee R y ., L ig h t & Power C o .—Time
10.—

scriptions Expires June

for Sub­

A notice to tho Pref. and Com m on stockholders says In substance:
Pursuant to plan for the organization of Tonnesseo Electric Power C o .,
dated April 10, a large amount of the securities for which exchanges were
offered has been deposited and the plan for acquisition of securities of Ten­
nessee Electric Power C o. b y stockholders of Tonnesseo R y ., Light &
Power C o ., dated M a y 20 1922, supplementary to the plan of April 10, has
been issued.
Tho stockholders of Tennessee R y ., Light & Power C o. M a y 19 approved
the plan and supplementary plan and authorized tho officers to sell and
transfer the assets pursuant to and for tho consideration sot out in tho plan
and supplementary plan.
Tho money roquired undor tho plan has been provided for by tho salo of
$12,150 ,000 Tennesseo Electric Power C o. 1st & Ref. Series A 6 % gold
bonds (V . 114, p. 2471) and $ 2 ,000,000 7 % 1st Pref. stock and tho under­
writing of 2d Pref. and Common stock offered for subscription to the stock­
holders of Tennessee R y ., Light & Power C o.
It is expected that everything necessary to tho consummation o f tho plan
can bo accomplished within the tlmo limitod for declaring tho plan operative.
Tim e for tho doposit of bonds for oxchange undor tho plan of April 10
has been terminated.
It is necessary to ascertain promptly tho amount of tho stocks of tho now
company to bo subscribed for by stockholders of Tonnesseo R y ., Light &
Powor C o. Timo for deposit of stocks for exchange and tho tlmo for sub­
scription for 2d Pref. and Common stocks of Tonnossee Electric Powor C o.
by tho stockholders of Tennesseo R y ., Light & Power C o . will oxpiro
Juno 10 and will not be extended. N o subscriptions will bo received
after that dato. Tho undersigned will subscribe as stockholders to their
full share of the new stock and have agreed without compensation to take
at tho offering price all the stocks which aro not subscribed for b y other
stockholders under tho privilege offered.
[Signed by Bonbright & C o ., Inc., E. W . Clark & C o ., I I . M . Byllesby
& C o ., In c., and Hodenpyl, Hardy & C o ., In c .]— V . 114, p . 2360, 2242.

Toledo Angola & W estern R R . —

Sold.—

The deal for tho salo o f the road to tho Sandusky Coment C o ., which is
at work on a $ 1 ,500,000 plant at Silica, O ., has been closed, according
to Toledo dispatches. The road has a mileage o f 12 mllos.— V. 114, p. 1535.

Toledo St. Louis & W estern R R .—Sale of Equip.
See “ Current E v en ts,” “ Chronicle” Juno 3 .— V. 114, p

U n io n Passenger Railw ay Co.—

Trusts.

2242.

Dividend.—

Tho semi-annual dividend o f $4.75 per share has boon declared on the
stock, payable July 1 to holders o f record June 15, less first and second
quarterly installments o f the 1921 income tax, amounting to 66 cents per
sharo.— V. 1 1 3 , p . 2615.

U n io n Tra c tio n Co. of In d ia n a .—

Bonds Extended.—

The outstanding $ 1 ,2 0 0 ,0 0 0 Indianapolis N ow Castle & Eastern Traction
C o. First M tgo. 6 % bonds, duo Juno 1, have been oxtonded to Juno 1 1932
at 6 % . Those bonds previously expired Juno 1 1919, but wero extended to
Juno 1 1922. Tho extended bonds are redeomablo at any tlmo after throe
yoars at 105 in tho fourth and fifth years and 1 % less for each subsequent
yoar, and par during the last year o f extension, togothor with interost.
Fidelity Trust C o ., Philadelphia, trusteo. Tho interest coupons aro free
of normal income tax up to 2 % .
The Juno 1 interost coupons wero paid
when due, as usual. Those bonds aro socurod by a first mortgage upon
about 62 miles o f interurban railroad extending from Indianapolis, by way
o f N ew Castle, to M uncie, and operatod undor loase as a part of the street
and interurban railroad system o f the Union Traction C o. of Indiana, which
under said lease agrees to pay the interest on tho bonds.— V . 114, p. 2242.

U n ite d L ig h t & Railways Co.— To Create an Issue of
7% Participating Preferred Stock— One-IIalf of Common Stock
Convertible into New Stock.—
The stockholders will voto Juno 30 on increasing tho authorized Capital
stock from $30,000 ,000 to $ 5 0 ,000 ,000 (par $100).
(See ad v. pages).
Th e authorized capital o f $20,0 0 0 ,0 0 0 will bo classified and known as
Participating Preferred Stock. O f this authorized am ount, approximately
$ 3 ,500,000 will bo issued on or about July 1 1922, being sufficient for the
conversion o f one-half of tho present outstanding Com m on stock, sharo for
share. This stock will draw dividends at rato o f 7 % annually and bo pay­
able in quarterly installments. Tho 7 % dividend will bo cumulative from
July 1 1922.
A further dividend to tho extent o f 1 % additional shall bo declared on the
Participating Preferred Stock whenever in any year tho Com m on Stock of
tho company shall pay or havo declared thereon dividends o f 7 % or more.
The Participating Preferred Stock will be subordinate to tho First Pre­
ferred Stock, now outstanding, in its claim on assots and earnings o f the
com pany. Th e Participating Preferred Stock can bo called for redemption,
in whole or in part, on any dividend dato. at 120 and dividends.
A s soon as the stockholders have ratified tho Increase, tho Common stock­
holders will be entitled to exchange one-half o f their present holdings of
Com m on Stock for a like amount o f 7 % Cumulative Participating Preferred
Stock, share for share. Warrants will bo issued on July 1 1922 to Common
stockholders o f record Juno 10. All Com m on Stock exchanged for Par­
ticipating Preferred Stock will bo returned to tho treasury.— V. 114, p. 1768.

United Rys. & El. Co. of B a lt.— -Modifies

Financing.—

In giving Its formal approval to tho plan ovolved by a commtttoo of
investment bankers in co-operation with Alexander Brown & Sons, fiscal
agents for the exchange of 4 0 % of tho com pany’s outstanding 4 % 1st M tgo.
bonds for bonds bearing 6 % in t., the M aryland P. S. Commission has
made two modifications. One of these extonds tho time within which doposits
of the 4 % bonds m ay bo mado with the Continental Trust C o ., trusteo,
from Juno 7 to Juno 17, and tho other stipulates that in caso thoro should
bo deposits of over 4 0 % , the 6 % bonds issuod in making tho oxchango shall
bo prorated among all doposltors.

Under the original plan, it was provided that deposits should close nouncoment o f tho $3 50 base for the Virginias, eastern K en tu cky and Ten­
Juno 7 and tho com m ittee roserved the right to closo the books oarlior if nessee, with still lower prices in Alabama, caused a buying reaction which
the 4 0% had boon deposited. It was also proposed that tho exchanges in some cases carried low pric&s up to figures close to tho new m axima.
should bo m ade on tho "first-com o-first-served principle,” and if there Buying b y railroad and steel interests in the K entucky and W est Virginia
should bo in excess o f 40% deposited, lato com ers should bo domed tho areas and an increase in orders from goneral industrial plants contributed
privilege o f m aking tho conversion. For outline o f plan see V . 114, p. 2361 • largely to this developm ent.
“ Spot prices during the past week again exhibited a general downward
trend. O f tho total number o f quotations, reported changes in 7 0 .1 9 % .
V i r g i n i a R y . & P o w e r C o . — O l d D e b e n t u r e B o n d s .— •
A decree o f tho Fodoral District C ourt o f R ichm ond, V a ., confirm ing a as com pared with figures for the week ended M a y 27, wero shown. O f
report o f Special Mastor A . L. Ilolladay, awarding Charles Hall D avis tho cliangos, 76.26% represented reductions. The average reduction was
$129,176, as o f Jan. 1 1920, for the value o f 71 debenture bonds o f tho 47.88 cents, while the average increase was 21.78 cents. For the m ost part
old Riclunond Passenger & Power C o. , owned b y him, was affirm ed M ay 2.1 tho Increases represented advances towards the new H oover maxima.
Individual reductions ranged from 15 cents to $ 1.”
b y tho U. S. Statos Circuit Court o f Appeals. Special M astor Ilolladay
Tho United States G eological Survey reports the follow ing fo r the week
in his inquiry into tho quostion o f alleged diversions o f funds o f the R ich ­
m ond Passenger & Powor C o. by tho old Virginia Passongor & Power C o. ended Juno 3 (in brief)
T ho ninth week o f tho coal strike showed a decided decrease in produc­
ascertained that tho aggregate amount o f diversions was $412,436. Tho
Virginia com pany took ovor tho properties o f the Richm ond com pany at a tion, largely becauso o f the observance o f M em orial D a y . Output o f soft
coal was between 4,550,000 and 4,750,000 tons, but production o f anthracite
foreclosure salo and was later merged into tho Virginia B y. & Power C o.
Davis started his fight for recovery o f tho value o f the debenture bonds was practically nil. Revised figures for eighth week (ending M a y 271 show
1,856,000 tons bituminous and 10,000 tons anthracite coal, total, 4,866,000
when ho filed a petition in tho Federal D istrict C ourt M arch 10 1910.
tons. P roduction is increasing very slow ly in the C onnellsvillo region and
A number o f other holders o f debenture bonds o f tho Richm ond com pany,
m
ore rapidly in Southeastern K entucky and Tennessee. From the strongly
m ost o f them Now Y ork residents, it is said, sought a few years ago to
intorveno in the case to recover whatovor funds m ight bo available ior organized districts no resum ption o f w ork has been reported.
apportionm ent am ong them. The District C ourt hold that thoy came in
E s t im a te d U n it e d S ta te s P r o d u c t io n i n N e t T o n s .
too lato and refused to ontertain their plea o f intervention, but the Appellate
-1921—
-1922C ourt reversed it and remanded their cause for further hearing in tho
W eek.
C a l. Y r . to D a t e
W eek.
C a l.Y r .to D a te
B
i
t
u
m
i
n
o
u
s
—
D istrict C ourt, whero it is now p on d in g — V . 114, p . 2361.
8.009,000 142,551,000
M a y 13........ ~
..........4.433,000 153,128,000
7.989.000 150.540.000
M a y 20 . . . . __________ 4,484,000 157,612,000
W e s t E n d S t r e e t R y . — S t r i c k e n f r o m L i s t .-—
8.166.000 158.706.000
4,856,000 162,468,000
There will bo stricken from tho Boston Stock Exchange list on and aftor M a y 2 7 . . ............
Juno 9 tho Pref. and Com m on capital stocks. On June 10 tho purchase M?y” S
l . r a c U e - ____ 7 „ „ „
34.573.000
1.938.000
o f this property b y the Boston Elevated R y . becom es effective in accord­
36.367.000
1.794.000
8,000
22.812,000
ance with the A ct o f 1911 and the subsequent acceptance votos or the M a y 20___
38.355.000
1.988.000
M a y 27_________________
9,000 22,821,000
stockholders o f tho tw o companies at a recent m eeting o f tho
stockholders o f the tw o companies
A t a recent meeting o f the stockholders
B e e h iv e C o k e —
2.989.000
69.000
2.491.000
tho directors woro authorized to tako tho necessary action to offect tno M a y 13________________
96,000
72.000
3.061.000
2.595.000
consolidation o f tho road with the B oston Elevated and for final dissolution M a y 2 0 . . .....................
101,000
3.128.000
68.000
.................................
H
9
H
9
9
2,696,000
M a y 2 7 ________________ 101.000
o f tho c o m p a n y — V 114, p 2361.
Senators Discuss Coal M in e Seizure.— “ Tim es Juno 9, p . 17.
W est P en n C om pan y.
N e w N a m e .—
O h i o O p e r a t o r s S e e k t o M e e t w i t h M i n e r s .— '“ Times June 8, p . 21.
C o n g r e s s M a y B e A s k e d t o F i x C o a l P r i c e s .— Tim es
June 8, p . 21,
See W est Penn Traction & W ater Power C o. below.
W e s t P e n n T r a c . & W a t e r P o w e r C o .— T o C h a n g e N a m e .
The stockholders will voto Juno 21 on changing the corporate name to
tho W est Penn C o.— V . 114, p . 2471.

’ A r b i t r a t i o n R e j e c t e d i n H a r d C o a l F i e l d . — M iners’ Scale C om m ittee will
not consider wago reduction in any form . “ Tim es June l , p. 4.

W e s t P h ila d e lp h ia P a s s e n g e r R y .— D iv id e n d . —
A somi-annual dividend o f $5 per sharo has been declared on tho stock,
payable July 1 to holders o f record Juno 15, less first and second quarterly
installments o f the 1921 incom e tax amounting to 70 cents per share.—
V. 113, p. 2615.
W i c h i t a F a lls & S o u t h e r n R R .— S e c u r it ie s A u t h o r iz e d .
The I.-S . O. Commission has authorized tho com pany: (l) to issue not
exceeding $161,000 C om m on stock (par $100) to bo delivered at par to stock
subscribers in part paym ent o f advances for capital purposes; ( 2) to issue
not exceeding $644,000 non-cum ulative Preferred stock (par $10(0 to do
sold at not less than 80, and the proceeds used in part paym ent for con­
struction and equipment and to discharge certain debt; (3) to issue *b&»,uuu
1st M tgo. 0 % gold bonds, to bo sold at not less than 85; proceeds to be used

C r u d e O i l P r i c e s A d v a n c e . — T h o following _grades have been advanced
25 c. a barrel: Pennsylvania to $3 50; Cabell to $2 36: Somerset light to
$2 40; Somerset heavy to $2 15, and Ragland to $1 25. "P o st Juno 5, p . 10.
Corning advanced 15c. a barrel to $2 15. “ Tim es” Juno 7, p. 25.
T ho Standard Oil C o . o f N ew Jersey has advanced its tank wagon selling
nrico o f gasoline lc . a gallon in M aryland and South Carolina. This was
follow ed by a similar announcem ent by the Texas C o. Standard Oil also
lias advancod its tank wagon selling price o f refined oil Me. a gallon in
South C arolina. “ T im es” Jun 9, p. 22: “ W all St. .1. June 5, p . 1.
T w o I n q u i r i e s I n t o G a s o l i n e — Departm ent o f Justice to inquire into oil

f° A s's^ cu H t^ for tho proposed bond issue, the com pany will exccuto. as
o f O ct 1* 1001 ;i first, mortem ire nnnn its nronertv. to the Mississippi vaney
Trust

O il P r o d u c tio n , P rices, & c.

1 P r e s i d e n t H a r d i n g A p p r o v e s L e a s e o f N a v y O i l L a n d s . — T e l l s S e n a t e hehas
been cognizant o f this policy and course from tho start and takes full re­
sponsibility; submits with his message Secretary Fall s report to aid the
Senators’ investigation. “ T im es” June 9, p . 1.
P rices, W a g e s a n d O th e r T r a d e M a tters.
A d v a n c e s in
P r i c e o f L e a d .— T he American Smelting & Refining C o.
announced on Juno 7 an increase from 5.65 to 5.75c., following tho increase
e l i a m S h o ^ M i l h C A d v a n c e s P r i c e s — T h e com pany on June 5 an­
nounced the following price advances: Dept. 3, Division C , staple woolens,
5c. to 55c.; D ept. 8, Division A , uniforms and specialty fabrics, 2 H c .
to 8 0c.; D ept. 4, wom ens’ wear, worsteds, 7M c. to 35c., and woolens 2 Me.

^ A m

IN D U S T R IA L

AND

M IS C E L L A N E O U S .

G e n e r a l I n d u s t r ia l a n d P u b lic U tility N e w s .
The
f o llo w in g ta b le s u m m a r iz e s r e c e n t in d u s t r ia l a n d p u b lic
u t i l i t y n o w s o f a g o n e r a l c h a r a c t e r , s u c h a s is c o m m o n l y
tr e a te d a t le n g th o n p r e c e d in g p a g e s u n d e r th e c a p t io n
“ C u r r o n t E v o n t s a n d D i s c u s s i o n s ’ ( i f n o t in t h e
E d it o r ia l
D e p a r t m e n t ” ) , e ith e r c o n c u r r e n t ly o r a s e a r ly a s p r a c t ic a b le
a fte r th o m a tto r b e c o m e s p u b lic .

Steel and Iron Production, Prices, &c.
“ Iron A g o ” Juno 8 says in brief;
Prices —-“ Stool prices continue to gain strength as producers aro forced
to uso larger percentages o f the high-cost coal from K entucky and Wost
Virginia. A t tho samo time the Steel C orporation s p olicy in adhering to
tho present sheet and tin plato prices on third quarter business serves to
hold tho market in check. However, in tho case o f sheets tho Corporation
limits this action to July shipments in view o f tho possible shift in tho
Slt“ l^ °e \ “
Vo f ' prices is uneven. Bars lire drawing away from other
heavy products and at Pittsburgh, while 1.60c. is still heard of, 1.70c. is
m oro*com m on for dofinito and early delivery. In structural steel, while
1 60c and 1.70c. aro early delivery pric&s, there aro fabricated contracts
that point to 1 .50c. steel. Cleveland, Pittsburgh and N ew Y ork ware­
houses m ade an advanco this week o f $2 per ton on plates, shapes and
bars and $5 on hoops and bands.
“ T ho autom obile industry continues to bo a free buyer o f steel, and in
other quarters there is m oro stir, n ot om itting agricultural implement
m Output.— “ Pig iron output in M a y continued tho gain shown in each
m onth sinco January. A t 2,306,679 tons last m onth, or 74,409 tons per
dav against 2,072,114 tons In A pril, or 69,070 tons per day, there was
a gain o f nearly 8 % . Over January, M a y shows an Increaso o f 4 0% .
“ There was a not gain o f 13 in active furnaces last m onth, 175 furnaces
with a daily capacity o f 77,520 tons being in blast on June 1, against 162
furnaces with a daily capacity o f 72,875 tons on M a y 1. Production is
now at tho rato o f 28,300,000 tons per year, against 16,700,000 tons in 1921.
Tho steel ingot figures for M a y will show a considerably larger increaso
than that in pig iron, owing to the heavy percentage o f scrap now being used.
C o k e — “ That coke supply is still ample appears from tho blowing in of
two furnaces in tho past week, ono near 1 ittsburgh and one near Youngs­
town
In both Pittsburgh and Youngstown districts tho average of Steel
Corporation and independent steel works operations is closo to 75%.

“ Some blast furnaco coke can bo had at $6 50, but $7 is m oro com m on.
In genoral tho fuel market is stiffer under tho dem and released b y tho
price announcements at Washington.

1 pi0 i ron — “ Very little buying is reported in tho pig iron market and
thoro aro somo requests for delay of shipments until tho reduced oro freights
bocomo effective July 1, but prices are firm and Alabama iron is established
at $18 50, an advanco of 50c. Stocks on Alabama yards Juno 1 were only
60 000 tons compared with 81,000 on May 1.

"G orm a n pig irort was advanced again on Juno 1. Finished steel prices
remain as o f April 1. Gorman steel exports have averaged 200.000 tons
per m onth for ten m onths,
.
R a i l r o a d O r d e r s . — “ In railroad cars. 3,700 woro b ou gh tin the past week,
and ropalr orders for 4,000 wore placed, and pending business covers
1^ f e r m T o f C o n s o l i d a t i o n o f M a c u l e S t e e l , R e p u b l i c I r o n A S t e e l a n d I n l a n d
S t e e l C o m p a n i e s A n n o u n c e d . - — See M ldvalo Steel & Ordnance C o. below.
M o r t i m e r L . S c h i f f D e n t e s F i n n I s B o u n d T o F m a n c e A b o v e S t e e l M e r g e r .—

Tells L ockw ood Committee, Kuhn, Loeb & C o. is under no moral obliga­
tion. “ Tim es” Juno 9, p. 1. l ost Juno 8, p. 1.
C h a ir m a n J u d g e E lb e r t I I . G a r y , o f th e U . S . S te e l C o r p o r a t io n , T e s t if ie s
b e f o r e t h e L o c k w o o d C o m m i t t e e R e g a r d i n g t h e S t e e l I n q u i r y .— “ Sun” Jun 2

p. 1. “ P ost” Juno 2, p. 1. “ Times

Juno 3, p. 1.

F e d e r a l T r a d e C o m m i s s i o n S e t s D a l e o f H ec a r i n g f o r J u l y 24
L. o n
■
■ • —filedM e r g e r o f m h l c h e r n - L a c k a i c a n n a C o m p a n i e s . — Com
plaint

P ro p o s e d

senato.
“ Post** June ,5, p. 1, “ Times Juno (5, p. 1.
Companies deny merger conflicts with Clayton A ct. “ Tim es”’ June 9, p. 7.
C oal P r o d u c tio n , P rices, & c.
M a r k e t Conditions.— T h o “ Coal Trade Journal” Juno 7 says in brief.
“ In tho oarly part o f the week there was a disposition in m any quartors to
withhold tho placement o f now orders until tho maximum prices on spot
coals from tho districts now operating should bo determ ined. Tho an-




t0 B u i l d i n g T r a d e s P r e s i d e n t a t C i n c i n n a t i C o n v e n t i o n U r g e s
P r e v e n t i o n B o a r d — T ho creation o f a national union labor b od y

C e r a tio n

o f

to prevent,
if possible, and tako responsibility for all building trades strikes was advo­
cated June 8 at the convention o f the Building Trades Departm ent o f the
American Federation o f Labor b y President John D onlin.
Tim es
B u i f d i n g L a b o r e r s S i g n U p a t $7 a D a y . — “ Tim es” June 6, p. 4.
J u s t i c e T a f t B a c k s W a g e C l a i m o f B e th le h e m S te e l C o . E m p lo y e e s A m o u n t i n g
l ° \V a d c * In a e a s e o f A p p r o H m a fe ly ^ O v fa t

W h e e lin g S te e l P la n t s . — "

Tim es”

.— W heeling Steel Corp. advances sheet prices for
the third quarter amounting to $3 a ton on black and galvanized and $2 a
ton on bluo annealed. The new prices arei effective>as o f June o. The
black sheets aro advanced to 3.30 c. a Pound from 3.15, the galvanized to
4.30c. from 4.15c., and the blue annealed to 2.50c. from 2.40c. Times
Juno 7. z>. 31.
'n i S h c c i P r i c e s

A dvance

L egal M a tters, L e g is la tio n , T a x a tio n , & c .
J u ry

D is a g r e e s

in

Judge is assigned.
R e - tr ia l

o f

JU§ttpreme
in

“ C e m e n t T r u s t ” C a s e . — Re-trial as soon as presiding
“ Engineering News R ecord June 3, p. 925.
C a s e s D e c i d e d o n .— Tim es
June 7, p. 9, Post

C em ent

C o u r t H o ld s

U n io n

H eads

L ia b le f o r

C o r o n a d o C a s e . - " P ost” June 5
, V fT m ™
S e n a to r L a F o lle t te A s s a ils C o r o n a d o D e c is io n .

S tr ik e

D a m a g e s — D e c is io n

L . ® £ ” Pju n e 8. p . 32;

C o r o n a d o R e h e a r i n g S o u g h t . — "T im e s " June 8, p| , ^ nn L P ' j '
t
H e n r y F o r d ’ s B i d f o r M u s c l e S h o a l s A c c e p t e d .— Henry Ford s proposal to
develop the Governm ent’s power and n it r a te p m j ec ts a t M u sclo Shoals,
but without the Gorgas steam power plant, rcceivirf unconditiimal approval
o f the House M ilitary C om m ittee June 3.
Tim es Jun 4, Sec. 1, p. 5.
P r e d i c t L o n g D e l a y O v e r M u s c l e S h o a l s .— Representative A lm on o f A la­
bam a, Juno 6, introduced another bill calling upon Congress to accept
without reservation the offer m ade b y Henry Ford for developm ent o f the
nower and nitrate projects at ]Muscle Shoals, Ala.
P P a r t o f V o l s t e a d A c t I n v a l i d . — U. S. Supreme C ourt against a tax in form

^ A ^ r ic a n

C o ilo n ’ ^ ic h a n o e C o m ic le t i. — J u r y

m itted members to “ bucket” orders.
P r e s id e n t H a r d i n g

S ig n s

“ Tim es

finds that organization per­
June 8, p. 4.
appoint agricultural

F e d e r a l R e s e r v e B i l l .— Can

" C h r o n i c l e ” J u n e 3 . — (1) C om m issio n ^ In te rn a tio n a l
bankers considering question o f international loan for Germany, p . 2415(2) C onference in New York on adjustment o f M exico s indebtedness,
p. 2416. (3) Offering o f (a) $24,000,000 Republic ofB oU via bonds p. 2417.
( b ) 4,000,000 kroner Copenhagen (Denmark) loan, p. 2417. (c) 40.0003)00
guildors A nton Jurgens (margarine) W orks, p. 2418. («) Louisville Joint
Stock Land Bank bonds, p. 2418. (e ) $1,000,000 bonds o f Bankers Joint
Stock Land Bank o f M ilwaukee, p. 2418. (4)
D u tch East Indies, p. 2418. (5_)_ Disposition o f S^.OOO.OOO Farm Loan

^ M a t t e r s C o v e re d in

b y W ar Finance C orporation, p . 2421. (9) (<*) A - H plain their suspension from N . \ . C otton Exchange, p. 2422. (o) John I .
Clark & C o . also suspended, p. 2422. (10) Howard E. Stanley, con victed
o f "b u ck e tin g," sontcnccd, p. 2422. (11) Unlistod foreign bonds, new
trading regulation o f Association o f Foreign Security Dealers, p. 2422.
(12) Stato institutions adm itted to Federal Reserve system , p. 2427.
13) Institutions authorized b y Federal Reserve Board to exercise trust
Dowers p. 2427. (14) U. S. Treasury certificates o f indebtedness over­
subscribed, p 2427. (15) C ou n try’s iron production in 1921, p. 2410-2413.
A m e r ic a n L im e & S t o n e C o ., T y r o n e , P a — B o n d s
.— P a r s l y B r o s . & C o . , W e s t & C o . , a n d G r a h a m ,
P a rs o n s & C o ., a ro o ffe r in g , a t 9 8 ) 2 a n d in t ., t o y ie ld a b o u t
7 . 1 5 % , $ 1 , 1 0 0 ,0 0 0 1 s t M t g o . 7 % S i n k i n g F u n d G o l d B o n d s ,
O ffe re d

^ E la te d A p ril 1 1922. D u o April 1 1942, but redeemable, all or part, at
any interest period on 60 days’ notice at 107H and int. on or before April 1.

1927. and thereafter at
less for each succeeding year to m aturity
Interest payable A . & O. "without deduction for 4 mills Penn, tax and norma
Federal incom e tax not exceeding 2 % . Hankers Trust C o .. N . Y . , trustee.
4 * te r ot! Pres. C h a rles W arn er, T y r o n e , P a ., J u n e 5.
C om pany.
Incorp. In 1 ennsylvama in 1901. N ow operates extensive
proporHes at Bellefonto, Union Furnace, T yrone Forgo, Ilollidaysburg
and G oodm an, Pa. Properties include one o f the largest deposits o f high
calcium limestone in the United States, covering an area o f over 1,600 acres
to contam upward o f 200,000,000 available tons o f high calS lJ T i
08
C om pany operates 18 quarries, 11 rock-crushing plants,
72 kilns and has near com pletion and in partial operation at B ellefonte a
m odern limp m anufacturing plant.
S i n k i n g F ' u n d . — M ortgage provides sinking fund o f 3 cents per ton on all
stone mined or quarried, the annual minimum requirement being 830,000,
to bo applied to purchase o f bonds.
P u r p o s e . — Proceeds will be used to retire present outstanding first m ort­
gage bonds, to reimburse treasury, and for additional working capital.
E a r n i n g s . — F or-fou r-year period, 1918 to 1921, inclusive, net income
before interest, taxes, depreciation, depletion, & c., averaged 8265,923,
approxim ately 3-4 times annual interest charge on this present issuo.
C a p ita liz a tio n A f t e r T h is F in a n c in g —
A u t h o r iz e d . O u t s t a n d in g .
6 % cum . p ref stock (par 8 10 0 )-------------------------------- 8700,000
$700,000
f ° ck tear $ 5 0 )-----------------------------------500,000
500,000
First m ortgage 7s (this issue)-------------------------------- 2,000,000
1,100,000
A m e r ic a n M a n g a n e s e C o ., C h ic a g o . - B o n d s O f f e r e d . —
* C o - p W ca g o , are offering, at 9 7 K and interest, $250,000
First M tge. C onv. 7 % Sinking Fund G old B onds, dated M a y 1 1922, due
serially $25,000 each year beginning M a y 1 1927 to M a y 1 1936, but callable.
2V
afc 105 and interest after M a y 1 1925. D enom ,
51,000, $500 and 8100. Convertible upon 60 d a ys’ written notice to the
C hicago Trust C o ., trustee, into the C om m on stock at par.
P r o p e r t i e s . — C om pany controls som e o f the largest known deposits o f
manganese ore in Am erica located in the fam ous Batosville-Cushm an dis­
trict o f Arkansas, com prising over 1,230 acres. Conservative estimates,
based on shipments the past fow years, and b y tunneling, shafts sunk, & c.,
,mJiTates (leP °s,ts in excess o f 2,000,000 tons.
Proceeds o f this issue will bo used for constructing new m odern mills,
a ^ a g l taJ i z a t i o n ~
A u t h o r iz e d . O u ls t a n d 'g .
& ?L £T oferr*etl ,s to c k ............................................................... $250,000
$50,000

A m e r ic a n
M eta l
C o .,
L t d .— S to c k
S o l d . — G o ld m a n ,
kSaohs & C o . , L o h m a n B r o t h e r s , C h a s . D . B a r n e y & C o .
a n d H a llg a r fc e n & C o . h a v e s o l d $ 5 , 0 0 0 , 0 0 0 7 %
Cum .
P r e f. (a . & d .) s t o c k a t p a r ($ 1 0 0 ) a n d d iv .
A b lo c k o f
C o m m o n [6 9 ,3 3 3 ] s h a r e s is a l s o b e i n g o f f e r e d a t $ 4 4 5 0 p e r
sh are.
( S e e a d v e r t i s i n g p a g e s .)
The new Prof, stock is convertible into C om m on stock at any time on
9 S b°Coro , un® t 1927 at rate o f 2 shares o f C om m on for one sharo o f Prof.
I ref. is red ., all or part, at 110 and d iv. D iv. on Pref. cum . from June 1 ’22.

Data from Letter of President C . M. Loeb.
Purpose.— Proceeds o f the now financing will be used to liquidate current
debt and to provide additional working capital.
com pletion o f the prasent financing com pany will havo
$ o ,000,000 Prof, stock authorized and outstanding and 536,000 shares no
R?r . ^ alAie Co.mm on outstanding (authorized 1,000,000 sharas). [The
stockholders will voto June 26 on reclassifying the presont $25,000,000 stock
o f one class Jinto $5,000,000 7 % Pref. stock and 1,000,000 no par value
shares C om m on stock. Holders o f the prasent Com m on will be givon the
new shares at the rate o f 3 1-3 shares for each ono held.]
Company.-—Has an international reputation in the metal trade. Is
largolv a holding com pany, its fixed property being almost entirely repre­
sented b y shares o f its subsidiary and affiliated corporations. C om pany
was organized in 1887 in N ew Y ork as an international trading concern,
and gradually took an active Interest in the mining and metallurgical in­
dustries o f the United States and South Am erica. C om pany has achieved
bbmmandmg position in the international non-ferrous metals trade.
Maintains several offices o f its own in the United States. M exico and several
South American countries, and has intimato and extensive business connec­
tions throughout E urope, Asia and Australia.
t *n
to strengthen its position the com pany acquired b y purchase
Ja5 ‘ pp m » 1
fcko assets ancl the business o f L. Vogelstoin & C o ., Inc.,
aI .A
This amalgamation necessitated a cash outlay o f moro
’ w hich was In part financed in F eb . 1920 b y an issue
o f $7,000,000 C om m on stock.
•
— Original capital o f $200,000 has been gradually increased to
Total cash distributions to stockholders paid up to Jan. 1
1922 amounted to $24,337,800, equivalent to 18% for nearly 35 years
on the average capital invested.
p£?«.?An(7Sp ~ 0onso,iclatcd profit and loss account for the first 4 months
oc 1922, after allowance for deprec’n, shows net o f $762,708.
N et earnings, after including earnings o f subsidiary companies (only to
tho extent o f tho present proportionate stock interost o f com pany acquired
after 1909 and after giving effect in each year to the 'stim ated saving in
interest (assumed to be at the rate o f 6 % ) that would have been made if
the stock now proposed to bo issued had boon outstanding during entire
P ^ 'o d , amounted to an average per year o f $4,064,851 for tho 13 years
1909 to 1921, both inclusive, equal to over 11 times annual dividend require" jo b t on the proposed Issue o f Preferred stock; $5,780,891 for the 7 years
1915 to 1921, both inclusive, being equal to over 16 times such require­
m ent.— V . 110, p . 1190.
A m e r ic a n P n e u m a t ic S e r v ic e C o .— E a
C a le n d a r Y e a r s —
1921.
1920.
Earns, after expenses & deprec'n_$376,492 $463,463
18,618
Oedart— Bond Interest--------------- 18,395
Sinking fu n d -------------------------------- ------------------_
581
581
D ividends on m inority stock
First pref. divs. (7 % per annu m ). 105,000
105,000
Second preferred dividends_____
.
Balance, surplus_______
— V. 114, p. 2244. 1290.

-S252.516

$339,263

r n in g s . —

1919.
1918.
$304,921 $337,213
20,529
24,498
51,912
74,575
726
722
105.000
105,000
_
(1K)94 490
$126,756

$37,927

A m e r ic a n S to r e s C o ., P h ila d e lp h ia .
L i s t i n g .—
T he Philadelphia Stock Exchange on Juno 3 listed 2,422 additional shares
o f C om m on stock, no par value, reported issued in exchange for i ,794 shares,
r jm t Pref. stock and 24 shares Second Pref. stock, canceled, making a tota*
or 199,283 shares o f C om m on stock listed June 3, and reducing the amount
o f First Pref. and Second Pref. stock outstanding to $346,500 and $154,000,
respectively.— V . 114, p . 2472, 2244.
A s s o c . M o t o r I n d u s t r i e s . I n c . , D e l.— P r o p o s e d A c q
See N ational M otor Car & Vehicle C orp below .— V . 113, p. 2188

u is .

A t l a n t i c F r u i t C o . — R e a d j u s t m e n t P l a n .— -A b r i e f o u t l i n e
o f th e p la n o f r e a d ju s t m e n t o f d e b t a n d c a p it a liz a t io n w a s
g iv e n in V . 1 1 4 , p . 2 4 7 2 .
T h i s p l a n , a s s t a t e d , lia s b e e n
a p p r o v e d (1 ) b y t h e c o m m i t t e e f o r t h e h o l d e r s o f t h e 7 %
1 5 -Y e a r S in k . F u n d C o n v . d e b s . ( H o w a r d B a y n e , C h a ir ­
m a n ) ; ( 2 ) b y t h e h o l d e r s o f s u b s t a n t i a l l y a ll o t h e r i n d e b t e d ­
n e s s ( o x c e p t c u r r e n t a c c o u n t s ) ; (3 ) b y t h e d i r e c t o r s , a n d
(4 ) b y t h e h o ld e r s o f la rg e a m o u n t s o f th e o u t s t a n d in g
C o m m o n sto ck .
T h e p r e s e n t s t o c k h o l d e r s s h a ll e i t h e r r e t a i n t h e s h a r e s
w h i c h t h e y n o w h o l d o r s h a ll r e c e i v e a n e q u a l n u m b e r o f
s h a re s o f n ew C o m m o n s t o c k (n o p a r v a lu e ) , in e ith e r c a s e
w ith o u t a n y ca s h p a y m e n t.
“ T h e plan m ay be accom plished either through the present com pany or
b y tho form ation o f a now com pany which will acquire tho assets o f tho
present com pany.
Tho plan makes no provision for any holder o f dobenturos, o f other
indebtedness or o f stock who d o not participate in tho plan. A ny securities
or stock which w ould b o deliverable under tho plan to such holders (had




they participated) m ay remain unissued or bo disposed o f b y tho com mitteos for the purpose o f tho readjustm ent or reorganization.
f t * iS Pr^ncibies on which the plan is form ed are to relieve the com pany o f
rixea interest charges, except upon a m oderate first m ortgago, the greater
ls reserved for future financing, and to con vert a large am ount
or the debt into stock, and to give now securities bearing interest payable
only optionally up to D ec. 1 1924, and thereafter payable only if earned,
though cum ulative, fo r the remainder o f the debt, except curront a ccou nt
and such other items as will be carried forward.
In the negotiations over tho plan, tho com m ittee for tho debentures has
been ablo to procure for tho debenture holders the right to take, without
assessment, at their option, to be exercised on or before A ug. 1 1922, in the
manner mentioned in tho plan, eithor an equal am ount o f the 8 % Incom e
debentures or C om m on stock at the rato o f $5 per sharo, equivalent to 200
shares w ithout par value for each $1,000 o f tho present debentures. T ho
now 8 % Incom e debentures will themsolves bo convertible, until m aturity,
into the now 8 % Pref. stock at tho rate o f $100 per share, or into the C om m on stock a t tho rate o f $10 per sharo, or 100 shares w ithout par value for
each 81.000 face value o f such new Incom e debentures.
A ttention is directed to tho fact that debenture holders who desire to
avail themselvos o f tho option to take C om m on stock a t the rato o f $5 per
share in lieu o f any equal principal am ount o f now incom o debentures must
exercise such option on or before A ug. 1.

Plan of Readjustment of Debt and C apitalization, Dated Ju n e

1.

Indebtedness as o f June 1 1922 (as Furnished by the Company).
(1) Crop Loan Notes (representing advances now ovordue made
or procured b y directors to com plote tho sugar m ill and harvest
and grind tho current sugar crop, and being secured undor
CuDan law o y the lien o f a Refaccion co n tra ct)_____________ $2,000,000
(2) Hank Loans, (payable on demand and against which the
tho banks havo an immediate right to offset cash balances
am ounting to approxim ately $700,000)_______________________ 3,500,000
( 3 ) 7 % 15- Year Sinking Fund Convertible Debenture bonds, duo
D ec 1 1934_________
10,000,000
(4) 5-Year Conv. 8 % Notes, duo Feb. 1 1926 (principally re p re ­
senting advances b y Directors either directly or through the
W est India Sugar Finance C o r p .)____________________________ 5,937,890
(5) Additional directors loans (represented b y notes overdue or
payable on dem an d)_____________________
2,250,000
(6) Other indebtedness (overdue or payable on dem and)— (a)
interest notes, $217,544; (b ) notes held b y West India Sugar
Finance C orp .. $380,000; (c) due W . I. S. F . C o . In open
accou nt, $100,835____________________________________________
698,379
(7) Swan Hunter A Wigham Richardson, Ltd. (unpaid portion o f
purchase price o f vessels for which titlo is withheld) approxi­
m a te ly____________________
950,000
(8) C u r r e n t a c c o u n t s p a y a b l e (incurred In tho ordinary course o f
business and fluctuating In am ount from m onth to m o n th ),
viz: (a) open accounts, approxim ately $739,767; ( b ) drafts
outstanding, approxim ately $192,748; (c) acceptances out
standing, approxim ately $140,940____________________________ 1,073,455
(9) R e o r g a n i z a t i o n L o a n (advanced and being advanced by
Colum bia T ust C o ., to balance income and outgo pending
tho carrying out o f this plan; secured b y pledgo o f steamship
stocks and notes, and guaranteed b y certain directors); not
exceeding_____________________________________________________
750,000
(10) Mortgages on land in Cuba (representing unpaid install­
ments o f purchase m oney) _________
150,000
T otal (oxclusivo o f interest), approxim ately_________________ $27,309,724
Present Capital Stock Issued and Outstanding.
Com m on stock o f n o par value______________________________ 392,494.4 sh.
New Securities To Be Issued by Either Present or Ncio Company.
The following securities will be issued in approxim ately the following
amounts:
(a) First Mortgage Bonds ( Total Authorized Issue) $10,000,000.
C om pany will create a new 1st M tg e ., which will be a first chargo on
substantially all the fixed assets in C uba and Jamaica (subject to $150,000
purchaso m onoy m ortgago on land in C uba, see abov e). M ortgago will
provide that com pany m ay purchaso property subject to m ortgago or m ay
make purchase m oney m ortgages, and will also contain suitable provisions
and restrictions as t o release o f the Cananova property.
A uthorized $10,000,000 maturing in not more than 25 yoars. T o be
imm ediately issued $5,730,000, Series A , bearing interost at 7 % and
callable a t any tim e, all or part, at par and interost. O f this sories $2,730,000 are to b o used under tho plan, and $3,000,000 aro to be placed in the
treasury, so that com pany m ay sell them or borrow against them a t any­
tim e. A n y o f such treasury bonds at any tim e remaining unsold m ay be
exchanged for an equal face am ount o f bonds o f ono or m oro other serios.
Tho balance, viz. $4,270,000, shall be issuable as additional bonds o f
Series A or as bonds o f one or moro other serios. N o sinking fund for
Series A . T ho sinking fund and other provisions for bonds o f any other
series shall be such as m ay bo prescribed in the m ortgage.
(&)
Second Mortgage (closed) 7 % Incom e Bonds, $5,750,000.
C om pany will create a new 2d M tgo. (second charge on all assets covered
b y 1st M tge.) but prior as to principal and intorest, to all other funded
obligations. T o be immediately issued, not exceeding $5,750,000, shall
mature in 25 years. Interest at rato o f 7 % , payable only if earned, but
no interest shall bo payable, oven if earned, up to Doc. I 1924 (unless
com pany shall determine to pay all or any part o f the sam o), and aftor
D ec. I 1924. the interest shall accumulate (whether earned or n ot): i.o ., no
Intorest shall bo payable on the 8 % Incom o debentures (bolow ) or dividends
be paid on any stock In any year, unless all interest on the Incom o bonds
accumulated after D e c. 1 1924 shall have boon paid; but nevertheless
interest after that date shall be payable on the Incom e bonds only if
earned. R ed. all or part, up to D ec. 1 1924, at par without interest
and thereafter at par and interest.
(c) 8 % Income Debentures, $10,000,000.
C om pany will create a new issuo o f not exceeding $10,000,000 8%
Incom e Debentures maturing in 25 years. Intorest payable only if earned
(and subject to paym ent o f accumulated interest on Incom e bonds) but
no interest shall lie paid up to D ec. 1 1924, unless the com pany (having
theretofore paid full interest on the Incom o bonds) shall determine to pay
all or any part o f such interest. A fter D ec. 1 t924, interost shall bo paid
on the debentures if earned and shall from such dato accumulate whether
earned or not; i.e ., no dividends shall bo paid on any stock in any year,
unless all interest on debentures accum ulated after Dec. 1 1924, shall havo
been paid; but, nevertheless, interest from and after said dato shall bo
payable on tho debentures only if, and to tho extont that, in each year it
shall havo been earned and after all accumulated intorest shall havo been
paid on, or provided for on the 1st M tgo. bonds and on the Incom e bonds.
Debentures shall be redeemable all or part, up to D oc. 1 1924, a t par
without interest, and thereafter at par with any interest accrued and
unpaid after that dato.
Conversion Rights fo r 1st Mtge Bonds Series A ; 2d M tge. Bonds and Debentures.
T h o $2,730,000 1st M tge. bonds. Series A , which are to be issued im m e­
diately, tho $5,750,000 2d M tge. Incom e bonds atfll $10,000,000 Incom e
debentures will respectively be convertible either int(TO% Preferred stock or
into Com m on stock on tho following terms:
(a) A t any tirao until m aturity or redem ption, into said 8 % Preferred
stock at rate o f 10 shares o f Preferred stock (par $100) for each $1,000 o f
obligations; or
(b) A t any tim o until m aturity or redem ption into Com m on stock (no
par value) a t rato o f $10 per share, being 100 shares for each $1,000 o f
obligations;
A nd in either case upon paym ent o f any stam p taxos or other charges
which com pany m ay bo required to pay with respect to tho issuo and
delivery o f any stock necessary to effect such conversion.
(d) 8 % Preferred (a. A d.) Stock).
There will b e authorized an Issuo o f 8 % Preferred stock, non-cum ulative
until Dec. 1 1924, but cum ulative thereafter, redeemable, all or part, at
any timo after D ec. 1 1924 at 115 and dividends accrued and unpaid aftor
that date. N um ber o f shares to b o im m ediately authorized shall be
sufficient to provide for tho oxorcise o f tho conversion rights specified above.
(e) Common Stock (N o Par Value).
T ho C om m on stock shall consist o f shares w ithout par value and the
number o f such shares to be imm ediately authorized and issued shall be
such as shall be deem ed sufficient to provide for tho present outstanding
shares on the terms stated bolow and for the requirements o f this plan
including tho conversion rights above.

T e r m s o f E x c h a n g e f o r O ld D e b t a n d S e c u r it ie s f o r N e w

S e c u r it ie s .

—— ------------------Will Receive----------------------- Outstanding. 1st Mtge. 7% Income 8% Inc.
Common
About.
7% Ronds.
Bonds. Debentures.
Stock.

Existing Debt and
Securities—
8
SS
S
S
_____
Advances by director and
ethers
*10.886,260
y2,000.000 y2,250,000 ------- z6,636,270
Bank lo a n s ........... ......... 3,50C,000
---------y3,500,000
----------------7% 15-Year Conv. debs.. 10,000,000
...................... ....... yl0.000.000
--------Swan, Hunter & Wlgham
Richardson, Ltd., acct.
950,000 a730,000
------------------, ,--------Reorganization loan........
750,OOOi These will be taken over or assumed by new
Current accts. pay'lo, &e. 1,073,455/ company.
Mtge. on land In C uba.. .
iso,000 These will remain undisturbed
Existing cap. stk 392 494 4-10 shs. Present stockholders shall either retain the
shares which they now hold or shall receive
an equal number of shares of new Common
stock (no par value), In either case without
any cash payment.
x Includes "Crop Loan notes” amounting to 82,000,000; 5-Year Cony. 8 ^o notes
due Feb. 1 1926 85,937,890; additional directors’ loans of 82,250,000 (the latter
represented by notes overdue and payable on demand), and other Indebtedness,
y Holders of Crop hoan notes, 15-Year Sinking Fund Conv. Debs., 5-Year Conv.
8% notes, additional directors’ loans, and other Indebtedness, and the creditor
banks, and any other creditors accepted by the committees, who shall have deposited
evidences of Indebtedness with Columbia Trust Co., or shall have assented to and
become bound by the plan. In any other manner satisfactory to the committees,
mav. at their option if exercised within such period as the committees may pre­
scribe, elect to take Common stock of the new or reorganized company at the rate
■of 85 per share, in lieu of any equivalent amount of new 1st Mtge. bonds, 2d Mtge.
Incomo bonds, or Income debentures, which they would otherwise have been
entitled to receive.
z Being 1,327,254 shares at value o f $5 per share
a In addition they will l>e given mortgages o f £30,000 each on two vessels
and the title to the two vessels will be transferred to the com pany.
N o t e __N o provision is m ade for the indebtedness incurred b y sub­
sidiaries in tho purchase o f steamships from the U . S. Shipping Board,
for the reason that the com pany assumed no responsibility for such indebted­
ness. Tho notes and mortgages have been sold b y tho Shipping Board,
and the com pany Is negotiating with the new holders to retain tho use o f
the vessels and eventually to acquire them , and, in that connection, tho
com p a n y m ay assume liabilities on the basis o f serial paym ents over a
period o f years not exceeding 830 per ton and interest.
p
M e th o d s o f P a r tic ip a t io n in

th e P la n .

Holders o f 7% 15-Y ear Sinking Fund C onv. Gold Debenture bonds who
desire to participate in the plan, must deposit their debentures with the
Colum bia Trust C o ., 60 Broadway, Now Y ork, depositary, on or before
Julv 1
Debentures so deposited must be accom panied b y the coupons
due" D ec. 1 1921 and June 1 1922, and all subsequent coupons.
Holders o f tho 5-Year C on v. 8 % notes who desire to participate in tho
plan must deposit their notes with Columbia Trust C o ., depositary. N otes
deposited must bo accom panied b y the coupons due Feb. 1 1922, and all
subsequent coupons.
.
, ,
A ny other creditors m ay be becom e parties to the plan either b y depositing
their evidences o f indebtedness, or proofs o f their claims satisfactory to tho
com m ittees, with Columbia Trust C o ., depositary.
T ho holders o f existing Com m on stock who desire to participate in the
plan must deposit their stock with Columbia Trust C o ., depositary.
A t l a n t i c H o l d i n g Co.-—Holders o f shares o f the capital stock o f Atlantic
H olding C o. who desire to participate in the plan m ay deposit their stock
with Colum bia Trust C o ., and the depositary shall be authorized to effect
the exchango o f the stock for existing C om m on stock o f A tlantic 1' ruit
C o . in tho ratio o f 4 shares o f such existing C om m on stock o f A tlantic
Fruit C o. for each share o f stock o f A tlantic Holding C o.
U pon doposit o f stock o f A tlantic Holding C o ., tho depositary will pay
to the depositing stockholders any cash liquidating dividend which m ay
have been supplied to it b y said A tlantic Holding C o. for the purpose.
C o m m itte e f o r D e b e n tu r e
B o n d s . — Howard Bayne, Chairman, C . A .
B o o d y . R obert IC. Cassatt, II. B. Clark. E . N . Potter, J. Herndon Smith
and G . II. W alker, with G . E . W arren, Sec., 60 B roadway, N . Y ., and
Joseph P. C otton , Oounsol.
C o m m i t t e e R e p r e s e n t i n g S t o c k h o l d e r s . — Frederick B . Adam s, Chairman,
25 B roadway New Y ork ; Samuel F. Pryor, H . O. H avom eycr and T . O.
M uller.
•
E x p e n s e s o f R e a d j u s t m e n t . — The new or reorganized com pany will assume
and pay all expenses o f effecting the readjustm ent, and o f carrying out the
plan, including all expenses o f com pleting tho liquidation and dissolution o f
the A tlantic Holding C o. and all expenses o f the com m ittees.— V. 114,
p. 2472, 2016.
A tla n t ia H o ld in g C o . — T o B e D is s o lv e d . —
The Columbia Trust C o. is acting as depositary for h e distribution o f
the liquidating dividend on Com m on stock o f the A tlantic Holding C o .,
am ounting to. per share, $1 28 in cash and 4 shares o f Com m on stock o f
A tlantic Fruit C o. (see plan above).
A t l a n t i c G u lf O il C o r p .— O i l P r o d u c t io n ( i n B a
1922— M a y — '1921.
Decrease. I 1922— 5 M o s . — 1921.
695.532
1,136,274
440,742|3,987,979
10,889,467
— V. 114 p. 2119.

r r e ls

).—

D e c re a s e .

6 901 488

A t l a n t i c R e f i n i n g C o . - A c q u i s i t i o n .—
See Gilliland Oil C o. below .— V . 114, p. 1762.
A u t o c a r C o ., A r d m o r e , P a . — W i n s S u i t . —
Tho right o f tho com pany to the exclusive uso o f tho word “ A utocar” in

B e th le h e m
s io n

in

R e p o rt to

S te e l C o r p o r a t io n .—
S e n a te

S a y s B e th le h e m

F e d e ra l
a n d

T ra d e

C o m m is ­

L a c k a w a n n a

M e rg e r

T r a d e — C o m p a n i e s D e n y M e r g e r B r e a k s L a i v .— _ A ctin g in rosponso to a resolution sponsored b y Senator La F ollette,
R epublican, o f W isconsin, tho Federal Trade Comm ission has issued a
com plaint citation against the Bethlehem and Lackawanna m erger, now
virtually com pleted, and charges that the com bination will stifle com petition
and contains dangerous tendencies In restraint o f trade and com m erce.
T ho Comm ission alleges that the proposed merger violates Section 7 o f
tho C layton A ct. T hat section prohibits the acquisition b y one com pany
o f stock in a com peting concern.
Tho Com m ission’s letter, in transmitting the com plaint to the Senate,
says that “ the issue o f the com plaint is m erely the institution o f form al
proceedings to test tho legality o f the proposed m erger.” July 24 has been
named as the date on which a hearing will be held.
President Eugene R . Grace says that the com pany will w elcom e the fullest
investigation, and “ we believe that when the facts in the case are fully
shown tho purchase will be approved. W e will shortly be ready for the
hearing and hope that the Commission will hear tho case considerably in
advance o f the tim o named b y it in its com plaint.” — V . 114, p . 2245.
D enying that the merger is in con flict with the C layton A ct, b oth com ­
panies have asked the Commission to dismiss the com pliant. T h e y also
asked that tho date o f hearing be advanced.— V. 114, p. 2245.
R e s t r a in s

B lu m
B u ild in g , C h ic a g o .— B o n d s O f fe r e d . — N o rth e rn
T r u s t C o . a n d S te v e n s o n B ro s . & P e r r y , C h ic a g o , a re o ffe r ­
in g a t p r ic e s t o y ie ld 6 . 2 0 % , a c c o r d in g t o m a t u r it y , $ 9 5 0 ,­
0 0 0 1 s t ( c l o s e d ) M . L e a s e h o l d s e r ia l 6 s (s e e a d v . p a g e s ) .
D ated Jan. 1 1922
D ue serially July 1 1923 to 1934. b ut redeem able,
all or part, on any int. date upon 60 days’ notice at 103 and int. Int.
payable J. & J. without deduction for normal Federal incom e tax up to 2 % .
Northorn T rust C o ., C hicago trustee. Guaranteed unconditionally as to
principal and Interest b y H arry II. Blum, President o f B lum ’s In c., o f which
the bonds are a direct obligation. The bonds are secured b y a closed first
m ortgage on tho leasehold estate and the building at 624-26-28-30 South
M ichigan A v o ., C hicago, known as the Blum B ldg. Construction work
now in progress will convert the present 7-story building Into a 14-story
shop and office structure.
,
,
It is estim ated that, after paying all operating expenses and taxes, and
allowing for vacancies, the not earnings from the com pleted building appli­
cable to interest and am ortization, will be $153,450 per annum.
B o o t h F i s h e r i e s C o . , C h i c a g o . — N o A c t i o n o n P l a n .—
T ho stockholders on M a y 23 took no action on the plan to issue $10,000,­
000 7 % Debentures. See also V . 114, p. 1656, 2363.
B o s t o n C o n s o l i d a t e d G a s C o . — G a s R a t e R e d u c e d .—
T ho com pany has reduced the price o f gas to its customers 5 conts per
1.000 cu. ft., effective Juno 1, making the new rate $1 30 per 1,000 cu. ft.
Tho M ass. Departm ent o f P ublic Utilities recently approved a now con­
tract between tho com pany and tho New England Fuel & Transportation
C o . o f E verett, under which tho Boston com pany is to p ay 45 cents per
1.000 cu . ft. for gas purchased from the Everett com pany, this being a
reduction o f 5 cents from the previous rate.— V . 114, p. 2473.
B r o o k ly n U n io n G a s C o .— R e s u m e s D iv id e n d s . —
The com pany has declared a quarterly dividend o f 2 % , payable July 1
to holders o f record Juno 19. T his is the first dividend since Oct. 1 1919,
when a paym ent o f \ } 4 % was m ade.— V . 114, p . 2473.
B u n k e r H ill & S u lliv a n M in in g & C o n c e n t r a t in g C o .
The com pany has taken over the entire control o f all operations and
developm ent o f the Big Creek M ining C o. property for a period o f five years.
The com pany has agreed to advance sums for tho paym ent o f all debts
owed b y the Big Creek C o ., and to pay a royalty to tne latter com pany on
all shipinonts from the mine to the Bunker Hill smelter. This royalty will
bo applied towards the repaym ent o f the cash advanced.— V .112, p . 260.
C a d d o C e n t r a l O il & R e f i n i n g G o . - R e s ig n a t io n . —
Lawronco B . Dunham has resigned as President to becom e associated
with G . M .-P . M u ph y & C o ., bankers.— V. 114, p. 1290.
C a lifo r n ia -O r e g o n -P o w e r C o .— P r e f . S to c k — C o n t r a c t . —
T he California Railroad Comm ission has authorized the com pany to
issue $200,000 7 % P ref. stock. The proceeds are to be used to supplement
the financing o f the com pany’s construction program. See offering o f
$1,000,000 1st & R ef. M tgo. 6 % bonds in V. 114. p . 630.
See a so M ountain States Power C o . below.— V . 114, p. 1055.
C a l l a h a n Z i n c - L e a d C o . — T o I n c r e a s e C a p i t a l .— T ho shareholders will vote July 24 on increasing the authorized capital
from 500,000 shares to 1.000,000 shares. President John Borg says:
“ Stockholders are to be given the right to subscribe to part o f the new issue
in an am ount and at a price to be announced after the increase has been
authorized. Proceeds o f the new financing are to be used for the acquisi­
tion , developm ent and equipment o f new properties. T he present condition
o f the treasury is excellent with sufficient cash on hand for m ore than
three years’ requirements on a basis o f present maintenance operations.
T ho com pany has no indebtedness aside from current accounts payable.
— V. 114, p. 2018.
C a lu m e t & A r iz o n a M in in g C o .— P r o d u c t io n ( i n L b s . )
1922— M a y — 1921.
In c re a s e . I
1922— 5 M o s . — 1921.
In c re a s e .
3,566,000| 12,810,000
11,427,672
1,412,328
3.566.000 ________
N o t e .— Operations were suspended in M a y 1921 and resumed early in
February 1922.— V . 114, p . 2120. 1656.
C anada

S te a m s h ip L in e s , L t d .—

O ffic e r s .—

- V . 114, p . 2245.
B e a v e r B o a r d C o m p a n i e s . — P l a n D e c l a r e d E f f e c t i v e .—
The reorganization plan was form ally declared effective Juno 7 after
pproval b y the banks wlth^ which the com pany did business and with

UlUlllg Wllipuilj I
continued w iin some cnansen m w iu m u za u u n u> meet tho requirements o f
the reorganization plan. These changes in capitalization include an issue
o f 11-year 8 % C oll. Trust gold notes lim ited to 85.000,000. O f this issue
about 83,150,000 will bo issued In exchange at par for the present 8 % 12year gold notes o f tho com pany dated Jan. 1 1921, and tho entire capital
stock o f tho Heaver Products C o ., In c., with a net book value o f about
a id .£00.000. will be nledged as collateral for tho new notes.

C a n a d i a n G e n e r a l E l e c t r i c C o . — D i v i d e n d D e c r e a s e d .—
Tho directors on Juno 5 decided to cu t the annual dividend rate on the
C om m on stock from an 8 to a 6 % basis. T he com pany has been paying
dividends at the rate o f 8 % per annum on the Corr n on stock sinco 1916.
In 1920 a cash bonus o f 2% was paid, while in July 1921 the com pany
paid a 20% stock dividend, which increased the outstanding Com m on stock
from $9,000,000 to $10,800,000.— V. 114, p. 2 0 1 8 ji ______________________
C e l l u l o i d C o . — D i v i d e n d R e d u c e d .—
A quarterly dividend o f
%
lias been declared on the outstanding
$7,098,000 Com m on stock , par $100, payable June 30 to holders o f record
June 16. In M arch and June last, quarterly dividends o f 2% each were
paid on tho Com m on stock. From 1917 to 1921 in cl., dividends at the rate
o f 10% per annum were paid on this issue.— V . 114, p. 1411 . ^ . u , . ..uni
C e n t r a T ~ M a s s 7 ~ E l e c t r i c ~ C o . — S t o c k A p p l i c a t i o n .—
The com pany has applied to the Massachusetts Departm ent o f Public
Utilities for authority to issuo $425,000 additional capital stock , par $100.
tho proceeds to bo used to pay for additions and improvem ents. Capital
stock now outstanding is $470,500.— V. 114, p. 857.
C e n t r a l S t a t e s E l e c t r i c C o r p o r a t i o n , — N o t e s P a i d .—
T ho $5,963,500 5 % notes, due June 1, were paid o f t at m aturity b y cash
at Guaranty Trust C o. o f N ow Y ork. Funds to pay o ff these notes were
raised tlirougli the salo o f com p a n y’s holdings o f stock o f Cleveland Electric
Illuminating C o. Sco V . 114, p . 1538.

B e a v e r P r o d u c t s C o ., I n c . — P la n O p e r . — N e w F in a n c in g .
See Beaver Board Companies above.
T he com pany has sold to Central T rost C o. o f Illinois, Federal Socuritlos
C orp. and ilantbloton & C o. $2,000,000120-Year 7 f i %
Sinking Fund gold
bonds. Bonds are to be secured by 1st & Ref. M tge. on tho fixed assets
o f tho com pany, tho not valuo o f which is about $14,000,000. Tho balance
shoot o f this new com pany will show a net quick ratio o f about 4 to 1, and
tho com pany will have a surplus o f about $lb,500,000. Tho m ortgago will
provide for tho retirement o f the entire issue at 110 and intorost.




C o lu m b ia G r a p h o p h o n e M fg . C o .— S ta t u s — O u t lo o k , & c .
— P r e s . H . L . W i l l s o n , in a n a n n o u n c e m e n t J u n e 2 s a y s :
Six m onths’ work on tho part o f the creditors has culm inated in a satis­
factory arrangement whereby the debt o f the com pany, b oth principal and
interest, at the discretion o f a readjustm ent com m ittee, is postponed for
3 years, leaving tho com pany free from embarrassment through individual
actions and in position to proceed aggressively with its new policies o f
production and dealer co-operation. (See plan in V. 114, P- 1656 )
Tho com pany is not a n d never has been in the hands o f a receiver. A
petition for such action was filed b y small holders o f stock but tho plea
was dismissed prom ptly. T he agreement o f a m ajority o f note holders
against tho com pany to defer paym ents both on Interest and principal
from April 1 1922 to Aug. 1 1925, after deducting an amount not in excees

o f aggregate bank deposits on Sept. 16 1921, is healthy indication o f the
faith they have in the earning capacity o f the com pany under normal
conditions. This plan could have been blocked b y objections from 25%
o f the note holders, but not 3 % objected.
A.11 o f this means that the com pany has cleared its decks o f the unfor­
tunate situation created b y the sudden stoppage o f business, tho sudden
falling o ff in sales and the accumulation o f inventories, and the m anage­
m ent is in a position to d e v o to its entire energies to carrying forward tho
com p any’s business o f serving tho public dem and for tho best that can bo
reduced in tho way o f instruments and records, and it is tho earnest
itention o f tho management to devote itself to carrying out this policy.
Tho volume o f business in tho last m onth, considering tho soasoti and
tho uncertainty as to tho success o f efforts to effect a reorganization plan
that would fully moot tho approval o f all concerned, has been m oro than
satisfactory. Im proved products, tho closest possible relations with our
fam ily o f dealers and strictest econom ies in production we aro confident will
com bino to develop a steadily im proving business outlook for the com pany.
T hrough tho period o f depression, wo did not lot up on experimentation
tending to im prove our products. As a rosult, we can say definitely that
discoveries havo been mado in our plants that are o f tho utm ost significance
to all lovers o f phonograph music.— V . 114, p. 2245, 1656.

E

C o m m o n w e a lt h E d is o n C o ., C h ic a g o .— E x p a n s io n . —
A five-pago articlo entitled “ Calum et Station Adds 180,000 K . W . to
Generating C apacity o f Chicago C om p any,” showing some o f the important
mechanicai features o f the new Calum et station, together with illustrations
and graphs, will be found in tho “ Electric Railway Journal” June 3, pagos
897 to 901. Seo also V. 114, p. 2474.
C o n s o l i d a t e d C i g a r C o r p . — Q u a r t e r l y E a r n i n g s .—
T ho report for tho quarter ending April 1 shows: Gross profits. 8462,863:
expenses, 8299.303: not earnings, 3163,559: other Income, $24,376; total
incom e, $187,935; interest, discount, & c., $75,390; net profit, $112,545
— V . 114, p. 2364.
C o n s o l i d a t e d G a s C o . o f N . Y . — T o R e d e e m B o n d s .—
The com pany announces that it will redeem on Sept. I 1922 all o f its
outstanding 5-Year Secured 7 % C onv. gold bonds at 102 ' / - and lnt. A
holdor o f any o f tho bonds has the option to con vert on A ug. 1 the principal
o f such bonds into an equivalent amount par value o f Com m on stock at
tho N ational C ity Bank o f N ow Y ork, trustee.— V. 114, p. 2246.
C o n s o lid a t e d G a s , E le c tr ic L ig h t & P o w e r C o . o f B a lt.
S o l d . — A lo x . B r o w n & S o n s , L e e , I lig g in s o n & C o .,
B r o w n B r o t h e r s & C o ., J a c k s o n & C u r t is a n d S p e n c e r T r a s k
& C o . h a v e s o ld a t 9 9 a n d i n t ., t o y io ld o v e r 6 . 0 5 % , $ 1 0 ,0 0 0 ,­
0 0 0 1 s t R e f . M t g e . 6 % S i n k i n g F u n d g o l d b o n d s , S e r io s A
(s e o a d v e r t i s i n g p a g e s ) .
Bonds aro dated Feb. 1 1919 duo Fob. 1 1949. Interest payable F . & A .
at Alox. Brown & Sons Baltimore and Bank o f the M anhattan C o. Now
York* without deduction for Federal income tax up to 2 % . Bankers
Trust C o. N ow York trustee. R ed. all or part at any timo on 60 days’
notico at 110 prior to Feb. 1 1924 during next 5 years at 107 Yg , during next
15 years at 105 and during last 5 years beforo m aturity : t 102; plus interest.
D ata from L etter o f P resid en t H erb ert A. W a g n er, B altim ore, J u n e 8.
C o m p a n y .— Does ontiro gas, electric light and power business in tho city
o f Baltimore and surrounding counties, and also supplios ail tho powor for
tho operation o f tho entire street railway systom in this area. T otal popu­
lation served about 775,000.
P u r p o s e .— Proceeds will bo used to refund $5,000,000 Consol. Gas Elec­
tric Light & Power C o. o f Balto. 7 % Secured C onv. N otes and $5,000,000
Consolidated Powor C o. o f Balto. 6 % Socurod N otes, both maturing Aug. 1.
S e c u r i t y .— Theso 310,000,000 6 % Scries A bonds (equally with $5,000,000
744% Series B bonds and $9,000,000 7 % Series C bonds) are secured by
m ortgago on all property now owned or hereafter acquired.

—

B o n d s

Data from Letter of Pres. R. T . Crane, J r ., Chicago, Ju n e

2.

C o m p a n y . — Incorp. in Illinois in 1865.
Has boon built up alm ost entirely
from o.irnings to position as largest m anufacturer in tho w orld in Its field .
Business comprises m anufacture and salo and purchase and salo o f valves,
fittings and appliances fo r convoying and controlling steam , water, air,
gas, oil or other liquids and gases; sanitary appliances and fixtures, heating
apparatus, pum ps, windm ills, gas engines, m ill supplies, tools and kindred
articles.
C a p ita l’n ( N o F u n d e d D e b t) a fte r t h is F in a n c in g .

A u t h o r iz e d .

O u t s t a n d in g .

Preferred stock, 7 % C u m u la tiv e --.................. ........ $15,000,000 a$13,228,700
41,199,625
C om m on stock (par $ 25 )............................................. 50,000,000
a O f this am ount $1,993,299 represents em ployees’ subscriptions to P ref.
stock, payable in installments.
P u r p o s e .— Proceeds will bo used to rotiro $4,900,000 1st M tgo. 5 A %
bonds on next int. dato.
C a l. Y e a r s .

N e t P r o fit.*

C a l. Y e a r s .

N e t P r o fit.* \C a l.

Y e a rs .

N e t P r o fit.*

1921--------------S i,880,894 1918________ $7,341,135 1915............. .. .$3,517,329
1920_________ 9,268,206 1917............... 10,193,090 1914................ 2,245,385
1919_________ 8,091,783 .1 9 1 6 - ............. 9,281,63111913................ 3,578,597
♦After deducting depreciation and taxes.
N et earnings as shown in 1921 were after all losses resulting from reducing
values o f inventories to tho lower cost or m arket. T h e current year Is
showing a substantial im provem ent over 1921.
B a l a n c e S h e e t D e c . 31 1921 ( A f t e r P r e s e n t - F i n a n c i n g ) .
L ia b ilitie s —
A s s e ts —
Preferred stock __________ $13,228,700
Land, bldgs., & c., less
reserve for doproc’n ___$23,378,531 C om m on s to ck __________ 41,199,625
f a s h on hand & in banks 3,511,913 A ccounts payablo___________________ 1,895,716
22,837
U . S. securities_________ 1,472,190 A ccrued itom s__________
A ccts. & notes roc. less res. 7,401,424 Reserves for insurance,
1,397,731
taxes, & c_____________
Inventories, loss reserves 15,373,409
8,641,211
Invest, in assoc, c o ’s ____ 13,255,054 S u rp lu s_________________
T otal (each s id e )_____ $66,385,820
E m pl. subsc. to p f. s tk . 1,993,299
S u b s i d i a r y A; A f f i l i a t e d C o m p a n i e s .— Additional m anufacturing and dis­
tributing properties aro owned b y subsidiary and affiliated com panies.
Crane. L td., has a plant in M ontreal for production o f cast-iron and malloablo fittings and brass and iron valves. Canadian Potteries, L td ., a sub­
sidiary o f tho form er, has a plant at St. Johns, Quo., for production o f
vitreous sanitary ware o f high quality. In 1921 com pany organized the
Crano Enamelwaro C o ., which has constructed and acquired plants at
Chattanooga, T enn ., for production o f enameled iron bath tubs, sinks,
lavatorios and other small ware. C om pany owns a largo interest in M utual
Potteries C o ., with plant at T renton, N . J. Distributing subsidiaries incltldo Crano E xport O orp ., N ow Y ork; Com pagnio Crano, Paris; CranoBonnott, L td ., L on d on , and Crano & Ordway C o ., St. Paul, M in n .—
V . 114, p . 2019.
D o m i n i o n I r o n & S t e e l C o . , L t d . — S e t t l e m e n t .—
Justico Audotto in the Exchequer C ourt o f Canada has confirm ed a
settlement for $4,500,000 o f tho action instituted against tho Crown b y
tho com pany for $10,964,000. T ho com p any’s claim arose out o f tho war
contract which tho Governm ent gave tho com pany in 1919 for 250,000
tons o f ships plates. T ho Governm ent paid $3,000,000 on account o f tho
claim some timo ago and an order-in-council o f M ay 20 authorized a com ­
plete settlement o f tho whole m atter upon a further paym ent o f $1,500,000.
— V. 112, p. 1403.

D o n n o r S t e e l C o ., B u f f a l o , N . Y . — B o n d s S o l d . — K is s e l,
K in n ic u t t & C o ., C e n tr a l T r u s t C o ., o f I llin o is , H a m b lo t o n
& C o . a n d S e h o e l k o p f , J u t t o n & P o m e r o y , L i e . , h a v e s o ld
a t 9 8 a n d i n t . , t o y i e l d a b o u t 7 . 2 0 % , $ 5 , 0 0 0 ,0 0 0 1 s t R e f .
M t g e . 2 0 - Y e a r 7 % S i n k i n g F u n d g o l d b o n d s , S o r ie s “ A A . ”
D ated Jan. 1 1922. D u o Jan. 1 1942. Int. payablo J. & J. in N ow Y ork ,
C ldcago and Buffalo, without deduction for normal Fedoral incom o tax not
in excoss o f 2 % . Provision for refund o f Ponna. and Conn, tax o f 4 mills.
E a r n in g s f o r C a le n d a r Y e a r s .
Red. as a whole only (except for sinking fund) on any int. dato at 107 XA and
G ro s s E a r n s .
N e t a ft e r T a x . F ix e d C h a r g e s .
B a la n c e .
int. to and inch Jan. i 192o, the premium thereafter reducing A o f 1% in
$12,813,617
$4,800,711
$2,283,622
$2,517,089 each year until 102 y t is reached, and thereafter at that price, until m aturity
1 9 1 9 -----------1920 - ..........
15,433,458
4,981,667
2,428,285
2,553,382
D cnoin. $1,000, $500 and $100 (c* ). Marino Trust C o ., B uffalo, trustee.
1 9 2 1 ........................... 10,612,38S
6,027,806
2,826,184
3,201,622 A uth., $10,000,000, outstanding, $6,800,000.
1 9 2 2 * ...............
17,898,636
7,256,768
2,950,483
4,306,285
L i s t i n g . — Application will be mado to list bonds on Now York Stock
* Year ended April 30.
Exchange. Bonds havo been listed on tho Chicago Stock Exchange.
S i n k i n g F u n d .—A n annual sinking fund o f 1% o f all 1st R ef. M tge.
Data from L e tte r o f P re sid e n t VV. H . D o n n cr, B u ffa lo , J u n e 5.
bonds from timo to time outstanding, first paym ent not later than A ug. 1
C o m p a n y . — Incorp. in N ew York in D oc. 1915'to acquire a plant which
1923, is to bo used for purchase or call and retirement o f 1st Ref. M tge. bonds.
had
been operated for approxim ately 10 years. A t the present timo plant
D i v i d e n d s .— Continuous cash dividends on tho Com m on stock havo been
paid since 1909 at rates averaging over 7 % per annum for tho last 11 years. is rated as one o f tho m ost efficient and well balanced steel plants o f Its
size
in the United States. Rated annual capacity o f 2 blast furnaces,
T ho present rate, 8 % , has been paid sinco April 1 1917.
340,000 tons o f pig iron and o f 10 open hearth furnaces 540,000 tons o f
F u n d e d D e b t U p o n C o m p le tio n o f P r e s e n t F in a n c in g .
ingots, resulting in 400,000 tons o f rolled steol products, finished and semi­
C onsol. Gas, El. Lfc. & Pow. C o. Gen. (closed) M . 444s, 1935--\$13,845,000 finished, and 70,000 tons o f surplus m erchant pig iron.
yC ons. Gas, El. Lt. & P. C o. o f Balt. 1st R ef. M tgo. bonds:—■
Com pany now produces basic, malleable and foundry pig iron, blooms,
Series A 6s, duo Feb. 1 1919 (this issue)_____________________ 10,000,000 billets and slabs, sheared platos," small shapes, m erchant bars and many
Scries B 744s. due D oc. 1 1945_____ _________________________ 5,000,000 special sections, including those used in the automobile industry. Its de­
Series C 7s, Convertible, due Oct. 1 1931___________________
9,000,000 form ed bar has been on tho markot only a few m onths, but is now recom ­
I s s u e s o f C o n s t it u e n t A S u b s id ia r y C o s . u p o n C o m p le tio n o f P r e s e n t F in a n c in g .
mended by tho best engineers and is used extensively In concrete construc­
Consolidated Gas C o. o f Balto. C ity 1st Cons. 5s, 1939 (closed ). $3,400,000 tion. Its plant is electrically equipped throughout.
do
Gen. M tgo. 444s. 1954 (closed except for $3,400,000
Subsidiaries aro D onner Union Coke C orp. (the com pany owning 50%
reserved to retire 5s o f 1939)______________________ 6,100,000 o f sto ck ), Donner M ining C o. (1 0 0 % ). Donner Steamship C o. (m ajority) ,and Hastings Coal & Coke C o. (1 0 0 % ).
,
United Electric Light & Power C o. 4 44s, 1929 (elo^<4fl)_________ 4,428,0 0
P u r p o s e . — -Proceeds will bo used to retire current bank dobt incurred for
R oland Park El. & Water C o. 1st M tgo. 5 % bonds, Fob. 1 1937300,000 substantial acquisitions and improvem ents to properties and for working
Baltim ore El. C o. o f Balto. C ity guar. 1st M tgo. 5s, 1947______
3,943,000 capital.
do
do
do
guaranteed 5 % Preferred s tock ......... .. 1,000,000
S e c u r i t y .— Secured b y direct mortgago lien upon all fixed assets now or
Guaranteed bonds and Preferred stock o f Public Servico Build­
horoafter owned, and upon stocks o f subsidiaries, subject only to $5,000,000
ing C o. (covering 20-story offico building, ono-third o f which
1st & Purchase M oney M tge. 5% bonds duo 1935, o f which $4,300,000
is occupied b y tho com pany and two-thirds by tenants)______
1,563,000
(or 86% o f tho total issue) will be pledged undor this mortgago.
x In addition, there aro $1,155,000 deposited as collateral under the
C a p i t a l i z a t i o n . - — Bonds o f this issue will underlie $800,000 5-Year 6%
$3,943,000 Baltimore Electric 5s, 1947, now in tho hands o f tho public.
debentures, $3,000,000 8 % 1st Pref. stock, $6,000,000 7 % Pref. stock and
y Upon com pletion o f this financing $13,750,000 1st M tgo. 5s o f Consol. $4,522,500 C om m on stock.
Power C o. o f Baltimore, constituting tho total outstanding funded dobt o f
E a r n i n g s . — The first 5 years o f com p any’s operations m ay be regarded as
that com pany (out o f an authorized issuo o f $15,000,000), will bo deposited a constructive and developm ent period. Therefore tho operating results
as collateral undor tho 1st R ef. M tgo.— V . 114, p. 2121.
cannot bo taken as a criterion o f tho com pany’s present earning capacity.
Gross business for the 5-year period aggregates $77,269,000, aftor main­
C o n s o l i d a t e d W a t e r C o . o f U t i c a . — S t o c k I n c r e a s e d .—
tenance, repairs, renewals and ($3,206,269) depreciation. N ot profits for
The stockholders on M a y 25 voted to incroaso the authorized 7 % Cum ul.
this period were $6,661,000, or an annual average o f $1,332,000. as com ­
fir s t Pref. stock from $500,000 (all outstanding) to $2,500,000, par $100. pared with total annual interest requirements o f mortgage dobt, including
T he com pany has also (authorized and outstanding) 81,000,000 5 % non- this issue, o f $511,000.
cum . Pref. stock and $1,500,000 Com m on stock, par $100.— V. 110, p. 2196.
In 1920 com pany earned $1,926,651, aftor deduction o f all operating
expenses, maintenance, repairs and depreciation, or equal to 3 % times in­
terest on mortgage debt, including this issuo. In 1921 tho com pany re­
C o n s u m e r s P o w e r C o . — R e p o r t .—
ported an operating loss duo to general business depression.
C o m p a r a t iv e I n c o m e A c c o u n t, C a le n d a r Y e a r s .
S i n k i n g F u n d . —-Mortgago will provide for a sinking fund com m encing
G ro s s E a r n in g s —
1921.
1920.
1919.
Jan. 1 1924 o f 25% o f net earnings, after interest, taxos and depreciation
E lectric........................................
$9,765,516 $9,672,748 $8,026,991
charges,
with a minimum o f 3 % o f tho entire amount issued, whothor or
G a s - . . . . .............................................
4.037,214 4,238,717 3,241,936 not outstanding,
which shall bo paid annually com m encing Sept. 1 1924, in
H eating and water.................... .............
270,562
245,989
170,168
semi-annual installments for the purchaso or redem ption o f bonds up to tho
callable
price.—
V.
I l l , p. 497.
T o t a l....................................................... $14,073,293 $14,157,453 $11,439,094
8,373,210
9,835,681
7,217,054
Operating oxponses and taxes............
D u r a n t M o to rs , I n c .— A c q u ir e s W i lly s E liz a b e th P la n t . —
Seo W illys C orp. below .— V . 114, p. 1770.
Gross Incom o.................... ...................$5,700,083 $4,321,772 $4,222,040
Interest and other fixed charges____ 2,358,558
2,112,959
1,688,823
E l D o r a d o W a t e r C o r p ., P la c e r v illo , C a lif.— B o n d s . —
T he California Railroad Commission has authorized tho com pany to issue
N et incom o available for dopr. & d lv.$3,341,524 $2,208,813 $2,533,218
Dividends on Preferred S tock ..............
847,479
780,845
605,327 $200,000 First M tgo. sinking fund gold bonds o f Sorios A at not less than
89 and interest. Proceeds will bo used to retire outstanding bonds and for
capital oxponditures, &c.
B a la n c e ...
......................................$2,494,044 $1,427,967 $1,927,891
— V . 114, p. 83.
E l e c t r i c S t o r a g e B a t t e r y C o . — D i v i d e n d .—
A quarterly dividend o f 75 cont.s per sharo lias boon declared on tho out­
(W m .) C r a m p & S o n s S h ip & E n g in e B l d ’g C o .— N o t e s .
standing
C om m on stock, no par valuo, payablo July 1 to holders o f record
Tho 5 % serial notes o f April 1903, and which mature Jan. 1 1923 and
July 1 1923, will bo rodoemed on July 1 at 102 \ 4 and int. at tho banking Juno 14. This is at tho rato o f $3 per sharo (12% per annum) on tho old
stock,
par
$100, which rato has been paid on that issuo from Oct. 1920 to
houso o f Droxol & C o ., 5th and Chestnut Sts., Phlla.— V . 114, p. 1895.
April 1922, incl. Com pare V . I l l, p. 1770, 2122, 2364.
C r a n e C o . , C h i c a g o . — P r e /. S t o c k S o l d . — L e o , I fig g in s o n
E x c h a n g e B u f f e t C o r p . — E a r n i n g s .—
& C o . a n d M e r c h a n t s L o a n & T r u s t C o . h a v o s o ld a t 1 0 6 ,
A ccording to official estimates, not oarnirigs will am ount to approxi­
m
ately
$535,000 for tho fiscal yoar ended A pril 30 last. Theso figures,
t o y ie ld a b o u t 6 .6 0 % , $ 5 ,0 0 0 ,0 0 0 7 % C u m . P r e f. (a . & d .)
which aro arrived at after making deductions for depreciation and Fedoral
sto ck .
P ar $100.
(S e e a d v e r t i s i n g p a g e s . )
taxes, com pare with not return o f $485,000 for tho preceding yoar. A fter
D ividends payablo Q .-M . R ed ., all or part, on any div. day on 60 days’ tho paym ont o f dividends, it is oxpoetod that practically $85,000 will bo
notice at 110 and dividends.
credited to tho surplus account, as against only $40,000 in 1921.




T he corporation is now operating 35 restaurants and 42 cigar stands in
N ew Y ork, B rooklyn and Newark.— V. 114, p. 1657.
G e n e r a l E le c t r ic C o .—

P a te n t

S u its .

—

T h e c o m p a n y h a s b e e n g r a n t e d a p r e li m in a r y i n j u n c t i o n b y t h e U . S.
D i s t r i c t C o u r t Tor t h o D i s t r i c t o f N e w J e r s o y in it s s u i t a g a in s t I n c a n d e s ­
c e n t P r o d u c t s , I n c . , A r l i n g t o n , N . J . , f o r in f r i n g e m e n t o f i t s L a n g m u i r
g a s - f i l l e d la m p p a t e n t N o . 1 ,1 8 0 ,1 5 9 .

T ho General Electric C o. and the Edison E lectric A ppliance C o. on
Fob. 21 filed suit in M ilwaukee against tho Cutler-Hamrnor M fg . C o.
alleging infringement o f A bbott patont N o. 1,307,341, covering what is
known as sheath wire.— V. 114, p. 2246.
G i l l i l a n d O i l C o . — S e l l s T a n k s <0 P i p e L i n e . —
T he com pany recently sold to tho Atlantic R efining C o its tank farms
and 40 miles o f pipe lino in tho Homer and Ilaynesvillo fields for a con­
sideration o f approxim ately $3,300,000- Tho Gilliland Oil C o is retiring
only from the transporting and o f oil developm ent, but will continue
developm ent operations.
, „
T he sale is in pursuance to formal approval o f the transaction. M ay 10,
b y Judge Jack o f the Federal C ourt at W ichita Falls, Texas. T ho formal
transfer was o f 1,300,000 barrels o f Ilaynesvillo and Hom er crudo, 33 tanks
o f 55,000 barrels capacity, loading racks, pum ping system s and other pipe
lino and tank farm equipment. V . 114, p. 1186.
G o l d w y n P i c t u r e s C o r p . — N o t e s C a l l e d .—
T he corporation gives notice that it has elected to redeem (subject to
right o f conversion on or before July 5) on July 10 $250,000 face amount
o f 2-Yoar 8 % C onv. N otes, dated N ov. 15 1920, at 101 and int. at the
Chase N ational Bank, trusteo, 57 B roadw ay, N . Y . C ity . Numbers o f
notes in denominations o f $1,000 range from 4 to 1,493; o f tho $500 denom­
inations from 3 to 497, and o f tho $100 denom inations from 6 to 403
A fter giving effect to the redem ption or conversion o f tho $250,000
notes, the corporation will have $250,400 o f the original issue outstanding.—
V . 114, p. 1539.
G r a n b y C o n s o l. M in in " , S m e lt in g & P o w . C o ., L t d .—
There will bo added to tho Boston Stock Exchange list, on notice o f
issuance and paym ent, 30,000 additional shares (par $100) capital stock.
Theso shares woro offered for subscription to stockholders o f record April 14
at $25 per share. Subscribers wero perm itted to m ake paym ent in full on
M a y 4 1922 or in installments, $5 on M a y 4, $10 on or bororo Juno 2 and
$10 on or boforo July 1. Tho proceeds o f this issuo are to bo used for tho
construction o f a storage water power dam at A nyox, II. O ., for impounding
o f water for winter use in tho present hydro-electric plant at that point.
— V. 114. p. 2364.
G r a n it e v ille M a n u fa c t u r in g C o .— B o n d s O f fe r e d . —
M ercantile Trust & Deposit C o. and Baker, W atts & C o ., Baltimore,
are offering at 99 and int., $1,200,000 1st (Closed) M tge. 7 % Sinking
Fund Gold bonds.
,
,
D ated Juno 1 1922. Maturing Juno 1 1942. but callable as a whole or in
lots o f not less than $50,000. or for the sinking fund all or part without
restriction as to amount, on 30 days notice at 105 and interest. M er­
cantile Trust & Deposit C o ., Baltimore, trusteo.
C om pany was organized in 1845 and is one o f tho oldest cotton co m ­
panies In tho South. Various mills o f the com pany m ake sheetings, heavier
goods for export and converting, as well as the favorably known brand o f
“ Graniteville Khaki.
M ills are equipped with 96,000 spindlos and
2,654 automatic looms. C om pany owns In feo 1,200 h. p. o f hydro-olcctric

I n t e r n a t i o n a l N ic k e l C o .— R e f in e r y R e s u m e s O p e r a t io n s .
Operations have been resumed at the com p any’s refinery at Port C olbourno, Ont. It has been officially announced that the smelter at Copper
C liff, O n t., which have not yet restarted, will be opened early this autum n.
Seo V. 114, p. 1186.
T he annual report for tho year ending M arch 31 1922 shows: T otal in­
com e, $607,353; administration and hoad office expense, $523,749; net
operating incom o, $83,601: shut-down expense, $428,631; depreciation and
depletion rese-vc, $137,721; miscellaneous, $15,000; loss for year, $797,747;
total profit and loss surplus, $10,015,840.— V . 114, p. 1186.
I s la n d c i i & T r a n s p o r t C o r p .— T im e F r ie n d e d . A c . —
T ne protective com m ittee, headed b y Charles T . B rown, Chairman,
representing holders o f voting trust certificates, has issued a statement
Hinting at tho possibility o f legal action on behalf o f the stockholders.
T ho com m ittee announces that it has extended the time in which votin g
trust certificates m ay bo deposited under the protective agreement until
June 30 next. W ith respect to tho current position o f the corporation, the
com m ittee says that the com pany is now engaged in drilling operations on
a 50,000-acre tract south o f tho city o f Vera Cruz, M ex , with indications
favorable to tho discovery o f oil. T he receivers are conducting the opera­
tions at a profit, and a judgm ent o f $1,165,000 has been recovered b y the
com pany against the N ew England Oil Corporation.
P r o v is io n a l
In d e p e n d e n t
S to c k h o ld e r s ’
C o m m i t t e e .—
H oward D . Ross, Chairman, Greenwich, C on n .; James F olev. Treas.,
Dw ight E Potter and W m . Oppenheim, N ow Y ork; Charles \V. Potts,
Philadelphia; Alexander C . Scully, Lancaster. P a.; W m . F. Stone Jr.,
Bristol. C onn. Tem porary office, R oom 1104, 115 B oradw ay, N . Y '
— V . 114, p. 2365.

K i> -b y L u m b e r C o . — N e w V i c e - P r e s i d e n t .—
.1. W . Link has been elected Executive Vice-President and a director.
T he com pany now has 13 mills in Texas and Louisiana. This includes
tho property o f the American Lumber C o. at M erryville, L a ., which was
purchased recently.— V . 112, p. 2418.
,.j
(S . S .) K r e s g e C o . — M a y S a l e s . —
1922— M ov— 1921.
In c r e a s e . I
1922-5 M o s . -1921.
$4,903,106 $4,232,289
$670,817 $21,953,279 $19,933,711
— V . 114, p . 2476, 2123.

In c r e a s e .

$2,019,568

(S . H .) K r e s s & C o .— M a y S a l e s . —
1922— M a y — 1921.
In c re a s e . I
1922— 5 M o s . — 1921.
$2,510,967
$2,110,159
$400,808 $10,507,494 S10,367,262
— V. 114, p. 2123. 1659.
L a c k a w a n n a S te e l C o .— P r o p o s e d M e r r ie
See Bethlehem Steel C orp. abov e.— V . 114, p. 2247.

r D e c la r e d

In c re a s e .

S140.232
Ille g a l.

L a fa y e t t e M o t o r s C o ., I n d i a n a p o li s .— R e o r g a n iz a t io n . —
T he stockholders will vote June 20 on authorizing the salo o f the property.
& c., to LaFayetto M otors C o rp ., organized in M aryland, with an authorized
capital o f $3,000,000 7% 1st Pref. stock (par $100), $4,000,000 7 % 2d Prof,
stock (par $100), and 30.000 shares o f C om m on stock, no par value.
D ata fro m C ir cu la r L e tte r t o S to c k h o ld e r s , S ig n e d b y t h e D ir e c to r s .
H i s t o r y o f O l d C o m p a n y . — T ho com pany was organized in 1919 in D ela­
ware with a capital o f $4,000,000 Pref. stock, paid in in cash, and 40,000
shares no par C om m on, o f which Pref. shareholders received 25% with
their Preferred holdings.
T ho com pany acquired a plant and necessary equipm ent and has con­
* T ho bonds are issued to reimburse tho treasury for funds exponded in
tho purchase o f the entire capital stock o f tho Warren M anufacturing C o. structed and sold approxim ately 1,000 cars. Owing to high costs, business
(now inorged), and the purchase o f 4,939 shares, which is the control o f depression, & c., com p a n y’s outlays havo far excoeded its cash returns.
N early $1,000,000 o f bank loans have beon made, and in addition tho Nash
the capital stock o f the Sibley M anufacturing C o. o f Augusta, Ga.
M otors C o. has advanced approxim ately $500,000.
For tho six years ended Dec. 31 t J - 1 com pany earned, after deducting
As consideration for this and for other assistance from tho Nash organ­
Federal taxes and depreciation but before interest, an average o f $412,116,
or over 3J4I times interest and sinking fund requirements. N et earnings ization, the holders o f approxim ately 8 0% o f the C om m on stock o f this
com pany havo transferred their stock to the Nash com pany. If the com ­
for 1921, after deducting fe d e ra l taxes and depreciation, wero $126,204.
pany is to continue doing business it m ust obtain at loast $2,000,000 addi­
tional working capital.
G u a n a ju a t o P o w e r & E le c t r ic C o .— B o n d I n t e r e s t . —
N e w P r e f e r r e d S t o c k s . — B oth classes will contain provisions similar to
Tho bondholders o f the Guanajuato Power & E lectric C o., M ichoacan present
IPreferred stock. Thero will be no sinking funds, and tho 2d Pref.
Pow er C o. and Central M exico Light & Power C o. have received a letter
stock will be non-cum ulativc, and in tho event o f non-paym ent o f dividends
from Curtis & Hine, Gen. M grs., saying in brief:
Thero has been no niarkod chango in general political and business c o n ­ will not be given voting rights. T ho 1st Pref. stock m ay bo increased with­
ditions in M oxico since Jan. 1. Business o f com panies continues to in- out obtaining the consent o f either class o f Preferred stocks.
R i g h t s t o O l d S t o c k h o l d e r s . — T ho stockholders aro to bo given the op p or­
creaso and their cash resources have accum ulated to such an am ount as
to ju stify tho paym ont o f two additional overdue coupons on tho bond issue tunity to subscribe in cash for the stock o f tho new corporation upon the
o f each com pany were it not for the uncertainties still surrounding M exico's follow ing basis:
E very holder o f 2 shares o f Pref. stock and every holder o f 4 shares o f
political and econom ic conditions anti its relations to this cou ntry. B e­
C om m on stock m ay subscribe for a block consisting o f 1 share o f 1st Pref.
cause o f theso uncertainties, directors and tho bondholders’ protective com ­ stock
and 1 share o f Com m on stock o f tho now corporation at $101 per
m ittee havo decided that you r ultimate interest will bo best conserved by
block.
paying but ono cou pon at this tune.
N a s h M o t o r s C o . t o S u b s c r i b e . — The Nash M otors C o. will subscribe for
Directors havo accordingly decided to p ay on July 1 1922 tho coupon duo
full am ount o f both 1st Pref. and C om m on stock o f the new corporation
O ct. I 1921 o f G uanajuato Power & E octric C o.; tho coupon duo July 1 tho
to which it is entitled as a stockholder, amounting to approxim ately 8,500
1921 o f Central M exico Light & Power C o.; tho cou pon duo July 1 1921 o f shares
o f 1st P ref. and approxim ately 8,500 shares o f Com m on stock.
M ichoacan Power C o. and 6 m onths interest (incl. any coupons still un­
I f tho subscription for 1st P ref. and C om m on stock, including that o f the
paid) on the matured bonds o f M ichoacan Power C o ., with interest at 6 %
Nash
com
pany, should aggregate less than 20,000 shares o f each, tho Nash
on tho above coupons and ovorduo interost. C oupons o f M ichoacan com pany will
take at tho subscription prices named above such addi­
Pow er C o. and Con ral M exico Light & 1 owor C o. should bo ropsonted to tional amountsalso
o f each as m ay be necessary to bring the total subscriptions
Old C olon y Trust C o ., Boston and coupons o f G uanajuato Powor & E lec­ up to 20,000 shares
o f each class.
tric C o. should bo presented to U. S. M tge. & T rust C o N ow Y ork .
Tho subscription books w 11 close Juno 19.
T he am ount to bo paid on the coupons o f each $1,000 bond will bo as
N e w C o m p a n y t o A s s u m e A l l D e b t s . — T ho new corporation will purchase
follow s: Guanajuato, duo O ct. 1 1921, $31 35; M ichoacan, duo July 1 1921, all tho property and assets in consideration o f the assumption o f all the
$31 80; Central M oxico, duo July 1 1921, $31 80.— V . 113, p. 2509.
dobts and liabilities as o f the date o f transfer and tho issuance o f tho (old)
com pany o f $4,000,000 2d I’ref. stock o f tho new cor?coration.
H a r l e y C o ., S p r i n g f i e l d , M a s s .— R e c e i v e r s h ip . —
D i s t r i b u t i o n o f 2 1 P r e f . as Pinal D i v i d e n d .— T ho 2d Prof, stock o f the new
Samuel M . Green and Georgo A . Bacon o f Springfield havo been ap­ corporation to bo received will be distributed share for share to the holders
pointed receivers by Judge M orton in the Federal C ourt at B oston.—
o f tho Preferred stock o f this com pany as a dividend in final liquidation as
V. 1 1 4 ,p 1540.
soon as the necessary proceedings for dissolution o f this com panv can be
com pleted. [Signed: Charles W . Nash, James J. Storrow, Frederic W .
H a v a n a D o c k s C o r p .— B o n d s C a lle d . —
Allen, Earle C . Howard. D avid F. Edwards, board o f directors.]
Thirty-nine ($39,000) First C oll. Lion 7 % bonds, Series “ A ,” dated
F i n a n c i a l C o n d i t i o n o n M a r c h 31 1922.
July 1 1921, and 6 bonds o f $500 each (total $42,000) havo been called
A s s e ts .
L ia b ilitie s .
for paym ont July 1 aim par and int. at tho Old C olon y Trust C o ., 17 C ourt C a s h ________
$206,351 Notes p a y a b l e . ................ $1,440,000
S t., B oston, M ass.— V. 112, p. 2541.
A ccounts receivable______
82,5 78 A ccounts p ayablo________
29,191
612,808 Dealers’ deposits_________
M e rch a n d ise ____________
21,750
H o c k i n g V a l l e y P r o d u c t s C o . — E a r n i n g s — S a l e s , tfcc.—
Prepaid expense_________
9,459 A ccrued liabilities________
56,388
Tho annual report for tho calendar year 1921 shows gross incom e o f Land, bldgs. & all e q u ip .. 1,558,968
$381,511, com pared with $1,453,010 in 1920. and net earnings o f $42,510,
T otal liabilities.................$1,547,329
com pared with
i»w ** . . .
0
T otal assets___________ $2,470,164 N et w orth________________
922,834
Salos during M a y amounted to 3,520,000 bricks, against 5,160,000 sold
during tho wholo o f 1921 ■ On M a y 31 last unfilled orders on hand amounted
T o ta l.................................. $2,470,164
to 4,927,000 bricks. Officials say that substantial profits will be shown
A ccounts receivable and merchandise inventories have been adjusted to
from the brick manufacturing department during tlio year. The com p any’s sound current values. Buildings and equipm ent values are shown at cost
coal mines have been closed for a year, owing to unfavorable labor con d i­ less regular operating depreciation. D evelopm ent expense and good-w ill
tions and slow demand.— V. 112, p .1 2 7 6 .
aro not included.— V . 114, p. 2123.
—
'■iiMn in' a - v . - a r r - i—■
.gas aaagf f
L o o s e - W i l e s B i s c u i t C o . — B a c k D i v i d e n d s .—
t o H o l l a n d S t . L o u i s S u g a r C o.— S t a t u s —
A dividend o f 1 % % on account o f back dividends covering period from
T he balance sheet as o f April 30 1922 shows: Cash, $280,209; accounts
receivable, $15,670; accounts payable, $13,547; profit and loss deficit, A ug. 1 1917 to N ov. 1 1917 has been declared on the 2d Pref. stock, payable
Aug. 1 to holders o f record July 18. A like amount has been paid quarterly
$618.014.— V . 113. P 2727.
on this issue since N ov. 1 1920. 5 ' A % was paid in M a y 1920.
Tho directors also declared the regular quarterly dividend o f 1 % on
H u r le y M a c h in e C o .— E a r n i n g s . —
the 1st Pref. stock, payable July 1 to holders o f record Juno 19.— V . 114
I n c o m e A c c o u n t f o r 4 M o n t h s e n d i n g A p r i l 30.
I). 1069.
1921.
1920.
1921.
1920.
M a r lb o r o u g h -H u d s o n G a s C o .—
Is s u e
B o n d s .—
T he Massachusetts Departm ent o f Public Utilities has authorized the
N o tsa los..............1,384,194 1.166,485 C ost & overhead
pany to issue $150,000 15-Year 6 % 1st M tge. bonds, the proceeds to
C ost o f salos____ 927,263
764,934
on dlsc’t p ro d ,
29,609
146,457 com
be applied to the paym ent o f an equal amount o f prom issory notes outstand­
D odu c. from in c.
21,584
42,341
401,552 A d d ’ns to incomo
Gross p r o fit -- 456,930
21,105
104,719 ing on D ec. 31 1921.— V . 114, p. 2124.
la x p r o v is io n ...
Selling and adm.
24,149
44,863
M e r c u r y M ills , L t d .— B o n d s O f f e r e d . —
230,979
expenses_____
257,256
W ood , G undy & C o. and Housser, W ood & C o ., T oron to, aro offering at
137,824
Salos disc’t p rod .
25,624
N et in co m e -. . 169,041
179,452 9 8 * A and int., yielding about 6 ? i % , $800,000 6 H % 1st M tge. 20-Year
— V .;114, p . 2020.
Sinking Fund bonds. Dated M ay 15 1922. Due M a y 15 1942. Int.
payable at the Canadian Bank o f Comm erce, T oron to, M ontreal, H am ilton’
I n l a n d S t e e l C o . — M e r g e r T e r m s A n n o u n c e d .—
and at London, E ng., at tho fixed rate o f exchange o f $4 86 2-3 to £ l!
Seo M ldvalo Steel & Ordnance C o. b elow .— V . 114, p. 2476.
R ed. all or part on 60 d a ys’ notice on any int. date on or after M ay 1 1925
at 105 and int. N ational Trust C o ., trustee.
I n t e r n a t i o n a l H a r v e s t e r C o . — N e w P r e s i d e n t .—
C a p ita liz a t io n A f t e r T h is F in a n c in g —
A u t h o r iz e d . O u t s t a n d in g ,
Aloxandor Leggo has boon elected President, succeeding Harold F . M c- d y i % 1st M . 20-Year Sink. Fd. bonds (this issue). $2,000,000
$800,000
C rinick, who has been olectod Chairman o f tho Executive C om m ittee con - 7 % Cum ul. Pref. shares (par $100).........................
2,000.000
900,000
siosting o f five members.— V . 114, p . 2476.
Ordinary shares (par $100)............................................ 2,000,000
900.000




To

C om pany owns and operates at H am ilton, Ont., a thoroughly up-to-date
plant for the m anufacture o f knitted goods. Is ono o f the largest Canadian
manufacturers o f high-grade w ool, cotton and silk hosiery and underwear.
Average annual net earnings for the 4 years 1918-1921, inch , available for
depreciation and bond interest were $209,856, equal to over 4 times interest
on this issue o f bonds. Average annual net earnings for the two years
1920 and 1921, after taxes and depreciation o f buildings, plant, machinery
and equipm ent, were $195,218, or over .‘SK tim es interest requirements on
this issue o f bonds. N et earnings for 1921, after taxes and depreciation,
were $218,476, or nearly 4)4 times bond interest.

F i x e d C h a r g e s A E a r n i n g s . — It is estimated that upon tho consum m ation
o f tho plan, the fixed charges will am ount to $3,913,085 per annum (which
is about 74c. per ton o f rated ingot capacity) and the Pref. tlivs. to $3,523,­
203 per annum (which is abou t 67c. per ton o f rated ingot ca p a city). T he
total rated ingot capacity will lie 5,249,000 tons per annum.
T he book value as o f D ec. 31 1921 (which is far below tho present replace­
ment figures) o f total net assets o f the M idvalo, R epublic and Inland
com panies, including the $20,000,000 now casli working capital (but
excluding the N icetow n plant) totals about $284,000,000.
T he earnings o f these three com panies (exclusive o f the N icetow n plant
earnings) applicable to dividends on the Pref. and C om m on stock, that is,
M e x i c a n S e a b o a r d O i l C o . , N e w Y o r k . — S l o c k S o l d .—
after deduction o f bond and other interest. Federal and other taxes and
adequate depreciation, as com piled from the annual accounts for the 10
K n a n t h , N a e h o d & K u h n e a n d H o r n b lo w e r & W e e k s lia v o
years ending D ec. 31 1921, averaged $20,462,248 per annum and were
s o ld a t $ 4 4 p e r s h a re a b l o c k o f 2 0 0 ,0 0 0 sh a re s o f c a p it a l
1912 -----------$7,435,421 1916
_$52,595,325 1919 _______ $11,612,487
1913 ______ 10,164,892 1917
s t o c k (r e p r e s e n te d b y v o t in g tru s t c e r t ific a t e s ).
_ 60,257,399 1920 _______ 22,429,534
1914
--------3,379.545
1918
34,598,221 1921 . _ (loss) 11,552,446
[It is reported that this stock was acquired from Sinclair C ons. Oil C orp.]
1915 ---------- 13,702,110
C o m p a n y . — Incorp. in Delaware Sept. 12 1919A holding com pany
Since the year 1916 the three com panies havo ex lended m ore than $120,"
owning m ore than 99)4 % o f the capital stock o f the International Petroleum
000,000 for im provem ents and additional facil ‘ties, greatly increasing
C o. o f M aine, incorporated on June 22 1910.
capacity and reducing operating costs so that the earnings reported for the
C a p i t a l i z a t i o n a s o f J u n e 20 1922—
A u th o r iz e d .
O u t s t a n d in g .
past
ten years d o not fully reflect tho earning power o f the three companies
Capital s tock ____ _____________ ______________ 1,000.000shs.
935.939 sha. as now
situated.
10-Year 7 % Debenture bonds, duo 1929_____$15,000,000
$5,000,000
A d v a n t a g e s o f t h e P l a n . — (1) Increased econ om y, resulting from the
C om pany and its subsidiaries have no funded d ebt other than the above
mining
o f a larger tonnage o f ore, coal and limestone under one con trol,
$5,000,000 Debenture bonds; $10,700,000 o f these bonds wero originally
with tho econom ic advantage o f better distribution for the uso
issued, but since Jan. 1 1922 $4,700,000 havo beon retired out o f current together
o
f
such
products.
operations and an additional $1,000,000 will bo retired June 20 1922.
(2) Stronger management through the com bined ability o f the principal
V o t i n g T r u s t . — 501,000 shares, or a m ajority o f the authorized capital,
have beon deposited under a voting trust agreement expiring Sept. 1 1924, officers o f the respective companies to direct tho operations.
(3) W ith plants located at Johnstown, P a ., C oatesvillo, P a., Youngs­
o f which John H ays H am m ond, Ogden M ills and Harris H am m ond are
town, O ., Niles, O ., and C hicago, 111., and with facilities for steel production
voting trustees.
in tho Southern field o f Birmingham, A la ., the com pany will be in better
B u s i n e s s . — International Petroloum C o. is ono o f the largest producers
o f light oil in the world to-day. It is averaging a production in excess o f position to serve tho consum ing trade w ith a largor diversity o f products
100,000 barrels per day at present time. C ontract with Standard Oil C o. and to effect a substantial saving in the selling and administrative costs.
o f N . J. calls for the Standard Oil C o. to take a m inimum o f 45,000 barrels — V . 114, p. 2124, 2477.
o f oil per day to tho latter part o f 1923.
M o n t a n a P o w e r C o . — T e n d e r s .—
P r o p e r t i e s . — International Petroleum C o. owns or controls approxim ately
T he U. S. M tgo. & Trust C o. will, until Juno 19, receive bids for the sale
6,000,000 acres o f oil lands in M exico reaching from the R io Grande Itiver
to
it o f Hutto E lectric & Power C o. bonds, viz.; First M tge. bonds duo
to the Isthmus o f Tehuantepec. These holdings include tho famous 7,000acre T oteco tract from which the m ost o f the com p a n y’s production com es Juno 1 1931, to an amount sufficient to exhaust $10,280, and bonds duo
Juno
1 1951 to an amount sufficient to absorb $20,874.— V . 114. p. 2021.
at present.
E a r n i n g s . — N et earnings for calendar year 1921 o f M exican Seaboard
M o o n M o t o r C a r C o ., S t. L o u i s , M o .— S a le s , & c . —
Oil C o ., International Petroleum C o. and the Com pania Intcrnacional do
T otal shipments and sales in M a y are reported at approxim ately $600,000.
Petroleo y O leoductos, S .A ., after interest and U. S. Federal taxes but T he
com pany has $314,000 o f 7 % Preferred stock outstanding, and 155,000
before depletion and depreciation and obsolescenco o f pipo lines and equip­ shares
o f Com m on stock, no par value.
T ho com pany has no bonds, bank
m ent, havo been as follows:
loans
or other form s o f indebtedness.
C onsol, not earnings M ex. Seaboard and Internat. P e tro le u m ..$4,726,016
Tho N ow Y ork Trust C o. has been appointed Registrar o f the Preferred
N et earnings Com pania Intcrnacional do Petroleo y O leo., S .A . 4,696,146 and
Com m on stock.— V. 114, p. 2366.
C om binod net earnings____________________ ___________________$9,422,162
M o u n t a i n S t a t e s P o w e r C o . — C o n t r a c t .—
N e t earnings on above basis for 5 m onths ended M a y 31 1922, partly
The com pany lias com pleted arrangements with the California-Oregon
estim ated, were:
Power C o. for tho purchase o f a largo block o f hydro-electric power— 12,000
C onsol, net earnings M ex . Seaboard and Internat. P e tr o le u m ..$6,750,000 k. w .— for distribution among its custom ers in tho W illam ette Valley
C om pania Intcrnacional do Petroleo y Oleoductos, S .A _______ 4,125,000 Oregon. Under tho terms o f tho contract tho California-Oregon Power C o .
is constructing a 115-mile transmission lino to con noct its hydro-electric
C om bined net earnings_______________________________________$10,875,000
plant at P rospect, Ore., on tho Rogue R iver, with the M ountain States
L i s t i n g . — A pplication will be mado at once to list the voting trust certifi­
Power C o .’s substation at Springfield.— V . 108, p. 2438.
cates for capital stock and the capital stock on the N ew Y ork Stock E x­
change.— V. 114, p. 2021.
N a r r a g a n s e t t E le c . L i g h t i n g C o .— C o n v e r s io n o f N o t e s .
Holdors o f tho 7% con v. gold coupon notes, dated July 1 1920, have tho
M id v a le S t e e l & O r d n a n c e C o .— M e r g e r T e r m s A n ­
option to con vert said notes into Capital stock July 1 1922, at tho o ffico
or tho Treasurer, Turks H ead B ldg., Providonco, R . I., providing notice
n o u n c e d . — T h e f o r m a l t e r m s u n d e r w h i c h i t is p r o p o s e d t o
o f intention so to do is given tho com pany on or before June 15 1922.
u n ify th e p r o p e r tie s o f M id v a le S te e l & O r d n a n c e C o .,
Theso notes d o not carry rights on any future issues o f securities unless they
aro converted into Capital stock .— V. 114, p. 86.
I n l a n d S t e e l C o . a n d R e p u b l i c I r o n &■ S t e e l C o . a r o s e t f o r t h
in a j o i n t l e t t e r d a t e d J u n e 7 t o t h o s t o c k h o l d e r s o f t h e
N a s h M o t o r s C o . — T o S u b s c r i b e f o r L a F a y e t t e S t o c k .—
th re e c o m p a n ie s b y th e ir r e s p e c t iv e c h a ir m e n : W . E . C o r o y ,
Seo La Fayette M otors C o. a bove.— V. 114, p. 312, 205.
J n o . A . T o p p in g a n d L . E . B lo c k .
T h o sta te m e n t says
N a s s a u L i g h t & P o w e r C o . — S t o c k A p p l i c a t i o n .—
in s u b s t a n c e :
T he com pany has applied to the New Y ork P . S. Commission for authority
A fter careful negotiations and consideration, tho respective boards o f to issue $100,000 additional capital stock, tho proceeds to lie used to acquire
directors o f tho threo com panies havo approved tho outline o f a plan for tho tho electric light and power properties o f tho Garden C ity C o .— V .1 13 .p.l89 .
unification o f tho properties o f tho three com panies. A final plan, when
N a tio n a l M o t o r C a r & V e h ic le C o r p .— P la n o f S a le .—
form ulated, has to be subm itted to the respective boards o f directors and
The stockholders will vote June 30 (1) on selling all tho property and
when approved b y them has to bo submitted to the stockholders o f tho
assets to tho Associated M otor Industries, Inc., o f D el., for tho following
different com panies.
So much erroneous interpretation o f tho proposed plan has been given consideration: T he Associated M otor Industries, Inc , will pay and
publicity during the last few days that, pending preparation o f the final deliver to the N ational com pany ( a ) $125,000 in cash; (b ) 1st M tgo. G old
plan, the officials m ake the following statement, which is based upon tho 7 lA % bonds Associated M otor Imulstries, In c., 9 0% o f par will equal the
reports o f Price, W aterhouse & C o. and Arthur Young & C o ., public sum o f $550,000. .
(c)
Unsecured 7 % notes o f the Associated M otor Industries, Inc., duo
accountants, and upon other docum ents and data.
on or before one year from date, in the aggregate am ount o f $250,000.
C o n s o l i d a t i o n U n d e r N a m e o f N o r t h A m e r i c a n S t e e l C o r p . — It is proposed
(d) Shares o f 8 % Cum ulative Preferred stock, calculated on a valuation
that the M id vale and Inland com panies will consolidate and merge and
tako tho name N orth American Steel C orp. This corporation will acquire, basis o f 80% o f par, in an aggregate am ount (i.o., L,562)4 shares o f $100
subject to its liabilities, tho assets o f the Republic com pany. Before tho each, equal to $125,000); said shares o f Preferred stock to be accom panied
unification o f the properties, M id valo will place Its N icetow n plant and b y 1,042 shares o f no par value C om m ou stock.
As further consideration for tho assets, tho Associated M otor Industries,
certain assets and liabilities connected with the operation o f it in a separate
corporation, stock o f which will bo distributed pro rata am ong tho stock­ In c., agrees to deliver shares o f 8 % Preferred stock in a par value equal to
holders o f tho M idvale com pany, as hereinafter stated. *i'h is separate 70% o f tho net tangible assets actually coveyed , and further in addition
corporation will thereafter continuo as a separate enterprise for tho m anu­ its no par valuo C om m on stock (figured on a valuation basis o f $50 per
facture o f tho ordnance, arm or plate and special steel products to which share) in an am ount also equal to 70% o f the not tangible assets actually
conveyed.
it is adapted.
“ N ot tangible assets” is agreed to be the difference between the total
C a p i t a liz a t io n U p o n C o n s u m m a t io n o f th e P la n .
tangible assets, b oth fixed and liquid, convoyed by tho N ational M otor
Bonds and other fixed chargo obligations_______________________ $79,173,500
Car & Vehicle C orp ., and tho amount o f 5 1 ,0o0,000 o f liabilities provided
N ew Preferred stock o f $100 par value_________________________ 50,331,475
for b y tho Associated M otor Industries. In c.— V. 112, p. 1522.
Shares o f N ew C om m on stock without par value_______________ 3,309,612
N e w b u r y p o r t G a s & E l e c t r i c C o . — B o n d s C a l l e d .—
T ho $79,173,500 bonds and fixed charge obligations will consist o f
All o f tho outstanding $650,000 First M tgo. 7% gold bonds, Sories “ A ,”
$60,599,500 bonds and guaranteed obligations o f tho M id vale com pany,
or its subsidiaries; $13,357,000 bonds and other obligations o f the Republic dated Feb. 15 1921, have been called for paym ent Aug. 1 at 107 aud int. at
com pany or its subsidiaries, and $5,217,000 bonds and other obligations tho Old C olony Trust C o .. 17 C ourt S t., Boston, M ass. Seo offering o f
o f tho Inland com pany, all o f which, in addition to tho other liabilities o f $650,000 1st M tge. 5 % gold bonds, Series “ A .” in V. 114, p. 2477.
tho three corporations, are to bo assumed b y tho com pany.
N e w C o r n e lia C o p p e r C o .— C o p p e r O u t p u t ( i n P o u n d s ) .—
T ho $50,331,475 Preferred stock is to bo 7 % cum ulative and is to bo
1922— M a y — 1921.
I n c r e a s e . | 1922-—-5 M o s . — 1921.
D e c re a s e .
convertible until July 1 1934 into C om m on stock at tho rate o f 4 shares o f
1,544,770
______
1,544,77016,182,654
K,230,876
2,048,222
P ref. stock for 5 shares o f C om m on. It is to bo red. at 115 and divs.
N o t e . — Operations wore suspended in M a y 1921, and resinned early in
H o w P r o c e e d s o f P r e fe r r e d a n d C o m m o n S to c k A r e to b e U s e d .
F ob. 1922.— V. 114, p. 2124, 1659.
O f tho am ount o f Prof, stock to bo presently issued, $25,000,000 Is to
N e w E n g l a n d T e l e p h o n e & T e l e g r a p h C o . — L i s t e d .—
be issued to provide in part for tho acquisition o f tho properties o f tho
There aro placed on the Boston Stock Exchange list tem porary bonds
R epublic com pany, and $25,331,475 is to be issued and tho proceeds there­
of, amounting to $24,064,901, is to bo paid by the com pany to the stock­ for $35,000,000 1st M tgo. 30-year 5 % gold bonds, Sories A , dated June 1
1922 and duo Juno 1 1952. Seo offering in V . 114, p. 2366.
holders o f the Inland com pany.
T ho 3,309,612 shares o f no par valuo C om m on stock aro to bo isstied as
N e w J e r s e y T u b e C o . — S a l e .—
follows: (1) T o M id valo shareholders, 1,500,000 shares; (2) to provide
T he com p a n y’s property at Harrison, N . J ., will bo sold at public auction
in part for the acquisition o f tho properties o f Republic Iron & Steel C o ., on Juno 13 b y order o f tho U. S. District C o u rt for tho D istrict o f N . J.
510,000 shares: (3) to Inland shareholders, 709,281 shares; (4) to bo sold
N e w Y o r k T e l e p h o n e C o . — T o I s s u e P r e f e r r e d S t o c k .—
for cash, 590,331 shares.
T ho com pany has applied to tho Now Y ork P . S. Commission for authority
D i s t r i b u t i o n o f S e c u r it ie s o n C o m p le tio n o f P la n .
to issuo $25,000,000 6 A % C um . Pref. stock. T he com pany announces
Outstanding
-Will Receive------------------Other New
that plans are boing worked out by which tho issuo could bo offered to tho
Existing Stocks—
About.
Cash.
Pf. Stock. Com. Shares.
Company.
employees and patrons o f tho com pany, and that tho m onoy was to bo used
Mid. Steel (par $50)100,000,000
1,500,000 shs. x500,000 shs. to provide now facilities demanded b y tho growth o f tho business. This
Each $50 share._____
H share
'A share
will bo tho first P rof, stock ever issued b y tho com pany.— V. 114, p. 2477.
Till’d Steel (par $25) 25,331,275 4,064,901
709,281 shs.
________
N o r t h A m e r ic a n S te e l C o r p .— M e r g e r T e r m s A n n o u n c e d .
Each $25 share..
23.75
7-10 share
..............
Republic Iron Com.
Seo M idvalo Steel & Ordnance C o. abovo.
(par $100)___ 30,000,000
There has been admitted to trading in the unlisted department o f tho
510,000 shs.....................
Each $100 share.
_____
Philadelphia Stock Exchango this corporation’s no par C om m on stock
1 7-10 shs.
do Preferred
25,000,000
.......... y25,000,000
when, as and if issued; Prer. stock (par $100) when, as and if Issued.
Each S100 share.
...........
Samuel Unterm yer, counsel to the Lockw ood Investigating Com m ittee,
______$100
in a letter to Senator La Follotte says ho believes tho C om m on stock o f
x Each shareholder of Midvale Steel will receive A share of tho new Common N orth American Steel “ is worth at least $60 a sharo and will realizo that
stock and A sharo of stock of the corporation, which Is to take over tho Nicetown amount on tho m arket.” Ho says that tho “ capitalization Is exceptionally
plant, y Also an amount of cash necessary to provide for tho then unpaid dividends conservative, amounting to loss than the valuo o f tho actual physical a ss e ts/’
on such Preferred shares.
Concerning tho legality o f tho Bothlohem-Lackawanna and M idvaleT he plan contem plates that the com pany will sell to T hom as E. Chad- Republic-Inland mergers, ho says: “ T ho construction given tho Sherman
bourne, for services rendered, 25,500 C om m on shares at $10 per sharo, and law b y the courts renders it doubtful whether tho qualified form o f rostraint
to K uhn, Loeb & C o. 59,500 C om m on shares at $10 per sliaro.
or elimination o f com petition involved in theso transactions can be prevented
S y n d i c a t e F o r m e d . — It is intended that a syndicate will be form ed to
and ho suggests that tho "an ti-tru st laws bo prom ptly amended to pre­
provide for tho cash requirements o f the plan, including tho provision o f vent corporations engaged in Inter-State business from acquiring stock
$20,000,000 additional cash working capital, which will mako tho total or property o f other corporations so engated without express approval o f tho
working capital o f tho com pany over $100,000,000. Kuhn, Loeb & C o.
Federal T rade Commission after public hearing properly advertised.”
have agreed to act as bankers for the plan.
— V. 1 1 4 ,p. 2477




Old D om inion Co., Maine.— Copper Production.—

T h e p r e s e n t c a p i t a l i z a t i o n is $ 1 , 0 0 0 , 0 0 0 7 %

P re fe rre d , a u th o r iz e d

(o f

Smelter production in M a y amounted to 2,690,000 lbs. o f cop p or o f which w h ic h $ 7 5 0 ,0 0 0 is o u t s t a n d i n g ) , a n d $ 5 ,0 0 0 , 0 0 0 C o m m o n ( a ll I s s u e d ) .
1,971,000 lbs. was Old Dom inion and 719,000 lbs. Arizona C om m ercial. D i v i d e n d s a t t h o r a t e o f 4 % p e r a n n u m a r o b e i n g p a i d o n t h e C o m m o n s t o c k .
— V . 114, p. 954.
Sawyer B iscu it C o.— Bonds Called.—

Otis Steel C o.— Quarterly Report.—

T he report for the three m onths ended M arch 31 shows: N ot profits,
$37,077; idlo plant expense, S34.050; taxes & adm in, expenso, $203,549;
operating loss, $200,522; other income, 29,103; deficit, $171,419; incom e
charges, $139,622; d eficit, $311,041; reserves for subsidiary companies,
$54,147; net d eficit before depreciation, $365,188.— V . 114, p. 1186.

Packard M otor Car Co.— Export Business Better.—
An official statement says In substance: “ T he com p a n y’s export business
in passenger cars is showing marked im provem ent, shipments in this division
for the first four months o f tiio year being 50% better than tho samo period
in 1921. During the past month improvement in exports has boon especially
noticeable. Truck sales In various countries also show som e betterm ent,
though m uch loss than in passenger cars. In Japan, how ever, truck sales
are boing mado in unusually good volume. — V. 114, p. 2248.

P hillips Petroleum Co — Earnings— New Well.—

Earnings.— Preliminary figures indicate that M a y not earnings were
approxim ately $ 1 , 1 0 0 ,0 0 0 , or at tho annual rate o f $13,200,000, or $ 20 a
share on the 660,000 shares o f outstanding Capital stock.
T he com pany now has 1,050 wells on 155 different properties in six States
and it owns approxim ately 125,000 acres in fee lands and loases in Oklahoma,
Kansas, Texas, K entucky, Louisiana and Arkansas.
N e w W e l l .— The com pany has brought in a now 2,000-bbl. well on tho
property located in tho Burbank pool, Oklahoma, which recently was pur­
chased join tly with tho Skelly Oil C o. This d iscovery will, according to
officials, proves up tho entire section.— V . 114, p. 2477.

P ittsbu rgh & Lehigh D ock C o.— Bonds Called.—

T w enty-nine ($29,000) First M tgo 6 % Sinking Fund G old bonds, due
1932, have been called for paym ent July 1 at 10I K and int. at tho Girard
T rust C o ., trustee, Philadelphia.— V . 112, p . 2543.

P ueblo Gas & Fuel C o.— Gas Rate Decision.—

Judge Itobcrt K. Lewis in the U S. C ourt for the D istrict o f Colorado,
recontly handed down a decision holding that the franchise ordinance under
which tho com pany operated was subject to revision as to rates charged for
gas. Tho ruling reverses decision o f the samo court and followed a similar
ruling mado b y the C ircuit C ourt o f Appeals in the case o f the D enver
Tram w ay C o ., which challenged the validity o f tho franchise regarding
street car fares.
, . ..
T ho Pueblo Gas & Fuel C o. lias contended it was not bound b y the terms
o f the franchise ordinance and that tho rates which tho ordinance fixed were
and had been confiscatory. Originally the C ourt had ruled tho com pany
was contractually bound b y tho rates so fixed and that it was immaterial
whothor they afforded any return on tho investm ent.— V . 106, p. 827.

P un ta Alegre Sugar Co.— To Increase Capital— Stock­
holders Given Right to Subscribe for $5,820,700 7% Debentures
— Underwritten.—
The stockholders will vote June 13 on increasing the authorized Capital
stock from $12,000,000 to $ 2 5 ,000,000 (par $50). O f tho increased capital
104,773 shares aro to bo set aside for the conversion o f $5,820 700 15-Year
7 % debentures which tho directors propose to issuo at par for current needs.

Pres. Edwin F. Atkins in a circular to the stockholders
says in part:

The remainder o f the additional stock will be authorized at this timo
as a m atter o f convenience in order that as in the past there w ill bo stock
available for advantageous use in tho extension and developm ent from
tim o to tim o o f tho properties.
T he past year has In goneral been an adverse year for the sugar producing
com panies, but tho com pany lias shown its a b ility to produce sugar at low
cost and will, in m y expectation, finish this year with a substantial operating
p rofit. Just what the profit will bo it s impossible to state at this tim o.
’file prospect is that higher prices will be realized for tho sugars upon
fu tu re dispositions than have been realized hitherto.
A t tho end o f this crj?J>
com pany will have outstanding floating
d ebt o f $1,500,000 to $2,000,000. It is desirable at this tim o to pay o ff
this indebtedness, and also to provide funds for plant improvements,
further cane plantings, and for additional working capital
1
For the purpose o f this current financing tho directors have voted , subject
to the necessary increase o f capital stock, to authorize tho issuo and sale
o f $5,820,700 15-V ear 7 % debentures convertible.Into stock at any timo
on tho basis o f 1.8 shares o f stock (par $50) for each $100 o f debentures
The debentures w ill bo dated July 1 1922, w ill be due ?Tuly H o 3 7 and
will lie callable at 1 1 0 % and int. at any time during first VCar and at K %
less for each succeeding year subject in the caso o f any call to tho holders’
prior right o f conversion into stock.
Tho debentures w ill be offered to tho stockholders o f record Tune 15 in
tho ratio o f $100 o f debentuies for each 4 shares o f stock then held o f record
at $100 flat. Tho right to subscribe will expire June 30 1022.
•
Tho issue o f these debentures has been underwritten b y a banking group
represented b y H ayden, Stone & C o.— V . 114, p. 2367.
1

Ray Hercules Copper Go.— Reorganization Completed.—
It was recently announced that the reorganization o f tho com pany into
tho R ay Hercules M ines Inc. has boon com pleted. Through the re­
organization and subscriptions from stockholders tho treasnrv is snnnliod
with $300,000 cash and 550.000 shares o f treasury stock
y
PP
J. G . Hopkins has been elected President; E . 1 >. Karlo, V .-Prcs ; R obert
Linton, M anaging Director in full charge o f operations; W . P. M aloney,
Secretary, and L. G . D oano. rreasurer. Executive com m ittee is com posed
o f Messrs. Hopkins, Larlc and Linton, r . A . W ilson has been appointed
General Manager.
„ ...
.
For reorganization plan sec V . 114, p. 1415.

Ray Hercules Mines, In c.— Reorganization Completed —

Seo R ay Hercules Copper C o. abov e.— V. 114, p. 1 4 1 0 .

R epu blic Iron & Steel Co.- Merger Terms Announced.

Seo M idvale Steel & Ordnance C o. abovo.— V . 1 1 4 , p . 2 4 7 8 .

R obbin s & Myers Co — New President, &c .

_ . S. Hunting has been elected
who :
main __ _____
seo V. 114, p. 2478.

' -

‘

R oyal Typewriter Co., In c.—-To Increase Com. Stock.—

T ho stockholders will vote Juno 14 (a) on increasing the authorized
C om m on stock from 42,323K 'i lH cSrt®7131,852 shares, no par value, and
lb) on approving tho 1ssu a3 o°ono 0 7 0 'A1
s o f C om m on stock, no par
value, in liquidation o f tho $ 2 ,3C^,972 dividends on the Preferred stock as of,
and which would bo accumulated on, July 17 1922, a t the rate o f ono share o f
C om m on stock in place o f each $ 2 o or accum ulated and unpaid dividends
Seo also V. 114, p. 2367.
y

R udy Properties C o.— Bonds Offered.— Hunter, Dulin
& Co., San Francisco, and First Securities C o., Los Angeles,
in April offered at 100 and int. $360,000 1st Mtge. 7 %
Sinking Fund Gold bonds.
D ated April 1 1922. Due April 1 1934, but callable on any int. dato at
103 and int. on 30 days’ notice. Int. payablo A . & O at Los Angolos
Trust & Havings Hank, Los Angeles, trustco, or M ercantile Trust C o
San Francisco.
Bonds aro secured b y a first mortgage on six properties, aggregating 1,765
acres o f selected farm lands planted to grapes, deciduous fruits and alfalfa,
appraised at $724,600.
,
N ot ineomo for
n °,fr
Property for tho past two
years has averaged $73,818 per annum. H. V. R udy, Pres, and principal
stockholder.
. .
,,, .
Proceeds will bo used to consolidate tho properties, to provide further
Improvements and to liquidate existing Indebtedness.

R yan Car Co., C hicago.— Slock Dividend, cfee.—
T ho com pany recently paid a 233 1-3%
on the Com m on stock, par $100.




stock dividend (35,000 shares)

„ ° " J u ’ y 1 t h e c o m p a n y w ill r e d e e m $ 1 2 5 ,0 0 0 S e r ie s A a n d $ 1 2 5 ,0 0 0 S e r ie s
H o f its F i r s t M t g e . 8 % S e r ia l g o l d b o n d s , d a t e d J u l y 1 1 9 2 0 , a t t h e P e o p le s
T r u s t & S a v in g s B a n k o f C h i c a g o .
I h o S e r ie s A b o n d s w ill b e r e d e e m e d a t 1 0 0 K a n d in t . a n d t h e S e r ie s B
b o n d s a t 101 a n d i n t . — V . I l l , p . 1 0 8 9 .

Shaffer Oil & R efin in g Co .— President Resigns.—
G e o r g e N . M o o r e h a s r e s ig n e d a s P r e s i d e n t t o b e c o m e t h o h e a d o f a n e w
r e fi n i n g c o m p a n y n o t y e t n a m e d , in w h ic h t h o S h a ff e r C o . w ill b e i n t e r e s t e d ,
w h ic h h a s a c q u i r e d t h e 4 , 0 0 0 - b b l . M il l ik e n r e f i n e r y in A r k a n s a s C i t y , K a n .
B o t h t h e B y l l e s b y a n d S h a ff e r in t e r e s t s w il l b e r e p r e s e n t e d o n t h e b o a r d
o f th e n e w c o m p a n y .
M r . M o o r e w ill r e m a in a d i r e c t o r o f t h e S h a ff e r C o .
T h e S h a ff e r C o . , i t Ls a n n o u n c e d , h a s b r o u g h t in a n e w 4 0 0 - b b l . w e ll in
t h o S l i c k p o o l , O k la h o m a .— V .1 1 4 , p . 2 4 7 8 .

Shell T ransport & T rading Co., L td .— Dividend.—
T h e c o m p a n y h a s d e c l a r e d a d i v i d e n d o f 3 s . 6 d . p e r B r i t is h o r d i n a r v
s h a r e , m a k i n g 2 7 % f o r t h e y e a r a s a g a in s t 3 5 % t h e p r e v i o u s y e a r
The
d i v i d e n d is p a y a b l e in L o n d o n o n J u l y 5 a n d is e q u i v a l e n t t o 7 s . p e r A m e r i ­
ca n sh are.
N o t i c e o f t h e r a t e a n d d a t e o f p a y m e n t o f t h o d i v i d e n d in N o w
Y o r k w il l b e g i v e n o u t b y t h e E q u i t a b l e T r u s t C o . o f N e w Y o r k a t a l a t e r
d a t e .— Y . I l l , p . 1 18 8.

Simmons Co., K enosha, Wis. -Balance Sheet Dec. 31.1921.
Property * plant.14,823,557
Pat’ts & good-will 2,395,529
Deferred charges.. 328,719
Investments........ 785,618
Inventories_____ 5,266,286
Notes* acc’tsrec. 3,092,048
Government bonds
Cash.................. 2.677,773

1920.
13,752,921
2,323,084
475,474
1,661,454
10,721,640
3,802,952
145,476
1,513,596

Total ...............29,369,543 34,396,602
- V . I l l , p . 1478.

Liabilities—
Preferred stock...
Common stock...
Reserves________
Bonds & mtges__
Acc'ts pay. A taxes
Notes payable----Surplus.............

1921.
$
6,635,900
8,765,400
4,016,957
770,500
412,066
3,100,000
5,668,719

1920.
$ >*
6,819,300
8,752,900
3,755,498
759,500
532,383
6,054,321
7,722,699

Total ........... -.29,369,543 34,396,602

Simms Petroleum Co.— Meeting Postponed.—
The stockholders will vote next week on changing the par value o f the
stock from no par to shares o f $10 par, no action having been taken June 7.
— V . 114, p. 2249.

S outheastern Express C o.— Dividend No.

2.—

. . A semi-annual dividend o f 3 K % has been doclared on tho outstanding
$1,000,000 capital stock, par $100, payable July 1 to holders o f record June
19. An o fficia l dividend o f 4.67% was paid Jan. 2 last.
This com pany, incorporated in O ct. 1920, is controlled b y the Southern
R ailw ay.— V . 113, p. 2512.

^ S ou th ern Illin ois L ight & Power Co.— Bonds Offered.—
E. H. Rollins & Sons are offering at 100 and int. $1,200,000
1st Lien & Ref. Series “ A ” 7 % Sinking Fund Gold Bonds.
(Seo description in V. 114, p. 417.)
D ata fro m L e tte r o f W illiam A . B aeh r, P re sid e n t o f t h e C om p a n y .
Company.— Upon the com pletion o f the construction contem plated
(funds for which have been provided) and from tho proceeds o f the present
financing, com pany will own and operate electric properties serving a
population estim ated at over 265,000 in 14 counties in Southern Illinois.
Properties w ill include electric generating stations with a capacity o f
16,350 k .w ., 4 gas plants with a capacity o f 3,800,000 cu. ft. per day.
5 ico m anufacturing properties and one water system, together with 486
miles o f high voltago electric transmission line and local distributing systems
in 80 cities and towns.

Capitalization after this financing—

Authorized. Outstanding.

Com m on stock ------ V------------------------------------------------- $2,500,000 $2,500,000
Preferred stock, 6 % cum ulative................................. 4.000,000
1,280,300
Divisional bonds-------------------------------------------Closed 2,889,800

First Mortgage 6% bonds----- :-------------------------------

First Lien & R ef. 7 % bonds, Series “ A " _________

Closed

______

x2,334,000
2,640,600

x Authorized $5,000,000 but under terms o f 1st Lien & R ef. M tge all
bonds subject to certification, in addition to $2,334,000 now outstanding
shall on ly lie certified and Issued for pledging with tho trustee o f the 1st Lien
& R ef. M tge.
Consolidated Statement of Earnings 12 Months Ended March 31 1922.
Gross earnings
------------------------ — - .............................................. $2,570,524
N et, after operating expenses and taxes_______________________
759,422
Annual interest on all outstanding bonds, inch this issue____
475^320
B a la n c e ......... ..................................................................................... ..
$284,102
Purpose.— Proceeds have p rovided part o f the cost o f acquisition o f the
properties and business o f St. Clair C ounty Gas & E lectric C o. o f Illinois
(V . 114, p. 1416).— V . 114, p. 1417.
•

S ou th ern P hosphate C orp.—Earnings for Cal. Years.—
1921.
1920.
1921.
1920.
Gross profit.............. 5314,749 5575,075 Other income............. $41,133 534,733
Dcprec. & depl. res
94,299 110,853
Total income........... $193,244 $425,800
Net oper Income____ $220,450 $464,222 Shutdown exp. & depr.
Gen. & admin, exp... 68,339 73,155
int. res. for tax.,
conting.&c.............. 161,488 106,305
Balance................$152,111 $391,067
Net inc. for year___ $31,756 $319 495
P. & L.surplus, Dec. 31..............................................................5340.117 $312’ l60
— V. 113, p. 426.

S ou th ern Power Co., C harlotte, N. C.— Decision.—

The U. S. Circuit Court of Appeals at Richmond, Va., recently handod
down a decision holding that the company could not refuse to sell electrical
current to tho North Carolina Public Service Co. for resale and distribution
to tho citizens and inhabitants of Greensboro and Highpoint, N. C. F'or
full text of decision see Greensboro (N. C.) “ Daily News’’ May 15.—
V. 114, p. 1072.

S outhern Utilities C o.— Annual Report.—

Calendar Years—
1921.
Gross operating revenue---------------------$2,789,196
Operating expenses and taxes________ $2,099,405
Replacements and renewals_________
84.616
Underlying charges------------------------12,760
Interest on bonds, notes. &c________
220,136
Amort, of debt discount and expense.
36,128
N o t I n c o m e _____________________________
- V . 114, p . 206.

$ 3 3 6 ,1 5 1

1920.
$2,591,727
$2,078,737
74,977
12,760
188,663
13,441
$ 2 2 3 ,1 5 0

Increase.
$197,469
$20,668
9,640
_____
31,474
22,687
$ 1 1 3 ,0 0 1

Spanish-Am erican Iron C o.— Bonds Called.—
O n e h u n d r e d t h i r t y - s e v e n ( $ 1 3 7 ,0 0 0 ) F i r s t M t g e . 6 % 2 0 - Y e a r S in k in g
F u n d G o l d b o n d s o f 1 9 0 7 h a v e b e e n c a l le d f o r p a y m e n t J u l y 1 a t p a r a n d
I n t e r e s t a t t h e G ir a r d T r u s t C o . , P h il a d e l p h i a , t r u s t e e .
T h o f o l l o w i n g b o n d c a l le d f o r J u l y 1 1 9 2 1 r e m a in s u n p a id : 9 6 8 — V . 1 1 3 .
p . 2512.

Sperry F lour Co., San F rancisco.— Bonds Sold.—
Blyth, Witter & Co., San Francisco and New York, have
sold at 98^2 and int.. yielding over 6.10% , $5,500,000 1st
Mtgo. 6 % Sinking Fund Gold bonds (see adv. pages).
D a t e d J u n o 1 1922, d u e J u n e 1 1942.
In t. p a y a b lo J . & D . in S an
F r a n c i s c o a n d N o w Y o r k w it h o u t d e d u c t i o n f o r n o r m a l F e d e r a l i n c o m e
ta x n o t e x c e e d in g 2 % .
D e n o m . $ 1 ,0 0 0 a n d $ 5 0 0 ( c * ) .
C a lla b le o n a n y
in t . d a t e u p o n 3 0 d a y s ’ n o t i c e a t 1 1 0 u n t il J u n e 1 1 9 2 3 , t h e r e a f t e r a t K o f
1 % lo s s e a c h y e a r .
S in k in g f u n d p a y m e n t s c o m m e n c e J u n e 1 1 9 2 3 .
Bank
o f C a li f o r n ia , N a t io n a l A s s o c i a t io n , S a n F r a n c i s c o , t r u s t e e .

Data from Letter of V.-Prcs. Seward B. McNcar, San Francisco, May 29 .
Company.— Incorp. in Calif. Aug. 5 1892, and represents an amalgamation
of businesses which had existed many yoars beforo that dato. To-day
company is the largest manufacturer of flour on the Pacific Coast. Products
are marketed undor well-known trade names.
Company has 15 mills and 58 distributing points on the Pacific Coast
and in the Hawaiian Islands. Principal plants and properties located at
Stockton, Vallojo, Fresno and Los Angeles, Calif. Spokane, Creston and
Tacoma, Wash., and Ogdon, Utah.
Capitalization.— Upon retirement of present outstanding debt these
bonds will represent the only mortgage dobt. They will bo followed by
3600,000 Prof, stock and 35,400.000 Common stock.
Security.— Secured by an absolute first mortgage on all fixed assets now
or hereafter owned.
Purpose.— Provide funds for tho retirement o f outstanding indebtedness
Net Income Years Endian June 30, Applicable to Bond Interest.
1915.
1916.
1917.
1918.
1919.
1920.
3878,840 3595,091 31,958.827
31,867,969 31,562,685
$2,782,828
Operations for 1921 showed a substantial loss as a result o f tho general
industrial depression. For the 10 months ending April 3